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Category: Russian Federation

  • MIL-OSI Economics: Secretary-General of ASEAN officiates the Opening Ceremony of the Exhibition on ASEAN-Russia Cooperation in Civilian Nuclear Energy and Technologies

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today officiated the Opening Ceremony of the Exhibition on ASEAN-Russia Prospects of Cooperation in Civilian Nuclear Energy and Technologies, where he delivered remarks that welcomed greater collaboration with ASEAN’s partners in the area of civilian nuclear energy. This event highlights the partnership between ASEAN and Russia in advancing civilian nuclear energy as part of regional cooperation in energy, innovation, and technology.

    Download the full remarks here.

    The post Secretary-General of ASEAN officiates the Opening Ceremony of the Exhibition on ASEAN-Russia Cooperation in Civilian Nuclear Energy and Technologies appeared first on ASEAN Main Portal.

    MIL OSI Economics –

    February 19, 2025
  • MIL-OSI Russia: A tripartite cooperation agreement was signed between SPbGASU, KGIOP of St. Petersburg and the TBS company

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – Signing of the document. Alexey Mikhailov, Svetlana Golovina and Mikhail Romanov

    On February 18, a tripartite cooperation agreement was signed at SPbGASU between the university, the Committee for State Control, Use and Protection of Historical and Cultural Monuments of St. Petersburg and the Russian software developer OOO TBS. It was signed by First Vice-Rector Svetlana Golovina, Chairman of KGIOP Alexey Mikhailov and General Director of OOO TBS Mikhail Romanov.

    The agreement provides for the joint development of a methodology for creating information models of cultural heritage sites based on Russian software (Methodology IM OKN). The information model will include all the information about the site necessary for restoration work.

    “We are starting a large and complex project that unites the efforts of many specialists involved in the restoration of cultural heritage sites and environmental renovation. The expected result is the development of a specialized Russian software product, which, as a necessary tool, will be able to reduce the time and cost of restoration,” commented Evgeny Korolev, Vice-Rector for Research, Head of the Department of Construction Materials Technologies and Metrology at SPbGASU.

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

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI Russia: Yuri Antonov, People’s Artist of Russia

    Translartion. Region: Russians Fedetion –

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

    Mikhail Mishustin congratulated the composer and singer on his 80th birthday.

    The telegram, in particular, notes:

    “Your multifaceted creativity has become an integral part of our national culture, and your wonderful songs remain popular to this day. They touch the depths of the soul, and millions of people know and love them.

    Your contribution to the development of musical art, the preservation and enhancement of the traditions of Russian pop music deserves the greatest respect.

    I wish you good health, happiness and prosperity.”

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

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI Russia: Professor of the State University of Management presented his three-volume monograph “Selected Works”

    Translartion. Region: Russians Fedetion –

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

    A round table on the topic of “Russia’s Migration Policy: Trends and Strategies” was held at the Central House of Scientists of the Russian Academy of Sciences. It was organized by the Scientific Council of the Department of Social Sciences of the Russian Academy of Sciences and the Institute of Demographic Research (IDR) of the Federal Research Center of the Russian Academy of Sciences.

    Vladimir Volokh, professor of the Department of Public Administration and Political Technologies of the State University of Management, member of the Council under the President of the Russian Federation for Interethnic Relations and the Public Council under the Ministry of Internal Affairs of Russia, and Doctor of Political Sciences, gave a plenary report on “Russia’s Migration Policy: Trends and Strategies”.

    The presentation included his monograph “Selected Works”, prepared for the author’s 80th anniversary. The three-volume work is the culmination of many years of research, containing valuable analytical materials devoted to various aspects of migration policy.

    The report examined the problems of migration processes in the context of integration processes and geopolitical turbulence, presented the results of empirical studies of migration at the national and regional levels, as well as strategic directions for the development of state migration policy in Russia.

    The presentation aroused keen interest among leading Russian scientists, experts, researchers, government officials and anyone interested in migration and its impact on society. Representatives of government and public organizations, the scientific community and higher education institutions took an active part in the fruitful discussion that followed.

    Head of the Department of Public Administration and Political Technologies of the State University of Management, Doctor of Historical Sciences, Professor Nikolai Omelchenko emphasized the importance of the presented work and the significant role of the faculty of the department in conducting scientific research, including on the problems of population migration.

    Famous scientists and practitioners in the field of public policy and migration relations formation shared their vision of the migration policy problem: V.Yu. Zorin, A.S. Brod, M.N. Khramova, T.N. Yudina, V.I. Mukomel, V.Yu. Ledeneva, E.A. Nazarova, T.N. Dmitrieva and others, noting the undoubted significance of the presented work. Migration issues today are directly related to ensuring Russia’s security, the country’s socio-economic life and are at the forefront of significant problems for the state.

    Subscribe to the TG channel “Our GUU” Date of publication: 02/19/2025

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

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI: Wix Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Capping off a year of sustained growth acceleration and stronger than expected FCF generation – surpassing Rule of 40 in 2024 and on track to achieve Rule of 45 in 2025

    • Culminated a year of accelerated growth and innovation with Q4 bookings of $465 million, up 18% y/y, and Q4 revenue of $460 million, up 14% y/y
      • Steady growth acceleration in Self Creators coupled with continued strength in high-growth Partners, demonstrated by Partners revenue growth of 30% y/y in FY2024
      • Strong momentum across key product focus areas, including Studio, AI and commerce as well as solid business fundamentals and price increase benefit
    • Robust growth and a stable operating cost base drove FCF1 generation to nearly double in 2024 compared to previous year, resulting in continued profitability improvement with Q4 FCF margin of 29% and full year FCF1 margin of 28%
      • Achieved first year of positive GAAP operating income in Wix history
    • On track to achieve Rule of 45 in 2025 at high end of outlook through continued innovation-powered growth and further FCF margin expansion
    • Completed $200 million share repurchase plan in January, totaling $725 million in aggregate repurchases since August 2023

    NEW YORK — Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform2, today reported financial results for the fourth quarter and full year 2024. In addition, the Company provided its initial outlook for the first quarter and full year 2025. Please visit the Wix Investor Relations website at https://investors.wix.com to view the Q4’24 Shareholder Update and other materials.

    “Wix sets a high standard for innovation and creativity, and we’re constantly exceeding expectations. This past year was one of exciting innovation as we introduced revolutionary AI solutions such as the new generation AI Website Builder. We also made meaningful enhancements to the Studio platform, including the AI visual sitemap and wireframe generator and Figma integration among new advanced design capabilities,” said Avishai Abrahami, Wix Co-founder and CEO. “2025 is poised to reimagine and expand the Self Creator experience with the launch of two transformative products planned for the spring and early fall. I strongly believe that these will deliver immense value to users and, in turn, accelerate Self Creator growth to double-digits in the years to come. We’re thrilled about these strategic enhancements, which are set to propel our business forward and establish a powerful foundation for the years ahead.”

    “We wrapped 2024 with accelerated growth and profitability, driven by successful execution of our product roadmap and pricing strategy as well as strong business fundamentals,” added Lior Shemesh, CFO at Wix. “With AI usage ramping from our growing suite of innovations and Studio continuing to win market share, we anticipate these to be even bigger growth engines in 2025 and beyond. Solid growth will be coupled with incremental efficiencies from new internal AI initiatives and a stable operating base, enabling us to continue to expand margins and set new profitability records. The high end of our outlook puts us at Rule of 45 in 2025 as we continue to prioritize balancing profitable growth through best-in-class innovation and steadfast execution.”

    Q4 2024 Financial Results

    • Total revenue in the fourth quarter of 2024 was $460.5 million, up 14% y/y
      • Creative Subscriptions revenue in the fourth quarter of 2024 was $329.7 million, up 11% y/y
      • Creative Subscriptions ARR increased to $1.343 billion as of the end of the quarter, up 13% y/y
    • Business Solutions revenue in the fourth quarter of 2024 was $130.7 million, up 21% y/y
      • Transaction revenue3 was $57.1 million, up 23% y/y
    • Partners revenue4 in the fourth quarter of 2024 was $168.1 million, up 29% y/y
    • Total bookings in the fourth quarter of 2024 were $464.6 million, up 18% y/y
      • Total bookings on a y/y constant currency basis were $466.2 million
      • Creative Subscriptions bookings in the fourth quarter of 2024 were $325.2 million, up 15% y/y
      • Business Solutions bookings in the fourth quarter of 2024 were $139.4 million, up 25% y/y
    • Total gross margin on a GAAP basis in the fourth quarter of 2024 was 69%
      • Creative Subscriptions gross margin on a GAAP basis was 84%
      • Business Solutions gross margin on a GAAP basis was 30%
    • Total non-GAAP gross margin in the fourth quarter of 2024 was 70%
      • Creative Subscriptions gross margin on a non-GAAP basis was 85%
      • Business Solutions gross margin on a non-GAAP basis was 32%
    • GAAP net income in the fourth quarter of 2024 was $48.0 million, or $0.86 per basic share or $0.80 per diluted share
    • Non-GAAP net income in the fourth quarter of 2024 was $117.1 million, or $2.10 per basic share or $1.93 per diluted share
    • Net cash provided by operating activities for the fourth quarter of 2024 was $133.7 million, while capital expenditures totaled $2.0 million, leading to free cash flow of $131.8 million

    FY 2024 Financial Results

    • Total revenue for the full year 2024 was $1.761 billion, up 13% y/y
      • Creative Subscriptions revenue for the full year 2024 was $1.265 billion, up 10% y/y
      • Business Solutions revenue for the full year 2024 was $495.7 million, up 21% y/y
        • Transaction revenue3 was $214.9 million, up 21% y/y
    • Partners revenue4 for the full year 2024 was $610.1 million, up 30% y/y
    • Total bookings for the full year 2024 were $1.830 billion, up 15% y/y
      • Creative Subscriptions bookings for the full year 2024 were $1.315 billion, up 12% y/y
      • Business Solutions bookings for the full year 2024 were $514.6 million, up 22% y/y
    • Total gross margin on a GAAP basis for the full year 2024 was 68%
      • Creative Subscriptions gross margin on a GAAP basis was 83%
      • Business Solutions gross margin on a GAAP basis was 29%
    • Total non-GAAP gross margin for the full year 2024 was 69%
      • Creative Subscriptions gross margin on a non-GAAP basis was 84%
      • Business Solutions gross margin on a non-GAAP basis was 30%
    • GAAP net income for the full year 2024 was $138.3 million, or $2.49 per basic share or $2.36 per diluted share
    • Non-GAAP net income for the full year 2024 was $383.3 million, or $6.90 per basic share or $6.39 per diluted share
    • Net cash provided by operating activities for the full year 2024 was $497.4 million, while capital expenditures totaled $19.3 million, leading to free cash flow of $478.1 million
    • Excluding the capex investment associated with our new headquarters office build out, free cash flow1 for the full year 2024 would have been $488.4 million, or 28% of revenue
    • Executed $466 million in repurchases of ordinary shares in 2024 as we remained committed to share count management and returning value to shareholders
    • Finished full year 2024 with 6.2 million total premium subscriptions as of December 31, 2024
    • Registered users as of December 31, 2024 were over 282 million
    • Total employee count as of December 31, 2024 was 5,283

    ____________________
    1 Free cash flow excluding expenses associated with the buildout of our new corporate headquarters.
    2 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of Q3 2024.
    3 Transaction revenue is a portion of Business Solutions revenue, and we define transaction revenue as all revenue generated through transaction facilitation, primarily from Wix Payments, as well as Wix POS, shipping solutions and multi-channel commerce and gift card solutions.
    4 Partners revenue is defined as revenue generated through agencies and freelancers that build sites or applications for other users (“Agencies”) as well as revenue generated through B2B partnerships, such as LegalZoom or Vistaprint (“Resellers”). We identify Agencies using multiple criteria, including but not limited to, the number of sites built, participation in the Wix Partner Program and/or the Wix Marketplace or Wix products used (incl. Wix Studio). Partners revenue includes revenue from both the Creative Subscriptions and Business Solutions businesses.

    Financial Outlook

    We expect another year of robust bookings and revenue growth powered by existing key growth initiatives and ongoing product enhancements against a stable and positive demand environment:

    • With Studio continuing to outperform and AI usage and conversion benefits ramping, we anticipate these initiatives to be even bigger growth engines in 2025
       
    • We are continuously testing and rolling out product enhancements as well as new strategic initiatives, which are driving demonstrable added value to users. As a result, we expect incremental ARPS and conversion improvements.

      We expect top-line contribution from those enhancements and initiatives already rolled out and underway to layer in as we progress through the year, resulting in accelerated growth in 2H. This acceleration is anticipated for both revenue and bookings, even as bookings fully laps pricing tailwinds in mid-Q1’25.

    • While confident the new products in our pipeline, particularly the meaningful Self Creator offerings coming this year, will drive medium-term growth, we are incorporating almost no contribution from new products into our 2025 forecast.

    As a global company with ~40% of revenue derived in non-US dollar currencies, we began to experience adverse effects from outsized changes in FX rates beginning mid-Q4 and continuing YTD, particularly the US dollar to Euro and British pound exchange rates. Assuming late January spot rates, we anticipate strong FX headwinds to 2025 outlook.

    As such, we provide outlook for the year and the first quarter on both as-reported and constant currency bases.

      As-reported As-reported
    growth y/y
    FX impact Constant currency
    growth y/y
    Full year 2025        
    Bookings $2,025 – 2,060 million 11 – 13% ~$45 million 13 – 15%
    Revenue $1,970 – 2,000 million 12 – 14% ~$34 million 14 – 16%
    Free cash flow $590 – 610 million 30 – 31% margin ~$25 million 31 – 32% margin
    Q1’25        
    Revenue $469 – 473 million 12 – 13% ~$6 million 13 – 14%

    With a meaningful portion of our operating expenses denominated in non-US currencies, the strengthening US dollar is expected to drive a modest benefit to 2025 expenses. As a result, the net FX impact on free cash flow is expected to be smaller than the anticipated top-line headwinds.

    We believe our strong commitment to sustained top-line momentum and translating growth into additional operating leverage puts us on track to achieve Rule of 45 in 2025 at the high end of our outlook.

    Conference Call and Webcast Information

    Wix will host a conference call to discuss the results at 8:30 a.m. ET on Wednesday, February 19, 2025. A live and archived webcast of the conference call will be accessible from the “Investor Relations” section of the Company’s website at https://investors.wix.com/.

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded  in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients.

    For more about Wix, please visit our Press Room
    Media Relations Contact:  PR@wix.com 

    Non-GAAP Financial Measures and Key Operating Metrics

    To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. GAAP, Wix uses the following non-GAAP financial measures: bookings, cumulative cohort bookings, bookings on a constant currency basis, revenue on a constant currency basis, non-GAAP gross margin, non-GAAP operating income (loss), non-GAAP operating margin, non-GAAP net income (loss), non-GAAP net income (loss) per share, free cash flow, free cash flow on a constant currency basis, free cash flow, as adjusted, free cash flow margins, non-GAAP R&D expenses, non-GAAP S&M expenses, non-GAAP G&A expenses, non-GAAP operating expenses, non-GAAP cost of revenue expense, non-GAAP financial expense, non-GAAP tax expense (collectively the “Non-GAAP financial measures”). Measures presented on a constant currency or foreign exchange neutral basis have been adjusted to exclude the effect of y/y changes in foreign currency exchange rate fluctuations. Bookings is a non-GAAP financial measure calculated by adding the change in deferred revenues and the change in unbilled contractual obligations for a particular period to revenues for the same period. Bookings include cash receipts for premium subscriptions purchased by users as well as cash we collect from business solutions, as well as payments due to us under the terms of contractual agreements for which we may have not yet received payment. Cash receipts for premium subscriptions are deferred and recognized as revenues over the terms of the subscriptions. Cash receipts for payments and the majority of the additional products and services (other than Google Workspace) are recognized as revenues upon receipt. Committed payments are recognized as revenue as we fulfill our obligation under the terms of the contractual agreement. Bookings and Creative Subscriptions Bookings are also presented on a further non-GAAP basis by excluding, in each case, bookings associated with long term B2B partnership agreements. Non-GAAP gross margin represents gross profit calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization, divided by revenue. Non-GAAP operating income (loss) represents operating income (loss) calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, acquisition-related expenses and sales tax expense accrual and other G&A expenses (income). Non-GAAP net income (loss) represents net loss calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, amortization, sales tax expense accrual and other G&A expenses (income), amortization of debt discount and debt issuance costs and acquisition-related expenses and non-operating foreign exchange expenses (income). Non-GAAP net income (loss) per share represents non-GAAP net income (loss) divided by the weighted average number of shares used in computing GAAP loss per share. Free cash flow represents net cash provided by (used in) operating activities less capital expenditures. Free cash flow, as adjusted, represents free cash flow further adjusted to exclude one-time cash restructuring charges and the capital expenditures and other expenses associated with the buildout of our new corporate headquarters. Free cash flow margins represent free cash flow divided by revenue. Non-GAAP cost of revenue represents cost of revenue calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP R&D expenses represent R&D expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP S&M expenses represent S&M expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP G&A expenses represent G&A expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP operating expenses represent operating expenses calculated in accordance with GAAP as adjusted for the impact of share-based compensation expense, acquisition-related expenses and amortization. Non-GAAP financial expense represents financial expense calculated in accordance with GAAP as adjusted for unrealized gains of equity investments, amortization of debt discount and debt issuance costs and non-operating foreign exchange expenses. Non-GAAP tax expense represents tax expense calculated in accordance with GAAP as adjusted for provisions for income tax effects related to non-GAAP adjustments.

    The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. The Company uses these non-GAAP financial measures for financial and operational decision making and as a means to evaluate period-to-period comparisons. The Company believes that these measures provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to key metrics used by management in its financial and operational decision making.

    For more information on the non-GAAP financial measures, please see the reconciliation tables provided below. The accompanying tables have more details on the GAAP financial measures that are most directly comparable to non-GAAP financial measures and the related reconciliations between these financial measures. The Company is unable to provide reconciliations of free cash flow, free cash flow, as adjusted, bookings, cumulative cohort bookings, non-GAAP gross margin, and non-GAAP tax expense to their most directly comparable GAAP financial measures on a forward-looking basis without unreasonable effort because items that impact those GAAP financial measures are out of the Company’s control and/or cannot be reasonably predicted. Such information may have a significant, and potentially unpredictable, impact on our future financial results.

    Wix also uses Creative Subscriptions Annualized Recurring Revenue (ARR) as a key operating metric. Creative Subscriptions ARR is calculated as Creative Subscriptions Monthly Recurring Revenue (MRR) multiplied by 12. Creative Subscriptions MRR is calculated as the total of (i) the total monthly revenue of all Creative Subscriptions in effect on the last day of the period, other than domain registrations; (ii) the average revenue per month from domain registrations multiplied by all registered domains in effect on the last day of the period; and (iii) monthly revenue from other partnership agreements including enterprise partners.

    Forward-Looking Statements

    This document contains forward-looking statements, within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Such forward-looking statements may include projections regarding our future performance, including, but not limited to revenue, bookings and free cash flow, and may be identified by words like “anticipate,” “assume,” “believe,” “aim,” “forecast,” “indication,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “outlook,” “future,” “will,” “seek” and similar terms or phrases. The forward-looking statements contained in this document, including the quarterly and annual guidance, are based on management’s current expectations, which are subject to uncertainty, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Important factors that could cause our actual results to differ materially from those indicated in the forward-looking statements include, among others, our expectation that we will be able to attract and retain registered users and partners, and generate new premium subscriptions, in particular as we continuously adjust our marketing strategy and as the macro-economic environment continues to be turbulent; our expectation that we will be able to increase the average revenue we derive per premium subscription, including through our partners; our expectation that new products and developments, as well as third-party products we will offer in the future within our platform, will receive customer acceptance and satisfaction, including the growth in market adoption of our online commerce solutions and our Wix Studio product; our expectations regarding our ability to develop relevant and required products using artificial intelligence (“AI”), the regulatory environment impacting AI and AI-related activities, including privacy and intellectual property, and potential competitive impacts from AI tools; our assumption that historical user behavior can be extrapolated to predict future user behavior, in particular during turbulent macro-economic environments; our prediction of the future revenues and/or bookings generated by our user cohorts and our ability to maintain and increase such revenue growth, as well as our ability to generate and maintain elevated levels of free cash flow and profitability; our expectation to maintain and enhance our brand and reputation; our expectation that we will effectively execute our initiatives to improve our user support function through our Customer Care team, and continue attracting registered users and partners, and increase user retention, user engagement and sales; our ability to successfully localize our products, including by making our product, support and communication channels available in additional languages and to expand our payment infrastructure to transact in additional local currencies and accept additional payment methods; our expectation regarding the impact of fluctuations in foreign currency exchange rates, interest rates, potential illiquidity of banking systems, and other recessionary trends on our business; our expectations relating to the repurchase of our ordinary shares and/or Convertible Notes pursuant to our repurchase program; our expectation that we will effectively manage our infrastructure; our expectation to comply with AI, privacy, and data protection laws and regulations as well as contractual privacy and data protection obligations; our expectations regarding the outcome of any regulatory investigation or litigation, including class actions; our expectations regarding future changes in our cost of revenues and our operating expenses on an absolute basis and as a percentage of our revenues, as well as our ability to achieve and maintain profitability; our expectations regarding changes in the global, national, regional or local economic, business, competitive, market, and regulatory landscape, including as a result of Israel-Hamas war and/or the Israel-Hezbollah hostilities and/or the Ukraine-Russia war and any escalations thereof and potential for wider regional instability and conflict; our planned level of capital expenditures and our belief that our existing cash and cash from operations will be sufficient to fund our operations for at least the next 12 months and for the foreseeable future; our expectations with respect to the integration and performance of acquisitions; our ability to attract and retain qualified employees and key personnel; and our expectations about entering into new markets and attracting new customer demographics, including our ability to successfully attract new partners large enterprise-level users and to grow our activities, including through the adoption of our Wix Studio product, with these customer types as anticipated and other factors discussed under the heading “Risk Factors” in the Company’s annual report on Form 20-F for the year ended December 31, 2023 filed with the Securities and Exchange Commission on March 22, 2024. The preceding list is not intended to be an exhaustive list of all of our forward-looking statements. Any forward-looking statement made by us in this press release speaks only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

    Wix.com Ltd.
    CONSOLIDATED STATEMENTS OF OPERATIONS – GAAP
    (In thousands, except loss per share data)
                   
      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (unaudited)   (unaudited)
    Revenues              
    Creative Subscriptions $ 329,732   $ 296,154   $ 1,264,975   $ 1,152,007
    Business Solutions 130,723   107,617   495,675   409,658
      460,455   403,771   1,760,650   1,561,665
                   
    Cost of Revenues              
    Creative Subscriptions 52,671   52,794   213,422   215,515
    Business Solutions 90,965   73,319   351,213   297,013
      143,636   126,113   564,635   512,528
                   
    Gross Profit 316,819   277,658   1,196,015   1,049,137
                   
    Operating expenses:              
    Research and development 127,186   125,743   495,281   481,293
    Selling and marketing 106,629   103,642   425,457   399,577
    General and administrative 46,984   43,401   175,136   160,033
    Impairment, restructuring and other costs –   3,103   –   32,614
    Total operating expenses 280,799   275,889   1,095,874   1,073,517
    Operating income (loss) 36,020   1,769   100,141   (24,380)
    Financial income, net 16,355   6,461   51,820   62,474
    Other income (expenses), net (94)   44   (36)   (255)
    Income before taxes on income 52,281   8,274   151,925   37,839
    Income tax expenses 4,257   5,320   13,603   4,702
    Net income $ 48,024   $ 2,954   $ 138,322   $ 33,137
                   
    Basic net income per share $ 0.86   $ 0.05   $ 2.49   $ 0.58
    Basic weighted-average shares used to compute net income per share 55,786,201   57,317,815   55,579,368   56,829,962
                   
    Diluted net income per share $ 0.80   $ 0.05   $ 2.36   $ 0.57
    Diluted weighted-average shares used to compute net income per share 60,648,791   59,085,757   59,953,371   58,403,037
                   
    Wix.com Ltd.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
               
       
       December 31,    December 31,
       2024    2023
    Assets  (unaudited)    (audited)
    Current Assets:          
    Cash and cash equivalents $ 660,939   $ 609,622
    Short-term deposits   106,844     212,709
    Restricted deposits   773     2,125
    Marketable securities   338,593     140,563
    Trade receivables   46,166     57,394
    Prepaid expenses and other current assets   126,887     47,792
    Total current assets   1,280,202     1,070,205
               
    Long-Term Assets:          
    Prepaid expenses and other long-term assets   27,021     34,296
    Property and equipment, net   128,155     136,928
    Marketable securities   6,135     64,806
    Intangible assets, net   22,141     28,010
    Goodwill   49,329     49,329
    Operating lease right-of-use assets   399,861     420,562
    Total long-term assets   632,642     733,931
               
    Total assets $ 1,912,844   $ 1,804,136
               
    Liabilities and Shareholders’ Deficiency          
    Current Liabilities:          
    Trade payables $ 48,003   $ 38,305
    Employees and payroll accruals   142,007     56,581
    Deferred revenues   661,171     592,608
    Current portion of convertible notes, net   572,880     –
    Accrued expenses and other current liabilities   63,246     76,556
    Operating lease liabilities   27,907     24,981
    Total current liabilities   1,515,214     789,031
    Long Term Liabilities:          
    Long-term deferred revenues   89,271     83,384
    Long-term deferred tax liability   1,965     7,167
    Convertible notes, net   –     569,714
    Other long-term liabilities   16,021     7,699
    Long-term operating lease liabilities   369,159     401,626
    Total long-term liabilities   476,416     1,069,590
               
    Total liabilities   1,991,630     1,858,621
               
    Shareholders’  Deficiency          
    Ordinary shares   107     110
    Additional paid-in capital   1,840,574     1,539,952
    Treasury Stock   (1,025,167)     (558,875)
    Accumulated other comprehensive loss   7,242     4,192
    Accumulated deficit   (901,542)     (1,039,864)
    Total shareholders’ deficiency   (78,786)     (54,485)
               
    Total liabilities and shareholders’ deficiency $ 1,912,844   $ 1,804,136
               
    Wix.com Ltd.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (In thousands)
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (unaudited)   (unaudited)
    OPERATING ACTIVITIES:                      
    Net income $ 48,024   $         2,954   $ 138,322   $        33,137
    Adjustments to reconcile net loss to net cash provided by operating activities:                      
    Depreciation   6,278     6,725     25,246     20,492
    Amortization   1,460     1,488     5,869     5,954
    Share based compensation expenses   61,801     58,195     240,721     224,625
    Amortization of debt discount and debt issuance costs   793     789     3,166     4,194
    Changes in accrued interest and exchange rate on short term and long term deposits   (635)     (586)     852     (2,415)
    Non-cash impairment, restructuring and other costs   –     3,567     –     26,699
    Amortization of premium and discount and accrued interest on marketable securities, net   (7,838)     4,237     (13,381)     8,346
    Remeasurement loss (gain) on Marketable equity   –     (10,296)     (3,367)     (30,608)
    Changes in deferred income taxes, net   (7)     (2,035)     (5,196)     (8,784)
    Changes in operating lease right-of-use assets   4,351     7,174     24,246     27,231
    Changes in operating lease liabilities   (2,821)     16,701     (33,086)     (31,333)
    Loss on foreign exchange, net   2,471     –     3,906     –
    Decrease (increase) in trade receivables   4,058     (2,794)     11,228     (15,308)
    Decrease in prepaid expenses and other current and long-term assets   (63,684)     (10,845)     (76,963)     (20,105)
    Increase (decrease) in trade payables   17,329     15,120     12,893     (52,455)
    Increase (decrease) in employees and payroll accruals   66,407     (8,307)     85,426     (29,532)
    Increase in short term and long term deferred revenues   1,609     2,788     74,450     76,193
    Increase (decrease) in accrued expenses and other current liabilities   (5,860)     5,505     3,083     11,915
    Net cash provided by operating activities   133,736     90,380     497,415     248,246
    INVESTING ACTIVITIES:                      
    Proceeds from short-term deposits and restricted deposits   97,051     131,754     276,697     625,495
    Investment in short-term deposits and restricted deposits   (25,540)     (99,725)     (170,332)     (297,917)
    Investment in marketable securities   –     (2,607)     (267,209)     (6,732)
    Proceeds from marketable securities   15,000     33,690     125,176     250,960
    Purchase of property and equipment and lease prepayment   (1,562)     (9,582)     (17,813)     (63,021)
    Capitalization of internal use of software   (401)     (408)     (1,523)     (3,028)
    Investment in other assets   –     –     –     (111)
    Proceeds from investment in other assets $ –     –   $ 550     –
    Proceeds from sale of equity securities   –     19,203     22,148     68,671
    Purchases of investments in privately held companies   (1,000)     (76)     (3,160)     (7,603)
    Net cash provided by investing activities   83,548     72,249     (35,466)     566,714
    FINANCING ACTIVITIES:                      
    Proceeds from exercise of options and ESPP shares   6,692     898     59,576     39,660
    Purchase of treasury stock   –     (58,698)     (466,302)     (127,017)
    Repayment of convertible notes   –     –     –     (362,667)
    Net cash provided by (used in) financing activities   6,692     (57,800)     (406,726)     (450,024)
    Effect of exchange rates on cash, cash equivalent and restricted cash   (2,471)     –     (3,906)     –
    INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS   221,505     104,829     51,317     364,936
    CASH AND CASH EQUIVALENTS—Beginning of period   439,434     504,793     609,622     244,686
    CASH AND CASH EQUIVALENTS—End of period $ 660,939   $ 609,622   $ 660,939   $ 609,622
                           
    Wix.com Ltd.
    KEY PERFORMANCE METRICS
    (In thousands)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
      2024   2023   2024   2023
      (unaudited)   (unaudited)
    Creative Subscriptions   329,732     296,154     1,264,975     1,152,007
    Business Solutions   130,723     107,617     495,675     409,658
    Total Revenues $ 460,455   $ 403,771   $ 1,760,650   $ 1,561,665
                           
    Creative Subscriptions   325,203     283,501     1,315,445     1,174,776
    Business Solutions   139,389     111,503     514,607     422,727
    Total Bookings $ 464,592   $ 395,004   $ 1,830,052   $ 1,597,503
                           
    Free Cash Flow $ 131,773   $ 80,390   $ 478,079   $ 182,197
    Free Cash Flow excluding HQ build out and restructuring costs $ 131,773   $ 90,125   $ 488,404   $ 246,058
    Creative Subscriptions ARR $ 1,343,070   $ 1,192,814   $ 1,343,070   $ 1,192,814
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF REVENUES TO BOOKINGS
    (In thousands)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Revenues $       460,455   $        403,771   $    1,760,650   $    1,561,665
    Change in deferred revenues   1,609     2,788     74,450     76,193
    Change in unbilled contractual obligations   2,528     (11,555)     (5,048)     (40,355)
    Bookings $     464,592   $        395,004   $    1,830,052   $     1,597,503
                           
    Y/Y growth   18%           15%      
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Creative Subscriptions Revenues $ 329,732   $ 296,154   $  1,264,975   $ 1,152,007
    Change in deferred revenues   (7,057)     (1,098)     55,518     63,124
    Change in unbilled contractual obligations   2,528     (11,555)     (5,048)     (40,355)
    Creative Subscriptions Bookings $  325,203   $  283,501   $ 1,315,445   $  1,174,776
                           
    Y/Y growth   15%           12%      
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Business Solutions Revenues $ 130,723   $  107,617   $ 495,675   $ 409,658
    Change in deferred revenues   8,666     3,886     18,932     13,069
    Business Solutions Bookings $ 139,389   $ 111,503   $  514,607   $ 422,727
                           
    Y/Y growth   25%           22%      
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF COHORT BOOKINGS
    (In millions)
                  Year Ended
                  December 31,
                   2024    2023
                  (unaudited)
    Q1 Cohort revenues             $ 45   $ 45
    Q1 Change in deferred revenues               16     15
    Q1 Cohort Bookings             $ 61   $ 60
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF REVENUES AND BOOKINGS EXCLUDING FX IMPACT
    (In thousands)
          Three Months Ended
          December 31,
                   2024    2023
          (unaudited)
    Revenues             $       460,455   $  403,771
    FX  impact on Q4/24 using Y/Y rates               (110)     –
    Revenues excluding FX impact             $  460,345   $  403,771
                           
    Y/Y growth               14%      
                           
          Three Months Ended
          December 31,
                   2024    2023
          (unaudited)
    Bookings             $  464,592   $  395,004
    FX  impact on Q4/24 using Y/Y rates               1,600     –
    Bookings excluding FX impact             $  466,192   $  395,004
                           
    Y/Y growth               18%      
                           
                           
    Wix.com Ltd.
    TOTAL ADJUSTMENTS GAAP TO NON-GAAP
    (In thousands)
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
        2024     2023     2024     2023
    (1) Share based compensation expenses: (unaudited)   (unaudited)
    Cost of revenues $  3,466   $ 3,675   $ 14,146   $ 15,013
    Research and development   32,320     31,982     126,462     119,482
    Selling and marketing   9,625     11,232     38,755     41,277
    General and administrative   16,390     11,306     61,358     48,853
    Total share based compensation expenses   61,801     58,195     240,721     224,625
    (2) Amortization   1,834     1,488     6,243     5,954
    (3) Acquisition related expenses   –     9     6     472
    (4) Amortization of debt discount and debt issuance costs   793     789     3,166     4,194
    (5) Impairment, restructuring and other costs   –     3,103     –     32,614
    (6) Sales tax accrual and other G&A expenses   881     137     1,464     748
    (7) Unrealized loss (gain) on equity and other investments   –     (10,296)     (2,536)     (30,608)
    (8) Non-operating foreign exchange income   3,767     15,287     (4,703)     1,499
    (9) Provision for income tax effects related to non-GAAP adjustments   –     2,368     583     (4,337)
    Total adjustments of GAAP to Non GAAP $  69,076   $  71,080   $ 244,944   $  235,161
                           
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF GAAP TO NON-GAAP GROSS PROFIT
    (In thousands)
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Gross Profit $ 316,819   $ 277,658   $ 1,196,015   $ 1,049,137
    Share based compensation expenses   3,466     3,675     14,146     15,013
    Acquisition related expenses   –     5     –     229
    Amortization   667     667     2,669     2,669
    Non GAAP Gross Profit   320,952     282,005     1,212,830     1,067,048
                           
    Non GAAP Gross margin   70%     70%     69%     68%
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Gross Profit – Creative Subscriptions $ 277,061   $ 243,360   $ 1,051,553   $ 936,492
    Share based compensation expenses   2,482     2,695     10,232     11,081
    Non GAAP Gross Profit – Creative Subscriptions   279,543     246,055     1,061,785     947,573
                           
    Non GAAP Gross margin – Creative Subscriptions   85%     83%     84%     82%
                           
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Gross Profit – Business Solutions $  39,758   $ 34,298   $ 144,462   $ 112,645
    Share based compensation expenses   984     980     3,914     3,932
    Acquisition related expenses   –     5     –     229
    Amortization   667     667     2,669     2,669
    Non GAAP Gross Profit – Business Solutions   41,409     35,950     151,045     119,475
                           
    Non GAAP Gross margin – Business Solutions   32%     33%     30%     29%
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF OPERATING INCOME (LOSS) TO NON-GAAP OPERATING INCOME
    (In thousands)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024     2023
      (unaudited)   (unaudited)
    Operating income (loss) $  36,020   $ 1,769   $ 100,141   $ (24,380)
    Adjustments:                      
    Share based compensation expenses   61,801     58,195     240,721     224,625
    Amortization   1,834     1,488     6,243     5,954
    Impairment, restructuring and other charges   –     3,103     –     32,614
    Sales tax accrual and other G&A expenses   881     137     1,464     748
    Acquisition related expenses   –     9     6     472
    Total adjustments $  64,516   $ 62,932   $ 248,434   $ 264,413
                           
    Non GAAP operating income $  100,536   $ 64,701   $  348,575   $  240,033
                           
    Non GAAP operating margin   22%     16%     20%     15%
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF NET INCOME TO NON-GAAP NET INCOME AND NON-GAAP NET INCOME PER SHARE
    (In thousands, except  per share data)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Net income $ 48,024   $ 2,954   $ 138,322   $ 33,137
    Share based compensation expenses and other Non GAAP adjustments   69,076     71,080     244,944     235,161
    Non-GAAP net income$ $ 117,100   $  74,034   $ 383,266   $ 268,298
                           
    Basic Non GAAP net income per share $ 2.10   $ 1.29   $ 6.90   $ 4.72
    Weighted average shares used in computing basic Non GAAP net income per share   55,786,201     57,317,815     55,579,368     56,829,962
                           
    Diluted Non GAAP net income per share $ 1.93   $ 1.22   $ 6.39   $ 4.39
    Weighted average shares used in computing diluted Non GAAP net income per share   60,648,791     60,512,505     59,953,371     61,106,462
                           
                           
    Wix.com Ltd.
    RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
    (In thousands)
                           
      Three Months Ended   Year Ended
      December 31,   December 31,
       2024    2023    2024    2023
      (unaudited)   (unaudited)
    Net cash provided by operating activities $  133,736   $  90,380   $ 497,415   $ 248,246
    Capital expenditures, net   (1,963)     (9,990)     (19,336)     (66,049)
    Free Cash Flow $  131,773   $  80,390   $ 478,079   $  182,197
                           
    Restructuring and other costs   –     1,411     –     5,915
    Capex related to HQ build out   –     8,324     10,325     57,946
    Free Cash Flow excluding HQ build out and restructuring costs $  131,773   $  90,125   $  488,404   $ 246,058
                           

    Attachments

    The MIL Network –

    February 19, 2025
  • MIL-OSI Economics: Trump 2.0 is shaking up the world

    Source: GlobalData

    Join GlobalData’s webinar to explore the impact of disruptive shifts in geopolitics

    Which parts of the US President Donald Trump’s geopolitical agenda matters most for global business risks and opportunities? Trump’s bid to settle the Russia-Ukraine war without including Ukrainian or European officials in discussions is the latest in a series of foreign policy moves that include moves to annex Greenland, reclaim the Panama Canal, and “clear out” the Gaza Strip. GlobalData’s latest Strategic Intelligence webinar will focus on the Trump administration’s policies towards US adversaries, including China, Russia, and Iran.

    This insightful webinar from the Strategic Intelligence team at GlobalData, a leading data and analytics company, takes place on Thursday, 20 February 2025 at 4pm GMT/11am EST. You can register here

    Our panel of experts for this webinar are Carolina Pinto, Analyst in the Strategic Intelligence team; Christopher Granville, Managing Director, Global Political & Policy Research, TS Lombard; and Grace Fan, Managing Director, Global Policy Research and Disruptive Themes Research, TS Lombard.

    Granville and Fan say: “Trump’s first month back in the White House has opened a disruptive new chapter in global geopolitics, with shockwaves from his early moves on trade to foreign policy already rippling across borders and industries. This indispensable webinar will offer our incisive analysis of Trump 2.0’s initial geopolitical gambits, framed within the intricate web of the US’s three traditional adversaries (China, Russia, Iran, and proxies) and amid the powder keg of two live conflicts. We will examine the complex interplay of these issues not only from a bilateral perspective (US versus adversary country) but also touching on their profound reverberations on the wider US alliance network (from Europe to Asia) as well as the global economy, with high-stakes ramifications ahead for investors, capital markets and global supply chains.”

    Pinto adds: “Supply chain disruptions are becoming worse and more frequent. Geopolitical fractures are a leading cause of this trend. This webinar will explore whether Trump’s America First agenda will raise or ease geopolitical tensions.”

    Register now for GlobalData’s Trump shaking up the world webinar on Thursday 20 February 2025 at 4pm GMT/11am EST.

    MIL OSI Economics –

    February 19, 2025
  • MIL-OSI USA: ICYMI—Hagerty Joins Squawk Box on CNBC to Discuss Budget Resolution, DOGE

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Appropriations, Banking, and Foreign Relations Committees and former U.S. Ambassador to Japan, today joined Squawk Box on CNBC to discuss the negotiations between the White House and Congress on the Budget Resolution, along with the Department of Government Efficiency (DOGE) uncovering wasteful and fraudulent spending.

    *Click the photo above or here to watch*

    Partial Transcript

    Hagerty on the Budget Resolution negotiations: “There’s been a lot that’s been done by executive order, but in this case, we’re working very closely, again, with the House and the Senate together, and we’ll work closely with the White House as well. We’re coming up into a point where the American public really expects us to deliver. It’s about energy independence. It’s about our national defense. It’s about bringing inflation down. All of this has to be addressed, also in the context of the broader tax cuts that President Trump wants to see in place, because that will have long-term positive implications for the economy. So, it’s a complex process. The House is working at pace on its product. We’re moving forward in the Senate, and I’m certain the White House is going to step in, and we’re going to have to bring all of this together pretty soon […] I think the conversations are on a regular basis between Leader [John] Thune, and also Budget [Committee Chairman Lindsey] Graham, as well as with [the Speaker of] the House, Mike Johnson. I think they’re working very closely. Mike Johnson obviously has a higher hurdle. He’s got a very narrow margin to navigate with. They put a product together right now, a larger product. Senator Graham, the Budget Committee [Chairman], who put something together, that would be a little bit slimmer, really focused just on energy independence, national defense, and the Coast Guard. But what we’re trying to do is keep things moving forward and make certain that we’ve got options as we come into the spring here. But what I want to do, and I’m setting process aside, I’m not too hung up on whether it’s one bill, two bills, or three bills. I think President Trump feels the same way. We just need to deliver on what the American public has asked us to do. And that is to step up, bring inflation under control, get energy independence back on the forefront, and get our southern border corrected and fixed once and for all when it’s all said and done.”

    Hagerty on DOGE’s discoveries of wasteful spending: “The critical aspect of it here is that DOGE has been underway for three weeks. We’ve got to start moving in the right direction. We’re looking at a situation now where we’ve got a thirty-seven trillion-dollar budget deficit that is so significant, and we’ve got to begin moving again in the right direction to become more fiscally responsible. I think what DOGE is uncovering is the fact that there’s a considerable amount of waste, fraud, and abuse that’s in the system. If we go about the process of systematically uncovering that, two things will happen. One is that there’ll be immediate opportunities that DOGE will uncover that they can address. The other more significant component is that they’re going to be signaling back to the legislative branch that we’ve got major areas that we can come in, reform, modify, and cut, but the whole streamlining process ought to have, in the long run, not only the impact of reducing the deficit spending, but also increasing our efficiency as a nation. Both of those things combined, I think, will have very positive implications for our deficit, for our fiscal situation, in the long run. And I think it’s something that we’ve absolutely got to get started on. I think the American public are ready for it.”

    Hagerty on the success of confirming Trump’s cabinet nominees: “In terms of President Trump’s influence, the American public spoke loud and clear. We’re cognizant of that here in the Senate. The point is President Trump is entitled to his team. He’s put together an incredible team. They’re very disruptive. I think what we want to see, what the American public wants to see, is real change, and you’ve got people coming into office to do that.”

    Hagerty on the Democrats in disarray: “The Democrat party is coming unraveled. And I think frankly, a lot of their allies in the media are as well, because I’ve heard the term ‘constitutional crisis’ over and over again. And now that we’re presiding in the United States Senate, because the Republicans have taken the majority, I’ve had the benefit of sitting there on the Senate floor listening to, time and again, my Democrat colleagues coming in saying that if, for example, Russ Vought, who is now our OMB Director, were he to be confirmed as OMB Director, millions of people would die, that we’re in a constitutional crisis. This isn’t happening. There are not people piling up dead on the streets. And this crying wolf constantly, I think, just discredits the Democrat party. They need to figure out where their core is. They need to get back to the basics and join us in governing, rather than just these shrill cries, again, because I think people are just becoming numb to it.”

    Hagerty on negotiations to end the Russia-Ukraine war: “You’ve heard a lot of speculation about what’s taking place. One thing I want to be careful to do, Joe, is not get ahead of the negotiating team. Last night in Riyadh, they agreed to put a high-level team together to focus on bringing this to resolution. I think what we all want to see is an end to the death, to the carnage. What’s happened in Ukraine has been absolutely awful. I think we’d all like to see that come to an end. President Trump has clearly been focused on that. I’ll let that team get to the point of negotiating the details, and the last thing I’m going to do is try to get ahead of them and start speculating right now. But I think one thing is clear: the American public wants to see this come to an end. I think the world needs to see this come to an end as well, and I’m hopeful that that’s going to happen post haste.”

    Hagerty on the transparency of the Trump Administration: “In terms of bringing the country along, I’d go back to election day where seventy-five percent of the American public said that we were on the wrong track. They want to see change. I think that opens the opportunity for us. And if you look at what’s happening right now, President Trump is holding daily press conferences. That’s transparency that we’ve not seen in the past four years, and I think that’s refreshing to the American people. As you say, they may or may not agree with a particular policy point, but what we’ve seen is transparency at a level that we have not for many years.”

    Hagerty on resignations within the federal government: “This is disruption. Look, I’m from a corporate background, when you’ve got a situation like we’re facing right now, with amounts of debt and deficit spending that we’re dealing with, you’ve got to come in and deal with it in a very rapid pace. Some people are uncomfortable with that; I get it. They can find another place to work. I also lived in the first Administration; I served in President Trump’s first Administration. There were a number of people that resigned for high sounding reasons, but I think it really was having to do with their own career and where they hope to land next. So, I think we should just let this move forward. Again, it’s early in the process. There’s going to be disruption; there’s going to be change, but I think overall we’re moving the direction that the American public wants to see us move.”

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI Global: Trump wants to do a deal for Ukraine’s critical minerals. Will Zelensky give him what he wants – or will Putin?

    Source: The Conversation – Global Perspectives – By Alexander Korolev, Senior Lecturer in Politics and International Relations, UNSW Sydney

    The United States and Russia agreed to work on a plan to end the war in Ukraine at high-level talks in Saudi Arabia this week. Ukrainian and European representatives were pointedly not invited to take part.

    US President Donald Trump seemingly entered into these negotiations prepared to capitulate on two main points that Russian President Vladimir Putin has been seeking. Russia is opposed to Ukraine joining NATO and wants to retain Ukrainian territory captured since its invasion of Crimea in 2014.

    Such a dramatic shift in Washington’s approach to Ukraine’s sovereignty and security has undermined Western-Ukrainian unity on the acceptable parameters around ending the war.

    Ukrainian President Volodymyr Zelensky said Ukraine won’t accept a deal negotiated without them. Former US National Security Adviser John Bolton said Trump “effectively surrendered” to Putin.

    European leaders, too, are concerned after they were excluded from the Saudi talks. German Chancellor Olaf Scholz said:

    This does not mean that peace can be dictated and that Ukraine must accept what is presented to it.

    Many believe Trump’s moves to splinter this trans-Atlantic front against Russia send a signal that Washington is
    abandoning its commitment to European security.

    However, there’s another important factor at play in Trump’s actions: the intensifying global competition over critical minerals. Trump wants to secure access to Ukraine’s vast reserves of these minerals, even if it means breaking with the US’ traditional allies in the European Union.

    Why are Ukraine’s minerals so valuable

    According to some reports, Ukraine has deposits of 22 of the 34 minerals identified as critical by the EU. These include:

    • lithium and cobalt, used in rechargeable battery production
    • scandium, used for aerospace industry components
    • tantalum, used for electronic equipment
    • titanium, used in the aerospace, medical, automotive and marine industries
    • nickel ore, manganese, beryllium, hafnium, magnesium, zirconium and others, used in the aerospace, defence and nuclear industries.

    China currently dominates the world’s supply chains of these minerals – it is the largest source of US imports of 26 of the 50 minerals classified as critical by the United States Geological Survey.

    This is the reason behind Trump’s suggestion last week that the US be granted 50% of Ukraine’s rare earth minerals as reimbursement for the billions of dollars in weapons and support it has provided to Kyiv since the war began.

    The problem, however, is that at least 40% of Ukraine’s minerals are currently under Russian occupation in the eastern Donetsk and Luhansk regions of the country. (Other sources put this figure as high as 70%.)

    Concerned about Ukraine’s territorial integrity, Zelensky has publicly rejected the US demand for half of Ukraine’s mineral resources, because the proposal does not include security guarantees. It only vaguely referred to payment for future aid, according to reports.

    In response, the White House National Security Council spokesperson Brian Hughes said:

    President Zelensky is being short-sighted about the excellent opportunity the Trump administration has presented the Ukraine.

    What kind of deal could be made?

    A big question ahead of any peace negotiations over Ukraine is whether commercially-minded Trump would be willing to accept a counter-proposal from Putin.

    Since Russia currently controls large swathes of mineral-rich eastern Ukraine, Putin may be willing to offer Trump an exclusive critical minerals deal in exchange for the US formally committing to not restoring Ukraine’s pre-2014 borders and not letting the country into NATO.

    Ukraine, meanwhile, may be angling for its own minerals deal with European countries in exchange for their continued support. Prime Minister Denys Shmyhal expressed his country’s willingness to set up joint ventures with the EU in this area:

    We could replace Russian titanium on the European market, contributing to the development of both the EU’s civilian industry and advanced military technologies.

    He also said the project of rebuilding Ukraine could be a boon for the entire bloc.

    The European Commission has recommended a policy of encouraging Ukraine to export these materials to the EU. In response, authorities in Kyiv started working out the necessary regulatory and legal measures to integrate Ukraine into the EU’s resource strategy.

    With so many powers keen to access its minerals, Ukraine is in an extremely complex and hard-to-navigate geopolitical situation.

    Zelensky’s bet on the EU, instead of the US, might be right, given the growing rift between Brussels and Washington over Ukraine’s future. But as Thucydides, the ancient Greek historian, once said, the odds may be stacked against it:

    Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must.

    Alexander Korolev 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. Trump wants to do a deal for Ukraine’s critical minerals. Will Zelensky give him what he wants – or will Putin? – https://theconversation.com/trump-wants-to-do-a-deal-for-ukraines-critical-minerals-will-zelensky-give-him-what-he-wants-or-will-putin-250064

    MIL OSI – Global Reports –

    February 19, 2025
  • MIL-Evening Report: Trump wants to do a deal for Ukraine’s critical minerals. Will Zelensky give him what he wants – or will Putin?

    Source: The Conversation (Au and NZ) – By Alexander Korolev, Senior Lecturer in Politics and International Relations, UNSW Sydney

    The United States and Russia agreed to work on a plan to end the war in Ukraine at high-level talks in Saudi Arabia this week. Ukrainian and European representatives were pointedly not invited to take part.

    US President Donald Trump seemingly entered into these negotiations prepared to capitulate on two main points that Russian President Vladimir Putin has been seeking. Russia is opposed to Ukraine joining NATO and wants to retain Ukrainian territory captured since its invasion of Crimea in 2014.

    Such a dramatic shift in Washington’s approach to Ukraine’s sovereignty and security has undermined Western-Ukrainian unity on the acceptable parameters around ending the war.

    Ukrainian President Volodymyr Zelensky said Ukraine won’t accept a deal negotiated without them. Former US National Security Adviser John Bolton said Trump “effectively surrendered” to Putin.

    European leaders, too, are concerned after they were excluded from the Saudi talks. German Chancellor Olaf Scholz said:

    This does not mean that peace can be dictated and that Ukraine must accept what is presented to it.

    Many believe Trump’s moves to splinter this trans-Atlantic front against Russia send a signal that Washington is
    abandoning its commitment to European security.

    However, there’s another important factor at play in Trump’s actions: the intensifying global competition over critical minerals. Trump wants to secure access to Ukraine’s vast reserves of these minerals, even if it means breaking with the US’ traditional allies in the European Union.

    Why are Ukraine’s minerals so valuable

    According to some reports, Ukraine has deposits of 22 of the 34 minerals identified as critical by the EU. These include:

    • lithium and cobalt, used in rechargeable battery production
    • scandium, used for aerospace industry components
    • tantalum, used for electronic equipment
    • titanium, used in the aerospace, medical, automotive and marine industries
    • nickel ore, manganese, beryllium, hafnium, magnesium, zirconium and others, used in the aerospace, defence and nuclear industries.

    China currently dominates the world’s supply chains of these minerals – it is the largest source of US imports of 26 of the 50 minerals classified as critical by the United States Geological Survey.

    This is the reason behind Trump’s suggestion last week that the US be granted 50% of Ukraine’s rare earth minerals as reimbursement for the billions of dollars in weapons and support it has provided to Kyiv since the war began.

    The problem, however, is that at least 40% of Ukraine’s minerals are currently under Russian occupation in the eastern Donetsk and Luhansk regions of the country. (Other sources put this figure as high as 70%.)

    Concerned about Ukraine’s territorial integrity, Zelensky has publicly rejected the US demand for half of Ukraine’s mineral resources, because the proposal does not include security guarantees. It only vaguely referred to payment for future aid, according to reports.

    In response, the White House National Security Council spokesperson Brian Hughes said:

    President Zelensky is being short-sighted about the excellent opportunity the Trump administration has presented the Ukraine.

    What kind of deal could be made?

    A big question ahead of any peace negotiations over Ukraine is whether commercially-minded Trump would be willing to accept a counter-proposal from Putin.

    Since Russia currently controls large swathes of mineral-rich eastern Ukraine, Putin may be willing to offer Trump an exclusive critical minerals deal in exchange for the US formally committing to not restoring Ukraine’s pre-2014 borders and not letting the country into NATO.

    Ukraine, meanwhile, may be angling for its own minerals deal with European countries in exchange for their continued support. Prime Minister Denys Shmyhal expressed his country’s willingness to set up joint ventures with the EU in this area:

    We could replace Russian titanium on the European market, contributing to the development of both the EU’s civilian industry and advanced military technologies.

    He also said the project of rebuilding Ukraine could be a boon for the entire bloc.

    The European Commission has recommended a policy of encouraging Ukraine to export these materials to the EU. In response, authorities in Kyiv started working out the necessary regulatory and legal measures to integrate Ukraine into the EU’s resource strategy.

    With so many powers keen to access its minerals, Ukraine is in an extremely complex and hard-to-navigate geopolitical situation.

    Zelensky’s bet on the EU, instead of the US, might be right, given the growing rift between Brussels and Washington over Ukraine’s future. But as Thucydides, the ancient Greek historian, once said, the odds may be stacked against it:

    Right, as the world goes, is only in question between equals in power, while the strong do what they can and the weak suffer what they must.

    Alexander Korolev 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. Trump wants to do a deal for Ukraine’s critical minerals. Will Zelensky give him what he wants – or will Putin? – https://theconversation.com/trump-wants-to-do-a-deal-for-ukraines-critical-minerals-will-zelensky-give-him-what-he-wants-or-will-putin-250064

    MIL OSI Analysis – EveningReport.nz –

    February 19, 2025
  • MIL-OSI Russia: NSU scientist talks about the current epidemic season

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    According to official data from Rospotrebnadzor, there is a slight increase in the incidence of respiratory viral infections in the Novosibirsk Region. At present, the incidence of acute respiratory viral infections is caused mainly by viruses of non-influenza etiology, with rhinoviruses predominating, which are usually not characterized by an acute course and serious complications, whereas last year the current coronavirus and respiratory syncytial virus, which is most dangerous for children under one year of age and the elderly, prevailed. This virus causes diseases of the lower respiratory tract and can cause serious complications, including pneumonia.

    Doctor of Biological Sciences, Professor, Academician of the Russian Academy of Sciences, Head of the Laboratory of Bionanotechnology, Microbiology and Virology spoke about other features of the current epidemic season Faculty of Natural Sciences of NSU Sergey Netesov.

    — Compared to the same period last year, the incidence of influenza has surprisingly decreased significantly, at least until mid-February. If you look at the curves of influenza and acute respiratory viral infections in 2024 and 2025, it seems that the peak of influenza is several weeks late this year. The reasons for this are still unknown. There are different versions, including an abnormally warm winter. Another reason could be the increase in the number of people vaccinated against influenza in 2024 compared to 2023. The influenza vaccines used in the summer and fall of last year proved to be highly effective, as a result of which the incidence fell, but in the last two weeks it has been growing.

    In addition, in the current epidemiological season, the strains of influenza A viruses of the H3N2 subtype, which prevailed last season, have been replaced by strains of the H1N1 subtype. This is most likely due to the emergence of strong population immunity against viruses of the H3N2 subtype, which many people were vaccinated with and many had mild cases of last season. But the current epidemic season is not over yet (its maximum is usually recorded in February), so there is no need to relax until mid-March, and an increase in the incidence of influenza viruses has clearly emerged in the last two weeks, according to information from the website of the Research Institute of Influenza in St. Petersburg. Few people are currently sick with influenza B viruses, and they usually do not get seriously ill with them, and it does not cause serious complications in more or less healthy people. But older people should be careful for another month, wear masks in public places and avoid contact with young sick people and sick children.

    To protect yourself in the next 2025/26 ARVI season, everyone should get vaccinated against influenza in September-October 2025, because by that time new seasonal vaccines, updated according to the recommendations of the World Health Organization (WHO), will be available.

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

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI Russia: Exhibition “Life as a Vocation” to Open at NSU

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    On February 26 at 11:50 the NSU History Museum will open the exhibition “Life as a Vocation” dedicated to the activities of Varlen Lvovich Soskin. The exhibition is part of a series of events dedicated to the 100th anniversary of the birth of Doctor of Historical Sciences, Professor, Honorary Professor of NSU, Honored Scientist of the Russian Federation, founder of the scientific school of modern Siberian science studies and cultural studies, veteran of the Great Patriotic War Varlen Lvovich Soskin.

    In addition to the exhibition, on February 26 from 10:00 to 17:00 there will be Scientific Readings “Worlds of the Domestic Intelligentsia in the 20th Century: Profession, Society, Power”. The program includes reports by leading experts in the history of the Soviet and Russian intelligentsia on current issues of modern cultural studies and science studies, as well as speeches by V. L. Soskin’s students, colleagues, and a presentation of a book of memoirs.

    Detailed program of the event and registration —on the website of the Humanities Institute of NSU.

    Varlen Lvovich Soskin is a participant in the Great Patriotic War. He graduated from the history department of Leningrad State University and completed his postgraduate studies at Novosibirsk State Pedagogical Institute. Doctor of Historical Sciences, Honored Scientist of the Russian Federation, Honored Worker of Higher Education of the Russian Federation, Honorary Professor of NSU. He worked at NSU part-time since 1964, and was one of the founders of historical training at the Humanities Department. Associate Professor (1964–1969), Professor (1969–2017) of the Department of History of the USSR/Russian History.

    V. L. Soskin was the first in Russian historiography to use materials from the Siberian region to show the processes of transformation of cultural institutions in the extreme conditions of the era of wars and revolutions from the point of view of the relationship between the continuity of some and the rupture of others in cultural traditions. He was the first to develop the phenomena of cultural crises during the NEP years, the periodization of the stages of formation and development of the Soviet intelligentsia in the post-revolutionary period, and the mechanisms and factors of its socio-political differentiation in the first decade of Soviet power. V. L. Soskin’s ideas and approaches in the field of historical intelligentsia studies were further disseminated and developed in research centers that were established in the 1990s at the universities of Ivanovo, Yekaterinburg, and Omsk. A prominent researcher of the history of the formation and development of the scientific and educational potential of Siberia in the 20th century: from the emergence of the first organizational forms at the beginning of the century to the formation of the Siberian Branch of the USSR Academy of Sciences. One of the pioneers in adapting the systems approach to the tasks of historical research in the field of culture.

    V. L. Soskin was the executive secretary of the Main Editorial Board of the 5-volume “History of Siberia” (1962–1968), deputy chairman of the organizing committee of the largest All-Union scientific conference of the Soviet period, “The Soviet Intelligentsia and Its Role in the Construction of Socialism and Communism” (Novosibirsk, 1979), was a member of a number of scientific councils on the theory and history of Soviet culture, and the editorial boards of the journals “Intelligentsia and the World” (Ivanovo), “Cultural Studies in Siberia” (Omsk).

    V. L. Soskin is the creator of the scientific direction on the social history of Russian culture, science and intelligentsia, which gained fame and recognition not only in Siberia, but also in Russia. During his half-century of work at the Humanities Faculty, he created a permanent research seminar, in which 131 students received specialization, having defended their final qualifying works. 21 graduates of the Humanities Faculty prepared and defended candidate dissertations under the scientific supervision of V. L. Soskin. In the research works completed by students and dissertators under the supervision of V. L. Soskin, the problems of the history of the culture of Soviet society, professional detachments of the Russian intelligentsia, science and scientists were studied, including the history of the formation and development of the Siberian Branch of the Academy of Sciences. A number of students of V. L. Soskin – graduates of the Humanities Faculty became famous scientists who developed their own scientific directions, employees of research institutes and lecturers of universities.

    More information about the work, scientific and educational activities of V.L. Soskin can be found here Here. 

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

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI USA News: Interview of President Trump and Elon Musk by Sean Hannity, “The Sean Hannity Show”

    Source: The White House

    class=”has-text-align-center”>Roosevelt Room

    11:48 A.M. EST

         Q    Mr. President, great to see you again.

         THE PRESIDENT:  Thank you very much.  Thank you.

         Q    How are you?

         THE PRESIDENT:  Thank you. 

         Q    Elon Musk.

         MR. MUSK:  Hi.

         Q    Great to see you. 

         MR. MUSK:  Thanks.  Thanks for having me.

         Q    I’ve been reading a lot about you.  I’ve got to start with this.  So, he’s working for free with DOGE.  He’s — he’s kind of put a lot of his life on hold, and you sued Twitter a number of years ago.  You just made him pay you $10 million?

         THE PRESIDENT:  That’s right.  That’s right.

         Q    That’s — that’s right.  (Laughs.)

         THE PRESIDENT:  Well, I sued — I sued from long before he had it. 

         MR. MUSK:  Yeah.  Yeah.  (Inaudible.)

         THE PRESIDENT:  And, I mean, they really did a number on me, you know.  And I sued, and they had to pay.  You know, they paid $10 million settlement.

         Q    You’re okay with that?
        
         MR. MUSK:  I mean, I left it up to the lawyers and, you know, the team running Twitter.  So, I said, “You guys do what you think is the right — makes sense.”

         Q    I think it’s funny.

         THE PRESIDENT:  I think —

         Q    Because —

         THE PRESIDENT:  — it’s a very low — I was looking to get much more money than that.
        
         Q    So, you gave him a discount w- — in the lawsuit?

         THE PRESIDENT:  He got — oh, he got a big discount.  I don’t think he even knows about it.

         Q    He’s become one of your — if you read and believe the media — he’s become one of your best friends.  He’s working for free for you.  He’s —

         MR. MUSK:  Well, I love the president.  I just want to be clear about that.  

         Q    You don’t care about that? 

         MR. MUSK:  I — no, I love the pr- — I —

         Q    You love the president? 

         MR. MUSK:  I think — I think President Trump is a good man, and — and he’s, you know — I — I —

         THE PRESIDENT:  That’s the way he said that.  You know, there’s something nice about.  (Laughter.)

         MR. MUSK:  No, it is.  I, you know —

         THE PRESIDENT:  It is.

         MR. MUSK:  Because, I mean, the president has been so — so unfairly attacked in the media.  It’s truly outrageous.  And I’ve sp- — at this point, spent a lot of time with the president, and not once have I seen him do something that was mean or cruel or — or wrong.  Not once. 

         Q    You know, I’ve known him for 30 years.

         MR. MUSK:  Yeah.

         Q    And I’ve never seen anybody take as much as he’s taken.

         MR. MUSK:  Yeah.

         Q    And we’ve discussed this.  And I’m like, “How do you deal with it?”

         THE PRESIDENT:  Did have a choice?  (Laughs.)  I didn’t have a choice.

         Q    Well, you would say that to me.  I’m like, “What — what am I going to do?  Worry about it?”

         THE PRESIDENT:  That’s the only thing I can say.

         Q    And, you know — and then culminating in two assassination attempts, which resulted in your endorsement. 

         MR. MUSK:  Well, I was going to do it anyway, but that was —

         Q    That was it?

         MR. MUSK:  — a precipitating event, yeah.

         THE PRESIDENT:  That speeded it up a little bit?

         MR. MUSK:  Yeah.  Yeah.

         Q    The day of the assassination? 

         THE PRESIDENT:  Nice.  I didn’t know that. 

         MR. MUSK:  Yeah, it just — it sped it up, but I was going to do it anyway.

         Q    Mr. President, with your indulgence, I’m convinced that people only know a little bit about Elon.  I don’t think they know everything about Elon, because as I studied for and prepared for this interview, I learned a lot about you that I didn’t know.  I think people will think about Tesla.  Democrats are demonizing you and — and trying to make the country hate you. 

         I just want people to understand you a little bit better, and the person that you’ve gotten to know and have now put a lot of trust in. 

         THE PRESIDENT:  Sure.

         Q    And, you know, just — let’s go over a little bit of your bio, starting —

         MR. MUSK:  Ah, okay.

         Q    — with PayPal and how you became involved in Tesla and SpaceX and Neuralink —

         MR. MUSK:  This — this could take a while.

         Q    — and all these —

         MR. MUSK:  I mean, you know, I — I think the way you think of me is, like, I’m a technologist and I try to make technologies that improve the world and make life better.

         Q    You can show them your shirt.

         MR. MUSK:  Yeah, and that’s why, like, my t-shirt says “tech support” — (laughter) — because I’m here to provide the president with — with technology support. 

         And now, that — that may seem, like, well, is that a silly thing?  But actually, it’s a very important thing, because the president will make these executive orders, which are very sensible and good for the country, but then they don’t get implemented, you know?

         So, if you take the — for example, all the funding for the migrant hotels, the president issued an executive order: Hey, we need to stop taking taxpayer money and — and paying for luxury hotels for illegal immigrants —

         Q    It’s crazy.

         MR. MUSK:  — which makes no sense.  Like, obviously, people do not want their tax dollars going to — to fund high-end hotels for — for illegals.  And yet, they were still doing that, even as late as last week. 

         And so, you know, we went in there, and we were like, “This is in violation of the presidential executive order.  It needs to stop.” 

         So — so, what we’re — what we’re doing here is — is — one of the biggest functions of the DOGE team is just making sure that the presidential executive orders are actually carried out.  And this is — I just want to point out, this is a very important thing, because the president is the elected representative of the people, so he’s representing the will of the people.  And if the bureaucracy is fighting the will of the people and preventing the pres- — the president from implementing what the people want, then what we live in is a bureaucracy and not a democracy.

         Q    Yeah.  You — you’re both aware — you have to be keenly aware that the media and — and the punditry class — not that — you know, I think you’ve proven they have no power anymore, because they threw everything they had at you, and they didn’t win.  And that was, you know, the New York Times, Washington Post, three networks, every late-night comedy show, two cable channels — they — they just threw — they threw everything — lawfare, weaponization. 

         THE PRESIDENT:  It’s true.

         Q    And now I see they want you two to start — they want a divorce.  They want you two to start hating each other.  And they try — “Oh, President Elon Musk,” for example.  You do know that they’re doing that to you?

         THE PRESIDENT:  Oh, I see it all the time.  They tried it, then they stopped.  That wasn’t — they have many different things of hatred. 

         Actually, Elon called me.  He said, “You know they’re trying to drive us apart.”  I said, “Absolutely.” 

         You know, they said, “We have breaking news: Donald Trump has ceded control of the presidency to Elon Musk.  President Musk will be attending a Cabinet meeting tonight at 8 o’clock.”  (Laughter.)  And I say — it’s just so obvious.  They’re so bad at it. 

         I used to think they were good at it.  They’re actually bad at it, because if they were good at it, I’d never be president because I — I think nobody in history has ever gotten more bad publicity than me. 

         I could do the greatest things; I get 98 percent bad publicity.  I could do — outside of you and a few of your very good friends.  It’s, like, the craziest thing. 

         But you know what I have learned, Elon?  The people are smart.  They get it. 

         MR. MUSK.  Yeah.  They do, actually.  Yeah.

         THE PRESIDENT:  They get it.  They really see what’s happening. 

         MR. MUSK:  Yes.

         Q    And at the end of this interview, I — what I would like is, I — I want people to know the relationship and know more about you. 

         What is the relationship, Mr. President?

         THE PRESIDENT:  Well, I respect him.  I’ve always respected him.  I never knew that he was right on certain things, and I’m usually pretty good at this stuff.  He did Starlink.  He did things that were so advanced and nobody knew what the hell they were. 

         I can tell you, in North Carolina, they had no communication.  They were wiped out.  Those people were — you know, they had rivers in between — land that never saw water, all of a sudden, there was a river and a vicious — like, rapids.  People were dying all over.  They had no communication. 

         They said, “Do you know Elon Musk?”   And they didn’t really know I knew him.  I said, “Yeah.”  They said, “Could you get Starlink?”  It’s, like, the first time I ever heard of it.  I said, “What’s Starlink?”  “A communication system that’s unbelievable.” 

         Q    I have it.

         THE PRESIDENT:  And he — yeah.  And he said — I called him, and I said, “Listen, they really need it.”  And he got, like, thousands of units of this communication, and it saved a lot of lives.  He got it immediately.  And you can’t get it.  I mean, you have to wait a long time to get it.  But he got it to him immediately. 

         And I said, “That’s pretty amazing.”  And I didn’t even know he had it. 

         We watch the rocket ships, and we watch Tesla.

         I think, you know, something that had an effect on me was when I saw the rocket ship come back and get grabbed like you grab a beautiful little baby.  You grab your baby.  It just —

         MR. MUSK:  Just hug the rocket. 

         THE PRESIDENT:  I’d never seen —

         MR. MUSK:  Everyone — right.  Everyone needs (inaudible) —

         Q    You hug the rocket.  You hug the rocket.

         MR. MUSK:  — (inaudible) rockets. 

         THE PRESIDENT:  Yeah.  No, but — and he said, “You know, you can’t really have a rocket program if you’re going to dump a billion dollars into the ocean every time you fly.  You have to save it.”  And he saved it.  First time —

         Q    That’s ever been done.
        
         THE PRESIDENT:  — I’ve ever seen that done.  Now nobody else can do it. 

         If you look at the U.S., Russia, or China, they can’t do it, and they won’t be able to do it for a long time.  He has the technology.  So, you learn — I wanted somebody really smart to work with me, in terms of the country — a very important aspect.  Because, I mean, he doesn’t talk about it.  He’s actually a very good businessman.  And when he talks about the executive orders — and this is probably true for all presidents: You write an executive order and you think it’s done, you send it out; it doesn’t get done.  It doesn’t get implemented.  They don’t implement it. 

         They — maybe they’re from the last administration — and they are, in some cases.  You try and get them out as fast as you can.  But I could — as soon as he said that, I said, “You know, that’s interesting.”  You write a beautiful executive — and you sign it and you assume it’s going to be done, but it’s not.  What he does is he takes it, and with his hundred geniuses — he’s got some very brilliant young people working for him that dress much worse than him, actually —

         MR. MUSK:  Yeah, the do.

         THE PRESIDENT:  — they dress in just t-shirts.  (Laughter.)  You wouldn’t know they have 180 IQ.

         Q    Wait.  Wait.  So, what — he’s — he’s your tech support?

         MR. MUSK:  I —

         THE PRESIDENT:  No, no.  He is —

         MR. MUSK:  I actually virtually am tech support.

         THE PRESIDENT:  He’s much more than that.

         MR. MUSK:  I actually am tech support, though.  But that’s —

         THE PRESIDENT:  But he gets it done.  He’s a leader.  He really is a — he gets it done.  You get a lot of tech people, and you have people, they’re good with tech, but they — he gets it done. 

         You know, I said, in real estate, you had guys that would draw beautiful renderings of a building, and they’d draw the rendering, it would be great, and you’d say, “Great.  When are you starting?”  But they were never able to get it built.  They couldn’t get the finances.  They couldn’t get the approvals.  It would never get done.  And then you have other guys that are able to get it done.  You know, they could just get it done. 

         I was in real estate.  Same thing in this.  He gets it done. 

         So, when he said that — he said, “You know, when you sign these executive orders, a lot of them don’t get done, and maybe the most important ones,” and he would take that executive order that I’d signed, and he would have those people go to whatever agency it was — “When are you doing it?  Get it done.  Get it done.”  And some guy that maybe didn’t want to do it, all of a sudden, he’s signing — he just doesn’t want to bothered.

         Q    Does — do a lot of those executive orders have to be codified into law to — do you need the Republican Congress to follow up?

         THE PRESIDENT:  Yeah, and they will.  A lot of them will be.  Yeah.

         Q    They will?

         THE PRESIDENT:  Look, in the meantime, we have four years.  The beauty is, we have four years.  That’s why I like doing it right at the beginning.  Because an executive order is great.  I mean, the one problem — it’s both good and bad, because when they did all these executive orders, I’ve canceled most of them.  They were terrible.  I mean, we were going to go radical left, communist, okay?  It was crazy.  Their —

         MR. MUSK:  Really crazy.

         THE PRESIDENT:  — executive orders were so bad, if they ever got them codified, you’d never be able to break them.  So, the damage that Biden has done to this country — and it’s not even Biden; it’s the people that circled him in the Oval Office, okay? — but the damage they did to this country, in terms of, let’s say, open borders — you know, there’s so many things, but open borders, where millions of people poured into our country, and hundreds of thousands of those people are criminals.  They’re murderers.  They’re drug dealers.  They’re gang members.  They’re people from prisons from all over the world. 

         And we have a great guy, Tom Homan, and he is doing so incredibly.  You saw the numbers.  They’re down like 96 percent.

         Q    Ninety-five percent.

         THE PRESIDENT:  He is a phenomenal guy.  And Kristi Noem is doing an unbelievable job.  And he wanted her.  He said, “She’s so tough.”  And I said, “I don’t think of her as that way.  You know, she’s very nice.”  He said, “No, she’s so tough.”  And she is.  I see her with the horses.  She’s riding the horse.  Let’s — (laughter) — she’s great. 

         But the team we have is — is really unbelievable. 

         But those executive orders, I sign them, and now they get passed on to him and his group and other people, and they’re all getting done.  We’re getting them done.

         Q    Let me go back a little bit to your background, because —

         MR. MUSK:  Sure.

         Q    — it’s beyond impressive.  You were the chief engineer, for example — you were an early believer in Tesla.  You became the CEO and — and then the chief engineer, which was phenomenal.  SpaceX, same thing, which is unbelievable. 

         I mean, you were the first company — private company to send astronauts successfully into — into space, first private company to send astronauts into orbit. 

         MR. MUSK:  Yeah.

         Q    That’s — that’s pretty deep. 

         THE PRESIDENT:  He’s going to go into orbit soon.

         Q    Okay.

         MR. MUSK:  (Laughs.)  Yeah.

         THE PRESIDENT:  No, he’s going to go to Mars.  He’s going to fly on his —

         Q    Starlink.

         MR. MUSK:  At some point, yeah.

         Q    As in (inaudible) —

         MR. MUSK:  But they say — they always ask me, like, “Do you want to die on Mars?”  And I say, “Well, yes, but not on impact.”  (Laughter.)

         Q    Star- — Starlink is in 100 countries. 

         This is going to be hard.  I feel like I’m interviewing two brothers here.

         MR. MUSK:  You go ahead. 

         Q    Starshield, which could be used for national defense. 

         MR. MUSK:  Yeah, it is already being used for national defense. 

         Q    Then you have a — what is it called?  Optimus, a part of Tesla.

         MR. MUSK:  They’re a robot, yeah.

         Q    A robotic arm.  Then you have an AI arm.  And then you have something that really fascinated me, and it’s called Neuralink. 

         MR. MUSK:  Yes.

         Q    You might help the blind to see and people with spinal cord injuries that they — that they can recover, where in the past — how close is that to becoming a success?

         MR. MUSK:  At Neuralink we’re — we’ve ha- — we’ve implanted Neuralink in three patients so far, who are quadriplegics, and it allows them to directly control their phone and computer just using their mind, just by thinking.  It’s like — so, we call this product Telepathy, so you control your computer and phone just by thinking, and it’s possible to actually control the computer and phone faster than someone who has working hands.

         Then the next step would be to add a second Neuralink implant past the point where these — the neurons are damaged, so that somebody can walk again and so the pe- — they can have full-body functionality restored.  And —

         THE PRESIDENT:  And you like Bobby, right?

         MR. MUSK:  I like Bobby, actually.  Yeah.  I — I supported Bobby Kennedy.  I think he — you know, he’s unfairly maligned as someone who is anti-science.  But I think he — he isn’t.  He just wants to question the science, which is the essence of the science — the scientific method, fundamentally, is about always questioning the science. 

         Q    Well, they didn’t tell us the truth about COVID.

         MR. MUSK:  Correct.

         Q    That’s for sure. 

         MR. MUSK:  Yes. 

         Q    And we learned a lot with the Twitter files.  And that just, then, raises a question.  You’re the richest man in the world.  You may not like that part. 

         THE PRESIDENT:  Yeah.

         Q    You’re pretty competitive.

         MR. MUSK:  I mean, it’s neither here nor there.

         Q    I’ve known you a long time.

         MR. MUSK:  I don’t think it matters.

         Q    But —

         THE PRESIDENT:  That’s why I became president.

         Q    — he’s on your team.

         THE PRESIDENT:  (Inaudible) —

         Q    Well, that’s true.  He can’t top that.

         THE PRESIDENT:  He’s good.  You know, I wanted to find somebody smarter than him.  I searched all over.  I just couldn’t do it.  I couldn’t.  I couldn’t.
        
         Q    You really tried hard.

         THE PRESIDENT:  I couldn’t find anyone smarter, right?  So, we had to — we had to, for the country.

         Q    But this is the thing —

         THE PRESIDENT:  So, we settled on — we settled on this guy.

         MR. MUSK:  Well, thanks for having me.

         THE PRESIDENT:  (Laughs.)  Yeah.

         Q    So —

         MR. MUSK:  I’m just trying to be useful here.

         Q    But this is the interesting — but this is where we are as a so- — a society.  And I — I hate to do this to you, but I’m going to do it anyway.  You’re doing all of these things.  At DOGE, nobody at DOGE gets paid a penny, correct?

         MR. MUSK:  Well, actually, some people are federal employees, so they do. 

         Q    Oh, okay.

         MR. MUSK:  Yeah.  They’re (inaudible).  But it’s fair to say that the software engineers at DOGE could be earning millions of dollars a year and instead of earning a small fraction of that as federal employees.

         Q    Okay.  So, just —

         THE PRESIDENT:  And they’re very committed people. 

         MR. MUSK:  Yes.

         Q    So — you’re — you’re committed to helping the blind see, people with spinal cord injuries recover. 

         MR. MUSK:  Yes.

         Q    You’re committed to getting to Mars.  You’re committed to rescue — you’re going to help rescue, next month, two astronauts that I think were abandoned.  They — they dispute that in an interview.

         THE PRESIDENT:  When are you — when are you getting them?

         MR. MUSK:  At the — at the president’s request, we — or instruction, we are accelerating the return of the astronauts, which was postponed, kind of, to a ridiculous degree.

         THE PRESIDENT:  They got left in space. 

         Q    They’ve been there.  They were supposed to be there eight days.  They’re there almost 300.

         THE PRESIDENT:  Biden. 

         MR. MUSK:  They were put —

         Q    Yeah.

         MR. MUSK:  Yes, they were left up there for political reasons, which is not good. 

         Q    Okay, it’s not good.  Now, if I had the weight and pressure of doing that successfully on my shoulders, I think I’d be, you know — but you — when we spoke before we did this interview, you were very confident.  You think this will be a successful mission. 

         MR. MUSK:  Well, we don’t want to be complacent, but we have brought astronauts back from the space station many times before, and always with success.  So, as long as we’re not complacent —

         THE PRESIDENT:  When are they — when are you going to launch?

         MR. MUSK:  I think it’s about — about four weeks to

    bring them back. 

         Q    About four weeks? 

         MR. MUSK:  Yeah. 

         THE PRESIDENT:  And you have the go-ahead.

         MR. MUSK:  We’re being extremely cautious.

         Q    Yeah.

         THE PRESIDENT:  You now have the go-ahead.

         MR. MUSK:  Yes.  Well, thanks to you —

         THE PRESIDENT:  They didn’t have the go-ahead with Biden. 

         Q    What’s that?

         THE PRESIDENT:  He was going to leave him in space.  I think he was going to leave them in space.

         Q    Well, it’s like the (inaudible) —

         THE PRESIDENT:  He considered it a —

         Q    — growing up, lost in space. 

         THE PRESIDENT:  Yeah, he didn’t want the publicity.  Can you believe it?

         Q    Unbelievable.  And so —

         MR. MUSK:  Yeah.

         Q    — I want to echo something that the president said and then ask an overarching question.  So, people in — get hit with Hurricane Helene, they have no communication with the outside world.  You come to the rescue.  You donated that, I believe?

         MR. MUSK:  Yes.  Yes.

         Q    You donated to the people of —

         THE PRESIDENT:  He saved a lot of lives.  In North Carolina, he saved a lot of lives. 

         Q    And California, after the wildfires?

         THE PRESIDENT:  California.  But, I mean, in North Carolina, where they were really in trouble, they had no communication, people were dying.

         Q    Nothing.

         THE PRESIDENT:  They were dying of starvation.  He saved a lot of lives in North Carolina.

         Q    Okay.  Now you’re going to rescue astronauts.  And now — again, you do — you do all of this — I would think liberals would love the fact that you have the biggest electric vehicle company in the world. 

         MR. MUSK:  Yeah.  I mean, I used to be adored by the left, you know.

         Q    Not anymore.

         MR. MUSK:  Le- — less so these days.

         Q    He killed that, huh?

         MR. MUSK:  I mean, less —

         THE PRESIDENT:  I really (inaudible) —

         MR. MUSK:  Well, I mean, this — this whole sort of, like, you know — it was — they call it, like, “Trump derangement syndrome.”  And I didn’t — you know, you don’t realize how real this is until, like, it’s — you can’t reason with people. 

         So, like, I was at a friend’s birthday party in L.A., just a birthday dinner, and it was, like, a nice, quiet dinner, and everything was — everyone was behaving normally.  And then I happened to mention — this was before the election, like a month or two before — I happened to mention the president’s name, and it was like they got shot with a dart in the jugular that contained, like, the methamphetamine and rabies.  Okay?  (Laughter.)

         And they’re like, “Whyy?”  And I’m, like, “What is wrong — like, guys, like” — you just can’t have, like, a normal conversation.  And it’s like — it’s like they become completely irrational. 

         Q    He — he has no idea, if you’re friends with him —

         MR. MUSK:  Yeah.

         Q    — you pay a price.  You know, it’s like, I walk into a restaurant in New York, and it’s like half the room gets daggers and they want to —

         MR. MUSK:  The eye-daggers — eye-daggers level is insane.  (Laughter.)

         I mean, there was, like — I had, like, some — some invitation because — so, I got invited to, like, so- — basically, a big, sort of, damn — damn event like that was — but I’d received the invitation, like, the beginning of last year and then — and I still attended, even after I’d endorsed President Trump, and I didn’t realize how profoundly that would affect, you know, how I was received.  (Laughter.)

         I mean, I walk into the room and I’m getting just the dirty looks from — from everyone.  Like, if looks could kill, I would have been dead several times over.

         Q    But that was not — (laughter) — before Trump

         MR. MUSK:  (Inaudible) —

         Q    Before Trump: “BC” —

         MR. MUSK:  — ashes on the floor.  (Laughs.)

         Q    — or “BT.”  Before Trump, that never happened.  Right?

         MR. MUSK:  No.

         Q    No.  So —

         MR. MUSK:  I — I just — doesn’t seem strange?  Like, what — what is up with this total, like, madness?

         Q    You’re smarter than me.  Can you — I actually think that there’s a level of irrationality.  It’s almost like a trigger and —

         MR. MUSK:  It totally triggers. 

         Q    And it’s like — look, I — I’ve been on TV — this is my 29th year.  I’ve been on radio 35 years.  I will — I’ve gone hard in the paint to — for candidates that lost.

         MR. MUSK:  Yeah.

         Q    And guess what?  I get over it.

         MR. MUSK.  Sure.  Yeah, yeah.

         Q    And I just keep doing my show, and I just — you know, I come back to fight another day.

         So, here’s the big — then this is the million dollar or billion dollar — I’m among billionaires — question.  So, you have all this going on and you stop, in a way — you’re still doing it — and you partner with him.  And this is what you get for it from the Democrats.  You get “nobody voted for Elon.”  Well, nobody voted for any of your Cabinet nominees.  Okay?  “People are dying because of DOGE cuts.”  I’ll give you a chance to respond to all that.  “What DOGE is doing is illegal.”  “Elon Musk is” — more street vernacular for a male body part.  “It’s a constitutional crisis.”

         MR. MUSK:  How c- — why — why are they reacting like this?

         Q    Well, first of all, do you give a flying rip?  Number one.  And —

         MR. MUSK:  Well, I guess we must be — if we’re the target, we’re doing something right.  You know, if — like, they wouldn’t be complaining so much if they — we weren’t doing something useful, I think. 

         What — all we’re really trying to do here is restore the will of the people through the president.  And — and what we’re finding is there’s an unelected bureaucracy.  Speaking of unelected, there’s a — there’s a vast federal bureaucracy that is implacably opposed to the — the president and the Cabinet. 

         And you look at, say, D.C. voting.  It’s 92 percent Kamala.  Okay, so we’re in 92 percent Kamala.  That’s a lot. 

         Q    Yeah.  They don’t like me here either. 

         MR. MUSK:  I think about that number a lot.  I’m like, 92 percent.  That’s, basically, almost everyone.  And so — but if — but how can you — if — if the will of the president is not implemented, and the president is representative of the people, that means the will of the people is not being implemented, and that means we don’t live in a democracy, we live in a bureaucracy. 

         And so, I think what we’re seeing here is the — sort of, the thrashing of the bureaucracy as we try to restore democracy and the will of the people.

         Q    You —

         MR. MUSK:  Is this making sense?  I mean — sorry.

         Q    Y- — no, of course it does.  I mean, to me, if you look at our framers and our founders — and you’ve really become a student of history, Mr. President, and we’ve ta- — we’ve had conversations both on air and off air — and if we talk about constitutional order or transformational change, nobody can argue that what’s happening here is going at the speed of light. 

         But however, what were the principles of our framers and our founders?  They wanted limited government, greater freedom for the people — and we’ll get to the specific cutting of waste, fraud, and abuse.  That — that is your goal, is it not?

         THE PRESIDENT:  Yeah.  And my goal was to get great people.  And when you look at what this man has done, I mean, it was something — I knew him a little bit through the White House. Originally, I’d see him around a little bit.  I didn’t know him before that, and I respected what he did.  And he fought hard.  You know, he was a — he was maybe questioned for a while.  He was having some difficulties.  It was not easy doing what he did. 

         I mean, how many people have started a car company and made it really successful and made a better car where it’s, you know, beating these big companies that that’s all they do is cars?  I mean, it’s really amazing the things that he’s done.

         But I didn’t know it as much then as now.  I mean, the fruits have sort of taken hold.

         But I wanted great people, and he’s a great person.  He’s an amazing person.  He’s also a caring person.  You know, he uses the word “care.” 

         So, they sign a contract in a government agency, and it has three months.  And the guy leaves that signed the contract, and nobody else is there, and they pay the contract for 10 years.

         So, the guy is getting checks for years and years and years, and he’s telling his family, obviously — maybe it was crooked, maybe he paid to get the contract, or maybe he paid that they didn’t terminate him.  But, you know, we have contracts that go forever, and they’ve been going for years, and they’re supposed to end in three months or five months or two years or something, and they go forever.  So, the guy is either crooked — you know, where he knew this was going to happen — or he’s crooked because he’s getting payments that he knows he shouldn’t be getting.

         MR. MUSK:  Yeah.

         THE PRESIDENT:  But they’re finding things like that.  They’re finding things far worse than that.  And they’re finding billions — and it will be hundreds of billions of dollars’ worth of fraud.  I say waste and abuse, but fraud, waste, and abuse.  And he’s doing an amazing job.

         And he attracts a young, very smart type of person.  I call them high-IQ individuals, and they are.  They’re very high Q and — high IQ.  And when they go in to see the people and talk to these people — you know, the people think they’re going to pull it over.  They don’t.  These guys are smart, and they love the country.  You know, there’s a certain something. 

         But he uses the word “care.”  So, people have to care.  Like, when I bought Air Force One —

         MR. MUSK:  Exactly.

         THE PRESIDENT:  — I negotiated the price.  It was $5.7 billion, and I got it — I got them down $1.7 billion.  Now they’re not building the plane fast enough.  I mean, they’re actually in default — Boeing.  They’re supposed to —

         Q    When is it —

         THE PRESIDENT:  They’ve been building this thing forever.  I don’t know —

         Q    This is the new Air Force One?

         THE PRESIDENT:  — what’s going on.

         MR. MUSK:  Yeah.

         THE PRESIDENT:  We don’t build the way we used to build.  You know, we used to build like a ship a day, and now to build a ship is, like, a big deal, and we’re going to get this country back on track.  We could do it, but so many things — it takes so long to get things built and get things done. 

         And a lot of it could be something we’ve been discussing.  The regulators go in and they make it impossible to build.  They make it very difficult to build anything, whether it’s a ship, a plane, or a building or anything.  And some of them do it because they want to show how important they are.  Some of them do it maybe because they think they’re right.  They use the environment to stop progress and to stop things.  It’s always the environment.  “It’s an environmental problem.”  It’s not an environmental problem at all.  But they do a lot of things. 

         And, by the way, speaking of that, Lee Zeldin is going to be fantastic in the position.  So important.  He could take 10 years to approve or disapprove something, or he could do it in a month.  You know, just as good.

         Q    Sure. 

         THE PRESIDENT:  And I think you’re going to see some fantastic — a fantastic job done by him.  He’s a tremendous guy. 

         Q    Newt — you echoed something when I had just met you, and it was very similar to what Newt has been saying, that we’re — he brought this country to the dance.  This is the opportunity to be transformational, and to have, I would argue, a — the most consequential presidency if we — if we’d really dig down and do something that had never been done before, and that is get rid of this bureaucracy.  And I’m going —

         MR. MUSK:  Yes.

         Q    — to get to specifics.  You say the same thing.  It’s not done yet. 

         MR. MUSK:  Absolutely.

         Q    And what did you mean by that?

         MR. MUSK:  Well, I mean the — w- — winning the election is really the opportunity to fix the system.  It is not fixing the system itself.  So, it’s an opportunity to fix the system and to restore the power of democracy. 

         And, you know, people — like, it’s funny how — how often it — you — when these attacks occur, the thing that they’re accusing the administration of is what they are guilty of.  They’re saying that things are — are being done are unconstitutional, but what they are doing is unconstitutional.  They are guilty of the crime of which they accuse us.

         THE PRESIDENT:  That’s always the first thing they do.

         MR. MUSK:  Yeah.

         THE PRESIDENT:  “He’s in violation of the Constitution.”  They don’t even know what they’re talking — well, they know.

         MR. MUSK:  It’s absurd. 

         THE PRESIDENT:  It’s just a con job.  It’s a big con job.  And they’re so bad for the country, so dangerous and so bad.

         And the media is so bad.  When I watch MSNBC, which I don’t watch much, but you have to watch the enemy on occasion, the level of arrogance and — and cheating and — they’re just horrible people.  These are horrible people.

         Q    They lie. 

         THE PRESIDENT:  These are horrible people. 

         Q    They tell conspiracy theories.

         THE PRESIDENT:  They lie, and they start up with the Constitution.  They couldn’t care less about the Constitution.

         CNN, likewise.  I mean, I watched them asking questions with, you know, the hatred with the — why — I said, “What are you asking the question with such anger?  You’re asking me a normal question.”  But you see the bias.  The bias is so incredible.  Those two are bad.

         PBS is bad.  AP is bad.  CBS is terrible. 

         I mean, CBS now — they changed an answer in Kamala.  They asked her some questions.  She answered them like, you know, a low-IQ person.  The opposite of him — the absolute opposite.  But she gave a horrible answer.  They took the entire answer out, and they put another answer that she gave 20 minutes later into the — in- — as the answer.  

         Q    It was part of her word salad. 

         THE PRESIDENT:  I’ve never even heard of that be- — I thought I heard of it all.

         MR. MUSK:  Right. 

         Q    That wh- — “60 Minutes” once — one — wanted to do an interview with me, and I said, “Live to tape.” 

         MR. MUSK:  Yeah, exactly. 

         Q    They said, “No.”  And I said, “No” —

         MR. MUSK:  Right.

         Q    — “No deal.” 

         MR. MUSK:  Exactly.  They can- —

         Q    Like, this interview will —

         THE PRESIDENT:  I’ve never even heard — you know, I’ve seen where they take a sentence off or something and they’ll do — but they —

         Q    Sometimes you cut for time o- — 

         THE PRESIDENT:  No, no.  They took the entire — this long, terrible statement that she made and put another. 

         Nobody’s ever seen what’s happening.  And, you know, the people that do all this complaining, they’re very dishonest people. 

         MR. MUSK:  Yeah. 

         Q    Yeah.  I — I’m going to, just for the sake of saving time —

         THE PRESIDENT:  Yeah.

         Q    — because I could spend — and I’ve done this on radio and TV, I — I can spend an hour finding the outrageous amounts of money being spent abroad, like USAID.

         MR. MUSK:  Sure.

         Q    And I do want to mention a couple, but I’m going to —

         MR. MUSK:  Yeah.

         Q    — scroll it and —

         MR. MUSK:  Well — well, I guess, at a high level, I think it’s what the president mentioned earlier, which is that in order to save taxpayer money, it comes down to two things: competence and caring.  And —

         THE PRESIDENT:  That’s right. 

         MR. MUSK:  — and when — when president was shown the outrageous bill for the new Air Force One and — and then negotiated it down, if he had — if the president had not applied competence and caring, the price would have been 50 percent higher — literally, 50 percent higher.  The president cared.  The president was competent.  The price was not 50 percent higher as the result. 

         And so, when you add more competence and caring, you get a better deal for the American people. 

         THE PRESIDENT:  But we could take — we were talking about this yesterday.  I could take — give me thousands of bills — any — I could pick any one of them, and I could —

         MR. MUSK:  Yes, exactly.

         THE PRESIDENT:  — take all thousand.  And let’s say it’s a bill for $5,000 — just $5,000, and it’s done by some bureaucrat.  And if he would say, “I’ll give you three.  I don’t want to pay you five.  It’s too high.  I’ll give you three.”  But they don’t do that.  If a guy sends in a bill for $5,000, they pay $5,000.  They expect to be cut.  Everybody expects to be cut.  When you send in a bill, you expect to be cut.  They send in the bill higher, for the most part.  This is true with lawyers, legal fees.  When they send in legal fees, you — I can cut — I wish I had the time, I would save so — but I could cut these bills in half — much better than half. 

         But you offer people a much lower number because you know they — they actually put fat — I’m not even saying it’s — it’s like a way of business.  They put more on because they expect to be negotiated.  When you send in a bill to the government, there’s nobody to negotiate. 

         MR. MUSK:  Yes.

         THE PRESIDENT:  You send it a bill for $10,000, and they send you a check back for $10,000.  If you would call them and said, “We’ll give you five.”  “No, no, no.  I need more than five.”  “We’ll give you a five.”  “I’m not going to pay any more than five.”  “Make it six.”  “No, I’m not going to make it six.”  And you’ll settle for $5,500.  You’ve just cut the bill almost in half, and it took, like, two minutes.  When did that stop?  But —

         Q    (Inaudible) the art of the deal?

         THE PRESIDENT:  — that’s caring.  No, it’s not even the art of the deal.  It’s caring.  He uses the word —

         MR. MUSK:  It’s — it’s competence and caring.

         THE PRESIDENT:  — it’s caring. 

         Q    Yeah.

         THE PRESIDENT:  It’s — it’s a certain competence, but I think it’s more caring. 

         MR. MUSK:  I — if you —

         THE PRESIDENT:  (Inaudible.)

         MR. MUSK:  Actually, if you add either ingredient — either competence or caring — you’ll — you’ll get a better outcome.  But it stands to reason —

         Q    Right.  People don’t want to do this (inaudible.)

         MR. MUSK: — that’s the reason that if you don’t have competency and you don’t have caring, you’re going to get a terrible deal.  And the problem is that the American taxpayer has been — been getting a terrible deal, because — look at the last administration.  Can you — can anyone — can any reasonable person say that last administration was either competent or caring?

         Q    But they lied to us and said that Joe didn’t have a cognitive decline.

         MR. MUSK:  They fully lied. 

         Q    They said the borders were closed.  They said that the borders were secure.  They said that —

         MR. MUSK:  Right.

         Q    You know, they said Obamacare would save —

         MR. MUSK:  They flat out lied. 

         Q    They flat out lied — 

         MR. MUSK:  It was insane.

         Q    — on many occasions. 

         MR. MUSK:  Yes.

         Q    I tell my audience all the time: Don’t trust government. 

         MR. MUSK:  Yes.

         Q    So, the — I want — as I scroll this information, and it’s — it’s — I’ll scroll a lot more than I’ll mention to both of you, and this is the cost savings.  I want you — I want people at home to understand this part: The average American makes $66,000 a year. 

         MR. MUSK:  Yeah.

         Q    Okay?  We have $37 trillion in national debt. 

         MR. MUSK:  Yes. 

         Q    Now, all the money I’m about to mention and what we’re going to scroll on our screen — and all of this is going to foreign countries.  It is not being spent here in America —

         MR. MUSK:  Yes.

         Q    — for better schools, law and order. 

         MR. MUSK:  I — I think the average taxpaying American should be mad as hell because their tax money is being poorly spent.

         Q    I’m mad.  It’s stealing from —

         MR. MUSK:  It’s a — it’s an outrage —

         Q    — our kids and grandkids.

         MR. MUSK:  Yes, and the — and people —

         THE PRESIDENT:  And a lot of fraud, Sean.  A lot of fraud.

         Q    Yes.

         THE PRESIDENT:  And a lot of kickbacks. 

         They’re sending money out.  They’re not that stupid.  These people aren’t that stupid.  They’re sending for transgender — something having to do with the opera, and they’re sending out $7 million —

         MR. MUSK:  (Laughs.)  Literally.

         THE PRESIDENT:  — $7 million.  (Inaudible) —

         Q    You just stole my next line.  I can’t believe that. 

         THE PRESIDENT:  No, it’s incredible. 

         Q    I was going to mention that.

         THE PRESIDENT:  No, but it’s incredible: $7 million.

         Now, you know they — they’re not so stupid.  They’re sending all this money.  They expect to get a lot of it back.  And that’s what happens.

         Q    Okay.  So, let’s go through it.

         MR. MUSK:  Yes, they’re — a bunch of —

         Q    So, for the average person at home —

         MR. MUSK:  — this stuff is round-tripping.  To the president’s point, they’ll — they’ll make it sound like it’s going to help some people in a foreign country, but then they — then they get kickbacks. 

         Q    All right.  Let me go to the ne- — to the fir- —

         MR. MUSK:  Yeah.

         Q    — to the second question first.  I want to know, because people like Joni Ernst, and — and House —

         MR. MUSK:  Yeah, Joni — Joni Ernst has been —

         Q    They tried to get —

         MR. MUSK:  — has tried for a long time, and she’s actually got a lot of good data.  Senator Ernst has been really helpful, actually.

         Q    Okay, but they — they actually hide what the real purpose of the spending is. 

         MR. MUSK:  That’s true.

         Q    In other words, they — and — and h- — this is a question: How did you decipher?  It will say, “Humanitarian blah, blah, blah in Serbia or Afghanistan.”  We’ve been giving money to China for crying out loud, which I think is nuts.

         MR. MUSK:  Well, we’re giving money to the Taliban.

         Q    Money to the Taliban?

         MR. MUSK:  Like a lot.

         Q    All right.  So —

         MR. MUSK:  (Laughs.)  I’m like, for what?

         Q    But they —

         MR. MUSK:  I — I want to see pictures of what they did.

         Q    But they try to obscure it, and — and — but then you got to the bottom line, which is what I’m now scrolling on the screen —

         MR. MUSK:  Yes.

         Q    — and that is: $20 million on a Sesame Street show in Iraq; $56 million to boost tourism in Tunisia and Egypt; $40 million to build schools in Jordan; $11 million to tell the Vietnamese to stop burning trash; $45 million for DEI scholarships in Burma; $520 million for consultant-driven ESG investments in Africa; DEI programs in Serbia; the president’s favorite — I’m sure you — you love that taxpayer money was spent on a DEI musical in Ireland or a chan- — transgender opera in Colombia or a —

         MR. MUSK:  If I could, like, it sounds like —

         Q    — transgender comic book in Peru. 

         MR. MUSK:  It sounds like — it sounds like how can these things be real?  But this is actually what was done. 

         Q    Okay.  The — I —

         MR. MUSK:  It — it sounds like a comedy sketch or something.  It’s like —

         Q    I have 20 pages of this.

         MR. MUSK:  Right.  It’s not — the list is a mile long.

         THE PRESIDENT:  The one thing you didn’t mention, the media.  The media is getting millions of dollars. 

        MR. MUSK:  Yes.

         THE PRESIDENT:  Now, they say Politico, which is a radical left —

         Q    Subscriptions. 

         THE PRESIDENT:  — you know, garbage magazine or — or program.  I guess they have magazine and they have some — some media of all types.  $8 million. 

         I hear the New York Times got a lot.  I hear they get subscriptions — where they have subscriptions but maybe the paper is not sent.  I have no idea if that’s true or not, but it’s — they call it subscriptions.  Lots of subscri- — to different media, not just the Times — maybe the Times, and maybe not the Times.

         Q    A million dollars in subscriptions is a lot.

         THE PRESIDENT:  Well — but — but millions of dollars going to media that’s radical-left, crooked, dishonest media.

         MR. MUSK:  Well — well, Reuters — this is actually really wild: Reuters got like — something like $10 million for something that was literally titled “mass disinformation campaign.” 

         Q    Well —

         MR. MUSK:  That was on the purchase order.  Well, I — I

    thought that was a little bold.  (Laughs.) 

         Q    I will tell you what was bold is when you released —

         MR. MUSK:  I’m like —

         Q    — the Twitter files.

         MR. MUSK:  — shouldn’t you at least try to call it something else?  (Laughs.)

         Q    The Twitter files — how they targeted him; how Twitter, at the time, worked closely with the FBI, the CIA; and, even before the release of Hunter’s very real laptop, they were feeding them disinformation.  That —

         MR. MUSK:  Absolutely.

         Q    — you found all that out. 

         MR. MUSK:  Well, I think —

         Q    That’s called transparency, right?

         THE PRESIDENT:  The FBI has to be rehabbed.  The FBI —

         MR. MUSK:   Yeah.

         THE PRESIDENT:  What’s happened with the FBI and the DOJ is just — their — their stock has gone way down.  I mean, their reputation is shot.

         Q    And intelligence.

         THE PRESIDENT:  And I think Pam is going to do great.  I think Kash is going to do great.  I think they have to do great or we have a problem. 

         But when you look at what they did, the raid of Mar-a-Lago — the raid of Mar-a-Lago — you look at what they did, their reputation is shot.

         Q    It is. 

         What — you were going to say, Elon?

         MR. MUSK:  Well, no, I was going to say that I think probably a — like, a lot of people still —

         Q    How — how did you find (inaudible)?

         MR. MUSK:  — still believe, like, the Russia hoax, even though you’ve done a lot to combat that.  The — you know, the — the Steele dossier was an incre- — a massive scam that was concocted by Hillary Clinton and her — her campaign.

         Q    She bought and paid it — for it —

         MR. MUSK:  Right.

         Q    — Russian disinformation. 

         MR. MUSK:  There was — it was — the — people still think the — the Russia hoax is real.  Like a lot of people s- — because they never — they never heard the counterpoint.  I mean — I mean, a bunch of people should be in prison for that.  That was a — that was outrageous election interference, creating a fake Russia hoax. 

         Q    How much — if you had to put a number on it, how much do you think you’ve identified waste, fraud, abuse, corruption at this point?  And again, we’ve been — we’re going to be scrolling this throughout the program. 

         MR. MUSK:  Well, the — the overall goal is to try to get a trillion dollars out of the deficit.  And if we — if we — if the deficit is not brought under control, America will go bankrupt.  This is a very important thing for people to understand.  A country is no different from an individual, in that if an individual overspends, an individual can go bankrupt, and so can a country. 

         And — and the out- — the massive waste, fraud, and abuse that has been going on, which is leading to a $2-trillion-a-year deficit, that — that’s what the president was handed on Jan. 20th, a $2 trillion deficit.  It’s insane. 

         Q    For this fiscal year?

         THE PRESIDENT:  Two trill- — yeah.  We inherited it.

         MR. MUSK:  Two —

         THE PRESIDENT:  Yeah.  And inflation is back.  I’m only here for two and a half weeks. 

         Q    That was January —

         THE PRESIDENT:  Inflating is back —

         Q    — you were there for a week. 

         THE PRESIDENT:  No, think of it, inflation is back.  And they said, “Oh, Trump infla-” — I had nothing to do with it.  These people have — have run the country.  They spent money like nobody has ever spent.  They were — they were given $9 trillion to throw out the window — $9 trillion, and they spent it on the Green New Scam, I call it.  It’s the greatest scam in the history of the country.  One of them.  We have a lot of them, I guess.  But one of them.

         Q    Well —

         THE PRESIDENT:  Dollar-wise, probably —

         Q    — and DEI —

         THE PRESIDENT:  — it is.

         Q    — and wokeism —

         THE PRESIDENT:  Yeah, yeah.

         Q    — and transgenderism —

         THE PRESIDENT:  Well, that’s all part of it.  Yeah.

         Q    — and LGBTQ+.

         MR. MUSK:  Yes.

         Q    And, by the way, not in America — other countries, not here. 

         THE PRESIDENT:  You know, the amazing thing is when you see, like, the teaching of DEI: $9 million.  How do you spend $9 million to teach no matter what it is?

         MR. MUSK:  Right.

         THE PRESIDENT:  You could teach physics. 

         MR. MUSK:  Exactly.  Totally.

         THE PRESIDENT:  You could go to MIT for a lot less.

         MR. MUSK:  It’s (inaudible) expensive.  (Laughs.)  Expensive.

         THE PRESIDENT:  Yeah, the teaching —

         MR. MUSK:  Expensive BS.

         THE PRESIDENT:  — of DEI.

         Q    Well, I think it would be better spent on —

         THE PRESIDENT:  No, it’s a kickback.  It’s got to be a kickback.  Nobody is that — nobody could do that.  Nobody is —

         Q    Well, it —

         THE PRESIDENT:  Nobody is giving — to assess the dialog of an audience coming out of a theater: $4 million.

         Q    How much do you believe, Elon, you’ve identified in — in waste, fraud, abuse, corruption now?  And how much —

         MR. MUSK:  Well —

         Q    — do you anticipate you will?

    MR. MUSK:  Sure.  Well, the — I — I think —

    THE PRESIDENT:  One percent.

    MR. MUSK:  (Laughs.)

    THE PRESIDENT:  No, because it’s so massive.  It’s — this is —

    MR. MUSK:  Yeah, exactly.

    THE PRESIDENT:  — huge money.  Huge money.  Look —

    Q    So, what we’ve found now is one percent?

    MR. MUSK:  Well, we’ve j- — we’ve just gotten started here.

    THE PRESIDENT:  As good as they are, they’re not going to find some contract that was crooked — you know, crooked as hell.  And, I mean, there’s going to be so much that isn’t found.  But what is found — I think he’s going to find a trillion dollars.

    MR. MUSK:  Yeah, I think so. 

    THE PRESIDENT:  But I think it’s a very small percentage compared to what it is.  I mean, he could tell you about treasuries; he could tell you about a woman that worked for Biden that became a very wealthy woman while she was working for him.  Right?

    MR. MUSK:  Yeah.

    Q    Yeah, I know who you’re talking about.

    MR. MUSK:  I mean, there are some strange situations where people — where, you know, someone’s working for the government earning $200,000 a year, and then, suddenly, they’re worth tens of millions of dollars within a few years.  Where’d the money come?

    Q    How’d they earn it?

    MR. MUSK:  Yeah.

    Q    They have a private company on the side? 

    MR. MUSK:  We’re just curious.  Like, can you —

    THE PRESIDENT:  While they were working.

    MR. MUSK:  Can you show us — because, like, in order to be worth tens of millions of dollars, you’d have to start a company, or you’ve got to get some kind — the compensation has got to come from somewhere.  So, how does a civil servant with — earning $200,000 a year suddenly, within a span of a few years, be worth tens of millions dollars?

    Q    W- —

    MR. MUSK:  So, I just want to connect the dots here. 

    Q    All right, s- —

    MR. MUSK:  Maybe there’s a legitimate explanation, but I don’t think so.  (Laughter.)

    Q    So, you know, and this gets to kind of the heart of where I am.  I — I looked at your work, and I look at this amount of money, and I get angry.  And I don’t get v- — I’m not an angry person. 

    MR. MUSK:  Sure.

    Q    I don’t get angry.  I get a- — I get annoyed sometimes, but I don’t get angry. 

    And I did live paycheck to bay- — paycheck a part of my life.  And I think of, you know, the working men and women in this country that the — 56 percent of which cannot afford a $1,000 emergency after four years of Harris and Biden.

    MR. MUSK:  Sure.

    Q    Okay?  That is serious, you know, financial trouble.  Or they’re putting bare necessities on credit cards. 

    And I’m looking at this and I’m thinking, well, how much — when we — when all is said and done, we could have written a check or cut the taxes or fixed our schools —

    MR. MUSK:  Yes.  Yes.

    Q    — or deported these illegals that we keep finding, known terrorists, cartel members, gang members. 

    MR. MUSK:  Yeah.

    Q    And — and we’re not doing it.

    THE PRESIDENT:  Sean, the saddest thing is they don’t talk about the individual lines.  I could go on your show right now,  I could get a list that I have on the beautiful Resolute Desk in the Oval Office, and it’s got 40 points, and all they are is the heading of what this money is. 

    You don’t have to go deep into it, and you see it’s, you know, all different things and it’s so ridiculous. 

    I mean, normally, when you look for fraud, you’re looking for one thing out of a hundred.  Here, out of a hundred, 95 are going to be bad.  I mean, they’re — and they’re so obvious just by the heading.

    But they never mention that.  They only mention, “This is a violation of our Constitution.  This is a” — the word they give, you know, it’s like a sound bite — “constitutional crisis.”  It’s a new thing, “constitution-” —  But they never mention about where the money is going. 

    MR. MUSK:  Yes.  Exactly.

    THE PRESIDENT:  And when people hear that — I had a very smart man, John Kennedy — he’s actually a very smart man.  He said, “Sir, you should just go on television and just read the name of the topic that you’re giving all the money — just the topic that you’re giving this money to, and don’t say anything more,” and he’s right.

    MR. MUSK:  Yeah.

    THE PRESIDENT:  And I’ll do it at some point, you know, when — 

    But they never talk about where the money is going.  They just talk about, “It’s a constitutional crisis.” 

    It’s so sad.  And honestly, I think they’re bad people.  I used to give them the benefit of the doubt, but you almost think they hate the country.  I think they hate the country.  They’re sick people. 

    Q    Remember, what they can’t — what they couldn’t accomplish at the ballot box, what they can’t accomplish legislatively, now they’re using the courts.

    MR. MUSK:  Yes.

    Q    And they c- — they’re trying to bury you in lawsuits.

    THE PRESIDENT:  That’s right.  You know the good news, though?  They’ve lost their confidence.  They’re not the same people. 

    Q    I think you’re right.

    THE PRESIDENT:  They’re — they’re not the same people. 

    This election was brutal for them.  We won every swing state.  We won by millions and millions of votes.  We won everything.  We — all 50 states went up — all 50.  It’s never happened.

    Q    Popular vote. 

    THE PRESIDENT:  Every one.  All 50 states went up. 

    They’ve lost their confidence.  I see it.  And they’re — they’re just swirling and twirling.  They don’t know what the hell is happening.  They’re much different.  They’re just as mean, but they’re not getting to the point.

    Q    Why do you invite them into the Oval Office nearly every day?

    MR. MUSK:  (Laughs.)

    THE PRESIDENT:  Well, the media — you’re talking about the media.

    Q    Yeah, your friends in the media.

    THE PRESIDENT:  The media — no, they’re — you know, the anger that — they ask questions so angry — a question — a normal question.  I give them an answer.  They — but they — I say, “Why are you so angry when you ask a question?”  Just a standard question.  And, I don’t know, there’s something —

    Q    They haven’t had a- — they haven’t been allowed in that office for the last four years, and here you’re giving them access. 

    Let me go to an area that I think is key, and — and you talked about this in recent interviews, and that is: We don’t need a Department of Education.  Okay.  And what some people are trying to do is stoke fears that, “Oh, my gosh, my kid is not going to get the money for education.”

    THE PRESIDENT:  (Laughs.)  Yeah.

    Q    Or “grandma’s Social Security and Medicare.”  This was a big promise of yours on the campaign trail.

    THE PRESIDENT:  Yeah.  Yeah.

    Q    So, I really want to give you both an opportunity to assure the American people you will keep — that money will be allocated for students, but with higher standards.  For example, I would assume associated with monies given or vouchers.

    THE PRESIDENT:  (Inaudible) so much and — and then Elon goes.  But, look, Social Security won’t be touched — 

    Q    Won’t be touched.

    THE PRESIDENT:  — other than if there’s fraud or something — we’re going to find it; it’s going to be strengthened — but won’t be touched.  Medicare, Medicaid, none of that stuff is going to be touched.  It’s just — 

    Q    Nothing.  I want you to —

    THE PRESIDENT:  (Inaudible) don’t have to.

    Now, if there are illegal migrants in the system, we’re going to get them out of the system, and all of that fraud.  But it’s not going to be touched.

    School — I want to bring school back to the states, so that Iowa, Indiana — all these places — Idaho, New Hampshire — there’s so many places, the states.  I figure 35 really run well. 

    And right now, it’s Norway, Sweden, Denmark, Finland, China — China, can you imagine? — has top — top schools.  We’re last. 

    So, they have a list of 40 countries.  We’re number 40.  Usually we’re 38, 39, but last time, we were number 40.  And what I say is you’ve got to give it back. 

    So, it doesn’t work. 

    I’ll tell you what we’re number one in: cost per pupil.  We spend more money than any other country by far — it’s not even close — per pupil.  Okay?  So, we know it doesn’t work. 

    So, we spend the most and we have the worst — right? — the worst result.  When we give that — when we give that back to Indiana, when we give that b- — back to Iowa and back to a lot of the states that run well — they run well, a lot of them — 35, 37, 38 — now, you’re going to have 10 laggards, but you’re going to have 5 real laggards, but that’s going to be okay. 

    Take New York — you give it to Westchester County, you give it to Suffolk County, you give it to Upstate New York, and you give it to Manhattan — but you give it to four or five subsections.  Same thing in California.  Los Angeles is going to be a problem, but you’re going to give it to places that run well.  We can change education

    Now, school choice is important, but that will get care — taken care of automatically. 

    We want to bring education back to the states.  You will spend half the number.  And I’m not even doing this —

    Q    So, you’re leaning more towards grants not vouchers, like to parents?

    THE PRESIDENT:  I’m not even — I’m not even doing this to save, but you will save.  It will cost you much less money.  You get a much better education. 

    If you go to some of these states, you’ll be the equivalent of Norway, Sweden, Denmark — places that really have a good school system.  You’ll have — those places will be the equivalent, and your overall numbers will get so much better. 

    Q    Do you want standards associated with the money?

    THE PRESIDENT:  The only thing I want to do from — from Washington, D.C., is make sure they’re teaching English, reading, writing —

    Q    Math and science.

    THE PRESIDENT:  — and arithmetic.  Okay?

    Q    Science?  Science might help.

    THE PRESIDENT:  Okay.  A little science.  You know —

    Q    Computers.

    THE PRESIDENT:  — you’re not going to have much of a problem with that, but that’s it. 

    Do you know, we have half the buildings — I mean, you look at Department of Education —

    MR. MUSK:  It’s empty.

    THE PRESIDENT:  Look at the real estate and the —

    MR. MUSK:  Yeah.

    THE PRESIDENT:  — the level.  For what?  To — to — I mean, for — what do they do?

    We have really bad educa- — the teachers — I love teachers.  I respect teachers.  And, by the way, there’s no reason why teachers can’t form a union.  They can do whatever they want to do, if it’s back in the states.  So, we’re not looking to hurt the teacher — I’m — I’m going to help the teachers.  I think the teachers should be incentivized, because a good teacher is like a good scientist, is like a great doctor.

    MR. MUSK:  Sure.

    THE PRESIDENT:  It’s a valuable commodity. 

    MR. MUSK:  Yeah.

    THE PRESIDENT:  I think they should be incentivized. 

    MR. MUSK:  Yes.

    THE PRESIDENT:  So, I’m totally for the teachers.

    MR. MUSK:  Absolutely.

    Q    I interview a guy a lot on radio.  He’s from Wichita, Kansas.  And he started —

    THE PRESIDENT:  Right.

    Q    — as a medical doctor.  Started Atlas.MD, and he’s now — he’s rolled it out nationwide.  Concierge care, $50 a month, 24-hour access to a doctor. 

    THE PRESIDENT:  Right.

    Q    You know, they use a lot of telemedicine now as part of it — very innovative.  He negotiates directly with pharmaceutical companies.  People — if they have high blood pressure, they walk out with their medicine.  They have high cholesterol, they walk out with their medicine.  And they pay pennies on the dollar.

    You mentioned —

    THE PRESIDENT:  By the way, forms of that could be done.

    Q    Forms of that?

    THE PRESIDENT:  Forms of that could be done.

    Q    Innovation. 

    THE PRESIDENT:  We got hurt when we didn’t get the vote on Obamacare.  I made Obamacare — I had a choice: I could let it rot and win a point, or I could do the best you could do with it.  And that’s what I did.  We did a great job with it, and we made it sort of work, but it’s lousy.  We could do so much better. 

    And when you say — you go to certain areas, they — they have doctors round the clock.  They have great medical care for a fraction of what we’re paying right now. 

    There are things we could do. 

    But, look, just overall, this man has been so valuable.  I hate to see the way they go after him.  They go after him.  It’s so unfair.  He doesn’t need this.  He wants to do this. 

    First of all, this is bigger than anything he’s ever done.  He’s done great companies and all, but this is much — you know, this is trillion — everything’s trillions, right?

    MR. MUSK:  Yeah.  The numbers are crazy.

    Q    To go back to my original point —

    THE PRESIDENT:  He can save —

    MR. MUSK:  Yeah.

    Q    But let me — give him his $10 million back.

    MR. MUSK:  Well — well — I — no.  So, people ask me, like, “What’s — what’s the — what’s the — what’s, like, the — what’s your biggest surprise in — in D.C.?”  And I’m like, “The sheer scale.”

    Q    It’s massive.  So, you love the challenge?

    MR. MUSK:  Well, I mean, to —

    THE PRESIDENT:  He’ll never do anything bigger.

    MR. MUSK:  To the president’s point —

    THE PRESIDENT:  That’s the only thing you can say, “He’ll

    never do anything” —

         MR. MUSK:  But, I mean, you do something slightly better, and you save billions of dollars for the American taxpayer — just slightly better.  Slightly.  (Laughs.)

         Q    When you say “tech support” —

         MR. MUSK:  You go one percent better, and it’s, like, you know, tens of billions of dollars saved to the American taxpayer. 

    Now, if I may address the point that you — the question you asked earlier, which is, you know, how do we assure people that —

    Q    They want to know.

    MR. MUSK:  Yeah, how do we assure people that we’re going to do the right thing, that their — that their Social Security benefits will be there, that their — the medical care will be good and s- — and — in fact, how do we make it — ensure that there’s better medical care in the future?  How do we improve their benefits?  How do we make sure that their Social Security check goes further than it did in the past and not — it doesn’t get weakened by inflation?

    So, the — if we — if we address the — the massive deficit spending, the sort of — the — the waste in the government, then — then we can actually address inflation. 

    So, provided the economy grows faster than the money supply, which means you stop the government overspending and the waste, and the output of real useful goods and services exceeds the increase in the money supply, you have no inflation.

    Q    Yeah.

    MR. MUSK:  And — and you also drop the — the interest payments that people pay, because if the government keeps —

    Q    Way too high.

    MR. MUSK:  Yes.  The — the reason the interest payments are so high is because the — the national debt keeps increasing.  So, the — the government is competing for — to sell debt with — for — with — with the private citizens.  This drives up the interest rate. 

    So, if you have a — if you have a — if you cut back on the deficit, you actually have an amazing situation for people, because you get r- — you get rid of inflation and you drop the interest rates.  And that means people’s mortgage payments go down, their credit card payments go down, their car payments go down, their student loans go down.  Everything — their — their life becomes more affordable and they’re standard of living improves.

    Q    How quickly?  Because I think people are suffering now.  We’re still living under the Biden-Harris economy. 

    THE PRESIDENT:  But, Sean, you have states right now —

    Q    Yeah.

    THE PRESIDENT:  You have some states that operate that way.  They operate as well as any corporation.  They really operate well.

    MR. MUSK:  Yeah.

    Q    Florida.

    THE PRESIDENT:  They have surpluses.  They ha- — they don’t —

    MR. MUSK:  Texas is — has a surplus, for example.

    Q    Yeah.

    THE PRESIDENT:  When they — when they look at New York and — and California and some of these places that should have an advantage — I mean, there’s a big advantage — or Pritzker does such a bad job in Illinois; it’s horrible how bad he is — and they don’t have that advantage. 

    You know, New York has stock exchange and a lot of things.  And California has the weather and the beautiful water and all the thing- —

    MR. MUSK:  California has — has great weather.  The most expensive weather on Earth.

    THE PRESIDENT:  Yeah.  (Laughter.)  But — but —

    Q    I like Florida.

    MR. MUSK:  Yeah.

    THE PRESIDENT:  But some states operate the way he’s talking about.

    Q    Efficiently.

    THE PRESIDENT:  When you go into some of these states, you’re going to find very little.  You’re going to find almost nothing.  They really operate well — big surpluses, low taxes.  And —

    Q    You know, my taxes went up the first time you were president, because you took away the SALT deduction —

    THE PRESIDENT:  I — well, I did.

    Q    — which, by the way, I thought was the right decision.

    THE PRESIDENT:  It was the right decision — in fact, Reagan tried to do it — because it rewards badly run states.

    But at the same time, it’s a tough — it was — it’s tough for the states.  I mean, it really is tough for the states. 

    The sad part is it rewards really badly run states. 

    Q    Yeah.

    THE PRESIDENT:  And Reagan tried to do it.  He was unable to do it.  I got it done. 

    Q    You got it done, and —

    THE PRESIDENT:  And now we’re going to give some back.

         Q    A little bit.

    THE PRESIDENT:  Because you know what?  We’ve got to help them.

    Q    It’s only a little.

    THE PRESIDENT:  We’ve got to help.

    Q    Because otherwi- — we’re encouraging people to elect high taxes, spen- —

    THE PRESIDENT:  Nobody had any idea it would be that devastating.  I did the right thing.  I got something that Reagan couldn’t do.  I got it done, where everybody is — are the same.  But you know what?  We’ve got to help them out.

    Q    Reagan had the Grace Commission, some of the best business minds in the country.

    THE PRESIDENT:  Right.

    Q    And they came up with recommendations.  Congress adopted none of them, and none of them were implemented. 

    I’ve got to ask this question, because the media is obsessed about it: What — what if there is a conflict?  In other words, because you do business — it was funny, when it came out the other day, that there was going to be, I think, $400 million — billio- — I don’t know if it was millions or billions — a lot of money on Teslas that Joe Biden’s administration w- — did with Tesla, and —

    MR. MUSK:  I’m not familiar with that.

    Q    You’re not even familiar with it?  But —

    MR. MUSK:  I — I don’t think — are you talking about, like, the Inflation Reduction Act stuff or —

    Q    It was some — it was a purchase order of Tesla vehicles. 

    MR. MUSK:  Oh.  Oh, that was — that was incorrect.  There was s- — like, there’s some sort of — the media claim that there was, like, $400 million worth of Cybertrucks —

    Q    That was it.

    MR. MUSK:  — being bought by the DOD.

    Q    And that he gave it to you.

    MR. MUSK:  No — well, first of all, that was —

    THE PRESIDENT:  No, actually, it was —

    MR. MUSK:  Th- — it was fa- —

    THE PRESIDENT:  It was Biden.

    Q    It was Biden.

    THE PRESIDENT:  And you know Biden wouldn’t give him much.

    MR. MUSK:  But — but it wasn’t even — it was fake news, six weeks to Sunday.  Tesla is not getting $400 million for Cybertrucks.  And the — and the — and this alleged —

    Q    That’s what it was, Cybertrucks.

    MR. MUSK:  This — yeah.  This alleged award occurred in December, before the president took office.  So, it’s — it’s fake on multiple levels.  There i- — Tesla isn’t getting $400 million.  And even if it — even if it was, which it isn’t, it was awarded during the Biden administration. 

    Q    Okay, but you’re — you — you —

    MR. MUSK:  It’s total fake news. 

    Q    There — there is —

    MR. MUSK:  It’s fake on, like — it’s like multiple leverals —

    Q    There is some integration —

    MR. MUSK:  — multiple layers of fake.

    Q    So, you’re — you’re tasked now — and I pray to God this is successful.  I really do.  I wish you Godspeed. 

    MR. MUSK:  Yeah.

    Q    You know, “Godspeed, John Glenn.”

    THE PRESIDENT:  It’s — it’s going to be, by the way.  I really believe it’s going to be.

    Q    But — but there —

    MR. MUSK:  Oh, yeah.

    Q    But there are legitimate areas —

    THE PRESIDENT:  Because the country is going to do well beside this. 

    This is cutting.  We’re only talking about cutting. 

    We’re also going to make a lot of money.  We’re g- — we’re taking in so much money.

    Q    But what about his business?  What if — if there is —

    THE PRESIDENT:  Then we won’t let him do it.

    Q    — a contract he would otherwise get?

    THE PRESIDENT:  We’re not going to let him do it.  He — if —

    Q    You’re not going to let him do it?

    THE PRESIDENT:  If he’s got a conflict — I mean, look — he —

    Q    Y- — now y- —

    THE PRESIDENT:  He’s in certain areas — I mean, I see this morning — I didn’t — I didn’t know, but I said, “Do the right thing” — where they’re cutting way back on the electric vehicle subsidies.

    MR. MUSK:  Yes.

    THE PRESIDENT:  They’re cutting back.

    Q    You’re losing —

    THE PRESIDENT:  Not only cutting back —

    Q    It hurts you.

    MR. MUSK:  Correct.

    THE PRESIDENT:  Yeah.

    Now, I will tell you —

    Q    You don’t care? 

    MR. MUSK:  Well —

    THE PRESIDENT:  He’s probably not that happy with it, but that would have been one thing he would have come to me and said, “Listen, you got to do me a favor.  This is crazy.”  (Laughter.)  But this was in the tax bill.  They’re cutting back on the subsidies. 

    I didn’t — I wasn’t involved in it.  I said, “Do what’s right, and you get” — and they’re coming up with the tax, but it’s just preliminary. 

         But I mean, if he were involved, wouldn’t you think he’d probably do that?  Now, maybe he does better if you cut back on the subsidies.  Who knows.  Because he figures — he does think differently.  He thinks he has a better product, and as long as he has a level playing field, he doesn’t care what you do —

         MR. MUSK:  Exactly.

         THE PRESIDENT:  — which he’s very — he’s told me that.

    MR. MUSK:  Yeah.  I mean, I haven’t asked the president for anything ever.

    THE PRESIDENT:  It’s true.

    Q    And if it comes up, how — how will you handle it?  (Inaudible.)

    THE PRESIDENT:  He won’t be involved. 

    MR. MUSK:  Yeah, I’ll — I’ll re- — I’ll recuse myself if it is a conflict.

    THE PRESIDENT:  If there’s a conflict, he won’t be involved. 

    MR. MUSK:  Yeah.

    THE PRESIDENT:  I mean, I wouldn’t want that, and he won’t want it.

    MR. MUSK:  Right.  And — and also, I’m getting a — sort of a daily proctology exam here.  You know, it’s not like I’ll be getting away from something in the dead of night. 

    Q    Welcome to D.C.  If you want a friend, get a dog. 

    MR. MUSK:  Well, I do have a dog, but I also have friends.  (Laughter.)  My dog loves me, poor little creature. 

    THE PRESIDENT:  You know the truth was —

    MR. MUSK:  I need to bring him to D.C.

    THE PRESIDENT:  He’s — I know every businessman.  I know the — the good ones, the bad ones, the smart ones, the lucky ones.  I know them all.  This guy is a ver- — he’s a brilliant guy.  He’s a great guy.  He’s got tremendous imagination and scientific imagin- — far beyond — you know, you keep talking about a technologist and all, but you’re much more than a technologist.  You are that.  But he’s also a good person.  He’s a very good person, and he wants to see the country do well. 

    And I know a lot of great businesspeople, really great business people, but, you know, they’re not really, in some cases, very good people.  And I know people that would try and take advantage of the situation. 

    This guy is somebody that really cares for the country, and I saw that very early on.  I saw it, really, a long time ago when I got to know him.  He’s a very different kind of a character. 

    That’s why — you know who loves him: young people that are very smart and that love the country.  He’s got, like, a tremendous following, because that’s what he’s — he’s a good person.

    And he doesn’t need this.  He didn’t need this, and he’s doing this to help the country.  If I didn’t win this election, this country was — I don’t think it could have made it.  I don’t — I mean, we’re allowing criminals — millions of criminals into our country, where everything is transgender, it’s men playing in women’s sports. 

    I mean, none of this stuff — you could go — I could give you a hundred things.  It’s almost like they’re trying to destroy the fabric of — of the country, of the world, because the world was following us.  Now the world is following us out of this pit. 

    We’ve done a lot.  I’ll tell you what, in three weeks, we’ve done more — I think we’ve done more — in — in terms of meaningful, not just dollars — than maybe any president ever.  And a lot of people are saying that.

    Q    Shock — it’s been shock and awe. 

    THE PRESIDENT:  I mean, if we can keep it going at this level, this country is going to be at a level that it’s never seen before. 

    Q    You know one of the things you did that I really thought was pretty clever and smart and fair, and that was reciprocal tariffs. 

    THE PRESIDENT:  Yeah, reciprocal. 

    Q    Ta- — I didn’t know India charged so much.  I didn’t know the European Union to charge them. 

    MR. MUSK:  Yeah, totally.

    Q    I didn’t know Canada was charging us.

    THE PRESIDENT:  Everybody.  Everybody.  Everybody but us.

    Q    Brazil, why?

    THE PRESIDENT:  And I was doing it — you know, I charged China tariffs.  I took in hundreds of billions of dollars, and I was doing that.  But when we got — we had the greatest economy in history.  But then we got hit with COVID, and we had to solve that problem, because I was doing it — and now I said, I want to come back and do the recipri- — because every country in the world almost — we have a deficit with almost every country — not every one, but just about, pretty close.

    And — but every country in the world takes advantage of us, and they do it with tariffs.  They makes — make it — it’s impossible for him to sell a car, practically, in, as an example, India.  I don’t know if that’s true or not, but I think —

    MR. MUSK:  The tariffs are like 100 percent import duty. 

    THE PRESIDENT:  The tariffs are so high —

    MR. MUSK:  Yeah.

    THE PRESIDENT:  — they don’t want to — now, if he built the factory in India, that’s okay, but that’s unfair to us.  It’s very unfair. 

    And I said, “You know what we do?”  I told Prime Minister Modi yesterday — he was here.  I said, “Here’s what you do.  We’re going to do — be very fair with you.”  They charge the highest tariffs in the world, just about.

    Q    36 percent?

    THE PRESIDENT:  Oh, much — much higher.

    MR. MUSK:  It’s 100 percent on — auto imports are 100 percent.

    THE PRESIDENT:  Yeah, that’s peanuts.  So, much higher.  And — and others too.  I said, “Here’s what we’re going to do: reciprocal.  Whatever you charge, I’m charging.”  He goes, “No, no, I don’t like that.”  “No, no, whatever you charge, I’m going to charge.”  I’m doing that with every country. 

    MR. MUSK:  It seems fair.

    Q    Don’t you —

    THE PRESIDENT:  (Laughs.)  It does.

    MR. MUSK:  It’s — it’s like fair is fair.

    THE PRESIDENT:  Nobody can argue with me.  You know, the media can’t argue — I said — they said, “Tariffs — you’re going to charge tariffs?”  You know, if I said, like, 25 percent they’d say, “Oh, that’s terrible.”  I don’t say that anymore —

    Q    Can I — (inaudible) —

    THE PRESIDENT:  — because I say, “Whatever they charge, we’ll charge.”  And you know what? 

         Q    They stop.

         THE PRESIDENT:  They — then they say, “Oh, that sounds fair.”

    MR. MUSK:  All the president is saying is that —

         Q    (Inaudible.)

         MR. MUSK:  — it needs to be at a level playing field and — and fair and square.

    Q    Yeah.  And how does — how —

    THE PRESIDENT:  And we’re going to make a lot of money and a lot of businesses are going to come pouring in.

    MR. MUSK:  How can you argue with a fair and square situation?

    Q    Don’t — don’t you think most of them will look at the — the — for example, without America, China’s economy will tank.  They need our business. 

    THE PRESIDENT:  They do.  Everybody needs us. 

    Q    Everybody needs it. 

    THE PRESIDENT:  And you know what?

    Q    Do- — don’t you think they’ll stop?

    THE PRESIDENT:  We only have so long left where we’re in this position.  We’re the bank, and the bank is getting smaller and smaller and smaller.  We — we’re the bank.  We got to do this now.  We can’t wait another 10 years and have a shell of a country left, because that’s what was going to happen.

    Q    Mr. President —

    THE PRESIDENT:  This country — if I didn’t win this election and have people like this man right here that really do care, because that’s the other word — if you don’t care, you could be the smartest guy in the world, it’s not going to matter.  But if we didn’t win this election, I’m telling you, we would not have had a country for very long.

    Q    How quickly —

    MR. MUSK:  May I say —

    Q    — do you balance the budget and — and when do we start paying down that debt?

    THE PRESIDENT:  Well, potentially, very quickly, between what he’s doing and with income coming in from tariffs and other things.  I mean, I hope we can — I don’t want to give a date, because then these people are going to say, “Oh, well, he didn’t make the date.”  But I think we can do it very quickly. 

    We would have never done it if this didn’t happen.  Never.  It would have never been — it would only get worse and worse, and ultimately, it would have exploded. 

    This country was headed down a very bad track.  And the whole DEI thing, that was — that was a trap.  That was a sick trap.

    Q    (Inaudible.)

         MR. MUSK:  (Inaudible.)

    THE PRESIDENT:  And, you know, we’ve destroyed that.  That’s gone.  That’s pretty much gone. 

    Q    I agree. 

         MR. MUSK:  (Inaudible) —

         Q    We’re not — we’re not funding it. 

    MR. MUSK:  If — I really want to — I really want to emphasize to people that — this is a very important point — if we don’t solve the deficit, there won’t be money for medical care.  There won’t be money —

    THE PRESIDENT:  Right.

    MR. MUSK:  — for Social Security.  We either solve the deficit or all we’ll be doing is paying debt.

    Q    Nobody — 

    MR. MUSK:  It’s — it’s got to be solved, or there’s no medical care, there’s no Social Security, there’s no nothing.  That’s got to be solved.  It’s not optional.  America will go bankrupt if this is not done.  That’s why I’m here. 

    Q    The president’s —

    THE PRESIDENT:  Europe takes advantage of us.

    MR. MUSK:  And — and I’d like to also just send a message — like, because, as the president said, like, this — there’s a lot of rich people out there.  They should be caring more about the country because — the reason they should be caring about — more about country is: America falls, what do you think is going to happen to your business?  What do — what do you think — do you think you’re be going to be okay if — if the ship of America sinks?  Of course not. 

    Like, what — what I’m doing here, what the president is doing is it’s just long-term thinking.  The ship of America must be strong.  The ship of America cannot sink.  If it sinks, we all sink with it.

         THE PRESIDENT:  Sean, you’re a —

    Q    This is what — this is what drives you? 

    MR. MUSK:  Yes.

    Q    This is important.  It says “tech support.”  So, you’re not trying to be president, as the media suggests.  You are really here because your heart and your passion is this.  And the president described you as being — this is the biggest thing you ever done.  Now you trying to bring sight to —

    THE PRESIDENT:  There could be nothing bigger.  There’s nothing —

    Q    You’re sending ships up to Mars — you know, spaceships up in the sky all the time —

    THE PRESIDENT:  That’s peanuts.

    Q    — and saving astronauts.  That’s pretty big. 

    THE PRESIDENT:  That’s peanuts compared to what we’re talking about.

    Q    It’s peanuts?

    THE PRESIDENT:  Yeah.

    Q    Do you agree with that?

    MR. MUSK:  Well, it’s esse- — it’s essential that America be healthy, that America’s economy be strong.  And — and if that — if — basically, like, my concern is like, if — if — America is the central pillar holding up Western civilization.  That pillar must be strong.  If that pillar falls, the whole roof comes crashing down.

    THE PRESIDENT:  Including his ships.

    MR. MUSK:  There’s no place to hide.

    THE PRESIDENT:  Including his ships going up.

    MR. MUSK:  There’s no place to run.

    THE PRESIDENT:  Nothing.  There’s nothing left. 

    Q    Why — why, if this is your goal, your motivation, you’re losing money in the process, you’re offeri- — you do all these nice things for people for free; you’re trying to solve, you know, blindness; you’re going to rescue astronauts; you help the people in North Carolina, California; you’re cutting money that was sent abroad that’s not helping the American people, then why the rage —

    MR. MUSK:  Actually, I think it was like —

         Q    But why this rage?

         MR. MUSK:  — it was not helping the American people and hurting people overseas, to be clear.

    Q    Why this rage against you now?  First, they hated him.  Now they hate both of you. 

    MR. MUSK:  Well, I think we’re seeing an antibody reaction from — from those who are receiving the — the wasteful and fraudulent money. 

    Q    They’re being exposed. 

    MR. MUSK:  Yes.

    Q    Nobody wants to be exposed when you’re corrupt. 

    MR. MUSK:  I’ll — I’ll tell you a lesson I learned at PayPal.  You know who complained the loudest — the quickest and the loudest and with the most amount of righteous indignation?  The fraudsters.  That’s who complained first, loudest, and — and they would generally have this immense overreaction.  That’s how we knew there were the fraudsters.  That’s how we knew.  There’s a tell.

    Q    What di- — I’ve never — I’ve never met you before today.

    MR. MUSK:  Yeah.

    Q    And it’s nice to meet you, by the way.  Thank — thank you for doing this. 

    You guys are really friends.  I could s- — you guys — I could see you kicking up your shoes.

    THE PRESIDENT:  Well, he doesn’t do this kind of thing.  And the way I figured that you’d get to know him is if I did it with him.  I said, “Come on, let’s do it together.”  He doesn’t do this. 

    I think he’s smarter not doing it, overall.  Because, you know, I mean, he’s done very well without doing it.  But he doesn’t feel it’s really worthwhile.  He wants the product to speak for itself, or whatever he does speak for itself.  But he views it as — you know, does it matter? 

    And I’m doing this with you today because I wanted to have people understand him.  And I think it’s very important — I disagree with him.  I think it’s very important that they do understand him. 

    He doesn’t need this.  He doesn’t need it.  Now, I happen to think it’s made him very popular.  I think it — he’s more popular now because there are so many people — you know, you’re talking about the radical left — they have the lowest ratings.  MSNBC is dying.  CNN is dying.  They’re all dying.  The New York Times is doing lousy.  The Washington Post is doing horribly.  They’re all doing badly because people don’t buy it anymore. 

    But I think it was important that he do this one interview.  You’ve been a very fair guy.  I think you were the right guy to do it.  If we could get some radical left guy — and he’d do just as well, frankly, because it’s all about common sense.

    Q    They would attack him —

    THE PRESIDENT:  But this — Sean —

    Q    — as being unconstitutional, not — a fascist. 

    THE PRESIDENT:  — to me this was a — it was important for people to understand, he’s doing a big job.  He’s doing a very thankless job.  He’s doing a thankless job, but he’s helping us to save our country. 

    Our country was in serious trouble, and I had to get the best guy, somebody with credibility, because if he were just a regular, good — very good, solid businessman, he wouldn’t have the credibility.  He’s got the best credibility for this. 

    And people also know he’s an honest guy.  He’s an honest guy.  He’s just a very, very smart guy who’s done amazing things.  And this will be the biggest thing he’s ever done, because, you know, his companies are all great.  But if this country goes bad — I guess where he is a little selfish is this.  He knows one thing and probably doesn’t think — but if his — if this country goes bad, his stuff is not going to be worth very much, I can tell you.

    MR. MUSK:  Well, I’d say, if the — if the ship of America sinks, we’re all go- — going down with it.  You know, this idea that people can escape to New Zealand or some other place is false.  If the central pillar of Western civilization that is America falls, the whole roof comes crashing down and there is no escape. 

    Q    It’s amazing, since you’ve been elected, to watch Canada, Mexico, Venezuela, Colombia — I — I was shocked at the statements that Vladimir Putin made about you.  I — I was shocked at the hostage release.  I was shocked that Venezuela had done it — had done it.  Zelenskyy wants a deal.  Putin wants a deal. 

    THE PRESIDENT:  All good statements.

    Q    King Abdullah was interested.

    THE PRESIDENT:  You mean by that all good statements.  Look, they respect the president of this country.  They respect — they did not respect the last president.  They laughed at him, and they laughed at our country, and he’s done great damage to our country. 

    Q    Have foreign leaders told you what they thought of Biden?

    THE PRESIDENT:  Yeah, they have, but I’d rather not say.  They — they have.  It’s not — it — look —

    Q    It’s the obvious. 

    THE PRESIDENT:  He was not George Washington, let’s put it that way. 

    MR. MUSK:  (Inaudible.)

    THE PRESIDENT:  Not the greatest. 

    Q    Sorry, if that’s (inaudible).

    THE PRESIDENT:  He’s done a tremendous disservice. 

    Q    Will you be here —

    THE PRESIDENT:  And, by the way, the Democrats have done a great disservice, and they ought to get their act together and use a little judgment, and they ought to work with us on straightening out this mess that — 

    Q    Who?  John Fetterman?

    THE PRESIDENT:  — a lot of people have —

    Q    Maybe?  Who — what Democrat is not radicalized? 

    THE PRESIDENT:  Actually, you mention John.

    Q    John Fetterman. 

    THE PRESIDENT:  He’s become the best voice in the Democrat party.  You know, I had lunch with him, and I thought he was terrific, but he’s a much different man than he was before he had this difficulty.  He used to be radical left, and I think he became much smarter, actually.  He’s really — he’s really a voice of reason. 

    But the Democrats have to get together.  They have to get their act together, because the stuff they — they talk about makes no sense.  It makes — none whatsoever.  And they must know it.  They must know.

    MR. MUSK:  Yeah.  I mean, like, the country has spoken very clearly and rejected the core tenets of the Demo- — Democratic Party.  The country voted t- — fo- — I mean, the country made the — America has made its vote clear.  The president won the popular vote decisively.  The Republicans won the House.  Repub- — Republicans won the Senate.  What more do you need?

    The Democratic Party needs to take a hard look in the mirror and — and change their ways. 

    Q    I think they went from shock, denial, into the depression stage of grief, and now they’re in the rage stage, where I anticipate they’ll stay for four years, and if they get the chance, they’ll want to impeach him 10 times.  Do you anticipate you’ll be here in four years?  My last question.

    MR. MUSK:  I’ll — I’ll be as helpful as long as I can be helpful.

    THE PRESIDENT:  That’s a good question.  I mean, I was thinking about that just now.  I said, “I wonder how long he’s going to be doing it.”  You can’t get somebody like this.  He cares, and he’s brilliant, and he’s got energy. 

    You need energy, also, in addition to those other things.

    You know, I have a lot of guys that are very smart, but they have no energy.  They want to sleep all day long.  You need a lot of energy.  He’s got a lot of energy.  He’s doing a great job. 

    If there’s any conflict, he — he will stop it.  But if he didn’t, I’d stop it.  I’d see if there’s a conflict.  I mean, we’re talking about big stuff.

    But he’s under a pretty big microscope. 

    MR. MUSK:  Yeah, seriously.

    THE PRESIDENT:  I mean, everybody is watching him.  If there’s a conflict, you’re going to be reading about it within about two minutes after the conflict.

    MR. MUSK:  Exactly.  There — there’s — the possibility of me getting away with something is 0 percent — 0.0.  I — I’m scrutinized to a ridiculous degree. 

    And — and the other thing is that we — you know, what — what’s — you know what’s better than saying “trust — trust me” is just full transparency.  So, what we’re doing with — with the DOGE — DOGE dot — just go to DOGE.gov.  You can see every single action that’s being taken. 

    And now –and I want to be clear, we are going to make some mistakes.  We’re not going to be perfect.  Nobody bats a thousand.  But we’re going to fix the mistakes very quickly.  That’s what matters: not that you don’t make mistakes, but that you fix the mistakes very fast. 

    THE PRESIDENT:  And you’re going to ask the other side, when they talk about, “This is a constitutional crisis,” you got to a- — what are they paying for?  Where are those tax — because when you read off the list of things, it’s a big con job.  See, when they talk Constitution —

    MR. MUSK:  Totally.

    THE PRESIDENT:  — it’s a total con job.

    MR. MUSK:  Yes.

    THE PRESIDENT:  They never talk — and I watch some of the shows —

    MR. MUSK:  It’s specifics — they avoid specifics.

    THE PRESIDENT:  Yeah, when you start talking about how did — how come they spent money on transgender here and transgender there —

    MR. MUSK:  Yeah, totally.

    THE PRESIDENT:  — and all the stuff in some country that nobody ever heard of, they don’t want to talk about it.  They just talk about, “This is a constitutional crisis.” 

    Q    It shocks the conscious.

    THE PRESIDENT:  The money is being squandered purposely — tremendous theft, tremendous kickbacks, everything — and we’re straightening it out.  And thank goodness.  I look up, and I say, “Thank you,” because I think if it went on for four more years, it would not be salvageable.  You wouldn’t be able —

    MR. MUSK:  Absolutely.

    THE PRESIDENT:  You wouldn’t be able to save it. 

    Q    You believe, too, that when you were in Butler, came within a millimeter being assassinated —

    THE PRESIDENT:  Yeah.

    Q    The day you endorsed him, that was that day.

    MR. MUSK:  Yes.

    Q    But you had been planning on it?

    MR. MUSK:  Yeah.

    Q    Pretty — I think everybody will never forget that iconic blood on your face.  “Fight, fight, fight.”  I actually was afra- — watching it and thought you might drop again.  You know, I didn’t know if it had hit you.  You can sometimes get up and then the blood starts to accumulate.  It was scary — pretty scary. 

    MR. MUSK:  Well, I mean, th- — this is how you know someone’s true character, because everyone can say they’re brave, but the president was actually shot.  Okay?  Courage under fire.  “Fight, fight, fight,” blood streaming down the face.  That’s true courage.  You can’t fake that. 

    Q    Yeah.  Thank you both. 

         Mr. President, thank you, sir. 

    THE PRESIDENT:  Thank you very much. 

    Q    Appreciate it.  Elon, thank you for your time.  Really nice to meet you. 

                                  END                    1:01 P.M. EST

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI USA: Tuberville Reintroduces Legislation to Ban Foreign Adversaries from Buying American Farmland

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    Legislation would prohibit the sale of agricultural land to Iran, North Korea, China, and Russia 
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) and U.S. Senator Jim Banks (R-IN) reintroduced the Protecting America’s Agricultural Land from Foreign Harm Act, which would prohibit the sale of U.S. agricultural land to any individual or entity tied to the governments of Iran, North Korea, China, or Russia. The legislation follows Senator Tuberville’s recent reintroduction of the Foreign Adversary Risk Management (FARM) Act to better vet foreign purchases of America’s farmland.
    1819 News first reported the reintroduction of the bill. 
    “For too long, we’ve sat by while foreign nations have been trying to take over our nation’s agricultural industry,” said Senator Tuberville. “Our adversaries are always looking for any way to get their foot in the door and jeopardize our national security—including our agricultural assets. There’s no reason why foreign adversaries should be allowed to buy American farmland. Not only is it dangerous for our farmers, but it’s disastrous for our national security. It’s past time to take action to protect our American farmers and consumers from threats to our food security. I’m proud to reintroduce this legislation with Senator Banks, and will continue fighting to protect America’s farmland and put our farmers and producers first.”
    “Food security is national security. Leaving America’s basic needs vulnerable to extortion by foreign control is not an option,” said Senator Banks. “This bill prevents foreign adversaries, including communist China, from owning American farmland in Indiana and across the U.S.—a no-brainer. Proud to lead this effort alongside Senator Tuberville and Rep. Strong.”
    U.S. Representative Dale Strong (R-AL-05) also introduced companion legislation in the U.S. House of Representatives.
    “Chinese investment in U.S. farmland, much of which is in close proximity to sensitive national security sites, presents an enormous threat not only to our food, fiber, and fuel markets but also to our national security. As the CCP, Iran, Russia, and North Korea look to exploit weaknesses in our free and open society, it is our responsibility to ensure that the American people are protected against those who seek to undermine our national interest,” said Congressman Strong. 
    Specifically, the Protecting America’s Agricultural Land from Foreign Harm Act would:
    Restrict foreign ownership of U.S. agricultural land, forests, and timberland by Iran, North Korea, China, and Russia,
    Prohibit participation in certain USDA programs for individuals from Iran, North Korea, China, and Russia,
    Close loopholes to ensure adequate reporting of foreign owned U.S. agricultural land,
    Establish a federal tax lien if a violation occurs and amend civil penalties,
    Establish more in-depth public data sets through online database,
    Require U.S. Department of Agriculture (USDA), Department of National Intelligence (DNI), and Government Accountability Office (GAO) to submit individual reports to Congress.
    Read the bill or learn more here.
    BACKGROUND
    Over the past few years, the United States has experienced a rapid increase in foreign investment in the agricultural sector, particularly from China. Growing foreign investment in agriculture and other essential industries, like health care and energy, threaten our country’s national security and ability to survive. Senator Tuberville has long been a vocal critic of foreign ownership of American farmland and other elements of our food supply chain. As Alabama’s voice on the Senate Ag Committee, Senator Tuberville has been sounding the alarm about foreign ownership of American farmland and other elements of our food supply chain.
    According to USDA data from December 2023, foreign investors own approximately 45 million acres of U.S. agricultural land. This represents an increase of over 1.5 million acres in one calendar year. Foreign ownership of U.S. agricultural land increased modestly increased from 2012 to 2017 at an average increase of 0.6 million acres per year. However, since 2017, this number skyrocketed to an annual average of 2.6 million acres annually. Additionally, between 2010 and 2021, entities or individuals from China increased their ownership of U.S. agricultural land more than twentyfold, from 13,720 acres to 383,935 acres. Alabama has the fourth-highest amount of foreign-owned agricultural land in the United States, with 2.2 million acres, most of which is forestland.
    Earlier this year, Senator Tuberville reintroduced the Foreign Adversary Risk Management (FARM) Act, a bipartisan, bicameral bill that would ensure the Committee on Foreign Investment in the United States (CFIUS) acknowledges the importance of our agricultural industry and supply chains by adding the Secretary of Agriculture as a permanent member of the committee. Currently, CFIUS does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses. 
    MORE:
    Tuberville Continues Efforts to Secure America’s Farmland from Foreign Adversaries
    Tuberville Continues Fighting Foreign Influence in American Agriculture
    Second Democrat Ag Secretary Endorses Central Provision in Tuberville’s FARM Act
    Biden Ag Secretary Endorses Central Part of Tuberville’s FARM Act
    Tuberville Continues Push to Combat Chinese Influence in U.S. Agriculture 
    Tuberville, Jackson Lead Bipartisan, Bicameral Effort to Protect Ag Industry from Foreign Interference
    Tuberville Introduces Bipartisan Bill to Ban Foreign Adversaries from Buying U.S. Farmland
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI China: Putin ready to hold talks with Zelensky if necessary

    Source: China State Council Information Office

    A video screenshot released by Russia’s Ministry of Emergency Situations shows rescuers working at the site of shelling in the city of Lysychansk in the Lugansk region, Feb. 3, 2024. [Photo/Xinhua]

    Russian President Vladimir Putin remains ready to hold negotiations with Ukrainian President Volodymyr Zelensky if necessary, Kremlin Spokesman Dmitry Peskov said Tuesday.

    Russia has been committed to finding a peaceful resolution to the Ukrainian conflict from the very beginning, Peskov was quoted by TASS news agency as saying.

    He stressed that a long-term settlement of the Ukrainian conflict cannot be achieved without addressing security concerns.

    “As for the security architecture in Europe, of course, a comprehensive settlement, a long-term and viable settlement is impossible without a comprehensive consideration of security issues on the continent,” Peskov said.

    MIL OSI China News –

    February 19, 2025
  • MIL-OSI China: US, Russia agree to improve ties, work on ending Ukraine conflict

    Source: China State Council Information Office

    A soldier of the motorized rifle battalion of the 93rd brigade shows an anti-drone shotgun at a position in Donetsk on Aug. 15, 2024. [Photo/Xinhua]

    The United States and Russia have agreed to work on a path to ending the conflict in Ukraine and improve bilateral ties during extensive high-level talks in Saudi Arabia on Tuesday.

    In the first face-to-face interactions between senior U.S. and Russian officials since the outbreak of the Russia-Ukraine conflict in February 2022, the Russian delegation, led by Russian Foreign Minister Sergei Lavrov and the Kremlin’s foreign affairs adviser Yuri Ushakov, met with U.S. Secretary of State Marco Rubio, who was accompanied by National Security Adviser Mike Waltz and U.S. special envoy to the Middle East Steve Witkoff.

    Serious discussion

    Following the four-and-a-half-hour talks, Witkoff described the Riyadh talks as “positive, upbeat, constructive.” Ushakov said it was a “very serious discussion of all the issues we wanted to touch upon,” noting the two sides agreed to take into account each other’s interests and develop bilateral relations.

    The United States and Russia agreed to “establish a consultation mechanism to address irritants to our bilateral relationship with the objective of taking steps necessary to normalize the operation of our respective diplomatic missions,” according to a statement by the U.S. Department of State.

    Washington and Moscow will “appoint respective high-level teams to begin working on a path to ending the conflict in Ukraine as soon as possible in a way that is enduring, sustainable, and acceptable to all sides,” the statement said.

    The two sides agreed to “lay the groundwork for future cooperation on matters of mutual geopolitical interest and historic economic and investment opportunities which will emerge from a successful end to the conflict in Ukraine,” the statement added.

    In a press conference following the meeting, Lavrov described the discussions as “very useful,” emphasizing Russia’s firm stance that the deployment of NATO troops in Ukraine is unacceptable.

    This meeting is the latest indication of a thaw in the previously frosty relations between Washington and Moscow since U.S. President Donald Trump took office in January.

    Last week, Trump had a phone call with Russian President Vladimir Putin that lasted nearly an hour and a half, during which the Russian president extended an invitation for Trump to visit Moscow.

    Kremlin spokesperson Dmitry Peskov said in an interview with local media following the phone call that Putin and Trump “agreed quite quickly to coordinate and hold a working meeting somewhere in a third country.”

    Echoing the Kremlin’s comments, Trump said that the call, which focused on negotiations to end the Ukraine crisis, is “lengthy and highly productive.”

    The phone call between the two presidents has set the wheels in motion for further official exchanges between the two countries.

    In a phone call on Saturday, Lavrov and Rubio also agreed to maintain regular contact.

    Both sides pledged to keep communication channels open to address accumulated issues in bilateral relations, particularly to “eliminate unilateral obstacles inherited from the previous U.S. administration that hinder mutually beneficial cooperation in trade, economy, and investment,” the Russian Foreign Ministry said in a statement.

    “The Trump administration is trying to reset tense relations with Moscow,” The Wall Street Journal stated in an opinion piece while commenting on the U.S.-Russia meeting in Saudi Arabia.

    Mixed reactions

    After the large-scale conflict between Russia and Ukraine erupted, the U.S. government under Joe Biden took a firm stance alongside its European allies, throwing its full support behind Ukraine by providing substantial military aid and isolating Russia on the international stage.

    When it comes to potential negotiations between Russia and Ukraine, the mantra once shared by the United States and Europe has been “nothing about Ukraine without Ukraine,” emphasizing Ukraine’s leading role in any future talks.

    The change in the United States’ stance on the Ukraine-Russia conflict is occurring against a backdrop of increasing divergence in the understanding of defense cooperation between the United States and Europe.

    Washington has repeatedly expressed dissatisfaction with its European allies for not pulling their weight in defense spending.

    “The United States will no longer tolerate an imbalanced relationship which encourages dependency,” U.S. Secretary of Defense Pete Hegseth declared during the meeting with NATO defense ministers last week, calling on Europe to assume its “own responsibility for its own security.”

    What has further unsettled the European countries and Ukraine is that the high-profile talks between the United States and Russia excluded both Europe and Ukraine.

    In an emergency meeting hastily convened in Paris on the eve of the U.S.-Russia talks, a dozen European leaders reaffirmed their commitment to supporting Ukraine as the United States warms its ties with Russia.

    Meanwhile, some European leaders have voiced their frustration regarding their exclusion from the dialogue between the United States and Russia.

    “There can be no negotiation about Ukraine without Ukraine. The same is true for Europe,” said Dutch Defense Minister Ruben Brekelmans on social media platform X. “Europe must be involved in the negotiations.”

    Following the Riyadh meeting, Ukrainian President Volodymyr Zelensky, who is in Türkiye for a visit, said that the Russia-U.S. talks were “a surprise” to Kiev, which it “found out through the media.”

    Zelensky stressed that Türkiye and Europe should be involved in discussions about ending the Russia-Ukraine conflict. “Negotiations should not take place behind our backs,” he said, announcing the cancellation of his scheduled visit to Saudi Arabia.

    The Ukrainian president has said before that Kiev would not participate in the U.S.-Russia negotiation and his country will not accept the results of the negotiations that do not involve Ukraine.

    MIL OSI China News –

    February 19, 2025
  • MIL-OSI USA: Durbin Condemns President Trump’s Art Of Appeasement To Russian President Vladimir Putin

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin

    February 18, 2025

    Durbin: President Trump has always had a strange affinity for assorted autocrats and dictators—a troubling stain and liability for the leader of the free world

    WASHINGTON – In a speech on the Senate floor, U.S. Senate Democratic Whip Dick Durbin (D-IL) condemned President Trump’s appeasement to Russian President Vladimir Putin—where Trump announced key concessions to Putin regarding Ukraine, while apparently ignoring Ukraine’s key demands. Durbin began his speech by recounting history in which British Prime Minister Neville Chamberlain touted the now infamous Munich Agreement as the way to stave off Hitler’s Nazi Germany. One year later, Hitler invaded Poland and triggered World War II.

    “Over time, Chamberlain’s name became synonymous with the term ‘appeasement.’ And for good reason. You see, while Chamberlain’s goal of peace may have been honorable, he was dangerously naïve about the human nature of a tyrant in Germany who was bent on territorial and maniacal ambitions—pursuits that could only be thwarted with strength,” said Durbin. “Well, President Trump’s ‘art of the deal’ opening negotiation with Vladimir Putin has the same naïve odor of appeasement.”

    Durbin continued, “Trump and his fledgling Defense Secretary publicly gave away huge concessions at the start—signaling they would not insist on a return to Ukraine’s sovereign 2014 borders or future NATO membership. It’s also not clear from the Administration’s bewildering Munich Security Conference remarks if Trump plans to even include Ukraine, or our European allies, in the negotiations over its own future. It is no wonder that in the UK—where they remember Chamberlain’s folly all too well—Donald Trump’s early pronouncements were lambasted for their misreading of history by leaders across the political spectrum.”

    Members of the UK Parliament are speaking out against President Trump’s attempt to work with Putin. One Member of Parliament lamented that the West now “might be facing the worse betrayal of a European ally since Poland in 1945.” Another stated, “This is less the Art of a Deal and more a charter for Appeasement.”

    Durbin concluded, “President Trump has always had a strange affinity for autocrats and dictators—a troubling stain and liability for the leader of the free world. He almost seems to want their adoration and admiration—especially compared to the clear-eyed leadership of Ronald Reagan in his dealing with the Soviets. But there are real consequences to Trump’s autocrat liaisons for American and allied security—ones Republicans in the Senate must take more seriously. His crazy rants about Greenland, Canada as a 51st state, Panama, and the Gulf of Mexico may be amusing to some including himself, but it certainly does not portend well for the foreign policy of the United States. Simply caving to Putin and walking away from Ukraine—just as Chamberlain did to Hitler—is an invitation for more confrontations in the future.”

    Video of Durbin’s remarks on the Senate floor is available here.

    Audio of Durbin’s remarks on the Senate floor is available here.

    Footage of Durbin’s remarks on the Senate floor is available here for TV Stations.

    -30-

    MIL OSI USA News –

    February 19, 2025
  • MIL-OSI: Orca Energy Group Inc. Announces Independent Reserves Evaluation for Year End 2024

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, Feb. 18, 2025 (GLOBE NEWSWIRE) — February 19, 2025 – Orca Energy Group Inc. (“Orca” or the “Company” and includes PanAfrican Energy Tanzania Limited (“PAET“) and its other subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces the approval of its Independent Reserves Evaluation as at December 31, 2024. All currency amounts in this news release are in United States Dollars ($) unless otherwise stated.

    INDEPENDENT RESERVES EVALUATION
    The Company’s conventional natural gas reserves as at December 31, 2024 for the period to the end of the primary 25-year term of the production sharing agreement (the “Songo Songo PSA“) with the Tanzanian Petroleum Development Corporation (the “TPDC“) have been evaluated by independent petroleum engineering consultants McDaniel & Associates Consultants Ltd. (“McDaniel“), an independent reserves evaluator, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook“) and National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101“). The Songo Songo PSA expires upon the expiry of TPDC’s Songo Songo licence in respect of the Songo Songo gas field (the “Songo Songo Licence“) in October 2026. The preparation date of the independent reserves evaluation prepared by McDaniel is February 18, 2025 and the effective date of the evaluation is December 31, 2024 (the “McDaniel Report“).

    All of the Company’s reserves are located in Tanzania. Reserves included herein are stated on a Company gross reserves basis unless noted otherwise. Company gross reserves are the total of the Company’s working interest share in reserves.

    The Company’s Board of Directors has reviewed and approved the McDaniel Report. Additional reserves information required under NI 51-101 is included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which will be filed on its profile on SEDAR+ at www.sedarplus.ca. The following discussion is subject to a number of cautionary statements, assumptions, contingencies and risks as set forth in this news release.

    HIGHLIGHTS

    • Total Proved (“1P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 40.2 billion standard cubic feet (“Bcf“) compared to 85.0 Bcf at year end 2023, representing a 53% decrease.
    • Total Proved plus Probable (“2P”) Gross Company conventional natural gas reserves at year ended December 31, 2024, were 41.5 Bcf compared to 93.9 Bcf at year end 2023, representing a 56% decrease.
    • The Company estimated gas sales of 26.7 Bcf in 2024, representing a decrease of approximately 15% compared to year end 2023. The reduction in Gross Company 1P reserves from year end 2023 to year end 2024 was primarily attributed to 26.7 BCF of production in 2024 and 18.1 Bcf of negative technical revisions. The technical revisions were primarily due to lower forecasted gas sales to the end of the license (October 2026) attributed to increased hydro power in Tanzania and the removal of Proved Undeveloped reserves due to the unsuccessful well intervention on SS-7.
    • Net present value of 1P future net revenue discounted at 10% was $61.8 million at year end 2024, compared to $108.4 million at year end 2023, representing a 43% decrease.
    • Net present value of 2P future net revenue discounted at 10% was $64.7 million at year end 2024, compared to $118.7 million at year end 2023, representing a 45% decrease.
    • The 43% reduction in net present value of 1P future net revenues from year end 2023 to year end 2024 was primarily attributed to lower reserves at year end 2024 and the associated 33% reduction in the number of years outstanding on the current Songo Songo Licence.
    • The following tables outline the Company’s conventional natural gas reserves as at December 31, 2024 and the net present value of future net revenue attributable to such reserves as evaluated in the McDaniel Report utilizing McDaniel’s forecast price and cost assumptions to the end of the Songo Songo Licence term in October 2026.
      Company Gross Reserves   Company Net Reserves
      Conventional.

    Natural Gas

      Conventional.

    Natural Gas

      MMcf   MMcf
    Proved      
      Developed Producing 40,244   28,020
      Developed Non-Producing –   –
      Undeveloped –   –
    Total Proved 40,244   28,020
    Probable 1,224   803
    Total Proved plus Probable 41,469   28,823

    Net Present Value of Future Net Revenue of Gas Reserves

        Before and After Future Income Tax Expenses Discounted at   Unit Value
          Before and
    After Tax at
    10%
        0 %   5 %   10 %   15 %   20 %   $/Mcf
    ($’000)                        
    Proved                        
    Developed Producing   67,574     64,549     61,824     59,357     57,112     2.21
    Developed Non-Producing   –     –     –     –     –     –
    Undeveloped   –     –     –     –     –     –
    Total Proved   67,574     64,549     61,824     59,357     57,112     2.21
    Probable   3,160     3,016     2,887     2,769     2,663     3.60
    Total Proved plus Probable   70,735     67,565     64,710     62,126     59,775     2.25

    Notes:

    1. During the third quarter of 2015, The Petroleum Act, 2015 (the “Act“) was passed into law by Presidential decree. The Act repeals earlier legislation, provides a regulatory framework over upstream, mid-stream and downstream gas activity, and as well consolidates and puts in place a single, effective and comprehensive legal framework for regulating the oil and gas industry in Tanzania. The Act also provides for the creation of an upstream regulator, the Petroleum Upstream Regulatory Authority. The mid and downstream petroleum as well as gas activities are proposed to be regulated by the current authority, the Energy and Water Utilities Regulatory Authority (“EWURA“). The Act also confers upon on the TPDC the status of the National Oil Company, mandated with the task of managing the country’s commercial interest in the petroleum operations as well as mid and downstream natural gas activities. The Act vests TPDC with exclusive rights in the entire petroleum upstream value chain and the natural gas mid and downstream value chain. However, the exclusive rights of TPDC do not extend to mid and downstream petroleum supply operations. The Act does provide grandfathering provisions upholding the rights of the Company under the Songo Songo PSA as it was signed prior to the passing of the Act.
    2. On October 7, 2016, the Government of Tanzania issued the Petroleum (Natural Gas Pricing) Regulation made under Sections 165 and 258 (1) of the Act (the “Natural Gas Pricing Policy“). Article 260(3) of the Act preserves the Company’s pre-existing right with TPDC to market and sell natural gas together or independently on terms and conditions (including prices) negotiated with third party natural gas customers. To date, the Natural Gas Pricing Policy has not impacted the Company’s ability to market and sell natural gas at prices freely negotiated with natural gas customers. The future impact of the Natural Gas Pricing Policy, if any, cannot be determined at this time.
    3. On January 16, 2018, Orca sold (the “First Swala Transaction“) 7.933 percent of the Class A common shares (7,933 Class A common shares) of its wholly owned subsidiary PAE PanAfrican Energy Corporation (“PAEM“), a Mauritius registered Company and sole shareholder of PAET, a Jersey registered Company, to a wholly owned subsidiary of Swala. The Songo Songo PSA is held by PAET. While Swala had no management or control of PAEM and no shareholding in, or management or control of PAET, the McDaniel Report was previously prepared based on Orca’s ownership of 92.07 percent of PAET’s gross reserves. On July 21, 2023, the Company repurchased (the “Second Swala Transaction”) the 7.933% shares in PAEM eliminating Swala’s interest in the reserves. Accordingly, the 2024 McDaniel Report is prepared based on Orca’s ownership of 100% of PAET’s gross reserves.
    4. “Company Gross Reserves” are the total of the Company’s working interest share in reserves before deduction of royalties owned by others and without including any royalty interests of the Company.
    5. “Company Net Reserves” are the total of the Company’s working interest share in reserves after deducting the amounts attributable to royalties and Profit Gas owned by others (as defined in the PSA), plus the Company’s royalty interests in such reserves.
    6. Company Gross and Net Reserves are based on the Company’s 100 percent ownership interest in the reserves following the Second Swala Transaction.
    7. Under the terms of the Songo Songo Production Sharing Agreement with TPDC and the Government of Tanzania (“PSA“), the Company is required to pay Tanzanian income tax, but this is recovered by the Company through the profit sharing arrangements with TPDC. Where income tax is accrued, the Company’s revenue will be grossed up by the tax due and the tax will be shown as a tax in the Company’s accounts. However, the income tax has no material impact on the cash flows emanating from the PSA and accordingly it has not been identified as a separate cash flow stream in the analysis of the net present values.

    McDaniel employed the following gas sales, pricing and inflation rate assumptions as of December 31, 2024 in estimating the Company’s reserves data using forecast prices and costs. The Company received an average gas price of $4.67/Mcf in 2024 and $4.22/Mcf net of the transportation tariff imposed by Songas Limited as determined by the energy regulator, EWURA.

        Songo Songo gas prices  

    Year

    Brent crude

    $/bbl

    Proved

    $/Mcf

    Proved plus probable

    $/Mcf

    Annual inflation

    %

     
               
    2025 76.50 5.15 5.20 2  
    2026 78.03 5.25 5.32 2  
               

    Note:   Brent price forecast based on the McDaniel January 1, 2025 price forecast.

    The price of gas for the Industrial sector is based on a formula related to discounts to heavy fuel oil prices and includes caps and floors. This has been reflected in the above pricing.

    Orca Energy Group Inc.

    Orca is an international public company engaged in natural gas development and supply in Tanzania through its subsidiary PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.A and ORC.B.

    For further information please contact:

    Jay Lyons                                
    Chief Executive Officer                        
    +44 (0)20 8434 2754                        
    ir@orcaenergygroup.com                 

    For media enquiries:
    Celicourt (PR)
    Mark Antelme
    Jimmy Lea
    Orca@celicourt.uk
    +44 (0)20 8434 2754

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

    Abbreviations

    bbl cubic meters
    Mcf thousand cubic feet
    MMcf million standard cubic feet


    Forward Looking Information

    Certain information regarding Orca set forth in this news release contains forward-looking information and statements as defined under applicable securities laws (collectively, “forward-looking statements” or “statements“) that involve substantial known and unknown risks and uncertainties. The use of any of the words “plan”, “expect”, “prospective”, “project”, “intend”, “believe”, “should”, “anticipate”, “estimate” or other similar words, or statements that certain events or conditions “may” or “will” occur are intended to identify forward-looking statements. These statements are only predictions and actual events or results may differ materially. Although the Company’s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Orca’s actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Orca.

    In particular, statements relating to “reserves” are deemed to be forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the resources described exist in the quantities predicted or estimated, and that the resources described can be profitably produced in the future. Additional forward-looking statements in this news release include statements regarding: expectations regarding demand for natural gas and the implications of decreasing demand; expiration of the Songo Songo PSA and the Songo Songo Licence and pending extension of the Songo Songo Licence and Songo Songo PSA; reserves and future net revenue from the Company’s reserves; assumptions regarding the increased demand for hydro power in Tanzania; and assumptions regarding gas sales, pricing and inflation rates.

    These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties regarding or associated with: drilling wells, including the costs of drilling and whether development drilling results in commercially productive quantities of oil and gas; the terms of Orca’s future petroleum contracts, including potential obligations to drill wells and declare discoveries in order to retain Orca’s exploration and production rights; Orca’s local operational dependence and focus of its existing contracts; Orca’s future control over the Songo Songo Licence areas and facilities, including its status as operator thereof, and the timing and extent of costs in association therewith; estimations of reserves and the present value of future net revenues derived from them; Orca’s dependency on its management and technical team; Orca’s business plan including the additional capital required to execute such plans; commercializing Orca’s interests in any hydrocarbons produced from future licence areas; Orca’s ability to access appropriate equipment and infrastructure in a timely manner; the exploration and production of oil and natural gas, including but not limited to drilling and other operational and environmental risks and hazards; severe weather including but not limited to tropical storms and hurricanes; disagreements with TPDC regarding the Songo Songo PSA; the political and economic circumstances in the countries in which Orca operates; disputes with the Government of Tanzania; technological development; activism against oil and exploration and development; limitations on insurance coverage; Orca’s operations in a litigious environment; global populism; Orca’s future capitalization which may include additional indebtedness; acquisitions and the integration of any target entity or business into Orca’s current business; cybersecurity and data breaches; impacts of pandemics; share price volatility and dilution; Orca’s controlling shareholder and its control over key decision making as a result of its control of a majority of the voting rights attached to Orca’s issued and outstanding securities; Orca’s status as a holding company that’s ability to declare and pay dividends and purchase its own securities is dependent upon the receipt of funds from Orca’s subsidiaries by way of dividends, fees, interest, loans or otherwise; the impact of general economic conditions, including global and local oil and gas prices; industry conditions including changes in laws and regulations, and changes in how they are interpreted and enforced; competition; lack of availability of qualified personnel; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments and other counterparties; fluctuations in foreign exchange or interest rates; risks and uncertainties associated with obtaining an extension to the Songo Songo PSA and related Songo Songo Licence or successfully renegotiating them; changes in income tax laws or tax rates; ability to access sufficient capital from internal and external sources; associated with the failure of counterparties to perform under the terms of their contracts, including collectability of Orca’s receivables from such parties; reduced global economic activity as a result of global pandemics, including lower demand for natural gas and a reduction in the price of natural gas; prolonged deficiency in Tanzania’s official reserve and foreign exchange losses; political instability and the impacts of the Russian-Ukrainian conflict, the Israel-Hamas conflict, conflicts in the Middle East and related actions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive.

    Although the forward-looking statements contained in this news release are based upon assumptions which management believes to be reasonable, Orca cannot assure investors that actual results will be consistent with these forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements included in this news release, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur. With respect to forward-looking statements contained in this news release, Orca has made assumptions regarding, among other things: continued and timely development of infrastructure in areas of new production; obtaining an extension to the Songo Songo PSA and related Songo Songo Licence on terms acceptable to Orca; accuracy of estimates of Orca’s reserves volumes; the impact of any pandemics or political conflicts on the demand for and price of natural gas, volatility in financial markets, disruptions to global supply chains and the Company’s business, operations, access to customers and suppliers, availability of employees to carry out day-to-day operations, and other resources; future commodity prices and commodity price fluctuations; availability of skilled labour; availability of transactions to facilitate Orca’s growth strategy; growth of demand and consumption of natural gas in Tanzania and throughout Africa; the impact of increasing competition; conditions in general economic and financial markets; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; future operating costs; effects of regulation by governmental agencies; that Orca’s conduct and results of operations will be consistent with its expectations; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; and other matters. There are a number of assumptions associated with the development of the evaluated areas, including continued performance of existing wells, future drilling programs and performance from new wells, the growth of infrastructure, well density per section, and recovery factors and development necessary involves known and unknown risks and uncertainties, including those risks identified in this news release. Orca believes the material factors, expectations and assumptions reflected in the forward-looking information are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.

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

    Oil and Gas Advisory

    The Company’s conventional natural gas reserves as at December 31, 2024 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. The McDaniel Report had an effective date of December 31, 2024. The Company’s conventional natural gas reserves as at December 31, 2023 disclosed herein were evaluated by McDaniel in accordance with the definitions, standards and procedures contained in the COGE Handbook and NI 51-101. Such report had an effective date of December 31, 2023.

    Additional reserves information required under NI 51-101 are included in Orca’s reports relating to reserves data and other oil and gas information under NI 51-101, which are filed on its profile on SEDAR at www.sedar.com.

    This news release contains estimates of the net present value of Orca’s future net revenue from the Company’s reserves. The net present value of future net revenue attributable to the Company’s reserves is stated without provision for interest costs and out of country general and corporate administrative costs, but after providing for estimated royalties, production costs, development costs, other income and future capital expenditures. It should not be assumed that the undiscounted or discounted net present value of future net revenue attributable to the Company’s reserves estimated by McDaniel represent the fair market value of those reserves. Such amounts do not represent the fair market value of the Company’s reserves. The recovery and reserve estimates of the Company’s conventional natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided herein.

    The MIL Network –

    February 19, 2025
  • MIL-OSI United Nations: In Day-Long Security Council Debate, Speakers Offer Divergent Views on ‘New’ Global Order, Stress Need to Update Global Governance

    Source: United Nations General Assembly and Security Council

    During a day-long Security Council debate on practicing multilateralism and reforming global governance today, speakers stressed the urgent need to update the United Nations — founded 80 years ago — including reforms to the Council itself and to the global economic order to better address twenty-first-century challenges.

    “One can draw a direct line between the creation of the United Nations and the prevention of a third world war,” said António Guterres, Secretary-General of the United Nations, recalling that the UN was “born out of the ashes” of the second.  The UN remains the “essential, one-of-a-kind meeting ground to advance peace, sustainable development and human rights”, he said.  However, “eight decades is a long time”, he said, emphasizing that while the “hardware” for international cooperation exists, “the software needs an update”.

    As global challenges demand multilateral solutions, he pointed out that the Pact for the Future puts forward concrete solutions to strengthen the machinery of peace, advance coordination with regional organizations and includes the first multilateral agreement on nuclear disarmament in more than a decade.  It also includes efforts to prevent an arms race in outer space, advance discussions on lethal autonomous weapons and recognizes the UN’s role in preventive diplomacy.

    “But the Pact does even more for peace,” he said, as it recognizes that the international community must address the root causes of conflict and tension and that the Council “must reflect the world of today”. Guided by the Pact, he said that multilateralism — “the beating heart of the United Nations” — can became an even more powerful instrument of peace.  “But multilateralism is only as strong as each and every country’s commitment to it,” he added, urging all Member States to continue updating global problem-solving mechanisms to “make them fit for purpose, fit for people and fit for peace”.

    Shift of Power to Global South

    Wang Yi, Minister for Foreign Affairs of China — Council President for February — then spoke in his national capacity to recall that representatives of his country were the first to sign the Charter of the United Nations, “writing with the Chinese calligraphy brush an important chapter in world history”.  Now, though, comprehensive peace and shared prosperity remain elusive.  Noting the rise of the Global South on the world stage, he insisted that “international affairs should no longer be monopolized by a small number of countries” and the fruits of global development should not be enjoyed by only a few countries.  China, as the world’s largest developing country, has become the major trading partner of more than 150 countries and regions and is promoting high-quality Belt and Road cooperation to contribute to global prosperity and development.

    “The continuing inequalities of the global financial system have further aggravated today’s crises,” said Mohammad Ishaq Dar, Deputy Prime Minister and Minister for Foreign Affairs of Pakistan, adding that “the very fabric of the world order established under the UN Charter is in danger of being torn apart”.  Urging reform of the International Monetary Fund (IMF) and the World Bank, he pointed out that the current system favours the rich, while developing nations are trapped in a cycle of poverty and debt.

    Also underlining the need to reform the global economic order, Selma Bakhta Mansouri, Secretary of State to the Minister for Foreign Affairs of Algeria, said that current financial arrangements are largely led by developed States.  It is necessary to ensure a “flexible and sustainable financing mechanism for African States and to work towards improving or easing their debt burden,” she stressed.  She also noted that Africa represents more than a quarter of UN Member States, but continues to be deprived of permanent representation on the Council.

    Similarly, Francess Piagie Alghali, Deputy Minister for Foreign Affairs and International Cooperation of Sierra Leone, said that Africa remains the most glaring victim of inequitable Council composition.  Without structural reform, the organ’s performance and legitimacy will continue to be questioned, she said, also highlighting Africa’s exclusion from multilateral development banks.  Highlighting the African Union’s theme of the year — Justice for Africans and People of African Descent through Reparations — she stressed the need to urgently rectify the historical injustices perpetuated against the continent.

    Push for Two Permanent Security Council Seats for Africa

    Ahmed Moallim Fiqi, Minister for Foreign Affairs and International Cooperation of Somalia, also reiterated the need for a “deep-rooted reform” of the Council, stressing that African States should be granted two permanent seats that include the right to veto.  Stating that the UN Charter must be the “linchpin” and “our lodestar” as the international community embarks on reforming the multilateral system, he also noted that Council resolutions are being trampled upon, calling for effective mechanisms to bolster the UN’s capacity to guarantee international peace and security.

    “It is illogical that Africa does not feature among permanent members,” observed France’s representative, underscoring:  “That must change.”  Two African States must hold permanent seats on the Council, and he added that Africa’s demand for veto power is “legitimate”.  The representative of Denmark, in that vein, stated that the world needs a more-representative Council — “one which redresses the historical injustice done to the African continent”.  She added:  “We cannot seriously tackle the issues facing multilateralism when the Security Council continues to operate in a reality of yesteryear.”

    “The Security Council is arguably the least representative and most undemocratic of global institutions,” added Guyana’s representative, pointing out that the Council faces the risk of becoming irrelevant.  “We have seen repeatedly how the current structure and decision-making format — particularly the use of the veto — have thwarted the will” of the wider membership, she said.  Greece’s representative, for his part, expressed support for “any model of reform that is fair, strengthens the UN as a whole and transforms the Security Council into a more democratic, efficient, representative and accountable body”.

    Russian Federation, China Accused of Being Drivers of Instability

    Meanwhile, the representative of the United States said that “two of the greatest drivers of instability in the world today hold veto power”, spotlighting the Russian Federation’s bloody war in Ukraine and China’s exploitation of its developing-nation status.  “We need to take a close look at where this institution is falling short,” she added.  Therefore, the United States is currently reviewing its support to the UN, and she said that “we will consider whether actions of the Organization are serving American interests, and whether it can be reformed”.

    As to why the UN is falling short of its ambitions, the representative of the United Kingdom observed that “there is more to this than the often-mentioned liquidity crisis”.  While the Organization’s membership has increased, it is not fully representative of today’s “multipolar world”, she said.  Further, the Council is often characterized as “ineffective geopolitical theatre”, and she added that — while reform is needed — “this body has the tools to implement its peace and security mandate”.

    “It is time to rescue multilateralism from ruinous mistrust,” stressed Panama’s representative, urging States to ensure that, rather that floundering, the system flourishes and prospers.  Observing that his country has been reaping the rewards of multilateralism since its independence, he said that diplomatic efforts lead to the end of the colonial enclave and to the recovery of “our Canal”.

    BRICS Surpasses G7 in Gross Domestic Product

    The representative of the Russian Federation noted that developed countries have siphoned off $62 trillion in resources from the Global South since 1960, highlighting Moscow’s efforts to advance anti-colonial agendas at the UN.  And “there have been tectonic shifts in the global economy”, with BRICS (Brazil, Russian Federation, India, China, South Africa) accounting for 37 per cent of the global gross domestic product (GDP), surpassing 29 per cent represented by the Group of 7 (G7) countries, he added, stressing the need for a more equitable global financial architecture.  Rejecting the West’s domination at the Security Council as “a relic of the past”, he said that his country advocates for indivisible security in Eurasia without infringing on others’ interests.

    “It is extraordinary that 193 Member States — with each of us at different stages of political and economic development, like-minded or even antagonistic — gather every day in this very building to discuss and solve current and future issues,” observed the representative of the Republic of Korea.  “This should not be taken for granted,” he stressed, stating that the UN’s convening role is the “driving engine of multilateralism”.  Slovenia’s representative, similarly, noted that the UN “enabled the power of rules to replace the rule of power”.  Citing former Secretary-General Dag Hammarskjöld, he said:  “It is not big Powers who need the UN for their protection.  It is all the others.”

    Unilateralism Versus Multilateralism

    As the floor opened to the wider membership, Celinda Sosa Lunda, Minister for Foreign Affairs of Bolivia, pointed to the need for radical change within the UN structure in view of the myriad threats to the planet’s very existence.  “We are fighting for the transition towards a multipolar world,” she stressed.  “Today the world is in a state of flux,” said Jeje Odongo Abubakhar, Minister for Foreign Affairs of Uganda, pointing to the “palpable loss of trust” in age-old institutions and mechanisms.  Observing that many world leaders now favour unilateralism, he stressed:  “The future of multilateralism depends on the willingness of State and non-State actors to re-imagine and revitalize the system.”

    On that, Carlos Fernández de Cossío, Vice Minister for Foreign Affairs of Cuba, said that it has become crucial to defend multilateralism given “the withdrawal of the world’s greatest Power from international bodies”.  He also opposed “trends towards the privatization of the Organization, turning it into a tool that represents the interests of major Powers and large transnational capital”.  Meanwhile, Péter Szijjártó, Minister for Foreign Affairs and Trade of Hungary, said that, during the “global dictatorship of the international liberal mainstream”, the UN has failed to be a platform for peace.  He therefore stressed that the UN must adjust itself to the new global political reality or “lose its significance”.

    Waleed Abdul Karim El-Khereiji, Vice Minister for Foreign Affairs of Saudi Arabia, also said that the increasing crisis of confidence in the UN demands reform.  Further, “current bloody incidents” call for firm responses from the multilateral system.  “No people should feel abandoned by the international community,” stressed Fedor Rosocha, Director General of the Directorate for International Organizations and Human Rights in the Ministry for Foreign and European Affairs of Slovakia, stressing that the Council must not be passive in the fact of conflict, crisis and atrocity.

    The fact that “no new world war has happened” is not a consolation to Ukrainians whose towns have been destroyed, observed Mariana Betsa, Deputy Minister for Foreign Affairs of Ukraine.  Multilateral institutions are being undermined from within, she said, urging that permanent Council members be limited in their use of the veto when they have a conflict of interest in the matter under consideration.  She added:  “If the UN begins to resemble a boxing ring — with fighters, their supporters and passive spectators — the prospects for global security will be bleak.”

    MIL OSI United Nations News –

    February 19, 2025
  • MIL-OSI: Occidental Announces Further Progress on Debt Reduction

    Source: GlobeNewswire (MIL-OSI)

    • Achieved near-term debt repayment target of $4.5 billion in the fourth quarter of 2024
    • Announced proceeds from $1.2 billion of divestitures signed in the first quarter of 2025 will go toward current year debt maturities

    HOUSTON, Feb. 18, 2025 (GLOBE NEWSWIRE) — Occidental (NYSE: OXY) today announced it achieved its near-term debt repayment target of $4.5 billion in the fourth quarter of 2024 and signed two agreements in the first quarter of 2025 to divest upstream assets to undisclosed buyers for a combined total of $1.2 billion.

    The divestiture transactions, which are expected to close in the first quarter of 2025, include Rockies non-operated assets and Permian Basin assets not included in Occidental’s near-term development plan. The resulting proceeds will be applied to the company’s remaining 2025 debt maturities.

    “We were pleased to reach the near-term deleveraging milestone in the fourth quarter of 2024, within five months of closing the CrownRock acquisition, and seven months ahead of our goal,” said President and CEO Vicki Hollub. “The transactions announced today continue to high grade our portfolio and accelerate the progress toward achieving both our medium-term balance sheet deleveraging target and shareholder return pathway.”

    Occidental will continue to advance deleveraging via free cash flow and divestitures.

    About Occidental
    Occidental is an international energy company with assets primarily in the United States, the Middle East and North Africa. We are one of the largest oil and gas producers in the U.S., including a leading producer in the Permian and DJ basins, and offshore Gulf of America. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas, and includes our Oxy Low Carbon Ventures subsidiary, which is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. We are dedicated to using our global leadership in carbon management to advance a lower-carbon world. Visit oxy.com for more information.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements about Occidental’s expectations, beliefs, plans or forecasts. All statements other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including, but not limited to: any projections of earnings, revenue or other financial items or future financial position or sources of financing; any statements of the plans, strategies and objectives of management for future operations or business strategy; any statements regarding future economic conditions or performance; any statements of belief; and any statements of assumptions underlying any of the foregoing. Words such as “estimate,” “project,” “will,” “should,” “could,” “may,” “anticipate,” “plan,” “intend,” “expect,” “goal,” “target,” “advance,” or similar expressions that convey the prospective nature of events or outcomes are generally indicative of forward-looking statements. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release unless an earlier date is specified. Unless legally required, Occidental does not undertake any obligation to update, modify or withdraw any forward-looking statements as a result of new information, future events or otherwise.

    Forward-looking statements involve estimates, expectations, projections, goals, forecasts, assumptions, risks and uncertainties. Actual outcomes or results may differ from anticipated results, sometimes materially. Factors that could cause actual results to differ include, but are not limited to: general economic conditions, including slowdowns and recessions, domestically or internationally; Occidental’s indebtedness and other payment obligations, including the need to generate sufficient cash flows to fund operations; Occidental’s ability to successfully monetize select assets and repay or refinance debt and the impact of changes in Occidental’s credit ratings or future increases in interest rates; assumptions about energy markets; global and local commodity and commodity-futures pricing fluctuations and volatility; supply and demand considerations for, and the prices of, Occidental’s products and services; actions by Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC oil producing countries; results from operations and competitive conditions; future impairments of Occidental’s proved and unproved oil and gas properties or equity investments, or write-downs of productive assets, causing charges to earnings; unexpected changes in costs; inflation, its impact on markets and economic activity and related monetary policy actions by governments in response to inflation; availability of capital resources, levels of capital expenditures and contractual obligations; the regulatory approval environment, including Occidental’s ability to timely obtain or maintain permits or other government approvals, including those necessary for drilling and/or development projects; Occidental’s ability to successfully complete, or any material delay of, field developments, expansion projects, capital expenditures, efficiency projects, acquisitions or divestitures; risks associated with acquisitions, mergers and joint ventures, such as difficulties integrating businesses, uncertainty associated with financial projections or projected synergies, restructuring, increased costs and adverse tax consequences; uncertainties and liabilities associated with acquired and divested properties and businesses; uncertainties about the estimated quantities of oil, NGL and natural gas reserves; lower-than-expected production from development projects or acquisitions; Occidental’s ability to realize the anticipated benefits from prior or future streamlining actions to reduce fixed costs, simplify or improve processes and improve Occidental’s competitiveness; exploration, drilling and other operational risks; disruptions to, capacity constraints in, or other limitations on the pipeline systems that deliver Occidental’s oil and natural gas and other processing and transportation considerations; volatility in the securities, capital or credit markets, including capital market disruptions and instability of financial institutions; government actions (including geopolitical, trade, tariff and regulatory uncertainties), war (including the Russia-Ukraine war and conflicts in the Middle East) and political conditions and events; health, safety and environmental (HSE) risks, costs and liability under existing or future federal, regional, state, provincial, tribal, local and international HSE laws, regulations and litigation (including related to climate change or remedial actions or assessments); legislative or regulatory changes, including changes relating to hydraulic fracturing or other oil and natural gas operations, retroactive royalty or production tax regimes and deep-water and onshore drilling and permitting regulations; Occidental’s ability to recognize intended benefits from its business strategies and initiatives, such as Occidental’s low-carbon ventures businesses or announced GHG emissions reduction targets or net-zero goals; potential liability resulting from pending or future litigation, government investigations and other proceedings; disruption or interruption of production or manufacturing or facility damage due to accidents, chemical releases, labor unrest, weather, power outages, natural disasters, cyber-attacks, terrorist acts or insurgent activity; the scope and duration of global or regional health pandemics or epidemics, and actions taken by government authorities and other third parties in connection therewith; the creditworthiness and performance of Occidental’s counterparties, including financial institutions, operating partners and other parties; failure of risk management; Occidental’s ability to retain and hire key personnel; supply, transportation and labor constraints; reorganization or restructuring of Occidental’s operations; changes in state, federal or international tax rates; and actions by third parties that are beyond Occidental’s control.

    Additional information concerning these and other factors that may cause Occidental’s results of operations and financial position to differ from expectations can be found in Occidental’s filings with the U.S. Securities and Exchange Commission, including Occidental’s Annual Report on Form 10-K for the year ended December 31, 2024, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

    Contacts

    The MIL Network –

    February 19, 2025
  • MIL-OSI Security: Brian Dugan Named Assistant Director of the Training Division

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

    The Federal Bureau of Investigation has named Brian Dugan as the assistant director of the Training Division. Most recently, Mr. Dugan served as the special agent in charge of the Norfolk Field Office in Virginia.

    Mr. Dugan joined the FBI as a special agent in 1998 and was first assigned to the San Diego Field Office, where he largely worked domestic terrorism cases. He transferred to the San Francisco Field Office in 1999 to conduct gang investigations.

    In 2006, Mr. Dugan reported to the FBI Academy in Quantico, Virginia, as an instructor and developed new law enforcement and human intelligence courses for the FBI. He left the Academy in 2009 to work on a violent gang squad in the Northern Virginia Resident Agency of the Washington Field Office.

    Mr. Dugan was promoted to supervisory special agent and transferred to the Chicago Field Office in 2013 to lead a squad investigating child pornography and human trafficking. He also established a new gang squad addressing gun and gang violence on the North Side. In 2017, he was promoted to assistant special agent in charge of a counterintelligence branch at the Washington Field Office.

    In 2019, Mr. Dugan was promoted to section chief in the Directorate of Intelligence at FBI Headquarters. He was promoted to special agent in charge of the Norfolk Field Office in 2020.

    Prior to joining the FBI, Mr. Dugan served in the U.S. Marine Corps. He was commissioned as a second lieutenant and rose to captain and served in Japan, Korea, and Russia. He earned a Bachelor’s of Science in criminal justice from Pennsylvania State University and a Master’s in Business Administration from Touro University of California.

    MIL Security OSI –

    February 19, 2025
  • MIL-OSI Europe: Written question – EU-based shipping companies selling vessels to the Russian shadow fleet – E-000602/2025

    Source: European Parliament

    Question for written answer  E-000602/2025
    to the Commission
    Rule 144
    Ville Niinistö (Verts/ALE), Maria Ohisalo (Verts/ALE), Villy Søvndal (Verts/ALE), Kira Marie Peter-Hansen (Verts/ALE), Rasmus Nordqvist (Verts/ALE), Nela Riehl (Verts/ALE), Jutta Paulus (Verts/ALE), Hannah Neumann (Verts/ALE), Isabella Lövin (Verts/ALE), Alice Kuhnke (Verts/ALE), Pär Holmgren (Verts/ALE), Sergey Lagodinsky (Verts/ALE), Erik Marquardt (Verts/ALE), Virginijus Sinkevičius (Verts/ALE)

    In its resolution of 14 November 2024, Parliament called on the Commission to take action to prevent and limit the activities of the Russian shadow fleet and to ensure the full enforcement of sanctions against Russia.

    In early February 2025, it was revealed that more than a third of Russia’s shadow fleet consists of tankers previously owned by shipowners from Western countries. For example, four Danish shipping companies have sold at least 10 ships either directly or indirectly to companies that currently operate in the Russian shadow fleet.

    Since then, the ships have transported Russian oil products.

    • 1.Is the Commission preparing sanctions to prevent EU-based shipping companies from selling ships to companies operating in the shadow fleet?
    • 2.Shadow fleet vessels have also been implicated in the sabotage of cables in the Baltic Sea. What actions is the Commission taking to support EU Member States’ monitoring of these vessels?

    Submitted: 10.2.2025

    Last updated: 18 February 2025

    MIL OSI Europe News –

    February 19, 2025
  • MIL-OSI United Kingdom: The United Kingdom remains deeply committed to the United Nations: UK statement at the UN Security Council

    Source: United Kingdom – Executive Government & Departments

    Statement by Ambassador Barbara Woodward, UK Permanent Representative to the UN, at the UN Security Council meeting on practising multilateralism, reforming and improving global governance.

    The United Kingdom remains deeply committed to the United Nations.  

    But 80 years since its creation, with more countries engaged in conflict than ever before, we are falling short of its founding mission to save succeeding generations from the scourge of war.

    And despite progress on health and education, significant global challenges remain. 

    The climate crisis is accelerating and the Sustainable Development Goals are off-track.

    Why so? There is more to this than the often-mentioned liquidity crisis.  

    In 80 years, UN membership has increased from 51 to 193 Member States, but the UN and its institutions are not fully representative of all its members.  

    We now live in a multipolar world, not a bipolar or unipolar one, whose challenges, climate, pandemics and cyber security are more transnational than national.

    As the Secretary-General reminded us and so many speakers today have reiterated, the Pact of the Future demonstrated a clear desire and a clear commitment to reinvigorate the multilateral system, including through reforming the UN and the international financial system.  

    Together, we need to redouble our efforts and find new ways to address emerging challenges.

    2025, the UN’s 80th anniversary and a year of key summits, is the first step on this path.  

    Next month we have the Commission on the Status of Women and the Beijing +30 meeting; in June we have the UN Oceans Conference; in July FFD4.  And later in the year the UN Social Summit and COP30, back in Brazil.  

    Together, these summits seek to address our shared concerns.  

    Their success is critical for progress and the UN’s reputation as our multilateral home.

    Second, we need to use the UN more effectively to deliver international peace and security.  

    Such progress must go hand in hand with upholding human rights.

    This starts first and foremost with the defence of the UN Charter as colleagues have references.  

    Nowhere is that more true today than in Ukraine, whose sovereignty and territorial integrity is under threat from Russian aggression.

    We must work to ensure that all UN tools, including its good offices, are used to deliver and advance peace.  

    For example, Personal Envoy Lamamra has a crucial platform to bring together the warring parties in Sudan.  

    We encourage reinvigorated momentum for mediation efforts, as well as a renewed focus on prevention to reduce crises before they happen.  

    This year’s Peacebuilding Architecture Review is an important opportunity in this regard.

    We also need to refresh our peacekeeping approach to ensure missions are fit for purpose and defend UN peacekeepers wherever they serve.  

    Attacks against them are unacceptable.  

    We honour, in particular today, MONUSCO peacekeepers who have fallen in defence of civilians in the DRC.

    Finally, in the face of growing global crises, from Sudan to Myanmar, we need to support the UN’s development and humanitarian programmes, across its agencies.  

    In Gaza, UNRWA, alongside the WFP and UNICEF, provides over 50% of all food aid.  

    We commend OCHA’s tireless efforts to reach those in need. 

    Humanitarian access and the protection of aid workers are integral to their successful delivery.

    In conclusion, President, colleagues, the Council is often characterised as an ineffective geopolitical theatre. 

    While reform of its membership is needed and the UK supports that, this body has the tools to implement its peace and security mandate.  

    We now need to strengthen our collective will to use them more effectively and, as the Secretary-General has said, in our 80th year, work to build the more peaceful, just and prosperous world that we know is within reach.

    Updates to this page

    Published 18 February 2025

    MIL OSI United Kingdom –

    February 19, 2025
  • MIL-OSI Russia: Financial News: Banks Prevent Twice as Many Fraudulent Transactions in 2024

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    However, cyber fraudsters are not abating their activity. They managed to steal 27.5 billion rubles from bank clients, which is 74% more than in 2023. Last year, the Bank of Russia took a number of measures that improved the quality and speed of interaction between the regulator, banks andlaw enforcement agencies for the exchange of data on fraudulent transactions. Now indatabase The regulator receives information about thefts even if the victim immediately contacts the police without disputing the transaction at his bank.

    In 2024, the Bank of Russia initiated the blocking of almost 172 thousand phone numbers of fraudsters, as well as just over 46 thousand fraudulent websites and pages on social networks.

    Preview photo: Janews / Shutterstock / Fotodom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23382

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI Russia: Financial news: Moscow Exchange Total Return Index Reaches Historical Maximum

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    The Moscow Exchange Total Return Index set a historical record, at the close of trading on February 17, 2025, its value was 8,199.68 points. This is the highest value of the index since the start of calculation in January 2004. The previous maximum was recorded on October 20, 2021 at 8,125.76 points.

    The Moscow Exchange Total Return Index reflects the change in the total value of Russian shares taking into account dividend payments, which allows for a more accurate reflection of the return that can be obtained on the Russian market over a certain period of time.

    The number of securities in the index is floating – at the moment, the index calculation base includes 49 shares of Russian public companies from various sectors of the economy.

    Boris Blokhin, Managing Director for the Stock Market at Moscow Exchange:

    “The dynamics of the Moscow Exchange Total Return Index demonstrate that over long periods, the stock market yield significantly outpaces both inflation and the most conservative and reliable savings instruments. It is important that today an investor does not have to collect such a portfolio of securities manually. The stock market offers exchange-traded funds from professional managers for this indicator, which provide the opportunity to purchase a ready-made portfolio of the most liquid Russian stocks in one click.”

    Today, four exchange-traded funds on the Moscow Exchange Total Return Index are available on the Moscow Exchange: BSSR (UK BKS), EKMH (UK VIM Investments), SBMH (UK First) and TMOS (T-capital) of Russian management companies.

    Detailed information about the indices is available on the Moscow Exchange website.

    Moscow Exchange is the largest Russian exchange, the only multifunctional platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The exchange calculates over 400 different financial market indicators: a family of stock indices, a family of bond indices, public sector indices, pension savings market indices, an innovation index, a volatility index, commodity indices, a real estate index, currency fixings, and money market indicators.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI Global: The German election explained through seven essential questions

    Source: The Conversation – UK – By Gabriele Abels, Jean Monnet Professor for Comparative Politics & European Integration, University of Tübingen

    Germany is holding a federal election on February 23 – a snap vote called by chancellor Olaf Scholz when his coalition government fell apart at the end of last year. Parties are running to win seats in the national parliament, or Bundestag. And with an unusual level of interest from onlookers outside the country, including the world’s richest man, The Conversation asked Gabriele Abels, the Jean Monnet professor for comparative politics and European integration at the University of Tübingen, to prime us on the basics, via seven essential questions.

    1. Who are the main parties running in this election?

    The parties standing in the federal election are, from left to right on the political spectrum: Linke (the Left), SPD (social democrats), Greens, FPD (liberals), CDU/CSU (conservatives), AfD (right-wing extremist/populist).

    There is also the Buednis Sahra Wagenknecht (BSW), but this party is not so easy to fit into the left-right spectrum. The BSW holds leftist positions on social policy issues but is also anti-migration and opposed to sanctions against Russia and against military support for Ukraine.

    2. When will we know the results?

    It will take several days after February 23 to confirm the final results of the election.

    Based on the exit polls we will have fairly reliable results that evening but there may still be some uncertainty. It depends on how many people vote by post (a trend which is on the rise) and on how the smaller parties fare.

    There are three such parties – Linke, FDP and BSW – hovering around a 5% vote-share in pre-election polls. This is the threshold for qualifying for any seats in parliament at all, so whether or not the three make it past 5% will have quite an effect on the overall composition of the Bundestag and the distribution of seats among the parties in parliament.

    There is an additional rule: parties winning at least three districts (basic mandate clause) qualify for the Bundestag and will get seats according to their share of party votes. The Linke is investing its hopes in this option.

    3. Who is most likely to become chancellor?

    According to all opinion polls, the conservatives (CDU/CSU) will win the election and become the biggest party in government. This means that their lead candidate Friedrich Merz will become the next chancellor.

    4. Will one party run the government?

    No party will have enough seats to form a government alone, given that the German system makes it extremely difficult to do so, by design. A coalition needs to be formed comprising parties that together hold more than 50% of the seats in the Bundestag.




    Read more:
    AfD: how Germany’s constitution was designed with the threat of extremism in mind


    Even when we have the full results, forming a new government will, most likely, take some time. Talks between parties will start immediately after the election, but it might take several months to put a government together. It depends on the numbers at play and the political arithmetic – essentially the extent to which different combinations of parties agree or disagree on various policy positions.

    During a period in the 1950s, when Konrad Adenauer was chancellor, there was an option to have a single-party government. But even he preferred a coalition. Other than that, there has always been the need to form a coalition after an election.

    Unlike the Nordic countries, we in Germany do not have a tradition of minority governments since they are considered to be too weak and unstable. Germans prefer governments which are backed by a clear majority in the Bundestag.

    5. Why does Germany have a system that makes coalitions the norm?

    It is partly political culture to prefer stable majorities and emphasise compromise. But the proportional voting system and increased political fracturing also play a part in delivering many different parties into the Bundestag.

    Until the early 1980s there were usually three parties (conservative, social democrats and liberals). Today, we have seven parties in the Bundestag. Proportional voting gives new parties more possibilities to win seats, while the 5% threshold is a barrier against excessive fragmentation.

    6. We hear a lot about the AfD – but will it be in government?

    No – at least, not this time. There is what we call a brandmauer (firewall), meaning that, so far, none of the other parties is willing to form a government with the AfD. The most likely partner would be the conservatives. Yet, their lead candidate Merz is very outspoken that cooperation with the AfD would mean selling out the conservative soul. Given that the AfD is becoming more and more radical, this is not likely to change in the near future.

    However, there is already a level of cooperation between the AfD and other parties at the local level and even in some state parliaments, especially in East German Länder (states). Often, new patterns of coalition formation are tried out in Länder parliaments and later serve as models for the federal level. The AfD is hoping this will be the case for them.

    7. How important is this election in historical context?

    I would not call this election historic on the scale of the one that just took place in the US. But this election is nevertheless important – and is perceived as important by voters in terms of the future of Germany and its economy.

    Migration and the economy are the top issues and there is a strong sense of frustration as well as a growing distrust in politics. The majority of voters are happy about the snap election given that the coalition led by Olaf Scholz was no longer efficient and there was constant in-fighting.

    However, given that this election has been called at short notice, it’s not clear that turnout will match the current strength of feeling. There has not been much time to register for a postal vote and parties have had only a brief campaign window to win over voters. Which of them will be able to mobilise their voters and also non-voters (recently between 25% and 30% of the electorate will be a crucial deciding factor. Lately the AfD has been successful in terms of mobilising non-voters and also at mobilising young voters. That said, older voters make up the majority, so a lot hangs in the balance.

    Gabriele Abels 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. The German election explained through seven essential questions – https://theconversation.com/the-german-election-explained-through-seven-essential-questions-247945

    MIL OSI – Global Reports –

    February 19, 2025
  • MIL-OSI Global: How banks, lawyers and lobbyists in the west help post-Communist kleptocrats stay rich

    Source: The Conversation – UK – By John Heathershaw, Professor in International Relations, University of Exeter

    ‘Londongrad’ is a nickname for London that encapsulates the British capital’s popularity as a haven for wealthy Russians in the post-Soviet era. Drone Motion Stock / Shutterstock

    Kleptocracy, a term derived from the Greek for “rule by thieves”, describes a system where business success and political power are inextricably entwined. Political elites exploit their position to siphon off public wealth, entrenching their power through corruption, patronage and repression.

    However, kleptocracy is not just a system of domestic corruption. It typically involves a transnational network of political elites and so-called professional enablers who work together to extract wealth and project power.

    The ability of kleptocrats to loot state resources and evade accountability depends on an ecosystem of banks, lawyers, lobbyists, intelligence agencies and PR firms that provide the financial, legal and reputational tools to legitimise stolen wealth.

    Our new book, Indulging Kleptocracy, analyses many cases of such professional enabling in the UK for elites whose wealth originates in post-Soviet countries such as Azerbaijan, Kazakhstan and Russia. We uncovered examples of this activity using in-depth case studies that drew on court documents and correspondence with the enablers themselves.

    We found that, on countless occasions, British professionals have found loopholes in the rules, defeated new measures against money laundering, exploited the lack of transparency in universities and political parties and challenged the efficiency and effectiveness of the rule of law.

    UK properties worth tens of millions of pounds have been purchased for oligarchs and kleptocrats. And London corporate intelligence firms and lawyers have acted against journalists and researchers on behalf of their post-Soviet elite clients.

    Political parties, parliamentary groups and some of Britain’s top universities have even accepted donations from individuals associated with kleptocracy. In doing so, they have indulged kleptocrats much like the Catholic church once sold indulgences – offering absolution for a price.

    These services extend the wealth, status and influence of these elites into the UK and further afield. The phenomenon of “Londongrad” – a moniker to denote the British capital’s hosting of Russian and Eurasian oligarchs – is not merely about the amount of post-Soviet money laundered there. It incorporates a much wider offering of social and reputational goods, and political and security services.

    Indulging Kleptocracy was published on February 4 by Oxford University Press.
    John Heathershaw, Tena Prelec & Tom Mayne, CC BY-NC-ND

    Sustaining kleptocracy

    Professional enablers do not simply move money, and they don’t merely supply their services. They create the structures that sustain kleptocracy, embedding it into the political and economic fabric.

    The overall picture from the nine indulgences we study in our book, from “hiding money” (banking) to “silencing critics” (defamation law), is of regulators outgunned by the private sector. The professions are driven by market incentives, but their adherence to professional ethical standards is inconsistent.

    Enablers aren’t usually accessories to crimes. They may be acting downstream from grand corruption and are typically compliant with the law. But, in most cases, they appear to be either aware of who they are acting for or wilfully unwitting. They either justify their work by convoluted arguments or simply do not carry out effective due diligence on their clients.

    With Russia’s full-scale invasion of Ukraine, the British government introduced a large number of sanctions against Russian entities. It also passed two acts of parliament in 2022 and 2023 to counter illicit financial activity from Russia. But most enabling is not currently considered criminal and cannot easily be legislated out of existence.

    The issue of indulging in kleptocracy is indicative of a general problem of self-regulation in global financial centres, tax havens and other secrecy jurisdictions that arose with the end of empires in the second half of the 20th century.

    At that time, former British colonies like the British Virgin Islands and Cyprus were looking to broaden their economies into the services sector. This coincided with the end of the Soviet empire, when the wealthy and their capital were flying out of Russia and Eurasia.

    How to indulge no more

    Stopping the indulgence of kleptocracy requires moving beyond piecemeal reforms and treating it as the organised criminal enterprise it is. We suggest designating “kleptocratic enterprises” as organised crime and thereby implicating enablers as part of criminal networks. Across the world, there needs to be transparency from charities, universities and political parties.

    There should be more protection for investigators and whistleblowers. And governments could do more to stimulate the market in for-profit asset recovery.

    In 2020, US$740 million (£598 million) of real estate was seized in Spain from Rifaat al-Assad, the uncle of Syria’s former president Bashar al-Assad. This case involved private sector expertise and followed civil society investigations.

    Without such action, the transformation to a world where kleptocratic wealth and influence sit easily within democracies will continue apace. Even the perception of a connection should be subjected to proper scrutiny: Tulip Siddiq, the UK’s Treasury minister responsible for anti-corruption, recently resigned after her family and alleged financial links to the deposed kleptocratic regime in Bangladesh were highlighted.

    These connections, which the government’s ethics watchdog found not to be in breach of the ministerial code, had been known for years before they became a story. But effective PR campaigns, clever legal arguments and complex financial structures mean that many cases of kleptocratic wealth are never exposed. It’s time to uncover what professional enablers do for kleptocrats.

    John Heathershaw receives funding from the UK’s Foreign Commonwealth and Development Office’s Anti-Corruption Evidence programme. He is affiliated with the Illicit Finance Working Group of the UK Anti-Corruption Coalition.

    Tena Prelec receives funding from the UK’s Foreign Commonwealth and Development Office’s Anti-Corruption Evidence programme. She is affiliated with the Illicit Finance Working Group of the UK Anti-Corruption Coalition

    Tom Mayne receives funding from the UK’s Foreign Commonwealth and Development Office’s Anti-Corruption Evidence programme. He is affiliated with the Illicit Finance Working Group of the UK Anti-Corruption Coalition

    – ref. How banks, lawyers and lobbyists in the west help post-Communist kleptocrats stay rich – https://theconversation.com/how-banks-lawyers-and-lobbyists-in-the-west-help-post-communist-kleptocrats-stay-rich-248973

    MIL OSI – Global Reports –

    February 19, 2025
  • MIL-OSI Russia: Financial news: On holding auctions on February 19, 2025 to place OFZ issues No. 26245RMFS and No. 26247RMFS

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    For bidders

    We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:

    1.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26245RMFS from 08.05.2024
    Date of the auction February 19, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code CO26245RMFS9
    ISIN code RO000A108EG6
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00.

    2.

    Name of the Issuer Ministry of Finance of the Russian Federation
    Name of security federal loan bonds with constant coupon income
    State registration number of the issue 26247RMFS from 08.05.2024
    Date of the auction February 19, 2025
    Information about the placement (trading mode, placement form) The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble)
    Trade code CO26247RMFS5
    ISIN code RO000A108EF8
    Calculation code B01
    Additional conditions of placement The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%.
    Trading time Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI Economics: Microsoft announces latest investment in Europe, $700M for computing capacity in Poland

    Source: Microsoft

    Headline: Microsoft announces latest investment in Europe, $700M for computing capacity in Poland

    This morning, I stood in Warsaw with Poland’s Prime Minister, Donald Tusk, and announced Microsoft’s latest cloud and AI infrastructure investment in Europe. Building on our initial billion-dollar investment to launch a Polish cloud region in 2023, I announced that Microsoft will spend another $700 million by the middle of next year to expand our computing capacity in the country. And we will deepen our work with Polish National Defense to strengthen Poland’s cybersecurity, including by working together on the development of AI competencies and emerging digital technologies, including new AI and quantum breakthroughs. 

    This marks the latest critical step for Microsoft’s business, economic, and political relationships in Poland – and in Europe as a whole.  

    During the past 16 months, we have announced more than $20 billion in AI and cloud infrastructure investments that represent an important part of our datacenter expansion across 15 European countries. Today’s investment in Poland builds on the integrated supply chain we are building with manufacturers across the EU. It calls on suppliers that are manufacturing critical components not only in Poland but in Italy, France, Germany, Finland, Ireland, and the United Kingdom. It also includes components manufactured and exported from Indiana in the United States. It’s the type of investment that creates jobs and fosters economic growth throughout Europe and across the Atlantic. 

    Promoting Trans-Atlantic Investment, Trade, and Economic Growth 

    The American technology sector is creating world-leading AI technology and is focused on being a trusted “partner of choice” around the world. And European policy leaders are focused on mobilizing more capital and increasing productivity by “closing the innovation gap.” Even in a time of fragmenting geopolitics, today’s announcement illustrates that these two technology ambitions are more aligned than divergent.  

    In multiple ways, our investment in Poland puts both these goals into practice. It demonstrates how vastly the technology sector has changed since I first joined Microsoft as an employee in Paris more than 31 years ago. While we develop and provide world-leading technology products and services globally, we now support these with enormous national investments in infrastructure and large numbers of local employees. More than ever, technology requires coordinated investments that connect countries and span oceans. 

    Sustained Technology Support During a Decade of Crises 

    Equally important, technology has become a lynchpin for national needs in times of crisis. European Commission President Ursula von der Leyen has aptly put recent history in perspective. As she highlighted, Europe faces a competitiveness challenge that comes as the third crisis of the 2020s, after the pandemic and the war in Ukraine.  

    It’s worth reflecting on the critical role of technology in helping to support the responses needed for each of these crises. 

    Five years ago this month, the first pandemic in a century literally started to shut doors around the world. At Microsoft, our employees and partners used new video and productivity technology like Teams to keep the economy moving forward in every corner of Europe. In just days, businesses, schools, universities, hospitals, and governments sustain their operations by moving online.  

    Two years later, the Russian military invaded Ukraine. At Microsoft, we helped move Ukraine’s critical data and technology services to our datacenters across Europe, ensuring their continued operation outside the range of cruise missile and air attacks. And like several other technology companies, we immediately helped Ukraine’s officials and citizens defend their nation from Russian cyberattacks. As a company, we provided more than $250 million of free technology and financial assistance. And we have sustained this substantial support to this day. 

    As Europe now launches a new “competitiveness compass,” technology will again play an indispensable role. Especially as working-age populations shrink and aging populations expand, economic growth and prosperity will depend more than ever on new technology. Productivity growth will require it. And the competitiveness of Europe’s many great industries and companies, large and small, will depend on their ability to hone their ongoing leadership in critical scientific domains and put their data to work. Across the continent, European institutions will need to harness the power of AI and the cloud. 

    A Strong Foundation for Europe’s AI Transition 

    AI is rapidly becoming what economists call a General Purpose Technology, or GPT. In contrast to single-purpose technologies, GPTs boost innovation and productivity across the entire economy. Throughout history, transformative GPTs like ironworking, electricity, machine tooling, computer chips, and software have not only driven economic growth but sparked new discoveries and inventions, changing the way we live and work.  

    The good news is that the foundation for Europe’s AI transition is already being laid. Industry leaders are investing tens of billions to construct state-of-the-art infrastructure to help Europe access, adopt, and innovate on the world’s most advanced cloud and AI technology. And companies like Microsoft are developing and offering innovative AI tools and vital services that are ready for use by every sector of every European economy.  

    As a company, we are developing and operating our AI infrastructure and platform services with a constant focus on Europe’s needs. This is one reason we announced our AI Access Principles in Barcelona a year ago. These eleven principles govern our operations and are designed to ensure that Microsoft’s AI infrastructure is accessible, open, and available on fair terms to the entire European economy.  

    As we’ve put these principles into practice, we’ve recognized the vital role of open-source software and AI models for European researchers, start-ups, businesses, and governments. We’ve launched the Azure AI Foundry, a platform designed to help developers build, run, and optimize AI-driven applications. The Foundry supports flexible choices and now supports more than 1,800 AI models, from OpenAI’s o3-mini to open-source models like Llama, Mistral, and others, all giving Europe the tools it needs to stay competitive in the fast-moving AI landscape. European developers can then use our Models as a Service offering to distribute their products instantly to our datacenters around the world, so customers can call on them for AI-powered applications. 

    We also recognize that technology innovation requires investments in people. That’s why we’re investing in our AI Skilling Initiative across Europe. We’re partnering with government, education, industry, and civil society to help bring AI skills to users, developers, and organizational leaders. Through our strategic partnerships, we have already helped to skill 2.9 million Europeans and are on track to engage 8 million people by the end of the year. 

    Technology Collaboration Built on Interdependence 

    We readily recognize that European leaders sometimes worry about becoming overly dependent on American technology. We appreciate that such questions are both natural and legitimate. We take them seriously and work hard to address them, including by understanding European values, supporting European needs, and adapting to European rules.  

    Along the way, we often point to a second technology dimension that too easily is overlooked. The reality is that this dependence runs both ways.  

    As a company, we’re pouring tens of billions of dollars of investment into acquiring land, constructing massive buildings, bringing additional electricity to the grid, and installing the world’s most advanced computing, networking, liquid cooling, and other technology.  

    These datacenters are not built on wheels.  

    Once constructed, these billions of dollars in infrastructure are permanent and subject to local laws, regulations, and governments. Time inevitably brings changes. It’s imperative as a company that we constantly remain focused on earning and sustaining our “license to operate” within each country. With datacenters, this starts with each local community and runs up to officials with EU-wide responsibilities. Our economic dependence on Europe runs deep. 

    As Microsoft celebrates its 50th birthday less than two months from now, we look back at more than four decades of European presence and support. As a company, we’ve seen many things change. And we ourselves have changed. We’ve put down deep roots, with employees and families in communities and countries across the continent.  

    But even amid constant change, one thing has been constant. Our support for Europe has been not only steady but steadfast.  

    MIL OSI Economics –

    February 19, 2025
  • MIL-OSI Russia: IMF Staff Completes 2025 Article IV Mission to the Maldives

    Source: IMF – News in Russian

    February 18, 2025

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • The Maldives’ economy is expected to grow by 5 percent in 2025, driven by robust tourism activity. Nevertheless, macroeconomic imbalances have continued to widen and risks are tilted to the downside.
    • The immediate policy priority is to restore sustainable public finance and debt. Broad-based fiscal reforms and a comprehensive debt strategy, alongside well-calibrated monetary and macro-financial policies, are urgently needed.
    • Reforms to strengthen climate resilience, improve the business climate and governance, and enhance skill developments will support stronger external competitiveness and strong, sustainable, and inclusive growth.

    Washington, DC: An International Monetary Fund (IMF) mission, led by Ms. Piyaporn Sodsriwiboon, visited Malé during February 3 – 16, 2025, to discuss recent economic developments, the outlook, and the country’s policy priorities in the context of the 2025 Article IV consultation.

    At the end of the mission, Ms. Sodsriwiboon issued the following statement:

    “Thanks to the Maldives’ strong tourism base, growth has held up well. Real GDP growth is projected at 5 percent in 2025, and the opening of airport terminal expansion would ease supply-side bottleneck for tourism and help sustain growth momentum over the medium term. Inflation is expected to rise to 2.3 percent in 2025, partially due to higher import duties. There is large uncertainty around the forecasts and risks are tilted to the downside.

    “External vulnerabilities remain, amid a persistently large current account deficit and pressures on foreign exchange reserves. The overall fiscal deficits and public debt are projected to stay elevated, calling for urgent policy adjustment. Over the medium term, the Maldives is highly vulnerable to climate change risks, due to sea level risk, floods and the degradation of its natural capital.

    “The Maldives is navigating a pivotal moment to urgently restoring macroeconomic stability and debt sustainability. The Government of Maldives has assumed its homegrown fiscal reform agenda, importantly with the discontinuation of exceptional use of Maldives Monetary Authority (MMA) advances and the passage of Fiscal Responsibility Act and Public Debt Management Act. Swift implementation of expenditure reform measures as outlined in the 2025 Budget would be key to reduce imbalances in an orderly manner and restore economic stability.

    “In addition to the revenue mobilization measures enacted by the government, there is the need for more urgent and stronger fiscal consolidation. Holistic expenditure rationalization is necessary to restrain excessive spending, while improving spending efficiency and protecting priority social spending. Subsidy reforms, which phase out untargeted subsidies and roll out well-targeted direct income transfers to vulnerable households, should be introduced as envisaged in the 2025 Budget. The reprioritization and rationalization of public sector investment program (PSIP) is critically necessary to address immediate fiscal challenges. Building on recent progress, the reforms of state-owned enterprises (SOEs) and Aasandha-healthcare reforms should be continued. Strengthening the public financial framework is critical to enhance fiscal policy credibility and effectiveness. A comprehensive debt strategy would also help restore debt sustainability and improve debt management.

    “A coordinated tightening of the policy mix would effectively help address macroeconomic vulnerabilities. The MMA’s commitment to resume active monetary operations is a welcome step in this regard. Should inflationary or external pressures intensify, the MMA should stand ready to further tighten monetary policy. Heightened systemic risks from bank-sovereign nexus call for tighter macroprudential policies and vigilant financial sector oversight. Prudent foreign exchange reserve management, alongside the necessary macroeconomic adjustments that include substantial and immediate fiscal adjustments as well as stricter monetary and macroprudential policies to address economic imbalances effectively, would help safeguard the exchange rate peg.

    “Given the Maldives’ threats to climate change, integrating climate sensitivity into public financial and investment management processes is essential for tackling climate-related challenges and mobilizing additional climate finance. Structural reforms aimed at improving the business environment and governance, expanding trade and investment, and enhancing skill development remain crucial for sustaining robust and inclusive growth.

    “The IMF team would like to thank the Maldivian authorities for their hospitality and constructive discussions. Meetings were held with Finance Minister M. Zameer, Governor A. Munawar, and other senior officials, as well as representatives from the private sector and development partners.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Randa Elnagar

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/02/18/pr25037-maldives-imf-staff-completes-2025-article-iv-mission-to-the-maldives

    MIL OSI

    MIL OSI Russia News –

    February 19, 2025
  • MIL-OSI Security: Defense News: U.S. Navy EOD Conducts Arctic Warfare Exercise ‘Arctic Specialist’ with NATO Allies in Norway

    Source: United States Navy

    Arctic Specialist is an annual Norway-hosted multinational joint EOD and expeditionary mine countermeasures (ExMCM) exercise providing training at the platoon and squad level and the development of land and maritime EOD tactics, techniques and procedures (TTPs) in a cold-weather environment. Allied forces from Denmark, Norway, and Sweden trained alongside U.S. forces at this year’s event.

    “Arctic Specialist represents one of the premier exercises where Thunderstealers hone our cold weather survival, EOD, and diving skills,” said Cmdr. John Kennedy, Commander, Task Group (CTG) 68.1 (EODMU 8). “The opportunity to train alongside such capable Allies builds confidence in our ability to deploy to the Arctic region and sustain combat operations.”

    According to the Department of Defense’s 2024 Arctic Strategy, “Major geopolitical changes are driving the need for this new strategic approach to the Arctic, including Russia’s full-scale invasion of Ukraine, the accession of Finland and Sweden to the NATO Alliance, increasing collaboration between the People’s Republic of China (PRC) and Russia, and the accelerating impacts of climate change. This increasingly accessible region is becoming a venue for strategic competition, and the United States must stand ready to meet the challenge alongside Allies and partners.”

    While arctic strategy and presence is a growing priority for the U.S. military, training for arctic warfare with our Allies in the high north is not a new initiative for U.S. Navy EOD. In 1986, Norway began hosting an annual “EOD Ex”, which in 2012 became Arctic Specialist.

    “This is my 14th year participating at this exercise. The value of it, beyond working together on realistic scenarios and exchanging knowledge and TTPs, is getting to know other nations. Learning cultural respect and traditions, their working methods, the ‘do’s and don’ts’. Whatever the operation is going to be, it is important to get to know your Allies on a deep level,” said a Lieutenant Commander Operations Officer of Norwegian Naval EOD Command.

    The exercise has continued to provide an excellent training ground for EOD operators to hone their skills and operate in a uniquely challenging environment alongside NATO Allies and partners. Unique to this year’s exercise was the participation of Sweden, NATO’s newest member, for the first time.

    Participation in such exercises will enable our EOD and diving forces to increase warfighting skills in arctic conditions, use lessons learned from past engagements, and provide opportunities to learn from our Allies’ extensive cold weather operating experience.

    During the 11-day exercise, EOD and MCM forces exchanged knowledge for countering regional and global security threats. A multinational Tactical Operations Center (TOC) was established to provide command and control, intelligence, and advanced communications for all participating units.

    Beyond in-depth training on cold weather survival techniques, the exercise included live demolition for mine countermeasure diving, conventional munition disposal, limpet mine response, historical ordnance disposal operations (HODOPS), and chemical and homemade explosive (HME) response. All training was designed with an emphasis on integrated multinational operations at the tactical level in preparation for major combat operations.

    EODMU 8’s MCM Company Commander, Lt. Andrew Lewis, said, “Forward deploying our team to Norway has been critical to our development of warfighting skills in arctic conditions. Through working with our peers from Denmark, Sweden, and Norway—subject matter experts who live and operate in this environment year-round—we have gained a new understanding of and respect for the difficult conditions we could face while operating in the Arctic. Exercises like Arctic Specialist allow us to continue improving our knowledge, skills, and tactics by conducting increasingly complex and high-end missions, and to build lasting bonds with our Allies.”

    As the arctic security environment evolves, training, exercising, and operating in the Arctic will improve U.S. Navy EOD’s operational effectiveness by familiarizing the expeditionary Force with the unique and demanding operating environments of the European Arctic region. By exercising alongside Arctic Allies, the Force continues to improve interoperability and gains regional expertise.

    “This exercise is designed for the operators. The focus is ground level training, developing the skills of the EOD technicians, and everyone getting stronger,” said a Lieutenant from Norwegian Naval EOD Command.

    Before AS kicked off, a platoon of U.S. Navy EOD operators from EODMU 8 and Norwegian Navy EOD clearance divers from Minedykker Kommandoen (Norwegian Naval EOD Command) completed a 2-week winter warfare training in Hovden, Norway, focused on arctic mobility and survivability.

    The winter warfare course consisted of academic training, gear preparation, cross country, back country, and downhill skiing instruction, ski training with heavy rucksack, cold weather injury treatment and prevention, improvised shelter building, camp set up, proper clothing loadout, avalanche safety training, cold weather demolition, small arms shooting on skis, and freezing water response.

    “The value to the guys was immeasurable. Most of them started off the training without ever having skied and some never having seen snow in their lives. We went from that, to being able to self-sustain for 96 hours in the brutal, non-forgiving Norwegian wilderness in 6 feet of snow, transiting roughly 20 kilometers through the mountains, on back country skis, while wearing 70 lb. rucks,” said Explosive Ordnance Disposal Senior Chief Karl Sowinski, EODMU 8 ExMCM Company senior enlisted leader and lead exercise planner. “The cost of ending up out there alone, without the proper gear and training, is death. Out of all the environments we operate in, the Arctic is the only one that is actively trying to kill you 24/7.”

    The team did a cold-water plunge in a freezing river, where they had to function under extreme stress and cold shock. Surrounded by snow and ice, they fully submerged in the icy water, then worked through their cold response by controlling their breathing and responding to a series of questions to demonstrate mental acuity before exiting the water, donning dry clothing, and rewarming.

    “The critical takeaway of this exercise was the integration and interoperability. During the winter warfare portion, prior to Arctic Specialist, the U.S. EOD operators looked to us for our expertise in Arctic survival techniques. During Arctic Specialist, we [Norwegian EOD] looked to the U.S., Sweden, and Denmark teams for new technology or methods that we may not currently use,” said a platoon commander from Norwegian Naval EOD Command. “When we work with our Allied peers, the most valuable part is the group dynamic and becoming a team. We bond on both a personal level and as a military team, making us stronger for future engagements.”

    Continuing to exercise presence in the high north through training and operations will enhance deterrence by demonstrating combat-credible capabilities and the ability to respond rapidly to threats in the Arctic and elsewhere around the globe.

    U.S. Navy EOD stands ready to protect U.S. interests from explosive threats in the face of new challenges and an evolving security environment.

    CTF-68 commands all naval expeditionary combat forces in the U.S. European Command and U.S. Africa Command areas of responsibility in direct support of U.S. Naval Forces Europe -Africa, and U.S. 6th Fleet.

    U.S. 6th Fleet conducts the full spectrum of joint and naval operations, often in concert with allied, joint, and inter-agency partners, in order to advance U.S. national interests and security and stability in Europe and Africa.

    For additional news about U.S. Navy EOD, visit https://www.dvidshub.net/unit/EODG-2.

    MIL Security OSI –

    February 19, 2025
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