Category: Asia

  • MIL-OSI China: Cultural activity held to celebrate Lantern Festival at press center for Asian Winter Games

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

    MIL OSI China News

  • MIL-OSI Security: KS25: USAF, JSDF conduct C-17 static loading test

    Source: United States INDO PACIFIC COMMAND

    Approximately 60 members from the Japan Ground Self-Defense Force, Japan Air Self-Defense Force and U.S. Air Force conducted a C-17 Globemaster III static loading test at Naval Air Facility Atsugi, Japan Feb. 3-4.

    The training event was a part of Keen Sword 25, a bilateral training exercise that took place in the vicinity of Japan from Oct. 23, 2024, through Nov. 1, 2024.

    Keen Sword demonstrates and advances interoperability, validates force posture, and reinforces solidarity of the U.S.-Japan alliance by exercising the most modern
    equipment and procedures under realistic conditions.

    “AC-17 loading test was postponed during KS 25,” said Jake Carrico, U.S. Forces, Japan transportation planning specialist. “Japan Self-Defense Forces requested the training event be rescheduled for February 2025 to meet this training exercise objective.”

    The training included a joint inspection, load planning, and a C-17 static loading test with Japan Self-Defense Forces members from the 1st Helicopter Brigade, and Japan Air Self-Defense Force Central Air Defense Missile Group. Also, USAF members from 730th Air Mobility Squadron and 374th Logistics Readiness Squadron, Yokota Air Base, and 535th Airlift Squadron, Joint Base Pearl Harbor-Hickam, Hawaii.

    “This is important bilateral training event provides JGSDF and JASDF members to practice contingency-loading of their equipment on a USAF C-17,” said Carrico.

    During the two-day training event, JGSDF members conducted their CH-47JA Chinook helicopter loading onto a USAF C-17. Also, JASDF members loaded their Antenna Mast Group vehicle and MIM-104 Patriot missile system, including USAF loading members conducted joint inspections and load planning according to the Air Transportation Test Loading Activity (ATTLA).

    “The ATTLA provides instructions on how to prepare and transport equipment, including foreign nations, on USAF aircraft.” said Staff Sgt. Eric Shaah, 730th Air Mobility Squadron air transportation specialist. “We inspected cargo for airworthiness to include hazardous materials check, cargo build up, and proper vehicle transport configurations.”

    The two-day exercise offered the opportunity to liaise with the JSDF in a show of bilateral interoperability and to use the safest and most efficient methods to upload and download their assets using U.S. airlift.

    “In total 143,000 pounds of rolling stock were prepared, loaded, and unloaded from a C-17.” said Shaah.

    According to a senior JASDF official, using the C-17 cargo aircraft enables a strategic capability to reconfigure large assets like the CH-47 Chinook transport helicopter for airlift around the country.

    “Exercising the capability to support and collaborate with our partner nations strengthens our ability to project combat power anywhere on the globe,” said Shaah, “During these two days, we were able to demonstrate the joint inspection requirements to the JASDF and JGSDF so that they have familiarization with the mathematical computations and loading process in the event that they need to deploy their equipment and personnel via mobility airlift.”

    This training provides an enhanced mutual understanding of aircraft loading procedures and strengthens cooperation between USAF and the JSDF to respond to humanitarian crisis or contingency. The U.S.-Japan alliance has served as the foundation for regional peace and security for nearly 75 years and remains indispensable to our mutual security interests in the Indo-Pacific.

    MIL Security OSI

  • MIL-OSI Security: ROK JCS and U.S. Joint Staff conduct Opening Gambit TTX

    Source: United States INDO PACIFIC COMMAND

    The Republic of Korea Joint Chiefs of Staff, U.S. Forces Korea, and other partners hosted the “Opening Gambit” training exercise (TTX) at Camp Humphreys in Pyeongtaek, South Korea, from February 3-7, 2025.

    The TTX, was facilitated by the Center for Naval Analysis, enables the discussion of bilateral crisis management to ensure the ROK-U.S. Alliance is postured and prepared to respond in pre-crisis circumstances.

    Combined training such as this demonstrates our commitment to the defense of the Republic of Korea and is the foundation of maintaining a combined robust defense posture to protect the ROK-U.S. Alliance against any threat or adversary.

    MIL Security OSI

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks to 2025 European Union Ambassadors Conference: “How the EU Can Better Leverage Its Unique Partnership with the UN System at the Country Level” [as prepared for delivery]

    Source: United Nations secretary general

    Excellencies,

    Ladies and gentlemen,

    I thank the High Representative for Foreign Affairs and Security Policy and Vice-President of the European Commission, Kaja Kallas for her invitation. It is a pleasure to be back following my participation in this conference in 2022.

    Let me begin by congratulating the new EU leadership and welcoming the EU Commissioners. Your leadership comes at a critical juncture, and I look forward to working closely with you to strengthen the vital and strong partnership between our institutions.
    Excellencies,

    There is no doubt that the world we face today is more complex and uncertain than when we last met in 2022.

    We are seeing that geopolitical tensions, economic uncertainty, and a growing climate crisis are reshaping our global landscape. We are seeing key global players redefining their foreign policy and adding uncertainty to what is already a highly volatile political and economic environment.

    A few years ago, who would have imagined the war in Ukraine? Yet here we are, still grappling with the aftermath.

    I hope that we will be able to restore peace and stability in Ukraine, returning to a state of security that transcends the borders that have been so deeply affected.  We must also recognise that the greatest impact of these conflicts is felt by the people— not just in Ukraine but also in Gaza, Sudan, and the Sahel— people who are desperately searching for hope.

    The human toll is immeasurable, and this pressure on humanitarian support—where the European Union has been a generous leader—only adds to the challenges we face in achieving our Sustainable Development Goals.

    Excellencies,
     When we adopted the 2030 Agenda in 2015, we had a vision, but today, with five years to go, the road to realising our SDGs has become much more difficult. However, this does not mean we should abandon these Goals. Quite the opposite – they are now more urgent than ever.

    When we look at the poverty agenda, the inclusion agenda, human rights, climate, and the need for stronger institutions to support these goals, it becomes clear that we must intensify our collective efforts.

     But to get there, we would need stronger, not weaker, international cooperation reinforced by leadership. In September, our Member States came together to adopt the Pact for the Future, reaffirming our commitment to the 2030 Agenda and highlighting four areas of shared concern.

    First, we must tackle the peace and security agenda, recognising the rapid pace of technological advancements and the importance of staying ahead.

    Second, there’s the matter of AI and quantum computing—fields where we are making strides and where we must establish clear guardrails and work collaboratively. The European Union has taken commendable steps in this area, and we value the leadership you’ve shown. We look forward to deepening this cooperation.

    Third, we must address the urgent need to reform the international financial architecture. Many developing countries are grappling with overwhelming debt burdens and limited fiscal space. The combination of rising interest rates—unexpected, partly due to the war in Ukraine—and the aftermath of COVID-19 has put these countries in a difficult position. They are often forced to choose between funding essential services like education or health and servicing their debt. This is not just about managing a crisis; it is about shifting the conversation toward investment—investing in people, the future, and resilience.

    While Official Development Assistance (ODA) is undeniably vital, we must ensure it is strengthened so that it can truly fulfil its promise. ODA alone won’t be enough to meet the scale of the challenges we face. That’s why we must also find innovative ways to harness domestic resources and create an environment that attracts private sector investment.
    As many countries prioritise industrialisation and the growth of small and medium-sized enterprises, it is crucial that we also create the conditions that allow these efforts to flourish. We need to ensure that there is a favourable environment for domestic resources to be better utilised and for private sector investment to flow in. This way, we are giving countries a fair chance at financing their own development and creating sustainable, long-term solutions that go beyond ODA alone.

    Last but certainly not least, the Pact for the Future calls upon us to consider the future generations that will inherit the world we shape today. It emphasises the importance of keeping climate action at the centre of our efforts. As we move forward, we must ensure that these future constituencies are included in the decisions we make now.

    Excellencies,
    The values that underpin our global stability – and on which the UN-EU partnership is rooted are under attack: solidarity, peace, justice, tolerance, human rights, and a rules-based international order.

    We see the EU as an indispensable partner in defending these values.

    As we look ahead to 2025, this is a crucial moment to reflect on the path ahead. What are the EU’s priorities, and how can it balance work within Europe while nurturing the global partnerships that contribute to a more stable Europe and a more peaceful world?

    These partnerships are fundamental, as they not only support Europe’s security and prosperity but also promote the shared values that we all hold dear. This aligns with our UN Charter, which calls for a future built on peace, dignity, and prosperity for all.

    Excellencies,
    The SDGs offer a valuable framework for engaging with our partners across sectors—civil society, government, academia, business, and beyond. Investing in the SDGs should not be viewed as a burden but as a strategic opportunity—one that will drive future markets, social cohesion, resilience, and security, not least for the European Union itself.

    Goals 7 to 15 represent critical areas where economic investments and equality must be prioritized. By addressing these, we unlock dividends for the first six SDGs—providing governments with the resources to fund critical programs such as social protection, education, health, and women’s empowerment.

    However, these goals also depend on robust partnerships and strong institutions. Investing in governance and institutions may take longer to yield results, but it is the foundation for lasting change. The work is difficult, but it is vital if we are to secure a future where no one is left behind.

    To make this a reality, we must find ways to accelerate action on the SDGs together. That is why we have invested in strengthening our strategic UN-EU partnership, not just at the global level but critically – in countries. 

    Over the past years, and with the impulse provided by the Joint Guidance that was shared with you and the UN Resident Coordinators in 2023. We have seen our partnership grow in scope and impact, yielding results in joint advocacy, policy, and programmatic collaboration.

    Together, we have engaged in significant reflection on how to sharpen our focus and ensure that our efforts on the ground deliver greater impact. The UN has established a strong presence, but should we aim for even greater coordination and coherence? Absolutely. We continue to strive for that, and with recent policy decisions by some of our larger donors, we need to leverage these efforts to accelerate action on the ground.

    This is a crucial moment for us to also focus on the regional level—how we can deploy from HQ to the regions and ensure that the countries most in need can come together. The UN has the expertise, but is it sufficient? Can we deliver at the scale and speed that development demands?

    Right now, the answer is no. We need more investment—investment that can drive real change. To do that, we need to work more effectively together with the EU, multilateral development banks, national development banks, and regional institutions so that we can all pull in the same direction. Only by working together can we achieve the progress we need.

    Excellencies,
    In Guatemala, we jointly support the national digital transformation agenda, leveraging the joint SDG Fund digital track—where the EU is the most significant contributor—to scale up innovation and modernize public services.

    In Ghana, our focus is similar, with a special emphasis on empowering women and young people through digital transformation.

    In Bosnia and Herzegovina, joint UN-EU teams are tackling shared priorities, from energy and green transition to digital transformation, human rights, and gender equality. And we are enhancing our programmatic and policy collaboration.

    In Nepal, the focus is on climate resilience, where the melting glaciers are a stark reminder of the climate challenges we face.

    In Zambia, we are focusing on human rights, governance, and emergency response—especially in the wake of climate-related events.

    These are just a few examples of our growing cooperation at the country level. New areas for collaboration are being identified, and we are looking to scale up the work already being done. For example, in the context of food systems and investments, we are identifying synergies that can create a multiplier effect.

    We know that issues like food systems are as important to Europe as they are to Africa, Asia, and SIDS. We are looking at enhancing connectivity and energy access, particularly for small and medium-sized enterprises. This will help empower women, young people, and the agricultural sector by ensuring that businesses can access energy and financial services.
    Trade also plays a key role in this. By improving connectivity and access to e-commerce, we can help women and young people thrive economically. The intersection between education, technology, and the climate agenda is crucial for transforming societies.

    The Global Gateway Strategy and EU priorities, such as infrastructure investments, are vital in this regard. We must ensure we’re better aligned and able to deliver scalable, impactful change. The example of the M300 project, which aims to connect 300 million people to power in Africa, shows great promise—but we need to ensure that these connections are linked with other investments to amplify their impact.

    Excellencies,
    With UN Resident Coordinators and EU Ambassadors in 122 countries where we share presence in partner countries, we can achieve significant development impact that speaks to the ambition of the 2030 Agenda.

    You lead Teams Europe, while our Resident Coordinators steer the UN country teams. Each is making a difference. But by working together, we can aim for large-scale transformation.
    In most countries, we are already consulting each other on the development of our respective country strategies. But we see scope to expand opportunities for you and Resident Coordinators to co-lead regular strategic dialogues that enable the advancement of shared priorities and investment pathways to accelerate the implementation of the SDGs.

    Such pathways – or transitions – range from increasing energy access to transforming food systems, to advancing decent jobs, social protection, health and education, to expanding digital connectivity, to tackling the triple planetary crisis of climate change, biodiversity loss and pollution.

    Excellencies,
    Our institutions are transforming rapidly.

    Just as the EU is reshaping its development cooperation approach, including through the Global Gateway Strategy and the Team Europe approach, the UN development system is also enhancing its impact, coherence and efficiency.

    The UN development system reform spearheaded by the Secretary-General is bearing fruit. The feedback received from developing countries on how the UN is responding to their development needs is very clear.

     In 2023, 96 percent of host governments said that UN teams on the ground are effectively responding to national priorities for SDG delivery. And 92 percent of host governments said that UN Resident Coordinators effectively lead the delivery of strategic support for national plans and priorities, compared to 79 percent in 2019.

    By leveraging our respective expertise and capacities, we can maximise synergies between Global Gateway priorities and the key transitions required for SDG acceleration.
    In complex settings, your leadership, alongside that of the Resident Coordinators, is equally critical to strengthening the coherence between humanitarian, development and peacebuilding action to enable early development investments and to help countries return to a development path.

    Together, we can promote development partners’ coordination mechanisms that are adapted to the country’s context and enable alignment of development investments with national priorities and the SDGs.

    By leveraging our respective convening power, we can scale up collaboration with governments and the national financing ecosystems, as well as International Financing Institutions and multilateral development banks – using existing tools such as the Integrated National Financing Frameworks.

    By challenging business as usual, beyond siloed or project-based models, we can — and we must— develop multistakeholder platforms for innovative financing and policy support.

    Excellencies,
    The challenges are immense but not insurmountable.

    Our strong partnership with the EU gives me hope.

    By strengthening our partnership even further, we can turn the Pact for the Future’s ambition for the SDGs into concrete, life-changing results across the globe.

    But the time for acceleration is now.

    Let us act boldly for a more equitable, resilient, and sustainable future where no one is left behind.

    Thank you.

    .

    .
     

    MIL OSI United Nations News

  • MIL-OSI United Nations: United nations Pavilion at Expo 2025 Osaka, Kansai: 35 UN entities, 15 Secretariat Departments, Offices to Gather under Theme “United for a Better Future”

    Source: United Nations General Assembly and Security Council

    Two months from today, the United Nations will welcome visitors to a dedicated pavilion in the Empowering Zone of Expo 2025 in Osaka, Kansai, Japan under the theme “United for a Better Future”.  The United Nations Pavilion is proud to host exhibits and programming that represent the work of 35 UN entities and 15 UN Secretariat departments and offices.

    The United Nations pavilion will feature highlights of eight decades of impact, current efforts to achieve the Sustainable Development Goals (SDGs), and to address global challenges and humanitarian crises, as well as a vision of a sustainable future that is possible only through collective action and multilateral collaboration.  The UN Pavilion will also host special weekly exhibits and events aligned with the Expo’s theme weeks, United Nations international days and other priorities to promote sustainable development, human rights, climate action and peace and security.  Visitors can also purchase UN and SDG-related merchandise at the giftshop located inside the pavilion.

    Confirmed participating UN entities include:

    • United Nations Secretariat
      • Department of Global Communications
      • Department of Economic and Social Affairs
      • Department of Peace Operations
      • Department of Political and Peacebuilding Affairs
      • Development Coordination Office
      • Office for the Coordination of Humanitarian Affairs
      • Office of the United Nations High Commissioner for Human Rights (OHCHR)
      • United Nations Global Compact Office
      • United Nations Mine Action Service
      • United Nations Office for Disarmament Affairs
      • United Nations Office for Disaster Risk Reduction
      • United Nations Office on Drugs and Crime (UNODC)
      • United Nations Office for Outer Space Affairs
      • United Nations Road Safety Fund / Special Envoy for Road Safety
      • United Nations Youth Office
    • Food and Agriculture Organization of the United Nations (FAO)
    • International Atomic Energy Agency (IAEA)
    • International Civil Aviation Organization (ICAO)
    • International Fund for Agricultural Development (IFAD)
    • International Labour Organization (ILO)
    • International Maritime Organization (IMO)
    • International Organization for Migration (IOM)
    • International Telecommunication Union (ITU)
    • International Trade Centre (ITC)
    • Joint United Nations Programme on HIV/AIDS (UNAIDS)
    • United Nations High Commissioner for Refugees (UNHCR)
    • Secretariat of the United Nations Framework Convention on Climate Change
    • Statistical Institute for Asia and the Pacific)
    • United Nations Capital Development Fund (UNCDF)
    • United Nations Children’s Fund (UNICEF)
    • United Nations Development Programme
    • United Nations Educational, Scientific and Cultural Organization (UNESCO)
    • United Nations Entity for Gender Equality and the Empowerment of Women (UN-Women)
    • United Nations Environment Programme (UNEP)
    • United Nations Human Settlements Programme (UN-Habitat)
    • United Nations Industrial Development Organization (UNIDO)
    • United Nations Institute for Training and Research (UNITAR)
    • United Nations Office for Project Services (UNOPS)
    • United Nations Population Fund (UNFPA)
    • United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA)
    • United Nations Research Institute for Social Development (UNRISD)
    • United Nations University (UNU)
    • United Nations Volunteers programme (UNV)
    • United Nations Water*
    • Universal Postal Union (UPU)
    • World Tourism Organization (UN Tourism)
    • World Food Programme (WFP)
    • World Health Organization (WHO)
    • World Intellectual Property Organization (WIPO)

    The UN Pavilion will also host prominent guest speakers, including senior UN officials, leading experts, celebrities and advocates, who will share their insights and experiences on global challenges and solutions.

    “In the year that the United Nations will turn 80 years old, the UN Pavilion presents key milestones since 1945 that have reshaped values and the world as we know it.  We will also showcase examples of the UN in our daily lives and a vision of a world in which everyone thrives in peace, dignity and equality on a healthy planet,” said Maher Nasser, Commissioner-General of the United Nations at Expo 2025.  “It is our hope that our pavilion will serve as a dynamic platform for learning, collaboration and inspiration for action.” 

    The video interview of Mr. Nasser is available at www.youtube.com/watch?v=5MBS_DOB_k8.

    Expo 2025 Osaka, Kansai, will run from 13 April to 13 October and is expected to attract over 28 million visitors.  The UN Pavilion will be open every day from 9:30 a.m. to 9 p.m.

    For additional information about the United Nations presence at Expo 2025 in Osaka, Kansai, Japan, please contact Naomi Ichikawa, UN Department of Global Communications (New York), at email:  nichikawa@un.org.

    __________

    * UN Water is a coordination mechanism, comprising United Nations entities (members) and international organizations (partners) working on water and sanitation issues.

    MIL OSI United Nations News

  • MIL-OSI Security: Pair admit stealing ski boat from St. Mary Lake property on Blackfeet Indian Reservation

    Source: Office of United States Attorneys

    GREAT FALLS — A man and a woman today admitted they stole a ski boat and trailer from property on St. Mary Lake on the Blackfeet Indian Reservation, U.S. Attorney Jesse Laslovich said.

    The defendants, Tiffany Rae Morris, 37, of Shelby, and Levi Jacques Carl Johnson, 44, of Kevin, each pleaded guilty in separate hearings to theft within Indian Country. Morris and Johnson face a maximum of five years in prison, a $250,000 fine and three years of supervised release.

    Chief U.S. District Judge Brian M. Morris presided. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. Sentencing was set for June 25. The defendants were released pending further proceedings.

    In court documents, the government alleged that on June 9, 2024, Morris and Johnson stole a ski boat and trailer from the property of the victim, identified as John Doe. The property is on St. Mary Lake on the Blackfeet Indian Reservation. Doe reported the theft to law enforcement and posted about it on Facebook. An investigation identified Morris and Johnson as potential suspects, based on video surveillance. The following day, a landowner in the Cut Bank area notified law enforcement that a boat had been abandoned on his property and that he thought it was the stolen boat. John Doe responded to the scene and identified his boat. The boat’s identifying decals had been removed. In interviews with law enforcement, Morris and Johnson admitted to stealing the boat. After the theft was circulated on Facebook, the defendants wanted to return the boat but were afraid of being apprehended and abandoned it in the field. Johnson reported that the decals came off when he power-washed the boat. The boat was a 2007 Ski-doo Challenger 180, valued at more than $1,000.

    The U.S. Attorney’s Office is prosecuting the case. Blackfeet Law Enforcement Services, Glacier County Sheriff’s Office, and the FBI conducted the investigation.

    XXX

    MIL Security OSI

  • MIL-OSI Security: Carry the Kettle Nakoda Nation  — Update on Suspicious Deaths on Carry the Kettle Nakoda Nation

    Source: Royal Canadian Mounted Police

    Identities of victims released

    The Saskatchewan Coroner’s Service, in conjunction with the Saskatchewan RCMP and in collaboration with the families of the deceased victims, are releasing the names of the people who died as a result of the homicides on Carry the Kettle Nakoda Nation on February 4, 2025. Their identities are being released to help further the investigation.

    We share our condolences with the families and community members impacted by this tragedy.

    The Saskatchewan RCMP Major Crimes Family Liaison team and Victim Services continue to communicate with the victim’s families.

    With this in mind and to assist ongoing reporting, families of the deceased have provided photographs of their loved ones which they have permitted us to share with news partners. They are the highest quality photographs we have available. The families have asked for privacy during this difficult time.

    The deceased victims are identified as:

    34-year-old Tracey Hotomani of Carry the Kettle Nakoda Nation
    44-year-old Sheldon Quewezance of Zagime Anishinabek
    47-year-old Shauna Fay of Indian Head
    51-year-old Terry Jack of Carry the Kettle Nakoda Nation

    Investigation has determined the homicide victims were injured by firearm. We are investigating the deaths as homicides. Initial investigation suggests the residence may have been targeted.

    The investigation continues, which includes investigators speaking with individuals who may have relevant information to share, as well as evidence analysis. Neighbourhood canvasses have also occurred on Carry the Kettle Nakoda Nation.

    At this time no arrests have been made in relation to the deaths of the four victims.

    “We are actively investigating this tragedy to piece together the details of what happened – this takes time. We must be mindful that releasing more specific details could impact the overall investigation,” says Inspector Ashley St. Germaine, Senior Investigative Officer of Saskatchewan RCMP Major Crimes. “I reiterate: if you have information to share about this investigation, please speak directly with the police so it can be examined thoroughly. Rumours can spread quickly. Please remember the loss the victim’s loved ones have experienced. Misinformation can impact an investigation by rerouting investigators in false directions. Investigations must follow evidence and our investigators are trained to do just that.”

    Report all tips to the RCMP by calling 911 in an emergency and 310-RCMP in non-emergencies. Information can be submitted anonymously by contacting Saskatchewan Crime Stoppers at 1-800-222-TIPS (8477) or www.saskcrimestoppers.com.

    MIL Security OSI

  • MIL-OSI Global: The Paris summit marks a tipping point on AI’s safety and sustainability

    Source: The Conversation – Canada – By Robert Diab, Professor, Faculty of Law, Thompson Rivers University

    United States Vice President JD Vance made headlines this week by refusing to sign a declaration at a global summit in Paris on artificial intelligence.

    In his first appearance on the world stage, Vance made clear that the U.S. wouldn’t be playing ball. The Donald Trump administration believes that “excessive regulation of the AI sector could kill a transformative industry just as it’s taking off,” he said. “We’ll make every effort to encourage pro-growth AI policies.”

    His remarks confirmed a widespread fear that Trump’s return to the White House will signal a sharp turn in tech policy. American tech companies and their billionaire owners will now be shielded from effective oversight.

    But upon a closer look, events this week point to signs that just the opposite may be unfolding. A host of nations took notable steps towards address growing safety and environmental concerns about AI, indicating that a regulatory tipping point has been reached.

    Prime Minister Justin Trudeau delivered the keynote address at the AI Action Summit in Paris, France.

    Wide consensus

    The two-day global summit in Paris, chaired by France and India, led to broad consensus. Some 60 countries signed on to a Statement on Inclusive and Sustainable AI. This included Canada, the European Commission, India and China.

    Both the U.S. and the United Kingdom declined to sign on. But the prevailing winds are against them.

    The meeting in Paris was the third global summit on AI, following meet-ups at Bletchley Park in the U.K. in 2023 and in Seoul, South Korea, in 2024. Each of them ended with similar declarations widely endorsed.

    The Paris communiqué calls for an “inclusive approach” to AI, seeking to “narrow inequalities” in AI capabilities among countries. It encourages “avoiding market concentration” and affirms the need for openness and transparency in building and sharing technology and expertise.

    The document is not binding. It does little more than tout principles, or affirm a collective sentiment among the parties. One of these — perhaps the most important — is to keep talking, meeting and working together on the common concerns that AI raises.

    Environmental challenges

    Meanwhile, a smaller group of countries at the Paris summit, along with 37 tech companies, agreed to form a Coalition for Sustainable AI — setting out a series of goals and deliverables.

    While nothing is binding on the parties, the goals are notably specific. They include coming up with standards for measuring AI’s environmental impact and more effective ways for companies to report on the impact. Parties also aim to “optimize algorithms to reduce computational complexity and minimize data usage.”

    Even if most of this turns out to be merely aspirational, it’s important that the coalition offers a platform for collaboration on these initiatives. At the very least, it signals a likelihood that sustainability will be at the forefront of debate about AI moving forward.




    Read more:
    AI is bad for the environment, and the problem is bigger than energy consumption


    Signing the first international treaty on AI

    A further notable event at the summit was that Canada signed the Council of Europe’s Framework Convention on Artificial Intelligence and Human Rights, Democracy and the Rule of Law. In recent months, 12 other countries had signed, including the U.S. (under former president Joe Biden), the U.K., Israel and the European Union.

    The convention commits parties to pass domestic laws on AI that deal with privacy, bias and discrimination, safety, transparency and environmental sustainability.

    The treaty has been criticized for containing no more than “broad affirmations” and imposing few clear obligations. But it does show that countries are committed to passing law to ensure that AI development unfolds within boundaries — and they’re eager to see more countries do the same.

    If Canada were to ratify the treaty, Parliament would likely revive Bill C-27, which contained the AI and Data Act.




    Read more:
    The federal government’s proposed AI legislation misses the mark on protecting Canadians


    The act aimed to do much of what Canada agrees to do under the convention: impose greater oversight of the development and use of AI. This includes transparency and disclosure requirements on AI companies, and stiff penalties for failure to comply.

    What does this really mean?

    While the U.S. signed the convention on AI and human rights, democracy and rule of law in the fall of 2024, it likely won’t be implemented by a Republican Congress. The same might happen in Canada under a Conservative government led by Pierre Poilievre. He could also decide not to fulfil commitments made under other agreements about AI.

    And if Poilievre comes to power by the time Canada hosts the next G7 meeting in June, he might decline to honour the Trudeau government’s commitment to make AI regulation a central focus of the meeting.

    The Trump administration may have ushered in a period of more lax tech regulation in the U.S., and Silicon Valley is indeed a key player in tech — especially AI. But it’s a wide world, with many other important players in this space, including China, Europe and Canada.

    The events in Paris have revealed a strong interest among nations around the globe to regulate AI, and specifically to foster ideas about inclusion and sustainability. If the Paris summit was any indication, the hope of sheltering AI from effective regulation won’t last long.

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

    ref. The Paris summit marks a tipping point on AI’s safety and sustainability – https://theconversation.com/the-paris-summit-marks-a-tipping-point-on-ais-safety-and-sustainability-249706

    MIL OSI – Global Reports

  • MIL-OSI: Farmers & Merchants Bancorp, Inc. Reports 2024 Fourth-Quarter and Full-Year Financial Results

    Source: GlobeNewswire (MIL-OSI)

    ARCHBOLD, Ohio, Feb. 12, 2025 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO) today reported financial results for the 2024 fourth quarter and twelve months ended December 31, 2024.

    2024 Fourth Quarter Financial and Operating Highlights (on a year-over-year basis unless noted):

    • 87 consecutive quarters of profitability
    • Net income increased 51.2% to $8.4 million, or $0.61 per basic and diluted share, from $5.5 million, or $0.41 per basic and diluted share
    • Asset quality remains at historically strong levels with nonperforming loans of only $3.1 million at December 31, 2024, compared to $22.4 million at December 31, 2023
    • Net charge-offs to average loans were 0.00%
    • Allowance for credit losses was 826.70% of nonperforming loans
    • Tier 1 leverage ratio was 8.12%
    • Net interest margin increased 27 basis points to 2.84%
    • Efficiency ratio improved to 59.82%, compared to 69.23% for the same period a year ago

    2024 Full-Year Financial Highlights Include (on a year-over-year basis unless noted):

    • Total loans, net were $2.56 billion at December 31, 2024, compared to $2.58 billion at December 31, 2023 and $2.54 billion at September 30, 2024
    • Total assets increased 2.5% to $3.36 billion
    • Deposits increased 3.0% to a record $2.69 billion
    • Stockholders’ equity increased 5.9% to $335.2 million
    • Net interest income after provision for credit losses increased 7.5% to $85.6 million
    • Return on average tangible equity was 8.91%
    • F&M ended 2024 with excellent liquidity levels, and over $690 million in contingent funding sources, and a cash-to-assets ratio of 5.3%, compared to 4.3% at December 31, 2023
    • Dividend raised 3.8% year-over-year, representing the 30th consecutive annual increase in the Company’s regular dividend payment since 1994

    Lars B. Eller, President and Chief Executive Officer, stated, “Our strong 2024 financial performance reflects solid execution of our multi-year strategic plan, as we have remained focused on continual improvements, managing the items under our control, and providing our customers and communities with outstanding, and local financial services. Thanks to the unwavering dedication of our team and the trust of our customers, F&M’s financial and operating results strengthened throughout 2024. This performance creates a solid foundation and further solidifies F&M’s position as a leading community bank in the Ohio, Indiana and Michigan markets we serve.”

    Mr. Eller continued, “Strong earnings growth in 2024 was driven by the success of ongoing strategies aimed at expanding our net interest margin, maintaining excellent asset quality, and driving efficiencies across our business. Core earnings for the 2024 fourth quarter were strong as net interest income after provision for credit losses increased 16.1% year-over-year to a quarterly record of $22.6 million, and noninterest income expanded 4.1% year-over-year to $4.0 million. We believe these trends highlight the improvements we have made to profitability, and we expect these trends to continue in the second half 2025.”

    Income Statement
    Net income for the 2024 fourth quarter ended December 31, 2024, was $8.4 million, compared to $5.5 million for the same period last year. Net income per basic and diluted share for the 2024 fourth quarter was $0.61, compared to $0.41 for the same period last year. Net income for the 2024 twelve months ended December 31, 2024, was $25.9 million, compared to $22.8 million for the same period last year. Net income per basic and diluted share for the 2024 twelve months was $1.90, compared to $1.67 for the same period last year.

    Deposits
    At December 31, 2024, total deposits were a record $2.69 billion, an increase of 3.0% from December 31, 2023. The Company’s cost of interest-bearing liabilities was 3.01% for the quarter ended December 31, 2024, compared to 3.02% for the quarter ended December 31, 2023. For the 2024 twelve months ended December 31, 2024, F&M’s cost of interest-bearing liabilities was 3.12%, compared to 2.53% in the prior year reflecting the higher rate environment and growth in interest-bearing checking and savings accounts.  

    Mr. Eller commented, “Throughout 2024, we pursued strategies aimed at optimizing our deposit base and growing low-cost checking (DDA) deposits. Since the beginning of 2024, we added nearly 7,500 new checking accounts, and benefited from new and expanded relationships at offices that were opened in 2023. As a result, we ended 2024 with a loan-to-deposit ratio of 94.4%, compared to 98.0% at December 31, 2023.”

    Loan Portfolio and Asset Quality
    “While the demand for loans is high across our markets, our approach to risk and pricing remains prudent. This strategy has contributed to historically strong asset quality over the past two quarters and is a testament to F&M’s risk, lending, and compliance capabilities and high-performing teams.   We expect loan growth to increase modestly in 2025, with growth weighted in the back half of the year. In addition, 31.4% of our loan portfolio is subject to reprice in the next 12 months. We believe these favorable trends will contribute to higher net interest income in 2025,” continued Mr. Eller.

    Total loans, net at December 31, 2024, decreased 0.7%, or by $19.3 million to $2.56 billion, compared to $2.58 billion at December 31, 2023. The year-over-year decline was driven primarily by lower consumer real estate, consumer, and agricultural real estate loans, partially offset primarily by higher commercial and industrial and agricultural loans. Compared to the quarter ended September 30, 2024, total loans, net at December 31, 2024 increased by 0.9% or $23.5 million.

    F&M continues to closely monitor its loan portfolio with a particular emphasis on higher risk sectors. Nonperforming loans were $3.1 million, or 0.12% of total loans at December 31, 2024, compared to $22.4 million, or 0.87% of total loans at December 31, 2023, and $2.9 million, or 0.11% at September 30, 2024.

    F&M maintains a well-balanced, diverse and high performing CRE portfolio. CRE loans represented 51.2% of the Company’s total loan portfolio at December 31, 2024. In addition, F&M’s commercial real estate office credit exposure represented 5.2% of the Company’s total loan portfolio at December 31, 2024, with a weighted average loan-to-value of approximately 64% and an average loan of approximately $958,100.

    F&M’s CRE portfolio included the following categories at December 31, 2024:

    CRE Category

      Dollar
    Balance
      Percent of
    CRE
    Portfolio
    (*)
      Percent of
    Total Loan
    Portfolio
    (*)
                 
    Industrial   $ 269,315   20.6%   10.5%
    Multi-family     233,868   17.8%   9.1%
    Retail     219,395   16.7%   8.6%
    Hotels     141,514   10.8%   5.5%
    Office     134,139   10.2%   5.2%
    Gas Stations     70,767   5.4%   2.8%
    Food Service     49,246   3.8%   1.9%
    Senior Living     31,799   2.4%   1.3%
    Development     29,491   2.3%   1.2%
    Auto Dealers     28,081   2.1%   1.1%
    Other     103,196   7.9%   4.0%
    Total CRE   $ 1,310,811   100.0%   51.2%

    * Numbers have been rounded

    At December 31, 2024, the Company’s allowance for credit losses to nonperforming loans was 826.70%, compared to 111.95% at December 31, 2023. The allowance to total loans was 1.07% at December 31, 2024, compared to 1.06% at December 31, 2023. Including accretable yield adjustments, associated with the Company’s prior acquisitions, F&M’s allowance for credit losses to total loans was 1.08% at December 31, 2024, compared to 1.13% at December 31, 2023.

    Mr. Eller concluded, “Throughout the new year, we will leverage F&M’s strong banking platform, while continuing to make strategic investments that expanded our operations, capabilities, and services. We believe this will expand operating efficiencies and produce better outcomes for our customers. I am proud of our strong performance in 2024, and expect 2025 to be another good year for F&M.”

    Stockholders’ Equity and Dividends
    Total stockholders’ equity increased 5.9% to $335.2 million, or $24.47 per share at December 31, 2024, from $316.5 million, or $23.17 per share at December 31, 2023. The Company’s Tier 1 leverage ratio of 8.12%, remained stable compared to December 31, 2023.

    Tangible stockholders’ equity increased to $270.0 million at December 31, 2024, compared to $254.2 million at December 31, 2023. On a per share basis, tangible stockholders’ equity at December 31, 2024, was $17.74 per share, compared to $16.29 per share at December 31, 2023.

    For the twelve months ended December 31, 2024, the Company declared cash dividends of $0.8825 per share, representing a 3.8% increase over the same period last year. F&M is committed to returning capital to shareholders and has increased the annual cash dividend for 30 consecutive years. For the twelve months ended December 31, 2024, the dividend payout ratio was 46.07% compared to 50.65% for the same period last year.

    About Farmers & Merchants State Bank:
    F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

    Safe Harbor Statement
    Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

    Non-GAAP Financial Measures
    This press release includes disclosure of financial measures not prepared in accordance with generally accepted accounting principles in the United States (GAAP). A non-GAAP financial measure is a numerical measure of historical or future financial performance, financial position or cash flows that excludes or includes amounts that are required to be disclosed by GAAP. Farmers & Merchants Bancorp, Inc. believes that these non-GAAP financial measures provide both management and investors a more complete understanding of the underlying operational results and trends and Farmers & Merchants Bancorp, Inc.’s marketplace performance. The presentation of this additional information is not meant to be considered in isolation or as a substitute for the numbers prepared in accordance with GAAP. A reconciliation of GAAP to non-GAAP financial measures is included within this press release.

    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF INCOME & COMPREHENSIVE INCOME
    (Unaudited) (in thousands of dollars, except per share data)
     
      Three Months Ended     Twelve Months Ended
      December 31,
    2024
        September 30,
    2024
        June 30,
    2024
        March 31,
    2024
        December 31,
    2023
        December 31,
    2024
        December 31,
    2023
     
    Interest Income                                        
    Loans, including fees $ 36,663     $ 36,873     $ 36,593     $ 35,200     $ 34,493     $ 145,329     $ 129,344  
    Debt securities:                                        
    U.S. Treasury and government agencies 1,882     1,467     1,148     1,045     987     5,542     4,090  
    Municipalities 384     387     389     394     397     1,554     1,598  
    Dividends 367     334     327     333     365     1,361     882  
    Federal funds sold 24     7     7     7     8     45     44  
    Other 2,531     2,833     2,702     1,675     2,020     9,741     3,850  
    Total interest income 41,851     41,901     41,166     38,654     38,270     163,572     139,808  
    Interest Expense                                        
    Deposits 15,749     16,947     16,488     15,279     15,015     64,463     46,923  
    Federal funds purchased and securities sold under agreements to repurchase 274     277     276     284     293     1,111     1,474  
    Borrowed funds 2,713     2,804     2,742     2,689     2,742     10,948     8,876  
    Subordinated notes 285     284     285     284     285     1,138     1,138  
    Total interest expense 19,021     20,312     19,791     18,536     18,335     77,660     58,411  
    Net Interest Income – Before Provision for Credit Losses 22,830     21,589     21,375     20,118     19,935     85,912     81,397  
    Provision for (Recovery of) Credit Losses – Loans 346     282     605     (289 )   278     944     1,698  
    Provision for (Recovery of) Credit Losses – Off Balance Sheet Credit Exposures (120 )   (267 )   (18 )   (266 )   189     (671 )   46  
    Net Interest Income After Provision for Credit Losses 22,604     21,574     20,788     20,673     19,468     85,639     79,653  
    Noninterest Income                                        
    Customer service fees 237     300     189     598     415     1,324     1,332  
    Other service charges and fees 1,176     1,155     1,085     1,057     1,090     4,473     4,343  
    Interchange income 1,322     1,315     1,330     1,429     1,310     5,396     5,318  
    Loan servicing income 771     710     513     539     666     2,533     4,405  
    Net gain on sale of loans 223     215     314     107     230     859     699  
    Increase in cash surrender value of bank owned life insurance 248     265     236     216     216     965     834  
    Net gain (loss) on sale of other assets owned 22         49         (86 )   71     (135 )
    Net loss on sale of available-for-sale securities                         (891 )
    Total noninterest income 3,999     3,960     3,716     3,946     3,841     15,621     15,905  
    Noninterest Expense                                        
    Salaries and wages 7,020     7,713     7,589     7,846     6,981     30,168     26,915  
    Employee benefits 2,148     2,112     2,112     2,171     1,218     8,543     7,520  
    Net occupancy expense 1,072     1,054     999     1,027     1,187     4,152     3,833  
    Furniture and equipment 1,032     1,472     1,407     1,353     1,370     5,264     5,022  
    Data processing 160     339     448     500     785     1,447     3,147  
    Franchise taxes 312     410     265     555     308     1,542     1,487  
    ATM expense 328     472     397     473     665     1,670     2,611  
    Advertising 498     597     519     530     397     2,144     2,606  
    FDIC assessment 505     516     507     580     594     2,108     1,982  
    Servicing rights amortization – net 244     219     187     168     182     818     611  
    Loan expense 236     244     251     229     246     960     1,055  
    Consulting fees 242     251     198     186     192     877     832  
    Professional fees 368     453     527     445     331     1,793     1,430  
    Intangible asset amortization 446     445     444     445     446     1,780     1,780  
    Other general and administrative 1,465     1,128     1,495     1,333     1,532     5,421     6,373  
    Total noninterest expense 16,076     17,425     17,345     17,841     16,434     68,687     67,204  
    Income Before Income Taxes 10,527     8,109     7,159     6,778     6,875     32,573     28,354  
    Income Taxes 2,146     1,593     1,477     1,419     1,332     6,635     5,567  
    Net Income 8,381     6,516     5,682     5,359     5,543     25,938     22,787  
    Other Comprehensive Income (Loss) (Net of Tax):                                        
    Net unrealized gain (loss) on available-for-sale securities (7,403 )   11,664     2,531     (1,995 )   13,261     4,797     10,781  
    Reclassification adjustment for realized loss on sale of available-for-sale securities                         891  
    Net unrealized gain (loss) on available-for-sale securities (7,403 )   11,664     2,531     (1,995 )   13,261     4,797     11,672  
    Tax expense (benefit) (1,554 )   2,449     531     (418 )   2,784     1,008     2,451  
    Other comprehensive income (loss) (5,849 )   9,215     2,000     (1,577 )   10,477     3,789     9,221  
    Comprehensive Income $ 2,532     $ 15,731     $ 7,682     $ 3,782     $ 16,020     $ 29,727     $ 32,008  
    Basic Earnings Per Share $ 0.61     $ 0.48     $ 0.42     $ 0.39     $ 0.41     $ 1.90     $ 1.67  
    Diluted Earnings Per Share $ 0.61     $ 0.48     $ 0.42     $ 0.39     $ 0.41     $ 1.90     $ 1.67  
    Dividends Declared $ 0.22125     $ 0.22125     $ 0.22     $ 0.22     $ 0.22     $ 0.88250     $ 0.85  
                                             
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited) (in thousands of dollars, except per share data)
     
      December 31,
    2024
        September 30,
    2024
        June 30,
    2024
        March 31,
    2024
        December 31,
    2023
     
            (Unaudited)     (Unaudited)     (Unaudited)        
    Assets                            
    Cash and due from banks $                       174,855     $                       244,572     $                     191,785     $                     186,541     $                      140,917  
    Federal funds sold 1,496     932     1,283     1,241     1,284  
    Total cash and cash equivalents 176,351     245,504     193,068     187,782     142,201  
                                 
    Interest-bearing time deposits 2,482     2,727     3,221     2,735     2,740  
    Securities – available-for-sale 426,556     404,881     365,209     347,516     358,478  
    Other securities, at cost 14,400     15,028     14,721     14,744     17,138  
    Loans held for sale 2,996     1,706     1,628     2,410     1,576  
    Loans, net of allowance for credit losses of $25,826 12/31/24 and $25,024 12/31/23 2,536,043     2,512,852     2,534,468     2,516,687     2,556,167  
    Premises and equipment 33,828     33,779     34,507     35,007     35,790  
    Construction in progress     35     38     9     8  
    Goodwill 86,358     86,358     86,358     86,358     86,358  
    Loan servicing rights 5,656     5,644     5,504     5,555     5,648  
    Bank owned life insurance 34,872     34,624     34,359     34,123     33,907  
    Other assets 45,181     46,047     49,552     54,628     43,218  
    Total Assets $                    3,364,723     $                    3,389,185     $                  3,322,633     $                  3,287,554     $                   3,283,229  
                                 
    Liabilities and Stockholders’ Equity                            
    Liabilities                            
    Deposits                            
    Noninterest-bearing $                       516,904     $                       481,444     $                     479,069     $                     510,731     $                      528,465  
    Interest-bearing                            
    NOW accounts 850,462     865,617     821,145     829,236     816,790  
    Savings 671,818     661,565     673,284     635,430     599,191  
    Time 647,581     676,187     667,592     645,985     663,017  
    Total deposits 2,686,765     2,684,813     2,641,090     2,621,382     2,607,463  
                                 
    Federal funds purchased and securities                            
    sold under agreements to repurchase 27,218     27,292     27,218     28,218     28,218  
    Federal Home Loan Bank (FHLB) advances 246,056     263,081     266,102     256,628     265,750  
    Subordinated notes, net of unamortized issuance costs 34,818     34,789     34,759     34,731     34,702  
    Dividend payable 2,996     2,998     2,975     2,975     2,974  
    Accrued expenses and other liabilities 31,659     40,832     27,825     25,930     27,579  
    Total liabilities 3,029,512     3,053,805     2,999,969     2,969,864     2,966,686  
                                 
    Commitments and Contingencies                            
                                 
    Stockholders’ Equity                            
    Common stock – No par value 20,000,000 shares authorized; issued                            
    14,564,425 shares 12/31/24 and 12/31/23; outstanding 13,699,536 135,565     135,193     135,829     135,482     135,515  
    shares 12/31/24 and 13,664,641 shares 12/31/23                            
    Treasury stock – 864,889 shares 12/31/24 and 899,784 shares 12/31/23 (10,985 )   (10,904 )   (11,006 )   (10,851 )   (11,040 )
    Retained earnings 235,854     230,465     226,430     223,648     221,080  
    Accumulated other comprehensive loss (25,223 )   (19,374 )   (28,589 )   (30,589 )   (29,012 )
    Total stockholders’ equity 335,211     335,380     322,664     317,690     316,543  
                                 
    Total Liabilities and Stockholders’ Equity $                    3,364,723     $                    3,389,185     $                  3,322,633     $                  3,287,554     $                   3,283,229  
                                 
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    SELECT FINANCIAL DATA
                                               
        For the Three Months Ended   For the Twelve Months Ended
    Selected financial data   December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
    Return on average assets     0.99%     0.78%     0.69%     0.66%     0.67%     0.78%     0.71%
    Return on average equity     10.00%     7.93%     7.13%     6.76%     7.27%     7.98%     7.46%
    Yield on earning assets     5.20%     5.27%     5.22%     5.00%     4.93%     5.17%     4.67%
    Cost of interest bearing liabilities     3.01%     3.21%     3.18%     3.06%     3.02%     3.12%     2.53%
    Net interest spread     2.19%     2.06%     2.04%     1.94%     1.91%     2.05%     2.14%
    Net interest margin     2.84%     2.71%     2.71%     2.60%     2.57%     2.72%     2.72%
    Efficiency     59.82%     67.98%     69.03%     74.08%     69.23%     67.54%     68.48%
    Dividend payout ratio     35.75%     45.99%     52.35%     55.52%     54.23%     46.07%     50.65%
    Tangible book value per share   $ 17.74   $ 17.72   $ 16.79   $ 16.39   $ 16.29            
    Tier 1 leverage ratio     8.12%     8.04%     8.02%     8.40%     8.20%            
    Average shares outstanding     13,699,869     13,687,119     13,681,501     13,671,166     13,665,773     13,679,955     13,641,336
                                               
    Loans   December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
               
    (Dollar amounts in thousands)                                          
    Commercial real estate   $ 1,310,811   $ 1,301,160   $ 1,303,598   $ 1,304,400   $ 1,337,766            
    Agricultural real estate     216,401     220,328     222,558     227,455     223,791            
    Consumer real estate     520,114     524,055     525,902     525,178     521,895            
    Commercial and industrial     275,152     260,732     268,426     256,051     254,935            
    Agricultural     152,080     137,252     142,909     127,670     132,560            
    Consumer     63,009     67,394     70,918     74,819     79,591            
    Other     24,978     25,916     26,449     26,776     30,136            
    Less: Net deferred loan fees, costs and other (1)     (676)     1,499     (1,022)     (982)     517            
    Total loans, net   $ 2,561,869   $ 2,538,336   $ 2,559,738   $ 2,541,367   $ 2,581,191            
                                               
                                               
    Asset quality data   December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
               
    (Dollar amounts in thousands)                                          
    Nonaccrual loans   $ 3,124   $ 2,898   $ 2,487   $ 19,391   $ 22,353            
    90 day past due and accruing   $   $   $   $   $            
    Nonperforming loans   $ 3,124   $ 2,898   $ 2,487   $ 19,391   $ 22,353            
    Other real estate owned   $   $   $   $   $            
    Nonperforming assets   $ 3,124   $ 2,898   $ 2,487   $ 19,391   $ 22,353            
                                               
                                               
    Allowance for credit losses   $ 25,826   $ 25,484   $ 25,270   $ 24,680   $ 25,024            
    Allowance for unfunded     1,541     1,661     1,928     1,946     2,212            
    Total allowance for credit losses   $ 27,367   $ 27,145   $ 27,198   $ 26,626   $ 27,236            
    Total allowance for credit losses/total loans     1.07%     1.07%     1.06%     1.05%     1.06%            
    Adjusted credit losses with accretable yield/total loans     1.08%     1.10%     1.10%     1.11%     1.13%            
    Net charge-offs:                                          
    Quarter-to-date   $ 4   $ 68   $ 15   $ 55   $ 531            
    Year-to-date   $ 142   $ 138   $ 70   $ 55   $ 551            
    Net charge-offs to average loans                                          
    Quarter-to-date     0.00%     0.00%     0.00%     0.00%     0.02%            
    Year-to-date     0.01%     0.01%     0.00%     0.00%     0.02%            
    Nonperforming loans/total loans     0.12%     0.11%     0.10%     0.76%     0.87%            
    Allowance for credit losses/nonperforming loans     826.70%     879.37%     1016.08%     127.28%     111.95%            
    NPA coverage ratio     826.70%     879.37%     1016.08%     127.28%     111.95%            
                                               
    (1) Includes carrying value adjustments of $1.1 million as of December 31, 2024, $3.0 million as of September 30, 2024, $612 thousand as of June 30, 2024, $969 thousand as of March 31, 2024 and $2.7 million as of December 31, 2023 related to interest rate swaps
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
    (in thousands of dollars, except percentages)
                               
      For the Three Months Ended     For the Three Months Ended  
      December 31, 2024     December 31, 2023  
    Interest Earning Assets: Average
    Balance
      Interest/
    Dividends
      Annualized
    Yield/Rate
        Average
    Balance
      Interest/
    Dividends
      Annualized
    Yield/Rate
     
    Loans $            2,543,628   $                    36,663   5.77 %   $            2,553,023   $                    34,493   5.41 %
    Taxable investment securities 450,648   2,554   2.27 %   386,931   1,660   1.72 %
    Tax-exempt investment securities 18,571   79   2.15 %   24,145   89   1.87 %
    Fed funds sold & other 209,307   2,555   4.88 %   142,642   2,028   5.69 %
    Total Interest Earning Assets 3,222,154   $                    41,851   5.20 %   3,106,741   $                    38,270   4.93 %
                               
    Nonearning Assets 174,172             189,202          
                               
    Total Assets $            3,396,326             $            3,295,943          
                               
    Interest Bearing Liabilities:                          
    Savings deposits $            1,548,638   $                      9,459   2.44 %   $            1,392,304   $                      8,570   2.46 %
    Other time deposits 666,896   6,290   3.77 %   701,347   6,445   3.68 %
    Other borrowed money 255,490   2,713   4.25 %   265,948   2,742   4.12 %
    Fed funds purchased & securities                          
    sold under agreement to repurchase 27,341   274   4.01 %   28,739   293   4.08 %
    Subordinated notes 34,799   285   3.28 %   34,683   285   3.29 %
    Total Interest Bearing Liabilities $            2,533,164   $                    19,021   3.01 %   $            2,423,021   $                    18,335   3.02 %
                               
    Noninterest Bearing Liabilities 527,751             567,813          
                               
    Stockholders’ Equity $               335,411             $               305,109          
                               
    Net Interest Income and Interest Rate Spread     $                    22,830   2.19 %       $                    19,935   1.91 %
                               
    Net Interest Margin         2.84 %           2.57 %
                               
    Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
                               
                               
      For the Twelve Months Ended     For the Twelve Months Ended  
      December 31, 2024     December 31, 2023  
    Interest Earning Assets: Average
    Balance
      Interest/
    Dividends
      Annualized
    Yield/Rate
        Average
    Balance
      Interest/
    Dividends
      Annualized
    Yield/Rate
     
    Loans $            2,557,213   $                  145,329   5.68 %   $            2,491,502   $                  129,344   5.19 %
    Taxable investment securities 410,764   8,129   1.98 %   394,424   6,204   1.57 %
    Tax-exempt investment securities 20,154   328   2.06 %   24,686   366   1.88 %
    Fed funds sold & other 176,307   9,786   5.55 %   85,018   3,894   4.58 %
    Total Interest Earning Assets 3,164,438   $                  163,572   5.17 %   2,995,630   $                  139,808   4.67 %
                               
    Nonearning Assets 164,464             197,726          
                               
    Total Assets $            3,328,902             $            3,193,356          
                               
    Interest Bearing Liabilities:                          
    Savings deposits $            1,502,365   $                    39,750   2.65 %   $            1,376,318   $                    27,424   1.99 %
    Other time deposits 663,320   24,713   3.73 %   640,390   19,499   3.04 %
    Other borrowed money 262,094   10,948   4.18 %   220,175   8,876   4.03 %
    Fed funds purchased & securities                          
    sold under agreement to repurchase 27,750   1,111   4.00 %   35,421   1,474   4.16 %
    Subordinated notes 34,755   1,138   3.27 %   34,640   1,138   3.29 %
    Total Interest Bearing Liabilities $            2,490,284   $                    77,660   3.12 %   $            2,306,944   $                    58,411   2.53 %
                               
    Noninterest Bearing Liabilities 513,588             580,931          
                               
    Stockholders’ Equity $               325,030             $                305,481          
                               
    Net Interest Income and Interest Rate Spread     $                    85,912   2.05 %       $                    81,397   2.14 %
                               
    Net Interest Margin         2.72 %           2.72 %
                               
    Yields on Tax exempt securities and the portion of the tax-exempt IDB loans included in loans have been tax adjusted based on a 21% tax rate in the charts
    FARMERS & MERCHANTS BANCORP, INC. AND SUBSIDIARIES
    AVERAGE BALANCE SHEETS AND RELATED YIELDS AND RATES
    (in thousands of dollars, except percentages)
     
      For the Three Months Ended December 31, 2024   For the Three Months Ended December 31, 2023
      As Reported   Excluding Acc/Amort   Difference   As Reported   Excluding Acc/Amort   Difference
      $ Yield     $ Yield     $   Yield     $ Yield     $ Yield     $   Yield  
    Interest Earning Assets:                                                  
    Loans $         36,663 5.77 %   $     36,039 5.67 %   $          624   0.10 %   $         34,493 5.41 %   $     33,769 5.29 %   $          724   0.12 %
    Taxable investment securities 2,554 2.27 %   2,554 2.27 %     0.00 %   1,660 1.72 %   1,660 1.72 %     0.00 %
    Tax-exempt investment securities 79 2.15 %   79 2.15 %     0.00 %   89 1.87 %   89 1.87 %     0.00 %
    Fed funds sold & other 2,555 4.88 %   2,555 4.88 %     0.00 %   2,028 5.69 %   2,028 5.69 %     0.00 %
    Total Interest Earning Assets 41,851 5.20 %   41,227 5.12 %   624   0.08 %   38,270 4.93 %   37,546 4.84 %   724   0.09 %
                                                       
    Interest Bearing Liabilities:                                                  
    Savings deposits $           9,459 2.44 %   $       9,459 2.44 %   $             –   0.00 %   $           8,570 2.46 %   $       8,570 2.46 %   $             –   0.00 %
    Other time deposits 6,290 3.77 %   6,290 3.77 %     0.00 %   6,445 3.68 %   6,381 3.64 %   64   0.04 %
    Other borrowed money 2,713 4.25 %   2,710 4.24 %   3   0.01 %   2,742 4.12 %   2,760 4.15 %   (18 ) -0.03 %
    Federal funds purchased  and                                                  
    securities sold under agreement to                                                  
    repurchase 274 4.01 %   274 4.01 %     0.00 %   293 4.08 %   293 4.08 %     0.00 %
    Subordinated notes 285 3.28 %   285 3.28 %     0.00 %   285 3.29 %   285 3.29 %     0.00 %
    Total Interest Bearing Liabilities 19,021 3.01 %   19,018 3.00 %   3   0.01 %   18,335 3.02 %   18,289 3.02 %   46   0.00 %
                                                       
    Interest/Dividend income/yield 41,851 5.20 %   41,227 5.12 %   624   0.08 %   38,270 4.93 %   37,546 4.84 %   724   0.09 %
    Interest Expense / yield 19,021 3.01 %   19,018 3.00 %   3   0.01 %   18,335 3.02 %   18,289 3.02 %   46   0.00 %
    Net Interest Spread 22,830 2.19 %   22,209 2.12 %   621   0.07 %   19,935 1.91 %   19,257 1.82 %   678   0.09 %
    Net Interest Margin   2.84 %     2.76 %       0.08 %     2.57 %     2.48 %       0.09 %
                                                       
      For the Twelve Months Ended December 31, 2024   For the Twelve Months Ended December 31, 2023
      As Reported   Excluding Acc/Amort   Difference   As Reported   Excluding Acc/Amort   Difference
      $ Yield     $ Yield     $   Yield     $ Yield     $ Yield     $   Yield  
    Interest Earning Assets:                                                  
    Loans $       145,329 5.68 %   $   142,627 5.58 %   $       2,702   0.10 %   $       129,344 5.19 %   $   126,133 5.06 %   $       3,211   0.13 %
    Taxable investment securities 8,129 1.98 %   8,129 1.98 %     0.00 %   6,204 1.57 %   6,204 1.57 %     0.00 %
    Tax-exempt investment securities 328 2.06 %   328 2.06 %     0.00 %   366 1.88 %   366 1.88 %     0.00 %
    Fed funds sold & other 9,786 5.55 %   9,786 5.55 %     0.00 %   3,894 4.58 %   3,894 4.58 %     0.00 %
    Total Interest Earning Assets 163,572 5.17 %   160,870 5.09 %   2,702   0.08 %   139,808 4.67 %   136,597 4.57 %   3,211   0.10 %
                                                       
    Interest Bearing Liabilities:                                                  
    Savings deposits $         39,750 2.65 %   $     39,750 2.65 %   $             –   0.00 %   $         27,424 1.99 %   $     27,424 1.99 %   $             –   0.00 %
    Other time deposits 24,713 3.73 %   24,713 3.73 %     0.00 %   19,499 3.04 %   19,839 3.10 %   (340 ) -0.06 %
    Other borrowed money 10,948 4.18 %   10,964 4.18 %   (16 ) 0.00 %   8,876 4.03 %   8,947 4.06 %   (71 ) -0.03 %
    Federal funds purchased  and                                                  
    securities sold under agreement to                                                  
    repurchase 1,111 4.00 %   1,111 4.00 %     0.00 %   1,474 4.16 %   1,474 4.16 %     0.00 %
    Subordinated notes 1,138 3.27 %   1,138 3.27 %     0.00 %   1,138 3.29 %   1,138 3.29 %     0.00 %
    Total Interest Bearing Liabilities 77,660 3.12 %   77,676 3.12 %   (16 ) 0.00 %   58,411 2.53 %   58,822 2.55 %   (411 ) -0.02 %
                                                       
    Interest/Dividend income/yield 163,572 5.17 %   160,870 5.09 %   2,702   0.08 %   139,808 4.67 %   136,597 4.57 %   3,211   0.10 %
    Interest Expense / yield 77,660 3.12 %   77,676 3.12 %   (16 ) 0.00 %   58,411 2.53 %   58,822 2.55 %   (411 ) -0.02
    Net Interest Spread 85,912 2.05 %   83,194 1.97 %   2,718   0.08 %   81,397 2.14 %   77,775 2.02 %   3,622   0.12 %
    Net Interest Margin   2.72 %     2.63 %       0.09 %     2.72 %     2.60 %       0.12 %
    Company Contact: Investor and Media Contact:
    Lars B. Eller
    President and Chief Executive Officer
    Farmers & Merchants Bancorp, Inc.
    (419) 446-2501
    leller@fm.bank
    Andrew M. Berger
    Managing Director
    SM Berger & Company, Inc.
    (216) 464-6400
    andrew@smberger.com

    The MIL Network

  • MIL-OSI Submissions: Japan’s Expertise in International Assistance: Leveraging Experiences Gained in Southeast Asia to Aid Ukraine -The Shared Future of Asia and Japan

    Source: Japan Connect

    Diplomacy / InternationalAsia & Pacific

    In 2022, Russia invaded Ukraine. The Russian military has continuously been launching missiles and artillery attacks on civilian facilities, causing great damage to the lives of the Ukrainian people. Japan is offering various assistance through public and private endeavors to rebuild lives, drawing on experiences gained through providing aid to countries in Southeast Asia.

    One such example is a water supply aid project. As part of the government’s gratuitous recovery assistance, Japan is sending mobile water purification systems and ready-to-assemble water supply tanks to Ukraine’s cities where water supply networks were destroyed.

    As part of this initiative, Nihon Genryo Co., Ltd., a manufacturer of water treatment systems headquartered in Kawasaki, Kanagawa Prefecture, delivered four Mobile Siphon Tanks, a mobile water purification system, to Ukraine’s capital Kyiv and the southern port city Odesa. The system, developed by Nihon Genryo, does not require filter replacements, which were necessary in previous water purification systems. The company also invited water supply technicians in Kyiv to Japan and conducted training on water purification technology.

    Nihon Genryo has been deeply involved in Southeast Asia. In 1982, it delivered fully automatic dust scrapers to the Bangkhen Water Treatment Plant in Bangkok, Thailand, to help remove impurities and provide safe, treated water. It also delivered Mobile Siphon Tanks to cities in Laos and Vietnam as part of Japan’s Official Development Assistance (ODA) and is training local staff on how to use them. In Laos, the company carried out emergency water supply operations during flood disasters in 2013 and 2020. In the Philippines, it provided drinking water to regions without access to a water supply by using river water. It also carried out emergency water supply operations at the request of the Japanese government in the wake of disasters such as Super Typhoon Haiyan in 2013 and Super Typhoon Rai in 2021. In this way, the company gained extensive experience assisting the lives and lifestyles of people in Southeast Asia, which is now being leveraged to help Ukraine, halfway across the globe in Europe.

    In addition to water supply assistance, Japan also has international experience in providing aid to people with disabilities. Since Russia’s invasion, over 300,000 Ukrainian troops and civilians have become disabled as a result of injuries. However, medical equipment is growing outdated due to a shortage of funds, and providing assistance is an urgent matter. Japan provided rehabilitation equipment and welfare vehicles to 11 facilities in Kyiv Oblast through the Japan International Cooperation Agency (JICA). In December 2024, a commemorative ceremony was held in Kyiv. Ruslan Kravchenko, the governor of Kyiv Oblast, expressed his gratitude, saying, “We thank the Japanese government and its people for their extensive support. This will allow us to greatly improve the conditions for people with disabilities.”

    Japan has also been committed to providing aid to people with disabilities in Southeast Asia. Gratuitous financial assistance was offered to Indonesia, for example, by providing mobile rehabilitation equipment in 1989 and taking part in a project to construct a vocational rehabilitation center for people with disabilities in 1995. In addition to dispatching Japanese specialists and Japan Overseas Cooperation Volunteers (JOCVs) to countries like Thailand and the Philippines, Japan also invites trainees from various countries to Japan through JICA initiatives to help raise rehabilitation standards for people with disabilities.

    Removing landmines is another urgent issue that must be addressed in Ukraine. It is believed that the Russian military may have planted mines in an area of up to 150,000 square kilometers, which amounts to over a fourth of the country’s land. The Japanese government has been engaged in mine clearance efforts in Cambodia for many years. Drawing on this experience, it is offering comprehensive support to Ukraine by providing resources developed by Japanese companies, such as mine detectors, mine removers and systems using artificial intelligence (AI) to identify areas where mines have been planted, in addition to training on how to prevent injuries and offering aid to victims.

    Japan is also working on assisting Ukrainian soldiers and civilians who survived mines but lost their limbs.

    Instalimb, Inc. is a startup company headquartered in Tokyo that utilizes digital technology to create prosthetic legs. The company uses a special scanner to capture the shape of a patient’s leg and creates a 3D-printed prosthetic based on data designed by a prosthetist using software.
    The CEO of the company, Yutaka Tokushima, said in an interview with the Japanese broadcasting network TBS Television, “One (of the merits) is that we can create prosthetics very quickly. Where it usually takes a month, we can do it in a day (at the quickest) and significantly lower the cost. Another merit is that one professional prosthetist can make many prosthetics.” 
    Prosthetic legs cost around 400,000 yen in Japan, but Tokushima says the company can reduce it to one-tenth of that amount.
    Instalimb has its roots in the Philippines. After working at a computer-related company and as a designer of industrial products, Tokushima joined the JOCV program under JICA and was posted to the Philippines in 2012. 
    Later, with support from JICA and the Philippine government, he established a laboratory equipped with a 3D printer and laser cutter for industrial development. After he learned that many people in the Philippines needed prosthetic legs as a result of diabetes, he took on the challenge of developing high-performance yet affordable prosthetics. Over the course of four years, he developed a technology that specialized in creating prosthetic legs using 3D printing. These prosthetics are now available to people in the Philippines who cannot afford conventional ones.

    As he works on creating prosthetics in Ukraine, Tokushima says, “Many people want to recover and rebuild their lives, but they can’t work because they don’t have access to prosthetic legs. So I want to give them hope, first and foremost. Our current mission is to provide prosthetics to each and every person who needs them as we aim for the ultimate goal of helping all the people of Ukraine regain their bright future.” A Japanese company, born in the Philippines, is now striving to help the wounded people of Ukraine.

    Japan is offering aid to Ukraine in a diverse range of fields including infrastructure, education, agriculture, economy, machinery and culture—and much of this expertise comes from the experience Japan gained in Southeast Asia.

    By Akio Yaita
    Journalist. Graduated from the Faculty of Letters at Keio University. After completing his doctorate at the Chinese Academy of Social Sciences, he worked as a correspondent for the Sankei Shimbun in Beijing and as Taipei bureau chief. Author or co-author of many books.

    *The stories and materials above are provided by JIJI.com or AFPBBNews. Feel free to feature these stories in your own media.

    About “Japan Connect”
    Bringing you the latest stories about Japan.
    This new service is provided by AFPBB News, which AFP launched in 2007.

    MIL OSI – Submitted News

  • MIL-OSI USA: Cortez Masto, Crapo Introduce Legislation to Ensure the Shoshone-Paiute Tribes of the Duck Valley Indian Reservation Receive the $5 Million They’re Owed

    US Senate News:

    Source: United States Senator for Nevada Cortez Masto
    Washington, D.C. – Today, U.S. Senators Catherine Cortez Masto (D-Nev.) and Mike Crapo (R-Idaho) reintroduced the Shoshone-Paiute Tribes of the Duck Valley Reservation Water Rights Settlement Act. This legislation will allow the Tribes to finally collect over $5 million in interest they are owed for their 2009 water rights settlement. Senators Jacky Rosen (D-Nev.) and Jim Risch (R-Idaho) are cosponsors of this legislation.
    “It is absurd that the Shoshone-Paiute Tribes of the Duck Valley Reservation have had to go nearly two decades without millions of dollars in interest they are owed,” said Senator Cortez Masto. “My commonsense, bipartisan legislation fixes this years-old oversight and secures funding that these Tribes deserve.”
    “This much-needed fix takes the next step in upholding the federal government’s full interest terms of the 2009 settlement with the Duck Valley reservation,” said Senator Crapo.  “The Senate unanimously advanced the measure in the last Congress and must do so again expeditiously.  The House should follow suit so we can correct this error as soon as possible.”
    “The Shoshone-Paiute Tribes of the Duck Valley Reservation deserve the millions of dollars in interest they are owed,” said Senator Rosen. “I’m proud to help introduce this bipartisan legislation to ensure they finally receive this payment after a nearly twenty year delay.”
    “The Shoshone-Paiute Tribes’ water rights settlement mistakenly excluded interest payments, unjustly cutting these communities short,” said Senator Risch. “I’m proud to join my colleagues in introducing legislation to correct this error and provide the Tribes the proper interest they are owed.”
    Senator Cortez Masto has long been a champion for Tribal communities. Last year, the Senate passed both her legislation to make it easier for Indian Health Services to recruit and retain doctors and her legislation to strengthen Tribal public safety. She repeatedly called on the Biden administration to do more to address the epidemic of violence against Native women and girls, including securing federal funding to protect Native communities, urging the administration to draft a plan to address this issue, and requesting the Government Accountability Office (GAO) investigate the federal response to this crisis.

    MIL OSI USA News

  • MIL-OSI Security: Indiana Real Estate Developer and Property Manager Sentenced to 41 Months in Prison for Multimillion-Dollar Ponzi Scheme

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (c)

    NEWARK, N.J. –  An Indianapolis man was sentenced today to 41 months in prison today for his role in a scheme to defraud real estate investors, Acting U.S. Attorney Vikas Khanna announced.

    Herbert Whalen, a/k/a “Bert Whalen,” 50, of Indianapolis, Indiana, previously pleaded guilty in Newark federal court to conspiracy to commit wire fraud for his role in a multi-million dollar real estate investment scheme that took place in Indiana and New Jersey.  Judge Madeline Cox Arleo imposed the sentence today in Newark federal court.

    According to documents filed in this case and statements made in court:

    From August 2016 to July 2018, Whalen, who operated Oceanpointe Property Management in Indianapolis, engaged in a scheme to obtain money from real estate investors by misrepresenting and concealing the poor condition of properties managed by Oceanpointe and by creating fake leases for unoccupied Oceanpointe properties. Investors were promised that, after repairs and rehabilitations were completed, and tenants rented the properties, investors would receive copies of the leases and begin to receive rent payments as their return on investment. In reality, many Oceanpointe properties were not repaired and rehabilitated, and were not ready for occupancy. To conceal these facts from victim investors, Whalen and a conspirator directed Oceanpointe employees to draft fake leases, making it appear to investors that Oceanpointe properties were rented, when, in fact, the properties remained vacant. Whalen instructed Oceanpointe employees to place fake tenant names on leases to send to Oceanpointe investors.

    Whalen and others commingled tenant rent payments and selected which investors would be paid from the pool of funds in order to silence investors who voiced concerns and evade detection of the fraud. In order to prevent investors from leaving Oceanpointe and exposing his fraudulent conduct, Whalen directed an Oceanpointe employee to create a false identity and falsely claim, on an online real estate message forum, that the Oceanpointe employee was an investor with Oceanpointe and another company, and that Oceanpointe had addressed all of the concerns regarding the investment property. These misrepresentations and others led to millions of dollars in losses to investors, which Whalen used to, among other things, fund his lifestyle.

    In addition to the prison term, Judge Arleo sentenced Whalen to three years of supervised release.

    Acting U.S. Attorney Khanna credited special agents of the FBI, under the direction of Acting Special Agent in Charge Terence G. Reilly in Newark, with the investigation leading to the charge.

    The government is represented by Assistant U.S. Attorneys Caroline Silane of the Economic Crimes Unit and Ari B. Fontecchio, Chief of the Opioid Abuse Prevention and Enforcement Unit.

                                                               ###

    Defense counsel: John L. Tompkins, Tompkins Law, Indianapolis, IN

    MIL Security OSI

  • MIL-OSI: Diginex Limited Engages Lambert and SPRG to Drive Global Investor Relations and Shareholder Communications Program

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Feb. 12, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex” or the “Company”), a Cayman Islands-based impact technology company specializing in environmental, social, and governance (ESG) issues, has engaged international investor relations specialists Lambert by LLYC (Lambert) and its partner—Hong Kong-based Strategic Public Relations Group Ltd. (SPRG)—to lead a global investor relations and financial communications initiative to help broaden Diginex’s shareholder base. This collaboration underscores Diginex’s commitment to enhancing its visibility and investor engagement across key global markets.

    Working closely with Diginex’s leadership, Lambert and SPRG will execute an aggressive strategic investor relations program aimed at strengthening the Company’s presence within the global investment community. The initiative will emphasize how Diginex’s innovative, technology-driven solutions empower enterprises with comprehensive tools, empower enterprises with comprehensive tools to navigate the evolving and rapidly expanding sustainability landscape.

    Diginex recently completed a $10.61 million initial public offering (IPO), including the full exercise of the underwriters’ over-allotment option. The successful IPO and subsequent healthy market reaction reflect growing investor confidence in sustainability compliance technology and Diginex’s mission to democratize sustainability through innovative technology, dramatically reducing the cost of compliance with their tailored suite of platforms.

    Led by Lambert, the IR partnership will provide strategic guidance to Diginex, ensuring global investor outreach, enhanced shareholder engagement, and expanded visibility among institutional and retail investors.

    “This is an exciting time for Diginex as we accelerate investor engagement across a broad and diverse range of investor pools globally, strengthening and diversifying the shareholder base while increasing investor and marketplace familiarity with our brand and products” said Miles Pelham, Chairman of Diginex Limited. “Our partnership with Lambert and SPRG strengthens our presence in key financial markets and reinforces our leadership in ESG and sustainability technology. We remain committed to driving innovation and helping enterprises achieve their sustainability goals, ultimately striving to leave the world in a better place.”

    “With our successful public offering on the Nasdaq stock exchange, we look forward to working with Lambert and SPRG to speed-up and broaden our investor outreach,” said Mark Blick, Chief Executive Officer of Diginex Limited. “As demand for ESG solutions grows, we are focused on accelerating our global presence and delivering long-term value to our shareholders.”

    About Diginex Limited

    Diginex Limited is a Cayman Islands exempted company incorporated under the laws of the Cayman Islands in 2024, with subsidiaries located in Hong Kong, United Kingdom and United States of America. Diginex Limited conducts operations through its wholly owned subsidiary Diginex Solutions (HK) Limited, a Hong Kong corporation (“DSL”) and DSL is the sole owner of (i) Diginex Services Limited, a corporation formed in the United Kingdom and (ii) Diginex USA LLC, a limited liability company formed in the State of Delaware. DSL commenced operations in 2020, is headquartered in Hong Kong, and is a software company that empowers businesses and governments to streamline ESG, climate, and supply chain data collection and reporting. DSL is an impact technology business that helps organizations to address the some of the most pressing ESG, climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action.

    Diginex’s products and services solutions enable companies to collect, evaluate and share sustainability data through easy-to-use software For more information, please visit the Company’s website: https://www.diginex.com/.

    Forward-Looking Statements

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

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email:ir@diginex.com

    Jackson Lin
    Lambert by LLYC
    Phone: +1 (646) 717-4593
    Email: jian.lin@llyc.global

    The MIL Network

  • MIL-OSI: Robinhood Reports Fourth Quarter and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4 Revenues up 115% year-over-year to a record $1.01 billion.
    Q4 Net Deposits grow to a record $16 billion.
    Q4 Gold Subscribers up 86% year-over-year to a record 2.6 million.
    Q4 Net Income up over 10X year-over-year to a record $916 million, or Diluted EPS of a record $1.01.
    Q4 Adjusted EBITDA up over 300% year-over-year to a record $613 million.

    MENLO PARK, Calif., Feb. 12, 2025 (GLOBE NEWSWIRE) — Robinhood Markets, Inc. (“Robinhood”) (NASDAQ: HOOD) today announced financial results for the fourth quarter and full year of 2024, which ended December 31, 2024.

    “We hit the gas on product development in 2024 with a new platform for active traders, Gold Card launch, an expanded UK and EU product suite, and much more,” said Vlad Tenev, CEO and Co-Founder of Robinhood. “We see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood.”

    “Q4 was a record-breaking quarter that caps off a record-setting year in 2024,” said Jason Warnick, Chief Financial Officer of Robinhood. “For both the quarter and full year, we reached new highs for Assets Under Custody, Net Deposits, Gold Subscribers, Revenues, Net Income, Adjusted EBITDA, and EPS. We’re entering 2025 with strong momentum as we remain focused on delivering another year of profitable growth.”

    Fourth Quarter Results:

    • Total net revenues increased 115% year-over-year to $1.01 billion.
      • Transaction-based revenues increased over 200% year-over-year to $672 million, primarily driven by cryptocurrencies revenue of $358 million, up over 700%, options revenue of $222 million, up 83%, and equities revenue of $61 million, up 144%.
      • Net interest revenues increased 25% year-over-year to $296 million, primarily driven by growth in interest-earning assets, partially offset by a lower federal funds rate.
      • Other revenues increased 31% year-over-year to $46 million, primarily due to increased Gold subscription revenues.
    • Net income increased over 10X year-over-year to $916 million, or diluted earnings per share (EPS) of $1.01, compared to $30 million, or diluted EPS of $0.03, in Q4 2023. Q4 2024 net income included:
      • a $369 million deferred tax benefit ($0.41 of diluted EPS), primarily from the release of the Company’s valuation allowance on most of its net deferred tax assets.
      • a $55 million benefit ($0.06 of diluted EPS) due to a reversal of an accrual as part of a regulatory settlement.
    • Total operating expenses increased 3% year-over-year to $458 million, including a $55 million benefit due to a reversal of an accrual as part of a regulatory settlement.
      • Adjusted Operating Expenses and Share-Based Compensation (SBC) (non-GAAP) increased 14% year-over-year to $508 million, which includes Adjusted Operating Expenses (non-GAAP) of $431 million and SBC of $77 million.
    • Adjusted EBITDA (non-GAAP) increased over 300% year-over-year to $613 million.
    • Funded Customers increased 8% year-over-year to 25.2 million.
      • Investment Accounts increased by 10% year-over-year to 26.2 million.
    • Assets Under Custody (AUC) increased 88% year-over-year to $193 billion, driven by continued Net Deposits and higher equity and cryptocurrency valuations.
    • Net Deposits were $16.1 billion, an annualized growth rate of 42% relative to AUC at the end of Q3 2024. Over the past twelve months, Net Deposits were $50.5 billion, a growth rate of 49% relative to AUC at the end of Q4 2023.
    • Average Revenue Per User (ARPU) increased by 102% year-over-year to $164.
    • Gold Subscribers increased by 1.2 million, or 86%, year-over-year to 2.6 million.
    • Cash and cash equivalents totaled $4.3 billion compared with $4.8 billion at the end of Q4 2023.
    • Share repurchases were $160 million, representing 5.3 million shares of our Class A common stock at an average price per share of $29.79.

    Full Year Results:

    • Total net revenues increased 58% year-over-year to $2.95 billion.
    • Net income increased $1.95 billion year-over-year to $1.41 billion, or diluted EPS of $1.56, compared to a net loss of $0.54 billion, or diluted EPS of -$0.61, in 2023.
      • 2024 included a deferred tax benefit of $369 million, primarily from the release of the Company’s valuation allowance on most of its net deferred tax assets.
      • 2023 included an expense of $485 million from the 2021 Founders Award Cancellation.
    • Total operating expenses decreased 21% year-over-year to $1.90 billion.
      • Adjusted Operating Expenses and SBC decreased 16% year-over-year to $1.94 billion, which includes Adjusted Operating Expenses of $1.63 billion and SBC of $304 million.
      • Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation (non-GAAP) increased 7% year-over-year.
    • Adjusted EBITDA increased 167% year-over-year to $1.43 billion, compared to $536 million in 2023.
    • Share repurchases were $257 million, representing 10.4 million shares of our Class A common stock at an average price per share of $24.78 as we make progress on our $1 billion share repurchase program.

    Highlights

    Strong product momentum drove record growth in 2024 as Robinhood delivers on roadmap

    • Expanding Access to Crypto Across the U.S. and EU – Crypto notional volumes increased over 400 percent year-over-year, reaching $71 billion in Q4 2024. Since the start of Q4, Robinhood has also added seven crypto assets in the U.S. and launched Ethereum (ETH) staking in the EU. In June 2024, Robinhood entered into an agreement to acquire Bitstamp, the world’s longest running cryptocurrency exchange serving institutional and retail customers internationally. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.
    • Establishing Ourselves as the #1 Platform for Active Traders – Last month, Robinhood made index options available to all customers and started to roll out futures trading directly in-app, allowing customers to trade stock indexes, energy, currency, metals and crypto. Additionally, since launching in October 2024, Robinhood Legend – the desktop trading platform built for active traders – has added nearly 30 additional indicators and rolled out crypto trading.
    • Robinhood Expands Global Ambitions – Robinhood announced plans to expand into the Asia-Pacific region in 2025, with Singapore serving as its local headquarters. Earlier this week, Robinhood also started to offer options trading to its UK customers.
    • Robinhood Gold Membership Continues to Climb – Robinhood Gold subscribers hit 2.6 million, with an adoption rate of over 10 percent in Q4. In addition, the Robinhood Gold Credit Card reached over 100 thousand cardholders and we have plans to continue expanding the cardholder base in 2025.
    • Stepping Into the Investment Advisory Space – In November 2024, Robinhood entered into an agreement to acquire TradePMR, a custodial and portfolio management platform for Registered Investment Advisors with over 25 years in the industry and over $40 billion in assets under administration at the time of signing. The acquisition is subject to customary closing conditions, including regulatory approvals, and is expected to close in the first half of 2025.

    Additional Q4 2024 Operating Data

    • Retirement AUC increased over 600% year-over-year to $13.1 billion.
    • Cash Sweep increased 59% year-over-year to $26.1 billion.
    • Margin Book increased 126% year-over-year to $7.9 billion.
    • Equity Notional Trading Volumes increased 154% year-over-year to $423 billion.
    • Options Contracts Traded increased 61% year-over-year to 477 million.
    • Crypto Notional Trading Volumes increased over 400% year-over-year to $71.0 billion.

    Conference Call and Livestream Information

    Robinhood will host a video call to discuss its results at 2 p.m. PT / 5 p.m. ET today, February 12, 2025. The video call can be accessed at investors.robinhood.com, along with the earnings press release and accompanying slide presentation. The event will also be live streamed to YouTube and X.com via Robinhood’s official channels, @RobinhoodApp.

    Following the call, a replay and transcript will also be available at investors.robinhood.com.

    Financial Outlook

    The paragraph below provides information on our 2025 expense plan and outlook. We are not providing a 2025 outlook for total operating expenses and have not reconciled our 2025 outlook for Adjusted Operating Expenses and SBC to the most directly comparable GAAP financial measure, total operating expenses, because we are unable to predict with reasonable certainty the impact of certain items without unreasonable effort. These items include, but are not limited to, provisions for credit losses and significant regulatory expenses which may be material and could have a significant impact on total operating expenses for 2025.

    Our 2025 expense plan includes growth investments in new products, features, and international expansion while also getting more efficient in our existing businesses. Our outlook for combined Adjusted Operating Expenses and SBC for full-year 2025 is $2.0 billion to $2.1 billion. This expense outlook does not include provisions for credit losses, costs related to TradePMR or Bitstamp, potential significant regulatory matters, or other significant expenses (such as impairments, restructuring charges, and other business acquisition- or disposition-related expenses) that may arise or accruals we may determine in the future are required, as we are unable to accurately predict the size or timing of such matters, expenses or accruals at this time.

    Actual results might differ materially from our outlook due to several factors, including the rate of growth in Funded Customers and our effectiveness to cross-sell products which affects variable marketing costs, the degree to which we are successful in managing credit losses and preventing fraud, and our ability to manage web-hosting expenses efficiently, among other factors. See “Non-GAAP Financial Measures” for more information on Adjusted Operating Expenses and SBC, including significant items that we believe are not indicative of our ongoing expenses that would be adjusted out of total operating expenses (GAAP) to get to Adjusted Operating Expenses and SBC (non-GAAP) should they occur.

    About Robinhood

    Robinhood Markets, Inc. (NASDAQ: HOOD) transformed financial services by introducing commission-free stock trading and democratizing access to the markets for millions of investors. Today, Robinhood lets you trade stocks, options, futures (which includes options on futures, swaps, and event contracts), and crypto, invest for retirement, and earn with Robinhood Gold. Headquartered in Menlo Park, California, Robinhood puts customers in the driver’s seat, delivering unprecedented value and products intentionally designed for a new generation of investors. Additional information about Robinhood can be found at www.robinhood.com.

    Robinhood uses the “Overview” tab of its Investor Relations website (accessible at investors.robinhood.com/overview) and its Newsroom (accessible at newsroom.aboutrobinhood.com), as means of disclosing information to the public in a broad, non-exclusionary manner for purposes of the U.S. Securities and Exchange Commission’s (“SEC”) Regulation Fair Disclosure (Reg. FD). Investors should routinely monitor those web pages, in addition to Robinhood’s press releases, SEC filings, and public conference calls and webcasts, as information posted on them could be deemed to be material information.

    “Robinhood” and the Robinhood feather logo are registered trademarks of Robinhood Markets, Inc. All other names are trademarks and/or registered trademarks of their respective owners.

    Contacts

    Investors:
    ir@robinhood.com

    Press:
    press@robinhood.com

     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
     
      December 31,
    (in millions, except share and per share data)   2023       2024  
    Assets      
    Current assets:      
    Cash and cash equivalents $ 4,835     $ 4,332  
    Cash, cash equivalents, and securities segregated under federal and other regulations   4,448       4,724  
    Receivables from brokers, dealers, and clearing organizations   89       471  
    Receivables from users, net   3,495       8,239  
    Securities borrowed   1,602       3,236  
    Deposits with clearing organizations   338       489  
    User-held fractional shares   1,592       2,530  
    Held-to-maturity investments   413       398  
    Prepaid expenses   63       75  
    Deferred customer match incentives   11       100  
    Other current assets   196       509  
    Total current assets   17,082       25,103  
    Property, software, and equipment, net   120       139  
    Goodwill   175       179  
    Intangible assets, net   48       38  
    Non-current held-to-maturity investments   73        
    Non-current deferred customer match incentives   19       195  
    Other non-current assets, including non-current prepaid expenses of $4 as of December 31, 2023 and $17 as of December 31, 2024   107       533  
    Total assets $ 17,624     $ 26,187  
    Liabilities and stockholders’ equity      
    Current liabilities:      
    Accounts payable and accrued expenses $ 384     $ 397  
    Payables to users   5,097       7,448  
    Securities loaned   3,547       7,463  
    Fractional shares repurchase obligation   1,592       2,530  
    Other current liabilities   217       266  
    Total current liabilities   10,837       18,104  
    Other non-current liabilities   91       111  
    Total liabilities   10,928       18,215  
    Commitments and contingencies      
    Stockholders’ equity:      
    Preferred stock, $0.0001 par value. 210,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and December 31, 2024.          
    Class A common stock, $0.0001 par value. 21,000,000,000 shares authorized, 745,401,862 shares issued and outstanding as of December 31, 2023; 21,000,000,000 shares authorized, 764,903,997 shares issued and outstanding as of December 31, 2024.          
    Class B common stock, $0.0001 par value. 700,000,000 shares authorized, 126,760,802 shares issued and outstanding as of December 31, 2023; 700,000,000 shares authorized, 119,588,986 shares issued and outstanding as of December 31, 2024.          
    Class C common stock, $0.0001 par value. 7,000,000,000 shares authorized, no shares issued and outstanding as of December 31, 2023 and December 31, 2024.          
    Additional paid-in capital   12,145       12,008  
    Accumulated other comprehensive loss   (3 )     (1 )
    Accumulated deficit   (5,446 )     (4,035 )
    Total stockholders’ equity   6,696       7,972  
    Total liabilities and stockholders’ equity $ 17,624     $ 26,187  
     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
    (Unaudited)
     
     (in millions, except share, per share, and percentage data) Three Months Ended
    December 31,
      YOY% Change   Three Months Ended
    September 30,
      QOQ% Change
      2023       2024         2024  
    Revenues:                  
    Transaction-based revenues $ 200     $ 672     236 %   $ 319   111 %
    Net interest revenues   236       296     25 %     274   8 %
    Other revenues   35       46     31 %     44   5 %
    Total net revenues   471       1,014     115 %     637   59 %
                       
    Operating expenses(1)(2):                  
    Brokerage and transaction   32       50     56 %     39   28 %
    Technology and development   197       208     6 %     205   1 %
    Operations   26       29     12 %     27   7 %
    Provision for credit losses   14       19     36 %     23   (17)%
    Marketing   43       82     91 %     59   39 %
    General and administrative   133       70     (47)%     133   (47)%
    Total operating expenses   445       458     3 %     486   (6)%
                       
    Other income, net   3       2     (33)%     2   %
    Income before income taxes   29       558     NM     153   265 %
    Provision for (benefit from) income taxes   (1 )     (358 )   NM     3   NM
    Net income $ 30     $ 916     NM   $ 150   511 %
    Net income attributable to common stockholders:                  
    Basic $ 30     $ 916         $ 150    
    Diluted $ 30     $ 916         $ 150    
    Net income per share attributable to common stockholders:                  
    Basic $ 0.03     $ 1.04         $ 0.17    
    Diluted $ 0.03     $ 1.01         $ 0.17    
    Weighted-average shares used to compute net income per share attributable to common stockholders:                  
    Basic   867,298,537       883,884,676           884,108,545    
    Diluted   883,227,967       907,767,796           905,544,750    
     
        Year Ended
    December 31,
      YOY% Change
    (in millions, except share, per share, and percentage data)     2023       2024    
    Revenues:            
    Transaction-based revenues   $ 785     $ 1,647     110 %
    Net interest revenues     929       1,109     19 %
    Other revenues     151       195     29 %
    Total net revenues     1,865       2,951     58 %
                 
    Operating expenses(1)(2):            
    Brokerage and transaction     146       164     12 %
    Technology and development     805       818     2 %
    Operations     116       112     (3)%
    Provision for credit losses     43       76     77 %
    Marketing     122       272     123 %
    General and administrative     1,169       455     (61)%
    Total operating expenses     2,401       1,897     (21)%
                 
    Other income, net     3       10     233 %
    Income (loss) before income taxes     (533 )     1,064     NM
    Provision for (benefit from) income taxes     8       (347 )   NM
    Net income (loss)     (541 )     1,411     NM
    Net income (loss) attributable to common stockholders:            
    Basic   $ (541 )   $ 1,411      
    Diluted   $ (541 )   $ 1,411      
    Net income (loss) per share attributable to common stockholders:            
    Basic   $ (0.61 )   $ 1.60      
    Diluted   $ (0.61 )   $ 1.56      
    Weighted-average shares used to compute net income (loss) per share attributable to common stockholders:            
    Basic     890,857,659       881,113,156      
    Diluted     890,857,659       906,171,504      

    ________________
    (1) The following table presents operating expenses as a percent of total net revenues:

     
    Three Months Ended

    December 31,
      Three Months Ended
    September 30,
      Year Ended
    December 31,
      2023     2024     2024     2023     2024  
    Brokerage and transaction 7 %   5 %   6 %   8 %   5 %
    Technology and development 42 %   20 %   32 %   43 %   28 %
    Operations 6 %   3 %   4 %   6 %   4 %
    Provision for credit losses 2 %   2 %   4 %   3 %   3 %
    Marketing 9 %   8 %   9 %   7 %   9 %
    General and administrative 28 %   7 %   21 %   63 %   15 %
    Total operating expenses 94 %   45 %   76 %   130 %   64 %


    (2)
     The following table presents the SBC on our unaudited condensed consolidated statements of operations for the periods indicated:

     
    Three Months Ended

    December 31,
      Three Months Ended
    September 30,
      Year Ended
    December 31,
    (in millions)   2023     2024     2024     2023     2024
    Brokerage and transaction $ 1   $ 2   $ 2   $ 7     9
    Technology and development   50     48     48     211     192
    Operations   2     2     1     8     7
    Marketing   2     2     3     5     8
    General and administrative   26     23     25     640     88
    Total SBC $ 81   $ 77 $ $ 79   $ 871   $ 304
     
    ROBINHOOD MARKETS, INC.
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
    (Unaudited)
     
      Three Months Ended
    December 31,
      Year Ended
    December 31,
    (in millions)   2023       2024       2023       2024  
    Operating activities:              
    Net income (loss) $ 30     $ 916     $ (541 )   $ 1,411  
    Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:              
    Depreciation and amortization   17       22       71       77  
    Impairment of long-lived assets   4             5       2  
    Provision for credit losses   14       19       43       76  
    Deferred income taxes         (369 )           (369 )
    Share-based compensation   81       77       871       304  
    Other   1             3       (2 )
    Changes in operating assets and liabilities:              
    Securities segregated under federal and other regulations         (397 )           (397 )
    Receivables from brokers, dealers, and clearing organizations   (26 )     (332 )     (13 )     (382 )
    Receivables from users, net   204       (2,621 )     (298 )     (4,592 )
    Securities borrowed   (398 )     468       (1,085 )     (1,634 )
    Deposits with clearing organizations   (63 )     (25 )     (152 )     (151 )
    Current and non-current prepaid expenses   11       16       37       (25 )
    Current and non-current deferred customer match incentives   (20 )     (63 )     (30 )     (265 )
    Other current and non-current assets   (19 )     (404 )     (18 )     (415 )
    Accounts payable and accrued expenses   (11 )     (63 )     134       (35 )
    Payables to users   772       1,184       396       2,351  
    Securities loaned   302       157       1,713       3,916  
    Other current and non-current liabilities   61       15       45       (27 )
    Net cash provided by (used in) operating activities   960       (1,400 )     1,181       (157 )
    Investing activities:              
    Purchases of property, software, and equipment   (1 )     (4 )     (2 )     (13 )
    Capitalization of internally developed software   (5 )     (11 )     (19 )     (37 )
    Business acquisition, net of cash and cash equivalents acquired   (3 )           (93 )     (6 )
    Asset acquisition, net of cash acquired                     (3 )
    Purchases of held-to-maturity investments   (108 )     (87 )     (759 )     (556 )
    Proceeds from maturities of held-to-maturity investments   115       219       282       658  
    Purchases of credit card receivables by Credit Card Funding Trust         (509 )           (748 )
    Collections of purchased credit card receivables         426             556  
    Proceeds from sales and maturities of available-for-sale investments               10        
    Other   (1 )           (1 )     1  
    Net cash provided by (used in) investing activities   (3 )     34       (582 )     (148 )
    Financing activities:              
    Proceeds from exercise of stock options, net of repurchases   3       8       5       18  
    Proceeds from issuance of common stock under the Employee Share Purchase Plan   5       6       14       16  
    Taxes paid related to net share settlement of equity awards   (3 )     (89 )     (12 )     (244 )
    Repurchase of Class A common stock         (160 )     (608 )     (257 )
    Draws on credit facilities         10       20       22  
    Repayments on credit facilities         (10 )     (20 )     (22 )
    Borrowings by the Credit Card Funding Trust         37             132  
    Repayments on borrowings by the Credit Card Funding Trust                     (1 )
    Change in principal collected from customers due to Coastal Bank   4       21       1       6  
    Payments of debt issuance costs         (1 )     (10 )     (15 )
    Net cash provided by (used in) financing activities   9       (178 )     (610 )     (345 )
    Effect of foreign exchange rate changes on cash and cash equivalents         (2 )           (1 )
    Net increase (decrease) in cash, cash equivalents, segregated cash, and restricted cash   966       (1,546 )     (11 )     (651 )
    Cash, cash equivalents, segregated cash, and restricted cash, beginning of the period   8,380       10,241       9,357       9,346  
    Cash, cash equivalents, segregated cash, and restricted cash, end of the period $ 9,346     $ 8,695     $ 9,346     $ 8,695  
                   
    Reconciliation of cash, cash equivalents, segregated cash and restricted cash, end of the period:
    Cash and cash equivalents, end of the period $ 4,835     $ 4,332     $ 4,835     $ 4,332  
    Segregated cash and cash equivalents, end of the period   4,448       4,327       4,448       4,327  
    Restricted cash in other current assets, end of the period   46       18       46       18  
    Restricted cash in other non-current assets, end of the period   17       18       17       18  
    Cash, cash equivalents, segregated cash and restricted cash, end of the period $ 9,346     $ 8,695     $ 9,346     $ 8,695  
    Supplemental disclosures:              
    Cash paid for interest $ 4     $ 4     $ 12     $ 16  
    Cash paid for income taxes, net of refund received $     $ 4     $ 9     $ 18  
     
    Reconciliation of GAAP to Non-GAAP Results
    (Unaudited)
     
        Three Months Ended
    December 31,
      Three Months Ended
    September 30,
      Year Ended
    December 31,
    (in millions)     2023       2024       2024       2023       2024  
    Net income (loss)   $ 30     $ 916     $ 150     $ (541 )   $ 1,411  
    Net margin     6 %     90 %     24 %   (29)%     48 %
    Add:                    
    Interest expenses related to credit facilities     6       6       6       23       24  
    Provision for (benefit from) income taxes     (1 )     (358 )     3       8       (347 )
    Depreciation and amortization     17       22       20       71       77  
    EBITDA (non-GAAP)     52       586       179       (439 )     1,165  
    Add: SBC                    
    SBC Excluding 2021 Founders Award Cancellation     81       77       79       386       304  
    2021 Founders Award Cancellation                       485        
    Significant legal and tax settlements and reserves(1)           (50 )     10       104       (40 )
    Adjusted EBITDA (non-GAAP)   $ 133     $ 613     $ 268     $ 536     $ 1,429  
    Adjusted EBITDA margin (non-GAAP)     28 %     60 %     42 %     29 %     48 %
      Three Months Ended
    December 31,
      Three Months Ended
    September 30,
      Year Ended
    December 31,
    (in millions)   2023     2024       2024     2023     2024  
    Total operating expenses (GAAP) $ 445   $ 458     $ 486   $ 2,401   $ 1,897  
    Less: SBC                  
    SBC Excluding 2021 Founders Award Cancellation   81     77       79     386     304  
    2021 Founders Award Cancellation                 485      
    Significant legal and tax settlements and reserves(1)       (50 )     10     104     (40 )
    Adjusted Operating Expenses (Non-GAAP) $ 364   $ 431     $ 397   $ 1,426   $ 1,633  
      Three Months Ended
    December 31,
      Year Ended
    December 31,
    (in millions)   2023     2024       2023     2024  
    Total operating expenses (GAAP) $ 445   $ 458     $ 2,401   $ 1,897  
    Less: SBC              
    SBC Excluding 2021 Founders Award Cancellation   81     77       386     304  
    2021 Founders Award Cancellation             485      
    Significant legal and tax settlements and reserves(1)       (50 )     104     (40 )
    Adjusted Operating Expenses (Non-GAAP)   364     431       1,426     1,633  
    Add: SBC              
    SBC Excluding 2021 Founders Award Cancellation   81     77       386     304  
    2021 Founders Award Cancellation             485      
    Adjusted Operating Expenses and SBC (Non-GAAP)   445     508       2,297     1,937  
    Less: 2021 Founders Award Cancellation             485      
    Adjusted Operating Expense and SBC excluding the 2021 Founders Award Cancellation (Non-GAAP) $ 445   $ 508     $ 1,812   $ 1,937  

    ________________

    (1) Amounts for the three months and year ended December 31, 2024 included a $55 million benefit due to a reversal of an accrual as part of a regulatory settlement.


    Cautionary Note Regarding Forward-Looking Statements

    This press release contains forward-looking statements regarding the expected financial performance of Robinhood Markets, Inc. and its consolidated subsidiaries (“we,” “Robinhood,” or the “Company”) and our strategic and operational plans, including (among others) statements regarding that we see a huge opportunity ahead of us as we work toward enabling anyone, anywhere, to buy, sell, or hold any financial asset and conduct any financial transaction through Robinhood; that we’re entering 2025 with strong momentum as we remain focused on delivering another year of profitable growth; that we plan to expand into the Asia-Pacific region in 2025, with Singapore serving as our local headquarters; that we plan to continue expanding the cardholder base for the Robinhood Gold Credit Card in 2025; that the acquisitions of Bitstamp and TradePMR are each expected to close in the first half of 2025; and all statements and information under the headings “Financial Outlook”. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “estimate,” “predict,” “potential,” or “continue,” or the negative of these words or other similar terms or expressions that concern our expectations, strategy, plans, or intentions. Our forward-looking statements are subject to a number of known and unknown risks, uncertainties, assumptions, and other factors that may cause our actual future results, performance, or achievements to differ materially from any future results expressed or implied in this press release. Reported results should not be considered an indication of future performance. Factors that contribute to the uncertain nature of our forward-looking statements include, among others: our rapid and continuing expansion, including continuing to introduce new products and services on our platforms as well as geographic expansion; the difficulty of managing our business effectively, including the size of our workforce, and the risk of declining or negative growth; the fluctuations in our financial results and key metrics from quarter to quarter; our reliance on transaction-based revenue, including payment for order flow (“PFOF”), the risk of new regulation or bans on PFOF and similar practices, and the addition of our new fee-based model for cryptocurrency; our exposure to fluctuations in interest rates and rapidly changing interest rate environments; the difficulty of raising additional capital (to provide liquidity needs and support business growth and objectives) on reasonable terms, if at all; the need to maintain capital levels required by regulators and self-regulatory organizations; the risk that we might mishandle the cash, securities, and cryptocurrencies we hold on behalf of customers, and our exposure to liability for processing, operational, or technical errors in clearing functions; the impact of negative publicity on our brand and reputation; the risk that changes in business, economic, or political conditions that impact the global financial markets, or a systemic market event, might harm our business; our dependence on key employees and a skilled workforce; the difficulty of complying with an extensive, complex, and changing regulatory environment and the need to adjust our business model in response to new or modified laws and regulations; the possibility of adverse developments in pending litigation and regulatory investigations; the effects of competition; our need to innovate and acquire or invest in new products, services, technologies, and geographies in order to attract and retain customers and deepen their engagement with us in order to maintain growth; our reliance on third parties to perform some key functions and the risk that processing, operational or technological failures could impair the availability or stability of our platforms; the risk of cybersecurity incidents, theft, data breaches, and other online attacks; the difficulty of processing customer data in compliance with privacy laws; our need as a regulated financial services company to develop and maintain effective compliance and risk management infrastructures; the risks associated with incorporating artificial intelligence technologies into some of our products and processes; the volatility of cryptocurrency prices and trading volumes; the risk that our platforms and services could be exploited to facilitate illegal payments; and the risk that substantial future sales of Class A common stock in the public market, or the perception that they may occur, could cause the price of our stock to fall. Because some of these risks and uncertainties cannot be predicted or quantified and some are beyond our control, you should not rely on our forward-looking statements as predictions of future events. More information about potential risks and uncertainties that could affect our business and financial results can be found in Part II, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as well as in our other filings with the SEC, all of which are available on the SEC’s web site at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment; new risks and uncertainties may emerge from time to time, and it is not possible for us to predict all risks nor identify all uncertainties. The events and circumstances reflected in our forward-looking statements might not be achieved and actual results could differ materially from those projected in the forward-looking statements. Except as otherwise noted, all forward-looking statements in this press release are made as of the date of this press release, February 12, 2025, and are based on information and estimates available to us at this time. Although we believe that the expectations reflected in our forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. Except as required by law, Robinhood assumes no obligation to update any of the statements in this press release whether as a result of any new information, future events, changed circumstances, or otherwise. You should read this press release with the understanding that our actual future results, performance, events, and circumstances might be materially different from what we expect. All fourth quarter and full year 2024 financial information in this press release is preliminary, based on our estimates and subject to completion of our financial closing procedures. Final results for the full year, which will be reported in our Annual Report on Form 10-K for the year ended December 31, 2024, may vary from the information in this press release. In particular, until our financial statements are issued in our Annual Report on Form 10-K, we may be required to recognize certain subsequent events (such as in connection with contingencies or the realization of assets) which could affect our final results.

    Non-GAAP Financial Measures

    We collect and analyze operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to total net revenues, net income (loss), and other results under GAAP, we utilize non-GAAP calculations of adjusted earnings before interest, taxes, depreciation, and amortization (“Adjusted EBITDA”), Adjusted EBITDA Margin, Adjusted Operating Expenses, Adjusted Operating Expenses and SBC, Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation, and SBC excluding the 2021 Founders Award Cancellation. This non-GAAP financial information is presented for supplemental informational purposes only, should not be considered in isolation or as a substitute for, or superior to, financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this press release.

    Adjusted EBITDA

    Adjusted EBITDA is defined as net income (loss), excluding (i) interest expenses related to credit facilities, (ii) provision for (benefit from) income taxes, (iii) depreciation and amortization, (iv) SBC, (v) significant legal and tax settlements and reserves, and (vi) other significant gains, losses, and expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing results.

    The above items are excluded from our Adjusted EBITDA measure because these items are non-cash in nature, or because the amount and timing of these items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods and competitors less meaningful. We believe Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, Adjusted EBITDA is a key measurement used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted EBITDA Margin

    Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by total net revenues. The most directly comparable GAAP measure is net margin (calculated as net income (loss) divided by total net revenues). We believe Adjusted EBITDA Margin provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our business performance. Adjusted EBITDA Margin is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted Operating Expenses

    Adjusted Operating Expenses is defined as GAAP total operating expenses minus (i) SBC, (ii) significant legal and tax settlements and reserves, and (iii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses) that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expenses provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. Starting in Q1 2025, Adjusted Operating Expenses will no longer include provision for credit losses.

    Adjusted Operating Expenses and SBC

    Adjusted Operating Expenses and SBC is defined as GAAP total operating expenses minus (i) significant legal and tax settlements and reserves and (ii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. Unlike Adjusted Operating Expenses, Adjusted Operating Expenses and SBC does not adjust for SBC. We believe Adjusted Operating Expense and SBC provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation

    Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation is defined as GAAP total operating expenses minus (i) significant legal and tax settlements and reserves, (ii) other significant expenses (such as impairments, restructuring charges, and business acquisition- or disposition-related expenses), and (iii) the 2021 Founders Award Cancellation, that we believe are not indicative of our ongoing expenses. The amount and timing of the excluded items are unpredictable, are not driven by core results of operations, and render comparisons with prior periods less meaningful. We believe Adjusted Operating Expense and SBC excluding the 2021 Founders Award Cancellation provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. Adjusted Operating Expenses and SBC excluding the 2021 Founders Award Cancellation is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    SBC excluding the 2021 Founders Award Cancellation

    We define SBC excluding the 2021 Founders Award Cancellation as GAAP SBC minus the impact of the 2021 Founders Award Cancellation, which we do not believe is indicative of our ongoing expenses. The amount and timing of the 2021 Founders Award Cancellation are not driven by core results of operations and renders comparisons with prior periods less meaningful. We believe SBC excluding the 2021 Founders Award Cancellation provides useful information to investors and others in understanding and evaluating our results of operations, as well as providing a useful measure for period-to-period comparisons of our cost structure. SBC excluding the Founders Award Cancellation is used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting.

    Key Performance Metrics

    In addition to the measures presented in our unaudited condensed consolidated financial statements, we use the following key performance metrics to help us evaluate our business, identify trends affecting our business, formulate business plans, and make strategic decisions.

    Funded Customers

    We define a Funded Customer as a unique person who has at least one account with a Robinhood entity and, within the past 45 calendar days (a) had an account balance that was greater than zero (excluding amounts that are deposited into a Funded Customer account by the Company with no action taken by the unique person) or (b) completed a transaction using any such account. Individuals who share a funded joint investing account (which launched in July 2024) are each considered to be a Funded Customer.

    Assets Under Custody (“AUC”)

    We define AUC as the sum of the fair value of all equities, options, cryptocurrency, futures (including options on futures, swaps, and event contracts), and cash held by users in their accounts, net of receivables from users, as of a stated date or period end on a trade date basis. Net Deposits and net market gains (losses) drive the change in AUC in any given period.

    Net Deposits

    We define Net Deposits as all cash deposits and asset transfers from customers, as well as dividends, interest, and cash or assets earned in connection with Company promotions (such as account transfer and retirement match incentives and free stock bonuses) received by customers, net of reversals, customer cash withdrawals, margin interest, Gold subscription fees, and assets transferred off of our platforms for a stated period. Prior to the second quarter of 2024, Net Deposits did not include inflows from cash or assets earned in connection with Company promotions and prior to January 2024, Net Deposits did not include inflows from dividends and interest or outflows from Robinhood Gold subscription fees and margin interest, although we have not restated amounts in prior periods as the impact to those figures was immaterial.

    Average Revenue Per User (“ARPU”)

    We define ARPU as total revenue for a given period divided by the average number of Funded Customers on the last day of that period and the last day of the immediately preceding period. Figures in this press release represent ARPU annualized for each three-month period presented.

    Gold Subscribers

    We define a Gold Subscriber as a unique person who has at least one account with a Robinhood entity and who, as of the end of the relevant period (a) is subscribed to Robinhood Gold and (b) has made at least one Robinhood Gold subscription fee payment.

    Additional Operating Metrics

    Retirement AUC

    We define Retirement AUC as the total AUC in traditional IRAs and Roth IRAs.

    Cash Sweep

    We define Cash Sweep as the period-end total amount of participating users’ uninvested brokerage cash that has been automatically “swept” or moved from their brokerage accounts into deposits for their benefit at a network of program banks. This is an off-balance-sheet amount. Robinhood earns a net interest spread on Cash Sweep balances based on the interest rate offered by the banks less the interest rate given to users as stated in our program terms.

    Margin Book

    We define Margin Book as our period-end aggregate outstanding margin loan balances receivable (i.e., the period-end total amount we are owed by customers on loans made for the purchase of securities, supported by a pledge of assets in their margin-enabled brokerage accounts).

    Notional Trading Volume

    We define Notional Trading Volume or Notional Volume for any specified asset class as the aggregate dollar value (purchase price or sale price as applicable) of trades executed in that asset class over a specified period of time.

    Options Contracts Traded

    We define Options Contracts Traded as the total number of options contracts bought or sold over a specified period of time. Each contract generally entitles the holder to trade 100 shares of the underlying stock.

    Glossary Terms

    2021 Founders Award Cancellation

    We define the 2021 Founders Award Cancellation as the cancellation in February 2023 of the 2021 pre-IPO market-based restricted stock units granted to our founders of 35.5 million unvested shares.

    Investment Accounts

    We define an Investment Account as a funded individual brokerage account, a funded joint investing account, or a funded individual retirement account (“IRA”). As of December 31, 2024, a Funded Customer can have up to four Investment Accounts – individual brokerage account, joint investing account (which launched in July 2024), traditional IRA, and Roth IRA.

    Gold Adoption Rate

    We define the Gold adoption rate as end of period Gold Subscribers divided by end of period Funded Customers.

    Growth Rate and Annualized Growth Rate with respect to Net Deposits

    Growth rate is calculated as aggregate Net Deposits over a specified 12 month period, divided by AUC for the fiscal quarter that immediately precedes such 12 month period. Annualized growth rate is calculated as Net Deposits for a specified quarter multiplied by 4 and divided by AUC for the immediately preceding quarter.

    The MIL Network

  • MIL-OSI Security: U.S. Indo-Pacific Command, Japan Joint Staff host Joint Senior Leaders Seminar

    Source: United States INDO PACIFIC COMMAND

    Adm. Samuel J. Paparo, front center, commander of U.S. Indo-Pacific Command, joins Gen. Yoshihide Yoshida, front second from left, Chief of Staff of the Japan Joint Staff, for a group photo during the Joint Senior Leaders Seminar at USINDOPACOM headquarters on Camp H.M. Smith in Hawaii, Feb. 11, 2025. The JSLS aims to continue strengthening bilateral commitments between the two nations and throughout the region. USINDOPACOM is committed to enhancing stability in the Indo-Pacific region by promoting security cooperation, encouraging peaceful development, responding to contingencies, deterring aggression and, when necessary, fighting to win. (U.S. Army photo by Staff Sgt. Angel Heraldez)

    MIL Security OSI

  • MIL-OSI NGOs: Munich Security Conference: Amnesty’s Secretary General calls on states to resist attacks on human rights protections

    Source: Amnesty International –

    Amnesty International’s Secretary General Agnès Callamard will be attending the Munich Security Conference from 14 to 16 February, where she will be available for interview and will call on world leaders and senior officials to resolutely come together to resist attacks on human rights and the global multilateral architecture and avoid further harm to human rights protections and the rules-based order.

    “The past 12 months have laid bare precisely how hellish the world can be when states don’t apply universal standards and insist that international law and multilateral decisions do not apply to their actions. Consider Israel’s genocide against Palestinians in Gaza, Russia’s ongoing war of aggression against Ukraine, the conflict still raging in Sudan, the worsening catastrophe in Myanmar, and the recent uptick in fighting in the Democratic Republic of Congo,” Agnès Callamard said.

    “Following the long overdue ceasefire in Gaza and the transition of power in Syria, the question turns to how lasting peace and justice can be achieved in such contexts. States must commit their full support to bodies like the International Court of Justice and the International Criminal Court in their efforts to uphold the law, as failure to hold perpetrators accountable will only embolden other aggressors and fuel further cycles of violence and destruction.

    The past 12 months have laid bare precisely how hellish the world can be when states don’t apply universal standards and insist that international law and multilateral decisions do not apply to their actions.

    Agnès Callamard, Amnesty International’s Secretary General

    “In these precarious times, humanity can ill afford further breakdowns in the international order. We do not need more instability, division or turmoil; we do not need more attacks on human rights values and further undermining of our already fragile commitments to address climate change. We need sustainable, future-focused solutions. The multilateral system may be failing us, but the answer is not to abandon it to the abyss. The answer is to strengthen and reform it, grounding it in a common vision so it can make good on its promise of global stability and universal human rights protections. The Munich Security Conference presents a timely opportunity for world leaders to begin to address these challenges and pave the way for a future free of the harrowing conflicts that blight today’s world.”

    MIL OSI NGO

  • MIL-OSI Security: Richard R. Barker to Serve as Acting United States Attorney for the Eastern District of Washington

    Source: Office of United States Attorneys

    Spokane, Washington – Following the recent resignation of the Honorable Vanessa R. Waldref, and by operation of the Vacancies Reform Act, Richard R. Barker is now serving as the Acting United States Attorney for the Eastern District of Washington.

    Acting United States Attorney Barker has over a decade of experience as a career prosecutor, serving as an Assistant United States Attorney since 2014.  During his career, Barker has held the positions of First Assistant United States Attorney, Tribal Liaison, Computer Crime and Intellectual Property Coordinator, Digital Asset Coordinator, and Public Affairs Officer.  From 2014 – 2019, Barker served as an Assistant United States Attorney in the nation’s capital, where he served as a dedicated homicide prosecutor.  In early 2019, Barker joined the Eastern District of Washington, serving as an Assistant United States Attorney (“AUSA”) in the Spokane office.

    Acting United States Attorney Barker has dedicated his career to serving victims of violent crime, while handling numerous homicide and violent crime cases. Late last year, Barker was lead counsel with AUSA Michael J. Ellis in the trial of Zachery Holt and Dezmonique Tenzsley for the double murder of two Tribal members and the attempted murder of a federal officer on the Colville Indian Reservation. In 2023, Barker successfully prosecuted Ronald Craig Ilg, who attempted to hire hitmen on the dark web to harm his wife and a former work colleague.

    Throughout his career, Acting United States Attorney Barker also has handled several significant drug trafficking prosecutions.  In 2023, Barker and AUSA Stephanie Van Marter prosecuted the “Fetty Bros” Drug Trafficking Organization, which was distributing hundreds of thousands of fentanyl pills and other drugs into Eastern Washington and using extreme violence to insulate their organization. Barker later served as lead counsel in the removal of more than 161,000 fentanyl-laced pills and 80 pounds of methamphetamine from rural Washington. In his efforts to further address the fentanyl crisis, Barker worked closely with now former U.S. Attorney Waldref and the City of Spokane to create a Special U.S. Assistant Attorney position focused on prosecuting those responsible for illegal narcotics impacting the Spokane area.

    As First Assistant United States Attorney, Barker has supervised the U.S. Attorney’s Office’s litigating units, which include the Criminal, Civil, and Appellate Divisions. As the Chief Deputy to the U.S. Attorney, Barker helped establish the District’s dedicated Appellate Division and worked closely with the Office’s administrative team to obtain additional DOJ resources for increasing public safety throughout Eastern Washington. Barker also played a pivotal role in opening the District’s Branch Office in Richland Washington, and he has been instrumental in the office’s efforts to increase resources for prosecuting cases on Native American Reservations. In early 2024, Barker played a key role in hiring the district’s first MMIP AUSA, who is fully dedicated to prosecuting cases of Missing or Murdered Indigenous People.  For Barker’s dedication to working with Native American communities and improving public safety, he received a Department of Justice Director’s Award in 2024.

    “I have loved serving as a federal prosecutor and working so closely with federal, state, local, and Tribal leaders to seek justice and protect our communities,” stated Acting U.S. Attorney Barker. “The U.S. Attorney’s Office for the Eastern District of Washington has an incredible team of attorneys and support staff, who are fully dedicated to protecting the citizens of Eastern Washington and our nation. It is truly inspiring to serve alongside such an excellent group of professionals, who have dedicated their careers to doing the right thing each and every day.”  

    Outgoing U.S. Attorney Vanessa R. Waldref stated, “Acting U.S. Attorney Barker is an exceptional leader, a gifted attorney, and a tireless advocate for justice. His unwavering dedication to protecting the communities of Eastern Washington is evident in everything he does. It has been an honor to work alongside him as my First Assistant, and I have no doubt that he will continue to serve with integrity, determination, and a deep commitment to upholding the law, as he takes on this new role as the chief law enforcement officer for the Eastern District of Washington.”

    Acting United States Attorney Barker graduated with highest honors from Brigham Young University Law School. After graduation, Barker clerked for the Honorable J. Clifford Wallace on the Ninth Circuit Court of Appeals and the Honorable G. Murray Snow on the U.S. District Court for the District of Arizona.  Following his clerkships, Acting United States Attorney Barker worked in private practice for Davis Polk, LLP, in Washington D.C.

    Outside the U.S. Attorney’s Office, Barker serves as an adjunct professor at Gonzaga University School of Law, where he has taught courses in Trial Advocacy and Conflicts of Law. Barker also serves as a Lawyer Representative to the Ninth Circuit Court of Appeals. 

    MIL Security OSI

  • MIL-OSI Asia-Pac: India’s Cultural Influence Across the Indian Ocean Region Stems from its rich Cultural, Intellectual and Knowledge Traditions: Union Minister Shri Gajendra Singh Shekhawat

    Source: Government of India

    India’s Cultural Influence Across the Indian Ocean Region Stems from its rich Cultural, Intellectual and Knowledge Traditions: Union Minister Shri Gajendra Singh Shekhawat

    From Ancient Trade Winds to Modern Maritime Security:  ‘Monsoon’ Conference Explores India’s Expanding Indian Ocean Role

    Posted On: 12 FEB 2025 9:42PM by PIB Delhi

    In the backdrop of India’s growing maritime partnerships and security initiatives, the Indira Gandhi National Centre for the Arts (IGNCA) is organizing a two-day international conference in collaboration with the Advanced Study Institute of Asia ( ASIA) at SGT University titled ‘Monsoon: The Sphere of Cultural and Trade Influence’. ‘Project Mausam’, is an Indian transnational initiative under the Ministry of Culture. This conference, exploring historical and cultural connections among Indian Ocean nations through maritime interactions, will highlight India’s central role in shaping trade, traditions, and connectivity across the Indian Ocean Region (IOR). The inaugural session of the conference began today at IGNCA, New Delhi, and will continue until 13th February 2025. Shri Gajendra Singh Shekhawat, Union Minister Minister of Culture and Tourism, graced the occasion as the Chief Guest, with a keynote address by Dr. Vinay Sahasrabuddhe and a welcome address by Dr. Sachchidanand Joshi, Member Secretary, IGNCA. Prof. Amogh Rai, Research Director, ASIA, SGT University, and Dr. Ajith Kumar, Director of Project Mausam, were also present during the inaugural session.

    Union Minister of Culture and Tourism, Shri Gajendra Singh Shekhawat, while speaking at the inaugural session, highlighted the deep interlinkages between India and the region, emphasising that India’s cultural influence across the Indian Ocean Region stems from its rich cultural, intellectual, and knowledge traditions. He noted that this influence stemmed not only from commerce and trade but also from India’s intellectual prowess and golden prosperity. He remarked that the footprints of India’s cultural impact are visible among those who came as students, monks, or even as aggressors, carrying with them the essence of India’s cultural progress, fostering diversity and unity over thousands of years. He also spoke about the unique vision of ‘Project Mausam’ to showcase a Transnational Mixed Route of Natural and Cultural Heritage, stating, “The world realises that culture is the factor that unites us all.”

    The initiative is particularly timely, as India and France recently concluded their Maritime Cooperation Dialogue in New Delhi, agreeing on joint measures to assess and counter threats to maritime security in the IOR. These threats include piracy, maritime terrorism, smuggling, illegal fishing, hybrid and cyber threats, and marine pollution. Oman will also be hosting the 8th edition of the Indian Ocean Conference from February 16-17, focusing on ‘Voyages to New Horizons of Maritime Partnership’. Simultaneously, the Indian Navy’s 2025 capstone Theatre Level Operational Exercise (TROPEX) is underway, showcasing India’s preparedness in the Indian Ocean.

    ‘Project Mausam’ not only emphasizes India’s historical maritime influence but also resonates with the nation’s evolving geopolitical strategy in the region. The conference will focus on key themes such as ancient navigational routes, port city networks, and coastal settlements. By integrating tangible and intangible cultural heritage, the project highlights India’s continued leadership in fostering connectivity and maritime partnerships, contributing to UNESCO’s maritime heritage studies.

    Dr. Vinay Sahasrabuddhe in his address emphasised the cultural foundations of India-Southeast Asia relations, calling for intellectual and emotional investment to integrate Southeast Asia into India’s popular consciousness. Noting that cultural bonds need revitalisation, he highlighted the monsoon as a symbol of enduring connections and urged moving beyond Eurocentric perspectives. He advocated deepening cultural engagement through the Act East policy to ‘Attract East’ by strengthening cultural, strategic, and economic ties. He also called for reinforcing Dharma-Dhamma relations, reviving shared epics, promoting collaborative art and craft, advancing educational and technological exchanges, addressing climate change, and building linguistic bridges.

    Dr. Sachchidanand Joshi said that IGNCA’s area studies in South and Central Asia led to the development of Vrihattar Bharat to explore cultural routes and linkages, expanding beyond the initially identified 39 countries. He noted that over 70 countries share cultural heritage with India. Emphasising international cooperation, as reflected in the G20 summit’s motto, ‘Vasudhaiva Kutumbakam’, he highlighted that IGNCA’s efforts were ongoing, with the conference serving as a catalyst to expand these studies.

    Prof. Amogh Rai expressed his views on the monsoon as both a physical and cultural force, highlighting its role as a cultural multiplier and the conference’s potential for further research. Dr. Ajith Kumar concluded the inaugural session by extending a formal vote of thanks and emphasising the cultural unity between India and Southeast Asian countries.

    IGNCA’s international conference aims to foster deeper cultural diplomacy, with academic collaborations and heritage conservation paving the way for future policy dialogues. This dialogue aligns seamlessly with India’s evolving maritime strategies and international partnerships.

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    Sunil Kumar Tiwari

    pibculture[at]gmail[dot]com

    (Release ID: 2102534) Visitor Counter : 16

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Indian Railways is working day and night to ensure that pilgrims return home without any delay after taking the holy bath on Maghi Purnima :Shri Ashwini Vaishnaw

    Source: Government of India

    Indian Railways is working day and night to ensure that pilgrims return home without any delay after taking the holy bath on Maghi Purnima :Shri Ashwini Vaishnaw

    Union Railway Minister and Chairman, Railway Board visits the war room to review and monitor the situation, directing officials to run trains in all directions

    For the past three days, Indian Railways has been operating an average of 330 trains daily to assist devotees return their home safely

    Posted On: 12 FEB 2025 8:47PM by PIB Delhi

    Union Railway Minister Shri Ashwani Vaishnaw along with CEO & CRB, Shri Satish Kumar today reviewed crowd management situation of Prayagraj Railway stations in the war room at Rail Bhavan. The Minister instructed officials to ensure that trains are made available for pilgrims in all directions. He also mentioned that the Prayagraj division has been directed to run extra trains as needed to ease passenger congestion while ensuring passenger comfort in the holding areas.

    According to the Mahakumbh Railway Information Bulletin, by 6:00 PM today (12 February 2025), 225 trains had been run for the convenience of passengers, with over 12.46 lakh passengers having traveled. On Tuesday, 11 February 2025, 343 trains were operated, carrying more than 14.69 lakh passengers. Information related to trains is continuously being provided by Indian Railways through various channels—including special bulletins, the Mahakumbh area holding zones, railway stations, social media, and other media outlets.

     

    For the convenience of passengers, four holding areas near Prayagraj junction railway station (each with a capacity of 5,000) have fully been operational. Additionally, a new holding area at Khusrobagh with a capacity 100,000 passengers has been operational today on the occasion of Maghi Purnima with Special arrangements for lodging, meals, and other essentials have been made so that waiting passengers can stay comfortably until they board their trains.

    All passengers are advised to obtain information only from official sources and to avoid any unverified reports and misleading information.

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    Dharmendra Tewari/ Shatrunjay Kumar

    (Release ID: 2102509) Visitor Counter : 56

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  • MIL-OSI Asia-Pac: International Conference organised by Central Council for Research in Unani Medicine concludes today

    Source: Government of India (2)

    International Conference organised by Central Council for Research in Unani Medicine concludes today

    National and International experts and luminaries from the field of health sciences shared their knowledge and expertise

    Posted On: 12 FEB 2025 8:10PM by PIB Delhi

    The International Conference on “Innovations in Unani Medicine for Integrative Health Solutions – A way forward” organized by the Central Council for Research in Unani Medicine (CCRUM), Ministry of Ayush, Government of India in hybrid mode as part of Unani Day 2025 Celebration successfully concluded at Vigyan Bhawan, New Delhi today.

    The conference was inaugurated yesterday by Smt. Droupadi Murmu, President of India in the presence of Dr. Jitendra Singh, Minister of State (Independent Charge), Ministry of Science and Technology, Ministry of Earth Sciences, Minister of State, Prime Minister’s Office, Ministry of Personnel, Public Grievances and Pensions, Department of Atomic Energy & Department of Space, Government of India, Shri PratapraoJadhav, Minister of State (Independent Charge), Ministry of Ayush & Minister of State for Health Family welfare.

    The conference had a panel discussion and nine scientific sessions on the sub-themes, viz. “Harnessing Artificial Intelligence and Machine learning for Ayush/ Traditional Medicine: Prospects and Challenges”, “Unani Medicine for Globalized Health-Unlocking New Opportunities.”, “Moving towards Sustainable Development Goal -3: Good Health and Well Being. ”, “Integrating Traditional Medicine into Healthcare Systems”, “Unani Perspectives on Mental Health and Well-Being”, “Development of Unani Ahar (Diet): through Scientific Approach”, “Evidence based recent research trends in Unani Medicine”, “Advancements in Regimental therapies (Ilaj biltadbir)” and “Translational Research in Unani/traditional systems of medicine”.

    A number of national and international experts and luminaries from the field of health sciences shared their knowledge, experiences and expertise in the conference. Stakeholders from industry, academia and research organizations engaged in development of Unani Medicine and related health sciences attended the conference in large numbers physically as well as in online mode.

    The conference also witnessed the transfer of patented technology, developed by CCRUM. The technology was transferred by NRDC on behalf of CCRUM to industry. The technology for Unani toothpaste for dental care was transferred to Dehlvi Naturals while the technology for Unani Regimen for Vitiligo was transferred to Hamdard Laboratories. The valedictory session witnessed release of three books published by the CCRUM, together with three videos and Presentation of Appreciation Certificates to exhibitors.

    Valedictory session was graced by Ms. Monalisa Dash, Joint secretary, Ayush. In her address she extended her warm greetings on the occasion and emphasized that Unani medicine, with its rich heritage and holistic approach, has immense potential to address contemporary health challenges. Encouraging stakeholders to actively engage, she urged them to leverage this platform for knowledge exchange, interdisciplinary partnerships, and efforts to enhance the scientific validation and accessibility of Unani medicine. She added that “During the past two days we have seen exchange of ideas and experience. Opening vistas of opportunities to new students and researchers. The Ministry of Ayush is offering significant support to Unani and working on better acceptance. Our culture ethos of Vasudhaiva Kutumbakam which depicts the world is one family and hence all should reap the benefits of Unani medicine.   The standard and quality control are vital areas and should be focused in every system for their global acceptance. NABL and NABH accreditation of CCRUM institutes  reflects the commitment of CCRUM in this area”. She encouraged the students to take the best of the deliberations by eminent scholars.

    Dr. N. Zaheer Ahmad, Director General, CCRUM, Ministry of Ayush, Government of India, expressed his gratitude to the dignitaries, academicians, researchers, industry leaders and CCRUM officials for their valuable contributions to the conference. He stated that the presence of Hon’ble President of India was totally overwhelming for all of us.He summed up the inaugural and the proceedings of the conference and expressed happiness over the launch of books, videos, barley based Unani Ahaar, and proudly shared that the transfer of technology was done for the first time in the history of CCRUM. He further stressed CCRUM’s pivotal role in pioneering advanced research, establishing state-of-the-art laboratories, and promoting evidence-based practices to elevate the global recognition of Unani medicine. By fostering innovation, upholding quality standards, and strengthening collaborations, Unani medicine can continue to thrive as a vital component of integrative healthcare, contributing to a healthier and more sustainable future.

    Professor Mohammad Afshar Alam, Vice Chancellor, Jamia Hamdard, stated that Unani medicine has been the cornerstone for healthcare systems. It is relatively safe and has the ability to address contemporary health issues. Recognizing the contributions of Hakim Ajmal Khan, he acknowledged the contribution of Hakim Abdul Hameed who was a pioneer in advancing Unani medicine. He stated that no single system can address all health issues and so we need better collaboration and integration. Integrating health solution is not only for treating disease but also for promotion and improvement of lifestyle. He reaffirmed that Jamia Hamdard is committed to advancing the rich legacy of traditional systems of medicine. He congratulate the Director General and his team and the dignitaries in making this conference a success

     

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    MV/AKS

    (Release ID: 2102484) Visitor Counter : 81

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Prize distribution ceremony of Defence Innovation Challenge for Excellence 2024 held during Aero India 2025

    Source: Government of India (2)

    Posted On: 12 FEB 2025 7:54PM by PIB Delhi

    The grand finale and prize distribution ceremony of the Defence Innovation Challenge for Excellence (DICE-2024) was organised during Aero India 2025 in Bengaluru on February 12, 2025. The competition witnessed an overwhelming response, attracting applications from 47 cities across 17 states. After rigorous screening across three levels, 24 start-ups advanced to the grand finale, with winners selected across three categories: Revenue Stage, Pre-Revenue Stage, and Idea Stage. These are:

    Revenue Stage

    • Winner: Shravan Yadav, Auxobit Aerospace Private Limited, Chhatrapati Sambhajinagar
    • Runner-up: Nikhil Rajput, NxtQube – Aerogravity Pvt. Ltd., Nashik

    Pre-Revenue Stage

    • Winner: A. Gyanesh Kumar Rao, Gyanadraksha Wydhumraketustra Subrahmkr Pvt. Ltd., Bhilai, Madhya Pradesh.
    • Runner-up: Utkarsh Ahuja, Contriver Autonomous Systems Private Limited, Delhi

    Idea Stage

    • Winner: Vijay Mamtani, Prayogik, Bhopal
    • Runner-up: Ryan Nadar, PLASMA BLADE PROPELLER, Mumbai
    • Special Jury Mention: Sarthak Sudhir

    The grand jury panel for the finale featured senior officials from the Armed Forces, Distinguished Academicians, and seasoned industry leaders. Winners were awarded a total cash prize of Rs 6.50 lakh, along with exclusive incubation and seed funding opportunities through MAGIC. DICE-2024 was launched in October 2024 to identify and support cutting-edge solutions for critical defence challenges while enabling start-ups to transform their research into commercially viable technologies.

    Speaking on the occasion, Director General (Electronic and Communication Systems), DRDO Dr BK Das emphasised the crucial role of initiatives like DICE-2024 in strengthening India’s defence innovation ecosystem. He said DRDO remains committed to supporting innovative start-ups that align with the Government’s vision of Aatmanirbhar Bharat in defence. Challenges like DICE-2024 provide a crucial platform for breakthrough technologies, he added.

    The event was organised by the Marathwada Accelerator for Growth and Incubation Council (MAGIC), and powered by Defence Research and Development Organisation (DRDO) and the 3D Engineering LLP, with support from Start-up India, the Office of the Scientific Advisor to the Government of India, iDEX, and the Maharashtra State Innovation Society.

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    SR/Savvy

    (Release ID: 2102470) Visitor Counter : 54

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  • MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi interacted with students during the 1st episode of Pariksha Pe Charcha 2025

    Source: Government of India

    Prime Minister Shri Narendra Modi interacted with students during the 1st episode of Pariksha Pe Charcha 2025

    Deepika Padukone participates in 2nd episode of Pariksha Pe Charcha 2025

    Posted On: 12 FEB 2025 7:35PM by PIB Delhi

    On 10th February 2025, Prime Minister Shri Narendra Modi interacted with students at Sunder Nursery, New Delhi, during the first episode of the 8th edition of Pariksha Pe Charcha (PPC). In this informal yet insightful session, the Prime Minister engaged with students from across the country, discussing a variety of topics. The 36 students present learned from the Prime Minister valuable lessons on Nutrition and Wellness; Mastering Pressure; Challenging Oneself; The Art of Leadership; Beyond Books – 360º Growth; Finding Positives and more. This interactive session provided students with valuable insights and practical strategies to navigate academic challenges with confidence and a growth mind set.

    Today, renowned actor and mental health champion Deepika Padukone participated in the second episode of the 8th edition of Pariksha Pe Charcha. Around 60 students attended the interactive session.

     

    Deepika shared how addressing mental health challenges can be empowering and spoke about the valuable lessons she learned from her own struggles. Sharing her stress management strategies, she emphasized the importance of getting enough sleep, spending time outdoors in natural sunlight and fresh air, and maintaining a healthy daily routine to effectively reduce stress. She further emphasized that self-confidence and a positive mind set are key to success. Encouraging students to see failures as learning opportunities, she inspired them to keep moving forward with determination.

    Reiterating Prime Minister Shri Narendra Modi’s message—”Express, Never Suppress”—Deepika stressed the importance of seeking help when needed. She engaged with students in an interactive activity, where they wrote down their strengths and pinned them on a board on the stage, reinforcing the significance of self-awareness and recognizing one’s strengths. She conducted a live grounding session through an activity called 54321, demonstrating a technique to improve concentration during exams.

    Students physically present at the program posed their queries, and Deepika responded by drawing from her personal experiences, offering valuable insights and practical advice. Additionally, a student from an international CBSE school also had the opportunity to ask a question, further enriching the discussion with a wider perspective.

    The 8th edition of PPC had set a new benchmark. With over 5 crore participation, this year’s program exemplifies its status as a Jan Andolan, inspiring collective celebration of learning. For the episode with the Prime Minister, 36 students from all State and UT were selected from State/UT Board Government schools, Kendriya Vidyalaya, Sainik School, Eklavya Model Residential School, CBSE and Navodaya Vidyalaya. Pariksha Pe Charcha 2025 will feature additional six insightful episodes, bringing together renowned personalities from diverse fields to guide students on essential aspects of life and learning. Each episode will address key themes:

    Link to watch the 1st episode: https://www.youtube.com/watch?v=G5UhdwmEEls

    Link to watch the 2nd episode: https://www.youtube.com/watch?v=DrW4c_ttmew

     

    *****

    MV/AK

    MOE/PPC/12 February 2025/7

    (Release ID: 2102462) Visitor Counter : 25

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  • MIL-OSI Asia-Pac: Secretary, Ministry of Labour and Employment Chairs Monthly Review Meeting on Public Grievance Disposal

    Source: Government of India

    Secretary, Ministry of Labour and Employment Chairs Monthly Review Meeting on Public Grievance Disposal

    Emphasises on Quality of Grievance Disposal

    Posted On: 12 FEB 2025 7:34PM by PIB Delhi

    Ms. Sumita Dawra, Secretary, Labour and Employment chaired the Public Grievance Disposal monthly review meeting held on 12.02.2025 at 11.00 AM to discuss and review the quality of disposal of the pending grievances received in the Ministry. The meeting was attended by senior officers of MoLE and the subordinate offices under the Ministry such as Employees’ Provident Fund Organisation (EPFO), Employees’ State Insurance Corporation (ESIC), Chief Labour Commissioner (CLC), etc.

    Secretary (Labour & Employment) specially discussed about the quality of the disposal of pending grievances pertaining to the subordinate organisations under the Ministry. The concerned offices gave a brief description regarding the process being followed for quick and qualitative disposal of grievances. 

    Secretary gave directions on the mechanism to be adopted by various organisations of the Ministry, including EPFO, ESIC, office of CLC, to ensure qualitative and timely redressal of grievances.  She underscored the need for structured, weekly reviews with zonal, regional and sub-regional offices, on key parameters such as grievances received, time taken for disposal, percentage of pendency and percentage of appeals received on the disposals made. 

    It was emphasized that all appeals received w.e.f. April, 2024 in respect of the attached organisations should be analysed.  Further, video conferencing is to be conducted by Head of Offices in cases where more grievances are noticed and more time is being taken for disposal of the grievances and appeal.

    Secretary stressed that third party evaluation mechanism is to be adopted to analyse categories of grievances and quality of disposal. Further, all organisations should categorise the zonal & regional offices with respect to grievance redressal disposal.

    Training and workshops to impress upon the employees for quality disposal of grievances may be conducted periodically and also assistance of Govt. call centres may be taken for getting the feedback from the complainant. 

    Further, root-cause analysis of grievances received is very important as it reflects need for systemic reforms.  Such an approach, as is being already adopted in EPFO, will consistently improve governance and bring down the grievances, it was emphasized. 

     

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    Himanshu Pathak

    (Release ID: 2102460) Visitor Counter : 31

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Union Minister of Textiles Shri Giriraj Singh Inaugurates Garment technology, Dyes & chemicals, Handicraft events at the India Expo Centre and Mart, Greater Noida

    Source: Government of India

    Union Minister of Textiles Shri Giriraj Singh Inaugurates Garment technology, Dyes & chemicals, Handicraft events at the India Expo Centre and Mart, Greater Noida

    With over 1,000 exhibitors and thousands of visitors expected, these events will serve as a crucial hub for networking, business collaborations, and industry advancements

    Posted On: 12 FEB 2025 7:31PM by PIB Delhi

    The Union Minister of Textiles inaugurated Garment technology, Dyes & chemicals, Handicraft events at the India Expo Centre & Mart, Greater Noida by lighting the lamp. The Greater Noida event is being held under the umbrella of Bharat Tex 2025 while the mega event will be held at Bharat Mandapam, New Delhi from Feb 14 to 17 2025 in a 2.2 million square feet exhibition space and with over 5,000+ exhibitors. The event at Bharat Mandapam is expected to attract 6,000+ international buyers from 110+ countries and over 120,000+ visitors, including policymakers, global CEOs, and industry leaders.

    In his inaugural address, the Union Minister Shri Giriraj Singh exhorted that the exhibitions ranging from garment technology and sustainable dyes to handicrafts points to the importance of these segments in textile value chain. HMoT added that this is a unique initiative that unites industry leaders, manufacturers, and artisans to showcase their excellence, and will drive future-ready solutions, sustainability, and trade opportunities on an unprecedented scale.”

     

    Four co-located events, each playing a crucial role in the global textile supply chain will be showcased under the banner of Bharat Tex 2025 at the India Expo Centre & Mart, Greater Noida. The Garment Technology Expo (GTE) 2025, South East Asia’s leading apparel production technology event, will showcase cutting-edge machinery, processes, and solutions, bringing together manufacturers, designers, and industry professionals to explore the latest advancements.

    DyeChem World Bharat Tex 2025 will focus on sustainable dyes, chemicals, and innovative raw materials that support the textile industry’s shift towards eco-friendly manufacturing. With sustainability taking center stage, this segment will highlight how raw material suppliers are adopting advanced technology to reduce environmental impact while maintaining product quality.

    Another significant highlight will be the Indian Handicrafts Pavilion, featuring over 450 exhibitors from across the country. This segment will showcase a diverse range of handcrafted products, including home décor, furnishings, fashion accessories, and Geographical Indication (GI) products. By integrating handicrafts into the textile and apparel value chain, the event promotes traditional artisans while catering to evolving consumer demands for unique and high-quality handmade products.

    In addition to the exhibitions, India Expo Centre and Mart, Greater Noida will also host the India Sourcing Conclave (ISC), organized by the Sourcing Consultants Association. The conclave will feature insightful discussions led by industry experts on global sourcing trends, export strategies, and foreign trade policies. By providing a platform for knowledge exchange, the conclave aims to strengthen India’s position as a reliable and competitive sourcing hub for the global textile market.

    With over 1,000 exhibitors and thousands of visitors expected, these events will serve as a crucial hub for networking, business collaborations, and industry advancements. The event aligns with the Government’s vision of enhancing India’s textile exports, encouraging sustainable manufacturing, and strengthening the country’s position as a global sourcing destination.

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    Dhanya Sanal K

    (Release ID: 2102459) Visitor Counter : 32

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Vital Sewerage Infrastructure Projects for Ganga River Rejuvenation approved in the 60th Executive Committee Meeting of NMCG

    Source: Government of India

    Vital Sewerage Infrastructure Projects for Ganga River Rejuvenation approved in the 60th Executive Committee Meeting of NMCG

    Ganga Mobile Parikrama, Chaupal Ganga Kinare, Ganga Awareness Week, and the Ganga Ambassador Program to inspire behavioural change and encourage deeper community involvement in conservation efforts

    A drone-based monitoring project in West Bengal to track the plantation of saplings under Namami Gange Mission-II

    Posted On: 12 FEB 2025 7:30PM by PIB Delhi

    The 60th Executive Committee Meeting of the National Mission for Clean Ganga (NMCG), chaired by Director General, NMCG, approved several significant projects aimed at the conservation and rejuvenation of the Ganga River. These initiatives are aimed to enhance cleanliness, promote sustainable development, and preserve the environmental and cultural heritage of the river.

    In a major step towards tackling pollution, the committee approved the interception and diversion of the Durga Drain and the construction of a 60 MLD capacity sewage treatment plant (STP) in Varanasi, Uttar Pradesh, at a cost of ₹274.31 crore. This project, based on the hybrid annuity model, includes a 75 MLD capacity main pumping station and other essential structures, ensuring long-term wastewater management and pollution control.

    Additionally, a significant project was approved to prevent the flow of untreated sewage into Varuna, a major tributary of the Ganga, in Bhadohi. With an investment of ₹127.26 crore, this initiative will establish three STPs with capacities of 17 MLD, 5 MLD, and 3 MLD, along with an extensive sewer network to tap four major drains and prevent pollution. This project follows the Design-Build-Operate-Transfer (DBOT) model, ensuring sustainable operation and maintenance over the next 15 years.

    The Executive Committee (EC) of NMCG has undertaken a breakthrough initiative with the approval of “Ganga Through the Ages – A Literary Bioscope,” an innovative project designed to foster public participation in Ganga conservation through literature, education, and community engagement. Implemented in collaboration with the National Book Trust, this initiative, will highlight the historical, spiritual, and ecological significance of the river. Programs such as Ganga Mobile Parikrama, Chaupal Ganga Kinare, Ganga Awareness Week, and the Ganga Ambassador Program will be introduced, featuring mobile libraries, digital storytelling, school workshops, and literary sessions along the riverbanks. These efforts aim to inspire behavioural change and encourage deeper community involvement in conservation efforts.

    Furthering scientific advancements, the committee also approved a drone-based monitoring project in West Bengal to track the plantation of saplings under Namami Gange Mission-II. This initiative will assess tree health, develop a digital database, and ensure effective afforestation efforts along the riverbanks.

    The projects approved during the 60th NMCG Executive Committee Meeting reaffirm the mission’s commitment to Ganga conservation through infrastructural advancements, pollution control, and public engagement. Key initiatives include sewage treatment plants and afforestation, alongside the innovative “Ganga Through the Ages – A Literary Bioscope” project to foster awareness and participation in river rejuvenation efforts.

    The meeting was attended by senior officials, including Smt. Richa Mishra, Joint Secretary and Financial Adviser, Department of Water Resources, River Development and Ganga Rejuvenation, Ministry of Jal Shakti, Shri Nalin Kumar Srivastava, Deputy Director General, NMCG, Shri Brijendra Swaroop, Executive Director (Projects), Shri Anup Kumar Srivastava, Executive Director (Technical), Shri SP Vashishth, Executive Director (Administration), Shri Bhaskar Dasgupta, Executive Director (Finance) and Smt. Nandini Ghosh, Project Director, West Bengal SPMG, Shri Yogesh Kumar Sagar, Managing Director, Bihar BUIDCO and Shri Prabhash Kumar, Additional Project Director, Uttar Pradesh SMCG. 

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    Dhanya Sanal K

    (Release ID: 2102458) Visitor Counter : 41

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Raksha Rajya Mantri addresses Indian Navy Seminar at Aero India 2025

    Source: Government of India

    Raksha Rajya Mantri addresses Indian Navy Seminar at Aero India 2025

    “India is strategically poised to play pivotal role due to geostrategic position in the Indian Ocean; Indigenous capability essential for peaceful coexistence & security in the region”

    Posted On: 12 FEB 2025 7:24PM by PIB Delhi

    “India is strategically poised to play a pivotal role due to the geostrategic position in the Indian Ocean for which indigenous capability was essential for peaceful coexistence and security in the region,” stated Raksha Rajya Mantri Shri Sanjay Seth during a seminar organised by Indian Navy on February 12, 2025 at Aero India 2025, Bengaluru. With the theme ‘Transition to Aatmanirbhar Indian Naval Aviation – 2047 and its Associated Ecosystem’, a vision document, ‘Indian Naval Aviation –Technological Roadmap 2047’ was unveiled by the Raksha Rajya Mantri with Chief of the Naval Staff Admiral Dinesh K Tripathi present during the seminar. 

    Shri Sanjay Seth stated that recent world conflicts have demonstrated that a credible defence force supported by a robust industrial base was key to a strong and vibrant nation. He urged all the stakeholders to remain steadfast and resolute in their efforts to provide innovative, indigenous and long-lasting solutions to complex problems through a productive & collaborative approach. He commended the Indian Navy’s efforts in formulating the technology road map 2047 towards becoming an ‘Aatmanirbhar’, agile, responsive and future ready force. 

    Raksha Rajya Mantri highlighted the fact that the technology roadmap being unveiled was not merely a book but a credible document towards realising the vision of ‘Aatmanirbhar Bharat’ enunciated by the Prime Minister Shri Narendra Modi. The document would serve as a guiding beacon to indigenous defence R&D, DPSUs, Industry partners, MSMEs, Startups and academia and various stakeholders. He called for the necessity to reduce timeframes in design, development and deployment of systems. 

    Throwing light upon the power of Indian Navy, Shri Sanjay Seth stated that  the last decade had witnessed the emergence of India as a reckonable economic power with the Indian Navy ranking among the top advanced navies of the world. He mentioned that the Indian Navy with over 60 warships under construction in various Indian Shipyards and over 39 indigenous ships & submarines having been commissioned in the last couple of years was a true ambassador of ‘Aatmanirbharta’. He exhorted the Indian Navy for their nation first attitude and commended the dedication and unrelenting efforts towards self-reliance. 

    Admiral Dinesh K Tripathi in his address stated that the ever-evolving nature of war fighting particularly in the air domain called for continual efforts and adoption of niche technologies in the aviation sector. He further highlighted that Aero India had been aptly themed as a runway to a billion opportunities as it offers a common platform to all stakeholders, R&D establishments, Industry, MSMEs, Startup and academia to exchange ideas; provide access to examine, evaluate & gain first-hand experience of advanced systems, technologies and equipment. 

    Chief of the Naval Staff bolstered the fact that the Indian Navy aviation was leapfrogging from traditional Intelligence Surveillance and Reconnaissance (ISR) roles to technology intensive tasks such as communication relay, jamming platforms, scientific research and SAR roles. He further stated that the futuristic design and development of fighters, helicopters, airborne systems, avionics and weapon equipment were all testimony to the relentless efforts and unwavering commitment of the Indian Navy to mission Aatmanirbharta and 100% self-reliance by 2047.

     ‘Aatmanirbhar Indian Naval Aviation – 2047’ seminar highlighted the priorities and objectives that will guide naval aviation in its growth over the next two decades by unshackling innovation, creating a conducive ecosystem to enable capability development by being a catalyst in the indigenous aviation technology revolution.

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    VK/SR/KB

    (Release ID: 2102455) Visitor Counter : 71

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  • MIL-OSI Asia-Pac: INDUCTION OF THIRD 25T BOLLARD PULL TUG ASHVA (YARD 337) AT NAVAL DOCKYARD, VISAKHAPATNAM

    Source: Government of India

    Posted On: 12 FEB 2025 7:23PM by PIB Delhi

    Induction ceremony for third 25T Bollard Pull (BP) Tug Ashva was held on 12 Feb 25 at Naval Dockyard, Visakhapatnam in presence of Rear Admiral K Srinivas, ASD(V) as the Chief Guest.

    These Tugs are a part of the contract for construction of six (06) 25T BP Tugs concluded with M/s Titagarh Rail Systems Limited (TRSL), Kolkata on 12 Nov 21. These Tugs have been indigenously designed and built in accordance with relevant Naval Rules and Regulation of Indian Register of Shipping (IRS). The Shipyard had successfully delivered two of these Tugs which are utilised by Indian Navy to provide assistance to Naval ships and submarines during berthing, un-berthing and manoeuvring in confined waters. The Tugs will also provide afloat fire fighting support to ships alongside or at anchorage and will also have the capability to conduct limited Search and Rescue Operations.

    These Tugs are proud flag bearers of Make in India and Aatmanirbhar Bharat initiatives of Government of India.

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    VM/SKY                                                                                                  37/25

    (Release ID: 2102454) Visitor Counter : 57

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  • MIL-OSI Asia-Pac: PlanD celebrates 35th anniversary

    Source: Hong Kong Government special administrative region

    PlanD celebrates 35th anniversary
    PlanD celebrates 35th anniversary
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         ​The Planning Department (PlanD) held the 35th Anniversary (35A) Opening Ceremony today (February 12). The Financial Secretary, Mr Paul Chan; the Deputy Financial Secretary, Mr Michael Wong; the Secretary for Development, Ms Bernadette Linn; the Permanent Secretary for Development (Planning and Lands), Ms Doris Ho; and the Director of Planning, Mr Ivan Chung, officiated at the opening ceremony.      Officiating at the ceremony, Mr Chan said that the PlanD strives to effectively utilise limited land resources to address social and livelihood needs, support and promote economic development, enable citizens to have a better place to live and work, and continuously improve the living environment through forward-looking planning and land allocation. After years of dedicated work by the PlanD and colleagues from various departments, the Government has assumed a leading role in land supply. Looking ahead, the Northern Metropolis is the new engine of Hong Kong’s economic development, an important area for implementing innovation and technology industrial development, deepening integration into development of the Guangdong-Hong Kong-Macao Greater Bay Area, and aligning with national development strategies, which involves innovative planning approaches, institutional innovation and reforms, and adaptive implementation strategies. Mr Chan said he hoped that PlanD colleagues will be bold in reforms, dare to break new ground, and innovate continuously, as well as embrace the new environment and new developments with an open mindset, charting a more ambitious development blueprint for Hong Kong.     Speaking at the ceremony, Ms Linn said that Hong Kong’s development has been continuously advancing and moving forward with enhancing speed, quantity, quality and efficiency, as Hong Kong needs sufficient land to embrace changes and strive for innovations, so as to promote economic and industry development. Land creation is no longer limited to housing development, but also plans for industry development, eco-tourism, and even improvement of people’s living environment. Throughout the process of land preparation and provision, the Government has been embracing innovation and changes with constant reforms to lay a solid foundation for Hong Kong’s future development. She encouraged PlanD colleagues to make continuous progress and continue to shine for a sustainable, livable and vibrant future for Hong Kong.     Addressing the ceremony, Mr Chung said that looking back over the past 35 years, in the face of changes in the macro-environment such as economic restructuring and demographic shifts, the PlanD has taken a prudent, robust and flexible approach to town planning work with a view to promoting optimal use of land resources and creating development space and capacity for Hong Kong. Looking ahead, the PlanD will work together with different sectors in the community to take forward and implement various planning projects, promote the optimal utilisation and balanced development of land resources for enhancing the well-being of the people of Hong Kong. At the same time, the Government will enhance interaction with the Guangdong-Hong Kong-Macao Greater Bay Area and sharpen Hong Kong’s competitive edge in the global arena. Together, the Government and the PlanD will plan for a future with boundless opportunities.      The PlanD will effectively utilise the City Gallery and outreach programme, including organising exhibitions in different districts and visiting schools, to strengthen its connection with the community. This initiative aims to enhance understanding of Hong Kong’s town planning among the public, particularly the younger generations, and to encourage citizens to participate in town planning matters.      For more information, please visit the PlanD 35A website (www.pland.gov.hk/pland_en/about_us/35a/index.html), PlanD’s Facebook page (www.facebook.com/plandgovhk) or its Instagram account (www.instagram.com/plandgovhk), or call 2231 5000.

     
    Ends/Wednesday, February 12, 2025Issued at HKT 21:51

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Manthan, the flagship annual defence innovation event, held at Aero India 2025

    Source: Government of India (2)

    Posted On: 12 FEB 2025 7:13PM by PIB Delhi

    Manthan 2025, the flagship annual defence innovation event, was held as part of Aero India 2025 in Bengaluru on February 12, 2025. Organised by the Innovations for Defence Excellence – Defence Innovation Organisation (iDEX-DIO) under the aegis of the Department of Defence Production, the event brought together stakeholders of the defence innovation ecosystem, including innovators, industry leaders, academia, incubators, investors, thought leaders, and senior government officials.

    As part of the event, a Roundtable Conference was chaired by Secretary (Defence Production) Shri Sanjeev Kumar. He stressed on enhancing India’s combat readiness through the adoption of futuristic technologies to secure a strategic advantage in defence. He emphasised that by integrating latest innovations into the defence strategy, the country can modernise its Armed Forces, strengthen its readiness for future combat scenarios, and maintain a technological edge over potential adversaries.

    ⁠Secretary, Department for Promotion of Industry and Internal Trade, ⁠Chairman IN-SPACe, Axilor Ventures, ⁠SKEGEN Management Advisors, ⁠CMDs of major DPSUs, CEO Bharat Forge Defence & Aerospace and President, Society of Indian Defence Manufacturers, ideaFORGE, Sagar Defence, NewSpace Research & Technologies Pvt Ltd and major Incubators including IITs and IIMs attended the roundtable.

    The conference deliberated on emerging challenges and opportunities in the sector, with a focus on supporting defence start-ups & MSMEs, enhancing innovation capabilities and fostering strategic collaborations within the defence ecosystem. This was particularly relevant as iDEX-DIO has collaborated with leading investors and banks to accelerate defence innovation and enable ease of doing innovation.

    Manthan 2025 stood as a testament to the scale and speed of iDEX, showcasing the rapid strides made in defence innovation and the pivotal role of startups in transforming India’s defence capabilities. It contributed to driving the self-reliance mission of the Ministry of Defence as the nation progresses towards Viksit Bharat by 2047.

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    VK/Savvy

    (Release ID: 2102448) Visitor Counter : 46

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: LOK SABHA SPEAKER GREETS THE PEOPLE ON THE OCCASION OF GURU RAVIDAS JAYANTI

    Source: Government of India (2)

    Posted On: 12 FEB 2025 7:11PM by PIB Delhi

    Lok Sabha Speaker Shri Om Birla has extended greetings on the occasion of Guru Ravidas Jayanti. In his message Shri Birla has said, “Tributes to Sant Shiromani Shri Guru Ravidas Ji on his birth anniversary. With the message of social harmony and brotherhood, he emphasized on making the world more beautiful. His teachings spread equality, harmony, justice and brotherhood and aim at eradicating the evil practices. The life of Sant Shiromani and his teachings will continue to guide mankind for ages.”

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    AM

    (Release ID: 2102446) Visitor Counter : 50

    MIL OSI Asia Pacific News