NewzIntel.com

Category: Vehicles

  • MIL-OSI Australia: Arrests – Firearm incident – Coconut Grove

    Source: Northern Territory Police and Fire Services

    The Northern Territory Police Force has arrested three offenders after a serious assault with a firearm occurred in Coconut Grove overnight.

    Around 7:05pm, police received reports that a 23-year-old man had been seriously injured by offenders who had arrived in a black Mazda 3 at a residence on Litchfield Court, Coconut Grove.

    On Police and St John Ambulance arrival it was confirmed that the man had been shot in the legs. The victim was conveyed to Royal Darwin Hospital in a stable condition while detectives identified the alleged offenders were known to the victim.  

    Shortly after the incident, police confirmed that the vehicle involved was not stolen and was allegedly being borrowed by someone who was not the registered owner.

    Multiple units, including detectives from the Crime Command, the Territory Response Group, Katherine general duties and the Northern Investigations Section deployed and began tracking the vehicle.

    Shortly before 4am, a tyre deflation device was successfully deployed outside Katherine and two men, aged 19 and 22, and a 22-year-old woman were arrested without incident.

    Multiple edged weapons were found within the vehicle but the firearm allegedly used has yet to be located.

    Assistant Commissioner Travis Wurst said, “Major Crime and Northern Investigations teams are continuing to investigate this targeted attack and we are urging anyone with information to come forward.

    “I would like to commend every officer involved in the safe apprehension of these alleged offenders.

    “Anyone with information, particularly on the whereabouts of the firearm, can make contact with police on 131 444 and quote reference P25034096.” 

    MIL OSI News –

  • MIL-OSI Canada: Winter driving conditions expected on south Vancouver Island

    Drivers on Vancouver Island should expect icy roads overnight with quickly changing conditions that include snow and rain continuing through the remainder of this week.

    Bare and wet roads may quickly freeze with temperature drops creating the risk of icy conditions. Roads can freeze overnight as temperatures drop below zero. Vehicles stopped at intersections or in queues can melt ice, which then re-freezes as the engine cools down.

    The Province’s highway maintenance crews are working hard to manage these conditions by applying sand and brine to improve traction.

    During freeze/thaw conditions, drivers are urged to use caution, avoid travel in bad weather, if possible and expect delays.

    If you must travel, plan extra time for your journey, expect delays and ensure your vehicle is equipped with supplies, including food, water, blankets and whatever you need for pets. Winter tires are required on higher-elevation areas like the Malahat and Highway 4 to Tofino.

    For real-time road conditions, check the forecast and visit: https://www.drivebc

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Fatal crash: Inglewood

    Source: New Zealand Police (District News)

    Police can confirm one person has died following a crash in Inglewood this morning.

    The crash involving a pedestrian and a vehicle was reported just after 8am.

    Sadly, the pedestrian died at the scene.

    The road has since reopened.

    Inquiries to determine the circumstances of the crash are ongoing.

    ENDS

    Issued by Police Media Centre

    MIL OSI New Zealand News –

  • MIL-OSI Canada: Ice isn’t nice: Use caution during freezing weather

    Drivers are advised that temperature fluctuations over the remainder of the week across the Lower Mainland and Fraser Valley can lead to icy road conditions.

    Wet roads can be fine during warmer daytime temperatures, but as temperatures drop below freezing, they can become icy. As well, the warm engines of vehicles stopped at intersections or in queues can melt ice or snow, which subsequently re-freezes.

    The Province’s highway maintenance contractors are out in challenging conditions and are applying brine, salt and sand to break up sections of compact snow and ice to restore traction. Tow trucks are also strategically deployed along major routes to help keep traffic moving.

    During these freeze/thaw conditions, drivers are reminded to use caution, equip your vehicle with snow tires, avoid travel in poor weather conditions when possible, and prepare for possible delays.

    While highway maintenance crews work to improve road conditions and reduce hazards for drivers, drivers are asked to leave space for these vehicles and move over safely when they see a vehicle with an amber light approaching. Drivers are also reminded that it’s unsafe to pass a snowplow on the right.

    For up-to-date information about road conditions, travellers should continue to monitor the forecast and visit: https://www.drivebc.ca/

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Otaika homicide: Man charged as Police seek sightings of vehicle of interest

    Source: New Zealand Police (District News)

    A man has been charged with murder over a Maungatapere teenager’s death in Otaika last week.

    Several search warrants have been carried out over recent days in the homicide investigation into the death of 18-year-old Kyle Jenkins.

    Acting Detective Senior Sergeant Shane Pilmer, of Whangārei CIB, says a person of interest was being spoken to as of late yesterday.

    Enquiries have culminated in a 20-year-old man being charged in the early hours of the morning.

    “This man been charged with Kyle’s murder and will be appearing in the Whangārei District Court today,” he says.

    “This is a significant development in our investigation which has progressed rapidly in recent days, along with information that has been coming from public appeals.”

    Kyle’s family has been advised of an arrest being made.

    “Our thoughts are with his family, as they continue to grieve the loss of a son and prepare for his funeral today,” acting Detective Senior Sergeant Pilmer says.

    • POLICE SEEK SIGHTINGS OF VEHICLE

    The investigation team is seeking sightings of a vehicle of interest in the homicide investigation.

    That vehicle is a red Daihatsu. It has since been recovered by Police through the course of the investigation.

    It is distinctive, with faded red panels on the front driver’s side of the vehicle.

    Police are revising the window of interest to investigators.

    “We need to hear from anyone who saw this vehicle in the Otaika Valley Road and Mangakahia Road areas on Tuesday 28 January, between 8.15pm and 9.15pm,” acting Detective Senior Sergeant Pilmer says.

    “If you have dashcam footage, or can assist with the movements of this vehicle, please contact us.”

    The public should expect to see Police deployed back into the area later today.

    It will have been a week since Kyle was allegedly murdered.

    “Police will be conducting checkpoints in the Otaika Valley Road area tonight, as well as an area canvass as part of our appeal,” acting Detective Senior Sergeant Pilmer says.

    An online portal has been set up for any footage or photographs to be uploaded.

    Please go to https://distant.nc3.govt.nz

    Anyone with further information should call Police on 105 and reference the file number 250129/0335.

    Information can also be provided anonymously via Crime Stoppers on 0800 555 111.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI Security: Alleged Armed Carjacker Charged After Arrest

    Source: Office of United States Attorneys

                WASHINGTON – Parren Hawkins, 33, of Washington, D.C., was charged today in Superior Court with armed carjacking in connection with an incident, yesterday, in Northeast D.C. The charge was announced by U.S. Attorney Edward R. Martin, Jr., and Chief Pamela Smith of the Metropolitan Police Department (MPD).

               According to documents filed in court, at approximately 2:47 a.m. on February 2, 2025, police officers were dispatched to 331 15th Street NE, where they located the victim of an armed carjacking. The victim told the officers that the defendant approached him as he sat in his vehicle, pointed a black handgun at him and told him to get out of the vehicle. The victim complied. The defendant then demanded money and took the victim’s wallet and cell phone before fleeing northbound on the 400 block of 15th Street, NE. The victim flagged down a passerby and called 911.

               As police were interviewing the victim, Prince George’s County Police observed the stolen vehicle in Oxon Hill, Maryland. Officers began pursuing the vehicle until the defendant ultimately crashed into a curb. The driver fled on foot and police caught him on Darrington Road with a handgun in his possession.

                Hawkins was presented in court today and ordered detained.

                The Metropolitan Police Department is investigating the case. Assistant U.S. Attorney Shaniqua Butler is prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Security: San Jose Man Charged With Robbery And Assault Of U.S. Postal Service Letter Carrier

    Source: Office of United States Attorneys

    SAN JOSE – A federal grand jury has indicted Robert Cordova, also known as Robert Cordona, with one count of robbery of a U.S. Postal Service (USPS) letter carrier and one count of assaulting a federal employee. Cordova was arrested and made his initial appearance in federal district court today.

    Cordova, 49, of San Jose, was initially charged by complaint on Jan. 15, 2025, and subsequently indicted on Jan. 23, 2025. The complaint describes how, on Nov. 22, 2024, a USPS letter carrier was sorting parcels for delivery at the rear of his mail truck near the intersection of Taylor Street and 13th Street in San Jose when he felt the truck move. The letter carrier looked around the right rear corner of the truck and saw a man – later identified as Cordova – with his whole upper body in the truck. The letter carrier walked up to Cordova and asked what he was doing. Cordova allegedly got out of the truck, turned, and punched the letter carrier in the face.  Cordova then allegedly took the letter carrier to the ground, punched the letter carrier in the face and head repeatedly, and attempted to gouge the letter carrier’s eyes. The letter carrier was taken to the hospital and diagnosed with a broken nose and a fractured left orbital socket.

    San Jose Police Department (SJPD) officers found Cordova in the backyard of a house close to where the alleged robbery occurred.  According to the complaint, after SJPD officers arrested Cordova, the letter carrier identified Cordova as the assailant.  

    Cordova is next scheduled to appear in court on Feb. 6, 2025, for a detention hearing.

    United States Attorney Ismail J. Ramsey and San Francisco Division Inspector in Charge Stephen M. Sherwood of the U.S. Postal Inspection Service (USPIS) made the announcement.

    A complaint or indictment merely alleges that crimes have been committed and all defendants are presumed innocent until proven guilty beyond a reasonable doubt.  If convicted, defendant faces a maximum sentence of 25 years in prison, a $250,000 fine, and a five-year term of supervised release on the count of robbery of a United States mail carrier under 18 U.S.C. § 2114(a), and 20 years in prison, a $250,000 fine, and a three-year term of supervised release on the count of assaulting a federal employee under 18 U.S.C. §111(a) and (b).

    Assistant U.S. Attorney Neal C. Hong is prosecuting the case with the assistance of Lynette Dixon.  This prosecution is the result of an investigation by USPIS and the SJPD.  Anyone with information about mail theft, mail robbery, or other crimes against USPS letter carriers can report it by contacting USPIS at www.uspis.gov or 877-876-2455.

    Cordova Complaint
    Cordova Indictment
     

    MIL Security OSI –

  • MIL-OSI USA: FEMA Extends Application Deadline for North Carolinians Affected by Tropical Storm Helene

    Source: US Federal Emergency Management Agency

    Headline: FEMA Extends Application Deadline for North Carolinians Affected by Tropical Storm Helene

    FEMA Extends Application Deadline for North Carolinians Affected by Tropical Storm Helene

    HICKORY, N.C. – At the request of the state of North Carolina, Tropical Storm Helene survivors now have until March 8, 2025, to apply for assistance with FEMA.With the extended deadline, FEMA still strongly urges survivors to apply as soon as possible. After the deadline of March 8, you may still submit documents, update your contact information and stay in contact with FEMA regarding your application, but you must apply before the deadline.FEMA assistance may include funds for temporary housing such as rental assistance or reimbursement for hotel costs; funds to support the repair or replacement of a primary home, including privately-owned access routes, such as driveways, roads, or bridges; and funds for disaster-caused expenses, such as repair or replacement of personal property and vehicles, funds for moving and storage, medical, dental, child care and other miscellaneous items.Homeowners and renters in Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin and Yancey counties and the Eastern Band of Cherokee Indians with uninsured losses from Tropical Storm Helene may apply for FEMA assistance.There are several ways to apply:  Visit a Disaster Recovery Center (DRC) to find the center location nearest you go to fema.gov/drc.   Go online to DisasterAssistance.gov.Download the FEMA App for mobile devices.Call the FEMA helpline at 800-621-3362 between 7 a.m. and midnight. Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.
    joseph.arbid
    Mon, 02/03/2025 – 20:49

    MIL OSI USA News –

  • MIL-OSI New Zealand: Release: Still no commitment to build more public houses

    Source: New Zealand Labour Party

    Despite being confronted every day with people in genuine need being stopped from accessing emergency housing – National still won’t commit to building more public houses. 

    “Chris Bishop is full of it. It is completely heartless and out of touch of him to be comfortable with people sleeping in cars and tents, while he stands up and boasts about saving money,” Labour housing spokesperson Kieran McAnulty said. 

    “It’s simple, build more public houses so that people have somewhere to live. Housing is the bare minimum that a person needs to live, and to help turn their life around.  

    “Chris Bishop has already instructed Kāinga Ora to build fewer houses each year in his letter of expectation, leading to a net loss of houses in Auckland next year, and cut $1.5 billion from building and maintenance costs in last year’s budget.  

    “If the best that he can come up with is the number of overall homes won’t go backwards, then it shows their priority is cutting spending, not housing people.

    “He says a lot of words about how the private sector will step in, yet figures out today from Statistics New Zealand shows overall building consents for new homes are down nearly 10% for 2024. 

    “Chris Bishop completely missed out the words that matter – a commitment to building more public houses,” Kieran McAnulty said.  

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    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Local News – Have your say – three Porirua City consultations open for submission

    Source: Porirua City Council

    Freedom Camping Bylaw 2025
    Porirua City Council is reviewing the way it manages freedom camping. Under the proposed bylaw, freedom camping on reserves would still be managed under the Reserves Act, but freedom camping on other Council land would be managed under the Freedom Camping Act 2011.
    The proposed bylaw would give Council officers the ability to issue on-the-spot fines. We hope this will reduce the number of people not complying with our freedom camping rules. There are six proposed sites where freedom camping in a self-contained motor vehicle is permitted, with restrictions. Submissions close 10 February.
    Keeping of Animals Bylaw 2025
    Updated rules are being proposed if you keep cats, poultry, bees or other animals in Porirua, and we want to hear what the community thinks. The Keeping of Animals Bylaw is a general bylaw that has rules around all domestic animals, apart from dogs, which are covered by the Dog Control Bylaw.
    It’s proposed to strengthen the bylaw by putting in stronger provisions to prevent noise and mess nuisance by animals and clearer enforcement rules. This includes new rules for cats (requiring owners to desex, microchip and register their cat), new rules for beekeepers and proposed changes for keeping stock in the city centre and suburban areas. Submissions close 10 February.
    Local Alcohol Policy
    Feedback is sought to help shape the sale and supply of alcohol in Porirua. We are proposing to introduce priority areas in suburbs where alcohol-related harm is more common, which could then have conditions applied to manage alcohol sale and supply.
    The hours that alcohol can be sold in both off-licence premises (that sell alcohol to drink elsewhere) and on-licence premises (where alcohol is sold to drink at that venue) is also being consulted on, with options proposed for feedback. Submissions close 7 March.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Local News – Porirua set to host another massive Waitangi Day event

    Source: Porirua City Council

    You can expect another awesome Waitangi Day event in Porirua.
    Waitangi Day at Te Rauparaha Park on Thursday 6 February, runs from midday to 5pm and will feature live music performances from homegrown talent PERE and Kings.
    Also hitting the stage will be Swiss, The Voice Australia’s Roland Williams, Ella Monnery and Hoseah Partsch, and Leisure Tomlins.
    Don’t miss cultural performances by Mana Whenua me te Kāhui Kuratea, and visiting Canadian Indigenous group the Kumugwe Cultural Society.
    The fun continues inside Te Rauparaha Arena and Pātaka Art + Museum, with lots of free activities for tamariki and art and history to discover.
    Visitors will also have the chance to check out the many stalls set up on Te Rauparaha Park, as well as choosing from a range of tasty kai options from food trucks located along Norrie St.
    The popular free waka tours are also returning for the day, giving people the chance to paddle around Te-Awarua-o-Porirua Harbour, thanks to Toa Waka Ama.
    “Last year we welcomed more than 30,000 people into our city centre for Waitangi Day, with many coming from outside of Porirua,” says Porirua Mayor Anita Baker.
    “The range of musicians, performers, activities, stalls and kai on offer means there will be something for everyone.”
    Last year the event was named Best Arts, Culture or Heritage Event at the NZEA Event Awards.
    This year’s event has a zero waste kaupapa, so remember to pack your keep cups for inu (drinks) and kai (food), and is smoke and vape free.
    There are plenty of ways to get to Te Rauparaha Park for Waitangi Day – walk, scoot or bike to the city centre if coming from nearby.
    As it’s a public holiday Council parking is free in the city, although there will be fewer available parks due to event road closures. Visitors are encouraged to catch the train to Porirua city and make the five-minute walk around the waterfront to the action. Some mobility parking spaces will be available at Te Rauparaha Arena.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Chipping away at North Auckland’s summer SH16 maintenance programme

    Source: New Zealand Transport Agency

    NZ Transport Agency Waka Kotahi (NZTA) advises road users to plan ahead for upcoming chipsealing work on State Highway 16 Kaukapakapa.

    Work will be carried out between 7am and 7pm over 5 days, beginning Monday 10 February, with stop/go traffic management and a reduced temporary speed limit in place. Temporary speed limits and traffic management will remain in place the following day to guide traffic over the new seal and help to embed it successfully.

    It’s important to slow down through newly sealed sections of road because small chips can be flicked up from the road surface and damage vehicles – especially windscreens. That’s why we often keep temporary speed limits in place even after it looks like the work has been completed. As well as safety, the temporary speed limit also helps ensure the quality of the reseal. Travelling at the posted temporary speed limit allows for the chips to be embedded into the road surface and for them to remain in place as the seal cures.

    Travel delays during these works are expected to be 5-10 minutes.

    Chipsealing helps ensure a smooth, skid-resistant surface, free of potholes and slippery sections to reduce the risk of crashes and help keep everyone traveling on our roads safe.

    Details of specific work sites for the week ahead can be found on the Northland State Highway Maintenance Programme website.

    Northland state highway maintenance programme(external link)

    Work is weather dependent and there may be changes to the planned works in the case of unsuitable weather. Please visit the NZTA Journey Planner website (journeys.nzta.govt.nz) for up-to-date information, including any changes due to weather. 

    This work is part of Northland’s significant summer maintenance programme, which will see approximately 203 lane kilometres of state highway renewed across the region by the end of May.

    NZTA thanks everyone for their understanding and support while we carry out this essential maintenance.

    MIL OSI New Zealand News –

  • MIL-OSI Security: U.S. Attorney’s Office Announces Zuni Woman Sentenced to 18 Year Prison Sentence for Fatal Kidnapping

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Zuni woman was sentenced to 18 years in federal prison for her involvement in a 2019 kidnapping that resulted in the victim’s death. 

    There is no parole in the federal system.

    According to court documents, between July 1 and July 16, 2019, Kendra Panteah, 37, an enrolled member of the Zuni Pueblo, participated in confining John Doe in the trunk of his own vehicle. She then brought the vehicle and victim to her co-defendant, Gilbert John Jr., and proceeded to drive around the Navajo Nation for over 24 hours with the victim locked in the trunk. They then stopped near Bass Lake, NM. When John Doe attempted to escape, John Jr. repeatedly stabbed him with a machete, resulting in the victim’s death.

    After the killing, Panteah and John Jr. abandoned the vehicle with the body inside for several days. John Jr. later towed the vehicle to a remote location, doused it with gasoline, and set it on fire to destroy evidence. The victim was only identified through hip replacement devices found in the burned vehicle.

    Gilbert John Jr. pleaded guilty to second-degree murder and was sentenced to 21 years in prison in June of 2024.

    Upon her release from prison, Panteah will be subject to five years of supervised release.

    U.S. Attorney Alexander M.M. Uballez and Raul Bujanda, Special Agent in Charge of the FBI Albuquerque Field Office, made the announcement today.

    The Gallup Resident Agency of the FBI’s Albuquerque Field Office investigated this case with assistance from the Navajo Police Department and Department of Criminal Investigations. Assistant United States Attorneys Mark A. Probasco and Alexander F. Flores prosecuted the case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: Memphis Man Sentenced for Stealing 166 Firearms and for Possession of a “Switch”

    Source: Office of United States Attorneys

    Memphis, TN – Kaderion Stokes, 19, was recently sentenced to federal prison for theft of firearms and possession of a machinegun.  Reagan Fondren, Acting United States Attorney for the Western District of Tennessee, announced the sentence today.

    According to the information presented in court, on September 9, 2023, approximately 166 firearms were stolen from a Federal Firearms Licensee (FFL) business in Atoka, Tennessee.  An Atoka Police officer was patrolling the area when he observed a GMC Sierra pick-up truck in the parking lot of the business.  As the officer approached the truck, the truck fled at a high rate of speed.  Officers discovered that the truck was stolen and had rammed the front of the business crashing into the interior of the store.  Several items were taken from the store, including firearms.  Stokes was later developed as a suspect.  In October 2023, Stokes was arrested by local law enforcement in Memphis on unrelated charges while in possession of two of the stolen firearms from the FFL business.

    After a federal grand jury returned an indictment against Stokes, a federal arrest warrant was issued and the United States Marshals Service arrested Stokes at an apartment in Memphis.  Stokes was found in possession of a firearm with a machinegun conversion device or a “switch.”  Subsequently, the grand jury returned a superseding indictment charging Stokes for possessing the “switch” as well as charges associated with the theft of firearms.

    On October 31, 2024, Stokes pled guilty in federal court and on January 29, 2025, Senior United States District Court Judge Jon P. McCalla sentenced Stokes to 87 months of federal imprisonment to be followed by three years of supervised release.  There is no parole in the federal system.

    The case was investigated by the Bureau of Alcohol, Tobacco, Firearms, and Explosives (ATF) and the Atoka Police Department.  The United States Marshals Service and the Memphis Police Department assisted.

    Acting U.S. Attorney Reagan Fondren thanked Assistant United States Attorneys Marques Young and Eileen Kuo, along with Special Assistant United States Attorney Raven Icaza, who prosecuted this case on behalf of the government, as well as the law enforcement partners who investigated it.

    ###

    For more information, please contact the Media Relations Team at USATNW.Media@usdoj.gov. Follow the U.S. Attorney’s Office on Facebook or on X at @WDTNNews for office news and updates.

    MIL Security OSI –

  • MIL-OSI Global: U.S. tariff threat: How it will impact different products and industries

    Source: The Conversation – Canada – By Sylvanus Kwaku Afesorgbor, Associate Professor of Agri-Food Trade and Policy, University of Guelph

    U.S. President Donald Trump has agreed to pause his planned tariffs on Canada and Mexico for at least 30 days following talks with the leaders of both countries. Previously, a senior Canadian governmental official had said Trump’s 25 per cent tariff on most Canadian goods was expected to come into effect on Feb. 4.

    If implemented, this tariff will have significant economic consequences on both sides of the border, as the U.S. and Canada share one of the largest bilateral trade relationships in the world.

    A key concern is the highly integrated supply chains between the two countries. Many goods cross the border multiple times as intermediate inputs before becoming final products. Imposing tariffs at any point in this supply chain will raise production costs and increase prices for a wide range of goods traded between the U.S. and Canada.

    For Canada, the tariffs on Canadian products will significantly affect Canada’s competitiveness in the U.S. market by driving up prices. Such tariffs could pose serious challenges for various sectors in Canada, given the country’s heavy reliance on the U.S. economy.

    Effects on different sectors

    The impact of U.S. tariffs on Canadian prices is likely to differ across sectors and products, depending on their reliance on the U.S. market.

    Sectors with a higher dependence on U.S. trade are likely to experience more severe disruptions. If the tariffs make certain products uncompetitive, Canadian producers may struggle to secure alternative markets in the short term.

    Industries such as agriculture, manufacturing and energy will experience varying degrees of impact. Energy products and motor vehicles, which represent Canada’s largest exports to the U.S., are expected to be among the most adversely affected.

    In the agricultural and forestry sector, wood and paper products, along with cereals, are among Canada’s largest exports to the U.S., with the U.S. accounting for 86 to 96 per cent of these exports, according to data from the World Integrated Trade Solution.

    In the energy and mineral sector, crude oil is Canada’s top export, reaching US$143 billion in 2023, with 90 per cent destined for the U.S. Given its critical role as Canada’s largest export across all sectors, it is not surprising that Trump has noted crude oil would be subject to a lower tariff of 10 per cent.

    Canada’s dependence on U.S. trade

    When examining the impact on different products, it’s not only the value of trade that matters, but also the share of trade. The share of trade indicates how reliant Canada is on the U.S. compared to other markets.

    A high trade share with the U.S. suggests a product is particularly vulnerable to trade disruptions, as Canada depends heavily on the U.S. market for that product. Conversely, a lower share indicates that Canada has diversified suppliers, which reduces its dependence on the U.S.



    Read more:
    Trump’s tariff threat could shake North American trade relations and upend agri-food trade

    For instance, in 2023, Canada’s top exports to the U.S. included vehicles and parts, nuclear machinery and plastics, according to data from the World Integrated Trade Solution. The U.S. accounted for 93 per cent of vehicle and parts exports, 82 per cent of nuclear machinery exports, and 91 per cent of plastics exports.

    This data highlights Canada’s extreme dependence on the U.S. market, making these industries within the manufacturing sector highly susceptible to the tariff. This could harm jobs in the manufacturing sector, which is vital to employment in Canada, providing jobs for over 1.8 million people.

    Canada’s reliance on the U.S. is also evident in imports. In 2023, vehicle imports totalled US$92 billion, with the U.S. accounting for 58 per cent of that amount.

    The dependence is also evident in the agri-food and forestry sector, where Canada heavily relies on U.S. imports. This suggests that retaliatory tariffs on agricultural goods from the U.S. could have a substantial impact on food prices in Canada.

    Retaliatory tariffs and inflationary pressures

    Canada has announced it’s imposing $155 billion of retaliatory tariffs on U.S. imports in response. This could contribute to inflationary pressures within Canada.

    Prime Minister Justin Trudeau says this includes immediate tariffs on $30 billion worth of goods as of Tuesday, followed by further tariffs on $125 billion worth of American products in 21 days’ time to “allow Canadian companies and supply chains to seek to find alternatives.”

    This will include tariffs on “everyday items such as American beer, wine and bourbon, fruits and fruit juices, including orange juice, along with vegetables, perfume, clothing and shoes,” and also on major consumer products like household appliances, furniture and sports equipment, and materials like lumber and plastics.

    Given Canada’s significant dependence on U.S. imports, the retaliatory tariffs will raise the cost of American goods entering the country, further driving up consumer prices and exacerbating inflation.

    In its latest policy rate announcement, the Bank of Canada warned of the severe economic consequences of Trump’s tariffs, highlighting their potential to reverse the current downward trend in inflation.

    What should Canada do now?

    Canada must extend its economic diplomacy efforts beyond the Trump administration, engaging with the U.S. Congress and Senate to advocate for the reconsideration of tariffs on Canadian goods. The Canadian government should persist in leveraging this channel to push for a reversal of the tariffs. This kind of broader negotiation remains the most effective approach to mitigating trade tensions and ensuring stable economic relations with the U.S.

    At the same time, Canada must reduce dependence on the U.S. market by adopting a comprehensive export diversification strategy. While the U.S. remains a convenient and accessible trade partner, expanding into emerging and developing markets would help mitigate risks and create more stable long-term trade opportunities.



    Read more:
    Trump’s tariff threat is a sign that Canada should be diversifying beyond the U.S.

    One effective way to achieve export diversification is by expanding free trade agreements (FTAs) with emerging and developing economies. Currently, Canada has 15 FTAs covering about 51 countries, but there is room for expansion. However, signing FTAs alone is insufficient; Canada must ensure these agreements translate into tangible trade growth with partner countries.

    International politics is increasingly shaping global trade, making it imperative for Canada to proactively manage diplomatic and trade relations. In recent years, tensions have emerged with key partners such as China, India and Saudi Arabia. These countries could all become potential markets for Canadian products. Given that China is Canada’s second-largest export destination, there is significant potential to expand trade ties.

    Additionally, countries like the United Arab Emirates present promising markets, particularly for agricultural products, as the UAE imports about 90 per cent of its food.

    Boosting innovation and productivity

    Canada stands at a critical juncture in its trade relationship with the U.S. While diplomatic efforts remain essential to averting harmful tariffs, they cannot be the country’s only line of defence.

    Boosting productivity is one of the most effective ways for Canada to improve its competitiveness in global markets. Canadian producers should prioritize innovation and the adoption of advanced technologies to enhance efficiency and maintain a competitive edge, particularly as they seek to expand beyond the U.S.

    In response to potential U.S. tariffs, the Canadian government should implement a bailout strategy to provide short-term relief and mitigate revenue losses to firms that will be mostly affected. Additionally, Canada should leverage its embassies and consulates worldwide to promote exports and help affected firms identify and access new market opportunities.

    By doing this, Canada can position itself as a more self-reliant and competitive player in the global economy — one less vulnerable to shifting U.S. policies.

    Sylvanus Kwaku Afesorgbor receives funding from the OMAFRA and the USDA. He is affiliated with the Centre for Trade Analysis and Development (CeTAD Africa).

    Naduni Uduwe Welage and Promesse Essolema do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. U.S. tariff threat: How it will impact different products and industries – https://theconversation.com/u-s-tariff-threat-how-it-will-impact-different-products-and-industries-248824

    MIL OSI – Global Reports –

  • MIL-OSI Global: Trump’s tariff threats show the brute power of an imperial presidency

    Source: The Conversation – Canada – By Daniel Drache, Professor Emeritus, Department of Politics, York University, Canada

    United States President Donald Trump has agreed to delay punishing tariffs on all exports from Canada and Mexico, which resulted in a threat of retaliatory tariffs from Canada.

    Nonetheless, Canada’s closest ally is all but tearing up the Canada-U.S.-Mexico trade deal negotiated only seven years ago. The rationale behind what the Wall Street Journal editorial board has called “the dumbest trade war in history” isn’t even clear.

    The pessimistic view is that if Canada doesn’t give Trump everything he wants, he will bulldoze the country with more tariffs, sanctions on banks, enhanced border inspections and even a travel ban — everything he recently threatened to do to Colombia.

    Canada’s political class is scrambling because the U.S. has long been a cultural sibling and an economic partner. But now it is toxic, threatening and untrustworthy. Will Canada sign another trade deal with Trump in office? The chances recede the longer the tariffs remain in place.

    Iron-fisted

    It’s never been more clear that Trump is obsessive, seldom a bluffer and always iron-fisted. He seems to have planned and executed this tariff bomb to cause maximum pain and chaos. Now he says the European Union is next on his list.

    Trump is counting on his new majorities in U.S. Congress to ram through his radical right populist agenda, forcing other countries to play a role in his melodrama.

    In response to Trump’s charge that the U.S. subsidizes Canadian trade, former Conservative prime minister Stephen Harper pointed out that half of America’s imported oil comes from Canada, and its price is significantly discounted due to a lack of pipeline capacity. “It’s actually Canada that subsidizes the United States in this regard,” Harper said.

    Nevertheless, Trump’s preferred foreign policy tactic is to hit first with economic sanctions and negotiate later. With his near total grip on U.S. government, he can now achieve all his aims through tariffs.



    Read more:
    U.S. tariff threat: How it will impact different products and industries

    The imperial presidency

    Trump’s vision for his imperial presidency is organized around an old idea: the revenue tariff. Before income taxes, border tariffs were the primary source of income for government. But back then, government did a lot less.

    For example, America’s 19th-century navy of wooden sailing ships was purchased with tariffs. But it would be impossible to fund modern-day health care, student loans and $13 billion aircraft carriers with tariff revenues.

    A recent study by the Peterson Institute for International Economics shows the math doesn’t add up. Tariffs are levied on imported goods and are worth about US$3 trillion. American income tax is levied on incomes and are worth more than US$20 trillion. Government would have to be much smaller, and tariffs would have to be so high they would choke American trade, for tariffs to make economic sense.

    And yet Trump has a broad mandate. In the summer of 2024, the U.S. Supreme Court ruled in Trump v. United States that presidents require a broadly defined “presumptive immunity from prosecution for … official acts.”

    This decision has given Trump the legal clout to force the entire federal government to answer to the president himself.



    Read more:
    US Supreme Court immunity ruling ideal for a president who doesn’t care about democracy

    War against democracy

    Trump is using his vast new mandate to wage multiple wars simultaneously. These wars against the guardrails of liberal democracy require the punishment of his enemies inside his own party.



    Read more:
    Canada should be preparing for the end of American democracy

    Republicans who have voted against Trump legislation during his first term faced high-profile challenges in the primaries as he funded their opponents. Today, the war is waged against those who are insufficiently loyal, including the highest ranks of the Coast Guard and the FBI.

    The war against the administrative state involves the mass firing of independent inspectors, federal lawyers and thousands of civil servants to be replaced by foot soldiers personally loyal to the leader.

    The Trump administration has sent out “deferred resignation” notices that invite the entire civil service to resign. This is the tactic Trump’s key adviser, Elon Musk, implemented at X, and it suggests a wave of firings will soon begin.

    Nonsensical trade war

    The trade war against Canada and Mexico is peculiar because neither country has expressed any willingness to abolish the United States-Mexico-Canada Agreement, which is among the achievements of Trump’s first administration.

    Nevertheless, the paranoid Trump seems to be convinced that he got a raw deal in 2018, and so he wants to scrap the whole treaty and negotiate something tougher that brings more jobs home.

    In 2024, the cars that were ranked most “American” in terms of their content and final assembly were made by Tesla, Honda and Volkswagen. By comparison, the best-selling the Dodge Ram 1500 pickup truck ranked No. 43 on the list. What Trump considers American and non-American isn’t clear, even to voters.

    A new Bank of Canada forecast predicts that American tariffs may reduce Canadian GDP by six per cent. The federal government is planning an enormous bailout package to compensate for widespread job losses like the one offered to businesses and individuals during the pandemic.

    Unsurprisingly, Trump divides Canada’s leadership. Alberta and Saskatchewan have publicly criticized the Team Canada approach. Alberta Premier Danielle Smith refused to sign the joint federal/provincial statement and played to her secessionist base.



    Read more:
    Why Alberta’s Danielle Smith is rejecting the Team Canada approach to Trump’s tariff threats

    Even so, former Alberta premier Jason Kenney recognizes the peril, arguing that Alberta needs to “be prepared to retaliate … we can’t be wusses about this; we have to have a spine.”

    What’s next?

    Canada is an export-led economy based on natural resources. Its strength lies not in refusing to buy California wine or Florida orange juice. Its main sources of leverage are oil and gas, potash and uranium, rare earth minerals, timber products and hydroelectric power. But of all these, oil, uranium, and hydro-electric power are Canada’s biggest guns.

    It’s not yet clear how effective the Canadian government’s strategy will be. Previous rounds of retaliation after the steel and aluminum tariffs in Trump’s first term did not drive him to the negotiating table. It’s also unclear what the CEOs of Canada’s branch-plant multinational corporations will do when their loyalties are divided between Trump and Canada.

    Furthermore, it’s anyone’s guess how much the dissent of western Canadian premiers has hurt Canada’s case with Trump. Certainly, his preferred tactic is to divide and conquer.

    Finally, it’s unclear if Ontario Premier Doug Ford’s “Captain Canada” approach will earn the respect or disdain of Republicans — although, ultimately, it doesn’t matter what the rest of the American political class thinks because Trump and his inner circle are calling all the shots.

    In practical terms, there is little Canada can do to address the false accusations that it’s complicit in the illicit drug trade and in migrants crossing the border into the U.S. Facts don’t matter to Trump. He will eventually come up with a demand, and if Canada doesn’t give in, he will ramp up the economic pain.

    Welcome to the post-liberal world order.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. Trump’s tariff threats show the brute power of an imperial presidency – https://theconversation.com/trumps-tariff-threats-show-the-brute-power-of-an-imperial-presidency-247524

    MIL OSI – Global Reports –

  • MIL-OSI USA: Virginia Gang Members Sentenced to Decades in Prison for Kidnapping and Murder

    Source: US State Government of Utah

    Hezekiah Carney, 26, of Norfolk, Virginia, and Jayquan Jones, 22, of Richmond, Virginia, were each sentenced today to 38 years in prison for federal charges relating to the kidnapping and murder of a fellow Almighty Black P. Stone gang member. A total of four defendants have now been sentenced as part of the case.

    “The defendants assaulted and kidnapped a 25-year-old mother of two, drove her to a remote location, and murdered her by shooting her eight times,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Cold-blooded, senseless gang violence like this affects entire communities. Today’s sentencings underscore that protecting our communities from violent criminals is a top Department priority. I applaud the tremendous work of all our prosecutors and law enforcement partners, who made securing these significant sentences possible.”

    “This act of wanton violence exemplifies the senseless brutality we associate with organized gangs and emphasizes the importance of eradicating them from our communities,” said U.S. Attorney Erik S. Siebert for the Eastern District of Virginia. “The investigation and prosecution that brought these defendants to justice were successful because of the vital partnerships built with our law enforcement partners working together toward our common goal of public safety.”

    “When gang members resort to kidnapping and murder, they leave behind shattered lives and communities in fear,” said Assistant Director Chad Yarbrough of the FBI’s Criminal Investigative Division. “This sentencing should send a message that the FBI and our law enforcement partners are committed to holding dangerous criminals accountable, protecting innocent lives and ensuring our neighborhoods are safe from violence.”

    “Today’s sentencing marks another significant step towards justice for the victim, her family and the community. While no sentence can ever undo the pain caused by this tragic crime, we hope this outcome brings forth an amount of closure” said Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Washington Field Division. “The ATF remains committed to working with our law enforcement partners as we protect our community and ensure those that commit violent crimes are held accountable for their actions.”

    According to court documents, in the early morning hours of May 6, 2023, Carney, along with co-defendants Jamica Langley, 25, of Richmond; Donnisha Goodman, 27, of Portsmouth, Virginia; and Acacia Jackson, 20, of New York, traveled to the victim’s residence in Richmond to beat her for a perceived gang infraction.

    The group left the apartment after beating the victim. About an hour later, Goodman, Jackson, Carney, and Langley returned to the victim’s apartment with fellow gang member Jones. Some of them were armed and wearing masks.

    The defendants forced the victim into a Hyundai Sonata and drove her approximately an hour east of Richmond to a remote area in York County, Virginia. After forcing the victim from the vehicle, Jones and Goodman executed her by shooting her at least eight times to the head, abdomen, back, buttocks, and legs.

    Upon returning to Portsmouth after the murder, Carney, the leader of the gang, directed Goodman, Jackson, and Langley to burn their clothing, stay together, and not to speak with law enforcement.

    The day after the murder, on May 7, 2023, the Norfolk Police Department located the Sonata with Jackson, Goodman, and Langley in the car. From the car, police recovered a 9mm cartridge that displayed the same markings as casings found at the murder scene.

    On Aug. 29, 2024, Carney, Goodman, and Jones pleaded guilty to using a firearm causing death, and Langley and Jackson pleaded guilty to conspiring to commit kidnapping. On Jan. 7, Goodman was sentenced to 35 years in prison and Langley was sentenced to 20 years in prison. Jackson is scheduled to be sentenced on Feb. 13.

    The FBI, ATF, and state and local law enforcement partners investigated the case.

    Trial Attorney Alyssa Levey-Weinstein of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorneys Lisa McKeel and Mack Coleman for the Eastern District of Virginia prosecuted the case.

    MIL OSI USA News –

  • MIL-OSI Security: Virginia Gang Members Sentenced to Decades in Prison for Kidnapping and Murder

    Source: United States Attorneys General 2

    Hezekiah Carney, 26, of Norfolk, Virginia, and Jayquan Jones, 22, of Richmond, Virginia, were each sentenced today to 38 years in prison for federal charges relating to the kidnapping and murder of a fellow Almighty Black P. Stone gang member. A total of four defendants have now been sentenced as part of the case.

    “The defendants assaulted and kidnapped a 25-year-old mother of two, drove her to a remote location, and murdered her by shooting her eight times,” said Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division. “Cold-blooded, senseless gang violence like this affects entire communities. Today’s sentencings underscore that protecting our communities from violent criminals is a top Department priority. I applaud the tremendous work of all our prosecutors and law enforcement partners, who made securing these significant sentences possible.”

    “This act of wanton violence exemplifies the senseless brutality we associate with organized gangs and emphasizes the importance of eradicating them from our communities,” said U.S. Attorney Erik S. Siebert for the Eastern District of Virginia. “The investigation and prosecution that brought these defendants to justice were successful because of the vital partnerships built with our law enforcement partners working together toward our common goal of public safety.”

    “When gang members resort to kidnapping and murder, they leave behind shattered lives and communities in fear,” said Assistant Director Chad Yarbrough of the FBI’s Criminal Investigative Division. “This sentencing should send a message that the FBI and our law enforcement partners are committed to holding dangerous criminals accountable, protecting innocent lives and ensuring our neighborhoods are safe from violence.”

    “Today’s sentencing marks another significant step towards justice for the victim, her family and the community. While no sentence can ever undo the pain caused by this tragic crime, we hope this outcome brings forth an amount of closure” said Special Agent in Charge Anthony Spotswood of the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) Washington Field Division. “The ATF remains committed to working with our law enforcement partners as we protect our community and ensure those that commit violent crimes are held accountable for their actions.”

    According to court documents, in the early morning hours of May 6, 2023, Carney, along with co-defendants Jamica Langley, 25, of Richmond; Donnisha Goodman, 27, of Portsmouth, Virginia; and Acacia Jackson, 20, of New York, traveled to the victim’s residence in Richmond to beat her for a perceived gang infraction.

    The group left the apartment after beating the victim. About an hour later, Goodman, Jackson, Carney, and Langley returned to the victim’s apartment with fellow gang member Jones. Some of them were armed and wearing masks.

    The defendants forced the victim into a Hyundai Sonata and drove her approximately an hour east of Richmond to a remote area in York County, Virginia. After forcing the victim from the vehicle, Jones and Goodman executed her by shooting her at least eight times to the head, abdomen, back, buttocks, and legs.

    Upon returning to Portsmouth after the murder, Carney, the leader of the gang, directed Goodman, Jackson, and Langley to burn their clothing, stay together, and not to speak with law enforcement.

    The day after the murder, on May 7, 2023, the Norfolk Police Department located the Sonata with Jackson, Goodman, and Langley in the car. From the car, police recovered a 9mm cartridge that displayed the same markings as casings found at the murder scene.

    On Aug. 29, 2024, Carney, Goodman, and Jones pleaded guilty to using a firearm causing death, and Langley and Jackson pleaded guilty to conspiring to commit kidnapping. On Jan. 7, Goodman was sentenced to 35 years in prison and Langley was sentenced to 20 years in prison. Jackson is scheduled to be sentenced on Feb. 13.

    The FBI, ATF, and state and local law enforcement partners investigated the case.

    Trial Attorney Alyssa Levey-Weinstein of the Criminal Division’s Violent Crime and Racketeering Section and Assistant U.S. Attorneys Lisa McKeel and Mack Coleman for the Eastern District of Virginia prosecuted the case.

    MIL Security OSI –

  • MIL-OSI United Nations: Syria: Special Envoy applauds ‘shared conviction’ among Syrians on political transition

    Source: United Nations 4

    By Vibhu Mishra

    Peace and Security

    The UN Special Envoy for Syria said on Monday that Syrians across the political spectrum share a deep conviction that the country’s political transition must succeed.

    Geir Pedersen stressed that protection for all Syrian minorities and a fully inclusive process is essential to shaping its future.

    The top envoy has spent several weeks in Syria, engaging with the caretaker authorities and a broad spectrum of society, following the overthrow of the Assad regime in early December.

    “[He] was deeply struck by the shared conviction among all the Syrians he met that the success of Syria’s political transition is essential, and it cannot afford to fail,” said a statement issued by his office.

    “At the cornerstone of this, as he consistently heard from all Syrians he met, is the need for all Syrians to be genuinely protected, and for all Syrians to be fully included in shaping the future,” it added.

    Diverse range of meetings

    During his visit, Mr. Pedersen held multiple meetings with caretaker Foreign Minister Asaad al-Shibani, following earlier talks with caretaker leader Ahmed al-Sharaa on 20 January. Mr. al-Sharaa, a former leader of Hayat Tahrir al-Sham (HTS), was named the country’s transitional president last week.

    The Special Envoy welcomed assurances given by the caretaker leadership – both publicly and in direct discussions – that the all Syrians will have a stake in the future State and that it will be built on inclusive and credible foundations.

    “In this regard, he sensed a genuine convergence between the expectations of Syrians, commitments of the caretaker authorities, and key principles of Security Council resolution 2254,” the statement said.

    Adopted in December 2015, resolution 2254 outlines a roadmap for a Syrian-led political transition, including constitutional reforms, and free and fair elections under UN supervision.

    He met leaders from civil society, different religious faiths, and NGOs, expressing gratitude to all those who shared their different perspectives.

    Continuing engagement

    Mr. Pedersen said he appreciated the commitment he received of close cooperation and consultation with the United Nations on all steps of a Syrian-led and Syrian-owned transition.

    According to the statement, he is looking forward to working positively with caretaker authorities and following developments on the ground. He will continue to update the Secretary-General and the Security Council.

    MIL OSI United Nations News –

  • MIL-OSI Australia: ACCC sweep uncovers concerning online shopping return policies and terms and conditions

    Source: Australian Competition and Consumer Commission

    The ACCC has conducted a sweep of more than two thousand Australian retail websites and has found some businesses using terms and conditions that may contravene the Australian Consumer Law (ACL).

    As part of this sweep, business’ return policies and website terms and conditions were reviewed, some of which raised concerns as being potentially misleading for consumers.

    “Our sweep has found numerous examples of practices that could potentially mislead or deceive consumers regarding their rights to exchange, refund or return a product,” ACCC Deputy Chair Catriona Lowe said.

    “Under the Australian Consumer Law consumers have basic rights when buying products and services, known as consumer guarantees. These rights are separate from any warranties offered by a business and cannot be taken away by anything a business says or does.”

    The sweep identified several potentially misleading statements in the terms and conditions of a number of the websites reviewed, including:

    • imposing time-limits for returning a faulty product;
    • imposing blanket ‘no refund’ conditions on sales or specialised items;
    • referring to manufacturer warranties as the only avenue for consumers to claim remedies for faulty goods, and;
    • placing restrictions on consumers’ right to a remedy, including stating that delivery fees paid for faulty items were non-refundable and charging restocking fees if customers returned faulty items.

    Problematic statements found during the sweep included:

    • “Items that have been opened and used cannot be exchanged or refunded”;
    • “Made to order products cannot be returned”;
    • “Sale items cannot be returned, exchanged or refunded” and;
    • “In the unlikely event that your item arrives damaged or faulty, please notify the store within 30 days of delivery to receive a replacement”.

    As a result of the sweep’s findings, the ACCC sent warning letters to several businesses whose returns policies or terms and conditions raised concerns under the ACL.

    “Our action led to the majority of businesses changing or removing concerning statements from their websites and improving consumer guarantee messages to consumers,” Ms Lowe said.

    “While we did identify some concerning practices during this sweep, we were pleased to find that many websites had information that advised consumers of their consumer guarantee rights under the Australian Consumer Law.”

    Under the ACL, businesses should not be making statements, written or verbally, to the following effect about faulty products:

    • No refunds are permitted under any circumstances;
    • No refunds are provided for sale or specialised items;
    • To be eligible for a refund, the consumer has a limited timeframe, from receipt of the good, to return the product;
    • Returns will be subject to a processing, restocking or repair fee;
    • No refunds are provided for opened or used items under any circumstances;
    • Delivery fees are non-refundable;
    • Customers must pay for delivery for returned items.

    “The ACCC is committed to improving business compliance with consumer guarantees and will continue to actively monitor this area, and where appropriate, take enforcement action,” Ms Lowe said.

    “We encourage all businesses to review their return policies and terms and conditions to ensure they comply with the law.”

    Consumers should report any potentially misleading or deceiving statements to the ACCC: Report a consumer issue

    Notes for editors:

    There are nine consumer guarantees that apply to products. They include guarantees that a product sold to a consumer must be of acceptable quality, fit for any stated purpose, and match its description.

    The three consumer guarantees that apply to services are that businesses must provide them using reasonable care and skill, they must be fit for any stated purpose, and they must be supplied within a reasonable time where the time is not otherwise agreed between the consumer and the business.

    Businesses may offer other warranties, but these are extra promises that a business can choose to make in addition to the consumer guarantees. A warranty cannot replace, change or take away a consumer’s basic legal rights.

    Depending on the nature of the problem, remedies can include a refund, a repair or replacement and/or compensation for reasonably foreseeable loss or damage caused by the failure to meet the consumer guarantee.

    Consumer guarantees do not apply if the consumer simply changed their mind, found the product cheaper somewhere else, or decided they no longer liked it or had no use for it. Consumer guarantees also do not apply if a consumer misused the product in a way that caused the problem.

    The ACCC has been advocating for law reform to the consumer guarantees provisions, and welcomes the Federal Government’s commitment to work with state and territory consumer affairs ministers to design proposed civil prohibitions and penalties for breaches of the consumer guarantee and supplier indemnification provisions of the ACL. This would introduce penalties for:

    • businesses which fail to provide a remedy for consumer guarantees failures, when they are legally required to do so under the consumer guarantees, and
    • manufacturers which fail to reimburse suppliers for consumer guarantees failures for which the manufacturers are responsible.

    These amendments would significantly change business incentives to comply with their consumer guarantee obligations under the ACL, as well as more effectively supporting consumers in securing their statutory consumer guarantee rights.

    Background

    The ACCC conducted a sweep of retail websites operating in Australia. The ACCC then reviewed statements to assess whether the statement sought to restrict consumers’ consumer guarantee rights, and if so whether any further action was warranted, having regard to the size of the business, additional context on the website surrounding the statement, and consumer reports about those businesses.

    As a result, numerous website statements that raised concerns under the ACL were identified. The ACCC subsequently sent warning letters to several businesses to notify them of our concerns, educate them on their obligations under the ACL, and improve compliance with the ACL.

    Improving industry compliance with consumer guarantees is one of the ACCC’s compliance and enforcement priorities and has been a priority for a number of years. In 2024/25, the ACCC is particularly focused on consumer guarantees relating to consumer electronics and targeting misconduct by retailers in connection with delivery timeframes.

    In November 2024, furniture and homewares retailer Koala & Tree Pty Ltd, trading as Koala Living, paid penalties of $56,340 after the ACCC issued it with three infringement notices for making false or misleading statements about consumers’ rights to remedies for faulty products, including for representing that a consumer’s right to seek remedies for faulty products was limited to 72 hours.

    In March 2024, the ACCC instituted Federal Court proceedings against Mosaic Brands Limited for allegedly misrepresenting consumer guarantee rights in the terms and conditions published on eight of its brands websites and making false or misleading representations to consumers about delivery times.

    In February 2024, the Federal Court ordered Mazda Australia Pty Ltd to pay $11.5 million in penalties for engaging in misleading and deceptive conduct and making false or misleading representations to nine consumers about their consumer guarantee rights.

    MIL OSI News –

  • MIL-OSI: NEXUS CAPITAL MANAGEMENT ANNOUNCES ACQUISITION OF TRICAM INDUSTRIES

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES & EDEN PRAIRIE, MN, Feb. 03, 2025 (GLOBE NEWSWIRE) — Nexus Capital Management LP (together with certain affiliates, “Nexus”), a Los Angeles-based alternative asset management firm, announced today it has partnered with the management team and existing owners, the McMunn family, to acquire Tricam Industries, LLC (the “Company” or “Tricam”).

    Tricam, based in Eden Prairie, MN, specializes in the design, development and engineering of consumer and professional home improvement equipment, including ladders and step stools, garden carts, wheelbarrows, hose reels and hand trucks, among others. The Company’s products are primarily sold through home center and retail channels across North America, Australia and New Zealand under the flagship Gorilla® brand as well as other owned and licensed brands.

    Jeff Skubic, President & CEO of Tricam, stated, “This transaction represents an exciting milestone in Tricam’s corporate journey. Over the last three decades, Tricam has built a strong reputation as a trusted supplier with high quality products consumers respond to and have come to expect from us. We’re grateful for the confidence our partners and customers place in us, and we’re looking forward to partnering with Nexus as we continue to expand our product portfolio and accelerate our growth. Our founder, Tony McMunn, established a culture built on an unwavering entrepreneurial drive that fosters and rewards hard work, creativity, and collaboration. The team is excited, and we’re pleased the McMunn family will continue along with us.”

    “My family and I are excited to partner with Nexus and feel very confident this relationship will allow for continued success and provide opportunities for our employees” said Tricam founder Tony McMunn.

    “We are thrilled to partner with Jeff, Tony and the Tricam management team,” said Michael Cohen, Partner at Nexus. “Tricam has established itself as a market leader by focusing relentlessly on innovation, quality and safety. We look forward to working closely with Tricam to continue building on the Company’s long history of success.”

    Brad Kottman, Principal at Nexus, added, “We are thoroughly impressed with the strong foundation Tricam has established. The Company is led by a highly experienced team, the product suite is differentiated, and the supply chain is diverse and resilient. This investment represents a compelling new platform that is well positioned to react to changing environments and pursue continued growth.”

    Kirkland & Ellis LLP served as legal advisor to Nexus. Jefferies LLC served as financial advisor and Fox Rothschild LLP served as legal advisor to Tricam. J.P. Morgan and Citi provided financing for the acquisition.

    About Tricam

    Tricam, founded in 1990, is a leading supplier of home improvement and hardware products sold through home center and retail outlets primarily in the US, Canada, Australia and New Zealand. Based in Eden Prairie, Minnesota, the Company employs a growing team centered around bringing innovative products to market and maintaining strong relationships with our retailer and supplier partners. The Company continues to invest in its product and brand portfolio, led by its flagship Gorilla® brand across multiple product categories, including ladders, garden carts, wheelbarrows, hose reels and hand trucks. For more information on Tricam, please visit www.gorillamade.com and www.tricamindustries.com.

    About Nexus Capital Management LP

    Nexus is an alternative asset investment management company based in Los Angeles, California that was founded in 2013. Nexus employs a flexible investment mandate that focuses on long-term value creation by partnering with leading management teams and businesses. For more information on Nexus, please visit www.nexuslp.com.

    Contact Information:

    Mike Gabbert

    Tricam Director of Marketing

    Mgabbert@tricam.com

    The MIL Network –

  • MIL-OSI New Zealand: Travelling to Waitangi – drive safe, plan ahead

    Source: New Zealand Transport Agency

    NZ Transport Agency Waka Kotahi (NZTA) is asking people to plan ahead, with record numbers expected on roads across Auckland and Northland this week as people head north for Waitangi Day.

    NZTA Northland Journey Manager Kingston Brands says planning and patience are the key this Waitangi holiday.

    “We know it’s going to be busy, especially around Paihia and Waitangi, but if people plan ahead and keep a cool head we can make sure everyone gets where they’re going safely.”

    To help keep everyone moving, NZTA has updated its popular Holiday Journeys traffic prediction tool. The tool shows predicted traffic flow across popular journeys in Auckland, Northland and further afield, based on previous year’s travel patterns.

    Waitangi

    A local road closure has been in place since yesterday (Monday 3 February) and will continue to Thursday 6 February (Waitangi Day) at the SH11 roundabout exit to Te Karuwha Parade in Paihia, restricting traffic to Waitangi.

    Those travelling from south of Kawakawa are advised to take State Highway 1 to Pakaraka, SH10 to Puketona, then turn right on to SH11 towards Haruru Falls.

    This route provides easy access to multiple FREE parking sites at Haruru. Parking will be signposted and regular shuttle buses will be running between parking locations and Waitangi.

    Those leaving Waitangi are encouraged to do so via Kawakawa, rather than Haruru Falls, to avoid congestion.

    “We know that congestion and delays can be frustrating, but the most important thing is that everyone gets to their destination safely.

    “Take extra care when travelling for Waitangi Day due to increased traffic volumes, congestion, tiredness and people driving in unfamiliar environments.

    “Drive to the conditions – whether it’s the weather, the road you’re on, the time of day or the volume of traffic on the roads. Stick to the speed limit, leave plenty of space, belt up, drive sober and take plenty of breaks.

    “Because predicted travel times can change based on traffic incidents, weather or driver behaviour, people should visit the NZTA Journey Planner website for real-time travel information, traffic cameras, and updates on delays, roadworks and road closures before they travel,” says Mr Brands.

    Journey Planner(external link)

    “Kia harikoa te rā o Waitangi!”

    Tips for safe driving

    • Check your car is in good “health” before you head off. Check your tyre pressure and tread, windscreen wipers, indicators and lights.
    • Take extra care when travelling in holiday periods because of increased traffic volumes, congestion, tiredness and people driving in unfamiliar environments.
    • Drive to the conditions – whether it’s the weather, the road you’re on, the time of day or amount of traffic.
    • Avoid fatigue. Take regular breaks to stay alert.
    • Keep a safe following distance from vehicles in front so you can stop safely.
    • Be patient – overtaking is unlikely to make a significant difference to your journey time due to the amount of traffic expected over the weekend.
    • Allow plenty of time. Remember you are on holiday, so there’s no need to rush. 

    MIL OSI New Zealand News –

  • MIL-OSI: NXP Semiconductors Reports Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, Feb. 03, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the fourth quarter and full-year, which ended December 31, 2024. “NXP delivered full-year 2024 revenue of $12.61 billion, a decrease of 5 percent year-on-year. In the fourth quarter, revenue was $3.11 billion, a decrease of 9 percent year-on-year, modestly above the mid-point of our guidance range. In review, NXP delivered resilient results throughout 2024, reflecting solid execution, consistent gross margin, and healthy free cash flow generation despite a challenging market environment. We rigorously focus on managing what is in our control, to navigate a soft landing while executing our growth strategy,” said Kurt Sievers, NXP President and Chief Executive Officer.

    Key Highlights for the Fourth Quarter and Full-year 2024:

    • Fourth quarter revenue was $3.11 billion, down 9 percent year-on-year. Full-year revenue was 12.61 billion, down 5 percent year-on-year;
    • Fourth quarter GAAP gross margin was 53.9 percent, GAAP operating margin was 21.7 percent and GAAP diluted Net Income per Share was $1.93. Full year GAAP gross margin was 56.4 percent, GAAP operating margin was 27.1 percent and GAAP diluted Net Income per Share was $9.73;
    • Fourth quarter Non-GAAP gross margin was 57.5 percent, non-GAAP operating margin was 34.2 percent, and non-GAAP diluted Net Income per Share was $3.18. Full-year Non-GAAP gross margin was 58.1 percent, non-GAAP operating margin was 34.6 percent, and non-GAAP diluted Net Income per Share was $13.09;
    • Fourth quarter cash flow from operations was $391 million, with net capex investments of $99 million, resulting in non-GAAP free cash flow of $292 million. Full-year cash flow from operations was $2,782 million, with net capex investments of $693 million, resulting in non-GAAP free cash flow of $2,089 million;
    • During the fourth quarter of 2024, NXP continued to execute its capital return policy with the payment of $258 million in cash dividends, and the repurchase of $455 million of its common shares. The total capital return of $713 million in the quarter represented 244 percent of fourth quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return to shareholders represented $2.4 billion or 115 percent of non-GAAP free cash flow. The interim dividend for the fourth quarter 2024 was paid in cash on January 8, 2025 to shareholders of record as of December 5, 2024. Subsequent to the end of the fourth quarter, between January 1, 2025 and January 31, 2025, NXP executed via a 10b5-1 program additional share repurchases totaling $101 million;
    • On October 15, 2024, NXP introduced the S32J family of high-performance automotive Ethernet switches and network controllers to enable the next generation of software-defined vehicle development (SDV). The S32J family shares a common switch core with the NXP S32 portfolio of automotive processing devices to maximize software re-use and simplify network configuration and integration;
    • On October 23, 2024, NXP announced Audi has adopted the Trimension® NCJ29Dx Ultra Wide Band (UWB) product family in its advanced UWB platform delivering precise and secure real-time localization to enable hands-free secure car access via smart mobile device and other UWB-based features. Cars featuring NXP’s Trimension UWB devices, including the Audi Q6 e-tron, will hit the road in 2024;
    • On November 12, 2024, NXP announced the i.MX 94 family, the newest addition to its i.MX 9 series of applications processors, designed for industrial control, telematics, gateways, and building and energy control. The i.MX94 family includes Ethernet Time Sensitive Networking (TSN) switching capabilities;
    • On November 12, 2024, NXP announced industry-first wireless battery management system (BMS) based on Ultra-Wideband (UWB) connectivity, expanding its “FlexCom” family of wired and wireless BMS solutions. The new UWB-based BMS solutions enable increased battery energy density, decoupling the mechanical and electrical development for faster time to market;
    • On December 17, 2024, NXP announced it had entered into an definitive agreement to acquire Aviva Links, a provider of Automotive SerDes Alliance (ASA) compliant in-vehicle connectivity solutions in an all-cash transaction valued at $242.5 million. The acquisition of Aviva Links expands NXP’s market leading in-vehicle networking (IVN) portfolio with the industry’s most advanced ASA compliant portfolio, supporting SerDes point-to-point (ASA-ML) and Ethernet-based connectivity (ASA-MLE) with data rates up to 16 Gbps;
    • On January 7, 2025, NXP announced it had entered into an definitive agreement to acquire TT Tech Auto, a leader in safety-critical systems and middleware for software-defined vehicles (SDVs). The all-cash transaction is valued at $625 million, and accelerates the NXP CoreRide platform, enabling automakers to reduce complexity, maximize system performance and shorten time to market. TT Tech Auto’s MotionWise middleware platform has a proven industry track record and is designed to manage the interconnected systems in SDVs, prioritizing safety-critical functions while ensuring seamless integration.

    Summary of Reported Fourth Quarter and Full-year 2024 ($ millions, unaudited) (1)

      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Total Revenue $ 3,111   $ 3,250   $ 3,422   -4 % -9 % $ 12,614   $ 13,276   -5 %
    GAAP Gross Profit $ 1,678   $ 1,866   $ 1,937   -10 % -13 % $ 7,119   $ 7,553   -6 %
    Gross Profit Adjustments (i) $ (111 ) $ (26 ) $ (73 )     $ (213 ) $ (209 )  
    Non-GAAP Gross Profit $ 1,789   $ 1,892   $ 2,010   -5 % -11 % $ 7,332   $ 7,762   -6 %
    GAAP Gross Margin   53.9 %   57.4 %   56.6 %       56.4 %   56.9 %  
    Non-GAAP Gross Margin   57.5 %   58.2 %   58.7 %       58.1 %   58.5 %  
    GAAP Operating Income (Loss) $ 675   $ 990   $ 907   -32 % -26 % $ 3,417   $ 3,661   -7 %
    Operating Income Adjustments (i) $ (390 ) $ (163 ) $ (312 )     $ (952 ) $ (1,001 )  
    Non-GAAP Operating Income $ 1,065   $ 1,153   $ 1,219   -8 % -13 % $ 4,369   $ 4,662   -6 %
    GAAP Operating Margin   21.7 %   30.5 %   26.5 %       27.1 %   27.6 %  
    Non-GAAP Operating Margin   34.2 %   35.5 %   35.6 %       34.6 %   35.1 %  
    GAAP Net Income (Loss) attributable to Stockholders $ 495   $ 718   $ 697       $ 2,510   $ 2,797    
    Net Income Adjustments (i) $ (322 ) $ (172 ) $ (269 )     $ (866 ) $ (864 )  
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 817   $ 890   $ 966       $ 3,376   $ 3,661    
    GAAP diluted Net Income (Loss) per Share (ii) $ 1.93   $ 2.79   $ 2.68       $ 9.73   $ 10.70    
    Non-GAAP diluted Net Income (Loss) per Share (ii) $ 3.18   $ 3.45   $ 3.71       $ 13.09   $ 14.01    
    Additional information                
      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Automotive $ 1,790 $ 1,829 $ 1,899 -2 % -6 % $ 7,151 $ 7,484 -4 %
    Industrial & IoT $ 516 $ 563 $ 662 -8 % -22 % $ 2,269 $ 2,351 -3 %
    Mobile $ 396 $ 407 $ 406 -3 % -2 % $ 1,497 $ 1,327 13 %
    Comm. Infra. & Other $ 409 $ 451 $ 455 -9 % -10 % $ 1,697 $ 2,114 -20 %
    DIO   151   149   132          
    DPO   65   60   72          
    DSO   30   30   24          
    Cash Conversion Cycle   116   119   84          
    Channel Inventory (weeks)   8   8   7          
    Gross Financial Leverage (iii) 2.1x 1.9x 2.1x          
    Net Financial Leverage (iv) 1.5x 1.3x 1.3x          
                     
    1. Additional Information for the Fourth Quarter and Full-year 2024:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.

        5. Guidance for the First Quarter 2025: ($ millions, except Per Share data) (1)

          Guidance Range
          GAAP   Reconciliation   non-GAAP
          Low   Mid   High       Low   Mid   High
        Total Revenue $2,725   $2,825   $2,925       $2,725   $2,825   $2,925  
        Q-Q -12%   -9%   -6%       -12%   -9%   -6%  
        Y-Y -13%   -10%   -6%       -13%   -10%   -6%  
        Gross Profit $1,489   $1,559   $1,630   $(31)   $1,520   $1,590   $1,661  
        Gross Margin 54.6%   55.2%   55.7%       55.8%   56.3%   56.8%  
        Operating Income (loss) $652   $712   $773   $(178)   $830   $890   $951  
        Operating Margin 23.9%   25.2%   26.4%       30.5%   31.5%   32.5%  
        Financial Income (expense) $(90)   $(90)   $(90)   $(10)   $(80)   $(80)   $(80)  
        Tax rate 18.0%-19.0%       17.0%-18.0%
        Equity-accounted investees $(4)   $(4)   $(4)   $(3)   $(1)   $(1)   $(1)  
        Non-controlling interests $(5)   $(5)   $(5)       $(5)   $(5)   $(5)  
        Shares – diluted 256.0   256.0   256.0       256.0   256.0   256.0  
        Earnings Per Share – diluted $1.75   $1.95   $2.14       $2.39   $2.59   $2.79  
                                     

        Note (1) Additional Information:

        1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(7) million; Share-based Compensation, $(16) million; Other Incidentals, $(8) million;
        2. GAAP Operating Income (loss) is expected to include PPA effects, $(35) million; Share-based Compensation, $(128) million; Restructuring and Other Incidentals, $(15) million;
        3. GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;
        4. GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(3) million;
        5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for Non-controlling interests & Other and the adjustment on Tax due to the earlier mentioned adjustments.

        NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

        Non-GAAP Financial Measures

        In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

        These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

        In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

        The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

        Conference Call and Webcast Information

        The company will host a conference call with the financial community on Tuesday, February 4, 2025 at 8:00 a.m. U.S. Eastern Standard Time (EST) to review the fourth quarter 2024 results in detail.

        Interested parties may preregister to obtain a user-specific access code for the call here.

        The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

        About NXP Semiconductors

        NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $12.61 billion in 2024. Find out more at www.nxp.com.

        Forward-looking Statements

        This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

        For further information, please contact:

        NXP-CORP

        NXP Semiconductors
        Table 1: Condensed consolidated statement of operations (unaudited)

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
                           
        Revenue $ 3,111     $ 3,250     $ 3,422     $ 12,614     $ 13,276  
        Cost of revenue   (1,433 )     (1,384 )     (1,485 )     (5,495 )     (5,723 )
        Gross profit   1,678       1,866       1,937       7,119       7,553  
        Research and development   (612 )     (577 )     (651 )     (2,347 )     (2,418 )
        Selling, general and administrative   (323 )     (265 )     (311 )     (1,164 )     (1,159 )
        Amortization of acquisition-related intangible assets   (28 )     (29 )     (63 )     (136 )     (300 )
        Total operating expenses   (963 )     (871 )     (1,025 )     (3,647 )     (3,877 )
        Other income (expense)   (40 )     (5 )     (5 )     (55 )     (15 )
        Operating income (loss)   675       990       907       3,417       3,661  
        Financial income (expense):                  
        Extinguishment of debt   —       —       —       —       —  
        Other financial income (expense)   (91 )     (82 )     (78 )     (318 )     (309 )
        Income (loss) before income taxes   584       908       829       3,099       3,352  
        Benefit (provision) for income taxes   (77 )     (173 )     (124 )     (545 )     (523 )
        Results relating to equity-accounted investees   (2 )     (6 )     (2 )     (12 )     (7 )
        Net income (loss)   505       729       703       2,542       2,822  
        Less: Net income (loss) attributable to non-controlling interests   10       11       6       32       25  
        Net income (loss) attributable to stockholders   495       718       697       2,510       2,797  
                           
        Earnings per share data:                  
        Net income (loss) per common share attributable to stockholders in $        
        Basic $ 1.95     $ 2.82     $ 2.71     $ 9.84     $ 10.83  
        Diluted $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
                           
        Weighted average number of shares of common stock outstanding during the period (in thousands):        
        Basic   254,349       254,458       257,285       255,208       258,381  
        Diluted   256,628       257,717       260,298       257,848       261,370  
                           

        NXP Semiconductors
        Table 2: Condensed consolidated balance sheet (unaudited)

          ($ in millions) As of
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023
        ASSETS          
        Current assets:          
          Cash and cash equivalents $ 3,292   $ 2,748   $ 3,862
          Short-term deposits   —     400     409
          Accounts receivable, net   1,032     1,070     894
          Inventories, net   2,356     2,234     2,134
          Other current assets   625     574     565
        Total current assets   7,305     7,026     7,864
                     
        Non-current assets:          
          Deferred tax assets   1,251     1,131     992
          Other non-current assets   1,796     1,510     1,297
          Property, plant and equipment, net   3,267     3,309     3,323
          Identified intangible assets, net   836     735     922
          Goodwill   9,930     9,958     9,955
        Total non-current assets   17,080     16,643     16,489
                     
        Total assets   24,385     23,669     24,353
                     
        LIABILITIES AND EQUITY          
        Current liabilities:          
          Accounts payable   1,017     899     1,164
          Restructuring liabilities-current   147     52     92
          Other current liabilities   1,434     1,542     1,855
          Short-term debt   500     499     1,000
        Total current liabilities   3,098     2,992     4,111
                     
        Non-current liabilities:          
          Long-term debt   10,354     9,683     10,175
          Restructuring liabilities   10     4     9
          Other non-current liabilities   1,392     1,246     1,098
        Total non-current liabilities   11,756     10,933     11,282
                     
          Non-controlling interests   348     338     316
          Stockholders’ equity   9,183     9,406     8,644
        Total equity   9,531     9,744     8,960
                   
        Total liabilities and equity   24,385     23,669     24,353
                     

        NXP Semiconductors
        Table 3: Condensed consolidated statement of cash flows (unaudited)

        ($ in millions) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        Cash flows from operating activities:                  
        Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:                  
        Depreciation, amortization and impairment   259       218       269       925       1,106  
        Share-based compensation   117       115       107       461       411  
        Amortization of discount (premium) on debt, net   1       —       —       3       2  
        Amortization of debt issuance costs   2       2       2       7       8  
        Net (gain) loss on sale of assets   (1 )     —       —       (3 )     (1 )
        Results relating to equity-accounted investees   2       6       2       12       7  
        (Gain) loss on equity securities, net   6       7       —       18       (1 )
        Deferred tax expense (benefit)   (145 )     (40 )     (97 )     (272 )     (267 )
        Changes in operating assets and liabilities:                  
        (Increase) decrease in receivables and other current assets   (25 )     (167 )     (20 )     (207 )     (138 )
        (Increase) decrease in inventories   (122 )     (86 )     6       (222 )     (353 )
        Increase (decrease) in accounts payable and other liabilities   16       118       101       (188 )     (119 )
        (Increase) decrease in other non-current assets   (218 )     (134 )     65       (306 )     16  
        Exchange differences   (1 )     7       7       14       22  
        Other items   (5 )     4       (8 )     (2 )     (2 )
        Net cash provided by (used for) operating activities   391       779       1,137       2,782       3,513  
                           
        Cash flows from investing activities:                  
        Purchase of identified intangible assets   (36 )     (26 )     (44 )     (149 )     (179 )
        Capital expenditures on property, plant and equipment   (130 )     (186 )     (175 )     (727 )     (827 )
        Insurance recoveries received for equipment damage   —       —       —       2       —  
        Proceeds from the disposals of property, plant and equipment   1       —       —       4       1  
        Advance payment from sale of property, plant and equipment   30       —       —       30       —  
        Investment in short-term deposits   —       —       (409 )     —       (409 )
        Proceeds of short-term deposits   400       —       —       409       —  
        Purchase of investments   (67 )     (159 )     (1 )     (260 )     (94 )
        Proceeds from the sale of investments   —       —       —       5       —  
        Net cash provided by (used for) investing activities   198       (371 )     (629 )     (686 )     (1,508 )
                           
        Cash flows from financing activities:                  
        Repurchase of long-term debt   —       —       —       (1,000 )     —  
        Proceeds from the issuance of long-term debt   670       —       —       670       —  
        Cash paid for debt issuance costs   (1 )     —       —       (1 )     —  
        Dividends paid to common stockholders   (258 )     (259 )     (261 )     (1,038 )     (1,006 )
        Proceeds from issuance of common stock through stock plans   3       39       1       82       71  
        Purchase of treasury shares and restricted stock unit
        withholdings        		   (455 )     (305 )     (434 )     (1,373 )     (1,053 )
        Other, net   —       (1 )     —       (2 )     (2 )
        Net cash provided by (used for) financing activities   (41 )     (526 )     (694 )     (2,662 )     (1,990 )
                           
        Effect of changes in exchange rates on cash positions   (4 )     7       6       (4 )     2  
        Increase (decrease) in cash and cash equivalents   544       (111 )     (180 )     (570 )     17  
        Cash and cash equivalents at beginning of period   2,748       2,859       4,042       3,862       3,845  
        Cash and cash equivalents at end of period   3,292       2,748       3,862       3,292       3,862  
                           
        Net cash paid during the period for:                  
        Interest   92       27       83       243       261  
        Income taxes, net of refunds   280       196       221       867       919  
        Net gain (loss) on sale of assets:                  
        Cash proceeds from the sale of assets   1       —       —       4       1  
        Book value of these assets   —       —       —       (1 )     —  
        Non-cash investing activities:                  
        Non-cash capital expenditures   161       125       266       161       266  
                           

        NXP Semiconductors
        Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Gross Profit $ 1,678     $ 1,866     $ 1,937     $ 7,119     $ 7,553  
        PPA Effects   (11 )     (12 )     (13 )     (47 )     (53 )
        Restructuring   (21 )     —       (13 )     (28 )     (11 )
        Share-based compensation   (15 )     (14 )     (14 )     (59 )     (54 )
        Other incidentals   (64 )     —       (33 )     (79 )     (91 )
        Non-GAAP Gross Profit $ 1,789     $ 1,892     $ 2,010     $ 7,332     $ 7,762  
        GAAP Gross margin   53.9 %     57.4 %     56.6 %     56.4 %     56.9 %
        Non-GAAP Gross margin   57.5 %     58.2 %     58.7 %     58.1 %     58.5 %
        GAAP Research and development $ (612 )   $ (577 )   $ (651 )   $ (2,347 )   $ (2,418 )
        Restructuring   (50 )     —       (49 )     (57 )     (59 )
        Share-based compensation   (60 )     (58 )     (55 )     (234 )     (211 )
        Other incidentals   (5 )     —       (1 )     (6 )     (5 )
        Non-GAAP Research and development $ (497 )   $ (519 )   $ (546 )   $ (2,050 )   $ (2,143 )
        GAAP Selling, general and administrative $ (323 )   $ (265 )   $ (311 )   $ (1,164 )   $ (1,159 )
        PPA effects   —       (1 )     (1 )     (2 )     (3 )
        Restructuring   (41 )     —       (22 )     (40 )     (28 )
        Share-based compensation   (42 )     (43 )     (38 )     (168 )     (146 )
        Other incidentals   (12 )     (2 )     (5 )     (45 )     (32 )
        Non-GAAP Selling, general and administrative $ (228 )   $ (219 )   $ (245 )   $ (909 )   $ (950 )
        GAAP Operating income (loss) $ 675     $ 990     $ 907     $ 3,417     $ 3,661  
        PPA effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )     —       (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Non-GAAP Operating income (loss) $ 1,065     $ 1,153     $ 1,219     $ 4,369     $ 4,662  
        GAAP Operating margin   21.7 %     30.5 %     26.5 %     27.1 %     27.6 %
        Non-GAAP Operating margin   34.2 %     35.5 %     35.6 %     34.6 %     35.1 %
        GAAP Income tax benefit (provision) $ (77 )   $ (173 )   $ (124 )   $ (545 )   $ (523 )
        Income tax effect   87       9       54       141       170  
        Non-GAAP Income tax benefit (provision) $ (164 )   $ (182 )   $ (178 )   $ (686 )   $ (693 )
        GAAP Net income (loss) attributable to stockholders $ 495     $ 718     $ 697       2,510       2,797  
        PPA Effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )     —       (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Other adjustments:                      
        Adjustments to financial income (expense)   (17 )     (12 )     (9 )     (43 )     (26 )
        Income tax effect   87       9       54       141       170  
        Results relating to equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Net income (loss) attributable to stockholders $ 817     $ 890     $ 966     $ 3,376     $ 3,661  
                           
                           
        Additional Information:                  
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
                           
        GAAP net income (loss) per common share attributable to stockholders – diluted $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
        PPA Effects   (0.15 )     (0.16 )     (0.30 )     (0.72 )     (1.36 )
        Restructuring   (0.44 )     —       (0.32 )     (0.48 )     (0.38 )
        Share-based compensation   (0.46 )     (0.45 )     (0.41 )     (1.79 )     (1.57 )
        Other incidentals   (0.47 )     (0.02 )     (0.17 )     (0.70 )     (0.52 )
        Other adjustments:                  
        Adjustments to financial income (expense)   (0.07 )     (0.05 )     (0.03 )     (0.17 )     (0.10 )
        Income tax effect   0.34       0.04       0.21       0.55       0.65  
        Results relating to equity-accounted investees, excluding Foundry investees1   —       (0.02 )     (0.01 )     (0.05 )     (0.03 )
        Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 3.18     $ 3.45     $ 3.71     $ 13.09     $ 14.01  
                           
                           
        Additional Information:                  
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.


        NXP Semiconductors
        Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Financial income (expense) $ (91 )   $ (82 )   $ (78 )   $ (318 )   $ (309 )
          Foreign exchange loss   3       (3 )     (6 )     (3 )     (15 )
          Other financial expense   (20 )     (9 )     (3 )     (40 )     (11 )
        Non-GAAP Financial income (expense) $ (74 )   $ (70 )   $ (69 )   $ (275 )   $ (283 )
                             

        NXP Semiconductors
        Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Other income (expense) $ (40 )   $ (5 )   $ (5 )   $ (55 )   $ (15 )
          Other incidentals   (41 )     (4 )     (5 )     (51 )     (8 )
        Non-GAAP Other income (expense) $ 1     $ (1 )   $ —     $ (4 )   $ (7 )
                           

        NXP Semiconductors
        Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Results relating to equity-accounted investees $ (2 )   $ (6 )   $ (2 )   $ (12 )   $ (7 )
          Results of equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Results relating to equity-accounted investees $ —     $ —     $ —     $ —     $ —  
                           
        Additional Information:
        1. We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

        NXP Semiconductors
        Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

        ($ in millions) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        GAAP Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Reconciling items to EBITDA (Non-GAAP)                  
        Financial (income) expense   91       82       78       318       309  
        (Benefit) provision for income taxes   77       173       124       545       523  
        Depreciation and impairment   190       149       167       630       652  
        Amortization   69       69       102       295       454  
        EBITDA (Non-GAAP) $ 932     $ 1,202     $ 1,174     $ 4,330     $ 4,760  
        Reconciling items to adjusted EBITDA (Non-GAAP)                  
        Results of equity-accounted investees, excluding Foundry investees1   2       6       2       12       7  
        Restructuring   112       —       84       125       98  
        Share-based compensation   117       115       107       461       411  
        Other incidental items2   77       6       44       136       134  
        Adjusted EBITDA (Non-GAAP) $ 1,240     $ 1,329     $ 1,411     $ 5,064     $ 5,410  
        Trailing twelve month adjusted EBITDA (Non-GAAP) $ 5,064     $ 5,235     $ 5,410     $ 5,064     $ 5,410  
                           
        Additional Information:                  
        1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
        2. Excluding from total other incidental items, charges included in depreciation, amortization or impairment reconciling items:        
                   – other incidental items   45       —       —       45       2  
                           
                           
                           
        ($ in millions) Three months ended   Full-year
          December 31,
        2024        		   September 29,
        2024        		   December 31,
        2023        		     2024       2023  
        Net cash provided by (used for) operating activities $ 391     $ 779     $ 1,137     $ 2,782     $ 3,513  
        Net capital expenditures on property, plant and equipment   (99 )     (186 )     (175 )     (693 )     (826 )
        Non-GAAP free cash flow $ 292     $ 593     $ 962     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow $ 2,089     $ 2,759     $ 2,687     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow as percent of Revenue   17 %     21 %     20 %     17 %     20 %
                           

      The MIL Network –

  • MIL-OSI: XAI Octagon Floating Rate & Alternative Income Trust Declares its Monthly Common Shares Distribution of $0.077 per Share

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 03, 2025 (GLOBE NEWSWIRE) — XAI Octagon Floating Rate & Alternative Income Trust (the “Trust”) has declared its regular monthly distribution of $0.077 per share on the Trust’s common shares (NYSE: XFLT), payable on March 3, 2025, to common shareholders of record as of February 18, 2025, as noted below. The amount of the distribution represents no change from the previous month’s distribution amount of $0.077 per share.

    The following dates apply to the declaration:

    Ex-Dividend Date February 18, 2025
       
    Record Date February 18, 2025
       
    Payable Date March 3, 2025
       
    Amount $0.077 per common share
       
    Change from Previous Month No change
     

    Common share distributions may be paid from net investment income (regular interest and dividends), capital gains and/or a return of capital. The specific tax characteristics of the distributions will be reported to the Trust’s common shareholders on Form 1099 after the end of the 2025 calendar year. Shareholders should not assume that the source of a distribution from the Trust is net income or profit. For further information regarding the Trust’s distributions, please visit www.xainvestments.com.

    The Trust’s net investment income and capital gain can vary significantly over time; however, the Trust seeks to maintain more stable common share monthly distributions over time. The Trust’s investments in CLOs are subject to complex tax rules and the calculation of taxable income attributed to an investment in CLO subordinated notes can be dramatically different from the calculation of income for financial reporting purposes under accounting principles generally accepted in the United States (“U.S. GAAP”), and, as a result, there may be significant differences between the Trust’s GAAP income and its taxable income. The Trust’s final taxable income for the current fiscal year will not be known until the Trust’s tax returns are filed.

    As a registered investment company, the Trust is subject to a 4% excise tax that is imposed if the Trust does not distribute to common shareholders by the end of any calendar year at least the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for the calendar year and (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year period generally ending on October 31 of the calendar year (unless an election is made to use the Trust’s fiscal year). In certain circumstances, the Trust may elect to retain income or capital gain to the extent that the Board of Trustees, in consultation with Trust management, determines it to be in the interest of shareholders to do so.

    The common share distributions paid by the Trust for any particular period may be more than the amount of net investment income from that period. As a result, all or a portion of a distribution may be a return of capital, which is in effect a partial return of the amount a common shareholder invested in the Trust, up to the amount of the common shareholder’s tax basis in their common shares, which would reduce such tax basis. Although a return of capital may not be taxable, it will generally increase the common shareholder’s potential gain, or reduce the common shareholder’s potential loss, on any subsequent sale or other disposition of common shares.

    The distribution shall be paid on the Payment Date unless the payment of such distribution is deferred by the Board of Trustees upon a determination that such deferral is required in order to comply with applicable law to ensure that the Trust remains solvent and able to pay its debts as they become due and continue as a going concern, or to comply with the applicable terms or financial covenants of the Trust’s senior securities.

    Future common share distributions will be made if and when declared by the Trust’s Board of Trustees, based on a consideration of number of factors, including the Trust’s continued compliance with terms and financial covenants of its senior securities, the Trust’s net investment income, financial performance and available cash. There can be no assurance that the amount or timing of common share distributions in the future will be equal or similar to that described herein or that the Board of Trustees will not decide to suspend or discontinue the payment of common share distributions in the future.

    The investment objective of the Trust is to seek attractive total return with an emphasis on income generation across multiple stages of the credit cycle. The Trust seeks to achieve its investment objective by investing in a dynamically managed portfolio of opportunities primarily within the private credit markets. Under normal market conditions, the Trust will invest at least 80% of its Managed Assets in floating rate credit instruments and other structured credit investments. There can be no assurance that the Trust will achieve its investment objective.

    The Trust’s common shares are traded on the New York Stock Exchange under the symbol “XFLT,” and the Trust’s 6.50% Series 2026 Term Preferred Shares are traded on the New York Stock Exchange under the symbol “XFLTPRA”.

    About XA Investments

    XA Investments LLC (“XAI”) serves as the Trust’s investment adviser. XAI is a Chicago-based firm founded by XMS Capital Partners in 2016. XAI serves as the investment adviser for two listed closed-end funds and an interval closed-end fund. The listed closed-end funds, the XAI Octagon Floating Rate & Alternative Income Trust (NYSE: XFLT) and XAI Madison Equity Premium Income Fund (NYSE: MCN) both trade on the New York Stock Exchange. The interval closed-end fund, Octagon XAI CLO Income Fund (OCTIX), is newly launched and has been made widely available to investors.

    In addition to investment advisory services, the firm also provides investment fund structuring and consulting services focused on registered closed-end funds to meet institutional client needs. XAI offers custom product build and consulting services, including development and market research, sales, marketing, and fund management.

    XAI believes that the investing public can benefit from new vehicles to access a broad range of alternative investment strategies and managers. XAI provides individual investors with access to institutional-caliber alternative managers. For more information, please visit www.xainvestments.com.

    About XMS Capital Partners
    XMS Capital Partners, LLC, established in 2006, is a global, independent, financial services firm providing M&A, corporate advisory and asset management services to clients. It has offices in Chicago, Boston and London. For more information, please visit www.xmscapital.com.

    About Octagon Credit Investors
    Octagon Credit Investors, LLC (“Octagon”) serves as the Trust’s investment sub-adviser. Octagon is a 25+ year old, $33.2B below-investment grade corporate credit investment adviser focused on leveraged loan, high yield bond and structured credit (CLO debt and equity) investments. Through fundamental credit analysis and active portfolio management, Octagon’s investment team identifies attractive relative value opportunities across below-investment grade asset classes, sectors and issuers. Octagon’s investment philosophy and methodology encourage and rely upon dynamic internal communication to manage portfolio risk. Over its history, the firm has applied a disciplined, repeatable and scalable approach in its effort to generate attractive risk-adjusted returns for its investors. For more information, please visit www.octagoncredit.com.

    XAI does not provide tax advice; please consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes, as well as the federal alternative minimum tax.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of the Trust carefully before investing. For more information on the Trust, please visit the Trust’s webpage at www.xainvestments.com.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

             
    NOT FDIC INSURED   NO BANK GUARANTEE   MAY LOSE VALUE
             

    Paralel Distributors, LLC – Distributor

    Media Contact:
    Kimberly Flynn, President
    XA Investments LLC
    Phone: 888-903-3358
    Email: KFlynn@XAInvestments.com
    www.xainvestments.com

    The MIL Network –

  • MIL-Evening Report: Whether Biden Or Trump, US’ Latin American Policy Will Be Contemptible

    Source: Council on Hemispheric Affairs – Analysis-Reportage

    By John Perry and Roger D. Harris

    Migration, Drugs, and Tariffs.

    With Donald Trump as the new US president, pundits are speculating about how US policy towards Latin America might change.

    In this article, we look at some of the speculation, then address three specific instances of how the US’s policy priorities may be viewed from a progressive, Latin American perspective. This leads us to a wider argument: that the way these issues are dealt with is symptomatic of Washington’s paramount objective of sustaining the US’s hegemonic position. In this overriding preoccupation, its policy towards Latin America is only one element, of course, but always of significance because the US hegemon still treats the region as its “backyard.”

    First, some examples of what the pundits are saying. In Foreign Affairs, Brian Winter argues that Trump’s return signals a shift away from Biden’s neglect of the region. “The reason is straightforward,” he says. “Trump’s top domestic priorities of cracking down on unauthorized immigration, stopping the smuggling of fentanyl and other illicit drugs, and reducing the influx of Chinese goods into the United States all depend heavily on policy toward Latin America.”

    Ryan Berg, who is with the thinktank, Center for Strategic and International Studies, funded by the US defense industry, is also hopeful. Trump will “focus U.S. policy more intently on the Western Hemisphere,” he argues, “and in so doing, also shore up its own security and prosperity at home.”

    According to blogger James Bosworth, Biden’s “benign neglect” could be replaced by an “aggressive Monroe Doctrine – deportations, tariff wars, militaristic security policies, demands of fealty towards the US, and a rejection of China.” However, notwithstanding the attention of Trump’s Secretary of State, Marco Rubio, Bosworth thinks there is still a good chance of policy lapsing into benign neglect as the new administration focuses elsewhere.

    The wrong end of the telescope

    What these and similar analyses share is a concern with problems of importance to the US, including domestic ones, and how they might be tackled by shifts in policy towards Latin America. They view the region from the end of a US-mounted telescope.

    Trump’s approach may be the more brazen “America first!,” but the basic stance is much the same as these pundits. The different scenarios will be worked out in Washington, with Latin America’s future seen as shaped by how it handles US policy changes over which it has little influence. Analyses by these supposed experts are constrained by their adopting the same one-dimensional perspective as Washington’s, instead of questioning it.

    Here’s one example. The word “neglect” is superficial because it hides the immense involvement of the US in Latin America even when it is “neglecting” it: from deep commercial ties to a massive military presence. It is also superficial because, in a real sense, the US constantly neglects the problems that concern most Latin Americans: low wages, inequality, being safe in the streets, the damaging effects of climate change, and many more. “Neglect” would be seen very differently on the streets of a Latin American city than it is inside the Washington beltway.

    Who has the “drug problem”?

    The vacuum in US thinking is nowhere more apparent than in responses to the drug problem. Trump threatens to declare Mexican drug cartels to be terrorist organizations and to invade Mexico to attack them.

    But, as academic Carlos Pérez-Ricart told El Pais: “This is a problem that does not originate in Mexico. The source, the demand, and the vectors are not Mexican. It is them.” Mexican President Claudia Sheinbaum also points out that it is consumption in the US that drives drug production and trafficking in Mexico.

    Trump could easily make the same mistake as his predecessor Clinton did two decades ago. Back then, billions were poured into “Plan Colombia” but still failed to solve the “drug problem,” while vastly augmenting violence and human rights violations in the target country.

    A foretaste of what might happen, if Trump carries out his threat, occurred last July, when Biden’s administration captured Ismael “El Mayo” Zambada. That caused an all-out war between cartels in the Mexican state of Sinaloa.

    Sheinbaum rightly turns questions about drug production and consumption back onto the US. Rhetorically, she asks: “Do you believe that fentanyl is not manufactured in the United States?…. Where are the drug cartels in the United States that distribute fentanyl in US cities? Where does the money from the sale of that fentanyl go in the United States?”

    If Trump launches a war on cartels, he will not be the first US president to the treat drug consumption as a foreign issue rather than a concomitantly domestic one.

    Where does the “migration problem” originate?

    Trump is also not the first president to be obsessed by migration. Like drugs, it is seen as a problem to be solved by the countries where the migrants originate, while both the “push” and “pull” factors under US control receive less attention.

    Exploitation of migrant labor, complex asylum procedures, and schemes such as “humanitarian parole” to encourage migration are downplayed as reasons. Biden intensified US sanctions on various Latin American countries, which have been shown conclusively to provoke massive emigration. Meanwhile Trump threatens to do the same.

    Many Latin American countries have been made unsafe by crime linked to drugs or other problems in which the US is implicated. About 392,000 Mexicans were displaced as a result of conflict in 2023 alone, their problem aggravated by the massive, often illegal, export of firearms from the US to Mexico.

    Costa Rica, historically a safe country, had a record 880 homicides in 2023, many of which were related to drug trafficking. In Brazil and other countries, US-trained security forces contribute directly to the violence, rather than reducing it.

    Mass deportations from the US, promised by Trump, could worsen these problems, as happened in El Salvador in the late 1990s. They would also affect remittances sent home by migrant workers, exacerbating regional poverty. The threatened use of tariffs on exports to the US could also have serious consequences if Latin America does not stand up to Trump’s threats. Economist Michael Hudson argues that countries will have to jointly retaliate by refusing to pay dollar-based debts to bond holders if export earnings from the US are summarily cut.

    China in the US “backyard”

    Trump also joins the Washington consensus in its preoccupation with China’s influence in Latin America. Monica de Bolle is with the Peterson Institute for International Economics, a thinktank partly funded by Pentagon contractors. She told the BBC: “You have got the backyard of America engaging directly with China. That’s going to be problematic.”

    Recently retired US Southern Command general, Laura Richardson, was probably the most senior frequent visitor on Washington’s behalf to Latin American capitals, during the Biden administration. She accused China of “playing the ‘long game’ with its development of dual-use sites and facilities throughout the region, “adding that those sites could serve as “points of future multi-domain access for the PLA [People’s Liberation Army] and strategic naval chokepoints.”

    As Foreign Affairs points out, Latin America’s trade with China has “exploded” from $18 billion in 2002 to $480 billion in 2023. China is also investing in huge infrastructure projects, and seemingly its only political condition is a preference for a country to recognize China diplomatically (not Taiwan). Even here, China is not absolute as with Guatemala, Haiti, and Paraguay, which still recognize Taiwan. China still has direct investments in those holdouts, though relatively more modest than with regional countries that fully embrace its one-China policy.

    Peru, currently a close US ally, has a new, Chinese-funded megaport at Chancay, opened in November by President Xi Jinping himself. Even right-wing Argentinian president Milei said of China, “They do not demand anything [in return].”

    What does the US offer instead? While Antony Blinken proudly displayed old railcars that were gifted to Peru, the reality is that most US “aid” to Latin America is either aimed at “promoting democracy” (i.e. Washington’s political agenda) or is conditional or exploitative in other ways.

    The BBC cites “seasoned observers” who believe that Washington is paying the price for “years of indifference” towards the region’s needs. Where the US sees a loss of strategic influence to China and to a lesser extent to Russia, Iran, and others, Latin American countries see opportunities for development and economic progress.

    Remember the Monroe Doctrine

    Those calling for a more “benign” policy are forgetting that, in the two centuries since President James Monroe announced the “doctrine,” later given his name, US policy towards Latin America has been aggressively self-interested.

    Its troops have intervened thousands of times in the region and have occupied its countries on numerous occasions. Just since World War II, there have been around 50 significant interventions or coup attempts, beginning with Guatemala in 1954. The US has 76 military bases across the region, while other major powers like China and Russia have none.

    The doctrine is very much alive. In Foreign Affairs, Brian Winter warns: “Many Republicans perceive these linkages [with China], and the growing Chinese presence in Latin America more broadly, as unacceptable violations of the Monroe Doctrine, the 201-year-old edict that the Western Hemisphere should be free of interference from outside powers.”

    Bosworth adds that Trump wants Latin America to decisively choose a side in the US vs China scrimmage, not merely underplay the role of China in the hemisphere. Any country courting Trump, he suggests, “needs to show some anti-China vibes.”

    Will Freeman is with the Council on Foreign Relations, whose major sponsors are also Pentagon contractors. He thinks that a new Monroe Doctrine and what he calls Trump’s “hardball” diplomacy may partially work, but only with northern Latin America countries, which are more dependent on US trade and other links.

    Trump has two imperatives: while one is stifling China’s influence (e.g. by taking possession of the Panama Canal), another is gaining control of mineral resources (a reason for his wanting to acquire Greenland). The desire for mineral resources is not new, either. General Richardson gave an interview in 2023 to another defense-industry-funded thinktank in which she strongly insinuated that Latin American minerals rightly belong to the US.

    Maintaining hegemonic power against the threat of multipolarity

    Neoconservative Charles Krauthammer, writing 20 years ago for yet another thinktank funded by the  defense industry, openly endorsed the US’s status as the dominant hegemonic power and decried multilateralism, at least when not in US interests. “Multipolarity, yes, when there is no alternative,” he said. “But not when there is. Not when we have the unique imbalance of power that we enjoy today.”

    Norwegian commentator Glen Diesen, writing in 2024, contends that the US is still fighting a battle – although perhaps now a losing one – against multipolarity and to retain its predominant status. Trump’s “America first!” is merely a more blatant expression of sentiments held by his other presidential predecessors for clinging on to Washington’s contested hegemony.

    The irony of Biden’s presidency was that his pursuit of the Ukraine war has led to warmer relations between his two rivals, Russia and China. In this context, the growth of BRICS has been fostered – an explicitly multipolar, non-hegemonic partnership. As Glen Diesen says, “The war intensified the global decoupling from the West.”

    Other steps to maintain US hegemony – its support for Israel’s genocide in Gaza, the regime-change operation in Syria and the breakdown of order in Haiti – suggest that, in Washington’s view, according to Diesen, “chaos is the only alternative to US global dominance.” Time and again, Yankee “beneficence” has meant ruination, not development.

    These have further strengthened desires in the global south for alternatives to US dominance, not least in Latin America. Many of its countries (especially those vulnerable to tightening US sanctions) now want to follow the alternative of BRICS.

    Unsurprisingly, Trump has been highly critical of this perceived erosion of hegemonic power on Biden’s watch. Thomas Fazi argues in UnHerd that this is realism on Trump’s part; he knows the Ukraine war cannot be conclusively won, and that China’s power is difficult to contain. Accordingly, this is leading to a “recalibrating of US priorities toward a more manageable ‘continental’ strategy — a new Monroe Doctrine — aimed at reasserting full hegemony over what it deems to be its natural sphere of influence, the Americas and the northern Atlantic,” stretching from Greenland and the Arctic to Tierra del Fuego and Antarctica.

    The pundits may not agree on quite what Trump’s approach towards Latin America will be, but they concur with Winter’s judgment that the region “is about to become a priority for US foreign policy.” His appointment of Marco Rubio is a signal of this. The new secretary of state is a hawk, just like Blinken, but one with a dangerous focus on Latin America.

    However, the mere fact that such pundits hark back to the Monroe Doctrine indicates that this is only, so to speak, old wine in new bottles. Even in the recent past, an aggressive application of the 201-year-old Monroe Doctrine has never seen a hiatus.

    Recall US-backed coups that deposed Honduran President Manuel Zelaya (2009) and Bolivian Evo Morales (2019), plus the failed coup against Daniel Ortega in Nicaragua (2018), along with the parliamentary coup that ousted Paraguayan Fernando Lugo (2012). To these, US-backed regime change by “lawfare” included Dilma Rousseff in Brazil (2016) and Pedro Castillo in Peru (2023). Currently presidential elections have simply been suspended in Haiti and Peru with US backing.

    Even if Trump is more blatant than his predecessors in making clear that his policymaking is based entirely on what he perceives to be US interests, rather than those of Latin Americans, this is not new.

    As commentator Caitlin Johnstone points out, the main difference between Trump and his predecessors is that he “makes the US empire much more transparent and unhidden.” From the other end of the political spectrum, a former John McCain adviser echoes the same assessment: “there will likely be far more continuity between the two administrations than meets the eye.”

    Regardless, Latin America will continue to struggle to set its own destiny, patchily and with setbacks, and this will likely draw it away from the hegemon, whatever the US does.

    Nicaragua-based John Perry is with the Nicaragua Solidarity Coalition and writes for the London Review of Books, FAIR, and CovertAction.

    Roger D. Harris is with the Task Force on the Americas, the US Peace Council, and the Venezuela Solidarity Network

    Featured image courtesy of Cornell University/Wikimedia Commons

    First published by Popular Resistance: https://popularresistance.org/whether-biden-or-trump-us-latin-american-policy-will-still-be-contemptible/

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Canada: Rare vintage wheels roll into Alberta museums | Des voitures de collection rares arrivent dans les musées de l’Alberta

    The 1914 Waterous Steam Fire Pumper at the Remington Carriage Museum

    The Remington Carriage Museum in Cardston is now home to a 1914 Waterous Steam Fire Pumper, which was donated by a local Calgary collector. Almost no others of its kind have remained intact. Adding to its rarity, the engine remains in fully functional condition.

    The firefighting machine was built more than a century ago and spent some of its early years in Québec. It has since been painstakingly restored and donated to the museum where another smaller one like it is already housed.

    Limo fit for a king

    The 1939 McLaughlin Buick Royal Tour car at Reynolds Museum

    Meanwhile, a new addition to the Reynolds Museum collection in Wetaskiwin is getting a royal welcome – a 1939 McLaughlin Buick Royal Tour car. The custom-made stretch convertible has carried every British monarch in their respective tours of Canada since the late 1930s.

    Donated by Byron Reynolds, the vehicle was one of two built by General Motors in Ontario for use by King George VI and Queen Elizabeth II as they toured Canada in 1939.

    It was used by Prince Charles and Princess Diana for the opening of Expo ’86 in Vancouver and by Queen Elizabeth II for the opening of the Commonwealth Games in Victoria in 1994.

    Major additions to the collection

    Both donations represent a significant addition to the provincial museum collection and carry stories of their use and restoration throughout the 20th century. Furthermore, both vehicles were originally made in Canada, a trait that sets them apart from their U.S. counterparts and adds to their uniqueness.

    “Albertans value the stories of our shared past and the artifacts that help bring those stories to life. As our museum collections grow, so does the depth of our understanding of that past.”

    Tanya Fir, Minister of Arts, Culture and Status of Women

    “It is thrilling for the Reynolds and Remington to be the recipient of such amazing donations. These vehicles are each truly one of a kind and we thank the donors who made these historical treasures available for everyone to enjoy. I invite all Albertans to visit our museums to learn more about these, and many other, unique Alberta stories.”

    Noel Ratch, Director, Reynolds Museum

    Alberta’s government proudly owns and operates 20 museums and heritage sites as well as the Provincial Archives. Last year, Alberta’s government dedicated more than $52 million to the heritage sector to ensure Alberta’s rich history continues to be protected, promoted and celebrated.

    Quick facts

    • The 1939 McLaughlin Buick was one of two built in Canada.
    • Built on a Buick limousine chassis, it includes a four-door convertible body, custom wood-grain dash and interior veneered moldings, tall canvas convertible top to accommodate ceremonial headgear, an electrically operated divider window, a dictograph with dash and signal light so riders in back and front can communicate, the Royal Crest, Shield and Standard, and a sterling silver vanity kit with co-ordinated umbrellas.
    • The Waterous Steam Fire Pumper was built around 1913 in Brantford, Ontario, and was bought second-hand by the Township of Pointe-aux-Trembles, Québec in 1917.
    • It was purchased by a Calgary collector in 1997 and was restored by a Michigan restorer. At that time, it was found to still be in working condition with no leaks. It includes 90 per cent original material with most of the restoration being cosmetic. Paint detailing was done based on uncovered paint layers found during the restoration process and archival photos of the engine during its use in Québec.
    • The Waterous Steam Fire Pumper is currently on display at the Remington Carriage Museum.
    • The Royal Tour car can be viewed at the Reynolds Museum as part of the behind-the-scenes tour program each summer.
    • The Reynolds Museum and the Remington Carriage Museum are open Tuesday through Sunday.

    Related information

    • Remington Carriage Museum
    • Reynolds Museum

    Les amateurs de véhicules historiques seront comblés, car deux musées de l’Alberta ont dévoilé leurs plus récents dons : une voiture de pompiers à vapeur tirée par des chevaux et une voiture franchement royale

    L’autopompe à vapeur Waterous de 1914 au Remington Carriage Museum

    Le musée Remington Carriage Museum de Cardston vient de s’enrichir d’une autopompe à vapeur Waterous de 1914, offerte par un collectionneur local de Calgary. Il existe très peu de véhicules du genre en parfait état. Pour ajouter à sa rareté, le moteur fonctionne toujours de façon impeccable.

    Construit il y a plus d’un siècle, l’engin de lutte contre les incendies a passé une partie de ses premières années au Québec. Elle a depuis été minutieusement restaurée et offerte au musée, qui en abrite déjà une autre, plus petite.

    Une limousine digne d’un roi

    La McLaughlin Buick Royal Tour de 1939 au musée Reynolds

    Ailleurs dans la province, un nouvel ajout à la collection du musée Reynolds Museum de Wetaskiwin a reçu un accueil royal ? une voiture McLaughlin Buick Royal Tour de 1939. Ce cabriolet extensible fait sur mesure a transporté tous les monarques britanniques lors de leurs tournées au Canada depuis la fin des années 1930.

    Offert par Byron Reynolds, ce véhicule est l’un des deux construits par la General Motors en Ontario à l’intention du roi George VI et de la reine Elizabeth II lors de leur tournée au Canada en 1939.

    La voiture a également été utilisée par le prince Charles et la princesse Diana lors de l’ouverture de l’Expo 86 à Vancouver et de nouveau par la reine Elizabeth II à l’ouverture des Jeux du Commonwealth tenus à Victoria en 1994.

    Des ajouts importants à la collection de la province

    Les deux dons représentent un ajout important à la collection muséale de la province. Les véhicules racontent l’histoire de leur utilisation et de leur restauration tout au long du 20e siècle. En outre, les deux véhicules ont été fabriqués au Canada, ce qui les distingue de leurs homologues américains et ajoute à leur caractère exceptionnel.

    « Les Albertaines et les Albertains apprécient les récits de leur passé commun et les artefacts qui contribuent à donner vie à ces récits. Au fur et à mesure que nos collections muséales s’enrichissent, notre compréhension de ce passé s’approfondit. »

    Tanya Fir, ministre des Arts, de la Culture et de la Condition féminine

    « Les musées Reynolds et Remington sont ravis d’avoir reçu des dons aussi extraordinaires. Ces véhicules sont véritablement uniques en leur genre et nous remercions leurs donateurs, qui ont mis ces trésors historiques à la disposition de tous. J’invite toute la population à visiter nos musées pour en apprendre davantage sur ces véhicules et sur une foule d’autres récits uniques de l’Alberta. »

    Noel Ratch, directeur, musée Reynolds

    Le gouvernement de l’Alberta est fier de posséder et de gérer 20 musées et sites patrimoniaux, ainsi que les archives de la province. L’année dernière, le gouvernement de l’Alberta a consacré plus de 52 millions de dollars au secteur du patrimoine pour s’assurer que la riche histoire de l’Alberta continue d’être protégée, promue et célébrée.

    En bref

    • La Buick McLaughlin de 1939 est l’une de deux voitures du genre construites au Canada.
    • Bâtie sur un châssis de limousine Buick, elle comprend une carrosserie décapotable à quatre portes, un tableau de bord et des moulures intérieures en placage de bois, un haut toit décapotable en toile pour accueillir les coiffures de cérémonie, une fenêtre de séparation à commande électrique, un dictographe doté d’un tableau de bord et d’une lampe de signalisation pour que les passagers à l’arrière et à l’avant puissent communiquer, le cimier, l’écu et l’étendard royaux, ainsi qu’un ensemble de vanité en argent sterling accompagné de parapluies coordonnés.
    • L’autopompe à vapeur Waterous a été construite vers 1913 à Brantford, en Ontario, et a été achetée d’occasion par le Canton de Pointe-aux-Trembles, au Québec, en 1917.
    • Elle a été rachetée par un collectionneur de Calgary en 1997 et a été restaurée par un expert du Michigan. C’est à ce moment-là qu’on a constaté qu’elle était toujours en état de marche et qu’elle ne présentait aucune fuite. Le véhicule est composé à 90 % de matériaux d’origine, la majeure partie de la restauration ayant été d’ordre cosmétique. Les détails de la peinture ont été réalisés à partir des couches de peinture découvertes au cours du processus de restauration et de photos d’archives qui dataient de l’époque à laquelle il a été utilisé au Québec.
    • L’autopompe à vapeur Waterous est actuellement exposée au musée Remington Carriage Museum.
    • La voiture royale peut être vue au musée Reynolds dans le cadre de son programme de visite en coulisse chaque été.
    • Les musées Reynolds Museum et Remington Carriage Museum sont ouverts du mardi au dimanche.

    Renseignements connexes (en anglais seulement)

    • Remington Carriage Museum
    • Reynolds Museum

    MIL OSI Canada News –

  • MIL-OSI New Zealand: Police acknowledge IPCA findings on use of force

    Source: New Zealand Police (National News)

    Police acknowledge the findings of the Independent Police Conduct Authority over the use of force against a group of youths.

    On 26 September 2022, a fleeing driver event concluded on Murphys Road in Flat Bush.

    The stolen vehicle had earlier been detected in the Manukau area.

    The Authority were notified after footage of Police staff’s conduct emerged on social media.

    Counties Manukau District Commander Superintendent Shanan Gray says a thorough investigation was carried out into the incident.

    “One of the constables, Officer A, admitted to using excessive force to arrest one of the young people,” he says.

    “The constable was charged with common assault, pleaded guilty in court and was subsequently discharged without conviction.”

    The IPCA agreed with Police action taken around Officer A.

    Another constable, Officer B, was not charged after his actions on the day were assessed.

    The IPCA found Officer B’s actions in lifting and dragging one youth from the car to a safer location were reasonable in the circumstances.

    However, it found Officer B went on to use excessive force against the young person.

    Police acknowledge this finding.

    Superintendent Gray says: “Any situation immediately after fleeing driver incidents are very dynamic and can pose risk to all concerned.

    “Our staff make decisions every day about acting with urgency towards a situation while also keeping the safety of all top of mind.”

    An employment investigation was carried out into the matter, the outcomes of which are confidential given Police has privacy obligations to employees.

    Superintendent Gray says both constables remain members of Police.

    ENDS.

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI: Capital Southwest Announces Financial Results for Third Fiscal Quarter Ended December 31, 2024 and Announces Increase in Total Dividends to $0.64 per share for the Quarter Ending March 31, 2025

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Feb. 03, 2025 (GLOBE NEWSWIRE) — Capital Southwest Corporation (“Capital Southwest,” “CSWC” or the “Company”) (Nasdaq: CSWC), an internally managed business development company focused on providing flexible financing solutions to support the acquisition and growth of middle market businesses, today announced its financial results for the third fiscal quarter ended December 31, 2024.

    Third Quarter Fiscal Year 2025 Financial Highlights

    • Total Investment Portfolio: $1.7 billion
      • Credit Portfolio of $1.5 billion:
        • 98% 1st Lien Senior Secured Debt
        • $313.4 million in new committed credit investments during the quarter
        • Weighted Average Yield on Debt Investments: 12.1%
        • Current non-accruals with a fair value of $45.8 million, representing 2.7% of the total investment portfolio
      • Equity Portfolio of $158.8 million
        • $4.1 million in new equity co-investments during the quarter
    • Pre-Tax Net Investment Income: $30.7 million, or $0.64 per weighted average share outstanding
    • Estimated Undistributed Taxable Income (“UTI”): $0.68 per share as of December 31, 2024
    • LTM Operating Leverage: 1.6% for the quarter ended December 31, 2024
    • Dividends: Paid $0.58 per share Regular Dividend and $0.05 per share Supplemental Dividend
      • 115% LTM Pre-Tax NII Regular Dividend Coverage
      • Total Dividends for the quarter ended December 31, 2024 of $0.63 per share
    • Net Realized and Unrealized Depreciation: $13.7 million, or 0.8% of total investments at fair value
      • $12.3 million of net appreciation related to the equity portfolio
      • $26.0 million of net depreciation related to the credit portfolio
    • Balance Sheet:
      • Cash and Cash Equivalents: $36.0 million
      • Total Net Assets: $830.4 million
      • Net Asset Value (“NAV”) per Share: $16.59

    In commenting on the Company’s results, Bowen Diehl, President and Chief Executive Officer, stated, “The December quarter was an active quarter for Capital Southwest, with approximately $318 million of new committed originations. Our portfolio continued to generate significant income for our shareholders, producing $0.64 of pre-tax net investment income per share for the quarter, which outearned both our $0.58 per share regular dividend and our $0.05 per share supplemental dividend paid for the quarter. In consideration of the continued performance of our portfolio, the Board of Directors has again declared a regular dividend of $0.58 per share for the quarter ending March 31, 2025. Our Board of Directors also has declared an increase in our supplemental dividend to $0.06 per share for the quarter ending March 31, 2025, resulting in total dividends for the quarter of $0.64 per share. While future dividend declarations are at the discretion of our Board of Directors, it is our intent to continue to distribute quarterly supplemental dividends for the foreseeable future. We continued to efficiently raise equity capital during the quarter, raising over $53 million on our Equity ATM Program. In addition, during the quarter, we successfully raised $230 million of 5.125% unsecured convertible notes due 2029, which further diversified our balance sheet liability structure. Finally, we received a ‘green light’ letter from the U.S. Small Business Administration to file an application to obtain a license to operate a second SBIC subsidiary. If approved, a second SBIC license will provide Capital Southwest with access to up to an additional $175 million in cost effective debt capital.”

    Third Quarter Fiscal Year Investment Activities

    Originations

    During the quarter ended December 31, 2024, the Company originated $317.5 million in new commitments, consisting of investments in nine new portfolio companies totaling $175.2 million and add-on commitments in 20 portfolio companies totaling $142.3 million. New portfolio company investment transactions that closed during the quarter ended December 31, 2024 are summarized as follows:

    Undisclosed Portfolio Company, $32.0 million 1stLien Senior Secured Debt, $5.0 million Revolving Loan, $0.5 million Equity

    Musiker Discovery Programs, Inc., $23.0 million 1stLien Senior Secured Debt, $7.5 million Delayed Draw Term Loan, $5.0 million Revolving Loan: The company provides pre-college, enrichment, and gifted summer programs to students in grades 1-12.

    Superior Health Parent LLC, $17.5 million 1stLien Senior Secured Debt, $10.0 million Delayed Draw Term Loan, $3.0 million Revolving Loan: The company is a provider of home health and hospice services across eight agencies in Louisiana.

    Mid-Florida Endodontics Management Company, LLC, $16.1 million 1stLien Senior Secured Debt, $10.0 million Delayed Draw Term Loan, $3.0 million Revolving Loan: The company provides endodontic services, primarily focused on root canals and related examinations and retreatments.

    Undisclosed Portfolio Company, $8.0 million 1stLien Senior Secured Debt, $2.0 million Revolving Loan, $1.0 million Equity

    Red Dog Operations Holding Company LLC, $7.5 million 1stLien Senior Secured Debt, $2.0 million Revolving Loan, $1.0 million Preferred Equity: The company is a family-owned provider of boarding, daycare, grooming, and other ancillary pet services across six facilities in the Cincinnati and Boston areas.

    Cumbria Capital MSO, LLC, $5.4 million 1stLien Senior Secured Debt, $2.0 million Delayed Draw Term Loan, $1.5 million Revolving Loan: The company is a medical practice offering treatment for a variety of gastrointestinal and liver disorders.

    Undisclosed Portfolio Company, $6.7 million 1stLien Senior Secured Debt

    Undisclosed Portfolio Company, $4.0 million 1stLien Senior Secured Debt, $1.0 million Revolving Loan, $0.5 million Equity

    Prepayments and Exits

    During the quarter ended December 31, 2024, the Company received full prepayments on two debt investments totaling $26.7 million.

    Versicare Management LLC: Proceeds of $23.7 million, generating an IRR of 17.1%.

    Research Now Group, LLC: Proceeds of $2.9 million, generating an IRR of (9.6)%.

    Third Fiscal Quarter 2025 Operating Results

    For the quarter ended December 31, 2024, Capital Southwest reported total investment income of $52.0 million, compared to $48.7 million in the prior quarter. The increase in investment income was primarily attributable to an increase in prepayment and other fees received during the quarter.

    For the quarter ended December 31, 2024, total operating expenses (excluding interest expense) were $6.6 million, compared to $6.1 million in the prior quarter. The increase was primarily attributable to an increase in accrued bonus compensation in the current quarter and an increase in general and administrative expenses primarily due to the write off of deferred offering costs related to our previous shelf registration statement during the current quarter.

    For the quarter ended December 31, 2024, interest expense was $14.7 million, compared to $12.6 million in the prior quarter. The increase was primarily attributable to an increase in average debt outstanding.

    For the quarter ended December 31, 2024, total pre-tax net investment income was $30.7 million, compared to $30.0 million in the prior quarter.

    For the quarter ended December 31, 2024, there was a tax provision of $0.4 million, compared to a tax benefit of $1.2 million in the prior quarter. The benefit in the prior quarter included a $1.5 million deferred tax benefit, which is primarily attributable to an increase in the tax basis of investments held by our wholly owned subsidiary, Capital Southwest Equity Investments, Inc., due to pass-through income, resulting in a decrease in tax appreciation.

    During the quarter ended December 31, 2024, Capital Southwest recorded total net realized and unrealized losses on investments of $13.7 million, compared to $8.5 million of total net realized and unrealized losses in the prior quarter. For the quarter ended December 31, 2024, the total net realized and unrealized losses on investments reflected net realized and unrealized gains on equity investments of $12.3 million and net realized and unrealized losses on debt investments of $26.0 million. The net increase in net assets resulting from operations was $16.3 million for the quarter, compared to $22.7 million in the prior quarter.

    The Company’s NAV at both December 31, 2024 and September 30, 2024 was $16.59 per share. Increases in NAV per share are attributable to the issuance of common stock at a premium to NAV per share through the Equity ATM Program (as described below), offset by net realized and unrealized losses on investments.

    Liquidity and Capital Resources

    At December 31, 2024, Capital Southwest had approximately $36.0 million in unrestricted cash and money market balances and $376.2 million of unused capacity under the Corporate Credit Facility (as defined below) and the SPV Credit Facility (as defined below). The regulatory debt to equity ratio at the end of the quarter was 0.90 to 1.

    As of December 31, 2024, Capital Southwest had the following borrowings outstanding:

    • $190.0 million of total debt outstanding on the Corporate Credit Facility
    • $118.0 million of total debt outstanding on the SPV Credit Facility
    • $148.7 million, net of unamortized debt issuance costs, of the 3.375% Notes due October 2026
    • $70.1 million, net of unamortized debt issuance costs, of the 7.75% Notes due August 2028
    • $222.7 million, net of amortized debt issuance costs, of the 5.125% convertible notes due November 2029
    • $170.7 million, net of unamortized debt issuance costs, of SBA Debentures (as defined below)

    In August 2016, CSWC entered into a senior secured credit facility (the “Corporate Credit Facility”) to provide additional liquidity to support its investment and operational activities. Borrowings under the Corporate Credit Facility accrue interest on a per annum basis at a rate equal to the applicable SOFR rate plus 2.15%. On August 2, 2023, CSWC entered into the Third Amended and Restated Senior Secured Revolving Credit Agreement (the “Credit Agreement”) that (1) increased commitments under the Corporate Credit Facility from $400 million to $435 million; (2) added an uncommitted accordion feature that could increase the maximum commitments up to $750 million; (3) extended the end of the Corporate Credit Facility’s revolving period from August 9, 2025 to August 2, 2027 and extended the final maturity from August 9, 2026 to August 2, 2028; and (4) amended several financial covenants. On December 7, 2023, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $435 million to $460 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to ten participants. On September 12, 2024, the Company entered into an Incremental Commitment and Assumption Agreement that increased the total commitments under the accordion feature of the Credit Agreement by $25 million, which increased total commitments from $460 million to $485 million. The $25 million increase was provided by one new lender, bringing the total bank syndicate to 11 participants.

    Capital Southwest SPV LLC (“SPV”) is a wholly owned special purpose vehicle that was formed to hold investments for the SPV Credit Facility (as defined below) to support our investment and operating activities. On March 20, 2024, SPV entered into a special purpose vehicle financing credit facility (the “SPV Credit Facility”). The SPV Credit Facility included an initial commitment of $150 million. Pursuant to the terms of the loan agreement, on June 20, 2024, total commitments automatically increased from $150 million to $200 million. The SPV Credit Facility also includes an accordion feature that allows increases up to $400 million of total commitments from new and existing lenders on the same terms and conditions as the existing commitments. Borrowings under the SPV Credit Facility bear interest at three-month Term SOFR plus 2.50% per annum during the revolving period ending on March 20, 2027 and three-month Term SOFR plus an applicable margin of 2.85% thereafter. SPV (i) paid unused commitment fees of 0.10% through April 20, 2024 and (ii) pays unused commitment fees of 0.35% thereafter, on the unused lender commitments under the SPV Credit Facility, in addition to other customary fees. Under the SPV Credit Facility, SPV also pays a utilization fee based on the amount of borrowings utilized. The SPV Credit Facility matures on March 20, 2029.

    On November 4, 2024, the Company issued $230.0 million in aggregate principal amount of 5.125% convertible notes due 2029 (the “2029 Convertible Notes”), including the underwriters’ full exercise of their option to purchase an additional $30.0 million in aggregate principal amount to cover over-allotments. The 2029 Convertible Notes bear interest at a rate of 5.125% per year, payable quarterly on February 15, May 15, August 15 and November 15 of each year, beginning on February 15, 2025. The 2029 Convertible Notes will mature on November 15, 2029, unless earlier converted, redeemed or repurchased. The conversion rate was initially 40.0000 shares of common stock per $1,000 principal amount of 2029 Convertible Notes (equivalent to an initial conversion price of $25.00 per share of common stock), subject to adjustment in some events.

    On December 9, 2024, the Company redeemed $140.0 million in aggregate principal amount of the issued and outstanding 4.50% notes due 2026 (the “January 2026 Notes”) in full. The January 2026 Notes were redeemed at 100% of their principal amount, plus the accrued and unpaid interest thereon, through, but excluding the redemption date. Accordingly, the Company recognized a realized loss on extinguishment of debt, equal to the write-off of the related unamortized debt issuance costs, of $0.4 million during the quarter ended December 31, 2024. There was no “make-whole” premium required to be paid in connection with the redemption.

    The Company has an “at-the-market” offering (the “Equity ATM Program”), pursuant to which the Company may offer and sell, from time to time through sales agents, shares of its common stock. On May 21, 2024, the Company increased the maximum amount of shares of its common stock to be sold through the Equity ATM Program from $650 million to $1 billion. During the quarter ended December 31, 2024, the Company sold 2,364,147 shares of its common stock under the Equity ATM Program at a weighted-average price of $22.68 per share, raising $53.6 million of gross proceeds. Net proceeds were $52.9 million after commissions to the sales agents on shares sold. As of December 31, 2024, the Company has $358.6 million available under the Equity ATM Program.

    On April 20, 2021, our wholly owned subsidiary, Capital Southwest SBIC I, LP (“SBIC I”), received a license from the Small Business Administration (the “SBA”) to operate as a Small Business Investment Company (“SBIC”) under Section 301(c) of the Small Business Investment Act of 1958, as amended. The SBIC license allows SBIC I to obtain leverage by issuing SBA-guaranteed debentures (“SBA Debentures”), subject to the issuance of a leverage commitment by the SBA. SBA debentures are loans issued to an SBIC that have interest payable semi-annually and a ten-year maturity. The interest rate is fixed shortly after issuance at a market-driven spread over U.S. Treasury Notes with ten-year maturities. As of December 31, 2024, SBIC I had a total leverage commitment from the SBA in the amount of $175.0 million, all of which was drawn.

    Share Repurchase Program

    On July 28, 2021, the Company’s board of directors (the “Board”) approved a share repurchase program authorizing the Company to repurchase up to $20 million of its outstanding shares of common stock in the open market at certain thresholds below its NAV per share, in accordance with guidelines specified in Rules 10b5-1(c)(1)(i)(B) and 10b-18 under the Securities Exchange Act of 1934, as amended. On August 31, 2021, the Company entered into a share repurchase agreement, which became effective immediately, and the Company will cease purchasing its common stock under the share repurchase program upon the earlier of, among other things: (1) the date on which the aggregate purchase price for all shares equals $20 million including, without limitation, all applicable fees, costs and expenses; or (2) upon written notice by the Company to the broker that the share repurchase agreement is terminated. During the quarter ended December 31, 2024, the Company did not repurchase any shares of the Company’s common stock under the share repurchase program.

    Regular Dividend of $0.58 Per Share and Supplemental Dividend of $0.06 Per Share for Quarter Ended March 31, 2025

    On January 29, 2025, the Board declared a total dividend of $0.64 per share for the quarter ending March 31, 2025, comprised of a Regular Dividend of $0.58 per share and a Supplemental Dividend of $0.06 per share.

    The Company’s dividend will be payable as follows:

    Regular Dividend
       
    Amount Per Share: $0.58
    Ex-Dividend Date: March 14, 2025
    Record Date: March 14, 2025
    Payment Date: March 31, 2025
       
    Supplemental Dividend
       
    Amount Per Share: $0.06
    Ex-Dividend Date: March 14, 2025
    Record Date: March 14, 2025
    Payment Date: March 31, 2025
       

    When declaring dividends, the Board reviews estimates of taxable income available for distribution, which may differ from net investment income under generally accepted accounting principles. The final determination of taxable income for each year, as well as the tax attributes for dividends in such year, will be made after the close of the tax year.

    Capital Southwest maintains a dividend reinvestment plan (“DRIP”) that provides for the reinvestment of dividends on behalf of its registered stockholders who hold their shares with Capital Southwest’s transfer agent and registrar, American Stock Transfer and Trust Company.  Under the DRIP, if the Company declares a dividend, registered stockholders who have opted into the DRIP by the dividend record date will have their dividend automatically reinvested into additional shares of Capital Southwest common stock. 

    Third Quarter 2025 Earnings Results Conference Call and Webcast

    Capital Southwest has scheduled a conference call on Tuesday, February 4, 2025, at 11:00 a.m. Eastern Time to discuss the third quarter 2025 financial results. You may access the call by using the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com, or by using http://edge.media-server.com/mmc/p/viedrjap.

    An audio archive of the conference call will also be available on the Investor Relations section of Capital Southwest’s website.

    For a more detailed discussion of the financial and other information included in this press release, please refer to the Capital Southwest’s Form 10-Q for the period ended December 31, 2024 to be filed with the Securities and Exchange Commission (the “SEC”) and Capital Southwest’s Third Fiscal Quarter 2025 Earnings Presentation to be posted on the Investor Relations section of Capital Southwest’s website at www.capitalsouthwest.com.

    About Capital Southwest

    Capital Southwest Corporation (Nasdaq: CSWC) is a Dallas, Texas-based, internally managed business development company with approximately $1.7 billion in investments at fair value as of December 31, 2024. Capital Southwest is a middle market lending firm focused on supporting the acquisition and growth of middle market businesses with $5 million to $50 million investments across the capital structure, including first lien, second lien and non-control equity co-investments. As a public company with a permanent capital base, Capital Southwest has the flexibility to be creative in its financing solutions and to invest to support the growth of its portfolio companies over long periods of time.

    Forward-Looking Statements
    This press release contains historical information and forward-looking statements with respect to the business and investments of Capital Southwest, including, but not limited to, the statements about Capital Southwest’s future performance and financial performance and financial condition, Capital Southwest’s ability to continue to grow its balance sheet, the timing, form and amount of any distributions or supplemental dividends in the future, and Capital Southwest’s receipt of a second SBIC license. Receipt of a green light letter provides no assurance that the SBA will ultimately issue an SBIC license, and Capital Southwest has received no assurance or indication from the SBA as such, or of a timeframe in which it would receive its second SBIC license, should one be granted. Forward-looking statements are statements that are not historical statements and can often be identified by words such as “will,” “believe,” “expect” and similar expressions and variations or negatives of these words. These statements are based on management’s current expectations, assumptions and beliefs. They are not guarantees of future results and are subject to numerous risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statement. These risks include risks related to: changes in the markets in which Capital Southwest invests; changes in the financial, capital, and lending markets; changes in the interest rate environment and its impact on our business and our portfolio companies; regulatory changes; tax treatment; our ability to operate SBIC I as a small business investment company; an economic downturn and its impact on the ability of our portfolio companies to operate and the investment opportunities available to us; the impact of supply chain constraints and labor shortages on our portfolio companies; and the elevated levels of inflation and its impact on our portfolio companies and the industries in which we invests.

    Readers should not place undue reliance on any forward-looking statements and are encouraged to review Capital Southwest’s Annual Report on Form 10-K for the year ended March 31, 2024 and any subsequent filings with the SEC, including the “Risk Factors” sections therein, for a more complete discussion of the risks and other factors that could affect any forward-looking statements. Except as required by the federal securities laws, Capital Southwest does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changing circumstances or any other reason after the date of this press release.

    Investor Relations Contact:

    Michael S. Sarner, Chief Financial Officer
    214-884-3829

     
    CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF ASSETS AND LIABILITIES
    (In thousands, except shares and per share data)
           
      December 31,   March 31,
        2024       2024  
      (Unaudited)    
    Assets      
    Investments at fair value:      
    Non-control/Non-affiliate investments (Cost: $1,481,051 and $1,276,690, respectively) $ 1,471,215     $ 1,286,355  
    Affiliate investments (Cost: $223,612 and $200,013, respectively)   221,044       190,206  
    Control investments (Cost: $8,619 and $0, respectively)   9,027       —  
    Total investments (Cost: $1,713,282 and $1,476,703, respectively)   1,701,286       1,476,561  
    Cash and cash equivalents   36,013       32,273  
    Receivables:      
    Dividends and interest   28,237       22,928  
    Escrow   —       16  
    Other   4,056       7,276  
    Income tax receivable   668       336  
    Debt issuance costs (net of accumulated amortization of $9,685 and $7,741, respectively)   9,938       10,928  
    Other assets   8,867       6,440  
    Total assets $ 1,789,065     $ 1,556,758  
           
    Liabilities      
    SBA Debentures (net of $4,279 and $4,305, respectively, of unamortized debt issuance costs) $ 170,721     $ 148,695  
    January 2026 Notes (net of $0 and $612, respectively, of unamortized debt issuance costs)   —       139,388  
    October 2026 Notes (net of $1,346 and $1,923, respectively, of unamortized debt issuance costs)   148,654       148,077  
    August 2028 Notes (net of $1,800 and $2,182, respectively, of unamortized debt issuance costs)   70,075       69,693  
    2029 Convertible Notes (net of $7,256 and $0, respectively, of unamortized debt issuance costs)   222,744       —  
    Credit Facilities   308,000       265,000  
    Other liabilities   20,993       17,381  
    Accrued restoration plan liability   556       570  
    Income tax payable   1,251       281  
    Deferred tax liability   15,629       11,997  
    Total liabilities   958,623       801,082  
           
    Commitments and contingencies (Note 11)      
           
    Net Assets      
    Common stock, $0.25 par value: authorized, 75,000,000 shares at December 31, 2024 and March 31, 2024; issued, 50,051,332 shares at December 31, 2024 and 45,050,759 shares at March 31, 2024   12,513       11,263  
    Additional paid-in capital   903,513       796,945  
    Total distributable (loss) earnings   (85,584 )     (52,532 )
    Total net assets   830,442       755,676  
    Total liabilities and net assets $ 1,789,065     $ 1,556,758  
    Net asset value per share (50,051,332 shares outstanding at December 31, 2024 and 45,050,759 shares outstanding at March 31, 2024) $ 16.59     $ 16.77  
                   
                   
     
    CAPITAL SOUTHWEST CORPORATION AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
    (In thousands, except shares and per share data)
                   
      Three Months Ended   Nine Months Ended
      December 31,   December 31,
        2024       2023       2024       2023  
    Investment income:              
    Interest income:              
    Non-control/Non-affiliate investments $ 37,789     $ 33,627     $ 114,346     $ 97,924  
    Affiliate investments   4,767       4,214       14,253       12,691  
    Control investments   333       —       975       —  
    Payment-in-kind interest income:              
    Non-control/Non-affiliate investments   2,717       3,452       7,025       5,329  
    Affiliate investments   529       621       1,670       1,926  
    Dividend income:              
    Non-control/Non-affiliate investments   586       2,447       3,525       3,233  
    Affiliate investments   —       96       51       187  
    Control investments   —       2,129       —       6,439  
    Fee income:              
    Non-control/Non-affiliate investments   3,671       1,655       6,589       2,949  
    Affiliate investments   525       115       1,443       632  
    Control investments   8       17       75       62  
    Other income   1,048       193       2,081       332  
    Total investment income   51,973       48,566       152,033       131,704  
    Operating expenses:              
    Compensation   2,388       3,919       7,844       8,762  
    Share-based compensation   1,544       1,188       4,306       3,387  
    Interest   14,717       11,473       39,751       31,635  
    Professional fees   998       919       3,450       2,863  
    General and administrative   1,643       1,301       4,699       3,877  
    Total operating expenses   21,290       18,800       60,050       50,524  
    Income before taxes   30,683       29,766       91,983       81,180  
    Federal income, excise and other taxes   474       392       1,016       841  
    Deferred taxes   (107 )     515       627       (270 )
    Total income tax provision   367       907       1,643       571  
    Net investment income $ 30,316     $ 28,859     $ 90,340     $ 80,609  
    Realized (loss) gain              
    Non-control/Non-affiliate investments $ (12,889 )   $ (7,849 )   $ (22,374 )   $ (13,445 )
    Affiliate investments   84       —       251       (6,503 )
    Control investments   —       —       (260 )     —  
    Income tax benefit (provision)   —       7       —       (286 )
    Total net realized (loss) gain on investments, net of tax   (12,805 )     (7,842 )     (22,383 )     (20,234 )
    Net unrealized (depreciation) appreciation on investments              
    Non-control/Non-affiliate investments   (5,229 )     8,569       (19,455 )     4,648  
    Affiliate investments   7,745       (6,829 )     7,193       1,302  
    Control investments   (354 )     778       408       2,944  
    Income tax (provision) benefit   (3,009 )     (51 )     (2,720 )     1,012  
    Total net unrealized (depreciation) appreciation on investments, net of tax   (847 )     2,467       (14,574 )     9,906  
    Net realized and unrealized (losses) gains on investments   (13,652 )     (5,375 )     (36,957 )     (10,328 )
    Realized loss on extinguishment of debt   (387 )     —       (387 )     (361 )
    Realized loss on disposal of fixed assets   (9 )     —       (9 )     —  
    Net increase in net assets from operations $ 16,268     $ 23,484     $ 52,987     $ 69,920  
                   
    Pre-tax net investment income per share – basic $ 0.64     $ 0.72     $ 1.95     $ 2.05  
    Net investment income per share – basic $ 0.63     $ 0.70     $ 1.92     $ 2.04  
    Net increase in net assets from operations – diluted $ 0.34     $ 0.57     $ 1.12     $ 1.77  
    Net increase in net assets from operations – basic $ 0.34     $ 0.57     $ 1.13     $ 1.77  
    Weighted average shares outstanding – basic   48,315,228       41,513,773       47,079,617       39,610,643  
    Weighted average shares outstanding – diluted   54,121,844       41,513,773       49,022,194       39,610,643  

    The MIL Network –

  • MIL-OSI Security: Upper Musquodoboit — RCMP arrests four people in relation to shots fired

    Source: Royal Canadian Mounted Police

    RCMP Halifax Regional Detachment has arrested four people following shots fired in Upper Musquodoboit.

    On February 1, at approximately 7:25 p.m., RCMP Halifax Regional Detachment, assisted by RCMP Southeast Traffic Services, Colchester County District RCMP and the RCMP’s Emergency Response Team (ERT) responded to a report of multiple shots fired near the 8800 block of Hwy. 224.

    At the scene, RCMP officers observed two vehicles leaving the residence where the incident occurred and completed traffic stops. Both drivers, one of whom exhibited signs of impairment, and two passengers were safely arrested.

    ERT then cleared the residence to ensure the safety of area residents and confirm no casualties inside the home. No injuries were reported.

    The information and evidence gathered indicates that multiple firearms were shot outside the residence. It was determined that the shots were not targeted towards people.

    The following day, investigators executed a search warrant at the property. They seized ammunition, empty casings and nine firearms.

    Benjamin Henry Oakley, 29, from Upper Musquodoboit, has been charged with:

    • Refusal to Comply with a Demand

    • Possession of a Weapon for a Dangerous Purpose

    • Unauthorized Possession of a Firearm (nine counts)

    • Contravention of Storage Regulations (nine counts)

    • Possession of a Firearm Knowing its Possession is Unauthorized (nine counts)

    • Discharging a Firearm – Recklessness

    Oakley was remanded into custody and will appear in Dartmouth Provincial Court later today.

    The three other individuals, aged 26, 25 and 39, from Upper and Middle Musquodoboit, were later released on conditions. They will appear in court at a later date to face firearms offences.

    During the dynamic response to the shots fired report, an RCMP officer lost two carbine magazines. They were later recovered, one of which crushed on the roadway; ten 5.56 mm rounds are currently unaccounted for.

    File #: 25-15284

    MIL Security OSI –

  • MIL-OSI Security: Des Moines Man Sentenced to 204 Months in Federal Prison for Drug Charges

    Source: Office of United States Attorneys

    DES MOINES, Iowa – A Des Moines man was sentenced today to 17 years in federal prison for possession with intent to distribute a controlled substance containing fentanyl.

    According to public court documents and evidence presented at trial, in the fall of 2023, Sharmarke Omar Mohamed, 37, was identified as a source of supply of counterfeit fentanyl pills in the Des Moines metro. Police conducted several controlled buys of hundreds of fentanyl pills from him. In early 2024, law enforcement surveilled Mohamed as he traveled to Arizona and quickly returned to Iowa. Law enforcement conducted a traffic stop of Mohamed’s vehicle and found him in possession of approximately 30,000 counterfeit fentanyl pills.

    On September 30, 2024, following a one-day bench trial, a federal judge found Mohamed guilty. At his sentencing, a federal judge found Mohamed obstructed justice by committing perjury at his trial by lying under oath.

    After completing his term of imprisonment, Mohamed will be required to serve a 6-year term of supervised release. There is no parole in the federal system.

    United States Attorney Richard D. Westphal of the Southern District of Iowa made the announcement. This case was investigated by the Des Moines Police Department-Narcotics Division.

    Fentanyl has become the leading cause of drug overdose deaths in the United States. Counterfeit, fentanyl-laced pills often resemble pharmaceutical pills, but contain potentially lethal doses of fentanyl. In 2023, accidental overdose was the number one cause of death in 37 states for residents under 40 years old. https://stateline.org/2023/09/05/death-rates-for-people-under-40-have-skyrocketed-blame-fentanyl/. In Iowa, opioid-related deaths reached a record high 258 in 2021, up 64% compared with 2019, and decreased 8% in 2022. https://hhs.iowa.gov/media/11935/download.

    MIL Security OSI –