NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Artificial Intelligence

  • MIL-OSI USA: Sen. Sheikh Rahman: Weeks 2 & 3 of the Legislative Session 

    Source: US State of Georgia

    As we enter the heart of the legislative session, work under the Gold Dome is moving full speed ahead. Even as ice and snow swept across South Georgia and Atlanta last week, our commitment to serving the people of Georgia never wavered.

    We hit the ground running when we returned to the Capitol this past Monday. Some highlights included the Senate Democratic Caucus Press Conference, Alpha Kappa Alpha Sorority Inc. Day and Chamber of Commerce Day. I am always excited to see these events full of Georgians getting involved in our state government.

    As budget hearings for the next fiscal year continue over the remainder of session, we have a critical opportunity to shape investments that will directly impact our communities. Governor Brian Kemp’s proposed budget includes $50 million in security grants for individual schools—an essential step toward keeping students safe. However, proper school safety goes beyond physical security; it requires a commitment to addressing the broader issues affecting student well-being. I will continue advocating for a budget that supports working families, invests in underserved communities, and ensures every Georgian has the opportunity to succeed.

    On Tuesday, the Senate Democratic Caucus announced several key legislative priorities for this session. We introduced Senate Bill 50, a bipartisan effort to close health insurance gaps, expand mental health and maternal care access, and ensure working families can afford quality healthcare. Too many Georgians rely on emergency rooms for primary care because they lack affordable insurance. We believe every Georgian deserves reliable, accessible healthcare, and we will continue pushing for solutions that lower costs and expand coverage. In the coming weeks, we will introduce bills to raise the state minimum wage, improve public schools, and expand access to affordable childcare. Our focus remains on legislation that puts people first.

    I am pleased to have worked across the aisle and cosponsored several pieces of bipartisan legislation, including Senate Bill 9, or the “Ensuring Accountability for Illegal AI Activities Act.” Sponsored by Sen. John Albers (R—Roswell), SB 9 would create sentencing penalties for individuals who utilize artificial intelligence to develop obscene materials that could endanger vulnerable members of our population. 

    I encourage students between the ages of 12 and 18 to apply to spend a day as a Senate Page. This program allows students to participate actively in the legislative process at our State Capitol for a day during the legislative session. This program is an invaluable experience, and I encourage my younger constituents to participate. Interested students may apply for the program here.

    The weeks ahead will be eventful, with key debates and legislation shaping Georgia’s future. I’m committed to keeping you informed and ensuring your voice is heard. Thank you for your trust—I encourage you to stay engaged as we work toward a stronger, fairer Georgia.

    # # # #

    Senator Sheikh Rahman represents the 5th Senate District which includes portions of Lawrenceville, Norcross, Duluth, Tucker and Lilburn in Gwinnett County. He may be reached at (404) 463-5261 or by email at sheikh.rahman@senate.ga.gov.

    MIL OSI USA News –

    February 1, 2025

  • MIL-OSI: Wisdomtree Multi Asset Issuer Public Limited Company (the “issuer”) WISDOMTREE S&P 500 3X DAILY LEVERAGED (ISIN: IE00B7Y34M31) NOTIFICATION OF CHANGE IN THE DAILY SWAP FEE AND FUNDING SPREAD

    Source: GlobeNewswire (MIL-OSI)

    31 January 2025

    LEI: 2138003QW2ZAYZODBU23

    WISDOMTREE MULTI ASSET ISSUER PUBLIC LIMITED COMPANY (THE “ISSUER”)
    (a public company incorporated with limited liability in Ireland)

    WISDOMTREE S&P 500 3X DAILY LEVERAGED (ISIN: IE00B7Y34M31)
    (THE “AFFECTED SECURITIES”)

    NOTIFICATION OF CHANGE IN THE DAILY SWAP FEE AND FUNDING SPREAD OF THE AFFECTED SECURITIES

    Terms not defined in this notice shall have the meaning ascribed to them in the Issuer’s Base Prospectus dated 5 September 2024.

    BNP Paribas acts as Swap Provider for the Affected Securities.

    The Issuer and the Swap Provider have agreed with the Issuer to reduce the Daily Swap Rate of the Affected Securities, as permitted pursuant to the terms of the Swap Provider Agreement and in accordance with paragraph 2.2(iii) of Annex A of the Conditions of the Affected Securities. The Issuer announces that the Daily Swap Rate for the following Affected Securities will be amended from 0.00233% to 0.00136%.

    As also permitted under paragraph 2.2(iii) of Annex A of the Conditions of the Affected Securities, the Swap Provider has notified the Issuer of its intention to amend the Funding Spread of the Affected Securities from 0.50% to 1.10% per annum.

    The Trustee, the Manager and the Issuer have entered into an amendment to the supplemental trust deed for each class of Affected Securities to effect the aforementioned changes (the “Affected Securities Amendments”). The effective date of the Affected Securities Amendments shall be 1 February 2025.

    For further information, please contact: europesupport@wisdomtree.com

    The MIL Network –

    February 1, 2025

  • MIL-OSI USA: Senator Coons decries President Trump’s freeze on almost all foreign assistance in speech on Senate floor

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senator Chris Coons (D-Del.), a member of the Senate Appropriations and Foreign Relations Committees, condemned President Donald Trump’s executive order (EO) to pause almost all U.S. foreign assistance in a speech on the Senate floor yesterday, calling it unconstitutional and harmful to U.S. security and values.

    Last week, following the Trump EO, the State Department issued a “stop-work” order that halted all current foreign assistance and paused new projects, with narrow exceptions. This abrupt action created widespread confusion, further complicated by the White House budget office’s decision to send and then rescind a separate memo that had ordered a freeze on all federal grant spending. The actions have left essential aid programs and global partnerships in a state of uncertainty, weakening the United States’ standing around the world.

    In his remarks, Senator Coons emphasized that foreign assistance is not charity, but an investment that strengthens our security and economy. The Trump EO by contrast, harms our allies and friends, and benefits adversaries like China. It has halted payments to contractors rebuilding Ukraine’s electrical infrastructure in the wake of Russian attacks and frozen support that is critical to ensuring Taiwan’s defense. This pause has halted vital pandemic surveillance work that keeps us safe from lethal diseases and rapidly emerging pandemics, at a time when we are seeing new outbreaks of highly transmissible diseases like Ebola in Uganda and Marburg in Tanzania. The pause has impacted critical global health funding, including PEPFAR, which provides HIV treatment for more than 20 million people living with HIV globally. U.S. institutions that monitor global elections like the National Democratic Institute and International Republic Institute are also frozen in the run-up to elections in nations like Moldova and Romania that are expected to be targets of Russian interference. This reckless step harms U.S. credibility and economic stability and creates long-term consequences that weaken our allies and empower our adversaries.

    Senator Coons also underscored that while foreign assistance accounts for less than 1 percent of the federal budget, its strategic significance is crucial.

    A video and partial transcript of Senator Coons’ comments are available below.

    WATCH HERE.

    Senator Coons: Mr. President, I’m speaking today in strong opposition to President Trump’s illegal executive order of last Friday night that pauses all of our foreign assistance and development assistance. Let’s be clear: our development assistance, our foreign aid, isn’t about charity. It’s about security, and it’s about values. We have alliances and partnerships around the world that are undergirded by our soft power – by our partnerships and investment in helping make our world safer, more stable, and more secure. What happened last Friday night, at the end of the workday and there was no one there to answer urgent questions – was a freeze on all foreign assistance, with a very narrow exception for food aid, and it has caused chaos in the global community that delivers aid and assistance around the world. 

    For days, there were questions unanswered. What did this mean in Ukraine, in Lebanon, where there are wars and ceasefires, where critical grant funding and work by contractors helps put the lights back on after Russian attacks on the electrical infrastructure in Ukraine, where ceasefire implementation in Lebanon was ongoing. In parts of the world where we were continuing to bring home to the United States those who served alongside us in Afghanistan, Afghan SIVs waiting for processing, abandoned in Qatar and here in the United States. 

    A halt on drug supplies that helped keep 20 million people living with HIV through the program PEPFAR, long supported by presidents and Congresses of both parties. A freeze on activity to counter fentanyl and narcotics trafficking, to push back on Chinese and Russian disinformation, and to promote democracy. With urgent upcoming elections, the International Republican Institute and the National Democratic Institute are frozen in their activities and forced to lay off or furlough their workforce. Let me thank Secretary Rubio for responding to urgent calls to broaden the aperture for humanitarian waivers for this freeze, but let me also say that with dozens and dozens of the most senior people at USAID put on furlough, implementing this got harder, and with thousands of contractors who work for USAID in countries around the world dismissed or laid off, the consequences will be severe. 

    I’ll just give you one example. I suspect everyone listening has heard of the disease Ebola. I suspect not everyone has heard of the disease Marburg. They are related. They’re highly transmissive and deadly viruses. There is a new outbreak of Ebola in the capital of Uganda. There’s an ongoing outbreak of Marburg in the neighboring country of Tanzania. This freeze pauses the pandemic surveillance work, the urgent public health work, the assistance we provide that makes sure that we are safe from a rapidly emerging and lethal global pandemic that we put in place after the last pandemic. 

    When we halt foreign assistance, it has consequences. It’s just one percent of our total budget. Most Americans think it’s a big percent of our spending, but it’s one percent, actually, less than one percent of the total federal budget. And there’s a winner here, and it’s not the American taxpayer. Freezing programs like this causes chaos and often costs more to restart them after a review. The winner is China. Our biggest global competitor and adversary is delighted that we’ve handed them an opportunity to say to communities and countries around the world that we are not a reliable partner – that despite contracts and promises, commitments, and programs, they now have months to crow about how we have abandoned our partnerships with county after country around the world. China is delighted when we layoff, or furlough, or cut the resources that help fuel the work of our diplomats and our development professionals. And China has seen its opportunity to expand its influence through programs like the Belt and Road Initiative. They’ve spent a trillion dollars on projects across the Global South in the last decade, and our ability to counter Chinese influence, to make strategic investments, has been put gravely at risk by putting on hold the workforce and the contracts that help deliver them. 

    The administration may be claiming that this pause is temporary, but its effects will not be. The lasting impacts on small businesses, on contractors, on NGOs and loss of expertise, loss of their workforce, loss of their credibility I think will be lasting, dangerous, and harmful.

    MIL OSI USA News –

    February 1, 2025

  • MIL-OSI Africa: Emphasis on leadership, sustainability, youth engagement and digitalisation as International Olympic Committee (IOC) presidential candidates present plans for global sports

    Source: Africa Press Organisation – English (2) – Report:

    LAUSANNE, Switzerland, January 31, 2025/APO Group/ —

    The seven candidates running to become the next President of the International Olympic Committee (IOC) are hoping that with their 15-minute presentations at the Olympic House on Thursday, 30 January, they have been able to convince the IOC membership of their capabilities to lead the biggest sports organisation in the world. 

    Although they were unable to read the room during the in-camera meeting, especially as their audience was barred from asking questions, the candidates appeared satisfied with their campaign pitches. 

    BEHIND CLOSED DOORS There will be no other opportunities for presentations before the election scheduled for 20 March in Greece. Speaking to the media after giving their presentations behind closed doors, some of the candidates believe the current election process requires a review. 

    Prince Feisal Al Hussein of Jordan, who was the first to appear before the press, said: “If I’m President, I think I would have more flexibility in the rules… We are part of a global sports community and the world has the right to know who is running and what they stand for.” 

    Below are excerpts from the candidates’ interaction with the media at the Château de Vidy, the historical building next to Olympic House, where the presentations took place. 

    HRH PRINCE FEISAL AL HUSSEIN  

    PRESENTATION: It was an honor to deliver my speech to my fellow IOC members, where I laid out my vision for the future blueprint of the Olympic Movement centered on consensus leadership. My speech was structured around three strategic imperatives that are in my manifesto; inspiring imagination, ensuring integrity and developing inclusion. 

    EXPERIENCE DEALING WITH HEADS OF STATE, AN ADVANTAGE?: Absolutely, yes. I think I’ve learned from the experience of not just learning how to deal with people, but by consensus. At the end of the day, all leaders are human beings, and the ability to find a common ground upon which you can build an understanding is a key benefit from the experience that I’ve had just being who I am. 

    DEALING WITH THE IOC’S BIGGEST CHALLENGE: One of the things we have to face and we have to deal with literally focuses on the issue of integrity. When you see the global community, the youth in particular have lost their trust in global institutions, and the IOC is a global institution, so we need to regain both the trust and the sense of relevance with the youth of this world. They are our future movement. And I think this is one of the key areas I would focus on as IOC president. 

    CONFIDENCE IN WADA DESPITE WITHDRAWAL OF US FUNDING: It’s not for me to comment on the policies of the United States. We (the IOC) are an institution that helped establish WADA and I think it has been doing a terrific job in dealing with the issue of doping. We’ve seen such a large reduction of doping incidents in the Olympic Games, and I think this means that they have been effective, and we will continue to support that. 

    DEALING WITH BOXING AHEAD OF LA28: I would love to see boxing back on the programme. It is one of the oldest Olympic sports, and I just hope that we can find a global Federation that can take on that responsibility of organising boxing in LA. 

    RUSSIA’S RETURN TO THE OLYMPIC MOVEMENT: There’s nothing I’d like more than to be able to have the whole world at the Olympic Games, I think that’s what our objective is. But I also recognise that there are certain limitations and concerns. Right now, to my understanding, the exclusion of Russian athletes is based on a violation of the Olympic Charter. As President of the IOC, my role and responsibility is to uphold the Olympic Charter. And as long as nobody is in violation, then there is no reason for sanctions. And I would very much like to find a mechanism where we can reintroduce Russia. The world is stronger when we are all together. And I think that is what the Olympic Games does.  

    MR DAVID LAPPARTIENT  

    PRESENTATION: I hope that I have convinced my colleagues that I can be a real leader for the IOC. 

    RUSSIA’S RETURN TO THE OLYMPIC MOVEMENT: Russia shouldn’t be indefinitely suspended by the IOC. This is a country of sport, so our objective would be to have them come back into the fold. However, there are reasons why the IOC suspended the NOC of Russia… So it is obvious then that these subjects should be dealt with before decisions can be taken.  

    THE OLYMPIC GAMES IN AFRICA: The IOC is on the five continents. Sport is universal, and African athletes are exceptional, but Africa has until today, never hosted the Olympic Games, they of course, are going to have the Youth Olympic Games. I suggest that the Olympics should take place in Africa, not fixing a specific date. But the idea is, nonetheless, that during this coming mandate or two mandates, we would like Africa to host the Olympic Games, because Africa deserves the Olympic Games.  

    BIGGEST CHALLENGE: One of the challenges will be the instability of the world. It’s becoming more and more difficult, and sure we’ll have some crises to face in the future. This is why we need to source strong leadership. Climate change is also an issue. We also saw what happened in the winter time in Los Angeles, and it’s also the result of climate change. Another key challenge will be digitalization. The world is completely changing, disrupting. But what I also tried to explain this morning is how we can turn all these challenges into opportunities. We have opportunities to bring the world together. This is what we want. This is our vision. This is the ideal of the Olympic movement. We can also properly address the issue of climate change. This is what Paris has done. We also have the potential Olympic Esports Games, that’s also a way to interact with the younger generation. We can also reach a wider audience with digitalization.  

    MR JOHAN ELIASCH 

    TRACK RECORD: In a world of division and disruption, we need hope more than ever before. I’m standing because I believe that I have a proven track record and experience to deliver. I have successfully run large international corporations, led important commercial and political negotiations across business, sport, media and entertainment, foreign affairs, technology, and a lot of areas. I’ve been very active in climate action, preserving millions of acres of rainforest. In the last four years, I’ve led the transformation of the International Ski and Snowboard Federation. We oversee more than half of the medal events in the Olympic Winter Games. So I think that’s a perfect and perfect trip for the presidency. I know what it takes to lead and drive change. This is not a popularity contest. 

    RUSSIA’S RETURN TO THE OLYMPIC MOVEMENT: The individual, neutral athletes programme works very well. And I think it’s very important, because no athlete can choose where they were born. And the athletes must never be weaponized for political purposes. So I believe in this programme, and that we should make sure that also for Milano-Cortina, this is something that all the winter federations will adopt. 

    WHAT NEEDS TO CHANGE: Of course, we have to put the athletes front and centre. And we need to make sure that they have the best experience before, during, and after the Games. We have a very fast-changing landscape when it comes to digital, and we have to stay ahead of the curve here. We have a responsibility and a very strong voice when it comes to sustainability and this is an area which is very close to my heart, so this will certainly be at the forefront of my agenda. We also need to make sure that we uphold the magic of the Olympic Games. There is a lot of competition from other events and other sports and we need to make sure that we’re the best. 

    ENGAGING SPONSORS: Well, sponsorship is much more than just sticking your name to something. It’s about partnership. And this area is also changing very fast. Activations, people expect more here. We need to make sure that we deliver, that these partnerships are value-added for our sponsors. We have an incredible brand. But in today’s day and age, we also have to make sure that these partnerships are as attractive as possible. 

    BALANCING FUTURE OLYMPICS IN AFRICA, INDIA OR THE MIDDLE EAST WITH SUSTAINABILITY COMMITMENTS: Here, for instance, the proposed rotation scheme of the Winter Olympics is very important. We have infrastructure in place to deliver the events. We need to make sure that we find solutions with the IFs to make sure that the capacity of investment is kept up. So we don’t have to retrace what already exists in places where it’s not going to go. Now, with the Middle East, with Africa, with India, it is essential that we are very strong and committed to no carbon impact on anything that we do. 

    MR JUAN ANTONIO SAMARANCH  

    THE IOC: I understand our organization as two different parts. On one hand, we are an extraordinarily big, large and efficient NGO – we distribute most of the money we generate in our business through the International Federation, National Olympic Committees and the organizing committees to the base of the world’s sports pyramid. So this is an NGO. Second, we need a powerful business machine to generate the necessary revenues to feed the NGO. So I have thrown my hat in the ring because I have significant experience on both sides. I’ve more than 25 years of experience in critical roles throughout the Olympic movement, and I’ve more than 25 years of experience in critical roles with my own company in the finance industry. 

    EMPOWERING IOC MEMBERS We must empower the members and ensure governance led by members and not by a selected few. 

    CHANGES In the 12 years of President Bach, we had to deal with so many complications and so many threats and managed to get the organization to move and evolve at a rapid pace. But that rapid pace of change that we implemented is no way near what is coming. I think we have a very important base, a very solid base, from the past, but the recipes of yesterday will not make it in the future. 

    LEGACY OF HIS FATHER, HELP OR HINDRANCE: My father left office 25 years ago and, as his son, I appreciate his legacy very much. His example is always with me, but the recipes of today have nothing to do with a presidency that ended years ago. Bear in mind, he joined the Olympic Movement more than 60 years ago. 

    PRESENTATION: I felt very good in the room, because I have something interesting to say, something I am passionate about. And I was so happy to have the opportunity to share that with my fellow members. So, it’s for them to decide. But my presentation is clear. I have a very clear programme. My manifesto is very much action-based and it leaves very little room for future surprises. 

    BIDDING PROCESS FOR OLYMPIC GAMES HOSTS: I think that we need to produce not a more traditional, but a better, new model that is more aligned to the current times, that would include a final decision in a significant participation of all IOC members. 

    MEDIA: I told my fellow IOC members this, ‘let’s refocus our relationship with the media. They are not our enemies. They are our allies.’ You (the media) shape the opinion of the world on the Olympic Games. This I intend, if I become IOC President, to maintain and you can hold me accountable for that if I am there. 

    MRS KIRSTY COVENTRY 

    THE OLYMPIC DREAM: My journey started as a nine-year-old girl watching the 92 Barcelona Olympic Games and just setting myself a dream and then finally realizing that dream in Athens getting to stand on the podium and win my first Olympic medal. In Athens, I won three medals and finally in my last event got to win the gold even though Zimbabwe was in a difficult situation. But when I got home to Zimbabwe, it was a time of three or four days of peace, so I really got to see the power of sport. 

    TODAY’S NINE-YEAR-OLD: The nine-year-olds in today’s world are not watching a television screen, they’re holding a phone and that phone is going to be their starting point to connect with us through online streaming platforms, and it’s going to be our chance to engage with them and ensure that we’re inspiring them, and to take it even further, we’re going to be developing and promoting applications that are going to allow them to train anywhere and everywhere in the world. And this is the world that we live in today, and let’s embrace it and walk that road together. 

    SUPPORTING AFRICAN ATHLETES: We need to find more ways of directly impacting and getting revenue to athletes before they become Olympians. That is generally the toughest thing most athletes find. From my own journey it was easy to get sponsorship once I’d won a medal. But getting to that medal was tough. 

    BACKING FROM BACH?: I have known President Bach since I came into the IOC, and I think being a fellow athlete, we share a lot of commonalities, a lot of common ideas and philosophies. But in this race, he’s the President. He has a vote, but he doesn’t vote, he chooses not to vote, and I do very firmly believe that he is being very fair to all candidates.  

    BEING A MOTHER OF A SIX-MONTH OLD AND A CAREER WOMAN: First and foremost, I want to be the best candidate to win, not just because of my gender or from where I come from. And I believe I’ve got a lot of expertise to bring to this role, to leading the organisation. 

    IT TAKES A VILLAGE TO RAISE A CHILD: When I was stepping into my ministerial role seven years ago, I was pregnant with my first baby girl and had to quickly learn how to navigate and be a woman with a career as well as a mom and a wife and everything else. And it can be done. I’m very lucky to come from Africa because culturally we know and we firmly believe that it takes a village to raise a child. 

    PROTECTING WOMEN ATHLETES: As a female athlete, you want to be able to walk onto a level playing field always. It’s our job as the IOC to ensure that we are going to create that environment, and that we are going to not just create a level playing field, but we’re going to create an environment that allows for every athlete to feel safe. Along the road. We’re going to learn lessons, and we’re going to get stronger and we’re going to make better rules and regulations.  

    LORD SEBASTIAN COE 

    PRESENTATION: I enjoyed this morning’s process. I hope I was able to communicate my love for the movement. It’s something that I genuinely feel I’ve been training for for the best part of my life, or at least since the age of 11, when my father bought me my first pair of running shoes. I hope I was able to convey that, but I’m also hoping that I was able to convey the core pillars of my manifesto, my commitments and my pledges. 

    SUSTAINING IOC REVENUE: The world has changed and we do have to change with it – I’ve been in the sports marketing world for 30 years. Primarily we do need to adopt an audience first approach, which is in essence, to give them what they want, when they want it, and where they want it. Above all, for National Olympic Committees of all shapes and sizes, of some of the smaller International Federations, to enjoy that with a barrier-free physical and digital experience. 

    BIGGEST CHALLENGE FOR THE IOC: The biggest challenge faced by the International Olympic Committee is no different, and it is not unique from any National Olympic Committee, any sporting organization, any club, private or public. It is how do you continue to excite and engage with young people, and how do you utilize, optimize fully the use of cutting edge technology? And we talk a lot about technology, we actually run the risk of sounding a little bit analog, because I don’t think there’s anyone in this room that hasn’t recognized that the organizations they work in, they deliver services in, have gone through that digital transformation. But I do think that engaging, exciting and challenging tomorrow’s generation is going to be critical, because it’s that cohort that is ultimately going to be your future sponsors, your future thought leaders, your future governments, your future politicians. And we need to create amongst that group of people a lifelong bond for sport. So even if they don’t remain in sport as coaches, administrators, communicators, we at least have the opportunity for them to assume leadership roles wherever they are, and really fundamentally understand the nature of sport, and it is only that way that we will raise sport to the top of government agendas. Engaging with young people is the key to unlocking so many of the other interdependencies. 

    ELECTION RULES: I’ve been in politics for a long time. I’ve found it a fairly unproductive process to pick a fight with the returning officer in the process. The rules are the same for everybody. I do think we need to review them, and I’m sure that whoever succeeds in March will want to look at that amongst other things too. 

    MR MORINARI WATANABE 

    OLYMPIC GAMES IN FIVE CONTINENTS: I propose to stage the Olympic Games in five cities on five continents at the same time. It would allow the IOC to offer the best possible conditions for each sport, to reduce the financial burden on host cities, to offer greater potential for broadcast and commercial opportunities, sustainability with reduction of travel, and alleviate other hosting problems like governmental restrictions and war.  

    POTENTIAL OF SPORT: Paris 2024 was a historic success, thanks to all the athletes, thanks to the leadership of President Thomas Bach and thanks to the excellent work of the Paris Organizing Committee. However, I believe that we should not be satisfied and that we must build on the success of these Games. Because, in contrast to the spectacular Olympic Games, the situation of the NOCs is far from strong. As FIG President, I have visited 162 countries. I have seen with my own eyes the situation of our sport in each country. As a result I saw the reality. Economically, these countries are not wealthy. In many countries, their relations with the government are not good. The presence of sport in each country is not high enough. I used to be a gymnast myself. That’s why I believe sport has even greater potential. To unleash that potential I propose that the Games be held on all five continents at the same time. 

    WORLD SPORTS ORGANISATION: I also envision upgrading the IOC into a World Sports Organization, like the World Health Organization. If the IOC continues and expands its activities, it would remain independent of politics and uphold the barriers of democracy, transparency, and gender equality. As a World Sports Organization we must contribute to society. We must make a new business for sports. My vision is not focused on only the Olympic Games. We must see a wider view for sports. Sports can contribute to society. I believe the 21st century industrial revolution will be driven by sports and healthcare. So, which organization is best placed to lead this transformation globally? It is the IOC. 

    BICAMERALISM: I am proposing a two-chamber system; a House and a Senate because many IOC members have very good ideas, even non-IOC members. We must take these ideas and listen to these opinions to develop sports. We have to be open. There are many professionals, athletes, royalty, politicians, lawyers, bankers, and many others. If we work together, we can do anything. Let’s open the door to a new era. 

    MIL OSI Africa –

    February 1, 2025

  • MIL-OSI Russia: Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    January 31, 2025

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    January 31, 2025

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    January 31, 2025

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    January 31, 2025

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    January 31, 2025

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    January 31, 2025

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    January 31, 2025

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    January 31, 2025

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    January 31, 2025

    Previous news Next news

    Dmitry Chernyshenko met with scientists and assessed developments in eliminating the consequences of emergencies in the Black Sea

    During a working visit to Anapa, Deputy Prime Minister Dmitry Chernyshenko met with scientists and assessed innovative developments and technological solutions for eliminating the consequences of an emergency situation (ES) in connection with an oil spill in the Black Sea.

    The Deputy Prime Minister emphasized that, on the instructions of President Vladimir Putin, a government commission headed by Deputy Prime Minister Vitaly Savelyev has been created to coordinate the process of eliminating the consequences of the fuel oil spill. A separate direction on science is led by Minister of Science and Higher Education Valery Falkov.

    “Scientists said an important thing: they do not compete in technology, but complement each other and find symbiosis. Cooperation is extremely important, because President Vladimir Putin instructed us to develop technologies for the future so that we can quickly respond and help others. It is also necessary to solve current issues. Now we are faced with the task of defining clear steps for testing developments and scaling them in real conditions,” said Dmitry Chernyshenko.

    At the experimental site, the Tyumen Industrial University demonstrated a technology for cleaning water areas using magnetically sensitive materials introduced by mobile means, including UAVs. Both ready-made powders and industrial waste are used.

    The Institute of Control Sciences of the Russian Academy of Sciences presented an autonomous robot for monitoring the surface, underwater and in the air. The robot detects objects using AI, conducts additional examination and can be used for environmental monitoring and other purposes.

    Sibur and the Chemistry Department of Lomonosov Moscow State University demonstrated samples of polyurethane foams and fibers to improve fuel oil collection using polymer networks and sorption materials.

    Kuban State University and Bauman Moscow State Technical University presented the results of research on the use of biopreparations and bacteria for the decomposition of fuel oil in the soil. For the additional purification of sands, it is planned to use oxidative methods and biopreparations.

    Tomsk State University presented the “Aeroshup” technology, based on the flotation principle. Air bubbles separate pollutants from the bottom of a reservoir, raising them to the surface for further collection. It is planned to adapt the technology to marine conditions using a remotely operated unmanned underwater vehicle (ROV) for work at depths of up to 100 m.

    Deputy Minister of Science and Higher Education Denis Sekirinsky noted that, on the instructions of the Government, the existing scientific and technical groundwork is being analyzed, and interaction with the operational headquarters is underway. The interdepartmental working group formed in the Ministry from leading scientists, business representatives and interested executive authorities works on a permanent basis, providing the necessary consultations to the Ministry of Emergency Situations, the Ministry of Transport, the Ministry of Natural Resources and the Federal Service for Supervision of Natural Resources.

    “Today we presented key scientific and technical developments that we are beginning to test and apply to solve problems of eliminating the consequences of the accident. This experience will certainly be useful in the future if a similar incident occurs in one or another part of the world,” said Denis Sekirinsky.

    Krasnodar Region Governor Veniamin Kondratyev noted that a working group was created at the regional level, which included leading research centers of the region, Moscow and Sevastopol. In total, there are about 40 scientists, representatives of production and scientific enterprises and associations. Experts have already reviewed 84 proposals for cleaning contaminated sand and recycling petroleum products.

    “Among the solutions that have already been tested is the development of Skoltech scientist Vladimir Kalyaev, who was one of the first to arrive in the region – in Anapa, more than 10 km of protective sand embankments have already been covered with absorbent fabric. In the village of Voskresensky, an industrial installation called “Grokhot” is operating at the temporary accumulation site for oil-contaminated sand, and mechanized seeders are used on the beaches. We need to find a technology as soon as possible that will allow us to clean the soil in the beach area as efficiently as possible,” said Veniamin Kondratyev.

    In addition, Dmitry Chernyshenko held a meeting on the development and implementation of scientific solutions aimed at eliminating the consequences of an emergency situation in connection with an oil spill in the Black Sea.

    It was attended by the Governor of Krasnodar Krai Veniamin Kondratyev, Deputy Minister of Natural Resources and Environment Maxim Korolkov, Deputy Minister of Science and Higher Education Denis Sekirinsky, Vice President of the Russian Academy of Sciences Stepan Kalmykov, heads of scientific organizations and universities.

    The participants discussed the status of the implementation of the Government’s instruction on organizing the work on selecting promising solutions to eliminate the short-term and long-term consequences of oil spills. The heads of scientific organizations also heard reports on technologies for monitoring and forecasting the state of fuel oil pollution.

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

    MIL OSI Russia News –

    February 1, 2025

  • MIL-OSI: Blockmate subsidiary Hivello commences token sale

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to confirm that its subsidiary, Hivello Holdings Ltd has commenced a public token sale event for its native token.

    The Hivello platform offers its users a passive income stream in exchange for their unutilized computing power to third party networks.

    Blockmate will not be directly issuing any tokens or receive any proceeds from the public token sale.

    The token will be issued by the Swiss-based HVLO Association, under licence from Hivello Holdings Ltd.

    Key details of the $HVLO token are outlined in the media release published by Hivello below.

    Hivello Announces Public Token Sale on DAOMaker, HyperGPT, & EclipsePad

    London & Amsterdam, January 28, 2025 – Hivello, the innovative DePIN mining platform, is thrilled to announce the public token sale of its native token, $HVLO, set to commence on January 31, 2025. The sale will be hosted on three prominent launchpads: DAOMaker, HyperGPT, and EclipsePad, offering participants equal opportunities to invest in the future of decentralized physical infrastructure networks.

    The $HVLO token sale is structured as a fair launch, ensuring that every participant receives the same terms. This approach underscores Hivello’s commitment to decentralization and fairness in the rapidly evolving Web3 landscape.

    Key Details of the $HVLO Token Sale:

    • Public Sale Start Date: January 31, 2025
    • Launchpads: DAOMaker, HyperGPT, EclipsePad
    • Token Unlock Schedule:
      • 25% of tokens will be unlocked at the Token Generation Event (TGE).
      • A one-month cliff will follow the initial unlock.
      • The remaining tokens will vest over a period of five months.
      • Team tokens will remain locked for nine months, ensuring alignment with the community’s long-term interests.

    Hivello’s unique approach to DePIN mining allows users to earn rewards by connecting unused computer resources to decentralized networks. The platform’s aspirational goal to integrate with every reputable DePIN positions it as a future leader in the DePIN ecosystem.

    “We are incredibly proud of the vibrant community that has grown around Hivello. Decentralization is not just a technological advancement; it’s a fundamental shift towards empowering humanity. With the upcoming token sale, our community now has the opportunity to take a stake in Hivello’s future, further aligning our shared vision of making DePIN mining so intuitive and accessible that onboarding the next 100 million users becomes a given,” said Domenic Carosa, Chairman and Co-founder of Hivello.

    Participants interested in the $HVLO token sale can find more information and the official launchpad links here: https://www.hivello.com/HVLO-token

    The token is being issued by HVLO Association (Switzerland) under licence from Hivello Holdings Ltd.

    (ENDS)

    About Blockmate Ventures Inc.
    Blockmate Ventures is a venture creator focussing on building fast growing technology businesses relating to cutting edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at www.hivello.com) and Sunified, digitising solar energy.

    The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

    About Hivello
    Hivello is an aggregator of DePIN projects that allows any user to participate in a variety of DePIN networks with just a few clicks. This eliminates the technical hurdles that many users face when trying to join these networks, and allows users to generate an extra source of income by mobilizing their idle computers. We aim to create a simple app that allows users to contribute their computer resources with no technical knowledge required.

    For more information about Hivello and to stay updated on its developments, visit www.hivello.com

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Blockmate disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network –

    February 1, 2025

  • MIL-OSI USA: Ricketts Announces Subcommittee Assignments for the 119th Congress

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    January 31, 2025

    WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) announced his subcommittee assignments for the 119th Congress.

    “President Trump’s re-election provides a historic opportunity to get our country back on track,” said Ricketts. “On these subcommittees, I’ll work to unleash American energy, extend the Trump tax cuts, and restore American strength on the world stage.”

    Banking, Housing, and Urban Affairs Committee

    • Member, Subcommittee on Economic Policy
    • Member, Subcommittee on Financial Institutions and Consumer Protection
    • Member, Subcommittee on National Security and International Trade and Finance

    Environment and Public Works Committee

    • Chairman, Subcommittee on Fisheries, Wildlife, and Water
    • Member, Subcommittee on Transportation and Infrastructure
    • Member, Subcommittee on Clean Air, Climate, and Nuclear Innovation and Safety

    Foreign Affairs Committee

    • Chairman, Subcommittee on East Asia, the Pacific and International Cybersecurity Policy
    • Member, Subcommittee on Europe and Regional Security Cooperation
    • Member, Subcommittee on State Department and USAID Management, International Operations and Bilateral International Development

    BACKGROUND

    U.S. Senate Committee on Banking, Housing, and Urban Affairs is responsible for matters related to banks and banking, price controls, deposit insurance, foreign trade promotion, export promotion and controls, and federal monetary policy. It has jurisdiction over financial exchanges, markets, and derivates, financial aid to commerce and industry, issuance of redemption of notes, and currency and coinage issues. Additionally, the Committee is responsible for public and private housing, urban development, mass transit, and government contracts. This includes oversight of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the U.S. Department of Housing and Urban Development (HUD), the Export-Import Bank, and the Federal Housing Administration.

    U.S. Senate Committee on Environment and Public Works is responsible for legislation and oversight of the natural and built environment and for studying matters concerning environmental protection and resource conservation and utilization. This includes oversight of the Environmental Protection Agency (EPA), the U.S. Army Corps of Engineers, and the U.S. Fish and Wildlife Service.

    U.S. Senate Committee on Foreign Relations is instrumental in developing, influencing, and overseeing U.S. foreign policy. The Committee considers, debates, and reports important treaties and legislation involving everything from foreign aid to arms sales to international organizations like the United Nations. It overseas the U.S. State Department and holds jurisdiction over all diplomatic nominations, including the U.S. Secretary of State. Ricketts will be the second highest ranking Republican on the Committee.

    MIL OSI USA News –

    February 1, 2025

  • MIL-OSI: ESET Triumphs as AV-Comparatives’ 2024 Product of the Year

    Source: GlobeNewswire (MIL-OSI)

    BRATISLAVA, Slovakia, Jan. 31, 2025 (GLOBE NEWSWIRE) — ESET, a global leader in cybersecurity solutions, is proud to announce that ESET HOME Security Essential has been named AV-Comparatives’ Product of the Year for 2024. This prestigious award recognizes ESET HOME Security Essential for Windows for its outstanding performance and reliability in protecting consumers against a wide range of cyber threats.

    In 2024, AV-Comparatives subjected 16 consumer security products for Windows to rigorous testing, evaluating their ability to protect against real-world Internet threats, identify recent malicious programs, defend against advanced targeted attacks, and provide protection without slowing down the PC. ESET HOME Security Essential emerged as the top performer, receiving the highest Advanced+ Award in all seven tests conducted throughout the year.

    As stated in the AV-Comparatives’ Summary Report 2024, “Reviewers were impressed by the clean, intuitive user interface designed for non-expert users, as well as the extensive customization and scan options available for power users.”

    Although the majority of vendors make auto-renewal mandatory, the report points out that, most commendably, ESET is among those vendors who do not impose auto-renewal on users. The report further highlights ESET HOME Security Essential as a well-designed and easy-to-use security product that provides safe default settings and essential features easily accessible to all users.

    Andreas Clementi, founder and CEO of AV-Comparatives, commented on ESET’s recognition: “ESET’s performance throughout our 2024 tests has been consistently strong, earning high ratings across multiple categories. The awards reflect the product’s reliability in malware protection, usability, and system performance. ESET HOME Security Essential demonstrated a well-balanced approach, providing effective security without imposing a significant burden on the system, which many users will appreciate.”

    “We are honored to be recognized as AV-Comparatives’ Product of the Year for 2024. This award is a testament to our commitment to providing high-performance, technologically advanced security solutions that protect digital lives of our customers without compromising their device performance. We will continue to innovate and enhance our products to address real-life cybersecurity and privacy needs of our users, so they can enjoy the full potential of themselves and their technology in a secure digital world,” said Viktória Ivanová, Vice President of Consumer and IoT Segment at ESET.

    ESET HOME Security for Windows is designed to offer high-performance protection with low system impact, utilizing multilayered technologies that go beyond basic antivirus capabilities.

    Discover more about ESET HOME Security solutions here.

    About ESET

    ESET® provides cutting-edge digital security to prevent attacks before they happen. By combining the power of AI and human expertise, ESET stays ahead of known and emerging cyberthreats — securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. An ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit www.eset.com or follow us on LinkedIn, Facebook, and X.

    The MIL Network –

    February 1, 2025

  • MIL-OSI: Humans Group 2024 Financial and Operational Results: Fintech Service Humans Pay is a Key Growth Driver with 60% YoY Revenue Increase

    Source: GlobeNewswire (MIL-OSI)

    Humans Group recorded significant growth across all key metrics: turnover, revenue, and customer numbers. The active user base of its super app ecosystem grew to over 2.3 million people by the end of 2024, a 28% year-on-year increase.

    TASHKENT, Uzbekistan, Jan. 31, 2025 (GLOBE NEWSWIRE) — The Humans Group of companies has published its final report on its activities in Uzbekistan for 2024. Turnover reached UZS 17,777 billion, and gross revenue totaled UZS 515.4 billion. Net revenue increased by 9.82% compared to the previous year.

    Ecosystem Growth

    The Humans super app provides unique, market-leading services for the Uzbek market. It combines mobile services, a fintech service called Humans Pay, Humans Yaxshi, a grocery delivery service from local markets, and Humans Market, a marketplace for buying everyday goods. The ecosystem also includes a cashback program.

    The active customer base of the Humans ecosystem is steadily growing, providing a positive outlook for further market expansion. At the end of 2024, the customer base of the Humans ecosystem exceeded 2.3 million users, reflecting a 28.01% increase compared to 2023.

    Customers are increasingly using the Humans app as a super app to meet their daily needs. As of December 2023, nearly 88% of customers active within the past 30 days used only mobile services. By September 2024, this share had decreased to 84.6%. Currently, more than 1.25 million customers are combining at least two services within the super app.

    Vlad Dobrynin, CEO and founder of Humans Group, said: “The addition of new services to the ecosystem consistently leads to an increase in the number of active users and a rise in transaction frequency. In 2025, we plan to offer new convenient products to our customers, such as a ‘buy now, pay later’ service and a microloan service.”

    “We will also launch a social platform for targeted peer-to-peer assistance to those in need. Further, we will continue to expand the range of products in the Humans Market marketplace and increase the Humans Yaxshi delivery area to 50 cities in Uzbekistan.”

    Humans Pay: A Key Driver of Net Revenue Growth

    Fintech remains one of the main drivers for the development of the Humans super app. Net revenue of the Humans Pay payment and transfer service reached UZS 133.1 billion in 2024, an increase of 59.98% compared to 2023. The number of unique clients of the Humans Pay service exceeded 701,410 in the first three quarters of 2024, a 21.27% increase compared to the same period in 2023.

    Alongside user growth, there has been a corresponding increase in transactions. Clients are using the Humans Pay service more frequently, making more transactions, and transferring larger amounts of money. In the first three quarters of 2024, the total volume of card-to-card transfers increased by 151.6% year-on-year, while the number of transactions per active user rose by 62.15%.

    Humans Mobile: Customers Choose Unlimited Internet

    The telecom service is also reaching an increasingly larger share of the Uzbek population. The number of active telecom clients of Humans surpassed 1.56 million in 2024. Among them, 279,200 are already using unlimited internet packages, a 78.55% increase compared to last year.

    “In 2024, Humans demonstrated double-digit growth in almost all key performance indicators. We significantly strengthened our position in the telecom business and confirmed the effectiveness of our strategy aimed at transitioning telecom service users to an ecosystem product,” added Vladimir Dobrynin.

    Despite the impressive growth figures, the potential for growth in the Humans Pay fintech service has been slowed by the unprecedented actions of the Central Bank of Uzbekistan and the biased, discriminatory policies of the regulator. The Humans team did everything possible to support the growth of the ecosystem and, most importantly, to continue driving development,” noted Vladimir Dobrynin.

    Customer Support: AI Sets New Service Standards

    The quality of customer service is a high priority for Humans. Today, 92% of user inquiries are resolved on the first contact with the call center by phone, and 91% on the first contact via chat. However, to deliver ever superior standards of customer care in 2024 Humans Group implemented an AI-based personalized offer system.

    The platform selects the most relevant services for the customer based on their request, for example, mobile service plans. This ensures call center operators recommend only relevant and optimal services for customers, saving their time. As a result, the AI platform simultaneously improves communication efficiency and user satisfaction.

    Team: The “Daily Pay” Project as an Element of Social Responsibility

    Reflecting Humans Group dedication to corporate social responsibility and employee well-being, in 2024 the company introduced a ‘Daily Pay’ system for its customer support employees. This system rewards staff with bonuses the morning after they have hit daily targets.

    The speed of this remuneration is unprecedented and provides team members with confidence in their financial planning, leading to increased motivation, engagement, and job satisfaction. The system had previously been trialled, with enormous success, across the Humans retail network among salespeople, supervisors, and couriers.

    About Humans

    Humans.uz is a super app that combines the fintech service Humans Pay, mobile communication services Humans Mobile, the grocery delivery service from bazaars Humans Yaxshi, and the product marketplace Humans Market. The project was launched in June 2020 in Uzbekistan as part of the Humans Group operations which also includes the employee search platform Humans.net in the USA. The group’s offices are located in the USA, Uzbekistan, Poland, Singapore, and Germany.

    Website

    https://humans.uz/en/

    Contact

    Natalia Ikonnikova
    pr@humans.net

    Disclaimer: This content is provided by the Humans. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62483b00-501d-4c1f-b4b9-9e26fbafe651

    The MIL Network –

    February 1, 2025

  • MIL-OSI: Foresight Ventures’ Co-founder, Forest Bai, Joins Consensus Hong Kong 2025 to Judge PitchFest

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Jan. 31, 2025 (GLOBE NEWSWIRE) —

    Foresight Ventures, a leading global crypto venture capital firm, has announced its participation in Consensus Hong Kong 2025, the premier blockchain and Web3 gathering hosted by CoinDesk. As a VC partner, Foresight Ventures will play an integral role in amplifying the impact of the event and fostering meaningful dialogue around Asia’s emerging trends in blockchain, DeFi, and AI-driven Web3 innovations.

    As part of its engagement, Forest Bai, Co-Founder of Foresight Ventures, has been invited as a judge for the CoinDesk PitchFest. This high-stakes competition will highlight some of the most promising blockchain startups as they pitch their innovations to a panel of industry-leading investors and entrepreneurs.

    PitchFest serves as a launchpad for early-stage Web3 startups, offering them exposure, mentorship, and potential investment opportunities. With Foresight Ventures’ deep expertise in bridging East and West through strategic investments and incubation, the firm is well-positioned to identify and support disruptive projects poised for long-term success.

    Forest Bai commented on the participation: “Consensus Hong Kong is a gateway to Asia’s rapidly evolving blockchain landscape. At Foresight Ventures, we believe in empowering the next wave of innovators, and PitchFest is the perfect stage to discover and support game-changing projects. We’re excited to engage with the brightest minds and reinforce our commitment to fostering blockchain excellence in Asia and beyond.”

    Beyond PitchFest, Consensus Hong Kong 2025 will feature a diverse lineup of notable speakers, including CEO and executives of Binance, Robinhood, Solana Foundation, Wintermute, Backpack, Polymarket, Grayscale, Aptos, Monad and many more, together with networking opportunities, and deep dives into regulations, DeFi, PayFi, and AI’s intersection with Web3. The event is expected to attract top-tier investors, founders, and developers looking to shape the future of the blockchain industry.

    About Foresight Ventures
    Foresight Ventures is the first and only crypto VC bridging East and West. With a research-driven approach and offices in the US and Singapore, we are a powerhouse in crypto investment and incubation. Our premier media network includes The Block, Foresight News, BlockTempo, and Coinness. We aggressively invest in the most daring innovations. We are dedicated to partnering with visionary projects and top teams to help them succeed, reshaping the future of digital finance and beyond.

    For more information, users can visit: Website | Twitter | LinkedIn | Discord | Linktree
    For media requests, users can contact media@foresightventures.com. 

    Contact

    PR team
    media@foresightventures.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aaba6271-01a8-47fe-a589-d5f35d5d7da4

    The MIL Network –

    February 1, 2025

  • MIL-OSI Global: Property and sovereignty in space − as countries and companies take to the stars, they could run into disputes

    Source: The Conversation – USA – By Wayne N White Jr, Adjunct Professor of Aviation and Space Law, Embry-Riddle Aeronautical University

    As travel to the Moon grows more accessible, countries may have to navigate territorial disputes. Neil A. Armstrong/NASA via AP

    Private citizens and companies may one day begin to permanently settle outer space and celestial bodies. But if we don’t enact governing laws in the meantime, space settlers may face legal chaos.

    Many wars on Earth start over territorial disputes. In order to avoid such disputes in outer space, nations should consider enacting national laws that specify the extent of each settler’s authority in outer space and provide a process to resolve conflicts.

    I have been researching and writing about space law for over 40 years. Through my work, I’ve studied ways to avoid war and resolve disputes in space.

    Property in space

    Space is an international area, and companies and individuals are free to land their space objects – including satellites, human-crewed and robotic spacecraft and human-inhabited facilities – on celestial bodies and conduct operations anywhere they please. This includes both outer space and celestial bodies such as the Moon.

    Space objects include landers, rovers, satellites and other objects on the surface of or in orbit around a celestial body.
    Stocktrek Images/Stocktrek Images via Getty Images

    The 1967 Outer Space Treaty prohibits territorial claims in outer space and on celestial bodies in order to avoid disputes. But without national laws governing space settlers, a nation might attempt to protect its citizens’ and companies’ interests by withdrawing from the treaty. They could then claim the territory where its citizens have placed their space objects.

    Nations enforce territorial claims through military force, which would likely cost money and lives. An alternative to territorial claims, which I’ve been investigating and have come to prefer, would be to enact real property rights that are consistent with the Outer Space Treaty.

    Territorial claims can be asserted only by national governments, while property rights apply to private citizens, companies and national governments that own property. A property rights law could specify how much authority settlers have and protect their investments in outer space and on celestial bodies.

    The Outer Space Treaty

    In 1967, the Outer Space Treaty went into effect. As of January 2025, 115 countries are party to this treaty, including the United States and most nations that have a space program.

    The Outer Space Treaty is the main international agreement governing outer space. However, it is not self-executing.

    The Outer Space Treaty outlines principles for the peaceful exploration and use of outer space and celestial bodies. However, the treaty does not specify how it will apply to the citizens and companies of nations that are parties to the treaty.

    For this reason, the Outer Space Treaty is largely not a self-executing treaty. This means U.S. courts cannot apply the terms of the treaty to individual citizens and companies. For that to happen, the United States would need to enact national legislation that explains how the terms of the treaty apply to nongovernmental entities.

    One article of the Outer Space Treaty says that participating countries should make sure that all of their citizens’ space activities comply with the treaty’s terms. Another article then gives these nations the authority to enact laws governing their citizens’ and companies’ private space activities.

    This is particularly relevant to the U.S., where commercial activity in space is rapidly increasing.

    UN Charter

    It is important to note that the Outer Space Treaty requires participating nations to comply with international law and the United Nations Charter.

    In the U.N. Charter, there are two international law concepts that are relevant to property rights. One is a country’s right to defend itself, and the other is the noninterference principle.

    The international law principle of noninterference gives nations the right to exclude others from their space objects and the areas where they have ongoing activity.

    But how will nations apply this concept to their private citizens and companies? Do individual people and companies have the right to exclude others in order to prevent interference with their activities? What can they do if a foreign person interferes or causes damage?

    The noninterference principle in the U.N. Charter governs relations between nations, not individuals. Consequently, U.S. courts likely wouldn’t enforce the noninterference principle in a case involving two private parties.

    So, U.S. citizens and companies do not have the right to exclude others from their space objects and areas of ongoing activity unless the U.S. enacts legislation giving them that right.

    US laws and regulations

    The United States has recognized the need for more specific laws to govern private space activities. It has sought international support for this effort through the nonbinding Artemis Accords.

    The Artemis Accords outline a framework for the peaceful exploration of outer space.
    Brendan Smialowski/AFP via Getty Images

    As of January 2025, 50 nations have signed the Artemis Accords.

    The accords explain how important components of the Outer Space Treaty will apply to private space activities. One section of the accords allows for safety zones, where public and private personnel, equipment and operations are protected from harmful interference by other people. The rights to self-defense and noninterference from the U.N. Charter provide a legal basis for safety zones.

    Aside from satellite and rocket-launch regulations, the United States has enacted only a few laws – including the Commercial Space Launch Competitiveness Act of 2015 – to govern private activities in outer space and on celestial bodies.

    As part of this act, any U.S. citizen collecting mineral resources in outer space or on celestial bodies has a right to own, transport, use and sell those resources. This act is an example of national legislation that clarifies how the Outer Space Treaty applies to U.S. citizens and companies.

    Property rights

    Enacting property rights for outer space would make it clear what rights and obligations property owners have and the extent of their authority over their property.

    All nations on Earth have a form of property rights in their legal systems. Property rights typically include the rights to possess, control, develop, exclude, enjoy, sell, lease and mortgage properties. Enacting real property rights in space would create a marketplace for buying, selling, renting and mortgaging property.

    Because the Outer Space Treaty prohibits territorial claims, space property rights would not necessarily be “land grabs.” Property rights would operate a little differently in space than on Earth.

    Property rights in space would have to be based on the authority that the Outer Space Treaty gives to nations. This authority allows them to govern their citizens and their assets by enacting laws and enforcing them in their courts.

    Space property rights would include safety zones around property to prevent interference. So, people would have to get the property owner’s permission before entering a safety zone.

    If a U.S. property owner were to sell a space property to a foreign citizen or company, the space objects on the property would have to stay on the property or be replaced with the purchaser’s space objects. That would ensure that the owner’s country still has authority over the property.

    Also, if someone transferred their space objects to a foreign citizen or company, the buyer would have to change their objects’ international registration, which would give the buyer’s nation authority over the space objects and the surrounding property.

    Nations could likely avoid some territorial disputes if they enact real property laws in space that clearly describe how national authority over property changes when it is sold. Enacting property rights could reduce the legal risks for commercial space companies and support the permanent settlement of outer space and celestial bodies.

    U.S. property rights law could also contain a reciprocity provision, which would encourage other nations to pass similar laws and allow participating countries to mutually recognize each other’s property rights.

    With a reciprocity provision, property rights could support economic development as commercial companies around the world begin to look to outer space as the next big area of economic growth.

    Wayne N White Jr consults with One Space Technologies Inc. He is a member and former Director of The National Space Society and an Associate Fellow of AIAA.

    – ref. Property and sovereignty in space − as countries and companies take to the stars, they could run into disputes – https://theconversation.com/property-and-sovereignty-in-space-as-countries-and-companies-take-to-the-stars-they-could-run-into-disputes-245334

    MIL OSI – Global Reports –

    February 1, 2025

  • MIL-OSI: Solidus AI Tech Assembles Powerhouse C-Suite from Goldman Sachs, Deloitte, Careem, Cisco & Dell to Lead the Charge in AI & HPC Industry

    Source: GlobeNewswire (MIL-OSI)

    Dubai, UAE, Jan. 31, 2025 (GLOBE NEWSWIRE) — Solidus AI Tech, a pioneering force in AI-driven high-performance computing (HPC), has fortified its leadership team with an elite selection of industry veterans from globally recognized firms, including Goldman Sachs, Deloitte, Careem, Cisco, and Dell. This addition to the powerhouse C-suite is set to drive the company’s mission of revolutionizing AI infrastructure and accelerating the adoption of AI solutions worldwide.

    Unparalleled Financial and Investment Leadership

    Kal Desai – Chief Financial Officer (CFO) Kal Desai, an Australian-qualified chartered accountant, brings decades of financial acumen spanning Australia, the U.K., and the Middle East. With a career that includes leadership roles at BHP Billiton, Orange, and Reuters, Kal has played a pivotal role in the financial scaling of technology enterprises. Notably, he spearheaded capital raises and exits, including the landmark sale of Zawya to Thomson Reuters in 2012 and his instrumental role as founding CFO of Careem, which was acquired by Uber for $3.1 billion. At Solidus AI Tech, he will steer financial growth strategies, ensuring a robust financial infrastructure to support expansion and innovation.

    Michael Swan – Chief Investment Officer (CIO) With nearly two decades of investment expertise in both traditional finance (TradFi) and decentralized finance (DeFi), Michael Swan has held influential roles at Macquarie Bank and Goldman Sachs. Transitioning into the Web3 sector, he became a recognized industry authority at Tokenomik Inc., executing over 70 seed and private round investments across blockchain projects. As CIO, Michael will architect innovative financing solutions, leveraging a hybrid model of instruments to optimize capital structures for Solidus AI Tech.

    Elite Technology and Innovation Leadership

    Christian Szilagyi – Chief Technology Officer (CTO) A veteran technology leader with over 30 years of experience, Christian Szilagyi has a distinguished career in infrastructure architecture, AI, automation, and high-performance computing (HPC). His track record includes key roles at industry titans like Dell, Verint, and LivePerson, as well as pioneering regional expansions for Calabrio and Centrical. With expertise spanning DevOps, B2C optimization, and enterprise AI integration, Christian will drive Solidus AI Tech’s technology strategy, ensuring its AI and HPC capabilities are at the cutting edge of innovation.

    Niraj Poduval – Chief Innovation Officer (CINO) With over 11 years of AI and data consulting expertise, Niraj Poduval has played a key role in AI adoption strategies across banking, retail, smart cities, and the public sector. His tenure at Deloitte saw him architect AI transformation roadmaps for high-profile clients. As CINO at Solidus AI Tech, Niraj will lead AI-driven initiatives, aligning technological advancements with the company’s strategic vision to maximize business impact and market expansion.

    Commercial and Market Expansion Leadership

    Mike Doria – Chief Commercial Officer (CCO) Bringing extensive expertise in Web3, AI, and enterprise infrastructure, Mike Doria has held key leadership roles at Cisco and DXC. His track record includes spearheading revenue growth, securing funding for large-scale data center projects, and launching disruptive AI solutions. With experience as a co-founder and CEO of multiple technology ventures, Mike is set to drive Solidus AI Tech’s commercial strategy, expanding its market reach and establishing it as a dominant force in AI-powered computing.

    A Bold Vision for the Future of AI & HPC

    This addition formidable C-suite brings a wealth of expertise across finance, investment, technology, and commercial strategy. Their combined leadership positions Solidus AI Tech at the forefront of AI and HPC innovation, strengthening its position as a leading infrastructure provider for AI-powered applications. With a strategic blend of TradFi, DeFi, and cutting-edge AI solutions, the company is positioned to drive transformative advancements in AI adoption across industries.

    Solidus AI Tech is an upcoming industry leader in high-performance AI computing solutions, committed to building the next generation of AI infrastructure. With a focus on sustainability, efficiency, and cutting-edge technology, Solidus AI Tech provides enterprises with the tools and computing power necessary to drive AI-driven transformations.

    Learn more:

    Website: https://aitech.io/
    Twitter X: https://twitter.com/AITECHio
    Telegram: https://t.me/solidusaichat

    Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

    February 1, 2025

  • MIL-OSI: KH Group Plc’s Shareholders’ Nomination Board’s proposals for the composition and remuneration of the Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    KH Group Plc
    Stock Exchange Release
    31 January 2025 at 4.45 p.m. EET

    KH Group Plc’s Shareholders’ Nomination Board’s proposals for the composition and remuneration of the Board of Directors

    KH Group Plc’s Shareholders’ Nomination Board has submitted its proposals for the Annual General Meeting to KH Group’s Board of Directors. The Shareholders’ Nomination Board makes its proposals unanimously. The Annual General Meeting is planned to be held on Tuesday, 6 May 2025. The company will publish the notice to convene the Annual General Meeting at a later time.

    Proposal on Board Composition

    The Shareholders’ Nomination Board proposes to the Annual General Meeting that the number of members of the Board of Directors shall be five (5).

    The Nomination Board proposes that the current members of the Board of Directors Juha Karttunen, Taru Narvanmaa and Jon Unnérus be re-elected and that Christoffer Landtman and Jari Rautjärvi be elected as new members of the Board of Directors, for a term ending at the closing of the 2026 Annual General Meeting. Of the current Board members, Kati Kivimäki and Timo Mänty have indicated that they are not available for re-election. According to the Articles of Association of KH Group, the Board of Directors elects a Chair from among its members.

    All persons nominated as members of the Board of Directors have given their consent to the election. The Nomination Board considers all the nominees to be independent of the company and of the significant shareholders of the company.

    CVs, photographs and the evaluation regarding the independence of the current members of the Board of Directors are presented on the company’s website at https://khgroup.com/en/investors/corporate-governance/board-of-directors/. Presentations of the proposed new members of the Board of Directors Christoffer Landtman and Jari Rautjärvi are attached to this stock exchange release.

    Remuneration of the members of the Board of Directors

    The Shareholders’ Nomination Board proposes to the Annual General Meeting that the monthly remuneration for the Board of Directors remain unchanged, so that the Chairman of the Board of Directors be paid as remuneration EUR 3,550 per month and each member of the Board of Directors EUR 2,300 per month. The Nomination Board further proposes that the travel expenses of the members of the Board of Directors be compensated in accordance with the company’s travel policy and that each of the members of the Board of Directors shall have the right to abstain from receiving remuneration.

    Earnings-related pension insurance contributions are paid voluntarily for the paid remuneration.

    Composition of the Shareholders’ Nomination Board

    The Shareholders’ Nomination Board comprises representatives of the Company’s largest shareholders based on the ownership situation on 31 August 2024 and the Chairman of the Board of Directors of KH Group. The members of the Nomination Board are: Simon Hallqvist (Preato Capital AB), Mikko Laakkonen, Johanna Takanen and Juha Karttunen, Chairman of the Board of Directors of KH Group.

    KH GROUP PLC
    Juha Karttunen
    Chairman of the Board of Directors

    FURTHER INFORMATION:
    Chairman of the Board of Directors Juha Karttunen, +358 40 555 4727

    DISTRIBUTION:
    Nasdaq Helsinki Oy
    Main media
    www.khgroup.com

    KH Group Plc is a Nordic conglomerate operating in business areas of KH-Koneet, Indoor Group and Nordic Rescue Group. We are a leading supplier of construction and earth-moving equipment, furniture and interior decoration retailer as well as rescue vehicle manufacturer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.

    Attachments

    • Christoffer Landtman CV_EN
    • Jari Rautjärvi CV_EN

    The MIL Network –

    February 1, 2025

  • MIL-OSI United Kingdom: World-leading AI cyber security standard to protect digital economy and deliver Plan for Change

    Source: United Kingdom – Executive Government & Departments

    British businesses will benefit from a world-first cyber security standard which will protect AI systems from cyber-attacks, securing the digital economy.

    • British businesses will benefit from a world-first cyber security standard which will protect AI systems from cyber-attacks, securing the digital economy
    • Security measures will unlock AI’s potential to transform public services and boost productivity as part of the government’s Plan for Change
    • New global coalition to tackle worldwide cyber skills shortage and strengthen security expertise

    Companies developing AI – from consumer apps to systems underpinning public services – will be able to better protect themselves from growing cyber security threats under steps set out by the UK government.

    The steps announced today under a new Code of Practice will give businesses and public services the confidence they need to harness AI’s transformative potential safely – supporting the government’s Plan for Change as the technology drives forward improvements to public services, turbocharges productivity, and drives growth across the economy. 

    With cyber attacks or breaches affecting half of businesses in the last 12 months, safeguarding AI systems is crucial as adoption accelerates across the economy. The world leading Code of Practice pioneered by the UK, equips organisations with the tools they need to thrive in the age of AI. From securing AI systems against hacking and sabotage, to ensuring they are developed and deployed in a secure way, the Code will help developers build secure, innovative AI products that drive growth and fuel the Plan for Change. 

    It sets out how organisations using AI can protect themselves from a range of cyber threats such as AI attacks and system failures. This can include steps such as implementing cyber security training programmes which are focused on AI vulnerabilities, developing recovery plans following potential cyber incidents, and carrying out robust risk assessments. 

    The voluntary Code of Practice will form the basis of a new global standard for secure AI through the European Telecommunications Standards Institute (ETSI) – a major step which cements the UK’s position as a world leader in safe innovation.  With the UK AI sector generating £14.2 billion in revenue last year, these standards will help maintain growth while protecting critical infrastructure – building on the work of the AI Opportunities Action Plan.

    Minister for Cyber Security Feryal Clark MP said: 

    The UK is leading the way in setting global benchmarks for secure innovation, ensuring AI is developed and deployed in an environment that protects critical systems and data which are central to delivering our Plan for Change.  

    This will not only create the opportunities for businesses to thrive, secure in the knowledge that they can be better protected than ever before but support them in delivering cutting-edge AI products that drive growth, improve public services, and put Britain at the forefront of the global AI economy.

    The UK government has also published today an implementation guide for the Code, to support businesses as they shore up their cyber defences by providing a one-stop shop which brings together guidance and key steps to follow.  AI represents a generation-defining technology which is central to the government’s Plan for Change – holding incredible potential to transform public services, boost productivity and rebuild our economy. 

    NCSC Chief Technology Officer Ollie Whitehouse said:

    It is vital that we harness the transformative potential of AI securely so that our society can reap the benefits of new technologies without introducing avoidable vulnerabilities and cyber risks.

    The new Code of Practice, which we have produced in collaboration with global partners, will not only help enhance the resilience of AI systems against malicious attacks but foster an environment in which UK AI innovation can thrive.

    The UK is leading the way by establishing this security standard, fortifying our digital technologies, benefiting the global community and reinforcing our position as the safest place to live and work online.

    Building on this position of global leadership in cyber security, the UK has also spearheaded the launch of a new International Coalition on Cyber Security Workforces (ICCSW), alongside founding partners including Japan, Singapore, and Canada. The coalition – which emerged from the UK-led Wilton Park Summit in September 2024 – will help countries work together to tackle cyber threats and address the global cyber skills gap. 

    This new partnership will strengthen international cooperation on cyber security, breaking down barriers to career progression and increasing diversity in the sector. Current estimates show that supporting cyber skills will boost the £11.9 billion cyber security industry which will in turn help to drive growth in the British economy. 

    The UK is moving full steam ahead with plans to bolster our online defences through a new Cyber Security and Resilience Bill which was unveiled in last summer’s King Speech. Ahead of that legislation’s introduction, the government is also publishing its response to the Cyber Governance Code of Practice of today. In its response, the government warns that despite the massive disruptions cyber incidents can cause, boards and senior leaders often struggle to engage in cyber issues due to a lack of understanding, training, or time – making it more pressing than ever to ensure all sectors of the UK economy have the tools they need to address cyber threats. 

    To address this problem, DSIT has developed the Cyber Governance Code of Practice in collaboration with the National Cyber Security Centre and industry experts. The Code provides clear actions for directors to manage cyber risks effectively, enabling businesses to harness new technologies while building resilience. The government’s response outlines improvements to the Code based on extensive feedback, with the updated version set to be published in early 2025. 

    Notes to editors

    The Code has been developed in close collaboration with NCSC and a range of external stakeholders. See call for views response for more information.  

    The Code will be submitted into the European Telecommunications Standards Institute’s Securing AI Committee where it will be used to develop a global standard. 

    The government is working with industry and international counterparts to promote international alignment of security requirements for AI systems, including through monitoring the development of relevant standards in other standards development organisations. 

    The government will update the content of the Code and Implementation Guide to mirror the future ETSI global standard and guide once they are created. Read the full AI cyber security code of practice.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Share this page

    The following links open in a new tab

    • Share on Facebook (opens in new tab)
    • Share on Twitter (opens in new tab)

    Updates to this page

    Published 31 January 2025

    MIL OSI United Kingdom –

    February 1, 2025

  • MIL-OSI Economics: New AI Hub coming in partnership with State of New Jersey, Princeton University and CoreWeave

    Source: Microsoft

    Headline: New AI Hub coming in partnership with State of New Jersey, Princeton University and CoreWeave

    Major artificial intelligence Hub will bolster state’s innovation economy 

    Microsoft, CoreWeave, New Jersey Economic Development Authority and Princeton University expected to invest over $72 million to support the long-term success of the Hub 

    TRENTON, N.J. (Jan. 31, 2025) – Governor Phil Murphy and Princeton University President Christopher L. Eisgruber on Friday announced that Microsoft and CoreWeave will join the state and Princeton as founding partners in the NJ AI Hub. The NJ AI Hub will serve as a state-of-the-art, collaborative ecosystem that integrates world-class research, innovation, education and workforce development. As part of this investment in the NJ AI Hub, Microsoft will leverage its TechSpark program to provide expertise and resources for AI skilling and workforce development to create opportunities for innovation in New Jersey and the region. 

    The NJ AI Hub will help position New Jersey as a leading East Coast center for AI innovation. It will be located along Route 1 — New Jersey’s innovation corridor — at 619 Alexander Road in Princeton, in space provided by Princeton University.  

    “As the AI industry rapidly evolves, it’s imperative that we capitalize on this moment in New Jersey. I’m incredibly proud of this partnership with the top leaders in the industry and higher education, which further establishes our state as a hub for cutting-edge AI innovation and talent,” said Governor Murphy. “AI’s economic and innovation potential is vast, giving us the chance to take our state to new heights. This partnership will not only solidify New Jersey’s position as a global technology leader, it will also attract high-paying, sustainable jobs for our residents, allowing for a stronger and more prosperous future for our state.”  

    “The addition of Microsoft and CoreWeave as founding partners of the NJ AI Hub demonstrates how government, higher education and the corporate sector are coming together to advance AI innovation and the regional innovation ecosystem — two of Princeton’s highest priorities,” President Eisgruber said. “I’m eager to see many of the state’s other excellent colleges and universities join this effort as its development continues.” 

    “New Jersey has long been at the forefront of American innovation, and AI is the next chapter of this journey,” said Brad Smith, Vice Chair and President of Microsoft. “By leveraging the strengths of the private sector, Princeton and the state of New Jersey, our goal is to build a thriving regional AI economy that not only drives economic growth but sets a new standard for research, development and workforce development.”  

    “This collaboration represents the best of what private-public partnerships can achieve, bringing together the brightest minds from government, academia, the business community and our team of experts to foster groundbreaking AI innovation in New Jersey,” said Brian Venturo, Co-Founder and Chief Strategy Officer at CoreWeave. “Together, we’re advancing the future of technology while driving meaningful economic growth and strengthening New Jersey’s role as a leader in the global AI landscape. New Jersey is our home, and we’re excited to continue our partnership with the state by making it a leader in AI advancement.” 

    “AI is rapidly evolving, and New Jersey is capitalizing on this moment to cement our place as a national leader in the industry. By bringing together world-class leaders like Princeton, Microsoft and CoreWeave, Governor Murphy is building upon the Garden State’s long-standing legacy in innovation and helping advance cutting-edge AI technologies,” said New Jersey Economic Development Authority Chief Executive Officer Tim Sullivan. “The opportunity presented by AI aligns with Governor Murphy’s vision for cultivating high-growth sectors, with the goal of creating family-sustaining career opportunities. Showcasing New Jersey’s bustling innovation community, talent pool and robust resources will help AI companies recognize the state’s value proposition for growing innovative companies of the future.” 

    Microsoft, CoreWeave, the NJEDA and Princeton University are founding equity partners in the newly created NJ AI Hub. Together, they expect to invest over $72 million to support the long-term success of the Hub, including up to $25 million of nonbinding commitment from the NJEDA.  

    A portion of NJEDA’s and CoreWeave’s committed funding will include a planned NJ AI Venture Fund that will support innovation commercialization through equity investments.     

    Microsoft, CoreWeave, the NJEDA, and Princeton University will focus on the following three pillars of programming at the NJ AI Hub:  

    1. Research and development:
      The NJ AI Hub will help companies across a range of industry sectors integrate and apply AI in their businesses and use it to advance their research and development efforts. The Hub will focus on applications of AI in several industry sectors that have strong footprints in New Jersey, such as the life sciences, clean energy and climate resilience, telecommunications and cybersecurity, and infrastructure and logistics. The NJ AI Hub will also actively engage New Jersey’s research universities on applied research in AI and will host events to connect companies developing and using AI tools with cutting-edge research and potential collaborators.  
    2. Commercializing and accelerating innovation:
       An AI accelerator will be operated at the NJ AI Hub, which will help facilitate the growth of the early-stage AI ecosystem in New Jersey. The accelerator will host cohorts of startup ventures and will provide them with essential support services such as workspace, compute power, legal assistance and business development advice. In addition, these startups will have coordinated access to the NJ AI Hub’s corporate partners for mentorship and networking opportunities.  
    3. Strengthening AI education and workforce development:
       The Hub will work closely with New Jersey’s higher education community to promote high-quality talent development at all levels and will leverage the resources of Microsoft’s TechSpark program. By developing shared curricula, projects and teaching tools for AI courses; training community college faculty in teaching AI; and creating upskilling opportunities to help workers across disciplines apply AI in their work, the Hub will coordinate efforts to build the state’s pool of AI talent. Ongoing collaboration with employers will ensure that education and training programs are providing trainees with industry-recognized credentials and in-demand skills for the workforce. The NJ AI Hub will also be able to connect employers with opportunities to host AI apprenticeships, develop customized upskilling training for their workers, recruit talent from New Jersey schools for jobs and internships, and partner with project-based AI courses at the college and graduate level.  

    Through this new AI Hub, Microsoft will be bringing its TechSpark program to New Jersey. Founded in 2017, Microsoft TechSpark fosters inclusive economic opportunity across the U.S., including job creation and innovation, by working in communities and investing in local organizations. TechSpark operates across all 50 states and to date has helped secure more than $700 million in community funding for local innovation, trained 65,000 people in critical technology skills, and created 4,500 jobs. 

    Plans for an AI Hub were announced by Governor Murphy and President Eisgruber in 2023. Pending NJEDA Board approval, the NJ AI Hub will be supported through the NJEDA’s Strategic Innovation Center (SIC) initiative. The NJEDA has executed a nonbinding term sheet to support the NJ AI Hub’s operating budget for up to five years. In total, the NJEDA is anticipated to invest up to $25 million to support the NJ AI Hub and the NJ AI Venture AI Fund.  

    For further updates, please visit the NJ AI Hub website at njaihub.org. 

    About Microsoft 

    Microsoft (Nasdaq “MSFT” @microsoft) creates platforms and tools powered by AI to deliver innovative solutions that meet the evolving needs of our customers. The technology company is committed to making AI available broadly and doing so responsibly, with a mission to empower every person and every organization on the planet to achieve more. 

    For more information, press only: 

    Microsoft Media Relations, WE Communications for Microsoft, (425) 638-7777,
    [email protected] 

    MIL OSI Economics –

    February 1, 2025

  • MIL-OSI: DeepSeek-R1 AI Model 11x More Likely to Generate Harmful Content, Security Research Finds

    Source: GlobeNewswire (MIL-OSI)

    Boston, Jan. 31, 2025 (GLOBE NEWSWIRE) — The launch of DeepSeek’s R1 AI model has sent shockwaves through global markets, reportedly wiping USD $1 trillion from stock markets.¹ Trump advisor and tech venture capitalist Marc Andreessen described the release as “AI’s Sputnik moment,” underscoring the global national security concerns surrounding the Chinese AI model.²

    However, new red teaming research by Enkrypt AI, the world’s leading AI security and compliance platform, has uncovered serious ethical and security flaws in DeepSeek’s technology. The analysis found the model to be highly biased and susceptible to generating insecure code, as well as producing harmful and toxic content, including hate speech, threats, self-harm, and explicit or criminal material. Additionally, the model was found to be vulnerable to manipulation, allowing it to assist in the creation of chemical, biological, and cybersecurity weapons, posing significant global security concerns.

    Compared with other models, the research found that DeepSeek’s R1 is:

    • 3x more biased than Claude-3 Opus,
    • 4x more vulnerable to generating insecure code than OpenAI’s O1,
    • 4x more toxic than GPT-4o,
    • 11x more likely to generate harmful output compared to OpenAI’s O1, and;
    • 3.5x more likely to produce Chemical, Biological, Radiological, and Nuclear (CBRN) content​ than OpenAI’s O1 and Claude-3 Opus.

    Sahil Agarwal, CEO of Enkrypt AI, said: “DeepSeek-R1 offers significant cost advantages in AI deployment, but these come with serious risks. Our research findings reveal major security and safety gaps that cannot be ignored. While DeepSeek-R1 may be viable for narrowly scoped applications, robust safeguards—including guardrails and continuous monitoring—are essential to prevent harmful misuse. AI safety must evolve alongside innovation, not as an afterthought.”

    The model exhibited the following risks during testing:

    • BIAS & DISCRIMINATION – 83% of bias tests successfully produced discriminatory output, with severe biases in race, gender, health, and religion. These failures could violate global regulations such as the EU AI Act and U.S. Fair Housing Act, posing risks for businesses integrating AI into finance, hiring, and healthcare​.
    • HARMFUL CONTENT & EXTREMISM – 45% of harmful content tests successfully bypassed safety protocols, generating criminal planning guides, illegal weapons information, and extremist propaganda. In one instance, DeepSeek-R1 drafted a persuasive recruitment blog for terrorist organizations, exposing its high potential for misuse​.
    • TOXIC LANGUAGE – The model ranked in the bottom 20th percentile for AI safety, with 6.68% of responses containing profanity, hate speech, or extremist narratives. In contrast, Claude-3 Opus effectively blocked all toxic prompts, highlighting DeepSeek-R1’s weak moderation systems​.
    • CYBERSECURITY RISKS – 78% of cybersecurity tests successfully tricked DeepSeek-R1 into generating insecure or malicious code, including malware, trojans, and exploits. The model was 4.5x more likely than OpenAI’s O1 to generate functional hacking tools, posing a major risk for cybercriminal exploitation​.
    • BIOLOGICAL & CHEMICAL THREATS – DeepSeek-R1 was found to explain in detail the biochemical interactions of sulfur mustard (mustard gas) with DNA, a clear biosecurity threat. The report warns that such CBRN-related AI outputs could aid in the development of chemical or biological weapons​.

    Sahil Agarwal concluded: “As the AI arms race between the U.S. and China intensifies, both nations are pushing the boundaries of next-generation AI for military, economic, and technological supremacy. However, our findings reveal that DeepSeek-R1’s security vulnerabilities could be turned into a dangerous tool—one that cybercriminals, disinformation networks, and even those with biochemical warfare ambitions could exploit. These risks demand immediate attention.”

    Link to the full report is here: https://cdn.prod.website-files.com/6690a78074d86ca0ad978007/679bc2e71b48e423c0ff7e60_1%20RedTeaming_DeepSeek_Jan29_2025%20(1).pdf

    Ends

    1 ‘Sputnik moment’: $1tn wiped off US stocks after Chinese firm unveils AI chatbot – https://www.theguardian.com/business/2025/jan/27/tech-shares-asia-europe-fall-china-ai-deepseek
    Nvidia shares sink as Chinese AI app spooks markets – https://www.bbc.co.uk/news/articles/c0qw7z2v1pgo 
    2 Marc Andreessen on X – https://x.com/pmarca/status/1883640142591853011 

    About Enkrypt AI
    Enkrypt AI is an AI security and compliance platform. It safeguards enterprises against generative AI risks by automatically detecting, removing, and monitoring threats. The unique approach ensures AI applications, systems, and agents are safe, secure, and trustworthy. The solution empowers organizations to accelerate AI adoption confidently, driving competitive advantage and cost savings while mitigating risk. Enkrypt AI is committed to making the world a safer place by ensuring the responsible and secure use of AI technology, empowering everyone to harness its potential for the greater good. Founded by Yale Ph.D. experts in 2022, Enkrypt AI is backed by Boldcap, Berkeley Skydeck, ARKA, Kubera and others.

    The MIL Network –

    February 1, 2025

  • MIL-OSI: WISeKey WISe.Social Network: A New Era of Digital Identity Ownership and Data Privacy

    Source: GlobeNewswire (MIL-OSI)

    WISeKey WISe.Social Network: A New Era of Digital Identity Ownership and Data Privacy

    WISe.Social provides a model for how social networks can align with privacy regulations while fostering a more ethical digital ecosystem.

    Geneva, January 31, 2025 –WISeKey International Holding Ltd (“WISeKey”) (SIX: WIHN, NASDAQ: WKEY), a leading global cybersecurity, blockchain, and IoT company, today announces that in an era where personal data has become the currency of the digital world, the Company is setting a new standard with WISe.Social, a proof-of-concept social media platform designed to restore user control over digital identity, data privacy, and consent. Unlike conventional platforms that monetize user information without transparent accountability, WISe.Social is built from the ground up with privacy, security, and user sovereignty as its core principles.

    At the heart of WISe.Social lies WISeKey’s advanced Public Key Infrastructure (PKI), enabling every user to own their digital identity through a cryptographic certificate issued by the platform. This certificate acts as a secure authentication method, allowing seamless login across various digital services while ensuring that personal identity remains under the sole control of the user. Should the user choose to revoke their certificate, all associated content is either deleted or made available for download, reinforcing the fundamental principle that personal data should belong to the individual, not the platform.

    By integrating blockchain technology, WISe.Social ensures full transparency in content moderation, safeguarding users against arbitrary censorship or manipulative algorithms. Every moderation decision is immutably recorded, creating a verifiable and accountable framework for digital discourse. The platform also eliminates the rampant spread of misinformation, fake accounts, and bots by requiring all profiles to be tied to a verifiable digital identity.

    WISe.Social goes beyond traditional security measures by incorporating post-quantum cryptography, protecting users against emerging cyber threats that could compromise sensitive information. This future-proof approach guarantees that personal data remains secure in an evolving technological landscape.

    As governments and regulatory bodies worldwide demand greater compliance with data protection laws such as GDPR, WISe.Social provides a model for how social networks can align with privacy regulations while fostering a more ethical digital ecosystem. The platform redefines consent by allowing users to control their data lifecycle, dictating how and when their information is used.

    WISeKey believes that the future of social media must be built on trust, accountability, and user empowerment. With WISe.Social, individuals reclaim ownership of their digital presence, ensuring that their personal data is protected, their identity remains private, and their consent is always respected. By challenging outdated norms and reshaping the way online platforms operate, WISeKey is leading the charge toward a more secure, transparent, and privacy-centric digital world.

    About WISeKey

    WISeKey International Holding Ltd (“WISeKey”, SIX: WIHN; Nasdaq: WKEY) is a global leader in cybersecurity, digital identity, and IoT solutions platform. It operates as a Swiss-based holding company through several operational subsidiaries, each dedicated to specific aspects of its technology portfolio. The subsidiaries include (i) SEALSQ Corp (Nasdaq: LAES), which focuses on semiconductors, PKI, and post-quantum technology products, (ii) WISeKey SA which specializes in RoT and PKI solutions for secure authentication and identification in IoT, Blockchain, and AI, (iii) WISeSat AG which focuses on space technology for secure satellite communication, specifically for IoT applications, (iv) WISe.ART Corp which focuses on trusted blockchain NFTs and operates the WISe.ART marketplace for secure NFT transactions, and (v) SEALCOIN AG which focuses on decentralized physical internet with DePIN technology and house the development of the SEALCOIN platform.

    Each subsidiary contributes to WISeKey’s mission of securing the internet while focusing on their respective areas of research and expertise. Their technologies seamlessly integrate into the comprehensive WISeKey platform. WISeKey secures digital identity ecosystems for individuals and objects using Blockchain, AI, and IoT technologies. With over 1.6 billion microchips deployed across various IoT sectors, WISeKey plays a vital role in securing the Internet of Everything. The company’s semiconductors generate valuable Big Data that, when analyzed with AI, enable predictive equipment failure prevention. Trusted by the OISTE/WISeKey cryptographic Root of Trust, WISeKey provides secure authentication and identification for IoT, Blockchain, and AI applications. The WISeKey Root of Trust ensures the integrity of online transactions between objects and people. For more information on WISeKey’s strategic direction and its subsidiary companies, please visit www.wisekey.com.

    Disclaimer
    This communication expressly or implicitly contains certain forward-looking statements concerning WISeKey International Holding Ltd and its business. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of WISeKey International Holding Ltd to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WISeKey International Holding Ltd is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.

    This press release does not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and it does not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”), the FinSa’s predecessor legislation or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of WISeKey and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of WISeKey.

    Press and Investor Contacts

    WISeKey International Holding Ltd
    Company Contact: Carlos Moreira
    Chairman & CEO
    Tel: +41 22 594 3000
    info@wisekey.com     		 WISeKey Investor Relations (US) 
    The Equity Group Inc.
    Lena Cati
    Tel: +1 212 836-9611 / lcati@equityny.com

    The MIL Network –

    February 1, 2025

  • MIL-OSI China: Shenzhou-19 astronauts share details of work and life in space with mission halfway through

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

    Shenzhou-19 astronauts share details of work and life in space with mission halfway through

    BEIJING, Jan. 31 — As China’s Shenzhou-19 mission reaches its halfway, the three astronauts aboard the Tiangong space station, orbiting 400 kilometers above Earth, have shared their experiences during the Spring Festival, offering a glimpse into their unique lives in space.

    SCIENTIFIC BREAKTHROUGHS AND SPACEWALKS

    The crew commander Cai Xuzhe, who returned to the space station after about two years, described the feeling as “warm and familiar” in a video released on China’s CCTV on Thursday.

    This is Cai’s second time working and living in China’s space station, but his first time celebrating the Spring Festival there. In 2022, he spent six months in space during the Shenzhou-14 mission.

    The Shenzhou-19 astronauts entered the space station on Oct. 30, 2024. According to Cai, over the past three months, the crew has completed a series of tasks, including the handover with the Shenzhou-18 crew, routine maintenance of the space station, and two spacewalks.

    These extravehicular activities (EVAs), commonly known as spacewalks, are essential for repairs, experiments, and testing equipment outside the station.

    Cai emphasized the importance of their training, including system-wide emergency pressure drills and medical rescue exercises.

    “These exercises have significantly improved our ability to handle unexpected situations, allowing us to work more efficiently and safely,” he said.

    Supported by ground teams, the astronauts have also advanced scientific experiments, such as cutting-edge research on human brain organoids and new material exposure tests in the harsh environment of space.

    “We are steadily progressing with our scientific missions, focusing on space life science, microgravity physics, space material science, and aerospace medicine,” Cai noted.

    Song Lingdong, who participated in two spacewalks, shared his awe-inspiring experience.

    “Before my first EVA, I imagined what it would be like, but nothing prepared me for the moment I opened the hatch and saw Earth. It was breathtaking,” he recalled. “Climbing on the module walls, I felt as if I was walking on clouds.”

    “I was mesmerized by the beauty of space, but at the same time, I felt the weight of our mission,” he added.

    Their first nine-hour spacewalk proved China’s new-generation spacesuits to be both safe and effective, according to Song.

    Addressing public curiosity, Song explained how astronauts stay energized during long EVAs. “We eat high-calorie meals beforehand and drink functional beverages during the task. We highly concentrate on the tasks and don’t feel hungry,” he said.

    FAMILY, SPACE, GYM AND PRIDE

    Life aboard the space station is not all work. During the Spring Festival, the crew took time to rest, call their families, and capture stunning photos of Earth and space.

    “We sent Chinese New Year greetings from space and recorded videos to cherish these moments,” said Song, who plans to document his experiences for his children.

    Wang Haoze, China’s first female space engineer working in the space station, expressed pride in China’s space achievements, marveling at the sophisticated systems of their “space home.”

    Despite the busy schedule, the astronauts find joy in simple activities. “We float freely like ‘sky flyers,’ lift heavy objects effortlessly, interact with our AI assistant, and even grow vegetables and raise fruit flies,” Wang said.

    Wang enjoys writing space diaries. Her favorite pastime, however, is gazing at Earth through the porthole, admiring Earth’s landscapes, from vast oceans to majestic mountains.

    “Seeing our homeland from space fills me with excitement, pride, and longing,” said Wang.

    To combat the effects of weightlessness, the crew followed a strict exercise regimen using specialized equipment like the space treadmill, stationary bike and resistance devices.

    “These exercises keep our bones, muscles and hearts healthy. And with balanced meals, we feel strong and energized,” Wang explained.

    The crew also finds time to bond over meals, share humor, and maintain their spirits.

    As they celebrated three months in orbit during the Spring Festival, Wang sent a heartfelt message: “May our nation thrive, and may we achieve new heights together, from space to Earth.”

    This is the third Spring Festival since the full completion of the Chinese space station. Nine crew members from Shenzhou-15, Shenzhou-17 and Shenzhou-19 have welcomed the New Year and the Spring Festival in space.

    MIL OSI China News –

    February 1, 2025

  • MIL-OSI: First Hawaiian, Inc. Reports Fourth Quarter 2024 Financial Results and Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    HONOLULU, Jan. 31, 2025 (GLOBE NEWSWIRE) — First Hawaiian, Inc. (NASDAQ:FHB), (“First Hawaiian” or the “Company”) today reported financial results for its quarter ended December 31, 2024.

    “I’m pleased to report that we finished 2024 with a very strong quarter that was highlighted by good performance across our key earnings drivers. Our loan and deposit balances grew, net interest margin expanded, expenses were well controlled and credit quality remained excellent. We also maintained our commitment to supporting our communities with a $1 million contribution to the First Hawaiian Foundation,” said Bob Harrison, Chairman, President, and CEO. “During the fourth quarter we took action to strengthen our balance sheet and increase our future earnings power by restructuring a portion of our investment portfolio. This action, along with the positive trends we saw in the fourth quarter, positions us very well entering 2025.” 

    On January 29, 2025, the Company’s Board of Directors declared a quarterly cash dividend of $0.26 per share. The dividend will be payable on February 28, 2025, to stockholders of record at the close of business on February 14, 2025.

    Additionally, the Company’s Board of Directors adopted a stock repurchase program for up to $100.0 million of its outstanding common stock during 2025.

    Fourth Quarter 2024 Highlights:

    • Restructured a portion of the investment portfolio by selling $290.4 million of low-yielding investment securities and reinvested the sale proceeds into $291.5 million of higher-yielding securities. Recognized a $26.2 million pre-tax ($19.2 million after-tax) loss on the sale of securities.
    • Net income of $52.5 million, or $0.41 per diluted share
    • Total loans and leases increased $166.9 million versus prior quarter
    • Total deposits increased $94.5 million versus prior quarter
    • Net interest margin increased 8 basis points to 3.03%
    • Recorded a $0.8 million negative provision for credit losses
    • Board of Directors declared a quarterly dividend of $0.26 per share

    Balance Sheet

    Total assets were $23.8 billion at December 31, 2024 and September 30, 2024.

    Gross loans and leases were $14.4 billion as of December 31, 2024, an increase of $166.9 million, or 1.2%, from $14.2 billion as of September 30, 2024.

    Total deposits were $20.3 billion as of December 31, 2024, an increase of $94.5 million, or 0.5%, from $20.2 billion as of September 30, 2024.

    Net Interest Income

    Net interest income for the fourth quarter of 2024 was $158.8 million, an increase of $2.0 million, or 1.3%, compared to $156.7 million for the prior quarter.

    The net interest margin was 3.03% in the fourth quarter of 2024, an increase of 8 basis points compared to 2.95% in the prior quarter.

    Provision Expense

    During the quarter ended December 31, 2024, we recorded a $0.8 million negative provision for credit losses. In the quarter ended September 30, 2024, we recorded a $7.4 million provision for credit losses.

    Noninterest Income

    Noninterest income was $29.4 million in the fourth quarter of 2024, a decrease of $23.9 million compared to noninterest income of $53.3 million in the prior quarter. Noninterest income in the fourth quarter of 2024 included a $26.2 million loss on the sale of investment securities.

    Noninterest Expense

    Noninterest expense was $124.1 million in the fourth quarter of 2024, a decrease of $2.0 million compared to noninterest expense of $126.1 million in the prior quarter.

    The efficiency ratio was 65.5% and 59.8% for the quarters ended December 31, 2024 and September 30, 2024, respectively.

    Taxes

    The effective tax rate was 18.9% and 19.6% for the quarters ended December 31, 2024 and September 30, 2024, respectively.

    Asset Quality

    The allowance for credit losses was $160.4 million, or 1.11% of total loans and leases, as of December 31, 2024, compared to $163.7 million, or 1.15% of total loans and leases, as of September 30, 2024. The reserve for unfunded commitments was $32.8 million as of December 31, 2024, compared to $33.7 million as of September 30, 2024. Net charge-offs were $3.4 million, or 0.09% of average loans and leases on an annualized basis, for the quarter ended December 31, 2024, compared to net charge-offs of $3.9 million, or 0.11% of average loans and leases on an annualized basis, for the quarter ended September 30, 2024. Total non-performing assets were $20.7 million, or 0.14% of total loans and leases and other real estate owned, on December 31, 2024, compared to total non-performing assets of $17.8 million, or 0.13% of total loans and leases and other real estate owned, on September 30, 2024.

    Capital

    Total stockholders’ equity was $2.6 billion on December 31, 2024 and September 30, 2024.

    The tier 1 leverage, common equity tier 1 and total capital ratios were 9.14%, 12.80% and 13.99%, respectively, on December 31, 2024, compared with 9.14%, 13.03% and 14.25%, respectively, on September 30, 2024.

    The Company repurchased 1.5 million shares of common stock at a total cost of $40.0 million under the stock repurchase program in the fourth quarter. The average cost was $27.14 per share repurchased. Total repurchases in 2024 were $40.0 million.

    As to the stock repurchase program approved for 2025, repurchases of shares of the Company’s common stock may be conducted through open-market purchases, which may include purchases under a trading plan adopted pursuant to Securities and Exchange Commission Rule 10b5-1, or through privately negotiated transactions. The timing and exact amount of share repurchases, if any, will be subject to management’s discretion and various factors, including the Company’s capital position and financial performance, as well as market conditions. The repurchase program may be suspended, terminated or modified at any time for any reason.

    First Hawaiian, Inc.

    First Hawaiian, Inc. (NASDAQ:FHB) is a bank holding company headquartered in Honolulu, Hawaii. Its principal subsidiary, First Hawaiian Bank, founded in 1858 under the name Bishop & Company, is Hawaii’s oldest and largest financial institution with branch locations throughout Hawaii, Guam and Saipan. The company offers a comprehensive suite of banking services to consumer and commercial customers including deposit products, loans, wealth management, insurance, trust, retirement planning, credit card and merchant processing services. Customers may also access their accounts through ATMs, online and mobile banking channels. For more information about First Hawaiian, Inc., visit the Company’s website, www.fhb.com.

    Conference Call Information

    First Hawaiian will host a conference call to discuss the Company’s results today at 1:00 p.m. Eastern Time, 8:00 a.m. Hawaii Time.

    To access the call by phone, please register via the following link: https://register.vevent.com/register/BI80003c73e95b445aa5fe62db794097bb, and you will be provided with dial in details. To avoid delays, we encourage participants to dial into the conference call fifteen minutes ahead of the scheduled start time.

    A live webcast of the conference call, including a slide presentation, will be available at the following link: www.fhb.com/earnings. The archive of the webcast will be available at the same location.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may”, “might”, “should”, “could”, “predict”, “potential”, “believe”, “expect”, “continue”, “will”, “anticipate”, “seek”, “estimate”, “intend”, “plan”, “projection”, “would”, “annualized” and “outlook”, or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, there can be no assurance that actual results will not prove to be materially different from the results expressed or implied by the forward-looking statements. A number of important factors could cause actual results or performance to differ materially from the forward-looking statements, including (without limitation) the risks and uncertainties associated with the domestic and global economic environment and capital market conditions and other risk factors. For a discussion of some of these risks and important factors that could affect our future results and financial condition, see our U.S. Securities and Exchange Commission (“SEC”) filings, including, but not limited to, our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Report on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024.

    Use of Non-GAAP Financial Measures

    Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We believe that these measurements are useful for investors, regulators, management and others to evaluate financial performance and capital adequacy relative to other financial institutions. Although these non-GAAP financial measures are frequently used by stakeholders in the evaluation of a company, they have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our results or financial condition as reported under GAAP. Investors should consider our performance and capital adequacy as reported under GAAP and all other relevant information when assessing our performance and capital adequacy.

    Table 14 at the end of this document provides a reconciliation of these non-GAAP financial measures with their most directly comparable GAAP measures.

                                           
    Financial Highlights   Table 1
        For the Three Months Ended     For the Year Ended  
        December 31, 
    		     September 30,      December 31,      December 31,   
    (dollars in thousands, except per share data)   2024     2024     2023     2024     2023  
    Operating Results:                                        
    Net interest income   $ 158,753     $ 156,707     $ 151,793     $ 622,738     $ 636,127  
    (Benefit) provision for credit losses     (750 )     7,400       5,330       14,750       26,630  
    Noninterest income     29,376       53,288       58,347       185,803       200,815  
    Noninterest expense     124,143       126,147       142,307       501,189       501,138  
    Net income     52,496       61,492       47,502       230,129       234,983  
    Basic earnings per share     0.41       0.48       0.37       1.80       1.84  
    Diluted earnings per share     0.41       0.48       0.37       1.79       1.84  
    Dividends declared per share     0.26       0.26       0.26       1.04       1.04  
    Dividend payout ratio     63.41 %     54.17 %     70.27 %     58.10 %     56.52 %
    Performance Ratios(1):                                      
    Net interest margin     3.03 %     2.95 %     2.81 %     2.95 %     2.92 %
    Efficiency ratio     65.51 %     59.77 %     67.28 %     61.57 %     59.48 %
    Return on average total assets     0.88 %     1.02 %     0.77 %     0.96 %     0.95 %
    Return on average tangible assets (non-GAAP)(2)     0.92 %     1.06 %     0.81 %     1.00 %     0.99 %
    Return on average total stockholders’ equity     7.94 %     9.45 %     7.94 %     9.00 %      10.01 %
    Return on average tangible stockholders’ equity (non-GAAP)(2)     12.78 %     15.35 %     13.66 %     14.74 %     17.39 %
    Average Balances:                                      
    Average loans and leases   $ 14,276,107     $ 14,304,806     $ 14,349,322     $ 14,312,759     $ 14,266,291  
    Average earning assets     21,079,951       21,328,882       21,688,816       21,284,169       21,952,009  
    Average assets     23,795,735       24,046,696       24,404,727       23,996,723       24,625,445  
    Average deposits     20,249,573       20,367,805       20,908,221       20,373,975       21,160,155  
    Average stockholders’ equity     2,629,600       2,588,806       2,374,669       2,557,215       2,346,713  
    Market Value Per Share:                                      
    Closing     25.95       23.15       22.86       25.95       22.86  
    High     28.80       26.18       23.22       28.80       28.28  
    Low     22.08       20.28       17.18       19.48       15.08  
                             
        As of     As of     As of  
        December 31,      September 30,      December 31,   
    (dollars in thousands, except per share data)   2024     2024     2023  
    Balance Sheet Data:                        
    Loans and leases   $ 14,408,258     $ 14,241,370     $ 14,353,497  
    Total assets     23,828,186       23,780,285       24,926,474  
    Total deposits     20,322,216       20,227,702       21,332,657  
    Short-term borrowings     250,000       250,000       500,000  
    Total stockholders’ equity     2,617,486       2,648,034       2,486,066  
                             
    Per Share of Common Stock:                        
    Book value   $ 20.70     $ 20.71     $ 19.48  
    Tangible book value (non-GAAP)(2)     12.83       12.92       11.68  
                             
    Asset Quality Ratios:                        
    Non-accrual loans and leases / total loans and leases     0.14 %     0.13 %     0.13 %
    Allowance for credit losses for loans and leases / total loans and leases     1.11 %     1.15 %     1.09 %
                             
    Capital Ratios:                        
    Common Equity Tier 1 Capital Ratio     12.80 %     13.03 %     12.39 %
    Tier 1 Capital Ratio     12.80 %     13.03 %     12.39 %
    Total Capital Ratio     13.99 %     14.25 %     13.57 %
    Tier 1 Leverage Ratio     9.14 %     9.14 %     8.64 %
    Total stockholders’ equity to total assets     10.98 %     11.14 %     9.97 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)(2)     7.10 %     7.25 %     6.23 %
                             
    Non-Financial Data:                        
    Number of branches     48       48       50  
    Number of ATMs     273       273       275  
    Number of Full-Time Equivalent Employees     1,997       2,022       2,089  

    (1) Except for the efficiency ratio, amounts are annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

    (2) Return on average tangible assets, return on average tangible stockholders’ equity, tangible book value per share and tangible stockholders’ equity to tangible assets are non-GAAP financial measures. We compute our return on average tangible assets as the ratio of net income to average tangible assets, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total assets. We compute our return on average tangible stockholders’ equity as the ratio of net income to average tangible stockholders’ equity, which is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our average total stockholders’ equity. We compute our tangible book value per share as the ratio of tangible stockholders’ equity to outstanding shares. Tangible stockholders’ equity is calculated by subtracting (and thereby effectively excluding) amounts related to the effect of goodwill from our total stockholders’ equity. We compute our tangible stockholders’ equity to tangible assets as the ratio of tangible stockholders’ equity to tangible assets, each of which we calculate by subtracting (and thereby effectively excluding) the value of our goodwill. For a reconciliation to the most directly comparable GAAP financial measure, see Table 14, GAAP to Non-GAAP Reconciliation.

                                         
    Consolidated Statements of Income   Table 2
        For the Three Months Ended   For the Year Ended
        December 31,    September 30,    December 31,    December 31, 
    (dollars in thousands, except per share amounts)   2024     2024   2023   2024     2023
    Interest income                                    
    Loans and lease financing   $ 198,347     $ 205,682     $ 196,276     $ 805,941     $ 748,053  
    Available-for-sale investment securities     12,767       12,850       19,033       54,306       74,241  
    Held-to-maturity investment securities     17,071       16,937       17,987       69,376       73,497  
    Other     11,977       14,527       7,734       50,421       27,788  
    Total interest income     240,162       249,996       241,030       980,044       923,579  
    Interest expense                                    
    Deposits     78,465       87,500       82,215       335,717       258,221  
    Short-term and long-term borrowings     2,685       5,397       6,232       19,988       26,289  
    Other     259       392       790       1,601       2,942  
    Total interest expense     81,409       93,289       89,237       357,306       287,452  
    Net interest income     158,753       156,707       151,793       622,738       636,127  
    (Benefit) provision for credit losses     (750 )     7,400       5,330       14,750       26,630  
    Net interest income after (benefit) provision for credit losses     159,503       149,307       146,463       607,988       609,497  
    Noninterest income                                    
    Service charges on deposit accounts     7,968       7,783       7,646       31,090       29,647  
    Credit and debit card fees     14,834       17,533       16,381       64,401       63,888  
    Other service charges and fees     13,132       11,790       9,535       45,862       37,299  
    Trust and investment services income     9,449       9,077       9,645       38,306       38,449  
    Bank-owned life insurance     5,713       4,502       5,063       17,861       15,326  
    Investment securities (losses) gains, net     (26,171 )     —       792       (26,171 )     792  
    Other     4,451       2,603       9,285       14,454       15,414  
    Total noninterest income     29,376       53,288       58,347       185,803       200,815  
    Noninterest expense                                    
    Salaries and employee benefits     59,003       59,563       55,882       235,565       225,755  
    Contracted services and professional fees     14,472       14,634       16,219       60,912       66,423  
    Occupancy     7,708       6,945       7,561       28,971       29,608  
    Equipment     14,215       13,078       12,547       53,902       45,109  
    Regulatory assessment and fees     3,745       3,412       20,412       19,091       32,073  
    Advertising and marketing     1,529       1,813       1,441       7,719       7,615  
    Card rewards program     7,926       8,678       7,503       33,831       31,627  
    Other     15,545       18,024       20,742       61,198       62,928  
    Total noninterest expense     124,143       126,147       142,307       501,189       501,138  
    Income before provision for income taxes     64,736       76,448       62,503       292,602       309,174  
    Provision for income taxes     12,240       14,956       15,001       62,473       74,191  
    Net income   $ 52,496     $ 61,492     $ 47,502     $ 230,129     $ 234,983  
    Basic earnings per share   $ 0.41     $ 0.48     $ 0.37     $ 1.80     $ 1.84  
    Diluted earnings per share   $ 0.41     $ 0.48     $ 0.37     $ 1.79     $ 1.84  
    Basic weighted-average outstanding shares     127,350,626       127,886,167       127,612,734       127,702,573       127,567,547  
    Diluted weighted-average outstanding shares     128,167,502       128,504,035       128,028,964       128,325,865       127,915,873  
                       
    Consolidated Balance Sheets   Table 3
        December 31,    September 30,    December 31, 
    (dollars in thousands, except share amount)   2024     2024     2023  
    Assets                  
    Cash and due from banks   $ 258,057     $ 252,209     $ 185,015  
    Interest-bearing deposits in other banks     912,133       820,603       1,554,882  
    Investment securities:                  
    Available-for-sale, at fair value (amortized cost: $2,190,448 as of December 31, 2024, $2,290,781 as of September 30, 2024 and $2,558,675 as of December 31, 2023)     1,926,516       2,055,959       2,255,336  
    Held-to-maturity, at amortized cost (fair value: $3,262,509 as of December 31, 2024, $3,475,143 as of September 30, 2024 and $3,574,856 as of December 31, 2023)     3,790,650       3,853,697       4,041,449  
    Loans held for sale     —       —       190  
    Loans and leases     14,408,258       14,241,370       14,353,497  
    Less: allowance for credit losses     160,393       163,700       156,533  
    Net loans and leases     14,247,865       14,077,670       14,196,964  
                       
    Premises and equipment, net     288,530       287,036       281,461  
    Accrued interest receivable     79,979       81,875       84,417  
    Bank-owned life insurance     491,890       490,135       479,907  
    Goodwill     995,492       995,492       995,492  
    Mortgage servicing rights     5,078       5,236       5,699  
    Other assets     831,996       860,373       845,662  
    Total assets   $ 23,828,186     $ 23,780,285     $ 24,926,474  
    Liabilities and Stockholders’ Equity                  
    Deposits:                  
    Interest-bearing   $ 13,347,068     $ 13,427,674     $ 13,749,095  
    Noninterest-bearing     6,975,148       6,800,028       7,583,562  
    Total deposits     20,322,216       20,227,702       21,332,657  
    Short-term borrowings     250,000       250,000       500,000  
    Retirement benefits payable     97,135       100,448       103,285  
    Other liabilities     541,349       554,101       504,466  
    Total liabilities     21,210,700       21,132,251       22,440,408  
                       
    Stockholders’ equity                  
    Common stock ($0.01 par value; authorized 300,000,000 shares; issued/outstanding: 141,748,847 / 126,422,898 shares as of December 31, 2024, issued/outstanding: 141,735,601 / 127,886,167 shares as of September 30, 2024 and issued/outstanding: 141,340,539 / 127,618,761 shares as of December 31, 2023)     1,417       1,417       1,413  
    Additional paid-in capital     2,560,380       2,558,158       2,548,250  
    Retained earnings     934,048       915,062       837,859  
    Accumulated other comprehensive loss, net     (463,994 )     (452,658 )     (530,210 )
    Treasury stock (15,325,949 shares as of December 31, 2024, 13,849,434 shares as of September 30, 2024 and 13,721,778 shares as of December 31, 2023)     (414,365 )     (373,945 )     (371,246 )
    Total stockholders’ equity     2,617,486       2,648,034       2,486,066  
    Total liabilities and stockholders’ equity   $ 23,828,186     $ 23,780,285     $ 24,926,474  
                                                       
    Average Balances and Interest Rates                                               Table 4
        Three Months Ended   Three Months Ended   Three Months Ended  
        December 31, 2024   September 30, 2024   December 31, 2023  
        Average   Income/   Yield/   Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                                  
    Interest-Bearing Deposits in Other Banks   $ 948.9   $ 11.3   4.75 % $ 1,020.4   $ 13.9   5.40 % $ 568.0   $ 7.8   5.39 %
    Available-for-Sale Investment Securities                                                  
    Taxable     1,987.7     12.7   2.56     2,062.6     12.8   2.48     2,598.4     19.0   2.92  
    Non-Taxable     1.4     —   5.30     1.5     —   5.06     1.9     —   5.12  
    Held-to-Maturity Investment Securities                                                  
    Taxable     3,224.8     13.9   1.72     3,288.2     13.8   1.67     3,472.1     14.8   1.70  
    Non-Taxable     601.7     3.9   2.56     602.3     3.7   2.46     603.9     3.9   2.58  
    Total Investment Securities     5,815.6     30.5   2.10     5,954.6     30.3   2.03     6,676.3     37.7   2.25  
    Loans Held for Sale     1.3     —   5.75     2.2     —   5.64     0.7     —   7.41  
    Loans and Leases(1)                                                  
    Commercial and industrial     2,157.8     35.2   6.50     2,165.3     38.0   6.98     2,148.1     36.7   6.78  
    Commercial real estate     4,333.1     68.9   6.33     4,278.3     71.6   6.67     4,356.3     71.4   6.51  
    Construction     990.7     17.4   6.99     1,040.7     20.3   7.74     888.7     16.7   7.45  
    Residential:                                                  
    Residential mortgage     4,183.5     40.8   3.90     4,204.5     40.4   3.84     4,294.8     38.8   3.61  
    Home equity line     1,157.1     13.3   4.55     1,158.5     13.2   4.52     1,174.8     11.3   3.83  
    Consumer     1,033.2     19.0   7.29     1,035.3     18.7   7.19     1,132.4     18.4   6.43  
    Lease financing     420.7     4.4   4.18     422.2     4.0   3.72     354.2     3.6   4.03  
    Total Loans and Leases     14,276.1     199.0   5.55     14,304.8     206.2   5.74     14,349.3     196.9   5.45  
    Other Earning Assets     38.1     0.7   6.73     46.9     0.7   5.83     94.5     —   0.06  
    Total Earning Assets(2)     21,080.0     241.5   4.56     21,328.9     251.1   4.69     21,688.8     242.4   4.44  
    Cash and Due from Banks     226.2               242.3               240.8            
    Other Assets     2,489.5               2,475.5               2,475.1            
    Total Assets   $ 23,795.7             $ 24,046.7             $ 24,404.7            
                                                       
    Interest-Bearing Liabilities                                                  
    Interest-Bearing Deposits                                                  
    Savings   $ 5,940.3   $ 21.1   1.42 % $ 5,963.1   $ 23.6   1.57 % $ 6,067.2   $ 22.4   1.46 %
    Money Market     4,053.6     26.6   2.61     4,179.5     31.9   3.04     3,905.0     27.5   2.79  
    Time     3,362.0     30.8   3.64     3,327.3     32.0   3.83     3,390.7     32.3   3.78  
    Total Interest-Bearing Deposits     13,355.9     78.5   2.34     13,469.9     87.5   2.58     13,362.9     82.2   2.44  
    Other Short-Term Borrowings     250.0     2.7   4.27     451.1     5.4   4.76     515.2     6.2   4.80  
    Other Interest-Bearing Liabilities     25.3     0.2   4.07     22.4     0.4   6.97     42.1     0.8   7.44  
    Total Interest-Bearing Liabilities     13,631.2     81.4   2.38     13,943.4     93.3   2.66     13,920.2     89.2   2.54  
    Net Interest Income         $ 160.1             $ 157.8             $ 153.2      
    Interest Rate Spread(3)               2.18 %             2.03 %             1.90 %
    Net Interest Margin(4)               3.03 %             2.95 %             2.81 %
    Noninterest-Bearing Demand Deposits     6,893.7               6,897.9               7,545.3            
    Other Liabilities     641.2               616.6               564.5            
    Stockholders’ Equity     2,629.6               2,588.8               2,374.7            
    Total Liabilities and Stockholders’ Equity   $ 23,795.7             $ 24,046.7             $ 24,404.7            

    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $1.4 million, $1.1 million and $1.4 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

    (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4) Net interest margin is net interest income annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

                                               
    Average Balances and Interest Rates                                       Table 5
        Year Ended   Year Ended  
        December 31, 2024   December 31, 2023  
        Average   Income/   Yield/   Average   Income/   Yield/  
    (dollars in millions)   Balance   Expense   Rate   Balance   Expense   Rate  
    Earning Assets                                          
    Interest-Bearing Deposits in Other Banks   $ 900.8     $ 47.3     5.25 % $ 512.3     $ 26.5     5.18 %
    Available-for-Sale Investment Securities                                          
    Taxable     2,090.0       54.2     2.60     2,871.8       73.8     2.57  
    Non-Taxable     1.5       0.1     5.45     10.2       0.6     5.55  
    Held-to-Maturity Investment Securities                                          
    Taxable     3,321.6       56.6     1.70     3,579.0       60.7     1.70  
    Non-Taxable     602.6       15.6     2.58     607.7       15.9     2.61  
    Total Investment Securities     6,015.7       126.5     2.10     7,068.7       151.0     2.14  
    Loans Held for Sale     1.3       0.1     6.02     0.4       —     6.63  
    Loans and Leases(1)                                          
    Commercial and industrial     2,172.4       148.6     6.84     2,182.3       141.0     6.46  
    Commercial real estate     4,310.1       282.3     6.55     4,257.9       266.0     6.25  
    Construction     985.4       73.5     7.46     877.7       62.1     7.08  
    Residential:                                          
    Residential mortgage     4,220.2       163.4     3.87     4,308.0       156.4     3.63  
    Home equity line     1,162.9       51.0     4.39     1,131.1       39.3     3.47  
    Consumer     1,051.5       73.4     6.98     1,178.6       71.5     6.07  
    Lease financing     410.3       16.3     3.98     330.7       14.1     4.26  
    Total Loans and Leases     14,312.8       808.5     5.65     14,266.3       750.4     5.26  
    Other Earning Assets     53.6       3.1     5.88     104.3       1.3     1.20  
    Total Earning Assets(2)     21,284.2       985.5     4.63     21,952.0       929.2     4.23  
    Cash and Due from Banks     238.3                   265.1                
    Other Assets     2,474.2                   2,408.3                
    Total Assets   $ 23,996.7                 $ 24,625.4                
                                               
    Interest-Bearing Liabilities                                          
    Interest-Bearing Deposits                                          
    Savings   $ 5,990.7     $ 91.6     1.53 % $ 6,124.7     $ 71.5     1.17 %
    Money Market     4,064.0       117.8     2.90     3,869.1       86.1     2.22  
    Time     3,324.8       126.3     3.80     3,040.0       100.6     3.31  
    Total Interest-Bearing Deposits     13,379.5       335.7     2.51     13,033.8       258.2     1.98  
    Federal Funds Purchased     —       —     —     17.2       0.8     4.45  
    Other Short-Term Borrowings     424.9       20.0     4.70     261.9       13.0     4.98  
    Long-Term Borrowings     —       —     —     261.6       12.5     4.78  
    Other Interest-Bearing Liabilities     29.6       1.6     5.39     57.1       3.0     5.15  
    Total Interest-Bearing Liabilities     13,834.0       357.3     2.58     13,631.6       287.5     2.11  
    Net Interest Income           $ 628.2                 $ 641.7        
    Interest Rate Spread(3)                   2.05 %                 2.12 %
    Net Interest Margin(4)                   2.95 %                 2.92 %
    Noninterest-Bearing Demand Deposits     6,994.5                   8,126.4                
    Other Liabilities     611.0                   520.7                
    Stockholders’ Equity     2,557.2                   2,346.7                
    Total Liabilities and Stockholders’ Equity   $ 23,996.7                 $ 24,625.4                

    (1) Non-performing loans and leases are included in the respective average loan and lease balances. Income, if any, on such loans and leases is recognized on a cash basis.

    (2) Interest income includes taxable-equivalent basis adjustments of $5.4 million and $5.6 million for the years ended December 31, 2024 and 2023, respectively.

    (3) Interest rate spread is the difference between the average yield on earning assets and the average rate paid on interest-bearing liabilities, on a fully taxable-equivalent basis.

    (4) Net interest margin is net interest income annualized for the years ended December 31, 2024 and 2023, on a fully taxable-equivalent basis, divided by average total earning assets.

                       
    Analysis of Change in Net Interest Income                 Table 6
        Three Months Ended December 31, 2024
        Compared to September 30, 2024
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ (1.0 )   $ (1.6 )   $ (2.6 )
    Available-for-Sale Investment Securities                  
    Taxable     (0.5 )     0.4       (0.1 )
    Held-to-Maturity Investment Securities                  
    Taxable     (0.3 )     0.4       0.1  
    Non-Taxable     —       0.2       0.2  
    Total Investment Securities     (0.8 )     1.0       0.2  
    Loans and Leases                  
    Commercial and industrial     (0.1 )     (2.7 )     (2.8 )
    Commercial real estate     0.9       (3.6 )     (2.7 )
    Construction     (1.0 )     (1.9 )     (2.9 )
    Residential:                  
    Residential mortgage     (0.2 )     0.6       0.4  
    Home equity line     —       0.1       0.1  
    Consumer     —       0.3       0.3  
    Lease financing     —       0.4       0.4  
    Total Loans and Leases     (0.4 )     (6.8 )     (7.2 )
    Other Earning Assets     (0.1 )     0.1       —  
    Total Change in Interest Income     (2.3 )     (7.3 )     (9.6 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     (0.1 )     (2.4 )     (2.5 )
    Money Market     (0.9 )     (4.4 )     (5.3 )
    Time     0.3       (1.5 )     (1.2 )
    Total Interest-Bearing Deposits     (0.7 )     (8.3 )     (9.0 )
    Other Short-Term Borrowings     (2.2 )     (0.5 )     (2.7 )
    Other Interest-Bearing Liabilities     —       (0.2 )     (0.2 )
    Total Change in Interest Expense     (2.9 )     (9.0 )     (11.9 )
    Change in Net Interest Income   $ 0.6     $ 1.7     $ 2.3  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 7
        Three Months Ended December 31, 2024
        Compared to December 31, 2023
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 4.6     $ (1.1 )   $ 3.5  
    Available-for-Sale Investment Securities                  
    Taxable     (4.1 )     (2.2 )     (6.3 )
    Held-to-Maturity Investment Securities                  
    Taxable     (1.1 )     0.2       (0.9 )
    Total Investment Securities     (5.2 )     (2.0 )     (7.2 )
    Loans and Leases                  
    Commercial and industrial     0.1       (1.6 )     (1.5 )
    Commercial real estate     (0.4 )     (2.1 )     (2.5 )
    Construction     1.8       (1.1 )     0.7  
    Residential:                  
    Residential mortgage     (1.0 )     3.0       2.0  
    Home equity line     (0.1 )     2.1       2.0  
    Consumer     (1.7 )     2.3       0.6  
    Lease financing     0.7       0.1       0.8  
    Total Loans and Leases     (0.6 )     2.7       2.1  
    Other Earning Assets     —       0.7       0.7  
    Total Change in Interest Income     (1.2 )     0.3       (0.9 )
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     (0.6 )     (0.7 )     (1.3 )
    Money Market     1.0       (1.9 )     (0.9 )
    Time     (0.2 )     (1.3 )     (1.5 )
    Total Interest-Bearing Deposits     0.2       (3.9 )     (3.7 )
    Other Short-Term Borrowings     (2.9 )     (0.6 )     (3.5 )
    Other Interest-Bearing Liabilities     (0.3 )     (0.3 )     (0.6 )
    Total Change in Interest Expense     (3.0 )     (4.8 )     (7.8 )
    Change in Net Interest Income   $ 1.8     $ 5.1     $ 6.9  

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                       
    Analysis of Change in Net Interest Income                 Table 8
        Year Ended December 31, 2024
        Compared to December 31, 2023
    (dollars in millions)   Volume   Rate   Total (1)
    Change in Interest Income:                  
    Interest-Bearing Deposits in Other Banks   $ 20.4     $ 0.4     $ 20.8  
    Available-for-Sale Investment Securities                  
    Taxable     (20.4 )     0.8       (19.6 )
    Non-Taxable     (0.5 )     —       (0.5 )
    Held-to-Maturity Investment Securities                  
    Taxable     (4.1 )     —       (4.1 )
    Non-Taxable     (0.1 )     (0.2 )     (0.3 )
    Total Investment Securities     (25.1 )     0.6       (24.5 )
    Loans Held for Sale     0.1       —       0.1  
    Loans and Leases                  
    Commercial and industrial     (0.7 )     8.3       7.6  
    Commercial real estate     3.3       13.0       16.3  
    Construction     7.9       3.5       11.4  
    Residential:                  
    Residential mortgage     (3.2 )     10.2       7.0  
    Home equity line     1.1       10.6       11.7  
    Consumer     (8.2 )     10.1       1.9  
    Lease financing     3.2       (1.0 )     2.2  
    Total Loans and Leases     3.4       54.7       58.1  
    Other Earning Assets     (0.9 )     2.7       1.8  
    Total Change in Interest Income     (2.1 )     58.4       56.3  
                       
    Change in Interest Expense:                  
    Interest-Bearing Deposits                  
    Savings     (1.6 )     21.7       20.1  
    Money Market     4.5       27.2       31.7  
    Time     10.0       15.7       25.7  
    Total Interest-Bearing Deposits     12.9       64.6       77.5  
    Federal Funds Purchased     (0.4 )     (0.4 )     (0.8 )
    Other Short-Term Borrowings     7.7       (0.7 )     7.0  
    Long-Term Borrowings     (6.3 )     (6.2 )     (12.5 )
    Other Interest-Bearing Liabilities     (1.5 )     0.1       (1.4 )
    Total Change in Interest Expense     12.4       57.4       69.8  
    Change in Net Interest Income   $ (14.5 )   $ 1.0     $ (13.5 )

    (1) The change in interest income and expense not solely due to changes in volume or rate has been allocated on a pro-rata basis to the volume and rate columns.

                             
    Loans and Leases                     Table 9
        December 31,    September 30,    December 31, 
    (dollars in thousands)   2024   2024   2023
    Commercial and industrial   $ 2,247,428     $ 2,110,077     $ 2,165,349  
    Commercial real estate     4,463,992       4,265,289       4,340,243  
    Construction     918,326       1,056,249       900,292  
    Residential:                        
    Residential mortgage     4,168,154       4,187,060       4,283,315  
    Home equity line     1,151,739       1,159,823       1,174,588  
    Total residential     5,319,893       5,346,883       5,457,903  
    Consumer     1,023,969       1,030,044       1,109,901  
    Lease financing     434,650       432,828       379,809  
    Total loans and leases   $ 14,408,258     $ 14,241,370     $ 14,353,497  
                             
    Deposits                     Table 10
        December 31,    September 30,    December 31, 
    (dollars in thousands)   2024   2024   2023
    Demand   $ 6,975,148     $ 6,800,028     $ 7,583,562  
    Savings     6,021,364       5,896,029       6,445,084  
    Money Market     4,027,334       4,129,381       3,847,853  
    Time     3,298,370       3,402,264       3,456,158  
    Total Deposits   $ 20,322,216     $ 20,227,702     $ 21,332,657  
                             
    Non-Performing Assets and Accruing Loans and Leases Past Due 90 Days or More                     Table 11
        December 31,    September 30,    December 31, 
    (dollars in thousands)   2024   2024   2023
    Non-Performing Assets                        
    Non-Accrual Loans and Leases                        
    Commercial Loans:                        
    Commercial and industrial   $ 329     $ 934     $ 970  
    Commercial real estate     411       152       2,953  
    Total Commercial Loans     740       1,086       3,923  
    Residential Loans:                        
    Residential mortgage     12,768       9,103       7,620  
    Home equity line     7,171       7,645       7,052  
    Total Residential Loans     19,939       16,748       14,672  
    Total Non-Accrual Loans and Leases     20,679       17,834       18,595  
    Total Non-Performing Assets   $ 20,679     $ 17,834     $ 18,595  
                             
    Accruing Loans and Leases Past Due 90 Days or More                        
    Commercial Loans:                        
    Commercial and industrial   $ 1,432     $ 529     $ 494  
    Commercial real estate     —       568       300  
    Construction     536       —       —  
    Total Commercial Loans     1,968       1,097       794  
    Residential mortgage     1,317       931       —  
    Consumer     2,734       2,515       2,702  
    Total Accruing Loans and Leases Past Due 90 Days or More   $ 6,019     $ 4,543     $ 3,496  
                             
    Total Loans and Leases   $ 14,408,258     $ 14,241,370     $ 14,353,497  
                                   
    Allowance for Credit Losses and Reserve for Unfunded Commitments   Table 12
        For the Three Months Ended   For the Year Ended
        December 31,    September 30,    December 31,    December 31,    December 31, 
    (dollars in thousands)   2024   2024   2023   2024   2023
    Balance at Beginning of Period   $ 197,397     $ 193,930     $ 192,570     $ 192,138     $ 177,735  
    Loans and Leases Charged-Off                              
    Commercial Loans:                              
    Commercial and industrial     (851 )     (1,178 )     (910 )     (3,615 )     (3,482 )
    Commercial real estate     —       (400 )     (2,500 )     (400 )     (2,500 )
    Total Commercial Loans     (851 )     (1,578 )     (3,410 )     (4,015 )     (5,982 )
    Residential Loans:                              
    Residential mortgage     —       —       —       —       (122 )
    Home equity line     —       —       (20 )     —       (292 )
    Total Residential Loans     —       —       (20 )     —       (414 )
    Consumer     (4,774 )     (4,192 )     (4,147 )     (18,002 )     (17,110 )
    Total Loans and Leases Charged-Off     (5,625 )     (5,770 )     (7,577 )     (22,017 )     (23,506 )
    Recoveries on Loans and Leases Previously Charged-Off                              
    Commercial and industrial     298       160       171       919       3,346  
    Residential Loans:                              
    Residential mortgage     30       31       31       119       141  
    Home equity line     32       86       163       274       702  
    Total Residential Loans     62       117       194       393       843  
    Consumer     1,858       1,560       1,450       7,057       7,090  
    Total Recoveries on Loans and Leases Previously Charged-Off     2,218       1,837       1,815       8,369       11,279  
    Net Loans and Leases Charged-Off     (3,407 )     (3,933 )     (5,762 )     (13,648 )     (12,227 )
    (Benefit) Provision for Credit Losses     (750 )     7,400       5,330       14,750       26,630  
    Balance at End of Period   $ 193,240     $ 197,397     $ 192,138     $ 193,240     $ 192,138  
    Components:                              
    Allowance for Credit Losses   $ 160,393     $ 163,700     $ 156,533     $ 160,393     $ 156,533  
    Reserve for Unfunded Commitments     32,847       33,697       35,605       32,847       35,605  
    Total Allowance for Credit Losses and Reserve for Unfunded Commitments   $ 193,240     $ 197,397     $ 192,138     $ 193,240     $ 192,138  
    Average Loans and Leases Outstanding   $ 14,276,107     $ 14,304,806     $ 14,349,322     $ 14,312,759     $ 14,266,291  
    Ratio of Net Loans and Leases Charged-Off to Average Loans and Leases Outstanding(1)     0.09 %     0.11 %     0.16 %     0.10 %     0.09 %
    Ratio of Allowance for Credit Losses for Loans and Leases to Loans and Leases Outstanding     1.11 %     1.15 %     1.09 %     1.11 %      1.09 %
    Ratio of Allowance for Credit Losses for Loans and Leases to Non-accrual Loans and Leases     7.76x     9.18x     8.42x     7.76x     8.42x

    (1) Annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

                                                           
    Loans and Leases by Year of Origination and Credit Quality Indicator     Table 13
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
                                            Amortized   Amortized      
    (dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
    Commercial Lending                                                      
    Commercial and Industrial                                                      
    Risk rating:                                                      
    Pass   $ 163,980   $ 73,554   $ 185,433   $ 249,532   $ 17,775   $ 256,119   $ 1,118,075   $ 14,336   $ 2,078,804
    Special Mention     808     2,385     1,209     68     300     1,322     41,520     —     47,612
    Substandard     —     —     8,096     196     309     1,114     26,089     —     35,804
    Other (1)     17,132     8,928     6,937     2,797     765     1,279     47,370     —     85,208
    Total Commercial and Industrial     181,920     84,867     201,675     252,593     19,149     259,834     1,233,054     14,336     2,247,428
    Current period gross charge-offs     —     578     335     105     221     2,376     —     —     3,615
                                                           
    Commercial Real Estate                                                      
    Risk rating:                                                      
    Pass     322,405     369,948     832,005     634,722     308,156     1,720,243     116,682     7,703     4,311,864
    Special Mention     9,014     2,252     7,510     41,399     3,265     10,860     11,861     —     86,161
    Substandard     —     —     54,952     1,002     —     9,732     148     —     65,834
    Other (1)     —     —     —     —     —     133     —     —     133
    Total Commercial Real Estate     331,419     372,200     894,467     677,123     311,421     1,740,968     128,691     7,703     4,463,992
    Current period gross charge-offs     —     —     —     —     —     400     —     —     400
                                                           
    Construction                                                      
    Risk rating:                                                      
    Pass     91,583     198,382     332,000     186,682     41,596     13,824     14,972     —     879,039
    Special Mention     —     —     —     —     —     155     —     —     155
    Other (1)     12,482     9,688     10,861     1,561     1,199     2,644     697     —     39,132
    Total Construction     104,065     208,070     342,861     188,243     42,795     16,623     15,669     —     918,326
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Lease Financing                                                      
    Risk rating:                                                      
    Pass     149,615     101,684     60,898     14,328     17,703     84,663     —     —     428,891
    Special Mention     —     —     —     220     —     —     —     —     220
    Substandard     4,657     565     317     —     —     —     —     —     5,539
    Total Lease Financing     154,272     102,249     61,215     14,548     17,703     84,663     —     —     434,650
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Commercial Lending   $ 771,676   $ 767,386   $ 1,500,218   $ 1,132,507   $ 391,068   $ 2,102,088   $ 1,377,414   $ 22,039   $ 8,064,396
    Current period gross charge-offs   $ —   $ 578   $ 335   $ 105   $ 221   $ 2,776   $ —   $ —   $ 4,015
                                                           
                                                  Revolving      
                                                  Loans      
                                                  Converted      
        Term Loans   Revolving   to Term      
        Amortized Cost Basis by Origination Year   Loans   Loans      
    (continued)                                       Amortized   Amortized      
    (dollars in thousands)   2024   2023   2022   2021   2020   Prior   Cost Basis   Cost Basis   Total
    Residential Lending                                                      
    Residential Mortgage                                                      
    FICO:                                                      
    740 and greater   $ 168,067   $ 187,710   $ 492,845   $ 946,390   $ 498,443   $ 1,115,557   $ —   $ —   $ 3,409,012
    680 – 739     18,368     34,901     65,735     103,622     57,369     138,469     —     —     418,464
    620 – 679     1,726     4,380     23,556     19,355     14,058     40,471     —     —     103,546
    550 – 619     —     820     6,526     7,745     4,042     13,783     —     —     32,916
    Less than 550     —     734     775     2,264     1,559     6,342     —     —     11,674
    No Score (3)     13,211     6,719     16,839     9,916     5,518     45,604     —     —     97,807
    Other (2)     9,456     12,404     16,564     14,311     10,769     28,812     2,419     —     94,735
    Total Residential Mortgage     210,828     247,668     622,840     1,103,603     591,758     1,389,038     2,419     —     4,168,154
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Home Equity Line                                                      
    FICO:                                                      
    740 and greater     —     —     —     —     —     —     925,749     1,652     927,401
    680 – 739     —     —     —     —     —     —     161,523     1,030     162,553
    620 – 679     —     —     —     —     —     —     39,235     1,220     40,455
    550 – 619     —     —     —     —     —     —     13,006     416     13,422
    Less than 550     —     —     —     —     —     —     5,993     563     6,556
    No Score (3)     —     —     —     —     —     —     1,352     —     1,352
    Total Home Equity Line     —     —     —     —     —     —     1,146,858     4,881     1,151,739
    Current period gross charge-offs     —     —     —     —     —     —     —     —     —
                                                           
    Total Residential Lending   $ 210,828   $ 247,668   $ 622,840   $ 1,103,603   $ 591,758   $ 1,389,038   $ 1,149,277   $ 4,881   $ 5,319,893
    Current period gross charge-offs   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —   $ —
                                                           
    Consumer Lending                                                      
    FICO:                                                      
    740 and greater     92,329     65,738     84,007     44,192     14,607     6,897     101,938     106     409,814
    680 – 739     68,371     46,533     44,504     21,829     7,652     5,278     86,935     509     281,611
    620 – 679     30,618     17,728     19,942     10,252     4,195     4,152     50,544     775     138,206
    550 – 619     6,108     6,768     9,312     5,702     2,574     3,106     15,641     778     49,989
    Less than 550     2,012     3,950     5,572     3,594     1,591     1,830     5,311     593     24,453
    No Score (3)     1,881     106     38     —     7     9     38,932     176     41,149
    Other (2)     —     —     277     887     99     956     76,528     —     78,747
    Total Consumer Lending   $ 201,319   $ 140,823   $ 163,652   $ 86,456   $ 30,725   $ 22,228   $ 375,829   $ 2,937   $ 1,023,969
    Current period gross charge-offs   $ 732   $ 2,055   $ 2,606   $ 1,388   $ 676   $ 2,685   $ 7,168   $ 692   $ 18,002
                                                           
    Total Loans and Leases   $ 1,183,823   $ 1,155,877   $ 2,286,710   $ 2,322,566   $ 1,013,551   $ 3,513,354   $ 2,902,520   $ 29,857   $ 14,408,258
    Current period gross charge-offs   $ 732   $ 2,633   $ 2,941   $ 1,493   $ 897   $ 5,461   $ 7,168   $ 692   $ 22,017

    (1) Other credit quality indicators used for monitoring purposes are primarily FICO scores. The majority of the loans in this population were originated to borrowers with a prime FICO score (680 and above). As of December 31, 2024, the majority of the loans in this population were current.

    (2) Other credit quality indicators used for monitoring purposes are primarily internal risk ratings. The majority of the loans in this population were graded with a “Pass” rating. As of December 31, 2024, the majority of the loans in this population were current.

    (3) No FICO scores are primarily related to loans and leases extended to non-residents. Loans and leases of this nature are primarily secured by collateral and/or are closely monitored for performance.

                                             
    GAAP to Non-GAAP Reconciliation   Table 14
        For the Three Months Ended     For the Year Ended  
        December 31,      September 30,      December 31,      December 31,   
    (dollars in thousands)   2024     2024     2023     2024     2023  
    Income Statement Data:                                        
    Net income   $ 52,496     $ 61,492     $ 47,502     $ 230,129     $ 234,983  
                                             
    Average total stockholders’ equity   $ 2,629,600     $ 2,588,806     $ 2,374,669     $ 2,557,215     $ 2,346,713  
    Less: average goodwill     995,492       995,492       995,492       995,492       995,492  
    Average tangible stockholders’ equity   $ 1,634,108     $ 1,593,314     $ 1,379,177     $ 1,561,723     $ 1,351,221  
                                             
    Average total assets   $ 23,795,735     $ 24,046,696     $ 24,404,727     $ 23,996,723     $ 24,625,445  
    Less: average goodwill     995,492       995,492       995,492       995,492       995,492  
    Average tangible assets   $ 22,800,243     $ 23,051,204     $ 23,409,235     $ 23,001,231     $ 23,629,953  
                                             
    Return on average total stockholders’ equity(1)     7.94 %     9.45 %     7.94 %     9.00 %     10.01 %
    Return on average tangible stockholders’ equity (non-GAAP)(1)     12.78 %     15.35 %     13.66 %     14.74 %     17.39 %
                                             
    Return on average total assets(1)     0.88 %     1.02 %     0.77 %     0.96 %     0.95 %
    Return on average tangible assets (non-GAAP)(1)     0.92 %     1.06 %     0.81 %     1.00 %     0.99 %
                             
                       
        As of     As of     As of  
        December 31,      September 30,      December 31,   
    (dollars in thousands, except per share amounts)   2024     2024     2023  
    Balance Sheet Data:                        
    Total stockholders’ equity   $ 2,617,486     $ 2,648,034     $ 2,486,066  
    Less: goodwill     995,492       995,492       995,492  
    Tangible stockholders’ equity   $ 1,621,994     $ 1,652,542     $ 1,490,574  
                             
    Total assets   $ 23,828,186     $ 23,780,285     $ 24,926,474  
    Less: goodwill     995,492       995,492       995,492  
    Tangible assets   $ 22,832,694     $ 22,784,793     $ 23,930,982  
                             
    Shares outstanding     126,422,898       127,886,167       127,618,761  
                             
    Total stockholders’ equity to total assets     10.98 %     11.14 %     9.97 %
    Tangible stockholders’ equity to tangible assets (non-GAAP)     7.10 %     7.25 %     6.23 %
                             
    Book value per share   $ 20.70     $ 20.71     $ 19.48  
    Tangible book value per share (non-GAAP)   $ 12.83     $ 12.92     $ 11.68  

    (1) Annualized for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023.

    The MIL Network –

    February 1, 2025

  • MIL-OSI: QUAINT OAK BANCORP, INC. ANNOUNCES FOURTH QUARTER AND YEAR-END EARNINGS

    Source: GlobeNewswire (MIL-OSI)

    Southampton, PA , Jan. 31, 2025 (GLOBE NEWSWIRE) — Quaint Oak Bancorp, Inc. (the “Company”) (OTCQB: QNTO), the holding company for Quaint Oak Bank (the “Bank”), announced today net income for the quarter ended December 31, 2024 of $1.6 million, or $0.60 per basic and diluted share, compared to net income of $1.1 million, or $0.49 per basic and diluted share, for the same period in 2023. Net income for the year ended December 31, 2024 was $2.8 million, or $1.08 per basic and diluted share, compared to net income of $2.0 million, or $0.90 per basic and $0.89 per diluted share, for the same period in 2023.

    Robert T. Strong, President and Chief Executive Officer stated, “I am pleased to report that our quarterly net income for the period ended December 31, 2024, of $1.6 million was an increase of 38.3% when compared to the income of the same period ended December 31, 2023. I am, additionally, pleased to report that our annual net income for the year ended December 31, 2024, of $2.8 million was an increase of 38.4% when compared to the income for the year ended December 31, 2023.”

    Mr. Strong added, “Our non-interest income continued to improve for both the quarter ended December 31, 2024, and the year-end December 31, 2024, when compared to the same periods ended December 31, 2023. We completed the sale-leaseback of our property in Allentown, Pennsylvania during the fourth quarter of 2024 that resulted in a one-time $1.5 million gain.”

    Mr. Strong continued, “As previously reported, we experienced a continuing minor weakness in the small business sector. Our non-performing loans as a percentage of total loans receivable, net was 1.07% at December 31, 2024. Our non-performing assets as a percentage of total assets at December 31, 2024, was 0.83%. Although not rising to a level of concern but one of continued monitoring, we have, however, increased our allowance for credit losses as a percentage of total loans receivable to 1.20% at year-end December 31, 2024. We also carry a percentage of 113.61% allowance for credit losses as a percent of non-performing loans.”

    Mr. Strong commented, “As of year-end December 31, 2024, Quaint Oak Bank’s total risk-based capital ratio was 14.34%. In conjunction with earnings and improved liquidity and capital ratios, the Board of Directors, as previously announced, declared a dividend in the amount of $0.13 per share payable February 10, 2025.”

    Mr. Strong concluded, “In closing, I am pleased that our stockholders’ equity from continuing operations improved by over $4.0 million during the year 2024. As always, our current and continued business strategy focuses on long-term profitability and maintaining healthy capital ratios both of which reflect our strong commitment to shareholder value.”

    On March 29, 2024, Quaint Oak Bank sold its 51% interest in Oakmont Capital Holdings, LLC (“OCH”). The decision was based on a number of strategic priorities and other factors. As a result of this action, the Company classified the operations of OCH as discontinued operations under ASC 205-20. The Consolidated Balance Sheets and Consolidated Statements of Income present discontinued operations for the year ended December 31, 2024 and retrospectively at December 31, 2023 and for prior periods. Included in discontinued operations for the year ended December 31, 2024 was a pretax gain of $1.4 million on the sale of the Company’s 51% interest in OCH.

    Also on March 29, 2024, the Company discontinued the operations of Quaint Oak Real Estate, LLC (“Quaint Oak Real Estate”), a 100% wholly owned subsidiary of the Bank. Quaint Oak Real Estate was engaged in the real estate brokerage business.

    Comparison of Quarter-over-Quarter Operating Results

    Net income amounted to $1.6 million for the three months ended December 31, 2024, an increase of $437,000, or 38.3%, compared to net income of $1.1 million for the three months ended December 31, 2023. The increase in net income on a comparative quarterly basis was primarily the result of an increase in non-interest income of $1.8 million, a decrease in interest expense of $756,000, and a decrease in the net provision for income taxes of $166,000, partially offset by a decrease in interest income of $1.0 million, an increase in the provision for credit losses of $619,000, a decrease in net loss from discontinued operations of $488,000, and an increase in non-interest expense of $308,000.

    The $1.0 million, or 9.5%, decrease in interest income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $94.3 million from $702.7 million for the three months ended December 31, 2023 to $608.4 million for the three months ended December 31, 2024 and had the effect of decreasing interest income $1.4 million. This decrease was partially offset by a 27 basis point increase in the average yield on loans receivable, net from 6.05% for the three months ended December 31, 2023 to 6.32% for the three months ended December 31, 2024, and had the effect of increasing interest income $412,000, and a $9.4 million increase in the average balance of due from banks – interest earning, which increased from $22.1 million for the three months ended December 31, 2023 to $31.5 million for the three months ended December 31, 2024, and had the effect of increasing interest income $92,000.

    The $756,000, or 11.4%, decrease in interest expense for the three months ended December 31, 2024 over the comparable period in 2023 was driven by a $310,000, or 96.0%, decrease in the interest on Federal Home Loan Bank long-term borrowings due to a $29.8 million, or 89.5%, decrease in the average balance of Federal Home Loan Bank long-term borrowings which decreased from $33.3 million for the three months ended December 31, 2023 to $3.5 million for the three months ended December 31, 2024, combined with a $295,000, or 91.0%, decrease in the interest on Federal Home Loan Bank short-term borrowings due to an $18.1 million, or 88.9%, decrease in the average balance of Federal Home Loan Bank short-term borrowings which decreased from $20.4 million for the three months ended December 31, 2023 to $2.3 million for the three months ended December 31, 2024. Also contributing to the decrease in interest expense for the three months ended December 31, 2024 was a $192,000, or 3.5%, decrease in interest expense on deposits. The average interest rate spread increased from 1.52% for the three months ended December 31, 2023 to 1.88% for the three months ended December 31, 2024 while the net interest margin increased from 2.39% for the three months ended December 31, 2023 to 2.54% for the three months ended December 31, 2024.

    The $619,000, or 204.3%, increase in the provision for credit losses for the three months ended December 31, 2024 over the three months ended December 31, 2023 was due to an increase in charge-offs during the three months ended December 31, 2024, partially offset by a decrease in loans receivable, net.

    The $1.8 million, or 82.6%, increase in non-interest income for the three months ended December 31, 2024 over the comparable period in 2023 was primarily attributable to a $1.5 million gain on the sale and leaseback of the Company’s office building at 1710 Union Boulevard in Allentown, Pennsylvania, a $290,000, or 20.6%, increase in net gain on sale of loans, a $103,000, or 57.5%, increase in mortgage banking, equipment lending, and title abstract fees, an $80,000, or 65.6%, increase in gain on sale of SBA loans, and a $41,000, or 23.2%, increase in insurance commissions. These increases were partially offset by a $184,000, or 86.0%, decrease in other fees and service charges, and a $6,000, or 100.0%, decrease in real estate sales commissions, net.

    The $308,000, or 5.7%, increase in non-interest expense for the three months ended December 31, 2024 over the comparable period in 2023 was primarily due to a $392,000, or 11.4%, increase in salaries and employee benefits expense, a $111,000, or 33.1%, increase in professional fees, a $90,000, or 28.7%, increase in data processing expense, a $47,000 increase in directors’ fees and expenses, and a $25,000, or 33.3%, increase in advertising expense. These increases were partially offset by a $183,000, or 33.5%, decrease in other expense, a $96,000, or 18.5%, decrease in occupancy and equipment expense, and a $78,000, or 39.4%, decrease in FDIC deposit insurance assessment.

    The provision for income tax from continuing operations decreased $166,000, or 24.3%, from $682,000 for the three months ended December 31, 2023 to $516,000 for the three months ended December 31, 2024 due primarily to a decrease in state taxes related to subsidiary activity in additional states.

    Comparison of Year-End Operating Results

    Net income amounted to $2.8 million for the year ended December 31, 2024, an increase of $775,000, or 38.4%, compared to net income of $2.0 million for the year ended December 31, 2023. The increase in net income on a comparative year-end basis was primarily the result of an increase in non-interest income of $2.9 million, a decrease in net loss from discontinued operations of $668,000, and a decrease in the net provision for income taxes from continuing operations of $298,000, partially offset by a decrease in interest income of $1.5 million, an increase in the provision for credit losses of $1.4 million, an increase in non-interest expense of $101,000, and an increase in interest expense of $93,000. The decrease in the net loss from discontinued operations was driven by the after-tax gain on the sale of the Company’s 51% interest in OCH.

    The $1.5 million, or 3.3%, decrease in interest income was primarily due to a decrease in the average balance of loans receivable, net, which decreased $116.0 million from $737.0 million for the year ended December 31, 2023 to $621.0 million for the year ended December 31, 2024 and had the effect of decreasing interest income $6.9 million. This decrease was partially offset by a 51 basis point increase in the yield on average loans receivable, net, including loans held for sale, which increased from 5.94% for the year ended December 31, 2023 to 6.45% for the year ended December 31, 2024, and had the effect of increasing interest income $3.1 million, a $51.8 million increase in the average balance of due from banks – interest earning, which increased from $10.1 million for the year ended December 31, 2023 to $61.9 million for the year ended December 31, 2024, and had the effect of increasing interest income $2.1 million, and a 93 basis point increase in the average yield on due from banks – interest earning which increased from 4.03% for the year ended December 31, 2023 to 4.96% for the year ended December 31, 2024, and had the effect of increasing interest income $577,000.

    The $93,000, or 0.4%, increase in interest expense for the year ended December 31, 2024 over the comparable period in 2023 was driven by a 106 basis point increase in the rate on average certificate of deposit accounts which increased from 3.09% for the year ended December 31, 2023 to 4.15% for the year ended December 31, 2024 and had the effect of increasing interest expense by $2.5 million. Also contributing to the increase in interest expense was an increase in the average balance of business checking accounts which increased from $49.7 million for the year ended December 31, 2023 to $93.3 million for the year ended December 31, 2024 and had the effect of increasing interest expense by $2.2 million. The Bank pays interest on business checking accounts received through a correspondent banking relationship. Also impacting the increase in interest expense was a 28 basis point increase in the rate on average money market accounts which increased from 4.16% for the year ended December 31, 2023 to 4.44% for the year ended December 31, 2024 and had the effect of increasing interest expense by $604,000. Partially offsetting the increase in interest expense for the year ended December 31, 2024, was a $71.3 million, or 98.3%, decrease in the average balance of Federal Home Loan Bank short-term borrowings which decreased from $72.6 million for the year ended December 31, 2023 to $1.2 million for the year ended December 31, 2024 and had the effect of decreasing interest expense $3.8 million. The average interest rate spread decreased from 1.91% for the year ended December 31, 2023 to 1.84% for the year ended December 31, 2024 while the net interest margin increased from 2.56% for the year ended December 31, 2023 to 2.59% for the year ended December 31, 2024.

    The $1.4 million, or 877.1%, increase in the provision for credit losses for the year ended December 31, 2024 over the year ended December 31, 2023 was due to an increase in the amount of non-performing loans. There were seventeen individually evaluated loans which increased the provision for credit losses by $809,000. Also contributing to the increase in the provision for credit losses was $1.8 million in charge-offs during the year ended December 31, 2024. These increases were partially offset by a decrease in the average balance of loans receivable, net.

    The $2.9 million, or 54.1%, increase in non-interest income for the year ended December 31, 2024 over the comparable period in 2023 was primarily attributable to the $1.5 million gain on sale-leaseback transaction in the fourth quarter of 2024, described above, a $1.1 million, or 41.2%, increase in net gain on sale of loans, a $309,000, or 51.5%, increase in mortgage banking, equipment lending, and title abstract fees, a $102,000, or 20.0%, increase in other fees and services charges, and an $81,000, or 12.2%, increase in insurance commissions. These increases were partially offset by a $119,000 or 50.6%, decrease in net loan servicing income, a $74,000, or 78.7%, decrease in real estate sales commissions, net, and a $15,000, or 3.2%, decrease in gain on sale of SBA loans. The $1.1 million increase in the net gain on sale of loans was due primarily to increased sales volume from Quaint Oak Mortgage, LLC and Oakmont Commercial, LLC.

    The $101,000, or 0.5%, increase in non-interest expense for the year ended December 31, 2024 over the comparable period in 2023 was primarily due to a $786,000, or 5.7%, increase in salaries and employee benefits expense, a $247,000, or 23.5%, increase in data processing expense, and a $19,000, or 6.7%, increase in advertising expense, partially offset by a $253,000, or 29.2%, decrease in FDIC deposit insurance assessment, a $238,000, or 14.4%, decrease in occupancy and equipment expense, a $182,000, or 9.5%, decrease in other expenses, a $163,000, or 17.5%, decrease in professional fees, and a $115,000, or 36.4%, decrease in directors’ fees and expenses. The decrease in directors’ fees and expenses was primarily due to a reduction in director rates for the year ended December 31, 2024.

    The provision for income tax on continuing operations decreased $298,000, or 22.4%, from $1.3 million for the year ended December 31, 2023 to $1.0 million for the year ended December 31, 2024 due primarily to a decrease in taxable income from continuing operations.

    Comparison of Financial Condition

    The Company’s total assets at December 31, 2024 were $685.2 million, a decrease of $69.0 million, or 9.1%, from $754.1 million at December 31, 2023. This decrease in total assets was primarily due to an $84.7 million, or 13.7%, decrease in loans receivable, net of allowance for credit losses. The largest decreases within the loan portfolio occurred in commercial real estate loans which decreased $34.9 million, or 10.5%, commercial business loans which decreased $12.9 million, or 10.1%, construction loans which decreased $17.3 million, or 48.5%, one-to-four family non-owner occupied loans which decreased $6.9 million, or 17.0%, and multi-family residential loans which decreased $1.3 million, or 2.7%. Partially offsetting these decreases were one-to-four family owner occupied loans which increased $2.7 million, or 12.0%. Also contributing to the decrease in assets was a $1.0 million, or 38.8%, decrease in premises and equipment, net. Partially offsetting the decrease in total assets was a $29.5 million, or 80.9%, increase in loans held for sale, a $5.0 million, or 8.6%, increase in cash and cash equivalents, a $740,000, or 50.2%, increase in investment in Federal Home Loan Bank stock, at cost, a $459,000, or 13.1%, increase in accrued interest receivable, and a $118,000, or 2.7%, increase in bank-owned life insurance. The decrease in loans receivable, net was due to the transfer of $59.5 million of loans held for investment into loans held for sale.

    Loans held for sale increased $29.5 million, or 80.9%, from $36.4 million at December 31, 2023 to $65.9 million at December 31, 2024 as the Bank originated $51.6 million in equipment loans held for sale and sold $71.6 million of equipment loans during the year ended December 31, 2024. Partially offsetting this increase was $8.5 million of loan amortization and prepayments. On March 29, 2024, the Bank transferred $4.4 million of equipment loans held for sale into loans receivable as part of the discontinued operations of OCH. Additionally, the Bank’s mortgage banking subsidiary, Quaint Oak Mortgage, LLC, originated $134.3 million of one-to-four family residential loans during the year ended December 31, 2024 and sold $131.4 million of loans in the secondary market during this same period. In the fourth quarter of 2024, management identified $49.2 million of commercial real estate loans and $10.3 million of SBA loans within the loan portfolio and transferred them to loans held for sale at amortized cost.

    Total deposits decreased $78.4 million, or 12.4%, to $553.3 million at December 31, 2024 from $631.7 million at December 31, 2023. This decrease in deposits was primarily attributable to a decrease of $57.4 million, or 55.0%, in interest bearing checking accounts, a decrease of $56.2 million, or 25.7%, in money market accounts, a decrease of $31.6 million, or 34.2%, in non-interest bearing checking accounts, and a $349,000, or 41.5%, decrease in savings accounts. These decreases in deposits were partially offset by an increase of $67.0 million, or 31.1%, in certificates of deposit. The total decrease in interest bearing checking accounts was due to reduced correspondent banking activity.

    Total Federal Home Loan Bank (FHLB) borrowings increased $18.8 million, or 64.9%, to $47.9 million at December 31, 2024 from $29.0 million at December 31, 2023. During the year ended December 31, 2024, the Company borrowed $110.0 million of FHLB short-term borrowings, paid down $65.0 million of FHLB short-term borrowings, and paid down $26.2 million of FHLB long-term borrowings.

    Total stockholders’ equity from continuing operations increased $4.1 million, or 8.5%, to $52.6 million at December 31, 2024 from $48.5 million at December 31, 2023. Contributing to the increase was net income for the year ended December 31, 2024 of $2.8 million, shares of common stock issued of $2.4 million, amortization of stock awards and options under our stock compensation plans of $242,000, the reissuance of treasury stock under the Bank’s 401(k) Plan of $118,000, and other comprehensive income, net of $10,000. The increase in stockholders’ equity was partially offset by dividends paid of $1.3 million, and $150,000 of purchases of treasury stock. In addition, there was a $3.1 million, or 100.0%, decrease in noncontrolling interest from discontinued operations. The $2.4 million of shares issued were due to two private placement offerings to two investors.

    Non-performing loans at December 31, 2024 totaled $5.7 million, or 1.07%, of total loans receivable, net of allowance for credit losses, consisting of $3.9 million of loans on non-accrual status and $1.8 million of loans 90-days or more delinquent. Non-accrual loans consist of one commercial real estate loan, and ten commercial business loans. Included in the ten commercial business loans is one pool of equipment loans. Loans 90-days or more past due include one one-to-four family residential owner occupied loan and two commercial real estate loans, all of which are still accruing. All non-performing loans are either well-collateralized or adequately reserved for. During the year ended December 31, 2024, 19 commercial business loans totaling $1.6 million, and one construction loan of $187,000, that were previously on non-accrual were charged-off through the allowance for credit losses. The allowance for credit losses as a percentage of total loans receivable was 1.20% at December 31, 2024 and 1.11% at December 31, 2023. Non-performing loans at December 31, 2023 consisted of one SBA loan on non-accrual status in the amount of $51,000 and one one-to-four family owner occupied loan that was 90 days or more past due but still accruing in the amount of $401,000. During the year ended December 31, 2023, two commercial business loans, one SBA loan, one multi-family residential loan, and two equipment loans totaling $272,000 that were previously on non-accrual were charged-off through the allowance for credit losses. In addition, there was one commercial business loan in the amount of $652,000 that was partially charged off by $603,000.

    Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC, and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Factors which could result in material variations include, but are not limited to, changes in interest rates which could affect net interest margins and net interest income, competitive factors which could affect net interest income and noninterest income, changes in demand for loans, deposits and other financial services in the Company’s market area; changes in asset quality, general economic conditions as well as other factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

    In addition to factors previously disclosed in the reports filed by the Company with the Securities and Exchange Commission and those identified elsewhere in this press release, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: the strength of the United States economy in general and the strength of the local economies in which the Company conducts its operations; general economic conditions; legislative and regulatory changes; monetary and fiscal policies of the federal government; changes in tax policies, rates and regulations of federal, state and local tax authorities including the effects of the Tax Reform Act; changes in interest rates, deposit flows, the cost of funds, demand for loan products and the demand for financial services, competition, changes in the quality or composition of the Company’s loan, investment and mortgage-backed securities portfolios; geographic concentration of the Company’s business; fluctuations in real estate values; the adequacy of loan loss reserves; the risk that goodwill and intangibles recorded in the Company’s financial statements will become impaired; changes in accounting principles, policies or guidelines and other economic, competitive, governmental and technological factors affecting the Company’s operations, markets, products, services and fees.

    QUAINT OAK BANCORP, INC.
    Consolidated Balance Sheets
    (In Thousands)
        At December 31,     At December 31,  
        2024     2023  
        (Unaudited)     (Unaudited)  
    Assets                
    Cash and cash equivalents   $ 62,989     $ 58,006  
    Investment in interest-earning time deposits     912       1,912  
    Investment securities available for sale at fair value     1,666       2,341  
    Loans held for sale     65,939       36,448  
      Loans receivable, net of allowance for credit losses (2024: $6,476; 2023: $6,758)     533,035       617,701  
    Accrued interest receivable     3,961       3,502  
    Investment in Federal Home Loan Bank stock, at cost     2,214       1,474  
    Bank-owned life insurance     4,447       4,329  
    Premises and equipment, net     1,626       2,656  
    Goodwill     515       515  
    Other intangible, net of accumulated amortization     77       125  
    Prepaid expenses and other assets     7,787       5,134  
    Assets from discontinued operations     –       19,975  
    Total Assets   $ 685,168     $ 754,118  
                     
    Liabilities and Stockholders’ Equity                
    Liabilities                
    Deposits                
    Non-interest bearing   $ 59,783     $ 92,215  
    Interest-bearing     493,469       539,484  
    Total deposits     553,252       631,699  
    Federal Home Loan Bank short-term borrowings     45,000       –  
    Federal Home Loan Bank long-term borrowings     2,855       29,022  
    Subordinated debt     22,000       21,957  
    Accrued interest payable     937       541  
    Advances from borrowers for taxes and insurance     3,122       3,730  
    Accrued expenses and other liabilities     5,385       2,438  
    Liabilities from discontinued operations     –       13,166  
    Total Liabilities     632,551       702,553  
    Total Quaint Oak Bancorp, Inc. Stockholders’ Equity     52,617       48,491  
    Noncontrolling Interest from Discontinued Operations     –       3,074  
    Total Stockholders’ Equity     52,617       51,565  
    Total Liabilities and Stockholders’ Equity   $ 685,168     $ 754,118  
        At December 31,  
        2023  
        (Unaudited)  
    Assets from Discontinued Operations        
    Cash and cash equivalents   $ 4,121  
    Loans held for sale     9,580  
    Premises and equipment, net     277  
    Goodwill     2,058  
    Prepaid expenses and other assets     3,939  
    Total Assets from Discontinued Operations   $ 19,975  
             
    Liabilities and Stockholders’ Equity from Discontinued Operations        
    Liabilities from Discontinued Operations        
    Other short-term borrowings   $ 5,549  
    Accrued interest payable     565  
    Accrued expenses and other liabilities     7,052  
    Total Liabilities from Discontinued Operations     13,166  
    Total Stockholders’ Equity from Discontinued Operations     6,809  
    Total Liabilities and Stockholders’ Equity from Discontinued Operations   $ 19,975  

    QUAINT OAK BANCORP, INC.
    Consolidated Statements of Income
    (In Thousands, except share data)

        For the Three Months Ended     For the Year Ended  
        December 31,     December 31,  
        2024     2023     2024     2023  
        (Unaudited)     (Unaudited)  
    Interest and Dividend Income                                
    Interest on loans, including fees   $ 9,613     $ 10,629     $ 40,058     $ 43,812  
    Interest and dividends on time deposits, investment securities, interest-bearing deposits with others, and Federal Home Loan Bank stock     333       359       3,379       1,109  
    Total Interest and Dividend Income     9,946       10,988       43,437       44,921  
    Interest Expense                                
    Interest on deposits     5,346       5,538       23,141       18,811  
    Interest on Federal Home Loan Bank short-term borrowings     29       324       61       3,907  
    Interest on Federal Home Loan Bank long-term borrowings     13       323       484       1,326  
    Interest on Federal Reserve Bank short-term borrowings     –       4       –       34  
    Interest on subordinated debt     473       428       1,934       1,449  
    Total Interest Expense     5,861       6,617       25,620       25,527  
    Net Interest Income     4,085       4,371       17,817       19,394  
    Provision for (Recovery of) Credit Losses – Loans     279       (324 )     1,506       (45 )
    Provision for Credit Losses – Unfunded Commitments     37       21       28       202  
    Total Provision for (Recovery of) Credit Losses     316       (303 )     1,534       157  
    Net Interest Income after Provision for (Recovery from) Credit Losses     3,769       4,674       16,283       19,237  
                                     
    Non-Interest Income                                
    Mortgage banking, equipment lending and title abstract fees     282       179       909       600  
    Real estate sales commissions, net     –       6       20       94  
    Insurance commissions     218       177       744       663  
    Other fees and services charges     30       214       612       510  
    Net loan servicing income     111       88       116       235  
    Income from bank-owned life insurance     31       27       118       102  
    Net gain on sale of loans     1,701       1,411       3,699       2,620  
    Gain on sale of SBA loans     202       122       453       468  
    Gain on sale-leaseback transaction     1,485       –       1,485       –  
    Total Non-Interest Income     4,060       2,224       8,156       5,292  
                                     
    Non-Interest Expense                                
    Salaries and employee benefits     3,818       3,426       14,636       13,850  
    Directors’ fees and expenses     48       1       201       316  
    Occupancy and equipment     422       518       1,418       1,656  
    Data processing     404       314       1,298       1,051  
    Professional fees     446       335       769       932  
    FDIC deposit insurance assessment     120       198       614       867  
    Advertising     100       75       302       283  
    Amortization of other intangible     12       12       48       48  
    Other     364       547       1,732       1,914  
    Total Non-Interest Expense     5,734       5,426       21,018       20,917  
    Income from Continuing Operations Before Income Taxes   $ 2,095     $ 1,472     $ 3,421     $ 3,612  
    Income Taxes     516       682       1,032       1,330  
    Net Income from Continuing Operations   $ 1,579     $ 790     $ 2,389     $ 2,282  
    Income (Loss) from Discontinued Operations     –       488       564       (364 )
    Income Tax (Benefit)     –       136       158       (102 )
    Net Income (Loss) from Discontinued Operations   $ –     $ 352     $ 406     $ (262 )
    Net Income   $ 1,579     $ 1,142     $ 2,795     $ 2,020  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Per Common Share Data:   (Unaudited)     (Unaudited)  
    Earnings per share from continuing operations – basic   $ 0.60     $ 0.34     $ 0.93     $ 1.02  
    Earnings per share from discontinued operations – basic   $ –     $ 0.15     $ 0.16     $ (0.12 )
    Earnings per share, net – basic   $ 0.60     $ 0.49     $ 1.08     $ 0.90  
    Average shares outstanding – basic     2,631,851       2,352,133       2,578,804       2,254,444  
    Earnings per share from continuing operations – diluted   $ 0.60     $ 0.34     $ 0.93     $ 1.00  
    Earnings per share from discontinued operations – diluted   $ –     $ 0.15     $ 0.16     $ (0.11 )
    Earnings per share, net – diluted   $ 0.60     $ 0.49     $ 1.08     $ 0.89  
    Average shares outstanding – diluted     2,631,851       2,352,133       2,578,804       2,275,034  
    Book value per share, end of period   $ 20.03     $ 20.15     $ 20.03     $ 20.15  
    Shares outstanding, end of period     2,626,535       2,407,048       2,626,535       2,407,048  
        Three Months Ended
    December 31,    		     Year Ended
    December 31,    		  
        2024     2023     2024     2023  
    Selected Operating Ratios:   (Unaudited)     (Unaudited)  
    Average yield on interest-earning assets     6.19 %     6.01 %     6.32 %     5.93 %
    Average rate on interest-bearing liabilities     4.30 %     4.48 %     4.48 %     4.02 %
    Average interest rate spread     1.88 %     1.52 %     1.84 %     1.91 %
    Net interest margin     2.54 %     2.39 %     2.59 %     2.56 %
    Average interest-earning assets to average interest-bearing liabilities     118.00 %     123.90 %     120.08 %     119.37 %
    Efficiency ratio     70.40 %     82.28 %     80.93 %     84.73 %
                                     
    Asset Quality Ratios (1):                                
    Non-performing loans as a percent of total loans receivable, net     1.07 %     0.07 %     1.07 %     0.07 %
    Non-performing assets as a percent of total assets     0.83 %     0.06 %     0.83 %     0.06 %
    Allowance for credit losses as a percent of non-performing loans     113.61 %   n/m       113.61 %   n/m  
    Allowance for credit losses as a percent of total loans receivable     1.20 %     1.11 %     1.20 %     1.11 %
    Texas Ratio (2)     8.77 %     0.80 %     8.77 %     0.80 %

    (1) Asset quality ratios are end of period ratios.
    (2) Total non-performing assets divided by tangible common equity plus the allowance for credit losses.
    n/m – not meaningful

    The MIL Network –

    February 1, 2025

  • MIL-OSI: Airship AI Secures Follow-On Seven-Figure Contract Award with Fortune 100 Transportation & E-Commerce Company

    Source: GlobeNewswire (MIL-OSI)

    Acropolis Enterprise Video and Data Management Platform Supports Operational and Physical Security Requirements for Global Locations

    REDMOND, Wash., Jan. 31, 2025 (GLOBE NEWSWIRE) —  Airship AI Holdings, Inc. (NASDAQ: AISP) (“Airship AI” or the “Company”), a leader in AI-driven video, sensor, and data management surveillance solutions, today announced it has been awarded an additional one (1) year system maintenance and sustainment contract for an existing Fortune 100 customer leveraging the Company’s Acropolis Enterprise Video and Data Management platform supporting operational and physical security requirements.

    “Our follow-on expansion contract with this flagship customer is a testament to the Acropolis eco-system’s ability to enhance physical security at the scale needed for the large-scale operations of the world’s largest corporations,” said Paul Allen, President of Airship AI. “This allows the customer to continue to federate and manage global logistical operations from a single security operations center.

    “The seven-figure contract includes ongoing health monitoring, technical and engineering support, and software maintenance, demonstrating the ability to provide revenue from a mix of professional services in addition to our traditional software and hardware offerings. With employee safety and operational efficiency a key mission for this global Fortune 100 company, we look forward to further developing our suite of AI driven offerings to create additional efficiencies and continual improvements to operational effectiveness,” concluded Allen.

    Airship AI’s Acropolis backend enterprise management system enables customers to manage devices and sensors across their entire digital eco-system, via hardware deployed on-premises or in the cloud, while utilizing Artificial Intelligence (AI) at the edge and or the backend to optimize operational efficiency and improve real-time decision-making capabilities. Combining the sensor-agnostic nature of our Acropolis platform with an edge-based AI platform Outpost AI, customers can efficiently add “smarts” to existing edge sensors, avoiding costly and operationally disruptive rip and replace requirements.

    To experience how Airship AI and its suite of enterprise video and data management solutions can help your organization solve your complex video and data management challenges, please email your request to info@airship.ai.

    About Airship AI Holdings, Inc.

    Founded in 2006, Airship AI (NASDAQ: AISP) is a U.S. owned and operated technology company headquartered in Redmond, Washington. Airship AI is an AI-driven video, sensor and data management surveillance platform that improves public safety and operational efficiency for public sector and commercial customers by providing predictive analysis of events before they occur and meaningful intelligence to decision makers. Airship AI’s product suite includes Outpost AI edge hardware and software offerings, Acropolis enterprise management software stack, and Command family of visualization tools.

    For more information, visit https://airship.ai.

    Forward-Looking Statements

    The disclosure herein includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters, but the absence of these words does not mean that a statement is not forward looking. These forward-looking statements include, but are not limited to, (1) statements regarding estimates and forecasts of financial, performance and operational metrics and projections of market opportunity; (2) changes in the market for Airship AI’s services and technology, expansion plans and opportunities; (3) the projected technological developments of Airship AI; and (4) current and future potential commercial and customer relationships. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Airship AI’s management and are not predictions of actual performance. These forward-looking statements are also subject to a number of risks and uncertainties, as set forth in the section entitled “Risk Factors” in its Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on April 1, 2024, and the other documents that the Company has filed, or will file, with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. In addition, forward looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

    Investor Contact:

    Chris Tyson/Larry Holub
    MZ North America
    949-491-8235
    AISP@mzgroup.us

    The MIL Network –

    February 1, 2025

  • MIL-OSI: Helport AI Opens Office in the Philippines

    Source: GlobeNewswire (MIL-OSI)

    New ‘Global Center of Excellence’ to Drive Artificial Intelligence Operations and Service Offerings in the Business Process Outsourcing Industry

    SINGAPORE and SAN DIEGO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Helport AI Limited (NASDAQ: HPAI) (“Helport AI”), an AI technology company serving enterprise clients with intelligent customer communication software, services, and solutions, today announced the grand opening of its new office in the Philippines. Located at the IBM Plaza in Eastwood City, Quezon City, this facility is expected to establish Helport AI’s Global Center of Excellence for AI operations and training.

    The new office represents Helport AI’s commitment to fostering innovation in the business process outsourcing (BPO) industry and supporting the growing demand for advanced AI solutions in Southeast Asia. The office will serve as a hub for Helport AI’s research and development efforts.

    A Strategic Step for Helport AI

    Guanghai Li, CEO of Helport AI, highlighted the significance of this milestone during the opening ceremony. “Our decision to establish a presence in the Philippines underscores the immense potential of this region,” said Li. “The Philippines is home to a thriving BPO sector and a highly skilled workforce. We believe this office will play a pivotal role in advancing our AI-driven solutions, helping our clients achieve greater efficiency, enhancing customer satisfaction, and anticipating potential industry disruption.”

    The Philippines office will focus on refining Helport AI’s flagship product, an intelligent co-pilot software for call center agents. This technology provides real-time guidance to agents, optimizing customer interactions while reducing onboarding time and training costs. As an integral part of Helport AI’s portfolio, this tool has already proven its scalability, with clients reporting improved agent performance and operational efficiency.

    A Celebration of Innovation and Collaboration

    The grand opening event featured a series of keynotes and discussions, including a presentation on “The Future of AI in BPO” and a live demonstration of Helport AI’s software. The program concluded with a ribbon-cutting ceremony and a networking session attended by industry leaders, government officials, and alliance partners.

    Over fifty guests, including representatives from local BPO companies, investors, industry associations, and members of the news media, attended the gathering. They expressed interest in Helport AI’s solutions and demonstrated a desire for future collaboration, signaling the potential for partnerships in the region.

    Looking Ahead

    This new office marks another chapter in Helport AI’s journey toward redefining the future of AI in the BPO sector. With robust in-house AI training capabilities and a growing global footprint, Helport AI aspires to empower businesses, transform customer interactions, and drive sustainable growth.

    About Helport AI

    Helport AI (NASDAQ: HPAI) is an AI technology company dedicated to optimizing customer communication through its digital platform and intelligent software solutions. Offering enterprise level customer contact services, Helport AI’s mission is to empower everyone to work as an expert. Learn more at www.helport.ai.

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, Helport AI’s business plan and outlook. These forward-looking statements involve known and unknown risks and uncertainties and are based on Helport AI’s current expectations and projections about future events that Helport AI believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. Helport AI undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although Helport AI believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and Helport AI cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in Helport AI’s registration statement and other filings with the U.S. Securities and Exchange Commission.

    Helport AI Investor Relations:
    Website: https://ir.helport.ai/
    Email: ir@helport.ai

    External Investor Relations Contact:
    Chris Tyson 
    Executive Vice President
    MZ North America
    Direct: 949-491-8235
    HPAI@mzgroup.us
    www.mzgroup.us

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/9fdedad8-fef3-4e3b-8b9e-40960895c3a5

    The MIL Network –

    February 1, 2025

  • MIL-OSI Russia: Denis Manturov held a session on the use of artificial intelligence to enhance the combat capabilities of weapons and control systems

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    Denis Manturov, Dmitry Chernyshenko, Deputy Minister of Defense Alexey Krivoruchko and representatives of the Ministry of Industry and Trade, the Ministry of Digital Development, Communications and Mass Media of Russia, members of the board of the military-industrial complex, heads of military command bodies, representatives of defense industry enterprises and the People’s Defense Industry Complex at a session on the use of artificial intelligence to increase the combat capabilities of weapons and control systems

    January 31, 2025

    Denis Manturov, Dmitry Chernyshenko and Deputy Minister of Defense Alexey Krivoruchko at a session on the use of artificial intelligence to enhance the combat capabilities of weapons and control systems

    January 31, 2025

    Denis Manturov and Dmitry Chernyshenko visited the Military Innovation Technopolis (VIT) “ERA”

    January 31, 2025

    Denis Manturov and Dmitry Chernyshenko visited the Military Innovation Technopolis (VIT) “ERA”

    January 31, 2025

    Samples of unmanned aircraft systems for intercepting air targets

    January 31, 2025

    Samples of unmanned aircraft systems for intercepting air targets

    January 31, 2025

    Previous news Next news

    Denis Manturov, Dmitry Chernyshenko, Deputy Minister of Defense Alexey Krivoruchko and representatives of the Ministry of Industry and Trade, the Ministry of Digital Development, Communications and Mass Media of Russia, members of the board of the military-industrial complex, heads of military command bodies, representatives of defense industry enterprises and the People’s Defense Industry Complex at a session on the use of artificial intelligence to increase the combat capabilities of weapons and control systems

    A strategic session was held at the Military Innovation Technopolis (VIT) “Era” under the leadership of First Deputy Prime Minister Denis Manturov.

    The event was attended by Deputy Prime Minister Dmitry Chernyshenko, Deputy Minister of Defense Alexey Krivoruchko, representatives of the Ministry of Industry and Trade and the Ministry of Digital Development, members of the board of the Military-Industrial Commission, heads of military command bodies, representatives of enterprises of the defense industry complex and the national defense industry complex.

    During the meeting, issues of the influence of artificial intelligence on increasing the combat effectiveness of units in combat zones and increasing the combat capabilities of weapons, equipment, and control systems were considered.

    “All leading countries of the world are aware of the growing role of artificial intelligence technologies, big data processing and cloud computing, having included their development among their strategic priorities. In fact, we can talk about another race of technological competition, comparable to the arms race and space exploration programs. Russia as a whole is following in the wake of global trends. Russian companies are developing technological products, including large language models, computer vision, machine learning, based on neural network tools. Most of the existing and planned developments have dual-use potential. Our task is to use them in solving applied military problems,” Denis Manturov noted.

    Artificial intelligence is used for automatic processing and analysis of intelligence data, can improve information support for combat operations, increase the ability to predict threats and the course of conflict development. Digital technologies are the basis for the mass introduction of robotic systems and swarm interaction of unmanned aerial vehicles.

    “Artificial intelligence is a breakthrough and fast technology that is important for both civilian and military needs. In the coming years, we will increase the volume of funding for AI research. We plan to accumulate these resources within the framework of a single AI research program. It is planned to allocate 5% of the state budget for funding scientific research in the field of AI and 15% of the state budget for funding research in other areas, but with the mandatory use of AI tools. Consolidation of these resources in the field of AI and training of specialists are extremely important for achieving technological sovereignty and other goals set by the President of Russia,” said Dmitry Chernyshenko.

    “It is also important to use the capabilities of AI analytics for a deep analysis of the conflict in Ukraine and further training of domestic intelligent systems,” Denis Manturov emphasized.

    The session participants discussed the formation of information and computing systems for the trusted use of elements of artificial intelligence for military purposes, as well as the experience of transitioning to a new generation of drones on neuroprocessors.

    An exhibition of new samples and technologies developed by residents of innovative scientific and technological centers and innovative development funds of the Russian Federation was opened for the participants of the strategic session. A number of samples using AI technologies were selected by the Main Directorate for Innovative Development of the Ministry of Defense of Russia together with the People’s Front for use in the special military operation zone.

    In particular, control modules for receiving video images, analyzing, capturing and automatically tracking targets, semi-autonomous underwater robotic systems (RTS) for reconnaissance, technical control of underwater objects, delivery and manipulation of cargo in difficult underwater conditions, unified consoles for simultaneous control of a group of RTS (several unmanned boats, ground-based RTS or a swarm of UAVs) were presented.

    Manufacturers also presented universal flight controller control units based on technical vision. In particular, in complex electronic environments, these devices retain full functionality of video analytics and allow you to hit a target when you lose control of the drone or return to the base on your own.

    In addition, the participants of the strategic session considered unmanned aircraft systems for intercepting air targets. Interceptor control systems with artificial intelligence allow for automatic detection and capture of targets for subsequent neutralization with a net, special pellets or kinetic damage.

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

    MIL OSI Russia News –

    February 1, 2025

  • MIL-OSI: POET Engaged by Global Financial Services Leader to Develop Custom Optical Engine

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — POET Technologies Inc. (“POET” or the “Company“) (TSX Venture: PTK; NASDAQ: POET), a leader in the design and implementation of highly-integrated optical engines and light sources for Artificial Intelligence networks, announces that it has signed an agreement to develop a novel optical engine for use in a high-frequency securities trading operation for a global capital markets firm. High-frequency trading (“HFT”) is a type of automated trading that uses powerful computers to execute a large number of trades in fractions of a second.

    The multi-phase project is a pioneering effort to increase the speed and decrease the latency inherent in current transceiver solutions utilized by securities trading operations. The first phase of the project will begin immediately with POET designing prototypes of POET Optical Interposer–based transceiver engines built to meet the customer’s specification. Subsequent phases include building additional prototypes and, if successful, production optical engines customized for this application.

    “We are delighted to have embarked on this ambitious project with a global leader in HFT,” commented Raju Kankipati, Chief Revenue Officer of POET. “This project generates revenue for POET this year and demonstrates the versatility of the POET Optical Interposer and the entry into a new, related market space by the Company.”

    About POET Technologies Inc.
    POET is a design and development company offering high-speed optical modules, optical engines and light source products to the artificial intelligence systems market and to hyperscale data centers. POET’s photonic integration solutions are based on the POET Optical Interposer™, a novel, patented platform that allows the seamless integration of electronic and photonic devices into a single chip using advanced wafer-level semiconductor manufacturing techniques. POET’s Optical Interposer-based products are lower cost, consume less power than comparable products, are smaller in size and are readily scalable to high production volumes. In addition to providing high-speed (800G, 1.6T and above) optical engines and optical modules for AI clusters and hyperscale data centers, POET has designed and produced novel light source products for chip-to-chip data communication within and between AI servers, the next frontier for solving bandwidth and latency problems in AI systems. POET’s Optical Interposer platform also solves device integration challenges in 5G networks, machine-to-machine communication, self-contained “Edge” computing applications and sensing applications, such as LIDAR systems for autonomous vehicles. POET is headquartered in Toronto, Canada, with operations in Allentown, PA, Shenzhen, China, and Singapore. More information about POET is available on our website at www.poet-technologies.com.

    Forward-Looking Statements
    This news release contains “forward-looking information” (within the meaning of applicable Canadian securities laws) and “forward-looking statements” (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “potential”, “estimate”, “propose”, “project”, “outlook”, “foresee” or similar words suggesting future outcomes or statements regarding any potential outcome. Such statements include the Company’s expectations with respect to the success of the Company’s product development efforts, the performance of its products, operations, meeting revenue targets, and the expectation of continued success in the financing efforts, the capability, functionality, performance and cost of the Company’s technology as well as the market acceptance, inclusion and timing of the Company’s technology in current and future products and expectations regarding its successful development of high-frequency trading solutions and its penetration of the Artificial Intelligence hardware markets.

    Such forward-looking information or statements are based on a number of risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, the completion of its development efforts with its securities trading partner, the ability to build working prototypes to the customer’s specifications, and the size, future growth and needs of Artificial Intelligence network suppliers. Actual results could differ materially due to a number of factors, including, without limitation, the failure to produce working prototypes on time and within budget, the failure of Artificial Intelligence networks to continue to grow as expected, the failure of the Company’s products to meet performance requirements for AI and datacom networks, operational risks in the completion of the Company’s projects, the ability of the Company to generate sales for its products, and the ability of its customers to deploy systems that incorporate the Company’s products. Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company’s securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements except as required by law.

    Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
    120 Eglinton Avenue, East, Suite 1107, Toronto, ON, M4P 1E2- Tel: 416-368-9411 – Fax: 416-322-5075

    The MIL Network –

    February 1, 2025

  • MIL-OSI Europe: Press release – Polish Presidency debriefs EP committees on priorities

    Source: European Parliament

    Poland holds the Presidency of the Council until the end of June 2025. This text will be updated regularly as the hearings take place.

    Environment, Climate and Food Safety

    On 23 January, Paulina Hennig-Kloska, Minister of Climate and Environment, highlighted the need for climate adaptation measures, combating climate disinformation, and to advance key legislative files such as the waste framework directive on textiles and food, the European soil monitoring law, and the “One Substance, One Assessment” chemicals package. The Presidency also plans to secure agreement with Parliament on plastic pellet losses, water pollutants, and detergents rules.

    MEPs asked about the Presidency’s stance on the new emissions trading system ETS II, the 2040 emissions target, renewable energy, and soil monitoring. They also debated the impact of climate regulations on competitiveness, and raised concerns about agricultural pollution and the role of genomic technologies.

    Security and defence

    On 27 January, Secretary of State at the Ministry of National Defence Paweł Zalewski said the Presidency’s first priority is to strengthen EU support for Ukraine by using all the tools at the EU’s disposal, including the European Peace Facility and the profits from frozen Russian assets or loans guaranteed from Moscow. He also highlighted the need to reinforce the EU’s defence industries by ensuring adequate financing as well as deepening EU-U.S. cooperation, including between the EU and NATO.

    MEPs quizzed Mr Zalewski on several issues, including the EU’s role in possible future peace talks between Ukraine and Russia, developing an EU defence pillar, reforming the EU Investment Bank to allow for more investment in the defence sector and establishing viable “European champions” (i.e. large corporations) in the defence sector.

    Women’s rights and gender equality

    On 28 January, Minister for Equality Katarzyna Kotula emphasised enhancing digital security for women and girls, particularly in the context of the rapid development of AI, as a Presidency priority. She pledged to follow up on the Digital Services Act to make sure that AI accelerates rather than undermines gender equality. The Presidency is also determined to advance the work on the Anti-discrimination Directive.

    MEPS welcomed her commitment on strengthening the digital protection of women and girls, particularly concerning deepfakes, revenge porn and hate speech. They also raised women’s sexual and reproductive health and rights, the protection of LGBTQI+ communities, the challenges faced by ageing women and the prospect for an EU-wide definition of rape including the notion of consent.

    Internal market and consumer protection

    On 28 January, Economic Development and Technology Minister Krzysztof Paszyk focused on the need to eliminate the remaining barriers in the single market, as well as highlighting issues around security, competitiveness, and reducing red tape. The Presidency will look for a compromise on the e-declaration of posted workers file, on late payments, and on the travel package proposals. They will also, he said, try to reach political agreements on toy safety, the Green Claims Directive and on the alternative dispute resolution file.

    On digital policy, Secretary of State, Ministry of Digitalisation Dariusz Standerski outlined plans for an informal meeting on cybersecurity to focus on defence, the application of the Artificial Intelligence Act, and new initiatives on AI factories and the “AI Apply Strategy”. On customs, Undersecretary of State, Ministry of Finance Małgorzata Krok stated the Presidency’s intention was to reach a common position in the Council on the reform of the Union Customs Code.

    MEPs asked about reducing reporting obligations, e-declarations of posted workers, the implementation of digital services act and the AI Act, including in the context of EU-US relations. Several members wanted to hear more about cutting red tape, unblocking progress on late payments, and the need for an AI liability act. Questions also focused on issues around unfair trading practices, single market on defence and climate disinformation.

    Fisheries

    On 28 January, Jacek Czerniak, Secretary of State at the Ministry of Agriculture and Rural Development, which includes fisheries, identified improving EU fisheries competitiveness and defending EU interests in regional fisheries organisations and international agreements as Presidency priorities. Poland will also launch discussions on the review of the Common Fisheries Policy (CFP) and start negotiations to introduce measures against non-EU countries that allow unsustainable fishing practices.

    MEPs questioned Mr Czerniak on addressing the critical state of fish stocks in the Baltic Sea, in addition to issues of security and reducing the complexity of regulations. Others supported a reform of the CFP to better balance the interests of the fishery sector with the EU’s environmental goals. MEPs also argued that trade policies should be aligned with fisheries policies.

    Employment and social affairs

    On 28 January, Minister of Family, Labour and Social Policy Agnieszka Dziemianowicz-Bąk and Minister of Senior Policy Marzena Okła-Drewnowicz said the Presidency would focus on the future of employment in the digital transformation, a Europe of equality, cohesion and inclusion, and the challenges prompted by the EU’s aging population.

    MEPs quizzed the ministers on their plans for the regulation on the coordination of social security systems, emphasising the importance of finalising negotiations on the file. They also raised the impact of AI in the workplace, and the importance of addressing demographic issues in the EU. MEPs also raised the importance of social dialogue, upcoming negotiations on European Work Councils, and the expected Commission initiative on the “Right to Disconnect”.

    Transport and tourism

    On 29 January, Dariusz Klimczak, Minister of Infrastructure, said the Presidency will focus on resilience and competitiveness in the transport sector, the protection of transport operators, dual use infrastructure, and military mobility. He committed to reaching a deal with Parliament on new railway infrastructure, road and maritime safety rules as well advancing negotiations on air passenger rights rules that have been stalled in the Council since 2013. Piotr Borys, Secretary of State at the Ministry of Sport and Tourism added that the Presidency will focus on making Europe a safe and more popular destination for tourism despite Russia’s war in Ukraine and the challenges posed by climate change.

    MEPs asked the Presidency to secure adequate financing for transport policies within the next EU long-term budget, and want them to secure a Council position on the maximum weights and dimensions directive, and address labour shortages and working conditions in all transport modes. Completing Trans-European transport networks, developing high speed rail, and ensuring connectivity for Europe’s islands were also raised.

    Constitutional affairs

    On 29 January, Minister for European Affairs Adam Szłapka said the Presidency wants to promote institutional reforms, stressing at the same time that EU Treaties could prove difficult to revise. The Presidency wants to complete work on the new rules on European political parties and foundations and the electoral rights of mobile citizens. They will work on the transparency of interest representation and on the EU’s accession to the European Convention on Human Rights.

    Most MEPs asked questions about the need to reform the EU’s institutional architecture, especially in light of imminent enlargement, with many of them highlighting the need to overcome what they saw as the obstacle of unanimity in key policy areas either through Treaty revision or using existing rules. Some called for progress on Parliament’s right of initiative, its right of inquiry, and rules on European elections.

    Agriculture and Rural Development

    On 29 January, Czesław Siekierski, Minister of Agriculture and Rural Development said that the Council will discuss the future shape of the Common Agricultural Policy (CAP) beyond 2027. The Presidency wants to simplify the green architecture of the CAP and assess the impact of current EU trade agreements on agriculture.

    Questions from MEPs focused on ensuring fair income for farmers and adapting the CAP to the future enlargement of the EU. A number of MEPs also asked about the position of the Presidency on the EU-Mercosur Partnership Agreement and stressed the need to invest in European food sovereignty.

    International trade

    On 29 January, Krzysztof Paszyk, Minister of Economic Development and Technology, said the Presidency will continue working on ambitious, sustainable and mutually profitable trade agreements. He hopes to finalise the legislation on the screening of foreign direct investment and resume talks on the Generalised System of Preferences (GSP) scheme, the EU’s preferential trade arrangement with developing countries. On Ukraine, Mr Paszyk said support for Ukraine remains steadfast, while the Presidency prefers not to extend the current temporary trade liberalisation measures with the country, but rather reach a new agreement.

    MEPs asked about possible timelines for the adoption of trade deals with Mercosur and Mexico, possible shift in US trade policy as well as on trade with Ukraine and safeguards for the agricultural market. Some MEPs argued that GSP should not be a migration tool, others demanded a clear link between migration and the scheme.

    Industry, Research and Energy

    On 29 January, Minister of Economics, Development and Technology, Krzysztof Paszyk said the Presidency’s priorities include boosting Europe’s industrial competitiveness with a new instrument and advancing the Clean Industry Act to support businesses, address high energy prices, and cut red tape and tax burdens for SMEs. They also plan to maximize the use of spaceimaging and AI algorithms for crisis management, and improve cooperation during natural disasters.

    During the debate, MEPs stressed the need to support innovative businesses through a unified capital market, and to combine environmental policies with industrial policies to achieve the ecological transition. Others focused on the importance of transatlantic relations and the need to secure European tech sovereignty.

    Dariusz Stenderski, Secretary of State in the Ministry of Digital Affairs, said that his key focus areas would be cyber security, with a revised blueprint for coordinated EU response to cyber attacks and an informal Council on its civilian and military aspects.He also referred to the boosting of AI development through shared investment and simplified rules to support startups.

    On 30 January Marcin Kulasek, Minister of Science and Higher Education, outlined three main focus areas: openness and inclusivity, synergies between EU and national programs, and AI and science.He stressed the need to develop EU cooperation networks without losing top talents, and the value of synergies between EU and national research programs.

    MEPs called for the full implementation of the 5G toolbox and for the simplification of administrative procedures to foster innovation. Others highlighted the need to improve EU cooperation in research and innovation, retain top talent, and ensure an inclusive access to funds. The discussions also covered the need for ethical standards in AI, a strong support for scientists, as well as academic freedom and the free flow of scientific knowledge.

    Culture, Education, Youth and Sport

    On 30 January, Education Minister Barbara Nowacka said the Presidency wants to include young people – as part of a new cycle of the EU Youth Dialogue – in EU-level debates and projects to strengthen EU values of democracy, freedom and rule of law, thereby making them more resilient against the risk of disinformation and manipulation. Providing better support to teachers is also a priority, she said, and EU education ministers will gather in May to discuss what they can do to improve this.

    The Presidency wants to advance work on the “European degree” – a degree awarded jointly by several universities in different EU countries – by adopting a roadmap to implement it. A European quality assurance system to guarantee trust among universities and improve the recognition of higher education diplomas will also be discussed, Minister of Science and High Education Marcin Kulasek said.

    Culture Minister Hanna Wróblewska said the Presidency will present proposals to support young artists and creators, and will launch discussions on the future of the Creative Europe programme beyond 2027. Audiovisual and intellectual property rights, security and AI, and a possible revision of the Audiovisual Media Services Directive are also among the Presidency’s priorities, she said.

    Piotr Borys, Secretary of State of Sport, will focus on pushing EU countries to better promote sport in schools, address mental health, and adopt a common methodology to gather statistics on sport.

    MEPs questioned the ministers on countering Russian disinformation under the European Media Freedom Act, as well as on delays in the creation of the European degree, pleading for EU-wide recognition of diplomas, including Erasmus+ and vocational education training. MEPs also raised concerns about possible reductions in Erasmus+ funding, which ensures the financial sustainability of the European Education Area, which in turn is essential for the “Union of Skills”.

    MIL OSI Europe News –

    February 1, 2025

  • MIL-OSI USA: News release from Dept. of Ag on Honolulu egg price data

    Source: US State of Hawaii

    News release from Dept. of Ag on Honolulu egg price data

    Posted on Jan 30, 2025 in Latest Department News, Newsroom

        

         

    STATE OF HAWAIʻI

    KA MOKU ʻĀINA O HAWAIʻI

     

    DEPARTMENT OF AGRICULTURE

    ʻOIHANA MAHIʻAI

     

    JOSH GREEN, M.D.
     GOVERNOR

    KE KIAʻĀINA

    SHARON HURD
    CHAIRPERSON

    HAWAIʻI BOARD OF AGRICULTURE

     

    DEAN M. MATSUKAWA
    DEPUTY TO THE CHAIRPERSON

    HAWAIʻI BOARD OF AGRICULTURE

     

    HONOLULU RETAIL EGG PRICE DATA RELEASED

    FOR IMMEDIATE RELEASE                                                       

    NR25-03

    January 30, 2025

     

    HONOLULU – The Hawai‘i Department of Agriculture (HDOA), Market Analysis and News Branch (MANB) has released data on retail egg prices in Honolulu, comparing prices between December 2021 and 2024.

    The data indicates that between 2021 and 2024, the price for a dozen locally produced eggs rose by 28.4% from $6.91 to $8.87 while the price of imported mainland eggs increased by 51.8% from $5.50 to $8.35. The increase in the price of mainland eggs can be mainly attributed to the highly pathogenic avian influenza (HPAI) which has impacted egg production across the continental U.S.

    The data collected between 2023 and 2024 show that local egg prices rose by 2.7% while mainland eggs prices rose by 6.2%.

    “The increase in local production of eggs has been closing the price gap with imported mainland eggs,” said Sharon Hurd, chairperson of the Hawai‘i Board of Agriculture. “The avian influenza outbreak on the mainland is another example of why food security in Hawai‘i is so important. Supporting local farmers and ranchers helps to ensure our food supply.”

    While HPAI was detected in two locations on O‘ahu in early November 2024, no further detections of the virus have been confirmed and no Hawai‘i egg production facilities have been involved. Hawai‘i was the last state in the nation to detect HPAI and the likely route of transmission is migratory birds via the Pacific flyway. HDOA continues to work with the local poultry industry to keep HPAI from infecting flocks.

    # # #

    Attachment:     Honolulu Egg Prices 2021 to 2024

    Media Contact:
    Janelle Saneishi
    Public Information Officer
    Hawaiʻi Department of Agriculture
    Phone: 808-973-9560
    Cell: 808-341-5528
    Email:     [email protected]
    Website:     http://hdoa.hawaii.gov

    Aloha,

    Janelle Saneishi

    Public Information Officer

    Hawai‘i Department of Agriculture
    ph: (808) 973-9560
    email: [email protected]

    Website: https://hdoa.hawaii.gov/

     

     

    Confidentiality Notice:  This e-mail message, including any attachments, is for the sole use of the intended recipient(s) and may contain confidential and/or privileged information.  Any review, use, disclosure, or distribution by unintended recipients is prohibited.  If you are not the intended recipient(s), please contact the sender by reply e-mail and destroy all copies of the original message.

     

    MIL OSI USA News –

    February 1, 2025

  • MIL-OSI USA: Office of the Governor – News Release – ACTING GOVERNOR LUKE SIGNS EMERGENCY PROCLAMATION FOR JANUARY 2025 LOW-PRESSURE WEATHER SYSTEM

    Source: US State of Hawaii

    Office of the Governor – News Release – ACTING GOVERNOR LUKE SIGNS EMERGENCY PROCLAMATION FOR JANUARY 2025 LOW-PRESSURE WEATHER SYSTEM

    Posted on Jan 30, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI
     KA MOKU ʻĀINA O HAWAIʻI

    JOSH GREEN, M.D.
     GOVERNOR
     KE KIAʻĀINA

    ACTING GOVERNOR LUKE SIGNS EMERGENCY PROCLAMATION FOR JANUARY 2025 LOW-PRESSURE WEATHER SYSTEM

    FOR IMMEDIATE RELEASE
     January 30, 2025

    HONOLULU – Lieutenant Governor Sylvia Luke, serving as Acting Governor, has signed an Emergency Proclamation in response to a low-pressure weather system affecting the Hawaiian Islands.

    The Emergency Proclamation will remain in effect through Monday, February 3, unless terminated or superseded. The declaration enables rapid deployment of resources to address potential impacts, including high winds, heavy rainfall and other hazardous conditions associated with the system.

    “This proclamation allows us to respond quickly to changing conditions and provide the necessary resources to protect our communities,” said Acting Governor Luke. “We urge residents to stay informed, exercise caution and prepare for potential impacts from this weather system.”

    The public is advised to take necessary precautions, including securing outdoor objects, avoiding unnecessary travel in affected areas and staying clear of flood-prone locations. Residents should monitor updates from the National Weather Service and county emergency management agencies for the latest official forecasts and safety information.

    The proclamation also suspends certain laws that might delay emergency response efforts, ensuring that state and county agencies can act swiftly to protect public safety.

    An executed copy of the Emergency Proclamation can be found here.

    # # #

    Media Contacts:   

    Shari Nishijima

    Communications Director

    Office of the Lieutenant Governor

    Phone: (808) 978-0867

    Email: [email protected]

    Erika Engle

    Press Secretary

    Office of the Governor, State of Hawai‘i

    Phone: 808-586-0120

    Email: [email protected]

    Makana McClellan

    Director of Communications

    Office of the Governor, State of Hawaiʻi

    Cell: 808-265-0083

    Email: [email protected]

    MIL OSI USA News –

    February 1, 2025

  • MIL-OSI Economics: Thales to present advanced defence and aerospace innovations at Aero India 2025, reinforcing its ‘Make in India’ commitment

    Source: Thales Group

    Headline: Thales to present advanced defence and aerospace innovations at Aero India 2025, reinforcing its ‘Make in India’ commitment

    31 Jan 2025

    Share this article

    • Thales will be present at Aero India 2025 (3.3 in Hall B) to exhibit its cutting-edge capabilities across defence and aerospace.
    • In support of the modernisation and indigenisation ambitions of the Indian armed forces, Thales will reinforce its commitment to “Make in India for India and for the world”, as well as the ‘Aatmanirbhar Bharat’ vision.
    • Thales HR representatives will be available on 13 and 14 February at the stand to engage with engineers and discuss various career opportunities at the company’s engineering centres in Bangalore and Noida

    Thales will showcase its cutting-edge technologies across the defence and aerospace sectors at the 15thedition of Aero India 2025, India’s flagship air show, highlighting the Group’s commitment to ‘Make in India for India and for the world’, aligned with the Aatmanirbhar Bharat vision.

    Empowering India’s defence and aerospace capabilities at Aero India 2025

    Thales offers a comprehensive array of capabilities and services designed to support the Indian armed forces in attaining operational excellence. At Aero India 2025, Thales will showcase its latest capabilities- across air, land and naval defence as well as space, cyber and digital – that are tailored for modern and future needs of the forces.

    Thales provides state-of-the-art equipment on board fighter aircrafts, including the RBE2 AESA radar, the Spectra electronic warfare suite, optronics, the communication, navigation and identification suite (CNI), key cockpit display systems and a logistics support component. The Thales stand at Aero India 2025 will have a dedicated section on these capabilities.

    Thales will also highlight its combat-proven airborne optronics, including TALIOS (Targeting Long-range Identification Optronic System) pod, the 2-in-1 system that delivers unmatched image quality, and the InfraRed Search and Track (IRST) system. Also on display will be Thales’s air defence solutions such as the Lightweight Multi-role Missile (LMM), the STARStreak missile and ForceShield, alongside air surveillance capabilities such as the GM 200 MM/A radar and the SkyView air command and control system.

    For the first time in India, Thales will showcase its innovation in avionics through the FlytX suite for helicopters, in advanced aeronautics navigation systems such as TopAxyz, TopShield and TopStar M. Connectivity solutions such as SYNAPS-A, the airborne member of the SYNAPS software-defined radio family designed to support battlespace digitisation, Modem 21 Air Compact, and the NextW@ve TRA 6030 radio, will also be brought to Aero India this year.

    As a leader in the fast-growing market of Unmanned Aircraft Systems (UAS), Thales will provide an overview of its portfolio of drone solutions, including its EagleShield drone countermeasures (an integrated nano, micro, mini and small drone countermeasures solution to protect and secure civil and military sites); the PARADE system that provides 360° protection of people, properties and activities, optimised for micro and mini UAS, ranging from 100g to 25kg; and Gamekeeper (a holographic radar that allows detection, tracking and classification of unlimited targets simultaneously including micro and mini drones), in addition to its safe and efficient UTM (Unmanned Traffic Management) system for cooperative and non-cooperative drones, to be unveiled for the first time in India.

    Thales will also present its LGR 68 and LGR 70 Laser Guided Rockets that come with laser guidance precision, are jamming-proof and are extremely precise for guiding ammunition to target.

    As part of its underwater solutions for efficient Maritime Security Operations, Thales will feature its Sonoflash sonobuoy, an anti-submarine warfare system that allows the detection, classification and localisation of submarines. It will also showcase the AirMaster C radar- the latest addition to its Air Master range of airborne surveillance radars -that is highly adaptable and can be integrated into both manned and unmanned airborne platforms.

    Thales presents AI systems we can trust at Aero India 2025

    Thales is a major AI player in these complex environments. The company is Europe’s top patent applicant in the field and devotes a lot of effort to research on AI, both in-house and through academic and industry partnerships. The Group, a major player in trusted AI, provides armed forces with greater efficiency in data analysis and decision-making, while taking into account the specific constraints, such as cybersecurity, embeddability and frugality, associated with critical environments. You will be able to see how Thales embarked IA on its solutions such as Talios or AirMaster C radar.

    Expanding its team in India – hiring at Aero India 2025

    Thales is expanding its team in India and seeking engineers in hardware, software and systems for its engineering centres in Bengaluru and Noida. Thales HR executives will be present during the public days of the show on 13 and 14 February 2025 to meet engineers and share various possible career opportunities available.

    “As India progresses towards its Aatmanirbhar Bharat vision, Thales is proud to be a trusted partner in the nation’s ambitious journey. We remain committed to ‘Make in India’ and are advancing our roadmap by strengthening our local teams, collaborations and bringing advanced defence and aerospace technologies to the country. We look forward to continue equipping the Indian armed forces with the next generation of innovative and effective solutions to support their strategic defence ambitions. Aero India 2025 will serve as a key platform for us to present our flagship capabilities and engage with the authorities, forces and our industry partners.” said Pascale Sourisse, President & CEO, Thales International.

    For more details on Thales’s presence at the Aero India 2025, please visit this webpage.

    About Thales

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4bn.

    About Thales in India

    Present in India since 1953, Thales is headquartered in Noida and has other operational offices and sites spread across Delhi, Bengaluru and Mumbai, among others. Over 2200 employees are working with Thales and its joint ventures in India. Since the beginning, Thales has been playing an essential role in India’s growth story by sharing its technologies and expertise in Defence, Aerospace and Cybersecurity & Digital Identity markets. Thales has two engineering competence centres in India – one in Noida focused on Cybersecurity & Digital Identity business, while the one in Bengaluru focuses on hardware, software and systems engineering capabilities for both the civil and defence sectors, serving global needs.

    MIL OSI Economics –

    February 1, 2025

  • MIL-OSI: Speakers at Biz2X Frontiers of Digital Finance Conference Kick Off 2025 and Predict What’s Next in Fintech and Business Finance

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK and MIAMI, Jan. 31, 2025 (GLOBE NEWSWIRE) — The Biz2X 2025 Frontiers of Digital Finance (FDF) Conference at University of Miami’s Business School, held on January 14, brought together top global leaders in technology, business and government to examine the rapidly changing digital finance landscape, particularly AI’s transformative impact on small business lending. For video highlights, click here.

    FDF assembled a ‘Who’s Who’ of digital finance experts who delved into major issues, such as potential changes in regulation in the new Trump administration, increased use of AI in lending, and the rise of alternative lenders. Speakers from over 25 organizations were represented, in an invite-only audience of more than 200 delegates. Among the A-List speakers were:

    • Former Congressman Patrick McHenry, who served as Chair of the House Financial Services Committee for the past two years. His keynote address, The Future of Fintech Regulation, drew upon his more than two-decades in Congress. The session was moderated by Charlie Gasparino of Fox Business News.
    • USAA President & CEO Wayne Peacock spoke about Leadership in Fintech in The Next Decade. Under Peacock’s visionary leadership, USAA has become a household name. At FDF, he shared insights from his expertise in mission-driven leadership to navigate the evolving financial services landscape.
    • Jim Esposito, President of Citadel Securities, led a discussion entitled Building the Future: Technology in Financial Markets in which he shared his insights for driving long-term growth and building global client and partner relationships.
    • Miami Mayor Francis X. Suarez examined Where Innovation Meets Opportunity – A Legal and Economic Vision, together with legendary litigator Marc Kasowitz from Kasowitz Benson Torres. They shared their perspectives on the legal and economic forces shaping today’s business landscape, and Mayor Suarez explored how cities like Miami can become innovation hubs for the private sector.

    BCG & Biz2X Launch New SMB Finance White Paper at FDF Miami

    Biz2X partnered with Boston Consulting Group (BCG), one of the world’s top business consulting firms, to unveil a brand-new proprietary white paper entitled, The Forthcoming Revolution in Small Business Lending.

    The study examines the rapidly changing dynamics of small business lending. Biz2X and BCG analyzed the reasons why banks — particularly the country’s largest institutions — place limitations on lending to small and medium-sized businesses. BCG identifies a global small business funding gap that exceeds $5 trillion.

    Biz2X and BCG conclude that SMB lending must be fundamentally altered through technology such as digital lending platforms to achieve lower risk, broader access to capital, and a significantly-improved digital experience for both borrowers and lenders. To download the full report, click here.

    Looking Ahead to Future FDF Conferences

    “FDF Miami 2025 was the highest-attended conference yet in our continuing series of these events. Our goal with FDF is to create a platform that drives the finance industry forward by bringing together the right people from all sides of industry and policy,” said Conference Chair and the CEO & Co-Founder of Biz2X, Rohit Arora.

    Future editions of FDF in 2025 are being planned in Riyadh and Mumbai, along with a likely return to Miami, with dates to be announced. For more information about FDF sponsors, speakers, and to see exclusive content from FDF Miami and previous FDF events, visit frontiersofdigitalfinance.com.

    About Frontiers of Digital Finance (FDF)
    FDF is an invitation only, global conference series that assembles global experts in the field. These include top financial institutions, innovative startups, investors, policy makers, technologists, and other leaders to learn about trends in digital finance and build relationships with key executives in the fintech industry.

    Attendees gain valuable insights from distinguished speakers and forge meaningful connections with key industry executives through curated networking events. Previous conferences have been held in some of the world’s most dynamic financial hubs: Dubai, Riyadh, Abu Dhabi, Mumbai, New York (at Columbia Business School) and Miami. Visit frontiersofdigitalfinance.com and LinkedIn for more information and highlights from the conferences.

    About Biz2X 
    Biz2X® is the digital lending platform chosen by successful business lenders, with more than $10 billion funded globally to businesses through the company’s innovative technology. The platform has been chosen for business lending at banks and financial institutions around the world. Lenders choose the platform because they want to transform their lending practices digitally. Biz2X makes this possible through best-in-class technology and AI-powered underwriting models. Biz2X LLC is a subsidiary of Biz2Credit. Visit Biz2X.com for more information.

    Contact: John Mooney, Over The Moon PR, 908-720-6057, john@overthemoonpr.com

    The MIL Network –

    February 1, 2025

  • MIL-OSI Economics: Efficiency, resilience and digital horizons: perspectives and challenges for the public sector | Keynote statement at the Digital Excellence Forum

    Source: Bundesbank

    Check against delivery.

    1 Introduction

    Against the backdrop of a changing geopolitical environment, the relevance of digital advances and innovations has further increased. 

    I have just returned from a discussion among policy makers and researchers in Washington D.C., and many of the exchanges touched on the economic outlook in a potentially more fragmented world economy. 

    For both reasons, I am delighted to be part of this conference about digital excellence here in Berchtesgaden. 

    Representing the Bundesbank on this panel, I would like to contribute three considerations from a public sector perspective.

    While there is a lot of discussion about digitalisation in Germany and the need to catch up in particular in the public sector, there are encouraging examples. The Bundesbank is at the forefront of public sector digitalisation: it is using artificial intelligence in multiple ways and is among the first public institutions to move seriously into the public cloud. 

    International financial architecture, markets and instruments are changing due to ongoing economic fragmentation and technological advances. Working on the digital euro is a way for the European Central Bank System to prepare for those changes and to take an active role. 

    Given the geopolitical environment and growing cyber risks, the Bundesbank is investing in its cyber resilience, including the setting up of a new governance model for IT security.

    Allow me to expand on that.

    2 Innovation

    The Bundesbank is breaking new ground by proactively using the public cloud. This is a significant step forward for a public sector institution. As a first step, our innovative, high-performance and secure eBusiness portal for our currently over 180,000 customers – NExt – went “live” in the cloud. Customers are banks, insurances, corporates or other public sector institutions.

    At the same time, we built up a Bundesbank-owned private cloud in our computer centres for particularly sensitive data. Through our hybrid cloud strategy and investments in technological trends like artificial intelligence, we are ensuring our readiness for the challenges of today and tomorrow.

    Artificial intelligence will help us to expand our economic analyses and improve our understanding of the effects of various policy measures on inflation, employment and economic growth. 

    It also plays a pivotal role in our risk analysis efforts. 

    Take, for example, the risk controlling function and its analysis related to the many counterparties with whom the Bundesbank conducts financial transactions or purchases securities. By combining diverse sets of data and information, artificial intelligence helps us identify potential financial difficulties of a counterparty at an early stage. Given the sheer volume and complexity of the data involved, collecting and evaluating this information manually would be nearly impossible. 

    Through the strategic application of artificial intelligence, we can detect risks more quickly and with greater precision, allowing us to take timely and informed action. 

    We are also using an artificial intelligence platform that allows access to the latest language models in a secure environment. It is a chatbot that works in a very similar way to ChatGPT – only ours has different requirements, for example in terms of data governance. The requests are neither stored in the cloud nor used for training purposes.

    3 Future of Finance

    The international financial architecture, markets and instruments are currently changing due to ongoing economic fragmentation and technological advances. 

    Against this backdrop, there are several reasons in favour of the digital euro.

    The first reason is related to autonomy and sovereignty. So far, there is no sovereign pan-European solution for payment in the digital space. As a result, there is a risk that Europe will become overly dependent on US providers for critical infrastructure. A digital version of the euro renders the currency more attractive as means of payment internationally and will facilitate a start-up ecosystem around it.

    Another reason is related to efficiency. We are seeing very strong fragmentation in the European payment market and increasing concentration through international card systems that are all US–based. The digital euro establishes standards that simplify competition.

    Lastly, we also have to consider resilience. With the digital euro, we are safeguarding ourselves against competing currencies and stablecoins. The digital euro would be the next step in the development of the euro and would bring central bank money into the digital age.

    The Bundesbank is a key player in the development of a digital euro thanks, amongst other things, to its IT expertise in payment systems and in the area of tech trends. 

    4 Cybersecurity

    Cybersecurity is a decisive factor for the stability of the global economy and the functioning of our modern society. Operators of critical infrastructure, such as the Bundesbank, are under growing pressure from targeted cyber attacks.

    Of course, the Bundesbank, too, is subject to the most common types of attacks like phishing or denial of service attacks. To give you an example: on average, we receive a phishing attack every 5 minutes. 

    That’s why the principle “Secure by Design” is of crucial importance from the very beginning when developing and operating IT solutions and services.

    The Bundesbank has just rolled out a new governance model for IT security in order to create the basis for effectively counteracting growing threats. 

    Concretely, we are appointing a designated “security architect” in each Bundesbank department who serves as the go-to person for all architecture-related security concerns. The security architect will support product owners and agile teams in implementing security processes and regularly evaluating the impact of security-relevant information.

    This role is complemented by “security champions” within each product team. These champions will help maintain the required level of information security throughout the entire product lifecycle, including regular checks for new vulnerabilities.

    The governance model includes not only dedicated roles and responsibilities but also professional development and training measures for all staff in order to sensitise them to the fact that IT security is a critical discipline for everyone.

    5 Conclusion

    To conclude: By keeping up with technological developments, playing an active role in providing future forms of payment and of course safeguarding our security, the Bundesbank contributes to the competiveness of the German and European economy. 

    This is more relevant than ever in the current geopolitical context. 

    That’s why I’m thrilled to participate in this excellent conference and exchange.

    MIL OSI Economics –

    February 1, 2025
←Previous Page
1 … 600 601 602 603 604 … 735
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress