Category: Transport

  • MIL-OSI: Renasant Corporation Announces Earnings For the Fourth Quarter of 2024

    Source: GlobeNewswire (MIL-OSI)

    TUPELO, Miss., Jan. 28, 2025 (GLOBE NEWSWIRE) — Renasant Corporation (NYSE: RNST) (the “Company”) today announced earnings results for the fourth quarter of 2024.

    (Dollars in thousands, except earnings per share) Three Months Ended   Twelve Months Ended
      Dec 31, 2024 Sep 30, 2024 Dec 31, 2023   Dec 31, 2024 Dec 31, 2023
    Net income and earnings per share:            
    Net income $ 44,747 $ 72,455 $ 28,124     $ 195,457 $ 144,678  
    After-tax gain on sale of insurance agency     38,951         38,951    
    After-tax loss on sale of securities (including impairments)       (17,859 )       (17,859 )
    Basic EPS   0.70   1.18   0.50       3.29   2.58  
    Diluted EPS   0.70   1.18   0.50       3.27   2.56  
    Adjusted diluted EPS (Non-GAAP)(1)   0.73   0.70   0.76       2.76   3.15  
    Impact to diluted EPS from after-tax gain on sale of insurance agency     0.63         0.65    
    Impact to diluted EPS from after-tax loss on sale of securities (including impairments)               (0.31 )
                               

    “The fourth quarter results marked the end to a successful year for Renasant. We announced a transformative merger with The First in July and, in the midst of diligently planning for a successful combination, our team maintained its focus on generating organic growth, disciplined pricing on both sides of the balance sheet and steady credit performance,” remarked C. Mitchell Waycaster, Chief Executive Officer of the Company.

    Quarterly Highlights

    Earnings

    • Net income for the fourth quarter of 2024 was $44.7 million; diluted EPS and adjusted diluted EPS (non-GAAP)(1) were $0.70 and $0.73, respectively
    • Net interest income (fully tax equivalent) for the fourth quarter of 2024 was $135.5 million, up $1.9 million on a linked quarter basis
    • For the fourth quarter of 2024, net interest margin was 3.36%, which was unchanged on a linked quarter basis
    • Cost of total deposits was 2.35% for the fourth quarter of 2024, down 16 basis points on a linked quarter basis
    • Noninterest income decreased $55.1 million on a linked quarter basis. The Company recognized a $53.3 million pre-tax gain on the insurance agency sale during the third quarter. Excluding the impact of this gain, noninterest income decreased $1.7 million from the third quarter
    • Mortgage banking income decreased $1.6 million on a linked quarter basis. The mortgage division generated $482.3 million in interest rate lock volume in the fourth quarter of 2024, down $61.3 million on a linked quarter basis. Gain on sale margin was 2.01% for the fourth quarter of 2024, up 45 basis points on a linked quarter basis
    • Noninterest expense decreased $7.2 million on a linked quarter basis. Merger and conversion expenses were $2.1 million for the fourth quarter of 2024, down from $11.3 million for the prior quarter

    Balance Sheet

    • Loans increased $257.4 million on a linked quarter basis, representing 8.1% annualized net loan growth
    • Securities increased $41.8 million on a linked quarter basis. The Company purchased $113.6 million in securities during the fourth quarter, which was offset by cash flows related to principal payments, calls and maturities of $48.5 million and a negative fair market value adjustment in the Company’s available-for-sale portfolio of $24.3 million
    • Deposits at December 31, 2024 increased $62.9 million on a linked quarter basis. Brokered deposits outstanding at September 30, 2024 of $126.8 million matured or were called during the quarter. There were no outstanding brokered deposits at December 31, 2024. Noninterest bearing deposits decreased $125.8 million on a linked quarter basis and represented 23.4% of total deposits at December 31, 2024

    Capital and Stock Repurchase Program

    • Book value per share and tangible book value per share (non-GAAP)(1) increased 0.7% and 1.3%, respectively, on a linked quarter basis
    • The Company has a $100.0 million stock repurchase program in effect through October 2025 under which the Company is authorized to repurchase outstanding shares of its common stock either in open market purchases or privately-negotiated transactions. There was no buyback activity during the fourth quarter of 2024

    Credit Quality

    • The Company recorded a provision for credit losses of $2.6 million for the fourth quarter of 2024, compared to $0.9 million for the third quarter of 2024
    • The ratio of the allowance for credit losses on loans to total loans was 1.57% at December 31, 2024, down two basis points on a linked quarter basis
    • The coverage ratio, or the allowance for credit losses on loans to nonperforming loans, was 178.11% at December 31, 2024, compared to 168.07% at September 30, 2024
    • Net loan charge-offs for the fourth quarter of 2024 were $1.7 million, or 0.05% of average loans on an annualized basis
    • Nonperforming loans to total loans decreased to 0.88% at December 31, 2024 compared to 0.94% at September 30, 2024, and criticized loans (which include classified and Special Mention loans) to total loans decreased to 2.89% at December 31, 2024, compared to 3.02% at September 30, 2024

    (1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

    Income Statement

    (Dollars in thousands, except per share data) Three Months Ended   Twelve Months Ended
      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023   Dec 31, 2024 Dec 31, 2023
    Interest income                
    Loans held for investment $ 199,240   $ 202,655   $ 198,397   $ 192,390   $ 188,535   $ 792,682   $ 704,649  
    Loans held for sale   3,564     4,212     3,530     2,308     3,329     13,614     11,807  
    Securities   10,510     10,304     10,410     10,700     10,728     41,924     50,488  
    Other   12,030     11,872     7,874     7,781     7,839     39,557     30,375  
    Total interest income   225,344     229,043     220,211     213,179     210,431     887,777     797,319  
    Interest expense                
    Deposits   85,571     90,787     87,621     82,613     77,168     346,592     232,331  
    Borrowings   6,891     7,258     7,564     7,276     7,310     28,989     45,661  
    Total interest expense   92,462     98,045     95,185     89,889     84,478     375,581     277,992  
    Net interest income   132,882     130,998     125,026     123,290     125,953     512,196     519,327  
    Provision for credit losses                
    Provision for loan losses   3,100     1,210     4,300     2,638     2,518     11,248     18,793  
    Recovery of unfunded commitments   (500 )   (275 )   (1,000 )   (200 )       (1,975 )   (3,200 )
    Total provision for credit losses   2,600     935     3,300     2,438     2,518     9,273     15,593  
    Net interest income after provision for credit losses   130,282     130,063     121,726     120,852     123,435     502,923     503,734  
    Noninterest income   34,218     89,299     38,762     41,381     20,356     203,660     113,075  
    Noninterest expense   114,747     121,983     111,976     112,912     111,880     461,618     439,622  
    Income before income taxes   49,753     97,379     48,512     49,321     31,911     244,965     177,187  
    Income taxes   5,006     24,924     9,666     9,912     3,787     49,508     32,509  
    Net income $ 44,747   $ 72,455   $ 38,846   $ 39,409   $ 28,124   $ 195,457   $ 144,678  
                     
    Adjusted net income (non-GAAP)(1) $ 46,458   $ 42,960   $ 38,846   $ 36,572   $ 42,887   $ 165,066   $ 177,657  
    Adjusted pre-provision net revenue (“PPNR”) (non-GAAP)(1) $ 54,177   $ 56,238   $ 51,812   $ 48,231   $ 52,614   $ 210,458   $ 233,403  
                     
    Basic earnings per share $ 0.70   $ 1.18   $ 0.69   $ 0.70   $ 0.50   $ 3.29   $ 2.58  
    Diluted earnings per share   0.70     1.18     0.69     0.70     0.50     3.27     2.56  
    Adjusted diluted earnings per share (non-GAAP)(1)   0.73     0.70     0.69     0.65     0.76     2.76     3.15  
    Average basic shares outstanding   63,565,437     61,217,094     56,342,909     56,208,348     56,141,628     59,350,157     56,099,689  
    Average diluted shares outstanding   64,056,303     61,632,448     56,684,626     56,531,078     56,611,217     59,748,790     56,448,163  
    Cash dividends per common share $ 0.22   $ 0.22   $ 0.22   $ 0.22   $ 0.22   $ 0.88   $ 0.88  
                                               

    (1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

    Performance Ratios

      Three Months Ended   Twelve Months Ended
      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023   Dec 31, 2024 Dec 31, 2023
    Return on average assets 0.99 % 1.63 % 0.90 % 0.92 % 0.65 %   1.11 % 0.84 %
    Adjusted return on average assets (non-GAAP)(1) 1.03   0.97   0.90   0.86   0.99     0.94   1.03  
    Return on average tangible assets (non-GAAP)(1) 1.07   1.75   0.98   1.00   0.71     1.20   0.92  
    Adjusted return on average tangible assets (non-GAAP)(1) 1.11   1.05   0.98   0.93   1.08     1.02   1.12  
    Return on average equity 6.70   11.29   6.68   6.85   4.93     7.92   6.50  
    Adjusted return on average equity (non-GAAP)(1) 6.96   6.69   6.68   6.36   7.53     6.69   7.99  
    Return on average tangible equity (non-GAAP)(1) 10.97   18.83   12.04   12.45   9.26     13.63   12.29  
    Adjusted return on average tangible equity (non-GAAP)(1) 11.38   11.26   12.04   11.58   13.94     11.55   15.02  
    Efficiency ratio (fully taxable equivalent) 67.61   54.73   67.31   67.52   75.11     63.57   68.33  
    Adjusted efficiency ratio (non-GAAP)(1) 65.82   64.62   66.60   68.23   66.18     66.30   63.48  
    Dividend payout ratio 31.43   18.64   31.88   31.43   44.00     26.75   34.11  
                                   

    Capital and Balance Sheet Ratios

      As of
      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
    Shares outstanding   63,565,690     63,564,028     56,367,924     56,304,860     56,142,207  
    Market value per share $ 35.75   $ 32.50   $ 30.54   $ 31.32   $ 33.68  
    Book value per share   42.13     41.82     41.77     41.25     40.92  
    Tangible book value per share (non-GAAP)(1)   26.36     26.02     23.89     23.32     22.92  
    Shareholders’ equity to assets   14.85 %   14.80 %   13.45 %   13.39 %   13.23 %
    Tangible common equity ratio (non-GAAP)(1)   9.84     9.76     8.16     8.04     7.87  
    Leverage ratio   11.34     11.32     9.81     9.75     9.62  
    Common equity tier 1 capital ratio   12.72     12.88     10.75     10.59     10.52  
    Tier 1 risk-based capital ratio   13.49     13.67     11.53     11.37     11.30  
    Total risk-based capital ratio   17.07     17.32     15.15     15.00     14.93  
                                   

    (1) This is a non-GAAP financial measure. A reconciliation of all non-GAAP financial measures disclosed in this release from GAAP to non-GAAP is included in the tables at the end of this release. The information below under the heading “Non-GAAP Financial Measures” explains why the Company believes the non-GAAP financial measures in this release provide useful information and describes the other purposes for which the Company uses non-GAAP financial measures.

    Noninterest Income and Noninterest Expense

    (Dollars in thousands) Three Months Ended   Twelve Months Ended
      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023   Dec 31, 2024 Dec 31, 2023
    Noninterest income                
    Service charges on deposit accounts $ 10,549 $ 10,438 $ 10,286 $ 10,506 $ 10,603     $ 41,779 $ 39,199  
    Fees and commissions   4,181   4,116   3,944   3,949   4,130       16,190   17,901  
    Insurance commissions       2,758   2,716   2,583       5,474   11,102  
    Wealth management revenue   6,371   5,835   5,684   5,669   5,668       23,559   22,132  
    Mortgage banking income   6,861   8,447   9,698   11,370   6,592       36,376   32,413  
    Gain on sale of insurance agency     53,349             53,349    
    Net losses on sales of securities (including impairments)           (19,352 )       (41,790 )
    Gain on extinguishment of debt         56   620       56   620  
    BOLI income   3,317   2,858   2,701   2,691   2,589       11,567   10,463  
    Other   2,939   4,256   3,691   4,424   6,923       15,310   21,035  
    Total noninterest income $ 34,218 $ 89,299 $ 38,762 $ 41,381 $ 20,356     $ 203,660 $ 113,075  
    Noninterest expense                
    Salaries and employee benefits $ 70,260 $ 71,307 $ 70,731 $ 71,470 $ 71,841     $ 283,768 $ 281,768  
    Data processing   4,145   4,133   3,945   3,807   3,971       16,030   15,195  
    Net occupancy and equipment   11,312   11,415   11,844   11,389   11,653       45,960   46,471  
    Other real estate owned   590   56   105   107   306       858   267  
    Professional fees   2,686   3,189   3,195   3,348   2,854       12,418   13,671  
    Advertising and public relations   3,840   3,677   3,807   4,886   3,084       16,210   14,726  
    Intangible amortization   1,133   1,160   1,186   1,212   1,274       4,691   5,380  
    Communications   2,067   2,176   2,112   2,024   2,026       8,379   8,238  
    Merger and conversion related expenses   2,076   11,273             13,349    
    Other   16,638   13,597   15,051   14,669   14,871       59,955   53,906  
    Total noninterest expense $ 114,747 $ 121,983 $ 111,976 $ 112,912 $ 111,880     $ 461,618 $ 439,622  
                                       

    Mortgage Banking Income

    (Dollars in thousands) Three Months Ended   Twelve Months Ended
      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023   Dec 31, 2024 Dec 31, 2023
    Gain on sales of loans, net $ 2,379 $ 4,499 $ 5,199 $ 4,535 $ 1,860   $ 16,612 $ 14,573
    Fees, net   2,850   2,646   2,866   1,854   2,010     10,216   9,051
    Mortgage servicing income, net   1,632   1,302   1,633   4,981   2,722     9,548   8,789
    Total mortgage banking income $ 6,861 $ 8,447 $ 9,698 $ 11,370 $ 6,592   $ 36,376 $ 32,413
                                   

    Balance Sheet

    (Dollars in thousands) As of
      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
    Assets          
    Cash and cash equivalents $ 1,092,032   $ 1,275,620   $ 851,906   $ 844,400   $ 801,351  
    Securities held to maturity, at amortized cost   1,126,112     1,150,531     1,174,663     1,199,111     1,221,464  
    Securities available for sale, at fair value   831,013     764,844     749,685     764,486     923,279  
    Loans held for sale, at fair value   246,171     291,735     266,406     191,440     179,756  
    Loans held for investment   12,885,020     12,627,648     12,604,755     12,500,525     12,351,230  
    Allowance for credit losses on loans   (201,756 )   (200,378 )   (199,871 )   (201,052 )   (198,578 )
    Loans, net   12,683,264     12,427,270     12,404,884     12,299,473     12,152,652  
    Premises and equipment, net   279,796     280,550     280,966     282,193     283,195  
    Other real estate owned   8,673     9,136     7,366     9,142     9,622  
    Goodwill and other intangibles   1,003,003     1,004,136     1,008,062     1,009,248     1,010,460  
    Bank-owned life insurance   391,810     389,138     387,791     385,186     382,584  
    Mortgage servicing rights   72,991     71,990     72,092     71,596     91,688  
    Other assets   300,003     293,890     306,570     289,466     304,484  
    Total assets $ 18,034,868   $ 17,958,840   $ 17,510,391   $ 17,345,741   $ 17,360,535  
               
    Liabilities and Shareholders’ Equity          
    Liabilities          
    Deposits:          
    Noninterest-bearing $ 3,403,981   $ 3,529,801   $ 3,539,453   $ 3,516,164   $ 3,583,675  
    Interest-bearing   11,168,631     10,979,950     10,715,760     10,720,999     10,493,110  
    Total deposits   14,572,612     14,509,751     14,255,213     14,237,163     14,076,785  
    Short-term borrowings   108,018     108,732     232,741     108,121     307,577  
    Long-term debt   430,614     433,177     428,677     428,047     429,400  
    Other liabilities   245,306     249,102     239,059     250,060     249,390  
    Total liabilities   15,356,550     15,300,762     15,155,690     15,023,391     15,063,152  
               
    Shareholders’ equity:          
    Common stock   332,421     332,421     296,483     296,483     296,483  
    Treasury stock   (97,196 )   (97,251 )   (97,534 )   (99,683 )   (105,249 )
    Additional paid-in capital   1,491,847     1,488,678     1,304,782     1,303,613     1,308,281  
    Retained earnings   1,093,854     1,063,324     1,005,086     978,880     952,124  
    Accumulated other comprehensive loss   (142,608 )   (129,094 )   (154,116 )   (156,943 )   (154,256 )
    Total shareholders’ equity   2,678,318     2,658,078     2,354,701     2,322,350     2,297,383  
    Total liabilities and shareholders’ equity $ 18,034,868   $ 17,958,840   $ 17,510,391   $ 17,345,741   $ 17,360,535  
                                   

    Net Interest Income and Net Interest Margin

    (Dollars in thousands) Three Months Ended
      December 31, 2024 September 30, 2024 December 31, 2023
      Average
    Balance
    Interest
    Income/
    Expense
    Yield/  
     Rate
    Average
    Balance
    Interest
    Income/
    Expense
    Yield/  
     Rate
    Average
    Balance
    Interest
    Income/
    Expense
    Yield/  
     Rate
    Interest-earning assets:                  
    Loans held for investment $ 12,746,941 $ 201,562 6.29 % $ 12,584,104 $ 204,935 6.47 % $ 12,249,429 $ 190,857 6.18 %
    Loans held for sale   250,812   3,564 5.69 %   272,110   4,212 6.19 %   199,510   3,329 6.68 %
    Taxable securities   1,784,167   9,408 2.11 %   1,794,421   9,212 2.05 %   2,050,175   9,490 1.85 %
    Tax-exempt securities(1)   261,679   1,400 2.14 %   262,621   1,390 2.12 %   282,698   1,558 2.20 %
    Total securities   2,045,846   10,808 2.11 %   2,057,042   10,602 2.06 %   2,332,873   11,048 1.89 %
    Interest-bearing balances with banks   1,025,294   12,030 4.67 %   894,313   11,872 5.28 %   552,301   7,839 5.63 %
    Total interest-earning assets   16,068,893   227,964 5.65 %   15,807,569   231,621 5.82 %   15,334,113   213,073 5.52 %
    Cash and due from banks   188,493       189,425       180,609    
    Intangible assets   1,003,551       1,004,701       1,011,130    
    Other assets   682,211       679,969       669,988    
    Total assets $ 17,943,148     $ 17,681,664     $ 17,195,840    
    Interest-bearing liabilities:                  
    Interest-bearing demand(2) $ 7,629,685 $ 57,605 3.00 % $ 7,333,508 $ 60,326 3.26 % $ 6,721,053 $ 47,783 2.82 %
    Savings deposits   804,132   706 0.35 %   815,545   729 0.36 %   888,692   765 0.34 %
    Brokered deposits   60,298   1,013 6.68 %   150,991   1,998 5.25 %   632,704   8,594 5.39 %
    Time deposits   2,512,097   26,247 4.16 %   2,546,860   27,734 4.33 %   2,185,737   20,026 3.63 %
    Total interest-bearing deposits   11,006,212   85,571 3.09 %   10,846,904   90,787 3.32 %   10,428,186   77,168 2.94 %
    Borrowed funds   556,966   6,891 4.94 %   562,146   7,258 5.14 %   564,715   7,310 5.16 %
    Total interest-bearing liabilities   11,563,178   92,462 3.18 %   11,409,050   98,045 3.41 %   10,992,901   84,478 3.05 %
    Noninterest-bearing deposits   3,502,931       3,509,266       3,703,050    
    Other liabilities   220,154       209,762       238,864    
    Shareholders’ equity   2,656,885       2,553,586       2,261,025    
    Total liabilities and shareholders’ equity $ 17,943,148     $ 17,681,664     $ 17,195,840    
    Net interest income/ net interest margin   $ 135,502 3.36 %   $ 133,576 3.36 %   $ 128,595 3.33 %
    Cost of funding     2.44 %     2.61 %     2.28 %
    Cost of total deposits     2.35 %     2.51 %     2.17 %
                             

    (1) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.
    (2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

    Net Interest Income and Net Interest Margin, continued

    (Dollars in thousands) Twelve Months Ended
      December 31, 2024 December 31, 2023
      Average
    Balance
    Interest
    Income/
    Expense
    Yield/  
     Rate
    Average
    Balance
    Interest
    Income/
    Expense
    Yield/  
     Rate
    Interest-earning assets:            
    Loans held for investment $ 12,579,143 $ 801,807 6.37 % $ 11,963,141 $ 713,897 5.97 %
    Loans held for sale   224,734   13,614 6.06 %   181,253   11,807 6.51 %
    Taxable securities(1)   1,825,404   37,383 2.05 %   2,313,874   44,619 1.93 %
    Tax-exempt securities   264,615   5,746 2.17 %   332,749   7,634 2.29 %
    Total securities   2,090,019   43,129 2.06 %   2,646,623   52,253 1.97 %
    Interest-bearing balances with banks   772,274   39,557 5.12 %   568,155   30,375 5.35 %
    Total interest-earning assets   15,666,170   898,107 5.73 %   15,359,172   808,332 5.26 %
    Cash and due from banks   188,487       187,127    
    Intangible assets   1,006,665       1,012,239    
    Other assets   691,373       673,345    
    Total assets $ 17,552,695     $ 17,231,883    
    Interest-bearing liabilities:            
    Interest-bearing demand(2) $ 7,254,646 $ 226,563 3.12 % $ 6,357,753 $ 138,730 2.18 %
    Savings deposits   829,818   2,894 0.35 %   971,522   3,197 0.33 %
    Brokered deposits   237,164   12,942 5.46 %   697,699   36,039 5.17 %
    Time deposits   2,466,906   104,193 4.22 %   1,874,224   54,365 2.90 %
    Total interest-bearing deposits   10,788,534   346,592 3.21 %   9,901,198   232,331 2.35 %
    Borrowed funds   566,332   28,989 5.12 %   910,080   45,661 5.02 %
    Total interest-bearing liabilities   11,354,866   375,581 3.31 %   10,811,278   277,992 2.57 %
    Noninterest-bearing deposits   3,509,958       3,979,951    
    Other liabilities   221,487       216,148    
    Shareholders’ equity   2,466,384       2,224,506    
    Total liabilities and shareholders’ equity $ 17,552,695     $ 17,231,883    
    Net interest income/ net interest margin   $ 522,526 3.34 %   $ 530,340 3.45 %
    Cost of funding     2.53 %     1.88 %
    Cost of total deposits     2.42 %     1.67 %

    (1) U.S. Government and some U.S. Government Agency securities are tax-exempt in the states in which the Company operates.
    (2) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

    Supplemental Margin Information

    (Dollars in thousands) Three Months Ended   Twelve Months Ended
      Dec 31, 2024 Sep 30, 2024 Dec 31, 2023   Dec 31, 2024 Dec 31, 2023
    Earning asset mix:            
    Loans held for investment   79.33 %   79.61 %   79.88 %     80.29 %   77.89 %
    Loans held for sale   1.56     1.72     1.30       1.43     1.18  
    Securities   12.73     13.01     15.21       13.34     17.23  
    Interest-bearing balances with banks   6.38     5.66     3.61       4.94     3.70  
    Total   100.00 %   100.00 %   100.00 %     100.00 %   100.00 %
                 
    Funding sources mix:            
    Noninterest-bearing demand   23.25 %   23.52 %   25.20 %     23.61 %   26.91 %
    Interest-bearing demand(1)   50.64     49.16     45.73       48.80     42.98  
    Savings   5.34     5.47     6.05       5.58     6.57  
    Brokered deposits   0.40     1.01     4.31       1.60     4.72  
    Time deposits   16.67     17.07     14.87       16.60     12.67  
    Borrowed funds   3.70     3.77     3.84       3.81     6.15  
    Total   100.00 %   100.00 %   100.00 %     100.00 %   100.00 %
                 
    Net interest income collected on problem loans $ 151   $ 642   $ 283     $ 770   $ 219  
    Total accretion on purchased loans   616     1,089     1,117       3,402     4,166  
    Total impact on net interest income $ 767   $ 1,731   $ 1,400     $ 4,172   $ 4,385  
    Impact on net interest margin   0.02 %   0.04 %   0.04 %     0.03 %   0.03 %
    Impact on loan yield   0.02     0.05     0.05       0.03 %   0.04 %

    (1) Interest-bearing demand deposits include interest-bearing transactional accounts and money market deposits.

    Loan Portfolio

    (Dollars in thousands) As of
      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
    Loan Portfolio:          
    Commercial, financial, agricultural $ 1,885,817 $ 1,804,961 $ 1,847,762 $ 1,869,408 $ 1,871,821
    Lease financing   90,591   98,159   102,996   107,474   116,020
    Real estate – construction   1,093,653   1,198,838   1,355,425   1,243,535   1,333,397
    Real estate – 1-4 family mortgages   3,488,877   3,440,038   3,435,818   3,429,286   3,439,919
    Real estate – commercial mortgages   6,236,068   5,995,152   5,766,478   5,753,230   5,486,550
    Installment loans to individuals   90,014   90,500   96,276   97,592   103,523
    Total loans $ 12,885,020 $ 12,627,648 $ 12,604,755 $ 12,500,525 $ 12,351,230
                         

    Credit Quality and Allowance for Credit Losses on Loans

    (Dollars in thousands) As of
      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023
    Nonperforming Assets:          
    Nonaccruing loans $ 110,811   $ 113,872   $ 97,795   $ 73,774   $ 68,816  
    Loans 90 days or more past due   2,464     5,351     240     451     554  
    Total nonperforming loans   113,275     119,223     98,035     74,225     69,370  
    Other real estate owned   8,673     9,136     7,366     9,142     9,622  
    Total nonperforming assets $ 121,948   $ 128,359   $ 105,401   $ 83,367   $ 78,992  
               
    Criticized Loans          
    Classified loans $ 241,708   $ 218,135   $ 191,595   $ 206,502   $ 166,893  
    Special Mention loans   130,882     163,804     138,343     138,366     99,699  
    Criticized loans(1) $ 372,590   $ 381,939   $ 329,938   $ 344,868   $ 266,592  
               
    Allowance for credit losses on loans $ 201,756   $ 200,378   $ 199,871   $ 201,052   $ 198,578  
    Net loan charge-offs $ 1,722   $ 703   $ 5,481   $ 164   $ 1,713  
    Annualized net loan charge-offs / average loans   0.05 %   0.02 %   0.18 %   0.01 %   0.06 %
    Nonperforming loans / total loans   0.88     0.94     0.78     0.59     0.56  
    Nonperforming assets / total assets   0.68     0.71     0.60     0.48     0.46  
    Allowance for credit losses on loans / total loans   1.57     1.59     1.59     1.61     1.61  
    Allowance for credit losses on loans / nonperforming loans   178.11     168.07     203.88     270.87     286.26  
    Criticized loans / total loans   2.89     3.02     2.62     2.76     2.16  

    (1) Criticized loans include classified and Special Mention loans.

    CONFERENCE CALL INFORMATION:
    A live audio webcast of a conference call with analysts will be available beginning at 10:00 AM Eastern Time (9:00 AM Central Time) on Wednesday, January 29, 2025.

    The webcast is accessible through Renasant’s investor relations website at www.renasant.com or https://event.choruscall.com/mediaframe/webcast.html?webcastid=8ssY2K7l. To access the conference via telephone, dial 1-877-513-1143 in the United States and request the Renasant Corporation 2024 Fourth Quarter Earnings Webcast and Conference Call. International participants should dial 1-412-902-4145 to access the conference call.

    The webcast will be archived on www.renasant.com after the call and will remain accessible for one year. A replay can be accessed via telephone by dialing 1-877-344-7529 in the United States and entering conference number 8623913 or by dialing 1-412-317-0088 internationally and entering the same conference number. Telephone replay access is available until February 12, 2025.

    ABOUT RENASANT CORPORATION:

    Renasant Corporation is the parent of Renasant Bank, a 120-year-old financial services institution. Renasant has assets of approximately $18.0 billion and operates 186 banking, lending, mortgage and wealth management offices throughout the Southeast as well as offering factoring and asset-based lending on a nationwide basis.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:

    This press release may contain, or incorporate by reference, statements about Renasant Corporation that constitute “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. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “projects,” “anticipates,” “intends,” “estimates,” “plans,” “potential,” “focus,” “possible,” “may increase,” “may fluctuate,” “will likely result,” and similar expressions, or future or conditional verbs such as “will,” “should,” “would” and “could,” are generally forward-looking in nature and not historical facts. Forward-looking statements include information about the Company’s future financial performance, business strategy, projected plans and objectives and are based on the current beliefs and expectations of management. The Company’s management believes these forward-looking statements are reasonable, but they are all inherently subject to significant business, economic and competitive risks and uncertainties, many of which are beyond the Company’s control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ from those indicated or implied in the forward-looking statements, and such differences may be material. Prospective investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties and, accordingly, investors should not place undue reliance on these forward-looking statements, which speak only as of the date they are made.

    Important factors currently known to management that could cause the Company’s actual results to differ materially from those in forward-looking statements include the following: (i) the Company’s ability to efficiently integrate acquisitions (including its recently-announced acquisition of The First Bancshares, Inc.) into its operations, retain the customers of these businesses, grow the acquired operations and realize the cost savings expected from an acquisition to the extent and in the timeframe anticipated by management (including the possibility that such cost savings will not be realized when expected, or at all, as a result of the impact of, or challenges arising from, the integration of the acquired assets and assumed liabilities into the Company, potential adverse reactions or changes to business or employee relationships, or as a result of other unexpected factors or events); (ii) potential exposure to unknown or contingent risks and liabilities the Company has acquired, or may acquire, or target for acquisition, including in connection with the proposed merger with The First Bancshares, Inc.; (iii) the effect of economic conditions and interest rates on a national, regional or international basis; (iv) timing and success of the implementation of changes in operations to achieve enhanced earnings or effect cost savings; (v) competitive pressures in the consumer finance, commercial finance, financial services, asset management, retail banking, factoring and mortgage lending and auto lending industries; (vi) the financial resources of, and products available from, competitors; (vii) changes in laws and regulations as well as changes in accounting standards; (viii) changes in policy by regulatory agencies or increased scrutiny by, and/or additional regulatory requirements of, regulatory agencies as a result of the Company’s proposed merger with The First Bancshares, Inc.; (ix) changes in the securities and foreign exchange markets; (x) the Company’s potential growth, including its entrance or expansion into new markets, and the need for sufficient capital to support that growth; (xi) changes in the quality or composition of the Company’s loan or investment portfolios, including adverse developments in borrower industries or in the repayment ability of individual borrowers or issuers of investment securities, or the impact of interest rates on the value of the Company’s investment securities portfolio; (xii) an insufficient allowance for credit losses as a result of inaccurate assumptions; (xiii) changes in the sources and costs of the capital the Company uses to make loans and otherwise fund the Company’s operations, due to deposit outflows, changes in the mix of deposits and the cost and availability of borrowings; (xiv) general economic, market or business conditions, including the impact of inflation; (xv) changes in demand for loan and deposit products and other financial services; (xvi) concentrations of credit or deposit exposure; (xvii) changes or the lack of changes in interest rates, yield curves and interest rate spread relationships; (xviii) increased cybersecurity risk, including potential network breaches, business disruptions or financial losses; (xix) civil unrest, natural disasters, epidemics and other catastrophic events in the Company’s geographic area; (xx) geopolitical conditions, including acts or threats of terrorism or actions taken by the United States or other governments in response to acts or threats of terrorism and/or military conflicts, which could impact business and economic conditions in the United States and abroad; (xxi) the impact, extent and timing of technological changes; and (xxii) other circumstances, many of which are beyond management’s control.

    Management believes that the assumptions underlying the Company’s forward-looking statements are reasonable, but any of the assumptions could prove to be inaccurate. Investors are urged to carefully consider the risks described in the Company’s filings with the Securities and Exchange Commission (the “SEC”) from time to time, including its most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, which are available at www.renasant.com and the SEC’s website at www.sec.gov

    The Company undertakes no obligation, and specifically disclaims any obligation, to update or revise forward-looking statements, whether as a result of new information or to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time, except as required by federal securities laws.

    NON-GAAP FINANCIAL MEASURES:

    In addition to results presented in accordance with generally accepted accounting principles in the United States of America (“GAAP”), this press release and the presentation slides furnished to the SEC on the same Form 8-K as this release contain non-GAAP financial measures, namely, (i) adjusted loan yield, (ii) adjusted net interest income and margin, (iii) pre-provision net revenue (including on an as-adjusted basis), (iv) adjusted net income, (v) adjusted diluted earnings per share, (vi) tangible book value per share, (vii) the tangible common equity ratio, (viii) the adjusted return on average assets and on average equity and certain other performance ratios (namely, the ratio of pre-provision net revenue to average assets and the return on average tangible assets and on average tangible common equity (including each of the foregoing on an as-adjusted basis)), and (ix) the adjusted efficiency ratio.

    These non-GAAP financial measures adjust GAAP financial measures to exclude intangible assets, including related amortization, and/or certain gains or charges (such as, for the fourth quarter of 2024, merger and conversion expenses and the gain on the sale of mortgage servicing rights), with respect to which the Company is unable to accurately predict when these charges will be incurred or, when incurred, the amount thereof. Management uses these non-GAAP financial measures when evaluating capital utilization and adequacy. In addition, the Company believes that these non-GAAP financial measures facilitate the making of period-to-period comparisons and are meaningful indicators of its operating performance, particularly because these measures are widely used by industry analysts for companies with merger and acquisition activities. Also, because intangible assets such as goodwill and the core deposit intangible can vary extensively from company to company and, as to intangible assets, are excluded from the calculation of a financial institution’s regulatory capital, the Company believes that the presentation of this non-GAAP financial information allows readers to more easily compare the Company’s results to information provided in other regulatory reports and the results of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures are included in the tables below under the caption “Non-GAAP Reconciliations”.

    None of the non-GAAP financial information that the Company has included in this release or the accompanying presentation slides are intended to be considered in isolation or as a substitute for any measure prepared in accordance with GAAP. Investors should note that, because there are no standardized definitions for the calculations as well as the results, the Company’s calculations may not be comparable to similarly titled measures presented by other companies. Also, there may be limits in the usefulness of these measures to investors. As a result, the Company encourages readers to consider its consolidated financial statements in their entirety and not to rely on any single financial measure.

    Non-GAAP Reconciliations

    (Dollars in thousands, except per share data) Three Months Ended   Twelve Months Ended
      Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023   Dec 31, 2024 Dec 31, 2023
    Adjusted Pre-Provision Net Revenue (“PPNR”)            
    Net income (GAAP) $ 44,747   $ 72,455   $ 38,846   $ 39,409   $ 28,124     $ 195,457   $ 144,678  
    Income taxes   5,006     24,924     9,666     9,912     3,787       49,508     32,509  
    Provision for credit losses (including unfunded commitments)   2,600     935     3,300     2,438     2,518       9,273     15,593  
    Pre-provision net revenue (non-GAAP) $ 52,353   $ 98,314   $ 51,812   $ 51,759   $ 34,429     $ 254,238   $ 192,780  
    Merger and conversion expense   2,076     11,273                   13,349      
    Gain on extinguishment of debt               (56 )   (620 )     (56 )   (620 )
    Gain on sales of MSR   (252 )           (3,472 )   (547 )     (3,724 )   (547 )
    Gain on sale of insurance agency       (53,349 )                 (53,349 )    
    Losses on sales of securities (including impairments)                   19,352           41,790  
    Adjusted pre-provision net revenue (non-GAAP) $ 54,177   $ 56,238   $ 51,812   $ 48,231   $ 52,614     $ 210,458   $ 233,403  
                     
    Adjusted Net Income and Adjusted Tangible Net Income            
    Net income (GAAP) $ 44,747   $ 72,455   $ 38,846   $ 39,409   $ 28,124     $ 195,457   $ 144,678  
    Amortization of intangibles   1,133     1,160     1,186     1,212     1,274       4,691     5,380  
    Tax effect of adjustments noted above(1)   (283 )   (296 )   (233 )   (237 )   (240 )     (1,173 )   (1,012 )
    Tangible net income (non-GAAP) $ 45,597   $ 73,319   $ 39,799   $ 40,384   $ 29,158     $ 198,975   $ 149,046  
                     
    Net income (GAAP) $ 44,747   $ 72,455   $ 38,846   $ 39,409   $ 28,124     $ 195,457   $ 144,678  
    Merger and conversion expense   2,076     11,273                   13,349      
    Gain on extinguishment of debt               (56 )   (620 )     (56 )   (620 )
    Gain on sales of MSR   (252 )           (3,472 )   (547 )     (3,724 )   (547 )
    Gain on sale of insurance agency       (53,349 )                 (53,349 )    
    Losses on sales of securities (including impairments)                   19,352           41,790  
    Tax effect of adjustments noted above(1)   (113 )   12,581         691     (3,422 )     13,389     (7,644 )
    Adjusted net income (non-GAAP) $ 46,458   $ 42,960   $ 38,846   $ 36,572   $ 42,887     $ 165,066   $ 177,657  
    Amortization of intangibles   1,133     1,160     1,186     1,212     1,274       4,691     5,380  
    Tax effect of adjustments noted above(1)   (283 )   (296 )   (233 )   (237 )   (240 )     (1,173 )   (1,012 )
    Adjusted tangible net income (non-GAAP) $ 47,308   $ 43,824   $ 39,799   $ 37,547   $ 43,921     $ 168,584   $ 182,025  
    Tangible Assets and Tangible Shareholders’ Equity            
    Average shareholders’ equity (GAAP) $ 2,656,885   $ 2,553,586   $ 2,337,731   $ 2,314,281   $ 2,261,025     $ 2,466,384   $ 2,224,506  
    Average intangible assets   (1,003,551 )   (1,004,701 )   (1,008,638 )   (1,009,825 )   (1,011,130 )     (1,006,665 )   (1,012,239 )
    Average tangible shareholders’ equity (non-GAAP) $ 1,653,334   $ 1,548,885   $ 1,329,093   $ 1,304,456   $ 1,249,895     $ 1,459,719   $ 1,212,267  
                     
    Average assets (GAAP) $ 17,943,148   $ 17,681,664   $ 17,371,369   $ 17,203,013   $ 17,195,840     $ 17,552,695   $ 17,231,883  
    Average intangible assets   (1,003,551 )   (1,004,701 )   (1,008,638 )   (1,009,825 )   (1,011,130 )     (1,006,665 )   (1,012,239 )
    Average tangible assets (non-GAAP) $ 16,939,597   $ 16,676,963   $ 16,362,731   $ 16,193,188   $ 16,184,710     $ 16,546,030   $ 16,219,644  
                     
    Shareholders’ equity (GAAP) $ 2,678,318   $ 2,658,078   $ 2,354,701   $ 2,322,350   $ 2,297,383     $ 2,678,318   $ 2,297,383  
    Intangible assets   (1,003,003 )   (1,004,136 )   (1,008,062 )   (1,009,248 )   (1,010,460 )     (1,003,003 )   (1,010,460 )
    Tangible shareholders’ equity (non-GAAP) $ 1,675,315   $ 1,653,942   $ 1,346,639   $ 1,313,102   $ 1,286,923     $ 1,675,315   $ 1,286,923  
                     
    Total assets (GAAP) $ 18,034,868   $ 17,958,840   $ 17,510,391   $ 17,345,741   $ 17,360,535     $ 18,034,868   $ 17,360,535  
    Intangible assets   (1,003,003 )   (1,004,136 )   (1,008,062 )   (1,009,248 )   (1,010,460 )     (1,003,003 )   (1,010,460 )
    Total tangible assets (non-GAAP) $ 17,031,865   $ 16,954,704   $ 16,502,329   $ 16,336,493   $ 16,350,075     $ 17,031,865   $ 16,350,075  
                     
    Adjusted Performance Ratios                
    Return on average assets (GAAP)   0.99 %   1.63 %   0.90 %   0.92 %   0.65 %     1.11 %   0.84 %
    Adjusted return on average assets (non-GAAP)   1.03     0.97     0.90     0.86     0.99       0.94     1.03  
    Return on average tangible assets (non-GAAP)   1.07     1.75     0.98     1.00     0.71       1.20     0.92  
    Pre-provision net revenue to average assets (non-GAAP)   1.16     2.21     1.20     1.21     0.79       1.45     1.12  
    Adjusted pre-provision net revenue to average assets (non-GAAP)   1.20     1.27     1.20     1.13     1.21       1.20     1.35  
    Adjusted return on average tangible assets (non-GAAP)   1.11     1.05     0.98     0.93     1.08       1.02     1.12  
    Return on average equity (GAAP)   6.70     11.29     6.68     6.85     4.93       7.92     6.50  
    Adjusted return on average equity (non-GAAP)   6.96     6.69     6.68     6.36     7.53       6.69     7.99  
    Return on average tangible equity (non-GAAP)   10.97     18.83     12.04     12.45     9.26       13.63     12.29  
    Adjusted return on average tangible equity (non-GAAP)   11.38     11.26     12.04     11.58     13.94       11.55     15.02  
                     
    Adjusted Diluted Earnings Per Share            
    Average diluted shares outstanding   64,056,303     61,632,448     56,684,626     56,531,078     56,611,217       59,748,790     56,448,163  
                     
    Diluted earnings per share (GAAP) $ 0.70   $ 1.18   $ 0.69   $ 0.70   $ 0.50     $ 3.27   $ 2.56  
    Adjusted diluted earnings per share (non-GAAP) $ 0.73   $ 0.70   $ 0.69   $ 0.65   $ 0.76     $ 2.76   $ 3.15  
                     
    Tangible Book Value Per Share                
    Shares outstanding   63,565,690     63,564,028     56,367,924     56,304,860     56,142,207       63,565,690     56,142,207  
                     
    Book value per share (GAAP) $ 42.13   $ 41.82   $ 41.77   $ 41.25   $ 40.92     $ 42.13   $ 40.92  
    Tangible book value per share (non-GAAP) $ 26.36   $ 26.02   $ 23.89   $ 23.32   $ 22.92     $ 26.36   $ 22.92  
                     
    Tangible Common Equity Ratio                
    Shareholders’ equity to assets (GAAP)   14.85 %   14.80 %   13.45 %   13.39 %   13.23 %     14.85 %   13.23 %
    Tangible common equity ratio (non-GAAP)   9.84 %   9.76 %   8.16 %   8.04 %   7.87 %     9.84 %   7.87 %
    Adjusted Efficiency Ratio                
    Net interest income (FTE) (GAAP) $ 135,502   $ 133,576   $ 127,598   $ 125,850   $ 128,595     $ 522,526   $ 530,340  
                     
    Total noninterest income (GAAP) $ 34,218   $ 89,299   $ 38,762   $ 41,381   $ 20,356     $ 203,660   $ 113,075  
    Gain on sales of MSR   (252 )           (3,472 )   (547 )     (3,724 )   (547 )
    Gain on extinguishment of debt               (56 )   (620 )     (56 )   (620 )
    Gain on sale of insurance agency       (53,349 )                 53,349      
    Losses on sales of securities (including impairments)                   19,352           41,790  
    Total adjusted noninterest income (non-GAAP) $ 33,966   $ 35,950   $ 38,762   $ 37,853   $ 38,541     $ 146,531   $ 153,698  
                     
    Noninterest expense (GAAP) $ 114,747   $ 121,983   $ 111,976   $ 112,912   $ 111,880     $ 461,618   $ 439,622  
    Amortization of intangibles   (1,133 )   (1,160 )   (1,186 )   (1,212 )   (1,274 )     (4,691 )   (5,380 )
    Merger and conversion expense   (2,076 )   (11,273 )                 (13,349 )    
    Total adjusted noninterest expense (non-GAAP) $ 111,538   $ 109,550   $ 110,790   $ 111,700   $ 110,606     $ 443,578   $ 434,242  
                     
    Efficiency ratio (GAAP)   67.61 %   54.73 %   67.31 %   67.52 %   75.11 %     63.57 %   68.33 %
    Adjusted efficiency ratio (non-GAAP)   65.82 %   64.62 %   66.60 %   68.23 %   66.18 %     66.30 %   63.48 %
                     
    Adjusted Net Interest Income and Adjusted Net Interest Margin            
    Net interest income (FTE) (GAAP) $ 135,502   $ 133,576   $ 127,598   $ 125,850   $ 128,595     $ 522,526   $ 530,340  
    Net interest income collected on problem loans   (151 )   (642 )   146     (123 )   (283 )     (770 )   (219 )
    Accretion recognized on purchased loans   (616 )   (1,089 )   (897 )   (800 )   (1,117 )     (3,402 )   (4,166 )
    Adjustments to net interest income $ (767 ) $ (1,731 ) $ (751 ) $ (923 ) $ (1,400 )   $ (4,172 ) $ (4,385 )
    Adjusted net interest income (FTE) (non-GAAP) $ 134,735   $ 131,845   $ 126,847   $ 124,927   $ 127,195     $ 518,354   $ 525,955  
                     
    Net interest margin (GAAP)   3.36 %   3.36 %   3.31 %   3.30 %   3.33 %     3.34 %   3.45 %
    Adjusted net interest margin (non-GAAP)   3.34 %   3.32 %   3.29 %   3.28 %   3.29 %     3.31 %   3.42 %
                     
    Adjusted Loan Yield                
    Loan interest income (FTE) (GAAP) $ 201,562   $ 204,935   $ 200,670   $ 194,640   $ 190,857     $ 801,807   $ 713,897  
    Net interest income collected on problem loans   (151 )   (642 )   146     (123 )   (283 )     (770 )   (219 )
    Accretion recognized on purchased loans   (616 )   (1,089 )   (897 )   (800 )   (1,117 )     (3,402 )   (4,166 )
    Adjusted loan interest income (FTE) (non-GAAP) $ 200,795   $ 203,204   $ 199,919   $ 193,717   $ 189,457     $ 797,635   $ 709,512  
                     
    Loan yield (GAAP)   6.29 %   6.47 %   6.41 %   6.30 %   6.18 %     6.37 %   5.97 %
    Adjusted loan yield (non-GAAP)   6.27 %   6.41 %   6.38 %   6.27 %   6.14 %     6.34 %   5.93 %

    (1) Tax effect is calculated based on the respective legal entity’s appropriate federal and state tax rates (as applicable) for the period, and includes the estimated impact of both current and deferred tax expense. The tax effect of the discrete gain on sale of insurance agency was calculated based on an estimated tax rate of 27.0%.

    Contacts: For Media:   For Financials:
      John S. Oxford   James C. Mabry IV
      Senior Vice President   Executive Vice President
      Chief Marketing Officer   Chief Financial Officer
      (662) 680-1219   (662) 680-1281

    The MIL Network

  • MIL-OSI USA: Cornyn Votes to Confirm Sean Duffy for Transportation Secretary

    US Senate News:

    Source: United States Senator for Texas John Cornyn
    WASHINGTON – U.S. Senator John Cornyn (R-TX) released the following statement after former Congressman Sean Duffy was confirmed as Secretary of the U.S. Department of Transportation (DOT):
    “With a long record of public service and proven ability to skillfully communicate President Trump’s agenda, Sean Duffy will lead the Department of Transportation with efficiency, innovation, and common sense. Given that Texas boasts some of the busiest airports, longest highways, and largest transportation systems in the country, I look forward to working hand-in-glove with Sean to keep the woke environmental agenda out of our transportation policy and reprioritize putting the safety of American families first.”

    MIL OSI USA News

  • MIL-OSI Australia: Army Reservists in the firing line from unsupportive managers

    Source: University of South Australia

    29 January 2025

    Australians love their war heroes but a new national survey of 800 managers shows that sentiment doesn’t extend to part-time soldiers on their payroll, many of whom experience indifference, hostility and discrimination in the workplace.

    Almost one in five managers indicated their organisation would likely give ‘low or very low support’ to an Army reservist taking leave for training and combat duties.

    The study, led by University of South Australia sociologist Associate Professor Brad West, and employment relations Associate Professor Dr Josh Healy from the University of Sydney, has been recently published  by the Australian Army Research Centre.

    Interviews with 60 Army reservists based at three different locations in Sydney, Brisbane and Townsville also revealed that middle managers in both the private sector and government consistently sought to deny Defence leave requests, largely irrespective of the organisation’s official stance.

    This contrasted with a generally positive view of Army reservists as employees, with most employers believing they were hard workers (80%) and creative problem solvers (70%).

    The study revealed a large mismatch between employers’ public declarations of support for Army reservists and the actual tensions that occurred in workplaces.

    A novel feature of the survey is that managers were asked to consider a hypothetical reservist called John and indicate how they would respond in a range of common workplace situations if John was on their payroll. The 60 reservists interviewed provided feedback from their actual experiences in the workplace.

    Support for the part-time soldiers differed between industries, with managers in public administration, mining and healthcare sectors reporting a ‘significantly higher willingness’ to support reservists’ service. Part of this is attributed to large numbers of reservists and veterans already working in these sectors.

    “One factor contributing to tensions in the less supportive workplaces was an incorrect perception among many managers that military skills were not useful in the civilian workplace,” Assoc Prof West says.

    Almost 40% of managers said military training and experience would have ‘low or very low relevance’ in their organisation.

    One reservist interviewed in the focus groups provided this feedback:

    “Management loves to put the word forward, super supportive, love the Reserves, Defence Force, yeah let’s go, but the second it comes to jumping on a course, they question everything. They question the importance of the Defence Force and that course. They question whether I really need to be going to that course.”

    “Interestingly, managers’ own personal attributes are generally not the main drivers of differences in their perceptions of reservists,” Assoc Prof Healy says. “We didn’t find different attitudes because of managers’ age, or sex, or even their own education levels.”

    The focus groups revealed that the support that reservists receive in the workforce is not only related to attitudes towards the military, but specifically to the role of reservists.

     “There is a lack of understanding among employers. They think it’s either a holiday or a hobby or just something fun to go on your days off, or a cash grab,” one reservist said. “When I try to explain to them that if something big happens in the Pacific tomorrow, I might have to go frontline, they don’t accept that.”

    Despite the lack of support from managers, most reservists said they were motivated by a volunteer ethos and serving their country.

    “It’s not the money or the lifestyle but that fact that I am helping Australia’s national interests and contributing to something larger than myself,” according to one interviewee.

    More information on the project, including recommendations stemming from the study, is available at:
    Drawing on Reserves | Australian Army Research Centre (AARC)

    A video explaining the findings is available at: Army Reservists in the firing line

    Notes for editors and authors

    This report is part of the Occasional Papers series produced by the Australian Army Research Centre (AARC) which publishes original, high-quality research that generate informed discussion and new ideas that contribute to Army modernisation and the future of land power.

    Brad West is an Associate Professor of Sociology at the University of South Australia who researches the interconnections between war, the military and civil society.

    Josh Healy is an Associate Professor in Managing People and Organisations at the University of Sydney Business School, with a research focus on developments shaping the future of work. 

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M:  0434 605 142 E: candy.gibson@unisa.edu.au

    Researcher: Associate Professor Brad West E: brad.west@unisa.edu.au

    MIL OSI News

  • MIL-OSI USA: Governor Josh Stein Announces Interim Utilities Commission Appointments

    Source: US State of North Carolina

    Headline: Governor Josh Stein Announces Interim Utilities Commission Appointments

    Governor Josh Stein Announces Interim Utilities Commission Appointments
    bwood

    Raleigh, NC

    Today, following the resignation of Utilities Commission Chair Charlotte Mitchell, Governor Josh Stein appointed Floyd B. McKissick Jr. to carry out the remainder of Mitchell’s term, which goes through June 30, 2029. Governor Stein also appointed Steve Levitas to fill McKissick’s position through June 30, 2025. 

    “Floyd McKissick currently serves on the Utilities Commission, and he brings decades of conscientious experience in public service to the role,” said Governor Josh Stein. “I am grateful for his willingness to continue serving on the Utilities Commission, and I am proud to be bringing on Steve Levitas, a utilities expert who is a practical problem-solver, to finish Floyd’s current term.” 

    McKissick has served on the State Utilities Commission since 2019 and currently serves on the following committees through the National Association of Regulatory Utility Commissioners (NARUC): International Relations, Critical Infrastructure, Consumers and the Public Interest, and Energy Resources and the Environment. He is also the 2nd Vice President of the Southeastern Association of Regulatory Utility Commissioners (SEARUC). He previously represented Durham and Granville counties in the North Carolina State Senate for 13 years, including serving as the Senior Deputy Democratic Leader. He has practiced law since 1984, representing both Fortune 500 corporations and small businesses.   

    Levitas is a solar industry veteran and nationally respected authority on energy policy. His areas of expertise include competitive procurement program design, voluntary customer programs, PURPA implementation, integrated resource planning, and transmission and interconnection policies and procedures. In 2023, he received the North Carolina Sustainable Energy’s Association Lifetime Achievement Award. Prior to his involvement in the renewable energy sector, he spent more than 25 years working in the field of environmental law and policy, including serving as the Deputy Secretary of the North Carolina Department of Environmental Health and Natural Resources.

    Jan 28, 2025

    MIL OSI USA News

  • MIL-OSI USA: Fort Anderson Will Mark 160th Anniversary with Living History Demonstrations and Programming

    Source: US State of North Carolina

    Headline: Fort Anderson Will Mark 160th Anniversary with Living History Demonstrations and Programming

    Fort Anderson Will Mark 160th Anniversary with Living History Demonstrations and Programming
    jejohnson6

    On Saturday, Feb. 15, Brunswick Town/Fort Anderson State Historic Site will commemorate the 160th anniversary of Fort Anderson’s capture by U.S. forces in 1865. The site will host two public events, starting with a free day of living history. This will be followed by a ticketed nighttime reenactment of the bombardment and evacuation of the fort.

    Living history demonstrations will run from 10 a.m.- 3 p.m. Nineteenth-century weapons demonstrations will occur at 11 and 11:30 a.m., 1, 2, and 2:30 p.m. Visitors are invited to interact with ongoing living history demonstrations of Civil War camp life and view interpretive displays throughout the event. Speaker Wade Sokolosky will present “Disaster on the Lower Cape Fear: The Role of Confederate Hospitals through the Fall of Wilmington” at noon.

    Site Manager Jim McKee will lead a tour of Fort Anderson at 4 p.m. A full event schedule will be available on Brunswick Town/Fort Anderson State Historic Site’s website and social media channels.

    Admission to the living history event is free. Parking is available at the Visitor Center, located at 8884 St. Philip’s Rd SE, in Winnabow. Food trucks will be onsite at the Visitor Center from 11 a.m.-6:30 p.m.

    The nighttime program, “Plunging Shot and Screaming Shell,” starts at 6 p.m. The night sky will come alive with a realistic reenactment of the bombardment and evacuation of the fort. This event will be a rare opportunity to witness a heavy artillery duel after dark. The event will go on in the event of rain, provided there is no thunder and lightning.

    Admission for the nighttime event is $10 for ages 16 and up. Children 15 and under are admitted for free. Tickets can be purchased in advance online at the Friends of Brunswick Town/Fort Anderson’s website, https://friends-of-brunswick-townfort-anderson.square.site/upcoming-events.

    About Brunswick Town/Fort Anderson State Historic Site
    Brunswick Town/Fort Anderson State Historic Site is a major pre-Revolutionary port on North Carolina’s Cape Fear River. Brunswick was abandoned and burned during the American Revolution and never fully recovered. During the Civil War, Fort Anderson was constructed atop the old village site and served as part of the Cape Fear River defenses below Wilmington before the fall of the Confederacy. Colonial foundations dot the present-day tour trail, which crosses the earthworks of the Confederate fort. The site is located at 8884 St. Philip’s Rd SE, Winnabow, N.C. 28479. For more information, visit https://historicsites.nc.gov/all-sites/brunswick-town-and-fort-anderson/plan-your-visit or call (910) 371-6613.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Jan 27, 2025

    MIL OSI USA News

  • MIL-OSI USA: Historic Occoneechee Speedway Added to Eno River State Park

    Source: US State of North Carolina

    Headline: Historic Occoneechee Speedway Added to Eno River State Park

    Historic Occoneechee Speedway Added to Eno River State Park
    jejohnson6

    HILLSBOROUGH

    A long-awaited acquisition of over 200 acres of land that includes the Historic Occoneechee Speedway to add to Eno River State Park has been finalized, the N.C. Department of Natural and Cultural Resources (DNCR) announced. The acquisition process, which began in 2021, was facilitated by the Eno River Association, which worked with the previous landowner, the Richard Hampton Jenrette Foundation (formerly the Classical American Homes Preservation Trust).

    The addition to the state park includes the four-mile walking trail that traverses the only surviving dirt speedway from NASCAR’s inaugural 1949 season, as well as the adjacent James M. Johnston Nature Preserve, a dedicated nature preserve with the N.C. Natural Heritage Program. The existing trail system connects to the Hillsborough Riverwalk greenway and is part of the state’s flagship state trail, the Mountains-to-Sea State Trail. The walking trail opened in 2003, through the Jenrette Foundation’s work with the volunteer Historic Speedway Group. The speedway, listed on the National Register of Historic Places, was also one of the first designated locations on the Moonshine and Motorsports Trail, launched in 2023 DNCR to celebrate the state’s unique traditions in distilling and auto racing.

    “We are excited about this expansion, made possible through a unique partnership between the Division of Parks and Recreation and two dedicated conservation groups, the Eno River Association and the Jenrette Foundation,” said DNCR Secretary Pamela B. Cashwell. “This land has a rich history, from its original stewards, including the ancestors of the present-day Occaneechi Band of the Saponi Nation, to its role in shaping North Carolina’s thriving racing industry, and now as part of a beautiful state park. We are thrilled that it is now protected forever and will remain accessible for the public to enjoy.”

    The complex acquisition process involved multiple parcels of land and many stakeholders. An adjacent 20-acre parcel along the Eno River bend, containing four known early settlements dating back to A.D. 1000, is now owned by the nonprofit organization, The Archaeological Conservancy. One acre that includes an active pump station was transferred to the town of Hillsborough.

    The acquisition was funded through a North Carolina Land and Water Fund grant of $973,000, supplemented by a $500,000 grant from the federal Land and Water Conservation Fund. The Eno River Association also secured a $100,000 gift from the Harkrader Family, which was matched by members of the association, which serves as the state park’s local friends’ group. The Jennette Foundation also donated nearly a quarter of the land value.

    “We are thrilled to have led the successful closing of the Hillsborough project, marking another critical step forward in our mission to protect the ecological health, cultural heritage, and historical significance of the Eno River basin,” said Kim Livingston, the association’s interim executive director. “This achievement was made possible through the dedicated efforts of our partners, supporters, and the community, who share our commitment to safeguarding this vital resource for generations to come. Projects like this not only preserve land but also reinforce the importance of collaboration in achieving meaningful conservation outcomes.”

    Though the centerpiece of the new acquisition has long been protected as a historic site, the land is also crucial to the preservation of the Eno’s watershed quality and in providing a movement corridor for the wildlife that call the river and its banks home. It includes several documented natural heritage elements, including the threatened Neuse River waterdog, one of the rarest salamanders found only in two river basins, and seven species of mollusk listed by the state as threatened or endangered.

    “We are very grateful for our partners who made this important addition to Eno River State Park possible,” said State Parks Director Brian Strong. “This property provides our visitors with new opportunities for outdoor recreation and educational programs on the area’s prominent history. It also brings the serene nature oasis of the state park closer to downtown Hillsborough’s amenities, supplementing the Occoneechee Mountain State Natural Area to the south.”

    An official ribbon cutting to celebrate the acquisition is planned for the spring.

    About the Eno River Association
    Eno River Association is an accredited land trust and watershed nonprofit founded in 1966 with a mission to protect the natural, historical, and cultural resources of the Eno River basin in northern Durham and Orange counties. It has protected 8,000 acres of natural and working lands and has helped create six local, state, and regional nature parks, including Eno River State Park, Occoneechee Mountain State Natural Area, West Point on the Eno City Park, Penny’s Bend Nature Preserve, Little River Regional Park, and the Confluence Natural Area. The association continues to acquire land and secure easements, as well as provide stewardship, education programs, and events like the annual Festival for the Eno to inspire others to prioritize our local, natural resources. Learn more at www.enoriver.org.

    About North Carolina State Parks
    North Carolina State Parks manages more than 262,000 acres of iconic landscape within North Carolina’s state parks, state recreation areas and state natural areas. It administers the N.C. Parks and Recreation Trust Fund, including its local grants program, as well as a state trails program, North Carolina Natural and Scenic Rivers and more, all with a mission dedicated to conservation, recreation and education. The state parks system welcomes more than 19 million visitors annually.
    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Jan 28, 2025

    MIL OSI USA News

  • MIL-OSI USA: Idaho Congressional Delegation Introduces Legislation to Protect Access to Local Post Offices

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–At a time when the United States Postal Service (USPS) is under strain due to a lack of carriers and supply shortages, Idaho communities have reported struggles in conveying needs to the USPS and have experienced sudden and surprising post office closures.  U.S. Senators Mike Crapo and Jim Risch and Representatives Russ Fulcher and Mike Simpson (all R-Idaho) introduced legislation in both the U.S. Senate and House of Representatives to improve access to local USPS post offices.  The Mandating Advisable and Informed Locations and Solutions (MAILS) Act would require more community input before relocating a post office as well as encourage recommendations from municipalities to request additional post offices. 
    “Post offices remain a valued part of our communities and a respected means of sending goods and messages,” said Crapo.  “The communities, especially rural towns across Idaho, that rely on local post offices must continue to have access to prompt, reliable and efficient service responsive to their needs.”
    “Many communities in Idaho lack access or have waited years for a physical post office,” said Risch.  “The MAILS Act ensures USPS considers the needs of Idahoans who rely on the postal service when they apply for new postal facilities.”
    “Idahoans understand all too well how the closure of local post offices can create significant hardships for both residents and businesses,” said Fulcher.  “Whether it’s to receive medications, business documents, or to stay connected with loved ones, millions depend on reliable and accessible mail delivery—regardless of how rural their neighborhood is. That is why I introduced the MAILS Act alongside my Idaho congressional colleagues to ensure community voices are considered before changes are made to the postal system and to provide a pathway for local governments to advocate for the services their residents need.”
    “As Idaho’s population continues to grow, it’s essential that public services keep up with the demand,” said Simpson.  “The MAILS Act creates a significant opportunity for community members to have their voices heard regarding local postal service needs. I’m proud to cosponsor this legislation, which will enhance the efficiency and transparency of the United States Postal Service, ensuring it better serves the people who rely on it every day.”
    U.S. Senator Brian Schatz (D-Hawaii) is also a co-sponsor in the Senate.
    “In Hawai‘i, where many residents live in rural or remote areas, the Postal Service is a lifeline for everything from essential goods to staying connected with loved ones,” said Schatz.  “Our bill ensures that people in Hawai‘i and across the country have a voice in decisions about keeping post offices in their communities.”
    The Idaho Congressional Delegation has been active in working with a number of Idaho communities and the Postal Service to resolve issues with access to postal operations.  The City of Meridian is requesting USPS establish a new post office in the city, but USPS could not delineate the process for requesting a new post office.  Likewise, Idaho communities in Deary and Viola were notified local post offices were closing without community input, creating difficulties and inconveniences for residents and businesses traveling long distances to obtain mail, some including needed medications.
    Text of the bill is available here.

    MIL OSI USA News

  • MIL-OSI USA: Crapo: Duffy Will Prioritize Safety on the Ground and in the Air

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo

    Washington, D.C.–U.S. Senator Mike Crapo (R-Idaho) issued the following statement after the Senate confirmed, by a vote of 77-22, Sean Duffy to be Secretary of the U.S. Department of Transportation (DOT):
    “The U.S. Department of Transportation is responsible for connecting and moving people and goods across the United States.  This free flow is necessary for the promotion of thriving economy, particularly in rural, land-locked states like Idaho.  The DOT is also facing a host of emerging issues from unpopular electric vehicle mandates, to the rise of new technologies and federal aviation challenges.  As Secretary of DOT, Sean Duffy will meet these challenges head-on.  He will prioritize safety on the ground and in the air, preserve American vehicle choice and reduce bureaucratic red tape necessary for advancing needed, but responsible infrastructure projects.”

    MIL OSI USA News

  • MIL-OSI Global: What’s behind Trump’s flurry of executive action: 4 essential reads on autocrats and authoritarianism

    Source: The Conversation – USA – By Jeff Inglis, Politics + Society Editor, The Conversation US

    President Donald Trump shows off one of his new orders upon taking office. Anna Moneymaker/Getty Images

    If you think a lot is happening in the federal government all at once on a lot of different issues, you’re right.

    At the beginning of a new presidential administration, there is often a flurry of changes – new Cabinet appointments and a few executive orders. But what’s happening right now in Washington, D.C. – actions affecting immigration, tariffs, the firing of career government workers, gender identity, federally funded research, foreign aid and even broader categories of federal spending – is different from most presidential transitions, in volume, pace, content and breadth of the changes ordered.

    Administration officials and Trump allies have described all this action as a “shock and awe” campaign intended to “flood the zone.” Translation: It’s both an effort to demonstrate autocratic power and an effort to overwhelm and exhaust people who might resist the changes.

    The Conversation U.S. has published several articles – many from Donald Trump’s first term as president – that spell out how autocrats, and those who want to be autocrats, behave and why. Here are some key points to know.

    1. Seize executive power

    The move toward autocracy starts with wielding unyielding power over not only people but democratic institutions, explained Shelley Inglis, a scholar of international law at the University of Dayton. In a checklist of 10 items for wannabe authoritarians, the first task, she wrote, is being strong:

    The mainstay of today’s authoritarianism is strengthening your power while simultaneously weakening government institutions, such as parliaments and judiciaries, that provide checks and balances. The key is to use legal means that ultimately give democratic legitimacy to the power grab.”




    Read more:
    So you want to be an autocrat? Here’s the 10-point checklist


    2. Control political backers

    When a leader’s supporters are more loyal to the person than their political party, that creates what is called a “personalist party,” as scholars of political science Erica Frantz at Michigan State University, Joe Wright at Penn State and Andrea Kendall-Taylor at Yale University described. That creates a danger to democracy, they wrote:

    (W)hat matters for democracy is not so much the ambitions of power-hungry leaders, but rather whether those in their support group will tame them. … (W)hen personalist ruling parties hold legislative majorities and the presidency … there is little that stands in the way of a grab for power.”




    Read more:
    Why Trump’s control of the Republican Party is bad for democracy


    Many Republican Party members back Trump, in part because other party leaders signal their own support.
    AP Photo/Sue Ogrocki

    3. Sideline the public

    In a democracy, the public has power. But if the people choose not to exercise it, that leaves room for an authoritarian leader to take more control, warned Mark Satta, a professor of philosophy and law at Wayne State University in an article comparing George Orwell’s book “Nineteen eighty-four” to modern events:

    Trump routinely speaks like an autocrat. Yet many Americans excuse such talk, failing to treat it as the evidence of a threat to democracy that it is. This seems to me to be driven in part by the tendency Orwell identified to think that truly bad things won’t happen – at least not in one’s own country.”




    Read more:
    Nationalism is not patriotism: 3 insights from Orwell about Trump and the 2024 election


    Donald Trump hugs an American flag as he arrives at the Conservative Political Action Conference on Feb. 24, 2024, in Baltimore.
    Anna Moneymaker/Getty Images

    4. Depend on complacency

    Another scholar delivered a warning of a possible future. Vickie Sullivan, a political science scholar at Tufts University, studies Renaissance writer Niccolò Machiavelli, who lived from 1469 to 1527.

    He is perhaps most widely known for encouraging “sole rulers – his phrase for authoritarians or dictators – … to use force and fraud to gain and maintain power,” she wrote. But Machiavelli had advice for the public, too, Sullivan explained:

    “He instructs republican citizens and leaders … to recognize how vulnerable the governments they cherish are and to be vigilant against the threats of tyranny. … If republican citizens and leaders fail to be vigilant, they will eventually be confronted with a leader who has accumulated an extremely powerful and threatening following. At that point, Machiavelli says, it will be too late to save the republic.”




    Read more:
    500 years ago, Machiavelli warned the public not to get complacent in the face of self-interested charismatic figures


    This story is a roundup of articles from The Conversation’s archives.

    ref. What’s behind Trump’s flurry of executive action: 4 essential reads on autocrats and authoritarianism – https://theconversation.com/whats-behind-trumps-flurry-of-executive-action-4-essential-reads-on-autocrats-and-authoritarianism-248492

    MIL OSI – Global Reports

  • MIL-OSI Russia: On January 29–31, Mikhail Mishustin will pay a working visit to the Republic of Kazakhstan

    Translartion. Region: Russians Fedetion –

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

    On January 29–31, the Chairman of the Government of the Russian Federation Mikhail Mishustin will pay a working visit to the Republic of Kazakhstan. As part of the Russian-Kazakh negotiations in Astana, it is planned to discuss current issues of trade and economic, scientific and technical, cultural and humanitarian cooperation. Particular attention will be paid to the further development of joint projects in energy, industry, transport infrastructure, agriculture and other areas.

    Mikhail Mishustin will also take part in a meeting of the Eurasian Intergovernmental Council in Almaty, where the prospects for increasing the integration interaction of the EAEU member states, the functioning of the Eurasian market, the macroeconomic situation and the promotion of joint projects will be considered.

    During the visit, Mikhail Mishustin will speak at the digital forum “Digital Almaty 2025” in Almaty.

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

    MIL OSI Russia News

  • MIL-OSI New Zealand: Update: Serious crash closes State Highway 59 to southbound traffic near Porirua (one SB lane now OPEN)

    Source: New Zealand Transport Agency


    10 pm:

    One southbound lane on State Highway 59 has been reopened to traffic following the crash earlier this evening.

    The highway was closed to southbound traffic for approximately three and a half hours.

    NZTA/Waka Kotahi and the Wellington Transport Alliance thank drivers for their patience and understanding this evening while the crash scene was investigated and cleared.

    Drivers are asked to take care driving through the area until both southbound lanes have reopened


    6:50 pm:

    State Highway 59 is currently closed to southbound traffic from Mungavin Interchange to State Highway 1.

    It follows a serious crash on the highway which occurred shortly before six o’clock this evening.

    Southbound traffic heading to Wellington on State Highway 59 should avoid the area and use an alternative route.

    The highway’s northbound lanes remain open.

    Emergency services and contractors are attending the incident, and the southbound lanes are expected to remain closed until a Police Serious Crash Unit investigation is completed and the crash site is cleared.

    Drivers are encouraged to check the highway’s status before they travel. Updates can be found on the NZTA/Waka Kotahi website.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Kauri dieback: clean bill of health for Hūnua Ranges

    Source: Auckland Council

    A Te Ngāherehere o Kohukohunui / Hūnua Ranges Kauri Population Health Monitoring Survey just published, has revealed no detectable signs of kauri dieback (P. agathidicida) in the Hūnua Ranges.

    The health monitoring survey, the first for the Hūnua Ranges, was carried out between March and November 2023. It was designed to establish the health of kauri, including whether the pathogen might be present in the ranges and collected comprehensive data on 561 kauri trees. 

    The survey was a collaborative effort between Auckland Council, the Department of Conservation, and ngā iwi mana whenua o Te Ngāherehere o Kohukohunui – Ngāi Tai ki Tāmaki, Ngāti Tamaoho, Ngāti Whanaunga, and Ngāti Tamaterā.

    Results indicate a robustly healthy kauri population, with over 95 per cent of trees surveyed in excellent health – a much higher rate than the 55 per cent of sites observed in the 2021 Waitākere survey.

    Furthermore, over 92 per cent of surveyed sites showed the presence of healthy seedlings or saplings, indicating strong regeneration and a healthy ecosystem. Importantly, the survey found no evidence of kauri dieback within the study area.

    Chair of the Policy and Planning Committee Councillor Richard Hills says Auckland Council has made significant investment into both kauri protection and surveillance since 2018 and the report shows these efforts are paying off.

    “The kauri dieback pathogen has been detected in most regions where kauri grows in New Zealand, so to have 97 to 99.9 per cent confidence the Hūnua Ranges area is dieback free, is remarkable,” says Councillor Hills.

    “As a popular destination, recreational activity in the Hūnua Ranges is high and the results demonstrate the importance the community places on protecting this special area and supporting the council in its efforts to keep kauri healthy and thriving.

    “The assurance this report affords us is critical for ongoing forest management and underscores the necessity for proactive conservation efforts and community engagement to preserve the health of the Hūnua Ranges and all of our precious forests.”

    Auckland Council’s Principal Biosecurity Advisor, Dr Sarah Killick says protecting kauri from the threat of dieback is paramount to ensuring the specie’s survival.

    “The findings of this survey provide a baseline for monitoring kauri health and will guide future prevention strategies to safeguard this precious ecosystem.”

    The survey’s risk assessment highlighted areas most vulnerable to pathogen introduction.

    A similar survey in the Waitākere Ranges in 2022 indicated kauri dieback was strongly associated with historical and recent soil disturbances. In areas where it occurred, kauri appeared to be more prone to poor health and vulnerable to disease.

    Evidence indicates soil and forest disturbances are introduction pathways for kauri dieback, emphasising the importance of preventing soil movement as key to protecting the health of this forest.

    Enhanced AI and machine learning tools have helped map kauri, building on the successes of similar efforts in the Waitākere Ranges.

    Dr Killick says ongoing monitoring will be critical to track changes in kauri health over time, considering factors such as land use, environmental management, and climate change.

    The survey will continue to be carried out every five years.

    Read the 2023 Hūnua Ranges Kauri Population Health Monitoring Report here

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Flaming start to the new year for waste trucks

    Source: Auckland Council

    2025 is off to a fiery start for Auckland’s waste trucks with five rubbish and recycling truck fires in the first two weeks of January.  

    An ever-increasing number of battery-powered devices and batteries in household bins are the most-likely cause of these fires. Lithium-ion batteries can ignite if damaged or crushed as part of the waste collection process.     

    In December alone, nearly 600 laptops and over 300 12-volt batteries found their way to Auckland’s regional recycling facility, in what appears to have been a pre-Christmas offload by Aucklanders. These account for almost a third of the total number of laptops and 12V batteries found at the site since June 2024.

    The Auckland recycling facility, which sorts all the region’s kerbside recycling, has one or two small fires a week with the cause most often attributed to lithium-ion batteries.

    Justine Haves, General Manager Waste Solutions, is keen to ensure everyone understands that putting ewaste in kerbside bins creates a fire hazard.

    “Electronic devices and batteries can be recycled in most cases, but they contain hazardous substances so require specialist handling. We would encourage people to use takeback and drop-off schemes run by retailers and local community recycling centres,” Ms Haves says.

    “Making use of battery and ewaste drop-off options helps keep you and our staff safe, keeps harmful materials out of the environment, and helps us recover and reuse valuable resources.”

    Batteries and devices containing lithium-ion batteries present a high-risk source of fires for both rubbish and recycling collection trucks and waste facilities. The combination of flammable electrolyte, with substantial amounts of stored energy, can result in the rapid and uncontrolled release of heat energy (thermal runaway).  During thermal runaway, toxic gases are emitted and can re-ignite even after being extinguished.

    To try and mitigate the dangers of rubbish truck fires, the council’s Waste Solutions team are planning a new programme of testing to give an early warning to a truck driver experiencing a fire and options for extinguishing the fire inside the truck.  This would also reduce the potential for environmental contamination when the load is tipped-out for Fire and Emergency responders to extinguish.

    Currently, drivers who notice smoke or a fire coming from their truck must notify their supervisor, who contacts Fire and Emergency, and then find a safe clear place to empty their load.

    Batteries are not the only fire hazards placed in bins. In January this year, a half-full 40kg LPG bottle and a partially full ‘jerry can’ of petrol were discovered by recycling truck drivers. Over 300 LPG bottles and gas canisters have been recorded in the past six months at the recycling facility alone.  

    Fire hazards – car batteries and LPG bottles discovered in kerbside recycling bins.

    How to dispose of hazardous materials – battery-powered devices, batteries, gas bottles and other hazardous materials

    • Mitre 10 and Bunnings have battery drop-off schemes. Check their websites for more information.

    • Retailers often have take-back schemes for used battery-powered devices they have sold. Some large retailers like Noel Leeming allow you to bring in items they did not sell. Check retailer websites for what they accept and participating stores.

    • Many local community recycling centres have ewaste recycling and even volunteer opportunities to learn how to safely disassemble laptops.

    • Gas bottles and canisters can be taken to a community recycling centre or to a MataGas outlet provided it is empty of gas. Some New Zealand camping stores sell a tool that enables canisters to be fully emptied prior to drop off at a recycling centre.

    • Visit aucklandcouncil.govt.nz/whereitgoes to search for places to recycle or get rid of specific items.

    MIL OSI New Zealand News

  • MIL-OSI Australia: Doorstop – Jerrabomberra

    Source: Australian Ministers for Education

    KRISTY McBAIN, MINISTER FOR REGIONAL DEVELOPMENT, LOCAL GOVERNMENT AND TERRITORIES: It’s a pleasure today to welcome Minister Jason Clare to Goodstart Jerrabomberra where 90 places a day are filled, and we have a wait list. Jerrabomberra is the heart of the Queanbeyan region, it’s fast growing, and this childcare centre is one of many that have benefitted from the Albanese Labor Government’s Cheaper Childcare plan.

    We know families right across our region have benefitted from this, and it’s so great to be able to introduce Minister Clare to the wonderful staff here, the wonderful centre manager and State manager and the wonderful kids that come here each and every day to enjoy this beautiful centre.

    JASON CLARE, MINISTER FOR EDUCATION: Thanks very much, Kristy. It’s absolutely fantastic to be with you here at Jerrabomberra at the Goodstart Centre here. You are an absolutely fantastic Member of Parliament, and we are so lucky to have as part of the Albanese Labor Government and this community is lucky to have you as their Labor Member.

    When we were elected two and a half years ago, childcare costs had sky rocketed, childcare costs under the Liberals went up by 49 per cent over just under a decade, and that was double the OECD average.

    We’ve cut the cost of childcare now for more than a million Australian families. In the first 15 months of our Cheaper Childcare laws this has meant that for an average family on about 120 grand a year combined income with one child in early education or care saved them about 2,700 bucks, and that’s real money that’s making a real difference for families right across the country.

    And when we were elected two and a half years ago childcare workers were leaving the sector in droves, that’s the truth of it, and we’re now starting to see that turn around. Data that’s been released today shows that vacancy rates in the childcare sector are down 22 per cent, and at Goodstart, where we are today, all of their centres across the country, we’re seeing job applications now jump by 35 per cent, and expressions of interest jump by 50 to 60 per cent. Vacancy rates at Goodstart Centres are down by a massive 28 per cent.

    So that’s fantastic news. It shows that when you pay people more, more people want to do the job, and there aren’t many jobs that are more important than the work that our early educators do, getting young people ready for school.

    If we win the next election, the next big thing that we need to do is build more centres where they don’t exist at the moment and help to make sure that more young people get the chance that the children we’ve met here today get, help young people who can’t get into early education and care now, either because there’s no centre in their town, or because they can’t get access to the subsidy through no fault of their own.

    And that’s why if we win the next election, we’ll set up a $1 billion fund to build more centres in the outer suburbs and in the regions where they don’t exist at the moment, and implement a three day guarantee, to guarantee that every child who needs it will get access to three days a week of government supported early education and care.

    Why? To make sure that more children are ready to start school, because the evidence is, that if children spend more time in early education and care in centres like this, they’re more likely to start school ready to learn.

    And just while talking about school, last week the Prime Minister announced that South Australia and Victoria have become the fifth and sixth States to sign up to our public school funding and reform agreement, the Better and Fairer Schools Agreement, that’s along with WA, Tassie, ACT, the Northern Territory and of course now South Australia and Victoria.

    On the weekend, teachers backed this agreement, on the weekend principals backed this agreement, and now today the Business Council of Australia backed this agreement. This is real funding, to fix the funding of our public schools, and it’s not a blank cheque, it’s tied to real reform; things like phonics checks in Year 1 and numeracy checks in Year 1 to identify children who might already be falling behind, and then using that funding to make sure that children who do fall behind catch up early, because we know that children who catch up early are more likely to go on and finish high school.

    So, it’s backed by teachers, backed by principals, backed by the business community. The only people that are against it are Peter Dutton and the Liberal Party, they’re against cutting the cost of childcare for Australian parents, they’re against pay rises for childcare workers, they’re against building more childcare centres where they don’t exist, and they’re against fixing the funding of our public schools and tying that funding to evidence based teaching and real reform to help more young children to catch up, keep up and finish high school.

    Happy to take some questions.

    JOURNALIST: When do you expect that Queensland and New South Wales will sign on to that school agreement?

    CLARE: I won’t give you a date, but negotiations are going well.

    JOURNALIST: Fresh polling is showing that it’s really tight. Are your cost-of-living measures cutting through with the voters?

    CLARE: We know that Australians are doing it tough, a lot of Australians are doing it tough, that’s why creating a million jobs is really important, that’s why cutting inflation by more than half is really important, that’s why boosting real wages is really important as well.

    We’re making progress, there’s more work to do, but the evidence that came out on the weekend shows that if Peter Dutton had been the Prime Minister of Australia for the last 12 months, Australian families would be over $7,000 worse off.

    Why? Well, because he was against the tax cuts that delivered a lot of support for Australian families, he’s against cheaper childcare, he’s against cutting the cost of medicine, he’s against lifting real wages, he’s against cutting the cost of people’s energy bills through that $300 rebate, and when you add all that up, it means that Aussie families would be thousands and thousands of dollars, $7,200, worse off under Peter Dutton.

    JOURNALIST: On the School Agreement, so New South Wales and Queensland you would assume are trying to get more than 25 per cent. Are you open to that?

    CLARE: Don’t assume that. But I’m not going to negotiate through the media. What’s important here is that we fix the funding of our public schools, and we tie that to the sort of reforms that are going to help make sure that more kids that fall behind can catch up and keep up and finish high school.

    Private schools, non government schools are funded at the level that David Gonski said they should be at, public schools aren’t, and this agreement is about fixing that, but also tying that to real targets and real reforms.

    The current agreement doesn’t do that. There aren’t any real targets, there aren’t any real reforms. I want to make sure that we fix the funding of our schools and tie it to the sort of reforms that we know work. I want this money to get results.

    At the moment in public schools, over the course of say, you know, the last eight years or so, we’ve seen the percentage of kids finishing high school drop from 83 per cent to 73 per cent. Just think about that for a second. That’s happening at a time where it’s more important to finish school than it was when we were little.

    We’ve got to turn that around if we’re going to make sure that more people get a chance to go to TAFE and university and get the jobs that are being created today. That’s why this funding is important, but that’s why the reforms that it’s linked to are just as important.

    JOURNALIST: The States that signed on to it earlier, are they now pushing for 25 per cent as well, and will you grant that?

    CLARE: I’ve already spoken to those States, and we will offer to them the same deal, which is we’ll lift our offer from 20 to 25 if they get rid of that 4 per cent which is usually aligned to things like capital depreciation costs. So, we’re having great conversations with states like WA and Tassie.

    JOURNALIST: Is there a willingness though to go above 25 per cent for the two states that have paid off, and then does that open up the chance for increased funding for other states?

    CLARE: No. That’s why when I answered your previous question, I said don’t assume that the States are asking for more than 25 per cent. What the states have been asking for, for the last 12 months is that we increase our offer from 20 to 25 per cent, and we said, “Yeah, we’ll do that, but we need you to chip in as well”.

    It’s always been my view that the Commonwealth’s got to chip in and the states have to chip in as well. That’s why we’re saying to the states, if we can lift our funding from 20 to 25 per cent, let’s get rid of that other 4 per cent, which is used for things like capital depreciation that don’t actually go to real funding for schools at the moment.

    JOURNALIST: Is the absolute cap 25?

    CLARE: Well, again, I’m not going to go into the details of the conversation, but we’re not talking beyond 25.

    JOURNALIST: How exactly are you going to address high rates of absenteeism due to bullying or mental health issues, do you actually have a stepped plan in place for the next school year?

    CLARE: Yep. This is a complicated thing. There is absolutely no place for bullying in our schools. That’s why the work that we’re doing in putting together a National Bullying Action Plan with the states is so critical, so important; that’s why getting rid of mobile phones in schools is so important; that’s why the ban on access to social media for young people under the age of 16 is so important as well.

    We know fundamentally that children are less likely to be at school if they’re suffering from bullying or they’re suffering from mental health challenges. And young people with mental health challenges, by the time they’re in Year 9 are about a year and a half to two years behind the rest of the class, and less likely to finish school.

    And so the sort of things that we want to tie this funding to are early intervention when children are young at primary school to make sure that they keep up and catch up, but also more investment in things like mental health workers and paediatric nursing support in our schools.

    That investment in health is not just about health, it has real education outcomes as well.

    JOURNALIST: Donald Trump overnight said that   sorry, a couple of days ago said that he proposed “cleaning”   unquote   “cleaning out Gaza and resettling Palestinians”. What is the Government’s response to that?

    CLARE: The Government’s position for a very, very long time, I think since December of 2023, has been to call for a ceasefire in Gaza, and we’re glad that that has finally happened. We want to see an end to the killing in the Middle East, we want to see trucks come in with food and with medicine and with aid. We want to see the hostages returned.

    JOURNALIST: And what about resettling Palestinians though? What is your response directly to that suggestion that they should be moved to Jordan or Egypt?

    CLARE: The position of the Australian Government, which I think is still the position of the Opposition as well is that we believe in a two-state solution, two countries living side by side, two peoples living side by side in two nations where people can live in safety and security without having to go through checkpoints or fear that their lives will be taken from them the next day.

    JOURNALIST: Just on that language though, you know, “cleaning out”, do you think that’s triggering language or insensitive language?

    CLARE: Repeating my previous answer, we want two peoples able to be live side by side in safety and security.

    JOURNALIST: Do you have a set price tag on the number of those professional healthcare workers you want in schools?

    CLARE: No, there’s no set number, but this investment in South Australia’s an extra billion dollars over the next 10 years, in Victoria it’s an extra two and a half billion dollars over the next 10 years.

    The agreements that we’re striking with the states are all going to be slightly different depending on the needs in those states, but it’s designed to invest in real practical reforms that we know are going to get the results that we need.

    Just to add to what we’re talking about here, we’re talking about fixing the funding of our public schools. Now one in 10 children at the moment, when they sit for their NAPLAN tests in third grade, are identified as being below the national average, so one in 10   sorry, below the national minimum standard, so one in 10. But amongst children from poor families, from really disadvantaged backgrounds, it’s one in three, and most of those children go to public schools.

    So our public schools are the places that do the real heavy lifting where the challenge is three times as big, and they’re the ones that were underfunded at the moment. We want to fix that funding and tie that funding to help those children to catch up and keep up and finish high school.

    JOURNALIST: On that pay rise for early educators, do you know how many centres have used that as an excuse to immediately increase their fees by 4.4 per cent?  

    CLARE: Here’s the thing, they can’t, because a condition of getting the funding for the pay rise is they can’t increase their fees by more than 4 per cent.

    JOURNALIST: Yeah. That’s why I’m asking how many have increased their fees to that 4.4?

    CLARE: I suspect that most centres will increase their fees somewhere between zero and up to that 4 per cent over the next 12 months. The key thing is they can’t go beyond that, and that’s a big part of this deal. Number one, we want to make sure that the money goes to the worker, not the centre, and number two, in order to get that funding, they cannot increase their fees by more than 4 per cent.

    JOURNALIST: Do you know how many though have hit that cap?

    CLARE: It’s too early to give you that number.

    JOURNALIST: This billion-dollar strategy for outer suburbs and regional areas, do you have any hotspots, any, you know, regional areas that you’re concerned about that don’t have enough facilities?

    CLARE: You can look at data that shows where there are what’s called sometimes “childcare deserts” right across the country. This fund is designed to help to make sure that we build centres where they’re needed most, and in particular, if you look at the Productivity Commission report released last year it talks to this, it’s the outer suburbs, and it’s in Regional Australia.

    Just talking to the team at Goodstart here is the only childcare centre in Jerra that provides full service from six week old children right through to four year olds.

    JOURNALIST: I did just want to ask you about – there was evidence at a Parliamentary Committee last week about an online meeting of ANU to delete the Nazi salute. The investigation to my understanding is that they found that that wasn’t the case. What else do you think was happening there?

    CLARE: I make the general point, whether it’s at ANU or whether it’s at QUT that there is absolutely no place for the poison of antisemitism in our universities or anywhere in this country or anywhere in the world.

    There is a commemoration that’s just happened of the 80th Anniversary of the Holocaust and Auschwitz. You know, in the lifetime of our grandparents we’ve all seen the true terror of what antisemitism can wreak and there is no place for it, and that’s why I’ve made it very clear to every university leader in the country that they must enforce their Codes of Conduct, and that includes saying that directly to the Vice Chancellor of QUT.

    JOURNALIST: Do you believe though that it was appropriate that an ANU student who went on radio said that terrorist designated organisation, Hamas [indistinct] unconditional support was able to overturn her expulsion on appeal. You’ve just spoken about the poison of antisemitism; we have a growing issue in Australia. Is that an appropriate thing to do?

    CLARE: No.

    JOURNALIST: Are we any closer to a governance review   what’s the latest with the university governance review?

    CLARE: Yeah, last week we announced the members of the panel that will be responsible for implementing that review.

    JOURNALIST: Are you confident with the members of that panel?

    CLARE: I am.

    JOURNALIST: And then I might just Ms McBain something if that’s okay.

    CLARE: Sure.

    JOURNALIST: [Indistinct] would like to see councils auctioning off properties. What do you think of this decision?

    McBAIN: Look, every Council has the opportunity to take action when someone doesn’t pay rates for a period of time. My understanding, and it was a unanimous decision of Queanbeyan-Palerang Council to take this route, is that these rates have been unpaid for more than five years. A lot of those properties that attempted to make contact by door knocking them, letter boxing them, serving them, there’s been no contact made with any of those individuals for a variety of reasons. It is an avenue open to them, but as I said, it’s a unanimous decision of Queanbeyan-Palerang Council to take this action, which I’m sure that hasn’t been done lightly either.

    JOURNALIST: Are you concerned about the financial stability of councils if they are having to resort to methods like this just to try and stay out of debt?

    McBAIN: Look, I think when you look at it, it’s about a million dollars in unpaid rates that they are going to attempt to recruit through auction. I don’t think this goes anywhere near dealing with some of the ongoing issues that councils have, but what we’ve done since we’ve been in government, you know, there’s been more collaboration with local councils than in any time before that.

    I’ve personally met with over 250 councils either in their communities or in Canberra or at a Local Government Association conference. We have doubled Roads to Recovery funding and that means regional councils across the country have now more money than ever before to deal with road issues.

    Across Eden Monaro that’s $26.3 million extra for our local councils resulting in over $65 million for roads alone. We’ve increased road black spot funding, we’ve created the new safer local road and infrastructure program, $200 million a year, you know, we’ve been really putting our shoulder to the wheel making a difference for local councils, and just last week I was able to announce $27.2 million for Marulan Sewer Treatment Plant, you know, which is something that Council had called from but hadn’t been supported in getting.

    So, the Albanese Government takes seriously the priorities of local councils and local communities and we’ve been delivering for all of them.

    JOURNALIST: Thank you.

    MIL OSI News

  • MIL-OSI New Zealand: Business and Renewables – Fonterra announces electrification plans to future-proof operations

    Source: Fonterra

    Fonterra is taking another significant step toward its climate goals and operational resilience with $150 million in investments in electrification projects across the North Island over the next 18 months.

    Investments into electric boilers at the Co-operative’s Whareroa, Edgecumbe and Waitoa sites, along with further fleet decarbonisation, marks further steps in renewable energy supporting the Co-operative’s sustainability targets* while future-proofing operations.

    Fonterra aims to build enduring, cost-efficient assets while enhancing energy security across its manufacturing operations and ensuring a sustainable energy supply.  

    Fonterra’s Chief Operating Officer, Anna Palairet, says the investments are a significant step for the Co-operative’s future operations.

    “Last year we turned off the last coal boiler in the North Island, meaning manufacturing operations in the North Island are now coal-free. These investments are the next step in creating enduring assets that are fit for the future, as we look to reduce our reliance on gas.

    “Choosing the right energy solutions is about striking a balance between affordability, security of energy supply and reducing our environmental footprint, and the new electric boilers are crucial to navigating this challenge.”

    “These electrification projects are at the heart of ensuring efficient operations with a reliable energy supply for our manufacturing sites and to support the long-term sustainability of our business. It also represents a commitment to our farmer owners that we are building a resilient, future-ready Co-operative.”

    Investments announced are:

    Whareroa: The site will undergo a staged energy transformation with the first stage including the installation of two electrode boilers. The $64 million investment is expected to reduce the site’s annual emissions by an estimated 51,000 tonnes – the equivalent of removing around 21,000 cars from New Zealand roads – and contribute a 3% reduction** towards Fonterra’s overall 2030 Scope 1 and 2 GHG emissions reduction target.

    Edgecumbe: The site will transition from the use of steam and electricity generated through a co-generation plant, to a reliable source of renewable energy with the installation of a new electrode boiler. The $57 million investment is expected to reduce the site’s annual emissions by an estimated 28,000 tonnes – equivalent to removing around 11,000 cars from New Zealand roads – and contribute a 1.5% reduction** towards Fonterra’s overall 2030 Scope 1 and 2 GHG emissions reduction target and reduce the Co-op’s overall natural gas reliance by approximately 8%***.

    Waitoa and Waitoa UHT: Following the closure of its last coal boiler in November 2024, the Co-op is investing a further $18 million in installing two Resistive Element Boilers to boost heat production, while providing a secure and reliable energy source allowing for future growth in UHT processing.

    Fleet decarbonisation: The next step in looking for more economical solutions for the future includes a pilot of six EV tankers and associated infrastructure later in the year, expected to provide an approximately 60% annual reduction in fuel costs per tanker, along with environmental benefits.

    *The Co-operative’s target is 50.4% absolute reduction of Scope 1 & 2 GHG emissions by 2030 from a 2018 baseline.

    ** From a 2018 baseline.

    *** An approximate 8% reduction from the Co-op’s average annual natural gas usage from FY23 and FY24.

    About Fonterra

    Fonterra is a co-operative owned and supplied by thousands of farming families across Aotearoa New Zealand. Through the spirit of co-operation and a can-do attitude, Fonterra’s farmers and employees share the goodness of our milk through innovative consumer, foodservice and ingredients brands. Sustainability is at the heart of everything we do, and we’re committed to leaving things in a better way than we found them. We are passionate about supporting our communities by Doing Good Together.

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Universities – Forests of protected red coral filmed for first time off Fiordland’s coast – VIC

    Source: Te Herenga Waka—Victoria University of Wellington

    Researchers exploring the deep waters off the Fiordland coast have caught on camera marine communities that have never been filmed before. These communities include a protected species of red coral that has not previously been seen in such large numbers.

    “We were filming at depths of 80 to 130 metres and found amazing marine communities. The most incredible find—unlike anything we have seen elsewhere—was about 4 kilometres north of the entrance to Doubtful Sound/Patea. On the ocean floor, we saw forests of bright red coral,” said Professor James Bell, a marine biologist at Te Herenga Waka—Victoria University of Wellington.

    The coral species, Errina novaezelandiae, is commonly known as red coral, although it is not a true coral but a related animal called a hydrocoral.

    The discovery of the red coral forests was made while the researchers were working on a project to explore and map marine life in Fiordland’s deep waters. They were working on board the Department of Conservation (DOC) vesselSouthern Winds.

    “We’ve been exploring these deep reefs in Fiordland for many years, but we’re rarely able to work on the open coast outside the fiords because of the weather. On our most recent trip in January, the weather was finally on our side,” said Professor Bell.

    Using a remotely operated vehicle (ROV), the research team collected video footage of reefs at depths of greater than 100 metres in areas that have not previously been filmed.

    “We’ve deployed the ROV more than 100 times in deep waters around New Zealand, but we have not seen communities like those we found off the open coast outside Doubtful Sound/Patea. In other parts of the country, we usually find reefs at these depths are dominated by sponges. In this area off the Fiordland coast, red corals dominated. The water was also incredibly clear down at 100 m and we could see the reef from a distance of about 30 to 40 m,” he said.

    Red corals are known to live in some places inside the fiords and are considered to be associated with the sheltered fiord conditions. The population discovered around the open coast was distinguished by its massive size, with tens of thousands of corals seen.

    Video footage of the reefs shows numerous red corals, along with a range of other animals including larger black corals. Both red and black corals are protected species under the Wildlife Act.

    These coral forests play a key role in maintaining habitat diversity, supporting many fish and crayfish species, said Professor Bell.

    “Filming the animals that live on these deep-water reefs provides us with more information about the extraordinary biodiversity in our seas. This information is crucial to decisions about the use and protection of our marine environment. While much of Fiordland’s inland waters are protected, this is not the case for the open coast. In fact, most deep-water reefs around Aotearoa are not protected in marine reserves,” he said.

    The research was supported by the George Mason Charitable Trust and DOC’s conservation services programme. DOC also provided logistical support.

    Richard Kinsey, a DOC senior ranger who was on the trip, said: “It is exciting when you get to put the ROV into places you can rarely access as it gives insights into a completely different part of the fiord ecosystem. You just never know what you are going to find. For DOC, increasing our understanding of where these protected species are helps us to understand the potential threats to them.”

    DOC senior science advisor Lyndsey Holland added: “Our understanding of protected coral distribution in Fiordland is dominated by black corals. Other protected corals in the area haven’t been studied as extensively, so this finding is a breakthrough. We do know that New Zealand boasts a diverse array of cold-water corals offshore, so this discovery validates the need to survey and monitor Fiordland corals so we can best protect them.”

    Video footage of the deep-water reefs off Fiordland is here:


    https://www.youtube.com/watch?v=6mxS4RaYXiI

    MIL OSI New Zealand News

  • MIL-OSI New Zealand: Health and Tech – Essential medical imaging services now more accessible in the Bay of Plenty

    Source: RHCNZ

    RHCNZ Medical Imaging Group is excited to announce that Bay Radiology’s new flagship clinic on 17th Avenue in Tauranga is now fully open. Phase One of the clinic, which includes Bay Radiology’s first PET-CT scanner, opened in September 2024. Phase Two opened last week, completing this state-of-the-art facility. The new purpose-built clinic is designed to future-proof medical imaging services for Bay of Plenty residents.
    Spanning over 3,000 square metres, this extensive clinic is the largest medical imaging clinic in New Zealand. It is equipped with the latest technology including a high-tech Positron Emission Tomography-Computed Tomography (PET-CT) scanner as well as state-of-the-art MRI, CT, x-ray and ultrasound equipment. The clinic offers a comprehensive range of medical imaging services to meet the community’s needs, including interventional radiology, mammography and fluoroscopy.
    Managing Radiologist for Bay Radiology, Dr Kunaal Rajpal, emphasises that removing barriers to patients accessing healthcare has become a key focus for Bay Radiology.
    “Equity of access to healthcare for people living in regional New Zealand is an issue that concerns all healthcare providers, so we are proud to be able to provide better access to high quality imaging locally.”
    Dr Rajpal adds
    “Our radiologists have a wide range of sub-specialities including Musculoskeletal, Interventional, Breast, Body Imaging, Oncology, Neuroradiology, Abdominal, and Head and Neck Imaging. Patients can feel confident knowing that if the need arises, highly specialised expertise is right on their doorstep.”
    A phased design enabled some parts of the building to be safely used while other parts were still under construction. Consequently, Bay Radiology commenced their PET-CT scanning last September. This advanced technology plays a crucial role in the diagnosis and treatment of cancer.
    Nicola Daisley, Regional Manager, notes
    “Since opening in September our PET-CT team have delivered diagnostic results for over 100 patients, enabling their lead care specialists to provide the best possible health-care treatment plans. We are delighted to now be offering a full suite of modalities from one central and easily accessible location, streamlining the diagnostic process for our community.”
    RHCNZ Medical Imaging Group CEO Terry McLaughlin says that this new clinic, strategically located in Tauranga, is a significant step in supporting the healthcare needs of the Bay of Plenty community.
    “Our 17 th Ave clinic is the heart of our Bay Radiology operations, providing patients access to the full suite of medical imaging services in one convenient location. Bay Radiology has been supporting the local community with their healthcare needs for over 30 years. We look forward to at least another 30 years of better health outcomes for Bay and Eastern Bay of Plenty residents,” said Mr. McLaughlin.
    A traditional blessing ceremony for 17 th Ave was held on Friday, 20 December 2024. The ceremony was led by local Iwi leader Tamati Tata of Ngati Ranginui and attended by staff members and the building’s architects.
    Conveniently located in central Tauranga, the clinic is adjacent to Tauranga Hospital, easily accessible from medical centres and specialist consulting rooms and is on main public transport routes.
    BAY RADIOLOGY is the Bay of Plenty’s leading radiology provider with 9 clinics in Tauranga, Mt Maunganui, Papamoa, Katikati, Matamata and Whakatane. Bay Radiology offers MRI, CT, PET CT, interventional radiology, ultrasound, pregnancy ultrasound, x-ray, mammography, fluoroscopy and PRP services.
    RHCNZ MEDICAL IMAGING GROUP is New Zealand’s leading private radiology provider with over 140 specialist radiologists working in 74+ clinics nationwide. This New Zealand owned company operates 3 longstanding brands – Auckland Radiology Group, Bay Radiology and Pacific Radiology Group. RHCNZ stands for Radiology Holding Company New Zealand.

    MIL OSI New Zealand News

  • MIL-OSI USA: Jan 28, 2025 ATU Congratulates Sean Duffy on Senate Confirmation as U.S. Secretary of Transportation

    Source: US Amalgamated Transit Union

    Silver Spring, MD – Amalgamated Transit Union (ATU) International President John Costa released the following statement on the Senate Confirmation of Sean Duffy as the new U.S. Secretary of Transportation.

    “As the largest labor organization representing transit workers in the United States and Canada, we congratulate Sean Duffy on his Senate confirmation to serve as the U.S. Secretary of the Department of Transportation (DOT).

    “Transit ridership is still not fully recovered since the COVID pandemic, funding is scarce, and new technology is quickly changing the way people travel. Secretary Duffy has a lot on his plate. We look forward to working with him to tackle these transportation challenges facing our nation including protecting transit workers on the job, reauthorization of the surface transportation bill, and most importantly building back our public transit systems. We’re hopeful that he will lead the Department of Transportation with public transit workers and riders in mind.”

    MIL OSI USA News

  • MIL-OSI Security: Nigerian Man Extradited to the U.S. After Being Indicted for Sextortion Scheme That Caused Death of South Carolina Teen

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    COLUMBIA, S.C. — Hassanbunhussein Abolore Lawal (luh-wall), 24, of Osun State, Nigeria, has been extradited to the United States from Nigeria to face prosecution in a partially unsealed indictment for the sextortion of a South Carolina minor, which led to the victim’s death.

    This investigation was launched after Gavin Guffey, a 17-year-old from Rock Hill, died by suicide in July 2022 after being victimized by Lawal’s scheme. Lawal allegedly posed as a young woman on social media and coerced the teen into sending compromising photos. He then extorted and sent harassing messages to the teen threatening to leak the photos and ruin his reputation unless the teen sent him money. Lawal later did the same to members of his family.

    The five-count federal indictment charges Lawal with child exploitation resulting in death, the production and distribution of child sexual abuse material, coercion and enticement of a minor, cyberstalking resulting in death, interstate threats with intent to extort, and aiding/abetting. In addition to victimizing the teen in every count, the indictment alleges Lawal targeted the minor victim’s family in the stalking and extortion charges.

    Lawal faces up to life in prison, and mandatory minimum prison sentences on multiple counts. The child exploitation resulting in death count carries a mandatory 30-year sentence. He also faces mandatory restitution, where the court may order Lawal to pay for losses incurred by the family as a result of his scheme.

    The indictment was returned by a federal Grand Jury in South Carolina in October 2023. On Jan. 24, following extradition proceedings in Nigeria, agents with the FBI Columbia Field Office took custody of Lawal in Lagos, Nigeria and executed the removal with assistance from Nigerian law enforcement.

    “We will not allow predators who target our children to hide behind a keyboard or across the ocean. Today we honor Gavin’s life and continue our fight against sextortion by holding this defendant accountable,” said U.S. Attorney Adair Ford Boroughs for the District of South Carolina. “This investigation and extradition are the result of tremendous law enforcement coordination both in the United States and Nigeria. We’re grateful to the many agencies who helped make this day possible.”

    “This indictment represents the culmination of countless hours of dedicated work done by our investigators both here and abroad,” said Steve Jensen, Special Agent in Charge of the FBI Columbia Field Office. “The defendant’s alleged actions are reprehensible resulting in the tragic loss of a young man’s life. We remain steadfast in our commitment to holding criminals accountable, especially those who target our children and endanger their lives, no matter where they are.”

    U.S. Attorney Boroughs and SAC Jensen thanked the U.S. Department of Justice’s Office of International Affairs (OIA), and U.S. State Department for their help in facilitating the arrest and extradition of Lawal.

    Nigerian law enforcement provided critical assistance in the identification, investigation, arrest, and extradition of Lawal. U.S. Attorney Boroughs and SAC Jensen extend their appreciation and thanks to the Economic and Financial Crimes Commission (EFCC), the Nigerian Attorney General’s Office – Ministry of Justice, and all other involved Nigerian authorities for their important partnership in this case.

    This case is part of Project Safe Childhood, a nationwide initiative designed to protect children from online exploitation and abuse. The U.S. Attorney’s Office, county prosecutor’s offices, the Internet Crimes Against Children task force (ICAC), federal, state, tribal, and local law enforcement are working closely together to locate, apprehend, and prosecute individuals who exploit children. The partners in Project Safe Childhood work to educate local communities about the dangers of online child exploitation, and to teach children how to protect themselves. For more information about Project Safe Childhood, please visit the following website: www.projectsafechildhood.gov. Individuals with information or concerns about possible child exploitation should contact local law enforcement officials.

    If someone you know is being victimized by sextortion, please report to local law enforcement and to the FBI. Learn more about sextortion and find resources for parents, caregivers, and teachers.

    The case was investigated by the FBI Columbia Field Office, the FBI’s Violent Crimes Against Children Section and International Operations Division, the South Carolina Law Enforcement Division, and the York County Sheriff’s Office. 

    Assistant U.S. Attorneys Elliott B. Daniels, Lothrop Morris, and Michael Shedd are prosecuting the case. 

    All charges in the indictment are merely accusations and that defendants are presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI

  • MIL-OSI: Qorvo® Announces Fiscal 2025 Third Quarter Financial Results

    Source: GlobeNewswire (MIL-OSI)

    GREENSBORO, N.C., Jan. 28, 2025 (GLOBE NEWSWIRE) — Qorvo® (Nasdaq:QRVO), a leading global provider of connectivity and power solutions, today announced financial results for the Company’s fiscal 2025 third quarter ended December 28, 2024.

    On a GAAP basis, revenue for Qorvo’s fiscal 2025 third quarter was $916.3 million, gross margin was 42.7%, operating income was $53.0 million, and diluted earnings per share was $0.43. On a non-GAAP basis, gross margin was 46.5%, operating income was $177.9 million, and diluted earnings per share was $1.61.

    Bob Bruggeworth, president and chief executive officer of Qorvo, said, “Qorvo is executing on a broad set of strategic initiatives to expand margin, generate strong free cash flow, and increase shareholder value. During the December quarter, we continued to successfully support our largest customer, who represented approximately 50% of sales. Within our Android 5G product portfolio, we are narrowing our focus to the higher-value flagship and premium tiers, where customers value Qorvo’s differentiated products. In HPA, we had record Defense & Aerospace quarterly revenue and expect continued strength in the March quarter. As we continue to execute on our growth and diversification strategy, we expect HPA and CSG to deliver double-digit growth in fiscal 2025 and next fiscal year.”

    Financial Commentary and Outlook

    Grant Brown, chief financial officer of Qorvo, said, “Qorvo exceeded the midpoint of our December quarter non-GAAP guidance in revenue, gross margin, and EPS. During the quarter, we took proactive steps to change how we support our Android business. These actions will reduce operating expense and are expected to benefit gross margin in our fiscal 2026. Subsequent to the quarter, we divested our silicon carbide business. These actions, in aggregate, are expected to support a high-40%’s gross margin in seasonally strong quarters of fiscal 2026 and additional gross margin improvement in fiscal 2027.”

    Qorvo’s current outlook for the March 2025 quarter is:

    • Quarterly revenue of approximately $850 million, plus or minus $25 million1
    • Non-GAAP gross margin between 43% and 44%
    • Non-GAAP diluted earnings per share between $0.90 and $1.10

    1 Includes immaterial silicon carbide revenue, versus silicon carbide revenue of approximately $9 million in the December 2024 quarter

    See “Forward-looking non-GAAP financial measures” below. Qorvo’s actual quarterly results may differ from these expectations and projections, and such differences may be material.

    Selected Financial Information

    The following tables set forth selected GAAP and non-GAAP financial information for Qorvo for the periods indicated. See the more detailed financial information for Qorvo, including reconciliations of GAAP and non-GAAP financial information, attached.

    SELECTED GAAP RESULTS
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 916.3     $ 1,046.5     $ 1,073.9     $ (130.2 )   $ (157.6 )
    Gross profit $ 391.4     $ 445.3     $ 387.9     $ (53.9 )   $ 3.5  
    Gross margin   42.7 %     42.6 %     36.1 %   0.1 ppt   6.6 ppt
    Operating expenses $ 338.4     $ 435.6     $ 429.4     $ (97.2 )   $ (91.0 )
    Operating income (loss) $ 53.0     $ 9.7     $ (41.6 )   $ 43.3     $ 94.6  
    Net income (loss) $ 41.3     $ (17.4 )   $ (126.9 )   $ 58.7     $ 168.2  
    Weighted-average diluted shares   95.0       94.9       97.2       0.1       (2.2 )
    Diluted EPS (loss per share) $ 0.43     $ (0.18 )   $ (1.31 )   $ 0.61     $ 1.74  
                           
                           
    SELECTED NON-GAAP RESULTS(1)
    (In millions, except for percentages and EPS)
    (Unaudited)
                           
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue $ 916.3     $ 1,046.5     $ 1,073.9     $ (130.2 )   $ (157.6 )
    Gross profit $ 426.3     $ 492.0     $ 470.5     $ (65.7 )   $ (44.2 )
    Gross margin   46.5 %     47.0 %     43.8 %   (0.5) ppt   2.7 ppt
    Operating expenses $ 248.4     $ 279.8     $ 234.0     $ (31.4 )   $ 14.4  
    Operating income $ 177.9     $ 212.2     $ 236.5     $ (34.3 )   $ (58.6 )
    Net income $ 152.8     $ 179.8     $ 205.9     $ (27.0 )   $ (53.1 )
    Weighted-average diluted shares   95.0       95.8       97.8       (0.8 )     (2.8 )
    Diluted EPS $ 1.61     $ 1.88     $ 2.10     $ (0.27 )   $ (0.49 )

    (1) Adjusted for stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, gain or loss on investments, and an adjustment of income taxes.

    SELECTED GAAP RESULTS BY OPERATING SEGMENT
    (In millions, except percentages)
    (Unaudited)
      Q3 Fiscal 2025   Q2 Fiscal 2025   Q3 Fiscal 2024   Sequential Change   Year-over-Year Change
    Revenue                  
    HPA $ 171.7     $ 148.3     $ 118.9     15.8 %   44.4 %
    CSG   109.5       146.8       108.9     (25.4 )%   0.6 %
    ACG   635.1       751.4       846.1     (15.5 )%   (24.9 )%
    Total revenue $ 916.3     $ 1,046.5     $ 1,073.9     (12.4 )%   (14.7 )%
    Operating income (loss)                  
    HPA $ 32.6     $ 13.1     $ 1.6     148.9 %   1,937.5 %
    CSG   (11.7 )     (9.0 )     (25.6 )   (30.0 )%   54.3 %
    ACG   161.2       215.1       263.8     (25.1 )%   (38.9 )%
    All other(1)   (129.1 )     (209.5 )     (281.4 )   38.4 %   54.1 %
    Total operating income (loss) $ 53.0     $ 9.7     $ (41.6 )   446.4 %   227.4 %
    Operating income (loss) as a % of revenue                      
    HPA   19.0 %     8.8 %     1.3 %   10.2 ppt   17.7 ppt
    CSG   (10.7 )     (6.1 )     (23.5 )   (4.6) ppt   12.8 ppt
    ACG   25.4       28.6       31.2     (3.2) ppt   (5.8) ppt
    Total operating income (loss) as a % of revenue   5.8 %     0.9 %   (3.9 )%   4.9 ppt   9.7 ppt

    (1) Includes stock-based compensation expense, amortization of intangible assets, restructuring-related charges, acquisition and integration-related costs, goodwill and other asset impairments, net adjustments related to a terminated capacity reservation agreement, gain or loss on assets, other expense or income, costs associated with upgrading certain of the Company’s core business systems and other miscellaneous corporate overhead expenses.

    Non-GAAP Financial Measures

    In addition to disclosing financial results calculated in accordance with United States (U.S.) generally accepted accounting principles (GAAP), this earnings release contains some or all of the following non-GAAP financial measures: (i) non-GAAP gross profit and gross margin, (ii) non-GAAP operating expenses, operating income and operating margin, (iii) non-GAAP net income, (iv) non-GAAP net income per diluted share, (v) free cash flow, (vi) EBITDA, (vii) non-GAAP return on invested capital (ROIC), and (viii) net debt or positive net cash. Each of these non-GAAP financial measures is either adjusted from GAAP results to exclude certain expenses or derived from multiple GAAP measures, which are outlined in the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables, attached, and the “Additional Selected Non-GAAP Financial Measures and Reconciliations” tables, attached.

    In managing Qorvo’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures. In developing and monitoring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing gross margin and operating margin. In addition, management relies upon these non-GAAP financial measures to assess whether research and development efforts are at an appropriate level, and when making decisions about product spending, administrative budgets, and other operating expenses. Also, we believe that non-GAAP financial measures provide useful supplemental information to investors and enable investors to analyze the results of operations in the same way as management. We have chosen to provide this supplemental information to enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to operations, and stock-based compensation expense, which may obscure trends in Qorvo’s underlying performance.

    We believe that these non-GAAP financial measures offer an additional view of Qorvo’s operations that, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of Qorvo’s results of operations and the factors and trends affecting Qorvo’s business. However, these non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP.

    Our rationale for using these non-GAAP financial measures, as well as their impact on the presentation of Qorvo’s operations, are outlined below:

    Non-GAAP gross profit and gross margin. Non-GAAP gross profit and gross margin exclude amortization of intangible assets, stock-based compensation expense, restructuring-related charges, acquisition and integration-related costs, and certain other expense (income). We believe that exclusion of these costs in presenting non-GAAP gross profit and gross margin facilitates a useful evaluation of our historical performance and projected costs and the potential for realizing cost efficiencies.

    We view amortization of acquisition-related intangible assets, such as the amortization of the cost associated with an acquired company’s research and development efforts, trade names, and customer relationships, as items arising from pre-acquisition activities, determined at the time of an acquisition, rather than ongoing costs of operating Qorvo’s business. While these intangible assets are continually evaluated for impairment, amortization of the cost of purchased intangible assets is a static expense, which is not typically affected by operations during any particular period. Although we exclude the amortization of purchased intangible assets from these non-GAAP financial measures, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase price accounting and contribute to revenue generation.

    We believe that presentation of non-GAAP gross profit and gross margin and other non-GAAP financial measures that exclude the impact of stock-based compensation expense assists management and investors in evaluating the period-over-period performance of Qorvo’s ongoing operations because (i) the expenses are non-cash in nature, and (ii) although the size of the grants is within our control, the amount of expense varies depending on factors such as short-term fluctuations in stock price volatility and prevailing interest rates, which can be unrelated to the operational performance of Qorvo during the period in which the expense is incurred and generally are outside the control of management. Moreover, we believe that the exclusion of stock-based compensation expense in presenting non-GAAP gross profit and gross margin and other non-GAAP financial measures is useful to investors to understand the impact of the expensing of stock-based compensation to Qorvo’s gross profit and gross margins and other financial measures in comparison to prior periods. We also believe that the adjustments to profit and margin related to restructuring-related charges, and acquisition and integration-related costs do not constitute part of Qorvo’s ongoing operations and therefore the exclusion of these items provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP gross profit and gross margin has economic substance because the excluded expenses do not represent continuing cash expenditures and, as described above, we have little control over the timing and amount of the expenses in question.

    Non-GAAP gross profit and gross margin also exclude net adjustments related to a terminated capacity reservation agreement. In October 2023, a long-term capacity reservation agreement with a foundry supplier was amended. Pursuant to the amendment, Qorvo is no longer obligated to order silicon wafers from the foundry supplier and the agreement was terminated effective December 31, 2023. Included in the net adjustments to our cost of goods sold for the third quarter of fiscal 2024 is a contract termination fee which we paid during the fourth quarter of fiscal 2024. We believe these net adjustments are not reflective of the performance of our ongoing business.

    Non-GAAP operating expenses, operating income and operating margin. Non-GAAP operating expenses, operating income and operating margin exclude stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income). We believe that presentation of a measure of operating expenses, operating income and operating margin that excludes amortization of intangible assets and stock-based compensation expense is useful to both management and investors for the same reasons as described above with respect to our use of non-GAAP gross profit and gross margin. We believe that acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets and certain other expense (income) do not constitute part of Qorvo’s ongoing operations and therefore, the exclusion of these costs provides management and investors with better visibility into the actual costs required to generate revenues over time and facilitates a useful evaluation of our historical and projected performance. We believe disclosure of non-GAAP operating expenses, operating income and operating margin has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Non-GAAP net income and non-GAAP net income per diluted share. Non-GAAP net income and non-GAAP net income per diluted share exclude the effects of stock-based compensation expense, amortization of intangible assets, acquisition and integration-related costs, goodwill and other asset impairments, restructuring-related charges, net adjustments related to a terminated capacity reservation agreement, (gain) loss on assets, certain other expense (income), gain or loss on investments, and also reflect an adjustment of income taxes. The income tax adjustment primarily represents the use of research and development tax credit carryforwards, deferred tax expense (benefit) items not affecting taxes payable, adjustments related to the deemed and actual repatriation of historical foreign earnings, non-cash expense (benefit) related to uncertain tax positions and other items unrelated to the current fiscal year or that are not indicative of our ongoing business operations. We believe that presentation of measures of net income and net income per diluted share that exclude these items is useful to both management and investors for the reasons described above with respect to non-GAAP gross profit and gross margin and non-GAAP operating expenses, operating income and operating margin. We believe disclosure of non-GAAP net income and non-GAAP net income per diluted share has economic substance because the excluded expenses are either unrelated to ongoing operations or do not represent current cash expenditures.

    Free cash flow. Qorvo defines free cash flow as net cash provided by operating activities during the period minus property and equipment expenditures made during the period, and free cash flow margin is calculated as free cash flow as a percentage of revenue. We use free cash flow as a supplemental financial measure in our evaluation of liquidity and financial strength. Management believes that this measure is useful as an indicator of our ability to service our debt, meet other payment obligations and make strategic investments. Free cash flow should be considered in addition to, rather than as a substitute for, net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Additionally, our definition of free cash flow is limited, in that it does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations. Therefore, we believe it is important to view free cash flow as a measure that provides supplemental information to our entire statement of cash flows.

    EBITDA. Qorvo adjusts GAAP net income for interest expense, interest income, income tax expense (benefit), depreciation and intangible amortization expense, stock-based compensation and other charges that are not representative of Qorvo’s ongoing operations (including goodwill and other asset impairments, investment activity, acquisition-related costs and restructuring-related costs and certain net adjustments related to a terminated capacity reservation agreement) when presenting EBITDA. Management believes that this measure is useful to evaluate our ongoing operations and as a general indicator of our operating cash flow (in conjunction with a cash flow statement which also includes among other items, changes in working capital and the effect of non-cash charges).

    Non-GAAP ROIC. Return on invested capital (ROIC) is a non-GAAP financial measure that management believes provides useful supplemental information for management and the investor by measuring the effectiveness of our operations’ use of invested capital to generate profits. We use ROIC to track how much value we are creating for our shareholders. Non-GAAP ROIC is calculated by dividing annualized non-GAAP operating income, net of an adjustment for income taxes (as described above), by average invested capital. Average invested capital is calculated by subtracting the average of the beginning balance and the ending balance of equity plus net debt, less certain goodwill.

    Net debt or positive net cash. Net debt or positive net cash is defined as unrestricted cash, cash equivalents and short-term investments minus any borrowings under our credit facility and the principal balance of our senior unsecured notes. Management believes that net debt or positive net cash provides useful information regarding the level of Qorvo’s indebtedness by reflecting cash and investments that could be used to repay debt.

    Inventory days on hand. Inventory days on hand is defined as (a) average net inventory for the period, divided by (b) the result of non-GAAP cost of goods sold for the period divided by the number of days in the period.

    Forward-looking non-GAAP financial measures. Our earnings release contains forward-looking free cash flow, gross margin, income tax rate and diluted earnings per share. We provide these non-GAAP measures to investors on a prospective basis for the same reasons (set forth above) that we provide them to investors on a historical basis. We are unable to provide a reconciliation of the forward-looking non-GAAP financial measures to the most directly comparable forward-looking GAAP financial measures without unreasonable effort due to variability and difficulty in making accurate projections for items that would be required to be included in the GAAP measures, such as stock-based compensation, acquisition and integration-related costs, restructuring-related charges, gain or loss on assets, goodwill and other asset impairments, gain or loss on investments and the provision for income taxes, which could have a potentially significant impact on our future GAAP results.

    Limitations of non-GAAP financial measures. The primary material limitations associated with the use of non-GAAP financial measures as an analytical tool compared to the most directly comparable GAAP financial measures are these non-GAAP financial measures (i) may not be comparable to similarly titled measures used by other companies in our industry, and (ii) exclude financial information that some may consider important in evaluating our performance, thus limiting their usefulness as a comparative tool. We compensate for these limitations by providing full disclosure of the differences between these non-GAAP financial measures and the corresponding GAAP financial measures, including a reconciliation of the non-GAAP financial measures to the corresponding GAAP financial measures, to enable investors to perform their own analysis of our gross profit and gross margin, operating expenses, operating income, net income, net income per diluted share and net cash provided by operating activities. We further compensate for the limitations of our use of non-GAAP financial measures by presenting the corresponding GAAP measures more prominently.

    Qorvo will conduct a conference call at 4:30 p.m. ET today to discuss today’s press release. The conference call will be broadcast live over the Internet and can be accessed by any interested party at the following URL: https://ir.qorvo.com (under “Events & Presentations”). A telephone playback of the conference call will be available approximately two hours after the call’s completion and can be accessed by dialing 1-412-317-0088 and using the passcode 8143934. The playback will be available through the close of business February 4, 2025.

    About Qorvo

    Qorvo (Nasdaq:QRVO) supplies innovative semiconductor solutions that make a better world possible. We combine product and technology leadership, systems-level expertise and global manufacturing scale to quickly solve our customers’ most complex technical challenges. Qorvo serves diverse high-growth segments of large global markets, including automotive, consumer, defense & aerospace, industrial & enterprise, infrastructure and mobile. Visit www.qorvo.com to learn how our diverse and innovative team is helping connect, protect and power our planet.

    Qorvo is a registered trademark of Qorvo, Inc. in the U.S. and in other countries. All other trademarks are the property of their respective owners.

    This press release includes “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about our plans, objectives, representations and contentions, and are not historical facts and typically are identified by terms such as “may,” “will,” “should,” “could,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “forecast,” “predict,” “potential,” “continue” and similar words, although some forward-looking statements are expressed differently. You should be aware that the forward-looking statements included herein represent management’s current judgment and expectations as of the date the statement is first made, but our actual results, events and performance could differ materially from those expressed or implied by forward-looking statements. We caution you not to place undue reliance upon any such forward-looking statements. We do not intend to update any of these forward-looking statements or publicly announce the results of any revisions to these forward-looking statements, other than as is required under U.S. federal securities laws. Our business is subject to numerous risks and uncertainties, including those relating to fluctuations in our operating results on a quarterly and annual basis; our substantial dependence on developing new products and achieving design wins; our dependence on several large customers for a substantial portion of our revenue; a loss of revenue if defense and aerospace contracts are canceled or delayed; our dependence on third parties; risks related to sales through distributors; risks associated with the operation of our manufacturing facilities; business disruptions; poor manufacturing yields; increased inventory risks and costs, due to timing of customers’ forecasts; our inability to effectively manage or maintain relationships with chipset suppliers; our ability to continue to innovate in a very competitive industry; underutilization of manufacturing facilities; unfavorable changes in interest rates, pricing of certain precious metals, utility rates and foreign currency exchange rates; our acquisitions, divestitures and other strategic investments failing to achieve financial or strategic objectives; our ability to attract, retain and motivate key employees; warranty claims, product recalls and product liability; changes in our effective tax rate; enactment of international or domestic tax legislation, or changes in regulatory guidance; changes in the favorable tax status of certain of our subsidiaries; risks associated with social, environmental, health and safety regulations, and climate change; risks from international sales and operations; economic regulation in China; changes in government trade policies, including imposition of tariffs and export restrictions; we may not be able to generate sufficient cash to service all of our debt; restrictions imposed by the agreements governing our debt; our reliance on our intellectual property portfolio; claims of infringement of third-party intellectual property rights; security breaches, failed system upgrades or regular maintenance and other similar disruptions to our IT systems; theft, loss or misuse of personal data by or about our employees, customers or third parties; provisions in our governing documents and Delaware law may discourage takeovers and business combinations that our stockholders might consider to be in their best interests; and volatility in the price of our common stock. These and other risks and uncertainties, which are described in more detail under “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended March 30, 2024, and Qorvo’s subsequent reports and statements that we file with the SEC, could cause actual results and developments to be materially different from those expressed or implied by any of these forward-looking statements.

    # # #

    Financial Tables to Follow

    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended   Nine Months Ended
      December 28, 2024   December 30, 2023   December 28, 2024   December 30, 2023
    Revenue $ 916,317     $ 1,073,861     $ 2,849,497     $ 2,828,518  
                   
    Costs and expenses:              
    Cost of goods sold   524,901       685,983       1,680,471       1,721,880  
    Research and development   179,126       164,329       567,778       502,366  
    Selling, general and administrative   90,360       86,914       313,043       296,033  
    Other operating expense   68,905       178,204       220,899       246,516  
    Total costs and expenses   863,292       1,115,430       2,782,191       2,766,795  
                   
    Operating income (loss)   53,025       (41,569 )     67,306       61,723  
    Interest expense   (18,655 )     (17,581 )     (58,343 )     (51,963 )
    Other income, net   14,526       15,359       41,713       34,286  
                   
    Income (loss) before income taxes   48,896       (43,791 )     50,676       44,046  
    Income tax expense   (7,625 )     (83,147 )     (26,426 )     (117,103 )
    Net income (loss) $ 41,271     $ (126,938 )   $ 24,250     $ (73,057 )
                   
    Net income (loss) per share:              
    Basic $ 0.44     $ (1.31 )   $ 0.26     $ (0.75 )
    Diluted $ 0.43     $ (1.31 )   $ 0.25     $ (0.75 )
                   
    Weighted-average shares of common stock outstanding:              
    Basic   94,341       97,152       94,942       97,905  
    Diluted   95,031       97,152       95,808       97,905  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (In thousands, except per share data)
    (Unaudited)
     
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
               
    GAAP operating income (loss) $ 53,025     $ 9,675     $ (41,569 )
    Stock-based compensation expense   28,384       38,181       21,755  
    Amortization of intangible assets   26,085       29,482       29,787  
    Restructuring-related charges   68,072       34,396       6,075  
    Acquisition and integration-related costs   1,382       1,211       2,529  
    Goodwill impairment         96,458       173,414  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 )     885       51,864  
    Other expense (income)   2,216       1,926       (7,333 )
    Non-GAAP operating income $ 177,911     $ 212,214     $ 236,522  
               
    GAAP net income (loss) $ 41,271     $ (17,435 )   $ (126,938 )
    Stock-based compensation expense   28,384       38,181       21,755  
    Amortization of intangible assets   26,085       29,482       29,787  
    Restructuring-related charges   68,072       34,396       6,075  
    Acquisition and integration-related costs   1,382       1,211       2,529  
    Goodwill impairment         96,458       173,414  
    Net adjustments related to a terminated capacity reservation agreement   (1,253 )     885       51,864  
    Other expense (income)   600       (506 )     (12,252 )
    (Gain) loss on investments   (1,721 )     780       464  
    Adjustment of income taxes   (10,067 )     (3,611 )     59,161  
    Non-GAAP net income $ 152,753     $ 179,841     $ 205,859  
               
    GAAP weighted-average outstanding diluted shares   95,031       94,886       97,152  
    Dilutive stock-based awards         867       666  
    Non-GAAP weighted-average outstanding diluted shares   95,031       95,753       97,818  
               
    Non-GAAP net income per share, diluted $ 1.61     $ 1.88     $ 2.10  
     
    QORVO, INC. AND SUBSIDIARIES
    RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
    (Unaudited)
     
      Three Months Ended
    (in thousands, except percentages) December 28, 2024   September 28, 2024   December 30, 2023
    GAAP gross profit/margin $ 391,416   42.7 %   $ 445,306   42.6 %   $ 387,878   36.1 %
    Stock-based compensation expense   5,742   0.6       6,047   0.6       5,575   0.5  
    Amortization of intangible assets   23,462   2.6       25,523   2.4       25,457   2.4  
    Restructuring-related charges   6,931   0.7       15,414   1.4       (250 )  
    Acquisition and integration-related costs   1         636   0.1       1    
    Net adjustments related to a terminated capacity reservation agreement   (1,253 ) (0.1 )     (885 ) (0.1 )     51,864   4.8  
    Non-GAAP gross profit/margin $ 426,299   46.5 %   $ 492,041   47.0 %   $ 470,525   43.8 %
     
      Three Months Ended
    Non-GAAP Operating Income December 28, 2024
    (as a percentage of revenue)  
       
    GAAP operating income 5.8 %
    Stock-based compensation expense 3.1  
    Amortization of intangible assets 2.8  
    Restructuring-related charges 7.4  
    Acquisition and integration-related costs 0.2  
    Net adjustments related to a terminated capacity reservation agreement (0.1 )
    Other expense 0.2  
    Non-GAAP operating income 19.4 %
      Three Months Ended
    Free Cash Flow(1) December 28, 2024
    (in millions)  
       
    Net cash provided by operating activities $ 214.1  
    Purchases of property and equipment   (37.8 )
    Free cash flow $ 176.3  

    (1) Free Cash Flow is calculated as net cash provided by operating activities minus property and equipment expenditures.

    QORVO, INC. AND SUBSIDIARIES
    ADDITIONAL SELECTED NON-GAAP FINANCIAL MEASURES AND RECONCILIATIONS
    (In thousands)
    (Unaudited)
     
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP research and development expense $ 179,126   $ 201,050   $ 164,329  
    Less:          
    Stock-based compensation expense   13,650     13,468     11,830  
    Acquisition and integration-related costs   1     2     2  
    Non-GAAP research and development expense $ 165,475   $ 187,580   $ 152,497  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP selling, general and administrative expense $ 90,360   $ 107,760   $ 86,914  
    Less:          
    Stock-based compensation expense   8,985     18,488     4,336  
    Amortization of intangible assets   2,623     3,959     4,330  
    Acquisition and integration-related costs       1      
    Non-GAAP selling, general and administrative expense $ 78,752   $ 85,312   $ 78,248  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP other operating expense $ 68,905   $ 126,821   $ 178,204  
    Less:          
    Stock-based compensation expense   7     178     14  
    Restructuring-related charges   61,141     18,982     6,325  
    Acquisition and integration-related costs   1,380     572     2,526  
    Goodwill impairment       96,458     173,414  
    Other expense (income)   2,216     3,696     (7,333 )
    Non-GAAP other operating expense $ 4,161   $ 6,935   $ 3,258  
               
      Three Months Ended
      December 28, 2024   September 28, 2024   December 30, 2023
    GAAP total operating expense $ 338,391   $ 435,631   $ 429,447  
    Less:          
    Stock-based compensation expense   22,642     32,134     16,180  
    Amortization of intangible assets   2,623     3,959     4,330  
    Restructuring-related charges   61,141     18,982     6,325  
    Acquisition and integration-related costs   1,381     575     2,528  
    Goodwill impairment       96,458     173,414  
    Other expense (income)   2,216     3,696     (7,333 )
    Non-GAAP total operating expense $ 248,388   $ 279,827   $ 234,003  
     
    QORVO, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (In thousands)
    (Unaudited)
     
      December 28, 2024   March 30, 2024
    ASSETS      
    Current assets:      
    Cash and cash equivalents $ 769,432   $ 1,029,258
    Accounts receivable, net   427,863     412,960
    Inventories   656,216     710,555
    Other current assets   126,917     133,983
    Assets of disposal group held for sale   116,435     159,278
    Total current assets   2,096,863     2,446,034
           
    Property and equipment, net   820,874     870,982
    Goodwill   2,437,234     2,534,601
    Intangible assets, net   332,338     509,383
    Long-term investments   25,692     23,252
    Other non-current assets   250,095     170,383
    Total assets $ 5,963,096   $ 6,554,635
           
    LIABILITIES AND STOCKHOLDERS’ EQUITY      
    Current liabilities:      
    Accounts payable and accrued liabilities $ 551,676   $ 589,760
    Current portion of long-term debt       438,740
    Other current liabilities   227,110     113,215
    Liabilities of disposal group held for sale   29,075     88,372
    Total current liabilities   807,861     1,230,087
           
    Long-term debt   1,549,230     1,549,272
    Other long-term liabilities   225,572     218,904
    Total liabilities   2,582,663     2,998,263
           
    Stockholders’ equity   3,380,433     3,556,372
    Total liabilities and stockholders’ equity $ 5,963,096   $ 6,554,635
     

    At Qorvo®
    Doug DeLieto
    VP, Investor Relations
    1.336.678.7968

    The MIL Network

  • MIL-OSI: Solana Based Meme Coin Launchpad Solana.Pattie.Meme Goes Live

    Source: GlobeNewswire (MIL-OSI)

    Birmingham, UK, Jan. 28, 2025 (GLOBE NEWSWIRE) — Pattie.Meme the BSC based meme Launchpad is pleased to announce the Solana Based Launchpad was added and it goes live today at 1:00 pm UTC. The highly anticipated meme coin website is set to democratise the way people can launch, use, engage with and trade meme coins, leveraging off the speed and robustness of Solana, the fastest and most secure blockchain currently in existence.

    Meme coins have become increasingly popular for users to design their own pieces of digital scarcity, allowing users to own and trade their tokens just as you would with physical assets such as sticker trading cards.

    Solana.Pattie.Meme has been built to be the ultimate destination for meme coin creators and enthusiasts, with security at the heart of the platform. Not only is it seamless for anyone to launch their own digital asset, but user tokens are also protected with the aim of creating longer-term value.

    Solana.Pattie.Meme is underpinned by the PATTIE cryptocurrency and has been built specifically to eliminate the risk of developers launching tokens that are subject to “rug pulls”. This is achieved by ensuring newly launched token liquidity is locked and burned and automatically deployed onto Raydium once a market capitalisation of $100k , $17k of liquidity is then deposited in Raydium and burned. In the near future Pattieswap will launch soon their own Solana Based Swap. 

    Revenue generated from fees will be used to buy back and burn the native PATTIE token, making it a deflationary asset that is designed to further enhance the value of the ecosystem.

    About Pattie.Meme Solana

    Solana.Pattie.Meme is at the forefront of meme coin generation allowing users to launch their very own token for as little as $1.25 (0.0055 SOL) Whether it is a meme coin based on a frog, mouse or anything else, Solana.Pattie.Meme facilitates the creation of assets with user protection in mind. Pattie.Meme brings security to people who want to partake in the rapidly growing digital economy.

    SOL: https://solana.pattie.meme
    BSC: https://pattie.meme
    Telegram: https://t.me/pattiememe

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network

  • MIL-OSI USA: January 28th, 2025 Heinrich: Trump’s Blockade on Federal Funding Pummels New Mexicans and American Economy

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich
    Published: January 28th, 2025

    WASHINGTON – U.S. Senator Martin Heinrich (D-N.M.), a member of the Senate Appropriations Committee, is condemning President Trump’s unlawful direction to unilaterally blockade all federal grant funding.
    “Our economy, our healthcare system, our schools, our law enforcement and fire departments, our newborns, our elders, our veterans – everyone, everywhere in New Mexico. President Trump is attempting to shove all of this over a cliff,” said Heinrich. “In New Mexico alone, Trump’s blockade on federal funding will make it impossible for thousands to pay rent on February 1st, force tens of thousands of New Mexico students to drop out of college without Pell Grant funding, close hundreds of preschool programs across the state, deprive 7 out of 10 New Mexico children their daily lunch, and cut off federal Medicaid reimbursement – impacting 7 out of 10 nursing home residents, 55% of newborn births, and all health care providers in our state.”
    Heinrich continued, “Trump is clearly willing to pummel New Mexicans and the American economy for his twisted and deranged agenda and fragile ego. But the Constitution is clear: the president cannot override, delay, or rescind Congress’s funding laws. We passed these laws to help working families get ahead and put food on the table and create jobs New Mexicans can build their families around. I will fight like hell to undo this brazen, barbaric blockade from this wannabe dictator and his weird billionaire lackeys.”
    The Constitution explicitly gives Congress, not the president, the power of the purse. The president does not have the power to override spending laws that Congress has passed and the president has signed into law. Article I, Section 9, Clause 7 of the Constitution says: “No Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” Fact sheets from the Senate and House Appropriations Committees detailing how presidents lack power to unilaterally override congressional spending laws and deny enacted funding to communities can be found here and here.
    Examples of the impacts of this funding blockade:
    PUBLIC SAFETY: Grants for law enforcement and homeland security activities will cease to go out the door, undermining public safety in every state and territory.
    DISASTER RELIEF: Public assistance and hazard mitigation grants from the Disaster Relief Fund (DRF) to state, tribal, territorial, and local governments and non-profits to help communities quickly respond to, recover from, and prepare for major disasters will be halted—right as so many communities are struggling after severe natural disasters, including Roswell flooding and Ruidoso fires and severe storms and wildfires in Florida, Georgia, North Carolina, and California.
    INFRASTRUCTURE PROJECTS: All federally-funded transportation projects across the country—roads, bridges, public transit, and more—will be halted, including projects already under construction.
    COMBATTING THE FENTANYL CRISIS: Funding for communities to address the substance use disorder crisis and combat the fentanyl crisis will be cut off.
    988 SUICIDE AND CRISIS LIFELINE: Funding for the 988 Suicide and Crisis Lifeline, as well as grants for mental health services, will be cut off.
    MEDICAL RESEARCH: There will be immediate pauses on all funding for critical health research, including research on cancer, Alzheimer’s disease, and diabetes, as well as clinical trials at the NIH Clinical Center and all across the country—disrupting lifesaving and often time-sensitive research.
    EMERGENCY PREPAREDNESS: Critical preparedness and response capability funding used to prepare for disasters, public health emergencies, and chemical, biological, radiological, or nuclear events will be frozen.
    FIREFIGHTING: Grants to support firefighters across the country will be halted—this includes grants that help states and localities purchase essential firefighting equipment.
    HEAD START: Funding for Head Start programs that provide comprehensive early childhood education for more than 800,000 kids and their families will be cut off. Teachers and staff would not get paid and programs may not be able to stay open.
    CHILD CARE: Child care programs across the country will not be able to access the funding they rely on to keep their doors open.
    K-12 SCHOOLS: Federal funding for our K-12 schools will be halted. School districts may not be able to access key formula grant funding including Title I, IDEA, Impact Aid, and Career and Technical Education, which would pose tremendous financial burdens on schools in the middle of the school year.
    HIGHER EDUCATION AND JOB TRAINING: Millions of students relying on Pell grants, federal student loans, and federal work study will have their plans to pursue postsecondary education and further their careers thrown into chaos as federal financial aid disbursements are paused.
    HEALTH SERVICES: Federal funding for community health centers that provide health care for over 30 million Americans will be immediately frozen, creating chaos for patients trying get their prescriptions, a regular checkup, and more.
    SMALL BUSINESSES: The Small Business Administration will have to halt loans to small businesses—including those in disaster ravaged communities in North Carolina, Texas, and Florida.
    VETERANS CARE: Federal grants to help veterans in rural areas access health care and grants to help veterans get other critical services, including suicide prevention resources, transition assistance, and housing for homeless veterans, will be cut off.
    NUTRITION ASSISTANCE: Millions of American families and children who rely on nutrition assistance programs like SNAP, WIC, and school lunch programs will be left hungry as funding is cut off and non-profits who provide additional assistance lose federal funding.
    TRIBES: Funding to Tribes for basic government services like health care, public safety, law enforcement, Tribal schools, housing, and food assistance will be halted.
    PREVENTING VIOLENCE AGAINST WOMEN: All Violence Against Women Act (VAWA) grants, as well as funding for victims assistance and state and local police, will be cut off.
    U.S. COMPETITIVENESS: Existing grants to support research for AI and quantum computing will be halted and any new grant funding would be paused—undermining U.S. innovation and competitiveness with China and putting American jobs at risk.
    ENERGY JOBS: Grants for critical energy projects nationwide will be cut off—halting billions of dollars in investment nationwide and jeopardizing good-paying American jobs. The Department of Energy Loan Program Office will halt loans in 28 states, impacting hundreds of thousands construction and operations jobs.
    FOOD INSPECTIONS: Some states will have to take on the full financial burden of ensuring the nation’s meat supply is safe if federal cooperative agreements for meat inspection are halted.
    SUPPORT FOR SERVICE MEMBERS: Support for a host of Department of Defense financial assistance and grant programs supporting service members and their families will be halted, including the Fisher House, Impact Aid, community noise mitigation, ROTC language training, STEM programs, and the USO.
    WEAKENS MILITARY READINESS: Grants and other assistance appropriated to strengthen military effectiveness and defense capacity will be halted, including Defense Production Act support for the defense industrial base, basic research grants necessary to advance key technologies, and small business support to strengthen supply chains.
    AMERICANS OVERSEAS: Programs that track and combat the spread of infectious diseases, create business opportunities for American companies in emerging markets, combat terrorism, and counter the influence of China, Russia, and Iran—and efforts to ensure the safety and security of Americans implementing these programs—are all suspended and could be terminated.
    An extensive list of potentially impacted federal programs can be found here.

    MIL OSI USA News

  • MIL-OSI USA: Warner, Kaine, Colleagues Demand that Trump Exempt Veterans Affairs Employees from Hiring Freeze

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) joined a group of their Senate colleagues in demanding that President Donald Trump exempt all positions at the U.S. Department of Veterans Affairs (VA) from President Trump’s Executive Order to institute an immediate hiring freeze across the federal civil service. In the lawmakers’ letter to Trump, the senators raised concerns that unless the VA were exempted from the hiring freeze, delivery of health care and benefits to veterans across the country could be delayed or otherwise negatively impacted.
    “As written, this Memorandum could dramatically impair the ability of veterans across the country to get the care and benefits they desperately need,” wrote the senators. “It could also delay or deny various other services across VA – from burial services to job training to assistance for homeless veterans to life-saving assistance from the Veterans Crisis Line.”
    “And despite assurances that VA benefits would be exempt,” they continued. “We have become aware the hiring freeze will extend to the Veterans Benefits Administration – a decision that will dramatically impact the processing of disability claims, growing the backlog and making it more difficult for veterans to access their earned benefits, including those promised in the PACT Act. Additionally, there is no explicit exemption for employees serving the more than 9.2 million veterans enrolled in VA health care.”
    Following concerns from senators and veterans, the VA announced certain positions would be exempted from the hiring freeze. However, the order continues to require the Veterans Benefits Administration to take additional steps before filling vacancies, which would dramatically impact the processing of disability claims. The order also does not exempt certain support staff who provide important inpatient services at VA medical centers, including housekeepers, cooks, and boiler room employees.
    Warner and Kaine have both long advocated for ensuring access to health care, housing, employment, and other benefits for veterans and military families. In December 2024, both senators joined their colleagues in a unanimous vote to pass the Senator Elizabeth Dole 21st Century Veterans Healthcare and Benefits Improvement Act, which will cut down wait times for veterans seeking health care and improve pay for VA health care employees. In September 2024, Warner and Kaine announced over $4.5 million in federal funding for veteran suicide prevention efforts in Virginia. And in August 2022, Warner and Kaine helped pass the PACT Act to expand benefits for veterans who were exposed to toxins as a result of their military service.
    The letter was led by U.S. Senator Richard Blumenthal (D-CT) and joined by Senators Mazie Hirono (D-HI), Catherine Cortez Masto (D-NV), Martin Heinrich (D-NM), Jack Reed (D-RI), Bernard Sanders (I-VT), Jeff Merkley (D-OR), Tina Smith (D-MN), Dick Durbin (D-IL), Maggie Hassan (D-NH), Ruben Gallego (D-AZ), Patty Murray (D-WA), Alex Padilla (D-CA), Jon Ossoff (D-GA), Jeanne Shaheen (D-NH), Tammy Baldwin (D-WI), Ben Ray Luján (D-NM), Sheldon Whitehouse (D-RI), Cory Booker (D-NJ), Jacky Rosen (D-NV), Mark Kelly (D-AZ), Amy Klobuchar (D-MN), and Peter Welch (D-VT).
    The full text of the letter is available below.
    Dear President Trump,
    We write with urgent concerns about the Presidential Memorandum issued on January 20, 2025, which instituted an immediate hiring freeze, with few exceptions, across the federal civil service. Veterans have earned and deserve the best quality health care and benefits possible. Delivering on that sacred promise starts with ensuring the Department of Veterans Affairs (VA) has the appropriate personnel in place to serve them. As written, this Memorandum could dramatically impair the ability of veterans across the country to get the care and benefits they desperately need. It could also delay or deny various other services across VA – from burial services to job training to assistance for homeless veterans to life-saving assistance from the Veterans Crisis Line. That is why it is imperative for you to provide an immediate, clear, and full exemption to this hiring freeze for VA so it can continue to deliver on its sacred mission for veterans.
    In your Memorandum, little detail is provided to understand the scope of its exemptions. And despite assurances that VA benefits would be exempt, we have become aware the hiring freeze will extend to the Veterans Benefits Administration – a decision that will dramatically impact the processing of disability claims, growing the backlog and making it more difficult for veterans to access their earned benefits, including those promised in the PACT Act. Additionally, there is no explicit exemption for employees serving the more than 9.2 million veterans enrolled in VA health care.
    Veterans deserve the best care possible from the best medical professionals in the country. To deliver on that obligation, VA continues to utilize various hiring authorities and incentives provided by Congress to address chronic medical workforce shortages, particularly in rural areas. Instead of building upon those efforts, one of your first actions was to stop them entirely, and to issue new directives to VA personnel across the country to not only leave vacancies unaddressed, but to revoke job offers that have already been made. That is a betrayal of trust to veterans on day one of your Administration, and it is a betrayal of trust to prospective VA employees intent on serving veterans – an action that will undoubtedly have long-term impacts on VA’s ability to effectively recruit and retain the physicians, nurses, and other critical positions that make VA the preferred option for care for veterans.
    Mr. President, to prevent the delay or denial of life-saving services and benefits for our nation’s heroes, we urge you to provide an immediate, clear, and full exemption to VA personnel from your hiring freeze. Thanks largely to the PACT Act and the leadership of the Biden Administration, VA is providing more care and more benefits to more veterans than at any time in its history. We are hopeful to work with you to build upon our nation’s promise to these men and women, but we also vow to fight every effort that dishonors their service and reneges upon that sacred promise. 
    Sincerely,

    MIL OSI USA News

  • MIL-OSI Canada: Prime Minister Justin Trudeau meets with Prime Minister of Poland Donald Tusk

    Source: Government of Canada – Prime Minister

    Today, Prime Minister Justin Trudeau met with the Prime Minister of Poland, Donald Tusk, in Warsaw, Poland.

    Following yesterday’s commemorative event to mark 80 years since the liberation of the Auschwitz Birkenau German Nazi Concentration and Extermination Camp, the two leaders reaffirmed their shared commitment to Holocaust remembrance and combatting antisemitism.

    As the full-scale invasion of Ukraine nears the three-year mark, the prime ministers condemned Russia’s unjustifiable war of aggression and reiterated the importance of Canada and Poland’s continued support to the people of Ukraine as they continue to fight for their freedom and independence. The leaders underlined the importance of providing military, financial, and other assistance to Ukraine.

    Prime Minister Trudeau and Prime Minister Tusk reaffirmed Canada and Poland’s commitment to working together to tackle regional and global challenges, including threats to stability and energy security. Prime Minister Trudeau welcomed continued bilateral co-operation in initiatives to strengthen transatlantic security, such as the training of Ukraine’s Armed Forces personnel and NATO’s Canada-led Multinational Brigade in Latvia.

    The two leaders reflected on the strong state of bilateral relations between their two countries, including growing commercial ties. They also welcomed the conclusion of the Canada-Poland Nuclear Cooperation Agreement and deepened ties in this key sector. The prime ministers agreed that their shared values and priorities will carry forward this relationship in the years to come.

    Associated Links

    MIL OSI Canada News

  • MIL-OSI USA: Today is the Last Day to Apply for FEMA Disaster Assistance

    Source: US Federal Emergency Management Agency

    Headline: Today is the Last Day to Apply for FEMA Disaster Assistance

    Today is the Last Day to Apply for FEMA Disaster Assistance

    SANTA FE, New Mexico– The deadline for Chaves County homeowners and renters who suffered uninsured or underinsured damage to their property, from the Oct. 19-20 storm and flooding, is 11:59 p.m. today.Storm-impacted New Mexicans may apply in person at the state of New Mexico/FEMA Disaster Recovery Center (DRC) in the Roswell Mall, where specialists from FEMA’s Individual Assistance (IA) program help applicants face to face. Highly trained specialists assist citizens through the recovery process, explaining the types of assistance available from FEMA, such as housing and other needs assistance.This DRC is open 10 a.m. to 7 p.m. today, Thursday, Jan. 2, 2025.Impacted citizens are encouraged to file insurance claims for damage to their homes, personal property and vehicles before they apply for FEMA assistance. FEMA grants do not have to be repaid. FEMA assistance is nontaxable and will not affect eligibility for Social Security, Medicaid or other federal benefits.FEMA’s IA program is designed to help New Mexicans with basic, critical needs such as a safe, sanitary, and functional place to live while Chaves’ residents look for a long-term or permanent housing solution. It is not designed to make residents whole and is not a substitute for insurance coverage. FEMA assistance cannot duplicate other sources of assistance. FEMA provides funds paid directly to eligible individuals and households. Financial Housing Assistance may include rental assistance, lodging expenses reimbursement, home repair assistance, and replacement assistance.Applying for Help is FreeIf you are unable to apply in person, visit DisasterAssistance.gov, call the FEMA Helpline at 800-621-FEMA (3362) or use the FEMA mobile app. Help is available in most languages. This is what you will need when you apply:A current phone number where you can be contacted.Your address at the time of the disaster and the address where you are now staying.Your Social Security Number. A general list of damage and losses.Banking information if you choose direct deposit. If insured, the policy number or the agent and/or the company name.If you are unable to locate important documentation, FEMA will help you identify other ways to verify this information.To view an American Sign Language (ASL) video about how to apply visit How to Apply for Disaster Assistance – YouTube. For the latest information on the Chaves County recovery, visit fema.gov/disaster/4843. Follow FEMA Region 6 on social media at x.com/FEMARegion6 and facebook.com/femaregion6.
    alexa.brown
    Tue, 01/28/2025 – 20:16

    MIL OSI USA News

  • MIL-OSI Security: FBI Springfield Advises Caution in Online Relationships

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

    As Valentine’s Day approaches, FBI Springfield takes the opportunity to remind the public that online relationships are not always as they appear. While many people find authentic rewarding relationships online, far too many fall prey to romance scams. In this type of scam, a criminal adopts a fake online identity to gain a victim’s affection and trust with the illusion of a romantic or close relationship in order to steal the victim’s money, personal or financial information, or even items of value.

    Scammers use well-rehearsed scripts that have been used repeatedly and successfully, typically targeting victims via dating websites or apps, with the intention of establishing a relationship as quickly as possible. Some even keep journals on their victims to better understand how to manipulate and exploit them.

    In 2023, the FBI’s Internet Crime Complaint Center reported that Illinoisians lost almost $19 million in romance scams, a slight increase from the previous year. Nationwide, the dollar loss has declined slightly every year from 2021 to 2023; however, victims still lost $652.5 million in 2023.

    “If someone has already sent money, the FBI will make every effort to see that the funds are returned to the victim by working with other law enforcement agencies and financial institutions, but oftentimes it can be difficult to investigate. That’s why the FBI relies on education and awareness to deter individuals from falling victim to these scams,” said Springfield Field Office Special Agent in Charge Christopher Johnson. “Proceed carefully and stay alert to warning signs from the very beginning to avoid the emotional and financial fall-out that accompanies romance scams.”

    Romance scammers actively search dating websites, apps, chat rooms, and social networking sites in their efforts to build a relationship with an unwitting victim. Here are some red flags that might indicate you are headed for heartbreak.

    • You are asked to leave the dating website where you met to communicate solely through email or instant messaging.
    • The individual sends you a photo that looks like a glamour shot out of a magazine.
    • The individual professes love quickly.
    • The individual tries to isolate you from friends and family.
    • The individual claims to be working and living far away.
    • Plans made to visit you always cancel because of an emergency.
    • You are asked to send money, personal and financial information, items of value, or to launder money.
    • The individual uses stories of severe life circumstances, tragedies, deaths in the family, injuries to themselves, or other hardships to keep their victims concerned and involved.
    • A claim they have knowledge of cryptocurrency investments or trading opportunities that will result in substantial profits.

    FBI Springfield offers the following tips to avoid becoming a victim.

    • Go slow and ask questions.
    • If you suspect an online relationship is a scam, stop all contact immediately.
    • Never send money to someone you met online and have not met in person.
    • Never share your Social Security number or other personally identifiable information.
    • Research the individual’s picture and profile using other online search tools.
    • If you are planning to meet someone in person, proceed with caution, especially if you plan to travel to a foreign country.
    • Be careful what you post and make public online as scammers can use details shared on social media and dating sites to better understand and target you.
    • If you haven’t met the individual in person after a few months, you have good reason to be suspicious.

    Many times, victims may feel embarrassed, ashamed, or humiliated and be reluctant to share their victimization with anyone, let alone report it to law enforcement. However, the FBI encourages anyone who has been victimized by this fraud or unsuccessfully targeted to contact FBI Springfield at 217-522-9675 and file a complaint with the FBI’s IC3. Coming forward will provide law enforcement with the necessary information to ensure online imposters are stopped and brought to justice.

    MIL Security OSI

  • MIL-OSI Security: Career Felon Caught with Fentanyl, Firearm Sentenced to 17 Years

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

    Ryan Partridge had a pending arrest warrant when pulled over by Augusta police officers

    BANGOR, Maine: An Augusta man was sentenced today in U.S. District Court in Bangor for distributing and possessing with intent to distribute fentanyl and possessing a gun in furtherance of a drug trafficking crime.

    U.S. District Judge John A. Woodcock, Jr. sentenced Ryan Partridge, 35, to 204 months in prison to be followed by four years of supervised release.

    According to court records, in July 2023, Partridge was a passenger in a vehicle stopped by officers from the Augusta Police Department. During a search of the vehicle, investigators recovered a backpack with approximately 125 grams of fentanyl and a 9mm pistol inside, and Partridge admitted to investigators that the backpack and its contents belonged to him. At the time of the stop, Partridge, a career criminal with 12 prior convictions including two drug felonies, was on probation for a 2019 conviction for aggravated trafficking of fentanyl. He also had a pending arrest warrant for failing to report a change of address.

    The FBI and U.S. Border Patrol investigated the case with assistance from the Augusta Police Department.

    ###

    MIL Security OSI

  • MIL-OSI Security: Pierceland  — Pierceland RCMP seize firearms while arresting wanted man

    Source: Royal Canadian Mounted Police

    On January 21, 2025, Pierceland RCMP were working to locate 23-year-old David Waskahat.

    He was wanted for failing to appear in court on charges laid after a firearms discharge that took place in Pierceland, SK on October 27, 2024.

    RCMP officers located Waskahat in a vehicle in Mudie Lake, SK. As a result of investigation, Pierceland RCMP located and seized a sawed-off riffle, a sawed-off shotgun, and a machete. A photo of the seized items is attached.

    David Waskahat has been charged with:

    • 1 count, possession of restricted weapon without license, Section 95(1), Criminal Code;
    • 1 count, possession of firearm with tampered serial number, Section 108(1)(b), Criminal Code;
    • 1 count, possession of firearm while unauthorized, Section 92(1), Criminal Code;
    • 2 counts, possession of firearm in a motor vehicle, Section 94(1), Criminal Code;
    • 2 counts, careless use of a firearm, Section 86(1), Criminal Code;
    • 3 counts, possession of weapon contrary to court order, Section 117.01(1), Criminal Code;
    • 3 counts, fail to comply with probation order, Section 733.1(1), Criminal Code; and
    • 1 count, fail to comply with release order, Section 1454(5)(a), Criminal Code.

    Waskahat appeared in Meadow Lake Provincial Court on January 23, 2025 where he was remanded into custody until his next scheduled appearance on February 5, 2025.

    MIL Security OSI

  • MIL-OSI: Discount Doctor to Visit United Kingdom in Support of Investment Trusts

    Source: GlobeNewswire (MIL-OSI)

    RYE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — David Schachter, Senior Vice President of GAMCO Investors, Inc., will visit the United Kingdom to convey support for the British investment trust industry.

    With over 40 years of experience exclusively with retail, long term, closed-end fund investors, Mr. Schachter, a most senior and experienced veteran of the U.S. Closed End Fund industry, was recently given the title of Discount Doctor by the Trustees of The GAMCO Natural Resources, Gold & Income Trust (GNT), which trades on the NYSE.

    Mr. Schachter said, “The way I see it, the United States owes a debt to the British Investment Trust Industry, which helped build our railroads in the 1800s. Last week in his inauguration speech, President Trump spoke of America’s achievements stating, ‘In America, the impossible is what we do best…Together they laid down the railroads …and triumphed over every single challenge that they faced.’”

    During the 19th century, capital was raised through closed-end funds. These funds helped build the railroads, which linked the American continent from sea to sea and led to the nation’s economic success.

    Today, in the early 21st century, closed-end funds are being threatened for elimination by hedged activists for short-term and short-sighted value extraction.

    “Closed-end funds are a metaphor for long-term, patient capital, but they also represent freedom for investors who, in a sector where mass redemptions could force portfolio managers to sell, is an essential ability to those who may not want to be herded into selling.”

    Mr. Schachter plans to visit the offices of the Association of Investment Companies (AIC) and speak with the press and interested U.K. investors.

    He remarked that recent activism is emblematic of short-termism and notes activist claims of being aligned with “Mom and Pop” investors as being absurd. “When it comes to activism, the playing field isn’t level at all…unlike Mom and Pop, sophisticated activists are hedged on a fund’s underlying portfolio.” Schachter commented, “As the Discount Doctor, it is critical to cure the ill without killing the patient in the process.”

    Financial professionals and investors are invited to contact Mr. Schachter directly at (914) 921-5057 or (800) GABELLI.

    Gabelli Funds, LLC is the adviser to thirteen closed-end funds which trade on the NYSE: Gabelli Equity Trust (NYSE: GAB), Gabelli Convertible & Income Securities Fund (NYSE: GCV), Gabelli Multimedia Trust (NYSE: GGT), Gabelli Utility Trust (NYSE: GUT), Gabelli Dividend & Income Trust (NYSE: GDV), Gabelli Global Utility & Income Trust (NYSE American: GLU), GAMCO Global Gold Natural Resources & Income Trust (NYSE American: GGN), The GDL Fund (NYSE: GDL), Gabelli Healthcare & WellnessRX Trust (NYSE: GRX), GAMCO Natural Resources, Gold & Income Trust (NYSE: GNT), Gabelli Global Small and Mid-Cap Value Trust (NYSE: GGZ), Bancroft Fund (NYSE American: BCV) and Ellsworth Growth & Income Fund (NYSE American: ECF). As of December 31, 2024, the thirteen Gabelli closed-end funds had total assets of $7.3 billion.

    Investors should carefully consider the investment objectives, risks, charges, and expenses of a Fund before investing. For more information regarding the Funds, call:

    David Schachter
    (914) 921-5057

    A Fund’s NAV per share will fluctuate with changes in the market value of the Fund’s portfolio securities. Stocks are subject to market, economic, and business risks that cause their prices to fluctuate. Investors acquire shares of the Fund on a securities exchange at market value, which fluctuates according to the dynamics of supply and demand. When Fund shares are sold, they may be worth more or less than their original cost. Consequently, you can lose money by investing in a Fund.

    The MIL Network

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the Opening of the African Heads of State Energy Summit [as delivered]

    Source: United Nations secretary general

    Your Excellency President Samia Suluhu Hassan, Excellencies, Majesties, Distinguished guests, Ladies and Gentlemen,

    It is a pleasure to join you here all today. I extend my heartfelt thanks to Her Excellency President Hassan and her Government of the United Republic of Tanzania for hosting the Mission 300 Africa Energy Summit.

    But I would also like to underscore that it is because of her incredible leadership and her vision, that we are all here today and gathered as an African continent.

    I would also thank the African Union for keeping the fire under our feet to do right thing for the continent.

    Congratulations to my two brothers, the African Development Bank Group, Akin, and the World Bank Group, Ajay. These are incredible partnerships, that bring genuine experience, decades of work from the public sector to the private sector.

    That is why we are looking to them for the success of this union.

    But we also look to the Rockefeller Foundation for a strong and meaningful partnership – one that brings key stakeholders together in this room.

    Your bold investments are a testament to Africa’s potential for a sustainable and resilient future.

    Today, Africa has one of the lowest levels of energy access, as we have heard, but it is also one of the most vulnerable to intensifying climate shocks.

    Yet our continent is rich in renewable energy resources and critical minerals. Which are all essential for the energy transition, and benefit from limited sunk costs in fossil fuel-intensive energy infrastructures. Africa is also home to a vibrant, young, and enterprising population.

    This provides immense potential for Africa to show the rest of the world what a new economic development paradigm grounded in sustainability, resilience, justice, and inclusivity can look like.

    Enhanced energy access, affordability, and reliability is not only crucial for achieving our Sustainable Development Goal 7 but also serves as a catalyst for broader development goals. Access to clean and sustainable energy underpins progress in health, in education, in gender equality, while driving economic growth and climate action. Many of the 17 goals.

    By advancing long-term energy security and sovereignty, we can foster peace, we can create green jobs, and build resilient livelihoods — paving the way for improved stability and prosperity across the continent.

    With renewables now being the cheapest source of new electricity almost everywhere on earth, Mission 300’s bold commitment to connect 300 million people to electricity by 2030 represents a transformative opportunity for Africa.

    Combined with systemic initiatives like the African Continental Free Trade Agreement, Africa is uniquely positioned to lead the global energy transition.

    By powering essential sectors such as healthcare, education, and commerce, bolstering industries like solar manufacturing, grid infrastructure, and clean energy solutions, renewable energy can unlock unprecedented economic potential.

    With reliable energy access, the continent’s 147 million small and medium enterprises — key drivers of economic growth — will have the tools to scale, innovate, and create jobs, turning energy into a true catalyst for inclusive and sustainable progress.

    Tanzania stands as a shining example of how rural electrification and off-grid renewable energy solutions can transform lives, particularly in remote and underserved areas.

    The country has made remarkable strides, with electricity access increasing from just 14% in 2011 to 46% in 2022. And what does that mean? It has led to over 1 million new connections, driving the rural electrification rate to 72%.

    In November 2024, more than 60,000 social institutions were connected by REA, benefiting 12,905 educational institutions, 6,768 health facilities, over 8,000 places of worship, and 29,000 commercial areas.

    This progress means that more boys and girls in remote areas can now study in well-lit classrooms, health workers can deliver life-saving services to off-grid populations, and rural businesses can thrive with reliable power. Tanzania demonstrates how energy access is not just about electricity—it’s about opportunity, equity, and the foundation of a brighter future and a life in dignity for everyone.

    We must ensure that Mission 300 seizes the opportunity that lies ahead.

    With five years to the endpoint of the SDGs and having completed the first decade of implementing the African Union’s 2063 Agenda, it is clear that transformation efforts remain insufficient.

    I would like to deeply commend the African leadership that is here today, as you seek solutions to address Africa’s energy access, climate vulnerability, and development challenges holistically.

    Excellencies, Ladies and gentlemen,

    We must accelerate our collective efforts to fast-track solutions for SDG 7 but also the Paris Agreement and propel Africa to become a clean energy powerhouse.

    This requires urgent action in three key areas beyond this Summit.

    First, creating the right enabling environment to attract scaled private and public investments through stronger, stable, and more coherent policy and regulatory frameworks.

    We are very pleased to see, thank you Ajay, the private sector that is here today and we hope they will accompany us through this very difficult but at the end profitable journey.

    This year, every Party to the UN Climate Convention has committed to submit a new economy-wide national climate action plan, that is aligned with the 1.5 degrees world that we need, well before COP 30 in November.

    If done right, these climate plans should align with national energy strategies and development priorities – and they would doubling as investment plans to seize the potential of renewables, helping to eradicate poverty and achieve the Sustainable Development Goals and the Paris Agreement. 

    Furthermore, the Secretary-General’s panel on Critical Energy Transition Minerals offers important Principles and Actionable Recommendations to ensure we do not repeat historical patterns of exploitation on this continent.

    Second, mobilizing affordable, accessible, and adequate finance.

    The chronic underinvestment in renewable energy in Africa, and long-standing structural barriers such as exorbitant capital costs, mean that a continent with the potential to be a renewable powerhouse accounts for less than one percent of global installed solar capacity.

    It is why we are calling for an SDG Stimulus to scale up affordable, long-term financing for developing countries, and for the “Baku-to-Belém Roadmap to $1.3 trillion” to bridge the climate finance gap by leveraging all sources and by addressing unjust and structural barriers. 

    Last year’s Pact of the Future sent an unequivocal message — reform of the international finance architecture is urgent and essential to:

    And this Pact would have not gotten over the line, if not for the leadership of the African leaders in the United Nations.

    It spoke to strengthening the voice and the representation of developing countries;

    It spoke to mobilizing far greater levels of financing for the SDGs, and directing that financing to countries most in need;

    It spoke to enabling countries to borrow sustainably, and with confidence, to invest in their long-term development;

    But it also spoke to provide effective and equal support to countries during systemic shocks.

    Finally, multilateralism – our international cooperation- still remains our best hope for delivering solutions at the necessary scale and speed.

    And I note to many of us, as I look to the geopolitical challenges that we have today. Multilateralism does not seem like the best offer on the table – but it is.

    It is a place that we come to. It is a global townhall for our global village. It is where we have visibility and where we can shine a light on the opportunities. But also, where we can give hope to the millions that look to us – to serve them.

    The United Nations remains dedicated to supporting your efforts every step of the way.

    Through our UN expertise and presence in the country, we are committed to supporting Mission 300, the African Development Bank and the World Bank. And we are committed to help identify and attract investments, strengthen policy, and secure the support you need to make Mission 300 a success.

    Finally, I would like to also commend our Special Representative. It is not often that we have women in leadership positions. Today, we are hosted by a great leader that is a woman.

    But we also have the Special Representative of the UN on Sustainable Energy for All, Damilola Ogunbiyi, who is playing a critical role within the Mission 300.

    In this critical countdown to 2030, let us ensure that Mission 300 delivers concrete outcomes towards the SDGs, the Paris Agreement, and the Agenda 2063.

    Let us seize this moment to accelerate and to deliver transformative progress. Together, I am sure that Africa can lead the clean energy transition, creating lasting prosperity and resilience for generations to come and actions and aspiration fulfilled today for our women and our youth.

    Thank you.

    MIL OSI United Nations News