Source: United Kingdom London Metropolitan Police
Two men will appear in court charged with the murder of Ahmed Deen-Jah who died after being stabbed in east London in 2017.
[D] Lekan Akinsoji – 26 (15.01.98) of no fixed abode and [E] Sundjata Keita – 26 (11.03.98) of St Margaret’s Court, E12 will appear at Thames Magistrates’ Court on Saturday, 26 October.
Both were arrested on Friday, 25 October.
Ahmed died after being attacked in Freemasons Road, Custom House on 2 April 2017.
Source: GlobeNewswire (MIL-OSI)
NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) —
Dear Paramount Shareholders,
We are Project Rise Partners, a special-purpose vehicle comprised of Malka Investment Trust and Rise Beyond LLC. We are a group of investors with backgrounds in entertainment, media, finance, technology, real estate, and hospitality who are committed to Paramount Global’s future success and have formally offered Paramount $13.5 billion cash, which includes up to $5 billion debt restructuring, which we believe is far better for Paramount and its shareholders than their current agreement with Skydance Media.
We’ve included a summary in the below table which demonstrates why our offer is significantly more favorable and fair to the shareholders when compared to the current Skydance agreement. This superior offer we have already presented is both well-financed and more beneficial to the shareholders because we recognize they are the ones who have built and sustained Paramount. Our offer rewards all stakeholders and ensures that your many different types of investments in the company are not just acknowledged but rewarded.
Our view is straightforward: shareholders deserve a deal that reflects Paramount’s true value, as well as fairness and transparency in the process. Our offer is backed by a robust set of investors with a specific emphasis on investing into Paramount’s growth, while also providing shareholders a premium over recent market prices. We are confident that our offer not only surpasses other proposals, including the one from Skydance, but it also aligns with the long-term interests of Paramount, its employees, and you, its shareholders.
Most importantly, we want to reiterate that we are dedicated to treating all shareholders fairly. Our proposal ensures that every investor receives favorable terms in a straightforward way. We believe that this approach honors the trust you have placed in Paramount and provides a path forward that delivers significant value to every shareholder.
We look forward to engaging with you further and sharing the detailed financial terms of our offer. Thank you for your consideration, and we are confident that, together, we can shape a prosperous future for Paramount Global.
Sincerely,
Project Rise Partners
C/O Malka Investment Trust
| Item | Skydance Offer | PRP Offer | Delta | |||
| Total Cash Consideration | $7.2B | $13.5B | +17% | |||
| Class A offer price | $23 | $24 | +4.3% | |||
| Class B offer price | $15 | $16 | +6.7% | |||
| Balance sheet infusion | $1.5B | $2B (incl. in total cash) | +33% | |||
| Warrants dilution | 200M warrants | None | ||||
| Debt Restructuring package | None | Up to $5B (incl. in total cash) | ||||
| Skydance share dilution | +317M shares | None | ||||
| Overall dilution | +615M New shares | None | ||||
| Dilution impact to existing Class B | 50+% dilution | None | ||||
Media Contact:
media@malkatrust.com
Source: GlobeNewswire (MIL-OSI)
Lille, le 25 octobre 2024
Résultats financiers au 30 Septembre 2024
du Crédit Agricole Mutuel Nord de France
| Septembre 2024 | Septembre 2023 | Variation |
| Activité : | |||
| Encours de collecte globale | 38 188 M€ | 37 110 M€ | 2,90% |
| Encours de crédit | 28 749 M€ | 28 862 M€ | -0,39% |
| Résultats sociaux* : | |||
| Produit Net Bancaire | 494,2 M€ | 455,6 M€ | 8,47% |
| Résultat Brut d’Exploitation | 206,9 M€ | 158,7 M€ | 30,38% |
| Résultat Net | 126,7 M€ | 114,7 M€ | 10,45% |
| Résultats consolidés IFRS : | |||
| Produit Net Bancaire | 545,8 M€ | 495,8 M€ | 10,08% |
| Résultat Brut d’Exploitation | 226,8 M€ | 162,4 M€ | 39,66% |
| Résultat Net Part du Groupe | 157,7 M€ | 129,1 M€ | 22,18% |
| Structure financière : | |||
| Bilan consolidé | 38 221 M€ | 38 273 M€** | -0,14% |
| Ratio CET1 Bâle 3 | 28,37%*** | 29,05% | -0,68 pts |
| Ratio de liquidité LCR 1 mois**** | 120,97% | 156,99% | -36,02 pts |
| Ratio Crédit Collecte (yc Greenlease) | 124,08% | 125,69% | -1,61 pts |
Le Conseil d’Administration a arrêté, lors de sa séance du 25 Octobre 2024, les Comptes sociaux et consolidés du Crédit Agricole Nord de France au 30 Septembre 2024.
Depuis le 1er janvier plus de 42 380 clients ont rejoint la Caisse régionale, portant le total de clients à 1,15 million. La Caisse régionale devait franchir le seuil symbolique de 1 Million de Clients particuliers à la fin de l’année 2024.
L’activité crédits progresse de 24,9 % par rapport au troisième trimestre 2023, pour s’établir à 2,7 Mrds€ de réalisations mais les encours de crédits s’affichent en léger recul de 0,4 % à 28,7 Mrds€. Les crédits aux entreprises se maintiennent à un niveau élevé et les réalisations de crédit habitat progressent de 19,1% par rapport au T3 2023, sans pour autant revenir à la dynamique des années antérieures.
L’encours d’épargne progresse de 2,9 % sur 12 mois, pour s’établir à 38,2 Mrds€. Cette épargne est portée par les dépôts à terme qui s’élèvent désormais à 4,3 Mrds€ (soit 11,2% du total de la collecte). L’encours des dépôts à vue baisse de 8,4% sur un an et l’épargne de nos clients est orientée vers des supports mieux rémunérés. Cette déformation du profil de la collecte impacte la marge d’intermédiation mais la dynamique de notre activité en atténue les effets.
L’activité assurances s’intensifie, avec un nombre de contrats d’assurance de biens et de personnes qui progresse de 34 500 contrats, soit une hausse de 4,6%. La Caisse régionale devrait franchir le seuil symbolique de 100.000 contrats vendus en 2024.
Le Produit Net Bancaire de la Caisse régionale, à 494,2 M€, est en hausse de 8,5%. Cette évolution est le reflet d’une activité commerciale soutenue, d’une marge d’intermédiation qui montre une inflexion à la hausse et d’une bonne performance des filiales et participations.
Les charges générales d’exploitation affichent une baisse de -3,2%. La hausse des salaires est compensée partiellement par les efforts d’optimisation et de rationalisation de nos charges et par l’absence de dotation au Fonds de Résolution Unique.
En 2024, la Caisse régionale est impactée par une hausse significative du coût du risque, qui s’établit à -49,4 M€ en septembre. Elle s’explique notamment par une montée du risque de contrepartie sur le segment des entreprises et des professionnels. Ce coût du risque ne s’améliorera pas sur la fin de l’année 2024 et est le reflet d’une dégradation de la situation économique.
Le résultat net social intègre une dotation du FRBG (Fonds pour Risques Bancaires Généraux) de 20 M€.
Après prise en compte des autres incidences sur le résultat, le résultat net social (y compris résultat des titrisations) s’établit à 126,7 M€, en hausse sur un an de 10,5%.
Le résultat net consolidé du Groupe Crédit Agricole Nord de France s’élève à 157,7 M€, en hausse de 22,2% sur un an, en lien principalement avec l’évolution du résultat brut d’exploitation de la Caisse régionale.
La contribution des Pôles métiers au résultat net consolidé s’établit comme suit :
Le certificat coopératif d’investissement a clôturé à 12,19 € au 30 septembre 2024, en baisse de 4,5 % depuis le 31 décembre 2023.
Depuis l’été 2024, l’environnement des taux est plus favorable à l’investissement mais la dégradation de l’environnement économique peut impacter la dynamique crédits sur les prochains mois. La remontée du rendement de nos encours crédits devrait se poursuivre et le coût de la collecte et du refinancement se stabiliser après avoir été fortement impacté par la transformation de la collecte. Ces effets favorables sur la marge d’intermédiation devraient s’accentuer progressivement. La dégradation du coût du risque reste un élément de prudence et la Caisse régionale poursuit ses efforts pour maintenir un niveau de couverture élevé dans un contexte économique incertain.
* * *
Attachment
Source: Fannie Mae
WASHINGTON, DC – Fannie Mae (FNMA/OTC) announced today that it has executed its seventh Credit Insurance Risk Transfer (CIRT ) transaction of the year. CIRT 2024-L4 transferred $338.6 million of mortgage credit risk to private insurers and reinsurers.
“We appreciate the support of the 26 insurers and reinsurers that committed to write coverage on this deal, including the strong reception to the new structural enhancements that we introduced in the updated CIRT insurance policy,” said Rob Schaefer, Fannie Mae Vice President, Capital Markets. Under the updated terms to the CIRT insurance policy, coverage will be released more quickly over the life of the transaction if the covered pool of loans continues to perform well. Additionally, the insurance premium obligation will be based on the amount of remaining coverage instead of the outstanding balance of the covered loan pool.
The covered loan pool for CIRT 2024-L4 consists of approximately 23,500 single-family mortgage loans with an outstanding unpaid principal balance (UPB) of approximately $7.9 billion. Additionally, the covered pool collateral has loan-to-value (LTV) ratios of 60.01 percent to 80.00 percent and was acquired between September 2023 and December 2023. The loans included in this transaction are fixed-rate, generally 30-year term, fully amortizing mortgages and were underwritten using rigorous credit standards and enhanced risk controls.
With CIRT 2024-L4, which became effective September 1, 2024, Fannie Mae will retain risk for the first 170 basis points of loss on the $7.9 billion covered loan pool. If the $133.9 million retention layer is exhausted, 26 insurers and reinsurers will cover the next 430 basis points of loss on the pool, up to a maximum coverage of $338.6 million.
Coverage for this deal is provided based upon actual losses for a term of 18 years. Depending on the paydown of the insured pool and the principal amounts of insured loans that become seriously delinquent, the coverage amount may be reduced at the first month after the effective date of the policy and each month thereafter. The coverage on this deal may be canceled by Fannie Mae at any time on or after the five-year anniversary of the effective date by paying a cancellation fee.
Since inception to date, Fannie Mae has acquired approximately $28.1 billion of insurance coverage on $935 billion of single-family loans through the CIRT program, measured at the time of issuance for both post-acquisition (bulk) and front-end transactions. As of June 30, 2024, approximately $1.35 trillion in outstanding UPB of loans in our single-family conventional guaranty book of business were included in a reference pool for a credit risk transfer transaction.
To promote transparency and to help insurers and reinsurers evaluate the CIRT program, Fannie Mae provides ongoing, robust disclosure data, as well as access to news, resources, and analytics through its credit risk transfer webpages. This includes Fannie Mae’s innovative Data Dynamics® tool that enables market participants to interact with and analyze both CIRT deals that are currently outstanding in the market and Fannie Mae’s historical loan dataset. For more information on specific CIRT transactions, including pricing, please visit our Credit Insurance Risk Transfer webpage.
Source: International Monetary Fund
October 25, 2024
Washington, DC: Sub-Saharan Africa’s economic growth is projected to remain subdued at 3.6 percent in 2024, unchanged from 2023, with a modest pickup to 4.2 percent expected in 2025, according to the latest IMF Regional Economic Outlook for Sub-Saharan Africa published today. The report notes that countries in the region are still grappling with macroeconomic imbalances, tight financing conditions, amid rising social pressures, leaving policymakers facing difficult choices in implementing reforms.
“Sub-Saharan African countries are navigating a complex economic landscape marked by both progress and persistent vulnerabilities,” said Abebe Aemro Selassie, Director of the IMF’s African Department. “While many of the region’s countries are among the world’s fastest-growing economies, resource-intensive countries —particularly oil exporters— continue to struggle with lower growth rates. Inflation is declining but remains in double digits in nearly one-third of countries. Public debt has stabilized at a high level, with rising debt service burdens crowding out resources for development spending.”
“While we are seeing some improvement in macroeconomic imbalances, growth remains insufficient to significantly reduce poverty or address substantial developmental challenges in the region.”
The report includes focused notes addressing critical issues facing the region: the urgent need for job creation, the economic divergence between resource-rich and non-resource-rich countries, and the positive effects of striving for greater gender equality.
Against this backdrop, Mr. Selassie pointed to priorities for policymakers in the region:
“The policy mix should be consistent with the size of macroeconomic imbalances, while taking into account the political economy constraints that will affect the pace of reforms.
“Countries with high macroeconomic imbalances are more likely to resort to relatively large and frontloaded fiscal reforms, given the tight financing constraints. The need for financial support from the international community is most acute for this group.
“For countries with lower imbalances, policymakers should consider easing monetary policy toward a more neutral stance, while rebuilding fiscal and external buffers over time.”
“Policymakers need to focus on designing reforms that are socially acceptable, including effective communication and consultation strategies and measures to protect the most vulnerable.
“With continued efforts, sub-Saharan Africa can address its current challenges and move towards more sustainable and inclusive growth,” Mr. Selassie concluded. “However, the path ahead requires careful policy calibration and a strong commitment to implementing necessary reforms while managing social pressures.”
PRESS OFFICER: Kwabena Akuamoah-Boateng
Phone: +1 202 623-7100Email: MEDIA@IMF.org
Source: Offshore Energy UK
Headline: OEUK news
OEUK: Autumn Statement must support a homegrown energy transition
25 October 2024
Leading trade body Offshore Energies UK (OEUK) urges the Chancellor to use next week’s Autumn Statement to back the UK’s homegrown offshore energy sector and make the UK an irresistible place for energy investment.
North Sea oil and gas is a strategic economic asset that has provided a national dividend through energy and economic security for the last 60 years. The North Sea and its expert workforce can continue to power the country for decades to come.
OEUK analysis published last month highlighted that the proposals to extend the windfall tax on the oil and gas sector will deter the very investment needed across our energy landscape. There is a more prosperous path for government and Industry. While we use oil and gas, we must prioritise investment in our homegrown production, value in our economy, and jobs.
A letter from 46 supply chain companies to the Government has set out the scale of the challenge they face. The Chancellor is urged to use the Autumn statement to support and nurture the ecosystem of small, medium, and large companies across the UK’s energy mix.
David Whitehouse, OEUK’s CEO, comments:
“We recognise that the demands on the Exchequer are challenging. Unlocking economic growth is the solution, and building on industrial strengths is key to our path forward.
“The North Sea is a strategic national asset and must be treated as such. Our homegrown offshore energy sector has powered the UK for the past 60 years, and the sector’s firms and skilled people are critical to our energy future as drivers of economic growth.
“We welcome steps to accelerate the deployment of renewable energy, and the recognition that we will use oil and gas for decades to come. Windfall taxes extended on oil and gas producers when no windfall exists deter the very investment that we need across our energy transition. While we use oil and gas, we must surely prioritise investment in our homegrown production, value in our economy, and our jobs.
“In the past 100 days, it has been good to see the engagement of our new Government with the proud and innovative workers and firms in our offshore energy industry. The Government has heard from people across the sector, and now decisions will be made.
“On Wednesday, the Autumn Statement will be a marker. We are in a global race for energy investment. Let us choose the path that encourages and attracts it, to build on our national strengths, so the whole of the UK can win.”
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Source: Government of Canada regional news
Deerfoot Trail is a vital artery for Calgary, enabling the efficient movement of people and goods. Improving this highway is essential to reduce congestion, improve safety and enhance connectivity for thousands of daily drivers. As Calgary grows, the improvements to Deerfoot Trail will better meet the needs of its growing population, helping drivers spend less time staring at tail-lights, and more time doing the things they love.
The expansion of Deerfoot Trail as well as the new connection of Beddington Trail and the adjacent 11 Street NE is now complete, relieving many headaches for drivers. Diverting considerable commuter, industrial and airport traffic between McKnight Boulevard and Beddington Trail to this new connection will increase safety and reduce weaving northbound on Deerfoot Trail. These improvements will also address key bottlenecks between Glenmore Trail and Anderson Road/Bow Bottom Trail, helping people get where they need to go more efficiently.
“It’s great to see provincial construction wrap up on this critical road for Calgary drivers. I’d like to thank the contractors for building a wider, more efficient Deerfoot and also thank Calgarians for their patience during construction. This project will benefit so many families that commute everyday and is another example of how we’re making life better for Albertans.”
Work on this section of Deerfoot Trail began in Spring 2023 and includes connecting 11 Street NE to westbound Beddington Trail and northbound Deerfoot Trail. Upgrades also included adding a fourth continuous lane to Deerfoot Trail in each direction from Airport Trail to Beddington Trail.
The suite of Deerfoot Trail improvements began in 2022 with work on 64 Avenue, which was competed in 2023. The Beddington Trail and 11 Street project is the second key segment to be completed. The totality of work on Deerfoot Trail includes increased capacity on ramps, additional lanes, reconfiguring exits and intersections and twinning a bridge. Improvements to Deerfoot Trail are being completed in distinct projects, prioritizing the most congested areas. It is estimated that the remaining Deerfoot Trail improvements will be complete by fall 2027. This important work will enhance safety and save time for drivers.
“I am thrilled the province has chosen to invest in one of our most critical transportation corridors. This investment will enhance the efficiency and safety in the movement of goods and people for all road users. We look forward to continuing our collaborative partnership with the provincial government on future enhancements that will contribute to a more effective and safer transportation network for our city.”
“We are excited to have an improved Deerfoot Trail and completed Beddington Trail NW and 11 Street NE enhancing access to YYC Calgary International Airport for our guests and commercial partners by reducing traffic congestion, providing alternative routes, growing connectivity and boosting economic and logistics efficiency.”
Source: Universities – Science Po in English
With COP29, hosted by Baku, right around the corner, let’s have a look at Azerbaijan and its secular history with Altay Goyushow, professor of history at Baku State University and visiting scholar at Sciences Po Center for International Studies (CERI).
A fine observer of the Azerbaijani regime, he answers the questions of Miriam Périer (CERI) about the ruling elite’s attitude toward religion, and Islam in particular, and the need to look back at the Soviet period to understand the current situation.
> Read the full interview on CERI’s website.
What is the aim of the current Azerbaijani ruling elite’s policies in the field of religion?
Azerbaijan is a secular state. A genuine secularist movement was started in Azerbaijan in the mid-nineteenth century by the local Russian and European-educated intelligentsia. The greatest success of this movement was the creation of the first secular republic during the First World War and the Russian Revolution.
In 1920, the Red Army put an end to this republic. However, during Soviet rule the secularist traditions of Azerbaijani society strengthened further, even though, as I said earlier, the collapse of the Soviet Union was accompanied by the impressive revival of religion. Soviet rule eradicated local sources of religious knowledge and because of this, in the 1990s, the revival was led primarily by foreign actors.
Then, in the late 1990s, local clerics educated abroad took the leading role in religious proselytism. This situation was unacceptable to Azerbaijani authorities, as they wanted religious learning to be concentrated in the hands of locally educated Muslim clerics. The authorities have been pursuing a policy of domesticating Islam. Unlike the Soviets, the current Azerbaijani government does not intend to get rid of religion; they instead want to make Islamic elites into loyal supporters of the secular system and ruling elite.
This policy has given birth to a complex religious situation in the country. On the one hand, there is an official Islam loyal to the government. On the other hand, there are Islamic communities that aim to exist without the secular state’s interference. The constitution says that the state and religion are separate; however, the real situation is much more complicated.
Both the government and independent Islamic communities complain about interference from their counterparts. Islamic communities complain that the state infringes on their freedom of conscience, while the government complains that independent communities are a threat to the secular nature of the state.
You mention that the current ruling elite of Azerbaijan is particularly concerned by Muharram traditions, partly because these do not correspond to so-called “civilised religion” according to the government. Can you tell us why?
The Azerbaijani government aims to create distinct characteristics of local Islam which it describes as a “civilised” Islam. The methods used to achieve this goal include the implementation of a unique education programme for training Muslim clerics in the newly established Theological Institute, the adaptation of distinct uniforms for Azerbaijani Muslim clerics, the promotion of joint Sunni-Shi’i prayers, among other things.
“Correcting” rituals of Muharram commemorations are among the planned reforms. It should be noted that Muharram is the most popular religious commemoration in Azerbaijan. It has been for centuries. However, beginning in the early twentieth century, some practices of Muharram commemorations, such as self-flagellation or striking oneself with swords and knives, have been heavily criticised by the local secular intelligentsia as “uncivilised” rituals.
The Soviets launched multiple campaigns against Muharram observations like these and others. In the post-Soviet era, this approach has been continued, and some practices have been replaced with novelties, such as making blood donations instead of striking themselves with knives or self-flagellation with metal chains.
During the last decade, another government concern has been the increased pilgrimage of Azerbaijani believers to Shi’i shrines in Iraq and Iran at the end of annual Muharram commemorations. The government considers the rising number of pilgrims to those places as a security risk. So, by implementing various measures and restrictions, the authorities are trying to curb the number of pilgrims.
Does the Azerbaijani population support the ruling elite’s policies toward religion? What is the position of secular youth movements in the face of the government’s attitude toward independent Muslim communities?
It is an interesting question. Azerbaijan, despite the impressive religious revival in the post-Soviet period, remains a largely secular country. So, most Azerbaijanis cherish their society’s secular characteristics and do not appreciate the interference of religion or religious communities in state affairs.
However, state institutions’ deep interference with the life of religious communities in many instances infringes on people’s freedom of conscience. And in this particular matter, there is a generational disruption within society. While the older Soviet-trained and educated part of the society, especially the urbanised part, is not particularly critical of the excesses of the government’s religious policies, the younger population, especially its quite vocal liberal and progressive representatives, despite appreciating and praising the secular fundamentals of the society, is frequently critical of the tough measures implemented by the government in the promotion of religious conformity.
It should also be added that ethnic nationalism is a strong feature of Azerbaijani society. And traditionally, secular nationalists have been critical of Islamic movements, and on this issue, they tend to align more with the government than Islamic communities.
Cover image caption: Baku, Taza-Pir mosque, the seat of the Sheikh-ul-Islam, the head of the Caucasus Muslim Board. (credits: Altay Goyushow)
Source: Royal Canadian Mounted Police
The RCMP and HRP Integrated Criminal Investigation Division (CID) has charged three people and seized firearms and crossbows after executing a search warrant at a Tantallon residence.
On October 23, officers from the Special Enforcement Section of the Integrated CID, assisted by the RCMP’s Emergency Response Team and the RCMP Halifax Regional Detachment, executed a search warrant at a residence in the 12700 block of Peggy’s Cove Rd as part of an ongoing investigation. Three people were safely arrested at the residence.
During the search, officers located two prohibited firearms, a restricted firearm, ammunition, and four crossbows.
Jedidiah Lewis Langille, 30, and Trena Whittier, 54, both of Tantallon, and Dean Richardson, 51, of Glen Haven have been charged with 26 criminal code offences. The firearms and weapons related offences include, but are not limited to:
Langille faces an additional 16 charges related to an existing court-ordered firearms prohibition, including but not limited to:
Langille and Richardson were held in custody and appeared in Halifax Provincial Court on October 24, 2024.
Whittier was released from custody to appear in Halifax Provincial Court on December 17, 2024 at 10:00 a.m.
Source: GlobeNewswire (MIL-OSI)
DES MOINES, Iowa, Oct. 25, 2024 (GLOBE NEWSWIRE) —
Third Quarter 2024 Highlights
Dividend
The Board of Directors approved a third quarter 2024 dividend to be paid at an annualized rate of 9.50 percent on average activity-based stock, and 6.00 percent on average membership stock, unchanged from the prior quarter. The Federal Home Loan Bank of Des Moines (the Bank) expects to make dividend payments totaling $137 million on November 13, 2024.
Affordable Housing and Community Impact
The Bank’s housing and community development programs are central to its mission by providing reliable liquidity and funding to help its members build strong communities and support their affordable housing needs. The Bank contributes 10 percent of its net income each year to its AHP, an annual grant program that supports the creation, preservation, or purchase of affordable housing. This program includes a competitive AHP and two down payment products called Home$tart and the Native American Homeownership Initiative. During the third quarter of 2024, the Bank accrued AHP assessments of $23 million and disbursed $13 million of AHP funds through this program. The Bank recorded an additional $4 million voluntary AHP contribution during the third quarter of 2024.
In addition to its AHP, the Bank offers its members other voluntary programs to further its housing mission and provide more support for affordable housing initiatives. During the third quarter of 2024, the Bank authorized an additional $4 million through Mortgage Rate Relief (MRR), which will provide a total of approximately $29 million in subsidy to those seeking affordable homeownership. MRR is designed to make homeownership attainable for borrowers at or below 80 percent of the area median income, by providing them an interest rate that is approximately two percentage points lower than the current market rate. During the third quarter of 2024, the Bank funded $210 million of loans under this program and recorded $20 million in subsidy expense. During the third quarter of 2024, the Bank launched a new program, the Habitat for Humanity® Advance Rate Discount. This program provides up to $100 million in zero percent advances to members that originate or purchase mortgage loans from a Habitat for Humanity® affiliate. During the third quarter of 2024, the Bank originated $70 million of zero percent advances and recorded $16 million in subsidy expense.
Financial Results Discussion
Net Income – For the three and nine months ended September 30, 2024, the Bank recorded net income of $204 million and $708 million compared to $265 million and $706 million for the same periods in 2023.
Net Interest Income – For the three and nine months ended September 30, 2024, the Bank recorded net interest income of $327 million and $995 million, a decrease of $13 million and an increase of $36 million when compared to the same periods in 2023. The decline during the three months ended September 30, 2024 was primarily due to lower average advance balances, which also reduced earnings on invested capital. The decline was offset in part by improved asset-liability spreads on our investments, driven by higher-yielding mortgage-backed security (MBS) purchases.
Net interest income during the nine months ended September 30, 2024 increased primarily due to higher asset-liability spread resulting largely from higher-yielding MBS purchases and increased longer-term advances, as well as higher short-term interest rates, which improved earnings on invested capital. The increase was partially offset by lower average advance balances.
Other Income (Loss) – For the three and nine months ended September 30, 2024, the Bank recorded other losses of $14 million and $19 million, a decline of $17 million and an improvement of $10 million when compared to the same periods in 2023. The decline in other (income) loss during the three months ended September 30, 2024 was primarily due to the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives. During the nine months ended September 30, 2024, the improvement in other (income) loss was driven by net gains recorded on litigation settlements and increased fees on standby letters of credit. The increase was offset in part by the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives.
Other Expense – For the three and nine months ended September 30, 2024, the Bank recorded other expense of $86 million and $191 million, an increase of $38 million and $47 million when compared to the same periods in 2023. The increase during the three and nine months ended September 30, 2024 was primarily driven by an increase in voluntary community and housing contributions of $35 million and $32 million when compared to the same periods in 2023. Additionally, the increase during the nine months ended September 30, 2024 was driven by higher contract labor and consultant costs.
Assets – The Bank’s total assets decreased to $162.0 billion at September 30, 2024, from $184.4 billion at December 31, 2023, driven primarily by a decline in advances. Advances decreased $23.6 billion due mainly to a decline in borrowings by large depository institution members, offset in part by an increase in borrowings by insurance companies.
Capital – Total capital decreased to $9.3 billion at September 30, 2024 from $9.8 billion at December 31, 2023, primarily due to a decrease in activity-based capital stock resulting from a decline in advance balances.
| Federal Home Loan Bank of Des Moines Financial Highlights (preliminary and unaudited) Dollars in millions |
|||||||
| Selected Balance Sheet Items | September 30, 2024 |
December 31, 2023 |
|||||
| Advances | $ | 98,923 | $ | 122,530 | |||
| Investments | 49,649 | 49,828 | |||||
| Mortgage loans held for portfolio, net | 11,398 | 9,967 | |||||
| Total assets | 161,979 | 184,406 | |||||
| Consolidated obligations | 150,532 | 171,498 | |||||
| Capital stock – Class B putable | 5,892 | 6,873 | |||||
| Retained earnings | 3,422 | 3,138 | |||||
| Total capital | 9,284 | 9,831 | |||||
| Total regulatory capital1 | 9,323 | 10,023 | |||||
| Regulatory capital ratio | 5.76 | % | 5.44 | % | |||
| 1 | Total regulatory capital includes capital stock, mandatorily redeemable capital stock, and retained earnings. The regulatory capital ratio is calculated as regulatory capital as a percentage of period end assets. |
| For the Three Months Ended | For the Nine Months Ended | ||||||||||||||
| September 30, | September 30, | ||||||||||||||
| Operating Results | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net interest income | $ | 327 | $ | 340 | $ | 995 | $ | 959 | |||||||
| Provision (reversal) for credit losses on mortgage loans | — | — | (2 | ) | 1 | ||||||||||
| Other income (loss) | (14 | ) | 3 | (19 | ) | (29 | ) | ||||||||
| Other expense | 86 | 48 | 191 | 144 | |||||||||||
| Affordable Housing Program assessments | 23 | 30 | 79 | 79 | |||||||||||
| Net income | $ | 204 | $ | 265 | $ | 708 | $ | 706 | |||||||
| Performance Ratios | |||||||||||||||
| Net interest spread | 0.48 | % | 0.42 | % | 0.45 | % | 0.42 | % | |||||||
| Net interest margin | 0.77 | 0.74 | 0.75 | 0.71 | |||||||||||
| Return on average equity (annualized) | 8.40 | 11.31 | 9.77 | 10.28 | |||||||||||
| Return on average assets (annualized) | 0.47 | 0.56 | 0.52 | 0.51 | |||||||||||
The financial results reported in this earnings release for the third quarter of 2024 are preliminary until the Bank announces unaudited financial results in its Third Quarter 2024 Form 10-Q filed with the Securities and Exchange Commission, expected to be available next month at www.fhlbdm.com and www.sec.gov.
The Bank is a member-owned cooperative whose mission is to be a reliable provider of funding, liquidity, and services for its members so that they can meet the housing, business, and economic development needs of the communities they serve. The Bank is wholly owned by over 1,250 members, including commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions. The Bank serves Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Bank is one of 11 regional banks that make up the Federal Home Loan Bank System.
Statements contained in this announcement, including statements describing the objectives, projections, estimates, or future predictions in the Bank’s operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. A detailed discussion of the more important risks and uncertainties that could cause actual results and events to differ from such forward-looking statements can be found in the “Risk Factors” section of the Bank’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. These forward-looking statements apply only as of the date they are made, and the Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.
Contact: Julie DeVader
515.412.2172
jdevader@fhlbdm.com
Source: GlobeNewswire (MIL-OSI)
LYNCHBURG, Va., Oct. 25, 2024 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and nine month periods ended September 30, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.
Net income for the three months ended September 30, 2024 was $1.99 million or $0.44 per basic and diluted share compared with $2.08 million or $0.46 per basic and diluted share for the three months ended September 30, 2023. Net income for the nine months ended September 30, 2024 was $6.33 million or $1.39 per share compared with $6.60 million or $1.44 per share for the nine months ended September 30, 2023.
Robert R. Chapman III, CEO of the Bank, commented: “The Company delivered stable, strong earnings that contributed to building value, growing stockholders’ equity, and a significant increase in book value per share. Our performance once again generated positive returns for shareholders, which have for many years included paying a quarterly cash dividend.
“Our performance reflected strong interest expense management, sound investment practices, and a balanced and diversified stream of interest and noninterest income. Disciplined credit management has supported superior asset quality, maximizing the value of the revenue generated. Our team of skilled, dedicated professionals continue to do an outstanding job meeting customers’ financial needs, which has led to consistently positive and steady financial results.
“Even through a period of unusually high interest rates that has moderated lending activity and provided challenges, we have worked with customers to find solutions. A healthy loan portfolio has been a key growth driver as total assets surpassed the $1 billion mark in the third quarter. Assets have increased more than $30 million during 2024, primarily reflecting loan portfolio growth, net of fees, of more than $25 million since the beginning of the year.
“Initiatives to earn new deposits and a focus on retaining customers’ deposits have led to growth of total deposits since the beginning of the year. At September 30, 2024, interest bearing demand accounts have grown by $2.7 million, time deposits have increased, and noninterest-bearing demand deposits have held steady. We continue to focus on building this important source of funding for loans and providing liquidity.
“Strategic locations in Buchanan, Virginia, opened at the end of the second quarter, and Nellysford, Virginia, opened at the beginning of the third quarter, are off to strong starts and further expand the Bank’s footprint and deposit-gathering capabilities.
“The third quarter reflected healthy year-over-year growth of noninterest income. Expanding fee income from wealth management, treasury services for our business customers, and gains on sales of originated mortgage loans to the secondary market have fueled noninterest income.
“During the third quarter of 2024, we saw encouraging signs that stabilizing interest rates, slowing inflation, and continued economic health in our served markets is supporting positive trends. We are continuing to see increased commercial lending demand, positive trends in residential mortgage volume and origination fees, and continued deposit growth.
“Looking ahead, we feel that the interest rate environment and continuing economic stabilization and predictability will be clear positives. We anticipate a gradual lessening of the intense pressure on margins and slowing of interest expense increases that have characterized the past two years.
“Our longstanding commitment to building strong, lasting banking relationships with customers has provided many opportunities to demonstrate the Bank of the James’ value. As a result, use of our commercial cash management services and digital banking capabilities continues to grow, retail customers take advantage of a wide range of digital and in-person banking options, and residential mortgage customers and retail banking customers benefit from our efficient service, digital capabilities and integrated financial offerings.
“We feel the Company is well-positioned to continue on our path of providing superior value to our shareholders, customers, and the communities we serve.”
Third Quarter and First Nine Months of 2024 Highlights
Third Quarter, First Nine Months of 2024 Operational Review
Net interest income after provision for credit losses for the third quarter of 2024 was $7.42 million compared to net interest income after recovery of credit losses of $7.53 million a year earlier. In the first nine months of 2024, net interest income after recovery of credit losses was $22.13 million compared with $22.63 million a year earlier. The Company recorded a small provision for credit losses in the third quarter of 2024, primarily due to higher loan levels. The credit loss recovery in the first nine months of 2024 was $584,000 compared with $278,000 in the first nine months of 2023.
Total interest income increased to $11.56 million in the third quarter of 2024 compared with $10.14 million a year earlier. The first nine months of 2024 total interest income was $33.01 million, up from $28.82 million in the first nine months of 2023. The year-over-year increases primarily reflected upward adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.
Investment portfolio management has enabled the Company to capitalize on attractive Fed funds rates. In the third quarter of 2024, the yield on all interest-earning assets was 4.86% compared with 4.43% a year earlier. The yield on interest-bearing loans, including fees, was 5.65% in the third quarter of 2024 compared with 5.13% a year earlier. The interest rates on certain existing commercial loans continue to reprice upward in accordance with their terms.
Total interest expense in the third quarter and first nine months of 2024 increased significantly compared with the prior periods of 2023, primarily reflecting higher deposit rates commensurate with the prevailing interest rate environment, and growth of interest-bearing time deposits. Rates on interest-bearing deposits and total interest-bearing liabilities have placed continuing pressure on margins. The net interest margin in the third quarter of 2024 was 3.16% and the interest spread was 2.81% compared with 3.21% and 2.94%, respectively, in the third quarter of 2023.
J. Todd Scruggs, Executive Vice President and CFO of the Bank commented: “Even before the Federal Reserve announced a 50 basis point reduction in rates, we anticipated that a stabilizing rate environment would gradually lessen the pressure on margins we have experienced. While not directly reflecting the Fed rate cut announced in mid-September, our third quarter net interest margin of 3.16% improved from the 3.02% margin in the second quarter of 2024. We anticipate continuing gradual margin and spread improvement in future quarters.”
Noninterest income in the third quarter of 2024 rose 19% to $3.82 million compared with $3.20 million in the third quarter of 2023. In the first nine months of 2024, noninterest income was up 17% to $11.32 million from $9.70 million a year earlier.
Noninterest income reflected income contributions from debit card activity, a gain on an investment in an SBIC fund, commercial treasury services, and the mortgage division. In the third quarter of 2024, income from wealth management fees increased 19% compared with a year earlier and gains on sale of loans held for sale rose 34% from a year earlier.
Noninterest expense in the third quarter of 2024 was $8.78 million, up 8% compared with $8.14 million in the first nine months of 2023. Noninterest expense in the first nine months of 2024 was $25.60 million, up 6% from $24.09 million a year earlier. Noninterest expense in the first nine months of 2024 reflected additional personnel costs related to staffing new locations, and the decision to begin accruing for anticipated year-end performance-based compensation ahead of the fourth quarter.
Balance Sheet: Strong Cash Position, Asset Quality, Stability
Total assets grew to $1.01 billion at September 30, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.
Loans, net of allowance for credit losses, were $627.11 million at September 30, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and strong, stable residential mortgage, consumer, and construction lending.
Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $333.77 million compared with $306.86 million at December 31, 2023, reflecting a decreasing rate of loan payoffs and new loans. Of this amount, commercial non-owner occupied was approximately $189.98 million and commercial owner occupied was $143.79 million. The Bank closely monitors concentrations in these segments. We have no commercial real estate loans secured by large office buildings in large metropolitan city centers.
Commercial construction/land loans and residential construction/land loans were $50.00 million at September 30, 2024 compared with $53.64 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects.
Commercial and industrial loans were $60.34 million at September 30, 2024, reflecting a continuing trend of stability in this loan segment. Commercial and industrial loans were $64.92 million at June 30, 2024 and $65.32 million at December 31, 2023.
Residential mortgage loans were $114.99 million at September 30, 2024 compared with $112.73 million at June 30, 2024 and $106.99 million at December 31, 2023. Growth of retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $75.09 million at September 30, 2024, essentially unchanged from totals at December 31, 2023.
Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at September 30, 2024 was 0.20% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.12% at September 30, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.30 million at September 30, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.
Total deposits were $907.61 million at September 30, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits were $132.22 million compared with $134.28 million at December 31, 2023. Initiatives to attract deposit business and new locations contributed to the approximately $2.8 million growth in NOW, money market, and savings totals since December 31, 2023. Time deposits were $234.42 million at September 30, 2024 compared with $205.96 million at December 31, 2023. At both September 30, 2024 and December 31, 2023, the Bank had no brokered deposits.
Key measures of shareholder value continued trending positively. Book value per share rose to $15.15 compared with $13.21 at December 31, 2023, reflecting strong financial performance and a smaller unrealized loss in the Company’s available-for-sale investment portfolio. Total stockholders’ equity rose to $68.83 million from $60.04 million at December 31, 2023. Retained earnings at September 30, 2024 were $41.64 million compared with $36.68 million at December 31, 2023.
Some balance sheet measures are impacted by interest rate fluctuations and fair market valuation measurements in the Company’s available-for-sale securities portfolio and are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly-rated debt instruments. The Company does not expect to realize the unrealized losses as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.
About the Company
Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.
Cautionary Statement Regarding 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. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.
CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.
FINANCIAL RESULTS FOLLOW
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)
| (unaudited) | ||||||||||
| Assets | 9/30/2024 | 12/31/2023 | ||||||||
| Cash and due from banks | $ | 22,692 | $ | 25,613 | ||||||
| Federal funds sold | 86,515 | 49,225 | ||||||||
| Total cash and cash equivalents | 109,207 | 74,838 | ||||||||
| Securities held-to-maturity, at amortized cost (fair value of $3,328 as of September 30, 2024 and $3,231 as of December 31, 2023) net of allowance for credit loss of $0 as of September 30, 2024 and December 31, 2023 | 3,610 | 3,622 | ||||||||
| Securities available-for-sale, at fair value | 192,469 | 216,510 | ||||||||
| Restricted stock, at cost | 1,821 | 1,541 | ||||||||
| Loans held for sale | 3,239 | 1,258 | ||||||||
| Loans, net of allowance for credit losses of $7,078 as of September 30, 2024 and $7,412 as of December 31, 2023 | 627,112 | 601,921 | ||||||||
| Premises and equipment, net | 19,378 | 18,141 | ||||||||
| Interest receivable | 2,697 | 2,835 | ||||||||
| Cash value – bank owned life insurance | 22,716 | 21,586 | ||||||||
| Customer relationship intangible | 6,865 | 7,285 | ||||||||
| Goodwill | 2,054 | 2,054 | ||||||||
| Income taxes receivable | – | 128 | ||||||||
| Deferred tax asset | 7,576 | 8,206 | ||||||||
| Other assets | 9,319 | 9,446 | ||||||||
| Total assets | $ | 1,008,063 | $ | 969,371 | ||||||
| Liabilities and Stockholders’ Equity | ||||||||||
| Deposits | ||||||||||
| Noninterest bearing demand | $ | 132,223 | $ | 134,275 | ||||||
| NOW, money market and savings | 540,966 | 538,229 | ||||||||
| Time | 234,421 | 205,955 | ||||||||
| Total deposits | 907,610 | 878,459 | ||||||||
| Capital notes, net | 10,046 | 10,042 | ||||||||
| Other borrowings | 9,444 | 9,890 | ||||||||
| Income taxes payable | 212 | – | ||||||||
| Interest payable | 758 | 480 | ||||||||
| Other liabilities | 11,159 | 10,461 | ||||||||
| Total liabilities | $ | 939,229 | $ | 909,332 | ||||||
| Stockholders’ equity | ||||||||||
| Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of September 30, 2024 and December 31, 2023 | 9,723 | 9,723 | ||||||||
| Additional paid-in-capital | 35,253 | 35,253 | ||||||||
| Accumulated other comprehensive (loss) | (17,782 | ) | (21,615 | ) | ||||||
| Retained earnings | 41,640 | 36,678 | ||||||||
| Total stockholders’ equity | $ | 68,834 | $ | 60,039 | ||||||
| Total liabilities and stockholders’ equity | $ | 1,008,063 | $ | 969,371 | ||||||
Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Operation
(dollar amounts in thousands, except per share amounts)
| For the Three Months Ended | For the Nine Months Ended | |||||||||||||
| September 30, | September 30, | |||||||||||||
| Interest Income | 2024 | 2023 | 2024 | 2023 | ||||||||||
| Loans | $ | 9,004 | $ | 7,990 | $ | 25,375 | $ | 23,251 | ||||||
| Securities | ||||||||||||||
| US Government and agency obligations | 369 | 321 | 1,068 | 962 | ||||||||||
| Mortgage backed securities | 442 | 435 | 1,974 | 1,255 | ||||||||||
| Municipals – taxable | 298 | 286 | 872 | 853 | ||||||||||
| Municipals – tax exempt | 18 | 18 | 55 | 55 | ||||||||||
| Dividends | 12 | 8 | 59 | 49 | ||||||||||
| Corporates | 136 | 139 | 407 | 423 | ||||||||||
| Interest bearing deposits | 303 | 134 | 628 | 375 | ||||||||||
| Federal Funds sold | 981 | 812 | 2,569 | 1,601 | ||||||||||
| Total interest income | 11,563 | 10,143 | 33,007 | 28,824 | ||||||||||
| Interest Expense | ||||||||||||||
| Deposits | ||||||||||||||
| NOW, money market savings | 1,487 | 894 | 4,145 | 1,916 | ||||||||||
| Time deposits | 2,375 | 1,683 | 6,731 | 3,918 | ||||||||||
| FHLB borrowings | – | – | – | 31 | ||||||||||
| Finance leases | 18 | 22 | 58 | 66 | ||||||||||
| Other borrowings | 92 | 98 | 278 | 297 | ||||||||||
| Capital notes | 82 | 82 | 245 | 245 | ||||||||||
| Total interest expense | 4,054 | 2,779 | 11,457 | 6,473 | ||||||||||
| Net interest income | 7,509 | 7,364 | 21,550 | 22,351 | ||||||||||
| Provision for (recovery of) credit losses | 92 | (164 | ) | (584 | ) | (278 | ) | |||||||
| Net interest income after recovery of provision for credit losses | 7,417 | 7,528 | 22,134 | 22,629 | ||||||||||
| Noninterest income | ||||||||||||||
| Gain on sales of loans held for sale | 1,326 | 989 | 3,526 | 3,065 | ||||||||||
| Service charges, fees and commissions | 991 | 1,004 | 2,930 | 2,942 | ||||||||||
| Wealth management fees | 1,244 | 1,050 | 3,583 | 3,098 | ||||||||||
| Life insurance income | 189 | 139 | 531 | 405 | ||||||||||
| Gain on sales and calls of securities, net | 31 | – | 669 | – | ||||||||||
| Other | 42 | 19 | 82 | 179 | ||||||||||
| Total noninterest income | 3,823 | 3,201 | 11,321 | 9,689 | ||||||||||
| Noninterest expenses | ||||||||||||||
| Salaries and employee benefits | 4,920 | 4,683 | 14,256 | 13,296 | ||||||||||
| Occupancy | 514 | 458 | 1,493 | 1,389 | ||||||||||
| Equipment | 640 | 501 | 1,879 | 1,813 | ||||||||||
| Supplies | 131 | 118 | 397 | 399 | ||||||||||
| Professional | 718 | 682 | 2,214 | 2,075 | ||||||||||
| Data processing | 764 | 689 | 2,263 | 2,079 | ||||||||||
| Marketing | 220 | 204 | 481 | 683 | ||||||||||
| Credit | 190 | 218 | 612 | 623 | ||||||||||
| Other real estate | – | 3 | – | 36 | ||||||||||
| FDIC insurance | 94 | 126 | 329 | 321 | ||||||||||
| Amortization of intangibles | 140 | 46 | 420 | 420 | ||||||||||
| Other | 445 | 412 | 1,258 | 957 | ||||||||||
| Total noninterest expenses | 8,776 | 8,140 | 25,602 | 24,091 | ||||||||||
| Income before income taxes | 2,464 | 2,589 | 7,853 | 8,227 | ||||||||||
| Income tax expense | 474 | 511 | 1,527 | 1,631 | ||||||||||
| Net Income | $ | 1,990 | $ | 2,078 | $ | 6,326 | $ | 6,596 | ||||||
| Weighted average shares outstanding – basic and diluted | 4,543,338 | 4,543,338 | 4,543,338 | 4,568,789 | ||||||||||
| Earnings per common share – basic and diluted | $ | 0.44 | $ | 0.46 | $ | 1.39 | $ | 1.44 | ||||||
Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
unaudited
| Selected Data: | Three months ending Sep 30, 2024 |
Three months ending Sep 30, 2023 |
Change | Year to date Sep 30, 2024 |
Year to date Sep 30, 2023 |
Change | ||||||||||||
| Interest income | $ | 11,563 | $ | 10,143 | 14.00 | % | $ | 33,007 | $ | 28,824 | 14.51 | % | ||||||
| Interest expense | 4,054 | 2,779 | 45.88 | % | 11,457 | 6,473 | 77.00 | % | ||||||||||
| Net interest income | 7,509 | 7,364 | 1.97 | % | 21,550 | 22,351 | -3.58 | % | ||||||||||
| Provision for (recovery of) credit losses | 92 | (164 | ) | -156.10 | % | (584 | ) | (278 | ) | 110.07 | % | |||||||
| Noninterest income | 3,823 | 3,201 | 19.43 | % | 11,321 | 9,689 | 16.84 | % | ||||||||||
| Noninterest expense | 8,776 | 8,140 | 7.81 | % | 25,602 | 24,091 | 6.27 | % | ||||||||||
| Income taxes | 474 | 511 | -7.24 | % | 1,527 | 1,631 | -6.38 | % | ||||||||||
| Net income | 1,990 | 2,078 | -4.23 | % | 6,326 | 6,596 | -4.09 | % | ||||||||||
| Weighted average shares outstanding – basic | 4,543,338 | 4,543,338 | – | 4,543,338 | 4,568,789 | (25,451 | ) | |||||||||||
| Weighted average shares outstanding – diluted | 4,543,338 | 4,543,338 | – | 4,543,338 | 4,568,789 | (25,451 | ) | |||||||||||
| Basic net income per share |
$ | 0.44 | $ | 0.46 | $ | (0.02 | ) | $ | 1.39 | $ | 1.44 | $ | (0.05 | ) | ||||
| Fully diluted net income per share | $ | 0.44 | $ | 0.46 | $ | (0.02 | ) | $ | 1.39 | $ | 1.44 | $ | (0.05 | ) | ||||
| Balance Sheet at period end: |
Sep 30, 2024 |
Dec 31, 2023 |
Change | Sep 30, 2023 |
Dec 31, 2022 |
Change | ||||||||||||
| Loans, net | $ | 627,112 | $ | 601,921 | 4.19 | % | $ | 599,585 | $ | 605,366 | -0.95 | % | ||||||
| Loans held for sale | 3,239 | 1,258 | 157.47 | % | 3,325 | 2,423 | 37.23 | % | ||||||||||
| Total securities | 196,079 | 220,132 | -10.93 | % | 185,603 | 189,426 | -2.02 | % | ||||||||||
| Total deposits | 907,610 | 878,459 | 3.32 | % | 880,203 | 848,138 | 3.78 | % | ||||||||||
| Stockholders’ equity | 68,834 | 60,039 | 14.65 | % | 50,129 | 50,226 | -0.19 | % | ||||||||||
| Total assets | 1,008,063 | 969,371 | 3.99 | % | 960,887 | 928,571 | 3.48 | % | ||||||||||
| Shares outstanding | 4,543,338 | 4,543,338 | – | 4,543,338 | 4,628,657 | (85,319 | ) | |||||||||||
| Book value per share | $ | 15.15 | $ | 13.21 | $ | 1.94 | $ | 11.03 | $ | 10.85 | $ | 0.18 | ||||||
| Daily averages: | Three months ending Sep 30, 2024 |
Three months ending Sep 30, 2023 |
Change | Year to date Sep 30, 2024 |
Year to date Sep 30, 2023 |
Change | ||||||||||||
| Loans | $ | 629,860 | $ | 612,021 | 2.91 | % | $ | 617,582 | $ | 618,152 | -0.09 | % | ||||||
| Loans held for sale | 3,845 | 4,421 | -13.03 | % | 3,454 | 3,548 | -2.65 | % | ||||||||||
| Total securities (book value) | 220,730 | 222,969 | -1.00 | % | 237,215 | 223,391 | 6.19 | % | ||||||||||
| Total deposits | 902,615 | 869,655 | 3.79 | % | 895,000 | 862,212 | 3.80 | % | ||||||||||
| Stockholders’ equity | 61,576 | 52,564 | 17.14 | % | 60,564 | 51,274 | 18.12 | % | ||||||||||
| Interest earning assets | 946,518 | 909,774 | 4.04 | % | 937,793 | 897,364 | 4.51 | % | ||||||||||
| Interest bearing liabilities | 785,980 | 740,516 | 6.14 | % | 776,672 | 733,343 | 5.91 | % | ||||||||||
| Total assets | 995,101 | 953,546 | 4.36 | % | 986,132 | 945,389 | 4.31 | % | ||||||||||
| Financial Ratios: | Three months ending Sep 30, 2024 |
Three months ending Sep 30, 2023 |
Change | Year to date Sep 30, 2024 |
Year to date Sep 30, 2023 |
Change | ||||||||||||
| Return on average assets | 0.80 | % | 0.86 | % | (0.06 | ) | 0.86 | % | 0.93 | % | (0.07 | ) | ||||||
| Return on average equity | 12.86 | % | 15.68 | % | (2.82 | ) | 13.95 | % | 17.20 | % | (3.25 | ) | ||||||
| Net interest margin | 3.16 | % | 3.21 | % | (0.05 | ) | 3.07 | % | 3.33 | % | (0.26 | ) | ||||||
| Efficiency ratio | 77.44 | % | 77.05 | % | 0.39 | 77.89 | % | 75.19 | % | 2.70 | ||||||||
| Average equity to average assets |
6.19 | % | 5.51 | % | 0.68 | 6.14 | % | 5.42 | % | 0.72 | ||||||||
| Allowance for credit losses: | Three months ending Sep 30, 2024 |
Three months ending Sep 30, 2023 |
Change | Year to date Sep 30, 2024 |
Year to date Sep 30, 2023 |
Change | ||||||||||||
| Beginning balance | $ | 6,951 | $ | 7,586 | -8.37 | % | $ | 7,412 | $ | 6,259 | 18.42 | % | ||||||
| Retained earnings adjustment related to impact of adoption of ASU 2016-13 | – | – | N/A | – | 1,245 | -100.00 | % | |||||||||||
| Provision for (recovery of) credit losses* | 106 | (130 | ) | -181.54 | % | (494 | ) | (188 | ) | 162.77 | % | |||||||
| Charge-offs | – | (144 | ) | -100.00 | % | (84 | ) | (196 | ) | -57.14 | % | |||||||
| Recoveries | 21 | 8 | 162.50 | % | 244 | 200 | 22.00 | % | ||||||||||
| Ending balance | 7,078 | 7,320 | -3.31 | % | 7,078 | 7,320 | -3.31 | % | ||||||||||
* does not include provision for or recovery of unfunded loan commitment liability
| Nonperforming assets: | Sep 30, 2024 |
Dec 31, 2023 |
Change | Sep 30, 2023 |
Dec 31, 2022 |
Change | ||||||||||||
| Total nonperforming loans | $ | 1,295 | $ | 391 | 231.20 | % | $ | 585 | $ | 633 | -7.58 | % | ||||||
| Other real estate owned | – | – | N/A | – | 566 | -100.00 | % | |||||||||||
| Total nonperforming assets | 1,295 | 391 | 231.20 | % | 585 | 1,199 | -51.21 | % | ||||||||||
| Asset quality ratios: | Sep 30, 2024 |
Dec 31, 2023 |
Change | Sep 30, 2023 |
Dec 31, 2022 |
Change | ||||||||||||
| Nonperforming loans to total loans | 0.20 | % | 0.06 | % | 0.14 | 0.10 | % | 0.10 | % | (0.01 | ) | |||||||
| Allowance for credit losses for loans to total loans | 1.12 | % | 1.22 | % | (0.10 | ) | 1.21 | % | 1.02 | % | 0.18 | |||||||
| Allowance for credit losses for loans to nonperforming loans | 546.56 | % | 1894.56 | % | 1,348.00 | 1251.28 | % | 989.42 | % | 261.86 | ||||||||
Source: GlobeNewswire (MIL-OSI)
QPR SOFTWARE OYJ PÖRSSITIEDOTE 25.10.2024 klo 19.00
Korjaus pörssitiedotteeseen: QPR Software Oyj julkaisi tänään tiedotteen vuoden 2025 taloudellisesta kalenterista, jossa esitettiin taloudellisten raporttien suunnitellut julkaisupäivät. Suomenkielisessä tiedotteessa oli virhe vuosikertomuksen julkaisupäivän vuosiluvussa, mutta englanninkielinen tiedote sisälsi oikean päivämäärän. Alla on suomenkielinen tiedote korjattuna oikealla päivämäärällä.
Tässä pörssitiedotteessa QPR Software Oyj esittää taloudellisen kalenterin vuodelle 2025, joka sisältää taloudellisten raporttien suunnitellut julkaisupäivät.
QPR julkaisee vuonna 2025 kolme osavuosikatsausta:
QPR Softwaren tilinpäätöstiedote, toimintakertomus, tilintarkastuskertomus ja hallinto- ja ohjausjärjestelmäraportti tilikaudelta 2024 julkaistaan perjantaina 14.2.2025.
QPR:n vuosikertomus 2024 julkaistaan perjantaina 3.4.2025.
QPR:n vuoden 2025 varsinainen yhtiökokous on tarkoitus pitää keskiviikkona 18.6.2025. Hallitus kutsuu yhtiökokouksen koolle myöhemmin julkistettavalla kutsulla.
Lisätietoja:
QPR Software Oyj
Heikki Veijola
Toimitusjohtaja
Puh. +358 40 922 6029
QPR Software lyhyesti
QPR Software (Nasdaq Helsinki) on johtava toimija Digital Twin of an Organization (DTO) -teknologiassa ja yksi maailman edistyneimmistä prosessilouhinnan ohjelmistoyhtiöistä. Yhtiö innovoi, kehittää ja toimittaa ohjelmistoja organisaatioiden toiminnan analysointiin, seurantaan ja mallintamiseen. Lisäksi QPR tarjoaa asiantuntevia konsultointipalveluita varmistaakseen asiakkailleen täyden hyödyn ohjelmistoista ja niihin liittyvistä menetelmistä.
www.qpr.com/fi
JAKELU
Nasdaq Helsinki
Keskeiset tiedotusvälineet
www.qpr.com/fi/
Source: International Association of Drilling Contractors – IADC
Headline: Court Extends Gulf of Mexico Biological Opinion Deadline
Houston (25 October 2024) – A federal court has extended the deadline to vacate the 2020 Biological Opinion on the Federally Regulated Oil and Gas Program Activities in the Gulf of Mexico. The National Marine Fisheries Service (NMFS) now has until May 21, 2025, instead of December 20, 2024, to issue a new biological opinion, as required by the Endangered Species Act for offshore permitting.
IADC views this deadline extension favorably. The original decision to vacate the 2020 Biological Opinion in December 2024 would have essentially shut down operations in the Gulf of Mexico, threatening thousands of jobs and U.S. energy security. IADC supports the industry stakeholders working diligently on this matter and is fully prepared to provide direct assistance in these efforts.
ABOUT IADC
The International Association Drilling Contractors (IADC) is a non-profit trade association that is the global leader in advancing and promoting innovative technology and safe practices that bring oil and gas to the world’s consumers.
###
Source: United States House of Representatives – Congressman Jay Obernolte (R-Hesperia)
WASHINGTON – U.S. Congressman Jay Obernolte (R-CA) and Congressman Jimmy Panetta (D-CA), who together co-chair the bipartisan Advanced Air Mobility (AAM) Caucus, applaud the decision by the Federal Aviation Administration (FAA) to issue a final rule for powered lift operations. The Integration of Powered-Lift: Pilot Certification and Operations Special Federal Aviation Regulation (SFAR) provides a comprehensive framework for certifying the initial cadre of powered-lift instructors and pilots, a major step forward for the growing AAM industry.
“I commend the decision by the FAA to approve powered lift as a new category of civil aircraft, the first in over 80 years, and their continued efforts to promote innovation in America’s aviation industry,” said Rep. Obernolte. “This rule will allow these aircraft to provide services such as air taxi, cargo delivery, and an array of other operations within the United States. The possibilities of powered lift operations are transformative, and this rule allows industry to provide these services by creating an operational system for advanced air mobility.”
“With the proper federal regulatory framework, Advanced Air Mobility has the potential to revolutionize how we move people and goods throughout our country,” said Rep. Panetta. “The Federal Aviation Administration’s final rule is a significant step forward in allowing powered lift aircraft to be integrated into our airspace and allow these operations to take flight. I look forward to continuing our bipartisan work to advocate for the future of aviation and the innovation in California’s 19thCongressional District powering these exciting aircraft.”
Due to the concerted efforts of Rep. Obernolte, Rep. Panetta, members of theAAM Caucus, and FAA Administrator Whitaker, powered lift will be the first completely new category of civil aircraft since helicopters were introduced in the 1940s. The rule makes changes to existing regulations, establishes an SFAR for instructor and pilot certification and training, applies helicopter operating requirements to some phases of flight, adopts a performance-based approach to certain operating rules, and allows powered-lift pilot training with a single set of flight controls instead of two.
What They’re Saying:
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Source: United States House of Representatives – Wyoming Congresswoman Harriet Hageman
Washington, D.C. – Today Congresswoman Harriet Hageman introduced the Protecting Agricultural Spaces Through Effective Ranching Strategies (PASTURES) Act which will safeguard landowners with property adjacent to federally leased land from federal enforcement actions related to livestock trespassing.
“The Biden-Harris Administration continues to reduce grazing opportunities for livestock producers who hold federal grazing leases. This administration is making it increasingly difficult for ranchers on public and private lands to adjust to sudden changes in allocations – often creating circumstances where livestock cross into unfenced land, which ultimately results in heavy penalties for the rancher. My bill will prohibit federal land management agencies from enforcing a trespass after permits or leases are adjusted or rescinded – until the relevant land management agency constructs a fence to keep the livestock out.” Hageman stated. “Livestock grazing is an important land management tool that we should be using more, not less, on our federal lands. This legislation would help ranchers while also requiring our agencies to be better neighbors on our public lands by applying these appropriate fencing protocols.”
Margaret Byfield, Executive Director of American Stewards of Liberty, stated “The Pasture Act will prevent the misuse of regulatory authorities by federal land management agencies and increase protections for American landowners. It is common for allotments on federal lands to be unfenced even when bordering other properties. These operations were designed to have as few barriers as possible to facilitate open corridors for livestock and wildlife. Yet, this responsible stewardship practice can too easily be used to entrap landowners when unfenced allotments are canceled by the agency. Congress needs to reign in federal agencies powers, and this Act is a key step towards this end.”
The PASTURES Act provides ranchers with the security and stability needed to continue their operations after significant federal decisions are made regarding the surrounding land. The bill has the support of the American Stewards of Liberty, Wyoming Farm Bureau, Wyoming Stock Growers Association and R-CALF USA.
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Contact: Chris Berardi, Sr. Advisor/Communications Director
Source: United States House of Representatives – Representative Marc Molinaro (R-NY-19)
Binghamton, NY – U.S. Rep. Marc Molinaro (NY-19) today announced his constituent service team will hold mobile office hours from 11:00am to 1:00pm on Monday, October 28 at the Trumansburg Village Office.
During this event, constituents will be able to connect with representatives from Rep. Molinaro’s office to share comments and resolve issues they are having with federal agencies like the VA, IRS, and Social Security Administration.
If constituents aren’t able to make this event, Rep. Molinaro also maintains offices in Broome County and Greene County. These offices are open from 9am to 5pm, Monday through Friday. Rep. Molinaro also has satellite offices in Sullivan County, Delaware County, and Otsego County. These offices are accessible by appointment and can be made by calling (607) 242-0200 or contacting the office online.
Details for the mobile office hours are as follows:
Tompkins County
Date: Monday, October 28
Time: 11:00am – 1:00pm
Location:
Trumansburg Village Office
56 East Main St.
Trumansburg, NY 14886
Source: United States Navy
Part of an annual series of exercises hosted by the ROK Navy, MNMIWEX 24 increased proficiency in mine countermeasures (MCM) operations within a multi-national naval force.
This year’s iteration had 19 nations and approximately 100 personnel participating, making MNMIWEX 24 the largest of the series to be held.
“I was grateful for the opportunity to work with our hosts, the ROK Navy, and our partner nations and allies,” said Capt. Antonio Hyde, commodore of Mine Counter Measures Squadron (MCMRON) Seven, which belongs to Task Force 76, U.S. 7th Fleet’s expeditionary warfare force. “This multi-national training refines how we operate in a complex maritime environment to maintain open sea-lanes and freedom of navigation for all countries in the region.”
MCM forces from the U.S., Australia, Canada and New Zealand embarked the tank landing ship ROKS Cheon Wang Bong (LST 686), which teamed with the Avenger-class mine countermeasures ship USS Patriot (MCM 7) to conduct mine hunting operations during the eight-day at-sea phase.
A multinational watch floor directed MNMIWEX operations ashore. This facilitated a command structure that promoted interchangeability and helped build the capacity of multinational MCM forces to operate effectively as a team.
“Through this exercise, we improve our abilities to carry out multinational mine operations to protect major ports and sea lines of communication from the complex threats of enemy in case of emergency,” said Capt. Lee Taek-sun, commander of ROK Navy Mine Squadron 52. “We will continue to develop the combat capabilities necessary for mine warfare and further improve mine operation abilities and procedures with multinational forces.”
MNIMIWEX 24 featured participants from the United States, Republic of Korea, Japan, the United Kingdom, Australia, Canada, New Zealand, the Republic of the Philippines, Italy, Greece, Türkiye, Thailand, Belgium, Malaysia, Oman, Colombia, United Arab Emirates, Chile and the Netherlands.
The exercise took place in U.S. 7th Fleet, the U.S. Navy’s largest forward-deployed numbered fleet, which routinely interacts and operates with allies and partners in preserving a free and open Indo-Pacific region.
US Senate News:
Source: US Senator for New Mexico Ben Ray Luján
ALBUQUERQUE, N.M. — U.S. Senators Martin Heinrich (D-N.M.) and Ben Ray Luján (D-N.M.), and U.S. Representatives Teresa Leger Fernández (D-N.M.), Melanie Stansbury (D-N.M.), and Gabe Vasquez (D-N.M.) are announcing $3,068,909 from the U.S. Department of Health and Human Services (HHS) to Tribal communities to serve individuals with opioid use disorder and co-occurring substance use disorders by funding culturally specific and evidence-based treatment, including medication for the treatment of opioid use disorder (MOUD). These HHS Tribal Opioid Response Grants are being awarded through the Substance Abuse and Mental Health Services Administration (SAMHSA).
“Tackling the opioid crisis with the urgency it demands means expanding our approach. That includes everything from providing improved access to the lifesaving medication used to treat opioid use disorder to empowering local communities to develop treatment programs that are grounded in their distinct experiences and cultures. I’m proud to welcome over $3 million for Tribal communities to do exactly that,” said Heinrich. “I won’t stop fighting to eliminate barriers to lifesaving medication and help New Mexicans get the care they need.”
“Far too many across our Tribal lands have seen firsthand how the opioid epidemic has devastated our communities,” said Luján, a member of the Indian Affairs and Health, Education, Labor and Pensions Committees. “This $3+ million in federal funding will deliver critical treatments and medications to address opioid use disorder in our Tribal communities. Throughout my time in Congress, I have secured millions to expand opioid use disorder treatments, introduced bipartisan legislation to increase investments in substance misuse prevention, and called for an increase in funding in our nation’s response to the opioid use disorder epidemic. I am proud to welcome this funding alongside our Congressional delegation and will keep fighting to expand addiction treatment services and protect the health of our Tribal brothers and sisters.”
“For far too long, opioid addiction has ravaged our Tribal communities, and the need for culturally specific treatments is critical,” said Leger Fernández. “This funding will help provide life-saving treatment, tailored to the needs of Native communities, so that we can address the opioid crisis head-on. By combining evidence-based practices with the cultural knowledge of our Tribes, we can offer real hope and healing. I will continue to fight for more resources and support to make sure every New Mexican has access to the care they need to recover and thrive.”
“Culturally informed care is vital to addressing the opioid crisis in every community that is suffering,” said Stansbury. “This $3 million investment will help Tribal communities take care as they see fit, as they know what is best for their communities. I will continue to fight for more funding and tools to solve this crisis so New Mexicans can not only recover from addiction but thrive in life.”
“New Mexico’s Tribes and Pueblos have long faced significant challenges in combating the opioid crisis. I’m proud to welcome these funds to provide critical resources to help address opioid addiction head-on,” said Vasquez. “Supporting culturally specific and evidence-based treatments ensures that we’re not only tackling the crisis but also providing Indian Country with the tools they need to better support recovery. I’m committed to securing more funding and resources to combat this crisis and save lives.”
| Recipient | Award Amount |
| Albuquerque Area Indian Health | $1,478,168 |
| Pueblo of Pojoaque | $250,000 |
| Five Sandoval Indian Pueblos, Inc. | $250,000 |
| Santo Domingo Tribe | $295,107 |
| Ohkay Owingeh | $250,000 |
| Nambe Pueblo Governor’s Office | $295,634 |
| Taos Pueblo | $250,000 |
The N.M. Delegation has continuously worked to make opioid use disorder treatments more readily available.
Source: United States House of Representatives – Congressman Morgan Griffith (R-VA)
U.S. District Judge Patricia Giles issued a decision today that orders the Commonwealth of Virginia to reinstate the names of noncitizens back on Virginia’s voter rolls, reversing Governor Youngkin’s decision to remove them. U.S. Congressman Morgan Griffith (R-VA) issued the following statement:
“Governor Youngkin was right to take these names off Virginia’s voter rolls, and if they were mistakenly taken off, Virginia’s same-day voter registration rules would allow them to register again and cast a vote.
“In 2020, the DOJ never challenged the Democratic states that changed their election rules, despite conflicts with federal time limit laws. The DOJ pursuit of Governor Youngkin’s action seems to be because of his party affiliation.”
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Source: United States House of Representatives – Representative Gerry Connolly (D-Va)
Fairfax, VA, October 25, 2024
“Governor Youngkin’s effort to cancel voter registrations is clearly against federal law, which requires states to refrain from systematically purging voter rolls within 90 days of an election. I am grateful to the court for recognizing that reality. Voter fraud, particularly as it relates to citizenship, is exceedingly rare in Virginia. Governor Youngkin’s purges have served only one purpose – to disenfranchise thousands of lawfully voting citizens of the Commonwealth. That stops today.”
Connolly wrote to Governor Youngkin on October 7 to urge him to cease the purging of voter rolls. Connolly also notified the Department of Justices of the purges.
Source: United States House of Representatives – Congressman Jimmy Panetta (D-Calif)
Monterey, CA – United States Representative Jimmy Panetta (CA-19), chair of the House Kazakhstan Caucus, released the following statement reiterating his call for the repeal of outdated trade restrictions with Kazakhstan:
“As we approach Kazakhstan’s Republic Day, celebrating its sovereignty from the Soviet Union, I call on the U.S. Congress to prioritize the removal of the Jackson-Vanik Amendment as it applies to Kazakhstan.”
“The Jackson-Vanik Amendment is a Cold War relic, interfering with the United States’ efforts to grow our trade and diplomatic relationships with countries that surround Russia. This amendment continues to prevent Kazakhstan from receiving Permanent Normal Trade Relations status, despite its full compliance with the Trade Act of 1974 and status as a country annually granted Normal Trade Relations.
“Following the collapse of the Soviet Union, Congress removed the application of the Jackson-Vanik Amendment to numerous former Soviet states, including Albania, Estonia, Armenia, Ukraine, Georgia, Kyrgyzstan, and notably, Russia. Kazakhstan remains a glaring outlier.
“Kazakhstan is a respected member of the World Trade Organization and a reliable partner in implementing U.S. sanctions and export control regimes. The bilateral trade relationship between the United States and Kazakhstan totals $2.5 billion each year. Strengthening our trade relationship with Kazakhstan has the potential to open a new trading partner for critical minerals and other resources while fostering greater investment and diplomatic ties between our two nations. It is long overdue to eliminate this outdated amendment’s application to Kazakhstan, and I will continue my efforts to achieve this goal.”
###
Source: US National Renewable Energy Laboratory
Research led by scientists at the U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) and the Center for Hybrid Organic Inorganic Semiconductors for Energy (CHOISE), an Energy Frontier Research Center (EFRC), discovered a new process to induce chirality in halide perovskite semiconductors, which could open the door to cutting-edge electronic applications.
The development is the latest in a series of advancements made by the team involving the introduction and control of chirality. Chirality refers to a structure that cannot be superimposed on its mirror image, such as a hand, and allows greater control of electrons by directing their “spin.” Most traditional optoelectronic devices in use today exploit control of charge and light but not the spin of the electron.
The researchers have been able to create a spin-polarized LED using chiral perovskite semiconductor in the absence of extremely low temperatures and a magnetic field, as was previously reported. The newest advance accelerates the materials development process for spin control.
The details are spelled out in a newly published paper, “Remote Chirality Transfer in Low-Dimensional Hybrid Metal Halide Semiconductors,” which appears in the journal Nature Chemistry. The key was in introducing a chiral molecule with a different headgroup into the perovskite. The chiral molecule intentionally does not fit into the perovskite lattice but “twists” the structure from the surface. The chiral molecule transfers its properties several unit cells or layers deep into the perovskite structure. This twist can be controlled by employing left- or right-handed chiral molecules into the grain boundaries and surfaces of a perovskite film, which control the spin properties accordingly. Such twisted structures enable unique functionalities for energy applications where spin-control adds additional potential by acting as electronic spin filters.
Md Azimul Haque, the first author of the paper, said introducing chirality to the low-dimensional perovskite semiconductors generally includes a chiral molecule being present in the perovskite lattice, which needs extensive analysis every time one changes the composition of the chiral molecule. The ability of a proximal chiral molecule to transfer its properties without changing the perovskite composition makes the process simple, faster, and less limiting on the composition, he said.
“We can create materials with known properties now with added chirality very easily compared to traditional methods,” said Haque, a postdoctoral researcher. “The next step is to experiment with the materials and incorporate them into new applications.”
Funding for the research comes from the EFRC program of the Office of Science within the Department of Energy. The work relied on a broad range of expertise drawn from CHOISE, including NREL, University of Utah, University of Colorado Boulder, University of Wisconsin–Madison, and Duke University.
Hybrid perovskites refer to a crystalline structure, containing both inorganic and organic components. In other semiconductors, such as those made from silicon, the material is purely inorganic and rigid. Hybrid perovskites are soft and more flexible, “so a twisting molecule on the surface, will extend the effect deeper into this semiconductor than it can in most rigid, inorganic semiconductors,” said Joey Luther, an NREL senior research fellow and corresponding author.
His coauthors from NREL are Steven Harvey, Roman Brunecky, Jiselle Ye, Bennett Addison, Yifan Dong, Matthew Hautzinger, Kai Zhu, Jeffrey Blackburn, Joseph Berry, and Matt Beard. Other coauthors from CHOISE include Andrew Grieder, Yuan Ping, Junxiang Zhang, Seth R. Marder, Heshan Hewa Walpitage, Zeev Valy Vardeny, Yi Xie, and David B. Mitzi.
“This is a new way to induce chirality in halide perovskites,” Luther said, “and it could lead to technologies that we can’t really envision but might be somewhere along the lines of polarized cameras, 3D displays, spin information transfer, optical computation, or better optical communication—things of that nature.”
Source: NASA
Operating at altitudes above 99% of the Earth’s atmosphere, NASA’s ER-2 aircraft is the agency’s highest-flying airborne science platform. With its unique ability to observe from as high as 65,000 feet, the ER-2 aircraft is often a platform for Earth science that facilitates new and crucial information about our planet, especially when the plane is part of collaborative and multidisciplinary projects.
“We’re deploying instruments and people everywhere from dry lakebeds in the desert to coastal oceans and from the stratosphere to marine layer clouds just above the surface,” said Kirk Knobelspiesse, an atmospheric scientist at NASA’s Goddard Space Flight Center. “We live on a changing planet, and it is through collaborative projects that we can observe and understand those changes.”
One mission that recently benefitted from the ER-2’s unique capabilities is the Plankton, Aerosol, Cloud, ocean Ecosystem Postlaunch Airborne eXperiment (PACE-PAX) project. The PACE-PAX mission uses the ER-2’s capabilities to confirm data collected from the PACE satellite, which launched in February 2024.
The PACE observatory is making novel measurements of the ocean, atmosphere, and land surfaces, noted Knobelspiesse, the mission scientist for PACE-PAX. This mission is all about checking the accuracy of those new satellite measurements.
“The ER-2 is the ideal platform for PACE-PAX because it’s about the closest we can get to putting instruments in orbit without actually doing so,” Knobelspiesse said.
The collaborative project includes a diverse team of researchers from across NASA, plus the National Oceanic and Atmospheric Administration (NOAA), the Netherlands Institute for Space Research (SRON), the University of Maryland, Baltimore County, the Naval Postgraduate School, and other institutions.
Similarly, the Geological Earth Mapping eXperiment (GEMx) science mission is using the ER-2 over multiple years to collect observations of critical mineral resources across the Western United States.
“Flying at this altitude means the GEMx mission can acquire wide swaths of data with every overflight,” said Kevin Reath, NASA’s associate project manager for the GEMx mission, a collaboration between the United States Geological Survey (USGS) and NASA.
The GEMx team collects visible, shortwave infrared, and thermal infrared data using instruments installed onboard the ER-2. Combining these instruments with the aircraft’s capability to fly at high altitudes bears promising results.
“The dataset being produced is the largest airborne surface mineralogy dataset captured in a single NASA campaign,” Reath said. “These data could help inform federal, tribal, state, and community leaders to make decisions that protect or develop our environment.”
Learn more about the ER-2 aircraft.
Learn more about the PACE-PAX mission.
Learn more about the GEMx mission.
Learn more about NASA’s Airborne Science Program.
Source: US Geological Survey
Join us for a Powell Center seminar on Tuesday, November 5th, from 10-11am MT/12-1pm ET.
Despite the proven efficacy of geothermal energy as a city-scale heating and cooling resource, the relative newness of most city-scale applications has resulted in limited widespread adoption. Geothermal heating and cooling resources are ubiquitous and diverse, with technologies available both for harvesting ambient heat or for storing thermal energy. These local low-carbon, baseload energy sources provide resilience, security, and local jobs. As part of a U.S. Geological Survey hosted Powell Center project, a range of European and US partners (geological surveys, geoscience organizations, industry representatives and universities) seek an acceleration of understanding that could lead to adoption of geothermal technologies that offset shortcomings of other renewable technologies (e.g., episodic sources, and critical mineral demands). Because better availability of geothermal energy will contribute to diversification of energy sources and improve global energy security, Powell Center team goals include the development of authoritative information suitable for city-managers and other decision-makers.
Erick Burns is a Research Hydrologist and the Project Co-chief for the U.S. Geological Survey Geothermal Resources Investigations Project (GRIP). He coordinates the research of ~30 scientists who are supported wholly, or in part, by the GRIP and a range of externally funded projects. He is the primary task-leader for: (1) development of updated new resource assessments for conventional hydrothermal and EGS electricity production in the western U.S., (2) development of local- and national-scale assessment tools for low-temperature and underground thermal energy storage (UTES) resources, and (3) joint-energy and water-resources studies in the northwest U.S. volcanic terranes. He leads multi-center/institution teams on machine learning for geothermal energy assessment, and on novel methods of characterizing and evaluating UTES resources (with the eventual goal of developing national maps of these resources). He is a team-member of the USGS geologic energy storage project (as the thermal storage subject matter expert), and on projects developing temperature models for petroleum reservoirs. He has active collaborations in Europe and South America on these topics.
US Senate News:
Source: United States Senator for Kansas Roger Marshall
Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined Fox Business: The Bottom Line to discuss the Senate’s imminent vote to confirm Pete Hegseth as Secretary of Defense, the determination of the Republican-led Senate to confirm President Trump’s Cabinet and Robert F. Kennedy, Jr.’s upcoming Senate confirmation hearings.
Senator Marshall sits on both the Senate Finance and Health, Education, Labor, and Pensions (HELP) Committees, both of which will be holding hearings next week to consider the nomination of RFK Jr. for Secretary of the Department of Health and Human Services (HHS). Senator Marshall has met with both Hegseth and RFK Jr. and believes they are the best picks to carry out President Trump’s America First Agenda at the DOD and HHS.
You may click HERE or on the image above to watch Senator Marshall’s full interview.
Highlights from Senator Marshall’s interview include:
On Pete Hegseth being confirmed as Secretary of Defense, other Trump nominees on deck:
“I’m sure optimistic. [Pete Hegseth is] on second base right now. He passed the procedural vote with one vote to spare. So I’m very optimistic. And I just want to emphasize why this is important. President Trump is issuing all these executive orders. We need these nominees then get in there to do the job and execute those orders. So we need Pete to jump in there. He’s going to do a great job recruiting, a great job with the morale, and just rewarding people for their merit, as opposed to anything else.”
“[Democrats have] resorted to character assassination…But regardless, I think that once we get Pete across the finish line, Kristi Nome is on deck, she’s going to step up. I expect her to get across pretty easily, as you mentioned. Sean Duffy is there in the hole waiting as well. So I think we’re in good shape.”
On GOP-led Senate’s determination to confirm President Trump’s Cabinet:
“We’re willing to stay here and punish the Democrats. The good news is we had them kicking and screaming, so we’re over the target. We’re all committed to staying here this weekend. They can try to slow things down, and as long as they keep jamming us, we’re just going to stay up here and keep working away. I don’t think we’ll have to get to those recess appointments, but if necessary, we will. I’m really optimistic, if we just keep plugging away here, we’re going to get them all across the finish line.”
On Robert F. Kennedy Jr.’s upcoming Senate confirmation hearing:
“Look, he has an army of people behind him. I mean, just a groundswell of people out there. 77 million…people voted for President Trump, and one of the reasons was because of Bobby Kennedy Jr….I think that the American public is going to carry Bobby through that nomination process. He’s brilliant. He’s going to do a great job- all those things. And I think when people just listen to his heart, that he loves this country, that he wants to make America healthy again, and he knows how to do it, so I expect that groundswell of support to get him over the finish line.”
Source: Hong Kong Government special administrative region
NPC Standing Committee member inspects passing-out parade at HK Police College (with photos)
NPC Standing Committee member inspects passing-out parade at HK Police College (with photos)
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Member of the Standing Committee of the 14th National People’s Congress (NPC), Dr Starry Lee, inspected the passing-out parade for 37 probationary inspectors and 195 recruit police constables at the Hong Kong Police College today (January 25) and witnessed the moment they became the new blood of the Force. Speaking at the graduation ceremony, Dr Lee said that the duty of the police officers bears the trust of the community, adding that the graduates would officially become the guardians of Hong Kong’s rule of law and shoulder the mission of maintaining law and order in the community. She believed that being a police officer is not only a profession, but also a commitment and a dedication to the society. She continued that the graduates had experienced multiple physical and mental challenges during the training, ranging from physical exercise to tactical training; as well as from legal knowledge to adaptability. Each of the course not only brings the improvement of skills, but also the development of tenacity, and such perseverance being developed would be attribute for their career development. Noting that Hong Kong is an international metropolis with a complex and rapidly changing security landscape, Dr Lee believed that law enforcement officers should possess a high degree of professionalism and sound psychological quality. She added that the graduates would face different challenges, from dealing with emergencies to handling social conflicts; and from combating crimes to serving citizens, each of their duty is related to the safety of Hong Kong citizens and social stability. Meanwhile, the modus operandi of crimes has become more complicated, coupled with new challenges emerging from technology crime, online fraud and transnational crime. As such, she encouraged the graduates to keep pace with the times, and keep learning to be more professional and resilient in coping with various challenges ahead in their career. She also pointed out that as part of the country, Hong Kong’s prosperity and stability hinges on the national development. She hoped that the graduates can uphold the spirit of patriotism and love the city, make every effort to safeguard national security and maintain the successful implementation of “one country, two systems”. She emphasised that police are not only the law enforcers, but also the guardians of the citizens; and the Police’s professionalism, fairness and responsibility in serving the public are essential for gaining public support. Therefore, she hoped the police to uphold their integrity and honesty, and carry out every task cautiously at all time, so as to let the public feel the professionalism and care of the Force. Finally, she encouraged the graduates to remain true to their original aspiration and take upholding social justice as their responsibility, thereby becoming the trusted guardians of the citizens and a driving force of the stability and prosperity of Hong Kong.
Ends/Saturday, January 25, 2025Issued at HKT 13:37
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Source: Federal Bureau of Investigation (FBI) State Crime News
Yuksel Senbol, 36, of Orlando, Florida, was sentenced today to 15 months in prison for conspiracy to defraud the United States, conspiracy to commit wire fraud, wire fraud, conspiracy to commit money laundering, money laundering, conspiracy to violate the Export Control Reform Act, violating the Export Control Reform Act, and violating the Arms Export Control Act. As part of her sentence, the court also entered an order of forfeiture in the amount of $275,430.90, the proceeds of Senbol’s fraud and money laundering scheme. Senbol entered pleaded guilty on May 7.
According to facts taken from public filings, beginning in approximately April 2019, Senbol operated a front company in the Middle District of Florida called Mason Engineering Parts LLC. She used this front company to assist her co-conspirators, Mehmet Ozcan and Onur Simsek, to fraudulently procure contracts to supply critical military components to the Department of Defense. These components were intended for use in the Navy Nimitz and Ford Class Aircraft Carriers, Navy Submarines, Marine Corps Armored Vehicles, and Army M-60 Series Tank and Abrahams Battle Tanks, among other weapons systems.
To fraudulently procure the government contracts, Senbol and her co-conspirators falsely represented to the U.S. government and U.S. military contractors that Mason Engineering Parts LLC was a vetted and qualified manufacturer of military components, when in fact, the parts were being manufactured by Ozcan and Simsek in Turkey. As Senbol knew, Simsek’s involvement had to be concealed from the U.S. government because he had been debarred from contracting with the U.S. government after being convicted of a virtually identical scheme in the Southern District of Florida.
In order to enable Ozcan and Simsek to manufacture the components in Turkey, Senbol assisted them in obtaining sensitive, export-controlled drawings of critical U.S. military technology. Using software that allowed Ozcan to remotely control her computer — and thus evade security restrictions that limited access to these sensitive military drawings to computers within the United States — Senbol knowingly facilitated the illegal export of these drawings. She did so despite having executed numerous agreements promising to safeguard the drawings from unlawful access or export, and in spite of the clear warnings on the face of each drawing that it could not be exported without obtaining a license.
Once Ozcan and Simsek manufactured the components in Turkey, they shipped them to Senbol, who repackaged them — making sure to remove any reference to their Turkish origin. The conspirators then lied about the origin of the parts to the U.S. government and a U.S. government contractor to receive payment for the parts. Senbol then laundered hundreds of thousands of dollars in criminal proceeds back to Turkey through international wire transfers.
This scheme continued until uncovered and disrupted by federal investigators. Parts supplied by Senbol were tested by the U.S. military and were determined not to conform with product specifications. Many of the components supplied to the U.S. military by Senbol were “critical application items,” meaning that failure of these components would have potentially rendered the end system inoperable.
Alleged co-conspirators Mehmet Ozcan and Onur Simsek are fugitives.
The General Services Administration, Office of Inspector General; Defense Criminal Investigative Service; Department of Commerce, Bureau of Industry and Security; Air Force Office of Special Investigations; FBI; Homeland Security Investigations; and Department of State, Directorate of Defense Trade Controls are investigating the case.
Assistant U.S. Attorneys Daniel J. Marcet and Lindsey Schmidt for the Middle District of Florida and Trial Attorney Stephen Marzen of the National Security Division’s Counterintelligence and Export Section are prosecuting the case.
Source: The Conversation (Au and NZ) – By Penny Van Bergen, Head of School of Education and Professor of Educational Psychology, University of Wollongong
Everyone knows a kid who cheats at Monopoly or backyard cricket. Perhaps they have even cheated on a test at school.
If your notice your own child is doing this, you may worry they are headed for a life of crime.
But in developmental terms, cheating is not usually a cause for concern for kids.
Cheating occurs when a child behaves dishonestly to gain an unfair advantage. They might pretend to roll a six, peek at others’ cards, score a sports game incorrectly, or use video game modifications to skip levels.
Despite parents’ and teachers’ best efforts, cheating is remarkably common. In one experiment, five-year-olds were asked not to peek inside a box while the experimenter left the room. Almost all peeked and most then denied having done so.
The capacity to deceive can signal the emergence of new skills, including an understanding of others peoples’ minds.
To cheat effectively, we have to think about what someone else is thinking. We then need to trick them into believing a different reality. These cognitive skills only emerge in preschool, and it is not until the primary years that children can successfully maintain a false story over time.
As children get older, they can get more cautious about cheating in general, but also start cheating at school.
In a US study, more than three in four high school students reported cheating at school at least once over the past year.
Common techniques included sharing their work with others, getting test answers ahead of time, plagiarising from the internet, and collaborating when they weren’t supposed to.
Students were more likely to see cheating as acceptable when helping a peer, or when they could rationalise the behaviour in a pro-social way (for example, they ran out of time and needed to cheat because they were caring for a family member).
Like adults, children are more likely to cheat when the temptation is greater. In one study, children aged seven to ten were more likely to cheat at a die-rolling game if they could win a bigger prize.
Children and adolescents also report being more likely to cheat to avoid negative consequences. As far back as 1932, US school principal M.A. Steiner wrote how too much work encourages students to cheat. In a 2008 study, students themselves reported cheating at school because they were uninterested in the material or under pressure to perform.
While temptation encourages cheating, the risk of being caught can encourage honesty. Children must weigh up the benefits of cheating against the risks of being caught.
As they get older, children may also consider how cheating impacts their sense of self. For example, “being a good person is important to me – so I won’t cheat”.
Some children are more likely to cheat than others. For example, in a 2019 study in which children’s rolls of six dice could win them prizes, boys cheated more than girls. Boys and girls also approached cheating differently: girls were more likely to cheat to avoid losses, while boys were equally motivated by losses and gains.
Social skills also make a difference. A 2003 US study showed second grade children who have been rejected by their peers are more likely to cheat at board games – even when playing with new children they have never met before. It is possible such children are not as good at regulating their emotions and behaviours.
Adolescents with lower self-restraint and greater tolerance for breaking rules are more likely to accept academic cheating, as are those who misbehave in class.
Although cheating is common, it can pose increasing problems for children and teens as the stakes become higher. Research with Chinese students in the eighth grade showed those who cheated when scoring their own test were less likely to have learned the correct answer later on.
Here are four things parents and teachers can do to help discourage cheating.
1. Have open conversations: talk openly and compassionately about why cheating is not a good idea (for example, “it ruins the fun for your friends”). Research shows children and adolescents who made a promise to experimenters not to cheat at a game were less likely to do so. But children who fear getting in trouble are less likely to tell the truth.
2. Don’t put too much pressure on results: when talking about school, use language related to learning rather than performance (“just try your best, that’s all you can do”). Studies show highly competitive academic environments make cheating more likely, because the benefits of success and risks of failure are heightened.
3. Be positive about your child’s character: in one study, preschoolers were allocated to one of two groups. In the “good reputation” group, children were told “I know kids in your class and they told me you were a good kid”. In another group, children were not told anything. All children were then asked not to peek at a tempting toy while the experimenter left the room. Those in the good reputation group were less likely to cheat (60%) than those in other group (90%).
4. Show kids how it’s done: if adults are being honest and open, children are more likely to do the same. In one study, children were told there was a big bowl of candy in the next room. When this turned out to be a lie, children themselves were more likely to cheat in a game and to lie about it.
Penny Van Bergen receives funding from the Australian Research Council and the NSW Department of Education.
– ref. Why do kids cheat? Is it normal, or should I be worried? – https://theconversation.com/why-do-kids-cheat-is-it-normal-or-should-i-be-worried-242022
Source: The Conversation (Au and NZ) – By Yi Fei Chung, PhD candidate in Environmental Policy, The University of Queensland
“Nature positive” is seemingly everywhere. Two weeks ago, Australia hosted the first Global Nature Positive Summit. This week, nations are meeting in Colombia for a global biodiversity summit to discuss progress on nature positive commitments.
Nature positive has a simple meaning: ensuring more nature in future than there is now. Making it a reality is the hard part.
It’s necessary because nature is in trouble. Once common species are becoming threatened and threatened species are going extinct. Humans, too, will be severely impacted. When ecosystems are healthy, they provide vital benefits. Insects pollinate crops, trees slow floodwaters, earthworms, fungi and soil critters make healthy soil and natural vistas improve our mental wellbeing.
While Australia’s government is working to embed nature positive ideas in environmental reform efforts, we may see lip service rather than real change. The government’s Nature Positive Plan faces opposition from businesses and politicians ahead of a looming election. And the plan itself doesn’t fully align with true nature positive outcomes.
In our article published today in Science, we lay out four vital steps to ensure nature positive policies are actually positive for nature.
At present, Australia’s planned nature positive reforms would only require developers removing habitat to achieve a relative net gain for nature compared to business as usual.
We have argued this approach won’t work – it should be an absolute net gain.
It might sound abstract – but it makes all the difference. For instance, consider a population of endangered koalas living on the site of a new mine. Any negative impact to koalas would have to be offset with a benefit to the species elsewhere, usually on a separate site.
If Australia had absolute net gain in effect, the company would have to ensure there are more koalas overall. If the mine site and an offset site had a combined population of 100 koalas before the development, this combined population would need to be more than 100 koalas after the development – even though some will be lost.
But let’s say these 100 koalas over two sites were expected to fall to 80, even if the mine didn’t happen. In this case, a relative net gain could be achieved if the mine and offset site had 90 koalas. The population fell, but less than it would have otherwise.
Most state and national conservation laws use relative net gain in their biodiversity offsets. It slows the biodiversity decline – but it’s still a decline.
By contrast, England brought in a net gain approach in February of this year, with developers now required to provide a 10% net gain in biodiversity.
Importantly, the vast majority of developments affecting threatened species habitat never require any offset at all. Plugging this major gap is also key.
Read more:
Developers in England will be forced to create habitats for wildlife – here’s how it works
The Australian government plans to introduce conservation payments, where developers can pay into a government-managed fund rather than providing direct offsets.
If developers were to cut down trees used by the critically endangered Leadbeater’s possum, for example, they could choose either to improve habitat elsewhere to offset the damage – or they could pay into the fund instead.
This is a risky plan. For one, it’s often almost impossible or extremely expensive to find suitable habitat for critically endangered species because they have very little habitat remaining.
It’s far better to avoid all further habitat removal. For developers, this would mean avoiding damage to rare habitat in the first place.
Even where offsetting is possible, payments are often inadequate to cover the cost of purchasing and managing an offset site.
Read more:
Developers aren’t paying enough to offset impacts on koalas and other endangered species
Then there’s the time lag. The fund might take years to buy or restore habitat sites, adding to already-long delays between damage and any benefit. And worse, under the government’s proposal, the money could be used for different, potentially less threatened species.
Under Queensland’s scheme, most developers choose to pay into a fund rather than create their own offset sites. Very little of these offset funds have been spent.
Meanwhile, the latest independent assessment of the New South Wales biodiversity offset payment scheme recommended the fund be completely phased out.
Compensating for new damage is important. But it’s not nearly enough. Over the last century, we have done huge damage to the natural world. Australia’s southern seas were once ringed with oyster reefs, for instance, but these were nearly all fished out.
We need to begin to recover what was lost by restoring ecosystems, managing weeds and reducing risk of diseases.
Nature-positive laws should include funding and actions designed to produce absolute gains in biodiversity over and above any required compensation.
The world has long seriously underfunded conservation, including threatened species recovery, ecosystem restoration and protected area management. Australia alone needs a roughly 20-fold increase in funding to actually bring back threatened species.
While this sounds large, it’s off an extraordinarily low base – just A$122 million in 2019. By contrast, we spend over $100 billion on human health each year.
Two years ago, the government passed the first of its nature-positive reforms to create a nature repair market aimed at drawing more funds into nature restoration. But as the market will rely on voluntary private sector investment, we don’t know how much funding will flow or whether it will focus on threatened species recovery.
Ensuring compliance with new nature-positive laws requires transparent and effective enforcement, such as through the independent national environment protection authority with extra powers proposed in Australia.
Its independence and powers may be less than required, due to proposed call-in powers allowing the minister to overrule decisions. True independence and adequate resources are crucial.
If governments do pass environmental reforms, we need to collect adequate and robust data on species to know if they are actually working to boost nature recovery. At present, many Australian threatened species remain unmonitored.
It’s not easy to create a future with more nature than we have now. Australia’s current government took office vowing to embrace nature positive. To date, their reforms are not yet likely to make that a reality.
But the task will only get more urgent. Meaningful nature-positive policy means ensuring targets of absolute net gain for threatened species, ensuring strict compensation for any nature loss, independently resourcing and financing other recovery efforts and implementing these laws effectively.
With a course correction, Australia can still act as a leading example for other nations as they reform their own policies to meet nature-positive ambitions. Now is the time for real and decisive action.
We acknowledge our research coauthors, Brooke Williams (Queensland University of Technology), Martine Maron (University of Queensland), Jonathan Rhodes (Queensland University of Technology), Jeremy Simmonds (2rog), and Michelle Ward (Griffith University).
Yi Fei Chung has received funding from UQ Research Training Scholarship. He is also involving in a Australian Research Council Linkage Project with financial and in-kind support from the NSW Department of Planning and Environment, the Biodiversity Conservation Trust, Tweed Shire Council, and the NSW Koala Strategy.
Hannah Thomas has received funding from WWF-Australia and an Australian Government Research Training Program Scholarship. She is an early-career leader with the Biodiversity Council.
– ref. Want genuine progress towards restoring nature? Follow these 4 steps – https://theconversation.com/want-genuine-progress-towards-restoring-nature-follow-these-4-steps-240569
Source: The Conversation (Au and NZ) – By Evelyn Parr, Research Fellow in Exercise Metabolism and Nutrition, Mary MacKillop Institute for Health Research, Australian Catholic University
Type 2 diabetes affects 1.2 million Australians and accounts for 85-90% of all diabetes cases. This chronic condition is characterised by high blood glucose (sugar) levels, which carry serious health risks. Complications include heart disease, kidney failure and vision problems.
Diet is an important way people living with type 2 diabetes manage blood glucose, alongside exercise and medication. But while we know individualised, professional dietary advice improves blood glucose, it can be complex and is not always accessible.
Our new study looked at the impact of time-restricted eating – focusing on when you eat, rather than what or how much – on blood glucose levels.
We found it had similar results to individualised advice from an accredited practising dietitian. But there were added benefits, because it was simple, achievable, easy to stick to – and motivated people to make other positive changes.
Time-restricted eating, also known as the 16:8 diet, became popular for weight loss around 2015. Studies have since shown it is also an effective way for people with type 2 diabetes to manage blood glucose.
Time-restricted eating involves limiting when you eat each day, rather than focusing on what you eat. You restrict eating to a window during daylight hours, for example between 11am and 7pm, and then fast for the remaining hours. This can sometimes naturally lead to also eating less.
Giving your body a break from constantly digesting food in this way helps align eating with natural circadian rhythms. This can help regulate metabolism and improve overall health.
For people with type 2 diabetes, there may be specific benefits. They often have their highest blood glucose reading in the morning. Delaying breakfast to mid-morning means there is time for physical activity to occur to help reduce glucose levels and prepare the body for the first meal.
We ran an initial study in 2018 to see whether following time-restricted eating was achievable for people with type 2 diabetes. We found participants could easily stick to this eating pattern over four weeks, for an average of five days a week.
Importantly, they also had improvements in blood glucose, spending less time with high levels. Our previous research suggests the reduced time between meals may play a role in how the hormone insulin is able to reduce glucose concentrations.
Other studies have confirmed these findings, which have also shown notable improvements in HbA1c. This is a marker in the blood that represents concentrations of blood glucose over an average of three months. It is the primary clinical tool used for diabetes.
However, these studies provided intensive support to participants through weekly or fortnightly meetings with researchers.
While we know this level of support increases how likely people are to stick to the plan and improves outcomes, it is not readily available to everyday Australians living with type 2 diabetes.
In our new study, we compared time-restricted eating directly with advice from an accredited practising dietitian, to test whether results were similar across six months.
We recruited 52 people with type 2 diabetes who were currently managing their diabetes with up to two oral medications. There were 22 women and 30 men, aged between 35 and 65.
Participants were randomly divided into two groups: diet and time-restricted eating. In both groups, participants received four consultations across the first four months. During the next two months they managed diet alone, without consultation, and we continued to measure the impact on blood glucose.
In the diet group, consultations focused on changing their diet to control blood glucose, including improving diet quality (for example, eating more vegetables and limiting alcohol).
In the time-restricted eating group, advice focused on how to limit eating to a nine-hour window between 10am and 7pm.
Over six months, we measured each participant’s blood glucose levels every two months using the HbA1c test. Each fortnight, we also asked participants about their experience of making dietary changes (to what or when they ate).
We found time-restricted eating was as effective as the diet intervention.
Both groups had reduced blood glucose levels, with the greatest improvements occurring after the first two months. Although it wasn’t an objective of the study, some participants in each group also lost weight (5-10kg).
When surveyed, participants in the time-restricted eating group said they had adjusted well and were able to follow the restricted eating window. Many told us they had family support and enjoyed earlier mealtimes together. Some also found they slept better.
After two months, people in the time-restricted group were looking for more dietary advice to further improve their health.
Those in the diet group were less likely to stick to their plan. Despite similar health outcomes, time-restricted eating seems to be a simpler initial approach than making complex dietary changes.
The main barriers to following time-restricted eating are social occasions, caring for others and work schedules. These factors may prevent people eating within the window.
However, there are many benefits. The message is simple, focusing on when to eat as the main diet change. This may make time-restricted eating more translatable to people from a wider variety of socio-cultural backgrounds, as the types of foods they eat don’t need to change, just the timing.
Many people don’t have access to more individualised support from a dietitian, and receive nutrition advice from their GP. This makes time-restricted eating an alternative – and equally effective – strategy for people with type 2 diabetes.
People should still try to stick to dietary guidelines and prioritise vegetables, fruit, wholegrains, lean meat and healthy fats.
But our study showed time-restricted eating may also serve as stepping stone for people with type 2 diabetes to take control of their health, as people became more interested in making diet and other positive changes.
Time-restricted eating might not be appropriate for everyone, especially people on medications which don’t recommend fasting. Before trying this dietary change, it’s best speak to the healthcare professional who helps you manage diabetes.
Evelyn Parr receives funding from Diabetes Australia and Australian Catholic University.
Brooke Devlin received funding from Diabetes Australia.
– ref. For type 2 diabetes, focusing on when you eat – not what – can help control blood sugar – https://theconversation.com/for-type-2-diabetes-focusing-on-when-you-eat-not-what-can-help-control-blood-sugar-241472
