Compliance Lapses At Australian Banks Raise Alarm Bells
Good morning everyone, it's Ainslie here in Sydney where the rain is well and truly back. Local stocks are looking at a weaker open today. But first...
Today's must-reads:
• Finance industry compliance breaches
• Stronger-than-expected wage growth
• Boeing lands its biggest order
Australia's finance industry is beset by a raft of compliance lapses — from data reporting breaches to trader misbehavior — reigniting concerns the $541 billion sector has struggled to clean up after a litany of scandals came to light six years ago. Most recently, the Australian markets regulator sued Macquarie Group's local securities business, alleging the misreporting of millions of short sales for more than a decade. At rival ANZ Group, new CEO Nuno Matos said improving risk management is one of his key priorities after missteps plagued his predecessor. Read more here.
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ORMAT EXPANDS MANAGEMENT TEAM TO SUPPORT ELECTRICITY SEGMENT GROWTH AND EGS INITIATIVES ARON WILLIS APPOINTED EXECUTIVE VICE PRESIDENT, ELECTRICITY SEGMENT DANIEL MOELK APPOINTED SENIOR VICE PRESIDENT, RESOURCES, DRILLING, & EGS RENO, Nev., June 05, 2025 (GLOBE NEWSWIRE) -- Ormat Technologies, Inc. (NYSE: ORA) (the 'Company' or 'Ormat'), a leading geothermal and renewable energy company, is pleased to announce the appointment of two distinguished executives to its senior management team. These strategic appointments are poised to propel the next phase of the Company's growth and enhance its operational excellence within the renewable energy sector. Aron Willis Appointed Executive Vice President, Electricity Segment Effective June 4, 2025, Aron Willis will assume the role of Executive Vice President, Electricity Segment at Ormat Technologies. 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At TransAlta Corporation, Aron held several senior leadership positions, including Executive Vice President of Project Delivery & Construction, Executive Vice President of Growth and Senior Vice President of Operations & Commercial Management. He also managed TransAlta's Australian operations for 10 years, comprising approximately 500MW of generating capacity. Aron holds a Bachelor of Commerce degree with a major in Finance from the University of Calgary. Daniel Moelk Appointed Senior Vice President, Resources, Drilling & EGS In July 2025, Daniel Moelk will join Ormat as Senior Vice President, Resources, Drilling & EGS. Daniel will lead our Resources, Drilling, and EGS teams with a focus on implementing sophisticated processes and innovative technologies. His work will focus in part on creating efficiencies through the use and advanced AI tools and developing Ormat's ongoing drilling and exploration global roadmap. Daniel brings nearly 18 years of valuable operations and drilling management experience within the geothermal industry. Most recently, Daniel served as the EVP of European Operations for Eavor Technologies Inc, a company focused on EGS development where he successfully executed some of the industry's most challenging and complex drilling campaigns. Daniel has played pivotal roles in expanding geothermal drilling operations across his career, in particular at Steag GMBH, PT Sejahtera Alam Energy while he was located in Indonesia, Daldrup & Sohne AG, Mannvit Engineering Consultants, and Iceland Drilling Inc. Daniel holds a degree in Mechanical Engineering from the University of Iceland. 'We are thrilled to welcome Aron Willis and Daniel Moelk to Ormat's leadership team, where their valued backgrounds and experience will help drive the next phase of development and growth for our leading geothermal operations,' said Doron Blachar, Chief Executive Officer of Ormat Technologies. 'Their extensive experience and proven track records in the power generation and geothermal industries will be invaluable as we continue to support our growth through continued innovation. These appointments reflect our commitment to strengthening our leadership team, advancing our strategic objectives for generation growth, expanding our profitability, and focusing efforts on EGS development. I am confident that Aron and Daniel, both of whom will report directly to me, will play pivotal roles in our ongoing success.' Blachar continued, 'I also want to extend my sincere gratitude to Shimon Hatzir for his long-standing service to the Company and his exceptional leadership and dedication over the past 36 years. Shimon has made significant contributions to Ormat in various capacities, including leading our R&D and engineering division, leading wide range of technology developments, and managing the design of numerous power plants. He also led our energy storage segment, and most recently, heading the Electricity Segment including the Resource and Drilling operations I wish him all the best in his well-deserved retirement.' ABOUT ORMAT TECHNOLOGIES With six decades of experience, Ormat Technologies, Inc. is a leading geothermal company, and the only vertically integrated company engaged in geothermal and recovered energy generation ('REG'), with robust plans to accelerate long-term growth in the energy storage market and to establish a leading position in the U.S. energy storage market. The Company owns, operates, designs, manufactures and sells geothermal and REG power plants primarily based on the Ormat Energy Converter – a power generation unit that converts low-, medium- and high-temperature heat into electricity. The Company has engineered, manufactured and constructed power plants, which it currently owns or has installed for utilities and developers worldwide, totaling approximately 3,400MW of gross capacity. Ormat leveraged its core capabilities in the geothermal and REG industries and its global presence to expand the Company's activity into energy storage services, solar Photovoltaic (PV) and energy storage plus Solar PV. Ormat's current total generating portfolio is 1,538MW with a 1,248MW geothermal and solar generation portfolio that is spread globally in the U.S., Kenya, Guatemala, Indonesia, Honduras, and Guadeloupe, and a 290MW energy storage portfolio that is located in the U.S. ORMAT'S SAFE HARBOR STATEMENT Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that we expect or anticipate will or may occur in the future, including such matters as our projections of annual revenues, expenses and debt service coverage with respect to our debt securities, future capital expenditures, business strategy, competitive strengths, goals, development or operation of generation assets, market and industry developments and the growth of our business and operations, are forward-looking statements. When used in this press release, the words 'may', 'will', 'could', 'should', 'expects', 'plans', 'anticipates', 'believes', 'estimates', 'predicts', 'projects', 'potential', or 'contemplate' or the negative of these terms or other comparable terminology are intended to identify forward-looking statements, although not all forward-looking statements contain such words or expressions. These forward-looking statements generally relate to Ormat's plans, objectives and expectations for future operations and are based upon its management's current estimates and projections of future results or trends. Although we believe that our plans and objectives reflected in or suggested by these forward-looking statements are reasonable, we may not achieve these plans or objectives. Actual future results may differ materially from those projected as a result of certain risks and uncertainties and other risks described under "Risk Factors" as described in Ormat's annual report on Form 10-K filed with the Securities and Exchange Commission ('SEC') on February 27, 2025, and in Ormat's subsequent quarterly reports on Form 10-Q that are filed from time to time with the SEC. These forward-looking statements are made only as of the date hereof, and, except as legally required, we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Ormat Technologies Contact:Smadar LaviVP Head of IR and ESG Planning & Reporting 775-356-9029 (ext. 65726)slavi@ Investor Relations Agency Contact:Joseph Caminiti or Josh CarrollAlpha IR Group312-445-2870ORA@ in to access your portfolio
