NewzIntel.com

Category: Politics

  • MIL-OSI China: Chinese, foreign photographers capture timeless charm of Beijing

    Source: China State Council Information Office 3

    This photo taken on Oct. 19, 2024 with a mobile phone shows Vesa Niskanen (C), a Finnish part-time photographer, receiving a certificate for his work “Jingshan Park” being selected for display at the “Hello, Beijing” photography exhibition, in Beijing, capital of China. (Xinhua/Lyu Qiuping)

    Standing in front of a giant photograph, George Doupas introduced his work “Happy Graduation” to a visitor. In the image, a group of university graduates in gowns throw their trencher caps into the sky, with the Temple of Heaven, one of Beijing’s architectural landmarks, in the background.

    “I just love the hutongs (alleys), siheyuan (quadrangle courtyards) and ancient architecture in Beijing. Traditional and alive,” said Doupas, a Greek freelance photographer who lives in Beijing.

    His works — two photos and one video clip — are part of a photography exhibition called “Hello, Beijing” held from Oct. 19 to 28 at the China Millennium Monument.

    After attracting entries from Chinese and foreign professional photographers and enthusiasts both domestically and internationally, a panel of experts selected over 200 pieces for display. The works of six foreign photographers from Britain, France, Greece and other countries are among the exhibits.

    The event is hosted by the Beijing Municipal Bureau of Culture and Tourism.

    Beijing, with a history of over 3,000 years, has served as the Chinese capital for 870 years, making it a treasure trove of cultural heritage.

    In recent years, the city has strengthened its core functions as the national political center, cultural center, international exchange center and scientific innovation center, striving to build itself into a world-class harmonious and livable metropolis.

    The photo exhibition consists of four sections highlighting the beauty of Beijing’s nature, history, humanity and innovation. It seeks to show the city’s progress and cultural heritage, the vibrancy of its daily life and the exchange of ideas between civilizations.

    Doupas first visited Beijing in 2005 as a backpacker and settled here in 2009 after marrying a Chinese woman.

    He said that one part of Beijing is full of historical sites like a living museum, while the other part is a new modern city, with some amazing architectural buildings, bridges, libraries and much more.

    “I often feel that Beijing is a perfect example of how the old and new nicely blend together,” he said.

    Liu Jingmin agrees with Doupas. At the exhibition, she is showing a photo of a pair of birds engaged in courtship on a lake at the Summer Palace. Originally an amateur wildlife photographer, she has also become a fan of capturing Beijing’s city views.

    She said she often climbs the stairs onto the roofs of high-rise buildings to take panoramic photos near the city’s Central Axis.

    “The contrast between the new modern buildings and ancient architecture, like the Temple of Heaven, is especially interesting and favored by photographers,” said Liu, 52.

    At a session in India in late July, the United Nations Educational, Scientific and Cultural Organization added the 700-year-old Beijing Central Axis, dubbed the “spine of the city’s culture,” to the World Heritage List.

    The Beijing Central Axis, the best-preserved example of traditional central axis architecture in China, extends 7.8 km from Yongding Gate in the south to the Bell and Drum Towers in the north. Fifteen heritage components, including the Tian’anmen Square Complex, the Forbidden City and the Temple of Heaven, are located on or alongside the axis.

    Vesa Niskanen, a Finnish part-time photographer, has his work “Jingshan Park” included in the exhibition. Jingshan Park is also along the Central Axis.

    He said that in addition to the ancient architecture, he likes to take photos in Beijing’s busy streets.

    “In this populated city, you can see people singing and dancing, and you can also see vendors selling stuff like crickets. The streets are so vibrant,” said Niskanen, the representative of a Finnish cultural association in Beijing.

    Wang Yuanjing, who has retired from her civil service career, enjoys photography as a hobby. One of her displayed works is about the winter view of the Summer Palace, while the other captures the five-ring fireworks at the opening ceremony of the Beijing Winter Olympics.

    “Over the years, Beijing has developed rapidly and the photos show the different sides of the city, ranging from an ancient cultural capital to a window for international exchanges,” said Wang, who also took her family to visit the exhibition.

    Su Heling, a 63-year-old visitor from the Haidian District, was amazed by the images on display.

    The retiree said he is also a photography fan, snapping pictures with his camera everywhere he goes.

    “Through the exhibition, I hope I can learn more about photography skills, as well as the beauty of Beijing,” Su said.

    In addition to the “Happy Graduation,” Doupas is also showing another piece, which was captured in a library. The library is converted from an outdated cinema, and the big screen can still be seen in the middle.

    Doupas said the photo embodies the vitality of Beijing, as renovation has given life to many old buildings in the city, such as Shougang — the site of a former steel plant that has been transformed into a cultural venue for sightseeing and sports activities.

    “As I walk in the streets of Beijing, there is always something interesting before my eyes. There is always something I want to capture with my camera,” Doupas said. 

    MIL OSI China News –

  • MIL-OSI China: CPC delegation visits Thailand on ties

    Source: China State Council Information Office

    A Communist Party of China (CPC) delegation has concluded a four-day visit to Thailand after having exchanges with leaders of political parties in the Southeast Asian country.

    The delegation was led by Chen Gang, a member of the CPC Central Committee and secretary of the CPC Qinghai Provincial Committee. Thai Deputy Prime Minister and Minister of Energy Pirapan Salirathavibhaga, Deputy Pheu Thai Party leader Chusak Sirinil and other leaders of political parties met with Chen during the delegation visit on Oct. 21-24.

    During the stay, the CPC delegation attended a political party exchange meeting themed “Sharing the Same River: China-Thailand Lancang-Mekong Cooperation and Green Development” to share Qinghai’s practices in implementing the spirit of the third plenary session of the 20th CPC Central Committee.

    In meetings and exchanges with the CPC delegation, people from various sectors in Thailand expressed their confidence in the prospects and opportunities of Chinese-style modernization, and said they were ready to take the 50th anniversary of the establishment of diplomatic relations between the two countries next year as an opportunity to strengthen bilateral cooperation in various fields as well as under the Lancang-Mekong cooperation framework, and continuously promote the building of the Thailand-China community with a shared future.

    MIL OSI China News –

  • MIL-OSI China: China to continue to defend UN-centered international system

    Source: China State Council Information Office

    China congratulates the United Nations (UN) on the 79th anniversary of its founding. As a permanent member of the UN Security Council and a responsible major country, China will continue to work with the rest of the world to practice true multilateralism, and defend the UN-centered international system and the international order based on international law, a Chinese Foreign Ministry spokesperson said Thursday.

    Today marks the 79th anniversary of the establishment of the UN. The world is now facing prolonged hotspot issues, such as the Gaza conflict, and complicated differences among countries. Some believe that the authority of the UN is being undermined, multilateralism faces headwind and the future of the world is full of uncertainty.

    In response to a related query, spokesperson Lin Jian told a press briefing that as the most universal, representative and authoritative international inter-governmental organization, the UN has played an irreplaceable role in upholding world peace and development.

    As the first country to put its signature on the UN Charter, China has all along upheld the purposes and principles of the UN Charter, supported the UN in playing a central role in international affairs, proposed the Global Development Initiative, the Global Security Initiative and the Global Civilization Initiative, promoted the building of a community with a shared future for mankind, and led the Global South in advancing solidarity and cooperation, Lin said.

    “China is an upholder of world peace, contributor to global development and defender of the international order,” he added.

    The more complex the international landscape, the greater the need to firmly defend the authority of the UN; the more acute the global challenges, the greater the need for true multilateralism, Lin said, stressing that China always supports reform and development of the UN and increasing the representation and say of developing countries.

    Major countries, in particular, need to undertake their responsibilities, promote the UN including the Security Council to better fulfill their mandate, more effectively build up global consensus and better uphold world peace, stability and development, Lin said.

    Unilateralism, bullying and coercion, and sanction and pressuring contravene the international community’s common pursuit for stability and development and opposition to division and conflict, and will only undermine the common interests of all countries, he added.

    Not long ago, the UN held the Summit of the Future where participating parties adopted the UN Pact for the Future. Next year will mark the 80th anniversary of the establishment of the UN, Lin noted.

    As a permanent member of the UN Security Council and a responsible major country, China will continue to uphold the principle of extensive consultation, joint contribution and shared benefit, work with the rest of the world to practice true multilateralism, defend the UN-centered international system and the international order based on international law, and make the global governance system more just and equitable, Lin said.

    MIL OSI China News –

  • MIL-OSI China: Xi urges ‘BRICS Plus’ to pursue common security and development, harmony among civilizations

    Source: China State Council Information Office

    Chinese President Xi Jinping delivers an important speech titled “Combining the Great Strength of the Global South To Build Together a Community with a Shared Future for Mankind” at the “BRICS Plus” leaders’ dialogue in Kazan, Russia, Oct. 24, 2024. [Photo/Xinhua]

    Chinese President Xi Jinping on Thursday called on “BRICS Plus” countries to strive for common security, common development and harmony among civilizations.

    Xi made the remarks while addressing the “BRICS Plus” leaders’ dialogue.

    Noting that the collective rise of the Global South is a distinctive feature of the great transformation across the world, Xi said that Global South countries marching together toward modernization is monumental in world history and unprecedented in human civilization.

    Meanwhile, peace and development still faces severe challenges and the road to prosperity for the Global South will not be straight, he pointed out, urging “BRICS Plus” countries to use collective wisdom and strength and stand up to their responsibility for building a community with a shared future for mankind.

    Xi said that “BRICS Plus” countries should uphold peace and strive for common security, come forward together to form a stabilizing force for peace, strengthen global security governance, and explore solutions to address both symptoms and roots of hotspot issues.

    He said that many parties have warmly responded to the Global Security Initiative he proposed. “Under the Initiative, we have made prominent progress in maintaining regional stability and in many other areas,” he said, adding that China and Brazil jointly issued the six-point consensus and launched the group of Friends for Peace on the Ukraine crisis together with other Global South countries.

    He also called on “BRICS Plus” countries to promote early deescalation to pave the way for political settlement.

    Last July, Palestinian factions reconciled with each other in Beijing, marking a key step toward peace in the Middle East, he noted. “We should continue to promote comprehensive ceasefire in the Gaza Strip and revive the two-State solution. We must stop the flames of war from spreading in Lebanon and end the miserable sufferings in Palestine and Lebanon,” Xi stressed.

    Noting that the Global South emerges for development and prospers through development, Xi said that “BRICS Plus” countries should reinvigorate development and strive for common prosperity, be the main driving force for common development, play an active and leading role in the global economic governance reform, and make development the core of international economic and trade agenda.

    He said that the Global Development Initiative, since its introduction three years ago, has helped make available nearly 20 billion U.S. dollars of development fund and launch more than 1,100 projects. And recently the Global Alliance on Artificial Intelligence for Industry and Manufacturing Center of Excellence has been established in Shanghai.

    China will build a World Smart Customs Community Portal and a BRICS Customs Center of Excellence, he noted, adding that China welcomes active participation by all countries.

    Stressing that diversity of civilization is the innate quality of the world, Xi called on “BRICS Plus” countries to promote together development of all civilizations and strive for harmony among them, be advocates for exchanges among civilizations, enhance communication and dialogue, and support each other in taking the path to modernization suited to their respective national conditions.

    He noted that the Global Civilization Initiative he proposed is exactly for the purpose of building a garden of world civilizations “in which we can share and admire the beauty of each civilization,” he said, adding that China will coordinate with others to form a Global South Think Tanks Alliance to promote people-to-people exchanges and experience-sharing in governance.

    Xi stressed that the Third Plenary Session of the 20th Central Committee of the Communist Party of China made systemic plans for further deepening reform comprehensively to advance Chinese modernization, which will provide more opportunities for the world.

    “Last month, we held in Beijing a successful summit of the Forum on China-Africa Cooperation and announced ten partnership actions for China and Africa to jointly advance modernization. This will instill new energy for the Global South on its way toward modernization,” he said.

    Xi also said that no matter how the international landscape evolves, “we in China will always keep the Global South in our heart, and maintain our roots in the Global South.”

    China supports more Global South countries in joining the cause of BRICS as full members, partner countries or in the “BRICS Plus” format “so that we can combine the great strength of the Global South to build together a community with a shared future for mankind,” he said.

    MIL OSI China News –

  • MIL-OSI Australia: New technology to detect floods and bushfires

    Source: New South Wales Government 2

    Headline: New technology to detect floods and bushfires

    Published: 25 October 2024

    Released by: Minister for Emergency Services, Minister for Innovation, Science and Technology

    Testing will soon begin on cutting-edge technology to improve early warnings about floods and bushfires in NSW.

    The NSW Government this week launched a proof-of-concept phase as part of a $3.3 million election commitment to build a natural hazards detection system.

    The testing will explore a range of scenarios to enhance the state’s response to natural hazards including innovative technology to detect floods and bushfires that can:

    • support early identification of flood water across roads
    • monitor rainfall and soil moisture data to predict floods
    • identify fire ignitions in remote locations
    • monitor soil moisture and fuel loads to support improved fire hazard reduction.

    Individual grants of up to $50,000 will be awarded to successful applicants through the program to support the testing of technologies over a six-month period to demonstrate their feasibility and benefits.

    The program delivers on an election commitment by the Minns Labor Government and is being led by the Office of the NSW Chief Scientist & Engineer (OCSE) in collaboration with the NSW Reconstruction Authority (RA).

    The initiative directly responds to key recommendations from the 2020 Bushfire Inquiry and the 2022 Flood Inquiry, which called for the use of advanced detection systems to provide earlier warnings and give communities more time to respond to natural hazards.

    Businesses are encouraged to submit proposals addressing these challenges, with the potential to progress to the next stage of the program which includes scaling up and piloting technologies in real-world settings.

    Applications for Phase 1 are open until early December. Grant recipients from Phase 1 will be eligible to apply for Phase 2 through a competitive process.

    The outcomes of the pilot will help shape the design of a final product, ready for deployment in hazard-prone areas of NSW. For more information and to apply, visit: www.chiefscientist.nsw.gov.au/nhds.

    Minister for Emergency Services Jihad Dib said:

    “The Minns Labor Government is delivering on its election commitment to better protect communities living in high-risk areas that are prone to floods and fires through better detection systems.”

    “We are helping to develop new detection technologies and testing them in unique Australian conditions.”

    We are working to identify solutions that allow people to better anticipate natural disasters and prepare for evacuations.”

    “This program is not only important to help reduce the impact of disasters, but ultimately can help save lives.”

    Minister for Innovation, Science & Technology, Anoulack Chanthivong said:

    “This funding demonstrates the NSW Government’s commitment to innovation and technology to help improve our response to and preparedness for natural hazards.”

    “Supporting businesses to field-test their technologies with NSW Government agencies allows them to bring their innovations one step closer to commercialisation.”

    Professor Hugh Durrant-Whyte, Office of the Chief Scientist and Engineer said:

    “NSW is looking to the future and investigating how cutting-edge technology can transform our response to natural hazards.”

    “By undertaking trials of groundbreaking technology solutions in real world conditions we will ensure that NSW residents are better prepared for natural hazards now and into the future”.   

    MIL OSI News –

  • MIL-OSI USA: Governor Shapiro to Announce Targeted State, Local, Private, and Philanthropic Investments to Catalyze Downtown Pittsburgh’s Revitalization Plan

    Source: US State of Pennsylvania

    October 25, 2024 – Pittsburgh, PA

    ADVISORY – Governor Shapiro to Announce Targeted State, Local, Private, and Philanthropic Investments to Catalyze Downtown Pittsburgh’s Revitalization Plan

    Governor Josh Shapiro will visit Pittsburgh’s Cultural District to unveil a major collective effort with Pittsburgh leaders, nonprofits, and the local business community to make comprehensive investments that will improve Pittsburgh’s downtown area and turn the neighborhood into a thriving center for economic growth, culture, and industry.

    The Shapiro Administration has mobilized a united group of local government officials, private sector leaders, and nonprofits committed to Pittsburgh’s success to make targeted investments into a 10-year strategy to revitalize the Golden Triangle. With significant financial backing from the Commonwealth, this plan will help the city of Pittsburgh create more residential housing, breathe new life into public spaces, and create a cleaner, safer, more vibrant neighborhood for residents and visitors.

    Following the speaking program, principles will be available to participate in interviews upon request.

    WHO:
    Governor Josh Shapiro
    Lieutenant Governor Austin Davis
    DCED Secretary Rick Siger
    Emmai Alaquiva, Vice Chair of Pennsylvania Council on the Arts
    Allegheny County Executive Sara Innamorato
    Mayor Ed Gainey
    Senator Jay Costa
    Representative Aerion Abney
    David Holmberg, CEO of Highmark Health
    Shawn Fox, President of Oxford Development Company
    Greg Bernarding, Business Manager, Pittsburgh Regional Building Trades Council
    Susheela Nemani-Stanger, Executive Director, Urban Redevelopment Authority of Pittsburgh

    WHEN:
    Friday, October 25, 2024, at 11:00 AM

    WHERE:
    The Backyard at 8th and Penn
    801 Penn Avenue
    Pittsburgh, PA 15222

    LIVE STREAM:
    pacast.com/live/gov
    governor.pa.gov/live/

    RSVP: Press who are interested in attending must RSVP with the names and phone numbers for each member of their team to ra-gvgovpress@pa.gov.

    MIL OSI USA News –

  • MIL-OSI China: Beijing unveils tourism action plan

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

    Beijing unveiled an action plan to drive high-quality growth in the tourism industry on Thursday during a conference, aiming at building the capital into a world-class tourism city and a global tourist destination by 2029.

    It was the first conference the Beijing government has ever held focusing on the industry.

    According to the plan, the added value of Beijing’s tourism industry is projected to account for over 5 percent of the city’s GDP by 2029.

    The number of tourists is expected to grow by more than 2 percent annually by 2029 in Beijing, while overall tourism revenue is expected to increase by around 4 percent per year. Additionally, inbound tourist numbers are predicted to rise by approximately 5 percent annually, according to the plan.

    Yang Shuo, director of the Beijing Municipal Bureau of Culture and Tourism, said during the conference that the city is committed to promoting high-quality tourism development in various aspects to achieve its goal of becoming a top international tourism city.

    “We will establish a balanced and orderly tourism spatial layout across the entire city and develop vibrant tourism characteristic regions in alignment with the resources of each district,” he said.

    Furthermore, the bureau has signed a strategic cooperation agreement with four major banks — the Industrial and Commercial Bank of China, the Agricultural Bank of China, the Bank of China and China Construction Bank — and the Bank of Beijing to provide a total of 150 billion yuan ($21 billion) in financing and credit support to tourism enterprises over the next five years.

    According to the bureau, in the first three quarters of this year, Beijing welcomed 280 million tourists, generating a record tourism revenue of 504 billion yuan.

    In addition, Beijing will gradually eliminate reservation requirements at all tourist attractions throughout the city, and several popular museums will extend their opening hours to provide better services for tourists.

    During the conference, several districts in Beijing showcased their unique development features. Among them, Chaoyang district topped the city in total tourism revenue in the first half of this year, while Yanqing district has already surpassed its annual visitor reception target.

    The Liangma River Economic Belt in Chaoyang has become a hub for innovative cultural and commercial experiences and has brought increasing consumption to the surrounding area.

    Zhang Guanbin, deputy head of Chaoyang, said the mix of commerce, tourism, culture and sports has created a dynamic, open and fashionable district.

    The 2024 Beijing Chaoyang International Light Festival, which kicked off on Oct 18 and runs until Nov 10, has illuminated the city, including places such as the Olympic central area and the Liangma River Zone, merging modern technology with artistic brilliance to provide a visual feast for the public.

    Yanqing, which has positioned the cultural and tourism industry as its strategic pillar industry, has welcomed over 20 million visitors since the beginning of the year, surpassing its annual target ahead of schedule, said Ren Jianghao, deputy head of Yanqing.

    “Yanqing will further enrich its offerings of ice and snow tourism products, catering to the diverse needs of residents and tourists through a series of activities such as ice lantern festivals and flower lantern exhibitions,” he added.

    MIL OSI China News –

  • MIL-OSI China: Integrating ancient classics studies with the world

    Source: China State Council Information Office 3

    It’s been more than three decades since Sinologist Martin Kern studied at Peking University in the late 1980s under Yuan Xingpei, a well-known expert on classical Chinese literature.

    Kern had been a journalist for four years before he started studying Sinology at the University of Cologne in Germany. He was looking for a field with which he was not familiar, so he took up contemporary Chinese poetry and came to Beijing on a scholarship from the German government in 1987.

    Over the course of the following two years, he became interested in the early works of Chinese literature and “went backward into antiquity”, as he himself has put it. His focus remains the same today.

    As a professor at the Department of East Asian Studies at Princeton University in the United States, and codirector of the International Center for the Study of Ancient Text Cultures at Renmin University of China, his academic interest mainly covers literature from the Western Zhou Dynasty (c. 11th century-771 BC) to the Han Dynasty (206 BC-AD 220).

    For Kern, this is a period when early China’s textual culture — integrating philosophical and literary traditions, as well as historical narratives — was closely related to the social and political development of that time.

    During an academic forum themed “From Practices to Things: First Books in the Ancient World” at RUC’s Suzhou Campus in Jiangsu province in late August, he argued that although writing had appeared much earlier in China, it was not until the 5th century BC that a broader textual culture emerged out of practices such as philosophical debate, poetry performances, historical anecdotes, royal speeches and political observations.

    These shorter texts — poems, speeches, anecdotes or essays — were compiled into larger anthologies of anonymous individual texts, giving rise to an early book culture which prioritized compilation and annotation over authorship, interpretation and commentary over the written text itself.

    At the forum, established Chinese and foreign scholars discussed the formation and development of early textual cultures in major ancient civilizations such as those of Greece, Rome, Egypt, Sumer and China, in terms of the social and cultural atmosphere, knowledge practices, participants, materials and mediums that facilitated their invention.

    “It’s so important to strengthen international collaboration and make connections,” Kern says. “For many years, I have encouraged my friends and colleagues here in China to learn a foreign language, read foreign scholarship on early China, as well as scholarship on other ancient civilizations, so that we can have a real conversation.

    “We need to develop a shared intellectual language where we share ideas, concepts and questions,” he adds.

    Xu Jianwei, professor at the School of Liberal Arts at RUC, says that according to his own observations, many high-level scholars of other major ancient civilizations share common working languages — mostly English, German and French — which means they can easily read each other’s academic findings.

    However, they are seldom exposed to Chinese studies and ancient texts, and few Chinese scholars are able to read and write well in other languages. As a result, the study of early China has been isolated from the global academic community.

    “We need to introduce Chinese classical studies into a broader framework of global civilizations studies and related discourse systems,” Xu says, adding that it’s a pity that the wealth of ancient Chinese texts have yet to provide inspiration and contribute to the development of humanities around the world.

    He calls for a change in the way of storytelling and writing by Chinese scholars, saying that holding events like the forum, and bringing domestic and foreign scholars together, will help them work out how they can make themselves understood to an international audience.

    Kern says that there was a time when discussions of classical studies in the West revolved largely around ancient Greece and Rome, but that studies of the ancient world now increasingly involve dozens of classical traditions, including that of early China.

    Xu says that for a century, Chinese scholars have become used to a classification system that categorizes the study of ancient textual cultures into disciplines such as history, philosophy and Chinese literature, but he adds that it’s time to bring back the field of “Chinese classical studies”, which breaks the current disciplinary boundaries, and is consistent with the academic tradition of ancient China that has proved efficient over the course of history.

    MIL OSI China News –

  • MIL-OSI China: Fine Fuzhou art gets Beijing display

    Source: China State Council Information Office 3

    Fuzhou, capital of Fujian province, organized a display of its traditional arts and crafts in Beijing on Wednesday.

    Hosted by the Fuzhou government and the Chinese Traditional Culture Museum, the exhibition features some 300 items of lacquer art, Shoushan stone carving, wood carving, and cork paintings, all well-known art forms in Fuzhou. It is being held in celebration of the 75th anniversary of the founding of the People’s Republic of China, and seeks to better inform the public about the beauty of the city’s crafts and arts.

    Wang Chenyang, Party secretary of the Chinese Traditional Culture Museum, said that the exhibition demonstrates the traditional craftsmanship of Fuzhou, and the development of its arts and crafts.

    Wang said that the city’s artisans have been busy updating and transforming traditional crafts, and hopes that visitors will be able to better appreciate the thinking and culture behind the art on display. The exhibition runs through Nov 24.

    MIL OSI China News –

  • MIL-OSI United Kingdom: UK announces support to help Uganda manage mpox outbreak

    Source: United Kingdom – Executive Government & Departments

    The UK has announced up to £1 million (UGX 4.9 billion) to support Uganda’s response to the ongoing mpox outbreak in the country.

    Development Director Philip Smith and Minister of Health Hon. Jane Ruth Aceng shake hands during the meeting to announce UK’s support to Uganda’s response to the Mpox outbreak.

    The British High Commission in Kampala has announced that the UK will provide £1 million to Baylor College of Medicine and the Infectious Disease Institute to support Uganda’s response to the current Mpox outbreak. The support delivered through these expert partners will be aligned to the Government of Uganda’s overall Mpox respond plan. The funding will strengthen co-ordination of the response; surveillance, and risk communication and community engagement.

    Philip Smith, the Acting British High Commissioner to Uganda said:

    It is critical that we work with the Government of Uganda to counter this outbreak. We are pleased to announce this additional funding is being released immediately to support a timely response. The UK’s support will work in affected districts to improve the response to the outbreak on the ground. The UK will stand with the Government and people of Uganda in tackling this outbreak.

    Hon. Jane Ruth Aceng, Minister for Health said:

    We acknowledge that our collaboration with the UK dates back several years. The UK has always been a key partner with the Government of Uganda on our outbreak response. We appreciate the £1 million contribution via implementing partners Baylor Uganda and Infectious Disease Institute in supporting us respond efficiently to the Mpox outbreak.

    The support package builds on previous assistance the UK has provided Uganda. In October 2022, the UK contributed £2.2 million (UGX 9.3 billion) – and technical experts to support the Government of Uganda’s response to the Ebola outbreak. Between 2018 and 2020 the UK contributed nearly £10 million – over UGX40 billion – to support Ebola preparedness in Uganda. This has improved the Government of Uganda’s ability to respond to the current outbreak. For example, ambulances previously purchased by the UK via the WFP, and subsequently donated to the Uganda Red Cross, are now being used.

    Updates to this page

    Published 24 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Russia poses a growing threat to global stability and international principles: UK statement to the OSCE

    Source: United Kingdom – Executive Government & Departments

    Ambassador Holland condemns Russia’s growing threat to global stability, food security and maritime safety as it thickens ties with North Korea, steps up attacks in the Black Sea and seeks to circumvent sanctions.

    Location:
    Vienna
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    Thank you, Madam Chair.  It is with deep concern that I draw colleagues’ attention to reports of the Democratic People’s Republic of Korea (DPRK) sending combat troops to Russia.  Our assessment is that it is highly likely that the transfer of these troops has begun.  Russia has already procured significant munitions and arms from DPRK, in direct violation of multiple UN resolutions.  The DPRK will surely extract a heavy price for its support. This has security implications for the OSCE region and should be of concern to us all.

    Madam Chair, at the beginning of its full-scale invasion, Russia attempted to blockade Ukrainian ports in a cynical attempt to choke Ukraine’s economy.  Under the July 2022 Black Sea Grain Initiative, Ukrainian grain was again able to reach those who needed it most across the world.  Regrettably, Russia unilaterally withdrew from the Initiative after one year and began missile strikes on Ukrainian ports and grain storage facilities.  300,000 tonnes of grain were destroyed between August and October 2023.

    Since then, Russia has repeatedly demonstrated its disregard for global food security and international principles, including freedom of navigation, the bedrock of global trade.  Between 5 and 14 October, Russian missiles struck four civilian ships in deliberate attacks on export infrastructure in Odesa, killing at least 10 innocent civilians and injuring many more.

    To obscure its illegal actions, last week Russia made false claims about the cargo these ships were carrying and threatened to continue targeting civilian ships using Ukrainian ports. It is unacceptable to target ships engaged only in the transportation of grain.

    Russia’s actions deliberately harm global food security. Hindering exports of wheat, maize and barley from one of the world’s top grain exporters hurts everyone, but especially the world’s most vulnerable.  The UK condemns Russia’s strikes. They have impacted shipments destined for the World Food Programme in Palestine and southern Africa. They also undermine the stability of the entire Black Sea region, affecting many others around this table.

    Russia also threatens maritime safety and security through a 600 vessel ‘shadow fleet’, used to circumvent international sanctions and provide funding for Russia’s illegal war in Ukraine.  Many of these vessels are unsafe, lack adequate insurance and engage in dangerous and deceptive shipping practices, including turning off radio transponders in violation of international regulations. These vessels break maritime law and pose significant risks to the environment, and maritime safety and security.

    The UK will continue to take action against this illegal and dangerous ‘shadow fleet’.  43 of its oil tankers have been barred from UK ports and from accessing British maritime services.  My Prime Minister launched a ‘Call to Action’ against the fleet in July, and we want to thank the 45 partners in this room who signed up to this.

    We cannot and will not ignore Russia’s violations of the laws and principles that underpin global trade and food security. They contravene its Decalogue obligations, including Article 10 on the fulfilment in good faith of obligations under international law.  We call on the Russian authorities to end this unjustifiable war and return to conformity with the OSCE’s foundational principles.  Thank you.

    Updates to this page

    Published 24 October 2024

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: President Lai and Vice President Hsiao attend opening of Presidential Office Building permanent and special exhibitions

    Source: Republic of China Taiwan

    President Lai and Vice President Hsiao attend opening of Presidential Office Building permanent and special exhibitions
    President Lai and Vice President Hsiao attend opening of Presidential Office Building permanent and special exhibitions
    2024-10-19

    On the morning of October 19, President Lai Ching-te and Vice President Bi-khim Hsiao attended the opening of the Presidential Office Building’s all-new permanent exhibition, Together as One with Taiwan: The Ark of Democracy, and special exhibition, Super Taiwan Comics! The Flavors of Taiwan in Ink. In remarks, President Lai stated that the permanent exhibition, with the theme “Ark of Democracy,” has cross-disciplinary, cross-generational, and “cross-universe” features, and symbolizes how the people of Taiwan are all navigators of this Ark. He said that we will continue guiding the nation forward together with democracy and unity, and welcomed the public to visit the exhibition. Vice President Hsiao, in remarks, stated that the public can gain a deeper understanding of the historical context of the office as well as of the development of Taiwan through several eras.
    In his remarks, President Lai stated that the Democratic Progressive Party (DPP) was born on September 28, 1986 in order to achieve democracy. Over its journey, he said, the DPP has worked together with the Taiwanese people, not just to break free from restrictions on political parties and the media, end martial law, call to abolish Article 100 of the Criminal Code, and achieve 100 percent freedom of speech, but also to tirelessly promote direct presidential elections and the complete re-election of the legislature, helping Taiwan shift from authoritarian rule to democracy.
    The president said that in 2000, the DPP took office for the first time, opening the Presidential Office Building to the public for weekday tours. This, he said, fully represents the spirit of democracy, as democracy is rule by the people, and the Presidential Office Building is not just the workplace of the president, vice president, and other staff. Its property rights belong to the whole body of citizens, he said, and citizens have the right to enter the Presidential Office Building and learn more about its architecture as well as Taiwan’s past.
    President Lai indicated that former President Tsai Ing-wen took the opening up of the Presidential Office Building even further by installing a permanent exhibition, similarly upholding the democratic spirit, and helping the public understand the significance of democracy on an even deeper level. The theme of the previous exhibition, he said, was “Power to the People,” while the theme of the new permanent exhibition, “Ark of Democracy,” envisions democratic Taiwan as an ark on the Pacific Ocean, with peace as our lighthouse; democracy as our compass; freedom, human rights, and the rule of law as our banners; culture and ecological sustainability as our hull; and technology as our driving force. The president said that the people of Taiwan are all navigators of this Ark, and we work together to guide a course of engagement with the world and usher in the future – these are the key concepts of the Ark of Democracy’s curation.
    President Lai expressed that the exhibition has three major features. First, he said, it is cross-disciplinary, introducing Taiwan’s rich natural ecology and technological achievements, showing that Taiwan is a diverse ark of ecology, technology, culture, and democracy. Second, he said, it is cross-generational, displaying not only images of the former presidents, but also exhibiting the history of Taiwan’s semiconductor development, civil movements, and democratization, and even explaining the architectural history of the Presidential Office Building in the first-floor corridors. The president said that members of the public who come to visit will be able to clearly understand that Taiwan’s achievements are hard-won and worth cherishing, and that we should unite all the more closely for even greater accomplishments.
    President Lai went on to say that the exhibition’s third feature is being “cross-universe,” with one of the exhibits utilizing AI technology to generate multiple universes showing what the world might look like without Taiwan, presenting the technical and futuristic aspects of AI as well as the importance of Taiwan. We will transform Taiwan into an AI island, he said, and this is the first time that AI applications have featured in an exhibition at the Presidential Office Building.
    President Lai then remarked on the rich variety of the exhibition content, and thanked the Ministry of Economic Affairs, Ministry of Culture (MOC), Ministry of Agriculture, Ministry of the Interior, and Ministry of Transportation and Communications, whose ministers or deputy ministers were also at the event, for their support. He also offered his gratitude to the staff of the General Association of Chinese Culture for their hard work and dedication, which successfully brought the all-new permanent exhibition to completion.
    In addition to the permanent exhibition, the president noted, the MOC has organized Super Taiwan Comics! The Flavors of Taiwan in Ink, a special exhibition that showcases the abundant and diverse creativity in Taiwan’s world of comics. In that world, he said, one can see a different perspective of Taiwan, which is equally admirable. The president, who would soon tour the exhibition with those present, pointed out that at the end of the exhibition there is a photo booth. He welcomed exhibition-goers to have pictures taken with images of him and the vice president and to share them with friends on Facebook or Instagram.
    In closing, President Lai again welcomed the people of Taiwan to visit the Together as One with Taiwan: The Ark of Democracy permanent exhibition. All the people of Taiwan, the president emphasized, have the right to visit the Presidential Office Building. He stated that we are all navigators of this Ark of Democracy, and that we will continue guiding the nation forward together with democracy and unity.
    Vice President Hsiao then delivered remarks, saying that she is very happy to be with President Lai at today’s “unboxing” of the Presidential Office Building’s permanent exhibition. From the inauguration on May 20 to today, she said, many of our fellow Taiwanese have been asking when they would be able to visit and take pictures at the Presidential Office Building again. She said she is sure that everyone is very much looking forward to visiting, as the building belongs to the whole body of citizens, just as President Lai had said, one that has its own history and bears the important vestiges of our continued pursuit of progress.
    Vice President Hsiao remarked that the exhibition is very diverse in content, spanning ecology, democracy, international affairs, technology, and civil movements. Moreover, she emphasized, it showcases Taiwan’s spirit of resilience. The exhibition also goes into the history of the Presidential Office Building and has displays of important laws and objects, she noted, adding that the public can visit and gain a deeper understanding of the historical context of the office as well as of the development of Taiwan through several eras.
    Vice President Hsiao pointed out that the “Ark of Democracy” of the title implies that we are all in the same boat. When our international friends visit, she said, they see that even though the island of Taiwan is small, it is home to a diversity of opinions and positions, and that our people are in the end able to find common ground and move forward together. She stated that because we are all in the same boat, we must work together.
    Noting that Taiwan’s industry landscape is very diverse, Vice President Hsiao said that this exhibition presents the historical context surrounding the development of our world-renowned high-tech industry. She also underscored how it showcases the people of various sectors and professions who have worked together so that the Taiwanese people can live in peace and happiness and the nation can become even greater.
    Vice President Hsiao said that Taiwan has a very diverse ecology. Even though this Ark is very small, when our international friends come here, she said, they notice that Taiwan has mountains, is surrounded by the ocean, and that getting from the coast to a mountain and back again can take as little as 20 to 30 minutes. She pointed out that this diverse ecology is also seen in our Ark of Democracy, which bears the nation’s beauty and its sorrow, as well as its people’s dreams and future. She said she is looking forward to “unboxing” the exhibition with President Lai and the ministry leaders moments from now, but that she is also looking forward to the people of Taiwan taking the time to walk through the Presidential Office Building and share in the glory of our history and Taiwan’s democracy. 
    Following their remarks, President Lai and Vice President Hsiao took a tour of the exhibits, “Welcome Aboard the Ark of Democracy,” “Presidents of the Republic of China (Taiwan),” “Ecological Treasure Island,” “The Invisible Backbone of Global Technology,” “Taiwan’s Vibrant Democracy, Moving Forward with the World,” “Become One with Us,” and “The Ark Sails Onward,” and the special exhibition of contemporary Taiwan comics, taking in the unique highlights of each area.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Beam Global Announces Appointment of Sales Veteran to Lead and Expand Internal and External Sales Teams

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Oct. 24, 2024 (GLOBE NEWSWIRE) — Beam Global, (Nasdaq: BEEM), a leading provider of innovative and sustainable infrastructure solutions for the electrification of transportation and energy security, is pleased to announce the appointment of Andy Lovsted as Vice President of Sales. In this role Mr. Lovsted will spearhead Beam Global’s sales strategy to expand the company’s footprint in electric vehicle (EV) infrastructure and energy security markets.

    Mr. Lovsted is a proven leader in managing sales for large enterprises and in emerging markets with over 20 years of executive leadership experience in the technology sector. He is recognized for his ability to transform sales organizations and deliver exceptional results, most recently, as Vice President of Sales at Nice North America LLC, previously known as Nortek Security & Control, LLC, one of the largest smart commercial and industrial solutions manufacturing companies in the world. Mr. Lovsted managed a portfolio of products including partnerships with ADT, Brinks Home, Samsung and TELUS, responsible for approximately $500M in annual revenue. His expertise spans various industries including transportation, storage and security technologies where he has been instrumental in launching innovative products and driving significant revenue.

    “We are thrilled to welcome Andy to our team at a pivotal moment for Beam Global, to drive growth in commercial and government sectors through optimizing our internal team’s capabilities and, importantly, through the force multiplication effect of engaging agents, resellers and distributors,” said Desmond Wheatley, CEO of Beam Global. “Andy’s proven track record in driving high-performance teams and his extensive experience in growing distribution networks in the technology and automation sectors make him uniquely qualified to scale our sales programs and capture new opportunities in the rapidly expanding markets we target.”

    “I’m excited to join Beam Global as the company continues its leadership in providing rapidly deployed, scalable and sustainable EV charging, smart city and energy storage solutions,” said Mr. Lovsted. “The rapid adoption of electric vehicles, increased electrical capacity requirements and evermore challenging environmental conditions make me confident that Beam Global’s innovative products are well-positioned to meet the growing demand while creating a fantastic growth engine. Building a sales team that gets to sell industry leading, unique and patented products that are highly relevant, is exciting, fun and rewarding. I look forward to being at the sharp end of the company’s mission of providing sustainable energy solutions.”

    Throughout his career Mr. Lovsted has demonstrated an ability to build and execute effective go-to-market strategies, foster key industry relationships and implement transformative sales initiatives. He focuses on maximizing efficiency, driving accountability and implementing strategic change management to optimize team performance. His background includes driving significant sales and marketing and business development for Hewlett Packard, Seagate, Siemens, Nice and others where he has built and led teams of 100+. Mr. Lovsted holds a Bachelor of Science in Business Administration and Marketing from San Diego State University.

    About Beam Global

    Beam Global is a clean technology innovator which develops and manufactures sustainable infrastructure products and technologies. We operate at the nexus of clean energy and transportation with a focus on sustainable energy infrastructure, rapidly deployed and scalable EV charging solutions, safe energy storage and vital energy security. With operations in the U.S. and Europe, Beam Global develops, patents, designs, engineers and manufactures unique and advanced clean technology solutions that power transportation, provide secure sources of electricity, save time and money and protect the environment. Headquartered in San Diego with facilities in Chicago, Belgrade and Kraljevo, Beam Global has a deep patent portfolio and is listed on Nasdaq under the symbol BEEM. For more information visit BeamForAll.com, LinkedIn, YouTube and X (formerly Twitter).

    Media Contact:
    Skyya PR
    +1 651-335-0585
    Press@BeamForAll.com

    Investor Relations:
    Core IR
    +1 516-222-2560
    IR@BeamForAll.com

    The MIL Network –

  • MIL-Evening Report: ‘We’ll be talking about the future of negotiations’, says Rabuka on New Caledonia mission

    By Susana Suisuiki, RNZ Pacific journalist in Apia

    Fiji Prime Minister Sitiveni Rabuka says he will take a back seat in the upcoming Pacific leaders’ fact-finding mission to New Caledonia, which was postponed from earlier in the year.

    Leaders from the Cook Islands, Tonga, and Solomon Islands make up a group called the Pacific Islands Forum troika, comprising past, present and future hosts of the annual PIF leaders’ meeting.

    The call for a PIF fact-finding mission was made while Fiji was still part of the troika.

    Rabuka spoke with French President Emmanuel Macron the week before the mission was originally scheduled to take place.

    When asked by RNZ Pacific why the trip had been postponed, Rabuka replied: “I do not know. I’m just the troika-plus.”

    Rabuka, who is currently in Apia for the 27th Heads of Government Meeting (CHOGM), was bestowed with a Samoan matai title of Tagaloa by the village of Leauva’a yesterday.

    He confirmed to RNZ Pacific that he would be in Nouméa on Sunday.

    “We will be talking about the future of negotiations and the relationship between New Caledonia and the people and France,” he said.

    PIF Secretary-General Baron Waqa told RNZ Pacific that supporting peace and harmony in New Caledonia was top of the agenda for the leaders’ mission.

    Waqa, who is also attending CHOGM, said an advance team was in Nouméa making preparations for the visit.

    Violence and destruction has been ongoing in New Caledonia for much of the past five months in protest over French plans for the territory.

    The death toll stands at 13.

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

    MIL OSI Analysis – EveningReport.nz –

  • MIL-Evening Report: Grattan on Friday: a possible Trump victory is making the Albanese government cagey about its 2035 climate target

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    If Donald Trump wins the US presidency on November 5, his victory will have profound implications for other countries on many fronts. Not least of them will be climate change policy.

    Perhaps the uncertainty now hanging over US politics was on the mind of Climate Change and Energy Minister Chris Bowen, who shilly-shallied this week over when he’ll announce Australia’s 2035 emissions reduction target under the Paris climate agreement.

    Bowen refused to be pinned down at the Australian Financial Review’s energy and climate summit on whether the target would be public before next year’s election. Neither his office nor that of the prime minister would be more specific later.

    Australia, like other countries, is required under the Paris agreement to put forward its target in February. But, also like other countries, Australia is focused on what’s happening in the US.

    Trump wants to take the US out of the Paris agreement for the second time. The first exit took effect immediately after his 2020 defeat and incoming President Joe Biden was able to reverse it at once. This time, there’d be no such quick turnaround.

    The Biden administration has been strongly committed on climate issues. If the US exited, the Paris agreement would likely be transformed.

    There may be other reasons why Bowen is being cagey about the 2035 target. Climate change and energy will be harder issues for Labor in this election, as it struggles with the realities of the transition, than in the 2022 one.

    In the run-up to that election, a desperate Scott Morrison pulled out all stops to win support within the Coalition to sign up to the 2050 net-zero emissions target.

    Labor was on the front foot, with a policy for a 43% reduction in emissions (on 2005 levels) by 2030, underpinned by a target of 82% renewable electricity by then. The election promise for consumers was a $275 cut in household power bills by 2025.

    Crafting a policy is often easier than implementing it. The journey to a clean energy economy is arduous.

    The $275 promise was quickly seen as unrealisable. The government has had to provide rebates to keep prices in check. The rollout of renewables is complicated by local resistance to some projects, including wind farms and transmission lines. At present, more than 40% of electricity comes from renewables.

    The cost-of-living crisis has increasingly dominated everything. Climate change remains a significant issue with people, but over time it tends to go up and down their scale of concerns, depending on changing circumstances.

    The Ipsos Climate Change Report, done annually, found in 2024 “strong notional support for the energy transition”, but low understanding of what progress had been made.

    Concerns about the negative impacts of the transition on cost of living and energy reliability have increased, particularly in the current high inflation environment. The perceived economic benefits of the transition are less clear, with many unsure about the impact on jobs and the broader economy.

    The emphasis on cost of living is influencing priorities for the energy transition, with Australians wanting to see energy prices and reliability prioritised. There is a growing sentiment that Australia should only take action if other countries are also contributing fairly to climate change efforts.

    Of course a summer of bad bushfires can change people’s priorities suddenly. Barring that, Labor is looking at a 2025 election in which it will be more on the defensive than the offensive on climate and energy issues.

    The opposition has already acted to sharpen the difference with Labor over the medium term targets. Peter Dutton will have no 2035 target before the election, and has questioned the 2030 target to which Australia is signed up, although he says a Coalition government would not leave the Paris agreement. He is also running hard on his controversial policy for nuclear energy.

    While Bowen is not clarifying whether he’ll announce the government’s target ahead of the election, it would be awkward for Australia not to meet the February deadline.

    There would not be a penalty, but it would be a bad look, especially given we are vying with Turkey to host, together with Pacific countries, COP31 in 2026. One unknown, incidentally, is whether a Coalition government would continue this bid, which the opposition has describes as a “vanity project”.

    If the government does announce the 2035 target before the election, the big question is how ambitious it will make it.

    Bowen will receive advice on this from the Climate Change Authority, to which the government has appointed, as head, former New South Wales Liberal Treasurer Matt Kean.

    In an earlier discussion paper, the authority said the evidence suggests

    A 2035 target in the range of 65-75% […] could be achievable and sustainable if additional action is taken by governments, business, investors and households […]. However, attempting to go much faster could risk significant levels of economic and social disruption and put progress at risk.

    A bold target would make the government more vulnerable, just when Labor would want the attention on the Coalition’s problematic nuclear policy. On the other hand, if the target were modest, that would be exploited by the Greens.

    Next month, Bowen will attend COP29 in Azerbaijan, where the central issue will be a financial goal, replacing the 2015 goal, for developed and major economies to help fund developing countries’ emission reduction efforts. Bowen, with Egyptian Environment Minister Yasmine Fouad, is leading the consultations on this, and so has a significant role at the conference.

    At the COP meeting, Bowen will get a better idea of where other countries are on their expected 2035 targets. He indicated this week he has already started taking soundings. “Obviously […] of course you think about international context.”

    By the time of COP, which runs November 11-22, America will have chosen its next president. The COP meeting will either be business-as-usual, looking to an incoming Kamala Harris presidency, or trying to anticipate the implications of a Trump administration that could be a major disruptor of international climate policy.

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

    – ref. Grattan on Friday: a possible Trump victory is making the Albanese government cagey about its 2035 climate target – https://theconversation.com/grattan-on-friday-a-possible-trump-victory-is-making-the-albanese-government-cagey-about-its-2035-climate-target-242107

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI NGOs: Northern Ireland: Anti-racism march to be held in Belfast as race hate attacks at all-time high

    Source: Amnesty International –

    Belfast For All – stand together against racism

    Race hate incidents to the end of June 2024 were already at record levels – before the summer surge in violence

    ‘Saturday’s march will be a show of support for victims and for all who live in fear that they could be next’ – Patrick Corrigan

    Large numbers of people are expected to march in Belfast on Saturday in opposition to ongoing racist attacks in the city.

    Following a surge in racist attacks in Northern Ireland during the summer, attacks have continued on a weekly basis, with police figures already showing 2024 as the worst year ever for racist violence in the region.

    Race hate incidents had already reached a record high in Northern Ireland by the end of June 2024, before this summer’s surge in racist attacks. A record 1,411 racist incidents and 891 racist crimes were recorded by the PSNI in the year ending June 2024, according to official police data released by the Northern Ireland Statistics and Research Agency (NISRA).

    The annual figures showed that racist crimes represented almost 1% of all recorded crime during the period.

    Amnesty International is among the organisers of the ‘Belfast for All – stand together against racism’ march and rally which will take place in the city this Saturday and which has the support of scores of organisations, charities and political parties.

    Ahead of the march, Patrick Corrigan, Amnesty International’s Northern Ireland Director said:

    “Racist violence may have dropped from the headlines, but not a week goes by in this city without another family having their home attacked by racist thugs.

    “Saturday’s march will be a show of support for victims and for all who live in fear that they could be next.

    “The disgraceful events of August, when a racist mob was able to run amok in Belfast, attacking homes and businesses at will, must never be repeated. But neither must we accept the insidious, ongoing attacks which continue to happen under the cover of darkness week in, week out.”

    Saturday’s Belfast For All march and rally has been organised by United Against Racism, with support from Amnesty International, Belfast Islamic Centre and the NIPSA trade union, with people asked to meet at Writers’ Square at 11:30am before marching to Belfast City Hall.

    View latest press releases

    MIL OSI NGO –

  • MIL-OSI Global: Ukraine cannot defeat Russia – the best the west can do is help Kyiv plan for a secure post-war future

    Source: The Conversation – UK – By Frank Ledwidge, Senior Lecturer in Military Strategy and Law, University of Portsmouth

    A friend of mine, usually an intensely optimistic pro-Ukraine analyst, returned from Ukraine last week and told me: “It’s like the German Army in January 1945.” The Ukrainians are being driven back on all fronts – including in the Kursk province of Russia, which they had opened with much hope and fanfare in August. More importantly, they are running out of soldiers.

    For most of 2024, Ukraine has been losing ground. This week, the town of Selidove in the western Donetsk region is being surrounded and, like Vuhledar earlier this month, is likely to fall in the next week or so – the only variable being how many Ukrainians will be lost in the process. Over the winter, the terrible prospect of a major battle to hold the strategically significant industrial town of Pokrovsk beckons.

    Ukrainian forces are steadily losing ground close to the strategically vital town of Pokrovsk, western Donetsk region.
    Institute for the Study of War

    Ultimately, this is not a war of territory but of attrition. The only resource that counts is soldiers – and here the calculus for Ukraine is not positive.

    Ukraine claims to have “liquidated” nearly 700,000 Russian soldiers – with more than 120,000 killed and upwards of 500,000 injured. Its president, Volodymyr Zelensky, admitted in February this year to 31,000 Ukrainian fatalities, with no figure given for injured.

    The problem is these Ukrainian totals are apparently believed by western officials, when the reality is likely to be very different. US sources say the war has seen 1 million people killed and wounded on both sides. Crucially, this includes a growing number of Ukrainian civilians.

    Low morale and desertion, as well as draft-dodging, are now significant problems for Ukraine. These factors are exacerbating already serious recruitment issues, making it hard to supply the front lines with fresh troops.

    A dreadful debate is taking place in Ukraine. The question revolves around whether to mobilise – and risk serious casualties to – the 18-25 age group. Due to economic pressures in the early 2000s, Ukraine suffered a major drop in its birth rate, leaving relatively few people now aged between 15 and 25. Mobilisation and serious attrition of this group may be something Ukraine simply can’t afford, given the already serious demographic crisis the country faces.

    And even if this mobilisation does go ahead, by the time the necessary politics, legislation, bureaucracy and training have run their course, the war may be over.

    Victory look impossible

    History knows of no example where taking on Russia in an attritional contest has proved successful. Let’s be clear: this means there is a real possibility of defeat – there is no sugar-coating this.

    Zelensky’s maximalist war aims of restoring Ukraine’s pre-2014 borders, along with other unlikely conditions – which were unchallenged and encouraged by a confused but self-aggrandising west – will not be achieved, and the west’s leaders are partly to blame. Ill-advised wars in Afghanistan and the Middle East left western armed forces hollow, poorly armed, and entirely unprepared for a serious and prolonged conflict, with ammunition stocks likely to last weeks at best.

    European promises of millions of artillery rounds have failed to materialise – only 650,000 have been supplied to Kyiv this year, whereas the North Koreans have supplied at least twice that to Russia.

    Only the US has significant stocks of weaponry in the form of thousands of armoured vehicles, tanks and artillery pieces in reserve – and it is unlikely to change its policy of drip-feeding weapons to Ukraine now. Even if such a decision is made, the lead-time for delivery will be years, not months.

    In a confidential briefing I attended recently given by western defence officials, the atmosphere was downbeat. The situation is “perilous” and “as bad as it has ever been” for Ukraine. Western powers cannot afford another strategic disaster like Afghanistan which, in the words of Ernest Hemingway (aptly quoted by the strategist Lawrence Freedman), happened “gradually, then suddenly”.

    There will be no decisive breakthrough by Russia’s army when they take this town or that (say, Pokrovsk). They haven’t the capability to do it. So, there won’t be a collapse – no “Kyiv as Kabul” moment.

    However, there are limits to the losses Ukraine can take. We do not know where that limit lies, but we’ll know when it happens. Crucially, there will be no victory for Ukraine. Unforgivably, there is not, and never has been, a western strategy except to bleed Russia as long as possible.

    More fundamentally, two ancient ethical questions governing whether a war is just must now be asked and answered: whether there is a reasonable prospect of success, and whether the potential gain is proportionate to the cost.

    The problem, as so often before, is that the west has not defined what it considers a success. The cost, meanwhile, is becoming all-too clear.

    To have clearly defined its goals and limits would have constituted the beginnings of a strategy – and the west isn’t good at that. Nato’s leaders now need to move quickly beyond meaningless rhetoric or anything that smacks of “as long as it takes”. We saw where that led in Iraq, Afghanistan and Libya.

    We need a realistic answer to what something like a “win”, or at least an acceptable settlement, now looks like – as well as the extent to which it is achievable, and whether the west is really going to pursue it. And then for western leaders to act accordingly.

    A starting point could be accepting that Crimea, Donetsk and Luhansk are lost – something an increasing number of Ukrainians are beginning to say openly. Then we need to start planning seriously for a post-war Ukraine that will need the west’s suppport more than ever.

    Russia cannot possibly take all, or even the bulk of, Ukraine’s territory. Even if it could, it could not possibly hold it. It is amply clear there will be a compromise settlement.

    So, it is time for Nato – and the US in particular – to articulate a viable end to this nightmarish ordeal, and to develop a pragmatic strategy to deal with Russia in the coming decade. More importantly, the west must plan how to support a heroic, shattered – but still independent – Ukraine.

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

    – ref. Ukraine cannot defeat Russia – the best the west can do is help Kyiv plan for a secure post-war future – https://theconversation.com/ukraine-cannot-defeat-russia-the-best-the-west-can-do-is-help-kyiv-plan-for-a-secure-post-war-future-242010

    MIL OSI – Global Reports –

  • MIL-OSI Global: There’s a crisis in special educational needs provision: here’s the situation across the UK and Ireland

    Source: The Conversation – UK – By Cathryn Knight, Senior Lecturer in Psychology in Education, University of Bristol

    Ermolaev Alexander/Shutterstock

    In the UK and Ireland, children who have significant special educational needs and disabilities can receive their education outside mainstream school. This often takes place in “special schools” or “special classes”.

    In the UK, as well as the Republic of Ireland, legislation sets out that children have the right to attend mainstream education. This right cannot be refused based on the complexity of the child’s needs. However, many children are educated in specialist schools, and the devolved governments of the UK, and Ireland, have taken differing approaches to this provision.

    But there is a problem. Across the UK and Ireland, there are far fewer places available in specialist schools and classes for the number of children identified with needs significant enough to warrant a place.

    England

    In 2010, then-prime minister David Cameron set out the aim to “end the bias” towards including children with special educational needs and disabilities in mainstream schools.

    His government felt there had been an overemphasis on inclusion in mainstream schools. As a consequence, England has seen an expansion of specialist education provision. From 2015 to 2023, there has been a 47% increase in the number of pupils at special schools in England – from 109,177 to 161,072.
    However, as of May 2024, 4,407 children across England were waiting for school places in specialist provision.

    There has also been a large increase in the number of appeals against councils by parents or carers of children with special educational needs in England, challenging the decision made around a child’s school placement and provision.

    A new report from the National Audit Office on special educational needs suggests that the current system in England is unsustainable, with many councils set to run out of money by early 2026.

    Wales

    Wales has also seen a 25% increase in special school provision from 2017-18 to 2023-4.

    However, there has recently been a large decrease in the number of learners being identified with additional learning needs. This has coincided with the introduction of a new additional learning needs system.

    However, the proportion of all learners in special schools has increased. This means that this reduction in identification does not seem to have changed the number of those who require specialist placements.

    Scotland

    Scotland has taken a different route. Here, the legal right to mainstream schooling has been taken a step further: there is an underlying “presumption of mainstreaming”, in other words, a right to attend a mainstream school, although exceptions in which a specialist provision should be considered are set out.

    This presumption of mainstreaming means that there has been a reduction in the number of special schools. However, alongside this there has been an increase in the proportion of children not spending time in mainstream classes.

    There has been an increase in special needs provision in mainstream classes in Scotland.
    Evgeny Atamanenko/Shutterstock

    This implies that more children are being educated in units attached to mainstream schools, without necessarily participating in mainstream classes. A recent review has raised concerns that the children with additional support needs in mainstream schools are not having their needs met.

    Northern Ireland

    The number of children with a statement of special educational needs in Northern Ireland increased by 24% in the five years from 2017-18 to 2021-22. A Department of Education official recently told the Education Committee of the NI Assembly that there was a need for an additional 1,000 places for children with SEN. This would require 66 new special school classes and 94 new specialist classes in mainstream schools.

    Northern Ireland is addressing the increased demand for special school places by embarking on a programme to develop specialist provision in mainstream schools. It is important to note, however, that although attached to and often under the same roof as mainstream schools, these are separate, specialist classes for children whose needs would ordinarily have been met in special schools, if pupil places had been available.

    Republic of Ireland

    In the Irish republic, there has been a dramatic increase in demand for specialist provision. There has also been an increase in the number of special schools in recent years, from 123 in 2018-19 to 134 in 2024-25, and further schools are planned.

    However, the challenges experienced by children with SEN in accessing school places continues. Some children are receiving home tuition grants because they don’t have a school place, and even more students are waiting to secure a place for the school year 2024-25. To address this, the minister for education in Ireland is now able to compel schools to open special classes under amended legislation.

    The challenge

    The devolved governments of the UK, and the Republic of Ireland, are committed to the UN Convention on the Rights of Persons with Disabilities, which upholds the right to inclusive education for all learners. This includes the right to be educated without segregation.

    Scotland have addressed this by reducing specialist provision – although there have been criticisms of how this has been implemented in practice. Elsewhere in the UK, the demand for specialist provision is leading to each government increasing the amount of specialist provision, as opposed to considering how the principles of inclusive education could be embedded in mainstream schools.

    In line with guidance from the UN, it is important to consider how mainstream schools can effectively support and include all learners. If these schools are designed to better accommodate a broader range of learners, the need for specialist placements could well decrease.

    However, criticisms of the Scottish system show that without adequate support, placing children with special educational needs in mainstream schools is not enough for students to feel fully included.

    Cathryn Knight receives funding from the ESRC Impact Acceleration Account.

    Joanne Banks receives funding from The Irish Research Council New Foundations Award.

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

    – ref. There’s a crisis in special educational needs provision: here’s the situation across the UK and Ireland – https://theconversation.com/theres-a-crisis-in-special-educational-needs-provision-heres-the-situation-across-the-uk-and-ireland-240264

    MIL OSI – Global Reports –

  • MIL-OSI Global: Many important 20th-century philosophers investigated ghosts – here’s how they explained them

    Source: The Conversation – UK – By Matyáš Moravec, Lecturer in Philosophy, Queen’s University Belfast

    Hamlet and the Ghost by Frederick James Shields (1901). Manchester Art Gallery

    Most people imagine philosophers as rational thinkers who spend their time developing abstract logical theories and strongly reject superstitious beliefs. But several 20th-century philosophers actively investigated spooky topics such as clairvoyance, telepathy – even ghosts.

    Many of these philosophers, including Henri Bergson and William James, were interested in what was called “psychical research”. This was the academic study of paranormal phenomena including telepathy, telekinesis and other-worldly spirits.

    These thinkers attended seances and were attempting to develop theories about ghosts, life after death and the powers exhibited by mediums in trances. My recent archival research has been looking at how these topics shaped 20th-century philosophy.

    CD Broad (1887-1971) was a professor of philosophy at the University of Cambridge. He is now recognised as one of the most important writers on the philosophy of time. He also published on ethics, logic and the history of philosophy. What is less known, though, is that he was an active member of the Society for Psychical Research, a learned society dedicated to the study of paranormal phenomena. The society twice elected him as their president, and he published widely on topics including clairvoyance and poltergeists.

    In his 1925 book, The Mind and Its Place in Nature, Broad developed what has come to be known as the “compound theory” of ghosts. Broad argued that the human mind was a compound of two components. One of these was the “physical factor,” roughly corresponding to the body. The other one was the “psychic factor,” which carries our mental content like emotions or thoughts. The two of them conjointly form the human mind – just like salt is composed of sodium and chloride.

    Broad believed that after death, the psychic factor can continue existing for a bit on its own and might enter, like a spirit, a medium during a seance.

    Images in the ether

    Another philosopher interested in ghosts and spirits of the dead was HH Price (1899-1984). He was a professor of logic at the University of Oxford and is mostly known for his publications on the philosophy of perception. However, just like Broad, he was heavily involved in the Society for Psychical Research and attended several international conferences dedicated to life after death and telepathy.

    Price believed ghosts could appear to sensitive people.
    Wellcome Collection, CC BY

    In his presidential address to the society in 1939, Price tried to offer an explanation of ghosts and hauntings.

    At any given moment, he argued, your mind is full of “mental images” – the memory of your last holiday, the things you see outside your window, your hopes and expectations for the future. Price theorised that there is a substance, which he called the “psychic ether” that exists halfway between matter and the human mind. He believed that this ether could carry the images that currently exist in your mind even after you die. A bundle of these images and memories can appear as a ghost to some particularly sensitive people.

    What does ‘ghost’ mean?

    Casimir Lewy (1919-1991) was one of the most influential philosophical logicians of the 20th century. He spent most of his career at the University of Cambridge – in fact, the philosophy faculty library there is named after him.

    Lewy is now mostly known for his work on logic, and few people know that he actually wrote his PhD thesis (which was examined by Broad) on life after death.

    Portrait of Casimir Lewy by Stanisław Ignacy Witkiewicz (1937).
    Trinity College

    He was primarily interested in language and in the meanings of the terms people use when they talk about ghosts and life after death. What does it mean to say that I might survive the death of my body? What sort of experiences would I need to have as a ghost for the statement “I have survived my death” to be true? Would I have to be able to see myself in the mirror, or to speak to people in the seance room?

    Lewy insisted that these questions need answering before looking at the empirical “evidence” for ghosts.

    Following a series of scandalous and widely publicised discoveries of fraudulent mediums faking their supernatural powers and accusations of pseudo-scientific research methods, psychical research eventually moved to the fringes of academia. Lewy, for example, never returned to write on these topics after passing the defence of his PhD in 1943.

    Nevertheless, despite its brief lifespan, academic psychical research had a significant influence on an entire generation of British philosophers. It shaped their views on time, causation and matter, and gave them an opportunity to think one of life’s most pressing questions: what happens after we die?


    Looking for something good? Cut through the noise with a carefully curated selection of the latest releases, live events and exhibitions, straight to your inbox every fortnight, on Fridays. Sign up here.

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

    – ref. Many important 20th-century philosophers investigated ghosts – here’s how they explained them – https://theconversation.com/many-important-20th-century-philosophers-investigated-ghosts-heres-how-they-explained-them-241635

    MIL OSI – Global Reports –

  • MIL-OSI Global: Students with special educational needs are years behind their peers – they need specialist teachers in mainstream classrooms

    Source: The Conversation – UK – By Johny Daniel, Assistant Professor, School of Education, Durham University

    BearFotos/Shutterstock

    A new report from the National Audit Office into special educational needs provision in England has concluded that despite a significant increase investment over the last decade, “the system is still not delivering better outcomes for children and young people”.

    This is borne out by my research. Students with special educational needs in England are significantly behind in reading, writing and maths compared to their classmates.

    Laws like the 2014 Children and Families Act, which aimed to improve support for these students, haven’t closed the gap. My recent research suggests that we need to rethink current educational policies and practices.

    My study looked at data from 2.5 million year 6 students (aged ten and 11) between 2014 and 2019. It shows that students with special educational needs are significantly behind in key academic areas.

    On average, students with special educational needs are two years behind in writing and one and a half years behind in reading and maths. The gap in maths is growing, which is especially worrying. It shows that current educational strategies are failing these students.

    Not all students with special educational needs face the same challenges. Students with intellectual disabilities were, on average, more than two years behind in writing and maths. In contrast, students with autism spectrum disorder and visual impairment do somewhat better, especially in reading, but they are still, on average, about one year behind.

    Rethinking support

    Despite well-intentioned policies, current educational frameworks are falling short. A major issue is the heavy reliance on teaching assistants as the main support for students with special educational needs in mainstream schools.

    Teaching assistants are dedicated and play an important role in classrooms. However, research shows that their involvement can sometimes have negative effects on academic outcomes due to a limited range of teaching methods and lack of professional development. Over-relying on teaching assistants without specialised support might be one reason for the continuing achievement gap.

    This raises important questions. If we would not accept teaching assistants as the main instructors for typical students, it should not be acceptable for students with special educational needs, who have more complex learning needs.

    Support in schools also comes from special educational needs coordinators. They manage the school’s approach to supporting students with special educational needs. They handle administrative tasks, work with parents and outside agencies, and ensure legal compliance. But while their role is important, they usually do not teach students directly.

    One solution is to have specialised special education teachers in mainstream schools. This is not just a suggestion; it’s a critical need.

    Special education teachers are trained educators who work directly with students needing extra support. They teach tailored lessons, adapt teaching materials, and use specialised strategies to meet individual learning needs. Their focus is on providing hands-on educational help within the school.

    Learning from other countries

    Integrating special education teachers into our mainstream classrooms, as seen in countries such as the US and Singapore, could be the key to better supporting our students.

    In these countries, special education teachers are part of the mainstream classrooms. They complete certification programmes, learning advanced skills in assessing students’ needs, developing tailored support and creating individual education plans. They teach alongside general educators, ensuring that students with special educational needs are not left out but receive high-quality support.

    This approach addresses both academic and emotional needs in the classroom, providing an effective support system.

    Similar steps should be taken in England to establish comprehensive special education teacher training programmes. This could include postgraduate certifications in special education or specialised modules in existing teacher education programmes.

    Specialist teachers could help contain the attainment gap.
    PeopleImages.com – Yuri A/Shutterstock

    Inspection frameworks like Ofsted must include specific criteria to evaluate the presence and effectiveness of specialised support in classrooms for students with special educational needs.

    Schools should be encouraged to hire qualified special education teachers, and government funding models must be changed to support these professionals. Also, ongoing professional development should be a priority, ensuring that all educators expand their expertise in proven teaching methods.

    By aligning teacher training, hiring and policies, England can reduce its reliance on teaching assistants as the main support for students with special educational needs. Instead, schools can have strong support systems led by trained special education teachers. These specialists can work with teaching assistants and classroom teachers to provide more effective, targeted support.

    This change would provide students with special educational needs with improved overall quality of teaching and learning. This could lead to mainstream classrooms fostering a truly inclusive educational environment.

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

    – ref. Students with special educational needs are years behind their peers – they need specialist teachers in mainstream classrooms – https://theconversation.com/students-with-special-educational-needs-are-years-behind-their-peers-they-need-specialist-teachers-in-mainstream-classrooms-240147

    MIL OSI – Global Reports –

  • MIL-OSI Video: CEO Climate Alliance Letter | Sumant Sinha

    Source: World Economic Forum (video statements)

    We need a global agency to regulate carbon pricing, says ReNew CEO Sumant Sinha. ‘All we’re tracking are pledges. If you start tracking actions, you’ll find actions are even further behind.’

    In an open letter ahead of COP29, the Alliance of CEO Climate Leaders calls for urgent action to combat climate change. Highlighting the critical role of collaborative leadership from business and government, the world’s largest CEO-led climate community is advocating for ambitious, science-based targets to support climate action and spur investment.

    Read the full letter: wef.ch/COP29OpenLetter24

    #AllianceofCEOClimateLeaders #Climate #ClimateChange #COP29 #WorldEconomicForum

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
    Instagram ► https://www.instagram.com/worldeconomicforum/ 
    Twitter ► https://twitter.com/wef
    LinkedIn ► https://www.linkedin.com/company/world-economic-forum
    TikTok ► https://www.tiktok.com/@worldeconomicforum
    Flipboard ► https://flipboard.com/@WEF

    https://www.youtube.com/watch?v=0SdNNaI52jc

    MIL OSI Video –

  • MIL-OSI USA: FACT SHEET: Biden-⁠ Harris Administration Outlines Coordinated Approach to Harness Power of AI for U.S. National  Security

    US Senate News:

    Source: The White House
    Today, President Biden is issuing the first-ever National Security Memorandum (NSM) on Artificial Intelligence (AI). The NSM’s fundamental premise is that advances at the frontier of AI will have significant implications for national security and foreign policy in the near future. The NSM builds on key steps the President and Vice President have taken to drive the safe, secure, and trustworthy development of AI, including President Biden’s landmark Executive Order to ensure that America leads the way in seizing the promise and managing the risks of AI.
    The NSM directs the U.S. Government to implement concrete and impactful steps to (1) ensure that the United States leads the world’s development of safe, secure, and trustworthy AI; (2) harness cutting-edge AI technologies to advance the U.S. Government’s national security mission; and (3) advance international consensus and governance around AI.
    The NSM is designed to galvanize federal government adoption of AI to advance the national security mission, including by ensuring that such adoption reflects democratic values and protects human rights, civil rights, civil liberties and privacy. In addition, the NSM seeks to shape international norms around AI use to reflect those same democratic values, and directs actions to track and counter adversary development and use of AI for national security purposes.
    In particular, the NSM directs critical actions to:
    Ensure that the United States leads the world’s development of safe, secure, and trustworthy AI:
    Developing advanced AI systems requires large volumes of advanced chips. President Biden led the way when he signed the CHIPS Act, which made major investments in our capacity to manufacture leading-edge semiconductors. The NSM directs actions to improve the security and diversity of chip supply chains, and to ensure that, as the United States supports the development of the next generation of government supercomputers and other emerging technology, we do so with AI in mind.
    Our competitors want to upend U.S. AI leadership and have employed economic and technological espionage in efforts to steal U.S. technology. This NSM makes collection on our competitors’ operations against our AI sector a top-tier intelligence priority, and directs relevant U.S. Government entities to provide AI developers with the timely cybersecurity and counterintelligence information necessary to keep their inventions secure. 
    In order for the United States to benefit maximally from AI, Americans must know when they can trust systems to perform safely and reliably. For this reason, the NSM formally designates the AI Safety Institute asU.S. industry’s primary port of contact in the U.S. Government, one staffed by technical experts who understand this quickly evolving technology. It also lays out strengthened and streamlined mechanisms for the AI Safety Institute to partner with national security agencies, including the intelligence community, the Department of Defense, and the Department of Energy.
    The NSM doubles down on the National AI Research Resource, the pilot for which is already underway, to ensure that researchers at universities, from civil society, and in small businesses can conduct technically meaningful AI research. AI is moving too fast, and is too complex, for us to rely exclusively on a small cohort of large firms; we need to empower and learn from a full range of talented individuals and institutions who care about making AI safe, secure, and trustworthy.
    The NSM directs the National Economic Council to coordinate an economic assessment of the relative competitive advantage of the United States private sector AI ecosystem.
    Enable the U.S. Government to harness cutting-edge AI, while protecting human rights and democratic values, to achieve national security objectives:
    The NSM does not simply demand that we use AI systems in service of the national security mission effectively; it also unequivocally states we must do so only in ways that align with democratic values. It provides the first-ever guidance for AI governance and risk management for use in national security missions, complementing previous guidance issued by the Office of Management and Budget for non-national security missions.
    The NSM directs the creation of a Framework to Advance AI Governance and Risk Management in National Security, which is being published today alongside this NSM. This Framework provides further detail and guidance to implement the NSM, including requiring mechanisms for risk management, evaluations, accountability, and transparency. These requirements require agencies to monitor, assess, and mitigate AI risks related to invasions of privacy, bias and discrimination, the safety of individuals and groups, and other human rights abuses. This Framework can be updated regularly in order to keep pace with technical advances and ensure future AI applications are responsible and rights-respecting.
    The NSM directs changes across the board to make sure we are using AI systems effectively while adhering to our values. Among other actions, it directs agencies to propose streamlined procurement practices and ways to ease collaboration with non-traditional vendors.
    Advance international consensus and governance around AI:
    The NSM builds on substantial international progress on AI governance over the last twelve months, thanks to the leadership and diplomatic engagement of President Biden and Vice President Harris. Alongside G7 allies, we developed the first-ever International Code of Conduct on AI in 2023. At the Bletchley and Seoul AI Safety Summits, the United States joined more than two dozen nations in outlining clear principles. 56 nations have signed up to our Political Declaration on the Military Use of AI and Autonomy, which establishes principles for military AI capabilities. And at the United Nations, the United States sponsored the first-ever UN General Assembly Resolution on AI, which passed unanimously and included the People’s Republic of China as a co-sponsor.
    The NSM directs the U.S. Government to collaborate with allies and partners to establish a stable, responsible, and rights-respecting governance framework to ensure the technology is developed and used in ways that adhere to international law while protecting human rights and fundamental freedoms. 
    The release of today’s NSM is part of the Biden-Harris Administration’s comprehensive strategy for responsible innovation, and builds on previous actions that President Biden and Vice President Harris have taken.

    MIL OSI USA News –

  • MIL-OSI USA: Statement from National Economic Advisor Lael Brainard on National Security Memorandum (NSM) on Artificial Intelligence  (AI)

    US Senate News:

    Source: The White House
    Today, the President is issuing the first-ever National Security Memorandum (NSM) on Artificial Intelligence (AI). The fundamental premise is that AI will have significant implications for national security. The AI NSM sets out goals to enable the US Government to harness cutting-edge AI technologies, and to advance international consensus and governance around AI.
    In addition, there are implications for economic policy. The AI National Security Memorandum establishes that retaining US leadership in the most advanced AI models will be vital for our national security in coming years. The US lead today on the most advanced AI models reflects several important US economic strengths: our innovative private sector, the ability to develop and source world class talent, strengths in advanced semiconductor design, dynamic capital allocation, and abundant compute power.
    We should not take those strengths for granted in the future. Indeed, we are all familiar with past instances when we saw critical technologies and supply chains that were developed and commercialized here in the US migrate offshore for lack of critical public sector support. That is why we are laser focused on maintaining the strongest AI ecosystem in the world here in the United States. The NSM directs the National Economic Council to coordinate an economic assessment of the relative competitive advantage of the US private sector AI ecosystem.
    Sustaining US preeminence in frontier AI into the future will require strong domestic foundations in semiconductors, infrastructure, and clean energy—including the large datacenters that provide computing resources. The private sector is already making significant investments in AI innovation, and now we’re making sure the government is moving quickly on policy changes and the support necessary to enable rapid AI infrastructure growth over the next several years. The historic Biden-Harris investment laws will be critical enablers.
    Developing AI systems will require a large volume of the most advanced semiconductors. The CHIPS and Science Act is enabling major investments here in the US for the fabrication of the leading-edge semiconductors that are critical to AI frontier models, in close proximity to world-class chips designers and downstream customers.
    One of the most pressing needs is the rapid growth in computational power for the training and operation of frontier AI models. AI datacenters will need to run on clean energy and in order to meet their needs we will need to accelerate the deployment of transmission and clean energy projects. We will meet these needs while keeping residential electricity costs low and meeting our climate goals. Fortunately, the Bipartisan Infrastructure Law and the clean energy provisions of the Inflation Reduction Act have given us a good foundation to build on. We are committed to helping navigate permitting processes across the federal government, and working with states and localities. We took a step towards supporting these goals with the Task Force on AI Datacenter Infrastructure that we launched last month. And we have seen a number of recent announcements of companies investing in projects that will bring new clean energy online to power AI data centers.
    Having the right workforce and talent will also play a key role in developing large-scale AI datacenters. This will range from AI experts to pipefitters and electrical workers. We are taking action to ensure AI infrastructure creates good jobs, while investing in our workforce to enable American workers to drive innovation.
    Of course, all of these efforts must be governed by the critical guardrails established last year by the Executive Order on Safe, Secure, and Trustworthy Artificial Intelligence and commitments we secured last year from leading AI companies to manage the risks posed by AI. Today’s NSM is just the latest step in a series of actions thanks to the leadership and diplomatic engagement of the President and Vice President, and there will be additional steps taken in the coming months to further support US leadership in AI.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Home Office hits 500 jobs milestone in Stoke-on-Trent

    Source: City of Stoke-on-Trent

    Published: Thursday, 24th October 2024

    More than 500 government jobs have been created in Stoke-on-Trent over the last two years.

    The huge employment boost comes as part of a long-term commitment by the Home Office to create hundreds of new roles in the city.

    The 500 new jobs include roles that are pivotal in operational activity across the country, as well as corporate functions.

    Councillor Jane Ashworth, leader of Stoke-on-Trent City Council, said: “We are so pleased to see that the Home Office has hit its target of bringing 500 new jobs to the city in such a short space of time. This is a huge milestone for Stoke-on-Trent.

    “We want to ensure our residents have access to good jobs with higher wages, so we are delighted that the Home Office has made this commitment to our city.”

    In 2023, the Home Office signed a lease for 38,000 sq ft of office space at the Two Smithfield building in the city centre – initially creating around 200 new jobs.

    Eighteen months on, that number has risen to more than 500 employees, most of which are local to Stoke-on-Trent.

    The government department had been in talks with the city council about building a brand-new base in the city which would house all of its Stoke-on-Trent workforce.

    Now the Home Office has confirmed that it is looking to sign a long-term lease for existing office space in the city instead, in line with its firm commitment to remain in the city.

    Cllr Ashworth added: “We will continue to work with the Home Office to ensure they can find a permanent home in the city and will look at how we can potentially use existing or repurposed sites while doing everything we can to ensure these new jobs remain in the city for the long-term.”

    Minister of State, Lord David Hanson said: “We are committed to having a strong presence in Stoke-on-Trent and by fulfilling our commitment to bring more than 500 jobs to the city, we will ensure the region has a huge part to play in tackling some of the biggest challenges facing the UK.

    “Since taking office I have held constructive discussions with local partners in the region and I look forward to building on these relationships to explore how the Home Office can provide further opportunities to Stoke-on-Trent.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Carols in the Chamber 2024

    Source: City of Preston

    This December, the Council’s Chamber will come alive with the sound of Christmas as the Mayor of Preston hosts the annual ‘Carols in the Chamber’.

    On Wednesday, 4 December, members of the community are invited to join the Mayor, civic leaders and Preston Gilbert and Sullivan Society, at Preston Town Hall for a heartwarming evening of traditional carols.

    Preston Gilbert and Sullivan Society will lead the audience in singing Christmas classics such as O Little Town of Bethlehem, Away in a Manger, Joy to the World, Hark the Herald Angels Sing, and Silent Night.

    Councillor Phil Crowe, Mayor of Preston, said:

    “This is a tradition that dates back many years, and I’m privileged to host this event once again. I look forward to welcoming the community for an evening of festivities and joyful singing.

    The money raised from the event will be going to my chosen charities which I am proud to support and all do fantastic work in their communities.”

    The evening will begin with a festive reception at 6:30pm, featuring complimentary mince pies and drink. Carols will commence at 7pm.

    Tickets for the evening cost £10, with all proceeds from the event going to the Mayor’s chosen charities:

    • Let’s Grow Preston
    • Disability Equality Northwest
    • Furniture for Education Worldwide.

    For tickets, please email The Mayor on themayor@preston.gov.uk, by 15 November 2024.

    Join us for an evening of music, community, and festive spirit, all in support of these causes.

    MIL OSI United Kingdom –

  • MIL-OSI Europe: ASIA/PHILIPPINES – Parishes welcome displaced people, hit by Typhoon Kristine

    Source: Agenzia Fides – MIL OSI

    Caritas Philippines

    Naga (Agenzia Fides) – More than 25 parishes and church facilities, such as the Basilica of Our Lady of Peñafrancia and the Ateneo de Naga University of the Archdiocese of Caceres, managed by the Jesuit Order, have opened their doors and are acting as temporary evacuation centers for displaced persons and families affected by the effects of Typhoon Kristine (international name: Trami), which is devastating the northeastern Philippines. The floods and landslides caused by the tropical storm, which began yesterday, October 23, have claimed at least 24 lives in the Bilcol region, while thousands are trapped in the villages. The government has closed schools and offices throughout the island of Luzon to protect the population. The “National Council for Disaster Risk Reduction and Management” reported that about 78,000 families in 14 provinces were affected by the devastating effects of the typhoon, after which initial relief efforts were immediately activated by institutions, non-governmental organizations and the church. As Caritas Philippines reports, the Catholic dioceses in the affected areas have activated teams of volunteers to assess the extent of the damage and take appropriate measures. “Our priority is to ensure the fastest possible aid for the most needy and weakest,” said Bishop Colin Bagaforo, President of Caritas Philippines. He points out that the structures of the local churches have agreed to welcome the refugees.The Archdiocese of Cáceres, meanwhile, made a public appeal to parishes, schools and institutions that can temporarily provide rooms for the displaced. In the diocese of Legazpi, several parish churches have been flooded but, despite the floods, have opened the doors of their parish centers, which are still accessible: the parish church of Polangui, for example, although affected, is hosting nearly 300 people, the most vulnerable displaced, such as pregnant and breastfeeding women with their children, the sick and the elderly. Some of them are housed in the parish priest’s home.Caritas Philippines has also launched a nationwide appeal for donations to provide essentials and humanitarian aid to the displaced. (PA (Agenzia Fides, 24/10/2024)

    Share:

    MIL OSI Europe News –

  • MIL-OSI USA: Deadline Approaching for the 2024 Congressional App Competition for Middle and High School Students in the District

    Source: United States House of Representatives – Congressman Adriano Espaillat (NY-13)

    Rep. Espaillat Hosts Annual App Competition for Students in New York’s 13th Congressional District.
    October 24th (Thursday) Marks 2024 Deadline to Submit Entries

    NEW YORK, NY – Representative Adriano Espaillat (NY-13) has launched the 2024 Congressional App Challenge, an annual competition designed to encourage student participation in computer science and coding. This year’s competition is open to middle and high school students from New York’s 13th congressional district, who may register via the online portal to have their app considered by the October 24th deadline.

    Officially launched by the U.S. House of Representatives in 2015, this nationwide effort allows students to compete against their peers by creating an application (also known as an “app”). The Challenge is designed to promote innovation and engagement in computer science and accepts any programming language, such as C, C++, Java, JavaScript, Python, Ruby, or “block code.” 

    The Congressional App Challenge is open to all middle and high school students in the 13th Congressional District of New York. 

    The winner from the New York’s 13th congressional district will be featured on CongressionalAppChallenge.us among winners from across the country.

    For more information, please visit the official Congressional App Challenge website at CongressionalAppChallenge.us or contact Maximo Diaz, (212) 497-5959 or by email at Maximo.Diaz@mail.house.gov for more information.

    # # #

    Representative Espaillat is the first Dominican American to serve in the U.S. House of Representatives and his congressional district includes Harlem, East Harlem, West Harlem, Hamilton Heights, Washington Heights, Inwood, Marble Hill and the north-west Bronx. First elected to Congress in 2016, Representative Espaillat is serving his fourth term in Congress. Representative Espaillat currently serves as a member of the influential U.S. House Committee on Appropriations responsible for funding the federal government’s vital activities and serves as Ranking Member of the Legislative Branch Subcommittee of the committee during the 118th Congress. He is also a member of the House Budget Committee and the Congressional Hispanic Caucus (CHC), where he serves in a leadership role as the Deputy Chair as well as Chair of the Congressional Hispanic Caucus Institute (CHCI). Rep. Espaillat is a member of the Congressional Progressive Caucus (CPC) and serves as a Senior Whip of the Democratic Caucus. To find out more about Rep. Espaillat, visit online at https://espaillat.house.gov/.

    Media inquiries: Candace Person at Candace.Person@mail.house.gov

    MIL OSI USA News –

  • MIL-OSI: Amalgamated Financial Corp. Reports Record Third Quarter 2024 Financial Results; Margin Expands to 3.51%; Return on Average Assets of 1.32%

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Amalgamated Financial Corp. (the “Company” or “Amalgamated”) (Nasdaq: AMAL), the holding company for Amalgamated Bank (the “Bank”), today announced financial results for the third quarter ended September 30, 2024.

    Third Quarter 2024 Highlights (on a linked quarter basis)

    • Net income of $27.9 million, or $0.90 per diluted share, compared to $26.8 million, or $0.87 per diluted share.
    • Core net income1 of $28.0 million, or $0.91 per diluted share, compared to $26.2 million, or $0.85 per diluted share.

    Deposits and Liquidity

    • Total deposits increased $145.6 million, or 2.0%, to $7.6 billion including a $51.3 million decline in Brokered CDs.
    • Excluding Brokered CDs, on-balance sheet deposits increased $196.9 million, or 2.7%, to $7.5 billion.
    • Political deposits increased $231.9 million, or 13%, to $2.0 billion, which includes both on and off-balance sheet deposits.
    • Off-balance sheet deposits increased $114.1 million, or 11%, to $1.2 billion, comprised of both transactional political deposits and other segment deposits.
    • Average cost of deposits, excluding Brokered CDs, increased 3 basis points to 151 basis points, where non-interest-bearing deposits comprised 51% of total deposits excluding Brokered CDs.

    Assets and Margin

    • Net loans receivable increased $78.0 million, or 1.8%, to $4.5 billion.
    • Excluding a $40.9 million package of low yielding residential loans marked-to-market and moved to held-for-sale, net loans receivable increased $118.9 million or 2.7%.
    • Total PACE assessments grew $10.6 million, or 0.9%, to $1.2 billion.
    • Net interest income grew $2.9 million, or 4.2%, to $72.1 million.
    • Net interest margin increased 5 basis points to 3.51%.

    Capital and Returns

    • Tier 1 leverage ratio of 8.63%, increased by 21 basis points, and Common Equity Tier 1 ratio of 13.82%.
    • Tangible common equity1 ratio of 8.14%, representing an eighth consecutive quarter of improvement.
    • Tangible book value per share1 increased $1.69, or 8.2%, to $22.29, and has increased $4.87, or 27.9% since September 2023.
    • Strong core return on average tangible common equity1 of 17.04% and core return on average assets1 of 1.33%.

    ________________________
    1 Reconciliations of non-GAAP financial measures to the most comparable GAAP measure are set forth on the last page of the financial information accompanying this press release and may also be found on our website, www.amalgamatedbank.com.

    Priscilla Sims Brown, President and Chief Executive Officer, commented, “Our third quarter financial results continue to demonstrate that Amalgamated remains positioned to achieve sustainable earnings and profitability.   During the quarter, we delivered outstanding deposit and loan growth, strong profitability and returns, and a growing capital base that positions us to invest in our strategic initiatives which will sustain our growth into the future.”

    Third Quarter Earnings

    Net income for the third quarter of 2024 was $27.9 million, or $0.90 per diluted share, compared to $26.8 million, or $0.87 per diluted share, for the second quarter of 2024. The $1.1 million increase during the quarter was primarily driven by a $3.2 million increase in non-core ICS One-Way Sell fee income from our off-balance sheet deposits, a $2.9 million increase in net interest income, a $1.3 million decrease in provision for credit losses, and a $0.7 million increase in non-core income from solar tax equity investments, which was expected. This was offset by a $4.3 million reduction in fair value on a pool of lower yielding residential loans moved to held for sale, a $1.5 million increase in non-interest expense, and a $1.3 million increase in income tax expense, and a $0.5 million increase in losses on securities sales.

    Core net income1 for the third quarter of 2024 was $28.0 million, or $0.91 per diluted share, compared to $26.2 million, or $0.85 per diluted share, for the second quarter of 2024. Excluded from core net income for the quarter, pre-tax, was $8.1 million of ICS One-Way Sell fee income, a $4.3 million reduction in fair value of held for sale residential loans, $3.2 million of losses on the sale of securities, $1.1 million of accelerated depreciation from solar tax equity investments, $0.7 million of gains on subordinated debt repurchases, and $0.2 million in severance costs. Excluded from core net income for the second quarter of 2024, pre-tax, was $4.9 million of ICS One-Way Sell fee income, $2.7 million of losses on the sale of securities, $1.8 million of accelerated depreciation from our solar tax equity investments, $0.4 million of gains on subordinated debt repurchases.

    Net interest income was $72.1 million for the third quarter of 2024, compared to $69.2 million for the second quarter of 2024. Loan interest income increased $2.8 million and loan yields increased 11 basis points mainly as a result of a $86.7 million increase in average loan balances. Adjusted for two discrete items; the effect of $2.1 million of accelerated amortization related to purchase premiums last quarter and the recognition in the current quarter of a $1.3 million acceleration of deferred costs on certain loans, loan interest income increased by $2.1 million in the quarter. Interest income on securities increased $1.7 million driven by an increase in the average balance of securities of $79.7 million. Interest expense on total interest-bearing deposits increased $1.2 million driven by a 26 basis point increase in cost despite a decrease in the average balance of total interest-bearing deposits of $235.6 million. The increase in deposit cost was primarily related to adjustments to rates on money market products and select non-time deposit accounts late in second quarter and early in the current quarter.   The decrease in the average balance of interest-bearing deposits was primarily driven by a mix shift as newly raised political deposits were mainly non-interest-bearing whereas related outflows were mainly interest-bearing. Additionally, the average balance on Brokered CD’s declined $25.0 million as certain long-term issuances were called. The average balance of borrowings also decreased $32.6 million, now substantially consisting of lower-cost subordinated debt.

    Net interest margin was 3.51% for the third quarter of 2024, an increase of 5 basis points from 3.46% in the second quarter of 2024. As noted above, there were two discrete items that affected the third quarter and second quarter margin. Excluding these discrete items, net interest margin improved 2 basis points from the prior quarter, all else equal. Prepayment penalties had no impact on our net interest margin in the third quarter of 2024, which is the same as in the prior quarter.

    Provision for credit losses totaled an expense of $1.8 million for the third quarter of 2024 compared to an expense of $3.2 million in the second quarter of 2024. The expense in the third quarter was primarily driven by charge-offs on our consumer solar and small business portfolios, and updates to CECL model assumptions, offset by decreases in reserves for unfunded loan commitments.

    Non-interest income was $8.9 million for the third quarter of 2024, compared to $9.3 million in the second quarter of 2024. Excluding all non-core income adjustments noted above, core non-interest income1 was $8.8 million for the third quarter of 2024, compared to $8.5 million in the second quarter of 2024. The increase was primarily related to higher commercial banking fees, increased fees from our treasury investment services, and modestly higher income from our trust business.

    Non-interest expense for the third quarter of 2024 was $41.0 million, an increase of $1.5 million from the second quarter of 2024. Core non-interest expense1 for the third quarter of 2024 was $40.7 million, an increase of $1.3 million from the second quarter of 2024. This was mainly driven by a $0.7 million increase in compensation and employee benefits expense due to strategic new hires and corporate performance accruals, as well as higher data processing expense related to the advance of digital initiatives scheduled for 2025.

    Our provision for income tax expense was $10.3 million for the third quarter of 2024, compared to $9.0 million for the second quarter of 2024. The effective tax rate for the third quarter of 2024 was 26.9%. In the prior quarter, there were $0.5 million of discrete tax benefits resulting in an effective tax rate of 25.2%, or 26.6% excluding the discrete items.

    Balance Sheet Quarterly Summary

    Total assets were $8.4 billion at September 30, 2024, compared to $8.3 billion at June 30, 2024, which modestly grew the balance sheet above its target range but also carried $40.9 million in loans held for sale related to the residential loan sale that settled shortly after the quarter closed. Notable changes within individual balance sheet line items include a $91.2 million increase in cash and cash equivalents, a $24.1 million increase in securities, and a $78.0 million increase in net loans receivable. Additionally, deposits excluding Brokered CDs increased by $196.9 million while Brokered CDs decreased $51.3 million, and borrowings decreased by $8.8 million. Our off-balance sheet deposits increased by $114.1 million, or 11%, to $1.2 billion.

    Total net loans receivable, at September 30, 2024 were $4.5 billion, an increase of $78.0 million, or 1.8% for the quarter. The increase in loans is primarily driven by a $60.8 million increase in multifamily loans, a $46.0 million increase in commercial and industrial loans, and a $37.6 million increase in commercial real estate loans, offset by an $11.1 million decrease in consumer solar loans, and a $54.3 million decrease in residential loans, primarily due to the noted loan pool sale. During the quarter, criticized or classified loans decreased $5.9 million, largely related to a $6.9 million note sale (with a related fully reserved $4.5 million charge-off) on a legacy non-accrual leveraged loan. Additionally, payoffs of two delinquent commercial and industrial loans totaling $1.7 million and charge-offs of smaller commercial and industrial loans totaling $1.0 million were offset by the downgrade of one $3.2 million multifamily loan to substandard and accruing and downgrades of small business loans totaling $1.1 million.

    Total deposits at September 30, 2024 were $7.6 billion, an increase of $145.6 million, or 2.0%, during the quarter. Total deposits excluding Brokered CDs increased by $196.9 million to $7.5 billion, or a 2.7% increase. Including accounts currently held off-balance sheet, deposits held by politically active customers, such as campaigns, PACs, advocacy-based organizations, and state and national party committees were $2.0 billion as of September 30, 2024, an increase of $231.9 million during this quarter. Non-interest-bearing deposits represented 50% of average total deposits and 51% of ending total deposits for the quarter, excluding Brokered CDs, contributing to an average cost of total deposits of 158 basis points. Super-core deposits2 totaled approximately $4.5 billion, had a weighted average life of 16 years, and comprised 60% of total deposits, excluding Brokered CDs. Total uninsured deposits were $4.5 billion, comprising 59% of total deposits.

    Nonperforming assets totaled $28.6 million, or 0.34% of period-end total assets at September 30, 2024, a decrease of $7.1 million, compared with $35.7 million, or 0.43% on a linked quarter basis. The decrease in nonperforming assets was primarily driven by the note sale mentioned above, a $0.2 million decrease in residential real estate nonaccrual loans, a $0.2 million decrease in consumer and consumer solar nonaccrual loans, offset by a $0.3 million increase in commercial and industrial nonaccrual loans.

    During the quarter, the allowance for credit losses on loans decreased $1.9 million to $61.5 million. The ratio of allowance to total loans was 1.35%, a decrease of 7 basis points from 1.42% in the second quarter of 2024. The decrease was primarily the result of a release of reserves from the previously noted legacy leveraged commercial and industrial note sale, which carried a reserve of $4.5 million.

    ________________________
    2 Refer to Terminology on page 6 for definitions of certain terms used in this release.


    Capital Quarterly Summary

    As of September 30, 2024, the Common Equity Tier 1 Capital ratio was 13.82%, the Total Risk-Based Capital ratio was 16.25%, and the Tier 1 Leverage Capital ratio was 8.63%, compared to 13.48%, 16.04% and 8.42%, respectively, as of June 30, 2024. Stockholders’ equity at September 30, 2024 was $698.3 million, an increase of $52.2 million during the quarter. The increase in stockholders’ equity was primarily driven by $27.9 million of net income for the quarter and a $26.9 million improvement in accumulated other comprehensive loss due to the tax effected mark-to-market on our available for sale securities portfolio, offset by $3.7 million in dividends paid at $0.12 per outstanding share.

    Tangible book value per share was $22.29 as of September 30, 2024 compared to $20.61 as of June 30, 2024. Tangible common equity1 improved to 8.14% of tangible assets, compared to 7.66% as of June 30, 2024.

    Conference Call

    As previously announced, Amalgamated Financial Corp. will host a conference call to discuss its third quarter 2024 results today, October 24, 2024 at 11:00am (Eastern Time). The conference call can be accessed by dialing 1-877-407-9716 (domestic) or 1-201-493-6779 (international) and asking for the Amalgamated Financial Corp. Third Quarter 2024 Earnings Call. A telephonic replay will be available approximately two hours after the call and can be accessed by dialing 1-844-512-2921, or for international callers 1-412-317-6671 and providing the access code 13748697. The telephonic replay will be available until October 31, 2024.

    Interested investors and other parties may also listen to a simultaneous webcast of the conference call by logging onto the investor relations section of our website at https://ir.amalgamatedbank.com/. The online replay will remain available for a limited time beginning immediately following the call.

    The presentation materials for the call can be accessed on the investor relations section of our website at https://ir.amalgamatedbank.com/.

    About Amalgamated Financial Corp.

    Amalgamated Financial Corp. is a Delaware public benefit corporation and a bank holding company engaged in commercial banking and financial services through its wholly-owned subsidiary, Amalgamated Bank. Amalgamated Bank is a New York-based full-service commercial bank and a chartered trust company with a combined network of five branches across New York City, Washington D.C., and San Francisco, and a commercial office in Boston. Amalgamated Bank was formed in 1923 as Amalgamated Bank of New York by the Amalgamated Clothing Workers of America, one of the country’s oldest labor unions. Amalgamated Bank provides commercial banking and trust services nationally and offers a full range of products and services to both commercial and retail customers. Amalgamated Bank is a proud member of the Global Alliance for Banking on Values and is a certified B Corporation®. As of September 30, 2024, our total assets were $8.4 billion, total net loans were $4.5 billion, and total deposits were $7.6 billion. Additionally, as of September 30, 2024, our trust business held $35.4 billion in assets under custody and $14.6 billion in assets under management.

    Non-GAAP Financial Measures

    This release (and the accompanying financial information and tables) refer to certain non-GAAP financial measures including, without limitation, “Core operating revenue,” “Core non-interest expense,” “Core non-interest income,” “Core net income,” “Tangible common equity,” “Average tangible common equity,” “Core return on average assets,” “Core return on average tangible common equity,” and “Core efficiency ratio.”

    Our management utilizes this information to compare our operating performance for September 30, 2024 versus certain periods in 2024 and 2023 and to prepare internal projections. We believe these non-GAAP financial measures facilitate making period-to-period comparisons and are meaningful indications of our operating performance. In addition, because intangible assets such as goodwill and other discrete items unrelated to our core business, which are excluded, vary extensively from company to company, we believe that the presentation of this information allows investors to more easily compare our results to those of other companies.

    The presentation of non-GAAP financial information, however, is not intended to be considered in isolation or as a substitute for GAAP financial measures. We strongly encourage readers to review the GAAP financial measures included in this release and not to place undue reliance upon any single financial measure. In addition, because non-GAAP financial measures are not standardized, it may not be possible to compare the non-GAAP financial measures presented in this release with other companies’ non-GAAP financial measures having the same or similar names. Reconciliations of non-GAAP financial disclosures to comparable GAAP measures found in this release are set forth in the final pages of this release and also may be viewed on our website, amalgamatedbank.com.

    Terminology

    Certain terms used in this release are defined as follows:

    “Core efficiency ratio” is defined as “Core non-interest expense” divided by “Core operating revenue.” We believe the most directly comparable performance ratio derived from GAAP financial measures is an efficiency ratio calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income.

    “Core net income” is defined as net income after tax excluding gains and losses on sales of securities, ICS One-Way Sell fee income, gains on the sale of owned property, costs related to branch closures, restructuring/severance costs, acquisition costs, tax credits and accelerated depreciation on solar equity investments, and taxes on notable pre-tax items. We believe the most directly comparable GAAP financial measure is net income.

    “Core non-interest expense” is defined as total non-interest expense excluding costs related to branch closures, restructuring/severance, and acquisitions. We believe the most directly comparable GAAP financial measure is total non-interest expense.

    “Core non-interest income” is defined as total non-interest income excluding gains and losses on sales of securities, ICS One-Way Sell fee income, gains on the sale of owned property, and tax credits and accelerated depreciation on solar equity investments. We believe the most directly comparable GAAP financial measure is non-interest income.

    “Core operating revenue” is defined as total net interest income plus “core non-interest income”. We believe the most directly comparable GAAP financial measure is the total of net interest income and non-interest income.

    “Core return on average assets” is defined as “Core net income” divided by average total assets. We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average assets calculated by dividing net income by average total assets.

    “Core return on average tangible common equity” is defined as “Core net income” divided by average “tangible common equity.” We believe the most directly comparable performance ratio derived from GAAP financial measures is return on average equity calculated by dividing net income by average total stockholders’ equity.

    “Super-core deposits” are defined as total deposits from commercial and consumer customers, with a relationship length of greater than 5 years. We believe the most directly comparable GAAP financial measure is total deposits.

    “Tangible assets” are defined as total assets excluding, as applicable, goodwill and core deposit intangibles. We believe the most directly comparable GAAP financial measure is total assets.

    “Tangible common equity”, and “Tangible book value” are defined as stockholders’ equity excluding, as applicable, minority interests, preferred stock, goodwill and core deposit intangibles. We believe that the most directly comparable GAAP financial measure is total stockholders’ equity.

    “Traditional securities portfolio” is defined as total investment securities excluding PACE assessments. We believe the most directly comparable GAAP financial measure is total investment securities.

    Forward-Looking Statements

    Statements included in this release that are not historical in nature are intended to be, and are hereby identified as, forward-looking statements within the meaning of the Private Securities Litigation Reform Act, Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are not statements of historical or current fact nor are they assurances of future performance and generally can be identified by the use of forward-looking terminology, such as “may,” “approximately,” “will,” “anticipate,” “should,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “plan,” “possible,” and “intend,” or the negative thereof as well as other similar words and expressions of the future. Forward-looking statements are subject to risks, uncertainties and assumptions that are difficult to predict as to timing, extent, likelihood and degree of occurrence, which could cause our actual results to differ materially from those anticipated in or by such statements. Potential risks and uncertainties include, but are not limited to, the following: (i) uncertain conditions in the banking industry and in national, regional and local economies in our core markets, which may have an adverse impact on our business, operations and financial performance; (ii) deterioration in the financial condition of borrowers resulting in significant increases in loan losses and provisions for those losses; (iii) deposit outflows and subsequent declines in liquidity caused by factors that could include lack of confidence in the banking system, a deterioration in market conditions or the financial condition of depositors; (iv) changes in our deposits, including an increase in uninsured deposits; (v) our ability to maintain sufficient liquidity to meet our deposit and debt obligations as they come due, which may require that we sell investment securities at a loss, negatively impacting our net income, earnings and capital; (vi) unfavorable conditions in the capital markets, which may cause declines in our stock price and the value of our investments; (vii) negative economic and political conditions that adversely affect the general economy, housing prices, the real estate market, the job market, consumer confidence, the financial condition of our borrowers and consumer spending habits, which may affect, among other things, the level of non-performing assets, charge-offs and provision expense; (viii) fluctuations or unanticipated changes in the interest rate environment including changes in net interest margin or changes in the yield curve that affect investments, loans or deposits; (ix) the general decline in the real estate and lending markets, particularly in commercial real estate in our market areas, and the effects of the enactment of or changes to rent-control and other similar regulations on multi-family housing; (x) changes in legislation, regulation, public policies, or administrative practices impacting the banking industry, including increased minimum capital requirements and other regulation in the aftermath of recent bank failures; (xi) the outcome of any legal proceedings that may be instituted against us (xii) our inability to achieve organic loan and deposit growth and the composition of that growth; (xiii) the composition of our loan portfolio, including any concentration in industries or sectors that may experience unanticipated or anticipated adverse conditions greater than other industries or sectors in the national or local economies in which we operate; (xiv) inaccuracy of the assumptions and estimates we make and policies that we implement in establishing our allowance for credit losses; (xv) changes in loan underwriting, credit review or loss reserve policies associated with economic conditions, examination conclusions, or regulatory developments; (xvi) any matter that would cause us to conclude that there was impairment of any asset, including intangible assets; (xvii) limitations on our ability to declare and pay dividends; (xviii) the impact of competition with other financial institutions, including pricing pressures and the resulting impact on our results, including as a result of compression to net interest margin; (xix) increased competition for experienced members of the workforce including executives in the banking industry; (xx) a failure in or breach of our operational or security systems or infrastructure, or those of third party vendors or other service providers, including as a result of unauthorized access, computer viruses, phishing schemes, spam attacks, human error, natural disasters, power loss and other security breaches; (xxi) increased regulatory scrutiny and exposure from the use of “big data” techniques, machine learning, and artificial intelligence; (xxii) downgrade in our credit rating; (xxiii) “greenwashing claims” against us and our Environmental, Social and Governance (“ESG”) products and increased scrutiny and political opposition to ESG and Diversity, Equity and Inclusion (“DEI”) practices; (xxiv) any unanticipated or greater than anticipated adverse conditions (including the possibility of earthquakes, wildfires, and other natural disasters)affecting the markets in which we operate; (xxv) physical and transitional risks related to climate change as they impact our business and the businesses that we finance; (xxvi) future repurchase of our shares through our common stock repurchase program; and (xxvii) descriptions of assumptions underlying or relating to any of the foregoing. Additional factors which could affect the forward-looking statements can be found in our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K filed with the SEC and available on the SEC’s website at https://www.sec.gov/. We disclaim any obligation to update or revise any forward-looking statements contained in this release, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by law.

    Investor Contact:
    Jamie Lillis
    Solebury Strategic Communications
    shareholderrelations@amalgamatedbank.com
    800-895-4172

    Consolidated Statements of Income (unaudited)

      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    ($ in thousands)   2024       2024       2023       2024       2023  
    INTEREST AND DIVIDEND INCOME                  
    Loans $ 54,110     $ 51,293     $ 49,578     $ 157,355     $ 139,744  
    Securities   46,432       44,978       39,971       133,801       118,989  
    Interest-bearing deposits in banks   2,274       2,690       1,687       7,556       3,360  
    Total interest and dividend income   102,816       98,961       91,236       298,712       262,093  
    INTEREST EXPENSE                  
    Deposits   30,105       28,882       23,158       84,879       55,809  
    Borrowed funds   604       887       4,350       4,497       12,292  
    Total interest expense   30,709       29,769       27,508       89,376       68,101  
    NET INTEREST INCOME   72,107       69,192       63,728       209,336       193,992  
    Provision for credit losses   1,849       3,161       2,014       6,598       10,913  
    Net interest income after provision for credit losses   70,258       66,031       61,714       202,738       183,079  
    NON-INTEREST INCOME                  
    Trust Department fees   3,704       3,657       3,678       11,215       11,613  
    Service charges on deposit accounts   12,091       8,614       2,731       26,841       7,897  
    Bank-owned life insurance income   613       615       727       1,837       2,054  
    Losses on sale of securities   (3,230 )     (2,691 )     (1,699 )     (8,695 )     (5,052 )
    Gain (loss) on sale of loans and changes in fair value on loans held-for-sale, net   (4,223 )     69       26       (4,107 )     30  
    Equity method investments income (loss)   (823 )     (1,551 )     550       (301 )     1,261  
    Other income   807       545       767       1,636       2,127  
    Total non-interest income   8,939       9,258       6,780       28,426       19,930  
    NON-INTEREST EXPENSE                  
    Compensation and employee benefits   23,757       23,045       21,345       69,075       64,525  
    Occupancy and depreciation   3,423       3,379       3,349       9,705       10,184  
    Professional fees   2,575       2,332       2,222       7,284       7,211  
    Data processing   5,087       4,786       4,545       14,503       13,176  
    Office maintenance and depreciation   651       580       685       1,894       2,130  
    Amortization of intangible assets   183       182       222       548       666  
    Advertising and promotion   1,023       1,175       816       3,417       3,431  
    Federal deposit insurance premiums   900       1,050       1,200       3,000       3,018  
    Other expense   3,365       2,983       2,955       9,203       9,154  
    Total non-interest expense   40,964       39,512       37,339       118,629       113,495  
    Income before income taxes   38,233       35,777       31,155       112,535       89,514  
    Income tax expense   10,291       9,024       8,847       30,591       24,230  
    Net income $ 27,942     $ 26,753     $ 22,308     $ 81,944     $ 65,284  
    Earnings per common share – basic $ 0.91     $ 0.88     $ 0.73     $ 2.68     $ 2.13  
    Earnings per common share – diluted $ 0.90     $ 0.87     $ 0.73     $ 2.65     $ 2.12  

    Consolidated Statements of Financial Condition

    ($ in thousands) September 30,
    2024    		   June 30,
    2024    		   December 31,
    2023
    Assets (unaudited)   (unaudited)    
    Cash and due from banks $ 3,946     $ 4,081     $ 2,856  
    Interest-bearing deposits in banks   145,261       53,912       87,714  
    Total cash and cash equivalents   149,207       57,993       90,570  
    Securities:          
    Available for sale, at fair value          
    Traditional securities   1,617,045       1,581,338       1,429,739  
    Property Assessed Clean Energy (“PACE”) assessments   149,500       112,923       53,303  
        1,766,545       1,694,261       1,483,042  
    Held-to-maturity, at amortized cost:          
    Traditional securities, net of allowance for credit losses of $51, $53, and $54, respectively   583,788       606,013       620,232  
    PACE assessments, net of allowance for credit losses of $641, $655, and $667, respectively   1,028,588       1,054,569       1,076,602  
        1,612,376       1,660,582       1,696,834  
               
    Loans held for sale   38,623       1,926       1,817  
    Loans receivable, net of deferred loan origination costs   4,547,903       4,471,839       4,411,319  
    Allowance for credit losses   (61,466 )     (63,444 )     (65,691 )
    Loans receivable, net   4,486,437       4,408,395       4,345,628  
               
    Resell agreements   74,883       137,461       50,000  
    Federal Home Loan Bank of New York (“FHLBNY”) stock, at cost   4,625       4,823       4,389  
    Accrued interest receivable   54,268       52,575       55,484  
    Premises and equipment, net   6,413       6,599       7,807  
    Bank-owned life insurance   107,365       106,752       105,528  
    Right-of-use lease asset   16,125       17,971       21,074  
    Deferred tax asset, net   38,510       47,654       56,603  
    Goodwill   12,936       12,936       12,936  
    Intangible assets, net   1,669       1,852       2,217  
    Equity method investments   11,514       12,710       13,024  
    Other assets   32,144       26,214       25,371  
    Total assets $ 8,413,640     $ 8,250,704     $ 7,972,324  
    Liabilities          
    Deposits $ 7,594,564     $ 7,448,988     $ 7,011,988  
    Borrowings   68,436       77,252       304,927  
    Operating leases   22,292       24,784       30,646  
    Other liabilities   30,016       53,568       39,399  
    Total liabilities   7,715,308       7,604,592       7,386,960  
    Stockholders’ equity          
    Common stock, par value $.01 per share   308       307       307  
    Additional paid-in capital   287,167       286,021       288,232  
    Retained earnings   459,398       435,202       388,033  
    Accumulated other comprehensive loss, net of income taxes   (46,702 )     (73,579 )     (86,004 )
    Treasury stock, at cost   (1,972 )     (1,972 )     (5,337 )
    Total Amalgamated Financial Corp. stockholders’ equity   698,199       645,979       585,231  
    Noncontrolling interests   133       133       133  
    Total stockholders’ equity   698,332       646,112       585,364  
    Total liabilities and stockholders’ equity $ 8,413,640     $ 8,250,704     $ 7,972,324  

    Select Financial Data

      As of and for the   As of and for the
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
    (Shares in thousands)   2024       2024       2023       2024       2023  
    Selected Financial Ratios and Other Data:                  
    Earnings per share                  
    Basic $ 0.91     $ 0.88     $ 0.73     $ 2.68     $ 2.13  
    Diluted   0.90       0.87       0.73       2.65       2.12  
    Core net income (non-GAAP)                  
    Basic $ 0.91     $ 0.86     $ 0.76     $ 2.61     $ 2.23  
    Diluted   0.91       0.85       0.76       2.59       2.22  
    Book value per common share (excluding minority interest) $ 22.77     $ 21.09     $ 17.93     $ 22.77     $ 17.93  
    Tangible book value per share (non-GAAP) $ 22.29     $ 20.61     $ 17.43     $ 22.29     $ 17.43  
    Common shares outstanding, par value $.01 per share(1)   30,663       30,630       30,459       30,663       30,459  
    Weighted average common shares outstanding, basic   30,646       30,551       30,481       30,558       30,601  
    Weighted average common shares outstanding, diluted   30,911       30,832       30,590       30,868       30,738  
                       
    (1) 70,000,000 shares authorized; 30,776,163, 30,743,666, and 30,736,141 shares issued for the periods ended September 30, 2024, June 30, 2024, and September 30, 2023 respectively, and 30,662,883, 30,630,386, and 30,458,781 shares outstanding for the periods ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.

    Select Financial Data

      As of and for the   As of and for the
      Three Months Ended   Nine Months Ended
      September 30,   June 30,   September 30,   September 30,
      2024   2024   2023   2024   2023
    Selected Performance Metrics:                  
    Return on average assets 1.32 %   1.30 %   1.12 %   1.33 %   1.11 %
    Core return on average assets (non-GAAP) 1.33 %   1.27 %   1.17 %   1.29 %   1.17 %
    Return on average equity 16.63 %   17.27 %   16.43 %   17.35 %   16.69 %
    Core return on average tangible common equity (non-GAAP) 17.04 %   17.34 %   17.67 %   17.31 %   18.02 %
    Average equity to average assets 7.96 %   7.53 %   6.82 %   7.65 %   6.67 %
    Tangible common equity to tangible assets (non-GAAP) 8.14 %   7.66 %   6.72 %   8.14 %   6.72 %
    Loan yield 4.79 %   4.68 %   4.56 %   4.74 %   4.43 %
    Securities yield 5.25 %   5.22 %   4.94 %   5.23 %   4.84 %
    Deposit cost 1.58 %   1.55 %   1.33 %   1.53 %   1.08 %
    Net interest margin 3.51 %   3.46 %   3.29 %   3.48 %   3.40 %
    Efficiency ratio (1) 50.54 %   50.37 %   52.96 %   49.89 %   53.05 %
    Core efficiency ratio (non-GAAP) 50.35 %   50.80 %   51.71 %   50.52 %   51.88 %
                       
    Asset Quality Ratios:                  
    Nonaccrual loans to total loans 0.61 %   0.78 %   0.79 %   0.61 %   0.79 %
    Nonperforming assets to total assets 0.34 %   0.43 %   0.46 %   0.34 %   0.46 %
    Allowance for credit losses on loans to nonaccrual loans 222.30 %   182.83 %   197.58 %   222.30 %   197.58 %
    Allowance for credit losses on loans to total loans 1.35 %   1.42 %   1.56 %   1.35 %   1.56 %
    Annualized net charge-offs to average loans 0.61 %   0.25 %   0.27 %   0.35 %   0.27 %
                       
    Capital Ratios:                  
    Tier 1 leverage capital ratio 8.63 %   8.42 %   7.89 %   8.63 %   7.89 %
    Tier 1 risk-based capital ratio 13.82 %   13.48 %   12.63 %   13.82 %   12.63 %
    Total risk-based capital ratio 16.25 %   16.04 %   15.28 %   16.25 %   15.28 %
    Common equity tier 1 capital ratio 13.82 %   13.48 %   12.63 %   13.82 %   12.63 %
                       
    (1) Efficiency ratio is calculated by dividing total non-interest expense by the sum of net interest income and total non-interest income

    Loan and PACE Assessments Portfolio Composition

    (In thousands) At September 30, 2024   At June 30, 2024   At September 30, 2023
      Amount   % of total   Amount   % of total   Amount   % of total
    Commercial portfolio:                      
    Commercial and industrial $ 1,058,376     23.3 %   $ 1,012,400     22.6 %   $ 1,050,355     24.1 %
    Multifamily   1,291,380     28.4 %     1,230,545     27.5 %     1,094,955     25.1 %
    Commercial real estate   415,077     9.1 %     377,484     8.4 %     324,139     7.4 %
    Construction and land development   22,224     0.5 %     23,254     0.5 %     28,326     0.6 %
    Total commercial portfolio   2,787,057     61.3 %     2,643,683     59.0 %     2,497,775     57.2 %
                           
    Retail portfolio:                      
                           
    Residential real estate lending   1,350,347     29.7 %     1,404,624     31.4 %     1,409,530     32.3 %
    Consumer solar   374,499     8.2 %     385,567     8.6 %     415,324     9.5 %
    Consumer and other   36,000     0.8 %     37,965     1.0 %     42,116     1.0 %
    Total retail portfolio   1,760,846     38.7 %     1,828,156     41.0 %     1,866,970     42.8 %
    Total loans held for investment   4,547,903     100.0 %     4,471,839     100.0 %     4,364,745     100.0 %
                           
    Allowance for credit losses   (61,466 )         (63,444 )         (67,815 )    
    Loans receivable, net $ 4,486,437         $ 4,408,395         $ 4,296,930      
                           
    PACE assessments:                      
    Available for sale, at fair value                      
    Residential PACE assessments   149,500     12.7 %     112,923     9.7 %     38,526     3.5 %
                           
    Held-to-maturity, at amortized cost                      
    Commercial PACE assessments   256,128     21.7 %     256,663     22.0 %     270,020     24.3 %
    Residential PACE assessments   773,101     65.6 %     798,561     68.4 %     800,484     72.2 %
    Total Held-to-maturity PACE assessments   1,029,229     87.3 %     1,055,224     90.4 %     1,070,504     96.5 %
    Total PACE assessments   1,178,729     100.0 %     1,168,147     100.0 %     1,109,030     100.0 %
                           
    Allowance for credit losses   (641 )         (655 )         (670 )    
    Total PACE assessments, net $ 1,178,088         $ 1,167,492         $ 1,108,360      
                           
                           
    Loans receivable, net and total PACE assessments, net as a % of Deposits   74.6 %         74.9 %         77.3 %    
    Loans receivable, net and total PACE assessments, net as a % of Deposits excluding Brokered CDs   75.6 %         76.4 %         81.9 %    

    Net Interest Income Analysis

      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    (In thousands) Average
    Balance    		 Income /
    Expense    		 Yield /
    Rate    		   Average
    Balance    		 Income /
    Expense    		 Yield /
    Rate    		   Average
    Balance    		 Income /
    Expense    		 Yield /
    Rate
                                       
    Interest-earning assets:                                  
    Interest-bearing deposits in banks $ 182,981   $ 2,274   4.94 %   $ 213,725   $ 2,690   5.06 %   $ 170,830   $ 1,687   3.92 %
    Securities(1)   3,388,580     44,678   5.25 %     3,308,881     42,937   5.22 %     3,208,334     39,971   4.94 %
    Resell agreements   104,933     1,754   6.65 %     122,618     2,041   6.69 %     —     —   0.00 %
    Loans receivable, net (2)   4,493,520     54,110   4.79 %     4,406,843     51,293   4.68 %     4,314,767     49,578   4.56 %
    Total interest-earning assets   8,170,014     102,816   5.01 %     8,052,067     98,961   4.94 %     7,693,931     91,236   4.70 %
    Non-interest-earning assets:                                  
    Cash and due from banks   6,144             6,371             6,129        
    Other assets   217,332             217,578             204,506        
    Total assets $ 8,393,490           $ 8,276,016           $ 7,904,566        
                                       
    Interest-bearing liabilities:                                  
    Savings, NOW and money market deposits $ 3,506,499   $ 26,168   2.97 %   $ 3,729,858   $ 24,992   2.69 %   $ 3,446,027   $ 17,157   1.98 %
    Time deposits   223,337     2,148   3.83 %     210,565     1,898   3.63 %     176,171     1,122   2.53 %
    Brokered CDs   131,103     1,789   5.43 %     156,086     1,992   5.13 %     371,329     4,879   5.21 %
    Total interest-bearing deposits   3,860,939     30,105   3.10 %     4,096,509     28,882   2.84 %     3,993,527     23,158   2.30 %
    Borrowings   71,948     604   3.34 %     104,560     887   3.41 %     376,585     4,350   4.58 %
    Total interest-bearing liabilities   3,932,887     30,709   3.11 %     4,201,069     29,769   2.85 %     4,370,112     27,508   2.50 %
    Non-interest-bearing liabilities:                                  
    Demand and transaction deposits   3,721,398             3,390,941             2,920,737        
    Other liabilities   70,804             60,982             74,964        
    Total liabilities   7,725,089             7,652,992             7,365,813        
    Stockholders’ equity   668,401             623,024             538,753        
    Total liabilities and stockholders’ equity $ 8,393,490           $ 8,276,016           $ 7,904,566        
                                       
    Net interest income / interest rate spread     $ 72,107   1.90 %       $ 69,192   2.09 %       $ 63,728   2.20 %
    Net interest-earning assets / net interest margin $ 4,237,127       3.51 %   $ 3,850,998       3.46 %   $ 3,323,819       3.29 %
                                       
    Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs $ 7,451,234       1.51 %   $ 7,331,364       1.48 %   $ 6,542,935       1.11 %
    Total deposits / total cost of deposits $ 7,582,337       1.58 %   $ 7,487,450       1.55 %   $ 6,914,264       1.33 %
    Total funding / total cost of funds $ 7,654,285       1.60 %   $ 7,592,010       1.58 %   $ 7,290,849       1.50 %
                                                   

    (1) Includes FHLBNY stock in the average balance, and dividend income on FHLBNY stock in interest income.
    (2) No material impact of prepayment penalty interest income in 3Q2024, 2Q2024, or 3Q2023

    Net Interest Income Analysis

      Nine Months Ended
      September 30, 2024   September 30, 2023
    (In thousands) Average
    Balance    		 Income /
    Expense    		 Yield /
    Rate    		   Average
    Balance    		 Income /
    Expense    		 Yield /
    Rate
                           
    Interest-earning assets:                      
    Interest-bearing deposits in banks $ 200,627   $ 7,556   5.03 %   $ 125,560   $ 3,360   3.58 %
    Securities   3,289,635     128,679   5.23 %     3,276,065     118,557   4.84 %
    Resell agreements   102,197     5,122   6.69 %     8,003     432   7.22 %
    Total loans, net (1)(2)   4,431,801     157,355   4.74 %     4,216,391     139,744   4.43 %
    Total interest-earning assets   8,024,260     298,712   4.97 %     7,626,019     262,093   4.60 %
    Non-interest-earning assets:                      
    Cash and due from banks   5,862             5,067        
    Other assets   219,096             210,112        
    Total assets $ 8,249,218           $ 7,841,198        
                           
    Interest-bearing liabilities:                      
    Savings, NOW and money market deposits $ 3,608,927   $ 73,033   2.70 %   $ 3,248,278   $ 40,010   1.65 %
    Time deposits   207,374     5,622   3.62 %     161,756     2,030   1.68 %
    Brokered CDs   159,041     6,224   5.23 %     383,521     13,769   4.80 %
    Total interest-bearing deposits   3,975,342     84,879   2.85 %     3,793,555     55,809   1.97 %
    Borrowings   154,564     4,497   3.89 %     365,262     12,292   4.50 %
    Total interest-bearing liabilities   4,129,906     89,376   2.89 %     4,158,817     68,101   2.19 %
    Non-interest-bearing liabilities:                      
    Demand and transaction deposits   3,417,970             3,086,482        
    Other liabilities   70,476             72,821        
    Total liabilities   7,618,352             7,318,120        
    Stockholders’ equity   630,866             523,078        
    Total liabilities and stockholders’ equity $ 8,249,218           $ 7,841,198        
                           
    Net interest income / interest rate spread     $ 209,336   2.08 %       $ 193,992   2.41 %
    Net interest-earning assets / net interest margin $ 3,894,354       3.48 %   $ 3,467,202       3.40 %
                           
    Total deposits excluding Brokered CDs / total cost of deposits excluding Brokered CDs $ 7,234,271       1.45 %   $ 6,496,516       0.87 %
    Total deposits / total cost of deposits $ 7,393,312       1.53 %   $ 6,880,037       1.08 %
    Total funding / total cost of funds $ 7,547,876       1.58 %   $ 7,245,299       1.26 %
                                   

    (1) Includes Federal Home Loan Bank (FHLB) stock in the average balance, and dividend income on FHLB stock in interest income.
    (2) Includes prepayment penalty interest income in September YTD 2024 and September YTD 2023 of $18 thousand and $0, respectively.

    Deposit Portfolio Composition

      Three Months Ended
    (In thousands) September 30, 2024   June 30, 2024   September 30, 2023
      Ending
    Balance    		   Average
    Balance    		   Ending
    Balance    		   Average
    Balance    		   Ending
    Balance    		   Average
    Balance
    Non-interest-bearing demand deposit accounts $ 3,801,834   $ 3,721,398   $ 3,445,068   $ 3,390,941   $ 2,808,300   $ 2,920,737
    NOW accounts   186,557     188,250     192,452     191,253     192,654     192,883
    Money market deposit accounts   2,959,264     2,986,434     3,093,644     3,202,365     3,059,982     2,893,930
    Savings accounts   327,935     331,816     336,943     336,240     357,470     359,214
    Time deposits   216,901     223,337     227,437     210,565     180,529     176,171
    Brokered certificates of deposit (“CDs”)   102,073     131,103     153,444     156,086     391,919     371,329
    Total deposits $ 7,594,564   $ 7,582,338   $ 7,448,988   $ 7,487,450   $ 6,990,854   $ 6,914,264
                           
    Total deposits excluding Brokered CDs $ 7,492,491   $ 7,451,235   $ 7,295,544   $ 7,331,364   $ 6,598,935   $ 6,542,935
      Three Months Ended
      September 30, 2024   June 30, 2024   September 30, 2023
    (In thousands) Average
    Rate Paid(1)    		   Cost of
    Funds    		   Average
    Rate Paid(1)    		   Cost of
    Funds    		   Average
    Rate Paid(1)    		   Cost of
    Funds
                           
    Non-interest bearing demand deposit accounts 0.00 %   0.00 %   0.00 %   0.00 %   0.00 %   0.00 %
    NOW accounts 0.90 %   1.09 %   1.07 %   1.07 %   0.95 %   1.01 %
    Money market deposit accounts 3.00 %   3.24 %   3.08 %   2.93 %   2.31 %   2.14 %
    Savings accounts 1.42 %   1.64 %   1.67 %   1.37 %   1.16 %   1.14 %
    Time deposits 3.83 %   3.83 %   3.50 %   3.63 %   2.88 %   2.53 %
    Brokered CDs 4.89 %   5.43 %   4.98 %   5.13 %   5.14 %   5.21 %
    Total deposits 1.43 %   1.58 %   1.59 %   1.55 %   1.46 %   1.33 %
                           
    Interest-bearing deposits excluding Brokered CDs 2.80 %   3.02 %   2.88 %   2.74 %   2.16 %   2.00 %
                                       

    (1) Average rate paid is calculated as the weighted average of spot rates on deposit accounts. Off-balance sheet deposits are excluded from all calculations shown.

    Asset Quality

    (In thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Loans 90 days past due and accruing $ —     $ —     $ —  
    Nonaccrual loans held for sale   989       989       2,189  
    Nonaccrual loans – Commercial   17,108       23,778       28,041  
    Nonaccrual loans – Retail   10,542       10,924       6,283  
    Nonaccrual securities   8       29       31  
    Total nonperforming assets $ 28,647     $ 35,720     $ 36,544  
               
    Nonaccrual loans:          
    Commercial and industrial $ 1,849     $ 8,428     $ 7,575  
    Multifamily   —       —       —  
    Commercial real estate   4,146       4,231       4,575  
    Construction and land development   11,113       11,119       15,891  
    Total commercial portfolio   17,108       23,778       28,041  
               
    Residential real estate lending   7,578       7,756       3,009  
    Consumer solar   2,848       2,794       2,817  
    Consumer and other   116       374       457  
    Total retail portfolio   10,542       10,924       6,283  
    Total nonaccrual loans $ 27,650     $ 34,702     $ 34,324  

    Credit Quality

      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    ($ in thousands)          
    Criticized and classified loans          
    Commercial and industrial $ 45,329     $ 53,940     $ 45,959  
    Multifamily   13,386       10,242       10,999  
    Commercial real estate   8,186       8,311       8,762  
    Construction and land development   11,113       11,119       15,891  
    Residential real estate lending   7,578       7,756       3,009  
    Consumer solar   2,848       2,794       2,817  
    Consumer and other   116       374       457  
    Total loans $ 88,556     $ 94,536     $ 87,894  
    Criticized and classified loans to total loans          
    Commercial and industrial 1.00 %   1.21 %   1.05 %
    Multifamily 0.29 %   0.23 %   0.25 %
    Commercial real estate 0.18 %   0.19 %   0.20 %
    Construction and land development 0.24 %   0.25 %   0.36 %
    Residential real estate lending 0.17 %   0.17 %   0.07 %
    Consumer solar 0.06 %   0.06 %   0.06 %
    Consumer and other — %   0.01 %   0.01 %
    Total loans 1.94 %   2.12 %   2.00 %
      September 30, 2024   June 30, 2024   September 30, 2023
      Annualized net charge-offs (recoveries) to average loans   ACL to total portfolio balance   Annualized net charge-offs (recoveries) to average loans   ACL to total portfolio balance   Annualized net charge-offs (recoveries) to average loans   ACL to total portfolio balance
    Commercial and industrial 2.14 %   1.01 %   0.32 %   1.44 %   — %   1.71 %
    Multifamily — %   0.37 %   — %   0.38 %   0.45 %   0.46 %
    Commercial real estate — %   0.40 %   — %   0.40 %   — %   0.64 %
    Construction and land development — %   3.73 %   — %   3.60 %   — %   3.68 %
    Residential real estate lending (0.03 )%   0.91 %   (0.18 )%   0.88 %   (0.07 )%   1.13 %
    Consumer solar 1.58 %   7.68 %   2.57 %   7.00 %   1.88 %   6.72 %
    Consumer and other 1.05 %   6.44 %   0.01 %   6.49 %   0.04 %   6.00 %
    Total loans 0.61 %   1.35 %   0.25 %   1.42 %   0.27 %   1.60 %

    Reconciliation of GAAP to Non-GAAP Financial Measures
    The information provided below presents a reconciliation of each of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

      As of and for the   As of and for the
      Three Months Ended   Nine Months Ended
    (in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
    Core operating revenue                  
    Net Interest Income (GAAP) $ 72,107     $ 69,192     $ 63,728     $ 209,336     $ 193,992  
    Non-interest income (GAAP)   8,939       9,258       6,780       28,426       19,930  
    Add: Securities loss   3,230       2,691       1,699       8,695       5,052  
    Less: ICS One-Way Sell Fee Income(1)   (8,085 )     (4,859 )     —       (15,847 )     —  
    Less: Changes in fair value of loans held-for-sale   4,265       —       —       4,265       —  
    Less: Subdebt repurchase gain(2)   (669 )     (406 )     (637 )     (1,076 )     (1,417 )
    Add: Tax (credits) depreciation on solar investments(3)   1,089       1,815       —       1,095       —  
    Core operating revenue (non-GAAP)   80,876       77,691       71,570       234,894       217,557  
                       
    Core non-interest expense                  
    Non-interest expense (GAAP) $ 40,964     $ 39,512     $ 37,339     $ 118,629     $ 113,495  
    Add: Gain on settlement of lease termination(4)   —       —       —       499       —  
    Less: Severance costs(5)   (241 )     (44 )     (332 )     (471 )     (617 )
    Core non-interest expense (non-GAAP)   40,723       39,468       37,007       118,657       112,878  
                       
    Core net income                  
    Net Income (GAAP) $ 27,942     $ 26,753     $ 22,308     $ 81,944     $ 65,284  
    Add: Securities loss   3,230       2,691       1,699       8,695       5,052  
    Less: ICS One-Way Sell Fee Income(1)   (8,085 )     (4,859 )     —       (15,847 )     —  
    Less: Changes in fair value of loans held-for-sale   4,265       —       —       4,265       —  
    Less: Gain on settlement of lease termination(4)   —       —       —       (499 )     —  
    Less: Subdebt repurchase gain(2)   (669 )     (406 )     (637 )     (1,076 )     (1,417 )
    Add: Severance costs(5)   241       44       332       471       617  
    Add: Tax (credits) depreciation on solar investments(3)   1,089       1,815       —       1,095       —  
    Less: Tax on notable items   (19 )     180       (396 )     764       (1,151 )
    Core net income (non-GAAP)   27,994       26,218       23,306       79,812       68,385  
                       
    Tangible common equity                  
    Stockholders’ equity (GAAP) $ 698,332     $ 646,112     $ 546,291     $ 698,332     $ 546,291  
    Less: Minority interest   (133 )     (133 )     (133 )     (133 )     (133 )
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )
    Less: Core deposit intangible   (1,669 )     (1,852 )     (2,439 )     (1,669 )     (2,439 )
    Tangible common equity (non-GAAP)   683,594       631,191       530,783       683,594       530,783  
                       
    Average tangible common equity                  
    Average stockholders’ equity (GAAP) $ 668,401     $ 623,024     $ 538,753     $ 630,866     $ 523,078  
    Less: Minority interest   (133 )     (133 )     (133 )     (133 )     (133 )
    Less: Goodwill   (12,936 )     (12,936 )     (12,936 )     (12,936 )     (12,936 )
    Less: Core deposit intangible   (1,759 )     (1,941 )     (2,547 )     (1,940 )     (2,768 )
    Average tangible common equity (non-GAAP)   653,573       608,014       523,137       615,857       507,241  
                                           

    (1) Included in service charges on deposit accounts in the Consolidated Statements of Income
    (2) Included in other income in the Consolidated Statements of Income
    (3) Included in equity method investments income in the Consolidated Statements of Income
    (4) Included in occupancy and depreciation in the Consolidated Statements of Income
    (5) Included in compensation and employee benefits in the Consolidated Statements of Income

    Reconciliation of GAAP to Non-GAAP Financial Measures
    The information provided below presents a reconciliation of each of our non-GAAP financial measures to the most directly comparable GAAP financial measure.

      As of and for the   As of and for the
      Three Months Ended   Nine Months Ended
    (in thousands) September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023    		   September 30,
    2024    		   September 30,
    2023
                       
    Core return on average assets                  
    Numerator: Core net income (non-GAAP) $ 27,994     $ 26,218     $ 23,306     $ 79,812     $ 68,385  
    Denominator: Total average assets (GAAP) $ 8,393,490     $ 8,276,016     $ 7,904,566       8,249,218       7,841,198  
    Core return on average assets (non-GAAP)   1.33 %     1.27 %     1.17 %     1.29 %     1.17 %
                       
    Core return on average tangible common equity                  
    Numerator: Core net income (non-GAAP) $ 27,994     $ 26,218     $ 23,306     $ 79,812     $ 68,385  
    Denominator: Average tangible common equity (non-GAAP) $ 653,573     $ 608,014     $ 523,137       615,857       507,241  
    Core return on average tangible common equity (non-GAAP)   17.04 %     17.34 %     17.67 %     17.31 %     18.02 %
                       
    Core efficiency ratio                  
    Numerator: Core non-interest expense (non-GAAP) $ 40,723     $ 39,468     $ 37,007     $ 118,657     $ 112,878  
    Denominator: Core operating revenue (non-GAAP)   80,876       77,691       71,570       234,894       217,557  
    Core efficiency ratio (non-GAAP)   50.35 %     50.80 %     51.71 %     50.52 %     51.88 %

    The MIL Network –

  • MIL-OSI: Donegal Group Inc. Announces Third Quarter and First Nine Months of 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    MARIETTA, Pa., Oct. 24, 2024 (GLOBE NEWSWIRE) — Donegal Group Inc. (NASDAQ: DGICA) and (NASDAQ: DGICB) today reported its financial results for the third quarter and first nine months of 2024.

    Significant Items for third quarter of 2024 (all comparisons to third quarter of 2023):

    • Net income of $16.8 million, or 51 cents per diluted Class A share, compared to net loss of $0.8 million, or 2 cents per Class A share
    • Net premiums earned increased 6.0% to $238.0 million
    • Net premiums written1 increased 5.9% to $232.2 million
    • Combined ratio of 96.4%, compared to 104.5%
    • Net income included after-tax net investment gains of $1.5 million, or 5 cents per diluted Class A share, compared to after-tax net investment losses of $1.0 million, or 3 cents per Class A share
    • Book value per share of $15.22 at September 30, 2024, compared to $14.26

    Financial Summary

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023     % Change     2024       2023     % Change
      (dollars in thousands, except per share amounts)
                           
    Income Statement Data                      
    Net premiums earned $ 237,957     $ 224,393     6.0 %   $ 700,017     $ 655,886     6.7 %
    Investment income, net   10,827       10,536     2.8       32,868       30,143     9.0  
    Net investment gains (losses)   1,876       (1,243 )   NM2     4,725       930     408.1  
    Total revenues   251,738       233,928     7.6       739,651       687,870     7.5  
    Net income (loss)   16,752       (805 )   NM      26,860       6,396     319.9  
    Non-GAAP operating income1   15,270       176     NM      23,127       5,661     308.5  
    Annualized return on average equity   13.4 %     -0.7 %   14.1 pts     7.2 %     1.8 %   5.4 pts
                           
    Per Share Data                      
    Net income (loss) – Class A (diluted) $ 0.51     $ (0.02 )   NM    $ 0.81     $ 0.20     305.0 %
    Net income (loss) – Class B   0.46       (0.02 )   NM      0.74       0.17     335.3  
    Non-GAAP operating income – Class A (diluted)   0.46       0.01     NM      0.70       0.17     311.8  
    Non-GAAP operating income – Class B   0.42       –     NM      0.63       0.15     320.0  
    Book value   15.22       14.26     6.7 %     15.22       14.26     6.7  
                           

    1The “Definitions of Non-GAAP Financial Measures” section of this release defines and reconciles data that we prepare on an accounting basis other than U.S. generally accepted accounting principles (“GAAP”).

    2Not meaningful.


    Management Commentary

    “We are pleased that many of the strategic initiatives we implemented in recent years contributed to significant improvement in our financial results for the third quarter of 2024,” said Kevin G. Burke, President and Chief Executive Officer of Donegal Group Inc.

    “With the exit from commercial lines markets in Georgia and Alabama essentially completed at the end of the second quarter of 2024, solid new business writings, rate achievement and retention levels led to a 6.4% increase in commercial lines net premiums written for the third quarter of 2024. Our personal lines net premiums written growth rate for the third quarter was 5.4%, primarily attributable to strong rate increases and policy retention that were partially offset by intentional strategic actions to slow growth and further improve profitability.

    “Despite higher-than-average weather-related losses during the quarter, primarily attributable to Hurricane Helene in late September, our combined ratio improved significantly to 96.4%, compared to 104.5% for the prior-year quarter. Our core loss ratios improved across all of our major lines of business. We attribute that improvement to the favorable impact of numerous ongoing underwriting initiatives and higher net premiums earned from renewal rate increases that we implemented over the past two years.”

    Mr, Burke concluded, “We have growing confidence that the continuing execution of our strategies will deliver sustained excellent financial performance.”

    Insurance Operations

    Donegal Group is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in three Mid-Atlantic states (Delaware, Maryland and Pennsylvania), five Southern states (Georgia, North Carolina, South Carolina, Tennessee and Virginia), eight Midwestern states (Illinois, Indiana, Iowa, Michigan, Nebraska, Ohio, South Dakota and Wisconsin) and five Southwestern states (Arizona, Colorado, New Mexico, Texas and Utah). Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group conduct business together as the Donegal Insurance Group.

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024     2023   % Change     2024     2023   % Change
      (dollars in thousands)
                           
    Net Premiums Earned                      
    Commercial lines $ 136,401   $ 135,432   0.7 %   $ 402,982   $ 399,427   0.9 %
    Personal lines   101,556     88,961   14.2       297,035     256,460   15.8  
    Total net premiums earned $ 237,957   $ 224,393   6.0 %   $ 700,017   $ 655,887   6.7 %
                           
    Net Premiums Written                      
    Commercial lines:                      
    Automobile $ 41,464   $ 37,535   10.5 %   $ 142,067   $ 134,853   5.3 %
    Workers’ compensation   23,934     24,371   -1.8       82,599     85,315   -3.2  
    Commercial multi-peril   50,155     44,949   11.6       163,528     147,622   10.8  
    Other   10,548     11,639   -9.4       35,649     39,913   -10.7  
    Total commercial lines   126,101     118,494   6.4       423,843     407,703   4.0  
    Personal lines:                      
    Automobile   65,150     58,038   12.3       188,958     161,348   17.1  
    Homeowners   38,288     39,633   -3.4       109,655     105,035   4.4  
    Other   2,669     3,021   -11.7       8,383     8,917   -6.0  
    Total personal lines   106,107     100,692   5.4       306,996     275,300   11.5  
    Total net premiums written $ 232,208   $ 219,186   5.9 %   $ 730,839   $ 683,003   7.0 %
                           
                           

    Net Premiums Written

    The 5.9% increase in net premiums written for the third quarter of 2024 compared to the third quarter of 2023, as shown in the table above, represents the combination of 6.4% growth in commercial lines net premiums written and 5.4% growth in personal lines net premiums written. The $13.0 million increase in net premiums written for the third quarter of 2024 compared to the third quarter of 2023 included:

    • Commercial Lines: $7.6 million increase that we attribute primarily to new business writings, strong premium retention, and a continuation of renewal premium increases in lines other than workers’ compensation, offset partially by planned attrition in states in which we are executing ongoing profit improvement initiatives as part of our state-specific strategies.
    • Personal Lines: $5.4 million increase that we attribute primarily to a continuation of renewal premium rate increases and strong policy retention, offset partially by planned attrition due to non-renewal actions.

    Underwriting Performance

    We evaluate the performance of our commercial lines and personal lines segments primarily based upon the underwriting results of our insurance subsidiaries as determined under statutory accounting practices. The following table presents comparative details with respect to the GAAP and statutory combined ratios1 for the three and nine months ended September 30, 2024 and 2023:

      Three Months Ended   Nine Months Ended
      September 30,   September 30,
      2024     2023     2024     2023  
                   
    GAAP Combined Ratios (Total Lines)              
    Loss ratio – core losses 50.1 %   56.7 %   54.5 %   56.0 %
    Loss ratio – weather-related losses 10.3     11.5     8.6     9.1  
    Loss ratio – large fire losses 3.7     4.9     5.2     5.3  
    Loss ratio – net prior-year reserve development -2.6     -3.3     -2.2     -2.4  
    Loss ratio 61.5     69.8     66.1     68.0  
    Expense ratio 34.5     34.1     34.0     34.9  
    Dividend ratio 0.4     0.6     0.5     0.6  
    Combined ratio 96.4 %   104.5 %   100.6 %   103.5 %
                   
    Statutory Combined Ratios              
    Commercial lines:              
    Automobile 101.5 %   86.5 %   98.2 %   94.8 %
    Workers’ compensation 84.7     97.7     104.1     93.1  
    Commercial multi-peril 88.4     114.8     100.4     113.8  
    Other 59.4     76.2     78.4     82.7  
    Total commercial lines 89.8     97.5     98.6     100.2  
    Personal lines:              
    Automobile 97.8     109.8     97.8     106.1  
    Homeowners 116.8     128.9     107.5     111.2  
    Other 102.2     46.4     97.2     81.3  
    Total personal lines 104.7     119.4     101.2     107.2  
    Total lines 96.0 %   105.2 %   99.7 %   102.9 %
                   
                   

    Loss Ratio

    For the third quarter of 2024, the loss ratio decreased to 61.5%, compared to 69.8% for the third quarter of 2023. For the commercial lines segment, the core loss ratio of 48.5% for the third quarter of 2024 decreased from 53.7% for the third quarter of 2023, due largely to lower severity of large casualty losses. For the personal lines segment, the core loss ratio of 52.5% for the third quarter of 2024 decreased from 61.8% for the third quarter of 2023, due largely to the favorable impact of premium rate increases on net premiums earned for that segment. Core loss ratios in both segments improved compared to the respective ratios for the first half of 2024.

    Weather-related losses were $24.4 million, or 10.3 percentage points of the loss ratio, for the third quarter of 2024, compared to $25.7 million, or 11.5 percentage points of the loss ratio, for the third quarter of 2023. Weather-related loss activity for the third quarter of 2024 was higher than our previous five-year average of $18.8 million, or 9.4 percentage points of the loss ratio, for third-quarter weather-related losses. Our insurance subsidiaries incurred $6.0 million in net losses from Hurricane Helene in September 2024.

    Large fire losses, which we define as individual fire losses in excess of $50,000, for the third quarter of 2024 were $8.8 million, or 3.7 percentage points of the loss ratio. That amount was lower than large fire losses of $11.0 million, or 4.9 percentage points of the loss ratio, for the third quarter of 2023. We experienced a decrease in commercial property fire losses compared to the prior-year quarter.

    Net favorable development of reserves for losses incurred in prior accident years of $6.2 million decreased the loss ratio for the third quarter of 2024 by 2.6 percentage points, compared to $7.3 million that decreased the loss ratio for the third quarter of 2023 by 3.3 percentage points. Our insurance subsidiaries experienced favorable development primarily in the commercial multi-peril and other commercial lines of business.

    Expense Ratio

    The expense ratio was 34.5% for the third quarter of 2024, compared to 34.1% for the third quarter of 2023. The modest increase in the expense ratio primarily reflected an increase in underwriting-based incentive costs as well as higher technology systems-related expenses that were primarily due to increased costs related to our ongoing systems modernization project, a portion of which Donegal Mutual Insurance Company allocates to our insurance subsidiaries. This increase was offset partially by impacts of various expense reduction initiatives, including agency incentive program revisions, commission schedule adjustments, targeted staffing reductions, and hiring restrictions for open employment positions, among others. We expect the impact from allocated costs from Donegal Mutual Insurance Company to our insurance subsidiaries related to the ongoing systems modernization project will peak at approximately 1.3 percentage points of the expense ratio for the full year of 2024 before beginning to subside gradually in subsequent years.

    Investment Operations

    Donegal Group’s investment strategy is to generate an appropriate amount of after-tax income on its invested assets while minimizing credit risk through investment in high-quality securities. As a result, we had invested 96.2% of our consolidated investment portfolio in diversified, highly rated and marketable fixed-maturity securities at September 30, 2024.

      September 30, 2024   December 31, 2023
      Amount   %   Amount   %
      (dollars in thousands)
    Fixed maturities, at carrying value:              
    U.S. Treasury securities and obligations of U.S. government corporations and agencies $ 173,663     12.7 %   $ 176,991     13.3 %
    Obligations of states and political subdivisions   413,040     30.1       415,280     31.3  
    Corporate securities   427,372     31.2       399,640     30.1  
    Mortgage-backed securities   304,911     22.3       278,260     21.0  
    Allowance for expected credit losses   (1,483 )   -0.1       (1,326 )   -0.1  
    Total fixed maturities   1,317,503     96.2       1,268,845     95.6  
    Equity securities, at fair value   35,957     2.6       25,903     2.0  
    Short-term investments, at cost   15,805     1.2       32,306     2.4  
    Total investments $ 1,369,265     100.0 %   $ 1,327,054     100.0 %
                   
    Average investment yield   3.3 %         3.1 %    
    Average tax-equivalent investment yield   3.3 %         3.2 %    
    Average fixed-maturity duration (years)   5.1           4.3      
                   
                   

    Net investment income of $10.8 million for the third quarter of 2024 increased modestly compared to $10.5 million for the third quarter of 2023. The increase in net investment income primarily reflected an increase in average investment yield relative to the prior-year third quarter.

    Net investment gains of $1.9 million for the third quarter of 2024 were primarily related to unrealized gains in the fair value of equity securities held at September 30, 2024. Net investment losses of $1.2 million for the third quarter of 2023 were primarily related to unrealized losses in the fair value of equity securities held at September 30, 2023.

    Our book value per share was $15.22 at September 30, 2024, compared to $14.39 at December 31, 2023, with the increase related to net income as well as $11.9 million of after-tax unrealized gains within our available-for-sale fixed-maturity portfolio during 2024 that increased our book value by $0.37 per share, offset partially by cash dividends declared.

    Definitions of Non-GAAP Financial Measures

    We prepare our consolidated financial statements on the basis of GAAP. Our insurance subsidiaries also prepare financial statements based on statutory accounting principles state insurance regulators prescribe or permit (“SAP”). In addition to using GAAP-based performance measurements, we also utilize certain non-GAAP financial measures that we believe provide value in managing our business and for comparison to the financial results of our peers. These non-GAAP measures are net premiums written, operating income or loss and statutory combined ratio.

    Net premiums written and operating income or loss are non-GAAP financial measures investors in insurance companies commonly use. We define net premiums written as the amount of full-term premiums our insurance subsidiaries record for policies effective within a given period less premiums our insurance subsidiaries cede to reinsurers. We define operating income or loss as net income or loss excluding after-tax net investment gains or losses, after-tax restructuring charges and other significant non-recurring items. Because our calculation of operating income or loss may differ from similar measures other companies use, investors should exercise caution when comparing our measure of operating income or loss to the measure of other companies.

    The following table provides a reconciliation of net premiums earned to net premiums written for the periods indicated:

                           
      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023     % Change     2024     2023   % Change
      (dollars in thousands)
                           
    Reconciliation of Net Premiums                      
    Earned to Net Premiums Written                      
    Net premiums earned $ 237,957     $ 224,393     6.0 %   $ 700,017   $ 655,886   6.7 %
    Change in net unearned premiums   (5,749 )     (5,207 )   10.4       30,822     27,117   13.7  
    Net premiums written $ 232,208     $ 219,186     5.9 %   $ 730,839   $ 683,003   7.0 %
                           
                           

    The following table provides a reconciliation of net income (loss) to operating income for the periods indicated:

      Three Months Ended September 30,   Nine Months Ended September 30,
        2024       2023     % Change     2024       2023     % Change
      (dollars in thousands, except per share amounts)
                           
    Reconciliation of Net Income (Loss)                      
    to Non-GAAP Operating Income                      
    Net income (loss) $ 16,752     $ (805 )   NM   $ 26,860     $ 6,396     319.9 %
    Investment (gains) losses (after tax)   (1,482 )     981     NM     (3,733 )     (735 )   407.9  
    Non-GAAP operating income $ 15,270     $ 176     NM   $ 23,127     $ 5,661     308.5 %
                           
    Per Share Reconciliation of Net Income (Loss)                      
    to Non-GAAP Operating Income                      
    Net income (loss) – Class A (diluted) $ 0.51     $ (0.02 )   NM   $ 0.81     $ 0.20     305.0 %
    Investment (gains) losses (after tax)   (0.05 )     0.03     NM     (0.11 )     (0.03 )   266.7  
    Non-GAAP operating income – Class A $ 0.46     $ 0.01     NM   $ 0.70     $ 0.17     311.8 %
                           
    Net income (loss) – Class B $ 0.46     $ (0.02 )   NM   $ 0.74     $ 0.17     335.3 %
    Investment (gains) losses (after tax)   (0.04 )     0.02     NM     (0.11 )     (0.02 )   450.0  
    Non-GAAP operating income – Class B $ 0.42     $ –     NM   $ 0.63     $ 0.15     320.0 %
                           
                           

    The statutory combined ratio is a non-GAAP standard measurement of underwriting profitability that is based upon amounts determined under SAP. The statutory combined ratio is the sum of:

    • the statutory loss ratio, which is the ratio of calendar-year incurred losses and loss expenses, excluding anticipated salvage and subrogation recoveries, to premiums earned;
    • the statutory expense ratio, which is the ratio of expenses incurred for net commissions, premium taxes and underwriting expenses to premiums written; and
    • the statutory dividend ratio, which is the ratio of dividends to holders of workers’ compensation policies to premiums earned.

    The statutory combined ratio does not reflect investment income, federal income taxes or other non-operating income or expense. A statutory combined ratio of less than 100% generally indicates underwriting profitability.

    Dividend Information

    On October 17, 2024, we declared a regular quarterly cash dividend of $0.1725 per share for our Class A common stock and $0.155 per share for our Class B common stock, which are payable on November 15, 2024 to stockholders of record as of the close of business on November 1, 2024.

    Pre-Recorded Webcast

    At approximately 8:30 am ET on Thursday, October 24, 2024, we will make available in the Investors section of our website a pre-recorded audio webcast featuring management commentary on our quarterly results and general business updates. You may listen to the pre-recorded webcast by accessing the link on our website at http://investors.donegalgroup.com. A supplemental investor presentation is also available via our website.

    About the Company

    Donegal Group Inc. is an insurance holding company whose insurance subsidiaries and affiliates offer property and casualty lines of insurance in certain Mid-Atlantic, Midwestern, Southern and Southwestern states. Donegal Mutual Insurance Company and the insurance subsidiaries of Donegal Group Inc. conduct business together as the Donegal Insurance Group. The Donegal Insurance Group has an A.M. Best rating of A (Excellent).

    The Class A common stock and Class B common stock of Donegal Group Inc. trade on the NASDAQ Global Select Market under the symbols DGICA and DGICB, respectively. We are focused on several primary strategies, including achieving sustained excellent financial performance, strategically modernizing our operations and processes to transform our business, capitalizing on opportunities to grow profitably and delivering a superior experience to our agents and customers.

    Safe Harbor

    We base all statements contained in this release that are not historic facts on our current expectations. Such statements are forward-looking in nature (as defined in the Private Securities Litigation Reform Act of 1995) and necessarily involve risks and uncertainties. Forward-looking statements we make may be identified by our use of words such as “will,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “seek,” “estimate” and similar expressions. Our actual results could vary materially from our forward-looking statements. The factors that could cause our actual results to vary materially from the forward-looking statements we have previously made include, but are not limited to, adverse litigation and other trends that could increase our loss costs (including social inflation, labor shortages and escalating medical, automobile and property repair costs), adverse and catastrophic weather events (including from changing climate conditions), our ability to maintain profitable operations (including our ability to underwrite risks effectively and charge adequate premium rates), the adequacy of the loss and loss expense reserves of our insurance subsidiaries, the availability and successful operation of the information technology systems our insurance subsidiaries utilize, the successful development of new information technology systems to allow our insurance subsidiaries to compete effectively, business and economic conditions in the areas in which we and our insurance subsidiaries operate, interest rates, competition from various insurance and other financial businesses, terrorism, the availability and cost of reinsurance, legal and judicial developments (including those related to COVID-19 business interruption coverage exclusions), changes in regulatory requirements, our ability to attract and retain independent insurance agents, changes in our A.M. Best rating and the other risks that we describe from time to time in our filings with the Securities and Exchange Commission. We disclaim any obligation to update such statements or to announce publicly the results of any revisions that we may make to any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Investor Relations Contacts

    Karin Daly, Vice President, The Equity Group Inc.

    Phone: (212) 836-9623
    E-mail: kdaly@equityny.com

    Jeffrey D. Miller, Executive Vice President & Chief Financial Officer
    Phone: (717) 426-1931
    E-mail: investors@donegalgroup.com

    Financial Supplement

    Donegal Group Inc.
    Consolidated Statements of Income (Loss)
    (unaudited; in thousands, except share data)
               
          Quarter Ended September 30,
            2024     2023  
               
    Net premiums earned $ 237,957   $ 224,393  
    Investment income, net of expenses   10,827     10,536  
    Net investment gains (losses)   1,876     (1,243 )
    Lease income     77     86  
    Installment payment fees   1,001     156  
      Total revenues   251,738     233,928  
               
    Net losses and loss expenses   146,426     156,683  
    Amortization of deferred acquisition costs   40,200     39,332  
    Other underwriting expenses   41,827     37,155  
    Policyholder dividends   1,007     1,399  
    Interest     367     156  
    Other expenses, net     1,499     208  
      Total expenses   231,326     234,933  
               
    Income (loss) before income tax expense (benefit)   20,412     (1,005 )
    Income tax expense (benefit)   3,660     (200 )
               
    Net income (loss)   $ 16,752   $ (805 )
               
    Net income (loss) per common share:      
      Class A – basic and diluted $ 0.51   $ (0.02 )
      Class B – basic and diluted $ 0.46   $ (0.02 )
               
    Supplementary Financial Analysts’ Data      
               
    Weighted-average number of shares      
      outstanding:      
      Class A – basic   27,978,435     27,594,973  
      Class A – diluted   28,058,399     27,665,293  
      Class B – basic and diluted   5,576,775     5,576,775  
               
    Net premiums written $ 232,208   $ 219,186  
               
    Book value per common share      
      at end of period $ 15.22   $ 14.26  
               
    Donegal Group Inc.
    Consolidated Statements of Income
    (unaudited; in thousands, except share data)
               
          Nine Months Ended September 30,
            2024     2023
               
    Net premiums earned $ 700,017   $ 655,886
    Investment income, net of expenses   32,868     30,143
    Net investment gains   4,725     930
    Lease income     237     262
    Installment payment fees   1,804     649
      Total revenues   739,651     687,870
               
    Net losses and loss expenses   462,683     446,024
    Amortization of deferred acquisition costs   120,458     115,065
    Other underwriting expenses   117,604     113,715
    Policyholder dividends   3,248     4,088
    Interest     677     464
    Other expenses, net     2,309     969
      Total expenses   706,979     680,325
               
    Income before income tax expense   32,672     7,545
    Income tax expense     5,812     1,149
               
    Net income   $ 26,860   $ 6,396
               
    Net income per common share:      
      Class A – basic $ 0.82   $ 0.20
      Class A – diluted $ 0.81   $ 0.20
      Class B – basic and diluted $ 0.74   $ 0.17
               
    Supplementary Financial Analysts’ Data      
               
    Weighted-average number of shares outstanding:      
      Class A – basic   27,878,552     27,390,883
      Class A – diluted   27,916,904     27,507,706
      Class B – basic and diluted   5,576,775     5,576,775
               
    Net premiums written $ 730,839   $ 683,003
               
    Book value per common share      
      at end of period $ 15.22   $ 14.26
     
    Donegal Group Inc.
    Consolidated Balance Sheets
    (in thousands)
               
          September 30,   December 31,
            2024       2023  
          (unaudited)    
               
    ASSETS
    Investments:      
      Fixed maturities:      
        Held to maturity, at amortized cost $ 694,663     $ 679,497  
        Available for sale, at fair value   622,840       589,348  
      Equity securities, at fair value   35,957       25,903  
      Short-term investments, at cost   15,805       32,306  
        Total investments   1,369,265       1,327,054  
    Cash   28,651       23,792  
    Premiums receivable   194,254       179,592  
    Reinsurance receivable   434,078       441,431  
    Deferred policy acquisition costs   78,484       75,043  
    Prepaid reinsurance premiums   185,364       168,724  
    Other assets   56,030       50,658  
        Total assets $ 2,346,126     $ 2,266,294  
               
    LIABILITIES AND STOCKHOLDERS’ EQUITY
    Liabilities:      
      Losses and loss expenses $ 1,134,853     $ 1,126,157  
      Unearned premiums   646,870       599,411  
      Accrued expenses   2,987       3,947  
      Borrowings under lines of credit   35,000       35,000  
      Other liabilities   13,046       22,034  
        Total liabilities   1,832,756       1,786,549  
    Stockholders’ equity:      
      Class A common stock   312       308  
      Class B common stock   56       56  
      Additional paid-in capital   342,186       335,694  
      Accumulated other comprehensive loss   (20,951 )     (32,882 )
      Retained earnings   232,993       217,795  
      Treasury stock   (41,226 )     (41,226 )
        Total stockholders’ equity   513,370       479,745  
        Total liabilities and stockholders’ equity $ 2,346,126     $ 2,266,294  
               

    The MIL Network –

  • MIL-OSI Europe: EU paves the way for investments in Timor-Leste’s water, waste, and forestry sectors, boosting the country’s sustainable development

    Source: European Investment Bank

    EIB

    • The EU-funded programme has supported the Government of Timor-Leste in identifying and preparing potential investment projects.
    • These projects have been identified in the sectors of forestry, water supply, and waste management, and were presented today as ready for financing, with a total investment need of approximately €260 million.
    • EIB Global is ready to assess these projects for financing.

     The European Union Delegation to Timor-Leste and the European Investment Bank (EIB Global) have worked closely with the Government of Timor-Leste to prepare investment projects aimed at improving the country’s infrastructure and fostering sustainable development. The three proposals resulting from this collaboration focus on water supply, solid waste management, and forestry, and are now ready to be transformed into tangible investments.

    The three projects include a commercial forestry initiative in the municipalities of Covalima and Bobonaro, a national solid waste management project including a health waste management component, and a water supply project for selected municipalities. The forestry project aims to transform underutilised state lands, generating essential resources like firewood and timber, while creating thousands of jobs for local communities. The national waste management project introduces solutions for the safe and efficient management of waste thus reducing significantly the pollution discharged into the environment. The water supply project focuses on improving access to clean water in key municipalities, addressing both urban and rural needs for better sanitation and reliable water sources. Together these initiatives require a total investment of about €260 million.

    The preparation of the three investment projects was made possible through the Project Preparation and Implementation Programme (PPIP), which concluded today with the final Steering Committee meeting where these projects were presented. Managed by EIB Global, the PPIP was supported by a €5 million budget, including €4.75 million in technical assistance from the EU and €250,000 from the Cotonou Partnership Agreement.

    The final Steering Committee meeting was chaired by H.E. the Minister for Planning and Strategic Investments, Gastão Francisco de Sousa, and attended by representatives from the Government of Timor-Leste, EIB Global, the EU Delegation to Timor-Leste, and other stakeholders.

    The Ambassador to the European Union Delegation to Timor-Leste, Mr Marc Fiedrich said: “If converted into a loan, the Project Preparation and Implementation Programme opens a new era of cooperation. Until today, our support, although significant in terms of funds, consisted of limited instruments: grants, technical assistance, and budget support. With this programme, we add loans and guarantees, and maybe later private investments. This is the new trend of cooperation promoted by the EU, the innovative Global Gateway strategy that may become the norm in the near future.”

    The Vice-President of the European Investment Bank Ambroise Fayolle said: “Alongside our EU partners on the ground, we have been supporting the Government of Timor-Leste in identifying and preparing investment projects. By focusing on strategic sectors such as forestry, water supply, and waste management, these initiatives will not only address immediate community needs but also lay the groundwork for sustainable economic growth. We look forward to turning these project proposals into tangible investments. As the EU’s financial arm, the EIB stands ready to provide the necessary financial support to make these projects a reality, in line with the EU’s Global Gateway strategy.”

    His Excellency the Minister for Planning and Strategic Investments, Gastão Francisco de Sousa said: “All three projects have the potential to make significant and long-term contributions to Timor-Leste’s development, and to improved rural and urban environments. The projects comply with and support our national development objectives for their respective sectors.” He emphasised the role of the Ministry of Planning and Strategic Investments in facilitating and coordinating efforts across the sectors.

    His Excellency the Minister of Agriculture, Livestock, Fisheries and Forestry, Marcos da Cruz said: “I would like to thank the EIB, the EU Delegation and COWI for the design of the Timor-Leste Commercial Forestry Project. We welcome this innovative approach to the development of commercial forestry in Timor-Leste, using currently unproductive land. In addition, the project is expected to provide jobs for people living in the target areas, re-green vulnerable areas, increase incomes from forest products, and increase Government’s income.”

    His Excellency the Minister of State Administration, Tomás do Rosário Cabral said: “We are grateful for the European Investment Bank’s support for waste management projects. Providing adequate and affordable waste services to the entire population is of great concern for the Government. It will improve public health and is much needed for protecting the terrestrial and marine environment. Specifically, better healthcare risk waste management is urgently needed. In this respect, the EIB project proposal provides a modern, efficient, and sustainable solution that should be implemented as soon as possible.”

    Background information:

    Project Preparation and Implementation Programme (PPIP) is an EU-funded and EIB-managed project designed to assist the Government of Timor-Leste in the identifying, preparing and implementing projects that are technically sound, financially viable, and environmentally and socially responsible, and are ready for investments. The programme has identified potential projects in the three sectors — water, solid waste management and forestry — by conducting prefeasibility studies for six projects and completing three feasibility studies. Investment projects in forestry and solid waste are now ready for the Government of Timor-Leste to request loan from the EIB and EU grant funding, should they choose to move forward with these initiatives.

    Steering Committee of the Project Preparation and Implementation Programme is chaired by the Ministry for Planning and Strategic Investments. The committee also includes representatives from several key government entities of Timor-Leste, such as by the Ministry of Foreign Affairs and Cooperation, the Ministry of Finance, the Ministry of State Administration, the Ministry of Public Works, the Ministry of Agriculture, Livestock, Fisheries and Forestry and Bee Timor-Leste public utility company.

    The European Union (EU) is a unique economic and political union between 27 European countries that cover much of the continent together. In Timor-Leste, the EU is the second largest donor of development aid (grant funding). The EU is committed to supporting Timor-Leste’s 2011-2030 Strategic Development plan, which aims to transform Timor-Leste into an upper-middle-income country by 2030 based on rapid, inclusive growth enabling it to improve infrastructure, worker skills, education, training and health systems, and combat poverty and malnutrition. The EU assistance focuses on green and sustainable economic recovery and development, rural development, good governance for sustainable development and gender equality.

    The European Investment Bank (EIB) is the long-term financing institution of the European Union owned by its Member States. EIB Global is the EIB’s specialised arm devoted to increasing the impact of international partnerships and development finance outside the European Union. EIB Global is a key partner of the EU Global Gateway strategy, and is designed to foster strong, focused partnerships within Team Europe, alongside fellow development finance institutions and civil society. EIB Global brings the EIB closer to local people, companies and institutions through our offices across the world.

    Global Gateway is the European Union’s strategy to reduce the worldwide investment gap, boost smart, clean and secure connections in the digital, energy and transport sectors, and strengthen health, education and research systems. The Global Gateway strategy embodies a Team Europe approach that brings together the European Union, EU Member States and European development finance institutions. It aims to mobilise up to €300 billion in public and private investments between 2021 and 2027, creating essential links rather than dependencies, and closing the global investment gap.

    EU paves the way for investments in Timor-Leste’s
    EU paves the way for investments in Timor-Leste’s water, waste, and forestry sectors, boosting the country’s sustainable development
    ©EIB
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    EU paves the way for investments in Timor-Leste’s
    EU paves the way for investments in Timor-Leste’s water, waste, and forestry sectors, boosting the country’s sustainable development
    ©EIB
    Download original

    MIL OSI Europe News –