NewzIntel.com

Category: Transport

  • MIL-OSI China: Report: Beijing leads China’s modernization efforts

    Source: China State Council Information Office 2

    Beijing has led China’s modernization efforts for four consecutive years, according to the “2024 Chinese Modernization Index Report” released Wednesday by the School of Statistics of Renmin University of China. 
    The report evaluates the progress of Chinese modernization across five key areas: economy, politics, culture, society, and ecology. 
    The assessment framework comprises 24 indicators, including innovation, economic security, political participation, government efficiency, law-based governance, cultural engagement, social security, and pollution control. 
    The report highlights steady progress in China’s modernization journey over the past four years, with the most notable improvement seen in ecological conservation, demonstrating China’s commitment to green development. Beijing, Shanghai, and Zhejiang province topped the rankings in this respect, each scoring over 80.
    Beijing is also ranked first in social modernization, driven by expanded coverage in areas like education, eldercare, and healthcare.
    The report recommends further economic development, strengthening government performance, promoting green development principles, and increasing people’s cultural participation.

    MIL OSI China News –

  • MIL-Evening Report: Islands Business publisher Samantha Magick – storyteller, risk-taker and community champion

    By Teagan Laszlo, Queensland University of Technology

    For Samantha Magick, journalism isn’t just a job. It is a lifelong commitment to storytelling, advocacy, and empowering voices often overlooked in the Pacific.

    As the managing editor and publisher at Islands Business, the Pacific Islands’ longest surviving news and business monthly magazine, Magick’s commitment to quality reporting and journalistic integrity has established her as a leading figure in the region’s news industry.

    Magick’s passion for journalism began at a young age.

    “I wanted to be a journalist when I was like 12,” Magick recalls. “When I left school, that’s all I wanted to study.”

    She remembers her family’s disapproval when she would write stories as a child, as they thought she was “sharing secrets”. Despite that early condemnation, Magick’s thriving journalism career has taken her across continents and exposed her to diverse media landscapes.

    After completing a Bachelor of Communications with a major in journalism at Charles Sturt University in Bathurst, Australia, Magick began her career at Communications Fiji Limited (CFL), a prominent Fijian commercial network.

    She progressed over 11 years from a cadet to CFL’s news director.

    Guidance of first boss
    Magick attributes some of her early success to the guidance of her first boss and CFL’s founder, William Parkinson. She considers herself fortunate to have had a supportive mentor who led by example and dared to take risks early in life, such as founding a radio station in his 20s.

    After leaving CFL, Magick’s career took her across the globe, including regional Pacific non-government organisations, news publications in Hawai’i and Indonesia, and even international legal organisations in Italy.

    Magick, who is of both Fijian and Australian heritage, returned to Suva in 2018, where she began her current role as Islands Business’s managing editor.

    “I’ve chosen to make my life in Fiji because I feel more myself here,” Magick says, reflecting on her deep connection to the island nation.

    Magick’s vision for Islands Business focuses on delving into the deeper, underlying narratives often overshadowed by breaking news cycles and free, readily available news content.

    “We need to be able to demonstrate the value of investigation, big picture reporting rather than the day-to-day stuff,” Magick says.

    Magick prides herself on creating a diverse and inclusive newsroom that reflects the communities it serves.

    Need for diverse newsroom
    “You have to have a diverse newsroom,” she emphasises, recognising the importance of amplifying marginalised voices. “For example, there is a conscious effort to make sure our magazine is not full of photos of men shaking hands with other men.”

    Magick also believes journalists have a responsibility to advocate for change, as demonstrated by Islands Business’s dedication to tackling pressing issues from climate change to media freedom.

    “Why would I give a climate change denier space?” Magick questions when discussing the need to balance objectivity and advocacy. “Because it’s kind of going to sell magazines? Because it’s going to create a bit of a stir online? That’s not something we believe in.”

    Despite her success, Magick’s career has not been without challenges. Magick worked through Fiji’s former draconian media restriction laws under the Media Industry Development Act 2010, while also navigating the shift to digital media.

    Islands Business managing editor Samantha Magick (right) with Fiji Times reporter Rakesh Kumar and chief editor Fred Wesley (centre) celebrating the repeal of the draconian Fiji media law last year . . . ““Why would I give a climate change denier space?” Image: Lydia Lewis/RNZ Pacific

    Magick emphasises the need to constantly upskill and re-evaluate strategies to ensure she and Islands Business can effectively navigate the constantly evolving media landscape.

    From learning to capitalise on social media analytics to locating reputable information sources when many of them feared to speak to the journalists due to the risk of legal retribution, Magick believes flexibility and perseverance are crucial to staying ahead in media.

    In her early career, Magick also faced sexism and misogyny in the media industry. “When I think back about the way I was treated as a young journalist, I feel sick,” Magick says as she reflects on how she and her female colleagues would warn each other against interviewing certain sources alone.

    Supporting aspiring journalists
    The challenges Magick has faced undoubtably contribute to her dedication to supporting aspiring journalists, as evident through Kite Pareti’s journey. Starting as a freelance writer with no newswriting experience in March 2022, Pareti has since progressed to one of two full-time reporters at Islands Business.

    Pareti expresses gratitude for the opportunities she’s had while working at Islands Business, and for the mentorship of Magick, whom she describes as “family”.

    “Samantha took a chance on me when I had zero knowledge on news writing,” Pareti says. “So I’m grateful to God for her life and for allowing me to experience this once-in-a-lifetime opportunity.”

    Magick reciprocates this sentiment. “Recently, I am inspired by some of our younger reporters in the field, and their ability to embrace and leverage technology — they’re teaching me.”

    Magick anticipates an exciting period ahead for Islands Business, as she aims to attract a younger, professionally driven, and regionally focused audience to their platforms.

    When asked about her aspirations for journalism in the region, Magick says she hopes to see a future where Pacific voices remain at the centre, “telling their own stories in all their diversities”.

    Teagan Laszlo was a student journalist from the Queensland University of Technology who travelled to Fiji with the support of the Australian Government’s New Colombo Plan Mobility Programme. This article is published in a partnership of QUT with Asia Pacific Report, Asia Pacific Media Network (APMN) and The University of the South Pacific.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Strathmartine Community Clean-Up

    Source: Scotland – City of Dundee

    A Strathmartine Community Clean-Up has taken place this week as part of the Take Pride in Your City campaign.

    The initiative is part of the Dundee-wide environmental effort to make a positive difference to all city neighbourhoods, parks and open areas.

    The Community Clean-Up took place in the areas around Balgowan Avenue and Beauly Square where additional works were carried out by Council staff including the removal of litter and debris, strimming, general tidying of communal areas where required as well as sweeping to path & street areas.

    Climate, Environment & Biodiversity Convener Cllr Heather Anderson said: “There is a wide variety of great work taking place in the city through the Take Pride umbrella.

    “The Community Clean-Ups have proven to be a successful addition where additional environmental work is carried out and residents can also make use of skips to dispose of their waste appropriately.

    “Council employees have listened to direct feedback from local residents in areas throughout the city to improve the condition and appearance of neighbourhoods.”

    The Community Clean-Up initiative has taken place in several areas throughout the city with further Clean-Ups planned to take place in the future as well.

    Information about upcoming Community Clean-Ups is communicated directly with residents in the areas prior to taking place.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: UK approves use of export finance to secure critical minerals

    Source: United Kingdom – Executive Government & Departments 4

    UK Export Finance can now provide financial support for overseas projects that source critical minerals for use in major UK industries.

    Lithium, an example of a critical mineral

    • Chancellor announces availability of export credit financing to help British industries access a stable, long-term supply of critical minerals. 

    • There is high global demand for critical minerals which are increasingly vital to long-term industrial growth, emerging technology and the net zero transition. 

    The Chancellor has announced that UK Export Finance (UKEF), the government’s export credit agency, will offer financial support for overseas projects that supply critical minerals fuelling UK industrial growth and the net zero transition.  

    By securing contracts which increase and diversify UK access to critical minerals, this will help the UK to build economic resilience and lower the risk of supply-chain disruption in major industries like automotive, defence and aerospace. 

    ‘Critical minerals’ are raw materials like lithium, graphite and cobalt which are essential to the UK’s largest exporting sectors. They are used in range of emerging and sustainable technologies like electric vehicles, solar panels and wind turbines. 

    Financing will be offered in the form of credit guarantees to overseas companies, helping them access debt financing for projects which supply UK exporters with critical mineral products – including both raw and processed materials.  

    It is expected that UKEF will work with other ECAs and public financial institutions to finance eligible projects and support investment into new supply routes.   

    This would make it easier for UK manufacturers to secure contracts with critical mineral suppliers in countries with vast mineral deposits, including Australia, which holds large deposits of lithium.  

    Jonathan Reynolds, Secretary of State for Business and Trade, said: 

    There is intense global competition for critical minerals like lithium, tin and cobalt which are essential for industrial growth, British industries and our journey towards net zero. 

    As the energy transition pushes demand to new highs, this financing offer will help UK companies to get a seat at the table, build international partnerships and secure their critical mineral needs.  

    Helping exporters to access these vital resources will support UK industrial growth and our leadership in emerging technology.

    Kirsty Benham, Chief Executive Officer, Critical Minerals Association (UK), said:  

    We welcome the new export finance offering for critical minerals, which supports UK manufacturers and supply chain security. The offer demonstrates the importance of critical minerals to UK Government, and showcases the UK’s strengths as a serious buyer of these strategically important materials.  

    We look forward to working closely with UKEF and supporting the development of this offer into secure, resilient, responsible critical mineral supply chains for the UK and MSP partners.

    Sean Sargent, Chief Executive Officer, Green Lithium, added: 

    Green Lithium’s refinery in Teesside will be a future importer of critical raw materials and, following processing, a UK exporter of battery chemicals. This new export finance offering from UKEF is precisely the sort of initiative that will help UK businesses strengthen relationships with international partners and contribute to the development of stronger international supply chains, while also supporting critical minerals industrial development in the UK.  

    It is a welcome development from the UK Government, and a facility that will be of interest to several of our international supply chain partners.

    The UK government is a founding member of the US-initiated Minerals Security Partnership (MSP), which aims to help member economies secure a stable access to critical minerals. 

    Today’s announcement follows the recent launch of an MSP finance network, in which UKEF is working with other export credit agencies and financial bodies to help de-risk and increase financing for critical minerals projects.  

    UKEF has also used its existing products to support UK capability in critical minerals production. It recently announced a guarantee supporting machinery exports to one of Central Asia’s largest copper-production facilities.

    Contact

    Media enquiries:

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-Evening Report: Grattan on Friday: furore over Anthony Albanese’s Qantas perks chips away at public trust in politicians

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    A major takeout from the inquiry into the national response to COVID is that a lack of trust would likely mean a less cooperative public during a future pandemic.

    Trust spiked early in the crisis, as fear ran high and people turned to known institutions and authority figures. Later, trust declined and frustrations rose, with people reacting against harsh measures.

    Criticism has grown in retrospect. In a 2024 survey, 54% said the government’s handling at the time was appropriate. This had been 80% at the pandemic’s peak. By 2024, 29% said the government had overreacted; they were more likely to rate its performance poorly than were people earlier.

    The review, by an independent panel, stressed the importance of better communication and coordination in planning for future crises. But a few wrinkles should also be considered.

    If we had another pandemic in five years, people would indeed be more resistant to restrictions. But if the next similar crisis was, say, 50 years on, the then-public’s attitude would be anyone’s guess. Trust might surge and subside in a similar pattern.

    The change in views is unsurprising. Looking back, memories of the threat fade somewhat – because overall Australia did well – while those of the restraints (some of them notable overreach) loom larger.

    The pandemic’s lift in public trust was a blip – driven by extraordinary circumstances – in a long-term decline. This decline is a serious intractable problem in our democracy, as in many other countries.

    You’d have to be super optimistic to expect a revival in trust in the foreseeable future. But if it continues to fall away, the foundations of our political institutions and our society will become shakier.

    In the United States, Donald Trump made a huge assault on people’s trust in the electoral system after he lost the 2020 presidential election. There’d be fears he would do the same if he loses next week.

    Thankfully, in Australia trust around election management remains absolutely solid. But there’s mounting concern about the corrosive effect of misinformation and disinformation in the political debate and, equally, distrust of proposals to curb these.

    The polarisation in our media is a much paler version of what we see in the US, but is still wearing away at trust.

    Distrust and cynicism are closely related, and can be fuelled by relatively small things.

    Australians have always been disrespectful of the political class. To a degree this can be positive, if it is healthy scepticism. But if it descends into a belief politicians are more likely to serve themselves than serve the public good, that pulls democracy downwards.

    Independent Helen Haines wrote this week: “in a world of aggressive lobbying, of jobs for mates, and acceptance of pork-barrelling, it is no surprise that in Australia there is diminishing trust in politics and governments”.

    The furore over Anthony Albanese obtaining Qantas upgrades, arising from Joe Aston’s just-published The Chairman’s Lounge, might be seen as small beer, as “scandals” go.

    But it raises suspicions, justified or not, in voters’ minds about decision-making. If big corporations are so cosy with politicians, are the politicians more likely to lend them sympathetic ears?

    After all, the pursuit of access and influence is behind much of the money that’s donated to politics. The same applies to privileges extended.

    Integrity is vital to trust. It didn’t pass the integrity test for Albanese to have accepted upgrades from Qantas, especially for personal travel, when he was transport minister in the former Labor government, overseeing regulation of the airline.

    After dodging for days – he said it took a long time to check his records – Albanese finally denied ever contacting then Qantas chief Alan Joyce (or other executives) to request upgrades. But, it will be asked, did a mates network mean he didn’t need to?

    Albanese is highly sensitive over the Qantas story, insisting to colleagues and others it is just a media beatup.

    The affair has chipped away at public trust not just in the prime minister but, to an extent, more generally, as scrutiny stretched to travel largesse received by opposition figures, including Peter Dutton asking to use Gina Rinehart’s plane.

    Research for the COVID inquiry showed a distrustful public wants more transparency from their politicians.

    It’s a paradox that we’ve seen an expansion of mechanisms for transparency, yet there’s the perception, and often the reality, of things being deeply opaque.

    In the upgrades affair, Albanese has made much of the fact he declared everything on his parliamentary register of interests. Yet that doesn’t get us to the core of the relationship between a senior politician and key people in an airline.

    It’s the same with the gambling industry. What has been going on behind the scenes to delay the government’s decision on gambling reform, expected months ago? We can find from the record the donations the gambling industry gave, but not the influence exerted privately.

    The increasing professionalisation of politics may have worked against trust. It distances voters from the politicians, and provides more tools for manipulating public opinion.

    This may be one reason why “community candidates”, with their grassroots campaigning, have appealed. But the apparent shyness of Simon Holmes à Court, whose Climate 200 fund donates to some of these candidates, about finding himself on the Australian Financial Review’s “covert power” list only turned more attention to the backstory of money and politics.

    Concern about integrity and trust was a driver of the Albanese government’s establishment, with much fanfare, of the National Anti-Corruption Commission (NACC). Now a scathing report released this week threatens to undermine public trust in that body.

    It followed the NACC’s decision not to investigate six people referred to it by the royal commission into Robodebt.

    Robodebt had delivered a massive blow to people’s trust in government and the public service, and it was vital full accountability was pursued.

    The NACC head, Paul Brereton, delegated the decision-making on whether to open an investigation to another commissioner, because he’d had a professional relationship with one of the people referred.

    But, in a damning report, the Inspector of the NACC found Brereton had not adequately excused himself.

    “I found that the NACC Commissioner’s involvement in the decision-making was comprehensive, before, during and after the 19 October 2023 meeting at which the substantive decision was made not to investigate the referrals,” the Inspector concluded.

    Brereton’s response has been to say mistakes happen, the important thing is to correct them, and this will be done – through the appointment of an “eminent person” to review whether the referrals should be investigated.

    Both government and opposition are declaring faith in Brereton. But crossbench senator David Pocock argues Brereton should go. Anthony Whealy, former judge and chair of the Centre for Public Integrity, told the ABC that while Brereton hadn’t committed a sackable offence, in his shoes he would step down, to protect the NACC’s reputation.

    Is that the price of maintaining trust in this institution that was supposed to help restore trust?

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

    – ref. Grattan on Friday: furore over Anthony Albanese’s Qantas perks chips away at public trust in politicians – https://theconversation.com/grattan-on-friday-furore-over-anthony-albaneses-qantas-perks-chips-away-at-public-trust-in-politicians-242589

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Russia: Rosneft Day was held at Ufa State Petroleum Technological University

    Translation. Region: Russian Federation –

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

    Rosneft Day was held at the Company’s key partner university in the Republic of Bashkortostan, Ufa State Petroleum Technological University (USPTU). 34 subsidiaries, including 10 enterprises of Bashneft, Rosneft’s largest asset in the region, took part in the job fair and presentations.

    During the Rosneft Day, vacancies for students and graduates of universities and colleges were presented. Today, the most popular vacancies among blue-collar jobs are: oil and gas production operator, chemical analysis laboratory assistant, process unit operator, instrument operator, repairman, process unit repairman, process pump operator, commodity operator, general machine operator, electrician for repair and maintenance of electrical equipment, electric and gas welder.

    Oil refiners from Bashneft-Novoil held a quiz for students on the topic of “Oil refining and more”, the winners won tickets to the cinema. Orenburgneft held a game of “oil monopoly”. Guests of the fair could also attend a lecture on “Hydraulic fracturing – a discipline at the intersection of sciences” from RN-GRP. The master class “Career roasting” and a meeting with foreign students were held by RN-Service employees. All participants of the events received memorable souvenirs.

    Rosneft, as part of the corporate continuous education program “school – college/university – enterprise”, is implementing projects to attract talented youth and form an external personnel reserve. In the Republic of Bashkortostan, the program has been implemented for several years. This year, 49 schoolchildren entered the 10th “Rosneft-classes”. In addition, in Ufa, in pilot mode, 25 9th-grade students were enrolled in the “Rosneft-class”. The Ufa Fuel and Energy College (UTEK) acted as a partner of the pilot.

    There are six Bashneft corporate groups in Ufa State Petroleum Technical University and Ufa Energy Company in various training areas, including: oil and gas geology and geophysics, solid fuel, oil and gas processing technology, design and operation of oil and gas processing equipment, etc. In specialized groups, students combine work in production with training according to an individual schedule. Training in specialized subjects is carried out with the involvement of expert teachers from among Bashneft employees. Students also participate in career guidance and corporate events of the Company.

    In partnership with Bashneft enterprises, the following basic departments were created at USPTU: “Technologies of Petrochemical Processes”, “Welding of Oil and Gas Structures”, “Bashneft Processing”, and “Bashneft – Environmental Engineering”.

    The scientific institute “RN-BashNIPIneft” supervises 7 basic and graduating departments at USPTU. This year, the institute opened two new basic departments at the university: “Lean Technologies and Innovations in the Oil and Gas Complex” and “Oil and Gas Field Equipment for Well Operation and Repair”. Also in 2024, a new master’s program MPE Petroleum Engineering in the direction of “Oil and Gas Engineering” was opened for foreign students at the Department of “Field Pipeline Systems” of USPTU. RN-BashNIPIneft specialists teach master’s students the design, development and production of oil and gas fields on land and offshore, work in Rosneft software products, introduce innovative well drilling technologies, etc. The first students of the program were 10 applicants from Egypt, Nigeria and Cameroon.

    Ufaorgsintez annually holds the Unified Oil Refinery Cup in Oil Refining Olympiad and the Petrochemistry, Chemical Technology and Automation Olympiad for senior students at the University. In addition to certificates and gifts, winners and prize winners receive additional points that are taken into account when applying for a master’s degree at USPTU, and are also invited to interviews at Bashneft enterprises for possible employment.

    Reference:

    Ufa State Petroleum Technological University is one of the leading technical universities in Russia. With the support of the Company, a unique scientific and educational center “NK Rosneft – Ufa State Petroleum Technological University” was created there.

    Since 2001, Rosneft and USPTU have been partners in the field of training qualified personnel, scientific and innovative activities, as well as the implementation of international educational projects of the Company with Tsinghua University (PRC) and Qatar University.

    Department of Information and Advertising of PJSC NK Rosneft October 31, 2024

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

    MIL OSI Russia News –

  • MIL-OSI Russia: Rosneft held the 6th scientific and practical conference on hydrogeology

    Translation. Region: Russian Federation –

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

    Rosneft held the 6th corporate scientific and practical conference on hydrogeology and water supply, bringing together more than 50 Russian experts in this field. The conference was traditionally organized by the Company’s scientific institute in Izhevsk.

    One of the priority tasks of the Rosneft-2030 strategy is to achieve leading positions in industrial safety, labor protection and the environment. The company pays great attention to the rational use of water resources.

    During the conference, experts discussed a number of key challenges facing the Russian oil and gas industry. The key topic of discussion was the results of the implementation of the RN-Aqua software package, developed by specialists from the Izhevsk Scientific Institute, into production. The participants noted the positive experience of working with this product, identifying areas for further expansion of its functionality.

    The conference also featured scientific and applied reports devoted to the updating and development of new areas of work and competencies in hydrogeology, as well as best practices used in the design of hydrogeological work.

    Reference:

    Since 2018, a specialized Rosneft institute for hydrogeology and water supply has been operating on the basis of the Izhevsk Scientific Institute. The institute carries out comprehensive work on hydrogeology in all regions of the Company’s operations, including all types of design and reporting documentation for water production and placement of associated water, conducts experimental filtration studies and is engaged in the development of specialized software.

    Department of Information and Advertising of PJSC NK Rosneft October 31, 2024

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

    MIL OSI Russia News –

  • MIL-OSI Economics: Sectoral Deployment of Bank Credit – September 2024

    Source: Reserve Bank of India

    Data on sectoral deployment of bank credit for the month of September 20241 collected from 41 select scheduled commercial banks, accounting for about 95 per cent of the total non-food credit deployed by all scheduled commercial banks, are set out in Statements I and II.

    On a year-on-year (y-o-y) basis, non-food bank credit2 in September 20243 grew at 14.4 per cent, as compared to 15.3 per cent a year ago.

    Highlights of the sectoral deployment of bank credit3 are given below:

    • Credit to agriculture and allied activities continued to be robust with the growth of 16.4 per cent (y-o-y) in September 2024, compared with 16.7 per cent in September 2023.

    • Credit growth to industry improved to 9.1 per cent (y-o-y) in September 2024 compared with 6.0 per cent a year ago. The improved industrial credit growth was broad-based across ‘micro & small’, ‘medium’ and ‘large’ industries. Among major industries, credit to ‘chemicals and chemical products’, ‘food processing’, ‘petroleum, coal products and nuclear fuels’, and ‘all engineering’ recorded a higher growth in September 2024 as compared to their respective growth rates a year ago, while credit growth to ‘basic metal and metal product’, and ‘textiles’ moderated.

    • Credit growth to services sector decelerated to 15.2 per cent (y-o-y) in September 2024 from 21.6 per cent a year ago, primarily due to lower growth in credit to ‘non-banking financial companies’ (NBFCs). However, within the segment, during the same period, growth (y-o-y) in credit to ‘commercial real estate’ accelerated.

    • Personal loans growth moderated to 16.4 per cent (y-o-y) in September 2024 as compared with 18.2 per cent a year ago, largely due to decline in growth in ‘other personal loans’, ‘vehicle loans’ and ‘credit card outstanding’. However, ‘housing’ – the largest constituent of this segment – recorded accelerated growth.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/1407

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Overspeed near Manor Park

    Source: United Kingdom – Executive Government & Departments

    Overspeeding of a passenger train near to Manor Park station, east London, 24 September 2024.

    FFCCTV image showing the points where the overspeeding occurred (courtesy of MTREL).

    At around 08:11 on 24 September 2024, a passenger train passed over a set of points east of Manor Park station at a speed of 45 mph (72 km/h). This was above the permitted maximum speed for these points of 25 mph (40 km/h). Passing over the points at this speed caused the train to jolt sideways.

    Although there were no reported injuries, the sudden movement of the train resulted in some passengers losing their footing and at least one passenger falling to the floor. The train did not derail during the incident and no damage was caused to the infrastructure or to the vehicles involved.

    We have undertaken a preliminary examination into the circumstances surrounding this incident. Having assessed the evidence which has been gathered to date, we have decided to publish a safety digest.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI China: Over 90 pct of foreign companies satisfied with China’s business environment: survey

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

    Over 90 pct of foreign companies satisfied with China’s business environment: survey

    BEIJING, Oct. 31 — More than 90 percent of foreign-funded companies in China are satisfied with the country’s business environment, according to a survey released on Thursday.

    The survey, carried out in the third quarter of this year among over 400 foreign businesses, also revealed that about 50 percent of the respondents said they find the Chinese market more attractive, according to Sun Xiao, spokesperson of the China Council for the Promotion of International Trade.

    Over 60 percent of the surveyed U.S. enterprises said the attraction of the Chinese market for foreign investment becomes stronger, up 15.26 percentage points quarter on quarter, said Sun.

    Sun said that about 20 percent of the surveyed foreign enterprises plan to increase investment in China, up 2.07 percentage points quarter on quarter.

    About 54.76 percent of the surveyed overseas companies choose to increase investment in China by expanding production lines or pursuing digital transformation.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Contractors fined for violation of safety legislation

    Source: Hong Kong Government special administrative region

         Aggressive Construction Engineering Limited, High Grade Engineering Limited and a contractor were fined $36,000, $43,000 and $35,000 respectively at Kwun Tong Magistrates’ Courts today (October 31). The prosecutions were launched by the Labour Department.
          
         Aggressive Construction Engineering Limited violated the Factories and Industrial Undertakings Ordinance (FIUO), the Construction Sites (Safety) Regulations (CSSR) and the Factories and Industrial Undertakings (Safety Management) Regulation, whereas High Grade Engineering Limited and the other contractor violated the FIUO and the CSSR.
          
         The case involved a fatal accident that occurred on December 14, 2022, at a construction site in Yau Tong. A worker, while dismantling an I-beam mounted on a wall, was struck and killed by the suddenly collapsed I-beam. 

         The Labour Department is examining the sentences and considering further actions.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Bybit Card in The Pocket: Physical Card Applications Now Open in Argentina With Welcome Offer

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Oct. 31, 2024 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, will be unveiling its first physical Mastercard debit card for Bybit users in Argentina. From now to Dec. 31, 2024, new applicants may unlock up to 30,000 ARS in bonuses for card spendings upon the first 100 USDT in deposit. The welcome offer is available for residents in Argentina.

    Seamlessly bridging digital assets with real-world spending, the Bybit Card has quickly become the preferred choice for Argentina’s crypto community. Starting today, virtual Bybit Card holders in Argentina can apply for the physical card through their accounts within a few clicks. For new users who have not experienced the virtual card and missed the early-bird registration period, now is the time to apply for both the virtual and the physical cards. 

    Argentina has emerged as one of the leading markets for digital assets in Latin America, topping the list of regional crypto inflows. According to a recent Chainalysis report, users in Argentina deposited $91 billion worth of crypto between July 2023 and June 2024—the highest amount in the region.

    With the Bybit physical card, users can unlock the full benefits of online and offline spending, accessing over 90 million merchants worldwide through the Mastercard network. The card offers an easy, global payment solution backed by Bybit’s support for major cryptocurrencies and 24/7 customer service. It also comes with a range of perks:

    • Free issuance and delivery
    • Zero annual fees or hidden charges
    • 2% cashback in USDT
    • Up to 8% APR on crypto holdings
    • 30,000 ARS bonus rewards for a limited time only

    “We were encouraged by the warm Argentinian welcome since the Bybit Card made its local debut in July. Three months in, our virtual card has been well loved by the vast majority of Bybit users in Argentina, and we are excited to give users access to the physical version for added flexibility,” said Joan Han, Sales and Marketing Director of Bybit. “Bybit is dedicated to building communities beyond a transactional experience, and we hope a Bybit branded card our users can hold in their hands will bring us closer with a sense of touch and added convenience,” she added.

    The Bybit Card offers a seamless and effortless way for Argentinian users to spend their crypto on everyday purchases while taking full advantage of its rewards and exclusive benefits. Argentinian users can expect more upcoming features and perks with the physical card, including ATM withdrawals and other rewards campaigns in future. The product aligns with Bybit’s mission to foster crypto adoption and create meaningful value for the community.

    Users can find out more about the Bybit Card for residents in Argentina: Bybit Card – Argentina 

    #Bybit / #TheCryptoArk

    About Bybit

    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving over 50 million users. Established in 2018, Bybit provides a professional platform where crypto investors and traders can find an ultra-fast matching engine, 24/7 customer service, and multilingual community support. Bybit is a proud partner of Formula One’s reigning Constructors’ and Drivers’ champions: the Oracle Red Bull Racing team.

    For more details about Bybit, please visit Bybit Press 

    For media inquiries, please contact: media@bybit.com

    For more information, please visit: https://www.bybit.com

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR 
    Tony Au 
    Bybit 
    tony.au@bybit.com

    The MIL Network –

  • MIL-OSI: Radware Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Financial Results and Highlights

    • Revenue of $69.5 million, an increase of 13% year–over–year
    • Cloud ARR of $71.6 million, an increase of 15% year-over-year
    • Non-GAAP diluted EPS of $0.23 vs. $0.07 in Q3 2023; GAAP diluted EPS of $0.07 vs. $(0.16) in Q3 2023
    • Cash flow from operations of $14.7 million and $58.9 million year-to-date

    TEL AVIV, Israel, Oct. 31, 2024 (GLOBE NEWSWIRE) — Radware® (NASDAQ: RDWR), a leading provider of cyber security and application delivery solutions, today announced its consolidated financial results for the third quarter ended September 30, 2024.

    “We are pleased to report solid third-quarter results, highlighted by 13% year-over-year revenue growth and a significant improvement in profitability and cash flow from operations,” said Roy Zisapel, Radware’s President and CEO. “Our results reflect double-digit growth in subscription revenue, strong sales of software subscriptions, and the ongoing success of DefensePro X, which carries with it more subscription revenue. We are excited about the momentum we’ve built and our future growth prospects.”

    Financial Highlights for the Third Quarter 2024
    Revenue for the third quarter of 2024 totaled $69.5 million:

    • Revenue in the Americas region was $27.7 million for the third quarter of 2024, an increase of 11% from $24.9 million in the third quarter of 2023.
    • Revenue in the Europe, Middle East, and Africa (“EMEA”) region was $25.2 million for the third quarter of 2024, an increase of 30% from $19.3 million in the third quarter of 2023.
    • Revenue in the Asia-Pacific (“APAC”) region was $16.6 million for the third quarter of 2024, a decrease of 5% from $17.4 million in the third quarter of 2023.

    GAAP net income for the third quarter of 2024 was $3.1 million, or $0.07 per diluted share, compared to GAAP net loss of $6.9 million, or $(0.16) per diluted share, for the third quarter of 2023.

    Non-GAAP net income for the third quarter of 2024 was $10.2 million, or $0.23 per diluted share, compared to non-GAAP net income of $2.9 million, or $0.07 per diluted share, for the third quarter of 2023.

    As of September 30, 2024, the Company had cash, cash equivalents, short-term and long-term bank deposits, and marketable securities of $411.7 million. Cash flow from operations was $14.7 million in the third quarter of 2024.

    Non-GAAP results are calculated excluding, as applicable, the impact of stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax-related adjustments. A reconciliation of each of the Company’s non-GAAP measures to the most directly comparable GAAP measure is included at the end of this press release.

    Conference Call
    Radware management will host a call today, October 31, 2024, at 8:30 a.m. EDT to discuss its third quarter 2024 results and fourth quarter 2024 outlook. To participate on the call, please use the following numbers:
    U.S. participants call toll free: 888-510-2008
    International participants call: 1 646-960-0306
    Conference ID: 1864701

    A replay will be available for two days, starting two hours after the end of the call, on telephone number +1-609-800-9099 or (US toll-free) 800-770-2030. Passcode 1864701.

    The call will be webcast live on the Company’s website at: http://www.radware.com/IR/. The webcast will remain available for replay during the next 12 months.

    Use of Non-GAAP Financial Information and Key Performance Indicators
    In addition to reporting financial results in accordance with generally accepted accounting principles (GAAP), Radware uses non-GAAP measures of gross profit, research and development expense, selling and marketing expense, general and administrative expense, total operating expenses, operating income, financial income, net, income before taxes on income, taxes on income, net income and diluted earnings per share, which are adjustments from results based on GAAP to exclude, as applicable, stock-based compensation expenses, amortization of intangible assets, litigation costs, acquisition costs, restructuring costs, exchange rate differences, net on balance sheet items included in financial income, net, and tax–related adjustments. Management believes that exclusion of these charges allows for meaningful comparisons of operating results across past, present, and future periods. Radware’s management believes the non-GAAP financial measures provided in this release are useful to investors for the purpose of understanding and assessing Radware’s ongoing operations. The presentation of these non-GAAP financial measures is not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP. A reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure is included with the financial information contained in this press release. Management uses both GAAP and non-GAAP financial measures in evaluating and operating the business and, as such, has determined that it is important to provide this information to investors.

    Annual recurring revenue (“ARR”) is a key performance indicator defined as the annualized value of booked orders for term-based cloud services, subscription licenses, and maintenance contracts that are in effect at the end of a reporting period. ARR should be viewed independently of revenue and deferred revenue and is not intended to be combined with or to replace either of those items. ARR is not a forecast of future revenue, which can be impacted by contract start and end dates and renewal rates and does not include revenue reported as perpetual license or professional services revenue in our consolidated statement of operations. We consider ARR a key performance indicator of the value of the recurring components of our business.

    Safe Harbor Statement

    This press release includes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Any statements made herein that are not statements of historical fact, including statements about Radware’s plans, outlook, beliefs, or opinions, are forward-looking statements. Generally, forward-looking statements may be identified by words such as “believes,” “expects,” “anticipates,” “intends,” “estimates,” “plans,” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may,” and “could.” Because such statements deal with future events, they are subject to various risks and uncertainties, and actual results, expressed or implied by such forward-looking statements, could differ materially from Radware’s current forecasts and estimates. Factors that could cause or contribute to such differences include, but are not limited to: the impact of global economic conditions, including as a result of the state of war declared in Israel in October 2023 and instability in the Middle East, the war in Ukraine, and the tensions between China and Taiwan; our dependence on independent distributors to sell our products; our ability to manage our anticipated growth effectively; a shortage of components or manufacturing capacity could cause a delay in our ability to fulfill orders or increase our manufacturing costs; our business may be affected by sanctions, export controls, and similar measures, targeting Russia and other countries and territories, as well as other responses to Russia’s military conflict in Ukraine, including indefinite suspension of operations in Russia and dealings with Russian entities by many multi-national businesses across a variety of industries; the ability of vendors to provide our hardware platforms and components for the manufacture of our products; our ability to attract, train, and retain highly qualified personnel; intense competition in the market for cyber security and application delivery solutions and in our industry in general, and changes in the competitive landscape; our ability to develop new solutions and enhance existing solutions; the impact to our reputation and business in the event of real or perceived shortcomings, defects, or vulnerabilities in our solutions, if our end-users experience security breaches, if our information technology systems and data, or those of our service providers and other contractors, are compromised by cyber-attackers or other malicious actors, or by a critical system failure; outages, interruptions, or delays in hosting services; the risks associated with our global operations, such as difficulties and costs of staffing and managing foreign operations, compliance costs arising from host country laws or regulations, partial or total expropriation, export duties and quotas, local tax exposure, economic or political instability, including as a result of insurrection, war, natural disasters, and major environmental, climate, or public health concerns, such as the COVID-19 pandemic; our net losses in the past two years and possibility we may incur losses in the future; a slowdown in the growth of the cyber security and application delivery solutions market or in the development of the market for our cloud-based solutions; long sales cycles for our solutions; risks and uncertainties relating to acquisitions or other investments; risks associated with doing business in countries with a history of corruption or with foreign governments; changes in foreign currency exchange rates; risks associated with undetected defects or errors in our products; our ability to protect our proprietary technology; intellectual property infringement claims made by third parties; laws, regulations, and industry standards affecting our business; compliance with open source and third-party licenses; and other factors and risks over which we may have little or no control. This list is intended to identify only certain of the principal factors that could cause actual results to differ. For a more detailed description of the risks and uncertainties affecting Radware, refer to Radware’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission (SEC), and the other risk factors discussed from time to time by Radware in reports filed with, or furnished to, the SEC. Forward-looking statements speak only as of the date on which they are made and, except as required by applicable law, Radware undertakes no commitment to revise or update any forward-looking statement in order to reflect events or circumstances after the date any such statement is made. Radware’s public filings are available from the SEC’s website at www.sec.gov or may be obtained on Radware’s website at www.radware.com.

    About Radware
    Radware® (NASDAQ: RDWR) is a global leader in application security and delivery solutions for multi-cloud environments. The company’s cloud application, infrastructure, and API security solutions use AI-driven algorithms for precise, hands-free, real-time protection from the most sophisticated web, application, and DDoS attacks, API abuse, and bad bots. Enterprises and carriers worldwide rely on Radware’s solutions to address evolving cybersecurity challenges and protect their brands and business operations while reducing costs. For more information, please visit the Radware website.

    Radware encourages you to join our community and follow us on: Facebook, LinkedIn, Radware Blog, X, YouTube, and Radware Mobile for iOS.

    ©2024 Radware Ltd. All rights reserved. Any Radware products and solutions mentioned in this press release are protected by trademarks, patents, and pending patent applications of Radware in the U.S. and other countries. For more details, please see: https://www.radware.com/LegalNotice/. All other trademarks and names are property of their respective owners.

    Radware believes the information in this document is accurate in all material respects as of its publication date. However, the information is provided without any express, statutory, or implied warranties and is subject to change without notice.

    The contents of any website or hyperlinks mentioned in this press release are for informational purposes and the contents thereof are not part of this press release.

    CONTACTS
    Investor Relations:
    Yisca Erez, +972-72-3917211, ir@radware.com

    Media Contact:
    Gerri Dyrek, gerri.dyrek@radware.com

    Radware Ltd.
    Condensed Consolidated Balance Sheets
    (U.S. Dollars in thousands)
           
      September 30,   December 31,
      2024   2023
      (Unaudited)   (Unaudited)
    Assets      
           
    Current assets      
    Cash and cash equivalents 115,416   70,538
    Marketable securities 94,809   86,372
    Short-term bank deposits 111,998   173,678
    Trade receivables, net 19,963   20,267
    Other receivables and prepaid expenses 9,891   9,529
    Inventories 13,543   15,544
      365,620   375,928
           
    Long-term investments      
    Marketable securities 30,991   33,131
    Long-term bank deposits 58,468   –
    Other assets 2,104   2,166
      91,563   35,297
           
           
    Property and equipment, net 16,499   18,221
    Intangible assets, net 12,742   15,718
    Other long-term assets 35,312   37,967
    Operating lease right-of-use assets 18,433   20,777
    Goodwill 68,008   68,008
    Total assets 608,177   571,916
           
    Liabilities and equity      
           
    Current liabilities      
    Trade payables 6,551   4,298
    Deferred revenues 109,924   105,012
    Operating lease liabilities 4,333   4,684
    Other payables and accrued expenses 46,427   41,021
      167,235   155,015
           
    Long-term liabilities      
    Deferred revenues 65,916   60,499
    Operating lease liabilities 13,658   16,020
    Other long-term liabilities 14,173   17,108
      93,747   93,627
           
    Equity      
    Radware Ltd. equity      
    Share capital 749   742
    Additional paid-in capital 548,240   529,209
    Accumulated other comprehensive income 593   77
    Treasury stock, at cost (366,588)   (365,749)
    Retained earnings 123,398   119,812
    Total Radware Ltd. shareholder’s equity 306,392   284,091
           
    Non–controlling interest 40,803   39,183
           
    Total equity 347,195   323,274
           
    Total liabilities and equity 608,177   571,916
           
    Radware Ltd.
    Condensed Consolidated Statements of Income (Loss)
    (U.S Dollars in thousands, except share and per share data) 
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                     
    Revenues   69,488   61,612   201,849   196,260
    Cost of revenues   13,392   12,838   39,260   38,886
    Gross profit   56,096   48,774   162,589   157,374
                     
    Operating expenses, net:                
    Research and development, net   18,654   20,614   56,251   62,905
    Selling and marketing   30,500   30,532   89,945   94,368
    General and administrative   6,948   7,824   21,271   24,378
    Total operating expenses, net   56,102   58,970   167,467   181,651
                     
    Operating loss   (6)   (10,196)   (4,878)   (24,277)
    Financial income, net   4,957   3,778   12,982   10,688
    Income (loss) before taxes on income   4,951   (6,418)   8,104   (13,589)
    Taxes on income   1,807   433   4,518   2,151
    Net income (loss)   3,144   (6,851)   3,586   (15,740)
                     
    Basic net income (loss) per share attributed to Radware Ltd.’s shareholders   0.07   (0.16)   0.09   (0.36)
                     
    Weighted average number of shares used to compute basic net income (loss) per share   41,956,001   42,261,637   41,854,984   43,232,405
                     
    Diluted net income (loss) per share attributed to Radware Ltd.’s shareholders   0.07   (0.16)   0.08   (0.36)
                     
    Weighted average number of shares used to compute diluted net income (loss) per share   43,573,161   42,261,637   43,199,279   43,232,405
                     
      Radware Ltd.
    Reconciliation of GAAP to Non-GAAP Financial Information
    (U.S Dollars in thousands, except share and per share data)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    GAAP gross profit 56,096   48,774   162,589   157,374
      Share-based compensation 81   177   240   403
      Amortization of intangible assets 992   992   2,976   2,976
    Non-GAAP gross profit 57,169   49,943   165,805   160,753
                     
    GAAP research and development, net 18,654   20,614   56,251   62,905
      Share-based compensation 1,421   2,064   4,679   6,200
    Non-GAAP Research and development, net 17,233   18,550   51,572   56,705
                     
    GAAP selling and marketing 30,500   30,532   89,945   94,368
      Share-based compensation 2,548   2,134   7,708   9,065
      Restructuring costs –   1,273   –   1,273
    Non-GAAP selling and marketing 27,952   27,125   82,237   84,030
                     
    GAAP general and administrative 6,948   7,824   21,271   24,378
      Share-based compensation 2,008   2,884   6,480   9,483
      Acquisition costs 159   211   571   769
    Non-GAAP general and administrative 4,781   4,729   14,220   14,126
                     
    GAAP total operating expenses, net 56,102   58,970   167,467   181,651
      Share-based compensation 5,977   7,082   18,867   24,748
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
    Non-GAAP total operating expenses, net 49,966   50,404   148,029   154,861
                     
    GAAP operating loss (6)   (10,196)   (4,878)   (24,277)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
    Non-GAAP operating income (loss) 7,203   (461)   17,776   5,892
                     
    GAAP financial income, net 4,957   3,778   12,982   10,688
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
    Non-GAAP financial income, net 4,871   3,815   12,751   9,918
                     
    GAAP income (loss) before taxes on income 4,951   (6,418)   8,104   (13,589)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
    Non-GAAP income before taxes on income 12,074   3,354   30,527   15,810
                     
    GAAP taxes on income 1,807   433   4,518   2,151
      Tax related adjustments 62   62   185   185
    Non-GAAP taxes on income 1,869   495   4,703   2,336
                     
    GAAP net income (loss) 3,144   (6,851)   3,586   (15,740)
      Share-based compensation 6,058   7,259   19,107   25,151
      Amortization of intangible assets 992   992   2,976   2,976
      Acquisition costs 159   211   571   769
      Restructuring costs –   1,273   –   1,273
      Exchange rate differences, net on balance sheet items included in financial income, net (86)   37   (231)   (770)
      Tax related adjustments (62)   (62)   (185)   (185)
    Non-GAAP net income 10,205   2,859   25,824   13,474
                     
    GAAP diluted net income (loss) per share 0.07   (0.16)   0.08   (0.36)
      Share-based compensation 0.14   0.17   0.45   0.57
      Amortization of intangible assets 0.02   0.03   0.07   0.07
      Acquisition costs 0.00   0.00   0.01   0.02
      Restructuring costs 0.00   0.03   0.00   0.03
      Exchange rate differences, net on balance sheet items included in financial income, net (0.00)   0.00   (0.01)   (0.02)
      Tax related adjustments (0.00)   (0.00)   (0.00)   0.00
    Non-GAAP diluted net earnings per share 0.23   0.07   0.60   0.31
                     
                     
    Weighted average number of shares used to compute non-GAAP diluted net earnings per share 43,573,161   43,163,159   43,199,279   44,058,549
                   
    Radware Ltd.
     Condensed Consolidated Statements of Cash Flow
    (U.S. Dollars in thousands)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    Cash flow from operating activities:                
                     
    Net income (loss)   3,144   (6,851)   3,586   (15,740)
    Adjustments to reconcile net income (loss) to net cash provided by operating activities:                
    Depreciation and amortization   2,947   3,025   8,918   9,216
    Share-based compensation   6,058   7,259   19,107   25,151
    Amortization of premium, accretion of discounts and accrued interest on marketable securities, net   (234)   161   (227)   1,116
    Loss related to securities, net   –   –   –   244
    Increase (decrease) in accrued interest on bank deposits   (814)   (2,289)   4,645   (3,814)
    Increase (decrease) in accrued severance pay, net   147   (401)   106   (506)
    Decrease in trade receivables, net   5,536   4,448   304   5,380
    Decrease (increase) in other receivables and prepaid expenses and other long-term assets   749   (215)   1,155   (2,541)
    Decrease (increase) in inventories   253   (671)   2,001   (1,566)
    Increase (decrease) in trade payables   2,474   (1,778)   2,253   (395)
    Increase (decrease) in deferred revenues   (6,059)   (12,311)   10,329   (11,095)
    Increase (decrease) in other payables and accrued expenses   259   644   7,052   (10,798)
    Operating lease liabilities, net   248   (804)   (369)   (805)
    Net cash provided by (used in) operating activities   14,708   (9,783)   58,860   (6,153)
                     
    Cash flows from investing activities:                
                     
    Purchase of property and equipment   (1,412)   (1,130)   (4,220)   (4,493)
    Proceeds from other long-term assets, net   46   29   40   77
    Proceeds from (investment in) bank deposits, net   9,731   21,145   (1,433)   51,345
    Investment in, redemption of and purchase of marketable securities, net   5,541   2,228   (4,456)   347
    Net cash provided by (used in) investing activities   13,906   22,272   (10,069)   47,276
                     
    Cash flows from financing activities:                
                     
    Proceeds from exercise of share options   –   –   3   308
    Repurchase of shares   –   (20,648)   (839)   (53,131)
    Payment of contingent consideration related to acquisition   –   (2,063)   (3,077)   (2,063)
    Net cash used in financing activities   –   (22,711)   (3,913)   (54,886)
                     
    Increase (decrease) in cash and cash equivalents   28,614   (10,222)   44,878   (13,763)
    Cash and cash equivalents at the beginning of the period   86,802   42,644   70,538   46,185
    Cash and cash equivalents at the end of the period   115,416   32,422   115,416   32,422
                     
      Radware Ltd.
    RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (NON-GAAP)
    (U.S Dollars in thousands)
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    GAAP net income (loss) 3,144   (6,851)   3,586   (15,740)
      Exclude: Financial income, net (4,957)   (3,778)   (12,982)   (10,688)
      Exclude: Depreciation and amortization expense 2,947   3,025   8,918   9,216
      Exclude: Taxes on income 1,807   433   4,518   2,151
    EBITDA 2,941   (7,171)   4,040   (15,061)
                     
      Share-based compensation 6,058   7,259   19,107   25,151
      Restructuring costs –   1,273   –   1,273
      Acquisition costs 159   211   571   769
    Adjusted EBITDA 9,158   1,572   23,718   12,132
                     
                     
        For the three months ended   For the nine months ended
        September 30,   September 30,
        2024   2023   2024   2023
      Amortization of intangible assets 992   992   2,976   2,976
      Depreciation 1,955   2,033   5,942   6,240
        2,947   3,025   8,918   9,216
                     

    The MIL Network –

  • MIL-OSI: WTW Reports Third Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    • Revenue1 increased 6% to $2.3 billion for the quarter with organic growth of 6% for the quarter
    • Diluted Loss2 per Share was $16.44 for the quarter
    • Adjusted Diluted Earnings per Share were $2.93 for the quarter, up 31% from prior year
    • Operating Margin2 was (33.5)% for the quarter
    • Adjusted Operating Margin was 18.1% for the quarter, up 190 basis points from prior year

    LONDON, Oct. 31, 2024 (GLOBE NEWSWIRE) — WTW (NASDAQ: WTW) (the “Company”), a leading global advisory, broking and solutions company, today announced financial results for the third quarter ended September 30, 2024.

    “We had another strong quarter fueled by revenue growth, operating leverage and the success of our Transformation program. Our revenue growth of 6% for the quarter is evidence that our value proposition is continuing to resonate in the market and that our investments in talent and technology are succeeding. We are also making ongoing progress on our commitment to improve cash flow. Given our strong performance and momentum, we are entering the fourth quarter with confidence in our ability to deliver on our targets for the year and drive sustainable, profitable growth going forward.”

    Consolidated Results

    As reported, USD millions, except %

    Key Metrics Q3-24 Q3-23 Y/Y Change
    Revenue1 $2,289 $2,166 Reported 6% | CC 6% | Organic 6%
    (Loss)/Income from Operations2 $(766) $159 NM
    Operating Margin2 % (33.5)% 7.3% NM
    Adjusted Operating Income $414 $351 18%
    Adjusted Operating Margin % 18.1% 16.2% 190 bps
    Net (Loss)/Income2 $(1,672) $139 NM
    Adjusted Net Income $299 $236 27%
    Diluted EPS2 $(16.44) $1.29 NM
    Adjusted Diluted EPS $2.93 $2.24 31%
    1 The revenue amounts included in this release are presented on a U.S. GAAP basis except where stated otherwise. This excludes reinsurance revenue which is reported in discontinued operations. The segment discussion is on an organic basis.
    2 Loss from Operations, Operating Margin, Net Loss and Diluted EPS for the third quarter of 2024 include pre-tax non-cash losses and impairment charges of over $1.0 billion each related to the pending sale of TRANZACT.
    NM Not meaningful.

    Revenue was $2.29 billion for the third quarter of 2024, an increase of 6% as compared to $2.17 billion for the same period in the prior year. Excluding the impact of foreign currency, revenue increased 6%. On an organic basis, revenue increased 6%. See Supplemental Segment Information for additional detail on book-of-business settlements and interest income included in revenue.

    Net Loss for the third quarter of 2024 was $1.67 billion compared to Net Income of $139 million in the prior-year third quarter. Loss from Operations, Operating Margin, Net Loss and Diluted EPS for the third quarter of 2024 include pre-tax non-cash losses and impairment charges of over $1.0 billion each related to the pending sale of TRANZACT. Adjusted EBITDA for the third quarter was $501 million, or 21.9% of revenue, an increase of 15%, compared to Adjusted EBITDA of $436 million, or 20.1% of revenue, in the prior-year third quarter. The U.S. GAAP tax rate for the third quarter was 16.1%, and the adjusted income tax rate for the third quarter used in calculating adjusted diluted earnings per share was 19.7%.

    Cash Flow and Capital Allocation

    Cash flows from operating activities were $913 million for the nine months ended September 30, 2024, compared to $823 million for the prior year. Free cash flow for the nine months ended September 30, 2024 and 2023 was $807 million and $707 million, respectively, an increase of $100 million, primarily driven by operating margin expansion, partially offset by cash outflows related to transformation and discretionary compensation payments. During the quarter ended September 30, 2024, the Company repurchased $205 million of WTW outstanding shares.

    Third Quarter 2024 Segment Highlights

    Health, Wealth & Career (“HWC”)

    As reported, USD millions, except %

    Health, Wealth & Career Q3-24 Q3-23 Y/Y Change
    Total Revenue $1,328 $1,282 Reported 4% | CC 3% | Organic 4%
    Operating Income $329 $305 8%
    Operating Margin % 24.7% 23.8% 90 bps

    The HWC segment had revenue of $1.33 billion in the third quarter of 2024, an increase of 4% (3% increase constant currency and 4% organic) from $1.28 billion in the prior year. Health had organic revenue growth driven by strong client retention, new local appointments and the continued expansion of our Global Benefits Management client portfolio in International and Europe, along with increased brokerage income in North America. Wealth generated organic revenue growth from higher levels of Retirement work in Europe, an increase in our Investments business due to capital market improvements and growth from our LifeSight solution. Career had organic revenue growth from increased compensation survey sales and advisory services in Work & Rewards and product revenue in Employee Experience. Benefits Delivery & Outsourcing (BD&O) had an organic revenue decline for the quarter primarily as a result of deliberately moderating growth in Individual Marketplace and a stronger comparable in Outsourcing.

    Operating margins in the HWC segment increased 90 basis points from the prior-year third quarter to 24.7%, primarily from Transformation savings. Please refer to the Supplemental Slides for TRANZACT’s standalone historical financial results.

    Risk & Broking (“R&B”)

    As reported, USD millions, except %

    Risk & Broking Q3-24 Q3-23 Y/Y Change
    Total Revenue $940 $855 Reported 10% | CC 10% | Organic 10%
    Operating Income $170 $134 27%
    Operating Margin % 18.1% 15.7% 240 bps

    The R&B segment had revenue of $940 million in the third quarter of 2024, an increase of 10% (10% increase constant currency and organic) from $855 million in the prior year. Corporate Risk & Broking (CRB) had organic revenue growth driven by higher levels of new business activity and strong client retention. Insurance Consulting and Technology (ICT) had organic revenue growth for the quarter primarily due to strong software sales in Technology, partially offset by tempered demand for discretionary services in Consulting.

    Operating margins in the R&B segment increased 240 basis points from the prior-year third quarter to 18.1%, primarily due to operating leverage driven by organic revenue growth and disciplined expense management, as well as Transformation savings.

    2024 Outlook

    Based on current and anticipated market conditions, the Company’s full-year targets for 2024, consistent with those targets that have been previously provided, are as follows. Refer to the Supplemental Slides for additional detail.

    • Expect to deliver revenue of $9.9 billion or greater and mid-single digit organic revenue growth for the full year 2024
    • Expect to deliver adjusted operating margin of 23.0% – 23.5% for the full year 2024
    • Expect to deliver adjusted diluted earnings per share of $16.00 – $17.00 for the full year 2024
    • Expect approximately $88 million in non-cash pension income for the full year 2024
    • Expect a foreign currency headwind on adjusted earnings per share of approximately $0.06 for the full year 2024 at today’s rates, down from $0.10 previously
    • Expect to deliver approximately $450 million of cumulative run-rate savings from the Transformation program by the end of 2024 with total program costs of $1.175 billion.

    Outlook includes Non-GAAP financial measures. We do not reconcile forward-looking Non-GAAP measures for reasons explained below.

    In addition, WTW will host an Investor Day on Tuesday, December 3, 2024 beginning at approximately 9:00 a.m. Eastern Time. A live webcast presentation will be available at www.wtwco.com and a replay of the webcast will be available on the Company’s website following the event.

    Conference Call

    The Company will host a live webcast and conference call to discuss the financial results for the third quarter 2024. It will be held on Thursday, October 31, 2024, beginning at 9:00 a.m. Eastern Time. A live broadcast of the conference call will be available on WTW’s website here. The conference call will include a question-and-answer session. To participate in the question-and-answer session, please register here. An online replay will be available at www.wtwco.com shortly after the call concludes.

    About WTW

    At WTW (NASDAQ: WTW), we provide data-driven, insight-led solutions in the areas of people, risk and capital. Leveraging the global view and local expertise of our colleagues serving 140 countries and markets, we help organizations sharpen their strategy, enhance organizational resilience, motivate their workforce and maximize performance. Working shoulder to shoulder with our clients, we uncover opportunities for sustainable success—and provide perspective that moves you. Learn more at www.wtwco.com.

    WTW Non-GAAP Measures

    In order to assist readers of our consolidated financial statements in understanding the core operating results that WTW’s management uses to evaluate the business and for financial planning, we present the following non-GAAP measures: (1) Constant Currency Change, (2) Organic Change, (3) Adjusted Operating Income/Margin, (4) Adjusted EBITDA/Margin, (5) Adjusted Net Income, (6) Adjusted Diluted Earnings Per Share, (7) Adjusted Income Before Taxes, (8) Adjusted Income Taxes/Tax Rate, (9) Free Cash Flow and (10) Free Cash Flow Margin.

    We believe that those measures are relevant and provide pertinent information widely used by analysts, investors and other interested parties in our industry to provide a baseline for evaluating and comparing our operating performance, and in the case of free cash flow, our liquidity results.

    Within the measures referred to as ‘adjusted’, we adjust for significant items which will not be settled in cash, or which we believe to be items that are not core to our current or future operations. Some of these items may not be applicable for the current quarter, however they may be part of our full-year results. Additionally, we have historically adjusted for certain items which are not described below, but for which we may adjust in a future period when applicable. Items applicable to the quarter or full year results, or the comparable periods, include the following:

    • Restructuring costs and transaction and transformation – Management believes it is appropriate to adjust for restructuring costs and transaction and transformation when they relate to a specific significant program with a defined set of activities and costs that are not expected to continue beyond a defined period of time, or significant acquisition-related transaction expenses. We believe the adjustment is necessary to present how the Company is performing, both now and in the future when the incurrence of these costs will have concluded.
    • Impairment – Adjustment to remove the non-cash goodwill impairment associated with our Benefits, Delivery and Administration reporting unit related to the pending divestiture of our TRANZACT business.
    • Provisions for specified litigation matters – We will include provisions for litigation matters which we believe are not representative of our core business operations. Among other things, we determine this by reference to the amount of the loss (net of insurance and other recovery receivables) and by reference to whether the matter relates to an unusual and complex scenario that is not expected to be repeated as part of our ongoing, ordinary business. These amounts are presented net of insurance and other recovery receivables. See the footnotes to the respective reconciliation tables below for more specificity on the litigation matter excluded from adjusted results.
    • Gains and losses on disposals of operations – Adjustment to remove the gains or losses resulting from disposed operations that have not been classified as discontinued operations.
    • Tax effect of significant adjustments – Relates to the incremental tax expense or benefit resulting from significant or unusual events including significant statutory tax rate changes enacted in material jurisdictions in which we operate, internal reorganizations of ownership of certain businesses that reduced the investment held by our U.S.-controlled subsidiaries and the recovery of certain refunds or payment of taxes related to businesses in which we no longer participate.

    We evaluate our revenue on an as reported (U.S. GAAP), constant currency and organic basis. We believe presenting constant currency and organic information provides valuable supplemental information regarding our comparable results, consistent with how we evaluate our performance internally.

    We consider Constant Currency Change, Organic Change, Adjusted Operating Income/Margin, Adjusted EBITDA/Margin, Adjusted Net Income, Adjusted Diluted Earnings Per Share, Adjusted Income Before Taxes, Adjusted Income Taxes/Tax Rate and Free Cash Flow to be important financial measures, which are used to internally evaluate and assess our core operations and to benchmark our operating and liquidity results against our competitors. These non-GAAP measures are important in illustrating what our comparable operating and liquidity results would have been had we not incurred transaction-related and non-recurring items. Reconciliations of these measures are included in the accompanying tables with the following exception: The Company does not reconcile its forward-looking non-GAAP financial measures to the corresponding U.S. GAAP measures, due to variability and difficulty in making accurate forecasts and projections and/or certain information not being ascertainable or accessible; and because not all of the information, such as foreign currency impacts necessary for a quantitative reconciliation of these forward-looking non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure, is available to the Company without unreasonable efforts. For the same reasons, the Company is unable to address the probable significance of the unavailable information. The Company provides non-GAAP financial measures that it believes will be achieved, however it cannot accurately predict all of the components of the adjusted calculations and the U.S. GAAP measures may be materially different than the non-GAAP measures.

    Our non-GAAP measures and their accompanying definitions are presented as follows:

    Constant Currency Change – Represents the year-over-year change in revenue excluding the impact of foreign currency fluctuations. To calculate this impact, the prior year local currency results are first translated using the current year monthly average exchange rates. The change is calculated by comparing the prior year revenue, translated at the current year monthly average exchange rates, to the current year as reported revenue, for the same period. We believe constant currency measures provide useful information to investors because they provide transparency to performance by excluding the effects that foreign currency exchange rate fluctuations have on period-over-period comparability given volatility in foreign currency exchange markets.

    Organic Change – Excludes the impact of fluctuations in foreign currency exchange rates, as described above and the period-over-period impact of acquisitions and divestitures on current-year revenue. We believe that excluding transaction-related items from our U.S. GAAP financial measures provides useful supplemental information to our investors, and it is important in illustrating what our core operating results would have been had we not included these transaction-related items, since the nature, size and number of these transaction-related items can vary from period to period.

    Adjusted Operating Income/Margin – (Loss)/Income from operations adjusted for impairment, amortization, restructuring costs, transaction and transformation and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted operating income margin is calculated by dividing adjusted operating income by revenue. We consider adjusted operating income/margin to be important financial measures, which are used internally to evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted EBITDA/Margin – Net (Loss)/Income adjusted for provision for income taxes, interest expense, impairment, depreciation and amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted EBITDA Margin is calculated by dividing adjusted EBITDA by revenue. We consider adjusted EBITDA/margin to be important financial measures, which are used internally to evaluate and assess our core operations, to benchmark our operating results against our competitors and to evaluate and measure our performance-based compensation plans.

    Adjusted Net Income – Net (Loss)/Income Attributable to WTW adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results and the related tax effect of those adjustments and the tax effects of internal reorganizations. This measure is used solely for the purpose of calculating adjusted diluted earnings per share.

    Adjusted Diluted Earnings Per Share – Adjusted Net Income divided by the weighted-average number of ordinary shares, diluted. Adjusted diluted earnings per share is used to internally evaluate and assess our core operations and to benchmark our operating results against our competitors.

    Adjusted Income Before Taxes – (Loss)/Income from operations before income taxes adjusted for impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results. Adjusted income before taxes is used solely for the purpose of calculating the adjusted income tax rate.

    Adjusted Income Taxes/Tax Rate – Benefit from/(provision for) income taxes adjusted for taxes on certain items of impairment, amortization, restructuring costs, transaction and transformation, gains and losses on disposals of operations, the tax effects of internal reorganizations, and non-recurring items that, in management’s judgment, significantly affect the period-over-period assessment of operating results, divided by adjusted income before taxes. Adjusted income taxes is used solely for the purpose of calculating the adjusted income tax rate. Management believes that the adjusted income tax rate presents a rate that is more closely aligned to the rate that we would incur if not for the reduction of pre-tax income for the adjusted items and the tax effects of internal reorganizations, which are not core to our current and future operations.

    Free Cash Flow – Cash flows from operating activities less cash used to purchase fixed assets and software for internal use. Free Cash Flow is a liquidity measure and is not meant to represent residual cash flow available for discretionary expenditures. Management believes that free cash flow presents the core operating performance and cash-generating capabilities of our business operations.

    Free Cash Flow Margin – Free Cash Flow as a percentage of revenue, which represents how much of revenue would be realized on a cash basis. We consider this measure to be a meaningful metric for tracking cash conversion on a year-over-year basis due to the non-cash nature of our pension income, which is included in our GAAP and Non-GAAP earnings metrics presented herein.

    These non-GAAP measures are not defined in the same manner by all companies and may not be comparable to other similarly titled measures of other companies. Non-GAAP measures should be considered in addition to, and not as a substitute for, the information contained within our condensed consolidated financial statements.

    WTW Forward-Looking Statements

    This document contains ‘forward-looking statements’ within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created by those laws. These forward-looking statements include information about possible or assumed future results of our operations. All statements, other than statements of historical facts, that address activities, events, or developments that we expect or anticipate may occur in the future, including such things as our outlook, plans and references to future performance, including our future financial and operating results (including our revenue, costs, or margins), short-term and long-term financial goals, plans, objectives, expectations and intentions, including with respect to organic revenue growth, free cash flow generation, adjusted net revenue, adjusted operating margin and adjusted earnings per share; future share repurchases; demand for our services and competitive strengths; strategic goals; existing and evolving business strategies including those related to acquisition and disposition activity; the benefits of new initiatives; the growth of our business and operations; the sustained health of our product, service, transaction, client, and talent assessment and management pipelines; our ability to successfully manage ongoing leadership, organizational, and technology changes, including investments in improving systems and processes; our ability to implement and realize anticipated benefits of any cost-savings initiatives including our multi-year operational transformation program; the potential impact of natural or man-made disasters like health pandemics and other world health crises; future capital expenditures; ongoing working capital efforts; the impact of changes to tax laws on our financial results; and our recognition of future impairment charges or write-off of receivables, are forward-looking statements. Also, when we use words such as ‘may’, ‘will’, ‘would’, ‘anticipate’, ‘believe’, ‘estimate’, ‘expect’, ‘intend’, ‘plan’, ‘continues’, ‘seek’, ‘target’, ‘goal’, ‘focus’, ‘probably’, or similar expressions, we are making forward-looking statements. Such statements are based upon the current beliefs and expectations of our management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. All forward-looking disclosure is speculative by its nature.

    There are important risks, uncertainties, events and factors that could cause our actual results or performance to differ materially from those in the forward-looking statements contained in this document, including the following: our ability to successfully establish, execute and achieve our global business strategy as it evolves; our ability to fully realize the anticipated benefits of our growth strategy, including inorganic growth through acquisitions; our ability to make divestitures, including the pending sale of our TRANZACT business (inclusive of all the legal entities that comprise such business), or acquisitions, including our ability to integrate or manage acquired businesses or de-integrate businesses to be disposed, as well as our ability to identify and successfully execute on opportunities for strategic collaboration; our ability to consummate the pending sale of TRANZACT, and related incremental risks associated therewith including our ability to obtain approval (or for applicable waiting periods to expire) under the U.S. Hart-Scott-Rodino Antitrust Improvements Act of 1976; our ability to successfully manage ongoing organizational changes, including as part of our multi-year operational transformation program, investments in improving systems and processes, and in connection with our acquisition and divestiture activities, including the pending sale of TRANZACT, and related to changes in leadership in any of our businesses; risks relating to changes in our management structures and in senior leadership; our ability to achieve our short-term and long-term financial goals, such as with respect to our cash flow generation, and the timing with respect to such achievement; the risks related to changes in general economic conditions, business and political conditions, changes in the financial markets, inflation, credit availability, increased interest rates and changes in trade policies; the risks to our short-term and long-term financial goals from any of the risks or uncertainties set forth herein; the risks relating to the adverse impacts of macroeconomic trends, including inflation, changes in interest rates and trade policies, as well as political events, war, such as the Russia-Ukraine and Middle East conflicts, and other international disputes, terrorism, natural disasters, public health issues and other business interruptions on the global economy and capital markets, which could have a material adverse effect on our business, financial condition, results of operations, and long-term goals; our ability to successfully hedge against fluctuations in foreign currency rates; the risks relating to the adverse impacts of natural or man-made disasters such as health pandemics and other world health crises on the demand for our products and services, our cash flows and our business operations; material interruptions to or loss of our information processing capabilities, or failure to effectively maintain and upgrade our information technology resources and systems and related risks of cybersecurity breaches or incidents; our ability to comply with complex and evolving regulations related to data privacy, cybersecurity, and artificial intelligence; the risks relating to the transitional arrangements in effect subsequent to our previously-completed sale of Willis Re to Arthur J. Gallagher & Co.; significant competition that we face and the potential for loss of market share and/or profitability; the impact of seasonality and differences in timing of renewals and non-recurring revenue increases from disposals and book-of-business sales; the insufficiency of client data protection, potential breaches of information systems or insufficient safeguards against cybersecurity breaches or incidents; the risk of increased liability or new legal claims arising from our new and existing products and services, and expectations, intentions and outcomes relating to outstanding litigation; the risk of substantial negative outcomes on existing litigation or investigation matters; changes in the regulatory environment in which we operate, including, among other risks, the impacts of pending competition law and regulatory investigations; various claims, government inquiries or investigations or the potential for regulatory action; our ability to integrate direct-to-consumer sales and marketing solutions with our existing offerings and solutions; disasters or business continuity problems; our ability to successfully enhance our billing, collection and other working capital efforts, and thereby increase our free cash flow; our ability to properly identify and manage conflicts of interest; reputational damage, including from association with third parties; reliance on third-party service providers and suppliers; the loss of key employees or a large number of employees and rehiring rates; our ability to maintain our corporate culture; doing business internationally, including the impact of foreign currency exchange rates; compliance with extensive government regulation; the risk of sanctions imposed by governments, or changes to associated sanction regulations (such as sanctions imposed on Russia) and related counter-sanctions; our ability to effectively apply technology, data and analytics changes for internal operations, maintaining industry standards and meeting client preferences; changes and developments in the insurance industry or the U.S. healthcare system, including those related to Medicare, any legislative actions from the current U.S. Congress, the recent Final Rule from the Centers for Medicare & Medicaid Services for contract year 2025 and any judicial claims, rulings and appeals related thereto, and any other changes and developments in legal, regulatory, economic, business or operational conditions that could impact our Medicare benefits businesses such as TRANZACT; the inability to protect our intellectual property rights, or the potential infringement upon the intellectual property rights of others; fluctuations in our pension assets and liabilities and related changes in pension income, including as a result of, related to, or derived from movements in the interest rate environment, investment returns, inflation, or changes in other assumptions that are used to estimate our benefit obligations and their effect on adjusted earnings per share; our capital structure, including indebtedness amounts, the limitations imposed by the covenants in the documents governing such indebtedness and the maintenance of the financial and disclosure controls and procedures of each; our ability to obtain financing on favorable terms or at all; adverse changes in our credit ratings; the impact of recent or potential changes to U.S. or foreign laws, and the enactment of additional, or the revision of existing, state, federal, and/or foreign laws and regulations, recent judicial decisions and development of case law, other regulations and any policy changes and legislative actions, including those that may impose additional excise taxes or impact our effective tax rate; U.S. federal income tax consequences to U.S. persons owning at least 10% of our shares; changes in accounting principles, estimates or assumptions; our recognition of non-cash pre-tax losses and related impairment charges in connection with our pending sale of TRANZACT and other future impairment charges or write-offs of receivables; risks relating to or arising from environmental, social and governance practices; fluctuation in revenue against our relatively fixed or higher than expected expenses; the risk that investment levels, including cash spending, to achieve additional expected savings under our multi-year operational transformation program; the laws of Ireland being different from the laws of the U.S. and potentially affording less protections to the holders of our securities; and our holding company structure potentially preventing us from being able to receive dividends or other distributions in needed amounts from our subsidiaries.

    The foregoing list of factors is not exhaustive and new factors may emerge from time to time that could also affect actual performance and results. For more information, please see Part I, Item 1A in our Annual Report on Form 10-K, and our subsequent filings with the SEC. Copies are available online at www.sec.gov or www.wtwco.com.

    Although we believe that the assumptions underlying our forward-looking statements are reasonable, any of these assumptions, and therefore also the forward-looking statements based on these assumptions, could themselves prove to be inaccurate. Given the significant uncertainties inherent in the forward-looking statements included in this document, our inclusion of this information is not a representation or guarantee by us that our objectives and plans will be achieved.

    Our forward-looking statements speak only as of the date made, and we will not update these forward-looking statements unless the securities laws require us to do so. With regard to these risks, uncertainties and assumptions, the forward-looking events discussed in this document may not occur, and we caution you against unduly relying on these forward-looking statements.

    Contact

    INVESTORS

    Claudia De La Hoz | Claudia.Delahoz@wtwco.com

    WTW
    Supplemental Segment Information
    (In millions of U.S. dollars)
    (Unaudited)
    REVENUE    
                  Components of Revenue Change(i)
                        Less:       Less:    
        Three Months Ended
     September 30,    		     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024     2023     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 1,320     $ 1,275     4 %   0 %   3 %   0 %   4 %
    Interest income     8       7                      
    Total     1,328       1,282     4 %   0 %   3 %   0 %   4 %
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 911     $ 830     10 %   0 %   10 %   0 %   10 %
    Interest income     29       25                      
    Total     940       855     10 %   0 %   10 %   0 %   10 %
                                     
    Segment Revenue   $ 2,268     $ 2,137     6 %   0 %   6 %   0 %   6 %
    Reimbursable expenses and other     15       22                      
    Interest income     6       7                      
    Revenue   $ 2,289     $ 2,166     6 %   0 %   6 %   0 %   6%(ii)  
                  Components of Revenue Change(i)
                        Less:       Less:    
        Nine Months Ended September 30,     As Reported   Currency   Constant Currency   Acquisitions/   Organic
        2024     2023     % Change   Impact   Change   Divestitures   Change
                                     
    Health, Wealth & Career                                
    Revenue excluding interest income   $ 3,898     $ 3,766     4 %   0 %   4 %   0 %   4 %
    Interest income     26       18                      
    Total     3,924       3,784     4 %   0 %   4 %   0 %   4 %
                                     
    Risk & Broking                                
    Revenue excluding interest income   $ 2,811     $ 2,607     8 %   0 %   8 %   0 %   8 %
    Interest income     86       52                      
    Total     2,897       2,659     9 %   0 %   9 %   0 %   9 %
                                     
    Segment Revenue   $ 6,821     $ 6,443     6 %   0 %   6 %   0 %   6 %
    Reimbursable expenses and other     56       90                      
    Interest income     18       36                      
    Revenue   $ 6,895     $ 6,569     5 %   0 %   5 %   0 %   5%(ii)  

    (i)  Components of revenue change may not add due to rounding.
    (ii)  Interest income did not contribute to organic change for the three and nine months ended September 30, 2024.

    BOOK-OF-BUSINESS SETTLEMENTS AND INTEREST INCOME

        Three Months Ended September 30,  
        HWC     R&B     Corporate     Total  
        2024     2023     2024     2023     2024     2023     2024     2023  
    Book-of-business settlements   $ 3     $ —     $ 4     $ 1     $ —     $ —     $ 7     $ 1  
    Interest income     8       7       29       25       6       7       43       39  
    Total   $ 11     $ 7     $ 33     $ 26     $ 6     $ 7     $ 50     $ 40  
        Nine Months Ended September 30,  
        HWC     R&B     Corporate     Total  
        2024     2023     2024     2023     2024     2023     2024     2023  
    Book-of-business settlements   $ 3     $ —     $ 8     $ 11     $ —     $ —     $ 11     $ 11  
    Interest income     26       18       86       52       18       36       130       106  
    Total   $ 29     $ 18     $ 94     $ 63     $ 18     $ 36     $ 141     $ 117  


    SEGMENT OPERATING INCOME (i)

        Three Months Ended
    September 30,    		    
                   
                   
                       
                       
                       
        2024     2023    
                   
                   
                       
                       
                       
                   
                   
                   
                       
                       
                       
    Health, Wealth & Career   $ 329     $ 305    
                   
                   
                       
                       
                       
    Risk & Broking     170       134    
                   
                   
                       
                       
                       
    Segment Operating Income   $ 499     $ 439    
        Nine Months Ended
    September 30,    		  
        2024     2023  
                 
    Health, Wealth & Career   $ 941     $ 836  
    Risk & Broking     575       459  
    Segment Operating Income   $ 1,516     $ 1,295  

    (i) Segment operating income excludes certain costs, including amortization of intangibles, restructuring costs, transaction and transformation expenses, certain litigation provisions, and to the extent that the actual expense based upon which allocations are made differs from the forecast/budget amount, a reconciling item will be created between internally-allocated expenses and the actual expenses reported for U.S. GAAP purposes.

    SEGMENT OPERATING MARGINS

        Three Months Ended September 30,
        2024   2023
    Health, Wealth & Career   24.7%   23.8%
    Risk & Broking   18.1%   15.7%
        Nine Months Ended
    September 30,
        2024   2023
    Health, Wealth & Career   24.0%   22.1%
    Risk & Broking   19.8%   17.3%


    RECONCILIATIONS OF SEGMENT OPERATING INCOME TO (LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES

        Three Months Ended September 30,  
        2024     2023  
                 
    Segment Operating Income   $ 499     $ 439  
    Impairment(i)     (1,042 )     —  
    Amortization     (56 )     (62 )
    Restructuring costs     (8 )     (17 )
    Transaction and transformation(ii)     (74 )     (113 )
    Unallocated, net(iii)     (85 )     (88 )
    (Loss)/Income from Operations     (766 )     159  
    Interest expense     (65 )     (61 )
    Other (loss)/income, net     (1,163 )     66  
    (Loss)/income from operations before income taxes   $ (1,994 )   $ 164  
        Nine Months Ended September 30,  
        2024     2023  
                 
    Segment Operating Income   $ 1,516     $ 1,295  
    Impairment(i)     (1,042 )     —  
    Amortization     (176 )     (203 )
    Restructuring costs     (29 )     (30 )
    Transaction and transformation(ii)     (296 )     (265 )
    Unallocated, net(iii)     (247 )     (211 )
    (Loss)/Income from Operations     (274 )     586  
    Interest expense     (197 )     (172 )
    Other (loss)/income, net     (1,113 )     126  
    (Loss)/income from operations before income taxes   $ (1,584 )   $ 540  

     (i) Represents the non-cash goodwill impairment associated with our BDA reporting unit related to the pending divestiture of our TRANZACT business.
     (ii) In 2024 and 2023, in addition to legal fees and other transaction costs, includes primarily consulting fees and compensation costs related to the Transformation program.
     (iii) Includes certain costs, primarily related to corporate functions which are not directly related to the segments, and certain differences between budgeted expenses determined at the beginning of the year and actual expenses that we report for U.S. GAAP purposes.

    WTW
    Reconciliations of Non-GAAP Measures
    (In millions of U.S. dollars, except per share data)
    (Unaudited)

    RECONCILIATIONS OF NET (LOSS)/INCOME ATTRIBUTABLE TO WTW TO ADJUSTED DILUTED EARNINGS PER SHARE

        Three Months Ended September 30,  
        2024     2023  
                 
    Net (loss)/income attributable to WTW   $ (1,675 )   $ 136  
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     56       62  
    Restructuring costs     8       17  
    Transaction and transformation     74       113  
    Loss/(gain) on disposal of operations     1,190       (41 )
    Tax effect on certain items listed above(ii)     (396 )     (51 )
    Adjusted Net Income   $ 299     $ 236  
                 
    Weighted-average ordinary shares, diluted     102       105  
                 
    Diluted (Loss)/Earnings Per Share   $ (16.44 )   $ 1.29  
    Adjusted for certain items:(iii)            
    Impairment     10.23       —  
    Amortization     0.55       0.59  
    Restructuring costs     0.08       0.16  
    Transaction and transformation     0.73       1.07  
    Loss/(gain) on disposal of operations     11.68       (0.39 )
    Tax effect on certain items listed above(ii)     (3.89 )     (0.48 )
    Adjusted Diluted Earnings Per Share(iii)   $ 2.93     $ 2.24  
        Nine Months Ended September 30,  
        2024     2023  
                 
    Net (loss)/income attributable to WTW   $ (1,344 )   $ 433  
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     176       203  
    Restructuring costs     29       30  
    Transaction and transformation     296       265  
    Provision for specified litigation matter(i)     13       —  
    Loss/(gain) on disposal of operations     1,190       (44 )
    Tax effect on certain items listed above(ii)     (492 )     (128 )
    Tax effect of significant adjustments     (7 )     2  
    Adjusted Net Income   $ 903     $ 761  
                 
    Weighted-average ordinary shares, diluted     103       107  
                 
    Diluted (Loss)/Earnings Per Share   $ (13.11 )   $ 4.06  
    Adjusted for certain items:(iii)            
    Impairment     10.17       —  
    Amortization     1.72       1.90  
    Restructuring costs     0.28       0.28  
    Transaction and transformation     2.89       2.48  
    Provision for specified litigation matter(i)     0.13       —  
    Loss/(gain) on disposal of operations     11.61       (0.41 )
    Tax effect on certain items listed above(ii)     (4.80 )     (1.20 )
    Tax effect of significant adjustments     (0.07 )     0.02  
    Adjusted Diluted Earnings Per Share(iii)   $ 8.81     $ 7.13  

     (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.
    (iii) Per share values and totals may differ due to rounding.

    RECONCILIATIONS OF NET (LOSS)/INCOME TO ADJUSTED EBITDA

        Three Months Ended September 30,    
        2024     2023    
                   
    Net (Loss)/Income   $ (1,672 ) (73.0 )% $ 139   6.4 %
    Provision for income taxes     (322 )     25    
    Interest expense     65       61    
    Impairment     1,042       —    
    Depreciation     60       60    
    Amortization     56       62    
    Restructuring costs     8       17    
    Transaction and transformation     74       113    
    Loss/(gain) on disposal of operations     1,190       (41 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 501   21.9 % $ 436   20.1 %
        Nine Months Ended September 30,    
        2024     2023    
                   
    Net (Loss)/Income   $ (1,336 ) (19.4 )% $ 441   6.7 %
    Provision for income taxes     (248 )     99    
    Interest expense     197       172    
    Impairment     1,042       —    
    Depreciation     176       184    
    Amortization     176       203    
    Restructuring costs     29       30    
    Transaction and transformation     296       265    
    Provision for specified litigation matter(i)     13       —    
    Loss/(gain) on disposal of operations     1,190       (44 )  
    Adjusted EBITDA and Adjusted EBITDA Margin   $ 1,535   22.3 % $ 1,350   20.6 %

     (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF (LOSS)/INCOME FROM OPERATIONS TO ADJUSTED OPERATING INCOME

        Three Months Ended September 30,    
        2024     2023    
                   
    (Loss)/Income from operations and Operating margin   $ (766 ) (33.5 )% $ 159   7.3 %
    Adjusted for certain items:              
    Impairment     1,042       —    
    Amortization     56       62    
    Restructuring costs     8       17    
    Transaction and transformation     74       113    
    Adjusted operating income and Adjusted operating income margin   $ 414   18.1 % $ 351   16.2 %
        Nine Months Ended September 30,    
        2024     2023    
                   
    (Loss)/Income from operations and Operating margin   $ (274 ) (4.0 )% $ 586   8.9 %
    Adjusted for certain items:              
    Impairment     1,042       —    
    Amortization     176       203    
    Restructuring costs     29       30    
    Transaction and transformation     296       265    
    Provision for specified litigation matter(i)     13       —    
    Adjusted operating income and Adjusted operating income margin   $ 1,282   18.6 % $ 1,084   16.5 %

     (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.

    RECONCILIATIONS OF GAAP INCOME TAXES/TAX RATE TO ADJUSTED INCOME TAXES/TAX RATE

        Three Months Ended September 30,  
        2024     2023  
                 
    (Loss)/income from operations before income taxes   $ (1,994 )   $ 164  
                 
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     56       62  
    Restructuring costs     8       17  
    Transaction and transformation     74       113  
    Loss/(gain) on disposal of operations     1,190       (41 )
    Adjusted income before taxes   $ 376     $ 315  
                 
    (Benefit from)/provision for income taxes   $ (322 )   $ 25  
    Tax effect on certain items listed above(ii)     396       51  
    Adjusted income taxes   $ 74     $ 76  
                 
    U.S. GAAP tax rate     16.1 %     15.5 %
    Adjusted income tax rate     19.7 %     24.3 %
        Nine Months Ended September 30,
        2024   2023
                 
    (Loss)/income from operations before income taxes   $ (1,584 )   $ 540  
                 
    Adjusted for certain items:            
    Impairment     1,042       —  
    Amortization     176       203  
    Restructuring costs     29       30  
    Transaction and transformation     296       265  
    Provision for specified litigation matter(i)     13       —  
    Loss/(gain) on disposal of operations     1,190       (44 )
    Adjusted income before taxes   $ 1,162     $ 994  
                 
    (Benefit from)/provision for income taxes   $ (248 )   $ 99  
    Tax effect on certain items listed above(ii)     492       128  
    Tax effect of significant adjustments     7       (2 )
    Adjusted income taxes   $ 251     $ 225  
                 
    U.S. GAAP tax rate     15.6 %     18.3 %
    Adjusted income tax rate     21.6 %     22.6 %

    (i) Represents a provision related to potential litigation arising out of a structured insurance program originally placed for a client over 15 years ago. The program is of a type and complexity that was highly bespoke to the client and for that reason is unlikely to be exactly replicated elsewhere. Because of this, while we do not believe the potential litigation is material, we believe excluding this matter from adjusted results makes results more comparable from period to period and more representative of our core business operations.
    (ii) The tax effect was calculated using an effective tax rate for each item.

    RECONCILIATION OF CASH FLOWS FROM OPERATING ACTIVITIES TO FREE CASH FLOW

        Nine Months Ended September 30,  
        2024   2023
                 
    Cash flows from operating activities   $ 913     $ 823  
    Less: Additions to fixed assets and software for internal use     (106 )     (116 )
    Free Cash Flow   $ 807     $ 707  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Income
    (In millions of U.S. dollars, except per share data)
    (Unaudited)
        Three Months Ended
     September 30,    		   Nine Months Ended
     September 30,
        2024   2023   2024   2023
    Revenue   $ 2,289     $ 2,166     $ 6,895     $ 6,569  
                             
    Costs of providing services                        
    Salaries and benefits     1,396       1,359       4,135       4,019  
    Other operating expenses     419       396       1,315       1,282  
    Impairment     1,042       —       1,042       —  
    Depreciation     60       60       176       184  
    Amortization     56       62       176       203  
    Restructuring costs     8       17       29       30  
    Transaction and transformation     74       113       296       265  
    Total costs of providing services     3,055       2,007       7,169       5,983  
                             
    (Loss)/income from operations     (766 )     159       (274 )     586  
                             
    Interest expense     (65 )     (61 )     (197 )     (172 )
    Other (loss)/income, net     (1,163 )     66       (1,113 )     126  
                             
    (LOSS)/INCOME FROM OPERATIONS BEFORE INCOME TAXES   (1,994 )     164       (1,584 )     540  
                             
    Benefit from/(provision for) income taxes     322       (25 )     248       (99 )
                             
    NET (LOSS)/INCOME   (1,672 )     139       (1,336 )     441  
                             
    Income attributable to non-controlling interests     (3 )     (3 )     (8 )     (8 )
                             
    NET (LOSS)/INCOME ATTRIBUTABLE TO WTW   $ (1,675 )   $ 136     $ (1,344 )   $ 433  
                             
    (LOSS)/EARNINGS PER SHARE                        
    Basic (loss)/earnings per share   $ (16.44 )   $ 1.30     $ (13.11 )   $ 4.08  
    Diluted (loss)/earnings per share   $ (16.44 )   $ 1.29     $ (13.11 )   $ 4.06  
                             
    Weighted-average ordinary shares, basic     102       105       103       106  
    Weighted-average ordinary shares, diluted     102       105       103       107  
    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Balance Sheets
    (In millions of U.S. dollars, except share data)
    (Unaudited)
        September 30,     December 31,  
        2024     2023  
    ASSETS            
    Cash and cash equivalents   $ 1,372     $ 1,424  
    Fiduciary assets     9,176       9,073  
    Accounts receivable, net     2,118       2,572  
    Prepaid and other current assets     558       364  
    Current assets held for sale     1,089       —  
    Total current assets     14,313       13,433  
    Fixed assets, net     710       720  
    Goodwill     8,882       10,195  
    Other intangible assets, net     1,360       2,016  
    Right-of-use assets     539       565  
    Pension benefits assets     632       588  
    Other non-current assets     732       1,573  
    Total non-current assets     12,855       15,657  
    TOTAL ASSETS   $ 27,168     $ 29,090  
    LIABILITIES AND EQUITY            
    Fiduciary liabilities   $ 9,176     $ 9,073  
    Deferred revenue and accrued expenses     2,027       2,104  
    Current debt     —       650  
    Current lease liabilities     122       125  
    Other current liabilities     735       678  
    Current liabilities held for sale     475       —  
    Total current liabilities     12,535       12,630  
    Long-term debt     5,308       4,567  
    Liability for pension benefits     487       563  
    Deferred tax liabilities     94       542  
    Provision for liabilities     416       365  
    Long-term lease liabilities     556       592  
    Other non-current liabilities     202       238  
    Total non-current liabilities     7,063       6,867  
    TOTAL LIABILITIES     19,598       19,497  
    COMMITMENTS AND CONTINGENCIES            
    EQUITY(i)            
    Additional paid-in capital     10,957       10,910  
    (Accumulated deficit)/retained earnings     (650 )     1,466  
    Accumulated other comprehensive loss, net of tax     (2,810 )     (2,856 )
    Treasury shares, at cost, 15,574 shares in 2024     (5 )     —  
    Total WTW shareholders’ equity     7,492       9,520  
    Non-controlling interests     78       73  
    Total Equity     7,570       9,593  
    TOTAL LIABILITIES AND EQUITY   $ 27,168     $ 29,090  

     (i)  Equity includes (a) Ordinary shares $0.000304635 nominal value; Authorized 1,510,003,775; Issued 100,887,015 (2024) and 102,538,072 (2023); Outstanding 100,871,441 (2024) and 102,538,072 (2023) and (b) Preference shares, $0.000115 nominal value; Authorized 1,000,000,000 and Issued none in 2024 and 2023.

    WILLIS TOWERS WATSON PUBLIC LIMITED COMPANY
    Condensed Consolidated Statements of Cash Flows
    (In millions of U.S. dollars)
    (Unaudited)
        Nine Months Ended September 30,  
        2024     2023  
    CASH FLOWS FROM OPERATING ACTIVITIES            
    NET (LOSS)/INCOME   $ (1,336 )   $ 441  
    Adjustments to reconcile net income to total net cash from operating activities:            
    Depreciation     176       184  
    Amortization     176       203  
    Impairment     1,042       —  
    Non-cash restructuring charges     17       19  
    Non-cash lease expense     76       83  
    Net periodic benefit of defined benefit pension plans     (15 )     (20 )
    Provision for doubtful receivables from clients     13       8  
    Benefit from deferred income taxes     (379 )     (58 )
    Share-based compensation     85       87  
    Net loss/(gain) on disposal of operations     1,190       (44 )
    Non-cash foreign exchange (gain)/loss     (25 )     1  
    Other, net     32       21  
    Changes in operating assets and liabilities, net of effects from purchase of subsidiaries:            
    Accounts receivable     271       261  
    Other assets     (299 )     (175 )
    Other liabilities     (159 )     (191 )
    Provisions     48       3  
    Net cash from operating activities     913       823  
                 
    CASH FLOWS USED IN INVESTING ACTIVITIES            
    Additions to fixed assets and software for internal use     (106 )     (116 )
    Capitalized software costs     (83 )     (66 )
    Acquisitions of operations, net of cash acquired     (28 )     (6 )
    Proceeds from sale of operations     —       86  
    Cash and fiduciary funds transferred in sale of operations     —       (922 )
    Purchase of investments     (13 )     (6 )
    Net cash used in investing activities     (230 )     (1,030 )
                 
    CASH FLOWS FROM/(USED IN) FINANCING ACTIVITIES            
    Senior notes issued     746       748  
    Debt issuance costs     (9 )     (7 )
    Repayments of debt     (653 )     (253 )
    Repurchase of shares     (506 )     (804 )
    Net proceeds/(payments) from fiduciary funds held for clients     934       (71 )
    Payments of deferred and contingent consideration related to acquisitions     (2 )     (8 )
    Cash paid for employee taxes on withholding shares     (30 )     (21 )
    Dividends paid     (265 )     (265 )
    Acquisitions of and dividends paid to non-controlling interests     (10 )     (47 )
    Net cash from/(used in) financing activities     205       (728 )
                 
    INCREASE/(DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED
       CASH    		     888       (935 )
    Effect of exchange rate changes on cash, cash equivalents and restricted cash     32       (54 )
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF
       PERIOD (i)    		     3,792       4,721  
    CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD (i)   $ 4,712     $ 3,732  

    (i)  The amounts of cash, cash equivalents and restricted cash, their respective classification on the condensed consolidated balance sheets, as well as their respective portions of the increase or decrease in cash, cash equivalents and restricted cash for each of the periods presented have been included in the Supplemental Disclosures of Cash Flow Information section.

    SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

        Nine Months Ended September 30,  
        2024     2023  
                 
    Supplemental disclosures of cash flow information:            
    Cash and cash equivalents   $ 1,372     $ 1,247  
    Fiduciary funds (included in fiduciary assets)     3,340       2,485  
    Total cash, cash equivalents and restricted cash   $ 4,712     $ 3,732  
                 
    (Decrease)/increase in cash, cash equivalents and other restricted cash   $ (54 )   $ 5  
    Increase/(decrease) in fiduciary funds     942       (940 )
    Total (i)   $ 888     $ (935 )

    (i) Does not include the effect of exchange rate changes on cash, cash equivalents and restricted cash.

    The MIL Network –

  • MIL-OSI United Kingdom: Don’t burn a hole in your pocket with a fine this Bonfire Night

    Source: United Kingdom – Executive Government & Departments

    Burning household waste can cause pollution, harm people, wildlife and the environment and could lead to a fine of up to £50,000.

    Go to a properly organised bonfire instead of holding your own and risk breaking the rules

    With Bonfire Night fast approaching, the Environment Agency is urging those planning to celebrate to go to an organised event or risk a hefty fine if holding their own.

    As well as the safety risks caused by bonfires, they have an impact on the climate and, if the wrong materials are burned, can harm wildlife, the environment and human health.

    The only materials that should be used in bonfires are dry, untreated and unpainted wood, along with small amounts of paper or cardboard. Using wet wood creates smoke which can spread and cause a nuisance to neighbours, and bonfires can quickly get out of control if not properly managed.

    Those still planning to have a bonfire at home are advised:

    • not to use it to dispose of household waste such as plastic, rubber, glass, oils or metal – these materials carry a pollution risk and should be disposed of through waste collections or at council recycling centres.
    • always check for hedgehogs and other wildlife which may have crawled inside before setting light to a bonfire
    • don’t allow anyone else to add materials to your bonfire, other than clean, dry, untreated wood.

    Wet wood creates smoke and bonfires can quickly escape control

    It’s not just householders that may use Bonfire Night as a way of getting rid of rubbish, businesses may use it to burn waste too, but the Environment Agency also urges them to be aware of what they are burning.

    As well as the harm and nuisance burning the wrong kind of waste can cause, burning of most types of waste is illegal and can carry a fine of up to £50,000.

    Ben Shayler of the Environment Agency said:

    We want people to have fun on Bonfire Night – but to do so safely and in a way that won’t create a risk to the environment, wildlife, you and your neighbours.

    The best way of doing that is to stop burning waste altogether and go to a properly organised community event where organisers have followed our guidelines and won’t be causing a hazard.

    Whether you are a business owner or householder, if you are paying someone to take waste away, always check they are licensed waste carriers who will dispose of waste correctly. Criminals working in illegal waste operations may also use the celebration to dispose of hazardous and inappropriate waste.

    Dave Waters, area manager of Dorset & Wiltshire Fire and Rescue Service, said:

    We would always urge people to attend organised bonfire and fireworks events as it’s much safer. In addition, it reduces the potential pressure on the fire and rescue service at a time of year when we can be extremely busy.

    If you see a bonfire being built, which you think may contain hazardous materials, you can contact the Environment Agency on our 24-hour helpline at 0800 807060 or report it anonymously to Crimestoppers on 0800 555111.

    You can check if a waste carrier is licensed on our public register.

    Updates to this page

    Published 31 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: CHP investigates case of severe enterovirus 71 infection and epidemiologically linked outbreak of hand, foot and mouth disease

    Source: Hong Kong Government special administrative region

    CHP investigates case of severe enterovirus 71 infection and epidemiologically linked outbreak of hand, foot and mouth disease
    CHP investigates case of severe enterovirus 71 infection and epidemiologically linked outbreak of hand, foot and mouth disease
    ******************************************************************************************

         The Centre for Health Protection (CHP) of the Department of Health (DH) is today (October 31) investigating a case of severe enterovirus (EV) 71 infection and an epidemiologically linked outbreak of hand, foot and mouth disease (HFMD), and again urged the public and institutions to maintain strict hand, personal and environmental hygiene.     The severe case involved a 12-day-old baby girl. She has presented with fever since October 25, and was brought to the Accident and Emergency Department of Prince of Wales Hospital and admitted for treatment on the same day. Her clinical sample tested positive for EV71 upon laboratory testing. The clinical diagnoses were EV71 infection complicated with meningitis. The patient is now in stable condition.     Initial enquiries revealed that the patient had no travel history during the incubation period. Her 18-month-old brother and her father had developed HFMD infection symptoms since October 18 and 22 respectively, and both of them had recovered. Her other home contacts have remained asymptomatic. The CHP has arranged laboratory testing for the two symptomatic home contacts.      The CHP’s epidemiological investigations also revealed that Tsung Tsin Mission of Hong Kong Joyful Place, where the patient’s brother is receiving childcare services, recorded a recent outbreak of HFMD. According to preliminary information, the outbreak involves six children, including the patient’s brother, three boys and two girls, aged between 15 months and 18 months. They have developed HFMD symptoms between October 18 and 26, and all of them sought medical attention and no hospitalisation was required. They are now in a stable condition. All children in the child care centre have been put under medical surveillance by the CHP.     According to the information collected from the epidemiological investigations so far, the CHP suspected that the outbreak of HFMD in the child care centre was caused by EV71. The CHP will arrange laboratory testing for all children with relevant symptoms in order to ascertain the causative agent of infection.      Officers of the CHP have conducted a site visit to the child care centre to understand the disinfection, infection control and child care steps, and advised necessary measures. The CHP has advised the child care centre to suspend classes starting from tomorrow for 14 days to prevent further spread of HFMD. The child care centre has been requested to conduct thorough cleaning and disinfection under the supervision of the CHP. The CHP’s investigations are ongoing.      “EV71 is one of the causative agents for HFMD. The infection is transmitted by direct contact with an infected person’s nose or throat discharges, saliva, fluid from blisters or stool. Good personal and environmental hygiene are the most important measures to prevent EV71 infection,” a spokesman for the CHP said.      “HFMD is common in children, while adult cases may also appear. It is usually caused by enteroviruses such as Coxsackie virus and EV71. It is clinically characterised by maculopapular rashes or vesicular lesions occurring on the palms, soles and other parts of the body such as the buttocks and thighs. Vesicular lesions and ulcers may also be found in the oral cavity. Sometimes patients present mainly with painful ulcers at the back of the mouth, namely herpangina, without rash on the hands or feet,” the spokesman said.      “The local HFMD activity is currently at high level. In Hong Kong, the usual peak season for HFMD and EV71 infection is from May to July. A smaller peak may also occur from October to December. As young children are more susceptible, parents should stay alert to their health condition. Institutional outbreaks may occur where HFMD can easily spread among young children with close contact,” the spokesman added.      The spokesman reminded that alcohol-based handrub should not substitute hand hygiene with liquid soap and water, as alcohol does not effectively kill some viruses causing HFMD, for example, EV71. To prevent HFMD, members of the public (especially the management of institutions) should take heed of the following preventive measures: 

    Maintain good air circulation;
    Wash hands before meals and after going to the toilet or handling diapers or other stool-soiled materials;
    Keep hands clean and wash hands properly, especially when they are dirtied by respiratory secretions, such as after sneezing;
    Cover the nose and mouth while sneezing or coughing and dispose of nasal and oral discharges properly;
    Regularly clean and disinfect frequently touched surfaces such as furniture, toys and commonly shared items with 1:99 diluted household bleach (mixing one part of household bleach containing 5.25 per cent sodium hypochlorite with 99 parts of water), leave for 15 to 30 minutes, and then rinse with water and keep dry;
    Use absorbent disposable towels to wipe away obvious contaminants such as respiratory secretions, vomitus or excreta, and then disinfect the surface and neighbouring areas with 1:49 diluted household bleach (mixing one part of bleach containing 5.25 per cent sodium hypochlorite with 49 parts of water), leave for 15 to 30 minutes and then rinse with water and keep dry;
    Children who are ill should be kept out of school until their fever and rash have subsided and all vesicles have dried and crusted;
    Avoid going to overcrowded places; and
    Parents should maintain close communication with schools to let them know the latest situation of sick children.

         ???The CHP’s weekly publication, EV SCAN (www.chp.gov.hk/en/view_content/21639.html), is issued every Friday to report the latest local situation of HFMD. Members of the public may also visit the CHP’s page on HFMD and EV71 infection for more information.

     
    Ends/Thursday, October 31, 2024Issued at HKT 18:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    Source: United States AFRICOM

    Gallery contains 4 images

    United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    The U.S. provided $5.5 million state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military.

    United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    The U.S. provided $5.5 million state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military.

    United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    The U.S. provided $5.5 million state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military.

    United States Delivers Second United Nations Level 2 Hospital to Uganda for Peacekeeping and Humanitarian Efforts

    The U.S. provided $5.5 million state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military.

    The U.S.  provided $5.5 million  state-of-the-art U.N. Level 2 hospital As to help support the Ugandan military. The 22-bed facility, equipped with specialized suites for dental and surgical care, is designed for rapid deployment in response to regional peacekeeping, humanitarian emergencies, and medical crises. 

    The donation marks the second U.N. Level 2 hospital delivered from the U.S. to Uganda. The first donated hospital played a crucial role during the COVID-19 pandemic, significantly contributing to the Ugandan response and saving thousands of lives, including civilians.

    As part of the transfer, soldiers from the Uganda People’s Defence Force participated in intensive training at the Uganda Rapid Deployment Capabilities Center in Jinja, Oct. 14-29. During training, they learned essential skills in setting up, operating, and dismantling the hospital to ensure effective deployment when needed.

    “This initiative reflects the United States’ dedication to enhancing health care and humanitarian response capabilities as part of the more than 60-year partnership with the Ugandan people,” U.S. Ambassador William Popp to Uganda said. 

    The majority of U.S. defense and security cooperation in Uganda supports health programs with a direct impact on Ugandan citizens. While less than 3% of the nearly $1 billion in total U.S. government development and humanitarian assistance to Uganda in 2023, nearly two-thirds of all U.S. security cooperation funds went to health programs, with the rest supporting human rights and legal training as well as peacekeeping efforts in Somalia. 

    MIL Security OSI –

  • MIL-OSI Economics: CBB participates in National Tree Week

    Source: Central Bank of Bahrain

    Published on 31 October 2024

    Manama, Kingdom of Bahrain – 31 October 2024 – In support of the National Action Plan to achieve carbon neutrality, announced by His Majesty King Hamad bin Isa Al Khalifa, and in line with the launch of National Tree Week by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, to be held annually on the third week of October, HE Khalid Humaidan, Governor of Central Bank of Bahrain, planted a number of trees on CBB’s premises alongside senior officials.

    The National Tree Week supports the Kingdom’s afforestation plan to double the number of trees to 3.6 million by 2035, contributing to the Kingdom’s commitments under the United Nations Framework Convention on Climate Change.

    Share this

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Mansion House to undergo restoration works in the new year

    Source: City of York

    To help protect and maintain an important cultural asset for the city, York Mansion House will undergo £1.2m maintenance, accessibility and safety improvements.

    It will reopen in in 2025, 300 years after its original construction began.

    To help protect and maintain an important cultural asset for the city, York Mansion House will undergo £1.2m maintenance, accessibility and safety improvements and will reopen in 2025, 300 years after its original construction began.

    One of the earliest civic buildings to be built in the classical style in England, the Mansion House is the official seat of The Rt Hon The Lord Mayor of York, and holds an important collection of items connected to the history of the city over the past 800 years.

    Work to build the house began in 1725 and was completed in 1732. The last major restoration was done in 2015-17, and the upcoming works will be a significant investment in the House.

    This refurbishment aims to address essential maintenance tasks which include repairing wear and tear to the building and to prevent any further deterioration in the historic roof, walls and windows. It will also include important upgrades to the lift to improve the accessibility and environmental performance of the historic building, and decoration works will also refresh the interior where structural work is required.

    The Mansion House will close temporarily on 10 November, when the contents will be safely stored. This will be done with the help of students who will gain valuable practical experience of working in a historical building. Staff will oversee the work, continue with outreach education work and carry out research on the House and its contents.

    Starting in early 2025, the works will be overseen by Buttress Architects which will provide specialist heritage consultancy and conservation architecture. During the project they will lead a team of experts including conservation architects and mechanical, electrical and structural engineers.

    The Rt Hon, The Lord Mayor of York, Councillor Margaret Wells, said:

    Investing in this beautiful historic building ensures it will continue to serve the city and its residents.

    “It’s temporary closure will allow other historic venues to take part in the civic life of the city, such as holding citizenship ceremonies in the elegant Register Office on Bootham, and using Medieval Barley Hall to host the Sheriff’s Ridings.”

    Pauline Stuchfield, Director of Housing and Communities, said:

    The Mansion House has been an essential part of the York landscape for almost 300 years, and it’s important it continues to be available for future generations of residents and visitors.

    “We’re able to carry out these essential works to weather another 300 years of being key to the civic life of the city, a base for our civic party and ready to welcome royalty as it has for centuries.

    “For hundreds of years the Mansion House has hosted some of the most important and significant events in the city and, once these improvements are made, the House will continue to play that role for decades to come.”

    The last major works were carried out in 2015 when £1.2m from the Heritage Lottery Fund (HLF) helped deliver the most significant upgrades since the building first opened. The works included restoring the original kitchens, improving displays, developing an integrated environmental and conservation plan and preparing a detailed oral history project.

    Hannah Bellerby, the project architect from Buttress Architects, said:

    As we approach the Mansion House’s 300th anniversary, it is a privilege for Buttress to lead the efforts in safeguarding this vital piece of York’s civic heritage.

    “Our work focuses on not only preserving the building’s historical integrity but also working to ensure it remains accessible, sustainable, and fit for future generations. Through these planned restorations, we are ensuring that this significant landmark continues to enrich York’s cultural landscape for years to come.”

    The project is due to be completed part way through next year, when it will reopen in time for Yorkshire Day on 1 August and a season of great events including the popular Georgian Festival. Meanwhile more of the city’s treasures can be admired at the Castle Museum, Yorkshire Museum and York Art Gallery.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Seized for suspected fly-tipping

    Source: City of Sunderland

    A vehicle suspected of being involved in fly-tipping has been seized.

    The white Ford Transit flatbed pick-up was seized in Eskdale Street, Hetton, on Sunday 27 October at 3.47pm in a coordinated operation between the City Council and Northumbria Police.

    This seizure was part of Project Shield, a focused initiative addressing community concerns in and around the Easington Lane area. The project brings together the council, police, and other partners to tackle criminal and anti-social behaviour, including fly-tipping, burglary, and youth disorder.

    The vehicle is suspected of being used to dispose of waste unlawfully at the former Frosterley Close site (known as the Cosy) in Easington Lane.

    This seizure marks the 29th vehicle the City Council has confiscated on suspicion of involvement in fly-tipping since August 2019. Of these, subsequent investigations have led to 17 vehicles being destroyed or sold and 12 returned to their owners.

    Vehicle owners may request the return of their vehicle, but the council will decide on a case-by-case basis. If a decision is made not to return a vehicle, it may be crushed or sold.

    Enhanced enforcement against fly-tipping and anti-social behaviour was one of the main public concerns identified in the City Council’s 2020 “Let’s Talk” consultation.

    The City Council’s Cabinet Member for the Environment, Transport and Net Zero, Councillor Lindsey Leonard said: “Fly-tipping and anti-social behaviour continue to be two of our residents’ biggest concerns and what many people contact the council about.

    “Fly-tipping is not only illegal but seriously anti-social. It blights communities, creates eye-sores and pollution, and as we have the powers to seize vehicles that may have been used from fly-tipping, we will use these powers and that’s exactly what we have done.

    “As householders, we all have a legal ‘Duty of Care’ to make sure that our waste is disposed of lawfully so if you are arranging a private collection you need to check where the waste is going and whether they have a valid waste carrier’s licence. If you don’t and it’s found dumped, you could be the one left to pick up the bill.”

    Anyone planning to use a private waste collector should check with the Environment Agency that the person, or company concerned has a valid waste carriers licence by visiting the website https://www.gov.uk/guidance/access-the-public-register-for-environmental-information

    If you witness fly-tipping you can report it anonymously to https://www.sunderland.gov.uk/report-flytipping or by calling 0191 520 5550.

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Speech by FS at FII Plenary Session: Where is the New Silk Road? (English only)

    Source: Hong Kong Government special administrative region

         Following is the speech by the Financial Secretary, Mr Paul Chan, at the FII Plenary Session: Where is the New Silk Road? in Riyadh, Saudi Arabia, today (October 31, Riyadh time):
     
    Distinguished guests, ladies and gentlemen,
     
         Good afternoon. It is a pleasure to be here with you today as we explore the future of the New Silk Road – or the Belt and Road Initiative – a vision that extends far beyond trade routes, connecting continents through shared values of sustainability, innovation, and common prosperity.
     
         Since its inception in 2013, the Belt and Road Initiative has reshaped the global trade and investment landscape. It has forged significant investments in infrastructure, boosted trade and strengthened people-to-people bonds.
          
         Hong Kong is an active participant, contributor and beneficiary of the Belt and Road Initiative. Over the past decade, Hong Kong has played a vital role in its growth too. For instance, our external trade with Belt and Road economies has increased by around 60 per cent.
          
         For those who are less familiar with our city, Hong Kong is a Special Administrative Region of China administered under a “one country, two systems” principle. On the one hand, we have convenient and at times priority access to the Mainland market, but on the other, retain all the defining characteristics of an international city: open and diverse, rule of law, free flow of goods, capital, information, people, and business practices that align with the best of the world. This uniqueness enables us to serve as the “super connector” in the region, creating opportunities for all.
          
         As the Belt and Road Initiative moves into the next decade, the focus is clear: sustainability and inclusiveness. Green infrastructure projects are at its heart, from solar plants to low-carbon railway transportation. The common aspiration is to pave a “Green Silk Road” benefitting all along the route.
          
         And Hong Kong’s strategic vision to become an international green tech and green finance centre can contribute to the achievement of this common aspiration in many ways.
          
         First, we can address the funding gap. The funding need for green transition is huge – global annual climate investments are estimated to reach US$9 trillion by 2030 and US$10 trillion by 2050. Hong Kong, as one of the top three international financial centres, along with New York and London, and Asia’s green finance leader, is well positioned to mobilise capital to support the green transition by matching quality projects with funding. For instance, we arranged around US$63 billion on average annually over the past three years in green and sustainable debt through our financial institutions. Green bonds issued in Hong Kong account for over one-third of Asia’s total.
          
         But more than funding, we are committed to innovative financing arrangements that help broaden the investor base of green projects. One example is securitisation of infrastructure loans, packaging mature, brownfield projects for investors, thereby releasing funds for investment into other greenfield projects. Hong Kong has issued two batches of such loans already, amounting to US$800 million in more than 50 projects in the Middle East, Asia Pacific, and Latin America.
          
         Second, we can address the technology gap. There is still a significant disparity in green tech adoption globally, with countries in the Global South lacking the financial resources and infrastructure to adopt cutting-edge green solutions. Investment inclinations will also aggravate this gap, as developed nations typically invest more in R&D (research and development) for green technologies.
          
         Hong Kong is home to many green tech start-ups, all sharing the mission to develop technological solutions that combat climate change, which may well fit in the relevant strategies of economies in the MENA (Middle East and North Africa) region. One of them, for example, develops carbon-capture technologies in 3D-printed reef tiles to help restore coral reefs. It now has a production base in Abu Dhabi. 
          
         Third, we can address the knowledge gap. That means linking up people, projects and knowledge. Hong Kong is a compact city, yet has solid experience in city planning and operations, and managing large-scale infrastructure projects. Our expertise in smart cities and green urban planning complements MENA’s ambitions to build digitally connected, sustainable urban centres. These potential partnerships can set the standard for urban resilience and environmental stewardship in the years ahead.
          
         Ladies and gentlemen, the vision of a Green Silk Road presents a unique opportunity for us to collaborate on fostering sustainable, resilient, and inclusive development for future generations. Hong Kong is proud to be part of that effort, and we are committed to making valuable contributions in finance and innovation, and fostering partnerships to strive for a brighter and greener future for all.

    MIL OSI Asia Pacific News –

  • MIL-Evening Report: Deaths linked to chatbots show we must urgently revisit what counts as ‘high-risk’ AI

    Source: The Conversation (Au and NZ) – By Henry Fraser, Research Fellow in Law, Accountability and Data Science, Queensland University of Technology

    De Visu/Shutterstock

    Last week, the tragic news broke that US teenager Sewell Seltzer III took his own life after forming a deep emotional attachment to an artificial intelligence (AI) chatbot on the Character.AI website.

    As his relationship with the companion AI became increasingly intense, the 14-year-old began withdrawing from family and friends, and was getting in trouble at school.

    In a lawsuit filed against Character.AI by the boy’s mother, chat transcripts show intimate and often highly sexual conversations between Sewell and the chatbot Dany, modelled on the Game of Thrones character Danaerys Targaryen. They discussed crime and suicide, and the chatbot used phrases such as “that’s not a reason not to go through with it”.

    A screenshot of a chat exchange between Sewell and the chatbot Dany.
    ‘Megan Garcia vs. Character AI’ lawsuit

    This is not the first known instance of a vulnerable person dying by suicide after interacting with a chatbot persona. A Belgian man took his life last year in a similar episode involving Character.AI’s main competitor, Chai AI. When this happened, the company told the media they were “working our hardest to minimise harm”.

    In a statement to CNN, Character.AI has stated they “take the safety of our users very seriously” and have introduced “numerous new safety measures over the past six months”.

    In a separate statement on the company’s website, they outline additional safety measures for users under the age of 18. (In their current terms of service, the age restriction is 16 for European Union citizens and 13 elsewhere in the world.)

    However, these tragedies starkly illustrate the dangers of rapidly developing and widely available AI systems anyone can converse and interact with. We urgently need regulation to protect people from potentially dangerous, irresponsibly designed AI systems.

    How can we regulate AI?

    The Australian government is in the process of developing mandatory guardrails for high-risk AI systems. A trendy term in the world of AI governance, “guardrails” refer to processes in the design, development and deployment of AI systems. These include measures such as data governance, risk management, testing, documentation and human oversight.

    One of the decisions the Australian government must make is how to define which systems are “high-risk”, and therefore captured by the guardrails.

    The government is also considering whether guardrails should apply to all “general purpose models”. General purpose models are the engine under the hood of AI chatbots like Dany: AI algorithms that can generate text, images, videos and music from user prompts, and can be adapted for use in a variety of contexts.

    In the European Union’s groundbreaking AI Act, high-risk systems are defined using a list, which regulators are empowered to regularly update.

    An alternative is a principles-based approach, where a high-risk designation happens on a case-by-case basis. It would depend on multiple factors such as the risks of adverse impacts on rights, risks to physical or mental health, risks of legal impacts, and the severity and extent of those risks.

    Chatbots should be ‘high-risk’ AI

    In Europe, companion AI systems like Character.AI and Chai are not designated as high-risk. Essentially, their providers only need to let users know they are interacting with an AI system.

    It has become clear, though, that companion chatbots are not low risk. Many users of these applications are children and teens. Some of the systems have even been marketed to people who are lonely or have a mental illness.

    Chatbots are capable of generating unpredictable, inappropriate and manipulative content. They mimic toxic relationships all too easily. Transparency – labelling the output as AI-generated – is not enough to manage these risks.

    Even when we are aware that we are talking to chatbots, human beings are psychologically primed to attribute human traits to something we converse with.

    The suicide deaths reported in the media could be just the tip of the iceberg. We have no way of knowing how many vulnerable people are in addictive, toxic or even dangerous relationships with chatbots.

    Guardrails and an ‘off switch’

    When Australia finally introduces mandatory guardrails for high-risk AI systems, which may happen as early as next year, the guardrails should apply to both companion chatbots and the general purpose models the chatbots are built upon.

    Guardrails – risk management, testing, monitoring – will be most effective if they get to the human heart of AI hazards. Risks from chatbots are not just technical risks with technical solutions.

    Apart from the words a chatbot might use, the context of the product matters, too. In the case of Character.AI, the marketing promises to “empower” people, the interface mimics an ordinary text message exchange with a person, and the platform allows users to select from a range of pre-made characters, which include some problematic personas.

    The front page of the Character.AI website for a user who has entered their age as 17.
    C.AI

    Truly effective AI guardrails should mandate more than just responsible processes, like risk management and testing. They also must demand thoughtful, humane design of interfaces, interactions and relationships between AI systems and their human users.

    Even then, guardrails may not be enough. Just like companion chatbots, systems that at first appear to be low risk may cause unanticipated harms.

    Regulators should have the power to remove AI systems from the market if they cause harm or pose unacceptable risks. In other words, we don’t just need guardrails for high risk AI. We also need an off switch.

    If this article has raised issues for you, or if you’re concerned about someone you know, call Lifeline on 13 11 14.

    Henry Fraser receives funding from the Australian Research Council.

    – ref. Deaths linked to chatbots show we must urgently revisit what counts as ‘high-risk’ AI – https://theconversation.com/deaths-linked-to-chatbots-show-we-must-urgently-revisit-what-counts-as-high-risk-ai-242289

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI United Kingdom: Witnesses testify to the abuse Ukrainian civilians suffer in Russian detention: UK statement to the OSCE

    Source: United Kingdom – Government Statements

    Ambassador Holland shares harrowing details from witness testimony event in London and urges Russia to release all Ukrainian citizens it has arbitrarily detained.

    Location:
    Vienna
    Delivered on:
    (Transcript of the speech, exactly as it was delivered)

    Thank you, Madam Chair. Since Russia’s illegal annexation of Crimea in 2014, its actions in Ukraine have featured widespread reports of arbitrary detention, enforced disappearances, extrajudicial executions of Prisoners of War and civilian detainees, and other serious violations of human rights.

    Activists, journalists, community leaders, and those perceived as supportive of Ukrainian sovereignty have faced persecution and illegal detention by Russian forces in the temporarily occupied territories of Ukraine. Many are sent to far-flung regions within the Russian Federation. They are held in prisons, pre-detention centres, and unofficial places of detention. Their families are often denied information about their whereabouts or access to them, causing great distress and an inability to organise effective legal counsel.

    Since Russia’s full-scale invasion in 2022, these practices have increased in both frequency and severity, with thousands of Ukrainian civilians held incommunicado and denied their fundamental rights. Independent reports, including the latest Moscow Mechanism, detail inhumane conditions, from physical abuse to psychological coercion.

    Madam Chair, these actions constitute violations of international law but behind them lie personal stories of human suffering. This week two Ukrainian civilians, Hryhorii Holovko and Oleksandra Stoliar, shared theirs at an event held in the UK Foreign Commonwealth and Development Office, supported by the Ukrainian NGO, Media Initiative for Human Rights.

    Hryhorii Holovko was detained by Russian forces in Kherson in October 2022. Russian forces tortured and intimidated him, including beatings and electric shocks and by carving Russian symbols into his body. Russian guards made threats against his wife and child and forced him to sing the Russian national anthem. Hryhorii was released in May 2023, having been forced to sign papers to align with the Russian state. His story is familiar to many others who have survived Russian occupation.

    Oleksandra Stoliar is mother to 26-year-old Iryna Navalnaya who is still being unlawfully detained. Russian forces took Iryna from her home in Mariupol in September 2022. Two months passed before Iryna’s family discovered she was being held in a prison in Donetsk. Women who have been released from this prison have shared accounts of the beatings and other barbaric treatment Iryna has experienced during interrogations, leaving her covered in bruises. They report that detainees are regularly denied access to medical assistance. Iryna’s mother worries continually that she might die in captivity.

    These testimonies are just two out of thousands. We recall that three Special Monitoring Mission (SMM) members, our colleagues, are also subjected to this systematic arbitrary detention.

    The UK stands in solidarity with them and Ukraine – and reaffirms the urgent need for accountability. We call on Russia to fully cooperate with international mechanisms investigating these abuses, grant immediate access to humanitarian organisations to all facilities where Ukrainian civilians are being held, and uphold its obligations to protect civilians and respect human rights. Russia must release all arbitrarily detained Ukrainian citizens, including Iryna Navalnaya and the SMM members. We call on Russia to end its illegal war and respect the sovereignty and territorial integrity of Ukraine. Thank you.

    Updates to this page

    Published 31 October 2024

    Invasion of Ukraine

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: New light trail to illuminate Derby this Christmas

    Source: City of Derby

    A magical light trail will illuminate the streets of Derby city centre for the festive season. Derby City Council and the Cathedral Quarter and St Peter’s Quarter Business Improvement Districts (BIDs) have teamed up to create the new attraction.

    The Festive Derby Light Trail will see several stunning light installations lead from The Spot all the way to Cathedral Square, taking in the Market Place, where the Cathedral Quarter Ice Rink and Nordic Bar will be situated.

    Starting with the beautifully wrapped rings at The Spot, with festive foliage and twinkling lights, the trail will wind its way through the heart of the city. Grab a bite to eat and let the kids enjoy the festive rides before heading down to St Peter’s Cross to see the jolly Rudolph arch, complete with his red nose, and then onto a tunnel of light which will run through Cornmarket.

    As you enter the Market Place, the colourfully lit Christmas presents will sit with the Christmas tree as a backdrop and you’ll also find the highlight of the trail – the UK’s largest light-up Santa installation, powered by Tomato Energy. It’ll be the perfect spot for a festive family shot!

    A curtain of light will illuminate Irongate up to Cathedral Square, where a giant gold star will sit below the Cathedral.

    After all that walking why not enjoy a festive drink in the cosy tipis of our Nordic Bar and then, when you have had time to rest, take a whizz around the ice rink with family and friends. Afterwards you can enjoy food from a variety of food stalls on the Market Place, including loaded fries, grilled sausages, donuts and crepes.

    You will be able to find a map of the trail at festivederby.co.uk soon, or download the LoyalFree app to follow the trail – and check in at each location to enter our free prize draw. You can also pick up an activity sheet from the ice rink or Nordic bar for little ones to fill in along the way. You could win a Nintendo Switch, with other prizes including tickets for next year’s Darley Park Weekender, or tickets to enjoy the ice rink or panto in 2025!

    Councillor Nadine Peatfield, Leader of Derby City Council, said:

    We’re already getting excited about this Christmas in Derby. The new light trail promises to be a magical addition to our packed festive programme. It’ll light the way through the city centre to the Cathedral, providing plenty of fantastic photo opportunities along the way!

    Brad Worley, Manager for Cathedral Quarter and St Peter’s Quarter Derby BIDs, added:

    The BIDs are thrilled to bring this amazing light installation trail to the city.

    There are some truly impressive installations and we hope people will take some memorable photos and share with friends and family, as well as entering the fantastic prize draw. We want people to explore the city and experience what our wonderful businesses have to offer this festive period.

    Dominika Walker, Regional Community Engagement Lead for Tomato Energy, said:

    At Tomato Energy, we’re lighting up the holiday season in more ways than one! We’re absolutely delighted to support this year’s Festive Derby and proud to sponsor the UK’s largest illuminated Santa.

    We hope it will not only bring joy to the community but also spark conversations about efficient energy use during the festive season. It’s our way of spreading holiday cheer while showcasing how cutting-edge technology and sustainability can go hand in hand.

    The Cathedral Quarter Ice Rink and Nordic Bar will open on Saturday 30 November, as Festive Derby is officially launched with our Christmas Lights Switch-On event, with our media partner Smooth Radio.

    Tickets for the ice rink are on sale now and, of course, the festive season wouldn’t be complete without Derby’s annual panto spectacular at Derby Arena. Morgan Brind and the multi award-winning Little Wolf Entertainment are back with Cinderella from Fri 6 – Tue 31 Dec.

    Derby has a great selection of festive events this year and more information can be found at festivederby.co.uk or pick up a guide from November.

    Tickets can be purchased on the Derby LIVE website, at the Sales and Information Centre Sales & Information Centre, Guildhall Theatre, Market Place, Derby, DE1 3AE or call 01332 255800.

    MIL OSI United Kingdom –

  • MIL-OSI China: Chinese Navy conducts dual-aircraft-carrier formation exercise for first time

    Source: People’s Republic of China – Ministry of National Defense

      Aircraft carriers Liaoning and Shandong of the Chinese People’s Liberation Army (PLA) Navy carry out a dual-aircraft-carrier formation exercise for the first time in the South China Sea in late October, 2024. (eng.chinamil.com.cn/Photo by Chen Mengxi)

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    MIL OSI China News –

  • MIL-OSI China: Preparation work for CIIE nears completion: ministry

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

    BEIJING, Oct. 31 — Preparations are nearly complete for the seventh China International Import Expo (CIIE), set for November 5-10 in Shanghai, the Ministry of Commerce said on Thursday.

    Ministry spokesperson He Yadong said at a press conference that exhibits from over 2,700 participating companies have entered the exhibition halls, while those from more than 700 companies are still in transit and will arrive by Nov. 2.

    The spokesperson said foreign bank cards will be accepted for catering payments at the CIIE. The expo will feature a 5,000-square-meter catering zone and offer food delivery services to all booths.

    The seventh CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.

    Since its first edition in 2018, the expo has become an important showcase, spotlighting China’s new development paradigm, a platform for high-standard opening up, and an opportunity for the whole world.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: HKMoA’s large outdoor art installation takes visitors through whimsical snuff bottle maze (with photos)

    Source: Hong Kong Government special administrative region

         The Hong Kong Museum of Art (HKMoA) launched the new exhibition “Hong Kong Artist Dialogue Series: Beyond Delight” at the Art Square in the museum’s forecourt, showcasing a large-scale public art installation, “Wandering through Snuff Bottles”, collaborated by local art group STICKYLINE (Mic Leong and Soilworm Lai) and artist Cynthia Mak.

         A snuff bottle is an exquisite miniature piece of craftsmanship, each uniquely designed and intricately carved with its own story hidden in its small world. Inspired by the HKMoA’s “Art of Gifting: The Fuyun Xuan Collection of Chinese Snuff Bottles” exhibition, the art group extracted forms and visual elements found in traditional Chinese snuff bottles and revitalised the concept with exquisitely lifelike animal-inspired designs of snuff bottles. By reinterpreting snuff bottles in a contemporary visual art language, a colourful snuff bottle maze was created. Visitors can enjoy a unique artistic experience by navigating and exploring passageways, corridors and arches in the maze. The artistic team’s creative reimagining presents other perspectives of snuff bottles, bringing visitors into a whimsical space and inspiring an endless realm of imagination.

         The Art Square presentation realises the idea of a wall-less exhibition, extending the indoor exhibition gallery into an open public space. It also allows artists to draw inspiration from the rich collections of the HKMoA to create a unique and delightful artistic dialogue.

         The exhibition is being staged at the Art Square in the forecourt of the HKMoA (10 Salisbury Road, Tsim Sha Tsui, Kowloon). For details of the exhibition, please visit the website at hk.art.museum/en/web/ma/exhibitions-and-events/beyond-delight.html or call 2721 0116 for enquiries.
              

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi pays homage to Sardar Vallabhbhai Patel at the Statue of Unity in Kevadia, Gujarat, participates in Rashtriya Ekta Diwas Celebrations

    Source: Government of India (2)

    Prime Minister Shri Narendra Modi pays homage to Sardar Vallabhbhai Patel at the Statue of Unity in Kevadia, Gujarat, participates in Rashtriya Ekta Diwas Celebrations

    Rashtriya Ekta Diwas honours Sardar Patel’s invaluable contributions towards unifying the nation, May this day strengthen the bonds of unity in our society: PM

    India is deeply motivated by his vision and unwavering commitment to our nation, His efforts continue to inspire us to work towards a stronger nation:PM

    Sardar Patel’s 150th birth anniversary year, starting today, will be celebrated as a festival across the country for the next 2 years, This will further strengthen our resolve of ‘Ek Bharat Shreshta Bharat’: PM

    The image of the historic Raigad Fort of Maharashtra is also visible in Ekta Nagar of Kevadia, which has been the sacred land of the values ​​of social justice, patriotism and nation first: PM

    Being a true Indian, it is the duty of all of us countrymen to fill every effort for unity of the country with enthusiasm and zeal: PM

    In the last 10 years, the new model of good governance in the country has removed every scope for discrimination: PM

    In the last few years, India has succeeded in every effort to live with ‘unity in diversity’: PM

    Today every citizen of the country is happy that after Seven decades of independence, the resolution of one country, one constitution has been fulfilled: PM

    In the last 10 years, we have resolved many issues that were a threat to national unity: PM

    Due to our tireless efforts,our tribal brothers and sisters have got development as well as confidence of a better future: PM

    Today, we have before us an India which has vision, direction and determination: PM

    We have to be very cautious of some people, troubled by India’s growing strength and sense of unity, wanting to break the country and divide the society: PM

    Posted On: 31 OCT 2024 1:10PM by PIB Delhi

    The Prime Minister, Shri Narendra Modi today participated in the Rashtriya Ekta Diwas celebrations at the Statue of Unity in Kevadia,Gujarat. The  Prime Minister offered a floral tribute to Sardar Vallabhbhai Patel on his  birth anniversary. Shri Modi also  administered the Ekta Diwas pledge and witnessed Ekta Diwas Parade on the occasion of  Rashtriya Ekta Diwas which is celebrated every year on October 31to commemorate the birth anniversary of Sardar Vallabhbhai Patel.

    The Prime Minister said, “Sardar sahab’s powerful words…this program near the Statue of Unity…this panoramic view of Ekta Nagar…the wonderful performances held here…this glimpse of mini India…everything is so amazing…it is inspiring.” Extending greetings to all the countrymen on National Unity Day, the Prime Minister said that just like 15 August and 26 January, this event on 31 October fills the entire country with new energy. 

    On the occasion of Diwali  the Prime Minister conveyed his wishes to all the Indians living in the country and the world. He noted, this time the National Unity Day has brought a wonderful coincidence of celebrating this festival of unity along with the festival of Deepawali. “Deepawali, through the medium of lamps, connects the whole country, illuminates the whole country. And now the festival of Deepawali is also connecting India with the world”, he added.

    The Prime Minister underlined that this year’s Ekta Diwas is more special as Sardar Patel’s 150th birth anniversary year is starting from today. For the next 2 years, the country will celebrate Sardar Patel’s 150th birth anniversary. This is the country’s tribute to his extraordinary contribution to India. The Prime Minister emphasised that this celebration of two years  will strengthen our resolve for one India, great India. This occasion will teach us that even the seemingly impossible can be made possible, he added.

    Shri Modi underscored how Chhatrapati Shivaji Maharaj united everyone to drive away the invaders. Raigad Fort of Maharashtra still tells that story. Raigad Fort has been the sacred land of the values ​​of social justice, patriotism and nation first, he added. “Chhatrapati Shivaji Maharaj had united the different ideas of the nation for one purpose in the Raigad Fort. Today here in Ekta Nagar, we are seeing the image of that historic fort of Raigad…. Today, in this background, we have united here for the accomplishment of the resolution of a developed India”, the Prime Minister said.

    The Prime Minister, Shri Narendra Modi reiterated how  India has seen remarkable achievements in strengthening unity and integrity,  over the past decade. This commitment is evident in various government initiatives, exemplified by Ekta Nagar and the Statue of Unity. This monument symbolises unity not just in name but also in its construction as it is built with iron and soil gathered from villages nationwide. Ekta Nagar features Ekta Nursery, Vishwa Van with flora from every continent, Children Nutrition Park promoting healthy foods from across India, Arogya Van highlighting Ayurveda from different regions, and Ekta Mall, where handicrafts from around the country are showcased together, the Prime Minister underlined.

    The Prime Minister exhorted that being a true Indian, it is the duty of all of us to celebrate every effort towards unity of the country. He underlined that the emphasis on Indian languages under the new National Education Policy, including granting classical status to Marathi, Bengali, Assamese, Pali, and Prakrit, has been warmly welcomed and reinforces national unity. Alongside language, connectivity projects like expanding rail networks to Jammu and Kashmir and the North East, high-speed internet access to Lakshadweep and Andaman-Nicobar, and mobile networks in mountainous areas are bridging rural and urban divides. This modern infrastructure ensures that no region feels left behind, fostering a stronger sense of unity across India.

    “Pujya Bapu used to say that  our ability to live with unity in diversity will be constantly tested. And we have to keep passing this test at all costs”, the Prime Minister underscored. Shri Modi said that in the last 10 years, India has succeeded in every effort to live with unity in diversity. The government has constantly strengthened the spirit of Ek Bharat, Shreshtha Bharat in its policies and decisions. The Prime Minister lauded other government initiatives, including “One Nation, One Identity” through Aadhaar, and additional efforts to establish “One Nation” models like GST and the National Ration Card, creating a more integrated system that connects all states under a single framework. As part of our efforts for unity, we are now working on One Nation, One Election, One Nation, One Civil Code, i.e. Secular Civil Code”, the Prime Minister added.

    Reflecting on ten years of governance, the Prime Minister celebrated the removal of Article 370 in Jammu and Kashmir as a milestone, declaring, “For the first time, the Chief Minister of Jammu and Kashmir took the oath under the Indian Constitution,” calling it a major milestone for India’s unity. He praised the patriotic spirit of the people of Jammu and Kashmir for rejecting separatism and terrorism, and standing by the Constitution and democracy of India.

    The Prime Minister detailed other steps taken to address national security and social harmony, noting progress in resolving long-standing conflicts in the Northeast. The PM emphasised how the Bodo Agreement has ended 50 years of conflict in Assam, and the Bru-Reang Agreement allowed thousands of displaced individuals to return home. He underscored the success in diminishing the influence of Naxalism, which he described as“a significant challenge to India’s unity and integrity, saying that due to persistent efforts, Naxalism is now breathing its last.

    The Prime Minister highlighted that today’s India has vision, direction and determination. An India which is strong as well as inclusive. Which is sensitive as well as cautious. Which is humble as well as on the path of development. Which understands the importance of both strength and peace. The Prime Minister lauded India’s rapid development amidst global unrest, positioning India as a beacon of peace while maintaining strength. Amidst conflicts in various parts of the world, he said, “India emerges as a global friend.” He also underscored the importance of unity and vigilance, stating that some forces are troubled by India’s progress and aim to harm India’s economic interests and sow divisions. He urged Indians to recognize these divisive elements and safeguard national unity.

    As the Prime Minister concluded his address, he quoted Sardar Patel, urging the nation to remain committed to unity. “We must remember that India is a land of diversity. Only by celebrating diversity can unity be strengthened.” ‘‘The next 25 years are very important in terms of unity. Therefore, we should not let this mantra of unity weaken. It is necessary for rapid economic development. It is necessary for social harmony. It is necessary for true social justice, for jobs, for investment,” he said. The Prime Minister called on every citizen to join in strengthening India’s social harmony, economic growth, and commitment to unity.

     

     

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    MJPS/SS/VJ

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Raksha Mantri virtually inaugurates ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel & Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang; Describes them as a symbol of unity & strength

    Source: Government of India (2)

    Raksha Mantri virtually inaugurates ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel & Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang; Describes them as a symbol of unity & strength

    “Disengagement process in certain areas along LAC almost complete based on consensus achieved between India & China; Our aim will be to take the matter beyond disengagement”

    Shri Rajnath Singh reiterates PM Modi-led Govt’s commitment towards development of the North-east region

    Posted On: 31 OCT 2024 10:57AM by PIB Delhi

    Raksha Mantri Shri Rajnath Singh virtually dedicated to the nation ‘Desh ka Vallabh’ statue of Sardar Vallabhbhai Patel, and Major Ralengnao ‘Bob’ Khathing ‘Museum of Valour’ at Tawang, Arunachal Pradesh on October 31, 2024. Raksha Mantri carried out the inauguration from 4 Corps Headquarters in Tezpur, Assam. He was supposed to visit Tawang, but could not due to bad weather. The unveiling coincided with the festival of lights ‘Deepawali’ as well as ‘Rashtriya Ekta Diwas’ which is celebrated on 31stOctober every year to commemorate the birth anniversary of first Deputy Prime Minister and Home Minister Sardar Vallabhbhai Patel.

    Raksha Mantri began his address by referring to the broad consensus achieved by India and China to restore the ground situation in certain areas along the LAC. “India and China have been holding talks at both diplomatic and military levels to resolve the differences in some areas along the LAC. As a result of the talks, a broad consensus was developed on the basis of equal and mutual security. The consensus includes the rights of patrolling and grazing in traditional areas. Based on this consensus, the process of disengagement is almost complete. Our efforts will be to take the matter beyond disengagement; but for that, we will have to wait a little longer,” he said.

    Shri Rajnath Singh paid glowing tributes to Sardar Patel, also known as the Iron Man of India, acknowledging his instrumental role in unifying over 560 princely states post-independence, a feat that stands as a testament to his indomitable resolve and commitment to a unified India. “This statue ‘Desh Ka Vallabh’ will inspire people reminding them of the strength in unity and the unwavering spirit required to build a nation as diverse as ours,” he said.

    Raksha Mantri also paid homage to Major Bob Khathing, an extraordinary figure who made invaluable contributions to the Northeast region and national security. “Major Khathing not only led the peaceful integration of Tawang into India but also established essential military and security frameworks, including the Sashastra Seema Bal, Nagaland Armed Police, and the Naga Regiment. The ‘Museum of Valour’ now stands as a tribute to his bravery and foresight, inspiring generations to come,” he said.

    Shri Rajnath Singh underscored the significance of unity & harmony, and the North-East’s unique role in the nation’s identity. He reiterated Prime Minister Shri Narendra Modi’s vision of ensuring economic & infrastructure development of the entire region. “Holistic development of the nation is possible only when the North East prospers. We will create such a North East which is strong & prosperous not only naturally and culturally but also economically,” he added. 

    Raksha Mantri highlighted the crucial role of Border Roads Organisation (BRO) in the progress of the region. He made special mention of the Sela Tunnel linking Assam and Tawang, a project which enhances connectivity across Northeast regions. “In the times to come, the Arunachal Frontier Highway project will play a major role in connecting the entire North East region, especially the border areas. This 2,000-km long highway will prove to be an important strategic & economic asset for the region as well as the entire nation,” he added.

    Shri Rajnath Singh also commended the Armed Forces’ engagement in the region, from NCC initiatives and local economic support to crucial disaster relief efforts. “Armed Forces not only provide security, but also become a medium for development in that region by cooperating with the people of the border areas. This further strengthens India’s commitment to ensuring development, peace, and security in the Northeast,” he said.

    Governor of Arunachal Pradesh Lt Gen KT Parnaik (Retd), Chief Minister of Arunachal Pradesh Shri Pema Khandu; Union Minister of Parliamentary Affairs Shri Kiren Rijiju; Chief Minister of Manipur Shri N Biren Singh; Deputy Chief Minister Of Arunachal Pradesh Shri Chowna Mein and the family of Major Bob Khathing were present at the inauguration site. Chief of the Army Staff General Upendra Dwivedi; General Officer Commanding-in-Chief, Eastern Command Lt Gen RC Tewari; GOC 4 Corps Lt Gen Gambhir Singh and other senior civil & military officials joined the event virtually along with Raksha Mantri.

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  • MIL-OSI Europe: Written question – Drastic decline of the European hedgehog and the need for urgent measures for its protection – E-002233/2024

    Source: European Parliament

    23.10.2024

    Question for written answer  E-002233/2024
    to the Commission
    Rule 144
    Sebastian Everding (The Left), Tilly Metz (Verts/ALE), Krzysztof Śmiszek (S&D), Cristina Guarda (Verts/ALE), Jonas Sjöstedt (The Left), Lynn Boylan (The Left), Maria Noichl (S&D), Anja Hazekamp (The Left), Tomáš Kubín (PfE), Erik Marquardt (Verts/ALE)

    The hedgehog[1] plays a vital role in preserving the biodiversity and balance of green spaces. However, experts warn that its population is expected to decrease by up to 50 % in the span of a decade as a result of the destruction of its natural habitats by human activity.

    The hedgehog is under serious threat because of habitat loss and food scarcity. This has caused its reproduction rates to decline and has led to it being added to a range of endangered species lists. In Germany, for instance, the hedgehog, which is also the wild animal of the year 2024, is now on the early warning list of endangered species. Unfortunately, there is no precise estimate of the hedgehog population in Europe.

    • 1.What concrete measures does the Commission plan to take for the preservation and conservation of Erinaceus europaeus?
    • 2.Does the Commission plan to propose a scientific review of the conservation status of the hedgehog population across the EU, and if so, when exactly?
    • 3.The North African hedgehog is listed in Annex IV of the Habitats Directive, yet it remains a popular pet. Are there any measures the Commission believes should be taken regarding this protected species being kept as a pet?

    Submitted: 23.10.2024

    • [1] Erinaceus europaeus.
    Last updated: 31 October 2024

    MIL OSI Europe News –