Category: Politics

MIL-OSI Asia-Pac: SJ attends conference in Singapore

Source: Hong Kong Information Services

Secretary for Justice Paul Lam today attended the 14th China-ASEAN Prosecutors-General Conference in Singapore, where he delivered a speech at the plenary session.

The conference, organised by the Attorney-General’s Chambers of Singapore, brought together officials, prosecutors and legal experts from 13 delegations to share their views on the conference’s theme “Fostering Co-operation on Combating Financial Crimes”.

Addressing the plenary session, Mr Lam elaborated that Hong Kong has been adopting a multipronged approach in combating financial crimes with international elements, including adopting international regulatory standards, establishing a collaborative network for effective prosecution and asset recovery, making better use of emerging technologies and encouraging knowledge and experience sharing, in order to build a trustworthy and secure financial environment.

He also mentioned that Hong Kong has established a comprehensive co-operation regime for the mutual legal assistance and surrender of fugitives, and that geopolitical considerations should not be allowed to hinder international co-operation in fighting financial crimes.

The fight against financial crimes with international elements is a daunting and ongoing challenge, Mr Lam said, adding that he hoped Hong Kong and all other jurisdictions will continue to strengthen collaboration to jointly combat related crimes.

At the conference’s closing session, the justice chief remarked that the 15th China-ASEAN Prosecutors-General Conference will be held in Hong Kong next year.

During his visit to Singapore, Mr Lam attended other related activities. As a member of the Chinese delegation, he attended bilateral meetings between the delegation and member states of the Association of Southeast Asian Nations – Singapore, Myanmar, Vietnam, Brunei, Laos and Thailand, to exchange views on issues of mutual interest.

Yesterday, he attended a lecture given by Prosecutor-General of the Supreme People’s Procuratorate Ying Yong on the theme “The Chinese Prosecutorial System in the Process of Comprehensive Implementation of the Rule of Law”.

Mr Lam will conclude his visit to Singapore tomorrow and return to Hong Kong.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI NGOs: Israel/OPT: Law to ban UNRWA is ‘inhumane’ and an ‘outright attack’ on the rights of Palestinian refugees

Source: Amnesty International –

UNRWA has long served as a sole lifeline to Palestinian refugees offering indispensable humanitarian aid, education and shelter

The UN agency also provides desperately needed aid for millions of other Palestinian refugees living in neighbouring Arab countries

‘This appalling, inhumane law will only exacerbate the suffering of Palestinians who have endured unimaginable hardship’ – Agnès Callamard

In response to the news that the Israeli parliament has passed a law to ban the United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) from operating inside Israel, Agnès Callamard, Amnesty International’s Secretary General, said:

“This unconscionable law is an outright attack on the rights of Palestinian refugees. It is clearly designed to make it impossible for the agency to operate in the Occupied Palestinian Territory by forcing the closure of the UNRWA headquarters in East Jerusalem and ending visas for its staff. It amounts to the criminalisation of humanitarian aid and will worsen an already catastrophic humanitarian crisis.

“UNRWA has played an indispensable role in offering, food, water, medical aid, education and shelter to the nearly 2 million Palestinians in Gaza who have been forcibly displaced, subjected to an engineered famine, and stand at serious risk of genocide as a result of Israel’s relentless offensive in the last 12 months. This law flies in the face of the International Court of Justice order to Israel to ensure sufficient humanitarian assistance and facilitate basic services.

“UNRWA has been a lifeline for Palestinian refugees in the occupied Gaza Strip and the West Bank and in neighbouring countries throughout the 75 years since its foundation. The plight of the Palestinian people would be even more severe if not for UNRWA’s tireless work over the last three quarters of a century.

“This appalling, inhumane law will only exacerbate the suffering of Palestinians who have endured unimaginable hardship since the horrific attacks by Hamas and other armed groups in southern Israel one year ago, and whose need for global support is greater than ever.

“The international community must be quick to condemn it in the strongest possible terms and exert any influence they have on the Israeli government to repeal it.”

UNWRA

Founded in 1949, UNRWA is a UN agency that supports the relief and human development of Palestinian refugees. It is funded almost entirely by voluntary contributions from UN Member States. UNRWA has defined Palestine refugees as “persons whose regular place of residence was Palestine during the period 1 June 1946 to 15 May 1948, and who lost both home and means of livelihood as a result of the 1948 conflict.”

At a time when Israel, the occupying power, continues to flagrantly violate its obligations vis-à-vis Palestinian refugees in Gaza and the rest of the Occupied Palestinian Territory, UNRWA has long served as a sole lifeline, offering indispensable humanitarian aid, education and shelter. The agency also provides desperately needed aid for millions of other Palestinian refugees living in neighbouring Arab countries.

In January 2024 over a dozen states and the EU announced the suspension of funding to UNRWA following allegations that individual staff members were involved in the 7 October attacks carried out by Hamas and other armed groups in southern Israel. UNRWA immediately dismissed nine employees over the allegations at the time.

Almost all of the countries that had previously suspended funding for UNRWA have since reinstated their financial support, aside from the United States, where funding remains frozen until at least March 2025.

MIL OSI NGO –

January 25, 2025
MIL-OSI United Kingdom: Worcestershire brook pollution brings prosecution of 2 companies
Source: United Kingdom – Executive Government & Departments

The companies have been ordered to pay fines and costs in excess of £90,000 for causing trade effluent to pollute 3 kilometres of a Worcestershire brook.
Fines and costs totalling over £90,000 imposed by court

Human error and corporate failings caused 3 kilometres of brook to be impacted

Case heard at Worcester Crown Court on 24 October 2024

A prosecution by the Environment Agency has resulted in the conviction of 2 companies for causing trade effluent to pollute 3 kilometres of a Worcestershire brook. The companies have been ordered to pay fines and costs in excess of £90,000.

At Worcester Crown Court on 24 October 2024, Elisabeth The Chef (ETC) and Civil Environmental Project Services Ltd (CEPS) were sentenced for causing the discharge into the Laugherne Brook in September 2017.

ETC, a food manufacturer operating in Lower Broadheath, was fined £18,000 and ordered to pay prosecution costs of £52,000. CEPS, an engineering company in Bidford-upon-Avon was fined £4,000 and ordered to pay prosecution costs of £20,000.

The discharge

The Court was told that the discharge caused the deaths of a significant number of fish and that it followed a series of human and corporate failings.

The manufacturing process at ETC produces around 40,000 gallons per day of trade effluent and human sewage.

CEPS provided quarterly maintenance, and a telemetry monitoring service, for a pumping station at ETC’s premises. It was designed to pump trade effluent and sewage from the works to a foul sewer.

On 1 September 2017, an employee of CEPS attended the ETC site’s pumping station to conduct routine maintenance. Following completion of the maintenance work, the employee failed to switch the pumps within the pumping station back on.

As a result, trade effluent built up in the pump well rather than being sent to the foul sewer. This caused an overflow of trade effluent from the pumping station into a containment lagoon.

The containment lagoon filled up and then discharged the pollutant through a broken sluice gate and into a ditch running alongside the factory.

This pollution discharge flowed from the ditch into the Laugherne Brook, flowing towards Worcester and the River Teme in the south of the city.

The situation was compounded by the same CEPS employee reporting to ETC on 4 September 2017, whilst the pollution was going on, stating that it was ‘working ok’.

The same employee had also attended the ETC site in April 2017 and erroneously fitted an alarm too high within the pumpwell. This meant that the alarm did not function properly and consequently ETC was not notified that the pumping station was not working.

Environment Agency response to the incident

On 5 September 2017, members of the public contacted the Environment Agency to report that the Laugherne Brook was cloudy and dead fish were on the surface.

The Environment Agency managed the response to the incident and identified the source of the pollution and ETC then took action to stop the pollution.

Officers carried out water quality testing and found that there had been a severe short-term impact covering some 3 kilometres of the Laugherne Brook.

Some 86 dead fish were counted in the accessible sections of the Brook, including brown trout, bullhead, dace, and gudgeon.

Hundreds of fish were estimated to have been killed as a result of the incident.

ETC, a company with previous convictions for environmental offending, initially blamed CEPS for the incident.

But subsequently accepted that it had failed to put in checks and procedures to ensure its on-site pumping station was working correctly.

The company also accepted that it had failed to conduct day-to-day physical checks of its pumping station and containment lagoon.

CEPS was vicariously liable for the actions of its employee. It had failed to put in place appropriate checks and monitoring to instruct its employee to ensure that work was done competently.

The sentence

In sentencing, the Court remarked that the state of rivers were ‘at the front of the public consciousness’ and that this was a ‘serious breach of law’.

In mitigation, the Court remarked that both companies had undertaken investigations and taken all remedial action to prevent a recurrence.

The Court noted that ETC had been under different ownership when the pollution event occurred. But the new owners were taking the company’s environmental responsibilities seriously.

The Court also noted that there have been no further pollution events at the site since 2017.

CEPS admitted responsibility for the incident at an early stage.

The Court noted that the company’s engagement and co-operation with the Environment Agency’s investigation was ‘impressive.’ It had no previous convictions of any kind.

Kelly Horsley, an Environment Officer for the West Midlands Environment Agency, said:

We welcome this sentence as this was a serious pollution which caused considerable disruption besides fish deaths.

The Environment Agency will pursue any company that fails to uphold the law or protect nature and will continue to press for the strongest possible penalties.

Failure to comply with these legal requirements is a serious offence that can damage the environment and harm human health.   

 If anyone has environmental concerns they should call our 24/7 hotline on 0800 80 70 60 or Crimestoppers anonymously and in confidence on 0800 555 111.

The Charge

Between 1 September 2017 and 5 September 2017, (1) Elisabeth the Chef Ltd and (2) Civil and Environmental Project Services Ltd caused a water discharge activity.

This was namely a discharge of polluting trade effluent into a ditch adjacent to and joining the Laugherne Brook, Worcester.

This was not authorised by an environmental permit, contrary to Regulation 38(1)(a) and Regulation 12(1)(b) of the Environmental Permitting (England and Wales) Regulations 2016.

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Published 29 October 2024
MIL OSI United Kingdom –
January 25, 2025
MIL-OSI Russia: “I would be interested in talking to Chinese farmers”

Translation. Region: Russian Federation –

Source: State University Higher School of Economics – State University Higher School of Economics –

Veronika Smirnova studies the Chinese approach to global food security and spent a year at the Renmin University of China in Beijing. In an interview with the HSE Young Scientists project, she spoke about Xi Jinping’s flagship initiatives, her interest in FAO’s John Boyd Orr, and her love of malatan and xiao long bao.

How I got started in science

It wasn’t a strategic plan. Science chose me, like many future scientists who enjoyed studying many subjects at school. Surprisingly, math and physics were the easiest for me, but I ended up choosing the humanities.

Around the 9th grade, I thought about what direction I would like to choose in the future, and the topic of international relations seemed interesting to me. At that time, I was not yet interested in Chinese culture, I only heard in the news that Russian-Chinese relations were developing at a rapid pace. When it was time to choose a second language (internationalists always learn two), I spent a long time choosing between German and French. But then something sank in my heart, and I began to study Chinese, not yet knowing what awaited me in the future. This is how my love for China began, I gradually began to take an interest in culture and politics.

In my undergraduate studies at Nizhny Novgorod State University, we had amazing courses on analytics for government bodies. I really liked this subject, and I became interested in working in this field. When I went to the master’s program at HSE, I saw that CCEMI, where I now work, was recruiting interns, and I applied. That’s how my path in science began. Then I went to graduate school and continued scientific research.

What am I studying?

China’s participation in the global food security system. Interest in this topic did not develop immediately. In my bachelor’s degree, I studied more about culture and soft power. But in my master’s degree, I thought: I would like to study something more practice-oriented, which could contribute to the improvement of Russian-Chinese relations. The food topic found me itself.

The HSE education system involves earning several credits for projects during the course of study. In my Master’s program, I chose a project that was conducted by the School of Oriental Studies together with Azbuka Vkusa. Against the backdrop of Covid, we studied how retail is developing in Asian countries. I was doing research on China. And then one of the teachers said that there was an opportunity to do an internship at the UN.

At first I wasn’t interested, but my friend, who had this experience, explained that it was a very interesting track where you act as a manager of an educational course.

I applied for the next intake and was accepted to this project. The internship was online. I helped organize a course for UNITAR (United Nations Institute for Training and Research) and FAO (FAO, Food and Agriculture Organization of the United Nations). The course was designed for officials from the post-Soviet space on the topic of agriculture in international trade agreements.

I thought it was an interesting topic because China and Russia were developing relations in the agricultural sector, so I decided to take it up more seriously and continued to study it in graduate school.

What was my master’s thesis about?

I studied Chinese concepts in global governance. This topic is close to my PhD thesis, where I examine how China promotes its approaches to food security co-operation internationally.

In my master’s degree, I was interested to see how China’s policy ambitions are growing in practical terms, what approaches it offers – whether it is trying to take the place of the United States or is offering something unique.

I decided to look at the theoretical approaches of Chinese scholars and compare them with the statements of Chinese leaders Hu Jintao and Xi Jinping. And I saw that, in principle, the same thing happened to the concept of global governance developed in the West as to many other Western concepts in China – from complete rejection to active participation.

At first, China came out with sharp criticism, claiming that the concept was aimed at Western countries controlling global development. Then with interest – how to apply it with Chinese specifics. Then, gradual testing began in specific areas. For example, Chinese scientists separately studied issues of sovereignty, participation of non-profit organizations. And already at the next stage, they proposed their own approaches.

At the same time, Chinese leader Xi Jinping put forward the concept of a Community of Shared Future for Humanity and the flagship Belt and Road Initiative, and Chinese scholars were studying how to develop global governance together with other countries through these projects.

What is the Community of Shared Destiny for Humanity?

Xi Jinping put forward this concept in 2013 — by the way, he first spoke about it in Moscow, at MGIMO. At the first stage, it was quite simple, it could be characterized by his words: “In me there is you, in you there is me.” The world is interconnected, and we need to manage things together, because if one participant starts having problems (as we saw during the pandemic), they arise for others as well.

A more correct translation of the name is “the concept of a common destiny.” “A common destiny” implies unification. And China insists that everyone has the right to follow their own path of development, and this community is expressed in the fact that we develop together, but in different ways.

Why China Believes the World Needs Food Security

China is primarily interested in ensuring internal security. It relies on the concept of self-sufficiency. This issue is particularly sensitive for it. In the past, periods of famine were associated with political instability.

During the Cold War, when China suffered famine, the country also faced a food embargo from the United States. And now China believes that “it must hold the rice bowl firmly in its own hands,” as Xi Jinping says.

But having joined the WTO and participated in world trade, one cannot be completely autonomous. If there are problems in the food security sphere somewhere, it affects everyone. China is interested in maintaining general world stability. It is also developing cooperation in the “south-south” direction. This is cooperation between a developing country and a similar country, where it acts not as a donor, but as a partner, sharing its experience in solving problems.

In the area of food security, China’s experience is a strong case: the country was able to defeat hunger with very few resources, land and water. Therefore, this is one of the key areas for cooperation with developing countries. China focuses on them, and mainly seeks to develop partnerships with them.

Russian-Chinese relations

Our relations are now at the peak of prosperity. During the Cold War, Sinologists had a hard time. Relations were tense, we had different views on what communism should be. The Chinese reacted quite sharply to the debunking of Stalin’s personality cult. We had border conflicts. China then, especially against the backdrop of rapprochement with the United States, diverged even more from the USSR.

I remember my first academic supervisor in my bachelor’s degree told me that he was criticized in his close circle for studying the language of a country where he would never go, with which we are at odds. But he said that he was right. The prerequisites for normalizing relations began to emerge in the Brezhnev era, later the issues of demarcation and delimitation of the border were resolved, economic relations also developed, and now our relations have become the best.

What results and achievements I am proud of

I spent the last year in China, and returned in July. I was accepted to the New Sinology program for postgraduate students. It is designed to develop new approaches to China studies, building connections so that scholars can see their subject up close. I chose Renmin University of China, one of the largest in Beijing. I was able to work on my topic with a Chinese supervisor, Professor Song Wei, who is developing the theoretical framework I used in my work.

My other achievements are not really in the scientific sphere. Within my center, I am actively involved in the implementation of joint humanitarian projects between Russia and China.

We organized a Russian-Chinese summer school for students, and we had a project called “China Perspective,” where students from our department met with China experts and learned how to build a career in cooperation with the PRC.

Basically, my journey of getting to know HSE and CCEIS began with me being a participant in the Russian-Chinese summer school — the 9th intake. And the next time, I was already on the organizing committee. The school was held online because of COVID, but there were many participants, some even joined from Brazil.

What I dream about

I am very interested in getting more field experience. For example, going to Chinese villages and talking to farmers. In China, most agricultural products are still produced on small farmsteads.

Where I was in China

I traveled a lot around China, visited ten cities: Beijing, Shanghai, Shenzhen, Hangzhou, Suzhou, Xi’an, Luoyang, Tianjin, Chengdu and Chongqing. In Shanghai, colleagues from my center organized a conference of the Valdai Club together with the East China Normal University. I was included in the delegation.

There was also a trip to a conference in Shenzhen, to MSU-PPI – a joint university of Moscow State University and Beijing Polytechnic University. I already went to other cities with friends, to immerse myself in Chinese culture. A guy from India studied with me on the program, we became friends, he was more advanced in studying Chinese culture, and I went on my first trip with him.

Science for me is a way of life, a space of connections. You are constantly looking for something to talk about, something to study.

If I hadn’t become a scientist, I could have become a manager or producer of educational courses in the humanities. I still combine this with my scientific career, but I would have concentrated on it.

Who would I like to meet?

For my dissertation, I would like to meet the first FAO Secretary-General, John Boyd Orr, and talk more about his failed initiatives. My research is more in the area of international cooperation, while his research is specifically looking at how certain policies reduce malnutrition in the world.

I was very inspired by the history of the creation of FAO. Boyd Orr was the first Secretary-General, he stood at its origins. He advocated a comprehensive approach to food security. At that time, food security was considered to be only access to products and their availability. He suggested looking at the problem more broadly and advocated that the newly formed organization should control not only development issues and information collection, but also trade, production, and food delivery.

For example, during World War II, scientists discovered that if you increase the rations for pregnant women, then infant mortality drops sharply. They made several such discoveries, were inspired, and thought that this new knowledge would allow them to significantly reduce hunger within the organization.

But due to the onset of the Cold War, due to the importance and criticality of this topic for the world’s major powers, there was not enough space for trust to be created so that a common supranational structure in the form of a UN institution could control all these processes.

What my typical day looks like

Now my typical day is loaded with work: the last year of graduate school, finishing my dissertation, going to the pre-defense. So I wake up, have breakfast, go to work and sit here for a long time. I solve work issues, and when I have a free minute, I finish the text of the dissertation.

What will I do after my defense?

I will continue working at CCEMI. I think that there will be more time for scientific work. I would like to study the topic of Russian-Chinese agricultural cooperation in more detail. It is also interesting to look at the development of the foodtech sphere in China, startups in this area. I would also try to publish in Chinese journals. They are not taken into account in our systems, which is critical for a postgraduate student, and after the defense this issue will no longer be so acute.

Do I get burnout?

I think it was at the beginning, when I didn’t understand how to combine work and study, but here my colleagues helped. We have a friendly atmosphere in the team, everyone supports each other. I adhere to the approach that there are always many interesting projects, but it is important to refuse most of them and concentrate on the most important, otherwise burnout can occur.

What are my interests besides science?

I love yoga. It helps me maintain a sports regimen during periods of intense work. I also like digital drawing, sometimes I even do something design-related. At the launch stage of our project “Chinese Perspective”, I made posters for the VKontakte group.

Where do I recommend starting your acquaintance with China?

I would recommend looking at VK groups dedicated to China. In our Russian-speaking community, for example, there is a group called “Grey Mocha” that publishes cultural notes about China. The Vyshka Chinese Club also provides a lot of useful information.

China has its own social networks. If you want to watch Chinese videos, you should go not to YouTube, but to Bilibili and Kuaishou. WeChat is a must to communicate with Chinese colleagues. They have an interesting service called “Little Red Book” — something like a combination of Instagram and Telegram, it helped me a lot while traveling around China. You can type in “Tasty places there,” and it will show you. You could even find out which of the many cafeterias at my university serves the best food. Or figure out how to take a photo in the Temple of Heaven without people being visible. But to immerse yourself in the Chinese blogosphere, you need to know the language and understand how it works. If you come to China with only English, it will be more difficult.

The leading contemporary Chinese writer

Probably Mo Yan. In the book “Frogs” he describes the social reality of the “One Family – One Child” era. I also liked the plot of the book “Children of the Herd Age” written by Liu Zhenyun. One of the stories describes how a man gave a large ransom for a woman, and she ran away with this ransom without marrying him, and his sister tries to find her.

Popular Chinese Attractions Among Russians

Beijing, Shanghai and Harbin — because of the proximity of the border. In Beijing, the heritage of ancient culture is interesting: the Forbidden City, the Temple of Heaven, the Great Wall of China. In Shanghai, people walk along the embankment, look at the Pearl Tower, there are more monuments of Western culture there. Hainan Island is also popular, especially among residents of Siberia and the Far East. The sea there is very clean. There are many interesting delicacies, for example, candies made from shark meat. Other destinations are for more advanced tourists who are also interested in nature. For example, the province of Sichuan, where pandas live and there are national parks.

Differences between Western and Chinese culture

There are, and very strong ones. In China, they tend to be collectivist, not individualistic. We have the concept of conscience, and they have shame. This is a capacious topic, it is difficult to talk about briefly, but it can be outlined with a series of illustrations by Chinese artist Yan Liu.

What was the last thing I read and watched?

Our colleague Ivan Yuryevich Zuenko recently published a book, “China in the Era of Xi Jinping.” I read it and even attended the presentation.

Because of my dissertation, everything is about China now, and I watch something to support Chinese. For example, the talk show “This is China” with Professor Zhang Weiwei and the program “Round Table” with the popular host Dou Wentao.

Advice to young scientists

Get involved in the scientific community early on, as talking to colleagues helps you understand early on what to watch out for and what new and interesting perspectives there are on the issues you’re studying.

Try to publish and speak at conferences. The sooner you gain such experience, the easier it will be to move along this path. And for a sinologist, it is especially important to have your own knowledge base and know exactly where to find certain materials. Order disciplines and helps in scientific work.

Favorite place in Moscow

VDNKh. I lived there during my first year of graduate school, and often walked there. This place is associated with my first pleasant memories after moving to Moscow.

Favorite places in Beijing

First of all, Beihai Park. Chinese parks are different from ours. When I came there for the first time in the evening, I felt like I was in a fairy tale. I also love Houhai, it’s also in the center, a walking place around the lake. And Qianmen Street, it’s quite lively, there are a lot of Chinese eateries, street food.

At first, I didn’t quite have the right idea of Beijing. I thought it was high-rise and modern. But if you travel around southern cities, you’ll notice that Beijing has many low buildings in the center and it’s not so densely built up. There are hutongs on Qianmen Street – ancient buildings. And a nice coffee shop called Metal Hands.

Chinese cuisine

I like it. I often ate xiao long bao (steamed meat buns like dumplings), malatan (a spicy soup where you put the ingredients yourself), and different types of beef noodles. Because of my Indian friends, I also fell in love with Indian food. But in general, there are a couple of places in Beijing where you can eat Russian food. When I started missing mashed potatoes with a cutlet, it was easy to get them.

Where would I go in China

See the natural attractions near the cities of Chengdu and Chongqing. You need to go there in a group and think everything through in advance. There are two large national parks near Chengdu. And next to Chongqing is the Wulong Karst geological park. And there is also a beautiful place Zhangjiajie, you also need to go there for five days, preferably with a group and a guide.

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 Asia-Pac: US tech investment curbs rejected

Source: Hong Kong Information Services

The Hong Kong Special Administrative Region Government today rejected a US measure restricting investment in China, including the Hong Kong SAR, on semiconductors and microelectronics, quantum information technologies, and artificial intelligence systems.

In a statement this evening, the Hong Kong SAR Government expressed strong objection to the US for intentionally targeting China and the Hong Kong SAR using various excuses out of political interests, causing damage to normal trade and investment activities as well as severely undermining the principles of a free market and economic order.

The US will ultimately reap the consequences, in particular the impact on the trade surplus it has realised in bilateral trade with Hong Kong throughout the years, the statement added.

It pointed out that in 2023, the US was Hong Kong’s third-largest trading partner, with the total merchandise trade value amounting to HK$472.2 billion or US$60.3 billion.

Meanwhile, Hong Kong is the 27th largest trading partner of the US. As at end 2022, the US ranked sixth in inward direct investment (IDI) into Hong Kong, with an IDI stock of HK$351.4 billion, or US$45 billion.

The US was placed eighth in outward direct investment (ODI) from Hong Kong, with an ODI stock of HK$164.2 billion, or US$21 billion.

In addition, the US has realised a trade surplus of US$271.5 billion with Hong Kong during the past 10 years, the largest among its global trading partners.

These figures demonstrate the close economic interaction between Hong Kong and the US, as well as the vast business interests of US businesses in Hong Kong, the Hong Kong SAR Government noted.

It said US politicians once again have shown that they have acted out of their own political interests, causing damage to normal trade and investment, the free market and economic order.

The so-called restriction not only causes damage to normal business activities between Hong Kong and the US, but also affects the stability of the global supply chain.

Such a restriction, which would also harm US enterprises, as well as their business interests, and adversely impact bilateral economic activities, was politically driven and in nobody’s interest, it added.

The Hong Kong SAR Government reiterated that it would work with our country to safeguard our national interests and protect the interests of Hong Kong enterprises.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI Security: Defense News: Navy Week Charts Course to Kansas City

Source: United States Navy

Kansas City Navy Week brings Sailors from across the fleet to the area to emphasize the importance of the Navy to Kansas City, the states of Missouri and Kansas, and the nation.

More than 50 Sailors will participate in education and community outreach events throughout the city.

Participating Navy organizations include Navy Band Great Lakes, USS Constitution, Naval Meteorology and Oceanography Command, Navy Talent Acquisition Group Mid-America, Maritime Expeditionary Security Squadron Two, Navy History and Heritage Command, The Strike Group, Fleet Outreach Ambassador Team (FLOAT), Bureau of Medicine and Surgery, Office of Small Business Programs, Office of Civilian Human Resources, Naval Reserve Center Kansas City, and Independence-class littoral combat ship USS Kansas City (LCS 22).

The Navy’s senior executive is Rear Adm. Larry Watkins, Vice Commander, U.S. Naval Forces Europe/Vice Commander, U.S. Naval Forces Africa. He commissioned through the University of Missouri-Columbia Naval Reserve Officer Training Corps program in December 1990, graduating with an economics degree. He is also a 2012 graduate of Webster University with a Master of Business Administration and completed Joint Professional Military Education curriculum at Army Command & General Staff College. During Kansas City Navy Week, he is participating in community engagements, and meeting with local organizations, higher education, local business, civic, and government leaders.

Navy Weeks are a series of outreach events coordinated by the Navy Office of Community Outreach designed to give Americans an opportunity to learn about the Navy, its people, and its importance to national security and prosperity. Since 2005, the Navy Week program has served as the Navy’s flagship outreach effort into areas of the country without a significant Navy presence, providing the public a firsthand look at why the Navy matters to cities like Kansas City.

“Sailors are the reason America’s Navy is the most powerful in the world,” said NAVCO’s director, Cmdr. Julie Holland. “We are thrilled to bring your Navy Warfighters to Kansas City. At Navy Weeks, Americans will connect with Sailors who have strong character, competence, and dedication to the mission, and who continue a nearly 250-year tradition of decisive power from seabed to cyberspace.”

Throughout the week, Sailors are participating in various community events across the area, including ceremonial celebrations at Harry S. Truman Museum, WWI Museum, and Negro League Baseball Museum; volunteering with the Kansas City Urban Youth Academy, Habitat for Humanity Kansas City, Bishop Sullivan’s Center, Happy Bottoms, and Thelma’s Kitchen; and engaging with students across multiple high schools. Residents will also enjoy free live music by Navy Band Great Lakes at venues throughout the week.

Kansas City Navy Week is the last of 15 Navy Weeks in 2024, which brings a variety of assets, equipment, and personnel to a single city for a weeklong series of engagements designed to bring America’s Navy closer to the people it protects. Each year, the program reaches more than 130 million people — about half the U.S. population.

Media organizations wishing to cover Kansas City Navy Week events should contact Ensign Lamar Badger at (901) 229-5709 or erick.l.badger.mil@us.navy.mil.

MIL Security OSI –

January 25, 2025
MIL-OSI Russia: Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

Translation. Region: Russian Federation –

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

Deputy Prime Minister Dmitry Patrushev, as part of a working visit to St. Petersburg, together with the city’s governor, Alexander Beglov, took part in the ceremonial laying of the keel of the scientific expedition vessel Ivan Frolov.

Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov” in St. Petersburg

October 29, 2024

Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

October 29, 2024

Minister of Natural Resources and Environment Alexander Kozlov took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

October 29, 2024

Previous news Next news

Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

According to the Deputy Prime Minister, after commissioning, the vessel should become the flagship of the Roshydromet fleet. It will house a powerful scientific complex that will allow research to be conducted even in the harshest weather conditions. And in general, this multi-purpose project will ensure the uninterrupted operation of Roshydromet polar stations – five year-round and five field bases in Antarctica.

“Studying the Arctic and Antarctic is one of the key areas of activity of the federal service. More than 20 expeditions are already conducted annually. They allow us to track climate change, collect data for the development of navigation along the Northern Sea Route and clarify the boundaries of the country’s continental shelf. The appearance of the new vessel “Ivan Frolov” will certainly strengthen our positions in the polar regions,” said Dmitry Patrushev.

The Deputy Prime Minister noted that a range of advanced knowledge and technologies is being used in construction. This will contribute to the development of Russia’s competencies in high-tech areas.

It is planned that the research and expedition vessel Ivan Frolov will replace the flagship of the polar fleet Akademik Fedorov and will remain in service for at least 30 years. The vessel will be about 165 m long. Up to 20 laboratories and a platform for helicopters will be located on board. The research vessel will allow scientific research to be carried out on modular programs of any complexity by different scientific teams. Dozens of scientific projects will be carried out on board at the same time – from research of the ocean floor to the upper atmosphere and space, depending on the need and priority of research in polar latitudes.

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 Asia-Pac: CE meets top ecology official

Source: Hong Kong Information Services

Chief Executive John Lee today met Leading Party Members Group of the Ministry of Ecology & Environment Secretary Sun Jinlong to exchange views on issues of mutual concern.

Mr Lee welcomed Mr Sun’s visit with his delegation to attend the opening ceremony of the 19th Eco Expo Asia and to learn more about Hong Kong’s work in improving harbour water quality and waste management through site visits.

The Chief Executive also thanked the central government and the Ministry of Ecology & Environment for their strong support to the Hong Kong Special Administrative Region Government’s work in protecting the ecological environment.

He said the Third Plenary Session of the 20th Central Committee of the Communist Party of China focused on achieving the objective of building a beautiful China by ramping up green transition in all areas of economic and social development and improving the environmental governance system.

“The Hong Kong SAR Government will continue to work closely with the Ministry of Ecology & Environment and the governments of provinces and cities in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) to promote environmental governance in the GBA, including improving water quality of Shenzhen River and enhancing regional air quality, in efforts to build a beautiful China and a beautiful Hong Kong.”

Mr Lee also stated that the Hong Kong SAR Government will leverage the city’s unique advantages of enjoying strong national support while maintaining unparalleled connectivity with the world to introduce ecological protection and development technologies from the Mainland and internationally, with a view to establishing Hong Kong as a demonstration base for green technologies.

He added that Hong Kong will play its role as a super connector and a super value-adder, combining its world-class professional services and advantages in financing to contribute to ecological protection and development.

Secretary for Environment & Ecology Tse Chin-wan and Director of the Chief Executive’s Office Carol Yip also attended the meeting.

MIL OSI Asia Pacific News –

January 25, 2025
MIL-OSI: Bybit Card Expands Into New Regions, Offering Seamless and Rewarding International Crypto Payments
Source: GlobeNewswire (MIL-OSI)

DUBAI, United Arab Emirates, Oct. 29, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, elevates off-ramp experiences for crypto users in more regions with the Bybit Card. Officially open for registration for new users in select regions, the Bybit Card marks another step forward in the company’s mission to enable digital asset investors worldwide to access, hold and spend their cryptocurrencies with ease and confidence.

In collaboration with S1LKPAY, principal member of Mastercard’s payment network and a provider of Banking-as-a-Service (BaaS) and Card-as-a-Service (CaaS), the Bybit Card is now accepting applications from customers of Bybit Limited, the entity regulated by the Astana Financial Services Authority (AFSA). Having obtained the full license in Sep., this is the first time Bybit Limited (AFSA) issued a prepaid card for international customers.

To celebrate the launch, eligible users who successfully register for the campaign will receive 10% cashback up to 600 USD for a limited time only. The Bybit Card simplifies the integration of crypto into everyday spending by offering users the ability to make payments in multiple currencies wherever Mastercard is accepted worldwide.

The Bybit Card has been mapping out new markets globally throughout 2024, now serving customers in multiple markets across four continents.

“Bybit is dedicated to bridging the gap between our customers’ digital assets and their real-world needs. As the Bybit Card continues to gain traction, it is being recognized as a trusted and easy-to-use crypto payment solution. We’re excited to welcome more users to the future of crypto and are committed to delivering more rewards and features in the near future,” said Joan Han, Sales and Marketing Director at Bybit. “SILKPAY is the first in the region to bring cutting-edge digital asset payment technology to market. Our partnership with Bybit brings together complementary strengths, enabling us to deliver more secure, seamless, and faster transactions through the Bybit Card. Together, we are setting a new standard for innovation and inclusion in the region’s financial landscape,” said Gani Uzbekov, Founder and CEO of SILKPAY.

Key Features of the Bybit Card
- Free virtual card: Zero fees for the virtual Bybit Card
- No hidden charges: No annual or monthly fees
- Attractive rewards: Up to $600 USD in rewards during the promotional period with 10% cashback, followed by 2-10% rebates and up to 8% APY
- Instant access: Virtual card available immediately for use
- Wide range of digital assets: The Bybit Card supports USDT, BTC, ETH, and more.
Users can read more about how to qualify for the rewards: Bybit Card – 10% Cashback and Card Bonuses (Selected International Users Only)

#Bybit / #TheCryptoArk

About Bybit

Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

For more details about Bybit, users can visit: Bybit Press

For media inquiries, users can contact: media@bybit.com

For more information, users can visit: https://www.bybit.com

For updates, users can follow: Bybit’s Communities and Social Media

Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

About Mastercard

Mastercard is a global technology company in the payments industry. Their mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, their innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Mastercard decency quotient, or DQ, drives our culture and everything they do inside and outside of their company. With connections across more than 210 countries and territories, they are building a sustainable world that unlocks priceless possibilities for all.

Mastercard press office in Kazakhstan

Tel: +7 (727) 264 67 37

mastercard@pressclub.kz

Contact

Head of PR

Tony Au

Bybit

tony.au@bybit.com

The MIL Network –
January 25, 2025
MIL-OSI: Locus Unveils Refrigerant Management Software Aligned with the EPA’s Final Rule on Hydrofluorocarbon Phasedown

Source: GlobeNewswire (MIL-OSI)

MOUNTAIN VIEW, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Locus Technologies the sustainability and Environmental Health and Safety (EHS) compliance software leader, today announced the release of Locus Refrigerant Management software, the cloud-based, mobile-friendly product that generates exceedance alerts, facilitates leak detection, and automates response protocols in addition to providing comprehensive tracking of fluorinated greenhouse gases (F-gases), chlorofluorocarbons (CFCs), hydrochlorofluorocarbons (HCFCs), and substitutes like hydrofluorocarbons (HFCs). The software empowers companies to manage complex refrigerant phasedowns with accuracy and confidence, ultimately avoiding excessive emissions. The software also positions Locus clients to comply with tougher US federal regulations taking effect 14 months from now and to easily adapt as US and EU rules evolve in the future.

On September 20, 2024, EPA Administrator, Michael S. Regan, signed the final rule Phasedown of Hydrofluorocarbons: Management of Certain Hydrofluorocarbons and Substitutes under of the American Innovation and Manufacturing (AIM) Act which indicates tougher requirements will be phased in starting January 1, 2026. Refrigerants are the most potent of greenhouse gases, with some varieties having a global warming potential hundreds and even thousands of times greater than CO₂. Even small leaks pack a big punch on the environment, which is why stricter regulations are emerging.

“These next 12 months will be critical for companies to articulate their refrigerant management plans, train their technicians, and adopt technology that will help them avoid costly errors and get this right,” said Mark Harbin, veteran refrigerant compliance expert and Locus product designer. “Locus is pleased to bring to market refrigerant management software as well as refrigerant management training and certification to help each client manage the phase down and transition successfully.”

Immediate regulatory priorities include detecting leaks and resolving them within mandated timeframes; comprehensive record keeping of equipment, inspections, refrigerant inventories, and rates of use; and meticulously disposing and reclaiming used refrigerants. Locus Refrigerant Management software simplifies these challenges. Locus manages everything from service records to cylinder barcodes and automatically alerts users when any dates or datapoints are out of compliance. Immediate notifications and dynamic dashboards deliver real-time insights, and the software’s fully configurable components flex to future demands.

“Refrigeration and air conditioning cause up to 10 percent of global carbon emissions, and the leaks alone produce more carbon than all the air travel worldwide, which is why waiting on periodic reports pulled from static refrigerant databases just won’t cut it,” said Wes Hawthorne, President of Locus Technologies. “Locus software enables clients to act quickly; the software immediately alerts users of potential problems with their equipment so that issues can be resolved before becoming disastrous.”

Locus Refrigerant Management is one of several integrated applications available in Locus software. Other Locus offerings include EHS risk and compliance, sustainable construction, waste management, water quality, incident management, ESG reporting, and robust environmental data management software. This collection of specialized and unified SaaS applications enables clients to manage every facet of refrigerant management and environmental data in one place. To learn more about Locus Refrigerant Management or the full suite of applications, please visit www.locustec.com.

About Locus Technologies
Locus Technologies, the global environmental, social, governance (ESG), sustainability, and EHS compliance software leader, empowers companies of every size and industry to be credible with ESG reporting. From 1997, Locus pioneered enterprise software-as-a-service (SaaS) for EHS compliance, water management, and ESG credible reporting. Locus apps and software solutions improve business performance by strengthening risk management and EHS for organizations across industries and government agencies. Organizations ranging from medium-sized businesses to Fortune 500 enterprises, such as Sempra, Corteva, Chevron, DuPont, Chemours, San Jose Water Company, The Port Authority of New York and New Jersey, Port of Seattle, and Los Alamos National Laboratory, have selected Locus. Locus is headquartered in Mountain View, California. For further information regarding Locus and its commitment to excellence in SaaS solutions, please visit www.locustec.com or email info@locustec.com.

The MIL Network –

January 25, 2025
MIL-OSI: Mattermost Wins “Overall Incident Response Solution of the Year” in 2024 Cybersecurity Breakthrough Awards

Source: GlobeNewswire (MIL-OSI)

Palo Alto, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Mattermost, Inc., a leader in delivering the secure, real-time collaboration and workflow tools that modern defense, security, and intelligence teams need to maintain command, control, and operational tempo, today announced that it has won the “Overall Incident Response Solution of the Year” award in the eighth annual Cybersecurity Breakthrough Awards.

The Cybersecurity Breakthrough Awards are one of the cybersecurity industry’s most comprehensive programs dedicated to recognizing the world’s best information security companies, products, and people. Mattermost’s win signifies the efficacy of its cybersecurity incident response playbooks, as the solution was weighed against thousands of global entries for its innovation, functionality, ease of use, performance, value, and impact.

Today, it takes an average of 277 days to identify and contain a single attack, according to research from IBM and Ponemon Institute, resulting in costly, unexpected downtime, reputational damage, and potential compliance implications. To address these hurdles, Mattermost offers customizable digital Playbooks that document workflows and individual roles and responsibilities, and support real-time, out-of-band collaboration.

Activating the moment an incident is detected, Playbooks alert designated teams across IT, security, legal, communications, and other business units via a secure channel with persona-based access controls. The Playbooks checklist-based automation is valuable in a variety of proactive and reactive incident response use cases such as managing a cyber attack, deploying a patch, issuing reports to customers and regulatory entities, and more. Near-term enhancements to Playbooks will serve to further transform incident response with advanced workflow features to help companies better respond to threats and maintain compliance with industry regulations.

“Effective incident response is crucial for mitigating the fallout of cyberattacks, especially with the rapid evolution of today’s threat vectors. Response teams must have access to real-time insights and cross-department collaboration to ensure secure, timely resolution,” said Dr. Bill Anderson, principal product manager at Mattermost. “This award is a testament to our team’s unwavering commitment to empowering our customers across the public and private sectors to achieve excellence in cybersecurity.”

Beyond cybersecurity, Mattermost Playbooks can also support workflows for logistics, DevOps, mission operations, and more by ensuring employees across business functions have access to the right information at the right time. Additionally, the Mattermost operational and collaboration platform’s open source nature aligns with strict security and compliance requirements by delivering complete data sovereignty when hosted on-premises. The Air Mobility Command is one of many customers that relies on the secure, collaborative power of Mattermost Playbooks to coordinate operations in real-time.

For more information about how Mattermost can streamline incident response, please visit: https://mattermost.com/solutions/use-cases/out-of-band-incident-response/.

About Mattermost

Mattermost is the leading collaboration and workflow platform for mission-critical work. We serve national security, government, and critical infrastructure enterprises, from the U.S. Department of Defense, to global tech giants, to utilities, banks, and other vital services. We accelerate out-of-band incident response, DevSecOps workflow, mission operations, and self-sovereign collaboration to bolster the focus, adaptability, and resilience of the world’s most important organizations.

Our enterprise software and single-tenant SaaS platforms are built to meet the custom needs of rigorous and complex environments while offering a secure and unrivaled collaboration experience across web, desktop, and mobile with channel-based messaging, file sharing, audio calling and screen share, with integrated tooling, workflow automation and AI assistance.

Mattermost is developed on an open core platform vetted by the world’s leading security organizations, and co-built with over 4,000 open source project contributors who’ve provided over 30,000 code improvements towards our shared vision of accelerating the world’s mission-critical work.

For more information visit mattermost.com.

The MIL Network –

January 25, 2025

MIL-OSI: CALIFORNIA BANCORP REPORTS FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2024

Source: GlobeNewswire (MIL-OSI)

San Diego, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — California BanCorp (“us,” “we,” “our,” or the “Company”) (NASDAQ: BCAL), the holding company for California Bank of Commerce, N.A. (the “Bank”) announces its consolidated financial results for the third quarter of 2024.

The Company reported net loss of $16.5 million for the third quarter of 2024, or $0.59 diluted loss per share, compared to net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024, and $6.6 million, or $0.35 per diluted share in the third quarter of 2023.

“As we previously reported, the merger of Southern California Bancorp and California BanCorp closed on July 31, 2024, and I am pleased to announce we executed a successful core conversion on September 20, 2024,” said David Rainer, Executive Chairman of the Company and the Bank. “We are excited to have created a commercial banking franchise with a footprint that covers the best banking markets in both Northern and Southern California and that is based on our trusted brands and reputations. Our scalable business model is expected to bring cost savings and greater efficiency to our operations, while allowing us to offer complementary products and services to all our clients. We will continue to build on our history of service to our communities and remain dedicated to increasing shareholder value.”

“With the close of the merger and successful conversion behind us, we are now focused on the prudent growth of our franchise by offering the highest quality and level of customer service available to middle-market businesses in both Northern and Southern California,” said Steven Shelton, CEO of the Company and the Bank. “We are excited about our future and look forward to the traction we expect our combined banking franchise will realize in the coming quarters.”

Third Quarter 2024 Highlights

	●	Merger closed on July 31, 2024, whereby California BanCorp (“CALB”) merged with and into Southern California Bancorp and California Bank of Commerce merged with and into Bank of Southern California, N.A. CALB had total loans of $1.43 billion, total assets of $1.91 billion, and total deposits of $1.64 billion. The combined holding company has assumed the California BanCorp name, and the combined bank has assumed the California Bank of Commerce, N.A. name. The merger created a bank holding company with approximately $4.25 billion in assets and 14 branches across California, with approximately 300 employees serving our communities.
	●	Total aggregate consideration paid was approximately $216.6 million and resulted in approximately $74.7 million of preliminary goodwill subject to adjustment in accordance with ASC 805.
	●	Net loss of $16.5 million or $0.59 diluted loss per share for the third quarter reflects the after-tax one-time initial provision for credit losses (“day one provision”) related to non-purchased credit deteriorated (“non-PCD”) loans and unfunded loan commitments of $15.0 million and merger related expenses of $10.6 million; adjusted net income (non-GAAP¹) was $9.1 million or $0.33 per share for the third quarter.
	●	Net interest margin of 4.43%, compared with 3.94% in the prior quarter; average total loan yield of 6.79% compared with 6.21% in the prior quarter.
	●	Provision for credit losses of $23.0 million for the third quarter, of which $21.3 million was due to the day one provision for credit losses on non-PCD loans and unfunded loan commitments.

¹ Reconciliations of non–U.S. generally accepted accounting principles (“GAAP”) measures are set forth at the end of this press release.

	●	Return on average assets of (1.82)%, compared with 0.03% in the prior quarter.
	●	Return on average common equity of (15.28)%, compared with 0.26% in the prior quarter.
	●	Efficiency ratio (non-GAAP¹) of 98.9% compared with 85.7% in the prior quarter; excluding merger related expenses the efficiency ratio was 60.5%, compared with 83.5% in the prior quarter.
	●	Tangible book value per common share (“TBV”) (non-GAAP¹) of $11.28 at September 30, 2024, down $2.43 from $13.71 at June 30, 2024.
	●	Total assets of $4.36 billion at September 30, 2024, compared with $2.29 billion at June 30, 2024.
	●	Total loans, including loans held for sale of $3.23 billion at September 30, 2024, compared with $1.88 billion at June 30, 2024, largely due to the merger, with the fair value of the acquired loans totaling $1.36 billion.
	●	Nonperforming assets to total assets ratio of 0.68% at September 30, 2024, compared with 0.20% at June 30, 2024, which included the fair value of $13.9 million in nonaccrual PCD loans in connection with the merger.
	●	Allowance for credit losses (“ACL”) was 1.80% of total loans held for investment at September 30, 2024; allowance for loan losses (“ALL”) was 1.67% of total loans held for investment at September 30, 2024.
	●	Total deposits of $3.74 billion at September 30, 2024, increased $1.81 billion or 93.2% compared with $1.94 billion at June 30, 2024, largely due to the $1.64 billion of deposits acquired in the merger.
	●	Noninterest-bearing demand deposits of $1.37 billion at September 30, 2024, an increase of $701.7 million or 105.3%, of which $635.5 million was related to the merger; noninterest bearing deposits represented 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024.
	●	Cost of deposits was 2.09%, compared with 2.12% in the prior quarter.
	●	Cost of funds was 2.19%, compared with 2.21% in the prior quarter.
	●	The Company’s capital exceeds minimums required to be “well-capitalized,” the highest regulatory capital category.

Third Quarter Operating Results

Net Loss

Net loss for the third quarter of 2024 was $16.5 million, or $0.59 loss per diluted share, compared with net income of $190 thousand, or $0.01 per diluted share in the second quarter of 2024. Our third quarter results were negatively impacted by a day one $15.0 million after-tax CECL-related provision for credit losses on non-PCD loans and unfunded loan commitments related to the merger, or $0.54 loss per diluted share, and $10.6 million of after-tax merger expenses, or $0.38 loss per diluted share. Excluding one-time CECL-related provision for credit losses on acquired loans and unfunded loan commitments, and merger related expenses, the Company would have reported net income (non-GAAP¹) of $9.1 million, or $0.33 per diluted share, for the third quarter of 2024. Pre-tax, pre-provision income (non-GAAP¹) for the third quarter was $436 thousand, a decrease of $2.7 million or 86.3% from the prior quarter.

Net Interest Income and Net Interest Margin

Net interest income for the third quarter of 2024 was $36.9 million, compared with $21.0 million in the prior quarter. The increase in net interest income was primarily due to a $22.3 million increase in total interest and dividend income, partially offset by a $6.3 million increase in total interest expense in the third quarter of 2024, as compared to the prior quarter. During the third quarter of 2024, loan interest income increased $18.5 million, of which $4.1 million was related to accretion income from the net purchase accounting discounts on acquired loans, total debt securities income increased $458 thousand, and interest and dividend income from other financial institutions increased $3.3 million. The increase in interest income was primarily driven by the mix of interest-earning assets added by the merger and the impact of the accretion and amortization of fair value marks. Average total interest-earning assets increased $1.17 billion, the result of a $900.7 million increase in average total loans, a $114.2 million increase in average deposits in other financial institutions, a $25.1 million increase in average total debt securities, a $124.1 million increase in average Fed funds sold/resale agreements and a $7.5 million increase in average restricted stock investments and other bank stock. The increase in interest expense for the third quarter of 2024 was primarily due to a $6.0 million increase in interest expense on interest-bearing deposits, the result of a $763.7 million increase in average interest-bearing deposits, coupled with a $34.3 million increase in average subordinated debt, partially offset by a 6 basis point decrease in average interest-bearing deposit costs, and a $378 thousand decrease in interest expense on Federal Home Loan Bank (“FHLB”) borrowings, the result of a $26.8 million decrease in average FHLB borrowings in the third quarter of 2024.

Net interest margin for the third quarter of 2024 was 4.43%, compared with 3.94% in the prior quarter. The increase was primarily related to a 52 basis point increase in the total interest-earning assets yield, coupled with a 2 basis point decrease in the cost of funds. The yield on total average earning assets in the third quarter of 2024 was 6.49%, compared with 5.97% in the prior quarter. The yield on average total loans in the third quarter of 2024 was 6.79%, an increase of 58 basis points from 6.21% in the prior quarter. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million and the amortization expense impact on interest expense was $283 thousand, which increased the net interest margin by 46 basis points in the third quarter of 2024. Accretion income from the net purchase accounting discounts on acquired loans was $4.1 million, which increased the yield on average total loans by 59 basis points in the third quarter of 2024.

Cost of funds for the third quarter of 2024 was 2.19%, a decrease of 2 basis points from 2.21% in the prior quarter. The decrease was primarily driven by a 6 basis point decrease in the cost of average interest-bearing deposits, and an increase in average noninterest-bearing deposits, partially offset by an increase of 187 basis points in the cost of total borrowings, which was driven primarily by the amortization expense of $373 thousand, or 281 basis points from the purchase accounting discounts on acquired subordinated debts. Average noninterest-bearing demand deposits increased $373.8 million to $1.03 billion and represented 33.6% of total average deposits for the third quarter of 2024, compared with $658.0 million and 34.1%, respectively, in the prior quarter; average interest-bearing deposits increased $763.7 million to $2.04 billion during the third quarter of 2024. The total cost of deposits in the third quarter of 2024 was 2.09%, a decrease of 3 basis points from 2.12% in the prior quarter. The cost of total interest-bearing deposits decreased primarily due to the Company’s deposit repricing strategy and paying off high cost brokered deposits in the third quarter of 2024.

Average total borrowings increased $7.6 million to $52.9 million for the third quarter of 2024, primarily due to an increase of $34.3 million in average subordinated debt from the $50.8 million in fair value of subordinated debt acquired in the merger, partially offset by a decrease of $26.8 million in average FHLB borrowings during the third quarter of 2024. The average cost of total borrowings was 7.71% for the third quarter of 2024, up from 5.84% in the prior quarter.

Provision for Credit Losses

The Company recorded a provision for credit losses of $23.0 million in the third quarter of 2024, compared to $2.9 million in the prior quarter. The increase was largely related to the merger, and the resulting one-time initial provision for credit losses on acquired non-PCD loans of $18.5 million and unfunded commitments of $2.7 million. Total net charge-offs were $1.2 million in the third quarter of 2024, which included $967 thousand from a construction loan and $135 thousand from an acquired consumer solar loan portfolio. The provision for credit losses in the third quarter of 2024 included a $3.3 million provision for unfunded loan commitments, of which $2.7 million was related to the one-time initial provision for credit losses on acquired unfunded loan commitments, and $511 thousand related to the increase in unfunded loan commitments during the third quarter of 2024, coupled with higher loss rates and average funding rates used to estimate the allowance for credit losses on unfunded commitments. Total unfunded loan commitments increased $662.4 million to $1.03 billion at September 30, 2024, including $574.3 million in unfunded loan commitment related to the merger, compared to $371.5 million in unfunded loan commitments at June 30, 2024. The provision for credit losses for loans held for investment in the third quarter of 2024 was $19.7 million, an increase of $16.7 million from $3.0 million in the prior quarter. The increase was driven primarily by the one-time initial provision for credit losses on acquired non-PCD loans and increases in legacy special mention loans and loans held for investment. Additionally, qualitative factors, coupled with changes in the portfolio mix and in net charge-offs, and in the reasonable and supportable forecast, primarily related to the economic outlook for California which were partially offset by decreases in legacy substandard accruing loans, were factors related to the increase in the provision for credit losses. The Company’s management continues to monitor macroeconomic variables related to increasing interest rates, inflation and the concerns of an economic downturn, and believes it has appropriately provisioned for the current environment.

Noninterest Income

The Company recorded noninterest income of $1.2 million in the third quarter of 2024, a decrease of $5 thousand compared to $1.2 million in the second quarter of 2024. There was no gain on SBA 7A loan sales in the second and third quarters of 2024. Noninterest income was impacted by the merger through increases in service charges and fees on deposit accounts, bank owned life insurance income, and servicing and related income on loans; offset by a $614 thousand valuation allowance on other real estate owned (“OREO”) due to a decline in the fair value of the underlying property in the third quarter of 2024.

Noninterest Expense

Total noninterest expense for the third quarter of 2024 was $37.7 million, an increase of $18.7 million from total noninterest expense of $19.0 million in the prior quarter, which was largely due to the increase in merger related expenses.

Salaries and employee benefits increased $6.6 million during the quarter to $15.4 million. The increase in salaries and employee benefits was primarily the result of the merger and included $1.4 million related to one-time costs associated with non-continuing directors, executives and employees. Merger and related expenses in connection with the merger increased $14.1 million to $14.6 million. These costs primarily included retention bonus, severance and change in control costs of $6.2 million, financial advisory fees of $2.3 million, information technology expenses of $4.5 million, insurance costs of $919 thousand and legal and other professional costs of $305 thousand. The increase in core deposit intangible amortization was primarily driven by $622 thousand related to the additional amortization from the core deposit intangible of $22.7 million acquired in the merger.

The Company sold other real estate owned and recognized a $4.8 million loss in the second quarter of 2024. There was no comparable transaction in the third quarter of 2024.

Efficiency ratio (non-GAAP¹) for the third quarter of 2024 was 98.9%, compared to 85.7% in the prior quarter. Excluding the merger and related expenses of $14.6 million, the efficiency ratio (non-GAAP¹) for the third quarter of 2024 would have been 60.5%.

Income Tax

In the third quarter of 2024, the Company’s income tax benefit was $6.1 million, compared with an $88 thousand income tax expense in the second quarter of 2024. The effective rate was 26.9% for the third quarter of 2024 and 31.7% for the second quarter of 2024. The decrease in the effective tax rate for the third quarter of 2024 was primarily attributable to the impact of the vesting and exercise of equity awards combined with changes in the Company’s stock price over time, as well as non-deductible merger-related expenses.

Balance Sheet

Assets

Total assets at September 30, 2024 were $4.36 billion, an increase of $2.07 billion or 90.2% from June 30, 2024. The increase in total assets from the prior quarter was primarily related to the $1.86 billion in fair value of total assets acquired in the merger, which included increases of $1.36 billion in loans held for investment, $42.6 million in debt securities, and $336.3 million in cash and cash equivalents. In addition, the Company recorded preliminary goodwill of $74.7 million related to the merger in the third quarter of 2024.

Loans

Total loans held for investment were $3.20 billion at September 30, 2024, an increase of $1.32 billion, compared to June 30, 2024, primarily the result of the $1.36 billion fair value of loans acquired in the merger. During the third quarter 2024, there were new originations of $70.0 million and net advances of $8.9 million, offset by payoffs of $64.9 million, and the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of loans in the amount of $1.2 million. Total loans secured by real estate increased by $814.5 million, including $780.9 million acquired in the merger, construction and land development loans increased by $42.9 million, commercial real estate and other loans increased by $712.2 million, 1-4 family residential loans decreased by $4.8 million and multifamily loans increased by $64.2 million. Commercial and industrial loans increased by $482.3 million, and consumer loans increased by $25.3 million, largely due to a $25.2 million increase in consumer loans related to the merger. The Company had $33.7 million in loans held for sale at September 30, 2024, compared to $7.0 million at June 30, 2024.

Deposits

Total deposits at September 30, 2024 were $3.74 billion, an increase of $1.81 billion from June 30, 2024 due to the $1.64 billion in fair value of deposits related to the merger. Noninterest-bearing demand deposits at September 30, 2024, were $1.37 billion, including $635.5 million noninterest-bearing demand deposits related to the merger, or 36.6% of total deposits, compared with $666.6 million, or 34.4% of total deposits at June 30, 2024. At September 30, 2024, total interest-bearing deposits were $2.37 billion, compared to $1.27 billion at June 30, 2024. At September 30, 2024, total brokered time deposits were $222.6 million, including a $251.4 million increase of brokered time deposits related to the merger, compared to $103.4 million in brokered time deposits at June 30, 2024. The Company used excess cash acquired from the merger to pay off high cost callable and noncallable brokered time deposits totaling $131.9 million during the third quarter 2024. The Company also offers the Insured Cash Sweep (ICS) product, providing customers with FDIC insurance coverage at ICS network institutions. At September 30, 2024, ICS deposits were $699.6 million, or 18.7% of total deposits, compared to $239.8 million, or 12.4% of total deposits at June 30, 2024. Legacy CALB was also a participant in the Certificate of Deposit Account Registry Service (CDARS), and Reich & Tang Deposit Solutions (R&T) network, both of which provide reciprocal deposit placement services to fully qualified large customer deposits for FDIC insurance among other participating banks. At July 31, 2024, the Company acquired the fair value of $37.7 million in CDARS deposits and $306.6 million in R&T deposits.

Federal Home Loan Bank (“FHLB”) and Liquidity

The Company repaid all FHLB borrowings with liquidity primarily derived from the cash acquired in the merger during the third quarter of 2024. At September 30, 2024, the Company had no overnight FHLB borrowings, a $25.0 million decrease from June 30, 2024. There were no outstanding Federal Reserve Discount Window borrowings at September 30, 2024 or June 30, 2024.

At September 30, 2024, the Company had available borrowing capacity from the FHLB secured line of credit of approximately $663.6 million and available borrowing capacity from the Federal Reserve Discount Window of approximately $446.4 million. The Company also had available borrowing capacity from eight unsecured credit lines from correspondent banks of approximately $121.0 million at September 30, 2024, with no outstanding borrowings. Total available borrowing capacity was $1.23 billion at September 30, 2024. Additionally, the Company had unpledged liquid securities at fair value of approximately $159.3 million and cash and cash equivalents of $614.4 million at September 30, 2024.

In connection with the merger, the Company assumed subordinated borrowings of $55.0 million, with a fair value of $50.8 million. The subordinated borrowings include $20.0 million with a maturity date in September 2030 and $35.0 million with a maturity date in September 2031.

Asset Quality

Total non-performing assets increased to $29.8 million, or 0.68% of total assets at September 30, 2024, compared with $4.7 million, or 0.20% of total assets at June 30, 2024.

The increase in non-performing assets in the third quarter of 2024 was primarily attributable to downgrades of a construction loan and 1-4 family residential loan from one relationship totaling $12.7 million and a $13.9 million of nonaccrual PCD loans acquired in the merger. This increase was net of total charge-offs of $1.2 million, which included a partial charge-off of $967 thousand for a substandard nonaccrual construction loan collateralized by a stalled construction project in Los Angeles, California. Based on the Company’s internal analysis, which included a review of an updated appraisal, the estimated net collateral value was $9.7 million, which was $967 thousand lower than the subject loan’s net carrying value resulting in a partial charge-off in the third quarter of 2024. The Company expects to pursue the resolution of this matter. Non-performing assets in the third quarter of 2024 included OREO, net of valuation allowance, of $4.1 million related to a multifamily nonaccrual loan of $4.7 million that was transferred to OREO and the Company recorded a $614 thousand valuation allowance on OREO due to a decline in the fair value of the underlying property in the third quarter of 2024.

Total non-performing loans increased to $25.7 million, or 0.80% of total loans held for investment at September 30, 2024, compared with $4.7 million, or 0.25% of total loans at June 30, 2024. The increase from June 30, 2024 was due primarily to the aforementioned downgrades of a construction loan and 1-4 family residential loan from one relationship, nonaccrual PCD loans acquired in the merger and partial charge-offs of loans in the amount of $1.2 million in the third quarter of 2024.

Special mention loans increased by $65.6 million, including $41.0 million non-PCD loans and $10.1 million PCD loans, during the third quarter of 2024 to $93.4 million at September 30, 2024. The $14.5 million increase in the legacy special mention loans was due mostly to a $2.2 million increase in special mention commercial real estate loans and a $12.3 million increase in special mention commercial and industrial loans. Substandard loans increased by $81.2 million, including $2.3 million non-PCD loans, $71.3 million PCD loans, and $13.5 million nonaccrual PCD loans, during the third quarter of 2024 to $104.3 million at September 30, 2024. The $5.8 million decrease in the legacy substandard loans was due primarily to the transfer of a multifamily nonaccrual loan of $4.7 million to OREO and the partial charge-off of $967 thousand for the nonaccrual construction loan, partially offset by a downgrade to substandard of a commercial and industrial loan of $118 thousand during the third quarter of 2024.

The Company had $37 thousand in consumer solar loans that were over 90 days past due that were accruing interest at September 30, 2024, and no delinquencies at June 30, 2024.

There were $19.1 million in loan delinquencies (30-89 days past due, excluding nonaccrual loans) at September 30, 2024 and no delinquencies at June 30, 2024.

The allowance for credit losses, which is comprised of the allowance for loan losses (“ALL”) and reserve for unfunded loan commitments, totaled $57.6 million at September 30, 2024, compared to $24.6 million at June 30, 2024. The $33.0 million increase in the allowance included a $19.7 million provision for credit losses for the loan portfolio, of which $11.2 million related to the initial allowance for credit losses on acquired PCD loans, $21.3 million related to the initial provision for credit losses on acquired non-PCD loans and unfunded loan commitments, partially offset by total charge-offs of $1.2 million for the quarter ended September 30, 2024.

The ALL was $53.6 million, or 1.67% of total loans held for investment at September 30, 2024, compared with $23.8 million, or 1.27% at June 30, 2024.

Capital

Tangible book value (non-GAAP¹) per common share at September 30, 2024, was $11.28, compared with $13.71 at June 30, 2024. In the third quarter of 2024, tangible book value was primarily impacted by the net loss for the third quarter, the impact of equity issued in connection with the merger, stock-based compensation expense, and a decrease in net of unrealized tax losses on available-for-sale debt securities. Other comprehensive losses related to unrealized losses, net of taxes, on available-for-sale debt securities decreased by $3.6 million to $2.9 million at September 30, 2024, from $6.5 million at June 30, 2024. The decrease in the unrealized losses, net of taxes, on available-for-sale debt securities was primarily attributable to factors other than credit related, including decreases in market interest rates driven by the Federal Reserve’s 50 basis point rate cut in September 2024. Tangible common equity (non-GAAP¹) as a percentage of total tangible assets (non-GAAP¹) at September 30, 2024, decreased to 8.58% from 11.28% in the prior quarter, and unrealized losses, net of taxes, on available-for-sale debt securities as a percentage of tangible common equity (non-GAAP¹) at September 30, 2024 decreased to 0.8% from 2.6% in the prior quarter.

The Company’s preliminary capital exceeds minimums required to be “well-capitalized” at September 30, 2024.

ABOUT CALIFORNIA BANCORP

California BanCorp (NASDAQ: BCAL) is a registered bank holding company headquartered in San Diego, California. California Bank of Commerce, N.A., a national banking association chartered under the laws of the United States (the “Bank”) and regulated by the Office of Comptroller of the Currency, is a wholly owned subsidiary of California BanCorp. Established in 2001 and headquartered in San Diego, California, the Bank offers a range of financial products and services to individuals, professionals, and small to medium-sized businesses through its 14 branch offices and four loan production offices serving Northern and Southern California. The Bank’s solutions-driven, relationship-based approach to banking provides accessibility to decision makers and enhances value through strong partnerships with its clients. Additional information is available at www.bankcbc.com.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

In addition to historical information, this release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and other matters that are not historical facts. Examples of forward-looking statements include, among others, statements regarding expectations, plans or objectives for future operations, products or services, loan recoveries, projections, expectations regarding the adequacy of reserves for credit losses and statements about the benefits of the Company’s merger with CALB (the “Merger”), as well as forecasts relating to financial and operating results or other measures of economic performance. Forward-looking statements reflect management’s current view about future events and involve risks and uncertainties that may cause actual results to differ from those expressed in the forward-looking statement or historical results. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts and often include the words or phrases such as “aim,” “can,” “may,” “could,” “predict,” “should,” “will,” “would,” “believe,” “anticipate,” “estimate,” “expect,” “hope,” “intend,” “plan,” “potential,” “project,” “will likely result,” “continue,” “seek,” “shall,” “possible,” “projection,” “optimistic,” and “outlook,” and variations of these words and similar expressions.

Factors that could cause or contribute to results differing from those in or implied in the forward-looking statements include but are not limited to risk related to the Merger, including the risks that costs may be greater than anticipated, cost savings may be less than anticipated, and difficulties in retaining senior management, employees or customers, the impact of bank failures or other adverse developments at other banks on general investor sentiment regarding the stability and liquidity of banks, changes in real estate markets and valuations; the impact on financial markets from geopolitical conflicts; inflation, interest rate, market and monetary fluctuations and general economic conditions, either nationally or locally in the areas in which the Company conducts business; increases in competitive pressures among financial institutions and businesses offering similar products and services; general credit risks related to lending, including changes in the value of real estate or other collateral, the financial condition of borrowers, the effectiveness of our underwriting practices and the risk of fraud; higher than anticipated defaults in the Company’s loan portfolio; changes in management’s estimate of the adequacy of the allowance for credit losses or the factors the Company uses to determine the allowance for credit losses; changes in demand for loans and other products and services offered by the Company; the costs and outcomes of litigation; legislative or regulatory changes or changes in accounting principles, policies or guidelines and other risk factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission (“SEC”) and other documents the Company may file with the SEC from time to time.

Additional information regarding these and other risks and uncertainties to which our business and future financial performance are subject is contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, and other documents the Company files with the SEC from time to time.

Any forward-looking statement made in this release is based only on information currently available to management and speaks only as of the date on which it is made. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements or to conform such forward-looking statements to actual results or to changes in its opinions or expectations, except as required by law.

California BanCorp and Subsidiary
Financial Highlights (Unaudited)

	At or for the Three Months Ended									At or for the Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
EARNINGS	($ in thousands except share and per share data)
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Provision for (reversal of) credit losses	$	22,963		$	2,893		$	(96	)	$	25,525		$	91
Noninterest income	$	1,174		$	1,169		$	815		$	3,756		$	3,481
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Income tax (benefit) expense	$	(6,063	)	$	88		$	2,835		$	(3,653	)	$	9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Pre-tax pre-provision income ⁽¹⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653
Adjusted pre-tax pre-provision income ⁽¹⁾	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653
Diluted (loss) earnings per share	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Shares outstanding at period end		32,142,427			18,547,352			18,309,282			32,142,427			18,309,282

PERFORMANCE RATIOS
Return on average assets		(1.82	)%		0.03	%		1.12	%		(0.55	)%		1.25	%
Adjusted return on average assets ⁽¹⁾		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average common equity		(15.28	)%		0.26	%		9.38	%		(4.48	)%		10.63	%
Adjusted return on average common equity ⁽¹⁾		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Yield on total loans		6.79	%		6.21	%		5.97	%		6.40	%		5.89	%
Yield on interest earning assets		6.49	%		5.97	%		5.72	%		6.15	%		5.63	%
Cost of deposits		2.09	%		2.12	%		1.56	%		2.09	%		1.22	%
Cost of funds		2.19	%		2.21	%		1.62	%		2.19	%		1.30	%
Net interest margin		4.43	%		3.94	%		4.23	%		4.12	%		4.43	%
Efficiency ratio ⁽¹⁾		98.86	%		85.70	%		61.39	%		87.19	%		59.16	%
Adjusted efficiency ratio ⁽¹⁾		60.54	%		83.49	%		61.39	%		68.15	%		59.16	%

	As of
	September 30, 2024			June 30, 2024			December 31, 2023
CAPITAL	($ in thousands except share and per share data)
Tangible equity to tangible assets ⁽¹⁾		8.58	%		11.28	%		10.73	%
Book value (BV) per common share	$	15.50		$	15.81		$	15.69
Tangible BV per common share ⁽¹⁾	$	11.28		$	13.71		$	13.56

ASSET QUALITY
Allowance for loan losses (ALL)	$	53,552		$	23,788		$	22,569
Reserve for unfunded loan commitments	$	4,071		$	819		$	933
Allowance for credit losses (ACL)	$	57,623		$	24,607		$	23,502
Allowance for loan losses to nonperforming loans		2.09	x		5.07	x		1.74	x
ALL to total loans held for investment		1.67	%		1.27	%		1.15	%
ACL to total loans held for investment		1.80	%		1.31	%		1.20	%
30-89 days past due, excluding nonaccrual loans	$	19,110		$	—		$	19
Over 90 days past due, excluding nonaccrual loans	$	37		$	—		$	—
Special mention loans	$	93,448		$	27,861		$	2,996
Special mention loans to total loans held for investment		2.92	%		1.48	%		0.15	%
Substandard loans	$	104,298		$	23,080		$	19,502
Substandard loans to total loans held for investment		3.26	%		1.23	%		1.00	%
Nonperforming loans	$	25,698		$	4,696		$	13,004
Nonperforming loans total loans held for investment		0.80	%		0.25	%		0.66	%
Other real estate owned, net	$	4,083		$	—		$	—
Nonperforming assets	$	29,781		$	4,696		$	13,004
Nonperforming assets to total assets		0.68	%		0.20	%		0.55	%

END OF PERIOD BALANCES
Total loans, including loans held for sale	$	3,233,418		$	1,884,599		$	1,964,791
Total assets	$	4,362,767		$	2,293,693		$	2,360,252
Deposits	$	3,740,915		$	1,935,862		$	1,943,556
Loans to deposits		86.4	%		97.4	%		101.1	%
Shareholders’ equity	$	498,064		$	293,219		$	288,152

(1) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

	At or for the Three Months Ended									At or for the Nine Months Ended
ALLOWANCE for CREDIT LOSSES	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Allowance for loan losses
Balance at beginning of period	$	23,788		$	22,254		$	22,502		$	22,569		$	17,099
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			5,027
Initial Allowance for PCD loans		11,216			—			—			11,216			—
Provision for credit losses ⁽²⁾		19,711			2,990			202			22,387			600
Charge-offs		(1,163	)		(1,456	)		—			(2,620	)		(36	)
Recoveries		—			—			1			—			15
Net (charge-offs) recoveries		(1,163	)		(1,456	)		1			(2,620	)		(21	)
Balance, end of period	$	53,552		$	23,788		$	22,705		$	53,552		$	22,705
Reserve for unfunded loan commitments ⁽³⁾
Balance, beginning of period	$	819		$	916		$	1,538		$	933		$	1,310
Adoption of ASU 2016-13 ⁽¹⁾		—			—			—			—			439
Provision for (reversal of) credit losses ⁽⁴⁾		3,252			(97	)		(298	)		3,138			(509	)
Balance, end of period		4,071			819			1,240			4,071			1,240
Allowance for credit losses	$	57,623		$	24,607		$	23,945		$	57,623		$	23,945

ALL to total loans held for investment		1.67	%		1.27	%		1.18	%		1.67	%		1.18	%
ACL to total loans held for investment		1.80	%		1.31	%		1.24	%		1.80	%		1.24	%
Net (charge-offs) recoveries to average total loans		(0.17	)%		(0.31	)%		0.00	%		(0.16	)%		0.00	%

(1	)	Represents the impact of adopting ASU 2016-13, Financial Instruments – Credit Losses on January 1, 2023. As a result of adopting ASU 2016-13, our methodology to compute our allowance for credit losses is based on a current expected credit loss methodology, rather than the previously applied incurred loss methodology.
(2	)	Includes $18.5 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses for non-PCD loans acquired in the merger with CALB.
(3	)	Included in “Accrued interest and other liabilities” on the consolidated balance sheet.
(4	)	Includes $2.7 million for the three and nine months ended September 30, 2024 related to the initial provision for credit losses on unfunded commitments acquired in the merger with CALB.

California BanCorp and Subsidiary

Balance Sheets (Unaudited)

	September 30, 2024			June 30, 2024			December 31, 2023
ASSETS	($ in thousands)
Cash and due from banks	$	115,165		$	29,153		$	33,008
Federal funds sold & interest-bearing balances		499,258			75,580			53,785
Total cash and cash equivalents		614,423			104,733			86,793

Debt securities available-for-sale, at fair value (amortized cost of $163,384, $132,862 and $136,366 at September 30, 2024, June 30, 2024 and December 31, 2023)		159,330			123,653			130,035
Debt securities held-to-maturity, at cost (fair value of $49,487, $48,476 and $50,432 at September 30, 2024, June 30, 2024 and December 31, 2023)		53,364			53,449			53,616
Loans held for sale		33,704			6,982			7,349
Loans held for investment:
Construction & land development		247,934			205,072			243,521
1-4 family residential		152,540			157,323			143,903
Multifamily		252,134			187,960			221,247
Other commercial real estate		1,755,908			1,043,662			1,024,243
Commercial & industrial		765,472			283,203			320,142
Other consumer		25,726			397			4,386
Total loans held for investment		3,199,714			1,877,617			1,957,442
Allowance for credit losses – loans		(53,552	)		(23,788	)		(22,569	)
Total loans held for investment, net		3,146,162			1,853,829			1,934,873

Restricted stock at cost		27,394			16,898			16,055
Premises and equipment		13,996			12,741			13,270
Right of use asset		15,310			8,298			9,291
Other real estate owned, net		4,083			—			—
Goodwill		112,515			37,803			37,803
Core deposit intangible		23,031			1,065			1,195
Bank owned life insurance		66,180			39,445			38,918
Deferred taxes, net		45,644			11,080			11,137
Accrued interest and other assets		47,631			23,717			19,917
Total assets	$	4,362,767		$	2,293,693		$	2,360,252

LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits:
Noninterest-bearing demand	$	1,368,303		$	666,606		$	675,098
Interest-bearing NOW accounts		781,125			355,994			381,943
Money market and savings accounts		1,149,268			660,808			636,685
Time deposits		442,219			252,454			249,830
Total deposits		3,740,915			1,935,862			1,943,556

Borrowings		69,142			42,913			102,865
Operating lease liability		19,211			10,931			12,117
Accrued interest and other liabilities		35,435			10,768			13,562
Total liabilities		3,864,703			2,000,474			2,072,100

Shareholders’ Equity:
Common stock – 50,000,000 shares authorized, no par value; issued and outstanding 32,142,427, 18,547,352 and 18,369,115 at September 30, 2024, June 30, 2024 and December 31, 2023)		441,684			224,006			222,036
Retained earnings		59,236			75,700			70,575
Accumulated other comprehensive loss – net of taxes		(2,856	)		(6,487	)		(4,459	)
Total shareholders’ equity		498,064			293,219			288,152
Total liabilities and shareholders’ equity	$	4,362,767		$	2,293,693		$	2,360,252

California BanCorp and Subsidiary

Income Statements – Quarterly and Year-to-Date (Unaudited)

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands except share and per share data)
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$	47,528		$	29,057		$	28,977		$	105,169		$	83,983
Interest on debt securities		1,687			1,229			942			4,129			2,506
Interest on tax-exempted debt securities		306			306			359			918			1,302
Interest and dividends from other institutions		4,606			1,257			1,206			7,024			3,162
Total interest and dividend income		54,127			31,849			31,484			117,240			90,953

INTEREST EXPENSE
Interest on NOW, savings, and money market accounts		11,073			7,039			5,922			24,882			13,555
Interest on time deposits		5,087			3,145			1,867			11,253			4,373
Interest on borrowings		1,025			658			434			2,662			1,446
Total interest expense		17,185			10,842			8,223			38,797			19,374
Net interest income		36,942			21,007			23,261			78,443			71,579

Provision for (reversal of ) credit losses ⁽¹⁾		22,963			2,893			(96	)		25,525			91
Net interest income after provision for (reversal of) credit losses		13,979			18,114			23,357			52,918			71,488

NONINTEREST INCOME
Service charges and fees on deposit accounts		1,136			568			470			2,229			1,439
Gain on sale of loans		8			—			(54	)		423			831
Bank owned life insurance income		398			266			238			925			693
Servicing and related income (expense) on loans		82			(5	)		61			150			223
Loss on sale of debt securities		—			—			—			—			34
Loss on sale of building and related fixed assets		—			(19	)		—			(19	)		—
Other charges and fees		(450	)		359			100			48			261
Total noninterest income		1,174			1,169			815			3,756			3,481

NONINTEREST EXPENSE
Salaries and employee benefits		15,385			8,776			9,736			33,771			29,651
Occupancy and equipment expenses		2,031			1,445			1,579			4,928			4,553
Data processing		1,536			1,186			1,144			3,872			3,376
Legal, audit and professional		669			557			598			1,742			2,050
Regulatory assessments		544			347			369			1,278			1,188
Director and shareholder expenses		520			229			215			952			642
Merger and related expenses		14,605			491			—			15,645			—
Core deposit intangible amortization		687			65			128			817			309
Other real estate owned expense		3			4,935			—			5,026			—
Other expense		1,700			974			1,012			3,635			2,638
Total noninterest expense		37,680			19,005			14,781			71,666			44,407
(Loss) income before income taxes		(22,527	)		278			9,391			(14,992	)		30,562
Income tax (benefit) expense		(6,063	)		88			2,835			(3,653	)		9,064
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498

Net (loss) income per share – basic	$	(0.59	)	$	0.01		$	0.36		$	(0.53	)	$	1.18
Net (loss) income per share – diluted	$	(0.59	)	$	0.01		$	0.35		$	(0.53	)	$	1.15
Weighted average common shares-diluted		27,705,844			18,799,513			18,672,132			21,579,175			18,632,890
Pre-tax, pre-provision income ⁽²⁾	$	436		$	3,171		$	9,295		$	10,533		$	30,653

(1) Included provision for (reversal of) unfunded loan commitments of $3.3 million, $(97) thousand and $(298) thousand for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively, and $3.1 million and $(509) thousand for the nine months ended September 30, 2024 and 2023, respectively
(2) Non-GAAP measure. See – GAAP to Non-GAAP reconciliation.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,783,581	$	47,528		6.79	%	$	1,882,845	$	29,057		6.21	%	$	1,924,384	$	28,977		5.97	%
Taxable debt securities		149,080		1,687		4.50	%		123,906		1,229		3.99	%		111,254		942		3.36	%
Tax-exempt debt securities ⁽¹⁾		53,682		306		2.87	%		53,754		306		2.90	%		59,630		359		3.02	%
Deposits in other financial institutions		161,616		2,215		5.45	%		47,417		638		5.41	%		50,367		681		5.36	%
Fed funds sold/resale agreements		143,140		1,886		5.24	%		19,062		261		5.51	%		20,653		283		5.44	%
Restricted stock investments and other bank stock		24,587		505		8.17	%		17,091		358		8.42	%		16,365		242		5.87	%
Total interest-earning assets		3,315,686		54,127		6.49	%		2,144,075		31,849		5.97	%		2,182,653		31,484		5.72	%
Total noninterest-earning assets		277,471							150,603							131,288
Total assets	$	3,593,157						$	2,294,678						$	2,313,941

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	617,373	$	2,681		1.73	%	$	361,244	$	2,134		2.38	%	$	353,714	$	1,706		1.91	%
Money market and savings accounts		999,322		8,392		3.34	%		653,244		4,905		3.02	%		675,609		4,216		2.48	%
Time deposits		421,241		5,087		4.80	%		259,722		3,145		4.87	%		183,745		1,867		4.03	%
Total interest-bearing deposits		2,037,936		16,160		3.15	%		1,274,210		10,184		3.21	%		1,213,068		7,789		2.55	%
Borrowings:
FHLB advances		611		9		5.86	%		27,391		387		5.68	%		11,731		163		5.51	%
Subordinated debt		52,246		1,016		7.74	%		17,901		271		6.09	%		17,830		271		6.03	%
Total borrowings		52,857		1,025		7.71	%		45,292		658		5.84	%		29,561		434		5.82	%
Total interest-bearing liabilities		2,090,793		17,185		3.27	%		1,319,502		10,842		3.30	%		1,242,629		8,223		2.63	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		1,031,844							658,001							768,148
Other liabilities		41,962							23,054							25,722
Shareholders’ equity		428,558							294,121							277,442
Total Liabilities and Shareholders’ Equity	$	3,593,157						$	2,294,678						$	2,313,941

Net interest spread						3.22	%						2.67	%						3.09	%
Net interest income and margin			$	36,942		4.43	%			$	21,007		3.94	%			$	23,261		4.23	%
Cost of deposits	$	3,069,780	$	16,160		2.09	%	$	1,932,211	$	10,184		2.12	%	$	1,981,216	$	7,789		1.56	%
Cost of funds	$	3,122,637	$	17,185		2.19	%	$	1,977,503	$	10,842		2.21	%	$	2,010,777	$	8,223		1.62	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.61%, 34.05% and 38.77% of average total deposits for the three months ended September 30, 2024, June 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
Average Balance Sheets and Yield Analysis
(Unaudited)

	Nine Months Ended
	September 30, 2024							September 30, 2023
	Average Balance		Income/ Expense		Yield/ Cost			Average Balance		Income/ Expense		Yield/ Cost
Assets	($ in thousands)
Interest-earning assets:
Total loans	$	2,194,059	$	105,169		6.40	%	$	1,906,327	$	83,983		5.89	%
Taxable debt securities		133,321		4,129		4.14	%		104,881		2,506		3.19	%
Tax-exempt debt securities ⁽¹⁾		53,759		918		2.89	%		68,043		1,302		3.24	%
Deposits in other financial institutions		87,966		3,569		5.42	%		43,629		1,675		5.13	%
Fed funds sold/resale agreements		57,634		2,281		5.29	%		21,182		798		5.04	%
Restricted stock investments and other bank stock		19,383		1,174		8.09	%		15,774		689		5.84	%
Total interest-earning assets		2,546,122		117,240		6.15	%		2,159,836		90,953		5.63	%
Total noninterest-earning assets		189,573							133,224
Total assets	$	2,735,695						$	2,293,060

Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	446,759	$	6,860		2.05	%	$	290,326	$	3,301		1.52	%
Money market and savings accounts		767,916		18,022		3.13	%		674,452		10,254		2.03	%
Time deposits		312,544		11,253		4.81	%		170,620		4,373		3.43	%
Total interest-bearing deposits		1,527,219		36,135		3.16	%		1,135,398		17,928		2.11	%
Borrowings:
FHLB advances		26,105		1,103		5.64	%		16,282		632		5.19	%
Subordinated debt		29,425		1,559		7.08	%		17,807		814		6.11	%
Total borrowings		55,530		2,662		6.40	%		34,089		1,446		5.67	%
Total interest-bearing liabilities		1,582,749		38,797		3.27	%		1,169,487		19,374		2.21	%

Noninterest-bearing liabilities:
Noninterest-bearing deposits ⁽²⁾		784,609							829,082
Other liabilities		30,524							24,086
Shareholders’ equity		337,813							270,405

Total Liabilities and Shareholders’ Equity	$	2,735,695						$	2,293,060

Net interest spread						2.88	%						3.42	%
Net interest income and margin			$	78,443		4.12	%			$	71,579		4.43	%
Cost of deposits	$	2,311,828	$	36,135		2.09	%	$	1,964,480	$	17,928		1.22	%
Cost of funds	$	2,367,358	$	38,797		2.19	%	$	1,998,569	$	19,374		1.30	%

(1) Tax-exempt debt securities yields are presented on a tax equivalent basis using a 21% tax rate.
(2) Average noninterest-bearing deposits represent 33.94%, and 42.20% of average total deposits for the nine months ended September 30, 2024 and September 30, 2023, respectively.

California BanCorp and Subsidiary
GAAP to Non-GAAP Reconciliation
(Unaudited)

The following tables present a reconciliation of non-GAAP financial measures to GAAP measures for: (1) adjusted net (loss) income, (2) efficiency ratio, (3) adjusted efficiency ratio, (4) pre-tax pre-provision income, (5) adjusted pre-tax pre-provision income, (6) average tangible common equity, (7) adjusted return on average assets, (8) adjusted return on average equity, (9) return on average tangible common equity, (10) adjusted return on average tangible common equity, (11) tangible common equity, (12) tangible assets, (13) tangible common equity to tangible asset ratio, and (14) tangible book value per share. We believe the presentation of certain non-GAAP financial measures provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our peers. These non-GAAP financial measures complement our GAAP reporting and are presented below to provide investors and others with information that we use to manage the business each period. Because not all companies use identical calculations, the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP measures should be taken together with the corresponding GAAP measures and should not be considered a substitute of the GAAP measures.

	Three Months Ended									Nine Months Ended
	September 30, 2024			June 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023
	($ in thousands)
Adjusted net income
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Add: After-tax Day1 provision for non PCD loans and unfunded loan commitments ⁽¹⁾		14,978			—			—			14,978			—
Add: After-tax merger and related expenses ⁽¹⁾		10,576			412			—			11,535			—
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Efficiency Ratio
Noninterest expense	$	37,680		$	19,005		$	14,781		$	71,666		$	44,407
Deduct: Merger and related expenses		14,605			491			—			15,645			—
Adjusted noninterest expense		23,075			18,514			14,781			56,021			44,407

Net interest income		36,942			21,007			23,261			78,443			71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income	$	38,116		$	22,176		$	24,076		$	82,199		$	75,060
Efficiency ratio (non-GAAP)		98.9	%		85.7	%		61.4	%		87.2	%		59.2	%
Adjusted efficiency ratio (non-GAAP)		60.5	%		83.5	%		61.4	%		68.2	%		59.2	%

Pre-tax pre-provision income
Net interest income	$	36,942		$	21,007		$	23,261		$	78,443		$	71,579
Noninterest income		1,174			1,169			815			3,756			3,481
Total net interest income and noninterest income		38,116			22,176			24,076			82,199			75,060
Less: Noninterest expense		37,680			19,005			14,781			71,666			44,407
Pre-tax pre-provision income (non-GAAP)		436			3,171			9,295			10,533			30,653
Add: Merger and related expenses		14,605			491			—			15,645			—
Adjusted pre-tax pre-provision income (non-GAAP)	$	15,041		$	3,662		$	9,295		$	26,178		$	30,653

(1) After-tax merger and related expenses are presented using a 29.56% tax rate.

Return on Average Assets, Equity, and Tangible Equity
Net (loss) income	$	(16,464	)	$	190		$	6,556		$	(11,339	)	$	21,498
Adjusted net (loss) income (non-GAAP)	$	9,090		$	602		$	6,556		$	15,174		$	21,498

Average assets	$	3,593,157		$	2,294,678		$	2,313,941		$	2,735,695		$	2,293,060
Average shareholders’ equity		428,558			294,121			277,442			337,813			270,405
Less: Average intangible assets		104,409			38,900			39,158			60,917			39,249
Average tangible common equity (non-GAAP)	$	324,149		$	255,221		$	238,284		$	276,896		$	231,156

Return on average assets		(1.82	%)		0.03	%		1.12	%		(0.55	%)		1.25	%
Adjusted return on average assets (non-GAAP)		1.01	%		0.11	%		1.12	%		0.74	%		1.25	%
Return on average equity		(15.28	%)		0.26	%		9.38	%		(4.48	%)		10.63	%
Adjusted return on average equity (non-GAAP)		8.44	%		0.82	%		9.38	%		6.00	%		10.63	%
Return on average tangible common equity (non-GAAP)		(20.21	%)		0.30	%		10.92	%		(5.47	%)		12.43	%
Adjusted return on average tangible common equity (non-GAAP)		11.16	%		0.95	%		10.92	%		7.32	%		12.43	%

	September 30, 2024			December 31, 2023
	($ in thousands except share and per share data)
Tangible Common Equity Ratio/Tangible Book Value Per Share
Shareholders’ equity	$	498,064		$	288,152
Less: Intangible assets		135,546			38,998
Tangible common equity (non-GAAP)	$	362,518		$	249,154

Total assets	$	4,362,767		$	2,360,252
Less: Intangible assets		135,546			38,998
Tangible assets (non-GAAP)	$	4,227,221		$	2,321,254

Equity to asset ratio		11.42	%		12.21	%
Tangible common equity to tangible asset ratio (non-GAAP)		8.58	%		10.73	%
Book value per share	$	15.50		$	15.69
Tangible book value per share (non-GAAP)	$	11.28		$	13.56
Shares outstanding		32,142,427			18,369,115

INVESTOR RELATIONS CONTACT
Kevin Mc Cabe
California Bank of Commerce, N.A.
kmccabe@bankcbc.com
818.637.7065

The MIL Network –

January 25, 2025

MIL-OSI: Vast and GGS Energy Partner to Bring CSP-Powered Green Methanol and SAF to the U.S.

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) — Vast Renewables Limited (“Vast”) (Nasdaq: VSTE), a renewable energy company specialising in concentrated solar thermal power (CSP) systems that generate zero-carbon, utility-scale electricity and industrial process heat, today announced it has signed a development services agreement with GGS Energy LLC (“GGS Energy”), a leading energy transition development company with deep project development experience, to pursue a commercial-scale synthetic fuels project in the Southwest United States (Project Bravo).

Project Bravo, Vast’s first deployment in the U.S., will see Vast’s CSP v3.0 technology used to generate carbon free heat and electricity to power a co-located refinery that will produce green methanol and/or electrically powered sustainable aviation fuel (e-SAF). The project is expected to be located in the Southwest United States.

Methanol is one of the most versatile hydrogen derivatives which, if produced using clean energy, has the potential to decarbonise shipping and aviation fuels. Using CSP can potentially reduce green fuel production costs by up to 40 percent according to a recent report by engineering group Fichtner. Furthermore, e-SAF will be critical to reducing emissions from the aviation industry over the coming decades. Given these and other strong demand trends, the parties expect to attract high-quality, long-term offtake contracts from global strategic partners.

Project Bravo will build on Solar Methanol 1 (SM1), the CSP-powered green methanol reference plant to be located in Australia at the Port Augusta Green Energy Hub, that Vast is co-developing with global energy company Mabanaft. SM1 will be supplied with baseload renewable heat from Vast’s co-located 30 MW / 288 MWh CSP plant, and it will have the capacity to produce 7,500 tonnes of green methanol each year.

Vast has been undertaking early-stage development activities for Project Bravo, including initial design, site selection and feasibility assessments, to create a viable project ready for the next phase of development in collaboration with GGS Energy. The project has a development target of 550MWh of CSP generation, with further details to be released as development activities unfold.

The development services agreement sets out how Vast will advance Project Bravo with GGS Energy, a subsidiary of Glacier Global Partners that was formed in 2020 as an energy transition company focused on developing utility-scale renewable energy. The project’s success could unlock the mass production of green fuels from synthetic feedstocks in the US and catalyse a pipeline of future projects.

Craig Wood, CEO of Vast, said, “CSP has the potential to unlock low-cost green fuel production in the U.S., and it can play a significant role in helping decarbonise shipping and aviation. We are delighted to have GGS Energy as a development partner to advance our plans in the U.S., which is a key market for Vast’s technology.”

Tommy Soriero from GGS Energy said, “GGS Energy is excited to partner with Vast and work to develop Project Bravo. This collaboration marks a significant step toward a sustainable future, harnessing advanced technology to produce low-cost green fuels. We are eager to combine our expertise and resources to ensure the success and impact of future innovative projects starting with Project Bravo.”

About Vast

Vast is a renewable energy company that has developed CSP systems to generate, store and dispatch carbon free, utility-scale electricity and industrial heat, and to unlock the production of green fuels. Vast’s CSP v3.0 approach to CSP utilises a proprietary, modular sodium loop to efficiently capture and convert solar heat into these end products. 

Visit www.vast.energy for more information. 

About GGS Energy LLC

GGS Energy was formed in 2020 as an energy infrastructure company focusing on developments of utility-scale energy transition projects. The GGS team has an extensive infrastructure development experience in the U.S. and internationally utilizing multiple technologies including utility scale CSP, coal-to-liquids projects, PV solar, Wind, BESS, and many more.

Contacts: 

Vast

For Investors:  
Caldwell Bailey  
ICR, Inc.  
VastIR@icrinc.com

For Australian media: 
Nick Albrow 
Wilkinson Butler 
nick@wilkinsonbutler.com

For US Media:  
Matt Dallas  
ICR, Inc.  
VastPR@icrinc.com

Forward Looking Statements
The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding Project Bravo, Vast’s future financial performance, Vast’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “project,” “should,” “will,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Vast management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Vast disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Vast cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Vast. These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; Vast’s ability to obtain financing on commercially acceptable terms or at all; Vast’s ability to manage growth; Vast’s ability to execute its business plan, including the completion of the Port Augusta project (including SM1) and Project Bravo, at all or in a timely manner and meet its projections; potential litigation, governmental or regulatory proceedings, investigations or inquiries involving Vast, including in relation to Vast’s recent business combination; the inability to recognize the anticipated benefits of Vast’s recent business combination; costs related to that business combination; changes in applicable laws or regulations and general economic and market conditions impacting demand for Vast’s products and services. Additional risks are set forth in the section titled “Risk Factors” in the Annual Report on Form 20-F for the year ended June 30, 2024, dated September 9, 2024, and other documents filed, or to be filed with the SEC by Vast. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Vast’s expectations can be found in Vast’s periodic filings with the SEC. Vast’s SEC filings are available publicly on the SEC’s website at www.sec.gov

The MIL Network –

January 25, 2025
MIL-OSI: StoneX Announces Election Trading Partnership Between FOREX.com and Kalshi

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 29, 2024 (GLOBE NEWSWIRE) — FOREX.com, the number one forex broker in the US*, is delighted to announce a new partnership with Kalshi, the innovative CFTC-regulated exchange for trading on the outcome of future events.

This partnership enables traders to trade FX markets with the leading forex broker in the US while expressing a view on the US Presidential Election through Kalshi’s unique event-based platform. This partnership also incorporates a $20 bonus** for FOREX.com clients accessing the Kalshi platform to trade the US Presidential Election, subject to certain conditions.

Sixto Alonso, Regional Director of FOREX.com Americas commented, “At FOREX.com, we remain steadfast in our commitment to providing our clients with tools and products that enhance their trading experience and broaden their ability to access political and market events. We consider this partnership to be just the start, and plan to develop it further with other event-based promotions for our clients.”

Tarek Mansour, founder of Kalshi added, “As the first and largest regulated prediction market, Kalshi’s vision is to bring this asset class mainstream. We are excited to partner with FOREX.com to offer election markets to their hundreds of thousands of customers.”

About Kalshi

Kalshi is the first and largest legal prediction market in the United States. After leading the charge to legalize election-based event contracts, the Kalshi platform has seen over $100 million in trading volume in less than a month. With deep liquidity and large market makers, Kalshi can easily fulfill institutional demand, up to $100 million.

FOREX.com and StoneX Group Inc.

FOREX.com is a trading name of StoneX Group Inc. (NASDAQ: SNEX; “StoneX” or the “Company”), a financial services network that connects companies, organizations, traders and investors to the global market ecosystem. StoneX and its over 4,000 employees serve more than 54,000 commercial, institutional, and international payments clients and over 400,000 self-directed accounts from more than 80 offices spread across 6 continents. More information on the company is available at www.stonex.com.

Please be aware that political events can cause significant market volatility and increase risks.

For more information, please contact:

StoneX: stonex@cognitomedia.com

Kalshi: media@kalshi.com

For further details and inquiries, please visit:

StoneX.com

* Based on client assets per the 2023 monthly Retail Forex Obligation reports published by the CFTC

** To receive the $20 cash bonus, FOREX.com clients must apply and be approved for a Kalshi account and satisfy any other qualification requirements as determined by Kalshi. Please refer to the Kalshi website for details. The $20 bonus is paid by Kalshi in accordance with their terms and conditions.

The MIL Network –

January 25, 2025

MIL-OSI: Franklin Electric Reports Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Third Quarter 2024 Highlights

Consolidated net sales of $531.4 million, a decrease of 1% to the prior year
Water Systems and Distribution net sales increased 2% and 1%, respectively, while Fueling Systems net sales decreased 10%
Operating income was $73.5 million with operating margin of 13.8%
GAAP fully diluted earnings per share (EPS) was $1.17

FORT WAYNE, Ind., Oct. 29, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. today announced its third quarter financial results for fiscal year 2024.

Third quarter 2024 net sales were $531.4 million, compared to third quarter 2023 net sales of $538.4 million. Third quarter 2024 operating income was $73.5 million, compared to third quarter 2023 operating income of $78.1 million. Third quarter 2024 EPS was $1.17, versus EPS in the third quarter 2023 of $1.23.

“Our third quarter results were softer than expected due to continued macro pressure from lower home sales and starts, along with weather being wetter than normal. However, the demand environment remains healthy across our key end markets, which has normalized following record levels of sales in recent years. Margins remained stable due to our disciplined cost management, and we are actively pursuing opportunities to further reduce expenses across the enterprise,” commented Joe Ruzynski, Franklin Electric’s CEO.

“As we close out the year, we expect tempered order activity in-line with seasonal patterns. That said, having spent time with our incredible global team members over the past few months, I am energized by the potential of Franklin Electric. With our wide range of capabilities, strategic footprint, and flexible balance sheet, we have the ability to drive differentiated growth and accelerate productivity for years to come,” concluded Mr. Ruzynski.

Segment Summaries

Water Systems net sales were $302.2 million, a new third quarter record, an increase of $6.4 million or 2 percent compared to the third quarter 2023. The sales increase was driven by higher sales of groundwater products, all other surface products and water treatment products. The sales increase was partially offset by lower sales of large dewatering pumps, which had a record quarter last year. Water Systems operating income in the third quarter 2024 was $52.8 million, a new third quarter record. Third quarter 2023 Water Systems operating income was $52.7 million.

Distribution net sales were $190.8 million, an increase of $1.6 million or 1 percent compared to the third quarter 2023. Sales increases were driven by sales from a recent acquisition. The Distribution segment operating income in the third quarter 2024 was $12.2 million. Third quarter 2023 Distribution operating income was $10.7 million.

Fueling Systems net sales were $69.7 million in the third quarter 2024, a decrease of $8.0 million or 10 percent compared to the third quarter 2023. Sales decreases were driven by lower volumes. Fueling Systems operating income in the third quarter 2024 was $24.1 million. Third quarter 2023 Fueling Systems operating income was $25.8 million.

2024 Guidance

The Company is lowering its sales guidance for full year 2024 to be approximately $2.00 billion and reducing its EPS guidance for full year 2024 to be in the range of $3.75 to $3.85 which incorporates the Company’s first nine months performance and its outlook for the fourth quarter.

Earnings Conference Call

A conference call to review earnings and other developments in the business will commence at 9:00 am ET. The third quarter 2024 earnings call will be available via a live webcast. The webcast will be available in a listen only mode by going to:

https://edge.media-server.com/mmc/p/cp5pmtx9

For those interested in participating in the question-and-answer portion of the call, please register for the call at the link below.

https://register.vevent.com/register/BIa5e3e952cc2d47c28144fef8683c97e0

All registrants will receive dial-in information and a PIN allowing them to access the live call. It is recommended that you join 10 minutes prior to the event start (although you may register and dial in at any time during the call).

A replay of the conference call will be available from Tuesday, October 29, 2024, through 9:00 am ET on Tuesday, November 5, 2024, by visiting the listen-only webcast link above.

Forward Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Any forward-looking statements contained herein, including those relating to market conditions or the Company’s financial results, costs, expenses or expense reductions, profit margins, inventory levels, foreign currency translation rates, liquidity expectations, business goals and sales growth, involve risks and uncertainties, including but not limited to, risks and uncertainties with respect to general economic and currency conditions, various conditions specific to the Company’s business and industry, weather conditions, new housing starts, market demand, competitive factors, changes in distribution channels, supply constraints, effect of price increases, raw material costs, technology factors, integration of acquisitions, litigation, government and regulatory actions, the Company’s accounting policies, future trends, epidemics and pandemics, and other risks which are detailed in the Company’s Securities and Exchange Commission filings, included in Item 1A of Part I of the Company’s Annual Report on Form 10-K for the fiscal year ending December 31, 2023, Exhibit 99.1 attached thereto and in Item 1A of Part II of the Company’s Quarterly Reports on Form 10-Q. These risks and uncertainties may cause actual results to differ materially from those indicated by the forward-looking statements. All forward-looking statements made herein are based on information currently available, and the Company assumes no obligation to update any forward-looking statements.

About Franklin Electric

Franklin Electric is a global leader in the production and marketing of systems and components for the movement of water and energy. Recognized as a technical leader in its products and services, Franklin Electric serves customers around the world in residential, commercial, agricultural, industrial, municipal, and fueling applications. Franklin Electric is proud to be named in Newsweek’s lists of America’s Most Responsible Companies and Most Trustworthy Companies for 2023 and America’s Climate Leaders 2023 by USA Today.

Franklin Electric Contact:

Jeffery L. Taylor
Franklin Electric Co., Inc.
InvestorRelations@fele.com



FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

(In thousands, except per share amounts)

	Third Quarter Ended						Nine Months Ended
	September 30, 2024			September 30, 2023			September 30, 2024			September 30, 2023

Net sales	$	531,438		$	538,431		$	1,535,596		$	1,592,163

Cost of sales		341,775			352,178			982,556			1,055,164

Gross profit		189,663			186,253			553,040			536,999

Selling, general, and administrative expenses		115,998			107,687			352,290			324,651

Restructuring expense		139			462			139			735

Operating income		73,526			78,104			200,611			211,613

Interest expense		(1,556	)		(2,984	)		(4,980	)		(10,309	)
Other (expense) income, net		(181	)		277			709			1,865
Foreign exchange income (expense), net		88			(2,483	)		(5,228	)		(8,098	)

Income before income taxes		71,877			72,914			191,112			195,071

Income tax expense		16,983			14,746			43,795			39,167

Net income	$	54,894		$	58,168		$	147,317		$	155,904

Less: Net income attributable to noncontrolling interests		(298	)		(370	)		(663	)		(1,181	)

Net income attributable to Franklin Electric Co., Inc.	$	54,596		$	57,798		$	146,654		$	154,723

Earnings per share:
Basic	$	1.19		$	1.25		$	3.18		$	3.34
Diluted	$	1.17		$	1.23		$	3.14		$	3.29


FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

(In thousands)

	September 30, 2024		December 31, 2023
ASSETS

Cash and cash equivalents	$	106,273	$	84,963
Receivables (net)		272,003		222,418
Inventories		524,647		508,696
Other current assets		39,560		37,718
Total current assets		942,483		853,795

Property, plant, and equipment, net		226,072		229,739
Lease right-of-use assets, net		62,694		57,014
Goodwill and other assets		575,994		587,574
Total assets	$	1,807,243	$	1,728,122


LIABILITIES AND EQUITY

Accounts payable	$	173,935	$	152,419
Accrued expenses and other current liabilities		124,865		104,949
Current lease liability		17,963		17,316
Current maturities of long-term debt and short-term borrowings		76,402		12,355
Total current liabilities		393,165		287,039

Long-term debt		11,581		88,056
Long-term lease liability		43,484		38,549
Income taxes payable non-current		–		4,837
Deferred income taxes		31,128		29,461
Employee benefit plans		30,781		35,973
Other long-term liabilities		23,219		33,914

Redeemable noncontrolling interest		1,179		1,145

Total equity		1,272,706		1,209,148
Total liabilities and equity	$	1,807,243	$	1,728,122


FRANKLIN ELECTRIC CO., INC. AND CONSOLIDATED SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
	Nine Months Ended
(In thousands)
	September 30, 2024			September 30, 2023
Cash flows from operating activities:
Net income	$	147,317		$	155,904
Adjustments to reconcile net income to net cash flows from operating activities:
Depreciation and amortization		41,825			39,582
Non-cash lease expense		15,223			12,664
Share-based compensation		10,127			8,449
Other		5,178			10,894
Changes in assets and liabilities:
Receivables		(51,440	)		(20,427	)
Inventory		(18,760	)		2,537
Accounts payable and accrued expenses		17,218			4,376
Operating leases		(15,700	)		(12,847	)
Income taxes-U.S. Tax Cuts and Jobs Act		(3,870	)		(2,902	)
Other		3,968			399

Net cash flows from operating activities		151,086			198,629

Cash flows from investing activities:
Additions to property, plant, and equipment		(28,897	)		(30,155	)
Proceeds from sale of property, plant, and equipment		704			–
Acquisitions and investments		(1,151	)		(6,641	)
Other investing activities		37			26

Net cash flows from investing activities		(29,307	)		(36,770	)

Cash flows from financing activities:
Net change in debt		(12,477	)		(87,653	)
Proceeds from issuance of common stock		5,269			9,010
Purchases of common stock		(56,989	)		(29,888	)
Dividends paid		(35,442	)		(31,315	)
Deferred payments for acquisitions		(348	)		(448	)

Net cash flows from financing activities		(99,987	)		(140,294	)

Effect of exchange rate changes on cash and cash equivalents		(482	)		(4,848	)
Net change in cash and cash equivalents		21,310			16,717
Cash and cash equivalents at beginning of period		84,963			45,790
Cash and cash equivalents at end of period	$	106,273		$	62,507

Key Performance Indicators: Net Sales Summary


	Net Sales
	United States			Latin			Europe, Middle			Asia			Total
(in millions)	& Canada			America			East & Africa			Pacific			Water			Fueling			Distribution			Other/Elims			Consolidated

Q3 2023		$182.0			$45.5			$48.7			$19.6			$295.8			$77.7			$189.2			($24.3	)		$538.4
Q3 2024		$183.6			$43.5			$53.4			$21.7			$302.2			$69.7			$190.8			($31.3	)		$531.4
Change		$1.6			($2.0	)		$4.7			$2.1			$6.4			($8.0	)		$1.6			($7.0	)		($7.0	)
% Change		1	%		-4	%		10	%		11	%		2	%		-10	%		1	%					-1	%

Foreign currency translation *		($0.3	)		($4.4	)		($0.3	)		$0.0			($5.0	)		$0.1			$0.0						($4.9	)
% Change		0	%		-10	%		-1	%		0	%		-2	%		0	%		0	%					-1	%

Acquisitions		$4.5			$0.0			$0.0			$0.0			$4.5			$0.0			$4.7						$9.2
% Change		2	%		0	%		0	%		0	%		2	%		0	%		2	%					2	%

Volume/Price		($2.6	)		$2.4			$5.0			$2.1			$6.9			($8.1	)		($3.1	)		($7.0	)		($11.3	)
% Change		-1	%		5	%		10	%		11	%		2	%		-10	%		-2	%		29	%		-2	%

*The Company has presented local currency price increases used to offset currency devaluation in the Argentina and Turkey hyperinflationary economies within the foreign currency translation, net row above.

Key Performance Indicators: Operating Income and Margin Summary


Operating Income and Margins
(in millions)	For the Third Quarter 2024
	Water			Fueling			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	52.8		$	24.1		$	12.2		$	(15.6	)	$	73.5
% Operating Income To Net Sales		17.5	%		34.6	%		6.4	%					13.8	%


Operating Income and Margins
(in millions)	For the Third Quarter 2023
	Water			Fueling			Distribution			Other/Elims			Consolidated
Operating Income / (Loss)	$	52.7		$	25.8		$	10.7		$	(11.1	)	$	78.1
% Operating Income To Net Sales		17.8	%		33.2	%		5.7	%					14.5	%

The MIL Network –

January 25, 2025

MIL-OSI: NANO Nuclear Energy Scheduled to Present at the ThinkEquity Conference on October 30, 2024
Source: GlobeNewswire (MIL-OSI)

New York, N.Y., Oct. 29, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing portable, clean energy solutions, today announced that its senior leadership will lead a presentation at the upcoming ThinkEquity Conference, held on October 30^th, 2024, at the Mandarin Oriental Hotel in New York City.

“The ThinkEquity Conference is well-known and anticipated gathering of innovative companies,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “We’re excited to lead an informative and engaging presentation and look forward to meaningful one-on-one discussions with fellow attendees.”

Figure 1 – NANO Nuclear Energy Inc. Will Present at The ThinkEquity Conference, to be held on October 30th, 2024, at the Mandarin Oriental Hotel in New York City.

The 2024 edition of the ThinkEquity Conference will showcase innovative companies across sectors such as alternative energy, biotechnology, AI & big data, and more. With over 750 attendees, the event will feature more than 75 company presentations and 650 one-on-one meetings with investors.

“It is a pleasure to be participating the ThinkEquity Conference this year,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “In addition to discussing the progress of our innovative technologies during the presentation, the event offers a valuable opportunity to engage personally with investors and innovators from other sectors.”

About NANO Nuclear Energy, Inc.

NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across four business lines: (i) cutting edge portable microreactor technology, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation and (iv) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

Led by a world-class nuclear engineering team, NANO Nuclear’s products in technical development are “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors.

Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

For more corporate information please visit: https://NanoNuclearEnergy.com/

For further information, please contact:
Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:
NANO Nuclear Energy LINKEDIN
NANO Nuclear Energy YOUTUBE
NANO Nuclear Energy TWITTER

Cautionary Note Regarding Forward Looking Statements

This news release, the conference presentation described herein, and statements of NANO Nuclear’s management in connection with this news release and such presentation contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. These forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology, including difficulties with design and testing, cost overruns, development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of government regulation and policies including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the business of a start-up business operating a highly regulated industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and the NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

Attachment
- NANO Nuclear Energy Inc.
The MIL Network –
January 25, 2025
MIL-OSI: TeraWulf Schedules Conference Call for Third Quarter 2024 Financial Results

Source: GlobeNewswire (MIL-OSI)

EASTON, Md., Oct. 29, 2024 (GLOBE NEWSWIRE) — TeraWulf Inc. (Nasdaq: WULF) (“TeraWulf” or the “Company”), a leading owner and operator of vertically integrated, next-generation digital infrastructure powered by predominantly zero-carbon energy, today announced that it will hold its earnings conference call and webcast for the third quarter ended September 30, 2024 on Tuesday, November 12, 2024 at 5:00 p.m. Eastern Time.

A press release detailing these results will be issued prior to the call on the same day.

Conference Call Information

To participate in this event, please log on or dial in approximately 5 minutes before the beginning of the call.

Date: November 12, 2024
Time: 5:00 p.m. ET
Access ID: 13749451
Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1692405&tp_key=67828cf360
Dial in: 1-877-407-0789 or 1-201-689-8562
Call me™: https://callme.viavid.com/viavid/?callme=true&passcode=13748140&h=true&info=company&r=true&B=6

Participants can use the dial-in numbers listed above or click the Call me™ link for instant telephone access to the event. The Call me™ link will be available 15 minutes prior to the scheduled start time.

Replay Information

Dial-In: (844) 512-2921 or (412) 317-6671
Replay Expiration: Tuesday, November 26, 2024 at 11:59 PM ET
Access ID: 13749451

About TeraWulf

TeraWulf develops, owns, and operates environmentally sustainable, next-generation data center infrastructure in the United States, specifically designed for Bitcoin mining and high-performance computing. Led by a team of seasoned energy entrepreneurs, the Company owns and operates the Lake Mariner facility situated on the expansive site of a now retired coal plant in Western New York. Currently, TeraWulf generates revenue primarily through Bitcoin mining, leveraging predominantly zero-carbon energy sources, including nuclear and hydroelectric power. Committed to environmental, social, and governance (ESG) principles that align with its business objectives, TeraWulf aims to deliver industry-leading economics in mining and data center operations at an industrial scale.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements include statements concerning anticipated future events and expectations that are not historical facts. All statements, other than statements of historical fact, are statements that could be deemed forward-looking statements. In addition, forward-looking statements are typically identified by words such as “plan,” “believe,” “goal,” “target,” “aim,” “expect,” “anticipate,” “intend,” “outlook,” “estimate,” “forecast,” “project,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict,” “should,” “would” and other similar words and expressions, although the absence of these words or expressions does not mean that a statement is not forward-looking. Forward-looking statements are based on the current expectations and beliefs of TeraWulf’s management and are inherently subject to a number of factors, risks, uncertainties and assumptions and their potential effects. There can be no assurance that future developments will be those that have been anticipated. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, risks, uncertainties and assumptions, including, among others: (1) conditions in the cryptocurrency mining industry, including fluctuation in the market pricing of bitcoin and other cryptocurrencies, and the economics of cryptocurrency mining, including as to variables or factors affecting the cost, efficiency and profitability of cryptocurrency mining; (2) competition among the various providers of cryptocurrency mining services; (3) changes in applicable laws, regulations and/or permits affecting TeraWulf’s operations or the industries in which it operates, including regulation regarding power generation, cryptocurrency usage and/or cryptocurrency mining, and/or regulation regarding safety, health, environmental and other matters, which could require significant expenditures; (4) the ability to implement certain business objectives and to timely and cost-effectively execute integrated projects; (5) failure to obtain adequate financing on a timely basis and/or on acceptable terms with regard to growth strategies or operations; (6) loss of public confidence in bitcoin or other cryptocurrencies and the potential for cryptocurrency market manipulation; (7) adverse geopolitical or economic conditions, including a high inflationary environment; (8) the potential of cybercrime, money-laundering, malware infections and phishing and/or loss and interference as a result of equipment malfunction or break-down, physical disaster, data security breach, computer malfunction or sabotage (and the costs associated with any of the foregoing); (9) the availability, delivery schedule and cost of equipment necessary to maintain and grow the business and operations of TeraWulf, including mining equipment and infrastructure equipment meeting the technical or other specifications required to achieve its growth strategy; (10) employment workforce factors, including the loss of key employees; (11) litigation relating to TeraWulf and/or its business; and (12) other risks and uncertainties detailed from time to time in the Company’s filings with the Securities and Exchange Commission (“SEC”). Potential investors, stockholders and other readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date on which they were made. TeraWulf does not assume any obligation to publicly update any forward-looking statement after it was made, whether as a result of new information, future events or otherwise, except as required by law or regulation. Investors are referred to the full discussion of risks and uncertainties associated with forward-looking statements and the discussion of risk factors contained in the Company’s filings with the SEC, which are available at www.sec.gov.

Investors:
Investors@terawulf.com

Media:
media@terawulf.com

The MIL Network –

January 25, 2025
MIL-OSI: Rigetti Computing to Report Third Quarter 2024 Financial Results and Host Conference Call on November 12, 2024

Source: GlobeNewswire (MIL-OSI)

BERKELEY, Calif., Oct. 29, 2024 (GLOBE NEWSWIRE) — Rigetti Computing, Inc. (“Rigetti” or the “Company”) (Nasdaq: RGTI), a pioneer in hybrid quantum-classical computing, announced today that it will release third quarter 2024 results on Tuesday, November 12, 2024 pre-market open. The Company will host a conference call to discuss its financial results and provide an update on its business operations at 8:30 a.m. ET the same day.

Key details regarding the call are as follows:

Call Date: Tuesday, November 12, 2024
Call Time: 8:30 a.m. ET / 5:30 a.m. PT
Webcast Link: https://edge.media-server.com/mmc/p/aoxe8j5p/
Live Call Participant Link: https://register.vevent.com/register/BI66e8b07255734ee49c6d5daf2166b220

Webcast Instructions
You can listen to a live audio webcast of the conference call by visiting the “Webcast Link” above or the “Events & Presentations” section of the Company’s Investor Relations website at https://investors.rigetti.com/. A replay of the conference call will be available at the same locations following the conclusion of the call for one year.

Live Call Participant Instructions
To participate in the live call, you must register using the “Live Call Participant Link” above. Once registered, you will receive dial-in numbers and a unique PIN number. When you dial in, you will input your PIN and be routed into the call. If you register and forget your PIN, or lose the registration confirmation email, simply re-register to receive a new PIN.

About Rigetti
Rigetti is a pioneer in full-stack quantum computing. The Company has operated quantum computers over the cloud since 2017 and serves global enterprise, government, and research clients through its Rigetti Quantum Cloud Services platform. The Company’s proprietary quantum-classical infrastructure provides high performance integration with public and private clouds for practical quantum computing. Rigetti has developed the industry’s first multi-chip quantum processor for scalable quantum computing systems. The Company designs and manufactures its chips in-house at Fab-1, the industry’s first dedicated and integrated quantum device manufacturing facility. Learn more at www.rigetti.com.

Contact
Rigetti Computing Media Contact:
press@rigetti.com

Rigetti Computing Investor Relations Contact:
IR@Rigetti.com

The MIL Network –

January 25, 2025
MIL-OSI: Global Micro extends its GDPR and ISO 27001 compliance services to EU, UK and US clients with new offices
Source: GlobeNewswire (MIL-OSI)

Key points:
- South Africa’s most experienced cloud provider is opening new offices across Europe, the UK and the US.
- These offices make Microsoft licensing and compliance easier across Europe and the United States.
- Global Micro’s expansion will further help businesses take advantage of the benefits of AI securely while complying with the necessary regulations.
JOHANNESBURG, Oct. 29, 2024 (GLOBE NEWSWIRE) — Global Micro, South Africa’s most experienced cloud provider with more than 30 years of experience, is set to open physical offices in Ireland, the United Kingdom and the United States.

These offices make Microsoft licensing and compliance easier across Europe and the United States. The company is uniquely positioned to help organisations deal with the challenges around compliance in the EU and US.

“It has become clear that there is significant demand for assistance to meet the compliance demands of GDPR and NIS 2 by the EU region, particularly with the EU parliament vowing to strengthen GDPR enforcement earlier this year.

“Our M365 Security and Compliance offering covers all the 34 technical controls for ISO 27001 Information Security, upon which GDPR is based,” explains JJ Milner, the Managing Director of Global Micro.

Furthermore, Global Micro can provide the US and European markets with an end-to-end service to achieve ISO 27001 certification as well as ensure GDPR and NIS2 compliance.

The company already has a solid reputation with customers across Europe, the Middle East, and Africa (EMEA), and its solutions have been thoroughly tested. They are highly regarded by 1,200 customers in the region. It has further enabled its customers to attain considerably better security than the norm, a key metric in the EU’s strict regulations.

“The effectiveness of our unique approach to managed services is evidenced by the success of our customers who enjoy far higher levels of security. While the average Microsoft Secure Score is 44/100, our customers have an average score of 75/100,” he adds.

The expansion of Global Micro’s physical presence globally will enable the company to provide Microsoft licensing to customers in all European countries, in accordance with European Union laws, as well as across the United Kingdom and the United States.

The official launch has been a year in the making. This is due to the complexities of meeting the legislative and governance requirements for Microsoft, UK, EU and US, explains Milner.

The new offices will be able to draw upon the company’s full staff complement, from its back office, project management and consulting services to sales and always-available technical support teams.

A key benefit that the company will bring is a more effective approach to delivering and maintaining secure and compliant environments.

Milner explains that its services are delivered as managed code, which allows for standardised, consistent and auditable change management.
This approach creates a feedback loop across its 1200 managed customers, allows it to update its code base and releases improvements to all its customers.

The opening of the offices is also intended to help customers take full advantage of Microsoft’s push into artificial intelligence (AI) via its Copilot offering in its Microsoft 365 software suite. “While AI can open up exciting new capabilities for businesses, it can also expose hidden vulnerabilities in a company’s security and compliance measures,” says Milner.

Companies, therefore, must be able to use the technology securely and ensure that all their security settings are aligned across their users, devices, networks, applications and the entirety of their infrastructure.

With more than 2,500 different security settings and constantly changing regulations that companies must adhere to, that is no small feat. It is a challenge that the Global Micro office will enable its European customers to meet without needing to retain a large security team.

These offices are set to be the first physical points of presence that mark Global Micro’s global expansion.

“We are committed to establishing office locations globally where our customers need a physical presence.

“We are excited to help our customers deal with their challenges and take advantage of the significant opportunities that AI brings to augment their business,” concludes Milner.

About Global Micro
Global Micro leverages the power of technology to deliver IT solutions that build better futures. Trusted for more than 30 years and by thousands of companies across the world, we provide enterprise-grade cloud and cybersecurity, and compliance solutions designed to help businesses comply and succeed. By simplifying sophisticated technology, we make it accessible and affordable. Keeping up with the complexity of technology is difficult. We help make it easy.

Contact:
Carly Simon
Email: critz@we-worldwide.com
Phone: +27825082209

Photos accompanying this announcement are available at
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The MIL Network –
January 25, 2025
MIL-OSI: Global Carbon Dioxide Removal (CDR) Market Valuation Expected to Reach $2.11 Billion by 2032

Source: GlobeNewswire (MIL-OSI)

PALM BEACH, Fla., Oct. 29, 2024 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The global Carbon Dioxide Removal (CDR) Market has been growing in the past years and is expected to continue at a substantial pace for years to come. Growing awareness and concern about the impacts of climate change are driving governments, businesses, and individuals to seek effective solutions for mitigating carbon dioxide emissions. The CDR market benefits from this heightened awareness and the urgent need for sustainable practices. A report from Custom Marketing Insights said that the global Carbon Dioxide Removal (CDR) Market size is expected to record a CAGR of 14.8% from 2023 to 2032. In 2023, the market size is projected to reach a valuation of USD 610.9 Million. By 2032, the valuation is anticipated to reach USD 2,115.5 Million.   The report said: “Stringent Regulatory Policies and Targets: Governments around the world are implementing and enhancing regulatory frameworks aimed at reducing greenhouse gas emissions. The imposition of carbon reduction targets and the integration of carbon pricing mechanisms create a favorable environment for the growth of the CDR market, as industries seek ways to comply with these regulations.   Advancements in CDR Technologies: Ongoing research and development efforts are leading to technological advancements in carbon removal methods. Improved efficiency, scalability, and cost-effectiveness of CDR technologies contribute to their wider adoption and growth in the market.   Increasing Corporate Sustainability Initiatives: Many companies are adopting sustainability goals and committing to achieving net-zero emissions. As part of their corporate social responsibility (CSR) initiatives, businesses are investing in CDR technologies to offset their carbon footprint, contributing to the overall growth of the market.”   Active carbon companies in the markets this week include: BluSky Carbon Inc. (CSE: BSKY) (OTCQB: BSKCF), SLB (NYSE: SLB), DevvStream Holdings Inc. (OTCQB: DSTRF) (NEO: DESG), Base Carbon Inc. (OTCQX: BCBNF) (NEO: BCBN), LanzaTech Global, Inc. (NASDAQ: LNZA).

Custom Marketing Insights continued: “Rising Investments and Funding: The CDR market is witnessing increased investments from both public and private sectors. Governments, venture capital firms, and major corporations are allocating funds to support research, development, and implementation of carbon removal technologies, fostering market growth.   Emergence of Carbon Offset Markets: The development of carbon offset markets, where entities can buy and sell carbon credits, provides financial incentives for the deployment of CDR technologies. This market dynamic encourages the adoption of carbon removal solutions as a means for businesses to offset their emissions and comply with regulatory requirements, thereby driving market growth.”

BluSky Carbon Inc. (CSE: BSKY) (OTCQB: BSKCF) Commences Biochar Production in Arkansas – BluSky Carbon Inc. (FWB: QE4 /WKN A401NM) (“BluSky” or the “Company”), an innovative entry into the carbon removal clean technology sector is very pleased to announce that it has commenced production of biochar at a dedicated facility in Arkansas. The event marks the official startup of initial biochar production aimed at servicing the recently announced $105 million, ten-year supply agreement (see Company news release dated Sept 24, 2024) (“Supply Agreement”).

A video showing the equipment start-up and providing some insights into the facility, the region, and BluSky’s strategic plan is available here.

The startup of the Vulcan Heavy system at this location represents the first of three units required to service the totality of the Supply Agreement. Once the other two units are procured and fully operational (see news release dated September 24, 2024), these machines are expected to produce a combined output of approximately 40,000 tons of biochar annually. It is also expected that production byproducts such as bio-oil and syngas may help reduce the Company’s overall production costs by providing some of the energy required to power the Vulcan systems, potentially along with surplus power capacity to contribute towards operating BluSky’s related carbon removal technologies (CDR) including its Medusa Carbon mineralization process and Kronos Direct Air Carbon Capture technology.

The inaugural production plant has been dedicated as “AR1“ and is located at 110 Industrial Park Drive in Warren, Arkansas. The facility consists of a multi-room 50,000 sq/ft enclosure located on an 8.54-acre property. Warren services an established sustainable timber industry with a strong presence in the town and surrounding area. Nearby softwood wood chip production (mostly yellow pine) serves as a nearly limitless source of clean biomass feedstock for the BluSky Vulcan Heavy pyrolysis systems.

BluSky CEO Will Hessert comments, “The facility is ideally suited for scalability. We have ample room for the three Vulcan Heavy units as required to service our initial regional contract, with additional room to double that production without the need to create more space. The property itself is large and well suited to handle industrial scale logistics and storage needs.”   CONTINUED… Read this full press release and more news for BluSky Carbon at:   https://bluskycarbon.com/news/

Other recent carbon developments in the markets of note include:

SLB (NYSE: SLB), formerly known as Schlumberger, recently announced it was aiming to accelerate the deployment of carbon capture technology through an investment in Norway’s Aker Carbon Capture. SLB said that it will pay about $380 million, or 4.12 billion Norwegian kroner, for an 80% stake in the pure-play carbon capture company. The deal is expected to close by the end of the second quarter.

Schlumberger rebranded as SLB in 2022 as part of the company’s growing focus on lower-carbon technologies. SLB is targeting $3 billion in revenue from its new energy business by the end of the decade. CEO Olivier Le Peuch told analysts during the company’s fourth-quarter earnings call that carbon capture and storage will be a leading contributor to that $3 billion target. SLB is participating in more than $400 million worth of tenders related to carbon capture and storage.

DevvStream Holdings Inc. (NEO: DESG) (OTCQB: DSTRF), a leading carbon credit project co-development and generation firm specializing in technology-based solutions, recently announced an agreement (the “Agreement”) to purchase 1.2 million carbon credits from the Ipixuna REDD+ Project (the “Project”), subject to final approval by the board of Focus Impact Acquisition Corp. (“Focus Impact”). In exchange for the credits, the vendor will receive newly authorized shares of common stock of the public company (“NewCo”) resulting from DevvStream’s previously announced business combination with Focus Impact (the “Business Combination”). Upon closing of the Business Combination-projected to occur on or before October 31, 2024-NewCo is expected to be named DevvStream Corp. and begin trading on the Nasdaq Stock Market LLC (“Nasdaq”) under the ticker symbol “DEVS.” The Company expects the carbon credit purchase Agreement to close in conjunction with and conditional upon the Business Combination and Nasdaq listing.

Base Carbon Inc. (NEO: BCBN) (OTCQX: BCBNF) with operations through its wholly-owned subsidiary, Base Carbon Capital Partners Corp. (together, with affiliates, “Base Carbon”, or the “Company”), recently announced that it has received a second transfer of 1,014,635 carbon credits from its Rwanda project, each designated with Verra’s Article 6 Authorized label.

Pursuant to the terms of the project agreement with the DelAgua Group, the project developer, and the letter of authorization issued by the Government of Rwanda (“LOA”) with respect to the project, the Company has received a transfer of 1,014,635 Article 6 Authorized labeled carbon credits. This volume is net of 23,060 carbon credits which have been retired to contribute towards global emission reductions and 115,300 carbon credits to be made available to the Government of Rwanda pursuant to the terms of the LOA. The Company now holds a total inventory of 1,712,193 carbon credits generated from the Rwanda project, all designated with Verra’s Article 6 Authorized label.

LanzaTech Global, Inc. (NASDAQ: LNZA), the carbon recycling company transforming waste carbon into sustainable fuels, chemicals, materials, and protein, has been awarded $3 million by the U.S. Department of Energy’s (DOE) Office of Fossil Energy and Carbon Management (FECM), as part of a broader $29 million investment program to advance its carbon management priorities. LanzaTech’s Project ADAPT (“Accelerating Decarbonization via Advanced Production Technologies”) was selected to address FECM’s priority of converting carbon dioxide (CO2) into environmentally responsible and economically valuable products…

…”We are thrilled to receive this support from the U.S. Department of Energy to progress our work around scaling the conversion of waste CO2 to make some of the world’s most needed chemicals,” said Dr. Jennifer Holmgren, CEO of LanzaTech. “CO2 is an essential feedstock of today and the future, and Project ADAPT leverages our expertise and existing operations to accelerate the commercialization of transformational carbon capture and utilization technologies that deliver cleaner and more sustainable energy and products.”

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The MIL Network –

January 25, 2025
MIL-OSI Banking: Pan Gongsheng: Strike the right balance and pursue high-quality development of the Chinese economy

Source: Bank for International Settlements

Distinguished Party Secretary Yin Li, Mayor Yin Yong, Mr. Wang Jiang, Mr. Li Yunze, Mr. Wu Qing, Mr. Fu Hua, Mr. Zhu Hexin, and dear guests,

Good morning!

It is a great pleasure to attend the Financial Street Forum. I would like to take this opportunity to exchange views with you on three issues.

I. Progress in implementing a package of incremental monetary policies

According to arrangements of the CPC Central Committee, financial regulators announced a package of policies to support stable economic growth on September 24. The move attracted great attention and received extensive support. The day before yesterday, the PBOC, the National Financial Regulatory Administration (NFRA), and China Securities Regulatory Commission (CSRC) organized a meeting with major commercial banks, securities firms, and fund companies to make arrangements for prompt implementation of the package of policies. Here I would like to share with you our progress in implementing relevant policies.

In terms of the required reserve ratio (RRR) and interest rate cut, on September 27, the RRR was cut by 0.5 percentage points, the 7-day reverse repo rate was cut by 0.2 percentage points, and the medium-term lending facility (MLF) rate was cut by 0.3 percentage points from 2.3 percent to 2 percent. We might further cut the RRR by 0.25-0.5 percentage points at proper time, depending on the market liquidity before the year-end. This morning, the commercial banks have announced to lower the deposit rates, and the loan prime rate (LPR) to be released on October 21 is also expected to drop by 0.2-0.25 percentage points. The four policies related to real estate finance have all been rolled out. Specifically, the adjustment of rates on existing housing loans is a policy to benefit people’s livelihood unveiled at the decision of the CPC Central Committee. It will benefit 50 million households, whose interest expenses will be reduced by about RMB150 billion each year. As for the two financial instruments to support stable development of the capital market, the PBOC has established a special working group together with the CSRC and NFRA. Securities, funds and insurance companies swap facility (SFISF) are now open to financial institutions for application. The policies related to special central bank lending for shares buyback and holdings increase have been officially released today for implementation.

Since it was announced and implemented, the policy package has received positive feedback both at home and abroad. It has vigorously boosted social confidence and played an effective role in promoting stable economic and financial performance. We have taken three main factors into consideration while formulating these policies.

First, given the current economic performance, we need to implement strong macro aggregate policies. Major problems in the current economic operation, as reflected at the macro level, are insufficient effective demand, weak social expectations and low prices. A common market view is that we need to launch strong macro policies. According to the arrangements of the CPC Central Committee, the PBOC has conducted in-depth researches and prepared policy plans in advance. Against this backdrop, the CPC Central Committee promptly made the decision to launch a package of incremental policies, which reflect its determination to secure the economy, stabilize expectations, boost consumption and benefit people’s livelihood. The market responded to the initiative positively.

Second, the economy still faces some prominent challenges, which are mainly related to the real estate market and the capital market. Drawing on international experience and China’s practices in the past, we need to unveil targeted policies in response.

In terms of the real estate market, the PBOC, based on its mandate, has improved four real estate finance-related policies, supporting risk defusing and sound development of the real estate market from a macro-prudential perspective.

In terms of the capital market, the PBOC, together with the CSRC, has developed two instruments to facilitate the stable development of the capital market. The two instruments were designed completely based on market principles, and internationally there had been successful practices. Regarding the SFISF, the central bank does not provide fund support for the market directly, so it does not expand the central bank’s money supply and base money. The central bank lending for shares buyback and holdings increase is targeted. The credit funds must not enter the stock market in violation of financial regulation. This remains a red line. The two instruments showcase the efforts of the PBOC to expand and explore its mandate of maintaining financial stability. We will keep on cooperating with the CSRC to gradually improve the instruments in practice, and explore day-to-day institutional arrangements.

Third, the central bank needs to observe and evaluate financial market risks, and adopt proper measures to cut off or moderate the accumulation of financial market risks from the perspective of macro-prudential management. Recently, the PBOC strengthened communications with the market on the long-term government bond yield. We aimed to contain the potential systemic risk derived from one-sided downward movement of long-term government bond yield driven by herd effect. The financial markets are highly sensitive, which means they rapidly react to and price in changes in policies and various factors. From a macro and in-depth point of view, the real economy and the capital market are interwoven and interactive. The valuation recovery helps the capital market to perform its functions of investment and financing. It breaks the vicious cycle of market slump and equity pledge risks, thus promoting the healthy development of listed companies, improving social expectations, and invigorating consumption and investment demand.

II. The right balance and high-quality development of the Chinese economy

The objective of macroeconomic adjustments is to calibrate the economic development trajectory in the short term, while that of reforms and economic restructuring focuses on the mid- to long-term, which is to achieve high-quality development and sustainable economic growth.

Since the 18th National Congress of the CPC, General Secretary Xi Jinping and the CPC Central Committee have been highlighting the importance of improving the quality and benefits of economic growth. The 19th National Congress of the CPC made it clear that the Chinese economy had been transitioning from a phase of rapid growth to a stage of high-quality development. A requisite for China to adapt to the evolution of the principal contradiction facing the Chinese society, high-quality development focuses on addressing the problem of unbalanced and inadequate development, so as to better harmonize the major ratios in the national economy.

In physics, balance means that an object remains relatively stable under the combined action of several forces. The right balance in economic development refers to a dynamic process of the interaction and improvement of various economic structures and ratios, and it is a common phenomenon in the economic development of various countries.

Since the beginning of this century, the global economy has gone through three major balancing periods in which China were deeply engaged and made active contributions.

The first period was between 2001 and 2007. After China’s accession to the WTO, its low cost factors fully integrated into the global industrial division of labour, which effectively expanded global supply, and enhanced the production efficiency. It helped to tame the global inflation and boost economic growth.

The second period was between 2008 and 2017. After the Global Financial Crisis, the world economy featured “three lows and one high”, namely, low growth rate, low inflation, low interest rate, and high debt level. When the global demand was dampened, China took the initiative to vigorously boost domestic demand. The efforts helped spur the world economy and avoid its deflation. During the decade, China’s contribution to the world economic growth was stable at around 30 percent.

The third period was after the outbreak of the COVID-19. Due to supply shocks and potent demand side stimulus, the global inflation once surged and stayed elevated. While China’s supply chain system remained stable, it helped to fill the global supply gap, presenting China’s sustained contribution to bringing down inflation and achieving economic balance in the world.

The Chinese economy has also undergone profound restructuring and balancing processes. In recent years, with the deepening of supply-side structural reforms, the acceleration in the establishment of a new development paradigm, and the adoption of other strategic measures, China has made continued efforts to shift its economic growth model from the traditional focus on high-speed growth to an innovation-driven, quality- and efficiency-oriented mode. As a result, the quality and efficiency of supply have been improving while the value added of high-tech manufacturing has accounted for an expanding share. With the contribution from consumption continuously on the rise, consumption, investment, and net exports made up 56 percent, 42 percent, and 2 percent of China’s GDP in 2023, respectively, as compared with the corresponding data of 49 percent, 47 percent, and 4 percent in 2010.

To promote high-quality economic development and sustainable growth, we need to strike the right balance in economic operation from the following three perspectives.

First, we need to strike the right balance between the pace and quality of economic growth. Given the vast size of the Chinese economy, we need to keep economic growth at a reasonable rate in order to boost employment and people’s income. As the transformation of the economic development model and economic restructuring will likely affect economic growth in the short term, we need to strike the right balance, put effort into fostering the new drivers of economic growth, and firmly support stable economic growth so as to effectively upgrade and appropriately expand China’s economic output.

Second, we need to strike the right balance between internal and external concerns in achieving economic growth. In recent years, the Chinese economy has seen effective improvements in its external equilibrium. China’s current account surplus-to-GDP ratio, which fell from around 10 percent in 2007 to approximately 2 percent in 2011, has stayed within an internationally accepted range of 1-2 percent in recent years. Currently, as international geopolitical tensions have led to economic deglobalization, international trade politicalization and instrumentalization, the world’s sustainable economic growth and welfare growth are facing obstacles. Upholding free trade and fair competition, we will remain committed to expanding two-way opening-up, and we will make better use of both domestic and international markets as well as their resources to further enhance the international competitiveness of Chinese enterprises and to accelerate the establishment of a new development paradigm.

Third, we need to strike the right balance between investment and consumption. During past economic cycles in the history, we have confronted economic downward pressures mainly by boosting investment and maintaining supply-side productive capacity, which has played a significant and effective role. In pursuing high-quality development, we need to follow the direction of economic restructuring to adjust investments and channel more of them to areas such as sci-tech innovation and basic livelihoods. We will continue to apply a people-centered development philosophy, focus on raising household income, optimize the structure of fiscal expenditures, enhance the social security system, and promote consumption growth, thus giving rise to a virtuous cycle in which “government encourages consumption, consumption activates markets, markets lead businesses, and businesses expand investment”.

To achieve the right balance in the economy, we need to deal with the following priorities. First, macro economic policies should pivot from over-emphasis on investment to both consumption and investment, with more focus on consumption. Second, the relationship between government and market should be handled in a more appropriate manner, which calls for a scientific management and balance of the boundaries between government and market, and an enhanced pertinence as well as targetedness of policies regarding market concerns. Third, reform and opening-up will be further deepened to foster a favorable economic environment based on the rule of law and to create a more equitable and vibrant market environment.

III. The positive role the PBOC plays in serving high-quality development of the economy

The PBOC is both a financial regulator and a supervisory authority of the macro economy. Focused on the primary mandate of serving high-quality development, we will intensify the counter-cyclical adjustments of monetary policies and macro-prudential policies, and enhance the precision and effectiveness of financial support policies, so as to create a sound monetary and financial environment for the stable growth and structural adjustments of the economy. We will steadily advance the financial opening-up at a high level and strike the right balance of the economy.

First, we will further improve the monetary policy framework. I elaborated on the framework in Lujiazui Forum in June. Today, I would like to emphasize the following points. In terms of policy objectives, we will take reasonable prices rise as an important consideration, and give a bigger role to price-based policy tools, such as interest rate. In terms of policy implementation, we will enrich the monetary policy toolbox on an ongoing basis, make good use of structural monetary policy tools, and gradually increase transactions of government bonds in open market operations. The PBOC and the Ministry of Finance (MOF) have established a joint working group, and relevant institutional arrangements will be improved continuously. In terms of policy transmission, we will continue to enhance the transparency of monetary policies, improve the independent pricing capabilities of financial institutions, and heighten consistency with fiscal policies, industrial policies, and regulatory policies, in a bid to achieve a more efficient transmission of monetary policies.

Second, we will provide more adaptive and targeted financial services to support economic restructuring and rebalancing. We will further intensify the macro credit management, continue to promote technology finance, green finance, inclusive finance, old-age finance and digital finance, and step up efforts to provide prime financial services for major national strategies, key areas and weak links. We will continue to build a financial market that is well-regulated, transparent, open, dynamic and resilient, and support developing diversified financing channels.

The high-quality development is inseparable from sci-tech innovation. Modern sci-tech innovation projects are characterized by long investment cycle, huge investment, high risk and uncertainty. They call for diversified financial services. In particular, enterprises in seed stage and start-ups are highly reliant on equity financing. Therefore, active private equity investments (PEs) and venture capitals (VCs) are very important market participants. The PBOC will strengthen communication and cooperation with relevant authorities, improve the financial policies supporting sci-tech innovation, cultivate a financial market ecology that is conducive to sci-tech innovation, so as to continuously enhance the capacity, intensity and quality of financial support for sci-tech innovation.

Third, we will improve the macro-prudential framework and the mechanism for systemic financial risk prevention and resolution. From a macro perspective, we will maintain a right balance between economic growth, economic restructuring and financial risk prevention, improve the system of risk monitoring, early warning and resolution, and enhance the financial stability guarantee system. We will closely watch the economic and financial performance, make timely counter-cyclical adjustments, and preemptively forestall and defuse systemic financial risks.

Fourth, we will build a new and open financial system at a higher level. We will steadily expand the institutional opening-up of financial services and financial markets, expand the connectivity between domestic and overseas financial markets, facilitate trade, investment and financing. In line with the market-driven principle and based on the independent decision-making of market participants, we will make steady and solid progress in advancing RMB internationalization. We will take an active part in global economic and financial governance and cooperation, and promote the balanced and sustainable economic development of China and the world as a whole.

Last but not least, I’d like to wish this forum a complete success! Thank you!

MIL OSI Global Banks –

January 25, 2025
MIL-OSI Banking: Elizabeth McCaul: Fading crises, shifting priorities – a supervisory perspective on the regulatory cycle

Source: Bank for International Settlements

Thank you very much for inviting me to today’s conference.

I regret that I am not able to join you in person but I am sure that you are having very productive and insightful discussions.

The title of the conference, “EU banking regulation at a turning point”, indicates that the regulatory environment seems to be undergoing a fundamental shift. While the years following the global financial crisis have been devoted to reinforcing the regulatory framework to prevent a recurrence of similar failures, the public debate seems to have shifted away from focusing on safety and stability towards placing greater emphasis on competitiveness.

Shifts in public opinion on regulation are nothing new. There is a natural ebb and flow of regulatory intensity driven by crises, economic conditions and political priorities. After a crisis, there is often strong public support for stricter regulation, which tends to weaken over time as the crisis recedes.

In today’s remarks, I want to give you a supervisory perspective on the regulatory cycle and its shifting priorities.

I would like to make three main points.

First, it is a fundamental misconception to frame safety and competitiveness as opposing forces. A stable and secure financial system forms the bedrock of long-term competitiveness.

Second, the post-crisis reform agenda in Europe is not yet complete. Notably, the banking union is still unfinished and the capital markets union requires more ambition. For me, there is a clear link here between these important policy objectives and buttressing the competitiveness of the sector.

Third, we need to tackle emerging risks, such as the growth of the non-bank financial intermediation (NBFI) sector, and the rising geopolitical risk, which manifests itself in a number of ways, including in concerns about cyberattacks. Tackling these risks will contribute towards ensuring the continued resilience of the financial system.

Heeding the lessons from the past

As the great financial crisis fades into the rearview mirror, it seems that competitiveness considerations have taken the wheel. However, just as guardrails on a motorway do not impede drivers but ensure they stay on the road, a robust regulatory framework sets safe boundaries for banks, enabling them to fulfil their role of lending to the real economy.

Let me take this traffic metaphor even further. There are countless studies showing that speed limits not only reduce danger but also minimise congestion, thereby reducing the overall travel time. It’s a fallacy to think that higher speed limits mean faster travel, just as laxer regulation does not lead to more sustainable growth. Similarly, regulatory competition between jurisdictions is more likely to lead to a race to the bottom than to a robust regulatory framework.

Research consistently shows that well-capitalised banks are better positioned to support the real economy thanks to their enhanced capacity to absorb losses and maintain stability, even under financial stress. Specifically, impact assessments for the Basel reforms have demonstrated that while there may be short-term economic costs, these are far outweighed by the long-term benefits, most notably increased economic resilience.

As for concerns over competitive advantages or disadvantages, I am not convinced that EU banks are at a disadvantage. In fact, the notion that regulatory requirements are more stringent in the EU than in the United States does not hold up to scrutiny. Evidence shows that global systemically important banks (G-SIBs) in the United States face slightly higher capital requirements than their EU counterparts.

Furthermore, when we account for differences in how banks calculate risk-weighted assets, it becomes clear that average capital requirements for significant institutions in the banking union would be somewhat higher under US rules. This directly challenges some of the industry reports that suggest otherwise.¹

Completing the banking union and the capital markets union

Let me now move to my second point: the need to complete the banking union and the capital markets union.

In recent years, Europe’s banking sector has demonstrated resilience amid unforeseen challenges, including the coronavirus pandemic, the energy supply shock following Russia’s invasion of Ukraine and high inflation.

This resilience is reflected in the numbers: in 2015 the average ratio of non-performing loans (NPLs) for significant banks in the banking union was 7.5%, at a time when some banking systems had ratios close to 50%. At the end of the second quarter of this year, this ratio had decreased to 2.3%, driven mainly by the reduction of NPLs in high-NPL banks.

Similarly, the Common Equity Tier 1 ratio for significant banks has risen from 12.7% in 2015 to 15.8% today. Bank profitability has increased considerably in recent quarters, benefiting from higher interest rates, and return on equity now stands at 10.1%.

This resilience is also a result of the strengthened supervisory and regulatory framework after the global financial crisis, including the creation of European banking supervision. The limited repercussions from the March 2023 banking sector turmoil stand as a testament to the robustness of our banking union.

However, while we have made significant strides to build a more resilient banking union, the journey is far from complete. Without a European deposit insurance scheme, there cannot be a truly single banking system. Depositors across the banking union should have a uniform level of confidence that their deposits are safeguarded during crises, irrespective of their Member State or the location of their bank.

We must also enhance the crisis management and deposit insurance (CMDI) framework to effectively manage the failures of small and medium-sized banks. It is crucial that authorities have the flexibility to act and that adequate funding is available for a diverse range of scenarios.

Losses from bank failures should primarily be borne by the bank’s shareholders and creditors. Nonetheless, the framework should also allow for the use of industry-funded safety nets when necessary to protect financial stability.

In particular, deposit guarantee schemes should be equipped to support the use of crisis management tools, for example by contributing to meeting the bail-in conditions for gaining access to the Single Resolution Fund. Smaller banks, which often rely heavily on deposits as a funding source, may face challenges in issuing financial instruments that could be bailed in if the bank fails.

This issue can be mitigated by clarifying and broadening the least cost test and introducing a general depositor preference based on an equal ranking of all deposits.

The current review of the CMDI framework is an opportunity to bring durable fixes to the flaws I have just described. We hope the co-legislators will reach an ambitious agreement and not settle for small-scale tweaks that would largely preserve the current – and less than satisfactory – status quo.

Liquidity in resolution is another important aspect of crisis management where progress is needed. A resolved bank should primarily rely on market funding for liquidity, but a public liquidity backstop can be critical to maintain confidence in the resolution process, as demonstrated by recent crises in other jurisdictions.

Unlike other jurisdictions, however, the banking union lacks an effective public sector backstop mechanism to provide this temporary liquidity funding. We therefore encourage all EU stakeholders to resume discussions on setting up a European-level public backstop to ensure liquidity is provided to banks facing resolution in a timely and effective manner.

The incompleteness of the banking union is a significant impediment to creating a truly integrated banking sector in Europe and optimising its competitiveness. Achieving this goal means removing unnecessary barriers to cross-border banking and enabling cross-border groups to manage liquidity and capital at the group level. A fully integrated, cross-border European banking landscape would not only make banks more efficient but also more resilient to domestic shocks, by enabling them to diversify their risks and revenue streams. This would contribute to private risk sharing and enhance the overall economy’s robustness and efficiency, benefiting European citizens.

Let me now turn to the second element of what is missing in Europe’s financial architecture: the capital markets union.

The capital markets union and the banking union are complementary projects. Progress on the capital markets union provides opportunities for banks and vice versa. And deepening the capital markets union is vital for the European economy to attract the necessary private investments to support innovation and the digital and green transitions, thus bolstering EU competitiveness.

For banks, this means more cross-border activities, which would make them more competitive compared with their international counterparts. In a more integrated pan-European capital market, banks could fully exploit economies of scale by offering similar products and services across multiple countries.

Targeted harmonisations across Member States could facilitate such cross-border lending, enabling banks to better assess risks and opportunities from borrowers in other Member States. Completing the banking union would significantly accelerate the push towards a truly integrated European banking landscape.

Securitisation is another measure to advance the capital markets union where banks play a key role. Given the constraints on banks’ balance sheets, capital markets can complement bank lending and increase the financing available to the private sector while transferring risks to other intermediaries. Securitisation is crucial as it provides a diversified funding base for banks, a tool to transfer credit risks and new assets for investors. This can also create space for additional lending to the economy.

Tackling emerging risks – non-bank financial institutions and rising geopolitical risks

While non-banks may help in financing the significant needs of the twin green and digital transition, they also necessitate adequate regulation and close monitoring.

The growth in the NBFI sector is staggering. In the euro area the sector has more than doubled in size, from €15 trillion in 2008 to €32 trillion in 2024. Globally, the numbers are even more worrying, with the sector growing from €87 trillion in 2008 to €200 trillion in 2022.

The private credit market is a particular concern. It accounts for €1.6 trillion of the global market and has also seen significant growth recently. The European private credit market growth is accelerating by 29% in the last three years, but the market is still much smaller than the market in the United States, which is where investors and asset managers are often based. The end investors are pension funds, sovereign wealth funds and insurance firms, but banks play a significant role in leveraging and providing bridge loans at various levels to credit funds. We recently completed a deep dive on the topic and found that banks are not able to fully identify the myriad ways they have exposure to private credit funds. Therefore, concentration risk could be significant.

We know that risk from the NBFI sector can materialise through various channels. One such channel is the correlation of exposures, especially given the growth in private credit and equity markets. We supervisors do not have a full picture of the level of exposure and correlations between NBFI balance sheets and bank lending arrangements, lines of credit or derivatives to and from NBFIs.

To make the market less opaque, we should further harmonise, enhance and expand reporting requirements and make information-sharing between authorities easier at the global level.

The growth in the NBFI market is not the only concern we have about the current risk environment. There is ample evidence in our constant media feeds of rising risks. We need only switch on our news channels to see frightening images of human tragedy, Russia’s invasion of Ukraine, the widening conflagration in the Middle East, and even what may be the most significant military exercise yet conducted by Chinese armed forces encircling Taiwan. There are many reasons to be concerned about rising geopolitical risk, such as supply chain disruptions, energy disruptions and inflationary pressures. They all pose threats to resilience. I’d like to highlight one resulting risk – the increased risk of cyberattacks, in particular the increased threat from nation state actors. Our IT risk questionnaire shows a significant uptick year after year. In 2022, 50% of our supervised entities were subject to at least one successful cyber attack, rising to 68% percent in 2023 as the upcoming publication of our annual horizontal analysis will show. On an absolute basis the number of reports has also risen significantly. The number of cyber incident reports that we have received in 2023 was 77% higher than in 2022, and we expect the total number of incident reports in 2024 to be similar to 2023. The IMF also reports that the number of attacks has doubled since the pandemic.

Conclusion

Let me conclude.

While the public debate on banking regulation may have shifted, we need to continue to uphold robust regulatory frameworks that balance safety with competitiveness. Completing the banking union and the capital markets union remains a critical priority and one that can enhance the overall competitiveness of the sector. In addition, we must remain vigilant in addressing the emerging risks posed by the growing NBFI sector and rising geopolitical risks that threaten resilience.

By staying committed to these priorities, we can build a stronger, more integrated European financial system that supports innovation, protects consumers and enhances the overall resilience of our economy for all Europe’s citizens. Crises fading in the rearview mirror should not be a harbinger of shifting supervisory and regulatory priorities such that a weaker, less competitive and less resilient sector is the result.

MIL OSI Global Banks –

January 25, 2025
MIL-OSI Banking: Ida Wolden Bache: Monetary policy trade-offs in a small open economy – the case of Norway

Source: Bank for International Settlements

Presentation accompanying the speech

Introduction

Good afternoon. Let me start by thanking the Peterson Institute for the invitation and for giving me the opportunity to address this distinguished audience. It’s a pleasure to be here.

[Chart: The tightening was synchronised across countries]

The tightening of monetary policy by central banks over the past few years has been unprecedented in several respects. By some measures, this has been the most globally synchronised of all tightening episodes in the past half century.

In Norway, as in many other countries, global supply chain disruptions contributed to a rise in prices for a broad range of goods during the pandemic. When pandemic restrictions were lifted, economic activity quickly rebounded. The high level of household saving gave an additional impetus to demand. When Russia invaded Ukraine in February 2022, energy and commodity prices soared. Since Norway is a major exporter of oil and gas, those price increases constituted a positive terms-of-trade shock, and they generated large inflows into the Norwegian government’s sovereign wealth fund, the Government Pension Fund Global. But at the same time, the increases in energy prices contributed to pushing up domestic business costs and spilled over into consumer prices.

[Chart: Policy rate at 4.5% to end of year, according to forecast]

Norges Bank started a gradual normalisation of interest rates in September 2021, and our key policy rate now stands at 4.5 percent. The policy rate forecast in our latest Monetary Policy Report in September implies that the policy rate will remain at 4.5 percent to the end of this year, before being gradually reduced from first quarter 2025.

MIL OSI Global Banks –

January 25, 2025
MIL-OSI Global: RFK Jr.’s pivot to Trump is a journey taken by many populists swept along the left-to-right alternative media pipeline

Source: The Conversation – USA – By Rachel Meade, Lecturer of Political Science, Boston University

When Robert F. Kennedy Jr. ended his independent presidential run in August 2024 and endorsed Republican Donald Trump, it might have seemed a surprising turn of events.

Kennedy began his presidential run as a Democrat and is the scion of a Democratic dynasty. Nephew to former President John F. Kennedy and the son of former Attorney General Robert F. Kennedy, Kennedy spent most of his career as a lawyer representing environmental groups that sued polluting corporations and municipalities.

Yet Kennedy, 70, has long held positions that put him at odds with the Democratic mainstream. He pushes public health misinformation around vaccines and HIV/AIDS, opposes U.S. military involvement in foreign wars, including in Ukraine, and claims that the CIA assassinated his uncle.

Kennedy’s ideologically mixed politics are hard to categorize in traditional left-right terms.

My political science research finds that Kennedy’s journey from left-aligned skepticism into Trumpism is part of a broader trend of contemporary left-to-right populist transformations happening across the United States.

Rise of the populist alternative media

Populism is a political story that presents the good “people” of a nation as in a struggle against its “elites,” who have corrupted democratic institutions to further their own selfish interests. It cuts across the ideological spectrum, often combining left-wing economic critiques with right-wing cultural ones.

Based on my research, I find that Kennedy uses a populist style of speech that matches the rhetoric of today’s online alternative media, also known as the “alternative influence network.”

If populism cuts across the ideological spectrum, so does the alternative media.

This network of politically diverse independent podcasters, YouTube hosts and other creators connects with young, politically disaffected audiences by mixing politics with comedy and pop culture, and presenting themselves as embattled defenders of free thinking – in opposition to mainstream media and mainstream parties.

Top-rated shows include “Breaking Points,” “Stay Free with Russell Brand,” “The Joe Rogan Experience,” The Culture War with Tim Pool and “This Past Weekend w/ Theo Von.”

While many of these shows have been around since the 2010s, the network expanded throughout the Trump era. Their popularity skyrocketed during the COVID-19 pandemic, when public distrust in government, anger over pandemic restrictions and vaccine skepticism surged.

These shows hosted Kennedy frequently throughout his presidential run in 2023 and 2024.

Kennedy finds his audience

I analyzed a set of Kennedy’s appearances for this story. Both Kennedy and alternative media hosts claim to care about “the real issues” facing Americans such as war, corporate and political malfeasance and economic troubles. They condemn the “mainstream” for promoting frivolous “culture war” topics related to race and identity politics.

Kennedy and the alternative media hosts also combine left and right arguments in a typically populist way. They claim that corporations control the government and that liberals and corporations censor free speech.

For example, on a May 2024, episode of “Stay Free with Russell Brand,” Brand asserted that corrupt institutions are backed by the “deep state.” He asked Kennedy how he would fight these powerful interests.

“The major agencies of government have all been captured by the industries they’re supposed to regulate and act as sock puppets serving the mercantile interests of these big corporations,” responded Kennedy. “I have a particular ability to unravel that because I’ve litigated against so many of these agencies.”

My research found that Kennedy often bonded with his alternative media hosts over his perception that liberal media sources – allegedly controlled by the Democratic National Committee or the CIA – were censoring his campaign.

Like Kennedy, alternative media hosts often identify as former or disaffected Democrats. Many used to work at mainstream left news sites, where they say they experienced censorship.

‘This little island of free speech’

In a June 2023 episode of “The Joe Rogan Experience,” Rogan explained that he no longer identifies as a liberal because of the “orthodoxy it preaches” around issues like vaccines. He then cited YouTube’s removal of some of Kennedy’s vaccine-related videos for violating its COVID-19 misinformation policy.

Kennedy had just spent 90 minutes outlining his journey toward vaccine skepticism, which started with meeting a mother who believed vaccines caused her son’s autism.

“If a woman tells you something about her child, you should listen,” he said.

Kennedy also described being convinced by a set of studies that public health officials had ignored.

“Trust the experts is not a function of science, it’s a function of religion,” he said. “I’ve been litigating 40 years; there’s experts on both sides.”

Afterward, he thanked Rogan for maintaining “this little island of free speech in a desert of suppression and of critical thinking.”

Kennedy reiterated this point in the Aug. 23, 2024, speech that ended his campaign, saying the “alternative media” had kept his ideas alive, while the mainstream networks had shut him out despite his historically high third-party poll numbers of 15% to 20%.

“The DNC-allied mainstream media networks maintained a near-perfect embargo on interviews with me,” Kennedy said.

Speaking directly to the reporters in the room, he added, “Your institutions and media made themselves government mouthpieces and stenographers for the organs of power.”

Left-to-right pipeline

Trust in a range of U.S. institutions is at historical lows. Americans on both the right and the left are skeptical of power and crave radical change.

Alternative media hosts tap into this desire, helping to push some disaffected listeners down the same left-to-right pipeline that landed Kennedy in Trump’s orbit.

Trump and his allies are adept at harnessing the power of the alternative media ecosystem. Trump has appeared on male-centric shows like “This Past Weekend w/ Theo Von and ”The Joe Rogan Experience,“ and he founded the alternative social media platform Truth Social.

Trump’s former adviser Steve Bannon hosts an influential podcast called the “War Room” on another MAGA alternative media platform, Rumble. Known for its fiery populist rhetoric, the “War Room” broadcasts live for an astonishing 22 hours a week.

Until recently, Democrats have largely embraced traditional media. During the first months of her 2024 presidential campaign, Vice President Kamala Harris appeared on CBS’ “60 Minutes,” ABC’s “The View” and MSNBC’s “Stephanie Ruhle.”

Then, on Oct. 12, Harris appeared on “Call her Daddy.” Spotify’s second-most popular podcast, it has a young, female audience. Days later, she sat down for an interview with Fox News and is reportedly in talks to appear on Joe Rogan’s show.

Kennedy might approve of all this aisle-crossing.

“Step outside the culture war!” he tweeted in July 2024. “Step outside the politics of hating the other side!”

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

– ref. RFK Jr.’s pivot to Trump is a journey taken by many populists swept along the left-to-right alternative media pipeline – https://theconversation.com/rfk-jr-s-pivot-to-trump-is-a-journey-taken-by-many-populists-swept-along-the-left-to-right-alternative-media-pipeline-236828

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: On foreign policy, Trump opts for disruption and Harris for engagement − but they share some of the same concerns

Source: The Conversation – USA – By Garret Martin, Senior Professorial Lecturer, Co-Director Transatlantic Policy Center, American University School of International Service

Who will represent the U.S. better on the global stage? Justin Sullivan/Getty Images

According to conventional wisdom, U.S. voters are largely motivated by domestic concerns and especially the economy.

But the upcoming presidential election may be somewhat of an outlier. In a September 2024 poll, foreign policy actually ranks quite high in voters’ concerns – with more Democrats and Republicans combined saying it was “very important” to their vote than, say, immigration and abortion.

As such, understanding where Republican presidential nominee Donald Trump and Democratic rival Kamala Harris stand on the significant international issues of the day is important. And we can do so by looking at the records of their respective administrations in the three regions they prioritized: the Indo-Pacific, Europe and the Middle East.

Donald Trump: Disrupter-in-chief

In his 2017 inaugural address, Trump painted a dark picture of the U.S. In his telling, his country was being taken advantage of by other nations, especially in trade and security, while neglecting domestic challenges.

To disrupt this, Trump promised an “America First” approach to guide his administration.

And in practice, his foreign policy certainly proved disruptive. He showed a clear willingness to buck traditions and undid some of former President Barack Obama’s signature policies, such as the Iran nuclear deal, which exchanged sanctions relief for restrictions on Tehran’s domestic nuclear program, and the Trans-Pacific Partnership trade agreement.

In so doing, he ruffled the feathers of allies and foes alike.

Trans-Atlantic relations were tense under Trump, especially because of his hostility toward NATO. After deriding the Atlantic alliance on the campaign trail, Trump stuck to the same tune while in office. He routinely insulted allies at high-level summits and allegedly came close to withdrawing from the alliance altogether in 2018.

While NATO did make inroads in bolstering its Eastern flank in that period, the alliance was primarily defined by internal turmoil and limited cohesion during Trump’s time in office. U.S. relations with the European Union hardly fared better. In 2018, the U.S. imposed steel and aluminum tariffs on the European Union, citing national security concerns.

Trump also broke with previous U.S. presidents in his administration’s Asia policy. One of his first moves in 2017 was to abandon the Trans-Pacific Partnership, a trade deal negotiated by Obama. Trump’s late 2017 national security strategy also announced a major shift toward China, labeling it as a “strategic competitor” – implying a greater emphasis on containing China as opposed to cooperating with it.

This hawkish turn played out especially in the field of trade. Trump’s administration imposed four rounds of tariffs in 2018-19, affecting US$360 billion of Chinese goods. Beijing, of course, responded with tariffs of its own. The two countries did sign a so-called phase-one deal in January 2020 that sought to lower the stakes of this trade war. But the COVID-19 pandemic nullified any chance of success, and relations soured further with each Trump utterance of the pandemic being a “Chinese virus.”

Trump showcased somewhat contradictory impulses toward the Middle East and other issues. He pushed for disengagement and to undo Obama’s major policies. Besides withdrawing from the Paris climate accords in 2017, Trump abandoned the Iran nuclear deal in 2018. His administration also signed a deal to end the U.S. presence in Afghanistan, and it withdrew forces from northern Syria.

But at the same time, Trump continued the bombing campaign against the Islamic State group in Syria and Iraq and authorized the killing of Iranian Gen. Qasem Soleimani in 2020. The latter was consistent with a policy that aimed to pressure and isolate Iran economically and diplomatically. The key example of the diplomatic pressure came through especially via the Abraham Accords through which Trump helped facilitate the establishment of normal diplomatic ties between Israel and the UAE, Bahrain and Morocco.

Kamala Harris: Alliance and engagement

Although not taking a driving role in foreign policy, Harris has been part of an administration that has committed the U.S. to repairing alliances and engaging with the world.

This came across by undoing some major actions from the Trump administration. For example, the U.S. quickly rejoined the Paris climate accords and overturned a decision to leave the World Health Organization.

But in other areas, the Biden administration has shown more continuity with Trump than many expected.

For instance, the U.S. under Biden has not fundamentally deviated from strategic competition with China, even though the tactics have differed a little. The administration maintained Trump’s tariff approach, even adding its own targeted rounds against Beijing on electric vehicles.

Moreover, it cultivated different diplomatic platforms in the Indo-Pacific to act as a counterweight to China. This included the cultivation of the Quad dialogue with Australia, India and Japan, and the AUKUS deal with Australia and the U.K., both of which attempted to further the Biden administration’s strategy of containing China’s influence by enlisting regional allies. Finally, the Biden administration did maintain some channels of communication with China at the highest level as well, with Biden meeting Xi Jinping twice during his presidency.

Ukraine President Volodymyr Zelenskyy walks alongside Vice President Kamala Harris at the White House compound on Sept. 26, 2024.
Tom Brenner/Getty Images

The Biden administration’s Middle Eastern policy displayed significant continuity with Trump’s approach – at first. While it turned out to be chaotic, the U.S. completed the withdrawal of its troops from Afghanistan in summer 2021, as had been agreed under Trump. The Biden administration also embraced the format and goals of the Abraham Accords. It even tried to build on them, with the goal of fostering Israeli-Saudi diplomatic ties.

Of course, the attacks of Oct. 7, 2023, in Israel completely changed the equation in the Middle East. Preventing the spiral of violence in the region has become an all-consuming task. Since then, Biden and Harris have tried, largely unsuccessfully, to balance support for Israel with mediation efforts to liberate the hostages and to ensure a cease-fire.

Trans-Atlantic relations, however, are an area where there were marked differences in the past four years. The tone of the Biden-Harris administration has been in sharp contrast with that of Trump, reaffirming frequently its clear commitment to NATO. And once Russia launched its illegal invasion in February 2022, the U.S. placed itself at the forefront of supporting Ukraine.

Harris has suggested that she would continue Biden’s policy of providing Kyiv with extensive and continuous military support. In conjunction with allies, the White House of Biden and Harris also implemented a broad range of sanctions against Russia. But the U.S. under Biden has not yet been willing to support Ukraine’s immediate entry into NATO.

What next?

Based on their records, what could we expect of a Trump or Harris presidency?

It’s unlikely either candidate will abandon strategic competition with China. But Trump is more likely to seriously escalate the trade war, promising extensive tariffs against Beijing. Trump’s commitment to defending Taiwan is also more ambiguous in comparison with Harris’ pledges.

U.S. policy toward Europe will largely depend on the results of the election. Harris has frequently underlined her steadfast support for NATO, as well as for Ukraine. Trump, on the other hand, is showing signs that he is unwilling to further aid the regime in Kyiv.

And for the Middle East, it remains to be seen whether either Trump or Harris would be able to better shape events in the region.

Garret Martin receives funding from the European Union for the research institute he co-directs, the Transatlantic Policy Center.

– ref. On foreign policy, Trump opts for disruption and Harris for engagement − but they share some of the same concerns – https://theconversation.com/on-foreign-policy-trump-opts-for-disruption-and-harris-for-engagement-but-they-share-some-of-the-same-concerns-238847

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: For an estimated 4 million people with felony convictions, restoring their right to vote is complicated – and varies state by state

Source: The Conversation – USA – By Naomi F. Sugie, Associate Professor of Sociology, University of California, Los Angeles

Desmond Meade, right, registers to vote in Florida on Jan. 8, 2019. after completing his sentence on a federal conviction. Phelan M. Ebenhack for The Washington Post via Getty Images

People who are convicted of felonies might think they can’t vote.

Even in California, where they do have the right to vote, people convicted of felonies cite cases in Florida and Texas where people with felonies who have completed their sentences have been arrested and sentenced to prison for trying to vote illegally.

It’s almost an article of faith that a person loses their right to vote once they have been convicted.

But that’s not universally true.

Since 1997, 26 states and Washington have passed reforms that have expanded voting eligibility to over 2 million people with felony convictions.

The reforms reflect the growing recognition by some politicians that felony disenfranchisement laws often excluded people from voting long after they served their sentences. Rooted in historical racism that restricted access to the ballot box, these laws are at odds with the idea that punishment should end after someone completes their sentence.

But with these reforms comes a new challenge – ensuring that people who have the right to vote are aware that they can.

Different states, different laws

A popular assumption among the general public, and even among those convicted of felonies, is that they can’t vote for life.

During our research, we conducted interviews and focus groups with 137 people, as well as text message conversations with over 1,800 people across five states (California, Michigan, Ohio, Pennsylvania and Texas). Delia, a 40-year-old Hispanic woman in Texas, explained: “It’s very confusing on purpose. The majority of people that I know, who get booked in and are going to jail, one of the biggest things is, you can’t ever vote again. Right. And so, that’s what I believed.”

Laws on felony disenfranchisement vary by state]. In some instances, people with convictions can still vote while they are serving time in Maine, Vermont and Washington, D.C.

Florida Gov. Ron DeSantis announced on Oct. 18, 2022, that the state’s new Office of Election Crimes and Security was in the process of arresting 20 individuals for voter fraud.
Joe Raedle/Getty Images

According to the National Conference of State Legislatures, those convicted of felonies have their rights automatically restored in 23 states when released from prison. But in 10 other states, those convicted of certain felonies can lose rights indefinitely or require a governor’s pardon for voting rights to be restored.

Making matters even more confusing is that state laws make different distinctions on who can and cannot vote. In some cases, the distinctions are based on whether the conviction was a felony or misdemeanor.

Other states distinguish between the timing of the end of imprisonment, parole or probation – and whether all fines and fees have been paid.

The Florida eligibility question

In 2018, for example, Florida voters approved a ballot initiative that “restores the voting rights of Floridians with felony convictions after they complete all terms of their sentence including parole or probation.”

Known as Amendment 4, the measure excluded people who committed murder or a felony sex offense.

But before the measure went into effect, a legal dispute arose over the definition of what it meant to complete a sentence. In 2019, Florida’s Republican-controlled Legislature passed a law that required payment of outstanding fees and fines before a person convicted of a felony conviction could regain their voting rights.

Though the American Civil Liberties Union challenged the constitutionality of the law in court, a federal appellate court backed the Republican lawmakers.

As a result, an estimated 730,000 Floridians who have completed their sentences remain disenfranchised.

Extending voting rights

Over the past nearly 30 years, many states have moved to make it easier for those convicted of felonies to regain their voting rights, starting in 1997 in Texas, where lawmakers eliminated a two-year waiting period before a person convicted of a felony regained their right to vote.

As a result, the number of people with felonies who had lost their right to vote dropped from a high of 6.1 million in 2016 to an estimated 4 million in this election, according to the Sentencing Project. During the U.S. presidential election in 2020, that number was 5.2 million.

So far in 2024 alone, officials in three states have tinkered with their laws on voter eligibility requirements for people convicted of felonies.

In Virginia, lawmakers approved on April 5 a new law that allows registered voters who are imprisoned while awaiting trial or have been convicted of a misdemeanor to vote by absentee ballot.

A month later, in May, Oklahoma lawmakers clarified their existing laws by passing a measure that allows people convicted of felonies to vote under certain conditions, such as receiving a pardon or a reduction of their felony conviction to a lesser misdemeanor.

Though passed by state lawmakers in April 2024, the Nebraska Supreme Court ruled on Oct. 16 that the new law could take effect. The law eliminates the two-year waiting period following the completion of a prison sentence before voting rights could be restored.

Increasing voter turnout

Numerous studies of those with felony convictions have shown that they believe the voting process is unclear and confusing.

In our study of voting behavior of people with convictions, we interviewed Raymond, a 49-year-old Black man in Michigan. When asked about the process of registering to vote, he told us: “I ain’t going to say scary, but it was unfamiliar. It can be overwhelming for people who don’t want to do it. You don’t know where to go, you don’t know who to really vote for.”

To get the word out to newly eligible voters, community organizations across the U.S. have launched grassroots operations to inform people with convictions of their voting rights and help guide them through the registration process.

As part of that effort, community organizations such as Alliance for Safety and Justice and TimeDone are working with academic researchers to further understand how different methods of outreach can increase voter turnout among people with felony convictions.

With many people newly eligible to vote in their first presidential election this year, I believe providing them with accurate information about voting and their state’s felony voting laws is critical to ensuring that the idea of a second chance includes the right to vote.

Naomi F. Sugie receives funding from the National Science Foundation, National Endowment for the Humanities, Council on Library and Information Resources, Orange County, Alliance for Safety and Justice, Crankstart, and Public Agenda.

– ref. For an estimated 4 million people with felony convictions, restoring their right to vote is complicated – and varies state by state – https://theconversation.com/for-an-estimated-4-million-people-with-felony-convictions-restoring-their-right-to-vote-is-complicated-and-varies-state-by-state-239681

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: How Trump’s racist talk of immigrant ‘bad genes’ echoes some of the last century’s darkest ideas about eugenics

Source: The Conversation – USA – By Shannon Bow O’Brien, Associate Professor of Instruction, The University of Texas at Austin

Donald Trump speaks at Madison Square Garden in New York on Oct. 27, 2024. John Salangsang/Invision/AP

Republican presidential nominee Donald Trump has repeatedly denounced immigrants who enter the U.S. illegally and the danger he says that poor immigrants of color pose for the U.S. – often using hateful language to make his point.

In early October 2024, Trump took his comments a step further when he questioned immigrants’ faulty genes, saying without support that “Many of them murdered far more than one person, and they are now happily living in the United States. You know, now a murderer, I believe this, it’s in their genes. And we got a lot of bad genes in our country right now.”

It was far from the first time Trump has invoked eugenics – a false, racist theory that some people, and even some races, are genetically superior to others.

In 1988, for example, Trump told Oprah Winfrey during an interview: “You have to be born lucky in the sense that you have to have the right genes.”

In 2016, Trump said that his German roots are the reason behind his greatness:

“I always said that winning is somewhat, maybe, innate. Maybe it’s just something you have; you have the winning gene. Frankly it would be wonderful if you could develop it, but I’m not so sure you can. You know, I’m proud to have that German blood, there’s no question about it. Great stuff.”

And in 2020, Trump again alluded to his belief that bloodlines convey excellence:

“I had an uncle who went to MIT who is a top professor. Dr. John Trump. A genius. It’s in my blood. I’m smart.”

Trump’s repeated and countless comments about white people’s racial superiority to people of color have prompted some comparisons to the Nazis and their ideology of racial superiority.

The Nazis are indeed the most infamous believers of the false idea that white, blue-eyed, blonde-haired people were superior to others – and that the human population should be selectively managed to breed white people.

But the Nazis didn’t originate these ideas. In fact, the Nazis were so impressed with many American eugenic ideas that they incorporated them into their racist, antisemitic laws.

Root of eugenics

The British scientist Francis Galton, a cousin of the evolutionist Charles Darwin, first developed the theory of eugenics in the 1860s, and it gained a foothold in the U.S. and Britain around this time.

Eugenics sets racial identity, and especially white identity, as the most desirable and worthy.

By the dawn of the early 1900s, much of the American eugenics scholarship looked down on American immigrants from any place other than Scandinavia, thus coining the term “Nordicism.”

In the late 19th and early 20th century, immigration to the U.S. was at its peak. In 1890, 14.8% of people living in the U.S. were immigrants. Many people felt concerned about immigration in the U.S., and there were many prominent eugenicists in America. Two of the most famous were Madison Grant and Lothrop Stoddard.

Both were avowed white supremacists who advocated for scientific racism. They wrote popular and widely read books that helped shape American and German law in the 1920s and 1930s.

Grant, Stoddard and other theorists in the U.S. embraced eugenics as a way to justify racial segregation, restrict immigration, enforce sterilization and uphold other systemic inequalities.

Stoddard attacked the United States’ immigration policies in his 1920 book, “The Rising Tide of Color: The Threat Against White World-Supremacy.” He wrote: “If the present drift is not changed, we whites are all ultimately doomed. … We now know that men are not, and never will be equal. We now know that environment and education can only develop what heredity brings.”

Another prominent eugenicist was Harry H. Laughlin, an educator and superintendent of the Eugenics Record Office, a now-defunct research group that gathered biological and social information about the American population.

Laughlin wrote an influential 1922 book, “Eugenical Sterilization in the United States,” which included a chapter on model sterilization laws. The Third Reich used his book and laws as a template when implementing them in Germany during the height of the Nazi period.

Laughlin also regularly testified before U.S. Congress, with this 1922 testimony representative of his message to lawmakers: “Immigration is essentially and fundamentally a racial and biological problem. There are many factors to consider, but, from the standpoint of the future, immigration is primarily a long time national investment in human family stocks.”

Eugenicists, including Laughlin, have long been specifically preoccupied with Norwegian genetics – believing that America is under attack when immigration occurs from non-Nordic countries.

In November 1922, Laughlin said, “Some of our finest and most desirable immigrants are from Norway.”

In 1924, Congress approved the Immigration Act, which severely limited immigration to the U.S., established quotas for immigrants based on nationality and barred immigrants from Asia.

It was only following the end of World War II and the Holocaust that eugenics fell out of favor and lost its prominence in American thinking.

Trump’s recycling of history

Fears over foreign immigrants weakening the U.S. were popular a century ago, and Trump and many of his followers still embrace them today.

Trump has promised that he will carry out mass deportations of immigrants living in the U.S. illegally, forcibly detaining immigrants in camps and removing 1 million people a year.

In April 2024, Trump used dehumanizing language to express his apparent belief that immigrants are unworthy of empathy. “The Democrats say, ‘Please don’t call them animals. They’re humans.’ I said, ‘No, they’re not humans, they’re not humans, they’re animals.’”

Trump has also promoted eugenicists’ obsession with Scandinavia and the superiority of white people.

In 2018, Trump spoke about immigrants from Haiti, El Salvador and Africa, saying “Why are we having all these people from shithole countries come here?”

In the same meeting, Trump also reportedly suggested that the U.S. should instead draw in more people from countries like Norway.

In April 2024, Trump again embraced this idea of Scandinavian superiority, saying that he wants immigrants from “Nice countries. You know, like Denmark, Switzerland? Do we have any people coming in from Denmark? How about Switzerland? How about Norway?”

A dangerous flash to the past

A person running for president in 1924 would seem more likely than a candidate in 2024 to espouse this now-discredited point of view.

President Calvin Coolidge ran for election on an “America First” platform in 1924, with the slogan only falling out of favor after groups like the Ku Klux Klan embraced it around the same time.

The idea of America First, at the time, denoted American nationalism and exceptionalism – but also was linked to anti-immigration and fascist movements.

When Coolidge signed the heavily restrictive 1924 Immigration Act into law he stated, “America must remain American.”

One hundred years later, Trump calls to mind an America First mentality, including when he regularly reads the lyrics to a song called “The Snake” during his rallies as a way to explain the dangers of welcoming immigrants into the U.S. The civil rights activist Oscar Brown wrote this poem in 1963, and his family has said that Trump misinterprets the song’s words.

‘I saved you,’ cried that woman.

‘And you’ve bit me even, why’

‘You know your bite is poisonous and now I’m going to die.’

‘Oh shut up, silly woman,’ said the reptile with a grin,

‘You knew damn well I was a snake before you took me in.’

I have written a book on this and I used many of my citations in Chapter 4 to help develop this piece though I reworded or reframed it.

– ref. How Trump’s racist talk of immigrant ‘bad genes’ echoes some of the last century’s darkest ideas about eugenics – https://theconversation.com/how-trumps-racist-talk-of-immigrant-bad-genes-echoes-some-of-the-last-centurys-darkest-ideas-about-eugenics-241548

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: Cannabis legalization may hit a ‘red wall’ at the ballot box

Source: The Conversation – USA – By William Garriott, Professor of Law, Politics and Society, Drake University

Early voting runs from Oct. 21 through Nov. 3 in Florida. Joe Raedle/Getty Images

Cannabis legalization is on the ballot again this November.

Voters in Florida, North Dakota and South Dakota will decide whether to allow adults 21 and up in their states to use cannabis recreationally.

Voters in Nebraska will decide whether to allow medical access under a doctor’s care.

Voters in Arkansas will see a question about medical access on their ballot, but the state supreme court ruled that the votes can’t be counted because the name and title of the measure were “misleading.”

The results of these ballot measures obviously matter to residents of each state, but they also will be telling for the future of the cannabis legalization movement. That’s because these states are all so-called red states where Republicans dominate state politics. They are part of the legalization movement’s biggest obstacle – what I call the “red wall.”

And because federal legalization is unlikely in the next few years, red wall states are now the front line of the fight over cannabis reform.

A bipartisan coalition in the beginning

Cannabis legalization hasn’t always been so partisan.

In fact, bipartisanship has been key to the success of the contemporary legalization movement, which began in the 1990s.

How do I know? Because I’ve been told as much by the people who made it happen.

Since 2014, I’ve been researching cannabis legalization in the U.S.. I’ve been trying to understand the contemporary legalization movement’s success and what it means for the future of U.S. drug policy. As an anthropologist, my process is to go where the action is and talk to people with lived experience.

And so I’ve been talking to people in Colorado. In 2012, it became one of the first two states to legalize recreational use of cannabis, also called “adult use.”

Today, 48 states and Washington D.C. have approved cannabis for some kind of medical use, although 10 of those states have legalized only the limited use of oils containing low levels of THC, the active compound in cannabis. Adult use for anyone 21 and older is now allowed in 24 states and Washington.

This is a dramatic change that is undoing decades of prohibition.

Any political movement takes thousands of people to be successful, but it also takes leaders. In Colorado, attorney Brian Vicente and activist Mason Tvert played a pivotal role. With support from the Marijuana Policy Project, they spent most of the 2000s building the movement that made recreational legalization possible in Colorado.

When I asked Vicente and Tvert how they made it happen, they emphasized the same thing: To be effective, they had to build a new kind of coalition. They had to appeal to people who had no personal interest in consuming cannabis.

Brian Vicente, left, and Mason Tvert, center, celebrate the passage of medical marijuana in Colorado in 2012.
Karl Gehring/The Denver Post via Getty Images

In Colorado, they made the case that marijuana should be regulated like alcohol, with tax money going to schools. The fact that Colorado allowed ballot initiatives was also key. It let activists take the issue directly to voters, bypassing opposition from the governor and other elected officials.

The strategy worked.

Liberals liked the social justice arguments. Conservatives liked that it enhanced individual liberty. And a broad cross section of voters liked that it would generate tax revenue and let the criminal justice system focus on more serious threats to public safety.

These voters made for a powerful coalition. And for years, such coalitions helped legalization measures pass in blue states like Oregon and California, and in red states like Alaska and Montana.

Hitting the red wall

But since 2020, legalization has become more partisan.

Of the 26 states where cannabis remains illegal for adult use, 20 are red states with a Republican trifecta, meaning that Republicans control both chambers of the state legislature and the governor’s office.

Another four – Kansas, Wisconsin, Kentucky and North Carolina – have Republican-controlled state legislatures and Democratic governors.

Pennsylvania is the only state in the nation where legislative control is split. Medical cannabis was legalized there in 2016, but recreational use is not allowed.

And Hawaii is the lone blue state that has yet to legalize recreational cannabis. A slimmer majority of voters support it than in other blue states, and there are unique concerns such as the potential impact on the tourist economy.

All told, 92% of the states where adult use is still illegal are dominated – if not completely controlled – by Republicans who are much less likely to support legalization than either Democrats or independents. This is true of both elected leaders and rank-and-file party members.

What’s more, 16 of the 26 states that have not legalized adult use cannabis don’t have a ballot initiative process, so supporters can’t take the issue directly to voters. The states with measures on the ballot this November are part of the minority that do.

Voters in states without ballot initiatives have no choice but to wait on their state legislatures to act. But most Republican-controlled legislatures have shown little interest in the issue, even when the majority of voters in the state support it – like in Iowa.

Will the red wall hold this November?

Could the third time be the charm for recreational pot in North Dakota?
Jakub Porzycki/NurPhoto via Getty Images

Based on polling and precedent, the red wall will likely hold during the 2024 election.

In South Dakota, most voters oppose adult use legalization, so the measure is likely to fail for the third time.

Voters in conservative North Dakota have also rejected adult use legalization twice before, which makes success this year unlikely. On the other hand, it has more support from Republican state legislators than in other states, and more voters are undecided on the issue.

The medical measure in Nebraska is likely to pass, but its future is uncertain. It faces an ongoing legal challenge spurred in part by the state’s Attorney General Mike Hilgers who is a staunch opponent of cannabis legalization.

And even if it survives legal challenge, that does not mean recreational legalization is around the corner. The most recent polling of Nebraskans shows lower support for recreational use than medical use, particularly among Republicans.

Florida could go either way

The wild card is Florida. It has already legalized medical cannabis, and supporters have been trying for years to get adult use on the ballot.

Polling this summer showed a majority of Republicans supported it, but more recent polls show a slim majority now oppose the referendum.

It still probably has the votes to pass, but it faces a few obstacles.

First, it must pass with 60% of the vote.

Second, it has divided party leaders, with the state’s two highest-profile Republicans, Donald Trump and Gov. Ron DeSantis, taking different positions on the issue. Trump says he’s voting yes, while DeSantis is a strong no.

And third, it has drawn the ire of some legalization supporters for potentially giving disproportionate control of the market to a small group of large cannabis companies. The concern is that the amendment as written does not require the state to increase the number of licensed businesses. Only already-licensed businesses would be guaranteed the opportunity to expand into the recreational cannabis market.

These same companies are the primary funders of the initiative, with Trulieve alone donating most of the more than US$90 million raised by the Yes campaign. The company already runs more than 150 medical dispensaries in Florida and is one of the largest cannabis companies in the U.S..

Ironically, DeSantis’ No campaign has put concerns about corporate control at the center of its own messaging, creating a potential coalition between people who oppose adult use legalization under any circumstances and those who oppose it when there’s too much corporate control.

Trulieve, for its part, has filed a defamation suit against the Republican Party of Florida over the claims.

Where the movement goes from here

Unless there are significant surprises this November, legalization supporters will need to find a new strategy to appeal to red state voters and legislators. They will need to take concerns over public health and safety seriously, address the persistence of racial disparities in cannabis arrests in legalization states, tackle the growing corporate influence within the movement, and respond to the moral critiques of people like former Alabama Senator and U.S. Attorney General Jeff Sessions who feel that, simply put, “good people don’t smoke marijuana.”

William Garriott’s research has been funded by the Wenner-Gren Foundation for Anthropological Research.

– ref. Cannabis legalization may hit a ‘red wall’ at the ballot box – https://theconversation.com/cannabis-legalization-may-hit-a-red-wall-at-the-ballot-box-241738

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI Global: Israel’s ban on UNRWA continues a pattern of politicizing Palestinian refugee aid – and puts millions of lives at risk

Source: The Conversation – USA – By Nicholas R. Micinski, Assistant Professor of Political Science and International Affairs, University of Maine

The Israeli parliament’s vote on Oct. 28, 2024, to ban the United Nations agency that provides relief for Palestinian refugees is likely to affect millions of people – it also fits a pattern.

Aid for refugees, particularly Palestinian refugees, has long been politicized, and the United Nations Relief and Works Agency for Palestine Refugees, or UNRWA, has been targeted throughout its 75-year history.

This was evident earlier in the current Gaza conflict, when at least a dozen countries, including the U.S., suspended funding to the UNRWA, citing allegations made by Israel that 12 UNRWA employees participated in the attack by Hamas on Oct. 7, 2023. In August, the U.N. fired nine UNRWA employees for alleged involvement in the attack. An independent U.N. panel established a set of 50 recommendations to ensure UNRWA employees adhere to the principle of neutrality.

The vote by the Knesset, Israel’s parliament, to ban the UNRWA goes a step further. It will, when it comes into effect, prevent the UNRWA from operating in Israel and will severely affect its ability to serve refugees in any of the occupied territories that Israel controls, including Gaza. This could have devastating consequences for livelihoods, health, the distribution of food aid and schooling for Palestinians. It would also damage the polio vaccination campaign that the UNRWA and its partner organizations have been carrying out in Gaza since September. Finally, the bill bans communication between Israeli officials and the UNRWA, which would end efforts by the agency to coordinate the movements of aid workers to prevent unintentional targeting by the Israel Defense Forces.

Refugee aid, and humanitarian aid more generally, is theoretically meant to be neutral and impartial. But as experts in migration and international relations, we know funding is often used as a foreign policy tool, whereby allies are rewarded and enemies punished. In this context, we believe Israel’s banning of the UNRWA fits a wider pattern of the politicization of aid to refugees, particularly Palestinian refugees.

What is the UNRWA?

The UNRWA, short for United Nations Relief and Works Agency for Palestine Refugees in the Near East, was established two years after about 750,000 Palestinians were expelled or fled from their homes during the months leading up to the creation of the state of Israel in 1948 and the subsequent Arab-Israeli war.

Palestinians flee their homes during the 1948 Arab-Israeli war.
Pictures from History/Universal Images Group via Getty Images

Prior to the UNRWA’s creation, international and local organizations, many of them religious, provided services to displaced Palestinians. But after surveying the extreme poverty and dire situation pervasive across refugee camps, the U.N. General Assembly, including all Arab states and Israel, voted to create the UNRWA in 1949.

Since that time, the UNRWA has been the primary aid organization providing food, medical care, schooling and, in some cases, housing for the 6 million Palestinians living across its five fields: Jordan, Lebanon, Syria, as well as the areas that make up the occupied Palestinian territories: the West Bank and Gaza Strip.

The mass displacement of Palestinians – known as the Nakba, or “catastrophe” – occurred prior to the 1951 Refugee Convention, which defined refugees as anyone with a well-founded fear of persecution owing to “events occurring in Europe before 1 January 1951.” Despite a 1967 protocol extending the definition worldwide, Palestinians are still excluded from the primary international system protecting refugees.

While the UNRWA is responsible for providing services to Palestinian refugees, the United Nations also created the U.N. Conciliation Commission for Palestine in 1948 to seek a long-term political solution and “to facilitate the repatriation, resettlement and economic and social rehabilitation of the refugees and the payment of compensation.”

As a result, UNRWA does not have a mandate to push for the traditional durable solutions available in other refugee situations. As it happened, the conciliation commission was active only for a few years and has since been sidelined in favor of the U.S.-brokered peace processes.

Is the UNRWA political?

The UNRWA has been subject to political headwinds since its inception and especially during periods of heightened tension between Palestinians and Israelis.

While it is a U.N. organization and thus ostensibly apolitical, it has frequently been criticized by Palestinians, Israelis as well as donor countries, including the United States, for acting politically.

The UNRWA performs statelike functions across its five fields, including education, health and infrastructure, but it is restricted in its mandate from performing political or security activities.

Initial Palestinian objections to the UNRWA stemmed from the organization’s early focus on economic integration of refugees into host states.

Although the UNRWA officially adhered to the U.N. General Assembly’s Resolution 194 that called for the return of Palestine refugees to their homes, U.N., U.K. and U.S. officials searched for means by which to resettle and integrate Palestinians into host states, viewing this as the favorable political solution to the Palestinian refugee situation and the broader Israeli-Palestinian conflict. In this sense, Palestinians perceived the UNRWA to be both highly political and actively working against their interests.

In later decades, the UNRWA switched its primary focus from jobs to education at the urging of Palestinian refugees. But the UNRWA’s education materials were viewed by Israel as further feeding Palestinian militancy, and the Israeli government insisted on checking and approving all materials in Gaza and the West Bank, which it has occupied since 1967.

A protester is removed by members of the U.S. Capitol Police during a House hearing on Jan. 30, 2024.
Alex Wong/Getty Images

While Israel has long been suspicious of the UNRWA’s role in refugee camps and in providing education, the organization’s operation, which is internationally funded, also saves Israel millions of dollars each year in services it would be obliged to deliver as the occupying power.

Since the 1960s, the U.S. – the UNRWA’s primary donor – and other Western countries have repeatedly expressed their desire to use aid to prevent radicalization among refugees.

In response to the increased presence of armed opposition groups, the U.S. attached a provision to its UNRWA aid in 1970, requiring that the “UNRWA take all possible measures to assure that no part of the United States contribution shall be used to furnish assistance to any refugee who is receiving military training as a member of the so-called Palestine Liberation Army (PLA) or any other guerrilla-type organization.”

The UNRWA adheres to this requirement, even publishing an annual list of its employees so that host governments can vet them, but it also employs 30,000 individuals, the vast majority of whom are Palestinian.

Questions over links of the UNRWA to any militancy has led to the rise of Israeli and international watch groups that document the social media activity of the organization’s large Palestinian staff.

In 2018, the Trump administration paused its US$60 million contribution to the UNRWA. Trump claimed the pause would create political pressure for Palestinians to negotiate. President Joe Biden restarted U.S. contributions to the UNRWA in 2021.

While other major donors restored funding to the UNRWA after the conclusion of the investigation in April, the U.S. has yet to do so.

‘An unmitigated disaster’

Israel’s ban of the UNRWA will leave already starving Palestinians without a lifeline. U.N. Secretary General António Guterres said banning the UNRWA “would be a catastrophe in what is already an unmitigated disaster.” The foreign ministers of Canada, Australia, France, Germany, Japan, South Korea and the U.K. issued a joint statement arguing that the ban would have “devastating consequences on an already critical and rapidly deteriorating humanitarian situation, particularly in northern Gaza.”

Reports have emerged of Israeli plans for private security contractors to take over aid distribution in Gaza through dystopian “gated communities,” which would in effect be internment camps. This would be a troubling move. In contrast to the UNRWA, private contractors have little experience delivering aid and are not dedicated to the humanitarian principles of neutrality, impartiality or independence.

However, the Knesset’s explicit ban could, inadvertently, force the United States to suspend weapons transfers to Israel. U.S. law requires that it stop weapons transfers to any country that obstructs the delivery of U.S. humanitarian aid. And the U.S. pause on funding for the UNRWA was only meant to be temporary.

The UNRWA is the main conduit for assistance into Gaza, and the Knesset’s ban makes explicit that the Israeli government is preventing aid delivery, making it harder for Washington to ignore. Before the bill passed, U.S. State Department Spokesperson Matt Miller warned that “passage of the legislation could have implications under U.S. law and U.S. policy.”

At the same time, two U.S. government agencies previously alerted the Biden administration that Israel was obstructing aid into Gaza, yet weapons transfers have continued unabated.

Sections of this story were first used in an earlier article published by The Conversation U.S. on Feb. 1, 2024.

The authors do not work for, consult, own shares in or receive funding from any company or organization that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Israel’s ban on UNRWA continues a pattern of politicizing Palestinian refugee aid – and puts millions of lives at risk – https://theconversation.com/israels-ban-on-unrwa-continues-a-pattern-of-politicizing-palestinian-refugee-aid-and-puts-millions-of-lives-at-risk-242379

MIL OSI – Global Reports –

January 25, 2025
MIL-OSI United Kingdom: Charitable and voluntary organisations set to receive £4.5 million29 October 2024 The Chief Minister and Minister for External Relations intend to allocate £4. 5 million from the Jersey Reclaim Fund, which will be distributed to local charitable and voluntary organisations over the… Read more

Source: Channel Islands – Jersey

29 October 2024

The Chief Minister and Minister for External Relations intend to allocate £4.5 million from the Jersey Reclaim Fund, which will be distributed to local charitable and voluntary organisations over the next three years.

Set up in 2017, the Jersey Reclaim Fund is administered by the government and made up of balances in dormant bank accounts in Jersey where contact has been lost with the customer for more than 15 years.

The funds will be allocated by the Jersey Community Foundation (JCF).

The Ministers now wish to provide a three-year funding package for 2025 – 2027 of at least £4.5m to provide sustained support to charities and voluntary organisations, and appropriate arrangements are being made to enable the change to be implemented. As well as supporting the community, charities can use part of their grants to sustain or strengthen the resilience and sustainability of their organisation.

The Minister for External Relations, Deputy Ian Gorst, who has responsibility for financial services, said: “This package will provide increased financial support for charities and voluntary organisations over a longer period, increasing confidence and recognising their invaluable contribution to our society. I’m grateful to all those financial services institutions who support the Reclaim Fund, and to the JCF for their continued work.

“We are also discussing with the JCF other schemes to match fund large private donations, and hope to have further announcements later in the year.”

The Chief Minister, Deputy Lyndon Farnham, said: “The Jersey Community Foundation has supported more than 450 recipients since it was established in 2020, helping charities and voluntary organisations to continue their central role in the life of our Island.

“Against the backdrop of recent economic conditions, this government is committed to increasing and strengthening support for the sector.”

MIL OSI United Kingdom –

January 25, 2025

Category: Politics

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Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

Keel-laying ceremony of the research expedition vessel “Ivan Frolov” in St. Petersburg

Dmitry Patrushev took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

Minister of Natural Resources and Environment Alexander Kozlov took part in the keel-laying ceremony of the research expedition vessel Ivan Frolov in St. Petersburg

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

Keel-laying ceremony of the research expedition vessel “Ivan Frolov”

I. Progress in implementing a package of incremental monetary policies

II. The right balance and high-quality development of the Chinese economy

III. The positive role the PBOC plays in serving high-quality development of the economy

Heeding the lessons from the past

Completing the banking union and the capital markets union

Tackling emerging risks – non-bank financial institutions and rising geopolitical risks

Conclusion

Introduction

Rise of the populist alternative media

Kennedy finds his audience

‘This little island of free speech’

Left-to-right pipeline

Donald Trump: Disrupter-in-chief

Kamala Harris: Alliance and engagement

What next?

Different states, different laws

The Florida eligibility question

Extending voting rights

Increasing voter turnout

Root of eugenics

Trump’s recycling of history

A dangerous flash to the past

A bipartisan coalition in the beginning

Hitting the red wall

Will the red wall hold this November?

Florida could go either way

Where the movement goes from here

What is the UNRWA?

Is the UNRWA political?

‘An unmitigated disaster’

29 October 2024