Category: Australia

MIL-OSI: Santander Chile announces Andrés Trautmann Buc as new Chief Executive Officer (CEO) and Country Head

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Jan. 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC) announces that Mr. Andrés Trautmann Buc will take over as CEO and Country Head, replacing Mr. Román Blanco Reinosa. This change will occur on July 1, 2025 and, until then, Mr. Blanco will remain as the bank’s CEO, while Mr. Trautmann will continue to lead the Executive Vice President of Santander Corporate & Investment Banking (CIB).

Mr. Trautmann, a commercial engineer from Universidad de Chile, has a distinguished career at Santander, since joining the Group in 2007. He began his career as Head of Institutional and Corporate Sales at Santander Chile. Between 2010 and 2012, he served as Head of Structured Products Sales in London for Santander UK. Between 2013 and 2018 he oversaw the Andean Zone sales for Goldman Sachs in New York. In 2018, he became the Head of Markets Santander Chile, and in 2021, he was appointed Executive Vice President of CIB at Santander Chile, a global division that supports corporate and institutional clients with high-value services, products and solutions.

Since his initial position in Markets, Mr. Trautmann has achieved significant milestones, including tripling the growth of the Sales and Trading business. At CIB, he led and promoted the expansion of products for large companies by leveraging the global capabilities of the Santander Group. Recently, he also took on the Corporate and Institutional Banking business and Santander Consumer Finance, giving him a comprehensive view of the bank’s operations. His leadership and deep knowledge of the business and markets will continue to strengthen the bank’s position in the country.

Santander thanks Román Blanco, who, in his role as CEO and Country Head, has led a successful process accelerating the transformation of the bank’s business models in Chile and its technology, strengthening the growth of Getnet and Santander Consumer Finance. Additionally, he promoted the launch of the Más Lucas and Más Lucas Joven account. Also noteworthy is the implementation of Gravity in Chile, positioning the entity as the first local bank with a banking core migrated to Cloud technologies. Among the achievements under his supervision are the implementation of specialized service models for companies, as well as the evolution of branch strategies, with Work/Café Expresso as an example.

During Mr. Blanco´s leadership, Santander has achieved an ROAE during the 4Q of 2024 of 26% and a total profit of $865 billion pesos corresponding to last year. This is reflected in the company’s high valuations, with a P/BV of 2.2x, standing out among the highest of Latin American banks and with an A2 international credit rating according to Moody’s.

It should be noted that Mr. Blanco has extensive international experience with more than 20 years within the Group. His main functions include having being Country Head in several operations such as the US, Puerto Rico and Colombia, in addition to leading the bank in the Andean region and Uruguay and having extensive experience in business management in Santander Brazil.

CONTACT INFORMATION

Cristian Vicuña
Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl
Website: www.santander.cl

Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a stable outlook.

As of December 31, 2024, the Bank has total assets of $68,458,933 million (US$68,865 million), total gross loans (including loans to banks) at amortized cost of $41,323,844 million (US$41,569 million), total deposits of $31,359,234 million (US$31,545 million) and shareholders’ equity of $4,292,440 million (US$4,318 million). The BIS capital ratio was 17.1%, with a core capital ratio of 10.5%. As of December 31, 2024, Santander Chile employs 8,757 people and has 236 branches throughout Chile.

The MIL Network –

February 1, 2025

MIL-OSI: Bank of the James Announces Fourth Quarter, Full Year of 2024 Financial Results and Declaration of Dividend

Source: GlobeNewswire (MIL-OSI)

LYNCHBURG, Va., Jan. 31, 2025 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and 12 month periods ended December 31, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

Net income for the three months ended December 31, 2024 was $1.62 million or $0.36 per basic and diluted share compared with $2.11 million or $0.45 per basic and diluted share for the three months ended December 31, 2023. Net income for the 12 months ended December 31, 2024 was $7.94 million or $1.75 per share compared with $8.70 million or $1.91 per share for the year 12 months ended December 31, 2023.

Robert R. Chapman III, CEO of the Bank, commented: “Our Company delivered another year of high-quality earnings driven by a wide range of banking products, services, and investment management. These diversified sources of revenue were supported by a large regional market and broad base of commercial and retail clients, enabling the Company and the Bank to record strong financial performance and grow shareholder value in a year that presented its share of economic changes and challenges.

“With a more stable interest rate environment, we made new loans and repriced existing loans to accurately reflect prevailing rates, which generated a positive trend in yields on earning assets. We began to slow the rate of interest expense increases that have characterized the past three years. Although margins continue to experience pressure, there was net interest margin expansion beginning in the second half of 2024 – a positive trend that we anticipate will continue in coming quarters.

“Noninterest income was an important component of earnings that included fee income from commercial treasury management, wealth management through PWW, gains on the sale of originated residential mortgages, card services and more. Led by healthy growth in these activities, noninterest income in 2024 rose 18% from a year earlier.

“Total loans, net, increased 6% in 2024, with commercial real estate loan growth leading the way. Commercial & industrial and commercial construction loan portfolios grew moderately year-over-year. Residential mortgages increased 6% as we continued our practice of selling most originated mortgages to the secondary market. Our mortgage lending team did an outstanding job of maintaining our Bank’s leadership as a premier mortgage originator in the markets we serve.

“Key to generating consistent, predictable earnings is maintaining high levels of loan quality through credit management. Measures such as asset quality ratios, total nonperforming loans, and provisioning for credit losses continue reflect exceptional credit management. Our credit management team, headed by Chief Credit Officer Chip Umberger, continue to do outstanding work ensuring loan quality.

“Total deposits increased in 2024 compared with 2023. We remain focused on growing deposits from commercial and retail customers, particularly core deposits, and building this important source of funding for loans and providing liquidity. During the year, we opened strategic locations in Buchanan and Nellysford, Virginia, further expanding the Bank’s deposit-gathering capabilities and value to customers.

“We provided meaningful value to our shareholders in 2024. Solid earnings, strong asset quality and efficient operation contributed to a consistent, longstanding trend of enhancing the Company’s value to its shareholders. Stockholders’ equity rose 8% from a year earlier, retained earnings increased by more than $6 million, and book value per share rose to $14.28 at December 31, 2024 from $13.21 a year earlier. The Company also paid quarterly cash dividends to shareholders, as it has for many years.

“We believe the Company is well-positioned for the coming year, continuing on a path of providing superior value to our shareholders, customers and communities.”

Fourth Quarter and Full Year of 2024 Highlights

Net income and earnings per share (EPS) in the fourth quarter and full year of 2024 was impacted by higher noninterest expense, which included a $534,000 fee related to the negotiation of a contract with a credit/debit card processor. Over the term of the contract, the Company expects to recognize up to $438,000 in incentive payments from the card processor, and anticipates generating additional long-term benefits and savings of $2.1 million associated with the contract.
Total interest income rose 13% to $44.64 million for the full year of 2024 compared with $39.36 million in 2023. The growth primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased to 5.50% in 2024 compared with 5.05% in 2023.
Net interest income after provision for (recovery of) credit losses in the full year of 2024 was $29.89 million compared with $29.92 million for the full year of 2023. The full year of 2024 reflected loan loss recoveries driven by strong asset quality, and the impact of elevated interest expense.
Net interest margin in the fourth quarter of 2024 was 3.18%, trending up from 3.16% in the third quarter and 3.02% in the second quarter of 2024, reflecting continuing margin expansion. Net interest margin for the full year of 2024 was 3.11% compared with 3.29% in 2023. Interest spread for the full year of 2024 was 2.78% compared with 3.06% a year earlier.
Total noninterest income for the full year of 2024 was $15.14 million, up 17.64% from $12.87 million a year earlier. Growth primarily reflected gains on sale of loans held for sale, fee income generated by commercial treasury services and residential mortgage originations, and wealth management fee income from PWW, which contributed $0.34 per share to earnings in 2024.
Loans, net of the allowance for credit losses, increased 6% to $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023.
Commercial real estate loans (owner occupied and non-owner occupied) grew 9% to $335.53 million at December 31, 2024 from $306.86 million a year earlier.
Measures of asset quality included a ratio of nonperforming loans to total loans of 0.25% at December 31, 2024, low levels of nonperforming loans, and zero other real estate owned (OREO).
Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023.
Total deposits were $882.40 million at December 31, 2024, up from $878.46 million at December 31, 2023.
Shareholder value measures included 8% growth in stockholders’ equity at December 31, 2024 from a year earlier, retained earnings of $42.80 million, up from $36.68 million a year earlier, and a book value per share of $14.28 compared with $13.21 at December 31, 2023.
On January 21, 2025 the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of March 7, 2025, to be paid on March 21, 2025.

Fourth Quarter, Full Year of 2024 Operational Review

Net interest income after provision for (recovery of) credit losses for the fourth quarter of 2024 was $7.76 million compared to net interest income after provision for credit losses of $7.29 million a year earlier. In the full year of 2024, net interest income after recovery of credit losses was $29.89 million compared with $29.92 a year earlier. The credit loss recovery in the full year of 2024 was $655,000 compared with $179,000 in the full year of 2023.

Total interest income increased to $11.64 million in the fourth quarter of 2024 compared with $10.54 million a year earlier. The full year of 2024 total interest income was $44.64 million, up from $39.36 million in the full year of 2023. The year-over-year increases primarily reflected upward rate adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

During 2024, investment portfolio management and appropriate rate increases on loans contributed to year-over-year growth in yields on total earning assets, which were 4.75% in 2024 compared with 4.36% in 2023.

Total interest expense in the fourth quarter of 2024 was $3.95 million and $15.41 million for the full year of 2024, increasing 25.44% and 60.12% from $3.15 and $9.62 in the comparable periods of 2023. The increase primarily reflects higher deposit rates commensurate with the prevailing interest rate environment, and also more interest-bearing deposits.

A stabilizing interest rate environment contributed to some margin pressure relief, particularly in the second half of 2024. For the full year of 2024, the net interest margin was 3.11% compared with 3.29% a year earlier, while interest spread was 2.78% for the full year of 2024, compared with 3.06% a year earlier.

Noninterest income in the fourth quarter of 2024 rose 20% to $3.82 million compared with $3.18 million in the fourth quarter of 2023. For the full year of 2024, noninterest income was up 18% to $15.14 million from $12.87 million in 2023.

Noninterest income in 2024 included income contributions from debit card activity, a write-up on an investment in an SBIC fund, commercial treasury services, and the mortgage division. Strong contributions from wealth management fees, primarily generated by PWW, were $4.84 million in 2024, up from $4.20 million a year earlier. Steady activity in residential mortgage originations throughout 2024 was reflected in gains on sale of loans held for sale of $4.49 million compared with $3.94 million a year earlier.

Noninterest expense in the fourth quarter of $9.50 million compared with $8.42 million in the fourth quarter of 2023. Noninterest expense for the full year of 2024 was $35.11 million compared with $32.51 million for the full year of 2023. As previously noted, noninterest expense was impacted by a one-time payment to a consultant that helped negotiate a contract with a debit card provider, recorded in the fourth quarter of 2024. We will recognize incentive payments and cost savings from the underlying contract in subsequent quarters. Diligent expense management, judicious personnel expenses related to new locations, and accrual of year-end employee compensation throughout the year contributed to stable year-over-year salaries and employee benefits costs in the fourth quarter and full year of 2024.

Balance Sheet: Strong Cash Position, High Asset Quality

Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.

Loans, net of allowance for credit losses, were $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and stability in other loan categories.

Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $335.53 million at December 31, 2024 compared with $306.86 million at December 31, 2023, reflecting new loans and a decreasing rate of loan payoffs. Of this amount, commercial real estate (non-owner occupied) was approximately $195.09 million and commercial real estate (owner occupied) was $140.44 million. The Bank closely monitors concentrations in these segments, and has no commercial real estate loans secured by large office buildings in large metropolitan city centers.

Commercial construction/land loans and residential construction/land loans were $50.04 million at December 31, 2024 compared with $50.28 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects. Commercial and industrial loans were $66.42 million at December 31, 2024 compared with $65.32 million at December 31, 2023, reflecting a continuing trend of stability in this loan segment.

Residential mortgage loans that we intend to keep on the balance sheet were $113.30 million at December 31, 2024 compared with $106.99 million at December 31, 2023. Growth of these retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $78.31 million at December 31, 2024 compared with $76.52 million at December 31, 2023.

Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at December 31, 2024 was 0.25% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.09% at December 31, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.64 million at December 31, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

Total deposits were $882.40 million at December 31, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits, NOW, money market and savings were down moderately compared with 2023 and time deposits increased. At both December 31, 2024 and December 31, 2023, the Bank had no brokered deposits.

Key measures of shareholder value were positive. Stockholders’ equity increased 8% to $64.87 million at December 31, 2024 from $60.04 million a year earlier. Retained earnings increased to $42.80 million at December 31, 2024 compared with $36.68 million a year earlier. Book value per share was $14.28 compared with $13.21 at December 31, 2023, but down from $15.15 at September 30, 2024, in part reflecting quarterly fluctuations in required fair market valuations of the Company’s available-for-sale investment portfolio.

Some balance sheet measures are impacted by interest rate fluctuations and fair market valuation measurements in the Company’s available-for-sale securities portfolio and are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly-rated debt instruments. The Company does not expect to realize the unrealized losses as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.

About the Company

Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

FINANCIAL RESULTS FOLLOW

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)

	(unaudited)
Assets	12/31/2024			12/31/2023
Cash and due from banks	$	23,287		$	25,613
Federal funds sold		50,022			49,225
Total cash and cash equivalents		73,309			74,838

Securities held-to-maturity (fair value of $3,170 and $3,231 as of December 31, 2024 and 2023)		3,606			3,622
Securities available-for-sale, at fair value		187,916			216,510
Restricted stock, at cost		1,821			1,541
Loans, net of allowance for credit losses of $7,044 and $7,412 as of December 31, 2024 and 2023		636,552			601,921
Loans held for sale		3,616			1,258
Premises and equipment, net		19,313			18,141
Interest receivable		3,065			2,835
Cash value – bank owned life insurance		22,907			21,586
Customer relationship Intangible		6,725			7,285
Goodwill		2,054			2,054
Income taxes receivable		–			128
Deferred tax asset		8,936			8,206
Other assets		9,424			9,446
Total assets	$	979,244		$	969,371

Liabilities and Stockholders’ Equity
Deposits
Noninterest bearing demand	$	129,692		$	134,275
NOW, money market and savings		522,208			538,229
Time		230,504			205,955
Total deposits		882,404			878,459

Capital notes, net		10,048			10,042
Other borrowings		9,300			9,890
Income taxes payable		86			–
Interest payable		722			480
Other liabilities		11,819			10,461
Total liabilities	$	914,379		$	909,332

Stockholders’ equity
Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of December 31, 2024 and 2023		9,723			9,723
Additional paid-in-capital		35,253			35,253
Accumulated other comprehensive (loss)		(22,915	)		(21,615	)
Retained earnings		42,804			36,678
Total stockholders’ equity	$	64,865		$	60,039

Total liabilities and stockholders’ equity	$	979,244		$	969,371

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Income
(dollar amounts in thousands, except per share amounts)
(unaudited)

	For the Year Ended
	Ended December 31,
Interest Income		2024			2023
Loans	$	34,505		$	31,378
Securities
US Government and agency obligations		1,471			1,273
Mortgage-backed securities		2,381			1,899
Municipals		1,244			1,212
Dividends		95			82
Corporates		543			560
Interest bearing deposits		775			496
Federal Funds sold		3,629			2,462
Total interest income		44,643			39,362

Interest Expense
Deposits
NOW, money market savings		5,455			2,984
Time Deposits		9,173			5,796
FHLB borrowings		–			31
Finance leases		76			86
Other borrowings		376			398
Capital notes		327			327
Total interest expense		15,407			9,622

Net interest income		29,236			29,740

Recovery of credit losses		(655	)		(179	)

Net interest income after recovery of credit losses		29,891			29,919

Noninterest income
Gains on sale of loans held for sale		4,494			3,938
Service charges, fees and commissions		4,003			3,901
Wealth management fees		4,843			4,197
Life insurance income		721			548
Other		1,014			283
Gain on sales of available-for-sale securities		62			–

Total noninterest income		15,137			12,867

Noninterest expenses
Salaries and employee benefits		19,294			18,311
Occupancy		1,964			1,819
Equipment		2,499			2,416
Supplies		542			530
Professional, data processing, and other outside expense		6,528			5,296
Marketing		768			919
Credit expense		816			805
Other real estate expenses, net		–			40
FDIC insurance expense		441			419
Amortization of intangibles		560			560
Other		1,693			1,392
Total noninterest expenses		35,105			32,507

Income before income taxes		9,923			10,279

Income tax expense		1,979			1,575

Net Income	$	7,944		$	8,704

Weighted average shares outstanding – basic and diluted		4,543,338			4,562,374

Net income per common share – basic and diluted	$	1.75		$	1.91

Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
unaudited

Selected Data:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change			Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Interest income	$	11,636		$	10,538			10.42	%	$	44,643		$	39,362			13.42	%
Interest expense		3,950			3,149			25.44	%		15,407			9,622			60.12	%
Net interest income		7,686			7,389			4.02	%		29,236			29,740			-1.69	%
Provision for (recovery of) credit losses		(71	)		99			-171.72	%		(655	)		(179	)		265.92	%
Noninterest income		3,816			3,178			20.08	%		15,137			12,867			17.64	%
Noninterest expense		9,503			8,416			12.92	%		35,105			32,507			7.99	%
Income taxes		452			(56	)		-907.14	%		1,979			1,575			25.65	%
Net income		1,618			2,108			-23.24	%		7,944			8,704			-8.73	%
Weighted average shares outstanding – basic and diluted		4,543,338			4,543,338			–			4,543,338			4,562,374			(19,036	)
Basic and diluted net income per share	$	0.36		$	0.45		$	(0.09	)	$	1.75		$	1.91		$	(0.16	)

Balance Sheet at period end:	Dec 31, 2024		Dec 31, 2023		Change			Dec 31, 2023		Dec 31, 2022		Change
Loans, net	$	636,552	$	601,921		5.75	%	$	601,921	$	605,366		-0.57	%
Loans held for sale		3,616		1,258		187.44	%		1,258		2,423		-48.08	%
Total securities		191,522		220,132		-13.00	%		220,132		189,426		16.21	%
Total deposits		882,404		878,459		0.45	%		878,459		848,138		3.58	%
Stockholders’ equity		64,865		60,039		8.04	%		60,039		50,226		19.54	%
Total assets		979,244		969,371		1.02	%		969,371		928,571		4.39	%
Shares outstanding		4,543,338		4,543,338		–			4,543,338		4,628,657		(85,319	)
Book value per share	$	14.28	$	13.21	$	1.07		$	13.21	$	10.85	$	2.36

Daily averages:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change		Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Loans	$	642,197		$	609,800		5.31	%	$	623,769		$	616,047		1.25	%
Loans held for sale		3,612			3,406		6.05	%		3,494			3,512		-0.51	%
Total securities (book value)		218,680			236,267		-7.44	%		232,992			226,637		2.80	%
Total deposits		920,655			882,277		4.35	%		901,449			867,269		3.94	%
Stockholders’ equity		68,563			50,097		36.86	%		62,575			50,977		22.75	%
Interest earning assets		963,217			921,665		4.51	%		939,900			903,491		4.03	%
Interest bearing liabilities		801,812			753,144		6.46	%		783,003			738,335		6.05	%
Total assets		1,021,547			963,511		6.02	%		995,738			950,276		4.78	%

Financial Ratios:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change		Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Return on average assets		0.63	%		0.87	%	(0.24	)		0.80	%		0.92	%	(0.12	)
Return on average equity		9.39	%		16.69	%	(7.30	)		12.70	%		17.07	%	(4.37	)
Net interest margin		3.18	%		3.18	%	–			3.11	%		3.29	%	(0.18	)
Efficiency ratio		82.62	%		79.64	%	2.98			79.11	%		76.29	%	2.82
Average equity to average assets		6.71	%		5.20	%	1.51			6.28	%		5.36	%	0.92

Allowance for credit losses:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change		Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Beginning balance	$	7,078		$	7,320		-3.31	%	$	7,412		$	6,259		18.42	%
Retained earnings adjustment related to impact of adoption of ASU 2016-13		–			–		N/A			–			1,245		-100.00	%
Provision for (recovery of) credit losses*		(39	)		123		-131.71	%		(533	)		(65	)	720.00	%
Charge-offs		–			(40	)	-100.00	%		(84	)		(236	)	-64.41	%
Recoveries		5			9		-44.44	%		249			209		19.14	%
Ending balance		7,044			7,412		-4.96	%		7,044			7,412		-4.96	%

* does not include provision for or recovery of unfunded loan commitment liability

Nonperforming assets:	Dec 31, 2024		Dec 31, 2023		Change		Dec 31, 2023		Dec 31, 2022		Change
Total nonperforming loans	$	1,640	$	391	319.44	%	$	391	$	633	-38.23	%
Other real estate owned		–		–	N/A			–		566	-100.00	%
Total nonperforming assets		1,640		391	319.44	%		391		1,199	-67.39	%

Asset quality ratios:	Dec 31, 2024		Dec 31, 2023		Change		Dec 31, 2023		Dec 31, 2022		Change
Nonperforming loans to total loans	0.25	%	0.06	%	0.19		0.06	%	0.10	%	(0.04	)
Allowance for credit losses for loans to total loans	1.09	%	1.22	%	(0.12	)	1.22	%	1.02	%	0.19
Allowance for credit losses for loans to nonperforming loans	429.51	%	1895.65	%	(1,466.14	)	1895.65	%	988.78	%	906.87

The MIL Network –

February 1, 2025

MIL-OSI: Superior Energy Services Announces Appointment of Kyle O’Neill as Chief Financial Officer

Source: GlobeNewswire (MIL-OSI)

HOUSTON, Jan. 31, 2025 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (the “Company”) today announced that Kyle O’Neill was appointed chief financial officer effective February 3, 2025. Mr. O’Neill has over 20 years of experience in Industrials, Oilfield Services, and Asset Management industries. He has held various leadership positions in the industry, most recently as President and CFO at Industrial Service Solutions (ISS), a private equity-sponsored platform with over 50 locations across the United States. Before ISS, O’Neill was the President, CEO, and Director at U.S. Well Services, Inc., a publicly traded oilfield services company providing hydraulic pressure pumping services.

Chairman and CEO Dave Lesar stated, “Kyle is a respected strategic financial and operational executive with extensive experience in strategic leadership, mergers and acquisitions, and operational efficiency. Kyle has a proven track record of driving growth and innovation as a results-oriented leader, and I look forward to his contributions toward a bright future for Superior.”

About Superior Energy Services
Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. In addition to operations in North America, both on land and offshore, Superior Energy Services operates in approximately 47 countries internationally. For more information, visit: www.superiorenergy.com.

Forward-Looking Statements
This press release contains, and future oral or written statements or press releases by the Company and its management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks”, “will” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements.

While the Company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business.

These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s Form 10-K for the year ended December 31, 2023 and Form 10-Q for the quarter ended September 30, 2024 and those set forth from time to time in the Company’s other periodic filings with the Securities and Exchange Commission, which are available at www.superiorenergy.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

FOR FURTHER INFORMATION CONTACT:
Joanna Clark, Corporate Secretary
1001 Louisiana St., Suite 2900
Houston, TX 77002
Investor Relations, ir@superiorenergy.com, (713) 654-2200

The MIL Network –

February 1, 2025

MIL-OSI: Compagnie de Financement Foncier : Press Release – Results of Compagnie de Financement Foncier in 2024

Source: GlobeNewswire (MIL-OSI)

Press release for full and effective distribution

Paris, January 31, 2025

Compagnie de Financement Foncier’s financial results in 2024

On January 31, 2025, Compagnie de Financement Foncier’s Board of Directors, chaired by Éric FILLIAT, met to approve the annual financial statements for 2024.

***

COMPAGNIE DE FINANCEMENT FONCIER’S BUSINESS ACTIVITY

In 2024, despite an unstable geopolitical context and a volatile financial environment, Compagnie de Financement Foncier, in synergy with Groupe BPCE, achieved remarkable commercial and financial performances.

Issuance of covered bonds

A key player in Groupe BPCE’s refinancing strategy, Compagnie de Financement Foncier is a benchmark issuer thanks to its ability to seize the best market opportunities and offer investors solutions that meet their expectations. This agility allows it to provide Groupe BPCE institutions with highly competitive refinancing for their lending businesses.

In 2024, Compagnie de Financement Foncier issued €5.8bn in covered bonds, €1.3bn more than in 2023.

In April 2024, Compagnie de Financement Foncier tapped the primary market for a €2bn dual-tranche issuance. These tranches, of €1.25bn and €750m, were issued with maturities of three and eight years respectively. The high level of oversubscription on this transaction, despite market instability, testifies to its success.
In May 2024, an issuance of €1.5bn was carried out with a maturity of six years. The wide range of investors in this transaction confirms the diversity of Compagnie de Financement Foncier’s investor base.
In September 2024, Compagnie de Financement Foncier took advantage of a favorable issuance window with a benchmark of €1bn over eight and a half years.
In October 2024, as part of Groupe BPCE’s Sustainable Development Funding Program, Compagnie de Financement Foncier carried out its second social issuance (€500m over five years). This transaction strengthens Compagnie de Financement Foncier’s presence in this specialized market and aligns with Groupe BPCE’s objectives to integrate ESG criteria into its refinancing activities.

In 2024, Compagnie de Financement Foncier’s currency diversification strategy continued with two issuances, one in CHF and the other in USD, with respective counter values of €161m and €139m at the transaction date.

Refinancing of Groupe BPCE receivables

In line with its strategic guidelines, Compagnie de Financement Foncier refinanced a total of €6.3bn in receivables contributed by Groupe BPCE institutions, €1.5bn more than in 2023. Noteworthy among this year’s transactions were the refinancing of state-guaranteed loans (PGE) for Groupe BPCE institutions (€1.4bn) and, for the first time, the refinancing of outstanding export credits (€31.5m).

These performances, in ever-competitive markets, reflect the commitment and efficiency of all the teams involved. They also confirm the success of the system put in place and the relevance of the diversification strategy developed with Groupe BPCE, which enables Compagnie de Financement Foncier to finance the Group’s various business lines under very competitive conditions.

II. COMPAGNIE DE FINANCEMENT FONCIER’S INCOME STATEMENT

In millions of euros ⁽¹⁾	2024	2023
Net interest margin	165	219
Net commissions	9	13
Other banking expenses (net)	-2	-2
Net banking income	172	230
General operating expenses	-56	-68
Gross operating income	116	162
Cost of risk	2	3
Gains or losses on long‑term investments	0	0
Income before tax	118	165
Income tax	-32	-46
Net income	86	119

Net banking income amounted to €172m, down by €58m compared with 2023.

General operating expenses came to €56m, down on the previous year due to the disappearance of the contribution to the SRF; restated for this item, operating expenses are relatively stable compared with 2023.

Gross operating income reached €116m.

The cost of risk in 2024 shows a net reversal of €2m, reflecting the quality of the assets carried on Compagnie de Financement Foncier’s balance sheet.

Net income was €86m at December 31, 2024, compared with €119m at December 31, 2023.

III. BALANCE SHEET INFORMATION

Compagnie de Financement Foncier’s balance sheet total was €61.0bn at the end of 2024, compared with €60.3bn at the end of 2023.

The assets refinanced by Compagnie de Financement Foncier for the Group’s institutions in 2024 mainly come from the public sector, increasing their proportion on Compagnie de Financement Foncier’s balance sheet.

At the end of 2024, outstanding covered bonds stood at €51.5bn, including related debts, close to the situation at December 31, 2023 (€51.7bn).

IV. PRUDENTIAL INFORMATION

Although exempt from regulatory requirements in terms of solvency ratios, Compagnie de Financement Foncier calculates, for information purposes, a Common Equity Tier One (CET 1) ratio at its limits. At December 31, 2024, this ratio stood at 38,6 %, well above the minimum threshold set out in Regulation 575/2013 (CRR).

In accordance with the legislation applicable to Sociétés de Crédit Foncier, Compagnie de Financement Foncier maintains a coverage ratio for its privileged liabilities of more than 105%.

Appendices

***

Unless otherwise stated, the financial data in this press release are currently estimated and taken from the financial statements of Compagnie de Financement Foncier. These include the individual financial statements and related explanatory notes, prepared in accordance with French accounting standards and applicable Groupe BPCE standards.

As of the date of publication of this press release, the audit procedures carried out by the Statutory Auditors on the annual financial statements are in progress.

Compagnie de Financement Foncier is a credit institution approved as a specialized credit institution and a Société de Crédit Foncier. It is affiliated with BPCE and a 100% subsidiary of Crédit Foncier and Groupe BPCE.

Regulated information is available on the website https://foncier.fr/ in the “Financial communication/Regulated information” section.

Contact: Investor Relations

Email: ir@foncier.fr
Tel.: +33 (0) 1 58 73 55 10

⁽1⁾Some rounded amounts given in millions of euros in this press release may differ from those in euros.

Attachment

Press Release – Results of Compagnie de Financement Foncier in 2024

The MIL Network –

February 1, 2025

MIL-OSI United Kingdom: Westminster City Council to Open New Community Hub in Pimlico in 2026 | Westminster City Council

Source: City of Westminster

Westminster City Council has announced the planned opening of a brand-new community hub in the heart of Pimlico, set to launch in 2026. This transformative project is part of the Council’s ambitious Community Hubs Programme, striving to connect residents to the support they need across the city. The council opened two mini-hubs, at Victoria and Charing Cross libraries, in 2024.

The new hub will be located at the historic site of the old Pimlico Library, at the junction of Tachbrook Street and Lupus Street, directly opposite Pimlico Station and the Bessborough Family Hub. Originally built as part of Westminster City Council’s vision for the Lillington Garden Estate, the mid-20th-century civic building is steeped in history and boasts a highly visible street frontage. This refurbishment will restore a valued community asset to full public use.

The new Pimlico Community Hub is part of the council’s response to the priorities found during the Pimlico Community Conversations – the council’s engagement with over 400 local residents, organisations and businesses across the area. Through these discissions, it was discovered that the highest priority for the Pimlico community was more community activities, events, and spaces – and the new hub will respond to this need. The new hub will also help to improve the area around Pimlico Station, another priority highlighted by the Community Conversations.

By breathing new life into the site, the hub will provide an inclusive space where residents can come together, access essential services, and participate in exciting community activities. The hub will also contribute to the council’s ambition to reinvigorate local high streets, and its central position will be easily accessible and highly visible, ensuring it becomes a vibrant focal point for residents and visitors alike.

By creating spaces that bring people together, the council is delivering on its vision for a fairer, more equitable Westminster.

Councillor Cara Sanquest, Cabinet Member for Communities, said:

Through the Community Hubs Programme, we are reimagining our public spaces to better serve our communities.

“I am delighted and proud that we will be reopening the old Pimlico Library site as a Community Hub which will provide residents with access to face to face to support services from the council and other community organisations.”

Cllr Jason Williams, Pimlico Project lead member, said:

I am delighted to welcome the opening of the Pimlico Community Hub which will bring much needed community activities and services at such a great location. We discussed the importance of Community spaces in the Pimlico conversation and it’s great to see this being delivered for our community for the benefit of all.”

For more information contact mediateam@westminster.gov.uk

MIL OSI United Kingdom –

February 1, 2025
MIL-OSI USA: Joint Press Release: Agencies Announce Second Public Outreach Meeting as Part of Their Review of Regulations

Source: US Federal Deposit Insurance Corporation FDIC

Federal Deposit Insurance Corporation
Federal Reserve Board
Office of the Comptroller of the Currency

Federal bank regulatory agencies will hold a virtual public outreach meeting on March 6, 2025, as part of their review of regulations, as required by law. The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify any outdated or otherwise unnecessary regulatory requirements applicable to their supervised institutions.

The outreach meeting is an opportunity for interested stakeholders to present their views on the six categories of regulations listed in the first two Federal Register notices: Applications and Reporting; Powers and Activities; International Operations; Consumer Protection; Directors, Officers and Employees; and Money Laundering.

Individuals interested in providing oral comments must register by February 14, 2025, and indicate the regulatory category or categories they would like to discuss. The agencies will notify those individuals selected to provide comments. Advance registration is not required to attend this virtual public meeting as an observer.

Additional details, including a link to attend the meeting, will be available on the EGRPRA website under the outreach page.

The agencies will announce additional public meetings in 2025.

###

MEDIA CONTACTS:

FDIC

LaJuan Williams-Young

(202) 898-3876

FRB

Chelsea Grate

(202) 452-2955

OCC

Anne Edgecomb

(202) 649-6870

MIL OSI USA News –

February 1, 2025
MIL-OSI United Kingdom: Committee to consider proposals for early engagement on possible Visitor Levy

Source: Scotland – City of Perth

The Council’s Economy and Infrastructure Committee will next week be asked for approval to begin early engagement on the possibility of a Perth and Kinross Visitor Levy Scheme, with a view to allowing elected members to make a decision informed by local feedback at the end of this year.

The Visitor Levy (Scotland) Act 2024 grants local authorities the power to introduce a levy on overnight accommodation, with the funds raised reinvested locally to enhance the visitor experience.

While a scheme like this could create significant opportunities for local investment, Councillor Eric Drysdale, Convener of Economy and Infrastructure, explained the importance of first listening to residents and leaders in the tourism industry locally.

Councillor Drysdale said: “It’s really important to be clear that the question to committee next week is not about whether or not to introduce a Visitor Levy Scheme, it’s about getting the support to start speaking to those most affected about what would need to be taken into consideration. The feedback from this early engagement is essential to make sure that we are able to make an informed decision before committing to the approach in Perth and Kinross.”

Tourism is a significant part of the Perth and Kinross economy, but with high visitor numbers there is also an impact on our local communities.

Councillor Drysdale added: “While visitors bring significant benefits to our local economy, there are also associated costs. The Council introduced the Visitor Rangers service because we recognised that investment was needed to support responsible tourism, and minimise the impact of visitors on our year-round residents.

“With growing demands for critical services to protect health and social care, support pupils with additional support needs, and tackle poverty, we have a duty to explore any opportunities for additional sources of income which can be invested to support growing our visitor economy. That would then allow core funding to be focused on the services which are needed by the most vulnerable people in our communities.”

If approved by committee the early engagement process will last between 6 and 10 months. A full report from the feedback received, along with a draft Visitor Levy Scheme developed during the engagement, would then be presented to councillors in December 2025 to consider whether or not to proceed with introducing a scheme. If approved in December, a statutory consultation period of 12 weeks and then an 18-month implementation would follow. As a result, the earliest possible date for a scheme being introduced would be Summer 2027.

MIL OSI United Kingdom –

February 1, 2025
MIL-OSI Global: Bogus scientific papers are enriching fraudsters and slowing lifesaving medical research

Source: The Conversation – USA – By Frederik Joelving, Contributing editor, Retraction Watch

Assistant professor Frank Cackowski, left, and researcher Steven Zielske at Wayne State University in Detroit became suspicious of a paper on cancer research that was eventually retracted. Amy Sacka, CC BY-ND

Over the past decade, furtive commercial entities around the world have industrialized the production, sale and dissemination of bogus scholarly research. These paper mills are profiting by undermining the literature that everyone from doctors to engineers rely on to make decisions about human lives.

It is exceedingly difficult to get a handle on exactly how big the problem is. About 55,000 scholarly papers have been retracted to date, for a variety of reasons, but scientists and companies who screen the scientific literature for telltale signs of fraud estimate that there are many more fake papers circulating – possibly as many as several hundred thousand. This fake research can confound legitimate researchers who must wade through dense equations, evidence, images and methodologies, only to find that they were made up.

Even when bogus papers are spotted – usually by amateur sleuths on their own time – academic journals are often slow to retract the papers, allowing the articles to taint what many consider sacrosanct: the vast global library of scholarly work that introduces new ideas, reviews and other research and discusses findings.

These fake papers are slowing research that has helped millions of people with lifesaving medicine and therapies, from cancer to COVID-19. Analysts’ data shows that fields related to cancer and medicine are particularly hard-hit, while areas such as philosophy and art are less affected.

To better understand the scope, ramifications and potential solutions of this metastasizing assault on science, we – a contributing editor at Retraction Watch, a website that reports on retractions of scientific papers and related topics, and two computer scientists at France’s Université Toulouse III–Paul Sabatier and Université Grenoble Alpes who specialize in detecting bogus publications – spent six months investigating paper mills.

Co-author Guillaume Cabanac also developed the Problematic Paper Screener, which filters 130 million new and old scholarly papers every week looking for nine types of clues that a paper might be fake or contain errors.

An obscure molecule

Frank Cackowski at Detroit’s Wayne State University was confused.

The oncologist was studying a sequence of chemical reactions in cells to see whether they could be a target for drugs against prostate cancer. A paper from 2018 in the American Journal of Cancer Research piqued his interest when he read that a little-known molecule called SNHG1 might interact with the chemical reactions he was exploring. He and fellow Wayne State researcher Steven Zielske began experiments but found no link.

Meanwhile, Zielske had grown suspicious of the paper. Two graphs showing results for different cell lines were identical, he noticed, which “would be like pouring water into two glasses with your eyes closed and the levels coming out exactly the same.” Another graph and a table in the article also inexplicably contained identical data.

Zielske described his misgivings in an anonymous post in 2020 at PubPeer, an online forum where many scientists report potential research misconduct, and also contacted the journal’s editor. The journal pulled the paper, citing “falsified materials and/or data.”

“Science is hard enough as it is if people are actually being genuine and trying to do real work,” said Cackowski, who also works at the Karmanos Cancer Institute in Michigan.

Wayne State scientists Cackowsi and Zielske carried out experiments based on a paper they later found to contain false data.
Amy Sacka, CC BY-ND

Legitimate academic journals evaluate papers before publication by having other researchers in the field carefully read them over. But this peer review process is far from perfect. Reviewers volunteer their time, typically assume research is real and so don’t look for fraud.

Some publishers may try to pick reviewers they deem more likely to accept papers, because rejecting a manuscript can mean losing out on thousands of dollars in publication fees.

Worse, some corrupt scientists form peer review rings. Paper mills may create fake peer reviewers. Others may bribe editors or plant agents on journal editorial boards.

An ‘absolutely huge’ problem

It’s unclear when paper mills began to operate at scale. The earliest suspected paper mill article retracted was published in 2004, according to the Retraction Watch database, which details retractions and is operated by The Center for Scientific Integrity, the parent nonprofit of Retraction Watch.

An analysis of 53,000 papers submitted to six publishers – but not necessarily published – found 2% to 46% suspect submissions across journals. The American publisher Wiley, which has retracted more than 11,300 articles and closed 19 heavily affected journals in its erstwhile Hindawi division, said its new paper mill detection tool flags up to 1 in 7 submissions.

As many as 2% of the several million scientific works published in 2022 were milled, according to Adam Day, who directs Clear Skies, a company in London that develops tools to spot fake papers. Some fields are worse than others: biology and medicine are closer to 3%, and some subfields, such as cancer, may be much larger, Day said.

The paper mill problem is “absolutely huge,” said Sabina Alam, director of Publishing Ethics and Integrity at Taylor & Francis, a major academic publisher. In 2019, none of the 175 ethics cases escalated to her team was about paper mills, Alam said. Ethics cases include submissions and already published papers. “We had almost 4,000 cases” in 2023, she said. “And half of those were paper mills.”

Jennifer Byrne, an Australian scientist who now heads up a research group to improve the reliability of medical research, testified at a July 2022 U.S. House of Representatives hearing that nearly 6% of 12,000 cancer research papers screened had errors that could signal paper mill involvement. Byrne shuttered her cancer research lab in 2017 because genes she had spent two decades researching and writing about became the target of fake papers.

In 2022, Byrne and colleagues, including two of us, found that suspect genetics research, despite not immediately affecting patient care, informs scientists’ work, including clinical trials. But publishers are often slow to retract tainted papers, even when alerted to obvious fraud. We found that 97% of the 712 problematic genetics research articles we identified remained uncorrected.

Potential solutions

The Cochrane Collaboration has a policy excluding suspect studies from its analyses of medical evidence and is developing a tool to spot problematic medical trials. And publishers have begun to share data and technologies among themselves to combat fraud, including image fraud.

Technology startups are also offering help. The website Argos, launched in September 2024 by Scitility, an alert service based in Sparks, Nevada, allows authors to check collaborators for retractions or misconduct. Morressier, a scientific conference and communications company in Berlin, offers research integrity tools. Paper-checking tools include Signals, by London-based Research Signals, and Clear Skies’ Papermill Alarm.

But Alam acknowledges that the fight against paper mills won’t be won as long as the booming demand for papers remains.

Today’s commercial publishing is part of the problem, Byrne said. Cleaning up the literature is a vast and expensive undertaking. “Either we have to monetize corrections such that publishers are paid for their work, or forget the publishers and do it ourselves,” she said.

There’s a fundamental bias in for-profit publishing: “We pay them for accepting papers,” said Bodo Stern, a former editor of the journal Cell and chief of Strategic Initiatives at Howard Hughes Medical Institute, a nonprofit research organization and funder in Chevy Chase, Maryland. With more than 50,000 journals on the market, bad papers shopped around long enough eventually find a home, Stern said.

To prevent this, we could stop paying journals for accepting papers and look at them as public utilities that serve a greater good. “We should pay for transparent and rigorous quality-control mechanisms,” he said.

Peer review, meanwhile, “should be recognized as a true scholarly product, just like the original article,” Stern said. And journals should make all peer-review reports publicly available, even for manuscripts they turn down.

This article is republished from The Conversation under a Creative Commons license. This is a condensed version. To learn more about how fraudsters around the globe use paper mills to enrich themselves and harm scientific research, read the full version.

Labbé receives funding from the European Research Council.
He has also received funding from the French National Research Agency (ANR), and the U.S. Office of Research Integrity.
Labbé has been in touch with most of the major publishers and their integrity officers, offering pro-bono consulting regarding detection tools to various actors in the field including STM-Hub and Morressier.

Cabanac receives funding from the European Research Council (ERC) and the Institut Universitaire de France (IUF). He is the administrator of the Problematic Paper Screener, a public platform that uses metadata from Digital Science and PubPeer via no-cost agreements. Cabanac has been in touch with most of the major publishers and their integrity officers, offering pro bono consulting regarding detection tools to various actors in the field including ClearSkies, Morressier, River Valley, Signals, and STM.

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

– ref. Bogus scientific papers are enriching fraudsters and slowing lifesaving medical research – https://theconversation.com/bogus-scientific-papers-are-enriching-fraudsters-and-slowing-lifesaving-medical-research-248291

MIL OSI – Global Reports –

February 1, 2025
MIL-OSI: Solidus AI Tech Assembles Powerhouse C-Suite from Goldman Sachs, Deloitte, Careem, Cisco & Dell to Lead the Charge in AI & HPC Industry

Source: GlobeNewswire (MIL-OSI)

Dubai, UAE, Jan. 31, 2025 (GLOBE NEWSWIRE) — Solidus AI Tech, a pioneering force in AI-driven high-performance computing (HPC), has fortified its leadership team with an elite selection of industry veterans from globally recognized firms, including Goldman Sachs, Deloitte, Careem, Cisco, and Dell. This addition to the powerhouse C-suite is set to drive the company’s mission of revolutionizing AI infrastructure and accelerating the adoption of AI solutions worldwide.

Unparalleled Financial and Investment Leadership

Kal Desai – Chief Financial Officer (CFO) Kal Desai, an Australian-qualified chartered accountant, brings decades of financial acumen spanning Australia, the U.K., and the Middle East. With a career that includes leadership roles at BHP Billiton, Orange, and Reuters, Kal has played a pivotal role in the financial scaling of technology enterprises. Notably, he spearheaded capital raises and exits, including the landmark sale of Zawya to Thomson Reuters in 2012 and his instrumental role as founding CFO of Careem, which was acquired by Uber for $3.1 billion. At Solidus AI Tech, he will steer financial growth strategies, ensuring a robust financial infrastructure to support expansion and innovation.

Michael Swan – Chief Investment Officer (CIO) With nearly two decades of investment expertise in both traditional finance (TradFi) and decentralized finance (DeFi), Michael Swan has held influential roles at Macquarie Bank and Goldman Sachs. Transitioning into the Web3 sector, he became a recognized industry authority at Tokenomik Inc., executing over 70 seed and private round investments across blockchain projects. As CIO, Michael will architect innovative financing solutions, leveraging a hybrid model of instruments to optimize capital structures for Solidus AI Tech.

Elite Technology and Innovation Leadership

Christian Szilagyi – Chief Technology Officer (CTO) A veteran technology leader with over 30 years of experience, Christian Szilagyi has a distinguished career in infrastructure architecture, AI, automation, and high-performance computing (HPC). His track record includes key roles at industry titans like Dell, Verint, and LivePerson, as well as pioneering regional expansions for Calabrio and Centrical. With expertise spanning DevOps, B2C optimization, and enterprise AI integration, Christian will drive Solidus AI Tech’s technology strategy, ensuring its AI and HPC capabilities are at the cutting edge of innovation.

Niraj Poduval – Chief Innovation Officer (CINO) With over 11 years of AI and data consulting expertise, Niraj Poduval has played a key role in AI adoption strategies across banking, retail, smart cities, and the public sector. His tenure at Deloitte saw him architect AI transformation roadmaps for high-profile clients. As CINO at Solidus AI Tech, Niraj will lead AI-driven initiatives, aligning technological advancements with the company’s strategic vision to maximize business impact and market expansion.

Commercial and Market Expansion Leadership

Mike Doria – Chief Commercial Officer (CCO) Bringing extensive expertise in Web3, AI, and enterprise infrastructure, Mike Doria has held key leadership roles at Cisco and DXC. His track record includes spearheading revenue growth, securing funding for large-scale data center projects, and launching disruptive AI solutions. With experience as a co-founder and CEO of multiple technology ventures, Mike is set to drive Solidus AI Tech’s commercial strategy, expanding its market reach and establishing it as a dominant force in AI-powered computing.

A Bold Vision for the Future of AI & HPC

This addition formidable C-suite brings a wealth of expertise across finance, investment, technology, and commercial strategy. Their combined leadership positions Solidus AI Tech at the forefront of AI and HPC innovation, strengthening its position as a leading infrastructure provider for AI-powered applications. With a strategic blend of TradFi, DeFi, and cutting-edge AI solutions, the company is positioned to drive transformative advancements in AI adoption across industries.

Solidus AI Tech is an upcoming industry leader in high-performance AI computing solutions, committed to building the next generation of AI infrastructure. With a focus on sustainability, efficiency, and cutting-edge technology, Solidus AI Tech provides enterprises with the tools and computing power necessary to drive AI-driven transformations.

Learn more:

Website: https://aitech.io/
Twitter X: https://twitter.com/AITECHio
Telegram: https://t.me/solidusaichat

Disclaimer: The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

The MIL Network –

February 1, 2025
MIL-OSI Economics: ICC announces new editorial board for Dispute Resolution Bulletin
Source: International Chamber of Commerce

Headline: ICC announces new editorial board for Dispute Resolution Bulletin

The International Chamber of Commerce (ICC) has appointed new co-editors-in-chief and editorial board members of the ICC Dispute Resolution Bulletin. The Bulletin is ICC’s flagship, triannual journal focused on arbitration and other methods of dispute resolution. Editorial board members are highly-regarded dispute resolution practitioners from around the world, with diverse backgrounds. With their involvement, the Bulletin will remain one of the most essential go-to resources on dispute prevention and resolution.

Since the first edition in 1990, the Bulletin has been at the forefront of providing up-to-date developments in international arbitration and commentaries on ICC dispute resolution and arbitral awards. The Bulletin offers legal updates, expert insights and studies, best practices and analysis of ICC awards. It also reports on ICC events and trainings, and features book reviews for dispute resolution practitioners.

Claudia Salomon, President of the ICC International Court of Arbitration, said:

“In line with the ICC Court pledge to drive thought leadership, the new co-editors in chief and editorial board members will ensure that the Bulletin continues to generate innovative ideas, and build capacity, offering readers a greater understanding of the arbitration and ADR process.”

Alexander G. Fessas, Director of ICC Dispute Resolution Services and Secretary General of the ICC Court, said:

“As the leading institution in dispute resolution, ICC plays a critical role in promoting access to justice and the rule of law. The Bulletin serves as a vital platform for analysis and debate, fostering the safeguard of the legitimacy of arbitration and ADR, and maximising the potential of all in the legal and business communities. We are confident that, with the new editorial board, the Bulletin’s relevance and reach will continue to grow exponentially.”

The Bulletin’s gender-balanced editorial board comprises 20 members based in Africa, Asia and the Pacific, Europe, Latin America, the Middle East and the United States.

The Bulletin is led by two co-editors-in-chief: Rafael Rincón, a partner at Rincón Castro Abogados in Colombia, and Sara Nadeau Seguin, a partner at Teynier Pic in France. Both were members of the board during the previous mandate. They succeed Julien Fouret and Yasmine Lahlou, who were appointed as members of the ICC Court in July 2024.

The 2025-2027 ICC Bulletin editorial board members are:
- Sara Nadeau Seguin, Co-Editor in Chief, Partner, Teynier Pic, France
- Rafael Rincón, Co-Editor in Chief, Partner, Rincón Castro Abogados, Colombia
- Aysha Abdulla Mutaywea, Partner, MENA Chambers, Bahrain
- Marie-Isabelle Delleur, Counsel, Clifford Chance, Brazil
- *Farouk El-Hosseny, Senior Associate, Three Crowns, United Kingdom
- *Ahmed Habib, Senior Associate, DWF, Qatar
- *Imad Khan, Partner, Winston & Strawn, United States of America (Houston)
- Monserrat Manzano, Partner, Von Wobeser, Mexico
- Alexandre Mazuranic, Partner, BMG Avocats, Switzerland
- *Damien Nyer, Partner, White & Case, United States of America (New York)
- *Olena Perepelynska, Partner and Head of International Arbitration, Integrites, Ukraine
- *Sulabh Rewari, Partner, Keystone, India
- *Michele Sabatini, Partner, Arblit, Italy
- Mikaël Schinazi, Associate, Jones Day, France
- Anna Secomb, Arbitrator, Singapore
- *Leyou Tameru, Founder, I-Arb Africa, Ethiopia
- Mireille Taok, International Arbitrator, Lawyer, and University Lecturer, United Arab Emirates
- Monty Taylor, Barrister, Tenth Floor Chambers, Australia
- Sylvia Tee, Partner, Ashurst, China
- *Angeline Welsh, Barrister, Essex Chambers, United Kingdom
* Member during the previous mandate, which is renewable once.

The Bulletin is published three times a year with the next edition due in March 2025. The latest edition of the ICC Dispute Resolution Bulletin is freely available for download in the ICC Dispute Resolution Library.
MIL OSI Economics –
February 1, 2025
MIL-OSI United Nations: UNECE advances digital transformation of multimodal data and document exchange in Moldova and Ukraine
Source: United Nations Economic Commission for Europe

UNECE has joined hands with the Economic Council to the Prime Minister of the Republic of Moldova to help integrate Moldova and Ukraine in a seamless multimodal digital data and document exchange using the e-business standards of UNECE subsidiary body – the UN Centre for Trade Facilitation and Electronic Business (UN/CEFACT).

With Moldova and Ukraine becoming a bridge between two large UNECE subregions – the European Union and Central Asia – and with UN/CEFACT standards becoming a digital lingua franca for cross-border trade and transport, digital connectivity is key to enhancing regional trade and economic integration. This is particularly relevant as total trade between the European Union and Central Asia has grown by 38.8% over the last decade, from €34.2 billion in 2012 to €47.5 billion in 2022, with two-thirds of total trade being imports to the European Union.

To advance on this goal, UNECE and the Economic Council recently organized a seminar in Chisinau, Moldova, on the practical application of such UN/CEFACT standards. Intended for Moldovan and Ukrainian policymakers and experts, as well as international specialists and representatives of development partners (European Commission, GIZ, the Transport Community, UNCTAD – ASYCUDA), the seminar advanced the understanding on the practical steps to implement the UN/CEFACT standards, which underpin the European Union’s Electronic Freight Transport Information Regulation (eFTI) and the SPECA Trans-Caspian Roadmap on Digitalization of Multimodal Data and Document Exchange.

Participants also reviewed progress on the implementation of the pilot project led by TRACECA (Transport Corridor Europe-Caucasus-Asia) on the digital transformation of the railway consignment note in the Trans-Caspian Corridor. Moldovan and Ukrainian railways representatives, along with international experts agreed to work on aligning the exchange of railway consignment notes with UN/CEFACT standards.

Other key initiatives discussed include:
- Launching additional pilot projects in Moldova and Ukraine;
- Customizing the eFTI dataset, based on the UN/CEFACT Multi-Modal Transport Reference Data Model, in Moldova and Ukraine;
- Training national implementers on using relevant UN/CEFACT standards; and
- Developing a module on integrating data from business documents accompanying goods transported by different modes, into the Automated System for Customs Data (UNCTAD-ASYCUDA).
UNECE’s ongoing work in Moldova and Ukraine strengthens the digital connectivity of transit corridors through standardized information exchange. By enabling uniform and seamless electronic data exchange across trade, transport and logistics sectors, these standards help significantly reduce cost, speed up transactions, and minimize errors. This is particularly relevant in the context of UN/CEFACT’s ongoing efforts to develop a policy recommendation aimed at enhancing digital connectivity along transit corridors while addressing gaps in soft infrastructure. As a result, regional economies can integrate more effectively into global value chains, fostering growth and sustainable development.

MIL OSI United Nations News –
February 1, 2025
MIL-Evening Report: As Donald Trump plays God in Gaza, Israel acts like spoiled brat

The Gaza ceasefire deal proves that Israeli politics can only survive if it’s engaged in perpetual war.

US President Donald Trump has unsettled Arab leaders with his obscene suggestion that Egypt and Jordan absorb Palestinians from Gaza.

Both Egypt and Jordan have stated that this is a non-starter and will not happen.

Israeli extremists have welcomed Trump’s comments with the hope that the forced expulsion of Palestinians would pave the way for Jewish settlements in Gaza.

But the truth is that Israeli leaders likely feel deceived by Trump more than anything else. Benjamin Netanyahu and most of Israeli society were once clamouring for Donald Trump.

All that has changed since President Trump sent his top Middle East envoy Steve Witkoff to Israel in which Witkoff reportedly lambasted Benjamin Netanyahu and forced him to accept a ceasefire agreement.

Since then, Israeli leaders and Israeli society, are seemingly taken aback by Trump’s more restrained approach toward the Middle East and desire for a ceasefire.

While the current ceasefire in place is a precarious endeavour at best, Israeli reactions to the cessation of hostilities highlight a profound point: not only did Netanyahu misread Trump’s intentions, but the entire Israeli political system itself seemingly only thrives during conflict in which the US provides it with unfettered military and diplomatic support.

Geostrategic calculus
Firstly, Israel believed that Trump’s second term would likely be a continuation of his first — where the US based its geostrategic calculus in the Middle East around Israel’s interests. This gave Israeli leaders the impression that Trump would give them the green light to attack Iran, resettle and starve Gaza, and formally annex the West Bank.

However, Benjamin Netanyahu and his extremist ilk failed to take into consideration that Trump likely views blanket Israeli interests as liabilities to both the United States and Trump’s vision for the Middle East.

Trump blessing an Israel-Iran showdown seems to be off the table. Trump himself stated this and is backing up his words by appointing Washington-based analyst Mike DiMino as a top Department of Defence advisor.

DiMino, a former fellow at the non-interventionist think tank Defense Priorities, is against war with Iran and has been highly critical of US involvement in the Middle East. Steve Witkoff will also be leading negotiations with Iran.

The appointment of DiMino and Witkoff has enraged the Washington neoconservative establishment and is a signal to Tel Aviv that Trump will not capitulate to Israel’s hawkish ambitions.

The Trump effect
As it pertains to his vision for the Middle East, Trump has been adamant about expanding the Abraham Accords, deepening US military ties with Saudi Arabia, and possibly pioneering Saudi-Israeli “normalisation”.

The Saudi government has condemned Israel’s actions in Gaza, calling it a genocide and also made it clear that they will not normalise relations with Israel without the creation of a Palestinian state.

While there is an explicit pro-Israel angle to all these components, none of Trump’s objectives for the Middle East would be feasible if the genocide in Gaza continued or if the US allowed Israel to formally annex the occupied West Bank, something Trump stopped during his first term.

It is unlikely that a Palestinian state will arise under Trump’s administration; however, Trump has been in contact with Palestinian Authority (PA) President Mahmoud Abbas.

Trump’s Middle East Adviser Massad Boulos has also facilitated talks between Abbas and Trump. Steve Witkoff has also met with PA official Hussein al-Sheikh in Saudi Arabia to discuss where the PA fits into a post-October 7 Gaza and a possible pathway to a Palestinian state.

Witkoff’s willingness to meet with PA, along with the quiet yet growing relationship between Trump and Abbas, was likely something Netanyahu did not anticipate and may have also factored into Netanyahu’s acquiescence in Gaza.

Of equal importance, the Gaza ceasefire deal proves that Israeli politics can only survive if it’s engaged in perpetual war.

Brutal occupation
This is evidenced by its brutal occupation of the Palestinians, destroying Gaza, and attacking its neighbours in Syria and Lebanon. Now that Israel is forced to stop its genocide in Gaza, at least for the time being, fissures within the Israeli government are already growing.

Jewish extremist Itamar Ben Gvir resigned from Netanyahu’s coalition due to the ceasefire after serving as Israel’s national security minister. Finance Minister Bezalel Smotrich also threatened to leave if a ceasefire was enacted.

Such dynamics within the Israeli government and its necessity for conflict are only possible because the US allows it to happen.

In providing Israel with unfettered military and diplomatic support, the US allows Israel to torment the Palestinian people. Now that Israel cannot punish Gaza, it has shifted their focus to the West Bank.

Since the ceasefire’s implementation, the Israeli army has engaged in deadly raids in the Jenin refugee camp which had displaced over 2000 Palestinians. The Israeli army has also imposed a complete siege on the West Bank, shutting down checkpoints to severely restrict the movement of Palestinians.

All of Israel’s genocidal practices are a direct result of the impunity granted to them by the Biden administration; who willingly refused to impose any consequences for Israel’s blatant violation of US law.

Joe Biden could have enforced either the Leahy Law or Section 620 I of the Foreign Assistance Act at any time, which would ban weapons from flowing to Israel due to their impediment of humanitarian aid into Gaza and use of US weapons to facilitate grave human rights abuses in Gaza.

Instead, he chose to undermine US laws to ensure that Israel had everything it facilitate their mass slaughter of Palestinians in Gaza.

The United States has always held all the cards when it comes to Israel’s hawkish political composition. Israel was simply the executioner of the US’s devastating policies towards Gaza and the broader Palestinian national movement.

Abdelhalim Abdelrahman is a freelance Palestinian journalist. His work has appeared in The New Arab, The Hill, MSN, and La Razon. Tis article was first published by The New Arab and is republished under Creative Commons.

Article by AsiaPacificReport.nz

MIL OSI Analysis – EveningReport.nz –

February 1, 2025
MIL-OSI United Nations: World Wetlands Day 2025: Protecting Wetlands for Our Common Future

Source: United Nations

Celebrated annually on 2 February, World Wetlands Day aims to raise global awareness of the vital role of wetlands for people, nature and culture. This year’s theme, ‘Protecting Wetlands for Our Common Future’, reminds us of the benefits wetlands provide for biodiversity and human wellbeing.

Wetlands are among the world’s most productive ecosystems and critical for wildlife preservation. Wetlands help us cope with the impacts of climate change and secure critical freshwater recources. Wetlands have also shaped human cultures over centuries, and inspired our creativity. We need healthy wetlands for our future, and for our well-being.

Wetlands are protected under many conservation instruments, yet they are among the planet’s most theratened ecosystems. UNESCO supports the work of the Ramsar Convention on conservation and wise use of wetlands. Many wetlands have been recognised not only as Ramsar sites but also as UNESCO World Heritage properties and Biosphere Reserves. International designations can support the protection of wetlands and improve access to resources which are often much needed for securing their values.

Mont-Saint-Michel and its Bay (France) is one of the dual designations under the Ramsar and World Heritage Conventions. It is a vital coastal wetland that provides essential habitat for migratory birds and supports local fisheries with a unique Gothic-style Benedictine abbey which is a great combination of culture and nature. Conservation efforts have helped maintain the delicate balance between the region’s natural environment and human activities, offering sustainable livelihoods to local communities while preserving cultural heritage.

Wood Buffalo National Park (Canada) protects one of the world’s largest inland deltas. This wetland plays a critical role in the health of the surrounding ecosystems and provides a source of fresh water for local communities. By conserving the park’s wetlands, indigenous people and local residents benefit from enhanced food security, including access to fish and wildlife.

Banc d’Arguin National Park (Mauritania) is an important coastal wetland that provides a haven for migratory birds, fish, and other wildlife. Local people benefit from the health of this wetland, which sustains fish stocks and supports their traditional livelihoods.

Itsukushima Shinto Shrine (Japan) and its surrounding wetlands are crucial for maintaining the natural beauty of the region and has been a holy place of Shintoism. By protecting the wetlands, local communities benefit from the economic boost of tourism, while also preserving the cultural and spiritual significance of the landscape that has shaped their traditions for centuries.

This year, World Wetlands Day shares the same theme with the 15th Meeting of the Conference of the Contracting Parties to the Convention on Wetlands (COP15), which is scheduled for July 2025 in Mosi-oa-Tunya/Victoria Falls, in Zimbabwe. It is also a UNESCO World Heritage site, shared by Zimbabwe and Zambia, and has one of the most spectacular waterfalls in the world.

Visit the official World Wetlands Day 2025 website to explore global events, access communication materials and pledge your message for protecting wetlands for our common future.

Learn more about our efforts to protect wetlands of global importance : here

MIL OSI United Nations News –

February 1, 2025
MIL-OSI United Kingdom: Coming up next week at the London Assembly W/C 3 February
Source: Mayor of London

PUBLIC MEETINGS

Monday 3 February

Co-chairs of the Mayor’s Cultural Leadership Board

Confirmation Hearings Committee – Chamber, City Hall, Kamal Chunchie Way, 10am

The Mayor’s Cultural Leadership Board members, known as ‘Ambassadors’, advise the Mayor of London on emerging and ongoing issues facing the creative industries and culture sector. The Board also helps to champion the Mayor’s work.

The London Assembly will hold an extraordinary confirmation hearing to assess the Mayor of London, Sir Sadiq Khan’s proposed appointees to the role of Co-Chairs of the Mayor’s Cultural Leadership Board.

The Assembly Confirmation Hearings Committee will question:
- Amanda Parker – Proposed appointee to the role of Co-Chair of the Mayor’s Cultural Leadership Board
- Tom Sleigh – Proposed appointee to the role of Co-Chair of the Mayor’s Cultural Leadership Board
MEDIA CONTACT: Anthony Smith on 07763 251727 / [email protected]

Wednesday 5 February

Swimmable Rivers

Environment Committee – Committee Rooms 2 & 3, City Hall, Kamal Chunchie Way, 10am

The London Assembly Environment Committee will hold the final meeting of its investigation into the Mayor’s ‘swimmable rivers’ manifesto commitment, asking guests what the Mayor’s plan should include, how to ensure London’s rivers are safe and accessible, and what it will take to achieve the Mayor’s aims.

The guests are:

Panel 1
- James Wallace, Chief Executive, River Action
- Alex Nickson, Director for Environmental Compliance and Partnerships, Thames Water
- Rob Gray, Chair and Director – Crane Valley CIC / Friends of the River Crane (FORCE)
- Ros Daniels, London and South East Director, Canal and Rivers Trust
Panel 2
- Mete Coban MBE, Deputy Mayor of London for Environment and Energy, GLA
- Sam Longman, Head of Sustainability and Corporate Environment, TfL
- Abby Crisostomo, Head of Green Infrastructure, GLA
- Pete Daw, Head of Climate Change, GLA
MEDIA CONTACT: Anthony Smith on 07763 251727 / [email protected]
MIL OSI United Kingdom –
February 1, 2025
MIL-OSI USA: Office of the Governor – News Release – ACTING GOVERNOR LUKE SIGNS EMERGENCY PROCLAMATION FOR JANUARY 2025 LOW-PRESSURE WEATHER SYSTEM

Source: US State of Hawaii

Office of the Governor – News Release – ACTING GOVERNOR LUKE SIGNS EMERGENCY PROCLAMATION FOR JANUARY 2025 LOW-PRESSURE WEATHER SYSTEM

Posted on Jan 30, 2025 in Latest Department News, Newsroom, Office of the Governor Press Releases

STATE OF HAWAIʻI
KA MOKU ʻĀINA O HAWAIʻI

JOSH GREEN, M.D.
GOVERNOR
KE KIAʻĀINA

ACTING GOVERNOR LUKE SIGNS EMERGENCY PROCLAMATION FOR JANUARY 2025 LOW-PRESSURE WEATHER SYSTEM

FOR IMMEDIATE RELEASE
January 30, 2025

HONOLULU – Lieutenant Governor Sylvia Luke, serving as Acting Governor, has signed an Emergency Proclamation in response to a low-pressure weather system affecting the Hawaiian Islands.

The Emergency Proclamation will remain in effect through Monday, February 3, unless terminated or superseded. The declaration enables rapid deployment of resources to address potential impacts, including high winds, heavy rainfall and other hazardous conditions associated with the system.

“This proclamation allows us to respond quickly to changing conditions and provide the necessary resources to protect our communities,” said Acting Governor Luke. “We urge residents to stay informed, exercise caution and prepare for potential impacts from this weather system.”

The public is advised to take necessary precautions, including securing outdoor objects, avoiding unnecessary travel in affected areas and staying clear of flood-prone locations. Residents should monitor updates from the National Weather Service and county emergency management agencies for the latest official forecasts and safety information.

The proclamation also suspends certain laws that might delay emergency response efforts, ensuring that state and county agencies can act swiftly to protect public safety.

An executed copy of the Emergency Proclamation can be found here.

# # #

Media Contacts:

Shari Nishijima

Communications Director

Office of the Lieutenant Governor

Phone: (808) 978-0867

Email: [email protected]

Erika Engle

Press Secretary

Office of the Governor, State of Hawai‘i

Phone: 808-586-0120

Email: [email protected]

Makana McClellan

Director of Communications

Office of the Governor, State of Hawaiʻi

Cell: 808-265-0083

Email: [email protected]

MIL OSI USA News –

February 1, 2025
MIL-OSI: Banco Santander-Chile Announces Fourth Quarter 2024 Earnings
Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Jan. 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC; SSE: Bsantander) announced today its results¹ for the twelve-month period ended December 31, 2024, and fourth quarter 2024 (4Q24).

Strong Financial Performance with ROAE²of 26.0% in 4Q24³and 20.2% in 12M24⁴.

As of December 31, 2024, the Bank’s net income attributable to shareholders totaled $858 billion ($4.55 per share and US$1.83 per ADR), marking a 72.8% increase compared to the same period of the previous year and with an ROAE of 20.2%.

In 4Q24, net income attributable to shareholders of the Bank totaled $277 billion, increasing 13.7% in the quarter with a quarterly ROAE of 26.0%. This marks the third consecutive quarter with an ROAE above 20%.

The improvement in results is explained by an increase in the Bank’s main revenue lines. Operating income increased by 34.5% YoY, supported by a stronger interest margin and readjustments.

Robust NIM⁵recovery, reaching 3.6% in 2024 and 4.2% in 4Q24.

Net interest and readjustment income (NII) for the year ended December 31, 2024 increased by 62.1% compared to the same period in 2023. This growth was primarily due to higher net interest income, resulting from a lower monetary policy rate that reduced our funding costs from 6.8% to 4.7% in 12M24. This was partially offset by lower readjustment income due to a smaller variation in the UF compared to the previous year. Consequently, the NIM improved from 2.2% in 2023 to 3.6% in 2024, and further to 4.2% in 4Q24.

Continued Expansion of Customer Base with a 6.4% YoY Increase in Total Customers and a 5.9% YoY Increase in Digital Customers

Our strategy to enhance digital products has led to a continued growth in our customer base reaching approximately 4.3 million customers, with over 2.2 million digital customers (88% of our active customers).

The Bank’s market share in current accounts remains robust at 23.2% as of October 2024, driven by increased customer demand for US dollar current accounts which can be easily opened digitally by our customers. It also demonstrates the success of Getnet’s strategy in encouraging cross-selling of other products such as the Cuenta Pyme Life.

Customer funds increased 4.7% QoQ and 12.6% since December 2023.

Customer funds (demand deposits, time deposits and mutual funds) increased by 4.7% QoQ and 12.6% from December 2023, reflecting client growth and fund accumulation. The Bank’s total deposits increased by 5.7% from December 31, 2023, explained by the 5.3% increase in demand deposits and the 6.0% increase in time deposits. In the quarter, total deposits grew by 5.9%, with demand deposits up by 8.7% and time deposits by 3.7%. The strong growth in the quarter is explained by the seasonality of deposits at the end of the year, especially among corporate clients.

Our customer’s investments through mutual funds intermediated by the Bank also grew in the quarter, reaching an increase of 2.2% QoQ and 32.6% since December 31, 2023, given the clients’ preference for mutual funds in this scenario of falling rates.

Net fees and commissions increase 8.8% in 12M24, achieving a recurrence⁶level of 60.3%.

Net fees increased 8.8% in the twelve months ended December 31, 2024 compared to the same period in 2023 due to increased client numbers and higher product usage. As a result, the recurrence ratio (total net fees divided by structural support expenses) increased from 57.4% YTD as of December 2023 to 60.3% YTD as of December 2024, demonstrating that more than half of the Bank’s expenses are financed by fees generated by our clients.

Efficiency ratio of 36.5% in 4Q24 and 39.0% in 4Q24

The Bank’s efficiency ratio reached 39.0% as of December 31, 2024, compared to the 46.6% of the same period last year, with a quarterly efficiency ratio of 36.5%. On the other hand, the cost to assets ratio increased to 1.5% in 12M24 vs. 1.3% in the same period of the previous year.

Structural support expenses (salaries, administration and amortization) grew 3.5% in 12M24 compared to 12M23, below inflation, and in line with the guidance provided previously and a slight decrease of 1.8% compared to 3Q24 mainly due to lower salary expenses.

Total operating expenses (which includes other expenses) increased 12.4% in 12M24 compared to 12M23 driven by higher other operating expenses, related to a provision for the restructuring of our branch network and the transformation to Work/Café and also advances in digital banking.

Cost of credit of 1.29% in 12M24, and NPL coverage at 115.4%

During the Covid-19 pandemic, asset quality benefited from state aid and pension fund withdrawals, which led to a positive performance in assets during that period, before normalizing in line with the performance of the economy and the drainage of excess liquidity from households. Currently, our clients’ performance is reflecting the state of the economy and the labor market, where delinquency is higher than the levels we saw before the pandemic with the non-performing loans (NPL) ratio increasing to 3.2% and the impaired portfolio to 6.7% at December 2024. Overall the cost of credit remained stable at 1.29% in the quarter.

Solid capital levels with a BIS⁷ratio of 17.1% and a CET1⁸of 10.5%.

Our CET1 (Common Equity Tier 1) ratio remains at solid levels of 10.5% and the total Basel III ratio reaches 17.1% at the end of December 2024, which includes a provision of dividend payment of 70% of 2024 earnings.

We made significant progress in our Chile First strategy in 2024
- Largest bank in terms of loans and deposits (16.9% market share according to latest information from the CMF).
- More than US$ 450 million committed to invest in infrastructure and technology between 2023 and 2026.
- A total of 99 Workcafés in Chile, serving our clients and the community in their different formats.
- Recognized by Euromoney as the Best Bank in the Country in the SME and ESG Categories.
- The only Chilean bank included in the DJSI emerging markets and within the top 3% of the most sustainable banks in the world.
- Top Employer Certification January 2025 (seventh consecutive year).
- Recognized as the Best Bank in Chile for SMEs by Global Finance.
- ALAS20: First place in the category of leading company in sustainability.
- Institutional Investor: “Most Honored Company.”
Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a stable outlook.

As of December 31, 2024, the Bank has total assets of $68,458,933 million (US$68,865 million), total gross loans (including loans to banks) at amortized cost of $41,323,844 million (US$41,569 million), total deposits of $31,359,234 million (US$31,545 million) and shareholders’ equity of $4,292,440 million (US$4,318 million). The BIS capital ratio was 17.1%, with a core capital ratio of 10.5%. As of December 31, 2024, Santander Chile employs 8,757 people and has 236 branches throughout Chile.

CONTACT INFORMATION
Cristian Vicuña
Chief Strategy Officer and Head of Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl Website: www.santander.cl

1 The information contained in this report is presented in accordance with Chilean Bank GAAP as defined by the Financial Markets Commission (FMC).
2 Annualized net income attributable to shareholders of the Bank divided by the average equity attributable to equity holders
3 The fourth quarter of 2024
4 The twelve months accumulated as of December31, 2024
5 NIM: Net interest margin. Annualized net interest income and annualized readjustments divided by interest-earning assets
6Recurrence: Net commissions divided by structural operating expenses (excludes other operating expenses).
7 Regulatory capital divided by risk-weighted assets, according to CMF BIS III definitions
8 Core capital divided by risk-weighted assets, according to CMF BIS III definitions.

The MIL Network –
February 1, 2025
MIL-OSI United Kingdom: Preston Market Trader reaches a bag’nificent milestone

Source: City of Preston

Preston Markets is proud to celebrate one of its longest serving traders, Sheridan’s Bags and Bags, which marks 60 years of trading this year.

Founded by Jean Sheridan on Preston’s Outdoor Market in 1965, the family-run business has grown and evolved being passed down through the family to become a cherished part of the market’s story.

Jean worked tirelessly to establish her stall, assisted by her seven-year-old daughter, Gail. In 1969, Jean’s husband, Alan Sheridan, left his career as a Detective Constable to join the business, helping to expand its operations. When Preston’s Indoor Market opened in 1972, the family jumped at the opportunity opening a second stall, inside the new market building.

In January 1975, the team welcomed a young, local lad David Maudsley, who would go on to become an integral part of the business. Over time, David and Gail continued the family legacy, eventually taking over the reins. Today, they remain at the heart of the operation, welcoming customers at their current location within Preston Market Hall.

Gail and David’s commitment to their customers and the community reflects the resilience, tradition, and spirit that make Preston Markets such a beloved part of the city.

Gail Maudsley co-owner of Sheridans Bags and Bags said:

“We are proud to have continued my mother’s business and reached this 60-year milestone. I have lots of fantastic memories growing up at the Markets.

“It’s important to stay relevant, we strive to offer a great service and look after our customers, whilst sharing our product knowledge, and of course, you can touch and feel the goods.

“David and I have had front row seats to the changes and developments to Preston city centre over the decades. We are looking forward to the opening of Animate next month and everything that comes with it.”

Councillor Martyn Rawlinson, Cabinet Member for Resources and Deputy Leader at Preston City Council Said:

“A huge congratulations to Gail and David on this fantastic achievement. It’s always great to see small, local businesses succeed at Preston Markets. 60 years is a fantastic milestone to reach!”

Preston Markets invite you to explore its diverse offerings, with unique, family-run businesses like Sheridan’s Bags and Bags an artisan butcher and fruit and veg stalls selling fresh, local produce and more. Whether you’re a long-time visitor or discovering the market for the first time, there’s always something to enjoy.

This year Preston Market also marks the 150 year anniversary of their Victorian canopy which was built in 1875. Visit Preston Markets and celebrate the heritage and history of Lancashire.

Further Information

MIL OSI United Kingdom –

January 31, 2025
MIL-OSI Africa: African Mining Week (AMW) to Showcase Africa’s Rising Investment Potential in the Mining Sector

Source: Africa Press Organisation – English (2) – Report:

CAPE TOWN, South Africa, January 31, 2025/APO Group/ —

International investments in Africa’s mining sector are surging as global demand for both traditional and emerging minerals continues to grow. For example, Australian mining firms saw their asset value in Africa reach $60 billion in 2024, while Canadian firms’ assets climbed to $37 billion. China also launched an ambitious $50 billion, three-year investment strategy targeting increased stakes in Africa’s most lucrative opportunities including in the mining sector.

The upcoming African Mining Week Summit, scheduled for October 1 – 3 in Cape Town, will highlight profitable opportunities within Africa’s mining industry and reinforce the continent’s attractiveness as an investment destination for global mining financiers.

Untapped Mineral Deposits

Africa’s vast, untapped mineral resources present potential for new investments. The continent holds 30% of the world’s critical minerals (https://apo-opa.co/3ClkUGd) essential for the energy transition, including the largest global reserves of cobalt (in the Democratic Republic of Congo) and over 80% of the world’s platinum group metals in South Africa. The continent accounts for more than 44% of global diamond production, while its share of the gold market continues to grow, with markets such as Ghana, Mali and Zimbabwe ramping up production.

Supportive Policies and Investor-Friendly Terms

African governments are enhancing the investment climate within the mining industry by enacting new policies and modernizing fiscal terms to streamline processes and reduce delays in project rollouts. Zambia, for instance, introduced a New Mining Tax Regime in 2023, improving transparency and reducing tax evasion, as the country targets a copper production target of three million tons by 2032. Mali has also experienced increased investment flows following its 2023 Mining Code, with global players such as HummingGold, B2Gold and Ganfeng committing to new lithium and gold projects. Malawi has also taken steps to attract investments by launching its Mining Regulatory Authority in October 2024, supported by the Mines and Minerals Act of 2023.

Improved Mining and Export Infrastructure

African nations are enhancing cooperation with global partners to improve mining production and mineral transportation infrastructure. For example, investment firm Africa Finance Corporation has announced that the Zambia-Lobito Railway project will commence (https://apo-opa.co/3Q0RcJL) construction in early 2026, to facilitate the efficient and cost-effective transportation of critical minerals from East and Southern Africa to global markets. Upgrades to the Tanzania-Zambia Railway (https://apo-opa.co/3PXFeAE) and South Africa’s modernization of ports through freight operator, Transnet, are further enhancing the region’s mining investment prospects.

Rich Mining History

Africa’s established history as a global mining hub has fostered the development of key infrastructure and a skilled workforce that international mining firms rely on to meet global mineral demand. Mining remains a cornerstone of many African economies, attracting both traditional and emerging players keen to expand their operations and leverage the continent’s resources. With its rich deposits and ongoing improvements in policy and infrastructure, Africa maintains its position as a key investment destination for the global mining industry.

African Mining Week will serve as a premier platform for exploring the full spectrum of mining opportunities across Africa. The event is held alongside the African Energy Week: Invest in African Energy 2025 conference (https://apo-opa.co/4htJMdI) from October 1 -3. in Cape Town. Sponsors, exhibitors and delegates can learn more by contacting sales@energycapitalpower.com

MIL OSI Africa –

January 31, 2025
MIL-OSI Australia: New Consul-General to Toronto

Source: Minister for Trade

Today I am pleased to announce the appointment of Rachelle Jackson to lead an Australian diplomatic post in Canada.

Ms Jackson has been appointed to the role of Consul-General and Trade and Investment Commissioner in Toronto, Canada.

Ms Jackson has a wealth of experience in trade and investment policy having held multiple leadership roles at Austrade in Melbourne and Sydney, and as a Trade Commissioner in New York and San Francisco.

Her appointment underscores the importance of Australia’s relationship with Canada, and will advance our trade and diplomatic interests, and drive opportunities for a continued and strong bilateral trading relationship.

I congratulate Ms Jackson on her well-deserved appointment.

I thank the outgoing Consul-General and Trade Commissioner Josh Riley for his time and successful efforts in the role.

MIL OSI News –

January 31, 2025
MIL-OSI Global: Astronomers have spied an asteroid that may be heading for Earth. Here’s what we know so far

Source: The Conversation – Global Perspectives – By Jonti Horner, Professor (Astrophysics), University of Southern Queensland

Artist’s impression of an asteroid with Earth in the background. Buradaki / Shutterstock

On 27 December last year, astronomers using the ATLAS survey telescope in Chile discovered a small asteroid moving away from Earth. Follow up observations have revealed that the asteroid, 2024 YR4, is on a path that might lead to a collision with our planet on 22 December 2032.

In other words, the newly-discovered space rock poses a significant impact threat to our planet.

It sounds like something from a bad Hollywood movie. But in reality, there’s no need to panic – this is just another day living on a target in a celestial shooting gallery.

So what’s the story? What do we know about 2024 YR4? And what would happen if it did collide with Earth?

A target in the celestial shooting gallery

As Earth moves around the Sun, it is continually encountering dust and debris that dates back to the birth of the Solar system. The system is littered with such debris, and the meteors and fireballs seen every night are evidence of just how polluted our local neighbourhood is.

But most of the debris is far too small to cause problems to life on Earth. There is far more tiny debris out there than larger chunks – so impacts from objects that could imperil life on Earth’s surface are much less frequent.

The most famous impact came some 66 million years ago. A giant rock from space, at least 10 kilometres in diameter, crashed into Earth – causing a mass extinction that wiped out something like 75% of all species on Earth.

Impacts that large are, fortunately, very rare events. Current estimates suggest that objects like the one which killed the dinosaurs only hit Earth every 50 million years or so. Smaller impacts, though, are more common.

On 30 June 1908, there was a vast explosion in a sparsely populated part of Siberia. When explorers later reached the location of the explosion, they found an astonishing site: a forest levelled, with all the trees fallen in the same direction. As they moved around, the direction of the fallen trees changed – all pointing inwards towards the epicentre of the explosion.

The Tunguska event flattened trees over an area of around 2,200 square kilometres.
Leonid Kulik / Wikimedia

In total, the Tunguska event levelled an area of almost 2,200 square kilometres – roughly equivalent to the area of greater Sydney. Fortunately, that forest was extremely remote. While plants and animals were killed in the blast zone, it is thought that, at most, only three people perished.

Estimates vary of how frequent such large collisions should be. Some argue that Earth should experience a similar impact, on average, once per century. Others suggest such collisions might only happen every 10,000 years or so. The truth is we don’t know – but that’s part of the fun of science.

More recently, a smaller impact created global excitement. On 15 February 2013, a small asteroid (likely about 18 metres in diameter) detonated near the Russian city of Chelyabinsk.

The explosion, about 30 kilometres above the Earth’s surface, generated a powerful shock-wave and extremely bright flash of light. Buildings were damaged, windows smashed, and almost 1,500 people were injured – although there were no fatalities.

It served as a reminder, however, that Earth will be hit again. It’s only a question of when.

Which brings us to our latest contender – asteroid 2024 YR4.

The 1-in-77 chance of collision to watch

2024 YR4 has been under close observation by astronomers for a little over a month. It was discovered just a few days after making a relatively close approach to our planet, and it is now receding into the dark depths of the Solar system. By April, it will be lost to even the world’s largest telescopes.

The observations carried out over the past month have allowed astronomers to extrapolate the asteroid’s motion forward over time, working out its orbit around the Sun. As a result, it has become clear that, on 22 December 2032, it will pass very close to our planet – and may even collide with us.

The area at risk of a strike, based on current (highly uncertain) data.
Daniel Bamberger / Wikimedia, CC BY-SA

At present, our best models of the asteroid’s motion have an uncertainty of around 100,000 kilometres in its position at the time it would be closest to the Earth. At around 12,000 kilometres in diameter, our planet falls inside that region of uncertainty.

Calculations suggest there is currently around a 1-in-77 chance that the asteroid will crash into our planet at that time. Of course, that means there is still a 76-in-77 chance it will miss us.

When will we know for sure?

With every new observation of 2024 YR4, astronomers’ knowledge of its orbit improves slightly – which is why the collision likelihoods you might see quoted online keep changing. We’ll be able to follow the asteroid as it recedes from Earth for another couple of months, by which time we’ll have a better idea of exactly where it will be on that fateful day in December 2032.

But it is unlikely we’ll be able to say for sure whether we’re in the clear at that point.

Recent observations of 2024 YR4 – the faint unmoving dot in the centre of the image.
ESO, CC BY

Fortunately, the asteroid will make another close approach to the Earth in December 2028 – passing around 8 million kilometres from our planet. Astronomers will be ready to perform a wide raft of observations that will help us to understand the size and shape of the asteroid, as well as giving an incredibly accurate overview of where it will be in 2032.

At the end of that encounter, we will know for sure whether there will be a collision in 2032. And if there is to be a collision that year, we’ll be able to predict where on Earth that collision will be – likely to a precision of a few tens of kilometres.

How big would the impact be?

At the moment, we don’t know the exact size of 2024 YR4. Even through Earth’s largest telescopes, it is just a single tiny speck in the sky. So we have to estimate its size based on its brightness. Depending on how reflective the asteroid is, current estimates place it as being somewhere between 40 and 100 metres across.

What does that mean for a potential impact? Well, it would depend on exactly what the asteroid is made of.

The most likely scenario is that the asteroid is a rocky pile of rubble. If that turns out to be the case, then the impact would be very similar to the Tunguska event in 1908.

The asteroid would detonate in the atmosphere, with a shockwave blasting Earth’s surface as a result. The Tunguska impact was a “city killer” type event, levelling forest across a city-sized patch of land.

Meteor Crater in Arizona is believed to have been created by a 50m metallic meteorite impact around 50,000 years ago.
NASA Earth Observatory / Wikimedia

A less likely possibility is that the asteroid is made of metal. Based on its orbit around the Sun, this seems unlikely – but we can’t rule it out.

In that case, the asteroid would make it through the atmosphere intact, and crash into Earth’s surface. If it hit on the land, it would carve out a new impact crater, probably more than a kilometre across and a couple of hundred metres deep – something similar to Meteor Crater in Arizona.

Again, this would be quite spectacular for the region around the impact – but that would be about it.

Living in a remarkable time

This all sounds like doom and gloom. After all, we know that the Earth will be hit again – either by 2024 YR4 or something else. But there’s a real positive to take out of all this.

There has been life on Earth for more than 3 billion years. In all that time, impacts have come along and caused destruction and devastation many times.

But there has never been a species, to our knowledge, that understood the risk, could detect potential threats in advance, and even do something about the threat. Until now.

In just the past few years, we have discovered 11 asteroids before they hit our planet. In each case, we have predicted where they would hit, and watched the results.

We have also, in recent years, demonstrated a growing capacity to deflect potentially threatening asteroids. NASA’s DART mission (the Double Asteroid Redirection Test) was an astounding success.

For the first time in more than 3 billion years of life on Earth, we can do something about the risk posed by rocks from space. So don’t panic! But instead, sit back and watch the show.

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

– ref. Astronomers have spied an asteroid that may be heading for Earth. Here’s what we know so far – https://theconversation.com/astronomers-have-spied-an-asteroid-that-may-be-heading-for-earth-heres-what-we-know-so-far-248753

MIL OSI – Global Reports –

January 31, 2025
MIL-Evening Report: Astronomers have spied an asteroid that may be heading for Earth. Here’s what we know so far

Source: The Conversation (Au and NZ) – By Jonti Horner, Professor (Astrophysics), University of Southern Queensland

Artist’s impression of an asteroid with Earth in the background. Buradaki / Shutterstock

On 27 December last year, astronomers using the ATLAS survey telescope in Chile discovered a small asteroid moving away from Earth. Follow up observations have revealed that the asteroid, 2024 YR4, is on a path that might lead to a collision with our planet on 22 December 2032.

In other words, the newly-discovered space rock poses a significant impact threat to our planet.

It sounds like something from a bad Hollywood movie. But in reality, there’s no need to panic – this is just another day living on a target in a celestial shooting gallery.

So what’s the story? What do we know about 2024 YR4? And what would happen if it did collide with Earth?

A target in the celestial shooting gallery

As Earth moves around the Sun, it is continually encountering dust and debris that dates back to the birth of the Solar system. The system is littered with such debris, and the meteors and fireballs seen every night are evidence of just how polluted our local neighbourhood is.

But most of the debris is far too small to cause problems to life on Earth. There is far more tiny debris out there than larger chunks – so impacts from objects that could imperil life on Earth’s surface are much less frequent.

The most famous impact came some 66 million years ago. A giant rock from space, at least 10 kilometres in diameter, crashed into Earth – causing a mass extinction that wiped out something like 75% of all species on Earth.

Impacts that large are, fortunately, very rare events. Current estimates suggest that objects like the one which killed the dinosaurs only hit Earth every 50 million years or so. Smaller impacts, though, are more common.

On 30 June 1908, there was a vast explosion in a sparsely populated part of Siberia. When explorers later reached the location of the explosion, they found an astonishing site: a forest levelled, with all the trees fallen in the same direction. As they moved around, the direction of the fallen trees changed – all pointing inwards towards the epicentre of the explosion.

The Tunguska event flattened trees over an area of around 2,200 square kilometres.
Leonid Kulik / Wikimedia

In total, the Tunguska event levelled an area of almost 2,200 square kilometres – roughly equivalent to the area of greater Sydney. Fortunately, that forest was extremely remote. While plants and animals were killed in the blast zone, it is thought that, at most, only three people perished.

Estimates vary of how frequent such large collisions should be. Some argue that Earth should experience a similar impact, on average, once per century. Others suggest such collisions might only happen every 10,000 years or so. The truth is we don’t know – but that’s part of the fun of science.

More recently, a smaller impact created global excitement. On 15 February 2013, a small asteroid (likely about 18 metres in diameter) detonated near the Russian city of Chelyabinsk.

The explosion, about 30 kilometres above the Earth’s surface, generated a powerful shock-wave and extremely bright flash of light. Buildings were damaged, windows smashed, and almost 1,500 people were injured – although there were no fatalities.

It served as a reminder, however, that Earth will be hit again. It’s only a question of when.

Which brings us to our latest contender – asteroid 2024 YR4.

The 1-in-77 chance of collision to watch

2024 YR4 has been under close observation by astronomers for a little over a month. It was discovered just a few days after making a relatively close approach to our planet, and it is now receding into the dark depths of the Solar system. By April, it will be lost to even the world’s largest telescopes.

The observations carried out over the past month have allowed astronomers to extrapolate the asteroid’s motion forward over time, working out its orbit around the Sun. As a result, it has become clear that, on 22 December 2032, it will pass very close to our planet – and may even collide with us.

The area at risk of a strike, based on current (highly uncertain) data.
Daniel Bamberger / Wikimedia, CC BY-SA

At present, our best models of the asteroid’s motion have an uncertainty of around 100,000 kilometres in its position at the time it would be closest to the Earth. At around 12,000 kilometres in diameter, our planet falls inside that region of uncertainty.

Calculations suggest there is currently around a 1-in-77 chance that the asteroid will crash into our planet at that time. Of course, that means there is still a 76-in-77 chance it will miss us.

When will we know for sure?

With every new observation of 2024 YR4, astronomers’ knowledge of its orbit improves slightly – which is why the collision likelihoods you might see quoted online keep changing. We’ll be able to follow the asteroid as it recedes from Earth for another couple of months, by which time we’ll have a better idea of exactly where it will be on that fateful day in December 2032.

But it is unlikely we’ll be able to say for sure whether we’re in the clear at that point.

Recent observations of 2024 YR4 – the faint unmoving dot in the centre of the image.
ESO, CC BY

Fortunately, the asteroid will make another close approach to the Earth in December 2028 – passing around 8 million kilometres from our planet. Astronomers will be ready to perform a wide raft of observations that will help us to understand the size and shape of the asteroid, as well as giving an incredibly accurate overview of where it will be in 2032.

At the end of that encounter, we will know for sure whether there will be a collision in 2032. And if there is to be a collision that year, we’ll be able to predict where on Earth that collision will be – likely to a precision of a few tens of kilometres.

How big would the impact be?

At the moment, we don’t know the exact size of 2024 YR4. Even through Earth’s largest telescopes, it is just a single tiny speck in the sky. So we have to estimate its size based on its brightness. Depending on how reflective the asteroid is, current estimates place it as being somewhere between 40 and 100 metres across.

What does that mean for a potential impact? Well, it would depend on exactly what the asteroid is made of.

The most likely scenario is that the asteroid is a rocky pile of rubble. If that turns out to be the case, then the impact would be very similar to the Tunguska event in 1908.

The asteroid would detonate in the atmosphere, with a shockwave blasting Earth’s surface as a result. The Tunguska impact was a “city killer” type event, levelling forest across a city-sized patch of land.

Meteor Crater in Arizona is believed to have been created by a 50m metallic meteorite impact around 50,000 years ago.
NASA Earth Observatory / Wikimedia

A less likely possibility is that the asteroid is made of metal. Based on its orbit around the Sun, this seems unlikely – but we can’t rule it out.

In that case, the asteroid would make it through the atmosphere intact, and crash into Earth’s surface. If it hit on the land, it would carve out a new impact crater, probably more than a kilometre across and a couple of hundred metres deep – something similar to Meteor Crater in Arizona.

Again, this would be quite spectacular for the region around the impact – but that would be about it.

Living in a remarkable time

This all sounds like doom and gloom. After all, we know that the Earth will be hit again – either by 2024 YR4 or something else. But there’s a real positive to take out of all this.

There has been life on Earth for more than 3 billion years. In all that time, impacts have come along and caused destruction and devastation many times.

But there has never been a species, to our knowledge, that understood the risk, could detect potential threats in advance, and even do something about the threat. Until now.

In just the past few years, we have discovered 11 asteroids before they hit our planet. In each case, we have predicted where they would hit, and watched the results.

We have also, in recent years, demonstrated a growing capacity to deflect potentially threatening asteroids. NASA’s DART mission (the Double Asteroid Redirection Test) was an astounding success.

For the first time in more than 3 billion years of life on Earth, we can do something about the risk posed by rocks from space. So don’t panic! But instead, sit back and watch the show.

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

– ref. Astronomers have spied an asteroid that may be heading for Earth. Here’s what we know so far – https://theconversation.com/astronomers-have-spied-an-asteroid-that-may-be-heading-for-earth-heres-what-we-know-so-far-248753

MIL OSI Analysis – EveningReport.nz –

January 31, 2025
MIL-OSI United Kingdom: UK Academics receive Prince Mahidol Award 2024
Source: United Kingdom – Executive Government & Departments

Two scientists from the UK received Thailand’s Prince Mahidol Awards for 2024 for long and significant contribution in the field of Public Health and Medicine.
Today (30 January 2025) two scientists from the UK received Thailand’s Prince Mahidol Awards (PMA) for 2024 for their long and significant contribution in the field of Public Health and Medicine. Dr Jonathan Shepherd, a British surgeon and professor at Cardiff University in Wales, and Dr Tony Hunter (dual US-UK national), a professor of Biology at the Salk Institute for Biological Studies, USA have received the award, following on from Professor David Mabey, who received the award in 2019 for his work to eradicate trachoma, the most common infectious cause of blindness worldwide.

The Award Presentation Ceremony was held at Thailand’s Royal Palace. Her Royal Highness Princess Maha Chakri Sirindhorn, as the representative of His Majesty the King, presided over the Presentation Ceremony, in the company of the Privy Council, Bureau of the Royal Household and Cabinet members.

Dr Shepherd receives the Prince Mahidol Award (PMA) in Public Health for his creation of the ‘Cardiff Model of Violence Prevention’ which is an evidence-based, multisectoral approach to violence prevention which has been endorsed by the World Health Organisation and integrated into multisectoral approaches to violence prevention from South Africa to Australia. Dr Shepherd’s research and commitment to evidence-based public policy has contributed to the development of ‘What Works Network’. The Network, supported by the UK government, acts as an important interface between research and policymaking, ensuring that policy makers have access to the best evidence.

Professor Hunter who studied at the University of Cambridge in the UK, receives the Prince Mahidol Award in Medicine for his discovery of tyrosine kinase enzymes and the phosphorylation process, a crucial mechanism that transforms normal cells into cancerous cells. This breakthrough discovery led to the development of targeted cancer treatments and pharmaceutical innovation that can effectively inhibit cancer cells.

In 2024 the UK and Thailand established a Strategic Partnership, highlighting a shared commitment to advance global health by championing universal access to health care and strengthening partnerships to prevent, detect and respond to global health threats. This includes joint efforts to tackle antimicrobial resistance and infectious disease outbreaks including through the development and application of innovative technology, such as genomics.

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Published 31 January 2025
MIL OSI United Kingdom –
January 31, 2025
MIL-OSI Australia: Stay safe and cool on the water this weekend

Source: South Australia Police

Police urge boaties to be safe on metropolitan waters ahead of a hot weekend.

Over the recent long weekend, Water Operations Police had vessels and jet skis conducting patrols along metropolitan beaches.

Police conducted a number of drug and alcohol tests, with one person testing positive to drugs at Moana.

Police also work closely with Marine Safety to ensure compliance with safety and licence requirements and issued three general expiation notices over the long weekend on the coast.

With hot weather forecast, police expect many people will be heading out on coastal waters.

To ensure everyone has a good time while out on the water, make sure you have all the right equipment on board and don’t drink and drive.

For more information on boating rules and regulations, visit: South Australian boating safety handbook (marinesafety.sa.gov.au)

Report any suspicious behaviour to SAPOL by calling 131 444.

MIL OSI News –

January 31, 2025
MIL-OSI Australia: Community Funding shines bright throughout the City

Source: Government of Western Australia

The City of Wanneroo’s Community Funding Program has supported a plethora of community-led initiatives.

Disco events for people with disabilities

Intelife Group was one of the stand-out beneficiaries of the City’s community funding for its EasyBeatz events.

Two events were held at the Whale & Ale bar and bistro in Clarkson, with the aim of increasing opportunities for people with disabilities to attend nightlife venues, as well as better educating venue staff.

The City supported the group’s Christmas in July and Halloween themed discos, with the funding covering the venue and DJ hire costs.

The funding also allowed Intelife to create a video aimed at upskilling nightlife venues on how to provide an inclusive service to people with disabilities.

The events provided a place for people with disability to meet in a safe place, enjoy a night out and make friends – with positive feedback proving the value of the events for the community.

APM Community Connections Local Area Coordinator, Jean Van Veen, said the events were so popular, another six were in the works.

“These events, which welcomed people of all abilities, wouldn’t have been possible without the grant received from the City” she said.

“The video will help raise awareness and support other venues across Australia to host similar accessible and inclusive events, ensuring everyone can enjoy these experiences.”

Community Christmas party and support

A Community Christmas Party hosted by No Limits Perth set a new attendance record, highlighting the need for relief initiatives as cost-of-living pressures increase.

Over the past year, organisers have seen event attendance double, with 200 families who were in need of free Christmas hampers joining the 2024 party, which was supported by a $2,205 Community Grant from the City.

“The City’s funding program supported our Community Christmas Party by providing the entertainment, advertising, as well as ambulance services,” No Limits Perth Chairperson and Co-Founder, Janine Wood, said.

“We received feedback from families and single parents who were extremely grateful for the hampers and toys they received for their children and grandchildren at the event.”

No Limits provides support services for people experiencing hardship and homelessness, if you are struggling you can reach out through the No Limits Perth website.

Bilingual workshops

Last year, Multilingual Australia held three workshops at Girrawheen Hub, with a $500 Kickstarter grant from the City.

The “Raising Children in More than One Language” workshops were held to support City of Wanneroo families in fostering bilingual and multi-lingual environments at home.

Thanks to the popularity of the workshops, Multilingual Australia was invited to present at two additional child-care centres to 37 families and community educators.

Tet Trung Thu Full Moon Lantern Festival

Koondoola-based Westnam United Soccer Club saw 350 people join in its 2024 Tet Trung Thu Full Moon Lantern Festival.

The annual Vietnamese community cultural event for children was a hit with attendees who enjoyed lantern making, moon cake tasting and a lantern parade.

Westnam United Soccer Club received a $4,450 Community Grant from the City to host the festival at its home ground, Shelvock Park.

Wanneroo Softball’s ‘Have a Go Day’

In a bid to rejuvenate its player numbers, Wanneroo Softball Club hosted a “Have a Go Day”, targeting new members of the community and shining a light on the social and physical benefits of softball.

The club received a $500 Kickstarter grant from the City to help host the event.

The City’s Funding Program offers a valuable opportunity for groups based in the City of Wanneroo, or with a primary interest in the City, to secure financial support for projects, activities and events.

Visit the Community Funding page for more information or phone the City’s Community Development team on (08) 9405 5600.

MIL OSI News –

January 31, 2025
MIL-OSI Australia: Man charged with prohibited behaviour

Source: Tasmania Police

Man charged with prohibited behaviour

Friday, 31 January 2025 – 4:43 pm.

A man has been charged over an incident at Royal Park, Launceston on Friday morning.
Police received multiple reports of a man exposing himself to members of the public in the area between 8am and 10.30am.
A 43-year-old Launceston man was later arrested by police and charged with prohibited behaviour.
He will appear in the Launceston Magistrates Court in April.
Police are calling for any witnesses to the incident, in particular anyone who may have witnessed a man acting in an offensive manner on the walking path between Royal Park and Kings Bridge.
Information can be provided by calling police on 131 444 or Crime Stoppers anonymously on 1800 333 000 or online at Crimestopperstas.com.au. Please quote OR765581.

MIL OSI News –

January 31, 2025
MIL-OSI Australia: NT Fire and Emergency Service staff head to Victoria to assist with Grampians fire efforts

Source: Northern Territory Police and Fire Services

NT Fire and Emergency Services (NTFES) will deploy 3 members to Victoria to assist with the current fire response near the Grampians in western Victoria.

There are two major fires burning in the northern and southern parts of the Grampians, spanning a total of 18,000 hectares, with multiple “watch and act” warnings currently in effect for residents in the area.

The Victorian Government formally requested assistance from all jurisdictions throughout Australia last night, prompting an immediate response from the NT. Personnel were swiftly organised, with the three Incident Management Team members scheduled to depart tomorrow morning joining up with Queensland counterparts in a joint Incident Management Team.

The team, consisting of NTFES Fire and Rescue and Bushfires NT staff will assist with incident management roles alongside their Queensland counterparts.

NT Fire and Emergency Services Commissioner, Andrew Warton, stated NT crews are highly skilled and ready to support our colleagues in Victoria.

The Northern Territory and Victoria share a strong relationship, with similar experiences in managing remote, challenging terrain and pastoral land. We’re more than happy to step up and assist during this critical time,” he said.

“Given the scale of the bushfire, Victoria requested additional capacity to aid in the response efforts. NTFES personnel, who are well-trained in incident management, will provide essential incident managements skills”.

“While large fires are not uncommon in Victoria, the size and intensity of these fires at this time of year are confronting. Our thoughts are with those impacted by the fires.”

This deployment highlights the dedication and core values of the NT Fire and Emergency Services. Many of these individuals put their personal lives on hold to assist communities, as well as others in need during times of crisis.

The recent formation of the NT Fire and Emergency Services, which combines the NT Fire and Rescue Service, NT Emergency Service, and Bushfires NT into one agency, enhances our ability to respond to emergencies while prioritizing community resilience.

MIL OSI News –

January 31, 2025
MIL-OSI Australia: 28-2025: Reminder to remain vigilant during Brown Marmorated Stink Bug Season (BMSB)

Source: Australia Government Statements – Agriculture

31 January 2025

Who does this notice affect?

Stakeholders in the import and shipping industries—including Master Consolidators, vessel masters, freight forwarders, treatment providers, Biosecurity Industry Participants, importers, customs brokers and principal agents—associated with shipping or importing goods from BMSB target risk or native risk countries.

Seasonal Reminder

Hitchhiker pests can arrive in Australia on aircraft or vessels, cargo and containers,…

MIL OSI News –

January 31, 2025
MIL-OSI Global: Trump says he wants to take Greenland. International law says otherwise

Source: The Conversation – Global Perspectives – By Donald Rothwell, Professor of International Law, Australian National University

One of United States President Donald Trump’s more startling claims since taking office for his second term – and there have been many – is his insistence that the US will take control of Greenland.

Both prior to taking office and since, Trump has spoken about a desire for the US to acquire Greenland, an autonomous territory that is part of Denmark. This revives a proposal he floated in 2019, and is now being advanced with serious intent.

Trump’s interest in Greenland is framed around US security. The island is strategically located in the GIUK (Greenland-Iceland-United Kingdom) Gap. The gap gained prominence during the Cold War as an area where Soviet nuclear submarines could operate in the Atlantic Ocean proximate to the US and its NATO partners. Denmark’s limited naval capacity meant these Soviet submarine incursions were uncontested.

Washington has always appreciated the strategic significance of Greenland. It was used during the second world war as a US military staging point due to its relative safety from the European theatre of war and its capacity as a stopover for aircraft to refuel.

Later, during the Cold War, the Thule US Airbase was constructed on its northwest coast, later becoming the Pituffik Space Base.

Trump is particularly concerned about Russian and Chinese ships operating offshore near Greenland in the Arctic Ocean, and with ensuring US access to rare earth minerals on the island.

All of these are legitimate US security and strategic interests. It is often forgotten that the US is an Arctic nation by virtue of Alaska, and Greenland is adjacent to North America.

However, Greenland is not terra nullius ripe for American colonisation. It is recognised as Danish territory. Any dispute over a Danish claim to the island was resolved by an international court in 1933, and since that time Denmark has overseen Greenlandic affairs without challenge. Any suggestion Denmark’s sovereignty over Greenland is contested has no foundation.

While Denmark has been a colonial power, there has been an active process underway to grant the 57,000 Greenlanders increased autonomy from Copenhagen. Home rule has been granted, a legislature has been created, and a road map exists for self-determination that may eventually see the emergence of an independent Greenland.

Seeking to honour the responsibility Copenhagen feels for ushering Greenlanders through this process, Denmark has made clear that Greenland is not for sale.

The most breathtaking aspect of Trump’s Greenland territorial ambitions has been the refusal to rule out the US using economic or military means to acquire it.

This ignores the fact that Greenland is part of Denmark (a NATO member) and that indigenous Greenlanders possess a right of self-determination. Moreover, any use of US military force to take Greenland would be in violation of both the 1949 North Atlantic Treaty on which NATO is founded and the 1945 United Nations Charter.

Respect for territorial integrity was one of foundations on which the UN Charter was built. The intention of the UN’s founders during the San Francisco Conference was to ensure military force could not be used to acquire territory through an act of aggression resulting in the annexation of territory.

Article 2 of the charter reflects this core principle. Its violation has repeatedly been seen as an egregious breach of international law. Iraq’s 1990 invasion and annexation of Kuwait and Russia’s 2022 full-scale invasion of Ukraine are examples of the international community uniting to condemn blatant uses of military force for territorial gain.

Other than Denmark, its Scandinavian neighbours and some NATO members, Trump’s Greenland territorial ambitions have been met with diplomatic silence. What is taking place behind closed doors and in the foreign ministries of US allies and partners can only be imagined.

For Australia, this raises fundamental issues regarding the US alliance. Would Australia be prepared to stand beside the US if it used its economic and military might to acquire Greenland?

Australia has a bipartisan position of both supporting the American alliance and the “rules-based” international order on which the UN is based. AUKUS is founded on these assumptions. Any US economic or military aggression over Greenland may force Australia into making a choice between America or the rule of law.

Donald Rothwell receives funding from the Australian Research Council.

– ref. Trump says he wants to take Greenland. International law says otherwise – https://theconversation.com/trump-says-he-wants-to-take-greenland-international-law-says-otherwise-248682

MIL OSI – Global Reports –

January 31, 2025
MIL-OSI Australia: Equipping and empowering vulnerable young mothers to thrive in Brisbane
Source: Ministers for Social Services

31 January 2025

Joint with:

The Hon Amanda Rishworth MP
Minister for Social Services
Minister for the National Disability Insurance Scheme
Member for Kingston

The Hon Kate Thwaites MP
Assistant Minister for Social Security
Assistant Minister for Ageing
Assistant Minister for Women
Member for Jagajaga

The Albanese Labor Government is supporting communities across Australia to be strong and resilient.

Assistant Minister for Social Security, Ageing and Women, Kate Thwaites, this week visited A Brave Life in Brisbane to learn about the Equip and Empower project.

A Brave Life Ltd will receive almost $190,000 through the Strong and Resilient Communities Activity grant program to deliver the project.

Equip and Empower will identify and support vulnerable young mothers in the Moreton Bay area through a 10-week innovative group program focused on social inclusion, resilience and education from local specialists. It will help young mothers build community connections and access a variety of support services.

Assistant Minister Thwaites said: “In 2025 A Brave Life marks ten years of supporting vulnerable mothers and their babies across Queensland. With this new funding they will help support more young mothers to forge better, healthier, more stable lives for themselves and their children.”

“The Equip and Empower group program will offer a safe and supportive place where mothers can connect with each other, access important supports like counselling and case management, and learn a range of skills to improve their wellbeing and resilience,” Assistant Minister Thwaites said.

“The Albanese Government is proud to be supporting organisations including A Brave Life as part of our ongoing commitment to finding new ways to support at-risk cohorts across the country, including young mothers.”

Minister for Social Services and the National Disability Insurance Scheme Amanda Rishworth said organisations funded under the SARC grant program deliver targeted services to help build capacity at a local level.

“Our Government is committed to building strong and resilient communities, and to helping Australians who need extra support,” Minister Rishworth said.

“To do this, we need to invest into the communities that need it most and with the organisations that can make the biggest difference to the future of community members.

“We know that the successful organisations are well placed to help some of our most vulnerable, including young people, people with disability, unemployed people, women and First Nations people.”

Since 2022 the Albanese Labor Government has invested $47.5 million into SARC grants.

The funding builds on the Labor Government’s record to help Australians with cost of living relief, including:
- providing every Australian taxpayer a tax cut
- increasing Commonwealth Rent Assistance for nearly one million households
- boosting funding for emergency and food relief services, along with financial counselling
- extending the freeze on deeming rates for 876,000 income support recipients.
More information about the SARC Activity is available on the Department of Social Services website.

MIL OSI News –
January 31, 2025
MIL-Evening Report: Trump says he wants to take Greenland. International law says otherwise

Source: The Conversation (Au and NZ) – By Donald Rothwell, Professor of International Law, Australian National University

One of United States President Donald Trump’s more startling claims since taking office for his second term – and there have been many – is his insistence that the US will take control of Greenland.

Both prior to taking office and since, Trump has spoken about a desire for the US to acquire Greenland, an autonomous territory that is part of Denmark. This revives a proposal he floated in 2019, and is now being advanced with serious intent.

Trump’s interest in Greenland is framed around US security. The island is strategically located in the GIUK (Greenland-Iceland-United Kingdom) Gap. The gap gained prominence during the Cold War as an area where Soviet nuclear submarines could operate in the Atlantic Ocean proximate to the US and its NATO partners. Denmark’s limited naval capacity meant these Soviet submarine incursions were uncontested.

Washington has always appreciated the strategic significance of Greenland. It was used during the second world war as a US military staging point due to its relative safety from the European theatre of war and its capacity as a stopover for aircraft to refuel.

Later, during the Cold War, the Thule US Airbase was constructed on its northwest coast, later becoming the Pituffik Space Base.

Trump is particularly concerned about Russian and Chinese ships operating offshore near Greenland in the Arctic Ocean, and with ensuring US access to rare earth minerals on the island.

All of these are legitimate US security and strategic interests. It is often forgotten that the US is an Arctic nation by virtue of Alaska, and Greenland is adjacent to North America.

However, Greenland is not terra nullius ripe for American colonisation. It is recognised as Danish territory. Any dispute over a Danish claim to the island was resolved by an international court in 1933, and since that time Denmark has overseen Greenlandic affairs without challenge. Any suggestion Denmark’s sovereignty over Greenland is contested has no foundation.

While Denmark has been a colonial power, there has been an active process underway to grant the 57,000 Greenlanders increased autonomy from Copenhagen. Home rule has been granted, a legislature has been created, and a road map exists for self-determination that may eventually see the emergence of an independent Greenland.

Seeking to honour the responsibility Copenhagen feels for ushering Greenlanders through this process, Denmark has made clear that Greenland is not for sale.

The most breathtaking aspect of Trump’s Greenland territorial ambitions has been the refusal to rule out the US using economic or military means to acquire it.

This ignores the fact that Greenland is part of Denmark (a NATO member) and that indigenous Greenlanders possess a right of self-determination. Moreover, any use of US military force to take Greenland would be in violation of both the 1949 North Atlantic Treaty on which NATO is founded and the 1945 United Nations Charter.

Respect for territorial integrity was one of foundations on which the UN Charter was built. The intention of the UN’s founders during the San Francisco Conference was to ensure military force could not be used to acquire territory through an act of aggression resulting in the annexation of territory.

Article 2 of the charter reflects this core principle. Its violation has repeatedly been seen as an egregious breach of international law. Iraq’s 1990 invasion and annexation of Kuwait and Russia’s 2022 full-scale invasion of Ukraine are examples of the international community uniting to condemn blatant uses of military force for territorial gain.

Other than Denmark, its Scandinavian neighbours and some NATO members, Trump’s Greenland territorial ambitions have been met with diplomatic silence. What is taking place behind closed doors and in the foreign ministries of US allies and partners can only be imagined.

For Australia, this raises fundamental issues regarding the US alliance. Would Australia be prepared to stand beside the US if it used its economic and military might to acquire Greenland?

Australia has a bipartisan position of both supporting the American alliance and the “rules-based” international order on which the UN is based. AUKUS is founded on these assumptions. Any US economic or military aggression over Greenland may force Australia into making a choice between America or the rule of law.

Donald Rothwell receives funding from the Australian Research Council.

– ref. Trump says he wants to take Greenland. International law says otherwise – https://theconversation.com/trump-says-he-wants-to-take-greenland-international-law-says-otherwise-248682

MIL OSI Analysis – EveningReport.nz –

January 31, 2025

FDIC	LaJuan Williams-Young	(202) 898-3876
FRB	Chelsea Grate	(202) 452-2955
OCC	Anne Edgecomb	(202) 649-6870

Category: Australia

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A target in the celestial shooting gallery

The 1-in-77 chance of collision to watch

When will we know for sure?

How big would the impact be?

Living in a remarkable time

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