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Category: Transport

  • MIL-OSI Video: Secretary Rubio holds a joint press availability with Dominican President Luis Abinader – 1:30 PM

    Source: United States of America – Department of State (video statements)

    Secretary of State Marco A. Rubio holds a joint press availability with Dominican President Luis Abinader in Santo Domingo, Dominican Republic, on February 6, 2024.

    ———-
    Under the leadership of the President and Secretary of State, the U.S. Department of State leads America’s foreign policy through diplomacy, advocacy, and assistance by advancing the interests of the American people, their safety and economic prosperity. On behalf of the American people we promote and demonstrate democratic values and advance a free, peaceful, and prosperous world.

    The Secretary of State, appointed by the President with the advice and consent of the Senate, is the President’s chief foreign affairs adviser. The Secretary carries out the President’s foreign policies through the State Department, which includes the Foreign Service, Civil Service and U.S. Agency for International Development.

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    https://www.youtube.com/watch?v=EMf-6XdjoVI

    MIL OSI Video –

  • MIL-OSI China: Ice, snow fervor invigorates host city of Asian Winter Games

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

    HARBIN, Feb. 6 — Inside a sprawling souvenir shop in the northeastern Chinese city of Harbin, the tiger mascots of the upcoming Asian Winter Games — “Binbin” and “Nini” — are demonstrating the changing images of the heavily industrial city.

    One toy series puts the tigers on board China’s first helicopter and satellite, a reference to Harbin’s glorious status as an industrialization forerunner in the 20th century, while others feature the two as skaters, skiers and ice sculptures to showcase the city’s more recent boom in winter sports and tourism.

    Dubbed China’s Winterfell by netizens, Harbin, the capital city of Heilongjiang Province, has long been seen as an industrial city with frigid, harsh winters. Today, the city buzzes with winter tourists, many of whom have traveled all the way from the tropical south.

    Lin Wenxin, a tourist from the southeastern province of Fujian, was awestruck by the glittering structures made of ice blocks in Harbin Ice-Snow World. The otherworldly landscape, filled with towering ice sculptures, has led netizens to compare Harbin to the fictional city of Winterfell from the fantasy novel series A Song of Ice and Fire.

    “It’s the first time I’ve seen such a massive amount of ice and snow, and it’s stunning,” Lin exclaimed in the theme park. Despite her cold hands, she took off her gloves to share photos with her friends on her mobile phone.

    As the city’s iconic tourist magnet, Harbin Ice-Snow World draws hundreds of thousands of visitors every day. During the eight-day Spring Festival holiday that ended Tuesday, over 610,000 trips were made to the park. Trips on Saturday alone exceeded 100,000, setting a new record for single-day attendance.

    The success of the Harbin Ice-Snow World is believed to have been due to the city’s profound heritage of ice lantern artistry.

    Harbin is located at 45 degrees north latitude, where winter temperatures can drop below minus 30 degrees Celsius. More than 60 years ago, to brighten the frigid winter nights, people filled buckets with water and allowed them to freeze into ice blocks. They then removed the unfrozen water to create a hollow space and placed lamps inside. This is how the first ice lanterns were made.

    Since the latter half of the 20th century, the city has become more significant in its heavy industries, contributing to China’s development of helicopters, satellites, and carrier rockets. In recent years, the city, like others in northeast China, has been striving to upgrade its industries and find new growth engines in the service sector.

    Against this backdrop, tapping into its ice culture to attract tourists becomes Harbin’s one answer to its economic transition. The city shot to nationwide prominence around the start of 2024 for going the extra mile to welcome tourists from South China. Its hosting of the upcoming 9th Asian Winter Games has further cemented its allure as a winter destination.

    In Harbin’s touristy Central Street, the two tiger mascots and winter sports-themed lights are omnipresent, impressing Thai tourist Shiv Dechasakphan, who was shopping in a retail store featuring official merchandise for Harbin 2025.

    “The vibe is amazing — we can see Games-themed decorations all over the city. I know Harbin is a fantastic place for ice and snow activities,” said Shiv Dechasakphan, who previously traveled to ski at the Yabuli ski resort, located 200 kilometers from downtown Harbin. The resort, which will also host the snow events of the Asian Winter Games, welcomed over 1.17 million visitors in 2024.

    As the event approached, domestic and international tourists visited the official merchandise store in droves, raising its sales, according to Su Zhe, manager of the store.

    The surge in popularity of winter sports in recent years has created business opportunities for not just the tourism industry. Since the start of this snow season, Zhuang Yu, deputy manager of a Harbin-based cableway engineering company, has traveled extensively with co-workers to various cities to install, maintain, and repair cable systems.

    As ski resorts proliferate across the country, the company’s ski conveyor belts and cableways are experiencing strong sales, with revenue in 2024 projected to increase by about 20 percent compared to the previous year, Zhuang noted. He emphasized that the ongoing enthusiasm for winter sports drives the growth of both upstream and downstream industries and encourages businesses to innovate.

    Across the country, China is seeking to leverage its vast ice and snow resources to drive economic growth, with the government integrating winter sports and tourism into its national development plans.

    The sector has already reached a trillion yuan (one yuan equals about 0.14 U.S. dollars) scale, and the country aims to grow it to 1.2 trillion yuan by 2027 and 1.5 trillion yuan by 2030, according to an official guideline released in 2024.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Reports of Russia’s treatment of Ukrainian prisoners of war are deeply concerning: UK statement to the OSCE

    Source: United Kingdom – Executive Government & Departments

    Deputy Ambassador Brown condemns the Russian state’s reported systematic torture, abuse, and execution of Ukrainian prisoners of war.

    Thank you, Madam Chair and good afternoon colleagues.  On behalf of the UK Delegation I would like to offer a warm welcome to the new Ukraine ambassador.  Please be assured of our continued support to you, Viktoria and to your exceptional team.

    Since the full-scale invasion of Ukraine, overwhelming evidence from international bodies, human rights organisations, and independent investigations demonstrates that Russia continues to disregard international law. The UK unequivocally condemns the Russian state’s reported systematic torture, abuse, and execution of Ukrainian prisoners of war.

    The UN Commission of Inquiry has concluded that Russia’s use of torture against POWs and civilian detainees amounts to crimes against humanity. Their reports outline how Russian forces have subjected Ukrainian POWs to brutal beatings, burns and electric shocks amplified by water. Additionally, they detail how Ukrainian POWs are forced to endure sexual violence, including rape, attacks on genitals, and threats of mutilation, castration, and sterilisation. In ODIHR’s latest report on Ukraine, all the Ukrainian former POWs interviewed reported severe and routine torture during their internment, supporting ODIHR’s analysis that the torture of both POWs and civilians by the Russian state is widespread and systematic.

    Furthermore, ODIHR documented that Ukrainian POWs are held in overcrowded, unsanitary conditions, and deprived of adequate food, water, and medical care. Such neglect, aimed at breaking the spirit of those already disarmed and vulnerable, is a direct affront to human dignity.

    Additionally, the Ukrainian Prosecutor-General’s Office reports that 147 Ukrainian POWs have been executed by Russian forces since the start of the full-scale invasion.

    And this week the UN Human Rights Monitoring Mission in Ukraine raised serious concerns over a sharp increase in executions of captured Ukrainian soldiers by Russian forces. Since August 2024, the Mission documented 79 executions across 24 incidents, with many cases involving soldiers who had surrendered or were otherwise in Russian custody, including instances where unarmed and injured personnel were shot dead on the spot.

    Madam Chair, these are not isolated incidents. The testimonies gathered by the UN Commission of Inquiry highlight deliberate and systematic practices; and find a coordinated state policy of cruelty and impunity that underscores the Russian state’s complete disregard for international norms. The Geneva Conventions are clear: POWs must be treated humanely. Reporting from the UN and ODIHR outlines how Russia has not only failed in this obligation—it has systematically violated it.

    The UK demands an immediate end to all atrocities and calls for independent investigations to hold all perpetrators accountable; from those carrying out abuses to those ordering them. Alongside our international partners, we will ensure that those responsible—at all levels of the Russian state—face justice.

    The protection of prisoners of war is not optional; it is an absolute and binding requirement of international law.  The UK demands that the Russian state ensures the humane treatment of all those in detention and grants the ICRC unimpeded access to places of detention, in line with the Geneva Conventions.

    The UK welcomes the latest prisoner exchange between Ukraine and Russia facilitated by the United Arab Emirates. We continue to call on Russia to comply with International Humanitarian Law and not exploit prisoners of war and civilian detainees for political purposes. All those arbitrarily detained must be released, including our colleagues: the three Special Monitoring Mission members. We continue to call for their release.

    The UK stands in full solidarity with Ukraine and reaffirms our commitment to ensuring justice for victims and survivors. The evidence is overwhelming. The time for accountability is now. Thank you, Madam Chair.

    Updates to this page

    Published 6 February 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: ‘It Starts in Wolverhampton’ event showcases city’s innovation and green credentials

    Source: City of Wolverhampton

    Aligned with the West Midlands Growth Company’s ‘It Starts Here’ campaign, the ‘It Starts in Wolverhampton: Innovating for Sustainable Growth’ event demonstrated why there has never been a better time to invest, grow and succeed in the city.

    More than 200 delegates attended the showcase supported by headline sponsors University of Wolverhampton and WLV Business Link, and reception sponsor Turner & Townsend.

    They heard how City of Wolverhampton Council in partnership with University of Wolverhampton is developing the Green Innovation Corridor (GIC) in the city, to create a world class eco, green innovation district delivering in excess of 20,000sqm of new R&D, laboratory and commercial floorspace and 1,200 new jobs.

    The early phases of the GIC programme focusing on bringing forward demand led business space on 4 underutilised land parcels of land at Wolverhampton Science Park will be supported by £7million of Investment Zone funding and £20million of funding secured by the council from the Government.

    As well as this capital funding, GIC and the wider city will benefit from the IZ Regional Business Support, Skills and R&D programmes and Delivery Capacity Funding programmes, being developed with local and regional partners.

    This builds on pioneering facilities and businesses already in place in the city such as the National Brownfield Institute, School of Architecture and Built Environment, Elite Centre for Manufacturing Skills, University of Wolverhampton Science Park, including the SPARK Incubator, Composite & Additive Layer Materials Engineering Research & Innovation Centre, Centre for Green Electricals Materials Manufacturing and global companies like JLR, Collins, Moog, and leaders in 3D printing, EOS UK.

    Industry leaders and visionaries shaping the future of clean and green industries also highlighted why Wolverhampton is the place to be for innovation and sustainable growth.

    This included Craig Osman, Operations Director for EPMC i54, JLR, who focused on vehicle electrification, investment and cutting edge innovation at the Electric Propulsion Manufacturing Centre at i54, jobs, supply chain, the wider overview of the footprint in the West Midlands and the JLR Reimagine strategy.

    Olivia Simpson, Chief Operations Officer, FlexSea, also explained why her business relocated from London to Wolverhampton and is redefining bioplastics with a revolutionary product made from seaweed – certified plastic free and home compostable.

    Davide lacovelli, Regional Director EMEA, EOS UK highlighted his company’s work in partnership with the University of Wolverhampton at the new UK Centre of Excellence for Additive Manufacturing based in the Elite Centre for Manufacturing Skills at the university’s Springfield Campus. It specialises in the development of advanced materials and processes for demanding applications within industries such as space, automotive, aerospace, electronics, and quantum computing.

    Councillor Chris Burden, City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, said: “The event showed the level of innovation, the groundbreaking designs, partnerships and research and development happening right here in our city.

    “It is truly remarkable and testament to the skilled people that have been attracted here and been nurtured by our businesses and organisations.

    “Building on some of our local strengths, and particularly those of the university and businesses, we will make the Green Innovation Corridor a success.

    “Our ambition for the Green Innovation Corridor is for it to be a world leading research led cluster in green technologies with a focus on green construction, green computing and green engineering. The GIC will support businesses and the wider economy in its transition to net zero and aim to create more productive, sustainable, highly skilled and innovative industry.

    “It is also about taking the economy of Wolverhampton forward, building on the expertise, research and development and skills that Wolverhampton has to offer and deliver jobs growth, a higher wage economy, a more inclusive economy, a more sustainable economy and place, the development of brownfield sites – some that have been vacant for years- and a vibrant corridor that is well connected and renowned for its research led clusters in engineering, computing and construction.”

    MIL OSI United Kingdom –

  • MIL-OSI NGOs: MSF mobile clinics bring care to neglected region of east Ghouta in Syria

    Source: Médecins Sans Frontières –

    “Going to east Ghouta and seeing it with my own eyes was heartbreaking,” says Patrick Wieland, Médecins Sans Frontières’ (MSF’s) head of mission in Syria. “The scale of destruction is huge, people are trapped in extreme poverty, barely holding on, and in urgent need of medical care.”

    After years of neglect, east Ghouta, a region located only 10 kilometres from Damascus, shows little signs of normalcy, the streets lined with the ruins of buildings are empty of the signs of life. The people here are struggling under the strain of overwhelming economic hardship. Years of health facility closures have left huge needs for medical care, and the available services are incredibly limited. East Ghouta’s suffering is far from over and urgent support is needed now.

    Following the fall of Bashar al Assad’s 24-year rule, MSF has gained access to Damascus for the first time in over a decade. We began operating mobile clinics on 21 January, offering basic healthcare, like consultations for gastrointestinal infections. In this short time, we have seen 576 patients, including 77 children under the age of five.

    Families living in the shells of buildings

    East Ghouta was once a lush and green 110 square kilometres, filled with fruit trees and farms. After years of relentless airstrikes by the former Syrian government forces it now stands in ruins. What’s left behind of this major food producing region is destroyed land dotted with grey buildings that have been stripped of rooftops, windows, and life. Still, families are here and struggling to make do.

    “Entire families are living in the rubble of destroyed buildings that look as if they have come from the Middle Ages,” says Bilal Alsarakibi, MSF’s medical referent in Syria. “The level of negligence is unimaginable; the medical needs are huge and for people to find healthcare is a desperate race against time.”

    People are living in difficult conditions. They lack clean water, proper food, sanitation infrastructure, and heating for their homes, exposing them to many health hazards.

    A new chapter of hope

    Since January 2025, MSF has sent several teams to cities in east Ghouta, including Douma, Harasta, Zamlka, Hamoria, Ain Tarma, and Kafr Batna. Our teams are providing basic healthcare, like medical consultations and mental health support, through mobile clinics.

    We attempted to reach east Ghouta many times during the rule of Bashar al Assad. Our teams were repeatedly denied entry, which ensured that people had less access to healthcare than they desperately needed.

    “When people get sick or injured, getting healthcare is really hard, there are no ambulances and medicine is too expensive,” says Mohammed Riad, who attended a mobile clinic. “Mobile clinics are a great idea. If they were covering all the areas, it can save people a lot of trouble.” 

    Our teams are helping people suffering from different conditions, with the most common being respiratory infections, asthma, and gastroenteritis due to food contamination. We are also seeing people for non-communicable diseases such as diabetes, hypertension, and other cardiovascular diseases.

    Our teams are also assessing the overall medical and humanitarian situation in these cities. The work is currently underway to understand the depth of people’s needs after our years of absence. 

    Besieged and bombarded

    When the opposition forces gained control of the east Ghouta in 2012, the Syrian armed forces then imposed a severe siege on the area. Relentless ground and aerial bombardments targeted homes, markets and hospitals, while food, water and medicines were deliberately denied as a method of warfare. 

    A UN report shows the devastating toll on people. Between 18 February and 11 March 2018, attacks by the former government forces killed 1,100 people and injured 4,000. During the same period, shelling on Damascus city by different armed groups killed and injured hundreds more people. 

    Saving lives was everyone’s struggle

    “Due to the siege in 2013, a lot of people were injured and lost their limbs in daily airstrikes,” says Othman Al-Rifai, a resident of east Ghouta. “The doctors travelled abroad because salaries were low and until today you can see the impact.”

    Between 2013 to 2018, MSF provided remote support to Syrian medics in east Ghouta. Our teams sent medical supplies, offered financial support and provided technical guidance. Since MSF could not work in east Ghouta directly, this was the only way to help the medical teams there. 

    We supported 20 clinics and hospitals in 2013. Over the years of escalating violence, the number went down to just one clinic by 2018. The other 19 facilities were either closed or abandoned after former government forces took over the area. At a certain point, there was nothing left that we could support.

    “Today, the mobile clinics give a small sense of relief to the people who endured a lot in east Ghouta over the past years,” adds Bilal Alsarakibi. “Despite what they have seen, people are still able to smile. They have been through a lot of suffering, and they urgently need support to regain their lives.”

    MIL OSI NGO –

  • MIL-OSI Europe: VATICAN – Pope’s Message for World Mission Day 2025: The Church prolongs the mission of Christ by offering life for all

    Source: Agenzia Fides – MIL OSI

    Thursday, 6 February 2025

    Vatican Media

    Vatican City (Agenzia Fides) – “The Church, a community of Christ’s missionary disciples”, is today “sent to revive hope in a world over which dark shadows”. “Despite facing persecutions, tribulations and difficulties, as well as her own imperfections and failures due to the weakness of her members, the Church is constantly impelled by the love of Christ to persevere, “prolongs” the mission of Jesus” offering her life for all in the midst of the nations”.This is the essence of Pope Francis’ message for World Mission Sunday 2025, which will be celebrated on October 19.The Document is dated January 25, the Feast of the Conversion of the Apostle Paul, and is published today, February 6, the liturgical memorial of Saints Paul Miki and his companions, a group of 25 Japanese martyrs, eight of whom were priests and religious of the Society of Jesus and the Order of Friars Minor, European missionaries or those born in Japan, and seventeen lay people. All of them were arrested and, as the Roman Martyrology reports, “seriously mistreated and sentenced to death. All of them, including the young ones, were crucified because they were Christians.”These dates are not accidental, considering the themes addressed in the message entitled “Missionaries of Hope Among All Peoples”At the heart of the message, divided into three paragraphs, is the theme of hope, the theological virtue that is also at the heart of the Ordinary Jubilee that the Catholic Church is currently celebrating. The theme – explains the Pope – was chosen because it “reminds individual Christians and the entire Church, the community of the baptized, of our fundamental vocation to be, in the footsteps of Christ, messengers and builders of hope”.Hence “the desire” of the Bishop of Rome to “recall some relevant aspects of our Christian missionary identity, so that we can let ourselves be guided by the Spirit of God and burn with holy zeal for a new evangelizing season in the Church”. And first of all to “keep our gaze fixed on Christ, the centre of history”, “the fullness of salvation for all”, as well as “the supreme model of all those down the centuries who carry out their own God-given mission, even amid extreme trials”.“Through his disciples, sent to all peoples and mystically accompanied by him, the Lord Jesus continues his ministry of hope for humanity”, bending over “all those who are poor, afflicted, despairing and oppressed, and pours «upon their wounds the balm of consolation and the wine of hope»”, writes the Pope, quoting the Preface “Jesus the Good Samaritan”.The Pope’s thoughts also go to the missionaries ad gentes who “following the Lord’s call”, “have gone forth to other nations to make known the love of God in Christ. For this, I thank you most heartily! Your lives are a clear response to the command of the risen Christ, who sent his disciples to evangelize all peoples. In this way, you are signs of the universal vocation of the baptized to become, by the power of the Spirit and daily effort, missionaries among the nations and witnesses to the great hope given us by the Lord Jesus”.The horizon of this hope, the Pope points out, “transcends the passing things of this world and opens up to those divine realities in which we share even now.” The Bishop of Rome then cites Paul VI, who fifty years ago, in the Apostolic Exhortation Evangelii Nuntandi (n. 27), wrote that the salvation offered by Christ is not only “immanent, meeting material or even spiritual needs… completely caught up in temporal desires, hopes, affairs, and struggles. Rather, it exceeds all such limits in order to reach fulfilment in a communion with the one Absolute, which is God. It is a salvation both transcendent and eschatological, which indeed has its beginning in this life, but is fulfilled in eternity.”Hence the invitation to put into practice the actions suggested in the Bull Spes Non Confundit, living above all in “personal contact” with brothers and sisters, “with particular attention to the poorest and weakest, the sick, the elderly and those excluded from materialistic and consumerist society. They are the ones who teach us how to live in hope. Through personal contact, we will also convey the love of the compassionate heart of the Lord”. In fact, all the baptized, continues the Pontiff, quoting the speech he himself gave in June two years ago to the General Assembly of the Pontifical Mission Societies, are “have been sent to continue this mission: to be signs of the heart of Christ and the love of the Father, embracing the whole world”.To this end, Pope Francis stresses, “we need to be renewed in the Easter spirituality experienced at every Eucharistic celebration and especially during the Easter Triduum, the centre and culmination of the liturgical year”. Moreover, “missionaries of hope are men and women of prayer, for “the person who hopes is a person who prays”, in the words of Venerable Cardinal François-Xavier Van Thuan, who was himself sustained in hope throughout his lengthy imprisonment thanks to the strength he received from faithful prayer and the Eucharist (cf. The Road of Hope, Boston, 2001, 963). Let us not forget that prayer is the primary missionary activity and at the same time the first strength of hope”.“So,” urges the Pope, “let us renew the mission of hope, starting from prayer, especially prayer based on the word of God and particularly the Psalms, that great symphony of prayer whose composer is the Holy Spirit. The Psalms train us to hope amid adversity, to discern the signs of hope around us, and to have the constant “missionary” desire that God be praised by all peoples”.In the third and final paragraph, the Bishop of Rome describes evangelization as a “communitarian process,” which “does not end with the initial preaching of the Gospel and with Baptism, but continues with the building up of Christian communities through the accompaniment of each of the baptized along the path of the Gospel. In modern society, membership in the Church is never something achieved once for all. Therefore, the missionary activity of handing down and shaping a mature faith in Christ is “paradigmatic for all the Church’s activity,” he adds (Evangelii Gaudium, 15).“I would emphasize once more the importance of this missionary synodality of the Church, as well as the service rendered by the Pontifical Mission Societies in promoting the missionary responsibility of the baptized and supporting new Particular Churches. And I urge all of you, children, young people, adults and the elderly, to participate actively in the common evangelizing mission of the Church by your witness of life and prayer, by your sacrifices and by your generosity,” concludes Pope Francis. (F.B.) (6/2/2025)

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  • MIL-OSI: Calian Signs over $50M in Defence Contracts in Q1

    Source: GlobeNewswire (MIL-OSI)

    OTTAWA, Ontario, Feb. 06, 2025 (GLOBE NEWSWIRE) — Calian Group Ltd. (TSX: CGY), announced today that it signed over $50 million in new and renewed multi-year defence contracts in the first quarter of fiscal year 2025 highlighting the continued need for mission-critical defence solutions and the value Calian provides to Canada’s defence, NATO and our allies.  

    Of the almost 30 contracts, half will provide operational readiness training, including one for NATO’s Joint Warfare Centre (JWC). Under the terms of the agreement, Calian will serve as the prime contractor, providing the majority of JWC’s critical defence training in the form of military and civilian subject matter experts to support JWC in delivering on its mission to train NATO forces at the strategic and operational levels. This support will include helping ensure forces can work together efficiently in a crisis and increasing the effectiveness and readiness of NATO’s multinational forces.

    “The surge in global defence budgets underscores the demands of modern warfare and continued geopolitical instability,” said Kevin Ford, CEO of Calian. “As we look ahead, Calian recognizes our militaries need trusted, dependable partners to deliver mission-critical solutions. With capabilities that support personnel readiness, equipment reliability and secure, scalable operations, our goal is to ensure military forces are operation-ready so they can perform optimally in the most demanding, high-stakes environments.”

    With over 40 years of experience, Calian delivers defence readiness solutions supporting national and international security. Leveraging our innovative technologies and expertise, Calian drives operational excellence through military training, healthcare, cybersecurity, communications and systems integration—helping military forces stay prepared and resilient in today’s rapidly evolving security and technology landscape.

    Learn more about how Calian delivers confidence for military customers, no matter their needs: https://www.calian.com/defence/. 

    About Calian

    www.calian.com

    We keep the world moving forward. Calian® helps people communicate, innovate, learn and lead safe and healthy lives. Every day, our employees live our values of customer commitment, integrity, innovation, respect and teamwork to engineer reliable solutions that solve complex challenges. That’s Confidence. Engineered. A stable and growing 40-year company, we are headquartered in Ottawa with offices and projects spanning North American, European and international markets. Visit calian.com to learn about innovative healthcare, communications, learning and cybersecurity solutions.

    Product or service names mentioned herein may be the trademarks of their respective owners.

    Media inquiries:

    media@calian.com

    613-599-8600

    Investor Relations inquiries:

    ir@calian.com

    DISCLAIMER

    Certain information included in this press release is forward-looking and is subject to important risks and uncertainties. The results or events predicted in these statements may differ materially from actual results or events. Such statements are generally accompanied by words such as “intend”, “anticipate”, “believe”, “estimate”, “expect” or similar statements. Factors which could cause results or events to differ from current expectations include, among other things: the impact of price competition; scarce number of qualified professionals; the impact of rapid technological and market change; loss of business or credit risk with major customers; technical risks on fixed price projects; general industry and market conditions and growth rates; international growth and global economic conditions, and including currency exchange rate fluctuations; and the impact of consolidations in the business services industry. For additional information with respect to certain of these and other factors, please see the Company’s most recent annual report and other reports filed by Calian with the Ontario Securities Commission. Calian disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. No assurance can be given that actual results, performance or achievement expressed in, or implied by, forward-looking statements within this disclosure will occur, or if they do, that any benefits may be derived from them.

    Calian · Head Office · 770 Palladium Drive · Ottawa · Ontario · Canada · K2V 1C8
    Tel: 613.599.8600 · Fax: 613-592-3664 · General info email: info@calian.com

    The MIL Network –

  • MIL-OSI: First National Corporation Reports Fourth Quarter and Annual 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRASBURG, Va., Feb. 06, 2025 (GLOBE NEWSWIRE) — First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), reported an unaudited consolidated net loss of $933 thousand and basic and diluted loss per common share of $0.10 for the fourth quarter of 2024, and adjusted operating earnings(1) of $6.0 million and adjusted operating basic and diluted earnings(1) per common share of $0.66 for the fourth quarter of 2024.

    For the year ended December 31, 2024, the Company reported unaudited consolidated earnings of $7.0 million and basic and diluted earnings per common share of $1.00 and adjusted operating earnings(1) of $14.6 million and adjusted basic and diluted earnings per common share(1) of $2.10 for the year ended December 31, 2024.

    “2024 was a transformational year for First National as we consummated our largest acquisition to date and resulting partnership with Touchstone Bankshares. Our results for the quarter reflected solid operating metrics adjusting for merger costs, and is the first quarter to include the combined financial results of First National and Touchstone,” said Scott Harvard, President and Chief Executive Officer of First National. “I am proud of all the work from our teammates to get us to this point. We are completing system conversions in several weeks which will allow us to operate as one bank across our footprint. We believe the fourth quarter financial operating performance is indicative of the benefits of the acquisition and look forward to fully completing the integration of our two companies.”

    FOURTH QUARTER HIGHLIGHTS

    • Completed acquisition of Touchstone Bankshares, Inc. on October 1
    • Total assets of $2.0 billion with 33 branch offices
    • Net interest margin increased 40 basis points to 3.83%
    • Noninterest bearing deposits comprised 29% of total deposits
    • Efficiency ratio of 63.97%(1)

    Merger with Touchstone Bankshares, Inc. (“Touchstone”)

    On October 1, 2024, the Company completed its acquisition of Touchstone. Touchstone’s results of operations are included in the Company’s consolidated results since the date of acquisition, and, therefore, the Company’s fourth quarter and full year 2024 results reflect increased levels of average balances, net interest income, and expense compared to its prior quarter and full year 2023 results. After purchase accounting fair value adjustments, the acquisition added $664.3 million of total assets, including $479.3 million of loans held for investment (“LHFI”), and $614.6 million of total liabilities, including $555.4 million in total deposits. The Company recorded a preliminary bargain purchase gain of $2.9 million during the quarter associated with the acquisition.

    In connection with the acquisition, the Company recorded an allowance for credit losses on acquired loans that experienced a more than insignificant amount of credit deterioration since origination (“PCD” loans) of $385 thousand. In addition, the Company recorded a provision for credit losses of $3.8 million on non-PCD loans and $100 thousand provision on unfunded commitments for the fourth quarter of 2024.

    The Company incurred pre-tax merger costs of approximately $7.3 million during the fourth quarter of 2024 related to the Touchstone acquisition.

    NET INTEREST INCOME

    For the fourth quarter of 2024, net interest income was $18.4 million, an increase of $6.6 million from $11.7 million in the third quarter of 2024. The increases in net interest income was primarily the result of a $545.3 million increase in average interest earning assets, partially offset by a $415.0 million increase in average interest bearing liabilities, in each case primarily related to the acquisition of Touchstone. For the fourth quarter of 2024, the Company’s net interest margin increased 40 basis points to 3.83% primarily due to the impacts associated with the Touchstone acquisition. Earning asset yields for the fourth quarter of 2024 increased 22 basis points to 5.30% compared to the third quarter of 2024, and the cost of funds decreased by 21 basis points to 1.51%, due to changes in deposit mix following the acquisition of Touchstone and federal funds rate cuts in late 2024.

    The Company’s net interest margin (FTE)(1) for the fourth quarter of 2024 includes the impact of acquisition accounting fair value adjustments. Net accretion income related to acquisition accounting was $408 thousand, or a nine basis point incremental increase to the net interest margin for the fourth quarter ended December 31, 2024, and none for the comparative prior quarter and same quarter in 2023, respectively, due to the Touchstone acquisition. 

    NONINTEREST INCOME

    Noninterest income increased $3.4 million to $6.4 million for the fourth quarter of 2024 from $3.2 million in the prior quarter, primarily driven by $2.9 million of pre-tax bargain purchase gain and other increases in noninterest income associated with the full quarter impact of the Touchstone acquisition that closed on October 1, 2024.

    NONINTEREST EXPENSE

    Noninterest expense increased $11.5 million to $21.9 million for the fourth quarter of 2024 from $10.5 million in the prior quarter, primarily driven by a $7.3 million increase in pre-tax merger-related expenses, as well as other increases in noninterest expense due to the full quarter impact of the Touchstone acquisition. The full quarter impact of Touchstone and related merger expenses drove the majority of the $4.5 million increase in salaries and benefits, the $3.9 million increase in data processing, and the $351 thousand increase in occupancy expenses compared to the prior quarter. In addition, legal and professional services increased $618 thousand, primarily due to fees associated with the merger.

    Adjusted operating noninterest expense, which excludes merger-related costs ($219 thousand in the third quarter and $7.3 million in the fourth quarter) and amortization of intangible assets ($4 thousand in the third quarter and $448 thousand in the fourth quarter), increased $3.9 million to $14.2 million for the fourth quarter of 2024 from $10.2 million in the prior quarter, primarily due to the impact of the Touchstone acquisition.

    ASSET QUALITY

    Overview

    Loans past due greater than 30 days and still accruing interest as a percentage of total loans amounted to 0.24% on December 31, 2024, compared to 0.24% on September 30, 2024, and 0.31% on December 31, 2023. Of the total past due loans still accruing interest, $365 thousand were past due 90 days or more on December 31, 2024, compared to $0 on September 30, 2024, and $524 thousand on December 31, 2023. Management classifies non-performing assets (“NPAs”) as non-accrual loans and OREO. Nonperforming assets (“NPAs”) as a percentage of total assets decreased to 0.35% on December 31, 2024, compared to 0.41% on September 30, 2024, and 0.48% one year ago on December 31, 2023. The decrease in the NPA ratio was primarily due to the effects of the Touchstone acquisition, which added LHFI of $479.3 million acquired in the transaction. Net charge-offs totaled $1.3 million in the fourth quarter of 2024, compared to net charge-offs of $1.6 million in the third quarter of 2024, and net charge-offs of $2.7 million in the fourth quarter of 2023. The net charge-offs for the fourth quarter of 2024 included $883 thousand of commercial and industrial loans, with $774 thousand of that specific to our pool of loans originated to health care professionals through a third-party lender. The allowance for credit losses on loans totaled $16.4 million, or 1.12% of total loans on December 31, 2024, compared to $12.7 million, or 1.28% of total loans on September 30, 2024, and $12.0 million, or 1.24% of total loans on December 31, 2023.

    Nonperforming Assets

    NPAs increased to $7.1 million on December 31, 2024, compared to $6.0 million on September 30, 2024, and $6.8 million on December 31, 2023, which represented 0.35%, 0.41%, and 0.48% of total assets, respectively. The increase in NPAs during the fourth quarter of 2024 resulted from the acquisition of Touchstone’s portfolio, including $1 million of additional non-accrual loans.

    Past Due Loans

    Loans past due 30-89 days and still accruing interest increased to $3.1 million, or 0.21% of total loans on December 31, 2024, compared to $2.4 million, or 0.24% of total loans on September 30, 2024, and $2.5 million, or 0.26%, of total loans on December 31, 2023. Loans past due over 90 days or more and still accruing interest on December 31, 2024, increased to $365 thousand, compared to $0 on September 30, 2024, and $524 thousand on December 31, 2023.

    Allowance for Credit Losses on Loans

    For the fourth quarter of 2024, the Company recorded a provision for credit losses of $4.8 million, compared to a provision for credit losses of $1.7 million in the prior quarter, and a provision for credit losses of $6.0 million in the fourth quarter of 2023. Included in the provision for credit losses for the fourth quarter of 2024 was a $3.8 million initial provision expense on non-PCD loans and $100 thousand on unfunded commitments, each acquired from Touchstone. As compared to the prior quarter, the decrease in provision for credit losses, outside of the initial provision expense recorded on non-PCD loans and unfunded commitments acquired from Touchstone, primarily reflects the impact of lower net charge-offs in the fourth quarter of 2024 and lower outstanding legacy loan balances. As compared to the same period in the prior year, the decrease in provision for credit losses, outside of the initial provision expense recorded on non-PCD loans and unfunded commitments acquired from Touchstone, is primarily due to higher reserves booked during the fourth quarter of 2023 due to qualitative factor adjustments related to the commercial and industrial loan pool, as well as specific reserves from identified individually evaluated loans.

    BALANCE SHEET

    At December 31, 2024, the Company’s consolidated balance sheet includes the impact of the Touchstone acquisition, which closed October 1, 2024, as discussed above. ASC 805, Business Combinations, allows for a measurement period of 12 months beyond the acquisition date to finalize the fair value measurements of the acquired Company’s net assets as additional information not existing as of the acquisition date becomes available. Any future measurement period adjustments will be recorded through an adjustment to the bargain purchase gain upon identification. Below is a summary of the related impact of the acquisition on the Company’s consolidated balance sheet as of the acquisition date.

    • The fair value of assets acquired totaled $664.3 million and included total loans of $479.3 million with an initial loan discount of $13.5 million.
    • The fair value of the liabilities assumed totaled $614.6 million and included total deposits of $555.4 million with an initial deposit mark related to time deposits of $1.1 million.
    • Core deposit intangibles and other intangibles acquired totaled $15.6 million.
    • No goodwill was recorded in the transaction, and the preliminary bargain purchase gain (included in other income) totaled $2.9 million.

    At December 31, 2024, total assets were $2.0 billion, an increase of $559.6 million or 38.6% from September 30, 2024 and $591.0 million or approximately 41.6% from December 31, 2023. The increases in total assets from the prior quarter and prior year were primarily driven by growth in loans held for investment (LHFI) (net of deferred fees and costs) and the securities portfolio, primarily due to the Touchstone acquisition.

    At December 31, 2024, LHFI net of allowance totaled $1.5 billion, an increase of $468.6 million from $982.0 million at September 30, 2024, and an increase of $493.1 million or 51.5% from December 31, 2023. LHFI increased from the prior quarter and prior year primarily due to the Touchstone acquisition, as well as organic loan growth compared to prior year.

    At December 31, 2024, total investments were $277.3 million, an increase of $7.8 million from September 30, 2024, and a decrease of $25.9 million or 8.5% from December 31, 2023. Available for sale (AFS) securities totaled $163.8 million at December 31, 2024 and $146.0 million at September 30, 2024 and $152.9 million at December 31, 2023. The increases compared to the prior quarter and prior year were primarily due to the acquisition of Touchstone. Total net unrealized losses on the AFS securities portfolio were $22.1 million at December 31, 2024, compared to $17.2 million at September 30, 2024, and $20.6 million at December 31, 2023. Held to maturity securities are carried at cost and totaled $109.7 million at December 31, 2024, $121.4 million at September 30, 2024, and $148.2 million at December 31, 2023.

    At December 31, 2024, total deposits were $1.80 billion, an increase of $550.5 million from the prior quarter, and an increase of $570.1 million or 46.2% from December 31, 2023. The increases in deposit balances from the prior quarter and prior year are primarily due to increases in interest bearing customer deposits and demand deposits, primarily related to the addition of the Touchstone acquired deposits.

    Other borrowings decreased $50.0 million during the fourth quarter as the Bank repaid borrowed funds from the Federal Reserve Bank through their Bank Term Funding Program.

    Shareholders’ equity totaled $166.5 million on December 31, 2024, which was an increase of $41.4 million from September 30, 2024. The increase in total shareholders’ equity was primarily attributable to the issuance of 2.67 million shares associated with the Touchstone acquisition. The Company declared and paid cash dividends of $0.155 per common share during the fourth quarter of 2024, up from $0.15 paid during the first three quarterly periods of 2024.

    The following table provides capital ratios at the periods ended:

        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023  
    Total capital ratio (2)     12.35 %     14.29 %     14.13 %
    Tier 1 capital ratio (2)     11.19 %     13.04 %     12.88 %
    Common equity Tier 1 capital ratio (2)     11.19 %     13.04 %     12.88 %
    Leverage ratio (2)     7.95 %     9.23 %     9.17 %
    Common equity to total assets (3)     8.29 %     8.62 %     8.23 %
    Tangible common equity to tangible assets (1) (3)     7.46 %     8.43 %     8.03 %
       
    (1) These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). For a reconciliation of these non-GAAP financial measures, see the “Non-GAAP Reconciliation” sections of the Performance Summary tables included in this release.
       
    (2) All ratios at December 31, 2024 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.
       
    (3) Capital ratios presented are for First National Corporation.
       

    NON-GAAP FINANCIAL MEASURES

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this document include adjusted operating net income, adjusted basic and diluted earnings (loss) per share, adjusted return on average assets, adjusted return on average equity, pre-provision pre-tax earnings, adjusted pre-provision pre-tax earnings, fully taxable equivalent interest income, the net interest margin, the efficiency ratio, tangible book value per share, and tangible common equity to tangible assets.

    The Company believes certain non-GAAP financial measures enhance the understanding of its business and performance. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is included at the end of this release.

    ABOUT FIRST NATIONAL CORPORATION

    First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community, and thirty-three bank branch office locations located throughout the Shenandoah Valley, the south-central regions of Virginia, the Roanoke Valley, the Richmond MSA, and in northern North Carolina. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which owns an interest in an entity that provides title insurance services.

    FORWARD-LOOKING STATEMENTS

    Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expression. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties. For details on factors that could affect expectations, future events, or results, see the risk factors and other cautionary language included in First National’s Annual Report on Form 10-K for the year ended December 31, 2023, and most recent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (the “SEC”).

    Additional risks and uncertainties may include, but are not limited to: (1) the risk that the cost savings and any revenue synergies from the Touchstone merger may not be realized or take longer than anticipated to be realized, including due to the state of the economy or other competitive factors in the areas in which the parties operate, (2) disruption from the merger of customer, supplier, employee or other business partner relationships, including diversion of management’s attention from ongoing business operations and opportunities due to the merger, (3) the possibility that the costs, fees, expenses and charges related to the merger may be greater than anticipated, (4) reputational risk and the reaction of each of the parties’ customers, suppliers, employees or other business partners to the merger, (5) the risks relating to the integration of Touchstone’s operations into the operations of First National, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (6) the risk of expansion into new geographic or product markets, (7) the dilution caused by First National’s issuance of additional shares of its common stock in the merger, and (8) general competitive, economic, political and market conditions. All subsequent written and oral forward-looking statements concerning First National or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. First National does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

    CONTACTS

    Scott C. Harvard   Bruce E. Thomas
    President and CEO   Senior Vice President and Interim CFO
    (540) 465-9121   (540) 465-9121
    sharvard@fbvirginia.com   bthomas@fbvirginia.com
         

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Three Months Ended     For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Income Statement                                        
    Interest and dividend income                                        
    Interest and fees on loans   $ 21,516     $ 14,479     $ 13,255     $ 63,483     $ 49,293  
    Interest on deposits in banks     2,085       1,538       368       6,490       1,809  
    Interest on federal funds sold     189       —       —       189       —  
    Interest on securities                                        
    Taxable interest on securities     1,284       1,091       1,318       4,733       5,286  
    Tax-exempt interest on securities     308       303       303       1,222       1,220  
    Dividends     104       33       30       202       111  
    Total interest and dividend income   $ 25,486     $ 17,444     $ 15,274     $ 76,319     $ 57,719  
    Interest expense                                        
    Interest on deposits   $ 6,415     $ 4,958     $ 4,232     $ 20,964     $ 13,660  
    Interest on federal funds purchased     1       —       1       1       1  
    Interest on subordinated debt     396       69       70       603       277  
    Interest on junior subordinated debt     68       68       68       270       271  
    Interest on other borrowings     247       600       94       2,029       97  
    Total interest expense   $ 7,127     $ 5,695     $ 4,465     $ 23,867     $ 14,306  
    Net interest income   $ 18,359     $ 11,749     $ 10,809     $ 52,452     $ 43,413  
    Provision for credit losses     4,750       1,700       5,950       7,850       6,150  
    Net interest income after provision for credit losses   $ 13,609     $ 10,049     $ 4,859     $ 44,602     $ 37,263  
    Noninterest income                                        
    Service charges on deposit accounts   $ 1,181     $ 675     $ 718     $ 3,122     $ 2,780  
    ATM and check card fees     792       934       825       3,305       3,449  
    Wealth management fees     903       952       784       3,617       3,120  
    Fees for other customer services     317       276       232       966       770  
    Brokered mortgage fees     90       92       46       252       119  
    Income from bank owned life insurance     264       191       168       755       627  
    Net gains (losses) on securities available for sale     (154 )     39       —       (115 )     —  
    Gain on sale of other investment     —       —       186       —       186  
    Net gains on disposal of premises and equipment     —       —       —       —       47  
    Bargain purchase gain     2,920       —       —       2,920       —  
    Other operating income     131       44       110       1,558       686  
    Total noninterest income   $ 6,444     $ 3,203     $ 3,069     $ 16,380     $ 11,784  
    Noninterest expense                                        
    Salaries and employee benefits   $ 10,439     $ 5,927     $ 4,999     $ 28,076     $ 21,039  
    Occupancy     936       585       568       2,604       2,154  
    Equipment     1,123       726       621       3,131       2,377  
    Marketing     371       262       190       1,101       910  
    Supplies     264       123       153       618       576  
    Legal and professional fees     1,214       596       443       3,386       1,647  
    ATM and check card expense     385       394       313       1,508       1,578  
    FDIC assessment     285       195       154       860       633  
    Bank franchise tax     262       262       262       1,047       1,040  
    Data processing expense     4,142       290       327       4,841       1,047  
    Amortization expense     448       4       4       461       18  
    Other real estate owned expense (income), net     5       10       2       15       (199 )
    Net losses on disposal of premises and equipment     (4 )     2       —       47       —  
    Other operating expense     2,059       1,083       1,064       5,239       4,422  
    Total noninterest expense   $ 21,929     $ 10,459     $ 9,100     $ 52,934     $ 37,242  
    Income (loss) before income taxes   $ (1,876 )   $ 2,793     $ (1,172 )   $ 8,048     $ 11,805  
    Income tax expense (benefit)     (943 )     545       (321 )     1,082       2,181  
    Net income (loss)   $ (933 )   $ 2,248     $ (851 )   $ 6,966     $ 9,624  
                                             

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        As of or For the Three Months Ended     As of or For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Common Share and Per Common Share Data                                        
    Earnings (loss) per common share, basic   $ (0.10 )   $ 0.36     $ (0.14 )   $ 1.00     $ 1.54  
    Adjusted earnings (loss) per common share, basic(1)   $ 0.66       0.39       (0.14 )   $ 2.10     $ 1.54  
    Weighted average shares, basic     8,971,649       6,287,997       6,261,500       6,955,592       6,265,394  
    Earnings (loss) per common share, diluted   $ (0.10 )   $ 0.36     $ (0.14 )   $ 1.00     $ 1.53  
    Adjusted earnings (loss) per common share, diluted(1)   $ 0.66       0.39       (0.14 )   $ 2.10     $ 1.53  
    Weighted average shares, diluted     8,994,315       6,303,282       6,282,815       6,971,089       6,279,106  
    Shares outstanding at period end     8,974,102       6,296,705       6,263,102       8,974,102       6,263,102  
    Tangible book value per share at period end (1)   $ 16.55     $ 19.37     $ 18.06     $ 16.55     $ 18.06  
    Cash dividends   $ 0.155     $ 0.150     $ 0.150     $ 0.605     $ 0.600  
                                             
    Key Performance Ratios                                        
    Return on average assets     (0.18 %)     0.62 %     (0.25 %)     0.44 %     0.71 %
    Adjusted return on average assets (1)     1.15 %     0.67 %     (0.25 %)     0.92 %     0.71 %
    Return on average equity     (2.35 %)     7.28 %     (2.97 %)     5.33 %     8.59 %
    Adjusted return on average equity (1)     15.01 %     7.93 %     (2.97 %)     11.19 %     8.59 %
    Net interest margin (1)     3.83 %     3.43 %     3.35 %     3.51 %     3.41 %
    Efficiency ratio (1)     63.97 %     68.13 %     66.26 %     66.73 %     67.69 %
                                             
    Average Balances                                        
    Average assets   $ 2,051,578     $ 1,449,185     $ 1,372,365     $ 1,597,150     $ 1,363,339  
    Average earning assets     1,919,864       1,374,566       1,290,231       1,504,946       1,280,980  
    Average shareholders’ equity     157,844       122,802       113,614       130,715       112,083  
                                             
    Asset Quality                                        
    Loan charge-offs   $ 1,432     $ 1,667     $ 2,765     $ 4,033     $ 3,993  
    Loan recoveries     98       95       92       283       418  
    Net charge-offs     1,334       1,572       2,673       3,750       3,575  
    Non-accrual loans     7,058       5,929       6,763       7,058       6,763  
    Other real estate owned, net     53       56       —       53       —  
    Nonperforming assets (3)     7,111       5,985       6,763       7,111       6,763  
    Loans 30 to 89 days past due, accruing     3,085       2,358       2,484       3,085       2,484  
    Loans over 90 days past due, accruing     365       —       524       365       524  
    Special mention loans     7,043       516       —       7,043       —  
    Substandard loans, accruing     2,030       1,713       287       2,030       287  
                                             
    Capital Ratios (2)                                        
    Total capital   $ 181,449     $ 148,477     $ 142,333     $ 181,449     $ 142,333  
    Tier 1 capital     164,454       135,490       129,840       164,454       129,840  
    Common equity Tier 1 capital     164,454       135,490       129,840       164,454       129,840  
    Total capital to risk-weighted assets     12.35 %     14.29 %     14.05 %     12.35 %     14.05 %
    Tier 1 capital to risk-weighted assets     11.19 %     13.04 %     12.82 %     11.19 %     12.82 %
    Common equity Tier 1 capital to risk-weighted assets     11.19 %     13.04 %     12.82 %     11.19 %     12.82 %
    Leverage ratio     7.95 %     9.23 %     9.31 %     7.95 %     9.31 %
                                             

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Period Ended  
        Dec 31, 2024     Sept 30, 2024     Jun 30, 2024     Mar 31, 2024     Dec 31, 2023  
    Balance Sheet                                        
    Cash and due from banks   $ 24,916     $ 18,197     $ 16,729     $ 14,476     $ 17,194  
    Interest-bearing deposits in banks     137,958       108,319       118,906       124,232       69,967  
    Cash and cash equivalents   $ 162,874     $ 126,516     $ 135,635     $ 138,708     $ 87,161  
    Securities available for sale, at fair value     163,847       146,013       144,816       147,675       152,857  
    Securities held to maturity, at amortized cost (net of allowance for credit losses)     109,741       121,425       123,497       125,825       148,244  
    Restricted securities, at cost     3,741       2,112       2,112       2,112       2,078  
    Loans, net of allowance for credit losses     1,450,604       982,016       977,423       960,371       957,456  
    Other real estate owned, net     53       56       —       —       —  
    Premises and equipment, net     34,824       22,960       22,205       21,993       22,142  
    Accrued interest receivable     6,020       4,794       4,916       4,978       4,655  
    Bank owned life insurance     37,873       24,992       24,802       24,652       24,902  
    Goodwill     3,030       3,030       3,030       3,030       3,030  
    Core deposit intangibles, net     14,986       104       108       113       117  
    Other assets     22,688       16,698       18,984       17,738       16,653  
    Total assets   $ 2,010,281     $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295  
                                             
    Noninterest-bearing demand deposits   $ 520,153     $ 383,400     $ 397,770     $ 384,092     $ 379,208  
    Savings and interest-bearing demand deposits     924,880       663,925       665,208       677,458       662,169  
    Time deposits     358,745       205,930       202,818       197,587       192,349  
    Total deposits   $ 1,803,778     $ 1,253,255     $ 1,265,796     $ 1,259,137     $ 1,233,726  
    Other borrowings     —       50,000       50,000       50,000       50,000  
    Subordinated debt, net     21,176       4,999       4,998       4,998       4,997  
    Junior subordinated debt     9,279       9,279       9,279       9,279       9,279  
    Accrued interest payable and other liabilities     9,517       8,068       7,564       5,965       5,022  
    Total liabilities   $ 1,843,750     $ 1,325,601     $ 1,337,637     $ 1,329,379     $ 1,303,024  
                                             
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     11,218       7,871       7,851       7,847       7,829  
    Surplus     77,058       33,409       33,116       33,021       32,950  
    Retained earnings     96,947       99,270       97,966       96,465       94,198  
    Accumulated other comprehensive (loss), net     (18,692 )     (15,435 )     (19,042 )     (19,517 )     (18,706 )
    Total shareholders’ equity   $ 166,531     $ 125,115     $ 119,891     $ 117,816     $ 116,271  
    Total liabilities and shareholders’ equity   $ 2,010,281     $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295  
                                             
    Loan Data                                        
    Mortgage real estate loans:                                        
    Construction and land development   $ 84,480     $ 61,446     $ 60,919     $ 53,364     $ 52,680  
    Secured by farmland     14,133       9,099       8,911       9,079       9,154  
    Secured by 1-4 family residential     547,576       351,004       346,976       347,014       344,369  
    Other real estate loans     658,029       440,648       440,857       436,006       438,118  
    Loans to farmers (except those secured by real estate)     940       633       349       332       455  
    Commercial and industrial loans (except those secured by real estate)     140,393       114,190       115,951       113,230       112,619  
    Consumer installment loans     7,582       5,396       5,068       4,808       4,753  
    Deposit overdrafts     450       253       365       251       222  
    All other loans     13,421       12,051       10,580       8,890       7,060  
    Total loans   $ 1,467,004     $ 994,720     $ 989,976     $ 972,974     $ 969,430  
    Allowance for credit losses     (16,400 )     (12,704 )     (12,553 )     (12,603 )     (11,974 )
    Loans, net   $ 1,450,604     $ 982,016     $ 977,423     $ 960,371     $ 957,456  
                                             

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)

    (unaudited)                              
      For the Three Months Ended   For the Year Ended  
      Dec 31, 2024   Sept 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Operating Net Income                              
    Net income (GAAP) $ (933 ) $ 2,248   $ (851 ) $ 6,966   $ 9,624  
    Add: Merger-related expenses   7,316     219     —     8,107     —  
    Add: Day 2 Non-PCD Provision   3,931     —     —     3,931     —  
    Subtract: Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Subtract: Tax effect of adjustment (4)   (1,439 )   (19 )   —     (1,463 )   —  
    Adjusted operating net income (non-GAAP) $ 5,955   $ 2,448   $ (851 ) $ 14,621   $ 9,624  
                                   
    Adjusted Earnings Per Share, Basic                              
    Weighted average shares, basic   8,971,649     6,287,997     6,261,500     6,955,592     6,265,394  
    Basic earnings (loss) per share (GAAP) $ (0.10 ) $ 0.36   $ (0.14 ) $ 1.00   $ 1.54  
    Adjusted earnings (loss) per share, basic (non-GAAP) $ 0.66   $ 0.39   $ (0.14 ) $ 2.10   $ 1.54  
                                   
    Adjusted Earnings Per Share, Diluted                              
    Weighted average shares, diluted   8,994,315     6,303,282     6,282,815     6,971,089     6,279,106  
    Diluted earnings (loss) per share (GAAP) $ (0.10 ) $ 0.36   $ (0.14 ) $ 1.00   $ 1.53  
    Adjusted diluted earnings (loss) per share (non-GAAP) $ 0.66   $ 0.39   $ (0.14 ) $ 2.10   $ 1.53  
                                   
    Adjusted Pre-Provision, Pre-Tax Earnings                              
    Net interest income $ 18,359   $ 11,749   $ 10,809   $ 52,452   $ 43,413  
    Total noninterest income   6,444     3,203     3,069     16,380     11,784  
    Net revenue $ 24,803   $ 14,952   $ 13,878   $ 68,832   $ 55,197  
    Total noninterest expense   21,929     10,459     9,100     52,934     37,242  
    Pre-provision, pre-tax earnings $ 2,874   $ 4,493   $ 4,778   $ 15,898   $ 17,955  
    Add: Merger expenses   7,316     219     —     8,107     —  
    Add: Day 2 Non-PCD Provision   3,931     —     —     3,931     —  
    Subtract: Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Adjusted pre-provision, pre-tax, earnings $ 7,270   $ 4,712   $ 4,778   $ 21,085   $ 17,955  
                                   
    Adjusted Performance Ratios                              
    Average assets $ 2,051,578   $ 1,449,185   $ 1,372,365   $ 1,597,150   $ 1,363,339  
    Return on average assets (GAAP)   (0.18 %)   0.62 %   (0.25 %)   0.44 %   0.71 %
    Adjusted return on average assets (non-GAAP)   1.15 %   0.67 %   (0.25 %)   0.92 %   0.71 %
                                   
    Average shareholders’ equity $ 157,844   $ 122,802     113,614   $ 130,715   $ 112,083  
    Return on average equity (GAAP)   (2.35 %)   7.28 %   (2.97 %)   5.33 %   8.59 %
    Adjusted return on average equity (non-GAAP)   15.01 %   7.93 %   (2.97 %)   11.19 %   8.59 %
                                   
    Pre-provision, pre-tax return on average assets (non-GAAP)   0.56 %   1.24 %   1.39 %   1.00 %   1.32 %
    Adjusted pre-provision, pre-tax return on average assets (non-GAAP)   1.42 %   1.30 %   1.39 %   1.32 %   1.32 %
                                   
    Net Interest Margin                              
    Tax-equivalent net interest income $ 18,461   $ 11,842   $ 10,889   $ 52,821   $ 43,738  
    Average earning assets   1,919,864     1,374,566     1,290,231     1,504,946     1,280,980  
    Net interest margin (non-GAAP)   3.83 %   3.43 %   3.35 %   3.51 %   3.41 %
                                   

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)
    (unaudited)              

    		  
      For the Three Months Ended   For the Year Ended  
      Dec 31, 2024   Sept 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Efficiency Ratio                              
    Total noninterest expense (GAAP) $ 21,929   $ 10,459   $ 9,100   $ 52,934   $ 37,242  
    Add: other real estate owned income, net   (5 )   (10 )   (2 )   (15 )   199  
    Subtract: amortization of intangibles   (448 )   (4 )   (4 )   (461 )   (18 )
    Subtract: loss on disposal of premises and equipment, net   3     (2 )   —     (47 )   —  
    Subtract: merger expenses   (7,316 )   (219 )   —     (8,107 )   —  
    Adjusted non-interest expense (non-GAAP) $ 14,163   $ 10,224   $ 9,094   $ 44,304   $ 37,423  
    Tax-equivalent net interest income (non-GAAP) $ 18,461   $ 11,842   $ 10,889   $ 52,821   $ 43,738  
    Total noninterest income (GAAP)   6,444     3,203     3,069     16,380     11,784  
    (Gain) loss on disposal of premises and equipment   —     —     (47 )   —     (47 )
    Gain on sale of other investment   —     —     (186 )   —     (186 )
    Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Securities losses (gains), net   154     (39 )   —     115     —  
    Adjusted income for efficiency ratio (non-GAAP) $ 22,139   $ 15,006   $ 13,725   $ 66,396   $ 55,289  
                                   
    Efficiency ratio (non-GAAP)   63.97 %   68.13 %   66.26 %   66.73 %   67.69 %
                                   

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Three Months Ended     For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Tax-Equivalent Net Interest Income                                        
    GAAP measures:                                        
    Interest income – loans   $ 21,516     $ 14,479     $ 13,255     $ 63,483     $ 49,293  
    Interest income – investments and other     3,970       2,965       2,019       12,836       8,426  
    Interest expense – deposits     (6,415 )     (4,958 )     (4,232 )     (20,964 )     (13,660 )
    Interest expense – federal funds purchased     (1 )     –       –       (1 )     –  
    Interest expense – subordinated debt     (396 )     (69 )     (70 )     (603 )     (277 )
    Interest expense – junior subordinated debt     (68 )     (68 )     (68 )     (270 )     (271 )
    Interest expense – other borrowings     (247 )     (600 )     (95 )     (2,029 )     (98 )
    Net interest income   $ 18,359     $ 11,749     $ 10,809     $ 52,452     $ 43,413  
    Non-GAAP measures:                                        
    Add: Tax benefit realized on non-taxable interest income – loans (4)   $ 18     $ 13     $ —     $ 43     $ —  
    Add: Tax benefit realized on non-taxable interest income – municipal securities (4)     84       80       80       326       325  
    Tax benefit realized on non-taxable interest income   $ 102     $ 93     $ 80     $ 369     $ 325  
    Tax-equivalent net interest income   $ 18,461     $ 11,842     $ 10,889     $ 52,821     $ 43,738  
                                             
                                             
    Tangible Common Equity and Tangible Assets                                        
    Total assets (GAAP)   $ 2,010,281     $ 1,450,716     $ 1,419,295     $ 2,010,281     $ 1,419,295  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (14,986 )     (104 )     (117 )     (14,986 )     (117 )
    Tangible assets (Non-GAAP)   $ 1,992,265     $ 1,447,582     $ 1,416,148     $ 1,992,265     $ 1,416,148  
                                             
    Total shareholders’ equity (GAAP)   $ 166,531     $ 125,115     $ 116,271     $ 166,531     $ 116,271  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (14,986 )     (104 )     (117 )     (14,986 )     (117 )
    Tangible common equity (Non-GAAP)   $ 148,515     $ 121,981     $ 113,124     $ 148,515     $ 113,124  
                                             
    Tangible common equity to tangible assets ratio     7.45 %     8.43 %     7.99 %     7.45 %     7.99 %
                                             
                                             
    Tangible Book Value Per Share                                        
    Tangible common equity (non-GAAP)   $ 148,515     $ 121,981     $ 113,124     $ 148,515     $ 113,124  
    Common shares outstanding, ending     8,974,102       6,296,705       6,263,102       8,974,102       6,263,102  
    Tangible book value per share   $ 16.48     $ 19.37     $ 18.06     $ 16.48     $ 18.06  
       
    (1) Non-GAAP financial measure.  See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.
       
    (2) Capital ratios are for First Bank.
       
    (3) Nonperforming assets are comprised of nonaccrual loans and other real estate owned.
       
    (4) The tax rate utilized in calculating the tax benefit is 21%. Certain merger-related expenses were non-deductible.

    The MIL Network –

  • MIL-OSI: Dragonfly Energy Appoints AdvisIRy Partners as its Investor Relations Firm

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Feb. 06, 2025 (GLOBE NEWSWIRE) — Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) (“Dragonfly Energy” or the “Company”), an industry leader in energy storage and battery technology, today announced it has appointed AdvisIRy Partners as its new investor relations firm.

    Chief Executive Officer, Dr. Denis Phares, stated, “Dragonfly Energy is an industry leader in providing innovative lithium-ion battery solutions across the RV, trucking, and industrial sectors. The Company is also working to revolutionize next generation battery cell manufacturing with our proprietary dry electrode technology. With Dragonfly Energy at a pivotal point in our evolution, we are pleased to partner with AdvisIRy Partners to help strengthen our investor relations program and communicate our vision and future prospects.”

    AdvisIRy Partners was established as the successor to one of the largest investor relations firms in the U.S., Morgen-Walke Associates. With many years of sell-side, buy-side, and investor relations experience, the firm is unique in its commitment to senior level account management. The team representing Dragonfly Energy will be led by Eric Prouty, Partner, who will be working with the Company’s executive leadership team on investor relations strategies, messaging and outreach.

    About Dragonfly Energy
    Dragonfly Energy Holdings Corp. (Nasdaq: DFLI) is a comprehensive lithium battery technology company, specializing in cell manufacturing, battery pack assembly, and full system integration. Through its renowned Battle Born Batteries® brand, Dragonfly Energy has established itself as a frontrunner in the lithium battery industry, with hundreds of thousands of reliable battery packs deployed in the field through top-tier OEMs and a diverse retail customer base. At the forefront of domestic lithium battery cell production, Dragonfly Energy’s patented dry electrode manufacturing process can deliver chemistry-agnostic power solutions for a broad spectrum of applications, including energy storage systems, electric vehicles, and consumer electronics. The Company’s overarching mission is the future deployment of its proprietary, nonflammable, all-solid-state battery cells.

    To learn more about Dragonfly Energy and its commitment to clean energy advancements, visit www.investors.dragonflyenergy.com.

    About AdvisIRy Partners
    Headquartered in New York City, AdvisIRy Partners is an investor relations and corporate communications firm that was purpose-built to deliver tangible results for its corporate clients. The Firm brings together sell-side, buy-side and investor relations experience to provide senior level advisory work and implements customized programs for a growing roster of domestic and international clients. For further information on the firm’s approach, services and leadership team, please visit the AdvisIRy Partners website at www.advisiry.com.

    Contact:
    Eric Prouty
    Szymon Serowiecki
    DragonflyIR@advisiry.com

    The MIL Network –

  • MIL-OSI: CoreCard Corporation Schedules Fourth Quarter 2024 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    NORCROSS, Ga., Feb. 06, 2025 (GLOBE NEWSWIRE) — CoreCard Corporation (NYSE: CCRD), the leading provider of innovative credit technology solutions and processing services to the financial technology and services market, intends to hold an investor conference call on February 20, 2025, at 11:00 A.M. Eastern Time in conjunction with the company’s earnings release for the quarter ended December 31, 2024. The company plans to issue a press release with the financial results for the period before the market opens on February 20, 2025.

    Interested investors are invited to attend the conference call by accessing the webcast at https://www.webcast-eqs.com/register/corecard022025/en or by dialing 1-877-407-0890. As part of the conference call CoreCard will be conducting a question-and-answer session where participants are invited to email their questions to questions@corecard.com prior to the call. A transcript of the call will be posted on the company’s website at investors.corecard.com as soon as available after the call.

    About CoreCard Corporation

    CoreCard Corporation (NYSE: CCRD) provides the gold standard card issuing platform built for the future of global transactions in an embedded digital world. Dedicated to continual technological innovation in the ever-evolving payments industry backed by decades of deep expertise in credit card offerings, CoreCard helps customers conceptualize, implement, and manage all aspects of their issuing card programs. Keenly focused on steady, sustainable growth, CoreCard has earned the trust of some of the largest companies and financial institutions in the world, providing truly real-time transactions via their proven, reliable platform operating on private on-premise and leading cloud technology infrastructure.

    Forward-Looking Statements

    The forward-looking statements in this press release are made under the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. The Company’s actual results could differ materially from those indicated by the forward-looking statements because of various risks and uncertainties including those listed in Item 1A of the Company’s Annual Report on Form 10-K and in the Company’s other filings and reports with the Securities and Exchange Commission. All of the risks and uncertainties are beyond the ability of the Company to control, and in many cases, the Company cannot predict the risks and uncertainties that could cause its actual results to differ materially from those indicated by the forward-looking statements. When used in this press release, the words “believes,” “plans,” “expects,” “will,” “intends,” “continue,” “outlook,” “progressing,” and “anticipates” and similar expressions as they relate to the Company or its management are intended to identify forward-looking statements. Except as required by law, the Company is not obligated to publicly release any revisions to these forward-looking statements to reflect the events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events.

    Contact:   CoreCard Corporation
        Matthew A. White, Chief Financial Officer
        770-564-5504
        matt@corecard.com 

    The MIL Network –

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

    Source: United Kingdom – Government Statements

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

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

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

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

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

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

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

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

    Updates to this page

    Published 6 February 2025

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Immingham Green Energy Terminal development consent decision announced

    Source: United Kingdom – Government Statements

    The Immingham Green Energy Terminal application has today been granted development consent by the Secretary of State for Transport.

    Immingham Green Energy Terminal

    The project comprises a new liquid bulk import terminal and associated processing facility, the purpose of which is to deliver a green hydrogen production facility. Imported ammonia will be stored and processed at the site to create green hydrogen, for onward transport to filling stations throughout the UK. Key project infrastructure comprises; a new approach trestle, jetty superstructure and topside infrastructure; and land side processing infrastructure. 

    The application was submitted to the Planning Inspectorate for consideration by Associated British Ports on 21 September 2023 and accepted for examination on 19 October 2023.  

    Following an examination during which the public, statutory consultees and interested parties were given the opportunity to give evidence to the Examining Authority, recommendations were made to the Secretary of State on 6 November 2024.   

    This is the 54th transport application out of 148 applications examined to date and was again completed by the Planning Inspectorate within the statutory timescale laid down in the Planning Act 2008.   

    Local communities continue to be given the opportunity of being involved in the examination of projects that may affect them. Local people, the local authority and other interested parties were able to participate in this six-month examination.   

    The Examining Authority listened and gave full consideration to all local views and the evidence gathered during the examination before making its recommendation to the Secretary of State.  

    The decision, the recommendation made by the Examining Authority to the Secretary of State for Transport and the evidence considered by the Examining Authority in reaching its recommendation are publicly available on the project pages of the National Infrastructure Planning website.  

    Journalists wanting further information should contact the Planning Inspectorate Press Office, on 0303 444 5004 or 0303 444 5005 or email:   

    Press.office@planninginspectorate.gov.uk

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Call for information – Escaped prisoner – Darwin

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force is seeking public assistance to locate a 33-year-old male, Mr Kris Cooper, who escaped from NT Corrections custody in Darwin earlier today.

    Mr Cooper fled from Corrections custody at the Darwin Watch House on Knuckey Street sometime between 3:30pm – 5pm. He was last seen in the Karama area at around 6:30pm travelling in a blue Great Wall utility vehicle with NT registration CF 69 NG.

    He is described as Aboriginal with a medium complexion, about 178cm tall with a medium build, and was last seen wearing a green shirt and blue shorts.

    Police do not believe he is a risk to the public but are urged not to approach him and to contact police immediately if sighted. 

    Anyone with information in relation to Mr Cooper’s whereabouts is urged to contact police on 131 444 quoting reference number P25036816, or to report anonymously via Crime Stoppers on 1800 333 000.

    MIL OSI News –

  • MIL-OSI Security: Met officers make 14 arrests in crackdown on car crime in Bexley

    Source: United Kingdom London Metropolitan Police

    Met officers have made 14 arrests and recovered 14 stolen cars as part of a crackdown on car crime in Bexley.

    Officers have carried out increased patrols following concerns from residents about keyless car theft.

    It’s a growing crime type where offenders are able to access keyless vehicles using various techniques and devices depending on the make or model of the vehicle.

    Fast reporting led to officers making 14 arrests during the week of 20 January, including three men who were tracked down within minutes of unsuccessfully attempting to break into a car.

    Another four men were arrested following a pursuit by officers, which involved a car which had driven the wrong way down the A2.

    Sergeant Dave Catlow, one of the Met’s neighbourhood officers in south-east London, said:

    “We heard from people in Bexley that car crime was a significant concern and we’ve acted on that. We know it’s an issue and recognise the impact on the community.

    “We will continue to focus our resources on tackling the offences that matter most to Londoners by investing time in proactive operations. We’ve seen how this targeted approach is making a real difference.

    “We hold regular engagement with residents to prevent theft of vehicles, including reactive pop-ups in emerging target areas, hosting public meetings to display physical prevention measures and knocking on doors.”

    Of the 14 arrests, eight were linked to motor vehicle crime, two for driving under the influence of alcohol, and two for possession of Class A drugs with intent to supply.

    Alongside recovering 14 lost or stolen vehicles, officers were also able to seize another six vehicles which had been reported as stolen.

    “Across London, we’ve put an extra 500 officers and staff into neighbourhood policing and our relentless focus on tackling crime will continue.”

    When reporting car thefts, victims should report the crime as soon as possible to give officers the best chance of locating the vehicle. We urge the public to call 999 to report a crime in progress, or 101 to make a non-urgent report.

    Bexley Police’s X channel shares regular messaging which can help to keep people informed of emerging crime trends and stay safe from crime.

    The Metropolitan Police website has guidance on how to protect your vehicle, including keyless cars.

    MIL Security OSI –

  • MIL-OSI: Inter&Co Inc. Reports Highest Ever Net Income of R$973M in 2024

    Source: GlobeNewswire (MIL-OSI)

    BELO HORIZONTE, Brazil, Feb. 06, 2025 (GLOBE NEWSWIRE) — Inter&Co Inc. (NASDAQ: INTR | B3: INBR32), the leading financial super app providing financial and digital commerce services to over 36 million customers, today reported financial results for the fourth quarter of 2024.

    2024 Highlights:

    • Record Net Income of R$ 973 million in 2024, 3 times greater than 2023.
    • Total Net Revenue of R$ 6.4 billion, up 35% YoY, while Total Gross Revenues surpassed the mark of R$ 10 billion in 2024.
    • Net Interest Margin of 9.7% in 4Q24, up from 9.0% in the same period of 2023.
    • Net fee revenues of over R$ 2.0 billion, a 31% YoY growth, representing the strength of the platform effect.
    • Total clients grew to 36 million, with 20.6 million active clients and an activation rate of 57%.

    João Vitor Menin, Global CEO of Inter&Co commented:

    “Our story has been about innovation, delivering a superior financial super app with low-cost products, disrupting a traditional and inefficient industry. As a result, we have acquired over 36 million clients that are simplifying their financial lives by using our platform.”

    “In 2024, engagement continued to rise as we attracted a record 4.2 million active clients to our platform. This increased engagement fosters cross-selling among our seven verticals, generating a powerful network effect and enabling us to achieve remarkable results across all of them.”

    “As a result, we delivered a growing ROE of 11.7% in 2024 and finished the year with R$973 million in net income, greater than our entire historical profitability combined.”

    He added, “We entered 2025 with a strong balance sheet, one of the lowest costs of funding in the industry, a diversified credit portfolio, and asset quality metrics that continue to improve despite a more challenging scenario. I’m confident that our platform is exceptionally well positioned to continue succeeding in the years ahead.”

    Conference Call
    Inter&Co will discuss its 4Q2024 financial results on February 6th, 2024, at 11 a.m. ET (1 p.m. BRT). The webcast details, along with the earnings materials can be accessed on the company’s Investor Relations website at https://investors.inter.co/en/.

    About Inter&Co
    Inter&Co (NASDAQ: INTR) is the pioneer financial super app serving over 36 million consumers across the Americas. The Inter&Co ecosystem offers a broad array of services, including banking, investments, mortgages, credit, gift cards, and cross-border tools. The super app also boasts a dynamic marketplace, linking consumers with shopping discounts, cashback rewards, and exclusive access to marquee events across the globe. The company is expanding rapidly in the United States, as evidenced by its naming rights sponsorship of the Inter&Co Stadium that hosts soccer teams “Orlando City” and “Orlando Pride”. Focused on innovation and captivating member experiences, Inter&Co delivers comprehensive financial and lifestyle solutions to meet the evolving needs of modern consumers. For more information, visit: https://inter.co/en/us/.

    Investor Relations:
    Rafaela de Oliveira Vitória
    ir@inter.co

    Media Relations:
    Kaio Philipe
    kaio.philipe@inter.co

    Chemistry Agency
    interco@chemistryagency.com

    Disclaimer
    This report may contain forward-looking statements regarding Inter, anticipated synergies, growth plans, projected results and future strategies. While these forward-looking statements reflect our Management’s good faith beliefs, they involve known and unknown risks and uncertainties that could cause the company’s results or accrued results to differ materially from those anticipated and discussed herein. These statements are not guarantees of future performance. These risks and uncertainties include, but are not limited to, our ability to realize the number of projected synergies and the projected schedule, in addition to economic, competitive, governmental and technological factors affecting Inter, the markets, products and prices and other factors. In addition, this presentation contains managerial figures that may differ from those presented in our financial statements. The calculation methodology for these managerial numbers is presented in Inter’s quarterly earnings release. Statements contained in this report that are not facts or historical information may be forward looking statements under the terms of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may, among other things, beliefs related to the creation of value and any other statements regarding Inter. In some cases, terms such as “estimate”, “project”, “predict”, “plan”, “believe”, “can”, “expectation”, “anticipate”, “intend”, “aimed”, “potential”, “may”, “will/shall” and similar terms, or the negative of these expressions, may identify forward looking statements.

    These forward-looking statements are based on Inter’s expectations and beliefs about future events and involve risks and uncertainties that could cause actual results to differ materially from current ones. Any forward-looking statement made by us in this document is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether because of new information, future developments or otherwise. The definition of each such operational metric is included in the earnings release available on our Investor Relations website.

    For additional information that about factors that may lead to results that are different from our estimates, please refer to sections “Cautionary Statement Concerning Forward Looking Statements” and “Risk Factors” of Inter&Co Annual Report on Form 20-F. The numbers for our key metrics (Unit Economics), which include, among other, active clients and average revenue per active client (ARPAC), are calculated using Inter’s internal data. Although we believe these metrics are based on reasonable estimates, there are challenges inherent in measuring the use of our business. In addition, we continually seek to improve our estimates, which may change due to improvements or changes in methodology, in processes for calculating these metrics and, from time to time, we may discover inaccuracies and adjust to improve accuracy, including adjustments that may result in recalculating our historical metrics.

    About Non-IFRS Financial Measures
    To supplement the financial measures presented in this press release and related conference call, presentation, or webcast in accordance with IFRS, Inter&Co also presents non-IFRS measures of financial performance, as highlighted throughout the documents. The non-IFRS Financial Measures include, among others: Adjusted Net Income, Cost of Funding, Efficiency Ratio, Cost of Risk, Cards+PIX TPV, Gross ARPAC, Global Clients, Total Gross Revenues, and Return on average equity (ROE).

    A “non-IFRS financial measure” refers to a numerical measure of Inter&Co’s historical or financial position that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with IFRS in Inter&Co’s financial statements. Inter&Co provides certain non-IFRS measures as additional information relating to its operating results as a complement to results provided in accordance with IFRS. The non-IFRS financial information presented herein should be considered together with, and not as a substitute for or superior to, the financial information presented in accordance with IFRS. There are significant limitations associated with the use of non-IFRS financial measures. Further, these measures may differ from the non-IFRS information, even where similarly titled, used by other companies and therefore should not be used to compare Inter&Co’s performance to that of other companies.

    The MIL Network –

  • MIL-OSI USA: Reminder: Rental Requirement Begins March 1st for Direct Housing Participants

    Source: US Federal Emergency Management Agency

    Headline: Reminder: Rental Requirement Begins March 1st for Direct Housing Participants

    Reminder: Rental Requirement Begins March 1st for Direct Housing Participants

    LAHAINA, Maui – Wildfire survivors currently in FEMA’s Direct Housing Program will be required to begin paying rent on March 1, 2025. The rental requirement will be in effect for the remainder of FEMA’s housing assistance program, which has been extended through Feb. 10, 2026.  Participants in the program have received their 90-day, 60-day and 30-day notification letters regarding upcoming rent collection.The rental rate is based on the U.S. Department of Housing and Urban Development’s 2025 Fair Market Rent on Maui along with the household’s ability to pay. HUD Portal: FY 2025 Final Fair Market Rents Documentation System — Select GeographyHouseholds are encouraged to remain in touch with their recertification advisor who will work with them to determine a feasible rental rate. Occupants can appeal FEMA’s decision on their ability to pay rent. Although occupants have 60 days to appeal for rent reduction from the date they received the hand delivered 30-day notice of the rental requirement, it is highly encouraged to submit their appeal and supporting documents as soon as possible.FEMA strongly suggests that households submit their appeal as soon as possible in order to process the request prior to the March 1 start date. A delay in submitting appeal paperwork may prolong the rental decision process. In this case, households awaiting a final decision on their rental rate would be required to pay the full amount in rent until a decision is made. Once the decision has been made FEMA would refund the difference. FEMA remains committed to the continued recovery on Maui and will support wildfire survivors as they work towards their permanent housing solution.For the latest information on the Maui wildfire recovery efforts, visit mauicounty.gov, mauirecovers.org, fema.gov/disaster/4724 and Hawaii Wildfires – YouTube. Follow FEMA on social media: @FEMARegion9 and facebook.com/fema. 
    shannon.carley
    Wed, 02/05/2025 – 20:43

    MIL OSI USA News –

  • MIL-OSI USA: Wind Over Its Wing: NASA’s X-66 Model Tests Airflow

    Source: NASA

    NASA’s Sustainable Flight Demonstrator (SFD) project recently concluded wind tunnel tests of its X-66 semi-span model in partnership with Boeing. The model, designed to represent half the aircraft, allows the research team to generate high-quality data about the aerodynamic forces that would affect the actual X-66.
    Test results will help researchers identify areas where they can refine the X-66 design – potentially reducing drag, enhancing fuel efficiency, or adjusting the vehicle shape for better flying qualities.
    Tests on the Boeing-built X-66 semi-span model were completed at NASA’s Ames Research Center in California’s Silicon Valley in its 11-Foot Transonic Unitary Plan Facility. The model underwent tests representing expected flight conditions so the team could obtain engineering information to influence the design of the aircraft’s wing and provide data for flight simulators.

    Semi-span tests take advantage of symmetry. The forces and behaviors on a model of half an aircraft mirror those on the other half. By using a larger half of the model, engineers increase the number of surface pressure measurements. Various sensors were placed on the wing to measure forces and movements to calculate lift, drag, stability, and other important characteristics.
    The semi-span tests follow earlier wind tunnel work at NASA’s Langley Research Center in Hampton, Virginia, using a smaller model of the entire aircraft. Engineers will study the data from all of the X-66 wind tunnel tests to determine any design changes that should be made before fabrication begins on the wing that will be used on the X-66 itself.
    The SFD project is NASA’s effort to develop more efficient aircraft configurations as the nation moves toward aviation that’s more economically, societally, and environmentally sustainable. The project seeks to provide information to inform the next generation of single-aisle airliners, the most common aircraft in commercial aviation fleets around the world.  Boeing and NASA are partnering to develop the X-66 experimental demonstrator aircraft.

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom meets with President Trump and members of Congress from both sides of the aisle on disaster relief for LA firestorm survivors

    Source: US State of California 2

    Feb 5, 2025

    What you need to know: Governor Gavin Newsom traveled to Washington, DC to meet with President Trump and members of Congress — focusing on securing critical disaster aid for the survivors of the Los Angeles fires and ensuring impacted families who lost their homes and livelihoods have the support they need to rebuild and recover.

    WASHINGTON, DC — Today, Governor Gavin Newsom traveled to Washington, DC to meet with President Donald Trump, Republican and Democratic members of the California Delegation along with members of the U.S. Senate. The Governor was joined by Wade Crowfoot, the Secretary of the California Natural Resources Agency, who oversees key water and fire policy across the state.

    “As we approach one month since the devastating wildfires across Southern California, we continue to cut red tape to speed up recovery and clean up efforts as well as ensure rebuilding efforts are swift. We’re working across the aisle, as we always have, to ensure survivors have the resources and support they need. Thank you President Trump for coming to our communities to see this first hand and meeting with me today to continue our joint efforts to support people impacted.”

    Governor Gavin Newsom

    On Capitol Hill, Governor Newsom met with members of the California Delegation to discuss the importance of obtaining federal disaster relief for the survivors of last month’s LA firestorms, including Representatives Doug LaMalfa, Ken Calvert, Judy Chu, Brad Sherman, and George Whitesides.

    Afterward, Governor Newsom met with key Senate leaders: New Mexico Senator Martin Heinrich, Ranking Member of the Senate Committee on Energy and Natural Resources, Georgia Senator Rev. Raphael Warnock, and Washington Senator Patty Murray, Vice Chair of the Senate Appropriations Committee, who was joined by California Senators Alex Padilla and Adam Schiff.

    Building on meetings on Capitol Hill, Governor Newsom had a very productive meeting with President Trump at the White House to further discuss the critical need for unconditional disaster aid for survivors. This comes after the Governor met the President on the tarmac of LAX when President Trump toured the devastation as part of his first trip as President.

    During the meeting, the Governor raised the critical need for federal assistance to support recovery efforts and help impacted families rebuild, emphasizing the strong partnership between local, state and federal agencies all working together on the ground on response and recovery efforts. The Governor expressed his appreciation for the Trump Administration’s early collaboration and specifically thanked EPA Administrator Lee Zeldin for his agency’s swift action, including over 1,000 personnel on the ground focused on debris removal.

    The Governor continues to take action to support the survivors across Southern California – cutting red tape, providing key relief, and ensuring bolstered support for those in need. 

    Stay up to date on the Governor’s actions here.

    More details on next step here

    Press Releases, Recent News

    Recent news

    Feb 5, 2025

    News What you need to know: Governor Newsom has taken unprecedented action to cut red tape and remove regulatory barriers to help Los Angeles recover and rebuild quickly – including by suspending CEQA and Coastal Act permitting requirements. LOS ANGELES — In response…

    Feb 4, 2025

    News What you need to know: People impacted by the recent fires in Los Angeles may be eligible for new food benefits. A family of four with a monthly income up to $3,529 per month may be eligible to receive $975. Los Angeles, California – As part of California’s…

    Feb 4, 2025

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Mark Tollefson, of Rancho Cordova, has been appointed Chief Deputy Director at the California High-Speed Rail Authority. Tollefson has been Undersecretary of the California State…

    MIL OSI USA News –

  • MIL-OSI USA: NEWS RELEASE – Proof-of-Concept Study Report Completed on Proposed New Oʻahu Community Correctional Center

    Source: US State of Hawaii

    NEWS RELEASE – Proof-of-Concept Study Report Completed on Proposed New Oʻahu Community Correctional Center

    Posted on Feb 5, 2025 in Latest Department News, Newsroom

     

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF CORRECTIONS AND REHABILITATION

         KA ‘OIHANA HOʻOMALU KALAIMA A HOʻOPONOPONO OLA

         JOSH GREEN, M.D.

         GOVERNOR

         KE KIAʻĀINA

         TOMMY JOHNSON

         DIRECTOR

         KA LUNA HO‘OKELE

    PROOF-OF-CONCEPT STUDY REPORT COMPLETED ON PROPOSED

    NEW OʻAHU COMMUNITY CORRECTIONAL CENTER

     

    FOR IMMEDIATE RELEASE

    February 5, 2025

    HONOLULU — The University of Hawaiʻi Community Design Center (UHCDC) has completed its final proof-of-concept study report, “Breaking Cycles: Alternative Models for Rehabilitation and Restorative Justice on Oʻahu,” on the proposed new Oʻahu Community Correctional Center (OCCC).

    The report presents community visions and aspirations for the new jail and provides recommendations to improve the criminal justice system. The concepts are based on

    a multilayered collaboration with the Department of Corrections and Rehabilitation (DCR), the Hawaiʻi Correctional System Oversight Commission, Office of the Governor, residents, multiple community organizations and stakeholders.

    The DCR had contracted UHCDC to conduct wide-reaching independent research, community engagement and a design study on the proposed new jail.

    Built in 1916, the OCCC is the state’s largest jail. The jail in Kalihi is outdated and is not designed to provide programs. The facility is deteriorating, as parts of the jail are 111 years old.

    The planning process for a new jail started in 2016. The property where the existing animal quarantine station is situated in Hālawa is the proposed site for the new OCCC.

    Over a two-year period, UHCDC hosted numerous in-person and virtual community engagement events that include symposia, talk-story sessions, listening and co-design workshops. The group also attended ʻAiea Neighborhood Board and ʻAiea Community Association meetings, hosted listening workshops at Hālawa Correctional Facilty and participated in prison reform hui meetings.

    The 268-page report is an in-depth study that includes key concepts on system reform, facility planning and design elements for the new jail. Part of UHCDC’s extensive research included connecting with various counties in Arizona, California and Florida to gain insight into their reform processes to rehabilitate individuals, reduce recidivism, provide a continuum of care, inside and outside of corrections.

    UHCDC stated the report “outlines aspirations and visions that are crucial for inspiring and enabling transformation. We present this work as a contribution to that change, with gratitude, hope, and a firm belief that such transformation is not only possible but essential to our collective well-being.”

    Department of Corrections and Rehabilitation Director Tommy Johnson said, “We express our sincere gratitude to UHCDC for its excellent work on this report. The report will be an effective tool to help DCR complete the planning and design for the new OCCC, develop request for proposals and select a contractor to design the proposed new jail.”

    The DCR envisions the new jail to have multipurpose rooms for programs, use of natural light, outdoor recreation yard, wall murals and space for treatment rooms to support rehabilitative services for inmates. A new facility to include a gym, courtyard, dining room and lounge for staff to promote health and wellness is also part of that vision.

    DCR will be engaging with the feedback in the report to further guide the rehabilitation aims of the new facility.

    Cathi Ho Schar, director of the University of Hawaiʻi Community Design Center, said, “We thank the Department of Corrections and Rehabilitation for sponsoring this work and inviting us to lead this effort. We also offer our heartfelt appreciation to everyone who linked elbows with us and who shared their time and manaʻo with our team.”

    UHCDC’s work is an independent addition to the planning and design of the new OCCC. The purpose of the report is to help DCR with the development of the Request for Proposals (RFP) and to select a team to design and construct the new jail. UHCDC is not responsible for the development of the RFP.

    Please click on the following link to access the report: https://www.breaking-cycles-symposium.org.

    # # #

     

     

     

     

     

     

     

     

    Media Contacts:

    Rosemarie Bernardo

    Public Information Officer

    Hawai‘i Department of Corrections and Rehabilitation

    Office: 808-587-1358

    Cell: 808-683-5507

    Email: [email protected]

    Website: https://dcr.hawaii.gov

     

     

     

    MIL OSI USA News –

  • MIL-OSI USA: 2025-15 AG NEWS RELEASE – ATTORNEY GENERAL LOPEZ AND 13 OTHER ATTORNEYS GENERAL ISSUE JOINT STATEMENT ON PROTECTING ACCESS TO GENDER-AFFIRMING CARE

    Source: US State of Hawaii

    2025-15 AG NEWS RELEASE – ATTORNEY GENERAL LOPEZ AND 13 OTHER ATTORNEYS GENERAL ISSUE JOINT STATEMENT ON PROTECTING ACCESS TO GENDER-AFFIRMING CARE

    Posted on Feb 5, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF THE ATTORNEY GENERAL

    KA ʻOIHANA O KA LOIO KUHINA

     

    JOSH GREEN, M.D.
     GOVERNOR

    KE KIAʻĀINA

     

    ANNE LOPEZ

    ATTORNEY GENERAL

    LOIO KUHINA

     

     

    ATTORNEY GENERAL LOPEZ AND 13 OTHER ATTORNEYS GENERAL ISSUE JOINT STATEMENT ON PROTECTING ACCESS TO GENDER-AFFIRMING CARE

     

    News Release 2025-15

     

    FOR IMMEDIATE RELEASE                                                       

    February 4, 2025

     

    HONOLULU –Attorney General Anne Lopez today joined a coalition of 14 attorneys general to reaffirm their commitment to protecting access to gender-affirming care in the face of the Trump Administration’s recent Executive Order. The coalition released the following statement: 

     

    “As state attorneys general, we stand firmly in support of healthcare policies that respect the dignity and rights of all people. Health care decisions should be made by patients, families and doctors, not by a politician trying to restrict freedoms. Gender-affirming care is essential, lifesaving medical treatment that supports individuals in living as their authentic selves.

     

    The Trump Administration’s recent Executive Order is wrong on the science and the law. Despite what the Trump Administration has suggested, there is no connection between “female genital mutilation” and gender-affirming care, and no federal law makes gender-affirming care unlawful. President Trump cannot change that by Executive Order.  

     

    Last week, attorneys general secured a critical win from a federal court that directed the federal government to resume funding that had been frozen by the Trump Administration. In response to the court’s order, the Department of Justice has sent a notice stating that “federal agencies cannot pause, freeze, impede, block, cancel, or terminate any awards or obligations on the basis of the OMB memo, or on the basis of the President’s recently issued Executive Orders.” This means that federal funding to institutions that provide gender-affirming care continues to be available, irrespective of President Trump’s recent Executive Order. If the federal administration takes additional action to impede this critical funding, we will not hesitate to take further legal action. 

     

    State attorneys general will continue to enforce state laws that provide access to gender-affirming care, in states where such enforcement authority exists, and we will challenge any unlawful effort by the Trump Administration to restrict access to it in our jurisdictions.” 

     

    Joining Attorney General Lopez in issuing this statement are the attorneys general of California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, New Jersey, New York, Nevada, Rhode Island, Vermont and Wisconsin.

     

    # # #

     

    Media contacts:

    Dave Day

    Special Assistant to the Attorney General

    Office: 808-586-1284                                                  

    Email: [email protected]        

    Web: http://ag.hawaii.gov

     

    Toni Schwartz
    Public Information Officer
     Hawai‘i Department of the Attorney General
    Office:     808-586-1252
    Cell: 808-379-9249
    Email:     [email protected] 

    Web: http://ag.hawaii.gov

     

    MIL OSI USA News –

  • MIL-OSI USA: DLNR News Release – HAWAI‘I WILDLIFE CONSERVATION/GAME BIRD STAMP CONTEST OPENS, Feb. 5, 2025

    Source: US State of Hawaii

    DLNR News Release – HAWAI‘I WILDLIFE CONSERVATION/GAME BIRD STAMP CONTEST OPENS, Feb. 5, 2025

    Posted on Feb 5, 2025 in Latest Department News, Newsroom

     

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF LAND AND NATURAL RESOURCES

     

    JOSH GREEN, M.D.
     GOVERNOR

     

    DAWN CHANG
     CHAIRPERSON

     

    HAWAI‘I WILDLIFE CONSERVATION/GAME BIRD STAMP CONTEST OPENS

     

    FOR IMMEDIATE RELEASE

    Feb. 5, 2025

     

    HONOLULU – Artists are invited to submit entries to the DLNR Division of Forestry and Wildlife (DOFAW) for the 2025-26 Hawaiʻi Wildlife Conservation and Game Bird Stamp annual art contest. The wildlife conservation stamp is a requirement for Hawai‘i state hunting licenses and the game bird stamp is required for anyone intending to hunt game birds. Both stamps will also be available to stamp collectors.

    Game Bird Stamp – Erckel’s Francolin (Pternistis erckelii). Native to Ethiopia and Sudan, the Erckel’s spurfowl was introduced to Hawaiʻi in 1957 as a game bird. At about 16 inches long, they are brown with white streaky spots and distinct chestnut-colored feathers on the top of their heads, with white throats. Often in upland dry grasslands, they scare easily and hide from view and prefer running away rather than flushing. Listen for their loud laughing cackle, especially in the morning. They are located on the islands of Hawaiʻi, Lānaʻi, Oʻahu, and Kaua‘i.

    Wildlife Conservation Stamp – Manu-o-Kū (White “Fairy” Tern) (Gygis alba), a Hawaiian urban-community forest bird. 2025 is the Year of Our Community Forests, collections of trees in the wao kanaka, or inland region where people  live, learn and play. Community forests include trees in our neighborhoods, yards, parks, schools and along our streets. They give us gathering places, shade, air to breathe, food to eat, wood for carving, leaves for weaving and flowers for lei.

    The Manu-o-Kū is a perfect representation of our native wildlife that utilizes the urban-community forests for habitat, breeding, nesting and rearing their young. Manu-o-Kū breed on oceanic islands, both on low-lying coralline sand islands and high volcanic islands. They do not build nests; eggs are laid on whatever suitable depression is found. Nest sites include volcanic pinnacles, cliffs, rocky slopes, large bushes or trees, as well as man-made structures.

    ENTRY REQUIREMENTS

     

    SETTING: Hawai‘i habitat

     

    SIZE: Completed painting with a maximum of 24” by 36” and unframed (to be reduced to 1” X 1.5” stamp)

     

    MEDIUM: Oil or acrylic preferred

     

    ENTRY: Completed oil or acrylic painting or an 8.5” X 11” photo/print/photocopy of a completed painting.

     

    DEADLINE: All entries must be received by April 05, 2025. Notification of the winner will be made later in April.

     

    SHIPPING FEE: All paintings sent must be accompanied by a $35.00 fee to cover the cost of returning the artwork. You must visit the Administration office to pick up your artwork if a check is not included. Checks are to be made payable to the DLNR. Otherwise, a photo, print, or photocopy of an original painting may be sent without fee (see application form).

    PAYMENTS: The winner will receive a maximum award of $1,000.

    Funds from Hawai‘i Wildlife Conservation Stamp sales go into the state Wildlife Revolving Fund to support wildlife populations and habitats and to manage the state’s hunting and non-game programs.

    Last year, revenues from both stamps were used to cover some of the costs of maintaining hunting units and to add game bird and game mammal hunting opportunities where possible. Proceeds from the sale of wildlife conservation stamps will also provide funds for salaries, the annual lease rental of the Lānaʻi Cooperative Game Management Area, and support wildlife diversity programs.

    # # #

     

    RESOURCES

    (All images/video courtesy: DLNR)

     

    HD video – Small Game Birds Put and Take, web feature (Nov. 24, 2021):

    https://vimeo.com/650077788?share=copy

     

    HD video – Small game birds put and take, media clips (Nov. 24, 2021):

    https://vimeo.com/649777485?share=copy

    Photographs – Small game bird releases Kuaokala Game Management Area (Nov. 24, 2021):

    https://www.dropbox.com/scl/fo/i5naci5zakhg1r8rw6acd/h?rlkey=7psw5565bo4oib3pgve1yrwqo&dl=0

    Information on the contest and application forms:

    DOFAW, 1151 Punchbowl St., Room 325, Honolulu, HI 96813 or at:

    https://dlnr.hawaii.gov/recreation/files/2025/01/FY25-26-Artist-Application.pdf

    Contest contacts:

    [email protected], 808-226-7757.

    [email protected], 808-347-6869.

     

    2025: Year of Our Community Forests

    https://dlnr.hawaii.gov/dofaw/trees/

     

     

    Media Contact: 

    Ryan Aguilar

    Communications Specialist

    Hawaiʻi Dept. of Land and Natural Resources

    Communications Office: 808-587-0396

    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI: AMG Reports Financial and Operating Results for the Fourth Quarter and Full Year 2024

    Source: GlobeNewswire (MIL-OSI)

    Company reports EPS of $4.92, Economic EPS of $6.53 in the fourth quarter of 2024
    EPS of $15.13, Economic EPS of $21.36 for the full year 2024

    • New partnership with NorthBridge Partners, a private markets manager specializing in industrial logistics real estate assets
    • Net income (controlling interest) of $512 million, Economic Net Income (controlling interest) of $702 million
    • 10% full-year Economic Earnings per share growth reflects AMG’s ongoing strategic evolution and disciplined capital allocation strategy
    • Repurchased $700 million in common stock or approximately 13% of shares outstanding in 2024

    WEST PALM BEACH, Fla., Feb. 06, 2025 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the fourth quarter and year ended December 31, 2024.

    Jay C. Horgen, President and Chief Executive Officer of AMG, said:
    “AMG delivered record Economic Earnings per share in 2024; growth of 10% relative to the prior year reflected the ongoing evolution of our business and the positive impact of our disciplined capital allocation strategy.

    “In 2024, we continued to strategically evolve our business, increasing our exposure to alternatives, which further enhances our long-term growth prospects. AMG’s private markets Affiliates raised approximately $24 billion during the year, reflecting the ongoing demand for our Affiliates’ specialized strategies. Throughout the year we continued to invest our capital and resources alongside our Affiliates to develop new products for the U.S. wealth marketplace, including additional innovative alternative solutions across private markets and liquid alternatives.

    “This morning, we announced our investment in NorthBridge Partners, a leading vertically integrated real estate manager with excellent forward prospects, given its deep expertise and targeted investment strategy in last-mile logistics, a high-growth sector benefiting from the expanding digital economy and evolving supply chain dynamics. Our partnership with NorthBridge broadens AMG’s participation in private markets and underscores our focus on investing in areas of secular growth. AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate AMG’s partnership model and is highly valued by prospective Affiliates.

    “Our execution across each element of our growth strategy, including investing in new Affiliate partnerships, investing in our existing Affiliates, and investing in AMG’s capabilities to magnify our Affiliates’ success, is driving the evolution of our distinctive business profile. Given AMG’s proven strategic capabilities and 30-year track record of successful partnerships, our opportunities to invest in growth are expanding. With our ample financial flexibility and disciplined capital allocation framework, we enter 2025 in an excellent position to continue executing on our strategy, and create meaningful incremental shareholder value over time.”

    FINANCIAL HIGHLIGHTS Three Months Ended   Years Ended
    (in millions, except as noted and per share data) 12/31/2023   12/31/2024   12/31/2023   12/31/2024
    Operating Performance Measures              
    AUM (at period end, in billions) $ 672.7     $ 707.9     $ 672.7     $ 707.9  
    Average AUM (in billions)   648.1       717.3       660.3       700.5  
    Net client cash flows (in billions)   (6.1 )     (8.3 )     (29.2 )     (13.9 )
    Aggregate fees   1,560.9       1,509.2       5,066.6       5,236.0  
    Financial Performance Measures              
    Net income (controlling interest) $ 196.2     $ 162.1     $ 672.9     $ 511.6  
    Earnings per share (diluted)(1)   5.15       4.92       17.42       15.13  
    Supplemental Performance Measures(2)              
    Adjusted EBITDA (controlling interest) $ 296.2     $ 281.7     $ 935.7     $ 973.1  
    Economic net income (controlling interest)   242.9       205.8       717.8       701.6  
    Economic earnings per share   6.86       6.53       19.48       21.36  
                                   

    For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.

    Capital Management
    During the fourth quarter of 2024, the Company repurchased approximately $120 million in common stock, bringing full-year share repurchases to approximately $700 million. The Company also announced a fourth-quarter cash dividend of $0.01 per share of common stock, payable March 4, 2025 to stockholders of record as of the close of business on February 18, 2025.

    About AMG
    AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of December 31, 2024, AMG’s aggregate assets under management were approximately $708 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.

             

    Conference Call, Replay and Presentation Information
    A conference call will be held with AMG’s management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.

    The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13750674. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.

    Financial Tables Follow

    ASSETS UNDER MANAGEMENT – STATEMENTS OF CHANGES (in billions)
     
      Alternatives   Differentiated Long-Only  
    BY STRATEGY – QUARTER TO DATE Private Markets
    		   Liquid
    Alternatives
    		     Equities
    		   Multi-Asset &
    Fixed Income
    		   Total
    		  
    AUM, September 30, 2024 $ 131.2   $ 135.3     $ 345.9   $ 116.0   $ 728.4  
    Client cash inflows and commitments   5.6     8.9       10.2     5.2     29.9  
    Client cash outflows   (0.1 )   (7.3 )     (25.8 )   (5.0 )   (38.2 )
    Net client cash flows   5.5     1.6       (15.6 )   0.2     (8.3 )
    Market changes   (0.2 )   3.5       (2.5 )   0.4     1.2  
    Foreign exchange   (0.5 )   (3.1 )     (6.3 )   (1.3 )   (11.2 )
    Realizations and distributions (net)   (0.7 )   (0.2 )     (1.3 )   (0.1 )   (2.3 )
    Other   0.1     3.6       (4.0 )   0.4     0.1  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
      Alternatives   Differentiated Long-Only  
    BY STRATEGY – YEAR TO DATE Private Markets
    		   Liquid
    Alternatives
    		     Equities
    		   Multi-Asset &
    Fixed Income
    		   Total
    		  
    AUM, December 31, 2023 $ 114.8   $ 124.0     $ 329.4   $ 104.5   $ 672.7  
    Client cash inflows and commitments   23.7     27.5       38.1     22.1     111.4  
    Client cash outflows   (0.2 )   (25.6 )     (80.2 )   (19.3 )   (125.3 )
    Net client cash flows   23.5     1.9       (42.1 )   2.8     (13.9 )
    New investments   0.7     —       —     0.7     1.4  
    Market changes   0.4     10.6       41.4     8.7     61.1  
    Foreign exchange   (0.3 )   (0.8 )     (4.6 )   (1.2 )   (6.9 )
    Realizations and distributions (net)   (4.4 )   (0.5 )     (1.4 )   (0.3 )   (6.6 )
    Other   0.7     5.5       (6.5 )   0.4     0.1  
    AUM, December 31, 2024 $ 135.4   $ 140.7     $ 316.2   $ 115.6   $ 707.9  
     
    CONSOLIDATED STATEMENTS OF INCOME
     
        Three Months Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Consolidated revenue   $ 502.7     $ 524.2  
             
    Consolidated expenses:        
    Compensation and related expenses     244.5       238.8  
    Selling, general and administrative     84.8       98.4  
    Intangible amortization and impairments     10.8       7.3  
    Interest expense     31.4       35.2  
    Depreciation and other amortization     3.0       4.0  
    Other expenses (net)     9.6       8.8  
    Total consolidated expenses     384.1       392.5  
             
    Equity method income (net)(3)     125.7       124.5  
    Affiliate Transaction gains(4)     —       —  
    Investment and other income     29.8       17.5  
    Income before income taxes     274.1       273.7  
             
    Income tax expense     29.8       52.6  
    Net income     244.3       221.1  
             
    Net income (non-controlling interests)     (48.1 )     (59.0 )
    Net income (controlling interest)   $ 196.2     $ 162.1  
             
    Average shares outstanding (basic)     33.7       30.1  
    Average shares outstanding (diluted)     41.3       36.0  
             
    Earnings per share (basic)   $ 5.83     $ 5.39  
    Earnings per share (diluted)(1)   $ 5.15     $ 4.92  
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
     
        Three Months Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Net income (controlling interest)   $ 196.2     $ 162.1  
    Intangible amortization and impairments     39.9       30.5  
    Intangible-related deferred taxes     12.8       15.3  
    Affiliate Transactions(4)     —       —  
    Other economic items     (6.0 )     (2.1 )
    Economic net income (controlling interest)   $ 242.9     $ 205.8  
             
    Average shares outstanding (adjusted diluted)     35.4       31.5  
    Economic earnings per share   $ 6.86     $ 6.53  
             
    Net income (controlling interest)   $ 196.2     $ 162.1  
    Interest expense     31.4       35.2  
    Income taxes     34.5       54.9  
    Intangible amortization and impairments     39.9       30.5  
    Affiliate Transactions(4)     —       —  
    Other items     (5.8 )     (1.0 )
    Adjusted EBITDA (controlling interest)   $ 296.2     $ 281.7  
     
    See Notes for additional information.
    CONSOLIDATED STATEMENTS OF INCOME
     
        Years Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Consolidated revenue   $ 2,057.8     $ 2,040.9  
             
    Consolidated expenses:        
    Compensation and related expenses     907.5       915.3  
    Selling, general and administrative     358.2       376.5  
    Intangible amortization and impairments     48.3       29.0  
    Interest expense     123.8       133.3  
    Depreciation and other amortization     13.0       13.4  
    Other expenses (net)     45.8       40.3  
    Total consolidated expenses     1,496.6       1,507.8  
             
    Equity method income (net)(3)     280.0       312.7  
    Affiliate Transaction gains(4)     133.1       —  
    Investment and other income     117.1       77.4  
    Income before income taxes     1,091.4       923.2  
             
    Income tax expense     185.3       182.6  
    Net income     906.1       740.6  
             
    Net income (non-controlling interests)     (233.2 )     (229.0 )
    Net income (controlling interest)   $ 672.9     $ 511.6  
             
    Average shares outstanding (basic)     35.1       31.1  
    Average shares outstanding (diluted)     42.2       36.1  
             
    Earnings per share (basic)   $ 19.18     $ 16.45  
    Earnings per share (diluted)(1)   $ 17.42     $ 15.13  
     
    RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
     
        Years Ended
    (in millions, except per share data)   12/31/2023   12/31/2024
    Net income (controlling interest)   $ 672.9     $ 511.6  
    Intangible amortization and impairments     128.5       149.2  
    Intangible-related deferred taxes     57.3       61.9  
    Affiliate Transactions(4)     (122.1 )     —  
    Other economic items     (18.8 )     (21.1 )
    Economic net income (controlling interest)   $ 717.8     $ 701.6  
             
    Average shares outstanding (adjusted diluted)     36.8       32.8  
    Economic earnings per share   $ 19.48     $ 21.36  
             
    Net income (controlling interest)   $ 672.9     $ 511.6  
    Interest expense     123.8       133.3  
    Income taxes     185.2       187.9  
    Intangible amortization and impairments     128.5       149.2  
    Affiliate Transactions(4)     (162.7 )     —  
    Other items     (12.0 )     (8.9 )
    Adjusted EBITDA (controlling interest)   $ 935.7     $ 973.1  
     
    See Notes for additional information.
    CONSOLIDATED BALANCE SHEETS
     
        Years Ended
    (in millions)   12/31/2023   12/31/2024
    Assets        
    Cash and cash equivalents   $ 813.6     $ 950.0  
    Receivables     368.4       409.7  
    Investments     941.9       595.6  
    Goodwill     2,523.6       2,504.9  
    Acquired client relationships (net)     1,812.4       1,777.8  
    Equity method investments in Affiliates (net)     2,288.5       2,246.6  
    Fixed assets (net)     67.3       57.6  
    Other assets     243.9       288.7  
    Total assets   $ 9,059.6     $ 8,830.9  
             
    Liabilities and Equity        
    Payables and accrued liabilities   $ 628.5     $ 639.1  
    Debt     2,537.5       2,620.2  
    Deferred tax liability (net)     463.8       520.5  
    Other liabilities     466.3       402.4  
    Total liabilities     4,096.1       4,182.2  
             
    Redeemable non-controlling interests     393.4       350.5  
    Equity:        
    Common stock     0.6       0.6  
    Additional paid-in capital     741.4       733.1  
    Accumulated other comprehensive loss     (167.6 )     (163.6 )
    Retained earnings     6,389.6       6,899.8  
          6,964.0       7,469.9  
    Less: treasury stock, at cost     (3,376.1 )     (4,124.6 )
    Total stockholders’ equity     3,587.9       3,345.3  
    Non-controlling interests     982.2       952.9  
    Total equity     4,570.1       4,298.2  
    Total liabilities and equity   $ 9,059.6     $ 8,830.9  
    Notes
       
    (1) Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.
       
      We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
       
      We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
       
      The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
          Three Months Ended   Years Ended
      (in millions)   12/31/2023   12/31/2024   12/31/2023   12/31/2024
      Numerator                
      Net income (controlling interest)   $ 196.2   $ 162.1   $ 672.9   $ 511.6
      Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes     12.9     11.7     49.0     20.5
      Interest expense on junior convertible securities, net of taxes     3.4     3.4     13.4     13.4
      Net income (controlling interest), as adjusted   $ 212.5   $ 177.2   $ 735.3   $ 545.5
      Denominator                
      Average shares outstanding (basic)     33.7     30.1     35.1     31.1
      Effect of dilutive instruments:                
      Stock options and restricted stock units     1.7     1.4     1.7     1.7
      Hypothetical issuance of shares to settle Redeemable non-controlling interests     4.2     2.8     3.7     1.6
      Junior convertible securities     1.7     1.7     1.7     1.7
      Average shares outstanding (diluted)     41.3     36.0     42.2     36.1
    (2) As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website at www.sec.gov.
       
      Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
       
      Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.
       
      The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
          Three Months Ended   Years Ended
      (in millions)   12/31/2023     12/31/2024     12/31/2023     12/31/2024  
      Average shares outstanding (diluted)   41.3     36.0     42.2     36.1  
      Hypothetical issuance of shares to settle Redeemable non-controlling interests   (4.2 )   (2.8 )   (3.7 )   (1.6 )
      Junior convertible securities   (1.7 )   (1.7 )   (1.7 )   (1.7 )
      Average shares outstanding (adjusted diluted)   35.4     31.5     36.8     32.8  
    (3) The following table presents equity method earnings and equity method intangible amortization and impairments, which in aggregate form Equity method income (net):
       
          Three Months Ended   Years Ended
      (in millions)   12/31/2023   12/31/2024   12/31/2023   12/31/2024
      Equity method earnings   $ 158.3     $ 150.1     $ 375.6     $ 442.7  
      Equity method intangible amortization and impairments     (32.6 )     (25.6 )     (95.6 )     (130.0 )
      Equity method income (net)   $ 125.7     $ 124.5     $ 280.0     $ 312.7  
    (4) The following table presents the impact of the completion of our previously announced sales of our equity interests in Veritable, LP to a third party in the third quarter of 2023, and Baring Private Equity Asia to EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT ST), in the fourth quarter of 2022, pursuant to which we received ordinary shares of EQT:
     
          Three Months Ended   Years Ended
      (in millions)   12/31/2023   12/31/2024   12/31/2023   12/31/2024  
      Affiliate Transaction gain   $ —     $ —     $ 133.1     $ —  
      Investment and other income – Realized gains on EQT shares     —       —       29.6       —  
      Affiliate Transactions, pre-tax     —       —       162.7       —  
      Income taxes     —       —       (40.6 )     —  
      Affiliate Transactions, after-tax   $ —     $ —     $ 122.1     $ —  
     

    Forward-Looking Statements and Other Matters

    Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.

    This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.

    From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.

    Investor and Media Relations
    Patricia Figueroa
    +1 (617) 747-3300
    ir@amg.com
    pr@amg.com

    The MIL Network –

  • MIL-OSI: Descartes Showcases Global Trade Intelligence Technology Innovations

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Feb. 06, 2025 (GLOBE NEWSWIRE) — Descartes Systems Group (Nasdaq:DSGX) (TSX:DSG), the global leader in uniting logistics-intensive businesses in commerce, is scheduled to showcase numerous technology innovations to its global trade intelligence software suite at Descartes’ Innovation Forum event, which takes place in Washington, DC from February 11-12, 2025. Innovations to Descartes’ solution suite help companies in diverse industries manage the cross-border trade of merchandise, commodities and services more securely and efficiently in the face of expanding compliance requirements, geopolitical volatility, and evolving tariffs and trade barriers.

    “The current environment of ever-changing and complex trade regulations is challenging to manage. Our solutions and trade data help simplify how our customers’ teams conduct business while helping them mitigate risk,” said Brian Hodgson, General Manager, Trade Intelligence at Descartes. “Our technology innovations are focused on helping companies build more agile, intelligent and resilient supply chain networks that allow them to keep pace with frequent and complex tariff and regulatory changes, secure better sources of supply, and acquire high quality competitive intelligence.”

    Descartes’ global trade intelligence innovation and enhancements include:

    • Artificial Intelligence (AI)-enabled screening and classification to scale compliance operations. AI-driven screening for restricted, sanctioned and denied parties quarantines low-quality false positives and identifies when additional due diligence is required. AI-driven import/export classification accelerates product lookup capabilities in combination with other features such as regulations cross-referencing and landed cost calculations. Both innovations help companies more efficiently access and manage high volume, repetitive tasks without overloading existing compliance resources or adding new staff.
    • AI-based agent to speed complex global trade intelligence queries. Converse in multiple languages with an AI-based agent to answer common questions; quickly identify historical trade patterns, emerging trends, or specific data needs (e.g., commodities, companies, products); and receive text- and/or graph-based responses. This helps users define searches more precisely, ensuring they extract the most relevant global trade data and that it’s presented effectively. It makes global trade data content more accessible and actionable, while minimizing the training time required to build proficiency in developing optimal queries.
    • Expanded global trade content offerings to simplify more wholistic risk assessments. Combining traditional Harmonized System (HS)-based trade data content with both optional experience-based content, such as previously classified products, and timely innovative-based content, such as legislation and/or regulations, provides companies with a broader content ecosystem to facilitate efficient and effective risk assessment associated with product, party or shipment compliance.
    • Enhanced analytics to generate insights and inform strategic, evidence-based decision making. Advanced Microsoft Power BI-based analytics aggregates data from screening applications and other sources (e.g., visitor management, license management, other operational systems) to provide a single reporting view. Companies no longer need to rely on complicated integrations between applications to access sophisticated analytics that provide useful insight into their compliance activities, particularly in large enterprises.
    • Expanded capabilities to manage increasing export controls and complexities around export license management. Expanded set of East Asian countries for compliance checks and license determinations, in addition to enhanced workflows and data sharing capabilities for very complex controlled goods businesses (e.g., aerospace and defense), which help companies better manage compliance with local laws, international agreements and security protocols.

    Learn more about Descartes’ Global Trade Intelligence solutions.

    Descartes’ Innovation Forum events offer a unique opportunity for Descartes customers and United by Design partners worldwide to connect with the Descartes team. These forums aim to share best practices in using Descartes’ technologies, explore ways to enhance operations with Descartes’ expanding solutions, and gather valuable feedback on product development. More information on the Global Trade Intelligence event is available here.

    About Descartes

    Descartes (Nasdaq:DSGX) (TSX:DSG) is the global leader in providing on-demand, software-as-a-service solutions focused on improving the productivity, security and sustainability of logistics-intensive businesses. Customers use our modular, software-as-a-service solutions to route, track and help improve the safety, performance and compliance of delivery resources; plan, allocate and execute shipments; rate, audit and pay transportation invoices; access global trade data; file customs and security documents for imports and exports; and complete numerous other logistics processes by participating in the world’s largest, collaborative multimodal logistics community. Our headquarters are in Waterloo, Ontario, Canada and we have offices and partners around the world. Learn more at www.descartes.com, and connect with us on LinkedIn and Twitter.

    Global Media Contact
    Cara Strohack                                                                     
    Tel: 226-750-8050                                 
    cstrohack@descartes.com  

    Cautionary Statement Regarding Forward-Looking Statements

    This release contains forward-looking information within the meaning of applicable securities laws (“forward-looking statements”) that relate to Descartes’ global trade intelligence solution offerings and potential benefits derived therefrom; and other matters. Such forward-looking statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements to differ materially from the anticipated results, performance or achievements or developments expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the factors and assumptions discussed in the section entitled, “Certain Factors That May Affect Future Results” in documents filed with the Securities and Exchange Commission, the Ontario Securities Commission and other securities commissions across Canada including Descartes’ most recently filed management’s discussion and analysis. If any such risks actually occur, they could materially adversely affect our business, financial condition or results of operations. In that case, the trading price of our common shares could decline, perhaps materially. Readers are cautioned not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. Forward-looking statements are provided for the purposes of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. We do not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in our expectations or any change in events, conditions or circumstances on which any such statement is based, except as required by law.

    The MIL Network –

  • MIL-OSI: YieldMax™ Launches Its First 0DTE ETF YieldMax™ S&P 500 0DTE Covered Call Strategy ETF (SDTY)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, MILWAUKEE and NEW YORK, Feb. 06, 2025 (GLOBE NEWSWIRE) — YieldMax™ announced the launch today of its first YieldMax™ 0DTE Covered Call Strategy ETF:

    YieldMax™ S&P 500 0DTE Covered Call Strategy ETF (Nasdaq: SDTY)

    SDTY Overview

    SDTY is an actively managed ETF that utilizes a synthetic covered call strategy designed to generate weekly income while also providing exposure to the price return of the S&P 500 (“the Index”). SDTY generates income primarily by utilizing zero days to expiry (“0DTE”) options on an Index and/or passively managed ETFs (“Index ETFs”) that tracks the Index’s performance.

    SDTY’s Option Strategy

    SDTY employs a synthetic covered call strategy by selling and purchasing call options on the Index or Index ETFs. Each business day, typically at market open, the Fund sells out-of-the-money (OTM) call options with zero days to expiration (“0DTE”), which expire the same day they are sold. OTM options have a strike price above the current Index value. SDTY’s synthetic covered call strategy is established by combining the call options sold to generate income with buying call options for exposure to the Index.

    SDTY’S Return Profile and Index Performance

    SDTY earns income by selling out-of-the-money 0DTE call options daily. The premiums from these options add to income but limit participation in Index gains. If the Index rises past the strike price, losses on sold options can offset gains. This strategy balances income generation with limited Index upside exposure while premiums can help mitigate losses if the Index declines.

    SDTY Distribution Schedule

    SDTY is the first member of the YieldMax™ ETF 0DTE family and like all YieldMax™ ETFs, SDTY aims to generate income to investors. With respect to distributions, SDTY aims to make distributions on a weekly basis and its first weekly distribution is expected to be announced on February 19, 2025.

    Why Invest in SDTY?

    • SDTY seeks to generate weekly income which is not dependent on the value of its Index (or ETFs that track the Index’s performance).
    • SDTY aims to participate in a portion of the Index gains which may be capped.

    Important Information

    Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about each Fund, visit our website at www.YieldMaxETFs.com. Read the prospectus or summary prospectus carefully before investing.

    There is no guarantee that any Fund’s investment strategy will be properly implemented, and an investor may lose some or all of its investment in any such Fund.

    Tidal Financial Group is the adviser for all YieldMax™ ETFs.

    THE FUND, TRUST, AND ADVISER ARE NOT AFFILIATED WITH ANY UNDERLYING REFERENCE ASSET.

    Risk Disclosures

    Investing involves risk. Principal loss is possible.

    Call Writing Strategy Risk. The path dependency (i.e., the continued use) of the Fund’s call writing strategy will impact the extent that the Fund participates in the positive price returns of the underlying reference asset and, in turn, the Fund’s returns, both during the term of the sold call options and over longer periods.

    Counterparty Risk. The Fund is subject to counterparty risk by virtue of its investments in options contracts. Transactions in some types of derivatives, including options, are required to be centrally cleared (“cleared derivatives”). In a transaction involving cleared derivatives, the Fund’s counterparty is a clearing house rather than a bank or broker. Since the Fund is not a member of clearing houses and only members of a clearing house (“clearing members”) can participate directly in the clearing house, the Fund will hold cleared derivatives through accounts at clearing members.

    Derivatives Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. The Fund’s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in securities or other ordinary investments, including risk related to the market, imperfect correlation with underlying investments or the Fund’s other Index (or ETFs that track the Index’s performance)holdings, higher price volatility, lack of availability, counterparty risk, liquidity, valuation and legal restrictions.

    Options Contracts. The use of options contracts involves investment strategies and risks different from those associated with ordinary Index (or ETFs that track the Index’s performance) securities transactions. The prices of options are volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including the anticipated volatility, which are affected by fiscal and monetary policies and by national and international political, changes in the actual or implied volatility or the reference asset, the time remaining until the expiration of the option contract and economic events.

    Distribution Risk. As part of the Fund’s investment objective, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution in any given period. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next.

    High Index (or ETFs that track the Index’s performance) Turnover Risk. The Fund may actively and frequently trade all or a significant portion of the Fund’s holdings. A high Index (or ETFs that track the Index’s performance) turnover rate increases transaction costs, which may increase the Fund’s expenses.

    Liquidity Risk. Some securities held by the Fund, including options contracts, may be difficult to sell or be illiquid, particularly during times of market turmoil.

    Non-Diversification Risk. Because the Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer or a smaller number of issuers than if it was a diversified fund.

    New Fund Risk. The Fund is a recently organized management investment company with no operating history. As a result, prospective investors do not have a track record or history on which to base their investment decisions.

    Price Participation Risk. The Fund employs an investment strategy that includes the sale of call option contracts, which limits the degree to which the Fund will participate in increases in value experienced by the underlying reference asset over the Call Period.

    Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be less in the future as inflation decreases the value of money. As inflation increases, the present value of the Fund’s assets and distributions, if any, may decline.

    Indirect Investment Risk. The Index is not affiliated with the Trust, the Fund, the Adviser, or their respective affiliates and is not involved with this offering in any way.

    YieldMax™ ETFs are distributed by Foreside Fund Services, LLC. Foreside is not affiliated with Tidal Financial Group or YieldMax™ ETFs.

    © 2025 YieldMax™ ETFs

    The MIL Network –

  • MIL-OSI: Nokia Bell Labs celebrates 100 years of pioneering innovations, shaping the past, present and future

    Source: GlobeNewswire (MIL-OSI)

    Press Release 

    Nokia Bell Labs celebrates 100 years of pioneering innovations, shaping the past, present and future

    • Over the last century, Nokia’s award-winning industrial research arm whose inventions of the transistor, solar cell and laser laid the groundwork for the digital age and paved a path to the internet.
    • Today, it continues to chart new paths in space communications, quantum, artificial intelligence, foundational technologies and sensing to address humanity’s most pressing challenges.

    6 February 2025
    Murray Hill, New Jersey – Nokia’s renowned industrial research arm behind the invention of the transistor, the solar cell, the laser and countless more, Nokia Bell Labs, is celebrating its centennial in 2025, marking 100 years of groundbreaking discoveries and innovations that blazed the trail for the digital age and pushed the boundaries of what’s possible.

    Nishant Batra, Chief Strategy and Technology Officer at Nokia, said: “The last century would be unrecognizable without Nokia Bell Labs. We established the foundations for modern communications, computing and the internet, setting the standard for the telecommunications industry, with a profound impact on people and communities worldwide. Our legacy is embedded in every bit within the billions of terabytes that flow through global networks each year and our dedicated researchers are tirelessly working on the groundbreaking innovations that will shape the future.”

    Over the past 100 years, Nokia Bell Labs researchers have made revolutionary discoveries in radio astronomy, semiconductors, Information Theory and cellular communications that have driven U.S. and global innovation and laid the groundwork for the digital age​. These breakthroughs and many others have resulted in 10 Nobel Prizes and five Turing Awards, as well as three Emmys, two Grammys and an Academy Award.

    Today, its legacy lives on in wavelengths, wires and bits as it charts new paths in space communications, quantum, artificial intelligence, foundational technologies and sensing that address humanity’s most pressing challenges. Nokia Bell Labs is setting world-record optical speeds to meet the insatiable global demand for high-speed communication, deploying cellular networks that will underpin sustained human presence on the Moon and beyond, and conducting industry-leading 6G research that will fuse the physical, digital and human worlds.

    Peter Vetter, President of Bell Labs Core Research at Nokia, said: “At Nokia Bell Labs, we don’t just follow trends, we create them. Our researchers focus on solving hard problems that have a real human need in order to come up with the next big thing. From pioneering concepts for 6G and world-firsts in fiber technology to innovations in sensing and understanding that fuses the physical, digital and human worlds, we are redefining how we perceive the world around us and augmenting our capabilities.”​

    Thierry E. Klein, President of Bell Labs Solutions Research at Nokia, said: “For the last 100 years, Nokia Bell Labs has been​ harnessing the extraordinary imaginations ​of our researchers​ to push the boundaries of what is possible and create transformative real-world solutions. In our next century, we are delivering the communication building blocks here on Earth as well as for a rapidly growing space economy that underpins sustained human presence on the Moon – and beyond.”

    Leveraging Nokia Bell Labs’ pioneering technology, Nokia helps propel society, industry and the environment toward a more sustainable future — expanding possibilities and redefining how we live, work and care for our planet.

    ​ 
    Nokia Bell Labs will be hosting celebrations and events at its locations around the world in 2025, follow the latest at https://www.nokia.com/bell-labs/100/.

    Resources and additional information
    Webpage: Nokia
    Webpage: 100 years of Bell Labs
    Blog: Nokia Bell Labs celebrates 100 years of innovation and looks ahead to another century of discovery
    Image Library: Nokia Bell Labs Centennial
    Video: Nokia Bell Labs Centennial

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs, which is celebrating 100 years of innovation.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Media inquiries
    Nokia Press Office
    Email: Press.Services@nokia.com

    Follow us on social media
    LinkedIn X Instagram Facebook YouTube

    Attachments

    The MIL Network –

  • MIL-OSI: CareCloud Achieves Industry-Leading Security and Compliance Attestation, Uniquely Positioned to Grow Among Large Healthcare Enterprises

    Source: GlobeNewswire (MIL-OSI)

    SOC 2 Type 2 Attestation Positions CareCloud Among a Select Group of less than 10% of all EHR Vendors

    SOMERSET, N.J., Feb. 06, 2025 (GLOBE NEWSWIRE) — CareCloud, Inc. (the “Company”) (Nasdaq: CCLD, CCLDO, CCLDP), a leader in healthcare technology and AI-driven solutions, today announced that it has successfully completed a SOC 2 Type 2 examination for the second consecutive year, receiving a clean report with no exceptions. The examination scope of the Healthcare IT systems, performed by an independent CPA firm, covered security, availability, processing integrity, and confidentiality. This accomplishment underscores the Company’s commitment to the highest standards of data security, privacy, and regulatory compliance—critical for healthcare providers, especially larger enterprises such as health systems and hospital networks.

    “Our ability to achieve a clean SOC 2 Type 2 report for the second consecutive year is a testament to the strength of our security infrastructure and our commitment to protecting sensitive healthcare data,” said A. Hadi Chaudhry, Co-CEO of CareCloud. “As we continue to advance our AI-driven solutions and cloud-based platform, maintaining the highest level of security and compliance remains a top priority. This examination reinforces our dedication to delivering innovative technology that meets the stringent requirements of enterprise healthcare organizations.”

    Successfully completing the SOC 2 Type 2 examination affirms that the Company has maintained rigorous security controls and operational effectiveness across its cloud-based platform. This milestone aligns the Company for continued expansion into larger client bases, including health systems, multi-specialty group practices, and enterprise-level healthcare organizations that demand robust security and compliance frameworks.

    “We’re excited to be in a select group of an estimated 10% of all EHR vendors who have achieved this important attestation,” said Stephen Snyder, Co-CEO of CareCloud. “With this attestation, we are uniquely positioned for further expansion across larger healthcare enterprises who typically require a SOC 2 Type 2 attestation. As we continue to scale our offerings to meet the needs of larger and more complex organizations, completing this examination with a clean report distinguishes us among our competitors and demonstrates our ability to support enterprise clients with confidence and reliability.”

    As CareCloud expands its AI-driven solutions, revenue cycle management (RCM) services, and electronic health record (EHR) offerings to larger healthcare organizations, this attestation solidifies its ability to meet the evolving security and compliance needs of health systems and enterprise clients.

    About CareCloud

    CareCloud brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health at www.carecloud.com.

    To listen to video presentations by CareCloud’s management team, read recent press releases and view our latest investor presentation, please visit https://ir.carecloud.com.

    Follow CareCloud on LinkedIn, X and Facebook.

    Forward-Looking Statements

    This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as “may,” “might,” “will,” “shall,” “should,” “could,” “intends,” “expects,” “plans,” “goals,” “projects,” “anticipates,” “believes,” “seeks,” “estimates,” “forecasts,” “predicts,” “possible,” “potential,” “target,” or “continue” or the negative of these terms or other comparable terminology.

    Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management’s expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions.

    These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry’s) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company’s ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies’ products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled “Risk Factors” in the Company’s filings with the Securities and Exchange Commission.

    The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.

    SOURCE CareCloud

    Company Contact:
    Norman Roth
    Interim Chief Financial Officer and Corporate Controller
    CareCloud, Inc.
    nroth@carecloud.com

    Investor Contact:
    Stephen Snyder
    Co-Chief Executive Officer
    CareCloud, Inc.
    ir@carecloud.com

    The MIL Network –

  • MIL-OSI NGOs: These bones will rise again: a defiant quest for justice for Thulani Maseko

    Source: Amnesty International –

    21 January marked two years since the unlawful killing of Eswatini human rights lawyer Thulani Maseko. Amnesty International Campaigner Nkanyiso Mtolo attended a vigil in his memory.

    By Nkanyiso Mtolo

    On Tuesday 21 January, I gathered with a group of activists at the home of Tanele Maseko in Pretoria to share memories, laughter and solemn reflection. It had been two years since Tanele’s late husband Thulani Maseko, a fearless defender of justice in Eswatini*, was shot and killed at his home. With quiet grace, Tanele and her children welcomed us to their living room for a dinner and vigil. We lit candles in Thulani’s memory and resolved that his legacy would not be buried with him.

    As I sat with Thulani’s family and friends, I was struck by the way their defiance mirrored his own. The stories they shared carried the weight of loss but also the strength of determination.

    Tanele’s close friend Bonolo Makgale set the tone for the evening. She stood up, and with a voice quivering but not cowed, said: “We are here today with heavy hearts because someone we loved was taken away from us. And yet, we are here, reminded by the value of community and solidarity.”

    Others remembered Thulani’s courage. One comrade described how during a particularly repressive time in Eswatini, fellow lawyers, afraid to risk the retribution of the state, would prepare cases, but bring them to Thulani to file under his name. Put simply, he was fearless.

    The face of Thulani’s killer

    When Tanele spoke, she described how much she missed her “sweetie”, as she calls him to this day. She recalled their many conversations, often over a glass of Thulani’s favourite whisky, in which they discussed politics and human rights, their debates stretching across whole afternoons.

    It was during one such conversation in their living room that he was shot dead in 2023. On Tuesday, Tanele told us that she still vividly remembers the face of his killer, who remains unknown and at large. She vowed that when there is a real investigation into Thulani’s killing — which the Eswatini government has yet to conduct — she will provide a description of the killer and identify them before a court.

    Tanele’s defiance has become the heartbeat of the movement for justice for Thulani. Simphiwe Sidu, the couple’s friend and human rights lawyer, said that, after the killing, we would gather at Tanele’s house to offer solidarity and support. But now it is the opposite: when we gather at their home, it is Tanele and her children, with their unending resolve, who give us the strength to keep fighting for justice.

    His killing was intended to silence a voice that had become too powerful, too fearless. Yet, as Zimbabwean author Panashe Chigumadzi wrote in These Bones Will Rise Again, the struggles of people who resist cannot be buried. Their ideals and spirit rise again, carried forward by those who refuse to forget.

    Not in vain

    Indeed, despite the weight of an absolute monarchy that criminalizes dissent, bans political parties and violently silences critics, Thulani’s ideals — “justice, truth and democracy” — cannot be extinguished, as reflected in the work of activists and his supporters, who will not allow his sacrifice to be in vain.

    Local organizations and activists are calling out for justice, leading a quiet but growing movement. For instance, the Swaziland Massacre Victims and Survivors’ Association works tirelessly to document state violence. Not only does their work provide a platform for accountability and redress, but they ensure that victims of unlawful killings, such as Thulani,  torture and repression are not forgotten.

    Grassroots groups like the Foundation for Socio-Economic Justice empower workers to fight for fair wages in industries dominated by exploitation, while the Swaziland Rural Women’s Assembly mobilizes rural women to demand water rights and protection of their land. Meanwhile, Eswatini Sexual and Gender Minorities fights for the inclusion and protection of LGBTI people in a country where they face intense discrimination, including criminalization.

    Thulani’s spirit lives on in the courage of these Eswatini activists, the boldness of trade unions, the resilience of rural women and the growing calls for accountability online and in the streets.

    “Justice, truth and democracy” — cannot be extinguished.

    A personal fight

    For me, this fight is personal. I am honoured to be a close friend of Tanele and now an uncle to Thulani’s boys, and I carry cherished memories of us cooking together in the Maseko kitchen — meals seasoned with laughter, fierce debates and a shared determination to build strategies for justice and accountability.

    As the Country Campaigner in Amnesty International’s East and Southern Africa office, I lead campaigns in Botswana, Namibia, Lesotho, and Eswatini. I had the privilege of leading the 500 Days Campaign, marking 500 days since Thulani’s death. Through this campaign, we demanded justice, mobilized global pressure on the Eswatini government, and amplified the voices of those risking everything to speak out.

    More broadly, at Amnesty International we have exposed the crackdown on activists, the misuse of repressive laws and the lack of justice for human rights violations. We have supported independent forensic investigations, provided emergency relief for at-risk activists, campaigned for the release of arbitrarily detained members of parliament, and backed legal challenges against the criminalization of LGBTI people.

    We also continue to pressure the Southern African Development Community to act on its own recommendations to ensure that Thulani’s case and human rights in Eswatini remain central to the pursuit of justice and accountability.

    A legacy to inspire

    After everyone had shared their memories of Thulani, we blew out the candles and packed them away. Although the light had faded, the flame within us had only grown stronger. In the quiet that followed, there was no sense of finality — only the unspoken promise to carry Thulani’s fight forward, to keep his memory alive not just in ritual, but in action.

    A movement for justice and accountability is emboldening — in living rooms, online and in the picket line. People are refusing to forget. They are refusing to let fear prevail. They are rising to ensure that Thulani’s ideals — of a freer, fairer Eswatini — are realized.

    Thulani’s bones will rise again — not as a distant promise but as a living testament to the unyielding fight for justice. For Thulani. For Eswatini. For us all.

    *In 2018, King Mswati III unilaterally changed the name of the country from Swaziland to Eswatini, a decision which Thulani challenged. However, many activists and human rights defenders, including Tanele Maseko, continue to use the name Swaziland.

    MIL OSI NGO –

  • MIL-OSI Global: Reducing air pollution could increase methane emissions from wetlands – here’s what needs to be done

    Source: The Conversation – UK – By Vincent Gauci, Professorial Fellow, School of Geography, Earth and Environmental Science, University of Birmingham

    Sampling in a Pantanal lake, Brazil. Vincent Gauci, CC BY-NC-ND

    What if well-meaning policies that reduce one atmospheric pollutant could also increase natural emissions of powerful greenhouse gases?

    Our findings, just published in the journal Science Advances, advance an earlier discovery of one such unfortunate interaction. This means that we need to work much harder than we thought to stay within the safe climate limits of the Paris agreement.

    The atmospheric pollutant in question is sulphur. Its current and projected decline from clean air policies aimed at reducing acid rain and fine particles, coupled with direct effects of increasing atmospheric CO₂ and warming, will lead to larger natural wetland methane emissions than expected.

    This is because sulphur has a very specific effect in natural wetlands that reduces methane emissions. On the other hand, CO₂ boosts methane production by increasing growth in plants that make the food for methane-producing microbes.

    Put simply, sulphur provides the conditions for one set of bacteria to outmuscle another set of microbes that produce methane over limited available food in wetlands. Under the conditions of acid rain sulphur pollution during the past century, this was enough to reduce wetland methane emissions by up to 8%.

    If we lift this sulphur “lid” on wetland methane production and increase CO₂, we have a double whammy effect that pushes wetland emissions much higher.

    We first discovered this effect in the early 2000s with field experiments that simulated acid rain sulphur pollution in the peatlands of North America, Scotland and Scandinavia. Further similar experiments took place on methane-emitting rice.

    Now, more than 20 years on, we have better modelling approaches that allow us to use improved estimates of the future of sulphur pollution and CO₂ for a range of scenarios. This allows us to link these back to methane emissions.

    A water hyacinth meadow in the Pantanal, Brazil.
    Vincent Gauci, CC BY-NC-ND

    The effect is substantial and we estimate that these different factors, in combination, will mean that policy instruments like the global methane pledge, which addresses anthropogenic emissions of methane, may need to work much harder.

    More than 150 nations signed up to the global methane pledge at the UN climate summit, Cop26, in Glasgow. The pledge seeks to reduce emissions of anthropogenic methane by 30% on a 2020 baseline by 2030.

    If successful, the climate benefit can be substantial (methane is around 30-80 times more potent than CO₂ as a greenhouse gas) and fast-acting. This is because methane only lasts in the atmosphere for around 10 years, leading to a rapid 0.2°C climate dividend by 2050.



    Read more:
    Methane is pitched as a climate villain – could changing how we think about it make it a saviour?

    However, our findings show that between 8% and 15% of the allowable space for these human-made emissions is disappearing. This is due to the climate, CO₂ fertilisation, and sulphur unmasking effects. So, larger cuts are needed to achieve the same Paris climate targets.

    This isn’t the first time that the loss of an apparent broad climate-cooling action of atmospheric sulphur has been implicated in driving warming at a faster rate than anticipated.

    Drainage canal in the Kampar peat swamp forest, Sumatra, Indonesia.
    Vincent Gauci, CC BY-NC-ND

    In 2020, shipping pollution controls were introduced globally to reduce emissions of sulphur dioxide and fine particles that are harmful to human health. This reduction in atmospheric sulphur over the oceans has been implicated in larger warming effects than expected in what has come to be known as “termination shock”.

    Part of the warming effect of emitted CO₂ is effectively masked by cooling sulphate particles in the atmosphere. If the source of the sulphate is stopped, the remaining sulphur in the atmosphere drops out rapidly, unmasking the warming effect of the CO₂ which lasts over 100 years in the atmosphere. For natural wetlands the unmasking effect on methane emissions can take a little longer, more a “termination rebound” than shock – but it soon catches up.

    Intentional interventions?

    So what can be done? In another paper recently published in Global Change Biology, scientists propose direct intervention in natural wetland methane emissions through adding sulphate to these ecosystems, essentially – and this time deliberately – replacing the sulphate lid on the wetland methane source. This raises questions about what a natural wetland actually is.

    Acacia plantation on former peat swamp forest after harvest, Sumatra, Indonesia.
    Vincent Gauci, CC BY-NC-ND

    What are the environmental ethics of deliberately intervening in this manner for ecosystems that are only just recovering from past incidental pollution effects? In emitting methane, they are, ultimately, just performing their natural function and should be protected for the vast carbon stores they contain and the valuable biodiversity that makes these ecosystems their home.

    So, we need to go back to the framework set up by the global methane pledge which is prompting much innovation to reduce human emissions from fossil fuel industries, waste and agriculture. We need to work harder on emissions first and foremost while also considering technologies to actively remove methane from the atmosphere.

    Atmospheric methane removal technologies are a new and under-investigated approach to managing atmospheric methane and they could be as simple as growing more trees.

    Don’t have time to read about climate change as much as you’d like?

    Get a weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Vincent Gauci receives funding from or has received funding from the Natural Environment Research Council, The Royal Society, Spark Climate Solutions, Axa Research Fund, Defra.

    Lu Shen receives funding from National Natural Science Foundation of China.

    – ref. Reducing air pollution could increase methane emissions from wetlands – here’s what needs to be done – https://theconversation.com/reducing-air-pollution-could-increase-methane-emissions-from-wetlands-heres-what-needs-to-be-done-246723

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: expert reaction to Copernicus data reporting that January 2025 was the warmest on record globally

    Source: United Kingdom – Executive Government & Departments

    Scientists comment on data published by Copernicus that shows January 2025 was the warmest on record globally.

    Dr Joel Hirschi, Associate Head of Marine Systems Modelling, UK’s National Oceanography Centre (NOC), said:

    “One should not infer too much out of one month temperature data, as temperature anomalies can vary a lot.  The global temperatures for 2024 and now early 2025 have been tracking the record temperatures we saw in 2023 (and 2024) quite closely.  The last few months of 2024 were slightly cooler than in 2023 and January 2025 is now just warmer than January 2024.

    “Despite La Niña conditions having developed in the tropical Pacific, global temperatures remain very high.  This pattern is similar to what we observed after the El Niño events of 2015/16 and 2019/20 when global temperatures remained close to record warm levels even after the onset of La Niña conditions.

    “Global sea surface temperatures are a bit lower than in 2024 and will likely remain lower as we move further into 2025.”

    Prof Richard Allan, Professor of Climate Science, University of Reading, said:

    “Human caused warming of the ocean is accelerating and this is dominating to an ever greater extent over the natural year to year fluctuations in climate.  Although the swing from moderate El Niño to a weak La Niña during 2024 had a small cooling effect on the surface of the ocean, heat continues to flood into the climate system as atmospheric greenhouse gases continue to rise and the reflective haze of aerosol particle pollution diminishes in some regions following clean air regulation.  Aside from a cooler than average equatorial band in the eastern Pacific due to the weak La Niña conditions, much of the rest of the global sea surface remains remarkably warm in early 2025, primarily a result of human-caused warming of climate.

    “Changing weather patterns from week to week can rapidly alter temperatures over continental regions, which warm up and cool down more quickly than the oceans.  Based upon the most up to date, state of the art Copernicus data, large areas of Europe, Canada and Siberia experienced less cold weather than is normal for January but parts of South America, Africa, Australia and Antarctica also experienced above average temperatures which contributed along with the balmy oceans to the unexpected record global temperatures at the beginning of 2025.  As industrial activity continues to spew greenhouse gases into the air, this growing heating effect is tipping the balance toward record warmth and worsening hot, dry and wet extremes.”

    Prof Bill McGuire, Emeritus Professor of Geophysical & Climate Hazards, UCL, said:

    “The fact that the latest robust Copernicus data reveals the January just gone was the hottest on record – despite an emerging La Nina, which typically has a cooling effect – is both astonishing and, frankly terrifying.  Having crashed through the 1.5C limit in 2024, the climate is showing no signs of wanting to dip under it again, reflected by the fact that this is the 18th of the last 19 months to see the global temperature rise since pre-industrial times top 1.5C.  On the basis of the Valencia floods and apocalyptic LA wildfires, I don’t think there can be any doubt that dangerous, all-pervasive, climate breakdown has arrived.  Yet emissions continue to rise, while fossil fuel corporations seek to expand operations. Grim doesn’t even begin to describe our prospects.”

    Dr Friederike Otto, Senior Lecturer at the Centre for Environmental Policy and co-lead of World Weather Attribution, Imperial College London, said: 

    “This January is the hottest on record because countries are still burning huge amounts of oil, gas and coal.

    “Sure, El Niño and La Niña add or take off a tiny bit of warming, but the reason we’ve broken another record is the continued burning of fossil fuels.

    “The LA wildfires were a stark reminder that we have already reached an incredibly dangerous level of warming.  We’ll see many more unprecedented extreme weather events in 2025.

    “If politicians really care about people’s lives and their children’s futures, transitioning away from fossil fuels would need to be top of their agenda, to make the world safer and fairer.

    “This data shows very clearly what hundreds of other high-quality analyses have shown in recent decades – more burning of fossil fuels leads to more emissions that lead to more warming.”

    Declared interests

    Dr Joel Hirschi: “No conflicts of interest.”

    Prof Richard Allan: “No conflicting interests.”

    Dr Friederike Otto: “No DOIs.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Cross River Partnership supports council’s plans with low-emission micro logistics hub | Westminster City Council

    Source: City of Westminster

    Cross River Partnership (CRP), is proud to announce its continued commitment to delivering sustainable logistics solutions by supporting the development of a low-emission micro logistics hub in the City of Westminster.

    A micro logistics hub is a small site that couriers use for their day-to-day deliveries to receive, sort and then send deliveries to their final destinations by cargo bikes or walking porters. By enabling consolidation of deliveries, micro logistics hubs can reduce the number of polluting vehicle trips and congestion, thereby improving local air quality.

    The proposed micro logistics hub will optimise last-mile deliveries through innovative consolidation practices and the promotion of zero-tailpipe emission transport modes such as e-cargo bikes. With a supported 6-month trial for a low-emission courier in Westminster, this initiative delivered by CRP will enable significant reductions in carbon emissions, support sustainable freight, and help local businesses. The project will also create new green jobs, providing vital economic opportunities.

    CRP will monitor the hub’s impact throughout its implementation and operation. The project will measure reductions in freight vehicle numbers, delivery vehicle miles, and emissions exposure. At an estimated value-for-money rate of £39.75 per kilogram of CO2 saved, the project demonstrates the cost-effective nature of the initiative.

    This micro logistics hub aligns with Westminster City Council’s strategies, including the draft Sustainable Transport Strategy, the Freight, Servicing and Deliveries Strategy and Action Plan, and the Zero Carbon City 2040 Action Plan. The project also supports the city’s broader vision for fairer communities, healthier streets, and a decarbonised urban transport network by 2040.

    Building on previous successful CRP micro logistics hub trials in Pimlico and Wandsworth, this hub will continue to explore new approaches to logistics in underutilised spaces, enhancing Westminster’s capacity for green growth. CRP will work closely with the central London local authority, local businesses, couriers, and community stakeholders to ensure the hub’s long-term viability and operational success.

    This low-emission micro logistics hub trial is made possible by the council’s Carbon Offset Fund, which supports projects designed to reduce carbon emissions across the city.

    The fund is open to a wide range of applicants, including community groups, charities, public sector bodies, and businesses. Through this, the council is hoping to empower local initiatives to take meaningful action on climate change, contributing to Westminster’s goal of becoming a net-zero city.

    Councillor Ryan Jude, Cabinet Member for Climate, Ecology and Culture at Westminster City Council, said:

    Reducing emissions and improving air quality are top priorities for Westminster in achieving our aim of making the city net zero by 2040. The new hub will play a vital role in supporting more efficient low-emission deliveries across the city helping to reduce pollution create new green jobs and support local businesses, contributing to a fairer and more sustainable Westminster.

    We look forward to continuing our collaboration with Cross River Partnership on this important project.”

    Isidora Rivera Vollmer, Project Manager, Cross River Partnership, said:

    We are excited to collaborate with Westminster City Council on the next steps of this project, advancing sustainable freight solutions and supporting the delivery of a greener, safer, and more equitable city.

    At CRP, we blend strategic innovation with a strong collaborative approach to sustainability, ensuring that initiatives like this micro logistics hub not only drive environmental improvements but also enhance the health, economy, and resilience of local communities.”

    MIL OSI United Kingdom –