Category: Asia

  • MIL-OSI Economics: KDX-II modernization to enhance South Korea’s combat readiness amid rising maritime tensions, says GlobalData

    Source: GlobalData

    KDX-II modernization to enhance South Korea’s combat readiness amid rising maritime tensions, says GlobalData

    Posted in Aerospace, Defense & Security

    South Korea’s Defense Acquisition Program Administration (DAPA) has launched a significant performance improvement program (PIP) for its Chungmugong Yi Sun-sin-class destroyers (KDX-II), aiming to modernize critical systems and enhance combat readiness. The KDX-II upgrade underscores South Korea’s focus on leveraging indigenous technologies to maintain a modern and effective naval fleet amid rising regional maritime tensions, according to GlobalData, a leading data and analytics company.

    GlobalData’s latest Fleet Size dashboard reveals that approximately 23% of the Republic of Korea Navy’s fleet comprises vessels with an average age exceeding 20 years. The KDX-II upgrade program is part of a broader effort to modernize South Korea’s naval fleet, ensuring it remains capable of countering emerging threats from adversarial forces.

    Harpreet Sidhu, Aerospace and Defense Analyst at GlobalData, comments: “The replacement of outdated combat systems with advanced domestic alternatives is particularly significant, as it aligns with South Korea’s ambition to establish itself as a regional naval manufacturing powerhouse.

    “With North Korea’s increasingly complex undersea threats and growing range of ballistic missiles arsenal, the integration of advanced sonar and missile systems improves anti-submarine and air-defense capabilities of the destroyer fleet. Additionally, this upgrade addresses vulnerabilities that were made public during high-profile exercises such as the RIMPAC 2022, where weaknesses around operational readiness owing to system malfunctions were brought to light.”

    A key point to note in the PIP program is the simultaneous integration of advanced domestic technologies and selective reliance on critical components like the MK 99 fire-control system procured via Foreign Military Sales (FMS). This hybrid approach supplements local innovations by utilizing relationships with global OEMs, thus reflecting a more nuanced strategy.

    Sidhu concludes: “While the current program does not include a radar upgrade, it leaves room for future enhancements such as integrating advanced AESA radar systems like SPS-560K or AN/SPY-7. This multi-phased strategy demonstrates South Korea’s intention to develop capabilities of its naval platforms in line with technological breakthroughs it achieves over the future years, guaranteeing the fleet’s long-term viability.

    “The KDX-II upgrades, in essence, are not just about modernizing older naval platforms, but are a cornerstone of South Korea’s broader strategy to assert its presence in the increasingly contested waters of the Indo-Pacific.”

    MIL OSI Economics

  • MIL-OSI Asia-Pac: HK will show agility, resilience: CE

    Source: Hong Kong Information Services

    Chief Executive John Lee

    Celebrating the Chinese New Year is one of our happiest moments. We are busy gathering with family and friends, doing New Year shopping and buying festive flowers for our homes, preparing for the New Year to come.

    Hong Kong is full of cheerful events. Last year, we received two adorable giant pandas from the motherland, and the giant panda babies born in Hong Kong will be ready to meet everyone in mid-February.

    This year is the Year of the Snake. In Chinese culture, the snake is nimble and agile, and is a symbol of prosperity and wealth. This year, Hong Kong will once again show its agility and resilience with flexible thinking to innovate, to reform, and to seek further development as we strive to build a bright future.

    My wife and I wish the people of Hong Kong good health in the Year of the Snake. May you have joy, prosperity and good fortune in the Year of the Snake!

    This is a translation of the Chinese New Year message delivered by Chief Executive John Lee on January 28.

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on January 28, 2025

    Source: Reserve Bank of India

    Tenor 1-day
    Notified Amount (in ₹ crore) 2,00,000
    Total amount of bids received (in ₹ crore) 1,39,281
    Amount allotted (in ₹ crore) 1,39,281
    Cut off Rate (%) 6.51
    Weighted Average Rate (%) 6.51
    Partial Allotment Percentage of bids received at cut off rate (%) NA

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2021

    MIL OSI Economics

  • MIL-OSI Asia-Pac: Detainee returns to HK

    Source: Hong Kong Information Services

    The Security Bureau today said that a Hong Kong resident who was recently rescued after being detained in Myanmar, where he was forced to work illegally, returned to Hong Kong from Thailand with the bureau’s dedicated task force last night.

    The task force travelled to Bangkok on confirmation of the Hong Kong resident concerned having arrived there from Myanmar. Its co-ordination and liaison with various other parties resulted in the man being reunited with his family in Hong Kong before the Lunar New Year.

    The task force expressed gratitude to the Thai authorities for their humane handling of the case, saying it had allowed him to return to Hong Kong as soon as possible.

    The bureau also thanked the Office of the Commissioner of the Ministry of Foreign Affairs in the Hong Kong Special Administrative Region; the Chinese Embassy in the Republic of the Union of Myanmar; the Chinese Embassy in the Kingdom of Thailand; the Consulate General of the People’s Republic of China in Chiang Mai; the Consulate-General of Myanmar in Hong Kong; the Royal Thai Consulate-General, Hong Kong; and the Hong Kong Economic & Trade Office in Bangkok.

    The task force is following up on the cases of the remaining 10 cases of 10 individuals who have not yet returned to Hong Kong. It is exchanging intelligence with directors of special investigations and human trafficking in Thailand’s Ministry of Justice.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: CE delivers Chinese New Year message (with photo/video)

    Source: Hong Kong Government special administrative region

         Following is the translation of the Chinese New Year message delivered by the Chief Executive, Mr John Lee, today (January 28):
         
         Celebrating the Chinese New Year is one of our happiest moments. We are busy gathering with family and friends, doing New Year shopping and buying festive flowers for our homes, preparing for the New Year to come.
          
         Hong Kong is full of cheerful events. Last year, we received two adorable giant pandas from the motherland, and the giant panda babies born in Hong Kong will be ready to meet everyone in mid-February.
          
         This year is the Year of the Snake. In Chinese culture, the snake is nimble and agile, and is a symbol of prosperity and wealth. This year, Hong Kong will once again show its agility and resilience with flexible thinking to innovate, to reform, and to seek further development as we strive to build a bright future.
          
         My wife and I wish the people of Hong Kong good health in the Year of the Snake. May you have joy, prosperity and good fortune in the Year of the Snake!
          
     
         (The message is available on the website of the Chief Executive’s Office: www.ceo.gov.hk/cny-message/25/en/)   

    MIL OSI Asia Pacific News

  • MIL-OSI Economics: Money Market Operations as on January 27, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 5,48,635.18 6.55 5.10-6.85
         I. Call Money 12,208.54 6.57 5.10-6.65
         II. Triparty Repo 3,82,808.20 6.53 6.25-6.58
         III. Market Repo 1,51,866.04 6.60 5.95-6.75
         IV. Repo in Corporate Bond 1,752.40 6.80 6.80-6.85
    B. Term Segment      
         I. Notice Money** 242.00 6.49 5.90-6.60
         II. Term Money@@ 434.00 6.50-7.50
         III. Triparty Repo 1,600.00 6.58 6.55-6.65
         IV. Market Repo 797.72 6.89 6.65-6.90
         V. Repo in Corporate Bond 0.00
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 27/01/2025 1 Tue, 28/01/2025 1,93,661.00 6.51
         (b) Reverse Repo          
    3. MSF# Mon, 27/01/2025 1 Tue, 28/01/2025 682.00 6.75
    4. SDFΔ# Mon, 27/01/2025 1 Tue, 28/01/2025 55,881.00 6.25
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       1,38,462.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo Fri, 24/01/2025 14 Fri, 07/02/2025 1,62,096.00 6.51
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,556.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,71,652.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     3,10,114.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on January 27, 2025 9,30,154.39  
         (ii) Average daily cash reserve requirement for the fortnight ending February 07, 2025 9,12,544.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ January 27, 2025 1,93,661.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 10, 2025 -40,102.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2020

    MIL OSI Economics

  • MIL-OSI China: Shawo radish industry fuels rural revitalization in N. China

    Source: China State Council Information Office

    Hao Lihong, general manager of Guli farm, an agricultural supply chain cooperative in north China’s Tianjin Municipality, shows the growth of Shawo radishes in Tianjin, north China, Jan. 3, 2025. (Xinhua/Song Rui)

    Rows of green Shawo radishes are growing well in a technology demonstration base covering an area of around 50 mu (about 3.33 hectares) in the suburb of north China’s Tianjin Municipality.

    It is currently the peak sales season for Shawo radishes, and most of the radishes in the greenhouses at the base are in cold storage, waiting to be distributed nationwide.

    “Via the Internet of Things and sensors in the greenhouses, the amount of watering, the temperature, humidity and light can be managed intelligently, increasing the quality of the radishes. The process of growing the radishes including seed selection, planting and maintenance is recorded in the smart system,” said Hao Lihong, general manager of Guli farm, an agricultural supply chain cooperative in Tianjin.

    Hao said that the smart planting technology would soon be introduced to more than 10 greenhouses in the area — allowing local farmers to plant in an automated way by using mobile phones.

    The Shawo radish is named after its growth localities in Xiaoshawo Village and Dashawo Village in Xinkou Town, Tianjin’s Xiqing District. Local Shawo radish growing dates back more than 300 years. The soil in these areas is sandy near the surface and sticky deeper down — making radishes grown there both crisp and sweet.

    In 2024, in order to promote the development of the Shawo radish industry, the district government made a plan and cooperated with towns, villages and enterprises to produce a well-known Shawo radish brand.

    “In the past, the radish planting here lacked both scale and standardization. The production facilities were old, while seeds were not standard. The taste of radishes grown by different people was different, which restricted the brand-inheritance potential of the Shawo radish,” Hao said.

    Notably, Guli farm and Dashawo Village have strengthened their cooperation efforts since last year. More than 300 contracted farmers have enjoyed technical training and guidance from experts with Tianjin Academy of Agriculture Sciences. They also did not need to find the sales channels by themselves, but instead sold radishes directly to Guli farm.

    Thanks to this cooperation model, Sun Guoqiang, a 62-year-old living in Dashawo Village, has benefited a lot. “The peak sales season for Shawo radishes is from December to February of the following year. By the end of 2024, all 25,000 kilograms of Shawo radishes in my five greenhouses had been purchased by Guli farm, earning me roughly 100,000 yuan (about 13,638 U.S. dollars),” Sun said.

    The price of the radishes has more than doubled compared with 2023, and Sun plans to expand his planting area this year to make even more money.

    In recent years, marketing activities to promote the Shawo radish brand have been implemented, boosting sales. In addition, a special promotion meeting focused on the Shawo radish was held in Beijing, while many Chinese cities including Changsha, Hangzhou and Guangzhou hosted exhibitions, where visitors could get a closer look at this special radish variety. Online and offline sales channels for this brand have been expanded recently, serving as another boost for the Shawo radish industry.

    “In 2024, we made a lot of efforts to expand the sales chain of Shawo radishes, and enhance their popularity and reputation through brand building and cultural tourism activities,” Hao said.

    This year, the company will cooperate with enterprises in the Guangdong-Hong Kong-Macao Greater Bay Area to help farmers sell Shawo radishes to buyers in Hong Kong and Macao, Hao added.

    The Shawo radish industry has had a significant impact on Xinkou Town, boosting rural revitalization there.

    At present, the town has planted Shawo radishes across an area of about 7,000 mu — which is expected to yield an estimated output of around 32.5 million kilograms and an estimated sales value of 250 million yuan.

    According to Zhao Jun, the town’s Party secretary, the town plans to expand the cultivation scale of Shawo radishes and strengthen the development of both deep processing of agricultural products and tourism, adding that they would also try to make the Shawo radish industry a good model of rural revitalization by continuously extending the industry chain and strengthening the Shawo radish brand.

    MIL OSI China News

  • MIL-OSI Asia-Pac: Rejoice in the Year of the Snake

    Source: Hong Kong Information Services

    An exciting and joyous atmosphere prevails in Hong Kong as the city rings in the Year of the Snake with people busy shopping for festive treats and decorations.

    At the Lunar New Year Fair in Victoria Park, a variety of festive essentials are available for those keen on adorning their homes.

    The Mong Kok Flower Market is drawing crowds of people eager to pick auspicious plants and flowers for good luck, wealth and prosperity.

    Various activities are being held across the city to celebrate the Lunar New Year with the community, including a lantern display at the Cultural Centre Piazza showcasing masterpieces by a local paper-crafting master. 

    The news.gov.hk team wishes our readers a joyful and prosperous Year of the Snake.

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Appointments to Antiquities Advisory Board

    Source: Hong Kong Government special administrative region

         The Government gazetted today (January 28) the Chief Executive’s appointment of Professor Desmond Hui Cheuk-kuen as the Chairman of the Antiquities Advisory Board (AAB), the appointment of nine new members and the reappointment of 10 incumbent members to the AAB for a term of two years with effect from January 1, 2025.

         The new members are Miss Chan Ka-man, Ms Amy Cheung Yi-mei, Mr Chiu Kam-kuen, Mr Donald Choi Wun-hing, Dr Samantha Kong Wing-man, Professor Sunnie Lau Sing-yeung, Ms Christina Maisenne Lee, Mr Lee Tsz-leung, and Mr Donald Man Ka-ho.

         The appointments and reappointments were made under section 17(1) of the Antiquities and Monuments Ordinance (Cap. 53).

         The Secretary for Development, Ms Bernadette Linn, welcomed the appointments and reappointments. She said, “The AAB has made substantial contributions to heritage conservation, providing invaluable advice on the grading assessment of historic buildings and related conservation proposals over the years. Professor Hui was previously the Chairman of the Advisory Committee on Built Heritage Conservation. With Professor Hui’s extensive experience and new members from various fields and professions on board, I am confident that this new composition will bring in valuable insight for the work of the AAB. I look forward to working with the new Board.” 

         Ms Linn thanked the outgoing Chairman, Professor Douglas So Cheung-tak, who has served as a member of the Board since 2017, and assumed the Board’s chairmanship in 2019. She said, “Under Professor So’s exemplary leadership, the AAB has provided valuable advice to the Government. His contributions to promoting the work of the AAB and heritage conservation are widely acknowledged and appreciated.”

         Ms Linn also expressed gratitude to the 10 outgoing members, Ms Vanessa Cheung Tih-lin, Professor Chu Hoi-shan, Mr Ho Kui-yip, Dr Tony Ip Chung-man, Dr Jane Lee Ching-yee, Professor Phyllis Li Chi-miu, Mr Shum Ho-kit, Mr Brian Tsang Chiu-tong, Miss Theresa Yeung Wing-shan and Ms Alice Yip Ka-ming for their remarkable service on the AAB.

         The AAB is a statutory body established under the Antiquities and Monuments Ordinance to advise the Antiquities Authority (i.e. the Secretary for Development) on matters relating to antiquities and monuments. The new term of the AAB comprises 20 members (including the Chairman), who are all appointed in their personal capacity.

         The membership of the AAB in its new term is as follows:
         
    Chairman 
    ————
    Professor Desmond Hui Cheuk-kuen* 

    Members
    ———–
    Professor Selina Chan Ching 
    Mr Vincent Chan Chun-hung 
    Miss Chan Ka-man*
    Professor Cheung Sui-wai 
    Ms Amy Cheung Yi-mei* 
    Mr Chiu Kam-kuen*
    Mr Donald Choi Wun-hing*
    Mr Ivan Fu Chin-shing 
    Dr Samantha Kong Wing-man*
    Professor Lam Weng-cheong 
    Professor Sunnie Lau Sing-yeung* 
    Ms Christina Maisenne Lee* 
    Mr Lee Tsz-leung* 
    Mr Donald Man Ka-ho*
    Ms Salome See Sau-mei
    Mr Albert Su Yau-on
    Mr Caspar Yam Ming-ho
    Professor Frankie Yeung Wai-shing
    Mr Edward Yuen Siu-bun

    * New members

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Interdepartmental working group on festival arrangements reminds public and visitors about local large-scale celebrations, boundary control points and traffic and public transportation arrangements during Chinese New Year Golden Week of Mainland

    Source: Hong Kong Government special administrative region

    Interdepartmental working group on festival arrangements reminds public and visitors about local large-scale celebrations, boundary control points and traffic and public transportation arrangements during Chinese New Year Golden Week of Mainland
    Interdepartmental working group on festival arrangements reminds public and visitors about local large-scale celebrations, boundary control points and traffic and public transportation arrangements during Chinese New Year Golden Week of Mainland
    ******************************************************************************************

         The interdepartmental working group on festival arrangements, chaired by the Chief Secretary for Administration, today (January 28) reminded the public and visitors about information on arrangements for large-scale local celebrations, boundary control points (BCPs) and traffic and public transport during the Chinese New Year Golden Week of the Mainland (January 28 to February 4): Large-scale celebrations during Chinese New Year      There will be a rich array of celebratory activities across the territory during the Chinese New Year Golden Week of the Mainland. Major events include the Cathay International Chinese New Year Night Parade on January 29 (Lunar New Year’s Day) and the Lunar New Year Fireworks Display on January 30 (the second day of Lunar New Year). The Hong Kong Police Force will ensure sufficient police manpower to implement corresponding crowd management measures and special traffic arrangements as necessary for all celebrations to be conducted in a safe and orderly manner. District offices will also closely monitor the flow of visitors within their respective districts and notify relevant departments having regard to the actual circumstances with a view to strengthening management of the relevant spots. Co-ordinate control points, traffic and public transport facilities      During this Chinese New Year holiday, the Lok Ma Chau/Huanggang Port and the Hong Kong-Zhuhai-Macao Bridge Port will maintain a 24-hour operation as usual, and other BCPs will maintain the existing operating hours. The Hong Kong Special Administrative Region Government appeals to visitors to plan their itineraries ahead, and stay overnight after participating in various local celebratory activities for the Chinese New Year to fully enjoy the rich and diverse celebratory activities to be held across various districts in the city and experience Hong Kong’s unique city charm.      Relevant departments have minimised leave for frontline officers to enable flexible deployment of manpower and operation of additional counters and channels, with a view to diverting passenger and vehicular flow. The Inter-departmental Joint Command Centre set up by the Police, the Immigration Department, the Customs and Excise Department (C&ED), and other relevant departments has been activated from today to February 4 to monitor the real-time situation at various control points. The Joint Command Centre will maintain close liaison with the Mainland port authorities through the established port hotlines and real-time notification mechanism, and take timely contingency actions to flexibly deploy manpower at BCPs to ensure smooth operation of the land control points.      For transport arrangements, the Transport Department (TD) will enhance transportation services connecting various BCPs, including increasing the frequency of the Hong Kong-Zhuhai-Macao Bridge shuttle bus (Gold Bus) and the Lok Ma Chau-Huanggang cross-boundary shuttle bus (Yellow Bus), and issuing additional cross-boundary coach quotas to enhance services; as well as formulating a contingency plan by establishing a dedicated passage at the Hong Kong-Zhuhai-Macao Bridge Port, Lok Ma Chau/Huanggang Port and Shenzhen Bay Port, when necessary, to ensure the smooth operation of public transport services. Regarding local public transport services, the TD has approached various public transport operators proactively to enhance their capacity, and reserve vehicles and manpower to meet the travel needs of visitors. Among them, the MTR Corporation Limited has enhanced train services of various railway lines from last Friday (January 24) to February 4 (the seventh day of Lunar New Year) for the convenience of residents and visitors. Today, Lunar New Year’s Eve, all local railway lines will operate overnight (except for the East Rail Line between Sheung Shui Station and Lo Wu Station or Lok Ma Chau Station, the Airport Express and the Disneyland Resort Line). Furthermore, in the early hours tomorrow, Lunar New Year’s Day (January 29), to January 31 (the third day of Lunar New Year), after the service hours of the East Rail Line trains to Lo Wu Station, special enhanced bus service (KMB Route No. N73) will be provided at the MTR Sheung Shui Station to carry passengers to interchange to the Yellow Bus for their journey to the Mainland via the Lok Ma Chau/Huanggang Port, which operates round-the-clock. The TD’s Emergency Transport Co-ordination Centre will operate 24 hours to closely monitor the traffic conditions and public transport services of different districts including various BCPs and major stations. The TD will adopt timely measures to cope with the service demand, and will disseminate the latest traffic information through various channels.  Management of tour groups and protection of visitors      The Travel Industry Authority (TIA) has reminded travel agents receiving Mainland inbound tour groups to stagger arrival times as far as possible, and will co-ordinate with relevant agencies such as tourist spots to adopt appropriate diversion measures to enable proper management of visitor flows and tour buses, with a view to offering a pleasant travel experience to visitors. The TIA will also conduct inspections in districts where relatively more registered shops for inbound tour groups are located, and offer assistance to visitors and tourist guides to protect inbound tour group visitors’ rights. Additionally, the Police will continue to step up enforcement actions against illegal acts of taxi drivers including overcharging and refusing hires. The C&ED will also step up inspection of shops serving visitors to combat unfair trade practices. Information dissemination      To assist visitors in planning their itineraries, the interdepartmental working group will strengthen information dissemination including the latest inbound visitor arrivals, the situation at various BCPs, information on celebratory events, transport arrangements etc, to enable residents and visitors to plan their itineraries according to the latest situation.      The Hong Kong Tourism Board (HKTB) has also launched the ultimate guide to Chinese New Year in Hong Kong (www.discoverhongkong.com/hk-eng/what-s-new/events/chinese-new-year.html), a dedicated webpage on the HKTB’s website that serves as a one-stop platform for Chinese New Year celebrations. This webpage consolidates various useful information for the Chinese New Year Golden Week of the Mainland, including the operating arrangements of major tourist attractions in Hong Kong, details of various unique celebratory events, special discount and promotional activities around the Chinese New Year Golden Week to enable residents and visitors to plan their itineraries more conveniently. The HKTB has also stepped up promotions on the Mainland to promote large-scale events with Hong Kong characteristics and explore the unique cultural and tourism experiences in Hong Kong with a view to boosting spending of more Mainland visitors in Hong Kong and enhancing visitors’ experiences.

     
    Ends/Tuesday, January 28, 2025Issued at HKT 11:00

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    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: WSD Water-smart Taskforce uses AI to help customers save water

    Source: Hong Kong Government special administrative region

    WSD Water-smart Taskforce uses AI to help customers save water
    WSD Water-smart Taskforce uses AI to help customers save water
    **************************************************************

         To strengthen the promotion of water conservation, the Water Supplies Department (WSD) has commissioned the University of Hong Kong’s (HKU) Centre for Water Technology and Policy to implement the Water-smart Taskforce Programme from February to early 2026 to offer water-saving advice to customers that have high water consumption. The HKU team will install a high-resolution smart device on top of each selected customer’s billing meter to identify causes of high water usage by analysing water usage data of the customer’s premise with the aid of artificial intelligence. A tailored report offering water-saving advice and alerts on any potential leaks will be provided for the customer to reduce water consumption and therefore save on water charges.      The WSD has started to invite appropriate customers by mail to join the Programme in batches. Participation in the Programme is free of charge and the number of selected participants is limited. The WSD encourages customers to participate in the Programme upon receipt of an invitation.      By implementation of this Programme, the WSD aims to achieve a reduction in water consumption of 500 000 cubic metres this year, which is equivalent to 200 Olympic-size swimming pools. Earlier, the WSD conducted a trial programme on a smaller scale in Tai O. The trial achieved a 6 per cent reduction in water consumption by the participating families. The result was remarkable.      According to the WSD’s big data analysis, water consumption by about 1 per cent of WSD customer groups (including domestic and non-domestic customers) has accounted for over 30 per cent of the city’s total water consumption. The Programme is set up to offer tailored water-saving advice to these high-consumption customers so as to reduce overall water consumption. The WSD launched a new round of the water conservation campaign “Save Water Today for a Sustainable Future” in February last year. With the efforts made for nearly one year, per capita domestic fresh water consumption has lowered from about 151 litres per day at the peak during the pandemic to about 133 litres per day now, which is on a par with the pre-pandemic period representing a 12 per cent decrease. This shows that the department’s water conservation promotion measures are taking effect progressively.      Details of the Water-smart Taskforce Programme are available on WSD’s dedicated webpage. For enquiries on the Programme, please call WSD’s 24-hour Customer Enquiry Hotline 2824 5000.

     
    Ends/Tuesday, January 28, 2025Issued at HKT 11:05

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    MIL OSI Asia Pacific News

  • MIL-OSI Australia: Public Country-by-Country reporting

    Source: Australian Department of Revenue

    What is Public CBC reporting?

    Public CBC reporting is a reporting regime which requires certain large multinational enterprises to publish selected tax information. The information must be reported either on a CBC basis or on an aggregated basis. The regime applies for reporting periods commencing from 1 July 2024.

    The entities within the regime publish their Public CBC report by providing it to the ATO and then the ATO uploading it on data.gov.au. Public CBC reporting improves how information is shared with the public to help compare entity tax disclosures, to better assess whether an entity’s economic presence in a jurisdiction aligns with the amount of tax they pay in that jurisdiction.

    Public CBC reporting requires disclosures about:

    • the revenues, profits and income taxes of the global group
    • the activities of the global group
    • an entity’s international related party dealings.

    Who is required to report?

    An entity must report for a reporting period if all of the following apply to it:

    • is a Public CBC reporting parent for the preceding period
    • is an entity of the type specified
    • satisfies the requirements for that reporting period.

    An entity is of the type specified if it is any one of the following:

    • constitutional corporation
    • trust, provided each of the trustees is a constitutional corporation
    • partnership, provided each of the partners is a constitutional corporation.

    Entities meet the requirements for a reporting period if all of the following apply:

    • they were a Public CBC reporting parent for a period that includes the whole or a part of the preceding reporting period
    • they were a member of a Public CBC reporting group at any time during the reporting period
    • at any point during the reporting period, they, or a member of their Public CBC reporting group, were an Australian resident or a foreign resident operating an Australian permanent establishment
    • $10 million or more of their aggregated turnover for the reporting period was Australian-sourced
    • they were not an exempt entity or included in a class of exempt entities.

    Public CBC reporting registration

    All Public CBC reporting parents are encouraged to register with the ATO as this simplifies:

    • the giving of the Public CBC report to the ATO
    • requesting an extension of time to provide the Public CBC report
    • requesting an exemption from reporting obligations.

    The registration form and instructions are under development and will be made available in 2025.

    Public CBC reporting obligations

    The Public CBC reporting parent entity must give the Public CBC report electronically to the ATO within 12 months after the end of the relevant reporting period.

    An update to correct any material errors must be given to the ATO within 28 days of the Public CBC reporting parent identifying or otherwise becoming aware of that error.

    Penalties apply for non-compliance.

    The Public CBC reporting form and instructions are in development, they will be made available in 2025.

    What does jurisdictional reporting mean?

    For Australia and specified jurisdictions determined by the Minister, particular information must be published on a CBC basis.

    For all other jurisdictions the CBC reporting group operates in, the Public CBC reporting parent has a choice to publish that same information on either a CBC basis or an aggregated basis.

    Specified jurisdictions list

    The Minister’s determination of jurisdictions for the purpose of Public CBC reporting is provided by legislative instrument. The Taxation Administration (Country by Country Reporting Jurisdictions) Determination 2024Opens in a new window outlines the specified jurisdictions.

    Jurisdictions that have a comprehensive international tax agreement with Australia:

    • Singapore
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    Other jurisdictions:

    • Andorra
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    • Saint Lucia
    • Saint Maarten (Dutch Part)
    • Saint Vincent & the Grenadines
    • Samoa
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    • Seychelles
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    Public CBC information to be reported

    The Public CBC reporting parent is required to publish: 

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    Information required to be reported

    If the Public CBC reporting parent chooses to report on a CBC basis for all jurisdictions that the group operates in, it does not need to publish any information on an aggregated basis. However, if the Public CBC reporting parent only publishes information on a CBC basis for Australia and the specified jurisdictions, it must publish information for all other jurisdictions on an aggregated basis.

    Australia and specified jurisdictions

    The information required to be reported for Australia and specified jurisdictions is:

    • the name of the jurisdiction
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    • income tax paid (on a cash basis)
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    Other jurisdictions (aggregated information)

    The information required to be reported on an aggregated basis, for all other jurisdictions the group operates in, is, the aggregation of the following for all of those jurisdictions:

    • a description of main business activities in those jurisdictions
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    • profit or loss before income tax
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    The information required to be reported, has been adopted from the Global Reporting Initiative (GRI) 207: Tax 2019 reporting standard. The GRI 207 may be used as a source of guidance in interpretating the publishing requirements. Regard may also be had to the BEPS Action 13 Guidance and the OECD Transfer Pricing Guidelines where they provide greater detail on the interpretation of terms.

    Correction of errors

    If a Public CBC reporting parent becomes aware of a material error contained in any of the information that has been published, the CBC reporting parent must correct the error by giving corrected information to the Commissioner in the approved form. This is required no later than 28 days after the entity becomes aware of the material error.

    Penalties apply for non-compliance.

    Publishing the information

    The Public CBC reporting parent is required to publish the information on an Australian government website by giving the information in the approved form to the Commissioner.

    The Public CBC reporting form and instructions are under development and will be made available in 2025.

    The Commissioner’s role

    The Commissioner will facilitate publication of the reported information as soon as practicable, on the Australian government website data.gov.au.

    If a material error is corrected by the Public CBC reporting parent, the Commissioner will publish the corrected information on data.gov.au as soon as practicable. 

    The first publication is expected to be released in late 2026.

    Extension of time to provide the Public CBC report

    The Public CBC report is due within 12 months after the end of the relevant reporting period. For example, for the reporting period ending 30 June 2025, the Public CBC report is due by 30 June 2026.

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    Guidance on extension of time requests will be made available in 2025.

    Exemptions

    The primary purpose of the Public CBC regime is to enhance tax transparency. However, a Public CBC reporting parent may seek an exemption from reporting obligations, from the Commissioner. The Commissioner may exempt an entity (a ‘full exemption’) or specify that an entity is exempt from publishing information of a particular kind (a ‘partial exemption’) for a single reporting period.

    A Public CBC reporting parent does not have to register to request an exemption, but consideration and processing of the request may be delayed if it is not registered.

    Guidance on exemptions will be made available in 2025. For more information, see Public country-by-country reporting transparency measure and exemption discretions.

    MIL OSI News

  • MIL-OSI Security: III MEF Advances into 2025: Building on a Year of Milestones and Strengthening Regional Security

    Source: United States INDO PACIFIC COMMAND

    As the calendar turns to 2025, the Marines, Sailors, and joint force enablers of III Marine Expeditionary Force are poised to build on the successes of 2024, a year marked by significant milestones and advancements in regional security. Through a robust series of exercises, training events, and community engagements, III MEF deepened relationships with regional partners and allies, reinforcing shared values of mutual respect, trust, and cooperation.

    “Our successes this year are a testament to the hard work and dedication of our Marines, Sailors, and regional partners,” said Lt. Gen. Roger B. Turner, the III MEF commanding general. “As we look to 2025, I’m confident that we’ll continue to build on this momentum. We remain steadfast in our resolve to defend our interests, promote stability, and ensure a free and open Indo-Pacific.”

    Throughout the year, the 3d and 12th Marine Littoral Regiments continued to increase their capabilities and lethality. 3d MLR, located on Marine Corps Base Hawaii, received its first tranche of Navy/Marine Corps Ship Interdiction Systems (NMESIS) launchers and Marine Air Defense Integrated Systems (MADIS). The addition of the NMESIS to 3d MLR’s arsenal supports the unit’s ability to attack enemy maritime targets and conduct expeditionary strike missions, while the MADIS provides 3d MLR enhanced air and missile defense capability. Concurrently, Combat Logistics Battalion 12 was redesignated as the 12th Littoral Logistics Battalion, falling under the 12th MLR. The newly redesignated 12th LLB provides ground supply, medical support, general engineering, explosive ordnance disposal, and multi-modal transportation to support distributed forces in contested maritime spaces. 12th Littoral Anti-Air Battalion also activated in 2024 adding to 12th MLR’s ability to support sea control and sea denial operations within actively contested maritime spaces.

    In the Philippines, 3d MLR participated in the 39th iteration of Exercise Balikatan 24, marking the unit’s 3rd consecutive year of participation in the largest annual bilateral training exercise between the U.S. military and Armed Forces of the Philippines since 3d MLR’s redesignation from 3d Marines in 2022. Following the conclusion of Balikatan, 3d MLR remained in the Philippines to conduct the first iteration of Archipelagic Coastal Defense Continuum and Marine Aviation Support Activity 24. The 75-day deployment marked 3d MLR’s longest deployment to the Philippines since redesignation.

    During the amphibious-focused exercise Iron Fist, the 31st MEU, PHIBRON-11, the JGSDF ARDB’s 2nd Amphibious Rapid Deployment Regiment and the JMSDF Commander Landing Ship Division 1 conducted combined planning to improve preparedness through real-world amphibious training. The three-week exercise focused on advanced marksmanship, amphibious reconnaissance, fire and maneuver assaults, bi-lateral logistics and medical support, and fire support operations; such as mortars, artillery and close-air support. Ultimately, Iron Fist honed the rapid, global expeditionary response capabilities expected of the U.S. Navy and Marine Corps and exemplified the spirit of trust and cooperation between the U.S. Marine Corps and Japan Ground Self-Defense Force.

    Throughout the Indo-Pacific region, the 31st Marine Expeditionary Unit (MEU) served as a crisis response force, participating in operations in Japan, the Republic of Korea, Indonesia, and across the region’s waters. F-35B Lightning II fighter jets provided simulated close air support during multinational exercises like SSang Yong, while MV-22B Ospreys inserted bilateral forces during Exercise Iron Fist 24. Meanwhile, ground forces from the MEU’s Maritime Raid Force and Battalion Landing Team conducted bilateral training in various environments, including jungles, beaches, waterways, and mountains in Japan and the Republic of Korea. The Combat Logistics Battalion 31, the only permanently assigned logistics battalion to an MEU worldwide, played a crucial role in supporting and sustaining the entire force. The unit’s logistics capabilities were on full display during Exercise Iron Fist 24, where military leaders from the region, as well as European partners and allies, observed beach operations following an amphibious assault training.

    Prepared to respond to crises of a larger scale, the 3d Marine Expeditionary Brigade (MEB) achieved significant milestones through its campaign of learning and experimentation with Expeditionary Strike Group SEVEN as Task Force 76/3. The brigade synchronized efforts with the integrated naval headquarters staff to ensure access to key maritime terrain and reinforce Commander, U.S. 7th Fleet’s rapid response capabilities. 3d MEB serves as III MEF’s Alert Contingency Marine Air-Ground Task Force, a scalable humanitarian assistance-disaster relief headquarters ready to respond within hours to emerging crises.

    As a capstone exercise in Japan, Resolute Dragon 24, which spanned from Iwakuni to Yonaguni, served as the operational debut of the 12th MLR and showcased the deployment of one of III MEF’s TPS-80 radar systems to Yonaguni. Flown to Yonaguni by a Japan Air Self-Defense Force C-2 aircraft, the TPS-80 radar system provided advanced sensing and targeting capability to enhance situational awareness for the joint force, further enabling the monitoring and acquisition of targets throughout the region. At Marine Corps Air Station Iwakuni, home to Marine Air Group 12 and the Japan Maritime Self Defense Force’s Fleet Air Wing 31, U.S. and Japanese V-22 Osprey aircraft conducted bilateral flight operations, demonstrating both the capabilities of the platform and the ability of the JGSDF and USMC to fly coordinated missions in support of ground forces.

    In the Republic of Korea, more than 3,000 U.S. Marines from across III MEF, and 1st Marine Division, I MEF, completed exercises Freedom Shield 24 and Warrior Shield 24, demonstrating the U.S and ROK Marine Corps’ ability to integrate and operate in support of the alliance. During Freedom Shield 24, the Combined Marine Component Command rehearsed their combined, force wide command-and-control capabilities in response to a simulated crisis. While in the Republic of Korea, U.S. Marines and Sailors with the 9th Engineer Support Battalion completed the construction of Choctaw Road at Rodriguez Live-Fire Complex, facilitating the safe and efficient transport of tactical military vehicles and ensuring direct access to live-fire ranges. This project was the result of coordinated efforts across multiple units, including ROK Marines and U.S. Soldiers from the 11th Engineer Battalion.

    Continuing to build on the U.S.-ROK partnership, Exercise Ssang Yong saw III MEF, 3d Marine Expeditionary Brigade, and 31st MEU forces operating alongside ROK Navy and Marine Corps units, demonstrating amphibious landing capabilities and highlighting the strength of the U.S.-ROK Alliance. The exercise involved division-level Marine Corps landing forces, ROK Navy large transport ships, and over 40 aircraft, including U.S. F-35B Lightning II fighter jets and ROK amphibious mobile helicopters.

    Back in Japan, III MEF also participated in Exercise Keen Sword 25, a biennial exercise that fosters realistic training and allows leaders to validate and test command relationships and operational control of forces. The exercise included both field training and command post elements, with forces from 3d MEB establishing a bilateral coordination center alongside Western Army partners in Kumamoto. This critical bilateral node showcased the ability to for U.S. and Japanese forces to coordinate operations within a shared battlespace, and unified against a common threat.

    In addition to these exercises, III MEF contributed to the largest ever iteration of Exercise Yama Sakura 87, a trilateral exercise involving the U.S. Army, Australian Defence Force, and Japan Ground Self Defense Force. The exercise spanned three nations, six locations, and over 7,000 service members, demonstrating the value of the Marine Corps’ permanent presence in Japan and the seamless integration of U.S. and Japanese forces.

    Beyond these major exercises, III MEF engaged in various community-based initiatives, including training students at the Thailand Mine Action Center to develop an explosive ordnance disposal capacity. This partnership aligns with the U.S. Department of Defense’s Humanitarian Mine Action Program, which assists partnered nations affected by landmines and explosive remnants of war. 5th Air/Naval Gunfire Liaison Company integrated with the JGSDF Amphibious Rapid Deployment Brigade, making history in the establishing of the JGSDF’s first Joint Terminal Attack Controller Instructor and Evaluator. Throughout the year, 5th ANGLICO Marines trained several Joint Tactical Air Controllers, increasing the ARDB’s capabilities and effectiveness.

    Twice during the year, III MEF flew KC-130Js from Okinawa to the Philippines to contribute to disaster relief operations following natural disasters in Mindanao and Luzon. III MEF forces transported tens of thousands of food packs alongside other critical aid items in support of the U.S. Agency for International Development. In Japan, Marines and sailors conducted humanitarian aid/disaster response training in Ishigaki City, building relationships in the Sakishima Islands and demonstrating capabilities to respond rapidly to natural disasters.

    III MEF also tested new capabilities in 2024, with the introduction of the Autonomous Low-Profile Vessel (ALPV) and Stern Landing Vessel. Marines across the MEF conducted trial operations with the ALPV in open water, simulating covert logistical resupply, and demonstrated the ability to resupply a dispersed lethal fighting force in contested maritime terrain. III MEF also participated in various resilient joint kill web experimentation events in support of the joint force, through the use of the Joint Fires Network and Maven Smart System capabilities.

    As III MEF looks to 2025, the force will continue to build on the successes of previous years, with a focus on increasing interoperability with partners and allies across the Indo-Pacific. On the horizon are continued training opportunities in Japan, the Republic of Korea, the Philippines and the Kingdom of Thailand. During Exercise Pacific Sentry, 3d Marine Division will undergo certification as a Joint Task Force, providing Indo-Pacific Command with another certified JTF for employment in support of regional security. 12th MLR will add their third and final subordinate element, 12th Littoral Combat Team, to enhance precision, lethality, and littoral maneuverability. 3d MLR will undergo a Marine Corps Combat Readiness Evaluation (MCCRE) prior to the unit’s deployment to the Philippines in support of Exercises Balikatan 25 and Kamandag 9. A series of full-scale rapid mobilization events will ensure that forces from III MEF are ready to swiftly deploy from locations in Okinawa to distributed locations across the region in support of sea denial operations and reinforcing regional partners and allies. With its commitment to regional stability and security, III MEF remains a vital component of the U.S. military’s presence in the Indo-Pacific, poised to address the challenges of a rapidly changing security environment.

    Please direct questions to IIIMEFMedia@usmc.mil.

    MIL Security OSI

  • MIL-OSI Security: U.S. and Allied Forces Conduct La Perouse 2025

    Source: United States INDO PACIFIC COMMAND

    La Perouse is a biennial, multilateral exercise demonstrating a shared commitment to enhance regional and international cooperation in support of a free and open Indo-Pacific.

    This exercise is designed to advance maritime security in the region through maritime surveillance, interdiction, and air operations through progressive training and information sharing.

    This exercise provided an opportunity for U.S. and allied and partner navies, who have shared values, fulfill maritime integration training objectives by emphasizing collaboration, warfighting, and readiness in a dynamic theater, resulting in enhanced maritime security and continued deterrence.

    “USS Savannah’s opportunity to operate with our foreign partners this week was exciting. The French and American navies have shared priorities and an enduring mission in the Indo-Pacific,” said Capt. Matt Scarlett, commodore, Destroyer Squadron 7. “Our ability to conduct consistent bilateral operations, conduct information sharing, and participate in realistic scenarios at sea, increases our interoperability as a joint force and ensures sustained maritime security in the region.”

    Named after an 18th-century French naval officer and explorer, La Perouse reflects longstanding values and a shared commitment to maritime security with like-minded nations.

    The French Navy Charles de Gaulle carrier strike group is represented by their aircraft carrier FS Charles de Gaulle (R91). Charles de Gaulle carrier strike group is operating in the Indo-Pacific as part of their Clemenceau 25 deployment.

    “We welcome the opportunity to operate alongside the French navy, our friend and longtime ally, out here in the Indo-Pacific,” said Vice Adm. Fred Kacher, commander, U.S. 7th Fleet. “Their exercise La Perouse underscores the value our European allies place on this critical maritime region, and we look forward to advancing interoperability at sea between our forces.”

    Additional participating units included Royal Australian Navy’s Hobart Class guided missile destroyers HMAS Hobart (DDG 39); Royal Canadian Navy’s Halifax-class frigate HMCS Ottawa (FFH 341); the Indian Navy’s Delhi-class guided-missile destroyers INS Mumbai (D 62); Royal Malaysian Navy’s Lekiu-class guided missile frigate FFG Lekir (FFG 30) and Gagah Samudera-class training ship KD Gagah Samudera (271); Royal Navy of the United Kingdom’s River-class off-shore patrol vessel HMS Spey (P 234); and Republic of Singapore Navy’s Independence-class littoral mission vessel RSS Independence (15)

    As the U.S. Navy’s forward-deployed DESRON in Southeast Asia, DESRON 7 serves as the primary tactical and operational commander of littoral combat ships rotationally deployed to the U.S. 7th Fleet area of operations, functions as Expeditionary Strike Group 7’s Sea Combat Commander and builds partnerships through training and exercises and military-to military engagements.

    U.S. 7th Fleet is the U.S. Navy’s largest forward-deployed numbered fleet, and routinely interacts and operates with allies and partners in preserving a free and open Indo-Pacific region.

    MIL Security OSI

  • MIL-Evening Report: The Electronic Intifada: Bringing Israeli genocide perpetrators to justice

    This article was written before The Electronic Intifada’s founding editor Ali Abunimah was arrested in Switzerland on Saturday afternoon for “speaking up for Palestine”. He has since been released and deported.

    SPECIAL REPORT: By Ali AbunimahIsrael smuggled one of its soldiers out of Cyprus, apparently fearing his detention on charges related to the genocide in Gaza, according to Dyab Abou Jahjah, the co-founder of The Hind Rajab Foundation.

    Abou Jahjah, a Belgian-Lebanese political activist and writer, told The Electronic Intifada livestream last week that his organisation was stepping up efforts all over the world to bring to justice Israeli soldiers implicated in the slaughter of tens of thousands of men, women and children over the last 15 months.

    You can watch the interview with Abou Jahjah and all of this week’s programme in the video above.


    Gaza Ceasefire Day 5. Video: The Electronic Intifada

    Speaking from Gaza, Electronic Intifada contributor Donya Abu Sitta told us how people there are coping following the ceasefire, especially those returning to devastated homes and finding the remains of loved ones.

    She shared a poem inspired by the hopes and fears of the young children she continued to teach throughout the genocide.

    Despite the ceasefire, Israel has continued to attack Palestinians in some parts of Gaza. That was among developments covered in the news brief from associate editor Nora Barrows-Friedman, along with the efforts to alleviate the dire humanitarian situation.

    Israel’s genocidal war has orphaned some 40,000 children in Gaza.

    Contributing editor Jon Elmer covered the latest ceasefire developments and the resistance operations in the period leading up to it.

    We also discussed whether US President Donald Trump will force Israel to uphold the ceasefire and what the latest indications of his approach are.

    And this writer took a critical look at Episcopal Bishop of Washington Mariann Edgar Budde.

    She has been hailed as a hero for urging Donald Trump to respect the rights of marginalised groups, as the new president sat listening to her sermon at Washington’s National Cathedral.

    But over the last 15 months, Budde has parroted Israeli atrocity propaganda justifying genocide, and has repeatedly failed to condemn former President Joe Biden’s key role in the mass slaughter and did not call on him to stop sending weapons to Israel.

    Pursuing war criminals
    In the case of the soldier in Cyprus, The Hind Rajab Foundation filed a complaint, and after initial hesitation, judicial authorities in the European Union state opened an investigation of the soldier.

    “When that was opened, the Israelis smuggled the soldier out of Cyprus,” Abou Jahjah said, calling the incident the first of its kind.

    “And when I say smuggling, I’m not exaggerating, because we have information that he was even taken by a private jet,” Abou Jahjah added.

    The foundation is named after Hind Rajab, a 6-year-old Palestinian girl who was in a car with members of her family, trying to escape the Israeli onslaught in Gaza City, when they were attacked.

    The story of Hind, trapped all alone in a car, surrounded by dead relatives, pleading over the phone for rescue, a conversation that was recorded by the Palestinian Red Crescent, is among the most poignant and brazen crimes committed during Israel’s genocide.

    According to Abou Jahjah, lawyers and activists determined to seek justice for Palestinians identified a gap in the efforts to hold Israel accountable that they could fill: pursuing individual soldiers who have in many cases posted evidence of their own crimes in Gaza on social media.

    The organisation and its growing global network of volunteers and legal professionals has been able to collect evidence on approximately 1000 Israeli soldiers which has been handed over to the International Criminal Court (ICC).

    In addition to filing cases against Israeli soldiers traveling abroad, such as the one in Cyprus, and other recent examples in Brazil, Thailand and Italy, a main focus of the foundation is individuals who hold both Israeli and another nationality.

    “Regarding the dual nationals, we are not under any restraint of time,” Abou Jahjah explained. “For example, if you’re Belgian, Belgium has jurisdiction over you.”

    Renouncing their second nationality cannot shield these soldiers, according to Abou Jahjah, because courts will take into account their citizenship at the time the alleged crime was committed.

    Abou Jahjah feels confident that with time, war criminals will be brought to justice. The organisation is also discussing expanding its work to the United States, where it may use civil litigation to hold perpetrators accountable.

    Unsurprisingly, Israel and friendly governments are pushing back against The Hind Rajab Foundation’s work, and Abou Jahjah is now living under police protection.

    “Things are kind of heavy on that level, but this will not disrupt our work,” Abou Jahjah said. “It’s kind of naive of them to think that the work of the foundation depends on a person.”

    “We have legal teams across the planet, very capable people. Our data is spread across the planet,” Abou Jahjah added. “There’s nothing they can do. This is happening.”

    Resistance report
    In his resistance report, Elmer analysed videos of operations that took place before the ceasefire, but which were only released by the Qassam Brigades, the military wing of Hamas, after it took effect.

    He also previewed Saturday, 25 January, when nearly 200 Palestinian prisoners were released in exchange for four Israeli female soldiers.

    Will Trump keep Israel to the ceasefire?
    Pressure from President Trump was key to getting Israel to agree to a ceasefire deal it had rejected for almost a year. But will his administration keep up the pressure to see it through?

    There have been mixed messages, with Trump recently telling reporters he was not sure it would hold, but also intriguingly distancing himself from Israel. “That’s not our war, it’s their war.”

    We took a look at what these comments, as well as a renewed commitment to implementing the deal expressed by Steve Witkoff, the president’s envoy, tell us about what to expect.

    As associate editor Asa Winstanley noted, “this ceasefire is not nothing.” It came about because the resistance wore down the Israeli army, and statements from Witkoff hinting that the US may even be open to talking to Hamas deserve close attention.

    ‘Largely silent’
    By her own admission, Bishop Mariann Budde has remained “largely silent” about the genocide in Gaza, except when she was pushing Israeli propaganda or engaging in vague, liberal hand-wringing about “peace” and “love” without ever clearly condemning the perpetrators of mass slaughter and starvation of Palestinians, demanding that the US stop the flow of weapons making it possible, or calling for accountability.

    This type of evasion serves no one.

    You can watch the programme on YouTube, Rumble or Twitter/X, or you can listen to it on your preferred podcast platform.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI China: What to watch about China’s Spring Festival travel rush

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

    BEIJING, Jan. 24 — Chunyun, the world’s largest annual human migration, officially kicked off on Jan. 14 in China ahead of the Spring Festival. Authorities predict travel volumes will hit new highs during the 40-day travel rush.

    The latest episode of the China Economic Roundtable, an all-media talk show hosted by Xinhua News Agency, spotlighted key trends shaping this year’s travel season, including record-breaking travel numbers, booming tourism, transformative technologies, the rise of electric vehicles and a surge in inbound travel.

    TRAVEL PEAK

    The annual travel frenzy is driven by the movement of people working, studying or living far from their hometowns as they head back to celebrate China’s most important festival.

    It is estimated that 9 billion passenger trips will be made, with car journeys accounting for 80 percent. Railway trips are projected to surpass 510 million, while air passenger volume will likely exceed 90 million.

    Faced with such a massive travel demand, transportation systems are undergoing their annual tests. “Safety remains our top priority,” Wang Xiuchun, an official of the Ministry of Transport, said on the show.

    Rail and aviation authorities have deployed robust safety measures to ensure secure and efficient operations, including addressing weather-related challenges and improving risk prevention.

    TOURISM TAKING OFF

    While family reunions remained the primary reason for travel, tourism saw a notable surge this year.

    Wang predicted a 25-percent increase in travel for leisure purposes. Popular destinations include tropical hotspots like Hainan and Yunnan, as well as winter wonderlands in Heilongjiang, Jilin and Xinjiang, said Shang Kejia, an official of the Civil Aviation Administration of China.

    Local tourism authorities are seizing the opportunity to attract visitors with unique offerings. Guangzhou’s Flower City Square is holding a spectacular lantern festival, while Tianjin’s cruise market is already bustling with holiday travelers. Harbin, the host of the 9th Asian Winter Games, is blending winter sports with holiday festivities, a combination that is a real boost to the ice-and-snow economy.

    “The way people celebrate the Chinese Lunar New Year is becoming more diverse and enriched, reflecting changing travel habits,” said Shang.

    TECHNOLOGY RESHAPING TRAVEL

    Technology has also reshaped the Spring Festival migration. Online purchases now account for over 93 percent of railway ticket sales, said Zhu Wenzhong from China State Railway Group Co., Ltd.

    As of 9 a.m. Tuesday, 12306, the railway booking platform, had sold 235 million tickets since Dec. 31. Travelers no longer need paper tickets, as ID cards grant seamless access to trains. The app also offers a wide range of additional services like hotel bookings, car rentals and food delivery.

    Beyond ticketing, innovations like smart inspection robots, drone-assisted traffic monitoring, and highway ice warning systems are also helping ensure safer and smoother journeys.

    RISE OF ELECTRIC VEHICLES

    New energy vehicles (NEVs) are joining the chunyun in growing numbers.

    NEVs accounted for 15.9 percent of road trips during the National Day holiday in October last year, and their share is expected to rise further this Spring Festival, experts said.

    To meet the rising charging demand, the country has accelerated the construction of charging infrastructure. By the end of 2024, 98 percent of highway service areas had charging facilities, with 35,000 charging stations in place. “Aside from a few remote, high-altitude areas, nearly all service areas now offer charging options,” said Hua Lei, an official with the Ministry of Transport.

    In 2024, China’s NEV production and sales hit record highs, exceeding 12.8 million units, which solidified the country’s position as the global NEV leader for a tenth consecutive year.

    CHINA TRAVEL

    Another notable highlight this year is the surge in inbound tourism. According to preliminary statistics, ticket bookings for inbound flights during the chunyun period surged 47 percent year on year, Shang said.

    “China Travel” has become a trending topic, globally. In 2024, 64.88 million foreign visitors traveled to the country, an 82.9 percent increase from the previous year. In particular, visa-free entries involved 20.12 million visits, more than double that of 2023.

    China’s commitment to opening-up is driving this tourism boom.

    Expanded visa policies, such as mutual visa waivers with 25 countries, unilateral visa-free policies for 38 countries, and transit visa exemptions for 54 countries, are making it easier for tourists to explore China.

    Additionally, improvements in payment systems, accommodations and public transport also ensure foreign visitors can fully enjoy China’s cultural and technological charms, experts said.

    MIL OSI China News

  • MIL-OSI Security: Chief Engineer of Vessel Guilty of Obstruction and Violating Ship Pollution Prevention Laws Sentenced to 3 Months Imprisonment

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – United States Attorney Duane A. Evans announced that FEI WANGWANG,” age 38, pled guilty on January 24, 2025 to violating the Act to Prevent Pollution from Ships (APPS) and for obstructing proceedings, and was sentenced during the same proceeding to 3 months in prison, 3 years of supervised release and payment of a $200 mandatory special assessment fee.

    WANG, a Chinese national, was the Chief Engineer of the M/V ASL Singapore, a Chinese-owned bulk carrier registered in Liberia and engaged in trade in the United States. The ASL Singapore arrived in New Orleans on February 26, 2024.  The U.S. Coast Guard conducted an inspection, which included review of the vessel’s Oil Record Books.  In his plea, WANG acknowledged presenting these books to the Coast Guard knowing they contained fraudulent entries and omitted information about discharging oily bilge water directly overboard before arriving in the United States. The falsified logs were intended to conceal the fact that since at least October 2023, when WANG boarded the vessel, the crew had dumped oily bilge water overboard directly from the bilge holding tank and was not complying with international treaties regulating oil pollution from ships.

    According to court documents and statements, the crew used a portable pump and flexible hose—a so-called “magic pipe”—to dispose of oily bilge water in violation of MARPOL (the International Convention for the Prevention of Pollution from Ships), and without the use of the appropriate pollution prevention equipment and monitoring.  This was done prior to WANG  boarding the vessel and continued while he was Chief Engineer, in charge of all engine room operations.  The vessel’s Oily Water Separator was never properly used during WANG’s time as Chief Engineer.

    “Today’s sentencing highlights the commitment of the Coast Guard Investigative Service (CGIS) to hold individuals accountable for violations of MARPOL, particularly in cases involving the discharge of oily waste,” stated Damon J. Youmans, Special Agent in Charge, U.S. Department of Homeland Security, Coast Guard Investigative Service, Gulf Field Office. “CGIS will continue to collaborate with our partners from the Department of Justice’s Environmental Crimes Division, the U.S. Attorney’s Office, and the United States Coast Guard, Sector New Orleans to enforce environmental laws and investigate these offenses.”

    The Coast Guard Investigative Service and the EPA Criminal Investigations Division investigated the case with assistance from U.S. Coast Guard Sector New Orleans. Assistant U.S. Attorneys Christine M. Calogero of the General Crimes Unit, and G. Dall Kammer, Chief of the General Crimes Unit, are prosecuting the case.

    MIL Security OSI

  • MIL-OSI Security: Martin Woman Sentenced to Federal Prison for Stealing Funds from a Tribal Organization

    Source: Office of United States Attorneys

    RAPID CITY – United States Attorney Alison J. Ramsdell announced today that U.S. District Judge Karen E. Schreier has sentenced a Martin, South Dakota, woman convicted of Larceny. The sentencing took place on January 24, 2025.

    Madonna Peterson, age 59, was sentenced to 12 months and one day in federal prison, followed by one year of supervised release, and ordered to pay a $100 special assessment to the Federal Crime Victims Fund and $150,000 in restitution to Wild Horse Butte Community Development Corporation (WHB).

    Peterson was indicted on one count of Larceny and one count of Embezzlement and Theft from an Indian Tribal Organization by a federal grand jury in February 2023. She pleaded guilty on September 30, 2024.

    Between 2014 and July 2021, while employed as the Chief Financial Officer for the Wild Horse Butte Community Development Corporation, Peterson wrote herself checks she was not entitled to and submitted fraudulent reimbursement requests to WHB for travel that she did not take and for supplies that she did not purchase. Peterson then used the stolen funds for personal gain, including gambling at various casinos.

    This case was investigated by the FBI and the U.S. Department of Justice Office of the Inspector General. Assistant U.S. Attorney Benjamin Patterson prosecuted the case.

    Peterson was ordered to self-surrender on February 18, 2025, to begin serving her prison term.   

    MIL Security OSI

  • MIL-Evening Report: PNG media policy ‘new era journalism’ draft law ready, says Masiu

    NBC News in Port Moresby

    Papua New Guinea’s cabinet has officially given the green light to the PNG media policy, which will soon be presented to Parliament for formal enactment.

    Minister for Information and Communication Technology (ICT) Timothy Masiu believes this policy will address ongoing concerns about sensationalism, ethical standards, and the portrayal of violence in the media.

    In an interview with NBC News in Port Moresby, Masiu outlined the urgent need for a shift in the nation’s media practices.

    PNG’s Information and Communication Technology Minister Timothy Masiu . . . “It’s time for Papua New Guinea’s media to evolve and reflect the values that truly define us.” Image: NBC News

    “We must be more responsible in how we report and portray the issues that matter most to our country. It’s time for Papua New Guinea’s media to evolve and reflect the values that truly define us,” he said.

    “Sensational headlines, graphic images of violence, and depictions of suffering do nothing to build our national identity. They only hurt our reputation globally.”

    Minister Masiu said the policy aimed to regulate sensitive contents and shift towards “more constructive and informative” coverage.

    According to Masiu, the policy’s long-term goal was to protect the public from harmful content while empowering journalists to play a positive role in nation-building.

    “This policy isn’t about stifling press freedom. It’s about ensuring that media in Papua New Guinea serves the public good by upholding the highest standards of integrity and professionalism,” Masiu said.

    Meanwhile, the policy also acknowledged the media’s significant influence on public opinion and its role in national development.

    Masiu added that once the policy was passed into law, it would become a guiding framework for media institutions across the nation, laying the foundation for a new era of journalism in Papua New Guinea.

    Republished from NBC News.

    Persistent criticism
    Pacific Media Watch reports that the draft media policy law and consultation process have been controversial and faced persistent criticisms from journalists, the PNG Media Council (MCPNG) and Transparency international PNG.

    Version 5 of the policy is here, but it is not clear whether that is the version Masiu says is ready.

    PNG dropped 32 places to 91st out of 180 countries in the 2024 RSF World Press Freedom Index and the Paris-based world press freedom watchdog RSF called on the Marape government to withdraw the draft law in February 2023.

    Civicus references an incident last August when a PNG journalist was barred from a press briefing by the visiting Indonesian president-elect Prabowo Subianto and said this came “amid growing concern about the government’s plan to regulate the press under its so-called media development policy”.

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Fischer Introduces Legislation to Strengthen U.S. Telecommunications Against Foreign Adversaries

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer
    Today, U.S. Senator Deb Fischer (R-Neb.), a member of the Senate Commerce Committee, introduced the Foreign Adversary Communications Transparency (FACT) Act.
    The legislation would require the Federal Communications Commission (FCC) to publicly identify entities that hold FCC licenses, authorizations, or other grants of authority that are owned, wholly or partially, by foreign adversarial governments. This includes the governments of China, Russia, Iran, and North Korea.
    U.S. Senators Jacky Rosen (D-Nev.), John Cornyn (R-Texas), and Ben Ray Luján (D-N.M.) joined Senator Fischer as original cosponsors of the bipartisan bill.
    U.S. Representatives Thomas Kean (NJ-07), Rob Wittman (VA-01), Kathy Castor (FL-14), and Ro Khanna (CA-17) will lead companion legislation in the House.
    “Authoritarian regimes like China and Russia are actively working to undermine the security of our domestic communications. My bill will better position the FCC to evaluate the risks foreign ties pose to America’s national security so that we can respond to these network infrastructure threats,” said Senator Fischer.
    “The U.S. must protect our telecommunications systems from global adversaries that are trying to do us harm,” said Senator Rosen. “That’s why I’m helping to introduce this bipartisan bill to increase transparency and publicly keep track of companies with influence from adversaries, including China, Russia, and Iran. I’ll always work to support our national security.”
    “It’s no secret that foreign adversaries threaten our national security by exploiting both legal and illegal access to technology and communication infrastructure,” said Senator Cornyn. “The FACT Act would shine light on these vulnerabilities by identifying foreign entities that hold FCC licenses, helping to reduce national security risks and strengthen oversight.”
    “Securing our telecommunications systems is crucial for our country’s national security,” said Senator Luján. “The FACT Act is a critical step to promote transparency and boost the FCC’s ability to detect risks posed by our adversaries. I’m proud to introduce this bipartisan bill with my colleagues to safeguard our telecommunications networks.”
    Background:Until now, there has been no mandated public disclosure of companies linked to foreign adversaries operating within U.S. technology and telecommunication markets.
    Although the FCC is prohibited from granting licenses or authorizations deemed a national security threat, some entities with ties to adversarial foreign governments continue to hold certain approvals. As a result, more transparency is necessary.
    Click 
    here to read the text of the bill.

    MIL OSI USA News

  • MIL-OSI Submissions: Asia Pacific – Second Asia-Pacific Regional Review of the Global Compact for Safe, Orderly and Regular Migration

    Source: United Nations – ESCAP

    Policymakers, members of civil society organizations (CSOs), researchers and experts will gather to identify challenges and share good practices to harness migration as a driver of sustainable development at the Second Asia-Pacific Regional Review of Implementation of the Global Compact for Safe, Orderly and Regular Migration from 4 to 6 February 2025.

    Convened by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) and the Regional United Nations Network on Migration for Asia and the Pacific, the meeting serves as the key regional platform to review progress and promote coherent and effective migration policies under the framework of the Global Compact for Safe, Orderly and Regular Migration (GSM).

    The meeting will feature a series of side events for CSOs and government officials to engage in in-depth discussions on migration and development issues across the region.  

    Why attend?

    Gain insight on key challenges, opportunities, gaps and emerging issues, as well as promising practices and lessons learned on the implementation of the GCM in Asia and the Pacific, which embraced 67 million international migrants in 2020.
    Hear about data-gathering efforts, capacity-building needs, policy advice, technology and partnerships that are required for the full implementation of the GCM at the national and regional level.
    Learn about regional priorities and potential areas for regional cooperation on international migration.

    NOTES

     
    What: Second Asia-Pacific Regional Review of Implementation of the Global Compact for Safe, Orderly and Regular Migration  
     
    When: 4 – 6 February 2025
     
    Where: United Nations Conference Centre, Ratchadamnern Nok Avenue, Bangkok.
     
    Livestream for online attendees: https://www.youtube.com/unescap and https://webtv.un.org/
     
    For more information and the full timetable of events: https://www.unescap.org/events/2025/second-asia-pacific-regional-review-implementation-global-compact-safe-orderly-and

    Key speakers:
     
    Armida Salsiah Alisjahbana
    Under-Secretary-General of the United Nations and
    Executive Secretary of the Economic and Social Commission
    for Asia and the Pacific

    Amy Pope
    Coordinator of the United Nations Network on Migration and
    Director General of International Organization for Migration

    H.E. Maris Sangiampongsa
    Minister of Foreign Affairs
    Thailand

    Hon. Peter Shanel Agovaka
    Minister for Foreign Affairs and External Trade
    Solomon Islands
     
    *Note: Key speakers listed may be subject to change.

    MIL OSI – Submitted News

  • MIL-OSI: Aimfinity Investment Corp. I Announces Extension of the Deadline for an Initial Business Combination to February 28, 2025

    Source: GlobeNewswire (MIL-OSI)

    Wilmington, Delaware, Jan. 27, 2025 (GLOBE NEWSWIRE) — Aimfinity Investment Corp. I (the “Company” or “AIMA”) (Nasdaq: AIMAU), a special purpose acquisition company incorporated as a Cayman Islands exempted company, today announced that, in order to extend the date by which the Company mush complete its initial business combination from January 28, 2025 to February 28, 2025, on January 27, 2025, I-Fa Chang, manager of the sponsor of the Company, has deposited into its trust account (the “Trust Account”) an aggregate of $55,823.8, or for $0.05 per Class A ordinary share held by public shareholders (the “Monthly Extension Payment”).

    Pursuant to the Company’s fourth amended & restated memorandum and articles of association (“Current Charter”), effectively January 9, 2025, the Company may extend on a monthly basis from January 28, 2025 until October 28, 2025 or such an earlier date as may be determined by its board to complete a business combination by depositing the Monthly Extension Payment for each month into the Trust Account. This is the first of nine monthly extensions sought under the Current Charter of the Company.  

    About Aimfinity Investment Corp. I

    Aimfinity Investment Corp. I is a blank check company incorporated as a Cayman Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company has not selected any business combination target and has not, nor has anyone on its behalf, initiated any substantive discussions, directly or indirectly, with any business combination target with respect to an initial business combination with it. While the Company will not be limited to a particular industry or geographic region in its identification and acquisition of a target company, it will not complete its initial business combination with a target that is headquartered in China (including Hong Kong and Macau) or conducts a majority of its business in China (including Hong Kong and Macau). 

    Additional Information and Where to Find It

    As previously disclosed, on October 13, 2023, the Company entered into that certain Agreement and Plan of Merger (as may be amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and between the Company, Docter Inc., a Delaware corporation (the “Company”), Aimfinity Investment Merger Sub I, a Cayman Islands exempted company and wholly-owned subsidiary of Parent (“Purchaser”), and Aimfinity Investment Merger Sub II, Inc., a Delaware corporation and wholly-owned subsidiary of Purchaser (“Merger Sub”), pursuant to which the Company is proposing to enter into a business combination with Docter involving an reincorporation merger and an acquisition merger. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. AIMA’s stockholders and other interested persons are advised to read, when available, the proxy statement/prospectus and the amendments thereto and other documents filed in connection with the proposed business combination, as these materials will contain important information about AIMA, Purchaser or Docter, and the proposed business combination. When available, the proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of AIMA as of a record date to be established for voting on the proposed business combination. Such stockholders will also be able to obtain copies of the proxy statement/prospectus and other documents filed with the Securities and Exchange Commission (the “SEC”), without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to AIMA’s principal office at 221 W 9th St, PMB 235 Wilmington, Delaware 19801.

    Forward-Looking Statements

    This press release contains certain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended. Statements that are not historical facts, including statements about the pending transactions described herein, and the parties’ perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the proposed transaction, including the anticipated initial enterprise value and post-closing equity value, the benefits of the proposed transaction, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company, and the expected timing of the transactions. The words “expect,” “believe,” “estimate,” “intend,” “plan” and similar expressions indicate forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to various risks and uncertainties, assumptions (including assumptions about general economic, market, industry and operational factors), known or unknown, which could cause the actual results to vary materially from those indicated or anticipated.

    Such risks and uncertainties include, but are not limited to: (i) risks related to the expected timing and likelihood of completion of the pending business combination, including the risk that the transaction may not close due to one or more closing conditions to the transaction not being satisfied or waived, such as regulatory approvals not being obtained, on a timely basis or otherwise, or that a governmental entity prohibited, delayed or refused to grant approval for the consummation of the transaction or required certain conditions, limitations or restrictions in connection with such approvals; (ii) risks related to the ability of AIMA and Docter to successfully integrate the businesses; (iii) the occurrence of any event, change or other circumstances that could give rise to the termination of the applicable transaction agreements; (iv) the risk that there may be a material adverse change with respect to the financial position, performance, operations or prospects of AIMA or Docter; (v) risks related to disruption of management time from ongoing business operations due to the proposed transaction; (vi) the risk that any announcements relating to the proposed transaction could have adverse effects on the market price of AIMA’s securities; (vii) the risk that the proposed transaction and its announcement could have an adverse effect on the ability of Docter to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers and on their operating results and businesses generally; (viii): risks relating to the medical device industry, including but not limited to governmental regulatory and enforcement changes, market competitions, competitive product and pricing activity; and (ix) risks relating to the combined company’s ability to enhance its products and services, execute its business strategy, expand its customer base and maintain stable relationship with its business partners.

    A further list and description of risks and uncertainties can be found in the prospectus filed on April 26, 2022 relating to AIMA’s initial public offering, the annual report of AIMA on Form 10-K for the fiscal year ended on December 31, 2022, filed on April 17, 2023, and in the Registration Statement/proxy statement that will be filed with the SEC by AIMA and/or its affiliates in connection with the proposed transactions, and other documents that the parties may file or furnish with the SEC, which you are encouraged to read. 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. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Aimfinity, Docter, and their subsidiaries undertake no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of any potential transaction and does not constitute an offer to sell or a solicitation of an offer to buy any securities of AIMA, Purchaser or Docter, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act.

    Participants in the Solicitation

    AIMA, Docter, and their respective directors, executive officers, other members of management, and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of AIMA’s shareholders in connection with the proposed transaction. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of AIMA’s shareholders in connection with the proposed business combination will be set forth in the proxy statement/prospectus on Form F-4 to be filed with the SEC.

    Contact Information:

    Aimfinity Investment Corp. I
    I-Fa Chang
    Chief Executive Officer
    221 W 9th St, PMB 235
    Wilmington, Delaware 19801
    ceo@aimfinityspac.com

    The MIL Network

  • MIL-OSI Security: Philadelphia Woman Sentenced to over Three Years in Prison for Stabbing on the Choctaw Indian Reservation

    Source: Office of United States Attorneys

    Jackson, MS – A Philadelphia woman was sentenced to 40 months in federal prison for stabbing a man in the Pearl River community of the Mississippi Band of Choctaw Indians Reservation.

    According to court documents, Telinah Kowi Tek Farve, 24, stabbed a man at a tribal home in the Pearl River Community in March of 2023.  Farve was indicted by a federal grand jury in April of 2023, and pled guilty in April of 2024.

    Acting U.S. Attorney Patrick A. Lemon and Special Agent in Charge Robert Eikhoff of the Federal Bureau of Investigation made the announcement.

    The Choctaw Police Department and the Federal Bureau of Investigation investigated the case.

    Assistant U.S. Attorneys Kevin J. Payne and Brian K. Burns prosecuted the case.

    This case was brought as part of Project Safe Neighborhood (PSN), a nationwide initiative that was launched in 2001 and works to reduce violent crime and gun violence.  It’s a collaboration between federal, state, local, tribal, and territorial law enforcement, prosecutors, and community leaders.  PSN is coordinated by the U.S. Attorneys’ Offices in the 94 federal judicial districts throughout the 50 states and U.S. territories.  For more information about Project Safe Neighborhood, please visit www.psn.gov.

    MIL Security OSI

  • MIL-OSI: Park National Corporation reports 2024 results

    Source: GlobeNewswire (MIL-OSI)

    NEWARK, Ohio, Jan. 27, 2025 (GLOBE NEWSWIRE) — Park National Corporation (Park) (NYSE American: PRK) today reported financial results for the fourth quarter and full year of 2024. Park’s board of directors declared a quarterly cash dividend of $1.07 per common share, payable on March 10, 2025, to common shareholders of record as of February 14, 2025.

    “Our consistent and measured growth stems from our team’s absolute focus on meeting customer needs to produce meaningful results,” said Park Chairman and Chief Executive Officer David Trautman. “Helping customers flourish remains our primary goal.”

    Park’s net income for the fourth quarter of 2024 was $38.6 million, a 57.7 percent increase from $24.5 million for the fourth quarter of 2023. Fourth quarter 2024 net income per diluted common share was $2.37, compared to $1.51 for the fourth quarter of 2023. Park’s net income for the full year of 2024 was $151.4 million, a 19.5 percent increase from $126.7 million for the full year of 2023. Net income per diluted common share for the full year of 2024 was $9.32 compared to $7.80 for the full year of 2023.

    Park’s total loans increased 4.6 percent during 2024. Park’s total deposits increased 1.3 percent during 2024, with an increase of 2.7 percent including off balance sheet deposits. The combination of solid loan growth and steady deposits contributed to Park’s success in 2024.

    “As we enter the new year, we look forward to the opportunity to deepen relationships with our customers, communities and all stakeholders,” said Park President Matthew Miller. “Our bankers are dedicated to helping all those we serve achieve their financial goals and thrive in 2025.”

    Headquartered in Newark, Ohio, Park National Corporation has $9.8 billion in total assets (as of December 31, 2024). Park’s banking operations are conducted through its subsidiary The Park National Bank. Other Park subsidiaries are Scope Leasing, Inc. (d.b.a. Scope Aircraft Finance), Guardian Financial Services Company (d.b.a. Guardian Finance Company) and SE Property Holdings, LLC.

    Complete financial tables are listed below.

    Category: Earnings

    SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

    Park cautions that any forward-looking statements contained in this news release or made by management of Park are provided to assist in the understanding of anticipated future financial performance. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties, including those described in Park’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, as updated by our filings with the SEC. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.

    Risks and uncertainties that could cause actual results to differ materially include, without limitation: (1) Park’s ability to execute our business plan successfully and within the expected timeframe; (2) adverse changes in future economic and financial market conditions; (3) adverse changes in real estate values and liquidity in our primary market areas; (4) the financial health of our commercial borrowers; (5) adverse changes in federal, state and local governmental law and policy, including the regulatory landscape, capital markets, elevated government debt, potential changes in tax legislation, government shutdown, infrastructure spending and social programs; (6) changes in consumer spending, borrowing and saving habits; (7) our litigation and regulatory compliance exposure; (8) increased credit risk and higher credit losses resulting from loan concentrations; (9) competitive pressures among financial services organizations; (10) changes in accounting policies and practices as may be adopted by regulatory agencies; (11) Park’s assumptions and estimates used in applying critical accounting policies and modeling which may prove unreliable, inaccurate or not predictive of actual results; (12) Park’s ability to anticipate and respond to technological changes and Park’s reliance on, and the potential failure of, a number of third-party vendors to perform as expected; (13) failures in or breaches of Park’s operational or security systems or infrastructure, or those of our third-party vendors and other service providers; (14) negative impacts on financial markets and the economy of any changes in the credit ratings of the U.S. Treasury obligations and other U.S. government-backed debt, as well as issues surrounding the levels of U.S., European and Asian government debt and concerns regarding the growth rates and financial stability of certain sovereign governments, supranationals and financial institutions in Europe and Asia; (15) effects of a fall in stock market prices on Park’s asset and wealth management businesses; (16) continued availability of earnings and excess capital sufficient for the lawful and prudent declaration of dividends; (17) the impact on Park’s business, personnel, facilities or systems of losses related to acts of fraud, scams and schemes of third parties; (18) the impact of widespread natural and other disasters, pandemics, dislocations, regional or national protests and civil unrest (including any resulting branch closures or damages), military or terrorist activities or international hostilities on the economy and financial markets generally and on us or our counterparties specifically; (19) the potential further deterioration of the U.S. economy due to financial, political, or other shocks; (20) the effect of healthcare laws in the U.S. and potential changes for such laws that may increase our healthcare and other costs and negatively impact our operations and financial results; (21) the impact of larger or similar-sized financial institutions encountering problems that may adversely affect the banking industry; and (22) other risk factors relating to the financial services industry.

    Park does not undertake, and specifically disclaims any obligation, to publicly release the results of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement was made, or reflect the occurrence of unanticipated events, except to the extent required by law.

       
    PARK NATIONAL CORPORATION  
    Financial Highlights  
    As of or for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023  
                     
        2024       2024       2023       Percent change vs.  
    (in thousands, except common share and per common share data and ratios) 4th QTR 3rd QTR 4th QTR   3Q ’24   4Q ’23  
    INCOME STATEMENT:                
    Net interest income $ 103,445     $ 101,114     $ 95,074       2.3   % 8.8   %
    Provision for credit losses   3,935       5,315       1,809       (26.0 ) % 117.5   %
    Other income   31,064       36,530       15,519       (15.0 ) % 100.2   %
    Other expense   83,241       85,681       79,043       (2.8 ) % 5.3   %
    Income before income taxes $ 47,333     $ 46,648     $ 29,741       1.5   % 59.2   %
    Income taxes   8,703       8,431       5,241       3.2   % 66.1   %
    Net income $ 38,630     $ 38,217     $ 24,500       1.1   % 57.7   %
                     
    MARKET DATA:                
    Earnings per common share – basic (a) $ 2.39     $ 2.37     $ 1.52       0.8   % 57.2   %
    Earnings per common share – diluted (a)   2.37       2.35       1.51       0.9   % 57.0   %
    Quarterly cash dividend declared per common share   1.06       1.06       1.05         % 1.0   %
    Special cash dividend declared per common share   0.50                   N.M.   N.M.  
    Book value per common share at period end   76.98       76.74       71.06       0.3   % 8.3   %
    Market price per common share at period end   171.43       167.98       132.86       2.1   % 29.0   %
    Market capitalization at period end   2,770,134       2,713,152       2,141,235       2.1   % 29.4   %
                     
    Weighted average common shares – basic (b)   16,156,827       16,151,640       16,113,215         % 0.3   %
    Weighted average common shares – diluted (b)   16,283,701       16,264,393       16,216,562       0.1   % 0.4   %
    Common shares outstanding at period end   16,158,982       16,151,640       16,116,479         % 0.3   %
                     
    PERFORMANCE RATIOS: (annualized)                
    Return on average assets (a)(b)   1.54   %   1.53   %   0.98   %   0.7   % 57.1   %
    Return on average shareholders’ equity (a)(b)   12.32   %   12.56   %   8.81   %   (1.9 ) % 39.8   %
    Yield on loans   6.21   %   6.24   %   5.84   %   (0.5 ) % 6.3   %
    Yield on investment securities   3.46   %   3.74   %   3.88   %   (7.5 ) % (10.8 ) %
    Yield on money market instruments   4.75   %   5.38   %   5.30   %   (11.7 ) % (10.4 ) %
    Yield on interest earning assets   5.82   %   5.88   %   5.48   %   (1.0 ) % 6.2   %
    Cost of interest bearing deposits   1.90   %   2.06   %   1.84   %   (7.8 ) % 3.3   %
    Cost of borrowings   3.86   %   3.97   %   4.42   %   (2.8 ) % (12.7 ) %
    Cost of paying interest bearing liabilities   1.99   %   2.15   %   2.01   %   (7.4 ) % (1.0 ) %
    Net interest margin (g)   4.51   %   4.45   %   4.17   %   1.3   % 8.2   %
    Efficiency ratio (g)   61.60   %   61.98   %   70.93   %   (0.6 ) % (13.2 ) %
                     
    OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:                
    Tangible book value per common share (d) $ 66.89     $ 66.62     $ 60.87       0.4   % 9.9   %
    Average interest earning assets   9,176,540       9,100,594       9,120,407       0.8   % 0.6   %
    Pre-tax, pre-provision net income (j)   51,268       51,963       31,550       (1.3 ) % 62.5   %
                     
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
                     
                     
    PARK NATIONAL CORPORATION  
    Financial Highlights (continued)  
    As of or for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023
     
                     
              Percent change vs.  
    (in thousands, except ratios) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
      3Q ’24   4Q ’23  
    BALANCE SHEET:                
    Investment securities $ 1,100,861     $ 1,233,297     $ 1,429,144       (10.7 ) % (23.0 ) %
    Loans   7,817,128       7,730,984       7,476,221       1.1   % 4.6   %
    Allowance for credit losses   87,966       87,237       83,745       0.8   % 5.0   %
    Goodwill and other intangible assets   163,032       163,320       164,247       (0.2 ) % (0.7 ) %
    Other real estate owned (OREO)   938       1,119       983       (16.2 ) % (4.6 ) %
    Total assets   9,805,350       9,903,049       9,836,453       (1.0 ) % (0.3 ) %
    Total deposits   8,143,526       8,214,671       8,042,566       (0.9 ) % 1.3   %
    Borrowings   280,083       306,964       517,329       (8.8 ) % (45.9 ) %
    Total shareholders’ equity   1,243,848       1,239,413       1,145,293       0.4   % 8.6   %
    Tangible equity (d)   1,080,816       1,076,093       981,046       0.4   % 10.2   %
    Total nonperforming loans   69,932       71,541       61,118       (2.2 ) % 14.4   %
    Total nonperforming assets   70,870       72,660       62,101       (2.5 ) % 14.1   %
                     
    ASSET QUALITY RATIOS:                
    Loans as a % of period end total assets   79.72   %   78.07   %   76.01   %   2.1   % 4.9   %
    Total nonperforming loans as a % of period end loans   0.89   %   0.93   %   0.82   %   (4.3 ) % 8.5   %
    Total nonperforming assets as a % of period end loans + OREO + other nonperforming assets   0.91   %   0.94   %   0.83   %   (3.2 ) % 9.6   %
    Allowance for credit losses as a % of period end loans   1.13   %   1.13   %   1.12   %     % 0.9   %
    Net loan charge-offs $ 3,206     $ 4,653     $ 2,666       (31.1 ) % 20.3   %
    Annualized net loan charge-offs as a % of average loans (b)   0.16   %   0.24   %   0.14   %   (33.3 ) % 14.3   %
                     
    CAPITAL & LIQUIDITY:                
    Total shareholders’ equity / Period end total assets   12.69   %   12.52   %   11.64   %   1.4   % 9.0   %
    Tangible equity (d) / Tangible assets (f)   11.21   %   11.05   %   10.14   %   1.4   % 10.6   %
    Average shareholders’ equity / Average assets (b)   12.47   %   12.20   %   11.16   %   2.2   % 11.7   %
    Average shareholders’ equity / Average loans (b)   16.08   %   15.76   %   14.94   %   2.0   % 7.6   %
    Average loans / Average deposits (b)   93.00   %   92.69   %   89.48   %   0.3   % 3.9   %
                     
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.      
               
       
    PARK NATIONAL CORPORATION  
    Financial Highlights  
    Year months ended December 31, 2024 and December 31, 2023        
               
    (in thousands, except common share and per common share data and ratios)   2024       2023       Percent change vs ’23  
    INCOME STATEMENT:          
    Net interest income $ 398,019     $ 373,113       6.7   %
    Provision for credit losses   14,543       2,904       400.8   %
    Other income   122,588       92,634       32.3   %
    Other expense   321,339       309,239       3.9   %
    Income before income taxes $ 184,725     $ 153,604       20.3   %
    Income taxes   33,305       26,870       23.9   %
    Net income $ 151,420     $ 126,734       19.5   %
               
    MARKET DATA:          
    Earnings per common share – basic (a) $ 9.38     $ 7.84       19.6   %
    Earnings per common share – diluted (a)   9.32       7.80       19.5   %
    Quarterly cash dividend declared per common share   4.24       4.20       1.0   %
    Special cash dividend declared per common share   0.50             N.M.    
               
    Weighted average common shares – basic (b)   16,143,708       16,163,500       (0.1 ) %
    Weighted average common shares – diluted (b)   16,244,797       16,250,019         %
               
    PERFORMANCE RATIOS:          
    Return on average assets (a)(b)   1.53   %   1.27   %   20.5   %
    Return on average shareholders’ equity (a)(b)   12.65   %   11.55   %   9.5   %
    Yield on loans   6.14   %   5.55   %   10.6   %
    Yield on investment securities   3.74   %   3.73   %   0.3   %
    Yield on money market instruments   5.16   %   5.00   %   3.2   %
    Yield on interest earning assets   5.78   %   5.18   %   11.6   %
    Cost of interest bearing deposits   1.97   %   1.52   %   29.6   %
    Cost of borrowings   4.05   %   3.79   %   6.9   %
    Cost of paying interest bearing liabilities   2.08   %   1.67   %   24.6   %
    Net interest margin (g)   4.41   %   4.11   %   7.3   %
    Efficiency ratio (g)   61.44   %   65.87   %   (6.7 ) %
               
    ASSET QUALITY RATIOS:          
    Net loan charge-offs $ 10,322     $ 4,921       109.8   %
    Net loan charge-offs as a % of average loans (b)   0.14   %   0.07   %   100.0   %
               
    CAPITAL & LIQUIDITY          
    Average shareholders’ equity / Average Assets (b)   12.09   %   11.02   %   9.7   %
    Average shareholders’ equity / Average loans (b)   15.69   %   15.19   %   3.3   %
    Average loans / Average deposits (b)   92.34   %   86.39   %   6.9   %
               
    OTHER DATA (NON-GAAP) AND BALANCE SHEET INFORMATION:          
    Average interest earning assets   9,085,850       9,171,721       (0.9 ) %
    Pre-tax, pre-provision net income (j)   199,268       156,508       27.3   %
               
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
       
     
    PARK NATIONAL CORPORATION
    Consolidated Statements of Income
                     
        Three Months Ended   Twelve Month Ended
        December 31   December 31
    (in thousands, except share and per share data)     2024     2023     2024     2023
                     
    Interest income:                
    Interest and fees on loans   $ 120,870   $ 108,495   $ 467,602   $ 399,795
    Interest on debt securities:                
    Taxable     8,641     13,055     41,718     52,786
    Tax-exempt     1,351     2,248     5,524     10,966
    Other interest income     2,751     1,408     8,121     8,123
    Total interest income     133,613     125,206     522,965     471,670
                     
    Interest expense:                
    Interest on deposits:                
    Demand and savings deposits     19,802     19,467     82,789     71,776
    Time deposits     7,658     6,267     29,594     12,677
    Interest on borrowings     2,708     4,398     12,563     14,104
    Total interest expense     30,168     30,132     124,946     98,557
                     
    Net interest income     103,445     95,074     398,019     373,113
                     
    Provision for credit losses     3,935     1,809     14,543     2,904
                     
    Net interest income after provision for credit losses     99,510     93,265     383,476     370,209
                     
    Other income     31,064     15,519     122,588     92,634
                     
    Other expense     83,241     79,043     321,339     309,239
                     
    Income before income taxes     47,333     29,741     184,725     153,604
                     
    Income taxes     8,703     5,241     33,305     26,870
                     
    Net income   $ 38,630   $ 24,500   $ 151,420   $ 126,734
                     
    Per common share:                
    Net income – basic   $ 2.39   $ 1.52   $ 9.38   $ 7.84
    Net income – diluted   $ 2.37   $ 1.51   $ 9.32   $ 7.80
                     
    Weighted average common shares – basic     16,156,827     16,113,215     16,143,708     16,163,500
    Weighted average common shares – diluted     16,283,701     16,216,562     16,244,797     16,250,019
                     
    Cash dividends declared:                
    Quarterly dividend   $ 1.06   $ 1.05   $ 4.24   $ 4.20
    Special dividend   $ 0.50   $   $ 0.50   $
                             
       
    PARK NATIONAL CORPORATION   
    Consolidated Balance Sheets  
             
    (in thousands, except share data) December 31, 2024   December 31, 2023  
             
    Assets        
             
    Cash and due from banks $ 122,363     $ 160,477    
    Money market instruments   38,203       57,791    
    Investment securities   1,100,861       1,429,144    
    Loans   7,817,128       7,476,221    
    Allowance for credit losses   (87,966 )     (83,745 )  
    Loans, net   7,729,162       7,392,476    
    Bank premises and equipment, net   69,522       74,211    
    Goodwill and other intangible assets   163,032       164,247    
    Other real estate owned   938       983    
    Other assets   581,269       557,124    
    Total assets $ 9,805,350     $ 9,836,453    
             
    Liabilities and Shareholders’ Equity        
             
    Deposits:        
    Noninterest bearing $ 2,612,708     $ 2,628,234    
    Interest bearing   5,530,818       5,414,332    
    Total deposits   8,143,526       8,042,566    
    Borrowings   280,083       517,329    
    Other liabilities   137,893       131,265    
    Total liabilities $ 8,561,502     $ 8,691,160    
             
             
    Shareholders’ Equity:        
    Preferred shares (200,000 shares authorized; no shares outstanding at December 31, 2024 and December 31, 2023) $     $    
    Common shares (No par value; 20,000,000 shares authorized; 17,623,104 shares issued at December 31, 2024 and December 31, 2023)   463,706       463,280    
    Total shareholders’ equity $ 1,243,848     $ 1,145,293    
    Total liabilities and shareholders’ equity $ 9,805,350     $ 9,836,453    
     
    PARK NATIONAL CORPORATION 
    Consolidated Average Balance Sheets
               
      Three Months Ended   Twelve Months Ended
      December 31,   December 31,
    (in thousands)   2024     2023       2024     2023  
               
    Assets          
               
    Cash and due from banks $ 122,949   $ 134,593     $ 129,070   $ 147,414  
    Money market instruments   230,591     105,425       157,292     162,544  
    Investment securities    1,167,467     1,544,942       1,265,680     1,716,037  
    Loans   7,757,229     7,387,512       7,627,419     7,222,479  
    Allowance for credit losses   (87,608 )   (85,493 )     (85,930 )   (87,002 )
    Loans, net   7,669,621     7,302,019       7,541,489     7,135,477  
    Bank premises and equipment, net   70,615     76,718       72,689     79,443  
    Goodwill and other intangible assets   163,221     164,466       163,669     164,960  
    Other real estate owned   1,079     1,342       1,192     1,654  
    Other assets   582,785     560,683       570,183     550,025  
    Total assets $ 10,008,328   $ 9,890,188     $ 9,901,264   $ 9,957,554  
               
               
    Liabilities and Shareholders’ Equity          
               
    Deposits:          
    Noninterest bearing $ 2,593,128   $ 2,694,148     $ 2,564,009   $ 2,814,259  
    Interest bearing   5,747,671     5,561,845       5,696,185     5,546,015  
    Total deposits   8,340,799     8,255,993       8,260,194     8,360,274  
    Borrowings   279,149     394,423       309,996     371,955  
    Other liabilities   140,700     136,046       133,954     128,182  
    Total liabilities $ 8,760,648   $ 8,786,462     $ 8,704,144   $ 8,860,411  
               
    Shareholders’ Equity:          
    Preferred shares $   $     $   $  
    Common shares   462,146     461,864       461,433     460,973  
    Accumulated other comprehensive loss, net of taxes   (41,229 )   (108,219 )     (60,619 )   (98,154 )
    Retained earnings   978,267     906,091       949,160     884,711  
    Treasury shares   (151,504 )   (156,010 )     (152,854 )   (150,387 )
    Total shareholders’ equity $ 1,247,680   $ 1,103,726     $ 1,197,120   $ 1,097,143  
    Total liabilities and shareholders’ equity $ 10,008,328   $ 9,890,188     $ 9,901,264   $ 9,957,554  
               
     
    PARK NATIONAL CORPORATION 
    Consolidated Statements of Income – Linked Quarters
               
      2024 2024 2024 2024 2023
    (in thousands, except per share data) 4th QTR 3rd QTR 2nd QTR 1st QTR 4th QTR
               
    Interest income:          
    Interest and fees on loans  $ 120,870 $ 120,203 $ 115,318 $ 111,211 $ 108,495
    Interest on debt securities:          
    Taxable   8,641   10,228   10,950   11,899   13,055
    Tax-exempt   1,351   1,381   1,382   1,410   2,248
    Other interest income   2,751   1,996   1,254   2,120   1,408
    Total interest income   133,613   133,808   128,904   126,640   125,206
               
    Interest expense:          
    Interest on deposits:          
    Demand and savings deposits   19,802   22,762   20,370   19,855   19,467
    Time deposits   7,658   7,073   7,525   7,338   6,267
    Interest on borrowings   2,708   2,859   3,172   3,824   4,398
    Total interest expense   30,168   32,694   31,067   31,017   30,132
               
    Net interest income   103,445   101,114   97,837   95,623   95,074
               
    Provision for credit losses   3,935   5,315   3,113   2,180   1,809
               
    Net interest income after provision for credit losses   99,510   95,799   94,724   93,443   93,265
               
    Other income   31,064   36,530   28,794   26,200   15,519
               
    Other expense   83,241   85,681   75,189   77,228   79,043
               
    Income before income taxes   47,333   46,648   48,329   42,415   29,741
               
    Income taxes   8,703   8,431   8,960   7,211   5,241
               
    Net income  $ 38,630 $ 38,217 $ 39,369 $ 35,204 $ 24,500
               
    Per common share:          
    Net income – basic $ 2.39 $ 2.37 $ 2.44 $ 2.18 $ 1.52
    Net income – diluted $ 2.37 $ 2.35 $ 2.42 $ 2.17 $ 1.51
                         
     
    PARK NATIONAL CORPORATION 
    Detail of other income and other expense – Linked Quarters
               
       2024   2024  2024  2024   2023 
    (in thousands) 4th QTR 3rd QTR 2nd QTR 1st QTR 4th QTR
               
    Other income:          
    Income from fiduciary activities $ 11,122   $ 10,615 $ 10,728 $ 10,024   $ 8,943  
    Service charges on deposit accounts   2,319     2,362   2,214   2,106     2,054  
    Other service income   3,277     3,036   2,906   2,524     2,349  
    Debit card fee income   6,511     6,539   6,580   6,243     6,583  
    Bank owned life insurance income   1,519     2,057   1,565   2,629     1,373  
    ATM fees   415     471   458   496     517  
    Pension settlement gain   365     5,783          
    Loss on sale of debt securities, net   (128 )       (398 )   (7,875 )
    Gain (loss) on equity securities, net   1,852     1,557   358   (687 )   353  
    Other components of net periodic benefit income   2,651     2,204   2,204   2,204     1,893  
    Miscellaneous   1,161     1,906   1,781   1,059     (671 )
    Total other income $ 31,064   $ 36,530 $ 28,794 $ 26,200   $ 15,519  
               
    Other expense:          
    Salaries $ 37,254   $ 38,370 $ 35,954 $ 35,733   $ 36,192  
    Employee benefits   10,129     10,162   9,873   11,560     10,088  
    Occupancy expense   2,929     3,731   2,975   3,181     3,344  
    Furniture and equipment expense   2,375     2,571   2,454   2,583     2,824  
    Data processing fees   10,450     11,764   9,542   8,808     9,605  
    Professional fees and services   10,465     7,842   6,022   6,817     7,015  
    Marketing   1,949     1,464   1,164   1,741     1,716  
    Insurance   1,600     1,640   1,777   1,718     1,708  
    Communication   1,104     955   1,002   1,036     993  
    State tax expense   1,145     1,116   1,129   1,110     1,158  
    Amortization of intangible assets   288     287   320   320     334  
    Foundation contributions       2,000         1,000  
    Miscellaneous   3,553     3,779   2,977   2,621     3,066  
    Total other expense $ 83,241   $ 85,681 $ 75,189 $ 77,228   $ 79,043  
               
     
    PARK NATIONAL CORPORATION 
    Asset Quality Information
                 
        Year ended December 31,
    (in thousands, except ratios)     2024       2023       2022       2021       2020    
                 
    Allowance for credit losses:            
    Allowance for credit losses, beginning of period   $ 83,745     $ 85,379     $ 83,197     $ 85,675     $ 56,679    
    Cumulative change in accounting principle; adoption of ASU 2022-02 in 2023 and ASU 2016-13 in 2021           383             6,090          
    Charge-offs     18,334       10,863       9,133       5,093       10,304    
    Recoveries     8,012       5,942       6,758       8,441       27,246    
    Net charge-offs (recoveries)     10,322       4,921       2,375       (3,348 )     (16,942 )  
    Provision for (recovery of) credit losses     14,543       2,904       4,557       (11,916 )     12,054    
    Allowance for credit losses, end of period   $ 87,966     $ 83,745     $ 85,379     $ 83,197     $ 85,675    
                 
    General reserve trends:            
    Allowance for credit losses, end of period   $ 87,966     $ 83,745     $ 85,379     $ 83,197     $ 85,675    
    Allowance on accruing purchased credit deteriorated (“PCD”) loans (purchased credit impaired (“PCI”) loans for years 2020 and prior)                             167    
    Allowance on purchased loans excluded from collectively evaluated loans (for years 2020 and prior)     N.A.       N.A.       N.A.       N.A.       678    
    Specific reserves on individually evaluated loans     1,299       4,983       3,566       1,616       5,434    
    General reserves on collectively evaluated loans   $ 86,667     $ 78,762     $ 81,813     $ 81,581     $ 79,396    
                 
    Total loans   $ 7,817,128     $ 7,476,221     $ 7,141,891     $ 6,871,122     $ 7,177,785    
    Accruing PCD loans (PCI loans for years 2020 and prior)     2,174       2,835       4,653       7,149       11,153    
    Purchased loans excluded from collectively evaluated loans (for years 2020 and prior)     N.A.       N.A.       N.A.       N.A.       360,056    
    Individually evaluated loans (k)     53,149       45,215       78,341       74,502       108,407    
    Collectively evaluated loans   $ 7,761,805     $ 7,428,171     $ 7,058,897     $ 6,789,471     $ 6,698,169    
                 
    Asset Quality Ratios:            
    Net charge-offs (recoveries) as a % of average loans     0.14   %   0.07   %   0.03   %   (0.05 ) %   (0.24 ) %
    Allowance for credit losses as a % of period end loans     1.13   %   1.12   %   1.20   %   1.21   %   1.19   %
    General reserve as a % of collectively evaluated loans     1.12   %   1.06   %   1.16   %   1.20   %   1.19   %
                 
    Nonperforming assets:            
    Nonaccrual loans   $ 68,178     $ 60,259     $ 79,696     $ 72,722     $ 117,368    
    Accruing troubled debt restructurings (for years 2022 and prior) (k)     N.A.       N.A.       20,134       28,323       20,788    
    Loans past due 90 days or more     1,754       859       1,281       1,607       1,458    
    Total nonperforming loans   $ 69,932     $ 61,118     $ 101,111     $ 102,652     $ 139,614    
    Other real estate owned     938       983       1,354       775       1,431    
    Other nonperforming assets                       2,750       3,164    
    Total nonperforming assets   $ 70,870     $ 62,101     $ 102,465     $ 106,177     $ 144,209    
    Percentage of nonaccrual loans to period end loans     0.87   %   0.81   %   1.12   %   1.06   %   1.64   %
    Percentage of nonperforming loans to period end loans     0.89   %   0.82   %   1.42   %   1.49   %   1.95   %
    Percentage of nonperforming assets to period end loans     0.91   %   0.83   %   1.43   %   1.55   %   2.01   %
    Percentage of nonperforming assets to period end total assets     0.72   %   0.63   %   1.04   %   1.11   %   1.55   %
                 
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
                 
     
    PARK NATIONAL CORPORATION 
    Asset Quality Information (continued)
                 
        Year ended December 31,
    (in thousands, except ratios)    2024  2023  2022  2021  2020
                 
    New nonaccrual loan information:            
    Nonaccrual loans, beginning of period   $ 60,259 $ 79,696 $ 72,722 $ 117,368 $ 90,080
    New nonaccrual loans     65,535   48,280   64,918   38,478   103,386
    Resolved nonaccrual loans     57,616   67,717   57,944   83,124   76,098
    Nonaccrual loans, end of period   $ 68,178 $ 60,259 $ 79,696 $ 72,722 $ 117,368
                 
    Individually evaluated commercial loan portfolio information (period end): (k)
    Unpaid principal balance   $ 58,158 $ 47,564 $ 80,116 $ 75,126 $ 109,062
    Prior charge-offs     5,009   2,349   1,775   624   655
    Remaining principal balance     53,149   45,215   78,341   74,502   108,407
    Specific reserves     1,299   4,983   3,566   1,616   5,434
    Book value, after specific reserves   $ 51,850 $ 40,232 $ 74,775 $ 72,886 $ 102,973
                 
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.
     
           
    PARK NATIONAL CORPORATION      
    Financial Reconciliations            
    NON-GAAP RECONCILIATIONS            
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
    (in thousands, except share and per share data) December 31,
    2024
    September 30,
    2024
    December 31,
    2023
      December 31,
    2024
    December 31,
    2023
    Net interest income $ 103,445     $ 101,114     $ 95,074       $ 398,019     $ 373,113    
    less purchase accounting accretion related to NewDominion and Carolina Alliance acquisitions   250       281       124         1,154       633    
    less interest income on former Vision Bank relationships   38       9       35         54       631    
    Net interest income – adjusted $ 103,157     $ 100,824     $ 94,915       $ 396,811     $ 371,849    
                 
    Provision for credit losses $ 3,935     $ 5,315     $ 1,809       $ 14,543     $ 2,904    
    less recoveries on former Vision Bank relationships         (234 )             (1,304 )     (788 )  
    Provision for credit losses – adjusted $ 3,935     $ 5,549     $ 1,809       $ 15,847     $ 3,692    
                 
    Other income $ 31,064     $ 36,530     $ 15,519       $ 122,588     $ 92,634    
    less loss on sale of debt securities, net   (128 )           (7,875 )       (526 )     (7,875 )  
    less pension settlement gain   365       5,783               6,148          
    less impact of strategic initiatives   117             (1,038 )       775       (1,038 )  
    less Vision related OREO valuation adjustments, net         1       (370 )       115       (370 )  
    less other service income related to former Vision Bank relationships   299             40         312       175    
    Other income – adjusted $ 30,411     $ 30,746     $ 24,762       $ 115,764     $ 101,742    
                 
    Other expense $ 83,241     $ 85,681     $ 79,043       $ 321,339     $ 309,239    
    less core deposit intangible amortization related to NewDominion and Carolina Alliance acquisitions   288       287       334         1,215       1,323    
    less Foundation contribution         2,000       1,000         2,000       1,000    
    less special incentive         1,700               1,700          
    less building demolition costs   44       349               458          
    less direct expenses related to collection of payments on former Vision Bank loan relationships   215                     215       100    
    Other expense – adjusted $ 82,694     $ 81,345     $ 77,709       $ 315,751     $ 306,816    
                 
    Tax effect of adjustments to net income identified above (i) $ (83 )   $ (414 )   $ 2,188       $ (787 )   $ 1,991    
                 
    Net income – reported $ 38,630     $ 38,217     $ 24,500       $ 151,420     $ 126,734    
    Net income – adjusted (h) $ 38,319     $ 36,659     $ 32,730       $ 148,459     $ 134,222    
                 
    Diluted earnings per common share $ 2.37     $ 2.35     $ 1.51       $ 9.32     $ 7.80    
    Diluted earnings per common share, adjusted (h) $ 2.35     $ 2.25     $ 2.02       $ 9.14     $ 8.26    
                 
    Annualized return on average assets (a)(b)   1.54   %   1.53   %   0.98   %     1.53   %   1.27   %
    Annualized return on average assets, adjusted (a)(b)(h)   1.52   %   1.47   %   1.31   %     1.50   %   1.35   %
                 
    Annualized return on average tangible assets (a)(b)(e)   1.56   %   1.56   %   1.00   %     1.56   %   1.29   %
    Annualized return on average tangible assets, adjusted (a)(b)(e)(h)   1.55   %   1.49   %   1.34   %     1.52   %   1.37   %
                 
    Annualized return on average shareholders’ equity (a)(b)   12.32   %   12.56   %   8.81   %     12.65   %   11.55   %
    Annualized return on average shareholders’ equity, adjusted (a)(b)(h)   12.22   %   12.05   %   11.76   %     12.40   %   12.23   %
                 
    Annualized return on average tangible equity (a)(b)(c)   14.17   %   14.52   %   10.35   %     14.65   %   13.60   %
    Annualized return on average tangible equity, adjusted (a)(b)(c)(h)   14.06   %   13.93   %   13.83   %     14.37   %   14.40   %
                 
    Efficiency ratio (g)   61.60   %   61.98   %   70.93   %     61.44   %   65.87   %
    Efficiency ratio, adjusted (g)(h)   61.63   %   61.55   %   64.48   %     61.31   %   64.28   %
                 
    Annualized net interest margin (g)   4.51   %   4.45   %   4.17   %     4.41   %   4.11   %
    Annualized net interest margin, adjusted (g)(h)   4.50   %   4.43   %   4.17   %     4.39   %   4.09   %
    Note: Explanations for footnotes (a) – (k) are included at the end of the financial tables in the “Financial Reconciliations” section.  
         
           
    PARK NATIONAL CORPORATION      
    Financial Reconciliations (continued)            
                 
    (a) Reported measure uses net income
    (b) Averages are for the three months ended December 31, 2024, September 30, 2024, and December 31, 2023 and the twelve months ended December 31, 2024 and December 31, 2023, as appropriate
    (c) Net income for each period divided by average tangible equity during the period. Average tangible equity equals average shareholders’ equity during the applicable period less average goodwill and other intangible assets during the applicable period.
                 
    RECONCILIATION OF AVERAGE SHAREHOLDERS’ EQUITY TO AVERAGE TANGIBLE EQUITY:      
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    AVERAGE SHAREHOLDERS’ EQUITY $ 1,247,680 $ 1,210,565 $ 1,103,726   $ 1,197,120 $ 1,097,143
    Less: Average goodwill and other intangible assets   163,221   163,509   164,466     163,669   164,960
    AVERAGE TANGIBLE EQUITY $ 1,084,459 $ 1,047,056 $ 939,260   $ 1,033,451 $ 932,183
                 
    (d) Tangible equity divided by common shares outstanding at period end. Tangible equity equals total shareholders’ equity less goodwill and other intangible assets, in each case at the end of the period.
                 
    RECONCILIATION OF TOTAL SHAREHOLDERS’ EQUITY TO TANGIBLE EQUITY:
      December 31, 2024 September 30, 2024 December 31, 2023      
    TOTAL SHAREHOLDERS’ EQUITY $ 1,243,848 $ 1,239,413 $ 1,145,293      
    Less: Goodwill and other intangible assets   163,032   163,320   164,247      
    TANGIBLE EQUITY $ 1,080,816 $ 1,076,093 $ 981,046      
                 
    (e) Net income for each period divided by average tangible assets during the period. Average tangible assets equal average assets less average goodwill and other intangible assets, in each case during the applicable period.
                 
    RECONCILIATION OF AVERAGE ASSETS TO AVERAGE TANGIBLE ASSETS      
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    AVERAGE ASSETS $ 10,008,328 $ 9,920,633 $ 9,890,188   $ 9,901,264 $ 9,957,554
    Less: Average goodwill and other intangible assets   163,221   163,509   164,466     163,669   164,960
    AVERAGE TANGIBLE ASSETS $ 9,845,107 $ 9,757,124 $ 9,725,722   $ 9,737,595 $ 9,792,594
                 
    (f) Tangible equity divided by tangible assets. Tangible assets equal total assets less goodwill and other intangible assets, in each case at the end of the period.
                 
    RECONCILIATION OF TOTAL ASSETS TO TANGIBLE ASSETS:
      December 31, 2024 September 30, 2024 December 31, 2023      
    TOTAL ASSETS $ 9,805,350 $ 9,903,049 $ 9,836,453      
    Less: Goodwill and other intangible assets   163,032   163,320   164,247      
    TANGIBLE ASSETS $ 9,642,318 $ 9,739,729 $ 9,672,206      
                 
    (g) Efficiency ratio is calculated by dividing total other expense by the sum of fully taxable equivalent net interest income and other income. Fully taxable equivalent net interest income reconciliation is shown assuming a 21% corporate federal income tax rate. Additionally, net interest margin is calculated on a fully taxable equivalent basis by dividing fully taxable equivalent net interest income by average interest earning assets, in each case during the applicable period.
                 
    RECONCILIATION OF FULLY TAXABLE EQUIVALENT NET INTEREST INCOME TO NET INTEREST INCOME
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    Interest income $ 133,613 $ 133,808 $ 125,206   $ 522,965 $ 471,670
    Fully taxable equivalent adjustment   617   594   838     2,432   3,726
    Fully taxable equivalent interest income $ 134,230 $ 134,402 $ 126,044   $ 525,397 $ 475,396
    Interest expense   30,168   32,694   30,132     124,946   98,557
    Fully taxable equivalent net interest income $ 104,062 $ 101,708 $ 95,912   $ 400,451 $ 376,839
                 
    (h) Adjustments to net income for each period presented are detailed in the non-GAAP reconciliations of net interest income, provision for credit losses, other income, other expense and tax effect of adjustments to net income.
    (i) The tax effect of adjustments to net income was calculated assuming a 21% corporate federal income tax rate.
    (j) Pre-tax, pre-provision (“PTPP”) net income is calculated as net income, plus income taxes, plus the provision for credit losses, in each case during the applicable period. PTPP net income is a common industry metric utilized in capital analysis and review. PTPP is used to assess the operating performance of Park while excluding the impact of the provision for credit losses.
                 
     
    RECONCILIATION OF PRE-TAX, PRE-PROVISION NET INCOME
      THREE MONTHS ENDED   TWELVE MONTHS ENDED
      December 31, 2024 September 30, 2024 December 31, 2023   December 31, 2024 December 31, 2023
    Net income $ 38,630 $ 38,217 $ 24,500   $ 151,420 $ 126,734
    Plus: Income taxes   8,703   8,431   5,241     33,305   26,870
    Plus: Provision for credit losses   3,935   5,315   1,809     14,543   2,904
    Pre-tax, pre-provision net income $ 51,268 $ 51,963 $ 31,550   $ 199,268 $ 156,508
                 
    (k) Effective January 1, 2023, Park adopted Accounting Standards Update (“ASU”) 2022-02. Among other things, this ASU eliminated the concept of troubled debt restructurings (“TDRs”). As a result of the adoption of this ASU and elimination of the concept of TDRs, total nonperforming loans (“NPLs”) and total nonperforming assets (“NPAs”) each decreased by $20.1 million effective January 1, 2023. Additionally, as a result of the adoption of this ASU, individually evaluated loans decreased by $11.5 million effective January 1, 2023.
     

    The MIL Network

  • MIL-OSI: HZJL Cayman Limited Announces Entering into a Merger Agreement with Rising Dragon Acquisition Corporation

    Source: GlobeNewswire (MIL-OSI)

    HANGZHOU, CHINA, Jan. 27, 2025 (GLOBE NEWSWIRE) — HZJL Cayman Limited (“HZJL”), a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services, announced the execution of an Agreement and Plan of Merger (the “Merger Agreement”) for a business combination with Rising Dragon Acquisition Corporation (Nasdaq: RDACU, RDAC, RDACR) (“RDAC”), a publicly traded special purpose acquisition company.

    Upon consummation of the transaction contemplated by the Merger Agreement, (i) RDAC will reincorporate by merging with and into Xpand Boom Technology Inc., a Cayman Islands exempted company and wholly owned subsidiary of RDAC (“Xpand Boom Technology”), and (ii) concurrently with the reincorporation merger, Xpand Boom Solution Inc., a Cayman Islands exempted company and wholly owned subsidiary of Xpand Boom Technology, will be merged with and into HZJL, resulting in HZJL being a wholly owned subsidiary of Xpand Boom Technology (the “Business Combination” and the transactions in connection with the Business Combination collectively, the “Transaction”). Upon the closing of the Transaction, the parties plan to remain Nasdaq-listed under a new ticker symbol.

    HZJL Overview

    HZJL is a dynamic solution provider dedicated to empowering local lifestyle businesses such as restaurants, coffee shops, beauty salons, convenience stores, and massage centers, through innovative online social branding, software application, and supply chain services.

    HZJL’s core service offering is its online branding service, which leverages the power of social media to promote compelling success stories for both businesses and their founders. This service helps businesses build strong, authentic identities that resonate with their target audience, and enhance brand visibility and customer loyalty. In addition, HZJL offers a sophisticated online application designed to streamline operations and optimize customer relationship management. HZJL also provides comprehensive supply chain solutions, with a special focus on supporting local restaurants.

    With a mission to fuel scalable growth for business owners, HZJL combines these three key service areas that work together to drive operational excellence, customer engagement, and efficient growth strategies.

    Key Transaction Terms

    Under the terms of the Merger Agreement, RDAC’s wholly owned subsidiary, Xpand Boom Technology, will acquire HZJL, resulting in Xpand Boom Technology being a listed company on the Nasdaq Capital Market. At the effective time of the Transaction, HZJL’s shareholders and management will receive 35 million ordinary shares of Xpand Boom Technology. In addition, certain HZJL shareholders will be entitled to receive earn-out consideration of up to an additional 20 million ordinary shares of Xpand Boom Technology, subject to HZJL meeting certain revenue targets in the two subsequent years as set forth in the Merger Agreement. The shares held by certain HZJL’s shareholders will be subject to lock-up agreements for a period of six months following the closing of the Transaction, subject to certain exceptions.

    The Transaction, which has been unanimously approved by the boards of directors of both RDAC and HZJL, is subject to regulatory approvals, the approvals by the shareholders of RDAC and HZJL, respectively, and the satisfaction of certain other customary closing conditions, including, among others, a registration statement, of which the proxy statement/prospectus forms a part, being declared effective by the U.S. Securities and Exchange Commission (the “SEC”), and the approval by Nasdaq of the listing application of the combined company.

    The description of the Business Combination contained herein is only a summary and is qualified in its entirety by reference to the Merger Agreement relating to the Business Combination. A more detailed description of the Transaction and a copy of the Merger Agreement will be included in a Current Report on Form 8-K to be filed by RDAC with the SEC and will be available on the SEC’s website at www.sec.gov.

    Comments on HZJL

    “We are excited for the proposed Business Combination with HZJL and admire the company that Mr. Xiong Bin and the HZJL management team have built,” said Xing Lulu, Chief Executive Officer of RDAC. “I look forward to working with HZJL’s first-class management team to help them thrive as a public company while they continue to grow.”

    Xiong Bin, founder of HZJL, stated: “For several years, HZJL has been evolving with the local lifestyle business services market. Our motto, ‘Scalable Growth-Engine Empowering Local Business,’ underlines our ongoing commitment to delivering innovative solutions that foster substantial local business growth and scalability. We have garnered valuable industrial experience and know-how from assisting our customers from various industries in achieving their goals, including with respect to brand building, business operations and supply chain optimization. Our solutions specifically address the challenges faced by small and medium-sized enterprises, providing them critical assistance in overcoming marketing and management hurdles. We are excited to collaborate with RDAC, with which we share similar market visions and business strategies. We are confident that the RDAC team will play a key role in helping us achieve our aspirations and long-term success.”

    Advisors

    Loeb & Loeb LLP, Joint-Win Partners, and Maples and Calder (Hong Kong) LLP serve as legal counsel to RDAC. Han Kun Law Offices, Han Kun Law Offices LLP, and Harney Westwood & Riegels serve as legal counsel to HZJL. Chain Stone Capital Limited (CTM) serves as the financial advisor to HZJL.

    About Rising Dragon Acquisition Corporation

    Rising Dragon Acquisition Corp. is a blank check company incorporated as a Cayman Islands exempted company with limited liability for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. The company’s efforts to identify a prospective target business will not be limited to a particular industry or geographic region.

    About HZJL Cayman Limited

    HZJL is a comprehensive solution provider empowering local businesses with innovative branding, software, and supply chain services. The company is dedicated to fuel the scalable growth of business owners by combining technology, customer service, and operational excellence to unlock new levels of success. The company’s innovative solutions can help small and medium-sized enterprises better leverage social platforms to build their own stories in the rapidly changing Internet era, use online applications to improve efficiency and engage new customers, and use optimized supply chain services to produce better products and services, helping these companies grow bigger and faster.

    Participants in the Solicitation

    Xpand Boom Technology Inc., Rising Dragon Acquisition Corp., and their respective directors, executive officers and employees and other persons may be deemed to be participants in the solicitation of proxies from the holders of RDAC ordinary shares in respect of the proposed Transaction. Information about RDAC’s directors and executive officers and their ownership of RDAC’s ordinary shares is currently set forth in RDAC’s prospectus related to its initial public offering dated October 11, 2024, as modified or supplemented by any Form 10-K, Form 3 or Form 4 filed with the SEC since the date of such filing. Other information regarding the interests of the participants in the proxy solicitation will be included in a registration statement on Form F-4 (as may be amended from time to time) that will include a proxy statement and a registration statement/preliminary prospectus (the “Registration Statement”) pertaining to the proposed Transaction when it becomes available. These documents can be obtained free of charge from the sources indicated below.

    No Offer or Solicitation

    This press release is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the Transaction and does not constitute an offer to sell or the solicitation of an offer to buy any securities of RDAC or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of the Securities Act of 1933, as amended.

    Important Information about the Proposed Business Combination and Where to Find It

    In connection with the Transaction, Xpand Boom Technology will file relevant materials with the SEC, including the Registration Statement. Promptly after the Registration Statement is declared effective, the proxy statement/prospectus will be sent to all RDAC shareholders entitled to vote at the special meeting relating to the Transaction. Before making any voting decision, securities holders of RDAC are urged to read the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC in connection with the Transaction as they become available because they will contain important information about the Transaction and the parties to the Transaction.

    Stockholders will also be able to obtain copies of the preliminary proxy statement/prospectus, the definitive proxy statement/prospectus, and other documents filed or that will be filed with the SEC through RDAC through the website maintained by the SEC at www.sec.gov, or by directing a request to the contacts mentioned below.

    Wenyi Shen
    Chief Financial Officer
    Rising Dragon Acquisition Corp.
    Email: woody.shen@hywincapital.cn

    Zhiguo Sun
    HZJL Cayman Limited
    Investor Relations Officer
    Email: ir@xpandboom.com

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. RDAC’s and HZJL’s actual results may differ from their expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, RDAC’s and HZJL’s expectations with respect to future performance and anticipated financial impacts of the Business Combination, the satisfaction of the closing conditions to the Business Combination and the timing of the completion of the Business Combination. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside the control of RDAC or HZJL and are difficult to predict. Factors that may cause such differences include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement relating to the proposed Business Combination; (2) the outcome of any legal proceedings that may be instituted against RDAC or HZJL following the announcement of the Merger Agreement and the transactions contemplated therein; (3) the inability to complete the Business Combination, including due to failure to obtain approval of the shareholders of RDAC or other conditions to closing in the Merger Agreement; (4) delays in obtaining or the inability to obtain necessary regulatory approvals (including approval from PRC regulators) required to complete the transactions contemplated by the Merger Agreement; (5) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement or could otherwise cause the transaction to fail to close; (6) the inability to obtain or maintain the listing of the post-acquisition company’s ordinary shares on Nasdaq following the Business Combination; (7) the risk that the Business Combination disrupts current plans and operations as a result of the announcement and consummation of the Business Combination; (8) the ability to recognize the anticipated benefits of the Business Combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably and retain its key employees; (9) costs related to the Business Combination; (10) changes in applicable laws or regulations; (11) the possibility that HZJL or the combined company may be adversely affected by other economic, business, and/or competitive factors; and (12) other risks and uncertainties to be identified in the Registration Statement filed by RDAC and Xpand Boom Technology (when available) relating to the Business Combination, including those under “Risk Factors” therein, and in other filings with the SEC made by RDAC and HZJL. RDAC and HZJL caution that the foregoing list of factors is not exclusive. RDAC and HZJL caution readers not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Neither RDAC or HZJL undertakes or accepts any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based, subject to applicable law. The information contained in any website referenced herein is not, and shall not be deemed to be, part of or incorporated into this press release.

    The MIL Network

  • MIL-OSI: Diginex Limited Announces Underwriters’ Full Exercise of Over-Allotment Option

    Source: GlobeNewswire (MIL-OSI)

    HONG KONG, Jan. 27, 2025 (GLOBE NEWSWIRE) — Diginex Limited (“Diginex Limited” or the “Company”), incorporated in the Cayman Islands, is an impact technology business that helps organizations to address the some of the most pressing Environmental, Social and Governance (“ESG”), climate and sustainability issues, utilizing blockchain, machine learning and data analysis technology to lead change and increase transparency in corporate social responsibility and climate action, today announced that on January 27, 2025, the underwriters of its previously announced initial public offering (the “Offering”) have exercised their over-allotment option (the “Over-Allotment Option”) in full and purchased an additional 337,500 ordinary shares of the Company at the public offering price of $4.10 per share, resulting in additional gross proceeds of $1.38 million. After giving effect to the full exercise of the Over-Allotment Option, the total number of ordinary shares sold by the Company in the Offering increased to 2,587,500 ordinary shares and the gross proceeds increased to $10.61 million, before deducting underwriting discounts and other related expenses. The Company’s ordinary shares began trading on the Nasdaq Capital Market under the symbol “DGNX” on January 22, 2025.

    The Offering was conducted on a firm commitment basis. The Company intends to use the proceeds from the Offering for working capital and general corporate purposes.

    Dominari Securities, LLC acted as the representative of the underwriters to the Offering, and Revere Securities LLC was a co-underwriter. Loeb & Loeb LLP acted as U.S. and Hong Kong counsel to the Company, and Robinson & Cole LLP acted as U.S. counsel to Dominari Securities LLC and Revere Securities LLC in connection with this Offering.

    A registration statement on Form F-1 (File No. 333-282027) was filed with the Securities and Exchange Commission (“SEC”) and was declared effective by the SEC on December 20, 2024. A final prospectus relating to the Offering was filed with the SEC on January 23, 2025 and available on the SEC’s website at www.sec.gov. Electronic copies of the final prospectus relating to this Offering may be obtained from Dominari Securities LLC, 725 5th Ave, 23rd Floor, New York, NY 10022, Telephone: (212) 393-4500; Email: investmentbanking@dominarisecurities.com.

    Before you invest, you should read the registration statement (including the post-effective amendment) and the preliminary prospectus contained therein, the final prospectus and other documents the Company has filed or will file with the SEC for more complete information about the Company and the Offering. This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Diginex Limited

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

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

    Forward-Looking Statements

    Certain statements in this announcement are forward-looking statements, including, but not limited to, the Company’s Offering and the use of proceeds. 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, including the expectation that the Offering will be successfully completed. Investors can identify these forward-looking statements by words or phrases such as “approximates,” “believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “plans,” “will,” “would,” “should,” “could,” “may” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC.

    For investor and media inquiries, please contact:

    Diginex
    Investor Relations
    Email: ir@diginex.com

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

    The MIL Network

  • MIL-OSI: Preferred Bank Reports Fourth Quarter and Annual Results

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Jan. 27, 2025 (GLOBE NEWSWIRE) — Preferred Bank (NASDAQ: PFBC), one of the larger independent California banks, today reported results for the quarter ended December 31, 2024. Preferred Bank (“the Bank”) reported net income of $30.2 million or $2.25 per diluted share for the fourth quarter of 2024. This represents a decrease in net income of $3.2 million from the prior quarter and a decrease of $5.6 from the same quarter last year. The decrease compared to both periods was mainly due to a one-time $8.1 million increase in occupancy expense this quarter due to the previously disclosed error in the calculation of ASC 842, Accounting for Leases. As previously disclosed, this calculation error goes back to the adoption of ASC 842 in 2019 and the $8.1 million item represents the cumulative erroneous calculation through the years from 2019 to present.

    Net interest income was $69.2 million, up by $325,000 compared to last quarter’s $68.8 million and down slightly from the $69.4 million recorded one year ago. Noninterest expense was $28.2 million, an increase of $6.2 million from the previous quarter and an increase of $10.4 million over the same quarter last year. These increases were due to the aforementioned non-recurring occupancy expense item. The provision for credit losses was $2.0 million this quarter compared to $3.2 million last quarter and compared to $3.5 million this quarter last year. Despite the non-recurring expense item, Preferred Bank continues to deliver top-of-peer group profitability metrics and long term shareholder returns.

    Highlights for the Quarter:

    • Return on average assets was 1.74%
    • Return on beginning equity of 16.03%
    • Net interest margin (NIM) held strong at 4.06%
    • Total loans increased by $71 million or 1.3%
    • Efficiency ratio was 38.8%

    Highlights for the Year:

    • Return on average assets was 1.91%
    • Return on beginning equity of 18.80%
    • The NIM was 4.08%
    • Total loans increased by $369 million or 7.0%
    • Efficiency ratio was 31.47%

    Li Yu, Chairman and CEO, commented, “We completed the year 2024 with net income of $130.7 million or $9.64 per diluted share. Return on assets was 1.91% for the year and return on beginning equity was 18.8%, which should be well above peer group and the industry average.

    ”Fourth quarter net income of $30.2 million or $2.25 per diluted share was negatively impacted by a correction to our lease expense of $8.1 million. This correction was previously announced and is non-recurring in nature. The after-tax effect of this item was approximately $0.42.

    “Under a high interest rate and high inflation environment, Preferred Bank’s loan growth and deposit growth were less than our historical performance. 2024 loan growth of 7.0% and deposit growth of 3.6% were still in- line with industry averages.

    “At December 31, 2024, our credit metrics improved from September 30, 2024. Non-performing loans decreased by $10.0 million or 52% and criticized loans decreased by $76.7 million or 32.6%. The Bank’s allowance for credit losses to total loans was 1.27% as of December 31, 2024.

    “The recent wildfires in the Los Angeles area have wrought unprecedented damage to our community. We at Preferred Bank will be dedicated to making the utmost effort to help rebuild the homes and businesses lost in this tragedy. At this time, the Bank has confirmed the existence of one property that secures a commercial loan which was affected by the fires but we can confirm the property had the appropriate insurance. We are most grateful that none of our residential home mortgage borrowers have been affected and that none of our employees have been directly impacted.

    “In December, our Board of Directors announced an increase in the quarterly dividend from $0.70 per quarter to $0.75 per quarter, the first of which is payable in January of 2025. For the year, we also repurchased 464,314 shares of our common stock for total consideration of $34.3 million. At December 31, 2024, the Bank’s tier 1 leverage ratio improved to 11.33% from 10.85% as of December 31, 2023. Tangible book value per common share increased from $50.54 at the end of 2023 to $57.86 as of December 31, 2024, a 13.1% increase.

    “We look forward to continue our consistently strong financial performance into 2025.”

    Results of Operations – Quarter

    Net Interest Income and Net Interest Margin. Net interest income before provision for credit losses was $69.2 million for the fourth quarter of 2024. This was a $325,000 increase from the $68.8 million recorded in the prior quarter and a $223,000 decrease from the same quarter last year. Compared to the prior quarter, interest income was down by $3.6 million but interest expense also decreased by $3.9 million. In comparison to the same quarter last year, interest income increased by $894,000 but interest expense increased by $1.1 million. The Bank’s net interest margin came in at 4.06% for the quarter, this is down slightly from the 4.10% recorded last quarter and was down by 18 basis points from the 4.24% margin achieved in the fourth quarter of the prior year. Management believes that efforts to reduce the Bank’s asset sensitivity have been largely effective as the margin has held up much better than originally anticipated when the first rate cut occurred in September of 2024.

    Noninterest Income. For the fourth quarter of 2024, noninterest income was $3.6 million compared with $2.1 million for the same quarter last year and compared to $3.5 million for the third quarter of 2024. The increase over the prior quarter was primarily due to other income and fees which increased by $131,000. In comparing to the same quarter last year, letter of credit (LC) fee income was up by $491,000 and last year the Bank recorded a loss on sale of investment securities of $929,000. Finally, other income was up by $303,000 over last year.

    Noninterest Expense. Total noninterest expense was $28.2 million for the fourth quarter of 2024 compared to $22.1 million for the third quarter of 2024 and compared to the $17.9 million recorded in the same period last year. The primary reason for the increase over the prior year and over the prior quarter was the $8.1 million occupancy expense adjustment related to accounting pronouncement ASC 842 mentioned earlier. In comparing to the prior quarter; personnel expense was down by $246,000, business development expense was up by $99,000 and OREO expense was lower by $1.8 million due to a $1.6 million valuation allowance recorded last quarter. In comparing to same quarter last year; personnel expense was up by $1.2 million due to additional personnel, professional services was up by $251,000 and other expense was up by $360,000.   For the quarter ended December 31, 2024, the Bank’s efficiency ratio was 38.8%, higher than the 30.6% posted last quarter and higher than the 25.0% posted this quarter last year.

    Income Taxes. The Bank recorded a provision for income taxes of $12.3 million for the fourth quarter of 2024. This represents an effective tax rate (“ETR”) of 29.0% which is identical to the ETR for last quarter and up from the 28.5% ETR recorded in the same period last year. The Bank’s ETR will fluctuate slightly from quarter to quarter within a fairly small range due to the timing of taxable events throughout the year.

    Balance Sheet Summary

    Total gross loans at December 31, 2024 were $5.64 billion, an increase of $369 million from the total of $5.27 billion as of December 31, 2023. Total deposits were $5.92 billion, an increase of $207.5 million from the $5.71 billion as of December 31, 2023. Total assets were $6.92 billion, an increase of $264.2 million over the total of $6.66 billion as of December 31, 2023.

    Results of Operations – Year

    The Bank’s net income for the year ended December 31, 2024 was $130.7 million or $9.64 per diluted share. This is down from $150.0 million or $10.52 per diluted share for 2023. The decrease was due to net interest income which was down by $16.7 million as well as noninterest expense which increased by $13.4 million. This was partially offset by noninterest income which increased in 2024 by $6.5 million over 2023. Despite this decline, the Bank’s earnings metrics still remain top-of-class as ROA was 1.91%, ROBE was 18.8% and the Bank’s efficiency ratio was 31.5%. Also, during 2024 the Bank repurchased 464,314 shares at an average price of $73.76 which contributed approximately $0.17 per diluted share for 2024.

    Asset Quality

    Non-accrual loans and loans 90 days past due and still accruing totaled $9.4 million as of December 31, 2024, a decrease of $10.0 million from $19.4 million on September 30, 2024 and a decrease of $19.3 million from the $28.7 million in nonperforming loans as of December 31, 2023. Total net charge-offs for the quarter were $6.6 million and all were previously fully reserved.

    Total criticized loans decreased to $158.1 million from $234.8 million last quarter. The Bank expects to upgrade a number of the remaining credits in this cohort once more collateral is in place.

    Allowance for Credit Losses

    The provision for credit losses for the fourth quarter of 2024 was $2.0 million compared to $3.2 million last quarter and compared to $3.5 million in the same quarter last year.   The Bank’s allowance coverage ratio declined to 1.27% of loans as compared to 1.36% in the prior quarter.

    Capitalization

    As of December 31, 2024, the Bank’s leverage ratio was 11.33%, the common equity tier 1 capital ratio was 11.80% and the total capital ratio stood at 15.11%. As of December 31, 2023, the Bank’s leverage ratio was 10.85%, the common equity tier 1 ratio was 11.57% and the total capital ratio was 15.18%.

    Conference Call and Webcast

    A conference call with simultaneous webcast to discuss Preferred Bank’s fourth quarter 2024 financial results will be held tomorrow, January 28, 2025 at 2:00 p.m. Eastern / 11:00 a.m. Pacific. Interested participants and investors may access the conference call by dialing 844-826-3037 (domestic) or 412-317-5182 (international) and referencing “Preferred Bank.” There will also be a live webcast of the call available at the Investor Relations section of Preferred Bank’s website at www.preferredbank.com.

    Preferred Bank’s Chairman and CEO Li Yu, President and Chief Operating Officer Wellington Chen, Chief Financial Officer Edward J. Czajka, Chief Credit Officer Nick Pi and Deputy Chief Operating Officer Johnny Hsu will discuss Preferred Bank’s financial results, business highlights and outlook. After the live webcast, a replay will be available at the Investor Relations section of Preferred Bank’s website. A replay of the call will also be available at 877-344-7529 (domestic) or 412-317-0088 (international) through February 11, 2025; the passcode is 6335378.

    About Preferred Bank

    Preferred Bank is one of the larger independent commercial banks headquartered in California. The Bank is chartered by the State of California, and its deposits are insured by the Federal Deposit Insurance Corporation, or FDIC, to the maximum extent permitted by law. The Bank conducts its banking business from its main office in Los Angeles, California, and through twelve full-service branch banking offices in California (Alhambra, Century City, City of Industry, Torrance, Arcadia, Irvine (2), Diamond Bar, Pico Rivera, Tarzana and San Francisco (2)), one branch in Flushing, New York and a branch office in the Houston, Texas suburb of Sugar Land. In addition, the Bank also operates a loan production office in Sunnyvale, California. Preferred Bank offers a broad range of deposit and loan products and services to both commercial and consumer customers. The Bank provides personalized deposit services as well as real estate finance, commercial loans and trade finance to small and mid-sized businesses, entrepreneurs, real estate developers, professionals and high net worth individuals. Although originally founded as a Chinese-American Bank, Preferred Bank now derives most of its customers from the diversified mainstream market but does continue to benefit from the significant migration to California of ethnic Chinese from China and other areas of East Asia.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about the Bank’s future financial and operating results, the Bank’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of the Bank’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: changes in economic conditions; changes in the California real estate market; the loss of senior management and other employees; natural disasters or recurring energy shortage; changes in interest rates; competition from other financial services companies; ineffective underwriting practices; inadequate allowance for loan and lease losses to cover actual losses; risks inherent in construction lending; adverse economic conditions in Asia; downturn in international trade; inability to attract deposits; inability to raise additional capital when needed or on favorable terms; inability to manage growth; inadequate communications, information, operating and financial control systems, technology from fourth party service providers; the U.S. government’s monetary policies; government regulation; environmental liability with respect to properties to which the bank takes title; and the threat of terrorism. Additional factors that could cause the Bank’s results to differ materially from those described in the forward-looking statements can be found in the Bank’s 2023 Annual Report on Form 10-K filed with the Federal Deposit Insurance Corporation which can be found on Preferred Bank’s website. The forward-looking statements in this press release speak only as of the date of the press release, and the Bank assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contained in the forward-looking statements. For additional information about Preferred Bank, please visit the Bank’s website at www.preferredbank.com.

    Financial Tables to Follow

     
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Quarter Ended
      December 31,   September 30,   December 31,
      2024   2024   2023
    Interest income:          
    Loans, including fees $ 111,596     $ 114,112     $ 107,709  
    Investment securities   14,013       15,032       16,973  
    Fed funds sold   249       280       282  
    Total interest income   125,858       129,424       124,964  
               
    Interest expense:          
    Interest-bearing demand   18,245       23,211       21,716  
    Savings   85       84       72  
    Time certificates   37,030       35,956       32,455  
    Subordinated debt   1,325       1,325       1,325  
    Total interest expense   56,685       60,576       55,568  
    Net interest income   69,173       68,848       69,396  
    Provision for credit losses   2,000       3,200       3,500  
    Net interest income after provision for credit losses   67,173       65,648       65,896  
               
    Noninterest income:          
    Fees & service charges on deposit accounts   761       747       857  
    Letters of credit fee income   1,977       1,959       1,486  
    BOLI income   102       108       105  
    Net loss on called and sale of investment securities               (929 )
    Net gain on sale of loans   112       91       205  
    Other income   685       554       382  
    Total noninterest income   3,637       3,459       2,106  
               
    Noninterest expense:          
    Salary and employee benefits   13,279       13,525       12,058  
    Net occupancy expense   10,110       1,883       1,536  
    Business development and promotion expense   340       241       239  
    Professional services   1,606       1,816       1,355  
    Office supplies and equipment expense   396       435       391  
    OREO valuation allowance and related expense   155       1,915       294  
    Other   2,360       2,274       2,000  
    Total noninterest expense   28,246       22,089       17,873  
    Income before provision for income taxes   42,564       47,018       50,129  
    Income tax expense   12,343       13,635       14,290  
    Net income $ 30,221     $ 33,383     $ 35,839  
               
    Income per share available to common shareholders          
    Basic $ 2.29     $ 2.50     $ 2.63  
    Diluted $ 2.25     $ 2.46     $ 2.60  
               
    Weighted-average common shares outstanding          
    Basic   13,190,696       13,327,848       13,617,225  
    Diluted   13,442,294       13,544,273       13,804,315  
               
    Cash dividends per common share $ 0.75     $ 0.70     $ 0.70  
               
    PREFERRED BANK
    Condensed Consolidated Statements of Operations
    (unaudited)
    (in thousands, except for net income per share and shares)
               
      For the Twelve Months Ended    
      December 31,   December 31,   Change
      2024   2023   %
    Interest income:          
    Loans, including fees $ 445,139     $ 412,505       7.9 %
    Investment securities   62,854       64,427       -2.4 %
    Fed funds sold   1,103       1,056       4.5 %
    Total interest income   509,096       477,988       6.5 %
               
    Interest expense:          
    Interest-bearing demand   87,951       75,417       16.6 %
    Savings   323       225       43.5 %
    Time certificates   142,894       103,853       37.6 %
    FHLB borrowings   0       3,819       -100.0 %
    Subordinated debt   5,300       5,300       0.0 %
    Total interest expense   236,468       188,614       25.4 %
    Net interest income   272,628       289,374       -5.8 %
    Provision for credit losses   12,100       10,000       21.0 %
    Net interest income after provision for credit losses   260,528       279,374       -6.7 %
               
    Noninterest income:          
    Fees & service charges on deposit accounts   3,172       3,333       -4.8 %
    Letters of credit fee income   7,188       5,798       24.0 %
    BOLI income   420       412       2.1 %
    Net loss on called and sale of investment securities         (5,046 )     -100.0 %
    Net gain on sale of loans   659       752       -12.4 %
    Other income   2,126       1,864       14.0 %
    Total noninterest income   13,565       7,113       90.7 %
               
    Noninterest expense:          
    Salary and employee benefits   53,648       51,314       4.5 %
    Net occupancy expense   15,420       6,049       154.9 %
    Business development and promotion expense   1,250       737       69.6 %
    Professional services   6,711       5,270       27.3 %
    Office supplies and equipment expense   1,781       1,588       12.2 %
    OREO valuation allowance and related expense   2,234       3,344       -33.2 %
    Other   9,016       8,332       8.2 %
    Total noninterest expense   90,060       76,634       17.5 %
    Income before provision for income taxes   184,033       209,853       -12.3 %
    Income tax expense   53,371       59,813       -10.8 %
    Net income $ 130,662     $ 150,040       -12.9 %
               
    Income per share available to common shareholders          
    Basic $ 9.79     $ 10.64       -8.0 %
    Diluted $ 9.64     $ 10.52       -8.4 %
               
    Weighted-average common shares outstanding          
    Basic   13,347,004       14,095,745       -5.3 %
    Diluted   13,554,266       14,261,644       -5.0 %
               
    Dividends per share $ 2.85     $ 2.35       21.3 %
               
    PREFERRED BANK
    Condensed Consolidated Statements of Financial Condition
    (unaudited)
    (in thousands)
           
      December 31,   December 31,
      2024   2023
      (Unaudited)   (Audited)
    Assets      
    Cash and due from banks $ 765,515     $ 890,852  
    Fed funds sold   20,000       20,000  
    Cash and cash equivalents   785,515       910,852  
           
    Securities held-to-maturity, at amortized cost   20,021       21,171  
    Securities available-for-sale, at fair value   348,706       313,842  
           
    Loans held for sale, at lower of cost or fair value   2,214       360  
           
    Loans   5,640,615       5,273,498  
    Less allowance for credit losses   (71,477 )     (78,355 )
    Less amortized deferred loan fees, net   (9,234 )     (11,079 )
    Loans, net   5,559,904       5,184,064  
           
    Other real estate owned and repossessed assets   14,991       16,716  
    Customers’ liability on acceptances         315  
    Bank furniture and fixtures, net   8,462       9,694  
    Bank-owned life insurance   10,433       10,632  
    Accrued interest receivable   33,561       33,892  
    Investment in affordable housing partnerships   58,346       65,276  
    Federal Home Loan Bank stock, at cost   15,000       15,000  
    Deferred tax assets   47,316       48,991  
    Income tax receivable   2,281       2,391  
    Operating lease right-of-use assets   13,182       22,050  
    Other assets   3,497       4,030  
    Total assets $ 6,923,429     $ 6,659,276  
           
    Liabilities and Shareholders’ Equity      
    Deposits:      
    Noninterest bearing demand deposits $ 704,859     $ 786,995  
    Interest bearing deposits:   2,026,965       2,075,156  
    Savings   30,150       29,167  
    Time certificates of $250,000 or more   1,477,931       1,317,862  
    Other time certificates   1,676,943       1,500,162  
    Total deposits   5,916,848       5,709,342  
           
    Acceptances outstanding         315  
    Subordinated debt issuance, net   148,469       148,232  
    Commitments to fund investment in affordable housing partnerships   21,623       30,824  
    Operating lease liabilities   16,990       19,766  
    Accrued interest payable   16,517       16,124  
    Other liabilities   39,830       39,568  
    Total liabilities   6,160,277       5,964,171  
           
    Shareholders’ equity   763,152       695,105  
    Total liabilities and shareholders’ equity   6,923,429       6,659,276  
           
    Book value per common share $ 57.86     $ 50.54  
    Number of common shares outstanding   13,188,776       13,753,246  
                   
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
               
      For the Quarter Ended
      December 31, September 30, June 30, March 31, December 31,
      2024 2024 2024 2024 2023
    Unaudited historical quarterly operations data:          
    Interest income $ 125,858   $ 129,424   $ 127,294   $ 126,520   $ 124,964  
    Interest expense   56,685     60,576     61,187     58,020     55,568  
    Interest income before provision for credit losses   69,173     68,848     66,107     68,500     69,396  
    Provision for credit losses   2,000     3,200     2,500     4,400     3,500  
    Noninterest income   3,637     3,459     3,404     3,065     2,106  
    Noninterest expense   28,246     22,089     19,697     20,028     17,873  
    Income tax expense   12,343     13,635     13,722     13,671     14,290  
    Net income $ 30,221   $ 33,383   $ 33,592   $ 33,466   $ 35,839  
               
    Earnings per share          
    Basic $ 2.29   $ 2.50   $ 2.51   $ 2.48   $ 2.63  
    Diluted $ 2.25   $ 2.46   $ 2.48   $ 2.44   $ 2.60  
               
    Ratios for the period:          
    Return on average assets   1.74 %   1.95 %   1.97 %   2.00 %   2.15 %
    Return on beginning equity   16.03 %   18.37 %   19.44 %   19.36 %   21.21 %
    Net interest margin (Fully-taxable equivalent)   4.06 %   4.10 %   3.96 %   4.19 %   4.24 %
    Noninterest expense to average assets   1.62 %   1.29 %   1.15 %   1.20 %   1.07 %
    Efficiency ratio   38.79 %   30.55 %   28.34 %   27.99 %   25.00 %
    Net charge-offs to average loans (annualized)   0.47 %   -0.00 %   0.68 %   0.26 %   -0.00 %
               
    Ratios as of period end:          
    Tangible common equity ratio   11.02 %   10.92 %   10.55 %   10.35 %   10.43 %
    Tier 1 leverage capital ratio   11.33 %   11.28 %   10.89 %   10.80 %   10.85 %
    Common equity tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Tier 1 risk-based capital ratio   11.80 %   11.66 %   11.52 %   11.50 %   11.57 %
    Total risk-based capital ratio   15.11 %   15.06 %   14.93 %   15.08 %   15.18 %
    Allowances for credit losses to loans at end of period   1.27 %   1.36 %   1.34 %   1.49 %   1.49 %
    Allowance for credit losses to non-performing loans   7.64 x   3.92 x   1.79 x   4.33 x   2.73 x
               
    Average balances:          
    Total securities $ 350,732   $ 356,590   $ 353,357   $ 348,961   $ 349,863  
    Total loans   5,542,558     5,458,613     5,320,360     5,263,562     5,126,918  
    Total earning assets   6,788,487     6,684,766     6,728,498     6,585,853     6,499,469  
    Total assets   6,920,325     6,817,979     6,863,829     6,718,018     6,627,349  
    Total time certificate of deposits   3,144,523     2,874,985     2,884,259     2,852,860     2,767,385  
    Total interest bearing deposits   5,220,655     5,124,245     5,203,034     5,004,834     4,906,947  
    Total deposits   5,905,127     5,828,227     5,901,976     5,761,488     5,689,713  
    Total interest bearing liabilities   5,369,092     5,272,617     5,351,347     5,153,089     5,055,143  
    Total equity   760,345     747,222     715,190     704,996     683,141  
               
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
           
      For the Twelve Months Ended
      December 31,   December 31,
      2024   2023
           
    Interest income $ 509,096     $ 477,988  
    Interest expense   236,468       188,614  
    Interest income before provision for credit losses   272,628       289,374  
    Provision for credit losses   12,100       10,000  
    Noninterest income   13,565       7,113  
    Noninterest expense   90,060       76,634  
    Income tax expense   53,371       59,813  
    Net income $ 130,662     $ 150,040  
           
    Earnings per share      
    Basic $ 9.79     $ 10.64  
    Diluted $ 9.64     $ 10.52  
           
    Ratios for the period:      
    Return on average assets   1.91 %     2.28 %
    Return on beginning equity   18.80 %     23.80 %
    Net interest margin (Fully-taxable equivalent)   4.08 %     4.49 %
    Noninterest expense to average assets   1.32 %     1.17 %
    Efficiency ratio   31.47 %     25.85 %
    Net charge-off to average loans   0.35 %     0.00 %
           
    Average balances:      
    Total securities $ 352,416     $ 389,584  
    Total loans   5,396,844       5,068,486  
    Total earning assets   6,697,118       5,067,870  
    Total assets   6,830,252       6,452,661  
    Total time certificate of deposits   2,939,543       6,577,690  
    Total interest bearing deposits   5,849,300       2,570,706  
    Total deposits   5,849,300       4,678,893  
    Total interest bearing liabilities   5,849,300       5,577,155  
    Total equity   732,058       4,902,616  
           
    PREFERRED BANK
    Selected Consolidated Financial Information
    (unaudited)
    (in thousands, except for ratios)
                             
            As of
            December 31,   September 30,   June 30,   March 31,   December 31,
            2024   2024   2024   2024   2023
    Unaudited quarterly statement of financial position data:                  
    Assets:                  
      Cash and cash equivalents $ 785,515     $ 804,994     $ 917,677     $ 936,600     $ 910,852  
      Securities held-to-maturity, at amortized cost   20,021       20,311       20,605       20,904       21,171  
      Securities available-for-sale, at fair value   348,706       337,363       331,909       333,411       313,842  
      Loans:                  
        Real estate – Mortgage:                  
          Real estate—Residential $ 790,069     $ 753,453     $ 732,251     $ 724,101     $ 688,058  
          Real estate—Commercial   2,840,771       2,882,506       2,833,430       2,777,608       2,760,761  
          Total Real Estate – Mortgage   3,630,840       3,635,959       3,565,681       3,501,709       3,448,819  
        Real estate – Construction:                  
          R/E Construction — Residential   296,580       274,214       238,062       236,596       246,201  
          R/E Construction — Commercial   287,185       290,308       247,582       213,727       179,775  
          Total real estate construction loans   583,765       564,522       485,644       450,323       425,976  
        Commercial and industrial   1,418,930       1,365,550       1,371,694       1,369,529       1,394,871  
        SBA   6,833       5,424       5,463       3,914       3,469  
        Consumer and others   247       124       118       379       363  
          Gross loans   5,640,615       5,571,579       5,428,600       5,325,854       5,273,498  
      Allowance for credit losses on loans   (71,477 )     (76,051 )     (72,848 )     (79,311 )     (78,355 )
      Net deferred loan fees   (9,234 )     (10,414 )     (10,502 )     (10,460 )     (11,079 )
        Net loans, excluding loans held for sale $ 5,559,904     $ 5,485,114     $ 5,345,250     $ 5,236,083     $ 5,184,064  
      Loans held for sale $ 2,214     $ 225     $ 955     $ 605     $ 360  
        Net loans $ 5,562,118     $ 5,485,339     $ 5,346,205     $ 5,236,688     $ 5,184,424  
                             
      Other real estate owned and repossessed assets $ 14,991     $ 15,082     $ 16,716     $ 16,716     $ 16,716  
      Investment in affordable housing partnerships   58,346       58,009       60,432       62,854       65,276  
      Federal Home Loan Bank stock, at cost   15,000       15,000       15,000       15,000       15,000  
      Other assets   118,732       136,246       138,036       134,040       131,995  
        Total assets $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    Liabilities:                  
      Deposits:                  
        Demand $ 704,859     $ 682,859     $ 675,767     $ 709,767     $ 786,995  
        Interest bearing demand   2,026,965       1,994,288       2,326,214       2,159,948       2,075,156  
        Savings   30,150       29,793       28,251       29,261       29,167  
        Time certificates of $250,000 or more   1,477,931       1,478,500       1,406,149       1,349,927       1,317,862  
        Other time certificates   1,676,943       1,682,324       1,442,381       1,552,805       1,500,162  
        Total deposits $ 5,916,848     $ 5,867,764     $ 5,878,762     $ 5,801,708     $ 5,709,342  
                             
      Acceptances outstanding $     $     $     $     $ 315  
      Subordinated debt issuance, net   148,469       148,410       148,351       148,292       148,232  
      Commitments to fund investment in affordable housing partnerships   21,623       23,617       27,946       29,647       30,824  
      Other liabilities   73,337       82,436       68,394       77,008       75,458  
        Total liabilities $ 6,160,277     $ 6,122,227     $ 6,123,453     $ 6,056,655     $ 5,964,171  
                             
    Equity:                    
      Net common stock, no par value $ 105,501     $ 109,928     $ 113,509     $ 115,915     $ 134,534  
      Retained earnings   685,108       664,808       640,675       616,417       592,325  
      Accumulated other comprehensive income   (27,457 )     (24,619 )     (31,057 )     (32,774 )     (31,754 )
        Total shareholders’ equity $ 763,152     $ 750,117     $ 723,127     $ 699,558     $ 695,105  
        Total liabilities and shareholders’ equity $ 6,923,429     $ 6,872,344     $ 6,846,580     $ 6,756,213     $ 6,659,276  
                             
    PREFERRED BANK
    Quarter-to-Date Average Balances, Yield and Rates
    (unaudited)
                           
                       
      Three months ended December 31,   Three months ended September 30,   Three months ended December 31,
      2024   2024   2023
        Interest Average     Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:                      
    Loans (1,2) $ 5,543,215   $ 111,596     8.01 %   $ 5,459,842   $ 114,112     8.31 %   $ 5,127,935   $ 107,709     8.33 %
    Investment securities (3)   350,732     3,566     4.04 %     356,590     3,610     4.03 %     349,863     3,335     3.78 %
    Federal funds sold   20,172     249     4.91 %     20,164     280     5.52 %     20,028     282     5.58 %
    Other earning assets   874,368     10,546     4.80 %     848,170     11,521     5.40 %     1,001,643     13,739     5.44 %
    Total interest earning assets   6,788,487     125,957     7.38 %     6,684,766     129,523     7.71 %     6,499,469     125,065     7.63 %
    Deferred loan fees, net   (9,808 )         (10,248 )         (10,421 )    
    Allowance for credit losses on loans   (75,474 )         (72,899 )         (74,965 )    
    Noninterest earning assets:                      
    Cash and due from banks   10,626           10,826           12,376      
    Bank furniture and fixtures   8,866           9,419           9,243      
    Right of use assets   28,570           22,496           20,338      
    Other assets   169,058           173,619           171,309      
    Total assets $ 6,920,325         $ 6,817,979         $ 6,627,349      
                           
    LIABILITIES AND SHAREHOLDERS’ EQUITY                      
    Interest bearing liabilities:                      
    Deposits:                      
    Interest bearing demand and savings $ 2,076,132   $ 18,330     3.51 %   $ 2,249,260   $ 23,295     4.12 %   $ 2,139,562   $ 21,788     4.04 %
    TCD $250K or more   1,481,219     17,514     4.70 %     1,412,073     17,866     5.03 %     1,294,531     15,600     4.78 %
    Other time certificates   1,663,304     19,516     4.67 %     1,462,912     18,090     4.92 %     1,472,854     16,855     4.54 %
    Total interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Short-term borrowings   3     0     3.31 %             0.00 %     2     0     6.08 %
    Subordinated debt, net   148,434     1,325     3.55 %     148,372     1,325     3.55 %     148,194     1,325     3.55 %
    Total interest bearing liabilities   5,369,092     56,685     4.20 %     5,272,617     60,576     4.57 %     5,055,143     55,568     4.36 %
    Noninterest bearing liabilities:                      
    Demand deposits   684,472           703,982           782,766      
    Lease liability   25,486           18,882           18,179      
    Other liabilities   80,930           75,276           88,120      
    Total liabilities   6,159,980           6,070,757           5,944,208      
    Shareholders’ equity   760,345           747,222           683,141      
    Total liabilities and shareholders’ equity $ 6,920,325         $ 6,817,979         $ 6,627,349      
    Net interest income   $ 69,272         $ 68,947         $ 69,497    
    Net interest spread       3.18 %         3.14 %         3.27 %
    Net interest margin       4.06 %         4.10 %         4.24 %
                           
    Cost of Deposits:                      
    Noninterest bearing demand deposits $ 684,472         $ 703,982         $ 782,766      
    Interest bearing deposits   5,220,655     55,360     4.22 %     5,124,245     59,251     4.60 %     4,906,947     54,243     4.39 %
    Total Deposits $ 5,905,127   $ 55,360     3.73 %   $ 5,828,227   $ 59,251     4.04 %   $ 5,689,713   $ 54,243     3.78 %
    (1) Includes non-accrual loans and loans held for sale    
    (2) Net loan fee income of $1.2 million, $991,000, and $1.0 million for the quarter ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, are included in the yield computations  
    (3) Yields on securities have been adjusted to a tax-equivalent basis  
         
    PREFERRED BANK
    Year-to-Date Average Balances, Yield and Rates
    (unaudited)
                                           
      Twleve Months ended December 31,
      2024
      2023
        Interest Average     Interest Average
      Average Income or Yield/   Average Income or Yield/
      Balance Expense Rate   Balance Expense Rate
    ASSETS (Dollars in thousands)
    Interest earning assets:              
    Loans (1,2) $ 5,398,916   $ 445,139     8.24 %   $ 5,068,486   $ 412,505     8.14 %
    Investment securities (3)   352,416     14,257     4.05 %     389,584     14,461     3.71 %
    Federal funds sold   20,397     1,103     5.41 %     20,090     1,056     5.26 %
    Other earning assets   925,389     48,994     5.29 %     974,501     50,372     5.17 %
    Total interest earning assets   6,697,118     509,493     7.61 %     6,452,661     478,394     7.41 %
    Deferred loan fees, net   (10,301 )         (10,212 )    
    Allowance for credit losses on loans   (76,448 )         (70,992 )    
    Noninterest earning assets:              
    Cash and due from banks   10,624           11,978      
    Bank furniture and fixtures   9,537           9,010      
    Right of use assets   23,997           21,417      
    Other assets   175,725           163,828      
    Total assets $ 6,830,252         $ 6,577,690      
                   
    LIABILITIES AND SHAREHOLDERS’ EQUITY              
    Interest bearing liabilities:              
    Deposits:              
    Interest bearing demand/ savings $ 2,198,837   $ 88,274     4.01 %   $ 2,108,187   $ 75,642     3.59 %
    TCD $250K or more   1,403,663     69,176     4.93 %     1,267,859     53,200     4.20 %
    Other time certificates   1,535,880     73,718     4.80 %     1,302,847     50,653     3.89 %
    Total interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Short-term borrowings   1     0     2.50 %     1     0     3.06 %
    Advance from Federal Home Loan Bank       0     0.00 %     75,616     3,819     5.05 %
    Subordinated debt, net   148,344     5,300     3.57 %     148,106     5,300     3.58 %
    Total interest bearing liabilities   5,286,725     236,468     4.47 %     4,902,616     188,614     3.85 %
    Noninterest bearing liabilities:              
    Demand deposits   710,920           898,262      
    Lease liability   20,931           19,902      
    Other liabilities   79,618           84,449      
    Total liabilities   6,098,194           5,905,229      
    Shareholders’ equity   732,058           672,461      
    Total liabilities and shareholders’ equity $ 6,830,252         $ 6,577,690      
    Net interest income   $ 273,025         $ 289,780    
    Net interest spread       3.13 %         3.57 %
    Net interest margin       4.08 %         4.49 %
                   
    Cost of Deposits:              
    Noninterest bearing demand deposits $ 710,920         $ 898,262      
    Interest bearing deposits   5,138,380     231,168     4.50 %     4,678,893     179,495     3.84 %
    Total Deposits $ 5,849,300   $ 231,168     3.95 %   $ 5,577,155   $ 179,495     3.22 %
    (1) Includes non-accrual loans and loans held for sale  
    (2) Net loan fee income of $4.6 million and $4.2 million for the year ended December 31, 2024 and 2023, respectively, are included in the yield computations
    (3) Yields on securities have been adjusted to a tax-equivalent basis
         
    Preferred Bank
    Loan and Credit Quality Information
           
    Allowance For Credit Losses History
      Year ended
      December 31, 2024   December 31, 2023
      (Dollars in 000’s)
    Allowance For Credit Losses      
    Balance at Beginning of Period $ 78,355     $ 68,472  
    Charge-Offs      
    Commercial & Industrial   19,028       124  
    Total Charge-Offs   19,028       124  
           
    Recoveries      
    Commercial & Industrial   50       7  
    Total Recoveries   50       7  
           
    Net Charge-Offs   18,978       117  
    Provision for Credit Losses:   12,100       10,000  
    Balance at End of Period $ 71,477     $ 78,355  
           
    Average Loans Held for Investment $ 5,396,844     $ 5,067,870  
    Loans Held for Investment at End of Period $ 5,640,615     $ 5,273,498  
    Net Charge-Offs to Average Loans   0.35 %     0.00 %
    Allowances for Credit Losses to Loans at End of Period   1.27 %     1.49 %
           
    AT THE COMPANY: AT FINANCIAL PROFILES:
    Edward J. Czajka Jeffrey Haas
    Executive Vice President General Information
    Chief Financial Officer (310) 622-8240
    (213) 891-1188 PFBC@finprofiles.com
       

    The MIL Network

  • MIL-OSI: PDF Solutions to Report Fourth Quarter and Fiscal Year 2024 Financial Results on February 13, 2025

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Jan. 27, 2025 (GLOBE NEWSWIRE) — PDF Solutions, Inc. (Nasdaq: PDFS), a leading provider of comprehensive data solutions for the semiconductor ecosystem, announced that it will release fourth quarter and fiscal year 2024 financial results after the market close on Thursday, February 13, 2025. John Kibarian, CEO, and Adnan Raza, CFO, will host a live teleconference on Thursday, February 13, 2025, beginning at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern Time to discuss the results.

    To participate on the live call, analysts and investors should pre-register at:
    https://register.vevent.com/register/BI901bfd5ff82340f4be29473c242c6655.

    Registrants will receive dial-in information and a unique passcode to access the call. We encourage participants to dial-in into the call ten minutes ahead of scheduled time.

    The teleconference will also be webcast simultaneously on the Company’s website at https://ir.pdf.com/webcasts. A replay of the conference call webcast will be available after the call on the Company’s investor relations website.

    About PDF Solutions
    PDF Solutions (Nasdaq: PDFS) provides comprehensive data solutions designed to empower organizations across the semiconductor and electronics industry ecosystems to improve the yield and quality of their products and operational efficiency for increased profitability. The Company’s products and services are used by Fortune 500 companies across the semiconductor ecosystem to achieve smart manufacturing goals by connecting and controlling equipment, collecting data generated during manufacturing and test operations, and performing advanced analytics and machine learning to enable profitable, high-volume manufacturing.

    Founded in 1991, PDF Solutions is headquartered in Santa Clara, California, with operations across North America, Europe, and Asia. The Company (directly or through one or more subsidiaries) is an active member of SEMI, INEMI, TPCA, IPC, the OPC Foundation, and DMDII. For the latest news and information about PDF Solutions or to find office locations, visit https://www.pdf.com/.

    PDF Solutions and the PDF Solutions logo are trademarks or registered trademarks of PDF Solutions, Inc. or its subsidiaries.

    Company Contacts

    Adnan Raza
    Chief Financial Officer
    (408) 516-0237
    adnan.raza@pdf.com

    Sonia Segovia
    Investor Relations
    (408) 938-6491
    sonia.segovia@pdf.com

    The MIL Network

  • MIL-OSI USA: News 01/27/2025 Blackburn, Luján Introduce Bill to Safeguard U.S. Communications Networks from National Security Threats

    US Senate News:

    Source: United States Senator Marsha Blackburn (R-Tenn)
    WASHINGTON, D.C. – U.S. Senators Marsha Blackburn (R-Tenn.) and Ben Ray Luján (D-N.M.) introduced the Removing Our Unsecure Technologies to Ensure Reliability and Security (ROUTERS) Act to safeguard Americans’ communications networks from foreign-adversary controlled technology, including routers, modems, or devices that combine both:
    “Tens of millions of families and small businesses across the country use wireless routers as their primary access point to the internet,” said Senator Blackburn. “Many of these routers are susceptible to infiltration by foreign actors – including China – exposing our country to serious danger. This bill will better protect U.S. communications networks and our national security.”
    “The ROUTERS Act is a crucial step in ensuring that everyday internet devices like consumer routers and modems don’t pose a risk to our national security or consumer privacy,” said Senator Luján. “Securing our broadband infrastructure is a top priority, and we must create safeguards at every point across our systems. That is why I am proud to reintroduce this critical piece of legislation to help protect the privacy and security of millions of Americans.”

    ROUTERS ACT:

    The ROUTERS Act would require the Assistant Secretary for Communications and Information at the Department of Commerce to conduct a study of the national security risks posed by routers, modems, or other devices that are designed, developed, manufactured, or supplied by persons owned, controlled, or subject to the jurisdiction of U.S. adversaries. This includes the People’s Republic of China, Russia, Iran, North Korea, Cuba, or Venezuela.

    Click here for bill text.

    MIL OSI USA News

  • MIL-OSI USA: Readout of President Donald J. Trump’s Call with Prime Minister Modi of India

    US Senate News:

    Source: The White House
    Today, President Donald J. Trump held a productive call with Prime Minister Narendra Modi of India. The two leaders discussed expanding and deepening cooperation. They also discussed a range of regional issues, including security in the Indo-Pacific, the Middle East, and Europe. The President emphasized the importance of India increasing its procurement of American-made security equipment and moving toward a fair bilateral trading relationship. The leaders discussed plans for Prime Minister Modi to visit the White House, underscoring the strength of the friendship and strategic ties between our nations. Both leaders emphasized their commitment to advance the U.S.-India strategic partnership and the Indo-Pacific Quad partnership, with India hosting Quad Leaders for the first time later this year. 

    MIL OSI USA News