New strategy for Sweden’s global development cooperation on migration, returns and voluntary repatriation

MIL-OSI USA: Crapo, Risch, Colleagues Introduce Bill to Prevent Car-Buying Red Tape

US Senate News:

Source: United States Senator for Idaho Mike Crapo
Washington, D.C.–U.S. Senators Mike Crapo (R-Idaho) and Jim Risch (R-Idaho) co-sponsored the bipartisan Federal Trade Commission (FTC) Review of Expensive and Detrimental Overregulation (REDO) Act. The legislation would prevent the FTC from finalizing and implementing a rushed regulation change specific to automotive retailing without first conducting adequate consumer testing and cost-benefit analyses and allowing for public feedback. The FTC’s rule would create more paperwork when buying a car at the dealership and lead to more bureaucracy and red tape for small businesses.
“Purchasing a new vehicle is a serious decision for most Americans. There is no need to complicate the process with added costs, more paperwork and a longer sales process,” said Crapo. “The public and local industry stakeholders deserve the opportunity to weigh-in on changes that affect them and their business.”
“Idahoans want buying a car to be simple, not bogged down by burdensome paperwork and costly red tape,” said Risch. “The FTC REDO Act gives consumers and auto dealers a seat at the table on decisions impacting the car buying process.”
“Our Idaho franchised new vehicle dealers, primarily family-owned small businesses, appreciate Senator Crapo’s co-signing the FTC REDO Act,” said Jim Addis, Executive Vice-President Idaho Automobile Dealers Association. “The FTC REDO Act will reverse recent, onerous FTC overregulation that would add time, cost, and complexity for new car buyers. Not only is this FTC overregulation duplicative, but it is also in conflict with extensive Idaho and federal laws that protect consumers. Passing the FTC REDO Act will ensure that we protect Idaho car buyers from needless federal overreach, saving them both money and time.”
Last summer, the FTC noticed a 126-page proposed rule, known as the “Motor Vehicle Dealers Trade Regulation Rule,” or the “Vehicle Shopping Rule,” which, if approved, would significantly change the process for consumers to purchase, trade-in and finance new and used cars and trucks. The proposed rule would re-regulate all aspects of automotive retailing and was noticed without an Advanced Notice of Proposed Rulemaking (ANPRM)–the process for the public to provide comment.
The FTC REDO Act would require the FTC to:
Issue an ANPRM for public comment;
Conduct a quantitative study on auto retailing;
Conduct consumer product testing; and
Publish a cost-benefit analysis based on real data.

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: Minns Labor Government passes most significant rental reforms in a decade

Source: New South Wales Ministerial News

Published: 25 October 2024

Released by: The Premier, Minister for Better Regulation and Fair Trading, Minister for Homelessness

The Minns Labor Government has passed the most significant rental reforms in over a decade in the NSW Parliament.

This historic legislative package follows through on Labor’s election commitment to improve rental laws and strikes the right balance between the interests of owners and renters.

These reforms will mean that more than 2.2 million renters across the state will soon enjoy the following benefits:

No grounds evictions will be banned;
Rent increases will now be limited to only one per year;
It will be easier to have pets in rentals;
Fee-free ways to pay rent; and
A ban on paying for background checks when applying for a property.

The banning of no grounds evictions will ensure housing security for renters, allowing them to make a house a home. The reforms will also give landlords more clarity on when they can end a fixed term or periodic lease based on clear, straightforward reasons.

Previous protections against multiple rent hikes did not apply to fixed term leases of less than two years, or when there is a change in the type of lease, such as from periodic to fixed term, so this new legislation now closes those legal loopholes.

The changes to make it easier to have pets in rentals will mean a tenant can apply to keep a pet, with landlords only able to decline on certain grounds.

Tenants will now have easy and free ways to pay their rent by requiring property owners and agents to offer zero-fee ways to pay such as bank transfer and Commonwealth Centrepay.

The new laws protecting renters from having to pay for background checks and limiting rent rises to one per year will take immediate effect upon the Bill’s assent.

The ban on no ground evictions and the rules making it easier to have pets in rentals will come into effect once the Residential Tenancies Regulation 2019 has been amended in early 2025.

The passing of these laws follows extensive and detailed discussions with renter advocates, industry stakeholders and tenancy experts, as well as a ‘Have Your Say’ public consultation process which received more than 16,000 submissions and survey responses.

The Residential Tenancies Amendment Bill 2024 also complements key initiatives already announced to rebalance the rental marketplace:

Portable bond scheme – Investing $6.6 million to develop and deliver the nation’s first Portable Rental Bonds Scheme. This means eligible renters can move homes and digitally transfer their existing bond with them.
Establishing Rent Check – A new, free tool renters can use to help check whether the rent they’re being asked to pay is fair.
Rental Taskforce within NSW Fair Trading – The Government will invest $8.4 million for a taskforce with investigators, inspectors and support teams to help renters and act on serious breaches of rental laws.

Premier Chris Minns said:

“Renters have been the forgotten people in NSW for too long, and that ends now.

“We have delivered major changes that make it fairer for the millions of renters across our state.

“Millions of people rent in NSW, and we know how anxious and challenging it can be.

“This brings the rental market into the 21st century.

“These are sensible reforms to get the balance right for renters and owners.

“Housing is the biggest cost people have, and renters are now getting a fairer deal.”

Minister for Better Regulation and Fair Trading Anoulack Chanthivong said:

“These landmark reforms are a huge leap forward and will create a fairer and more affordable rental system for the 2.2 million renters in this state.

“By limiting rent increases to only one a year, banning no grounds evictions, making it easier to have pets in rentals, and ensuring people can pay their rent without hidden fees, these historic reforms will make it easier for renters in NSW.

“We want a thriving rental market in NSW where landlords have certainty and tenants have security, and these reforms do just that.”

Minister for Homelessness Rose Jackson said:

“Renters deserve a fair go. We know how hard it can be for young people and families who are facing consecutive rent increases, unfair evictions and hidden fees.

“Today we are taking historic steps to ban unfair “no-grounds evictions”, ending hidden fees and allowing pets in rentals.

“We inherited a rental crisis and a housing crisis and since day one we’ve been committed to making renting fairer and more secure.

“This is a huge win for renters in our state – it was an election commitment and today we are making the system fairer and more compassionate for all.”

NSW Rental Commissioner Trina Jones said:

“The current rental market in NSW is the toughest that renters have seen for decades, with historically low vacancy rates, and median rent prices for houses increasing by around 7 per cent over the last 12 months.

“These reforms will provide tenants with practical and meaningful support, which will help ease the insecurity and vulnerability of renting in challenging city and regional rental markets.”

MIL OSI News –

January 25, 2025

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

Source: US State of Pennsylvania

October 25, 2024 – Pittsburgh, PA

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

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

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

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

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

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

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

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

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

MIL OSI USA News –

January 25, 2025

MIL-OSI Global: ‘Cosmic inflation’: did the early cosmos balloon in size? A mirror universe going backwards in time may be a simpler explanation

Source: The Conversation – UK – By Neil Turok, Higgs Chair of Theoretical Physics, University of Edinburgh

The mirror universe, with the big bang at the centre. Neil Turok, CC BY-SA

We live in a golden age for learning about the universe. Our most powerful telescopes have revealed that the cosmos is surprisingly simple on the largest visible scales. Likewise, our most powerful “microscope”, the Large Hadron Collider, has found no deviations from known physics on the tiniest scales.

These findings were not what most theorists expected. Today, the dominant theoretical approach combines string theory, a powerful mathematical framework with no successful physical predictions as yet, and “cosmic inflation” – the idea that, at a very early stage, the universe ballooned wildly in size. In combination, string theory and inflation predict the cosmos to be incredibly complex on tiny scales and completely chaotic on very large scales.

The nature of the expected complexity could take a bewildering variety of forms. On this basis, and despite the absence of observational evidence, many theorists promote the idea of a “multiverse”: an uncontrolled and unpredictable cosmos consisting of many universes, each with totally different physical properties and laws.

This is article is part of our series Cosmology in crisis? which uncovers the greatest problems facing cosmologists today – and discusses the implications of solving them.

So far, the observations indicate exactly the opposite. What should we make of the discrepancy? One possibility is that the apparent simplicity of the universe is merely an accident of the limited range of scales we can probe today, and that when observations and experiments reach small enough or large enough scales, the asserted complexity will be revealed.

The other possibility is that the universe really is very simple and predictable on both the largest and smallest scales. I believe this possibility should be taken far more seriously. For, if it is true, we may be closer than we imagined to understanding the universe’s most basic puzzles. And some of the answers may already be staring us in the face.

The trouble with string theory and inflation

The current orthodoxy is the culmination of decades of effort by thousands of serious theorists. According to string theory, the basic building blocks of the universe are miniscule, vibrating loops and pieces of sub-atomic string. As currently understood, the theory only works if there are more dimensions of space than the three we experience. So, string theorists assume that the reason we don’t detect them is that they are tiny and curled up.

Unfortunately, this makes string theory hard to test, since there are an almost unimaginable number of ways in which the small dimensions can be curled up, with each giving a different set of physical laws in the remaining, large dimensions.

Meanwhile, cosmic inflation is a scenario proposed in the 1980s to explain why the universe is so smooth and flat on the largest scales we can see. The idea is that the infant universe was small and lumpy, but an extreme burst of ultra-rapid expansion blew it up vastly in size, smoothing it out and flattening it to be consistent with what we see today.

Inflation is also popular because it potentially explains why the energy density in the early universe varied slightly from place to place. This is important because the denser regions would have later collapsed under their own gravity, seeding the formation of galaxies.

Over the past three decades, the density variations have been measured more and more accurately both by mapping the cosmic microwave background – the radiation from the big bang – and by mapping the three-dimensional distribution of galaxies.

In most models of inflation, the early extreme burst of expansion which smoothed and flattened the universe also generated long-wavelength gravitational waves –– ripples in the fabric of space-time. Such waves, if observed, would be a “smoking gun” signal confirming that inflation actually took place. However, so far the observations have failed to detect any such signal. Instead, as the experiments have steadily improved, more and more models of inflation have been ruled out.

Furthermore, during inflation, different regions of space can experience very different amounts of expansion. On very large scales, this produces a multiverse of post-inflationary universes, each with different physical properties.

The history of the universe according to the model of cosmic inflation.
wikipedia, CC BY-SA

The inflation scenario is based on assumptions about the forms of energy present and the initial conditions. While these assumptions solve some puzzles, they create others. String and inflation theorists hope that somewhere in the vast inflationary multiverse, a region of space and time exists with just the right properties to match the universe we see.

However, even if this is true (and not one such model has yet been found), a fair comparison of theories should include an “Occam factor”, quantifying Occam’s razor, which penalises theories with many parameters and possibilities over simpler and more predictive ones. Ignoring the Occam factor amounts to assuming that there is no alternative to the complex, unpredictive hypothesis – a claim I believe has little foundation.

Over the past several decades, there have been many opportunities for experiments and observations to reveal specific signals of string theory or inflation. But none have been seen. Again and again, the observations turned out simpler and more minimal than anticipated.

It is high time, I believe, to acknowledge and learn from these failures, and to start looking seriously for better alternatives.

A simpler alternative

Recently, my colleague Latham Boyle and I have tried to build simpler and more testable theories that do away with inflation and string theory. Taking our cue from the observations, we have attempted to tackle some of the most profound cosmic puzzles with a bare minimum of theoretical assumptions.

Our first attempts succeeded beyond our most optimistic hopes. Time will tell whether they survive further scrutiny. However, the progress we have already made convinces me that, in all likelihood, there are alternatives to the standard orthodoxy – which has become a straitjacket we need to break out of.

I hope our experience encourages others, especially younger researchers, to explore novel approaches guided strongly by the simplicity of the observations – and to be more sceptical about their elders’ preconceptions. Ultimately, we must learn from the universe and adapt our theories to it rather than vice versa.

Boyle and I started out by tackling one of cosmology’s greatest paradoxes. If we follow the expanding universe backward in time, using Einstein’s theory of gravity and the known laws of physics, space shrinks away to a single point, the “initial singularity”.

In trying to make sense of this infinitely dense, hot beginning, theorists including Nobel laureate Roger Penrose pointed to a deep symmetry in the basic laws governing light and massless particles. This symmetry, called “conformal” symmetry, means that neither light nor massless particles actually experience the shrinking away of space at the big bang.

By exploiting this symmetry, one can follow light and particles all the way back to the beginning. Doing so, Boyle and I found we could describe the initial singularity as a “mirror”: a reflecting boundary in time (with time moving forward on one side, and backward on the other).

Picturing the big bang as a mirror neatly explains many features of the universe which might otherwise appear to conflict with the most basic laws of physics. For example, for every physical process, quantum theory allows a “mirror” process in which space is inverted, time is reversed and every particle is replaced with its anti-particle (a particle similar to it in almost all respects, but with the opposite electric charge).

According to this powerful symmetry, called CPT symmetry, the “mirror” process should occur at precisely the same rate as the original one. One of the most basic puzzles about the universe is that it appears to [violate CPT symmetry] because time always runs forward and there are more particles than anti-particles.

Our mirror hypothesis restores the symmetry of the universe. When you look in a mirror, you see your mirror image behind it: if you are left-handed, the image is right-handed and vice versa. The combination of you and your mirror image are more symmetrical than you are alone.

Likewise, when Boyle and I extrapolated our universe back through the big bang, we found its mirror image, a pre-bang universe in which (relative to us) time runs backward and antiparticles outnumber particles. For this picture to be true, we don’t need the mirror universe to be real in the classical sense (just as your image in a mirror isn’t real). Quantum theory, which rules the microcosmos of atoms and particles, challenges our intuition so at this point the best we can do is think of the mirror universe as a mathematical device which ensures that the initial condition for the universe does not violate CPT symmetry.

Surprisingly, this new picture provided an important clue to the nature of the unknown cosmic substance called dark matter. Neutrinos are very light, ghostly particles which, typically, move at close to the speed of light and which spin as they move along, like tiny tops. If you point the thumb of your left hand in the direction the neutrino moves, then your four fingers indicate the direction in which it spins. The observed, light neutrinos are called “left-handed” neutrinos.

Heavy “right-handed” neutrinos have never been seen directly, but their existence has been inferred from the observed properties of light, left-handed neutrinos. Stable, right-handed neutrinos would be the perfect candidate for dark matter because they don’t couple to any of the known forces except gravity. Before our work, it was unknown how they might have been produced in the hot early universe.

Our mirror hypothesis allowed us to calculate exactly how many would form, and to show they could explain the cosmic dark matter.

A testable prediction followed: if the dark matter consists of stable, right-handed neutrinos, then one of three light neutrinos that we know of must be exactly massless. Remarkably, this prediction is now being tested using observations of the gravitational clustering of matter made by large-scale galaxy surveys.

The entropy of universes

Encouraged by this result, we set about tackling another big puzzle: why is the universe so uniform and spatially flat, not curved, on the largest visible scales? The cosmic inflation scenario was, after all, invented by theorists to solve this problem.

Entropy is a concept which quantifies the number of different ways a physical system can be arranged. For example, if we put some air molecules in a box, the most likely configurations are those which maximise the entropy – with the molecules more or less smoothly spread throughout space and sharing the total energy more or less equally. These kinds of arguments are used in statistical physics, the field which underlies our understanding of heat, work and thermodynamics.

The late physicist Stephen Hawking and collaborators famously generalised statistical physics to include gravity. Using an elegant argument, they calculated the temperature and the entropy of black holes. Using our “mirror” hypothesis, Boyle and I managed to extend their arguments to cosmology and to calculate the entropy of entire universes.

To our surprise, the universe with the highest entropy (meaning it is the most likely, just like the atoms spread out in the box) is flat and expands at an accelerated rate, just like the real one. So statistical arguments explain why the universe is flat and smooth and has a small positive accelerated expansion, with no need for cosmic inflation.

How would the primordial density variations, usually attributed to inflation, have been generated in our symmetrical mirror universe? Recently, we showed that a specific type of quantum field (a dimension zero field) generates exactly the type of density variations we observe, without inflation. Importantly, these density variations aren’t accompanied by the long wavelength gravitational waves which inflation predicts – and which haven’t been seen.

These results are very encouraging. But more work is needed to show that our new theory is both mathematically sound and physically realistic.

Even if our new theory fails, it has taught us a valuable lesson. There may well be simpler, more powerful and more testable explanations for the basic properties of the universe than those the standard orthodoxy provides.

By facing up to cosmology’s deep puzzles, guided by the observations and exploring directions as yet unexplored, we may be able to lay more secure foundations for both fundamental physics and our understanding of the universe.

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

– ref. ‘Cosmic inflation’: did the early cosmos balloon in size? A mirror universe going backwards in time may be a simpler explanation – https://theconversation.com/cosmic-inflation-did-the-early-cosmos-balloon-in-size-a-mirror-universe-going-backwards-in-time-may-be-a-simpler-explanation-238343

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI Europe: Highlights – INTA Delegation to the UK to exchange on EU-UK economic and trade relations – Committee on International Trade

Source: European Parliament

A delegation of six Members of the Committee on International Trade (INTA), accompanied by the Chair of the Delegation to the EU-UK Parliamentary Partnership Assembly, will travel to London (UK) from 28 to 30 October 2024. The delegation, led by the INTA Chair, Bernd Lange (S&D, DE), will exchange with the UK government, parliamentarians and stakeholders on the trade aspects of the EU-UK Withdrawal Agreement, including the Windsor Framework, and the Trade and Cooperation Agreement.

The context of this visit is the ‘reset’ of the EU-UK relations announced recently by the UK Prime Minister, the first review of the TCA due in 2026 and the upcoming democratic consent vote of the Northern Ireland Legislative Assembly on the continuation of the application of major provisions of the Windsor Framework in December 2024.

The UK and the EU are also faced with the same challenges at global level regarding international trade. In the past decade, geopolitical and geoeconomic tensions have heightened, in part due to the strategic competition between the United States and China. In the last few years the situation has deteriorated further, notably due to the supply chain disruptions from the Covid-19 pandemic and to the impact of Russia’s war of aggression against Ukraine, as well as recently the major crisis in the Middle East, bringing both competitiveness and economic security to the forefront.

MIL OSI Europe News –

January 25, 2025

MIL-OSI Russia: Innovations in the digital economy were discussed at an international conference at the Polytechnic University

Translation. Region: Russian Federation –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

On October 17-18, the sixth annual international scientific conference on innovations in the digital economy SPBPU IDE-2024 was held at Peter the Great St. Petersburg Polytechnic University. The event was organized and held by the Higher School of Engineering and Economics (HSE) of the Institute of Industrial Management, Economics and Trade (IPMET) together with the Center for Sustainable Development of the University of Indonesia. The opening, plenary session and sections of the conference were held in the IPMET building, and participants from other countries and regions had the opportunity to join the conference via online communication.

Welcoming the participants, Vladimir Glukhov, Advisor to the Rectorate of SPbPU, noted that the conference is an important step towards strengthening international scientific cooperation and promotes knowledge exchange for the development of innovative potential, taking into account global challenges. Vladimir Shchepinin, Director of IPMEIT, emphasized the importance of discussing current issues and prospects for the development of the digital economy, and wished the participants fruitful work.

Cooperation with colleagues from Belarus, Armenia, Indonesia, Vietnam, China, India, and Tajikistan allows expanding the geography of research contacts. At the plenary session, VIES Director Dmitry Rodionov noted that holding such events helps promote the results of scientific activity of SPbPU scientists at the international level.

The partner for the conference was traditionally the University of Indonesia. At the plenary session, it was represented by the Deputy for Green and Digital Infrastructure of the Nusantara Administration, Professor Dr. Mohammed Ali Berawi.

Opening remarks and keynote speeches were given by partners from the University of Indonesia, Nanjing University, Russian-Armenian University, Belarusian State University of Informatics and Radioelectronics, Yerevan State University, Tashkent State University of Economics, Da Nang University, and the Indian Institute of Technology.

Special thanks for organizing and holding the plenary session and sections are expressed to the staff of VIESH, in particular Professor Andrey Zaitsev, Associate Professors Tatyana Mokeeva, Daria Krasnova, Ksenia Evseeva and assistant Daria Kryzhko.

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

MIL OSI Russia News –

January 25, 2025

MIL-OSI: National Fuel Gas Company Announces Management Change, Ronald C. Kraemer Announces Retirement Date

Source: GlobeNewswire (MIL-OSI)

WILLIAMSVILLE, N.Y., Oct. 24, 2024 (GLOBE NEWSWIRE) — Today, National Fuel Gas Company (National Fuel or the Company) (NYSE: NFG) announced that Ronald C. Kraemer, Chief Operating Officer of National Fuel Gas Company and President of National Fuel’s pipeline and storage subsidiaries, has indicated his intention to retire effective Feb. 1, 2025, after more than 46 years with the Company.

Joseph N. Del Vecchio, Executive Vice President of National Fuel Gas Supply Corporation, will succeed him in the role of President of National Fuel Gas Supply Corporation and Empire Pipeline, Inc.

“Throughout his 46-year career, Ron has served with distinction, driving significant innovation and accomplishments across a range of senior roles in various capacities,” said David P. Bauer, President and Chief Executive Officer at National Fuel Gas Company. “Ron’s impact extends far beyond National Fuel, and we applaud him for his unwavering commitment.”

Having joined National Fuel in the management training program in 1978, Kraemer has been employed by various subsidiaries of National Fuel, including National Fuel Gas Distribution Corporation, Horizon Energy Development, and the two pipeline subsidiaries, holding numerous management and executive-level positions in engineering, operations, marketing, business development, and international business development. These companies represent a cross-section of the energy industry including utility, interstate pipeline and storage, international power, and natural gas project development.

“On behalf of our Board of Directors and the Company, I want to express my deepest appreciation to Ron for his contributions to National Fuel as an integral part of the executive team. His leadership, practical expertise and wisdom have contributed to the overall growth and success of the Company. I wish him and his family all the best in his well-deserved retirement,” Bauer said.

Del Vecchio, who holds undergraduate and master’s degrees in Mechanical Engineering as well as a degree in law from the University at Buffalo, began his career with the Company as a law clerk in 1995. He was hired as a Distribution Corporation Attorney in 1998. Throughout the years his responsibilities increased as he worked in the Utility’s Legal and Risk Management departments. In 2007 he was promoted to Assistant Vice President and then Vice President of National Fuel Resources, Inc. He transitioned back to the Utility in 2015 as Vice President and Chief Regulatory Counsel. Del Vecchio was named Senior Vice President of Supply Corporation in 2021, expanding his career into pipeline and storage operations, and was promoted to Executive Vice President in 2023.

National Fuel is an integrated energy company reporting financial results for four operating segments: Exploration and Production, Pipeline and Storage, Gathering, and Utility. Additional information about National Fuel is available at www.nationalfuel.com.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0a907c05-1df8-4b37-9ed3-565acaf2ac37

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/735ff87e-b7a3-4b10-991e-c660d7ad0e2c

The MIL Network –

January 25, 2025

MIL-OSI Asia-Pac: Hong Kong Customs detects four large-scale sea smuggling cases with suspected illicit cigarettes and duty-not-paid manufactured tobacco seizure worth about $240 million (with photos)

Source: Hong Kong Government special administrative region

     Hong Kong Customs stepped up efforts to combat illicit cigarette smuggling activities by sea. Through risk assessment and intelligence analysis, four related cases involving sea containers were detected from October 3 to 21. A total of about 51 million suspected illicit cigarettes and about 1 700 kilograms of suspected duty-not-paid manufactured tobacco with an estimated total market value of about $240 million and a duty potential of about $180 million were seized.

     In the first case, Customs on October 3 selected and inspected a 40-foot container, arriving from Thailand to Hong Kong and declared as carrying rice noodles, at the Kwai Chung Customhouse Cargo Examination Compound. Upon inspection, Customs officers seized about 8 million suspected illicit cigarettes inside the container, and a 63-year-old man suspected to be connected with the case was arrested.

     In the second case, on October 10, Customs selected and inspected two 40-foot containers, arriving from Singapore via the Mainland to Hong Kong and declared as carrying lighting accessories and kitchen utensils, at the Tuen Mun River Trade Terminal Customs Cargo Examination Compound. Upon inspection, Customs officers seized about 21 million suspected illicit cigarettes inside the containers.

     In the third case, Customs inspected a 40-foot container declared as carrying kitchen utensils and arriving in Hong Kong from Vietnam via the Mainland on October 16. About 10 million suspected illicit cigarettes were seized, and a 66-year-old truck driver was arrested. During the subsequent control delivery operation on the same day, Customs officers further arrested a 44-year-old man at a metal hut in Tong Yan San Tsuen, Yuen Long. The next day, they seized about 1.8 million suspected illicit cigarettes and about 1 700kg of suspected duty-not-paid manufactured tobacco at another metal hut in Kwu Tung, New Territories.

     In the fourth case, after a follow-up investigation, Customs on October 21 inspected a 40-foot container, arriving in Hong Kong from Vietnam via the Mainland and declared as carrying kitchen utensils, at the Tuen Mun River Trade Terminal Customs Cargo Examination Compound. Upon inspection, Customs officers seized about 11 million suspected illicit cigarettes inside.

     Investigations of the four cases are ongoing.

     Customs will continue its risk assessment and intelligence analysis for interception at source as well as through its multipronged enforcement strategy targeting storage, distribution and peddling to spare no effort in combating illicit cigarette activities.

     Smuggling is a serious offence. Under the Import and Export Ordinance, any person found guilty of importing or exporting unmanifested cargo is liable to a maximum fine of $2 million and imprisonment for seven years.

     Under the Dutiable Commodities Ordinance, anyone involved in dealing with, possession of, selling or buying illicit cigarettes commits an offence. The maximum penalty upon conviction is a fine of $1 million and imprisonment for two years.
     â€‹
     Members of the public may report any suspected illicit cigarette activities to Customs’ 24-hour hotline 182 80 80 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI Asia-Pac: CFS urges public not to consume a kind of imported corn flour due to detection of excessive tropane alkaloids atropine and scopolamine

Source: Hong Kong Government special administrative region

CFS urges public not to consume a kind of imported corn flour due to detection of excessive tropane alkaloids atropine and scopolamine
CFS urges public not to consume a kind of imported corn flour due to detection of excessive tropane alkaloids atropine and scopolamine
******************************************************************************************

The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (October 24) urged the public not to consume a kind of imported corn flour, due to the detection of excessive tropane alkaloids atropine and scopolamine. The trade should stop using or selling the affected batch of the product immediately if they possess it. Product details are as follows:Product name: Primeal Corn Flour [PRIMEAL FARINE DE MAIS Maismeel] Brand: PrimealPlace of origin: FranceNet weight: 500 grams per packLot number: 630907Best-before date: February 18, 2025Importer: ICOSMOBEAUTY LIMITED A spokesman for the CFS said, “The CFS received a notification from the Rapid Alert System for Food and Feed of the European Commission that the above-mentioned product is under recall, due to the detection of tropane alkaloids atropine and scopolamine at a level exceeding the relevant limit of France. Investigations by the CFS revealed that the above-mentioned importer had imported into Hong Kong the affected batch of the product concerned.” For the sake of prudence, the above-mentioned importer has stopped selling and removed from shelves the affected batch of the product upon the CFS’s instructions and has initiated a recall. Members of the public may call the importer concerned at 9214 4287 during office hours for enquiries about the recall. The spokesman said that consumption of products detected with tropane alkaloids atropine and scopolamine may cause short-term adverse effects, for example, dilated pupils, change of heart rate, dryness of the mouth, and flushed skin. Tropane alkaloids atropine and scopolamine will be excreted from the body and therefore there are no long term health effects. The spokesman urged the public not to consume the affected batch of the product if they have bought any. The trade should also stop using or selling the affected batch of the product concerned immediately if they possess it. The CFS will alert the trade, continue to follow up on the incident and take appropriate action. The investigation is ongoing.

Ends/Thursday, October 24, 2024Issued at HKT 19:14

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MIL OSI Asia Pacific News –

January 25, 2025

MIL-OSI USA: Deputy Administrator Coleman at the Partnership for Global Infrastructure and Investment (PGI) Session

Source: USAID

DEPUTY ADMINISTRATOR ISOBEL COLEMAN: First, I want to thank the Italian Presidency for its strong focus on the Partnership for Global Infrastructure and Investment over the past year.

I want to commend our collective efforts to make PGI an initiative built to last. The standing Secretariat sets PGI up for longevity and success, and we expect that PGI will remain an on-going G7 priority across multiple presidencies. The United States has marshaled multiple agencies, including USAID, the Department of State, the U.S. International Development Finance Corporation (DFC), the U.S. Export-Import Bank, from across the U.S. government to support our contributions.

Over the last four years, we’ve witnessed significant progress. Notably, the U.S. announced our support for three important economic corridors, Lobito in Southern Africa, Luzon in the Philippines, and the Trans-Caspian in Central Asia, which have received tremendous support from our G7 partners. The European Union and Italy have signed an MoU to cooperate on developing the Lobito Corridor; we are cooperating with the EU in Central Asia on the Trans-Caspian Corridor; and we are working closely with Japan on the Luzon Corridor.

But even as we celebrate this progress, we acknowledge that there is much left to be done. The gap for infrastructure financing continues to grow; our partners in Africa and the Indo-Pacific face unsustainable debt levels; and threats like climate change, global conflict, and market instability create additional challenges to navigate.

So, we are doubling down on our efforts. Just this year, the United States approved a loan of over $550 million from the Development Finance Corporation to support the rehabilitation of the Lobito Atlantic Railroad, building on our support earlier in 2022 to help put together the private sector consortium responsible for operating the railroad. USAID is also providing support to the Angolan Ministry of Transportation to create a full-time public-private partnership unit dedicated to helping the government partner more deeply with the private sector for infrastructure development.

This is the comparative advantage of the PGI approach: by creating sustainable sources of financing, ones that ideally do not add to a country’s debt burden, and prioritizing supporting investments in agriculture, digital services, health, and other critical sectors, PGI is creating the conditions for the long-term success of these infrastructure investments.

When I travel abroad – and I’m sure it’s the same when you all travel abroad – the number one request we receive from our partners is more support for trade, investment, and infrastructure. So, through PGI, we’re putting those local voices in the lead, and meeting a priority demand.

When President Biden travels to Angola in December, the first sitting U.S. president to visit that country, the Lobito Corridor will be a focus of his historic visit. PGI is the framework through which we can collectively coordinate our investments in such strategic initiatives as these economic corridors to harness maximal benefit: for developing clean energy; expanding access to digital finance; supporting female smallholder farmers as engines of local growth; and providing the communities in the region with a full range of opportunities to benefit from the investments. Through PGI, the U.S. and G7 are not just trying to get the job done, but we’re committed to getting the job done right, with openness and transparency, in partnership with local communities, and with an eye toward building sustainable progress.

The U.S. is pleased to be contributing to the development of critical infrastructure around the world, and we know we cannot do this work alone: we rely on the leadership and contributions of our G7 partners. We also know that to meet global needs, we must play the long game. We look forward to our continued collaboration on PGI in the years to come as we seek to advance this critical global priority.

MIL OSI USA News –

January 25, 2025

MIL-OSI USA: US Department of Labor, Office of the Trade Representative seek review of alleged denial of labor rights at Hidalgo, Mexico, cement plant facility

Source: US Department of Labor

WASHINGTON – The U.S.-Mexico-Canada Agreement’s Interagency Labor Committee for Monitoring and Enforcement today requested that the Mexican government review an alleged denial of workers’ rights at Odisa Equipment Services, a cement plant machinery manufacturing facility in Hidalgo, Mexico.

The U.S. Department of Labor and U.S. Trade Representative co-chair the Interagency Labor Committee.

The request follows a Sept. 23, 2024, petition filed by a union affiliated with the Confederación Regional Obrera Mexicana, a federation of Mexican labor unions. Filed under the USMCA’s Rapid Response Labor Mechanism, or RRM, the petition alleges Odisa interfered with workers’ rights to freedom of association and collective bargaining through the intimidation and dismissal of workers for union activity.

“We are deeply concerned by the anti-union activity at the Odisa facility,” said Deputy Undersecretary for International Affairs Thea Lee. “Such practices violate Mexican labor laws and undermine the labor protections established under the U.S.-Mexico-Canada Agreement. We look forward to working closely with the government of Mexico to resolve these denials of rights.”

The Interagency Labor Committee found sufficient and credible evidence that supports the allegations, resulting in USTR submitting the request for review using the RRM.

“This is another example of how the Biden-Harris administration is keeping corporations accountable and lifting up working communities by protecting workers’ rights to freedom of association and collective bargaining,” said Ambassador Katherine Tai. “The United States remains committed to empowering workers through the USMCA, and we look forward to collaborating with the government of Mexico to address the ongoing denials of rights at this facility.”

The Mexican government has 10 days to decide whether to conduct a review and 45 days to investigate the claims and present its findings.

A subsidiary of Odisa, which has manufactured concrete batch plants, truck mixers and material handling equipment for nearly 50 years, Odisa Equipment Services exports material handling equipment, including sheet metal and aluminum goods, to dozens of countries including the U.S.

Learn more about the department’s international work.

MIL OSI USA News –

January 25, 2025

MIL-OSI: Nasdaq Reports Third Quarter 2024 Results; Fourth Consecutive Quarter of Double-Digit Solutions Revenue Growth

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Nasdaq, Inc. (Nasdaq: NDAQ) today reported financial results for the third quarter of 2024.

Third quarter 2024 net revenue¹ was $1.1 billion, or $1.2 billion on a non-GAAP basis², an increase of 22% over the third quarter of 2023, up 10% on a pro forma³ basis. This included Solutions⁴ revenue increasing 26%, or 10% on a pro forma basis.
Annualized Recurring Revenue (ARR)⁵ of $2.7 billion increased 31% over the third quarter of 2023, up 8% on a pro forma basis.
Financial Technology revenue of $371 million increased 56% over the third quarter of 2023, up 10% on a pro forma basis.
Index revenue of $182 million increased 26%, with $62 billion of net inflows over the trailing twelve months and $14 billion in the third quarter.
GAAP diluted earnings per share decreased 11% in the third quarter of 2024. Non-GAAP diluted earnings per share increased 5% in the third quarter of 2024 and increased 20% organically.
In the third quarter of 2024, the company returned $138 million to shareholders through dividends and $88 million through repurchases of common stock. The company also repaid net $50 million of commercial paper in the third quarter of 2024.

Third Quarter 2024 Highlights

(US$ millions, except per share)	3Q24	Change % (YoY)	Organic change % (YoY)	Pro forma change % (YoY)
GAAP Solutions Revenue	$872	26%
Non-GAAP Solutions Revenue	$906	31%	9%	10%
Market Services Net Revenue	$266	13%	13%
GAAP Net Revenue*	$1,146	22%
Non-GAAP Net Revenue*	$1,180	26%	10%	10%
GAAP Operating Income	$448	4%
Non-GAAP Operating Income	$637	30%	12%	14%
ARR	$2,736	31%	7%	8%
GAAP Diluted EPS	$0.53	(11)%
Non-GAAP Diluted EPS	$0.74	5%	20%

^{Note: The period over period percentages are calculated based on exact dollars, and therefore may not agree to a recalculation based on rounded numbers shown in the table above. Pro forma results are not calculated in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Refer to the footnotes below for further discussion.}

^{*Net revenues includes $8 million of Other Revenues, which reflect revenues associated with the European power trading and clearing business.}

Adena Friedman, Chair and CEO said, “Nasdaq delivered its fourth consecutive quarter of double-digit Solutions growth with strong overall quarterly performance.

As we approach the one-year anniversary of the Adenza acquisition, I am proud of our progress to date and excited about driving even greater value for our clients and shareholders.

The integration continues seamlessly. Through our One Nasdaq strategy we are deepening our partnerships with clients across the financial system and unlocking opportunities for sustained and scalable growth.”

Sarah Youngwood, Executive Vice President and CFO said, “Nasdaq’s performance continues to reflect the quality and diversity of our platforms, driving strong growth across the business with particular strength in Index and Financial Technology.

We are continuing to deliver ahead on deleveraging and synergies and are benefiting from significant operating leverage.

Looking ahead, we remain well positioned to execute on our next phase of sustainable growth.”

FINANCIAL REVIEW

Third quarter 2024 net revenue was $1.1 billion, reflecting 22% growth versus the prior year period while non-GAAP net revenue was $1.2 billion. Revenue growth included a $146 million benefit related to the acquisition of Adenza. Net revenue grew 10% on a pro forma basis.

Solutions revenue was $872 million in the third quarter of 2024, up 26% versus the prior year period, or 10% growth on a pro forma basis, reflecting strong growth from Index and Financial Technology.

ARR grew 31% year over year, or 8% on a pro forma basis, in the third quarter of 2024 with 14% pro forma ARR growth for Financial Technology and 2% ARR growth for Capital Access Platforms.

Market Services net revenue was $266 million in the third quarter of 2024, up 13% versus the prior year period. The increase was primarily driven by a $15 million increase in U.S. equity derivatives and an $11 million increase in U.S. cash equities.

Third quarter 2024 GAAP operating expenses were $698 million, an increase of 37% versus the prior year period. The increase for the third quarter was primarily due to the acquisition of Adenza, which resulted in an additional $87 million in amortization expense of acquired intangible assets, and $61 million of other AxiomSL and Calypso operating expenses, as well as organic growth driven by increased investments in technology and our people to drive innovation and long-term growth.

Third quarter 2024 non-GAAP operating expenses were $543 million, reflecting 21% growth versus the prior year period, or 5% growth on a pro forma basis. The increase for the third quarter was primarily due to the inclusion of $61 million of AxiomSL and Calypso operating expenses. The pro forma increase reflects growth driven by increased investments in technology and our people to drive innovation and long-term growth, partially offset by the benefit of synergies.

Third quarter 2024 cash flow from operations was $244 million, enabling the company to continue to make meaningful progress on its deleveraging plan. In the third quarter, the company returned $138 million to shareholders through dividends and $88 million through repurchases of our common stock. The company also repaid net $50 million of commercial paper in the third quarter of 2024. As of September 30, 2024, there was $1.7 billion remaining under the board authorized share repurchase program.

2024 EXPENSE AND TAX GUIDANCE UPDATE⁶

The company is updating its 2024 non-GAAP operating expense guidance to a range of $2,150 million to $2,180 million, and is updating its 2024 non-GAAP tax rate guidance to be in the range of 23.5% to 24.5%.

STRATEGIC AND BUSINESS UPDATES

Financial Technology delivered healthy revenue growth in the third quarter. Division revenue increased 10% on a pro forma basis, reflective of the mission-critical nature of the division’s solutions suite. Financial Technology pro forma ARR growth was 14% in the third quarter, with 39 new customers, 110 upsells, and 2 cross-sells. Third quarter highlights include:
- Nasdaq leapt to 5th place in Chartis’ annual RiskTech100® global ranking. This ranking is widely regarded as the most comprehensive independent study of the world’s major players in risk and compliance technology. The significant jump in ranking reflects the combined power of Nasdaq and Adenza’s technology offerings with Nasdaq and Adenza previously ranking #18 and #10, respectively. Nasdaq Verafin and AxiomSL won Chartis industry awards recognizing Nasdaq’s leadership in financial crime management and in regulatory reporting. The study also highlighted the value of Nasdaq’s governance and sustainability solutions.
- Financial Crime Management Technology had ARR growth of 24% with 114% net revenue retention and launched new AI product innovations. Financial Crime Management Technology signed 28 new SMB clients, in addition to the previously announced Tier 1 win in July. Nasdaq Verafin extended its track record of product innovation success with its AI Entity Research Copilot now deployed to more than 2,000 U.S. institutions. In the third quarter Nasdaq Verafin announced new enhancements to its Targeted Typology Analytics, an artificial intelligence (AI) based suite of detection capabilities targeting terrorist financing and drug trafficking activity.
- AxiomSL and Calypso achieved 15% combined pro forma ARR growth. AxiomSL and Calypso delivered a combined 47 upsells and 4 new clients, with 17% of new bookings in the quarter cloud-based. Combined gross revenue retention⁷ was 97% and net revenue retention⁸ was 111%. Excluding the impact of a significant bankruptcy first noted in the fourth quarter of 2023, pro forma ARR growth was 16%, gross revenue retention was 98%, and net revenue retention was 112%.
- Market Technology delivered 14% ARR growth as it continues to capture opportunities associated with the market modernization megatrend. Market Technology was driven by 13 upsells, 1 new client, and 1 cross-sell in the third quarter. ARR growth also benefited from the conversion of a previously mentioned large client delivery.
U.S. equity derivatives achieved record quarterly net revenue. In the third quarter of 2024, Nasdaq achieved a record quarter of U.S. equity derivatives net revenue of $107 million, with multi-listed U.S. options market share once again surpassing 30% in the quarter and 19% growth in U.S. index options volume.

Index delivered another quarter of outstanding performance and advanced its growth strategy across product innovation, globalization, and institutional client expansion. The Index business had $62 billion in net inflows over the trailing 12 months, with $14 billion in the third quarter. The business achieved another record in Index ETP AUM, averaging $575 billion in the third quarter and reaching $600 billion at quarter-end. Index derivatives trading volumes grew 24% year-over-year, also contributing to revenue growth. Nasdaq launched 35 new products with our partners in the quarter, 20 of which were international. The launches included 8 options overlays and 7 institutional insurance annuity products. Additionally, Nasdaq recently received 2024 Best Index Provider from Structured Retail Products, a global market intelligence provider, highlighting the business’ innovation and success as a strategic partner to our clients.
Nasdaq strengthened its listings leadership in the U.S. in the third quarter. Nasdaq listed 33 U.S. operating company IPOs that raised more than $6 billion in proceeds, reflecting an 85% win rate among eligible operating companies in the quarter. These listings contributed to a 75% win rate year-to-date through the third quarter for eligible operating companies comprising of 5 of the top 10 IPOs, including Lineage, the largest offering so far this year. Nasdaq also celebrated its 500th switch to our U.S. exchange in the quarter.
Nasdaq celebrated 25 Years of MarketSite in Times Square. MarketSite has stood as a physical embodiment of the Nasdaq brand since its debut and reflects Nasdaq’s culture of driving innovation and delivering valuable client solutions. MarketSite is a hub for Nasdaq’s clients and partners and an integral part of the global finance landscape.
Nasdaq continued its progress on its 2024 strategic priorities – Integrate, Innovate, Accelerate – positioning the company to capitalize on opportunities for sustainable, scalable, and resilient growth.
- Integrate – Since the acquisition of Adenza nearly a year-ago, Nasdaq has actioned more than 80% of its net expense synergy target and continues to delever ahead of plan.
- Innovate – Nasdaq reached new milestones in deploying AI tools and products including the launch of an internal Generative AI platform with custom-built efficiency tools and completed the rollout of AI copilot tools to all of its developers. Calypso also announced an AI-based solution for X-Value Adjustments (XVA) with up to 100 times faster processing speeds that improves the efficiency of risk calculations for banks, insurers, and other financial institutions. Beyond Nasdaq’s AI innovations, Market Services migrated Nasdaq International Securities Exchange to its next-generation derivatives platform, Fusion. Four of Nasdaq’s U.S. markets and one European equity derivatives market are operating on this platform which provides enhanced performance, including lower latency, higher throughput, and increased productivity.
- Accelerate – We continue to make progress on our One Nasdaq strategy driving two cross-sells across the Financial Technology division in the quarter. The percentage of cross-sell opportunities in the division’s pipeline is over 10% and Nasdaq remains on track to exceed $100 million in cross-sells by the end of 2027.

____________
¹ Represents revenue less transaction-based expenses.
² Refer to our reconciliations of U.S. GAAP to non-GAAP Solutions revenue, net revenue, net income attributable to Nasdaq, diluted earnings per share, operating income, operating expenses and organic impacts included in the attached schedules.
³ Pro forma results are presented assuming AxiomSL and Calypso were included in the prior year quarterly results and revenue for AxiomSL on-premises contracts were recognized ratably for all of 2023 and 2024. Pro forma growth excludes the impacts of foreign currency except for AxiomSL and Calypso, which are not yet calculated on an organic basis. These pro forma results are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this release.
⁴ Constitutes revenue from our Capital Access Platforms and Financial Technology segments.
⁵ Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.
⁶ U.S. GAAP operating expense and tax rate guidance are not provided due to the inherent difficulty in quantifying certain amounts due to a variety of factors including the unpredictability in the movement in foreign currency rates, as well as future charges or reversals outside of the normal course of business.
⁷ Gross Retention: ARR in the current period over ARR in the prior year period for existing customers excluding price increases and upsells and excluding new customers.
⁸ Net Retention: ARR in the current period over ARR in the prior year period for existing customers including price increases and upsells and excluding new customers.

ABOUT NASDAQ

Nasdaq (Nasdaq: NDAQ) is a global technology company serving corporate clients, investment managers, banks, brokers, and exchange operators as they navigate and interact with the global capital markets and the broader financial system. We aspire to deliver world-leading platforms that improve the liquidity, transparency, and integrity of the global economy. Our diverse offering of data, analytics, software, exchange capabilities, and client-centric services enables clients to optimize and execute their business vision with confidence. To learn more about the company, technology solutions and career opportunities, visit us on LinkedIn, on X @Nasdaq, or at www.nasdaq.com.

NON-GAAP INFORMATION

In addition to disclosing results determined in accordance with U.S. GAAP, Nasdaq also discloses certain non-GAAP results of operations, including, but not limited to, non-GAAP Solutions revenue, non-GAAP net revenue, non-GAAP net income attributable to Nasdaq, non-GAAP diluted earnings per share, non-GAAP operating income, and non-GAAP operating expenses, that include certain adjustments or exclude certain charges and gains that are described in the reconciliation table of U.S. GAAP to non-GAAP information provided at the end of this release. Management uses this non-GAAP information internally, along with U.S. GAAP information, in evaluating our performance and in making financial and operational decisions. We believe our presentation of these measures provides investors with greater transparency and supplemental data relating to our financial condition and results of operations. In addition, we believe the presentation of these measures is useful to investors for period-to-period comparisons of results as the items described below in the reconciliation tables do not reflect ongoing operating performance.

These measures are not in accordance with, or an alternative to, U.S. GAAP, and may be different from non-GAAP measures used by other companies. In addition, other companies, including companies in our industry, may calculate such measures differently, which reduces their usefulness as a comparative measure. Investors should not rely on any single financial measure when evaluating our business. This information should be considered as supplemental in nature and is not meant as a substitute for our operating results in accordance with U.S. GAAP. We recommend investors review the U.S. GAAP financial measures included in this earnings release. When viewed in conjunction with our U.S. GAAP results and the accompanying reconciliations, we believe these non-GAAP measures provide greater transparency and a more complete understanding of factors affecting our business than U.S. GAAP measures alone.

We understand that analysts and investors regularly rely on non-GAAP financial measures, such as those noted above, to assess operating performance. We use these measures because they highlight trends more clearly in our business that may not otherwise be apparent when relying solely on U.S. GAAP financial measures, since these measures eliminate from our results specific financial items that have less bearing on our ongoing operating performance.

Organic revenue and expense growth, organic change and organic impact are non-GAAP measures that reflect adjustments for: (i) the impact of period-over-period changes in foreign currency exchange rates, and (ii) the revenue, expenses and operating income associated with acquisitions and divestitures for the twelve month period following the date of the acquisition or divestiture. Reconciliations of these measures are described within the body of this release or in the reconciliation tables at the end of this release.

Foreign exchange impact: In countries with currencies other than the U.S. dollar, revenue and expenses are translated using monthly average exchange rates. Certain discussions in this release isolate the impact of year-over-year foreign currency fluctuations to better measure the comparability of operating results between periods. Operating results excluding the impact of foreign currency fluctuations are calculated by translating the current period’s results by the prior period’s exchange rates.

Restructuring programs: In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In connection with the program, we expect to incur pre-tax charges principally related to employee-related costs, consulting, asset impairments and contract terminations over a two-year period. We expect to achieve benefits in the form of both increased customer engagement and operating efficiencies. Costs related to the Adenza restructuring and the divisional alignment programs are recorded as “restructuring charges” in our consolidated statements of income. We exclude charges associated with these programs for purposes of calculating non-GAAP measures as they are not reflective of ongoing operating performance or comparisons in Nasdaq’s performance between periods.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

Information set forth in this communication contains forward-looking statements that involve a number of risks and uncertainties. Nasdaq cautions readers that any forward-looking information is not a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to (i) projections relating to our future financial results, total shareholder returns, growth, dividend program, trading volumes, products and services, ability to transition to new business models or implement our new corporate structure, taxes and achievement of synergy targets, (ii) statements about the closing or implementation dates and benefits of certain acquisitions, divestitures and other strategic, restructuring, technology, environmental, deleveraging and capital allocation initiatives, (iii) statements about our integrations of our recent acquisitions, (iv) statements relating to any litigation or regulatory or government investigation or action to which we are or could become a party, and (v) other statements that are not historical facts. Forward-looking statements involve a number of risks, uncertainties or other factors beyond Nasdaq’s control. These factors include, but are not limited to, Nasdaq’s ability to implement its strategic initiatives, economic, political and market conditions and fluctuations, geopolitical instability, government and industry regulation, interest rate risk, U.S. and global competition. Further information on these and other factors are detailed in Nasdaq’s filings with the U.S. Securities and Exchange Commission, including its annual reports on Form 10-K and quarterly reports on Form 10-Q, which are available on Nasdaq’s investor relations website at http://ir.nasdaq.com and the SEC’s website at www.sec.gov. Nasdaq undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.

WEBSITE DISCLOSURE

Nasdaq intends to use its website, ir.nasdaq.com, as a means for disclosing material non-public information and for complying with SEC Regulation FD and other disclosure obligations.

Media Relations Contact		Investor Relations Contact
Nick Jannuzzi		Ato Garrett
973.760.1741		212.401.8737
nicholas.jannuzzi.@nasdaq.com		ato.garrett@nasdaq.com

NDAQF


Nasdaq, Inc.
Condensed Consolidated Statements of Income
(in millions, except per share amounts)
(unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
			2024			2023			2024			2023

Revenues:
Capital Access Platforms		$	501		$	456		$	1,460		$	1,309
Financial Technology			371			238			1,183			700
Market Services			1,022			747			2,700			2,378
Other Revenues			8			10			27			30
	Total revenues		1,902			1,451			5,370			4,417
Transaction-based expenses:
Transaction rebates			(513	)		(447	)		(1,478	)		(1,377	)
Brokerage, clearance and exchange fees			(243	)		(64	)		(470	)		(262	)
Revenues less transaction-based expenses			1,146			940			3,422			2,778

Operating Expenses:
Compensation and benefits			332			260			1,000			777
Professional and contract services			36			31			108			92
Technology and communication infrastructure			71			58			207			168
Occupancy			28			28			85			99
General, administrative and other			26			26			84			62
Marketing and advertising			11			12			34			30
Depreciation and amortization			153			64			460			198
Regulatory			9			9			37			27
Merger and strategic initiatives			10			4			23			51
Restructuring charges			22			17			103			49
	Total operating expenses		698			509			2,141			1,553
Operating income			448			431			1,281			1,225
Interest income			8			72			20			86
Interest expense			(102	)		(101	)		(313	)		(174	)
Other income (loss)			1			1			15			(6	)
Net income (loss) from unconsolidated investees			1			(12	)		7			(8	)
Income before income taxes			356			391			1,010			1,123
Income tax provision			51			97			250			262
Net income			305			294			760			861
Net loss attributable to noncontrolling interests			1			—			2			1
Net income attributable to Nasdaq		$	306		$	294		$	762		$	862

Per share information:
Basic earnings per share		$	0.53		$	0.60		$	1.32		$	1.76
Diluted earnings per share		$	0.53		$	0.60		$	1.32		$	1.74
Cash dividends declared per common share		$	0.24		$	0.22		$	0.70		$	0.64

Weighted-average common shares outstanding
for earnings per share:
Basic			575.1			491.3			575.6			490.7
Diluted			579.0			494.1			579.0			494.2

Nasdaq, Inc.
Revenue Detail
(in millions)
(unaudited)

				Three Months Ended						Nine Months Ended
				September 30,			September 30,			September 30,			September 30,
					2024			2023			2024			2023

CAPITAL ACCESS PLATFORMS
	Data and Listing Services revenues			$	190		$	188		$	562		$	559
	Index revenues				182			144			517			383
	Workflow and Insights revenues				129			124			381			367
		Total Capital Access Platforms revenues			501			456			1,460			1,309

FINANCIAL TECHNOLOGY
	Financial Crime Management Technology revenues				69			58			200			163
	Regulatory Technology revenues				68			35			253			102
	Capital Markets Technology revenues				234			145			730			435
		Total Financial Technology revenues			371			238			1,183			700

MARKET SERVICES
	Market Services revenues				1,022			747			2,700			2,378
	Transaction-based expenses:
			Transaction rebates		(513	)		(447	)		(1,478	)		(1,377	)
			Brokerage, clearance and exchange fees		(243	)		(64	)		(470	)		(262	)
		Total Market Services revenues, net			266			236			752			739

OTHER REVENUES					8			10			27			30

REVENUES LESS TRANSACTION-BASED EXPENSES				$	1,146		$	940		$	3,422		$	2,778

Nasdaq, Inc.
Condensed Consolidated Balance Sheets
(in millions)

		September 30,			December 31,
			2024			2023
Assets		(unaudited)
Current assets:
	Cash and cash equivalents	$	266		$	453
	Restricted cash and cash equivalents		42			20
	Default funds and margin deposits		5,865			7,275
	Financial investments		202			188
	Receivables, net		944			929
	Other current assets		239			231
Total current assets			7,558			9,096
Property and equipment, net			584			576
Goodwill			14,165			14,112
Intangible assets, net			7,072			7,443
Operating lease assets			388			402
Other non-current assets			793			665
Total assets		$	30,560		$	32,294

Liabilities
Current liabilities:
	Accounts payable and accrued expenses	$	289		$	332
	Section 31 fees payable to SEC		74			84
	Accrued personnel costs		314			303
	Deferred revenue		663			594
	Other current liabilities		229			146
	Default funds and margin deposits		5,865			7,275
	Short-term debt		499			291
Total current liabilities			7,933			9,025
Long-term debt			9,359			10,163
Deferred tax liabilities, net			1,566			1,642
Operating lease liabilities			399			417
Other non-current liabilities			222			220
Total liabilities			19,479			21,467

Commitments and contingencies
Equity
Nasdaq stockholders’ equity:
	Common stock		6			6
	Additional paid-in capital		5,477			5,496
	Common stock in treasury, at cost		(643	)		(587	)
	Accumulated other comprehensive loss		(1,952	)		(1,924	)
	Retained earnings		8,184			7,825
Total Nasdaq stockholders’ equity			11,072			10,816
	Noncontrolling interests		9			11
Total equity			11,081			10,827
Total liabilities and equity		$	30,560		$	32,294

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Net Income Attributable to Nasdaq and Diluted Earnings Per Share
(in millions, except per share amounts)
(unaudited)


		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
			2024			2023			2024			2023

U.S. GAAP net income attributable to Nasdaq		$	306		$	294		$	762		$	862
Non-GAAP adjustments:
	Adenza purchase accounting adjustment ⁽¹⁾		34			—			34			—
	Amortization expense of acquired intangible assets ⁽²⁾		122			37			366			112
	Merger and strategic initiatives expense ⁽³⁾		10			4			23			51
	Restructuring charges ⁽⁴⁾		22			17			103			49
	Lease asset impairments ⁽⁵⁾		—			—			—			24
	Net (income) loss from unconsolidated investees ⁽⁶⁾		(1	)		12			(7	)		8
	Legal and regulatory matters ⁽⁷⁾		—			—			16			(10	)
	Pension settlement charge ⁽⁸⁾		—			—			23			—
	Other (income) loss ⁽⁹⁾		1			9			(8	)		17
	Total non-GAAP adjustments		188			79			550			251
	Non-GAAP adjustment to the income tax provision ⁽¹⁰⁾		(65	)		(24	)		(151	)		(76	)
	Tax on intra-group transfer of intellectual property assets ⁽¹¹⁾		—			—			33			—
	Total non-GAAP adjustments, net of tax		123			55			432			175
Non-GAAP net income attributable to Nasdaq		$	429		$	349		$	1,194		$	1,037

U.S. GAAP diluted earnings per share		$	0.53		$	0.60		$	1.32		$	1.74
	Total adjustments from non-GAAP net income above		0.21			0.11			0.74			0.36
Non-GAAP diluted earnings per share		$	0.74		$	0.71		$	2.06		$	2.10

Weighted-average diluted common shares outstanding for earnings per share:			579.0			494.1			579.0			494.2


(1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.

(2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and nine months ended September 30, 2024 and September 30, 2023, these costs primarily relate to the Adenza acquisition. For the nine months ended September 30, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.

(4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September 2022 announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.

(5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the nine months ended September 30, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.

(6) We exclude our share of the earnings and losses of our equity method investments. This provides a more meaningful analysis of Nasdaq’s ongoing operating performance or comparisons in Nasdaq’s performance between periods.

(7) For the nine months ended September 30, 2024, these items primarily included the settlement of a Swedish Financial Supervisory Authority, or SFSA, fine and accruals related to certain legal matters. For the nine months ended September 30, 2023, these items primarily included insurance recoveries related to legal matters. The fine is recorded in regulatory expense and the accruals and insurance recoveries are recorded in professional and contract services and general, administrative and other expense in the Condensed Consolidated Statements of Income.

(8) For the nine months ended September 30, 2024, we recorded a pre-tax loss as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The pre-tax loss is recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(9) For the nine months ended September 30, 2024, and for the three and nine months ended September 30, 2023, other items primarily include net gains from strategic investments entered into through our corporate venture program, which are included in other income (loss) in our Condensed Consolidated Statements of Income.

(10) The non-GAAP adjustment to the income tax provision primarily includes the tax impact of each non-GAAP adjustment.

(11) For the nine months ended September 30, 2024, the completion of an intra-group transfer of intellectual property assets to U.S. headquarters resulted in a net tax expense of $33 million.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Revenues Less Transaction-Based Expenses
(in millions)
(unaudited)

	Three Months Ended						Nine Months Ended
	September 30, 2024						September 30, 2024
	U.S. GAAP Revenues Less Transaction-Based Expenses		Adenza purchase accounting adjustment ⁽¹⁾		Non-GAAP Revenues Less Transaction-Based Expenses		U.S. GAAP Revenues Less Transaction-Based Expenses		Adenza purchase accounting adjustment ⁽¹⁾		Non-GAAP Revenues Less Transaction-Based Expenses
CAPITAL ACCESS PLATFORMS	$	501	$	—	$	501	$	1,460	$	—	1,460

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		69		—		69		200		—	200
Regulatory Technology revenues ⁽¹⁾		68		34		102		253		34	287
Capital Markets Technology revenues		234		—		234		730		—	730
Total Financial Technology revenues		371		34		405		1,183		34	1,217
SOLUTIONS REVENUES		872		34		906		2,643		34	2,677

MARKET SERVICES REVENUES, NET		266		—		266		752		—	752
OTHER REVENUES		8		—		8		27		—	27
REVENUES LESS TRANSACTION-BASED EXPENSES	$	1,146	$	34	$	1,180	$	3,422	$	34	3,456

(1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Income and Operating Margin
(in millions)
(unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
			2024			2023			2024			2023

U.S. GAAP operating income		$	448		$	431		$	1,281		$	1,225
Non-GAAP adjustments:
	Adenza purchase accounting adjustment ⁽¹⁾		34			—			34			—
	Amortization expense of acquired intangible assets ⁽²⁾		122			37			366			112
	Merger and strategic initiatives expense ⁽³⁾		10			4			23			51
	Restructuring charges ⁽⁴⁾		22			17			103			49
	Lease asset impairments ⁽⁵⁾		—			—			—			24
	Legal and regulatory matters ⁽⁶⁾		—			—			16			(10	)
	Pension settlement charge ⁽⁷⁾		—			—			23			—
	Other loss		1			2			4			2
	Total non-GAAP adjustments		189			60			569			228
Non-GAAP operating income		$	637		$	491		$	1,850		$	1,453

Revenues less transaction-based expenses		$	1,146		$	940		$	3,422		$	2,778

U.S. GAAP operating margin ⁽⁸⁾			39	%		46	%		37	%		44	%

Non-GAAP operating margin ⁽⁹⁾			54	%		52	%		54	%		52	%


(1) During the third quarter of 2024, as part of finalizing the purchase accounting of the Adenza acquisition, we implemented a change to the accounting treatment of the revenues associated with AxiomSL on-premises subscription contracts, which are included in the Regulatory Technology business within the Financial Technology segment. Starting in the third quarter of 2024, we began recognizing AxiomSL’s subscription-based revenues on a ratable basis over the contract term. As a result of this change, we recognized a one-time revenue reduction of $32 million in the third quarter of 2024, reflecting the net impact of the accounting change since the date of the Adenza acquisition. The adjustment of $34 million reflects the prior year impact of this change.

(2) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(3) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and nine months ended September 30, 2024 and September 30, 2023, these costs primarily relate to the Adenza acquisition. For the nine months ended September 30, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.

(4) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.

(5) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the nine months ended September 30, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.

(6) For the nine months ended September 30, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the nine months ended September 30, 2023, these items primarily included insurance recoveries related to legal matters. The fine is recorded in regulatory expense and the accruals and insurance recoveries are recorded in professional and contract services and general, administrative and other expense in the Condensed Consolidated Statements of Income.

(7) For the nine months ended September 30, 2024, we recorded a pre-tax loss as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The pre-tax loss is recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

(8) U.S. GAAP operating margin equals U.S. GAAP operating income divided by revenues less transaction-based expenses.

(9) Non-GAAP operating margin equals non-GAAP operating income divided by non-GAAP revenues less transaction-based expenses.

Nasdaq, Inc.
Reconciliation of U.S. GAAP to Non-GAAP Operating Expenses
(in millions)
(unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
			2024			2023			2024			2023

U.S. GAAP operating expenses		$	698		$	509		$	2,141		$	1,553
Non-GAAP adjustments:
	Amortization expense of acquired intangible assets ⁽¹⁾		(122	)		(37	)		(366	)		(112	)
	Merger and strategic initiatives expense ⁽²⁾		(10	)		(4	)		(23	)		(51	)
	Restructuring charges ⁽³⁾		(22	)		(17	)		(103	)		(49	)
	Lease asset impairments ⁽⁴⁾		—			—			—			(24	)
	Legal and regulatory matters ⁽⁵⁾		—			—			(16	)		10
	Pension settlement charge ⁽⁶⁾		—			—			(23	)		—
	Other (loss)		(1	)		(2	)		(4	)		(2	)
	Total non-GAAP adjustments		(155	)		(60	)		(535	)		(228	)
Non-GAAP operating expenses		$	543		$	449		$	1,606		$	1,325


(1) We amortize intangible assets acquired in connection with various acquisitions. Intangible asset amortization expense can vary from period to period due to episodic acquisitions completed, rather than from our ongoing business operations.

(2) We have pursued various strategic initiatives and completed acquisitions and divestitures in recent years which have resulted in expenses which would not have otherwise been incurred. These expenses generally include integration costs, as well as legal, due diligence and other third party transaction costs. The frequency and amount of such expenses vary significantly based on the size, timing and complexity of the transaction. For the three and nine months ended September 30, 2024 and September 30, 2023, these costs primarily relate to the Adenza acquisition. For the nine months ended September 30, 2024, these costs were partially offset by a termination payment recognized in the second quarter of 2024 relating to the proposed divestiture of our Nordic power trading and clearing business.

(3) In the fourth quarter of 2023, following the closing of the Adenza acquisition, our management approved, committed to and initiated a restructuring program, “Adenza Restructuring” to optimize our efficiencies as a combined organization. In connection with this program, we expect to incur pre-tax charges principally related to employee-related costs, contract terminations, real estate impairments and other related costs. We expect to achieve benefits primarily in the form of expense and revenue synergies. In October 2022, following our September announcement to realign our segments and leadership, we initiated a divisional alignment program with a focus on realizing the full potential of this structure. In September 2024, we completed our divisional alignment program and recognized total pre-tax charges of $139 million over a two-year period.

(4) During the first quarter of 2023, we initiated a review of our real estate and facility capacity requirements due to our new and evolving work models. As a result, for the nine months ended September 30, 2023, we recorded impairment charges related to our operating lease assets and leasehold improvements associated with vacating certain leased office space, which are recorded in occupancy expense and depreciation and amortization expense in our Condensed Consolidated Statements of Income.

(5) For the nine months ended September 30, 2024, these items primarily included the settlement of a SFSA fine and accruals related to certain legal matters. For the nine months ended September 30, 2023, these items primarily included insurance recoveries related to legal matters. The fine is recorded in regulatory expense and the accruals and insurance recoveries are recorded in professional and contract services and general, administrative and other expense in the Condensed Consolidated Statements of Income.

(6) For the nine months ended September 30, 2024, we recorded a pre-tax loss as a result of settling our U.S. pension plan. The plan was terminated and partially settled in 2023, with final settlement occurring during the first quarter of 2024. The pre-tax loss is recorded in compensation and benefits in the Condensed Consolidated Statements of Income.

Nasdaq, Inc.
Reconciliation of Pro Forma Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Operating Margin
(in millions)
(unaudited)

	Three Months Ended									Three Months Ended
	September 30, 2024									September 30, 2023								Total Variance					FX ⁽³⁾		Pro Forma Impacts
	Non-GAAP			Adenza Adjustment ⁽¹⁾			Pro Forma			Non-GAAP			Adenza ⁽²⁾		Pro Forma			$			%		$		$			%
Capital Access Platforms revenues	$	501		$	—		$	501		$	456		$	—	$	456		$	45		10	%	$	1	$	44		9	%

Financial Crime Management Technology revenues		69			—			69			58			—		58			11		20	%		—		11		20	%
Regulatory Technology revenues		102			(2	)		100			35			56		91			9		10	%		1		8		8	%
Capital Markets Technology revenues		234			—			234			145			71		216			18		8	%		—		18		8	%
Financial Technology revenues		405			(2	)		403			238			127		365			38		10	%		1		37		10	%
Solutions revenues ⁽⁴⁾		906			(2	)		904			694			127		821			83		10	%		2		81		10	%

Market Services, net revenues		266			—			266			236			—		236			30		13	%		—		30		13	%
Other revenues		8			—			8			10			—		10			(2	)	(13	)%		—		(2	)	(14	)%
Revenues less transaction-based expenses		1,180			(2	)		1,178			940			127		1,067			111		10	%		2		109		10	%

Non-GAAP operating expenses		543			—			543			449			65		514			29		6	%		1		28		5	%
Non-GAAP operating income	$	637		$	(2	)	$	635		$	491		$	62	$	553		$	82		15	%	$	1	$	81		14	%
Non-GAAP operating margin		54	%					54	%		52	%				52	%

Note: Pro forma results are presented assuming AxiomSL and Calypso were included in the prior year quarterly results and revenue for AxiomSL on-premises contracts were recognized ratably for all of 2023 and 2024. Pro forma growth excludes the impacts of foreign currency except for AxiomSL and Calypso, which are not yet calculated on an organic basis. These pro forma results are not calculated, and do not intend to be calculated, in a manner consistent with the pro forma requirements in Article 11 of Regulation S-X. Preparation of this information in accordance with Article 11 would differ from results presented in this release. The current period percentages are calculated based on exact dollars, and therefore may not recalculate exactly using rounded numbers as presented in US$ millions.

(1) Adjustment to remove the cumulative impact of changing to ratable revenue recognition for AxiomSL on-premises subscription contracts, which related to the first six months of 2024.

(2) The Adenza results above are presented on a non-GAAP basis and have been adjusted for certain items. We believe presenting these measures excluding these items provides investors with greater transparency as they do not represent ongoing operations. These adjustments include intangible amortization of $39 million and other transaction and restructuring related costs of $3 million for the third quarter of 2023.

(3) Reflects the impacts from changes in FX rates.

(4) Represents Capital Access Platforms and Financial Technology Segments.

Nasdaq, Inc.
Reconciliation of Organic Impacts for U.S. Non-GAAP Revenues less transaction-based expenses, Non-GAAP Operating Expenses,
Non-GAAP Operating Income, and Non-GAAP Diluted Earnings Per Share
(in millions)
(unaudited)

	Three Months Ended
	September 30,		September 30,		Total Variance					Organic Impact					Other Impacts ⁽¹⁾
	2024		2023		$			%		$			%		$			%
CAPITAL ACCESS PLATFORMS
Data and Listing Services revenues	$	190	$	188	$	2		1	%	$	1		1	%	$	1		—	%
Index revenues		182		144		38		26	%		38		26	%		—		—	%
Workflow and Insights revenues		129		124		5		4	%		5		3	%		—		—	%
Total Capital Access Platforms revenues		501		456		45		10	%		44		9	%		1		—	%

FINANCIAL TECHNOLOGY
Financial Crime Management Technology revenues		69		58		11		20	%		11		20	%		—		—	%
Regulatory Technology revenues		102		35		67		190	%		2		6	%		65		185	%
Capital Markets Technology revenues		234		145		89		62	%		7		5	%		82		57	%
Total Financial Technology revenues		405		238		167		71	%		20		9	%		147		62	%

SOLUTIONS REVENUES ⁽²⁾		906		694		212		31	%		64		9	%		148		21	%

MARKET SERVICES REVENUES, NET		266		236		30		13	%		30		13	%		—		—	%

OTHER REVENUES		8		10		(2	)	(13	)%		(2	)	(14	)%		—		1	%

REVENUES LESS TRANSACTION-BASED EXPENSES	$	1,180	$	940	$	240		26	%	$	92		10	%	$	148		16	%

Non-GAAP Operating Expenses	$	543	$	449	$	94		21	%	$	32		7	%	$	62		14	%

Non-GAAP Operating Income	$	637	$	491	$	146		30	%	$	60		12	%	$	86		18	%

Non-GAAP diluted earnings per share	$	0.74	$	0.71	$	0.03		5	%	$	0.14		20	%	$	(0.11	)	(16	)%

Note: The period over period percentages are calculated based on exact dollars, and therefore may not agree to a recalculation based on rounded numbers shown in the tables above. The sum of the percentage changes may not tie to the percentage change in total variance due to rounding.

(1) Primarily includes the impacts of the Adenza acquisition and changes in FX rates.

(2) Represents Capital Access Platforms and Financial Technology Segments.

Nasdaq, Inc.
Quarterly Key Drivers Detail
(unaudited)

		Three Months Ended						Nine Months Ended
		September 30,			September 30,			September 30,			September 30,
			2024			2023			2024			2023
Capital Access Platforms
	Annualized recurring revenues (in millions) ⁽¹⁾	$	1,254		$	1,222		$	1,254		$	1,222
	Initial public offerings
	The Nasdaq Stock Market ⁽²⁾		48			39			114			102
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic		1			—			7			3
	Total new listings
	The Nasdaq Stock Market ⁽²⁾		138			87			301			230
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽³⁾		6			3			18			16
	Number of listed companies
	The Nasdaq Stock Market ⁽⁴⁾		4,039			4,086			4,039			4,086
	Exchanges that comprise Nasdaq Nordic and Nasdaq Baltic ⁽⁵⁾		1,186			1,236			1,186			1,236
	Index
	Number of licensed exchange traded products ⁽⁶⁾		388			366			388			366
	Period end ETP assets under management (AUM) tracking Nasdaq indexes (in billions)	$	600		$	411		$	600		$	411
	Quarterly average ETP AUM tracking Nasdaq indexes (in billions)	$	575		$	423
	TTM ⁽⁷⁾ net inflows ETP AUM tracking Nasdaq indexes (in billions)	$	62		$	24		$	62		$	24
	TTM ⁽⁷⁾ net appreciation ETP AUM tracking Nasdaq indexes (in billions)	$	143		$	78		$	143		$	78

Financial Technology
	Annualized recurring revenues (in millions) ⁽¹⁾
	Financial Crime Management Technology	$	268		$	216		$	268		$	216
	Regulatory Technology		350			132			350			132
	Capital Markets Technology		864			511			864			511
	Total Financial Technology	$	1,482		$	859		$	1,482		$	859

Market Services
	Equity Derivative Trading and Clearing
	U.S. equity options
	Total industry average daily volume (in millions)		44.5			39.6			43.3			40.4
	Nasdaq PHLX matched market share		9.4	%		11.0	%		9.9	%		11.2	%
	The Nasdaq Options Market matched market share		5.8	%		5.6	%		5.5	%		6.4	%
	Nasdaq BX Options matched market share		2.3	%		4.4	%		2.3	%		3.6	%
	Nasdaq ISE Options matched market share		6.8	%		5.7	%		6.7	%		5.8	%
	Nasdaq GEMX Options matched market share		2.7	%		3.0	%		2.6	%		2.3	%
	Nasdaq MRX Options matched market share		3.2	%		2.0	%		2.6	%		1.7	%
	Total matched market share executed on Nasdaq’s exchanges		30.2	%		31.7	%		29.6	%		31.0	%
	Nasdaq Nordic and Nasdaq Baltic options and futures
	Total average daily volume of options and futures contracts ⁽⁸⁾		213,911			245,986			235,137			298,785

	Cash Equity Trading
	Total U.S.-listed securities
	Total industry average daily share volume (in billions)		11.5			10.4			11.7			11.0
	Matched share volume (in billions)		117.4			106.7			354.3			342.2
	The Nasdaq Stock Market matched market share		15.6	%		15.5	%		15.6	%		15.9	%
	Nasdaq BX matched market share		0.3	%		0.4	%		0.4	%		0.4	%
	Nasdaq PSX matched market share		0.2	%		0.3	%		0.2	%		0.4	%
	Total matched market share executed on Nasdaq’s exchanges		16.1	%		16.2	%		16.2	%		16.7	%
	Market share reported to the FINRA/Nasdaq Trade Reporting Facility		44.7	%		40.2	%		43.0	%		35.2	%
	Total market share ⁽⁹⁾		60.8	%		56.4	%		59.2	%		51.9	%
	Nasdaq Nordic and Nasdaq Baltic securities
	Average daily number of equity trades executed on Nasdaq’s exchanges		609,167			556,257			645,622			676,132
	Total average daily value of shares traded (in billions)	$	4.1		$	3.6		$	4.5		$	4.5
	Total market share executed on Nasdaq’s exchanges		71.6	%		71.6	%		72.2	%		70.6	%

	Fixed Income and Commodities Trading and Clearing
	Fixed Income
	Total average daily volume of Nasdaq Nordic and Nasdaq Baltic fixed income contracts		89,037			88,383			94,493			96,461

	(1) Annualized Recurring Revenue (ARR) for a given period is the current annualized value derived from subscription contracts with a defined contract value. This excludes contracts that are not recurring, are one-time in nature, or where the contract value fluctuates based on defined metrics. ARR is currently one of our key performance metrics to assess the health and trajectory of our recurring business. ARR does not have any standardized definition and is therefore unlikely to be comparable to similarly titled measures presented by other companies. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. For AxiomSL and Calypso recurring revenue contracts, the amount included in ARR is consistent with the amount that we invoice the customer during the current period. Additionally, for AxiomSL and Calypso recurring revenue contracts that include annual values that increase over time, we include in ARR only the annualized value of components of the contract that are considered active as of the date of the ARR calculation. We do not include the future committed increases in the contract value as of the date of the ARR calculation. ARR is not a forecast and the active contracts at the end of a reporting period used in calculating ARR may or may not be extended or renewed by our customers.

	(2) New listings include IPOs, issuers that switched from other listing venues, closed-end funds and separately listed ETPs. For the three months ended September 30, 2024 and 2023, IPOs included 15 and 4 SPACs, respectively. For the nine months ended September 30, 2024 and 2023, IPOs included 28 and 19 SPACs, respectively.

	(3) New listings include IPOs and represent companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.

	(4) Number of total listings on The Nasdaq Stock Market for the nine months ended September 30, 2024 and September 30, 2023 included 712 and 570 ETPs, respectively.

	(5) Represents companies listed on the Nasdaq Nordic and Nasdaq Baltic exchanges and companies on the alternative markets of Nasdaq First North.

	(6) The number of listed ETPs as of September 30, 2023 has been updated to reflect a revised methodology whereby an ETP listed on multiple exchanges is counted as one product, rather than formerly being counted per exchange. This change has no impact on reported AUM.

	(7) Trailing 12-months.

	(8) Includes Finnish option contracts traded on Eurex for which Nasdaq and Eurex had a revenue sharing arrangement, which ended in the fourth quarter of 2023.

	(9) Includes transactions executed on The Nasdaq Stock Market’s, Nasdaq BX’s and Nasdaq PSX’s systems plus trades reported through the Financial Industry Regulatory Authority/Nasdaq Trade Reporting Facility.

The MIL Network –

January 25, 2025

MIL-OSI: Virtu Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Virtu Financial, Inc. (NASDAQ: VIRT), a leading provider of financial services and products that leverages cutting edge technology to deliver innovative, transparent trading solutions to its clients and liquidity to the global markets, today reported results for the third quarter ended September 30, 2024.

Third Quarter 2024:

Net income of $119.0 million; Normalized Adjusted Net Income¹ of $132.1 million
Basic and diluted earnings per share of $0.65 and $0.64, respectively; Normalized Adjusted EPS¹ of $0.82
Total revenues of $706.8 million; Trading income, net, of $444.0 million; Net income Margin of 16.8%²
- Adjusted Net Trading Income¹ of $388.0 million
Adjusted EBITDA¹ of $214.8 million; Adjusted EBITDA Margin¹ of 55.4%
Share buybacks of $48.4 million, or 1.7 million shares, under the Share Repurchase Program³

The Virtu Financial, Inc. Board of Directors declared a quarterly cash dividend of $0.24 per share. This dividend is payable on December 15, 2024 to shareholders of record as of December 1, 2024.

Note 1: Non-GAAP financial measures. Please see “Non-GAAP Financial Measures and Other Items” for more information.
Note 2: Calculated by dividing Net income by Total revenue
Note 3: Shares repurchased calculated on a settlement date basis.

Financial Results

Third Quarter 2024:

Total revenues increased 12.2% to $706.8 million for this quarter, compared to $630.2 million for the same period in 2023. Trading income, net, increased 40.5% to $444.0 million for the quarter compared to $316.1 million for the same period in 2023. Net income totaled $119.0 million for this quarter, compared to net income of $117.6 million in the prior year quarter.

Basic and diluted earnings per share for this quarter were $0.65 and $0.64, respectively, compared to basic and diluted earnings per share of $0.63 and $0.63, respectively, for the same period in 2023.

Adjusted Net Trading Income increased 30.2% to $388.0 million for this quarter, compared to $298.0 million for the same period in 2023. Adjusted EBITDA increased 54.0% to $214.8 million for this quarter, compared to $139.5 million for the same period in 2023. Normalized Adjusted Net Income, removing one-time and non-cash items, increased 76.8% to $132.1 million for this quarter, compared to $74.7 million for the same period in 2023.

Assuming all non-controlling interests had been exchanged for common stock, and the Company’s Normalized Adjusted Net Income before income taxes was subject to corporation taxes, Normalized Adjusted EPS was $0.82 for this quarter, compared to $0.45 for the same period in 2023.

Operating Segment Information

The Company has two operating segments: Market Making and Execution Services; and one non-operating segment: Corporate.

Market Making principally consists of market making in the cash, futures and options markets across global equities, fixed income, currencies and commodities. As a market maker, the Company commits capital on a principal basis by offering to buy securities from, or sell securities to, broker dealers, banks and institutions.

Execution Services comprises agency-based trading and trading venues, offering execution services in global equities, options, futures and fixed income on behalf of institutions, banks and broker dealers. The Company also provides proprietary technology and infrastructure, workflow technology, and trading analytics services to select third parties. The segment also includes the results of the Company’s capital markets business, in which the Company acts as an agent for issuers in connection with at-the-market offerings and buyback programs.

Corporate contains the Company’s investments, principally in strategic trading-related opportunities, and maintains corporate overhead expenses.

The following tables show the trading income, net, total revenues and Adjusted Net Trading Income by segment for the three and nine months ended September 30, 2024 and 2023.

Total revenues by segment
(in thousands, unaudited)

	Three Months Ended September 30, 2024								Three Months Ended September 30, 2023
	Market Making		Execution Services		Corporate		Total		Market Making		Execution Services		Corporate		Total
Trading income, net	$	440,442	$	3,555	$	—	$	443,997	$	310,523	$	5,562	$	—	$	316,085
Commissions, net and technology services		12,721		118,900		—		131,621		6,343		103,933		—		110,276
Interest and dividends income		122,065		3,164		—		125,229		124,803		2,890		—		127,693
Other, net		1,432		108		4,453		5,993		75,682		68		360		76,110
Total Revenues	$	576,660	$	125,727	$	4,453	$	706,840	$	517,351	$	112,453	$	360	$	630,164


	Nine Months Ended September 30, 2024								Nine Months Ended September 30, 2023
	Market Making		Execution Services		Corporate		Total		Market Making		Execution Services		Corporate			Total
Trading income, net	$	1,264,214	$	14,273	$	—	$	1,278,487	$	1,021,179	$	13,585	$	—		$	1,034,764
Commissions, net and technology services		29,203		347,130		—		376,333		22,677		318,546		—			341,223
Interest and dividends income		330,178		8,109		—		338,287		300,086		7,830		—			307,916
Other, net		43,855		1,063		4,639		49,557		77,580		84		(4,171	)		73,493
Total Revenues	$	1,667,450	$	370,575	$	4,639	$	2,042,664	$	1,421,522	$	340,045	$	(4,171	)	$	1,757,396

Reconciliation of trading income, net to Adjusted Net Trading Income by operating segment
(in thousands, unaudited)

	Three Months Ended September 30, 2024											Three Months Ended September 30, 2023
	Market Making			Execution Services			Corporate		Total			Market Making			Execution Services			Corporate		Total
Trading income, net	$	440,442		$	3,555		$	—	$	443,997		$	310,523		$	5,562		$	—	$	316,085
Commissions, net and technology services		12,721			118,900			—		131,621			6,343			103,933			—		110,276
Interest and dividends income		122,065			3,164			—		125,229			124,803			2,890			—		127,693
Brokerage, exchange, clearance fees and payments for order flow, net		(152,316	)		(24,429	)		—		(176,745	)		(101,077	)		(22,168	)		—		(123,245	)
Interest and dividends expense		(134,912	)		(1,158	)		—		(136,070	)		(132,523	)		(279	)		—		(132,802	)
Adjusted Net Trading Income	$	288,000		$	100,032		$	—	$	388,032		$	208,069		$	89,938		$	—	$	298,007

	Nine Months Ended September 30, 2024											Nine Months Ended September 30, 2023
	Market Making			Execution Services			Corporate		Total			Market Making			Execution Services			Corporate		Total
Trading income, net	$	1,264,214		$	14,273		$	—	$	1,278,487		$	1,021,179		$	13,585		$	—	$	1,034,764
Commissions, net and technology services		29,203			347,130			—		376,333			22,677			318,546			—		341,223
Interest and dividends income		330,178			8,109			—		338,287			300,086			7,830			—		307,916
Brokerage, exchange, clearance fees and payments for order flow, net		(394,154	)		(73,177	)		—		(467,331	)		(323,868	)		(67,370	)		—		(391,238	)
Interest and dividends expense		(382,200	)		(3,591	)		—		(385,791	)		(340,954	)		(1,942	)		—		(342,896	)
Adjusted Net Trading Income	$	847,241		$	292,744		$	—	$	1,139,985		$	679,120		$	270,649		$	—	$	949,769

Financial Condition

As of September 30, 2024, Virtu had $738.2 million in cash, cash equivalents and restricted cash, and total long-term debt outstanding in an aggregate principal amount of $1,769.4 million.

Share Repurchase Program

Since inception of the program in November 2020 through settlement date October 22, 2024, the Company repurchased approximately 49.2 million shares of Class A Common Stock and Virtu Financial Units for approximately $1,240.7 million. The Company has approximately $479.3 million remaining capacity for future purchases of shares of Class A Common Stock and Virtu Financial Units under the program.

Earnings Conference Call Information

Virtu Financial will host a conference call to review its third quarter 2024 financial performance today, October 24th, at 8:30 a.m. ET. Members of the public may listen to the conference call through an audio webcast through the Investor Relations section of the firm’s website ir.virtu.com/investor-relations.

Website Information

We routinely post important information for investors on the Investor Relations section of our website, ir.virtu.com/investor-relations and also from time to time may use social media channels, including our Twitter account (twitter.com/virtufinancial) and our LinkedIn account (linkedin.com/company/virtu-financial), as an additional means of disclosing public information to investors, the media and others interested in us. It is possible that certain information we post on our website and on social media could be deemed to be material information, and we encourage investors, the media and others interested in us to review the business and financial information we post on our website and on the social media channels identified above, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website and our social media channels is not incorporated by reference into, and is not a part of, this document.

Non-GAAP Financial Measures and Other Items

To supplement our unaudited condensed consolidated financial statements presented in accordance with generally accepted accounting principles (“GAAP”), we use the following non-GAAP measures of financial performance:

“Adjusted Net Trading Income”, which is the amount of revenue we generate from our market making activities, or trading income, net, plus commissions, net and technology services, plus interest and dividends income and expense, net, less direct costs associated with those revenues, including brokerage, exchange, clearance fees and payments for order flow, net. Management believes that this measurement is useful for comparing general operating performance from period to period. Although we use Adjusted Net Trading Income as a financial measure to assess the performance of our business, the use of Adjusted Net Trading Income is limited because it does not include certain material costs that are necessary to operate our business. Our presentation of Adjusted Net Trading Income should not be construed as an indication that our future results will be unaffected by revenues or expenses that are not directly associated with our core business activities.

“EBITDA”, which measures our operating performance by adjusting Net Income to exclude Financing interest expense on long-term borrowings, Debt issue cost related to debt refinancing, prepayment, and commitment fees, Depreciation and amortization, Amortization of purchased intangibles and acquired capitalized software, and Income tax expense, and “Adjusted EBITDA”, which measures our operating performance by further adjusting EBITDA to exclude severance, transaction advisory fees and expenses, termination of office leases, charges related to share-based compensation and other expenses, which includes reserves for legal matters, and Other, net, which includes gains and losses from strategic investments and the sales of businesses.

“Normalized Adjusted Net Income”, “Normalized Adjusted Net Income before income taxes”, “Normalized provision for income taxes”, and “Normalized Adjusted EPS”, which we calculate by adjusting Net Income to exclude certain items, and other non-cash items, assuming that all vested and unvested Virtu Financial Units have been exchanged for Class A Common Stock, and applying an effective tax rate, which was approximately 24%.

“Adjusted Operating Expenses”, which we calculate by adjusting total operating expenses to exclude severance, share based compensation, reserves for legal matters, termination of office leases, connectivity early termination and write-down of assets.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, and Normalized Adjusted EPS and Adjusted Operating Expenses are non-GAAP financial measures used by management in evaluating operating performance and in making strategic decisions. Additional information provided regarding the breakdown of Total Adjusted Net Trading Income by category is also a non-GAAP financial measure but is not used by the Company in evaluating operating performance and in making strategic decisions. In addition, these non-GAAP financial measures or similar non-GAAP measures are used by research analysts, investment bankers and lenders to assess our operating performance. Management believes that the presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide useful information to investors regarding our results of operations because they assist both investors and management in analyzing and benchmarking the performance and value of our business. Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS provide indicators of general economic performance that are not affected by fluctuations in certain costs or other items. Accordingly, management believes that these measurements are useful for comparing general operating performance from period to period. Furthermore, our credit agreement contains tests based on metrics similar to Adjusted EBITDA. Other companies may define Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS differently, and as a result our measures of Adjusted Net Trading Income, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS may not be directly comparable to those of other companies. Although we use these non-GAAP financial measures as financial measures to assess the performance of our business, such use is limited because they do not include certain material costs necessary to operate our business.

Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS should be considered in addition to, and not as a substitute for, Net Income in accordance with U.S. GAAP as a measure of performance. Our presentation of Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes and Normalized Adjusted EPS should not be construed as an indication that our future results will be unaffected by unusual or nonrecurring items. Adjusted Net Trading Income, Normalized Adjusted Net Income, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted EPS and our EBITDA-based measures have limitations as analytical tools, and you should not consider them in isolation or as substitutes for analysis of our results as reported under U.S. GAAP. Some of these limitations are:

they do not reflect every cash expenditure, future requirements for capital expenditures or contractual commitments;
our EBITDA-based measures do not reflect the significant interest expense or the cash requirements necessary to service interest or principal payment on our debt;
although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced or require improvements in the future, and our EBITDA-based measures do not reflect any cash requirement for such replacements or improvements;
they are not adjusted for all non-cash income or expense items that are reflected in our statements of cash flows;
they do not reflect the impact of earnings or charges resulting from matters we consider not to be indicative of our ongoing operations; and
they do not reflect limitations on our costs related to transferring earnings from our subsidiaries to us.

Because of these limitations, Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS are not intended as alternatives to Net Income as indicators of our operating performance and should not be considered as measures of discretionary cash available to us to invest in the growth of our business or as measures of cash that will be available to us to meet our obligations. We compensate for these limitations by using Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS along with other comparative tools, together with U.S. GAAP measurements, to assist in the evaluation of operating performance. These U.S. GAAP measurements include Net Income, cash flows from operations and cash flow data. See below a reconciliation of each non-GAAP measure to the most directly comparable GAAP measure.

Virtu Financial, Inc. and Subsidiaries Condensed Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share and per share data)		2024			2023			2024			2023

Revenues:
Trading income, net	$	443,997		$	316,085		$	1,278,487		$	1,034,764
Interest and dividends income		125,229			127,693			338,287			307,916
Commissions, net and technology services		131,621			110,276			376,333			341,223
Other, net		5,993			76,110			49,557			73,493
Total revenues		706,840			630,164			2,042,664			1,757,396

Operating Expenses:
Brokerage, exchange, clearance fees and payments for order flow, net		176,745			123,245			467,331			391,238
Communication and data processing		59,601			57,066			177,110			170,837
Employee compensation and payroll taxes		107,646			97,221			314,185			296,214
Interest and dividends expense		136,070			132,802			385,791			342,896
Operations and administrative		24,939			22,416			69,346			72,204
Depreciation and amortization		16,486			15,815			48,640			47,076
Amortization of purchased intangibles and acquired capitalized software		11,848			15,967			38,688			48,007
Termination of office leases		17			364			50			314
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,767			1,796			27,740			5,744
Transaction advisory fees and expenses		69			6			264			30
Financing interest expense on long-term borrowings		24,492			25,361			71,154			74,499
Total operating expenses		559,680			492,059			1,600,299			1,449,059

Income before income taxes and noncontrolling interest		147,160			138,105			442,365			308,337
Provision for income taxes		28,137			20,512			83,917			51,117
Net income	$	119,023		$	117,593		$	358,448		$	257,220

Noncontrolling interest		(59,071	)		(55,678	)		(176,093	)		(120,722	)

Net income available for common stockholders	$	59,952		$	61,915		$	182,355		$	136,498

Earnings per share:
Basic	$	0.65		$	0.63		$	1.95		$	1.36
Diluted	$	0.64		$	0.63		$	1.95		$	1.36

Weighted average common shares outstanding
Basic		87,152,658			93,408,537			88,093,082			95,376,590
Diluted		87,536,847			93,408,537			88,340,592			95,376,590

Comprehensive income:
Net income	$	119,023		$	117,593		$	358,448		$	257,220
Other comprehensive income
Foreign exchange translation adjustment, net of taxes		6,835			(4,005	)		3,745			170
Net change in unrealized cash flow hedges gain (loss), net of taxes		(19,568	)		(7,646	)		(30,931	)		(12,612	)
Comprehensive income	$	106,290		$	105,942		$	331,262		$	244,778
Less: Comprehensive income attributable to noncontrolling interest		(54,083	)		(50,832	)		(164,990	)		(115,557	)
Comprehensive income available for common stockholders	$	52,207		$	55,110		$	166,272		$	129,221

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Adjusted Net Trading Income, EBITDA, Adjusted EBITDA, and selected Operating Margins.

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except percentages)		2024			2023			2024			2023

Reconciliation of Trading income, net to Adjusted Net Trading Income
Trading income, net	$	443,997		$	316,085		$	1,278,487		$	1,034,764
Commissions, net and technology services		131,621			110,276			376,333			341,223
Interest and dividends income		125,229			127,693			338,287			307,916
Brokerage, exchange, clearance fees and payments for order flow, net		(176,745	)		(123,245	)		(467,331	)		(391,238	)
Interest and dividends expense		(136,070	)		(132,802	)		(385,791	)		(342,896	)
Adjusted Net Trading Income	$	388,032		$	298,007		$	1,139,985		$	949,769

Reconciliation of Net Income to EBITDA and Adjusted EBITDA
Net income		119,023			117,593			358,448			257,220
Financing interest expense on long-term borrowings		24,492			25,361			71,154			74,499
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,767			1,796			27,740			5,744
Depreciation and amortization		16,486			15,815			48,640			47,076
Amortization of purchased intangibles and acquired capitalized software		11,848			15,967			38,688			48,007
Provision for income taxes		28,137			20,512			83,917			51,117
EBITDA	$	201,753		$	197,044		$	628,587		$	483,663
Severance		690			1,346			3,651			5,256
Transaction advisory fees and expenses		69			6			264			30
Termination of office leases		17			364			50			314
Other		(5,669	)		(74,599	)		(48,334	)		(67,396	)
Share based compensation		17,945			15,353			50,941			47,108
Adjusted EBITDA	$	214,805		$	139,514		$	635,159		$	468,975

Selected Operating Margins
GAAP Net income Margin (1)		16.8	%		18.7	%		17.5	%		14.6	%
Non-GAAP Net income Margin (2)		30.7	%		39.5	%		31.4	%		27.1	%
EBITDA Margin (3)		52.0	%		66.1	%		55.1	%		50.9	%
Adjusted EBITDA Margin (4)		55.4	%		46.8	%		55.7	%		49.4	%

1 Calculated by dividing Net income by Total revenue.
2 Calculated by dividing Net income by Adjusted Net Trading Income.
3 Calculated by dividing EBITDA by Adjusted Net Trading Income.
4 Calculated by dividing Adjusted EBITDA by Adjusted Net Trading Income.

Virtu Financial, Inc. and Subsidiaries
Reconciliation to Non-GAAP Operating Data (Unaudited)
(Continued)

The following tables reconcile Condensed Consolidated Statements of Comprehensive Income to arrive at Normalized Adjusted Net Income before income taxes, Normalized provision for income taxes, Normalized Adjusted Net Income and Normalized Adjusted EPS.

	Three Months Ended September 30,						Nine Months Ended September 30,
(in thousands, except share and per share data)		2024			2023			2024			2023

Reconciliation of Net Income to Normalized Adjusted Net Income
Net income	$	119,023		$	117,593		$	358,448		$	257,220
Provision for income taxes		28,137			20,512			83,917			51,117
Income before income taxes and noncontrolling interest	$	147,160		$	138,105		$	442,365		$	308,337
Amortization of purchased intangibles and acquired capitalized software		11,848			15,967			38,688			48,007
Debt issue cost related to debt refinancing, prepayment and commitment fees		1,767			1,796			27,740			5,744
Severance		690			1,346			3,651			5,256
Transaction advisory fees and expenses		69			6			264			30
Termination of office leases		17			364			50			314
Other		(5,669	)		(74,599	)		(48,334	)		(67,396	)
Share based compensation		17,945			15,353			50,941			47,108
Normalized Adjusted Net Income before income taxes	$	173,827		$	98,338		$	515,365		$	347,400
Normalized provision for income taxes (1)		41,719			23,601			123,688			83,374
Normalized Adjusted Net Income	$	132,108		$	74,737		$	391,677		$	264,026

Weighted Average Adjusted shares outstanding (2)		161,709,295			167,164,049			162,322,747			169,101,067

Normalized Adjusted EPS	$	0.82		$	0.45		$	2.41		$	1.56

(1) Reflects U.S. federal, state, and local income tax rate applicable to corporations of approximately 24% for all periods presented.
(2) Assumes that (1) holders of all vested and unvested non-vesting Virtu Financial Units (together with corresponding shares of the Company’s Class C common stock, par value $0.00001 per share (the “Class C Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of Class A Common Stock on a one-for-one basis, (2) holders of all Virtu Financial Units (together with corresponding shares of the Company’s Class D common stock, par value $0.00001 per share (the “Class D Common Stock”)) have exercised their right to exchange such Virtu Financial Units for shares of the Company’s Class B common stock, par value $0.00001 per share (the “Class B Common Stock”) on a one-for-one basis, and subsequently exercised their right to convert the shares of Class B Common Stock into shares of Class A Common Stock on a one-for-one basis. Includes additional shares from the dilutive impact of options, restricted stock units and restricted stock awards outstanding under the Amended and Restated 2015 Management Incentive Plan during the three and six months ended September 30, 2024 and 2023.

Virtu Financial, Inc. and Subsidiaries Condensed Consolidated Statements of Financial Condition (Unaudited)

(in thousands, except share data)	September 30, 2024		December 31, 2023

Assets
Cash and cash equivalents	$	701,405	$	820,436
Cash and securities segregated under regulations and other		36,823		35,024
Securities borrowed		2,301,690		1,722,440
Securities purchased under agreements to resell		708,773		1,512,114
Receivables from broker-dealers and clearing organizations		1,194,193		737,724
Receivables from customers		169,565		106,245
Trading assets, at fair value		7,186,027		7,358,611
Property, equipment and capitalized software, net		93,899		100,365
Operating lease right-of-use assets		190,261		229,499
Goodwill		1,148,926		1,148,926
Intangibles (net of accumulated amortization)		214,971		257,520
Deferred taxes		122,399		133,760
Assets of business held for sale		4,637		—
Other assets		327,137		303,720
Total assets		14,400,706		14,466,384

Liabilities and equity
Liabilities
Short-term borrowings, net		128,761		—
Securities loaned		2,109,164		1,329,446
Securities sold under agreements to repurchase		1,045,811		1,795,994
Payables to broker-dealers and clearing organizations		619,640		1,167,712
Payables to customers		97,774		23,229
Trading liabilities, at fair value		6,335,171		6,071,352
Tax receivable agreement obligations		196,254		216,480
Accounts payable and accrued expenses and other liabilities		469,796		451,293
Operating lease liabilities		236,253		278,317
Long-term borrowings, net		1,741,543		1,727,205
Liabilities of business held for sale		1,184		—
Total liabilities		12,981,351		13,061,028

Total equity		1,419,355		1,405,356

Total liabilities and equity	$	14,400,706	$	14,466,384

	As of September 30, 2024
Ownership of Virtu Financial LLC Interests:	Interests		%
Virtu Financial, Inc. – Class A Common Stock and Restricted Stock Units		91,902,168		57.2	%
Non-controlling Interests (Virtu Financial LLC)		68,666,792		42.8	%
Total Virtu Financial LLC Interests		160,568,960		100.0	%

About Virtu Financial, Inc.

Virtu is a leading financial services firm that leverages cutting-edge technology to provide execution services and data, analytics and connectivity products to its clients and deliver liquidity to the global markets. Leveraging its global market making expertise and infrastructure, Virtu provides a robust product suite including offerings in execution, liquidity sourcing, analytics and broker-neutral, multi-dealer platforms in workflow technology. Virtu’s product offerings allow clients to trade on hundreds of venues across 50+ countries and in multiple asset classes, including global equities, ETFs, foreign exchange, futures, fixed income and myriad other commodities. In addition, Virtu’s integrated, multi-asset analytics platform provides a range of pre and post-trade services, data products and compliance tools that clients rely upon to invest, trade and manage risk across global markets.

Cautionary Note Regarding Forward-Looking Statements

This press release may contain “forward-looking statements” made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements regarding Virtu Financial, Inc.’s (“Virtu’s”, the “Company’s” or “our”) business that are not historical facts are forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by which, such performance or results will be achieved. The Company assumes no obligation to update forward-looking statements to reflect actual results, changes in assumptions or changes in other factors affecting forward-looking information, and if the Company does update one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect thereto or with respect to other forward-looking statements. Forward-looking statements are based on information available at the time and/or management’s good faith belief with respect to future events, and is subject to risks and uncertainties, some or all of which are not predictable or within Virtu’s control, that could cause actual performance or results to differ materially from those expressed in the statements. Those risks and uncertainties include, without limitation: risks relating to fluctuations in trading volume and volatilities in the markets in which we operate; the ability of our trading counterparties, clients, and various clearing houses to perform their obligations to us; the performance and reliability of our customized trading platform; the risk of material trading losses from our market making activities; swings in valuations in securities or other instruments in which we hold positions; increasing competition and consolidation in our industry; the risk that cash flow from our operations and other available sources of liquidity will not be sufficient to fund our various ongoing obligations, including operating expenses, short-term funding requirements, margin requirements, capital expenditures, debt service and dividend payments; potential consequences of recent SEC proposals focused on equity markets which may, if adopted, result in reduced overall and off-exchange trading volumes and market making opportunities, impose additional or heightened regulatory obligations on market makers and other market participants, and generally increase the implicit and explicit cost as well as the complexity of the U.S. equities eco-system for all participants; regulatory and legal uncertainties and potential changes associated with our industry, particularly in light of increased attention from media, regulators and lawmakers to market structure and related issues including but not limited to the retail trading environment, wholesale market making and off exchange trading more generally and payment for order flow arrangements; potential adverse results from legal or regulatory proceedings; our ability to remain technologically competitive and to ensure that the technology we utilize is not vulnerable to security risks, hacking and cyber-attacks; risks associated with third party software and technology infrastructure. For a discussion of the risks and uncertainties which could cause actual results to differ from those contained in forward-looking statements, see Virtu’s Securities and Exchange Commission filings, including but not limited to Virtu’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC.

CONTACT

Investor & Media Relations
Andrew Smith
investor_relations@virtu.com
media@virtu.com

The MIL Network –

January 25, 2025

MIL-OSI: Valley National Bancorp Announces Third Quarter 2024 Results

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) — Valley National Bancorp (NASDAQ:VLY), the holding company for Valley National Bank, today reported net income for the third quarter 2024 of $97.9 million, or $0.18 per diluted common share, as compared to the second quarter 2024 net income of $70.4 million, or $0.13 per diluted common share, and net income of $141.3 million, or $0.27 per diluted common share, for the third quarter 2023. Excluding all non-core income and charges, our adjusted net income (a non-GAAP measure) was $96.8 million, or $0.18 per diluted common share, for the third quarter 2024, $71.6 million, or $0.13 per diluted common share, for the second quarter 2024, and $136.4 million, or $0.26 per diluted common share, for the third quarter 2023. See further details below, including a reconciliation of our non-GAAP adjusted net income, in the “Consolidated Financial Highlights” tables.

Ira Robbins, CEO, commented, “The third quarter’s financial results highlight the significant progress that we continue to make towards achieving our strategic balance sheet goals. On October 23, 2024, we entered into an agreement to sell performing commercial real estate loans expected to total over $800 million at a very modest discount of approximately 1 percent to a single investor. This economically compelling transaction is expected to close in the fourth quarter 2024 and reflects the strength and desirability of our commercial real estate portfolio. We have executed on a variety of strategic transactions this year that have notably strengthened our balance sheet and enhanced our financial flexibility.”

Mr. Robbins continued, “This quarter’s results also indicated the early stages of normalized profitability which we expect will accelerate as we enter 2025. Net interest income and non-interest income both improved meaningfully from the second quarter 2024, and our operating expenses were well-controlled and effectively unchanged on a year-over-year basis. While recent weather events weighed on the sequential provision improvement that we anticipated, our pre-provision earnings continued to improve during the third quarter and could set the stage for more stable results in the near future. And most importantly, our thoughts are with those affected by the recent hurricanes in our Florida markets and the other areas in the southeast. We are strongly committed to supporting our associates, clients and communities throughout the rebuilding and recovery process.”

Key financial highlights for the third quarter 2024:

Net Interest Income and Margin: Net interest income on a tax equivalent basis of $411.8 million for the third quarter 2024 increased $8.8 million compared to the second quarter 2024 and decreased $1.8 million as compared to the third quarter 2023. Our net interest margin on a tax equivalent basis also increased by 2 basis points to 2.86 percent in the third quarter 2024 as compared to 2.84 percent for the second quarter 2024. The increases from the second quarter 2024 were mostly due to continued yield expansion on average loans and additional interest income and higher yields from targeted growth within our available for sale securities portfolio. See the “Net Interest Income and Margin” section below for more details.
Loan Portfolio: Total loans decreased $956.4 million, or 7.6 percent on an annualized basis, to $49.4 billion at September 30, 2024 from June 30, 2024 mostly due to the transfer of performing commercial real estate loans totaling $823.1 million, net of unearned fees, to loans held for sale at September 30, 2024 and normal repayment activity mainly within the commercial real estate non-owner occupied and multi-family loans, as we continue to actively reduce these loan categories. Our commercial and industrial loans grew $320.1 million, or 13.5 percent on an annualized basis, to $9.8 billion at September 30, 2024 from June 30, 2024 due to solid organic growth during the third quarter 2024. Residential mortgage and total consumer loans also increased modestly during the third quarter 2024. See the “Loans” section below for more details.
Deposits: Actual ending balances for deposits increased $283.8 million to $50.4 billion at September 30, 2024 as compared to $50.1 billion at June 30, 2024 mainly due to higher period-end direct commercial customer money market and non-interest bearing deposits, partially offset by a decline in time deposits. See the “Deposits” section below for more details.
Allowance and Provision for Credit Losses for Loans: The allowance for credit losses for loans totaled $564.7 million and $532.5 million at September 30, 2024 and June 30, 2024, respectively, representing 1.14 percent and 1.06 percent of total loans at each respective date. During the third quarter 2024, we recorded a provision for credit losses for loans of $75.0 million as compared to $82.1 million and $9.1 million for the second quarter 2024 and third quarter 2023, respectively. The third quarter 2024 provision reflects, among other factors, increased quantitative reserves allocated to commercial real estate loans, significant commercial and industrial loan growth and $8.0 million of qualitative reserves related to the estimated impact of Hurricane Helene, which hit Florida in late September 2024.
Credit Quality: Non-accrual loans totaled $296.3 million, or 0.60 percent of total loans at September 30, 2024 as compared to $303.3 million, or 0.60 percent of total loans at June 30, 2024. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased to 0.35 percent of total loans at September 30, 2024 as compared to 0.14 percent at June 30, 2024 largely due to two well-secured commercial real estate loans at various stages of expected collection within the early stage delinquency categories. Net loan charge-offs totaled $42.9 million for the third quarter 2024 as compared to $36.8 million and $5.5 million for the second quarter 2024 and third quarter 2023, respectively. The loan charge-offs in the third quarter 2024 included partial charge-offs totaling a combined $30.1 million related to two commercial real estate loan relationships. See the “Credit Quality” section below for more details.
Non-Interest Income: Non-interest income increased $9.5 million to $60.7 million for the third quarter 2024 as compared to the second quarter 2024 mainly due to increases in other income; wealth management and trust fees; and service charges on deposits totaling $11.2 million, $2.0 million, and $1.6 million, respectively. The increases in the aforementioned categories were partially offset by a $5.8 million mark to market loss (recorded within net losses on sales of loans) associated with the performing commercial real estate loans transferred to loans held for sale at September 30, 2024, as well as lower swap fees related to commercial loan transactions (within capital market fees) and insurance commissions. The increase in other income was mostly the result of income from litigation settlements totaling $7.3 million for the third quarter 2024.
Non-Interest Expense: Non-interest expense decreased $8.0 million to $269.5 million for the third quarter 2024 as compared to the second quarter 2024 largely due to a $6.2 million decrease in technology, furniture and equipment expense and a $3.8 million decrease in professional and legal expenses, partially offset by higher net occupancy expense during the third quarter 2024.
Efficiency Ratio: Our efficiency ratio was 56.13 percent for the third quarter 2024 as compared to 59.62 percent and 56.72 percent for the second quarter 2024 and third quarter 2023, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.
Performance Ratios: Annualized return on average assets (ROA), shareholders’ equity (ROE) and tangible ROE were 0.63 percent, 5.70 percent and 8.06 percent for the third quarter 2024, respectively. Annualized ROA, ROE, and tangible ROE, adjusted for non-core income and charges, were 0.62 percent, 5.64 percent and 7.97 percent for the third quarter 2024, respectively. See the “Consolidated Financial Highlights” tables below for additional information regarding our non-GAAP measures.

Net Interest Income and Margin

Net interest income on a tax equivalent basis of $411.8 million for the third quarter 2024 increased $8.8 million compared to the second quarter 2024 and decreased $1.8 million as compared to the third quarter 2023. Interest income on a tax equivalent basis increased $27.1 million to $861.9 million for the third quarter 2024 as compared to the second quarter 2024. The increase was mostly due to higher yields on both new loan originations and adjustable rate loans, as well as higher yields and additional interest income from targeted purchases of taxable investments within the available for sale securities portfolio during the second and third quarter 2024. Total interest expense increased $18.3 million to $450.1 million for the third quarter 2024 as compared to the second quarter 2024 mainly due to an increase in average time deposit balances coupled with higher costs on most interest bearing deposit products. See the “Deposits” and “Other Borrowings” sections below for more details.

Net interest margin on a tax equivalent basis of 2.86 percent for the third quarter 2024 increased by 2 basis points from 2.84 percent for the second quarter 2024 and decreased 5 basis points from 2.91 percent for the third quarter 2023. The increase as compared to the second quarter 2024 was largely driven by the higher yield on average interest earning assets largely offset by an increase in the cost of average interest bearing liabilities. The yield on average interest earning assets increased by 10 basis points to 5.98 percent on a linked quarter basis largely due to higher yielding investment purchases and new loan originations during the second and third quarter 2024. The overall cost of average interest bearing liabilities increased 7 basis points to 4.22 percent for the third quarter 2024 as compared to the second quarter 2024 largely due to higher interest rates on deposits. Our cost of total average deposits was 3.25 percent for the third quarter 2024 as compared to 3.18 percent and 2.94 percent for the second quarter 2024 and the third quarter 2023, respectively.

Loans, Deposits and Other Borrowings

Loans. Total loans decreased $956.4 million, or 7.6 percent on an annualized basis, to $49.4 billion at September 30, 2024 from June 30, 2024. Commercial and industrial loans grew by $320.1 million , or 13.5 percent on an annualized basis, to $9.8 billion at September 30, 2024 from June 30, 2024 largely due to our continued strategic focus on the expansion of new loan production within this category. Total commercial real estate (including construction) loans decreased $1.4 billion to $30.4 billion at September 30, 2024 from June 30, 2024. This decline was primarily driven by the transfer of $823.1 million of commercial real estate loans, net of unearned loan fees, from the loans held for investment portfolio to loans held for sale as of September 30, 2024. In addition, we remained highly selective on new originations and projects in an effort to reduce commercial real estate loan concentrations, mainly within the non-owner occupied and multifamily loan categories. Automobile loan balances increased by $60.9 million, or 13.8 percent on an annualized basis, to $1.8 billion at September 30, 2024 from June 30, 2024 mainly due to continued consumer demand generated by our indirect auto dealer network and low prepayment activity within the portfolio. Other consumer loans decreased $42.4 million, or 15.3 percent on an annualized basis, to $1.1 billion at September 30, 2024 from June 30, 2024 primarily due to the negative impact of the high level of market interest rates on the demand and usage of collateralized personal lines of credit.

Deposits. Actual ending balances for deposits increased $283.8 million to $50.4 billion at September 30, 2024 from June 30, 2024 mainly due to an increase of $358.3 million in savings, NOW and money market deposits and an increase of $36.0 million in non-interest bearing deposits, partially offset by a decrease of $110.5 million in time deposits. Non-interest bearing deposit and savings, NOW and money market deposit balances increased at September 30, 2024 from June 30, 2024 mostly due to increases in national specialized deposits and higher direct commercial customer deposit accounts. Total indirect customer deposits (including both brokered money market and time deposits) totaled $9.1 billion in both September 30, 2024 and June 30, 2024. Non-interest bearing deposits; savings, NOW and money market deposits; and time deposits represented approximately 22 percent, 50 percent and 28 percent of total deposits as of September 30, 2024, respectively, as compared to 22 percent, 49 percent and 29 percent of total deposits as of June 30, 2024, respectively.

Other Borrowings. Short-term borrowings, consisting of securities sold under agreements to repurchase, decreased $5.5 million to $58.3 million at September 30, 2024 from June 30, 2024. Long-term borrowings totaled $3.3 billion at September 30, 2024 and also remained relatively unchanged as compared to June 30, 2024.

Credit Quality

Hurricanes Helene and Milton. In the early stages of the fourth quarter 2024, the credit quality of our Florida loan portfolio has remained resilient in the aftermath of Hurricane Helene, which hit Florida in late September 2024, and Hurricane Milton, which made landfall on October 9, 2024. At this time, there have been relatively few loan concessions (mostly in the form of loan payment deferrals up to 90 days) for distressed borrowers impacted by the hurricanes. However, we continue to assess the impact of the hurricanes on our Florida client base and, where appropriate, we will work constructively with individual borrowers.

Non-Performing Assets (NPAs). Total NPAs, consisting of non-accrual loans, other real estate owned (OREO) and other repossessed assets, decreased $7.8 million to $305.1 million at September 30, 2024 as compared to June 30, 2024. Non-accrual loans decreased $7.0 million to $296.3 million at September 30, 2024 as compared to $303.3 million at June 30, 2024. Non-accrual construction and commercial real estate loans decreased $20.7 million and $9.3 million to $24.7 million and $113.8 million, respectively, at September 30, 2024 as compared to June 30, 2024 mainly due to loan payoffs during the third quarter 2024. The decreases in these loan categories were partially offset by two new non-accrual commercial and industrial loans totaling $19.0 million, as well as moderate increases in non-accrual residential mortgage and consumer loans at September 30, 2024. OREO decreased $887 thousand at September 30, 2024 from June 30, 2024 mostly due to the sale of one commercial property, which resulted in the recognition of an immaterial loss for the third quarter 2024.

Accruing Past Due Loans. Total accruing past due loans (i.e., loans past due 30 days or more and still accruing interest) increased $102.3 million to $174.7 million, or 0.35 percent of total loans, at September 30, 2024 as compared to $72.4 million, or 0.14 percent of total loans at June 30, 2024. Loans 30 to 59 days past due increased $69.1 million to $115.1 million at September 30, 2024 as compared to June 30, 2024 mainly due to a $74.5 million increase in commercial real estate loans, partially offset by a $7.0 million decline in consumer loan delinquencies. The increase in commercial real estate loans 30 to 59 days past due was mostly due to one new delinquent loan totaling $40.9 million, which is expected to be fully repaid, subject to the borrower’s pending sale of certain collateral, as well as a few other new loan delinquencies. Loans 60 to 89 days past due increased $42.9 million to $54.8 million at September 30, 2024 as compared to June 30, 2024 mostly due to one well-secured commercial real estate loan totaling $43.9 million currently in the process of loan modification. Loans 90 days or more past due and still accruing interest decreased $9.7 million to $4.8 million at September 30, 2024 as compared to June 30, 2024 largely due to one $4.0 million construction loan that was fully repaid and one $4.2 million commercial real estate loan that migrated from this past due category to non-accrual loans during the third quarter 2024. All loans 90 days or more past due and still accruing interest are well-secured and in the process of collection.

Allowance for Credit Losses for Loans and Unfunded Commitments. The following table summarizes the allocation of the allowance for credit losses to loan categories and the allocation as a percentage of each loan category at September 30, 2024, June 30, 2024 and September 30, 2023:

		September 30, 2024				June 30, 2024				September 30, 2023
				Allocation				Allocation				Allocation
				as a % of				as a % of				as a % of
		Allowance		Loan		Allowance		Loan		Allowance		Loan
		Allocation		Category		Allocation		Category		Allocation		Category
		($ in thousands)
Loan Category:
Commercial and industrial loans		$	166,365	1.70	%	$	149,243	1.57	%	$	133,988	1.44	%
Commercial real estate loans:
	Commercial real estate		249,608	0.93			246,316	0.87			191,562	0.68
	Construction		59,420	1.70			54,777	1.54			53,485	1.40
Total commercial real estate loans			309,028	1.02			301,093	0.95			245,047	0.77
Residential mortgage loans			51,545	0.91			47,697	0.85			44,621	0.80
Consumer loans:
	Home equity		3,303	0.57			3,077	0.54			3,689	0.67
	Auto and other consumer		18,086	0.63			18,200	0.63			14,830	0.52
Total consumer loans			21,389	0.62			21,277	0.62			18,519	0.55
Allowance for loan losses			548,327	1.11			519,310	1.03			442,175	0.88
Allowance for unfunded credit commitments			16,344				13,231				20,170
Total allowance for credit losses for loans		$	564,671			$	532,541			$	462,345
Allowance for credit losses for loans as a % total loans				1.14	%			1.06	%			0.92	%

Our loan portfolio, totaling $49.4 billion at September 30, 2024, had net loan charge-offs totaling $42.9 million for the third quarter 2024 as compared to $36.8 million and $5.5 million for the second quarter 2024 and the third quarter 2023, respectively. Total gross loan charge-offs in the third quarter 2024 included partial charge-offs totaling $30.1 million related to two non-performing commercial real estate loan relationships that had combined specific reserves of $25.9 million within the allowance for loan losses at June 30, 2024.

The allowance for credit losses for loans, comprised of our allowance for loan losses and unfunded credit commitments, as a percentage of total loans was 1.14 percent at September 30, 2024, 1.06 percent at June 30, 2024, and 0.92 percent at September 30, 2023. For the third quarter 2024, the provision for credit losses for loans totaled $75.0 million as compared to $82.1 million and $9.1 million for the second quarter 2024 and third quarter 2023, respectively. The provision for credit losses remained somewhat elevated for the third quarter 2024 largely due to higher quantitative reserves allocated to commercial real estate loans, commercial and industrial loan growth and $8.0 million of qualitative reserves related to the estimated impact of Hurricane Helene.

The allowance for unfunded credit commitments increased to $16.3 million at September 30, 2024 from $13.2 million at June 30, 2024 mainly due to increases in both non-cancellable construction commitments and commercial and industrial standby letters of credit.

As previously noted, we are currently evaluating the impact of Hurricane Milton, and we also continue to evaluate any further impact of Hurricane Helene, on our loan portfolio. While not anticipated based on information currently available, Hurricane Milton and unexpected losses from Hurricane Helene could result in a significant increase to the current hurricane related reserves within the allowance, loan charge-offs and our provision for the fourth quarter 2024.

Capital Adequacy

Valley’s total risk-based capital, common equity Tier 1 capital, Tier 1 capital and Tier 1 leverage capital ratios were 12.56 percent, 9.57 percent, 10.29 percent and 8.40 percent, respectively, at September 30, 2024 as compared to 12.18 percent, 9.55 percent, 9.99 percent and 8.19 percent, respectively, at June 30, 2024. The increases in the total risk-based capital, Tier 1 capital and Tier 1 leverage ratios as compared to June 30, 2024 were largely due to Valley’s issuance of 6.0 million shares of its 8.250 percent Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series C on August 5, 2024. Net proceeds to Valley after deducting underwriting discounts, commissions and offering expenses were approximately $144.7 million.

Investor Conference Call

Valley will host a conference call with investors and the financial community at 11:00 AM (ET) today to discuss the third quarter 2024 earnings and related matters. Interested parties should preregister using this link: https://register.vevent.com/register to receive the dial-in number and a personal PIN, which are required to access the conference call. The teleconference will also be webcast live: https://edge.media-server.com and archived on Valley’s website through Monday, December 2, 2024. Investor presentation materials will be made available prior to the conference call at www.valley.com.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with over $62 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

Forward-Looking Statements

The foregoing contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are not historical facts and include expressions about management’s confidence and strategies and management’s expectations about our business, new and existing programs and products, acquisitions, relationships, opportunities, taxation, technology, market conditions and economic expectations. These statements may be identified by such forward-looking terminology as “intend,” “should,” “expect,” “believe,” “view,” “opportunity,” “allow,” “continues,” “reflects,” “would,” “could,” “typically,” “usually,” “anticipate,” “may,” “estimate,” “outlook,” “project” or similar statements or variations of such terms. Such forward-looking statements involve certain risks and uncertainties. Actual results may differ materially from such forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, but are not limited to:

the impact of market interest rates and monetary and fiscal policies of the U.S. federal government and its agencies in connection with the prolonged inflationary pressures, which could have a material adverse effect on our clients, our business, our employees, and our ability to provide services to our customers;
the impact of unfavorable macroeconomic conditions or downturns, including an actual or threatened U.S. government shutdown, debt default or rating downgrade, instability or volatility in financial markets, unanticipated loan delinquencies, loss of collateral, decreased service revenues, increased business disruptions or failures, reductions in employment, and other potential negative effects on our business, employees or clients caused by factors outside of our control, such as the outcome of the 2024 U.S. presidential election, geopolitical instabilities or events (including the Israel-Hamas war and the escalation and regional expansion thereof); natural and other disasters (including severe weather events, such as Hurricanes Helene and Milton); health emergencies; acts of terrorism; or other external events;
the impact of potential instability within the U.S. financial sector in the aftermath of the banking failures in 2023 and continued volatility thereafter, including the possibility of a run on deposits by a coordinated deposit base, and the impact of the actual or perceived soundness, or concerns about the creditworthiness of other financial institutions, including any resulting disruption within the financial markets, increased expenses, including Federal Deposit Insurance Corporation insurance assessments, or adverse impact on our stock price, deposits or our ability to borrow or raise capital;
the impact of negative public opinion regarding Valley or banks in general that damages our reputation and adversely impacts business and revenues;
changes in the statutes, regulations, policy, or enforcement priorities of the federal bank regulatory agencies;
the loss of or decrease in lower-cost funding sources within our deposit base;
damage verdicts or settlements or restrictions related to existing or potential class action litigation or individual litigation arising from claims of violations of laws or regulations, contractual claims, breach of fiduciary responsibility, negligence, fraud, environmental laws, patent, trademark or other intellectual property infringement, misappropriation or other violation, employment related claims, and other matters;
a prolonged downturn and contraction in the economy, as well as an unexpected decline in commercial real estate values collateralizing a significant portion of our loan portfolio;
higher or lower than expected income tax expense or tax rates, including increases or decreases resulting from changes in uncertain tax position liabilities, tax laws, regulations, and case law;
the inability to grow customer deposits to keep pace with loan growth;
a material change in our allowance for credit losses under CECL due to forecasted economic conditions and/or unexpected credit deterioration in our loan and investment portfolios;
the need to supplement debt or equity capital to maintain or exceed internal capital thresholds;
changes in our business, strategy, market conditions or other factors that may negatively impact the estimated fair value of our goodwill and other intangible assets and result in future impairment charges;
greater than expected technology related costs due to, among other factors, prolonged or failed implementations, additional project staffing and obsolescence caused by continuous and rapid market innovations;
cyberattacks, ransomware attacks, computer viruses, malware or other cybersecurity incidents that may breach the security of our websites or other systems or networks to obtain unauthorized access to personal, confidential, proprietary or sensitive information, destroy data, disable or degrade service, or sabotage our systems or networks;
results of examinations by the Office of the Comptroller of the Currency (OCC), the Federal Reserve Bank, the Consumer Financial Protection Bureau (CFPB) and other regulatory authorities, including the possibility that any such regulatory authority may, among other things, require us to increase our allowance for credit losses, write-down assets, reimburse customers, change the way we do business, or limit or eliminate certain other banking activities;
application of the OCC heightened regulatory standards for certain large insured national banks, and the expenses we will incur to develop policies, programs, and systems that comply with the enhanced standards applicable to us;
our inability or determination not to pay dividends at current levels, or at all, because of inadequate earnings, regulatory restrictions or limitations, changes in our capital requirements, or a decision to increase capital by retaining more earnings;
unanticipated loan delinquencies, loss of collateral, decreased service revenues, and other potential negative effects on our business caused by severe weather, pandemics or other public health crises, acts of terrorism or other external events;
our ability to successfully execute our business plan and strategic initiatives; and
unexpected significant declines in the loan portfolio due to the lack of economic expansion, increased competition, large prepayments, risk mitigation strategies, changes in regulatory lending guidance or other factors.

A detailed discussion of factors that could affect our results is included in our SEC filings, including Item 1A. “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023.

We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required by law. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.

-Tables to Follow-

VALLEY NATIONAL BANCORP
CONSOLIDATED FINANCIAL HIGHLIGHTS

SELECTED FINANCIAL DATA

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands, except for share data and stock price)	2024			2024			2023			2024			2023
FINANCIAL DATA:
Net interest income – FTE⁽¹⁾	$	411,812		$	402,984		$	413,657		$	1,209,643		$	1,272,390
Net interest income	$	410,498		$	401,685		$	412,418		$	1,205,731		$	1,268,203
Non-interest income		60,671			51,213			58,664			173,299			173,038
Total revenue		471,169			452,898			471,082			1,379,030			1,441,241
Non-interest expense		269,471			277,497			267,133			827,278			822,270
Pre-provision net revenue		201,698			175,401			203,949			551,752			618,971
Provision for credit losses		75,024			82,070			9,117			202,294			29,604
Income tax expense		28,818			22,907			53,486			84,898			162,410
Net income		97,856			70,424			141,346			264,560			426,957
Dividends on preferred stock		6,117			4,108			4,127			14,344			12,031
Net income available to common shareholders	$	91,739		$	66,316		$	137,219		$	250,216		$	414,926
Weighted average number of common shares outstanding:
Basic		509,227,538			509,141,252			507,650,668			508,904,353			507,580,197
Diluted		511,342,932			510,338,502			509,256,599			510,713,205			509,204,051
Per common share data:
Basic earnings	$	0.18		$	0.13		$	0.27		$	0.49		$	0.82
Diluted earnings		0.18			0.13			0.27			0.49			0.81
Cash dividends declared		0.11			0.11			0.11			0.33			0.33
Closing stock price – high		9.34			8.02			10.30			10.80			12.59
Closing stock price – low		6.58			6.52			7.63			6.52			6.59
FINANCIAL RATIOS:
Net interest margin		2.85	%		2.83	%		2.90	%		2.82	%		2.99	%
Net interest margin – FTE⁽¹⁾		2.86			2.84			2.91			2.83			3.00
Annualized return on average assets		0.63			0.46			0.92			0.57			0.93
Annualized return on avg. shareholders’ equity		5.70			4.17			8.56			5.20			8.72
NON-GAAP FINANCIAL DATA AND RATIOS:⁽²⁾
Basic earnings per share, as adjusted	$	0.18		$	0.13		$	0.26		$	0.50		$	0.84
Diluted earnings per share, as adjusted		0.18			0.13			0.26			0.50			0.84
Annualized return on average assets, as adjusted		0.62	%		0.47	%		0.89	%		0.58	%		0.96	%
Annualized return on average shareholders’ equity, as adjusted		5.64			4.24			8.26			5.27			8.94
Annualized return on avg. tangible shareholders’ equity		8.06			5.95			12.39			7.40			12.71
Annualized return on average tangible shareholders’ equity, as adjusted		7.97			6.05			11.95			7.50			13.04
Efficiency ratio		56.13			59.62			56.72			58.26			55.34

AVERAGE BALANCE SHEET ITEMS:
Assets	$	62,242,022		$	61,518,639		$	61,391,688		$	61,674,588		$	61,050,973
Interest earning assets		57,651,650			56,772,950			56,802,565			57,016,790			56,510,997
Loans		50,126,963			50,020,901			50,019,414			50,131,468			49,120,153
Interest bearing liabilities		42,656,956			41,576,344			40,829,078			41,932,616			39,802,966
Deposits		50,409,234			49,383,209			49,848,446			49,459,617			48,165,152
Shareholders’ equity		6,862,555			6,753,981			6,605,786			6,781,022			6,531,424

	As Of
BALANCE SHEET ITEMS:	September 30,			June 30,			March 31,			December			September 30,
(In thousands)	2024			2024			2024			2023			2023
Assets	$	62,092,332		$	62,058,974		$	61,000,188		$	60,934,974		$	61,183,352
Total loans		49,355,319			50,311,702			49,922,042			50,210,295			50,097,519
Deposits		50,395,966			50,112,177			49,077,946			49,242,829			49,885,314
Shareholders’ equity		6,972,380			6,737,737			6,727,139			6,701,391			6,627,299

LOANS:
(In thousands)
Commercial and industrial	$	9,799,287		$	9,479,147		$	9,104,193		$	9,230,543		$	9,274,630
Commercial real estate:
Non-owner occupied		12,647,649			13,710,015			14,962,851			15,078,464			14,741,668
Multifamily		8,612,936			8,976,264			8,818,263			8,860,219			8,863,529
Owner occupied		5,654,147			5,536,844			4,367,839			4,304,556			4,435,853
Construction		3,487,464			3,545,723			3,556,511			3,726,808			3,833,269
Total commercial real estate		30,402,196			31,768,846			31,705,464			31,970,047			31,874,319
Residential mortgage		5,684,079			5,627,113			5,618,355			5,569,010			5,562,665
Consumer:
Home equity		581,181			566,467			564,083			559,152			548,918
Automobile		1,823,738			1,762,852			1,700,508			1,620,389			1,585,987
Other consumer		1,064,838			1,107,277			1,229,439			1,261,154			1,251,000
Total consumer loans		3,469,757			3,436,596			3,494,030			3,440,695			3,385,905
Total loans	$	49,355,319		$	50,311,702		$	49,922,042		$	50,210,295		$	50,097,519

CAPITAL RATIOS:
Book value per common share	$	13.00		$	12.82		$	12.81		$	12.79		$	12.64
Tangible book value per common share⁽²⁾		9.06			8.87			8.84			8.79			8.63
Tangible common equity to tangible assets⁽²⁾		7.68	%		7.52	%		7.62	%		7.58	%		7.40	%
Tier 1 leverage capital		8.40			8.19			8.20			8.16			8.08
Common equity tier 1 capital		9.57			9.55			9.34			9.29			9.21
Tier 1 risk-based capital		10.29			9.99			9.78			9.72			9.64
Total risk-based capital		12.56			12.18			11.88			11.76			11.68

	Three Months Ended									Nine Months Ended
ALLOWANCE FOR CREDIT LOSSES:	September 30,			June 30,			September 30,			September 30,
($ in thousands)	2024			2024			2023			2024			2023
Allowance for credit losses for loans
Beginning balance	$	532,541		$	487,269		$	458,676		$	465,550		$	483,255
Impact of the adoption of ASU No. 2022-02		—			—			—			—			(1,368	)
Beginning balance, adjusted		532,541			487,269			458,676			465,550			481,887
Loans charged-off:
Commercial and industrial		(7,501	)		(14,721	)		(7,487	)		(36,515	)		(37,399	)
Commercial real estate		(33,292	)		(22,144	)		(255	)		(56,640	)		(2,320	)
Construction		(4,831	)		(212	)		—			(12,637	)		(9,906	)
Residential mortgage		—			—			(20	)		—			(169	)
Total consumer		(2,597	)		(1,262	)		(1,156	)		(5,668	)		(3,024	)
Total loans charged-off		(48,221	)		(38,339	)		(8,918	)		(111,460	)		(52,818	)
Charged-off loans recovered:
Commercial and industrial		3,162			742			3,043			4,586			6,615
Commercial real estate		66			150			5			457			33
Construction		1,535			—			—			1,535			—
Residential mortgage		29			5			30			59			186
Total consumer		521			603			362			1,521			1,513
Total loans recovered		5,313			1,500			3,440			8,158			8,347
Total net charge-offs		(42,908	)		(36,839	)		(5,478	)		(103,302	)		(44,471	)
Provision for credit losses for loans		75,038			82,111			9,147			202,423			24,929
Ending balance	$	564,671		$	532,541		$	462,345		$	564,671		$	462,345
Components of allowance for credit losses for loans:
Allowance for loan losses	$	548,327		$	519,310		$	442,175		$	548,327		$	442,175
Allowance for unfunded credit commitments		16,344			13,231			20,170			16,344			20,170
Allowance for credit losses for loans	$	564,671		$	532,541		$	462,345		$	564,671		$	462,345
Components of provision for credit losses for loans:
Provision for credit losses for loans	$	71,925		$	86,901		$	11,221		$	205,549		$	29,359
Provision (credit) for unfunded credit commitments		3,113			(4,790	)		(2,074	)		(3,126	)		(4,430	)
Total provision for credit losses for loans	$	75,038		$	82,111		$	9,147		$	202,423		$	24,929
Annualized ratio of total net charge-offs to total average loans		0.34	%		0.29	%		0.04	%		0.27	%		0.12	%
Allowance for credit losses for loans as a % of total loans		1.14	%		1.06	%		0.92	%		1.14	%		0.92	%

	As Of
ASSET QUALITY:	September 30,			June 30,			March 31,			December 31,			September 30,
($ in thousands)	2024			2024			2024			2023			2023
Accruing past due loans:
30 to 59 days past due:
Commercial and industrial	$	4,537		$	5,086		$	6,202		$	9,307		$	10,687
Commercial real estate		76,370			1,879			5,791			3,008			8,053
Residential mortgage		19,549			17,389			20,819			26,345			13,159
Total consumer		14,672			21,639			14,032			20,554			15,509
Total 30 to 59 days past due		115,128			45,993			46,844			59,214			47,408
60 to 89 days past due:
Commercial and industrial		1,238			1,621			2,665			5,095			5,720
Commercial real estate		43,926			—			3,720			1,257			2,620
Residential mortgage		6,892			6,632			5,970			8,200			9,710
Total consumer		2,732			3,671			1,834			4,715			1,720
Total 60 to 89 days past due		54,788			11,924			14,189			19,267			19,770
90 or more days past due:
Commercial and industrial		1,786			2,739			5,750			5,579			6,629
Commercial real estate		—			4,242			—			—			—
Construction		—			3,990			3,990			3,990			3,990
Residential mortgage		1,931			2,609			2,884			2,488			1,348
Total consumer		1,063			898			731			1,088			391
Total 90 or more days past due		4,780			14,478			13,355			13,145			12,358
Total accruing past due loans	$	174,696		$	72,395		$	74,388		$	91,626		$	79,536
Non-accrual loans:
Commercial and industrial	$	120,575		$	102,942		$	102,399		$	99,912		$	87,655
Commercial real estate		113,752			123,011			100,052			99,739			83,338
Construction		24,657			45,380			51,842			60,851			62,788
Residential mortgage		33,075			28,322			28,561			26,986			21,614
Total consumer		4,260			3,624			4,438			4,383			3,545
Total non-accrual loans		296,319			303,279			287,292			291,871			258,940
Other real estate owned (OREO)		7,172			8,059			88			71			71
Other repossessed assets		1,611			1,607			1,393			1,444			1,314
Total non-performing assets	$	305,102		$	312,945		$	288,773		$	293,386		$	260,325
Total non-accrual loans as a % of loans		0.60	%		0.60	%		0.58	%		0.58	%		0.52	%
Total accruing past due and non-accrual loans as a % of loans		0.95			0.75			0.72			0.76			0.68
Allowance for losses on loans as a % of non-accrual loans		185.05			171.23			163.33			152.83			170.76

NOTES TO SELECTED FINANCIAL DATA

(1)		Net interest income and net interest margin are presented on a tax equivalent basis using a 21 percent federal tax rate. Valley believes that this presentation provides comparability of net interest income and net interest margin arising from both taxable and tax-exempt sources and is consistent with industry practice and SEC rules.
(2)		Non-GAAP Reconciliations. This press release contains certain supplemental financial information, described in the Notes below, which has been determined by methods other than U.S. Generally Accepted Accounting Principles (“GAAP”) that management uses in its analysis of Valley’s performance. The Company believes that the non-GAAP financial measures provide useful supplemental information to both management and investors in understanding Valley’s underlying operational performance, business and performance trends, and may facilitate comparisons of our current and prior performance with the performance of others in the financial services industry. Management utilizes these measures for internal planning, forecasting and analysis purposes. Management believes that Valley’s presentation and discussion of this supplemental information, together with the accompanying reconciliations to the GAAP financial measures, also allows investors to view performance in a manner similar to management. These non-GAAP financial measures should not be considered in isolation or as a substitute for or superior to financial measures calculated in accordance with U.S. GAAP. These non-GAAP financial measures may also be calculated differently from similar measures disclosed by other companies.

Non-GAAP Reconciliations to GAAP Financial Measures

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands, except for share data)	2024			2024			2023			2024			2023
Adjusted net income available to common shareholders (non-GAAP):
Net income, as reported (GAAP)	$	97,856		$	70,424		$	141,346		$	264,560		$	426,957
Add: FDIC Special assessment ^(a)		—			1,363			—			8,757			—
Add: Losses on available for sale and held to maturity debt securities, net ^(b)		1			4			443			12			476
Add: Restructuring charge ^(c)		—			334			(675	)		954			10,507
Add: Mark to market loss on commercial real estate loans transferred to loans held for sale ^(d)		5,794			—			—			5,794			—
Add: Provision for credit losses for available for sale securities ^(e)		—			—			—			—			5,000
Add: Merger related expenses ^(f)		—			—			—			—			4,133
Less: Litigation settlements ^(g)		(7,334	)		—			—			(7,334	)		—
Less: Gain on sale of commercial premium finance lending division ^(h)		—			—			—			(3,629	)		—
Less: Net gains on sales of office buildings ^(h)		—			—			(6,721	)		—			(6,721	)
Total non-GAAP adjustments to net income		(1,539	)		1,701			(6,953	)		4,554			13,395
Income tax adjustments related to non-GAAP adjustments ⁽ⁱ⁾		437			(482	)		1,970			(1,269	)		(2,378	)
Net income, as adjusted (non-GAAP)	$	96,754		$	71,643		$	136,363		$	267,845		$	437,974
Dividends on preferred stock		6,117			4,108			4,127			14,344			12,031
Net income available to common shareholders, as adjusted (non-GAAP)	$	90,637		$	67,535		$	132,236		$	253,501		$	425,943
__________
(a) Included in the FDIC insurance expense.
(b) Included in gains (losses) on securities transactions, net.
(c) Represents severance expense related to workforce reductions within salary and employee benefits expense.
(d) Included in (losses) gains on sales of loans, net.
(e) Included in provision for credit losses for available for sale and held to maturity securities (tax disallowed).
(f) Included in salary and employee benefits expense during the first quarter 2023.
(g) Represents recoveries from legal settlements included in other income.
(h) Included in gains (losses) on sales of assets, net within non-interest income.
(i) Calculated using the appropriate blended statutory tax rate for the applicable period.

Adjusted per common share data (non-GAAP):
Net income available to common shareholders, as adjusted (non-GAAP)	$	90,637		$	67,535		$	132,236		$	253,501		$	425,943
Average number of shares outstanding		509,227,538			509,141,252			507,650,668			508,904,353			507,580,197
Basic earnings, as adjusted (non-GAAP)	$	0.18		$	0.13		$	0.26		$	0.50		$	0.84
Average number of diluted shares outstanding		511,342,932			510,338,502			509,256,599			510,713,205			509,204,051
Diluted earnings, as adjusted (non-GAAP)	$	0.18		$	0.13		$	0.26		$	0.50		$	0.84
Adjusted annualized return on average tangible shareholders’ equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	96,754		$	71,643		$	136,363		$	267,845		$	437,974
Average shareholders’ equity	$	6,862,555		$	6,753,981		$	6,605,786		$	6,781,022		$	6,531,424
Less: Average goodwill and other intangible assets		2,008,692			2,016,766			2,042,486			2,016,790			2,051,727
Average tangible shareholders’ equity	$	4,853,863		$	4,737,215		$	4,563,300		$	4,764,232		$	4,479,697
Annualized return on average tangible shareholders’ equity, as adjusted (non-GAAP)		7.97	%		6.05	%		11.95	%		7.50	%		13.04	%

Non-GAAP Reconciliations to GAAP Financial Measures (Continued)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
($ in thousands, except for share data)	2024			2024			2023			2024			2023
Adjusted annualized return on average assets (non-GAAP):
Net income, as adjusted (non-GAAP)	$	96,754		$	71,643		$	136,363		$	267,845		$	437,974
Average assets	$	62,242,022		$	61,518,639		$	61,391,688		$	61,674,588		$	61,050,973
Annualized return on average assets, as adjusted (non-GAAP)		0.62	%		0.47	%		0.89	%		0.58	%		0.96	%
Adjusted annualized return on average shareholders’ equity (non-GAAP):
Net income, as adjusted (non-GAAP)	$	96,754		$	71,643		$	136,363		$	267,845		$	437,974
Average shareholders’ equity	$	6,862,555		$	6,753,981		$	6,605,786		$	6,781,022		$	6,531,424
Annualized return on average shareholders’ equity, as adjusted (non-GAAP)		5.64	%		4.24	%		8.26	%		5.27	%		8.94	%
Annualized return on average tangible shareholders’ equity (non-GAAP):
Net income, as reported (GAAP)	$	97,856		$	70,424		$	141,346		$	264,560		$	426,957
Average shareholders’ equity	$	6,862,555		$	6,753,981		$	6,605,786		$	6,781,022		$	6,531,424
Less: Average goodwill and other intangible assets		2,008,692			2,016,766			2,042,486			2,016,790			2,051,727
Average tangible shareholders’ equity	$	4,853,863		$	4,737,215		$	4,563,300		$	4,764,232		$	4,479,697
Annualized return on average tangible shareholders’ equity (non-GAAP)		8.06	%		5.95	%		12.39	%		7.40	%		12.71	%
Efficiency ratio (non-GAAP):
Non-interest expense, as reported (GAAP)	$	269,471		$	277,497		$	267,133		$	827,278		$	822,270
Less: FDIC Special assessment (pre-tax)		—			1,363			—			8,757			—
Less: Restructuring charge (pre-tax)		—			334			(675	)		954			10,507
Less: Merger-related expenses (pre-tax)		—			—			—			—			4,133
Less: Amortization of tax credit investments (pre-tax)		5,853			5,791			4,191			17,206			13,462
Non-interest expense, as adjusted (non-GAAP)	$	263,618		$	270,009		$	263,617		$	800,361		$	794,168
Net interest income, as reported (GAAP)		410,498			401,685			412,418			1,205,731			1,268,203
Non-interest income, as reported (GAAP)		60,671			51,213			58,664			173,299			173,038
Add: Losses on available for sale and held to maturity securities transactions, net (pre-tax)		1			4			443			12			476
Add: Mark-to-market loss on commercial real estate loans transferred to loans held for sale (pre-tax)		5,794			—			—			5,794			—
Less: Litigation settlements (pre-tax)		(7,334	)		—			—			(7,334	)		—
Less: Gain on sale of premium finance division (pre-tax)		—			—			—			(3,629	)		—
Less: Net gains on sales of office buildings (pre-tax)		—			—			(6,721	)		—			(6,721	)
Non-interest income, as adjusted (non-GAAP)	$	59,132		$	51,217		$	52,386		$	168,142		$	166,793
Gross operating income, as adjusted (non-GAAP)	$	469,630		$	452,902		$	464,804		$	1,373,873		$	1,434,996
Efficiency ratio (non-GAAP)		56.13	%		59.62	%		56.72	%		58.26	%		55.34	%

	As of
	September 30,			June 30,			March 31,			December 31,			September 30,
($ in thousands, except for share data)	2024			2024			2024			2023			2023
Tangible book value per common share (non-GAAP):
Common shares outstanding		509,252,936			509,205,014			508,893,059			507,709,927			507,660,742
Shareholders’ equity (GAAP)	$	6,972,380		$	6,737,737		$	6,727,139		$	6,701,391		$	6,627,299
Less: Preferred stock		354,345			209,691			209,691			209,691			209,691
Less: Goodwill and other intangible assets		2,004,414			2,012,580			2,020,405			2,029,267			2,038,202
Tangible common shareholders’ equity (non-GAAP)	$	4,613,621		$	4,515,466		$	4,497,043		$	4,462,433		$	4,379,406
Tangible book value per common share (non-GAAP)	$	9.06		$	8.87		$	8.84		$	8.79		$	8.63
Tangible common equity to tangible assets (non-GAAP):
Tangible common shareholders’ equity (non-GAAP)	$	4,613,621		$	4,515,466		$	4,497,043		$	4,462,433		$	4,379,406
Total assets (GAAP)		62,092,332			62,058,974			61,000,188			60,934,974			61,183,352
Less: Goodwill and other intangible assets		2,004,414			2,012,580			2,020,405			2,029,267			2,038,202
Tangible assets (non-GAAP)	$	60,087,918		$	60,046,394		$	58,979,783		$	58,905,707		$	59,145,150
Tangible common equity to tangible assets (non-GAAP)		7.68	%		7.52	%		7.62	%		7.58	%		7.40	%

VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands, except for share data)

	September 30,			December 31,
	2024			2023
	(Unaudited)
Assets
Cash and due from banks	$	511,945		$	284,090
Interest bearing deposits with banks		527,960			607,135
Investment securities:
Equity securities		73,071			64,464
Trading debt securities		3,996			3,973
Available for sale debt securities		2,602,260			1,296,576
Held to maturity debt securities (net of allowance for credit losses of $1,076 at September 30, 2024 and $1,205 at December 31, 2023)		3,573,960			3,739,208
Total investment securities		6,253,287			5,104,221
Loans held for sale (includes fair value of $17,153 at September 30, 2024 and $20,640 at December 31, 2023 for loans originated for sale)		843,201			30,640
Loans		49,355,319			50,210,295
Less: Allowance for loan losses		(548,327	)		(446,080	)
Net loans		48,806,992			49,764,215
Premises and equipment, net		356,649			381,081
Lease right of use assets		335,032			343,461
Bank owned life insurance		730,081			723,799
Accrued interest receivable		250,131			245,498
Goodwill		1,868,936			1,868,936
Other intangible assets, net		135,478			160,331
Other assets		1,472,640			1,421,567
Total Assets	$	62,092,332		$	60,934,974
Liabilities
Deposits:
Non-interest bearing	$	11,153,754		$	11,539,483
Interest bearing:
Savings, NOW and money market		25,069,405			24,526,622
Time		14,172,807			13,176,724
Total deposits		50,395,966			49,242,829
Short-term borrowings		58,268			917,834
Long-term borrowings		3,274,340			2,328,375
Junior subordinated debentures issued to capital trusts		57,368			57,108
Lease liabilities		394,971			403,781
Accrued expenses and other liabilities		939,039			1,283,656
Total Liabilities		55,119,952			54,233,583
Shareholders’ Equity
Preferred stock, no par value; 50,000,000 authorized shares:
Series A (4,600,000 shares issued at September 30, 2024 and December 31, 2023)		111,590			111,590
Series B (4,000,000 shares issued at September 30, 2024 and December 31, 2023)		98,101			98,101
Series C (6,000,000 shares issued at September 30, 2024)		144,654			—
Common stock (no par value, authorized 650,000,000 shares; issued 509,252,936 shares at September 30, 2024 and 507,896,910 shares at December 31, 2023)		178,661			178,187
Surplus		5,002,718			4,989,989
Retained earnings		1,551,428			1,471,371
Accumulated other comprehensive loss		(114,772	)		(146,456	)
Treasury stock, at cost (186,983 common shares at December 31, 2023)		—			(1,391	)
Total Shareholders’ Equity		6,972,380			6,701,391
Total Liabilities and Shareholders’ Equity	$	62,092,332		$	60,934,974

VALLEY NATIONAL BANCORP
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)
(in thousands, except for share data)

	Three Months Ended									Nine Months Ended
	September 30,			June 30,			September 30,			September 30,
	2024			2024			2023			2024			2023
Interest Income
Interest and fees on loans	$	786,680		$	770,964		$	753,638		$	2,329,197		$	2,124,036
Interest and dividends on investment securities:
Taxable		49,700			40,460			32,383			125,957			96,591
Tax-exempt		4,855			4,799			4,585			14,450			15,485
Dividends		5,929			6,341			5,299			19,098			18,001
Interest on federal funds sold and other short-term investments		13,385			10,902			17,113			33,969			66,594
Total interest income		860,549			833,466			813,018			2,522,671			2,320,707
Interest Expense
Interest on deposits:
Savings, NOW and money market		235,371			231,597			201,916			699,474			517,524
Time		174,741			160,442			164,336			486,248			370,398
Interest on short-term borrowings		451			691			5,189			21,754			89,345
Interest on long-term borrowings and junior subordinated debentures		39,488			39,051			29,159			109,464			75,237
Total interest expense		450,051			431,781			400,600			1,316,940			1,052,504
Net Interest Income		410,498			401,685			412,418			1,205,731			1,268,203
(Credit) provision for credit losses for available for sale and held to maturity securities		(14	)		(41	)		(30	)		(129	)		4,675
Provision for credit losses for loans		75,038			82,111			9,147			202,423			24,929
Net Interest Income After Provision for Credit Losses		335,474			319,615			403,301			1,003,437			1,238,599
Non-Interest Income
Wealth management and trust fees		15,125			13,136			11,417			46,191			32,180
Insurance commissions		2,880			3,958			2,336			9,089			7,895
Capital markets		6,347			7,779			7,141			19,796			35,000
Service charges on deposit accounts		12,826			11,212			10,952			35,287			31,970
Gains (losses) on securities transactions, net		47			3			(398	)		99			197
Fees from loan servicing		3,443			2,691			2,681			9,322			8,054
(Losses) gains on sales of loans, net		(3,644	)		884			2,023			(1,142	)		3,752
Gains (losses) on sales of assets, net		55			(2	)		6,653			3,747			6,938
Bank owned life insurance		5,387			4,545			2,709			13,167			7,736
Other		18,205			7,007			13,150			37,743			39,316
Total non-interest income		60,671			51,213			58,664			173,299			173,038
Non-Interest Expense
Salary and employee benefits expense		138,832			140,815			137,292			421,478			431,872
Net occupancy expense		26,973			24,252			24,675			75,548			73,880
Technology, furniture and equipment expense		28,962			35,203			37,320			99,627			106,304
FDIC insurance assessment		14,792			14,446			7,946			47,474			27,527
Amortization of other intangible assets		8,692			8,568			9,741			26,672			30,072
Professional and legal fees		14,118			17,938			17,109			48,521			55,329
Amortization of tax credit investments		5,853			5,791			4,191			17,206			13,462
Other		31,249			30,484			28,859			90,752			83,824
Total non-interest expense		269,471			277,497			267,133			827,278			822,270
Income Before Income Taxes		126,674			93,331			194,832			349,458			589,367
Income tax expense		28,818			22,907			53,486			84,898			162,410
Net Income		97,856			70,424			141,346			264,560			426,957
Dividends on preferred stock		6,117			4,108			4,127			14,344			12,031
Net Income Available to Common Shareholders	$	91,739		$	66,316		$	137,219		$	250,216		$	414,926

VALLEY NATIONAL BANCORP
Quarterly Analysis of Average Assets, Liabilities and Shareholders’ Equity and
Net Interest Income on a Tax Equivalent Basis

	Three Months Ended
	September 30, 2024							June 30, 2024							September 30, 2023
	Average					Avg.		Average					Avg.		Average					Avg.
($ in thousands)	Balance		Interest			Rate		Balance		Interest			Rate		Balance		Interest			Rate
Assets
Interest earning assets:
Loans ⁽¹⁾⁽²⁾	$	50,126,963	$	786,704		6.28	%	$	50,020,901	$	770,987		6.17	%	$	50,019,414	$	753,662		6.03	%
Taxable investments ⁽³⁾		5,977,211		55,629		3.72			5,379,101		46,801		3.48			4,915,778		37,682		3.07
Tax-exempt investments ⁽¹⁾⁽³⁾		573,059		6,145		4.29			575,272		6,075		4.22			620,439		5,800		3.74
Interest bearing deposits with banks		974,417		13,385		5.49			797,676		10,902		5.47			1,246,934		17,113		5.49
Total interest earning assets		57,651,650		861,863		5.98			56,772,950		834,765		5.88			56,802,565		814,257		5.73
Other assets		4,590,372							4,745,689							4,589,123
Total assets	$	62,242,022						$	61,518,639						$	61,391,688
Liabilities and shareholders’ equity
Interest bearing liabilities:
Savings, NOW and money market deposits	$	25,017,504	$	235,371		3.76	%	$	24,848,266	$	231,597		3.73	%	$	23,016,737	$	201,916		3.51	%
Time deposits		14,233,209		174,741		4.91			13,311,381		160,442		4.82			14,880,311		164,336		4.42
Short-term borrowings		81,251		451		2.22			97,502		691		2.83			436,518		5,189		4.75
Long-term borrowings ⁽⁴⁾		3,324,992		39,488		4.75			3,319,195		39,051		4.71			2,495,512		29,159		4.67
Total interest bearing liabilities		42,656,956		450,051		4.22			41,576,344		431,781		4.15			40,829,078		400,600		3.92
Non-interest bearing deposits		11,158,521							11,223,562							11,951,398
Other liabilities		1,563,990							1,964,752							2,005,426
Shareholders’ equity		6,862,555							6,753,981							6,605,786
Total liabilities and shareholders’ equity	$	62,242,022						$	61,518,639						$	61,391,688

Net interest income/interest rate spread ⁽⁵⁾			$	411,812		1.76	%			$	402,984		1.73	%			$	413,657		1.81	%
Tax equivalent adjustment				(1,314	)						(1,299	)						(1,239	)
Net interest income, as reported			$	410,498						$	401,685						$	412,418
Net interest margin ⁽⁶⁾						2.85							2.83							2.90
Tax equivalent effect						0.01							0.01							0.01
Net interest margin on a fully tax equivalent basis ⁽⁶⁾						2.86	%						2.84	%						2.91	%

_________

(1)	Interest income is presented on a tax equivalent basis using a 21 percent federal tax rate.
(2)	Loans are stated net of unearned income and include non-accrual loans.
(3)	The yield for securities that are classified as available for sale is based on the average historical amortized cost.
(4)	Includes junior subordinated debentures issued to capital trusts which are presented separately on the consolidated statements of condition.
(5)	Interest rate spread represents the difference between the average yield on interest earning assets and the average cost of interest bearing liabilities and is presented on a fully tax equivalent basis.
(6)	Net interest income as a percentage of total average interest earning assets.

SHAREHOLDERS RELATIONS
Requests for copies of reports and/or other inquiries should be directed to Tina Zarkadas, Assistant Vice President, Shareholder Relations Specialist, Valley National Bancorp, 70 Speedwell Avenue, Morristown, New Jersey, 07960, by telephone at (973) 305-3380, by fax at (973) 305-1364 or by e-mail at tzarkadas@valley.com.

Contact:		Michael D. Hagedorn
		Senior Executive Vice President and
		Chief Financial Officer
		973-872-4885

The MIL Network –

January 25, 2025

MIL-OSI Economics: WTO advanced trade policy course underway in Geneva

Source: World Trade Organization

Case-based learning and practical application of WTO agreements are central to the course, allowing participants to enhance their analytical and negotiation capacities. Discussions, simulations and case studies also provide participants with hands-on experience with WTO tools and databases.

Opening the course in a video message, WTO Deputy Director-General Zhang Xiangchen told participants: “The course’s various interactive sessions will give you an opportunity to discuss how the multilateral trading system can be strengthened, reformed and modernized. This is in line with the strong political message that members delivered at the 13th WTO Ministerial Conference held in February in Abu Dhabi.”

Noting the importance of the course in fostering practical trade policy expertise, Saudi Arabia’s WTO Ambassador and patron of the course, Saqer Abdullah Almoqbel, stressed that the case-based learning approach will help participants strengthen their trade policy analytical skills and better harness the global trading system to improve their economies’ participation in trade.

Underscoring Ambassador Almoqbel’s comments, Bridget Chilala, Director of the WTO’s Institute for Training and Technical Cooperation, stressed that the WTO-led technical assistance and training activities are essential to help empower developing and least-developed WTO members and observers in engaging effectively in international trade.

In addition to attending WTO meetings over the next two months, participants will also familiarize themselves with the work of other international organizations dealing with trade and engage with various stakeholders in Geneva.

More information about the WTO’s trade-related technical assistance activities can be found here.

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MIL OSI Economics –

January 25, 2025

MIL-OSI Economics: Joint report explores scope for coordinated approaches on climate action, carbon pricing, and policy spillovers

Source: World Trade Organization

The report was presented on the 23rd of October by the Joint Task Force on Climate Action, Carbon Pricing, and Policy Spillovers, convened by the World Trade Organization and joined by the International Monetary Fund, the Organisation for Economic Co-operation and Development, United Nations Trade and Development (UNCTAD), and the World Bank.

Entitled “Working Together for Better Climate Action: Carbon Pricing, Policy Spillovers, and Global Climate Goals,” the report arrives at a time when countries around the world are scaling up actions to curb climate change. Mitigation policies are on the rise, including carbon pricing policies, with 75 carbon taxes and emission trading schemes currently in effect worldwide, covering approximately 24 per cent of global emissions

The report stresses that climate action needs to be stepped up to meet global emission reduction targets, while contributing to broader development goals. It also makes four important contributions to that end:

The report provides a common understanding of carbon pricing metrics to improve transparency on how countries are shifting incentives for decarbonization.
The report examines the composition of climate change mitigation policies, emphasizing the important role of carbon pricing as a cost-effective instrument that also raises revenues.
It outlines how international organizations can support the coordination of policies to foster positive and limit negative cross-border spillovers from climate change mitigation policies. The report also analyses the advantages and disadvantages of carbon border adjustment policies, including their impact on developing countries.
It shows how such coordination can help to scale up climate action by closing the transparency, implementation and ambition gaps.

The report also makes clear that international organizations’ future work can help fill important knowledge gaps. These include a need for more granular and better data on embedded carbon prices and embedded emissions, the design of border adjustment policies and their interoperability, and other approaches to enhance cooperation to increase ambition and ensure a just transition for all.

WTO Director-General Ngozi Okonjo-Iweala said: “Trade-related climate policies are on the rise, with over 5,500 measures linked to climate objectives notified to the WTO from 2009-2022. Such policies lead to cross-border spillovers which can increase trade tensions and retaliatory trade actions. Future work by international organizations should focus on concrete ways to come to the coordination of more ambitious carbon pricing policies which help to close the climate action gap and address their cross-border spillovers. This may require a framework to ensure interoperability between carbon pricing and other climate mitigation policies.”

IMF Managing Director Kristalina Georgieva said: “This joint report of the five institutions highlights why carbon pricing and equivalent policies are important to scale up climate action. Global emissions need to be cut urgently to put the world on track to achieve the Paris goals and global ambition needs to be doubled to quadrupled. Carbon pricing should be an integral part of a well-designed policy mix, complemented with public investment support and sectoral policies, and international coordination on mitigation action could unlock progress.”

OECD Secretary-General Mathias Cormann said: “Countries currently take different approaches to reduce emissions, but achieving net zero requires us to align these efforts for a truly global impact. The OECD’s Inclusive Forum on Carbon Mitigation Approaches, now with 59 members, is bringing together national perspectives and building a common understanding of climate policies and their effects. More coherent and better-coordinated global mitigation policies can help prevent negative cross-border impacts such as carbon leakage or trade distortions, while maximizing opportunities for innovation, cost savings and shared benefits from the climate transition.”

UNCTAD Secretary-General Rebeca Grynspan stated: “To ensure a just and green transition, UNCTAD encourages and supports developing countries in crafting the right policy mix to advance climate mitigation. We are strengthening our research and providing a safe space for dialogue to ensure that climate-related measures, including Border Carbon Adjustments mechanisms (BCAs) are evidence based and minimize negative spillovers on developing countries and other sustainable development goals. This is especially critical for less advanced economies, which often have limited productive capacity, infrastructure for monitoring, verification, reporting, and fiscal space. We are committed to helping developing countries decarbonize and diversify their economies by seizing environmental-related export opportunities and working with our member states to reduce the compliance and trade costs associated with these transitions.”

Axel van Trotsenburg, World Bank’s Senior Managing Director (SMD), said: “Through its technical assistance and financing, the World Bank helps countries make sure climate policies are tailored to each country’s context, capacities, political constraints, and development priorities. We think carbon pricing can play a central role in these policies, because it provides the right incentive for the private sector and creates public revenues to support broad development progress and help vulnerable populations manage the green energy transition. But with every country introducing their own climate policies, there is also a growing need for more cooperation and coordination. The product of in-depth exchanges across five international organizations, this report provides concrete ideas to make sure climate policies are designed in ways that benefit lower-income economies and help them accelerate their development, create jobs, and participate in global value chains.”

The report is available here.

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MIL OSI Economics –

January 25, 2025

MIL-OSI Europe: New strategy for Sweden’s global development cooperation on migration, returns and voluntary repatriation

Source: Government of Sweden

New strategy for Sweden’s global development cooperation on migration, returns and voluntary repatriation – Government.se

Press release from Ministry for Foreign Affairs

Published 24 October 2024

The Government has adopted a new strategy for Sweden’s global development cooperation on migration, returns and voluntary repatriation. The strategy comprises SEK 3 billion for the period 2024–2028 and is part of governing Sweden’s development assistance to strengthen synergies between migration policy and development assistance policy.

The new strategy plays an important role in strengthening synergies between development assistance policy and migration policy, and is based on the priorities set out in the reform agenda and the Tidö Agreement.

“Through development assistance, we will increase support in our neighbourhood, with the long-term aim of reducing irregular migration to Sweden and the EU. The strategy will also benefit Swedish interests and counteract the negative effects of irregular migration and forced displacement,” says Minister for International Development Cooperation and Foreign Trade Benjamin Dousa.

With the new strategy, Sweden will meet global challenges linked to irregular migration and forced displacement, and promote returns and voluntary repatriation. In practice, this may involve support for reintegration, increased capacity of partner countries to manage migration and asylum, and functioning infrastructure in countries of origin and transit.

The strategy will complement and reinforce other parts of Sweden’s work on migration and development assistance – globally, regionally and bilaterally.

Press contact

MIL OSI Europe News –

January 25, 2025

MIL-OSI Europe: Calling Businesses in the Retail and Hospitality Sectors – Register NOW for the €4,000 Power Up grant

Source: Government of Ireland – Department of Jobs Enterprise and Innovation

24th October 2024

Businesses will receive an email from their Local Authorities with details on how to register

Today the Minister for Enterprise, Trade and Employment, Peter Burke TD, has announced the opening of the Power Up grant, through an online portal accessible via the Department’s website: enterprise.gov.ie/powerup

Speaking about the Power Up grant, Minister Peter Burke said:

“I am very aware of the struggles that businesses in the hospitality and retail sectors continue to face. The Power Up grant has a budget of €170 million and is available to businesses that received a second payment under the Increased Cost of Business Scheme. We know that input costs have increased, and this flat payment will go some way to help with rising costs associated with running your businesses during the busy Christmas period.

“Registrations for the Power Up grant are open from today. In order to get payments out to our shops, to our small restaurants, to our cafes and to our pubs before the end of the year, I am strongly urging businesses to register without delay. Local Authorities are emailing businesses that qualify with details on how to register as we speak, so all business owners need to check their emails and find their link.

“I want to thank the Local Authorities for their tremendous work in administering these grants on behalf of my Department. They are the closest arm of the state to many of our businesses and have direct links in to businesses at a local level.”

Retail and Hospitality businesses who received the second ICOB payment can register for the €4,000 one-off Power Up grant, once they receive their email from their Local Authority. This grant will be similar to the ICOB scheme and registration has been specifically designed to be quick and easy. The Local Authority network is administering this scheme on behalf of the Department of Enterprise, Trade and Employment.

Minister of State for Trade Promotion, Digital Transformation and Company Regulation, Dara Calleary TD said:

“The Power Up grant is paid directly into a business’s bank account, a direct injection of cashflow, which we know is imperative for our small family-run businesses. They are a crucial part of our towns and our villages around Ireland and I urge eligible businesses to register and avail of this grant.”

“The Increased Cost of Business (ICOB) Scheme has successfully paid out over €244m to 75,000 SMEs, including two payments to over 38,000 SMEs in the retail and hospitality sector.”

Minister of State for Business, Employment and Retail, Emer Higgins TD stated:

“The Government has allocated €170 million in cash supports specifically for the retail and hospitality sectors as part of the budget process. This Department has already paid out over €244 million through the Increased Cost of Business Grant this summer to SMEs, so this further grant will bring Government’s direct support into small businesses this year to almost a half a billion euro.”

The deadline for registrations is 8 November 2024.

ENDS

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MIL OSI Europe News –

January 25, 2025

MIL-OSI: Key Advocates Urge CMS to Clarify that Fully Implanted Active Middle Ear Hearing Devices are Prosthetic Devices for Purposes of Medicare Coverage

Source: GlobeNewswire (MIL-OSI)

Twelve Members of the Independence Through Enhancement of Medicare and Medicaid (ITEM) Coalition Sign Letter to CMS Seeking Clarification of Prior Decision Making and Action to Bring Novel Hearing Technology to Medicare Beneficiaries

WHITE BEAR LAKE, Minnesota, Oct. 24, 2024 (GLOBE NEWSWIRE) — Envoy Medical®, Inc. (“Envoy Medical”) (NASDAQ: “COCH”), a hearing health company focused on fully implanted hearing systems, expresses gratitude to the Independence Through Enhancement of Medicare and Medicaid (“ITEM”) Coalition and the twelve ITEM member signatories for sending a strong letter to CMS supporting a reconsideration of the benefit category for fully implanted active middle ear hearing devices.

The letter states in part: “[W]e request that you please provide an explanation as to CMS’ reasoning for determining that fully implanted active middle ear hearing devices do not qualify as an exception to the hearing aid exclusion under statute. In addition, we believe CMS has the authority to reconsider their decision and urge you to clarify that this technology qualifies as a prosthetic device for purposes of Medicare coverage.”
ITEM is a national consumer- and clinician-led coalition advocating for access to and coverage of assistive devices, technologies, and related services for people with injuries, illnesses, disabilities, and chronic conditions of all ages. Members represent individuals with a wide range of disabling conditions, as well as the providers who serve them.

In the letter to CMS, ITEM referenced the profound impact that hearing loss has on quality of life of Medicare beneficiaries. The Hearing Loss Association of America (HLAA) and Alexander Graham Bell Association for the Deaf and Hard of Hearing (AGBA) were two of the twelve organizations willing to lend their voice and influence to the Medicare beneficiaries with significant hearing loss who want access to novel hearing implants.

“We are grateful that the ITEM Coalition took up such a critically important issue and that twelve coalition member organizations signed the letter urging CMS to do the right thing,” commented Brent Lucas, Envoy Medical CEO. “It especially hits home that the Coalition’s mission is in their name — ‘Independence Through Enhancement of Medicare and Medicaid’ – and we strongly believe that fully implanted hearing devices can help Medicare beneficiaries with hearing impairments significantly regain, or maintain, a level of independence that is good for them and for society as a whole.”

Envoy Medical is one of the few companies worldwide that has a fully implanted active middle ear implant and is currently the only company that has an FDA-approved, fully implanted active middle ear hearing device.

About the Esteem® Fully Implanted Active Middle Ear Implant (FI-AMEI)

The Esteem fully implanted active middle ear implant (FI-AMEI) is the only FDA-approved, fully implanted* hearing device for adults diagnosed with moderate to severe sensorineural hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing.

*Once activated, the external Esteem FI-AMEI Personal Programmer is not required for daily use.

Important safety information for the Esteem FI-AMEI can be found at: https://www.envoymedical.com/safety-information.

About the Fully Implanted Acclaim® Cochlear Implant

We believe the fully implanted Acclaim Cochlear Implant (“Acclaim CI”) will be a first-of-its-kind fully implanted cochlear implant. Envoy Medical’s fully implanted technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound.

The Acclaim CI is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for adults who have been deemed adequate candidates by a qualified physician.

The Acclaim Cochlear Implant received the Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019. We believe the Acclaim CI was the first hearing-focused device to receive Breakthrough Device Designation.

CAUTION The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.

Additional Information and Where to Find It

Copies of the documents filed by Envoy Medical with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-Looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity, plans and goals for future operational improvements and capital investments; the potential for passage of legislation or change to CMS’ position related to reimbursement for active middle ear hearing devices; the impact that such proposed legislation might have on the hearing health market, reimbursement for the Esteem FI-AMEI device, and the Envoy Medical business, and future market conditions or economic performance, as well as any information concerning possible or assumed future operations of Envoy Medical. The forward-looking statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the events described will happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties, including, but not limited to changes in the market price of shares of Envoy Medical’s Class A Common Stock; changes in or removal of Envoy Medical’s shares inclusion in any index; Envoy Medical’s success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical; a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights; the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in the Annual Report on Form 10-K filed by Envoy Medical on April 1, 2024, and in other reports Envoy Medical files, with the SEC. If any of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are based only on information currently available to Envoy Medical.

###

Investor Contact:
CORE IR
516-222-2560
investorrelations@envoymedical.com

The MIL Network –

January 25, 2025

MIL-OSI Africa: Cassava Republic Press named the inaugural winner of Afreximbank’s CANEX Prize for Publishing in Africa, 2024

Source: Africa Press Organisation – English (2) – Report:

ALGIERS, Algeria, October 24, 2024/APO Group/ —

Afreximbank’s (www.Afreximbank.com) CANEX Prize for Publishing in Africa, a partnership between the CANEX Book Factory and the Narrative Landscape Press Limited announced Cassava Republic Press, Nigeria as its inaugural winner for the 2024 CANEX Prize for Publishing in Africa.

The award, which celebrates excellence in African publishing, recognised Cassava Republic Press for their book Female Fear Factory: Unveiling Patriarchy’s Culture of Violence by Pumla Dineo Gqola. The book was recognised for its striking cover design, elegant layout, and reader-friendly text. It was also lauded for its imaginative approach to gender issues, offering a compelling contribution to feminist literature.

Female Fear Factory explores how patriarchal society fosters violence against women, providing both a sobering account of this violence and a hopeful vision for the work of feminists worldwide. The award, which included a $20,000 prize, was presented at CANEX WKND 2024 in Algiers, Algeria, during a dinner hosted by the Honourable Soraya Mouloudji, Algeria’s Minister of Culture and Arts.

The CANEX Prize for Publishing in Africa, launched in Cairo in November 2023 on the sidelines of the Intra African Trade Fair (IATF2023), aims to promote a vibrant literary culture across Global Africa and foster a sustainable business ecosystem in the literary sector. CANEX, initiated by Afreximbank in 2020, serves as a key driver for development and job creation in Africa, recognising the opportunities within the creative and cultural industries.

The award evaluates entries based on the quality of writing, editing, and production, with particular emphasis on books printed and produced in Africa, as well as those published in indigenous African languages. This year, 85 entries were received from 49 publishers across Africa, representing a diverse range of languages, including English, French, Portuguese, and Swahili. From these submissions, the prize administrators selected five finalists for their exceptional work. The finalists included:

Cassava Republic Press (Nigeria), shortlisted for Female Fear Factory: Unravelling Patriarchy’s Culture of Violence by Pumla Dineo Gqola, was praised for its “solid cover design, elegant layout, and contribution to feminist literature.” Layla Mohamed, Editor at Cassava Republic, received the award on behalf of the publishing house.
Jacana Media (South Africa) was honoured for Paperless by Buntu Siwisa, which the judges described as “a beautifully written story of the hidden lives of migrant workers in Africa.” Kelly Mawa, Publishing Assistant at Jacana Media, accepted the award on behalf of the company.
Kachifo Limited (Nigeria), recognised for Half Hour Hara by Ugo Anidi, was celebrated for being “a delightful and engaging children’s story” with “well-crafted illustrations.” Coco Anetor-Sokei, Managing Editor, collected the award for Kachifo Limited.
La Case des Lucioles (Côte d’Ivoire), shortlisted for Reine Or by Fatou Sy, was praised for its “brave design and theatrical presentation.”
Masobe Books (Nigeria) was shortlisted for When We Were Fireflies by Abubakar Adam Ibrahim, which the judges commended for its “meticulous writing and eye-catching cover design.” Othuke Ominiabohs, Managing Director, received the medal for Masobe Books.

The awards were presented to the finalists by Honourable Mouloudji and Mrs. Kanayo Awani, Executive Vice President of the Intra-African Trade Bank at Afreximbank.

Speaking at the award ceremony, the Chair of The Judges, Dr Wale Okediran said;

“In line with our mandate to ‘judge the book as a physical object while also paying attention to its editorial work, including topical relevance and editorial risk’, the judges recognised the selected books as having met the required standard of ‘exceptional work and professionalism.”

The CANEX Prize for Publishing in Africa rewards the best trade book publishers in Africa. A prize of $20,000 is awarded to the publisher – selected from a shortlist of five (5) finalists – of the best trade book (defined as books published for a general audience, including fiction, non-fiction, and poetry; and excluding textbooks and academic books) published in the year in question. Additionally, the remaining four (4) finalists in the shortlist are awarded the amount of $2,000 each.

MIL OSI Africa –

January 25, 2025

MIL-OSI China: BRICS countries enhance cooperation through close economic, trade exchanges

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

BEIJING, Oct. 24 — Economic and trade ties among BRICS countries are becoming increasingly close, and China is playing an important role in driving mutually beneficial BRICS cooperation.

The term BRIC was initially coined in 2001 as a concept referring to the emerging market economies of Brazil, Russia, India and China. With South Africa’s inclusion in 2010, BRICS officially took shape.

Following last year’s expansion, the BRICS grouping now represents approximately 30 percent of global GDP, nearly half of the world’s population, and one-fifth of global trade. It has become the world’s most important platform for solidarity and cooperation among emerging markets and developing countries.

The 16th BRICS Summit, held Tuesday to Thursday in Kazan, Russia, has drawn global attention and is believed to bring new economic and trade cooperation opportunities between China and other BRICS nations.

China’s foreign trade with other BRICS member countries reached 4.62 trillion yuan (648 billion U.S. dollars) in the first nine months of 2024, a year-on-year increase of 5.1 percent, customs data showed.

The trade growth can be attributed to a high degree of economic complementarity, as well as China’s commitment to high-level opening up and the free trade agreements between China and other BRICS countries, said Hong Yong, a researcher with the Chinese Academy of International Trade and Economic Cooperation under the Ministry of Commerce.

In the industrial sector, China’s exports of steel and textile raw materials to other BRICS nations grew by 8.6 percent and 13.4 percent year on year in the first three quarters.

During the same period, China’s exports of intermediate goods such as integrated circuits, tablet display modules and aircraft parts to other BRICS countries achieved double-digit growth, helping other BRICS members boost their emerging industries.

Trade in agricultural products has also been robust. In the first three quarters, over 80 percent of poultry and frozen pollack and over 50 percent of crabs imported by China came from BRICS members.

“For BRICS countries, trade cooperation is not only conducive to promoting technological exchanges and innovation but also to bringing more development opportunities for member countries and even the world,” Hong added.

Regarding the financial sector, the New Development Bank is a flagship project of BRICS cooperation. As the first multilateral development bank established by emerging economies, the Shanghai-headquartered institution provides financing support for infrastructure development, clean energy, environmental protection, and the building of cyber infrastructure across BRICS countries.

Funding a raft of projects ranging from India’s urban rail to Brazil’s wind power complexes, the bank has cumulatively approved loans of 35 billion U.S. dollars for more than 100 projects to date.

Building on its commitment to multilateralism, BRICS has taken practical steps to unlock the potential of economic and trade cooperation and create new growth areas. These include policy coordination and joint initiatives to enhance trade and investment opportunities among member states.

At the 14th BRICS Economic and Foreign Trade Ministers’ Meeting held in Moscow in July, participants agreed to step up exchanges and cooperation in emerging areas such as global value chains, digital technologies and special economic zones, conduct practical cooperation in green product standards, electronic documentation and e-commerce, and strengthen policy exchanges, capacity building and best practice sharing.

By enhancing economic and trade exchanges, BRICS countries have capitalized on their complementary advantages, serving as an important force to oppose trade protectionism and promote global economic growth, noted Liu Ying, a researcher with the Chongyang Institute for Financial Studies, Renmin University of China.

MIL OSI China News –

January 25, 2025

MIL-OSI China: Innovation and quality propel global confidence in Chinese products

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

GUANGZHOU, Oct. 24 — After walking more than 10,000 steps through the exhibition halls of the 136th Canton Fair, officially known as the China Import and Export Fair, U.S. buyer Kristen Palacio sat comfortably in an armchair for a much-needed rest.

The chair was so comfortable that she was reluctant to get up for another walk. Anji Longwin Furniture Co., Ltd showcased the armchairs. Yuan Fengyi, senior business manager at Longwin, noted that the American and European markets account for over 90 percent of the company’s sales.

Having attended the Canton Fair for ten years, Yuan has met numerous buyers from around the world, forging close ties with major partners like e-commerce giant Amazon and retail leader Walmart.

“We are committed to upgrading our factory for greater efficiency and strengthening quality control to better meet the demands of the U.S. and European markets,” Yuan said, adding that the company also focuses heavily on design, which helps their products stand out in an increasingly competitive market.

As the second phase of the Canton Fair kicked off on Wednesday, international buyers flooded the exhibition hall in search of innovative ideas and products. Under the awnings and pergolas produced by Zhejiang Hooeasy Technology Co., Ltd., eager buyers inquired about prices and sizes for their new orders.

Excited by his findings, Frans Davelaar, a buyer from Aruba in the southern Caribbean, stood in front of the booth for over 15 minutes. He noted that the products have great market potential, given the hot and humid climate of Caribbean countries like Aruba.

“Awnings and pergolas originated in Europe, where they are used to provide shade from strong sunlight. As a Chinese company, we’ve enhanced these products with innovative ideas and superior quality,” said Li Tao, an export manager at Hooeasy.

The latest products showcased by Hooeasy can be integrated with Amazon’s Alexa and Apple’s HomeKit through their proprietary app, Tuya Smart, allowing users to control the opening and closing of the awnings and pergolas via smartphone.

Li added that over the past two decades at the Canton Fair, Hooeasy’s booth has moved from the exhibition hall’s edge to a central location, reflecting the company’s growing influence and market share. The company has also established design teams in France and Germany to offer customized products tailored to the European market.

In another exhibition hall at the Canton Fair, U.S. buyer Rob Mons carried a backpack filled with leaflets, brochures, and samples. He attended the fair to source innovative, well-priced seasonal festival products.

“It’s my first time at the fair, and I’ve already found some suppliers for the upcoming seasons. These products are new and very interesting, probably the most unique items we’ve seen,” Mons said.

Regarding business in the U.S., Mons believes Chinese products will continue to hold a significant market share despite the trade tensions between the two countries.

“I hope business will run more smoothly, because we need these fine products to make kids happy and enjoy the festivals,” he added.

MIL OSI China News –

January 25, 2025

MIL-Evening Report: Want to build healthier cities? Make room for bird and tree diversity

Source: The Conversation (Au and NZ) – By Rachel Buxton, Assistant Professor, Department of Biology, Carleton University

More than five million Canadians — approximately one in eight of us — are living with a mood, anxiety or substance use disorder. The prevalence of mental disorders is on the rise, with a third of those with a disorder reporting unmet or partially met needs for mental health-care services.

The stresses of the city, where more than 70 per cent of Canadians now live, can increase the risk of poor mental health even further.

When most people think about caring for their mental health, they may think about getting more exercise, getting more sleep and making sure they’re eating healthy. Increasingly, research is showing that spending time in nature surrounded by plants and wildlife can also contribute to preventing and treating mental illness.

Our research focuses on the importance of birds and trees in urban neighbourhoods in promoting mental well-being. In our study, we combined more than a decade of health and ecological data across 36 Canadian cities and found a positive association between greater bird and tree diversity and self-rated mental health.

The well-being benefits of healthy ecosystems will probably not come as a great surprise to urban dwellers who relish days out in the park or hiking in a nearby nature reserve. Still, the findings of our study speak to the potential of a nature-based urbanism that promotes the health of its citizens.

Birds, trees and human connection

Across cultures and societies, people have strong connections with birds. The beauty of their bright song and colour have inspired art, music and poetry. Their contemporary cultural relevance has even earned them an affectionate, absurdist internet nickname: “birbs”.

There’s something magical about catching a glimpse of a bird and hearing birdsong. For many urbanites, birds are our daily connection to wildlife and a gateway to nature. In fact, even if we don’t realize it, humans and birds are intertwined. Birds provide us with many essential services — controlling insects, dispersing seeds and pollinating our crops.

People have similarly intimate connections with trees. The terms tree of life, family trees, even tree-hugger all demonstrate the central cultural importance trees have in many communities around the world. In cities, trees are a staple of efforts to bring beauty and tranquility.

When the Australian city of Melbourne gave urban trees email addresses for people to report problems, residents responded by writing thousands of love letters to their favourite trees. Forest bathing, a practice of being calm and quiet among trees, is a growing wellness trend.

Birds and trees as promoters of urban wellness

Contact with nature and greenspace have a suite of mental health benefits.

Natural spaces reduce stress and offer places for recreation and relaxation for urban dwellers, but natural diversity is key. A growing amount of research shows that the extent of these benefits may be related to the diversity of different natural features.

For example, in the United States, higher bird diversity is associated with lower hospitalizations for mood and anxiety disorders and longer life expectancy. In a European study, researchers found that bird diversity was as important for life satisfaction as income.

People’s connection to a greater diversity of birds and trees could be because we evolved to recognize that the presence of more species indicates a safer environment — one with more things to eat and more shelter. Biodiverse environments are also less work for the brain to interpret, allowing restoration of cognitive resources.

To explore the relationship between biodiversity and mental health in urban Canada, we brought together unique datasets. First, we collected bird data sourced from community scientists, where people logged their bird sightings on an app. We then compared this data with tree diversity data from national forest inventories.

Finally, we compared both of these data sets to a long-standing health survey that has interviewed approximately 65,000 Canadians each year for over two decades.

We found that living in a neighbourhood with higher than average bird diversity increased reporting of good mental health by about seven per cent. While living in a neighbourhood with higher than average tree diversity increased good mental health by about five per cent.

Importance of urban birds and trees

The results of our study, and those of others, show a connection between urban bird and tree diversity, healthy ecosystems and people’s mental well-being. This underscores the importance of urban biodiversity conservation as part of healthy living promotion.

Protecting wild areas in parks, planting pollinator gardens and reducing pesticide use could all be key strategies to protect urban wildlife and promote people’s well-being. Urban planners should take note.

We’re at a critical juncture: just as we are beginning to understand the well-being benefits of birds and trees, we’re losing species at a faster rate than ever before. It’s estimated that there are three billion fewer birds in North America compared to the 1970s and invasive pests will kill 1.4 million street trees over the next 30 years.

By promoting urban biodiversity, we can ensure a sustainable and healthy future for all species, including ourselves.

Rachel Buxton receives funding from Natural Sciences and Engineering Research Council of Canada, National Institutes of Health, and Environment and Climate Change Canada.

Emma J. Hudgins received funding from the Natural Sciences and Engineering Research Council of Canada and the Fonds de Recherche du Québec – Nature et Technologies for this work. She currently receives funding from Plant Health Australia.

Stephanie Prince Ware has received funding from the Canadian Institutes of Health Research.

– ref. Want to build healthier cities? Make room for bird and tree diversity – https://theconversation.com/want-to-build-healthier-cities-make-room-for-bird-and-tree-diversity-235379

MIL OSI Analysis – EveningReport.nz –

January 25, 2025

MIL-OSI Global: Want to build healthier cities? Make room for bird and tree diversity

Source: The Conversation – Canada – By Rachel Buxton, Assistant Professor, Department of Biology, Carleton University

More than five million Canadians — approximately one in eight of us — are living with a mood, anxiety or substance use disorder. The prevalence of mental disorders is on the rise, with a third of those with a disorder reporting unmet or partially met needs for mental health-care services.

The stresses of the city, where more than 70 per cent of Canadians now live, can increase the risk of poor mental health even further.

When most people think about caring for their mental health, they may think about getting more exercise, getting more sleep and making sure they’re eating healthy. Increasingly, research is showing that spending time in nature surrounded by plants and wildlife can also contribute to preventing and treating mental illness.

Our research focuses on the importance of birds and trees in urban neighbourhoods in promoting mental well-being. In our study, we combined more than a decade of health and ecological data across 36 Canadian cities and found a positive association between greater bird and tree diversity and self-rated mental health.

The well-being benefits of healthy ecosystems will probably not come as a great surprise to urban dwellers who relish days out in the park or hiking in a nearby nature reserve. Still, the findings of our study speak to the potential of a nature-based urbanism that promotes the health of its citizens.

Birds, trees and human connection

Across cultures and societies, people have strong connections with birds. The beauty of their bright song and colour have inspired art, music and poetry. Their contemporary cultural relevance has even earned them an affectionate, absurdist internet nickname: “birbs”.

There’s something magical about catching a glimpse of a bird and hearing birdsong. For many urbanites, birds are our daily connection to wildlife and a gateway to nature. In fact, even if we don’t realize it, humans and birds are intertwined. Birds provide us with many essential services — controlling insects, dispersing seeds and pollinating our crops.

People have similarly intimate connections with trees. The terms tree of life, family trees, even tree-hugger all demonstrate the central cultural importance trees have in many communities around the world. In cities, trees are a staple of efforts to bring beauty and tranquility.

When the Australian city of Melbourne gave urban trees email addresses for people to report problems, residents responded by writing thousands of love letters to their favourite trees. Forest bathing, a practice of being calm and quiet among trees, is a growing wellness trend.

Birds and trees as promoters of urban wellness

Contact with nature and greenspace have a suite of mental health benefits.

Natural spaces reduce stress and offer places for recreation and relaxation for urban dwellers, but natural diversity is key. A growing amount of research shows that the extent of these benefits may be related to the diversity of different natural features.

For example, in the United States, higher bird diversity is associated with lower hospitalizations for mood and anxiety disorders and longer life expectancy. In a European study, researchers found that bird diversity was as important for life satisfaction as income.

People’s connection to a greater diversity of birds and trees could be because we evolved to recognize that the presence of more species indicates a safer environment — one with more things to eat and more shelter. Biodiverse environments are also less work for the brain to interpret, allowing restoration of cognitive resources.

To explore the relationship between biodiversity and mental health in urban Canada, we brought together unique datasets. First, we collected bird data sourced from community scientists, where people logged their bird sightings on an app. We then compared this data with tree diversity data from national forest inventories.

Finally, we compared both of these data sets to a long-standing health survey that has interviewed approximately 65,000 Canadians each year for over two decades.

We found that living in a neighbourhood with higher than average bird diversity increased reporting of good mental health by about seven per cent. While living in a neighbourhood with higher than average tree diversity increased good mental health by about five per cent.

Importance of urban birds and trees

The results of our study, and those of others, show a connection between urban bird and tree diversity, healthy ecosystems and people’s mental well-being. This underscores the importance of urban biodiversity conservation as part of healthy living promotion.

Protecting wild areas in parks, planting pollinator gardens and reducing pesticide use could all be key strategies to protect urban wildlife and promote people’s well-being. Urban planners should take note.

We’re at a critical juncture: just as we are beginning to understand the well-being benefits of birds and trees, we’re losing species at a faster rate than ever before. It’s estimated that there are three billion fewer birds in North America compared to the 1970s and invasive pests will kill 1.4 million street trees over the next 30 years.

By promoting urban biodiversity, we can ensure a sustainable and healthy future for all species, including ourselves.

Rachel Buxton receives funding from Natural Sciences and Engineering Research Council of Canada, National Institutes of Health, and Environment and Climate Change Canada.

Emma J. Hudgins received funding from the Natural Sciences and Engineering Research Council of Canada and the Fonds de Recherche du Québec – Nature et Technologies for this work. She currently receives funding from Plant Health Australia.

Stephanie Prince Ware has received funding from the Canadian Institutes of Health Research.

– ref. Want to build healthier cities? Make room for bird and tree diversity – https://theconversation.com/want-to-build-healthier-cities-make-room-for-bird-and-tree-diversity-235379

MIL OSI – Global Reports –

January 25, 2025

MIL-OSI: MoneyHero Appoints Distinguished Global Executive Wallace Pai to Board of Directors

Source: GlobeNewswire (MIL-OSI)

Mr. Pai brings deep and diverse senior executive experience to MoneyHero, having spent his career with notable multinational companies including Imagination Technologies, Pixelworks, SMIC, GlobalFoundries, Synaptics, Samsung, Google (Motorola Mobility), Cadence, and McKinsey & Company

MoneyHero’s Chairman Kenneth Chan to be replaced on Audit Committee by Mr. Pai; Committee now made-up entirely of Independent Non-Executive Directors

SINGAPORE, Oct. 24, 2024 (GLOBE NEWSWIRE) — MoneyHero Limited (NASDAQ: MNY) (“MoneyHero” or the “Company”), a market leading personal finance and digital insurance aggregation and comparison platform in Greater Southeast Asia, today announced that Wallace Pai has been named to the Company’s Board of Directors, effective immediately. In connection with his appointment, Mr. Pai has also replaced MoneyHero’s Chairman, Kenneth Chan, on the Company’s Audit Committee, ensuring the Committee is comprised entirely of Independent Non-Executive Directors.

Mr. Pai is a seasoned global executive with deep experience across the technology and semiconductor industries. He currently serves as President of Asia Pacific and Chairman of China with Imagination Technologies, where he oversees the group’s regional strategy, revenue, and growth. Previously, Mr. Pai served as COO of Pixelworks, SVP of the Advanced Technology Business at SMIC, and VP/General Manager of Asia Pacific at GlobalFoundries. Earlier in his career, Mr. Pai also held executive roles with Synaptics, Samsung, Google (Motorola Mobility), Qualcomm Technologies, Cadence, and McKinsey & Company. Mr. Pai graduated with a Master of Science from the University of Michigan and a Master of Business Administration from Harvard Business School.

“Mr. Pai represents a significant addition to our Board of Directors and corporate governance,” said Rohith Murthy, CEO of MoneyHero. “His leadership in the technology sector, as well as a proven track record of success running large-scale enterprises in the Asia Pacific region, will bring immense value to our operations and growth strategy. Mr. Pai has contributed to the vision and oversight of many notable multinational companies throughout his illustrious career, and we are thrilled to have him on board. Moreover, this marks the second major Board appointment that we have achieved this year, which is critical to our future and a testament to the reputation and stature of the MoneyHero Brand.”

The appointment of Mr. Pai follows the addition of accomplished legal and finance executive Steve Teichman to the Company’s Board, which was announced in June. Importantly, both Mr. Pai and Mr. Teichman bring the unique combination of having experience with U.S. capital markets and leading businesses in Asia Pacific.

“I am honored to join MoneyHero’s Board and excited to bring new ideas and resources to this winning organization,” said Mr. Pai. “I have been following the MoneyHero story for a while, even before the Company went public last year, and I have been impressed by the strategy and fundamentals of the business, as well as their clear leadership-positioning in the marketplace, which will enable them to continue innovating and outpacing its peers. MoneyHero is absolutely forwarding the fintech industry in Greater Southeast Asia, and I am very much looking forward to being a part of it.”

For more information about MoneyHero, including information for investors and learning about career opportunities, please visit www.MoneyHeroGroup.com.

About MoneyHero Group
MoneyHero Limited (NASDAQ: MNY) is a market leader in the online personal finance and digital insurance aggregation and comparison sector in Greater Southeast Asia. The Company operates in Singapore, Hong Kong, Taiwan and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax and Seedly, as well as the B2B platform Creatory. The Company also retains an equity stake in Malaysian fintech company, Jirnexu Pte. Ltd., parent company of Jirnexu Sdn. Bhd., the operator of RinggitPlus, Malaysia’s largest operating B2C platform. MoneyHero currently manages 279 commercial partner relationships and services 8.1 million Monthly Unique Users across its platform for the six months ended June 30, 2024. The Company’s backers include Peter Thiel—co-founder of PayPal, Palantir Technologies, and the Founders Fund—and Hong Kong businessman, Richard Li, the founder and chairman of Pacific Century Group. To learn more about MoneyHero and how the innovative fintech company is driving Greater Southeast Asia’s digital economy, please visit www.MoneyHeroGroup.com.

Investors Relations:
MoneyHero IR Team
IR@MoneyHeroGroup.com

Media Relations:
Gaffney Bennett PR
MoneyHero@gbpr.com

The MIL Network –

January 25, 2025

MIL-OSI USA: $100 Million to Expand Free and Low-Cost Afterschool Programs

Source: US State of New York

Governor Kathy Hochul today announced New York State has awarded about $100 million in grants to support free and low-cost afterschool programs serving nearly 40,000 children in high-need areas statewide. State officials from the Office of Children and Family Services (OCFS) also participated in the 25th Annual Lights on Afterschool initiative today by visiting programs in New York City and the Capital Region.

“Afterschool programs give our kids outlets to explore their creativity, build their skills and thrive in a supportive environment,” Governor Hochul said. “We’re continuing to invest in free and low-cost afterschool programs and expanding access to affordable child care to help young people grow and give families the support they need.”

The State grants announced today were awarded by OCFS through the Learning and Enrichment Afterschool Program Supports (LEAPS) initiative to help fund new or continuing afterschool programs targeted to children in high-need areas in New York State.

These LEAPS grants were awarded to a total of 238 afterschool program sites statewide. The full list of awarded sites can be seen here.

Site Awards by Region
Region	Number of Sites Awarded	Funding Awarded
Capital Region	22	$6,480,000
Central New York	18	$6,400,000
Finger Lakes	17	$5,750,000
Long Island	20	$8,920,000
Mid-Hudson	22	$12,340,000
Mohawk Valley	19	$4,960,000
New York City	74	$38,690,000
North Country	14	$3,380,000
Southern Tier	5	$1,530,000
Western New York	27	$8,450,000

As a part of the OCFS Commissioner’s participation in the Lights On Afterschool initiative, Dr. DaMiaHarris-Madden visited programs in the Bronx operated by the Committee for Hispanic Children and Families and Good Shepherd Services, while other members of the OCFS leadership team visited the Lansingburgh Boys & Girls Club in Troy. Now in its 25th year, the initiative recognizes the many ways afterschool programs support students by offering educational opportunities and the development of new skills.

Programs eligible for LEAPS grants included State-licensed school-age child care programs – or organizations interested in becoming a licensed school-age child care provider – that serve children in high-need school districts. Per-site funding amounts were based on each program’s OCFS-licensed capacity. The grants are intended to fund the critical programming and other costs of developing and running the program. Grants are contingent on programs completing all licensing and contract requirements and therefore subject to change.

The grants announced today are part of Governor Hochul’s continued efforts to make high-quality child care more affordable and accessible. Other recent efforts include expanding access to the State’s Child Care Assistance Program (CCAP). Eligible families can apply online for CCAP, which currently covers free or low-cost child care for 130,000 children statewide. While eligibility is based on multiple factors, including income and family size, many families may qualify for CCAP if their household income is at or below 85 percent of the State Median Income. Currently, 85 percent of the State Median Income for a family of four is approximately $108,000. Under CCAP, most eligible families pay no more than $15 per week for child care.

OCFS Commissioner Dr. DaMia Harris-Madden said, “We thank Governor Hochul and the afterschool providers across NYS for ensuring that are children have protective and stimulating environments during the challenging hours of 3-6 p.m. Afterschool programs are tried-and-true interventions that keep our kids safe and engaged through a variety of pro-social experiences and positive youth development opportunities to include the arts, academics, sports, and college/career exploration. Structured programming that introduces caring adults also aids in the development of children’s emotional and physical well-being and provides alternatives to unproductive use of leisure time.”

OCFS Deputy Commissioner for the Division of Child Care Services Nora Yates said, “The new LEAPS funding will provide the high-quality afterschool academic support and enrichment vital to enabling our children and youth to reach their full potential and keep them engaged in healthy, productive activities during out-of-school time. The programs will ensure higher pay rates for staff and also help mitigate the ongoing impacts from the pandemic by expanding students’ access to social and emotional support services as well as other family and community supports.”

New York State Alliance of Boys and Girls Clubs Executive Director Jackie Negri said, “Governor Hochul’s new streamlined LEAPS initiative demonstrates unprecedented support for community-based afterschool programs across the State and the youth they serve. After-school programs like Boys & Girls Clubs are proven to provide academic support, enrichment and a safe place for New York’s youth. This initiative will increase positive youth development programs and services for more youth and families in high-needs areas statewide.”

New York State Network for Youth Success Chief Executive Officer Kelly McMahon said, “The NYS Network for Youth Success celebrates the transformative impact of the LEAPS grant, which is expanding access to high-quality afterschool programs across New York. With significant improvements to funding structures, including streamlined processes, added technical assistance and enhanced support per student, LEAPS addresses long-standing challenges and lays a stronger foundation for the future. This moment reinforces our commitment to meeting afterschool needs in every community and underscores the importance of achieving universal afterschool access for all.”

New York State YMCAs Executive Director Kyle A. Stewart said, “On behalf of the 36 YMCAs and their more than 140 branches across the Empire State, the Alliance of New York State YMCAs was pleased to embrace and promote the LEAPS initiative and applauds Governor Hochul for prioritizing the development of a more streamlined and holistic school-age child care system. YMCAs are proud to serve over 25,000 youth as the largest provider of out-of-school time programs across New York State. Furthermore, the Alliance of New York State YMCAs appreciates our longstanding partnership with OCFS and their efficient LEAPS implementation process. YMCAs are poised to continue serving youth alongside other LEAPS grantees and look forward to continuing to build a robust afterschool system in New York State.”

Governor Hochul also highlighted that the State is lighting landmarks yellow and blue tonight in recognition of Lights on Afterschool. The following landmarks will be lit yellow and blue:

One World Trade Center
Governor Mario M. Cuomo Bridge
Kosciuszko Bridge
The H. Carl McCall SUNY Building
State Education Building
Alfred E. Smith State Office Building
Empire State Plaza
State Fairgrounds – Main Gate & Expo Center
Niagara Falls
The “Franklin D. Roosevelt” Mid-Hudson Bridge
Albany International Airport Gateway
MTA LIRR – East End Gateway at Penn Station
Fairport Lift Bridge over the Erie Canal
Moynihan Train Hall
Walkway Over the Hudson State Historic Park

MIL OSI USA News –

January 25, 2025

MIL-OSI Australia: eInvoicing-enabled entities

Source: Australian Department of Revenue

These Australian Government entities are registered on the Peppol network. They appear on the Peppol Directory along with hundreds of state, territory and local government organisations, and thousands of other Australian businesses who can receive eInvoices.

If you supply to any of the entities listed below and can send eInvoices you may be paid faster. For more information visit Getting PaidExternal Link on the Department of Finance’s website or talk to your contract manager in the Government entity about any specific requirements.

Australian Government entities able to receive eInvoices
ABN	Entity name
73 147 176 148	Administrative Review Tribunal
80 246 994 451	Aged Care Quality and Safety Commission
50 802 255 175	Asbestos and Silica Safety and Eradication Agency
92 661 124 436	Attorney-General’s Department
26 331 428 522	Australian Bureau of Statistics
34 864 955 427	Australian Centre for International Agriculture Research
54 488 464 865	Australian Charities and Not-for-profits Commission
97 250 687 371	Australian Commission on Safety and Quality In Health Care
55 386 169 386	Australian Communications and Media Authority
94 410 483 623	Australian Competition & Consumer Commission
11 259 448 410	Australian Crime Commission
84 425 496 912	Australian Digital Health Agency
21 133 285 851	Australian Electoral Commission
17 864 931 143	Australian Federal Police
19 892 732 021	Australian Film Television & Radio School
63 384 330 717	Australian Financial Security Authority
81 098 497 517	Australian Fisheries Management Authority
69 405 937 639	Australian Government Solicitor
47 996 232 602	Australian Human Rights Commission
31 162 998 046	Australian Industrial Chemicals Introduction Scheme
63 257 175 248	Australian Institute of Criminology
64 001 053 079	Australian Institute of Family Studies
65 377 938 320	Australian Maritime Safety Authority
33 020 645 631	Australian National Audit Office
13 059 525 039	Australian Office of Financial Management
56 253 405 315	Australian Organ & Tissue Donation and Transplantation Authority
79 635 582 658	Australian Prudential Regulation Authority
99 470 863 260	Australian Public Service Commission
61 321 195 155	Australian Radiation Protection and Nuclear Safety Agency (ARPANSA)
35 931 927 899	Australian Renewable Energy Agency
35 201 451 156	Australian Research Council
86 768 265 615	Australian Securities & Investments Commission
37 467 566 201	Australian Security Intelligence Organisation
22 323 254 583	Australian Signals Directorate
72 581 678 650	Australian Skills Quality Authority
67 374 695 240	Australian Sports Commission
67 250 046 148	Australian Submarine Agency
51 824 753 556	Australian Taxation Office
11 764 698 227	Australian Trade and Investment Commission
32 770 513 371	Australian Transaction Reports & Analysis Centre (AUSTRAC)
65 061 156 887	Australian Transport Safety Bureau
64 909 221 257	Australian War Memorial
92 637 533 532	Bureau of Meteorology
21 075 951 918	Cancer Australia
44 808 014 470	Civil Aviation Safety Authority
43 669 904 352	Clean Energy Finance Corporation
72 321 984 210	Clean Energy Regulator
60 585 018 782	Climate Change Authority
41 640 788 304	Comcare Australia
64 703 642 210	Commonwealth Grants Commission
34 190 894 983	Department of Agriculture, Fisheries and Forestry
68 706 814 312	Department of Defence
69 289 134 420	Department of Defence Army & Air Force Canteen Service
12 862 898 150	Department of Education
96 584 957 427	Department of Employment and Workplace Relations
61 970 632 495	Department of Finance
47 065 634 525	Department of Foreign Affairs & Trade
83 605 426 759	Department of Health and Aged Care
33 380 054 835	Department of Home Affairs
74 599 608 295	Department of Industry, Science and Resources
86 267 354 017	Department of Infrastructure, Transport, Regional Development, Communications and the Arts
52 997 141 147	Department of Parliamentary Services
36 342 015 855	Department of Social Services
18 526 287 740	Department of the House of Representatives
49 775 240 532	Department of the Parliamentary Budget Office
23 991 641 527	Department of the Senate
92 802 414 793	Department of the Treasury
23 964 290 824	Department of Veterans’ Affairs & the Repatriation Commission and the Military Rehabilitation and Compensation Commission
96 257 979 159	Digital Transformation Agency
13 051 694 963	Director of National Parks
99 696 833 561	Domestic, Family and Sexual Violence Commission
12 212 931 598	eSafety Commissioner
93 614 579 199	Fair Work Commission
49 110 847 399	Federal Court of Australia
20 537 066 246	Food Standards Australia New Zealand
40 465 597 854	Future Fund Board of Guardians
53 156 699 293	Future Fund Management Agency
80 091 799 039	Geoscience Australia
12 949 356 885	Great Barrier Reef Marine Park Authority
27 598 959 960	Independent Health and Aged Care Pricing Authority
26 424 781 530	Independent Parliamentary Expenses Authority
59 912 679 254	Indigenous Land and Sea Corporation
51 248 702 319	Inspector-General of Taxation
38 113 072 755	IP Australia
13 679 821 382	Murray-Darling Basin Authority
47 446 409 542	National Anti-Corruption Commission
36 889 228 992	National Archives of Australia
87 361 602 478	National Blood Authority
75 149 374 427	National Capital Authority
56 552 760 098	National Competition Council
25 617 475 104	National Disability Insurance Agency
40 816 261 802	National Emergency Management Agency
27 855 975 449	National Gallery of Australia
88 601 010 284	National Health and Medical Research Council
15 337 761 242	National Health Funding Body
30 429 895 164	National Indigenous Australians Agency
22 385 178 289	National Offshore Petroleum Safety and Environmental Management Authority
67 890 861 578	National Transport Commission
72 581 678 650	National Vocational Education and Training Regulator
40 293 545 182	NDIS Quality and Safeguards Commission
61 900 398 761	North Queensland Water Infrastructure Authority
87 904 367 991	Office of National Intelligence
41 425 630 817	Office of Parliamentary Counsel
80 959 780 601	Office of the Auditing and Assurance Standards Board
92 702 019 575	Office of the Australian Accounting Standards Board
85 249 230 937	Office of the Australian Information Commissioner
53 003 678 148	Office of the Commonwealth Ombudsman
41 036 606 436	Office of the Director of Public Prosecutions
43 884 188 232	Office of the Fair Work Ombudsman
15 862 053 538	Office of the Gene Technology Regulator
27 478 662 745	Office Of the Inspector-General of Aged Care
67 332 668 643	Office of the Inspector-General of Intelligence & Security
67 582 329 284	Office of the Official Secretary to the Governor-General
87 767 208 148	Office of the Special Investigator
30 620 774 963	Old Parliament House
78 094 372 050	Productivity Commission
45 307 308 260	Professional Services Review
99 528 049 038	Regional Investment Corporation
45 852 104 259	Royal Australian Mint
25 203 754 319	Rural Industries Research & Development Corporation
81 840 374 163	Safe Work Australia
46 741 353 180	Screen Australia
32 745 854 352	Seafarers Safety Rehabilitation and Compensation Authority
90 794 605 008	Services Australia
17 090 574 431	Snowy Hydro Limited
91 314 398 574	Special Broadcasting Service Corporation
70 588 505 483	Sport Integrity Australia
50 658 250 012	Tertiary Education Quality and Standards Agency
18 108 001 191	The Department of the Prime Minister and Cabinet
40 939 406 804	Therapeutic Goods Administration
57 155 285 807	Torres Strait Regional Authority
47 641 643 874	Workplace Gender Equality Agency

MIL OSI News –

January 25, 2025

MIL-OSI United Kingdom: Ministers aim to create ‘top destination for women’s sport investment’

Source: United Kingdom – Executive Government & Departments

Four Welsh organisations benefit from a UK government investment scheme as UK Government ministers seek to create a ‘top destination’ for women’s sport.

Cricket ball next to a boundary rope.

Four Welsh organisations benefit from UK government investment scheme as ministers seek to create ‘top destination’ for women’s sport.
The Genero Adran Football League, Cardiff Dragons netball team, Celtic Challenge Rugby Union competition and England and Wales Women’s Cricket are all beneficiaries of the scheme.
Welsh Secretary says: “It’s really important that the UK Government develops schemes like this to make sure our female sportspeople get the investment they need to achieve success.”

Four Welsh women’s sport organisations are set for a boost after being named as part of a UK Government scheme to grow investment in elite women’s clubs and leagues as part of a new pledge to make the UK the world’s top destination for women’s sport investment.

The Department for Business and Trade will today [Wednesday 23rd October] launch the 2024-25 Women’s Sport Investment Accelerator scheme, which will bring over 20 elite leagues, competitions and teams together with investors and industry experts to help them secure transformational investment and sponsorships.

It will provide them with comprehensive market insights, seminars, connections and networking opportunities over a series of sessions, led by the Department for Business and Trade in collaboration with Deloitte, which will give them the tools and expert insight to help them attract investment and grow their business.

Elite rightsholders in Wales, the Genero Adran League, Cardiff Dragons, Celtic Challenge and England and Wales Women’s Cricket have been named to take part in the scheme. The announcement will be made at a sport investment conference at Rothschild & Co today, involving leaders from major UK sports and some the world’s most prominent international investors.

Secretary of State for Wales, Jo Stevens, said:

Wales has a proud history of producing world class female athletes and it’s fantastic to see this scheme being set up to encourage investment in women’s sport and help develop the stars of the future.

Women’s sport has long been underfunded to it’s really important that the UK Government develops schemes like this to make sure our female sportspeople get the investment they need to achieve success.

Wales Netball & Cardiff Dragons CEO, Vicki Sutton, said:

Being part of the Department of Business and Trade and Deloitte Programme for the last year has been incredibly beneficial for netball in Wales and for my development and understanding as a leader in the sports sector.

Women’s sport is on the rise and this programme has come at exactly the right time to compliment the worldwide movement currently in progress.

Minister for Investment Poppy Gustafsson said:

The UK is already an elite home of women’s sport, and my goal is to make us the top destination for women’s sport investment.

The launch of this scheme, a week after our record-breaking International Investment Summit, shows the UK is truly the best place to do business in this fast-growing industry.

Off the back of the latest figures showing the industry could be worth over £1 billion this year, I’m looking forward to speaking to investors and clubs, leagues and teams today about how the Accelerator can drive this growth even further.”

Deloitte Sports Business Group Lead Partner Tim Bridge said:

We’re witnessing a surge in investment opportunities within women’s sport. The rise of dedicated funds and brand sponsorships for women’s and girls’ clubs, leagues and competitions signals a powerful shift.

The Accelerator programme has been built to connect investors and brands with these opportunities, showcasing the strength and remarkable growth potential of women’s sport. This influx of investment will be instrumental in driving professionalisation and boosting participation across the UK, creating a lasting impact for women’s sport at all levels while delivering significant economic returns.

The scheme will capitalise on the rapid growth of the women’s sport industry, which is expected to be worth over £1 billion by the end of the year according to Deloitte, marking a 300 percent increase since 2021.

The Government’s pledge to make the UK the top destination for women’s sport investment comes after the record-breaking International Investment Summit held just last week, which secured £63 billion of private investment into the UK which will create over 38,000 new jobs across the country.

Full list of the elite sports represented in the 2024-25 Women’s Sport Investment Accelerator:

Football
Cricket
Rugby union
Rugby league
Tennis
Golf
Netball
Volleyball
Cycling

Published 24 October 2024

MIL OSI United Kingdom –

January 25, 2025

MIL-OSI USA: Rep. Young Kim, Colleagues Demand Answers on U.S. Sending Damaged Arms to Taiwan

Source: United States House of Representatives – Representative Young Kim (CA-39)

Washington, DC – As first reported in Washington Examiner, yesterday, U.S. Representative Young Kim (CA-40) led a letter to the Defense Security Cooperation Agency and the State Department’s Bureau of Political-Military Affairs demanding answers about damaged defense arms being sent to Taiwan.

On September 11, 2024, the Department of Defense Office of the Inspector General (OIG) published a troubling report on damaged equipment provided to Taiwan under the U.S. Presidential Drawdown Authority (PDA).

The members ask several questions about the Department of Defense’s and State Department’s improper handling and delivery of defense equipment to Taiwan.

Rep. Kim was joined in sending the letter by Reps. Joe Wilson (SC-02), Chris Smith (NJ-04), Brian Mast (FL-21), James Moylan (GU-AL), Cory Mills (FL-07), Mike Lawler (NY-17), Keith Self (TX-03), Rich McCormick (GA-06), and Darrell Issa (CA-48).

As of September 2024, Taiwan has yet to receive $24.24 billion worth of equipment and munitions. In the 117^th Congress, Rep. Kim introduced the bipartisan Arms Exports Delivery Act (H.R. 8259), which became law through the FY23 NDAA, to track transfers and ensure efficient and timely delivery of U.S. defense equipment already sold to Taiwan and other Indo-Pacific allies. However, efforts to expedite arms delivery through PDA are meaningless if the products are inoperable.

“On September 11, 2024, the Department’s Office of the Inspector General (‘OIG’) published a troubling report on damaged equipment provided to Taiwan under the PDA. The report finds that Taiwan received moldy body armor and expired munitions after loosely packaged bundles of equipment endured poor weather conditions for months; more than two-thirds of the equipment were left ‘unserviceable’. From November 2023 to March 2024, the Department failed to ‘effectively or efficiently implement accountability and quality controls’ for military equipment transfers to Taiwan, resulting in more than $730,000 in labor and replacement costs. This is unfair to Taiwan who already purchased the equipment and American taxpayers who must ultimately pay for the Department’s negligence,” the members wrote.

Read the full letter HERE or below.

We write to you to express our disappointment and concern with the recent revelations of the Department of Defense’s (“Department”) improper and inexcusable handling and delivery of defense equipment to Taiwan. As the Chinese Communist Party ramps up its hostile rhetoric and provocations in the Taiwan Strait, timely deliveries of operational equipment that Taiwan has already purchased from the U.S. are imperative.

On September 11, 2024, the Department’s Office of the Inspector General (“OIG”) published a troubling report on damaged equipment provided to Taiwan under the PDA. The report finds that Taiwan received moldy body armor and expired munitions after loosely packaged bundles of equipment endured poor weather conditions for months; more than two-thirds of the equipment were left “unserviceable”. From November 2023 to March 2024, the Department failed to “effectively or efficiently implement accountability and quality controls” for military equipment transfers to Taiwan, resulting in more than $730,000 in labor and replacement costs. This is unfair to Taiwan who already purchased the equipment and American taxpayers who must ultimately pay for the Department’s negligence.

Foreign Military Sales (“FMS”) and the U.S. Presidential Drawdown Authority (“PDA”) process are key to equipping Taiwan, yet delivery backlogs undermine Taiwan’s deterrence posture and the U.S. commitment to the island’s defense. As of September 2024, Taiwan has yet to receive $24.24 billion worth of equipment and munitions, with $9.82 billion of pending deliveries being delayed. This sends the wrong message to Xi Jinping who is closely watching for the right opportunity for “reunification” with Taiwan. Commonsense and bipartisan legislation like H.R. 8259, the Arms Exports Delivery Solutions Act, signed into law through the FY23 NDAA, provides necessary Congressional oversight of FMS to U.S. allies and partners. Further, the Biden administration recently announced another $567 million in defense aid for Taiwan under the PDA.6 However, efforts to expedite delivery times are meaningless if the products are inoperable.

Section 506(a)(3) of the Foreign Assistance Act of 1961 grants the Secretary of State the authority to direct the presidential drawdown of defense articles to Taiwan. The Defense Security Cooperation Agency (“DSCA”) is then responsible for executing presidential drawdown activities. We respectfully ask DSCA and the State Department’s Bureau of Political-Military Affairs to provide written responses to the questions below. We also request a classified briefing on steps taken by both agencies to ensure this never happens again. Taiwan and our allies are counting on the United States to deliver on our promises.

Questions for Defense Security Cooperation Agency:

1) From November 2023 to March 2024, please describe in detail DSCA’s role in executing and supervising delivery of presidential drawdown items to Taiwan.

a. What were DSCA’s main priorities and goals during this process?

b. Did DSCA face any challenges to effectively carrying out arms delivery to Taiwan?

2) Prior to the OIG’s September 2024 report, was DSCA aware of damaged equipment and

expired munitions being sent to Taiwan?

a. If so, what immediate steps did DSCA take to mitigate this?

3) Did DSCA fully implement OIG’s recommendations outlined in the September 11 report?

a. If so, please describe in detail the specific changes made or in progress.

b. Were there any recommendations that DSCA rejected or proposed an alternative

to, and if so, why?

4) What other measures is DSCA implementing to prevent delivery of defective and damaged equipment and regain the confidence of our allies?

Questions for Bureau of Political-Military Affairs:

1) Please describe in detail the State Department Bureau of Political-Military Affairs’ authority and oversight role in the PDA process, including during delivery, according to Section 506(a)(3) of the Foreign Assistance Act of 1961.

2) What is your plan to ensure that the recommendations offered by the OIG are executed by DSCA?3) What additional reforms should be made to improve the overall PDA process under Section 506(a)(3) of the Foreign Assistance Act of 1961?

MIL OSI USA News –

January 25, 2025

MIL-OSI United Kingdom: Further free electric blanket testing and energy advice days to be held in city

Source: City of Wolverhampton

The advice days, organised by City of Wolverhampton Council’s Trading Standards team, will take place on:

Tuesday, 5 November at Civic Centre, St Peter’s Square, WV1 1SH.
Wednesday, 6 November at Bob Jones Community Hub, Bromley Street, WV2 3AS.

Both days will run between 9.30am and 4pm.

Residents with an electric blanket will be able to bring it along to be tested by experts from Gems Electrical Testing. It is important that all leads, controls and plugs associated with the electric blankets are brought along for testing.

If the blanket fails and the owner is a Wolverhampton resident, a replacement will be offered for free. Funding for the blankets has been provided by UK charity Electrical Safety First.

General support and advice about energy bills will also be available from charity Act on Energy. Advisors can give general advice and arrange to speak to residents individually about ways to save on bills, how to switch providers and how to access energy debt support.

Other help on offer during the 2 days will include information about ways people can protect themselves from scams, rogue traders and bogus callers which can increase over the colder weather and during the run up to Christmas.

The 2 days next month follow similar sessions held at Ashmore Park Community Centre and Bilston Indoor Market where 24 electric blankets were tested and 21 new blankets provided free of charge to replace those that had failed.

John Roseblade, director of resident services at City of Wolverhampton Council, said: “As the weather is turning colder, we welcome residents to these events where they can get their electric blankets tested and speak to others for energy advice.

“The condition of electric blankets can deteriorate over time and become faulty. This can risk injury and fire, so we would encourage people to come along and get their blankets checked for peace of mind.”

People do not have to book an appointment for the electric blanket testing but are asked to please be prepared to wait if the event is busy.

MIL OSI United Kingdom –

January 25, 2025

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