NewzIntel.com

Category: Russian Federation

  • MIL-OSI Russia: Financial news: 06.02.2025, 11-24 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A1009L8 (RZhD 1P-15R) were changed.

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    06.02.2025

    11:24

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 06.02.2025, 11-24 (Moscow time), the values of the upper limit of the price corridor (up to 97.32) and the range of market risk assessment (up to 1033.95 rubles, equivalent to a rate of 15.0%) of the security RU000A1009L8 (RZhD 1P-15R) were changed.

    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 account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 06.02.2025, 13-24 (Moscow time) the values of the upper limit of the price corridor and the range of market risk assessment for the security RU000A0JXSS1 (Akron B1P2) were changed.

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    06.02.2025

    13:24

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 06.02.2025, 13-24 (Moscow time), the values of the upper limit of the price corridor (up to 79.19) and the range of market risk assessment (up to 842.61 rubles, equivalent to a rate of 13.75%) of the RU000A0JXSS1 (Akron B1P2) security were changed.

    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 –

  • MIL-OSI Russia: Financial news: 06.02.2025, 13-54 (Moscow time) the values of the lower boundary of the price corridor and the range of market risk assessment for the RU000A105ZX2 (BoretsK1P01) security were changed.

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    06.02.2025

    13:54

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC) on 06.02.2025, 13-54 (Moscow time), the values of the lower limit of the price corridor (up to 54.88) and the range of market risk assessment (up to 335.33 rubles, equivalent to a rate of 62.5%) of the RU000A105ZX2 (BoretsK1P01) security were changed.

    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 account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: 06.02.2025, 13-59 (Moscow time) the values of the lower limit of the price corridor and the range of market risk assessment for the security RU000A105GN3 (BoretsKZO26) were changed.

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    06.02.2025

    13:59

    In accordance with the Methodology for determining the risk parameters of the stock market and deposit market of Moscow Exchange PJSC by NCO NCC (JSC), on 06.02.2025, 13-59 (Moscow time), the values of the lower limit of the price corridor (up to 57.27) and the range of market risk assessment (up to 34556.15 rubles, equivalent to a rate of 62.5%) of the RU000A105GN3 security (BoretsKZO26) were changed.

    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 account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News –

  • MIL-OSI United Kingdom: OSCE Co-operation with the Council of Europe: UK statement to the OSCE, February 2025

    Source: United Kingdom – Government Statements

    Ambassador Holland thanks Minister Bettel for outlining Luxembourg’s priorities at the Council of Europe, and for the close collaboration with the OSCE.

    Thank you Chair. And may I express my condolences – and those of my delegation and country – to our Swedish colleagues for the tragic school attack this week. Our thoughts are with you and the families and friends of the victims.

    Minister Bettel welcome to the Permanent Council. Thank you for your presentation and for your commitment to the work of the Council of Europe as Chair of the Committee of Ministers. The Council of Europe has been, and will continue to be, hugely important to the UK’s human rights and foreign policy agenda.

    The longstanding relationship between the OSCE and the Council of Europe is rooted in the promotion of human rights, democracy and rule of law – values that the UK is firmly committed to uphold. Respect for these common principles defines our shared endeavours in Vienna and in Strasbourg. Values such as the rule of law not only provide the freedoms which allow people to interact with each other in their day-to-day lives but also matter for growth, jobs and people’s livelihoods.

    We meet today at a particularly challenging time for European Security, with Russia‘s unprovoked and unjustified war in Ukraine about to enter a fourth year. We call on all OSCE participating States to uphold our common commitments to shared security on our continent.  We must strengthen Ukraine’s position to keep fighting through 2025 and beyond – for the sake of Ukraine itself, and Euro-Atlantic security.

    The UK is proud to be Chair of the Conference of Participants for the Register of Damage for Ukraine. The Register, now with over 14,000 claims, serves as a significant step towards securing justice for the Ukrainian people.

    The Council of Europe and the OSCE share much common ground – tackling serious organised crime and human trafficking, counter-terrorism, as well as promoting free and fair elections, media freedom, and gender rights. As both the OSCE and the Council of Europe face up to a series of common challenges this year, including a difficult security environment and – as you rightly say – the challenges of democratic backsliding, it is important that we continue to recognise each organisation’s individual merits and distinctiveness. We need to work in a coordinated way to employ the unique set of instruments and tools which each organisation offers to its States.

    Minister Bettel – like your country, the UK is, and will remain, a steadfast supporter of the work of both the Council of Europe and the OSCE. We offer you, and your team, our best wishes for your work throughout your Presidency.

    Updates to this page

    Published 6 February 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Statement: Foreign Office summons Russian Ambassador

    Source: United Kingdom – Government Statements

    The Russian Ambassador was summoned for a meeting to revoke the accreditation of a Russian diplomat

    A Foreign Office spokesperson said: 

    We have summoned the Russian Ambassador for a meeting with a senior British official to revoke the accreditation of a Russian diplomat. 

    This is in response to Russia’s unprovoked and baseless decision to strip the accreditation of a British diplomat in Moscow in November.

    The UK will not stand for intimidation of our staff in this way, and so we are taking reciprocal action. 

    Any further action taken by Russia will be considered an escalation and responded to accordingly.

    Media enquiries

    Email newsdesk@fcdo.gov.uk

    Telephone 020 7008 3100

    Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Russia: The government has approved the parameters for writing off the regions’ debt on budget loans

    Translartion. Region: Russians Fedetion –

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

    The work is being carried out on the instructions of the President.

    Document

    Resolution of February 1, 2025 No. 79

    Prime Minister Mikhail Mishustin signed a resolution approving the rules for writing off regions’ debt on budget loans and a list of areas for spending the released funds.

    According to the document, regions are exempted from paying off two-thirds of the debt on budget loans that has accumulated as of March 1, 2024. To do this, regional leaders must submit a corresponding application to the Ministry of Finance by March 1, 2025, indicating the planned activities at the expense of funds released from write-offs.

    The region should invest at least half of these funds in the implementation of infrastructure projects in the housing and utilities sector. The rest can be used to relocate citizens from dilapidated housing, upgrade public transport, develop key settlements, implement new investment projects, compensate for lost income from the use of investment tax deductions, support companies managing territories with preferential tax regimes, and recapitalize industrial development funds, guarantee and microfinance organizations.

    Regions with low budgetary provision are allowed to use the released funds for activities within the framework of the implementation of new national projects and for expenses related to the special military operation. Subjects included in the Far Eastern Federal District and the Arctic zone can use the released funds for the implementation of activities within the framework of master plans of cities located in these territories.

    The resolution was prepared to implement the instructions of the President, which he gave in 2024 following the results of the Address to the Federal Assembly and following the meeting of the Council for Strategic Development and National Projects and the State Council commissions on socio-economic development.

    Speaking about the decision taken onGovernment meeting on February 6, Mikhail Mishustin noted that the formation of modern infrastructure is one of the basic conditions for further economic growth. “The efforts of the federal government and local leaders are aimed at this,” the head of the cabinet emphasized.

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Exploring Traditions: HSE Students Celebrate Chinese New Year

    Translartion. Region: Russians Fedetion –

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

    February 1st Cultural center HSE University celebrated the Eastern New Year as usual – a large-scale celebration united students and teachers interested in the culture of East Asian countries. The organizers were School of Oriental Studies Faculty of World Economy and World Politics, Internationalization Directorate, HSE Chinese Club, as well as other university clubs – Japanese “Musubi” and Korean “Hallyan“.

    Guests were treated to calligraphy master classes, where they could learn how to write their name in the languages of Asian countries, try their hand at the art of ink drawing, and create an imprint of the symbol of the year — a snake. Tea lovers learned the intricacies of traditional tea drinking, learned about the most diverse and unusual types of this plant and the significance of the tea ceremony in Eastern culture. Visitors were also offered Chinese red envelopes with New Year wishes — in China, they are traditionally given to loved ones, wishing them well-being and good luck.

    The guests took part in national games and quizzes with great interest, where they tested their knowledge of Eastern traditions and the history of the holiday. The culmination was a concert, where the audience could immerse themselves more deeply in the atmosphere of the Chinese New Year thanks to theatrical scenes, national songs and performances by dance groups.

    Many international students compared the joyful atmosphere that reigned to New Year’s at home. “I am from Asia, and this year I was unable to celebrate the New Year in my homeland. But here I was able to feel the warmth and comfort of a home holiday,” shared Nguyen Hinh Goc Anh, a student. Higher School of Business.

    For Russian students studying Eastern culture, this evening was an excellent opportunity to get to know the traditions better.

    The guests noted the high level of organization and the organizers’ attention to detail. “The interiors are beautifully stylized, it is clear that people really prepared and were burning with the idea. Each zone has a special atmosphere that allows you to immerse yourself in the culture,” noted Ekaterina Klimenko, a 5th-year student of the educational program “Oriental Studies” She brought her friend Elizaveta to the party, who does not study at the HSE, but was happy to spend the day at the university.

    For the guests, the holiday was not just entertainment, but also an opportunity to communicate with new people. “Here you can have fun, broaden your horizons, get acquainted with traditions, and also meet students from different fields,” said Maria Fedyunina, a student in the educational program “Management in creative industries” FCI HSE.

    The participants of the evening emphasized the importance of such initiatives, as they help strengthen the student community by creating a space for communication and knowledge sharing.

    Text: Sofia Simina, OP “Advertising and Public Relations“

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

    MIL OSI Russia News –

  • MIL-OSI Economics: Steven Maijoor: Cyber resilience in an age of geopolitical tensions

    Source: Bank for International Settlements

    On December 12th 2023, Kyivstar, Ukraine’s largest telecom provider, suffered a cyberattack that disrupted services for millions of users. The attack, attributed to the Russian state-sponsored group Sandworm, was one of the biggest cyber incidents in Ukraine since the onset of the Russian invasion. The hackers had infiltrated Kyivstar’s infrastructure months earlier. They deployed malware that erased thousands of virtual servers and personal computers, crippling the company’s network for managing communication services.

    The attack had several immediate effects. First of all, approximately half of Kyivstar’s network was disabled, leaving millions without mobile and internet connection. But the damage wasn’t limited to the telecom sector. The attack also disrupted banking operations, payment processing, and online banking services. Some ATMs and point-of-sale terminals didn’t work. Financial transactions were in disarray across the country.

    Amazingly, the Ukrainians were quickly able to restore services. Over the past three years they have become quite proficient in dealing with large-scale disruption. Many critical processes in Ukraine are equipped with redundancy measures. Many people even have two sim cards in their phones. That enabled the other Ukrainian telecom providers to circumvent the outage. Services at Kyivstar were gradually reinstated, with almost full restoration achieved eight days after the attack.

    This episode raises some inconvenient questions. What if this would happen to us? What if a large scale Russian or Chinese cyberattack is launched on the telecoms sector of an EU member state? Would it be possible? How much damage could such an attack cause? Would it affect financial services? And would we be able to recover as quickly as the Ukrainians did?

    A few years ago, most people would have found these questions to be rather hypothetical, but today, unfortunately, they have become quite urgent. Geopolitical tensions have been rising for more than a decade, but over the past few years they have accelerated. Countries are re-arming, they are protecting their strategic economic infrastructures, they are imposing trade restrictions and sanctions on each other, and they are weaponising access to international financial infrastructures and services. Needless to say this is bad news for the world economy and the financial sector. But perhaps in no area is the geopolitical threat so real and acute as in the digital domain.

    Apart from the Kyivstar case, there are many other examples to back this up. In late 2023, a Russian hacker breached Microsoft’s corporate network by exploiting a legacy account. As a result, the security and confidentiality of the email accounts of many organisations around the world were potentially compromised. Last year, the FBI discovered a dormant network of Chinese hackers in the United States that had compromised hundreds of routers and that was on standby to launch an attack if called on. And recently, Russian and Chinese vessels were suspected of damaging subsea data cables. Since state-sponsored cyberattacks are often very well concealed, we do not have reliable numbers on how often they occur. But anecdotal information from intelligence agencies, like the Dutch General Intelligence and Security Service, suggest their number is increasing.

    Traditionally, the financial sector has been an attractive target for cyber criminals with financial motives. But with the changing geopolitical climate, nation-state cyberattacks have become a very real possibility. Their main aim is to cause disruption and to steal sensitive information. Nation-state actors possess more resources, sophistication, and endurance than other hackers. And many sectors of the economy have become more vulnerable to large-scale disruption due to increased complexity and digitalisation. This is certainly true of financial services, with their long outsourcing chains and interconnectedness. And many financial firms depend on the same third-party service providers, so if one of these suppliers is attacked, large chunks of the financial sector may experience the knock-on effects. As we showed in our latest Financial Stability overview, a quarter of all reported global cyberattacks can potentially affect the financial sector through a vital process run by a third party on which the financial system depends.

    So, to answer the questions I posed at the start: yes, I think a major state-sponsored cyberattack on the financial sector or one of its supporting sectors could happen. And frankly, I hope we would be able to recover as quickly as the Ukrainians did.

    That is not because financial institutions haven’t prepared. Many financial institutions have taken big steps in recent years to boost their cyber resilience. I think it is fair to say the financial industry is one of the better digitally defended sectors in the economy. As it should be. But given the size and urgency of the threat, we need to do even more to keep financial services safe. This is why cyber resilience will absolutely be a key focus area in our supervision of the financial industry in the coming years. This goes both for De Nederlandsche Bank, and for the European Central Bank.

    Our aim is to make financial services safer against cyber threats. Not only by increasing the resilience of the financial sector itself, but also by stepping up the robustness of the entire chain of ICT service providers. DORA, the European Digital Operational Resilience Act, that came into effect at the beginning of this year, gives us additional tools to accomplish this aim.

    To start with, under DORA, threat-led penetration tests are mandatory for the largest financial institutions in Europe. In the Netherlands we have been conducting these kinds of tests voluntarily for over eight years with good results, and we are very pleased that it is now becoming the norm at the European level.

    But DORA also imposes stricter requirements for managing cyber risks in outsourcing chains. For example, financial firms face stricter rules for conducting due diligence on potential ICT providers. As a result, Fintechs may also experience more stringent due diligence from financial sector customers. And very importantly, under DORA, European supervisors can conduct inspections of critical third-party ICT service providers in tandem with national supervisory authorities. We expect bigtechs like Google and Microsoft to be placed under EU-wide supervision. And, just as with the banks, we are going to test their readiness to detect and withstand cyberattacks.

    Despite all efforts, there is no such thing as perfect cyber security. It is therefore vital that financial institutions take measures to recover quickly after cyber incidents. This is crucial to ensure that services can continue and people don’t lose trust in financial firms or the financial sector as a whole.

    The results of the ECB’s 2024 cyber stress test show that there is room for improvement on the recovery front. So it’s a very good thing that DORA also imposes new requirements on institutions’ continuity plans and backup policies. They need to develop a culture where cyber incidents are quickly detected and reported, they need to have their playbooks in place and they need to have clearly defined management roles and responsibilities. These are key ingredients for an effective response after a cyberattack.

    An important principle of our supervision has always been that financial institutions are responsible for putting their own house in order. And that is also the case with cybersecurity. But if we only focus on individual institutions, we miss something. As I mentioned, on a digital level the financial sector is so interconnected, and connected to other vital sectors of the economy as well, that some degree of overall coordination and cooperation is necessary to arrive at an optimal level of resilience. Notably, recent assessments, derived from nationwide contingency exercises in the Netherlands, reveal various weaknesses. These weaknesses relate to the exchange of information between critical infrastructure providers, the distribution of roles and responsibilities, and the mobilisation of scarce cyber security knowledge and expertise in the event of major cyber incidents.

    So the message here is: we need to work together. Governments should take the lead to improve cross-sectoral cooperation and coordination. They must continue to conduct large-scale cyber-drills and practice activating crisis plans. The insights gained should be used to enhance resilience.

    But there is also a role for financial supervisors like DNB. Under the new legislation, we do not only need to check whether financial firms are compliant, but we also have an obligation ourselves to look over the fence and cooperate closely with other sectors. DNB is putting this into practice by working with vital sectors that are most critical to the financial sector, such as energy and telecommunications. Within our mandate, we support these sectors with information, cooperation and ethical hacking experience.

    To sum up, the threat of major disruptions to our financial system from nation-state cyberattacks has become more urgent. Financial firms, and the entire outsourcing chain on which they depend, therefore need to do whatever they can to further boost their cyber resilience. Both in terms of detection and recovery. Cyber resilience is a top priority for European financial supervisors and there are new European laws in place. And we are going to use these laws to make sure that financial institutions under our supervision are as secure and well defended as possible. Enhancing resilience also means we need to work together. Governments, financial firms, supervisors, telecom, energy and other vital players in the outsourcing chain. Because in cyberspace, we are all linked together. And after all, a chain is only as strong as its weakest link.

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Economics: Derville Rowland: Innovation and technology in financial crime 

    Source: Bank for International Settlements

    Good afternoon, ladies and gentlemen. It is a pleasure to be with you today and to address a topic so crucial to the future of financial services: the utilisation of innovation and technology to conduct – and most importantly, combat – financial crime. 

    In the mid to late ’90s, when email truly took off as a global tool for commerce, I was a barrister working for the UK’s Crown Prosecution Service amongst others, dealing with various criminal cases including serious frauds. 

    Justified enthusiasm about the ability to connect the world more effectively and efficiently was subsequently dampened somewhat by use of the technology for all manner of deceptions, frauds and financial crimes. 

    Several decades later, we see the same pattern playing out in real-time with artificial intelligence, with criminals using AI tools to bypass customer due diligence controls and carry out fraud via social engineering. 

    These sophisticated methods, including the use of AI tools via text, images, and voice, present significant challenges for regulators and supervisors. 

    There’s a popular saying that the pessimist complains about the wind, the optimist expects it to change, but the realist adjusts the sails. 

    As a regulator with hard-won experience of developing frameworks, building the teams to implement them, and deploying technology to combat financial crime and address misconduct, I’m very much a realist – albeit one who remains stubbornly optimistic. I don’t believe it’s an either/or scenario.  

    Put simply, I believe in the potential benefits of innovation and technology for consumers, investors, businesses and society – and want to see them realised. But this also means the risks must be effectively managed – we must, as it were, adjust the sails. 

    The importance of collective responses

    The risks, of course, need no explanation to this audience. The anonymity of virtual assets can be used to transfer illicit funds quickly and across borders, with criminals increasingly leveraging new technologies to commit fraud, launder the proceeds of crime, and carry out financing of terrorism. The speed at which funds can be moved across borders makes it easier for criminals to exploit the financial system. And so on. 

    Last month, the Central Bank of Ireland published statistics showing the value of fraud in payments in Ireland increased by a quarter in 2023 compared to 2022 – from €100m to circa €126m.1 Fraud was highest in credit transfers and card payments, with the biggest growth seen in money remittance. 

    This echoes trends across Europe, with a joint EBA/ECB report in August 2024 revealing that fraud losses are highest in credit transfer and card payments across the European Economic Area (EEA).2

    Financial crime, of course, recognises no borders. And so, given the scale of the challenge which regulators and law enforcement agencies face, collective action – a harmonised response – is imperative. 

    Which is why the EU’s AML package is so important – it provides the framework and the agency (AMLA) through which we will collectively meet the challenge head on. 

    The AML package is by design technology neutral.  It applies to traditional banking/financial models equally as it applies to crypto-asset service providers (CASPs), crowd-funding platforms and intermediaries. It obliges all types of firms that come within its ambit to comply with a set of AML/CFT rules that have now been harmonised across Europe.  

    How these firms comply with the rules is up to them, via traditional AML/CFT compliance programmes or by using regtech tools. What’s essential is that the means used are effective, and that such effectiveness can be demonstrated to supervisors. 

    This will be the case both for the 40 obliged entities that will be directly supervised by AMLA and the firms supervised by national AML authorities.3  

    Not waiting for the wind to change, the EU has addressed a number of emerging risks in the package. 

    To give some examples, the use of AI is acknowledged under the package, with an obligation on firms to ensure that human oversight is applied to decisions proposed by AI tools that may impact customers in certain areas.

    Additionally, details of Virtual IBANs which are linked to other payment accounts will have to be recorded in member states’ Bank Account Registers. This will allow law enforcement to trace any funds being moved by such Virtual IBANs.  

    Finally, the package introduces the concept of Information Sharing Partnerships. Through these, credit and financial institutions will be enabled to share information relating to high risk customers, subject to important guardrails including data protection assessments.  

    The lack of an ability to share such information has long been pointed to as a real weak link in the system, which could allow someone who had an account closed by one bank on ML/TF grounds to seek to open an account in another.  

    It is hoped that these partnerships will be a real game-changer in the fight to keep bad actors from accessing the financial system in order to launder ill-gotten gains. Tech solutions, including tools which can allow information to be shared between financial institutions in a manner that complies with GDPR, will be essential here.

    The package is also forward-looking in respect of sanctions. 

    Russia’s illegal war against Ukraine exposed some fault lines in the EU’s Financial Sanctions Framework. The package seeks to remedy this by imposing obligations on obliged entities to put in place frameworks to prevent and detect attempted breaches of EU financial sanctions. 

    It also requires obliged entities to ensure that prospective customers, and any person who owns or controls such prospective customers, are screened against the financial sanctions list prior to onboarding. Here again, we see the importance of effective technological solutions – the use of screening tools will be imperative for firms seeking to protect themselves from the possibility of breaching sanctions.

    Developing a wider approach to preventing financial crime

    Money laundering pre-supposes a predicate crime which has generated assets for a criminal. Looking more widely across the landscape, more work is required to put in place a comprehensive financial crime preventative framework that includes fraud.   

    The EU and member states have started thinking about fraud and money laundering more holistically, rather than two silos to be tackled independently. This is very welcome. 

    For our part, the Central Bank of Ireland is approaching AML, fraud, and sanctions through the lens of financial integrity of the system. We are building out a more integrated supervisory framework to look at risk in a more holistic way. We want to take a whole-of-sector, rather than piecemeal, approach, and so very much support emerging EU thinking in this area. 

    As a single market and economic and political union, the EU can point to work already under way and leverage further opportunities to confront the challenges involved. 

    Already, there are a number of other important EU developments aimed at protecting the financial integrity of the system and the citizens who depend on it. 

    PSD3 and the Payment Services Regulation will strengthen customer authentication rules and extending refund rights of consumers who have fallen victim to fraud, among other measures. 

    The EU’s Markets in Crypto Assets Regulation (MiCAR) includes rules relating to the information to be made available to prospective investors in crypto assets, partly in response to the proliferation of scams involving crypto asset issuance. 

    The amended Fund Transfer Regulation ensures that transfers of crypto assets by CASPs must now be accompanied by information on the sender and recipient, in the same way that credit transfers between banks must be.  

    The Instant Payments Regulation (IPR) obliges providers of standard and instant credit transfers to verify the payee at no additional charge to the payer. It also obliges PSPs offering instant credit transfers to screen their customer base against targeted financial sanctions lists at least daily. 

    The various regulatory and policy developments to tackle financial crime cannot succeed in isolation. For this reason, supervisors have been on a steady march away from reliance on traditional supervisory tools and are increasingly exploring ways to transform technology from an enabler of financial crime to a tool in the detection, disruption and successful prosecution of financial crime. 

    In that context, I’d like to mention a significant milestone in the Central Bank of Ireland’s innovation journey – the launch of our Innovation Sandbox Programme last December on the specific theme of Combatting Financial Crime. 

    About the sandbox

    This initiative offers a structured environment for firms to develop innovative solutions in a collaborative environment, ensuring that new technologies are introduced safely and effectively into the financial sector.

    The seven participants in the programme are employing new technologies and innovative methods to develop solutions that tackle financial crime, for the benefit of both the financial system and consumers.

    Participants are representative of a diverse spectrum of innovators from Ireland, across Europe and the UK and feature start-ups, scaling firms, partnerships and established financial services firms.

    Although it is still at an early stage in the programme, several key areas of focus have been identified such as:

    • The use of AI, machine learning, and pattern recognition to detect and prevent fraud; and
    • The use of technology to enable data sharing without compromising sensitive information, allowing real-time verification of identities and other credentials while ensuring full compliance with data protection regulations and the development of digital identity verification tools.

    The Central Bank is organising workshops for participating firms on specific topics relevant to theme of combating financial crime, facilitating bespoke engagement with dedicated relationship managers, and providing access to a data platform offering data sets and tools relevant to the theme. This will allow participants to test and develop their innovation. 

    We are hugely excited about the programme and look forward to sharing the results of it in due course. 

    Conclusion

    In conclusion, I was greatly struck by something Elizabeth McCaul of the ECB Supervisory Board previously said: “Technology is fundamentally a human activity- technology is neither good nor bad, but humans make it so.” 4 

    The reality is that no piece of legislation can contemplate every financial crime risk or typology or close every loophole. We can’t wipe out financial crime – any more than we can wipe out car theft, shoplifting or burglary. But what we can do is to become as effective as possible at reducing its impact.

    Hence, as technology evolves, it behoves regulators and supervisors to evolve too – continually adapting to keep pace with these changes and ensure that, collectively and individually, we are the forefront of protecting the integrity of the financial system and those who use it. 

    Thank you.

    MIL OSI Economics –

  • MIL-OSI Europe: Briefing – European marine fishing areas: The Black Sea – 06-02-2025

    Source: European Parliament

    The Black Sea’s natural characteristics, its isolated position and the high percentage of waters where no life is possible, make it a unique and vulnerable place. Fisheries in the region face a number of challenges, including environmental issues such as pollution, over-exploitation, eutrophication, invasive species and climate change, that are linked directly to the sector’s sustainability. The EU fleet comprises Bulgarian and Romanian vessels and is small compared with the other fleets in the region, consisting of Georgian, Russian, Turkish and Ukrainian vessels. The EU’s role in the management of Black Sea fisheries is limited, given that only two EU Member States are involved and are bound by EU legislation. Moreover, the EU’s membership in the regional sea convention is blocked. Cooperation between the countries around the Black Sea on transboundary issues is essential, but this has been rendered more difficult than ever by Russia’s ongoing war on Ukraine. The European Parliament has repeatedly drawn attention to the fishery sector’s challenges in the Black Sea.

    MIL OSI Europe News –

  • MIL-OSI Europe: Professor Jan Rovny at the European University Institute to Discuss Ethnic Minorities

    Source: Universities – Science Po in English

    Jan Rovny, a professor of political science at Sciences Po Centre for European Studies and Comparative Politics (CEE), spent 6 days at the European University Institute (Florence, Italy), thanks to our European alliance, CIVICA, and its faculty short visits programme. This stay was the perfect opportunity to discuss his research projects and to present his newest book, Ethnic Minorities, Political Competition, and Democracy (Oxford University Press).

    Find below a video interview produced by Sciences Po on how “Ethnic minorities can be a positive asset for democracy“, followed by a shorter version of an interview published by the EUI.

    you gave a lecture at the EUI examining the relationship between ethnic minorities and democracy. Can you delve deeper into how different aspects of democracy, such as liberal democracy or social rights, resonate uniquely with various minority groups?

    The core argument of the talk, which stems out of my book, is that ethnic minorities have a general interest in liberal democratic arrangements while they’re in a democracy.

    In a democracy, ethnic politics, contrary to expectations, are actually going to potentially be a force for maintaining democracy, which I’ve studied in Eastern Europe. I’ve demonstrated how this has been quite important in a number of countries during democratic transition in the 1990s, but also during recent episodes of democratic backsliding when some of the minority elites and parties have attempted in various ways to slow it down.

    This is based on the idea that, conditionally, ethnic minorities seek to protect themselves through counter-majoritarian aspects of democracy, particularly through the protection of civil rights and liberties, which is a non-majoritarian component of democracy. Simultaneously, they’re not necessarily so sure about the utility of majoritarian components of democracy, such as electoral democracy or direct popular democracy.

    My current research is trying to engage with this and see whether ethnic minorities are interested in some components of democracy, being counter-majoritarianism more so than others, such as electoral democracy. That’s what the preliminary results show.

    Could you provide examples of how these minorities try to protect themselves from majoritarian rule?

    My book delves into the cases of Hungarians in Slovakia or ethnic Russians in Estonia.

    One example is when quite a liberal ethnic minority party in Slovakia joined in a very difficult coalition with a populist illiberal party in 2016, which was to some degree seen as a bit of a betrayal by their voters because they went into this coalition with a prime minister who was not particularly minority-friendly or liberal democracy-friendly. But in that government, they very much sought to control some of the key portfolios that would protect them as a minority. They were always interested in questions of usage of language, language education, and signage in national languages.

    They were also interested in the ministry of regional development, but most importantly, they actually did manage to obtain the position of the minister of justice. The minister of justice was able to put into place a set of new laws that contained aspects like transparency of government contracts that importantly constrained some of the corrupt and anti-democratic practices that the government was involved in.

    In Estonia there was a similar situation, where a party that was not explicitly an ethnic minority party ―but that has historically been supported and has itself supported ethnic minorities― also went into a difficult coalition with a radical right party. That party was not happy with it and the Russian representatives didn’t like it.

    Some of them deliberately didn’t take up their seats in parliament in order not to vote for that coalition. I’ve interviewed specific individuals who preferred to stay in the city hall and work in local politics, even though they had a seat in the parliament. It was a symbolic rejection: “I will not vote for this coalition, but I will not prevent my party from doing it.”

    There was a very instrumental aim that the party had in mind, and that was to protect Russian education. They said, “we will go dance with the devil, but one red line is Russian schools will remain.” They saw that if they weren’t going in the coalition, the majority influenced by the radical right party will undermine this fundamental need for them and their community. Throughout that government, they have managed to protect Russian schooling.

    How does the CIVICA alliance contribute to your research?

    It made this possible. This was a unique opportunity to stay here for a week, which gave me much more flexibility to meet more people, get more feedback, and also give some comments to students. Without CIVICA this would have either not happened or would have been a lot shorter.

    Cover image caption: Jan Rovny during a CIVICA faculty short visit at the EUI in Florence, Italy. January 2025. (credits: EUI / CIVICA)

    MIL OSI Europe News –

  • MIL-OSI Russia: Rosneft modernizes educational laboratories of leading universities and technical schools of the Samara region

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    Enterprises of the Samara group of NK Rosneft equipped educational laboratories of specialized institutions of higher and secondary vocational education in the Samara region with new equipment.

    With the support of the Company, the educational laboratory of the chemical engineering faculty of the Samara State Technical University (SamSTU) is equipped with modern pilot plants – analogues of real industrial oil refining facilities. On the new equipment in laboratory conditions, more than 200 students of SamSTU will be able to study and practice practical skills in conducting technological processes of oil refining – isomerization, catalytic cracking, reforming – and also simulate various production situations in conditions as close as possible to real production.

    Rosneft also actively participates in training personnel for oil refining, equipping student laboratories of the Novokuibyshevsk branch of SamSTU and the Novokuibyshevsk Petrochemical College (NNHT). With the assistance of the Company, the Petrochemical College acquired a training mini-unit for primary oil refining – a computer simulator complex for training in modeling technological processes. More than 600 students are trained on the simulator annually in the direction of training “Petrochemistry and Oil Refining”. Future operators, machine operators and machinists virtually simulate the processes of atmospheric distillation of oil during their training practice, pass demonstration exams, and prepare for the Championship of professional skills “Professionals”.

    Modern devices were purchased for the educational laboratory of the Department of Chemistry and Chemical Technology of the Novokuibyshevsk branch of SamSTU – an infrared Fourier spectrometer for determining aromatic hydrocarbons in oil fractions and a PE-5400VI spectrophotometer with a wide range of applications – from environmental and analytical laboratories of chemical enterprises to pharmaceuticals. The new equipment will expand the research capabilities and the topics of students’ scientific work.

    Rosneft’s long-term cooperation with the best specialized universities and colleges is aimed, first of all, at improving the level of training of students in the Chemical Technology area, which is in demand by the Company, and promotes the development of scientific research in promising areas of oil refining and petrochemistry. Every year, graduates of educational institutions join the teams of Rosneft enterprises, continue to engage in relevant research, and successfully defend their developments at scientific and technical conferences for young specialists of the Company.

    Reference:

    Rosneft provides support to educational organizations in all regions of its production activities. Currently, the Company cooperates with 189 educational partner organizations, including 73 universities and 58 colleges. The partnership is aimed at forming an external personnel reserve from among students.

    Department of Information and Advertising of PJSC NK Rosneft February 6, 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 –

  • MIL-OSI Russia: Samotlorneftegaz’s “green” investments exceeded 11 billion rubles by the end of 2024

    Translartion. Region: Russians Fedetion –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    In 2024, Samotlorneftegaz (part of the Rosneft oil production complex) allocated 11.2 billion rubles to implement environmental protection and environmental restoration measures, which is more than 30% higher than the previous period.

    Preserving the environment for future generations is an integral part of Rosneft’s corporate culture. The company aims to achieve leadership positions in minimizing environmental impact and environmentally friendly production and implements a number of comprehensive programs to maintain biological balance in the regions where it operates.

    Samotlorneftegaz’s “green” investments are aimed at programs to improve the reliability of pipelines and reclaim historical heritage lands, recycle industrial waste, and support the biological diversity of Siberian rivers and green areas.

    The company maintains an average level of rational use of associated petroleum gas at 98%. This is one of the highest indicators in the Russian oil and gas industry. The company also applies and develops best practices for monitoring methane emission sources.

    An important area of work is to improve the reliability of pipelines. Last year, Samotlorneftegaz commissioned more than 232 km of oil field networks after reconstruction. Stable operation of the field infrastructure is ensured, among other things, by effective diagnostics and the use of modern methods of protecting pipelines from corrosion.

    Ecologists of Samotlor have completed large-scale work to restore the biological productivity of the “historical heritage” lands. During the project implementation, 2.2 thousand hectares of soil disturbed during the Soviet period of field development were reclaimed. Technical and biological stages of reclamation were carried out year-round due to the wide use of winter reclamation and phytomelioration technologies. Most of the activities were carried out by the company’s own eco-service using specialized equipment for work in areas with high swampiness.

    Thanks to the environmental campaigns of Samotlorneftegaz in Yugra over the past year, more than 2 million young valuable fish species have been released into rivers, and 390 thousand pine seedlings have been planted on an area of 107 hectares.

    Along with improving production technologies, the company’s employees demonstrate a commitment to environmental values and organize large-scale clean-up days, collect and hand in waste paper and plastic, green urban spaces, and participate in all-Russian environmental campaigns.

    Reference:

    JSC Samotlorneftegaz is one of Rosneft’s key production enterprises in Western Siberia, developing the Samotlor field, the largest in Russia. The total area of licensed areas is more than 3 thousand square kilometers.

    Department of Information and Advertising of PJSC NK Rosneft February 6, 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 –

  • MIL-OSI Russia: Marat Khusnullin: A new GOST R has been developed for the use of drones in construction

    Translartion. Region: Russians Fedetion –

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

    In 2024, the Ministry of Construction developed a new GOST R “Unmanned aerial systems in construction, used for geodetic work. General requirements.” The standard is intended to unify modern methods of geodetic work in construction, including engineering and geodetic surveys, using unmanned aerial systems. This was reported by Deputy Prime Minister Marat Khusnullin.

    “Russia is implementing the national project “Unmanned Aerial Systems”, which is designed to ensure the technical sovereignty of the country in the field of creating drones. Of course, their use in construction is a very promising area. This includes monitoring construction, and safety control, and transportation of goods and materials, and, of course, performing geodetic work with high accuracy and efficiency. In fact, this is one of the elements of digitalization of the industry. Therefore, today’s urgent task is to create a regulatory framework for scaling the technology and ensure the training of specialists in this field,” said Marat Khusnullin.

    The national standard covers unmanned aerial systems (UAS) used in the construction industry to perform and verify geodetic tasks, including engineering and geodetic surveys. The document defines the specifications of the functional characteristics of UAS, as well as general conditions and recommendations for their use in geodetic activities.

    “Certainly, the use of drones in construction, including in engineering and geodetic surveys, is a very promising area, which will be used, among other things, to implement the new national project “Infrastructure for Life”. UAVs allow obtaining more accurate and detailed data, are capable of surveying large areas in a short time, and performing work on sites with difficult terrain. The new standard establishes a unified approach to classification, types of application, equipment requirements and the procedure for performing work using UAVs. It is important to note that the document establishes requirements for assessing the accuracy of the data obtained, as well as safety requirements when working with drones,” said Deputy Minister of Construction and Housing and Public Utilities Sergei Muzychenko.

    During the discussion of the standard, more than 30 specialized organizations provided their proposals.

    Among the advantages of using UAS is the ability to shoot from low altitudes to obtain high-resolution images, which is especially important for detailed study of the territory. Also noted is a reduction in the impact on the ecosystem compared to traditional methods of ground-based shooting, which is especially important in nature conservation areas.

    “For the systematic development and implementation of UAS in construction, amendments to the set of rules governing geodetic work have also been approved in 2024. SP 126 has been supplemented with provisions on the use of laser scanning systems and the use of unmanned aerial systems. Recommendations have been included on processing aerial photography data to create orthophotomaps, digital terrain models and three-dimensional models, provisions on remote monitoring using UAS, requirements for monitoring deviations in the geometric parameters of buildings and structures under construction from design solutions,” said Andrey Kopytin, Director of the Federal Center for Surveying and Surveying.

    As part of the “road map” “Reengineering of industrial construction”, amendments have been made to SP 317, which regulates the requirements for engineering and geodetic surveys. This is necessary to improve the accuracy of surveys and design solutions using drones and optimize topographic and geodetic work.

    In the future, the use of drones for engineering and geodetic surveys will reduce construction time and costs by up to 10% when implementing an investment and construction project.

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

    MIL OSI Russia News –

  • MIL-OSI Canada: Backgrounder: Sanctions against individuals and entities in Belarus

    Source: Government of Canada News

    Canada is imposing sanctions against individuals and entities in relation to the Lukashenko regime’s ongoing gross and systematic human rights violations in Belarus, as well as its support of Russia’s violation of Ukraine’s sovereignty and territorial integrity.

    MIL OSI Canada News –

  • MIL-OSI Russia: NSU Lecturer Wins All-Russian Competition “Knowledge.Lecturer”

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    The award ceremony for the winners of the fourth season of the All-Russian competition “Knowledge.Lecturer” from the Russian Society “Knowledge” took place at the National Center “Russia” in Moscow on February 5. They were 70 lecturers from 37 regions of the country. Each received 250 thousand rubles to promote their educational content. Among the winners of the fourth season of the competition was the deputy dean for development Faculty of Mechanics and Mathematics, Novosibirsk State University, Doctor of Physical and Mathematical Sciences Timur Nasybullov. In the final, he gave a lecture “Bayes’ Formula as a Philosophy of Life”, in which he explained how this formula can be applied in reality.

    Knowledge.Lecturer (formerly the “League of Lecturers”) is an all-Russian competition that allows each region to identify talented educators and create opportunities for their professional growth in this field. Within its framework, anyone can try their hand as a lecturer, improve their public speaking skills and find their audience. This is the flagship project of the Russian Knowledge Society, which has been implemented since 2021. Since the start of the project, more than 41,000 people have become its participants.

    The fourth season of the All-Russian competition Znanie.Lektor was held from April 23, 2024 to February 5, 2025. More than 19 thousand people from all regions of Russia took part in it, including more than 5 thousand schoolchildren in a special nomination. They prepared author’s lectures on 14 competition topics and passed a multi-stage selection, which included training in public speaking, organizing their own lectures in their home region, interviews with experts. The 140 strongest participants among adults and students from 52 regions of Russia reached the final of the competition. They overcame the selection of more than 100 people per place. Each finalist received the honorary title of lecturer of the Russian Society “Znanie”.

    The awards to the best lecturers were presented by the Minister of Education of the Russian Federation Sergey Kravtsov, Advisor to the President of the Russian Federation Elena Yampolskaya, General Director of the Russian Society “Knowledge” Maxim Dreval and others.

    Presenting the awards, the Minister of Education of the Russian Federation Sergey Kravtsov noted that the future of our country depends on teachers, mentors, and lecturers, because they not only teach their students, but also shape the worldview of the younger generation.

    “Today, together with you, we are developing our sovereign education system so that our schoolchildren are interested in our culture, language, and have a broad outlook,” said Sergei Kravtsov.

    Maxim Dreval, General Director of the Russian Society “Knowledge”, spoke about new measures to support lecturers, which the Society plans to implement this year. In his opinion, it is very important to provide lecturers with the opportunity to develop, improve their skills and share experiences. Therefore, a project will be launched in March of this year, within the framework of which they can become participants in inspiring meetings, master classes, film screenings, intellectual games. More than a thousand events are planned by the end of the year, which will take place in every region of Russia. Their culmination will be the annual forum at the Mashuk Knowledge Center, which will bring together lecturers from all over the country. Presumably, it will take place in the fall.

    — When I learned about the Znanie.Lektor competition, I immediately decided that I would participate in it to test myself. Yes, I am a teacher and I give a lot of lectures — both at NSU and outside the university. I often speak to schoolchildren — I tell them about mathematics. I think that this is very important for any teacher. In mathematics, as in any other science, not only scientific and research activities are important. They also need to be talked about. If this is not done, it will not reach either educational institutions, or technologies, or ordinary people. Therefore, every scientist should be a bit of a showman and in an understandable language in an accessible form tell a wide audience about their own results.

    As part of the competition, I gave 8 lectures to schoolchildren. I immediately announced that I was ready to speak at schools, and I received many applications to give lectures. I talked about various interesting and useful facts from the world of mathematics, about how mathematics is used in real technologies. And even more interesting – how this science is shown in a funny way in all sorts of toys and puzzles, like the Rubik’s cube.

    It is important for me that thanks to winning the competition, the geography of my performances will expand and I will be invited to give lectures not only to schools in Novosibirsk and the Novosibirsk region, but also to other cities and regions. I see special value in this and want young people to study mathematics more, because in the future they will be able to create technologies of the future with the help of this science, – said Timur Nasybullov.

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

    MIL OSI Russia News –

  • MIL-OSI: Teniz Capital to Lead Second Phase of Black Sea Trade and Development Bank Bond Placement on the Astana International Exchange

    Source: GlobeNewswire (MIL-OSI)

    Almaty, Kazakhstan, 6 February 2025 – Teniz Capital Investment Banking, a leading investment bank in Central Asia and the Middle East, will lead the second phase of bond placement for multilateral financial institution Black Sea Trade and Development Bank (BSTDB) on the Astana International Exchange (AIX).

    This follows a first tranche of 100 million USD, completed in 2024, in which Teniz Capital facilitated the transaction. 

    The second tranche will be directed to supporting BSTDB’s funding capacity and enhance investor participation in Central Asian markets.
     
    “Our objective is to open financial opportunities in the Caspian and Central Asia to Western investors. This second placement, which we expect will be closed quite soon, is a clear indicator of market interest in the region, and in its future economic growth,” the management committee of the entity said. 
     
    Founded in 1999, the BSTDB is an international financial institution based in Thessaloniki, Greece. The institution was created to accelerate regional development through financial instruments such as bond issuances. It has 11 member states, including Greece, Russia, Turkey, and Ukraine.
     
    Teniz Capital employs 50 professionals, with its main headquarters in Almaty and additional offices in Astana’s International Finance Centre and Abu Dhabi.
     
    In 2023, Teniz Capital completed 13 bond transactions across in AIX as well the Kazakhstan Stock Exchange. These transactions included JSC AIFN Retam, Capitalleasing Group Ltd., Jet Group Ltd., Kisamos Shipping DMCC, several placements of Kazakhstan’s sovereign bonds, and underwriting complex, high-value transactions.
     
    Last year, on 29 August, the company announced the expansion of its operations with the launch of a sister company, Teniz Capital Brokerage Ltd.

    For further information, members of the media can contact teniz@definition.city

    This press release contains statements regarding the future of the company and its innovations. Statements regarding the future may be accompanied by words such as “anticipate”, “believe”, “estimate”, “will”, “anticipate”, “pretend”, “power”, “plan”, “potential”, the use of future time and other terms of similar meaning. No undue reliance should be placed on these claims. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements, including uncertainty of the company’s commercial success, ability to protect our intellectual property rights, and other risks. These statements are based on current beliefs and forecasts and refer only to the date of this press release. The company assumes no obligation to publicly update its forward-looking statements, regardless of whether new information, future events or any other circumstance arise.

    The MIL Network –

  • MIL-OSI: OP Financial Group’s Financial Statements Bulletin 1 January–31 December 2024: Excellent business performance continued – full-year operating profit EUR 2,486 million

    Source: GlobeNewswire (MIL-OSI)

    OP Financial Group
    Financial Statements Bulletin
    Stock Exchange Release 6 February 2025 9.00 am EET

    Financial Statements Bulletin 1 January–31 December 2024: Excellent business performance continued – full-year operating profit EUR 2,486 million 

    • Operating profit increased by 21% to EUR 2,486 million (2,050).

    • Income from customer business, or net interest income, insurance service result and net commissions and fees, increased to EUR 3,805 million (3,605). Net interest income grew by 5% to EUR 2,796 million (2,654). Insurance service result increased by 136% to EUR 192 million (81) and net commissions and fees decreased by 6% to EUR 818 million (870).

    • Impairment loss on receivables was EUR 96 million (269), or 0.09% (0.26) of the loan and guarantee portfolio.

    • Investment income increased by 20% to EUR 465 million (389).

    • Total expenses grew by 3% to EUR 2,262 million (2,201). The cost/income ratio improved to 47% (49).

    • The loan portfolio was at the previous year’s level at EUR 98.9 billion (98.9), while deposits grew by 4% year on year to EUR 77.7 billion (74.5).

    • The CET1 ratio was 21.5% (19.2), which exceeds the minimum regulatory requirement by 8.1 percentage points. The changes in the EU Capital Requirements Regulation (CRR3), which took effect on 1 January 2025, are expected to cause a slight reduction in the capital adequacy of OP Financial Group.

    • Retail Banking segment’s operating profit rose by 4% to EUR 1,275 million (1,223). Net interest income grew by 3% to EUR 2,112 million (2,041). Impairment loss on receivables decreased by EUR 78 million to EUR 95 million (173). Net commissions and fees decreased by 10% to EUR 619 million (686). The cost/income ratio was 51% (49). The loan portfolio decreased by 0.3% year on year, to EUR 70.7 billion (70.9). Deposits increased by 3% to EUR 62.9 billion (61.2).

    • Corporate Banking segment’s operating profit grew by 40% to EUR 572 million (408). Net interest income grew by 11% to EUR 657 million (591). Impairment loss on receivables decreased by EUR 96 million to EUR 0 million (96). Net commissions and fees increased by 4% to EUR 199 million (192). The cost/income ratio improved to 38% (41). In the year to December, the loan portfolio grew by 1% to EUR 28.3 billion (28.1). Deposits increased by 12% to EUR 15.4 billion (13.8).

    • Insurance segment’s operating profit grew by 39% to EUR 578 million (414). The insurance service result increased by EUR 110 million to EUR 192 million (81). Investment income increased by 10% to EUR 382 million (347). The combined ratio reported by non-life insurance improved to 92.3% (93.8).

    • Group Functions operating profit was EUR 19 million (-26). Net interest income increased by EUR 15 million to EUR 16 million (1).

    • OP Financial Group increased the OP bonuses to be earned by owner-customers for 2024 by 40% compared to the normal level of 2022. Additionally, owner-customers got daily banking services without monthly charges in 2024. Together, these benefits were estimated to add up to more than EUR 404 million in value for owner-customers in 2024. The benefits will be in force until the end of 2025.

    • Outlook: OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024. For more detailed information on the outlook, see “Outlook”.

    OP Financial Group’s key indicators

    € million Q1–4/2024 Q1–4/2023 Change, %
    Operating profit, € million         2,486         2,050         21.3
    Retail Banking         1,275         1,223         4.3
    Corporate Banking         572         408         40.4
    Insurance         578         414         39.4
    Group Functions         19         -26 –
    New OP bonuses accrued to owner-customers, € million         -314         -275         14.1
    Total income**         4,844         4,520         7.2
    Total expenses         -2,262         -2,201         2.8
    Cost/income ratio, %**         46.7         48.7 -2.0*
    Return on equity (ROE), %         11.6         10.6 0.9*
    Return on equity, excluding OP bonuses, %         13.0         12.0 1.0*
    Return on assets (ROA), %         1.24         0.98 0.26*
    Return on assets, excluding OP bonuses, %         1.39         1.11 0.28*
      31 Dec 2024 31 Dec 2023 Change, %
    CET1 ratio, %*         21.5         19.2 2.3*
    Loan portfolio, € billion         98.9         98.9         0.0
    Deposits, € billion         77.7         74.5         4.3
    Ratio of non-performing exposures to exposures, %         2.64         2.94 -0.30*
    Ratio of impairment loss on receivables to loan and guarantee portfolio, %         0.09         0.26 -0.17*
    Owner-customers (1,000) 2,115 2,094         1.0

    Comparatives for the income statement items are based on the corresponding figures in 2023. Unless otherwise specified, figures from 31 December 2023 are used as comparatives for balance-sheet and other cross-sectional items.
    * Change in ratio, percentage point(s).
    ** OP bonuses to owner-customers, which were previously shown on a separate line in the income statement, have been divided under the following items based on their accrual: interest income, interest expenses, and commission income from mutual funds. The line ‘OP bonuses to owner-customers’ is no longer shown in the income statement. Comparative information has been adjusted accordingly. For more detailed information on the change, see Note 1 to the Half-year Financial Report 1 January–30 June 2024, Accounting policies and changes in accounting policies and presentation.

    Comments by the President and Group Chief Executive Officer:

    Uncertainty overshadowed the business environment – Finland’s economy began to recover as the year ended

    In 2024, the exceptionally tense geopolitical situation of previous years continued to predominate in Finland’s neighbouring regions. Russia’s war of aggression against Ukraine approached its third year and the Middle East conflict spilled over into new areas. A tectonic shift is underway in international politics and the global economy, creating uncertainty in the economy and our broader business environment.

    Although the world economy grew by 3% last year, Europe’s grew by just over 1%. Finland’s economy contracted for the second year running. However, the economy began to recover gradually as the year ended and OP Financial Group expects Finland’s GDP to grow by a couple of per cent in 2025.

    Construction and the related sectors were particularly affected by the sluggish economy. Risks in the real estate sector remained high and the number of bankruptcies increased substantially on the previous year.

    Inflation in Finland fell markedly, from 3.6% to 0.7%, on the year before. On the other hand, unemployment rose, reaching 8.9% in December. Market interest rates fell almost continuously from early 2024 and the Euribor rates were clearly lower by the year’s end.

    Despite the pickup in late 2024, home sale volumes and demand for home loans fell considerably year on year. Home prices continued their downward trend.

    The fall in market rates boosted the stock markets, raising share prices on several stock exchanges. However, Nasdaq Helsinki’s stock indices ended 2024 in slightly negative territory for the year as a whole.

    OP Financial Group had an excellent year – strong earnings enable outstanding benefits for owner-customers

    OP Financial Group performed extremely well and operating profit increased by 21% year on year, to EUR 2,486 million in 2024.

    Our excellent earnings will enable us to continue providing our over 2.1 million owner-customers with considerable benefits in 2025. As in 2024, our owner-customers will get daily banking services without monthly charges and accrue 40% extra OP bonuses compared to the normal level of 2022. This is how we will help to ease the strain on households in these economically challenging times. The total value of higher benefits on OP bonuses and daily services will be around EUR 400 million in 2025, which is a significant overall financial benefit.

    Being customer-owned, OP Financial Group will continue to share its financial success through a range of financial and other benefits for its owner-customers.

    Income from OP Financial Group’s customer business grew to a record level of more than EUR 3.8 billion. The improvement in the insurance service result was particularly strong, being 136% higher than a year earlier. Growth in net interest income slowed to 5% and net commissions and fees decreased by 6% year on year, chiefly due to the benefit (provided for owner-customers) of zero monthly charges for daily banking services. Income from investment activities grew considerably from 2023’s level and OP Financial Group’s total income reached over EUR 4.8 billion – 7% higher than a year earlier.

    OP Financial Group’s costs grew by 3% year on year, due to rising personnel costs and higher investments in ICT development. Compared to the previous year, its cost/income ratio improved by two percentage points to 47%, an excellent level even in international terms.

    All three business segments performed extremely well

    All three business segments performed extremely well. The Retail Banking segment’s operating profit rose by 4% year on year, to EUR 1,275 million. Insurance recorded an operating profit of EUR 578 million, growing by 39% compared to a year ago. Corporate Banking’s operating profit was EUR 572 million, up by 40% over the previous year.

    Strong capital adequacy and excellent liquidity provide security and stability in an uncertain business environment

    OP Financial Group’s CET1 ratio improved again, to 21.5%, exceeding the minimum regulatory requirement by 8.1 percentage points. OP Financial Group is one of the most financially solid large banks in Europe. Excellent profitability, strong capital adequacy and liquidity are critical factors for banks and insurance companies, building trust among customers, partners and other stakeholders. In OP Financial Group, these factors are at an excellent level, providing the Group with an even stronger basis than before for meeting future challenges.

    Deposits grew substantially and the loan portfolio stopped shrinking – customers’ loan repayment capacity remained good

    OP Financial Group’s deposit portfolio grew by more than 4% from 2023. Household, corporate and institutional deposits were on an upward trend at the end of the year. OP Financial Group’s market share of deposits rose to over 40%.

    By late 2024, OP Financial Group’s loan portfolio had reached the same level as at the end of 2023. After a long decline, the loan portfolio began to grow again in the early autumn. OP Financial Group maintained its strong market position in the home loan and corporate loan markets. Our market share of home loans was 39%. For corporate loans, we had a market share of 38%.

    OP Financial Group’s home loan customers made home loan repayments punctually and meticulously in 2024. The situation was eased by the fall in market rates. The number of loan modification applications was lower than in recent years. The number of corporate loans under special monitoring declined in comparison to last year. Non-performing exposures decreased from 2.9% to 2.6%. Impairment loss on receivables decreased markedly year on year.

    Wealth management continued to grow rapidly throughout the year

    We aim to coach our customers in making better financial choices. Wealth management is one of our growth focus areas – we intend to make a clear growth leap in this business in the coming years.

    The number of OP Financial Group unitholders rose to over 1.4 million. Moreover, the number of new systematic investment agreements increased by a third. Mutual fund investors were particularly attracted by international and sustainability-themed investment opportunities. Sustainability is a priority for younger investors in particular. At EUR 111 billion in value at the year’s end, customers’ investment assets managed by OP Financial Group grew by 8%.

    OP-mobile was used more than 700 million times – use of artificial intelligence is growing fast

    OP Financial Group’s use of digital services grew substantially again. Personal and corporate customers increasingly use digital channels for banking and insurance. Last year, customers logged in to OP-mobile around 708 million times – an average of 59 million times per month. OP-mobile already has more than 1.7 million active users.

    We moved, with increasing speed, into using artificial intelligence to ease our customers’ daily lives and help our employees in their work.

    In June, we launched OP Aina, a personal assistant on OP-mobile. OP Aina helps our customers with a range of banking and insurance matters on a 24/7 basis. It is the first financial service in Finland to use artificial intelligence and alerts. Our customers have eagerly adopted the service, which already had around 6.25 million service interactions by the end of 2024. We use it to provide customers with even more personalised and readily available services than before.

    Cybersecurity and well-functioning digital services are at the core of our operations

    OP Financial Group’s digital services functioned extremely well all year, despite the rapidly growing number of denial of service attacks.

    We continued our significant investments in cybersecurity to ensure that our customers’ money and data remain secure under all circumstances. Our customers were subjected to a high number of phishing and scam attempts throughout the year, and we have taken active measures to protect them even more effectively from such threats.

    OP Financial Group fulfils its corporate responsibilities as one of Finland’s largest corporate taxpayers

    OP Financial Group is of major direct and indirect importance to Finland’s economic development. In accordance with our mission, we aim to create sustainable prosperity, security and wellbeing for our owner-customers and operating region.

    Being one of Finland’s largest payers of corporate tax, we contributed almost EUR 400 million for 2023 – over 5% of all corporate tax paid in the period.

    We want to point the way towards futures filled with hope for people living in Finland. The success of Finland and all those who live here is our number one priority now and in the future.

    In good shape going into 2025

    OP Financial Group is in great shape to support its customers as the Finnish economy slowly recovers. We provide competitive banking and insurance services for a range of needs.

    My warm thanks to all our customers for the trust you have shown in OP Financial Group in 2024. We want to continue being worthy of your trust in the year that has just begun. I would also like to thank our employees and governing bodies for the excellent work they did last year.

    Timo Ritakallio
    President and Group CEO

    January–December

    OP Financial Group’s operating profit was EUR 2,486 million (2,050), up by 21.3% or EUR 436 million year on year. Income from customer business (net interest income, net commissions and fees and the insurance service result) increased by a total of 5.6% to EUR 3,805 million (3,605). The cost/income ratio improved to 46.7% (48.7). New OP bonuses accrued to owner-customers, which are included in earnings, increased by 14.0% to EUR 307 million.

    Net interest income grew by 5.3% to EUR 2,796 million. Net interest income reported by the Retail Banking segment increased by 3.5% to EUR 2,112 million and that by the Corporate Banking segment increased by 11.3% to EUR 657 million. OP Financial Group’s loan portfolio was at the previous year’s level at EUR 98.9 billion, while deposits grew by 4.3% year on year, to EUR 77.7 billion. Household deposits increased by 2.8% year on year, to EUR 47.8 billion. New loans drawn down by customers during the reporting period totalled EUR 22.2 billion (22.0).

    Impairment loss on loans and receivables, which reduces earnings, totalled EUR 96 million (269). A year ago, expected credit losses concerning the real estate and construction sector increased the impairment loss on receivables. Final credit losses totalled EUR 200 million (77). In 2024, OP Financial Group enhanced the recognition process for final credit losses. After a loan has been transferred for legal collection, the loan principal is written down to the value of collateral. During the fourth quarter, a total of EUR 125 million of such credit losses were recognised. Correspondingly, stage 3 expected credit losses reversed totalled EUR 93 million. At the end of the reporting period, loss allowance was EUR 824 million (929), of which management overlay accounted for EUR 77 million (109). Non-performing exposures accounted for 2.6% (2.9) of total exposures. Impairment loss on loans and receivables accounted for 0.1% (0.3) of the loan and guarantee portfolio.

    Net commissions and fees decreased by 6.0% to EUR 818 million. Owner-customers have received daily banking services without monthly charges since October 2023. This contributed to the decrease in payment transfer net commissions and fees. Net commissions and fees for payment transfer services decreased by EUR 56 million to

    EUR 291 million, and those for residential brokerage by EUR 6 million to EUR 63 million.

    Insurance service result increased by EUR 110 million to EUR 192 million. Insurance service result includes EUR 529 million (485) in operating expenses. Non-life insurance net insurance revenue, including the reinsurer’s share, grew by 6.1% to EUR 1,760 million. Net claims incurred after the reinsurer’s share grew by 4.4% to EUR 1,116 million. The combined ratio reported by non-life insurance improved to 92.3% (93.8).

    Investment income (net investment income, net insurance finance expenses and income from financial assets held for trading) increased by a total of 19.5% to EUR 465 million. Investment income grew as a result of the increase in the value of equity investments in particular. Net investment income together with net finance income describe investment profitability in the insurance business. The combined return on investments at fair value of OP Financial Group’s insurance companies was 7.6% (3.4).

    Net income from financial assets recognised at fair value through profit or loss, or notes and bonds, shares and derivatives, totalled EUR 1,975 million (1,706). Net income from investment contract liabilities totalled EUR 851 million (642). Net insurance finance expenses totalled EUR 727 million (722).

    In banking, net income from financial assets held for trading decreased by 19.1% to EUR 44 million due to the decrease in interest income from notes and bonds.

    Other operating income increased to EUR 44 million (40).

    Total expenses grew by 2.3% to EUR 2,262 million. Personnel costs rose by 12.1% to EUR 1,081 million. The increase was affected by headcount growth and pay increases. OP Financial Group’s personnel increased by approximately 1,000 year on year. The number of employees increased in areas such as sales, customer service, service development, risk management and compliance. Depreciation/amortisation and impairment loss on PPE and intangible assets decreased by 35.5% to EUR 146 million.

    A year ago, impairment loss recognised mainly for information systems and property in own use totalled EUR 60 million. Other operating expenses increased by 2.4% to EUR 1,036 million. ICT costs totalled EUR 514 million (460). Development costs were EUR 349 million (294) and capitalised development expenditure EUR 58 million (62). Charges of financial authorities fell by EUR 61 million to EUR 16 million. The EU’s Single Resolution Board (SRB) did not collect stability contributions from banks for 2024. In 2023, OP Financial Group paid a total of EUR 62 million in stability contributions.

    At EUR 307 million (269), OP bonuses for owner-customers are included in earnings and are divided under the following items based on their accrual: EUR 160 million (150) under interest income, EUR 82 million (67) under interest expenses, EUR 48 million (38) under commission income from mutual funds, and EUR 17 million (15) under the insurance service result.

    Income tax amounted to EUR 499 million (408). OP Financial Group paid EUR 397 million in corporate tax for 2023. The effective tax rate for the reporting period was 20.1% (19.9). Comprehensive income after tax totalled EUR 2,067 million (1,719).

    OP Financial Group’s equity amounted to EUR 18.1 billion (16.3). Equity included EUR 3.3 billion (3.3) in Profit Shares, terminated Profit Shares accounting for EUR 0.4 billion (0.4).

    OP Financial Group’s funding position and liquidity are strong. The Group’s LCR was 193% (199), and its NSFR was 129% (130).

    Outlook

    Finland’s economy contracted in 2024. However, the economy began to recover as the year progressed and preliminary figures suggest that GDP grew in the second half compared to the same period in 2023. Slower inflation and lower interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment.

    OP Financial Group’s operating profit for 2025 is expected to be at a good level but lower than that for 2023 and 2024.

    The most significant uncertainties affecting OP Financial Group’s earnings performance are associated with developments in the business environment, changes in the interest rate and investment environment and developments in impairment loss on receivables. All forward-looking statements in this Financial Statements Bulletin expressing the management’s expectations, beliefs, estimates, forecasts, projections and assumptions are based on the current view on developments in the economy, and actual results may differ materially from those expressed in the forward-looking statements.

    Press conference

    OP Financial Group’s financial performance will be presented to the media by President and Group Chief Executive Officer Timo Ritakallio in a press conference on 6 February 2025 at 11am at Gebhardinaukio 1, Vallila, Helsinki.

    Media enquiries: OP Corporate Communications, tel. +358 10 252 8719, viestinta@op.fi

    OP Corporate Bank plc and OP Mortgage Bank will publish their own financial statements bulletins.

    Time of publication of 2024 reports:

    Report by the Board of Directors (incl. Sustainability Report) and Financial Statements 2024 Week 11
    OP Financial Group’s Corporate Governance Statement 2024 Week 11
    OP Financial Group’s Annual Report 2024 Week 11
    OP Amalgamation Pillar 3 Disclosures 2024 Week 11
    OP Financial Group’s Remuneration Report for Governing Bodies 2024 Week 11
    Remuneration Policy for Governing Bodies at OP Financial Group Week 11

    Schedule for Interim Reports and Half-year Financial Report in 2025:

    Interim Report 1 January–31 March 2025 7 May 2025
    Half-year Financial Report 1 January–30 June 2025 30 July 2025
    Interim Report 1 January–30 September 2025 28 October 2025
    OP Amalgamation Pillar 3 Disclosures 31 March 2025 Week 19
    OP Amalgamation Pillar 3 Disclosures 30 June 2025 Week 33
    OP Amalgamation Pillar 3 Disclosures 30 September 2025 Week 45

    Helsinki, 6 February 2025

    OP Cooperative
    Board of Directors

    For additional information, please contact:

    Timo Ritakallio, President and Group CEO, tel. +358 10 252 4500
    Mikko Timonen, Chief Financial Officer, tel. +358 10 252 1325
    Piia Kumpulainen, Chief Communications Officer, tel. +358 10 252 7317

    www.op.fi 

    DISTRIBUTION 
    Nasdaq Helsinki Oy 
    Euronext Dublin (Irish Stock Exchange) 
    LSE London Stock Exchange 
    Major media
    op.fi  

    OP Financial Group is Finland’s largest financial services group, with more than two million owner-customers and over 14,000 employees. We provide a comprehensive range of banking and insurance services for personal and corporate customers. OP Financial Group consists of OP cooperative banks, its central cooperative OP Cooperative, and the latter’s subsidiaries and affiliates. Our mission is to promote the sustainable prosperity, security and wellbeing of our owner-customers and operating region. Together with our owner-customers, we have been building Finnish society and a sustainable future for 120 years now. www.op.fi

    The MIL Network –

  • MIL-OSI Russia: NSU scientists have established that ordinary optical fiber can be used to manufacture systems for generating optical frequency combs

    Translartion. Region: Russians Fedetion –

    Source: Novosibirsk State University – Novosibirsk State University –

    Research staff of the Laboratory of Fiber Lasers Faculty of Physics, Novosibirsk State University found that high precision is not required to produce a radius variation on the surface of an optical fiber. It is enough to take a regular piece of fiber, make a couple of notches on it, and automatically obtain a system in which it is already possible to generate an optical frequency comb with a low repetition rate. The results of their study were published in the journal Optics Letters (Soliton-comb solutions for fiber-based bottle microresonators, HTTPS: //d.org/10.1364/ul.544823)

    — In our work, we show that cylindrical microresonators are a simple and reliable platform for generating optical frequency combs with a low repetition rate. If small variations in the radius are introduced into such a system, there is a set of axial modes with different spatial distributions along the fiber axis, while the spectral distance between them can be reduced to 100 MHz. In earlier works, a theoretical demonstration of an axial comb in a cylindrical microresonator with a parabolic radius variation was already carried out at a qualitative level. Our study reveals a counterintuitive fact: the axial soliton width weakly depends on the mode dispersion and can be observed, in principle, in a system with any form of radius variation. This significantly simplifies the fabrication of a system for generating optical frequency combs. Thus, any piece of optical fiber, regardless of its shape and surface roughness, can be used to generate combs, said Alena Kolesnikova, a junior researcher at the NSU Fiber Laser Laboratory.

    An optical frequency comb is a signal spectrum that looks like a set of narrow spectral lines equidistant from each other with high accuracy. In essence, it is a frequency line. The signal itself, to which such a spectrum corresponds, is a sequence of pulses arriving at the measuring device with one frequency, which is exactly equal to the distance between the lines in the comb. Since the comb is a kind of frequency line, the main application is ultra-precise measurement of frequency and time. And this in turn opens up a wide range of applications in the fields of spectroscopy, optical clocks, GPS navigation, distance measurement in astronomy, and also has applications in telecommunications, etc.

    There are two options for generating frequency combs: mode-locked lasers and microresonators. The first platform allows generating combs with a low repetition rate, i.e. with a small line pitch, but requires significant energy consumption and is relatively large. Microresonators, in turn, are small in size and require less power, but the distance between the lines is limited. To reduce it, it is necessary to increase the size of the resonator, but then it will require more power.

    — As in any resonator, there are modes in microresonators — this is a stable distribution of the electromagnetic field, which is a consequence of the limitation of the space in which it exists. Depending on the shape of the microresonator, we obtain different spatial distributions of modes. Each mode has its own resonant frequency. In order for the generation of combs in microresonators to be possible, it is necessary for the system to have a set of modes whose resonant frequencies are equidistant, that is, equally spaced. It is the distance between the frequencies of the modes that determines the distance between the lines in the comb, — explained Alena Kolesnikova.

    In previously known microresonators of spherical, ring or toroidal shape, the distance between the lines is about 10-1000 GHz. The best oscilloscopes at the moment allow direct measurement of frequencies up to 20 GHz, that is, without additional signal processing it is simply impossible to measure such frequencies.

    In a cylindrical microresonator with a small radius variation, it is possible to generate a comb with a repetition rate of less than 10 GHz and with the possibility of reducing it to 100 MHz, while maintaining the micron dimensions of the platform. This became possible due to the fact that such a system has a set of axial modes (modes with a spatial distribution along the cylinder), which, due to the geometry of the cylinder itself, have a small distance between resonant frequencies.

    — We have studied a cylindrical microresonator with a radius variation for the possibility of generating combs on a set of axial modes using the developed model. Such a microresonator can be made on the basis of a standard optical fiber, which is available in any laboratory that deals with fiber optics. To do this, it is enough to remove the plastic shell from the fiber and heat it with a CO2 laser. At the point of heating, the fiber will swell a little, that is, a small radius variation will occur. It is this radius variation that allows us to obtain a set of axial modes, since it will delay the radiation inside this area. Before us, such a system had already been studied for the possibility of generating combs. From the experience of generating combs in microspheres, rings, etc., it was believed that in order to make the comb as wide as possible, an almost perfectly equidistant spectrum of modes is necessary. For axial modes of a cylindrical microresonator, this is possible if we make a parabolic form of radius variation on its surface, which is actually a non-trivial experimental task and requires a good, precise algorithm for heating the fiber with a CO2 laser, said Alena Kolesnikova.

    The laboratory scientists have shown that in fact almost any form of radius variation can be suitable for generating a comb in such a system. In this case, the width of the comb, all other parameters being equal, will not depend on the shape. They modeled two cases: microresonators with a parabolic shape and a rectangular form of radius variation, and obtained the generation of solitons, in the spectrum of which look like an optical frequency comb. In this case, the characteristics of solitons and combs are almost the same for both cases. They came to the conclusion that high precision in manufacturing the radius variation on the fiber surface is not required. You can take an ordinary piece of fiber, make a couple of notches on it (i.e. a rectangular form of radius variation), you can even mechanically and automatically obtain a system in which the generation of an optical frequency comb with a low repetition rate is already possible.

    — It is also worth noting that the manufacturing process of other types of microresonators, spherical, toroidal, ring, etc., is also complex and requires high precision, while optical fiber is available and is a mass-produced product. As far as we know, no one has yet obtained optical combs in such a system, — explained Alena Kolesnikova.

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

    MIL OSI Russia News –

  • MIL-OSI: ING posts full-year 2024 net profit of €6,392 million and outstanding commercial growth

    Source: GlobeNewswire (MIL-OSI)

    ING posts full-year 2024 net profit of €6,392 million and outstanding commercial growth

    Full-year profit before tax of €9,300 million, supported by growing customer base and increase in lending and deposits
    • Mobile primary customer base rises by 1.1 million in 2024 to 14.4 million
    • Net core lending growth of €28 billion, or 4%, and net core deposits growth of €47 billion (7%)
    • Total income of €22.6 billion; double-digit growth in fee income, surpassing €4 billion for the first time
    • Full-year return on equity of 13.0%; proposed final cash dividend of €0.71 per share
     
    4Q2024 profit before tax of €1,771 million with a CET1 ratio of 13.6%
    • Increase of 434,000 mobile primary customers in the fourth quarter, with growth in all markets
    • Total income resilient year-on-year, supported by continuously strong fee income
    • Risk costs remain below our through-the-cycle average, reflecting strong asset quality
    • CET1 ratio decreases to 13.6% following the shareholder distribution announced in October
     

    CEO statement

    “In 2024, we have made very good progress in the implementation of our strategy. We have accelerated growth, diversified our income, provided superior value to customers and continued to play a leading role in supporting our clients’ sustainable transition,” said ING CEO Steven van Rijswijk. “We’re pleased with our strong results and are on track to make the targets as communicated on our Capital Markets Day in June. We have continued to invest in the growth of our business, resulting in a larger customer base and higher revenues, while continuously executing our plans to drive operational efficiencies.

    “We have increased the number of our mobile primary customers by 1.1 million, resulting in a total of 14.4 million mobile primary customers, with Germany, the Netherlands, Spain and Poland especially contributing to the growth. Core lending has also grown across all markets, by €28 billion, with particularly strong growth of €19 billion in our mortgage portfolio, especially in Germany and the Netherlands. Our deposit base has risen by €47 billion, again with contributions from all Retail countries and our Wholesale business. In Wholesale Banking, we have seen strong results from Financial Markets and we have continued investing in our front office and building our product foundations.

    “Total income has increased to a record €22.6 billion and we have posted a net result of €6.4 billion, maintaining a high level after a very strong 2023. Fee income has increased 11% year-on-year, following an increase in both assets under management and in customer trading activity in Retail. Fee income growth in Wholesale Banking was mainly driven by a higher number of capital markets issuance deals for our clients.

    “Sustainability is a priority for our clients and for ING. We have increased our sustainable volume mobilised to €130 billion, up from €115 billion in 2023, showing strong progress against our 2027 target of €150 billion per annum. During the year, we have engaged with more than 1,600 of our Wholesale Banking clients on their transition plans. In Retail Banking, including in Germany, the Netherlands and Australia, we have supported our customers with sustainable mortgages, renovation loans and digital tools, allowing them to identify possible energy upgrades to their homes and connecting them with accredited home renovators.

    “For the coming year, we remain vigilant as we foresee ongoing geopolitical volatility and a fragmented economic outlook. We are confident that we have the right strategy to deliver value to all of our stakeholders by growing our customer base, continuing to diversify our income and supporting clients in their sustainable transitions. I would like to take this opportunity to thank our shareholders for their continued support, our clients for their continued trust and our employees for their hard work and collaboration.”
     
    Further information
    All publications related to ING’s Full year and 4Q 2024 results can be found at the quarterly results page on ING.com. For more on investor information, go to www.ing.com/investors.

    A short ING ON AIR video with CEO Steven van Rijswijk discussing our FY/4Q2024 results is available on Youtube.

    For further information on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via the @ING_news feed on X. Photos of ING operations, buildings and its executives are available for download at Flickr.
     
    Investor conference call, Media meeting and webcasts
    Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will discuss the results in an Investor conference call on 6 February 2025 at 9:00 a.m. CET. Members of the investment community can join the conference call at +31 20 708 5074 (NL), or +44 330 551 0202 (UK) (registration required via invitation) and via live audio webcast at www.ing.com.

    Steven van Rijswijk, Tanate Phutrakul and Ljiljana Čortan will also discuss the results in a media meeting on 6 February 2024 at 11:00 a.m. CET. Journalists are welcome at ING’s Cedar office, Bijlmerdreef 106, Amsterdam. Alternatively, they can dial-in in listen-only mode via +31 20 708 5073 (NL), or +44 330 551 0200 (UK) – quote ING Media Call 4Q2024 when prompted by the operator. The meeting can also be followed via live audio webcast at www.ing.com.
     
    Investor enquiries
    E: investor.relations@ing.com

    Press enquiries

    T: +31 20 576 5000
    E: media.relations@ing.com
     
    ING Profile
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 100 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell.

    Important legal information
    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. The Financial statements for 2024 are in progress and may be subject to adjustments from subsequent events. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) noncompliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI Russia: Sergei Sobyanin: Moscow is developing digital services in the cultural sphere

    Translartion. Region: Russians Fedetion –

    Source: Moscow Government – Government of Moscow –

    Moscow has created an ecosystem of digital services that simplify interactions between city residents and cultural institutions. These include a single library card, a service for renting spaces in city cultural institutions, a ticket system on the mos.ru portal, and others. Sergei Sobyanin spoke about new functions and the development of digital services in the cultural sphere in his Telegram channel.

    Source: Sergei Sobyanin’s Telegram channel @Mos_Sobyanin

    Unified library card

    Since 2018, apply single library card can be done in person at the city library. In 2021, the mos.ru portal launched an electronic service, “Obtaining a single library card,” with which users can obtain a digital version of the document. As of 2024, Muscovites have already issued about 1.2 million library cards. It is convenient to use the digital version of the single library card in the My ID mobile app.

    A single library card can be linked to a school card “Moskvenok”. In this case, access to the funds of the capital’s libraries will be provided by the usual school key card. In addition, the ticket can be linked to a Muscovite card. Since 2021, readers have been finding, booking the books they need and extending their use using the service “Moscow Libraries” on the mos.ru portal. Here you can also view a list of events taking place in the capital’s reading rooms. And a recommendation system using artificial intelligence technologies will offer the user a selection of literature based on his tastes and booking history.

    In 2024, Muscovites were given the opportunity to pick up publications from book machines — contactless street book distribution points. They were placed in 10 city parks. You can pick up a book from a book machine using a single library card. Residents of the capital have already received more than 2.8 thousand publications in this way.

    Muscovites received over 6.6 million publications with a single library card in 2024DIT reminded about useful functions of the service “Moscow Libraries”

    Portal “Discover Moscow”

    Information portal “Get to Know Moscow” was created in 2013 and became one of the first digital projects telling about the sights and history of the city. Today the portal presents 407 museums, 2341 buildings, 702 monuments, 490 memorial sites, 287 routes around the city, 32 virtual tours and 134 online quests.

    The portal operates on the principle of a digital encyclopedia: each registered user can offer information about an object, which is verified before publication, and audiovisual elements.

    The portal hosts contests and thematic quizzes. The “Poster” section contains a schedule of events held in Moscow’s cultural institutions.

    The portal has mobile applications for Android and iOS. In 2024, a new type of content appeared in the mobile application “Discover Moscow” – users can see in augmented reality (AR) mode how buildings and structures that have not survived to this day would look in modern urban development. For example, the Red Gate, the Sukharev Tower, the building of the eighth Stalinist skyscraper and other historical architectural objects.

    The portal “Learn Moscow” published an online quiz for the 270th anniversary of the founding of Moscow State UniversityIn 2024, the portal “Discover Moscow” was visited about six million times

    City venue rental service

    Since 2021, Muscovites can rent premises in city cultural institutions on the mos.ru portal to hold lectures, master classes, educational classes and other events. Today, the service “Together with culture” offers more than 1.5 thousand premises in 42 cultural institutions. Since the project’s creation, Muscovites have booked the capital’s venues more than 43 thousand times.

    The service is used by both business representatives and ordinary citizens. In 2024, it was most often used by individuals, who mainly booked premises for master classes, meetings and trainings. Legal entities and individual entrepreneurs, as a rule, organized concerts, held rehearsals, seminars and lectures.

    More than 20 thousand events were held on the sites of the “Together with Culture” service in 2024The Moscow Department of Information Technologies told which sites can be rented in the “Together with Culture” service for events with children

    Online services for enrolling in children’s art schools and clubs

    In the summer of 2024, the mos.ru portal upgraded its online registration service for educational programs at children’s art schools, as well as for clubs organized in cultural centers, libraries, and parks. During the admissions campaign, about 10 thousand educational programs and clubs were available for registration. During the service’s operation, Muscovites have submitted about 700 thousand applications for enrollment of children in additional education institutions.

    Mosbilet system

    Mosbilet was launched in the fall of 2020. With this system, you can buy tickets to museums and theaters, rent and pay for city skating rinks, swimming pools and picnic areas. Today, 43 percent of tickets for events at city cultural institutions are purchased through this system, all of which are sold without a markup. Last year alone, more than 7.4 million tickets were issued through the system. It is expected that by the end of 2025, Mosbilet will be able to purchase tickets to all city cultural institutions.

    How to use QR codes for tickets to events in Moscow cultural institutionsPlan your leisure time and buy tickets: what else can the “Posters” section on mos.ru help with?

    Ticket purchase service via Mos ID

    In December 2024, a service for selling tickets to events in Moscow cultural institutions via Mos ID, an account on the mos.ru portal, was launched. Buying tickets through the city ticket system Mosbilet using a standard or full mos.ru account simplifies the process of entering data into the electronic ticket sales form: there is no need to enter the last name, first name, email address and phone number manually. Ticket QR codes are generated and displayed in the city mobile applications “My Moscow”, “Moscow State Services” and “My id”, as well as in your personal account on mos.ru. They can be shown at the entrance instead of a paper ticket. From March 15, 2025, when entering using a QR code from the application, visitors will not be required to present a document entitling them to do so.

    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 account to What the Source Is Stating and Does Not Reflect the Position of Mil-Sosi or Its Clients.

    HTTPS: //vv.mos.ru/mayor/tkhemes/12350050/

    MIL OSI Russia News –

  • MIL-OSI USA: Senators Coons, Lankford, Kaine, and Tillis reintroduce bipartisan resolution supporting international religious freedom

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and James Lankford (R-Okla.) introduced a bipartisan resolution to express support for international religious freedom as a fundamental right and a cornerstone of U.S. foreign policy amid concern over increased attacks on religious freedom worldwide. This effort is cosponsored by Senators Tim Kaine (D-Va.) and Thom Tillis (R-N.C.). This bill was previously introduced in the 118th Congress.

    In just the past two years, there have been thousands of incidents where religious freedom was violated around the world, including violence against Rohingya Muslims in Burma, attacks on Uyghurs in China, and persecution of clergy by Russians in Ukraine, according to the U.S. Commission on International Religious Freedom (USCIRF). In 2023, USCIRF identified more than 2,200 individuals—Christians, Jews, Muslims, Buddhists, Hindus, and Sikhs alike—targeted by 27 different countries and entities for their religious beliefs. As of 2024, there are 96 countries with legislation criminalizing blasphemy used to enforce arbitrary limitations on religious freedoms. 

    The resolution urges the State Department to expand its support for religious freedom around the world as threats and violence worsen. This effort would leverage all diplomatic and sanctions tools available to hold violators of religious freedom accountable and would encourage the State Department to promote religious freedom as a central tenet of U.S. foreign policy implementation.

    “As Co-Chair of the Senate Human Rights Caucus, I have fiercely defended the religious freedom of all Americans, but our work can’t stop at home,” said Senator Coons. “Whether you’re a member of a religious minority or a non-believer, far too many people around the world are unfairly targeted and even persecuted for their beliefs and practices. I’m proud to once again lead this bipartisan effort to highlight the importance of promoting religious freedom for our nation’s foreign policy and standing.”

    “The fundamental right of every person to have a faith, live your faith, change your faith, or have no faith at all must be recognized throughout the world. Countries like China, Russia, and Iran continue to target and persecute citizens for living this most basic freedom. The United States must continue its international leadership to defend religious freedom, which is why we are reaffirming our commitment to fight for religious freedom around the world,” said Senator Lankford.

    “In 1786, the Virginia General Assembly passed a statute instituting religious freedom in the Commonwealth, establishing the basis of religious freedom for the whole of the United States. Today, individuals throughout the world who live in countries where religious freedom is threatened or non-existent see the U.S. as a beacon of hope that people of all beliefs can live in the same neighborhoods, attend the same schools, and work side by side,” said Senator Kaine. “Amid the horrifying rise in attacks on faith-based communities, I’m joining my colleagues in sending a clear message that we must work together to protect religious freedom in every corner of the globe.”

    “The United States must maintain our steadfast commitment to standing up for religious liberty,” said Senator Tillis. “This resolution expresses our unwavering support for victims of religious persecution and reaffirms our support for safeguarding religious freedom worldwide.”

    The full text of this resolution is available here.

    Senator Coons and Senator Tillis are Co-Chairs of the Senate Human Rights Caucus.

    MIL OSI USA News –

  • MIL-OSI China: Russia, Ukraine swap 300 prisoners of war

    Source: China State Council Information Office

    Russia and Ukraine have swapped 300 prisoners of war in their latest swap mediated by the United Arab Emirates (UAE), the Russian defense ministry said Wednesday.

    The released Russian soldiers are receiving medical care in Belarus and will soon return to Russia, according to the ministry.

    Meanwhile, Ukrainian President Volodymyr Zelensky said that 150 Ukrainians had returned home from Russia as part of the swap.

    Zelensky thanked the UAE for its mediation.

    MIL OSI China News –

  • MIL-OSI USA: Cantwell Votes NO On Advancing Trump’s Pick to Lead Commerce Department

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.05.25

    Cantwell Votes NO On Advancing Trump’s Pick to Lead Commerce Department

    Lutnick supports Trump’s tariffs & waffled on his commitment to allocate chips funding & preserve NOAA; In WA state, every 2 in 5 jobs are tied to trade

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), ranking member of the Senate Committee on Commerce, Science, and Transportation and senior member of the Finance Committee, voted against advancing Howard Lutnick, President Trump’s nominee to be Secretary of the Department of Commerce, to the full Senate for consideration.

    In a committee markup today, Sen. Cantwell expressed her concerns with Lutnick’s support for President Trump’s proposed tariffs. She also pointed to Lutnick’s failure to commit to fully allocating the funds approved by Congress under the Cantwell-led CHIPS & Science Act, as well as his waffling on whether he’d protect NOAA – including NOAA’s crucial missions and functions, and the workforce delivering those services to the American people.

    Sen. Cantwell had previously questioned Lutnick on these topics in a committee hearing last week – video of that hearing is HERE.

    ON TRADE & TARIFFS

    “Tariffs and trade wars are a major problem for my state, where two out of every five jobs are tied to trade-related industries,” Sen. Cantwell said in today’s committee meeting. “The Commerce [nominee] has said he’s advocating for the president’s policy [that] would cost my constituents $5 billion or more. We need a secretary that understands that these products and these issues need coalition building, not throwing down gauntlets that will lose jobs for my farmers.”

    Yesterday, Sen. Cantwell delivered a speech on the Senate floor calling for the United States to repudiate the trade philosophy of Trump — whose proposed 25% tariffs on goods from Canada and Mexico and 10% tariff on goods from China would spark a trade war, drive up costs for American consumers, harm domestic businesses across hundreds of industries, and compromise the United States’ global leadership in the free trade ecosystem. A video of that speech is HERE; a transcript is HERE.

    In Washington state, two out of every five jobs are tied to trade and related industries. In 2023, the state imported $19.9 billion of goods from Canada – primarily oil, gas, lumber, and electrical power — making our northern neighbors Washington state’s largest trade partner. Also in 2023, the state imported $1.7 billion in goods from Mexico, including motor vehicles, vehicle parts, and household appliances. More information about how President Trump’s proposed tariffs will impact businesses and consumers in the State of Washington is HERE.

    ON CHIPS & SCIENCE FUNDING

    “Over the last four years, there has been much investment in infrastructure [for] manufacturing that this committee has supported. Semiconductor expansion — $450 billion right here in the United States, thanks to the CHIPS & Science Act — and Mr. Lutnick, in various answers to various members of the committee, did not give a full commitment to making sure this money continues to go out the door,” Sen. Cantwell said in today’s committee meeting.

    Sen. Cantwell was the main architect and key negotiator of the CHIPS & Science Act. In her position as Commerce chair, she was instrumental in securing the science R&D funding authorizations in the 11th hour of negotiations. A key component of the legislation is the Regional Technology and Innovation Hubs (Tech Hubs) program that was authored by Sen. Cantwell to strengthen U.S. economic and national security with investments in regions across the country. Earlier this month, the American Aerospace Materials Manufacturing Center (AAMMC) in Spokane was awarded $48 million from the program to establish the first-of-its-kind testbed facility in the United States focused on developing advanced thermoplastic materials – new types of lightweight, heat-moldable, and recyclable materials that can replace metal in aircraft parts. The AAMMC will serve as the nation’s hub for creating and testing these innovative materials that are essential for more rapidly building fuel-efficient and environmentally friendly aircraft. 

    ON DISMANTLING NOAA

    “[NOAA] makes up more than 60% of the Commerce budget. When asked for the record if NOAA should be dismantled, as called for in [Project 2025], Mr. Lutnick would only say, if confirmed, he would figure it out. Given how central NOAA is for providing accurate weather forecasting, managing our fisheries, protecting our fishermen from Russian and Chinese illegal fishing, I was looking for a stronger commitment,” Sen. Cantwell said today.

    Project 2025 calls for NOAA to be “dismantled and many of its functions eliminated,” calling it part of the “climate change alarm industry.” NOAA provides critical services to the Nation including weather forecasts, extreme storm tracking and monitoring, tools to enable communities to adapt to sea level rise and climate change, supporting fisheries management, and conserving marine mammals and other protected species.

    Sen. Cantwell is a champion of NOAA and helped secure $3.3 billion in NOAA investments in the Inflation Reduction Act to help communities prepare for and adapt to climate change, boost science needed to understand changing weather and climate patterns, and invest in advanced computer technologies that are critical for extreme weather prediction and emergency response. Her Fire Ready Nation Act, bipartisan legislation to strengthen NOAA’s ability to help forecast, prevent, and fight wildfires, passed the Commerce committee unanimously today and now heads to the full Senate for consideration.

    Video of Sen. Cantwell’s remarks on her Lutnick vote is HERE; audio is HERE; and a transcript is HERE.

    MIL OSI USA News –

  • MIL-OSI USA: One Year from Expiration of New START Nuclear Treaty, Sen. Markey Introduces Resolution to Avoid New Arms Race with Russia and China

    US Senate News:

    Source: United States Senator for Massachusetts Ed Markey

    Resolution Text (PDF)

    Washington (February 5, 2025) – Senator Edward J. Markey (D-Mass.), Senate co-chair of the bicameral Nuclear Weapons and Arms Control Working Group, today introduced a resolution to recommit the United States to arms control agreements to prevent a new nuclear arms race, one year before the New Strategic Arms Reduction Treaty (New START) between the United States and Russia will expire. Unless a new agreement is in place by early 2026, there will be no legal limits on U.S. and Russian strategic nuclear forces, reversing decades of work to reduce the risk of nuclear war. Representatives Bill Foster (IL-11), John Garamendi (CA-08), and Don Beyer (VA-08) are leading the resolution in the House. Reps. Garamendi and Beyer are the House co-chairs of the Nuclear Weapons and Arms Control Working Group.

    “The Trump administration has an historic opportunity to initiate high-level talks for a new pact and prevent a dangerous and costly nuclear arms race,” said Senator Markey. “I urge President Trump to work with Russia to replace New START and to talk with China about arms control. We are just one year away from losing New START and with it, all legal limits on Russian nuclear forces. There is no time to wait.”

    “As a physicist, preventing the proliferation of nuclear weapons has always been one of my top priorities,” said Representative Foster. “Russia’s suspension of the New START Treaty and Putin’s rhetoric about the potential use of nuclear weapons in Ukraine should have the entire international community on high alert and should serve as the impetus for us to pursue substantive nuclear arms control dialogue. American leadership is desperately needed to prevent escalation and avoid an unrestrained nuclear arms race.”

    “For far too long, nuclear weapons have threatened our country. Our leadership has long recognized that arms control is the most effective way to ensure American security. In today’s environment, it’s more important than ever that we begin to treat arms control with the same dedication we give our nuclear modernization and begin a constructive dialogue for a New START Treaty. We must strive for a more peaceful future, one without the existential threat of nuclear weapons,” said Representative Garamendi.

    “Now more than ever, it is absolutely critical that we redouble our commitment to nuclear nonproliferation,” said Representative Beyer. “The New START treaty is our last major nuclear arms control agreement, and with rising instability overseas the ingredients are there for a runaway nuclear arms race that endangers us all.  This resolution demonstrates broad bicameral support for a renewal of New START and further arms control talks with other nuclear arms states that will help avert the potential global catastrophe that is a nuclear exchange.”

    On May 17, 2024, the Working Group co-chairs led their colleagues in a letter to President Joe Biden urging support for commonsense limits on the world’s two largest nuclear stockpiles, and to continue renewed efforts to restart arms control talks with the Russian Federation and other nuclear states.  

    MIL OSI USA News –

  • MIL-OSI USA: Ricketts, Foreign Relations Committee Republicans Call for Sanctions on Communist China for Transferring Missile Propellants to Iran

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    February 5, 2025

    WASHINGTON, D.C. – Yesterday, U.S. Senator Pete Ricketts (R-NE), a senior member of the Senate Foreign Relations Committee, Senator Jim Risch (R-ID), Chairman of the Foreign Relations Committee, and six other Senators sent a letter to Secretary of State Marco Rubio encouraging the sanctioning of Chinese entities involved in transferring missile propellant ingredients to Iran. The letter comes in response to multiple reports that two Iranian cargo ships are set to deliver 1,000 tons of missile propellant ingredients from Communist China to Iran’s Islamic Revolutionary Guard Corps (IRGC). The critical ingredients would enable the IRGC to produce hundreds of midrange missiles.

    “Reimposing maximum pressure on the Iranian regime requires imposing costs on Communist China,” the senators wrote. “We encourage the administration to identify and sanction any entities involved in transferring missile propellants to Iran, including any Chinese companies sourcing the propellants and any Chinese ports that allow sanctioned Iranian ships to dock. Additionally, if the press reports referenced above are accurate, we urge you to work with our global partners to intercept and stop the shipments currently underway. Finally, the administration should pressure Beijing to reverse its decision to green light Iran’s drawdown of stored oil or face severe consequences.”

    In addition to Ricketts and Risch, other signatories include Senators John Cornyn (R-TX), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Bill Hagerty (R-TN), and Rick Scott (R-FL). All are members of the Foreign Relations Committee. 

    Read the full letter here or below:

    Dear Secretary Rubio,

    We write to express our growing concern over recent reports that two Iranian cargo ships are set to deliver 1,000 tons of a critical ingredient for missile propellant – sodium perchlorate – from Communist China to Iran’s Islamic Revolutionary Guard Corps (IRGC). This amount of sodium perchlorate would enable the IRGC to produce hundreds of midrange missiles and bolster its efforts to sow discord, promote terrorism, and even directly attack our ally, Israel, once again.

    According to the Financial Times, the first Iranian vessel, the Golbon, departed from Communist China on January 21 and the second, the Jairan, is expected to leave in early February.[1] Both of these vessels are linked to the Islamic Republic of Iran Shipping Line (IRISL), which is sanctioned by the U.S.

    The last 15 months have clearly shown that Tehran’s missile program poses a direct threat to the United States, Israel and other allies and partners in the Middle East and Europe. Since October 7, 2023, the Houthis in Yemen have launched hundreds of missiles at Israel and at commercial cargo vessels and U.S. Navy warships in and around the Red Sea.[2] Hezbollah has fired over 8,000 missiles at Israel.[3] Most concerning, on April 13, Iran directly attacked Israel for the very first time firing over 120 ballistic missiles.[4] On October 1, Iran was even more belligerent, firing 180 ballistic missiles at Israel in the largest ballistic missile attack in history.[5]

    Today, however, Iran is weakened and vulnerable. Its missile inventories are depleted from its aforementioned attacks against Israel, its shipment of ballistic missiles to Russia, and Israeli Defense Force airstrikes that have degraded its missile production facilities. As a result, Tehran has turned to the partner that it has relied on for supplying solid-propellant for its missiles for decades—Communist China.[6]

    Communist China, Iran, Russia, and North Korea continue to increase their coordination as part of a growing axis of authoritarians. Not only is Communist China propping up Iran’s missile program, it also recently gave Tehran the go-ahead to begin drawing down and selling millions of barrels of Iranian oil that have been stored in onshore facilities in Chinese ports for years. Alarmingly, the revenue from these oil sales has already been earmarked for the IRGC.[7]

    Reimposing maximum pressure on the Iranian regime requires imposing costs on Communist China. We encourage the administration to identify and sanction any entities involved in transferring missile propellants to Iran, including any Chinese companies sourcing the propellants and any Chinese ports that allow sanctioned Iranian ships to dock. Additionally, if the press reports referenced above are accurate, we urge you to work with our global partners to intercept and stop the shipments currently underway. Finally, the administration should pressure Beijing to reverse its decision to green light Iran’s drawdown of stored oil or face severe consequences.

    We appreciate your prompt attention to this matter. We stand ready to work with the administration to thwart Iran’s missile program and protect our allies.

    MIL OSI USA News –

  • MIL-OSI USA: Reed & Whitehouse: Trump’s Shutdown of USAID Will Cause Human Suffering Abroad & Weaken U.S. National Security

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – Recognizing that diplomacy and development play a key role alongside defense when it comes to U.S. national security, U.S. Senators Jack Reed (D-RI) and Sheldon Whitehouse (D-RI) joined Tim Kaine (D-VA) and 34 of their colleagues in sending a letter to U.S. Secretary of State Marco Rubio expressing their deep concern regarding the growing chaos and dysfunction at the U.S. Department of State and the Trump Administration’s illegal attempt to destroy the U.S. Agency for International Development (USAID).

    USAID is a critical pillar of U.S. national security strategy, providing lifesaving aid and development support around the world to help ensure stability. Yesterday, personnel at USAID were not permitted to enter the agency’s headquarters, and Elon Musk announced that President Donald Trump agreed to close the agency and move it under the State Department – which Trump has no legal authority to do. The Trump Administration, led by Mr. Musk, has also furloughed thousands of senior career civil servants, including two top security officials who denied Musk and the Department of Government Efficiency access to classified documents and systems.

    “…We are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners,” wrote the 37 U.S. Senators.

    The senators continued, “The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.”

    “Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat,” wrote the senators.

    They continued, “Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.”

    In addition to Kaine, Reed, and Whitehouse, the letter is signed by U.S. Senators Cory Booker (D-NJ), Dick Durbin (D-IL), Jeff Merkley (D-OR), Ruben Gallego (D-AZ), Lisa Blunt Rochester (D-DE), Michael Bennet (D-CO), Elizabeth Warren (D-MA), Peter Welch (D-VT), Edward J. Markey (D-MA), Kirsten Gillibrand (D-NY), Bernie Sanders (I-VT), Gary Peters (D-MI), Tammy Baldwin (D-WI), Richard Blumenthal (D-CT), Ron Wyden (D-OR), Martin Heinrich (D-NM), Amy Klobuchar (D-MN), Tammy Duckworth (D-IL), Andy Kim (D-NJ), Adam Schiff (D-CA), Angus S. King (I-ME), John Hickenlooper (D-CO), Mazie K. Hirono (D-HI), Alex Padilla (D-CA), Tina Smith (D-MN), Catherine Cortez Masto (D-NV), Chris Murphy (D-CT), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Brian Schatz (D-HI), Mark R. Warner (D-VA), Chris Van Hollen (D-MD), Chris Coons (D-DE), Elissa Slotkin (D-MI), and Reverend Raphael Warnock (D-GA).

    The full text of the letter follows.

    Dear Secretary Rubio:

    The effective administration of U.S. foreign assistance is critical to advancing core U.S. national security priorities, including countering the influence of China, Russia and Iran. As you acknowledged at your confirmation hearing, pushing back on China in particular is a top bipartisan priority. 

    As such, we are deeply concerned by reports of not only growing chaos and dysfunction at the Department of State, but the Administration’s brazen and illegal attempts to destroy the U.S. Agency for International Development (USAID). Mass personnel furloughs of dubious legality and abrupt, blanket stop-work orders without regard to relevant appropriations laws are causing immediate harm to U.S. national security, placing U.S. citizens at risk, disrupting life-saving work and breaking the U.S. government’s contractual obligations to private sector partners.

    The Administration’s failure to consult with Congress prior to taking these steps violates the law and impedes Congress’s constitutional duty to conduct oversight of funding, personnel and the nation’s foreign policy. The Administration’s failure to expend funds appropriated on a bipartisan basis by Congress would violate the Impoundment Control Act.

    Foreign assistance is critical to supporting U.S. strategic interests around the world. Foreign assistance protects U.S. national security, advances U.S. values, and ensures the U.S. is the partner of choice for everything from defense procurement to cutting edge scientific research. China, Russia and Iran are already moving rapidly to exploit the vacuum and instability left by the U.S.’s sudden global retreat.

    Every Administration has the right to review and adjust ongoing assistance programming. However, attempting to arbitrarily turn off core functions of a critical U.S. national security agency, without Congressional consideration or any metric-based review and absent legal authority to do so, is unprecedented and deeply disturbing.

    We request immediate clarification on the following:

    Status of USAID:

    1.         Confirmation of your understanding that any effort to abolish USAID or merge USAID into the Department of State absent Congressional consultation and approval is illegal.

    2.         Confirmation of your understanding that adversaries such as China, Russia and Iran are quickly moving into the vacuum left by suspended USAID programs. 

    3.         The Department of State’s assessment of Mr. Elon Musk’s financial ties to China and the impact of these ties to the decision-making process of Mr. Musk and his employees.

    4.         Confirmation that neither you nor any member of your leadership team are taking direction from Mr. Musk with regards to the work of the Department of State or USAID, personnel or financial decisions for either agency, or any other matters relevant to U.S. national security. 

    5.         Confirmation of the names and employment status of individuals directed by Mr. Musk to engage with USAID staff, the qualifications of these individuals, and the level of their security clearances – if any.

    Personnel:

    1.         Confirmation of your understanding that any unauthorized access by or disclosure of classified information to individuals without appropriate security clearance could be considered a criminal offense.

    2.         The legal authority and rationale under which, on January 28, more than 50 senior career civil and foreign service USAID officials were placed on administrative leave. This move was not only unprecedented, but also inconsistent with the Office of Personnel Management’s own guidelines for the use of administrative leave.

    3.         The legal authority under which, on January 28, approximately 390 USAID Institutional Support Contractors (ISCs) were given stop-work orders, and clarification of which Administration official directed the implementation of this termination.

    4.         Whether any Department of State career civil and foreign service or contractors have been placed on administrative leave or removed from their roles as a result of or relating to the assistance freeze or any directives from the Office of Foreign Assistance.

    5.         Clarification of which Administration official directed the implementation of this mass furlough.

    6.         Clarification of whether these individuals were directed to be terminated without cause.

    7.         Confirmation that personnel will not face retaliation or retribution for performing their duties under the previous Administration’s policy direction.

    8.         Under what authorities and by which official’s directive career civil service, foreign service, and Personal Services Contractors (PSC), and those under other hiring authorities have been removed from their roles or limited in their ability to execute their work.

    9.         Confirmation that further career civil service, foreign service and USAID contractors will not be removed from their roles without cause or receive stop work orders.

    10.       Whether, upon full resumption of legally mandated foreign assistance activities, the Administration intends to re-hire contractors who have been removed from their roles.

    11.       Any additional guidance provided to State and USAID staff regarding the foreign assistance freeze, including confirmation of whether direct hires, contractors, or implementing organizations have been directed not to speak publicly about the foreign assistance freeze.

    12.       Public identification of the individual currently serving as the Director or Acting Director of the State Department’s Office of Foreign Assistance and as Acting Deputy Administrator of USAID, and the dates upon which this individual was appointed to each position.

    13.       Confirmation of your understanding that the State Department’s Director of Foreign Assistance has no authority to issue personnel directives for USAID.

    Resumption of Foreign Assistance:

    1.         The specific process and anticipated timeframe for activities to receive exemptions or waivers, as referenced in your January 28, 2025 directive to State and USAID staff.

    2.         The mechanisms and metrics established for this waiver process.

    3.         The timeline for full resumption of legally mandated foreign assistance activities.

    4.         Clarification of what risk assessment or analysis of potential risk to U.S. national security interests were conducted prior to the decision to freeze foreign assistance activities.

    5.         Confirmation of the Department of State’s obligation to comply with U.S. contract law and your responsibility as Secretary of State ensure the Department honors its commitments to contracting partners.

    We welcome your urgent attention to these questions. We and our staff stand ready to work with you to ensure U.S. foreign assistance funding continues to be deployed effectively to protect American citizens, at home and abroad.

    Respectfully,

    MIL OSI USA News –

  • MIL-OSI: Weatherford Announces Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    • Fourth quarter revenue of $1,341 million decreased 5% sequentially and 2% year-over-year; full year revenue of $5,513 million increased 7% from prior year, driven by international revenue growth of 10%
    • Fourth quarter operating income of $198 million decreased 19% sequentially and 8% year-over-year; full year operating income of $938 million increased 14% from prior year
    • Fourth quarter net income of $112 million, an 8.4% margin, decreased 29% sequentially and 20% year-over-year; full year net income of $506 million, a 9.2% margin, increased by 21% from prior year
    • Fourth quarter adjusted EBITDA* of $326 million, a 24.3% margin, decreased 8%, or 88 basis points, sequentially and increased 2%, or 74 basis points, year-over-year; full year adjusted EBITDA* of $1,382 million, a 25.1% margin, increased 17%, or 197 basis points, from prior year
    • Fourth quarter cash provided by operating activities of $249 million and adjusted free cash flow* of $162 million; full year cash provided by operating activities of $792 million and adjusted free cash flow* of $524 million
    • Shareholder return of $67 million for the quarter, which included dividend payments of $18 million and share repurchases of $49 million
    • Board approved quarterly cash dividend of $0.25 per share, payable on March 19, 2025, to shareholders of record as of February 21, 2025

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    HOUSTON, Feb. 05, 2025 (GLOBE NEWSWIRE) — Weatherford International plc (NASDAQ: WFRD) (“Weatherford” or the “Company”) announced today its results for the fourth quarter of 2024 and full year 2024.

    Revenues for the fourth quarter of 2024 were $1,341 million, a decrease of 5% sequentially and 2% year-over-year. Operating income was $198 million in the fourth quarter of 2024, compared to $243 million in the third quarter of 2024 and $216 million in the fourth quarter of 2023. Net income in the fourth quarter of 2024 was $112 million, with an 8.4% margin, a decrease of 29%, or 279 basis points, sequentially, and a decrease of 20%, or 193 basis points, year-over-year. Adjusted EBITDA* was $326 million, a 24.3% margin, a decrease of 8%, or 88 basis points, sequentially, and an increase of 2%, or 74 basis points, year-over-year. Basic income per share in the fourth quarter of 2024 was $1.54 compared to $2.14 in the third quarter of 2024 and $1.94 in the fourth quarter of 2023. Diluted income per share in the fourth quarter of 2024 was $1.50 compared to $2.06 in the third quarter of 2024 and $1.90 in the fourth quarter of 2023.

    Fourth quarter 2024 cash flows provided by operating activities were $249 million, compared to $262 million in the third quarter of 2024, and $375 million in the fourth quarter of 2023. Adjusted free cash flow* was $162 million, a decrease of $22 million sequentially, and $153 million year-over-year. Capital expenditures were $100 million in the fourth quarter of 2024, compared to $78 million in the third quarter of 2024, and $67 million in the fourth quarter of 2023.

    Revenue for the full year 2024 was $5,513 million, compared to revenues of $5,135 million in 2023. Operating income for the full year was $938 million, compared to $820 million in 2023. The Company’s full year 2024 net income was $506 million, compared to $417 million in 2023. Full year cash flows provided by operations were $792 million, compared to $832 million in 2023. Adjusted free cash flow* for the full year was $524 million compared to $651 million in 2023. Capital expenditures for the full year 2024 were $299 million, compared to $209 million in 2023.

    Girish Saligram, President and Chief Executive Officer, commented, “The fourth quarter witnessed a significant drop in activity levels in Latin America and a more cautious tone in a few key geographies. Despite a challenging environment in the fourth quarter, the overall full year 2024 was another one of setting new operational highs, and I would like to express my gratitude to the One Weatherford team for that. We ended the year with the best safety record we have ever had, strong margin expansion and solid cash generation.

    While the activity outlook continues to evolve, margins and cash flow performance continue to be the cornerstone of our financial and strategic objectives. We are well-positioned to deliver another year of strong cash flow generation in 2025. While there is some temporary activity reduction, we continue to believe in the industry’s mid to long-term resilience and remain committed to our goal of achieving EBITDA margins in the high 20’s over the next few years.”

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Operational & Commercial Highlights

    • ADNOC awarded Weatherford a three-year contract for the provision of rigless services as part of the reactivation of ADNOC’s onshore strings.
    • Kuwait Oil Company (KOC) awarded Weatherford a Managed Pressure Drilling (MPD) services contract focused on improving operational efficiency, enhancing safety, accelerating well-delivery timelines, and reducing costs by deploying Weatherford’s innovative VictusTM Intelligent MPD system.
    • KOC awarded Weatherford a one-year contract to provide and operate two onshore Real Time Decision Centers.
    • A National Oil Company (NOC) in Qatar awarded Weatherford a five-year contract to provide fishing and drilling tools, with a five-year extension option.
    • An NOC in Asia awarded Weatherford a three-year contract for the provision of Wireline conveyance and tooling services and a three-year contract for Tubular Running Services (TRS) in onshore India.
    • OMV Petrom awarded Weatherford a two-year contract for openhole and cased-hole logging services in Romania.
    • A major operator in Asia awarded Weatherford a three-year contract for providing ModusTM MPD services for two zones in North and South Sumatra, and awarded a five-year contract to provide openhole and cased-hole Wireline in onshore Indonesia.
    • Khalda awarded Weatherford a three-year contract to deploy up to 300 wells in Egypt using CygNet® SCADA and ForeSite® platform.
    • Azule Energy awarded Weatherford a three-year contract to provide TRS for the NGC Project in offshore Angola. This is in addition to the recently awarded TRS contract in block 15/06 in the deepwater block.
    • PTTEP awarded Weatherford a 24-month contract to provide openhole Wireline Services in onshore Thailand.
    • A major operator in Asia awarded Weatherford with a four-year contract to provide Rotating Control Devices to enable MPD in offshore Indonesia.
    • Shell Petroleum Development Company awarded Weatherford a three-year contract to provide Well Completions and other related specialized services in onshore Nigeria.

    Technology Highlights
    On January 14, 2025, at the annual IKTVA forum held at Dahan Dharan Expo, Weatherford signed an agreement with SPARK, a fully integrated industrial ecosystem aimed at making Saudi Arabia a global energy hub. This strategic partnership, aligned with Saudi Arabia’s Vision 2030, enhances Weatherford’s local presence, boosts production capabilities, and supports the region’s energy goals. By advancing local content, fostering talent, and driving innovation, Weatherford demonstrates its commitment to economic growth and to supporting Saudi Arabia’s leadership in energy innovation.

    • Drilling & Evaluation (“DRE”)
      • In the North Sea, Weatherford successfully deployed the world’s first Dual Advanced Kickover Tool for Equinor. The unique solution enables gas lift valve replacements in just a single run, which significantly increases efficiency and reduces cost of conventional systems.
      • In Saudi Arabia, Weatherford deployed its compact wireline logging tools with shuttle technology to achieve a record total depth for Aramco. This extended reach well features the longest horizontal section, measuring 23,000 feet.
    • Well Construction and Completions (“WCC”)
      • In deepwater Brazil, Weatherford successfully installed the first OptiRoss® RFID Multi-Cycle Sliding Sleeve Valve for a major operator. The system enhances acid stimulation efficiency, improving production and boosting the reservoir’s oil recovery factor.
      • In the Middle East, Weatherford successfully deployed its market-leading Optimax Tubing Retrievable Safety Valve for an NOC. This deployment enabled gas lift valve replacements in a single run, significantly increasing efficiency and reducing costs compared to conventional systems.
    • Production and Intervention (“PRI”)
      • In the Middle East, Weatherford’s Alpha1Go remote re-entry system was deployed for an NOC, optimizing rig site operations by significantly reducing whipstock preparation time and minimizing red-zone exposure. This deployment improved both efficiency and safety, demonstrating the system’s effectiveness in facilitating well re-entry operations and real-time team collaboration in various rig environments.
      • In US land operations, Weatherford successfully deployed its first Reclaim Dual Barrier Plug and Abandon (P&A) system for a major operator. This innovative dual barrier P&A system safely and reliably abandons wells without the need to pull tubing. By eliminating the requirement for conventional drilling rigs, it significantly reduces costs and minimizes the carbon footprint.

    Shareholder Return

    During the fourth quarter of 2024, Weatherford repurchased shares for approximately $49 million and paid dividends of $18 million, resulting in total shareholder return of $67 million. Since the inception of the shareholder return program introduced earlier in 2024, the Company repurchased shares for approximately $99 million and paid dividends of $36 million, resulting in total shareholder return of $135 million.

    On January 29, 2025, our Board declared a cash dividend of $0.25 per share of the Company’s ordinary shares, payable on March 19, 2025, to shareholders of record as of February 21, 2025.

    Results by Reportable Segment

    Drilling and Evaluation (“DRE”)

        Three Months Ended   Variance     Twelve Months Ended   Variance
    ($ in Millions)   Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Seq.     YoY   Dec 31,
    2024    		   Dec 31,
    2023    		   YoY
    Revenue   $ 398     $ 435     $ 382     (9 )%   4 %   $ 1,682     $ 1,536     10 %
    Segment Adjusted EBITDA   $ 96     $ 111     $ 97     (14 )%   (1 )%   $ 467     $ 422     11 %
    Segment Adj EBITDA Margin     24.1 %     25.5 %     25.4 %   (140) bps   (127) bps     27.8 %     27.5 %   29 bps

    Fourth quarter 2024 DRE revenue of $398 million decreased by $37 million, or 9% sequentially, primarily from lower activity in Latin America, partly offset by higher international Wireline activity. Year-over-year DRE revenues increased by $16 million, or 4%, primarily from higher activity in North America and higher international Wireline activity, partly offset by lower activity in Latin America.

    Fourth quarter 2024 DRE segment adjusted EBITDA of $96 million decreased by $15 million, or 14% sequentially, primarily driven by lower activity in Latin America, partly offset by higher international Wireline activity. Year-over-year DRE segment adjusted EBITDA decreased by $1 million, or 1%, primarily due to lower activity in Latin America, partly offset by improved performance in Middle East/North Africa/Asia.

    Full year 2024 DRE revenues of $1,682 million increased by $146 million, or 10% compared to 2023, as higher Wireline and Drilling-related services activity were partly offset by lower Drilling Services in Latin America.

    Full year 2024 DRE segment adjusted EBITDA of $467 million increased by $45 million, or 11% compared to 2023, as higher MPD and Wireline activity were partly offset by lower activity in Latin America.

    Well Construction and Completions (“WCC”)

        Three Months Ended   Variance     Twelve Months Ended   Variance
    ($ in Millions)   Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Seq.     YoY   Dec 31,
    2024    		   Dec 31,
    2023    		   YoY
    Revenue   $ 505     $ 509     $ 480     (1 )%   5 %   $ 1,976     $ 1,800     10 %
    Segment Adjusted EBITDA   $ 148     $ 151     $ 131     (2 )%   13 %   $ 564     $ 455     24 %
    Segment Adj EBITDA Margin     29.3 %     29.7 %     27.3 %   (36) bps   202 bps     28.5 %     25.3 %   326 bps

    Fourth quarter 2024 WCC revenue of $505 million decreased by $4 million, or 1% sequentially, primarily due to lower activity in Europe/Sub-Sahara Africa/Russia, partly offset by higher Completions and TRS activity in Middle East/North Africa/Asia. Year-over-year WCC revenues increased by $25 million, or 5%, primarily due to higher activity in Middle East/North Africa/Asia and higher Liner Hangers and Well Services activity in Latin America, partly offset by lower activity in North America.

    Fourth quarter 2024 WCC segment adjusted EBITDA of $148 million decreased by $3 million, or 2% sequentially, primarily due to lower activity in Europe/Sub-Sahara Africa/Russia, partly offset by higher Completions and TRS activity in Middle East/North Africa/Asia. Year-over-year WCC segment adjusted EBITDA increased by $17 million, or 13%, primarily due to higher activity in Middle East/North Africa/Asia, partly offset by lower activity in Europe/Sub-Sahara Africa/Russia.

    Full year 2024 WCC revenues of $1,976 million increased by $176 million, or 10% compared to 2023, primarily from higher activity in Middle East/North Africa/Asia and Latin America, partly offset by lower activity in North America.

    Full year 2024 WCC segment adjusted EBITDA of $564 million increased by $109 million, or 24% compared to 2023, primarily due to improved fall through in major product lines across all geographies.

    Production and Intervention (“PRI”)

        Three Months Ended   Variance       Twelve Months Ended   Variance  
    ($ in Millions)   Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Seq.     YoY     Dec 31,
    2024    		   Dec 31,
    2023    		   YoY  
    Revenue   $ 364     $ 371     $ 386     (2 )%   (6 )%   $ 1,452     $ 1,472     (1 )%
    Segment Adjusted EBITDA   $ 78     $ 83     $ 88     (6 )%   (11 )%   $ 319     $ 323     (1 )%
    Segment Adj EBITDA Margin     21.4 %     22.4 %     22.8 %   (94) bps   (137) bps     22.0 %     21.9 %   3 bps

    Fourth quarter 2024 PRI revenue of $364 million decreased by $7 million, or 2% sequentially, primarily due to lower activity in Latin America and lower Intervention Services and Drilling Tools (ISDT) activity in Europe/Sub-Sahara Africa/Russia and North America. Year-over-year PRI revenue decreased by $22 million, or 6%, as lower activity in Middle East/North Africa/Asia and Latin America was partly offset by higher Artificial Lift activity in North America.

    Fourth quarter 2024 PRI segment adjusted EBITDA of $78 million, decreased by $5 million, or 6% sequentially, primarily from lower activity in Latin America and lower ISDT activity in Europe/Sub-Sahara Africa/Russia and North America, partly offset by higher Artificial Lift activity in Middle East/North Africa/Asia. Year-over-year PRI segment adjusted EBITDA decreased by $10 million, or 11% year-over-year, primarily due to lower activity in Latin America and Europe/Sub-Sahara Africa/Russia, partly offset by better ISDT and Artificial Lift fall through in North America.

    Full year 2024 PRI revenues of $1,452 million decreased by $20 million, or 1% compared to 2023, primarily due to lower international Pressure Pumping and Digital Solutions activity, partly offset by higher ISDT activity in Europe/Sub-Sahara Africa/Russia and Middle East/North Africa/Asia.

    Full year 2024 PRI segment adjusted EBITDA of $319 million decreased by $4 million, or 1% compared to 2023, as lower activity in international Pressure Pumping and Digital Solutions was partly offset by improved performance in Artificial Lift.

    Revenue by Geography

        Three Months Ended   Variance   Twelve Months Ended   Variance
    ($ in Millions)   Dec 31,
    2024    		   Sep 30,
    2024    		   Dec 31,
    2023    		   Seq.   YoY   Dec 31,
    2024    		   Dec 31,
    2023    		   YoY
    North America   $ 261   $ 266   $ 248   (2 )%   5 %   $ 1,046   $ 1,068   (2 )%
                                     
    International   $ 1,080   $ 1,143   $ 1,114   (6 )%   (3 )%   $ 4,467   $ 4,067   10 %
    Latin America     312     358     342   (13 )%   (9 )%     1,393     1,387   — %
    Middle East/North Africa/Asia     542     542     547   — %   (1 )%     2,123     1,815   17 %
    Europe/Sub-Sahara Africa/Russia     226     243     225   (7 )%   — %     951     865   10 %
    Total Revenue   $ 1,341   $ 1,409   $ 1,362   (5 )%   (2 )%   $ 5,513   $ 5,135   7 %


    North America

    Fourth quarter 2024 North America revenue of $261 million decreased by $5 million, or 2% sequentially, primarily due to activity decreases in the North and South regions, partly offset by activity increase offshore in the Gulf of Mexico. Year-over-year, North America increased by $13 million, or 5%, primarily from higher Artificial Lift and Wireline activity, partly offset by a decrease in activity across the WCC segment.

    Full year 2024 North America revenue of $1,046 million decreased by $22 million, or 2%, compared to 2023, primarily due to lower activity in the WCC and PRI segments, partly offset by higher Wireline activity.

    International

    Fourth quarter 2024 international revenue of $1,080 million decreased 6% sequentially and decreased 3% year-over-year, and full year 2024 international revenue of $4,467 million increased 10%, compared to 2023.

    Fourth quarter 2024 Latin America revenue of $312 million decreased by $46 million, or 13% sequentially, primarily due to lower Drilling-related Services, partly offset by higher Liner Hangers activity. Year-over-year, Latin America revenue decreased by $30 million, primarily due to lower activity in the DRE and PRI segments, partly offset by higher activity in Liner Hangers and Well Services.

    Full year 2024 Latin America revenue of $1,393 million was largely flat, compared to 2023.

    Fourth quarter 2024 revenue of $542 million in Middle East/North Africa/Asia was flat sequentially, as higher activity from Completions and Artificial Lift were largely offset by lower MPD and Integrated Services & Projects. Year-over-year, the Middle East/North Africa/Asia revenue decreased by $5 million, or 1%, primarily due to lower activity in the PRI segment, partly offset by higher Drilling-related services and Completions activity.

    Full year 2024 revenue of $2,123 million in Middle East/North Africa/Asia increased by $308 million, or 17%, compared to 2023, mainly due to increased activity in the DRE and WCC segments, partly offset by lower activity in Digital Solutions, Artificial Lift and Pressure Pumping.

    Fourth quarter 2024 Europe/Sub-Sahara Africa/Russia revenue of $226 million decreased by $17 million, or 7%, sequentially, mainly driven by lower Completions and ISDT activity, partly offset by higher Wireline activity. Year-over-year Europe/Sub-Sahara Africa/Russia revenue was largely flat due to increased activity in the DRE segment, largely offset by lower activity in the WCC and PRI segments.

    Full year 2024 Europe/Sub-Sahara Africa/Russia revenue of $951 million increased by $86 million, or 10% compared to 2023, due to increased activity in the DRE and WCC segments, partly offset by lower Pressure Pumping and Artificial Lift activity.

    About Weatherford
    Weatherford delivers innovative energy services that integrate proven technologies with advanced digitalization to create sustainable offerings for maximized value and return on investment. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. The Company conducts business in approximately 75 countries and has approximately 19,000 team members representing more than 110 nationalities and 330 operating locations. Visit weatherford.com for more information and connect with us on social media.

    Conference Call Details

    Weatherford will host a conference call on Thursday, February 6, 2025, to discuss the Company’s results for the fourth quarter ended December 31, 2024. The conference call will begin at 8:30 a.m. Eastern Time (7:30 a.m. Central Time).

    Listeners are encouraged to download the accompanying presentation slides which will be available in the investor relations section of the Company’s website.

    Listeners can participate in the conference call via a live webcast at https://www.weatherford.com/investor-relations/investor-news-and-events/events/ or by dialing +1 877-328-5344 (within the U.S.) or +1 412-902-6762 (outside of the U.S.) and asking for the Weatherford conference call. Participants should log in or dial in approximately 10 minutes prior to the start of the call.

    A telephonic replay of the conference call will be available until February 20, 2025, at 5:00 p.m. Eastern Time. To access the replay, please dial +1 877-344-7529 (within the U.S.) or +1 412-317-0088 (outside of the U.S.) and reference conference number 9530137. A replay and transcript of the earnings call will also be available in the investor relations section of the Company’s website.

    Contacts
    For Investors:
    Luke Lemoine
    Senior Vice President, Corporate Development & Investor Relations
    +1 713-836-7777
    investor.relations@weatherford.com

    For Media:
    Kelley Hughes
    Senior Director, Communications & Employee Engagement
    media@weatherford.com

    Forward-Looking Statements

    This news release contains projections and forward-looking statements concerning, among other things, the Company’s quarterly and full-year revenues, adjusted EBITDA*, adjusted EBITDA margin*, adjusted free cash flow*, net leverage*, shareholder return program, forecasts or expectations regarding business outlook, prospects for its operations, capital expenditures, expectations regarding future financial results, and are also generally identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “outlook,” “budget,” “intend,” “strategy,” “plan,” “guidance,” “may,” “should,” “could,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions, although not all forward-looking statements contain these identifying words. Such statements are based upon the current beliefs of Weatherford’s management and are subject to significant risks, assumptions, and uncertainties. Should one or more of these risks or uncertainties materialize, or underlying assumptions prove incorrect, actual results may vary materially from those indicated in our forward-looking statements. Readers are cautioned that forward-looking statements are only predictions and may differ materially from actual future events or results, based on factors including but not limited to: global political disturbances, war, terrorist attacks, changes in global trade policies and tariffs, weak local economic conditions and international currency fluctuations; general global economic repercussions related to U.S. and global inflationary pressures and potential recessionary concerns; various effects from conflicts in the Middle East and the Russia Ukraine conflict, including, but not limited to, nationalization of assets, extended business interruptions, sanctions, treaties and regulations imposed by various countries, associated operational and logistical challenges, and impacts to the overall global energy supply; cybersecurity issues; our ability to comply with, and respond to, climate change, environmental, social and governance and other sustainability initiatives and future legislative and regulatory measures both globally and in specific geographic regions; the potential for a resurgence of a pandemic in a given geographic area and related disruptions to our business, employees, customers, suppliers and other partners; the price and price volatility of, and demand for, oil and natural gas; the macroeconomic outlook for the oil and gas industry; our ability to generate cash flow from operations to fund our operations; our ability to effectively and timely adapt our technology portfolio, products and services to remain competitive, and to address and participate in changes to the market demands, including for the transition to alternate sources of energy such as geothermal, carbon capture and responsible abandonment, including our digitalization efforts; our ability to effectively execute our capital allocation framework; our ability to return capital to shareholders, including those related to the timing and amounts (including any plans or commitments in respect thereof) of any dividends and share repurchases; and the realization of additional cost savings and operational efficiencies.

    These risks and uncertainties are more fully described in Weatherford’s reports and registration statements filed with the Securities and Exchange Commission, including the risk factors described in the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Accordingly, you should not place undue reliance on any of the Company’s forward-looking statements. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

    *Non-GAAP – refer to the section titled Non-GAAP Financial Measures Defined and GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    Selected Statements of Operations (Unaudited)
                         
        Three Months Ended   Year Ended
    ($ in Millions, Except Per Share Amounts)   December
    31, 2024    		   September
    30, 2024    		   December
    31, 2023    		   December
    31, 2024    		   December
    31, 2023
    Revenues:                    
    DRE Revenues   $ 398     $ 435     $ 382     $ 1,682     $ 1,536  
    WCC Revenues     505       509       480       1,976       1,800  
    PRI Revenues     364       371       386       1,452       1,472  
    All Other     74       94       114       403       327  
    Total Revenues     1,341       1,409       1,362       5,513       5,135  
                         
    Operating Income:                    
    DRE Segment Adjusted EBITDA[1]   $ 96     $ 111     $ 97     $ 467     $ 422  
    WCC Segment Adjusted EBITDA[1]     148       151       131       564       455  
    PRI Segment Adjusted EBITDA[1]     78       83       88       319       323  
    All Other[2]     11       23       13       84       38  
    Corporate[2]     (7 )     (13 )     (8 )     (52 )     (52 )
    Depreciation and Amortization     (83 )     (89 )     (83 )     (343 )     (327 )
    Share-based Compensation     (10 )     (10 )     (9 )     (45 )     (35 )
    Other Charges     (35 )     (13 )     (13 )     (56 )     (4 )
    Operating Income     198       243       216       938       820  
                         
    Other Expense:                    
    Interest Expense, Net of Interest Income of $12, $13, $12, $56 and $59     (25 )     (24 )     (31 )     (102 )     (123 )
    Loss on Blue Chip Swap Securities     —       —       —       (10 )     (57 )
    Other Expense, Net     (4 )     (41 )     (36 )     (87 ) —   (134 )
    Income Before Income Taxes     169       178       149       739       506  
    Income Tax Provision     (45 )     (12 )     (2 )     (189 )     (57 )
    Net Income     124       166       147       550       449  
    Net Income Attributable to Noncontrolling Interests     12       9       7       44       32  
    Net Income Attributable to Weatherford   $ 112     $ 157     $ 140     $ 506     $ 417  
                         
    Basic Income Per Share   $ 1.54     $ 2.14     $ 1.94     $ 6.93     $ 5.79  
    Basic Weighted Average Shares Outstanding     72.6       73.2       72.1       73.0       71.9  
                         
    Diluted Income Per Share[3]   $ 1.50     $ 2.06     $ 1.90     $ 6.75     $ 5.66  
    Diluted Weighted Average Shares Outstanding     74.5       75.2       73.9       74.9       73.7  
                                             
    [1]   Segment adjusted EBITDA is our primary measure of segment profitability under U.S. GAAP ASC 280 “Segment Reporting” and represents segment earnings before interest, taxes, depreciation, amortization, share-based compensation and other adjustments. Research and development expenses are included in segment adjusted EBITDA.
    [2]   All Other includes results from non-core business activities (including integrated services and projects), and Corporate includes overhead support and centrally managed or shared facilities costs. All Other and Corporate do not individually meet the criteria for segment reporting.
    [3]   Included the maximum potentially dilutive shares contingently issuable for an acquisition consideration during the three months ended September 30, 2024, the value of which was adjusted out of Net Income Attributable to Weatherford in calculating diluted income per share.
    Weatherford International plc
    Selected Balance Sheet Data (Unaudited)
           
    ($ in Millions) December 31, 2024   December 31, 2023
    Assets:      
    Cash and Cash Equivalents $ 916   $ 958
    Restricted Cash   59     105
    Accounts Receivable, Net   1,261     1,216
    Inventories, Net   880     788
    Property, Plant and Equipment, Net   1,061     957
    Intangibles, Net   325     370
           
    Liabilities:      
    Accounts Payable   792     679
    Accrued Salaries and Benefits   302     387
    Current Portion of Long-term Debt   17     168
    Long-term Debt   1,617     1,715
           
    Shareholders’ Equity:      
    Total Shareholders’ Equity   1,283     922
               
    Weatherford International plc
    Selected Cash Flows Information (Unaudited)
                         
        Three Months Ended   Year Ended
    ($ in Millions)   December
    31, 2024    		   September
    30, 2024    		   December
    31, 2023    		   December
    31, 2024    		   December
    31, 2023
    Cash Flows From Operating Activities:                    
    Net Income   $ 124     $ 166     $ 147     $ 550     $ 449  
    Adjustments to Reconcile Net Income to Net Cash Provided By Operating Activities:                    
    Depreciation and Amortization     83       89       83       343       327  
    Foreign Exchange Losses (Gain)     (2 )     35       43       56       116  
    Loss on Blue Chip Swap Securities     —       —       —       10       57  
    Gain on Disposition of Assets     (2 )     (1 )     —       (35 )     (11 )
    Deferred Income Tax Provision (Benefit)     —       (19 )     (19 )     8       (86 )
    Share-Based Compensation     10       10       9       45       35  
    Changes in Accounts Receivable, Inventory, Accounts Payable and Accrued Salaries and Benefits     24       30       151       (120 )     (84 )
    Other Changes, Net     12       (48 )     (39 )     (65 )     29  
    Net Cash Provided By Operating Activities     249       262       375       792       832  
                         
    Cash Flows From Investing Activities:                    
    Capital Expenditures for Property, Plant and Equipment     (100 )     (78 )     (67 )     (299 )     (209 )
    Proceeds from Disposition of Assets     13       —       7       31       28  
    Purchases of Blue Chip Swap Securities     —       —       —       (50 )     (110 )
    Proceeds from Sales of Blue Chip Swap Securities     —       —       —       40       53  
    Business Acquisitions, Net of Cash Acquired     —       (15 )     —       (51 )     (4 )
    Other Investing Activities     1       1       (71 )     36       (47 )
    Net Cash Used In Investing Activities     (86 )     (92 )     (131 )     (293 )     (289 )
                         
    Cash Flows From Financing Activities:                    
    Repayments of Long-term Debt     (23 )     (5 )     (80 )     (287 )     (386 )
    Distributions to Noncontrolling Interests     (20 )     (10 )     (31 )     (39 )     (52 )
    Tax Remittance on Equity Awards     (22 )     —       (2 )     (31 )     (56 )
    Share Repurchases     (49 )     (50 )     —       (99 )     —  
    Dividends Paid     (18 )     (18 )     —       (36 )     —  
    Other Financing Activities     (1 )     (6 )     (13 )     (19 )     (20 )
    Net Cash Used In Financing Activities   $ (133 )   $ (89 )   $ (126 )   $ (511 )   $ (514 )

                      

    Weatherford International plc
    Non-GAAP Financial Measures Defined (Unaudited)

    We report our financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, Weatherford’s management believes that certain non-GAAP financial measures (as defined under the SEC’s Regulation G and Item 10(e) of Regulation S-K) may provide users of this financial information additional meaningful comparisons between current results and results of prior periods and comparisons with peer companies. The non-GAAP amounts shown in the following tables should not be considered as substitutes for results reported in accordance with GAAP but should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA* – Adjusted EBITDA* is a non-GAAP measure and represents consolidated income before interest expense, net, income taxes, depreciation and amortization expense, and excludes, among other items, restructuring charges, share-based compensation expense, as well as other charges and credits. Management believes adjusted EBITDA* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA* should be considered in addition to, but not as a substitute for consolidated net income and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted EBITDA Margin* – Adjusted EBITDA margin* is a non-GAAP measure which is calculated by dividing consolidated adjusted EBITDA* by consolidated revenues. Management believes adjusted EBITDA margin* is useful to assess and understand normalized operating performance and trends. Adjusted EBITDA margin* should be considered in addition to, but not as a substitute for consolidated net income margin and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Adjusted Free Cash Flow* – Adjusted Free Cash Flow* is a non-GAAP measure and represents cash flows provided by (used in) operating activities, less capital expenditures plus proceeds from the disposition of assets. Management believes adjusted free cash flow* is useful to understand our performance at generating cash and demonstrates our discipline around the use of cash. Adjusted free cash flow* should be considered in addition to, but not as a substitute for cash flows provided by operating activities and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    Net Debt* – Net Debt* is a non-GAAP measure that is calculated taking short and long-term debt less cash and cash equivalents and restricted cash. Management believes the net debt* is useful to assess the level of debt in excess of cash and cash and equivalents as we monitor our ability to repay and service our debt. Net debt* should be considered in addition to, but not as a substitute for overall debt and total cash and should be viewed in addition to the Company’s results prepared in accordance with GAAP.​

    Net Leverage* – Net Leverage* is a non-GAAP measure which is calculated by dividing by taking net debt* divided by adjusted EBITDA* for the trailing 12 months. Management believes the net leverage* is useful to understand our ability to repay and service our debt. Net leverage* should be considered in addition to, but not as a substitute for the individual components of above defined net debt* divided by consolidated net income attributable to Weatherford and should be viewed in addition to the Company’s reported results prepared in accordance with GAAP.

    *Non-GAAP – as defined above and reconciled to the GAAP measures in the section titled GAAP to Non-GAAP Financial Measures Reconciled

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled (Unaudited)
     
                         
        Three Months Ended   Year Ended
    ($ in Millions, Except Margin in Percentages)   December
    31, 2024    		   September
    30, 2024    		   December
    31, 2023    		   December
    31, 2024    		   December
    31, 2023
    Revenues   $ 1,341     $ 1,409     $ 1,362     $ 5,513     $ 5,135  
    Net Income Attributable to Weatherford   $ 112     $ 157     $ 140     $ 506     $ 417  
    Net Income Margin     8.4 %     11.1 %     10.3 %     9.2 %     8.1 %
    Adjusted EBITDA*   $ 326     $ 355     $ 321     $ 1,382     $ 1,186  
    Adjusted EBITDA Margin*     24.3 %     25.2 %     23.6 %     25.1 %     23.1 %
                         
    Net Income Attributable to Weatherford   $ 112     $ 157     $ 140     $ 506     $ 417  
    Net Income Attributable to Noncontrolling Interests     12       9       7       44       32  
    Income Tax Provision     45       12       2       189       57  
    Interest Expense, Net of Interest Income of $12, $13, $12, $56 and $59     25       24       31       102       123  
    Loss on Blue Chip Swap Securities     —       —       —       10       57  
    Other Expense, Net     4       41       36       87       134  
    Operating Income     198       243       216       938       820  
    Depreciation and Amortization     83       89       83       343       327  
    Other Charges[1]     35       13       13       56       4  
    Share-Based Compensation     10       10       9       45       35  
    Adjusted EBITDA*   $ 326     $ 355     $ 321     $ 1,382     $ 1,186  
                         
    Net Cash Provided By Operating Activities   $ 249     $ 262     $ 375     $ 792     $ 832  
    Capital Expenditures for Property, Plant and Equipment     (100 )     (78 )     (67 )     (299 )     (209 )
    Proceeds from Disposition of Assets     13       —       7       31       28  
    Adjusted Free Cash Flow*   $ 162     $ 184     $ 315     $ 524     $ 651  
    [1]   Other charges in the three and twelve months ended December 31, 2024, primarily included severance and restructuring costs and fees to third-party financial institutions related to collections of certain receivables from our largest customer in Mexico.
         

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    Weatherford International plc
    GAAP to Non-GAAP Financial Measures Reconciled Continued (Unaudited)
     
                   
         
    ($ in Millions)   December
    31, 2024    		   September
    30, 2024    		   December
    31, 2023    		  
    Current Portion of Long-term Debt   $ 17   $ 21   $ 168  
    Long-term Debt     1,617     1,627     1,715  
    Total Debt   $ 1,634   $ 1,648   $ 1,883  
                   
    Cash and Cash Equivalents   $ 916   $ 920   $ 958  
    Restricted Cash     59     58     105  
    Total Cash   $ 975   $ 978   $ 1,063  
                   
    Components of Net Debt              
    Current Portion of Long-term Debt   $ 17   $ 21   $ 168  
    Long-term Debt     1,617     1,627     1,715  
    Less: Cash and Cash Equivalents     916     920     958  
    Less: Restricted Cash     59     58     105  
    Net Debt*   $ 659   $ 670   $ 820  
                   
    Net Income for trailing 12 months   $ 506   $ 534   $ 417  
    Adjusted EBITDA* for trailing 12 months   $ 1,382   $ 1,377   $ 1,186  
                   
    Net Leverage* (Net Debt*/Adjusted EBITDA*)     0.48 x   0.49 x   0.69 x
                         

    *Non-GAAP – as reconciled to the GAAP measures above and defined in the section titled Non-GAAP Financial Measures Defined

    The MIL Network –

  • MIL-OSI Russia: Materials for the Government meeting on February 6, 2025

    Translartion. Region: Russians Fedetion –

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

    The following issues are planned to be considered at the meeting:

    1. On the draft federal law “On Amendments to Articles 164 and 165 of Part Two of the Tax Code of the Russian Federation”

    The purpose of the bill is to ensure favorable tax conditions for the provision of services for the transportation (organization of transportation) of passengers and baggage on the high-speed railway Moscow – St. Petersburg.

     

    2. On the draft amendments of the Government of the Russian Federation to the draft federal law No. 782171-8 “On Amendments to the Federal Law “On State Pension Provision in the Russian Federation””

    The draft amendments provide, among other things, for changes to a number of legislative acts in terms of the assignment of disability pensions to citizens who served in volunteer formations, without an application, and the establishment of the period from which they are assigned, clarification of the types of pensions that are established for family members of deceased (dead) citizens who served in volunteer formations, when they exercise their right to receive two pensions simultaneously.

     

    3. On the allocation of budgetary appropriations from the reserve fund of the Government of the Russian Federation to the Ministry of Labor of Russia in 2025 for the provision of an interbudgetary transfer to the budget of the Pension and Social Insurance Fund of the Russian Federation

    The draft act provides subsidies to legal entities and individual entrepreneurs registered in the Belgorod, Bryansk and Kursk regions for partial compensation of expenses for paying for employees’ downtime for reasons beyond the control of the employer and employee.

     

    4. On the draft federal law “On Amendments to the Code of the Russian Federation on Administrative Offenses”

    The bill is aimed at strengthening administrative liability for violation of requirements for the protection of information, including restricted access information contained in information systems.

     

    5. On the draft federal law “On Amendments to the Federal Law “On Self-Propelled Machines and Other Types of Equipment””

    The bill was developed in order to improve the legal regulation of relations related to the state registration of special airport equipment intended for servicing aircraft and operational maintenance of airfields, and to ensure the possibility of such equipment leaving the territory of the airfield (airport) onto public roads.

     

    6. On amendments to the Resolution of the Government of the Russian Federation of July 30, 2004 No. 395 (in terms of amendments to the Regulation on the Ministry of Transport of the Russian Federation)

    The draft resolution grants the Russian Ministry of Transport the authority to regulate issues in the area of transport security.

     

    7. On the draft federal law “On Amendments to Certain Legislative Acts of the Russian Federation” (in terms of improving the regulatory framework in the sphere of state cadastral valuation)

    The draft law contains provisions on granting the public-law company Roscadastre (PLC) the authority to maintain the state cadastral valuation data fund and to establish requirements for sending to PLC the information and materials necessary for inclusion in the specified data fund.

     

    8. On the draft federal law “On Amendments to Article 4 of the Federal Law “On the Public-Law Company “Roskadastr” and Certain Legislative Acts of the Russian Federation”

    The draft law was developed in order to implement the instructions of the President of the Russian Federation regarding the adoption of measures aimed at increasing the efficiency of real estate management, reducing the number of land plots whose boundaries are not defined in accordance with the requirements established by law, by optimizing activities to resolve issues related to the registration of rights to real estate objects, determining the location of the boundaries of real estate objects, and correcting registry errors in the information in the Unified State Register of Real Estate on real estate objects.

     

    9. On the draft federal law “On Amendments to Article 3911 of the Land Code of the Russian Federation”

    The bill proposes to amend the Land Code of the Russian Federation in terms of including the urban development plan of a land plot in the documentation when holding an auction for the sale of a land plot in state or municipal ownership, or an auction for the right to conclude a lease agreement for a land plot in state or municipal ownership.

     

    10. On the draft federal law “On Amendments to Article 22 of the Federal Law “On Fire Safety” and Article 35 of the Federal Law “On Emergency Rescue Services and the Status of Rescuers””

    The bill was developed in order to improve the efficiency of the activities of rescuers (firefighters) and their leaders, to determine the conditions, causes, and factors that contributed to harm (damage) to other persons during emergency rescue operations and fire extinguishing, and to take measures aimed at improving the activities of emergency rescue services and ensuring fire safety.

     

    11. On the draft federal law “On Amendments to Article 3 of the Federal Law “On the Use of Atomic Energy””

    The purpose of the legislative changes is to extend the legal framework and principles for regulating relations arising from the use of atomic energy, as defined by Federal Law No. 170-FZ of November 21, 1995 “On the Use of Atomic Energy”, to designed and operating thermonuclear reactors and installations.

     

    Moscow, February 5, 2025

     

    The content of the press releases of the Department of Press Service and References is a presentation of materials submitted by federal executive bodies for discussion at a meeting of the Government of the Russian Federation.

    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 –