Category: Asia

  • MIL-OSI: GigaCloud Technology Inc Donates More than $1 Million in Furniture to Habitat for Humanity Greater Los Angeles to Aid Wildfire Victims

    Source: GlobeNewswire (MIL-OSI)

    EL MONTE, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) — GigaCloud Technology Inc (Nasdaq: GCT) (“GigaCloud” or the “Company”), a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise, today announced it is donating more than $1 million in home furnishings to Habitat for Humanity Greater Los Angeles to support the ReBUILD LA™ Wildfire Recovery campaign. The donation will directly benefit families who have lost their homes, helping them rebuild their lives with dignity and comfort.

    “Los Angeles is our home, and when people in our community lose their homes in disasters like wildfires, it impacts all of us,” said Larry Wu, Founder, Chairman, and Chief Executive Officer. “We are committed to doing everything in our power to help families rebuild their lives with dignity and comfort. Through our donation of over $1 million worth of furniture to Habitat for Humanity Greater Los Angeles, we aim to provide essential home furnishings and restore a sense of normalcy for those who have lost so much. GigaCloud stands with our community—as neighbors and as a company that cares.”

    GigaCloud’s donation includes nearly 90 SKUs totaling over 5,000 items, featuring a diverse range of indoor living furniture such as beds, mattresses, sofas, and chairs. The contribution also includes a significant number of ottomans and dressers, ensuring a wide variety of pieces to enhance functionality.

    Recognizing that mattresses were among the most urgently needed items and that they were not in stock at the time, the Company took action by reaching out to Restonic—a leading mattress supplier and recently onboarded GigaCloud B2B Marketplace seller—to purchase $150,000 worth of mattresses specifically for donation.

    “When GigaCloud reached out to us about the urgent need for mattresses among those impacted by the wildfire, their dedication to truly helping the community was evident,” said Laurie Tokarz, President of Restonic. “Instead of simply donating what was available, they made it a priority to source exactly what families needed most. At Restonic, providing comfort and support is at the heart of what we do, and we are honored to partner with GigaCloud and Habitat for Humanity Greater Los Angeles to help families rebuild their homes and lives.”

    GigaCloud’s deep ties to the Los Angeles community extend beyond this initiative. Under the leadership of Wu, who was recognized as an Entrepreneur Of The Year® 2024 Greater Los Angeles Award winner by Ernst & Young LLP in 2024, the Company has consistently supported local causes, including ongoing donations to City of Hope and other community initiatives.

    The ReBUILD LA™ Wildfire Recovery campaign was created to support uninsured, underinsured, and low-income families impacted by wildfires. The campaign focuses on providing assistance with rebuilding and relocation to ensure families have safe and stable housing. Additionally, it offers essential home furnishings and supplies to help create new living spaces, as well as temporary rental and mortgage assistance for families whose homes are uninhabitable.

    “We are incredibly grateful to GigaCloud Technology for their generosity and shared commitment to rebuilding lives and restoring hope,” said Erin Rank, president and CEO of Habitat for Humanity Greater Los Angeles. “Their donation will provide families with essential home furnishings as they begin anew after the devastation of wildfires.”

    About GigaCloud Technology Inc

    GigaCloud Technology Inc is a pioneer of global end-to-end B2B ecommerce technology solutions for large parcel merchandise. The Company’s B2B ecommerce platform, the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency. GigaCloud offers a comprehensive solution that transports products from the manufacturer’s warehouse to the end customer’s doorstep, all at one fixed price. The Company first launched its marketplace in January 2019 by focusing on the global furniture market and has since expanded into additional categories, including home appliances and fitness equipment. For more information, please visit the Company’s website: https://www.gigacloudtech.com/.

    About Habitat for Humanity of Greater Los Angeles

    Habitat for Humanity of Greater Los Angeles (Habitat LA) transforms neighborhoods throughout greater Los Angeles by bringing the community together to build affordable homes, provide critical home repairs and help families rebuild after natural disasters. Habitat LA strengthens families through helping them access affordable loans, housing counseling and down-payment assistance. For more information about Habitat LA visit https://www.habitatla.org/.

    Forward-Looking Statements

    This press release contains “forward-looking statements.” Forward-looking statements reflect our current view about future events. 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 “may,” “will,” “could,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “propose,” “potential,” “continue” or 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 registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    GigaCloud Technology Inc
    Investor Relations
    ir@gigacloudtech.com

    PondelWilkinson, Inc.
    Laurie Berman (Investors) – lberman@pondel.com
    George Medici (Media) – gmedici@pondel.com

    The MIL Network

  • MIL-OSI USA: Senator Marshall Joins NewsNation: President Trump Showcases the Art of the Deal with Tariffs

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senator Roger Marshall, M.D. joined Elizabeth Vargas Reports on NewsNation to discuss President Donald Trump’s tariffs on imports from Canada, Mexico and China to combat the deadly fentanyl and border crisis our nation is facing. Within days of the announcement, President Trump’s America First foreign policy was vindicated once again as leaders from Mexico and Canada came to the negotiating table and promised to take care of their side of the border and do their part to alleviate the crises they’ve allowed to unfold at the detriment of American citizens. 

    [embedded content]

    You may click HERE or on the image above to watch Senator Marshall’s full interview. 
    Highlights from Senator Marshall’s interview include: 
    On President Trump getting Mexico, Canada to step up to plate and take care of their side of border:
    “This is the art of the deal. This is who Donald Trump is. I just want to emphasize that this is a drug war and not a trade war. Every day we lose about 200 Americans from fentanyl poisoning. We lose more Americans every year from fentanyl poisoning than we did during the entire Vietnam War. So to President Trump, this is very serious. It’s good to see Mexico and Canada both step up to the plate and say, we’re going to be responsible for our side of the border.” 
    “I want to emphasize one more thing is that a lot of these fentanyl precursors are now being made in laboratories in Canada, so Mr. Trudeau needs to be smashing those laboratories up as well. So a great day for President Trump. A huge victory for America.” 
    On President Trump’s successful record using tariffs to put America First:
    “We saw less than 2% inflation when President Trump implemented these tariffs as well. We saw his trade agreements work as well. What would help Americans is to lower the interest rates and lower the price of gasoline. That’s going to lead to lower prices of groceries. That’s how we take relief on the inflation. I want Americans to realize that we have a trillion-dollar trade deficit overall, a trillion dollars, almost a trillion dollars…”
    “When Joe Biden’s policies kicked in, his trade deficits with Mexico grew from, I think, 80 billion to 130 with Canada, they went from 20 to 60 billion as well. And we saw that the trade these tariffs worked so well on China that Joe Biden kept them. And even his own Secretary of Treasury, Janet Yellen said that we need to keep them to protect jobs. So number one, this is about national security. Number two, this is also going to bring jobs back to America as well, which is a good thing. So I think there’s some real good logic behind what President Trump is doing.”
    On President Trump ensuring American farmers are taken care of:
    “I have confidence in President Trump. 90% of rural Americans voted for President Trump. Every time I see him, he asks me how my farmers are doing. And when we had this discussion a couple weeks ago, he reminded me that during the situation described, he took part of that tariff money on China and gave $28 billion to farmers, so he’s going to do everything he can to make sure farmers are taken care of. The number one thing he could do for farmers right now is lower interest rates. That’s what’s killing the American farmer right now are interest rates. We can do 45Z which is something when the biofuels industry, there’s so many more things that President Trump can and will do for the American farmer. You can’t look at these things just a little isolation. Farmers are first and foremost, they’re farmers…If this is a price we have to pay to make our families safe, then so be it. But I have faith that President Trump is going to work through all of this.”

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Warren Sounds Alarm on Threat Elon Musk Poses to Government Payment Systems

    US Senate News:

    Source: United States Senator for Massachusetts – Elizabeth Warren

    February 03, 2025

    “Donald Trump and his billionaire buddies are determined to take over this government to make it work better for themselves and worse for everyone else.” 

    “[T]his is not business as usual…We are living a nightmare created by Donald Trump and Elon Musk, and we need to wake up.” 

    Video of Press Conference (YouTube) 

    Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs (BHUA), delivered remarks on the danger of Elon Musk having access to the federal government’s critical payment systems, which includes the sensitive personal information of millions of Americans.

    Transcript: Press Conference – Democrats Sound Alarm Over Musk Forcing Way into Highly Sensitive Central Government Payment System
    February 3, 2025
    As Delivered

    Senator Elizabeth Warren: I want to be clear about what’s going on here.

    The system that makes sure that your granddad gets his Social Security check. The system that makes sure your mom’s doctor gets a Medicare payment to cover her medical appointment. And the system that makes sure you get the tax refund you’re owed, has been taken over by Elon Musk. And every organization from your state government that uses federal money on that bridge project to the local Head Start that takes care of little kids while their mommies and daddies go to work is now at the mercy of Elon Musk. Maybe you get paid, or maybe you don’t—because now it appears that all of us work for Elon Musk.

    Elon just grabbed the controls of that whole payment system, demanding the power to turn it on for his friends or turn it off for anyone he doesn’t like. One guy deciding who gets paid and who doesn’t. It is not the law, but it is the reality. 

    Now, there’s a second problem here. It’s not just payments from the federal government that are now in Elon’s control. Elon and his handful of friends now have full access to your personal and financial information that’s in the system. Your payment history. Your social security number. Your bank account numbers. Elon now has the power to suck out all that information for his own use. Now, whether it’s to boost his finances or expand his political power, it is all up to Elon. 

    And there’s a third problem. In order for this handful of programmers to gain access to our $6 trillion payment system, we don’t know what safeguards were pulled down. Are the gates wide open now for hackers from China, from North Korea, from Iran, from Russia? Heck, who knows what black hat hackers all around the world are finding out about each one of us and copying that information for their own criminal uses. 

    Donald Trump and his billionaire buddies are determined to take over this government to make it work better for themselves and worse for everyone else. And this is just the start. As we gear up for the tax fight, it will become even clearer that Trump will open the doors for billionaires and giant corporations to find more ways to loot the government at your expense. Meanwhile, everyone else pays more for groceries, more for housing, more for prescription drugs, and more for healthcare.

    When unelected billionaires start ransacking our government offices, this is not business as usual. Nope. Nothing is normal. We are living a nightmare created by Donald Trump and Elon Musk, and we need to wake up. We need to use every tool we have to fight back, and in the Senate, we can start by saying NO to dangerous Trump nominees like Tulsi Gabbard or Russ Vought. 

    MIL OSI USA News

  • MIL-OSI Security: 51st Fighter Wing completes readiness exercise, ACE dispersal despite heavy snowfall

    Source: United States INDO PACIFIC COMMAND

    Despite historical snowfall during Korea’s Lunar New Year holiday, the 51st Fighter Wing completed its first wing readiness exercise of 2025, Beverly Herd 25-2, generating combat airpower from both Osan and Kunsan Air Bases, Jan. 26 – 31.

    Wing exercises like BH 25-2 are a necessary and recurring requirement in Korea, where continuous robust readiness is vital to deterring aggression and maintaining stability in the region. Throughout the week, base personnel strengthen their skills in multiple areas, practicing everything from proper protective gear wear, weapons handling, and small unit tactics; to defending the base and rapidly launching combat aircraft in response to threats.

    In addition to base-specific scenarios, the 51st FW also executed an Agile Combat Employment deployment in support of the exercise, sending F-16 Fighting Falcons and a detachment of supporting personnel to operate out of Kunsan Air Base, Republic of Korea.

    “It’s vital that we exercise our ability to generate airpower from any location,” said Col. William McKibban, 51st FW commander. “Partnering with our wingmen at Kunsan strengthens readiness across the peninsula and lets us refine how we rapidly deploy airpower from outside our home base.”

    “The relationship between the Kunsan and Osan is rock solid,” said Col. Peter Kasarskis, 8th FW commander. “Being able to synchronize on readiness exercises like this only makes us stronger and gives Kunsan vital training on our ability to receive follow-on forces.”

    Large force exercises like BH 25-2 often involve multiple units and simulate enemy threats across a variety of contingency scenarios. This iteration, however, Mother Nature herself decided to become an exercise player, bringing realistic scenarios to the wing in the form of record snowfall across the Republic of Korea.

    According to the 51st and 8th Operational Support Squadron Weather Flights, Osan Air Base experienced a total of 9 inches of snow, while Kunsan received approximately 5 inches, stressing and validating exercise player’s abilities to continue contingency operations in unplanned weather conditions.

    During the week, personnel across the base worked to keep walkways and facilities clear while 51st CES personnel worked 24-hour operations to keep roadways and the airfield open, supporting both exercise and real-world operations.

    “Without the ‘dirt boys’ specialized skill set on snow removal and Rapid Airfield Damage Repair, the flying mission would not be possible,” explained Master Sgt. Walter Urbina Hernandez, 51st CES horizontal repair section chief. “We must project airpower effectively while ensuring seamless launch and recovery operations for critical cargo and personnel aircraft moving to and from the port.”

    Simultaneously at Kunsan, ACE-deployed 51st FW Airmen battled similar weather conditions while working out of unfamiliar facilities, working with minimal personnel and equipment to generate F-16 airpower in response to BH 25-2 training scenarios.

    “Even though Kunsan is another U.S. Air Base, it poses different challenges for our Osan personnel,” said Capt Terrell Willis, 51st FW Mission Assurance Officer. “Exercising our ability to rapidly deploy aircraft, personnel, and cargo from Osan to different locations across the peninsula increases the survivability and lethality of our forces.”

    Korean weather officials cited the 2025 Lunar New Year week as having had a heavier than normal snowfall in relation to previous years, making it one of the snowiest Lunar Near Years in 30 years. Despite this, Osan Air Base suffered no damage or degradation to its facilities or aircraft.

    “In many ways, inclement weather actually enhances our training,” said Lt. Col. Andrew Myers, 51st CES Commander and BH 25-2 Wartime Operations Center Defensive Director. “Learning to adapt operations to unpredictable events is an essential skill, so exercising our tactics, techniques and procedures during heavy snow is extremely valuable to reinforcing our agile mindset.”

    The 51st FW concluded the exercise on Friday, Jan. 31; metaphorically, and in some cases, literally clearing the way for the remaining planned exercises this year.

    “The whole point of exercises like this is to prepare our airmen to generate combat airpower under any conditions, including when under attack, snowed in by weather, or both,” said McKibban. “We will continue to regularly practice and stress-test our readiness, and a little bit of bad weather isn’t going to stop us. Team Osan is ready to fight tonight to defend the peninsula and our nation, no matter what.”

    MIL Security OSI

  • MIL-OSI Security: Cope North 25 Send Off

    Source: United States INDO PACIFIC COMMAND

    As Cope North 25 approaches, members of the 35th Logistics Readiness Squadron (LRS) and Traffic Management Office (TMO) are ensuring the seamless shipment of essential cargo to Andersen Air Force Base, Guam. The annual multinational exercise strengthens ties between the U.S., Australia and Japan, enhancing interoperability and regional security in the Indo-Pacific.

    “Right now, the squadrons are getting ready to ship their cargo off to go and support the mission for Cope North over in Guam,” said Senior Airman Rhett Hammon, 35th LRS inbound cargo technician. “What we’re doing here is ensuring that everything that is being shipped is strapped, packaged and weighed properly, and we’re working with the loadmasters to get them ready to go.”

    Cope North 25 serves as a platform for combined air tactics, techniques and procedures, ensuring participating nations can operate effectively in real-world scenarios. To facilitate this, LRS and TMO personnel are responsible for coordinating logistics, verifying load safety, and processing necessary documentation.

    “Our responsibility here is to train the base on how to prepare their cargo and get all the paperwork together in order to ship it out when the time comes, be it exercise or deployment,” said Staff Sgt. Shanks, 35th LRS air transportation technician.

    Much of the cargo consists of maintenance tools and equipment crucial to the 13th Fighter Generation Squadron’s ability to sustain operations during the exercise.

    “Without sending this cargo there, they would not even be able to participate, or it would severely limit their capabilities to meet their objectives in the exercise,” Shanks said.

    Beyond logistical coordination, Cope North 25 also provides a valuable experience for participating Airmen.

    “This will actually be my first time going to Cope North, but I’m excited to go and support everyone up there and learn new things outside of my comfort zone,” Hammon said.

    As preparations continue, Misawa Air Base remains committed to ensuring mission success, strengthening alliances, and contributing to a free and open Indo-Pacific.

    MIL Security OSI

  • MIL-OSI USA: FEMA Extends Application Deadline for North Carolinians Affected by Tropical Storm Helene

    Source: US Federal Emergency Management Agency

    Headline: FEMA Extends Application Deadline for North Carolinians Affected by Tropical Storm Helene

    FEMA Extends Application Deadline for North Carolinians Affected by Tropical Storm Helene

    HICKORY, N.C. – At the request of the state of North Carolina, Tropical Storm Helene survivors now have until March 8, 2025, to apply for assistance with FEMA.With the extended deadline, FEMA still strongly urges survivors to apply as soon as possible. After the deadline of March 8, you may still submit documents, update your contact information and stay in contact with FEMA regarding your application, but you must apply before the deadline.FEMA assistance may include funds for temporary housing such as rental assistance or reimbursement for hotel costs; funds to support the repair or replacement of a primary home, including privately-owned access routes, such as driveways, roads, or bridges; and funds for disaster-caused expenses, such as repair or replacement of personal property and vehicles, funds for moving and storage, medical, dental, child care and other miscellaneous items.Homeowners and renters in Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Cabarrus, Caldwell, Catawba, Cherokee, Clay, Cleveland, Forsyth, Gaston, Graham, Haywood, Henderson, Iredell, Jackson, Lee, Lincoln, Macon, Madison, McDowell, Mecklenburg, Mitchell, Nash, Polk, Rowan, Rutherford, Stanly, Surry, Swain, Transylvania, Union, Watauga, Wilkes, Yadkin and Yancey counties and the Eastern Band of Cherokee Indians with uninsured losses from Tropical Storm Helene may apply for FEMA assistance.There are several ways to apply:  Visit a Disaster Recovery Center (DRC) to find the center location nearest you go to fema.gov/drc.   Go online to DisasterAssistance.gov.Download the FEMA App for mobile devices.Call the FEMA helpline at 800-621-3362 between 7 a.m. and midnight. Help is available in most languages. If you use a relay service, such as video relay (VRS), captioned telephone or other service, give FEMA your number for that service.
    joseph.arbid
    Mon, 02/03/2025 – 20:49

    MIL OSI USA News

  • MIL-OSI USA: Station Science Top News: Jan. 31, 2025

    Source: NASA

    Seeds survive space

    Researchers found that plant seeds exposed to space germinated at the same rate as those kept on the ground. This finding shows that plant seeds can remain viable during long-term space travel and plants could be used for food and other uses on future missions.
    Materials International Space Station Experiment-14 exposed a variety of materials to space, including 11 types of plant seeds. The work also evaluated the performance of a new sample containment canister as a method of exposing biological samples to space while protecting their vigor.
    Examining mechanisms of immune issues in space

    Using genetic analyses, researchers identified molecular mechanisms that cause changes in mitochondrial and immune system function seen during spaceflight. The findings provide insight into how the human body adapts in space and could guide countermeasures for protecting immune function on future missions.
    International Space Station Medical Monitoring collects a variety of health data from crew members before, after, and at regular intervals during spaceflight. Evaluations fall into broad categories of medical, occupational, physical fitness, nutrition, and psychological or behavioral and include blood tests. Mitochondria are cell organelles that produce energy.
    Reducing vision changes in space

    Microgravity can cause changes in eye structure and function. Researchers found that artificial gravity may reduce these changes and could serve as a countermeasure to protect the vision of crew members on future missions.
    Previous studies provide evidence that artificial gravity may protect against or mitigate negative effects of microgravity. An investigation from JAXA (Japan Aerospace Exploration Agency) in collaboration with NASA’s Human Research and Space Biology Programs, Mouse Habitat Unit-8 looked at the long-term effects of spaceflight on gene expression patterns in mammals. More research is needed to identify the effects of other spaceflight stressors and determine what level and duration of gravitational force is needed to prevent or reduce damage to the retina or optic nerve.

    MIL OSI USA News

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

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

    Stock Holm/Shutterstock

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

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

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

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

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

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

    ‘Number’ and ‘space’

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

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

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

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

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

    Do bees have a mental number line?
    Scarlett Howard

    How did we test bees in our study?

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

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

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

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

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

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

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

    So, how does the bee mental number line work?

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

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

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

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

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

    The birds and the bees (and the apes)

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

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

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

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

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

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

    MIL OSI AnalysisEveningReport.nz

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

    Source: Xeneta

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

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

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

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

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

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

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

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

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

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

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

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

    About Xeneta

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

    MIL OSI – Submitted News

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

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

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

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

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

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

    Effects on different sectors

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

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

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

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

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

    Canada’s dependence on U.S. trade

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

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




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


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

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

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

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

    Retaliatory tariffs and inflationary pressures

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

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

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

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

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

    What should Canada do now?

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

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




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


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

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

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

    Boosting innovation and productivity

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

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

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

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

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

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

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

    MIL OSI – Global Reports

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

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

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

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

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

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

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

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

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

    MIL OSI USA News

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

    Source: Office of United States Attorneys

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

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

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

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

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

    MIL Security OSI

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

    Source: United Nations 4

    Health

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

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

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

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

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

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

    COVID record

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

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

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

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

    © UNICEF/Joshua Estey

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

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

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

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

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

    Backlash against equal rights

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

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

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

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

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

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

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

    Free market pressures

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

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

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

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

    MIL OSI United Nations News

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

    Source: Office of United States Attorneys

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

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

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

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

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

    ###

    MIL Security OSI

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

    Source: GlobeNewswire (MIL-OSI)

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

    The following dates apply to the distributions:

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

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

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

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

    About Guggenheim Investments

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

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

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

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

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

    Analyst Inquiries

    William T. Korver
    cefs@guggenheiminvestments.com

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

    The MIL Network

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

    US Senate News:

    Source: United States Senator for New Mexico Martin Heinrich

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

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

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

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

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

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

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

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

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

    The text of the letter is here.

    MIL OSI USA News

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

    Source: GlobeNewswire (MIL-OSI)

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

    Fourth Quarter 2024 Highlights

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

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

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

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

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

    Net Interest Income and Net Interest Margin

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

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

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

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

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

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

    Provision for Credit Losses

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

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

    Noninterest Income

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

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

    Noninterest Expense

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

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

    Income Taxes

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

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

    Balance Sheet

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

    Loan and Securities Portfolio

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

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

    Deposits

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

    Credit Quality

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

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

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

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

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

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

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

    Shareholders’ Equity

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

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

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

    Corporate Overview

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

    Conference Call

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

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

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

    Disclosure

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

    Safe Harbor

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

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

    ____________________

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

    ____________________

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

    ____________________

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

    ____________________

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

    _____________________

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

    ______________________

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

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

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

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

    Return on Average Tangible Common Equity

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

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

    The MIL Network

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

    Source: GlobeNewswire (MIL-OSI)

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

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

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

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

    About Ingersoll Rand Inc.

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

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

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

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

    Contacts:

    Investor Relations:
    Matthew.Fort@irco.com

    Media:
    Sara.Hassell@irco.com

    The MIL Network

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

    Source: United Nations General Assembly and Security Council

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

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

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

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

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

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

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

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

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

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

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

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

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

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

    MIL OSI United Nations News

  • MIL-OSI: PHH Mortgage Enhances Proprietary Client Technology With AI Assistant

    Source: GlobeNewswire (MIL-OSI)

    WEST PALM BEACH, Fla., Feb. 03, 2025 (GLOBE NEWSWIRE) — PHH Mortgage (“PHH” or the “Company”), a subsidiary of Onity Group Inc. (NYSE: ONIT) and a leading non-bank mortgage servicer and originator, today announced that the Company has launched an AI assistant through its LoanSpan client reporting and analytics platform to enhance the client experience.

    LoanSpan’s AI assistant (“LASI”) is focused on making it easier for clients to access the vast amounts of data within the platform. LASI can quickly analyze text queries and provide personalized and accurate responses. LASI is currently available for PHH subservicing clients on LoanSpan.com.

    Key LASI features and benefits include:

    • Ability to retrieve answers from hundreds of documents and sources, such as policies and procedures, user manuals, client communications, presentations, educational videos and more
    • Intelligence to understand unstructured questions at a detailed level and provide thorough responses
    • Eliminates the need to manually search and review various documents
    • Seamlessly escalates questions to PHH’s Client Relations team
    • Built-in security measures to protect sensitive information

    “We are excited to launch LASI as it demonstrates our continued commitment to leveraging the latest technology to create better experiences for our clients and their homeowners,” said Walt Mullen, Executive Vice President and Chief Strategy Officer at Onity Group. “Our goal with LASI is to make it simple and easy for clients to get the information they need whenever they need it and with significantly less effort.”

    LoanSpan is PHH’s proprietary knowledge platform designed for its subservicing clients to access a wealth of information about their customers and their portfolio, as well as various tools and resources. Clients can also utilize an integrated analytics tool to view customizable dashboards to monitor portfolio and loan-level performance and KPIs. The platform is a “one-stop shop” for PHH’s clients, many of whom have said it is a best-in-class offering for both loan and customer data and insights. LoanSpan completed a comprehensive upgrade in 2023 to enhance the user interface and incorporate additional self-service tools. LASI is an investment in the latest technology and demonstrates PHH’s commitment to constant improvement to meet the needs of its clients.

    About Onity Group

    Onity Group Inc. (NYSE: ONIT) is a leading non-bank financial services company providing mortgage servicing and originations solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs to consumers and business clients. Liberty is one of the nation’s largest reverse mortgage lenders dedicated to providing loans that help customers meet their personal and financial needs. We are headquartered in West Palm Beach, Florida, with offices and operations in the United States, the U.S. Virgin Islands, India and the Philippines, and have been serving our customers since 1988. For additional information, please visit onitygroup.com.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may be identified by a reference to a future period or by the use of forward-looking terminology. Forward-looking statements are typically identified by words such as “expect”, “believe”, “foresee”, “anticipate”, “intend”, “estimate”, “goal”, “strategy”, “plan” “target” and “project” or conditional verbs such as “will”, “may”, “should”, “could” or “would” or the negative of these terms, although not all forward-looking statements contain these words, and includes statements in this press release regarding the expected features and performance of LoanSpan and LASI and PHH’s ability to provide technology and performance improvements to PHH subservicing clients.

    Forward-looking statements involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, changes in our business condition and our ability to invest in technology improvements, changes in market conditions, the industry in which we operate, and our business, the actions of governmental entities and regulators, and other risks and uncertainties detailed in our reports and filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2023 and any current report or quarterly report filed with the SEC since such date. Anyone wishing to understand Onity Group Inc.’s business should review our SEC filings. Our forward-looking statements speak only as of the date they are made and, we disclaim any obligation to update or revise forward-looking statements whether as a result of new information, future events or otherwise.

    For Further Information Contact:
    Dico Akseraylian, SVP, Corporate Communications
    (856) 917-0066
    mediarelations@onitygroup.com

    The MIL Network

  • MIL-OSI Economics: Services trade growth hits new highs in third quarter of 2024

    Source: World Trade Organization

    The third quarter of 2024 saw services exports rise by 16 per cent in Asia, followed by 8 per cent in Europe, while North America, South and Central America and the Caribbean expanded by 7 per cent. Marked growth was also recorded on imports across regions, reflecting high demand for diverse services.

    Services are the bright spot of trade, with growth of 9 per cent year-on-year in the first three quarters of 2024 (Chart 1). This is in sharp contrast with goods trade, which was up by only 2 per cent over the same period.

    In the third quarter of 2024, transport saw a 14 per cent rise (Chart 1) as shipping rates climbed amid persistent disruptions on major trade routes. Global freight prices were nearly four times higher than in Q3 2023, at about US$ 4,500, according to data from Freightos.

    Asia’s transport services exports increased by 32 per cent, with peaks of 47 per cent in China and 40 per cent in Singapore. Available monthly statistics of leading Asian transport traders point to sustained growth through the end of the year. For example, in the last quarter of 2024, China’s transport exports soared by 50 per cent, reflecting a surge in shipments.

    International travellers’ expenditure in foreign economies increased by 10 per cent in Q3 2024, and in the first three quarters of 2024, global travel receipts were 15 per cent higher than pre-pandemic levels. Growth is stabilizing after the post-pandemic surge, and visa-free schemes adopted throughout 2024 by many economies have benefited international tourism worldwide. By the end of 2024, international tourist arrivals had almost reached their 2019 levels, suggesting complete recovery for the sector, according to UN Tourism.

    Travel in 2024 was also boosted by the UEFA European Football Championship in Germany and the Olympics in France, and Europe’s travel exports grew by 7 per cent from an already high base in 2023. Many African economies recorded double-digit growth, including Namibia (+32 per cent), Morocco (+19 per cent) and Tanzania (+18 per cent).

    Other commercial services, a heterogeneous group of services accounting for some 60 per cent of total services trade, expanded on average by 8 per cent in Q3. In the European Union and the United Kingdom, exports in this category increased by 9 per cent, and in the United States by 7 per cent. Double-digit growth was widespread in many economies in different regions. For example, South and Central America and the Caribbean economies saw very high growth rates, including Chile (+32 per cent), Argentina (+26 per cent) and Peru (+17 per cent).

    Digitally deliverable services such as computer, financial, business and insurance services were the main drivers of growth. Computer services continued their impressive rise in January-September 2024, with cumulative exports surging globally by 13 per cent (Chart 2). Rapid growth in computer services exports was recorded both in developed and developing economies, including a sharp increase of 77 per cent in Indonesia and strong growth of 37 per cent in Mauritius and 18 per cent in the United States (Chart 3). According to WTO estimates, the European Union’s exports of computer services grew by 15 per cent year-on-year in the first nine months of 2024, or by 10 per cent if excluding the largest EU exporter, Ireland.

    Companies are increasingly outsourcing information technology (IT) services and software development. The rapid expansion of e-commerce and digital platforms, including in developing economies, has accelerated this process. The growing adoption of AI, such as to develop chatbots, machine learning and predictive analytics, as well as for cybersecurity needs, has further accelerated the global demand for computer services. This trend is expected to persist as businesses adapt to new technologies and consumer preferences for digital solutions.

    Quarterly statistics are estimates as of the time of publication, and subject to frequent revisions. They are available for download at WTO Stats, along with monthly and annual statistics. Annual services trade data and related visualizations can also be accessed at the Global Services Trade Data Hub and at WTO World Trade Statistics 2023.

    Share

    MIL OSI Economics

  • MIL-OSI United Nations: Civil Society Organizations Brief the Committee on the Elimination of Discrimination against Women on the Situation of Women in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg

    Source: United Nations – Geneva

    Committee also Discusses Gender-Inclusive Approaches to Digitisation with the Working Group on Business and Human Rights

    The Committee on the Elimination of Discrimination against Women was this afternoon briefed by representatives of civil society organizations on the situation of women’s rights in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg, the reports of which the Committee will review this week.

    In relation to the Democratic Republic of the Congo, speakers raised concerns regarding gender-based violence and abuse of internally displaced women and girls in the context of the escalating conflict, and the impact of the withdrawal of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo.

    On Nepal, speakers addressed discrimination against vulnerable women, including indigenous women and girls, lesbian, bisexual, transgender and intersex women, and women sex workers; anti-discrimination legislation; and the participation of women in political processes.

    Non-governmental organizations speaking on Belarus raised topics including the dissolution of civil society organizations, imprisonment of women human rights defenders, and barriers to access to justice for women.

    Regarding Luxembourg, a speaker raised issues related to a lack of gender sensitive policies and measures to address intersecting forms of discrimination, and the subordination of women through the social system.

    The National Human Rights Commissioner of the Democratic Republic of the Congo spoke on the country, as did the following non-governmental organizations: Centre for Migration, Gender, and Justice; Groupe d’Action pour les Droits de la Femme; and SAVIE ASBL LGBT.

    Regarding Nepal, the following non-governmental organizations spoke: Forum for Women, Law and Development; Feminist Dalit Organization; Nepal Indigenous Women Federation; Sex Workers and Allies South Asia and Team; Campaign for Change, Mitini Nepal, and Intersex Asia; and Visible Impact.

    The following non-governmental organizations spoke on Belarus: Belarusian Helsinki Committee; Human Constanta; Belarusian Congress of Democratic Trade Unions; Coalition against gender-based and domestic violence; and Our House.

    A representative of the Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights spoke on Luxembourg.

    The Committee also held an informal meeting with the Working Group on Business and Human Rights and representatives from civil society and the business sector on “increasing the bottom line through smart, gender-inclusive, rights-focused approaches in digitisation.”

    Opening the meeting, Nahla Haidar, the newly elected Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past.  She called for action to prevent bias and discrimination against women through cyber-enabled modalities; expand women’s economic opportunities in the new digital era; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

    In the meeting, speakers discussed topics such as measures to prevent discrimination of women in the private sector, and particularly in the field of technology; measures to promote access to science, technology, engineering and maths education for women; measures to address the impacts of artificial intelligence on women; and measures to protect women’s rights in the energy transition era.

    Committee Experts and members of the Working Group spoke in the meeting, as did representatives of the United Nations Office of the High Commissioner for Human Rights, the World Trade Organization, and various private sector and civil society organizations.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Tuesday, 4 February to consider the report of the Democratic Republic of the Congo submitted under the exceptional reporting procedure (CEDAW/C/COD/EP/1).

    Opening Remarks by the Committee Chair

    NAHLA HAIDAR, Committee Chairperson, said that during each session, the Committee invited national and international non-governmental organizations to informal public meetings to provide specific information on the States parties that were scheduled for consideration by the Committee.  She welcomed the representatives of non-governmental organizations and national human rights institutions that had come to provide information on the States parties whose reports were being considered this week: Democratic Republic of the Congo, Nepal, Belarus and Luxembourg.

    Statements by Non-Governmental Organizations from the Democratic Republic of the Congo, Nepal and Belarus

    Democratic Republic of the Congo

    On the Democratic Republic of the Congo, speakers, among other things, said violence against displaced persons was on the rise in the State.  Gender-based violence, specifically, was rampant, leaving survivors with limited access to justice.  Displaced women had a lack of access to reproductive health care and were giving birth in unsafe conditions.  The economic struggles that displaced women and girls faced were equally alarming.  With scarce income opportunities, many were driven to survival sex, which exposed them to sexual exploitation and abuse.

    The withdrawal of the United Nations Organization Stabilisation Mission in the Democratic Republic of the Congo raised real concerns.  Plans from national authorities to take on the responsibilities of the Mission remained lacking.  Armed militias and members of the security forces continued to abuse women with impunity.  There were also “tolerance houses” where internally displaced women and girls were sexually abused.  Justice remained inaccessible for most survivors.

    Speakers called on the Government to bolster administrative capacities; ensure the transfer of United Nations facilities to the armed forces; investigate “tolerance houses” and hold perpetrators of gender-based violence criminally liable; control the spread of weapons; and ensure justice and dignity for all women in the State.  Speakers also called for a national migration strategy that was gender-responsive; mechanisms for gender-based violence prevention, mitigation, and response; provision of health services and resources, especially with regards to maternity health, that connected to related concerns such as food insecurity and nutrition; and programmes to expand livelihood provisions that supported displaced women and girls.

    Nepal

    Speakers said Nepal had yet to enact a robust anti-discrimination law, making women more vulnerable to abuse. There was a need to criminalise discrimination against women and eliminate all discriminatory legal provisions against them.  The State party also needed to allocate sufficient human and financial resources to public bodies working on women’s rights.  Appropriate support needed to be provided to women victims of violence.

    Fifteen per cent of Nepal’s population of women faced multiple forms of discrimination; many women faced social exclusion and violence.  Some girls did not report crimes due to a lack of trust in the justice system.

    Nepal needed to amend the Constitution to address historical discrimination of indigenous women and to recognise the customary laws of indigenous people.  The Government needed to amend the act on the rights of persons with disabilities to address the rights of indigenous women with disabilities. Access to justice needed to be promoted for indigenous women and women with disabilities.

    Nepal had failed to ratify the Palermo Protocol, and human trafficking and sex work were treated as the same in the country.  Sex workers faced various forms of discrimination and violence.  Nepal’s legislation had a direct impact on sex workers’ access to citizenship.  Legislation on trafficking in persons needed to be amended to differentiate between trafficking and sex work.  The Government also needed to facilitate sex workers’ access to citizenship and promote awareness raising campaigns on the rights of sex workers.

    Lesbian, bisexual, transgender and intersex girls faced harmful treatment and violence, and systematic discrimination in education and healthcare in Nepal, and the Government had failed to act in response.  The Government needed to ensure such women could access single women’s allowances, redefine marriage to include gender-free terminology, and support this group’s access to rights.

    Education on sexual and reproductive health remained optional and inadequate in Nepal.  It needed to be made compulsory.  Legislation needed to be amended to fully decriminalise abortion, particularly abortions in cases of rape.  The State also needed to amend legislation to include sexual and reproductive health and rights and sensitise health care providers and community members on safe births.  It further needed to decriminalise sexual relations between consenting adolescents under the age of 18.

    The meaningful participation of women in political processes was lacking; many women politicians faced violence. Nepal needed to investigate historic violence against marginalised women, collect disaggregated data on women, enhance women’s leadership capacities, take measures to eliminate discrimination against marginalised women and girls, and provide quality health services to all women and girls, particularly indigenous women, at a minimal cost.

    Belarus

    Speakers on Belarus said the Constitution did not provide effective protection against discrimination. Women’s rights to education and health care were limited. Belarus had institutionalised discriminatory food provisions; women and girls were not able to access fruit and nuts, leading to long-term health risks.

    Access to justice for women was undermined by the persistent persecution of women human rights defenders.  Women activists had been falsely labelled as terrorists despite their peaceful actions.  The State had systematically dissolved various civil society organizations, including many that supported women.  Almost 2,000 non-governmental organizations had been forced to liquidate. All women’s organizations that had prepared shadow reports to the Committee for the last review had been liquidated.  It was immensely difficult to find legal assistance due to the political suppression of lawyers.  In 2022, the Government had forcibly liquidated all trade unions.  Six women trade union activists remained in prisons.

    At least 139 women were political prisoners in Belarus.  They lacked access to healthcare and were persistently ill-treated. Imprisoned women faced forced labour and modern forms of slavery.  If women refused to work, they were put in “cages of shame” and forced to stand outside for several hours.  Women prisoners earned between five and 10 euros per month and faced harsh penalties for not meeting quotas.

    When domestic violence cases were reported to police, police screened the political activities of the victim rather than provide support.  Victims and aggressors were invited together to meetings with authorities, promoting impunity.

    Women migrants were vulnerable to trafficking and violence.  Domestic violence was not a ground for asylum in Belarus. 

    Luxembourg

    No non-governmental organizations spoke on the situation of women in Luxembourg.

    Questions by Committee Experts

    A Committee Expert said that there were many laws and policies for women in the Democratic Republic of the Congo, but there was weak implementation.  How was the transitional justice policy being implemented for women? Was there a plan to promote the security of women and girls in the Democratic Republic of the Congo?

    The Expert shared the non-governmental organizations’ concern regarding the suppression of civil society in Belarus. Were there plans to update the national action plan on human rights in Belarus, and were there plans to establish a national human rights institution?

    Another Expert asked about anti-trafficking activities being carried out in the Democratic Republic of the Congo. To what extent were women represented in local governments and decision-making bodies in Nepal?

    One Committee Expert asked about financial resources devoted to implementing the national gender equality plan in Nepal.  What were areas of concern related to sexual and reproductive health services in Belarus?

    A Committee Expert asked about problems regarding access to justice for Dalit women in Nepal.  How common was the dowry custom in Nepal?  Why was the dowry for younger women and girls lower?

    Another Committee Expert asked if the Democratic Republic of the Congo had laws on the accountability of military personnel and contractors involved in violence against women.  What social protection system and benefits did Belarus have for women and girls?

    One Committee Expert asked about legal provisions that needed to be challenged.  What needed to be done to educate girls and society about the harms of the kumari practice in Nepal, which isolated girls from their community?

    A Committee Expert called for information on the Democratic Republic of the Congo’s national action plan on the development of the security forces.  What action had been taken to dismantle non-governmental armed groups in the east?  Was it still possible for non-governmental organizations in Belarus to protect women and interact with the Government?

    Responses by Non-Governmental Organizations

    Nepal

    Responding to questions on Nepal, speakers said there was a very low percentage of women in federal and provincial decision-making bodies in Nepal, and an even lower percentage of Dalit women. There needed to be increased representation of women in these bodies.  There were several laws that directly discriminated against women, including laws on legal residences, which considered women and girls’ residences as those of their husbands and fathers.  Divorced women lost their property rights.  It was prohibited to oppose gender biases in cultural and social practices.  Nepal’s laws did not recognise lesbian, bisexual, transgender and intersex women as minorities; this needed to be done.

    In Nepal, the parents of women paid dowries, and less dowry was paid for younger women.  Dowry payments were most prevalent in the south of the country. The Criminal Code criminalised this practice, but it still existed.

    Sexual and reproductive health education was part of the school curriculum but was no longer a compulsory subject.  There were also gaps in sexual and reproductive health legislation, with many marginalised women not able to access sexual and reproductive health services.

    Dalit women and other marginalised women could not easily access the justice system.  They were not made aware of where and how to access justice and faced violence and discrimination from the police because of their identity.

    Belarus

    Responding to questions on Belarus, speakers said Belarus’ Gender Equality Council did not include non-governmental organizations working on human rights and gender equality.  Belarus’ legislation on incitement to hatred was used to oppress women human rights defenders.  One such woman had been imprisoned for seven years under this legislation.  Raids, inspections and blocking of websites were tools used by the Government to restrict the activities of civil society organizations.

    Statements by National Human Rights Institutions

    Democratic Republic of the Congo

    GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said the Democratic Republic of the Congo was going through one of its darkest times in recent history, marked by the invasion of the M23 rebels in the east of the country, which was facing a protracted, violent crisis.  Many women and girls had been displaced and were facing heightened risks of sexual violence and rape.  The National Human Rights Commission had conducted investigations into sexual violence linked to conflict, engaging with competent institutions to address this problem and combat impunity.

    The Commission welcomed that the Government had implemented several measures to protect women and girls from sexual and gender-based violence, including a law criminalising such violence and enshrining access to justice for victims.  However, there was still a long way to go until these measures could effectively protect civilians from sexual and gender-based violence.  The number of internally displaced persons continued to grow, and there had been many cases of rape reported.  There needed to be increased funds to limit the circulation of small arms and light weapons, build new camps, and increase humanitarian aid for internally displaced persons.  Care for victims of sexual and gender-based violence needed to be given by trained professionals.

    The national fund for compensation for the victims of gender-based violence had helped victims to access care. The Commission also welcomed the organisation of travelling courts to combat impunity.  The Government needed to restore peace in the east and take steps to protect civilians from gender-based violence, and provide internally displaced persons with adequate aid.  Armed groups needed to respect the rules of international humanitarian law and implement an immediate ceasefire.  The international community needed to promote peace by adopting sanctions against M23 and other armed groups.

    Luxembourg

    LAURA CAROCHA, Human and Social Sciences Expert, Commission consultative des Droits de l’Homme du Grand-Duché de Luxembourg [Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights], welcomed the efforts made by Luxembourg to combat discrimination against women since the last report, while noting persistent shortcomings, including a social system that kept women in a subordinate position to men.  Luxembourg’s policy favoured a “neutral” approach that was not gender sensitive.  Ms. Carocha urged politicians to openly acknowledge this systemic patriarchal domination and to make the deconstruction of this mechanism a priority.  To this end, it was imperative that the Government finally implemented the principle of gender mainstreaming in a cross-cutting manner in all its policies. 

    Luxembourg’s equality efforts lacked an intersectional approach and the Government rarely addressed multiple and intersecting forms of discrimination.  Disability was conspicuously absent from the National Action Plan for Equality between Women and Men, while the gender dimension was neglected in the National Action Plan on Disability.  It was essential to have detailed data, disaggregated by gender, age, ethnicity, disability and education level, to better understand and address the different forms of discrimination that women faced.  The Government also needed to impose concrete actions on companies, municipalities and administrations in terms of gender equality and the fight against discrimination against women.

    All actions taken in the fight against discrimination against women needed to be carried out in close collaboration with civil society.  This cooperation needed to be translated into lasting partnerships and political will to ensure that the contributions of civil society were seriously considered in the decision-making process.

    Ms. Carocha concluded by calling for the recognition of multiple forms of discrimination, and a proactive and participatory response from the Government to gender inequalities rooted in societal dynamics.  This meant adopting structural solutions that addressed the root causes of discrimination.

    Questions by Committee Experts

    A Committee Expert offered condolences to the people of the Democratic Republic of the Congo, including families of civilians who had lost their lives. What did the National Human Rights Commission wish the Committee to highlight in the dialogue with the State party?

    Another Committee Expert asked about measures to prevent conflict-related gender-based violence in the Democratic Republic of the Congo.

    One Committee Expert asked if humanitarian aid groups were able to access Goma and deliver food, health and menstrual products?

    A Committee Expert expressed concern regarding the lack of participation from women’s organizations from Luxembourg in the dialogue.  What progress had been made in reforming the Constitution?  Was there an initiative to amend the timeframe for authorising abortions in the State?  The State party did not publish data broken down by origin.  Could data be provided on migrant workers in Luxembourg?

    Another Committee Expert asked about Luxembourg’s process for identifying stateless persons.

    Responses by National Human Rights Institutions

    GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said that in Goma, people in displacement camps had been bombarded.  They had no power and no water, and the Rwandese army was on its way in. The international community needed to assist the Democratic Republic of the Congo in creating humanitarian corridors to assist internally displaced persons fleeing the region.  The State had approved laws and measures on preventing sexual violence, but implementing these was a challenge, particularly in regions where the Government did not have control.  In the dialogue, the Committee needed to ask the Government to choose diplomacy over other means, as the population was dying for nothing. Those involved in the conflict needed to be prosecuted.  The international community needed to condemn the situation in the east and promote diplomacy.

    Meeting with the Working Group on Business and Human Rights

    Statements

    ANDREA ORI, Director, Groups in Focus Section, Human Rights Treaties Branch, United Nations Office of the High Commissioner for Human Rights, said that the meeting would address the nexus between business and human rights, and gender and digital technologies. Cooperation and practices in digital fields needed to not perpetrate discrimination against women.  There was room for improvement on measures addressing gender discrimination in the workplace, representation of women in leadership positions, workplace harassment, and labour rights for women. Women were over-represented in low-paying jobs.  Stereotypes hindered women’s access to finance and investments, and women had less access to technology and digital services.  Today’s discussion would focus on enhancing the promotion and protection of women.

    NAHLA HAIDAR, Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past.  Strategic, innovative modalities to better safeguard the rights of women and girls called for partnerships, joint approaches and harmonised frameworks.  Women needed to be engaged in digital developments from the beginning.  States needed to avoid the re-inventing of stereotypes, bias and discrimination and the perpetuation of violence against women through cyber-enabled modalities; safeguard women’s livelihoods and expand economic opportunities in the new digital era for them; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

    This briefing was anticipated to be the first in a series of collaborative efforts to address substantive issues on women’s economic rights in a digital world based on the provisions of the Convention.  Business and human rights principles and the jurisprudence of the Committee and standards could be systematically deployed to uphold and respond to women’s rights protection and economic empowerment, particularly through inclusive digital technologies.

    Sadly, gender equality had often been constrained by interpretations outside the text of the Convention, resulting in persistent gender gaps and disparities.  Critical partnerships would enable the Committee to explore a collaborative and coordinated approach for bridging digital gender inequalities to create a more inclusive and equitable digital future for women and girls, one that was not only free of all forms of violence but also offered them equal opportunities to access and utilise digital technologies to boost their livelihoods and human capital assets.

    LYRA JAKULEVIČIENĖ, Chairperson of the Working Group on Business and Human Rights, said that this year, the Working Group was preparing a report on the use of artificial intelligence in businesses and its human rights impacts.  It focused on the deployment of artificial intelligence technologies and procurement by States and businesses, looking at biases and other issues.  The use of artificial intelligence and other technologies had many benefits and but also created concerns, including related to gender, and these would be captured in the report.  Synergy with the Committee would help both bodies to advance their agendas and strengthen the global protection of human rights, particularly for vulnerable women and girls.

    ESTHER EGHOBAMIEN-MSHELIA, Committee Expert, said 300 million fewer women than men had access to mobile internet globally.  Although about a third of small and medium enterprises were owned by women, women were under-represented in discussions on the global value chain.  States needed to focus on the energy transition and artificial intelligence technologies, as if they did not address issues in these fields, the gender gaps would widen.

    FERNANDA HOPENHAYM, Gender Focal Point of the Working Group on Business and Human Rights, said the United Nations Guiding Principles on Business and Human Rights had a cross-cutting gender perspective, and this needed to be addressed by States and businesses.  The Guiding Principles said that States needed to include a gender perspective in all policies on business and human rights.  It also called on businesses to respect human rights and to implement measures promoting diversity and inclusion.  Women needed to be able to access remedies in cases in which their rights were violated.  Technologies needed to be gender sensitive, responsive and transformative.

    Panel Discussion

    In the ensuing discussion, speakers, among other things, said women faced many barriers to accessing the labour market; these needed to be addressed.  Countries needed to change company cultures to address discrimination against women employees, and promote diversity and family-friendly policies.  Businesses needed to consider documents outlining the rights of women and girls, such as the Convention, and use tools to assess the effectiveness of gender equality measures.  They also needed to create an enabling environment for women.  Another key requirement was to conduct human rights due diligence with a gender lens.

    Some speakers expressed concerns related to discrimination against women in the technology sector.  Many companies lacked a gender lens when assessing their value chains and were not carrying out gender-related due diligence.  There was evidence of disproportionate harm to non-binary women and the targeting of women human rights defenders online.  Companies were actively amplifying gender biases.  The Committee and the Working Group needed to work with civil society and to call out companies by name when they violated human rights.  They also needed to promote corporate accountability and prevent regression.

    Speakers presented measures to change cultural mindsets to support women to succeed professionally; to promote a healthy work-life balance for women; to raise awareness of women’s rights among businesses; and to develop rules and tools to protect women and girls on social media platforms.

    Some speakers said technology could allow for greater access to education for women and girls, so women needed increased access to it.  One speaker said girls had less opportunities to study in fields such as programming and robotics.  With simple reforms and measures encouraging participation, more and more women and girls would choose information technology as a profession, they said.

    Some speakers expressed concerns that artificial intelligence technology was not sufficiently regulated.  It was possible for artificial intelligence systems to learn and reproduce societal biases and there were also privacy concerns regarding the data that these systems used.  One speaker presented efforts to eliminate biases in artificial intelligence systems and to develop tools to ensure that such systems respected human rights.

    One speaker called for respect for women’s rights in the energy transition.  Women had strong roles to play in preventing child labour in the energy sector and supporting children’s access to education.  Businesses needed to ensure women’s experiences were incorporated in energy transition programmes, and to finance science, technology, engineering and maths education programmes for women, speakers said.

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  • MIL-OSI United Nations: Committee on the Elimination of Discrimination against Women Opens Ninetieth Session

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women this morning opened its ninetieth session, hearing a statement from Andrea Ori, Chief of the Groups in Focus Section of the Human Rights Treaties Branch of the Office of the High Commissioner for Human Rights, and hearing the solemn declarations of eight newly elected Committee Members.  The Committee also adopted its agenda for the session, during which it will review the reports of Belize, Belarus, Congo, Democratic Republic of the Congo (exceptional report), Liechtenstein, Luxembourg, Nepal and Sri Lanka.

    Opening the session, Mr. Ori congratulated the eight new members of the Committee who officially assumed their duties today and congratulated the four Committee Members who were re-elected for the term 2025–2028.  This year marked the commemoration of the thirtieth anniversary of the Beijing Declaration and Platform for Action, which was unanimously adopted by 189 States in September 1995 at the Fourth United Nations World Conference on Women held in Beijing.  The Beijing Declaration and Platform for Action laid out a vision for ensuring women’s human rights and achieving gender equality around the world. 

    However, Mr. Ori said, despite considerable progress on gender equality in the past 30 years, the world was still far from achieving this vision.  Approximately one in three women globally experienced physical and/or sexual violence during their lifetime.  Sexual violence against women and girls was used as a tactic of war in numerous conflicts. Gender parity in decision-making remained a distant goal, with only 26 per cent of parliamentarians in the world being women.  At the upcoming fifty-ninth session of the Human Rights Council, the President of the Council would convene the annual high-level panel discussion on human rights mainstreaming under the theme “Thirtieth anniversary of the Beijing Declaration and Platform for Action”, supported by the Office of the High Commissioner for Human Rights, United Nations Women and other agencies.  Mr. Ori wished the Committee a successful and productive session.

    Ana Peláez Narváez, Chairperson of the Committee, said that, since the last session, the number of States parties that had ratified the Convention had remained at 189.  The number of States parties that had accepted the amendment to article 20, paragraph 1 of the Convention concerning the meeting time of the Committee remained at 81.  Since the last session, Cook Islands, Fiji, Ireland, Kenya, Mexico, Romania, Solomon Islands, Togo and Tuvalu had submitted their periodic reports to the Committee.

    The following eight new Committee Members made their solemn declaration: Hamida Al-Shukairi (Oman), Violet Eudine Barriteau (Barbados), Nada Moustafa Fathi Draz (Egypt), Mu Hong (China), Madina Jarbussynova (Kazakhstan), Jelena Pia-Comella (Andorra), Erika Schläppi (Switzerland), and Patsilí Toledo Vasquez (Chile).  

    In a private meeting following the opening, the Committee will elect a new Chair and Bureau for the Committee.

    The Committee adopted the agenda and programme of work of the session, and the Chair and Committee Experts then discussed the activities they had undertaken since the last session.

    Brenda Akia, on behalf of Natasha Stott Despoja, Committee Rapporteur on follow-up to concluding observations, briefed the Committee on the status of the follow-up reports received in response to the Committee’s concluding observations.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. this afternoon with representatives of national human rights institutions and non-governmental organizations and the Working Group on business and human rights.

    Opening Statement by the Representative of the Secretary-General

    ANDREA ORI, Chief of the Groups in Focus Section of the Human Rights Treaties Branch of the Office of the High Commissioner for Human Rights, congratulated the eight new members of the Committee who officially assumed their duties today: Hamida Al-Shukairi (Oman), Violet Eudine Barriteau (Barbados), Nada Moustafa Fathi Draz (Egypt), Mu Hong (China), Madina Jarbussynova (Kazakhstan), Jelena Pia-Comella (Andorra), Erika Schläppi (Switzerland), and Patsilí Toledo Vasquez (Chile).  He also congratulated the four Committee Members who were re-elected for the term 2025–2028: Corinne Dettmeijer-Vermeulen (Netherlands), Nahla Haidar El Addal (Lebanon), Bandana Rana (Nepal), and Natasha Stott Despoja (Australia).

    Mr. Ori said this year marked the commemoration of the thirtieth anniversary of the Beijing Declaration and Platform for Action, which was unanimously adopted by 189 States in September 1995 at the Fourth United Nations World Conference on Women held in Beijing.  The Beijing Declaration and Platform for Action laid out a vision for ensuring women’s human rights and achieving gender equality around the world.  However, despite considerable progress on gender equality in the past 30 years, the world was still far from achieving this vision.  

    Approximately one in three women globally experienced physical and/or sexual violence during their lifetime.  Sexual violence against women and girls was used as a tactic of war in numerous conflicts.  Gender parity in decision-making remained a distant goal, with only 26 per cent of parliamentarians in the world being women.  In economic life, women occupied only 28.2 per cent of management positions.  About 800 women and girls still died every day from preventable causes related to pregnancy and childbirth. 

    Moreover, the world was witnessing a backlash against women’s human rights and gender equality, especially against women’s sexual and reproductive health rights, with an increase in attacks against abortion providers, shrinking civic space for women human rights defenders, and reduced funding.  In that context, Mr. Ori welcomed the Committee’s timely work on a new general recommendation on gender stereotypes, which would be kicked off with the half-day of general discussion on gender stereotypes on 17 February from 3 to 6 pm. The thirtieth anniversary of the Beijing Declaration and Platform for Action presented a key opportunity to renew the commitments made by Member States to ensure women’s rights and achieve gender equality. 

    At the upcoming fifty-ninth session of the Human Rights Council, the President of the Council would convene the annual high-level panel discussion on human rights mainstreaming under the theme “Thirtieth anniversary of the Beijing Declaration and Platform for Action”, supported by the Office of the High Commissioner for Human Rights, United Nations Women and other agencies.  The panel, to be held on 24 February, would be opened by the High Commissioner for Human Rights, Volker Türk, and possibly the Secretary-General, António Guterres, and would discuss progress and challenges in protecting women’s rights and gender equality.  Committee expert Nahal Haidar would be one of the panellists.  Together with United Nations Women, the Office was also planning a side event during the session which would focus on the pushback against women’s rights and gender equality in the context of humanitarian action.

    Mr. Ori said last year had been particularly challenging, due to the liquidity crisis which had hampered and continued to hamper the Committee’s work.  The Office was doing its utmost to ensure that the Committee and other treaty bodies could implement their mandates, however, all indications pointed to a continuation of the difficult liquidity situation for the foreseeable future. The treaty body strengthening process had reached a key moment, with the adoption of the biennial resolution on the treaty body system by the General Assembly in December 2024.  On Human Rights Day last year, the Geneva Human Rights Platform, in cooperation with the Office and the Directorate of International Law of the Swiss Federal Department of Foreign Affairs, organised an informal meeting of the Chairs and the Committees’ focal points on working methods, which explored the latest developments concerning the treaty body system and sought to identify possible ways to improve the harmonisation of procedures.  Mr. Ori said the Office of the High Commissioner would continue to work alongside the Chairs and all the treaty body experts to strengthen the system. He concluded by wishing the Committee a successful and productive session

    Statements by Committee Experts

    ANA PELÁEZ NARVÁEZ, Committee Chairperson, called on the eight newly elected members to make their solemn declarations to the Committee.  She also congratulated those who had been re-elected.

    The Committee then adopted its agenda and programme of work for the session.

    Ms. Peláez Narváez said that since the last session, the number of States parties that had ratified the Convention had remained at 189.  The number of States parties that had accepted the amendment to article 20, paragraph 1 of the Convention concerning the meeting time of the Committee remained at 81.  She was pleased to inform that since the last session, Cook Islands, Fiji, Ireland, Kenya, Mexico, Romania, Solomon Islands, Togo and Tuvalu had submitted their periodic reports to the Committee.  Since making the simplified reporting procedure the default procedure for States parties’ reporting to the Committee, 13 States parties had indicated that they wished to opt out and maintain the traditional reporting procedure.

    The Chair and Committee Experts then discussed the activities they had undertaken since the last session.

    Ms. Peláez Narváez said as the pre-sessional Working Group for the ninetieth session was cancelled due to the ongoing liquidity situation of the United Nations, there was no report of the pre-sessional Working Group to be presented.  The Committee had subsequently decided to consider the pending reports from the following States parties at this ninetieth session: Belize, Belarus, Congo, Democratic Republic of the Congo (exceptional report), Liechtenstein, Luxembourg, Nepal and Sri Lanka.

    BRENDA AKIA, Alternate Rapporteur on follow-up to concluding observations, speaking on behalf of NATASHA STOTT DESPOJA, Committee Rapporteur, briefed the Committee on the status of the follow-up reports received in response to the Committee’s concluding observations.  She said that at the end of the eighty-ninth session, follow-up letters outlining the outcome of assessments of follow-up reports were sent to Bolivia, Türkiye, South Africa, Morocco and Azerbaijan.  Reminder letters were sent to Mongolia, Namibia, Portugal and the United Arab Emirates.  For the present session, the Committee had received follow-up reports from Belgium, Gambia, Sweden and Switzerland, all received on time; and from Portugal, received with more than five months’ delay.

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  • MIL-OSI Asia-Pac: IICA ORGANIZES A CUSTOMIZED THREE DAYS TRAINING AND CERTIFICATION PROGRAMME “ESG FOR BOARD MEMBERS” AT THE UNITED NATIONS REGIONAL OFFICE FOR ASIA AND PACIFIC, BANGKOK, THAILAND

    Source: Government of India (2)

    IICA ORGANIZES A CUSTOMIZED THREE DAYS TRAINING AND CERTIFICATION PROGRAMME “ESG FOR BOARD MEMBERS” AT THE UNITED NATIONS REGIONAL OFFICE FOR ASIA AND PACIFIC, BANGKOK, THAILAND

    PROGRAMME COVERED KEY ASPECTS OF ENVIRONMENTAL-SOCIAL-GOVERNANCE (ESG) CONSIDERATIONS IN BOARD DECISION MAKING AND IMPACT OF CLIMATE CHANGE ON BOARD’S ACCOUNTABILITY

    Posted On: 03 FEB 2025 9:53PM by PIB Delhi

    The School of Business Environment, Indian Institute of Corporate Affairs (IICA) organized a customized three days residential training and certification programme “ESG for Board Members” from Jan 30 – Feb 01 2025 at the United Nations Regional Office for Asia and Pacific, Bangkok, Thailand. This initiative is inspired by Dr. Ajay Bhushan Prasad Pandey, Director General & CEO, IICA conveying the importance of leadership buy-in for achieving Net-Zero and other relevant sustainability targets by embedding ESG in the corporate strategy aligned with global expectations from multiple stakeholders. The programme was inaugurated by Mr. Gerd Trogemann, Regional Manager, Global Policy Network and Regional Programme, Asia-Pacific, United Nations. 

    The programme covered key aspects of building a business case of Environmental-Social-Governance (ESG) considerations in Board decision making, it covered aspects of ESG’s Indian as well as global context, guided the participants on how to begin with ESG journey, embedding ESG in to corporate strategy, Impact of climate change and Board’s accountability, designing business models for resilience, Risk mitigation, evolving role of Board in corporate accountability, Stakeholders engagement for ESG success, Governance of CSR and role of Board, Public disclosures on ESG, Business and Human Rights due diligence, effective grievance redressal mechanisms, future trends impacting businesses, and essentials of becoming ESG Impact leaders.  

    The sessions were delivered by prominent experts and facilitators including Prof. Garima Dadhich, Dr. Harpreet Kaur, Ms Olga Nilova, Mr. Bharat Wakhlu, Ms Belinda Hlatshwayo, Ms Nusrat Khan, and Dr. Ravi Raj Atrey. On the third day, delegation from Thailand based companies presented their ESG journey, best practices and challenges faced in strategizing and implementing ESG, the Indian delegation of public and private companies had a peer learning exposure through this exercise. The programme has benefitted CMDs, Directors, Independent Directors, Board Members, and other sr. leaders from corporate both public and private in the realm of ESG, it provided a unique opportunity to the participants to not only contribute to sustaining businesses in today’s rapidly changing world but also to co-create a collaborative system of exchange of knowledge and ideas at elite level.

    IICA enjoys unique distinction of offering a credible  six months ESG Professional programme  contributing to build a cadre of ESG professionals and Impact leaders. As per the recommendations of the High Level Advisory Committee and keeping in view the needs of Board representatives, this capsule programme was launched by the School of Business Environment-IICA in collaboration with United Nations Development Programme Regional Office for Asia and Pacific.  

     

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  • MIL-OSI Asia-Pac: Mahakumbh 2025: Millions of Devotees take the Holy Dip at Triveni Sangam, during the Third Amrit Snan held on Basant Panchami

    Source: Government of India

    Posted On: 03 FEB 2025 9:40PM by PIB Delhi

    The third Amrit Snan on the occasion of Basant Panchami was successfully completed during the Mahakumbh 2025, at Prayagraj. Millions of devotees took a holy dip at the Triveni Sangam. The Kumbh Mela showcases not only faith, trust, and devotion but also unity, equality, and cultural diversity in its purest form.

     

    According to statistics released by the State government, by 6 PM on Basant Panchami, a total of 2.33 crore devotees had taken a dip in the holy Triveni Sangam. Devotees from India and abroad, united by the spirit of ‘Vasudhaiva Kutumbakam’, participated in the sacred bathing ritual. Sadhu-sants, yogis, scholars, and devotees from various countries also took part in this divine event, making it a truly universal festival.

     

     

    The significance of this auspicious day prompted devotees to begin arriving at the Sangam area from the previous night. The event was made successful with the contribution of the Kumbh Mela administration, local administration, police, sanitation workers, volunteers, boatmen, and all government departments, ensuring the safe and smooth conduct of this historical event.

     

     

    Special cleanliness arrangements were made for the third Amrit Snan on Vasant Panchami, with the goal of maintaining a clean and safe environment. To achieve this, 15,000 sanitation workers and over 2,500 Ganga Seva Doots worked tirelessly. Special cleaning was also arranged for the paths leading to the akhadas to ensure the comfort of both saints and devotees. Quick Response Teams (QRT) were stationed throughout the area to ensure immediate cleanliness, swiftly removing waste from the mela grounds. Water sprinkling and cleaning of the Sangam were carried out with the help of boatmen and steamers.

    The Kumbh Mela 2025 has succeeded in promoting India’s cultural heritage on an international level. The event’s popularity and cultural significance are being recognized globally, with foreign devotees deeply impressed by Indian culture and traditions, experiencing both the sacred Ganga Snan and India’s religious and cultural practices.

     

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  • MIL-OSI Asia-Pac: Union Minister Shri G. Kishan Reddy to Meet Saudi Minister Tomorrow for Strengthening Cooperation in Critical Minerals Sector

    Source: Government of India

    Posted On: 03 FEB 2025 8:28PM by PIB Delhi

    Union Minister of Coal & Mines, Shri G. Kishan Reddy, will hold a strategic meeting tomorrow with Saudi Arabia’s Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Alkhorayef, in New Delhi. The high-level discussion will focus on enhancing cooperation in the critical minerals sector and exploring new investment opportunities between the two nations.

    The meeting comes after the Union Minister’s recent participation in the Ministerial Round Table at the Future Minerals Forum 2025 in Riyadh, where he highlighted India’s commitment to securing critical minerals essential for Energy Transition & clean energy systems. He also invited global investors to explore India’s growing mining sector and held extensive discussions with ministers from Brazil, Italy, and Morocco to foster economic and technical cooperation.

    This engagement gains added significance following the Cabinet’s recent approval of the National Critical Minerals Mission (NCMM). Key discussions will center on fostering resilient mineral supply chains, investment in value-added processing, and technological collaborations to strengthen India-Saudi ties in the mineral resources sector.

    This strategic meeting underscores India’s proactive approach to developing international partnerships in the minerals domain, reaffirming its growing role as a global player in sustainable mineral development.

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  • MIL-OSI Asia-Pac: International Big Cat Alliance (IBCA) officially comes into force as a full-fledged Treaty based Inter-governmental International Organization

    Source: Government of India (2)

    Posted On: 03 FEB 2025 7:14PM by PIB Delhi

    In a major development, the Framework Agreement on establishment of the International Big Cat Alliance (IBCA) has officially come into force. From 23rd January, 2025, the IBCA and its Secretariat have become a full-fledged treaty based inter-governmental international organization and international legal entity.

    To this effect, the Ministry of External Affairs (MEA), Government of India (the Depository of the Framework Agreement) has confirmed that five countries – Republic of Nicaragua, Kingdom of Eswatini, Republic of India, Federal Republic of Somalia and Republic of Liberia – have deposited the instruments of ratification/acceptance/approval, under the Article VIII (1) of the Framework Agreement.

    As of now, 27 countries including India have consented to join IBCA and several international/national organisations working in the field of wildlife conservation have also partnered with IBCA. The five countries mentioned above have signed the Framework Agreement to formally become members of the IBCA.

    About the IBCA

    The IBCA was launched by the Prime Minister Shri Narendra Modi on 9th April,2023, during the event ‘Commemorating 50 years of Project Tiger’. The Union Cabinet, in its meeting held on 29th February 2024, approved the establishment of IBCA with headquarters in India. It was launched with the aim of conservation of seven big cats – Tiger, Lion, Leopard, Snow Leopard, Cheetah, Jaguar and Puma – with membership of all UN countries/the range countries harbouring the said species and non-range countries where historically these species are not found but interested to support big cat conservation.

    The IBCA was established by Government of India, through the nodal organisation viz., National Tiger Conservation Authority (NTCA), Ministry of Environment, Forest & Climate Change (MoEFCC), vide order dated 12th March, 2024. The primary objective of IBCA is to facilitate collaboration and synergy among stakeholders, consolidating successful conservation practices and expertise to achieve a common goal of conservation of big cats at global level. This unified approach, bolstered by financial support, aims to bolster the conservation agenda, halt the decline in big cat populations, and reverse current trends.

    IBCA envisages synergy through a collaborative platform for increased dissemination of gold standard big cat conservation practices, provides access to a central common repository of technical know-how and corpus of funds, strengthens the existing species-specific intergovernmental platforms, networks and transnational initiatives on conservation and protection and assists securing our ecological future and mitigate adverse effects of climate change.

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  • MIL-OSI Asia-Pac: Secretary, Ministry of Steel, Sri Sandeep Poundrik chairs the Stakeholders’ Meeting to review the preparations of India Steel 2025 event

    Source: Government of India (2)

    Posted On: 03 FEB 2025 7:05PM by PIB Delhi

    The Secretary, Ministry of Steel, Sri Sandeep Poundrik, chaired a high-level stakeholders’ meeting today to discuss the upcoming ‘India Steel 2025’ event, scheduled to take place on April 24-26, 2025. The meeting was attended by senior Government officials, Ambassadors of Nations important in the steel value chain and representatives of key States, Chairman and Managing Directors (CMDs) of Central Public Sector Enterprises (CPSEs) and senior officers of leading private industries also participated in the Meeting.

    The ‘India Steel 2025’ is an international exhibition-cum-conference aimed at providing a strategic platform for industry stakeholders, policymakers, and business leaders. The event will showcase India’s thriving steel sector while addressing key challenges and emerging opportunities shaping the industry’s future.

    Key Highlights of India Steel 2025:

    • Industry Participation & Coordination – Engaging key stakeholders to align on policy frameworks and industry growth strategies.
    • Roundtable Conferences – In-depth discussions on sector-specific topics, international collaboration, and emerging trends.
    • Exhibition & Innovation Showcase – Displaying cutting-edge technologies and innovations revolutionizing the steel industry.
    • Reverse Buyer-Seller Meet (RBSM) – Facilitating trade opportunities and fostering new business engagements.
    • International & Diplomatic Engagement – Strengthening cooperation between domestic and global steel industry leaders.

    Secretary, Ministry of Steel, Highlighted India’s Role in the Global Steel Industry

    Speaking on the occasion, Sri Sandeep Poundrik emphasized the importance of a collaborative approach and India’s pivotal role in global steel production and consumption. He stated:

    “India’s steel demand is growing at a rate of 9% to 10%, the highest among major global economies. The industry stands at a crucial juncture, with significant advancements in green steel production and sustainability initiatives on the horizon. Strategic global partnerships will create new avenues for collaboration in raw material sourcing, technological innovation, and industry expansion.”

    ‘India Steel 2025’ will serve as a catalyst for collaboration, investment and technological advancements, reinforcing India’s leadership in the global steel sector. This initiative underscores strong commitment to industry growth, innovation and global competitiveness. All relevant stakeholders were encouraged to actively participate and contribute to discussions that will shape the future of steel sector.


    *********

    TPJ/NJ

    (Release ID: 2099272) Visitor Counter : 60

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: In view of significant improvement in the air quality of Delhi-NCR, CAQM Sub-Committee on GRAP revokes Stage-III of GRAP in the entire NCR with immediate effect

    Source: Government of India

    In view of significant improvement in the air quality of Delhi-NCR, CAQM Sub-Committee on GRAP revokes Stage-III of GRAP in the entire NCR with immediate effect

    All actions under Stages II & I of GRAP to remain invoked in the entire NCR to ensure that the AQI levels do not rise further in the coming days

    Posted On: 03 FEB 2025 6:45PM by PIB Delhi

    In pursuance of the directions of the Hon’ble Supreme Court, the Sub-Committee on Graded Response Action Plan (GRAP) of the Commission for Air Quality Management in NCR and Adjoining Areas (CAQM) vide its order dated 29.01.2025 invoked GRAP Stage-III when the average AQI of Delhi started to exhibit a sharp increasing trend and breached the 350 mark on the same day.

    Today, Delhi’s average AQI has significantly improved as the AQI of the day clocked 286 today as per the AQI Bulletin provided by the Central Pollution Control Board (CPCB), clearly indicating a downward trend. Noting a downward trend in the AQI levels of Delhi, the CAQM Sub-Committee on GRAP met today to review the current air quality scenario in the region as well as the forecasts for meteorological conditions and air quality index made available by IMD/ IITM and accordingly take an appropriate call on the preventive/ restrictive actions under Stage-III of GRAP in place in the entire National Capital Region (NCR) since 29.01.2025.

    While comprehensively reviewing the overall air quality parameters of Delhi-NCR, the Sub-Committee observed as under:

    • Owing to improvement in mixing height and ventilation coefficient and much favourable meteorological conditions for dispersion of pollutants, the AQI of Delhi has shown a significant improvement.
    • The AQI of Delhi has been recorded as 286 for 03.02.2025 which is 64 points below the 350 mark to implement the Stage-III as per the extant directives of the Hon’ble Supreme Court. Further, the forecast by IMD predicts very light rain/ drizzle and favourable wind conditions in the days to come. 

    Therefore, keeping in view the disruptive nature of restrictions under Stage-III of GRAP, impacting a large number of stakeholders and public as well as considering the trend of improvement in the average AQI of Delhi and also the forecasts by IMD/ IITM indicating the likelihood of the average AQI of Delhi to stay in ‘Poor’/ lower end ‘Very Poor’ category in the coming days, the CAQM Sub-Committee on GRAP today unanimously decided to revoke all actions under Stage-III of the extant schedule of GRAP in the entire NCR, with immediate effect.

    Further, all actions under Stages II & I of the extant schedule of GRAP shall however remain invoked and be implemented, monitored and reviewed by all agencies concerned in the entire NCR to ensure that the AQI levels do not rise further in the coming days. Agencies shall keep strict vigil and especially intensify measures under Stages II & I of the extant schedule of GRAP in order to obviate the need for re-implementation of Stage-III of GRAP actions in NCR.

    Construction and Demolition project sites etc. which have been issued specific closure orders on account of violations/ non-compliances of various statutory directions, rules, guidelines etc. under no circumstances shall resume their operations without any specific order to this effect from the Commission.

    While GRAP Stage-III is being revoked, keeping in view the winter season when weather conditions may not be always favourable and in order to ensure that the AQI levels do not slip further, citizens are requested to strictly adhere to the citizen charter under Stages II and I of the extant schedule of GRAP.

    The Sub-Committee, shall keep a close watch on the air quality scenario and review the situation from time to time for further appropriate decisions depending upon the air quality in Delhi and forecast for meteorological conditions and air quality index made available by IMD/ IITM.

    The comprehensively revised GRAP schedule is available on the Commission’s website, i.e., https://caqm.nic.in/

    *****

    VM

    (Release ID: 2099259) Visitor Counter : 34

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Bids for 11th Round and Second Attempt of 10th Round of Commercial Coal Mines’ Auction Opened Today

    Source: Government of India (2)

    Posted On: 03 FEB 2025 6:02PM by PIB Delhi

    The Nominated Authority, Ministry of Coal today opened the bids for the 11th round of commercial coal mines’ auction. This round received unprecedented responses from the bidders. Bids have been received for 20 coal mines out of offered 27 coal mines.

    The online bids were decrypted and opened electronically in the presence of the bidders. Subsequently, sealed envelopes containing offline bid documents were also opened in the presence of bidders. Entire process was displayed on the screen for the bidders. Under this round, only 70 bids have been received online, however, 72 bids have been received in physical form.

    A total of 65 bids were received against 15 coal mines offered in the 11th round. Under 2nd Attempt of 10th round, a total of 7 coal mines were put up for auction and 5 bids received against 5 coal mines with each mine receiving 1 bid each.

     Mine-wise list of bids received online is as under:

    Sl No

    Name of Coal Mine

    Round

    No of Bids (Both Online and Offline)

    Type of coal mine

    1

    Seregarha

    11th Round

    6

    Non-Coking

    2

    Banai & Bhalumunda

    11th Round

    5

    Non-Coking

    3

    Saradhapur Jalatap East

    11th Round

    3

    Non-Coking

    4

    Margo East

    11th Round

    1

    Non-Coking

    5

    Margo West

    11th Round

    1

    Non-Coking

    6

    Jawardaha North

    11th Round

    2

    Non-Coking

    7

    jawardaha South

    11th Round

    1

    Non-Coking

    8

    Namchik West

    11th Round

    4

    Non-Coking

    9

    Bandhak West

    11th Round

    15

    Non-Coking

    10

    Vijay Central

    11th Round

    8

    Non-Coking

    11

    Sahapur East

    11th Round

    6

    Non-Coking

    12

    Marwatola II

    11th Round

    5

    Non-Coking

    13

    Dahegaon Makardhokra IV

    11th Round

    3

    Non-Coking

    14

    Namchik East

    11th Round

    5

    Non-Coking

    15

    Senduri

    2nd Attempt-10th Round

    1

    Non-Coking

    16

    Tandsi III & Tandsi III Extn.

    2nd Attempt-10th Round

    1

    Coking

    17

    Tangardihi North

    2nd Attempt-10th Round

    1

    Non-Coking

    18

    Ustali North

    2nd Attempt-10th Round

    1

    Non-Coking

    19

    West of Baisi (Revised)

    2nd Attempt-10th Round

    1

    Non-Coking

     

    A total of 46 companies have submitted their bids in the auction process. More than 15 new companies including a Coal India subsidiary have participated for the first time under commercial coal mine auction. The list is as submitted below:

    S.No

    Name of the bidder

    No. of bids submitted

    1

    PCIL Power and holdings Limited

    1

    2

    Jindal Power Limited

    3

    3

    Bharat Aluminium Company Limited

    1

    4

    Adani Natural Resources

    1

    5

    Greta Energy Limited

    1

    6

    The Andhra Pradesh Mineral Development Corporation Limited

    2

    7

    Western Coalfields Limited

    2

    8

    Yajur Comtrade Private Limited

    1

    9

    PLR Projects Private Limited

    1

    10

    New Era Cleantech Solution Private Limited

    1

    11

    Gayatri Rebuild Private Limited

    2

    12

    Hind Unitrade Pvt Ltd

    1

    13

    Orissa Metaliks Pvt Ltd

    2

    14

    Rungta Sons Pvt Ltd

    3

    15

    SNB Minerals Ltd

    1

    16

    The commodity Hub

    1

    17

    Sunflag Iron and Steel

    1

    18

    JSW Steel Ltd

    1

    19

    Jharkhand Exploration and Mining Corporation Limited

    5

    20

    Orissa Alloy Steel Pvt Ltd

    2

    21

    JMS Commercial Coal Blocks Pvt Ltd

    3

    22

    RSPU Mining Pvt. Ltd

    2

    23

    Singhal Steel and Power

    1

    24

    Singhal Business Pvt Ltd

    1

    25

    Innovative Mines and Minerals Ltd

    2

    26

    Pra Nuravi Coal Mining Pvt Ltd

    2

    27

    Singur Sponge Iron Pvt Ltd

    1

    28

    NRSKS Mines and Minerals Pvt. Ltd.

    2

    29

    Kevitho Mining Pvt Ltd

    1

    30

    G.D. Mining Pvt Ltd

    1

    31

    Bendagoshi Mining Pvt Ltd

    1

    32

    TMC Minerals Pvt Ltd

    1

    33

    Mineware Advisors Private Limited

    1

    34

    Jindal Steel and Power Limited

    2

    35

    Sarda Energy and Mineral Ltd.

    2

    36

    Pioneer Aluminium Industries Limited

    1

    37

    Odisha Coal and Power Limited

    2

    38

    Damodar Valley Corporation

    2

    39

    AMPL Resources Pvt Ltd

    1

    40

    Godavari Commodities

    1

    41

    Laddugopal Comm. Pvt. Ltd.

    1

    42

    Asia Strategic Resources Pvt Ltd

    1

    43

    SMS Limited

    1

    44

    Jai Ambey Roadlines Pvt Ltd

    2

    45

    Lloyds Metal and Energy Pvt Ltd

    1

    46

    Ind Synergy Ltd

    1

    TOTAL

    70

    The participation of new companies in the commercial coal mine auction shows the interest of the companies towards the policy. The coal sector will continue to fuel the economy to become the third-largest economy in the world.

    The bids will be evaluated by a multi-disciplinary Technical Evaluation Committee and Technically Qualified Bidders will be shortlisted for participation in the electronic auction, to be conducted on MSTC portal.

    *****

    Shuhaib T

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