Source: United Kingdom – Executive Government & Departments
The government is set to partner with Oxford Nanopore, which uses technology to rapidly diagnose a range of cancers, along with rare and infectious diseases
New partnership with cutting-edge life sciences company Oxford Nanopore will lead to better scientific research and could create tests and treatments for patients, saving lives
Patients suspected of having severe acute respiratory infections will be diagnosed within 6 hours, supporting the establishment of a new diagnostic system
Technology will allow potential outbreaks of bacterial or viral diseases to be monitored alongside antimicrobial resistance, shifting NHS from analogue to digital as part of 10-Year Health Plan
The UK will create the world’s first real-time surveillance system to monitor the threat of future pandemics, prevent disease, and protect the public.
Plans have been announced to form a new partnership between the government, Genomics England, UK Biobank, NHS England, and Oxford Nanopore – a UK-headquartered, world-leading life sciences company.
Oxford Nanopore uses long read sequencing technology to analyse genes and pathogens to rapidly diagnose a range of cancers, along with rare and infectious diseases. The technology can sequence long strands of DNA or RNA in one go, without breaking it up into smaller fragments.
In infectious diseases, Oxford Nanopore’s technology will help to create an early warning system for future pandemics and potential biological threats, both preventing disease and protecting the public.
It will be used in the expansion of NHS England’s Respiratory Metagenomics programme, being led by Guy’s and St Thomas’ NHS Foundation Trust (GSTT). It uses samples from patients with severe respiratory infections and rapid genetic testing to match those patients with the right treatments within 6 hours.
This novel and world-leading application, developed in partnership with the NHS, will allow potential outbreaks of bacterial or viral diseases to be monitored alongside antimicrobial resistance across the country.
Following an initial successful pilot at St Thomas’ Hospital, the technology will now be rolled out from 10 to up to 30 NHS sites to address the current time lag between new pathogens emerging in the UK and action being taken to both treat affected patients and to prevent their spread, which will benefit people everywhere.
Health and Social Care Secretary Wes Streeting said:
If we fail to prepare, we should prepare to fail. Our NHS was already on its knees when the pandemic struck, and it was hit harder than any other comparable healthcare system.
We cannot let history repeat itself. That’s why this historic partnership with Oxford Nanopore will ensure our world-leading scientists have the latest information on emerging threats at their fingertips.
As we embrace the technological revolution, our 10-Year Health Plan will shift the NHS away from analogue to digital, saving countless more lives.
Science and Technology Secretary Peter Kyle said:
During the Covid pandemic, we saw the power of the UK life sciences sector very clearly, from the Oxford-Astra Zeneca vaccine that saved so many lives, through to operating one of the world’s most effective Covid surveillance systems, which spotted several emerging variants of the disease.
This partnership will build on that expertise to monitor emerging diseases as they arise, putting our scientists and decision-makers one-step ahead and providing the information they need to make informed decisions.
Together with the ability to better diagnose cancers and rare diseases, we are leveraging UK life sciences to protect the public and ultimately save lives.
Professor Susan Hopkins, Chief Medical Advisor at UK Health Security Agency, said:
Early detection is absolutely crucial in enabling us to respond effectively to any emerging pathogen. The UK already has a wealth of expertise in genomic surveillance, and this programme will build on that expertise and enable us to bring our resources and capability to tackle developing threats at greater speed. Enhancing the capacity for the NHS to determine new and emerging pathogens causing severe acute respiratory infections will improve the detection and emergence of infections.
As part of the 100 days mission, this will enable the development of effective diagnostics for novel pathogens and enhance our pandemic preparedness.
Oxford Nanopore CEO Gordon Sanghera said:
The UK has a remarkable life science ecosystem, and we are delighted to be working more closely with the UK government and the NHS in this collaboration.
The world-renowned Genomics England and UK Biobank have led the way in scaling genomics discovery and translating these advances into patient impact.
By working alongside our partners on shared goals of improved patient outcomes – whether in cancer, genetic disease or infectious disease – and pandemic preparedness, we believe we can deploy our unique DNA sequencing technology in ways that are most impactful for the people of the UK.
Professor Ian Abbs, chief executive of Guy’s and St Thomas’ NHS Foundation Trust, said:
We’ve been working on the respiratory metagenomics programme for over 4 years and have clearly seen the benefit to our patients. It’s a momentous day now that we can ensure other hospitals, and more patients, can also benefit from faster and more accurate treatment for severe respiratory conditions thanks to new genomic technology.
As part of the expansion to the metagenomics programme, the data gathered using Oxford Nanopore’s technology will be provided to the UK Health and Security Agency, allowing quicker detection and action on emerging infectious diseases to be taken.
The collaboration between the government and Oxford Nanopore – which will also join up Genomics England and UK Biobank with NHS England – is another key vote of confidence in the UK’s life sciences sector, which will help kickstart economic growth and support the 10-Year Health Plan’s ambition to shift the health service from analogue to digital and from sickness to prevention, helping keep patients out of hospital.
Genomics England will work strategically with Oxford Nanopore to further insights from the data they hold, including on cancer and rare diseases, to enable future breakthroughs in identifying genomic mutations that may be treatable and preventing these devastating conditions. UK Biobank will also continue to work with Oxford Nanopore and the government to improve the insights from their data and translate these into impact for NHS patients.
Along with the vast benefits to patients, this work will drive economic growth, supporting the expansion of one of our most promising life sciences companies.
This partnership comes hot on the heels of the Budget, where the government announced investment of £40m over 5 years in a Proof of Concept Fund for spinouts, companies formed based on academic research generated within and owned by a university.
This will build on the excellent example set by Oxford Nanopore, one of the UK’s most successful spinout companies, having been founded at Oxford University in 2005. This fund could help to unleash a raft of innovative new spinouts like Oxford Nanopore, helping to drive job creation and economic growth.
953327 Corporal Dabhi Sanjay Hiffabai Environmental Support Services Assistant was enrolled in the IAF on 28 Dec 11 and is on the posted strength of a Transportable Radar Unit with effect from 03 Oct 23.
On 04 May 24, Corporal Dabhi was detailed as an armed escort for Ashok Leyland Stallion vehicle towards collection of ration for the unit from Indian Army Field Supply Depot located 40 km from the unit Op location. At around, 1759h, while returning from the field supply depot, the vehicle was ambushed by three terrorists near Doba ridge at Shahsitar, 1.5 km short of the unit Op location.
At the time of ambush, he was seated on the extreme left of the rear seat of the cabin as per his earmarked role along with two of his fellow armed escorts. Due to heavy and concentrated small arms fire and grenade attack from two sides, he was hit by bullets in his right hand and got inflicted with multiple splinter injuries on face and upper body. Unmindful of his gunshot wound and profuse bleeding, he maintained his composure, tactically adjusted himself and opened retaliatory fire from left side window from his personal weapon (AK-103) on the terrorists. He was the first responder to the attack and continued firing single shots towards terrorists from different angles. Because of his tactical firing, one of the advancing terrorist had to hide behind a boulder located merely 20 meters from the vehicle. However, Cpl Dabhi understood the motive and kept on firing single shots towards the likely position of the hiding terrorist which helped in halting his advance towards their vehicle and finally forced the terrorists to retreat into the nearby jungle. This courageous act of Corporal Dabhi resulted in saving the precious lives of his team members and other collateral damage to service property.
Despite extreme adversities, he established communication with the unit from his personal mobile and informed about the situation at ambush site resulting in launch of immediate evacuation team with required medical aid.
For an act of exceptional courage and exemplary gallantry beyond call of duty, Corporal Dabhi Sanjay Hiffabai is awarded with ‘Shaurya Chakra’.
Western publics are being subjected to a campaign of psychological warfare, where genocide is classed as ‘self-defence’ and opposition to it ‘terrorism’. Jonathan Cook reports as the world marked the International Day to End Impunity for Crimes against Journalists at the weekend.
ANALYSIS: By Jonathan Cook
Israel knew that, if it could stop foreign correspondents from reporting directly from Gaza, those journalists would end up covering events in ways far more to its liking.
They would hedge every report of a new Israeli atrocity – if they covered them at all – with a “Hamas claims” or “Gaza family members allege”. Everything would be presented in terms of conflicting narratives rather than witnessed facts. Audiences would feel uncertain, hesitant, detached.
Israel could shroud its slaughter in a fog of confusion and disputation. The natural revulsion evoked by a genocide would be tempered and attenuated.
For a year, the networks’ most experienced war reporters have stayed put in their hotels in Israel, watching Gaza from afar. Their human-interest stories, always at the heart of war reporting, have focused on the far more limited suffering of Israelis than the vast catastrophe unfolding for Palestinians.
That is why Western audiences have been forced to relive a single day of horror for Israel, on October 7, 2023, as intensely as they have a year of greater horrors in Gaza — in what the World Court has judged to be a “plausible” genocide by Israel.
That is why the media have immersed their audiences in the agonies of the families of some 250 Israelis — civilians taken hostage and soldiers taken captive — as much as they have the agonies of 2.3 million Palestinians bombed and starved to death week after week, month after month.
That is why audiences have been subjected to gaslighting narratives that frame Gaza’s destruction as a “humanitarian crisis” rather than the canvas on which Israel is erasing all the known rules of war.
Western media’s human-interest stories, always at the heart of war reporting, have focused on the far more limited suffering of Israelis than the vast catastrophe unfolding for Palestinians. Image: www.jonathan-cook.net
While foreign correspondents sit obediently in their hotel rooms, Palestinian journalists have been picked off one by one — in the greatest massacre of journalists in history.
Israel is now repeating that process in Lebanon. On the night of October 24, it struck a residence in south Lebanon where three journalists were staying. All were killed.
In an indication of how deliberate and cynical Israel’s actions are, it put its military’s crosshairs on six Al Jazeera reporters last month, smearing them as “terrorists” working for Hamas and Islamic Jihad. They are reportedly the last surviving Palestinian journalists in northern Gaza, which Israel has sealed off while it carries out the so-called “General’s Plan”.
Israel wants no one reporting its final push to ethnically cleanse northern Gaza by starving out the 400,000 Palestinians still there and executing anyone who remains as a “terrorist”.
These six join a long list of professionals defamed by Israel in the interests of advancing its genocide — from doctors and aid workers to UN peacekeepers.
Sympathy for Israel Perhaps the nadir of Israel’s domestication of foreign journalists was reached last month in a report by CNN. Back in February whistleblowing staff there revealed that the network’s executives have been actively obscuring Israeli atrocities to portray Israel in a more sympathetic light.
In a story whose framing should have been unthinkable — but sadly was all too predictable — CNN reported on the psychological trauma some Israeli soldiers are suffering from time spent in Gaza, in some cases leading to suicide.
Committing a genocide can be bad for your mental health, it seems. Or as CNN explained, its interviews “provide a window into the psychological burden that the war is casting on Israeli society”.
In its lengthy piece, titled “He got out of Gaza, but Gaza did not get out of him”, the atrocities the soldiers admit committing are little more than the backdrop as CNN finds yet another angle on Israeli suffering. Israeli soldiers are the real victims — even as they perpetrate a genocide on the Palestinian people.
One bulldozer driver, Guy Zaken, told CNN he could not sleep and had become vegetarian because of the “very, very difficult things” he had seen and had to do in Gaza.
What things? Zaken had earlier told a hearing of the Israeli Parliament that his unit’s job was to drive over many hundreds of Palestinians, some of them alive.
CNN reported: “Zaken says he can no longer eat meat, as it reminds him of the gruesome scenes he witnessed from his bulldozer in Gaza.”
Doubtless some Nazi concentration camp guards committed suicide in the 1940s after witnessing the horrors there — because they were responsible for them. Only in some weird parallel news universe, would their “psychological burden” be the story.
After a huge online backlash, CNN amended an editor’s note at the start of the article that originally read: “This story includes details about suicide that some readers may find upsetting.”
Readers, it was assumed, would find the suicide of Israeli soldiers upsetting, but apparently not the revelation that those soldiers were routinely driving over Palestinians so that, as Zaken explained, “everything squirts out”.
Banned from Gaza Finally, a year into Israel’s genocidal war, now rapidly spreading into Lebanon, some voices are being raised very belatedly to demand the entry of foreign journalists into Gaza.
This week — in a move presumably designed, as November’s elections loom, to ingratiate themselves with voters angry at the party’s complicity in genocide — dozens of Democratic members of the US Congress wrote to President Joe Biden asking him to pressure Israel to give journalists “unimpeded access” to the enclave.
Don’t hold your breath.
Western media have done very little themselves to protest their exclusion from Gaza over the past year — for a number of reasons.
Given the utterly indiscriminate nature of Israel’s bombardment, major outlets have not wanted their journalists getting hit by a 2000lb bomb for being in the wrong place.
That may in part be out of concern for their welfare. But there are likely to be more cynical concerns.
Having foreign journalists in Gaza blown up or executed by snipers would drag media organisations into direct confrontation with Israel and its well-oiled lobby machine.
The response would be entirely predictable, insinuating that the journalists died because they were colluding with “the terrorists” or that they were being used as “human shields” — the excuse Israel has rolled out time and again to justify its targeting of doctors in Gaza and UN peacekeepers in Lebanon.
But there’s a bigger problem. The establishment media have not wanted to be in a position where their journalists are so close to the “action” that they are in danger of providing a clearer picture of Israel’s war crimes and its genocide.
The media’s current distance from the crime scene offers them plausible deniability as they both-sides every Israeli atrocity.
In previous conflicts, western reporters have served as witnesses, assisting in the prosecution of foreign leaders for war crimes. That happened in the wars that attended the break-up of Yugoslavia, and will doubtless happen once again if Russian President Valdimir Putin is ever delivered to The Hague.
But those journalistic testimonies were harnessed to put the West’s enemies behind bars, not its closest ally.
The media do not want their reporters to become chief witnesses for the prosecution in the future trials of Israeli Prime Minister Benjamin Netanyahu and his Defence Minister, Yoav Gallant, at the International Criminal Court. The ICC’s Prosecutor, Karim Khan, is seeking arrest warrants for them both.
After all, any such testimony from journalists would not stop at Israel’s door. They would implicate Western capitals too, and put establishment media organisations on a collision course with their own governments.
The Western media does not see its job as holding power to account when the West is the one committing the crimes.
Censoring Palestinians Journalist whistleblowers have gradually been coming forward to explain how establishment news organisations — including the BBC and the supposedly liberal Guardian — are sidelining Palestinian voices and minimising the genocide.
An investigation by Novara Media recently revealed mounting unhappiness in parts of The Guardian newsroom at its double standards on Israel and Palestine.
Its editors recently censored a commentary by preeminent Palestinian author Susan Abulhawa after she insisted on being allowed to refer to the slaughter in Gaza as “the holocaust of our times”.
Senior Guardian columnists such as Jonathan Freedland made much during Jeremy Corbyn’s tenure as leader of the Labour party that Jews, and Jews alone, had the right to define and name their own oppression.
That right, however, does not appear to extend to Palestinians.
As staff who spoke to Novara noted, The Guardian’s Sunday sister paper, The Observer, had no problem opening its pages to British Jewish writer Howard Jacobson to smear as a “blood libel” any reporting of the provable fact that Israel has killed many, many thousands of Palestinian children in Gaza.
One veteran journalist there said: “Is The Guardian more worried about the reaction to what is said about Israel than Palestine? Absolutely.”
Another staff member admitted it would be inconceivable for the paper to be seen censoring a Jewish writer. But censoring a Palestinian one is fine, it seems.
Other journalists report being under “suffocating control” from senior editors, and say this pressure exists “only if you’re publishing something critical of Israel”.
According to staff there, the word “genocide” is all but banned in the paper except in coverage of the International Court of Justice, whose judges ruled nine months ago that a “plausible” case had been made that Israel was committing genocide. Things have got far worse since.
Whistleblowing journalists Similarly, “Sara”, a whistleblower who recently resigned from the BBC newsroom and spoke of her experiences to Al Jazeera’s Listening Post, said Palestinians and their supporters were routinely kept off air or subjected to humiliating and insensitive lines of questioning.
Some producers have reportedly grown increasingly reluctant to bring on air vulnerable Palestinians, some of whom have lost family members in Gaza, because of concerns about the effect on their mental health from the aggressive interrogations they were being subjected to from anchors.
According to Sara, BBC vetting of potential guests overwhelmingly targets Palestinians, as well as those sympathetic to their cause and human rights organisations. Background checks are rarely done of Israelis or Jewish guests.
She added that a search showing that a guest had used the word “Zionism” — Israel’s state ideology — in a social media post could be enough to get them disqualified from a programme.
Even officials from one of the biggest rights group in the world, the New York-based Human Rights Watch, became persona non grata at the BBC for their criticisms of Israel, even though the corporation had previously relied on their reports in covering Ukraine and other global conflicts.
Israeli guests, by contrast, “were given free rein to say whatever they wanted with very little pushback”, including lies about Hamas burning or beheading babies and committing mass rape.
An email cited by Al Jazeera from more than 20 BBC journalists sent last February to Tim Davie, the BBC’s director-general, warned that the corporation’s coverage risked “aiding and abetting genocide through story suppression”.
Upside-down values These biases have been only too evident in the BBC’s coverage, first of Gaza and now, as media interest wanes in the genocide, of Lebanon.
Headlines — the mood music of journalism, and the only part of a story many of the audience read — have been uniformly dire.
For example, Netanyahu’s threats of a Gaza-style genocide against the Lebanese people last month if they did not overthrow their leaders were soft-soaped by the BBC headline: “Netanyahu’s appeal to Lebanese people falls on deaf ears in Beirut.”
Reasonable readers would have wrongly inferred both that Netanyahu was trying to do the Lebanese people a favour (by preparing to murder them), and that they were being ungrateful in not taking up his offer.
It has been the same story everywhere in the establishment media. In another extraordinary, revealing moment, Kay Burley of Sky News announced last month the deaths of four Israeli soldiers from a Hezbollah drone strike on a military base inside Israel.
With a solemnity usually reserved for the passing of a member of the British royal family, she slowly named the four soldiers, with a photo of each shown on screen. She stressed twice that all four were only 19 years old.
Sky News seemed not to understand that these were not British soldiers, and that there was no reason for a British audience to be especially disturbed by their deaths. Soldiers are killed in wars all the time — it is an occupational hazard.
And further, if Israel considered them old enough to fight in Gaza and Lebanon, then they were old enough to die too without their age being treated as particularly noteworthy.
But more significantly still, Israel’s Golani Brigade to which these soldiers belonged has been centrally involved in the slaughter of Palestinians over the past year. Its troops have been responsible for many of the tens of thousands of children killed and maimed in Gaza.
Each of the four soldiers was far, far less deserving of Burley’s sympathy and concern than the thousands of children who have been slaughtered at the hands of their brigade. Those children are almost never named and their pictures are rarely shown, not least because their injuries are usually too horrifying to be seen.
It was yet more evidence of the upside-down world the establishment media has been trying to normalise for its audiences.
It is why statistics from the United States, where the coverage of Gaza and Lebanon may be even more unhinged, show faith in the media is at rock bottom. Fewer than one in three respondents — 31 percent — said they still had a “great deal or fair amount of trust in mass media”.
Crushing dissent Israel is the one dictating the coverage of its genocide. First by murdering the Palestinian journalists reporting it on the ground, and then by making sure house-trained foreign correspondents stay well clear of the slaughter, out of harm’s way in Tel Aviv and Jerusalem.
And as ever, Israel has been able to rely on the complicity of its Western patrons in crushing dissent at home.
Last week, a British investigative journalist, Asa Winstanley, an outspoken critic of Israel and its lobbyists in the UK, had his home in London raided at dawn by counter-terrorism police.
Though the police have not arrested or charged him — at least not yet — they snatched his electronic devices. He was warned that he is being investigated for “encouragement of terrorism” in his social media posts.
Police told Middle East Eye that his devices had been seized as part of an investigation into suspected terrorism offences of “support for a proscribed organisation” and “dissemination of terrorist documents”.
The police can act only because of Britain’s draconian, anti-speech Terrorism Act.
Section 12, for example, makes the expression of an opinion that could be interpreted as sympathetic to armed Palestinian resistance to Israel’s illegal occupation — a right enshrined in international law but sweepingly dismissed as “terrorism” in the West — itself a terrorism offence.
Those journalists who haven’t been house-trained in the establishment media, as well as solidarity activists, must now chart a treacherous path across intentionally ill-defined legal terrain when talking about Israel’s genocide in Gaza.
Winstanley is not the first journalist to be accused of falling foul of the Terrorism Act. In recent weeks, Richard Medhurst, a freelance journalist, was arrested at Heathrow airport on his return from a trip abroad. Another journalist-activist, Sarah Wilkinson, was briefly arrested after her home was ransacked by police.
Their electronic devices were seized too.
Meanwhile, Richard Barnard, co-founder of Palestine Action, which seeks to disrupt the UK’s supply of weapons to Israel’s genocide, has been charged over speeches he has made against the genocide.
It now appears that all these actions are part of a specific police campaign targeting journalists and Palestinian solidarity activists: “Operation Incessantness”.
The message this clumsy title is presumably supposed to convey is that the British state is coming after anyone who speaks out too loudly against the British government’s continuing arming and complicity in Israel’s genocide.
Notably, the establishment media have failed to cover this latest assault on journalism and the role of a free press — supposedly the very things they are there to protect.
The raid on Winstanley’s home and the arrests are intended to intimidate others, including independent journalists, into silence for fear of the consequences of speaking up.
This has nothing to do with terrorism. Rather, it is terrorism by the British state.
Once again the world is being turned upside down.
Echoes from history The West is waging a campaign of psychological warfare on its populations: it is gaslighting and disorientating them, classing genocide as “self-defence” and opposition to it a form of “terrorism”.
This is an expansion of the persecution suffered by Julian Assange, the Wikileaks founder who spent years locked up in London’s Belmarsh high-security prison.
His unprecedented journalism — revealing the darkest secrets of Western states — was redefined as espionage. His “offence” was revealing that Britain and the US had committed systematic war crimes in Iraq and Afghanistan.
Now, on the back of that precedent, the British state is coming after journalists simply for embarrassing it.
Late last month I attended a meeting in Bristol against the genocide in Gaza at which the main speaker was physically absent after the British state failed to issue him an entry visa.
The missing guest — he had to join us by zoom — was Mandla Mandela, the grandson of Nelson Mandela, who was locked up for decades as a terrorist before becoming the first leader of post-apartheid South Africa and a feted, international statesman.
Mandla Mandela was until recently a member of the South African Parliament.
A Home Office spokesperson told Middle East Eye that the UK only issued visas “to those who we want to welcome to our country”.
Media reports suggest Britain was determined to exclude Mandela because, like his grandfather, he views the Palestinian struggle against Israeli apartheid as intimately linked to the earlier struggle against South Africa’s apartheid.
The echoes from history are apparently entirely lost on officials: the UK is once again associating the Mandela family with terrorism. Before it was to protect South Africa’s apartheid regime. Now it is to protect Israel’s even worse apartheid and genocidal regime.
The world is indeed turned on its head. And the West’s supposedly “free media” is playing a critical role in trying to make our upside-down world seem normal.
That can only be achieved by failing to report the Gaza genocide as a genocide. Instead, Western journalists are serving as little more than stenographers. Their job: to take dictation from Israel.
Jonathan Cook is an award-winning British journalist. He was based in Nazareth, Israel, for 20 years and returned to the UK in 2021. He is the author of three books on the Israel-Palestine conflict, including Disappearing Palestine: Israel’s Experiments in Human Despair (2008). In 2011, Cook was awarded the Martha Gellhorn Special Prize for Journalism for his work on Palestine and Israel. This article was first published in Middle East Eye and is republished with the author’s permission.
Atos Sustainable Workplace research finds device lifespan can double while still delighting users
Research unveils data-driven, condition-based device refresh approach, supported by remanufacturing, can achieve an 8-10 year lifespan versus a standard 3-5 year device lifespan on a fixed refresh cycle without compromising user experience
Research also demonstrates employees’ engagement: 75% are happy to keep their device for longer if they understand the environmental benefits of doing so
Paris, France – November 4, 2024 – Atos today releases its research on digital workplace sustainability, providing valuable insights to help organizations enhance their IT decision-making and corporate social responsibility (CSR) strategies. The report, “Increasing digital workplace sustainability: Data-driven strategy to accelerate progress together,” highlights high levels of waste endemic across the IT industry and also identifies a series of actions all can take to turn this around.
Since 79% of a laptop’s carbon footprint is produced during manufacturing, with each new device creating roughly 338kg CO2eq of carbon before use, life cycle extension can have a huge impact. The report initially points out that device lifecycles can be extended without compromising user satisfaction. For instance, by doing nothing but adjusting the standard refresh cycle from three to four years, enterprises can gain a 25% reduction in related emissions without downgrading device performance or user experience. Further, data-driven, condition-based device refresh combined with remanufacturing can achieve an 8-10 year lifespan.
Atos research reveals that 76% of large organizations’ laptopscan be remanufactured. The remaining 24% of devices could be refurbished or recycled to contribute to the circular economy.
Atos’ study showcases the key role employees could play in IT sustainability. 75% of employees indicated they would be willing to keep their devices longer if they were aware of the environmental benefits. Nonetheless, 16% of devices are left running continuously without being turned off, emphasizing the need for better employee awareness on energy-saving practices. Additionally, carbon intensity can fluctuate up to 2.3 times during the day, indicating that informing users about the best times to use the electrical grid and switching to battery power could improve energy efficiency.
Data indicate that 57% of the ICT sector’s carbon emissions originate from devices and workplace environments. Atos, as a global leader in digital workplace, was able to analyze 28.5 million devices used by medium to large organizations, with the help of its partners Nexthink, Tier1 and Circular Computing, to offer crucial recommendations for boosting IT sustainability.
Leon Gilbert, Senior Vice President Digital Workplace, Atos said: “We wanted to leverage the vast quantities of data available to Atos and our partners to challenge convention and pinpoint new opportunities for enterprises and their IT service providers. Some findings surprised even our experts. We can now see how the financial, environmental and social value of every device can be increased while still delighting users”.
David Welling, IT Sustainability Governance Lead, National Grid said: “Within our own organization, we are looking at using the data from this study to drive strategic changes in behavior. Today, very few of us would consider using our laptops to impact the demand variability of the grid. Yet nobody would think twice about charging their electric vehicle overnight when demand is lower and energy is greener. If we can connect that kind of demand flexibility with ICT, we have a real opportunity to fundamentally change the greenhouse gas emissions of entire energy systems for entire countries”.
In summary, Atos research highlights that implementing sustainable management, processes and practices in the workplace doesn’t have to be lengthy or costly. Conversely, organizations may experience swift benefits from the insights provided in the study. Additionally, Atos asserts that “what we can measure, we can change” – which underlines the importance of comprehensive and real-time data to progress toward environmental objectives.
Atos teams provide end-to-end employee experience solutions through digital collaboration and productivity tools, as well as intelligent customer care services. Atos’ sustainable digital workplace suite includes more than 20 “Tech for Good” services and solutions, encompassing social value and accessibility criteria as well as data analytics and user interfaces. In March 2024, Gartner positioned Atos as a Leader in its 2024 Magic Quadrant for Outsourced Digital Workplace Services (ODWS) for the eighth consecutive year.
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About Tech Foundations
Tech Foundations is the Atos Group business line leading in managed services, focusing on hybrid cloud infrastructure, employee experience and technology services, through decarbonized, automated and AI-enabled solutions. Its 41,000 employees advance what matters to the world’s businesses, institutions and communities. It is present in 69 countries, with an annual revenue of c. € 5 billion.
About Atos
Atos is a global leader in digital transformation with c. 82,000 employees and annual revenue of c. € 10 billion. European number one in cybersecurity, cloud and high-performance computing, the Group provides tailored end-to-end solutions for all industries in 69 countries. A pioneer in decarbonization services and products, Atos is committed to a secure and decarbonized digital for its clients. Atos is a SE (Societas Europaea) and listed on Euronext Paris.
The purpose of Atos is to help design the future of the information space. Its expertise and services support the development of knowledge, education and research in a multicultural approach and contribute to the development of scientific and technological excellence. Across the world, the Group enables its customers and employees, and members of societies at large to live, work and develop sustainably, in a safe and secure information space.
Terranet presents its updated product development plan for BlincVision, an advanced driver assistance system, with clear goals set for 2025. Customer projects have been initiated, and the goal for the first half of the year is to develop an MVP (Minimum Viable Product) to pave the way for volume agreements and meet market demand.
BlincVision sets a new standard for anti-collision solutions by combining patented event camera technology with AI-trained software. The system uses minimal data processing, making the technology faster than any other solution on the market. It enables real-time decision-making and raises the bar for safety in the automotive industry.
BlincVision’s functionality has been demonstrated through a prototype, which has been crucial in bringing the product closer to potential customers, such as automakers or their major suppliers. The next step is to work together with these stakeholders to adapt and integrate the product into the vehicle’s existing safety systems, enhancing safety and improving the driving experience.
Terranet is following its product development plan and communicates the progress frequently. After many years of research and development, a prototype of BlincVision was showcased at the beginning of 2024, first in a lab environment and later outdoors on a moving vehicle. In the fall of 2024, the system was also tested on an accredited test track, where BlincVision performed a full autonomous braking.
BlincVision is an anti-collision solution designed to improve or replace other safety systems in a more cost-effective way, increasing safety and saving more lives. With stricter safety requirements in the automotive industry, systems like BlincVision will be crucial for both driver-operated and autonomous vehicles in the future.
Terranet is now in a product development phase where all employees are focused on optimizing the prototype with valuable feedback from vehicle manufacturers and major suppliers. This work will lead to an MVP (a first version of the product that can be tested on the market), a product that can be widely offered to vehicle manufacturers and suppliers. Once the MVP is fully integrated into a vehicle, work towards volume production can begin.
Key milestones in BlincVision’s product development for 2025 are as follows:
Q1: Proof of Concept results with a partner via MobilityXlab and initiate the next customer project.
Q2: Further development of the existing prototype into an MVP (Minimum Viable Product)
Q3-4: Verification of the MVP in customer vehicle and adjustments based on market demands. A partnership agreement is signed, initiating dialogue on volume production.
”We are in an incredibly exciting phase in Terranet’s history as we now integrate BlincVision into vehicles from car manufacturers and their suppliers to strengthen safety systems. Autonomous vehicles represent a significant market and are a crucial part of the vision of zero traffic deaths,” says Magnus Andersson, CEO of Terranet, on behalf of Terranet Management. For more information, please contact: Magnus Andersson, VD E-mail: magnus.andersson@terranet.se
About Terranet AB (publ) Terranet’s goal is to save lives in urban traffic. The company develops innovative technical solutions for Advanced Driver Assistance Systems (ADAS) and Autonomous Vehicles (AV). Terranet’s anti-collision system BlincVision laser scans and detects road objects up to ten times faster than any other ADAS technology available today.
The company is headquartered in Lund, with offices in Gothenburg and Stuttgart. Since 2017, Terranet has been listed on Nasdaq First North Premier Growth Market (Nasdaq: TERRNT-B). Follow our journey at: www.terranet.se
China’s Commerce Minister Wang Wentao has called on France, as a key European Union (EU) member, to play an active role in pushing the European Commission to show sincerity and meet the Chinese side halfway to secure a solution concerning the EU’s anti-subsidy probe into Chinese electric vehicles (EVs).
Wang made the remarks during a meeting with French Minister Delegate for Foreign Trade and French Nationals Abroad, attached to the Minister for Europe and Foreign Affairs, Sophie Primas, in Shanghai on Sunday, according to the Ministry of Commerce. Wang and Primas met ahead of the seventh China International Import Expo (CIIE), which starts this week.
The EU’s anti-subsidy probe into China-made EVs has severely hindered cooperation between EU and Chinese auto industries, currently a critical concern for industries on both sides, Wang said, noting that technical teams from China and the EU are presently engaged in a second round of consultations.
Wang reiterated China’s commitment to addressing China-EU trade friction through dialogue and consultation — based on respect for facts and compliance with WTO rules.
Wang said that unlike the EU’s anti-subsidy probe initiated without industry applications, China’s trade remedy investigations targeting certain EU goods, such as brandy, pork and dairy products, were launched at the request of domestic industries in full compliance with WTO rules and Chinese laws and regulations.
He stressed that China would continue to handle these investigations in accordance with laws and regulations, safeguard the legal rights of enterprises from EU member states, including France, and base its rulings on evidence and facts.
China is ready to work with the European Commission to seek a proper solution in this respect, Wang added.
Noting that this year marks the 60th anniversary of the establishment of China-France diplomatic relations, with France featuring as a guest country of honor at the CIIE again, Wang said that over 100 French companies are set to participate in the expo this year — the highest number among EU countries, highlighting French companies’ strong interest in the Chinese market.
Primas affirmed France’s firm commitment to deepening economic and trade relations with China and expressed her pleasure at France’s role as a guest country of honor at the expo again this year.
With agricultural and food products being vital elements of France’s trade with China, she conveyed France’s significant concern over China’s investigations aimed at EU products, including brandy.
France does not wish to see further escalation of current EU-China trade tensions and hopes both sides will resolve trade disputes through consultation, Primas said.
Source: People’s Republic of China – Ministry of National Defense
The Chinese PLA support base in Djibouti carries out a three-day joint training of “Cooperation-2024.10. FAD” with the Djiboutian army from October 26th to 28th, 2024. The training, themed on “joint anti-terrorism military operation”, consisted of land phase and sea phase, and involved more than 300 soldiers, five boats, and 40 armored vehicles, artilleries, logistic vehicles. Both sides’ participants conducted such training subjects as fire strike, armed escort, and counter-piracy. (eng.chinamil.com.cn/Photo by Sun Ye, Mi Peng, Han Liang, Meng Xinde, Wu Shihong, Zhou Weiyue, Zhu Ruifeng)
Source: People’s Republic of China – Ministry of National Defense
By Shao Bo
BEIJING, Nov. 4 — The Chinese PLA Support Base in Djibouti carried out a three-day joint training “Cooperation-2024.10. FAD” with the Djiboutian military from October 26th to 28th, 2024.
Themed on “joint anti-terrorism military operations”, the joint training consisted of land phase and sea phase and focused on such subjects as fire strike, armed escort, and counter-piracy.
The joint training involved more than 300 soldiers, five boats, and 40 armored vehicles, artilleries, logistic support vehicles.
Source: United Kingdom – Executive Government & Departments
Pension Insurance Corporation, Muse and Homes England form £54 million joint venture, named HABIKO, a development vehicle to bring forward 3,000 low-carbon, low-energy affordable homes for rent
A significant long-term public-private partnership, focused on affordable housing delivery, has been announced by Pension Insurance Corporation, a major investor in UK housing and infrastructure, nationwide place maker, Muse, and Homes England, the Government’s housing and regeneration agency.
The new public-private partnership, named Habiko, is a joint venture that plans to deliver 3,000 low-carbon, low-energy affordable homes for the rental market, unlocking institutional investment. Habiko will become self-funding over its 12-year lifespan and aims to diversify the supply chain for future efficient housing developments.
Habiko is targeting up to 100% affordable homes for rent for those whose needs are not met by the market, with rents set at 20% below the local market rent. During the 12-year lifespan of the partnership, PIC will have the ability to continue to forward fund the development of the affordable homes and will ultimately own the homes and places they have helped to create through its investment and long-term stewardship approach.
The homes will be built across England in areas of high demand for this type of housing. The developments aim to create social value for these communities, including boosting the local economy through job creation and new skills to drive green innovation. The homes will be in accessible locations, close to employment opportunities and be designed to help residents save money on their energy bills.
Tracy Blackwell, CEO of PIC, said:
Meeting the UK’s affordable housing needs is a challenge that is best met through effective collaboration between Government, developers, and private investors. Habiko is a great example of public-private partnership, which brings forward thousands of low-carbon, low-energy affordable homes.
PIC has invested around £4 billion in social and affordable housing to date, helping provide the secure, long-dated, inflation linked cashflows to back the pensions of its policyholders over coming decades, creating considerable social value.
Phil Mayall, Managing Director at Muse, said:
The Government has set out a bold and ambitious challenge to deliver a significant number of new affordable homes over the next five years. Working together with PIC and Homes England, we can bring together our collective resources and unique experience to deliver thousands of low carbon and low energy homes which, by working alongside our local partners, meet the needs of communities across the country.”
Peter Denton, Chief Executive of Homes England, said:
Attracting institutional investment into the housing sector is critical to build the new homes the country needs.
This partnership supports our partners’ objective to deliver low carbon, low energy, affordable homes, bringing together the technical expertise and capability of Muse with the financial capacity of one of the UK’s largest pension fund insurers, cementing PIC as a significant force in delivering affordable housing.
Notes to Editors
For more information about Habiko please visit www.habiko.uk
About Homes England
Homes England is the government’s housing and regeneration agency. We believe that affordable, quality homes in well-designed places are key to improving people’s lives. We make this happen by using our powers, expertise, land, capital and influence to both – bring investment to communities and get more quality homes built.
The purpose of PIC is to pay the pensions of its current and future policyholders. At half year 2024 PIC had insured 348,600 pension scheme members and had assets of £47.7 billion, accumulated through the provision of tailored pension insurance buyouts and buy-ins to the trustees and sponsors of UK defined benefit pension schemes. PIC has made pension payments of more than £15 billion to its policyholders, with a customer satisfaction rating of 99%, and has invested more than £13 billion in the UK infrastructure and housing, including in urban regeneration projects, social housing, and renewable energy, creating considerable social value. Clients include FTSE 100 companies, multinationals and the public sector. PIC is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (FRN 454345). For further information please visit www.pensioncorporation.com
About Muse – the nationwide placemaker
The nationwide placemaker, Muse, has 40 years of experience creating mixed-use communities across the UK.
Our track record of leading complex, mixed-use regeneration gives us the experience to deliver successful places, with the emphasis on sustainability, community and quality. We’re working with partners across the UK with more than 2000 new homes and over 600,000 sq ft of commercial space under construction over the past 12 months, with a gross development value of £877m.
We combine local insight with the resources and capabilities of a nationwide organisation. Our regional teams are based in Manchester, Leeds, London and Birmingham.
As part of Morgan Sindall Group, we have the financial strength of a leading UK construction and regeneration group with an annual revenue of £2.2bn
Our focus is on strong partnerships in the many places we work across the UK and our national strategic joint ventures, ECF – with Legal & General and Homes England – and Waterside Places with the Canal & River Trust.
KH Group Plc Stock Exchange Release 4 November 2024 at 11:30 am EET
KH Group’s financial information and Annual General Meeting in 2025
KH Group Plc will publish financial reports in 2025 as follows:
– Financial Statement Release for 2024 on Friday, 21 March 2025 – Annual Report for 2024 on week 13 – Business Review for January-March 2025 on Tuesday, 6 May 2025 – Half-Year Report for January-June 2025 on Friday, 15 August 2025 – Business Review for January-September 2025 on Friday, 31 October 2025
All financial reports will be published in Finnish and in English approximately at 8 o’clock.
KH Group adheres to a 30-day silent period prior to publishing of financial reports.
Annual General Meeting
KH Group’s Annual General Meeting is planned to be held on Tuesday, 6 May 2025. The Board of Directors will convene the Annual General meeting with an invitation to be published later.
KH GROUP PLC
Ville Nikulainen CEO
FURTHER INFORMATION: CEO Ville Nikulainen, tel. +358 400 459 343
DISTRIBUTION: Nasdaq Helsinki Ltd Major media www.khgroup.com
KH Group Plc is a Nordic conglomerate operating in business areas of KH-Koneet, Indoor Group and Nordic Rescue Group. We are a leading supplier of construction and earth-moving equipment, furniture and interior decoration retailer as well as rescue vehicle manufacturer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.
The fresh water supply of Tung Chung Town area was gradually resumed from about 10am today, Director of Water Supplies Roger Wong said.
Due to emergency repair works on a fresh water pipe at Cheung Tung Road near Siu Ho Wan Water Treatment Works of Lantau Island, the area’s fresh water supply was affected from 10pm yesterday.
Around 120,000 Tung Chung residents were affected, Mr Wong told a media session.
The department’s preliminary investigation found that the pipe involved was watermain with a diameter of 1,200mm, which supplies potable water to the Tung Chung area.
The department will thorougly investigate the incident and compile a report to the Development Bureau as early as possible.
Mr Wong noted that the failure mode is very rare, as the leakage occurred at the bottom of the pipe.
“Normally it is on the top side or both sides of the pipe because this is the area that is subject to most vibrations from the traffic.”
He also explained why the expected time of water resumption was postponed from 6am to 10am and apologised for any confusion caused.
“Because of the complicatedness of the work and also the large scale resumption of water, we needed to do extra flushing in order to ensure the quality of water to the public. We had to adjust the water resumption time in the morning. We should apologise to the residents of Tung Chung.”
Mr Wong added that seven water trucks and 60 water tanks were dispatched to provide an emergency water supply to the affected users during the incident.
Given the severity of the incident and the extensive area affected, an emergency response mechanism was activated in collaboration with relevant government departments to handle the situation swiftly.
About 80 members from seven District Services & Community Care Teams worked overnight in the affected estates and villages to assist the residents.
The Home Affairs Department has been closely monitoring the situation and dispatched staff to the scene to inspect and co-ordinate.
The Housing Department has also been in close contact with the Water Supplies Department.
Additionally, the relevant property services offices and management offices immediately issued emergency notices to inform the affected residents and distributed bottled water.
Source: United Nations Economic Commission for Europe
The UN Secretary-General’s Special Envoy for Road Safety, Jean Todt, is visiting Bangkok from 30 October to 6 November 2024. During his visit, he will meet with the Prime Minister Paetongtarn Shinawatra, key government officials, representatives of the international community, private, and public sectors to promote road safety initiatives and advocate for enhanced measures, particularly on wearing quality helmets. His visit will be also the occasion to launch the UN-JCDecaux campaign #MakeASafetyStatement in the country. The Special Envoy will also speak at the UNESCAP/Alliance française Road Safety Seminar on 4 November. This aligns with the Global Plan for the Decade of Action for Road Safety 2021-2030, aiming to halve road fatalities by 2030.
The visit of the Special envoy comes one month after the tragic bus road crash which caught fire while travelling on an outbound lane in Khu Khot in the Pathum Thani Province, resulting in 23 deaths of which were mainly school students.
The silent pandemic
Every year, the staggering toll of road-related fatalities claims the lives of 1.19 million people, leaving countless others with severe injuries. This silent pandemic overwhelmingly affects developing nations, where over 90% of the road traffic fatalities occur. Furthermore, road crashes are the leading cause of death for children and young adults aged 5–29 years.
According to theWorld Health Organization, road crashes kill 18,218 people in Thailand each year, representing a road traffic fatality rate of 25/100,000 population, while the rate is in 15.7/100,000 in South-East Asia and 6.5/100,000 in Europe(WHO 2021). Despite the recent efforts of the country, Thailand is still ranked on the top worst countries in term of road fatalities.This is therefore urgent to act for increasing road safety in the country.
“Every life lost to preventable road accidents is a tragedy that reverberates through our communities and our country. This recent tragedy has reminded us of the urgent need for effective and sustained action. Road safety is not merely a matter of law enforcement but a shared societal responsibility. We owe it to our citizens, especially our children, to make our roads safer“, stated the new Prime Minister, H.E. Prime Minister Paetongtarn Shinawatra.
Road crashes have a significant social and economic burden, particularly in Thailand. “In addition to the human tragedy, road crashes trap countries into a vicious circle of poverty, costing till 6% of the GDP. Given their social and economic cost, road crashes are jeopardizing the entire sustainable development agenda. Now is the time for change, and I am looking forward to working with the Government ofThailand to stop the carnage on the roads.” stressed the UNSG’s Special Envoy Todt.
Wearing a safe helmet
If the causes of road crashes are multiple such as the non-reliability of the vehicles and of the road’s infrastructure and design, the lack of post-crashes services, weaknesses in theroad safety management, a dangerous road user’s behavior is still one of the main reasons costing lives on the road. On the mitigation of the risk factors for the road users, wearing a helmet responding to the UN standards is definitively a game changer. Wearing a quality helmet can reduce the risk of injuries by 69%.
Knowing that Thailandhas the highest rate of motorcycle-related deaths in the world, representingmore than 70% of the road traffic fatalities in the country, wearing a safe helmet is an absolute emergency.
#MakeASafetyStatement
During his visit in Thailand, the Special Envoy will launch the UN Global Road Safety Campaign, which aims to raise awareness of life-saving road safety measures. Launched globally in cooperation with JCDecaux Global under the motto #MakeASafetyStatement, it will run through 2025 in over 80 countries in the world.
The campaign seeks to reduce risk factors, especially in urban areas, enabling people to walk, live, and enjoy their environment safely. Sixteen global, and dozens of national, celebrities have joined forces to advocate for simple and effective road safety rules. Key messages include wearing a seat belt, driving safely, wearing a helmet, not texting and driving, not driving under the influence or while tired, and respecting pedestrians.
Participating celebrities in the campaign include Football Legend Mr. Didier Drogba, F1 Driver Mr. Charles Leclerc, Oscar-winning actress and UNDP Goodwill Ambassador Ms. Michelle Yeoh, Tennis Legend Mr. Novak Djokovic, Musician Ms. Kylie Minogue, Motorcycle racer Mr. Marc Marquez, Supermodel Ms. Naomi Campbell, Actor Mr. Patrick Dempsey, Musician and Inspirational leader Mr. Youssou N’Dour, Actress Ms. Julie Gayet, Actor Mr. Michael Fassbender, Football icon Mr. Ousmane Dembélé, Double Olympic Champion Ms. Faith Kipyegon, F1 Driver Mr. Mick Schumacher, Actor Jean Reno and Cyclist Champion Tadej Podacar.
Risk factors that are too often neglected
Only seven countries in the world (France, Greece, Hungary, Italy, Luxembourg, Portugal, Sweden)have laws that comply with WHO best practices for all the risk factors – speeding, drink driving, UN-standard motorbike helmet use, seatbelts and child restraint systems.
Media representatives are cordially invited to cover the launch of the campaign, mission andMemorandum of Agreement on Road Safety Cooperation between the Ministry of Transport and the Ministry of Public Healthat the press conference on 6 November 2024 at 1.30 PM at the Ministry of Transport (Ratcharotsamosorn Assembly Hall) in Bangkok, with:
Mr. Suriya Jungroongruangkit, Deputy Prime Minister and Minister of Transport
Mr. Somsak Thepsutin, Minister of Public Health
Mr. Jean Todt, UN Secretary General’s Special Envoy for road safety,
Ms. Michaela Friberg-Storey, UN Resident Coordinator to Thailand, presents the work of the UN in road safety in Thailand.
Mr. Arnaud de Ruffray, President of JCDecaux Thailand presents the UN-JCDecaux campaign for road safety in Thailand.
Ms. Saisunee Jana, Paralympic gold Medalist
About the Special Envoy
The former United Nations Secretary-General, Ban Ki-moon, appointed in 2015 Jean Todt as his Special Envoy for Road Safety. He was reconfirmed in this role by United Nations Secretary-General António Guterres, in 2017 and in 2021. In 2018, together with 14 UN organizations, the Special Envoy launched the UN Road Safety Fund (UNRSF). The Special Envoy contributes, among other things, to mobilize sustained political commitment to make road safety a priority; to advocate and raise awareness of UN legal instruments on road safety; to share established good practices in this area; to strive to generate adequate funding through strategic partnerships between the public, private and non-governmental sectors. Special Envoy brochure and X account.
This autumn, Westminster Council, in partnership with Veolia, has extended its street cleaning service once again to accommodate the substantial leaf fall from the city’s 19,000 trees.
The peak period of leaf fall typically spans from October 1 to November 30, influenced by strong winds, rainfall, and cooler temperatures.
The council anticipates gathering approximately 1,000 tonnes of leaves, equivalent to around 200,000 bags, this autumn. This quantity is comparable to the weight of six London underground trains, or 80 double decker buses.
Due to the presence of heavy metals resulting from traffic pollution, leaves collected in the city cannot be used for composting. But, to optimise the leaves as a resource, they are used to contribute to generating energy for heating homes.
Approximately 1,000 tonnes of leaves can generate 530,000 kilowatt-hours of electricity, enough to power an estimated five million hours of television or boil 5.3 million kettles.
During this period, the local authority and Veolia are employing 11 additional agency staff and utilizing two extra collection vehicles to bolster the street cleansing endeavour.
Manual street cleansing teams are work closely with the council’s new electric gully trucks to prevent leaves from obstructing drains and potentially causing floods.
Cllr Paul Dimoldenberg, Westminster City Council Cabinet Member for City Management and Air Quality said:
Falling autumn leaves make for a great Instagram picture and look spectacular in our parks, but they can make pavements slippery and pose a flood risk by blocking drains. Our street cleansing teams are working hard to prioritise leaf sweeping to keep our streets free from hazards for residents and visitors.”
Lee Mewett, Senior Contract Manager for Veolia Westminster, added:
As Westminster City Council’s environmental services partner, we’re proud to play a crucial role in this autumn’s leaf clean-up initiative.
Our commitment to ecological transformation drives us to find innovative solutions and I look forward to the deployment of new electric gully trucks this year as part of our ambition to transition all Westminster depots to be fully electric. This sustainable energy solution will reduce noise and increase the efficiency with which we address the challenges posed by the annual leaf fall.”
Priority question for written answer P-002375/2024 to the Commission Rule 144 Charlie Weimers (ECR), Beatrice Timgren (ECR), Dick Erixon (ECR)
A recent judgment[1] by the Court of Justice of the EU (CJEU) has upheld most provisions of the EU Mobility Package, but has annulled the ‘return of vehicle’ requirement, citing insufficient proportionality assessment[2][3]. This provision aimed to mitigate the issue of social dumping and unfair competition by ensuring that vehicles operating in other Member States return periodically to their home country.
Studies indicate that thousands of foreign-registered vehicles operate permanently within Sweden. These operations are continuously ongoing and not of a temporary character at all, thus violating the very definition of cabotage and perpetuating social dumping practices[4].
In light of this development:
1.What action will the Commission take to ensure that social dumping is effectively curbed within the EU transport sector?
2.Will the Commission propose legal changes to strengthen cabotage rules and protect local markets, ensuring fair competition and adherence to social standards?
3.Does the Commission have any opinion on the fact that the CJEU cited insufficient preparatory work as a reason for invalidating the ‘return of vehicle’ rule?
Submitted: 31.10.2024
[1] Judgment of the Court of Justice of 4 October 2024, Republic of Lithuania and Others v Parliament and Council, Joined Cases C-541/20 to C-555/20, ECLI:EU:C:2024:818.
Gran Tierra Announces its Sixth Consecutive Ecuador Oil Discovery from the Charapa-B7 Well and Has Achieved Cumulative Production of Over 1 Million Barrels of Oil in Ecuador
Gran Tierra Achieved$1Millionin Net Income and Generated$60Million in Funds Flow from Operations(2), an Increase of31%from Prior Quarter
ThirdQuarter2024Total Average WI Production of32,764BOPD
Operating Netback of$101Million and Adjusted EBITDA of$93Million(1)(4)
Exited the Quarter with$278Million in Cash
Entered into new credit facility for further liquidity which is currently undrawn
CALGARY, Alberta, Nov. 04, 2024 (GLOBE NEWSWIRE) — Gran Tierra Energy Inc. (“Gran Tierra” or the “Company”) (NYSE American:GTE) (TSX:GTE) (LSE:GTE) announced the Company’s financial and operating results for the quarter ended September 30, 2024 (“the Quarter”). All dollar amounts are in United States dollars, and production amounts are on an average working interest (“WI”) before royalties basis unless otherwise indicated. Per barrel (“bbl”) and bbl per day (“BOPD”) amounts are based on WI sales before royalties. For per bbl amounts based on net after royalty (“NAR”) production, see Gran Tierra’s Quarterly Report on Form 10-Q filed November 4, 2024.
Message to Shareholders
“On October 31, 2024 we were excited to have announced the close of our acquisition of i3 Energy plc (“i3 Energy”). We believe the purchase of i3 Energy uniquely positions Gran Tierra as a premier diversified oil and gas company with assets in Canada, Colombia, and Ecuador. The i3 Energy acquisition has diversified Gran Tierra into Canada and has added 253 net booked drilling locations(1), 77% operated production totaling approximately 18,000 bbls of oil equivalent per day, almost 1.2 million acres (0.6 million acres net) including 53 gross sections in the Montney and 144 gross sections in the Clearwater, two of the most prolific plays in North America. The i3 Energy acquisition has increased Gran Tierra’s PDP reserves(1) by 42 million bbls of oil equivalent (“MMBOE”) or 96%, 1P(1) by 88 MMBOE an increase of 97%, and 2P(1) by 174 MMBOE an increase of 119%. We believe the currently depressed natural gas pricing we see in Western Canada will be alleviated as major Liquified Natural Gas projects including LNG Canada are brought online. In the short term, Gran Tierra will focus on developing the significant oil weighted assets in its Canadian and South American portfolio.
We would like to take this opportunity to welcome our new shareholders in Gran Tierra and look forward to engaging with, and updating them on the Company’s strategy in the coming months. We look forward to the integration of our teams and are confident the combined company will have top tier technical and operational skill sets across a broad portfolio. We are eager to implement industry leading technology currently used in Canada in both our Ecuador and Colombia operations, and are equally looking forward to bringing our reservoir modeling, exploration knowledge and asset management expertise into Canada. Combined we are a much stronger company.
Additionally, having our six consecutive discovery in Ecuador and reaching the milestone of 1 million cumulative bbls of oil produced from our operations in Ecuador is a significant achievement for Gran Tierra, highlighting our strong presence and success in the region. The productivity of the Ecuador wells is a testament to the geology in the Oriente and Putumayo Basins, and underpins a key pillar of growth going forward. We remain excited about the potential of the Arawana-Bocachico play, and the two remaining Zabaleta wells to be drilled by the end of the year that will provide essential insights into the size and scope of this promising opportunity”, commented Gary Guidry, President and Chief Executive Officer of Gran Tierra.
Operational Update:
Acquisition of i3 Energy
On October 31, 2024, Gran Tierra completed its acquisition of i3 Energy. Gran Tierra is integrating the Canadian operations and are forecasting an active Q4 2024, including drilling 19 gross wells (8.4 net), targeting each of its core operating areas in Central AB, Simonette, Clearwater and Wapiti.
The Company drilled 2 gross (2 net) horizontal Dunvegan oil wells at Simonette. These high-impact 2-mile wells are currently being stimulated and are expected to be brought on stream in late November. With success, Gran Tierra can drill 2 additional Dunvegan development wells in 2025.
Clearwater activity commenced in mid-October with the Company’s first operated Clearwater multilateral well at Dawson (100% working interest). The 8-leg multilateral horizontal well (11,870 m of total lateral length) was a follow-up to the Company’s initial 6-leg (7,500 m of total lateral length) discovery at Dawson. The 8-leg well follow-up multilateral was located structurally up-dip of the discovery well and encountered high quality reservoir throughout while drilling. The well will be placed on production imminently as the rig has skidded to and spud the third Clearwater well from the same pad. The Company has been working to secure multiple pad sites at East Dawson to facilitate future expansion of the field, upon further operational success. Following these two wells the rig will move to Walrus and drill 2 prospective Falher sands.
In addition to the operated capital program, Gran Tierra plans to participate in 10 gross (1.67 net) non-operated partner horizontal wells across its land base.
In connection with i3 Energy acquisition closing on October 31, 2024, the Company amended and restated the existing revolving credit facility agreement of i3 Energy Canada Ltd. (“i3 Energy Canada”) with National Bank of Canada dated March 22, 2024. As a result of the amendment and restatement, among other things, the borrowing base was revised to C$100.0 million (US$74.1 million) with available commitment of a C$50.0 million (US$37.0 million) revolving credit facility comprised of C$35.0 million (US$25.9 million) syndicated facility and C$15.0 million (US$11.1 million) of operating facility. Subject to the next borrowing base redetermination which will occur on or before June 30, 2025, the revolving credit facility is available until October 31, 2025 with a repayment date of October 31, 2026, which may be extended by further periods of up to 364 days, subject to lender approval. The facility is undrawn.
Exploration
Gran Tierra has successfully drilled its sixth consecutive oil discovery in Ecuador, the Charapa-B7 well. The wells drilled in Ecuador continue to yield strong results producing over 1 million cumulative bbls of oil to date which highlights the exceptional potential of the Oriente and Putumayo basins.
Well
Zone
Onstream Date
IP30 (BOPD)1
IP90 (BOPD)2
IP30 BS&W3
API
GOR (scf/stb)4
Cumulative Production to Date (Mbbl)5
Charapa-B5
Hollin
11/9/2022
1,092
910
2%
28
160
307
Bocachico-J1
Basal Tena
5/30/2023
1,296
1,146
<1%
20
204
449
Arawana-J1
Basal Tena
5/17/2024
1,182
970
<1%
20
264
131
Bocachico Norte-J1
T-Sand
8/1/2024
833
519
3%
35
361
47
Charapa-B6
Hollin
8/7/2024
1,645
–
21%
28
49
77
Charapa-B7
Basal Tena
8/30/2024
2,043
–
<1%
25
153
112
1. Average initial 30-day production per well. 2. Average initial 90-day production per well. 3. Percentage of basic sediment and water in the initial 30-day production. 4. Gas-oil ratio and standard cubic feet per stock tank barrel. 5. Thousand bbls of oil and based on production up to November 1, 2024.
The drilling rig has been moved from the Charapa Block and mobilized to the Chanangue Block to drill two wells – the Zabaleta-K1 and Zabaleta Oeste-K1 exploration wells. The Zabaleta-K1 well is located four kilometers (“km”) to the east of the Arawana-J1 well drilled earlier this year and is 200 feet up structure. The well spud on October 22 2024, and we have currently drilled to 9,488 feet. Both wells will target the Basal Tena formation as well as assess potential in the T-Sand, U-Sand and B-Limestone.
During the Quarter, the 238 km2 3D seismic program of the Charapa Block was completed, the data has been processed and is currently being interpreted. Preliminary interpretations of the high-quality 3D data confirm potential prospectivity and additional areas of interest identified on seismic, including better definition over the Charapa structure. The 3D data will further delineate reserves, underpin future drilling locations scheduled for 2025 and support future development planning.
Development
The planning, civil works, and facility construction at Cohembi in the Suroriente Block are progressing, paving the way for drilling operations to commence in late Q4 2024.
Acordionero water treatment facilities expansion is expected to be completed mid-December which will result in an addition of 21,500 bbls of water handling per day which represents a 35% increase in water treatment capacity. This will allow for further well optimizations to increase injection and associated oil production. Gran Tierra continues to steadily increased total fluid production and water injection by ~18% per year to continue growing and maintaining oil production while improving sweep efficiencies and recoveries.
Key Highlights of the Quarter:
Production: Gran Tierra’s total average WI production, which is before the i3 acquisition that has an effective date of October 31, 2024, was 32,764 BOPD, which was consistent with the second quarter 2024 (“the Prior Quarter”). During the Quarter the Company had lower volumes in the Acordionero field caused by downtime related to workovers, partially offset by higher production in the Costayaco field in Colombia, and increased production from the Chanangue and Charapa Blocks in Ecuador as a result of a successful exploration drilling campaign.
Net Income: Gran Tierra incurred net income of $1 million, compared to a net income of $36.4 million in the Prior Quarter and a net income of $7 million in the third quarter of 2023.
Adjusted EBITDA(2): Adjusted EBITDA(2) was $93 million compared to $103 million in the Prior Quarter and $119 million in the third quarter of 2023. Twelve month trailing Net Debt(2) to Adjusted EBITDA(2) was 1.3 times and the Company continues to have a long term target of 1.0 times.
Funds Flow from Operations(2): Funds flow from operations(2) was $60 million ($1.96 per share), up 31% from the Prior Quarter and down 24% from the third quarter of 2023.
Cash and Debt: As of September 30, 2024, the Company had a cash balance of $278 million, total debt of $787 million and net debt(2) of $509 million. During the Quarter, the Company issued additional $150 million of 9.50% Senior Notes due October 2029 and received cash proceeds of $140 million. Of the total amount of proceeds received, $100 million has been used for financing the purchase price and transaction costs related to the i3 Energy acquisition with the remainder to be used for general corporate purposes.
Share Buybacks: As a result of the i3 Energy acquisition announced on August 19, 2024, Gran Tierra was required to pause its share buyback program resulting in only 371,130 shares repurchased during the Quarter. From January 1, 2023 to September 30, 2024, the Company repurchased approximately 4.0 million shares, or 12% of shares issued and outstanding at January 1, 2023, from free cash flow(2).
Return on Average Capital Employed(2): The Company achieved return on average capital employed(2) of 17% during the Quarter and 16% over the trailing 12 months.
Additional Key Financial Metrics:
Capital Expenditures: Capital expenditures of $53 million were lower than the $61 million in the Prior Quarter due to only operating one drilling rig during the Quarter compared to two in the Prior Quarter. Capital expenditures were up from $43 million compared to the third quarter of 2023 as a result of a more active exploration program in the Quarter when compared to the third quarter of 2023.
Oil Sales: Gran Tierra generated oil sales of $151 million, down 16% from the third quarter of 2023 as a result of weaker Brent pricing, higher Castilla, Vasconia and Oriente oil differentials and 4% lower sales volumes as a result of lower production. Oil sales decreased 9% from the Prior Quarter primarily due to a 7% decrease in Brent price and higher Castilla, Oriente, and Vasconia oil differentials offset by 1% higher sales volumes.
Quality and Transportation Discounts: The Company’s quality and transportation discounts per bbl were higher during the Quarter at $14.10, compared to $12.79 in the Prior Quarter and $11.83 in the third quarter of 2023. The Castilla oil differential per bbl widened to $8.83 from $8.21 in the Prior Quarter and from $6.64 in the third quarter of 2023 (Castilla is the benchmark for the Company’s Middle Magdalena Valley Basin oil production). The Vasconia differential per bbl widened to $5.07 from $4.00 in the Prior Quarter, and from $3.59 in the third quarter of 2023. Finally, the Ecuadorian benchmark, Oriente, per bbl was $9.15, up from $8.38 in the Prior Quarter, and up from $7.69 one year ago. The current(3) Castilla differential is approximately $8.50 per bbl, the Vasconia differential is approximately $5.00 per bbl and the Oriente differential is approximately $9.20 per bbl.
Operating Expenses: Gran Tierra’s operating expenses decreased by 2% to $46 million, compared to the Prior Quarter primarily due to lower workover costs, offset by higher lifting costs primarily associated with inventory fluctuations in Ecuador. Compared to the third quarter of 2023, operating expenses decreased by 7% from $49 million, primarily due to lower lifting costs associated with power generation, equipment rental and road maintenance, partially offset by higher workover activities. On a per bbl basis, operating expense decreased by 2% when compared to the third quarter of 2023 and decreased by 4% when compared to the Prior Quarter.
Transportation Expenses: The Company’s transportation expenses decreased by 31% to $4 million, compared to the Prior Quarter of $6 million and increased by 2% from the third quarter of 2023. Transportation expenses were higher than the same period in 2023 as a result of increases in trucking tariffs for Acordionero volumes and higher sales volumes transported in Ecuador during the Quarter. Transportation expenses, when compared to the Prior Quarter, were lower due to the utilization of shorter distance delivery points in the Quarter.
Operating Netback(2)(4): The Company’s operating netback(2)(4) was $34.18 per bbl, down 12% from the Prior Quarter and down 16% from the third quarter of 2023 commensurate with the decrease in Brent Price and higher differentials.
General and Administrative (“G&A”) Expenses: G&A expenses before stock-based compensation were $3.20 per bbl, down from $3.77 per bbl in the Prior Quarter due to lower consulting, business development and travel expenses and up from $2.68 per bbl, when compared to the third quarter of 2023.
Cash Netback(2): Cash netback(2) per bbl was $20.34, compared to $15.85 in the Prior Quarter primarily as a result of lower current tax expenses of $5.13 per bbl compared to a current tax expense of $14.54 per bbl in the Prior Quarter as a result of a one time tax adjustment incurred in the Prior Quarter. Compared to one year ago, cash netback(2) per bbl decreased by $5.14 from $25.48 per bbl as a result of lower operating netback primarily due to lower Brent pricing and higher differentials.
Financial and Operational Highlights (all amounts in $000s, except per share and bbl amounts)
Three Months Ended September 30,
Three Months Ended June 30,
Nine Months Ended September 30,
2024
2023
2024
2024
2023
Net Income (Loss)
$1,133
$6,527
$36,371
$37,426
$(13,998)
Per Share – Basic and Diluted(5)
$0.04
$0.20
$1.16
$1.20
$(0.42)
Oil Sales
$151,373
$179,921
$165,609
$474,559
$482,013
Operating Expenses
(46,060)
(49,367)
(47,035)
(141,561)
(139,227)
Transportation Expenses
(3,911)
(3,842)
(5,690)
(14,185)
(10,599)
Operating Netback(2)(4)
$101,402
$126,712
$112,884
$318,813
$332,187
G&A Expenses Before Stock-Based Compensation
$9,491
$8,307
$10,967
$31,240
$29,052
G&A Stock-Based Compensation (Recovery) Expense
(3,145)
1,931
6,160
6,376
3,748
G&A Expenses, Including Stock Based Compensation
$6,346
$10,238
$17,127
$37,616
$32,800
Adjusted EBITDA(2)
$92,794
$119,235
$103,004
$290,590
$306,391
EBITDA(2)
$97,365
$115,382
$101,187
$290,443
$294,391
Net Cash Provided by Operating Activities
$78,654
$70,381
$73,233
$212,714
$157,511
Funds Flow from Operations(2)
$60,338
$79,000
$46,167
$180,812
$192,122
Capital Expenditures
$52,921
$43,080
$61,273
$169,525
$179,707
Free Cash Flow(2)
$7,417
$35,920
$(15,106)
$11,287
$12,415
Average Daily Volumes (BOPD)
WI Production Before Royalties
32,764
33,940
32,776
32,595
33,098
Royalties
(6,776)
(7,164)
(6,774)
(6,650)
(6,592)
Production NAR
25,988
26,776
26,002
25,945
26,506
(Increase) Decrease in Inventory
(524)
(380)
(811)
(367)
(222)
Sales
25,464
26,396
25,191
25,578
26,284
Royalties, % of WI Production Before Royalties
21%
21%
21%
20%
20%
Per bbl
Brent
$78.71
$85.92
$85.03
$81.82
$81.94
Quality and Transportation Discount
(14.10)
(11.83)
(12.79)
(14.11)
(14.76)
Royalties
(13.58)
(16.06)
(15.31)
(13.97)
(13.58)
Average Realized Price
51.03
58.03
56.93
53.74
53.60
Transportation Expenses
(1.32)
(1.24)
(1.96)
(1.61)
(1.18)
Average Realized Price Net of Transportation Expenses
49.71
56.79
54.97
52.13
52.42
Operating Expenses
(15.53)
(15.92)
(16.17)
(16.03)
(15.48)
Operating Netback(2)(4)
34.18
40.87
38.80
36.10
36.94
G&A Expenses Before Stock-Based Compensation
(3.20)
(2.68)
(3.77)
(3.54)
(3.23)
Transaction Costs
(0.49)
—
—
(0.17)
—
Realized Foreign Exchange Gain (Loss)
0.34
(0.64)
0.37
0.07
(1.77)
Interest Expense, Excluding Amortization of Debt Issuance Costs
(5.66)
(3.84)
(5.38)
(5.38)
(3.85)
Interest Income
0.23
0.09
0.35
0.27
0.19
Net Lease Payments
0.07
0.18
0.02
0.07
0.17
Current Income Tax Expense
(5.13)
(8.50)
(14.54)
(6.96)
(7.08)
Cash Netback(2)
$20.34
$25.48
$15.85
$20.46
$21.37
Share Information (000s)
Common Stock Outstanding, End of Period(5)
30,651
33,288
31,022
30,651
33,288
Weighted Average Number of Shares of Common Stock Outstanding – Basic(5)
30,733
33,287
31,282
31,274
33,675
Weighted Average Number of Shares of Common Stock Outstanding – Diluted(5)
30,733
33,350
31,282
31,274
33,675
(1) Based on the i3 Energy GLJ Report report dated July 31, 2024. See “Presentation of Oil and Gas Information”. (2) Funds flow from operations, operating netback, net debt, cash netback, return on average capital employed, earnings before interest, taxes and depletion, depreciation and accretion (“DD&A”) (“EBITDA”) and EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gains or losses, stock-based compensation expense, other gains or losses, transaction costs and financial instruments gains or losses (“Adjusted EBITDA”), cash flow and free cash flow are non-GAAP measures and do not have standardized meanings under generally accepted accounting principles in the United States of America (“GAAP”). Cash flow refers to funds flow from operations. Free cash flow refers to funds flow from operations less capital expenditures. Refer to “Non-GAAP Measures” in this press release for descriptions of these non-GAAP measures and, where applicable, reconciliations to the most directly comparable measures calculated and presented in accordance with GAAP. (3) Gran Tierra’s fourth quarter-to-date 2024 total average differentials are for the period from October 1 to October 31, 2024. (4) Operating netback as presented is defined as oil sales less operating and transportation expenses. See the table titled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation. (5) Reflects our 1-for-10 reverse stock split that became effective May 5, 2023 and not inclusive of shares of common stock issued in connection with the i3 Energy acquisition on October 31, 2024.
Conference Call Information:
Gran Tierra will host its third quarter 2024 results conference call on Monday, November 4, 2024, at 9:00 a.m. Mountain Time, 11:00 a.m. Eastern Time. Interested parties may access the conference call by registering at the following link: https://https://register.vevent.com/register/BIc9cc718f582741cbbf0eb2cfe5a231b1. The call will also be available via webcast at www.grantierra.com.
Corporate Presentation:
Gran Tierra’s Corporate Presentation has been updated and is available on the Company website at www.grantierra.com.
Contact Information
For investor and media inquiries please contact:
Gary Guidry President & Chief Executive Officer
Ryan Ellson Executive Vice President & Chief Financial Officer
+1-403-265-3221
info@grantierra.com
About Gran Tierra Energy Inc. Gran Tierra Energy Inc. together with its subsidiaries is an independent international energy company currently focused on oil and natural gas exploration and production in Canada, Colombia and Ecuador. The Company is currently developing its existing portfolio of assets in Canada, Colombia and Ecuador and will continue to pursue additional new growth opportunities that would further strengthen the Company’s portfolio. The Company’s common stock trades on the NYSE American, the Toronto Stock Exchange and the London Stock Exchange under the ticker symbol GTE. Additional information concerning Gran Tierra is available at www.grantierra.com. Except to the extent expressly stated otherwise, information on the Company’s website or accessible from our website or any other website is not incorporated by reference into and should not be considered part of this press release. Investor inquiries may be directed to info@grantierra.com or (403) 265-3221.
Gran Tierra’s Securities and Exchange Commission (the “SEC”) filings are available on the SEC website at http://www.sec.gov. The Company’s Canadian securities regulatory filings are available on SEDAR+ at http://www.sedarplus.ca and UK regulatory filings are available on the National Storage Mechanism website at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Forward Looking Statements and Legal Advisories: This press release contains opinions, forecasts, projections, and other statements about future events or results that constitute forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and financial outlook and forward looking information within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). All statements other than statements of historical facts included in this press release regarding our business strategy, plans and objectives of our management for future operations, capital spending plans and benefits of the changes in our capital program or expenditures, our liquidity and financial condition, and those statements preceded by, followed by or that otherwise include the words “expect,” “plan,” “can,” “will,” “should,” “guidance,” “forecast,” “budget,” “estimate,” “signal,” “progress” and “believes,” derivations thereof and similar terms identify forward-looking statements. In particular, but without limiting the foregoing, this press release contains forward-looking statements regarding: the Company’s leverage ratio target, the Company’s plans regarding strategic investments, acquisitions, including the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, and growth, the Company’s drilling program and capital expenditures and the Company’s expectations of commodity prices, including future gas pricing in Canada, exploration and production trends and its positioning for 2024. The forward-looking statements contained in this press release reflect several material factors and expectations and assumptions of Gran Tierra including, without limitation, that Gran Tierra will continue to conduct its operations in a manner consistent with its current expectations, pricing and cost estimates (including with respect to commodity pricing and exchange rates), the ability of Gran Tierra to successfully integrate the assets and operations of i3 Energy or realize the anticipated benefits and operating synergies expected from the acquisition of i3 Energy, the general continuance of assumed operational, regulatory and industry conditions in Canada, Colombia and Ecuador, and the ability of Gran Tierra to execute its business and operational plans in the manner currently planned.
Among the important factors that could cause our actual results to differ materially from the forward-looking statements in this press release include, but are not limited to: certain of our operations are located in South America and unexpected problems can arise due to guerilla activity, strikes, local blockades or protests; technical difficulties and operational difficulties may arise which impact the production, transport or sale of our products; other disruptions to local operations; global health events; global and regional changes in the demand, supply, prices, differentials or other market conditions affecting oil and gas, including inflation and changes resulting from a global health crisis, geopolitical events, including the conflicts in Ukraine and the Gaza region, or from the imposition or lifting of crude oil production quotas or other actions that might be imposed by OPEC and other producing countries and the resulting company or third-party actions in response to such changes; changes in commodity prices, including volatility or a prolonged decline in these prices relative to historical or future expected levels; the risk that current global economic and credit conditions may impact oil prices and oil consumption more than we currently predict. which could cause further modification of our strategy and capital spending program; prices and markets for oil and natural gas are unpredictable and volatile; the effect of hedges; the accuracy of productive capacity of any particular field; geographic, political and weather conditions can impact the production, transport or sale of our products; our ability to execute our business plan, which may include acquisitions, and realize expected benefits from current or future initiatives; the risk that unexpected delays and difficulties in developing currently owned properties may occur; the ability to replace reserves and production and develop and manage reserves on an economically viable basis; the accuracy of testing and production results and seismic data, pricing and cost estimates (including with respect to commodity pricing and exchange rates); the risk profile of planned exploration activities; the effects of drilling down-dip; the effects of waterflood and multi-stage fracture stimulation operations; the extent and effect of delivery disruptions, equipment performance and costs; actions by third parties; the timely receipt of regulatory or other required approvals for our operating activities; the failure of exploratory drilling to result in commercial wells; unexpected delays due to the limited availability of drilling equipment and personnel; volatility or declines in the trading price of our common stock or bonds; the risk that we do not receive the anticipated benefits of government programs, including government tax refunds; our ability to access debt or equity capital markets from time to time to raise additional capital, increase liquidity, fund acquisitions or refinance debt; our ability to comply with financial covenants in our indentures and make borrowings under any future credit agreement; and the risk factors detailed from time to time in Gran Tierra’s periodic reports filed with the Securities and Exchange Commission, including, without limitation, under the caption “Risk Factors” in Gran Tierra’s Annual Report on Form 10-K for the year ended December 31, 2023 filed February 20, 2024 and its other filings with the SEC. These filings are available on the SEC website at http://www.sec.gov and on SEDAR+ at www.sedarplus.ca.
The forward-looking statements contained in this press release are based on certain assumptions made by Gran Tierra based on management’s experience and other factors believed to be appropriate. Gran Tierra believes these assumptions to be reasonable at this time, but the forward-looking statements are subject to risk and uncertainties, many of which are beyond Gran Tierra’s control, which may cause actual results to differ materially from those implied or expressed by the forward looking statements. The risk that the assumptions on which the 2024 outlook are based prove incorrect may increase the later the period to which the outlook relates. All forward-looking statements are made as of the date of this press release and the fact that this press release remains available does not constitute a representation by Gran Tierra that Gran Tierra believes these forward-looking statements continue to be true as of any subsequent date. Actual results may vary materially from the expected results expressed in forward-looking statements. Gran Tierra disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law. In addition, historical, current and forward-looking sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future.
Following Gran Tierra’s acquisition of i3 Energy, investors should not rely on Gran Tierra’s previously issued financial and production guidance for 2024, which is no longer applicable on a combined company basis.
Non-GAAP Measures
This press release includes non-GAAP financial measures as further described herein. These non-GAAP measures do not have a standardized meaning under GAAP. Investors are cautioned that these measures should not be construed as alternatives to net income or loss, cash flow from operating activities or other measures of financial performance as determined in accordance with GAAP. Gran Tierra’s method of calculating these measures may differ from other companies and, accordingly, they may not be comparable to similar measures used by other companies. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as to not imply that more emphasis should be placed on the non-GAAP measure.
Operating netback, as presented, is defined as oil sales less operating and transportation expenses. See the table entitled Financial and Operational Highlights above for the components of consolidated operating netback and corresponding reconciliation.
Return on average capital employed as presented is defined as earnings before interest and taxes (“EBIT”; annualized, if the period is other than one year) divided by average capital employed (total assets minus cash and current liabilities; average of the opening and closing balances for the period).
Three Months Ended September 30,
Twelve Month Trailing September 30,
As atSeptember 30,
Return on Average Capital Employed – (Non-GAAP) Measure ($000s)
2024
2024
2024
Net Income
$
1,133
$
45,137
Adjustments to reconcile net income to EBIT:
Interest Expense
19,892
74,503
Income Tax Expense
20,767
34,589
EBIT
$
41,792
$
154,229
Total Assets
$
1,533,378
Less Current Liabilities
263,492
Less Cash and Cash Equivalents
277,645
Capital Employed
$
992,241
Annualized EBIT*
$
167,168
Divided by Average Capital Employed
992,241
992,241
Return on Average Capital Employed
17
%
16
%
*Annualized EBIT was calculated for the three months ended September 30, 2024, by multiplying the quarter-to-date EBIT by 4.
Cash netback as presented is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense or recovery, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain or loss and other gain or loss. Management believes that operating netback and cash netback are useful supplemental measures for investors to analyze financial performance and provide an indication of the results generated by Gran Tierra’s principal business activities prior to the consideration of other income and expenses. A reconciliation from net income or loss to cash netback is as follows:
Three Months Ended September 30,
Three Months Ended June 30,
Nine Months Ended September 30,
Cash Netback – (Non-GAAP) Measure ($000s)
2024
2023
2024
2024
2023
Net Income (Loss)
$
1,133
$
6,527
$
36,371
$
37,426
$
(13,998
)
Adjustments to reconcile net income (loss) to cash netback
DD&A expenses
55,573
55,019
55,490
167,213
163,424
Deferred tax expense (recovery)
5,550
13,990
(51,361
)
(32,332
)
43,242
Stock-based compensation (recovery) expense
(3,145
)
1,931
6,160
6,376
3,748
Amortization of debt issuance costs
3,109
1,594
2,760
9,175
3,394
Non-cash lease expense
1,370
1,235
1,381
4,164
3,488
Lease payments
(1,171
)
(676
)
(1,311
)
(3,540
)
(1,918
)
Unrealized foreign exchange gain
(2,081
)
(266
)
(3,323
)
(7,670
)
(7,814
)
Other gain
—
(354
)
—
—
(1,444
)
Cash netback
$
60,338
$
79,000
$
46,167
$
180,812
$
192,122
EBITDA, as presented, is defined as net income or loss adjusted for DD&A expenses, interest expense and income tax expense or recovery. Adjusted EBITDA, as presented, is defined as EBITDA adjusted for non-cash lease expense, lease payments, foreign exchange gain or loss, stock-based compensation expense, transaction costs and other gain or loss. Management uses this supplemental measure to analyze performance and income generated by our principal business activities prior to the consideration of how non-cash items affect that income, and believes that this financial measure is useful supplemental information for investors to analyze our performance and our financial results. A reconciliation from net income or loss to EBITDA and adjusted EBITDA is as follows:
Three Months Ended September 30,
Three Months Ended June 30,
Nine Months Ended September 30,
EBITDA – (Non-GAAP) Measure ($000s)
2024
2023
2024
2024
2023
Net Income (Loss)
$
1,133
$
6,527
$
36,371
$
37,426
$
(13,998
)
Adjustments to reconcile net income (loss) to EBITDA and Adjusted EBITDA
DD&A expenses
55,573
55,019
55,490
167,213
163,424
Interest expense
19,892
13,503
18,398
56,714
38,017
Income tax expense (recovery)
20,767
40,333
(9,072
)
29,090
106,948
EBITDA
$
97,365
$
115,382
$
101,187
$
290,443
$
294,391
Non-cash lease expense
1,370
1,235
1,381
4,164
3,488
Lease payments
(1,171
)
(676
)
(1,311
)
(3,540
)
(1,918
)
Foreign exchange (gain) loss
(3,084
)
1,717
(4,413
)
(8,312
)
8,126
Stock-based compensation expense
(3,145
)
1,931
6,160
6,376
3,748
Transaction costs
1,459
—
—
1,459
—
Other loss (gain)
—
(354
)
—
—
(1,444
)
Adjusted EBITDA
$
92,794
$
119,235
$
103,004
$
290,590
$
306,391
Funds flow from operations, as presented, is defined as net income or loss adjusted for DD&A expenses, deferred tax expense or recovery, stock-based compensation expense, amortization of debt issuance costs, non-cash lease expense, lease payments, unrealized foreign exchange gain, and other gain or loss. Management uses this financial measure to analyze performance and income or loss generated by our principal business activities prior to the consideration of how non-cash items affect that income or loss, and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. Free cash flow, as presented, is defined as funds flow from operations adjusted for capital expenditures. Management uses this financial measure to analyze cash flow generated by our principal business activities after capital requirements and believes that this financial measure is also useful supplemental information for investors to analyze performance and our financial results. A reconciliation from net income or loss to both funds flow from operations and free cash flow is as follows:
Three Months Ended September 30,
Three Months Ended June 30,
Nine Months Ended September 30,
Funds Flow From Operations – (Non-GAAP) Measure ($000s)
2024
2023
2024
2024
2023
Net Income (Loss)
$
1,133
$
6,527
$
36,371
$
37,426
$
(13,998
)
Adjustments to reconcile net income (loss) to funds flow from operations
DD&A expenses
55,573
55,019
55,490
167,213
163,424
Deferred tax expense (recovery)
5,550
13,990
(51,361
)
(32,332
)
43,242
Stock-based compensation (recovery) expense
(3,145
)
1,931
6,160
6,376
3,748
Amortization of debt issuance costs
3,109
1,594
2,760
9,175
3,394
Non-cash lease expense
1,370
1,235
1,381
4,164
3,488
Lease payments
(1,171
)
(676
)
(1,311
)
(3,540
)
(1,918
)
Unrealized foreign exchange gain
(2,081
)
(266
)
(3,323
)
(7,670
)
(7,814
)
Other loss (gain)
—
(354
)
—
—
(1,444
)
Funds flow from operations
$
60,338
$
79,000
$
46,167
$
180,812
$
192,122
Capital expenditures
$
52,921
$
43,080
$
61,273
$
169,525
$
179,707
Free cash flow
$
7,417
$
35,920
$
(15,106
)
$
11,287
$
12,415
Net debt as of September 30, 2024, was $509 million, calculated using the sum of the aggregate principal amount of 6.25% Senior Notes, 7.75% Senior Notes, and 9.50% Senior Notes outstanding, excluding deferred financing fees, totaling $787 million, less cash and cash equivalents of $278 million.
Presentation of Oil and Gas Information
All reserves value and ancillary information contained in this press release regarding Gran Tierra (not including reserves value and ancillary information regarding i3 Energy) have been prepared by the Company’s independent qualified reserves evaluator McDaniel & Associates Consultants Ltd. (“McDaniel”) in a report with an effective date of December 31, 2023 (the “Gran Tierra McDaniel Reserves Report”) and calculated in compliance with Canadian National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities (“NI 51-101”) and the Canadian Oil and Gas Evaluation Handbook (“COGEH”), unless otherwise expressly stated. All reserves value and ancillary information contained in this press release regarding i3 Energy have been prepared by i3 Energy’s independent qualified reserves evaluator GLJ Ltd. (“GLJ”) in a fair market value report with an effective date of July 31, 2024 (the “i3 Energy GLJ Report”) and calculated in compliance with NI 51-101 and COGEH, unless otherwise expressly stated.
Barrel of oil equivalents (“boe”) have been converted on the basis of six thousand cubic feet (“Mcf”) natural gas to 1 bbl of oil. Boe’s may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. In addition, given that the value ratio based on the current price of oil as compared with natural gas is significantly different from the energy equivalent of six to one, utilizing a boe conversion ratio of 6 Mcf: 1 bbl would be misleading as an indication of value.
The following reserves categories are discussed in this press release: Proved (“1P”), 1P plus Probable (“2P”) and 2P plus Possible (“3P”) and Proved Developed Producing (“PDP”). Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves. Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. Proved developed producing reserves are those proved reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously been on production, and the date of resumption of production must be known with reasonable certainty. Certain terms used in this press release but not defined are defined in NI 51-101, CSA Staff Notice 51-324 – Revised Glossary to NI 51-101 Standards of Disclosure for Oil and Gas Activities (“CSA Staff Notice 51-324”) and/or the COGEH and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101, CSA Staff Notice 51-324 and the COGEH, as the case may be.
Estimates of reserves for individual properties may not reflect the same level of confidence as estimates of reserves for all properties, due to the effect of aggregation. There is no assurance that the forecast price and cost assumptions applied by McDaniel or GLJ in evaluating Gran Tierra’s or i3 Energy’s reserves, respectively, will be attained and variances could be material. There are numerous uncertainties inherent in estimating quantities of crude oil and natural gas reserves. The reserves information set forth in the Gran Tierra McDaniel Reserves Report and the i3 Energy GLJ Report are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual reserves may be greater than or less than the estimates provided therein. All reserves assigned in the Gran Tierra McDaniel Reserves Report are located in Colombia and Ecuador and presented on a consolidated basis by foreign geographic area.
Booked drilling locations of i3 Energy disclosed herein are derived from the i3 Energy GLJ Report and account for drilling locations that have associated 2P reserves.
References to a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume. Gran Tierra’s reported production is a mix of light crude oil and medium and heavy crude oil for which there is not a precise breakdown since the Company’s oil sales volumes typically represent blends of more than one type of crude oil. Well test results should be considered as preliminary and not necessarily indicative of long-term performance or of ultimate recovery. Well log interpretations indicating oil and gas accumulations are not necessarily indicative of future production or ultimate recovery. If it is indicated that a pressure transient analysis or well-test interpretation has not been carried out, any data disclosed in that respect should be considered preliminary until such analysis has been completed. References to thickness of “oil pay” or of a formation where evidence of hydrocarbons has been encountered is not necessarily an indicator that hydrocarbons will be recoverable in commercial quantities or in any estimated volume.
This press release contains certain oil and gas metrics, including operating netback and cash netback, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to make comparisons. These metrics are calculated as described in this press release and management believes that they are useful supplemental measures for the reasons described in this press release.
Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
References in this press release to IP30, IP90 and other short-term production rates of Gran Tierra are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and decline thereafter and are not indicative of long-term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating the aggregate production of Gran Tierra. Gran Tierra cautions that such results should be considered to be preliminary.
Disclosure of Reserve Information and Cautionary Note to U.S. Investors
Unless expressly stated otherwise, all estimates of proved, probable and possible reserves and related future net revenue disclosed in this press release have been prepared in accordance with NI 51-101. Estimates of reserves and future net revenue made in accordance with NI 51-101 will differ from corresponding estimates prepared in accordance with applicable SEC rules and disclosure requirements of the U.S. Financial Accounting Standards Board (“FASB”), and those differences may be material. NI 51-101, for example, requires disclosure of reserves and related future net revenue estimates based on forecast prices and costs, whereas SEC and FASB standards require that reserves and related future net revenue be estimated using average prices for the previous 12 months. In addition, NI 51-101 permits the presentation of reserves estimates on a “company gross” basis, representing Gran Tierra’s working interest share before deduction of royalties, whereas SEC and FASB standards require the presentation of net reserve estimates after the deduction of royalties and similar payments. There are also differences in the technical reserves estimation standards applicable under NI 51-101 and, pursuant thereto, the COGEH, and those applicable under SEC and FASB requirements.
In addition to being a reporting issuer in certain Canadian jurisdictions, Gran Tierra is a registrant with the SEC and subject to domestic issuer reporting requirements under U.S. federal securities law, including with respect to the disclosure of reserves and other oil and gas information in accordance with U.S. federal securities law and applicable SEC rules and regulations (collectively, “SEC requirements”). Disclosure of such information in accordance with SEC requirements is included in the Company’s Annual Report on Form 10-K and in other reports and materials filed with or furnished to the SEC and, as applicable, Canadian securities regulatory authorities. The SEC permits oil and gas companies that are subject to domestic issuer reporting requirements under U.S. federal securities law, in their filings with the SEC, to disclose only estimated proved, probable and possible reserves that meet the SEC’s definitions of such terms. Gran Tierra has disclosed estimated proved, probable and possible reserves in its filings with the SEC. In addition, Gran Tierra prepares its financial statements in accordance with United States generally accepted accounting principles, which require that the notes to its annual financial statements include supplementary disclosure in respect of the Company’s oil and gas activities, including estimates of its proved oil and gas reserves and a standardized measure of discounted future net cash flows relating to proved oil and gas reserve quantities. This supplementary financial statement disclosure is presented in accordance with FASB requirements, which align with corresponding SEC requirements concerning reserves estimation and reporting.
PEOPLE from across Leicester will remember the city’s fallen service men and women at the annual Remembrance Sunday service this weekend.
The city’s service of remembrance will take place at the war memorial in Victoria Park on Sunday (10 November).
A parade, led by the Seaforth Highlanders Pipes and Drums and comprising members of the Armed Forces, reservists, veterans and cadets, will step off from De Montfort Hall at around 10.40am and make its way to the Arch of Remembrance, ready for the service at 10.55am.
The Lord Bishop of Leicester, the Right Reverend Martyn Snow, will conduct the service with support from former BBC Radio Leicester presenter, Dave Andrews. A bugler will sound the Last Post before the firing of salutes marks the beginning and the end of the two-minute silence. A piper from the Seaforth Highlanders will play a lament before the service continues.
People in the area are advised that the salutes will create a loud bang, which may cause alarm or distress, particularly to young children or pets.
Official wreaths will be laid by the Vice Lord-Lieutenant of Leicestershire, Colonel Murray Colville, and The Lord Mayor of Leicester, Councillor Bhupen Dave, together with representatives of local emergency services, military units and faith communities. Other organisations and veterans’ associations will lay wreaths immediately after the official wreath laying, while members of the public will have an opportunity to lay their wreaths at the end of the service.
The Salvation Army band will accompany hymns, supported by the City of Leicester Singers and the Leicester Cathedral Choir.
Limited public seating will be available on a first come, first served basis and there will be a designated seating area for those with a disability or who are unable to stand for long periods.
A returning parade will step off through the War Memorial and back onto Centenary Walk at the end of the service, returning to the front of De Montfort Hall at around 11.45am.
Granville Road car park will be closed from midnight on Saturday, 9 November until around 1pm on Sunday, November 10, and vehicles should not be left overnight in the car park.
A limited number of spaces for disabled guests and blue badge holders will be available in the car park, which will be accessible from London Road only. These must be requested in advance by emailing lord.mayor@leicester.gov.uk or by calling 0116 454 0020.
Road closures will be in operation on both Granville Road and Regent Road from 9.30am until 12.30pm on Sunday. Access will be maintained for residents of Salisbury Road.
The Lord Mayor of Leicester, Councillor Bhupen Dave, said: “Remembrance Day is a time for reflection and contemplation on the sacrifice made by the men and women of our armed forces in defence of their country and allows us to come together to remember all those whose lives have been lost in armed conflict.
“I am humbled to be able to lay a wreath commemorating them on behalf of the people of Leicester.”
The following day, Monday 11 November, is Remembrance Day, when the nation pauses at 11am to reflect on the sacrifices made by the country’s service men and women.
Held each year on 11 November, the silence coincides with the time in 1918 when the First World War came to an end.
Source: United States of America – Federal Government Departments (video statements)
Some of the most interesting projects you may not have heard about are our investments in crash prevention via wildlife crossings.
Our Wildlife Crossings Pilot Program provides funding for projects that seek to reduce the number of wildlife-vehicle collisions and, in carrying out that purpose, improve habitat connectivity for terrestrial and aquatic species.
954421 Corporal Vikky Pahade Communication Technician is on the posted strength of a Transportable Radar Unit with effect from 16 Oct 23. He was employed as per his trade duty at unit Op location Shahsitar (JK&L).
On 04 May 24, Corporal Vikky Pahade was detailed as armed escort towards collection of ration for the unit from Indian Army Field Supply Depot located 40 kms from the unit’s Op location. At around, 1759h, while returning back from the field supply depot, their vehicle was ambushed by three terrorists near Doba ridge at Shahsitar, 1.5 km short of the Unit Op location.
At the time of ambush, he was seated on the front seat of the vehicle as per his earmarked role. Being on the front seat, he had received heavy and concentrated small arms fire onto him and suffered grievous gunshot wounds in head, neck as well as chest. However, unmindful of his physical condition, he maintained his composure, situational awareness and opened retaliatory fire from his personal weapon (AK-103) onto one of the terrorists who was firing at their vehicle from higher ridges. Because of his retaliatory fire, the terrorist had to hide which allowed the armed air warriors seated behind to open fire on terrorists in a coordinated manner. This brave act of Corporal Vikky Pahade resulted in providing a window of opportunity for rest of the air warriors to open retaliatory fire on the terrorists, thereby saving the precious lives of his team members and prevented other collateral damage to the service property. However, Corporal Vikky Pahade succumbed to his injuries later at Command hospital Udhampur.
For this act of exceptional courage displayed during life threating situation, Corporal Vikky Pahade Communication Technician is awarded with ‘Vayu Sena Medal (Gallantry) posthumously.
Stage set for 76th Republic Day Celebrations at Kartavya Path Indonesian President Mr Prabowo Subianto to be the Chief Guest
The ceremony to showcase India’s rich cultural diversity, unity, equality, development & military prowess; Special focus on 75 years of enactment of the Constitution
Around 10,000 Special Guests from different walks of life to witness the parade
31 Tableaux to roll down Kartavya Path on the theme ‘Swarnim Bharat: Virasat aur Vikas’; In a first, a Tri-services tableau to display the spirit of jointness & integration among the Armed Forces
Cultural performance by 5,000 artists to cover entire Kartavya Path for the first time
Posted On: 25 JAN 2025 2:58PM by PIB Delhi
President Smt Droupadi Murmu will lead the Nation in celebrating the 76th Republic Day from Kartavya Path in New Delhi on January 26, 2025. With special focus on 75 years of enactment of the Constitution and Jan Bhagidari, the celebrations this year will be a unique blend of India’s rich cultural diversity, unity, equality, development and military prowess. President of the Republic of Indonesia Mr Prabowo Subianto will be the Chief Guest.
Around 10,000 Special Guests have been invited to witness the parade, in line with the Government’s objective to increase ‘Jan Bhagidari’ in events of national importance. These Special Guests from different walks of life are the architects of ‘Swarnim Bharat’. They include best performers in various fields and those who have made best use of the schemes of the Government.
The parade
The Republic Day parade will start at 1030 hrs and run for a duration of approx. 90 minutes. The ceremony will commence with the visit of Prime Minister Shri Narendra Modi to the National War Memorial, where he will lead the nation in paying solemn tributes to the fallen heroes by laying a wreath. Thereafter, the Prime Minister and other dignitaries will head to the saluting dais at Kartavya Path to witness the parade.
The arrival of the President of India and her Indonesian counterpart will be escorted by the President’s Bodyguard, the senior most Regiment of the Indian Army. The two Presidents will arrive in the ‘Traditional Buggy’, the practice which made a comeback in 2024 after a gap of 40 years.
As per tradition, the National Flag will be unfurled followed by the National Anthem with a thunderous 21-gun salute using 105-mm Light Field Guns, an indigenous weapon system.
The parade will be heralded by 300 cultural artists playing ‘Sare Jahan Se Achha’ with musical instruments of different parts of the country. This indigenous mix of instruments would resonate with the melody, beat and hopes of a billion Indians hearts. The ensemble of instruments includes Shehnai, Sundari, Nadaswaram, Been, Mashak Been, Ransingha – Rajasthan, Flute, Karadi Majalu, Mohuri, Sankha, Tutari, Dhol, Gong, Nishan, Chang, Tasha, Sambal, Chenda, Idakka, Lezim, Thavil, Gudum Baza, Talam and Monbah.
Showering of flower petals will be carried out by Mi-17 1V helicopters from 129 Helicopter Unit in the Dhwaj Formation. Trooping the National Flag, this formation of helicopters will be led by Group Captain Alok Ahlawat.
The parade will then begin with the President taking the salute. The parade will be commanded by Parade Commander Lieutenant General Bhavnish Kumar, General Officer Commanding, Delhi Area, a second-generation officer. Major General Sumit Mehta, Chief of Staff, HQ Delhi Area will be the Parade Second-in-Command.
The proud winners of the highest gallantry awards will follow. They include Param Vir Chakra winners Subedar Major (Honorary Captain) Yogendra Singh Yadav (Retd) & Subedar Major Sanjay Kumar (Retd), and Ashok Chakra winner Lt Col Jas Ram Singh (Retd). The Param Vir Chakra is awarded for the most conspicuous act of bravery and self-sacrifice in the face of the enemy, while the Ashok Chakra is awarded for similar acts of valour and self-sacrifice but, other than, in the face of the enemy.
Indonesian Contingent
Kartavya Path will be witness to a march past by the Marching Contingent of Indonesian National Armed Forces and Military Band of Indonesia’s Military Academy. The marching contingent will consist of 152 members, with 190 members in the military band.
Indian Army Contingent
The first Army contingent leading the Mounted Column will be of 61 Cavalry, led by Lt Ahaan Kumar. Raised in 1953, the 61 Cavalry is the only serving active Horsed Cavalry Regiment in the world, with the amalgamation of all the ‘State Horsed Cavalry Units’. It will be followed by nine Mechanised Columns and nine marching contingents.
Tank T-90 (Bhishma); NAG Missile System along with BMP-2 Sarath; BrahMos; Pinaka Multi-launcher Rocket System, Agnibaan Multi-barrel Rocket Launcher; Akash Weapon System; Integrated Battlefield Surveillance System; All-Terrain Vehicle (Chetak), Light Specialist Vehicle (Bajrang), Vehicle Mounted Infantry Mortar System (Airawat), Quick Reaction Force Vehicles (Nandighosh & Tripurantak) and Short-Span Bridging System will also be on display at the Kartavya Path.
Marching down the Kartavya Path will be the contingents of Brigade of the Guards, The Jat Regiment, The Garhwal Rifles, The Mahar Regiment, The Jammu & Kashmir Rifles Regiment, the Corps of Signals, among others.
Tri-Services Tableau
For the first time, a Tri-services tableau will roll down on Kartavya Path, displaying the spirit of jointness and integration. With the theme ‘Shashakt aur Surakshit Bharat’, the tableau will depict a Joint Operations Room facilitating networking and communication among the three Services. It would display a battlefield scenario demonstrating a synchronised operation in land, water and air with the indigenous Arjun Main Battle Tank, Tejas MKII fighter aircraft, Advanced Light Helicopter, destroyer INS Visakhapatnam & a Remotely Piloted Aircraft, reflecting the Tri-services synergy in multi-domain operations. These platforms exemplify the vision to achieve ‘Aatmanirbharta’ in defence.
Veterans’ Tableau
Another highlight would be the Veterans’ Tableau on the theme ‘Viksit Bharat ki Ore Sadaiv Agrasar’, a heartfelt tribute to the unwavering spirit of our veterans, who are the symbols of discipline, resilience, and unyielding dedication.
Adding to the display of honor will be the esteemed veterans who have brought glory to India in sports. Among them are Padma Shri awardees Subedar Murlikant Petkar, whose story inspired the Bollywood film Chandu Champion, and Honorary Captain Jitu Rai. Arjuna and Khel Ratna awardees Colonel Balbir Singh Kular, Captain (IN) Homi Motivala, Master Chief Petty Officer Tajinder Toor, Master Warrant Officer Ram Mehar Singh, and Wing Commander Gurmeet Sandhu will also be present.
Representing Nari Shakti will be veteran women officers from all three services – Lieutenant Colonel Ravinderjeet Randhawa, Lieutenant Commander Mani Agarwal, and Flight Lieutenant Ruchi Saha, showcasing the pivotal role of women in shaping our armed forces.
Indian Navy Contingent
The Indian Navy contingent will consist of 144 personnel, led by Lt Cdr Sahil Ahluwalia as Contingent Commander and Lt Cdr Indresh Choudhary, Lt Cdr Kajal Anil Bharani & Lt Devender as Platoon Commanders. It will be followed by the Naval Tableau, depicting a strong ‘Aatmanirbhar’ Navy capable of protecting India’s maritime interests.
The tableau showcases the newly-commissioned indigenous frontline state-of-the-art combatants including the Destroyer INS Surat, Frigate INS Nilgiri and Submarine INS Vaghsheer, highlighting India’s rapid progress in indigenous warship design and construction and reinforcing Indian Navy’s commitment to build a robust and self-sufficient defence eco system.
Indian Air Force Contingent
The Indian Air Force contingent will comprise four officers and 144 personnel, led by Sqn Ldr Mahender Singh Garati, with Flt Lt Nepo Moirangthem, Flt Lt Damini Deshmukh & Fg Offr Abhinav Gorsi being supernumerary officers. It will be followed by a fly-past by three MiG-29 aircraft in ‘Baaz Formation’.
Indian Coast Guard
The Indian Coast Guard (ICG) contingent will be led by Deputy Commandant Navita Thakran followed by three officers of the guard – Deputy Commandant Sumit Kumar, Deputy Commandant Pankaj Saini and Assistant Commandant Priya Balurkar.
It will be followed by a tableau of ICG focussing on coastal security and maritime search and rescue. The theme is ‘Swarnim Bharat: Heritage and Progress’.
DRDO Tableau & Equipment
DRDO will display some path-breaking innovations for national security during the parade. The DRDO Tableau, with the theme ‘Raksha Kavach – Multi-layer Protection against Multi-domain Threats’ will feature Quick Reaction Surface-to-Air Missile; Airborne Early Warning & Control System; 155 mm/52 Cal Advanced Towed Artillery Gun System; Drone Detect, Deter & Destroy; Satellite-Based Surveillance System; Medium Power Radar – Arudhra; Advanced Light Weight Torpedo; Electronic Warfare System – Dharashakti; Laser-Based Directed Energy Weapon; Very Short Range Air Defence System; Indigenous Unmanned Aerial System; V/UHF Manpack Software Defined Radio for Land Forces; Indigenous Secure Satellite Phone and UGRAM Assault Rifle.
Apart from this, DRDO’s major landmarks of 2024 will also be showcased in the tableau posters namely Long Range Hypersonic Anti-Ship Missile; Light Weight Bullet Proof Jacket ‘ABHED’; Divyastra – Multiple Independently Targetable Re-entry Vehicle; ‘Zorawar’ Light Tank and the Dornier Mid-Life Upgrade with radar, Electronic Warfare System, Software Defined Radio etc.
Contingents of paramilitary & other auxiliary civil forces
Among the contingents marching down the Kartavya Path will be a 148-member all-women marching contingent of Central Reserve Police Force, led by Assistant Commandant Aishwarya Joy M. The marching contingent of Railway Protection Force will be led by Divisional Security Commissioner Aditya.
The Assam Rifles contingent will be led by Captain Karanveer Singh Kumbhavat of 29 Assam Rifles. It will comprise soldiers recruited from all over the country.
The Delhi Police marching contingent will be led by Additional Deputy Commissioner of Police Rishi Kumar Singh. The Delhi Police all-women band will be participating for the second time, led by Band Master Ruyangunuo Kense.
The Camel contingent of Border Security Force will be under the command of Deputy Commandant Manohar Singh Kheechee.
The all-girls marching contingent of NCC – SW (Girls) – will be led by Senior Under Officer Ekta Kumari of Jammu Kashmir & Ladakh Directorate. The all-boys marching contingent – SD (Boys) – will be led by Senior Under Officer Prasad Prakash Waikul of Maharashtra Directorate. The National Service Scheme (NSS) marching contingent of 148 volunteers will be led by Mr Deepak from Punjab.
Tableaux
Tableaux from 16 State Government/Union Territories and 10 Ministries/Departments of the Central Government highlighting ‘Swarnim Bharat: Virasat aur Vikas’, will participate in the parade this year. These tableaux would showcase India’s diverse strengths and its constantly-evolving cultural inclusiveness marching into a glorious future. The details of the participating tableaux of States/UTs are as follows:
States/UTs
Cultural Heritage of Goa
Uttarakhand
Uttarakhand: Cultural Heritage and Adventure Sports
Haryana
Showcasing Bhagwad Gita
Jharkhand
Swarnim Jharkhand: A Legacy of Heritage and Progress
Madhya Pradesh’s Glory: Kuno National park- The land of CHeetahs
Tripura
Eternal Reverence: The worship of 14 Deities in Tripura – Kharchi Puja
Karnataka
Lakkundi: Cradle of Stone craft
West Bengal
The ‘Lakshmir Bhandar’ & ‘Lok Prasar Prakalpa’ – Empowering Lives and Fostering Self-Reliance in Bengal
Chandigarh
Chandigarh: A Harmonious Blend of Heritage, Innovation and Sustainability
Quality Education
Dadra Nagar Haveli and Daman and Diu
Daman Aviary Bird Park along with Kukri Memorial- a tribute to the valiant sailors of the Indian Navy
The details of tableaux of Ministries/Departments are as follows:
Departments/Ministries
Department of Social Justice and Empowerment
The Constitution of India, a cornerstone of our Virasat (Heritage), Vikas and Path-Pradarshak
Ministry of Tribal Affairs
Janjatiya Gaurav Varsh
Ministry of Women & Child Development
Multifaceted journey of women and children nurtured under the Ministry’s comprehensive schemes
Ministry of New & Renewable Energy
Swarnim Bharat: Heritage and Development
Ministry of Rural Development
Lakhpati Didi
Department of Financial Services
India’s remarkable journey in financial evolution
Ministry of Earth Sciences (IMD)
Modern Science forecasting extreme weather conditioning- saving lives and livelihood
Department of Animal Husbandry and Dairying
Golden India Heritage and Development Honouring India’s Indigenous Bovine Breeds as Icons of Sustainable Rural Growth
Ministry of Culture
Swarnim Bharat: Heritage and Development
75 Years of Constitution of India through flower tableau
Cultural Performance
This year, 5,000 artists in a title of ‘Jayati Jaya Mamaḧ Bharatam’ will perform over 45 dance forms from different part of the country in a 11-minute cultural performance. For the first time, the performance will cover the entire Kartavya Path – from Vijay Chowk to C hexagon – to ensure that all guests get the same viewing experience.
Motorcycle Display
The Corps of Signals Motorcycle Rider Display Team, famously known as ‘The Dare Devils’, will carry out breath-taking stunts during the motorcycle display. The team will showcase their bravery and determination through a number of formations, including Bullet Salute, Tank Top, Double Jimmy, Devils Down, Ladder Salute, Shatrujeet, Shraddhanjali, Mercury Peak, Info Warriors, Lotus and Human Pyramid.
Fly-past
One of the most eagerly-awaited events of the parade, the ‘Fly-past’ will witness a breath-taking air show by 40 aircraft/helicopters – 22 fighter jets, 11 transport aircraft and seven helicopters – of IAF. These include Rafale, Su-30, Jaguar, C-130, C-295, C-17, AWACS, Dornier-228 & An-32 aircraft and Apache & Mi-17 helicopters. They will display a variety of formations including Dhwaj, Ajay, Satluj, Rakshak, Arjan, Netra, Bheem, Amrit, Vajrang, Trishul and Vijay. The concluding Vertical Charlie maneuver will be performed by a Rafale fighter aircraft.
The ceremony will culminate with the national anthem and the release of balloons carrying banners with the official logo depicting 75 years of enactment of the Constitution in both English and Hindi.
A number of unique activities have been carried out as part of the celebrations. These include:
Rashtraparv Portal & Mobile App
‘Rashtraparv Portal’ portal and mobile App (Apple play and Msewa) have been launched to facilitate access to information related to national events such as Republic Day, Beating Retreat Ceremony, Independence Day; live streaming, purchase of tickets, provide information related to seating arrangements & route-maps of events etc.
Ease of Access
Metro Services: Free Metro ride will be provided to Invitees/Ticket holders of RDP-2025 at entry point of the Metro Stations across Delhi. Delhi Metro operations will begin at 4:00 AM on January 26, 2025 across Delhi. Parking spaces of Delhi Metro in Across Delhi will be opened on chargeable basis at regular rates.
Park and Ride Scheme: Park and Ride Scheme will be available. Under this scheme, invitees will park their vehicle at Palika Parking, Connaught Place and Jawaharlal Nehru Stadium’s parking area (Gate -14 & 15). From there, they can avail the ferry services (pick and drop) through the hired DTC buses. The ferry services will start at 6:00 AM and stop at 8:30 AM.
All enclosures are accessible and Divyang friendly with ramp facility. There will also be youth volunteers from NCC with wheelchairs for assistance.
Although the list of prohibited items are communicated well in advance, a cloak room facility will also be available.
Special Guests
Approximately 10,000 Special Guests in 34 categories, including the Sarpanches from villages excelling in key government schemes, have been invited as Special Guests to witness the parade this year. Details are as follows:
S No
Category
No of Guests
Sarpanches
500
Sarpanches from top performing village
200
Disaster Relief Workers
300
Guests from Vibrant Villages
300
Best performing Water Warriors
400
Primary Agriculture Credit (PAC) Societies
200
Pani Samitee
400
Community Resource Person (Krishi Sakhi, Udhyog Sakhi etc.)
400
SHG members
200
Trainees of DGT got training under National Skill Development Corporation
200
PM YASASVI Scheme
400
Forest & Wildlife conservation volunteers/workers
200
Handloom Artisans
200
Handicraft Artisans
200
Special Achievers and Tribal beneficiaries of various schemes
500
ASHA (Accredited Social Health Activist)
500
Mann Ki Baat Participants
400
My Bharat Volunteers
400
Paralympic Contingent & winners of International Sports events
RDC comes to a close with the ‘Beating Retreat Ceremony’, which is held every year on the 29th January at Vijay Chowk. It marks a centuries old military tradition, when the troops ceased fighting, sheathed their arms, withdrew from the battlefield and returned to the camps at sunset at the sounding of the Retreat. Colours and Standards are cased and flags lowered. During the Beating Retreat Ceremony 2025, only Indian Tunes will be played by all the participating bands.
Bharat Parv
‘Bharat Parv’ will be organised at the Red Fort, Delhi from January 26-31, 2025 by the Ministry of Tourism. It will showcase Republic Day Tableaux, performances by the Military Bands (Static), cultural performances, Food Courts serving pan India cuisines and Crafts Bazaar.
PM’s NCC Rally
PM’s NCC rally, with the theme of ‘Yuva Shakti-Viksit Bharat’ is scheduled to be organised at Cariappa Parade Ground, Delhi Cantt. on January 27, 2025. During the event, Prime Minister Shri Narendra Modi will review the multifarious activities of the NCC.
Villagers Yan Jinchang (L) and Yan Hongchang show the red packets containing their dividends in Xiaogang Village of Fengyang County, east China’s Anhui Province, Jan. 25, 2025. [Photo/Xinhua] Just days ahead of the upcoming Spring Festival, residents of a rural village named Xiaogang, located in east China’s Anhui Province, met joyously to collect bumper red packets. “Our family received more than 2,000 yuan (about $279) this year, which is enough for us to make a generous purchase of festive goods,” said 82-year-old villager Yan Jinchang. A dividend distribution ceremony was held on Saturday, and buzzed with excitement. Contrary to the common perception that villages are predominantly inhabited by elderly people, there were numerous young and energetic faces to been seen at this ceremony — with many of them returnees filled with dreams. Some of the youngsters shared Xiaogang’s stories with visitors, while others functioned as live streamers, highlighting the village’s unique appeal via their camera lenses. Despite the modest amount, the dividends distributed in Xiaogang hold extraordinary significance in terms of the big picture of the development of rural China. Once plagued by barren land and water scarcity, Xiaogang was a place where residents struggled to make ends meet. However, everything changed in 1978 when 18 farmers pressed their red fingerprints secretly on an agreement to contract collective land to individual households. This bold move sparked a wave of agricultural production enthusiasm and provided a powerful impetus not only for Xiaogang, but also for the broader rural reform and revitalization movement in China. The name of Xiaogang has since been fixed in the nation’s memory as the start of China’s reform, earning itself the title of “first village in rural reform.” Building on this foundation, Xiaogang continued to introduce reforms across multiple sectors — including rural taxes and fees, land rights and collective assets. In 2017, all villagers in Xiaogang were turned into shareholders of the village’s collective, to benefit from the business development from Xiaogang’s intangible assets. So far, the total amount of dividends given to villagers in Xiaogang has exceeded 20 million yuan. In 2024, Xiaogang saw its dividends rise for the seventh consecutive year, with a major contributor to this success being the village’s booming tourism industry. This momentum was further boosted when Xiaogang was honored as one of the world’s Best Tourism Villages at a United Nations Tourism meeting last year. This recognition has served as a catalyst, drawing widespread attention and boosting Xiaogang’s appeal as a tourist destination. The village, home to 1,053 households, welcomed over 620,000 visitors in 2024 — generating comprehensive tourism revenue of approximately 165 million yuan. According to Li Jinzhu, the first secretary of the village’s Party committee, tourism has now become a magnet attracting wealth and talents. “Very few tourists were willing to visit Xiaogang in the past, but now we provide them with quality accommodation and catering services, as well as a rich variety of activities, including traditional local performances and children’s amusement facilities,” Li noted, while adding that many villagers are currently engaged in the tourism sector, with more young people returning to the village to pursue opportunities there. Yan Mei is one of these passionate young returnees. The 28-year-old guide works almost every day and is the first to step from the sightseeing vehicle and introduce the history of Xiaogang to visitors. “People are just blown away by the modern hotels and brand-new scenic spot facilities here. They’re so happy to see how much the birthplace of China’s rural reform has changed,” Yan noted. Some tourists even decide to stay for a few days, just to chat and hang out with the locals, with many ending up becoming friends with the villagers, and even waving hello and exchanging gifts on holidays. “I’m really proud of all these changes. All these things have made my job so much more meaningful,” Yan said. At a main road, Yang Wei and his colleagues were seen shooting footage for the village’s social media account, with their efforts drawing the attention of a group of curious tourists. “It’s a great sign that Xiaogang is gaining more fame. This growing recognition benefits every villager. We’ve been using social media not just to attract visitors, but also to promote our local agricultural products. We’re thrilled to see it working,” Yang said while doing a live broadcast. He noted that in 2024, his team had managed to sell products worth more than 1.2 million yuan. As the sun set over Xiaogang, lively chatter between villagers and tourists mingled with the inviting aroma of freshly brewed coffee, generated by a newly-built cafe. It is a scene brimming with potential — suggesting a bright future filled with prosperity and endless opportunities for this remarkable Chinese village.
With the implementation of revised Graded Response Action Plan (GRAP) by the Commission for Air Quality Management (CAQM) in NCR and Adjoining Areas since 15.10.2024, comprehensive and target specific actions under Stages I & II of GRAP are being taken by the concerned agencies responsible for control of air pollution in NCR. Stage-I of GRAP has been in-force since 15.10.2024 and Stage-II since 22.10.2024 in the entire NCR. During 15.10.2024 – 31.10.2024 period, a range of preventive and remedial measures were initiated to abate air pollution in the region. Summary of the actions taken by different agencies in this regard are as follows:
Setting up a GRAP Monitoring Control Room in the Commission To follow up and monitor the targeted actions by NCR States, a GRAP Monitoring Control Room has been set up in the Commission since 15.10.2024 which is headed by Member (CAQM). A dedicated WhatsApp group has been created for smooth flow of information between Control Room and concerned Nodal Officers of States. The Control Room remains operational throughout the week.
Some of the highlights of GRAP actions taken by the NCR States are as under: Inspection of Construction & Demolition (C&D) sites and action taken: As per the GRAP action, inspection of C&D sites has been intensified by concerned agencies to ensure compliance of air pollution control measures. Based on such inspections, action is being taken against non-complying units. More than 7000 C&D sites were inspected across NCR and Environmental Compensation (EC) has been imposed on 597 non-complying sites and orders for closure have been issued for 56 sites.
Deployment of Mechanical Road Sweeping Machines (MRSMs), Water Sprinklers (WS) and Anti-Smog Guns (ASGs) to control Road Dust: To control the dust pollution at its source, deployment of MRSMs, Water Sprinklers and ASGs has been increased across NCR. In Delhi alone on an average 81 MRSMs were deployed daily while in Haryana and UP, 36 MRSMs were deployed daily to arrest the dust pollution from roads. Similarly, on an average around 600 water sprinklers and ASGs each were also deployed on daily basis across NCR.
Enforcement actions in Vehicular Sector: Intensive drive was taken to challan non-compliant vehicles on account of non-possession of PUCs, visibly polluting, carrying C&D waste, etc. Overaged vehicles found plying on road were also impounded. A total of around 54,000 vehicles have been challaned for non-possession of PUCs and around 3900 overaged vehicles have been impounded across NCR during the period (15.10.2024 – 31.10.2024).
Enforcement of MSW Management measures: Intensive inspections were carried out for illegal dumping sites across NCR and necessary action taken against illegal sites. More than 5300 such inspections were carried out. Accordingly, action against defaulters for MSW burning during GRAP period was also taken.
Enforcement actions in Industrial Sectors and use of DG sets: Enforcement drives have been taken by NCR State agencies to inspect industries and DG sets and take action against non-complying units by imposing EC and/or issuing closure. Approx. 1400 industries and 1300 DG sets were inspected and action against non-complying units were taken.
Efforts by the concerned agencies responsible for control of air pollution in Delhi-NCR will be further intensified during the GRAP period as per the prevailing situation.
Company reports EPS of $3.78, Economic EPS of $4.82 in the third quarter of 2024
Net income (controlling interest) of $124 million, Economic Net Income (controlling interest) of $153 million
Economic Earnings per share of $4.82 for the quarter, increased 18% year-over-year
Repurchased $103 million in common stock, bringing year-to-date share repurchases to $580 million
WEST PALM BEACH, Fla., Nov. 04, 2024 (GLOBE NEWSWIRE) — AMG, a strategic partner to leading independent investment management firms globally, today reported its financial and operating results for the third quarter and nine months ended September 30, 2024.
Jay C. Horgen, President and Chief Executive Officer of AMG, said: “AMG delivered strong results in the third quarter, including year-over-year growth of 18% in Economic Earnings per share, reflecting the ongoing momentum in our business and the positive impact of our disciplined capital allocation strategy.
“Our growth strategy continues to drive the evolution of our business mix toward secular growth areas, with alternative strategies meaningfully, and increasingly, contributing to AMG’s earnings. AMG’s dedicated private markets Affiliates raised approximately $7 billion in the quarter, reflecting the strength of the ongoing demand for our Affiliates’ specialized strategies. During the quarter, we continued to invest AMG’s capital and resources in and alongside our Affiliates to enhance their growth – including by collaborating to develop additional innovative alternative solutions, across both private markets and liquid alternatives, for the U.S. wealth marketplace. AMG’s proven ability to magnify the competitive advantages of partner-owned firms, while also preserving their independence, continues to differentiate AMG’s partnership model and is highly valued by prospective Affiliates. As we form partnerships with additional new Affiliates in areas of secular demand and continue to invest in existing Affiliates, including by leveraging our capital formation capabilities, we expect to accelerate the evolution of AMG’s business profile toward alternatives and enhance our long-term growth prospects.
“Our excellent capital position was further strengthened through the issuance of $400 million in senior notes in the quarter, extending the average duration of our debt to more than 20 years. Given our unique partnership model, proven strategic capabilities, and ample financial flexibility, we see increasing opportunities to invest for growth in both new and existing Affiliates, and create meaningful additional shareholder value over time.”
FINANCIAL HIGHLIGHTS
Three Months Ended
Nine Months Ended
(in millions, except as noted and per share data)
9/30/2023
9/30/2024
9/30/2023
9/30/2024
Operating Performance Measures
AUM (at period end, in billions)
$
635.8
$
728.4
$
635.8
$
728.4
Average AUM (in billions)
663.8
711.7
664.4
694.9
Net client cash flows (in billions)
(9.4
)
(2.8
)
(23.1
)
(5.6
)
Aggregate fees
997.5
1,157.1
3,505.7
3,726.8
Financial Performance Measures
Net income (controlling interest)
$
217.0
$
123.6
$
476.8
$
349.5
Earnings per share (diluted)(1)
5.48
3.78
12.28
10.25
Supplemental Performance Measures(2)
Adjusted EBITDA (controlling interest)
$
208.4
$
214.1
$
639.6
$
691.4
Economic net income (controlling interest)
149.5
153.2
474.9
495.8
Economic earnings per share
4.08
4.82
12.72
14.90
For additional information on our Supplemental Performance Measures, including reconciliations to GAAP, see the Financial Tables and Notes.
Capital Management During the third quarter of 2024, the Company repurchased approximately $103 million in common stock, bringing total year-to-date repurchases to approximately $580 million. The Company also announced a third-quarter cash dividend of $0.01 per share of common stock, payable November 29, 2024 to stockholders of record as of the close of business on November 14, 2024.
About AMG AMG (NYSE: AMG) is a strategic partner to leading independent investment management firms globally. AMG’s strategy is to generate long‐term value by investing in a diverse array of high-quality independent partner-owned firms, through a proven partnership approach, and allocating resources across AMG’s unique opportunity set to the areas of highest growth and return. Through its distinctive approach, AMG magnifies its Affiliates’ existing advantages and actively supports their independence and ownership culture. As of September 30, 2024, AMG’s aggregate assets under management were approximately $728 billion across a diverse range of private markets, liquid alternative, and differentiated long-only investment strategies. For more information, please visit the Company’s website at www.amg.com.
Conference Call, Replay, and Presentation Information A conference call will be held with AMG’s management at 8:30 a.m. Eastern time today. Parties interested in listening to the conference call should dial 1-877-407-8291 (U.S. calls) or 1-201-689-8345 (non-U.S. calls) shortly before the call begins.
The conference call will also be available for replay beginning approximately one hour after the conclusion of the call. To hear a replay of the call, please dial 1-877-660-6853 (U.S. calls) or 1-201-612-7415 (non-U.S. calls) and provide conference ID 13749048. The live call and replay of the session and a presentation highlighting the Company’s performance can also be accessed via AMG’s website at https://ir.amg.com/.
Financial Tables Follow
ASSETS UNDER MANAGEMENT – STATEMENTS OF CHANGES (in billions)
BY STRATEGY – QUARTER TO DATE
Alternatives
Global Equities
U.S. Equities
Multi-Asset & Fixed Income
Total
AUM, June 30, 2024
$
256.6
$
186.4
$
146.6
$
111.4
$
701.0
Client cash inflows and commitments
14.3
3.9
4.7
4.4
27.3
Client cash outflows
(6.9
)
(10.2
)
(8.4
)
(4.6
)
(30.1
)
Net client cash flows
7.4
(6.3
)
(3.7
)
(0.2
)
(2.8
)
New investments*
—
—
—
0.7
0.7
Market changes
1.1
11.2
8.3
3.6
24.2
Foreign exchange
2.8
3.0
0.4
0.5
6.7
Realizations and distributions (net)
(1.3
)
(0.0
)
(0.0
)
(0.1
)
(1.4
)
Other
(0.1
)
0.0
0.0
0.1
—
AUM, September 30, 2024
$
266.5
$
194.3
$
151.6
$
116.0
$
728.4
BY STRATEGY – YEAR TO DATE
Alternatives
Global Equities
U.S. Equities
Multi-Asset & Fixed Income
Total
AUM, December 31, 2023
$
238.8
$
186.6
$
142.8
$
104.5
$
672.7
Client cash inflows and commitments
36.7
13.6
14.3
16.8
81.4
Client cash outflows
(18.4
)
(28.4
)
(25.9
)
(14.3
)
(87.0
)
Net client cash flows
18.3
(14.8
)
(11.6
)
2.5
(5.6
)
New investments
0.7
—
—
0.7
1.4
Market changes
7.7
23.8
20.1
8.3
59.9
Foreign exchange
2.4
1.8
(0.1
)
0.2
4.3
Realizations and distributions (net)
(3.9
)
(0.1
)
(0.1
)
(0.2
)
(4.3
)
Other
2.5
(3.0
)
0.5
0.0
0.0
AUM, September 30, 2024
$
266.5
$
194.3
$
151.6
$
116.0
$
728.4
BY CLIENT TYPE – QUARTER TO DATE
Institutional
Retail
High Net Worth
Total
AUM, June 30, 2024
$
369.7
$
201.4
$
129.9
$
701.0
Client cash inflows and commitments
11.7
8.5
7.1
27.3
Client cash outflows
(11.7
)
(13.2
)
(5.2
)
(30.1
)
Net client cash flows
(0.0
)
(4.7
)
1.9
(2.8
)
New investments*
—
—
0.7
0.7
Market changes
9.2
9.4
5.6
24.2
Foreign exchange
3.6
2.9
0.2
6.7
Realizations and distributions (net)
(1.3
)
(0.1
)
(0.0
)
(1.4
)
Other
(6.1
)
(0.4
)
6.5
—
AUM, September 30, 2024
$
375.1
$
208.5
$
144.8
$
728.4
BY CLIENT TYPE – YEAR TO DATE
Institutional
Retail
High Net Worth
Total
AUM, December 31, 2023
$
354.9
$
196.0
$
121.8
$
672.7
Client cash inflows and commitments
36.8
26.3
18.3
81.4
Client cash outflows
(31.7
)
(39.1
)
(16.2
)
(87.0
)
Net client cash flows
5.1
(12.8
)
2.1
(5.6
)
New investments
0.5
—
0.9
1.4
Market changes
26.0
23.1
10.8
59.9
Foreign exchange
2.0
2.4
(0.1
)
4.3
Realizations and distributions (net)
(3.9
)
(0.3
)
(0.1
)
(4.3
)
Other
(9.5
)
0.1
9.4
0.0
AUM, September 30, 2024
$
375.1
$
208.5
$
144.8
$
728.4
__________________________ * Includes assets under management related to a new investment made by an existing Affiliate.
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
(in millions, except per share data)
9/30/2023
9/30/2024
Consolidated revenue
$
525.2
$
516.4
Consolidated expenses:
Compensation and related expenses
211.8
220.8
Selling, general and administrative
91.1
97.0
Intangible amortization and impairments
12.5
7.3
Interest expense
31.1
34.7
Depreciation and other amortization
3.0
3.3
Other expenses (net)
7.9
11.6
Total consolidated expenses
357.4
374.7
Equity method income (net)(3)
39.8
52.6
Affiliate Transaction gain(4)
133.1
—
Investment and other income
23.0
22.8
Income before income taxes
363.7
217.1
Income tax expense
77.7
31.3
Net income
286.0
185.8
Net income (non-controlling interests)
(69.0
)
(62.2
)
Net income (controlling interest)
$
217.0
$
123.6
Average shares outstanding (basic)
34.9
30.1
Average shares outstanding (diluted)
43.4
35.0
Earnings per share (basic)
$
6.22
$
4.11
Earnings per share (diluted)(1)
$
5.48
$
3.78
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
Three Months Ended
(in millions, except per share data)
9/30/2023
9/30/2024
Net income (controlling interest)
$
217.0
$
123.6
Intangible amortization and impairments
29.8
27.5
Intangible-related deferred taxes
14.7
15.6
Affiliate Transactions(4)
(104.7
)
—
Other economic items
(7.3
)
(13.5
)
Economic net income (controlling interest)
$
149.5
$
153.2
Average shares outstanding (adjusted diluted)
36.6
31.8
Economic earnings per share
$
4.08
$
4.82
Net income (controlling interest)
$
217.0
$
123.6
Interest expense
31.1
34.7
Income taxes
76.6
33.3
Intangible amortization and impairments
29.8
27.5
Affiliate Transactions(4)
(139.6
)
—
Other items
(6.5
)
(5.0
)
Adjusted EBITDA (controlling interest)
$
208.4
$
214.1
See Notes for additional information.
CONSOLIDATED STATEMENTS OF INCOME
Nine Months Ended
(in millions, except per share data)
9/30/2023
9/30/2024
Consolidated revenue
$
1,555.2
$
1,516.6
Consolidated expenses:
Compensation and related expenses
663.0
676.5
Selling, general and administrative
273.4
278.1
Intangible amortization and impairments
37.5
21.8
Interest expense
92.4
98.1
Depreciation and other amortization
10.0
9.4
Other expenses (net)
36.2
31.5
Total consolidated expenses
1,112.5
1,115.4
Equity method income (net)(3)
154.3
188.3
Affiliate Transaction gain(4)
133.1
—
Investment and other income
87.2
60.0
Income before income taxes
817.3
649.5
Income tax expense
155.4
130.0
Net income
661.9
519.5
Net income (non-controlling interests)
(185.1
)
(170.0
)
Net income (controlling interest)
$
476.8
$
349.5
Average shares outstanding (basic)
35.6
31.4
Average shares outstanding (diluted)
42.9
35.2
Earnings per share (basic)
$
13.41
$
11.11
Earnings per share (diluted)(1)
$
12.28
$
10.25
RECONCILIATIONS OF SUPPLEMENTAL PERFORMANCE MEASURES(2)
Nine Months Ended
(in millions, except per share data)
9/30/2023
9/30/2024
Net income (controlling interest)
$
476.8
$
349.5
Intangible amortization and impairments
88.6
118.7
Intangible-related deferred taxes
44.6
46.6
Affiliate Transactions(4)
(122.1
)
—
Other economic items
(13.0
)
(19.0
)
Economic net income (controlling interest)
$
474.9
$
495.8
Average shares outstanding (adjusted diluted)
37.3
33.3
Economic earnings per share
$
12.72
$
14.90
Net income (controlling interest)
$
476.8
$
349.5
Interest expense
92.4
98.1
Income taxes
150.7
133.0
Intangible amortization and impairments
88.6
118.7
Affiliate Transactions(4)
(162.7
)
—
Other items
(6.2
)
(7.9
)
Adjusted EBITDA (controlling interest)
$
639.6
$
691.4
See Notes for additional information.
CONSOLIDATED BALANCE SHEETS
Period Ended
(in millions)
12/31/2023
9/30/2024
Assets
Cash and cash equivalents
$
813.6
$
1,010.7
Receivables
368.4
457.1
Investments in marketable securities
461.0
66.1
Goodwill
2,523.6
2,532.0
Acquired client relationships (net)
1,812.4
1,807.1
Equity method investments in Affiliates (net)
2,288.5
2,148.4
Fixed assets (net)
67.3
61.0
Other investments
480.9
532.8
Other assets
243.9
287.8
Total assets
$
9,059.6
$
8,903.0
Liabilities and Equity
Payables and accrued liabilities
$
628.5
$
625.7
Debt
2,537.5
2,619.7
Deferred income tax liability (net)
463.8
522.0
Other liabilities
466.3
464.5
Total liabilities
4,096.1
4,231.9
Redeemable non-controlling interests
393.4
397.1
Equity:
Common stock
0.6
0.6
Additional paid-in capital
741.4
711.3
Accumulated other comprehensive loss
(167.6
)
(139.2
)
Retained earnings
6,389.6
6,738.1
6,964.0
7,310.8
Less: treasury stock, at cost
(3,376.1
)
(3,994.5
)
Total stockholders’ equity
3,587.9
3,316.3
Non-controlling interests
982.2
957.7
Total equity
4,570.1
4,274.0
Total liabilities and equity
$
9,059.6
$
8,903.0
Notes
(1)
Earnings per share (diluted) adjusts for the dilutive effect of the potential issuance of incremental shares of our common stock.
We assume the settlement of all of our Redeemable non-controlling interests using the maximum number of shares permitted under our arrangements. The issuance of shares and the related income acquired are excluded from the calculation if an assumed purchase of Redeemable non-controlling interests would be anti-dilutive to diluted earnings per share.
We are required to apply the if-converted method to our outstanding junior convertible securities when calculating Earnings per share (diluted). Under the if-converted method, shares that are issuable upon conversion are deemed outstanding, regardless of whether the securities are contractually convertible into our common stock at that time. For this calculation, the interest expense (net of tax) attributable to these dilutive securities is added back to Net income (controlling interest), reflecting the assumption that the securities have been converted. Issuable shares for these securities and related interest expense are excluded from the calculation if an assumed conversion would be anti-dilutive to diluted earnings per share.
The following table provides a reconciliation of the numerator and denominator used in the calculation of basic and diluted earnings per share:
Three Months Ended
Nine Months Ended
(in millions)
9/30/2023
9/30/2024
9/30/2023
9/30/2024
Numerator
Net income (controlling interest)
$
217.0
$
123.6
$
476.8
$
349.5
Income from hypothetical settlement of Redeemable non-controlling interests, net of taxes
17.1
5.2
39.4
1.0
Interest expense on junior convertible securities, net of taxes
3.4
3.4
10.1
10.1
Net income (controlling interest), as adjusted
$
237.5
$
132.2
$
526.3
$
360.6
Denominator
Average shares outstanding (basic)
34.9
30.1
35.6
31.4
Effect of dilutive instruments:
Stock options and restricted stock units
1.7
1.7
1.7
1.9
Hypothetical issuance of shares to settle Redeemable non-controlling interests
5.1
1.5
3.9
0.2
Junior convertible securities
1.7
1.7
1.7
1.7
Average shares outstanding (diluted)
43.4
35.0
42.9
35.2
(2)
As supplemental information, we provide non-GAAP performance measures of Adjusted EBITDA (controlling interest), Economic net income (controlling interest), and Economic earnings per share. We believe that many investors use our Adjusted EBITDA (controlling interest) when comparing our financial performance to other companies in the investment management industry. Management utilizes these non-GAAP performance measures to assess our performance before our share of certain non-cash GAAP expenses primarily related to the acquisition of interests in Affiliates and to improve comparability between periods. Economic net income (controlling interest) and Economic earnings per share are used by management and our Board of Directors as our principal performance benchmarks, including as one of the measures for determining executive compensation. These non-GAAP performance measures are provided in addition to, but not as a substitute for, Net income (controlling interest), Earnings per share, or other GAAP performance measures. For additional information on our non-GAAP measures, see our most recent Annual and Quarterly Reports on Form 10-K and 10-Q, respectively, which are accessible on the SEC’s website at www.sec.gov.
Adjusted EBITDA (controlling interest) represents our performance before our share of interest expense, income and certain non-income based taxes, depreciation, amortization, impairments, gains and losses related to Affiliate Transactions, and non-cash items such as certain Affiliate equity activity, gains and losses on our contingent payment obligations, and unrealized gains and losses on seed capital, general partner commitments, and other strategic investments. Adjusted EBITDA (controlling interest) is also adjusted to include realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
Under our Economic net income (controlling interest) definition, we adjust Net income (controlling interest) for our share of pre-tax intangible amortization and impairments related to intangible assets (including the portion attributable to equity method investments in Affiliates) because these expenses do not correspond to the changes in the value of these assets, which do not diminish predictably over time. We also adjust for deferred taxes attributable to intangible assets because we believe it is unlikely these accruals will be used to settle material tax obligations. Further, we adjust for gains and losses related to Affiliate Transactions, net of tax, and other economic items. Other economic items include certain Affiliate equity activity, gains and losses related to contingent payment obligations, tax windfalls and shortfalls from share-based compensation, unrealized gains and losses on seed capital, general partner commitments, and other strategic investments, and realized economic gains and losses related to these seed capital, general partner commitments, and other strategic investments.
Economic earnings per share represents Economic net income (controlling interest) divided by the Average shares outstanding (adjusted diluted). In this calculation, we exclude the potential shares issued upon settlement of Redeemable non-controlling interests from Average shares outstanding (adjusted diluted) because we intend to settle those obligations without issuing shares, consistent with all prior Affiliate equity purchase transactions. The potential share issuance in connection with our junior convertible securities is measured using a “treasury stock” method. Under this method, only the net number of shares of common stock equal to the value of the junior convertible securities in excess of par, if any, are deemed to be outstanding. We believe the inclusion of net shares under a treasury stock method best reflects the benefit of the increase in available capital resources (which could be used to repurchase shares of our common stock) that occurs when these securities are converted and we are relieved of our debt obligation.
The following table provides a reconciliation of Average shares outstanding (adjusted diluted):
Three Months Ended
Nine Months Ended
(in millions)
9/30/2023
9/30/2024
9/30/2023
9/30/2024
Average shares outstanding (diluted)
43.4
35.0
42.9
35.2
Hypothetical issuance of shares to settle Redeemable non-controlling interests
(5.1
)
(1.5
)
(3.9
)
(0.2
)
Junior convertible securities
(1.7
)
(1.7
)
(1.7
)
(1.7
)
Average shares outstanding (adjusted diluted)
36.6
31.8
37.3
33.3
(3)
The following table presents equity method earnings and equity method intangible amortization and impairments, which in aggregate form Equity method income (net):
Three Months Ended
Nine Months Ended
(in millions)
9/30/2023
9/30/2024
9/30/2023
9/30/2024
Equity method earnings
$
61.0
$
75.3
$
217.3
$
292.6
Equity method intangible amortization and impairments
(21.2
)
(22.7
)
(63.0
)
(104.3
)
Equity method income (net)
$
39.8
$
52.6
$
154.3
$
188.3
(4)
The following table presents the impact of the completion of our previously announced sales of our equity interests in Veritable, LP to a third party in the third quarter of 2023, and Baring Private Equity Asia to EQT AB (“EQT”), a public company listed on Nasdaq Stockholm (EQT ST), in the fourth quarter of 2022, pursuant to which we received ordinary shares of EQT:
Three Months Ended
Nine Months Ended
(in millions)
9/30/2023
9/30/2024
9/30/2023
9/30/2024
Affiliate Transaction gain
$
133.1
$
—
$
133.1
$
—
Investment and other income – Realized gains on EQT shares
6.5
—
29.6
—
Affiliate Transactions, pre-tax
139.6
—
162.7
—
Income taxes
(34.9
)
—
(40.6
)
—
Affiliate Transactions, after-tax
$
104.7
$
—
$
122.1
$
—
Forward-Looking Statements and Other Matters
Certain matters discussed in this press release issued by Affiliated Managers Group, Inc. (“AMG” or the “Company”) may constitute forward-looking statements within the meaning of the federal securities laws. These statements include, but are not limited to, statements related to our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, and other non-historical statements. You can identify these forward-looking statements by the use of words such as “outlook,” “guidance,” “believes,” “expects,” “potential,” “preliminary,” “continues,” “may,” “will,” “should,” “seeks,” “approximately,” “predicts,” “projects,” “positioned,” “prospects,” “intends,” “plans,” “estimates,” “pending investments,” “anticipates,” or the negative version of these words or other comparable words. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to a number of factors, including changes in the securities or financial markets or in general economic conditions, the availability of equity and debt financing, competition for acquisitions of interests in investment management firms, uncertainties relating to closing of pending investments or transactions and potential changes in the anticipated benefits thereof, the investment performance and growth rates of our Affiliates and their ability to effectively market their investment strategies, the mix of Affiliate contributions to our earnings, and other risks, uncertainties, and assumptions, including those described under the section entitled “Risk Factors” in our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Such factors may be updated from time to time in our periodic filings with the SEC. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included in this release and in our filings with the SEC. We undertake no obligation to publicly update or review any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as required by applicable law.
This release does not constitute an offer of any products, investment vehicles, or services of any AMG Affiliate.
From time to time, AMG may use its website as a distribution channel of material Company information. AMG routinely posts financial and other important information regarding the Company in the Investor Relations section of its website at www.amg.com and encourages investors to consult that section regularly.
Headline: Thales AI developments enhance operational performance of maritime mine countermeasures
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At the Euronaval exhibition at Paris Nord Villepinte from 4-7 November, Thales is showcasing recent advances in mine countermeasures with a presentation of its latest AI technologies implemented in the Pathmaster solution.
AI has a key role to play in the detection, classification, identification and neutralisation of maritime mines. With Thales’s Mi-Map sonar analysis application, sonar data can be processed up to four times faster than with conventional tools, making it possible to locate underwater mines with greater precision than ever before.
Thales’s Pathmaster solution draws on the latest research by cortAIx, the Group’s accelerator for trusted, cybersafe AI.
@Thales
At Euronaval (4-7 November 2024), Thales is showcasing recent advances in artificial intelligence with a presentation of its Pathmaster solution, which uses AI to detect and classify maritime mines with unprecedented precision for neutralisation by autonomous underwater vehicles.
Maritime mines at any depth represent a low-cost, persistent threat to naval operations and compromise the safety of maritime shipping, which accounts for 90% of international trade. According to the latest estimates, several million maritime mines are now deployed worldwide, with particularly high densities in areas affected by major military conflicts or geopolitical tensions. As well as damaging marine ecosystems, they create a significant financial burden because of the need to re-route ships and protect shipping lanes.
“With the proliferation and growing sophistication of maritime mines, advanced data gathering and analytics capabilities have an increasingly important role to play in countering this global threat. Autonomous mine countermeasures systems implementing artificial intelligence algorithms are now capable of processing data more efficiently and at lower cost than ever before while protecting human operators from the dangers of maritime minefields. Thales’s trusted AI augments the capabilities of its Pathmaster solution to significantly improve sonar data analysis and provide operators with valuable decision support during critical phases of their missions,” said Gwendoline Blandin-Roger, Vice President, Underwater Systems, Thales.
Pathmaster uses AI to support the key tasks of mine detection and classification, while the Mi-Map application enables operators to analyse high-resolution sonar data covering hundreds of square kilometres, either in real time or after the mission, with greater efficiency than ever before. AI algorithms analyse sonar images to detect and classify potential mines much more accurately and over significantly larger areas. Thales’s Mi-Map solution is up to four times faster than conventional sonar data analysis tools as well as reducing the cognitive load on operators.
Thales’s AI-augmented Pathmaster system has been proven in comprehensive sea trials conducted for the Franco-British MMCM programme and was certified in 2024 to the International Maritime Organization’s degree 3 autonomy by the Naval Authority Group within the UK MoD’s Defence, Equipment and Support (DE&S) organisation.
AI at Thales
Thales is a major player in trusted, cybersafe, transparent, explainable and ethical AI for armed forces, aircraft manufacturers and critical infrastructure providers. The Group employs over 600 engineers specialising in AI and around 100 doctoral candidates are conducting their AI research with Thales. Organised within Thales’s AI accelerator for research (AI Lab), systems, including decision support systems, (AI Factory) and sensors, including sonar, radar, radios and optronics, (AI Sensors), these experts are helping to incorporate AI into over 100 of Thales’s products and services. Thales’s AI capabilities draw on the most advanced sensor and system technologies to address the full spectrum of user requirements in the defence, aviation, space, cybersecurity and digital identity industries. Trusted AI is designed to meet the specific security and sovereignty needs of Thales’s customers. It brings greater efficiency to data analysis and decision support and speeds up the detection, identification and classification of objects of interest and target scenes, while taking account of specific constraints such as cybersecurity, embeddability and frugality in critical environments.
In 2023, the Group was Europe’s top patent applicant in the field of AI for mission-critical systems. Also in 2023, the Group’s Friendly Hacker Unit demonstrated its credentials at the CAID challenge (Conference on Artificial Intelligence for Defence) organised by the French defence procurement agency (DGA), which involved finding AI training data even when it had been deleted from the system to preserve confidentiality.
About Thales
Thales (Euronext Paris: HO) is a global technology leader serving the Defence & Security, Aerospace & Space and Cybersecurity & Digital Identity markets.
The Group develops products and solutions that help make the world safer, greener and more inclusive.
Thales invests close to €4 billion a year in Research & Development, particularly in key areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.
Thales has 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.
Photo caption: OEUK CEO David Whitehouse. Credit: Offshore Energies UK.
The leading trade body for the UK offshore energy sector has responded to today’s Autumn Budget.
Confirming changes to the Energy Profits Levy, the Chancellor said she has sought to ensure the UK oil and gas industry can protect jobs and support domestic energy security. She confirmed that while the government will increase and extend the energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year capital allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030 unless the Energy Security Investment Mechanism is triggered before then.
OEUK said there is different path which generates more economic value and enables a homegrown transition towards the country’s climate goals by anchoring the sector’s world class supply chain and supporting over 200,000 UK-wide jobs.
The Chancellor today reconfirmed support for GB Energy and funding for carbon capture and storage and hydrogen projects across the UK.
David Whitehouse, CEO Offshore Energies UK comments:
“Today we heard the Chancellor recognise the role of the oil and gas sector to support high quality jobs and strengthen the UK’s energy security. We welcome that and the meetings and dialogue which have taken place between industry and the new government.
“While the government will increase and extend the Energy profits levy on oil and gas production to a headline rate of 78% and remove the associated investment allowance, the 100% first-year allowance and the decarbonisation allowance will be retained. The Chancellor also confirmed that the EPL will fall away in March 2030.
“However, with an increase in tax despite commodity prices at recent lows, there is no hiding that this is a difficult day for the sector.
“Oil and gas companies, our world class supply chain and our highly skilled people will support the energy transition. We will not be successful without them.
“It’s why there is a different path for this industry which can deliver the energy future we all agree on. With industry and government working in partnership we can protect the North Sea as a national economic asset. It can and should serve as an engine to realise UK economic growth and climate goals.
“We welcome that the government will consult in early 2025 on how the oil and gas tax regime can encourage investment and respond to changes in the oil price. We also note the consultation on end use emissions for oil and gas projects.
“That’s why we are calling for a homegrown energy transition – making the most of our whole homegrown sector – from oil, gas, wind, hydrogen to carbon capture projects with fair and competitive stable policies that keep jobs, skills and capital in the UK.”
OEUK is campaigning for a homegrown energy transition that makes the most of the UK’s people and industrial strengths to be a secure, sustainable and skilled future. Download a copy of OEUK’s industry manifesto here.
Did you know?
154,000 jobs are directly or indirectly related to offshore energy.
120,000 of these are directly or indirectly supported by oil and gas projects. When induced jobs are included this increases to over 200,000.
Spend in the UK’s offshore energy sector could total £450bn by 2040.
The existing supply chain built through experience supporting the oil and gas sector has the capability to service 84%, 80% and 58% of our CCS, Hydrogen, and Floating offshore wind sectors, respectively.
Moving to net zero will require more than £1 trillion of investment across the UK economy.
The offshore energy sector is ready to spend £450bn on projects in the next 15 years under the right investment conditions.
The UK imports around 40% of its energy needs. UK energy production is at the lowest it has ever been.
The UK gets three-quarters of its total energy from oil and gas. Domestic production is equivalent to around half these needs.
Over 24 million homes rely on gas boilers for heating. 1.5 million more homes rely on heating oil.
Over 30% of UK electricity is supplied by gas power stations
PUBLIC OPENING POSITION DISCLOSURE/DEALING DISCLOSURE BY A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE Rule 8.3 of the Takeover Code (the “Code”)
(b)Owner or controller of interests and short positions disclosed, if different from 1(a): The naming of nominee or vehicle companies is insufficient. For a trust, the trustee(s), settlor and beneficiaries must be named.
N/A
(c)Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree
ECKOH PLC
(d)If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:
N/A
(e)Date position held/dealing undertaken: For an opening position disclosure, state the latest practicable date prior to the disclosure
01 NOVEMBER 2024
(f)In addition to the company in 1(c) above, is the discloser making disclosures in respect of any other party to the offer? If it is a cash offer or possible cash offer, state “N/A”
N/A
2.POSITIONS OF THE PERSON MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.
(a)Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates following the dealing (if any)
Class of relevant security:
10p ORDINARY
Interests
Short positions
Number
%
Number
%
(1)Relevant securities owned and/or controlled:
19,886,513
6.8014
(2)Cash-settled derivatives:
(3)Stock-settled derivatives (including options) and agreements to purchase/sell:
TOTAL:
19,886,513
6.8014
NOTE: 12,060 shares were transferred out on 01/11/2024 by a discretionary client.
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions (including traded options), or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).
(b)Rights to subscribe for new securities (including directors’ and other employee options)
Class of relevant security in relation to which subscription right exists:
Details, including nature of the rights concerned and relevant percentages:
3.DEALINGS (IF ANY) BY THE PERSON MAKING THE DISCLOSURE
Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.
The currency of all prices and other monetary amounts should be stated.
(a)Purchases and sales
Class of relevant security
Purchase/sale
Number of securities
Price per unit
10p ORDINARY
SALE
47,788
52.755p
(b)Cash-settled derivative transactions
Class of relevant security
Product description e.g. CFD
Nature of dealing e.g. opening/closing a long/short position, increasing/reducing a long/short position
(d)Other dealings (including subscribing for new securities)
Class of relevant security
Nature of dealing e.g. subscription, conversion
Details
Price per unit (if applicable)
NONE
4.OTHER INFORMATION
(a)Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the person making the disclosure and any party to the offer or any person acting in concert with a party to the offer: Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”
NONE
(b)Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the person making the disclosure and any other person relating to: (i)the voting rights of any relevant securities under any option; or (ii)the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced: If there are no such agreements, arrangements or understandings, state “none”
NONE
(c)Attachments
Is a Supplemental Form 8 (Open Positions) attached?
NO
Date of disclosure:
04 NOVEMBER 2024
Contact name:
MARK ELLIOTT
Telephone number:
01253 376539
Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.
The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s disclosure requirements on +44 (0)20 7638 0129.
Source: The Conversation – UK – By Vanessa Newby, Assistant Professor, Institute of Security and Global Affairs, Leiden University
After a month of heavy bombardment, and despite continuing its military campaign and clearing border villages in south Lebanon, Israel is reportedly indirectly negotiating a peace deal with Hezbollah leaders. The terms of a ceasefire require the full implementation of UN resolution 1701, with a presence of around 10,000 Lebanese armed forces (LAF) soldiers stationed along the “blue line” which divides Israel from Lebanon and the Golan Heights. But making 1701 work has always proved a challenge.
There can be no doubt that since its inception in 2006, resolution 1701 has never been fully implemented in south Lebanon. Adopted unanimously in 2006, the purpose of the resolution was to end hostilities between Hezbollah and Israel, with the UN security council calling for a permanent ceasefire.
A key objective of 1701 is to ensure the area south of the Litani River in south Lebanon is free from any weapons other than those of the Lebanese state and the United Nations Interim Force in Lebanon (Unifil)
It is on this issue that Unifil has received the most opprobrium. International observers and politicians have criticised Unifil’s inability to locate and remove Hezbollah’s weapons. The IDF blames Unifil for failing to prevent the rearmament of Hezbollah and for allegedly not doing enough to prevent Hezbollah attacks on Israel.
But the question of why resolution 1701 was not fully implemented is not a simple one. Multiple actors are involved, of which one key player is the LAF. A large part of fulfilling resolution 1701 means ensuring that LAF are deployed in southern Lebanon as the only legitimate provider of force representing the Lebanese government. Understanding their role and the constraints they face is an important part of the puzzle.
Prior to the outbreak of the Lebanese civil war in 1975, south Lebanon was sparsely populated and regarded as strategically unimportant. When civil war broke out, political and operational factors meant the LAF could not deploy to the south.
These factors included the defection of LAF officers to sectarian militia and a lack of sufficient resources. The influence of neighbouring Syria and the heavy presence of militia groups, plus the occupation of the “zone of security” in south Lebanon by the IDF and its proxy militia the South Lebanon Army complicated matters.
After the 2006 war, LAF became an important official party to resolution 1701 and Unifil worked closely with them to fulfil three main objectives: first, to assist with their re-introduction into the area of operations; second, to improve their operational capabilities; and third, to seek international funding for the LAF to improve their technical capabilities.
Hunting for Hezbollah
Unifil is mandated to assist LAF in taking steps towards the establishment of an area free from armed personnel between the blue line and the Litani River.
Map of sourthern Lebanon showing the blue line which covers the Lebanese-Israeli border and extends to cover the Lebanese-Golan Heights border. Striving2767, CC BY-NC-SA
Until recently LAF and Unifil often conducted joint patrols to search for unexploded ordinance and unauthorised weapons. If Unifil independently discovered an illegal weapons cache, it would notify the LAF, which handled the weapons’ recovery.
This approach helped Unifil sidestep confrontations with the local population, on whose support they depend to patrol safely and execute the mandate. But while this policy was supportive of the goals of 1701, ultimately it proved ineffective.
There were a number of reasons for this. First, the LAF faces legal restrictions on entering private property. If it suspects illegal weapons are stored on private land, the LAF needs a court order to enter the property. This takes time, which gives the owner of the property the opportunity to remove the weapons. To fully implement 1701, this legal barrier would need to be removed.
The LAF also has to walk a political tightrope between different political factions in Beirut, and is also sensitive to the need for local support in the south. While LAF is undoubtedly popular in Lebanon, many in the south are Shia Muslims with strong loyalties to Hezbollah and the Amal movement (a Shia militia which now operates as a political party in Lebanon). These groups offer both a degree of security and material help in the form of social services.
While conducting field research in southern Lebanon from 2012 to 2018, I discovered that civilians in the region understand that it is difficult for LAF to hunt aggressively for weapons. This is because they need to retain a working relationship with Hezbollah which – with its allies – constitutes the political majority in Beirut. Ridding south Lebanon of Hezbollah weapons will require political cover from Beirut.
Another problem the LAF has faced is getting hold of modern weaponry due to Israeli opposition, despite the LAF enjoying strong international support. Israel’s “qualitative military edge” strategy, supported by the US, means that it campaigns internationally against any of its border states obtaining weapons deemed to pose a threat to its security. This has on occasion prevented LAF from accepting essential defensive equipment, such as armoured vehicles and air defence systems, from its European friends.
Preventing LAF from getting defensive equipment contradicts the EU and US stated goal of strengthening LAF. It also supports Hezbollah’s claim that it can only hand over national security to LAF when it is properly equipped to defend Lebanon. A civilian I interviewed in south Lebanon in 2013 summed up the paradox: “We would prefer that the international community made a decision to allow the military to be armed properly, and then we don’t need the resistance.”
Ultimately the political and legal tightrope the LAF walks in Lebanon is deeply implicated in why resolution 1701 has never been fully implemented. Neither a national army nor a peacekeeping force are capable of enforcing a Hezbollah withdrawal in the absence of political and legal agreement in Beirut, or local support in south Lebanon.
Any calls for the full implementation of 1701 will require the unqualified support of all parties to 1701. This is not just those involved in the conflict – Israel, Hezbollah and the Lebanese government – but also various international stakeholders including the US, EU and all countries with UN peacekeepers in Lebanon. It will be a delicate balance.
Vanessa Newby does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
An incentive to encourage local businesses to switch to second-hand electric vans has seen all 25 available incentives successfully applied for in just six weeks.
When the scheme launched on 16 September, local businesses had an opportunity to apply for funding towards the purchase of a second-hand electric van on a first-come, first served basis, as part of the Government of Jersey’s incentive to reduce the Island’s transport emissions.
The Minister for the Environment, Deputy Steve Luce, said: “I’m pleased to see such an immediate and positive response from local businesses to the second-hand electric van incentive. This shows a real desire from businesses to switch to electric and support Jersey’s decarbonisation efforts.
“Business transport vehicles are responsible for a significant proportion of our transport emissions, so by making the switch to electric, businesses are supporting with the Island’s transition towards a more sustainable transport future.”
A separate Electric Vehicle Purchase Incentive (EVPI) continues to be available to both individuals and businesses; at a value of up to £3,500 towards the cost of an electric car or van, or up to £300 towards the cost of an electric moped or motorcycle.
Due to the successful uptake of this to date, it is likely to close by the end of 2024. For more information about the Electric Vehicle Purchase Incentive, visit: gov.je/GoElectric.
MANCHESTER, N.H., Nov. 04, 2024 (GLOBE NEWSWIRE) — Allegro MicroSystems, Inc. (“Allegro”) (Nasdaq: ALGM), a global leader in power and sensing solutions, today announced a groundbreaking series of Power products poised to redefine performance and efficiency across automotive, industrial and data center applications. Allegro’s innovative products, debuting at Electronica 2024, empower customers to achieve unparalleled performance while simplifying design and reducing costs. The new product lineup not only addresses the escalating demands for higher voltage and power, but also delivers industry-leading efficiency and reliability, marking a significant advance in power electronics technology.
Allegro’s comprehensive suite of products encompasses cutting-edge true 48V motor drivers like the A89212, A89224 and A89333 designed to address the thermal management needs of hybrid electric vehicles and AI Servers. Complementing these drivers is the APM81815, a 48V buck regulator designed for superior EMI performance in dual-voltage hybrid electric vehicles. Rounding out the list of new products is the AHV85311, a high-power isolated gate driver designed to accelerate the development of Silicon Carbide (SiC)-based power electronics. From optimizing efficiency in automotive applications to simplifying industrial designs as well as enhancing reliability in data centers, Allegro’s new power IC innovations enable engineers to design smarter, more efficient systems.
“The new power IC solutions from Allegro represent a significant leap forward in power electronics design,” says Ram Sathappan, Sr. Director of Global Marketing & Applications at Allegro MicroSystems. “We’re not just meeting the evolving demands of higher voltage and power; we’re redefining what’s possible. Our customers demand solutions that simplify design, enhance efficiency and lower costs, all of which our new products deliver. We’re excited to partner with our customers to shape the future of power electronics and look forward to showcasing our innovative solutions at Electronica.”
Key Allegro solutions launching at Electronica include:
A89212: Longer Battery Life and Lower System Costs This 48V SoC delivers high efficiency and torque at low speeds for power tools, eBikes and other industrial systems. In addition to extending battery life, this sensorless solution improves motor control precision and reduces cost by eliminating external hall sensors. With up to 256K of flash memory and 90V support, it is the first of its kind.
A89224: Optimized Efficiency for 48V Automotive Systems This SoC empowers the next generation of 48V automotive systems, optimizing fan and pump performance. Advanced motor control libraries maximize efficiency and torque at zero speed for pumps while minimizing noise for fans. This translates to reduced power losses, lighter wire harnesses and increased vehicle mileage for OEMs and ODMs. With 256K of flash memory, it offers robust processing power for complex tasks.
A89333: Increased AI Server Reliability with Code-Free 48V Fan Driver This motor driver offers code-free integration, reduced power loss and improved thermal management for 48V fans in AI servers. The integrated buck converter is designed to maximize efficiency, extending component life and boosting server reliability.
APM81815: Easy 48V Power Supply Design with Fewer Components This synchronous buck regulator simplifies 48V power regulation, offering a cost-effective solution with minimal design effort and a tiny footprint. Integrated capacitors and 2.2MHz switching frequency achieve industry-leading power density and superior EMI performance, making it ideal for electric power steering, braking, EV powertrains, thermal management, EV charging and robotics.
AHV85311: Smaller Simpler Design with Higher Efficiency Supporting multiple SiC MOSFET vendors, this universal gate driver utilizing Power-Thru technology offers a compact, efficient solution that simplifies development and enhances overall system performance. By eliminating the need for an external transformer or isolated bias supply, it reduces size, noise and design complexity while boosting efficiency. Ideal for a range of applications, including onboard chargers (OBC), DC-DC converters, data center power supplies, solar inverters and industrial motors, it accelerates time to market with superior isolation characteristics and seamless integration for SiC power systems design.
Allegro’s new power and motor control solutions represent a significant step forward in addressing many of the challenges faced in today’s rapidly evolving automotive and industrial landscapes. Attendees at Electronica are invited to visit the Allegro MicroSystems booth # C5.479 to meet with members of the Allegro executive team, view live demos and discover how its 48V solutions continue to drive innovation that enables customers to optimize performance, efficiency and cost.
About Allegro MicroSystems Allegro MicroSystems, Inc. is leveraging more than three decades of expertise in magnetic sensing and power ICs, to propel automotive, clean energy and industrial automation forward with solutions that enhance efficiency, performance and sustainability. Allegro’s commitment to quality drives transformation across industries, reinforcing our status as a pioneer in “automotive grade” technology and a partner in our customers’ success. For additional information, please visit https://www.allegromicro.com/en/.
LAS VEGAS, NV, Nov. 04, 2024 (GLOBE NEWSWIRE) — Consumer Portfolio Services, Inc.(Nasdaq: CPSS) (“CPS” or the “Company”), a leader in providing indirect automobile financing to consumers, today announced that it has partnered with SentiLink, a leading provider of advanced identity verification and fraud detection solutions. The partnership enables CPS to improve its fraud prevention efforts while also saving the Company approximately $1 million per quarter so far.
SentiLink’s AI-driven technology analyzes key identity and fraud indicators to generate actionable reports for CPS, helping the Company lend to legitimate, verified borrowers. This improvement in fraud detection directly supports CPS’s goal of significantly reducing lifetime portfolio losses, ultimately reinforcing financial performance.
“Fraud prevention is an increasingly vital component of our risk management strategy,” said Robert DeJarnette, VP of Risk Management at CPS. “With the rise in fraud attempts across the subprime auto sector, SentiLink’s technology will continue to be instrumental in helping us detect fraudulent activity early and reduce exposure within our portfolio.”
Mike Lavin, COO of CPS, added: “SentiLink’s fraud detection capabilities have already helped us lower our fraud exposure by over $1 million each quarter so far. As we continue to optimize our technology, we expect to further reduce risks for our lending partners while supporting our continued growth in the subprime lending market.”
Staying at the forefront of technology has become a key performance differentiator for CPS, enabling the Company to refine its underwriting processes, enhance dealer performance, and strengthen risk management. Through the thoughtful application of advanced AI and machine learning, CPS is well-positioned to drive sustained growth in the years ahead.
About Consumer Portfolio Services: Consumer Portfolio Services, Inc. is an independent specialty finance company that provides indirect automobile financing to individuals with past credit problems or limited credit histories. We purchase retail installment sales contracts primarily from franchised automobile dealerships secured by late model used vehicles and, to a lesser extent, new vehicles. We fund these contract purchases on a long-term basis primarily through the securitization markets and service the contracts over their lives.
About SentiLink SentiLink, the leader in identity verification technology, provides financial institutions and fintechs with best-in-class solutions to prevent synthetic fraud, identity theft, and emerging forms of first-party fraud, as well as access to the eCBSV SSN verification service. Founded in 2017 by Naftali Harris and Max Blumenfeld, creators of the risk and fraud systems at Affirm, SentiLink has raised $85M to date from investors including Andreessen Horowitz, Craft Ventures, and NYCA Partners, among others.
Company Contact Danny Bharwani Chief Financial Officer 949-753-6811
Investor Relations Contact Tom Colton and Alec Wilson Gateway Group, Inc. 949-574-3860 CPSS@gateway-grp.com
MIDDLETOWN, R.I., Nov. 04, 2024 (GLOBE NEWSWIRE) — KVH Industries, Inc. (Nasdaq: KVHI), today announced that it has substantially completed a 75-vessel connectivity upgrade for commercial dry bulk operator Pacific Basin Shipping, a longtime KVH customer. KVH is delivering worldwide communications to more than 75 Pacific Basin vessels using the KVH ONE® multi-orbit, multi-channel network, including the addition of Low Earth Orbit service via Starlink. These vessels are using KVH TracPhone® V7-HTS terminals, new Starlink Flat High Performance terminals, and KVH’s CommBox™ Edge Communications Gateway onboard. This upgrade was carried out under the terms of a new agreement signed in July 2024.
“It’s been our pleasure to help Pacific Basin ships and crews remain always connected since 2016, and we are honored that they elected to continue their longstanding partnership with us,” says Ken Loke, KVH’s vice president of Asia-Pacific sales. “By choosing our global VSAT service, TracPhone V7-HTS, and Starlink, together with our advanced CommBox Edge, Pacific Basin once again illustrates its commitment to providing innovative world-class maritime connectivity for its vessels and seafarers by taking full advantage of KVH’s fully integrated hybrid solutions.”
“Pacific Basin is focused on the highest possible quality operations and the promotion of the highest standards of welfare for our crews across our fleet,” said Harsh Bhave, Director of Fleet Management, Pacific Basin. “This installation recognizes the need to add smart bandwidth that can enable next level performance for our ships and our people.”
KVH’s TracPhone V7-HTS terminals feature Ku-band satellite interconnectivity delivered by a global network of high-throughput satellites (HTS) powered by Intelsat and delivering connection speeds as fast as 10/2 Mbps (down/up). Starlink offers high-speed, low-latency Internet using a high-performance, electronically steered flat panel array. Thanks to plug-and-play integration with KVH’s CommBox Edge 6 belowdeck appliance, intelligent hybrid switching will ensure that customers take full advantage of KVH ONE network, including Starlink, for uninterrupted connectivity worldwide.
CommBox Edge is an all-in-one management toolbox for maritime IT professionals who want to control the growing array of wide area network (WAN) options, such as the VSAT, low earth orbit (LEO) services, 5G cellular, and other services available through the KVH ONE global network. It employs dynamic network and bandwidth management over these networks with an extensive suite of data and user controls, real-time reporting, and more. It delivers outstanding performance for crew, guest, and vessel communications thanks to a versatile, secure, fast SD-WAN architecture with cloud-based management.
Note to Editors: High-resolution images of KVH products are available at the KVH Press Room Image Library, https://www.kvh.com/imagelibrary
About KVH Industries, Inc.
KVH Industries, Inc. is a global leader in mobile connectivity and maritime VSAT delivered via the KVH ONE network. The company, founded in 1982, is based in Middletown, RI, with research, development, and manufacturing operations in Middletown, RI, and more than a dozen offices around the globe. KVH provides connectivity solutions for commercial maritime, leisure marine, military/government, and land mobile applications on vessels and vehicles, including the TracNet™, TracPhone, and TracVision® product lines, the KVH ONE OpenNet Program for non-KVH antennas, AgilePlans® Connectivity as a Service (CaaS), and the KVH Link crew wellbeing content service.
This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding the success of our strategic evolution towards an integrated solution provider, competitive positioning and profitability, expected data speeds over our network, the expected level of coverage availability, and the services to be provided under agreement with Pacific Basin. These and other factors are discussed in more detail in KVH’s Quarterly Report on Form 10-Q filed with the SEC on August 1, 2024, and Annual Report on Form 10-K filed with the SEC on March 15, 2024. Copies are available through its Investor Relations department and website: https://investors.kvh.com. KVH does not assume any obligation to update our forward-looking statements to reflect new information and developments.
KVH Industries, Inc., has used, registered, or applied to register its trademarks in the USA and other countries around the world, including but not limited to the following marks: KVH, KVH ONE, CommBox, TracVision, TracPhone, TracNet, and AgilePlans. Other trademarks are the property of their respective companies.
For further information, please contact: Chris Watson Vice President, Marketing & Communications KVH Industries, Inc. Tel: +1 401 845 2441 cwatson@kvh.com
