Category: Politics

MIL-OSI USA: Senator Wicker Statement on Georgia’s Parliamentary Election

US Senate News:

Source: United States Senator for Mississippi Roger Wicker

WASHINGTON – Following Georgia’s election results, U.S. Senator Roger Wicker, R-Miss., issued this statement:

“This past Saturday, the people of Georgia went to the polls to exercise their democratic right to choose their next government. Instead of a dignified, transparent, and lawful process, what they got was a farce. The people of Georgia’s democratic choice was undermined by rampant violations, including intimidation, violence, vote buying, and results that diverged sharply from credible independent pre-election and exit polling as well as trends from prior elections.

“We share Georgian President Zourabichvili’s belief that these elections were neither free nor fair and do not reflect the will of the people. Unfortunately, the Moscow-backed Georgian Dream party seems to think that alongside Russia and its authoritarian axis, they can wait out the United States and Georgia’s democratic allies. They are wrong.

“The manipulation of this election is not only a blow to Georgia’s fragile democracy but, if allowed to stand, an end to the country’s longstanding Euro-Atlantic aspirations—and possibly its very sovereignty. This is electoral fraud, and its illegitimate result must be confronted with clarity and resolve. As long as Georgian Dream clings to power through undemocratic means and under the tutelage of violent authoritarians, they will reap the contempt and isolation they so richly deserve.”

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Team Maryland Joins President Biden to Celebrate $147 Million Investment to Create Clean Jobs and Support the Port of Baltimore’s Zero-Emission Goals

US Senate News:

Source: United States Senator for Maryland Ben Cardin
ANNAPOLIS, Md. — U.S. Senators Ben Cardin and Chris Van Hollen joined Governor Wes Moore today joined President Joseph R. Biden at the Port of Baltimore to celebrate more than $147 million in federal funding to create good-paying, clean jobs and to expedite decarbonization and electrification efforts at the Port. The U.S. Environmental Protection Agency awarded the funding to the Port of Baltimore through its Clean Ports Program, created under President Biden’s Inflation Reduction Act.
“The Port of Baltimore is a vital economic engine for the state and a leader among the nation’s ports. As we work to improve the port, it is essential that we build for the future. The projects supported by the Clean Ports Program will help reduce emissions, improve air quality in the Baltimore region and create more clean energy jobs,” said U.S. Senator Ben Cardin. “The Biden-Harris Administration’s bold investments in modernizing our infrastructure are driving our economy forward while enabling us to take on climate change in a meaningful way.”
“In Maryland, we aren’t going to choose between building a competitive state and a sustainable one -— we will do both at the same time,” said Gov. Moore. “In partnership with the Biden-Harris Administration, we are investing in the Port of Baltimore and electrifying the way to a greener, cleaner, and healthier future with a strong economy and good-paying jobs.”
The Port of Baltimore generates about 20,300 direct jobs, with more than 273,000 jobs overall linked to port activities. The funding will enable the Maryland Port Administration and its private partners to purchase 213 pieces of new zero-emission vehicles, equipment, and charging infrastructure that will replace old, inefficient, and polluting diesel combustion engines. The funding will also pay for capacity upgrades to the port’s electrical grid, which will help significantly reduce greenhouse gas emissions with an estimated 35% decrease in carbon dioxide equivalency compared to 2020 levels.
“We fought to pass the Inflation Reduction Act to create good-paying jobs in our communities while tackling the climate crisis head-on, and today’s announcement shows these investments are being put to work,” said U.S. Senator Chris Van Hollen. “This new federal funding will support the Port of Baltimore’s transition to electric infrastructure as part of its plans to reduce emissions – both bolstering the port’s growth and improving air quality for nearby communities. These efforts will help strengthen Baltimore’s economy and create more local jobs for Marylanders.”
“The tremendous projects selected for these federal funding awards will improve air quality and combat climate change by dramatically diminishing the Port of Baltimore’s greenhouse gas and toxic pollutant emissions via installation of zero-emission cargo handling equipment and trucks, while also bolstering the Maryland Port Administration’s overall emissions reduction strategy. These extraordinary federal investments into our port are consistent with our collective duty to preserve the planet – while also continuing to uplift the Port of Baltimore’s workforce and surrounding communities in the transition to a zero-emissions facility,” said Congressman Kweisi Mfume. “As exemplified by this compelling announcement, the historic Inflation Reduction Act continues to tackle the climate crisis with fierce urgency right here in Baltimore.”
“The Biden-Harris Administration’s Investing in America agenda continues to leave no community behind and promote clean air and water in communities that have long borne the brunt of pollution,” said Congressman Steny Hoyer. “Thanks to the Inflation Reduction Act that I brought to the House Floor as Majority Leader last Congress, the Port of Baltimore is getting the tools it needs to upgrade its equipment, improve electric charging infrastructure, and fight the climate crisis in a way that benefits Marylanders across the state. As Chair of the Regional Leadership Council, I appreciate Administrator Regan and the Biden-Harris Administration’s partnership as we continue to ensure the historic investments Democrats passed last Congress reach every community in America. We must continue to work together to strengthen the Port of Baltimore and ensure environmental justice for all Marylanders.”
“The Port of Baltimore is a critical hub for Maryland and our nation as a whole, supporting good-paying jobs, driving economic growth and keeping goods and resources moving. This investment will improve the health of our region’s environment and provide cleaner air for port workers and nearby communities – all while ensuring that the Port remains a thriving center of commerce for generations to come,” said Congressman John Sarbanes. “I appreciate the Biden-Harris Administration for its continued partnership to enhance clean energy and improve infrastructure in Maryland, and for its tireless efforts to advance environmental justice and create a greener, more sustainable future across the country.”
“This critical investment into the Port of Baltimore will not only keep us globally competitive, but will help mitigate pollution driving climate change,” said Congressman Dutch Ruppersberger. “The Port of Baltimore has always been at the forefront of efficiency and productivity and now we are leading the nation environmentally. I am proud to have supported this funding request and thank the Biden Administration for this strategic and responsible use of tax dollars.”
Federal grant funding will also support community engagement with neighborhoods such as Turner Station, Brooklyn, and Curtis Bay.
“These improvements will provide an immediate impact to the people who live and work around the Port of Baltimore and who have borne the brunt of transportation-related health impacts,” said Maryland Department of Transportation Secretary Paul Wiedefeld. “Thanks to the EPA’s grants, the Port of Baltimore and its partners are accelerating their collective efforts to support Maryland’s climate goals of reaching net zero by 2045.”
Today’s announcement builds on the Biden Administration’s championship of the Port of Baltimore and the State of Maryland’s infrastructure needs, which includes the recent $30.9 million Infrastructure for Rebuilding America award for Dundalk Marine Terminal Reconstruction of Berth 11 and the $7.5 million award for Curtis Creek Drawbridge Rehabilitation and Resiliency projects. The projects directly advance the federal government and State of Maryland’s partnership to recover and rebuild after the DALI struck the Francis Scott Key Bridge.
“The Maryland Port Administration is committed to integrating our overall mission of increasing cargo and generating jobs through the Port of Baltimore with forward-looking environmental and sustainability solutions,” said Maryland Port Administration Executive Director Jonathan Daniels. “Our customers and port partners are driven to change the way they do business to reduce greenhouse gas emissions, decarbonize, increase electrification throughout our marine terminals, and, most importantly, positively impact our near-port environmental justice communities.”
To learn more about the clean port project and its benefits, read the Port of Baltimore’s grant proposal.

MIL OSI USA News –

January 25, 2025
MIL-OSI United Kingdom: E3 foreign ministries call for the urgent renewal of Israeli-Palestinian correspondent banking services
Source: United Kingdom – Executive Government & Departments 3

Statement calling on Israel to urgently renew reciprocal banking arrangements to prevent economic collapse in the Occupied Palestinian Territories.
The foreign ministries of France, Germany and the United Kingdom call for the urgent renewal of Israeli-Palestinian correspondent banking services for a period of at least one year. Failure to renew would completely suspend cross-border trade, which would be catastrophic for the Palestinian economy. This will endanger regional security and harm Palestinian and Israeli businesses alike.

We note the significant steps completed in recent months to mitigate risks related to illicit financing, including the completion of a National Risk Assessment by the Palestinian Monetary Authority and agreement for a MENAFATF on-site evaluation to take place next year.

We urge the Government of Israel to renew the indemnifications without delay for a period of least one year, in line with their obligations under the Paris Protocol. We are committed to working with Israel and the Palestinian Authorities to continue countering the financing of terrorism while reiterating that a failure to renew indemnifications, or another temporary renewal, would be unacceptable and cause serious economic damage to both Israel and the West Bank.

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Published 30 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI USA: Congressman Biggs Introduces Legislation to Free Companies From the Chokehold of the Harris-Biden Regime’s Woke Social Priorities
Source: United States House of Representatives – Congressman Andy Biggs (AZ-05)

Congressman Andy Biggs (R-AZ) introduced the Stop Woke Investing Act, legislation promoting corporate America’s return to the free exchange of ideas. The Securities and Exchange Commission (SEC) has broad power to dictate what shareholder proposals a public company must consider. Under the Harris-Biden regime, the SEC has severely limited the ability of companies to exclude radical ESG proposals, like requiring companies to conduct “racial equity audits” or to set mandates to reduce greenhouse gas emissions, that are detrimental to a company’s financial responsibilities to their shareholders.

Actions from this Administration have forced companies to include controversial policies that are of little to no value to their business operations and accomplish nothing other than serving a woke social agenda. Kamala Harris and Joe Biden have weaponized every aspect of the federal government to punish those who refuse to cower in the face of their radical priorities.

The legislation would:
- Allow businesses to reject frivolous shareholder proposals unrelated to the financial success of the company.
- Limit the amount of proposals on which a company is permitted to vote, encouraging the prioritization of proposals that advance shareholder interests.
“Woke activism shouldn’t be placed ahead of the profitability of a public company,” said Congressman Biggs.

“Businesses should not be enslaved to radical ESG priorities that pull attention away from their fiduciary responsibilities. Focusing on woke policies only serves to harm businesses, investors, and the American economy. Congress must continue fighting the weaponization of the Harris-Biden regime and its push to radicalize Americans’ day-to-day lives.

“I’m thankful for the support of my colleagues and for Senator Eric Schmitt’s (R-MO) leadership on this issue in the Senate.”

“Over the years activist investors have increasingly proposed shareholder resolutions to compel American companies to consider ESG-related priorities that have nothing to do with financial performance. The focus on ancillary environmental and social factors is putting businesses’ management at odds with their fiduciary duty to maximize financial returns to shareholders,” said Grover Norquist, President of Americans for Tax Reform.

“That is why I am proud to support Rep. Biggs’s Stop Woke Investing Act, which would limit the amount of extraneous shareholder resolutions that can be included on a company’s proxy ballot. The shareholder resolutions submitted must also have a material effect on the financial performance of the company. This bill preserves the true meaning of fiduciary duty and ensures American companies can continue to focus on job creation, financial performance, and economic growth.”

Cosponsors of the Stop Woke Investing Act are: Rep. Andy Ogles (R-TN), Rep. Eli Crane (R-AZ), and Rep. Eric Burlison (R-MO).

The legislation may be read here.

Breitbart covered the legislation here.

MIL OSI USA News –
January 25, 2025
MIL-OSI USA: $16 Million in Federal Funding Fuels Tennessee’s Recovery a Month After Helene

Source: US Federal Emergency Management Agency

Headline: $16 Million in Federal Funding Fuels Tennessee’s Recovery a Month After Helene

$16 Million in Federal Funding Fuels Tennessee’s Recovery a Month After Helene

A month after the major presidential disaster declaration for the Sept. 26-30 flooding from Tropical Storm Helene, Tennessee families and communities are recovering with $16.4 million in funding from FEMA as well as support from the state, other federal agencies, and voluntary and community organizations.Helene’s rains devastated Eastern Tennessee, leaving mountains of debris strewn across a vast area, knocking out power and communications to thousands, and cutting off drinking water. Residents were left without cell coverage, internet connections and access to essential necessities. It may be years before these remote and rural communities resemble the charm they had before.The disaster declaration was approved on Oct. 2, authorizing funding from FEMA’s Individuals and Households Program to the counties most heavily impacted by the storms: Carter, Cocke, Greene, Hamblen, Hawkins, Johnson, Unicoi and Washington counties. Survivors have until Monday, Dec. 2, to apply for FEMA assistance.State, federal and voluntary organizations have collaborated to drive the recovery. As of Oct. 30, $16.4 million in FEMA funds has been approved for Tennessee’s homeowners, renters and businesses. And FEMA authorized a Direct Temporary Housing mission for survivors who had major or significant structural damage to their primary homes. The American Red Cross, Salvation Army and the Tennessee Department of Education have completed their mission after serving 140,903 meals to survivors.In the early days after the storms, with communications down across a swath of rural communities, FEMA brought in a mobile unit that continues to provide high-speed internet by connecting to satellites.Debris removal remains a major priority. The state and federal partners joined with local communities to clear more than 24,000 cubic yards of debris, a visible and vital step in recovery operations. Special attention is focused on Douglas Reservoir, located only a few miles from the Pigeon Forge-Gatlinburg area and the Great Smoky Mountains National Park. A mile-long curtain was installed to save the dam from damage by 1 million cubic yards of debris that rushed into the lake during the storms. Vegetation, construction and demolition equipment, and hazardous materials continue to line the shores even as the reservoir returns to pre-disaster water levels. Perhaps FEMA’s biggest challenge during the response operation has been the campaign to counter misinformation and harmful rhetoric about FEMA’s assistance programs, which was having a negative impact on Tennesseans desperately in need of help. The agency built a Helene Rumor Response webpage where survivors could find the facts themselves, and it continues to push messaging, in English and Spanish, about the many types of available assistance tailored to each survivor’s unique situation. FEMA accomplishes this by directing traffic to the state’s tn.gov/TEMA and fema.gov/Helene/Tennessee disaster pages as well as FEMA’s social media sites on Facebook, X, Instagram and YouTube.But the work of recovery has only just begun. Here are a few highlights:$16.4 million in funding from the Individuals and Households Program to provide financial help to those who are unable to meet their disaster-related needs through insurance or other means. As part of that total, more than $8 million represents Housing Assistance to help homeowners repair or replace residential property damage that is not covered by insurance.$8.3 million in Other Needs Assistance covers necessary disaster-related expenses such as medical bills; money to clean, repair or replace household items; to repair or replace vehicles damaged by the disaster and other non-housing needs.The Direct Temporary Housing Assistance program will help homeowners and renters whose homes were destroyed or heavily damaged.More than $1.07 million for 186 claims was paid to National Flood Insurance policyholders. The program also extended the grace period for paying policy premiums to Tuesday, Nov. 26.FEMA’s Disaster Survivor Assistance specialists visited 6,277 homes, 288 businesses and 237 community facilities. They also referred 1,140 survivors to community resources.More than $53,000 was paid in Disaster Unemployment Assistance to Tennesseans who have been unable to work because of the disaster. FEMA funds the unemployment program, which is managed by the state.Some 1,311 survivors have visited FEMA’s Disaster Recovery Centers to apply for federal assistance, to get help uploading documents to their account or get answers to questions including decisions about eligibility for FEMA assistance. A Mobile Disaster Recovery Center is scheduled to open Nov. 1 in Johnson County.Specialists at the state’s three Multi-Agency Resource Centers in Carter, Cocke and Washington counties also help survivors apply for FEMA assistance and connect them with additional local, state, federal and voluntary agency resources.Disaster assistance is also available to help communities respond to and recover from Helene’s deadly wrath. FEMA Public Assistance was approved for state and local governments and some private non-profits. These funds help communities cover the costs for debris removal, life-saving emergency protective measures and restoring public infrastructure.Public Assistance is a cost-sharing program and FEMA’s largest grant program. FEMA typically covers 75% of funding and the state covers 25%. For Helene damage in Tennessee, President Biden authorized 100% federal funding for emergency work generated by the disaster. This means FEMA will cover all eligible costs incurred during any 45-day period of the state’s choosing during the first 120 days from the start of the disaster, or Sept. 26. This allows communities to maximize cost savings by selecting the 45 days when the greatest costs occurred.Under Public Assistance, the federal share of funding is reimbursed through the Tennessee Emergency Management Agency to disburse to local agencies, local governments and certain private non-profits including houses of worship.
kwei.nwaogu
Wed, 10/30/2024 – 20:38

MIL OSI USA News –

January 25, 2025
MIL-OSI Economics: Mozambique: African Development Bank approves $54 million loan for Mozambique’s first wind energy project

Source: African Development Bank Group

The Board of Directors of the African Development Bank has approved a loan of $54 million for a 120 MW onshore wind farm that will help position Mozambique as a regional energy hub.

The Bank’s loan, which includes $12 million from the Sustainable Energy Fund for Africa (SEFA), is in addition to financing expected from International Finance Corporation (IFC), U.S. International Development Finance Corporation (DFC), the Emerging Africa and Asia Infrastructure Fund (EAAIF) and the Private Infrastructure Development Group’s Technical Assistance. The total project cost is estimated at $224.5 million.

Mozambique’s national electricity utility, EDM, will be the sole off-taker from the wind farm, located 50 km west of Maputo, under a 25-year power purchase agreement.

The wind farm will be Mozambique’s first utility-scale wind power project. It is expected to generate 331.6 GWh annually, supplying affordable, reliable, and clean energy to both local consumers and regional markets, diversifying Mozambique’s energy mix, and improving access to electricity. It will also position the country as a regional energy hub, capitalizing on increased energy trade through the Southern African Power Pool (SAPP).

With Mozambique’s energy sources currently dominated by hydropower and gas, the Namaacha wind farm project will help reduce annual CO₂ emissions by approximately 71,816 tons, contributing to the country’s commitments under the Paris climate agreement.

The project will support economic growth, job creation, and improved living standards. During construction it will create 600 jobs, of which its targeting about 120 will be for women, and 300 for youth. Once operational, 20 permanent jobs will be created, with a focus on gender and youth inclusion.

Commenting on the project, Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank, said, “This wind project represents a milestone for Mozambique and underscores the Bank’s strong commitment to advancing clean, renewable energy solutions in the region. It will not only enhance energy security but also facilitate regional electricity trade, benefiting Mozambique’s socio-economic development.”

Wale Shonibare, Director of the Energy Financial Solutions, Policy, and Regulations Department at the African Development Bank stressed the technological impact of this milestone project. “As the first large-scale wind energy initiative in Mozambique, this project showcases the transformative potential of renewable technologies to drive sustainable growth. By leveraging Mozambique’s natural resources, we are creating pathways toward a diversified and resilient energy sector that not only meets current demands but is future-proofed to support an evolving economy,” he said.

Globeleq is one of the project developers. Its CEO Jonathan Hoffman said: “The Namaacha Wind Farm is a significant milestone in Mozambique’s journey toward a diversified and sustainable energy landscape. We are proud to partner with EDM and Source Energia in contributing to the government’s ambitious ‘Energy for All by 2030’ program, which is rapidly transforming into a reality for countless Mozambicans. This project reflects our commitment to supporting Mozambique’s clean energy goals and bringing reliable power to the communities we serve.”

Aligned with the Bank’s Ten-Year Strategy, the New Deal on Energy for Africa, and its High 5 objective of “Light Up and Power Africa,” the project underscores Mozambique’s dedication to renewable energy development and supports its goal of achieving universal access to electricity by 2030.

The project complements the Bank’s earlier energy sector initiatives in Mozambique, including the Songo Matambo transmission line and the Mozambique Energy for All program.

MIL OSI Economics –

January 25, 2025
MIL-OSI USA: DOD Chief Digital and AI Office Hosts Responsible AI in Defense Forum

Source: United States Department of Defense

Today, the Department of Defense (DoD) Chief Digital and Artificial Intelligence Office (CDAO) concluded its “Responsible AI in Defense Forum,” a 3-day event that brought together defense leaders, AI experts, policymakers, and global innovators to focus on advancements in Responsible AI (RAI), held at the Hyatt Regency in Reston, VA, Oct. 28-30.

The Responsible AI in Defense Forum provided an opportunity to discuss technical capabilities and challenges with diverse stakeholders and to examine RAI in the context of international military cooperation.

“Over the last dozen years, as advances in machine learning yielded new breakthroughs, we’ve worked hard at the Pentagon to be a global leader in establishing responsible policies for military use of autonomous systems and AI,” said Deputy Secretary of Defense Kathleen Hicks during a keynote address delivered via video. “From the beginning, DoD’s approach to responsible AI has been guided by our understanding that AI will only be used and effective where it is trusted and trustworthy. Today we’re at the forefront of accelerating the adoption of trusted AI, and we can’t afford to fall behind.”

The multiple-day Forum was designed to explore a different topic each day, with participation aligned to the topic. On day one, CDAO led a meeting among the Partnership for Defense’s (PfD) 16 members to examine strategies and tools for enabling RAI across defense enterprises. On day two, CDAO convened government, industry, and academic experts for a series of discussions on operationalizing RAI in defense. Finally, day three featured a closed-door meeting focused on aligning NATO allies and partners with RAI implementation strategies. Each day of the Forum helped advance the CDAO’s critically important work around the responsible implementation of AI in defense.

CDAO Dr. Radha Plumb kicked off the Forum with the AI Partnership for Defense.

“The RAI in Defense Forum — and first-ever in-person PfD on Responsible AI — provided an unprecedented opportunity for the Department to connect its practical Responsible AI tools and guidance with critical partners to build leadership on global Responsible AI standards and practices,” stated Plumb.

The CDAO is pleased to have hosted this pivotal gathering, having achieved its key objectives of strengthening CDAO’s relationships with PfD partners, sharing RAI implementation lessons learned, and promoting RAI globally. As a result of this effort, the CDAO looks forward to accelerated progress in RAI, both at home and abroad.

About the CDAO

The CDAO became operational in June 2022 and is dedicated to integrating and optimizing AI capabilities across the DoD. The office is responsible for accelerating the DoD’s adoption of data, analytics, and AI, enabling the Department’s digital infrastructure and policy adoption to deliver scalable AI-driven solutions for enterprise and joint use cases, safeguarding the nation against current and emerging threats.

For more information about the CDAO, please visit our website at ai.mil. You can also connect with the CDAO on LinkedIn (@ DoD Chief Digital and Artificial Intelligence Office) and X, formally known as Twitter (@dodcdao). Additional updates and news can be found on the CDAO Unit Page on DVIDS.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Defense Secretary Lloyd J. Austin III and South Korean Defense Minister Kim Yong Hyun Hold Joint Media Availability

Source: United States Department of Defense

PENTAGON PRESS SECRETARY MAJOR GENERAL PAT RYDER: Well, good afternoon and thank you for being here today. Ladies and gentlemen, it is my pleasure to introduce Secretary of Defense Lloyd J. Austin and Republic of Korea Minister of National Defense Kim Yong Hyun. The secretary and the minister will deliver opening remarks and then we’ll have time to take a few questions.

Please note that I will moderate and call on journalists. And with that, Secretary Austin, over to you sir. SECRETARY OF DEFENSE LLOYD AUSTIN: Thanks, Pat. Good afternoon, everybody and thanks for being here. Minister Kim, let me again welcome you and your team to the Pentagon. It’s our honor to host our allies in the Republic of Korea for our 56th Security Consultative Meeting. The SCM is the annual capstone event for the US-ROK Alliance. It brings our defense leaders together to tackle shared challenges and to deepen our friendship.

For more than 70 years, our alliance has been the foundation of peace and stability on the Korean Peninsula. Our two proud democracies share a vision of a free and open Indo-Pacific and we stand shoulder to shoulder against those who would upend the status quo. Now we’re closely tracking the unprecedented level of direct military cooperation between Russia and the DPRK. In our meetings today, we shared our deep concerns about the deployment of DPRK troops to Russia.

We also discussed how we’re going to work together with our allies and partners to respond to this dangerous and destabilizing escalation. The evidence now suggests that North Korea has sent around 10,000 soldiers to train in eastern Russia and some of these DPRK troops have already moved closer to Ukraine.

And we’re seeing them outfitted with Russian uniforms and provided with Russian equipment. And I am increasingly concerned that the Kremlin plans to use these North Korean soldiers to support Russia’s combat operations in Russia’s Kursk region near the border with Ukraine. And let me remind you that Russia signed on to the UN Security Council resolutions agreeing not to provide military assistance to North Korea.

Of course, we know that Putin has gone tin cupping to get weapons from the DPRK and Iran. Turning to a pariah state like North Korea for troops just underscores how much trouble he is in. And we take this very seriously. We urge the Kremlin to change course and we fully understand the security implications for both Europe and the Indo-Pacific.

Putin will not prevail in Ukraine even with more help from North Korea, but these deeply concerning developments only underscore the importance of our alliance with the ROK and other allies and partners committed to shared security and prosperity. Now, Minister Kim and I had an outstanding meeting today.

Our discussions move the ball forward to modernize and deepen our alliance that will help protect the security of the Korean Peninsula and shape the future of the Indo-Pacific. It was with a sense of urgency we’ve delivered on a shared security objectives that we set forth just a year ago in a defense vision of the US-ROK Alliance.

The US Department of Defense and the ROK Ministry of National Defense signed the Nuclear Consultative Group guidelines in July and later that month I traveled to Japan to join an historic trilateral ministerial meeting with the ROK and Japan. It was held in Tokyo for the first time as envisioned by the 2023 Camp David Summit.

Now I assured Minister Kim today that the United States remains fully committed to the defense of the ROK and our extended deterrence commitment remains ironclad. That commitment is backed by the full range of America’s conventional missile defense, nuclear and advanced non-nuclear capabilities. We’ve also returned to large scale exercises with our ROK allies and that strengthening our combined readiness and our interoperability.

We’re also working together to tackle shared security challenges across the Indo-Pacific. So today Minister Kim and I endorsed a framework to expand our cooperation throughout the region based on our shared values and common interests. We also discussed the important role of the United Nations Command, which reflects the international community’s long-standing commitment to peace on the peninsula.

And earlier this year with support from the ROK, we accepted Germany as the 18th member state of the UNC. Moving forward, we’ll build on our momentum and will expand the scope and scale of our cooperation. We’ll use our strategic advantages and innovation in our defense industrial bases to bring cutting edge tech to our warfighters.

Now our alliance has always been rooted in our shared commitment to act together in the interests that brought us together seven decades ago have continued to grow stronger. Today’s discussion again underscored our shared vision for this alliance’s future. So, Minister Kim, thanks for your leadership and your commitment to this proud alliance.

We got a lot done today and I look forward to doing even more tomorrow in the US-ROK 2+2 with Secretary Blinken and Minister Cho and thanks very much and now let me turn it over to Minister Kim. SOUTH KOREAN DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) Good afternoon. This is the Minister of National Defense of the Republic of Korea, Kim Yong-hyun. I find it highly meaningful to conduct my first overseas defense diplomatic engagements after my inauguration here at the Pentagon, the heart of safeguarding liberal democracy. Today at the SCM, Secretary Austin and I reviewed the work of implementing the defense vision of the ROK-US alliance over the last year.

In addition, we reaffirmed that the ROK-US alliance remains more robust than ever, even amid complex international security crisis. While asserting its theory of hostile two nations. North Korea continues to escalate tensions on the Korean Peninsula through detonation of sections of inter-Korean roads. In order to deter and respond to DPRK, provocations and

threats, Secretary Austin and I agreed to maintain an overwhelming combined defense posture and engage in close coordination and responses.

In particular, we made it clear that DPRK’s ongoing practice of sending filth and trash balloons constitutes a violation of the armistice agreement and called for an immediate cessation of this activity with one voice. Furthermore, we condemned in the strongest terms with a unified voice, the unlawful military cooperation between North Korea and Russia, which directly violates the rules-based order through the deployment of North Korean forces to Russia and arms trade and pledged to closely work with the international community.

This July, the defense authorities of Korea and the United States completed the NCG Joint Guidelines through the Nuclear Consultative Group, thereby elevating the ROK-US alliance to an unequivocal nuclear based alliance. Building on these guidelines, Secretary Austin and I will diligently pursue the NCG tasks in a substantive manner to enhance the execution capabilities of extended deterrence of ROK and US equal partners.

Throughout this process, the ROK Strategic Command will be a key unit in the execution of the ROK-US conventional nuclear integration, CNI, operations. Secretary Austin reaffirmed the United States’ unwavering commitment to providing extended deterrence to the Republic of Korea by utilizing the full range of its military capabilities.

In addition, as tangible evidence of the US commitment to the defense of the ROK, Secretary Austin reiterated that the frequency and intensity of US strategic asset deployment would be increased and made regularized in accordance with President Biden’s commitment in the Washington Declaration. The ROK and the United States will further enhance their — continue to further enhance the Alliance’s capabilities and posture in response to nuclear and missile threats through implementing combined exercises that reflect the North Korean nuclear threats.

Secretary Austin and I agreed to strengthen security cooperation in the region based on the respective Indo-Pacific strategies of our two countries. The nuclear and missile threat from North Korea is now an existential threat, not only to the ROK, but also to the Indo-Pacific region. We had a shared understanding that the ROK-US-Japan Trilateral Security Cooperation Framework signed this July represents a historic milestone in trilateral security cooperation.

We will continue to further enhance it. In particular, we highly appreciated the achievements of freedom to exercise the first multi-domain training and have decided to conduct a second training in the near future. In today’s meeting, Secretary Austin and I approved the regional cooperation framework for ROK-US Alliance contributions to security in the Indo-Pacific, demonstrating our commitment to cooperation both domestically and internationally.

Based on the framework, we will expand substantive cooperation with ASEAN and Pacific Island nations, enhancing the level and broadening the scope of the ROK-US Alliance.

Secretary Austin and I pledge to strengthen cooperation in science and technology and defense industry based on the defense vision of the alliance.

We plan to establish a vice minister level defense Science and Technology executive committee within this year to explore the application of cutting-edge science and technology in the defense sector as well as cooperation on all cause Pillar 2. Furthermore, we acknowledge the significance of securing supply chain resilience and modernizing alliance capabilities and pledge to engage in active cooperation in the defense industry sector.

In this regard, Secretary Austin welcomed ROK’s participation in the US MRO pilot project and underscored the efforts to expand cooperation between our two countries. For more than 70 years, the ROK-US Alliance has overcome countless challenges establishing itself as one of the world’s most premier and exemplary alliances.

Through the 56th Security Consultative Meeting, Secretary Austin and I reaffirmed our resolve to leap forward as a stronger alliance in response to uncertain future challenges. As the minister of National Defense, I will work closely with Secretary Austin so that the ROK-US Alliance serves as a linchpin of peace and stability in the world extending beyond the Korean Peninsula.

I deeply appreciate Secretary Austin’s active support for the successful meeting we had today. We go together, [untranslated]. Thank you. MAJ. GEN. RYDER: Thank you very much, gentlemen. Our first question will go to Phil Stewart, Reuters. Q: To Secretary Austin, how soon do you believe that North Korean soldiers may enter the fight against Ukrainian forces in Kursk? Are we talking days or weeks? And do you believe there’s anything the international community can still do to stop that deployment? And to Mr. Kim, does this deployment increase the risk of war on the Korean Peninsula?

And does this change South Korea’s willingness to provide lethal direct aid to Ukraine? If not, why not? SEC. AUSTIN: Well, Phil, as you heard me say in my opener (pause for translation)— Phil, as you heard me say in my opener, we believe that the DPRK has sent some 10,000 troops into eastern Ukraine and there they’ve been drawing equipment and conducting some training. And some of those troops have begun to make their way towards the border of Ukraine in the Kursk region.

Whether or not they’ll be employed in the fight, is left to be seen yet. But certainly, if they are employed, then that’s very disturbing. And so, we remain concerned that they’re going to use these troops in combat. I won’t speculate on the timing of employment. Again, this is something we’re going to continue to watch and we’re going to continue to work with allies and partners to discourage Russia from employing these troops in combat.

Again, this is a violation of the UN security agreement. So, this is pretty serious. Again, we’re going to continue to watch it and continue to work with our allies and partners to discourage it, so (pause for translation) Phil, to be clear, violation of UN sanctions. Q: Do you mean eastern Ukraine? SEC. AUSTIN: I’m sorry? Q: I thought you said deployed to eastern Ukraine. Yeah? Q: Did you mean eastern Ukraine or Eastern Russia that they had deployed to? SEC. AUSTIN: They had deployed to Eastern Russia and then they’re making their way west towards the Ukrainian border, sorry about that. DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) I’d like to answer the question regarding the increase in the possibility of war breaking out on the Korean Peninsula following the North Korean’s troops deployment to Russia. I do not necessarily believe that the North Korean troops deployment to Russia results in the changes in the possibility of war breaking out on the Korean Peninsula.

However, I believe this can result in the escalation of the security threats on the Korean Peninsula. This is because there is a high possibility that North Korea, in exchange for their troops deployment, would ask for cutting edge technology transfer. There is a high chance that they would, in exchange for their deployment, North Korea is very likely to ask for technology transfers in diverse areas, including the technologies relating to tactical nuclear weapons technologies related to their advancement of ICBM, also those regarding reconnaissance satellite and those regarding SSBNs as well.

There is also a high chance that they will try to replace their equipment that have been taken a lot of time, so therefore old technologies or equipment. I believe such changes in the technological situation of North Korea can pose an increase in the escalation of security threats on the Korean Peninsula.

However, one thing to consider is that as we have witnessed in the Russia-Ukraine war, the conventional weapon capabilities of Russia is not as formidable as we expected it to be. Therefore, even with the possibility of Russia’s cutting-edge technology flowing into North Korea and thereby resulting in the advancement of North Korea’s military technology, I believe it is possible for us to overcome such challenges based on our robust ROK-US alliance and ROK-US-Japan trilateral security cooperation.

And through these cooperation, I believe we can secure enough and sufficient capability in order to overcome such security challenges. In short, I would rather see the results or impacts of the deployment as an increase that can result. I believe the deployment can result in the security threats on the Korean Peninsula and it could also have a destabilizing impact on the security of the Korean Peninsula, but I don’t believe it is going to be any changes in the possibility of war breaking out on the Korean Peninsula.

MR. RYDER: Thank you both. Our next question will go to Ji Hun Kim, Yonhap News Agency. Q: (Via interpreter) This is Reporter Kim from Yonhap Agency, and first I have a question to direct it to Minister Kim. Last year’s munition deal between Korea’s corporation and the United States is an exemplary case where Korea was able to provide support toward United States in accordance with the mutual defense treaty. And do you have any additional plans to give indirect support to Ukraine by supplying munitions to the United States in an indirect way?

And also, there’s another question about the trash and filth balloons. Korea has been showing consistently the kind of response — Korea has been showing response such as collecting the trash balloons after they were dropped on the territory of Korean Peninsula, or they have consistently asked North Korea to cease the release of trash balloons.

Do you have any additional measures in order to respond to such release of trash or filth balloons from North Korea? And this question, the last question is directed to both Minister Kim and Secretary Austin. North Korea has consistently shown their anti-humanitarian provocations. Do you have any messages in mind that you can deliver to Kim Jong Un and North Korea? DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) So the first question about munitions supply to United States, I have to give you an answer that at the current moment, nothing is determined. And for your second question about Korea’s response to North Korea’s release of trash and filth balloons, in today’s meeting, Secretary Austin and I have confirmed that the deployment of trash and filth balloons are a violation of armistice agreement. And as the release of trash and filth balloons is a provocation that poses a safety threat to our people, we have been using the response of first identifying and then tracking and then after we found out the location of the dropping. And then we checked if there is any biological or chemical weapons in it after we have gone through all the tests, then we collected those balloons.

These measures were taken under our assessment that this is the best and most optimal way of guaranteeing and confirming the safety of our people and that this is the way to protect our people in our best way. However, North Korea is crossing the line with various methods of provocations and we are open to all alternatives when it comes to the risk — when it comes to our response to North Korea’s provocation.

On your third question, I recall it was if I have any message toward — that I have to Kim Jong Un. I believe the essence of North Korean troop deployment is the possibility of expansion of the war. And this results from the intervention of the third party, which is North Korea. And such possibility is resulting in grave concerns of European countries, including Ukraine.

And the deployment is — North Korea is joining the collusion of Russia’s illegal aggression and invasion, and therefore I see that the deployment is Kim Jong Un’s attempt to maintain

its dictatorship and Kim Jong Un didn’t hesitate to sell out its young people and troops as cannon fodder mercenaries. I believe such activities is a war crime that is not only anti-humanitarian but also anti-peaceful.

Therefore, I would like to strongly condemn the activity of Kim Jong Un and I believe all responsibility from the results of the deployment belong to Kim Jong Un. We call for Kim Jong Un’s immediate withdrawal of his troops in our strongest terms. Thank you.

SEC. AUSTIN: Thank you for the question. I don’t have any messages for the leadership of DPRK. I call upon them to cease their potentially destabilizing behavior in both the Indo-Pacific region and now in the European theater as well. And like my colleague here, Minister Kim, I call upon them to withdraw their troops out of Russia.

It does have the potential of lengthening the conflict or broadening the conflict if that continues. MR. RYDER: Our next question will go to Courtney Kube, NBC. Q: Thank you. Mr. Secretary, you told Phil that you — the US will continue to watch this deployment and work with allies to discourage it. But how specifically can the US or the international community actually stop? Is there anything the US can do? And you just said that that this does have the potential for broadening the conflict.

Does that mean that you see the possibility that if in fact Russian troops are fighting alongside North Korean troops that that means other countries could send troops perhaps even to fight alongside the Ukrainians in an advisory level or fighting or anything? And then just one more, this is my real question. Those were follow ups.

My real question is just what happens when North Korean troops are killed by US provided weapons? And then Minister Kim, do you see any signs that North Korea plans to interfere in the US elections? We — your DIA said today that DPRK may be ready to launch an ICBM, perhaps a nuclear weapon.

Is there any indication that that could be or other actions that they may be taking could be specifically to interfere with the US election? Thank you. You only get one. SEC. AUSTIN: So Courtney, the first of your 20 questions here was whether or not we can stop the DPRK from sending troops. We certainly can work with others to discourage this — this kind of behavior. But I didn’t mean to imply that we can stop that. But certainly, their actions have consequences as all actions have consequences.

And we need to be mindful of that. In terms of what could happen, you mentioned my reference to potentially broadening this conflict. Yes, it could encourage others to take action, different kinds of action, but I won’t speculate on what could exactly happen. But we — there are a number of things that could happen.

And what happens when DPRK soldiers are killed with US provided weapons? Well, if the DPRK soldiers are fighting alongside Russian soldiers in this conflict and attacking Ukrainian soldiers, Ukrainian soldiers have the right to defend themselves and they will do that with the weapons that we provided and others have provided.

That’s to be expected. But if they are fighting alongside of — of Russian soldiers, they are co-belligerents and you have every reason to believe that those kinds of things will happen, that they will be killed and wounded as a result of battle. DEFENSE MINISTER KIM YONG-HYUN: (Via interpreter) Thank you for giving 20 questions to Secretary Austin, but only one for me. I’m so happy. So on your question about the possibility that North Korea attempts to interfere with US presidential election, my short answer is that the possibility is not high. I believe there isn’t a high chance of them attempting to interfere with the election.

However, I believe there is a high chance that they would want to exaggerate their existence around the season of US presidential election before and after the election. The expected courses of action that North Korea could take in their attempt to provoke could be either their launch of ICBM or their seventh nuclear tests. MR. RYDER: Thank you. Our final question will go to Ji-ho Yang, Chosun. Q: (Via interpreter) This is Reporter Yang from Chosun Daily. First, I have a question to Minister Kim. The main opposition party of Republic of Korea has expressed their opposition to North Korea’s dispatch of analysis team and Korean delegation to Ukraine. So from your perspective, Minister Kim, what do you think is the role that Korean military can play in Ukraine?

And I have another — I have a question to Secretary Austin. So it is my understanding that the current assessment of the United States DOD is that North Korea did deploy troops to Ukraine — to Russia, however, they were not involved in any combats at the moment. So however, some are claiming that North Korean troops that are — are already being deployed are being — are already being in engagement.

So like, what would be your standard to determine whether the participation of these North Korean troops will be deployment or actual participation in combat operations? And also you have — US DOD has also made a statement that the North Korean troops who are in Russia will also be classified as enemies that can be attacked by — by US weapons that are supplied to Ukraine.

So could you give a little more elaboration on this statement? This concludes my question. DEFENSE MINISTER KIM YONG-HYUN: So I recall the question was about our observers and monitoring teams of Korea that are — that are and could be sent to Ukraine. So throughout the history in many different wars, including the Iraq war, there have been many

cases where we have sent monitoring teams or lesson learned analysis team to the countries that are currently — that were in war.

The role of such observers or analysis team play in the war is mainly analysis of the trends of the modern warfare or different aspects of modern welfare. And especially as we have confirmed North Korean troops were deployed to Russia, I believe it could serve as a great opportunity for our analysis team or observer to learn the movements or trends of the North Korean troops.

In many wars there — we have witnessed many new and diverse weapon systems continuously popping up and also we were able to witness many different modern tactics in the war. I believe if we can collect such information diligently and then utilize it for our future safety of — and stability of our country, I believe it can serve as an opportunity for us to provide better protection to our — the people of Republic of Korea.

I believe it is an obvious task that our military should play to send observers and analysis team to the Russia-Ukraine war. And I — I would even say that if we don’t send our observers or analysis team, it would mean that we are not faithfully doing our jobs. SEC. AUSTIN: So thank you for your question. As I understand it, the first question was what was our — what is our standard for determining whether or not the DPRK troops are actually fighting or in the fight. And the second question was whether or not they can be engaged with US weapons. So I think standards are pretty easy.

If they’re fighting, if they’re attacking Ukrainian soldiers and they are co-belligerents, they’re a part of this fight, that’s fairly easy to determine. And it’s not certain that they will be introduced into this fight. But clearly 10,000 soldiers, and some of them are moving west towards the Ukrainian border, then there’s a good likelihood that they will be employed, but we’ll see.

We won’t speculate. We’ll collect evidence. They’re doing this because Putin has lost a lot of troops, a lot of troops. And you know, he has a choice of either getting other people to help him or he can mobilize. And he doesn’t want to mobilize because then the people in Russia will begin to understand the extent of his losses of their losses.

So there’s a good likelihood that these troops will be introduced into combat, not certain, but I think the likelihood is pretty high. But this is not a sign of strength. It’s a sign of weakness. Putin has not achieved one strategic objective in two and a half years against a force that was far inferior to his force. That’s a sign of weakness. Again, he’s gone to other countries for weapons and munitions and now he’s going to other countries for people. And as I said earlier, if they are fighting and they’re co-belligerents, they’re attacking Ukrainian troops and the Ukrainian troops have the right to defend themselves, and we have every expectation that they will.

They’ll use their own weapons. They’ll use the weapons that they’ve been provided, and that won’t be a surprise to anyone. But this doesn’t have to happen. Putin can end this war

today. It was his choice to launch this war. He’s not achieved his objectives. He can end this war and he should end this war.

Otherwise, we’ll see a lot more losses on both sides and that’s really highly unnecessary. But I think in terms of our standards for determining whether or not they’re fighting, they’re in the fight, I think it’ll be pretty easy to determine that. OK. MAJ. GEN. RYDER: Secretary Austin, Minister Kim, thank you both, gentlemen. Ladies and gentlemen, that’s all the time we have available today. This concludes our press briefing. Thank you.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: FEMA Continues Work with the Disability Community on Helene and Milton Response, FEMA’s Disability Director Visits Affected Areas to Meet with Survivors, Community Groups and Governmental Officials

Source: US Federal Emergency Management Agency

Headline: FEMA Continues Work with the Disability Community on Helene and Milton Response, FEMA’s Disability Director Visits Affected Areas to Meet with Survivors, Community Groups and Governmental Officials

FEMA Continues Work with the Disability Community on Helene and Milton Response, FEMA’s Disability Director Visits Affected Areas to Meet with Survivors, Community Groups and Governmental Officials

WASHINGTON — Since Hurricane Helene made landfall, FEMA has been working with governmental and voluntary disability support organizations to ensure survivors with disabilities have the tools they need to recover from the storm. Building relationships with these organizations pre-disaster has been crucial to getting support to survivors as quickly as possible. FEMA’s Disability Integration Advisors continue their work advocating for people with disabilities and connecting them with available resources to help speed their recovery.Sherman Gillums, Jr., FEMA’s Director of the Office of Disability Integration and Coordination personally traveled to hurricane-impacted areas to support these advisors, survey recovery efforts and meet with state officials and local disability organizations. “It was important to me to talk to organizations and officials in person to show our unwavering commitment to people with disabilities,” said Director Gillums. “The relationships we’ve built with these organizations prior to the disaster allowed us to pinpoint the areas where people with disabilities needed help. My visit with Able South Carolina and independent living centers in Ashville highlighted ways we could assist with their recovery efforts. I deeply appreciated their insight and openness about their experiences which allowed us to work together on solutions to challenges.” The percentage of people applying for FEMA disaster assistance and identifying as having a disability is consistent with the demographic information we have for the hurricane affected areas. “This is really important,” said Director Gillums. “It is a good indication that we are reaching people with disabilities and getting them the tools they need to apply for assistance more quickly year after year. That doesn’t mean that there isn’t more work needed to get people with disabilities on the road to recovery, but it is an encouraging first step.As disability advisors, Director Gillums and his staff work to integrate accessibility into all stages of recovery. This includes everything from helping survivors access medical necessities to getting them access to assistive devices like screen readers so they can apply for assistance. Most importantly though, the advisors support emergency management specialists throughout the recovery process, by helping them integrate accessibility and disability inclusiveness into their work. “This storm caused massive disruption to infrastructure that many of us take for granted,” Director Gillums commented after his travel in North Carolina, Virginia and South Carolina. “As a disability advisor, and a member of the disability community myself, I see how these challenges are compounded for people with disabilities. Getting access to electricity can be a matter of independence and even survival. During my deployment, I witnessed firsthand how communities were eager to be a part of the effort to ensure people with disabilities get what they need to sustain some semblance of independence. FEMA is working with these partners to make sure all survivors, including those with disabilities, are able to access the essential resources they need to be safe, informed and in charge of their lives.”FEMA encourages Helene and Milton survivors to apply online as this remains the best way to apply for disaster assistance. Here are the ways to apply for federal assistance: Applying online at disasterassistance.govUsing the FEMA AppCalling 800-621-3362, Staffed daily from 7 a.m.-10 p.m. local timeVisiting a Disaster Recovery Center to talk with FEMA and state agency officials and apply for assistance

Richmond, VA — Federal Coordinating Officer Timothy S. Pheil discussing the disability integration strategy for the Hurricane Helene response with FEMA Disability Coordinator Sherman Gillums Jr. along with state access and functional needs staff in the situation room at the Virginia Emergency Operations Center.

View Original’ data-align=”center” data-asset-link=”1″ data-entity-type=”emerald” data-image-style=”large” data-asset-type=”imageasset” data-asset-id=”56473″ src=”https://www.fema.gov/sites/default/files/styles/large/public/externals/cf9d4bec75102ebbb97b6fc199bfe0d0.jpg?itok=9VB86i5n” alt=”Caption: Columbia, S.C. (Oct. 14, 2024) – FEMA’s Director of Disability Integration and Coordination, Sherman Gillums, Jr., visits the Association for Better Living and Education to show support for their ongoing efforts in supporting the disabled community. Director Gillums met with Dori Tempio, Sr., Director of Community Education, and Mandy Halloran, Director of Public Health.” class=”image-style-large”>

Columbia, S.C. (Oct. 14, 2024) – FEMA’s Director of Disability Integration and Coordination, Sherman Gillums, Jr., visits the Association for Better Living and Education to show support for their ongoing efforts in supporting the disabled community. Director Gillums met with Dori Tempio, Sr., Director of Community Education, and Mandy Halloran, Director of Public Health.

amy.ashbridge
Wed, 10/30/2024 – 21:38

MIL OSI USA News –

January 25, 2025
MIL-OSI Australia: Interview with Warwick Lang, Victorian Country Hour, ABC Radio

Source: Australian Treasurer

WARWICK LONG:

Let’s talk competition in farming in Australia. A member of the federal government has identified farming as an area in dire need of competition reform in Australia. Andrew Leigh is the Assistant Minister for Competition in the Labor government. He says this country’s small‑scale farmers are getting hammered at both ends by concentrated markets and at numerous points along the agricultural supply chain. I had a chat to him about improving the improving the competition playing field for farmers after he made a speech on such a topic to ABARES in Canberra.

ANDREW LEIGH:

Well, farmers are the meat in the sandwich when it comes to problems of competition in the Australian economy. We see too many farmers buying seed and fertiliser from concentrated markets and then getting squeezed by having to sell into concentrated markets for processors or in freight. And the effect is that farmers aren’t getting a fair deal. I’m talking about a lot of what we’re doing in the competition space through the lens of farming. Farming is a critical industry to the Australian economy, but it also illustrates some of the big competition problems that the Australian economy faces right now.

LONG:

Why is farming such an easy example to grasp about the lack of competition and what it does to markets?

LEIGH:

Compared to many industries, small‑scale farming is pretty easy to enter. It is not as easy to set up a tractor manufacturing business or to set up a freight distribution network. The result is that you get a lot of competition in farming across many commodities but not so much upstream and downstream. So if you’re looking at fertiliser, the big 4 fertiliser manufacturers in Australia have 62 per cent of the market between them. And then if you’re looking downstream, fruit and vegie processing, the big 4 have 34 per cent of the market. Meat processing, the big 4 have 44 per cent of the market. So there’s these really concentrated markets, and that’s before we’ve even gotten to the supermarkets where the supermarket duopoly does have the effect of squeezing farmers. Which, of course, is why, Warwick, we’re moving to make the Food and Grocery Code of Conduct a mandatory code.

LONG:

What has failed in the past? So the meat industry is one of those that you’re using, particularly you cite its effect on small‑scale beef producers, for example, because there’s such market concentration. Now, I’ve been around for quite a long time, Assistant Minister, and I remember when the ACCC didn’t oppose JBS’s taking over of Primo, for example, because even though it meant a highly concentrated market in areas like New South Wales and Queensland. So what’s gone wrong in the past to lead us down this road of concentration now?

LEIGH:

Our merger law system just hasn’t been up to what it needs for a modern economy. Australia’s competition watchdog doesn’t get to see about 3 out of every 4 mergers because there’s no requirement on big firms to notify them. You can’t block what you can’t see. So the merger reforms we’ve got in parliament right now are the biggest merger shake‑up in half a century. We’d hope they’d get support right across the parliament. And they’ll have 2 results, Warwick, one will be that low‑risk mergers get approved quicker, and the other is that high‑risk mergers can have the scrutiny that they deserve applied to them by the competition watchdog.

LONG:

What other rules and changes are you proposing?

LEIGH:

We’ve got the banning of unfair contract terms. We did that as soon as we came into office. And that’s mattered for areas such as fertiliser contracts and potato processing where those unfair contract terms have been used. For consumers we’ve got the CHOICE quarterly price monitoring to make sure that consumers are seeing where they can get their best deal across the grocery sector. And we’re giving the competition watchdog more resources in order to check up on unit pricing, make sure that the prices on the supermarket shelf really are a fair reflection of what Australians will pay.

LONG:

You’ve also cited in your speech today about the right to repair laws affecting the motor vehicle industry. You and I spoke a lot in the past about trying to extend that to tractor and machinery sales. Why hasn’t that happened yet?

LEIGH:

Well, we’re encouraging parties to first look at a voluntary agreement here which can often have a more tailored approach. But we recognise that there’s a squeeze on and it can particularly affect farmers where you’re working off short timeframes. You’ve got to get a crop harvested. Your machine breaks down and you just can’t afford to take a week for the authorised dealer to fix it. So we understand the squeeze. We understand that the farm machinery industry is heavily concentrated. This one is not as straightforward as what we did for the motor vehicle scheme –

LONG:

Why not?

LEIGH:

Well, because in motor vehicles you’ve got a greater diversity of independent repairers. There’s some 20,000 independent repairers across the country. You just don’t have that network of independent repairers in the area of farm machinery. Most of the repair is being done at the moment by the big firms. And what we’re looking at is a discussion where people say we could have a vibrant independent repair industry if only there was a right to repair laws for farm machinery.

LONG:

Yeah, so as opposed to what you had to do in the motor vehicle sector where there was already an existing network there effectively you need to look if your law changes for the farm machinery sector would effectively almost create a new category of business?

LEIGH:

Yes, that’s right. Whereas independent mechanics, we were seeing them being crushed by a lack of access to data. But data is a big thing. John Deere has got more software development engineers than mechanical design engineers. Farm machines are becoming increasingly computerised, and that means that access to the data is fundamental to allowing a third‑party repairer to fix a fault.

LONG:

This is your passion, isn’t it? Competition and how markets work.

LEIGH:

I’m glad you detected that passion, Warwick. Absolutely. For economists this goes back to Adam Smith in 1776. There’s really good work about the benefits of competition for consumers, for workers and just for innovation. More competitive markets see higher productivity growth. And so this is one of the key things we need to do if we’re going to kickstart more growth in the Australian economy.

LONG:

And obviously more competition, more buyers for products is important. Your government is restricting that in the world of agriculture, particularly for the WA sheep industry right now with the phase out of live sheep exports. Have you looked at what that will do to the market there?

LEIGH:

Look, we’re providing support to the industry – over $100 million there – and also encouraging the boxed meat industry. And as you well know, Warwick, the volume of live sheep exports has been steadily declining. We’re very keen to see that local processing industry increasing, the value‑adding, and also working hard to open up new markets. So if you look at the resumption of the rock lobster trade with China, with the trade deal with the United Arab Emirates, all of that opening up of the international markets gives more options to our farmers. It means that they’re not as constrained at just selling to a couple of local processors.

LONG:

A sheep farmer can hardly jump into the world of rock lobster farming, though, can they?

LEIGH:

No, that’s right. I’m just giving you an illustration of what we’re doing across the markets, recognising the importance of international trade to Australian farmers.

LONG:

I suppose you and I are talking about the same thing here, right, aren’t we, Andrew Leigh? We’re talking about how government decisions or actions, whether it be the closure of key international markets or whether it be phase‑outs of industry, that does affect markets and it’s on government to pull the levers to decide the future of these industries, isn’t it?

LEIGH:

The government plays a significant role. And what you’re talking about with live sheep really is an issue of animal welfare, which I think is broadly supported across the Australian community. But what we’ve been doing in opening up international markets really is very much in the traditions of the Whitlam, Hawke and Keating governments – that international engagement often led by farmers because we export the vast majority of our agricultural produce in Australia to the benefit of farmers and the broader economy.

LONG:

So, this is part of your discussion with ABARES. Do you have a plan to sort of update on whether your levers and work in competition areas will be working in, say, 12 months’ time?

LEIGH:

Yeah, it’s a great question, and one of the things we haven’t done very well in government is evaluating what we do. And so we’re now just thinking through the best ways of evaluating the impact of the competition reforms, making sure that as we move to a mandatory code of conduct for food and grocery that we are seeing those better deals coming through for farmers, ensuring that as we go into the new merger regime that we see better competition across Australian industries. So, tracking performance is absolutely the best practice in government. That’s what I want to do more of.

LONG:

That’s the Assistant Minister for Competition, Andrew Leigh, speaking there about improving competition rules, the playing field essentially for farmers.

MIL OSI News –

January 25, 2025
MIL-OSI USA: Kamlager-Dove Secures $500K for Permanent Supportive Housing Site in West LA

Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

LOS ANGELES, CA — Today, Congresswoman Sydney Kamlager-Dove (CA-37) presented a $500,000 check to IKAR to assist in the development of the new IKAR Center and Supportive Housing Project. This project is one of fifteen that Congresswoman Kamlager-Dove secured a total of $12.4 million for through Fiscal Year 2024 government funding legislation.

This project will build at least 60 units of permanent supportive housing for unhoused people, including seniors, atop a new Jewish community campus. The project will also include space for supportive services and indoor and outdoor common areas for residents. Located on S. La Cienega Blvd., the development will be situated in a high-opportunity, transit-rich corridor that is lacking in affordable housing and permanent supportive housing.

“Ensuring that all Angelenos have a place to call home isn’t just good policy—it is a moral obligation, often informed by faith. By incorporating permanent supportive housing into their new community space, IKAR is upholding its values and following in the long tradition of Los Angeles faith communities working to combat social and economic injustices,” said Congresswoman Kamlager-Dove. “I am proud to have secured funding for this project that will provide real, lasting housing security for formerly unhoused people in our community. IKAR’s first-of-a-kind community center will serve as a shining example for how other faith institutions can help address the housing crisis in Los Angeles and beyond.”

“We are honored to accept this federal funding award that will help us realize IKAR’s mission to build affordable housing as part of our new IKAR Center. Our community is tremendously grateful to Representative Kamlager-Dove for embracing our vision that faith communities can meet the need of the broader community for more low-income affordable housing by building those new homes on faith organization-owned land. We hope that this project will be a model for other faith communities across the district and the state to say ‘yes’ to housing not only in our backyards, but right alongside our communal institutions. We look forward to welcoming our new neighbors home,” said IKAR Executive Director/CEO Melissa Balaban.

Last month, Congresswoman Kamlager-Dove hosted a roundtable centered on the development of affordable housing on land owned by faith organizations, during which IKAR Executive Director/CEO Melissa Balaban discussed this project’s potential and how IKAR can serve as a model for other faith institutions.

ABOUT IKAR:
IKAR is a dynamic, multi-generational community rooted in Los Angeles and reaching globally with the mission to reanimate Jewish life and develop a spiritual and moral foundation for a just and equitable society. IKAR, as a faith community, stands with multifaith partners as voices of moral courage, sources of spiritual strength, and first responders to injustice and indifference. IKAR understands that its role extends beyond Jewish religious and spiritual practice, and indeed beyond the Jewish community. IKAR is working to develop a spiritual roadmap for soulful, multi-faith justice work in Los Angeles and around the country.

# # #

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Kamlager-Dove, Meeks, Castro Affirm Importance of Accountability for the Assassination of Brazilian Activist Marielle Franco

Source: United States House of Representatives – Congresswoman Sydney Kamlager California (37th District)

Washington, D.C. — Congresswoman Sydney Kamlager-Dove (CA-37), Brazil Caucus Co-Chair, Representatives Gregory W. Meeks (NY-05), Ranking Member of the House Foreign Affairs Committee, and Joaquin Castro (TX-20), Ranking Member of the Subcommittee on the Western Hemisphere, released the following statement affirming the importance of accountability in the assassination of Marielle Franco, a Brazilian anti-racism and LGBTQ+ advocate and Rio de Janeiro City Council member:

“More than 6 years after the assassination of Marielle Franco, we are encouraged by the news that a trial for her murder began today. Franco advocated tirelessly to address the marginalization and persecution of afro-descendants and LGBTQ+ communities across the Western Hemisphere. Bringing the perpetrators of her murder to justice represents a critical opportunity for Brazil to demonstrate its longstanding commitment to the rule of law and addressing political violence rooted in racial and gender-based discrimination, pursuant to the U.S.-Brazil Joint Action Plan to Eliminate Racial and Ethnic Discrimination and Promote Equality.

“We express solidarity with the Brazilian people in their calls for justice for Franco and an end to the systemic discrimination of Afro-descendants and indigenous communities in Brazil and across the hemisphere.”

###

MIL OSI USA News –

January 25, 2025
MIL-OSI Canada: Preparation, swift response define wildfire season
Source: Government of Canada regional news

Aerial view of wildfires near Fox Lake and Garden River in July.

Through effective investments, including a historic $155-million wildfire base budget, Alberta’s government ensured the province was prepared to respond throughout the 2024 wildfire season. In anticipation of the wildfire season, Alberta’s government recruited 100 additional wildland firefighters and an additional 40 contract wildland firefighters – in addition to securing more airtankers, heavy equipment, and helicopters equipped with night vision technology. As a result of this preparation, front-line crews were able to respond quickly and fight fires around the clock, containing 85 per cent of wildfires within 24 hours of detection.

“While the 2024 wildfire season was challenging, our coordinated efforts and the resilience of Albertans have been crucial in mitigating the impact. We will continue to adapt and strengthen our wildfire management strategies to protect our communities and natural resources.”

Todd Loewen, Minister of Forestry and Parks

“This wildfire season has tested our resolve, especially in areas like Fox Lake and Jasper. The coordinated efforts of our firefighters and support teams were instrumental in protecting our communities. We will build on this experience to continue to improve response strategies and initiate new strategies to ensure the safety of all Albertans.”

Martin Long, MLA for West Yellowhead

The 2024 wildfire season began earlier than usual, with 64 carryover wildfires stemming from a mild winter and extremely dry conditions. In response to this elevated danger, Alberta’s government activated an early start to the wildfire season on February 20, 2024, implementing a fire ban and fire permit system to prevent additional human-caused wildfires.

Despite significant challenges, including large wildfires near Jasper that led to evacuations and the tragic loss of an Alberta wildland firefighter, as well as the loss of homes and businesses in the community, Alberta Wildfire demonstrated remarkable coordination, offering immediate aid and resources to Parks Canada, including support personnel, firefighters, aircraft and equipment.

While supporting the Jasper response led by Parks Canada, Alberta Wildfire crews continued to tackle substantial wildfires throughout the province, deploying personnel, aircraft and equipment to combat wildfires and assist impacted communities. Throughout the season, residents of Garden River, John D’Or Prairie, Fox Lake in the Little Red River Cree Nation, and the Chipewyan Cree Nation were also evacuated. Additionally, an area near Peace River and four neighborhoods in Fort McMurray faced short-term evacuations due to wildfires.

“In the wake of the heartbreaking loss from the Jasper wildfire, we are reminded of the strength found in collaboration – with each other and among all orders of government. We are reminded also of the compelling need to invest together in training, preparation, mitigation and adaptation, ensuring that we not only respond effectively, but that we also build a more resilient future.”

Richard Ireland, mayor, Town of Jasper

“The 2024 wildfire season underscored the importance of early planning and preparation. Investments in people, resources and new technology proved invaluable in our response efforts.”

Trevor Lamabe, executive director Wildfire Management Branch

During the 2024 wildfire season, Alberta Wildfire responded to more than 1,210 wildfires in the Forest Protection Area, exceeding last year’s record-breaking total. While the number of fires in 2024 exceeded the total number of fires in 2023, wildfires this season burned less than a third of the area compared with 2023, underscoring the effectiveness of Alberta’s preparation and investments.

Although Oct. 31 marks the end of Alberta’s wildfire season, Alberta Wildfire remains vigilant and ready to respond to any potential wildfires across the province.

Quick Facts
- Alberta Wildfire responded to more than 1,210 wildfires this year with more than 705,000 hectares burned.
- In 2023, there were 1,080 wildfires and more than 2.2 million hectares burned.
- Alberta Wildfire had almost 1,900 firefighters, contractors and support staff working on Alberta’s provincial response.
- Alberta Wildfire also received assistance from other agencies with more than 1,300 firefighters and support staff arriving from around the world to assist.
- While most wildfires were caused by people, we had 410 lightning-caused wildfires in July, the highest number in 20-years.
Related information
- Alberta Wildfire
- Alberta Wildfire app
- Alberta Wildfire Status Dashboard
MIL OSI Canada News –
January 25, 2025
MIL-OSI USA: Moolenaar Statement on Chinese National Illegally Voting in Michigan

Source: United States House of Representatives – Congressman John Moolenaar (4th District of Michigan)

Headline: Moolenaar Statement on Chinese National Illegally Voting in Michigan

Today, the Michigan Secretary of State, Jocelyn Benson, and the Washtenaw County Prosecutor’s office announced charges against a Chinese national for election fraud in Michigan. The Chinese national is a student at the University of Michigan, and illegally registered to vote and cast a ballot on Sunday, October 27 in Ann Arbor.

“Secretary Jocelyn Benson has hurt the public’s trust in Michigan elections as her department failed to prevent this illegal vote from being cast and will count it in the results next week. The University of Michigan should expel this student for violating our laws and our state’s leaders need to take serious action against the Chinese Communist Party’s attempts to influence our state. Secretary Benson must tell us how she will prevent similar election fraud in the next week, and how she will secure our elections against CCP interference. Governor Whitmer must cancel the state’s $715 million giveaway of taxpayer money to CCP-affiliated Gotion and end its plans to build near Camp Grayling. Finally, U-M President Santa Ono needs to shut down his university’s institute with Shanghai Jiao Tong University, which collaborates with China’s military. Until these actions happen, our state’s security, elections, universities, and auto supply chains will remain vulnerable to CCP influence,” said Congressman John Moolenaar.

According to reporting from the Detroit News, the illegally cast ballot is expected to be counted in the 2024 election results, “because there is no way for election officials to retrieve it once it’s been put through a tabulator.”

Moolenaar has previously called on the University of Michigan to end its joint research institute with Shanghai Jiao Tong University after five Chinese nationals studying through the program were charged by the FBI with spying on Camp Grayling.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Farmers & Merchants Bancorp, Inc. Reports 2024 Third-Quarter and Year-to-Date Financial Results

Source: GlobeNewswire (MIL-OSI)

ARCHBOLD, Ohio, Oct. 30, 2024 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 third quarter and year-to-date ended September 30, 2024.

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

86 consecutive quarters of profitability
Net income increased 36.4% to $6.5 million, or $0.48 per basic and diluted share, from $4.8 million, or $0.35 per basic and diluted share, and net income expanded 14.7% from the 2024 second quarter
Net interest margin increased 12 basis points to 2.71%
Efficiency ratio improved to 67.98%, compared to 73.07% for the same period a year ago, and 69.03% for the 2024 second quarter
Total net loans remain stable at $2.54 billion at September 30, 2024
Total assets increased 4.8% to a record $3.39 billion
Deposits increased 4.3% to a record $2.68 billion
Stockholders’ equity increased 10.6% to a record $335.4 million
Asset quality remains at historically strong levels with nonperforming loans of only $2.9 million at September 30, 2024, compared to $22.4 million at September 30, 2023
Allowance for credit losses was 879.37% of nonperforming loans
F&M ended the quarter with excellent liquidity levels, and over $635 million in contingent funding sources, and a cash-to-assets ratio of 7.2%
According to the FDIC, F&M continued to have the third largest share of deposits out of the 58 financial institutions that are also operating within its local markets

Lars B. Eller, President and Chief Executive Officer, stated, “F&M produced excellent earnings growth on a year-over-year and sequential basis, driven by higher net interest income, historically strong asset quality, and prudent expense management. Most importantly, our third quarter results reflect the talent of our associates, as we continue to work hard to drive operating improvements at F&M, serve our local Ohio, Indiana, and Michigan communities, and position F&M for long-term success. In addition, I am pleased to report that F&M was the third largest bank out of 58 financial institutions within the markets we compete, according to the FDIC, reflecting the leading value we provide to our local communities. In fact, F&M is the number one bank, based on deposits, in almost half of the communities in which we operate.”

Income Statement
Net income for the 2024 third quarter ended September 30, 2024, was $6.5 million, compared to $4.8 million for the same period last year. Net income per basic and diluted share for the 2024 third quarter was $0.48, compared to $0.35 for the same period last year. Net income for the 2024 nine months ended September 30, 2024, was $17.6 million, compared to $17.2 million for the same period last year. Net income per basic and diluted share for the 2024 nine months was $1.28, compared to $1.26 for the same period last year.

Mr. Eller continued, “Our 2024 third quarter and year-to-date performance demonstrate the success of the near-term strategies we are pursuing to navigate a complex operating environment and improve earnings. Most importantly, while the demand for loans is high across our markets, our approach to risk and pricing remains conservative. This near-term strategy has contributed to excellent asset quality. In addition, we continue to focus on strategies aimed at optimizing our deposit base and growing low-cost checking (DDA) deposits. Since the beginning of 2024, we have added over 5,600 new checking accounts, and benefited from new and expanded relationships at offices that were opened in 2023. As a result, we ended the quarter with a loan-to-deposit ratio of 93.6%, compared to 97.2% at September 30, 2023, and 96.0% at June 30, 2024. Our third quarter of 2024 loan-to-deposit ratio was the lowest quarterly value in two years. The final near-term strategy we are pursuing is focused on controlling expenses, and I am encouraged by the continued year-over-year and sequential improvement in our efficiency ratio. This reflects the opportunities we are pursuing to manage operating costs and expand productivity.”

Deposits
At September 30, 2024, total deposits were $2.68 billion, an increase of 4.3% from September 30, 2023. The Company’s cost of interest-bearing liabilities was 3.2% for the quarter ended September 30, 2024, compared to 2.82% for the quarter ended September 30, 2023, and 3.02% for the 2023 fourth quarter ended December 31, 2023.

Loan Portfolio and Asset Quality
“F&M’s teams continue to do an excellent job managing our cost of funds, loan pricing, deposit growth and overall net interest margin. Since the quarter ended December 31, 2023, our yield on earning assets has increased by 34 basis points, compared to a 19 basis point increase in our cost of interest bearing liabilities – representing the third consecutive quarter our yield on earning assets has outpaced our cost of interest bearing liabilities. We expect this trend will continue as more of our loan portfolio reprices in 2024,” continued Mr. Eller.

Total loans, net at September 30, 2024, increased 0.3%, or by $8.7 million to $2.54 billion, compared to $2.53 billion at September 30, 2023. The year-over-year growth was driven by higher consumer real estate, commercial and industrial, and agricultural loans, partially offset by lower commercial real estate, agricultural real estate, and consumer loans.

F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $2.9 million, or 0.11% of total loans at September 30, 2024, compared to $22.4 million, or 0.89% of total loans at September 30, 2023, and $22.4 million, or 0.87% at December 31, 2023.

F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.3% of the Company’s total loan portfolio at September 30, 2024. In addition, F&M’s commercial real estate office credit exposure represented 5.3% of the Company’s total loan portfolio at September 30, 2024, with a weighted average loan-to-value of approximately 64% and an average loan of approximately $880,000.

F&M’s CRE portfolio included the following categories at September 30, 2024:

CRE Category	Dollar Balance		Percent of CRE Portfolio⁽^*)		Percent of Total Loan Portfolio⁽^*)

Industrial	$	274,953	21.1	%	10.8	%
Retail	$	237,622	18.2	%	9.4	%
Multi-family	$	223,926	17.2	%	8.8	%
Hotels	$	141,642	10.9	%	5.6	%
Office	$	134,973	10.4	%	5.3	%
Gas Stations	$	62,028	4.8	%	2.5	%
Food Service	$	46,526	3.6	%	1.8	%
Development	$	30,999	2.4	%	1.2	%
Senior Living	$	29,866	2.3	%	1.2	%
Auto Dealers	$	25,068	1.9	%	1.0	%
Other	$	93,557	7.2	%	3.7	%
Total CRE	$	1,301,160	100.0	%	51.3	%

* Numbers have been rounded

At September 30, 2024, the Company’s allowance for credit losses to nonperforming loans was 879.37%, compared to 112.61% at September 30, 2023, and 111.95% at December 31, 2023. The allowance to total loans was 1.01% at September 30, 2024, compared to 1.00% at September 30, 2023. Including accretable yield adjustments, associated with the Company’s recent acquisitions, F&M’s allowance for credit losses to total loans was 1.10% at September 30, 2024, compared to 1.18% at September 30, 2023.

Mr. Eller concluded, “With two months remaining in 2024, I am encouraged by F&M’s strong financial and operating performance to date. F&M ended the quarter with record stockholders’ equity, historically strong asset quality, record deposits, and excellent liquidity levels with over $635 million in contingent funding sources, and a cash-to-assets ratio of 7.2%. We remain focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. As a result, F&M’s financial and operating performance continues to strengthen and I believe the Company is well positioned to create lasting value for our communities, customers, team members, and shareholders.”

Stockholders’ Equity and Dividends
Total stockholders’ equity increased 10.6% to $335.4 million, or $24.48 per share at September 30, 2024, from $303.2 million, or $22.19 per share at September 30, 2023. The Company’s Tier 1 leverage ratio of 8.04%, remained stable compared to September 30, 2023.

Tangible stockholders’ equity increased to $242.8 million at September 30, 2024, compared to $208.8 million at September 30, 2023. On a per share basis, tangible stockholders’ equity at September 30, 2024, was $17.72 per share, compared to $15.28 per share at September 30, 2023.

For the nine months ended September 30, 2024, the Company has declared cash dividends of $0.66125 per share, which is a 5.0% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the nine months ended September 30, 2024, the dividend payout ratio was 50.99% compared to 49.50% for the same period last year.

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

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

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


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME (Unaudited) (in thousands of dollars, except per share data)

	Three Months Ended														Nine Months Ended
	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023		September 30, 2023			September 30, 2024			September 30, 2023
Interest Income
Loans, including fees	$	36,873		$	36,593		$	35,200		$	34,493	$	33,783		$	108,666		$	94,851
Debt securities:
U.S. Treasury and government agencies		1,467			1,148			1,045			987		1,005			3,660			3,103
Municipalities		387			389			394			397		392			1,170			1,201
Dividends		334			327			333			365		246			994			517
Federal funds sold		7			7			7			8		6			21			36
Other		2,833			2,702			1,675			2,020		927			7,210			1,830
Total interest income		41,901			41,166			38,654			38,270		36,359			121,721			101,538
Interest Expense
Deposits		16,947			16,488			15,279			15,015		13,323			48,714			31,908
Federal funds purchased and securities sold under agreements to repurchase		277			276			284			293		349			837			1,181
Borrowed funds		2,804			2,742			2,689			2,742		2,741			8,235			6,134
Subordinated notes		284			285			284			285		284			853			853
Total interest expense		20,312			19,791			18,536			18,335		16,697			58,639			40,076
Net Interest Income – Before Provision for Credit Losses		21,589			21,375			20,118			19,935		19,662			63,082			61,462
Provision for Credit Losses – Loans		282			605			(289	)		278		460			598			1,420
Provision for Credit Losses – Off Balance Sheet Credit Exposures		(267	)		(18	)		(266	)		189		(76	)		(551	)		(143	)
Net Interest Income After Provision for Credit Losses		21,574			20,788			20,673			19,468		19,278			63,035			60,185
Noninterest Income
Customer service fees		300			189			598			415		248			1,087			917
Other service charges and fees		1,155			1,085			1,057			1,090		1,133			3,297			3,253
Interchange income		1,315			1,330			1,429			1,310		1,266			4,074			4,008
Loan servicing income		710			513			539			666		502			1,762			3,739
Net gain on sale of loans		215			314			107			230		294			636			469
Increase in cash surrender value of bank owned life insurance		265			236			216			216		221			717			618
Net loss on sale of available-for-sale securities		–			–			–			–		–			–			(891	)
Total noninterest income		3,960			3,667			3,946			3,927		3,664			11,573			12,113
Noninterest Expense
Salaries and wages		7,713			7,589			7,846			6,981		6,777			23,148			19,934
Employee benefits		2,112			2,112			2,171			1,218		2,066			6,395			6,302
Net occupancy expense		1,054			999			1,027			1,187		950			3,080			2,646
Furniture and equipment		1,472			1,407			1,353			1,370		1,189			4,232			3,652
Data processing		339			448			500			785		840			1,287			2,362
Franchise taxes		410			265			555			308		434			1,230			1,179
ATM expense		472			397			473			665		640			1,342			1,946
Advertising		597			519			530			397		865			1,646			2,209
Net (gain) loss on sale of other assets owned		–			(49	)		–			86		49			(49	)		49
FDIC assessment		516			507			580			594		586			1,603			1,388
Servicing rights amortization – net		219			187			168			182		106			574			429
Loan expense		244			251			229			246		241			724			809
Consulting fees		251			198			186			192		179			635			640
Professional fees		453			527			445			331		358			1,425			1,099
Intangible asset amortization		445			444			445			446		445			1,334			1,334
Other general and administrative		1,128			1,495			1,333			1,532		1,319			3,956			4,841
Total noninterest expense		17,425			17,296			17,841			16,520		17,044			52,562			50,819
Income Before Income Taxes		8,109			7,159			6,778			6,875		5,898			22,046			21,479
Income Taxes		1,593			1,477			1,419			1,332		1,121			4,489			4,235
Net Income		6,516			5,682			5,359			5,543		4,777			17,557			17,244
Other Comprehensive Income (Loss) (Net of Tax):
Net unrealized gain (loss) on available-for-sale securities		11,664			2,531			(1,995	)		13,261		(4,514	)		12,200			(2,480	)
Reclassification adjustment for realized loss on sale of available-for-sale securities		–			–			–			–		–			–			891
Net unrealized gain (loss) on available-for-sale securities		11,664			2,531			(1,995	)		13,261		(4,514	)		12,200			(1,589	)
Tax expense (benefit)		2,449			531			(418	)		2,784		(947	)		2,562			(333	)
Other comprehensive income (loss)		9,215			2,000			(1,577	)		10,477		(3,567	)		9,638			(1,256	)
Comprehensive Income	$	15,731		$	7,682		$	3,782		$	16,020	$	1,210		$	27,195		$	15,988
Basic Earnings Per Share	$	0.48		$	0.42		$	0.39		$	0.41	$	0.35		$	1.28		$	1.26
Diluted Earnings Per Share	$	0.48		$	0.42		$	0.39		$	0.41	$	0.35		$	1.28		$	1.26
Dividends Declared	$	0.22125		$	0.22		$	0.22		$	0.22	$	0.21		$	0.66125		$	0.63

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands of dollars, except per share data)

		September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
		(Unaudited)			(Unaudited)			(Unaudited)						(Unaudited)
Assets
Cash and due from banks		$	244,572		$	191,785		$	186,541		$	140,917		$	151,711
Federal funds sold			932			1,283			1,241			1,284			1,471
	Total cash and cash equivalents		245,504			193,068			187,782			142,201			153,182

Interest-bearing time deposits			2,727			3,221			2,735			2,740			2,989
Securities – available-for-sale			404,881			365,209			347,516			358,478			348,255
Other securities, at cost			15,028			14,721			14,744			17,138			16,995
Loans held for sale			1,706			1,628			2,410			1,576			1,039
Loans, net of allowance for credit losses of $25,484 9/30/24 and $25,024 12/31/23			2,512,852			2,534,468			2,516,687			2,556,167			2,504,329
Premises and equipment			33,779			34,507			35,007			35,790			31,723
Construction in progress			35			38			9			8			3,044
Goodwill			86,358			86,358			86,358			86,358			86,358
Loan servicing rights			5,644			5,504			5,555			5,648			5,687
Bank owned life insurance			34,624			34,359			34,123			33,907			33,691
Other assets			46,047			49,552			54,628			43,218			47,388

Total Assets		$	3,389,185		$	3,322,633		$	3,287,554		$	3,283,229		$	3,234,680

	Liabilities and Stockholders’ Equity
Liabilities
Deposits
	Noninterest-bearing	$	481,444		$	479,069		$	510,731		$	528,465		$	505,358
	Interest-bearing
	NOW accounts		865,617			821,145			829,236			816,790			778,133
	Savings		661,565			673,284			635,430			599,191			591,344
	Time		676,187			667,592			645,985			663,017			700,445
	Total deposits		2,684,813			2,641,090			2,621,382			2,607,463			2,575,280

Federal funds purchased and securities sold under agreements to repurchase			27,292			27,218			28,218			28,218			30,527
Federal Home Loan Bank (FHLB) advances			263,081			266,102			256,628			265,750			266,286
Subordinated notes, net of unamortized issuance costs			34,789			34,759			34,731			34,702			34,673
Dividend payable			2,998			2,975			2,975			2,974			2,838
Accrued expenses and other liabilities			40,832			27,825			25,930			27,579			21,892
	Total liabilities		3,053,805			2,999,969			2,969,864			2,966,686			2,931,496

Commitments and Contingencies

Stockholders’ Equity
Common stock – No par value 20,000,000 shares authorized; issued
14,564,425 shares 9/30/24 and 12/31/23; outstanding 13,702,593			135,193			135,829			135,482			135,515			135,171
shares 9/30/24 and 13,664,641 shares 12/31/23
Treasury stock – 861,832 shares 9/30/24 and 899,784 shares 12/31/23			(10,904	)		(11,006	)		(10,851	)		(11,040	)		(11,008	)
Retained earnings			230,465			226,430			223,648			221,080			218,510
Accumulated other comprehensive loss			(19,374	)		(28,589	)		(30,589	)		(29,012	)		(39,489	)
	Total stockholders’ equity		335,380			322,664			317,690			316,543			303,184

Total Liabilities and Stockholders’ Equity		$	3,389,185		$	3,322,633		$	3,287,554		$	3,283,229		$	3,234,680

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES SELECT FINANCIAL DATA

	For the Three Months Ended															For the Nine Months Ended
Selected financial data	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023			September 30, 2024			September 30, 2023
Return on average assets		0.78	%		0.69	%		0.66	%		0.67	%		0.59	%		0.71	%		0.73	%
Return on average equity		7.93	%		7.13	%		6.76	%		7.27	%		6.26	%		7.28	%		7.52	%
Yield on earning assets		5.27	%		5.22	%		5.00	%		4.93	%		4.79	%		5.17	%		4.57	%
Cost of interest bearing liabilities		3.21	%		3.18	%		3.06	%		3.02	%		2.82	%		3.16	%		2.35	%
Net interest spread		2.06	%		2.04	%		1.94	%		1.91	%		1.97	%		2.01	%		2.22	%
Net interest margin		2.71	%		2.71	%		2.60	%		2.57	%		2.59	%		2.68	%		2.77	%
Efficiency		67.98	%		69.03	%		74.08	%		69.23	%		73.07	%		70.36	%		68.24	%
Dividend payout ratio		45.99	%		52.35	%		55.52	%		54.23	%		60.07	%		50.99	%		49.50	%
Tangible book value per share	$	17.72		$	16.79		$	16.39		$	16.29		$	15.28
Tier 1 leverage ratio		8.04	%		8.02	%		8.40	%		8.20	%		8.02	%
Average shares outstanding		13,687,119			13,681,501			13,671,166			13,665,773			13,650,823			13,679,955			13,633,101

Loans	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
(Dollar amounts in thousands)
Commercial real estate	$	1,301,160		$	1,303,598		$	1,304,400		$	1,337,766		$	1,304,118
Agricultural real estate		220,328			222,558			227,455			223,791			225,672
Consumer real estate		524,055			525,902			525,178			521,895			512,973
Commercial and industrial		260,732			268,426			256,051			254,935			250,891
Agricultural		137,252			142,909			127,670			132,560			123,735
Consumer		67,394			70,918			74,819			79,591			83,024
Other		25,916			26,449			26,776			30,136			31,083
Less: Net deferred loan fees, costs and other ⁽¹⁾		1,499			(1,022	)		(982	)		517			(1,890	)
Total loans, net	$	2,538,336		$	2,559,738		$	2,541,367		$	2,581,191		$	2,529,606


Asset quality data	September 30, 2024			June 30, 2024			March 31, 2024			December 31, 2023			September 30, 2023
(Dollar amounts in thousands)
Nonaccrual loans	$	2,898		$	2,487		$	19,391		$	22,353		$	22,447
90 day past due and accruing	$	–		$	–		$	–		$	–		$	–
Nonperforming loans	$	2,898		$	2,487		$	19,391		$	22,353		$	22,447
Other real estate owned	$	–		$	–		$	–		$	–		$	–
Nonperforming assets	$	2,898		$	2,487		$	19,391		$	22,353		$	22,447


Allowance for credit losses	$	25,484		$	25,270		$	24,680		$	25,024		$	25,277
Allowance for unfunded		1,661			1,928			1,946			2,212			2,023
Total Allowance for Credit Losses	$	27,145		$	27,198		$	26,626		$	27,236		$	27,300
Allowance for credit losses/total loans		1.01	%		0.99	%		0.97	%		0.97	%		1.00	%
Adjusted credit losses with accretable yield/total loans		1.10	%		1.10	%		1.11	%		1.13	%		1.18	%
Net charge-offs:
Quarter-to-date	$	68		$	15		$	55		$	531		$	93
Year-to-date	$	138		$	70		$	55		$	551		$	20
Net charge-offs to average loans
Quarter-to-date		0.00	%		0.00	%		0.00	%		0.02	%		0.00	%
Year-to-date		0.01	%		0.00	%		0.00	%		0.02	%		0.00	%
Nonperforming loans/total loans		0.11	%		0.10	%		0.76	%		0.87	%		0.89	%
Allowance for credit losses/nonperforming loans		879.37	%		1016.08	%		127.28	%		111.95	%		112.61	%
NPA coverage ratio		879.37	%		1016.08	%		127.28	%		111.95	%		112.61	%

⁽¹⁾ Includes carrying value adjustments of $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, $969 thousand as of March 31, 2024 and $2.7 million as of December 31, 2023 related to interest rate swaps associated with fixed rate loans


FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages)

	For the Three Months Ended						For the Three Months Ended
	September 30, 2024						September 30, 2023
Interest Earning Assets:	Average Balance		Interest/Dividends		Annualized Yield/Rate		Average Balance		Interest/Dividends		Annualized Yield/Rate
Loans	$	2,551,899	$	36,873	5.78	%	$	2,536,885	$	33,783	5.33	%
Taxable investment securities		415,943		2,107	2.03	%		393,910		1,559	1.58	%
Tax-exempt investment securities		19,661		81	2.09	%		23,986		84	1.77	%
Fed funds sold & other		197,258		2,840	5.76	%		85,515		933	4.36	%
Total Interest Earning Assets		3,184,761	$	41,901	5.27	%		3,040,296	$	36,359	4.79	%

Nonearning Assets		168,055						180,193

Total Assets	$	3,352,816					$	3,220,489

Interest Bearing Liabilities:
Savings deposits	$	1,538,387	$	10,691	2.78	%	$	1,367,168	$	7,673	2.24	%
Other time deposits		667,224		6,256	3.75	%		667,880		5,650	3.38	%
Other borrowed money		264,539		2,804	4.24	%		266,467		2,741	4.11	%
Fed funds purchased & securities sold under agreement to repurchase		27,481		277	4.03	%		34,128		349	4.09	%
Subordinated notes		34,769		284	3.27	%		34,654		284	3.28	%
Total Interest Bearing Liabilities	$	2,532,400	$	20,312	3.21	%	$	2,370,297	$	16,697	2.82	%

Noninterest Bearing Liabilities		491,851						544,801

Stockholders’ Equity	$	328,565					$	305,391

Net Interest Income and Interest Rate Spread			$	21,589	2.06	%			$	19,662	1.97	%

Net Interest Margin					2.71	%					2.59	%

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts


	For the Nine Months Ended						For the Nine Months Ended
	September 30, 2024						September 30, 2023
Interest Earning Assets:	Average Balance		Interest/Dividends		Annualized Yield/Rate		Average Balance		Interest/Dividends		Annualized Yield/Rate
Loans	$	2,561,774	$	108,666	5.66	%	$	2,470,770	$	94,851	5.12	%
Taxable investment securities		397,466		5,575	1.87	%		396,917		4,544	1.53	%
Tax-exempt investment securities		20,684		249	2.03	%		24,865		277	1.88	%
Fed funds sold & other		165,227		7,231	5.84	%		67,869		1,866	3.67	%
Total Interest Earning Assets		3,145,151	$	121,721	5.17	%		2,960,421	$	101,538	4.57	%

Nonearning Assets		161,113						176,568

Total Assets	$	3,306,264					$	3,136,989

Interest Bearing Liabilities:
Savings deposits	$	1,487,809	$	30,291	2.71	%	$	1,373,110	$	18,854	1.83	%
Other time deposits		662,129		18,423	3.71	%		620,071		13,054	2.81	%
Other borrowed money		264,310		8,235	4.15	%		204,927		6,134	3.99	%
Fed funds purchased & securities sold under agreement to repurchase		27,887		837	4.00	%		37,649		1,181	4.18	%
Subordinated notes		34,741		853	3.27	%		34,625		853	3.28	%
Total Interest Bearing Liabilities	$	2,476,876	$	58,639	3.16	%	$	2,270,382	$	40,076	2.35	%

Noninterest Bearing Liabilities		507,843						561,001

Stockholders’ Equity	$	321,545					$	305,606

Net Interest Income and Interest Rate Spread			$	63,082	2.01	%			$	61,462	2.22	%

Net Interest Margin					2.68	%					2.77	%

Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts

FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES (in thousands of dollars, except percentages)

	For the Three Months Ended September 30, 2024													For the Three Months Ended September 30, 2023
	As Reported				Excluding Acc/Amort				Difference					As Reported				Excluding Acc/Amort				Difference
	$		Yield		$		Yield		$			Yield		$		Yield		$		Yield		$			Yield
Interest Earning Assets:
Loans	$	36,873	5.78	%	$	36,149	5.67	%	$	724		0.11	%	$	33,783	5.33	%	$	32,631	5.15	%	$	1,152		0.18	%
Taxable investment securities		2,107	2.03	%		2,107	2.03	%		–		0.00	%		1,559	1.58	%		1,559	1.58	%		–		0.00	%
Tax-exempt investment securities		81	2.09	%		81	2.09	%		–		0.00	%		84	1.77	%		84	1.77	%		–		0.00	%
Fed funds sold & other		2,840	5.76	%		2,840	5.76	%		–		0.00	%		933	4.36	%		933	4.36	%		–		0.00	%
Total Interest Earning Assets		41,901	5.27	%		41,177	5.17	%		724		0.10	%		36,359	4.79	%		35,207	4.64	%		1,152		0.15	%

Interest Bearing Liabilities:
Savings deposits	$	10,691	2.78	%	$	10,691	2.78	%	$	–		0.00	%	$	7,673	2.24	%	$	7,673	2.24	%	$	–		0.00	%
Other time deposits		6,256	3.75	%		6,256	3.75	%		–		0.00	%		5,650	3.38	%		5,500	3.29	%		150		0.09	%
Other borrowed money		2,804	4.24	%		2,800	4.23	%		4		0.01	%		2,741	4.11	%		2,759	4.14	%		(18	)	-0.03	%
Federal funds purchased and securities sold under agreement to repurchase		277	4.03	%		277	4.03	%		–		0.00	%		349	4.09	%		349	4.09	%		–		0.00	%
Subordinated notes		284	3.27	%		284	3.27	%		–		0.00	%		284	3.28	%		284	3.28	%		–		0.00	%
Total Interest Bearing Liabilities		20,312	3.21	%		20,308	3.21	%		4		0.00	%		16,697	2.82	%		16,565	2.80	%		132		0.02	%

Interest/Dividend income/yield		41,901	5.27	%		41,177	5.17	%		724		0.10	%		36,359	4.79	%		35,207	4.64	%		1,152		0.15	%
Interest Expense / yield		20,312	3.21	%		20,308	3.21	%		4		0.00	%		16,697	2.82	%		16,565	2.80	%		132		0.02	%
Net Interest Spread		21,589	2.06	%		20,869	1.96	%		720		0.10	%		19,662	1.97	%		18,642	1.84	%		1,020		0.13	%
Net Interest Margin			2.71	%			2.62	%				0.09	%			2.59	%			2.46	%				0.13	%


	For the Nine Months Ended September 30, 2024													For the Nine Months Ended September 30, 2023
	As Reported				Excluding Acc/Amort				Difference					As Reported				Excluding Acc/Amort				Difference
	$		Yield		$		Yield		$			Yield		$		Yield		$		Yield		$			Yield
Interest Earning Assets:
Loans	$	108,666	5.66	%	$	106,588	5.55	%	$	2,078		0.11	%	$	94,851	5.12	%	$	92,364	4.99	%	$	2,487		0.13	%
Taxable investment securities		5,575	1.87	%		5,575	1.87	%		–		0.00	%		4,544	1.53	%		4,544	1.53	%		–		0.00	%
Tax-exempt investment securities		249	2.03	%		249	2.03	%		–		0.00	%		277	1.88	%		277	1.88	%		–		0.00	%
Fed funds sold & other		7,231	5.84	%		7,231	5.84	%		–		0.00	%		1,866	3.67	%		1,866	3.67	%		–		0.00	%
Total Interest Earning Assets		121,721	5.17	%		119,643	5.08	%		2,078		0.09	%		101,538	4.57	%		99,051	4.47	%		2,487		0.10	%

Interest Bearing Liabilities:
Savings deposits	$	30,291	2.71	%	$	30,291	2.71	%	$	–		0.00	%	$	18,854	1.83	%	$	18,854	1.83	%	$	–		0.00	%
Other time deposits		18,423	3.71	%		18,423	3.71	%		–		0.00	%		13,054	2.81	%		13,458	2.89	%		(404	)	-0.08	%
Other borrowed money		8,235	4.15	%		8,254	4.16	%		(19	)	-0.01	%		6,134	3.99	%		6,187	4.03	%		(53	)	-0.04	%
Federal funds purchased and securities sold under agreement to repurchase		837	4.00	%		837	4.00	%		–		0.00	%		1,181	4.18	%		1,181	4.18	%		–		0.00	%
Subordinated notes		853	3.27	%		853	3.27	%		–		0.00	%		853	3.28	%		853	3.28	%		–		0.00	%
Total Interest Bearing Liabilities		58,639	3.16	%		58,658	3.16	%		(19	)	0.00	%		40,076	2.35	%		40,533	2.38	%		(457	)	-0.03	%

Interest/Dividend income/yield		121,721	5.17	%		119,643	5.08	%		2,078		0.09	%		101,538	4.57	%		99,051	4.47	%		2,487		0.10	%
Interest Expense / yield		58,639	3.16	%		58,658	3.16	%		(19	)	0.00	%		40,076	2.35	%		40,533	2.38	%		(457	)	-0.03	%
Net Interest Spread		63,082	2.01	%		60,985	1.92	%		2,097		0.09	%		61,462	2.22	%		58,518	2.09	%		2,944		0.13	%
Net Interest Margin			2.68	%			2.59	%				0.09	%			2.77	%			2.64	%				0.13	%

Company Contact:	Investor and Media Contact:
Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

The MIL Network –

January 25, 2025

MIL-OSI Australia: Upgraded Woden library to reopen 18 November
Source: Government of Australia Capital Territory

On 13 September 2024, the ACT Government assumed a caretaker role, with an election to be held 19 October 2024. Information on this website will be published in accordance with the Guidance on Caretaker Conventions until after the election and conclusion of the caretaker period.
Released 31/10/2024

Woden library will reopen at 10am on Monday 18 November 2024 following upgrade works.

The library was temporarily closed in May 2024 due to the significance of the upgrade works. The range of upgrades included:
- replacing the heating and air conditioning system
- renovating the ground floor bathroom
- new LED lighting
- roof repairs and other improvements.
We thank the community for their patience as these important works were completed.

A pop-up library at 26 Corinna Street in Phillip has been open during the closure.

The reading room, public PCs, children’s room and community rooms at the pop-up library will be closed from 5.30pm on Wednesday 13 November 2024. The pop-up library will remain open on Thursday 14 and Friday 15 November 2024, between 10am and 5.30pm, to allow community members to return items and collect reservations. The pop-up library will permanently close at 5.30pm on Friday 15 November 2024.

On Saturday 16 and Sunday 17 November 2024 reservations ready for collection will be held and will be available at the Woden library for collection from Monday 18 November 2024. During this time, we encourage you to access the digital resources available with your Libraries ACT membership.

The return chute at Woden library will be open and you can return items 24/7. You can now also make bookings for community room hire at Woden library, including for the HIVE, from Monday 18 November 2024.

A range of events and activities are scheduled at the Woden library when it reopens. These include drag story time, giggly wiggly balloon story time with Chloe Lim and an ACT Book of the Year author talk panel. For more information on the reopening and the events planned visit the Libraries ACT website at www.library.act.gov.au.

– Statement ends –

ACT Transport Canberra and City Services Directorate | Media Releases

Media Contacts

«ACT Government Media Releases | «Directorate Media Releases
MIL OSI News –
January 25, 2025
MIL-OSI USA: Suzy DiMont Works at the Intersection of Research and Action

Source: US National Renewable Energy Laboratory

Distinguished Member of Operations Staff Is Busy Making the World a Better Place

Suzy DiMont is a force to be reckoned with.

Suzy DiMont. Photo by Werner Slocum, NREL

Since she was hired at the National Renewable Energy Laboratory (NREL) in 2014, the Energy and Sustainability manager has evolved from an intern to a program manager and integral member of the Women’s Network Employee Resource Group (ERG). On the Intelligent Campus team, she is involved with all things sustainability, including the annual commuter survey, Site Sustainability Plan, and climate resilience planning and was also a key contributor to the NREL Smart Labs initiative, which NREL uses to meet sustainability goals.

DiMont is actively engaged in her community and is always looking for ways to give back. Annually, she participates in the Bike MS NREL team ride to raise funds for multiple sclerosis (MS) research. As a member of the Women’s Network, she regularly mentors NREL peers and helps enable pathways for the professional advancement of women.

Earlier this year, DiMont was named a Distinguished Member of Operations Staff for her “dedication to advancing NREL’s mission and making meaningful strides toward a sustainable and clean energy future.” As a member of the Intelligent Campus Program, she is the primary point of contact with the U.S. Department of Energy’s Golden Field Office and manages NREL’s electric vehicle supply equipment rollout and cost recovery program and NREL’s energy and water utility billing.

When asked if she ever gets time to rest amid numerous projects, leadership roles, and community engagement activities, DiMont responded, “I do rest, I do rest. Well, I have a toddler now, so I don’t rest.”

Then, always finding a way to make others shine, DiMont said, “It’s not just me doing it. I couldn’t do it by myself. I work with a lot of really great people all over the lab.”

During her decade at the laboratory, DiMont has collaborated with diverse groups across NREL and is constantly getting involved with new projects related to sustainability. Although this line of work may seem custom fit, her path from student to educator to engineer to Sustainability manager was far from linear.

Suzy DiMont, husband Neil, and Kosol Kiatreungwattana on their first Bike MS Ride. Photo by Suzy DiMont, NREL

A Lifelong Love for Learning

As a child, DiMont did not long to settle into a perfect career. Instead, her innate curiosity sparked a desire to learn and participate in as many activities as possible.

“I don’t know if I ever really had a dream that I wanted to work,” DiMont said. “I always had a dream that I wanted to learn. I really liked school, I liked all topics, I liked everything. Math, reading, art, history, science—I wanted to do all of it.”

DiMont’s desire to be a well-rounded learner drew her to a liberal arts education at Hamilton College in New York.

At Hamilton, she explored a variety of majors—psychology, art, French, and archeology—before landing on anthropology and mathematics.

Her first job after college was teaching math at the Solebury Boarding School in Pennsylvania. The role was intimidating because, although DiMont was a lifelong learner, she had no practice developing formal lesson plans for grade schoolers. She learned how to write tests that were appropriately challenging for students and experienced the joys of being a dorm mom for the girls on campus. DiMont also realized teaching was not her calling.

After leaving Solebury, DiMont joined AmeriCorps, an independent U.S. government agency focused on service and volunteerism, and began working for the “I Have a Dream” Foundation. DiMont worked with students at under-resourced schools on dropout prevention and helped the students, known as “dreamers,” realize their aspirations and connected them with support.

One of DiMont’s former dreamers, Anakary Valenzuela, is now a business support administrative associate for NREL’s Mechanical and Thermal Engineering Sciences (MTES) directorate. She remembers meeting DiMont as a sophomore at Centaurus High School in Lafayette, Colorado.

Valenzuela had been a dreamer since second grade and was all too familiar with the influx of AmeriCorps members who served for a year then moved onto the next opportunity. DiMont was different. She stayed with the program for three years—long enough to see the cohort of students graduate high school—and she took a genuine interest in the lives of students she mentored.

When Anakary Valenzuela was a student, the “I Have a Dream” Foundation hosted an event to celebrate high school graduation. Photo from Casie Zalud Photography

“She was the best AmeriCorp we ever had,” Valenzuela said. “I would go to her for advice. She would mentor me. [She was] my counselor, my friend. She would always stay extra hours to talk to us if it had to do with homework or college prep or advising us on what type of college we should go to or major [we should declare]. And then she would drive us home.”

Their friendship extended well beyond Valenzuela’s high school graduation as DiMont informally mentored Valenzuela throughout college and encouraged her to apply at NREL. After Valenzuela was hired, DiMont encouraged her to get involved with the Women’s Network and Hispanic and Latinx Alliance and invited her to ERG meetings and dinners to make friends and build her network.

“She inspires me to do more. I feel like I am part of her family,” Valenzuela said. “I can always count on her, she’s always been there. I don’t know how she does everything, but I’m so grateful that we crossed paths in this lifetime.”

From Educator to Engineer

During her three years with AmeriCorps, DiMont realized she could pursue her dual loves for mathematics and community engagement with a career in engineering. Working with low-income students exposed disparities in the lack of access to civil infrastructure. She saw engineering as a way to make infrastructure and transportation equitable for all.

DiMont enrolled in the Engineering and Developing Communities graduate program at the University of Colorado (CU) Boulder. DiMont got involved in the Renewable and Sustainable Energy Institute, known as the RASEI program, now a joint program between NREL and CU Boulder.

The university was DiMont’s introduction to NREL, via one of the laboratory’s vocal supporters: former NREL research technician Marc Landry.

“What an incredible human,” DiMont said. “He would not stop talking about NREL and what a wonderful place it was … an unbelievable mind.”

During one of the first events DiMont attended as an intern in 2014, Xcel Energy awarded NREL the Self-Direct Achievement Award. Photo from Suzy DiMont, NREL

During graduate school, DiMont pondered a career in international development work. She and her then boyfriend, now husband, traveled to Bolivia with a South Dakota Engineers Without Borders program to participate in a water development project. Although the work was important, she felt it was better to stay in Boulder.

“To do international development work well, you have to be part of that community, and you have to invest in that community and spend time there and be there,” DiMont said. “You can’t just swoop in with technology. It’s not kind; it’s not effective.”

After hearing Landry sing NREL’s praises for so many years, DiMont decided to apply for a sustainability internship at NREL.

‘Sustainability Is a Marathon, not a Sprint’

As DiMont evolved from an intern into her current role, much of her work folded into the Intelligent Campus program, which leverages NREL campuses to advance research and achieve operational excellence by deploying cutting-edge control and analytics technology. Or in DiMont’s words, her job “sits at the intersection of research and making things happen.”

She focuses on creating programs and strategies to implement changes regarding energy efficiency, the kind of energy NREL uses, and getting to net zero. However, DiMont acknowledged that “sustainability is a marathon, not a sprint.” For NREL to achieve its sustainability goals, the right folks—including researchers, subject matter experts, communicators, and technicians—need to come together and stay excited about work ahead.

“A lot of what we do won’t have an impact for a while. That’s why it’s important to keep a generational lens,” DiMont said. “It’s not always easy, but having a great team makes it possible. They can commiserate with you, they support you, they back you up.”

The NREL Waste Reduction and Pollution Prevention Team was recognized for a DOE Sustainability Award in 2016. Right to left: Ali Mohagheghi, Kenneth Proc, Kevin Donovan, Ellen Fortier, Laura Justice, Nancy Stovall, Laurie Snyder, Suzy DiMont and Susan Chadwick. Photo by Dennis Schroeder, NREL

Making the World a Better Place for All

When it comes to making the world a better place, for DiMont, that starts with making NREL a better place. As an early member of the Women’s Network, Suzy advocates for diversity in STEM (science, technology, engineering, and mathematics). The Women’s Network is one of NREL’s 11 ERGs and provides a platform for promoting women in leadership and the workforce.

“I think the Women’s Network is so important, because there is still, especially in research in STEM, so much discrimination against women, people of color, women with intersectional identities, folks that are marginalized in some way,” DiMont said.

For many, the biggest hurdle is staying in a career field if you see few people who look like you or share your experiences.

“It’s a huge loss, because these are the fields where we need a diversity of thought, people that don’t see the world the same way, that think about problems differently, people that lead differently,” DiMont said. “You need that diversity in a field where you’re looking for innovation and new things. To reach everyone on the planet, you must have that diversity to be successful.”

During her tenure at NREL, DiMont has witnessed major changes in the ways NREL promotes diversity, equity, and inclusion and credits much of this change to NREL’s women in leadership, such as Bobi Garrett, NREL’s former chief operating officer, and Julie Baker, deputy laboratory director for Laboratory Operations.

Suzy DiMont and her child Sebastian. Photo from Suzy DiMont, NREL

“It’s incredible to be around these powerful women,” DiMont said. “It’s very inspiring.”

As a mother, DiMont wants to make the world a better place for her child. Living in a world impacted by climate change causes many to feel anxious and depressed about the future. For DiMont, knowing that humans caused climate change means humans are also part of the solution. She hopes to impart this optimism onto the next generation.

“I want my child to live in a world where he sees engineers and expects them to be women,” DiMont said. “I want him to feel like he has agency and can be part of these solutions.”

It is a lot of work and the job is not easy, but for DiMont, making the world better for the next generation is what it is all about.

“When do I rest?” DiMont asked. “I’ve got this time to do what I can do with it. I put in my energy when I can, then I unplug. I unplug and put my energy in other places. It’s just about being present for the things you are doing in that moment.”

Learn more about NREL’s commitments to sustainability and resilience.

MIL OSI USA News –

January 25, 2025
MIL-OSI USA: Enhancing the customer-centricity of GSA websites
Source: US Government research organizations

Designing an evaluation process

The public evaluates our mission and services primarily through online interactions. In 2021, GSA’s Service Design program in the Office of Customer Experience launched a strategy to enhance our customers’ digital experience. Building upon our case study on composite indicators, we asked ourselves: How do we define compliance? How do we measure it in a consistent way? This led us to a critical prompt: How do we get these wildly different websites to behave in ways customers expect, while aligning to federal policy and law?

Our objective was clear. We needed to design an evaluation process that captured qualitative and quantitative data to help us determine which websites needed improvement.

Over the next three years, we launched a series of digital analytics tools, successfully inventoried over 180 public-facing websites, and interviewed close to 90 website managers to gain a clear understanding of our agency’s digital portfolio. We also produced over 160 recommendations reports (one for each website we evaluated), to help each web team improve digital experience and increase compliance with federal web policies. We learned strategies to integrate both qualitative and quantitative data, ensuring our transformation process remains tightly aligned with our customers’ needs.

Customer-centricity, also known as the understanding of customer needs and expectations, became the central theme of our website evaluation project. Using a combination of quantitative and qualitative approaches, we created a holistic view of each website’s performance and compliance. Furthermore, our team designed the Enterprise Digital Experience Index to improve the customer-centricity of GSA’s websites, and ground our work in GSA strategic goals and federal web policy, including the requirements for delivering a digital-first public experience.

The index uses qualitative and quantitative measures to determine whether sites are well-managed, and meet customer needs and agency mission. Our team leveraged a series of free, accessible digital analytics tools to evaluate the quantitative side. We also met with every website team in GSA to gather qualitative customer-centricity data.

Whale Design/iStock via Getty Images

The qualitative component of the index uses human-centered design interviews that have been compiled into evaluation documents. These evaluations identify such things as opportunities for additional coaching, sites that are not properly resourced to meet customer needs, and candidates for website modernization or decommissioning. We assessed each web team’s ability to identify their primary audience, site purpose, whether they used repeatable customer feedback mechanisms, and whether they took action based on customer feedback. Additionally, we evaluated whether teams possessed the necessary skills to improve their websites, and whether they used robust methodologies (in addition to Digital Analytics Program data) to measure the impact of these improvements.

The quantitative component analyzed the website’s accessibility, performance and search engine optimization, user behavior, U.S. Web Design System (USWDS) usage, and presence of required links. We designed a Google Chrome extension for our agency, curated from free and accessible analytics tools such as:
- Site Scanner and custom crawlers: These tools help us evaluate compliance with agency-determined performance indicators, including the presence of certain USWDS components, and required links (FOIA, accessibility statement, privacy policy, etc.).
- Digital Analytics Program (DAP): Integrated with Google Analytics, DAP offers a broad view of how users interact with the website, identifying such things as the top referring and outbound sites, page load times, and bounce rates.
- Google Lighthouse: Assesses performance, search engine optimization, accessibility, and mobile optimization, and provides actionable insights to enhance site performance.
- Accessibility testing: GSA has acquired and adopted a standard accessibility testing tool to help our web teams assess conformance with Section 508 standards. We scan for accessibility issues, focusing on critical metrics such as keyboard accessibility and alt text for images.
Tightening up digital experience

Sharing the data generated by these tools, along with appropriate context to help our teams understand the meaning of the data, led to significant improvements in website management and user experience.

In the first year of the project, we implemented a digital registry that streamlined the data collection process. Within one month, 100% of our teams had participated and registered their sites — a stark improvement from the previous year’s 70% input rate.

In the second year, we identified a responsible manager for 100% of our websites and partnered with GSA’s Office of Human Resources to develop a 3-part training series to orient people to the expectations and requirements of this role. This effort was based largely on what we learned through our qualitative analysis and has proven transformative for our agency. The management chain for each digital property is now visible at the enterprise level, and each website manager has a strong foundation in digital property management, in alignment with federal requirements and agency best practices. This project also inspired us to contribute to the design and launch of a new enterprise tool to display critical information about each GSA website, including linking each website to common service categories or themes. This helps our web teams gain a holistic perspective of their website and its role in the broader digital experience we offer GSA customers.

In year three, we piloted annual website self-assessments via our Digital Lifecycle Program which provides a framework for website management at GSA. This program provides implementation guidance to comply with over 100+ federal requirements and is a roadmap launching and managing websites, and assessing how we invest in our digital portfolio.

Over the course of this work, we discovered teams that hadn’t assessed the impact of their website on business operations and customer experience, and we identified several outdated products. These teams needed guidance on how to decommission websites that no longer served the public or supported agency mission. In 2024, we developed and published a decommissioning guide.

Through the Digital Lifecycle Program, our agency has reduced our digital portfolio by over 35%, resulting in huge cost savings for the agency, and a better digital experience for our customers. This demonstrates that our collaborative approach to advancing information technology strategies and continually improving our customers’ digital experience is working.

Embracing digital transformation

As GSA leadership continues to refine our agency vision for customer-centric digital service delivery, we can all demonstrate commitment through actions and resource allocation. Integrating both qualitative and quantitative data ensures our transformation process is tightly aligned with our customers’ needs, and positions GSA as a leader in customer centricity and digital excellence.

What can I do next?

Review an introduction to analytics to learn how metrics and data can improve understanding of how people use your website.

You can also join the Digital.gov Web Analytics Community of Practice to connect with government web practitioners who are working to share and make better, data-informed decisions using web analytics and other optimization strategies.

If you work at a U.S. federal government agency, and would like to learn more about this work, reach out to GSA’s Service Design team at customerexperience@gsa.gov.

Disclaimer: All references to specific brands, products, and/or companies are used only for illustrative purposes and do not imply endorsement by the U.S. federal government or any federal government agency.

MIL OSI USA News –
January 25, 2025

MIL-OSI USA: October 29th, 2024 N.M. Delegation Welcomes Over $4 Million From the Infrastructure Law to Enhance Safety, Reduce Delays at Railway Crossings, and Grow Local Economies in Clovis and San Juan County

US Senate News:

Source: United States Senator for New Mexico Martin Heinrich

ALBUQUERQUE, N.M. – U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representatives Teresa Leger Fernández (D-N.M.), Melanie Stansbury (D-N.M.), and Gabe Vasquez (D-N.M.) welcomed a combined $4,570,920 for two projects in New Mexico from the U.S. Department of Transportation to strengthen the nation’s supply chain, reduce costs, and grow New Mexico’s economy.

$4,000,000 will help San Juan County and the Navajo Nation complete the planning for a proposed freight rail line connecting Farmington and Gallup.

$570,920 will help the City of Clovis enhance safety and reduce traffic delays at two railway crossings.

“Thanks to our Infrastructure Law, we’re delivering the funds needed to kick-start planning for a freight rail line from Farmington to Gallup and improve railway crossings in Clovis. Combined, these investments will strengthen our nation’s supply chain, grow local economies, lower transportation costs, create high-quality jobs New Mexicans can build their families around, and improve safety for our communities,” said Heinrich. “I’m pleased to welcome these federal investments, and I remain committed to securing more investments to connect rural communities to the abundant opportunities ahead.”

“Across our state, New Mexicans rely daily on our railways for travel and to keep our economy running,” said Luján. “Thanks to the Bipartisan Infrastructure Law, this $4.5+ million in federal funding will deliver much-needed railway safety enhancements in Clovis and help construct a new rail line within the Navajo Nation to expand regional rail service in Northwestern New Mexico. I’m proud to welcome these two grants that will both boost railway service and drive economic development for Clovis, the Navajo Nation, and their surrounding communities. I will continue to fight to bring federal dollars home to New Mexico to improve the safety, efficiency, and reliability of passenger and freight rail.”

“Every time I go to the Four Corners, local leaders emphasize the importance of connecting the region with rail. The Four Corners area is a major economic center of our state, and the funding we’re announcing today is the beginning of our work to make sure our rail infrastructure is ready to meet that potential across San Juan and McKinley Counties,” said Leger Fernández. “I am happy that this funding also includes improvements to safety and efficiency of freight in Clovis. With the support of the CRISI program, we can begin the critical work needed to build stronger connections and drive growth in rural New Mexico.”

“I am thrilled about the recent allocation of two significant federal grants from the Federal Railroad Administration’s CRISI program, which will greatly enhance rail safety and connectivity in New Mexico,” said Stansbury. “These two grants reflect our commitment to investing in infrastructure prioritizing safety and economic growth. I am grateful for the support from the Federal Railroad Administration and look forward to seeing these projects come to fruition as we work together to build a safer New Mexico!”

“Federal investments like this bring vital safety and economic benefits to communities across New Mexico. With this funding, we’re improving railway safety, cutting down delays, and connecting New Mexicans to opportunities that drive economic growth and quality jobs,” said Vasquez. “Thanks to the Bipartisan Infrastructure Law, we are building a stronger, safer transportation network. I’m proud to welcome this funding to bring more jobs and opportunities to our rural communities.”

“The award of grant funding takes a prospective freight rail line study further than any study in the past and is further proof of the importance of collaboration between tribal, local, state, and federal partners to open doors to economic opportunities. We are appreciative of assistance from New Mexico’s federal delegation and excited for future economic growth opportunities in San Juan County and the Four Corners region,” said John T. Beckstead, San Juan County Commission Chairman.

“The Federal CRISI Grant brings San Juan County and the City of Farmington one step closer to having competitive transportation and economic development. This is an important step in growing our regional economy,” said Tim Gibbs, Four Corner Economic Development CEO.

The grants are awarded through the U.S. Department of Transportation Federal Railroad Administration’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which provides funding for projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail. The CRISI Program received significant, additional investments from the Infrastructure Law – legislation passed by Democrats in the N.M. Congressional Delegation.

The N.M. Delegation sent a letter of support to the U.S. Department of Transportation supporting the grant for San Juan County that is being announced today. This grant will prepare the Four Corners Rail Project for final design proposals and planning.

In May 2020, Heinrich and Luján wrote a letter of support for San Juan County’s application for a Better Utilizing Investments to Leverage Development (BUILD) Grant, which applicants of the CRISI Program are required to be approved for.

Members of the N.M. Delegation sent a letter of support to the U.S. Department of Transportation urging the support of the grant for the City of Clovis that is being announced today. This grant will enhance safety and reduce traffic delays at two railway crossings including modifications to the Norris Street railroad crossing and construction of a new grade-separated crossing at MLK Jr. Boulevard.

Below is a breakdown of the U.S. Department of Transportation Federal Railroad Administration funding:

Project Name	Recipient	Award Amount	Project Description
Clovis, N.M. Corridor Improvement Project	City of Clovis	$ 570,920	The proposed project was selected for Project Development and includes activities for one grade crossing separation and improvements to a second at-grade crossing along the BNSF Railway line in Clovis, New Mexico. The project aligns with the selection criteria by enhancing safety and improving system and service performance as the project will reduce blocked crossings. The City of Clovis and BNSF Railway will contribute the 53 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.
Four Corners Freight Rail Project	San Juan County	$ 4,000,000	The proposed project was selected for Project Development and includes activities to develop a new rail line to connect the Farmington, New Mexico Area to the BNSF Railway corridor near Gallup across San Juan County and McKinley County, New Mexico. The proposed project is a partnership between San Juan County, the Navajo Nation, and the New Mexico Department of Transportation, and most of the project is located within the Navajo Nation. The project aligns with the selection criteria by enhancing resilience and improving system and service performance as the project will provide a viable freight transportation modal alternative to highway trucking, opportunities to simplify the supply chain, and enable new, rail-dependent economic development opportunities thereby imparting benefits to the Navajo Nation and surrounding communities. San Juan County will contribute the 20 percent non-Federal match. This project qualifies for the statutory set-aside for projects in Rural Areas.

For more information from San Juan County on the proposed Four Corners Rail Project, please click here.

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: Minister Rishworth interviewed on Radio National Breakfast with Patricia Karvelas

Source: Ministers for Social Services

30 October 2024

E&OE TRANSCRIPT

Topics: COVID-19 pandemic; COVID inquiry report; Australian Centre for Disease Control; PLACE announcement; Qantas flight upgrades.

PATRICIA KARVELAS, HOST: What would you do if Australia faced another global pandemic and you were again asked to make big sacrifices in the name of public health? A major review of Australia’s handling of the COVID-19 pandemic has found many people will be less accommodating of those requests in the future, while warning another pandemic is likely to happen in our lifetimes. Now, the Government says a new disease control centre will help restore public trust. We’re going to be joined now by Amanda Rishworth, who is the Minister for Social Services. She’s going to talk to us about this and another scheme the Government’s announcing today. Welcome to the programme, Minister.

AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES: Great to be with you.

PATRICIA KARVELAS: The COVID inquiry found mistakes were made, but overall, Australia was one of the most successful countries in its pandemic response. Do you think history will give the Morrison Government more credit?

AMANDA RISHWORTH: Well, look, I think really what this review tried to do is identify what can we do better next time and what actually worked. And so the report’s been very useful in that. But what really, I think, came out of the report is we need to be better prepared in the future. I think that was one of the really key findings. How do we get in a position where we are better prepared to respond to something like that in the future? And I think in terms of key learnings of this report, I think that is one of the key learnings, that we need to be prepared for what may come next.

PATRICIA KARVELAS: You’ve promised to fund an Australian Centre for Disease Control, and you say it will restore public trust, but will that be enough?

AMANDA RISHWORTH: Well, look, the public trust issue is a very concerning element of this report. If you remember back to that time during COVID you know, people were very compliant. But I think one of the elements is that this Centre for Disease Control will be independent, but I think importantly, it will be much more responsive and transparent with the evidence. I think that is one of the things coming out of this report that really talked about how do we make sure that the health data, the evidence, that what we’re asking people to do is very much embedded in real-time evidence, is really critical. And I hope that as we build up this capability, this transparency, but also the real-time evidence, provides people with the reassurance that what we’re asking them to do actually is something that they should do, because it’s backed up by that real-time evidence.

PATRICIA KARVELAS: The coalition says this review didn’t look at the states and territories. They are right. And given they were the ones that imposed some of these restrictions, isn’t that a major flaw?

AMANDA RISHWORTH: This wasn’t wanting to go over the existing reviews that have been done in states and territories. I think from the Commonwealth’s perspective, this report was really about how do we prepare for a future pandemic. What are the lessons learned for the Commonwealth? It’s very important that the Commonwealth is better prepared and that came through clearly both in its economic response and its health response. So, I’m focused on, as is the Government, what can we do better next time? And this report has been really important in identifying what went right, but where we could have adjusted the settings as well.

PATRICIA KARVELAS: You’re the Minister for Social Services and that involves really many vulnerable communities. It was in fact vulnerable communities, particularly when I think about the NSW lockdowns, that were disproportionately affected. Was that wrong with the benefit of hindsight?

AMANDA RISHWORTH: Well, look, I don’t want to second guess, but the report did highlight the disproportionate impact [the lockdowns] had on some vulnerable communities. So, I think that is really important. And what the report said is we, obviously, had to have a strong response to understand what we were dealing with, but how do we transition really quickly and weigh up the health benefits and the non-health risks, which were things at both economic but also wellbeing risks. So, this report does talk about how we better transition in different phases, but it did highlight that as a result of perhaps not transitioning from the initial response to the suppression response, that some vulnerable communities were particularly targeted or not targeted – that’s probably not the right word – were particularly impacted as a result. And I think we have to be very much aware of that. The other element that really came out in the report is the impact on mental health and wellbeing. And I think that’s something we need to be very conscious of and work into the future on repairing.

PATRICIA KARVELAS: I want to move to what you’re launching today. You’re launching a new policy that brings philanthropic donors and the Government together to take on entrenched social issues. How will it work?

AMANDA RISHWORTH: Today is a really exciting day because we’re announcing a new organisation called PLACE, which will be a not-for-profit, independent national organisation that will work with communities about responding to the issues that they know are in their communities, but in a way that they would like to see responded. Now, this is different, because this isn’t the Government just giving a grant to an organisation to do this work. This is a true partnership where five philanthropic organisations are putting money on the table, with government, to create this organisation in true partnership, and it will work with local communities to get better outcomes and shift in some areas – which have been seeing entrenched disadvantage – to see things move. So, this is really exciting. There is really amazing work being done in communities when it comes to what we call place-based solutions. That’s where communities have a say and help design the solutions. And money isn’t top down, but it really is directed to where communities want. But it’s pretty sporadic, and a lot of communities don’t have the data they need, for example, this organisation will work with communities, so if they want to implement this type of response, they can.

PATRICIA KARVELAS: It’s not a lot of money. So, how would it work? How do you get the money to actually be meaningful in a community that’s identified as being high needs?

AMANDA RISHWORTH: Well, this money is not about funding the services and support. That money is often there being provided by philanthropy and being provided by Government, but it’s not being directed into the initiatives or into the areas that community want. So, what this organisation will do will work with communities and government and philanthropic organisations to get the money that’s often already in their community, working better in programs that align to what the community wants. So, this isn’t about funding programs, this is about doing the work, working on how to get the data, for example. A lot of communities have a gut feeling something’s working, but they can’t see the data. And where we’ve implemented this place-based response, we can see it really working. One example is the community in Burnie decided they wanted to focus on completion rates, year 12 completion rates and it has gone up since 2011 to 2020 by 86%. And so this organisation is about working with communities to help them build these responses and attract the investment and get the money working for their community.

PATRICIA KARVELAS: Before I let you go, there’s been a lot of talk about the Prime Minister in the wake of this book on Qantas and upgrades. There is a proposal from Peter Dutton that the Prime Minister should refer himself to the National Anti-Corruption Commission. Will he?

AMANDA RISHWORTH: Well, look, I think that instead of focusing on the Prime Minister and his family, the Opposition Leader needs to start explaining about his upgrades, about his use of Gina Reinhart’s private jet. I mean, the Prime Minister has been incredibly transparent about this. He has declared on the public record over and over again. But Peter Dutton seems to be absolutely focused on the politics of this and not on the substance.

PATRICIA KARVELAS: But you didn’t kind of go to my fundamental question, which is, do you think this should be looked at by the National Anti Corruption Commission? If there’s nothing to see, where’s the harm in him referring himself?

AMANDA RISHWORTH: Well, I think the Prime Minister, as with other members of Parliament, are required to be transparent through their declarations on their register of interest. And, you know, we’ve seen over the last couple of days many, many politicians from all sides having flight upgrades.

PATRICIA KARVELAS: Have you ever asked for one?

AMANDA RISHWORTH: To be honest, I’ve got a young family and I don’t travel into very many places, but I haven’t asked for one. But I think that there are many politicians that have had upgrades. And so there’s a register of public interest, so that it’s all transparent. And, you know, if Peter Dutton is saying there’s questions to be answered, he needs to answer the question, explain his use of Gina Rinehart’s private jet.

PATRICIA KARVELAS: It doesn’t have to be a competition between will you answer questions? Will you answer questions? Shouldn’t, you know, both sides just answer the questions? And there are some additional questions that the Prime Minister has not addressed about if he discussed upgraded flights directly with Alan Joyce when he was Transport Minister.

AMANDA RISHWORTH: Well, I think that there needs to be a consistent approach. The opposition is making this completely political. It’s a complete pile on the Prime Minister. Peter Dutton can’t explain his use of Gina Rinehart’s private jet. So, quite frankly, I think there’s a lot of politics here and a lot of hypocrisy from the opposition. I mean, we have Paul Fletcher, who’s declared sixty-nine upgrades. So, I think what I’m pointing out here is the hypocrisy of the opposition playing politics with this.

PATRICIA KARVELAS: Thank you so much for joining us, Minister.

AMANDA RISHWORTH: Thank you.

MIL OSI News –

January 25, 2025
MIL-OSI Australia: Minister Shorten doorstop interview at Salvation Army Project 614, Melbourne

Source: Ministers for Social Services

30 October 2024

E&OE transcript

JOURNALIST: Mr. Shorten, how important is this initiative between the Salvos and Diabetes Australia, and what impact do you think it will have?

BILL SHORTEN, MINISTER FOR THE NDIS AND GOVERNMENT SERVICESHORTEN: Diabetes is a giant problem for Aussies. 1.9 million of our fellow Australians have been diagnosed with diabetes. Someone’s going to get a diagnosis every five minutes in Australia. For diabetes, the burden of it falls particularly on First Nations people, and also people who live in insecure housing or are in fact homeless. So today, for the first time, we’ve partnered up Diabetes Australia with the Salvation Army, Project 614 in Bourke Street in Melbourne. And what we’re going to see is that at long last, people living at the margins of Australian society won’t be forgotten citizens when it comes to getting a diagnosis of diabetes and the treatment that’s required, because this is a preventable illness.

JOURNALIST: Were you quite shocked with some of the statistics you heard today about just how prevalent, even over the past ten weeks, how much they’ve found of it on the streets of Melbourne?

SHORTEN: Diabetes is one of the invisible killers of Australians but is preventable. Sometimes in life stuff happens you can’t stop. Diabetes can be treated. Now, at long last, courtesy of the Salvos, Diabetes Australia and a bit of help from a friendly federal government, we are going to see homeless people are get this sort of assistance which some Australians take for granted.

JOURNALIST: And would you like to see this expanded? Obviously, it’s for the Salvos at the moment, but would you like to see it expanded into other areas as well?

SHORTEN: There’s a big challenge in Australia and the way we deliver government and health services. Not everyone is a digital warrior who can go online. Not everyone is able to just pop down to the local health office or Services Australia office. Governments and health systems have got to go to where the people are. A lot of our people in Australia are not doing so well and so we have to go to the people. And today, I hope this is an example all over Australia, that where the government and health system goes to the people, we don’t wait for the people to come to us.

JOURNALIST: Okay. On the Anti-Corruption Commission now looking, reviewing its decision about not investigating Robodebt. Do you welcome that?

SHORTEN: Labor set up the National Anti-Corruption Commission. It was long overdue to be set up. The organisation is completely independent of government. The Inspector General has made a recommendation that the decision by the National Anti-Corruption Commission not to take proceedings further, be reviewed. So now the decision will be reconsidered, whether or not people referred to the National Anti-Corruption Commission should in fact be investigated again.

JOURNALIST: Do you welcome that decision? I mean, you campaigned long and hard, didn’t you?

SHORTEN: The decision of the Anti-Corruption Commission today by the Inspector General to review an earlier decision not to proceed with matters against people involved in the Robodebt scandal that is up to the independent body. For me, it’s all about justice for the victims of Robodebt. We can’t invent a time – we haven’t invented a time machine to take us back before Robodebt happened. That would be the best outcome. The class action, the Royal Commission, internal public sector, that’s all been putting pressure on the authors of Robodebt. I still am very keen to see the sealed section, listing some of the people that the Royal Commission identify released that’s still under consideration.

JOURNALIST: Okay. Now on the Prime Minister, do you concede, given its cost of living, do you concede it is a bad look what he did?

SHORTEN: Prime Minister has done everything within the rules that exist. He has diligently for two decades declared any particular benefits which he’s received. He’s adhered to the rules. That’s where I think the matter is at.

JOURNALIST: But do you concede, though, it’s a bad look given there is a cost-of-living crisis. So many Australians, so many Australians are struggling, and yet you have a transport minister ringing up the CEO of Qantas saying give me the upgrades?

SHORTEN: Well, first of all, the Prime Minister has explained exactly what’s happened, and these matters go back in some cases up to 20 years ago. Labor is focused on cost of living. If we want to fix cost of living, it’s not whether or not a politician catches a plane. It’s how do we help them with tax cuts? Tick, we’ve done that. How do we help them with their energy bills? Tick, we’re doing that. Cost of living is a major pressure on Australians. We’ve got more to do, and this government and the Prime Minister and everyone else has been focused on tax cuts, energy relief, more Medicare support, more bulk billing. I mean, times are really tough. And that’s where our focus is not on a particular news story.

JOURNALIST: So, this is a, this is a big distraction though isn’t it, when this is happening?

SHORTEN: Oh, I’m not distracted. I’m focused on making sure the crooks in the NDIS are caught, making sure that people are getting value for money who are disabled. I certainly am focused on making sure that people at the margins of our society are accessing healthcare. No, I think we’re focused.

JOURNALIST: Claire O’Neill says it’s all a beat up. Do you agree with her?

SHORTEN: Well, I’m just focused on my day job and that’s what I know the Government is. Our day job is to make sure, in the example of health services, that people, regardless of how much money they’ve got in the bank, can get to see their doctor or get the medical support they require. I’m focused on making sure that people have, the hard-working people who earn, you know, as cleaners or workers, aged care workers, disability, that they’re getting pay rises along with our nurses. So, my eye is on the ball, the government’s eye is on the ball. It’s about helping people get through this very difficult time of cost, living pressure and high interest rates.

JOURNALIST: Mr. Dutton says he wants to refer this matter to the Anti-Corruption Commission. What’s your reaction?

SHORTEN: I wish Mr. Dutton was focused on the cost-of-living issues of everyday Australians. I mean, he’s not shy about catching a plane with billionaire mining magnate Gina Rinehart. I don’t think he’s proposing to refer himself. So, I think that what Australians want is for the politicians to stop bickering amongst themselves and get on with looking after the everyday people. That’s what we’re doing today.

JOURNALIST: We’ve just got a couple of questions from SBS just back on the NACC. Has the NACC failed at the very first hurdle?

SHORTEN: Oh, the NACC is independent of Government. The National Anti-Corruption Commission is independent of Government. I think the smartest thing that a parliamentarian can do is not comment adversely about the operations of the National Anti-Corruption Commission. They’ve got to do their job. The very fact that we’ve established one is something which was long overdue. The Liberals never did that. The very fact that in the system that we set up, that there’s an inspector general who can review decisions and then send them back if he didn’t agree, shows the system is actually working.

JOURNALIST: Should Commissioner Brereton keep his job?

SHORTEN: Oh, absolutely not the province of a politician to start picking and choosing, you know, saying he should go, he should stay. The NACC is doing its job. The system is actually worked in that the Inspector General has said, hey, you need to go back and redo this decision for various reasons. Have relook at it. That’s actually the system working. For Robodebt victims, it should never have happened. I mean, illegal and immoral scheme. I’ve helped run the class action we helped do the parliamentary or the Royal Commission. We’re making sure that never again can our poor people be welfare shamed and treated as second class citizens by a government. That’s where my focus is. I wish it had never happened. I’m sorry that they were let down by the government, and we’re making sure that just because you’re disadvantaged or down on your luck doesn’t mean you get treated like a second class Australian.

JOURNALIST: Should the independent statutory review of the NACC be brought forward?

SHORTEN: That’s a matter for other Ministers. I’m interested in how someone can get an analysis for diabetes and get treated. The review of whatever to do with the NACC. I’ll leave to other people. My eye is on the ball. Thank you.

MIL OSI News –

January 25, 2025

MIL-OSI: Amundi: Third quarter and nine-month 2024 results

Source: GlobeNewswire (MIL-OSI)

Amundi: Third quarter and nine-month 2024 results

Net income¹^,²up +16% Q3/Q3 and record assets under management at €2.2 trillion

Strong growth in earnings and revenues		Q3 – adjusted net income¹^,² at €337m, fast-growing: +16.1% Q3/Q3 Thanks to revenue growth (+10.5%) and positive jaws effect Q3/Q3 cost/income ratio improvement at 52.9%³ 9 months – adjusted net income¹^,² at €1,005m, up +10.4% 9M/9M Earnings per share²: €1.65 for Q3, €4.91 for 9M

Record AuM & dynamic MLT inflows⁵		Record assets under management³: €2,192bn at 30 September 2024, up +11% year-on-year Q3 net inflows³ of +€2.9bn, or +€14.5bn excluding the exit from a large, low-income institutional mandate⁴ +€9.1bn in MLT assets⁴^,⁵^,⁶ Solid commercial momentum of Asian JVs: +€5.3bn

Continued strategic progress		ETFs⁶: +€8bn in Q3 net inflows, now more than €250bn in assets under management Third-party distribution: +€7bn Q3 net inflows, with contribution from all regions and asset classes Asia: +€7bn in Q3 net inflows, from JVs and direct distribution in Japan, Singapore, Hong Kong, Taiwan and China Technology: revenues +42% Q3/Q3 Victory Capital: approval⁷ of the partnership with Amundi secured at EGM, transaction expected to close in Q1 2025

Paris, 30 October 2024

Amundi’s Board of Directors met on 29 October 2024 under the chairmanship of Philippe Brassac, and reviewed the financial statements for the third quarter and the first 9 months of 2024.

Valérie Baudson, Chief Executive Officer, said:
« Amundi’s results in the third quarter of 2024 demonstrate our ongoing strategic progress and continued growth potential. Our Q3 net profit¹^,²of €337m, increased by +16% compared to the same period in 2023 and exceeded one billion euros over 9 months. Assets under management reached a record level of €2.2 trillion.

We have been able to support our clients whatever their profile and needs, which has resulted in a high level of net inflows in our strategic development areas, namely Asia, Third-Party Distributors, and ETFs.

By putting clients at the heart of our strategy and by continuing to develop the areas of expertise that primarily seek to meet their needs, we are ideally positioned to seize growth opportunities in the savings industry. »

* * * * *

Further progress in achieving our 2025 Ambitions plan

Q3 2024 saw key areas of focus under the “2025 Strategic Ambitions” plan contribute to activity and earnings growth.

ETFs exceeded €250bn in assets under management at the end of September, up +31% year-on-year, thanks in particular to very dynamic net inflows reaching +€17bn over 9 months, including +€8bn in Q3. This places Amundi in second place in the European market in terms of net inflows this quarter⁸. these inflows are well diversified across equity and fixed income products, with a high share of products classified as responsible investment⁹ in net inflows (+€3bn, or 34% market share in flows in this market segment). Amundi has had many commercial successes this quarter: for example, the Amundi ETF Stoxx Europe 600 is the best-selling (+€0.85bn) European equity ETFs in Q3, the Amundi ETF Euro Government Tilted Green Bond, launched last year, saw its assets under management exceed €3bn after gathering +€1.1bn since the beginning of the year, and the Amundi ETF Prime ACWI exceeded €1bn in assets under management 8 months after its launch.
Third-Party Distribution reached €377bn in assets under management at the end of September, up +24% year-on-year, with net inflows +€19bn for 9 months 2024, and +€7bn in Q3, thanks to contributions from all regions and asset classes, from ETFs, treasury products and active management;
Asia assets under management increased by +17% year-on-year to €458bn; net inflows for 9 months 2024 stood at +€30bn with a significant contribution from Amundi’s Indian JV SBI MF, which now has €278bn in assets, up +19% year-on-year (+€18bn in net inflows); €103bn of total Asian assets under management come from direct distribution excluding JVs (+20% year-on-year), with net inflows for 9 months 2024 standing at +€3bn in Japan, +€2.4bn Singapore, +€1.4bn Hong Kong and also +€1.7bn in China outside the two JVs, mainly with institutional clients;
The Technology & Services offering is also experiencing strong growth, with technology revenues of €54m over 9 months, up +28% compared to the same period in 2023, and even +42% Q3/Q3; the Fund Channel fund distribution platform exceeded €490bn in assets at the end of September 2024; during the quarter it signed a distribution agreement with ING Germany and integrated the fintech AirFund into its ecosystem to digitise access to private markets; Fund Channel was also ranked “Best Distribution Platform” for the third consecutive year by the consulting and research firm Platforum;
In fixed income expertise, Amundi now manages €1,160bn in assets¹⁰ across a wide range of solutions, from treasury products to target maturity funds, offering attractive returns and capital protection; fixed income net inflows stood at +€46bn¹⁰ over 9 months and +€14bn¹⁰ in Q3 thanks to sustained activity in active bond strategies (+€11bn excluding JV) and ETFs (+€2.5bn);
The partnership project with Victory Capital reached an important milestone with shareholder approval of resolutions⁷ necessary to finalise the transactions, expected in Q1 2025. As a reminder, this partnership aims at creating a larger US investment platform, via the contribution of Amundi US to Victory Capital in return for Amundi taking a 26%-stake of the combined entity as well as 15-year distribution agreements, to serve the clients of both companies; Amundi would thus have a greater number of US and global management expertise to offer its clients. The transaction, which involves no disbursement of cash, is expected to bring a low single-digit accretion for Amundi shareholders, with an increase in the contribution of our US operations to the adjusted net income and EPS.

Activity

Market environment

In the third quarter of 2024, equity markets¹¹ increased by +1.1% in average compared to the previous quarter and by +15.6% compared to Q3 2023. The European bond markets¹² also rose, reflecting the shift in monetary policy and the ECB’s decision to cut rates. Year-on-year, our benchmark index¹² increased by +6.3% in Q3 2024 compared to Q3 2023 and by +2.1% compared to Q2 2024. The market effect is therefore positive on the evolution of Amundi’s revenues and net income.

When compared to the 2021 averages used as a reference for the 2025 Ambitions plan, the market effect is only slightly positive.

The European asset management market continues its gradual recovery. Open-ended fund volumes¹³, at +€213bn in the third quarter, continued to be driven by treasury products (+€93bn) and passive management (+€75bn). Nevertheless, the third quarter recorded positive flows in medium- to long-term active management for the second quarter in a row (+€45bn), driven by fixed income strategies (+€69bn).

High level of activity over the quarter in MLT assets⁵, assets under management at a record level of €2.2tn

Activity this quarter continues to be marked, like the rest of the European market, by risk aversion among retail clients. However, Amundi performed well, driven in particular by ETFs, bond solutions, third-party distributors and Asia. Excluding the exceptional exit from a low-income insurance mandate⁴, net inflows were positive in all major medium- to long-term areas of expertise (passive, active, structured products and real assets), in all client segments (Retail, Institutional and JV), and in all major markets (France, Italy, Germany, Asia and the United States).

Amundi’s assets under management at 30 September 2024 increased by +11.1% year-on-year (compared to the end of September 2023) and by +1.6% quarter-on-quarter (compared to the end of June 2024), to €2,192bn, an all-time high.

In the third quarter of 2024, the market and currency effect amounted to +€32.5bn (+€175.9bn over a year) and Amundi generated positive net inflows of +€2.9bn. As announced at the time of the second quarter results publication, this amount includes the exit of a low-income multi-asset mandate⁴ with a European insurer, of €11.6bn.

Adjusted for this exit⁴, net inflows for the quarter were +€14.4bn of which +€9.1bn in MLT Assets⁵. It was positive in active management (+€4.3bn) and ETFs (+€7.8bn), partially offset by outflows from index strategies. Structured products and real and alternative assets also recorded positive net inflows (+€0.8bn), while treasury products were flat (+€0.1bn).

Finally, the JVs¹⁴continued their solid commercial momentum, with net inflows of +€5.3bn, reflecting a positive contribution from India (SBI MF, +€6.0bn) and South Korea (NH-Amundi, +€0.4bn), partially offset this quarter by slight net outflows in China (ABC-CA) despite continued open-ended net inflows.

By Client Segment, Retail recorded net inflows of +€6.3bn, of which +€1.3bn in MLT assets⁵, with contrasting developments according to the sub-segments:

Third-Party Distributors had another very good quarter in terms of total net inflows (+€6.8bn); all regions contributed to these inflows, which were highly diversified across asset classes, with positive contributions from ETFs, treasury products but also active management (+€1.5bn);
Risk aversion has a larger impact on the activity of partner network clients in France (+€1.1bn) and outside France excluding Amundi BOC WM (-€0.9bn), despite the good performance of structured and treasury products as well as bond strategies; Sabadell’s network in Spain continues its sales momentum (+€0.4bn);
In China, Amundi BOC WM posted net outflows this quarter (-€0.7bn), as the maturities of fixed-term funds were not offset by open-ended fund subscriptions.

Excluding the loss of the low-income insurance mandate already mentioned⁴, the Institutional segment recorded very positive inflows in MLT Assets⁵(+€7.8bn), in all sub-segments: Institutional & Sovereigns with +€4.4bn, CA & SG insurance mandates with +€2.4bn thanks to the continued recovery of the traditional life insurance Euro contracts this quarter, Corporates and Employee Savings (+€1.0bn) thanks to net inflows in short-term bond products from corporates. Net outflows in Treasury Products (-€4.9bn) are to a large extent seasonal.

Results

Sustained growth in net income, +16% Q3/Q3 to €337m, and more than €1bn in the 9 months of 2024

Adjusted data²

In the third quarter of 2024, adjusted net income²reached €337m, up +16.1% compared to the third quarter of 2023. Since the second quarter, it includes Alpha Associates, whose acquisition was finalised in early April.

The growth in net income was mainly due to organic revenue growth, amplified by operating efficiency, which led to a positive jaws effect, and by the very strong momentum of Asian JVs. These results were achieved against the backdrop of continued client risk aversion, and inflation.

Adjusted net revenues² reached €862m, up +10.5% compared to the third quarter of 2023.

The sustained growth in net management fees, up +9.2% compared to the third quarter of 2023, to €805m, reflects the good level of activity and the increase in average assets under management excluding JVs (+8.6% over the same period);
Performance fees (€20m) doubled compared to the third quarter of 2023 (€10m), a low basis of comparison; however, they were down compared to the second quarter of 2024 (€50m) due to the lower level of crystallisation¹⁵ in the third quarter than in the second and fourth quarters, as it does every year; however, the performance of Amundi’s management is at a good level, with more than 71% of assets under management ranked in the first or second quartiles according to Morningstar¹⁶ over 1, 3 or 5 years and 257 Amundi funds rated 4 or 5 stars by Morningstar as of 30 September;
Amundi Technology’s revenues, at €20m, continued to grow steadily (+41.8% compared to the third quarter of 2023; +13.0% compared to the second quarter of 2024), confirming the development of this business;
Finally, the Financial and other income² amounted to €17m, down slightly compared to the third quarter of 2023 and previous quarters.

The increase in operating expenses², by +7.4% compared to the third quarter of 2023, to €456m, remains lower than the increase in revenues (+10.5%) over the same period, thus generating a positive jaws effect which reflects the Group’s operational efficiency.

The increase is mainly due to:

the first consolidation of Alpha Associates;
the provision for individual variable remuneration in line with the increase in results;
and finally the acceleration of investments in development initiatives according to the axes of the 2025 Ambitions Plan, particularly in technology.

The Cost income ratio improved to 52.9% in adjusted data² compared to the same quarter last year, and remains in line with the 2025 target and at the best level in the industry.

The Adjusted gross operating income²(EBIT) amounted to €406m, up +14.2% compared to the third quarter of 2023, reflecting double-digit revenue growth amplified by operational efficiency.

Income from equity-accounted companies, which reflects Amundi’s share of the net income of minority JVs in India (SBI MF), China (ABC-CA), South Korea (NH-Amundi) and Morocco (Wafa Gestion), was up +36.5% compared to the third quarter of 2023, to €33m, representing 10% of adjusted net income, reflecting the good level of activity in India and Korea.

Adjusted earnings per share²in the third quarter of 2024 reached €1.65, up +16.0%.

Accounting data in the third quarter of 2024

Accounting Net income Group share amounted to €320m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€24m before tax in the quarter including the corresponding new charges related to Alpha Associates, see details in p. 11), representing a total of -€17m after tax.

Accounting earnings per share in the third quarter of 2024 reached €1.56.

In the first 9 months of 2024, adjusted net income²amounted to €1,005m, up +10.4%, reflecting the same trends as in the third quarter:

Adjusted net revenues² grew by +7.3% compared to the first 9 months of 2023, to €2,573m, reflecting as in the quarter the sustained growth in management fees (+6.6%) and the strong increase in Amundi Technology’s revenues (€54m, +28.2%) and financial and other income² (€67m, +38.2%); performance fees, on the other hand, were down by -2.0% to €88m;
Adjusted operating expenses² are well controlled with an increase of +5.9% compared to the first 9 months of 2023, at €1,356m, resulting in a positive jaws effect;
Adjusted cost income ratio² stands at 52.7%.

Adjusted gross operating income² was €1,217m, up +8,9% compared to the first 9 months of 2023, showing a higher growth rate than revenue growth thanks to operating efficiency.

Income from equity-accounted companies increased by +28.6% compared to the first 9 months of 2023, to €94m.

Adjusted earnings per share²for the first 9 months of 2024 reached €4.91, up +10.1% compared to the first 9 months of 2023.

Accounting data for the first 9 months of 2024

Accounting Net income Group share amounted to €956m and includes non-cash charges related to acquisitions, in particular the amortisation of intangible assets related to distribution and client contracts (-€68m before tax in the 9 months including the corresponding new charges related to Alpha Associates, see details on p. 11), representing a total of -€49m after tax in the first 9 months of 2024.

Accounting earnings per share for the first 9 months of 2024 reached €4.67.

To be noted for the fourth quarter and full-year 2024

Success of the capital increase reserved for employees – The capital increase reserved for employees “We Share Amundi”, announced on 23 September 2024, is expected to be completed tomorrow, 31 October 2024. This operation offered for the seventh consecutive year a subscription of shares at a discount.

It was once again a great success this year: more than 2,000 employees in 15 countries subscribed to this capital increase, for a total amount of €36.3m. This represents nearly two out of three employees in France and more than two out of five worldwide.
This transaction, which is in line with the existing legal authorisations voted by the Shareholders’ Meeting on 12 May 2023, reflects Amundi’s desire to involve its employees not only in the development of the Company but also in the creation of economic value.

The impact of this transaction on earnings per share will be very limited: the number of shares to be created will be 771,628 (i.e. ~0.4% of the share capital before the transaction).
This issue will bring the number of shares making up Amundi’s share capital to 205,419,262 as of 31 October 2024, i.e. a share capital increased to €513,548,155.
Employees will now hold around 1.7% of Amundi’s capital, compared to 1.3% before the transaction. In the fourth quarter of 2024, the Amundi Group will record in its consolidated financial statements a charge relating to the subscription discount of €12.3m before tax.

On the basis of the Finance Bill presented by the French government, an exceptional tax contribution on the profits of large companies would apply to Amundi, whose turnover in France for tax purposes is more than €3bn.

* * * * *

APPENDICES

Adjusted income statement²of the first 9 months of 2024 and 2023

(€m)	9M 2024	9M 2023	% chg. 9M/9M

Net revenue – Adjusted	2,573	2,397	+7.3%
Management fees	2,364	2,217	+6.6%
Performance fees	88	89	-2.0%
Technology	54	42	+28.2%
Net financial & other net income	67	49	+38.2%
Operating expenses – Adjusted	(1,356)	(1,280)	+5.9%
Cost income ratio – Adjusted (%)	52.7%	53.4%	-0.7pp
Gross operating income – Adjusted	1,217,	1,117,	+8.9%
Cost of risk & other	(7)	(5)	+24.5%
Equity-accounted companies	94	73	+28.6%
Income before tax – Adjusted	1,305	1,185	+10.1%
Corporate tax	(302)	(277)	+8.8%
Non-controlling interests	2	3	-25.2%
Net income, Group share – Adjusted	1,005	910	+10.4%
Depreciation of intangible assets after tax	(49)	(44)	+11.6%
Integration costs net of tax	0	0	NS
Net income, Group share	956	866	+10.3%
Earnings per share (€)	4.67	4.25	+10.0%
Earnings per share – Adjusted (€)	4.91	4.46	+10.1%

Adjusted income statement²of the third quarter of 2024

(€m)	Q3 2024	Q3 2023	% chg. Q3/Q3	Q2 2024	% chg. Q3/Q2

Net revenue – Adjusted	862	780	+10.5%	887	-2.9%
Management fees	805	737	+9.2%	794	+1.3%
Performance fees	20	10	+97.3%	50	-58.9%
Technology	20	14	+41.8%	17	+13.0%
Net financial & other net income	17	19	-10.6%	26	-34.0%
Operating expenses – Adjusted	(456)	(424)	+7.4%	(461)	-1.1%
Cost income ratio – Adjusted (%)	52.9%	54.4%	-1.5pp	51.9%	+1.0pp
Gross operating income – Adjusted	406	356	+14.2%	426	-4.8%
Cost of risk & other	(2)	(3)	-36.0%	(5)	-63.4%
Equity-accounted companies	33	24	+36.5%	33	-0.1%
Income before tax – Adjusted	437	377	+15.9%	454	-3.9%
Corporate tax	(101)	(88)	+14.9%	(105)	-3.8%
Non-controlling interests	1	1	-23.5%	0	NS
Net income, Group share – Adjusted	337	290	+16.1%	350	-3.7%
Depreciation of intangible assets after tax	(17)	(15)	+17.9%	(17)	+1.2%
Integration costs net of tax	0	0	NS	0	NS
Net income, Group share	320	276	+16.0%	333	-4.0%
Earnings per share (€)	1.56	1.35	+15.9%	1.63	-4.0%
Earnings per share – Adjusted (€)	1.65	1.42	+16.0%	1.71	-3.7%

Evolution of assets under management from the end of 2020 to the end of September 2024¹⁷

(€bn)	Assets under management	Net inflows	Market & Forex Effect	Scope effect			Change in AuM vs. previous quarter
As of 31/12/2020	1,729				/	+4.0%
Q1 2021		-12.7	+39.3		/
As of 31/03/2021	1,755				/	+1.5%
Q2 2021		+7.2	+31.4		/
As of 30/06/2021	1,794				/	+2.2%
Q3 2021		+0.2	+17.0		/
As of 30/09/2021	1,811				/	+1.0%
Q4 2021		+65.6	+39.1		+148¹⁸
As of 31/12/2021	2,064				/	+14%
Q1 2022		+3.2	-46.4		/
As of 31/03/2022	2,021				/	-2.1%
Q2 2022		+1.8	-97.75		/
As of 30/06/2022	1,925				/	-4.8%
Q3 2022		-12.9	-16.3		/
As of 30/09/2022	1,895				/	-1.6%
Q4 2022		+15.0	-6.2		/
As of 31/12/2022	1,904				/	+0.5%
Q1 2023		-11.1	+40.9		/
As of 31/03/2023	1,934				/	+1.6%
Q2 2023		+3.7	+23.8		/
As of 31/06/2023	1,961				/	+1.4%
Q3 2023		+13.7	-1.7		/
As of 30/09/2023	1,973				/	+0.6%
Q4 2023		+19.5	+63.8		-20
As of 31/12/2023	2,037				/	+3.2%
Q1 2024		+16.6	+63.0		/
As of 31/03/2024	2,116				/	+3.9%
Q2 2024		+15.5	+16.6		+8
30/06/2024	2,156					+1.9%
Q3 2024		+2.9	+32.5		/
30/09/2024	2,192					+1.6%

Total over one year between September 30, 2023 and September 30, 2024: +11.1%

Net inflows +€54.5bn
Market & exchange rate effects +€175.9bn
Scope effects -€12.2bn
(disposal of Lyxor Inc. in Q4 2023, first consolidation of Alpha Associates in Q2 2024)

Details of assets under management and net inflows by client segments¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
French networks	138	126	+9.1%	+1.1	+0.9	+0.3	+4.6
International networks	167	156	+7.1%	-1.6	-1.0	-4.4	-3.2
o/w Amundi BOC WM	3	4	-26.9%	-0.7	-0.5	-0.5	-3.3
Third-party distributors	377	305	+23.5%	+6.8	+2.1	+19.2	+4.1
Retail	681	587	+16.1%	+6.3	+2.0	+15.1	+5.6
Institutional & Sovereigns (*)	518	489	+6.0%	-9.3	+17.9	+1.4	+14.4
Corporates	113	97	+16.0%	+2.3	-3.8	-5.8	-7.4
Employee savings plans	92	84	+9.8%	-0.5	-0.9	+2.5	+2.6
CA & SG insurers	428	406	+5.3%	-1.2	-3.9	+0.5	-9.6
Institutional	1,151	1,076	+6.9%	-8.7	+9.3	-1.4	+0.0
JVs	360	310	+16.0%	+5.3	+2.4	+21.3	+0.7
Total	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3

Details of assets under management and net inflows by asset classes¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
Equity	527	443	+18.9%	-0.7	+7.0	+0.0	+2.0
Multi-assets	274	274	-0.0%	-15.4	-5.9	-22.3	-17.0
Bonds	732	624	+17.3%	+12.8	+7.7	+36.8	+10.1
Real, alternative & structured assets	114	124	-8.3%	+0.8	-1.1	+1.5	+2.4
MLT ASSETS excl. JVs	1,647	1,465	+12.4%	-2.5	+7.8	+16.1	-2.4
Treasury products excl. JVs	185	198	-6.5%	+0.1	+3.5	-2.4	+8.0
Assets excl. JVs	1,832	1,663	+10.1%	-2.4	+11.3	+13.6	+5.6
JVs	360	310	+16.0%	+5.3	+2.4	+21.3	+0.7
TOTAL	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3
*o/w MLT assets*	*1,973*	*1,745*	*+13.1%*	*+3.4*	*+11.3*	*+34.9*	*-0.7*
*o/w Treasury products*	*219*	*229*	*-4.2%*	*-0.5*	*+2.5*	*+0.1*	*+7.1*

Details of assets under management and net inflows by management type and asset classes¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
Active management	1,136	1,022	+11.1%	-7.1	-1.9	+2.2	-15.6
Equity	208	187	+11.4%	-2.3	-1.6	-5.4	-2.5
Multi-assets	263	265	-0.9%	-15.7	-6.3	-23.4	-18.2
Bonds	665	570	+16.6%	+10.8	+6.1	+31.0	+5.1
Structured products	43	35	+22.3%	+0.8	-0.2	+2.7	+2.9
Passive management	397	319	+24.5%	+3.8	+10.8	+12.4	+10.8
ETFs & ETC	251	192	+31.1%	+7.8	+3.6	+17.3	+8.0
Index & Smart Beta	146	127	+14.5%	-4.0	+7.2	-5.0	+2.8
Real & alternative assets	71	89	-20.5%	+0.0	-0.9	-1.2	-0.5
Real assets	67	63	+4.8%	+0.2	-0.3	-0.1	+0.2
Alternative assets	4	25	-83.8%	-0.2	-0.6	-1.1	-0.7
MLT ASSETS excl. JVs	1,647	1,465	+12.4%	-2.5	+7.8	+16.1	-2.4
Treasury products excl. JVs	185	198	-6.5%	+0.1	+3.5	-2.4	+8.0
TOTAL ASSETS excl. JVs	1,832	1,663	+10.1%	-2.4	+11.3	+13.6	+5.6
JVs	360	310	+16.0%	+5.3	+2.4	+21.3	+0.7
TOTAL	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3

Details of assets under management and net inflows by geographical areas¹⁹

(€bn)	AuM 30.09.2024	AuM 30.09.2023	% change /30.09.2023	Net flows Q3 2024	Net flows Q3 2023	Net flows 9M 2024	Net flows 9M 2023
France	987	903	+9.3%	+2.8	+4.1	+12.8	-1.2
Italy	202	197	+2.7%	-10.8	-1.5	-13.8	-2.2
Europe excl. France & Italy	421	353	+19.2%	+1.9	-0.8	+6.0	+6.0
Asia	458	392	+17.0%	+7.4	+3.4	+29.6	-0.3
Rest of the world	124	129	-4.3%	+1.7	+8.4	+0.4	+4.0
TOTAL	2,192	1,973	+11.1%	+2.9	+13.7	+35.0	+6.3
*TOTAL outside France*	1,204	1,070	+12.5%	+0.1	+9.6	+22.2	+7.5

Methodology Appendix

Accounting & adjusted data

Accounting data – These include the amortization of intangible assets, recorded as other income, and since Q2 2024, other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; these expenses are recognized as deductions from net income, in finance costs.

The aggregate amounts of these items are as follows for the different periods under review:

Q1 2023: -€20m before tax and -€15m after tax
Q2 2023: -€20m before tax and -€15m after tax
Q3 2023: -€20m before tax and -€15m after tax
9M 2023: -€61m before tax and -€44m after tax
2023: -€82m before tax and -€59m after tax
Q1 2024: -€20m before tax and -€15m after tax
Q2 2024: -€24m before tax and -€17m after tax
Q3 2024: -€24m pre-tax and -€17m after tax
9M 2024: -€68m before tax and -€49m after tax

There were no significant integration costs recorded in the third quarter as a result of the acquisition of Alpha Associates

Adjusted data – in order to present an income statement closer to economic reality, the following adjustments are made: restatement of the amortization of distribution contracts with Bawag, UniCredit and Banco Sabadell, intangible assets representing the client contracts of Lyxor and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates; such depreciation and amortization and non-cash expenses are recorded as a deduction from net revenues.

Acquisition of Alpha Associates

In accordance with IFRS 3, recognition of Amundi’s balance sheet as at 01/04/2024:

goodwill of €290m;
an intangible asset of €50m representing client contracts, depreciable on a straight-line basis until the end of 2030;
a liability representing the conditional earn-out not yet paid, for €160m, including an actuarial discount of -€30m, which will be amortized over 6 years.

In the Group’s income statement, the following is recorded:

amortization of intangible assets for a full-year expense of -€7.6m (-€6.1m after tax)
other non-cash expenses spread according to the schedule of payments of the earn-out until the end of 2029; These expenses are recorded as deductions from net income, as finance costs.

In Q3 2024, the amortization of intangible assets was -€1.9m before tax (-€1.5m after tax) and non-cash expenses were -€1.4m before tax (i.e. -€1.1m after tax). Over the first 9 months of 2024, these expenses are respectively -€3.8m and -€2.9m (-€6.6m in total), since they only started in Q2.

Alternative Performance Measures²⁰

In order to present an income statement that is closer to economic reality, Amundi publishes adjusted data that excludes the depreciation of intangible assets and, since the second quarter of 2024, Alpha Associates, as well as other non-cash charges related to the acquisition of Alpha Associates.
Adjusted, normalized data are reconciled with accounting data as follows:

= accounting data

= adjusted data

(m€)	9M 2024	9M 2023	Q3 2024	Q3 2023	Q2 2024

Net operating income	2,452	2,307	825	747	844
Technology	54	42	20	14	17
Net financial income and other income	(1)	(13)	(6)	(1)	3
Adjusted net financial income and other income	67	49	17	19	26

Net revenues (a)	2,505	2,336	838	760,	864,
– Depreciation of intangible assets before tax	(65)	(61)	(22)	(20)	(22)
– other non-cash charges relating to Alpha Associates	(3)	0	(1)	0	(1)
Net revenues – Adjusted (b)	2,573	2,397	862,	780,	887

Operating expenses (c)	(1,356)	(1,280)	(456)	(424)	(461)
– Integration costs before tax	0	0	0	0	0
Operating expenses – Adjusted (d)	(1,356)	(1,280)	(456)	(424)	(461)

Gross operating income (e) = (a) + (c)	1,149	1,056	382	335	403
Gross operating income – Adjusted (f) = (b) + (d)	1,217	1,117	406	356	426
Cost-income ratio (%) -(c)/(a)	54.1%	54.8%	54.4%	55.9%	53.4%
Cost-income ratio – Adjusted (%) -(d)/(b)	52.7%	53.4%	52.9%	54.4%	51.9%
Cost of risk & other (g)	(7)	(5)	(2)	(3)	(5)
Equity-accounted companies (h)	94	73	33	24	33
Income before tax (i) = (e) + (g) + (h)	1,237	1,124	413	356	431
Income before tax – Adjusted (j) = (f) + (g) + (h)	1,305	1,185	437	377	454
Income tax (k)	(283)	(260)	(94)	(82)	(98)
Income tax – Adjusted (l)	(302)	(277)	(101)	(88)	(105)
Non-controlling interests (m)	2	3	1	1	0
Net income, Group share (o) = (i)+(k)+(m)	956	866	320	276	333
Net income, Group share – Adjusted (p) = (j)+(l)+(m)	1,005	910	337	290	350

Earnings per share (€)	4.67	4.25	1.56	1.35	1.63
Adjusted earnings per share (€)	4.91	4.46	1.65	1.42	1.71

Shareholding

	30 September 2023		31 December 2023		30 September 2024
(units)	Number of shares	% of share capital	Number of shares	% of share capital	Number of shares	% of share capital
Crédit Agricole Group	141,057,399	68.93%	141,057,399	68.93%	141,057,399	68.93%
Employees	3,042,292	1.49%	2,918,391	1.43%	2,751,891	1.34%
Treasury shares	1,297,231	0.63%	1,247,998	0.61%	958,031	0.47%
Free float	59,250,712	28.95%	59,423,846	29.04%	59,880,313	29.26%

Number of shares at end of period	204,647,634	100.0%	204,647,634	100.0%	204,647,634	100.0%
Average number of shares year-to-date	204,050,516	–	204,201,023	–	204,647,634	–
Average number of shares quarter-to-date	204,425,079	–	204,647,634	–	204,647,634	–

Average number of shares on a pro rata basis.

The average number of shares is unchanged between Q2 and Q3 2024, it increased by +0.1% between Q3 2023 and Q3 2024 and by +0.3% between the first 9 months of 2023 and the same period of 2024;
A capital increase reserved for employees will be carried out on October 31, 2024. 771,628 shares were created (approximately 0.4% of the share capital before the transaction), bringing the share of employees to about 1.7% of the capital, compared to 1.34% at September 30, 2024, before the transaction.

Financial communication calendar

Q4 and Full Year 2024 Results: February 4, 2025
Q1 2025 earnings release: April 29, 2025
Annual General Meeting: May 27, 2025
Q2 and H1 2025 earnings release: July 29, 2025
Q3 and 9-month 2025 results: October 28, 2025

About Amundi

Amundi, the leading European asset manager, ranking among the top 10 global players²¹, offers its 100 million clients – retail, institutional and corporate – a complete range of savings and investment solutions in active and passive management, in traditional or real assets. This offering is enhanced with IT tools and services to cover the entire savings value chain. A subsidiary of the Crédit Agricole group and listed on the stock exchange, Amundi currently manages close to €2.2 trillion of assets²².

With its six international investment hubs²³, financial and extra-financial research capabilities and long-standing commitment to responsible investment, Amundi is a key player in the asset management landscape.

Amundi clients benefit from the expertise and advice of 5,500 employees in 35 countries.

Amundi, a trusted partner, working every day in the interest of its clients and society.

www.amundi.com

Press contacts:
Natacha Andermahr
Tel. +33 1 76 37 86 05
natacha.andermahr@amundi.com

Corentin Henry
Tel. +33 1 76 36 26 96
corentin.henry@amundi.com

Investor contacts:
Cyril Meilland, CFA
Tel. +33 1 76 32 62 67
cyril.meilland@amundi.com

Thomas Lapeyre
Tel. +33 1 76 33 70 54
thomas.lapeyre@amundi.com

Annabelle Wiriath

Tel. + 33 1 76 32 43 92

annabelle.wiriath@amundi.com

WARNING

This document does not constitute an offer or invitation to sell or purchase, or any solicitation of any offer to purchase or subscribe for, any securities of Amundi in the United States of America or in France. Securities may not be offered, subscribed or sold in the United States of America absent registration under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements thereof. The securities of Amundi have not been and will not be registered under the U.S. Securities Act and Amundi does not intend to make a public offer of its securities in the United States of America or in France.

This document may contain forward looking statements concerning Amundi’s financial position and results. The data provided do not constitute a profit “forecast” or “estimate” as defined in Commission Delegated Regulation (EU) 2019/980.

These forward looking statements include projections and financial estimates based on scenarios that employ a number of economic assumptions in a given competitive and regulatory context, assumptions regarding plans, objectives and expectations in connection with future events, transactions, products and services, and assumptions in terms of future performance and synergies. By their very nature, they are therefore subject to known and unknown risks and uncertainties, which could lead to their non-fulfilment. Consequently, no assurance can be given that these forward looking statement will come to fruition, and Amundi’s actual financial position and results may differ materially from those projected or implied in these forward looking statements. [In particular, conditions to completion of the announced transaction between Amundi and Victory Capital, may not be satisfied and such transaction may not be completed on schedule, or at all; risks relating to the expected benefits or impact of the transaction on Victory Capital’s and Amundi’s respective businesses are contained in their respective public filings.]

Amundi undertakes no obligation to publicly revise or update any forward looking statements provided as at the date of this document. Risks that may affect Amundi’s financial position and results are further detailed in the “Risk Factors” section of our Universal Registration Document filed with the French Autorité des Marchés Financiers. The reader should take all these uncertainties and risks into consideration before forming their own opinion.

The figures presented were prepared in accordance with applicable prudential regulations and IFRS guidelines, as adopted by the European Union and applicable at that date. The financial information set out herein do not constitute a set of financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting” and has not been audited.

Unless otherwise specified, sources for rankings and market positions are internal. The information contained in this document, to the extent that it relates to parties other than Amundi or comes from external sources, has not been verified by a supervisory authority or, more generally, subject to independent verification, and no representation or warranty has been expressed as to, nor should any reliance be placed on, the fairness, accuracy, correctness or completeness of the information or opinions contained herein. Neither Amundi nor its representatives can be held liable for any decision made, negligence or loss that may result from the use of this document or its contents, or anything related to them, or any document or information to which this document may refer.

The sum of values set out in the tables and analyses may differ slightly from the total reported due to rounding.

¹        Net income Group share
²        Adjusted data: excluding amortisation of intangible assets relating to distribution and client contracts as well as other non-cash charges relating to the acquisition of Alpha Associates recorded in net financial income (see note p. 11)
³        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
⁴        As announced at the time of the publication of the Q2 results, exit in Q3 from a large low-income mandate (€11.6 billion) with a European insurer, in multi-asset; including this exit, net inflows were positive by +€2.9bn in Q3 and +€35bn over 9 months
⁵        Medium-Long Term Assets
⁶        Excluding JVs
⁷        Extraordinary General Meeting of Shareholders of Victory Capital, held on 11 October 2024
⁸        Source: TrackInsight Q3 2024
⁹        Classified as article 8 or 9 of the SFDR regulation of the European Union
¹⁰        Including JV: €234bn in assets, +€12bn net inflows over 9 months and +€1bn in Q3
¹¹        50% MSCI World + 50% Eurostoxx 600 composite index for equity markets, average values over each period considered
¹²        Bloomberg Euro Aggregate for bond markets, average values over each reporting period
¹³        Source: Morningstar FundFile, ETFGI. European & cross-border open-ended funds (excluding mandates and dedicated funds). Data as of the end of June 2024.
¹⁴        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
¹⁵        Anniversary dates of the funds triggering the recognition of these fees
¹⁶        Source: Morningstar Direct, Broadridge FundFile – Open-ended funds and ETFs, global fund scope, September 2024; as a percentage of the assets under management of the funds in question; the number of Amundi open-ended funds rated by Morningstar was 1063 at the end of September 2024. © 2024 Morningstar, all rights reserved
¹⁷        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV
¹⁸        Lyxor, integrated as of 31/12/2021
¹⁹        Assets under management and flows including assets under advisory, marketed assets and funds of funds, and taking into account 100% of Asian JV’s assets and flows; for Wafa Gestion in Morocco, they are reported in proportion to Amundi’s holding in the capital of the JV; as of 01/01/2024, reclassification of short-term bond strategies (€30 billion in outstandings) as Bonds previously classified as Treasury until that date; Outstanding amounts up to that date have not been reclassified in these tables
²⁰        See also the section 4.3 of the 2023 Universal Registration Document filed with the AMF on April 18, 2024
²¹Source: IPE “Top 500 Asset Managers” published in June 2024, based on assets under management as at 31/12/2023
²²Amundi data at 30/09/2024
²³Boston, Dublin, London, Milan, Paris and Tokyo

Attachment

Amundi PR results Q3&9M 2024

The MIL Network –

January 25, 2025

MIL-OSI Russia: The government has expanded the list of railway infrastructure facilities

Translation. Region: Russian Federation –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Order dated October 29, 2024 No. 3053-r

Document

Order dated October 29, 2024 No. 3053-r

The new railway, which is necessary for transporting coal from deposits in Krasnoyarsk Krai and Yakutia to ports in Khabarovsk Krai, has been included in the list of railway infrastructure facilities, the construction of which is being carried out at an accelerated pace. The order to this effect was signed by Prime Minister Mikhail Mishustin.

The railway is being built by a private investor. The new line will connect the Tunguska coal basin, as well as the Elga coal complex with the sea terminals in the area of Cape Manorsky in Khabarovsk Krai. Now this construction is included in the list of objects covered by the federal law “On the specifics of regulating certain relations for the purpose of implementing priority projects for the modernization and expansion of infrastructure.” The document introduces a special legal regime in the construction sector and allows for the acceleration of the implementation of projects for a period of 9 to 21 months.

The construction of a new railway line will make it possible to relieve the BAM and Trans-Siberian Railway. In addition, the constructed engineering infrastructure – electrical networks and communication networks – will improve the quality of life of people in Siberia and the Far East.

The signed document introduces changes toGovernment Order of September 7, 2020 No. 2278-r.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

MIL OSI Russia News –

January 25, 2025
MIL-OSI Russia: Over 600 tons of garbage during navigation: how river waters are cleaned in Moscow

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

The municipal fleet collected more than 600 tons of garbage from the capital’s waters during the navigation period this year. This was reported by the Deputy Mayor of Moscow for Housing and Public Utilities and Improvement Petr Biryukov.

“Communal vessels were engaged in daily garbage collection from the water surface of the Moscow River and the navigable part of the Yauza, eliminated pollution, and removed silt sediment. In total, they collected over 600 tons of floating garbage, eliminated almost 140 different types of pollution, and removed about 6.5 thousand tons of sand and soil from the bottom,” noted Pyotr Biryukov.

Thanks to the competent arrangement of the fleet and waste collection bases, the entire water area of the Moscow River within the city boundaries and the navigable section of the Yauza are under 24-hour control. The main efforts to collect floating waste were concentrated in the upper reaches of the Moscow River, which ensured the cleanliness of the riverbed downstream. Garbage collection vessels worked mainly, with small vessels operating in shallow areas. Floating cranes and non-self-propelled barges with tugs were used to extract bottom sediments of sand and soil.

The head of the city economy complex reminded that the capital’s municipal fleet operates all year round. Even after the end of the seasonal navigation, two vessels with an ice class of up to 20 centimeters remain on the water. Garbage collectors and rapid response boats continue to operate on non-freezing rivers.

During the inter-navigation period, the bulk of the fleet is moored in winter mooring areas, where maintenance and routine repairs are carried out.

Sergei Sobyanin: Icebreakers of the municipal fleet patrol the Moscow River every day The southern part of the Moscow River water area has been cleared of abandoned ships and floating objects

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

https://vvv.mos.ru/nevs/item/145940073/

MIL OSI Russia News –

January 25, 2025
MIL-OSI Asia-Pac: LCQ15: Dental care professionals

Source: Hong Kong Government special administrative region

Following is a question by the Hon Lam Chun-sing and a written reply by the Secretary for Health, Professor Lo Chung-mau, in the Legislative Council today (October 30):Question: Regarding dental care professionals (DenCPs), will the Government inform this Council:(1) of the following information on the Department of Health (DH)’s recruitment exercise for dental hygienists, dental therapists, dental technicians and dental surgery assistants in each of the past five years: the (i) target number of recruits, (ii) number of applicants, (iii) number of persons invited to attend interviews/trade tests, (iv) number of persons who passed the interviews/trade tests, (v) number of appointment letters issued and (vi) number of persons who reported for duty;(2) as the Working Group on Oral Health and Dental Care under the Health Bureau has pointed out in the Interim Report submitted to the Panel on Health Services of this Council in March this year that merely relying on the dentist workforce to meet the needs for enhancing dental care services is insufficient, and suggested that DenCPs play a more significant role in dental care services, whether the authorities have plans to expand the staff establishments of dental hygienists and dental therapists so as to enhance public services; if so, of the details and timetable; if not, the reasons for that;(3) as DH currently provides annual tuition fee sponsorship of $70,000 to students pursuing studies as dental hygienists and dental therapists on the condition that they work in dental clinics under DH or specified non-governmental organisations for one year after graduation, how the authorities plan to attract those graduates to stay and serve in the public healthcare system upon the expiry of the one-year period;(4) as there are views pointing out that the introduction of a statutory registration system for DenCPs (including dental hygienists and dental therapists) with their scope of practice defined under the Dentists Registration (Amendment) Bill 2024 (the Bill) has fundamentally altered the work nature, duties and work complexity of the dental hygienist and dental therapist grades in the Government, whether the authorities will commence a grade structure review for the aforesaid grades to comprehensively examine their entry requirements, qualification requirements for various ranks and remuneration packages; if so, of the timetable and roadmap; if not, the reasons for that;(5) as the authorities indicated during the Second Reading debate on the Bill that they expected the Dental Council of Hong Kong (DCHK) to set up a registration system for DenCPs within three years upon the passage of the Bill, of the timetable and roadmap for the relevant work (including compiling a DenCPs register and drawing up a code of practice); whether they have plans to include dental technicians and dental surgery assistants in the registration system in phases, so as to enhance the protection for users of dental services; if so, of the details; if not, the reasons for that;(6) whether the authorities will consider discussing with DCHK to further relax the scope of practice of dental hygienists to allow them to administer anaesthetic injections for periodontal disease and root canal treatments, as well as other non-invasive treatments, and to include relevant contents such as the procedure for administering anaesthetic injections in the training curriculum of dental hygienists; if so, of the details; if not, the reasons for that;(7) whether the authorities have plans to further expand the participation of DenCPs in the primary healthcare system, including allowing them in the provision of oral healthcare at District Health Centre Expresses and District Health Centres, as well as dental health education and disease prevention services; if so, of the details; if not, whether the authorities will formulate the relevant plans expeditiously; and(8) whether it has considered including DenCPs as healthcare service providers under the Elderly Healthcare Voucher Scheme to encourage the elderly to receive dental care services on a regular basis; if so, of the details; if not, the reasons for that?Reply:President, The Hong Kong Special Administrative Region (HKSAR) Government established the Working Group on Oral Health and Dental Care (Working Group) in December 2022 to review the policy objectives, implementation strategies, service scopes and delivery models, etc, of oral health and dental care, with a view to safeguarding the oral health of members of the public. The Working Group mentioned in its interim report released in December 2023 that the Government should work in line with the strategies set out in the Primary Healthcare Blueprint and aim at preventing oral diseases and enhancing the oral health of the community on the premise of improving oral health of all citizens. The report also mentioned that it is insufficient to merely rely on the dentist workforce to meet the needs for enhancing dental care services, and that ancillary dental workers, including dental hygienists and dental therapists, could play a more significant role in dental care services. The HKSAR Government has completed the amendment of the Dentists Registration Ordinance (Chapter 156) (DRO) to modernise the regulatory framework for dentists and ancillary dental workers (including dental hygienists and dental therapists), and increase the manpower resources for dental care profession by gradually increasing training places for dental hygienists and dental therapists. The measures above will contribute to the implementation of the recommendations of the Working Group, allowing ancillary dental workers to play a more significant role in providing more preventive primary dental care services to complement the direction of the Primary Healthcare Blueprint which attaches importance to prevention, early identification and timely intervention. The consolidated reply in response to the questions raised by the Hon Lam Chun-sing is as follows:Registration system and scope of work of dental care professionals The amended DRO introduced a statutory registration system for two classes of ancillary dental workers (including dental hygienists and dental therapists) and retitled ancillary dental workers as dental care professionals (DenCPs), so as to ensure their service quality through a more formalised regulatory regime and establish their professional status. At present, dental hygienists can work in public or private sectors, and may perform preventive dental care (e.g. education, consultation, risk assessment, oral examination, fluoride application and scaling) in accordance with the directions of a dentist who is available in the premises at all times when such work is being carried out. Dental therapists work exclusively under the Department of Health (DH) to provide the School Dental Care Service. Dental therapists may perform preventive dental care and basic curative dental care (e.g. filling, extraction) in accordance with the directions of a dentist who is available in the premises at all times when such work is being carried out. The amended DRO suitably adjusted the scope of practice of dental hygienists and dental therapists based on a risk-based approach, taking into account the consultation outcome with the sectors and relevant stakeholders. It would enable them, upon training, to perform some lower-risk preventive dental care (e.g. oral examination, education, teeth cleaning and polishing, fluoride application) without the presence of a dentist, and perform scaling in accordance with the directions of a dentist who is present in the same premises. Dental therapists may also perform basic curative dental care (e.g. filling, extraction) in accordance with the directions of a dentist who is present in the same premises. The statutory registration system for DenCPs would be put in place within three years, and by then the revised scope of work of DenCPs will come into effect. All DenCPs (including dental therapists) will be allowed to provide services outside the DH (including institutions in the public or private sector). During the transitional period, the Dental Council of Hong Kong (DCHK) will develop clear guidelines on the collaborative relationship between dentists and DenCPs and establish the Continuing Professional Development arrangements for DenCPs. At the current stage, the DCHK is focusing on the preparatory work for establishing the registration system as soon as possible and will liaise with the sectors to explore the feasibility of implementing DenCP registration earlier in 2026. When the new registration system is in place, the DCHK will monitor both its implementation and the adaptation of DenCPs to the expanded scope of work to ensure the safety of patients. As things currently stand, the Government has no plan to further expand the scope of work of dental hygienists to perform higher-risk procedures such as injection of local anaesthetics. The Government will maintain dialogue with the dental professions and revisit the scope of practice of DenCPs from time to time, with a view to meeting local dental care service needs. In view of the actual needs in the community, the Government will examine the necessity for including other classes of DenCPs under the registration system on a risk-based approach. The Government will maintain communication with the dental professions to canvass their views.The role of DenCPs in primary healthcare system Taking reference to the suggestion of the Working Group, the Government would promote primary dental services appropriate for different age groups and make use of the existing primary healthcare service system. For example, when the manpower supply for dental hygienists has increased, they can provide preventive primary dental services suitable for different age groups at District Health Centres or District Health Centre Expresses, including risk assessment, offering advice on oral care and personal lifestyle, and assisting the citizens in managing their own oral health, so as to put prevention, early identification and timely intervention of dental diseases into action. Furthermore, the Elderly Health Care Voucher Scheme (EHVS) currently allows eligible elderly persons to choose from private primary healthcare services provided by 14 categories of healthcare professions, including dentists. Following the upcoming establishment of registration system for DenCPs, the preventive primary dental service would be strengthened. Eligible elderly persons can use Elderly Health Care Vouchers to pay for the relevant service charges through dental clinics in future. The Government will review the relevant operational details of the EHVS in a timely manner.Manpower of DenCPs As at September 2024, there are a total of 614 registered dental hygienists, whereas 226 dental therapists are employed by the DH. To increase the manpower resources for dental care profession, the Government has gradually increased training places for dental hygienists and dental therapists to nearly double from 95 in the 2023/24 academic year to 185 in the 2024/25 academic year. When the statutory registration system is in place, dental therapists will be allowed to work in private institutions which will broaden their employment opportunities. Establishing a career ladder for DenCPs will, in the long run, attract more individuals to join the industry. To attract more young people to join the industry, the DH has been offering full tuition fee sponsorship since 2023/24 academic year to students studying the programmes for dental hygienists and dental therapists. Dental hygienists and dental therapists who have received the sponsorship are required to work in dental clinics of the DH or other specified non-governmental organisations (NGOs) for at least one year after graduation. The above measures could help provide sufficient manpower in support of dental care services provided by the Government, private institutions and NGOs in future. Regarding the establishment issue of DenCP grades in the DH, according to the prevailing policy guidelines, the Government may consider conducting a Grade Structure Review (GSR) as necessary in case of fundamental changes in the job nature, level of responsibilities and job complexity of a particular grade, or if there are proven and persistent recruitment and retention difficulties in the grade. For Dental Hygienist grade in the DH, when the relevant provisions of the amended DRO come into effect, given the minimum academic qualification requirement for registration as dental hygienist with the DCHK, the job entry requirements of the Dental Hygienist grade including the Qualification Group of the academic qualification will be changed. The DH is gathering relevant data and information of the Dental Hygienist grade (including their job nature, duties and responsibilities, and recruitment situation) for consideration of conducting a GSR for the grade. The Government will also assess the need for GSR for Dental Therapist grade in accordance with the relevant policy guidelines in due course. In the past five years, the information of recruitment of dental ancillary grades of the DH is at Annex.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Asia-Pac: NSW Parliament passed a bipartisan motion supporting Taiwan’s international participation

Source: Republic Of China Taiwan 2

The Ministry of Foreign Affairs （Taiwan) expresses gratitude to the NSW Parliament for passing a bipartisan motion supporting Taiwan’s international participation.
On October 23, the New South Wales Legislative Council unanimously passed PMB No. 1414 motion, stating that UN General Assembly Resolution 2758 does not assert the People’s Republic of China’s sovereignty over Taiwan, nor does it determine Taiwan’s future status or restrict Taiwan’s rights to participate in UN agencies or other international organizations. The Ministry highly appreciates and sincerely thanks the NSW Parliament for its firm support of Taiwan’s international participation
In June 2024, the NSW Parliament was the first to pass a motion in the Legislative Council condemning China for bullying elected Australian officials, affirming Taiwan’s democracy, and rejecting any foreign government interference in Australian politics. Subsequently, in August, the Australian Senate passed an urgent motion based on the IPAC model resolution regarding UNGA Resolution 2758, making Australia the first country to adopt such a model. NSW then became the first state parliament in Australia to pass this motion.
The Ministry of Foreign Affairs thanks the NSW Parliament for raising a voice of justice for Taiwan and calls on the international community to jointly counter China’s misinterpretation of UNGA Resolution 2758 and its attempts to falsely link it with the so-called “One China Principle.” Taiwan will continue to collaborate with Australia and other like-minded partners to defend the rules-based international order and promote regional democracy, peace, and prosperity.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI China: Harbin hits ‘home stretch’ for Games

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

With venues ready, volunteers recruited and testing events underway, Harbin is nearly ready to take up its hosting duties for the 9th Asian Winter Games, with preparatory work almost done entering the 100-day countdown.

As a traditional hot spot for ice and snow sports activities in Northeast China, Harbin, capital of Heilongjiang province, is pushing ahead with preparations for the 2025 edition of the Games, with full confidence that the continental gala event will be a resounding success in promoting sports and culture exchanges in the region.

With 100 days to go before the Feb 7 opening ceremony, all 13 existing competition venues for the Games — five for ice sports in downtown Harbin and another eight for snow events in Yabuli, a ski resort cluster 200 kilometers from Harbin — have been renovated and have updated equipment to meet international standards, with workers trained and ready to be deployed to each site, according to the organizing committee.

The national men’s and under-18 women’s ice hockey championships, which were held during the National Day holiday, were the first of 14 test events to be held in Harbin through January to optimize various venue operations, including capacity, facility function and spectator services.

Over 6,000 volunteers, mostly local college students, have been recruited from over 10,000 applicants, with a quarter of them having experience serving at international events such as the 2022 Beijing Winter Olympics and last year’s Hangzhou Asian Games, according to organizers.

The 2025 Harbin Asian Winter Games will mark the biggest representation of Asian countries and regions, with 34 National Olympic Committees — the most in the event’s history — having confirmed their entries, including first-timers Cambodia and Saudi Arabia. Over 1,500 athletes are expected to participate.

A total of 64 medal events across six sports will be held from Feb 7 to 14. Among them, mixed doubles curling, ski mountaineering and synchronized aerials of freestyle skiing will make their debut at the Games.

Meanwhile, many Southeast Asian countries and regions, including Thailand, Malaysia and Singapore, have signed up for the alpine skiing competition, which will have more participants than any other event in Harbin’s program, underlining winter sports’ expanding landscape on the continent.

It will be Harbin’s second time staging the continental gala since it hosted in 1996, and the third edition to be held in China after the 2007 edition in Changchun, Jilin province.

Boasting ready-made facilities and abundant experience in winter sports promotion, Harbin is confident it can deliver a memorable edition of the Games with strong Chinese characteristics and Asian style, organizers said.

“With full support from the government, the public and all shareholders, we’ve moved into the home stretch of preparations,” Han Shengjian, vice-governor of Heilongjiang and vice-president of the Harbin organizing committee, said during a news conference on Tuesday. “We are committed to hosting a world-class event representing Asian spirit and Chinese style to promote winter sports across Asia, as well as the unique charm of Harbin as a generous host.”

Already a popular winter holiday destination in the country, Harbin is keen on taking advantage of the Games to make the city more appealing to winter sports fans and foreign tourists, according to Wang Hesheng, mayor of Harbin and secretary-general of the organizing committee.

To help boost tourism in the city, a new metro line will be launched at the end of this month in Harbin, and a newly built second runway at the city’s airport will open in January. In addition, more frequent high-speed railway services connecting mountain resorts in Yabuli with downtown Harbin and other major cities are coming in the near future.

“Hopefully after hosting the Games, Harbin will make its name as a winter wonderland more prominent, not just in our country, but also across Asia,” Wang said.

MIL OSI China News –

January 25, 2025
MIL-OSI China: Foreign secondary school students compete in 17th ‘Chinese Bridge’ contest

Source: China State Council Information Office 3

On the evening of Oct. 28, the global finals and awarding ceremony for the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students and the 4th Chinese Bridge—Chinese Show for Foreign Primary School Students took place in Tianjin. The event was attended by officials from the Tianjin Municipal Government, the Center for Language Education and Cooperation of the Ministry of Education (MOE), and the Department of International Cooperation and Exchange of the MOE, along with the Kenyan Ambassador to China and representatives from the UAE’s Chinese Language Teaching “100 Schools Project.”

The global finals of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

The finals opened with a visually stunning show titled “Jin·Cai Hua Zhang,” featuring outstanding primary and secondary school students from around the world, who gathered to communicate in Chinese and share their understanding of Chinese culture. After a series of rigorous selections during the overseas preliminary rounds, Chitpasong Souvanhxay from Laos, Irina Mei Li from Madagascar, Kuchinskaia Anastasiia from Russia, Rothschild Shiraz Palestrant from the U.S. and Blaom Oliver Garion from New Zealand emerged as continental champions to advance to the global finals.

Chitpasong Souvanhxay from Laos wins the global champion of the 17th Chinese Bridge—Chinese Proficiency Competition for Foreign Secondary School Students. [Photo courtesy of Chinese Bridge]

During the finals, the five contestants competed in five rounds: “History of the Spring and Autumn Period,” “Books of the Qin and Han Dynasties,” “The Lasting Appeal of the Tang and Song Dynasties,” “Window to Modernity,” and “The Final Showdown.” Chitpasong Souvanhxay from Laos showcased exceptional skills and won the global championship. Guests at the event presented awards to the participants who received individual awards in the 4th Chinese Bridge–Chinese Show for Foreign Primary School Students, as well as to those who won individual awards and the first, second, and third prizes in the 17th Chinese Bridge–Chinese Proficiency Competition for Foreign Secondary School Students, along with the continental champions and the global champion.

In the finals, contestants including Kiri Meier Werner from the U.S., Solo Uniacke from the U.K., Frida Quetzalli Garcia Lins from Mexico, Tessa Mir from Georgia and her mother shared personal stories about their experiences with the Chinese Bridge competition and the growth and benefits they gained from participating in the competition.

This year, 181 primary and secondary school contestants from 102 countries gathered in Beijing and Tianjin for a grand celebration of Chinese language learning and cultural exchange. Over a period of 15 days filled with competitions and cultural activities, contestants explored iconic landmarks in China, including the Great Wall, the Summer Palace, the Forbidden City, and Tiananmen Square. They also experienced intangible cultural heritage such as Clay Figurine Zhang, Yangliuqing New Year paintings, shadow puppetry and traditional opera, allowing them to appreciate the development and heritage of Chinese culture and history. Additionally, contestants toured Tianjin, visiting attractions like the Tianjin Eye Ferris wheel, Haihe River, the historic Wudadao area (Five Great Avenues), Jingwu Town, the National Maritime Museum, and Tianjin Port, witnessing the city’s inclusiveness and application of intelligent technologies.

At the award ceremony, primary and secondary school contestants from around the world, together with previous champions, sang the “Chinese Bridge” theme song. Through the medium of Chinese, they connected cultures, fostered lasting friendships, and strengthened global understanding of China.

MIL OSI China News –

January 25, 2025
MIL-OSI Asia-Pac: Opening address by Permanent Secretary for Financial Services and the Treasury (Financial Services) at ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia (English only) (with photo)

Source: Hong Kong Government special administrative region

Following is the opening address by the Permanent Secretary for Financial Services and the Treasury (Financial Services), Ms Salina Yan, at the ASIFMA’s 5th Annual Sustainable Finance Conference: Enabling Transition Finance in Asia today (October 30):

Peter (Chief Executive Officer of the Asia Securities Industry & Financial Markets Association (ASIFMA), Mr Peter Stein), Boris (Managing Director, Head of Institutional Banking Group of DBS Bank (Hong Kong) Limited, Mr Boris Chan), distinguished guests, ladies and gentlemen,

     Good morning. It is my great pleasure to join you today at the 5th Annual Sustainable Finance Conference organised by ASIFMA. ASIFMA’s events always draw an inquisitive and enthusiastic crowd with a lot of brain power. Today is no exception, but perhaps with somewhat more seriousness than usual as we are addressing the serious topic of enabling transition finance in the sustainability pathway towards net zero carbon emissions.

     The seriousness is compounded when one reads the Asian Development Bank’s thematic report on “Asia in the Global Transition to Net Zero” published last year. According to the report, developing Asia accounted for 44 per cent of global greenhouse gas (GHG) emissions in 2019, and growth in the region still tends to rely substantially on emission-intensive activities. Obviously, there is a huge need for transition finance to assist heavy-emitting industries and economic activities to go down the path of net zero while managing economic development implications. Market estimates put the funding gap at over US$3 to 4 trillion in annual investment over the next three decades in the region. Policy trade-offs will certainly be involved in finding the right solutions.

     For this, I note a keyword in the topic of the Conference today and that is “enabling”. Hong Kong, being an international financial centre as well as a premier sustainable finance hub, is well-positioned to play important enabling roles in expediting Asia’s transition to net zero in an enabling or conducive environment.

     With well-functioning capital markets offering a wide range of investment products and an international pool of financial services professionals, Hong Kong can contribute to mobilising international capital to finance transition initiatives in the region. We are already doing so and enriching our ecosystem. For example, the number of ESG funds authorised by the Securities and Futures Commission (SFC) has increased significantly in recent years, with assets under management reaching close to US$170 billion as of June this year.

     The bond market also helps issuers raise sustainable financing in support of low-carbon transition efforts. The volume of green and sustainable bonds arranged in Hong Kong increased by about five times from around US$6 billion in 2019 to almost US$30 billion last year, topping the Asian market from 2021 to 2023. Among these, the Government Green Bond Programme has issued bonds of various tenors denominated in different currencies including RMB, euro and USD. The programme has recently been expanded to cover sustainable projects. The bonds issuances have been well received by institutional and retail investors alike, and have taken tokenisation form for two recent tranches.

     Two points specifically on transition finance:

(a) First, we published the first edition of the Hong Kong Taxonomy for Sustainable Finance in May this year to provide a clear set of definitions or classification of green activities for application by the industry in their green transition journey. It aligns with the two mainstream taxonomies of the Mainland and the European Union, and currently encompasses 12 economic activities under four sectors of power generation, transportation, construction, and water and waste management. The Taxonomy is now under the next phase development, where the scope of sectors and economic activities will be expanded to cover transition activities as well. The Hong Kong Monetary Authority (HKMA) plans to conduct a public consultation on the updated taxonomy prototype in the first half of 2025.

(b) Second, to cater for the increasingly significant need for transition finance in the region, we have expanded the scope of the Green and Sustainable Finance Grant Scheme to cover transition bonds and loans, helping to incentivise relevant industries in the region to make use of Hong Kong’s transition financing platform towards the decarbonisation mission. Since its inception in 2021 to mid-October this year, we have granted around $280 million to 470 green and sustainable debt instruments under the Scheme.

        Moving into another subject which is important to today’s topic, data clarity and transparency is often cited as one of the primary challenges hindering the development of transition finance. Hong Kong operates a highly open and internationalised market aligning with international standards and best practices. We stand ready to promote the adoption of data transparency in the market to facilitate and encourage more transition financing activities.

     Earlier this month, for example, the Hong Kong Code of Conduct for ESG Ratings and Data Products Providers was published by an industry working group sponsored by the SFC. Its aim is to establish and promote a globally consistent, interoperable, and proportionate voluntary code for providers offering ESG ratings and data products and services in Hong Kong. The Code was modelled on international best practices recommended by the International Organization of Securities Commissions (IOSCO). It is intended to enhance transparency of methodologies for ESG ratings and data products and improve standards generally across the market with a view to combating greenwashing and instilling integrity in the growing green and sustainable finance ecosystem.

     Another important measure on standards is our commitment to launch a roadmap on the full adoption of the ISSB Standards on sustainability disclosure within this year, leading Hong Kong to be among the first jurisdictions in the world to align its local requirements with ISSB Standards. The Hong Kong Institute of Certified Public Accountants has already issued the exposure drafts for consultation. I am sure they will come up with final Hong Kong standards aligning with the ISSB Standards soon. I know that the afternoon session of this Conference has scheduled a dedicated panel to dive deep into this subject. I will spare the detail here.

     Blended finance is an evolving concept and is quickly developing. An OECD (Organisation for Economic Co-operation and Development) report defines it as a combination of official development finance, private philanthropic funds and commercial finance where the principal purpose is commercial rather than development. I look forward to the Panel’s discussion on this. I would note here that as Asia’s primary asset and wealth management hub for international investors, Hong Kong is well placed to harness the finance power of the public and private sectors.

     On the home front, the HKMA launched last week the Sustainable Finance Action Agenda, setting out its goals and actions to be taken to further support green and sustainable financing needs in Asia and globally. Under the Agenda, one of the action areas is investment in a sustainable future, under which the HKMA aims to achieve net-zero emissions for the investment portfolio of the Exchange Fund by 2050 through continuing to actively expand the scope and variety of its sustainable investments, particularly those supporting the theme of climate transition across the public and private markets. The Exchange Fund will also deepen its focus on transition opportunities and mobilise stakeholders to actively support this effort through stewardship and engagement.

     Another emerging source of funds to support sustainable initiatives comes from philanthropy and impact investing of family offices. In Hong Kong, the philanthropic landscape is underscored by the existence of more than 10 000 charities that have been established in Hong Kong, reflecting a diverse and robust ecosystem of giving. Meanwhile, the global impact investing market, valued at about US$1.6 trillion, attaches growing recognition of the need to address critical challenges such as climate change. We have seen growing interest from family offices in impact investing as they do not just allocate funds for charitable purposes but also seek financial returns and measurable social outcomes. To this end, we will soon consult the industry on proposals to enhance the tax arrangements for funds and single family offices, including expanding the definition of “fund” to cover pension fund and endowment fund, and include emission derivatives and emission allowance as eligible exemption items.

     Added to this, Hong Kong is exceptionally well placed to serve the sustainable initiatives and transition needs of entities on the Mainland. Various Mainland local governments including Shenzhen, Hainan Province and Guangdong Province have issued offshore RMB local government bonds including green, blue, sustainability and social bonds in Hong Kong over the past few years. And Core Climate, our carbon credit marketplace, is exploring co-operation initiatives with its Mainland counterparts. We will certainly contribute our best to the country’s drive to achieve the goal of peaking carbon emissions by 2030 and reaching net zero by 2060.

     Ladies and gentlemen, all these being said, a lot remains to be done. Hong Kong takes our 2050 net zero commitment very seriously and has set up a high-level steering committee comprising policy bureaux with both environmental protection and financial services policy responsibilities, and all financial regulators to co-ordinate and take forward relevant initiatives. Our Financial Secretary is also chairing the Green Technology and Finance Development Committee. We look forward to having your advice and participation in the journey. On this note, I wish you all a rewarding day at the Conference today. Thank you.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Russia: Renovation program: phased resettlement of almost 900 residents of old houses begins in Kryukov

Translation. Region: Russian Federation –

Source: Moscow Government – Government of Moscow –

In the Kryukovo district, a phased resettlement of 860 residents of four old houses to a new building on Zavodskaya Street is beginning. This was announced by the Deputy Mayor of Moscow for Urban Development Policy and Construction Vladimir Efimov.

“The new building is located at the address: Zavodskaya Street, Building 14, Buildings 1 and 2. It was erected on the site of four old buildings that were resettled and dismantled. 860 residents of the Kryukovo district are starting to move to the new residential complex. In total, 34 houses are to be resettled under the renovation program in Zelenograd, and more than seven thousand residents of the district will receive modern apartments,” said Vladimir Efimov.

The first stage of the renovation program in the district has come to an end. The resettlement of city residents has been completed ahead of schedule.

“The completion of the new building on Zavodskaya Street has made it possible to speed up the resettlement of residents of buildings included in the second stage of the renovation program. The building is designed for 477 apartments. For the convenience of Muscovites, entrance groups were made on both sides. You can exit both into the inner courtyard space with a playground, and into the outer part of the courtyard with guest parking for cars,” added the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy Vladislav Ovchinsky.

The first to be resettled are residents of old buildings located at the following addresses: Zavodskaya Street, Buildings 4 and 6. According to the Minister of the Moscow Government, Head of the Moscow Department of City Property Maxim Gaman, letters offering equivalent apartments to 280 Muscovites were sent on October 30. City residents will be able to inspect the new housing starting the next day. Another 580 residents of two buildings at the addresses: Zavodskaya Street, Building 2 and 1 Maya Street, Building 4 will begin inspecting apartments on November 6 and 12, respectively. Specialists from the City Property Department will send them notifications with offers the day before — November 5 and 11.

On the first floor of the new building, a public information center will be open from October 31, where you can get free consultations on resettlement issues.

To all participants renovation programs The city offers spacious apartments with improved finishing, plumbing, electric stoves and lighting fixtures. The entrances are level with the ground. Thanks to this, parents with strollers and residents with limited mobility can get into the entrance without assistance. Children’s and sports grounds are arranged in the courtyards.

Previously Sergei Sobyanin reported, that since the beginning of the year, 23 new buildings have been commissioned under the renovation program and 44 residential complexes have been handed over for occupancy.

Renovation program housing was approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. In 2023 alone, 59 new buildings in the capital were handed over for settlement and the resettlement of over 47 thousand people was ensured. The Mayor of Moscow has instructed to double the pace of implementation of the renovation program.

Moscow is one of the leaders among regions in terms of construction rates and volumes. In recent years, within the framework of the federal project “Housing” of the national project “Housing and Urban Environment” the volume of construction and commissioning of residential properties in the capital has doubled – from three to five to seven million square meters per year. More information about national projects being implemented in Moscow can be found Here.

Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

Please note; This information is raw content directly from the information source. It is accurate to what the source is stating and does not reflect the position of MIL-OSI or its clients.

http://vvv.mos.ru/nevs/item/145937073/

MIL OSI Russia News –

January 25, 2025

Category: Politics

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