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Category: Asia Pacific

  • MIL-OSI Asia-Pac: 26th Webinar of the National Good Governance Webinar Series 2024-25 under the theme ‘Har Ghar Jal Yojana’ held on 24thJanuary 2025 for dissemination and replication of best practices

    Source: Government of India

    26th Webinar of the National Good Governance Webinar Series 2024-25 under the theme ‘Har Ghar Jal Yojana’ held on 24thJanuary 2025 for dissemination and replication of best practices

    Presentations made on initiatives taken by the Bathinda District, Punjab and Serchhip District, Mizoram to a national audience

    Posted On: 24 JAN 2025 4:21PM by PIB Delhi

    The Prime Minister has directed Department of Administrative Reforms & Public Grievances (DARPG) to hold virtual conferences/ webinars with District Collectors and other officers in which past award winners of PM’s Awards for Excellence in Public Administration be invited to present their experiences with the objective of greater dissemination and replication.

    In pursuance of the Prime Minister’s directions, the DARPG has conducted 25 National Good Governance Webinars, one Webinar every month, since April, 2022 to encourage dissemination and replication of the award-winning nominations under the Scheme of Prime Minister’s Award for Excellence in Public Administration. Each webinar is attended by about 1000 officials from Line Departments, State Governments, District Collectors, State Administrative Training Institutes and Central Training Institutes.

    These webinars not only present the current status of institutionalisation/sustainability of the initiative, but also provides insights into the status of its replication/expansion.

    The 26th Webinar was held on the 24th January 2025in which two initiatives, shortlisted by the Expert Committee for the PM’s Award for the year 2022, under the theme ‘Har Ghar Jal Yojana’, namely;

    1. Initiative in Bathinda District was presented by Shri Showkat Ahmad Parray, Deputy Commissioner, Bathinda, Punjab;and
    2. Initiative in Serchhip District was presented by Smt. Nazuk Kumar, ATI, Mizoram.

    The Webinar was chaired by Shri Puneet Yadav, Additional Secretary, DARPG and was attended by senior officers of the Department. The Webinar was attended from more than 450 locations across India with Senior Officials of Administrative Reforms Departments of States/UTs, District Collectors, State and District officers, Officers of Central and State Administrative Training Institutes.

    ****

    NKR/PSM

    (Release ID: 2095815) Visitor Counter : 82

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Special traffic arrangements during Lunar New Year

    Source: Hong Kong Government special administrative region

    　　Police will implement special traffic arrangements in various districts to facilitate the public to celebrate the festive season.

    Hong Kong Island
    —————-

         The following arrangements will be implemented by phases on January 28, until the roads are safe for re-opening:

    A.    Road closure

         The following roads will be closed:

    From 4pm to 7am of the following day:

    – Sugar Street; and
    – Northbound Gloucester Road between Causeway Road and Great George Street.

    From 7.30pm to 7am of the following day:

    – Great George Street between Paterson Street and Gloucester Road;
    – Kingston Street;
    – Paterson Street; and
    – Cleveland Street.

         Depending on traffic and crowd conditions, the road closure area may be extended from 8pm to the following roads:

    – Southbound Gloucester Road between Cleveland Street and Causeway Road;
    – Northbound Gloucester Road between Gloucester Road Flyover and Victoria Park Road;
    – Hing Fat Street between Causeway Road and Lau Li Street, except for franchised buses and green minibuses (GMB);
    – Electric Road between Yacht Street and Hing Fat Street;
    – Eastbound Hennessy Road between Percival Street and Yee Wo Street, eastbound Yee Wo Street between Hennessy Road and Causeway Road, eastbound Causeway Road between Yee Wo Street and Tung Lo Wan Road, and westbound Causeway Road between Tung Lo Wan Road and Moreton Terrace, except for franchised buses, GMB and trams.

    B.    Pedestrian precincts

         The following road sections will be designated as pedestrian precinct from noon on January 28 to 7am of the following day:

    – Lockhart Road between Cannon Street and East Point Road;
    – East Point Road; and
    – Great George Street between East Point Road and Paterson Street.

    C.    Prohibition to learner drivers
     
         Learner drivers cannot use the following roads from 4pm on January 28 to 8am of the following day:

    – Leighton Road;
    – Tin Lok Lane;
    – Caroline Hill Road;
    – Eastern Hospital Road;
    – Tai Hang Road north of Lai Tak Tsuen Road;
    – Tung Lo Wan Road;
    – Electric Road south of Gordon Road;
    – Morrison Hill Road north of Queen’s Road East;
    – Hennessy Road;
    – Yee Wo Street;
    – Causeway Road;
    – King’s Road;
    – Gloucester Road Service Road;
    – Hing Fat Street;
    – Westbound Tin Hau Temple Road west of Cloud View Road; and
    – Eastbound Wan Chai Road.

    D.    Suspension of parking spaces and car parks

    – All on-street parking spaces on Lau Li Street between Hing Fat Street and Ngan Mok Street and disabled parking spaces on northbound Gloucester Road near Sugar Street will be suspended from 8am on January 28 to 7am of the following day;
    – All on-street parking spaces on Tung Lo Wan Road will be suspended from 8pm on January 28 to 7am of the following day; and
    – All parking spaces at Hing Fat Street Public Car Park will be suspended from 8am on January 28 to 7am of the following day.

         All car parks within the above closed road areas will be suspended and vehicles will not be allowed to enter or exit the car parks, until the roads are safe for re-opening.

    E.    Suspension of public transport interchange

         Tin Hau Station Public Transport Interchange will be suspended from 6pm on January 28.

    Kowloon
    ——–

    (1)    Wong Tai Sin Temple

         The following arrangements will be implemented from 6pm on January 28 to 7pm on January 29, from 7am to 7pm daily from January 30 to February 3, and from February 8 to February 9 to facilitate traffic and crowd control at Wong Tai Sin Temple during Lunar New Year:

    A.    Road closure

         The following roads will be closed:

    – Shatin Pass Road between Lung Cheung Road and Fung Tak Road, except for GMBs and designated vehicles; and
    – The unnamed road connecting Wong Tai Sin Temple and Wong Tai Sin Road, except for designated vehicles.

    B.    Traffic control

         All vehicles will be prohibited from parking or waiting at Wong Tai Sin Road (both directions) between Shatin Pass Road and Nga Chuk Street.

    (2)    Cheung Sha Wan

         All metered parking spaces in Hang Cheung Street will be suspended from 8am on January 26 to 7am on January 29.

         All vehicles will be prohibited from parking or waiting on Fortune Street, Hang Cheung Street and Fat Tseung Street from 10am on January 26 to 7am on January 29, except for picking up/setting off passengers and loading/unloading goods.

    (3)    Sham Shui Po Kwan Tai Temple

         Depending on traffic and crowd conditions, the following arrangements will be implemented from 11am to noon on January 30:

    A.    Road closure

         The following roads will be intermittently closed:

    – Wong Chuk Street between Yu Chau Street and Cheung Sha Wan Road;
    – Apliu Street between Nam Cheong Street and Wong Chuk Street;
    – Southbound Nam Cheong Street between Cheung Sha Wan Road and Hai Tan Street;
    – Hai Tan Street between Nam Cheong Street and Boundary Street;
    – Yee Kuk Street between Boundary Street and Shek Kip Mei Street; and
    – Shek Kip Mei Street between Yee Kuk Street and Apliu Street.

    B.    Traffic diversions

         Vehicles heading for southbound Nam Cheong Street and southbound Shek Kip Mei Street will be diverted via southbound Yen Chow Street and eastbound Lai Chi Kok Road.

    (4)    Mong Kok Fa Hui Park

    A.    Road closure

         The third lane of southbound Tai Hang Tung Road between Tat Chee Avenue and Boundary Street will be closed from 9am on January 23 to 8am on January 29.

    B.    Suspension of parking spaces

         The following parking spaces will be suspended from 8am on January 26 to 8am on January 29:

    – Metered parking spaces on Tong Yam Street (meter no. 9607 and 9608);
    – All metered and motorcycle parking spaces on Duke Street between Embankment Road and Knight Street;
    – All motorcycle parking spaces on Knight Street near its junction with Duke Street;
    – Metered parking space on Belfran Road (meter no. 13413); and
    – All metered parking spaces on Lincoln Road between Cumberland Road and Waterloo Road.

    (5)    Kwun Tong Recreation Ground

    A.    Road closure

         Kai Lim Road will be closed from 8pm on January 26 to 2am of the following day, from 3pm on January 27 to 2am of the following day, and from 3pm on January 28 to 4am of the following day.

         Fuk Ning Road and Fuk Tong Road will be closed from 3pm on January 27 to 2am of the following day, and from 3pm on January 28 to 4am of the following day.

    B.    Suspension of parking spaces

         The metered parking spaces, motorcycle parking spaces and disabled parking space on Kai Lim Road will be suspended from 8am on January 26 to 4am on January 29.

    (6)    Kwun Tong Hoi Bun Road

         The following parking spaces will be suspended from noon on January 30 to 1am of the following day:

    – All metered parking spaces on Hoi Bun Road;
    – Two disabled parking spaces on eastbound Hoi Bun Road near Hoi Bun Road Park; and
    – Ten motorcycle parking spaces on westbound Hoi Bun Road near Kwun Tong Promenade.

    New Territories
    —————

    (1)    Tsuen Wan

    A.    Road closure

         The following roads will be closed daily from 3pm to 5am of the following day on January 27 and January 28:

    – Kai Hong Close;
    – Kai Chi Close;
    – Hoi Pa Street between its junction with Lo Tak Court and Tai Ho Road.

    B.    Suspension of parking spaces

         The motorcycle parking spaces at Kai Hong Close will be suspended daily from 3pm to 5am of the following day on January 27 and January 28.

    (2)    Sheung Shui

    A.    Pedestrian precincts

        The following road sections will be designated as pedestrian precincts from 11am to 7pm daily on January 27 and January 28, during which all vehicles will be prohibited, except for vehicles with permit:

    – San Kung Street; and
    – San Hong Street between Tsun Fu Street and Fu Hing Street.

    B.    Road closure

        To facilitate the Lunar New Year Fair at Shek Wu Hui in Sheung Shui, the following roads will be closed from 6pm on January 28 to 4am of the following day, except for vehicles with permit:

    – San Lok Street, except for access to Pearl Vista;
    – San Tsoi Street; and
    – Fu Hing Street between San Hong Street and San Tsoi Street.

    C.    Suspension of parking spaces

    – The metered parking spaces (meter no. 25343A/B, 25342 A/B, 25341A and 25344B) at San Hong Street will be suspended from 11am to 7pm daily on January 27 and January 28; and
    – The motorcycle parking spaces on San Lok Street will be suspended from 6pm on January 28 to 4am of the following day.

    (3)    Tuen Mun

    A.    Road closure

         The following roads will be intermittently closed from 6pm to 2am of the following day on January 27, and 6pm to 7am of the following day on January 28, except for vehicles with permit:

    – Tin Hau Road;
    – San Hop Lane;
    – Hung Cheung Road from its junction with Tin Hau Road to its southern junction with San Ping Circuit;
    – Southbound Hung Cheung Road between its northern and southern junction with San Ping Circuit;
    – San On Street from its southern junction with Hung Cheung Road to a point about 50 metres north of the same junction; and
    – Hing Wong Street from its junction with Hung Cheung Road to a point about 50 metres north of the same junction.

    B.    Cycle track closure

         The cycle track along the western riverside of Tuen Mun River Channel between Pui To Road and Yau Oi Bridge will be closed from 6pm to 2am of the following day on January 27, and 6pm to 7am of the following day on January 28.

    C.    Traffic diversions

         The following traffic diversions will be intermittently implemented from 6pm to 2am of the following day on January 27, and 6pm to 7am of the following day on January 28, except for vehicles with permit:

    – Traffic along Yip Wong Road cannot turn to northbound Tin Hau Road;
    – Traffic along southbound Tin Hau Road cannot turn to Hung Cheung Road; and
    – Hung Cheung Road between its northern and southern junction with San Ping Circuit will be re-routed one-way northbound.

    D.    Suspension of parking spaces

         The overnight on-street parking spaces on the following roads will be suspended from 6pm to 2am of the following day on January 27, and 6pm to 7am of the
    following day on January 28, except for vehicles with permit:

    – Tin Hau Road; and
    – Hung Cheung Road from its junction with Tin Hau Road to its southern junction with San Ping Circuit.

    (4) Kwai Tsing

         The metered parking spaces and disabled parking spaces on Ko Fong Street will be suspended from 2pm on January 28 to 8am on January 29.

    (5)    Tai Po

         The cycle track on Ting Kok Road between Ting Tai Road and On Chee Road will be closed from 6pm on January 28 to 6am on January 29.

    (6)    Sha Tin

         The following traffic diversions will be implemented daily from 5pm to 1am of the following day on January 27 and January 28, except for vehicles with permit:

    – Fung Shun Street between Wo Che Street and Tak Hau Street will be re-routed one-way northbound. Vehicles will be diverted via eastbound Tak Hau Street, southbound Yuen Wo Road and westbound Wo Che Street; and
    – Traffic along Tak Hau Street cannot go straight to Sha Tin Sports Ground Car Park.

    (7) Tseung Kwan O

         The parking spaces on Wan Lung Road will be suspended from 7am on January 28 to 7am on January 29.

         A temporary vehicle pick-up and drop-off point will be set up at Hok Lam Lane from 7am on January 28 to 7am on January 29.

         Police will continue to enforce traffic regulations during the Lunar New Year period. All vehicles parked illegally during the implementation of the above special traffic arrangements will be towed away without prior warning, and may be subject to multiple ticketing.  

         Police will implement the above arrangements depending on the traffic and crowd conditions in the areas. Members of the public are advised to exercise tolerance and patience and take heed of instructions of the Police on site.

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: 15 persons arrested during anti-illegal worker operations (with photos)

    Source: Hong Kong Government special administrative region

    15 persons arrested during anti-illegal worker operations (with photos)
    15 persons arrested during anti-illegal worker operations (with photos)
    ************************************************************************

         The Immigration Department (ImmD) mounted a series of territory-wide anti-illegal worker operations codenamed “Twilight”, joint operations with the Hong Kong Police Force codenamed “Champion” and “Windsand”, and joint operations with the Labour Department to combat illegal employment activities at Lunar New Year fairs for four consecutive days from January 20 to yesterday (January 24). A total of 10 suspected illegal workers, four suspected employers and one suspected aider and abettor were arrested.           During the anti-illegal worker operations, ImmD Task Force officers raided eight targeted locations including residential buildings, restaurants and retail shops. Four suspected illegal workers and two suspected employers were arrested. The arrested suspected illegal workers comprised one man and three women, aged 39 to 52. Among them, one woman was a holder of recognisance form, which prohibits her from taking any employment. One man and one woman, aged 53 and 59, who were suspected of employing the illegal workers, were also arrested.           During operation “Champion”, enforcement officers raided 15 target locations in Central district. Four suspected illegal workers and one suspected employer were arrested. The arrested suspected illegal workers comprised four women, aged 36 to 42. One man, aged 54, was suspected of employing the illegal workers and was also arrested.           Furthermore, during the anti-illegal worker operations at various Lunar New Year fairs, enforcement officers raided several stalls at  events. Two suspected illegal workers, one suspected employer and one suspected aider and abettor were arrested. The arrested suspected illegal workers comprised two women, aged 30 and 34. One woman, aged 37, was suspected of employing the illegal workers. One woman, aged 35, who was suspected of aiding and abetting a person who breached the condition of stay in Hong Kong was also arrested. Apart from mounting enforcement operations, ImmD officers and a promotional vehicle have been deployed to distribute “Don’t Employ Illegal Workers” leaflets and convey the message to stall owners.       An ImmD spokesman said, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties.”           The spokesman warned, “As stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment.”           The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.           According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.           Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.

     
    Ends/Friday, January 24, 2025Issued at HKT 19:30

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Office of the Governor — News Release — Media Advisory — Governor Green Celebrates Opening Of Eighteenth Kauhale

    Source: US State of Hawaii

    Office of the Governor — News Release — Media Advisory — Governor Green Celebrates Opening Of Eighteenth Kauhale

    Posted on Jan 23, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

    STATE OF HAWAIʻI 
    KA MOKU ʻĀINA O HAWAIʻI 
     
    JOSH GREEN, M.D. 
    GOVERNOR
    KE KIAʻĀINA 
     

    GOVERNOR GREEN CELEBRATES OPENING OF KŪLIA
    I KA NUʻU KAUHALE

    Blessing set for the Newest Kauhale by the Green Administration in Partnership with U.S.VETS 
     

    FOR IMMEDIATE RELEASE
    January 23, 2025

    HONOLULU — Governor Josh Green, M.D., today announced the opening of the Kūlia I Ka Nuʻu kauhale. As with the 17 other kauhale Governor Green has opened, this community embraces people who are experiencing homelessness. In partnership with operator U.S.VETS, this kauhale implements an emergency bed program that addresses immediate shelter needs, food insecurities and access to care for residents.

    “Housing is health care, and the Kūlia I Ka Nu‘u project is a powerful step toward addressing the urgent houselessness crisis in Leeward O‘ahu. Inspired by Queen Kapiʻolani’s motto to ‘strive for the highest,’ this initiative reflects our commitment to lifting up our most vulnerable—providing not just shelter, but dignity, stability, and a path to independence and personal excellence,” said Governor Green. “Together, with the strength of this community, we are creating a future where every person has the opportunity to thrive.”

    The mission of U.S.VETS is to prevent and end veteran homelessness and to empower veterans and families through housing, comprehensive services and advocacy. Its vision is to have all veterans and their families have their needs met to regain and maintain independence. The residents will be people in the community who are experiencing housing instability.

    “Every bed at this site represents a chance for someone to start over,” said Darryl Vincent, president and chief executive officer of U.S.VETS. “By integrating immediate care with long-term housing solutions, Kūlia I Ka Nu`u is set to change lives and empower residents to thrive. It’s a testament to what we can achieve when we work together with urgency and purpose.”

    This initiative aims to support up to 19 individuals in their transition from houselessness to healthy independence. There will be 14 emergency beds for males and five for females, specifically designed for short-term stays. A crucial part of this transition is the use of 12 permanent housing units at Kūlia I Ka Nuʻu designed to facilitate a smooth move to stable living conditions. In addition to providing shelter, trained staff and volunteers will play vital roles in managing the facilities, ensuring safety, providing necessities, and linking individuals to relevant support services.

    “The program will adopt a Housing First approach, ensuring low barriers to entry and immediate access to shelter and housing without unnecessary prerequisites,” said John Mizuno, the Governor’s Coordinator on Homelessness and Housing Solutions. “The program also intends to focus on housing access and retention, assisting individuals and families in rapidly securing permanent housing and preventing the residents’ return to houselessness.”

    The kauhale will provide a comprehensive list of services, such as emergency shelter case management, housing-focused case management, and assertive engagement strategies. These services are designed to be trauma-informed, culturally competent, and recovery-based, emphasizing participant choice and community integration. Services will be available until permanent housing can be secured, with no arbitrary time limits on program participation.

    Kūlia I Ka Nu‘u has provided the state cost savings in that Mark Development and Sofos Realty renovated the existing structure that offers rooms, restroom and shower amenities, a dining room and office space, without having to build a new facility.

    Photos from today’s kauhale blessing at 85-296 Ala Hema St., courtesy Office of the Governor, can be found here.

    About U.S.VETS
    U.S.VETS is on a mission to end veteran homelessness in the United States. The organization was founded by veterans to serve fellow veterans and is the leading nonprofit dedicated to the work of helping veterans and their families transition from homelessness through tailored support to help them gain independence. 

    # # # 

    Media Contacts:   
    Erika Engle
    Press Secretary
    Office of the Governor, State of Hawai‘i
    Phone: 808-586-0120
    Email: [email protected]

    Makana McClellan
    Director of Communications
    Office of the Governor, State of Hawaiʻi
    Cell: 808-265-0083
    Email: [email protected]

    MIL OSI USA News –

  • MIL-OSI NGOs: Belarus: Authorities hold presidential election in climate of total fear and repression

    Source: Amnesty International –

    Amnesty International calls on the Belarusian authorities to immediately end their vicious campaign of repression against any dissent, which denies the people of Belarus free speech in the run up to the presidential election scheduled for 26 January.

    “Ever since the 2020 presidential election, the already profound human rights crisis in Belarus has deepened even further. Through a brutal campaign against all dissent, the authorities have created a suffocating climate of fear, silencing anything and anyone who challenges the government,” said Marie Struthers, Amnesty International’s Eastern Europe and Central Asia Director.

    “The systematic use of repressive measures, including arbitrary detentions, torture and other ill-treatment, and effective criminalization of critical speech, paints a bleak picture of the state of human rights in Belarus today.”

    The systematic use of repressive measures, including arbitrary detentions, torture and other ill-treatment, and effective criminalization of critical speech, paints a bleak picture of the state of human rights in Belarus today

    Marie Struthers, Amnesty International’s Eastern Europe and Central Asia Director

    “It is shameful that the international community has largely allowed the human rights crisis in Belarus to unfold and fade into the background. While attention is drawn elsewhere, thousands of people in Belarus remain imprisoned, tortured, or silenced simply for expressing their opinions. Governments and international organizations must act decisively to seek an immediate end to this ongoing crisis and hold the Belarusian authorities accountable for it.”

    Widespread repression

    Since the mass protests following the disputed 2020 presidential elections, Belarusian authorities have unleashed a relentless crackdown on dissent. Peaceful protests have been met with unlawful force by police and other law enforcement services.

    According to Belarusian human rights monitors, over 50,000 individuals have gone through arbitrary detention for taking part in or being associated with peaceful protests since 2020, with 6,550 prosecuted and convicted, and 3,697 given custodial sentences. Many were subjected to torture and other ill-treatment. At least seven political prisoners have died in detention since 2021, five of them in 2024 alone. These deaths were avoidable and are the result of the conditions of detention and inadequate medical care.

    This campaign has only intensified in the lead-up to the 2025 presidential elections, with the authorities targeting dissenting individuals and groups across all sections of society, directly and via their relatives.

    The abuse of anti-extremism legislation has become the cornerstone of the government’s strategy to suppress dissent. As of late 2024, 6,565 online resources, from personal social media accounts to independent media outlets and international news organizations, had been arbitrarily labeled as “extremist.” Individuals face severe penalties including hefty fines, for any association with these entities.

    Human rights defenders have been particularly targeted, with 93 arbitrarily detained since 2020, including veteran human rights activist, Nobel peace prize laureate Ales Bialiatski. Hundreds of activists, civil society leaders and at least 45 media workers are currently behind bars, and countless more have faced fabricated charges, forcing many to flee the country.

    MIL OSI NGO –

  • MIL-OSI NGOs: USA: Rohingya survivor demands US regulator investigates Meta’s role in Myanmar atrocities

    Source: Amnesty International –

    Amnesty is supporting activist Maung Sawyeddollah in filing a complaint against Meta and its role in Myanmar violence

    Meta was warned repeatedly by activists and researchers that its algorithms were amplifying hateful content against the Rohingya

    The violence that unfolded in Myanmar in 2017 has been classified as a genocide

    ‘We hope the Securities and Exchange Commission will consider the submission and investigate Meta for any potential violations of federal securities laws’ – Mandi Mudarikwa

    Rohingya human rights activist, Maung Sawyeddollah, has filed a whistleblower complaint with the US Securities and Exchange Commission (SEC), asking the agency to investigate Meta for alleged violations of securities laws stemming from the company’s misrepresentations to shareholders on its substantial contribution to what the US government has classified as genocide perpetrated against the Rohingya in Myanmar in 2017. 

    Amnesty International, the Open Society Justice Initiative and Victim Advocates International have jointly supported the submission. 

    Mandi Mudarikwa, Head of Strategic Litigation at Amnesty International, said: 

    “The submission provides information on Meta’s alleged role in the atrocities perpetrated against the Rohingya, and highlights misrepresentations to the SEC and public investors. We hope the SEC will consider the submission and investigate Meta for any potential violations of federal securities laws.”

    Meta: Repeatedly warned against amplifying harmful content

    The submission to the SEC, an independent US agency responsible for ensuring that shareholders are treated fairly and honestly, details how Meta was repeatedly warned by activists and researchers about the risk of Facebook being used to foment and incite violence against the Rohingya in the lead-up to 2017. The filing argues that, despite this, Meta continued leaving out key information on this risk of real-world violence in statements made to public investors. 

    A 2022 report by Amnesty  found that Meta contributed to the atrocities in Myanmar against the Rohingya through Facebook’s use of algorithms that amplify harmful content and inadequate moderation of harmful content, which breached its own Community Standards – rules that define permissible content on the platform. 

    The report revealed that Meta’s business model relied on invasive profiling and targeted advertising, which promoted the spread of harmful content including incitement to violence. Meta’s algorithmic systems are designed to maximize user engagement in order to increase its advertising revenue. As a result, these systems often have the effect of prioritising inflammatory, divisive, and harmful content. 

    Maung Sawyeddollah, recalling his frustration at his futile attempts to alert Meta about the proliferation of harmful content on Facebook, said:

    “I saw a lot of horrible things on Facebook, and I just thought that people who posted were bad. I didn’t realise then that Facebook was to blame. One day I saw a post that made me feel so bad. I tried to report that to Facebook. I said it was hate speech but I got a response that said…it does not go against Community Standards.” 

    Even though such content clearly violated Facebook’s Community Standards, which recently changed as part of a new policy shift, Meta did not sufficiently enforce these in Myanmar nor adequately remove anti-Rohingya content in the months and years before the 2017 atrocities in northern Rakhine State. The insufficient number of content moderators with necessary language skills, the result of the company’s budgeting and staffing choices, also contributed to Meta’s shortcomings. This reflects the company’s broader failure to adequately invest in content moderation across many countries in Asia, Africa and Latin America, notwithstanding its public claims. 

    Eva Buzo, Executive Director at Victim Advocates International, explained:

    “In Myanmar, where Facebook served as the primary social media platform and news source, the reckless deployment of Meta’s harmful algorithms, with negligible safeguards in place, promoted widespread anti-Rohingya online campaigns which contributed to offline violence.”

    The SEC complaint underscores Meta’s failure to heed multiple civil society warnings from 2013 to 2017 regarding Facebook’s potential role in fueling violence. During that time, civil society repeatedly warned Meta employees that the platform was contributing to a pending “genocide”, similar to the role radios played in the Rwandan genocide. 

    James Goldston, Executive Director of the Open Society Justice Initiative, added:

    “Although investors had asked Meta to look into the human rights implications of its business, Meta fell far short of being fully transparent towards them, even though by that time Meta had been warned multiple times about the escalating situation in Myanmar and Facebook’s role in it.”

    Despite these warnings, between 2015 to 2017, Meta told investors that Facebook’s algorithms did not result in polarization, despite having been warned of Facebook’s role in proliferating anti-Rohingya content in Myanmar. At the same time, Meta did not fully disclose in its financial reporting to shareholders the risks the company’s operations in Myanmar entailed. Instead, in 2015 and 2016 Meta objected to shareholder proposals to conduct a human rights impact assessment and to set up an internal committee to oversee the company’s policies and practices concerning international public issues, including human rights. 

    Violence in Ethiopia

    Public pressure in 2018 forced Meta to partially and belatedly acknowledge Facebook’s role in the Rohingya atrocities. However, between November 2020 and November 2022, Meta again failed to adequately curb the spread of content advocating hatred and violence, this time against the Tigrayans in Ethiopia, ultimately contributing to severe offline violence. This is despite the company’s public claims to the contrary. Plainly, Meta has neither learned its lesson nor taken meaningful steps to curb its role in fueling ethnic violence around the world. 

    Recent policy changes by Meta in the US abolishing independent fact-checking, which may well be rolled out internationally, risk even further exacerbating Meta’s contributions to human rights harms and offline violence, as egregious as the crimes against the Rohingya.   

    MIL OSI NGO –

  • MIL-OSI China: Global sci-fi writers celebrate Chinese New Year with original stories

    Source: China State Council Information Office 3

    Sci-fi writers from various countries will debut original stories themed around the number “10” at the 2025 Science Fiction New Year Gala, which will celebrate the upcoming Chinese New Year.

    A poster for the 2025 Science Fiction New Year Gala. [Image courtesy of the Future Affairs Administration]

    This year marks the 10th anniversary of the gala, and the theme of “10” was selected to reflect this milestone, according to the Future Affairs Administration, the event’s organizer and a company dedicated to producing and promoting sci-fi works while supporting new writers in China.

    This year is significant as it is the first since UNESCO added the Spring Festival – a traditional celebration of the Chinese New Year – to its Representative List of Intangible Cultural Heritage last December.

    The number 10 is significant for numerous reasons. The organizers point out that both Eastern and Western cultures embrace the ouroboros – a symbol of a serpent eating its own tail that aligns with China’s Year of the Snake in the Chinese Zodiac – suggesting that the number 10 signifies the end of one chapter and the beginning of another. Additionally, in decimal notation, 10 is seen as a node, while in binary, the numbers 1 and 0 represent foundational elements of code. The organizers also note that visually, the number 10 resembles a person standing before a stargate, poised to embark on a new journey.

    Twelve authors from four countries have submitted works inspired by the theme of “10.” These stories will be published daily from Jan. 24 to Feb. 4 on new media platforms operated by the Future Affairs Administration, including Xiaohongshu, WeChat, Weibo and Bilibili.

    The participating writers include China’s Han Song, Yang Ping, Jiang Bo, and Cheng Jingbo, as well as Canada’s Derek Künsken and Jiang Ai, Australia’s Samantha Murray and Japan’s Taiyo Fujii. They are a mix of award-winning authors and emerging stars in the global sci-fi literary scene.

    A tribute video is also being produced to commemorate the anniversary of the Science Fiction New Year Gala. Nearly 50 writers, artists, scholars, translators, readers, fans, critics and gala participants will share their memories and congratulations in the video.

    Over the past 10 years, the Science Fiction New Year Gala has invited 63 sci-fi authors from 10 countries across five continents to contribute to 145 novels, amassing an impressive 500 million views within the Chinese sci-fi community. The stories created for the event have garnered multiple awards both domestically and internationally, appearing in multilingual sci-fi collections and top magazines such as Clarkesworld, Asimov’s Science Fiction, and Lightspeed. Additionally, more than 10 artists have produced over 70 pieces of visual art, while 25 podcasts have collectively featured over 70 hours of programming. More than 150 partners have also given readers Chinese New Year gifts and benefits valued at over 170,000 yuan ($23,300).

    The writings showcased at the gala include sci-fi stories that explore themes such as homeward journeys reflecting the Chinese tradition of family reunions, reimaginings of China’s extensive transportation system, and various social issues. Some stories draw inspiration from the Chinese dragon, a mythical and auspicious creature in Chinese legend and the Zodiac.

    The gala also promotes cultural exchanges, allowing foreign writers to share their perspectives on China while gaining deeper insights into the emotions and experiences of the Chinese people.

    “Why are we celebrating Chinese New Year with sci-fi literature? This idea may seem crazy, but we believe that through sci-fi – a genre that expands human emotions – the atmosphere of the year will become richer between the lines and words,” said Ji Shaoting, founder and CEO of the Future Affairs Administration.

    Ji emphasized the challenge of maintaining focus on one project for 10 years. “The pain involved in pursuing what you love might be the most bearable. Ten years ago, we hoped this could become a fresh New Year tradition for our sci-fi enthusiasts. Perhaps we have achieved that now. However, the road ahead is still long, and we hope that one day everyone will recognize how deeply sci-fi is woven into life and into our very essence,” she said.

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Two more men in connection with murder and wounding case in Yuen Long arrested

    Source: Hong Kong Government special administrative region

    Two more men in connection with murder and wounding case in Yuen Long arrested
    Two more men in connection with murder and wounding case in Yuen Long arrested
    ******************************************************************************

         In connection with a murder and wounding case happened in Yuen Long on January 22, Police arrested two more men, aged 23 and 26, in Tin Shui Wai for murder and wounding yesterday (January 23).     In the murder and wounding case, a 24-year-old man died and a 28-year-old man was injured.     Concerning the aforementioned case, Police arrested another four men, aged 19 to 29, in Tuen Mun and at the Hong Kong International Airport for murder and wounding earlier.     Among the six arrested persons, Police laid holding charges against a 19-year-old man and a 27-year-old man each with one count of murder and one count of wounding. The 27-year-old man was also charged with one count of illegal possession of Part 1 poison. The case will be mentioned at Fanling Magistrates’ Courts tomorrow (January 25). The remaining four arrested persons are being detained for further enquiries.     Active investigation by the Regional Crime Unit of New Territories North is under way. Anyone who witnessed the case or has any information to offer is urged to contact the investigating officers on 3661 3356.

     
    Ends/Friday, January 24, 2025Issued at HKT 19:37

    NNNN

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Terms set for exhibition incentives

    Source: Hong Kong Information Services

    The Commerce & Economic Development Bureau today announced arrangements for the Incentive Scheme for Recurrent Exhibitions (ISRE) 2.0.

    As stated in the 2024 Policy Address, the Government will allocate an additional provision of $500 million to implement the ISRE 2.0, in light of the convention and exhibition (C&E) industry’s strong support for the existing scheme.

    The 2.0 edition will aim to attract more new and recurrent international exhibitions of large scale, with a view to boosting the vibrancy of the C&E industry in Hong Kong.

    As with the existing scheme, the ISRE 2.0 will only subsidise venue rentals for eligible exhibitions organised by private organisers at specified venues.

    Under the new arrangements, only international exhibitions attracting at least 1,500 non-local exhibitor and buyer participants will be covered. The maximum incentive for each eligible exhibition will be capped at $10 million.

    Thirdly, the Central Harbourfront Event Space and relevant parts of the West Kowloon Cultural District will be designated as specified venues, alongside the Convention & Exhibition Centre and AsiaWorld-Expo, thereby offering organisers more venue options.

    The ISRE 2.0 will be launched on July 1 this year subject to funding approval by the Legislative Council’s, while the existing edition will terminate on the same day.

    Application guidelines for the ISRE 2.0 will be announced in due course.

    Eligible exhibitions which will begin on or before June 30 this year should apply for incentives under the existing ISRE.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Lakeland Financial Reports Annual Net Income of $93.5 million, Organic Average Loan Growth of 5% and Average Deposit Growth of 4%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $93.5 million for the year ended December 31, 2024, versus $93.8 million for the year ended December 31, 2023. Diluted earnings per share were $3.63 for the twelve months ended December 31, 2024, versus $3.65 for 2023.

    Net income was $24.2 million for the three months ended December 31, 2024, a decrease of $5.4 million, or 18%, compared with net income of $29.6 million for the three months ended December 31, 2023. Diluted earnings per share of $0.94 for the fourth quarter of 2024 decreased by 19% from $1.16 for the fourth quarter of 2023. On a linked quarter basis, net income increased 4%, or $852,000, from third quarter 2024 net income of $23.3 million. Linked quarter diluted earnings per share improved by 3% from $0.91 for the third quarter of 2024.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $128.4 million for the twelve months ended December 31, 2024, an increase of $12.3 million, or 11%, compared to $116.2 million for the twelve months ended December 31, 2023. Pretax pre-provision earnings were $32.9 million for the three months ended December 31, 2024, a decrease of $3.4 million, or 9%, compared to $36.4 million for the three months ended December 31, 2023. Pretax pre-provision earnings increased by $2.1 million, or 7%, compared to $30.8 million on a linked quarter basis.

    “2024 continued a long and consistent trend of organic growth in our balance sheet. We successfully expanded both our loan and deposit franchises during the year,” stated David M. Findlay, Chairman and CEO. “We are particularly pleased with the 9-basis point expansion of our net interest margin on a linked quarter basis as we effectively managed the balance sheet throughout the year.”

    Quarterly Financial Performance

    Fourth Quarter 2024 versus Fourth Quarter 2023 highlights:

    • Tangible book value per share grew by $1.25, or 5%, to $26.47
    • Total risk-based capital ratio improved to 15.90%, compared to 15.47%
    • Tangible capital ratio improved to 10.19%, compared to 9.91%
    • Average loans grew by $206.9 million, or 4%, to $5.09 billion
    • Core deposit growth of $274.3 million, or 5%, to $5.9 billion
    • Average equity increased by $121.1 million, or 21%
    • Return on average equity of 13.87%, compared to 20.52%
    • Return on average assets of 1.42%, compared to 1.80%
    • Net interest margin improved to 3.25% versus 3.23%
    • Net interest income increased by $3.1 million, or 6%
    • Noninterest expense increased by $1.2 million, or 4%
    • Provision expense of $3.7 million, compared to $300,000
    • Net charge offs of $1.4 million versus $433,000
    • Watch list loans as a percentage of total loans increased to 4.13% from 3.72%

    Fourth Quarter 2024 versus Third Quarter 2024 highlights:

    • Total risk-based capital ratio improved to 15.90% from 15.75%
    • Average equity growth of $23.6 million, or 4%
    • Average loans grew by $22.3 million, or less than 1%, to $5.09 billion
    • Core deposits increased by $118.6 million, or 2%, to $5.8 billion
    • Net interest margin improved 9 basis points to 3.25% versus 3.16%
    • Return on average equity of 13.87%, compared to 13.85%
    • Return on average assets of 1.42%, compared to 1.39%
    • Noninterest income decreased by $41,000, or less than 1%
    • Noninterest expense increased by $260,000, or 1%
    • Provision expense of $3.7 million, compared to $3.1 million
    • Individually analyzed and watch list loans declined by $56.4 million, or 21%
    • Watch list loans as a percentage of total loans improved to 4.13% from 5.27%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.90% at December 31, 2024, compared to 15.47% at December 31, 2023 and 15.75% at September 30, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect the company’s robust capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.19% at December 31, 2024, compared to 9.91% at December 31, 2023. The tangible common equity ratio contracted from 10.47% at September 30, 2024. Unrealized losses from available-for-sale investment securities were $191.1 million at December 31, 2024, compared to $174.6 million at December 31, 2023 and $154.5 million at September 30, 2024. Excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.37% at December 31, 2024, compared to 11.99% at December 31, 2023 and 12.29% at September 30, 2024.

    As announced on January 14, 2025, the board of directors approved a cash dividend for the fourth quarter of $0.50 per share, payable on February 5, 2025, to shareholders of record as of January 25, 2025. The fourth quarter dividend per share represents a 4% increase from the $0.48 dividend per share paid for the fourth quarter of 2023.

    “The continued growth in our capital base supports the increase in our dividend rate paid to shareholders and contributes to the growth in total return for shareholders. The compounded annual growth rate for our dividend is 15% since 2012,” stated Kristin L. Pruitt, President.

    Loan Portfolio

    Average total loans for the twelve months ended December 31, 2024 were $5.04 billion, an increase of $225.7 million, or 5%, from $4.81 billion for the twelve months ended December 31, 2023. Average total loans of $5.09 billion in the fourth quarter of 2024, increased $206.9 million, or 4%, from $4.88 billion for the fourth quarter of 2023, and increased $22.3 million, or less than 1%, from $5.06 billion for the third quarter of 2024.

    “Loan growth in 2024 benefited from healthy increases in both our commercial and consumer lending activities,” noted Findlay. “We were pleased to report 8% growth in consumer loans, 6% growth in CRE and multi-family loans, and 2% growth in commercial and industrial loans for 2024. Our Indiana markets continue to benefit from expanding economic activity stimulated by the pro-business operating environment. We continue to be focused on active business development efforts in every market and we are looking forward to continued organic growth in 2025.”

    Total loans, net of deferred loan fees, increased by $200.6 million, or 4%, from $4.92 billion as of December 31, 2023 to $5.12 billion as of December 31, 2024. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $155.0 million, or 6%, our commercial and industrial loan portfolio growing by $30.1 million, or 2%, and our consumer 1-4 family mortgage loans portfolio growing by $34.0 million, or 7%. These increases were offset by a decrease to other commercial loans of $25.1 million, or 21%. On a linked quarter basis, total loans, net of deferred loan fees, increased by $35.7 million, or 1%, from $5.08 billion at September 30, 2024. The linked quarter increase was primarily a result of growth in total commercial real estate and multi-family residential loans of $42.7 million, or 2%, and growth in total agri-business and agricultural loans of $29.0 million, or 8%. Offsetting these increases was a decrease in total commercial and industrial loans of $42.0 million, or 3%.

    Commercial loan originations for the fourth quarter included approximately $390.0 million in loan originations, offset by approximately $359.0 million in commercial loan pay downs. Line of credit usage increased to 41% as of December 31, 2024, compared to 39% at December 31, 2023 and was unchanged from 41% as of September 30, 2024. Total available lines of credit contracted by $238.0 million, or 5%, as compared to a year ago, and line usage decreased by $2.0 million, or less than 1%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $101.7 million for this sector represented 2% of total loans at December 31, 2024, a decrease of $899,000, or 1%, from September 30, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 213% of total risk-based capital at December 31, 2024.

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.

     
    DEPOSIT DETAIL
    (unaudited, in thousands)
               
      December 31, 2024   September 30, 2024   December 31, 2023
    Retail $ 1,780,726     30.2 %   $ 1,709,899     29.3 %   $ 1,794,958     31.4 %
    Commercial   2,269,049     38.4       2,304,041     39.5       2,227,147     38.9  
    Public funds   1,809,631     30.7       1,726,869     29.6       1,563,015     27.3  
    Core deposits   5,859,406     99.3       5,740,809     98.4       5,585,120     97.6  
    Brokered deposits   41,560     0.7       96,504     1.6       135,405     2.4  
    Total $ 5,900,966     100.0 %   $ 5,837,313     100.0 %   $ 5,720,525     100.0 %
                                             

    Total deposits increased $180.4 million, or 3%, from $5.72 billion as of December 31, 2023 to $5.90 billion as of December 31, 2024. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $274.3 million, or 5%. Total core deposits at December 31, 2024 were $5.86 billion and represented 99% of total deposits, as compared to $5.59 billion and 98% of total deposits at December 31, 2023. Brokered deposits were $41.6 million, or 1% of total deposits, at December 31, 2024, compared to $135.4 million, or 2% of total deposits, at December 31, 2023.

    The increase in core deposits since December 31, 2023 reflects growth in commercial deposits and public funds deposits. Public funds deposits grew annually by $246.6 million, or 16%, to $1.81 billion. Commercial deposits grew annually by $41.9 million, or 2%, to $2.27 billion. Retail deposits contracted annually by $14.2 million, or 1%, to $1.78 billion. The increase in public funds deposits drove the change in the composition of core deposits as public funds deposits as a percentage of total deposits increased to 31%, from 27%. Commercial and retail deposits as a percentage of total deposits contracted to 38%, from 39%, and to 30%, from 31%, respectively. Growth in public funds was positively impacted by the addition of a new public funds customers in the Lake City Bank footprint which included the addition of their operating accounts.

    On a linked quarter basis, total deposits increased $63.7 million, or 1%, from $5.84 billion at September 30, 2024 to $5.90 billion at December 31, 2024. Core deposits increased by $118.6 million, or 2%, while brokered deposits decreased by $54.9 million, or 57%. Linked quarter growth in core deposits resulted primarily from an increase in public funds deposits of $82.8 million, or 5%, and growth in retail deposits of $70.8 million, or 4%. Offsetting these increases was a decrease in commercial deposits of $35.0 million, or 2%.

    “Core deposit growth was steady throughout 2024 and accounts for 99% of the funding sources for Lake City Bank,” commented Findlay. “We are pleased that our growth in core deposits came from every region of the bank. We continue to successfully fund the loan growth with in-market stable and diversified deposit growth. We continue to gain market share in our more mature Northern Indiana markets and implemented strategies to enhance growth in the Indianapolis market through data-driven marketing and business development efforts.”

    Average total deposits were $6.01 billion for the fourth quarter of 2024, an increase of $208.5 million, or 4%, from $5.80 billion for the fourth quarter of 2023. Average interest-bearing deposits drove the increase in average total deposits and increased by $301.1 million, or 7%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $431.9 million, or 14%. Offsetting this increase was a reduction in average time deposits of $98.9 million, or 9%, and a decrease to average savings deposits of $31.9 million, or 10%. Average noninterest-bearing demand deposits decreased by $92.5 million, or 7%.

    On a linked quarter basis, average total deposits increased by $130.9 million, or 2%, from $5.88 billion for the third quarter of 2024 to $6.01 billion for the fourth quarter of 2024. Average interest-bearing deposits drove the increase to total average deposits, which increased by $93.2 million, or 2%. An increase to interest bearing checking accounts of $209.6 million, or 6%, drove the increase to average interest-bearing deposits on a linked quarter basis. Offsetting this increase was a decrease to total average time deposits of $111.1 million, or 10%. Average noninterest-bearing demand deposits increased by $37.7 million, or 3%.

    Checking account trends as of December 31, 2024 compared to December 31, 2023, include growth of $310.5 million, or 24%, in aggregate public fund checking account balances, growth of $24.5 million, or 1%, in aggregate commercial checking account balances, and expansion of $34.4 million, or 4%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 7% for public funds accounts, 2% for commercial accounts and 1% for retail accounts during 2024.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 62% as of December 31, 2024, compared to 61% at September 30, 2024, and 57% at December 31, 2023, reflecting the growth in public fund deposits over the period. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 32% of total deposits as of December 31, 2024, compared to 32% at September 30, 2024, and 31% as of December 31, 2023. As of December 31, 2024, 98% of deposit accounts had deposit balances less than $250,000.

    Net Interest Margin

    Net interest margin was 3.25% for the fourth quarter of 2024, representing a 2 basis point increase from 3.23% for the fourth quarter of 2023. Earning assets yields decreased by 15 basis points to 5.81% for the fourth quarter of 2024 from 5.96% for the fourth quarter of 2023. The decrease in earning asset yields was offset by a decrease in the company’s funding costs of 17 basis points as interest expense as a percentage of average earning assets decreased to 2.56% for the fourth quarter of 2024, compared to 2.73% for the fourth quarter of 2023.

    Linked quarter net interest margin expanded by 9 basis point to 3.25% for the fourth quarter of 2024, compared to 3.16% for the third quarter of 2024. Average earning asset yields decreased by 23 basis points from 6.04% during the third quarter of 2024 to 5.81% during the fourth quarter of 2024 and were offset by a 32 basis point decrease in interest expense as a percentage of average earning assets from 2.88% to 2.56%. The cumulative 100 basis point decline in the Federal Funds Rate during 2024, drove the reduction in funding costs that provided for the net interest margin expansion through deposit repricing. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits experienced by the company during the monetary tightening cycle of March 2022 through September 2024 has stabilized with noninterest bearing deposits representing 22% of total deposits at December 31, 2024, compared to 24% at December 31, 2023 and 22% at September 30, 2024.

    “Our thoughtful and strategic balance sheet management strategies led to healthy net interest margin expansion of 9 basis points during the fourth quarter,” noted Lisa M. O’Neill, Executive Vice-President and Chief Financial Officer. “Net interest margin expansion resulted from reduced deposit costs that outpaced loan repricing due to falling short term rates. Our public fund balances are largely tied to the effective federal funds rate, and we also continue to benefit from fixed rate loan repricing to the higher interest rate environment.”

    The loan beta for the current rate-easing cycle is 25% compared to the deposit beta of 31%. The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle.

    Liquidity Overview

    The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, federal funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of December 31, 2024, the company had access to an aggregate of $3.7 billion in liquidity from these sources, compared to $3.4 billion at December 31, 2023 and $3.7 billion at September 30, 2024. Utilization from these sources totaled $41.6 million at December 31, 2024, compared to $185.4 million at December 31, 2023 and $96.5 million at September 30, 2024. Core deposits have historically represented, and currently represent, the primary funding resource of the bank at 99% of total deposits and purchased funds.

    Investment Portfolio Overview

    Total investment securities were $1.12 billion at December 31, 2024, reflecting a decrease of $58.7 million, or 5%, as compared to $1.18 billion at December 31, 2023. On a linked quarter basis, investment securities decreased $24.8 million, or 2%, due primarily to a decline in the fair market value of available-for-sale securities of $36.6 million, portfolio cash flows of $15.1 million and partially offset by investment security purchases of $30 million. Investment securities represented 17% of total assets on December 31, 2024, compared to 18% at December 31, 2023 and 17% at September 30, 2024. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14%. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities are used to fund loan growth and for general liquidity purposes. Tax equivalent adjusted effective duration for the investment portfolio was 6.0 years at December 31, 2024, compared to 6.5 years and 6.3 years at December 31, 2023 and September 30, 2024, respectively. Tax equivalent adjusted effective duration of the investment portfolio remains elevated as compared to 4.0 years at December 31, 2019 prior to the deployment of excess liquidity to the investment portfolio and the impact of the higher interest rate environment. The company anticipates receiving principal and interest cash flows of approximately $104.2 million during 2025 from the investment securities portfolio and plans to use that liquidity to fund loan growth and to fund new investment securities purchases.

    Net interest income decreased by $356,000, or less than 1%, for the twelve months ended December 31, 2024, as compared to the twelve months ended December 31, 2023. Deposit interest expense increased by $35.0 million. Offsetting the increase in deposit interest expense was an increase in loan interest income of $29.8 million and a reduction in borrowings interest expense of $4.7 million. Net interest income was $51.7 million for the fourth quarter of 2024, representing an increase of $3.1 million, or 6%, as compared to the fourth quarter of 2023. Net interest income for the fourth quarter of 2024 benefited from an increase in loan interest income of $1.9 million and a reduction in interest expense of $667,000 compared to the prior year quarter. On a linked quarter basis, net interest income increased $2.4 million, or 5%, from $49.3 million for the third quarter of 2024. On a linked quarter basis, the increase to net interest income was driven by a $4.1 million reduction in interest expense and a $1.1 million increase in income from short-term investments. Offsetting the reduction in interest expense was a reduction in loan interest income of $2.9 million.

    On a full year basis, revenue increased by $6.6 million, or 3%, to $253.5 million as compared to $246.9 million for 2023. Revenue was $63.6 million for the fourth quarter 2024 representing a decrease of $ 2.2 million or 3%, as compared to the fourth quarter of 2023. On a linked quarter basis, revenue increased by $2.4 million, or 4% from $61.2 million in the third quarter of 2024.

    Asset Quality

    Provision expense was $16.8 million for the year ended December 31, 2024, an increase of $10.9 million, or 186%, as compared to $5.9 million during 2023. The elevated provision recorded during 2024 as compared to the prior year was primarily driven by an increase in specific allocations from the downgrade of a $43.3 million credit to an industrial company in Northern Indiana. The relationship was placed on nonperforming status in conjunction with the downgrade, which occurred during the second quarter of 2024. Additional specific allocations of $5.5 million were reserved for this credit during the fourth quarter of 2024. The company recorded a provision expense of $3.7 million in the fourth quarter of 2024, compared to provision expense of $300,000 in the fourth quarter of 2023. On a linked quarter basis, provision expense increased by $632,000 from $3.1 million for the third quarter of 2024, or 21%.

    The allowance for credit loss reserve to total loans was 1.68% at December 31, 2024, up from 1.46% at December 31, 2023, and 1.65% at September 30, 2024. Net charge offs were $2.8 million for the full year 2024 compared to $6.5 million for 2023. Net charge offs to total loans were 0.05% for 2024 compared to 0.13% for 2023. Net charge offs in the fourth quarter of 2024 were $1.4 million compared to $433,000 in the fourth quarter of 2023 and $143,000 during the linked third quarter of 2024. Annualized net charge offs to average loans were 0.11% for the fourth quarter of 2024, compared to 0.04% for the fourth quarter of 2023, and 0.01% for the linked third quarter of 2024.

    Nonperforming assets increased $40.8 million, or 253%, to $56.9 million as of December 31, 2024, versus $16.1 million as of December 31, 2023. On a linked quarter basis, nonperforming assets decreased $1.2 million, or 2%, compared to $58.1 million as of September 30, 2024. The ratio of nonperforming assets to total assets at December 31, 2024 increased to 0.85% from 0.25% at December 31, 2023 and decreased from 0.87% at September 30, 2024. The full-year increase in nonperforming assets was primarily driven by the industrial borrower relationship referenced above.

    Total individually analyzed and watch list loans increased by $28.1 million, or 15%, to $211.1 million as of December 31, 2024, versus $183.1 million as of December 31, 2023. On a linked quarter basis, total individually analyzed and watch list loans decreased by $56.4 million, or 21%, from $267.6 million at September 30, 2024. Watch list loans as a percentage of total loans increased by 41 basis points to 4.13% at December 31, 2024, compared to 3.72% at December 31, 2023, and decreased by 114 basis points from 5.27% at September 30, 2024. The linked quarter decrease in total individually analyzed and watch list loans was primarily driven by the removal of six relationships from the watch list with an aggregate balance of $63.7 million, offset by the addition of four downgraded credits with an aggregated balance of $8.4 million. Approximately $45.5 million of the watch list removals were attributable to credit upgrades, with the remaining $18.2 million in removals attributable to payoffs.

    “We are encouraged by the $56 million decrease in watch list credits during the quarter and are cautiously optimistic following our fourth quarter, semi-annual portfolio reviews meetings during which we review every commercial banker’s portfolio,” stated Findlay. “Economic conditions in all of our markets remain stable and we continue to actively manage our loan portfolio challenges.”

    Noninterest Income

    Noninterest income increased by $7.0 million, or 14%, to $56.8 million for the twelve months ended December 31, 2024, compared to $49.9 million for the prior year. The increase in noninterest income for the twelve months ended December 31, 2024 was primarily driven by the net gain on sale of Visa shares of $9.0 million. Contributing further to the increase in noninterest income was an increase to wealth and advisory fees of $1.4 million, or 15%, driven by growth in customers and favorable market performance. Bank owned life insurance income increased $1.1 million, or 34%, due to favorable market performance of the company’s variable bank owned life insurance policies. Offsetting these increases was a $4.5 million, or 49%, decrease to other income. Other income was elevated during the twelve months ended December 31, 2023 from insurance and loss recoveries of $6.3 million that were related to the 2023 wire fraud loss. Offsetting the impact of these recoveries was increased investment income from the company’s limited partnership investments and the receipt of an additional $1.0 million in recoveries from the wire fraud loss. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $46.8 million for the twelve months ended December 31, 2024, an increase of $3.3 million, or 8%, compared to $43.6 million for twelve months ended December 31, 2023.

    Findlay added, “It is very gratifying to report strong growth in core noninterest income for 2024. Our fee-based lines of business made significant contributions to revenue growth during the year. Notably, Wealth Advisory fees grew by 15% and treasury management fees grew by 5%. As we move into 2025, our teams continue to be focused on driving continued growth in these business lines.”

    The company’s noninterest income decreased $5.3 million, or 31%, to $11.9 million for the fourth quarter of 2024, compared to $17.2 million for the fourth quarter of 2023. Wealth advisory fees increased $388,000, or 17%, and bank owned life insurance increased $476,000, or 64%. Other income decreased $6.5 million, or 89%. Other income was elevated during the fourth quarter of 2023 primarily due to insurance and loss recoveries of $6.3 million related to the wire fraud loss. Adjusted core noninterest income was $11.9 million for the fourth quarter of 2024, an increase of $968,000, or 9%, compared to $10.9 million for the fourth quarter of 2023.

    On a linked quarter basis, noninterest income for the fourth quarter of 2024 decreased by $41,000, or less than 1%, from $11.9 million during the third quarter of 2024. The linked quarter decrease was driven by a decrease to other income of $261,000, or 25%, and was offset by an increase to bank owned life insurance income $148,000, or 14%.

    Noninterest Expense

    Noninterest expense decreased by $5.6 million, or 4%, from $130.7 million to $125.1 million for the twelve months ended December 31, 2023 and 2024, respectively. Noninterest expense during 2023 was elevated as compared to 2024 due to the wire fraud loss, which added a net $16.7 million to noninterest expense. Offsetting this impact on noninterest expense was a $7.6 million, or 13%, increase in salaries and employees benefits during the full year 2024. The increase to salaries and benefits expense resulted primarily from increases to salaries and wages of $3.2 million, performance-based incentive compensation of $2.3 million, health insurance expense of $918,000, and variable deferred compensation of $950,000, which relates to the company’s variable bank owned life insurance. Other expense increased $2.6 million, or 24%, primarily due to an accrued legal expense of $4.5 million. Data processing fees and supplies increased by $1.2 million, or 8%, from the continued investment in customer-facing and operational technology solutions. Adjusted core noninterest expense, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $120.5 million for the twelve months ended December 31, 2024, an increase of $6.5 million, or 6%, compared to $114.0 million for the twelve months ended December 31, 2023.

    Noninterest expense increased $1.2 million, or 4%, to $30.7 million for the fourth quarter of 2024, compared to $29.4 million during the fourth quarter of 2023. Driving the fourth quarter 2024 increase to noninterest expense was an increase to salaries and benefits expense of $1.5 million, or 10%, which was primarily attributable to increased salary expense of $825,000, deferred compensation of $414,000 and increased health insurance of $222,000. Other expense decreased by $595,000, or 20%, from lower legal accruals. Adjusted core noninterest expense increased by $1.7 million, or 6%, from $29.0 million during the fourth quarter of 2023.

    On a linked quarter basis, noninterest expense increased by $260,000, or 1%, from $30.4 million during the third quarter of 2024. Driving the increase in noninterest expense was an increase in salaries and employee benefits of $785,000, or 5% primarily due to performance-based incentive compensation. Corporate and business development expense decreased by $419,000, or 31%, which was driven by a reduction in advertising expense during the quarter. Other expense decreased by $132,000, or 5%.

    The company’s efficiency ratio for the twelve months ended December 31, 2024 was 49.3% compared to 52.9% for the twelve months ended December 31, 2023. The company’s adjusted core efficiency ratio, a non-GAAP financial measure that excludes the impact of certain non-routine operating events, was 49.5% for the twelve months ended December 31, 2024 as compared to 47.4% for the twelve months ended December 31, 2023.

    The company’s efficiency ratio was 48.2% for the fourth quarter of 2024, compared to 44.7% for the fourth quarter of 2023 and 49.7% for the linked third quarter of 2024. The company’s adjusted core efficiency ratio was 48.7% for the fourth quarter of 2023 and unchanged when compared to the company’s efficiency ratio for the third and fourth quarters of 2024.

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.7 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.

     
    LAKELAND FINANCIAL CORPORATION
    FOURTH QUARTER 2024 FINANCIAL HIGHLIGHTS
           
      Three Months Ended   Twelve Months Ended
    (Unaudited – Dollars in thousands, except per share data) December 31,   September 30,   December 31,   December 31,   December 31,
    END OF PERIOD BALANCES 2024   2024   2023   2024   2023
    Assets $ 6,678,374     $ 6,645,371     $ 6,524,029     $ 6,678,374     $ 6,524,029  
    Investments   1,122,994       1,147,806       1,181,646       1,122,994       1,181,646  
    Loans   5,117,948       5,081,990       4,916,534       5,117,948       4,916,534  
    Allowance for Credit Losses   85,960       83,627       71,972       85,960       71,972  
    Deposits   5,900,966       5,837,313       5,720,525       5,900,966       5,720,525  
    Brokered Deposits   41,560       96,504       135,405       41,560       135,405  
    Core Deposits (1)   5,859,406       5,740,809       5,585,120       5,859,406       5,585,120  
    Total Equity   683,911       699,181       649,793       683,911       649,793  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803       3,803       3,803  
    Tangible Common Equity (2)   680,108       695,378       645,990       680,108       645,990  
    Adjusted Tangible Common Equity (2)   846,040       832,813       800,450       846,040       800,450  
    AVERAGE BALANCES                  
    Total Assets $ 6,795,596     $ 6,656,464     $ 6,514,430     $ 6,662,718     $ 6,464,980  
    Earning Assets   6,470,920       6,329,287       6,145,937       6,328,498       6,114,225  
    Investments   1,134,011       1,128,705       1,107,862       1,134,979       1,184,659  
    Loans   5,086,614       5,064,348       4,879,695       5,039,406       4,813,678  
    Total Deposits   6,011,122       5,880,177       5,802,592       5,836,025       5,604,228  
    Interest Bearing Deposits   4,729,201       4,635,993       4,428,140       4,578,219       4,128,922  
    Interest Bearing Liabilities   4,729,206       4,649,745       4,441,425       4,644,553       4,295,743  
    Total Equity   693,744       670,160       572,653       662,087       588,667  
    INCOME STATEMENT DATA                  
    Net Interest Income $ 51,694     $ 49,273     $ 48,599     $ 196,679     $ 197,035  
    Net Interest Income-Fully Tax Equivalent   52,804       50,383       49,914       201,363       202,347  
    Provision for Credit Losses   3,691       3,059       300       16,750       5,850  
    Noninterest Income   11,876       11,917       17,208       56,844       49,858  
    Noninterest Expense   30,653       30,393       29,445       125,084       130,710  
    Net Income   24,190       23,338       29,626       93,478       93,767  
    Pretax Pre-Provision Earnings (2)   32,917       30,797       36,362       128,439       116,183  
    PER SHARE DATA                  
    Basic Net Income Per Common Share $ 0.94     $ 0.91     $ 1.16     $ 3.64     $ 3.67  
    Diluted Net Income Per Common Share   0.94       0.91       1.16       3.63       3.65  
    Cash Dividends Declared Per Common Share   0.48       0.48       0.46       1.92       1.84  
    Dividend Payout   51.06 %     52.75 %     39.66 %     52.89 %     50.41 %
    Book Value Per Common Share (equity per share issued) $ 26.62     $ 27.22     $ 25.37     $ 26.62     $ 25.37  
    Tangible Book Value Per Common Share (2)   26.47       27.07       25.22       26.47       25.22  
    Market Value – High $ 78.61     $ 72.25     $ 67.88     $ 78.61     $ 77.07  
    Market Value – Low   61.10       57.45       45.59       57.45       43.05  
                                           
                                           
      Three Months Ended   Twelve Months Ended
    (Unaudited – Dollars in thousands, except per share data) December 31,   September 30,   December 31,   December 31,   December 31,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    Basic Weighted Average Common Shares Outstanding   25,686,276       25,684,407       25,614,420       25,676,543       25,604,751  
    Diluted Weighted Average Common Shares Outstanding   25,792,460       25,767,739       25,732,870       25,769,018       25,723,165  
    KEY RATIOS                  
    Return on Average Assets   1.42 %     1.39 %     1.80 %     1.40 %     1.45 %
    Return on Average Total Equity   13.87       13.85       20.52       14.12       15.93  
    Average Equity to Average Assets   10.21       10.07       8.79       9.94       9.11  
    Net Interest Margin   3.25       3.16       3.23       3.18       3.31  
    Efficiency  (Noninterest Expense/Net Interest Income plus Noninterest Income)   48.22       49.67       44.74       49.34       52.94  
    Loans to Deposits   86.73       87.06       85.95       86.73       85.95  
    Investment Securities to Total Assets   16.82       17.27       18.11       16.82       18.11  
    Tier 1 Leverage (3)   12.15       12.18       11.82       12.15       11.82  
    Tier 1 Risk-Based Capital (3)   14.64       14.50       14.21       14.64       14.21  
    Common Equity Tier 1 (CET1) (3)   14.64       14.50       14.21       14.64       14.21  
    Total Capital (3)   15.90       15.75       15.47       15.90       15.47  
    Tangible Capital (2)   10.19       10.47       9.91       10.19       9.91  
    Adjusted Tangible Capital (2)   12.37       12.29       11.99       12.37       11.99  
    ASSET QUALITY                  
    Loans Past Due 30 – 89 Days $ 4,273     $ 829     $ 3,360     $ 4,273     $ 3,360  
    Loans Past Due 90 Days or More   28       95       27       28       27  
    Nonaccrual Loans   56,431       57,551       15,687       56,431       15,687  
    Nonperforming Loans   56,459       57,646       15,714       56,459       15,714  
    Other Real Estate Owned   284       384       384       284       384  
    Other Nonperforming Assets   143       21       8       143       8  
    Total Nonperforming Assets   56,886       58,051       16,106       56,886       16,106  
    Individually Analyzed Loans   78,647       77,654       16,124       78,647       16,124  
    Non-Individually Analyzed Watch List Loans   132,499       189,918       166,961       132,499       166,961  
    Total Individually Analyzed and Watch List Loans   211,146       267,572       183,085       211,146       183,085  
    Gross Charge Offs   1,657       231       566       3,468       7,332  
    Recoveries   299       88       133       706       848  
    Net Charge Offs/(Recoveries)   1,358       143       433       2,762       6,484  
    Net Charge Offs/(Recoveries) to Average Loans   0.11 %     0.01 %     0.04 %     0.05 %     0.13 %
    Credit Loss Reserve to Loans   1.68       1.65       1.46       1.68       1.46  
    Credit Loss Reserve to Nonperforming Loans   152.25       145.07       458.01       152.25       458.01  
    Nonperforming Loans to Loans   1.10       1.13       0.32       1.10       0.32  
    Nonperforming Assets to Assets   0.85       0.87       0.25       0.85       0.25  
    Total Individually Analyzed and Watch List Loans to Total Loans   4.13 %     5.27 %     3.72 %     4.13 %     3.72 %
                       
                       
      Three Months Ended   Twelve Months Ended
    (Unaudited – Dollars in thousands, except per share data) December 31,   September 30,   December 31,   December 31,   December 31,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    OTHER DATA                  
    Full Time Equivalent Employees   643       639       619       643       619  
    Offices   54       54       53       54       53  

    ________________________________________________________________
    (1)  Core deposits equals deposits less brokered deposits.
    (2)  Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3)  Capital ratios for December 31, 2024 are preliminary until the Call Report is filed.

     
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)
     
    ​ December 31,
    2024    		   December 31,
    2023
    ​ (Unaudited)   ​
    ASSETS      
    Cash and due from banks $ 71,733     $ 70,451  
    Short-term investments   96,472       81,373  
    Total cash and cash equivalents   168,205       151,824  
    ​      
    Securities available-for-sale, at fair value   991,426       1,051,728  
    Securities held-to-maturity, at amortized cost (fair value of $113,107 and $119,215, respectively)   131,568       129,918  
    Real estate mortgage loans held-for-sale   1,700       1,158  
    ​      
    Loans, net of allowance for credit losses of $85,960 and $71,972   5,031,988       4,844,562  
    ​      
    Land, premises and equipment, net   60,489       57,899  
    Bank owned life insurance   113,320       109,114  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   28,446       30,011  
    Goodwill   4,970       4,970  
    Other assets   124,842       121,425  
    Total assets $ 6,678,374     $ 6,524,029  
    ​      
    ​      
    LIABILITIES      
    Noninterest bearing deposits $ 1,297,456     $ 1,353,477  
    Interest bearing deposits   4,603,510       4,367,048  
    Total deposits   5,900,966       5,720,525  
           
    Borrowings – Federal Home Loan Bank advances   0       50,000  
    Accrued interest payable   15,117       20,893  
    Other liabilities   78,380       82,818  
    Total liabilities   5,994,463       5,874,236  
    ​      
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    25,978,831 shares issued and 25,509,592 outstanding as of December 31, 2024      
    25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023   129,664       127,692  
    Retained earnings   736,412       692,760  
    Accumulated other comprehensive income (loss)   (166,500 )     (155,195 )
    Treasury stock, at cost (469,239 shares and 473,120 shares as of December 31, 2024 and December 31, 2023, respectively)   (15,754 )     (15,553 )
    Total stockholders’ equity   683,822       649,704  
    Noncontrolling interest   89       89  
    Total equity   683,911       649,793  
    Total liabilities and equity $ 6,678,374     $ 6,524,029  
                   
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
     
    ​ Three Months Ended December 31,   Twelve Months Ended December 31,
    ​ 2024
    		   2023   2024   2023
    NET INTEREST INCOME              
    Interest and fees on loans              
    Taxable $ 83,253     $ 80,631     $ 335,639     $ 304,130  
    Tax exempt   296       1,016       2,126       3,885  
    Interest and dividends on securities              
    Taxable   2,997       3,187       12,048       13,153  
    Tax exempt   3,914       4,009       15,714       16,396  
    Other interest income   2,910       2,099       7,631       5,703  
    Total interest income   93,370       90,942       373,158       343,267  
    ​ ​   ​   ​   ​
    Interest on deposits   41,676       42,154       172,759       137,791  
    Interest on short-term borrowings   0       189       3,720       8,441  
    Total interest expense   41,676       42,343       176,479       146,232  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME   51,694       48,599       196,679       197,035  
    ​ ​   ​   ​   ​
    Provision for credit losses   3,691       300       16,750       5,850  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   48,003       48,299       179,929       191,185  
    ​ ​   ​   ​   ​
    NONINTEREST INCOME              
    Wealth advisory fees   2,699       2,311       10,469       9,080  
    Investment brokerage fees   456       445       1,894       1,815  
    Service charges on deposit accounts   2,825       2,682       11,157       10,773  
    Loan and service fees   2,977       2,968       11,832       11,750  
    Merchant and interchange fee income   889       907       3,542       3,651  
    Bank owned life insurance income   1,216       740       4,210       3,133  
    Interest rate swap fee income   0       0       0       794  
    Mortgage banking income (loss)   48       (70 )     116       (254 )
    Net securities gains (losses)   0       (9 )     (46 )     (25 )
    Net gain on Visa shares   0       0       8,996       0  
    Other income   766       7,234       4,674       9,141  
    Total noninterest income   11,876       17,208       56,844       49,858  
    ​ ​   ​   ​   ​
    NONINTEREST EXPENSE              
    Salaries and employee benefits   17,261       15,733       66,728       59,147  
    Net occupancy expense   1,706       1,486       6,865       6,360  
    Equipment costs   1,405       1,443       5,612       5,632  
    Data processing fees and supplies   3,742       3,698       15,161       14,003  
    Corporate and business development   950       877       4,965       4,807  
    FDIC insurance and other regulatory fees   894       894       3,465       3,363  
    Professional fees   2,275       2,299       8,950       8,583  
    Wire fraud loss   0       0       0       18,058  
    Other expense   2,420       3,015       13,338       10,757  
    Total noninterest expense   30,653       29,445       125,084       130,710  
    ​ ​   ​   ​   ​
    INCOME BEFORE INCOME TAX EXPENSE   29,226       36,062       111,689       110,333  
    Income tax expense   5,036       6,436       18,211       16,566  
    NET INCOME $ 24,190     $ 29,626     $ 93,478     $ 93,767  
    ​ ​   ​   ​   ​
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,686,276       25,614,420       25,676,543       25,604,751  
    ​ ​   ​   ​   ​
    BASIC EARNINGS PER COMMON SHARE $ 0.94     $ 1.16     $ 3.64     $ 3.67  
    ​              
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,792,460       25,732,870       25,769,018       25,723,165  
    ​              
    DILUTED EARNINGS PER COMMON SHARE $ 0.94     $ 1.16     $ 3.63     $ 3.65  
                                   
     
    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
               
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 649,609     12.7 %   $ 678,079     13.3 %   $ 604,893     12.3 %
    Non-working capital loans   801,256     15.6       814,804     16.0       815,871     16.6  
    Total commercial and industrial loans   1,450,865     28.3       1,492,883     29.3       1,420,764     28.9  
              ​            
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   567,781     11.1       729,293     14.3       634,435     12.9  
    Owner occupied loans   807,090     15.8       810,453     15.9       825,464     16.8  
    Nonowner occupied loans   872,671     17.0       766,821     15.1       724,101     14.7  
    Multifamily loans   344,978     6.7       243,283     4.8       253,534     5.1  
    Total commercial real estate and multi-family residential loans   2,592,520     50.6       2,549,850     50.1       2,437,534     49.5  
              ​            
    Agri-business and agricultural loans:                      
    Loans secured by farmland   156,609     3.1       157,413     3.1       162,890     3.3  
    Loans for agricultural production   230,787     4.5       200,971     4.0       225,874     4.6  
    Total agri-business and agricultural loans   387,396     7.6       358,384     7.1       388,764     7.9  
              ​            
    Other commercial loans   95,584     1.9       94,309     1.9       120,726     2.5  
    Total commercial loans   4,526,365     88.4       4,495,426     88.4       4,367,788     88.8  
              ​            
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   259,286     5.1       261,462     5.1       258,103     5.2  
    Open end and junior lien loans   214,125     4.2       210,275     4.1       189,663     3.9  
    Residential construction and land development loans   16,818     0.3       14,200     0.3       8,421     0.2  
    Total consumer 1-4 family mortgage loans   490,229     9.6       485,937     9.5       456,187     9.3  
      ​       ​            
    Other consumer loans   104,041     2.0       103,547     2.1       96,022     1.9  
    Total consumer loans   594,270     11.6       589,484     11.6       552,209     11.2  
    Subtotal   5,120,635     100.0 %     5,084,910     100.0 %     4,919,997     100.0 %
    Less:  Allowance for credit losses   (85,960 )         (83,627 )   ​     (71,972 )   ​
    Net deferred loan fees   (2,687 )         (2,920 )   ​     (3,463 )   ​
    Loans, net $ 5,031,988         $ 4,998,363     ​   $ 4,844,562     ​
                                       
     
    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
               
      December 31,
    2024    		   September 30,
    2024    		   December 31,
    2023
    Noninterest bearing demand deposits $ 1,297,456     $ 1,284,527     $ 1,353,477  
    Savings and transaction accounts:          
    Savings deposits   276,179       276,468       301,168  
    Interest bearing demand deposits   3,471,455       3,273,405       3,049,059  
    Time deposits:          
    Deposits of $100,000 or more   642,776       787,095       792,738  
    Other time deposits   213,100       215,818       224,083  
    Total deposits $ 5,900,966     $ 5,837,313     $ 5,720,525  
    FHLB advances and other borrowings   0       30,000       50,000  
    Total funding sources $ 5,900,966     $ 5,867,313     $ 5,770,525  
                           
     
    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
                 
        Three Months Ended December 31, 2024   Three Months Ended September 30, 2024   Three Months Ended December 31, 2023
    (fully tax equivalent basis, dollars in thousands)   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate    		   Average Balance   Interest Income   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,060,397     $ 83,253     6.54 %   $ 5,037,855     $ 86,118     6.80 %   $ 4,820,389     $ 80,631     6.64 %
    Tax exempt (1)     26,217       364     5.52       26,493       366     5.50       59,306       1,265     8.46  
    Investments: (1)                                    
    Securities     1,134,011       7,953     2.79       1,128,705       7,871     2.77       1,107,862       8,262     2.96  
    Short-term investments     2,765       29     4.17       2,841       35     4.90       2,610       32     4.86  
    Interest bearing deposits     247,530       2,881     4.63       133,393       1,738     5.18       155,770       2,067     5.26  
    Total earning assets   $ 6,470,920     $ 94,480     5.81 %   $ 6,329,287     $ 96,128     6.04 %   $ 6,145,937     $ 92,257     5.96 %
    Less:  Allowance for credit losses     (84,687 )             (81,353 )             (72,165 )        
    Nonearning Assets                                    
    Cash and due from banks     67,994               63,744               69,563          
    Premises and equipment     60,325               59,493               58,436          
    Other nonearning assets     281,044               285,293               312,659          
    Total assets   $ 6,795,596             $ 6,656,464             $ 6,514,430          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 274,960     $ 43     0.06 %   $ 280,180     $ 45     0.06 %   $ 306,875     $ 52     0.07 %
    Interest bearing checking accounts     3,505,470       31,562     3.58       3,295,911       33,822     4.08       3,073,570       30,953     4.00  
    Time deposits:                                    
    In denominations under $100,000     214,429       1,921     3.56       215,020       1,914     3.54       220,678       1,810     3.25  
    In denominations over $100,000     734,342       8,150     4.42       844,882       9,775     4.60       827,017       9,339     4.48  
    Miscellaneous short-term borrowings     5       0     5.30       13,752       189     5.48       13,285       189     5.64  
    Total interest bearing liabilities   $ 4,729,206     $ 41,676     3.51 %   $ 4,649,745     $ 45,745     3.91 %   $ 4,441,425     $ 42,343     3.78 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,281,921               1,244,184               1,374,452          
    Other liabilities     90,725               92,375               125,900          
    Stockholders’ Equity     693,744               670,160               572,653          
    Total liabilities and stockholders’ equity   $ 6,795,596             $ 6,656,464             $ 6,514,430          
    Interest Margin Recap                                    
    Interest income/average earning assets         94,480     5.81 %         96,128     6.04 %         92,257     5.96 %
    Interest expense/average earning assets         41,676     2.56           45,745     2.88           42,343     2.73  
    Net interest income and margin       $ 52,804     3.25 %       $ 50,383     3.16 %       $ 49,914     3.23 %
                                                           

    (1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.11 million and $1.32 million in the three-month periods ended December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
    (2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023, are included as taxable loan interest income.
    (3)  Nonaccrual loans are included in the average balance of taxable loans.

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Twelve Months Ended
      Dec. 31, 2024   Sep. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
    Total Equity $ 683,911     $ 699,181     $ 649,793     $ 683,911     $ 649,793  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Common Equity   680,108       695,378       645,990       680,108       645,990  
    Market Value Adjustment in AOCI   165,932       137,435       154,460       165,932       154,460  
    Adjusted Tangible Common Equity   846,040       832,813       800,450       846,040       800,450  
                       
    Assets $ 6,678,374     $ 6,645,371     $ 6,524,029     $ 6,678,374     $ 6,524,029  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Assets   6,674,571       6,641,568       6,520,226       6,674,571       6,520,226  
    Market Value Adjustment in AOCI   165,932       137,435       154,460       165,932       154,460  
    Adjusted Tangible Assets   6,840,503       6,779,003       6,674,686       6,840,503       6,674,686  
                       
    Ending Common Shares Issued   25,689,730       25,684,916       25,614,585       25,689,730       25,614,585  
                       
    Tangible Book Value Per Common Share $ 26.47     $ 27.07     $ 25.22     $ 26.47     $ 25.22  
                       
    Tangible Common Equity/Tangible Assets   10.19 %     10.47 %     9.91 %     10.19 %     9.91 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.37 %     12.29 %     11.99 %     12.37 %     11.99 %
                       
    Net Interest Income $ 51,694     $ 49,273     $ 48,599     $ 196,679     $ 197,035  
    Plus:  Noninterest Income   11,876       11,917       17,208       56,844       49,858  
    Minus:  Noninterest Expense   (30,653 )     (30,393 )     (29,445 )     (125,084 )     (130,710 )
                       
    Pretax Pre-Provision Earnings $ 32,917     $ 30,797     $ 36,362     $ 128,439     $ 116,183  
                                           

    Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual, and wire fraud loss and associated insurance and loss recoveries and adjustments to salaries and employee benefits expense for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Twelve Months Ended
      Dec. 31, 2024   Sep. 30, 2024   Dec. 31, 2023   Dec. 31, 2024   Dec. 31, 2023
    Noninterest Income $ 11,876     $ 11,917     $ 17,208     $ 56,844     $ 49,858  
    Less: Net (Gain) Loss on Visa Shares   0       15       0       (8,996 )     0  
    Less: Insurance and Loss Recoveries   0       0       (6,300 )     (1,000 )     (6,300 )
    Adjusted Core Noninterest Income $ 11,876     $ 11,932     $ 10,908     $ 46,848     $ 43,558  
                       
    Noninterest Expense $ 30,653     $ 30,393     $ 29,445     $ 125,084     $ 130,710  
    Less: Legal Accrual   0       0       0       (4,537 )     0  
    Less: Wire Fraud Loss   0       0       0       0       (18,058 )
    Plus: Salaries and Employee Benefits (1)   0       0       (453 )     0       1,397  
    Adjusted Core Noninterest Expense $ 30,653     $ 30,393     $ 28,992     $ 120,547     $ 114,049  
                       
    Earnings Before Income Taxes $ 29,226     $ 27,738     $ 36,062     $ 111,689     $ 110,333  
    Adjusted Core Impact:                  
    Noninterest Income   0       15       (6,300 )     (9,996 )     (6,300 )
    Noninterest Expense   0       0       453       4,537       16,661  
    Total Adjusted Core Impact   0       15       (5,847 )     (5,459 )     10,361  
    Adjusted Earnings Before Income Taxes   29,226       27,753       30,215       106,230       120,694  
    Tax Effect   (5,036 )     (4,404 )     (4,996 )     (16,853 )     (19,119 )
    Core Operational Profitability (2) $ 24,190     $ 23,349     $ 25,219     $ 89,377     $ 101,575  
                       
    Diluted Earnings Per Common Share $ 0.94     $ 0.91     $ 1.16     $ 3.63     $ 3.65  
    Impact of Adjusted Core Items   0.00       0.00       (0.18 )     (0.16 )     0.30  
    Core Operational Diluted Earnings Per Common Share $ 0.94     $ 0.91     $ 0.98     $ 3.47     $ 3.95  
                       
    Adjusted Core Efficiency Ratio   48.22 %     49.66 %     48.72 %     49.49 %     47.40 %
                                           

    (1)  In 2023, long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss and associated insurance and loss recoveries.
    (2)  Core operational profitability was $11,000 higher and $4.4 million lower than reported net income for the three months ended September 30, 2024 and December 31, 2023, respectively. Core operational profitability was $4.1 million lower and $7.8 million higher than reported net income for the twelve months ended December 31, 2024 and 2023, respectively.

    Contact
    Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on Datson Exports Ltd., West Bengal

    Source: Reserve Bank of India

    The Reserve Bank of India (RBl) has, by an order dated January 15, 2025, imposed a monetary penalty of ₹1.00 lakh (Rupees One lakh only) on Datson Exports Ltd., West Bengal (the company) for non-compliance with certain directions issued by RBI on ‘Managing Risks and Code of Conduct in Outsourcing of Financial Services by NBFCs’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 58 G(1)(b) read with Section 58B(5)(aa) of the Reserve Bank of India Act, 1934.

    The statutory inspection of the company was conducted with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the company’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the company was sustained, warranting imposition of monetary penalty:

    The company had outsourced one of its decision-making functions, viz., sanction of loans, to its Digital Lending Application (DLA) partner.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/1999

    MIL OSI Economics –

  • MIL-OSI Economics: Reserve Bank of India imposes monetary penalty on Jammu and Kashmir Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 14, 2025, imposed a monetary penalty of ₹3,31,80,000 (Rupees Three crore thirty one lakh eighty thousand only) on Jammu and Kashmir Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Financial Inclusion – Access to Banking Services – Basic Savings Bank Deposit Account (BSBDA)’, ‘Know Your Customer’ and ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47 A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The Statutory Inspection for Supervisory Evaluation of the bank was conducted by RBI with reference to its financial position as on March 31, 2022 and March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said RBI directions.

    After considering the bank’s reply to the notice and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    1. The bank allowed certain BSBDA holders to also open Savings Bank Deposit Accounts;

    2. The bank did not identify beneficial owner for opening accounts of certain Legal Persons, who were not natural persons;

    3. The bank allowed operations in certain small accounts that did not meet the regulatory requirements; and

    4. The bank sanctioned a working capital demand loan to a Corporation against amounts receivable by way of subsidies from Government.

    The action is based on deficiencies in statutory and regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2000

    MIL OSI Economics –

  • MIL-OSI Economics: Reserve Bank of India imposes monetary penalty on Bank of India

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated January 07, 2025, imposed a monetary penalty of ₹1.00 crore (Rupees One crore only) on Bank of India (the bank) for non-compliance with provisions of Section 26A of the Banking Regulation Act, 1949 (BR Act) read with the ‘Depositor Education and Awareness Fund Scheme, 2014’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) and 51(1) of the BR Act.

    The Statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on the supervisory findings of non-compliance with the provisions of BR Act and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said provisions of BR Act.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank had not transferred eligible amounts to the Depositor Education and Awareness Fund within the prescribed period.

    The action is based on deficiencies in statutory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2001

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Interdepartmental working group on festival arrangements releases latest information on cross-boundary passenger traffic estimation and arrangements for Chinese New Year festive period

    Source: Hong Kong Government special administrative region

    Interdepartmental working group on festival arrangements releases latest information on cross-boundary passenger traffic estimation and arrangements for Chinese New Year festive period
    Interdepartmental working group on festival arrangements releases latest information on cross-boundary passenger traffic estimation and arrangements for Chinese New Year festive period
    ******************************************************************************************

         The interdepartmental working group on festival arrangements, led by the Chief Secretary for Administration, released the following information today (January 24) on the estimated visitor flow and arrangements for the upcoming Chinese New Year festive period.           During the upcoming Chinese New Year festive period (from January 28 to February 4), the Immigration Department (ImmD), in consultation with the Shenzhen General Station of Exit and Entry Frontier Inspection and other Mainland authorities, estimates that around 7.34 million passengers (including Hong Kong residents and visitors) will pass through land boundary control points. The ImmD estimates that the passenger traffic at the Lo Wu Control Point, the Lok Ma Chau Spur Line Control Point and the Hong Kong-Zhuhai-Macao Bridge Control Point will be heavy, with a daily average forecast of about 205 000, 190 000 and 146 000 passengers respectively.           To cope with the anticipated heavy traffic during the festive period, the ImmD has minimised leave for frontline officers for flexible deployment, and operation of extra clearance counters and kiosks. Additional security guards will also be deployed to provide crowd management support.           Furthermore, the ImmD, the Hong Kong Police Force, the Customs and Excise Department and the MTR Corporation Limited will set up a joint command centre at the Lo Wu Control Point to make necessary arrangements. The ImmD will also establish close communication with Mainland authorities, including the Shenzhen General Station of Exit and Entry Frontier Inspection. To ensure a smooth passenger traffic flow, passenger conditions will be closely monitored and appropriate traffic diversion plans will be adopted when necessary.           To avoid congestion and a longer than usual waiting time for immigration clearance, the ImmD advises all land boundary passengers to plan in advance, avoid making their journeys during busy periods and keep track of radio and TV broadcasts on traffic conditions at various control points. The busy times at boundary control points are available on the website of the ImmD at http://www.immd.gov.hk. Furthermore, passengers may also check the estimated waiting times at each land boundary control point at any time or place via the Immigration Mobile Application (ImmD Mobile App). They can then plan their trips effectively and save time queuing at control points. The ImmD Mobile App can be downloaded free of charge from the Apple App Store (supports iOS version 12.0 or above), Google Play (supports Android version 8.0 or above), Huawei AppGallery (supports Android version 8.0 or above) and the APK file available on the ImmD website. Passengers can download the ImmD Mobile App by scanning the QR code (see Annex) or via the ImmD website, http://www.immd.gov.hk. In addition, information on public transport services to and from various control points is available on the Transport Department website at http://www.td.gov.hk.           For travellers making journeys to the Mainland, the ImmD reminds them to carry their proof of identity and valid travel documents for crossing the boundary. Hong Kong residents should also check the validity of their Home Visit Permits. Non-permanent residents must carry their valid smart identity card as well as their Document of Identity for Visa Purposes or valid travel document.           Holders of the acknowledgement receipt issued due to reported loss or replacement of their Hong Kong identity cards, or children under 11 years old who hold Hong Kong identity cards, should carry a valid travel document or Re-entry Permit.           About 700 e-Channels have been installed at various control points. The Contactless e-Channel service is available at all control points now. All eligible Hong Kong residents, after enrolment, can generate an encrypted QR code through the Contactless e-Channel mobile application to enter the e-Channel, and then verify their identity with the facial verification technology for automated immigration clearance.           In addition, all control points have introduced self-service departures for visitors to Hong Kong (Smart Departure) which provides greater travel convenience for visitors. The service employs facial recognition technology for identity verification, which allows eligible visitors holding electronic travel documents to perform self-service departure clearance through Smart Departure e-Channels without prior enrolment.           Hong Kong residents who require assistance while travelling outside Hong Kong may call the 24-hour hotline of the Assistance to Hong Kong Residents Unit of the ImmD at (852) 1868, call the 1868 hotline using network data or use the 1868 Chatbot via the ImmD Mobile App, send a message to 1868 WhatsApp assistance hotline or 1868 WeChat assistance hotline or submit the Online Assistance Request Form,           The interdepartmental working group on festival arrangements is tasked with holistically co-ordinating and steering the preparatory work of various government departments for welcoming visitors to Hong Kong during the Chinese New Year holidays, as well as strengthening information dissemination to enable the public and visitors to plan their itineraries according to the latest situation.

     
    Ends/Friday, January 24, 2025Issued at HKT 20:18

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Hong Kong Customs detects case involving possession of suspected “space oil drug” by passenger (with photo)

    Source: Hong Kong Government special administrative region

    Hong Kong Customs detects case involving possession of suspected “space oil drug” by passenger (with photo)
    Hong Kong Customs detects case involving possession of suspected “space oil drug” by passenger (with photo)
    ******************************************************************************************

         Hong Kong Customs yesterday (January 23) detected a case involving possession of suspected etomidate (the main ingredient of “space oil drug”), a kind of Part 1 poison under the Pharmacy and Poisons Regulations, by an incoming passenger at the Lok Ma Chau Control Point. A total of ten suspected “space oil drug” capsules were seized.     A local 19-year-old male passenger arrived in Hong Kong via the Lok Ma Chau Control Point yesterday. During customs clearance, ten suspected “space oil drug” capsules were found in his jacket pocket. He was subsequently arrested.     The arrested man has been put on bail pending further investigation.     Under the Pharmacy and Poisons Ordinance, any person who possesses any poison included in Part 1 of the Poisons List other than in accordance with provisions commits an offence. The maximum penalty upon conviction is a fine of $100,000 and imprisonment for two years.     Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour report hotline 182 8080 or its dedicated crime reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002).

     
    Ends/Friday, January 24, 2025Issued at HKT 20:18

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    MIL OSI Asia Pacific News –

  • MIL-OSI: Abaxx Announces Closing of Final Tranche of C$2,756,000 Private Placement

    Source: GlobeNewswire (MIL-OSI)

    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

    TORONTO, Jan. 24, 2025 (GLOBE NEWSWIRE) — Abaxx Technologies Inc. (CBOE CA:ABXX) (“Abaxx” or the “Company”), a financial software and market infrastructure company, majority shareholder of Abaxx Singapore Pte. Ltd., the owner of Abaxx Commodity Exchange and Clearinghouse (individually, “Abaxx Exchange” and “Abaxx Clearing”), and producer of the SmarterMarkets™ Podcast, is pleased to announce it has today closed its final tranche (the “Final Tranche”) of a non-brokered private placement financing (the “Financing”). The Final Tranche consisted of the issuance of 50,000 common shares (the “Shares”) of the Company at a price of C$13.00 per Share for aggregate gross proceeds of C$650,000. The Financing, which consisted of the Final Tranche and a tranche which closed on November 22, 2024, consisted of the issuance of 212,000 Shares at a price of C$13.00 per Share for aggregate gross proceeds of C$2,756,000.

    The proceeds of the Financing are expected to be used for general corporate and working capital requirements, including to fund ongoing operations and/or working capital and minimum regulatory requirements for Abaxx Exchange and Abaxx Clearing. No finder’s fees or commissions were paid in connection with the Final Tranche.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities issuable under the Financing have not been and will not be registered under the U.S. Securities Act or any state securities laws and may not be offered or sold to or for the account or benefit of persons in the “United States” or “U.S. persons” (as such terms are defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

    About Abaxx Technologies
    Abaxx is building Smarter Markets — markets empowered by better financial technology and market infrastructure to address our biggest challenges, including the energy transition. In addition to developing and deploying financial technologies that make communication, trade, and transactions easier and more secure, Abaxx is a majority-owner of Abaxx Exchange and Abaxx Clearing, subsidiaries recognized by the Monetary Authority of Singapore as “recognized market operator” and “approved clearinghouse”, respectively.

    Abaxx Exchange and Abaxx Clearing are a Singapore-based commodity futures exchange and clearinghouse, introducing centrally cleared, physically deliverable commodities futures and derivatives to provide better price discovery and risk management tools for the commodities critical to our transition to a lower-carbon economy.

    For more information please visit abaxx.tech, abaxx.exchange and smartermarkets.media.

    For more information about this press release, please contact:

    Steve Fray, CFO
    Tel: 647-490-1590

    Media and investor inquiries:

    Abaxx Technologies Inc.
    Investor Relations Team
    Tel: +1 647 490 1590
    E-mail: ir@abaxx.tech

    Cautionary Statement Regarding Forward-Looking Information

    This press release includes certain “forward-looking statements” which do not consist of historical facts. Forward-looking statements include estimates and statements that describe Abaxx’s future plans, objectives, or goals, including words to the effect that Abaxx expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “seeking”, “should”, “intend”, “predict”, “potential”, “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, “continue”, “plan” or the negative of these terms and similar expressions. Since forward-looking statements are based on current expectations and assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Abaxx, Abaxx does not provide any assurance that actual results will meet respective management expectations. Risks, uncertainties, assumptions, and other factors involved with forward-looking information could cause actual events, results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking information.

    Forward-looking information related to Abaxx in this press release includes but is not limited to, Abaxx’s objectives, goals or future plans and intended use of proceeds from the Financing. Such factors impacting forward-looking information include, among others: risks relating to the global economic climate; dilution; Abaxx’s limited operating history; future capital needs and uncertainty of additional financing; the competitive nature of the industry; currency exchange risks; the need for Abaxx to manage its planned growth and expansion; the effects of product development and need for continued technology change; protection of proprietary rights; the effect of government regulation and compliance on Abaxx and the industry; the ability to list Abaxx’s securities on stock exchanges in a timely fashion or at all; network security risks; the ability of Abaxx to maintain properly working systems; reliance on key personnel; global economic and financial market deterioration impeding access to capital or increasing the cost of capital; and volatile securities markets impacting security pricing unrelated to operating performance. In addition, particular factors which could impact future results of the business of Abaxx include but are not limited to: operations in foreign jurisdictions, protection of intellectual property rights, contractual risk, third-party risk; clearinghouse risk, malicious actor risks, third-party software license risk, system failure risk, risk of technological change; dependence of technical infrastructure; and changes in the price of commodities, capital market conditions, restriction on labor and international travel and supply chains. Abaxx has also assumed that no significant events occur outside of Abaxx’s normal course of business.

    Abaxx cautions that the foregoing list of material factors is not exhaustive. In addition, although Abaxx has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, or intended. When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors, the risk factors in the Company’s most recent management’s discussion and analysis and other uncertainties and potential events. Abaxx has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking statements and information contained in this press release represents the expectations of Abaxx as of the date of this press release and, accordingly, is subject to change after such date. Abaxx undertakes no obligation to update or revise any forward-looking statements and information, whether as a result of new information, future events or otherwise, except as required by law. Accordingly, readers are cautioned not to place undue reliance on these forward-looking statements and information. CBOE Canada does not accept responsibility for the adequacy or accuracy of this press release.

    The MIL Network –

  • MIL-OSI Europe: ASIA/INDIA – The Jubilee Year in Tamil Nadu: giving new hope to the Dalits

    Source: Agenzia Fides – MIL OSI

    Bangalore (Agenzia Fides) – “For the Dalits, the Jubilee means hoping for the recognition of their human dignity; it means breaking the spiral of discrimination and exclusion. The Jubilee period is a time of hope for them to escape from the caste mentality and enjoy opportunities in society and in the Church on an equal basis with other citizens,” said Franciscan Father Nithya Sagayam OFM Cap, Secretary of the Commission for Castes and Scheduled Tribes (SCST) of the Council of Catholic Bishops of the State of Tamil Nadu, to Fides, referring to the Jubilee Year in the South Indian state. In an area that includes 18 dioceses and 38 civil districts, the religious works for the development, emancipation and spiritual accompaniment of the Dalits (the so-called “untouchables”), who make up 20% of the state’s population (81 million inhabitants in total) and live mainly in rural areas, with little or no access to education and social services. “Among the Catholics in Tamil Nadu (7.5 million believers in total)”, said the Franciscan Father, “Dalits make up about 60 percent, and they are the poorest of the poor, the excluded, the deprived of dignity. It is therefore important for the Catholic community to stand by them and to set out with them on the path of hope, as the Pope wishes at this time of the Jubilee.” “It is about awakening in them the hope of human dignity, of a life worth living, which they do not just spend resignedly on the fringes of society and history. Here, a caste mentality still prevails, which irreversibly relegates them to the last place,” he notes. The Commission for the Dalits of the Council of Bishops of Tamil Nadu has drawn up a program with various initiatives on the occasion of the Jubilee: “The first,” he reports, “is education and learning the English language to improve their situation and the possibility of employment; then there are emancipation initiatives such as seminars to learn how to do business, to start small economic activities; there is also the desire to deal with the phenomenon of emigration, since Dalits live in rural villages and tend to migrate to the cities”. “In this pilgrimage of hope alongside them – the religious concluded – we are always helped by faith in Jesus Christ, who has given salvation to all, so that each of us, each Dalit, is a beloved child’. (PA) (Agenzia Fides, 24/1/2025)
    Share:

    MIL OSI Europe News –

  • MIL-OSI Global: Wood burning stoves are a serious problem for your health – and the environment

    Source: The Conversation – UK – By Asit Kumar Mishra, Research Fellow in School of Public of Health, University College Cork

    Monkey Business Images/Shutterstock

    There is something cosy and appealing about settling down next to a roaring fire in winter but, every year, nearly 61,000 premature deaths in Europe are caused by air pollution as a result of people burning wood or coal to heat their homes.

    Wood-burning stoves are often considered safer, cleaner and more attractive than open fires. This may, in part, explain why from 2021 to 2022, sales of wood-burning stoves increased by 40% in the UK.

    However, burning wood is not necessarily a healthier or greener alternative to coal or gas for home heating.

    Wood burning produces a complex chemical mixture of fine particulate matter (PM2.5) and gases, which can be breathed deep into the lungs. The specific contents vary based on the type of stove and the type of fuel, but chemicals can include carbon monoxide, oxides of nitrogen and a range of volatile organic compounds, such as cancer-causing formaldehyde and benzene.

    Exposure to wood smoke affects the heart, blood vessels and the respiratory system – and PM2.5 is considered to be the biggest threat. Wood smoke increases the risk of heart attacks and strokes and can exacerbate chronic obstructive pulmonary disease (COPD) and asthma. Exposure to PM2.5 from wood burning can also cause premature death.

    Exposure to this pollution also leads to loss of work days, reduced productivity, higher expenses on healthcare and increased hospital admissions.

    The risks are higher for people over 65, children, pregnant women and people with existing heart or lung conditions. Chronic wood smoke inhalation has been associated with systemic inflammation, which can make the lungs more vulnerable to infections, such as flu and COVID.

    In the UK and Ireland, solid fuel heating is the main source of outdoor PM2.5 during wintertime. While wood is the dominant solid fuel in the UK, peat burning is regularly found to make the largest contribution to PM2.5 in Ireland.

    Under cold, stagnant weather conditions, air pollution, even in small rural towns, can be as high as that found in very polluted parts of north India.

    Exposure to outdoor air pollution caused by wood burning is an obvious health risk. But the pollution also finds its way into homes, worsening indoor air quality. Also, when lighting or refuelling a wood stove, large quantities of PM2.5 escape into the indoor air. Depending on how effective the home ventilation is, the PM2.5 levels can take hours to reduce.

    Looks aren’t everything

    In surveys carried out in Ireland and the UK, it was found that most people using solid fuel stoves did it for the aesthetics and the “homely feel”. The desire to save money or necessity came next.

    Most people who use indoor wood burning in London are in wealthier neighbourhoods, while those most affected by the consequent air pollution are in poorer areas.

    Educational campaigns regarding the effect of wood-burning stoves on health and the environment can be an important tool to reduce their usage. New initiatives, such as the Clean Air Night held in the UK and Ireland, are valuable in raising awareness and possibly changing long-term heating habits.

    Encouraging users to move to more efficient and renewable heating technologies like heat pumps can reduce emissions and harm to health. This move even works out to be cheaper, except for people who source their own wood.

    Communities can also be provided with information on their local air quality, allowing them to visualise real-time effects of their actions. For example, the PM2.5 sensor network map for Cork is freely accessible to the community and identifies locations and times when PM2.5 pollution is unhealthy.

    If you have a wood burner, you could check that the pollution levels aren’t too high before you fire it up.

    How to reduce emissions

    People who rely on solid fuel stoves as their only source of home heating can adopt the following measures to reduce emissions. Use low-emission labelled stoves that reduce pollution. When burning, have small hot fires, with enough air supply and do not let the fire smoulder.

    Choose carefully what is burnt, in compliance with relevant regulations. Do not burn garbage, plastics, cardboard, treated or painted wood in your stoves. These items increase exposure to toxic pollutants.

    Ensure that stoves are installed and maintained annually by professionals. And, when lighting up or refuelling, make sure that the room the stove is in is well ventilated. This means open windows, no blocked vents, and exhaust fans or kitchen hoods can be used for additional ventilation.

    People who use solid fuel stoves as a secondary source of heating could consider using the stove less or even stopping using it altogether. That really would be a breath of fresh air.

    Asit Kumar Mishra is a DOROTHY co-fund Fellow and Marie Skłodowska-Curie Fellow and receives funding from the European Union’s Horizon 2020 research and innovation programme under the Marie Skłodowska-Curie grant agreement No 101034345.

    John Wenger has previously received funding from several governmental organisations in Ireland for research into solid fuel burning, including the EPA and Irish Research Council.

    – ref. Wood burning stoves are a serious problem for your health – and the environment – https://theconversation.com/wood-burning-stoves-are-a-serious-problem-for-your-health-and-the-environment-245737

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: Labour Department highly concerned about fatal work accident that happened in Fo Tan today

    Source: Hong Kong Government special administrative region

    Labour Department highly concerned about fatal work accident that happened in Fo Tan today
    Labour Department highly concerned about fatal work accident that happened in Fo Tan today
    ******************************************************************************************

         The Labour Department (LD) is highly concerned about a fatal work accident that happened at a construction site in Fo Tan this afternoon (January 24), in which a male worker, while dismantling a metal I-beam on an elevating work platform, was struck by the suspended dismantled portion of the I-beam and fell from the work platform to the ground. He was certified dead at the scene. The LD is saddened by death of the worker and expresses its deepest sympathy to his family.     The LD’s spokesman said, “We commenced an immediate on-site investigation as soon as we were notified of the accident and have issued suspension notices to the contractors concerned, suspending the dismantling work of I-beams at the construction site. The contractors cannot resume the work process until the LD is satisfied that suitable measures to abate the relevant risks have been taken.”     The spokesman added, “We will complete the investigation as soon as possible to identify the cause of the accident, ascertain the liability of the duty holders and recommend improvement measures. We will take actions pursuant to the law if there is any violation of the work safety legislation.”                     To protect workers’ safety, the LD reminds contractors that substantive support shall be provided to the structures being dismantled to prevent them from accidental displacement or sudden collapse during dismantling work.      The general duty provisions of the Occupational Safety and Health Ordinance require employers to provide safe working environments, plant and systems of work for their employees. Those who contravene the relevant provisions are liable to a maximum fine of $10 million and imprisonment for two years.     In regard to today’s accident, the LD will issue a Work Safety Alert through its mobile application “OSH 2.0”, website and email, giving a brief account of the accident concerned to duty holders, workers’ unions, professional bodies of safety practitioners and others, and reminding the industry of the importance of following safety precautionary measures to prevent a recurrence of similar accidents.     The LD will also remind the employer concerned of the liability for employees’ compensation under the Employees’ Compensation Ordinance, assist family members of the deceased to claim employees’ compensation and closely follow up on the case. For those with financial difficulties, the LD will assist them to apply for appropriate emergency funds. Subject to the needs and wishes of family members of the deceased, the LD will also liaise with the Social Welfare Department for financial or other assistance.     For the sake of securing the safety and health of employees at work, the LD appeals to employers to provide plant and systems of work that are safe and without risks to health. Employees should co-operate with their employers, adopt all safety measures and use personal protective equipment provided properly to avoid endangering their own work safety and that of other workers.

     
    Ends/Friday, January 24, 2025Issued at HKT 21:30

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: London ETO supports Year of Snake screenings at British Film Institute (with photos)

    Source: Hong Kong Government special administrative region

    London ETO supports Year of Snake screenings at British Film Institute (with photos)
    London ETO supports Year of Snake screenings at British Film Institute (with photos)
    ************************************************************************************

         The Hong Kong Economic and Trade Office, London (London ETO) partnered with Focus Hong Kong to celebrate the Year of the Snake with a curated selection of Hong Kong films at the British Film Institute (BFI) Southbank in London from January 23 to 26 (London time).     The Director-General of the London ETO, Mr Gilford Law, remarked that the office is committed to supporting initiatives that showcase the vibrancy and creativity of Hong Kong’s film industry on the international stage. “The Government will continue to strengthen support to Hong Kong film industry through the Film Development Fund, increase the exposure of the Hong Kong film industry globally, and leverage the cultural influence of films to strengthen tourism promotion and attract more visitors to Hong Kong,” Mr Law added.      The Focus Hong Kong Chinese New Year programme showcases three films at the BFI, namely, the UK Premiere of “True Love, for Once in My Life”, “All Shall be Well” and “Shanghai Blues (4K Restoration)”. 

     
    Ends/Friday, January 24, 2025Issued at HKT 21:40

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    MIL OSI Asia Pacific News –

  • MIL-OSI Global: Amid LA fires, neighbors helped each other survive – 60 years of research shows local heroes are crucial to disaster response

    Source: The Conversation – USA – By Tricia Wachtendorf, Professor of Sociology and Director, Disaster Research Center, University of Delaware

    Neighbors fill and pass a bucket of pool water to help extinguish a spot fire in Pacific Palisades, Calif., on Jan. 9, 2025. Brian van der Brug / Los Angeles Times via Getty Image

    As wildfires swept through neighborhoods on the outskirts of Los Angeles in January 2025, stories about residents there helping their neighbors and total strangers began trickling out on social media.

    Accounts of Hollywood stars clearing streets for emergency vehicles to get through and raising money for fire victims were widely circulated. But there were many other examples of less-famous people helping older neighbors to safety, and even showing up with trailers to evacuate horses.

    Businesses, including fitness centers, opened their facilities so evacuees could shower or charge their phones. Organizations that routinely work with homeless populations quickly mobilized their members to help ensure people living on the streets and in camps could get to secure, safe locations away from the fires and hazardous air quality.

    Disasters, by definition, overwhelm local resources, making civilian responders like these essential. Sixty years of research at the University of Delaware’s Disaster Research Center and by others examining the social aspects of disaster has repeatedly shown effective disaster management requires mobilizing community resources far beyond official channels.

    Often the response happens through local groups that form in response to a clear need in the community and with shared skills and interests. And this is exactly what we are witnessing in Los Angeles.

    Civilians helping often number in the thousands

    The number of those who step up to help during disasters varies by event, but it can be tremendous.

    Following the 1995 Oklahoma City bombing, over 6,800 volunteers worked with the Red Cross on the response. That same year, volunteers responding to the Kobe earthquake in Japan logged more than 1 million person-days of activity, a measure of the number of people times the hours they contributed.

    People use garden hoses to try to prevent homes from catching fire in Altadena, Calif., on Jan. 8, 2025. Neighbors rushed to help neighbors as the wind blew burning embers into neighborhoods.
    Mario Tama/Getty Images

    In an in-depth study of the Sept. 11, 2001, World Trade Center attacks, we interviewed local residents who used their retired fireboat to pump water for the firefighters at ground zero. Operators of tug, ferry and tour boats in and around New York City immediately responded to quickly evacuate 500,000 people in the area from danger. In fact, the majority of the boats involved belonged to private companies. Other volunteers queued evacuees and organized supplies and rides to get people home.

    Over 900 people, most acting in unofficial capacities, were awarded medals or ribbons for their efforts in just the marine response after the World Trade Center attack.

    A survey of residents after the 1985 Mexico City earthquake found that nearly 10% of local residents volunteered in the first three weeks of the response. Following the 1989 Loma Prieta earthquake, in California, a survey of residents in Santa Cruz and San Francisco counties found that two-thirds of the public were involved in response activities.

    Local businesses are often quick to help in disasters. Greg Dulan, center, who runs a soul food restaurant and food truck, hands out hot meals to wildfire evacuees at a church in Pasadena, Calif., on Jan. 15, 2025.
    Jason Armond/Los Angeles Times via Getty Images

    However, much of the work local residents contribute during and after disasters goes unaccounted for in official reports.

    There is no mechanism to quantify the full extent to which a neighbor or a complete stranger helps someone flee from peril. Yet when people are trapped and minutes count, research shows it is family, friends and neighbors who are already on the scene and are most likely to save lives. It’s often everyday citizens who also take on immediate tasks such as debris removal. Providing a phone, a car, a place to do laundry, or a little bit of elbow grease can fill a gap and let firefighters and other formal responders focus on critical operations.

    Getting the right help to where it’s needed

    Every study of a large-scale disaster conducted by the Disaster Research Center has revealed some level of emergent, informal helping behavior.

    The lack of public understanding about the large number of local residents already involved, often including disaster victims themselves, can lead to an influx of outsiders eager to help. Their arrival can actually pose challenges for the disaster response.

    When too many people show up, or when people try to operate outside their areas of expertise, they can put themselves and others at further risk. Communities often need supplies, but unsolicited goods of the wrong kind or at the wrong time can create more problems than they solve.

    Local groups such as the Pasadena Community Job Center organize volunteers to send them where help is requested. This group is removing debris from streets in Pasadena, Calif., in the wake of the Eaton Fire on Jan. 14, 2025.
    Zoë Meyers/AFP via Getty Images

    So, what can you do to best support these local efforts?

    Making a financial contribution to a trusted disaster response or local organization can go a long way to providing the support communities actually need. Organizations such as the American Red Cross or Feeding America, or local community-based groups that routinely work in the area, are often best suited to help where it’s needed the most.

    Skilled help will be needed for the long term

    Also, remember that disasters don’t end when the emergency is over. Survivors of the Los Angeles-area fires face years of confusing and frustrating recovery tasks ahead.

    Offering help after the immediate threat has passed – particularly skilled help, such as experience in construction or expertise in managing insurance and FEMA paperwork – is just as important.

    For example, after fires in 1970 destroyed hundreds of homes in the San Diego area, local architects, engineers and contractors donated their time and skills to help people rebuild. Their work was coordinated by a local architect and member of the Chamber of Commerce to ensure projects were assigned to reputable volunteers.

    As we recognize the important ways that neighbors and strangers helped those around them, the broader community can support wildfire victims by responding to offering the right help as recovery needs emerge. Just about every skill that is useful in calm times will be needed in these difficult months and years ahead.

    Tricia Wachtendorf receives funding from the National Science Foundation and Arnold Ventures Foundation.

    James Kendra receives funding from the National Science Foundation and the Centers for Disease Control and Prevention.

    – ref. Amid LA fires, neighbors helped each other survive – 60 years of research shows local heroes are crucial to disaster response – https://theconversation.com/amid-la-fires-neighbors-helped-each-other-survive-60-years-of-research-shows-local-heroes-are-crucial-to-disaster-response-247660

    MIL OSI – Global Reports –

  • MIL-OSI Economics: RBI announces rate of interest on GOI FRB 2035

    Source: Reserve Bank of India

    The rate of interest on the Government of India Floating Rate Bonds, 2035 (GOI FRB 2035) applicable for the period January 25, 2025 to January 24, 2030 shall be 6.66 per cent per annum.

    It may be recalled that the GOI FRB 2035 was issued on January 25, 2005 by the Government of India to the Reserve Bank of India on private placement basis against the transfer of subordinated debt of IDFC. The rate of interest of the bonds shall be reset by the Bank every five years at the prevailing 5-year yield on Government of India securities as on the last working day prior to commencement of each period of five years. Accordingly, the coupon of the GOI FRB 2035 has been fixed on the basis of secondary market transactions in Government of India securities as on January 24, 2025.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2005

    MIL OSI Economics –

  • MIL-OSI Video: Defying the Odds | World Economic Forum Annual Meeting 2025

    Source: World Economic Forum (video statements)

    What does a British Olympic champion diver who was bullied at an early age for his success and a renowned chef and restaurateur who grew up as a “second daughter” in traditional India have in common?

    Join this conversation with two leaders who, while navigating social stigmatization, have forged platforms to advocate women’s empowerment and LGBTQ+ rights.

    Speakers: Tom Daley, Asma Khan, Richard Quest

    The 55th Annual Meeting of the World Economic Forum will provide a crucial space to focus on the fundamental principles driving trust, including transparency, consistency and accountability.

    This Annual Meeting will welcome over 100 governments, all major international organizations, 1000 Forum’s Partners, as well as civil society leaders, experts, youth representatives, social entrepreneurs, and news outlets.

    The World Economic Forum is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business, cultural and other leaders of society to shape global, regional and industry agendas. We believe that progress happens by bringing together people from all walks of life who have the drive and the influence to make positive change.

    World Economic Forum Website ► http://www.weforum.org/
    Facebook ► https://www.facebook.com/worldeconomicforum/
    YouTube ► https://www.youtube.com/wef
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    MIL OSI Video –

  • MIL-OSI: Key Tronic Corporation Announces Preliminary Results for the Second Quarter of Fiscal Year 2025

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Jan. 24, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), a provider of electronic manufacturing services (EMS), today announced its preliminary results for the second quarter of fiscal year 2025 ending December 28, 2024.

    For the second quarter of fiscal year 2025, Key Tronic anticipates reporting revenue of approximately $114 million, and a net loss of approximately $0.40-$0.48 per share, both of which are below previous guidance. The lower than anticipated revenue and earnings for the second quarter of fiscal year 2025 are primarily due to the impact from unexpected component shortages, lower-than-expected production during the holiday season, and reduced demand from certain customers which together lowered revenue by approximately $15 million for the quarter. As previously announced, the Company also expects to report approximately $1.0 million in write-offs of unamortized loan fees related to refinancing its debt with a new lender.

    Key Tronic expects revenue and earnings to recover in the third quarter of fiscal year 2025 as strategic initiatives undertaken in previous quarters come to fruition. The Company is actively streamlining its international and domestic operations, with further headcount reductions to enhance efficiency, building on similar actions announced in the third quarter of fiscal year 2024. At the same time, Key Tronic continues to win new programs involving aerospace systems and energy resiliency technology products, which was announced in a separate press release on January 24, 2025, and has reduced inventories to be more in line with current revenue levels.

    For the third quarter of 2025, the Company expects to report revenue in the range of $115 million to $130 million and earnings in the range of $0.00 to $0.15 per diluted share.

    The revenue and earnings estimates for the second and third quarters of fiscal 2025, and the finalization of financial results for the second quarter of 2025, are subject to completion of the Company’s quarterly close and review procedures which are still ongoing. The Company plans to report its complete results and host its earnings conference call for the second quarter of fiscal 2025 on February 4, 2025. Details for the conference call have been announced in a separate press release.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: http://www.keytronic.com.

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to those including such words as aims, anticipates, believes, continues, estimates, expects, hopes, intends, plans, predicts, projects, targets, will, or would, similar verbs, or nouns corresponding to such verbs, which may be forward looking. Forward-looking statements also include other passages that are relevant to expected future events, performances, and actions or that can only be fully evaluated by events that will occur in the future. Forward-looking statements in this release include, without limitation, the Company’s statements regarding its expectations with respect to financial conditions and results, including revenue and earnings, cost savings from headcount reduction and the Mexican Peso exchange rate, demand for certain products and the effectiveness of some of its programs, business from customers and programs, and impacts from operational streamlining and efficiencies, including reductions in inventories. There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the future of the global economic environment and its impact on our customers and suppliers; the availability of components from the supply chain; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; timing and effectiveness of ramping of new programs; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

         
    CONTACTS: Anthony G. Voorhees Michael Newman
      Chief Financial Officer Investor Relations
      Key Tronic Corporation StreetConnect
      (509) 927-5345 (206) 729-3625

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Announces Second Quarter Reporting Date

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Jan. 24, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq: KTCC), announced today that it plans to report its results for the second quarter of fiscal 2025 after market close on February 4, 2025.

    Key Tronic will host a conference call to discuss its financial results at 2:00 PM Pacific (5:00 PM Eastern) on February 4, 2025. A broadcast of the conference call will be available at http://www.keytronic.com under “Investor Relations” or by calling 888-394-8218 or +1-313-209-4906 (Access Code: 2254355). A replay will be available at http://www.keytronic.com under “Investor Relations”.

    About Key Tronic

    Key Tronic is a leading contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. The Company provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: http://www.keytronic.com.

    CONTACTS: Anthony G. Voorhees Michael Newman
      Chief Financial Officer Investor Relations
      Key Tronic Corporation StreetConnect
      (509) 927-5345 (206) 729-3625

    The MIL Network –

  • MIL-OSI: AvePoint Submits Application for Dual Listing on the Singapore Exchange

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Jan. 24, 2025 (GLOBE NEWSWIRE) — AvePoint (Nasdaq: AVPT), the global leader in data security, governance, and resilience, has submitted an application to list its shares of common stock, par value $0.0001 per share (the “Shares”), on the Main Board of the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The Company’s Shares currently trade on the Nasdaq Global Select Market, and if such application is approved would also trade on the SGX-ST. 

    “Our application to list AvePoint’s common stock on the Singapore Exchange – which would be in addition to our current and continuing listing on Nasdaq – aligns with our ongoing strategy to broaden our presence in the APAC region, where we have a long and successful track record,” said Dr. Tianyi Jiang (TJ), CEO and Co-Founder, AvePoint. “We established a presence in Singapore in 2009, and since then have fostered strong relationships with governmental organizations and corporations in the region; today, Singapore serves as our Asia headquarters and International R&D Hub. Finally, we believe that our consistent execution and strong financial performance, both globally and particularly in APAC, will make us attractive to APAC-focused investors seeking in-region high quality B2B SaaS opportunities.”

    No final decision or commitment has been made as to the timing, terms or conditions of any such listing on the SGX-ST, and the Company may decide to not proceed with an SGX-ST listing of its Shares.

    This press release shall not constitute an offer to sell or the solicitation of an offer or an invitation to buy any securities of the Company, nor shall there be any offer or sale of the securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About AvePoint:

    Securing the Future. AvePoint is a global leader in data security, governance, and resilience, and over 21,000 customers worldwide rely on our solutions to modernize the digital workplace across Microsoft, Google, Salesforce and other collaboration environments. AvePoint’s global channel partner program includes over 3,500 managed service providers, value added resellers and systems integrators, with our solutions available in more than 100 cloud marketplaces. To learn more, visit http://www.avepoint.com.

    Forward-Looking Statements:

    This press release contains certain forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995 and other federal securities laws including statements regarding the future performance of and market opportunities for AvePoint. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: changes in the competitive and regulated industries in which AvePoint operates, variations in operating performance across competitors, changes in laws and regulations affecting AvePoint’s business and changes in AvePoint’s ability to implement business plans, forecasts, and ability to identify and realize additional opportunities, and the risk of downturns in the market and the technology industry. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AvePoint’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these and other documents filed by AvePoint from time to time are available on the SEC’s website, http://www.sec.gov. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and AvePoint does not assume any obligation and does not intend to update or revise these forward-looking statements after the date of this release, whether as a result of new information, future events, or otherwise, except as required by law. AvePoint does not give any assurance that it will achieve its expectations. Unless the context otherwise indicates, references in this press release to the terms “AvePoint”, “the Company”, “we”, “our” and “us” refer to AvePoint, Inc. and its subsidiaries.

    Disclosure Information:

    AvePoint uses the https://www.avepoint.com/ir website as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD.

    Investor Contact
    AvePoint
    Jamie Arestia
    ir@avepoint.com
    (551) 220-5654

    Media Contact
    AvePoint
    Nicole Caci
    pr@avepoint.com
    (201) 201-8143

    The MIL Network –

  • MIL-OSI: First Federal Savings Bank and ICBA Provide Tips to Safeguard Sensitive Information During Data Privacy Week Jan 24-28

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Jan. 24, 2025 (GLOBE NEWSWIRE) — In recognition of Data Privacy Week, First Federal Savings Bank and the Independent Community Bankers of America® (ICBA) are reminding customers to take steps to safeguard their sensitive data and shield against financial losses in the event of a compromise or data breach. The global average cost of a data breach in 2024 was $4.88 million, a 10 percent increase over 2023 and the highest ever recorded.

    “While there’s no fool-proof method to safeguard sensitive data, at First Federal Savings Bank, we believe that an important step in the fight against such attacks is arming customers with the proper protocols to reduce their exposure,” said Christy McBride, Chief Operations Officer & Information Security Officer, EVP. “As a community bank, First Federal Savings Bank uses sophisticated technology and monitoring techniques, intricate firewalls, and other methods to secure customer data. Additionally, we maintain stringent privacy policies and educate employees to treat confidential information with the utmost care.”

    Reducing Your Risk
    As a consumer you also can help minimize your risk by:

    • Restricting use of public wi-fi and computers—These networks may be convenient but are not as secure. If you make purchases while away from your home or work network, use a virtual private network or mobile hotspot.
    • Limiting disclosed information—Never respond to requests for personal information such as your banking ID, account number, username, or password, even if they appear to originate from your bank, government agencies or officials, or companies with which you have a relationship.
    • Taking advantage of security features—Update your computer security software and apply software updates to your computer system, mobile devices, web browsers, and operating system regularly to defend against viruses, malware, and other online threats.
    • Monitoring account activity—Carefully review bank statements, card transactions, and check your credit report regularly for unusual or unexplained charges, unknown accounts in your name, or unexpected denials on your card and report any suspicious activity to your bank immediately.
    • Protecting each account with a unique, complex password—Use numbers and symbols at least 12 characters long along with using a password manager. Use multifactor authentication for accounts that allow it.

    Responding to a Data Breach
    In the unfortunate event of a data breach, to minimize your risk:

    • Consider a security freeze on your credit report to restrict credit file access.
    • Set up a fraud alert, which directs banks to verify your identity before opening a new account, issuing an additional card, or increasing the credit limit on an existing account.
    • Shred documents with personal or sensitive information and change your passwords.
    • Report stolen finances or identities and other cybercrime to the Internet Crime Complaint Center and to your local law enforcement and/or state attorney general.

    Learn more about how to protect your digital life by visiting the Stay Safe Online website and spreading the word on social media with the hashtag #BeCyberSmart.

    About First Federal Savings Bank Member FDIC

    First Federal Savings Bank was established on Evansville, Indiana’s Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.

    About ICBA

    The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

    As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.

    The MIL Network –

  • MIL-OSI: Key Tronic Corporation Awarded Major New Contract with Energy Resilience Technology Provider

    Source: GlobeNewswire (MIL-OSI)

    SPOKANE VALLEY, Wash., Jan. 24, 2025 (GLOBE NEWSWIRE) — Key Tronic Corporation (Nasdaq KTCC), a world class provider of manufacturing and design engineering services, today announced that it expects to begin manufacturing in the second half of 2025 for a market revolutionizing, innovative energy resilience technology provider.   

    Key Tronic has been awarded the manufacturing of an industry leading, innovative energy resiliency product. Initial production will ramp in late 2025 at the Key Tronic manufacturing campuses in Juarez, Mexico and Arkansas. Once fully ramped, Key Tronic believes the yearly revenue could exceed $60 million dollars.

    “We are looking forward to the design and manufacturing expertise of Key Tronic to help accelerate introduction of new products, as well as enhance our ability to increase product availability to fulfill the anticipated overwhelming demand,” said the CEO of Key Tronic’s new customer.

    “We are very excited to be working with a recognized, emerging leader in the energy resiliency industry,” said Brett Larsen, President and CEO of Key Tronic. “The product has the potential to assist in better asset management and public safety by ensuring increased vigilance across all operations. Our new customer is a highly respected company and we are thrilled to be involved with a product that can assist in the greater good. This important new strategic relationship represents an expansion of our customer base and we expect it will contribute to profitable long term growth.”

    About Key Tronic

    Key Tronic is a leading design engineering and contract manufacturer offering value-added design and manufacturing services from its facilities in the United States, Mexico, China and Vietnam. Key Tronic provides its customers full engineering services, materials management, worldwide manufacturing facilities, assembly services, in-house testing, and worldwide distribution. Its customers include some of the world’s leading original equipment manufacturers. For more information about Key Tronic visit: http://www.keytronic.com.

    Forward-Looking Statements

    Some of the statements in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including Key Tronic’s opportunities and its partnership, the potential success of Key Tronic and the customer, and related revenues. Forward-looking statements include all passages containing verbs such as aims, anticipates, believes, estimates, expects, hopes, intends, plans, predicts, projects or targets or nouns corresponding to such verbs.  Forward-looking statements also include other passages that are primarily relevant to expected future events or revenue or that can only be fully evaluated by events that will occur in the future.  There are many factors, risks and uncertainties that could cause actual results to differ materially from those predicted or projected in forward-looking statements, including but not limited to: the success and timing of ramping; availability and timing and receipt of critical parts or components; demand from customers and sales channels; the future of the global economic environment and its impact on our customers and suppliers; the availability of a healthy workforce; the accuracy of suppliers’ and customers’ forecasts; development and success of customers’ programs and products; success of new-product introductions; the risk of legal proceedings or governmental investigations relating to the previously reported financial statement restatements and related material weaknesses, the May 2024 cybersecurity incident and the subject of the internal investigation by the Company’s Audit Committee and related or other unrelated matters; acquisitions or divestitures of operations or facilities; technology advances; changes in pricing policies by the Company, its competitors, customers or suppliers; impact of new governmental legislation and regulation, including tax reform, tariffs and related activities, such trade negotiations and other risks; and other factors, risks, and uncertainties detailed from time to time in the Company’s SEC filings.

    CONTACTS: Anthony G. Voorhees   Michael Newman
      Chief Financial Officer   Investor Relations
      Key Tronic Corporation   StreetConnect
      (509) 927-5345   (206) 729-3625

    The MIL Network –

  • MIL-OSI: China Medical System（00867）Obtained Class 1 Innovative Drug Long-acting Anti-IL-4Rα Monoclonal Antibody MG-K10

    Source: GlobeNewswire (MIL-OSI)

    SHENZHEN, CHINA, Jan. 24, 2025 (GLOBE NEWSWIRE) — China Medical System Holdings Limited (the “Company”, together with its subsidiaries, the “Group” or “CMS”) is pleased to announce that on 24 January 2025, the Group through subsidiaries of the Company entered into a Collaboration Agreement with Hunan Mabgeek Biotechnology Co., Ltd. (“Mabgeek Biotechnology”) and its subsidiary for Class 1 innovative drug anti-IL-4Rα humanized monoclonal antibody injection MG-K10 (“MG-K10” or the “Product”). The Group has obtained the co-development right as specifically agreed upon in the Agreement and exclusive commercialization right to the Product in Mainland China, Hong Kong Special Administrative Region, Macao Special Administrative Region, Taiwan Region and Singapore (the “Territory”); Mabgeek Biotechnology will support the commercialization activities and is responsible for the sale and supply of the Product. The collaboration term is perpetual.

    IL-4Rα is considered a key target for the treatment of type 2 inflammatory diseases, such as atopic dermatitis (AD), asthma, prurigo nodularis, etc. Anti-IL-4Rα monoclonal antibodies are among the best-selling biologics in this field. MG-K10 is an innovative long-acting anti-IL-4Rα humanized monoclonal antibody that simultaneously blocks the signaling of key type 2 inflammatory cytokines IL-4 and IL-13. Following Fc mutation, MG-K10 allows long dosing interval owing to its prolonged half-life, and it is expected to be the first long-acting anti-IL-4Rα monoclonal antibody marketed in China. Currently marketed anti-IL-4Rα drugs require dosing every two weeks, whereas MG-K10 only requires dosing every four weeks, demonstrating good efficacy and safety. MG-K10 has the potential to be the Best-in-Class (BIC).

    This collaboration marks another significant milestone for Dermavon (formerly known as CMS Skinhealth)’s layout in the dermatology field. MG-K10 will enrich the global differentiated innovative pipeline of Dermavon, and will strongly synergize with the existing product portfolio, such as marketed innovative drug ILUMETRI (tildrakizumab injection), marketed exclusive drug Hirudoid (mucopolysaccharide polysulfate cream) and dermatology-grade skincare products of Heling soothing product series (developed for AD patients), and innovative pipeline drugs ruxolitinib cream (for the topical treatment of mild to moderate AD and non-segmental vitiligo) and povorcitinib (for the treatment of non-segmental vitiligo, hidradenitis suppurativa, prurigo nodularis and chronic spontaneous urticaria), etc. Leveraging its proven clinical development and commercialization capabilities, the Group will fully cooperate with Mabgeek Biotechnology to promote the approval of MG-K10 in China, bringing a new treatment option with lower dosing frequency, good efficacy and safety to patients with type 2 inflammatory diseases in China.

    More information about MG-K10
    MG-K10 is a Class 1 innovative drug anti-IL-4Rα humanized monoclonal antibody injection that used for the treatment of type 2 inflammatory diseases, including AD, asthma, prurigo nodularis, allergic rhinitis, chronic rhinosinusitis with nasal polyps, eosinophilic esophagitis, chronic obstructive pulmonary disease and so on. It holds substance patents in specific countries/regions within the Territory.

    MG-K10 has entered Phase III clinical trials in China for AD, asthma, and prurigo nodularis. In the completed Phase II clinical trials for adult moderate-to-severe AD and moderate-to-severe asthma, MG-K10 has demonstrated good efficacy and safety[1-2]. Additionally, MG-K10 has obtained IND approval for eosinophilic esophagitis, chronic rhinosinusitis with nasal polyps, and seasonal allergic rhinitis in China.

    According to Frost & Sullivan, the global market for treatments targeting IL-4Rα is expected to reach US$28.7 billion by 2030, with a compound annual growth rate (CAGR) of 21.8% from 2020 to 2030. In China, the market is projected to reach US$4.08 billion by 2030, with a CAGR of 76.8% from 2020 to 2030.

    About AD indication
    MG-K10’s first indication, AD, is a chronic inflammatory skin condition characterized by severe itching. It is the most burdensome non-fatal skin disease globally, with at least 230 million people affected worldwide[3]. AD is also a prevalent and high-burden chronic disease in China, with the prevalence showing an upward trend[3]. According to the Global Burden of Disease Study 2019, the number of AD patients in China increased by 25.65% from 1990 to 2019[3]. It is estimated that there are approximately 36.09 million AD patients in China[3], with approximately 9.625 million suffering from moderate-to-severe AD[4].

    Current treatment options for AD primarily include topical and systemic treatments. For moderate-to-severe AD, topical medications are often insufficient to achieve disease control, necessitating the initiation of systemic treatments. However, due to the limitations in efficacy and safety of traditional systemic therapies for AD, moderate-to-severe AD patients often experience delays in systemic treatment initiation, poor compliance, and suboptimal disease control, leaving a significant unmet need in clinical practice[3]. MG-K10, with its extended dosing interval of once every four weeks, is expected to improve patient adherence and provide a new, effective, and safe systemic treatment option for patients with moderate-to-severe AD.

    About Mabgeek Biotechnology
    Mabgeek Biotechnology was founded in 2016 and has always adhered to the research and development concept of “innovation, efficiency and safety”, focusing on the fields of allergic inflammatory diseases and autoimmune diseases. Mabgeek Biotechnology is equipped with a research and development team composed of top industry experts. With excellent research capabilities and deep industry experience, Mabgeek Biotechnology uses its unique TEADA high-throughput antibody screening platform to develop innovative antibody drugs with high biological activity, excellent druggability, and differentiation. Mabgeek Biotechnology is committed to providing safer, more effective and more convenient treatment solutions for patients worldwide. For more information about Mabgeek Biotechnology and its products, please visit: https://www.mabge.com/.

    About CMS
    CMS is a platform company linking pharmaceutical innovation and commercialization with strong product lifecycle management capability, dedicated to providing competitive products and services to meet unmet medical needs.

    CMS focuses on the global first-in-class (FIC) and best-in-class (BIC) innovative products, and efficiently promotes the clinical research, development and commercialization of innovative products, enabling the continuous transformation of scientific research into clinical practices to benefit patients.

    CMS deeply engages in several specialty therapeutic fields, and has developed proven commercialization capabilities, extensive networks and expert resources, resulting in leading academic and market positions for its major marketed products. CMS continues to promote the in-depth development of its advantageous specialty fields and expand business boundaries. While strengthening the competitiveness of the cardio-cerebrovascular/gastroenterology business, CMS independently operates its dermatology and medical aesthetics business, and ophthalmology business, aiming to gain leading positions in specialty therapeutic fields, whilst enhancing the scale and efficiency. At the same time, CMS has expanded its business territory to the Southeast Asian market, striving to become a “bridgehead” for global pharmaceutical companies to enter the Southeast Asian market, further escorting the sustainable and healthy development of the Group.

    Reference:

    1. The data of the product’s Phase II clinical trial for AD indication as disclosed by Mabgeek: https://www.mabge.com/en/index.php?c=show&id=23
    2. The interim data of the product’s Phase II clinical trial for asthma indication as disclosed by Mabgeek: https://www.mabge.com/index.php?c=show&id=18
    3. Chinese Society of Dermatology, China Dermatologist Association. Clinical pathway for the diagnosis and treatment of moderate to severe atopic dermatitis in China (2023): an expert consensus[J]. Chinese Journal of Dermatology, 2023, 56(11): 1000-1007. DOI: 10.35541/cjd.20230247.
    4. Mao, Dandan et al. Prevalence and risk factors of atopic dermatitis in Chinese adults: a nationwide population-based cross-sectional study. Chinese medical journal vol. 136,5 604-606. 5 Mar. 2023, DOI:10.1097/CM9.0000000000002560

    CMS Disclaimer and Forward-Looking Statements
    This press release is not intended to promote any products to you and is not for advertising purposes. This press release does not recommend any drugs, medical devices and/or indications. If you want to know more about the diagnosis and treatment of specific diseases, please follow the opinions or guidance of your doctor or other medical and health professionals. Any treatment-related decisions made by healthcare professionals should be based on the patient’s specific circumstances and in accordance with the drug package insert.

    This press release which has been prepared by CMS does not constitute any offer or invitation to purchase or subscribe for any securities, and shall not form the basis for or be relied on in connection with any contract or binding commitment whatsoever. This press release has been prepared by CMS based on information and data which it considers reliable, but CMS makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this press release. Certain matters discussed in this press release may contain statements regarding the Group’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. Any forward-looking statements and projections made by third parties included in this press release are not adopted by the Group and the Company is not responsible for such third-party statements and projections.

    Media Contact

    Brand: China Medical System Holdings Ltd.

    Contact: CMS Investor Relations

    Email: ir@cms.net.cn

    Website: https://web.cms.net.cn/en/home/

    Source: China Medical System Holdings Ltd.

    The MIL Network –

  • MIL-OSI Asia-Pac: HKETO, Brussels promotes Hong Kong’s advantages and maritime opportunities in Antwerp, Belgium (with photo)

    Source: Hong Kong Government special administrative region

         The Hong Kong Economic and Trade Office in Brussels (HKETO, Brussels) joined The Beacon and the Hong Kong Trade Development Council (HKTDC) to host a compelling “lunch and learn” session on January 23 (Antwerp time), in Antwerp, Belgium, aimed at promoting Hong Kong’s advantages and opportunities to European businesses and entrepreneurs in the maritime industry.

         Based in Antwerp, the most important port city of Belgium, The Beacon is a thriving community of forward-thinking companies dedicated to addressing challenges in cities, ports, and industries through digital innovation. As a hub for collaboration, The Beacon aims to inspire technology companies and drive impactful solutions for the future.

         In the sharing session, Deputy Representative of HKETO, Brussels, Miss Fiona Li provided an in-depth overview of Hong Kong’s robust economic fundamentals, its strategic role in connecting Belgian and European businesses to Asian markets, in particular its unique position as a gateway to the Greater Bay Area and Mainland China. Miss Li stated, “Hong Kong’s strong ground rules and distinctive advantages including the rule of law, free flow of capital, a free trade and investment regime and an efficient and clean government are kept under the “One Country, Two Systems” principle. Hong Kong’s ranking fourth in the 2024 Xinhua-Baltic International Shipping Centre Development Index is a testament to our strengths and the pivotal role in global shipping and international trade.”

         Miss Li also highlighted Hong Kong fleet’s high degree of safety and reliability, “Hong Kong-registered ships rank as the fourth largest in the world in terms of gross tonnage, and the Port State Control detention rate of Hong Kong-registered ships is only 0.81 per cent, which is significantly lower than the world average of 3.39 per cent”. Miss Li also shared with the participants on the latest policies regarding the maritime industry.

         During the sharing session, Marketing Manager, Frankfurt Office, HKTDC, Ms Kristie Chu had an intriguing dialogue with Editor-in-chief of Flows magazine Mr Koen Dejaeger on the experience of his participation in the Hong Kong Maritime Week in November 2024 and the latest opportunities in Hong Kong’s maritime sector.   

    MIL OSI Asia Pacific News –