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  • MIL-OSI: Wix Helps Users Turn Skills into Revenue and Create New Business Initiatives with AI-Powered Business Launcher

    Source: GlobeNewswire (MIL-OSI)

    The Business Launcher simplifies the entrepreneurial journey by offering a personalized, end-to-end solution that translates users’ skills and experiences into viable business ventures

    NEW YORK – Wix.com Ltd. (NASDAQ: WIX), the leading SaaS website builder platform globally1, today announced the launch of the Business Launcher, an AI-powered tool that helps users create new business initiatives from concept to execution. The tool guides users through various steps of starting a new business, offering personalized ideas, actionable plans, and essential tools to create a website and launch a business. 

    Users begin by answering a few questions about their background, or by uploading their resume. The AI-powered tool then builds a comprehensive profile, based on work experience, skills, education, and interests. Additionally, users are asked about their goals—whether they’re aiming for a side hustle, exploring a new career path, or planning a full-time business—creating a foundation for generating tailored business ideas. Business ideas are then presented to the user, with a full breakdown of each idea including how it aligns with the users’ skills, the market size, keywords for SEO and how to earn money.

    Once a business idea is selected, users receive a comprehensive launch kit, which includes a custom business name, a personalized website, logo creation, domain name options, and marketing tools. They are then guided to create their website using Wix’s AI Website Builder. The final step in the process transitions users to their tailored site dashboard, complete with a personalized business name and relevant apps to help manage their business efficiently. The dashboard provides the necessary tools to get the business up and running, offering a seamless experience from ideation to execution.

    “We designed the Business Launcher to function like a personal business assistant, guiding users from the initial spark of an idea all the way to full business execution,” said Yaya Aaronsohn, Head of Brand Maker and Business Launcher at Wix. “By combining users’ work experience and interests with Wix’s extensive market research, the Business Launcher offers personalized ideas supported by detailed market analysis, SEO strategies, and revenue planning. It equips users with everything they need, from a custom website to marketing tools, ensuring they can confidently launch their business.”

    The Business Launcher is available in English, with free access and optional premium upgrades for features like domain names and logos. Learn more about the Business Launcher here.

    About Wix.com Ltd.

    Wix is the leading SaaS website builder platform1 to create, manage and grow a digital presence. Founded  in 2006, Wix is a comprehensive platform providing users – self-creators, agencies, enterprises, and more – with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients. 

    For more about Wix, please visit our Press Room
    Media Relations Contact:  PR@wix.com  

    1 Based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of H1 2024.

    Attachments

    The MIL Network

  • MIL-OSI: Lake Shore Bancorp, Inc. Announces Adoption of Plan of Conversion and Reorganization to Undertake Second Step Conversion

    Source: GlobeNewswire (MIL-OSI)

    DUNKIRK, N.Y., Jan. 30, 2025 (GLOBE NEWSWIRE) — Lake Shore Bancorp, Inc. (the “Company”) (NASDAQ: LSBK), the holding company for Lake Shore Savings Bank (the “Bank”), announced today that the Board of Directors of its parent mutual holding company, Lake Shore, MHC, has adopted a Plan of Conversion and Reorganization pursuant to which Lake Shore, MHC will undertake a “second step” conversion from the mutual holding company structure to the stock holding company structure. In connection with the second step conversion, the Bank intends to seek regulatory approval to convert its charter to a New York-chartered commercial bank.

    Lake Shore, MHC currently owns approximately 63.4% of the outstanding shares of common stock of the Company which it acquired in connection with the reorganization of the Bank into the mutual holding company structure and the related initial public offering by the Company in 2006.

    As a result of the proposed transaction, a new stock holding company for the Bank (the “New Bank Holding Company”), which will succeed the Company, and will offer for sale shares of its common stock, representing Lake Shore, MHC’s ownership interest in the Company, to depositors of the Bank in a subscription offering and, if necessary, a community offering and/or a syndicated community offering. Eligible account holders of the Bank as of the close of business on December 31, 2023 have first priority non-transferable subscription rights to subscribe for shares of common stock of the New Bank Holding Company. The total number of shares of common stock of the New Bank Holding Company to be issued in the proposed stock offering will be based on the aggregate pro forma market value of the common stock of the New Bank Holding Company, as determined by an independent appraisal. In addition, each share of common stock of the Company owned by persons other than Lake Shore, MHC (the “minority shareholders”) will be converted into and become the right to receive a number of shares of common stock of the New Bank Holding Company pursuant to an exchange ratio established at the completion of the proposed transaction. The exchange ratio is designed to preserve in the New Bank Holding Company the same aggregate percentage ownership interest that the minority shareholders will have in the Company immediately before the completion of the proposed transaction, exclusive of the purchase of any additional shares of common stock of the New Bank Holding Company by minority shareholders in the stock offering and the effect of cash received in lieu of issuance of fractional shares of common stock of the New Bank Holding Company, and adjusted to reflect certain assets held by Lake Shore, MHC.

    The proposed transaction is expected to be completed in the third quarter of 2025, subject to regulatory approval, approval by the members of Lake Shore, MHC (i.e., depositors of the Bank), and approval by the shareholders of the Company, including by a separate vote of approval by the Company’s minority shareholders. Detailed information regarding the proposed transaction, including the stock offering, will be sent to shareholders of the Company and members of Lake Shore, MHC following regulatory approval.

    About Lake Shore

    Lake Shore Bancorp, Inc. (NASDAQ Global Market: LSBK) is the mid-tier holding company of Lake Shore Savings Bank, a federally chartered, community-oriented financial institution headquartered in Dunkirk, New York. The Bank has ten full-service branch locations in Western New York, including four in Chautauqua County and six in Erie County. The Bank offers a broad range of retail and commercial lending and deposit services. The Company’s common stock is traded on the NASDAQ Global Market as “LSBK”. Additional information about the Company is available at www.lakeshoresavings.com.

    Safe-Harbor

    This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, that are based on current expectations, estimates and projections about the Company’s and the Bank’s industry, and management’s beliefs and assumptions. Words such as anticipates, expects, intends, plans, believes, estimates and variations of such words and expressions are intended to identify forward-looking statements. Such statements reflect management’s current views of future events and operations. These forward-looking statements are based on information currently available to the Company as of the date of this release. It is important to note that these forward-looking statements are not guarantees of future performance and involve and are subject to significant risks, contingencies, and uncertainties, many of which are difficult to predict and are generally beyond our control including, but not limited to, that the proposed transaction may not be timely completed, if at all, that required regulatory, shareholder and member approvals are not timely received, if at all, or that other customary closing conditions are not satisfied in a timely manner, if at all, compliance with the Written Agreement with the Federal Reserve Bank of Philadelphia, data loss or other security breaches, including a breach of our operational or security systems, policies or procedures, including cyber-attacks on us or on our third party vendors or service providers, economic conditions, the effect of changes in monetary and fiscal policy, inflation, unanticipated changes in our liquidity position, climate change, geopolitical conflicts, public health issues, increased unemployment, deterioration in the credit quality of the loan portfolio and/or the value of the collateral securing repayment of loans, reduction in the value of investment securities, the cost and ability to attract and retain key employees, regulatory or legal developments, tax policy changes, dividend policy changes and our ability to implement and execute our business plan and strategy and expand our operations. These factors should be considered in evaluating forward looking statements and undue reliance should not be placed on such statements, as our financial performance could differ materially due to various risks or uncertainties. We do not undertake to publicly update or revise our forward-looking statements if future changes make it clear that any projected results expressed or implied therein will not be realized.

    Important Additional Information and Where to Find It

    Lake Shore Bancorp, Inc. will file with the Securities and Exchange Commission (the “SEC”) a registration statement on Form S-1 that will include a proxy statement of the Company and a prospectus of Lake Shore Bancorp, Inc., as well as other relevant documents concerning the proposed transaction. SHAREHOLDERS OF THE COMPANY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT, AND THE PROSPECTUS CAREFULLY WHEN THESE DOCUMENTS BECOME AVAILABLE AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THOSE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. When filed, these documents and other documents relating to the proposed transaction can be obtained free of charge from the SEC’s website at www.sec.gov. Alternatively, these documents, when available, can be obtained free-of-charge from the Company upon written request to Lake Shore Bancorp, Inc., 31 East Fourth Street, Dunkirk, New York 14048, Attention: Taylor M. Gilden, or by calling (716) 366-4070 ext. 1065.

    Participants in the Solicitation

    The Company and its directors and its executive officers may be deemed to be participants in the solicitation of proxies with respect of the proposed transaction. Information regarding the Company’s directors and executive officers is available in its definitive proxy statement for its 2024 Annual Meeting of Shareholders, filed with the SEC on April 11, 2024. Other information regarding the participants in the proxy solicitation will be contained in the proxy statement, the prospectus, and other relevant materials filed with the SEC, as described above.

    This press release is neither an offer to sell nor a solicitation of an offer to buy common stock. The offer is made only by the prospectus when accompanied by a stock order form. The shares of common stock to be offered for sale by Lake Shore Bancorp, Inc. are not savings accounts or savings deposits and are not insured by the Federal Deposit Insurance Corporation or by any other government agency.

    Source: Lake Shore Bancorp, Inc.
    Category: Financial

    Investor Relations/Media Contact
    Taylor M. Gilden
    Chief Financial Officer and Treasurer
    Lake Shore Bancorp, Inc.
    31 East Fourth Street
    Dunkirk, New York 14048
    (716) 366-4070 ext. 1065

    The MIL Network

  • MIL-OSI: SMX Awarded GSA OASIS+ Unrestricted IDIQ Contract

    Source: GlobeNewswire (MIL-OSI)

    HERNDON, Va., Jan. 30, 2025 (GLOBE NEWSWIRE) — SMX®, a leader in next-generation mission support, digital transformation, and IT solutions, announced today that it has been awarded the General Services Administration (GSA) One Acquisition Solution for Integrated Services+ (OASIS+) Unrestricted Indefinite Delivery, Indefinite Quantity (IDIQ) Contract. This Government-wide, multi-agency contract program is designed to provide innovative and flexible solutions for the most complex professional services requirements.

    On track to be designed as a Best-in-Class (BIC) contract acquisition vehicle, OASIS+ spans eight domains, with SMX securing contracts in five to include: Enterprise Solutions, Technical & Engineering, Intel Services, Management & Advisory and Logistics. Notably, SMX is among only 29 companies to earn an award in the Enterprise Solutions Domain, demonstrating their ability to deliver integrated solutions to support Government agencies’ critical missions.

    “This award underscores SMX’s expertise and commitment to continued delivery of tailored, mission-critical solutions,” said Laura Braksator, SMX Chief Growth Officer. “We are honored to be awarded a contract vehicle that empowers Government agencies with the flexibility to address their most complex professional services needs across a range of disciplines.”

    The OASIS+ contract enables Government agencies to acquire total integrated solutions that span multiple disciplines, include ancillary support, and meet both commercial and non-commercial needs. With a variety of contracting options—ranging from fixed price to cost reimbursement and time and materials—this contract offers unparalleled adaptability to meet mission-specific requirements on a global scale.

    About SMX

    SMX is a leader in next-generation cloud, C6ISR, and advanced engineering and IT solutions operating in close proximity to clients across the U.S. and around the globe. SMX delivers scalable and secure solutions combined with the mission expertise needed to accelerate outcomes for the Department of Defense, Intelligence Community, Public Sector, Fortune 1000 and other public and private sector clients. For more information on our services, please visit https://www.smxtech.com/.

    For inquiries about this press release, please contact us at communications@smxtech.com.

    The MIL Network

  • MIL-OSI: Truxton Corporation Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    NASHVILLE, Tenn., Jan. 30, 2025 (GLOBE NEWSWIRE) — Truxton Corporation, the parent company for Truxton Trust Company (“Truxton” or “the Bank”) and subsidiaries, announced its operating results for the quarter ended December 31, 2024. Fourth quarter net income attributable to common shareholders was $4.99 million, or $1.74 per diluted share, compared to $4.23 million, or $1.46 per diluted share, for the same quarter in 2023.

    For the year ended December 31, 2024, net income increased by 5% to $18.4 million from $17.5 million in 2023. For the year ended December 31, 2024, earnings per diluted share rose to $6.34 from $6.02, an increase of 5% from 2023.

    “Truxton grew earnings again in 2024, despite the headwinds of mostly one-time expenses related to our technology and physical office upgrades,” said Truxton Chairman Tom Stumb. “Net Interest Income grew 7% and Wealth revenue increased 17% year-over-year, and we believe we are positioned well for 2025. Truxton continues to succeed as we drive successful outcomes for our clients through our dedication to service and sophisticated, sage advice.”

    Key Highlights

    • Non-interest income was $5.7 million in the fourth quarter of 2024, which was $173 thousand higher than the third quarter of 2024 and $1.4 million over the fourth quarter of 2023. Excluding gains and losses on the sale of securities, Wealth revenue constituted 90% of non-interest income in the fourth quarter of 2024, compared to 95% for the third quarter of 2024 and to 94% for fourth quarter of 2023. Other non-interest income was elevated due to a large non-recurring payment from an SBIC fund in which we are invested.
    • Non-interest expense was $230 thousand lower in the fourth quarter of 2024 compared to the third, driven largely by the timing of certain expense accruals and a refund of some costs related to our bank technology upgrade recognized in the third quarter.
    • Loans increased 1% to $670 million at quarter end compared to $665 million at September 30, 2024, and were up 2% compared to $658 million at December 31, 2023.
    • Total deposits decreased by 3% from $889 million at September 30, 2024, to $866 million at December 31, 2024, and were 11% higher in comparison to $782 million at December 31, 2023. Truxton continues to fund its growth from a single banking location led by its commitment to provide what it believes is superior deposit operations service and technology.
    • Asset quality remains sound at Truxton. The Bank had $11 thousand of non-performing assets at December 31, 2024. Truxton had $4 thousand in charge-offs in the fourth quarter of 2024, $9 thousand in the trailing quarter, and $8 thousand of recoveries in the fourth quarter of 2023.
    • Net interest margin for the fourth quarter of 2024 was 2.79%, an increase of 10 basis points from the 2.69% experienced in the quarter ended September 30, 2024, and an increase of 1 basis point from the 2.78% recorded in the quarter ended December 31, 2023. Cost of funds was 3.08% in the fourth quarter of 2024, down from 3.48% in the third quarter of 2024, and 3.15% in the fourth quarter of 2023.
    • Allowance for credit losses, excluding that for unfunded commitments, was $6.4 million at quarter end December 31, 2024, compared to $6.4 million at September 30, 2024, and $6.3 million at December 31, 2023. For those three periods, such allowance amounts were each 0.96% of gross loans outstanding at each period end. For the same three periods, the Bank’s allowance for unfunded commitments was $483 thousand, $409 thousand, and $412 thousand, respectively.
    • The Bank’s capital position remains strong. Its Tier 1 leverage ratio was 10.63% at December 31, 2024, compared to 10.46% at September 30, 2024, and 10.53% at December 31, 2023. Book value per common share was $34.42, $33.30, and $30.31 at December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
    • During the twelve months ended December 31, 2024, Truxton Corporation paid dividends of $2.72 per common share, inclusive of a $1.00 special cash dividend, and repurchased 62,382 shares of its common stock for $4.2 million in the aggregate, or an average price of $66.97 per share.

    About Truxton
    Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.

    Investor Relations   Media Relations
    Austin Branstetter   Swan Burrus
    615-250-0783   615-250-0773
    austin.branstetter@truxtontrust.com   swan.burrus@truxtontrust.com
    Truxton Corporation
    Consolidated Balance Sheets
    (000’s)
    (Unaudited)
           
      December 31,
    2024*
    September 30,
    2024*
    December 31,
    2023*
    ASSETS      
    Cash and due from financial institutions $ 4,225   $ 5,499   $ 4,272  
    Interest bearing deposits in other financial institutions   25,698     24,678     3,417  
    Federal funds sold   4,054     4,816     1,537  
    Cash and cash equivalents   33,977     34,993     9,226  
           
    Time deposits in other financial institutions   245     245     490  
    Securities available for sale   258,322     295,905     259,926  
           
    Gross loans, excluding Paycheck Protection Program   669,962     664,630     657,811  
    Allowance for credit losses   (6,433 )   (6,358 )   (6,304 )
    Paycheck Protection Program Loans   20     27     29  
    Net loans   663,549     658,299     651,536  
           
    Bank owned life insurance   16,722     16,602     10,808  
    Restricted equity securities   2,272     2,261     1,858  
    Premises and equipment, net   3,293     3,328     189  
    Accrued interest receivable   4,567     4,954     4,388  
    Deferred tax asset, net   5,257     4,649     6,010  
    Other assets   15,577     14,017     10,839  
           
    Total assets $ 1,003,781   $ 1,035,253   $ 955,270  
           
           
    LIABILITIES AND SHAREHOLDERS’ EQUITY      
    Deposits      
    Non-interest bearing $ 126,016   $ 116,149   $ 123,918  
    Interest bearing $ 740,406   $ 772,612   $ 658,061  
    Total deposits   866,422     888,761     781,979  
           
    Federal funds purchased            
    Swap counterparty cash collateral   4,230     1,890     4,060  
    Federal Home Loan Bank advances   8,250     13,250     4,500  
    Federal Reserve Bank Term Funding Program advances       10,000     53,800  
    Subordinated debt   14,426     14,401     14,327  
    Other liabilities   11,747     11,405     8,922  
    Total liabilities   905,075     939,707     867,588  
           
    SHAREHOLDERS’ EQUITY      
    Common stock, $0.10 par value $ 286   $ 285   $ 289  
    Additional paid-in capital   28,945     28,729     31,457  
    Retained earnings   61,316     62,548     51,679  
    Accumulated other comprehensive income (loss)   (10,252 )   (9,434 )   (13,279 )
    Net Income $ 18,411   $ 13,418   $ 17,536  
    Total shareholders’ equity   98,706     95,546     87,682  
           
    Total liabilities and shareholders’ equity $ 1,003,781   $ 1,035,253   $ 955,270  
           
           
    *The information is preliminary, unaudited and based on company data available at the time of presentation.
           
    Truxton Corporation
    Consolidated Statements of Net Income
    (000’s)
    (Unaudited)
                       
      Three Months Ended   Year To Date
      December 31,
    2024*
      September 30,
    2024*
      December 31,
    2023*
      December 31,
    2024*
      December 31,
    2023*
    Non-interest income                  
    Wealth management services $ 5,242     $ 5,267   $ 4,435     $ 20,597     $ 17,657  
    Service charges on deposit accounts   85       92     111       360       461  
    Securities gains (losses), net   (122 )     0     (445 )     (335 )     (386 )
    Bank owned life insurance income   124       90     56       333       216  
    Other   391       98     115       1,164       524  
    Total non-interest income   5,720         5,547     4,272         22,119         18,472  
                       
    Interest income                  
    Loans, including fees $ 10,354     $ 10,654   $ 10,495     $ 41,721     $ 37,804  
    Taxable securities   3,039       3,361     2,554       11,932       9,350  
    Tax-exempt securities   217       222     210       834       876  
    Interest bearing deposits   348       488     198       1,475       695  
    Federal funds sold   75       113     41       288       101  
    Total interest income   14,033         14,838     13,498         56,250         48,826  
                       
    Interest expense                  
    Deposits   6,798       7,667     6,048       27,854       20,881  
    Short-term borrowings   90       260     685       1,294       2,154  
    Long-term borrowings   85       51     23       164       490  
    Subordinated debentures   188       188     187       752       771  
    Total interest expense   7,161         8,166     6,943         30,064         24,296  
                       
    Net interest income   6,872         6,672     6,555         26,186         24,530  
                       
    Provision for credit losses   145       105     215       217       296  
                       
    Net interest income after provision for loan losses   6,727         6,567     6,340         25,969         24,234  
                       
    Total revenue, net   12,447         12,114     10,612         48,088         42,706  
                       
    Non interest expense                  
    Salaries and employee benefits   4,635       4,044     3,563       16,652       14,810  
    Occupancy   326       315     272       1,578       1,185  
    Furniture and equipment   107       115     24       300       76  
    Data processing   282       625     389       1,763       1,703  
    Wealth management processing fees   195       221     166       838       729  
    Advertising and public relations   96       27     109       206       248  
    Professional services   247       609     285       1,337       941  
    FDIC insurance assessments   33       80     225       423       460  
    Other   291       406     322       2,024       901  
    Total non interest expense   6,212         6,442     5,355         25,121         21,053  
                       
    Income before income taxes   6,235         5,672     5,257         22,967         21,653  
                       
    Income tax expense   1,242       1,102     1,028       4,556       4,117  
                       
    Net income $ 4,993       $ 4,570     $ 4,229       $ 18,411       $ 17,536  
                       
    Earnings per share:                  
    Basic $ 1.74     $ 1.58   $ 1.46     $ 6.35     $ 6.04  
    Diluted $ 1.74     $ 1.57   $ 1.46     $ 6.34     $ 6.02  
             
    *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding.        
             
    Truxton Corporation  
    Selected Quarterly Financial data  
    At Or For The Three Months Ended  
    (000’s)  
    (Unaudited)  
             
      December 31,
    2024*
    September 30,
    2024*
    December 31,
    2023*
     
             
    Per Common Share Data        
    Net income attributable to common shareholders, per share        
    Basic $1.74   $1.58   $1.46    
    Diluted $1.74   $1.57   $1.46    
    Book value per common share $34.42   $33.30   $30.31    
    Tangible book value per common share $34.42   $33.30   $30.31    
    Basic weighted average common shares 2,787,805   2,819,035   2,821,846    
    Diluted weighted average common shares 2,792,363   2,823,728   2,828,274    
    Common shares outstanding at period end 2,867,850   2,869,015   2,893,064    
             
             
    Selected Balance Sheet Data        
    Tangible common equity (TCE) ratio 9.83%   9.23%   9.18%    
    Average Loans $667,957   $652,624   $653,804    
    Average earning assets (1) $998,861   $1,006,370   $956,793    
    Average total assets $1,025,415   $1,029,802   $960,852    
    Average shareholders’ equity $97,026   $94,225   $81,759    
             
             
    Selected Asset Quality Measures        
    Nonaccrual loans $0   $0   $0    
    90+ days past due still accruing $11   $11   $0    
    Total nonperforming loans $11   $11   $0    
    Total nonperforming assets $11   $11   $0    
    Net charge offs (recoveries) $4   $9   ($8)    
    Nonperforming loans to assets 0.00%   0.00%   0.00%    
    Nonperforming assets to total assets 0.00%   0.00%   0.00%    
    Nonperforming assets to total loans and other real estate 0.00%   0.00%   0.00%    
    Allowance for credit losses to total loans 0.96%   0.96%   0.96%    
    Net charge offs to average loans 0.00%   0.00%   0.00%    
             
             
    Capital Ratios (Bank Subsidiary Only)        
    Tier 1 leverage 10.63%   10.46%   10.53%    
    Common equity tier 1 15.19%   15.17%   14.58%    
    Total risk-based capital 16.15%   16.11%   15.53%    
             
    Selected Performance Ratios        
    Efficiency ratio 48.45%   52.72%   47.07%    
    Return on average assets (ROA) 1.94%   1.77%   1.75%    
    Return on average shareholders’ equity (ROE) 20.47%   19.29%   20.52%    
    Return on average tangible common equity (ROTCE) 20.47%   19.29%   20.52%    
    Net interest margin 2.79%   2.69%   2.78%    
             
    *The information is preliminary, unaudited and based on company data available at the time of presentation.  
    (1) Average earning assets is the daily average of earning assets. Earning assets consists of loans, mortgage loans held for sale, federal funds sold, deposits with banks, and investment securities.  
             
    Truxton Corporation  
    Yield Tables  
    For The Periods Indicated  
    (000’s)  
    (Unaudited)  
                                   
    The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below:  
     
     
      Three Months Ended   Three Months Ended   Three Months Ended  
      December 31, 2024*   September 30, 2024*   December 31, 2023*  
                                   
      Average
    Balances
    Rates/
    Yields (%)
      Interest
    Income/
    Expense
      Average
    Balances
    Rates/
    Yields (%)
      Interest
    Income/
    Expense
      Average
    Balances
    Rates/
    Yields (%)
      Interest
    Income/
    Expense
     
                                   
    Earning Assets                              
    Loans $667,957   6.08   $10,215   $652,624   6.41   $10,520   $653,804   6.18   $10,183  
    Loan fees $0   0.09   $146   $0   0.08   $134   $0   0.19   $312  
    Loans with fees   667,957   6.17   $10,361     652,624   6.49   $10,654   $653,804   6.37   $10,495  
    Mortgage loans held for sale $0   0.00   $0   $0   0.00   $0   $0   0.00   $0  
    Federal funds sold $6,232   4.71   $75   $8,367   5.28   $113   $2,985   5.41   $41  
    Deposits with banks $28,570   4.85   $348   $35,784   5.43   $488   $14,240   5.51   $198  
    Investment securities – taxable $260,605   4.66   $3,039   $273,488   4.92   $3,361   $248,778   4.11   $2,554  
    Investment securities – tax-exempt $35,497   3.65   $217   $36,107   3.67   $222   $36,986   3.39   $210  
    Total Earning Assets $998,861   5.64   $14,040   $1,006,370   5.92   $14,838   $956,793   5.65   $13,498  
    Non interest earning assets                              
    Allowance for loan losses   (6,359)             (6,224)             (6,123)          
    Cash and due from banks $5,985           $6,529           $5,402          
    Premises and equipment $3,305           $3,370           $119          
    Accrued interest receivable $3,721           $3,746           $3,575          
    Other real estate $0           $0           $0          
    Other assets $36,453           $34,150           $30,404          
    Unrealized gain (loss) on inv. securities   (16,551)             (18,139)             (29,318)          
    Total Assets $1,025,415           $1,029,802           $960,852          
    Interest bearing liabilities                              
    Interest bearing demand $329,625   3.26   $2,703   $333,177   3.60   $3,018   $345,966   3.42   $2,984  
    Savings and money market $200,257   2.83   $1,427   $195,751   3.60   $1,773   $138,244   2.95   $1,027  
    Time deposits – retail $13,170   3.39   $112   $13,505   3.40   $115   $16,343   3.18   $131  
    Time deposits – wholesale $228,144   4.46   $2,556   $226,673   4.85   $2,761   $165,756   4.56   $1,906  
    Total interest bearing deposits $771,196   3.51   $6,798   $769,106   3.97   $7,667   $666,309   3.6   $6,048  
    Federal Home Loan Bank advances $9,554   3.48   $85   $5,728   3.50   $51   $4,500   1.98   $23  
    Subordinated debt $14,520   5.08   $188   $14,656   4.53   $188   $14,422   5.08   $187  
    Other borrowings $12,369   4.04   $90   $24,011   4.22   $259   $60,859   4.39   $685  
    Total borrowed funds $36,443   3.90   $363   $44,395   4.40   $499   $79,781   4.39   $895  
    Total interest bearing liabilities $807,639   3.52   $7,161   $813,501   3.99   $8,166   $746,090   3.69   $6,943  
    Net interest rate spread   2.12   $6,879     1.93   $6,672     1.96   $6,555  
    Non-interest bearing deposits $115,593           $118,216           $126,534          
    Other liabilities $5,157           $3,860           $6,469          
    Shareholder’s equity $97,026           $94,225           $81,759          
    Total Liabilities and Shareholder’s Equity $1,025,415           $1,029,802           $960,852          
    Cost of funds   3.08         3.48         3.15      
    Net interest margin   2.79         2.69         2.78      
                                   
               
    *The information is preliminary, unaudited and based on company data available at the time of presentation. Totals may not foot due to rounding.          
                                   
    Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.
    Truxton Corporation  
    Yield Tables  
    For The Periods Indicated  
    (000’s)  
    (Unaudited)  
    The following table sets forth the amount of our average balances, interest income or interest expense for each category of interest earning assets and interest bearing liabilities and the average interest rate for interest earning assets and interest bearing liabilities, net interest spread and net interest margin for the periods indicated below:  
     
     
      Twelve Months Ended     Twelve Months Ended    
      December 31, 2024*     December 31, 2023*    
      Average
    Balances
    Rates/
    Yields (%)
      Interest
    Income/
    Expense
        Average
    Balances
    Rates/
    Yields (%)
      Interest
    Income/
    Expense
       
                             
    Earning Assets                        
    Loans $658,226   6.28   $41,328     $635,059   5.85   $37,150    
    Loan fees $0   0.08   $504     $0   0.10   $654    
    Loans with fees $658,226   6.36   $41,832     $635,059   5.95   $37,804    
    Mortgage loans held for sale $0   0.00   $0     $0   0.00   $0    
    Federal funds sold $5,592   5.08   $289     $1,907   5.21   $101    
    Deposits with banks $27,967   5.27   $1,475     $13,711   5.07   $695    
    Investment securities – taxable $259,313   4.6   $11,931     $247,483   3.78   $9,350    
    Investment securities – tax-exempt $34,867   3.57   $834     $38,410   3.40   $876    
    Total Earning Assets $985,965   5.76   $56,361     $936,570   5.26   $48,826    
    Non interest earning assets                        
    Allowance for loan losses   (6,299)               (6,087)            
    Cash and due from banks $6,161               5,960            
    Premises and equipment $2,662             $154            
    Accrued interest receivable $3,730             $3,271            
    Other real estate $0             $0            
    Other assets $33,513             $29,175            
    Unrealized gain (loss) on inv. securities   (19,553)               (26,891)            
    Total Assets $1,006,179             $942,152            
    Interest bearing liabilities                        
    Interest bearing demand $333,322   3.5   $11,681     $351,956   3.20   $11,247    
    Savings and Money Market $183,557   3.33   $6,121     $134,518   2.50   $3,368    
    Time deposits – Retail $14,275   3.41   $486     $17,168   2.53   $435    
    Time Deposits – Wholesale $207,457   4.61   $9,566     $143,922   4.05   $5,832    
    Total interest bearing deposits $738,611   3.77   $27,854     $647,564   3.22   $20,882    
    Federal home Loan Bank advances $5,476   2.95   $164     $12,355   3.91   $490    
    Subordinated debt $14,565   5.08   $752     $14,831   5.12   $771    
    Other borrowings $31,032   4.41   $1,294     $47,985   4.42   $2,153    
    Total borrowed funds $51,073   4.26   $2,210     $75,171   4.48   $3,414    
    Total interest bearing liabilities $789,685   3.80   $30,064     $722,735   3.36   $24,296    
    Net interest rate spread   1.95   $26,297       1.90   $24,530    
    Non-interest bearing deposits $119,150             $135,909            
    Other liabilities $4,424             $4,810            
    Shareholder’s equity $92,920             $78,619            
    Total Liabilities and Shareholder’s Equity $1,006,179             $942,073            
    Cost of funds   3.30           2.82        
    Net interest margin   2.71           2.67        
                             
    *The information is preliminary, unaudited and based on company data available at the time of presentation.          
     
    Yield Table Assumptions – Average loan balances are inclusive of nonperforming loans. Yields computed on tax-exempt instruments are on a tax equivalent basis. Net interest spread is calculated as the yields realized on interest-bearing assets less the rates paid on interest-bearing liabilities. Net interest margin is the result of net interest income calculated on a tax-equivalent basis divided by average interest earning assets for the period. Changes in net interest income are attributed to either changes in average balances (volume change) or changes in average rates (rate change) for earning assets and sources of funds on which interest is received or paid. Volume change is calculated as change in volume times the previous rate while rate change is change in rate times the previous volume. Changes not due solely to volume or rate changes are allocated to volume change and rate change in proportion to the relationship of the absolute dollar amounts of the change in each category.
     

    The MIL Network

  • MIL-OSI: Verb’s ‘Go Fund Yourself’ Premieres Tonight on Cheddar TV

    Source: GlobeNewswire (MIL-OSI)

    LOS ALAMITOS, Calif., Jan. 30, 2025 (GLOBE NEWSWIRE) — Verb Technology Company, Inc. (Nasdaq: VERB) (“VERB” or the “Company”), the technology company behind MARKET.live and Go Fund Yourself!, is thrilled to announce that the highly anticipated premiere episode of Go Fund Yourself! airs tonight at 7 PM ET on Cheddar TV. Viewers can watch the episode live by visiting Cheddar.com or tuning in through Cheddar TV’s cable and streaming networks.

    To mark this exciting milestone, VERB is hosting an exclusive, invite-only launch party for select industry leaders, investors, and media representatives. This private event will celebrate the show’s debut and the revolutionary impact Go Fund Yourself! is set to make in the crowdfunding and startup landscape.

    Innovating Crowdfunding on Prime-Time Television

    Airing in a prime-time weekly slot every Thursday at 7 PM ET, Go Fund Yourself! brings an innovative, interactive approach to startup funding. Entrepreneurs pitch their businesses to a panel of Titans, competing for investment and audience engagement. The show’s technology allows viewers to invest in featured companies in real-time by tapping, clicking, or scanning on-screen icons, creating an unprecedented bridge between startups and investors.

    Titans Leading the Way

    The Show’s expert panel includes:

    • David Meltzer – Chairman of the Napoleon Hill Institute and Former CEO of Leigh Steinberg Sports & Entertainment
    • Jayson Waller – Thought leader, CEO of multiple multi-million-dollar companies, and host of the popular Unleashed Podcast
    • Rory J. Cutaia – Founder and CEO of VERB Technology, creator of Go Fund Yourself!, and disruptor behind MARKET.live
    • Rotating celebrity guest Titans from the worlds of business, sports, and entertainment

    Unmatched Visibility for Entrepreneurs

    With Cheddar’s expansive digital and social reach, Go Fund Yourself! ensures startups receive unparalleled exposure. Each episode will be broadcast three times per week, with a season-ending marathon maximizing visibility for participating companies. The series will also be heavily promoted across Cheddar’s social and digital platforms to further amplify its reach.

    “Tonight, we make history,” said Rory J. Cutaia, CEO of VERB and creator of Go Fund Yourself!. “This show is a total game-changer—not just for entrepreneurs, but for everyday people who now have direct access to investment opportunities traditionally reserved for insiders. We’re beyond excited to bring this groundbreaking format to millions of viewers on Cheddar TV.”

    Apply to Be Featured on ‘Go Fund Yourself!’

    Are you an entrepreneur or business owner looking to be featured on Go Fund Yourself!? Apply today and discover how the show can propel your funding journey to new heights.

    How to Watch & Stay Connected

    • Watch live tonight at 7 PM ET on Cheddar.com
    • Follow MARKET.live on social media for exclusive content:
      • Facebook
      • TikTok
      • Instagram
      • LinkedIn
      • YouTube

    About Cheddar TV

    Cheddar is a leading digital-first news and entertainment network known for its dynamic and engaging content targeting millennial and Gen Z audiences. Available across cable, streaming, and digital platforms, Cheddar offers unparalleled distribution opportunities for innovative programming like Go Fund Yourself!.

    About VERB Technology Company

    Verb Technology Company, Inc. (Nasdaq: VERB) is an industry leader in interactive video-based social commerce. Its flagship platform, MARKET.live, is a premier multi-vendor livestream shopping destination where brands, retailers, creators, and influencers engage customers across social media channels. Go Fund Yourself! combines a revolutionary interactive TV show with MARKET.live’s commerce-driven backend, enabling real-time investments and product sales via shoppable on-screen icons. VERB is headquartered in Las Vegas, NV, with full-service production studios in Los Alamitos, CA.

    Forward-Looking Statements

    This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995. These statements involve risks, uncertainties, and other factors that could cause actual results to differ materially. Readers should not place undue reliance on forward-looking statements. Please refer to VERB’s filings with the SEC for a complete discussion of risks and uncertainties.

    Investor Relations:

    investors@verb.tech

    The MIL Network

  • MIL-OSI: Global Drug Screening Market Is Forecasted to Reach $19.5 Billion By 2029

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Due to the expanding consumption of illicit drugs & alcohol across the globe the Drug Screening market is poised to grow substantially in the coming years. Drug abuse and alcohol consumption are growing worldwide. According to the World Drug Report 2023, in 2021, 1 in every 17 people aged 15–64 in the world had used a drug in the past 12 months. The number of users grew from 240 million in 2011 to 296 million in 2021 or 5.8% of the global population aged 15-64. This is a 23% increase, partly due to population growth. Other drugs like Cannabis the second most used drug, with an estimated 219 million users i.e. 4.3% of the global adult population in 2021. In 2021, according to the US Department of Transportation, National Highway Traffic Safety Administration (NHTSA), 13,384 people died in alcohol-impaired driving crashes, i.e. a 14% rise from last year. A report from MarketsAndMarkets projected that: “The global drug screening market, valued at US$7.7 billion in 2023, is forecasted to grow at a robust CAGR of 16.6%, reaching US$9.1 billion in 2024 and an impressive US$19.5 billion by 2029.North America dominates the drug screening market. This market is projected to reach USD 9.3 billion by 2029, at a CAGR of 16.4% during the forecast period. The expanding consumption of illicit drugs & alcohol will advance raise the development of drug screening products & services on the road, thereby driving the overall market growth.”   Active companies in news today include:   Intelligent Bio Solutions Inc. (NASDAQ: INBS), Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO), bioAffinity Technologies, Inc. (NASDAQ: BIAF), Trinity Biotech plc (NASDAQ: TRIB), SOBR Safe, Inc. (NASDAQ: SOBR).

    The MarketsAndMarkets report said: “The growth of the drug screening market is driven by the growing drug & alcohol consumption and the enforcement of stringent laws mandating drug & alcohol testing. Rising regulatory approvals for new product & service launches would offer lucrative growth opportunities for market players in the coming years. The APAC market is projected to register the highest growth in the forecast period due to growing illicit consumption of drugs, the developing healthcare infrastructure, and the rising adoption of stringent regulatory guidelines for drug testing.”

    Intelligent Bio Solutions Inc. (NASDAQ: INBS) Adds Quantum TM to 400+ Account Portfolio Utilizing Breakthrough Fingerprint Drug Testing Intelligent Bio Solutions Inc. (“INBS” or the “Company”), a medical technology company delivering intelligent, rapid, non-invasive testing solutions, announced that Quantum Traffic Management (“Quantum TM”), a leading UK-based traffic management provider, has adopted INBS’ Intelligent Fingerprinting Drug Testing Solution across its 10 nationwide sites to increase workplace testing efficiency and safety.

    With over 30 years of industry experience, Quantum TM operates across the utilities, highways, rail, local authority, and events sectors. Previously, Quantum TM relied on saliva and urine testing through external occupational health providers; however, the delays and inefficiencies associated with these methods prompted the company to explore a quicker and more hygienic alternative. INBS’ fingerprint sweat-based system enables Quantum TM to conduct on-the-spot drug screening in-house, facilitating rapid decision-making and improved operational efficiency.

    “The Intelligent Fingerprinting Drug Testing Solution provides us with greater control when it comes to drug testing. Having previously faced delays with our former saliva and urine drug testing methods, we needed to find an effective solution that we could manage in-house and increase our testing productivity,” said Scott Powell, Managing Director at Quantum TM. “Intelligent Bio Solutions’ technology enables us to do this, and we have already improved our testing efficiency with rapid, non-invasive screening.” CONTINUED…   Read this entire press release for INBS at: https://ibs.inc/news-and-media/

    In Additional News This Week, Intelligent Bio Solutions Inc. (NASDAQ: INBS) Partners with IVY Diagnostics to Expand in Europe’s $3.6 Billion Drug Screening Market and in Middle Eastern Regions Intelligent Bio Solutions Inc. also announced the strengthening of its foothold throughout Europe and the Middle East through its partnership with IVY Diagnostics Srl (“IVY Diagnostics”). As a key distributor, IVY Diagnostics is playing an integral role in expanding the adoption of INBS’ Intelligent Fingerprinting Drug Testing Solution across Europe and the Middle East, with a particular focus on drug rehabilitation and law enforcement applications.

    According to Grand View Research, the European and Middle Eastern drug screening markets are projected to grow significantly by 2030, with Europe expected to reach $3.6 billion and the Middle East and Africa $432.7 million. This growing demand emphasizes the strategic importance of INBS’ partnership with IVY Diagnostics.

    IVY Diagnostics, a well-known consulting and distribution company within the diagnostics, life sciences and pharmaceutical sectors, has collaborated with another Italian distributor to secure a tender to provide INBS’ drug screening technology for drug rehabilitation programs across Italy. The solution offers a non-invasive, rapid, and hygienic method for drug screening, which has been well received by rehabilitation centers aiming to enhance their testing protocols. In addition to its success in rehabilitation services, INBS’ drug screening system is currently undergoing a trial with the local police force in Turin. The trial aims to explore the effectiveness of fingerprint-based drug testing in roadside screening initiatives, offering a more efficient, less invasive alternative to the traditional methods currently used.

    As the demand for drug screening solutions rises across Europe and the Middle East, INBS’ collaboration with IVY Diagnostics positions the Company to effectively capture new opportunities. IVY Diagnostics serves as INBS’ primary contact in Europe, leveraging its extensive network of distributors and expertise in identifying and vetting new partners across key regions, including Romania, Hungary, Slovakia, Austria, and Scandinavia. The collaboration extends to the Middle East, targeting markets such as the UAE, Saudi Arabia, and Qatar.   CONTINUED…   Read this entire press release for INBS at: https://ibs.inc/news-and-media/

    In other developments in the markets of note:

    Cardio Diagnostics Holdings, Inc. (NASDAQ: CDIO) recently announced that the Company’s PrecisionCHD and Epi+Gen CHD tests have received final pricing determinations from the Centers for Medicare & Medicaid Services (CMS). Following the preliminary pricing determination made by CMS in August 2024, CMS finalized the ‘gapfill’ pricing determination for both PrecisionCHD and Epi+Gen CHD. This decision will be effective for claims with dates of service on or after January 1, 2025, and will allow Medicare contractors to determine pricing for PrecisionCHD and Epi+Gen CHD based on actual cost data from Cardio Diagnostics. The Medicare contractors will report to CMS preliminary gapfill pricing for calendar year 2025 by April 1, 2025.

    “Receiving this final determination is a crucial step for our innovative solutions to help improve the risk assessment, diagnosis, management and monitoring of coronary heart disease (CHD) for Medicare patients,” said Meesha Dogan, Ph.D., CEO and Co-Founder of Cardio Diagnostics. “This milestone brings us closer to addressing the significant unmet needs in cardiovascular care for the Medicare population, enabling clinicians to better personalize treatment strategies and ultimately improve patient outcomes.”

    bioAffinity Technologies, Inc. (NASDAQ: BIAF) recently announced that the Australian Patent Office (IP Australia), has accepted bioAffinity’s patent application for the method of predicting the likelihood of lung cancer used by the CyPath® Lung diagnostic test for early-stage lung cancer.

    The Australian patent application, titled “Detection of Early-Stage Lung Cancer in Sputum Using Automated Flow Cytometry and Machine Learning,” will be an important addition to bioAffinity Technologies’ patent portfolio, which includes 17 awarded U.S. and foreign patents and 38 pending patent applications related to its diagnostic platform and cancer treatment therapeutics. Once issued, the Australian patent will expire in 2042 and will be the second awarded for the CyPath® Lung flow cytometry test as a stand-alone assay for the detection of lung cancer.

    Trinity Biotech plc (NASDAQ: TRIB) recently announced compelling results from its latest pre-pivotal clinical trial for its next-generation continuous glucose monitoring (CGM) system. The pre-pivotal clinical trial, which included 30 diabetic participants—primarily individuals with Type 1 diabetes—represents a significant milestone in Trinity’s mission to deliver affordable, high-performance CGM technology.

    Trinity Biotech’s redesigned ergonomic modular device features a reusable applicator and a rechargeable wearable transmitter that eliminates costly disposable components while delivering a seamless user experience. By using more durable, reusable components, enabled by Trinity’s proprietary self-inserting sensor technology, the Trinity CGM is designed to deliver care at a significantly lower cost than today’s two largest manufacturers. By addressing affordability—a key barrier to adoption of this life changing technology —Trinity’s innovative approach has the potential to bring CGM technology to millions of individuals who have been priced out of the market. This disruptive design not only expands access but also redefines sustainability in the CGM space, further differentiating Trinity’s solution from current market leaders.

    SOBR Safe, Inc. (NASDAQ: SOBR) recently announced the new release of SOBRsure™, a revolutionary wristband device designed to detect the presence of alcohol in individuals, supporting sobriety and empowering recovery. Available to purchase today, SOBRsure introduces an enhanced app experience and a new, sleekly-designed wristband that uses advanced transdermal technology to detect alcohol through the skin. This innovative device serves as a powerful monitoring and accountability tool for families, businesses and individuals alike.

    “We believe that SOBRsure is not just a technological breakthrough; it’s a lifeline to those navigating alcohol use disorder (AUD) and the path to sobriety,” said David Gandini, CEO of SOBRsafe. “With SOBRsure, we provide an accountability tool that not only supports individuals on their sobriety journey but also offers peace of mind to their families and employers.”

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM was compensated twenty six hundred dollars for news coverage of the current press releases issued by Intelligent Bio Solutions Inc. by a non-affiliated third party.  FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:

    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757 

    SOURCE: FN Media Group

    The MIL Network

  • MIL-OSI: Neighbors Federal Credit Union Makes Loan Funding Easier While Fighting Fraud with Point Predictive’s AutoPass™ Solution

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Point Predictive, the leader in artificial intelligence solutions for consumer lending, today announced that Neighbors Federal Credit Union has selected AutoPass to enhance their auto lending capabilities.

    As auto lending fraud continues to evolve, with industry exposure reaching $8.1 billion in recent years, Neighbors Federal Credit Union is taking proactive steps to protect its members while making the lending process faster and more efficient.

    The partnership comes at a crucial time in the lending landscape, where credit unions have emerged as leaders in auto loan originations. By implementing AutoPass, Neighbors Credit Union will be able to streamline low risk approved loans without requiring onerous documentation which will make it easier, faster, and safer for their members.

    Point Predictive’s AutoPass delivers a comprehensive suite of fraud detection capabilities to Neighbors Federal Credit Union. This includes:

    • Insights that can reduce stipulation requests on up to 80% of approved loans.
    • A comprehensive risk score that helps prevent 40% to 60% of early pay defaults.
    • Over 120 alerts that identify fraud across all fraud types.

    “The lending environment has fundamentally changed, with fraudsters becoming increasingly sophisticated in their approaches,” said Tim Grace, CEO of Point Predictive. “By partnering with Neighbors Federal Credit Union, we’re helping them stay ahead of these evolving threats while making the lending process remarkably easier for their members. Our data shows that most borrowers are truthful in their applications, and now Neighbors Federal can quickly understand which borrowers are truthful so they can fast-track these legitimate applications while focusing their verification efforts where they matter most.”

    The integration leverages Point Predictive’s proprietary data repository, which includes more than 76 billion unique borrower insights not available anywhere else. This comprehensive data foundation enables Neighbors Federal to automate decisions on up to 80% of their credit-approved applications while maintaining robust fraud protection.

    “Our members deserve a lending experience that’s both secure and seamless,” said Steve Webb, the President and CEO of Neighbors Federal Credit Union. “Point Predictive’s AutoPass solution allows us to deliver on both fronts. We can now offer our members faster loan decisions while maintaining the highest standards of security that they expect from us.”

    The implementation is expected to deliver significant improvements in loan processing efficiency. Banks and credit unions that use AutoPass experience loan conversion rates that increase by up to 50% through the elimination of unnecessary documentation requirements, while simultaneously strengthening their defense against sophisticated fraud schemes.

    For more information, please contact info@pointpredictive.com.

    About Point Predictive

    Point Predictive powers a new level of lending confidence and speed through artificial intelligence, powerful data insight from our proprietary data repository, and decades of risk management expertise. The company’s data and technology solutions quickly and accurately identify truthful and untruthful disclosures on loan applications. As a result, lenders can fund the majority of loans without requiring onerous documentation, such as paystubs, utility bills, or bank statements, improving funding rates while reducing early payment default losses. Subsequently, borrowers get loans faster, and lenders realize a more profitable bottom line.

    About Neighbors Federal Credit Union

    Founded in 1954, Neighbors Federal Credit Union is one of the largest community-chartered credit unions in Louisiana, serving over 76,000 members with assets exceeding $1 billion. Based in Baton Rouge, Neighbors Federal provides comprehensive financial services with a focus on member satisfaction and community service. For more information, please visit neighborsfcu.org.

    Media Contact:
    Jill Robb
    jrobb@pointpredictive.com

    The MIL Network

  • MIL-OSI: Churches Cultivate Deeper Connections and Greater Generosity in 2024 with Pushpay

    Source: GlobeNewswire (MIL-OSI)

    REDMOND, Wash., Jan. 30, 2025 (GLOBE NEWSWIRE) — Pushpay, the leading payments and engagement solutions provider for mission-driven organizations, today announces key trends in end-of-year generosity and church engagement, highlighting a remarkable season of growth and vitality for churches in 2024. Generosity is thriving in new ways as Pushpay technology showed a 37% increase in the total number of church volunteers this December compared to last year. Additionally, the average gift size in December grew 60%, compared to other months of the year, signaling growing momentum and strong engagement in the Church.

    “In an inspiring display of generosity and unity this holiday season, Social Dallas raised over $1.8 million in less than 60 days to secure a new home. For nearly four years, our church has been a ‘mobile church,’ traveling from venue to venue across Dallas,” said a representative from Social Dallas Church, a Pushpay customer. “This milestone marks the beginning of a permanent space for worship, community, and transformation—a space the congregation has prayed and believed for since the beginning. This wasn’t just about hitting a financial target, it was about coming together as a community to build a legacy—a place where lives will be transformed.”

    Data reinforces that acts of generosity are closely tied to connection. Findings from a recent external study show that churches that focus on engagement activities and ways to cultivate deeper relationships with their community members saw nearly a 57% increase in overall giving. Today, Pushpay’s engagement software enables churches to facilitate nearly 1.3 million moments of connection within their communities each week.

    “Generosity is innate to the human spirit, and it flourishes when people feel connected,” said Molly Matthews, CEO of Pushpay. “Many of our customers experienced the extraordinary power of that generosity this year—be it time, talent, or tithes—as Pushpay worked alongside them to transform how they connect and engage with their members. For faith leaders, these findings underscore the importance of fostering genuine relationships, which in turn lead to transformational results.”

    End of Year Generosity By the Numbers
    Based on Pushpay’s customer base of more than 14,000 churches, noteworthy end of year trends include:

    • Growth in End of Year Donations: December’s year-over-year donation volume grew by 4% compared to 2023.
    • Bump in One-Time Gifts: Non-recurring gifts jumped 110% in December compared to the monthly average in 2024.
    • Increase in Giving Tuesday: This year 25% more donations were processed on Giving Tuesday, a staggering comparison to 2023 and an indication that churches are starting to take advantage of this growing cultural trend in charitable giving.
    • Recurring Giving Trends: 7% of all gifts for the year were donated in the last two weeks of the year, which is below the market average for not for profit organizations—likely due to the volume of donors that are enrolled in recurring giving options.
    • Higher Family Engagement: Average child check-ins increased by 10% in December 2024, compared to 2023, signaling a potential increase in family participation.
    • Average Gift Amount Remains Steady: The average gift size remains flat compared to last year, with the YoY monthly average being $216.

    The Rise of Non-Cash Giving
    2024 also saw significant growth in non-cash generosity, with more donors utilizing stock and cryptocurrency donations to maximize their impact. Through Pushpay’s deepened partnership with Engiven, an industry leading complex giving solution, more churches than ever received crypto and stock donations this year, unlocking new lanes of generosity for their community. Notably, 61% of all stock donations and 22% of crypto gifts through the Pushpay platform were made in December, reflecting the importance of year-end giving. According to data from all Engiven customers and partners, the average stock gift in 2024 was more than $14,500, with an average crypto gift being nearly $58,000.

    Driving Greater Generosity with Technology Innovation
    Technology plays a pivotal role in helping churches achieve their mission by equipping ministry leaders with the tools they need to deepen relationships and inspire meaningful acts of generosity. In 2024, Pushpay introduced several new product features and enhancements to help churches grow connection and generosity, including multi-fund giving, mobile app enhancements, volunteer scheduling improvements, and more—all to help streamline church operations while increasing engagement. To learn more about Pushpay, visit www.pushpay.com.

    About Pushpay
    Pushpay empowers mission-driven organizations to engage their communities by bringing people together and fostering meaningful connections. Through its innovative suite of products, Pushpay helps create cultures of generosity by streamlining donation processes, enhancing communications, and strengthening relationships. Pushpay’s purpose-built ministry solutions include ChurchStaq, ParishStaq, Pushpay Insights, Resi, and more— all designed to simplify operations and provide data driven insights to support the mission of its customers. Whether managing donations, organizing events, or connecting with community members, Pushpay’s integrated tools enable ministry leaders to focus on what matters most—growing their ministry and deepening engagement. For more information visit www.pushpay.com

    US Media / PR Contact: Chelsea Looney PR@pushpay.com

    The MIL Network

  • MIL-OSI: Truxton Corporation Announces Increased Quarterly Cash Dividend for 2025, Special Cash Dividend, and a $5 Million Repurchase Authorization

    Source: GlobeNewswire (MIL-OSI)

    NASHVILLE, Tenn., Jan. 30, 2025 (GLOBE NEWSWIRE) — Truxton Corporation (OTCPK: TRUX), a financial holding company and the parent of Truxton Trust Company, announced that its Board of Directors has approved a quarterly cash dividend of $0.50 per common share payable March 25, 2025, to shareholders of record as of March 11, 2025, representing a 16% increase over the 2024 regular quarterly dividend of $0.43. This represents the thirteenth consecutive year of increased regular dividends at Truxton Corporation. In addition, a special cash dividend of $1.00 per common share will be paid on March 25, 2025, to shareholders of record as of March 11, 2025.

    The Board of Directors has also authorized a stock repurchase program under which the Corporation may acquire up to $5 million of its common shares during a period beginning after the release of fourth quarter earnings and extending for one year. The shares may be purchased in open-market or private transactions at the discretion of management, subject to the limitations of applicable securities laws.

    The share repurchase program may be extended, modified, amended, suspended or discontinued at any time at the Corporation’s discretion and does not commit the Corporation to repurchase shares of its common stock. The actual timing, number and value of the shares to be purchased under the program will be determined by the Corporation at its discretion and will depend on a number of factors, including the performance of the Corporation’s stock price, the Corporation’s ongoing capital planning considerations, general market and other conditions, applicable legal requirements and compliance with the terms of the Corporation’s outstanding indebtedness

    About Truxton
    Truxton is a premier provider of wealth, banking, and family office services for wealthy individuals, their families, and their business interests. Serving clients across the world, Truxton’s vastly experienced team of professionals provides customized solutions to its clients’ complex financial needs. Founded in 2004 in Nashville, Tennessee, Truxton upholds its original guiding principle: do the right thing. Truxton Trust Company is a subsidiary of financial holding company, Truxton Corporation (OTCPK: TRUX). For more information, visit truxtontrust.com.

    Investor Relations Media Relations
    Austin Branstetter Swan Burrus
    615-250-0783 615-250-0773
    austin.branstetter@truxtontrust.com swan.burrus@truxtontrust.com

    The MIL Network

  • MIL-OSI: Traliant introduces new cultural competence training to drive workplace collaboration and innovation

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) — Traliant, a leader in online compliance training, today announced the launch of its new Cultural Competence training, designed to empower employees and managers to navigate and thrive in diverse workplace environments.

    In an increasingly global and interconnected business landscape, cultural competence has become more than just a soft skill — it’s a strategic advantage. Traliant’s training highlights how mastering cultural competence enhances collaboration, reduces costly miscommunications and fosters innovation by leveraging diverse perspectives. With practical strategies and real-world scenarios, the course equips employees to build stronger relationships, handle differences constructively and create an environment where diverse teams can excel.

    “Organizations today are seeking measurable ways to boost productivity, retain top talent and drive innovation,” said Mike Dahir, CEO at Traliant. “Cultural competence training goes beyond inclusion; it directly impacts the bottom line by enhancing team dynamics, reducing turnover and positioning organizations to succeed in diverse markets.”

    Toxic workplace cultures cost U.S. companies $223 billion. Traliant’s training addresses these challenges by reducing microaggressions, unconscious bias and communication barriers — helping organizations build trust, retain talent, and achieve better results.

    Traliant also released new Cultural Competence in Healthcare training for clinicians, nurses, and other healthcare professionals designed to improve patient outcomes and align with state and federal standards. This specialized course provides healthcare professionals with actionable insights into understanding patients’ cultural contexts, enabling them to deliver improved patient outcomes through more effective and personalized care.

    To learn more about Traliant’s innovative training solutions, visit: https://www.traliant.com/.

    About Traliant
    Traliant, a leader in compliance training, is on a mission to help make workplaces better, for everyone. Committed to a customer promise of “compliance you can trust, training you will love,” Traliant delivers continuously compliant online courses, backed by an unparalleled in-house legal team, with engaging, story-based training designed to create truly enjoyable learning experiences.

    Traliant supports over 14,000 organizations worldwide with a library of curated essential courses to broaden employee perspectives, achieve compliance and elevate workplace culture, including sexual harassment trainingdiversity trainingcode of conduct training, and many more.  

    Backed by PSG, a leading growth equity firm, Traliant holds a coveted position on Inc.’s 5000 fastest-growing private companies in America for four consecutive years, along with numerous awards for its products and workplace culture. For more information, visit http://www.traliant.com and follow us on LinkedIn.

    Contact
    Reagan Bennet
    traliant@v2comms.com 

    The MIL Network

  • MIL-OSI: ITS Logistics January Supply Chain Report: Recession Risks Heighten for US Economy as Consumer Confidence Decreases for Second Consecutive Month

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., Jan. 30, 2025 (GLOBE NEWSWIRE) — ITS Logistics released the January ITS Supply Chain Report, revealing the U.S. economy was relatively stable last month but faced several headwinds. The job market remained strong, and inflation cooled significantly, but concerns about core inflation, higher interest rates, tariffs, and potential economic slowdown loomed. The Federal Reserve’s cautious approach to monetary policy and the housing market’s ongoing challenges also continued to influence the overall economic outlook.

    “As the U.S. entered December 2024, the economic outlook carried both positive and negative trends that could influence the trajectory of the economy in 2025 and beyond,” said Stan Kolev, Chief Financial Officer of ITS Logistics. “While many indicators suggest resilience, a number of challenges pose significant risks to continued growth.”

    Key concerns that supply chain professionals should be privy to include:

    • Inflationary Pressure: If inflationary pressures persist or accelerate, it could erode consumer spending and confidence
    • Monetary Policy Uncertainty: The risk of inflation becoming entrenched could lead to more aggressive action from the Federal Reserve, with possible interest rate hikes impacting consumer borrowing and business investment
    • Global Economic Uncertainty: The global supply chain disruptions and rising geopolitical tensions could negatively impact US exports and supply chains, hurting sectors that rely on international trade
    • Consumer Confidence: If inflation and high borrowing costs weigh too heavily on households, it could lead to reduced discretionary spending, further slowing growth in key sectors like retail, travel, and housing
    • Tariffs: Per the recent incoming Trump Administration announcement, there is a potential for an increase in tariffs. Companies should prepare for the potential of a front-loading event similar to 2018, disrupting transpacific trade lanes from Asia into North America

    The Conference Board reported that this month alone, U.S. consumer confidence decreased for the second consecutive month. Its consumer confidence index declined to 104.1 from 109.5 in December. This is considered to be worse than the projections presented by economists, which were expected to result in a reading of 105.8. The index measures Americans’ assessment of current economic conditions and their outlook for the next six months. Overall, consumers’ outlook of current market conditions decreased by 9.7 points to a reading of 134.3 this month, while the views on current labor market conditions fell for the first time since September.

    “In December 2024, the U.S. labor market remained strong but showed some signs of slowing as the year came to a close,” continued Kolev. “The U.S. economy added about 200,000 to 250,000 jobs last month, continuing a solid pace of hiring. While lower than the stronger job growth observed in 2021 and 2022, it still represented a healthy expansion, especially given the higher interest rate environment. The unemployment rate remained steady at 3.5%, continuing near historic lows. This suggested a tight labor market, with many employers still struggling to find workers.”

    Although job growth slowed compared to earlier in the recovery, demand for workers remained robust, particularly in healthcare, hospitality, and blue-collar industries. However, concerns about higher interest rates and a potential economic slowdown in 2025 could bring more caution to the labor market.

    While the U.S. economy was not yet in recession in December 2024, the risks are heightened as we move into 2025. The key concerns include how inflationary pressures, high interest rates, and global uncertainties will impact growth, consumer confidence, and business investment in the year ahead.

    ITS Logistics offers a full suite of network transportation solutions across North America and distribution and fulfillment services to 95% of the U.S. population within two days. These services include drayage and intermodal in 22 coastal ports and 30 rail ramps, a full suite of asset and asset-lite transportation solutions, omnichannel distribution and fulfillment, LTL, and outbound small parcel.

    The monthly ITS Supply Chain Report serves to inform ITS employees, partners, and customers of marketplace changes and updates. The information in the report combines data provided through DAT and various industry sources with insights from the ITS team. Visit here for a comprehensive copy of the report with expected industry insights and market updates.

    About ITS Logistics
    ITS Logistics is one of North America’s fastest-growing, asset-based modern 3PLs, providing solutions for the industry’s most complicated supply chain challenges. With a people-first culture committed to excellence, the company relentlessly strives to deliver unmatched value through best-in-class service, expertise, and innovation. The ITS Logistics portfolio features North America’s #19 asset-lite freight brokerage, the #12 drayage and intermodal solution, a top 50 dedicated fleet, an innovative cloud-based technology ecosystem, and a nationwide distribution and fulfillment network.

    Media Contact
    Amber Good
    LeadCoverage
    amber@leadcoverage.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4910ceb2-75a8-407d-b57a-1342bbc2d3f0

    The MIL Network

  • MIL-OSI: Purpose Investments Files Preliminary Prospectus for the World’s First Ripple (XRP) ETF

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) — Purpose Investments Inc. (“Purpose”), the leader behind the world’s first Bitcoin ETF and Ether ETFs, is pleased to announce that it is further solidifying its preeminence in the digital asset space with the filing of a preliminary prospectus with Canadian securities regulators for the proposed launch of the Purpose Ripple ETF.

    The Purpose Ripple ETF seeks to invest substantially all of its assets in long-term holdings of Ripple (“XRP”) and to provide holders of ETF Units with the opportunity for long-term capital appreciation.

    “At Purpose, we remain steadfast in our commitment to innovation and to bridging the gap between traditional and decentralized finance,” said Som Seif, founder and CEO of Purpose Investments. “As XRP sees increasing adoption and institutional interest, we believe an ETF can offer investors a transparent and familiar way to access it within a regulated framework.”

    “This launch represents another important step in our efforts to be the leading and most trusted partner for investors in harnessing the benefits of crypto and digital assets by enabling them to understand, access, and confidently invest these assets,” added Vlad Tasevski, Chief Innovation Officer. “We remain committed to providing exposure to transformative digital assets and blockchain technologies through regulated investment vehicles.”

    About Purpose Investments Inc.

    Purpose Investments is an asset management company with more than $23 billion in assets under management. Purpose Investments has an unrelenting focus on client-centric innovation and offers a range of managed and quantitative investment products. Purpose Investments is led by well-known entrepreneur Som Seif and is a division of Purpose Unlimited, an independent technology-driven financial services company.

    For further information, please contact:
    Keera Hart
    Keera.Hart@kaiserpartners.com
    905-580-1257

    A preliminary simplified prospectus relating to the ETFs (the “Preliminary Prospectus”) has been filed with the Canadian securities commissions or similar authorities. You cannot buy shares of the ETFs until the relevant securities commissions or similar authorities issue receipts for the final prospectus of the ETFs. Important information about the ETFs is contained in the Preliminary Prospectus. Copies of the Preliminary Prospectus may be obtained from Purpose or at www.purposeinvest.com.

    Commissions, trailing commissions, management fees, and expenses may all be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed; their values change frequently, and past performance may not be repeated.

    The MIL Network

  • MIL-OSI: Drones Providing Valuable Military Intelligence & Surveillance Solutions as Drone Market Skyrockets with Potential

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – The increasing terrorism around the globe is expected to boost the growth of the military drone market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm IT would do. Governments and military organizations often use military drones in counter-terrorism efforts. Drones can provide valuable intelligence, surveillance, and reconnaissance (ISR) capabilities to monitor and track terrorist activities. The need for real-time data and actionable intelligence in counter-terrorism operations drives the demand for military drones. A recent report said that the military drones market size is expected to see strong growth in the next few years. It will grow to $21.93 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The report said that: The Global Military Drones Market Trend: Innovative Products Expand The Military Drone Market. Major companies operating in the military drone market are developing new products such as hybrid unmanned aerial systems to meet larger customer bases, more sales, and increase revenue. A hybrid unmanned aerial system (UAS) refers to a type of drone or unmanned aircraft system that combines multiple propulsion systems or energy sources to enable enhanced operational capabilities.” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), ParaZero Technologies Ltd. (NASDAQ: PRZO), Lockheed Martin Corporation (NYSE: LMT), RTX Corporation (NYSE: RTX).

    The Business Research Company continued: “Global Military Drones Market Trend: Rising Popularity Of Drone Swarm Technology In The Military Drone Market. Drone swarm technology is growing in popularity in the military drone market due to its cost efficiency and high firepower. Drone swarms are a large group of small drones that coordinate with each other to perform actions such as a survey of enemy territories, search and rescue, and attacks on hostile objects. Drone swarm technology involves the production of several small, cheap drones rather than one large, expensive drone, therefore offering military drone manufacturers and end-users’ efficiency in terms of cost and time. With the use of advanced swarm technologies, the military and armed forces can effectively carry out lethal drone strikes in multiple places at once.”

    ZenaTech (NASDAQ:ZENA) Announces Spider Vision Sensors Collaborates with Suntek Global to Apply for First Blue UAS Certification of IQ Nano Drone Sensor for US Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiaries ZenaDrone and Spider Vision Sensors are collaborating with Taiwan-based certified electronics manufacturer and partner, Suntek Global, to apply for the company’s first Blue UAS (Unmanned Aerial System) certified IQ Nano drone sensor for use by US Defense branches.

    A drone sensor is a device onboard a drone that collects data, such as cameras for imaging, LiDAR for mapping, or infrared sensors for thermal detection. Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection.

    “We have been working with Suntek on Blue UAS certification for our cameras and sensors since signing a partnership agreement in early December, in conjunction with our Spider Vision Sensors manufacturing subsidiary in Taiwan,” said CEO Shaun Passley, Ph.D. “Our immediate goal is to utilize Suntek’s expertise having achieved Blue UAS certification, to help us source and manufacture our own compliant components as well as help us with the Blue UAS application process for our components and the IQ Nano drone. If approved, the drone is placed on the Blue UAS Cleared List, allowing military and federal agencies to directly purchase our drones.

    “The IQ Nano drone is ideal for indoor operations in scenarios requiring precision, maneuverability, and minimal collateral damage, and can also improve efficiency and costs managing inventories of supplies in the Department of Defense (DoD) warehouse and storage facilities,” concluded Dr. Passley.

    The company also intends to file for the less stringent and faster to achieve Green UAS certification for IQ Nano sensor and the drone in the second quarter of 2025. The Green certification is considered a pathway to the Blue certification list, with the main difference being that it is a commercial certification for secure drones led by a drone industry association (AUVSI). The Blue UAS is a military-grade approval for DoD use and has strict country of origin requirements that must not include a set list of Chinese suppliers. The Blue UAS Certification Process for DoD use is managed by the Defense Innovation Unit (DIU) and includes additional security and performance evaluations. Continued… Read this full release for ZENA by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the defense/military industry include:

    Kratos Defense & Security Solutions, Inc. (NASDAQ: KTOS), a technology company in the defense, national security and global markets, recently announced that Kratos Unmanned Systems Division successfully executed a multi-week demonstration of its self-driving truck platooning system technology with FPInnovations, a Canadian research and technology organization that assesses, adapts and delivers solutions to Canada’s forest industry’s total value chain.

    The Kratos developed self-driving system “kit”, which enables vehicles to be capable of autonomous driving, was deployed for evaluation in forestry operations in northern Québec, Canada. Deployment of this technology is intended to mitigate driver shortages, improve safety protocols, boost rural economic vitality, and contribute to the development of a regulatory framework for autonomous vehicles. The automated platooning technology performed exceptionally well in the challenging forestry environment and hauled both unloaded and loaded timber trailers. The Kratos system demonstrated precision navigation in automated platooning mode along complex off-pavement roadways with degraded access to GPS, steep grades, severe visibility-limiting dust, sub-freezing temperatures, rain, and under variable day/night/twilight lighting conditions.

    ParaZero Technologies Ltd. (NASDAQ: PRZO), an aerospace company focused on safety systems for commercial unmanned aircrafts and defense Counter UAS systems, recently announced the successful launch of a pilot program utilizing its DropAir – Precision Airdrop System in a high-risk operational zone. The program, conducted in collaboration with a leading drone company, demonstrates the system’s ability to deliver critical blood transfusions rapidly and safely, significantly reducing the time needed to save lives in emergency situations.

    The pilot program involves a military-operated drone, equipped with ParaZero’s DropAir System, capable of delivering numerous blood transfusions in a matter of minutes. This breakthrough in aerial logistics showcases the system’s ability to cut down critical response times, ensuring that life-saving medical supplies are able to reach those in need with speed and precision.

    Lockheed Martin Corporation (NYSE: LMT) recently reported fourth quarter 2024 net sales of $18.6 billion, compared to $18.9 billion in the fourth quarter of 2023. Net earnings in the fourth quarter of 2024 were $527 million, or $2.22 per share, including $1.7 billion ($1.3 billion, or $5.45 per share, after-tax) of losses for classified programs, compared to $1.9 billion, or $7.58 per share, in the fourth quarter of 2023. Cash from operations was $1.0 billion in the fourth quarter of 2024, after a pension contribution of $990 million, compared to $2.4 billion in the fourth quarter of 2023. Free cash flow was $441 million in the fourth quarter of 2024, after a pension contribution of $990 million, compared to $1.7 billion in the fourth quarter of 2023. Fourth quarter 2024 results included 13 weeks, compared to 14 weeks for fourth quarter 2023, which had an unfavorable impact on sales volume across the company.

    Net sales in 2024 were $71.0 billion, compared to $67.6 billion in 2023. Net earnings in 2024 were $5.3 billion, or $22.31 per share, including $2.0 billion ($1.5 billion, or $6.16 per share, after-tax) of losses for classified programs, compared to $6.9 billion, or $27.55 per share, in 2023. Cash from operations was $7.0 billion in 2024, after a pension contribution of $990 million, compared to $7.9 billion in 2023. Free cash flow was $5.3 billion in 2024, after a pension contribution of $990 million, compared to $6.2 billion in 2023.

    “2024 was another successful and productive year for Lockheed Martin. Our 5% sales growth and record year-end backlog of $176 billion demonstrate the enduring global demand for our advanced defense technology and systems,” said Jim Taiclet, Lockheed Martin’s Chairman, President and CEO. “In the year, we invested over $3 billion in advancing our nation’s security through research and development and capital investment to support our customers’ missions, drive innovation and transform our operations with the latest digital and manufacturing technologies. Our strong and consistent performance also enabled us to again return greater than 100% of free cash flow to our shareholders in 2024.”

    Collins Aerospace, an RTX (NYSE: RTX) business, was recently awarded a follow-on contract with a potential for up to $904 million over five years to continue development of the U.S. Navy’s Cooperative Engagement Capability, a system that integrates sensors across surface, land, and air platforms to enable Integrated Fire Controls. RTX has been the sole provider of the Cooperative Engagement Capability (CEC) since 1985. The new sole source contract follows an existing five-year Design Agent contract.

    The CEC is a critical network for the U.S. Navy that connects multiple platforms and associated sensors together and provides composite tracking to combat and weapons systems. Collins will add new capabilities to the system including increased interoperability, expanded weapon and sensor coordination and integration of new data sources.

    About FN Media Group:

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty four hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected,” “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

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    SOURCE: FN Media Group

    The MIL Network

  • MIL-OSI Economics: From Classroom to Career: How Samsung Fuels STEM Dreams at Newberry High School

    Source: Samsung

    At Samsung, our citizenship mission is “Together for Tomorrow! Enabling People,” and we are committed to empowering future generations to harness technology for good. During the 2023–2024 school year, this mission came to life in Newberry, South Carolina, where Newberry High School earned the title of South Carolina State Winner in our Samsung Solve for Tomorrow national STEM competition, winning a $12,000 Samsung technology prize package for their school.
    Samsung Solve for Tomorrow challenges public school students in grades 6–12 to apply STEM (science, technology, engineering & math) to address local community issues, and Newberry High School’s Career Lab students, led by special education teacher Heather Alexander, more than met that challenge. Their innovative project—a pollinator garden and compost system—not only tackled sustainability but also demonstrated the power of STEM to drive community change and inspire career exploration.

    MIL OSI Economics

  • MIL-OSI NGOs: Turning the tide of hepatitis C treatment in Machar Colony, Pakistan

    Source: Médecins Sans Frontières –

    In southern Pakistan’s Sindh province, on the edge of Karachi’s bustling fish harbour, sits Machar Colony. It is an informal settlement where life is harsh, often unkind, and plagued by overcrowding, poor sanitation, and limited access to basic services. The community’s struggles with health and well-being have long been exacerbated by these conditions, leaving residents vulnerable to a range of medical issues. 

    Médecins Sans Frontières (MSF) had been providing essential healthcare services in Machar Colony since 2012, offering emergency services, maternal health, and general health consultations. However, as the years progressed, MSF’s team noticed troubling patterns at our health clinic.  

    “Many residents started coming in with symptoms such as body aches, fatigue, decreased appetite, fever, or sometimes infection signs that hinted at a serious health issue,” says Dr Khawar Aslam, the project’s medical lead, who has been working with the team since 2014.

    “As we investigated further, we found that a significant number of these cases were related to hepatitis C, a viral infection that affects the liver and can lead to severe health complications.” 

    “Notably, during that time, Pakistan had the second-highest hepatitis C disease burden globally, and had already initiated its national hepatitis control programme in 2005,” says Dr Aslam. 

    A skilled lab technician carefully sets up a cartridge for accurate hepatitis C testing with the GeneXpert® at the MSF clinic in Machar Colony, Karachi, Pakistan, April 2024.
    Asim Hafeez

    Hepatitis C transmission in Pakistan is largely driven by inadequate sterilization of medical equipment and the improper reuse of needles and syringes. Contaminated blood transfusions also pose a significant risk. Common practices like barbering, tattooing, and piercing are contributing to the spread of the virus, as equipment is often not properly sterilized. In addition to these factors, the growing issue of intravenous drug use is also fuelling the transmission of hepatitis C in Pakistan.  

    According to the World Health Organization (WHO), as of April 2024, Pakistan has the highest number of viral hepatitis C infections in the world, with around 8.8 million cases. The country accounts for 44 per cent of all new hepatitis C infections attributed to unsafe medical injections. People are usually screened for hepatitis C only when they start showing signs of liver disease, which is often too late. If left untreated for too long, hepatitis C can progress to severe liver disease and even liver cancer. 

    “Even those who recognised their condition, either elsewhere or at our clinic, often faced obstacles to treatment, including high costs and the challenge of travelling to distant hospitals.” 

    “Residents have limited income sources, primarily relying on fishing, daily wage work, or small-scale businesses, which barely cover their daily needs,” Dr Aslam continues.

    “Additionally, upon referrals to other hospitals, identity cards were required for hepatitis C care; however, most of the community in Machar Colony was undocumented, so they were refused treatment.”

    Recognising the urgent need for action, in 2015 MSF started a comprehensive programme to provide free testing and treatment directly to residents. The hepatitis C services were integrated into the existing healthcare facility, allowing our teams to reach people who would otherwise remain unaware of their condition. In 2018, we closed our basic healthcare services and shifted our focus solely to the treatment of hepatitis C patients. 

    During a mobile clinic in Machar Colony, Karachi, MSF nurse Aman Ullah explains more about the symptoms of hepatitis C, how it affects people, and what measures can be taken to prevent it, Pakistan, November 2023.
    Gul Nayab/MSF

    “My wife was diagnosed with hepatitis C about a year ago and received successful treatment at the MSF clinic in Machar Colony,” says Javeed Ali, one of the programme’s patients.

    “When I subsequently developed symptoms such as leg and back pain, as well as weakness, I sought medical attention and was referred to the MSF clinic.” 

    “Inspired by my wife’s positive experience, I underwent testing and was diagnosed with hepatitis C,” says Ali. “I then completed a three-month treatment course, and fortunately, my follow-up test results were negative. My wife and I are both now in good health.” 

    To effectively address the crisis, MSF implemented a proactive strategy focused on community engagement. In a basic healthcare setup, free-of-charge hepatitis C services including screening, diagnosis, treatment, health education, and patient support were provided under one roof.  

    Between 2022 and 2024, MSF teams conducted widespread testing, going door-to-door and using mobile vans to offer in-home testing for residents aged 12 and older. This approach, called ‘bending the curve’, ensured that no one was overlooked and that those who tested positive were quickly referred for treatment, helping to bend the curve of hepatitis C prevalence in the community. 

    “By offering free services in one location, we made it easier for people to access care,” says Dr Aslam. 

    MSF also collaborated with the Ministry of Health to bring hepatitis C care closer to the community. In August 2022, we established a treatment facility at the Baldia town rural health centre, in Kemari district, Karachi. In this initiative, patients referred from Baldia hospitals’ outpatient departments, and those identified by community health workers, were screened for hepatitis C. The community health workers were trained to educate the community about hepatitis C risk factors and prevention.  

    Patients diagnosed with chronic hepatitis C received treatment for 12 or 24 weeks, depending on the severity of their liver disease. Additionally, all patients were offered hepatitis B vaccination to prevent future infections. This centre, handed over to the Ministry of Health in August 2023, serves as a crucial hub for hepatitis C treatment in the region. It is equipped with modern diagnostic tools and is now recognised as a key site for hepatitis care in Sindh province. 

    MSF team members during an outreach activity to find and support hepatitis C patients in a neighborhood of Machar Colony, Karachi, Pakistan, April 2024.
    Asim Hafeez

    In addition to reducing hepatitis C, MSF also played a vital role in Machar Colony during the COVID-19 pandemic. We supported vaccination efforts in Machar Colony and surrounding areas, ensuring residents received vital information about COVID-19 symptoms, prevention, and vaccination. MSF teams also distributed reusable masks and soap to help the community stay safe during the pandemic.

    As our hepatitis C programme concludes, the results are clear: thousands of lives have been transformed, and the rate of new infections has significantly declined. While hepatitis C remains a challenge in Machar Colony, the alarming spread has been curtailed, thanks to widespread awareness and early detection. 

    MSF has achieved the target of mobilising nearly 100 per cent of the community for hepatitis C awareness, and screening more than 72 per cent of residents.  Between 2015 and 2024, MSF screened over 129,922 individuals in our clinic and in the community, undertook 64,984 consultations for hepatitis C at the MSF clinic, performed 25,553 diagnostic polymerase chain reaction (PCR) tests, and provided treatment to over 9,398 patients. Among them, 6,909 completed their treatment. Of the remaining people, 2,061 were lost to follow-up without completing treatment, 176 with completed treatment were lost to follow-up, 14 people died during this period, while for the remaining 50 people, either treatment was not completed or follow-up stopped. Of the 6,909 completed treatments, 6,755 were cured of hepatitis C, which is 93.3 per cent, while the remaining 459 failed treatment. The success of MSF’s treatment initiatives will serve as a model for similar programmes in other underserved communities across Pakistan. 

    Médecins Sans Frontières (MSF) first began working in Pakistan in 1986 and currently provides a range of health services across all four provinces of the country, including maternal and child healthcare, primary healthcare, treatment for cutaneous leishmaniasis (CL), drug-resistant tuberculosis (DR-TB), and ongoing emergency responses. 

    MIL OSI NGO

  • MIL-OSI United Kingdom: CMA wins appeal in emergency services case

    Source: United Kingdom – Executive Government & Departments

    The Court of Appeal has refused Motorola permission to appeal the CMA’s findings that it was making supernormal profits from providing communications network services to the UK emergency services.

    Today the Court of Appeal (CoA) has unanimously dismissed Motorola’s application for permission to appeal on both of its pleaded grounds, in which it claimed that the Competition and Markets Authority (CMA) had made errors in assessing competition in the relevant market and the profitability of the Airwave Network in 2021. 

    In its original findings, the CMA said that Motorola was able to make supernormal profits because it has a virtually unconstrained monopoly in the market to supply communications network services to the UK’s emergency services. The CMA imposed a charge control order capping the price Motorola could charge.

    Motorola challenged the CMA’s original findings in the Competition Appeal Tribunal (CAT). The CAT unanimously dismissed that challenge and Motorola sought permission to appeal to the CoA. In a judgment handed down today, the Court endorsed the CMA’s reasoning as set out in its original findings.  

    The CMA’s price cap ensures that the UK’s emergency services pay a fair price for Airwave’s services, reducing the price by almost £200 million per year.

    Today’s decision by the CoA brings this case to a close, as Motorola cannot appeal the decision further.

    George Lusty, Executive Director of Consumer Protection and Markets, at the CMA, said:

    The CMA’s investigations and legal decisions are carefully considered and evidence-led and we welcome today’s decision by the Court of Appeal which endorses our reasoning in this case.  

    Our investigation showed that Motorola had been charging emergency services in the UK £200 million a year more than they would if the market was working well. The Court’s judgment today means that our price cap remains in place, which limits how much Motorola can charge emergency services for using its Airwave Network.

    Today’s decision brings this matter to a close.

    For more information, visit the Mobile radio network services inquiry page. 

    Notes to Editors:

    1. In October 2021, the CMA opened an investigation into mobile radio network services amid concerns that the market might not be working well. The investigation – conducted by an independent panel – confirmed these concerns, finding that UK emergency services had no choice but to continue using Motorola’s Airwave Network, due to a lack of alternative providers. As such, Motorola was able to earn supernormal profits from the prices it charged the Home Office – which negotiates contracts on behalf of emergency services – resulting in higher costs to the emergency services which are ultimately footed by the taxpayers.
    2. To reduce these costs, the CMA imposed a charge control order, by way of a price cap, in July 2023, which brought the price down to the level that would be expected in a well-functioning and competitive market – putting an end to the estimated £200 million per year of over-charging.
    3. While protecting taxpayers, the price cap allows Motorola to continue to invest in the Airwave Network and so ensure that quality and safety are maintained.
    4. Motorola disagreed with the CMA’s findings – specifically that the price of the Airwave Network services was not limited by competition and on the level of profit they make from the Airwave Network – and so challenged them at the CAT. Following a hearing in August 2023, the CAT unanimously dismissed both of Motorola’s grounds of challenge.
    5. Thereafter, Motorola sought permission to appeal that judgment and today the CoA unanimously dismissed both grounds of Motorola’s application for permission to appeal the CAT decision, which had upheld the CMA’s findings.
    6. Supernormal profits mean profits over and above what would be expected in a well-functioning market. The CMA’s total estimate of the supernormal profits Motorola will make over the 2020 to 2029 period is £1.27bn. That estimate reflects the net present value of Motorola’s expected returns at the start of that period. This is equivalent, on an undiscounted basis, to revenues being almost £200m per year above the level that would be required for it and Airwave Solutions to earn a reasonable return.
    7. For media enquiries, contact the CMA press office on 020 3738 6460 or press@cma.gov.uk.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Celebratory event to mark success of Clean Heat Streets project in Rose Hill

    Source: City of Oxford

    Oxford residents are invited to join a celebration marking the successful completion of the Clean Heat Streets project in Rose Hill. 

    The innovative Clean Heat Streets project aimed to support Rose Hill and Iffley households in transitioning from polluting gas boilers to energy-saving, sustainable heat pumps.  

    Unlike traditional boilers that burn gas to produce heat, heat pumps use electricity to extract heat from the air outside, providing an efficient and sustainable alternative. 

    With buildings accounting for around 60% of Oxford’s carbon emissions—25% of which come from homes—retrofitting measures like heat pumps are key for reducing emissions. 

    Key Outcomes 

    Over two years, the Clean Heat Streets project installed 31 heat pumps in Rose Hill homes, saving an estimated 43,400kg of carbon dioxide per year. The project also tested the feasibility of installing multiple heat pumps in the same neighborhood without overloading the local electricity network. 

    Residents were offered discounted heat pumps and personalised support throughout the installation process, making the switch easier and more affordable. 

    Insights and lessons from the Clean Heat Streets project will be used by the Council to inform its future approach to retrofit across the city. 

    About the event 

    The event, which will take place at Rose Hill Community Centre on Friday 31 January, will celebrate the achievements of the project, as well as a chance to discuss the lessons learned and the next steps. There will be talks, discussion, an opportunity to visit a heat pump at a Clean Heat Street installee’s home, as well as stalls, food and fun and games.  

    The event will consist of two sessions:  

    First Session (2:15 pm – 4:10pm) This session will welcome Oxford residents, heat pump professionals, academics, and representatives from the Department for Energy Security and Net Zero together with representatives from Oxford City Council and Oxfordshire County council. It will include talks from the project team about the project and key learnings, followed by a Q&A session.  

    Home tours (4:15 pm – 5:00 pm) Participants will have the opportunity to visit homes in Rose Hill where heat pumps have been installed through the project.  

    Second Session (5:15 pm – 8:00 pm) This session is for residents and will include talks from the Clean Heat Streets team outlining the next steps for the project in Oxford, as well as a meal, and interactive workshop where visitors can explore and share their thoughts on energy-saving strategies and heat pumps. The event will end with a home energy quiz.  

    More information about the event can be found on Eventbrite.  

    About Clean Heat Streets 

    The Clean Heat Streets project is a consortium consisting of Samsung, Oxford City Council, University of Oxford, Oxford Brookes University, Oxfordshire County Council, Rose Hill and Iffley Low Carbon, Scottish and Southern Electricity Networks (SSEN), GenGame, Passiv UK, and Alto Energy.     

    The project is funded by the Heat Pump Ready Funding Programme delivered by the Department for Energy Security and Net Zero. The Heat Pump Ready Programme makes up part of the BEIS’ £1 billion Net Zero Innovation portfolio, which aims to promote the uptake of clean energy technologies until 2040. 

    Comment

    “I am delighted that we are holding this event to mark the end of the successful Clean Heat Streets project. I want to thank all our partners who helped to make this project a success, and the 31 households in Rose Hill who worked with us to explore this new approach to heat pump installations. We will be continuing to explore how we can support residents across the city with adopting this technology.” 

    Councillor Anna Railton, Deputy Leader and Cabinet Member for Zero Carbon Oxford, Oxford City Council

    “My boiler was getting old and needed replacing. I’m very happy with my heat pump. It keeps the house warm and the water hot, even through the cold winter.”
    Trevor Williams, Clean Heat Streets participant, who lives on Spencer Crescent

    MIL OSI United Kingdom

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with South Africa

    Source: IMF – News in Russian

    January 30, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with South Africa.

    South Africa’s economy has continued to face challenges in recent years. Power shortages and disruptions to rail and port operations constrained growth to 0.7 percent in 2023. Activity remained subdued in 2024, given election-related uncertainty in the first half of the year and severe droughts. Nonetheless, power generation was stabilized and, following the formation of a reform-oriented Government of National Unity in June, consumer, business, and investor confidence rebounded. Inflation moderated from 5.9 percent in 2023 to an estimated
    4.5 percent in 2024, with the central bank cutting interest rates by 50 basis points in 2024. While still high, unemployment declined to an estimated 32.8 percent in 2024. Government deficits remained elevated, pushing public debt to above 75 percent of GDP by end-2024.

    Looking ahead, real GDP growth is projected to accelerate to 1.5 percent in 2025, driven by recovering private consumption and investment supported by stable electricity generation. Over the medium term, annual growth is expected to reach 1.8 percent, as investment improves gradually on the back of ongoing reform efforts to address electricity and logistics bottlenecks. Inflation is projected to average 4 percent in 2025 and stabilize at the midpoint of the SARB’s target range (4.5 percent) in the medium run. With fiscal deficits projected to stay elevated over the medium term, public debt is expected to continue to rise.

    The outlook remains marked by high uncertainty, with the balance of risks tilted to the downside. Key downside external risks relate to a further deepening of geoeconomic fragmentation and intensification of protectionist policies, an escalation of ongoing conflicts, a deeper slowdown in main trading partners, or slower global disinflation and tightening financial conditions. Domestically, resistance to and delays in the implementation of needed reforms could add to downside risks. On the upside, faster and more ambitious reform implementation by the new government, or stronger global growth, could boost confidence and growth.   

    Executive Board Assessment[2]

    “Directors agreed with the thrust of the staff appraisal. They welcomed South Africa’s new Government of National Unity and its commitment to reforms aimed at addressing long‑standing challenges. While there are signs of recovery, economic activity remains subdued amid heightened global uncertainty and long‑standing structural impediments. Against this background, Directors emphasized the importance of prudent macroeconomic policies complemented by ambitious structural reforms to support macroeconomic stability and place the economy on a path toward higher, more inclusive, and greener growth.

    “Directors welcomed the authorities’ commitment to fiscal prudence, including plans to reduce the fiscal deficit and stabilize debt. Given increased risks, most Directors called for more ambitious fiscal consolidation efforts to lower debt to more prudent levels and rebuild fiscal buffers, although a few felt that the authorities’ preferred approach may be more appropriate given political economy considerations. Directors considered that an evenly paced fiscal consolidation focused on cutting inefficient spending while protecting priority social and infrastructure spending, and continuing to strengthen tax administration, can support debt sustainability while minimizing the negative impact on the economy. Most Directors agreed that introducing a prudent debt anchor supported by a fiscal rule could help underpin the adjustment and bolster credibility, although a few Directors felt that a debt ceiling could constrain flexibility. Enhancing fiscal transparency and risk management can further support the resilience of public finances.

    “Directors commended the South African Reserve Bank’s effective monetary management, which supported a decline in inflation. Looking forward, they recommended maintaining a flexible and data‑driven approach to monetary policy decisions amid ongoing uncertainties. Directors saw merit in shifting, at an opportune time, from the current inflation target band to a lower point target, which will require careful design, gradual implementation, close coordination, and appropriate communication.

    “Directors welcomed the authorities’ efforts to safeguard financial stability, including recent banking‑resolution and safety‑net reforms and macro‑prudential policies. They encouraged the authorities to continue to monitor risks, including those related to the sovereign‑bank nexus, and to stand ready to implement prudential measures as needed. They considered that strengthened supervision, including for non‑bank financial institutions, alongside continued efforts to bolster the AML/CFT framework, remain essential.

    “Directors commended the authorities for their structural reform efforts aimed at removing critical impediments to growth. They encouraged the new government to implement resolutely ongoing energy and logistics reforms, including by promoting private sector participation. To support higher and greener growth and job creation, particularly among the youth, while reducing inequality and poverty, Directors recommended additional reforms to enhance the business environment, bolster governance, and improve labor market flexibility, along with sustained efforts to facilitate trade and achieve climate goals.

    Directors wished the authorities success during South Africa’s G20 Presidency and welcomed their leadership in support of multilateral cooperation.”

     

    South Africa: Selected Economic Indicators, 2022–27

    Social Indicators

    GDP

    Poverty (percent of population)

    Nominal GDP (2022, billions of US dollars)

    407

    Lower national poverty line (2015)

    40

    GDP per capita (2022, in US dollars)

    6,712

    Undernourishment (2019)

    7

    Population characteristics

    Inequality (income shares unless otherwise specified)

    Total (2022, million)

    62

    Highest 10 percent of population (2015)

    53

    Urban population (2020, percent of total)

    67

    Lowest 40 percent of population (2015)

    7

    Life expectancy at birth (2020, number of years)

    64

    Gini coefficient (2015)

    65

    Economic Indicators

    2022

    2023

    2024

    2025

    2026

    2027

    Proj.

    National Income and Prices

    (Annual Percentage Change Unless Otherwise Indicated)

    Real GDP

    1.9

    0.7

    0.8

    1.5

    1.6

    1.7

    Domestic demand

    3.9

    0.8

    0.4

    1.5

    1.6

    1.8

    Private Consumption

    2.5

    0.7

    1.2

    1.4

    1.5

    1.6

    Government Consumption

    0.6

    1.9

    1.0

    1.0

    1.2

    1.3

    Gross Fixed Investment

    4.8

    3.9

    -3.4

    2.5

    2.7

    3.1

    Inventory Investment (contribution to growth)

    1.5

    -0.6

    0.0

    0.0

    0.0

    0.0

    Net export (contribution to growth)

    -2.1

    -0.1

    0.4

    0.1

    -0.1

    -0.1

    Real GDP per capita 1/

    1.1

    -0.8

    -0.7

    0.1

    0.1

    0.2

    GDP deflator

    5.0

    4.8

    4.4

    4.1

    4.5

    4.5

    CPI (annual average)

    6.9

    5.9

    4.5

    4.0

    4.5

    4.5

    CPI (end of period)

    7.4

    5.5

    3.0

    4.5

    4.5

    4.5

    Labor Market

    (Annual Percentage Change Unless Otherwise Indicated)

    Unemployment rate (percent of labor force, annual average)

    33.5

    33.1

    32.8

    32.7

    32.5

    32.3

    Unit labor costs (formal nonagricultural)

    2.1

    -0.8

    -0.7

    0.1

    0.1

    0.2

    Savings and Investment (Percent of GDP)

    Gross national saving

    15.0

    13.9

    13.2

    12.9

    13.0

    13.0

    Investment (including inventories) 2/

    15.4

    15.5

    14.5

    14.6

    14.8

    15.0

    Fiscal Position

    (Percent of GDP Unless Otherwise Indicated) 3/

    Revenue, including grants 4/

    27.6

    26.8

    26.8

    26.8

    26.9

    26.9

    Expenditure and net lending

    31.9

    32.7

    32.9

    33.3

    32.6

    32.3

    Overall balance

    -4.3

    -5.9

    -6.1

    -6.6

    -5.8

    -5.4

    Primary balance

    0.3

    -0.9

    -0.7

    -1.0

    -0.1

    0.4

    Gross government debt 5/

    70.8

    73.4

    75.7

    78.3

    80.1

    81.7

    Government bond yield (10-year and over, percent)

    10.7

    11.6

    11.2

    Money and Credit

    (Annual Percentage Change Unless Otherwise Indicated)

    Broad money

    8.3

    7.9

    5.2

    5.7

    6.2

    6.3

    Credit to the private sector 6/

    8.2

    4.1

    5.0

    5.6

    6.2

    6.3

    Repo rate (percent, end-period)

    7.0

    8.25

    7.75

    3-month Treasury bill interest rate (percent)

    5.2

    8.0

    8.3

    Private sector credit growth (total) 7/

    9.2

    4.8

    4.3

    Credit growth (households) 8/

    7.7

    4.4

    3.1

    Credit growth (corporates) 8/

    10.7

    5.2

    6.4

    Balance of Payments

    (Annual Percentage Change Unless Otherwise Indicated)

    Current account balance (billions of U.S. dollars)

    -1.8

    -6.1

    -5.3

    -7.3

    -7.8

    -8.9

    percent of GDP

    -0.5

    -1.6

    -1.3

    -1.7

    -1.8

    -2.0

    Exports growth (volume)

    7.4

    3.5

    -4.0

    2.7

    2.8

    2.9

    Imports growth (volume)

    14.9

    4.1

    -4.9

    2.2

    3.0

    3.2

    Terms of trade

    -8.6

    -4.8

    1.7

    -1.7

    -0.3

    0.0

    Overall balance (percent of GDP)

    0.0

    0.5

    0.8

    0.0

    0.0

    0.0

    Gross reserves (billions of U.S. dollars)

    60.6

    62.5

    65.9

    65.9

    65.9

    65.9

    in percent of ARA

    88.9

    97.0

    97.1

    Total external debt (percent of GDP)

    40.4

    41.5

    43.2

    44.7

    45.1

    45.6

    Nominal effective exchange rate (period average)

    16.6

    18.8

    18.6

    Real effective exchange rate (period average)

    6.8

    7.7

    7.5

    Exchange rate (Rand/U.S. dollar, end-period)

    17.0

    18.5

    18.7

    Sources: Bloomberg, Haver, National Treasury South Africa, SARB, World Bank, and IMF staff calculations.

    1/ Per-capita GDP figures are computed using STATS SA mid-year population estimates.

    2/ Inventories data are volatile and excluded from the investment breakdown to help clarify fixed capital formation developments.

    3/ Consolidated government as defined in the budget unless otherwise indicated.

    4/ Revenue excludes “transactions in assets and liabilities” classified as part of revenue in budget documents. This item represents proceeds from the sales of assets, realized valuation gains from holding of foreign currency deposits, and other conceptually similar items, which are not classified as revenue by the IMF’s Government Finance Statistics Manual 2014.

    5/ Central government.

    6/ Depository institution’s domestic claims on private sector in all currencies.

    7/ Credit extended by all monetary institutions/ Claims on the domestic private sector/ Total loans & advances. Data for 2024 is as of November.

    8/ Data for 2024 is as of August.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Tatiana Mossot

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    https://www.imf.org/en/News/Articles/2025/01/29/pr-2519-south-africa-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Security: Financial institutions and law enforcement enhance their cooperation

    Source: Europol

    The Europol Financial Intelligence Public Private Partnership (EFIPPP) provides a collaborative mechanism between more than 90 private stakeholders, Financial Intelligence Units (FIUs) and law enforcement agencies to address structured threat information across the community. The EFIPPP secretariat is located within the European Financial and Economic Crime Centre (EFECC) at Europol.The drafting of the Practical Guide was based on existing operational…

    MIL Security OSI

  • MIL-OSI Security: Meet the Richmonds: A Navy Family Committed to Advancing Navy Medicine Through Service

    Source: United States Navy (Medical)

    Story by: Lieutenant Julius C. Wiseman III, DBA, MBA, MPS, USNMRTC Sigonella

    SIGONELLA, Sicily – In a remarkable testament to dedication and service, Petty Officers Samantha and Albert Richmond recently celebrated a significant milestone in their military careers. Last November, they were both promoted, earning the distinguished title of Hospital Corpsman First Class (HM1). This achievement is not merely a rank; it symbolizes their unwavering commitment to the Navy and their pivotal roles in enhancing Navy Medicine.

    The story of the Richmonds is one of serendipity and shared purpose. Both Petty Officers arrived at the United States Navy Medicine Readiness and Training Command (USNMRTC) Sigonella, in Sicily, Italy, in 2022, drawn by their respective duties within the Navy. Although their paths diverged before this point, it was in this picturesque Mediterranean locale that their lives intertwined. In 2023, they not only solidified their bond through marriage but also welcomed their daughter, Danielle, into the world, marking a new chapter in their family’s journey.

    Samantha Richmond, hailing from the small, close-knit town of Saint Marys, Georgia, has been a beacon of resilience and service since enlisting in the U.S. Navy in 2013. Her career has taken her to various esteemed commands, including Navy Medicine Readiness and Training Command Pensacola, the Naval Medical Center Portsmouth, and the USS PORT ROYAL (CG-73). During her tenure aboard the USS PORT ROYAL, she completed a notable Fifth Fleet deployment and two Seventh Fleet deployments in the Western Pacific, experiences that have enriched her medical expertise and honed her leadership skills. Currently, HM1 Samantha Richmond serves in the Multi-Service Ward, where she has taken on the critical role of Leading Petty Officer. In this capacity, she not only oversees the day-to-day operations of the ward but also ensures that her team is well-coordinated and prepared to meet the diverse medical needs of service members from various branches. Her leadership extends beyond patient care; she also serves as the Assistant Security Manager for the Command, which underscores her versatility and commitment to maintaining the safety and security of her fellow personnel.

    When asked about her favorite aspect of her job, Samantha responded with heartfelt sincerity, “My favorite part of the job has always been helping people, in all aspects, administratively and through patient care.” This statement reflects her deep-rooted passion for service and her belief in the importance of compassion and support in the healthcare environment. Whether she is managing administrative tasks or providing direct patient care, her goal is to make a positive impact on the lives of those she serves.

    Samantha also shared her perspective on what serving in the Navy means to her personally. “Serving to me means embracing a lifestyle that sometimes requires long periods away from home and committing to defend national security,” she explained. This sentiment captures the essence of military life, where personal sacrifice is often required in the name of a greater cause. For Samantha, the challenges of military service are balanced by the profound sense of purpose that comes from contributing to the safety and well-being of her country.
    In reflecting on her journey, she identifies the birth of their daughter, Danielle, and being promoted alongside her husband, Albert, as her most noteworthy accomplishments. These milestones not only represent personal triumphs but also signify the strength of their partnership as they navigate the complexities of military life together.

    HM1 Albert Richmond, a dedicated member of the U.S. Navy, was born and raised in the vibrant and diverse urban environment of Southeast San Diego, California. Growing up in such a dynamic city, he was surrounded by a rich tapestry of cultures and experiences that shaped his outlook on life and his aspirations for the future. Albert cites his upbringing as a significant motivator in his decision to enlist in the Navy. “Lessons that I learned from my hometown that have stuck with me to this day are that we can choose whether to be products of our environment or representations of something greater. I chose to be a representation as a United States Sailor,” HM1 Richmond reflected. This powerful statement encapsulates his commitment to rise above challenges and embody the values of honor, courage, and commitment that define the Navy.

    In just eight years of service, Petty Officer Albert Richmond has already made an impressive mark on his military career. He has completed three deployments, including significant contributions to Operation Inherent Resolve, a mission aimed at combating terrorism in the Middle East, and Cobra Gold, a multinational military exercise conducted annually in Thailand that enhances interoperability among allied forces. His experience with a Special Marine Group Task Force during these missions has equipped him with a wealth of knowledge and skills, further solidifying his role as a competent and reliable service member.

    Albert’s previous command at the 1st Marine Division allowed him to hone his skills in a fast-paced and demanding environment, preparing him for the challenges he would face in subsequent roles. Now stationed at USNMRTC Sigonella, he has taken on a pivotal role as the Command’s Career Counselor. In this capacity, he plays an essential part in shaping the futures of his fellow sailors. His mentorship has had a direct and positive impact on retention rates, as he works diligently to help sailors navigate their career paths, set goals, and develop visions for their futures. Albert’s commitment to fostering professional growth within the ranks exemplifies his dedication to the Navy and its personnel.

    Simultaneously, he also serves as the Leading Petty Officer of the Flight Line Clinic, where he oversees operations and ensures that the medical needs of personnel are met efficiently and effectively. This dual role showcases his ability to balance multiple responsibilities while maintaining a high standard of care and leadership. Albert’s contributions to both the Career Counseling program and the Flight Line Clinic illustrate his unwavering commitment to the Navy’s mission and the well-being of his fellow sailors.

    The Richmonds are just one example of the many co-spouses who serve within the ranks of the United States Navy, embodying the unique challenges and rewards that come with dual-military careers. As they embark on their next adventure, they are en route to Japan, where they will be stationed on the beautiful and strategically significant Island of Okinawa. This move represents not only a new chapter in their professional lives but also an opportunity to immerse themselves in a rich cultural environment that is steeped in history and tradition.

    HM1 Samantha Richmond will continue her mission at United States Navy Medicine Readiness and Training Command Okinawa, where she will apply her extensive experience and dedication to enhancing medical readiness and patient care. Meanwhile, HM1 Albert Richmond will be returning to his roots with the Marine Corps at the III Marine Expeditionary Force (III MEF). This assignment is particularly meaningful for him, as it allows him to reconnect with the Marine Corps legacy that has shaped his military journey.

    Together, the Richmonds stand as a guiding light of inspiration to many within the military community. Their journey exemplifies the resilience and adaptability required of dual military families, showcasing how they can successfully navigate the complexities of service while maintaining their family bond. Their experiences serve as a testament to how the Navy actively supports dual military families, offering resources and programs designed to help them thrive both personally and professionally.

    As they look toward the future, the Richmonds undoubtedly have bright prospects ahead of them in the United States Navy. Their dedication to service, commitment to one another, and willingness to embrace new challenges will continue to inspire those around them. In a world where military families often face unique hurdles, the Richmond story highlights the strength found in partnership, shared values, and a common mission, reinforcing the idea that together, they can achieve great things both in their careers and as a family.

    MIL Security OSI

  • MIL-OSI: Invesco Ltd: Form 8.3 – American Axle & Manufacturing Holdings Inc; Opening Position disclosure

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    OPENING POSITION DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1. KEY INFORMATION  
       
    (a) Full name of discloser: Invesco Ltd.  
    (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.
       
    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:
    Use a separate form for each offeror/offeree
    American Axle & Manufacturing Holdings, Inc.  
    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:    
    (e) Date position held/dealing undertaken:
    For an opening position disclosure, state the latest practicable date prior to the disclosure
    29.01.2025  
    (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”
    Yes, Dowlais Group plc  
       
    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: USD 0.01 common US0240611030  
      Interests Short Positions  
      Number % Number %  
    (1) Relevant securities owned and/or controlled: 1,889,922 1.60      
    (2) Cash-settled derivatives:          
    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:          
      Total 1,889,922 1.60      
       
       
    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  
             
       
    (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 Number of reference securities Price per unit  
               
       
    (c) Stock-settled derivative transactions (including options)
     
    (i) Writing, selling, purchasing or varying
     
    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit
                   
       
    (ii) Exercise  
       
    Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit  
               
       
    (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)  
             
       
    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  
       
       
    Is a Supplemental Form 8 (Open Positions) attached? NO  
       
    Date of disclosure 30.01.2025  
    Contact name Philippa Holmes  
    Telephone number +441491417447  
       

    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.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI: Military Drones Market Heating Up as Multi-Billion Dollar Industry Realizing Rapidly Increasing Demand

    Source: GlobeNewswire (MIL-OSI)

    PALM BEACH, Fla. , Jan. 30, 2025 (GLOBE NEWSWIRE) — FN Media Group News Commentary – Military drone refers to unmanned aerial vehicles that are specifically used for military purposes such as border surveillance, battle damage management, combat operations, communication, delivery, and anti-terrorism weaponry. The main types of military drones are fixed-wing, rotary-wing, and hybrid. A fixed-wing drone is a plane that doesn’t have a human pilot on board. Fixed-wing UAVs can be commanded remotely by a human or Autonomously by onboard systems. The different types of drones include MALE, HALE, TUAV, UCAV, SUAV and involve various technologies such as remotely operated, semi-autonomous, autonomous. It is used in Search And Rescue, national defense, military exercises, and others. According to a report from The Business Research Company, the military drones market size has grown strongly in recent years. It will grow from $15.93 billion in 2024 to $17.05 billion in 2025 at a compound annual growth rate (CAGR) of 7.0%. The growth in the historic period can be attributed to increasing military expenditure, increasing the use of military drones, increasing government funding for military drones and low interest rates. The report said: “The military drones market size is expected to see strong growth in the next few years. The growth in the forecast period can be attributed to an increase in government funds and increasing internal and external security threats. Major trends in the forecast period include strategic mergers and acquisitions, focus on use of 3D printing, use of the internet of things (IoT), focus on implementing autonomous systems and focusing on implementing emerging technologies such as artificial intelligence (AI).” Active Companies in the markets today include ZenaTech, Inc. (NASDAQ: ZENA), Northrop Grumman Corporation (NYSE: NOC), AeroVironment, Inc. (NASDAQ: AVAV), The Boeing Company (NYSE: BA), Red Cat Holdings, Inc. (NASDAQ: RCAT).

    The Business Research Company concluded: “The increasing terrorism is expected to boost the growth of the military drone market going forward. Terrorism refers to an act of violence that would put others in danger while showing a blatant disdain for the harm IT would do. Governments and military organizations often use military drones in counter-terrorism efforts. Drones can provide valuable intelligence, surveillance, and reconnaissance (ISR) capabilities to monitor and track terrorist activities. The need for real-time data and actionable intelligence in counter-terrorism operations drives the demand for military drones… Asia-Pacific was the largest region in military drones’ market in 2024. Western Europe is expected to be the fastest-growing region in the global military drones market share during the forecast period.”

    ZenaTech (NASDAQ:ZENA) Announces Spider Vision Sensors Collaborates with Suntek Global to Apply for First Blue UAS Certification of IQ Nano Drone Sensor for US Defense – ZenaTech, Inc. (FSE: 49Q) (BMV: ZENA) (“ZenaTech”), a technology company specializing in AI (Artificial Intelligence) drone, Drone-as-a-Service (DaaS), enterprise SaaS and Quantum Computing solutions, announces that its subsidiaries ZenaDrone and Spider Vision Sensors are collaborating with Taiwan-based certified electronics manufacturer and partner, Suntek Global, to apply for the company’s first Blue UAS (Unmanned Aerial System) certified IQ Nano drone sensor for use by US Defense branches.

    A drone sensor is a device onboard a drone that collects data, such as cameras for imaging, LiDAR for mapping, or infrared sensors for thermal detection. Military and Defense departments use small autonomous indoor drones like the 10X10 inch IQ Nano for various applications such as inventory management, indoor building reconnaissance, search and rescue, training simulations, and explosives detection.

    “We have been working with Suntek on Blue UAS certification for our cameras and sensors since signing a partnership agreement in early December, in conjunction with our Spider Vision Sensors manufacturing subsidiary in Taiwan,” said CEO Shaun Passley, Ph.D. “Our immediate goal is to utilize Suntek’s expertise having achieved Blue UAS certification, to help us source and manufacture our own compliant components as well as help us with the Blue UAS application process for our components and the IQ Nano drone. If approved, the drone is placed on the Blue UAS Cleared List, allowing military and federal agencies to directly purchase our drones.

    “The IQ Nano drone is ideal for indoor operations in scenarios requiring precision, maneuverability, and minimal collateral damage, and can also improve efficiency and costs managing inventories of supplies in the Department of Defense (DoD) warehouse and storage facilities,” concluded Dr. Passley.

    The company also intends to file for the less stringent and faster to achieve Green UAS certification for IQ Nano sensor and the drone in the second quarter of 2025. The Green certification is considered a pathway to the Blue certification list, with the main difference being that it is a commercial certification for secure drones led by a drone industry association (AUVSI). The Blue UAS is a military-grade approval for DoD use and has strict country of origin requirements that must not include a set list of Chinese suppliers. The Blue UAS Certification Process for DoD use is managed by the Defense Innovation Unit (DIU) and includes additional security and performance evaluations. Continued… Read this full release for ZENA by visiting: https://www.financialnewsmedia.com/news-zena/

    Other recent developments in the defense/military industry include:

    Northrop Grumman Corporation (NYSE: NOC) recently announced that its fourth quarter and full-year 2024 financial results will be posted on its investor relations website on January 30, 2025. Prior to the market opening, the company will issue an advisory release notifying the public of the availability of the complete and full text earnings release on the company’s website at http://investor.northropgrumman.com.

    The company’s fourth quarter and 2024 conference call will be held at 9 a.m. Eastern time, Thursday, January 30, 2025. The conference call will be webcast live on Northrop Grumman’s website at http://investor.northropgrumman.com. Replays of the call will be available on the Northrop Grumman website for a limited time. Presentations may be supplemented by a series of slides appearing on the company’s investor relations home page.

    AeroVironment, Inc. (NASDAQ: AVAV) recently reported financial results for the fiscal second quarter ended October 26, 2024. Second Quarter Highlights were: Record second quarter revenue of $188.5 million up 4% year-over-year; Second quarter net income of $7.5 million and non-GAAP adjusted EBITDA of $25.9 million; Funded backlog of $467.1 million as of October 26, 2024; and announced its entry into an agreement for the acquisition of BlueHalo in an all-stock transaction with an enterprise value of approximately $4.1 billion.

    “AeroVironment continues to deliver strong results, including record second-quarter revenue along with a healthy funded backlog that is 25% higher than the prior quarter,” said Wahid Nawabi, AeroVironment chairman, president and chief executive officer. “Key wins from our Loitering Munition Systems segment continue to drive growth for the company.

    “We expect our proposed acquisition of BlueHalo to further advance our growth opportunities with a highly complementary portfolio of products, customers and capabilities in key defense space and intelligence sectors and establish AeroVironment as the next generation defense technology company for our customers. We look forward to continued momentum beyond fiscal year 2025.”

    The Boeing Company (NYSE: BA) recently released Fourth Quarter Results which were: Finalized the International Association of Machinists and Aerospace Workers (IAM) agreement and resumed production across the 737, 767 and 777/777X programs; Financials reflect previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year; Revenue of $15.2 billion, GAAP loss per share of ($5.46) and core (non-GAAP) loss per share of ($5.90); and Operating cash flow of ($3.5) billion; cash and marketable securities of $26.3 billion. Full Year 2024; Delivered 348 commercial airplanes and recorded 279 net orders; Total company backlog grew to $521 billion, including over 5,500 commercial airplanes.

    The Boeing Company [NYSE: BA] recorded fourth quarter revenue of $15.2 billion, GAAP loss per share of ($5.46) and core loss per share (non-GAAP) of ($5.90) (Table 1) primarily reflecting previously announced impacts of the IAM work stoppage and agreement, charges for certain defense programs, and costs associated with workforce reductions announced last year. Boeing reported operating cash flow of ($3.5) billion and free cash flow of ($4.1) billion (non-GAAP).

    “We made progress on key areas to stabilize our operations during the quarter and continued to strengthen important aspects of our safety and quality plan,” said Kelly Ortberg, Boeing president and chief executive officer. “My team and I are focused on making the fundamental changes needed to fully recover our company’s performance and restore trust with our customers, employees, suppliers, investors, regulators and all others who are counting on us.”

    Red Cat Holdings, Inc. (NASDAQ: RCAT), a drone technology company integrating robotic hardware and software for military, government, and commercial operations, recently announced it has secured new orders for its Edge 130 drone from the Army National Guard and another U.S. Government Agency (OGA), totaling $518,000.

    FlightWave, a leading provider of VTOL drone, sensor and software solutions was acquired by Red Cat in September 2024. The acquisition brought FlightWave’s flagship drone, the Edge 130 Blue into its family of low-cost, portable unmanned reconnaissance and precision lethal strike systems. FlightWave’s size, weight and vertical take off capabilities makes it ideal for maritime operations and littoral environments.

    About FN Media Group:

    At FN Media Group, via our top-rated online news portal at www.financialnewsmedia.com, we are one of the very few select firms providing top tier one syndicated news distribution, targeted ticker tag press releases and stock market news coverage for today’s emerging companies. #tickertagpressreleases #pressreleases

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    DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM’s market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated fifty four hundred dollars for news coverage of the current press releases issued by ZenaTech, Inc. by the Company. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

    This release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. “Forward-looking statements” describe future expectations, plans, results, or strategies and are generally preceded by words such as “may”, “future”, “plan” or “planned”, “will” or “should”, “expected”, “anticipates”, “draft”, “eventually” or “projected”. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company’s annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

    Contact Information:
    Media Contact email: editor@financialnewsmedia.com – +1(561)325-8757

    SOURCE: FN Media Group

    The MIL Network

  • MIL-OSI: Invesco Ltd: Form 8.3 – Dowlais Group PLC; Opening Position disclosure

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.3

    OPENING POSITION DISCLOSURE BY
    A PERSON WITH INTERESTS IN RELEVANT SECURITIES REPRESENTING 1% OR MORE
    Rule 8.3 of the Takeover Code (the “Code”)

    1. KEY INFORMATION  
       
    (a) Full name of discloser: Invesco Ltd.  
    (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.
       
    (c) Name of offeror/offeree in relation to whose relevant securities this form relates:
    Use a separate form for each offeror/offeree
    Dowlais Group plc  
    (d) If an exempt fund manager connected with an offeror/offeree, state this and specify identity of offeror/offeree:    
    (e) Date position held/dealing undertaken:
    For an opening position disclosure, state the latest practicable date prior to the disclosure
    29.01.2025  
    (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”
    Yes, American Axle & Manufacturing Holdings, Inc.  
       
    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: 1p ordinary GB00BMWRZ071  
      Interests Short Positions  
      Number % Number %  
    (1) Relevant securities owned and/or controlled: 360,552 0.02      
    (2) Cash-settled derivatives:          
    (3) Stock-settled derivatives (including options) and agreements to purchase/sell:          
      Total 360,552 0.02      
       
       
    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  
             
       
    (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 Number of reference securities Price per unit  
               
       
    (c) Stock-settled derivative transactions (including options)
     
    (i) Writing, selling, purchasing or varying
     
    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type e.g. American, European etc. Expiry date Option money paid/ received per unit
                   
       
    (ii) Exercise  
       
    Class of relevant security Product description e.g. call option Exercising/ exercised against Number of securities Exercise price per unit  
               
       
    (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)  
             
       
    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  
       
       
    Is a Supplemental Form 8 (Open Positions) attached? NO  
       
    Date of disclosure 30.01.2025  
    Contact name Philippa Holmes  
    Telephone number +441491417447  
       

    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.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network

  • MIL-OSI China: Tourists visit 31st Zigong Int’l Dinosaur Lantern Show in Zigong, China’s Sichuan

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

    Tourists visit 31st Zigong Int’l Dinosaur Lantern Show in Zigong, China’s Sichuan

    Updated: January 30, 2025 21:16 Xinhua
    Light installations are pictured at the 31st Zigong International Dinosaur Lantern Show in Zigong, southwest China’s Sichuan Province, Jan. 17, 2025. The national-level intangible cultural heritage project Zigong lantern show boasts a long history, as it can be traced back to the Tang (618-907) and Song (960-1279) dynasties. In 1964, Zigong held the first lantern show celebrating the Spring Festival. So far, making colorful lanterns has become a popular industry here, with Zigong lanterns having been displayed in more than 80 countries and regions. Making a Zigong lantern involves many craftsmen, including art designers, bench workers, mechanics, electricians and paper-hanging workers. The complete process can hardly be found in other places in China. [Photo/Xinhua]
    Light installations are pictured at the 31st Zigong International Dinosaur Lantern Show in Zigong, southwest China’s Sichuan Province, Jan. 17, 2025. [Photo/Xinhua]
    Tourists visit the 31st Zigong International Dinosaur Lantern Show in Zigong, southwest China’s Sichuan Province, Jan. 17, 2025. [Photo/Xinhua]
    A worker colors a lantern at a workshop in Zigong, southwest China’s Sichuan Province, Jan. 14, 2025. [Photo/Xinhua]
    A drone photo shows tourists visiting the 31st Zigong International Dinosaur Lantern Show in Zigong, southwest China’s Sichuan Province, Jan. 17, 2025. [Photo/Xinhua]
    A drone photo shows light installations at the 31st Zigong International Dinosaur Lantern Show in Zigong, southwest China’s Sichuan Province, Jan. 17, 2025. [Photo/Xinhua]
    A worker decorates a lantern at a workshop in Zigong, southwest China’s Sichuan Province, Jan. 14, 2025. [Photo/Xinhua]
    Tourists visit the 31st Zigong International Dinosaur Lantern Show in Zigong, southwest China’s Sichuan Province, Jan. 17, 2025. [Photo/Xinhua]
    Tourists visit the 31st Zigong International Dinosaur Lantern Show during trial operation in Zigong, southwest China’s Sichuan Province, Jan. 14, 2025. [Photo/Xinhua]
    A drone photo shows light installations at the 31st Zigong International Dinosaur Lantern Show in Zigong, southwest China’s Sichuan Province, Jan. 17, 2025. [Photo/Xinhua]
    This combo photo shows a child’s drawing (L) and light installations of the drawing at the 31st Zigong International Dinosaur Lantern Show during trial operation in Zigong, southwest China’s Sichuan Province, Jan. 14, 2025. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI China: 9th Asian Winter Games to be held in Harbin on Feb. 7

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

    9th Asian Winter Games to be held in Harbin on Feb. 7

    Updated: January 30, 2025 21:40 Xinhua
    This aerial photo taken on Jan. 27, 2025 shows Heilongjiang Ice Events Training Center Multifunctional Hall in Harbin, northeast China’s Heilongjiang Province. The 9th Asian Winter Games will take place in Harbin, capital of northeast China’s Heilongjiang Province from Feb. 7 to 14, 2025. The Games will feature six sports, 11 disciplines and 64 events. The ice events will be held in Harbin, using the existing venues from the 1996 Asian Winter Games, while the snow events will be in Yabuli, 193 km from Harbin. The regional games will be staged in China for the third time, following Harbin in 1996 and Changchun, capital city of Jilin Province, in 2007. [Photo/Xinhua]
    This aerial photo taken on Jan. 27, 2025 shows Heilongjiang Ice Events Training Center Speed Skating Oval in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 16, 2025 shows Yabuli Ski Resort in Yabuli, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 26, 2025 shows the night view of the Harbin Ice-Snow World in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 21, 2025 shows Harbin Pingfang District Curling Arena in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 16, 2025 shows Slopestyle Stadium and Big Air Stadium at the Yabuli Ski Resort in Yabuli, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 16, 2025 shows Biathlon Gymnasium at the Yabuli Ski Resort in Yabuli, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 27, 2025 shows Harbin Sport University Student Skating Rink in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 27, 2025 shows the Athletes’ Village for the ice sports competitions, the Main Press Center and Harbin International Conference, Exhibition and Sports Center, the venue for the opening and closing ceremonies, in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]
    This aerial photo taken on Jan. 27, 2025 shows Harbin Ice Hockey Arena in Harbin, northeast China’s Heilongjiang Province. [Photo/Xinhua]

    MIL OSI China News

  • MIL-OSI Economics: Greece: Staff Concluding Statement of the 2025 Article IV Consultation Mission

    Source: International Monetary Fund

    January 30, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Greece’s near-term economic outlook remains favorable, with real GDP sustaining its robust expansion. The public finances have further improved, with the public debt-to-GDP ratio on a firm downward trajectory, amid continued fiscal consolidation supported by strong progress in reducing tax evasion. Continuing the reform momentum will establish a solid foundation to address remaining crisis legacies and structural challenges arising from the rising yet still low level of overall investment, an unfavorable demographic outlook, and sluggish productivity growth. The right policy mix aimed at continuing fiscal consolidation in a growth-friendly manner, implementing ambitious reforms to address supply-side structural impediments, and further strengthening financial system resilience is essential to achieve sustainable growth in the medium to long term, while ensuring fiscal sustainability and safeguarding financial stability.

    Robust Expansion with Declining Debt

    1. The economy maintained its robust growth in 2024, supported by strong domestic demand. Real GDP expanded by 2.3 percent (year-on-year; y/y) in the first three quarters, buoyed by a strong pickup in NGEU-funded investment projects and robust private consumption underpinned by rising real income. The unemployment rate fell to 9.5 percent (seasonally adjusted) in 2024Q3, a historic low since 2009, and the vacancy rate has risen, reflecting labor shortages in a few sectors, particularly construction, tourism-related services, and high-skill sectors. The labor force participation rate has also gradually risen but remains among the lowest in EU, especially for women. Disinflation is underway at a gradual pace with headline and core inflation at 2.9 and 3.4 percent (y/y) in end-2024, respectively, amid persistent services inflation and wage growth. Along with strong economic activity, credit growth to the private sector has accelerated to 9.4 percent (y/y) in 2024Q4, accompanied by a continued increase in residential real estate prices. High domestic import demand, driven by investment, also contributed to the widening of the current account deficit to an estimated 6.9 percent of GDP in 2024.

    2. Continued fiscal consolidation and sustained progress in much-needed structural reforms have strengthened the public finances, growth potential, and energy security. By end-2024, the public debt-to-GDP ratio is estimated to have decreased by more than 50 percentage points from its peak in 2020, supported by strong growth, high inflation, and substantial fiscal consolidation. While the labor tax wedge has been reduced by about 4½ percentage points since 2019, tax revenue has remained buoyant due to the authorities’ strong progress in reducing tax evasion. The abolishment of substantial pension penalties for retirees re-entering the labor market significantly increased the number of working pensioners in 2024. Following the significant expansion of solar and wind capacity in recent years, renewable sources now account for about 50 percent of total electricity generation.

    3. The banking system has further enhanced its resilience with improved asset quality and capital adequacy. Asset quality in systemically important banks has improved further, with the NPL ratio dropping to around 3 percent in 2024Q3, facilitated by a government-sponsored securitization framework. Banks sustained high profits, which, along with capital instrument issuances, have boosted capital adequacy, although there is room for a further strengthening of voluntary capital buffers. The capital quality needs to be further improved as Deferred Tax Credit (DTC) still represents a substantial share of prudential capital. Given repayment of the Targeted Longer-Term Refinancing Operations (TLTROs) and meeting the Minimum Requirement for Own Funds and Eligible Liabilities (MREL) targets, liquidity and funding risks have been markedly reduced, with buffers well above prudential requirements and the EU average.

    4. Real GDP growth is projected to remain high at 2.1 percent in 2025, before moderating in the medium term. Investment will continue to be a key driver, supported by NGEU-funded projects. Private consumption growth will remain solid, underpinned by favorable employment and income growth. With stabilizing global energy prices, headline inflation is expected to resume its downward trend, while core inflation will be more persistent due to services inflation and wage growth. With NGEU funding set to expire against the backdrop of demographic headwinds and sluggish productivity growth, GDP growth is forecast to moderate to lower levels around 1¼ percent in the medium term. The current account deficit is expected to narrow gradually below 4 percent of GDP in the medium term, as imports are expected to slow along with the winding down of NGEU-funded investment.

    5. Risks to the growth outlook are balanced, while those to inflation are tilted upward. Potential headwinds include the growth slowdown in major euro area countries, a deterioration of regional conflicts, and global policy uncertainty. The acceleration of ambitious structural reforms could further improve growth prospects. Stronger and more persistent-than-expected wage growth could further fuel services inflation, potentially exacerbated by fluctuations in global and regional energy prices.

    Growth-friendly Fiscal Consolidation

    6. Continued fiscal consolidation would further strengthen public debt sustainability. The primary surplus is expected to remain high at around 2½ percent of GDP in 2025 as reduced revenue from an additional cut in social security contributions is expected to be broadly offset by revenue gains from reforms aimed at reducing tax evasion and increasing tax compliance. With the primary surplus remaining high at 2.3 percent of GDP in the medium term, the public debt-to-GDP ratio is projected to decrease further by about 25 percentage points to below 130 percent by 2030.

    7. Additional expenditure measures that raise efficiency would further strengthen Greece’s public finances. Continued reforms are necessary to enhance efficient public investment planning and management, including through further strengthening centralized coordination and procurement. It is essential to protect non-pension social spending, such as healthcare and education, to promote inclusive growth, while enhancing efficiency. Excessive increases in pensions and public-sector wages should be resisted by implementing recent reforms, for example by ensuring that pension increases adhere to the established indexation formula without ad hoc adjustment.

    8. There is room for additional revenue-enhancing reforms to further reduce tax evasion while enhancing the progressivity of the tax system. The Independent Authority for Public Revenue’s new medium-term strategy presents a good opportunity to further modernize tax administration and increase tax collection by continuing to leverage digitalization, which also reduces the burden of compliance. Tax policy reforms should focus on broadening the tax base and increasing tax progressivity. Additionally, inefficient tax expenditures, particularly the regressive VAT exemptions on some goods and services, should be phased out. The authorities should also consider raising carbon pricing, particularly in the transport and industry sectors, which can generate revenue for improved social protection and help address climate change and energy security by sharpening market incentives.

    9. Fiscal space created by additional measures or better-than-expected performance should be used for debt reduction as well as crucial social and capital spending. While public debt remains high, there are significant infrastructure investment needs, especially for energy security and in support of the green transition. The authorities should also consider enhancing support for crucial social expenditures, such as healthcare, and education with increased targeting toward the poor and vulnerable to promote inclusive growth.

    Structural reforms for boosting potential growth

    10. Comprehensive reforms to address structural supply-side impediments would increase productivity and medium-term growth prospects.

    • Raising labor force participation and ensuring a better skilled workforce. Increasing the availability of childcare and elderly care facilities can enable women to engage more productively in the economy. Reducing the still high tax wedge, coupled with appropriate job search and phasing out certain features of the unemployment benefit within the eligibility period, can enhance work incentives. Upgrading and scaling up the lifelong learning system with effective private sector participation, particularly in digital and green skills, as well as healthcare, can reduce skill mismatches and help alleviate bottlenecks for youth and female employment.
    • Accelerating regulatory reforms. Further reducing the regulatory burden and barriers to entry for firms, particularly in the services sector, would foster competition, increase productivity, and promote investment. Promoting business dynamism and fostering robust job creation are essential for effectively integrating new labor force entrants, particularly women, into employment. The quality of regulation needs to be improved by leveraging digitalization and enhancing regulatory impact assessments. Further enlarging and deepening the European single market would allow firms to grow to scale and lift productivity.
    • Advancing judicial system reforms. Progress in the implementation of the new insolvency framework, which is essential for addressing a large stock of crisis legacy distressed debt, has been hindered by imbalances and rigidities in the functioning of the civil judiciary system. In line with the recent judicial reform program, efforts should focus on accelerating the resolution of court cases. Such reforms would not only enhance financial sector resilience but also promote productive growth by facilitating the reallocation of capital to more productive activities and higher investment.

    11. Continued progress in green and digital transition will help achieve energy security and further boost productivity growth. Improving power connectivity with distant islands and enhancing energy efficiency in industries and transportation are essential for achieving the updated climate goals. Building on the ongoing increase in solar and wind capacity, scaling up grid networks and storage solutions will contribute to energy security by ensuring a stable power supply. More fundamentally, the completion of the EU-wide Energy Union, with a fully integrated and interconnected energy market, will remain crucial. Additionally, building on the commendable digitalization of public administration and the new national artificial intelligence strategy, the authorities should incentivize stronger adoption of digital technologies by the private sector to enhance productivity gains.

    Strengthening financial system resilience

    12. Monitoring of credit risks by banks should be further strengthened, while enhancing capital adequacy and its quality. With accelerating credit growth, supervisors should continue scrutinizing the extent to which banks deploy adequate and forward-looking provisioning policies, supported by adequate collateral valuations. Supervisors should also closely monitor how banks adapt their business models to the changing operating environment and further strengthen their risk management frameworks. Currently elevated bank profits should be primarily utilized to build capital buffers and improve the quality of capital. The recently announced initiative by banks to accelerate the amortization of DTCs will enhance bank resilience and reduce the bank-sovereign nexus.

    13. The implementation of the recently adopted comprehensive macroprudential toolkit will further strengthen the resilience of the banking sector. Staff welcomes activation of borrower-based measures (BBMs) for mortgage loans and a positive neutral countercyclical capital buffer (CCyB). The BBMs, in the form of caps on loan-to-value (LTV) and debt service-to-income (DSTI) ratios, should help contain excessive mortgage leverage buildup while limiting banks’ exposure to the housing boom, although close monitoring is warranted. Given the still relatively low combined capital buffers, the authorities could consider recalibrating the CCyB rate over the medium term to align with increasing uncertainty and enhance resilience.

    In closing, the mission would like to thank the Greek authorities and other stakeholders for their kind hospitality and for the open and productive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Eva Graf

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    MIL OSI Economics

  • MIL-OSI United Kingdom: Minister for Latin America and Caribbean speech at RUSI Latin American Security Conference 2025

    Source: United Kingdom – Executive Government & Departments

    Parliamentary Under-Secretary of State for Latin America and Caribbean, Baroness Chapman of Darlington, gave a speech at the RUSI Latin American Security Conference 2025.

    Thank you, Malcolm. I was just saying to Malcolm before that the last time I was here was to hear Douglas Alexander speak. This was at a time before Brexit, before COVID.

    We had a coalition government – he was the Shadow Foreign Secretary then, and much in the world has changed since.

    And it’s been far too long – that was, I think 2014, so 11 years ago. And I hope that I’ll be back here – well let’s see if I’m invited back here after this morning!

    Anyway, thank you Malcolm for that warm introduction.

    And good morning, everyone – bom dÍa, buenos dias a todos y todas.

    If you are joining us from Latin America, as I believe some people are online. Thank you for getting up so early – muchismas gracias.

    My Spanish is atrocious, but I am getting some lessons, so hopefully that will be improving soon. And as the Brazilian Ambassador reminded me yesterday, a little bit of Portuguese wouldn’t go amiss either, so I’ll be working on that.

    Before I say anything else, I want to thank RUSI for bringing us together for the third Latin American Security Conference – and to all of your for making this a priority.

    I have a passion for Latin America, and it is great when you get the opportunity to be in a room full of other people that share that view.

    When I meet with Latin American leaders, they tell me that they do feel that they have an important role to play alongside the UK.

    Nobody has told me that they feel ignored by the UK – which is good – but they have all said that they have the desire to be more included in the future.

    The geopolitics that we all spend our time trying to understand and to shape, drives and shapes the prospects for many of the people in Latin America – whether that’s climate change, economic growth and security, in every sense, they are priorities there exactly as they are priorities for us here.

    The war in Ukraine, the conflict in the Middle East, the role of China, US elections – all influence the politics of Latin America.

    Throw in the descent of Venezuela into autocracy, and our as-yet un-ending tragedy that is Haiti – and we have got a lot to talk about together.

    As we approach 200 years of bilateral relations with Brazil, Argentina and Colombia, we should consider how far we’ve come, but also what needs to come next.

    Speaking recently to the next generation of officer cadets at the Royal Naval College at Dartmouth, some 200 years since the days when John Illingworth and Admiral Lord Cochrane supported growing independence across the region, our defence and security co-operation is strong. In Latin America there is pride in our past relationships, and a strong sense that we should do more, not less, together in the future.

    Combatting serious organised crime to protect communities here as well as there, including the heinous trade in human misery that is illegal migration; getting urgent humanitarian relief to those bearing the brunt of natural disasters across the region; pursuing Antarctic science and wider marine protection.

    Perhaps the fact that the UK has positive relationships in Latin America, the fact that it is a relatively safe, peaceful, democratic region, means the spotlight doesn’t rest on it all that often from here in the UK.

    But I see an open, growing, industrious region of the world, without which this government will find it that much harder to achieve our missions of growth, security and climate action.

    Looking across Latin America, the lesson is clear. Without security, you can’t have growth. And without growth, climate action is impossible.

    As we’ve all said hundreds of times – the first responsibility of every government, the bedrock on which the economy sits, and the ultimate guarantor of everything we hold dear, is security.

    While the focus of our attention is rightly on the wars in Europe and the Middle East, Latin America has led the news twice in recent days here in the UK.

    Extraordinary as that is – and I know because I’ve spoken to them, that Colombia and Panama do not always welcome the reason for this attention – there is a place for Latin American countries in geopolitics now that is changing.

    With attention, I think, being positive, comes opportunity.

    Panama – no longer on the financial services grey list; stable, democratic, and inviting infrastructure investment from the UK. We’re seen as a respectful, trusted partner, and they want to do business with us.

    Latin American countries really do want to work with the UK. They see the long-term value in the tailored offer from the investment and security space. We can be proud of it, but we need to make it easier for countries in Latin America to do business with us.

    And I would like to thank Ecuador particularly at the moment, for their term on the Security Council.

    Because we have so much in common with them as independent nations – we must all stand firm in the face of Russia’s invasion of Ukraine, particularly as Russia turns its sights on Latin America as a key target for disinformation, because we know the truth.

    This illegal and unprovoked war by a Permanent Member of the UN Security Council is a flagrant violation of the UN Charter, and the principles of sovereignty and territorial integrity.

    It makes us all, wherever we are, less safe.

    And with so much strong support for Ukraine from across Latin America. I know you will all be looking forward to hearing from Yaroslav Brisiuck from the Ministry of Foreign Affairs later today – on deepening dialogue and cooperation with Latin America and the Caribbean.

    We are not the only country who sees Latin America’s strategic relevance and weight.

    We know our allies in the US are considering their approach as well. The fact that Secretary Rubio’s first foreign trip is to the region, and that he spoke in his confirmation hearing about the positive relationships as well as the challenges that the US faces there demonstrates the centrality of Latin America for US foreign Policy.

    This is no bad thing. And whilst we will not always agree on the specifics every day of this approach or that, we believe that we must continue to be in close dialogue with the region and the US, to work towards common goals.

    When it comes to China’s engagement in the region, we must understand why so many Latin American countries pursue partnerships with China on development, investment and trade.

    But our job – where we can – is to provide Latin America with a choice. An alternative that many say that they want. Maybe not always cheaper, but better.

    From now on, our approach to China will be consistent – cooperating where we can, competing where we have different interests, and challenging where we must.

    But the most important thing about this, is consistency.

    The schizophrenic posturing doesn’t work.

    It’s about calm, straightforward diplomacy, never ignoring issues where we fundamentally disagree, such as the detention of Jimmy Lai.

    But cooperating where it’s in our interests, especially on climate and growth.

    But we know that sustainable growth can’t happen without security.

    Criminal gangs are multinational. Their power to feed off misery while making billions feeds of weak state institutions, drives corruption, deforestation, drug deaths and sex trafficking.

    They pursue profit at any cost, with little cost to themselves, through the production and trafficking of cocaine and other illegal drugs,  destroying lives, communities, and ecosystems in the process.

    Where organised crime gangs are in competition with the state – this is why our role in supporting the peace process in Colombia… this shows us why, it is so vital.

    Illegal mining, deforestation, and the loss of species, human rights abuses, organised immigration crime, channelling of illicit finance, modern slavery, I could go on.

    The impact is being felt now in Latin America, and on the streets of Britain,
    Most of the world’s cocaine produced in Latin America.  

    It transits through Ecuador, Peru, and Bolivia, before being trafficked via increasingly complex, global routes, entering the UK via European ports.

    But let’s be honest with ourselves about this.

    It is cocaine demand in this country that is fuelling so much misery and insecurity across Latin America.

    A kilo of cocaine was valued at approximately £1,600 – at the start of its journey in Latin America.

    But by the time it reaches the UK, its value leaps by more than 1600% to more than £28,000. And that is one hell of a margin. That’s why this trade is so pervasive.

    We are with working France and the Netherlands and European partners, on joint approaches to tackle maritime cocaine trafficking from Latin America into the UK. And we are working with our partners across the region on this as well.

    This includes £19 million from the UK across six Latin American countries over five years. This is not just about seizures.

    We’re backing our partners’ efforts, following the money, building stronger regional links,  and tackling the flow of illicit finance.

    In Ecuador – we are working with our partners to make sure fewer vulnerable people fall prey to transnational drugs cartels, whether as victims and perpetrators of Serious Organised Crime, as well as working alongside US law enforcement, to conduct regular counternarcotic and other illicit trafficking operations in the Caribbean Sea.

    Talking face to face with the brave, specialist law enforcement teams in Ecuador, Colombia and the Caribbean, it is clear to me just how much they value UK expertise and support. And how much value we can add to their operations, because we listen to their needs, respect their expertise and are partners with them for the long term.

    In Peru, Brazil, Brazil, and Ecuador – we are working together to make financial investigations into mining and logging crimes more effective.

    In Colombia – working with state institutions to improve the enforcement of environmental law is at the heart of our work for forest protection.

    Because we can’t protect a single stick of rainforest. It is regional governments that do that. But we can help them with the tools they need to do the job.

    Access to satellite imagery, intelligence and security co-operation, support with judicial processes, police kit, registration of vehicles. Where we can help, we must.

    The Home Office is working with the courageous Colombian police in Bogotá – as part of their work developing key partnerships to identify and disrupt threats to the UK Border, from illegal migration and the trafficking of drugs.

    Together, we are now using advanced technical equipment, enhanced analytical and detection techniques, and improved intelligence flows – to strengthen border security and our collective ability to detect and prevent the movement of cocaine to the UK and Europe, especially in Brazil, Colombia, Ecuador, Panama and Peru.

    I have also made it my priority in my early months in the job to improve our departmental cooperation with the Home Office, The MoD and the NCA. The new Joint Home Office/FCDO Migration Unit will strengthen the cooperation in Whitehall and our efforts on the Ground.

    The Latin America that hundreds of thousands of UK citizens a year visit today is 660 million people strong and counting – with a combined GDP of nearly $6 trillion.

    And happily, in all my visits to the region as well as our conversations in the UK, our partners across Latin America have made it clear that they share this government’s ambition – to achieve long-term, resilient growth, and bring opportunity to people across our countries.

    This is something we are working together to achieve across a vast range of work.

    In Chile, during my visit at the start of the year, I saw how Anglo-American are introducing innovative, safer, and more responsible mining techniques.

    Extraordinary, as someone who comes from the North East of England, married to the son of Welsh miners, to see a remotely operated mine. Without mining obviously there is no decarbonisation, but this is mining that has been done from the centre of Santiago, out in a mine with nobody underground, nobody’s life at risk. It is really something to behold.

    When I travelled to President Sheinbaum’s inauguration, in Mexico we signed a new Memorandum of Understanding with the Mexican Ministry for Agriculture and Rural Development – which will boost trade, advance sustainable agriculture, and renew our partnership.

    And at the end of last year,  the UK became the first European nation to accede to the growing Indo-Pacific trade bloc, the Trans-Pacific Partnership, or ‘CPTPP’, joining Chile, Mexico, and Peru.

    This makes our collective GDP £12 trillion, means zero tariffs for more than 90% of exports between members, and opens up market opportunities across three continents.

    And building on the four agreements with the region we already have – this does represent a huge opportunity for businesses.

    Of course, none of this is possible if the bigger picture is not in place – which bring me to peace and democracy.

    Latin America is now home to many stable democracies – we share so many values.

    And we are working together to uphold human rights, and the rule of law, across the region and at the UN.

    When it comes to the Falkland Islands, our position is steadfast, and our commitment to defending the Falkland Islanders’ right of self-determination will not waiver.

    Only the Falkland Islanders can and should decide their own future.

    This approach underpins the South Atlantic cooperation agreement with Argentina – announced by the Foreign Secretary and former Argentine Foreign Minister Diana Mondino, last September.

    We are grateful for our work in partnership and our dialogue on these issues with Argentina.

    When it comes to Colombia, this government will  advocate for implementation of the 2016 peace  agreement, as a priority.

    We have learned ourselves, through Northern Ireland, that no piece of paper achieves peace. It’s that consistent work of decades by political and community leaders that keeps peace. Peace is hard, requires constant vigilance, but the UK is with Colombia, for the long term, of this journey.

    But the impact of Venezuela’s catastrophic leadership is being felt across the region.

    That is why the UK sanctioned 15 new members of Nicolas Maduro’s regime, who are responsible for undermining democracy, and committing serious human rights abuses – on 10 January, the same day he asserted power illegitimately in Venezuela once again.

    And at a time where we know that you’re all worried about the wider impacts of the abhorrent violence in Haiti, as well as providing £28 million a year to the multilateral institutions still operating on the ground to support the population,  we are providing £5 million to the Kenyan-led Multinational Security Support Mission – working to bring about the stability that is so desperately needed, to pave the way for free and fair elections.

    However far away that prospect feels today, we must never give up hope.

    No country can do right by its citizens, or play its part in the world, when people live in fear and without hope.

    Our determination to tackle climate change and biodiversity loss binds us together. The region is home to so many of the natural assets on which our global prosperity depends.

    A quarter of the world’s tropical rainforest, including the mighty Amazon, and massive deposits of the metals and minerals we all need to make a leap to clean energy.

    The government welcomes the strong leadership we’re seeing from within the region. Building on generations of care led by indigenous people, and decades of pioneering innovation.

    We’re working together with Brazil, to make the next big climate summit in Belém a success, and I’m delighted that Brazil and Chile are working with us through the finance mission of the new Global Clean Power Alliance that the Prime Minister launched at the G20 in Rio with President Lula last year.

    When it comes to minerals that are critical to the transition away from fossil fuels, and toward clean energy, including two thirds of the world’s lithium, the reserves that we need for batteries, Latin America has the resources, and the UK holds the markets and the institutions.

    So we’re working together – across government in the UK and with businesses, and with partners across the region – to take a strategic approach to deliver more diversified and secure supply chains, while raising standards, and mining more responsibly.

    So to close I just want to thank RUSI for making it a priority to bring us together to discuss how the UK, Latin America and our wider partners and allies can work together even more effectively for our shared security and prosperity.

    I’ve sensed a real appetite for this from our partners across the region, but I want all of us here in the UK to be ambitious about what is possible when we work with Latin America.

    And I want us all to recognise the importance of Latin American leadership in changing what is possible at a global level as well, on the challenges and opportunities we face.

    Sure – this government here can improve our economy, we can do better on our security, and our borders, we can do our bit to reduce carbon emissions and support work against climate change.

    We can do that without changing our approach to Latin America. But how much better, and how much more successful, and how much more secure any gains we make will be if we work alongside our partners, our allies in Latin America, now and in the years ahead.

    Thank you.

    Updates to this page

    Published 30 January 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Foundation works start for new look Bilston Outdoor Market

    Source: City of Wolverhampton

    Following the traders’ temporary relocation, the site has undergone comprehensive surveys, asbestos remediation, mine investigation and grouting, and demolition of the existing market stalls and public toilet block.

    Midlands based contractor, Speller Metcalfe, has this week started works to create the slab foundation for the new £5.2 million market – funded by UK Government.

    The redevelopment scheme is also part of the Bilston Health & Regeneration Programme (HaRP), with investment set to maximise the visibility of the market and improve the pedestrian access from the neighbouring bus/metro station.

    Some of the existing structures have been demolished to make way for a new facility to suit current and future requirements, while reconfiguring the existing uses and enhancing the entrance’s focal points to the indoor market. There will also be a flexible multi use events/market space created.

    Other improvements will include a full package of new signage, a complete renewal of all trader car parks and provision of a new taxi drop off adjacent to the existing bus/metro interchange, improved landscaping of public spaces, the introduction of new retail units and public toilets, and a taller canopy to cover the stalls.

    The Indoor Market remains open as usual during the works, while outdoor traders are temporarily based at Bert Turner Boulevard/High Street/Church Street, with opening days and times remaining the same: 8am to 3pm on Mondays, Thursdays, Fridays and Saturdays and 7am to 1.30pm for the Bilston Sunday Market and Car Boot.

    Councillor Bhupinder Gakhal, City of Wolverhampton Council Cabinet Member for Resident Services, said: “It is good to see the project moving towards the main works with the foundations going down and we will soon see our fantastic new look market emerging from the ground.

    “We had good feedback from traders and residents throughout the consultation on this scheme and have developed attractive plans that will enhance Bilston market for everyone.

    “While the improvement works are taking place, I would urge visitors to get along to the indoor market and temporary outdoor market and continue to support their local traders.

    “It is important for our traditional local centres to flourish, and this scheme builds substantially on the investment already made in Bilston in recent years.”

    Rob Lashford, Director at Speller Metcalfe, said: “We’re pleased to be making headway on the redevelopment of Bilston Outdoor Market which is set to improve the market space for the local community and traders. We look forward to seeing how the enhancement works transform Bilston.”

    MIL OSI United Kingdom

  • MIL-OSI Europe: Trump 2.0: the rise of an “anti-elite” elite in US politics

    Source: Universities – Science Po in English

    US president Donald Trump is surrounded by a new cohort of politicians and officials. While one of his campaign promises was to overthrow the “corrupt elites” he accuses of flooding the American political arena, his second term in office has elevated elites chosen, above all, for their political loyalty to him. Does his second term open the door to elites who can operate without concern for justice and truth?

    An article by William Genieys, CNRS Research Director at the Centre for European Studies and Comparative Politics (CEE) at Sciences Po, and Mohammad-Saïd Darviche, Senior Lecturer at the University of Montpellier, originally published by our partner The Conversation.


    The media’s focus on Trump’s comments on making Canada the 51st US state and annexing Greenland and billionaire Elon Musk’s support for some far-right parties in Europe has obscured the ambitious programme to transform the federal government that the new political elite intends to implement.

    In the wake of Trump’s inauguration on January 20, the Republican elites most loyal to the MAGA (“Make America Great Again”) leader, who staunchly oppose Democratic elites and their policies, are operating amid their party’s control over the executive and legislative branches (at least until the midterm elections in 2026), a conservative-dominated Supreme Court that includes three Trump-appointed justices, and a federal judiciary that shifted right during his first term.

    However, the political project of the Trumpist camp consists less of challenging elitism in general than attacking a specific elite: one particular to liberal democracies.

    Castigating democratic elitism

    Typical anti-elite political propaganda, along the lines of “I speak for you, the people, against the elites who betray and deceive you,” claims that a populist leader would be able to exercise power for and on behalf of the people without the mediation of an elite disconnected from their needs.

    Political theorist John Higley sees behind this form of anti-elite discourse an association between so-called “forceful leaders” and “leonine elites” (who take advantage of the former and their political success): a phenomenon that threatens the future of Western democracies.

    Since the Second World War, there has been a consensus in US politics on the idea of democratic elitism. According to this principle, elitist mediation is inevitable in mass democracies and must be based on two criteria: respect for the results of elections (which must be free and competitive); and the relative autonomy of political institutions.

    The challenge to this consensus has been growing since the 1990s with the increased polarization of American politics. It gained new momentum during and after the 2016 presidential campaign, which was marked by anti-elite rhetoric from both Republicans and Democrats (such as senators Bernie Sanders and Elizabeth Warren). At the heart of some of their diatribes was an aversion to “the Establishment” on the east and west coasts of the United States, where many prestigious financial, political and academic institutions are based, and the conspiracy notion of the “deep state”.

    The re-election of Trump, who has never admitted defeat in the 2020 presidential vote, growing political hostility and the direct involvement of tech tycoons in political communication –especially on the Republican side– further reinforce the denial of democratic elitism.

    Trump’s populism from above: a revolt of the elites

    The idea that democracy could be betrayed by “the revolt of the elites”, put forward by the US historian Christopher Lasch (1932-1994), is not new. For the anthropologist Arjun Appadurai, it is a particular feature of contemporary populism, which comes “from above.” Indeed, if the 20th century was the era of the “revolt of the masses”, the 21st century, according to Appadurai, “is characterized by the ‘revolt of the elites’.” This would explain the rise of populist autocracies (such as those currently led by Viktor Orban in Hungary, Recep Tayyip Erdogan in Turkey and Narendra Modi in India, and formerly led by Jair Bolsonaro in Brazil), but also the election successes of populist leaders in consolidated democracies (including those of Trump in the US, Giorgia Meloni in Italy, and Geert Wilders in the Netherlands, for example).

    As Appadurai explains, the success of Trumpian populism, which represents a revolt by ordinary Americans against the elites, casts a veil over the fact that, following Trump’s victory in November, “it is a new elite that has ousted from power the despised Democratic elite that had occupied the White House for nearly four years.”

    The aim of this “alter elite” is to replace the “regular” Democrat elites, but also the moderate Republicans, by deeply discrediting their values (such as liberalism and so-called “wokeism”) and their supposedly corrupt political practices. As a result, this populism “from above” carried out by the President’s supporters constitutes an alternative elite configuration, the effects of which on American democratic life could be more significant than those observed during Trump’s first term.

    Beyond the idea of a ‘Muskoligarchy’

    The idea that we are witnessing the formation of a “Muskoligarchy” –in other words, an economic elite (including tech barons such as Jeff Bezos, Mark Zuckerberg and Marc Andreessen) rallying around the figurehead of Elon Musk, whom Trump asked to lead what the president has called a “Department of Government Efficiency” (DOGE) –is seductive. It perfectly combines the vision of an alliance between a “conspiratorial, coherent, conscious” ruling class and an oligarchy made up of the “ultra-rich”. For the Financial Times columnist Martin Wolf, it is even a sign of the development of “pluto-populism”. (It is also worth noting that former president Joe Biden, in his farewell speech, referred to “an oligarchy… of extreme wealth” and “the potential rise of a tech-industrial complex.”)

    However, some observers are cautious about the advent of a “Muskoligarchy.” They point to the sociological eclecticism of the new Trumpian elite, whose facade of unity is held together above all by a political loyalty, for the time being unfailing, to the MAGA leader. The fact remains, however, that the various factions of this new “anti-elite” elite are converging around a common agenda: to rid the federal government of the supposed stranglehold of Democratic “insiders.”

    An ‘anti-elite’ elite against the ‘deep state’

    In his presidential inauguration speech in 1981, Ronald Reagan said: “Government is not the solution to our problem; government is the problem.” The anti-elitism of the Trump elite is inspired by this diagnosis, and defends a simple political programme: rid democracy of the “deep state.”

    Although the idea that the US is “beleaguered” by an “unelected and unaccountable elite” and “insiders” who subvert the general interest has been shown to be unfounded, it is nonetheless predominant in the new Trump Administration.

    This conspiracy theory has been taken to the extreme by Kash Patel, the candidate being considered to head the FBI. In his book, Government Gangsters, a veritable manifesto against the federal administration, the former lawyer writes about the need to resort to “purges” in order to bring elite Democrats to justice. He lists around 60 people, including Biden, ex-secretary of state Hillary Clinton and ex-vice president Kamala Harris.

    The appointment of Russell Vought as head of the Office of Management and Budget at the White House, a person who is known for having sought to obstruct the transition to the Biden Administration in 2021, also highlights the hard turn that the Trump administration is likely to take.

    Reshaping the state around political loyalty

    To “deconstruct the administrative state”, the “anti-elite” elites are relying on Project 2025, a 900-plus page programme report that the conservative think-tank The Heritage Foundation, which published it, says was produced by “more than 400 scholars and policy experts.” According to former Project 2025 director Paul Dans, “never before has the entire movement… banded together to construct a comprehensive plan” for this purpose. On this basis, the “anti-elite” elite want to impose loyalty to Project 2025 on federal civil servants.

    But this idea is not new. At the end of his first term, Trump issued an executive order facilitating the dismissal of statutory federal civil servants occupying “policy-related positions” and considered to be “disloyal”. The decree was rescinded by president Biden, but Trump on his first day back in office signed an executive order that seeks to void Biden’s rescindment. As President, Trump is also able to allocate senior positions within the federal administration to his supporters.

    The “anti-elite” elite not only want to reduce the size of the state, as was the case under Reagan’s “neoliberalism”, but to deconstruct and rebuild it in their own image. Their real aim is a more lasting victory: the transformation of democratic elitism into populist elitism.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Speech by CE at 2025 Hong Kong Chinese New Year Fireworks Display (with photos)

    Source: Hong Kong Government special administrative region

         â€‹Following is the speech by the Chief Executive, Mr John Lee, at the 2025 Hong Kong Chinese New Year Fireworks Display today (January 30):

    王冬�主席(香港上海滙�銀行有�公�主席)�廖宜建行政總�(香港上海滙�銀行有�公�亞太��席行政總�)���嘉賓���朋�:

         å¤§å®¶æ–°å¹´å¥½ï¼�今日是乙巳蛇年的大年åˆ�二,我首先在此å�‘大家ç¥�ç¦�,蛇年身體å�¥åº·ï¼Œèº«å£¯åŠ›å�¥ï¼Œå¿ƒæƒ³äº‹æˆ�。

         å¤§å¹´åˆ�二的煙花匯演,是香港æ¯�年賀歲活動的é‡�頭戲。全港市民和來自海內外的旅客,都å�¯ä»¥è§€è³žåœ¨ç¶­æ¸¯é†‰äººå¤œæ™¯çš„襯托下,絢麗多彩ã€�璀璨奪目的煙花。

         ä»Šå¹´çš„賀歲煙花別開生é�¢ï¼Œå°‡å‘ˆç�¾å¤§ç†Šè²“的圖案,與所有觀眾分享香港大熊貓家庭共六ä½�æˆ�員的喜悅。相信大家都留æ„�到,香港æ¯�年的新春煙花都有ä¸�å�Œçš„æ–°å…ƒç´ ï¼Œç‚ºç¶­æ¸¯ä¸Šç©ºå¸¶ä¾†æ–°çš„璀璨,就如é�ˆè›‡è±¡å¾µçš„é�ˆæ´»è®Šé€šï¼Œèˆ‡é¦™æ¸¯äººé�ˆæ´»æ‡‰è®Šã€�創新求進的精神互相è¼�映。

         æ–°çš„一年,特å�€æ”¿åºœæœƒç¹¼çºŒæŽ¨å‹•香港變é�©å‰µæ–°ï¼Œé�ˆæ´»æ‡‰å°�å�„種挑戰和機é�‡ï¼Œç¹¼çºŒç™¼æ�®ã€Œä¸€åœ‹å…©åˆ¶ã€�çš„ç�¨ç‰¹å„ªå‹¢ï¼ŒåŠ å¼·å…§è�¯å¤–通的工作,讓香港在國際舞å�°ä¸Šä¸�斷大放異彩。

         æˆ‘知é�“維港兩岸數å��è�¬è¨ˆçš„市民和旅客,都很期待今晚的煙花匯演,希望大家好好享å�—這個晚上。我在此感è¬�今年æˆ�ç«‹160周年的香港上海滙è±�銀行,贊助今晚的煙花匯演,為這個喜慶的節日帶來更多歡樂。

         æˆ‘ç¥�願國家富強昌盛,香港ç¹�榮興旺,市民事事如æ„�。接ç�€æˆ‘用英語來歡迎來自ä¸�å�Œåœ°æ–¹çš„æœ‹å�‹ã€‚

         I’m delighted to join you at this fireworks extravaganza. Last night, we welcomed the Year of the Snake with a night parade. Tonight, we cheer it on with a fabulous fireworks show.

         Hong Kong, our vibrant city, is shining brighter than ever with its unique blend of Eastern and Western cultures. As we marvel with and over the dazzling pyrotechnics lighting up the skies above Victoria Harbour, let’s remember that the display is more than a cheering spectacle – more importantly, every burst of colour celebrates the diversity and soaring promise of our home.

         The snake symbolises wisdom, resilience and renewal in Chinese culture. Hong Kong has long thrived on its dynamic spirit and adaptability, endlessly mingling tradition and innovation. In the Year of the Snake, Hong Kong will revitalise its strengths and boundless future. 

         I invite you all to enjoy what Hong Kong has to offer in the Year of the Snake. Alongside magnificent mega events such as this evening’s, our city never fails to delight in its thriving wine and dine scene, breath-taking natural scenery, East-meets-West arts and cultural bounty, world-class sports and non-stop entertainment.

         My thanks to HSBC for sponsoring tonight’s fireworks display. HSBC celebrates its 160th anniversary this year. My warmest congratulations on your most meaningful anniversary!

         I wish you all a very healthy and successful Year of the Snake. Enjoy the show, as we look forward to an even brighter tomorrow. 

         ç¥�願å�„ä½�蛇年進步,心想事æˆ�,大家共å�Œåœ¨é€™å€‹æ­¡æ¨‚的春節氣氛è£�欣賞我們今晚璀璨的煙花。多è¬�大家ï¼�      

    MIL OSI Asia Pacific News