NewzIntel.com

Category: Asia Pacific

  • MIL-Evening Report: Unwritten rules: why claims of a missing ‘fourth article’ of the Treaty don’t stack up

    Source: The Conversation (Au and NZ) – By Paul Moon, Professor of History, Auckland University of Technology

    I sign this Treaty with my hand, but with the mana of my ancestors.

    So said Hōne Heke, the first rangatira (chief) to sign the Treaty of Waitangi. To emphasise the gravity of this sentiment, he then mentioned two of his predecessors by name: Kaharau and Kauteawha.

    It would be difficult to imagine a statement that could invest more mana in the Treaty than this. And Heke was not alone in his view of the agreement.

    Many other rangatira similarly regarded the Treaty as a kawenata (covenant) of utmost importance, including some going as far as putting a representation of their tā moko (facial tattoo) on the document.

    How each rangatira interpreted the Treaty’s provisions remains open to speculation. But what they committed themselves to abiding by was the text of the agreement (either the English version, or in the case of most signatories, the translation in te reo Māori).

    That text was comprised of a preamble, followed by three operative articles. Some rangatira read it, some had it read to them. But as far as all the parties were concerned, that was the entirety of the Treaty.

    In the 1990s, however, suggestions began to surface about a mysterious “fourth article” guaranteeing religious protections. It was not part of the text, but supposedly a verbal promise that amounted to a provision of the agreement.

    The idea has gained sufficient traction for supporters to petition parliament late last year to recognise the fourth article, just as debate about the Treaty Principles Bill was heating up. But it is a claim that needs to be treated with caution and scrutiny.

    Religious protections

    Prior to the first signing of the Treaty – at Waitangi – the Anglican missionary Henry Williams had observed that some Catholic rangatira were reluctant to commit to the agreement.

    The Catholic Bishop, Jean-Baptiste Pompallier, had queried British motives and insisted Catholic rangatira should receive specific protection from the Crown. Williams then read out a hastily-prepared statement to clarify the issue:

    The Governor wishes you to understand that all the Maories (sic) who shall join the Church of England, who shall join the Wesleyans, who shall join the Pikopo or Church of Rome, and those who retain their Maori practices, shall have the protection of the British Government.

    Bishop Jean-Baptiste Pompallier.
    Wikimedia Commons

    Williams noted that this statement “was received in silence. No observation was made upon it; the Maories, and others, being at perfect loss to understand what it could mean.”

    And there the matter ought to have ended: a peripheral detail in a momentous day. But this minor episode was disinterred from its historical obscurity in 1995 at a meeting of the New Zealand Catholic Bishops Conference.

    The clerics announced that a “fourth article was added to the Maori text of the Treaty signed at Waitangi, at the request of Bishop Jean Baptiste […] This article guaranteed religious freedom for all in the new nation, including Maori.”

    Some Anglicans soon endorsed this position. The “fourth article” thus entered the bloodstream of Treaty discourse and began to circulate freely.

    Missing evidence

    There are several objections to the claim of a fourth article of the Treaty.

    Firstly, if it was regarded as a part of the Treaty at the signing on February 6 1840, then we would expect to see both contemporaneous confirmation of this, and subsequent evidence that is consistent with it.

    Yet, these categories of evidence are largely absent. Indeed, mention of a “fourth article” before the 1990s does not exist.

    The sentiment of the fourth article is also absent from the instructions for the Treaty issued by Lord Normanby, British Secretary of State for the Colonies, in 1839.

    Indeed, far from the Crown wishing to guarantee freedom of cultural or religious beliefs, Normanby made it explicit that only those Māori customs the British regarded as acceptable would be protected:

    [The] savage practices of human sacrifice and cannibalism must be promptly and decisively interdicted; such atrocities, under whatever plea of religion they may take place, are not to be tolerated in any part of the dominions of the British Crown.

    Therefore, as far as one party to the Treaty was concerned, the idea of the fourth article was never in contention. What was explicitly promised to all people was the protection of the British government, and not the protection of all customs held by Māori.

    Treaties are written

    As every other contemporaneous source confirms, no rangatira sought this fourth article, and around 90% of rangatira who signed the Treaty (in places other than Waitangi) did not have this so-called fourth article read to them (and so could not have consented to it).

    William Hobson, first Governor of New Zealand.
    Wikimedia Commons

    Nor was it included in the text of copies of the agreement that were subsequently circulated around the country, and neither Hobson nor Pompallier suggested it was an “article” as such.

    International law requires that treaties be in a written form. This certainly has been the convention as far as European treaties are concerned, extending back several centuries.

    It makes any suggestion Hobson admitted an oral article extremely problematic. Likewise, New Zealand’s domestic law also specifies the Treaty contains only three articles.

    Furthermore, if spoken commitments have the status of an article, then what about other verbal commitments made at some of the Treaty signings? Singling out one statement as a presumed article is inconsistent. Either the principle of all verbal commitments in such a setting constitute articles of the Treaty, or none does.

    Previous attempts to insert the fourth article into the country’s constitutional framework have gone nowhere. And in the absence of more persuasive historical evidence, it’s likely to stay that way.

    As the late Kingi Tūheitia succinctly put it: “The Treaty is written. That’s it.”

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

    – ref. Unwritten rules: why claims of a missing ‘fourth article’ of the Treaty don’t stack up – https://theconversation.com/unwritten-rules-why-claims-of-a-missing-fourth-article-of-the-treaty-dont-stack-up-248539

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI New Zealand: Upcoming road reconstruction east of Thomsons Creek Bridge, west of Omakau

    Source: New Zealand Transport Agency

    Five weeks of highway reconstruction gets underway near Thomsons Creek Bridge, west of Omakau, in Central Otago in a week’s time.

    NZ Transport Agency Waka Kotahi (NZTA) crews will be starting on Monday 10 February, running through to Friday 14 March.  The bridge is close to the intersection with Ophir Bridge Road. (See map below for the site being repaired and relaid).

    Close to 600 metres of highway needs to be replaced, from the eastern end of the Thomsons Creek Bridge to about 40metres south of the Wilton St/SH85 intersection.

    This work to fully reconstruct the road surface to give good traction and improve safety for road users is weather dependent. Dates could vary if it is wet or cold, says Peter Standring, Maintenance Contract Manager for NZTA in Central Otago.

    Drivers will face delays up to ten minutes as one lane of the road will be tackled at a time and traffic managed with Stop/Go, with speeds down to 30km/hour. Crews will be on site from 7 am each day through to 6 pm, weekdays only.

    Outside of these hours, the road will be unattended with speeds reduced to 30km/hour and open both directions.

    NZTA thanks all road users for taking care around our crews while this work is underway and building in the extra ten minutes daytimes to keep everyone’s journey stress-free over the five weeks or so.

    The area east of the bridge is about to get a new lease of life:

    The location of the road rehabilitation starting 10 February. Note the bridge deck is not included in the reconstruction.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Chipping away at North Auckland’s summer SH16 maintenance programme

    Source: New Zealand Transport Agency

    NZ Transport Agency Waka Kotahi (NZTA) advises road users to plan ahead for upcoming chipsealing work on State Highway 16 Kaukapakapa.

    Work will be carried out between 7am and 7pm over 5 days, beginning Monday 10 February, with stop/go traffic management and a reduced temporary speed limit in place. Temporary speed limits and traffic management will remain in place the following day to guide traffic over the new seal and help to embed it successfully.

    It’s important to slow down through newly sealed sections of road because small chips can be flicked up from the road surface and damage vehicles – especially windscreens. That’s why we often keep temporary speed limits in place even after it looks like the work has been completed. As well as safety, the temporary speed limit also helps ensure the quality of the reseal. Travelling at the posted temporary speed limit allows for the chips to be embedded into the road surface and for them to remain in place as the seal cures.

    Travel delays during these works are expected to be 5-10 minutes.

    Chipsealing helps ensure a smooth, skid-resistant surface, free of potholes and slippery sections to reduce the risk of crashes and help keep everyone traveling on our roads safe.

    Details of specific work sites for the week ahead can be found on the Northland State Highway Maintenance Programme website.

    Northland state highway maintenance programme(external link)

    Work is weather dependent and there may be changes to the planned works in the case of unsuitable weather. Please visit the NZTA Journey Planner website (journeys.nzta.govt.nz) for up-to-date information, including any changes due to weather. 

    This work is part of Northland’s significant summer maintenance programme, which will see approximately 203 lane kilometres of state highway renewed across the region by the end of May.

    NZTA thanks everyone for their understanding and support while we carry out this essential maintenance.

    MIL OSI New Zealand News –

  • MIL-OSI Australia: Charges after reckless behaviour

    Source: South Australia Police

    A 19-year-old man from the southern suburbs has been charged after allegedly riding train tops and accessing the roofs of buildings in the Adelaide CBD.

    Public Transport Safety Section are currently investigating a small number of similar incidents where a group of young people filmed themselves trespassing on buildings in Adelaide and riding dangerously on the outside of trains before posting it online.

    About 12pm Monday 3 February, following an investigation, police attended a Port Noarlunga address and arrested a 19-year-old man who is alleged to have been involved in these incidents.

    The man was charged with being unlawfully on premises and offences under the Passenger Transport Regulations. The male was also issued with a three-month Transit Barring Order barring him from using all forms of public transport or entering onto any public transport infrastructure.

    The male has been granted police bail to appear at Adelaide Magistrates Court on 19 March.

    The investigation is ongoing to identify further people involved. Police would like to remind the public of the obvious dangers of travelling on the outside of trains and accessing restricted areas on buildings. This type of behaviour is reckless and irresponsible and could end in death or serious injury, or the death of or injury of innocent parties.

    Anyone caught partaking in this kind of behaviour can expect police action. Members of the public who witness any suspicious behaviour should call the police assistance line at the time on 131 444 or 000 in an emergency.

    Anyone with information that may assist is asked to contact Crime Stoppers at www.crimestopperssa.com.au or on 1800 333 000 – You can remain anonymous.

    MIL OSI News –

  • MIL-Evening Report: Bees count from left to right just like some humans, apes and birds – new research

    Source: The Conversation (Au and NZ) – By Scarlett Howard, Lecturer, School of Biological Sciences, Monash University

    Stock Holm/Shutterstock

    Picture writing the numbers 1 to 5 in a horizontal line, from smallest to largest. Where did you put 1? If you placed 1 on the left and 5 on the right, you share this preference with most humans.

    Humans are not alone in this preference. Some other primates, and even some birds, also order small-to-large quantities from left to right. Although, some animals do prefer to order quantities from right to left.

    This is known as the mental number line, and it shows how brains typically organise information. But why do our brains do this?

    To investigate how and why brains order numbers, it’s sometimes useful to step back in time. How did a common ancestor of humans and insects order information? To find out, we can compare the results of humans and bees: we last shared a common ancestor more than 600 million years ago.

    Two recent studies on bees have revealed a lot about how tiny brains order numbers.

    One study, conducted by a team in Europe, showed that bees prefer to order lower numbers on the left and higher numbers on the right, just like many humans. Our new study, led by Jung-Chun (Zaza) Kuo and her supervisory team, has explored how numbers and space interact in the bee brain.

    ‘Number’ and ‘space’

    As humans, we link the concepts of “space” and “number”. This means there is a logic to how we order numbers (typically from left to right in ascending order: 1, 2, 3, 4 … and so on).

    Studies have shown humans may also have a vertical – bottom to top – preference when processing numerical information efficiently.

    There may also be educational influences, especially due to language and writing direction. Some languages, like English, write from left to right. Others, such as Japanese, Chinese, Korean, Hebrew or Arabic, can be written in other directions. Writing direction can influence how we prefer to order numbers.

    Meanwhile, honeybees are efficient learners and show evidence of being tiny mathematicians. In past research, they have been shown to add and subtract, understand the concept of zero, use symbols to represent numbers, order quantities, categorise numbers by odd or even, and show evidence of linking numbers to spatial information like size.

    The competency bees show around numbers makes them an ideal animal to look at how number and space interact in a miniature brain.

    Do bees have a mental number line?
    Scarlett Howard

    How did we test bees in our study?

    We gave freely flying bees sugar water for visiting an image of three circles printed on a card: this was our “reference number”. The card was hung in the centre of a large circular screen, with a drop of sugar water on a platform underneath it.

    As the bees repeatedly visited the reference number, they learned an association between the number three, the centre of the circular screen, and a reward. In between visits, bees took the sugar water back to their hive to be made into honey.

    After bees had learned to associate number (three) and space (middle) with a reward, we tested them on numbers higher and lower than three, to see if they had linked space and number.

    We showed bees images of a higher number (four circles) and a lower number (two circles). Two identical images of four shapes were shown simultaneously on the left and right sides of the screen. If bees preferred the larger number on the right, they would fly to the quantity of four presented on the right more than when four was presented on the left.

    We did the same for the smaller number of two shapes. If bees preferred four circles on the right and two circles on the left, that would reveal they have a left-to-right mental number line, like humans.

    We also tested if bees had a preference to order numbers upwards or downwards, and found no preference for linking space and number vertically. However, bees did prefer options that were towards the bottom of the circular screen.

    The image on the left (a) shows a diagram of the screen apparatus. In the right panel (b) we see a bee flying towards an image of three yellow dots on a grey background.
    Jung-Chun (Zaza) Kuo

    So, how does the bee mental number line work?

    The study by the European team found bees have a consistent left-to-right mental number line. This means they prefer to order lower numbers on the left and higher numbers on the right.

    Our study has confirmed bees prefer to order higher numbers on the right. But we also found bees preferred to visit the right side of the screen. The preference of bees to order numbers from left-to-right and to visit the right side of the circular screen interacted in an intriguing way.

    The bees in our study showed a preference for higher numbers on the right, but not for lower numbers on the left. This could be because the right-side bias we observed cancelled out the preference for smaller numbers on the left.

    Taken together, the findings of both studies confirm that bees do possess a left-to-right mental number line and also that they have a bias towards the right side of their visual space.

    Our team suggests such biases – for example, how most humans are right-handed – may be an important part of how brains make sense of ordering information in the world.

    The birds and the bees (and the apes)

    By looking at the behaviours of animals, we can sometimes learn more about ourselves.

    These two recent studies on bees show there is a complex interaction between ordering numbers and how spatial relationships are processed by an insect brain.

    We now know that the preference to order numbers from left to right exists in several very different animal groups: insects, birds and apes. Perhaps evolution has landed on this preference as an advantageous way to process complex information.

    Scarlett Howard has received funding from the Australian Research Council and Air Force Office of Scientific Research.

    Adrian Dyer receives funding from the Alexander von Humboldt Foundation, the Air Force Office of Scientific Research and the Australian Research Council.

    – ref. Bees count from left to right just like some humans, apes and birds – new research – https://theconversation.com/bees-count-from-left-to-right-just-like-some-humans-apes-and-birds-new-research-242116

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI Submissions: TRUMP’S CHINA IMPORT TARIFFS AND MASSIVE OCEAN FREIGHT RATE INCREASES DUE TO RED SEA CONFLICT IS PERFECT STORM FOR US SHIPPERS

    Source: Xeneta

    Oslo, Norway – 3 February 2025 – A delay in tariffs on Mexico imports does little to ease the pain for US shippers still facing a 10% hike on tariffs from China in addition to massive increases in ocean container freight rates due to conflict in the Red Sea.

    Latest data from Xeneta – the ocean and air freight intelligence platform – shows average spot rates from China stand at USD 4 816 per FEU (40ft container) to the US West Coast and USD 6 264 per FEU in to the US East Coast.

    This is an increase of 196% and 157% respectively since the escalation of conflict in the Red Sea in December 2023 and is in addition to tariffs on all China imports coming into effect on 4 February.

    Peter Sand, Xeneta Chief Analyst, said: “US Shippers are being hit by wave after wave of disruption and spiralling costs to import goods.

    “They have already faced massive increases in ocean container freight costs due to conflict in the Red Sea and now they are hit with a 10% hike in tariffs on imports from China.

    “You struggle to see how a business can absorb these costs without increasing prices for the end consumer. Given more than 40% of total containerized imports into the US come direct from China, that is a lot of businesses and a lot of consumers who will be affected.

    “A delay in tariffs on Mexico is welcome news but it does nothing to ease concerns over the re-igniting of the US-China trade war, which represents risk at a different order of magnitude.”

    Sand added that shippers have very few options available to deal with the tariff threat.

    He said: “When Trump announced tariffs on China back in 2018, there was a period of time in which shippers could rush as many imports as possible and build up stock inventories before they came into effect.

    “This time Trump has imposed tariffs almost immediately so if shippers haven’t taken action by now, it’s already too late. Shippers may well look at shifting supply chains out of China into nations such as India or South East Asia, but this takes time, financial investment and deep understanding of market data and intelligence.

    “The ceasefire between Israel and Hamas raised the prospect of a better year for shippers in 2025 if a large scale return of container ships to the Red Sea sees freight rates fall. Trump’s latest move has dented those hopes because any gains a shipper makes through lower freight rates will be more than offset by a 10% increase in tariffs.

    “If China retaliates and we enter another escalating trade war, an already very bad situation will get even worse for US importers.”

    About Xeneta

    Xeneta is the leading ocean and air freight rate benchmarking and market analytics platform transforming the shipping and logistics industry. Xeneta’s powerful reporting and analytics platform provides liner-shipping stakeholders the data they need to understand current and historical market behavior—reporting live on market average and low/high movements for both short and long-term contracts. Xeneta’s data is comprised of +500 million contracted container and air freight rates and covers over 160,000 global ocean trade routes and over 58,000 airport-airport connections. Xeneta is a privately held company with headquarters in Oslo, Norway and regional offices in New Jersey, US and Hamburg. To learn more, please visit www.xeneta.com

    MIL OSI – Submitted News –

  • MIL-OSI Submissions: Home consents up in Otago in 2024, down in all other regions – Stats NZ media and information release: Building consents issued: December 2024

    Source: Statistics New Zealand

    Home consents up in Otago in 2024, down in all other regions – 4 February 2025 – There were 33,600 new homes consented in Aotearoa New Zealand in the year ended December 2024, down 9.8 percent compared with the year ended December 2023, according to figures released by Stats NZ today.

    “Otago was the only region with an increase in the number of new homes consented in 2024,” economic indicators spokesperson Michael Heslop said.

    The five regions with the highest number of new homes consented in the year ended December 2024 were:

    • Auckland with 13,939 (down 10 percent compared with the year ended December 2023)
    • Canterbury with 6,544 (down 6.0 percent)
    • Waikato with 2,755 (down 22 percent)
    • Otago with 2,338 (up 19 percent)
    • Wellington with 1,833 (down 24 percent).

    Files:

     

    MIL OSI –

  • MIL-OSI USA: AG Brown, 11 state attorneys general warn federal employees about misleading buyout offer

    Source: Washington State News

    OLYMPIA — Attorney General Nick Brown today joined a coalition of 12 state attorneys general warning federal employees about President Donald Trump’s misleading “deferred resignation” program, which purports to offer federal employees pay through Sept. 30 if they resign by Feb. 6.

    “I urge federal employees from Washington state, or those working in our state, to contact their union if they are curious about this so-called buyout offer,” Brown said. “When I was a U.S. attorney, I saw firsthand the important and needed public services that federal employees provide. These shameless attacks on our federal workforce by a lawless president must stop.”

    On Jan. 28, the Office of Personnel Management (OPM) sent an email to millions of federal employees detailing a new deferred resignation program. Employees were told that if they accept the offer and resign, they would continue receiving all pay and benefits, and be exempt from in-person work requirements until Sept. 30. OPM sent another email to federal employees reiterating the offer and urging them to find “higher productivity” jobs outside of government. The OPM emails instructed employees that they have until Feb. 6 to decide to remain in their position or resign under the deferred resignation program, and warned that those who did not resign were not guaranteed to keep their jobs.

    Immediately following OPM’s email, unions representing federal employees warned their members against accepting the offer. The American Federation of Government Employees, the largest federal employees union, released information for its members warning them that employees who accepted the offer were not guaranteed its benefits. The National Federation of Federal Employees similarly warned its members against accepting the offer.

    Joining Brown in strongly recommending caution to federal employees are the attorneys general of Arizona, California, Connecticut, Delaware, Hawaii, Maryland, Michigan, Minnesota, New Jersey, New York and Vermont.

    -30-

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    Media Contact:

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    MIL OSI USA News –

  • MIL-OSI New Zealand: Marking World Cancer Day

    Source: New Zealand Government

    World Cancer Day is an opportunity to recognise those who are impacted by cancer and highlight initiatives that are delivering better and faster access to cancer care, Health Minister Simeon Brown and Associate Health Minister David Seymour say.Speaking to patients and staff at the Bay of Plenty Cancer Centre in Tauranga today, Mr Brown acknowledged the thousands of New Zealanders and families whose lives are touched by cancer each year. “Ensuring New Zealanders have faster access to cancer care is a priority for the Government, which is why it is one of our five key health targets.“It is encouraging to see a gradual improvement in our efforts to provide faster cancer treatment, with more patients receiving their first treatment within 31 days in the first financial quarter than in the previous quarter and more cancer treatments available. “Continuing to deliver initiatives that address wait times for cancer treatment so that 90 per cent of patients receive cancer management within 31 days to treat is something I am committed to.”Mr Seymour, who has responsibility for Pharmac, says improving access to cancer medication in New Zealand has been a focus of this Government.“Since our $604 million uplift, Pharmac has made decisions to fund 19 cancer treatments. In the first year of funding for each medicine, Pharmac anticipates that over 1,400 Kiwis will access the treatments they need that were not available last year, making a real difference in Kiwis lives,” Mr Seymour says.“I am pleased to see Pharmac show what it is capable of when given the support it needs.”“This unprecedented and transformative investment in cancer medicines is fundamental to delivering better outcomes for those fighting cancer.”The Government has also:  

    increased breast screening eligibility for 70 – 74-year-olds
    provided an extra $18 million per year to help people who are required to travel for treatments
    funded PET scanning accessibility for prostate cancer
    invested in a new radiotherapy machine at Whangārei Hospital, which means 520 Northlanders each year will no longer have to travel to Auckland for treatment 
    invested in radiology services in Hawke’s Bay, which will result in a doubling in CT scan capacity that will be able to deliver a further 6,000 – 10,000 scans per year, a new MRI scanner, and a new LINAC machine that will mean 500 people per year will no longer have to travel for treatment 
    expanded cancer infusion services in Whanganui for up to 10 patients a day 

    “These initiatives demonstrate our commitment to delivering better outcomes for those with cancer, I know there’s still a lot more work to do,” Mr Brown says.“As Minister of Health, I am focused on ensuring better access to more cancer medicines, better cancer management driven by our faster cancer treatment target, and earlier detection of cancers through screening programmes.”Echoing these comments, Mr Seymour says that decisions to expand access to cancer medicines reflects the Government’s commitment to a more adaptable and patient-centred approach.“We want to build a world-class health system, and that requires world-class medicines,” Mr Seymour says.“This is all made possible due to the Government’s record $16.88 billion investment in health, ensuring we can deliver timely, quality access to care for all New Zealanders,” Mr Brown says. 

    MIL OSI New Zealand News –

  • MIL-OSI Global: U.S. tariff threat: How it will impact different products and industries

    Source: The Conversation – Canada – By Sylvanus Kwaku Afesorgbor, Associate Professor of Agri-Food Trade and Policy, University of Guelph

    U.S. President Donald Trump has agreed to pause his planned tariffs on Canada and Mexico for at least 30 days following talks with the leaders of both countries. Previously, a senior Canadian governmental official had said Trump’s 25 per cent tariff on most Canadian goods was expected to come into effect on Feb. 4.

    If implemented, this tariff will have significant economic consequences on both sides of the border, as the U.S. and Canada share one of the largest bilateral trade relationships in the world.

    A key concern is the highly integrated supply chains between the two countries. Many goods cross the border multiple times as intermediate inputs before becoming final products. Imposing tariffs at any point in this supply chain will raise production costs and increase prices for a wide range of goods traded between the U.S. and Canada.

    For Canada, the tariffs on Canadian products will significantly affect Canada’s competitiveness in the U.S. market by driving up prices. Such tariffs could pose serious challenges for various sectors in Canada, given the country’s heavy reliance on the U.S. economy.

    Effects on different sectors

    The impact of U.S. tariffs on Canadian prices is likely to differ across sectors and products, depending on their reliance on the U.S. market.

    Sectors with a higher dependence on U.S. trade are likely to experience more severe disruptions. If the tariffs make certain products uncompetitive, Canadian producers may struggle to secure alternative markets in the short term.

    Industries such as agriculture, manufacturing and energy will experience varying degrees of impact. Energy products and motor vehicles, which represent Canada’s largest exports to the U.S., are expected to be among the most adversely affected.

    In the agricultural and forestry sector, wood and paper products, along with cereals, are among Canada’s largest exports to the U.S., with the U.S. accounting for 86 to 96 per cent of these exports, according to data from the World Integrated Trade Solution.

    In the energy and mineral sector, crude oil is Canada’s top export, reaching US$143 billion in 2023, with 90 per cent destined for the U.S. Given its critical role as Canada’s largest export across all sectors, it is not surprising that Trump has noted crude oil would be subject to a lower tariff of 10 per cent.

    Canada’s dependence on U.S. trade

    When examining the impact on different products, it’s not only the value of trade that matters, but also the share of trade. The share of trade indicates how reliant Canada is on the U.S. compared to other markets.

    A high trade share with the U.S. suggests a product is particularly vulnerable to trade disruptions, as Canada depends heavily on the U.S. market for that product. Conversely, a lower share indicates that Canada has diversified suppliers, which reduces its dependence on the U.S.



    Read more:
    Trump’s tariff threat could shake North American trade relations and upend agri-food trade

    For instance, in 2023, Canada’s top exports to the U.S. included vehicles and parts, nuclear machinery and plastics, according to data from the World Integrated Trade Solution. The U.S. accounted for 93 per cent of vehicle and parts exports, 82 per cent of nuclear machinery exports, and 91 per cent of plastics exports.

    This data highlights Canada’s extreme dependence on the U.S. market, making these industries within the manufacturing sector highly susceptible to the tariff. This could harm jobs in the manufacturing sector, which is vital to employment in Canada, providing jobs for over 1.8 million people.

    Canada’s reliance on the U.S. is also evident in imports. In 2023, vehicle imports totalled US$92 billion, with the U.S. accounting for 58 per cent of that amount.

    The dependence is also evident in the agri-food and forestry sector, where Canada heavily relies on U.S. imports. This suggests that retaliatory tariffs on agricultural goods from the U.S. could have a substantial impact on food prices in Canada.

    Retaliatory tariffs and inflationary pressures

    Canada has announced it’s imposing $155 billion of retaliatory tariffs on U.S. imports in response. This could contribute to inflationary pressures within Canada.

    Prime Minister Justin Trudeau says this includes immediate tariffs on $30 billion worth of goods as of Tuesday, followed by further tariffs on $125 billion worth of American products in 21 days’ time to “allow Canadian companies and supply chains to seek to find alternatives.”

    This will include tariffs on “everyday items such as American beer, wine and bourbon, fruits and fruit juices, including orange juice, along with vegetables, perfume, clothing and shoes,” and also on major consumer products like household appliances, furniture and sports equipment, and materials like lumber and plastics.

    Given Canada’s significant dependence on U.S. imports, the retaliatory tariffs will raise the cost of American goods entering the country, further driving up consumer prices and exacerbating inflation.

    In its latest policy rate announcement, the Bank of Canada warned of the severe economic consequences of Trump’s tariffs, highlighting their potential to reverse the current downward trend in inflation.

    What should Canada do now?

    Canada must extend its economic diplomacy efforts beyond the Trump administration, engaging with the U.S. Congress and Senate to advocate for the reconsideration of tariffs on Canadian goods. The Canadian government should persist in leveraging this channel to push for a reversal of the tariffs. This kind of broader negotiation remains the most effective approach to mitigating trade tensions and ensuring stable economic relations with the U.S.

    At the same time, Canada must reduce dependence on the U.S. market by adopting a comprehensive export diversification strategy. While the U.S. remains a convenient and accessible trade partner, expanding into emerging and developing markets would help mitigate risks and create more stable long-term trade opportunities.



    Read more:
    Trump’s tariff threat is a sign that Canada should be diversifying beyond the U.S.

    One effective way to achieve export diversification is by expanding free trade agreements (FTAs) with emerging and developing economies. Currently, Canada has 15 FTAs covering about 51 countries, but there is room for expansion. However, signing FTAs alone is insufficient; Canada must ensure these agreements translate into tangible trade growth with partner countries.

    International politics is increasingly shaping global trade, making it imperative for Canada to proactively manage diplomatic and trade relations. In recent years, tensions have emerged with key partners such as China, India and Saudi Arabia. These countries could all become potential markets for Canadian products. Given that China is Canada’s second-largest export destination, there is significant potential to expand trade ties.

    Additionally, countries like the United Arab Emirates present promising markets, particularly for agricultural products, as the UAE imports about 90 per cent of its food.

    Boosting innovation and productivity

    Canada stands at a critical juncture in its trade relationship with the U.S. While diplomatic efforts remain essential to averting harmful tariffs, they cannot be the country’s only line of defence.

    Boosting productivity is one of the most effective ways for Canada to improve its competitiveness in global markets. Canadian producers should prioritize innovation and the adoption of advanced technologies to enhance efficiency and maintain a competitive edge, particularly as they seek to expand beyond the U.S.

    In response to potential U.S. tariffs, the Canadian government should implement a bailout strategy to provide short-term relief and mitigate revenue losses to firms that will be mostly affected. Additionally, Canada should leverage its embassies and consulates worldwide to promote exports and help affected firms identify and access new market opportunities.

    By doing this, Canada can position itself as a more self-reliant and competitive player in the global economy — one less vulnerable to shifting U.S. policies.

    Sylvanus Kwaku Afesorgbor receives funding from the OMAFRA and the USDA. He is affiliated with the Centre for Trade Analysis and Development (CeTAD Africa).

    Naduni Uduwe Welage and Promesse Essolema do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    – ref. U.S. tariff threat: How it will impact different products and industries – https://theconversation.com/u-s-tariff-threat-how-it-will-impact-different-products-and-industries-248824

    MIL OSI – Global Reports –

  • MIL-OSI USA: Grassley, Durbin Announce Senate Judiciary Subcommittee Assignments for the 119th Congress

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Ranking Member Dick Durbin (D-Ill.) today announced the establishment, leadership and membership of Senate Judiciary Subcommittees for the 119th Congress.

    “The Senate Judiciary Committee’s broad jurisdiction tasks us with important responsibilities, such as safeguarding Americans and our border, empowering consumers, pursuing justice against criminal offenders, vetting nominees to the federal judiciary and upholding the founding principles of our Constitution,” Grassley said. “Our work impacts nearly every aspect of Americans’ daily life. We have a strong roster of committee members, and I look forward to delivering for the American people this Congress.”

    “The Senate Judiciary Committee is arguably the workhorse of Senate committees. The list of historic hearings held before it is long and filled with memorable testimony,” Durbin said. “These are consequential times, but we have a talented group of Democratic members, and I look forward to them leading the national debate on the critical issues we face.”

    Subcommittee on Antitrust, Competition Policy and Consumer Rights

    Sen. Mike Lee (R-Utah), Chair             Sen. Cory Booker (D-N.J.), Ranking Member

    Sen. Josh Hawley (R-Mo.)                       Sen. Amy Klobuchar (D-Minn.)

    Sen. Thom Tillis (R-N.C.)                       Sen. Richard Blumenthal (D-Conn.)

    Sen. Kate Britt (R-Ala.)                           Sen. Peter Welch (D-Vt.)

    Sen. Ashley Moody (R-Fla.)                    Sen. Adam Schiff (D-Calif.)

    Sen. Eric Schmitt (R-Mo.)

    Subcommittee on Border Security and Immigration

    Sen. John Cornyn (R-Texas), Chair    Sen. Alex Padilla (D-Calif.), Ranking Member

    Sen. Lindsey Graham (R-S.C.)               Sen. Sheldon Whitehouse (D-R.I.)

    Sen. Ted Cruz (R-Texas)                        Sen. Amy Klobuchar (D-Minn.)

    Sen. Thom Tillis (R-N.C.)                      Sen. Chris Coons (D-Del.)

    Sen. John Kennedy (R-La.)                    Sen. Mazie Hirono (D-Hawaii)

    Sen. Kate Britt (R-Ala.)                          Sen. Cory Booker (D-N.J.)

    Sen. Ashley Moody (R-Fla.)

    Subcommittee on the Constitution

    Sen. Eric Schmitt (R-Mo), Chair        Sen. Peter Welch (D-Vt.), Ranking Member

    Sen. John Cornyn (R-Texas)                  Sen. Sheldon Whitehouse (D-R.I.)

    Sen. Mike Lee (R-Utah)                         Sen. Mazie Hirono (D-Hawaii)

    Sen. Ted Cruz (R-Texas)                        Sen. Cory Booker (D-N.J.)

    Sen. Josh Hawley (R-Mo.)                      Sen. Alex Padilla (D-Calif.)

    Sen. John Kennedy (R-La.)                     Sen. Adam Schiff (D-Calif.)

    Sen. Marsha Blackburn (R-Tenn.)         

    Subcommittee on Crime and Counterterrorism

    Sen. Josh Hawley (R-Mo.), Chair       Sen. Dick Durbin (D-Ill.), Ranking Member

    Sen. Lindsey Graham (R-S.C.)              Sen. Amy Klobuchar (D-Minn.)

    Sen. John Cornyn (R-Texas)                  Sen. Chris Coons (D-Del.)

    Sen. Ted Cruz (R-Texas)                       Sen. Richard Blumenthal (D-Conn.)

    Sen. Marsha Blackburn (R-Tenn.)         Sen. Cory Booker (D-N.J.)

    Sen. Kate Britt (R-Ala.)

    Subcommittee on Federal Courts, Oversight, Agency Action and Federal Rights

    Sen. Ted Cruz (R-Texas), Chair          Sen. Sheldon Whitehouse (D-R.I.), Ranking Member

    Sen. Lindsey Graham (R-S.C.)               Sen. Richard Blumenthal (D-Conn.)

    Sen. Mike Lee (R-Utah)                         Sen. Mazie Hirono (D-Hawaii)

    Sen. Thom Tillis (R-N.C.)                      Sen. Alex Padilla (D-Calif.)

    Sen. John Kennedy (R-La.)                    Sen. Peter Welch (D-Vt.)

    Sen. Eric Schmitt (R-Mo.)

    Subcommittee on Intellectual Property

    Sen. Thom Tillis (R-N.C.), Chair         Sen. Adam Schiff (D-Calif.), Ranking Member

    Sen. Mike Lee (R-Utah)                          Sen. Sheldon Whitehouse (D-R.I.)

    Sen. Marsha Blackburn (R-Tenn.)          Sen. Chris Coons (D-Del.)

    Sen. Eric Schmitt (R-Mo.)                      Sen. Mazie Hirono (D-Hawaii)

    Sen. Kate Britt (R-Ala.)                           Sen. Peter Welch (D-Vt.)

    Sen. Ashley Moody (R-Fla.)

    Subcommittee on Privacy, Technology and the Law

    Sen. Marsha Blackburn (R-Tenn.), Chair Sen. Amy Klobuchar (D-Minn.), Ranking Member

    Sen. Lindsey Graham (R-S.C.)                 Sen. Chris Coons (D-Del.)

    Sen. John Cornyn (R-Texas)                    Sen. Richard Blumenthal (D-Conn.)

    Sen. Josh Hawley (R-Mo.)                       Sen. Alex Padilla (D-Calif.)

    Sen. John Kennedy (R-La.)                      Sen. Adam Schiff (D-Calif.)

    Sen. Ashley Moody (R-Fla.)

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville Honors Stephen Woodfin of Harvest as February “Veteran of the Month”

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) released a video honoring Navy Second Class Officer Stephen Woodfin as the February “Veteran of the Month.”

    Excerpts from Sen. Tuberville’s remarks can be found below, and his complete remarks can be found here.

    “America’s military is the greatest in the world because of men and women who take pride in their role to keep us safe. No one demonstrates this better than Petty Officer First Class Stephen Woodfin of Harvest, Alabama.

    After being drafted into the Navy in 1968, Stephen found himself far from his small-town Alabama farm at basic training in Nashville and San Diego. He describes this journey from the farm to the Navy as ‘a country boy in hog heaven.’ After basic training, he was shipped out to the South Pacific to serve his country for the next four years in the Vietnam War. Like many Vietnam veterans, Stephen saw firsthand the horrors of war.

    Yet, Stephen is still proud to say he served in the military and says his time in combat led him to meet some of the finest people he ever met. Shortly before returning home in 1972, Stephen met his wife, whom he describes as the best thing that ever happened to him. After their return back to the states, Stephen took on several different roles—including husband, father, postal serviceman, teacher, and many more.”

    Senator Tuberville recognizes a different Alabama veteran each month for their service and contribution to their community. Constituents can nominate an Alabama veteran and submit their information to Senator Tuberville’s office for consideration by emailing press_office@tuberville.senate.gov. 

    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, HELP, and Aging Committees.

    MIL OSI USA News –

  • MIL-OSI New Zealand: Pocket art guide updated with 10 new artworks showcasing toi Māori in Tāmaki Makaurau

    Source: Auckland Council

    The vibrant cityscape of Tāmaki Makaurau has seen a rise in the presence of Māori design and art in its urban environment in recent years, a result of the ongoing efforts by the Auckland Council group to ensure the stories and identity of mana whenua are visibly reflected and felt in the city centre.  

    This exciting shift is being celebrated through the unveiling of ten new artworks on the pages of ‘Te Paparahi Toi Māori’ the Auckland Art Walk guide, which brings Māori culture and history to life in the city’s public spaces for Aucklanders and tourists to explore. 

    For the online walking guide of Te Paparahi Toi Māori, visit ArtNow.  

    “This growing collection of Māori art serves as a reminder of the rich cultural history that underpins our city,” says Councillor Kerrin Leoni. 

    “I encourage Aucklanders and visitors to explore these meaningful creative expressions in the city’s urban landscape and to reflect on the importance of te ao Māori in shaping modern Tāmaki Makaurau.” 

    Here are 10 of the new must-see toi Māori (Māori artworks) in Auckland’s city centre, recently added to ‘Te Paparahi Toi Māori’: 

    Waimaraha, Myers Park, Auckland – photo David St George.

    1. Waimahara, 2024 – A Captivating Display of Light and Sound

    Waimahara, an extraordinary interactive new Māori artwork in Myers Park, springs to life with mesmerising light and sound displays in response to special waiata. 

    If you sing a special waiata into a sensor, the artwork listens and responds, accompanying you with an awe-inspiring display of light and sound. 

    Commissioned by Auckland Council, this unique creation by artist Graham Tipene (Ngāti Whātua, Ngāti Kahu, Ngāti Hine, Ngāti Hāua, Ngāti Manu), technology experts IION, and skilled composers features two original waiata for the project.  

    To visit Waimahara and other art works close by, click here .

    Te Kōmititanga, Queen Street, Auckland.

    2. Te Kōmititanga, 2020 – The Merging of Waters and People

    Located in the city’s largest public square, Te Kōmititanga, meaning ‘to mix’ or ‘to merge’ was gifted by local hapū Ngāti Whātua Ōrākei as a powerful symbol of the convergence of people and waters. Situated where the Waitematā Harbour and Te Waihorotiu (The Waihorotiu Stream) once met, this bustling public space boasts 137,000 basalt pavers woven in a harakeke (flax) mat pattern, entwining pedestrians by train, bus, and ferry into the cultural and environmental heritage of the area. 

    To visit Te Kōmititanga and other art works close by, click here. 

    Te Wharekura, Quay Street, Auckland.

    3. Te Wharekura, 2023 – A Treasure Box of Ngāti Whātua Ōrākei

    The 108-year-old heritage kiosk next to the Tāmaki Makaurau downtown ferry terminal has been repurposed into a cultural and marine education space to create a new destination on the increasingly beautiful waterfront.  

    Te Wharekura (house of learning) is a waka huia (treasure box) for local hapū, Ngāti Whātua Ōrākei, offering a fusion of physical and digital taonga toi (artworks) and a rich collection of mana whenua histories and culture. Visitors can explore the environmental challenges of the Waitematā through interactive displays and engage with hapū members onsite who guide the learning experience. 

    To visit Te Wharekura and other art works close by, click here .

    Te Tōangaroa, Tangihua Street to Tapora Lane, Auckland.

    4. Te Tōangaroa Mural Collection, 2021-2024 – Telling Stories of Place

    This captivating mural collection celebrates the deep connection of Ngāti Whātua Ōrākei to te taiao (the environment) of Tāmaki and depicts the importance of welcoming different cultures and diversity. Each of the six powerful murals are imbued with symbolism—from the dragging and mooring of ancestral waka, to the star constellations and tohu (signs) of te taiao in guiding the kaiurungi (steerer) on the waka journey into the future, to resilient wildlife like the kawau bird—reminding all who view it of the unwavering whakapapa (genealogy) and wairua (spirit) from the Māori ancestors to their descendants today.  

    To visit Te Tōangaroa Mural Collection and other art works close by, click here 

    5. Te Nukuao, 2020 – A Shelter of Both Passage and Pause

    Located in Wynyard Quarter, Te Nukuao (shelter), draws inspiration from the last remaining customary Māori sail, Te Rā, to reference the journeys, waka and people from past and present connected to this area. This award-winning shading structure, which recalls the double-hulled waka hourua, serves as both a cultural marker of the mana (authority) of tangata whenua over Tāmaki Makaurau, and as a shelter of welcome for all.  

    Designed by artist Tessa Harris (Ngāi Tai ki Tāmaki), this artwork connects Aucklanders to the city’s rich ancestral maritime history.  

    To visit Te Nukuao and other art works close by, click here.  

    Papatūānuku, Halsey Street & Tīramarama Way, Auckland.

    6. Papatūānuku, 2021 – Celebrating the Earth Mother

    Papatūānuku (Mother Earth), a vibrant contemporary-art glass installation, reflects the ever-changing colours of the seasons as guided by the Maramataka (Māori lunar calendar). The glass poi of the artwork represents spiritual messengers, while the vibrant wall colour reflects the energy of Tama-nui-te-rā (the sun) and the ahikāroa (long-burning fires) of artist Mei Hill’s hapū, Ngāti Whātua Ōrākei, in extending manaakitanga (generosity) to all people in Tāmaki Makaurau. The work celebrates the natural world while honouring the whakapapa of mana whenua. 

    To visit Papatūanuku and other art works close by, click here.  

    Te Maharatanga o Ngā Wai, Wellesley Street West & Sale Street, Auckland.

    7. Te Maharatanga o Ngā Wai, 2021 – A Tribute to Māui and the Waters

    Te Maharatanga o Ngā Wai (remembering our waters) is a homage to the stream that once flowed through this site before the colonial settlement of Auckland. This 6.4-metre carved pou (post) commemorates the Māori demigod Māui, whose stories are central to Māori narratives.  

    The sculpture, featuring three key tales of Māui, not only serves as a pou recognising wai as taonga (treasure), the source of life, and vital for our collective wellbeing, but also as a focal point for pōhiri (ceremonial welcomes) and other official theatre events, reflecting Māori cosmology, language and history in the public realm. 

    To visit Te Maharatanga o Ngā Wai (remembering our waters) and other art works close by, click here 

    Whakaako Kia Whakaora, Corner Gundry Street & Karangahape Road, Auckland.

    8. Whakaako Kia Whakaora / Educate to Liberate, 2021 – Honouring the Polynesian Panthers

    This mural honours the historical significance of the Polynesian Panthers in Auckland. With powerful references to social justice, it connects the local struggle for equality with the broader movement for civil rights, reflecting on the ongoing fight for Māori and Pacific rights and freedoms alike.  

    The Polynesian Panthers were formed in Auckland in June 1971, moulded in the shape of the Black Panthers, in response to the marginalisation and discrimination experienced by the Pacific community.  

    To visit Whakaako Kia Whakaora / Educate to Liberate, and other art works close by, click here.

    Tūrama Kaitiaki, Aotea Square, Auckland.

    9. Tūrama, Kaitiaki, 2022 – Celebrating Light, Guardians and Matariki

    Tūrama (light), the hugely popular series of six large-scale illuminated art installations lights up Queen Street to celebrate Matariki (the Māori new year).  

    Tūrama explores the role of kaitiaki (guardians) in protecting the environment. Representing the guardian figure Horotiu, this 9-metre-high artwork reminds all of us to look after the Waihorotiu valley and river, now buried under Queen Street, whose domain Horotiu protects. 

    Tūrama was created by Graham Tipene (Ngāti Whātua Ōrākei, Ngāti Kahu, Ngāti Hine, Ngāti Haua, Ngāti Manu), Ataahua Papa (Ngāti Koroki Kahukura, Ngāti Mahuta), Phil Wihongi (Ngāti Hine) and Angus Muir Design. 

    To visit Tūrama (light), and other art works close by, click here .

    Te Mata Topaki, Viaduct Harbour, Auckland.

    10. Te Mata Topaki, 2020 – A Sculptural Pier Connecting People to Waitematā

    Te Mata Topaki (to hover over the headland) is a striking, award-winning 30-meter sculptural pier designed by Graham Tipene (Ngāti Whātua Ōrākei) that juts out into the Waitematā Harbour. Inspired by the taurapa (stern of a waka) lying on its side, mata – both obsidian and a tip or headland; and topaki – to hover like a bird, this lookout connects both key destinations and people to the water.  

    To visit Te Mata Topaki and other art works close by, click here.

    ‘Te Paparahi Toi Māori’ provides a walking-guide to over 80 sites of public art, architectural design, and historical sites across Tāmaki Makaurau helping to ensure that tangata whenua (local people) see themselves and their culture in the modern landscape. 

    For the online walking guide of Te Paparahi Toi Māori, visit ArtNow.

    To get a physical guide of Te Paparahi Toi Māori, email barbara.holloway@aucklandcouncil.govt.nz, or visit any of the sites listed below: 

    • Auckland Art Gallery, Wellesley Street East

    • Central City Library, 44-46 Lorne Street

    • Ellen Melville Centre, 2 Freyberg Place

    • Auckland Council office foyer, 135 Albert Street

    • Te Wharekura, 117 Quay Street

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Most Aucklanders continue to rate their quality of life highly

    Source: Auckland Council

    Auckland’s topline results for the 2024 Rangahau te Korou o te Ora / Quality of Life Survey have been released, showing 75 per cent of Aucklanders rate their overall quality of life positively.

    The survey, which is undertaken every two years, is a collaborative local government research project that collects data on a range of current and topical issues relevant to residents’ wellbeing in urban New Zealand.

    Auckland’s Policy and Planning Committee chair, Councillor Richard Hills says he is pleased to see from the latest survey results that most Aucklanders have a strong sense of connection and support in their daily lives.

    “The results show in part, that the work council does with Auckland communities makes a difference and can help people to thrive. These results are helpful in shaping how we plan for the future to improve economic, social and environmental outcomes,” Cr Hills says.  
     
    “Although the results show there is always more work to do, it is fantastic to see that 72 per cent of Aucklanders think their local area is a great place to live. Auckland is a wonderful place, and we can be proud of where we call home.”

    Although reports of quality of life remain relatively high, there has been a decrease since 2022, when 82 per cent of Auckland respondents rated their quality of life positively.

    When asked to rate their quality of life compared with one year prior, 25 per cent said it had increased and 30 per cent said it had decreased.

    Reasons for a decline in perceptions of quality of life were largely driven by economic pressures, says Alison Reid, Team Manager, Social and Economic Research and Evaluation.

    “Of those Aucklanders who said their quality of life had decreased, more than two-thirds (67 per cent) said this was due to reduced financial wellbeing,” she says.

    Other findings reflected economic pressures on Aucklanders. Almost half (49 per cent) of those surveyed disagreed that their housing costs were affordable, one in five (22 per cent) said they did not have enough money to meet their everyday needs, and more than a third (37 per cent) said they often worried about their own or their family’s financial circumstances.

    Crime is another key concern raised in the survey, with many Auckland respondents rating theft and burglary (67 per cent), dangerous driving (64 per cent) and vandalism (58 per cent) as problems in their local area in the previous 12 months.  

    It’s not all bad news though, says Alison. “One in four Aucklanders said their quality of life had increased in the last year. Of that group nearly a third (32 per cent) reported that this was related to their health care and wellbeing. Improved financial wellbeing (26 per cent), lifestyle (23 per cent) and work-related factors (23 per cent) also featured.”

    Sixty-eight per cent of Auckland respondents rated both their physical and mental health positively. Most feel they have people in their lives they can call on if they need practical or emotional support (86 per cent and 85 per cent, respectively).

    Most Aucklanders (72 per cent) also agreed that their local area is a great place to live, and more than half (57 per cent) agreed that they are happy with the way their local area looks and feels.

    The results will be used by the council to help plan for the future and to monitor economic, social and environmental outcomes, such as outlined in the Auckland Plan 2050 and Ngā Hapori Momoho, our Thriving Communities Strategy.

    Read the full Topline Report on the Quality of Life website. 

    About the survey 

    • The Quality of Life survey is a collaborative local government research project. Several councils participated in this year’s survey including Auckland Council, Hamilton, Tauranga,  Porirua, Wellington, Christchurch and Dunedin City Councils, as well as Waikato Regional Council.  

    Most Auckland respondents feel they have people in their lives they can call on if they need practical or emotional support.

    MIL OSI New Zealand News –

  • MIL-OSI Security: Folsom Man Pleads Guilty to Visa Fraud

    Source: Office of United States Attorneys

    SACRAMENTO, Calif. — Marcus Taslim, 70, of Folsom, pleaded guilty today to visa fraud, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, Taslim brought Person 1 to the United States from Indonesia in December 2018 to provide caregiving services for his mother, but he obtained a nonimmigrant visa for Person 1 through lies and false statements. Taslim secured this visa by falsely representing to a consular officer that Person 1’s length of stay in the United States would only be one month, that she would be paid minimum and overtime wages under the laws of the State of California, that she would be paid bi-weekly and in full, and that he had paid Person 1’s one-month salary in advance.

    Taslim knew these statements to the consular officer were not true. For example, although Taslim paid Person 1 what looked like one month of salary in advance, as soon as the consular officer received proof of that payment, Taslim ordered Person 1 to withdraw that money and give it back to Taslim, which she did. Then, once in the United States, Person 1 worked for Taslim for about six months. She typically worked seven days a week, beginning work as early as 5 or 6 a.m. and ending at about 8 or 9 p.m. Taslim paid Person 1 far less than minimum wage, did not pay her bi-weekly and in full, and also confiscated her passport so she could not run away. Person 1 was only able to leave in June 2019, following intercession from the Folsom Police Department.

    This case is the product of an investigation by the U.S. Department of State, Diplomatic Security Service’s San Francisco Field Office. Assistant U.S. Attorney Elliot C. Wong is prosecuting the case.

    Taslim is scheduled to be sentenced on May 12, 2025, by U.S. District Judge William B. Shubb. Taslim faces a maximum term of 10 years in prison and a fine of up to $250,000. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

    MIL Security OSI –

  • MIL-OSI United Nations: World News in Brief: WHO chief asks US to reconsider withdrawal, gender parity remains distant goal, call for rethink on Nordic alcohol law change

    Source: United Nations 4

    Health

    The head of the World Health Organization (WHO) said on Monday he would “welcome constructive dialogue” with the United States Government over the decision made by President Donald Trump to withdraw. 

    President Trump’s executive order of 20 January is regrettable “and we hope the US will reconsider,” said WHO Director-General Tedros Adhanom Ghebreyesus, in a speech to the organization’s executive board.

    The WHO chief said he would welcome the opportunity “to preserve and strengthen the historic relationship between WHO and the US.”

    Pushing back on the rationale laid out in the executive order, Tedros said WHO had implemented the deepest and most wide-ranging reforms in its history over the past seven years.

    The US is the biggest donor by far to the agency, accounting for around 14 per cent of its $6.9 billion budget, according to latest WHO figures. 

    Addressing the US complaint that it is paying too much compared to other countries, Tedros said reducing reliance on the US and others who pay the most was a “critical element of our long-term plan to broaden our donor base.”

    COVID record

    Third, he rejected the accusation that WHO had mishandled the COVID-19 pandemic:

    “From the moment we picked up the first signals of ‘viral pneumonia’ in Wuhan, we asked for more information, activated our emergency incident management system, alerted the world, convened global experts, and published comprehensive guidance for countries on how to protect their populations and health systems – all before the first death from this new disease was reported in China on the 11th of January 2020.”

    Tedros also addressed the allegation that WHO lacks independence from “inappropriate political influence” by some Member States: “WHO is impartial and exists to serve all countries and all people,” he said. 

    “Our Member States ask us for many things, and we always try to help as much as we can. But when what they ask is not supported by scientific evidence or is contrary to our mission to support global health, we say no, politely.”

    © UNICEF/Joshua Estey

    A government-run shelter in the Philippines is a safe haven for girls who have been physically and sexually abused and exploited, including through the sex tourism industry. (file)

    A third of women experience physical or sexual violence: Rights experts 

    Approximately one in three women is subjected to physical or sexual violence, and 800 women and girls continue to die every day from preventable causes during pregnancy and childbirth, a top independent rights panel meeting heard on Monday.

    Addressing the Committee on the Elimination of Discrimination Against Women (CEDAW) at the UN in Geneva, Andrea Ori from the UN human rights office, OHCHR, said that the world is “still far” from achieving the goal of gender parity.

    “The global landscape has changed,” she told the CEDAW session.

    Backlash against equal rights

    “We are witnessing a backlash against women’s human rights and gender equality, especially against women’s sexual and reproductive health rights – with an increase in attacks against abortion providers, shrinking civic space for women human rights defenders, and reduced funding.” 

    Mr. Ori noted that 2025 marks 30 years since the universal adoption of the Beijing Declaration and Platform for Action for ensuring women’s human rights and achieving gender equality around the world.  

    It remains the case, however, that sexual violence against women and girls continues to be used as a tactic of war in numerous conflicts, the UN human rights official said, while only 26 per cent of parliamentarians in the world are women and only around three in 10 women have managerial roles at work. 

    One less for the road: Time Europe cut down on booze intake, WHO warns

    The UN World Health Organization (WHO) urged Nordic countries on Monday to keep a lid on alcohol sales, or risk reversing the positive impact of strict regulations put in place years ago.

    For decades, governments in Finland, Iceland, Norway, Sweden and the Faroe Islands have restricted supermarkets and private retailers from selling stronger alcoholic beverages.

    This policy has resulted in some of the lowest alcohol consumption levels in the European Union – which by contrast is the booziest region globally, with drinking habits “largely unchanged” for over 10 years, WHO said.

    Free market pressures

    The Nordic model is now at risk however, from legislative initiatives in the region that signal a potential shift toward privatization of alcohol sales, warned WHO’s Dr. Carina Ferreira-Borges.

    In Sweden, for instance, a court is hearing a challenge to the Government’s exclusive rights to online sales of alcohol, while proposed laws would permit sales of alcoholic beverages in farm shops.

    Dr Ferreira-Borges explained that Nordic countries’ alcohol controls – that involve increasing taxes and raising prices, limiting availability and restricting advertising – have reduced alcohol-related harms. 

    These span from “liver disease, cancers and cardiovascular conditions, to injuries and drownings”, she insisted. 

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: 4 February 2025 Kāinga Ora refocusing on its core mission Kāinga Ora – Homes and Communities is refocusing on its core mission of providing and managing quality social housing for New Zealanders in need.

    Source: New Zealand Government Kainga Ora

    Simon Moutter, Board Chair

    “Our focus as a key contributor to New Zealand’s social housing eco-system is on providing safe, warm, dry homes for those in need and acting as a good, supportive landlord to tenants and communities, while ensuring the agency’s long-term financial sustainability,’’ says Board Chair Simon Moutter.

    “Kāinga Ora is the largest social housing landlord in the country, and it is important we look after our homes and tenants and serve our communities well. We are looking forward to working alongside other Community Housing Providers to ensure that New Zealanders in need get stable and supportive housing.

    “Our new plan for Kainga Ora, which the government has approved, outlines a clear path forward for the agency as a responsible social housing landlord who is fair but firm, and invests in the state housing stock in a financially sustainable way,’’ Mr Moutter says.

    Over the two years to 30 June 2026, Kāinga Ora will be adding 2,650 new homes to the state housing stock, as well as renewing almost 3,000 homes.

    “Because of New Zealand’s long history of providing social housing, many of our state homes are old and getting to their end of their life. It is important that we invest in renewing these homes so we can continue the legacy of providing good quality state housing,’’ Mr Moutter says.

    The key elements of the new plan for Kāinga Ora are:

    • A renewed focus on core mission: Over time, Kāinga Ora will narrow its focus on providing and managing social housing in a financially sustainable way.
    • Improved tenancy management: Changes are being made to tenancy management and more use is being made of the Residential Tenancies Act to ensure better outcomes for both tenants and communities. A key part of this will be ensuring tenants are in the right type of home at the right time, with the right support in place.
    • Improved housing portfolio and build management: We are changing our maintenance strategies to ensure we look after our homes, while also investing in the progressive renewal of our older homes. Build costs will be reduced so they are more in line with the market.
    • Improved organisational performance, with a focus on cost effectiveness: Changes are being made to right-size the organisation and ensure value for money.
    • Improved financial sustainability: As key cost-saving initiatives are embedded, Kāinga Ora’s financial sustainability will significantly improve.

    Find out more about the plan for Kāinga Ora.

    Page updated: 4 February 2025

    MIL OSI New Zealand News –

  • MIL-OSI Australia: ACCC sweep uncovers concerning online shopping return policies and terms and conditions

    Source: Australian Competition and Consumer Commission

    The ACCC has conducted a sweep of more than two thousand Australian retail websites and has found some businesses using terms and conditions that may contravene the Australian Consumer Law (ACL).

    As part of this sweep, business’ return policies and website terms and conditions were reviewed, some of which raised concerns as being potentially misleading for consumers.

    “Our sweep has found numerous examples of practices that could potentially mislead or deceive consumers regarding their rights to exchange, refund or return a product,” ACCC Deputy Chair Catriona Lowe said.

    “Under the Australian Consumer Law consumers have basic rights when buying products and services, known as consumer guarantees. These rights are separate from any warranties offered by a business and cannot be taken away by anything a business says or does.”

    The sweep identified several potentially misleading statements in the terms and conditions of a number of the websites reviewed, including:

    • imposing time-limits for returning a faulty product;
    • imposing blanket ‘no refund’ conditions on sales or specialised items;
    • referring to manufacturer warranties as the only avenue for consumers to claim remedies for faulty goods, and;
    • placing restrictions on consumers’ right to a remedy, including stating that delivery fees paid for faulty items were non-refundable and charging restocking fees if customers returned faulty items.

    Problematic statements found during the sweep included:

    • “Items that have been opened and used cannot be exchanged or refunded”;
    • “Made to order products cannot be returned”;
    • “Sale items cannot be returned, exchanged or refunded” and;
    • “In the unlikely event that your item arrives damaged or faulty, please notify the store within 30 days of delivery to receive a replacement”.

    As a result of the sweep’s findings, the ACCC sent warning letters to several businesses whose returns policies or terms and conditions raised concerns under the ACL.

    “Our action led to the majority of businesses changing or removing concerning statements from their websites and improving consumer guarantee messages to consumers,” Ms Lowe said.

    “While we did identify some concerning practices during this sweep, we were pleased to find that many websites had information that advised consumers of their consumer guarantee rights under the Australian Consumer Law.”

    Under the ACL, businesses should not be making statements, written or verbally, to the following effect about faulty products:

    • No refunds are permitted under any circumstances;
    • No refunds are provided for sale or specialised items;
    • To be eligible for a refund, the consumer has a limited timeframe, from receipt of the good, to return the product;
    • Returns will be subject to a processing, restocking or repair fee;
    • No refunds are provided for opened or used items under any circumstances;
    • Delivery fees are non-refundable;
    • Customers must pay for delivery for returned items.

    “The ACCC is committed to improving business compliance with consumer guarantees and will continue to actively monitor this area, and where appropriate, take enforcement action,” Ms Lowe said.

    “We encourage all businesses to review their return policies and terms and conditions to ensure they comply with the law.”

    Consumers should report any potentially misleading or deceiving statements to the ACCC: Report a consumer issue

    Notes for editors:

    There are nine consumer guarantees that apply to products. They include guarantees that a product sold to a consumer must be of acceptable quality, fit for any stated purpose, and match its description.

    The three consumer guarantees that apply to services are that businesses must provide them using reasonable care and skill, they must be fit for any stated purpose, and they must be supplied within a reasonable time where the time is not otherwise agreed between the consumer and the business.

    Businesses may offer other warranties, but these are extra promises that a business can choose to make in addition to the consumer guarantees. A warranty cannot replace, change or take away a consumer’s basic legal rights.

    Depending on the nature of the problem, remedies can include a refund, a repair or replacement and/or compensation for reasonably foreseeable loss or damage caused by the failure to meet the consumer guarantee.

    Consumer guarantees do not apply if the consumer simply changed their mind, found the product cheaper somewhere else, or decided they no longer liked it or had no use for it. Consumer guarantees also do not apply if a consumer misused the product in a way that caused the problem.

    The ACCC has been advocating for law reform to the consumer guarantees provisions, and welcomes the Federal Government’s commitment to work with state and territory consumer affairs ministers to design proposed civil prohibitions and penalties for breaches of the consumer guarantee and supplier indemnification provisions of the ACL. This would introduce penalties for:

    • businesses which fail to provide a remedy for consumer guarantees failures, when they are legally required to do so under the consumer guarantees, and
    • manufacturers which fail to reimburse suppliers for consumer guarantees failures for which the manufacturers are responsible.

    These amendments would significantly change business incentives to comply with their consumer guarantee obligations under the ACL, as well as more effectively supporting consumers in securing their statutory consumer guarantee rights.

    Background

    The ACCC conducted a sweep of retail websites operating in Australia. The ACCC then reviewed statements to assess whether the statement sought to restrict consumers’ consumer guarantee rights, and if so whether any further action was warranted, having regard to the size of the business, additional context on the website surrounding the statement, and consumer reports about those businesses.

    As a result, numerous website statements that raised concerns under the ACL were identified. The ACCC subsequently sent warning letters to several businesses to notify them of our concerns, educate them on their obligations under the ACL, and improve compliance with the ACL.

    Improving industry compliance with consumer guarantees is one of the ACCC’s compliance and enforcement priorities and has been a priority for a number of years. In 2024/25, the ACCC is particularly focused on consumer guarantees relating to consumer electronics and targeting misconduct by retailers in connection with delivery timeframes.

    In November 2024, furniture and homewares retailer Koala & Tree Pty Ltd, trading as Koala Living, paid penalties of $56,340 after the ACCC issued it with three infringement notices for making false or misleading statements about consumers’ rights to remedies for faulty products, including for representing that a consumer’s right to seek remedies for faulty products was limited to 72 hours.

    In March 2024, the ACCC instituted Federal Court proceedings against Mosaic Brands Limited for allegedly misrepresenting consumer guarantee rights in the terms and conditions published on eight of its brands websites and making false or misleading representations to consumers about delivery times.

    In February 2024, the Federal Court ordered Mazda Australia Pty Ltd to pay $11.5 million in penalties for engaging in misleading and deceptive conduct and making false or misleading representations to nine consumers about their consumer guarantee rights.

    MIL OSI News –

  • MIL-OSI Australia: Don’t clear native vegetation if you want high crop yields

    Source: University of South Australia

    04 February 2025

    South Australian ecologists have provided irrevocable proof why native vegetation is critical for healthy crop yields and should be protected in agricultural regions.

    In the first study of its kind in South Australia, UniSA scientists evaluated the impact of native roadside (linear) vegetation and small, isolated patches of (fragment) vegetation on pollination rates and crop yields for canola and faba beans in the Yorke Peninsula.

    Canola and faba bean pods within 200 metres of native vegetation – where pollinating insects live – produced more seeds and subsequently higher yields than those unpollinated by animals.

    UniSA ecologist Associate Professor Sophie (Topa) Petit says the increase in seed set near vegetation, compared to the centre of a field, was up to 20% higher for canola and 12% higher for faba beans. The larger patches of vegetation produced the best results.

    According to first author, PhD student Bianca Amato, “the results are significant, given the study area has been extensively cleared for agriculture over time, containing less than 13% of native vegetation, and roadside vegetation is often the only habitat for pollinating insects in that region.”

    “The findings confirm that both fragment and roadside vegetation improve pollination and crop yields. Roadside vegetation plays a strong role but is often threatened by clearance,” Amato says.

    “Pollinators are essential for sustainable farming, although their habitat is often overlooked in intensive agriculture. Preserving roadside vegetation and remnant patches could provide a simple way to support both biodiversity and crop production.”

    The research, recently published in Agriculture, Ecosystems & Environment, challenges the common practice of clearing native vegetation to expand cropping areas, suggesting that such actions may inadvertently reduce long-term productivity

    In the wake of the findings, the UniSA researchers are calling on governments to offer farmers incentives to restore native vegetation, not only to boost crop yields, but also to conserve biodiversity.

    “Strips of trees and bushes lining fields and roads are a familiar part of the Australian landscape. Some people assume this vegetation has little value apart from picturesque scenery, but our research shows just how important native vegetation is in supporting pollinators and increasing crop yields,” Amato says.

    Notes for editors

    “Influence of fragment and roadside vegetation on canola (Brassica napus) and faba bean (Vicia faba) pollination in South Australia” is published in Agriculture, Ecosystems & Environment.
     DOI: 10.1016/j.agee.2025.109481

    …………………………………………………………………………………………………………………………

    Media contact: Candy Gibson M: +61 434 605 142 E: candy.gibson@unisa.edu.au
    Researcher contact: Bianca Amato E: bianca.amato@mymail.unisa.edu.au

    Other articles you may be interested in

    MIL OSI News –

  • MIL-OSI Security: U.S. Attorney’s Office Secures Guilty Plea from Dulce Man in Domestic Violence Case

    Source: Office of United States Attorneys

    ALBUQUERQUE – A Dulce man pleaded guilty to two counts of assault of an intimate partner by strangling and suffocating.

    According to court documents, Chalmers Dedios, 32, an enrolled member of the Jicarilla Apache Nation Indian Tribe, admitted to assaulting Jane Doe twice in February 2024, including strangling her to unconsciousness.

    At sentencing, Dedios faces up to 10 years in prison, followed by three years supervised release.

    U.S. Attorney Alexander M.M. Uballez made the announcement today.

    The Jicarilla Apache Police Department investigated this case. Assistant U.S. Attorney Jesse Pecoraro is prosecuting the case.

    ###

    MIL Security OSI –

  • MIL-OSI: NEXUS CAPITAL MANAGEMENT ANNOUNCES ACQUISITION OF TRICAM INDUSTRIES

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES & EDEN PRAIRIE, MN, Feb. 03, 2025 (GLOBE NEWSWIRE) — Nexus Capital Management LP (together with certain affiliates, “Nexus”), a Los Angeles-based alternative asset management firm, announced today it has partnered with the management team and existing owners, the McMunn family, to acquire Tricam Industries, LLC (the “Company” or “Tricam”).

    Tricam, based in Eden Prairie, MN, specializes in the design, development and engineering of consumer and professional home improvement equipment, including ladders and step stools, garden carts, wheelbarrows, hose reels and hand trucks, among others. The Company’s products are primarily sold through home center and retail channels across North America, Australia and New Zealand under the flagship Gorilla® brand as well as other owned and licensed brands.

    Jeff Skubic, President & CEO of Tricam, stated, “This transaction represents an exciting milestone in Tricam’s corporate journey. Over the last three decades, Tricam has built a strong reputation as a trusted supplier with high quality products consumers respond to and have come to expect from us. We’re grateful for the confidence our partners and customers place in us, and we’re looking forward to partnering with Nexus as we continue to expand our product portfolio and accelerate our growth. Our founder, Tony McMunn, established a culture built on an unwavering entrepreneurial drive that fosters and rewards hard work, creativity, and collaboration. The team is excited, and we’re pleased the McMunn family will continue along with us.”

    “My family and I are excited to partner with Nexus and feel very confident this relationship will allow for continued success and provide opportunities for our employees” said Tricam founder Tony McMunn.

    “We are thrilled to partner with Jeff, Tony and the Tricam management team,” said Michael Cohen, Partner at Nexus. “Tricam has established itself as a market leader by focusing relentlessly on innovation, quality and safety. We look forward to working closely with Tricam to continue building on the Company’s long history of success.”

    Brad Kottman, Principal at Nexus, added, “We are thoroughly impressed with the strong foundation Tricam has established. The Company is led by a highly experienced team, the product suite is differentiated, and the supply chain is diverse and resilient. This investment represents a compelling new platform that is well positioned to react to changing environments and pursue continued growth.”

    Kirkland & Ellis LLP served as legal advisor to Nexus. Jefferies LLC served as financial advisor and Fox Rothschild LLP served as legal advisor to Tricam. J.P. Morgan and Citi provided financing for the acquisition.

    About Tricam

    Tricam, founded in 1990, is a leading supplier of home improvement and hardware products sold through home center and retail outlets primarily in the US, Canada, Australia and New Zealand. Based in Eden Prairie, Minnesota, the Company employs a growing team centered around bringing innovative products to market and maintaining strong relationships with our retailer and supplier partners. The Company continues to invest in its product and brand portfolio, led by its flagship Gorilla® brand across multiple product categories, including ladders, garden carts, wheelbarrows, hose reels and hand trucks. For more information on Tricam, please visit www.gorillamade.com and www.tricamindustries.com.

    About Nexus Capital Management LP

    Nexus is an alternative asset investment management company based in Los Angeles, California that was founded in 2013. Nexus employs a flexible investment mandate that focuses on long-term value creation by partnering with leading management teams and businesses. For more information on Nexus, please visit www.nexuslp.com.

    Contact Information:

    Mike Gabbert

    Tricam Director of Marketing

    Mgabbert@tricam.com

    The MIL Network –

  • MIL-OSI: Guggenheim Investments Announces February 2025 Closed-End Fund Distributions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

    The following dates apply to the distributions:

    Record Date February 14, 2025
    Ex-Dividend Date February 14, 2025
    Payable Date February 28, 2025
     
    Distribution Schedule
    NYSE
    Ticker    		 Closed-End Fund Name Distribution
    Per Share    		 Change from Previous
    Distribution    		 Frequency
    AVK Advent Convertible and Income
    Fund    		 $0.1172†   Monthly
    GBAB Guggenheim Taxable Municipal
    Bond & Investment Grade Debt
    Trust    		 $0.12573†   Monthly
    GOF Guggenheim Strategic
    Opportunities Fund    		 $0.1821†   Monthly
    GUG Guggenheim Active Allocation
    Fund    		 $0.11875†   Monthly
     

    † A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

    You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

    Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

    About Guggenheim Investments

    Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $243 billion* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 235+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

    Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

    *Assets under management are as of 12.31.2024 and include leverage of $14.8bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

    This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

    Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

    Analyst Inquiries

    William T. Korver
    cefs@guggenheiminvestments.com

    Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
    Member FINRA/SIPC (02/25) 63728

    The MIL Network –

  • MIL-OSI USA: January 29th, 2025 Heinrich, Leger Fernández Demand Answers from Trump Administration on ICE Harassment of Native American Citizens

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

    WASHINGTON — U.S. Senator Martin Heinrich (D-N.M.) and U.S. Representative Teresa Leger Fernández sent a letter to President Trump demanding immediate action to address reports of U.S. Immigration and Customs Enforcement (ICE) agents harassing, detaining, and questioning Native American Tribal members about their citizenship. The lawmakers condemned these actions as unconstitutional and a violation of Tribal sovereignty, calling for swift action to end racial profiling and protect Native communities. 

    In their letter, the lawmakers highlighted a confirmed incident in New Mexico where an ICE agent harassed a Tribal citizen at a convenience store, questioning their citizenship.

    “Native American Tribal members are United States citizens. Stopping people because of what they look like – with dark skin, Asian, Latino or Native American characteristics is never acceptable,” the lawmakers wrote. “ICE’s dangerous behavior of harassing American citizens, seemingly only due to the way they look, is unconstitutional and un-American.”

    The lawmakers also raised alarm about additional reports of ICE agents targeting Native Americans in multiple states, saying, “Your Administration’s actions and policies are quickly spreading fear in communities that have existed since time immemorial. It is unconscionable to question their citizenship and cause them to live in fear.”

    The lawmakers emphasized the historical and legal context, reminding the Administration that the Indian Citizenship Act of 1924 granted citizenship to all Native Americans. “Native communities are quintessentially American communities.”

    The lawmakers called on the Trump Administration to take immediate action to:

    The lawmakers also condemned President Trump’s recent statement suggesting that immigration enforcement should target people based on their appearance. “Your recent statement that you can tell an immigrant who is ‘trouble’ by the way they ‘look’ suggests that sending ICE agents after our communities is about the color of a person’s skin, not their immigration status,” the lawmakers stated in their letter.

    “It is unconscionable to question [Native Communities’] citizenship and cause them to live in fear,” the lawmakers wrote. “You must put a stop to ICE agents targeting Native Americans.”

    The letter was led by U.S. Representative Teresa Leger Fernández. Alongside Heinrich the letter was signed by U.S. Senator Ben Ray Luján (D-N.M.), and U.S. Representatives Melanie Stansbury (D-N.M.), Gabe Vasquez (D-N.M.), Jared Huffman (D-Calif.), Raúl Grijalva (D-Ariz.), and Yassamin Ansari (D-Ariz.). 

    The text of the letter is here.

    MIL OSI USA News –

  • MIL-OSI: RBB Bancorp Reports Fourth Quarter and Fiscal Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 03, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter and fiscal year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Net income totaled $4.4 million, or $0.25 diluted earnings per share
    • Return on average assets of 0.44%, compared to 0.72% for the quarter ended September 30, 2024
    • Net interest margin of 2.76% compared to 2.68% for the quarter ended September 30, 2024
    • Book value and tangible book value per share(1) of $28.66 and $24.51 at December 31, 2024, compared to $28.81 and $24.64 at September 30, 2024

    The Company reported net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024, compared to net income of $7.0 million, or $0.39 diluted earnings per share, for the quarter ended September 30, 2024. Net income for the year ended December 31, 2024 totaled $26.7 million, or $1.47 diluted earnings per share, compared to net income of $42.5 million, or $2.24 diluted earnings per share, for the year ended December 31, 2023.

    “Declining funding costs and stable interest income drove net interest income and net interest margin higher in the fourth quarter,” said Johnny Lee, President of the Company and President and Chief Executive Officer of the Bank. “We continue to make good progress on our growth initiatives and expect we will resume loan growth in the first quarter and for the remainder of the year.  We did see an increase in nonperforming loans mainly due to one credit relationship that was downgraded late in the fourth quarter.  We are actively working to resolve our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital.”

    “We are saddened by the devastation caused by the recent fires in Los Angeles,” said David Morris, Chief Executive Officer of the Company. “We stand ready to support our community and neighbors as they begin the process of rebuilding.”

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
       

    Net Interest Income and Net Interest Margin

    Net interest income was $26.0 million for the fourth quarter of 2024, compared to $24.5 million for the third quarter of 2024. The $1.4 million increase was due to a $130,000 increase in interest income and a $1.3 million decrease in interest expense. The increase in interest income was mostly due to higher interest income on cash and investment securities of $1.1 million offset by lower interest income on total loans of $952,000. The decrease in loan interest income was mostly due to lower average loans of $9.8 million and a 10 basis point decrease in the average loan yield due to decreases in market rates and a change in the loan mix. The increase in cash and investment interest income was attributed to higher average balances and a higher investment portfolio yield, offset by a lower yield on cash. The decrease in interest expense was mostly due to a 33 basis point decrease in total average interest-bearing deposit rates offset by higher average interest-bearing deposits of $33.8 million in the fourth quarter of 2024.

    Net interest margin (“NIM”) was 2.76% for the fourth quarter of 2024, an increase of 8 basis points from 2.68% for the third quarter of 2024. The increase was due to a 25 basis point decrease in the overall cost of funds, partially offset by a 15 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.79% for the fourth quarter of 2024 from 5.94% for the third quarter of 2024 due mainly to a 55 basis point decrease in the yield on average cash and cash equivalents to 5.02%, a decrease in the loan yield of 10 basis points and the impact of a change in the mix of average-earnings assets. Average loans represented 82% of average interest-earning assets in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024. The decrease in the loan yield was attributed mostly to a decrease in market rates and a change in the loan mix. 

    The overall cost of funds decreased to 3.32% in the fourth quarter of 2024 from 3.57% in the third quarter of 2024 due to a lower average cost of interest-bearing deposits. The overall funding mix for the fourth quarter of 2024 remained relatively unchanged from the third quarter of 2024 with the ratio of average noninterest-bearing deposits to average total funding sources of 16%. The all-in average spot rate for total deposits was 3.15% at December 31, 2024.

    Net interest income was $99.4 million for the year ended December 31, 2024, compared to $119.3 million for the year ended December 31, 2023. The $19.9 million decrease was due to a $15.4 million increase in interest expense and a $4.5 million decrease in interest income. The decrease in interest income was mostly due to lower interest income on total loans of $9.7 million offset by higher interest income on interest-earning deposits of $4.7 million. The decrease in loan interest income was mostly due to lower average loans of $164.3 million. The increase in cash and investment interest income was attributed to higher average cash balances and a higher investment portfolio yield, offset by a lower average of investment securities. The increase in interest expense was mostly due to a 72 basis point increase in total average interest-bearing deposit rates and higher average interest-bearing deposits of $30.1 million in the year ended December 31, 2024.

    NIM was 2.70% for the year ended December 31, 2024, a decrease of 46 basis points from 3.16% for the year ended December 31, 2023. The decrease was due to a 55 basis point increase in the overall cost of funds, partially offset by a 2 basis point increase in the yield on average interest-earning assets. The yield on average interest-earning assets increased to 5.88% for the year ended December 31, 2024 compared to the prior year due mainly to a 12 basis point increase in the yield on average cash and cash equivalents to 5.53%, an 18 basis point increase in the investment portfolio yield, offset by the impact of lower average loan balances. Average loans represented 83% of average interest-earning assets during 2024, and 85% during 2023.

    The overall cost of funds increased to 3.49% in the year ended December 31, 2024 from 2.94% in the year ended December 31, 2023 due to a higher average cost of interest-bearing deposits in response to higher average market interest rates. The overall funding mix for December 31, 2024 remained relatively unchanged from the prior year with a ratio of average noninterest-bearing deposits to average total funding sources of 16%.

    Provision for Credit Losses

    The provision for credit losses was $6.0 million for the fourth quarter of 2024 compared to $3.3 million for the third quarter of 2024. The fourth quarter of 2024 provision for credit losses was due to an increase in specific reserves of $4.3 million and net charge-offs of $2.0 million, partially offset by lower general reserves. The fourth quarter increase in specific reserves included $4.5 million for a construction loan secured by a partially completed mixed-use commercial project. Fourth quarter net charge-offs included $1.8 million for nonaccrual loans that were moved to held for sale (“HFS”). Net charge-offs on an annualized basis represented 0.26% of average loans for the fourth quarter of 2024 compared to 0.16% for the third quarter of 2024. The fourth quarter provision also took into consideration factors such as changes in loan balances, the loan portfolio mix, the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including higher nonperforming loans, and changes in special mention and substandard loans during the period.

    The provision for credit losses was $9.9 million for the year ended December 31, 2024 compared to $3.4 million for the year ended December 31, 2023. The 2024 provision included the impact from an increase in specific reserves of $6.1 million and net charge-offs of $3.9 million. Net charge-offs totaled $3.9 million for the year ended December 31, 2024, compared to $3.1 million for the year ended December 31, 2023. Net charge-offs represented 0.13% of average loans for the fiscal year 2024 compared to 0.10% for the fiscal year 2023.

    Noninterest Income

    Noninterest income for the fourth quarter of 2024 was $2.7 million, a decrease of $3.0 million from $5.7 million for the third quarter of 2024. This decrease was mostly due to the third quarter of 2024 including a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

    Noninterest income for the year ended December 31, 2024 was $15.3 million, an increase of $317,000 from $15.0 million for the year ended December 31, 2023. This increase was mostly due to a $2.9 million increase in recoveries on purchased loans, a $1.2 million increase in gain on sale of loans and an $883,000 increase in gain on OREO, offset by income from a $5.0 million Community Development Financial Institution Equitable Recovery Program award that was recognized during 2023.

    Noninterest Expense

    Noninterest expense for the fourth quarter of 2024 was $17.6 million, an increase of $228,000 from $17.4 million for the third quarter of 2024. This increase was mostly due to higher legal and professional expenses of $397,000, partially offset by lower occupancy and equipment expenses of $115,000. The annualized noninterest expenses to average assets ratio was 1.76% for the fourth quarter of 2024, down from 1.78% for the third quarter of 2024. The efficiency ratio was 61.5% for the fourth quarter of 2024, up from 57.5% for the third quarter of 2024 due mostly to lower noninterest income as the third quarter included a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

    Noninterest expense for the year ended December 31, 2024 was $69.2 million, a decrease of $1.5 million from $70.7 million for the year ended December 31, 2023. This decrease was mostly due to lower legal and professional expenses of $3.7 million, partially offset by higher salaries and employee benefits of $1.6 million. The noninterest expenses to average assets ratio was 1.76% for the fiscal year 2024 and 2023. The efficiency ratio was 60.3% for the year ended December 31, 2024, up from 52.6% for the year ended December 31, 2023 due mostly to lower net interest income for 2024.

    Income Taxes

    The effective tax rate was 13.3% for the fourth quarter of 2024 and 26.9% for the third quarter of 2024. The decrease in the effective tax rate for the fourth quarter was due primarily to higher tax credits relative to pre-tax net income as compared to the prior quarter.

    The effective tax rate was 25.3% for the year ended December 31, 2024 and 29.5% for the year ended December 31, 2023. The decrease in the effective tax rate for 2024 was due primarily to higher tax credits as compared to the prior year.

    Balance Sheet

    At December 31, 2024, total assets were $4.0 billion, a $2.0 million increase compared to September 30, 2024, and a $33.5 million decrease compared to December 31, 2023.

    Loan and Securities Portfolio

    Loans held for investment (“HFI”) totaled $3.1 billion as of December 31, 2024, a decrease of $38.7 million compared to September 30, 2024 and a $21.4 million increase compared to December 31, 2023. The decrease from September 30, 2024 was primarily due to a $51.3 million decrease in commercial real estate (“CRE”) loans, a $6.9 million decrease in construction and land development (“C&D”) loans and an $826,000 decrease in Small Business Administration (“SBA”) loans, partially offset by a $20.6 million increase in single-family residential (“SFR”) mortgages and a $724,000 increase in commercial and industrial (“C&I”) loans. The loan to deposit ratio was 97.5% at December 31, 2024, compared to 98.6% at September 30, 2024 and 94.2% at December 31, 2023. 

    As of December 31, 2024, available-for-sale securities totaled $420.2 million, an increase of $114.5 million from September 30, 2024, primarily related to the purchase of $79.2 million in short-term commercial paper. As of December 31, 2024, net unrealized losses totaled $29.2 million, a $6.0 million increase due mostly to increases in treasury rates, when compared to net unrealized losses of $23.2 million as of September 30, 2024.

    Deposits

    Total deposits were $3.1 billion as of December 31, 2024, an $8.4 million decrease compared to September 30, 2024 and a $91.0 million decrease compared to December 31, 2023. The decrease during the fourth quarter of 2024 was due to a $27.8 million decrease in interest-bearing deposits, while noninterest-bearing deposits increased $19.4 million to $563.0 million as of December 31, 2024 compared to $543.6 million as of September 30, 2024. The decrease in interest-bearing deposits included a decrease in time deposits of $24.7 million and non-maturity deposits of $3.1 million. Wholesale deposits remained relatively unchanged at $147.5 million at December 31, 2024 compared to $147.3 million at September 30, 2024. Noninterest-bearing deposits represented 18.3% of total deposits at December 31, 2024 compared to 17.6% at September 30, 2024.

    Credit Quality

    Nonperforming assets totaled $81.0 million, or 2.03% of total assets, at December 31, 2024, compared to $60.7 million, or 1.52% of total assets, at September 30, 2024. The $20.4 million increase in nonperforming assets was due to the addition of one $26.4 million C&D loan, $2.0 million in SFR loans and $890,000 in SBA loans that migrated to nonaccrual status during the fourth quarter of 2024, partially offset by payoffs and paydowns of $6.7 million and partial charge-offs of $2.0 million.

    Nonperforming assets at December 31, 2024 include loans HFS with a total fair value of $11.2 million, which were transferred from HFI during the fourth quarter of 2024 after a $1.8 million charge-off against the allowance for credit losses. These loans were reported as nonperforming loans at September 30, 2024.

    Special mention loans totaled $65.3 million, or 2.14% of total loans, at December 31, 2024, compared to $77.5 million, or 2.51% of total loans, at September 30, 2024. The $12.2 million decrease was primarily due to CRE loans totaling $11.8 million that were upgraded to pass-rated and $1.8 million in payoffs and paydowns, offset by CRE loans totaling $1.4 million downgraded during the fourth quarter of 2024. All special mention loans are paying current.

    Substandard loans totaled $100.3 million, of which $11.2 million were HFS at December 31, 2024, compared to $79.8 million at September 30, 2024. This $20.5 million increase was primarily due to downgrades of one $26.4 million C&D loan, SFR loans totaling $2.0 million, C&I loans totaling $1.9 million and SBA loans totaling $747,000. These downgrades were offset by payoffs and paydowns totaling $6.5 million, upgrades totaling $2.0 million and partial charge-offs totaling $2.0 million. Of the total substandard loans at December 31, 2024, there are $19.3 million on accrual status, including an $11.7 million C&D loan that was in the process of renewal and also included in the 30-89 day delinquent category below.

    30-89 day delinquent loans, excluding nonperforming loans, totaled $22.1 million at December 31, 2024, compared to $10.6 million at September 30, 2024. The $11.5 million increase was mostly due to one $11.7 million C&D loan in process of renewal for a completed multifamily project at December 31, 2024, and since year end, it has been brought current and paid down by $1.5 million. Other changes in delinquent loans included additions totaling $5.5 million, offset by $3.2 million that returned to current status, $1.8 million that migrated to nonaccrual status and $735,000 in payoffs.

    As of December 31, 2024, the allowance for credit losses totaled $48.5 million and was comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $44.5 million comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 at September 30, 2024. The $4.0 million increase in the allowance for credit losses for the fourth quarter of 2024 was due to a $6.0 million provision for credit losses offset by net charge-offs of $2.0 million. The increase in charge-offs in the fourth quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans and loans moved to HFS. The allowance for loan losses as a percentage of loans HFI increased to 1.56% at December 31, 2024, compared to 1.41% at September 30, 2024, due to an increase in specific reserves on one C&D loan mentioned previously. The allowance for loan losses as a percentage of nonperforming loans HFI was 68% at December 31, 2024, a decrease from 72% at September 30, 2024.

               
      For the Three Months Ended December 31, 2024     For the Year Ended December 31, 2024  
    (dollars in thousands) Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses     Allowance for loan losses     Reserve for unfunded loan commitments   Allowance for credit losses  
    Beginning balance $ 43,685     $ 779     $ 44,464     $ 41,903     $ 640   $ 42,543  
    Provision for (reversal of) credit losses   6,050       (50 )     6,000       9,768       89     9,857  
    Less loans charged-off   (2,092 )     —       (2,092 )     (4,083 )     —     (4,083 )
    Recoveries on loans charged-off   86       —       86       141       —     141  
    Ending balance $ 47,729     $ 729     $ 48,458     $ 47,729     $ 729   $ 48,458  
                                                 

    Shareholders’ Equity

    At December 31, 2024, total shareholders’ equity was $507.9 million, a $1.9 million decrease compared to September 30, 2024, and a $3.4 million decrease compared to December 31, 2023. The decrease in shareholders’ equity for the fourth quarter of 2024 was due to higher net unrealized losses on available-for-sale securities of $4.2 million and common stock cash dividends paid of $2.9 million, offset by net income of $4.4 million, and equity compensation activity of $794,000. The decrease in shareholders’ equity for the year ended 2024 was due to common stock repurchases of $20.7 million, common stock cash dividends paid of $11.7 million and higher net unrealized losses on available-for-sale securities of $744,000, offset by net income of $26.7 million, and equity compensation activity of $3.1 million. Book value per share and tangible book value per share(1) decreased to $28.66 and $24.51 at December 31, 2024, down from $28.81 and $24.64 at September 30, 2024 and up from $27.47 and $23.48 at December 31, 2023.

    Contact:
    Lynn Hopkins, Chief Financial Officer
    (213) 716-8066
    lhopkins@rbbusa.com

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
       

    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of December 31, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, February 4, 2025, to discuss the Company’s fourth quarter 2024 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 834092, conference ID RBBQ424. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51830, approximately one hour after the conclusion of the call and will remain available through February 5, 2025.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

                                 
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
                                 
      December 31,     September 30,     June 30,     March 31,     December 31,  
      2024     2024     2024     2024     2023  
    Assets                                      
    Cash and due from banks $ 27,747     $ 26,388     $ 23,313     $ 21,887     $ 22,671  
    Interest-earning deposits with financial institutions   229,998       323,002       229,456       247,356       408,702  
    Cash and cash equivalents   257,745       349,390       252,769       269,243       431,373  
    Interest-earning time deposits with financial institutions   600       600       600       600       600  
    Investment securities available for sale   420,190       305,666       325,582       335,194       318,961  
    Investment securities held to maturity   5,191       5,195       5,200       5,204       5,209  
    Loans held for sale   11,250       812       3,146       3,903       1,911  
    Loans held for investment   3,053,230       3,091,896       3,047,712       3,027,361       3,031,861  
    Allowance for loan losses   (47,729 )     (43,685 )     (41,741 )     (41,688 )     (41,903 )
    Net loans held for investment   3,005,501       3,048,211       3,005,971       2,985,673       2,989,958  
    Premises and equipment, net   24,601       24,839       25,049       25,363       25,684  
    Federal Home Loan Bank (FHLB) stock   15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance   60,296       59,889       59,486       59,101       58,719  
    Goodwill   71,498       71,498       71,498       71,498       71,498  
    Servicing assets   6,985       7,256       7,545       7,794       8,110  
    Core deposit intangibles   2,011       2,194       2,394       2,594       2,795  
    Right-of-use assets   28,048       29,283       30,530       31,231       29,803  
    Accrued interest and other assets   83,561       70,644       63,416       65,608       66,404  
    Total assets $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025  
    Liabilities and shareholders’ equity                                      
    Deposits:                                      
    Noninterest-bearing demand $ 563,012     $ 543,623     $ 542,971     $ 539,517     $ 539,621  
    Savings, NOW and money market accounts   663,034       666,089       647,770       642,840       632,729  
    Time deposits, $250,000 and under   1,007,452       1,052,462       1,014,189       1,083,898       1,190,821  
    Time deposits, greater than $250,000   850,291       830,010       818,675       762,074       811,589  
    Total deposits   3,083,789       3,092,184       3,023,605       3,028,329       3,174,760  
    FHLB advances   200,000       200,000       150,000       150,000       150,000  
    Long-term debt, net of issuance costs   119,529       119,433       119,338       119,243       119,147  
    Subordinated debentures   15,156       15,102       15,047       14,993       14,938  
    Lease liabilities – operating leases   29,705       30,880       32,087       32,690       31,191  
    Accrued interest and other liabilities   36,421       23,150       16,818       18,765       24,729  
    Total liabilities   3,484,600       3,480,749       3,356,895       3,364,020       3,514,765  
    Shareholders’ equity:                                      
    Common stock   259,957       259,280       266,160       271,645       271,925  
    Additional paid-in capital   3,645       3,520       3,456       3,348       3,623  
    Retained earnings   264,460       262,946       262,518       259,903       255,152  
    Non-controlling interest   72       72       72       72       72  
    Accumulated other comprehensive loss, net   (20,257 )     (16,090 )     (20,915 )     (20,982 )     (19,512 )
    Total shareholders’ equity   507,877       509,728       511,291       513,986       511,260  
    Total liabilities and shareholders’ equity $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025  
                                           
                                           
             
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 
             
      For the Three Months Ended     For the Year Ended
      December 31, 2024   September 30, 2024   December 31, 2023     December 31, 2024   December 31, 2023
    Interest and dividend income:                              
    Interest and fees on loans $ 46,374   $ 47,326   $ 45,895     $ 184,567   $ 194,264
    Interest on interest-earning deposits   3,641     3,388     4,650       15,422     10,746
    Interest on investment securities   3,962     3,127     3,706       14,331     14,028
    Dividend income on FHLB stock   330     326     312       1,314     1,125
    Interest on federal funds sold and other   248     258     269       1,027     985
    Total interest and dividend income   54,555     54,425     54,832       216,661     221,148
    Interest expense:                              
    Interest on savings deposits, NOW and money market accounts   4,671     5,193     4,026       19,295     12,205
    Interest on time deposits   21,361     22,553     22,413       89,086     76,837
    Interest on long-term debt and subordinated debentures   1,660     1,681     2,284       6,699     9,951
    Interest on FHLB advances   886     453     440       2,217     2,869
    Total interest expense   28,578     29,880     29,163       117,297     101,862
    Net interest income before provision for credit losses   25,977     24,545     25,669       99,364     119,286
    Provision for (reversal of) credit losses   6,000     3,300     (431 )     9,857     3,362
    Net interest income after provision for (reversal of) credit losses   19,977     21,245     26,100       89,507     115,924
    Noninterest income:                              
    Service charges and fees   988     1,071     972       4,115     4,172
    Gain on sale of loans   376     447     116       1,586     374
    Loan servicing fees, net of amortization   492     605     616       2,265     2,576
    Increase in cash surrender value of life insurance   407     403     374       1,577     1,409
    (Loss) gain on OREO   —     —     (57 )     1,016     133
    Other income   466     3,220     5,373       4,776     6,354
    Total noninterest income   2,729     5,746     7,394       15,335     15,018
    Noninterest expense:                              
    Salaries and employee benefits   9,927     10,008     8,860       39,395     37,795
    Occupancy and equipment expenses   2,403     2,518     2,387       9,803     9,629
    Data processing   1,499     1,472     1,357       5,857     5,326
    Legal and professional   1,355     958     1,291       4,453     8,198
    Office expenses   399     348     349       1,455     1,512
    Marketing and business promotion   251     252     241       864     1,132
    Insurance and regulatory assessments   677     658     1,122       3,298     3,165
    Core deposit premium   182     200     215       784     923
    Other expenses   956     1,007     571       3,254     3,016
    Total noninterest expense   17,649     17,421     16,393       69,163     70,696
    Income before income taxes   5,057     9,570     17,101       35,679     60,246
    Income tax expense   672     2,571     5,028       9,014     17,781
    Net income $ 4,385   $ 6,999   $ 12,073     $ 26,665   $ 42,465
                                   
    Net income per share                              
    Basic $ 0.25   $ 0.39   $ 0.64     $ 1.47   $ 2.24
    Diluted $ 0.25   $ 0.39   $ 0.64     $ 1.47   $ 2.24
    Cash dividends declared per common share $ 0.16   $ 0.16   $ 0.16     $ 0.64   $ 0.64
    Weighted-average common shares outstanding                              
    Basic   17,704,992     17,812,791     18,887,501       18,121,764     18,965,346
    Diluted   17,796,840     17,885,359     18,900,351       18,183,319     18,985,233
                                   
                                   
         
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
         
      For the Three Months Ended  
      December 31, 2024     September 30, 2024     December 31, 2023  
     (tax-equivalent basis, dollars in thousands) Average   Interest   Yield /     Average   Interest   Yield /     Average   Interest   Yield /  
    Balance   & Fees   Rate     Balance   & Fees   Rate     Balance   & Fees   Rate  
    Interest-earning assets                                                    
    Cash and cash equivalents (1) $ 308,455   $ 3,890   5.02 %   $ 260,205   $ 3,646   5.57 %   $ 333,940   $ 4,919   5.84 %
    FHLB Stock   15,000     330   8.75 %     15,000     326   8.65 %     15,000     312   8.25 %
    Securities                                                    
    Available for sale (2)   361,253     3,939   4.34 %     298,948     3,105   4.13 %     329,426     3,684   4.44 %
    Held to maturity (2)   5,194     48   3.68 %     5,198     46   3.52 %     5,212     46   3.50 %
    Total loans   3,059,786     46,374   6.03 %     3,069,578     47,326   6.13 %     3,055,232     45,895   5.96 %
    Total interest-earning assets   3,749,688   $ 54,581   5.79 %     3,648,929   $ 54,449   5.94 %     3,738,810   $ 54,856   5.82 %
    Total noninterest-earning assets   244,609                 242,059                 253,385            
    Total average assets $ 3,994,297               $ 3,890,988               $ 3,992,195            
                                                         
    Interest-bearing liabilities                                                    
    NOW   53,879     254   1.88 %   $ 55,757   $ 277   1.98 %   $ 54,378   $ 214   1.56 %
    Money market   463,850     3,735   3.20 %     439,936     4,093   3.70 %     422,582     3,252   3.05 %
    Saving deposits   162,351     682   1.67 %     164,515     823   1.99 %     148,354     560   1.50 %
    Time deposits, $250,000 and under   1,034,946     11,583   4.45 %     1,037,365     12,312   4.72 %     1,162,014     13,244   4.52 %
    Time deposits, greater than $250,000   835,583     9,778   4.66 %     819,207     10,241   4.97 %     781,833     9,169   4.65 %
    Total interest-bearing deposits   2,550,609     26,032   4.06 %     2,516,780     27,746   4.39 %     2,569,161     26,439   4.08 %
    FHLB advances   200,000     886   1.76 %     150,543     453   1.20 %     150,000     440   1.16 %
    Long-term debt   119,466     1,295   4.31 %     119,370     1,295   4.32 %     155,536     1,895   4.83 %
    Subordinated debentures   15,121     365   9.60 %     15,066     386   10.19 %     14,902     389   10.36 %
    Total interest-bearing liabilities   2,885,196     28,578   3.94 %     2,801,759     29,880   4.24 %     2,889,599     29,163   4.00 %
    Noninterest-bearing liabilities                                                    
    Noninterest-bearing deposits   539,900                 528,081                 535,554            
    Other noninterest-bearing liabilities   56,993                 52,428                 61,858            
    Total noninterest-bearing liabilities   596,893                 580,509                 597,412            
    Shareholders’ equity   512,208                 508,720                 505,184            
    Total liabilities and shareholders’ equity $ 3,994,297               $ 3,890,988               $ 3,992,195            
    Net interest income / interest rate spreads       $ 26,003   1.85 %         $ 24,569   1.70 %         $ 25,693   1.82 %
    Net interest margin             2.76 %               2.68 %               2.73 %
                                                         
    Total cost of deposits $ 3,090,509   $ 26,032   3.35 %   $ 3,044,861   $ 27,746   3.63 %   $ 3,104,715   $ 26,439   3.38 %
    Total cost of funds $ 3,425,096   $ 28,578   3.32 %   $ 3,329,840   $ 29,880   3.57 %   $ 3,425,153   $ 29,163   3.38 %
                                                         

    ____________________

    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
       
         
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
         
      For the Year Ended  
      December 31, 2024     December 31, 2023  
     (tax-equivalent basis, dollars in thousands) Average   Interest   Yield /     Average   Interest   Yield /  
    Balance   & Fees   Rate     Balance   & Fees   Rate  
    Interest-earning assets                                  
    Cash and cash equivalents (1) $ 297,331   $ 16,449   5.53 %   $ 216,851   $ 11,731   5.41 %
    FHLB Stock   15,000     1,314   8.76 %     15,000     1,125   7.50 %
    Securities                                  
    Available for sale (2)   324,644     14,242   4.39 %     331,357     13,928   4.20 %
    Held to maturity (2)   5,200     188   3.62 %     5,509     198   3.59 %
    Total loans   3,041,337     184,567   6.07 %     3,205,625     194,264   6.06 %
    Total interest-earning assets   3,683,512   $ 216,760   5.88 %     3,774,342   $ 221,246   5.86 %
    Total noninterest-earning assets   243,258                 246,980            
    Total average assets $ 3,926,770               $ 4,021,322            
                                       
    Interest-bearing liabilities                                  
    NOW $ 56,158     1,105   1.97 %   $ 58,191   $ 725   1.25 %
    Money market   436,925     15,231   3.49 %     429,102     10,565   2.46 %
    Saving deposits   162,243     2,959   1.82 %     126,062     915   0.73 %
    Time deposits, $250,000 and under   1,074,291     50,059   4.66 %     1,146,513     47,150   4.11 %
    Time deposits, greater than $250,000   803,187     39,027   4.86 %     742,839     29,687   4.00 %
    Total interest-bearing deposits   2,532,804     108,381   4.28 %     2,502,707     89,042   3.56 %
    FHLB advances   162,705     2,217   1.36 %     172,219     2,869   1.67 %
    Long-term debt   119,324     5,182   4.34 %     169,182     8,477   5.01 %
    Subordinated debentures   15,039     1,517   10.09 %     14,821     1,474   9.95 %
    Total interest-bearing liabilities   2,829,872     117,297   4.14 %     2,858,929     101,862   3.56 %
    Noninterest-bearing liabilities                                  
    Noninterest-bearing deposits   531,458                 602,291            
    Other noninterest-bearing liabilities   53,970                 59,562            
    Total noninterest-bearing liabilities   585,428                 661,853            
    Shareholders’ equity   511,470                 500,540            
    Total liabilities and shareholders’ equity $ 3,926,770               $ 4,021,322            
    Net interest income / interest rate spreads       $ 99,463   1.74 %         $ 119,384   2.30 %
    Net interest margin             2.70 %               3.16 %
                                       
    Total cost of deposits $ 3,064,262   $ 108,381   3.54 %   $ 3,104,998   $ 89,042   2.87 %
    Total cost of funds $ 3,361,330   $ 117,297   3.49 %   $ 3,461,220   $ 101,862   2.94 %
                                       

    ____________________

    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
       
               
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
               
      At or for the Three Months Ended     At or for the Year Ended December 31,  
      December 31,   September 30,     December 31,                  
        2024     2024     2023     2024     2023  
    Per share data (common stock)                                  
    Book value $ 28.66     $ 28.81     $ 27.47     $ 28.66     $ 27.47  
    Tangible book value (1) $ 24.51     $ 24.64     $ 23.48     $ 24.51     $ 23.48  
    Performance ratios                                  
    Return on average assets, annualized   0.44 %     0.72 %     1.20 %     0.68 %     1.06 %
    Return on average shareholders’ equity, annualized   3.41 %     5.47 %     9.48 %     5.21 %     8.48 %
    Return on average tangible common equity, annualized (1)   3.98 %     6.40 %     11.12 %     6.09 %     9.97 %
    Noninterest income to average assets, annualized   0.27 %     0.59 %     0.73 %     0.39 %     0.37 %
    Noninterest expense to average assets, annualized   1.76 %     1.78 %     1.63 %     1.76 %     1.76 %
    Yield on average earning assets   5.79 %     5.94 %     5.82 %     5.88 %     5.86 %
    Yield on average loans   6.03 %     6.13 %     5.96 %     6.07 %     6.06 %
    Cost of average total deposits (2)   3.35 %     3.63 %     3.38 %     3.54 %     2.87 %
    Cost of average interest-bearing deposits   4.06 %     4.39 %     4.08 %     4.28 %     3.56 %
    Cost of average interest-bearing liabilities   3.94 %     4.24 %     4.00 %     4.14 %     3.56 %
    Net interest spread   1.85 %     1.70 %     1.82 %     1.74 %     2.30 %
    Net interest margin   2.76 %     2.68 %     2.73 %     2.70 %     3.16 %
    Efficiency ratio (3)   61.48 %     57.51 %     49.58 %     60.30 %     52.64 %
    Common stock dividend payout ratio   64.00 %     41.03 %     25.00 %     43.54 %     28.57 %
                                           

    ____________________

    (1) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.
       
         
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
         
      At or for the quarter ended  
      December 31,     September 30,     December 31,  
      2024     2024     2023  
    Credit Quality Data:                      
    Special mention loans $ 65,329     $ 77,501     $ 32,842  
    Special mention loans to total loans   2.14 %     2.51 %     1.08 %
    Substandard loans HFI $ 89,141     $ 79,831     $ 61,099  
    Substandard loans HFS $ 11,195     $ —     $ —  
    Substandard loans HFI to total loans HFI   2.92 %     2.58 %     2.02 %
    Loans 30-89 days past due, excluding nonperforming loans $ 22,086     $ 10,625     $ 16,803  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans   0.72 %     0.34 %     0.55 %
    Nonperforming loans HFI $ 69,843     $ 60,662     $ 31,619  
    Nonperforming loans HFS $ 11,195     $ —     $ —  
    OREO $ —     $ —     $ —  
    Nonperforming assets $ 81,038     $ 60,662     $ 31,619  
    Nonperforming loans HFI to total loans HFI   2.29 %     1.96 %     1.04 %
    Nonperforming assets to total assets   2.03 %     1.52 %     0.79 %
                           
    Allowance for loan losses $ 47,729     $ 43,685     $ 41,903  
    Allowance for loan losses to total loans HFI   1.56 %     1.41 %     1.38 %
    Allowance for loan losses to nonperforming loans HFI   68.34 %     72.01 %     132.52 %
    Net charge-offs $ 2,006     $ 1,201     $ 109  
    Net charge-offs to average loans   0.26 %     0.16 %     0.01 %
                           
    Capital ratios (1)                      
    Tangible common equity to tangible assets (2)   11.08 %     11.13 %     11.06 %
    Tier 1 leverage ratio   11.92 %     12.19 %     11.99 %
    Tier 1 common capital to risk-weighted assets   17.94 %     18.16 %     19.07 %
    Tier 1 capital to risk-weighted assets   18.52 %     18.75 %     19.69 %
    Total capital to risk-weighted assets   24.49 %     24.80 %     25.92 %
                           

    ____________________

    (1 ) December 31, 2024 capital ratios are preliminary.
    (2 ) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.
         
                   
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
                   
    Loan Portfolio Detail As of December 31, 2024   As of September 30, 2024     As of December 31, 2023  
    (dollars in thousands) $   %   $     %     $     %  
    Loans:                                    
    Commercial and industrial $ 129,585   4.2 %   $ 128,861     4.2 %   $ 130,096     4.3 %
    SBA   47,263   1.5 %     48,089     1.6 %     52,074     1.7 %
    Construction and land development   173,290   5.7 %     180,196     5.8 %     181,469     6.0 %
    Commercial real estate (1)   1,201,420   39.3 %     1,252,682     40.5 %     1,167,857     38.5 %
    Single-family residential mortgages   1,494,022   48.9 %     1,473,396     47.7 %     1,487,796     49.1 %
    Other loans   7,650   0.4 %     8,672     0.2 %     12,569     0.4 %
    Total loans (2) $ 3,053,230   100.0 %   $ 3,091,896     100.0 %   $ 3,031,861     100.0 %
    Allowance for loan losses   (47,729 )       (43,685 )           (41,903 )      
    Total loans, net $ 3,005,501       $ 3,048,211           $ 2,989,958        
                                         

    _____________________

    (1) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    (2) Net of discounts and deferred fees and costs of $488, $467, and $542 as of December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
       
                   
    Deposits As of December 31, 2024   As of September 30, 2024     As of December 31, 2023  
    (dollars in thousands) $   %   $   %     $   %  
    Deposits:                                
    Noninterest-bearing demand $ 563,012   18.3 %   $ 543,623   17.6 %   $ 539,621   17.0 %
    Savings, NOW and money market accounts   663,034   21.5 %     666,089   21.5 %     632,729   19.9 %
    Time deposits, $250,000 and under   882,438   28.6 %     926,877   30.0 %     876,918   27.6 %
    Time deposits, greater than $250,000   827,854   26.8 %     808,304   26.1 %     719,892   22.7 %
    Wholesale deposits (1)   147,451   4.8 %     147,291   4.8 %     405,600   12.8 %
    Total deposits $ 3,083,789   100.0 %   $ 3,092,184   100.0 %   $ 3,174,760   100.0 %
                                       

    ______________________

    (1) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.
       

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of December 31, 2024, September 30, 2024, and December 31, 2023.

                         
    (dollars in thousands, except share and per share data) December 31, 2024     September 30, 2024     December 31, 2023  
    Tangible common equity:                      
    Total shareholders’ equity $ 507,877     $ 509,728     $ 511,260  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (2,011 )     (2,194 )     (2,795 )
    Tangible common equity $ 434,368     $ 436,036     $ 436,967  
    Tangible assets:                      
    Total assets-GAAP $ 3,992,477     $ 3,990,477     $ 4,026,025  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (2,011 )     (2,194 )     (2,795 )
    Tangible assets $ 3,918,968     $ 3,916,785     $ 3,951,732  
    Common shares outstanding   17,720,416       17,693,416       18,609,179  
    Common equity to assets ratio   12.72 %     12.77 %     12.70 %
    Tangible common equity to tangible assets ratio   11.08 %     11.13 %     11.06 %
    Book value per share $ 28.66     $ 28.81     $ 27.47  
    Tangible book value per share $ 24.51     $ 24.64     $ 23.48  
                           
                           

    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

               
      Three Months Ended     Year Ended December 31,  
    (dollars in thousands) December 31, 2024     September 30, 2024     December 31, 2023     2024     2023  
    Net income available to common shareholders $ 4,385     $ 6,999     $ 12,073     $ 26,665     $ 42,465  
    Average shareholders’ equity   512,208       508,720       505,184       511,470       500,540  
    Adjustments:                                      
    Average goodwill   (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible   (2,129 )     (2,326 )     (2,935 )     (2,425 )     (3,282 )
    Adjusted average tangible common equity $ 438,581     $ 434,896     $ 430,751     $ 437,547     $ 425,760  
    Return on average common equity   3.41 %     5.47 %     9.48 %     5.21 %     8.48 %
    Return on average tangible common equity   3.98 %     6.40 %     11.12 %     6.09 %     9.97 %

    The MIL Network –

  • MIL-OSI New Zealand: Discharging Labour’s redundant ram raid bill

    Source: New Zealand Government

    The Government has agreed to discharge Labour’s redundant ram raid bill and instead focus on a more targeted response, Justice Minister Paul Goldsmith and Minister for Children Karen Chhour say.

    “Ram raids dropped 60 per cent last year and we’re confident we’ll continue to see this decrease over time,” Mr Goldsmith says.

    “Our Government is more focused on creating faster, stronger, and more targeted responses to young people who repeatedly commit the most serious offences.”

    “The creation of a Young Serious Offender declaration will make available for these young people tools to address issues and help them, along with unlocking stronger powers for both the Youth Court and New Zealand Police,” Mrs Chhour says.

    “This Government is focused on restoring law and order, and that includes reducing youth crime, meaningfully. We are delivering new solutions involving intervention and rehabilitation – solutions to help these young people avoid cornering themselves into criminal life.

    “That includes the Military-Style Academy order we have established, which will focus on providing structure, addressing criminal behaviour, rehabilitation, and setting serious young offenders up for a life away from crime with education and preparation for work.

    “However, we are still progressing the elements of the Ram Raid Bill we think will make meaningful differences to respond to offending.

    “The Oranga Tamariki (Responding to Serious Youth Offending) Amendment Bill will require the court to consider whether offending was livestreamed or posted online in a way that glorifies the offending when sentencing a young serious offender.”

    “Similarly, our sentencing reforms picked up the aggravating factors relating to adults encouraging or enabling young offenders to offend and the livestreaming or posting of offending online in a way which glorifies the offending,” Mr Goldsmith says.

    “This is all part of our work to ensure there are 20,000 fewer victims of serious violent crime by 2029, alongside a 15 per cent reduction in serious repeat youth offending.”

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Police seek witnesses to Topuni crash

    Source: New Zealand Police (National News)

    Police are seeking witnesses to the events leading up to a crash on State Highway 1 near Topuni.

    Waitematā Road Policing is investigating after a milk tanker rolled on the busy major highway at around 10.15am on 3 February.

    Acting Inspector Warwick Stainton, acting Road Policing Manager, is calling on any witnesses to come forward.

    “Police are currently in the early stages of gathering evidence surrounding the circumstances of the crash, and what led to it happening,” he says.

    “It is very fortunate we are not dealing with a serious or fatal injury crash, and I acknowledge the public experienced significant delays while crews worked to clear the scene.”

    Police are aware some dashcam footage has been uploaded to social media since the crash occurred.

    “We would like to hear from that driver or any other witnesses to the crash, and I ask them to contact Police as soon as possible,” acting Inspector Stainton says.

    Please make contact with Police online, or call 105 using the reference number P061495687.

    ENDS. 

    Jarred Williamson/NZ Police

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Pacific – Fiji to enjoy real estate growth in 2025 driven by foreign investment, infrastructure developments and Google’s data centre plans

    Source: Raine & Horne

    Leading real estate firm Raine & Horne Fiji predicts growth of 2-4% growth for residential markets such as Suva, Nadi and Lautoka in 2025.

    Highlights:

    • The Fijian real estate market demonstrated strong resilience in 2024, with sustained demand for residential properties in key urban centres, including Suva, Nadi, and Lautoka. This trend is expected to result in healthy real estate growth of up to 4% in 2025.
    • The recent announcement of Google’s FJ$200 million data centre investment, expected to create 3,600 jobs, is set to significantly boost the residential real estate markets in Fiji.
    • Infrastructure developments, growing tourism, and the expansion of short-term rentals continue to drive residential property demand in key locations such as Pacific Harbour.

    Lautoka, Fiji – 4 February 2025 – The Fijian real estate market demonstrated strong resilience in 2024, with steady demand for residential properties in key urban centres such as Suva, Nadi, and Lautoka.

    This positive trend is expected to drive healthy growth of up to 4% in 2025, according to leading real estate firm Raine & Horne Fiji. This outlook is further buoyed by the recent announcement of Google’s FJ$200 million data centre investment in the Pacific nation, which is set to bolster the local economy and real estate market.

    Fiji’s real estate growth in 2024

    Ms Shyamlee Raju, Managing Director of Raine & Horne Fiji, says that in 2024, there was sustained demand for residential properties, particularly in Suva, Nadi, and Lautoka, thanks to a growing number of local workers and expatriates leasing apartments.

    “The rebound in tourism, combined with ongoing recovery from COVID-19 impacts, has been a major driver,” Ms Raju said.  

    “Overall, real estate prices in Fiji saw moderate growth in 2024, with some areas such as Nadi and parts of Suva experiencing higher price increases due to ongoing infrastructure developments, such as improvements in transportation, utilities, and tourism-related facilities.

    Google’s game-changer for Fiji’s real estate market and economic growth

    One of the most significant developments in Fiji is the announcement of Google’s FJ$200 million data centre investment, which, according to the Fijian government, has the potential to create 3,600 jobs[i].

    Ms Raju said, “Jobs created by the data centre will generate greater demand for residential housing, particularly for professionals moving to Fiji to work in or around the tech industry. The Google announcement could spur growth in the rental market and the demand for homes for sale.”

    To illustrate, a luxurious three-bedroom penthouse in the heart of Suva within the Brightstar Apartment block on Berry Road is available for rent through Raine & Horne Fiji and is set to attract well-heeled tenants.

    Ms Raju said, “This is the most sought-after executive rental property in the heart of Suva available right now, and it is within minutes of the city’s CBD, supermarkets, cafes, restaurants, schools, cinemas and the iconic Colonial War Memorial Hospital.

    “This penthouse would be ideal for high-end expatriates and those interested in moving to Fiji for work.”

    Other factors driving residential property demand

    The demand for short-term rental properties, particularly for Airbnb holiday rentals, has contributed to rising property prices in Nadi, Suva and Lautoka.

    “We have seen a growing number of apartments and properties purchased as Airbnbs, which is a hindrance for tenants looking for long-term tenancy,” commented Ms Raju.

    “Most properties in Nadi are now run as Airbnbs.”

    Pacific Harbour and infrastructure developments

    According to Ms Raju, demand for real estate in Pacific Harbour, the tourist mecca on the south coast of Viti Levu, was a notable trend in 2024. Pacific Harbour’s natural beauty, improved accessibility to Suva, which is 50 kilometres away, and relatively affordable property prices compared to other regions drove the demand.

    In November alone, Raine & Horne Fiji sold four lots in one week in Pacific Harbour, a significant achievement that underscores the confidence in this market.

    Ms Raju added, “Infrastructure improvements, such as better road access to Suva and the development of tourism-related facilities, are making Pacific Harbour an attractive location for both local buyers and expatriates seeking vacation homes or retirement properties.”

    Fiji’s real estate market poised for steady growth in 2025

    Ms Raju is optimistic about 2025, and she is predicting growth of 2-4% across most regions of Fiji.

    “While economic uncertainties and interest rates could introduce some challenges, the fundamentals of infrastructure development, tourism recovery, and increasing foreign investment provide a solid foundation for market growth,” said Ms Raju.

    Raine & Horne Fiji also anticipates an increase in foreign investment in the country’s real estate market in 2025. Several factors are driving this optimism, including the upcoming Google Data Centre, will potentially attract international interest.

    “Additionally, continued Fijian tourism growth is appealing to foreign buyers, particularly the luxury resorts, beachfront properties, and vacation homes,” said Ms Raju.

    “Strong government support for foreign investment further underpins the longer-term outlook, positioning Fiji as an attractive real estate market for international buyers seeking opportunities in real estate.”

    In response to this promising growth and outlook, Raine & Horne Fiji plans to expand its network of residential sales agents and offices to better serve local and international clients.

    “We are focused on providing tailored advice to first-time homebuyers, expatriates, and foreign investors,” said Ms Raju.

    “Our goal is to remain adaptable and embrace digital tools such as Raine & Horne’s first-to-market AI-powered social media marketing tool Amplify[ii] to expand market reach, keeping up with trends like sustainability and tech-driven developments.

    “Raine & Horne Fiji has the expertise and resources to adapt to these trends and developments, providing clients with the insights, services, and support they need to succeed in the Fijian residential real estate market.

    “With a promising outlook and a growing market, Raine & Horne Fiji is well-positioned to capitalise on the country’s real estate potential in 2025.”

    MIL OSI New Zealand News –

  • MIL-OSI: Ingersoll Rand Continues Momentum on Inorganic Growth in 2025

    Source: GlobeNewswire (MIL-OSI)

    • Acquisition extends company’s capabilities in wastewater treatment, a key high-growth, sustainable end market
    • Enables Ingersoll Rand to provide more comprehensive wastewater treatment solutions, allowing for greater energy efficiency and increased productivity for customers
    • Creates opportunities to accelerate topline growth through access to municipal markets
    • Attractive purchase multiple of approximately 10x 2024E Adjusted EBITDA

    DAVIDSON, N.C., Feb. 03, 2025 (GLOBE NEWSWIRE) — Ingersoll Rand Inc., (NYSE: IR) a global provider of mission-critical flow creation and life science and industrial solutions, has acquired SSI Aeration, Inc. and its subsidiaries (collectively “SSI”) to extend its capabilities in wastewater treatment.

    SSI is a global leader in the design and manufacturing of wastewater treatment plant equipment with approximately $30 million in annual revenue. Its product portfolio is focused on innovative and energy-efficient engineered membrane diffusers including fine bubble diffusers, coarse bubble diffusers, and aeration systems. The acquisition will enable Ingersoll Rand to combine several technologies like low pressure compressors with SSI’s aeration offerings to provide a comprehensive, end-to-end solution. With manufacturing facilities in the United States, South Korea, and India, SSI will join the Industrial Technologies and Services segment (IT&S).

    “Inorganic growth remains a key part of our company’s overall growth strategy in 2025,” said Vicente Reynal, chairman and chief executive officer of Ingersoll Rand. “We look at potential acquisitions through the lens of how they will help us optimize our solutions, and we look forward to growing our presence in the wastewater treatment market with the addition of SSI.”

    About Ingersoll Rand Inc.

    Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to Making Life Better for our employees, customers, shareholders, and planet. Customers lean on us for exceptional performance and durability in mission-critical flow creation and life science and industrial solutions. Supported by over 80+ respected brands, our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity, and efficiency. For more information, visit www.IRCO.com.

    Forward-Looking Statements
    This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to Ingersoll Rand Inc.’s (the “Company” or “Ingersoll Rand”) expectations regarding the performance of its business, its financial results, its liquidity and capital resources and other non-historical statements. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “forecast,” “outlook,” “target,” “endeavor,” “seek,” “predict,” “intend,” “strategy,” “plan,” “may,” “could,” “should,” “will,” “would,” “will be,” “on track to” “will continue,” “will likely result,” “guidance” or the negative thereof or variations thereon or similar terminology generally intended to identify forward-looking statements. All statements other than historical facts are forward-looking statements.

    These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. The inclusion of such statements should not be regarded as a representation that such plans, estimates or expectations will be achieved. Important factors that could cause actual results to differ materially from such plans, estimates or expectations include, among others, (1) adverse impact on our operations and financial performance due to natural disaster, catastrophe, global pandemics (including COVID-19), geopolitical tensions, cyber events or other events outside of our control; (2) unexpected costs, charges or expenses resulting from completed and proposed business combinations; (3) uncertainty of the expected financial performance of the Company; (4) failure to realize the anticipated benefits of completed and proposed business combinations; (5) the ability of the Company to implement its business strategy; (6) difficulties and delays in achieving revenue and cost synergies; (7) inability of the Company to retain and hire key personnel; (8) evolving legal, regulatory and tax regimes; (9) changes in general economic and/or industry specific conditions; (10) actions by third parties, including government agencies; and (11) other risk factors detailed in Ingersoll Rand’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”), as such factors may be updated from time to time in its periodic filings with the SEC, which are available on the SEC’s website at http://www.sec.gov. The foregoing list of important factors is not exclusive.

    Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or development, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

    Contacts:

    Investor Relations:
    Matthew.Fort@irco.com

    Media:
    Sara.Hassell@irco.com

    The MIL Network –

  • MIL-OSI United Nations: Press Conference by Security Council President on Programme of Work for February

    Source: United Nations General Assembly and Security Council

    The Security Council’s February programme of work will feature a signature event on practising multilateralism and reforming and improving global governance, its President for the month announced at a Headquarters press conference today.

    “As the world enters a very turbulent period, the open debate aims to encourage countries to revisit the original aspirations of the [United Nations],” said Fu Cong of China, which has assumed the rotating presidency of the 15-nation organ.  This high-level meeting, scheduled for 18 February, will be chaired by his country’s Foreign Minister, Wang Yi, he said, encouraging foreign ministers and senior officials of other countries to attend.

    The Middle East will remain a priority on the Council’s agenda this month, he said, noting briefings on the Palestinian issue, Syria and Yemen.  The Gaza situation remains fragile, and the Council needs to ensure full implementation of the ceasefire agreement and unhindered humanitarian access.  Also highlighting reports of the Israel Defense Forces’ military attacks on Sunday, 2 February, against residential blocks in Jenin, he said the Council is considering a possible meeting to address this.

    It will also pay close attention to the challenges facing United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), he added. On Syria, he said, the Council’s focus is on supporting that country in maintaining unity, restoring stability and starting a credible and inclusive political transition.

    Turning to Africa, he noted that the situation in eastern Democratic Republic of the Congo “is deteriorating rapidly which could further jeopardize peace and security of the region”.  The Council’s actions must be conducive to the cessation of hostilities and easing of tensions there.  The programme of work for February also includes briefings on UN missions in South Sudan, Libya and the Central African Republic, as well as the situation in Sudan, he said.  Pointing to the volatile security and humanitarian situations in many countries on the continent, he said, as President, “China will work with other Council members, the A3 [Council members representing African countries] in particular, to promote dialogue and consultation and seek political solutions on African issues.”

    The Council will also consider the Secretary-General’s semi-annual report on the threat posed by Islamic State in Iraq and the Levant (ISIL/Da’esh), he said, describing it as an opportunity to further coordinate counter-terrorism efforts.  It will also conduct its annual dialogue with the peacekeeping police, and will hold consultations on the Security Council Committee pursuant to resolution 1718 (2006), regarding sanctions relating to the Democratic People’s Republic of Korea.  China will “encourage Council members to consult with each other to enhance trust and bridge differences”, he said, noting that the presidency will invite civil society representatives to participate in relevant meetings and keep in close contact with the media.

    In the ensuing conversation with correspondents, Ambassador Fu elaborated on the open debate on multilateralism, noting the increasing calls in the international community, particularly among the Global South countries, for reforming the global governance system.  Rather than “dismantling the existing system or reinventing the wheel”, the aim is to build a more equitable system that addresses the global governance deficit, he said.  He also stressed the need to enhance the Council’s ability to respond to crises, adding that “solidarity and cooperation are being replaced by division and confrontation”, as a result of which, the Council has been unable to discharge its responsibilities.  The core of the diplomatic mission is to build bridges, he said, adding that the Council must return to the path of multilateralism.

    Mr. Fu took several questions concerning the new United States President Donald J. Trump’s “America First” policy, its impact on the United Nations, as well as the 10 per cent tariffs he recently imposed on Chinese goods.  His country considers the tariff increases unwarranted, he said, and will file a complaint to the World Trade Organization (WTO).  “There is no winner in a trade war,” he emphasised, and noting that the excuse for raising tariffs is fentanyl, he said China has stringent regulations on that and related substances.  The United States should look at its own problems, including the “demand side of fentanyl”, he advised.

    China and the United States have much in common, he said, adding that it is essential they cooperate on global issues such as climate change and terrorism.  Further, as the two biggest financial contributors “within this house”, he said both countries have similar concerns about improving the efficiency of the United Nations.  All these offer avenues of cooperation, he said.

    He also took a question on United States’ claims that China has influence over the Panama Canal and surrounding areas, and the subsequent statement by Panama’s President about leaving the Belt and Road initiative.  Such an action would be regrettable, he said, stressing that his country has not participated or interfered in the management or operation of the Canal.  The Panama Belt and Road initiative is an economic platform to enable Global South countries to cooperate with each other, he said, adding that the “smear campaign launched by the US and other Western countries on this initiative is totally groundless”.

    Regarding competition with the United States on artificial intelligence (AI) he noted that the Chinese AI tool DeepSeek has caused “some commotion or panic in certain quarters” and encouraged the correspondents to use it to write their news reports.  Technological restrictions do not work, he said, adding:  “Never ever underestimate the ingenuity of Chinese scientists and engineers.”  The world must ensure the benefits of artificial intelligence are available to all countries and there are guardrails to prevent it from being misused, he said, noting that his country put forward the Assembly resolution concerning cooperation on this matter.

    Responding to various questions concerning the conflict in the Democratic Republic of the Congo, he said a ceasefire is a priority — the 23 March Movement (M23) and Rwandan troops must withdraw from the territories they occupied.  Encouraging Rwanda and the Democratic Republic of the Congo to engage in peace talks, he noted that one Council member has floated the idea of a resolution on this topic, which his country will support in its national and presidential capacity.  The territorial integrity of the Democratic Republic of the Congo must be protected, he said, calling on parties to respond to mediation efforts.

    On meetings concerning Ukraine, he noted proposals from Member States to mark the upcoming 25 February anniversary of the beginning of the conflict in that country.  China is obliged to make proper arrangements according to rules of procedures, he said, adding that it is also crucial to highlight that conflict’s ramifications on the food and energy security, as well as maritime transportation. 

    For the full programme of work, please see:  www.un.org/securitycouncil/events/calendar.

    MIL OSI United Nations News –

  • MIL-OSI New Zealand: Serious crash closes section of SH3 at Inglewood

    Source: New Zealand Transport Agency

    |

    A stretch of State Highway 3 at Inglewood has been closed following a crash this morning.

    The road is closed around the intersection with Durham Road.

    Emergency services are on site and detours in place.

    Please avoid travel through the area if possible. Follow the detour directions of crews at the intersection.

    Please allow for extra time and drive carefully and to the conditions.

    Keep up to date with the NZ Transport Agency Waka Kotahi Journey Planner.

    Journey Planner(external link)

    Tags

    MIL OSI New Zealand News –