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MIL-OSI Economics: Inaugural ESG Forum Wraps Up in Abidjan with Stakeholders Uniting around Vision for an Africa ESG Hub

Source: African Development Bank Group

(From left) Olumide Lala, Executive Director, Climate Transition Limited with Natenin Coulibaly, General Manager Corporate Services, MTN; Armande Laetitia Ohouo-Lath, Director of Sustainable Development, SIFCA; Rachael Antwi, Group Sustainability and Environmental Risk, ECOBANK and Azeez Alayande, ESG Manager, ENGIE Nigeria during a session on Challenges and Opportunities in ESG Reporting in Africa at the Africa ESG Forum

Two days of intensive discussions on building a sustainable finance ecosystem for Africa ended in Abidjan on Tuesday with stakeholders from government and the private sector expressing strong support for an Africa-focused Environmental, Social, and Governance (ESG) Data Hub.

The inaugural Africa ESG Forum, held at the Sofitel Hotel in Abidjan, Côte d’Ivoire, was organised by the African Development Bank, the Multilateral Cooperation Centre for Development Finance, and Making Finance Work for Africa. It featured discussions on ESG reporting challenges and investor expectations, and concluded with the inaugural meeting of the ESG working group.

Representatives of various participating institutions shared their ESG implementation experiences. Moubarak Moukaila of the West African Development Bank highlighted the Bank’s progress in sustainable project development. “We created, at the beginning of this year, a unit that supports project development. We have developed, within six months, three projects with GEM and two projects with Green Climate Fund.”

Ahlem Kefi, Impact & Sustainability Officer at AfricInvest, outlined the firm’s comprehensive approach to sustainability assessments. “We start looking at the ESG risks and the ESG data from the first screening phase,” she said. “We don’t call this ESG due diligence, we call it impact and sustainability due diligence.”

Mostafa Hawas of the Egyptian Stock Exchange offered practical insights into implementing ESG reporting requirements. He outlined how they began with “a very, very simple survey” distributed to listed companies, and emphasized the importance of gradual implementation to build awareness, before introducing more detailed requirements.

Kuhle Sojola, ESG Engagement Specialist at Sanlam Investments, addressed the critical issue of greenwashing – the misleading use of advertising and marketing to falsely portray an organization’s products, goals, or policies as being environmentally friendly – in corporate reporting. “We use engagement as a tool to mitigate or reduce the risk of greenwashing,” she said, adding that, when a company’s reported metrics differ significantly from those of their peer group, “that is usually an indication that there could be a level of greenwashing there.”

Participants at the Forum envisioned the proposed African ESG Hub as a unifying vehicle for sustainability issues in Africa, enhancing awareness among local entities and international investors. In preparation for its establishment, they acknowledged that with 80 percent of African companies being SMEs, engaging the sector would be critical in advancing ESG reporting and sustainable finance across the continent. In addition, they outlined plans for the proposed Hub, including ensuring that it provides a credible platform for training and technical assistance, and for sharing best practices and case studies.

MIL OSI Economics –

MIL-OSI China: Chinese lawmakers to meet early next month to deliberate draft laws, reports

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

Zhao Leji, chairman of the National People’s Congress (NPC) Standing Committee, presides over the 32nd meeting of the Council of Chairpersons of the 14th NPC Standing Committee at the Great Hall of the People in Beijing, capital of China, Oct. 25, 2024. [Photo/Xinhua]

BEIJING, Oct. 25 — The Standing Committee of the 14th National People’s Congress (NPC) will convene its 12th session from Nov. 4 to 8 in Beijing.

The decision was made on Friday at a meeting of the Council of Chairpersons of the NPC Standing Committee, which was presided over by Zhao Leji, chairman of the NPC Standing Committee.

According to the proposed session agenda, lawmakers will review a draft preschool education law, a draft revision to the Law on Protection of Cultural Relics, a draft revision to the Mineral Resources Law, a draft energy law, and a draft revision to the Anti-Money Laundering Law, among others.

Lawmakers will hear a report on financial work, a report on the management of state-owned assets, a report on building world-class universities with Chinese characteristics, a report on the prevention and control of desertification, and more.

MIL-OSI China: Finnish president to visit China from Oct. 28 to 31

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

Finnish president to visit China from Oct. 28 to 31

BEIJING, Oct. 25 — At the invitation of Chinese President Xi Jinping, Finnish President Alexander Stubb will pay a state visit to China from Oct. 28 to 31, Chinese foreign ministry spokesperson Hua Chunying announced Friday.

President Xi will hold talks with President Stubb during the visit. Li Qiang, Chinese premier, and Zhao Leji, chairman of the Standing Committee of the National People’s Congress, will meet with Stubb respectively to exchange views on bilateral relations and issues of common interest, Lin Jian, another foreign ministry spokesperson, told a daily press briefing.

“Finland was among the first Western countries to recognize the People’s Republic of China,” Lin said, adding that China-Finland relations are experiencing sound development and that the day of President Stubb’s arrival in Beijing will be the 74th anniversary of the establishment of diplomatic ties between the two countries.

China is willing to maintain high-level exchanges with Finland, continue the traditional friendship, strengthen mutually beneficial cooperation in economy, trade, investment, green transformation and other fields, jointly meet global challenges, and promote the further development of bilateral relations, Lin said.

MIL-OSI China: China strengthens standard Chinese handwriting education

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

BEIJING, Oct. 25 — China’s Ministry of Education has announced a new initiative to promote further the teaching of standard Chinese handwriting in primary and secondary schools.

The move is part of broader efforts to promote standard spoken and written Chinese while preserving and developing fine traditional Chinese culture.

The ministry released an online notice on Friday outlining key objectives for handwriting education. These include teaching students proper writing and pen-holding postures and helping them understand the cultural and historical significance of Chinese characters.

The notice sets out eight specific tasks and measures, such as encouraging good writing habits to help prevent spinal curvature and poor vision among students.

It emphasizes improving students’ handwriting skills by teaching them to write in regular script and semi-cursive regular script and enhancing both the quality and speed of their writing.

The notice suggests a more integrated approach using both in-class and extracurricular activities to reinforce handwriting education.

One notable aspect of the initiative is incorporating digital technology, with the ministry calling for exploring new, tech-driven methods to support handwriting education.

The initiative responds to growing concerns over handwriting standards among students. Common issues include improper writing posture, incorrect stroke order, and a general weakening of handwriting abilities due to the increasing reliance on digital devices.

To address these challenges, local education authorities are being asked to create long-term strategies and offer support through policy, funding and projects.

This renewed focus on handwriting echoes China’s commitment to preserving its cultural heritage while ensuring that students maintain essential skills in an increasingly digital world.

MIL-OSI Russia: Happy Russian Students’ Day!

Translation. Region: Russian Federation –

Source: State University of Management – Official website of the State –

Dear students, we sincerely congratulate you on Russian Students’ Day! This is a holiday for everyone who has chosen the path of knowledge and development.

The history of this day is connected with Moscow State University. On January 25, 1755, Empress Elizabeth Petrovna, at the request of the first Minister of Education of Russia and a prominent philanthropist Ivan Shuvalov, signed a decree on its establishment. This event was marked by the birthday of the university, and then by a common holiday for all students.

It is worth noting that there is another version of the origin of Russian Students’ Day. The opening of Moscow State University coincided with the day of remembrance of the holy martyr Tatiana of Rome. Perhaps the choice of date was also connected with the fact that Ivan Shuvalov’s mother was also called Tatiana. In 1791, a church named after the saint was opened at the university, who is still considered the patroness of all students.

The holiday received its official status under Tsarist Russia. Nicholas I made January 25 the official Student’s Day. After the revolution, the name of the celebration was changed, but in 2005, by decree of President Vladimir Putin, Tatyana’s Day again became the Day of Russian Students.

The traditions of celebrating Tatyana’s Day are very diverse. In the old days, this day was marked by lavish balls, festive services, concerts and student festivities. According to the recollections of contemporaries, the celebration was truly large-scale, with songs, dances and, of course, merry feasts.

Students celebrate this day by organizing celebrations at universities and beyond. These include concerts, parties, sports competitions, theater performances, and meetings with interesting people. And the atmosphere of joy, friendship, and mutual understanding is always maintained.

Dear students! We wish you success in your studies and scientific discoveries, lots of energy and optimism, and that your student years will be bright and memorable. Let Tatyana’s Day remind you of hope, self-confidence and that you can achieve any goals! Believe in yourself, and everything will work out!

Subscribe to the TG channel “Our GUU” Date of publication: 01/25/2025

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

MIL OSI Russia News –

MIL-OSI China: Industrial coordination of Beijing-Tianjin-Hebei region bears fruit in 10 years

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

TIANJIN, Oct. 25 — Industrial coordination of the Beijing-Tianjin-Hebei region has yielded rich results with the rise of a number of world-class manufacturing clusters, 10 years after China designated it as a national strategy to foster the regional coordinated development.

This is underlined in a report on the region’s coordinated development released on Friday at the 2024 Beijing-Tianjin-Hebei Industrial Chain and Supply Chain Conference held in north China’s Tianjin Municipality.

The industrial added value of the Beijing-Tianjin-Hebei region increased from 1.7 trillion yuan (about 238 billion U.S. dollars) in 2013 to 2.43 trillion yuan in 2023, with a cumulative growth of 43 percent, according to the report.

The industrial coordination has become a key support for the collaborative development of the Beijing-Tianjin-Hebei region, said Yang Dongmei, deputy director of the Tianjin Industrial and Information Technology Bureau.

In the first half of this year, the total profit of major industrial enterprises in the Beijing-Tianjin-Hebei region reached a record high of 231 billion yuan, up 10.2 percent year on year.

The Beijing-Tianjin-Hebei region, with a number of first-rate colleges and universities and abundant high-end research talent, has a solid foundation for developing China’s strategic emerging industries such as integrated circuits, cybersecurity, biomedicine, power equipment, and emergency response equipment.

According to the report, the output value of two manufacturing clusters in the region — life and health, and power and new energy high-end equipment — have accounted for more than 20 percent of the national total in the respective sectors. The industrial scale of the new generation of information technology application innovation and network security in the region has exceeded half of the national total.

To further optimize regional industrial division and productivity distribution, the Beijing-Tianjin-Hebei region has laid out six key industrial chains, namely hydrogen energy, new energy and intelligent connected vehicles, biomedicine, cybersecurity and industrial Internet, robots and high-end industrial mother-machines, which refer to machine tools for manufacturing machines.

“The Beijing-Tianjin-Hebei region boasts strong international influence, which gives it an advantage to be more closely integrated into the global economic network,” said Yin Jihui, director of the Tianjin Industrial and Information Technology Bureau.

The gross domestic product of Beijing-Tianjin-Hebei, one of the country’s most economically vibrant regions, reached 10.4 trillion yuan in 2023, almost doubling that of 2013, with an average annual growth rate of 5.8 percent.

MIL-OSI China: China hopes to promote sustainable urban development with UN-Habitat: vice premier

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

China hopes to promote sustainable urban development with UN-Habitat: vice premier

BEIJING, Oct. 25 — China hopes to work with UN-Habitat to advance sustainable urban development, Chinese Vice Premier He Lifeng said Friday.

He made the remarks when meeting with Anacláudia Rossbach, executive director of the United Nations Human Settlements Programme (UN-Habitat), in Beijing.

China is advancing a people-centered new-type urbanization, and deepening reforms in urban construction, operations and governance systems, said He, also a member of the Political Bureau of the Communist Party of China Central Committee.

He expressed the hope for a stronger partnership between China and UN-Habitat to meet people’s housing needs, promote urban renewal and develop smart cities for sustainable urban development.

Rossbach said UN-Habitat is willing to deepen practical cooperation with China to continuously improve people’s living environment.

MIL-OSI United Kingdom: UK to chair global Earth observation group with bold ambitions for data uptake

Source: United Kingdom – Executive Government & Departments

The UK has assumed the Chair of the Committee on Earth Observation Satellites.

Credit: ESA/ATG Medialab

UK Space Agency Chief Executive Dr Paul Bate has assumed the Chair of the Committee on Earth Observation Satellites (CEOS), the international body responsible for coordinating observations of the Earth from space.
The UK’s priority will be to unlock the power of Earth observation from space to benefit society, from improving public services to inspiring the next generation with a Youth Summit in Bath in November 2025.

As CEOS celebrates its 40th anniversary at the annual CEOS Plenary in Montreal, the CEOS Community of space and meteorological agencies and other groups has also renewed its collective commitment to CEOS’ mission and efforts in responding to global challenges for the good of humanity, with the agreement of the Montreal Statement.

Satellite Earth observation data can deliver significant public benefits in areas ranging from climate and biodiversity monitoring, disaster management, clean energy and urban planning.

The UK is involved in a range of Earth observation missions that contribute to global capabilities. These include leadership of the European Space Agency’s TRUTHS mission, which will improve confidence in climate forecasts; Biomass, which will monitor the world’s forests; Microcarb, a ground-breaking French-UK satellite mission for carbon monitoring; and the various Sentinel missions of the European Copernicus programme with its associated user-facing Services. As well as these missions, the UK are experts in the use of the data for applications ranging from cutting edge science, operational services, new commercial and public sector services.

Handover of CEOS Chair with (L) Eric Laliberté, Director General, Space Utilization, Canadian Space Agency and outgoing CEOS Chair, and (R) UK Space Agency CEO Dr Paul Bate.

The UK Space Agency’s role as CEOS Chair will be to oversee the activities of CEOS and ensure it is achieving the objectives of its work plan. The UK Space Agency has proposed four priorities to champion data-driven solutions for major global challenges over the 12-month period as Chair, within the theme of ‘Unlocking Earth Observation for Society’:

Using Earth observation to improve public services.
Increasing use of space data in the Global Stocktakes of the United Nations Framework Convention on Climate Change (UNFCCC).
Supporting development of Methane emissions measurement best-practices.
Inspiring the next generation through a new ‘CEOS in Schools’ initiative.

As Chair, an early task will be to represent CEOS on the global stage and promote its goals and objectives, starting at next month’s COP-29 in Baku, Azerbaijan, and continuing throughout 2025.

Dr Paul Bate, CEO of the UK Space Agency, said:

For 40 years, CEOS has been uniting the global community to champion the transformative potential of satellites and Earth Observation.  

I’m proud to be chairing this globally-valued committee and will use the next year to demonstrate how, by working together across borders, we can harness space technology for the benefit of our societies, our shared environment, and our economies.

Unlocking EO for Public Service

The UK will create opportunities for CEOS’ agencies to share their national perspectives and explore how to bridge the gap between data and public sector services, including hosting a workshop in September 2025 ahead of the UK’s CEOS Plenary 2025, in Bath, Somerset in November.  This supports work to get Earth observation tools and information embedded it on UK public sector policies at the national and local scale.

Éric Laliberté, CEOS Chair 2024 on behalf of the Canadian Space Agency said:

We congratulate the UK Space Agency on assuming the chairmanship role and are committed to ensuring that data-driven decisions pave the way for increasingly sustainable practices.

Together, we are advancing the role of satellite Earth observation in creating sustainable solutions for the future of our societies and natural environments.

Unlocking EO for the Global Stocktake

The Global Stocktake of the United Nations Framework Convention on Climate Change (UNFCCC) is a process for evaluating progress on climate action at a global level and identifying gaps. Over the next 12 months, the UK will work closely with Japanese Space Agency, JAXA, and the CEOS working group on Climate to study lessons learned from the previous Global Stocktake. The aim is to refine CEOS strategies to enhance the use of Earth observation data in the next Global stock-take for global climate action.  

Professor John Remedios, NCEO Director, said:  

The National Centre for Earth Observation is very pleased to see the UK taking on leadership on the world stage. The UK is able to contribute world-leading capability and methods in Earth Observation to the global community.

Through this role in CEOS, the UK will be able to support the important collaborative efforts that agencies need to achieve to meet the challenges of climate and of resilience with commitment, rigour and Earth intelligence. We are delighted to be supporting the UK Space Agency in its delegation with scientific advice and connectivity to the leading research in environmental science.

Methane Best-Practices

Methane is a potent greenhouse gas, with a warming potential approximately ~80 times higher than carbon dioxide over 20 years. Reducing methane emissions is the quickest way to mitigate acute climate risks and is crucial for maintaining the 1.5-degree target. At COP26 in Glasgow, 158 countries committed to reduce global methane emissions by 30% by 2030.

The CEOS Greenhouse Gas Task Team is developing best practices for space-based methane measurements, which are crucial for addressing climate change.

This work, which is co-led by the UK’s National Physical Laboratory (NPL) and the NASA Jet Propulsion Laboratory, is developing a set of agreed accurate, transparent and trusted best practices for reporting Methane emissions at the facility scale. The UK Space Agency will promote the uptake of these best practices on a global scale, focusing on the Global Methane Pledge to unlock the potential of space-based solutions and support the UK’s commitment to reduce methane emissions.

Ally Barker, Vice-chair of the UKspace Trade Association’s EO Committee said:

This is an opportune time for the UK to demonstrate its leadership in Earth observation on the global stage. UK industry looks forward to working closely with the UK Space Agency as it takes on the Chair of CEOS to maximise the societal and economic benefits of EO for the UK and the world.

CEOS in Schools

The UK Space Agency is set to pilot a CEOS mechanism aimed at inspiring the next generation. This initiative will demonstrate to students, aged 14-16, how satellite Earth Observation is used to address global issues such as climate change, environmental protection, and disaster management, while also allowing those students to experience the power of international collaboration.

The programme will put experts into schools to bring the topics of climate and space to life and then bring students together from across the world for online workshops to discuss the topics with their peers. The programme will culminate in the first CEOS Youth Summit where students will have the opportunity to present and discuss their work with senior Earth observation experts, giving young people a voice in CEOS.

Met Office Services Director Simon Brown said:

It’s an exciting time for the UK to take up this prestigious role in CEOS. Earth observations are at the heart of us delivering world leading weather and climate services and we are proud of the observations we get through the collaboration of European member states at EUMETSAT and underpinned by national and ESA Missions.

Access to Earth observations is changing and I look forward to working closely with UK Space Agency team to grow, influence and be part of the changing space endeavour to advance Earth observations to protect us from weather extremes.

Published 25 October 2024

MIL-OSI United Kingdom: Change of His Majesty’s Ambassador to Mexico

Source: United Kingdom – Executive Government & Departments

Ms Susannah Goshko CMG has been appointed His Majesty’s Ambassador to the United Mexican States

Ms Susannah Goshko

Ms Susannah Goshko CMG has been appointed His Majesty’s Ambassador to the United Mexican States. Ms Goshko will take up her appointment during November 2024.

Curriculum vitae

Full name: Susannah Clare Goshko

2021 to present	Ottawa, British High Commissioner
2019 to 2021	FCDO, Principal Private Secretary to the Foreign Secretary and First Secretary of State
2018 to 2019	FCO, Deputy Director, National Security Directorate
2017 to 2018	DEXEU, Deputy Director for Withdrawal Issues
2013 to 2017	Washington, First Secretary (Political) later Political Counsellor
2010 to 2013	Nairobi, First Secretary (Economic) and Permanent Representative to United Nations Environment Programme
2006 to 2010	FCO, Counter Terrorism Department
2004 to 2006	Washington, Private Secretary to the Ambassador
2001 to 2004	Havana, Second Secretary (Political and Press)
2000 to 2001	FCO, Africa Department (Equatorial)
2000	Joined FCO

Media enquiries

Email newsdesk@fcdo.gov.uk

Telephone 020 7008 3100

Contact the FCDO Communication Team via email (monitored 24 hours a day) in the first instance, and we will respond as soon as possible.

Published 25 October 2024

MIL-OSI Russia: The first 150 kW fast charging stations have been installed in Moscow

Translation. Region: Russian Federation –

Source: Moscow Transport

As part of the Energy of Moscow project, the first powerful 150 kW fast charging stations have been installed in Moscow. Charging an electric car at these stations takes an average of 30 minutes.

According to Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov, almost 250 charging stations operate in the capital as part of the Energy of Moscow project. Two new stations with a capacity of 150 kW are located at the following addresses: Denezhny Pereulok, 8-10 and Vozdvizhenka Street, 10.

We have installed the first 150 kW charging stations, the charging time of which is about 30 minutes. By 2030, the number of charging stations in Moscow will increase to 30,000. We will also install taxi and car sharing hubs with the ability to simultaneously charge 10-15 cars. We thank all our operators for their work, which allows us to develop a network of charging stations in the city. We strive to make the capital one of the world leaders in the use of electric transport. This task was set by Moscow Mayor Sergei Sobyanin, – added Maxim Liksutov.

The new stations have the ability to charge 2 cars simultaneously and are equipped with GB/T and CCS Combo 2 connectors for the most popular models of electric cars.

Using the Moscow Transport app, you can find a free station, plot a route to it, and book a charging session.

As part of the Energy of Moscow project, about 250 free electric vehicle charging stations (FEVCS) have been installed in the capital. Electric vehicle owners are exempt from paying transport tax and can park for free throughout the city.

Since the launch of the first Energy of Moscow charging station in March 2021, electric vehicle owners have completed more than 640,000 charging sessions. All stations are located in places where city residents spend the most time – near shopping and business centers, parks, residential buildings, cafes and shops.

According to plans, by 2030, 30,000 EVS will appear in the capital, and the number of electric vehicles in Moscow will increase to 320,000 – 7% of the total number of cars. In addition, hubs for taxis and car sharing will be installed with the ability to simultaneously charge 10-15 cars.

MIL OSI Russia News –

MIL-OSI Asia-Pac: Hong Kong Customs seizes suspected methamphetamine worth about $2.2 million at airport (with photo)

Source: Hong Kong Government special administrative region

â€‹Hong Kong Customs yesterday (October 24) detected a drug trafficking case involving baggage concealment at Hong Kong International Airport and seized about 4 kilograms of suspected methamphetamine with an estimated market value of about $2.2 million.

A 29-year-old female passenger arrived in Hong Kong from Penang, Malaysia, yesterday. During Customs clearance, the batch of suspected methamphetamine was found concealed in the false compartment of her check-in suitcase. The female was subsequently arrested.

An investigation is ongoing.

Following the resumption of normal travel and exchanges with the Mainland and other parts of the world, the number of visitors to Hong Kong has also been increasing steadily. Customs will continue to apply a risk assessment approach and focus on selecting passengers from high-risk regions for clearance to combat transnational drug trafficking activities.

Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.

Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

MIL OSI Asia Pacific News –

MIL-OSI USA: Marketplace 2025 Open Enrollment Fact Sheet

Source: US Department of Health and Human Services

The Health Insurance Marketplace^®^[1] Open Enrollment Period on HealthCare.gov runs from November 1 to January 15. Consumers who select a plan by midnight December 15 (5 a.m. EST on December 16) can get full-year coverage that starts January 1, 2025. Consumers who select a plan after December 15, 2024, but before the deadline in January 2025, can have coverage that starts February 1, 2025.

MIL-OSI Europe: EU invests nearly €5 billion in innovative net-zero projects

Source: European Union 2

Some 85 innovative net-zero projects around Europe are to receive €4.8 billion in grants from the EU’s Innovation Fund. The projects will be up and running before 2030 and are expected to reduce CO2 emissions by about 476 million tonnes within the first 10 years of operation.

MIL OSI Europe News –

MIL-OSI: AI-Powered Firm HIVE PT Launches Global Talent Hunt with Competitive Challenges

Source: GlobeNewswire (MIL-OSI)

Photo by HIVE PT

CASCAIS, Portugal, Oct. 25, 2024 (GLOBE NEWSWIRE) — HIVE PT, a global leader in proprietary trading, offers innovative trading challenges that attract top-tier talent worldwide. With the launch of its flagship trading programs, the HIVE Challenge and Queen Bee Challenge, HIVE PT is transforming how traders access capital and develop their skills.

The company’s approach to proprietary trading combines advanced technology with a deep commitment to education, allowing traders to showcase their skills in a risk-free environment. Successful participants in these challenges gain access to capital ranging from $10,000 to $200,000, with the opportunity to earn up to an 80/20 profit split—making HIVE PT’s programs some of the most attractive in the industry.

Creating Opportunities for Top Trading Talent

HIVE PT’s proprietary trading model is built on the belief that talent should be rewarded and developed. Offering traders a chance to demonstrate their abilities without risking personal funds has attracted an international pool of talent. The firm’s flexible trading conditions, which include no time limits for completing challenges, have further enhanced its appeal.

Traders from North America, Europe, and Asia have already taken advantage of the platform, with plans to expand into South America and the Middle East by 2025.

“We’ve seen a tremendous response to our trading challenges, not just because of the profit potential, but because we’ve created a system that truly nurtures traders,” said Goni Shimi, CEO of HIVE PT. “Our platform is designed to reduce the stress associated with traditional trading evaluations, giving traders the time and space to succeed.”

Market Trends and Projections

Valued at over $150 billion, the global proprietary trading sector is expected to grow at a compound annual growth rate (CAGR) of 8.4% through 2030. This surge is driven by developments in algorithmic trading, artificial intelligence, and real-time data analytics—all areas where HIVE PT excels. Leveraging these technologies allows HIVE PT to enhance its own trading strategies and provides its traders with the right tools to stay competitive in the market.

“What makes HIVE PT different is our integration of AI and machine learning to support traders,” says Goni Shimi. “Our platform doesn’t just give them the ability to trade—it helps them become better traders through data-driven insights and real-time performance tracking.”

A Community-Driven Approach

In addition to offering advanced trading tools and challenges, HIVE PT has made significant strides in creating a supportive community for traders. The firm’s online academy provides comprehensive educational resources, including courses, videos, and market analysis, helping traders at all levels improve their strategies. This commitment to education is a cornerstone of HIVE PT’s mission to foster a global network of successfully funded traders.

As part of its medium-term goals, HIVE PT is focused on building a solid community of traders who can share insights and learn from one another. The company has also introduced a mentorship program, which pairs experienced traders with newcomers to the field, ensuring that traders have the guidance they need to master the complexities of financial markets.

“Our goal is to create a platform where traders succeed financially and grow intellectually. We want to be known not just as a trading firm but as a place where traders come to learn, share, and thrive,” Goni Shimi says.

The company is set to expand its global reach and influence. As proprietary trading continues to change, HIVE PT’s emphasis on transparency, education, and ethical trading practices will ensure its lasting impact on financial markets.

“Our mission is simple: to provide traders with the resources and support they need to succeed. As the markets change, so will we, always staying ahead of the game,” Goni Shimi concludes.

Visit HIVE PT’s website to learn more about its proprietary trading programs and educational resources.

About HIVE PT

HIVE PT is a proprietary trading firm that provides trading opportunities for skilled traders in various financial markets, including stocks, forex, and commodities. Focusing on education, transparency, and ethical trading practices, the company offers traders access to significant capital through its premium programs.

Contact Information

Contact Person: Goni Shimi, CEO
Company: HIVE PT
Email: support@HIVE-pt.com
Website: https://HIVE-pt.com/

Socials

Instagram https://www.instagram.com/hiveproptrading/
YouTube: https://www.youtube.com/channel/UC-gafpqu6nF4TH7gkLYDXIQ
LinkedIn: https://www.linkedin.com/company/hive-pt/
Trustpilot: https://www.trustpilot.com/review/hive-pt.com
Facebook: https://www.facebook.com/profile.php?id=61560087040874
Twitter: https://x.com/Hiveproptrading
TikTok: https://www.tiktok.com/@hiveproptrading?lang=en
Discord: https://discord.gg/YAH8tYBGGn
WhatsApp: https://wa.me/351912881182

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ba866118-9111-4b49-bce0-f328fc7e3dce

https://www.youtube.com/watch?v=ROP7I-OB03Q

MIL-OSI Video: Start the Weekend with a…

Source: US Army (video statements)

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #Shorts #BANG

MIL OSI Video –

https://www.youtube.com/watch?v=mAl5EY7jfcM

MIL-OSI Video: 80th Anniversary at Leyte Landing | U.S. Army

Source: US Army (video statements)

Maj. Gen. Matthew McFarlane, deputy commanding general of I Corps, gives a speech during the 80th anniversary of the Leyte Landing celebration in Palo, Leyte, Philippines, on Oct. 20, 2024. The event commemorated the historic Leyte Landing on Oct. 20, 1944, which liberated the Philippines during World War II.

About the U.S. Army:

The Army Mission – our purpose – remains constant: To deploy, fight and win our nation’s wars by providing ready, prompt & sustained land dominance by Army forces across the full spectrum of conflict as part of the joint force.

Interested in joining the U.S. Army?
Visit: spr.ly/6001igl5L

Connect with the U.S. Army online:
Web: https://www.army.mil
Facebook: https://www.facebook.com/USarmy/
X: https://www.twitter.com/USArmy
Instagram: https://www.instagram.com/usarmy/
LinkedIn: https://www.linkedin.com/company/us-army
#USArmy #Soldiers #Military #80thAnniversary #LeyteLanding

MIL OSI Video –

MIL-OSI United Kingdom: Latest data shows twice as much flu among school children

Source: United Kingdom – Executive Government & Departments

The latest weekly flu surveillance data published by UKHSA today shows flu case numbers are twice as high among school children, aged 5 to 14 years.

As of 22 October (week 42), influenza positivity – the rate of laboratory confirmed flu cases – among school children aged 5 to 14 years is higher than any other age group, at a weekly average positivity rate of 5.7% compared with a whole population weekly average of 2.5%.

All school-aged children, up to and including year 11, are eligible for a free nasal spray flu vaccine. The spray, delivered through local NHS School Immunisation Teams, is quick and painless. The vaccine usually produces a better immune response in children and evidence from last year’s flu season shows strong effectiveness for children in England with a 54% reduction in hospitalisation for those between 2 and 17 years of age.

Delivery of the flu vaccine in schools started in early September and the local Immunisation Teams will move from school to school across their region throughout October and November, with school vaccination sessions completed by mid-December. It’s important that parents do sign and return the consent forms on time. In some areas this will now be sent digitally to make consent easier.

Last year saw a sudden increase in the number of people having to be hospitalised, due to a flu peak in the week leading up to Christmas and then again at the end of January. So even getting a vaccination in November will protect children for the usual peak flu season in December and January, and also importantly help stop them spreading the virus to others who are more vulnerable, such as grandparents or baby brothers and sisters.

If your child has missed out on getting their flu vaccine at school, there will be further opportunities to get vaccinated, potentially at NHS community clinics. The school immunisation team will be able to provide further details. For children in a clinical risk group who have missed out, it is possible to make an appointment for the vaccine at your GP surgery.

Younger children, aged 2 years (before the flu vaccination seasons starts on 1 September) and all 3 year olds, are also able to receive a flu vaccine from their GP surgery.

To help reduce the impact of winter viruses on those most at risk, as well as ease NHS winter pressures, UKHSA – with Department for Health and Social Care and NHS England – has launched a scaled-up Get Winter Strong campaign. The campaign is currently running on broadcast TV, on demand and community TV, as well as radio channels, outdoor poster sites across England and on social media channels.

The campaign will urge those eligible to get their flu and COVID-19 vaccination when invited, ahead of winter, targeting those at greatest risk.

Flu can be very serious for some younger children and puts many thousands in hospital every year. Maryam Sheiakh, a mother from Manchester, recounts the fear and anxiety she went through 2 years ago, when her then 4 year-old daughter, Saffy, spent more than a week at Royal Manchester Children’s Hospital after being admitted with flu, suffering with a severe cough and high temperature. She was transferred to a High Dependency Unit as she was struggling to breathe and needed oxygen. Maryam said:

I was seriously concerned we might lose Saffy. I honestly thought she might die from this. I was so distraught watching her struggling to breathe day after day, worried about her breathing difficulties and getting oxygen to the brain – would she be the same little girl before she got ill?

Thanks to the NHS staff, Saffy made a full recovery and, now aged 6, is thriving. Maryam, a nursery teacher, is now urging all parents to vaccinate their children to ensure they have the best protection against flu:

Just go and get it, don’t take the risk. No parent wants to watch their child suffer like we did with Saffy.

Dr Suzanna McDonald, Flu Vaccination Programme Lead at the UKHSA, said:

This week’s data shows that while flu remains at low levels, it is highest among school children. Children’s immune systems respond well to flu vaccines, which for most children is given as a quick and painless nasal spray in school, helping to give them good protection as winter approaches. Flu season can often peak around late December, so getting your children vaccinated now will help ensure flu doesn’t ruin their and your family’s Christmas – as the vaccine will also help stop them spreading the virus.

Parents should ensure they sign and return their vaccination consent forms so your children don’t miss out. But if they have missed the opportunity at school, you should still be able get them vaccinated at a community clinic. Flu can be a very nasty illness for anyone and every year thousands of children do end up in hospital. Nobody wants this for their child, so please ensure they get their flu vaccine on time.

Steve Russell, NHS national director for vaccinations and screening said:

Today’s data is a stark reminder of how easily viruses can spread in schools – especially during the colder months when students are more likely to gather indoors – but vaccination is one of the best ways to stop the spread and help prevent yourself and others from getting sick this winter.

Despite delivering almost 10 million flu vaccines to all eligible groups since kicking off this year’s Autumn campaign, it’s still as important as ever to ensure your child is protected as winter approaches.

NHS staff continue to ensure getting vaccinated is as quick and convenient as possible – by visiting schools across the country to deliver jabs or providing the painless flu nasal spray in ‘Bluey’ themed children’s vaccine clinics – all to help avoid the growing risk of a tripledemic this winter as pressures on NHS services are increased.

Latest NHS data published this week shows there has been 9,641,272 flu vaccinations delivered so far this Autumn – with 1,337,530 given to school aged children and 321,678 to children aged 2 and 3.

UK Health Security Agency press office

10 South Colonnade
London
E14 4PU

Email ukhsa-pressoffice@ukhsa.gov.uk

Published 25 October 2024

MIL-OSI United Kingdom: Funding secured for brownfield sites

Source: City of Plymouth

Two empty public buildings are set to make way for much-needed housing.

The buildings at the former DELL Children’s Centre and at Douglass House , both in Efford, are no longer in use and will be demolished early next year.

It comes after the Council were successful in securing £540,000 from the government’s Brownfield Land Release Fund, which helps local authorities support the delivery of housing.

The redevelopment of sites like these is a key pillar of the Council’s Plan for Homes, a strategy that tackles the ongoing housing crisis by supporting the delivery of new and affordable housing.

Cabinet Member for Housing, Cooperative Development and Communities Cllr Chris Penberthy said “I’m really pleased that we have been successful in obtaining these funds to assist the redevelopment of brownfield sites.

“The simple truth is that this city needs more homes and it needs them quickly.

“Brownfield sites like these enable us to make best use of land that has been previously developed and deliver housing where infrastructure like schools and transport links already exist.”

The Council will now work to agree business cases for these projects and allocate £540,000 into the Capital Programme.

Once the sites have been cleared, the Council will enter into discussion with local housing partners and consult with local residents about future developments.

MIL-OSI Russia: Polytechnic at the autumn educational exhibition in Hanoi “Russian Universities – the Best Choice”

Translation. Region: Russian Federation –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

Polytechnic University took part in an educational exhibition in Vietnam, which was held in Hanoi from October 21 to 25. The event was organized by the representative office of Rossotrudnichestvo in Hanoi as part of the long-term project “Universities of Russia” to popularize Russian education. Polytechnic University was represented by Deputy Head of the International Education Department Tatyana Sytnikova and specialist of the Department for Work with Foreign Students Ekaterina Pirkovska.

The opening ceremony was attended by the Director of the Russian Center for Science and Culture in Hanoi Vladimir Murashkin, Counselor of the Russian Embassy in Vietnam, representative of the Ministry of Science and Higher Education of the Russian Federation Evgeny Mitrofanov, as well as representatives of 11 leading Russian educational institutions.

Exhibitions help talented Vietnamese people to better navigate the educational space of Russia, and Russian universities to prepare for a meeting with Vietnamese students. The project “Universities of Russia” is actively expanding the partner network of Russian universities in Vietnam, which contributes to the development of scientific and educational cooperation between our countries, – emphasized Vladimir Murashkin.

Representative of the Ministry of Science and Higher Education of the Russian Federation Evgeny Mitrofanov emphasized the importance of Russian higher education for Vietnamese students. He noted that studying in Russia opens up new horizons and opportunities, and also highlighted the possibility of receiving free education through scholarships from the Russian government.

After the official part, more than 200 Vietnamese students and schoolchildren visited the Polytechnic stand, where they were consulted about the educational programs of bachelor’s, master’s and postgraduate studies at SPbPU, and told about dormitories and scholarships.

The delegation of the Polytechnic University visited the Tran Phu Special School for Talented Children in Hai Phong, the Le Hong Phong Special School for Talented Children in Nam Dinh and the Hanoi University of Entrepreneurship and Technology. During the Polytechnic presentations, the children had a unique opportunity not only to get acquainted with the educational programs and admission conditions, but also to communicate with the university representatives, ask questions and clarify issues of interest to them.

In addition, a meeting of delegations of Russian universities was held at the Ministry of Education and Personnel Training of the SRV, dedicated to further cooperation between universities of our country and Vietnamese universities. During this event, many agreements were signed aimed at deepening mutual understanding and cooperation in the field of higher education. Special attention was paid to training personnel in such areas as mathematics, economics, philology and Russian studies.

Tatyana Sytnikova took part in a press conference with Vietnamese media at the Russian Center for Science and Culture in Hanoi. She emphasized the importance of the educational programs offered by the Polytechnic University for foreign applicants.

The Polytechnic University offers foreign applicants unique educational programs in the fields of IT, artificial intelligence, linguistics, construction and building design, law, design, economics and management, and biotechnology. We are confident that high-quality education in these areas will open up new horizons and opportunities for a successful career for our students, said Tatyana Sytnikova.

On the last day of the exhibition, an expert session entitled “University Consortia in Russia and the International Educational Space: Practice and Prospects” was held.

Recently, we have been actively engaged in solving various issues of cooperation between Russia and Vietnam. As a society acting as a people’s diplomacy, we strive to help both our and your partners in establishing strong ties and contacts. We sincerely hope that cooperation between Vietnam and Russia will develop more and more actively every day, – noted the deputy chairman and secretary general of the Vietnamese-Russian Friendship Society, the main reactor of the Berezka magazine Nguyen Dang Phat.

Educational exhibitions play a key role in establishing effective links between educational institutions and prospective students, providing a valuable platform for information exchange and broadening horizons. The exhibition in Vietnam was a great opportunity for young people to learn about the opportunities that Polytechnic University offers to international students. Such events not only help to popularize education abroad, but also greatly simplify the process of choosing an educational institution for those who are looking to gain quality education and international experience.

Let us remind you that selection and competitive events have started for foreign applicants wishing to study at the Polytechnic University for free under the direction of the Ministry of Science and Higher Education of the Russian Federation (under a quota) in the next academic year. You can get up-to-date information about the dates of their holding in the English-language Polytech telegram channel.

You can also apply for the first qualifying round of the international Open Doors Olympiad: Russian Scholarship project until November 20. From this year onwards, the winners will have the opportunity to enroll in the Polytechnic University’s bachelor’s, master’s and postgraduate programs without entrance examinations and study for free in the 2025–2026 academic year.

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

MIL OSI Russia News –

MIL-OSI USA: Buyer Beware: Off-brand Ozempic, Zepbound and Other Weight Loss Products Carry Undisclosed Risks

Source: US State of Connecticut

In just a few years, brand-name injectable drugs such as Ozempic, Wegovy, Mounjaro and Zepbound have rocketed to fame as billion-dollar annual sellers for weight loss as well as to control blood sugar levels and reduce the risk of heart disease.

But the price of these injections is steep: They cost about US$800-$1,000 per month, and if used for weight loss alone, they are not covered by most insurance policies. Both drugs mimic the naturally occurring hormone GLP-1 to help regulate blood sugar and reduce cravings. They can be taken only with a prescription.

The Food and Drug Administration announced an official shortage of the active ingredients in these drugs in 2022, but on Oct. 2, 2024, the agency announced that the shortage has been resolved for the medicine tirzepatide, the active ingredient in Mounjaro and Zepbound.

Despite the soaring demand and limited supply of these drugs, there are no generic versions available. This is because the patents for semaglutide – the active ingredient in Ozempic and Wegovy, which is still in shortage – and tirzepatide don’t expire until 2033 and 2036, respectively.

As a result, nonbrand alternatives that can be purchased with or without a prescription are flooding the market. Yet these products come with real risks to consumers.

I am a pharmacist who studies weaknesses in federal oversight of prescription and over-the-counter drugs and dietary supplements in the U.S. My research group recently has investigated loopholes that are allowing alternative weight loss products to enter the market.

High demand is driving GLP-1 wannabes

The dietary supplement market has sought to cash in on the GLP-1 demand with pills, teas, extracts and all manner of other products that claim to produce similar effects as the brand names at a much lower price.

Products containing the herb berberine offer only a few pounds of weight loss, while many dietary supplement weight loss products contain stimulants such as sibutramine and laxatives such as phenolphthalein, which increase the risk of heart attacks, strokes and cancer.

The role of compounding pharmacies

Unlike the dietary supplements that are masquerading as GLP-1 weight loss products, compounding pharmacies can create custom versions of products that contain the same active ingredients as the real thing for patients who cannot use either brand or generic products for some reason.

These pharmacies can also produce alternative versions of brand-name drugs when official drug shortages exist.

Since the demand for GLP-1 medications has far outpaced the supply, compounding pharmacies are legally producing a variety of different semaglutide and tirzepatide products.

These products may come in versions that differ from the brand-name companies, such as vials of powder that must be dissolved in liquid, or as tablets or nasal sprays.

Just like the brand-name drugs, you must have a valid prescription to receive them. The prices range from $250-$400 a month – still a steep price for many consumers.

Compounding pharmacies must adhere to the FDA’s sterility and quality production methods, but these rules are not as rigorous for compounding pharmacies as those for commercial manufacturers of generic drugs.

In addition, the products compounding pharmacies create do not have to be tested in humans for safety or effectiveness like brand-name products do.

Proper dosing can also be challenging with compounded forms of the drugs.

Companies that work the system

For people who cannot afford a compounding pharmacy product, or cannot get a valid prescription for semaglutide or tirzepatide, opportunistic companies are stepping in to fill the void. These include “peptide companies,” manufacturers that create non-FDA approved knockoff versions of the drugs.

From November 2023 to March 2024, my team carried out a study to assess which of these peptide companies are selling semaglutide or tirzepatide products. We scoured the internet looking for these peptide companies and collected information about what they were selling and their sales practices.

We found that peptide sellers use a loophole to sell these drugs. On their websites, the companies state that their drugs are for “research purposes only” or “not for human consumption,” but they do nothing to verify that the buyers are researchers or that the product is going to a research facility.

By reading the comments sections of the company websites and the targeted ads on social media, it becomes clear that both buyers and sellers understand the charade. Unlike compounding pharmacies, these peptide sellers do not provide the supplies you need to dissolve and inject the drug, provide no instructions, and will usually not answer questions.

Peptide sellers, since they allegedly are not selling to consumers, do not require a valid prescription and will sell consumers whatever quantity of drug they wish to purchase. Even if a person has an eating disorder such as anorexia nervosa, the companies will happily sell them a semaglutide or tirzepatide product without a prescription. The average prices of these peptide products range from $181-$203 per month.

Skirting regulations

Peptide sellers do not have to adhere to the rules or regulations that drug manufacturers or compounding pharmacies do. Many companies state that their products are 99% pure, but an independent investigation of three companies’ products from August 2023 to March 2024 found that the purity of the products were far less than promised.

One product contained endotoxin – a toxic substance produced by bacteria – suggesting that it was contaminated with microbes. In addition, the products’ promised dosages were off by up 29% to 39%. Poor purity can cause patients to experience fever, chills, nausea, skin irritation, infections and low blood pressure.

In this study, some companies never even shipped the drug, telling the buyers they needed to pay an additional fee to have the product clear customs.

If a consumer is harmed by a poor-quality product, it would be difficult to sue the seller, since the products specifically say they are “not for human consumption.” Ultimately, consumers are being led to spend money on products that may never arrive, could cause an infection, might not have the correct dose, and contain no instructions on how to safely use or store the product.

Will prices for brand-name products come down?

To combat these alternative sellers, pharmaceutical company Eli Lilly began offering an alternative version of its brand-name Zepbound product for weight loss in September 2024.

Instead of its traditional injection pen products that cost more than $1,000 for a month’s supply, this product comes in vials that patients draw up and inject themselves. For patients who take 5 milligrams of Zepbound each week, the vial products would cost them $549 a month if patients buy it through the company’s online pharmacy and can show that they do not have insurance coverage for the drug.

After a grilling on Capitol Hill in September 2024, pharmaceutical company Novo Nordisk came under intense pressure to offer patients without prescription coverage a lower-priced product for its brand-name Wegovy as well.

In the next few years, additional brand-name GLP-1 agonist drugs will likely make it to market. As of October 2024, a handful of these products are in late-phase clinical trials, with active ingredients such as retatrutide, survodutide and ecnoglutide, and more than 18 other drug candidates are in earlier stages of development.

When new pharmaceutical companies enter this market, they will have to offer patients lower prices than Eli Lilly and Novo Nordisk in order to gain market share. This is the most likely medium-term solution to drive down the costs of GLP-1 drugs and eliminate the drug shortages in the marketplace.

Originally published in The Conversation.

MIL-OSI USA: UConn Magazine: Dan Orlovsky Is All In

Source: US State of Connecticut

The cafeteria at the ESPN campus in Bristol, Connecticut, is a monument to distraction. I’m confronted by three preposterous flat-screen TVs on the far wall. Look up. A parade of smaller screens offers a high-definition plea not to engage with your lunch companion.

Into this boulevard of broken attention spans enters Dan Orlovsky ’17 (BGS), ESPN’s NFL analyst, 20 years removed from a storied career as the UConn quarterback who propelled the football program into national prominence. He absolutely looks the part, dressed in a slim-fit suit that straddles the line between blueberry and robin’s egg. There’s no tie but a sharp blue-gridded white dress shirt and stylish salt-and-pepper stubble. His hair is perfect.

Aside from developing a reputation as a great football analyst, Orlovsky has become known for his pile of oddities, which he embraces. (“I told you I’m weird,” he reminds me during our conversation.) Food is a big one. Today, he arrives with what looks like a chicken avocado salad. But because there is no lettuce present, his lunch resembles an entrée from the apocalypse, a hillock of (seasoned?) browns and beiges specked with green. There was his memorable admission on Twitter that he uses a bath towel around 30 times before it’s removed from the rotation — presumably with tongs into a hazmat bag.

At work, Orlovsky has a “maniacal desire to be the best,” says Laura Rutledge, the host of “NFL Live,” his main gig. “He preps like no one I’ve ever seen in my entire life for anything that he does.”

Orlovsky, 41, does not do these things to perpetuate an image. Everything has a reason, even the bizarro food choices. Why introduce something new and possibly disruptive? Then he can’t spend time with his family or do his job. That’s not how to win the day. When you help resurrect a college football program and get drafted by a National Football League team, that credo isn’t ridiculous. It’s required. Lack the drive to excel while reducing the game’s din and violence to its necessities and you’ll be prowling LinkedIn by your 25th birthday. Orlovsky spent 12 years in the NFL; the average career lasts a hair over three.

Why, he wonders, can’t the principles that made him a millionaire in the NFL work away from the football field?

Every day Dan Orlovsky tries to answer that question.

Read on for more.

MIL-OSI USA: Governor Murphy Announces Planned Innovation Center Based in Newark

Source: US State of New Jersey

TRENTON – Governor Phil Murphy today announced that the New Jersey Economic Development Authority (NJEDA) and the New Jersey Innovation Institute (NJII), a corporation of the New Jersey Institute of Technology (NJIT), have launched the NJII Venture Studio, the state’s latest Strategic Innovation Center (SIC). The NJII Venture Studio will focus on accelerating and commercializing intellectual property with a focus on high technology and information technology developed by NJIT, NJII and NJIT’s corporate partners, as well as other academic institutions who contribute to the advancement of the industry. This will be the seventh SIC in New Jersey announced under the Murphy Administration.

“Since I took office, my administration has been laser focused on positioning New Jersey as a national leader in innovation and technology development,” said Governor Phil Murphy. “The NJII Venture Studio, our seventh Strategic Innovation Center, will provide aspiring entrepreneurs with access to cutting-edge technology and the chance to collaborate with industry experts. This exciting initiative reinforces New Jersey’s reputation as a hub for innovation and research and the tremendous expertise within our state’s research universities.”

NJII, a non-profit subsidiary corporation established by NJIT in 2014, will operate and manage the Studio. The NJEDA and NJII have entered into a non-binding term sheet to establish the creation, funding, and management of the Venture Studio with an opportunity to make equity investments into participating companies. The Studio, which will be located in the Paul Profeta Center for Innovation and Entrepreneurship in Newark, will seek to launch two to three start-ups a year over a four-year period.

The Venture Studio will provide emerging companies with necessary business training, operating services, physical space, and management guidance to transform their research into commercially viable products and services. Pending approval by its Board, the NJEDA intends to invest $5.8 million into the project on a 1:1 basis with NJII, with program funding for the Venture Studio totaling $11.6 million.

“Governor Murphy is dedicated to expanding New Jersey’s innovation economy by investing in various industries and equipping entrepreneurs with the necessary resources to grow and scale their businesses,” said NJEDA Chief Executive Officer Tim Sullivan. “Powered by the NJEDA’s Strategic Innovation Center program, the NJII Venture Studio will foster the development of new technologies, good-paying jobs, and long-term, sustainable economic growth throughout the state.”

NJII intends to partner with NJIT, other New Jersey higher education institutions, and NJII and NJIT’s corporate partners to offer university students hands-on experience and training.

Since its founding, NJII has spun out two for-profit companies, Healthcare Innovative Solutions (HCIS) and BioCentriq, with hopes to replicate and expand its capacity to spin out startups.

“We are excited to embark on this partnership with the NJEDA to further build the state’s Innovation Economy,” said Michael Johnson, Ph.D., President of NJII. “We see the NJII Venture Studio as a powerful tool that will bridge the gap between translational research and commercialization, resulting in innovative companies and world-changing technologies.”

Serving as the SIC’s anchor academic partner, NJIT will provide access to university resources and intellectual property to assist with the launch and development of participating companies.

“The creation of the NJII Venture Studio aligns perfectly with NJIT’s 2030 strategic plan, which calls for the university to expand on its role as a nexus of innovation—a physical and intellectual focal point for ideas, actions and people that brings together researchers, learners, entrepreneurs and partners from government, industry and the community to pursue innovation,” said Dr. Teik C. Lim, President of NJIT.

“With this next Strategic Innovation Center, New Jersey continues to unlock unparalleled opportunities to grow cutting-edge industries and cultivate emerging talent right here in the Garden State,” said New Jersey Secretary of Higher Education Brian K. Bridges. “Combined with the expertise and resources of the state’s world-class institutions, like NJIT, we are well-positioned to lead innovation and meet the workforce demands of tomorrow’s economy.”

“I commend Governor Murphy and the New Jersey Economic Development Authority for their continued focus on innovation and economic growth with the launch of the Venture Studio in Newark. This new Strategic Innovation Center is a vital step in positioning New Jersey as a national leader in emerging technologies and entrepreneurship,” said Senator Paul Sarlo, Chair of the Senate Budget Committee. “As an alumnus of the New Jersey Institute of Technology, I know firsthand the innovative spirit possessed by the university’s students and faculty. I am thrilled that this center will not only help jumpstart the careers of young entrepreneurs, but also give NJIT students the opportunity to gain hands-on experience in the process of starting a company.”

“The NJII Venture Studio will offer fresh and exciting opportunities for students and entrepreneurs in Newark and beyond,” said NJEDA Chief Economic Transformation Officer Kathleen Coviello. “The Studio’s prime location and proximity to the state’s key players in the innovation sector will open doors for entrepreneurs to advance their research, testing, and development of diverse technologies.”

SICs are facilities that support research and development, innovation, and entrepreneurship through mentorship, networking opportunities, hands-on training, business support services, and education opportunities. SICs can be accelerators, incubators, or research centers. Having a physical location where entrepreneurs can collaborate will help support new, diverse innovators and help drive long-term economic growth.

MIL-OSI: Dave to Report Third Quarter 2024 Results on November 12, 2024 at 5:00 p.m. ET

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Oct. 25, 2024 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, will host a conference call on Tuesday, November 12, 2024, at 5:00 p.m. Eastern time to discuss its financial results for the third quarter ended September 30, 2024. The Company’s results will be reported in a press release prior to the call.

Dave management will host the conference call, followed by a question-and-answer period. The conference call details are as follows:

Date: Tuesday, November 12, 2024
Time: 5:00 p.m. Eastern time
Dial-in registration link: here
Live webcast registration link: here

The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

About Dave

Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. Dave partners with Evolve Bank & Trust, a FDIC member. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

Investor Relations Contact

Sean Mansouri, CFA
Elevate IR
DAVE@elevate-ir.com

Media Contact

Dan Ury
press@dave.com

MIL-OSI: GCM Grosvenor to Announce Third Quarter 2024 Financial Results and Host Investor Conference Call on November 8, 2024

Source: GlobeNewswire (MIL-OSI)

CHICAGO, Oct. 25, 2024 (GLOBE NEWSWIRE) — GCM Grosvenor (Nasdaq: GCMG), a global alternative asset management solutions provider, announced today that it will release its results for the third quarter 2024 on Friday, November 8, 2024.

Management will host a webcast and conference call on Friday, November 8, 2024, at 10:00 a.m. ET to discuss the results and provide a business update. The conference call will be available via public webcast through the Public Shareholders section of GCM Grosvenor’s website at www.gcmgrosvenor.com/public-shareholders and a replay will be available on the website soon after the call’s completion for at least seven (7) days.

To register for the call, visit www.gcmgrosvenor.com/public-shareholders.

About GCM Grosvenor

GCM Grosvenor (Nasdaq: GCMG) is a global alternative asset management solutions provider with approximately $79 billion in assets under management across private equity, infrastructure, real estate, credit, and absolute return investment strategies. The firm has specialized in alternatives for more than 50 years and is dedicated to delivering value for clients by leveraging its cross-asset class and flexible investment platform.

GCM Grosvenor’s experienced team of approximately 540 professionals serves a global client base of institutional and individual investors. The firm is headquartered in Chicago, with offices in New York, Toronto, London, Frankfurt, Tokyo, Hong Kong, Seoul and Sydney. For more information, visit: gcmgrosvenor.com.

Source: GCM Grosvenor

Public Shareholders Contact
Stacie Selinger
sselinger@gcmlp.com
312-506-6583

Media Contact
Tom Johnson and Abigail Ruck
H/Advisors Abernathy
tom.johnson@h-advisors.global / abigail.ruck@h-advisors.global
212-371-5999

MIL-OSI: Ethical Web AI announces our new Chief Executive Officer – Manfred Ebensberger, with a shareholder update

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) — Bubblr Inc., d/b/a Ethical Web AI (OTC: BBLR) – a frontrunner in ethical technology determined to revolutionize the digital domain, has announced its new CEO, Manfred Ebensberger.

Before joining Bubblr, Mr. Ebensberger held senior roles in European investment firms, serving as Managing Director and Asset Manager for Ultra-High-Net-Worth Individuals (UHNWIs). He also served as CEO of a luxury Italian fashion brand in New York. Earlier in his career, Mr. Ebensberger was managing director for several US investment companies and an assistant professor at the University of Innsbruck, Austria. Manfred holds a degree from the University of Innsbruck, Austria, from the University of Venice, Italy and completed a certificate in General Business Studies at UCLA. He is a seasoned professional committed to the vision and direction of the company.

Steve Morris, CTO and founder of Ethical Web AI remarked, “I am delighted to welcome Manfred as our CEO. Manfred is a highly experienced executive who has a proven track record as the CEO of a publicly listed company, which he led to a very successful buy-out. We have been speaking to Manfred for quite some time, and both parties are in agreement that Manfred is the perfect CEO at this critical point in the company’s development.”

“Our biggest challenge has been our ability to describe succinctly what our platform does and why it is so revolutionary. Now that the platform is demonstrable, this makes our many years of work understandable, applicable and ultimately profitable. Manfred will lead us into the next stage of our revenue-positive corporate development. It has taken years in the making, but we are finally at a point where we have a product that will change the way we all use and utilize the internet.”

“Our last press release in August 2024 made clear the massive significance of finally delivering our ethical Web Search (EWS) platform to the point where it is demonstrable. It has taken many years of development to build the EWS platform, and it is the technical manifestation of our US Patent 10977387, which has been independently valued at $4.7bn. Manfred’s role is to oversee the next stage of Ethical Web AI’s development to realize its true potential and value as the world’s most innovative technology company. Our current plans are extremely ambitious, and we are confident that Manfred is the CEO we need to deliver them. They include the following key objectives:”

Raising substantial new investment capital

Within the next six months, we plan to raise significant new investment capital. This capital is required to transform the company from a technology development company to a fast-growing, revenue-driven business. There are many conversations currently underway with a number of important investors that we expect to be concluded in the next few months.

Significantly increase revenue from AI Seek.

Our generative AI product, AI Seek, is capable of generating significant revenues and is very profitable. We intend to sign a distribution and marketing contract in the next few weeks that will deliver very significant new revenues before the end of the year.

We already consider AI Seek to be demonstrably superior to Chat GPT in many ways. In particular, AI Seek is unique in that it is totally anonymous for consumers to use. This unique aspect of AI Seek allows us to develop a version of AI Seek that can be safely used by children under direct parental control. A “child-safe” generative AI application will obviously be hugely popular.

Oversee the rollout of the EWS platform to our first pilot projects.

We are currently negotiating with a number of potential community licensees to pilot our EWS platform. There are three candidates, and all three are very keen to be the first early adopter. Again, we will be signing our first deal in the next few weeks, and we will make announcements as they happen. The pilot project(s) will provide the necessary learnings required to automate the onboarding of new licensees to the platform entirely. Once we have fully automated the onboarding process, we will begin the global adoption of the product using the tried and tested open-source SaaS model.

Organic uplist to Nasdaq in 2025

We have a strategic plan to organically uplist Nasdaq in 2025. In order to qualify for Nasdaq, we need revenues and adequate cash reserves in the bank. The cash reserves will be secured primarily through further external investment capital. Both the revenues and the capital raise are eminently achievable.

The Nasdaq uplist provides a number of significant benefits for the company and its shareholders. We are certain that we have the most significant and valuable technology that the world has ever witnessed. However, hardly anyone has ever heard of the company. The Nasdaq uplist delivers much more visibility of the company and its products. It provides a platform to showcase our company to both the investment community and retail users.

Pursue our expected exit plan through acquisition.

The founder and CTO, Steve Morris, has always maintained that the most likely final exit strategy would be that it would be acquired (or its critical assets acquired) by a global technology business to ensure its global adoption. Ethical Web AI is more like a startup pharmaceutical company that has developed a world-beating drug. Such a company knows it will be acquired by one of the global pharma giants. However, acquisition opportunities were not expected to arise before we were uplisted to Nasdaq. In recent developments, a major technology company has expressed interest in communicating with the company regarding potential future alliances.

It is clear that our new CEO, Manfred Ebensberger, has a lot to do in the next few months, but he has the complete suite of expertise, knowledge and full support of everyone in the company to help him deliver. We expect to issue many more press releases in the coming weeks.

About Ethical Web AI:
Ethical Web AI is an ethical technology company that is championing an anonymous, safe, and fair new internet. We are producing unique intellectual property and technology that is made defensible by our valuable utility software patents.

Visit the new AI Seek website at: https://www.aiseek.ai.

If you are an AI Seek user, make sure to add desktop integration by going to the page https://desktop.aiseek.ai/

For more information about our Company and products, please visit our website at https://www.ethicalweb.ai.

Media Contact:
Steve Morris
Bubblr, Inc.
(646) 814 7184

Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the Company’s current plans and expectations, as well as future results of operations and financial condition. The Company reserves the right to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

MIL-OSI: Pacific Financial Corp Earns $2.6 Million, or $0.25 per Diluted Share for Third Quarter 2024; Tangible Book Value Per Share Up 6.6% During Quarter; Board of Directors Declares Quarterly Cash Dividend of $0.14 per Share

Source: GlobeNewswire (MIL-OSI)

ABERDEEN, Wash., Oct. 25, 2024 (GLOBE NEWSWIRE) — Pacific Financial Corporation (OTCQX: PFLC), (“Pacific Financial”) or the (“Company”), the holding company for Bank of the Pacific (the “Bank”), reported net income of $2.6 million, or $0.25 per diluted share for the third quarter of 2024, compared to $2.1 million, or $0.21 per diluted share for the second quarter of 2024, and $3.6 million, or $0.35 per diluted share for the third quarter of 2023. All results are unaudited.

Pacific Financials’ third quarter 2024 operating results reflected the following changes from the second quarter of 2024: (1) higher net interest income as the rise in loan and investment yields outpaced the rise in deposit and borrowing costs; (2) a negative provision for credit losses due to lower provision for unfunded loans; (3) lower non-interest income due to smaller gains on the sale of loans and investment securities; (4) slightly lower non-interest expenses; (5) a small decrease in total gross loans of 0.6% offset by an increase in the purchase of investment securities with the balance of investment securities increasing $18.1 million, or 6.5% during the third quarter; (6) an increase in total deposits of 2.6% to $1.0 billion at September 30, 2024, and (7) a $6.2 million increase in shareholder equity, or 5.4%. Tangible book value per share increased 6.6% during the quarter to $10.47.

The board of directors of Pacific Financial declared a quarterly cash dividend of $0.14 per share on October 23, 2024. The dividend will be payable on November 22, 2024 to shareholders of record on November 8, 2024. Additionally, the Board of Directors has authorized an additional $2.6 million toward future repurchases, or approximately 2.0% of total shares outstanding. The current stock repurchase program expires in November 2024.

“Our core operations continue to remain strong,” said Denise Portmann, President and Chief Executive Officer. “Our focused efforts on deposit retention, combined with the efforts of our new commercial loan and deposit teams, resulted in increased business relationships during the third quarter. Additionally, we added to our investment securities portfolio to increase yields. During the fourth quarter, we will be closing our mortgage banking division which we anticipate will improve the efficiency of our operation and improve earnings. However, the fourth quarter will reflect some one-time charges related to severance, contract and lease terminations.”

Third Quarter 2024 Financial Highlights:

Return on average assets (“ROAA”) was 0.90%, compared to 0.76% for the second quarter 2024, and 1.21% for the third quarter 2023.
Return on average equity (“ROAE”) was 8.77%, compared to 7.47% from the preceding quarter, and 13.16% from the third quarter a year earlier.
Net interest income was $11.2 million, compared to $10.8 million for the second quarter of 2024, and $12.3 million for the third quarter of 2023.
Net interest margin (“NIM”) increased to 4.19%, compared to 4.15% from the preceding quarter, and 4.37% for the third quarter a year ago. The increase in the net interest margin in the most recent quarter was due to increased yields on interest-earning assets outpacing the increased cost of interest-bearing liabilities.
Provision for credit losses was a benefit of $66,000 for the third quarter ended September 30, 2024 compared to a provision of $304,000 for the preceding quarter and $244,000 in the third quarter a year ago. The benefit largely reflected lower provisions for unfunded loans relative to prior periods.
Gross loans balances held in portfolio decreased by $4.4 million, or less than 1% to $699.6 million at September 30, 2024, compared to $704.0 million at June 30, 2024, and increased by $27.6 million, or 4%, from $672.0 million at September 30, 2023.
Total deposits increased $25.8 million to $1.01 billion, compared to $985.6 million at June 30, 2024, and decreased from $1.05 billion at September 30, 2023. Core deposits represented 87% of total deposits, with non-interest bearing deposits representing 38% of total deposits at September 30, 2024.
Coverage of short-term funds available to uninsured and uncollateralized deposits was 229% at September 30, 2024 and June 30, 2024. Uninsured or uncollateralized deposits were 25% of total deposits at September 30, 2024, and 24% at June 30, 2024.
Asset quality remains solid with nonperforming assets to total assets at 0.10%, compared to 0.12% three months earlier, and 0.10% at September 30, 2023. Accruing loans past due 30 or more days represent only 0.03% of total loans at September 30, 2024.
Tangible book value per share increased 6.6% during the quarter to $10.47 per share at September 30, 2024 from $9.82 per share at June 30, 2024. The increase was largely the result of a decline in interest rates and its impact on the fair market value of securities.
Pacific Financial and Bank of the Pacific continued to exceed regulatory well-capitalized requirements. At September 30, 2024 Pacific Financial’s estimated leverage ratio was 11.6% and its estimated total risk-based capital ratio was 17.9%.

Balance Sheet Review

Total assets increased 3% to $1.16 billion at September 30, 2024, compared to $1.12 billion at June 30, and decreased 2% from $1.18 billion at September 30, 2023.

Liquidity metrics continued to remain strong with total liquidity, both on and off balance sheet sources, at $576.8 million as of September 30, 2024. The Bank has established collateralized credit lines with borrowing capacity from the Federal Home Loan Bank of Des Moines (FHLB) and from the Federal Reserve Bank of San Francisco, as well as $60.0 million in unsecured borrowing lines from various correspondent banks. There was no balance outstanding on any of these facilities at quarter-end.

The following table summarizes the Bank’s available liquidity:

LIQUIDITY (unaudited)	Period Ended						Change from									% of Deposits
($ in 000s)	Period Ended						Change from									% of Deposits

		Sep 30,		Jun 30,		Sep 30,		Jun 30, 2024				Sep 30, 2023				Sep 30,		Jun 30,		Sep 30,
		2024		2024		2023		$	%			$		%		2024		2024		2023
Short-term Funding
Cash and cash equivalents	$	85,430	$	63,183	$	147,970	$	22,247	35	%	$	(62,540	)	-42	%	8	%	6	%	14	%
Unencumbered AFS Securities		154,565		139,581		123,842		14,984	11	%		30,723		25	%	15	%	14	%	12	%
Secured lines of Credit (FHLB, FRB)		336,771		332,674		318,557		4,097	1	%		18,214		6	%	33	%	34	%	30	%
Short-term Funding	$	576,766	$	535,438	$	590,369	$	41,328	8	%	$	(13,603	)	-2	%	56	%	54	%	56	%

Investment securities: The investment securities portfolio increased 6% to $296.8 million, compared to $278.7 million at June 30, 2024 and increased 3% compared to the like period a year ago. The increase from the prior quarter was primarily due to the purchase of collateralized mortgage obligations and mortgage backed securities. U.S. Treasury bonds, and securities issued by the U.S. Government sponsored agencies accounted for 85% of the investment portfolio as of September 30, 2024, June 30, 2024, and September 30, 2023. Within that total, collateralized mortgage obligations accounted for 48% of the investment portfolio at September 30, 2024, compared to 45% the previous quarter.

The average adjusted duration to reset of the investment securities portfolio was 4.2 years at September 30, 2024. Net unrealized losses on the investments classified as available for sale declined $7.2 million to $14.8 million ($11.5 million after-tax) at September 30, 2024, or 5% of AFS portfolio.

Gross loans balances excluding loans held for sale decreased $4.4 million, or 1%, to $699.6 million at September 30, 2024, compared to $704.0 million at June 30, 2024. During the third quarter, loan pipelines and originations slowed from prior levels as borrowers continued to adjust to higher interest rates and economic uncertainty. Due primarily to loan amortization the loan portfolio reflected slight declines in most categories except multi-family lending which increased $2.8 million. Year-over-year loan growth was 4%, or $27.6 million, with the largest increases in residential 1-4 family and multi-family loans which increased $14.8 million and $11.7 million, respectively. Loans classified as commercial real estate for regulatory concentration purposes totaled $261.3 million at September 30, 2024, or 185% of total risk based capital.

The Company continues to manage concentration limits that establish maximum exposure levels by certain industry segments, loan product types, geography and single borrower limits. In addition, the loan portfolio continues to be well-diversified and is collateralized with assets predominantly within the Company’s Western Washington and Oregon markets.

Credit quality: Non-performing assets were minimal and remained at $1.1 million, or 0.10% of total assets at September 30, 2024, compared to $1.2 million, or 0.10% at September 30, 2023. The Company has zero other real estate owned as of September 30, 2024 and accruing loans past due more than 30 days represent only 0.04% of total loans.

Allowance for credit losses (“ACL”) for loans was $8.9 million, or 1.27% of gross loans at September 30, 2024, compared to $8.9 million or 1.26% of loans at June 30, 2024 and $8.3 million or 1.24% at September 30, 2023.

A negative provision for credit losses of $66,000 was recorded in the current quarter, reflecting less allowance requirements for unfunded loans. This compares to a provision for credit losses of $304,000 in the second quarter of 2024 and $244,000 for the third quarter of 2023. Net charge-offs for the current quarter remained minimal and reflected a net recovery of $11,000, compared to a net charge-off of $56,000 for the preceding quarter and $125,000 for the third quarter one year ago.

Total deposits increased to $1.01 billion at September 30, 2024, compared to $985.6 million at June 30, 2024 and decreased from $1.05 billion at September 30, 2023. The bank has focused efforts to retain customer relationships resulting in a $22.1 million increase in business deposits.

Non-interest-bearing account balances, composed of commercial banking relationships, are the largest component of the deposit portfolio at 38% at September 30, 2024 and June 30, 2024. Money market deposits currently represent the second largest component of the deposit base and increased $11.5 million from the linked quarter and $12.8 million from the same quarter a year ago and represent 19%, 18%, and 17%, of total deposits, at September 30, 2024, June 30, 2024, and September 30, 2023, respectively. Interest-bearing demand deposits are the third largest component of the deposit base representing 18% of total deposits at September 30, 2024. Pacific Financial continues to benefit from a strong core deposit base, with core deposits representing 87% of total deposits at quarter end.

Shareholder’s equity increased $6.2 million, or 5% to $121.1 million at September 30, 2024, compared to $114.9 million at June 30, 2024, and increased $14.5 million, or 14% compared to $106.6 million at September 30, 2023. The increase in shareholders’ equity during the current quarter was due to quarterly net income, a decrease in unrealized losses on available-for-sale securities and dividends paid to shareholders. Net unrealized losses (after-tax) on available-for-sale securities were $11.5 million at September 30, 2024 compared to $17.1 million at June 30, 2024, and $23.1 million at September 30, 2023. This decrease in net unrealized losses reflects lower longer-term market interest rates at the end of the quarter.

Book value per common share was $11.78 at September 30, 2024, compared to $11.12 at June 20, 2024, and $10.22 at September 30, 2023. The Company’s tangible common equity ratio was 9.4% at September 30, 2024 and 9.1% at June 30, 2024, compared to 8.0% at September 30, 2023. Regulatory capital ratios of both the Company and the Bank continue to exceed the well-capitalized regulatory thresholds, with the Company’s leverage ratio at 11.6% and total risk-based capital ratio at 17.9% as of September 30, 2024. These regulatory capital ratios are estimates, pending completion and filing of regulatory reports.

The current stock repurchase program expires in November 2024. The Board of Directors has authorized an additional $2.6 million toward future repurchases, or approximately 2.0% of total shares outstanding.

Income Statement Review

Net interest income increased $438,000 to $11.2 million for the third quarter of 2024, compared to $10.8 million for the second quarter of 2024, and decreased $1.1 million compared to $12.3 million for the third quarter a year ago. The change in the current quarter compared to the preceding quarter reflects higher yields on a larger investment portfolio and an increase in loan yields due primarily to repricing of loans. Increasing deposit costs offset some of the benefit from higher yielding investments and loans. For the current quarter compared to the like period a year ago, funding costs have outpaced the rising yields on investments and loans.

The Bank’s net interest margin continued to remain strong at 4.19% for the quarter ended September 30, 2024 compared to 4.15% the preceding quarter. For the third quarter ended September 30, 2023, the net interest margin was 4.37% reflecting lower funding costs relative to more recent periods.

Yields on total interest earning assets increased 14 basis points to 5.29% for the third quarter of 2024 compared to 5.15% for the prior quarter and 5.06% in the like quarter a year ago. Average loan yields increased to 5.99% during the current quarter, compared to 5.80% for the preceding quarter and 5.71% for the third quarter 2023.

The Bank’s total cost of funds increased to 1.15% for the current quarter, compared to 1.05% for the preceding quarter, and 0.72% for the third quarter 2023. The increase in the costs of deposits was due to retention efforts and competitive pricing of deposit products. The percentage of non-interest bearing deposits remained high at 38% for the current quarter.

Noninterest income decreased to $1.7 million for the current quarter, compared to $2.0 million for the linked quarter and increased from $1.6 million a year earlier. The decrease compared to the linked quarter was primarily due to decreased mortgage banking loan production and no gains on the sale of investment securities.

The company plans to close its mortgage banking division by the end of 2024 which is expected to reduce non-interest income offset by a reduction of personnel and overhead expenses associated with the operation. The elimination of the mortgage banking division is expected to improve the efficiency of the company after severance and contract termination expenses are realized in the fourth quarter of 2024.

Fee and service charge income remained consistent in the third quarter of 2024 at $1.2 million compared to the previous quarter and the third quarter of 2023.

Noninterest expenses decreased to $9.7 million for the third quarter of 2024 compared to $9.8 million for the prior quarter and increased from $9.1 million for the third quarter of 2023. Within the total of noninterest expenses for the current quarter compared to the prior quarter, the largest category of salaries and employee benefits remained at $6.3 million. Similarly, data processing and occupancy expenses remained consistent to the prior quarter.

The company’s efficiency ratio decreased to 75.48% for the third quarter of 2024, compared to 77.34% in the preceding quarter and increased from 65.78% in the same quarter a year ago. The increase in the efficiency ratio relative to the previous year primarily relates to the decreased net interest margin and higher overhead expenses related to the hiring, building and marketing of new commercial loan and deposit teams.

Income tax expense: Federal and Oregon state income tax expenses totaled $633,000 for the current quarter, and $454,000 for the preceding quarter, resulting in effective tax rates of 19.6% and 17.6%, respectively. These income tax expenses reflect the benefits of tax exempt income and credits on tax-exempt loans and investments, affordable housing tax credit financing, and investments in bank owned life insurance.

FINANCIAL HIGHLIGHTS (unaudited)	Quarter Ended									Change From											Nine Months Ended					Change
FINANCIAL HIGHLIGHTS (unaudited)	Quarter Ended									Change From											Nine Months Ended					Change
(In 000s, except per share data)
		Sep 30,			Jun 30,			Sep 30,			Jun 30, 2024					Sep 30, 2023					Sep 30,			Sep 30,
		2024			2024			2023			$		%			$		%			2024			2023			$		%
Earnings Ratios & Data
Net Income	$	2,594		$	2,126		$	3,645		$	468		22	%	$	(1,051	)	-29	%	$	7,370		$	11,663		$	(4,293	)	-37	%
Return on average assets		0.90	%		0.76	%		1.21	%		0.14	%				-0.31	%				0.87	%		1.28	%		-0.41	%
Return on average equity		8.77	%		7.47	%		13.16	%		1.30	%				-4.39	%				8.52	%		14.34	%		-5.82	%
Efficiency ratio ⁽¹⁾		75.48	%		77.34	%		65.78	%		-1.86	%				9.70	%				75.67	%		64.64	%		11.03	%
Net-interest margin %⁽²⁾		4.19	%		4.15	%		4.37	%		0.04	%				-0.18	%				4.24	%		4.40	%		-0.16	%

Share Ratios & Data
Basic earnings per share	$	0.25		$	0.21		$	0.35		$	0.04		19	%	$	(0.10	)	-29	%	$	0.71		$	1.12		$	(0.41	)
Diluted earning per share	$	0.25		$	0.21		$	0.35		$	0.04		19	%	$	(0.10	)	-29	%	$	0.71		$	1.12		$	(0.41	)
Book value per share⁽³⁾	$	11.78		$	11.12		$	10.22		$	0.66		6	%	$	1.56		15	%
Tangible book value per share⁽⁴⁾	$	10.47		$	9.82		$	8.93		$	0.65		7	%	$	1.54		17	%
Common shares outstanding		10,283			10,336			10,427			(53	)	-1	%		(144	)	-1	%
PFLC stock price	$	11.65		$	9.76		$	10.00		$	1.89		19	%	$	1.65		17	%
Dividends paid per share	$	0.14		$	0.14		$	0.13		$	–		0	%	$	0.01		8	%	$	0.42		$	0.39		$	0.03		8	%

Balance Sheet Data
Assets	$	1,158,410		$	1,124,295		$	1,181,975		$	34,115		3	%	$	(23,565	)	-2	%
Portfolio Loans	$	699,603		$	703,977		$	671,969		$	(4,374	)	-1	%	$	27,634		4	%
Deposits	$	1,011,473		$	985,627		$	1,051,256		$	25,846		3	%	$	(39,783	)	-4	%
Investments	$	296,792		$	278,728		$	289,152		$	18,064		6	%	$	7,640		3	%
Shareholders equity	$	121,087		$	114,923		$	106,601		$	6,164		5	%	$	14,486		14	%

Liquidity Ratios
Short-term funding to uninsured
and uncollateralized deposits		229	%		229	%		254	%		0	%				-25	%
Uninsured and uncollateralized
deposits to total deposits		25	%		24	%		22	%		1	%				3	%
Portfolio loans to deposits ratio		69	%		71	%		63	%		-2	%				6	%

Asset Quality Ratios
Non-performing assets to assets		0.10	%		0.12	%		0.10	%		-0.02	%				0.00	%
Non-accrual loans to portfolio loans		0.16	%		0.19	%		0.18	%		-0.03	%				-0.02	%
Loan losses to avg portfolio loans		-0.01	%		0.03	%		0.07	%		-0.04	%				-0.08	%				0.01	%		0.04	%		-0.03	%
ACL to portfolio loans		1.27	%		1.26	%		1.24	%		0.01	%				0.03	%

Capital Ratios (PFC)
Total risk-based capital ratio		17.9	%		17.6	%		17.6	%		0.3	%				0.3	%
Tier 1 risk-based capital ratio		16.7	%		16.4	%		16.5	%		0.3	%				0.2	%
Common equity tier 1 ratio		15.0	%		14.8	%		14.8	%		0.2	%				0.2	%
Leverage ratio		11.6	%		11.7	%		10.7	%		-0.1	%				0.9	%
Tangible common equity ratio		9.4	%		9.1	%		8.0	%		0.3	%				1.4	%

⁽¹⁾ Non-interest expense divided by net interest income plus noninterest income.
⁽²⁾ Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.
⁽³⁾ Book value per share is calculated as the total common shareholders’ equity divided by the period ending number of common stock shares outstanding.
⁽⁴⁾ Tangible book value per share is calculated as the total common shareholders’ equity less total intangible assets and liabilities, divided by the period ending number of common stock shares outstanding.

INCOME STATEMENT (unaudited)	Quarter Ended									Change From											Nine Months Ended					Change
INCOME STATEMENT (unaudited)	Quarter Ended									Change From											Nine Months Ended					Change
($ in 000s)
		Sep 30,			Jun 30,			Sep 30,			Jun 30, 2024					Sep 30, 2023					Sep 30,			Sep 30,
		2024			2024			2023			$		%			$		%			2024			2023			$		%
Interest Income
Loan interest & fee income	$	10,520		$	10,109		$	9,549		$	411		4	%	$	971		10	%	$	30,853		$	27,166		$	3,687		14	%
Interest bearing cash income		1,108			847			2,322			261		31	%		(1,214	)	-52	%		2,890			7,669			(4,779	)	-62	%
Investment income		2,503			2,410			2,371			93		4	%		132		6	%		7,388			6,832			556		8	%
Interest Income		14,131			13,366			14,242			765		6	%		(111	)	-1	%		41,131			41,667			(536	)	-1	%

Interest Expense
Deposits interest expense		2,684			2,358			1,716			326		14	%		968		56	%		7,033			3,437			3,596		105	%
Other borrowings interest expense		243			242			246			1		0	%		(3	)	-1	%		727			682			45		7	%
Interest Expense		2,927			2,600			1,962			327		13	%		965		49	%		7,760			4,119			3,641		88	%
Net Interest Income		11,204			10,766			12,280			438		4	%		(1,076	)	-9	%		33,371			37,548			(4,177	)	-11	%
Provision (benefit) for credit losses		(66	)		304			244			(370	)	-122	%		(310	)	-127	%		271			409			(138	)	-34	%
Net Interest Income after provision		11,270			10,462			12,036			808		8	%		(766	)	-6	%		33,100			37,139			(4,039	)	-11	%

Non-Interest Income
Fees and service charges		1,225			1,198			1,248			27		2	%		(23	)	-2	%		3,523			3,695			(172	)	-5	%
Gain on sale of investments, net		–			121			–			(121	)	-100	%		–		-100	%		121			(154	)		275		-179	%
Gain on sale of loans, net		267			445			170			(178	)	-40	%		97		57	%		865			540			325		60	%
Income on bank-owned insurance		188			182			174			6		3	%		14		8	%		550			509			41		8	%
Other non-interest income		7			17			18			(10	)	-59	%		(11	)	-61	%		34			53			(19	)	-36	%
Non-Interest Income		1,687			1,963			1,610			(276	)	-14	%		77		5	%		5,093			4,643			450		10	%

Non-Interest Expense
Salaries and employee benefits		6,341			6,321			5,560			20		0	%		781		14	%		18,656			17,006			1,650		10	%
Occupancy		601			564			501			37		7	%		100		20	%		1,806			1,536			270		18	%
Furniture, Fixtures & Equipment		286			267			252			19		7	%		34		13	%		837			808			29		4	%
Marketing & donations		201			176			160			25		14	%		41		26	%		531			380			151		40	%
Professional services		233			327			301			(94	)	-29	%		(68	)	-23	%		897			941			(44	)	-5	%
Data Processing & IT		1,185			1,165			1,161			20		2	%		24		2	%		3,541			3,490			51		1	%
Other		883			1,025			1,207			(142	)	-14	%		(324	)	-27	%		2,839			3,174			(335	)	-11	%
Non-Interest Expense		9,730			9,845			9,142			(115	)	-1	%		588		6	%		29,107			27,335			1,772		6	%
Income before income taxes		3,227			2,580			4,504			647		25	%		(1,277	)	-28	%		9,086			14,447			(5,361	)	-37	%
Provision for income taxes		633			454			859			179		39	%		(226	)	-26	%		1,716			2,784			(1,068	)	-38	%
Net Income	$	2,594		$	2,126		$	3,645		$	468		22	%		(1,051	)	-29	%	$	7,370		$	11,663		$	(4,293	)	-37	%

Effective tax rate		19.6	%		17.6	%		19.1	%		2.0	%				0.5	%				18.9	%		19.3	%		-0.4	%

BALANCE SHEET (unaudited)	Period Ended									Change from										% of Total
($ in 000s)	Period Ended									Change from										% of Total

		Sep 30,			Jun 30,			Sep 30,			Jun 30, 2024					Sep 30, 2023				Sep 30,		Jun 30,		Sep 30,
		2024			2024			2023			$		%			$		%		2024		2024		2023
Assets
Cash on hand and in banks	$	20,621		$	17,362		$	12,052		$	3,259		19	%	$	8,569		71	%	2	%	2	%	2	%
Interest bearing deposits		80,522			58,586			146,886			21,936		37	%		(66,364	)	-45	%	7	%	5	%	12	%
Investment securities		296,792			278,728			289,152			18,064		6	%		7,640		3	%	26	%	25	%	24	%
Loans held-for-sale		140			4,051			637			(3,911	)	-97	%		(497	)	-78	%	0	%	0	%	0	%
Portfolio Loans, net of deferred fees		698,974			703,322			671,134			(4,348	)	-1	%		27,840		4	%	60	%	63	%	57	%
Allowance for credit losses		(8,897	)		(8,859	)		(8,347	)		(38	)	0	%		(550	)	7	%	-1	%	-1	%	-1	%
Net loans		690,077			694,463			662,787			(4,386	)	-1	%		27,290		4	%	60	%	62	%	56	%
Premises & equipment		17,124			15,571			13,756			1,553		10	%		3,368		24	%	2	%	2	%	2	%
Goodwill & Other Intangibles		13,435			13,435			13,435			–		0	%		–		0	%	1	%	1	%	1	%
Bank-owned life Insurance		28,084			27,860			27,321			224		1	%		763		3	%	2	%	2	%	2	%
Other assets		11,615			14,239			15,949			(2,624	)	-18	%		(4,334	)	-27	%	1	%	1	%	1	%
Total Assets	$	1,158,410		$	1,124,295		$	1,181,975		$	34,115		3	%	$	(23,565	)	-2	%	100	%	100	%	100	%

Liabilities & Shareholders’ Equity
Deposits	$	1,011,473		$	985,627		$	1,051,256		$	25,846		3	%	$	(39,783	)	-4	%	87	%	88	%	89	%
Borrowings		13,403		$	13,403		$	13,403			–		0	%		–		0	%	1	%	1	%	1	%
Other liabilities		12,447		$	10,342		$	10,715			2,105		20	%		1,732		16	%	1	%	1	%	1	%
Shareholders’ equity		121,087		$	114,923		$	106,601			6,164		5	%		14,486		14	%	11	%	10	%	9	%
Liabilities & Shareholders’ Equity	$	1,158,410		$	1,124,295		$	1,181,975		$	34,115		3	%	$	(23,565	)	-2	%	100	%	100	%	100	%

INVESTMENT COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
INVESTMENT COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
($ in 000s)
		Sep 30,			Jun 30,			Sep 30,			Jun 30, 2024					Sep 30, 2023				Sep 30,		Jun 30,		Sep 30,
		2024			2024			2023			$		%			$		%		2024		2024		2023
Investment Securities
Collateralized mortgage obligations	$	141,842		$	125,937		$	126,376		$	15,905		13	%	$	15,466		12	%	48	%	45	%	45	%
Mortgage backed securities		41,264			37,159			38,322			4,105		11	%		2,942		8	%	14	%	13	%	13	%
U.S. Government and agency securities		68,961			72,504			82,292			(3,543	)	-5	%		(13,331	)	-16	%	23	%	27	%	27	%
Municipal securities		44,725			43,128			42,162			1,597		4	%		2,563		6	%	15	%	15	%	15	%
Investment Securities	$	296,792		$	278,728		$	289,152		$	18,064		6	%	$	7,640		3	%	100	%	100	%	100	%

Held to maturity securities	$	42,301		$	43,244		$	56,469		$	(943	)	-2	%	$	(14,168	)	-25	%	14	%	16	%	20	%
Available for sale securities	$	254,491		$	235,484		$	232,683		$	19,007		8	%	$	21,808		9	%	86	%	84	%	80	%

Government & Agency securities	$	252,039		$	235,570		$	246,956		$	16,469		7	%	$	5,083		2	%	85	%	85	%	85	%
AAA, AA, A rated securities	$	44,084		$	42,471		$	41,025		$	1,613		4	%	$	3,059		7	%	15	%	15	%	14	%
Non-rated securities	$	669		$	687		$	1,171		$	(18	)	-3	%	$	(502	)	-43	%	0	%	0	%	0	%

AFS Unrealized Gain (Loss)	$	(14,804	)	$	(21,978	)	$	(29,783	)	$	7,174		-33	%	$	14,979		-50	%	-5	%	-8	%	-10	%

PORTFOLIO LOAN COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
PORTFOLIO LOAN COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended									Change from										% of Total
($ in 000s)
		Sep 30,			Jun 30,			Sep 30,			Jun 30, 2024					Sep 30, 2023				Sep 30,		Jun 30,		Sep 30,
		2024			2024			2023			$		%			$		%		2024		2024		2023
Portfolio Loans
Commercial & agriculture	$	73,002		$	74,952		$	73,232		$	(1,950	)	-3	%	$	(230	)	0	%	10	%	11	%	11	%
Real estate:
Construction and development		46,569			47,856			42,584			(1,287	)	-3	%		3,985		9	%	7	%	7	%	6	%
Residential 1-4 family		105,298			105,807			90,449			(509	)	0	%		14,849		16	%	15	%	14	%	14	%
Multi-family		60,773			58,003			49,092			2,770		5	%		11,681		24	%	9	%	8	%	7	%
CRE — owner occupied		167,086			169,491			164,057			(2,405	)	-1	%		3,029		2	%	24	%	24	%	25	%
CRE — non owner occupied		157,347			157,591			154,993			(244	)	0	%		2,354		2	%	22	%	22	%	23	%
Farmland		26,553			27,195			27,641			(642	)	-2	%		(1,088	)	-4	%	4	%	4	%	4	%
Consumer		62,975			63,082			69,921			(107	)	0	%		(6,946	)	-10	%	9	%	10	%	10	%
Portfolio Loans		699,603			703,977			671,969			(4,374	)	-1	%		27,634		4	%	100	%	100	%	100	%
Less: ACL		(8,897	)		(8,859	)		(8,347	)
Less: deferred fees		(629	)		(655	)		(835	)
Net loans	$	690,077		$	694,463		$	662,787

Regulatory Commercial Real Estate	$	261,292		$	260,068		$	244,277		$	1,224		0	%	$	17,015		7	%	37	%	37	%	36	%
Total Risk Based Capital⁽¹⁾	$	140,971		$	140,176		$	137,473		$	795		1	%	$	3,498		3	%
CRE to Risk Based Capital⁽¹⁾		185	%		186	%		178	%				-1	%				7	%

CRE–MULTI-FAMILY & NON OWNER OCCUPIED COMPOSITION (unaudited)	Period Ended						Change from										% of Total
	Period Ended						Change from										% of Total
($ in 000s)
		Sep 30,		Jun 30,		Sep 30,		Jun 30, 2024					Sep 30, 2023				Sep 30,		Jun 30,		Sep 30,
		2024		2024		2023		$		%			$		%		2024		2024		2023
Collateral Composition⁽²⁾
Multifamily	$	63,099	$	63,243	$	54,677	$	(144	)	0	%	$	8,422		15	%	27	%	27	%	26	%
Retail		37,685		36,074		28,657		1,611		4	%		9,028		32	%	16	%	16	%	13	%
Hospitality		30,844		30,248		32,190		596		2	%		(1,346	)	-4	%	13	%	13	%	15	%
Mini Storage		25,758		23,619		20,977		2,139		9	%		4,781		23	%	11	%	11	%	10	%
Office		22,921		23,266		27,075		(345	)	-1	%		(4,154	)	-15	%	10	%	10	%	13	%
Mixed Use		22,708		23,520		22,457		(812	)	-3	%		251		1	%	10	%	10	%	11	%
Industrial		13,912		13,691		10,898		221		2	%		3,014		28	%	6	%	6	%	5	%
Warehouse		7,582		7,631		6,204		(49	)	-1	%		1,378		22	%	3	%	3	%	3	%
Special Purpose		6,968		7,014		7,146		(46	)	-1	%		(178	)	-2	%	3	%	3	%	3	%
Other		3,174		3,213		3,380		(39	)	-1	%		(206	)	-6	%	1	%	1	%	1	%
Total	$	234,651	$	231,519	$	213,661	$	3,132		1	%	$	20,990		10	%	100	%	100	%	100	%

⁽¹⁾ Bank of the Pacific
⁽²⁾ Includes loans in process of construction

CREDIT QUALITY (unaudited)	Period Ended									Change from
CREDIT QUALITY (unaudited)	Period Ended									Change from
($ in 000s)		Sep 30,			Jun 30,			Sep 30,			Jun 30, 2024					Jun 30, 2024
		2024			2024			2023			$		%			$		%
Risk Rating Distribution
Pass	$	691,199		$	694,272		$	664,327		$	(3,073	)	0	%		26,872		4	%
Special Mention		4,789			4,731			1,626			58		1	%		3,163		195	%
Substandard		3,615			4,974			6,016			(1,359	)	-27	%		(2,401	)	-40	%
Portfolio Loans	$	699,603		$	703,977		$	671,969		$	(4,374	)	-1	%	$	27,634		4	%

Nonperforming Assets
Nonaccruing loans		1,138			1,370			1,219		$	(232	)	-17	%		(81	)	-7	%
Other real estate owned		–			–			–			–		0	%		–		0	%
Nonperforming Assets	$	1,138		$	1,370		$	1,219		$	(232	)	-17	%		(81	)	-7	%

Credit Metrics
Classified loans¹ to portfolio loans		0.52	%		0.71	%		0.90	%		-0.19	%				-0.38	%
ACL to classified loans¹		246.11	%		178.11	%		132.68	%		68.00	%				113.43	%
Loans past due 30+ days to portfolio loans²		0.03	%		0.04	%		0.25	%		-0.01	%				-0.22	%
Nonperforming assets to total assets		0.10	%		0.12	%		0.10	%		-0.02	%				0.00	%
Nonaccruing loans to portfolio loans		0.16	%		0.19	%		0.18	%		-0.03	%				-0.02	%

⁽¹⁾ Classified loans include loans rated substandard or worse and are defined as loans having a well-defined weakness or weaknesses related to the borrower’s financial capacity or to pledged collateral that may jeopardize the repayment of the debt. They are characterized by the possibility that the Bank may sustain some loss if the deficiencies giving rise to the substandard classification are not corrected.
⁽²⁾ Excludes non-accrual loans

DEPOSIT COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended						Change from										% of Total
DEPOSIT COMPOSITION & CONCENTRATIONS (unaudited)	Period Ended						Change from										% of Total
($ in 000s)
		Sep 30,		Jun 30,		Sep 30,		Jun 30, 2024					Sep 30, 2023				Sep 30,		Jun 30,		Sep 30,
		2024		2024		2023		$		%			$		%		2024		2024		2023
Deposits
Interest-bearing demand	$	183,337	$	179,278	$	208,091	$	4,059		2	%	$	(24,754	)	-12	%	18	%	19	%	20	%
Money market		192,185		180,727		179,367		11,458		6	%		12,818		7	%	19	%	18	%	17	%
Savings		117,131		121,851		138,981		(4,720	)	-4	%		(21,850	)	-16	%	12	%	12	%	13	%
Time deposits (CDs)		133,995		125,560		92,720		8,435		7	%		41,275		45	%	13	%	13	%	9	%
Total interest-bearing deposits		626,648		607,416		619,159		19,232		3	%		7,489		1	%	62	%	62	%	59	%
Non-interest bearing demand		384,825		378,211		432,097		6,614		2	%		(47,272	)	-11	%	38	%	38	%	41	%
Total deposits	$	1,011,473	$	985,627	$	1,051,256	$	25,846		3	%	$	(39,783	)	-4	%	100	%	100	%	100	%

Insured Deposits	$	636,725	$	632,923	$	666,308	$	3,802		1	%	$	(414,008	)	-62	%	63	%	64	%	63	%
Collateralized Deposits		122,448		118,966		152,960		3,482		3	%		(30,512	)	-20	%	12	%	12	%	15	%
Uninsured Deposits		252,300		233,738		231,988		18,562		8	%		404,737		174	%	25	%	24	%	22	%
Total Deposits	$	1,011,473	$	985,627	$	1,051,256	$	25,846		3	%	$	(39,783	)	-4	%	100	%	100	%	100	%

Consumer Deposits	$	458,097	$	458,249	$	466,877	$	(152	)	0	%	$	(8,780	)	-2	%	45	%	47	%	44	%
Business Deposits		420,845		398,719		429,443		22,126		6	%		(8,598	)	-2	%	42	%	40	%	41	%
Public Deposits		132,531		128,659		154,936		3,872		3	%		(22,405	)	-14	%	13	%	13	%	15	%
Total Deposits	$	1,011,473	$	985,627	$	1,051,256	$	25,846		3	%	$	(39,783	)	-4	%	100	%	100	%	100	%

NET INTEREST MARGIN (unaudited)	Quarter Ended									Change From											Nine Months Ended					Change
NET INTEREST MARGIN (unaudited)	Quarter Ended									Change From											Nine Months Ended					Change
($ in 000s)
		Sep 30,			Jun 30,			Sep 30,			Jun 30, 2024					Sep 30, 2023					Sep 30,			Sep 30,
		2024			2024			2023			$		%			$		%			2024			2023			$		%

Average Interest Bearing Balances
Portfolio loans	$	697,904		$	699,404		$	665,300		$	(1,500	)	0	%	$	32,604		5	%	$	695,418		$	653,619		$	41,799		6	%
Loans held for sale	$	1,276		$	1,593		$	497		$	(317	)	-20	%	$	779		157	%	$	1,155		$	601		$	554		92	%
Investment securities	$	285,947		$	283,637		$	284,041		$	2,310		1	%	$	1,906		1	%	$	287,315		$	285,538		$	1,777		1	%
Interest-bearing cash	$	81,755		$	62,494		$	172,119		$	19,261		31	%	$	(90,364	)	-53	%	$	71,080		$	206,259		$	(135,179	)	-66	%
Total interest-earning assets	$	1,066,882		$	1,047,128		$	1,121,957		$	19,754		2	%	$	(55,075	)	-5	%	$	1,054,968		$	1,146,017		$	(91,049	)	-8	%
Non-interest bearing deposits	$	383,332		$	387,740		$	441,782		$	(4,408	)	-1	%	$	(58,450	)	-13	%	$	388,672		$	457,750		$	(69,078	)	-15	%
Interest-bearing deposits	$	615,388		$	596,121		$	619,183		$	19,267		3	%	$	(3,795	)	-1	%	$	600,694		$	628,978		$	(28,284	)	-4	%
Total Deposits	$	998,720		$	983,861		$	1,060,965		$	14,859		2	%	$	(62,245	)	-6	%	$	989,366		$	1,086,728		$	(97,362	)	-9	%
Borrowings	$	13,403		$	13,404		$	13,403		$	(1	)	0	%	$	–		0	%	$	13,403		$	13,401		$	2		0	%
Total interest-bearing liabilities	$	628,791		$	609,525		$	632,586		$	19,266		3	%	$	(3,795	)	-1	%	$	614,097		$	642,379		$	(28,282	)	-4	%

Yield / Cost $⁽¹⁾
Portfolio loans	$	10,509		$	10,092		$	9,570		$	417		4	%	$	939		10	%	$	30,834		$	27,208		$	3,626		13	%
Loans held for sale	$	22		$	28		$	8		$	(6	)	-21	%	$	14		175	%	$	55		$	28		$	27		96	%
Investment securities	$	2,535		$	2,442		$	2,405		$	93		4	%	$	130		5	%	$	7,485		$	6,954		$	531		8	%
Interest-bearing cash	$	1,108		$	847		$	2,322		$	261		31	%	$	(1,214	)	-52	%	$	2,890		$	7,669		$	(4,779	)	-62	%
Total interest-earning assets	$	14,174		$	13,410		$	14,306		$	764		6	%	$	(132	)	-1	%	$	41,265		$	41,859		$	(594	)	-1	%
Interest-bearing deposits	$	2,684		$	2,358		$	1,716		$	326		14	%	$	968		56	%	$	7,033		$	3,437		$	3,596		105	%
Borrowings	$	243		$	242		$	246		$	1		0	%	$	(3	)	-1	%	$	727		$	682		$	45		7	%
Total interest-bearing liabilities	$	2,927		$	2,600		$	1,962		$	327		13	%	$	965		49	%	$	7,760		$	4,119		$	3,641		88	%
Net interest income	$	11,247		$	10,810		$	12,344		$	437		4	%		(1,097	)	-9	%	$	33,505		$	37,740		$	(4,235	)	-11	%

Yield / Cost %⁽¹⁾
Yield on portfolio loans		5.99	%		5.80	%		5.71	%		0.19	%				0.28	%				5.92	%		5.57	%		0.35	%
Yield on investment securities		3.53	%		3.46	%		3.36	%		0.07	%				0.17	%				3.48	%		3.26	%		0.22	%
Yield on interest-bearing cash		5.39	%		5.46	%		5.35	%		-0.07	%				0.04	%				5.43	%		4.97	%		0.46	%
Cost of interest-bearing deposits		1.74	%		1.59	%		1.10	%		0.15	%				0.64	%				1.56	%		0.73	%		0.83	%
Cost of borrowings		7.21	%		7.26	%		7.28	%		-0.05	%				-0.07	%				7.25	%		6.80	%		0.45	%
Cost of deposits and borrowings		1.15	%		1.05	%		0.72	%		0.10	%				0.43	%				1.03	%		0.50	%		0.53	%

Yield on interest-earning assets		5.29	%		5.15	%		5.06	%		0.14	%				0.23	%				5.22	%		4.88	%		0.34	%
Cost of interest-bearing liabilities		1.85	%		1.72	%		1.23	%		0.13	%				0.62	%				1.69	%		0.86	%		0.83	%
Net interest spread		3.44	%		3.43	%		3.83	%		0.01	%				-0.39	%				3.53	%		4.02	%		-0.49	%
Net interest margin		4.19	%		4.15	%		4.37	%		0.04	%				-0.18	%				4.24	%		4.40	%		-0.16	%

⁽¹⁾ Tax-exempt income has been adjusted to a tax equivalent basis at a rate of 21%.

ALLOWANCE FOR CREDIT LOSSES (ACL) (unaudited)	Quarter Ended									Change From											Nine Months Ended					Change
ALLOWANCE FOR CREDIT LOSSES (ACL) (unaudited)	Quarter Ended									Change From											Nine Months Ended					Change
($ in 000s)
		Sep 30,			Jun 30,			Sep 30,			Jun 30, 2024					Sep 30, 2023					Sep 30,			Sep 30,
		2024			2024			2023			$		%			$		%			2024			2023			$		%
Allowance for Credit Losses
Beginning of period balance	$	8,859		$	8,580		$	8,223		$	279		3	%	$	636		8	%	$	8,530		$	8,236		$	294		4	%
Impact of CECL Adoption (ASC 326)		–			–			–			–		-100	%		–		-100	%		–			(157	)		157		-100	%
Charge-offs		(5	)		(57	)		(126	)		52		-91	%		121		-96	%		(97	)		(259	)		162		-63	%
Recoveries		16			1			1			15		1500	%		15		1500	%		19			55			(36	)	-65	%
Net (charge-off) recovery		11			(56	)		(125	)		67		-120	%		136		-109	%		(78	)		(204	)		126		-62	%
Provision (benefit)		27			335			249			(308	)	-92	%		(222	)	-89	%		445			472			(27	)	-6	%
End of period balance	$	8,897		$	8,859		$	8,347		$	38		0	%	$	550		7	%	$	8,897		$	8,347		$	550		7	%

Net charge-off (recovery) to
average portfolio loans		-0.01	%		0.03	%		0.07	%		-0.04	%				-0.08	%				0.01	%		0.04	%		-0.03	%
ACL to portfolio loans		1.27	%		1.26	%		1.24	%		0.01	%				0.03	%				1.27	%		1.24	%		0.03	%

Allowance for unfunded loans
Beginning of period balance	$	617		$	648		$	754		$	(31	)	-5	%	$	(137	)	-18	%	$	698		$	203		$	495		244	%
Impact of CECL Adoption (ASC 326)		–			–			–			–		-100	%		–		-100	%		–			609			(609	)	-100	%
Provision (benefit)		(93	)		(31	)		(5	)		(62	)	200	%		(88	)	1760	%		(174	)		(63	)		(111	)	176	%
End of period balance	$	524		$	617		$	749		$	(93	)	-15	%	$	(225	)	-30	%	$	524		$	749		$	(225	)	-30	%

ABOUT PACIFIC FINANCIAL CORPORATION

Pacific Financial Corporation of Aberdeen, Washington, is the bank holding company for Bank of the Pacific, a state chartered and federally insured commercial bank. Bank of the Pacific offers banking products and services to small-to-medium sized businesses and professionals in western Washington and Oregon. At September 30, 2024, the Company had total assets of $1.16 billion and operated fifteen branches in the communities of Grays Harbor, Pacific, Thurston, Whatcom, Skagit, Clark and Wahkiakum counties in the State of Washington, and three branches in the communities of Clatsop and Clackamas counties in Oregon. The Company also operated loan production offices in the communities of Burlington, Washington and Salem, Oregon. Visit the Company’s website at www.bankofthepacific.com. Member FDIC.

Cautions Concerning Forward-Looking Statements
This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other laws, including all statements in this release that are not historical facts or that relate to future plans or events or projected results of Pacific Financial Corporation and its wholly-owned subsidiary, Bank of the Pacific. Such statements are based on information available at the time of communication and are based on current beliefs and expectations of the Company’s management and are subject to risks and uncertainties, many of which are beyond our control, which could cause actual events or results to differ materially from those projected, anticipated or implied, and could negatively impact the Company’s operating and stock price performance. These risks and uncertainties include various risks associated with growing the Bank and expanding the services it provides, development of new business lines and markets, competition in the marketplace, general economic conditions, changes in interest rates, extensive and evolving regulation of the banking industry, and many other risks. Any forward-looking statements in this communication are based on information at the time the statement is made. We undertake no obligation to update or revise any forward-looking statement. Readers of this release are cautioned not to put undue reliance on forward-looking statements.

CONTACTS:
DENISE PORTMANN, PRESIDENT & CEO
CARLA TUCKER, EVP & CFO
360.533.8873

MIL-OSI: Bitget Wallet Powers Nearly 50% of Catizen Airdrop

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Oct. 25, 2024 (GLOBE NEWSWIRE) — Bitget Wallet, the leading non-custodial Web3 wallet, facilitated nearly 50% of claims for the Catizen’s CATI token airdrop, according to onchain data. This positions Bitget Wallet as the most popular choice for users claiming the Catizen airdrop, underscoring its dominance in accessing the latest Web3 opportunities.

Catizen is an innovative game within the TON and Mantle ecosystems, seamlessly blending gaming with crypto rewards in a play-for-airdrop format. Its integration with Telegram’s mini-app ecosystem has made it highly accessible, creating a dynamic hub for Web 3.0 traffic and quickly attracting players eager to explore the next generation of blockchain gaming. The CATI airdrop claim period, which ran from September 19 to October 24, nearly 50% of all claims were made through Bitget Wallet, underscoring its popularity among users.

Bitget Wallet partnered with Catizen to enhance its airdrop experience by providing full gas fee subsidies, enabling users to claim CATI tokens on-chain at no cost. The initiative also included a prize pool of 50,000 CATI tokens for users completing designated tasks. Furthermore, Bitget Wallet integrated Catizen’s Game Center by adding a dedicated section within its DApp platform for easy access. This collaboration enriches the Catizen community and solidifies Bitget Wallet’s role within the expanding TON ecosystem.

Alvin Kan, COO of Bitget Wallet, stated, “Our partnership with Catizen is a step for making blockchain gaming more accessible. By facilitating seamless access to the Catizen game and its token airdrop, we are removing barriers to participation and empowering users to explore new opportunities, ultimately fostering a vibrant blockchain gaming community and Web3 ecosystem.“

About Bitget Wallet

Bitget Wallet is the home of Web3, where endless possibilities come together in one wallet. Uniting over 40 million users, this non-custodial wallet brings everything onchain in one place—asset management, quick swaps, rewards, staking, trading tools, live market data, a DApp browser, and an NFT marketplace. With wallet options like mnemonic, MPC, AA, and a Telegram bot, Bitget Wallet serves everyone from beginners to advanced traders. Supporting 100+ blockchains, 20,000+ DApps and 500,000+ tokens, it connects to hundreds of DEXs and cross-chain bridges for seamless multi-chain trading, and offers a $300 million protection fund to keep your digital assets safe.

Experience Bitget Wallet Lite to start your Web3 journey.

About Catizen

Catizen is a revolutionary gaming bot on Telegram that seamlessly integrates the messaging app Telegram with multiple blockchains, including TON and Mantle Network. It redefines Web 3.0 experiences by enabling -mobile payments with both crypto currencies and fiat currencies. By tapping into Telegram’s vast user base, Catizen aims to create a Web 3.0 traffic hub on an unprecedented scale.

Additionally, Catizen is evolving into a Mini-app Center, integrating features from launchpool platforms, such as early access to new projects, token-based activities, transaction capabilities, along with short videos and e-commerce functionalities. This innovative approach will attract and engage users through gamification and strategic Play-to-Airdrop initiatives, transforming how users access and engage with the Web 3.0 ecosystem.

For more information, visit: X | Official Website | Telegram | Telegram Chat | Bot

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ce6b68b3-c33e-45b6-bd97-85090f45a5c4

MIL-OSI Economics: Regional Economic Outlook for Sub-Saharan Africa, October 2024 | Reforms amid Great Expectations

Source: International Monetary Fund

Leveling the Playing Field: Gender Equality and Economic Development in Sub-Saharan Africa

Sub-Saharan Africa has made significant strides in reducing gender inequality over the past two decades, yet challenges remain. Despite improvements in labor force participation and political representation, gaps persist in education, health, and access to financial resources. Legal barriers and harmful practices like child marriage and gender-based violence limit women’s opportunities, restricting their economic empowerment. Addressing these issues is crucial for boosting productivity and fostering inclusive growth in the region. Policy recommendations emphasize legal reforms, improving educational access, and fostering financial inclusion. Empowering women can drive economic diversification and reduce poverty, creating a more resilient and dynamic workforce that supports long-term economic stability in Sub-Saharan Africa.

MIL OSI Economics –

MIL-OSI Global: In her first budget, the chancellor faces a minefield of risks

Source: The Conversation – UK – By Steve Schifferes, Honorary Research Fellow, City Political Economy Research Centre, City St George’s, University of London

Ahead of the new government’s first budget on October 30, chancellor Rachel Reeves has revealed her determination to change borrowing rules that will allow her to boost investment spending.

The overriding goal of the government is to promote economic growth, after more than a decade of stagnation in living standards. In the long run, boosting growth will produce more money for the government to improve public services. But while Reeves has given a strong steer as to how she will fund the public investment needed to grow the economy in the long term, she will also have to find money for urgent improvements to struggling public services like the NHS, a key election pledge.

There are three ways that the government can raise the funds it needs to boost investment and improve key public services. It can raise taxes, increase borrowing, or make cuts to spending. Given the scale of the challenge faced by the chancellor, all three are likely.

The government had made a rod for its own back with two of its key election pledges: not to raise the main taxes (income tax, national insurance, and VAT) on “working people”, while sticking to a set of fiscal rules that set strict limits on government borrowing. These pledges were designed to appeal to voters hit by the cost of living, while demonstrating to financial markets that Labour would be cautious with public money. Government borrowing reached nearly £80 billion in last six months, the third highest sum on record.

With the so-called financial “black hole” now estimated at £40 billion, not the £22 billion announced in July, the Treasury will need major tax rises that go well beyond the modest proposals from the election campaign. Although Labour may make some limited increases in other taxes on wealth, such as capital gains tax, this alone will not close the revenue gap.

The most likely candidate to bridge the gap is an increase in employer national insurance (NI) contributions, for example by making employers pay NI on their pension contributions. This could raise more than £15 billion per year. Reeves and prime minister Keir Starmer argue that this would not breach their manifesto commitments – but it will be politically controversial. Observers, including the Office for Budget Responsibility (OBR) and the Institute for Fiscal Studies, argue that such taxes are eventually felt by workers through either lower wages or staff cuts.

Further spending cuts are also on the cards. In July the chancellor announced a series of cuts, cancelling planned spending on the reform of social care, withdrawing the winter fuel payment to most pensioners, and ordering departments to make efficiency savings to help fund pay awards.

Other than for the NHS, Reeves is expected to squeeze spending in “unprotected” departments (prisons and local government, for example). On welfare spending, the Treasury has the rising bill for disability and incapacity benefits in its sights.

But even these decisions leave the government with a major funding dilemma. How will it pay for capital spending, everything from new hospitals and schools to roads, bridges and other infrastructure? All are key to boosting long-term growth.

While one of Reeves’ fiscal rules aims to ensure that day-to-day spending must be balanced by tax receipts (leading to the need for tax increases), borrowing for long-term public investment is not part of that calculation. But any increased borrowing for investment appears to be sharply curtailed by another fiscal rule, which says that total government debt (including that incurred by borrowing to invest) as a percentage of GDP must be falling within five years.

New government, new rules?

Despite Labour’s embrace of both these tight fiscal rules during the election campaign, the chancellor has now confirmed that she wants to modify this debt rule to allow herself to borrow more.

She plans to change how overall government debt is measured, effectively redefining it by including more government assets to set against the amount being borrowed. The likely new measure, known as “public sector net financial assets”, would include assets like funded local government pension schemes and student loans income, as well as government-owned companies like Great British Energy.

This could give the chancellor up to £50 billion in extra borrowing power for public investment. Her argument is that borrowing to build infrastructure gives the government a tangible asset that will pay for itself in the long term by boosting growth and tax receipts.

None of the choices facing Rachel Reeves will be easy.

The government’s spending watchdog, the OBR, agrees that in the long term, well-planned public sector investment could benefit the economy, although it says it would take a long time to materialise. Many observers, including the former head of the civil service, Gus O’Donnell, and Mark Carney, the former governor of the Bank of England, strongly support increased public investment as a way to boost lagging productivity.

But there are risks in this strategy if it unsettles financial markets. Total government debt on the current measure now stands at £2.6 trillion, nearly the same size as the whole UK economy. It is costing the Treasury around £74 billion a year in interest payments, almost the size of the education budget.

If the bond markets (which buy government debt) take fright, they could force up the cost of borrowing further, which could raise interest rates on mortgages and other consumer borrowing. And news of the chancellor’s plan to change to the fiscal rule did cause bond yields to rise slightly. This suggests if government debt rises too rapidly, even within the new rules, this could have a destabilising effect. So the chancellor will have to judge carefully how much of the extra headroom she should use.

Like all Labour chancellors, Reeves faces the task of keeping both voters and the financial markets happy at the same time. Her strategy could end up alienating rather than pleasing both sides.

Given the scale of Labour’s ambitions, balanced against her limited resources, she may have little choice but to take such a bold approach. But her path between alienating business and disillusioning the public is a narrow one. And the longer it takes for her strategy to bear fruit in terms of a better standard of living and improved public services, the more difficult things will become politically.

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

– ref. In her first budget, the chancellor faces a minefield of risks – https://theconversation.com/in-her-first-budget-the-chancellor-faces-a-minefield-of-risks-241939

MIL OSI – Global Reports –