Category: Politics

MIL-OSI Russia: SUM will act as a partner of the International Forum “World Quality Day – 2024”

Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State –

From November 11 to 15, the International Forum “World Quality Day 2024” will be held, with the State University of Management as a partner.

The International Forum “World Quality Day” will be held for the fifth time. The event is held as part of the Quality Week, dedicated to World Quality Day, which this year falls on November 14.

The forum will be held in two formats – in-person and hybrid. Offline events are planned in Moscow, St. Petersburg, Ufa, Sochi. Everyone who registers on the forum website will be able to watch the online broadcast of the sessions, and later the recording.

In 2023, 60 sessions were held as part of the business program. They were attended by 437 speakers from 16 countries. The broadcast of the business program was watched by over 3 million people from 65 countries.

As in previous years, the business program will feature leading experts from various sectors of the economy, representatives of federal and regional authorities, businesses and public organizations. Participants will exchange experiences in improving quality standards, implementing innovative management methods and sustainable development practices, and discuss quality infrastructure and industry development vectors.

Traditionally, the main event of the forum will be the plenary session “Development Horizons” with the participation of representatives of government bodies. The participation of the First Deputy Chairman of the Government of the Russian Federation Denis Manturov, the Minister of Industry and Trade of the Russian Federation Anton Alikhanov, the Minister of Health of the Russian Federation Mikhail Murashko, the State Secretary – Deputy Minister of Economic Development of the Russian Federation Alexey Khersontsev and others is expected. The experts will discuss key tasks and update the priorities that the state faces until the end of the decade and beyond.

The business program will include sessions on business excellence, food safety, tourism, retail, HR, finance, business and much more. You can view the full program and register for events on the official forum website.

Two sessions of the business program will be held at the State University of Management: – November 14, 12:00-13:30 – Session “New Horizons for the Development of the Labor Market in the Russian Federation”; – November 14, 14:00-15:30 – Session “Assessment of Management Quality: Approaches, Methods, Tools, Personnel”.

The forum is held by the Ministry of Industry and Trade of Russia, the Ministry of Economic Development of Russia, Roskachestvo, Rosstandart and Rosaccreditation with the support of the Chamber of Commerce and Industry of the Russian Federation and other organizations.

The Forum partners are the Russian Society “Knowledge”, PAO Promsvyazbank (PSB), the State University of Management, Plekhanov Russian University of Economics, ROSBIOTECH, the Financial University under the Government of the Russian Federation, RUDN University and other universities and organizations.

Subscribe to the tg channel “Our State University” Announcement date: 10/28/2024

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 –

MIL-OSI: NANO Nuclear Energy Announces Closing of Upsized $36 Million Underwritten Offering

Source: GlobeNewswire (MIL-OSI)

Additional capital following public offerings in May and July 2024 to fund technology advancements and growth opportunities

New York, N.Y., Oct. 28, 2024 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear”), a leading vertically integrated advanced nuclear energy and technology company developing portable clean nuclear energy solutions, today announced that it has closed its previously announced upsized $36 million firm commitment, registered underwritten public offering.

In the offering, NANO Nuclear sold 2,117,646 shares of common stock and warrants to purchase 1,217,646 shares of common stock at $17.00 per share and associated warrant, less underwriting discounts and expenses. Such warrants include warrants to purchase 158,823 shares of common stock which were purchased by the underwriter at closing pursuant to a partial exercise of its offering over-allotment option. The underwriter retains an option through November 22, 2024, to purchase an additional 317,646 shares of common stock. The warrants are exercisable immediately, have a term of five years, and have an exercise price of $17.00 per share. The warrants will not trade on any market.

This offering follows NANO Nuclear’s initial public offering which closed on May 10, 2024, and its underwritten follow-on offering which closed on July 15, 2024, from which NANO Nuclear received total gross proceeds of over $30 million.

NANO Nuclear expects its net proceeds from the offering, after underwriting commissions and offering expenses, will be approximately $32.6 million. NANO Nuclear intends to use the net proceeds from this offering for (i) research and development of its products and technologies, including its ‘ZEUS’ and ‘ODIN’ microreactors and nuclear fuel transportation design optimization, fuel facility investigations and development, test work and scoping studies, and other technology research and development; (ii) marketing, promotion and business development activities; and (iii) regulatory compliance, intellectual property protection, hiring additional employees, retaining additional contractors and building out NANO Nuclear’s new Nuclear Technology Headquarters in Oak Ridge, Tennessee. NANO Nuclear will also use the proceeds for general working capital and may also use a portion of the net proceeds to acquire, license and invest in complementary products, technologies, or additional businesses, although NANO Nuclear currently has no agreements or commitments with respect to any such transaction.

“We have worked extremely hard to establish NANO Nuclear as one of the leaders in the U.S. advanced nuclear energy market. It is incredibly gratifying to see the continued support from our current shareholder base as well as new fundamental and institutional investors in this oversubscribed financing round, which will fuel our efforts to further develop and refine our proprietary technologies,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “With over $65 million raised in under 6 months as a public company, we are positioned to drive shareholder value and realize our vision of becoming a leading, diversified, and vertically integrated nuclear energy company.”

The Benchmark Company, LLC acted as the sole book-running representative for the offering. Ellenoff Grossman & Schole LLP acted as counsel to NANO Nuclear. Lucosky Brookman LLP acted as counsel to The Benchmark Company. Withum Smith+Brown PC are NANO Nuclear’s registered independent auditors.

Registration statements relating to this public offering were filed with the Securities and Exchange Commission and declared. This registration statement can be obtained by visiting the SEC website at www.sec.gov. Please see such registration statement for additional information regarding NANO Nuclear.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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 further information, please contact:

Email: IR@NANONuclearEnergy.com
Business Tel: (212) 634-9206

Cautionary Note Regarding Forward Looking Statements

This news release and statements of NANO Nuclear’s management in connection with this news release or related events 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 (including statements related to the public offering and the proposed use of proceeds from such offering, as described herein) related to future events, which may impact our expected future business and financial performance, and often contain words such as “seek,” “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, some of which may be beyond our control. Readers are cautioned that actual results may differ materially and adversely from the results implied in forward-looking statements. 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, regulatory delays and the 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 of the factors that could cause actual results to differ from those discussed in any forward-looking statement, and the Company therefore encourages investors to review other factors that may affect future results in the Company’s filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Readers are cautioned not to place undue reliance on forward-looking statements, which apply only as of the date of this news release, and 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.

MIL-OSI: Franklin Electric Declares Quarterly Dividend of $0.25 Per Share

Source: GlobeNewswire (MIL-OSI)

FORT WAYNE, Ind., Oct. 28, 2024 (GLOBE NEWSWIRE) — Franklin Electric Co., Inc. (NASDAQ: FELE) announced today that its Board of Directors declared a quarterly cash dividend of $0.25 per share payable November 21, 2024, to shareholders of record on November 7, 2024.

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.

“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.

MIL-OSI: SWA Lithium and Koch Technology Solutions Sign License for First Commercial DLE Project in North America

Source: GlobeNewswire (MIL-OSI)

EL DORADO, Ark., Oct. 28, 2024 (GLOBE NEWSWIRE) — SWA Lithium, the Joint Venture between Standard Lithium and Equinor which is developing the South West Arkansas Project (“SWA” or the “Project”), is pleased to announce that it has entered into a license agreement with Koch Technology Solutions LLC (“KTS”) to deploy and use KTS’ Li-Pro^TM Lithium Selective Sorption (“Li-Pro LSS”) technology at the JV’s commercial plant for the SWA Phase 1 Project.

The license agreement allows the JV to utilize KTS’ technology for the lifetime of the first phase of the Project, with an option for utilization in subsequent phases of the Project. Considerations and benefits of the license agreement include:

Rights to use the Li-Pro LSS technology for subsequent phases of the JV’s SWA Project;
Certain technology performance guarantees for lithium recovery, contaminant rejection and water use;
- Lithium recovery ≥ 95.00%
- Impurity rejection Calcium, Sodium, Potassium & Magnesium ≥ 99%
Technical support from KTS to fully integrate the Li-Pro LSS technology into overall process plant design;
Continued exclusive joint development of the technology in the Smackover Formation;
Technical support from KTS during commissioning and startup;
License payment phased over several milestones; and
Continued collaboration and technology refinement between SWA Lithium and KTS.

Standard Lithium’s Director, President & COO, Dr. Andy Robinson commented: “Signing this license agreement is the culmination of over two years of close work with the KTS team to refine the direct lithium extraction (‘DLE’) technology and integrate it into the JV’s flowsheet. The Li-Pro LSS technology is now sufficiently scaled-up, tested and derisked, so not only is the JV comfortable committing to its use at commercial scale, but KTS is also able to offer performance guarantees for its commercial deployment. We view this as a significant derisking event for the Project, and it points to the successful ongoing partnership with the KTS team.”

Garrett Krall, Business Leader for Koch Technology Solutions, said: “This license agreement for use of our Li-Pro LSS technology is another key milestone in the development of DLE as a commercially viable, economic and environmentally responsible solution to deliver against future lithium demand.”

UPDATED PERFORMANCE OF COMMERCIAL-SCALE DLE COLUMN

Standard Lithium is also pleased to announce the continued successful operation of the commercial-scale DLE column at its wholly-owned Demonstration Plant (“Demo Plant”) near El Dorado, Arkansas. The Company installed a commercial-scale DLE column in late March 2024 and has been operating the column continuously. The column is a Li-Pro LSS unit, supplied by KTS and identical to those currently being integrated into the front-end engineering and design (FEED) study for the SWA Project.

Since commissioning, the column has exceeded the targeted design parameters for lithium recovery and rejection of impurities. Key technical highlights of the commercial-scale DLE column are provided below:

Lithium recovery efficiency of 95.4%: During a four-month continuous operating period (1^st April to 31^st July 2024), the Li-Pro LSS process achieved an average lithium recovery (i.e. after loading and elution) of 95.4% from the 90 gallons per minute (gpm) incoming brine flow (the average incoming brine contained 183 mg/L lithium during the same period).
Excellent contamination rejection rate: During the same period, the DLE process rejected, on average;
- Sodium – 99.9%
- Calcium – 99.6%
- Magnesium – 99.2%
- Potassium – 99.7%
- Boron – 95.4%
  High and consistent contaminant rejection at the DLE stage means that the eluate (the initial lithium chloride solution) is easier and cheaper to further refine and concentrate using tested and proven steps to make a concentrated and purified lithium chloride solution. This solution can then be converted to a battery quality carbonate, as has been demonstrated multiple times and at several different scales, both at the Demo Plant and off-site with various third-party vendors.
Nearly 10,000 operational cycles for the Li-Pro LSS technology: The commercial-scale Li-Pro LSS column has completed over 725 operational cycles, and the Li-Pro LSS technology has completed over 9,740 operational cycles at the Demo Plant (as of early October 2024).
Over 24 million gallons of brine processed: As of the end of September 2024, the Demo Plant had processed 24,446,306 gallons (92,539,335 litres) of Smackover brine, produced directly from the formation and reinjected continuously back into the same formation.

Figure 1 – Side elevation of operators working on the commercial-scale DLE column at Standard Lithium’s Demonstration Plant near El Dorado, Arkansas.

About Standard Lithium Ltd.

Standard Lithium is a leading near-commercial lithium development company focused on the sustainable development of a portfolio of large, high-grade lithium-brine properties in the United States. The Company prioritizes projects characterized by the highest quality resources, robust infrastructure, skilled labor, and streamlined permitting. Standard Lithium aims to achieve sustainable, commercial-scale lithium production via the application of a scalable and fully integrated Direct Lithium Extraction (“DLE”) and purification process. The Company’s flagship projects are located in the Smackover Formation, a world-class lithium brine asset, focused in Arkansas and Texas. In partnership with global energy leader Equinor ASA, Standard Lithium is advancing the South West Arkansas project, a greenfield project located in southern Arkansas, and actively exploring promising lithium brine prospects in East Texas. Additionally, the Company is advancing the Phase 1A project in partnership with LANXESS Corporation, a brownfield development project located in southern Arkansas. Standard Lithium also holds an interest in certain mineral leases in the Mojave Desert in San Bernardino County, California.

Standard Lithium trades on both the TSX Venture Exchange and the NYSE American under the symbol “SLI”; and on the Frankfurt Stock Exchange under the symbol “S5L”. Please visit the Company’s website at www.standardlithium.com.

About Equinor

Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. We are present in around 30 countries worldwide.

About Koch Technology Solutions (KTS)

Koch Technology Solutions is the technology licensing business of Koch Engineered Solutions (KES). KTS creates value for its customers across a growing portfolio of technologies including direct lithium extraction, the polyester value chain, and 1,4-Butananediol plus its derivates. KTS combines its exclusive technologies, expertise, and capabilities with those of other KES companies to provide overall solutions to optimize customer’s capital investments and existing manufacturing assets.

Qualified Person

Marek Dworzanowski, EUR ING, CEng, HonFSAIMM, FIMMM, a qualified person as defined by National Instrument 43 -101 – Technical Report Standards of Disclosure for Mineral Projects, and a Consulting Metallurgical Engineer who is independent of the Company, has reviewed and approved the relevant scientific and technical information in this news release.

Twitter: @standardlithium
LinkedIn: https://www.linkedin.com/company/standard-lithium/

Neither the TSXV nor its Regulation Services Provider (as that term is defined in policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. This news release may contain certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward looking information” within the meaning of applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to intended development timelines, future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, continued operation of the LSS column, regulatory or government requirements or approvals, the reliability of third party information, the continued accuracy of current contaminant rejection rates, continued access to mineral properties or infrastructure, fluctuations in the market for lithium and its derivatives, changes in exploration costs and government regulation in Canada and the United States, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0c4dea63-0750-44b2-bea8-e287cc9be29c

MIL-Evening Report: Echoes of a Lost Gaza – Al Jazeera documentary on a brutal war

Pacific Media Watch

Mariam Shahin has been making films about Gaza for more than 30 years.

She has also made many documentaries and short films for Al Jazeera English since it launched in 2006.

When she moved to Gaza in 2005, she felt a powerful sense of optimism following the Israeli withdrawal.

Mariam Shahin . . . revisiting the Gaza people and lives the film maker has met over the years. Image: MS

But by 2009, war had badly damaged its infrastructure, neighbourhoods, businesses and communities — and that optimism had evaporated.

Now, in the wake of the even more destructive war that began on 7 October 2023, Shahin seeks out the people she has met in Gaza over the years.

She reflects on the wasted potential and devastated lives after 16 years of blockade and a year of one of the most destructive wars in Middle East history.

[embedded content]
Echoes of a Lost Gaza: 2005-2024. Video: Al Jazeera

MIL OSI Analysis – EveningReport.nz –

MIL-OSI Africa: Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa

Source: The Conversation – Africa – By Brendon J. Cannon, Associate Professor, Khalifa University

Somaliland is due to hold a presidential election on 13 November 2024.

The results of the election will be important for two main reasons. First, what the leadership outcome will mean for Somaliland’s democratic credentials. Second, it will have implications for Somaliland’s push for recognition as an independent state.

Thirty-three years ago, Somaliland declared its unilateral withdrawal from the Somali Union. It is an independent state in reality but unrecognised in law. Like other unrecognised states such as Taiwan, it doesn’t fly a flag at the United Nations in New York. It also suffers from a lack of access to global financing, and humanitarian and development aid, most of which must come via Mogadishu.

Somaliland’s determination to achieve recognition was evident in January 2024 when it signed an agreement with neighbouring Ethiopia. Under this deal, Ethiopia would get access to the sea via a 19km strip of coastline, possibly near the port of Berbera (though three sites have been identified), and Addis Ababa would recognise Somaliland’s statehood. The agreement, which has yet to be ratified, was met with a storm of protests, including from Somalia.

Somaliland is run by the ruling party, Kulmiye, which is led by Muse Bihi Abdi, Somaliland’s president since 2017. The party has been in power since 2010. The main opposition party is Waddani (also spelled Wadani), led by Abdirahman Mohamed Abdilahi (or Ciro/Irro).

I have carried out a decade of research and fieldwork in Somaliland. In my view, this election carries weight in terms of Somaliland’s democratic health, as well as its prospects for peace and stability – within its borders and in the region.

Somaliland’s democracy, like all democracies, relies on giving politicians and parties the chance to win elections. It is the voters who will decide who gets to run Somaliland next, and they face a clear choice between Kulmiye and Waddani.

Political landscape

Somaliland’s 2024 presidential election will be a test of its democratic institutions and a critical moment in its quest for independence.

Kulmiye can point to milestones on the road to Somaliland’s recognition. It was in power when Somaliland and Taiwan (Republic of China) recognised one another and swapped diplomats.

The party can also claim success for a strategy to get support from western states for Somaliland’s formal recognition. This includes the staffing and funding of Somaliland’s overseas missions in London, Washington DC and Dubai, among others. These act as non-accredited embassies for the country.

Their work resulted in a non-official visit to Washington, DC by Bihi in 2022. The same year, a UK parliamentary delegation visited Hargeisa.

Somaliland and Ethiopia also reached their agreement in January 2024. This is the closest Somaliland has come to gaining official recognition from another state.

Like the ruling party, the opposition party Waddani fully supports the agreement with Ethiopia. It sees recognition from Somaliland’s huge neighbour – which also happens to host the headquarters of the African Union – as a first step to gaining official recognition.

However, based on my recent interviews with a Waddani official, the party is likely to adopt a broader approach if it wins the upcoming election. Instead of focusing solely on western states like the US and the UK, Waddani plans to approach African and global south states, such as Senegal and Kenya, for support.

This potential shift reflects an understanding that both regional and global dynamics are changing.

Waddani’s broader diplomatic strategy is reinforced by its recent coalition with KAAH (the Somali acronym for Alliance for Equity and Development). KAAH is a young political association rather than a formal political party. Somaliland has a constitutional limit of three official parties.

KAAH was formed, in part, by experienced politicians. In building a coalition, Waddani and KAAH hope to displace Somaliland’s current third party, the Justice and Welfare Party.

KAAH’s support is partially based in Somaliland’s eastern region, which has experienced violent upheavals in recent years. This coalition promises to better incorporate the eastern regions and clans into the government should Waddani win.

Regardless of the outcome of the election, one issue unites Somaliland’s political parties: the push for independence.

Regional implications

A peaceful election would reinforce Somaliland’s claim as a stable, democratic entity.

Mogadishu should not expect any winds of change to blow from Hargeisa if Waddani wins. Three generations and counting have been raised in a de-facto independent Somaliland and they remember the violent dissolution from the Somali Union. This included the bombing of Hargeisa, the destruction of Berbera port and the displacement of thousands of people. Somalilanders largely support independence.

Neither Waddani nor Kulmiye will be wishy-washy on this issue. And there will be forward movement on the Ethiopia-Somaliland agreement. This is likely to lead to increased tensions in the Horn region. As it is, Ethiopia and Somaliland are disturbed by the prospect of a resurgent Somalia supported by Egypt with arms and troops.

There won’t be a shooting war – Mogadishu still has far too many problems with al-Shabaab, clan infighting and a lack of resources and training. But history shows that states take extreme measures if they feel existentially threatened.

Mogadishu’s stance is to retake Somaliland at all costs. And it has much of the world’s tacit support for its “one Somalia” policy. That makes Somaliland a textbook case of an existentially threatened state.

Risks that lie ahead

There are some risks of instability regardless of who wins the election.

The Isaaq clan controls much of the political and economic landscape. This may intensify tensions, especially if minority clans feel sidelined. Waddani’s promise of inclusivity may appeal to marginalised groups, but clan-based grievances have grown over the past decade.

There’s also the risk of unrest among Isaaq loyalists if power shifts too much. And allegations of electoral fraud or voter suppression could fuel protests.

After 2022’s violent postponement due to election disputes, maintaining peace will require transparency, clan reconciliation and careful oversight to prevent renewed conflict.

Despite these risks, Somaliland is again (better late than never) going to the polls. Regardless of who wins, this is good news for Somaliland and its ongoing push for independence recognition.

– Somaliland elections: what’s at stake for independence, stability and shifting power dynamics in the Horn of Africa
– https://theconversation.com/somaliland-elections-whats-at-stake-for-independence-stability-and-shifting-power-dynamics-in-the-horn-of-africa-242131

MIL OSI Africa –

MIL-OSI United Kingdom: More Scottish energy projects unlocked to deliver clean power

Source: United Kingdom – Executive Government & Departments

Consultation on proposed changes to improve the planning system for large energy projects in Scotland

UK and Scottish governments set out proposals to streamline the system for determining energy infrastructure consents in Scotland
consultation to reform outdated processes with the aim to cut delays and create a fairer system, in which communities can have their say from the outset
the move could help to unlock Scotland’s pipeline of energy projects, driving forward the UK’s clean power mission and energy independence

The planning process for new clean energy infrastructure in Scotland will be improved under UK and Scottish government proposals to reform outdated legislation that can delay new projects being built.

In collaboration with the Scottish Government, the UK government has today (28 October) launched a consultation on proposed changes that will make the system for considering large energy projects in Scotland more efficient, while also ensuring that affected communities can have their say on proposals at the right time in the process.

Currently it can take up to four years to approve large electricity infrastructure projects in Scotland, such as power lines and onshore wind farms, under UK legislation that has been in place since 1989.

This system can create uncertainty for investors and communities, which in turn can lead to higher costs being passed onto bill payers. In England and Wales, new large-scale electricity projects can take around half as long on average to be determined compared to Scotland, thanks to previous legislative reforms to streamline the process.

By making vital updates to the energy consents system in Scotland, the UK and Scottish governments aim to support the rollout of new clean energy projects while giving communities early and meaningful opportunities to be heard. The consultation proposes making it a requirement that communities and wider stakeholders are consulted at pre-application stage.

Energy Minister Michael Shanks said:

Scotland has huge potential to propel the UK towards our clean power by 2030 goal, with its natural resources, energy expertise and highly skilled workforce.

Together with the Scottish Government, we are modernising outdated bureaucratic processes to make sure Scotland is firmly open for business as we build the UK’s clean energy future.

This will help to accelerate new clean, homegrown energy – taking us a step closer to energy independence and protecting billpayers from the rollercoaster of volatile fossil fuel markets for good.

Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said:

These long-awaited UK legislative reforms will help support Scotland realise our clean power ambitions, while providing investors with confidence that a more robust and efficient process is being applied.

This will in turn support our net zero ambitions, enable economic growth and ensure our communities have an enhanced opportunity to be heard.

Today’s announcement forms the next step in joint work from the two governments to cement Scotland’s role in making the UK a clean energy superpower.

It comes after the UK government confirmed Aberdeen as the headquarters for the publicly-owned company Great British Energy, that will own and invest in clean power projects across the UK. This month, Scottish and UK governments also signed an agreement to support clean energy supply chains and infrastructure, via new partnerships between Great British Energy and Scottish public bodies.

The proposed reforms aim to provide developers and communities with an updated system when submitting plans for large clean energy projects. The changes cover the entire process from pre-application to challenging decisions, tackling issues that have already been addressed in England and Wales under previous reforms. They include:

Pre-application requirements: New standardised processes for both onshore and offshore developers to engage with local communities and stakeholders before submitting an application to the Scottish Government for new energy infrastructure. This will involve communities at an earlier stage and improve the quality and speed of applications, with new powers for the Scottish Government to reject any that do not meet requirements. The Scottish Government will also be able to charge fees for pre-application services, helping to deliver the new system effectively.
Appealing decisions: Standardising the appeals process, with set criteria for challenging decisions on new energy infrastructure and a 6-week time limit in which objections can be raised. Currently challenges to large onshore projects must be brought by judicial review within three months, which can lead to lengthy delays.
Public Inquiries: Reforming the public inquiry process which is automatically triggered when Planning Authorities raise objections to new energy infrastructure. These inquiries can take an average of 18 months and have cost the Scottish Government £1.9 million since 2021. Under the proposals, inquiry sessions will still be held where necessary, but other forms of decision making will also be deployed on a case-by-case basis guided by a specialist reporter.
Changes to planning consent: New powers to allow the Scottish Government to revoke, suspend or vary consents for energy infrastructure projects under specific circumstances. This will allow for necessary amends to be made, without the applicant having to restart the process.
Necessary wayleaves: A new power for the Scottish Government to charge developers a fee for submitting wayleave applications to place overhead lines on private land. Similar fees are charged in England and Wales, and will help the Scottish Government to meet an expected increase in applications in the rollout of new clean energy projects.

Notes to editors:

The consultation, launched today, will run for 4 weeks until 26 November. Read more about the consultation.

All decisions on new energy infrastructure projects in Scotland are devolved and applications over 50MW are made to the Scottish Government. The UK government is responsible for energy policy and the legislative framework (i.e. Electricity Act 1989) is reserved for the UK Parliament.

Changes to the Planning Act 2008 (such as Nationally Significant Infrastructure Projects) helped to speed up decision making on energy infrastructure projects in England and Wales. The proposed reforms in this consultation will update the approvals process for energy infrastructure in Scotland.

Following the consultation process, the UK government will bring forward the necessary legislation as soon as Parliamentary time allows.

Published 28 October 2024

MIL-OSI United Kingdom: UK statement for 75th session of the UNHCR Executive Committee

Source: United Kingdom – Executive Government & Departments

UK general statement delivered by the UK’s Permanent Representative to the WTO and UN, Simon Manley, at the 75th session of the UNHCR Executive Committee, October 2024.

Location:: Geneva
Delivered on:: 16 October 2024 (Transcript of the speech, exactly as it was delivered)

Thank you, Chair, High Commissioner,

Let me start by paying tribute to those humanitarians who have so tragically lost their lives in the past year – not least among them the UNHCR colleagues whom we have lost in the course of their duties in Lebanon. They have paid the ultimate price in their labour for peace and humanitarianism.

We are deeply concerned about the escalating humanitarian situation in the Middle East and in Lebanon. The UK emphasises all parties’ obligation to comply with international humanitarian law and to ensure protection for civilians and civilian infrastructure. My government has been clear: the fighting must stop, the hostages must be freed, and there must be safe and free humanitarian access to those in need.

Turning to the themes of the Executive Committee, as we face future uncertainties and ever-increasing global displacement, we need to continue to work in solidarity and in unity to find solutions. Forcibly displaced persons demand and expect that the international community takes responsibility.

My government’s commitment to multilateralism and multilateral solutions is clear and deep-rooted. The UK will work hand-in-hand with UNHCR to respond to the growing list of protracted and emerging crises. We will tackle climate and nature emergencies and global development challenges together, by working for peace and promoting global economic development and growth to develop sustainable solutions. And we welcome the High Commissioner’s recent visit to London and the contact he has had with UK Ministers.

But clearly, the situation in countries of origin needs international attention too. We need to address root causes and invest in early anticipatory action that builds resilience and independence. We need partnerships that promote local leadership. And we need to empower women and girls.

Where needs arise, UNHCR must continue to provide protection for the most vulnerable. But clearly, more predictable and more sustainable support is needed so that increasingly stretched resources can be used more efficiently to keep pace with rising needs. UNHCR’s ongoing commitment to reform, efficiencies and effectiveness is an important part of this.

The UK is committed to seeking sustainable solutions together. Not just because inclusion in national systems is the right thing to do, but also because it is the smart thing to do. And we support national ownership and the leadership of hosting countries, who I want to recognize here for their generosity, where this is in refugees’ best interests.

This is why, at last year’s Global Refugee Forum, the UK highlighted the need to look beyond traditional humanitarian partnerships to galvanize joint sustainable action. And we have been working hard with our partners over the last ten months to put those commitments into action.

We must be led by the needs of displaced people wherever and whenever we find them. But I want to point to two specific crises which demand our attention. Firstly, Russia’s brutal invasion of Ukraine in flagrant breach of the UN Charter. This year, the UK provided £100 million in humanitarian assistance and like my Czech colleague I want to pay tribute to the British people who have extended sanctuary to almost 300,000 Ukrainians since the start of the invasion.

And Sudan which is perhaps the world’s most severe humanitarian crisis with almost 25 million people in need of assistance. Thank you, High Commissioner, for speaking out so clearly about the scale and horror of the conflict. We have provided almost £100m in assistance for Sudan this year.

And finally, on statelessness, we are grateful to UNHCR for its leadership of the I Belong campaign. The achievements are a strong foundation on which to launch the Global Alliance, which the UK is honoured to join. We know statelessness can be ended, and we look forward to working with others on this shared mission.

I’ll end by reiterate the UK’s gratitude to all UNHCR staff who tirelessly provide assistance to those who need it, so often in such difficult and dangerous circumstances. Let us, through the Executive Committee, show them our sustained support.

Thank you.

Published 28 October 2024

MIL-OSI United Kingdom: New Coastguard station is ‘great news for both the team and the island’

Source: United Kingdom – Executive Government & Departments

After around 40 years in the same station, a coastguard rescue team on the Isle of Wight has a new home.

Needles Coastguard Rescue Team standing outside their new station

Needles Coastguard Rescue Team is now operating from its new station at Golden Hill Fort in the Freshwater area, offering a spacious, modern and well-equipped space to prepare for search and rescue missions.

With a dedicated training room and washing and drying facilities, and located in the heart of the community, the team of 11 volunteers will be even more ready to respond to those in need.

Senior Coastal Operations Officer Andrew Woodford said:

This is great news for both the team and the island, as we are now in a much better place to respond to call outs and undertake training activities.

The station is future-proof so it will be there for officers for years to come, it looks the part, and has all the facilities we need in a much more suitable space.

A fit-for-purpose station is such an important part of coastguard training and response, so this is a brilliant addition to the service which will have clear benefits.

After 12 months of planning and costing more than £200,000, the building and fit-out took around three months to complete, with the final touches added in October, marking its operational status.

An official opening ceremony for the new station will take place later this year.

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Published 28 October 2024

MIL-OSI: Norwood Financial Corp Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

Quarterly Highlights:

Net interest margin increased 19 basis points vs. the prior quarter and 7 basis points over the prior year.
Loans grew at an 8% annualized rate during the 3^rd quarter.
Capital continues to improve as the negative mark-to-market effect lessens 42% since last year.

HONESDALE, Pa., Oct. 28, 2024 (GLOBE NEWSWIRE) — Norwood Financial Corp (Nasdaq Global Market-NWFL) and its subsidiary, Wayne Bank, announced earnings for the three months ended September 30, 2024 of $3.8 million, which was $275 thousand lower than the same three-month period of last year. Net interest income was up by $892 thousand which was offset by increases in operating expense and the provision for credit losses. Earnings per share (fully diluted) were $0.48 in the three months ended September 30, 2024, compared to $0.51 in the same period of last year. The annualized return on average assets for the three months ended September 30, 2024, was 0.68%, while the annualized return on average tangible equity was 9.58%.

Net income for the nine months ended September 30, 2024, was $12.5 million, which is $3.9 million lower than the same nine-month period of 2023, due to a decrease in net interest income, an increase in the provision for credit losses, and an increase in operating expenses, partially offset by an increase in total other income. Earnings per share (fully diluted) for the nine months ended September 30, 2024, were $1.55, compared to $2.03 for the nine months ended September 30, 2023. The annualized return on average assets for the nine months ended September 30, 2024 was 0.75%. The annualized return on average tangible equity for the nine months ended September 30, 2024 was 10.82%.

Total assets as of September 30, 2024 were $2.280 billion, compared to $2.180 billion at September 30, 2023. At September 30, 2024, loans receivable were $1.675 billion, total deposits were $1.855 billion and stockholders’ equity was $195.7 million.

For the three months ended September 30, 2024, net interest income, on a fully-taxable equivalent basis (fte), totaled $16.1 million, an increase of $914 thousand compared to the same period in 2023. A $77.5 million increase in average interest-earning assets, generated an increase in interest income of $4.0 million. Interest expense increased $3.1 million mainly due to higher deposit balances and higher rates on those deposits. Net interest margin (fte) for the three months ended September 30, 2024 was 2.99%, compared to 2.92% in the same period of 2023. The tax-equivalent yield on interest-earning assets increased 58 basis points to 5.31% during the three months ended September 30, 2024, compared to the same prior year period, while the cost of interest-bearing liabilities increased 62 basis points to 3.09%.

Net interest income (fte) for the nine-months ended September 30, 2024 totaled $45.6 million, which was $1.2 million lower than the same period in 2023, due primarily to a $14.8 million increase in the cost of interest-bearing liabilities. The net interest margin (fte) was 2.87% for the nine-months ended September 30, 2024, as compared to 3.10% for the nine-months ended September 30, 2023.

Other income for the three months ended September 30, 2024, totaled $2.3 million, compared to $2.3 million for the same period in 2023. For the nine-months ended September 30, 2024, other income totaled $6.5 million, compared to $6.0 million for the nine-months ended September 30, 2023.

Other expenses totaled $12.0 million for the three months ended September 30, 2024, an increase of $755 thousand, compared to the $11.3 million for the same period of 2023. For the nine-months ended September 30, 2024, other expenses totaled $35.2 million, compared to $32.6 million for the same period in 2023, due primarily to an increase in salaries and benefits, professional fees, data processing costs and FDIC insurance.

Jim Donnelly President and CEO of Norwood Financial Corp and Wayne Bank, stated, “We are pleased to present our result of operations for the third quarter. Although strong loan growth caused an increase in our provision for credit losses we welcome the ongoing opportunity to serve our customers. Net interest margin (fte) for this quarter eclipsed the margin for last year, something that hasn’t happened since the Federal Reserve began raising interest rates. Our capital base remains above “Well-Capitalized” targets and we continue to show less impact from the market value of our bond portfolio. Additionally, our credit quality metrics remained strong during the third quarter, which we believe should benefit future performance. We appreciate the opportunity to serve our Wayne Bank customers and our customers at the Bank of the Finger Lakes and Bank of Cooperstown locations. We continue to look for opportunities available to us as we service our growing base of stockholders and customers.”

Norwood Financial Corp is the parent company of Wayne Bank, which operates from fourteen offices throughout Northeastern Pennsylvania and fifteen offices in 4 Delaware, Sullivan, Ontario, Otsego and Yates Counties, New York. The Company’s stock trades on the Nasdaq Global Market under the symbol “NWFL”.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 contains safe harbor provisions regarding forward-looking statements. When used in this discussion, the words “believes”, “anticipates”, “contemplates”, “expects”, “bode”, “future performance” and similar expressions are intended to identify forward-looking statements. Such statements are subject to certain risks and uncertainties, which could cause actual results to differ materially from those projected. Those risks and uncertainties include, among other things, changes in federal and state laws, changes in interest rates, our ability to maintain strong credit quality metrics, our ability to have future performance, our ability to control core operating expenses and costs, demand for real estate, government fiscal and trade policies, cybersecurity and general economic conditions. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

Non-GAAP Financial Measures

This release references net interest income on a fully taxable-equivalent basis (fte), which is a non-GAAP (Generally Accepted Accounting Principles) financial measure. Fully taxable-equivalent net interest income was derived from GAAP interest income and net interest income using an assumed tax rate of 21%. We believe the presentation of net interest income on a fully taxable-equivalent basis ensures comparability of net interest income arising from both taxable and tax-exempt sources and is consistent with industry practice.

The following table reconciles net interest income to net interest income on a fully taxable-equivalent basis:


(dollars in thousands)	Three months ended				Nine months ended
(dollars in thousands)	September 30				September 30
		2024		2023			2024		2023
Net Interest Income	$	15,931	$	15,039		$	45,566	$	46,774
Taxable equivalent basis adjustment using 21% marginal tax rate		207		185			601		554
Net interest income on a fully taxable equivalent basis	$	16,138	$	15,224		$	46,167	$	47,328

This release also references average tangible equity, which is also a non-GAAP financial measure. Average tangible equity is calculated by deducting average goodwill and other intangible assets from average stockholders’ equity. The Company believes that disclosure of tangible equity ratios enhances investor understanding of our financial position and improves the comparability of our financial data.

The following table reconciles average equity to average tangible equity:


	Three months ended				Nine months ended
(dollars in thousands)	September 30				September 30
		2024		2023		2024		2023
Average equity	$	189,135	$	175,224	$	183,593	$	174,943
Average goodwill and other intangibles		(29,440)		(29,514)		(29,457)		(29,536)
Average tangible equity	$	159,695	$	145,710	$	154,136	$	145,407

Contact: John M. McCaffery
Executive Vice President &
Chief Financial Officer
NORWOOD FINANCIAL CORP
272-304-3003
www.waynebank.com


NORWOOD FINANCIAL CORP Consolidated Balance Sheets (dollars in thousands, except share and per share data) (unaudited)
	September 30
		2024	2023
ASSETS
Cash and due from banks	$	47,072		$	41,141
Interest-bearing deposits with banks		35,808			13,005
Cash and cash equivalents		82,880			54,146

Securities available for sale		396,891			380,499
Loans receivable		1,675,139			1,611,069
Less: Allowance for credit losses		18,699			16,086
Net loans receivable		1,656,440			1,594,983
Regulatory stock, at cost		6,329			8,843
Bank premises and equipment, net		18,503			17,254
Bank owned life insurance		46,382			46,197
Foreclosed real estate owned		0			290
Accrued interest receivable		8,062			7,759
Deferred tax assets, net		18,818			25,610
Goodwill		29,266			29,266
Other intangible assets		167			240
Other assets		16,013			14,911
TOTAL ASSETS	$	2,279,751		$	2,179,998


LIABILITIES
Deposits:
Non-interest bearing demand	$	420,967		$	430,242
Interest-bearing		1,434,284			1,316,582
Total deposits		1,855,251			1,746,824
Short-term borrowings		52,453			103,881
Other borrowings		144,959			137,447
Accrued interest payable		12,688			8,605
Other liabilities		18,746			18,539
TOTAL LIABILITIES		2,084,097			2,015,296

STOCKHOLDERS’ EQUITY Preferred Stock, no par value per share, authorized 5,000,000 shares		–			–
Common Stock, $.10 par value per share,
authorized: 20,000,000 shares, issued: 2024: 8,311,851 shares, 2023: 8,291,401 shares		831			829
Surplus		98,330			97,449
Retained earnings		140,489			137,363
Treasury stock, at cost: 2024: 221,140 shares, 2023: 222,051 shares		(5,969	)		(5,957	)
Accumulated other comprehensive loss		(38,027	)		(64,982	)
TOTAL STOCKHOLDERS’ EQUITY		195,654			164,702
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,279,751		$	2,179,998


NORWOOD FINANCIAL CORP Consolidated Statements of Income (dollars in thousands, except per share data) (unaudited)
		Three Months Ended September 30,				Nine Months Ended September 30,
		2024	2023				2024		2023
INTEREST INCOME
Loans receivable, including fees	$	25,464		$	22,021	$	73,266	$	61,881
Securities		2,526			2,433		7,635		7,418
Other		497			54		2,194		156
Total Interest income		28,487			24,508		83,095		69,455

INTEREST EXPENSE
Deposits		10,553			7,017		31,349		17,119
Short-term borrowings		323			1,126		1,015		2,702
Other borrowings		1,680			1,326		5,165		2,860
Total Interest expense		12,556			9,469		37,529		22,681
NET INTEREST INCOME		15,931			15,039		45,566		46,774
PROVISION FOR CREDIT LOSSES		1,345		$	882	$	1,069	$	(568	)
NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES		14,586			14,157		44,497		47,342

OTHER INCOME
Service charges and fees		1,517			1,527		4,364		4,192
Income from fiduciary activities		256			246		719		688
Net realized (losses) gains on sales of securities		–			–		–		(209	)
Gains on sales of loans, net		103			18		145		27
Gains on sales of foreclosed real estate owned		–			13		32		13
Earnings and proceeds on life insurance policies		261			328		781		770
Other		158			174		467		520
Total other income		2,295			2,306		6,508		6,001

OTHER EXPENSES
Salaries and employee benefits		6,239			6,083		18,328		17,893
Occupancy, furniture and equipment		1,269			1,242		3,758		3,818
Data processing and related operations		1,162			876		3,208		2,465
Taxes, other than income		179			167		452		490
Professional fees		576			524		1,669		1,132
FDIC Insurance assessment		339			254		1,009		699
Foreclosed real estate		9			9		45		112
Amortization of intangibles		16			20		54		66
Other		2,242			2,101		6,683		5,974
Total other expenses		12,031			11,276		35,206		32,649

INCOME BEFORE TAX		4,850			5,187		15,799		20,694
INCOME TAX EXPENSE		1,006			1,068		3,308		4,289
NET INCOME	$	3,844		$	4,119	$	12,491	$	16,405

Basic earnings per share	$	0.48		$	0.51	$	1.55	$	2.03

Diluted earnings per share	$	0.48		$	0.51	$	1.55	$	2.03


NORWOOD FINANCIAL CORP Financial Highlights (Unaudited) (dollars in thousands, except per share data)
For the Three Months Ended September 30		2024			2023
Net interest income	$	15,931		$	15,039
Net income		3,844			4,119

Net interest spread (fully taxable equivalent)		2.23	%		2.26	%
Net interest margin (fully taxable equivalent)		2.99	%		2.92	%
Return on average assets		0.68	%		0.76	%
Return on average equity		8.09	%		9.33	%
Return on average tangible equity		9.58	%		11.22	%
Basic earnings per share	$	0.48		$	0.51
Diluted earnings per share	$	0.48		$	0.51

For the Nine Months Ended September 30		2024			2023
Net interest income	$	45,566		$	46,774
Net income		12,491			16,405

Net interest spread (fully taxable equivalent)		2.12	%		2.56	%
Net interest margin (fully taxable equivalent)		2.87	%		3.10	%
Return on average assets		0.75	%		1.04	%
Return on average equity		9.09	%		12.54	%
Return on average tangible equity		10.82	%		15.08	%
Basic earnings per share	$	1.55		$	2.03
Diluted earnings per share	$	1.55		$	2.03

As of September 30		2024			2023
Total assets	$	2,279,751		$	2,179,998
Total loans receivable		1,675,139			1,611,069
Allowance for credit losses		18,699			16,086
Total deposits		1,855,251			1,746,824
Stockholders’ equity		195,654			164,702
Trust assets under management		209,857			185,913

Book value per share	$	24.92		$	21.15
Tangible book value per share	$	21.28		$	17.49
Equity to total assets		8.58	%		7.56	%
Allowance to total loans receivable		1.12	%		1.00	%
Nonperforming loans to total loans		0.47	%		0.65	%
Nonperforming assets to total assets		0.35	%		0.50	%


NORWOOD FINANCIAL CORP Consolidated Balance Sheets (unaudited) (dollars in thousands)
	September 30 2024		June 30 2024		March 31 2024		December 31 2023		September 30 2023
ASSETS
Cash and due from banks	$	47,072	$	29,903	$	19,519	$	28,533	$	41,141
Interest-bearing deposits with banks		35,808		39,492		92,444		37,587		13,005
Cash and cash equivalents		82,880		69,395		111,963		66,120		54,146

Securities available for sale		396,891		397,578		398,374		406,259		380,499
Loans receivable		1,675,139		1,641,356		1,621,448		1,603,618		1,611,069
Less: Allowance for credit losses		18,699		17,807		18,020		18,968		16,086
Net loans receivable		1,656,440		1,623,549		1,603,428		1,584,650		1,594,983
Regulatory stock, at cost		6,329		6,443		6,545		7,318		8,843
Bank owned life insurance		46,382		46,121		45,869		46,439		46,197
Bank premises and equipment, net		18,503		18,264		18,057		17,838		17,254
Foreclosed real estate owned		0		0		97		97		290
Goodwill and other intangibles		29,433		29,449		29,468		29,487		29,506
Other assets		42,893		44,517		46,622		42,871		48,280
TOTAL ASSETS	$	2,279,751	$	2,235,316	$	2,260,423	$	2,201,079	$	2,179,998

LIABILITIES
Deposits
Non-interest bearing demand	$	420,967	$	391,849	$	383,362	$	399,545	$	430,242
Interest-bearing deposits		1,434,284		1,419,323		1,455,636		1,395,614		1,316,582
Total deposits		1,855,251		1,811,172		1,838,998		1,795,159		1,746,824
Borrowings		197,412		210,422		211,234		198,312		241,328
Other liabilities		31,434		31,534		28,978		26,538		27,144
TOTAL LIABILITIES		2,084,097		2,053,128		2,079,210		2,020,009		2,015,296

STOCKHOLDERS’ EQUITY		195,654		182,188		181,213		181,070		164,702

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	2,279,751	$	2,235,316	$	2,260,423	$	2,201,079	$	2,179,998


NORWOOD FINANCIAL CORP Consolidated Statements of Income (unaudited) (dollars in thousands, except per share data)

		September 30 2024		June 30 2024				March 31 2024			December 31 2023			September 30 2023
Three months ended		September 30 2024		June 30 2024				March 31 2024			December 31 2023			September 30 2023
INTEREST INCOME
Loans receivable, including fees	$	25,464		$	24,121		$	23,681		$	23,328		$	22,021
Securities		2,526			2,584			2,526			2,504			2,433
Other		497			966			731			253			54
Total interest income		28,487			27,671			26,938			26,085			24,508

INTEREST EXPENSE
Deposits		10,553			10,687			10,110			8,910			7,017
Borrowings		2,003			2,059			2,118			1,882			2,452
Total interest expense		12,556			12,746			12,228			10,792			9,469
NET INTEREST INCOME		15,931			14,925			14,710			15,293			15,039
(RELEASE OF) PROVISION FOR CREDIT LOSSES		1,345			347			(624	)		6,116			882
NET INTEREST INCOME AFTER (RELEASE OF) PROVISION FOR CREDIT LOSSES
		14,586			14,578			15,334			9,177			14,157

OTHER INCOME
Service charges and fees		1,517			1,504			1,343			1,421			1,527
Income from fiduciary activities		256			225			238			210			246
Net realized (losses) gains on sales of securities		–			–			–			–			–
Gains on sales of loans, net		103			36			6			36			18
Gains on sales of foreclosed real estate owned		–			32			–			66			13
Earnings and proceeds on life insurance policies		261			253			268			242			328
Other		158			157			151			148			174
Total other income		2,295			2,207			2,006			2,123			2,306

OTHER EXPENSES
Salaries and employee benefits		6,239			5,954			6,135			5,672			6,083
Occupancy, furniture and equipment, net		1,269			1,229			1,261			1,265			1,242
Foreclosed real estate		9			15			21			17			9
FDIC insurance assessment		339			309			361			287			254
Other		4,175			3,937			3,954			3,608			3,688
Total other expenses		12,031			11,444			11,732			10,849			11,276

INCOME BEFORE TAX		4,850			5,341			5,608			451			5,187
INCOME TAX EXPENSE		1,006			1,128			1,175			96			1,068
NET INCOME	$	3,844		$	4,213		$	4,433		$	355		$	4,119

Basic earnings per share	$	0.48		$	0.52		$	0.55		$	0.04		$	0.51

Diluted earnings per share	$	0.48		$	0.52		$	0.55		$	0.04		$	0.51

Book Value per share	$	24.92		$	23.26		$	23.01		$	22.99		$	21.15
Tangible Book Value per share		21.28			19.62			19.38			19.36			17.49

Return on average assets (annualized)		0.68	%		0.75	%		0.80	%		0.06	%		0.76	%
Return on average equity (annualized)		8.09	%		9.41	%		9.79	%		0.84	%		9.33	%
Return on average tangible equity (annualized)		9.58	%		11.26	%		11.68	%		1.01	%		11.22	%

Net interest spread (fte)		2.23	%		2.05	%		2.07	%		2.24	%		2.28	%
Net interest margin (fte)		2.99	%		2.79	%		2.79	%		2.95	%		2.94	%

Allowance for credit losses to total loans		1.12	%		1.08	%		1.11	%		1.18	%		1.00	%
Net charge-offs to average loans (annualized)		0.08	%		0.13	%		0.08	%		0.79	%		0.59	%
Nonperforming loans to total loans		0.47	%		0.47	%		0.23	%		0.48	%		0.65	%
Nonperforming assets to total assets		0.35	%		0.34	%		0.17	%		0.35	%		0.50	%

NORWOOD FINANCIAL CORP NET INTEREST MARGIN ANALYSIS (dollars in thousands)
	For the Quarter Ended
	September 30, 2024							For the Quarter Ended June 30, 2024								September 30, 2023
	Average Balance (2)			Interest (1)			Average Rate (3)	Average Balance (2)				Interest (1)			Average Rate (3)	Average Balance (2)				Interest (1)			Average Rate (3)
Assets
Interest-earning assets:
Interest-bearing deposits with banks	$	36,221		$	497		5.46	%	$	69,173		$	967		5.62	%	$	3,675		$	54		5.83	%
Securities available for sale:
Taxable		392,168			2,161		2.19			401,014			2,206		2.21			406,962			2,052		2.00
Tax-exempt (1)		67,563			461		2.71			69,126			477		2.78			70,219			483		2.73
Total securities available for sale (1)		459,731			2,622		2.27			470,140			2,683		2.30			477,181			2,535		2.11
Loans receivable (1) (4) (5)		1,651,921			25,575		6.16			1,629,283			24,220		5.98			1,589,474			22,104		5.52
Total interest-earning assets		2,147,873			28,694		5.31			2,168,596			27,870		5.17			2,070,330			24,693		4.73
Non-interest earning assets:
Cash and due from banks		28,193								26,422								27,910
Allowance for credit losses		(17,944	)							(18,023	)							(17,262	)
Other assets		78,344								69,718								65,863
Total non-interest earning assets		88,593								78,117								76,511
Total Assets	$	2,236,466							$	2,246,713							$	2,146,841
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:

Interest-bearing demand and money market	$	461,897		$	2,782		2.40		$	450,918		$	2,397		2.14		$	439,255		$	1,647		1.49
Savings		221,366			13		0.02			233,676			286		0.49			238,493			77		0.13
Time		734,235			7,758		4.20			755,224			8,004		4.26			611,607			5,293		3.43
Total interest-bearing deposits		1,417,498			10,553		2.96			1,439,818			10,687		2.99			1,289,355			7,017		2.16
Short-term borrowings		53,622			323		2.40			61,689			356		2.32			116,470			1,126		3.84
Other borrowings		146,357			1,680		4.57			149,442			1,703		4.58			116,700			1,326		4.51
Total interest-bearing liabilities		1,617,477			12,556		3.09			1,650,949			12,746		3.11			1,522,525			9,469		2.47
Non-interest bearing liabilities:
Demand deposits		400,314								387,962								425,216
Other liabilities		29,540								28,308								23,876
Total non-interest bearing liabilities		429,854								416,270								449,092
Stockholders’ equity		189,135								179,494								175,224
Total Liabilities and Stockholders’ Equity	$	2,236,466							$	2,246,713							$	2,146,841
Net interest income/spread (tax equivalent basis)					16,138		2.23	%					15,124		2.06	%					15,224		2.26	%
Tax-equivalent basis adjustment					(207	)							(199	)							(185	)
Net interest income				$	15,931							$	14,925							$	15,039
Net interest margin (tax equivalent basis)							2.99	%							2.80	%							2.92	%

(1) Interest and yields are presented on a tax-equivalent basis using a marginal tax rate of 21%.
(2) Average balances have been calculated based on daily balances.
(3) Annualized
(4) Loan balances include non-accrual loans and are net of unearned income.
(5) Loan yields include the effect of amortization of deferred fees, net of costs.

MIL-OSI Economics: CBB Governor receives PM Fellowship Program candidate

Source: Central Bank of Bahrain

Published on 28 October 2024

Manama, Kingdom of Bahrain – 28 October 2024 – HE Khalid Humaidan, Governor of the Central Bank of Bahrain, affirmed that the PM Fellowship Program reflects the Kingdom of Bahrain’s commitment to investing in its national workforce and engaging them in comprehensive development, under the leadership of His Majesty King Hamad bin Isa Al Khalifa and in line with the vision of His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister.

HE the Governor received at his office Mr. Rashed Adel Kamal, the CBB employee selected as a candidate for the 10^th intake of the Prime Minister’s Fellowship Program, and congratulated him on his selection, wishing him ongoing success and benefit from the program’s opportunities.

Mr. Kamal expressed his gratitude to HE the Governor for his continuous support for CBB employees in achieving their aspirations.

MIL-OSI NGOs: Nigeria: Escalation of mob violence emboldens impunity

Source: Amnesty International –

At least 555 victims of mob violence recorded over the last decade
Upsurge of blasphemy killings fueled by alleged incitement from clerics
Allegations of corruption and policing failures perpetuating violence

The failure of the Nigerian authorities to protect lives has led to a growing escalation of mob violence over the last decade, as people increasingly take law into their hands and carry out so- called ‘jungle justice,’ said Amnesty International Nigeria in a new report.

Instantly Killed: How Law Enforcement failures exacerbate wave of mob violence in Nigeria documents how victims accused of theft, blasphemy, shoplifting and witchcraft are beaten, tortured and killed with impunity and suspected perpetrators almost always get away with it.

Between January 2012 to August 2023, Amnesty International recorded at least 555 victims of mob violence (how many killed), from 363 documented incidents across Nigeria. Over the period of this investigation 57 people were killed by violent mobs; 32 were burnt alive, 2 persons were buried alive, while 23 people were tortured to death.

“The menace of mob violence is perhaps one of the biggest threats to the right to life in Nigeria. The fact that these killings have been happening for a long time, with few cases investigated and prosecuted, highlights the authorities’ shocking failure to uphold and fulfil their obligation to protect people from harm and violence,” said Isa Sanusi, Director Amnesty International Nigeria.

“The failure of law enforcement agencies, especially the Nigeria Police Force, to prevent mob violence, investigate allegations of torture and killings, and bring suspected perpetrators to justice, is empowering mobs to kill. The problem is compounded by weak and corrupt legal institutions and systems.”

Isa Sanusi, Director Amnesty International Nigeria

Amnesty International’s research details cases of victims of mob violence that include at least 13 women, six children, and two people with actual or perceived mental health illnesses and/or psycho-social or intellectual disabilities. Cases of mob violence were documented in each of Nigeria’s six geopolitical zones: South-South (82), South-East (43), South-West (98), North-Central (42), North-West (100), and North-East (26).

In the southern parts of Nigeria, mob violence is mostly targeted at those accused of theft, of taking part in rituals or practising witchcraft. In northern Nigeria, it is mostly used against those accused of blasphemy and often endorsed by religious clerics.

Those with mental health conditions and psycho-social disabilities are consistently targeted by violent mobs that use their disabilities to make false accusations against victims and to justify lynching them.

“It is appalling that mob violence is gradually becoming the norm, often meted out in crowded areas, such as motor parks, market areas and busy roads. Victims were always tortured including by beating, stoning, or via the use of improvised weapons like sticks and metal rods,” said Isa Sanusi.

Many of the victims of mob violence were targeted because of their social status, identities as members of religious or other minority groups. Other reasons for targeting victims include attempts to curtail the rights to freedom of expression, and freedom from discrimination due to gender or specific conditions, including against women, children, and people with psycho-social disabilities.

MIL OSI NGO –