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  • MIL-OSI Africa: Culture can build a better world: four key issues on Africa’s G20 agenda

    Source: The Conversation – Africa – By Ribio Nzeza Bunketi Buse, Associate Professor, University of Kinshasa

    The cultural and creative industries are a growing source of income and job creation around the world, generating tens of millions of jobs. The cultural sector is also linked to soft power, to relations between countries.

    Because of this, culture is an active part of the agenda of the G20 global economic forum. Under the presidency of South Africa in 2025, the G20 has chosen four key culture focus areas: heritage restitution; socio-economic strategies for inclusivity; digital technologies; and climate action.

    Here, as a scholar of the sector, I outline why these four priorities are relevant to both the G20 and the African continent, and to South Africa itself as the host country, in the light of current global trends and issues.

    G20 and culture

    The relationship between culture and development is increasingly emphasised. The 2022 Unesco World Conference on Cultural Policies and Sustainable Development – or Mondiacult – recommended that culture be a “stand-alone” sustainable development goal.

    This proposal is underlined by the UN’s Pact for the Future, adopted in 2024. The 17 sustainable development goals, adopted by the UN in 2015, are to ensure peace and prosperity for all people by 2030. They include goals like zero hunger and reduced inequalities.

    Read more: What is Mondiacult? 6 take-aways from the world’s biggest cultural policy gathering

    As the global order shifts, new actors from the global south are emerging as the Brics group. However, the G20 is the only forum that includes countries from both the global north and south.

    The G20, like the G7 and Brics, has a tradition of including culture among the items for discussion at ministerial level, supported by a working group.

    Under Brazil’s presidency in 2024, the G20 Culture Working Group highlighted the relationship between education and culture. This was in line with Unesco’s Framework for Culture and Arts Education. Taking over the G20 presidency, South Africa has expanded on the cultural agenda.

    Cultural heritage

    Priority 1: the safeguarding and restitution of cultural heritage to protect human rights.

    This relates to cultural property, mainly stolen during colonisation and displayed in global south museums. It’s one of the key issues in the heritage sector today.

    After years of demands by formerly colonised countries, there’s a growing list of high profile objects being sent back home. France returned 26 Dahomey Kingdom royal treasures to Benin and the saber of El Hadj Omar Tall to Senegal; 119 Benin bronzes came from the Netherlands to Nigeria. Akan cultural objects were restituted from Japan to Côte d’Ivoire.

    This global issue has particularly affected African countries. South Africa, too, knows its importance, with the repatriation of the human remains of Saartjie Baartman by France.

    Statues of the Kingdom of Dahomey returned to Benin by France. Gerard Julien/AFP/Getty Images

    The Mondiacult 2022 declaration calls the return of cultural heritage an “ethical imperative”. It’s part of the respect for cultural rights and human rights.

    For South Africa, one of the most influential countries on the continent, this is a good way to support the 2023 position of the African Union (AU) on the urgent return of this heritage. Improving the relationship between the global north and south requires this kind of debate.

    Inclusive development

    Priority 2: integrating cultural policies in socio-economic strategies to ensure inclusive, rights-based development.

    The importance of cultural goods and services in national and international trade has been highlighted many times. Statistics show they make up a healthy share of a country’s gross domestic product (GDP).

    A 2021 study found that the cultural and creative industries contributed 4.3% to South Africa’s GDP. At African level, they are estimated to generate US$45.35 billion in income and 15.87 million jobs. According to the 2024 UN Creative Economy Outlook, exports of creative services globally rose to $1.4 trillion in 2022, an increase of 29% since 2017. Exports of creative goods reached US$713 billion, an increase of 19%.

    Read more: South Africa has taken over the G20 presidency from Brazil – what lessons can it learn?

    With the development of an African Continental Free Trade Area, the AU revised its plan for action on cultural and creative industries.

    South Africa can play a leading role in this priority, having drafted a national policy paper on trade agreements involving the creative and cultural industries. The country’s Creative Industries Vision 2040 aims for an annual growth rate of 6.8% of GDP for these industries.

    However, the creative economy should be rights-based development and inclusive of local communities, young people and women. The G20 countries will need to work together to support policies that enhance sustainability and equity for creative workers. This is especially important in Africa where the creative economy is largely informal and unprotected.

    Digital technologies

    Priority 3: harnessing digital technologies for the protection and promotion of culture and sustainable economies.

    Digital technology is transforming the creative economy value chain. In my survey of the COVID era’s harsh impact on creative workers, I found that digital media, online games, music and audiovisual content were able to be resilient. Their value chains, from creator to user, don’t require high levels of face-to-face interaction, and online tools can be used effectively.

    Maliyo, a games development company in Lagos, Nigeria. Olympia de Maismont/AFP/Getty Images

    In 2024 the UN Conference on Trade and Development reported that, in 2022, the most exported creative services globally were software services (41.3%), research and development (30.7%), advertising, market research and architecture (15.5%), audiovisual services (7.9%), information services (4%) and cultural, recreational and heritage services (0.6%).

    While digital technologies like artificial intelligence (AI) can be seen as a threat to creativity and intellectual property, they can also be used to promote respect for communities and creators. The development of monitoring software for collecting music rights payments is an example.

    In 2021 the UN Educational, Scientific and Cultural Organization adopted a recommendation on the ethics of AI. It proposes that AI tools be used for the benefit of the promotion, preservation, enrichment and accessibility of intangible or tangible cultural heritage. This issue is crucial because Mondiacult 2022 declared that culture is a “global public good” and the G20 must fund research and development of the most appropriate and advanced AI tools.

    Climate change

    Priority 4: the intersection of culture and climate change – shaping global responses.

    The challenges of climate change require a range of responses. Intangible cultural heritage (like oral traditions, social practices, rituals) can help to teach how ancient societies organised their relationships with nature and how they dealt with changes.

    The Herds, touring the world from central Africa for climate awareness. Hardy Bope/AFP/Getty Images

    Art, theatre, film, gaming and many other cultural forms can educate and raise awareness about this urgent issue. The African continent has a rich cultural diversity and is a potential source of many unexpected and insightful solutions.

    Keeping it relevant

    These four priorities reflect what is important on the continent. Africa will benefit from the collective efforts of the G20 countries in implementing such priorities. The presence of the AU as a permanent member of the G20 will support South Africa’s leadership and advance the continent’s cause.

    The challenge to the culture working group is to come up with relevant recommendations that can be endorsed by the G20 Ministerial Meeting. The 2024 G7 Ministerial Meeting on Culture, along with the AU and the African Development Bank, has set the tone. Their Naples Statement on culture for the sustainable development of Africa and the world notes that the G7 countries “intend to work with African governments to harness culture as a key driver of sustainable development”.

    A G20 summit on African soil cannot do less. It has all the potential it needs to support the African cultural sector in a variety of ways.

    – Culture can build a better world: four key issues on Africa’s G20 agenda
    – https://theconversation.com/culture-can-build-a-better-world-four-key-issues-on-africas-g20-agenda-253864

    MIL OSI Africa –

  • MIL-OSI Africa: AngloGold Ashanti Sponsors Mining in Motion Amid Industry Expansion

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

    ACCRA, Ghana, April 16, 2025/APO Group/ —

    Global gold mining company AngloGold Ashanti is implementing an expansion strategy in Ghana, targeting greater gold production across its projects. Amid this expansion, the company has joined the Mining in Motion 2025 summit as a Gold Sponsor, underscoring a commitment to advancing sustainable mining practices and economic growth in the country.   

    AngloGold Ashanti is implementing a $500 million expansion project to enhance production at the 224,000 ounce-per-annum (koz) Obuasi mine. The mine was placed on limited-operations in 2017, but a redevelopment plan initiated in 2018 breathed new life into the development. Across two phases, AngloGold Ashanti is redeveloping the mine. The project will enable the exploitation of an additional 5.8 million ounces of gold reserves, extending production life at Obuasi with 20 years.

    Anglogold Ashanti also operates the 268 koz Iduapriem mine in western Ghana. The open-pit operation produces 5.2 million tons per annum, supporting Ghana’s position as Africa’s top gold producer. In 2023, AngloGold Ashanti and Gold Fields announced plans to create a joint venture between the Iduapriem mine and the Gold Fields-operated Tarkwa mine. Expected to extend the life of mine, increase production while lower costs, the venture is awaiting the requisite government approvals.

    AngloGold Ashanti’s participation at the Mining in Motion 2025 summit will support the company’s efforts to increase gold production, providing an opportunity for greater collaboration and deal-signing. Taking place on June 2-4, 2025, in Accra, under the theme Sustainable Mining & Local Growth – Leveraging Resources for Global Growth, the event unites Ghana’s policymakers and mining stakeholders with global partners to discuss the future of gold mining. Mining in Motion is organized by the Ashanti Green Initiative in partnership with the World Bank, the World Gold Council and other international stakeholders.

    Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting small-scale miners and medium to large scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting https://MininginMotionSummit.com. For sponsorship opportunities or delegate participation, contact Sales@ashantigreeninitiative.org.

    MIL OSI Africa –

  • MIL-OSI Africa: Libya: Staff Concluding Statement of the 2025 Article IV Mission

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

    WASHINGTON D.C., United States of America, April 16, 2025/APO Group/ —

    The dispute over the leadership of the central bank last August and the associated disruption in oil production weighed on growth in 2024. Output is estimated to have contracted, driven by the forced contraction in hydrocarbon GDP, but offset somewhat by the expansion in non-oil activities fueled by sustained government spending. Following the resolution of the dispute, oil production has rebounded and is now approaching 1.4 million barrels per day.

    Official inflation stood at close to 2 percent in 2024, reflecting extensive subsidies and affected by measurement issues. Subsidized goods and services account for around one-third of the consumer price index (CPI). The CPI was based on an outdated consumption basket that covered only Tripoli, likely leading to the inaccurate estimation of inflation, given the significant variation in prices across different regions in Libya. The Bureau of Statistics and Census (BSC) has now introduced a revamped CPI with an expanded geographical coverage and updated weights.

    Preliminary estimates point to fiscal and current account deficits in 2024. Government spending continued to rise amid declining oil revenues due to the shutdown of oil production and exports. The current account balance is estimated to have turned from a large surplus in 2023 to a deficit in 2024 due to the reduction in hydrocarbon exports, whereas imports remained broadly unchanged. Reserves remained at a comfortable level, bolstered by the revaluation of the CBL’s gold holdings.

    The banking sector has successfully increased capital and enhanced its financial soundness metrics. In late 2022, the CBL instructed banks to increase their capital to meet Basel II regulatory requirements, and the majority of banks have already met their targets in 2024, resulting in a doubling of paid-in capital. Additionally, banks’ financial soundness indicators have strengthened, with significant improvements in nonperforming loan ratios. Private sector credit growth remained strong in 2024, primarily in the form of Murabaha financing to retail customers and salary advances to public employees, whereas corporate financing was limited.

    The economic outlook is dominated by developments in the oil sector. Real GDP growth is projected to rebound in 2025, primarily driven by an expansion of oil production, before moderating in the medium term. Non-hydrocarbon growth is set to remain around its 2021-2024 average (5-6 percent) throughout the forecast horizon, supported by sustained government spending. The current account and fiscal balances are slated to remain under pressure over the medium term, driven by projected lower oil prices and continued demands for the government to spend its entire revenues. The outlook is subject to elevated uncertainty and risks are tilted to the downside, particularly from domestic political instability, oil price volatility, intensifying regional conflicts, and deepening geo-economic fragmentation.    

    Pursuing efforts to establish a unified budget should remain a key objective. This will help identify priority spending and enhance fiscal credibility. In the meantime, the authorities should resist the pressure to increase current spending, particularly on salaries and subsidies, while also building capacity for more effective public financial management, including by strengthening the Macroeconomic Unit within the Ministry of Finance. In the medium term, substantial fiscal efforts will be needed to preserve sustainability and achieve intergenerational equity, including by introducing well-calibrated and orderly wage and energy subsidy reforms and mobilizing nonhydrocarbon revenues.

    The CBL devalued the dinar by about 13 percent in early April and further tightened foreign exchange restrictions to alleviate pressures on reserves. In the absence of conventional monetary policy tools, controlling fiscal expenditure remains the preferred policy response consistent with Libya’s macroeconomic framework (see IMF Country Report No. 24/206). However, given Libya’s political instability and institutional fragmentation, addressing expenditure pressures may not be feasible in the short term. The authorities should reduce the gap between the official and the parallel exchange rates, including by phasing out the foreign exchange tax and easing foreign currency restrictions, while protecting international reserves.

    The CBL needs to develop an effective domestic monetary policy framework with a well-defined policy rate to serve as a reference for banks in Libya. Such a framework would allow it to react to changing macroeconomic conditions, alleviate the recurring depreciation pressures on the Libyan dinar, and provide a benchmark for the pricing of credit by banks and other financial institutions.

    The CBL’s recent efforts to inject new banknotes, promote electronic payments, and accelerate financial inclusion are welcome. Yet, more needs to be done to tackle the issue of cash hoarding and restore confidence in the financial sectors. Improving transparency, accountability and financial literacy, while also developing attractive savings plans would be key and foster credit provision to the private sector. The authorities should continue enhancing the anti-money laundering and combating the financing of terrorism (AML/CFT) framework to support the stability of correspondent banking relationships and economic stability more broadly. The legal framework should be aligned with international standards, and AML/CFT mitigation should be properly coordinated and risk-focused.

    To foster economic diversification in Libya, it is critical to address the challenges facing the private sector. The level of informality remains high, given the ongoing political uncertainty and weakness of the regulatory framework for businesses. The lack of access to finance and foreign currency, dominance of public employment, and poor governance are major impediments to growth in Libya. Banks continue to lack a well-defined framework for extending credit since the issuance of the law banning interest. The authorities should initiate a comprehensive economic reform plan that focuses on private sector development, starting with upgrading regulatory frameworks, enhancing access to finance, and improving the security situation.

    Governance reforms will be key to support sustainable growth. Positive steps by the CBL taken to improve banks’ governance frameworks are welcome. Additionally, measures taken to confront corruption, such as the publication of annual reports of the Libyan Audit Bureau, and the adoption of a country anticorruption strategy are noteworthy. However, significant macro-critical governance vulnerabilities linked to the administration of state-owned enterprises, public spending, the rule of law, and the overall fragility of the country remain. Addressing them in a timely manner will support the creation of a better business environment and a more active private sector.

    The next Article IV mission is expected in the Spring of 2026.

    The mission thanks the Libyan authorities and other counterparts for the constructive policy dialogue and productive collaboration, and acknowledges the continued improvements in data collection, sharing and transparency.

    MIL OSI Africa –

  • MIL-OSI Global: Culture can build a better world: four key issues on Africa’s G20 agenda

    Source: The Conversation – Africa – By Ribio Nzeza Bunketi Buse, Associate Professor, University of Kinshasa

    The cultural and creative industries are a growing source of income and job creation around the world, generating tens of millions of jobs. The cultural sector is also linked to soft power, to relations between countries.

    Because of this, culture is an active part of the agenda of the G20 global economic forum. Under the presidency of South Africa in 2025, the G20 has chosen four key culture focus areas: heritage restitution; socio-economic strategies for inclusivity; digital technologies; and climate action.

    Here, as a scholar of the sector, I outline why these four priorities are relevant to both the G20 and the African continent, and to South Africa itself as the host country, in the light of current global trends and issues.

    G20 and culture

    The relationship between culture and development is increasingly emphasised. The 2022 Unesco World Conference on Cultural Policies and Sustainable Development – or Mondiacult – recommended that culture be a “stand-alone” sustainable development goal.

    This proposal is underlined by the UN’s Pact for the Future, adopted in 2024. The 17 sustainable development goals, adopted by the UN in 2015, are to ensure peace and prosperity for all people by 2030. They include goals like zero hunger and reduced inequalities.



    Read more:
    What is Mondiacult? 6 take-aways from the world’s biggest cultural policy gathering

    As the global order shifts, new actors from the global south are emerging as the Brics group. However, the G20 is the only forum that includes countries from both the global north and south.

    The G20, like the G7 and Brics, has a tradition of including culture among the items for discussion at ministerial level, supported by a working group.

    Under Brazil’s presidency in 2024, the G20 Culture Working Group highlighted the relationship between education and culture. This was in line with Unesco’s Framework for Culture and Arts Education. Taking over the G20 presidency, South Africa has expanded on the cultural agenda.

    Cultural heritage

    Priority 1: the safeguarding and restitution of cultural heritage to protect human rights.

    This relates to cultural property, mainly stolen during colonisation and displayed in global south museums. It’s one of the key issues in the heritage sector today.

    After years of demands by formerly colonised countries, there’s a growing list of high profile objects being sent back home. France returned 26 Dahomey Kingdom royal treasures to Benin and the saber of El Hadj Omar Tall to Senegal; 119 Benin bronzes came from the Netherlands to Nigeria. Akan cultural objects were restituted from Japan to Côte d’Ivoire.

    This global issue has particularly affected African countries. South Africa, too, knows its importance, with the repatriation of the human remains of Saartjie Baartman by France.

    The Mondiacult 2022 declaration calls the return of cultural heritage an “ethical imperative”. It’s part of the respect for cultural rights and human rights.

    For South Africa, one of the most influential countries on the continent, this is a good way to support the 2023 position of the African Union (AU) on the urgent return of this heritage. Improving the relationship between the global north and south requires this kind of debate.

    Inclusive development

    Priority 2: integrating cultural policies in socio-economic strategies to ensure inclusive, rights-based development.

    The importance of cultural goods and services in national and international trade has been highlighted many times. Statistics show they make up a healthy share of a country’s gross domestic product (GDP).

    A 2021 study found that the cultural and creative industries contributed 4.3% to South Africa’s GDP. At African level, they are estimated to generate US$45.35 billion in income and 15.87 million jobs. According to the 2024 UN Creative Economy Outlook, exports of creative services globally rose to $1.4 trillion in 2022, an increase of 29% since 2017. Exports of creative goods reached US$713 billion, an increase of 19%.



    Read more:
    South Africa has taken over the G20 presidency from Brazil – what lessons can it learn?

    With the development of an African Continental Free Trade Area, the AU revised its plan for action on cultural and creative industries.

    South Africa can play a leading role in this priority, having drafted a national policy paper on trade agreements involving the creative and cultural industries. The country’s Creative Industries Vision 2040 aims for an annual growth rate of 6.8% of GDP for these industries.

    However, the creative economy should be rights-based development and inclusive of local communities, young people and women. The G20 countries will need to work together to support policies that enhance sustainability and equity for creative workers. This is especially important in Africa where the creative economy is largely informal and unprotected.

    Digital technologies

    Priority 3: harnessing digital technologies for the protection and promotion of culture and sustainable economies.

    Digital technology is transforming the creative economy value chain. In my survey of the COVID era’s harsh impact on creative workers, I found that digital media, online games, music and audiovisual content were able to be resilient. Their value chains, from creator to user, don’t require high levels of face-to-face interaction, and online tools can be used effectively.

    In 2024 the UN Conference on Trade and Development reported that, in 2022, the most exported creative services globally were software services (41.3%), research and development (30.7%), advertising, market research and architecture (15.5%), audiovisual services (7.9%), information services (4%) and cultural, recreational and heritage services (0.6%).

    While digital technologies like artificial intelligence (AI) can be seen as a threat to creativity and intellectual property, they can also be used to promote respect for communities and creators. The development of monitoring software for collecting music rights payments is an example.

    In 2021 the UN Educational, Scientific and Cultural Organization adopted a recommendation on the ethics of AI. It proposes that AI tools be used for the benefit of the promotion, preservation, enrichment and accessibility of intangible or tangible cultural heritage. This issue is crucial because Mondiacult 2022 declared that culture is a “global public good” and the G20 must fund research and development of the most appropriate and advanced AI tools.

    Climate change

    Priority 4: the intersection of culture and climate change – shaping global responses.

    The challenges of climate change require a range of responses. Intangible cultural heritage (like oral traditions, social practices, rituals) can help to teach how ancient societies organised their relationships with nature and how they dealt with changes.

    Art, theatre, film, gaming and many other cultural forms can educate and raise awareness about this urgent issue. The African continent has a rich cultural diversity and is a potential source of many unexpected and insightful solutions.

    Keeping it relevant

    These four priorities reflect what is important on the continent. Africa will benefit from the collective efforts of the G20 countries in implementing such priorities. The presence of the AU as a permanent member of the G20 will support South Africa’s leadership and advance the continent’s cause.

    The challenge to the culture working group is to come up with relevant recommendations that can be endorsed by the G20 Ministerial Meeting. The 2024 G7 Ministerial Meeting on Culture, along with the AU and the African Development Bank, has set the tone. Their Naples Statement on culture for the sustainable development of Africa and the world notes that the G7 countries “intend to work with African governments to harness culture as a key driver of sustainable development”.

    A G20 summit on African soil cannot do less. It has all the potential it needs to support the African cultural sector in a variety of ways.

    Ribio Nzeza Bunketi Buse 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. Culture can build a better world: four key issues on Africa’s G20 agenda – https://theconversation.com/culture-can-build-a-better-world-four-key-issues-on-africas-g20-agenda-253864

    MIL OSI – Global Reports –

  • MIL-OSI Europe: ESAs publish Joint Annual Report for 2024

    Source: European Banking Authority

    The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA – ESAs) today published its 2024 Annual Report, which provides an overview of the joint ESAs work completed during the past year.

    The ESAs continued to explore and monitor potential emerging risks for financial markets participants and the financial system.

    The main areas of cross-sectoral focus in 2024 were joint risk assessments, sustainable finance, operational risk and digital resilience, consumer protection, financial innovation, securitisation, financial conglomerates and the European Single Access Point (ESAP). Among the Joint Committee’s main deliverables were policy products for the implementation of the Digital Operational Resilience Act (DORA) as well as ongoing work related to the Sustainable Finance Disclosure Regulation (SFDR).

    Background

    In 2024, ESMA chaired the Joint Committee with all three ESAs coordinating discussions and the exchange of information across their institutions, the European Commission and the European Systemic Risk Board (ESRB).

    The Joint Committee is a forum with the objective of strengthening cooperation between the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), collectively known as the three European Supervisory Authorities (ESAs).Through the Joint Committee, the three ESAs coordinate their supervisory activities in the scope of their respective responsibilities regularly and closely and ensure consistency in their practices.

    MIL OSI Europe News –

  • MIL-OSI Europe: The EBA updates list of indicators used to perform risk assessments

    Source: European Banking Authority

    The European Banking Authority (EBA) today published an updated list of indicators for risk assessment and risk analysis tools, together with the accompanying methodological guide. Without adding any reporting burden on reporting institutions nor on competent authorities, this guidance describes how risk indicators are computed in EBA publications. It will allow competent authorities and users of EBA data to interpret key bank figures in a consistent fashion when conducting their risk assessments and analyses.

    This update is based on the EBA reporting framework version 4.0 and covers indicators on institutions’ profitability, solvency and operational risk, among others. The update also includes a new sets of risk indicators laid down in the Banking Package (Capital Requirements Regulation and Capital Requirements Directive – CRR3/CRD6), indicators related to Environmental, Social and Governance (ESG), and those already used in the context of the Minimum Requirement for Own Funds and Eligible Liabilities (MREL).

    MIL OSI Europe News –

  • MIL-OSI: Kingsoft Cloud Announces Pricing of Public Equity Offering

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, April 16, 2025 (GLOBE NEWSWIRE) — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced the pricing of its underwritten public offering (the “Public Offering”) of 18,500,000 of American depositary shares (the “ADSs”), each representing 15 ordinary shares of the Company, at a price of US$11.27 per ADS or a total of 277,500,000 ordinary shares at a price of HK$5.83 per ordinary share, based upon each ADS representing 15 ordinary shares and an exchange rate of HK$7.7574 to US$1.00, the spot rate of exchange at the time of pricing. All ADSs will be offered by Kingsoft Cloud. Investors have an option to receive ordinary shares of the Company to be traded on the HKEX (the “Shares”) in lieu of ADSs in this offering.

    Subject to customary closing conditions, the underwriters expect to (i) deliver the ADSs against payment to the purchasers on or about April 17, 2025, on a “T+1” basis, through the facilities of the Depository Trust Company in the U.S.; and (ii) deliver the ordinary shares against payment therefor through the facilities of the Central Clearing and Settlement System in Hong Kong on or about April 25, 2025, on a “T+5” basis. In addition, Kingsoft Cloud has granted the underwriters a 30-day option to purchase up to an additional 2,775,000 ADSs at the Public Offering price, less underwriting discounts and commissions, which purchase, if applicable, will be settled only in ADSs.

    Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C., China International Capital Corporation Hong Kong Securities Limited, Deutsche Bank AG, Hong Kong Branch, The Hongkong and Shanghai Banking Corporation Limited, and Merrill Lynch (Asia Pacific) Limited are acting as the underwriters for the Public Offering.

    Concurrently with, and subject to, among other closing conditions, the completion of the Public Offering, the Company’s existing shareholder, Kingsoft Corporation Limited (“Kingsoft Corporation”) has agreed to purchase from the Company 69,375,000 of its ordinary shares at a price per share equal to the Public Offering price per ordinary shares, in a concurrent private placement (the “Concurrent Private Placement”). The Concurrent Private Placement to Kingsoft Corporation is being made pursuant to Regulation S of the Securities Act of 1933, as amended. The Concurrent Private Placement constitutes connected transactions within the meaning of the Listing Rules of The Stock Exchange of Hong Kong Limited and are subject to, among other conditions, (i) the approval by independent shareholders in a shareholder meeting the Company plans to convene, and (ii) the completion of the Public Offering.

    The gross proceeds to Kingsoft Cloud from the Public Offering and the Concurrent Private Placement, assuming the underwriters do not exercise its option to purchase additional ADSs, before deducting underwriting discounts and commissions and other offering expenses, are expected to be approximately US$260.7 million. The Company plans to use the net proceeds from the Public Offering and the Concurrent Private Placement for (i) investments in upgrading and expanding infrastructure, (ii) investments in technology and product development, and (iii) general corporate and working capital purposes.

    The ADSs and ordinary shares are offered in the Public Offering pursuant to an automatic shelf registration statement on Form F-3 filed with the SEC and is available on the SEC’s website at http://www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus related to the proposed Public Offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by contacting Morgan Stanley Asia Limited, c/o Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, United States, or by telephone at +1-866-718-1649 or by emailing prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; China International Capital Corporation Hong Kong Securities Limited, 29/F International Finance Center, No.1 Harbor View Street, Central, Hong Kong, by email at ecm_supernova_plus@cicc.com.cn; Deutsche Bank AG, Hong Kong Branch, Attention: Asia Equity Capital Market, Level 60, International Commerce Centre, 1 Austin Road West Kowloon, Hong Kong, or by phone at +852 2203-8166 or by email at asia.ecm.internal@list.db.com; HSBC Securities (USA) Inc. sales representative or by emailing ny.equity.syndicate@us.hsbc.com; or Merrill Lynch (Asia Pacific) Limited, c/o BofA Securities, Inc., Attention: Prospectus Department, One Bryant Park, New York, NY, 10036, United States, or by telephone at +1 (800) 294-1322 or by email at dg.prospectus_requests@bofa.com.

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

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to”, “could”, “potential” or other similar expressions. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; Kingsoft Cloud’s ability to monetize its customer base; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    About Kingsoft Cloud Holdings Limited

    Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

    For more information, please visit: http://ir.ksyun.com.
      
    For investor and media inquiries, please contact:

    Kingsoft Cloud Holdings Limited
    Nicole Shan
    Tel: +86 (10) 6292-7777 Ext. 6300
    Email: ksc-ir@kingsoft.com

    The MIL Network –

  • MIL-OSI Economics: Inflation increased to 2.8 percent in March 2025

    Source: Bank of Botswana

    Headline inflation increased from 2.7 percent in February to 2.8 percent in March 2025, remaining below the lower bound of the medium-term objective range of 3 – 6 percent, and was lower than the 2.9 percent recorded in March 2024. The increase in inflation between February and March 2025 was mainly on account of the acceleration in the rate of annual price changes of most categories of goods and services, including Food & Non-Alcoholic Beverages and Transport. Similarly, the 16 percent trimmed mean inflation and inflation excluding administered prices increased from 2.4 percent and 3.8 percent to 2.5 percent and 4 percent, respectively, between February and March 2025.

    Inflation for domestic tradeables increased from 4.8 percent to 4.9 percent between February and March 2025, mainly on account of an increase in food prices. Similarly, inflation for imported tradeables increased from 1.9 percent to 2.4 percent over the same period, mainly due to an increase in vehicle prices. As a result, all tradeables inflation rose from 2.7 percent to 3 percent between February and March 2025. Meanwhile, inflation for non-tradeables eased marginally from 2.6 percent to 2.5 percent in the same period.

     

     

    MIL OSI Economics –

  • MIL-OSI: FFB Bancorp Announces First Quarter 2025 Earnings

    Source: GlobeNewswire (MIL-OSI)

    FRESNO, Calif., April 16, 2025 (GLOBE NEWSWIRE) — FFB Bancorp (the “Company”) (OTCQX: FFBB), the parent company of FFB Bank (the “Bank”), today reported net income of $8.10 million, or $2.55 per diluted share, for the first quarter of 2025, an increase of 4% from the $7.79 million, or $2.46 per diluted share, reported for the first quarter of 2024. The Bank reported $9.72 million, or $3.05 per diluted share, for the fourth quarter of 2024. All results are unaudited.

    First Quarter 2025 Highlights: As of, or for the quarter ended March 31, 2025, compared to the quarter ended March 31, 2024:

    • Pre-tax, pre-provision income increased 10% to $12.01 million.
    • Net income increased 4% to $8.10 million.
    • Return on average equity (“ROAE”) was 18.83%.
    • Return on average assets (“ROAA”) was 2.14%.
    • Net interest margin expanded 20 basis points to 5.35% from 5.15%.
    • Operating revenue (net interest income, before the provision for credit losses, plus non-interest income) increased 21% to $28.48 million.
    • Total assets increased 12% to $1.56 billion.
    • Total portfolio of loans increased 18% to $1.09 billion.
    • Total deposits increased 10% to $1.32 billion.
    • Shareholder equity increased 26% to $174.71 million.
    • Book value per common share increased 27% to $55.52.
    • The Company’s tangible common equity ratio was 11.20%, while the Bank’s regulatory leverage capital ratio was 14.66%, and the total risk-based capital ratio was 21.09% at March 31, 2025.

    “In spite of the general market headwinds, and the constant noise surrounding potential policy changes, our first quarter 2025 results still came in quite strong because the team was able to stay focused on the basics,” said Steve Miller, President & CEO. “The loan portfolio increased $21 million, deposits grew $36 million, and total assets grew $56 million. In addition, we were able to record strong earnings while improving our book value per common share through our strategic share repurchase program.”

    “During the quarter we have made consistent progress on the matters outlined in our consent order, although ultimate compliance will be determined by our regulators. The team has been diligent in working with our regulators to complete the necessary steps to meet consent order timelines. We have confidence we can continue to address these items going forward.”

    Linda Emtman and Miles Mahoney Join Board of Directors of FFB Bancorp and FFB Bank:

    Linda Emtman and Miles Mahoney have been appointed to the Board of Directors for the Company and Bank, expanding the number of directors for both boards to 11 from 9.

    Ms. Emtman was a Principal in Financial Services at Ernst & Young in San Francisco until her retirement. She is on the executive leadership team of the American Heart Association, and an Ambassador at the Bay Area Cor Vitae Society. Ms. Emtman is a graduate of the University of Washington where she earned her bachelor’s degree in Business Administration and completed her Master Deal Maker certification at the Wharton School.

    Mr. Mahoney is the President of U2 Science Labs, Inc, an advanced analytics and data science platform, in Orange County and the Founder and Managing Partner of Irish Acquisitions, Inc. He has served as a board member of a number of different organizations over a 15-year period. Mr. Mahoney is a graduate of Montana State University where he earned his bachelor’s degree in Business Administration & Finance and completed his MBA at the Pepperdine Graziadio School of Business.

    “We are delighted to welcome Linda and Miles to our Company’s Board of Directors and look forward to working with them as we pursue our mission to grow our franchise. They bring a wealth of experience and a broad depth of knowledge that will help propel us forward for future success,” said Mark Saleh, Chairman of the Boards. “Recently, one of our founding board members, Al Smith, passed away. He was instrumental in the early development of our brand. His commitment to the bank and creative ideas will be missed.”

    Update on Stock Repurchase Program:

    On January 22, 2025, the Company announced that it had authorized a plan to utilize up to $15.0 million of capital to repurchase shares of the Company’s common stock. As of March 31, 2025, the Company has repurchased 41,915 shares, at an average price of $81.60, totaling $3.42 million. This represents approximately 1.78% of total shareholders’ equity at March 31, 2025.

    Under the terms of the repurchase plan, the Company may repurchase shares of the Company’s common stock from time to time, through December 31, 2025, in open market purchases or privately negotiated transactions. Repurchases under the plan may also be made pursuant to a trading plan under Securities and Exchange Commission Rule 10b5-1 under the Securities Exchange Act of 1934, which would permit shares to be repurchased by the Company when the Company might otherwise be precluded from doing so because of self-imposed trading blackout periods or other regulatory restrictions. The timing, manner, price and exact amount of any repurchases by the Company will be determined at the Company’s discretion and depend on various factors including the performance of the Company’s stock price, general market and economic conditions, applicable legal and regulatory requirements, availability of funds, and other relevant factors. Through December 31, 2025, the repurchase plan may be discontinued, suspended or restarted at any time.

    Results of Operations

    Quarter ended March 31, 2025:

    Operating revenue, consisting of net interest income before the provision for credit losses and non-interest income, increased 21% to $28.48 million for the first quarter of 2025, compared to $23.61 million for the first quarter a year ago, and increased 1% from $28.25 million from the fourth quarter of 2024.

    Net interest income, before the provision for credit losses, increased 17% to $18.90 million for the first quarter of 2025, compared to $16.14 million for the same quarter a year ago, and remained consistent with the $18.81 million reported last quarter. “The increase in net interest income compared to prior year was primarily driven by loan portfolio growth,” said Bhavneet Gill, Chief Financial Officer. “We have also seen some relief in funding costs as a result of the FOMC rate cuts from the second half of 2024.”

    The Company’s net interest margin (“NIM”) increased by 20 basis points to 5.35% for the first quarter of 2025, compared to 5.15% for the first quarter of 2024, and increased 11 basis points from 5.24% for the preceding quarter. “Our yield on earning assets increased 8 basis points in the first quarter primarily from changes within the loan portfolio. Additionally, the expansion of NIM was buoyed by a 4 basis point decrease in the cost to fund earning assets as average non-interest bearing deposits increased $11.68 million quarter-over-quarter,” noted Gill.

    The yield on earning assets was 6.31% for the first quarter of 2025, compared to 6.15% for the first quarter a year ago, and 6.24% for the previous quarter. The cost to fund earning assets decreased to 0.96% for the first quarter of 2025 compared to 1.00% for the previous quarter, and 1.00% for the same quarter a year earlier.

    Total non-interest income was $9.58 million for the first quarter of 2025, compared to $7.47 million for the first quarter of 2024, and $9.44 million for the previous quarter. The increase in non-interest income, from the first quarter of 2024, was driven by higher merchant services revenue and a reduction in loss on sale of investments, partially offset by lower gain on sale of loans revenue. The quarter-over-quarter increase in non-interest income was attributed to higher merchant services revenue due to seasonal activity, partially offset by a reduction in the gain on sale of loans revenue.

    Merchant services revenue increased 30% to $7.86 million for the first quarter of 2025, compared to $6.07 million from the first quarter of 2024. The increase was primarily due to higher volume across all merchant business lines and higher gross revenue related to FFB Payments. Merchant services revenue increased from $7.56 million when compared to the fourth quarter of 2024 as a result of an increase in processing volume during the quarter, primarily due to seasonal activity. First quarter 2025 ISO Partner Sponsorship volumes include $2.78 billion in volume for the ISO partners being exited in the second quarter of 2025. First quarter 2025 ISO Partner Sponsorship revenue includes $990,000 in revenue from the ISO partners being exited in the second quarter of 2025. “These ISO exits were the right decision to help ensure we are aligned with our partners in regard to best in class oversight. We anticipate replacing this volume and revenue through growth in FFB Payments and with our remaining ISO partners as we move forward,” said Miller.

    Merchant ISO Processing Volumes (in thousands)
    Source Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    ISO Partner Sponsorship $ 5,007,998   $ 4,891,643   $ 4,556,868   $ 4,391,365   $ 3,763,289  
    FFB Payments- Sub-ISO Merchants   21,551     22,950     24,661     24,414     19,370  
    FFB Payments – Direct Merchants   97,095     91,133     64,512     76,059     77,349  
    Total volume $ 5,126,644   $ 5,005,726   $ 4,646,041   $ 4,491,838   $ 3,860,008  
    Merchant ISO Processing Revenues (in thousands)
    Source of Revenue Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
    Net Revenue*:          
    ISO Partner Sponsorship $ 2,410   $ 2,535   $ 2,284   $ 2,156   $ 2,183  
               
    Gross Revenue:          
    FFB Payments- Sub-ISO Merchants   745     764     810     795     672  
    FFB Payments – Direct Merchants   4,709     4,262     2,476     3,117     3,213  
        5,454     5,026     3,286     3,912     3,885  
    Gross Expense:          
    FFB Payments- Sub-ISO Merchants   616     638     723     675     518  
    FFB Payments – Direct Merchants   2,558     2,511     1,766     1,989     1,842  
        3,174     3,149     2,489     2,664     2,360  
    Net Revenue:          
    FFB Payments- Sub-ISO Merchants   129     126     87     120     154  
    FFB Payments – Direct Merchants   2,151     1,751     710     1,128     1,371  
    FFB Payments Net Revenue   2,280     1,877     797     1,248     1,525  
    Net Merchant Services Income: $ 4,690   $ 4,412   $ 3,081   $ 3,404   $ 3,708  
     
    *ISO Partnership Sponsorship is recognized net of expense in Merchant Services Income. FFB Payments revenues are recognized gross in Merchant Services Income and Merchant Services expenses are recognized in Non-Interest Expense.
     

    Total deposit fee income increased 7% to $849,000 for the first quarter of 2025, compared to $796,000 for the first quarter of 2024, and decreased 1% from $856,000 for the previous quarter.

    There was a $261,000 gain on sale of loans during the first quarter of 2025, compared to a gain on sale of loans of $451,000 during the first quarter 2024, and a gain on sale of loans of $929,000 in the previous quarter. There was no loss on sale of investments during the first quarter of 2025, compared to a $373,000 loss during the first quarter of 2024, and a $482,000 loss in the previous quarter.

    Non-interest expense increased 30% to $16.47 million for the first quarter of 2025, compared to $12.70 million for the first quarter 2024, and increased 24% from $13.27 million from the previous quarter. The increases on a year-over-year and quarterly comparison were driven by increases in salaries and employee benefits expense.

    Salaries and employee benefits increased 22% to $8.06 million for the first quarter of 2025, compared to $6.58 million for the first quarter 2024. Total salaries and employee benefits increased 56% from $5.18 million in the previous quarter. The quarterly increase in salaries and employee benefits expense is partially attributed to $1.96 million in non-recurring reductions to performance bonus and ESOP accruals recognized in the fourth quarter of 2024. The balance of the increase was primarily the result of expense associated with full-time employees hired in the fourth quarter of 2024 and the first quarter of 2025. Full-time employees increased to 175 at March 31, 2025, compared to 147 full-time employees a year earlier, and 168 full-time employees from the previous quarter.

    “Over the last few quarters, we’ve made intentional investments in people and technology to ensure that the bank can efficiently scale moving forward, and specifically to support our payment ecosystem, product development, regional expansion, and compliance/risk management initiatives. We continue to see elevated legal, audit, and technology related expenses mostly related to addressing the Consent Order,” said Miller.

    Occupancy and equipment expenses decreased 8% from a year ago, representing 2% of non-interest expense, and decreased 14% from the preceding quarter. Merchant operating expense totaled $3.17 million for the first quarter of 2025, compared to $2.36 million for the first quarter of 2024 and $3.15 million for the preceding quarter. The change in merchant operating expense is attributed to fluctuations in volume and revenue for the FFB Payments lines of business. Merchant operating expenses include interchange fees, chargebacks, partnership fees, and other card brand fees.

    Other operating expense increased 45% or $1.51 million to $4.88 million from a year earlier and increased 8% or $351,000 from the previous quarter. The year-over-year increase was driven by increases of $252,000 in data and software related expense, $355,000 in professional fees, $262,000 in marketing expense, $111,000 in regulatory assessment expense, and $321,000 in operational losses. The increase in data and software expense and professional fees, which include legal, audit, and consulting fees, are primarily due to actions taken to enhance the Company’s AML/CFT, compliance, and merchant services programs.

    The efficiency ratio was 57.83% for the first quarter of 2025, compared to 52.96% for the same quarter a year ago, and 46.19% for the preceding quarter. The efficiency ratio can fluctuate period over period based on changes in merchant services’ gross revenues and associated expenses. The Company also calculates an adjusted efficiency ratio where the merchant services’ gross expense, which is included in non-interest expense, is netted against merchant services’ revenue in non-interest income. The adjusted efficiency ratio was 52.54% for the first quarter of 2025, compared to 47.82% for the same quarter a year ago, and 39.57% for the previous quarter.

    Balance Sheet Review

    Total assets increased 12% to $1.56 billion at March 31, 2025, compared to $1.40 billion at March 31, 2024, and increased 4% compared to December 31, 2024.

    The total portfolio of loans increased 18%, or $165.66 million, to $1.09 billion, compared to $926.78 million at March 31, 2024, and increased $21.36 million, from $1.07 billion at December 31, 2024.

    Commercial real estate loans increased 28% year-over-year to $696.63 million, representing 64% of total loans at March 31, 2025. The CRE portfolio includes approximately $282.54 million in multi-family loans originated by the Southern California team that the Company may consider selling at some point in the future for liquidity and concentration management. The multi-family portfolio includes $84.52 million in short-term bridge loans for transitional projects of multi-family properties. The short-term bridge loans are conservatively underwritten with minimum DSCR and liquidity requirements. The bank continues to market our bridge loan product in a more measured approach, keeping to our conservative underwriting standards. The real estate construction and land development loan portfolio decreased 84% from a year ago to $12.65 million, representing 1% of total loans, while residential RE 1-4 family loans totaled $17.15 million, or 2% of loans, at March 31, 2025.

    The commercial and industrial (C&I) portfolio increased 16% to $260.06 million, at March 31, 2025, compared to $224.55 million a year earlier, and decreased 3% from $267.95 million at December 31, 2024. C&I loans represented 24% of total loans at March 31, 2025. Agriculture loans represented 10% of the loan portfolio at March 31, 2025. At March 31, 2025, the SBA, USDA, and other government agencies guaranteed loans totaled $61.37 million, or 5.6% of the loan portfolio.

    Investment securities totaled $313.83 million at March 31, 2025, compared to $328.91 million a year earlier, and decreased $8.36 million from $322.19 million at December 31, 2024. The investment portfolio consists of mortgage-backed and municipal securities, both tax exempt and taxable, treasury securities as well as other domestic debt. At March 31, 2025, the Company had a net unrealized loss position on its investment securities portfolio of $24.50 million, compared to a net unrealized loss of $25.89 million at December 31, 2024. The Company’s investment securities portfolio had an effective duration of 5.61 years at March 31, 2025, compared to 5.32 years at December 31, 2024.

    Total deposits increased 10%, or $119.85 million, to $1.32 billion at March 31, 2025, compared to $1.20 billion from a year earlier, and increased $36.00 million from $1.28 billion at December 31, 2024. The quarter-over-quarter increase in deposit balances is primarily attributed to an increase in interest bearing checking accounts. Non-interest bearing demand deposits increased 10% to $825.40 million at March 31, 2025, compared to $751.64 million at March 31, 2024, and decreased $3.10 million from $828.51 million at December 31, 2024. Non-interest bearing demand deposits represented 63% of total deposits at March 31, 2025.

    Included in non-interest bearing deposits are $89.98 million from ISO partners for merchant reserves, $135.48 million from ISO partners for settlement, and $9.63 million in ISO partner operating accounts. These deposits represent 28.5% of non-interest bearing deposits and 17.8% of total deposits. Included in the $235.09 million in ISO partner deposits as of March 31, 2025 are $137.82 million in deposits for ISO partners being exited in the second quarter of 2025. The Bank plans to replace these non-interest bearing deposits with growth from new Bank customers in its markets and from the existing ISO partners it will continue to support. In the short-term, the new deposit growth will likely be made up of a higher percentage of interest bearing deposits.

    There was $10.00 million in short-term borrowings at March 31, 2025, compared to no borrowings at December 31, 2024, or March 31, 2024. The Company primarily utilizes FHLB advances and the Federal Reserve discount window for short-term borrowings. The following table summarizes the Company’s primary and secondary sources of liquidity which were available at March 31, 2025:

    Liquidity Source (in thousands) March 31, 2025 December 31, 2024
         
    Cash and cash equivalents $ 103,071   $ 63,415  
    Unpledged investment securities, fair value   104,732     118,957  
    FHLB advance capacity   338,036     304,077  
                 
    Federal Reserve discount window capacity   130,590     166,475  
    Correspondent bank unsecured lines of credit   70,000     91,500  
      $ 746,429   $ 744,424  
     

    The total primary and secondary liquidity of $746.43 million at March 31, 2025 represents an increase of $2.0 million in primary and secondary liquidity quarter-over-quarter. On-balance sheet cash and cash equivalents increased as a result of deposit growth in the quarter.

    Shareholders’ equity increased 26% to $174.71 million at March 31, 2025, compared to $138.72 million from a year ago, and grew 4% from $168.39 million at December 31, 2024. Book value per common share increased 27% to $55.52, at March 31, 2025, compared to $43.69 at March 31, 2024, and increased 5% from $53.02 at December 31, 2024. The tangible common equity ratio was 11.20% at March 31, 2025, compared to 9.94% a year earlier, and 11.20% at December 31, 2024. Additionally, book value improved as a result of quarterly net income and a reduction in shares outstanding.

    At the Bank level, unrealized losses and gains reflected in AOCI are not included in regulatory capital. As a result, Tier-1 capital at the Bank for regulatory purposes was $226.64 million at quarter end excluding the unrealized loss. The regulatory leverage capital ratio was 14.66% for the current quarter, while the total risk-based capital ratio was 21.09%, exceeding regulatory minimums to be considered well-capitalized.

    Asset Quality

    Nonperforming assets increased to $15.37 million, or 0.98% of total assets, at March 31, 2025, compared to $9.89 million, or 0.66% of total assets, from the preceding quarter. Of the $15.37 million nonperforming loans, $11.37 million are covered by SBA guarantees. Total delinquent loans increased to $19.12 million at March 31, 2025, compared to $8.32 million at December 31, 2024.

    Past due loans 30-60 days were $17.53 million at March 31, 2025, compared to $4.89 million at December 31, 2024, and $3.22 million at March 31, 2024. This increase in 30-60 days past due loans is the result of three multi-family loans, which are real estate secured, totaling $11.55 million to a related group of borrowers. There were $1.54 million past due loans from 60-90 days at March 31, 2025, compared to $2.45 million at December 31, 2024 and $1.95 million in past due loans from 60-90 days a year earlier. Past due loans 90+ days at quarter end totaled $46,000 at March 31, 2025, compared to $1.33 million, at March 31, 2024. Of the $19.12 million in past due loans at March 31, 2025, $2.75 million were purchased government guaranteed loans, which are guaranteed by the SBA for the full payment of the principal plus interest.

    Delinquent Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Delinquent accruing loans 30-59 days $ 16,147   $ 1,386   $ 17,533  
    Delinquent accruing loans 60-89 days   218     1,319     1,537  
    Delinquent accruing loans 90+ days   —     46     46  
    Total delinquent accruing loans $ 16,365   $ 2,751   $ 19,116  
           
    Non-Accrual Loan Summary Organic Purchased Govt.
    Guaranteed    		 Total
    (in thousands)
           
    Loans on non-accrual $ 15,366   $ —   $ 15,366  
    Non-accrual loans with SBA guarantees   11,371     —     11,371  
    Net Bank exposure to non-accrual loans $ 3,995   $ —   $ 3,995  
     

    There was a $1.16 million provision for credit losses in the first quarter of 2025, compared to $378,000 provision for credit losses in the first quarter a year ago, and a $1.67 million provision for credit losses booked in the fourth quarter of 2024. The provision recorded during the first quarter of 2025 is the result of loan portfolio growth and a $5.47 million increase in non-accrual loans which were individually evaluated in the allowance for credit losses. The increase in non-accrual loans was primarily related to SBA loans.

    “We watch the SBA portfolio very closely since rates have increased so rapidly over the last two years, putting pressure on borrowers. A majority of the loans within the portfolio are floating rate loans tied to WSJ Prime and reset quarterly. Borrowers saw a 50bps reduction in their rates on January 1, 2025 and additional rate relief is expected during the second half of 2025,” added Miller. “The ratio of allowance for credit losses to the total, non-guaranteed, loan portfolio was 1.25%, as of March 31, 2025, and our total non-guaranteed exposure on these SBA loans is $42.80 million spread over 222 loans.”

    “We incurred net charge offs of $167,000 during the current quarter, compared to $4,000 in net recoveries in the first quarter a year ago, and $1.29 million in net charge offs in the previous quarter,” said Miller. “Our loan portfolio increased 18% from a year ago with commercial real estate (“CRE”) loans representing 64% of the total loan portfolio. Within the CRE portfolio, there are $52.45 million in loans for CRE office as shown in the table below. Since the majority of our CRE office exposure is concentrated in the Central Valley, we are experiencing less volatility than city center CRE markets. Our credit metrics remain strong as we continue to maintain conservative underwriting standards.”

    (in thousands) CRE Office Exposure of March 31, 2025
    Region Owner-Occupied Non-Owner Occupied Total
    Central Valley $ 27,314   $ 13,544   $ 40,858  
    Southern California   2,271     352     2,623  
    Other California   4,492     3,948     8,440  
    Total California   34,077     17,844     51,921  
    Out of California   —     527     527  
    Total CRE Office $ 34,077   $ 18,371   $ 52,448  
     

    The ratio of allowance for credit losses to total loans was 1.18% at March 31, 2025, compared to 1.12% a year earlier and 1.10% at December 31, 2024. The Company individually evaluates non-accrual loans in the allowance for credit losses which has resulted in carrying a higher level of reserve.

    About FFB Bancorp

    FFB Bancorp, formerly Communities First Financial Corporation, a bank holding company established in 2014, is the parent company of FFB Bank, founded in 2005 in Fresno, California. As a leading SBA Lender in California’s Central Valley and one of the few direct acquiring banks in the United States, FFB Bank offers clients a range of personal and business checking accounts, payment processes, and loan programs. Among the Bank’s awards and accomplishments, it was ranked #1 on American Banker’s list of the Top 20 Publicly Traded Banks under $2 Billion in Assets for 2024. For 2025, the Bank was also ranked by S&P Global as the #34 best performing community bank under $3 billion in assets. The Company has also received recognition as part of the OTCQX Best 50 Companies for 2019, 2023, and 2024. For additional information, you can visit the Company’s website at www.ffb.bank or by contacting a representative at 559-439-0200.

    Forward Looking Statements

    This earnings release may contain forward-looking statements. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. The forward-looking statements are based on managements’ expectations and are subject to a number of risks and uncertainties. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include, without limitation, the Company’s ability to effectively execute its business plans; the impact of the Consent Order on our financial condition and results of operations; changes in general economic and financial market conditions; changes in interest rates; and, in particular, actions taken by the Federal Reserve to try and control inflation; changes in the competitive environment; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; losses, customer bankruptcy, claims and assessments; changes in banking regulations or other regulatory or legislative requirements affecting the Company’s business; international developments; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies. The Company undertakes no obligation to release publicly the results of any revisions to the forward-looking statements included herein to reflect events or circumstances after today, or to reflect the occurrence of unanticipated events. The Company claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.

    Member FDIC

    Select Financial Information and Ratios For the Quarter Ended:
    March 31, 2025   December 31, 2024   March 31, 2024
    BALANCE SHEET- ENDING BALANCES:          
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Total portfolio loans   1,092,441       1,071,079       926,781  
    Investment securities   313,826       322,186       328,906  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Shareholders equity, net   174,711       168,392       138,716  
               
    INCOME STATEMENT DATA          
    Operating revenue   28,476       28,247       23,610  
    Operating expense   16,467       13,270       12,701  
    Pre-tax, pre-provision income   12,009       14,977       10,909  
    Net income after tax   8,098       9,718       7,790  
               
    SHARE DATA          
    Basic earnings per share $ 2.56     $ 3.06     $ 2.46  
    Fully diluted EPS $ 2.55     $ 3.05     $ 2.46  
    Book value per common share $ 55.52     $ 53.02     $ 43.69  
    Common shares outstanding   3,146,727       3,175,817       3,175,048  
    Fully diluted shares   3,175,178       3,189,949       3,170,981  
    FFBB – Stock price $ 76.50     $ 97.97     $ 82.99  
               
    RATIOS          
    Return on average assets   2.14 %     2.53 %     2.32 %
    Return on average equity   18.83 %     23.11 %     23.27 %
    Efficiency ratio   57.83 %     46.19 %     52.96 %
    Adjusted efficiency ratio   52.54 %     39.57 %     47.82 %
    Yield on earning assets   6.31 %     6.24 %     6.15 %
    Yield on investment securities   4.36 %     4.34 %     4.47 %
    Yield on portfolio loans   6.81 %     6.95 %     6.68 %
    Cost to fund earning assets   0.96 %     1.00 %     1.00 %
    Cost of interest-bearing deposits   2.60 %     2.69 %     2.57 %
    Net Interest Margin   5.35 %     5.24 %     5.15 %
    Equity to assets   11.20 %     11.20 %     9.94 %
    Net loan to deposit ratio   82.74 %     83.39 %     77.20 %
    Full time equivalent employees   175       168       147  
               
    BALANCE SHEET- AVERAGES          
    Total assets   1,531,573       1,529,439       1,347,625  
    Total portfolio loans   1,076,848       1,038,215       925,561  
    Investment securities   325,699       333,135       315,820  
    Total deposits   1,300,550       1,299,069       1,149,117  
    Shareholders equity, net   174,410       167,268       134,621  
                           
    Consolidated Balance Sheet (unaudited) March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    ASSETS          
    Cash and due from banks $ 83,033     $ 43,905     $ 37,360  
    Interest bearing deposits in banks   20,038       19,510       53,556  
    CDs in other banks   1,724       1,723       1,693  
    Investment securities   313,826       322,186       328,906  
    Loans held for sale   —       —       —  
               
    Construction & land development   12,649       26,522       77,318  
    Residential RE 1-4 family   17,146       16,846       16,114  
    Commercial real estate   696,625       669,285       545,358  
    Agriculture   104,616       90,017       63,281  
    Commercial and industrial   260,063       267,948       224,551  
    Consumer and other   1,342       461       159  
    Portfolio loans   1,092,441       1,071,079       926,781  
    Deferred fees & discounts   (3,946 )     (4,200 )     (4,181 )
    Allowance for credit losses   (12,913 )     (11,834 )     (10,407 )
    Loans, net   1,075,582       1,055,045       912,193  
               
    Non-marketable equity investments   8,890       8,891       7,357  
    Cash value of life insurance   12,496       12,402       12,119  
    Accrued interest and other assets   44,787       40,466       41,911  
    Total assets $ 1,560,376     $ 1,504,128     $ 1,395,095  
               
    LIABILITIES AND EQUITY          
    Non-interest bearing deposits $ 825,404     $ 828,508     $ 751,636  
    Interest checking   109,555       62,034       54,659  
    Savings   54,686       55,219       52,090  
    Money market   218,940       212,322       220,559  
    Certificates of deposits   111,796       126,294       121,585  
    Total deposits   1,320,381       1,284,377       1,200,529  
    Short-term borrowings   10,000       —       —  
    Long-term debt   38,046       38,007       39,638  
    Other liabilities   17,238       13,352       16,212  
    Total liabilities   1,385,665       1,335,736       1,256,379  
               
    Common stock   35,693       38,436       36,910  
    Retained earnings   156,235       148,138       121,780  
    Accumulated other comprehensive loss   (17,217 )     (18,182 )     (19,974 )
    Shareholders’ equity   174,711       168,392       138,716  
    Total liabilities and shareholders’ equity $ 1,560,376     $ 1,504,128     $ 1,395,095  
    Consolidated Income Statement (unaudited) Quarter ended:
    (in thousands) March 31, 2025   December 31, 2024   March 31, 2024
               
    INTEREST INCOME:          
    Loan interest income $ 18,069   $ 18,131     $ 15,372  
    Investment income   3,499     3,631       3,512  
    Int. on fed funds & CDs in other banks   574     504       255  
    Dividends from non-marketable equity   132     137       129  
    Total interest income   22,274     22,403       19,268  
               
    INTEREST EXPENSE:          
    Int. on deposits   2,891     3,115       2,518  
    Int. on short-term borrowings   31     12       149  
    Int. on long-term debt   451     464       464  
    Total interest expense   3,373     3,591       3,131  
    Net interest income   18,901     18,812       16,137  
    PROVISION FOR CREDIT LOSSES   1,164     1,671       378  
    Net interest income after provision   17,737     17,141       15,759  
               
    NON-INTEREST INCOME:          
    Total deposit fee income   849     856       796  
    Debit / credit card interchange income   191     196       167  
    Merchant services income   7,864     7,562       6,068  
    Gain on sale of loans   261     929       451  
    Loss (gain) on sale of investments   —     (482 )     (373 )
    Other operating income   410     374       364  
    Total non-interest income   9,575     9,435       7,473  
               
    NON-INTEREST EXPENSE:          
    Salaries & employee benefits   8,056     5,177       6,582  
    Occupancy expense   353     411       383  
    Merchant services operating expense   3,174     3,149       2,360  
    Other operating expense   4,884     4,533       3,376  
    Total non-interest expense   16,467     13,270       12,701  
               
    Income before provision for income tax   10,845     13,306       10,531  
    PROVISION FOR INCOME TAXES   2,747     3,588       2,741  
    Net income $ 8,098   $ 9,718     $ 7,790  
    ASSET QUALITY March 31, 2025   December 31, 2024   March 31, 2024
    (in thousands)    
    Delinquent accruing loans 30-60 days $ 17,533     $ 4,886     $ 3,220  
    Delinquent accruing loans 60-90 days   1,537       2,449       1,950  
    Delinquent accruing loans 90+ days   46       987       1,332  
    Total delinquent accruing loans $ 19,116     $ 8,322     $ 6,502  
               
    Loans on non-accrual $ 15,366     $ 9,894     $ 7,156  
    Other real estate owned   —       —       —  
    Nonperforming assets $ 15,366     $ 9,894     $ 7,156  
               
    Delinquent 30-60 / Total Loans   1.60 %     0.46 %     0.35 %
    Delinquent 60-90 / Total Loans   0.14 %     0.23 %     0.21 %
    Delinquent 90+ / Total Loans   — %     0.09 %     0.14 %
    Delinquent Loans / Total Loans   1.75 %     0.78 %     0.70 %
    Non-accrual / Total Loans   1.41 %     0.92 %     0.77 %
    Nonperforming assets to total assets   0.98 %     0.66 %     0.51 %
               
    Year-to-date charge-off activity          
    Charge-offs $ 167     $ 1,287     $ —  
    Recoveries   —       35       4  
    Net charge-offs (recoveries) $ 167     $ 1,252     $ (4 )
    Annualized net loan losses to average loans   0.06 %     0.12 %     — %
               
    CREDIT LOSS RESERVE RATIOS:          
    Allowance for credit losses $ 12,913     $ 11,834     $ 10,407  
               
    Total loans $ 1,092,441     $ 1,071,079     $ 926,781  
    Purchased govt. guaranteed loans $ 16,081     $ 16,323     $ 19,642  
    Originated govt. guaranteed loans $ 45,285     $ 42,737     $ 38,228  
               
    ACL / Total loans   1.18 %     1.10 %     1.12 %
    ACL / Loans less 100% govt. gte. loans (purchased)   1.20 %     1.12 %     1.15 %
    ACL / Loans less all govt. guaranteed loans   1.25 %     1.17 %     1.20 %
    ACL / Total assets   0.83 %     0.79 %     0.75 %
    SELECT FINANCIAL TREND INFORMATION For the Quarter Ended:
    March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Mar. 31, 2024
    BALANCE SHEET- PERIOD END          
    Total assets $ 1,560,376   $ 1,504,128   $ 1,512,241   $ 1,443,723   $ 1,395,095  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,092,441     1,071,079     998,222     969,764     926,781  
    Investment securities   313,826     322,186     345,428     345,491     328,906  
               
    Non-interest bearing deposits   825,404     828,508     826,708     731,030     751,636  
    Interest bearing deposits   494,977     455,869     460,241     437,927     448,893  
    Total deposits   1,320,381     1,284,377     1,286,949     1,168,957     1,200,529  
    Short-term borrowings   10,000     —     —     68,000     —  
    Long-term debt   38,046     38,007     37,967     39,678     39,638  
               
    Total equity   191,928     186,574     176,350     167,286     158,690  
    Accumulated other comprehensive loss   (17,217 )   (18,182 )   (12,715 )   (18,646 )   (19,974 )
    Shareholders’ equity   174,711     168,392     163,635     148,640     138,716  
               
    QUARTERLY INCOME STATEMENT          
    Interest income $ 22,274   $ 22,403   $ 21,404   $ 20,887   $ 19,268  
    Interest expense   3,373     3,591     3,617     3,581     3,131  
    Net interest income   18,901     18,812     17,787     17,306     16,137  
    Non-interest income   9,575     9,435     7,616     7,423     7,473  
    Gross revenue   28,476     28,247     25,403     24,729     23,610  
               
    Provision for credit losses   1,164     1,671     762     291     378  
               
    Non-interest expense   16,467     13,270     12,735     13,285     12,701  
    Net income before tax   10,845     13,306     11,906     11,153     10,531  
    Tax provision   2,747     3,588     3,343     3,077     2,741  
    Net income after tax   8,098     9,718     8,563     8,076     7,790  
               
    BALANCE SHEET- AVERAGE BALANCE          
    Total assets $ 1,531,573   $ 1,529,439   $ 1,477,259   $ 1,704,255   $ 1,347,604  
    Loans held for sale   —     —     —     —     —  
    Loans held for investment   1,076,848     1,038,215     982,152     954,871     925,561  
    Investment securities   325,699     333,135     343,096     334,416     315,820  
               
    Non-interest bearing deposits   850,426     838,748     822,200     758,977     755,603  
    Interest bearing deposits   450,124     460,321     432,143     440,147     393,514  
    Total deposits   1,300,550     1,299,069     1,254,343     1,199,124     1,149,117  
    Short-term borrowings   2,856     951     —     10,053     9,562  
    Long-term debt   38,028     37,989     39,479     39,660     39,620  
               
    Shareholders’ equity   174,410     167,268     161,363     141,881     134,621  
                                   

    Contact: Steve Miller – President & CEO
    Bhavneet Gill – EVP & CFO
    (559) 439-0200

    The MIL Network –

  • MIL-OSI: 22 X Ventures Invests in PureWager Group, LLC to Transform the U.S. Gaming Landscape

    Source: GlobeNewswire (MIL-OSI)

    SHERIDAN, Wyo., April 16, 2025 (GLOBE NEWSWIRE) — 22 X Ventures, a private equity firm known for investing in disruptive and mission-driven companies, today announced its strategic investment in PureWager Group, LLC, an emerging force in the U.S. sports betting and online gaming sector.

    Founded by gaming veterans Wayne Stevenson and Elliott Banks, PureWager brings together over 50 years of combined leadership in gaming, fintech, and global entertainment technologies. The company is developing a next-generation platform that integrates real-time fan engagement, cutting-edge gamification, and AI-powered personalization. Its proprietary technology stack is well underway, with key operational milestones scheduled ahead of its official launch in 2025.

    “PureWager is uniquely positioned to capture a meaningful share of the booming online sports betting market,” said Minh Le, Managing Partner at 22 X Ventures. “Their bold vision, commitment to ethical user engagement, and AI-powered platform make them one of the most compelling opportunities in the space.”

    The U.S. sports betting market is projected to surpass $45 billion by 2030, driven by accelerating legislation and increased access through both state and sovereign tribal partnerships. 22 X Ventures’ investment will help PureWager fast-track its go-to-market strategy, licensing efforts, and platform innovation.

    “Over the past 30+ months, PureWager has quietly developed a series of strategic advantages and partnerships that will give us a competitive edge at launch,” said Wayne Stevenson, Co-Founder of PureWager Group.

    “This platform is designed to do more than entertain—it’s meant to redefine how communities engage with gaming in an ethical and immersive way,” added Elliott Banks, Co-Founder of PureWager Group.

    This investment marks a continued expansion of 22 X Ventures’ portfolio in high-impact sectors including fintech, infrastructure, AI, and gaming innovation.

    About 22 X Ventures, LLC  
    22 X Ventures, LLC is a private equity firm investing in transformative companies that align with its mission to create sustainable value across industries and communities. The firm focuses on growth-stage companies with high disruption potential and clear market advantages. Learn more www.22xventures.com.

    About PureWager Group, LLC

    PureWager Group, LLC is a gaming technology company reimagining the sports betting experience through real-time interaction, personalized engagement, and responsible innovation. Co-founded by Wayne Stevenson and Elliott Banks, the company is preparing for a national rollout of its proprietary platform in regulated and sovereign markets across the United States.

    Media Contact:

    Minh Le
    Public Relations Manager
    22 X Ventures & PureWager Group
    Email: info@22capitalpartners.com
    Phone: 703-629-1131

    The MIL Network –

  • MIL-OSI: Plumas Bancorp Reports First Quarter Results

    Source: GlobeNewswire (MIL-OSI)

    RENO, Nev., April 16, 2025 (GLOBE NEWSWIRE) — Plumas Bancorp (Nasdaq: PLBC), the parent company of Plumas Bank (the “Bank”), today announced first quarter earnings of $7.2 million or $1.21 per share, up from $6.3 million or $1.06 per share during the first quarter of 2024. Diluted earnings per share was $1.20 during the three months ended March 31, 2025, up from $1.05 per share during the quarter ended March 31, 2024. Return on average assets was 1.79% during the current quarter, up from 1.55% during the first quarter of 2024. Return on average equity was 16.0% for the three months ended March 31, 2025, down from 16.4% during the first quarter of 2024.

    Net-interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million during the current quarter. The provision for credit losses decreased from $821 thousand during the first quarter of 2024 to $250 thousand during the current quarter.

    Non-interest income increased by $1.1 million from $2.1 million during the three months ended March 31, 2024 to $3.2 million during the first quarter of 2025 related to a legal settlement totaling $1.1 million. This settlement related to the Dixie Fire in August of 2021 which swept through the town of Greenville, California. The fire caused severe damage to the Greenville area, including the telecommunications infrastructure which adversely affected our ability to service our customers in this area during the last few years.

    Non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. Of this amount, $569 thousand relates to costs associated with our pending acquisition of Cornerstone Community Bancorp. We signed a definitive agreement to acquire Cornerstone Community Bancorp on January 28, 2025. Merger transaction costs that facilitate the merger are not deductible for income tax purposes. Of the $569 thousand in merger related costs, $562 thousand is estimated to be not deductible for state and federal income tax.

    The provision for income taxes increased by $731 thousand from $2.1 million, 25.4% of pre-tax income, during the three months ended March 31, 2024 to $2.9 million, or 28.5% of pre-tax income, during the current quarter.

    Balance sheet Highlights
    March 31, 2025 compared to March 31, 2024

    • Gross loans increased by $35 million, or 3.5%, to $1.0 billion.
    • Total deposits increased by $73 million, or 5.6% to $1.4 billion.
    • Borrowings decreased by $105 million, or 87.5% to $15 million.
    • Total equity increased by $26 million, or 16.2% to $187.6 million.
    • Book value per share increased by $4.29, or 15.7% to $31.68.

    President’s Comments

    Andrew J. Ryback, director, president, and chief executive officer of Plumas Bancorp and Plumas Bank, described the first quarter accomplishments, saying, “The highlight of this quarter is the announcement of our definitive merger agreement with Cornerstone Community Bancorp, a partnership that will result in a combined company with over $2.3 billion in assets, $2.0 billion in deposits, and $1.5 billion in loans. This merger reinforces our commitment to serving Northern California and Western Nevada, creating enhanced opportunities for our clients, shareholders, and team members.

    Through this merger, we unite Cornerstone Community Bank’s local expertise and strong practices with Plumas Bank’s innovative technology and business solutions. Together, we are positioned to expand our footprint and strengthen our offerings, ensuring sustained value for the communities we serve. With projected earnings accretion and a focused integration process, we are confident in our ability to deliver long-term growth and success.”

    Mr. Ryback noted additional developments during the quarter, saying, “Piper Sandler added Plumas to its independent research coverage, boosting Plumas’ visibility among investors and enhancing market confidence. With coverage from Raymond James and Stephens, too, we expect fair market valuation as all three firms previously released ‘Buy’ recommendations for PLBC stock.”

    Mr. Ryback concluded, “I want to express my gratitude to our shareholders, employees, and partners for their support during this transformative time. As we move forward, we remain steadfast in our dedication to fostering growth, innovation, and community impact, while maintaining the exceptional financial results and service excellence that define Plumas Bancorp.”

    Loans, Deposits, Investments and Cash

    Gross loans increased by $34.5 million, or 3.5%, from $976 million at March 31, 2024, to $1.0 billion at March 31, 2025. Increases of $98 million in commercial real estate loans and $1 million in equity lines of credit were partially offset by decreases of $31 million in automobile loans, $18 million in construction loans, $11 million in agricultural loans and $4 million in commercial loans.

    On March 31, 2025, approximately 77% of the Company’s loan portfolio was comprised of variable rate loans. The rates of interest charged on variable rate loans are set at specific increments in relation to the Company’s lending rate or other indexes such as the published prime interest rate or U.S. Treasury rates and vary with changes in these indexes. The frequency at which variable rate loans reprice can vary from one day to several years. Most of our commercial real estate portfolio reprices every five years. Loans indexed to the prime interest rate were approximately 16% of the Company’s loan portfolio; these loans reprice within one day to three months of a change in the prime rate.

    Total deposits increased by $73 million to $1.4 billion at March 31, 2025. The increase in deposits includes increases of $10 million in demand deposits and $76 million in money market accounts. Partially offsetting these increases were decreases of $5 million in savings deposits and $8 million in time deposits. We attribute much of the increase in money market accounts to higher rate public entity deposits. At December 31, 2025, 49% of the Company’s deposits were in the form of non-interest-bearing demand deposits. The Company has no brokered deposits.

    Investment securities totaled $447 million at March 31, 2025 and 2024. The Bank’s investment security portfolio consists of debt securities issued by US Government agencies, US Government sponsored agencies and municipalities. Cash and due from banks decreased by $41 million from $128 million at March 31, 2024, to $87 million at March 31, 2025.

    Asset Quality

    Nonperforming assets (which are comprised of nonperforming loans, other real estate owned (“OREO”) and repossessed vehicle holdings) at March 31, 2025, were $3.8 million, down from $6.0 million at March 31, 2024. Nonperforming assets as a percentage of total assets decreased to 0.23% at March 31, 2025, down from 0.37% at March 31, 2024. OREO decreased by $266 thousand from $357 thousand at March 31, 2024, to $91 thousand at March 31, 2025. Nonperforming loans were $3.7 million at March 31, 2025, and $5.6 million at March 31, 2024. Nonperforming loans as a percentage of total loans decreased to 0.36% at March 31, 2025, down from 0.57% at March 31, 2024.

    During the first quarter of 2025 we recorded a provision for credit losses of $250 thousand consisting of a provision for credit losses on loans of $250 thousand. This compares to a provision for credit losses of $821 thousand consisting of a provision for credit losses on loans of $900 thousand and a decrease in the reserve for unfunded commitments of $79 thousand during the first quarter of 2024.

    Net charge-offs totaled $127 thousand and $610 thousand during the three months ended March 31, 2025 and 2024, respectively. The allowance for credit losses totaled $13.3 million at March 31, 2025, and $13.2 million at March 31, 2024. The allowance for credit losses as a percentage of total loans was 1.32% at March 31, 2025, and 1.35% at March 31, 2024.

    The following tables present the activity in the allowance for credit losses and the reserve for unfunded commitments during the three months ended March 31, 2025 and 2024 (in thousands).

    Allowance for Credit Losses   March 31, 2025     March 31, 2024
    Balance, beginning of period $ 13,196     $ 12,867  
    Provision charged to operations   250       900  
    Losses charged to allowance   (312 )     (680 )
    Recoveries   185       70  
    Balance, end of period $ 13,319     $ 13,157  
    Reserve for Unfunded
    Commitments    		  

    March 31, 2025

    		      

    March 31, 2024
    Balance, beginning of period $ 620     $ 799  
    Provision charged to operations   –       (79 )
    Balance, end of period $ 620     $ 720  


    Bank Term Funding Program (BTFP)

    At March 31, 2024, the Company had outstanding borrowings under BTFP totaling $105 million. All BTFP borrowings were paid off during 2024. Interest expense recognized on the BTFP borrowings for the three months ended March 31, 2024, was $1.2 million.

    Shareholders’ Equity

    Total shareholders’ equity increased by $26.1 million from $162 million at March 31, 2024, to $188 million at March 31, 2025. The $26.1 million includes earnings during the twelve-month period totaling $29.5 million, a decrease in accumulated other comprehensive loss of $2.1 million and stock option activity totaling $1.0 million. These items were partially offset by the payment of cash dividends totaling $6.5 million.

    Liquidity

    The Company manages its liquidity to provide the ability to generate funds to support asset growth, meet deposit withdrawals (both anticipated and unanticipated), fund customers’ borrowing needs and satisfy maturity of short-term borrowings. The Company’s liquidity needs are managed using assets or liabilities, or both. On the asset side, in addition to cash and due from banks, the Company maintains an investment portfolio which includes unpledged U.S. Government-sponsored agency securities that are classified as available-for-sale. On the liability side, liquidity needs are managed by offering competitive rates on deposit products and the use of established credit lines.

    The Company is a member of the Federal Home Loan Bank of San Francisco (FHLB) and can borrow up to $251 million from the FHLB secured by commercial and residential mortgage loans with carrying values totaling $441 million. The Company is also eligible to borrow at the FRB Discount Window. At March 31, 2025 the Company could borrow up to $115 million at the Discount Window secured by investment securities with a fair value of $119 million. In addition to its FHLB borrowing line and the Discount Window, the Company has unsecured short-term borrowing agreements with two of its correspondent banks in the amounts of $50 million and $20 million. There were no outstanding borrowings to the FHLB, FRB Discount Window or the correspondent banks at March 31, 2025, and March 31, 2024.

    Customer deposits are the Company’s primary source of funds. Total deposits increased by $73 million to $1.4 billion at March 31, 2025. Deposits are held in various forms with varying maturities. The Company estimates that it has approximately $510 million in uninsured deposits which includes uninsured deposits of Plumas Bancorp. Of this amount, $190 million represents deposits that are collateralized such as deposits of states, municipalities and tribal accounts.

    The Company’s securities portfolio, Discount Window advances, FHLB advances, and cash and due from banks serve as the primary sources of liquidity, providing adequate funding for loans during periods of high loan demand. During periods of decreased lending, funds obtained from the maturing or sale of investments, loan payments, and new deposits are invested in short-term earning assets, such as cash held at the FRB and investment securities, to serve as a source of funding for future loan growth. Management believes that the Company’s available sources of funds, including borrowings, will provide adequate liquidity for its operations in the foreseeable future.

    Net Interest Income and Net Interest Margin

    Driven mostly by growth in the loan portfolio and the repayment of the BTFP borrowings, net interest income increased by $1.1 million from $17.4 million during the three months ended March 31, 2024, to $18.5 million for the three months ended March 31, 2025. The increase in net interest income includes an increase of $564 thousand in interest income and a decline of $518 thousand in interest expense.

    Interest and fees on loans increased by $804 thousand related both to an increase in average balance and an increase in yield. Average loan balances increased by $48 million, while the average yield on loans increased by 8 basis points from 6.09% during the first quarter of 2024 to 6.17% during the current quarter. The average prime interest rate decreased from 8.5% during the first quarter of 2024 to 7.5% during the current quarter. Approximately 16% of the Company’s loans are tied to the prime interest rate and most of these reprice within one to three months with a change in prime. The negative effect of the decrease in prime was offset by an increase in average yield on the bank’s fixed rate portfolio which includes growth in fixed rate SBA loans which totaled $74 million at March 31, 2025, and $47 million at March 31, 2024. The weighted average rate earned on this portfolio at March 31, 2025, was 8.3%.

    Interest on investment securities increased by $114 thousand related to an increase in yield on investment securities of 44 basis points to 4.12%. The increase in investment yields is consistent with the partial restructuring of the investment portfolio during the first quarter of 2024. The effect of this increase in yield was mostly offset by a decline of $36 million in average investment securities.

    Interest on cash balances decreased by $354 thousand related to a decline in average balance of $14 million and a decrease in average rate paid on cash balances of 105 basis points from 5.57% during the first quarter of 2024 to 4.52% during the current quarter. This decline in yield was mostly related to a decline in rate paid on balances held at the Federal Reserve Bank (FRB). The average rate earned on FRB balances decreased from 5.40% during the first quarter of 2024 to 4.40% during the current quarter.

    Interest expense decreased by $518 thousand, mostly related to the repayment of the BTFP borrowings as discussed earlier. The average rate paid on interest bearing liabilities decreased from 1.33% during the 2024 quarter to 1.14% in 2025 related mainly to the decrease in these borrowings.

    Interest paid on deposits increased by $710 thousand and is broken down by product type as follows: money market accounts – $770 thousand and savings deposits – $26 thousand. The increase in interest paid on money market accounts mostly relates to an increase in public entity balances. Interest on time deposits declined by $86 thousand related to a decline in average balance of $3 million and a decline in rate paid of 27 basis points. During the second half of 2024 and continuing into 2025, we have offered a premium rate on large balances of public entities in our service area, matching the rate they could earn from the California local agency investment fund. This has led to a significant increase in these balances and an increase in the overall rate paid on money market accounts. The average rate paid on interest-bearing deposits increased from 0.75% during the first quarter of 2024 to 1.11% during the current quarter.

    Net interest margin for the three months ended March 31, 2025, increased 33bp to 4.95%, up from 4.62% for the same period in 2024.

    Non-Interest Income/Expense

    During the three months ended March 31, 2025, non-interest income totaled $3.2 million, an increase of $1.1 million from the three months ended March 31, 2024. The largest component of this increase was the $1.1 million settlement related to the Dixie Fire as discussed earlier.

    During the three months ended March 31, 2025, total non-interest expense increased by $1.1 million from $10.4 million during the first quarter of 2024 to $11.5 million during the current quarter. The largest components of this increase were merger related expenses of $569 thousand. Salary and benefit expense increased by $514 thousand which includes an increase in salary expense of $269 thousand related primarily to merit and promotional salary increases. Related mostly to an increase in pre-tax income, bonus expense increased by $216 thousand. A decrease in deferred loan origination fees of $97 thousand was offset by a decline in commission expense of $137 thousand. Both items mostly relate to a decline in SBA loan production during the comparison quarters. Occupancy and equipment expense increased by $324 thousand from $1.7 million during the first quarter of 2024 to $2.0 million during the current quarter related to an increase of $338 thousand in rent expense related to the February 2024 sales/leaseback transaction.

    Plumas Bancorp is headquartered in Reno, Nevada. Plumas Bancorp’s principal subsidiary is Plumas Bank, which was founded in 1980. Plumas Bank is a full-service community bank headquartered in Quincy, California. The bank operates fifteen branches: thirteen located in the California counties of Butte, Lassen, Modoc, Nevada, Placer, Plumas, Shasta, and Sutter and two branches located in Nevada in the counties of Carson City and Washoe. The bank also operates two loan production offices located in Auburn, California and Klamath Falls, Oregon. Plumas Bank offers a wide range of financial and investment services to consumers and businesses and has received nationwide Preferred Lender status with the United States Small Business Administration. For more information on Plumas Bancorp and Plumas Bank, please visit our website at www.plumasbank.com.

    This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act of 1934, as amended and Plumas Bancorp intends for such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Future events are difficult to predict, and the expectations described above are necessarily subject to risk and uncertainty that may cause actual results to differ materially and adversely.

    Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. Forward-looking statements involve significant risks and uncertainties, and actual results may differ materially from those presented, either expressed or implied, in this news release. Factors that might cause such differences include, but are not limited to: the Company’s ability to successfully execute its business plans and achieve its objectives; changes in general economic and financial market conditions, either nationally or locally in areas in which the Company conducts its operations; changes in interest rates; continuing consolidation in the financial services industry; new litigation or changes in existing litigation; increased competitive challenges and expanding product and pricing pressures among financial institutions; legislation or regulatory changes which adversely affect the Company’s operations or business; loss of key personnel; and changes in accounting policies or procedures as may be required by the Financial Accounting Standards Board or other regulatory agencies.

    Contact: Jamie Huynh
    Investor Relations
    Plumas Bancorp
    5525 Kietzke Lane Ste. 100
    Reno, NV 89511
    775.786.0907 x8908
    investorrelations@plumasbank.com

    PLUMAS BANCORP
    CONDENSED CONSOLIDATED BALANCE SHEETS  
    (In thousands)
    (Unaudited)
      As of March 31,      
      2025   2024   Dollar
    Change    		   Percentage
    Change
    ASSETS              
    Cash and due from banks $ 87,327   $ 128,231   $ (40,904)   (31.9)%
    Investment securities 447,293   447,445   (152)   (0.0)%
    Loans, net of allowance for credit losses 1,000,651   966,141   34,510   3.6%
    Premises and equipment, net 12,349   12,960   (611)   (4.7)%
    Right-of-use assets 24,003   25,295   (1,292)   (5.1)%
    Bank owned life insurance 16,628   16,206   422   2.6%
    Real estate acquired through foreclosure 91   357   (266)   (74.5)%
    Goodwill 5,502   5,502   –   0.0%
    Accrued interest receivable and other assets 39,448   38,196   1,252   3.3%
    Total assets $ 1,633,292   $ 1,640,333   $ (7,041)   (0.4)%
                   
    LIABILITIES AND              
       SHAREHOLDERS’ EQUITY  
    Deposits $ 1,373,061   $ 1,299,688   $ 73,373   5.6%
    Lease liabilities 24,523   25,424   (901)   (3.5)%
    Accrued interest payable and other liabilities 33,105   33,730   (625)   (1.9)%
    Borrowings 15,000   120,000   (105,000)   (87.5)%
    Total liabilities 1,445,689   1,478,842   (33,153)   (2.2)%
    Common stock 29,454   28,492   962   3.4%
    Retained earnings 179,411   156,414   22,997   14.7%
    Accumulated other comprehensive loss, net (21,262)   (23,415)   2,153   9.2%
    Shareholders’ equity 187,603   161,491   26,112   16.2%
    Total liabilities and shareholders’ equity $ 1,633,292   $ 1,640,333   $ (7,041)   (0.4)%
                   
                   
    PLUMAS BANCORP
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (In thousands, except per share data)
    (Unaudited)
                   
    FOR THE THREE MONTHS ENDED MARCH 31, 2025   2024   Dollar
    Change    		   Percentage
    Change
                   
    Interest income $ 20,590   $ 20,026   $ 564   2.8%
    Interest expense 2,051   2,569   (518)   -20.2%
    Net interest income before provision for credit losses 18,539   17,457   1,082   6.2%
    Provision for credit losses 250   821   (571)   (69.5)%
    Net interest income after provision for credit losses 18,289   16,636   1,653   9.9%
    Non-interest income 3,213   2,140   1,073   50.1%
    Non-interest expense 11,466   10,397   1,069   10.3%
    Income before income taxes 10,036   8,379   1,657   19.8%
    Provision for income taxes 2,856   2,125   731   34.4%
    Net income $ 7,180   $ 6,254   $ 926   14.8%
                   
    Basic earnings per share $ 1.21   $ 1.06   $ 0.15   14.2%
    Diluted earnings per share $ 1.20   $ 1.05   $ 0.15   14.3%
                   
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
    (Dollars in thousands, except per share data)
    (Unaudited)
                       
      Three Months Ended   Year Ended
      3/31/2025   12/31/2024     3/31/2024     12/31/2024   12/31/2023
    EARNINGS PER SHARE                        
    Basic earnings per share $ 1.21     $ 1.31     $ 1.06     $ 4.85     $ 5.08  
    Diluted earnings per share $ 1.20     $ 1.29     $ 1.05     $ 4.80     $ 5.02  
    Weighted average shares outstanding   5,911       5,900       5,887       5,895       5,863  
    Weighted average diluted shares outstanding   6,002       5,995       5,946       5,968       5,934  
    Cash dividends paid per share 1 $ 0.30     $ 0.27     $ 0.27     $ 1.08     $ 1.00  
                             
    PERFORMANCE RATIOS (annualized for the three months)                
    Return on average assets   1.79 %     1.87 %     1.55 %     1.74 %     1.88 %
    Return on average equity   16.0 %     17.1 %     16.4 %     17.2 %     23.4 %
    Yield on earning assets   5.50 %     5.50 %     5.30 %     5.49 %     5.03 %
    Rate paid on interest-bearing liabilities   1.14 %     1.27 %     1.33 %     1.39 %     0.67 %
    Net interest margin   4.95 %     4.90 %     4.62 %     4.79 %     4.71 %
    Noninterest income to average assets   0.80 %     0.53 %     0.53 %     0.53 %     0.68 %
    Noninterest expense to average assets   2.85 %     2.57 %     2.57 %     2.56 %     2.36 %
    Efficiency ratio 2   52.7 %     50.4 %     53.1 %     51.3 %     46.6 %
                       
      3/31/2025   3/31/2024   12/31/2024   12/31/2023   12/31/2022
    CREDIT QUALITY RATIOS AND DATA                  
    Allowance for credit losses $ 13,319   $ 13,157   $ 13,196   $ 12,867     $ 10,717  
    Allowance for credit losses as a percentage of total loans   1.32     1.35     1.30     1.34 %     1.18 %
    Nonperforming loans $ 3,686   $ 5,610   $ 4,105   $ 4,820     $ 1,172  
    Nonperforming assets $ 3,787   $ 6,000   $ 4,307   $ 5,315     $ 1,190  
    Nonperforming loans as a percentage of total loans   0.36     0.57     0.40     0.50 %     0.13 %
    Nonperforming assets as a percentage of total assets   0.23     0.37     0.27     0.33 %     0.07 %
    Year-to-date net charge-offs $ 127   $ 610   $ 1,046   $ 954     $ 935  
    Year-to-date net charge-offs as a percentage of average   0.05     0.25     0.11     0.10 %     0.11 %
    loans (annualized)        
                       
    CAPITAL AND OTHER DATA                  
    Common shares outstanding at end of period   5,922     5,896     5,903     5,872       5,850  
    Shareholders’ equity $ 187,603   $ 161,491   $ 177,899   $ 147,317     $ 119,004  
    Book value per common share $ 31.68   $ 27.39   $ 30.14   $ 25.09     $ 20.34  
    Tangible common equity3 $ 181,354   $ 155,048   $ 171,606   $ 140,823     $ 112,273  
    Tangible book value per common share4 $ 30.62   $ 26.30   $ 29.07   $ 23.98     $ 19.19  
    Tangible common equity to total assets   11.1     9.5     10.6     8.7 %     6.9 %
    Gross loans to deposits   73.6     75.1     74.1     71.9 %     62.6 %
                       
    PLUMAS BANK REGULATORY CAPITAL RATIOS              
    Tier 1 Leverage Ratio   12.3     11.0     11.9     10.8 %     9.2 %
    Common Equity Tier 1 Ratio   17.8     16.1     17.3     15.7 %     14.7 %
    Tier 1 Risk-Based Capital Ratio   17.8     16.1     17.3     15.7 %     14.7 %
    Total Risk-Based Capital Ratio   19.0     17.4     18.5     16.9 %     15.7 %
     
    (1) The Company paid a quarterly cash dividend of $0.30 per share on February 17, 2025 and a quarterly cash dividend of $0.27 per share on February 15, 2024, May 15, 2024, August 15, 2024 and November 15, 2024 and a quarterly cash dividend of $0.25 per share on February 15, 2023, May 15, 2023, August 15, 2023 and November 15, 2023.
    (2) Efficiency ratio is defined as noninterest expense divided by total revenue (net interest income and total noninterest income).
    (3) Tangible common equity is defined as common equity less core deposit intangibles and goodwill.
    (4) Tangible common book value per share is defined as tangible common equity divided by common shares outstanding.
             
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                           
    The following table presents for the three-month periods indicated the distribution of consolidated average assets, liabilities and shareholders’ equity.
                           
      For the Three Months Ended   For the Three Months Ended
      3/31/2025   3/31/2024
      Average       Yield/   Average       Yield/
      Balance   Interest   Rate   Balance   Interest   Rate
    Interest-earning assets:                      
    Loans (2) (3) $ 1,011,968   $ 15,396   6.17 %   $ 964,132   $ 14,592   6.09 %
    Investment securities   369,126     3,927   4.31 %     371,792     3,605   3.90 %
    Non-taxable investment securities (1)   74,883     583   3.16 %     108,175     791   2.94 %
    Interest-bearing deposits   61,409     684   4.52 %     75,005     1,038   5.57 %
    Total interest-earning assets   1,517,386     20,590   5.50 %     1,519,104     20,026   5.30 %
    Cash and due from banks   26,477             26,586        
    Other assets   86,335             80,508        
    Total assets $ 1,630,198           $ 1,626,198        
                           
    Interest-bearing liabilities:                      
    Money market deposits   279,184     1,145   1.66 %     211,183     375   0.71 %
    Savings deposits   323,449     206   0.26 %     335,565     180   0.22 %
    Time deposits   88,386     545   2.50 %     91,501     631   2.77 %
    Total deposits   691,019     1,896   1.11 %     638,249     1,186   0.75 %
    Borrowings   15,000     145   3.92 %     114,342     1,367   4.81 %
    Other interest-bearing liabilities   21,190     10   0.19 %     21,713     16   0.30 %
    Total interest-bearing liabilities   727,209     2,051   1.14 %     774,304     2,569   1.33 %
    Non-interest-bearing deposits   682,495             673,789        
    Other liabilities   38,096             24,440        
    Shareholders’ equity   182,398             153,665        
    Total liabilities & equity $ 1,630,198           $ 1,626,198        
    Cost of funding interest-earning assets (4)         0.55 %           0.68 %
    Net interest income and margin (5)     $ 18,539   4.95 %       $ 17,457   4.62 %
                           
    (1) Not computed on a tax-equivalent basis.                      
    (2) Average nonaccrual loan balances of $3.8 million for 2025 and $5.6 million for 2024 are included in average loan balances for computational purposes.  
    (3) Net costs included in loan interest income for the three-month periods ended March 31, 2025 and 2024 were $275 thousand and $344 thousand, respectively.  
    (4) Total annualized interest expense divided by the average balance of total earning assets.        
    (5) Annualized net interest income divided by the average balance of total earning assets.        
    PLUMAS BANCORP
    SELECTED FINANCIAL INFORMATION
     (Dollars in thousands)
    (Unaudited)
                   
    The following table presents the components of non-interest income for the three-month periods ended March 31, 2025 and 2024.
                   
      For the Three Months Ended        
      March 31,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Service charges on deposit accounts   705     715       (10 )   (1.4 )%
    Interchange income $ 690   $ 739       (49 )   (6.6 )%
    Loan servicing fees   186     213       (27 )   (12.7 )%
    FHLB Dividends   137     137       –     – %
    Earnings on life insurance policies   109     96       13     13.5 %
    Gain on sale of buildings   –     19,854       (19,854 )   (100.0 )%
    Loss on sale of investment securities   –     (19,826 )     19,826     100.0 %
    Other   1,386     212       1,174     553.8 %
    Total non-interest income $ 3,213   $ 2,140     $ 1,073     50.1 %
                   
    The following table presents the components of non-interest expense for the three-month periods ended March 31, 2025 and 2024.
                   
      For the Three Months Ended        
      March 31,        
        2025     2024     Dollar
    Change    		   Percentage
    Change
    Salaries and employee benefits $ 5,880   $ 5,366     $ 514     9.6 %
    Occupancy and equipment   2,014     1,690       324     19.2 %
    Outside service fees   1,263     1,132       131     11.6 %
    Merger and acquisition expenses   569     –       569     100.0 %
    Advertising and shareholder relations   262     244       18     7.4 %
    Professional fees   229     439       (210 )   (47.8 )%
    Armored car and courier   217     203       14     6.9 %
    Deposit insurance   182     187       (5 )   (2.7 )%
    Telephone and data communication   174     222       (48 )   (21.6 )%
    Director compensation and expense   167     167       –     – %
    Business development   167     153       14     9.2 %
    Loan collection expenses   72     104       (32 )   (30.8 )%
    Amortization of Core Deposit Intangible   44     51       (7 )   (13.7 )%
    Other   226     439       (213 )   (48.5 )%
    Total non-interest expense $ 11,466   $ 10,397     $ 1,069     10.3 %
                   
    PLUMAS BANCORP  
    SELECTED FINANCIAL INFORMATION  
     (Dollars in thousands)  
    (Unaudited)  
                     
    The following table shows the distribution of loans by type at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Loans in Each       Loans in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Loans   of Period   Total Loans  
      3/31/2025   3/31/2025   3/31/2024   3/31/2024  
    Commercial $ 77,745   7.7 %   $ 82,136   8.4 %  
    Agricultural   112,018   11.1 %     123,239   12.6 %  
    Real estate – residential   11,606   1.1 %     11,872   1.2 %  
    Real estate – commercial   660,926   65.4 %     562,870   57.7 %  
    Real estate – construction & land   46,730   4.6 %     64,547   6.6 %  
    Equity Lines of Credit   38,634   3.8 %     37,196   3.8 %  
    Auto   58,295   5.8 %     89,399   9.2 %  
    Other   4,769   0.5 %     4,953   0.5 %  
    Total Gross Loans $ 1,010,723   100 %   $ 976,212   100 %  
                     
       
    The following table shows the distribution of Commercial Real Estate loans at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Loans in Each       Loans in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Loans   of Period   Total Loans  
      3/31/25   3/31/25   3/31/24   3/31/24  
    Owner occupied $ 295,593   44.7 %   $ 194,954   34.6 %  
    Investor   365,333   55.3 %     367,916   65.4 %  
    Total real estate – commercial $ 660,926   100 %   $ 562,870   100 %  
                     
                     
    The following table shows the distribution of deposits by type at March 31, 2025 and 2024.  
                     
          Percent of       Percent of  
          Deposits in Each     Deposits in Each  
      Balance at End Category to   Balance at End Category to  
      of Period   Total Deposits   of Period   Total Deposits  
      3/31/2025   3/31/2025   3/31/2024   3/31/2024  
    Non-interest bearing $ 676,461   49.3 %   $ 665,975   51.2 %  
    Money Market   290,125   21.1 %     214,257   16.5 %  
    Savings   323,496   23.6 %     328,781   25.3 %  
    Time   82,979   6.0 %     90,675   7.0 %  
    Total Deposits $ 1,373,061   100 %   $ 1,299,688   100 %  
                     

    The MIL Network –

  • MIL-OSI: CUSIP Request Volumes for New Corporate Debt and Equity Instruments Increase in March

    Source: GlobeNewswire (MIL-OSI)

    NORWALK, Conn., April 16, 2025 (GLOBE NEWSWIRE) — CUSIP Global Services (CGS) today announced the release of its CUSIP Issuance Trends Report for March 2025. The report, which tracks the issuance of new security identifiers as an early indicator of debt and capital markets activity over the next quarter, found a monthly increase in request volume for new corporate debt and equity identifiers, while monthly request volume for new municipal identifiers was slightly lower.

    North American corporate CUSIP requests totaled 8,447 in March, which is up 4.2% on a monthly basis. On an annualized basis, North American corporate requests were down 16.9% over March 2024 totals. The monthly increase was driven by a 2.4% rise in request volume for U.S. corporate debt identifiers and a 5.5% increase in request volume for U.S. corporate equity identifiers.

    The aggregate total of identifier requests for new municipal securities – including municipal bonds, long-term and short-term notes, and commercial paper – fell 1.1% versus February totals. On a year-over-year basis, overall municipal volumes were up 11.4% through the end of March. Texas led state-level municipal request volume with a total of 106 new CUSIP requests in March, followed by California (104) and New York (81).

    “We are seeing a steady volume of new corporate debt and equity issuance throughout the first quarter,” said Gerard Faulkner, Director of Operations for CGS. “As interest rates fluctuate and uncertainty around the future of the U.S. economy continues to grow, it will be interesting to see if that pace continues.”

    Requests for international equity CUSIPs rose 2.6% in March and international debt CUSIP requests fell 5.9%. On an annualized basis, international equity CUSIP requests were up 9.0% and international debt CUSIP requests were up 20.5%.

    To view the full CUSIP Issuance Trends report for March, please click here.

    Following is a breakdown of new CUSIP Identifier requests by asset class year-to-date through March 2025:

    Asset Class 2025 YTD 2024 YTD YOY Change
    Long-Term Municipal Notes 100 63 58.7%
    Private Placement Securities 1,123 912 23.1%
    International Debt 1,793 1,488 20.5%
    U.S. Corporate Debt 8,518 7,285 16.9%
    Municipal Bonds 2,258 1,979 14.1%
    International Equity 434 398 9.0%
    U.S. Corporate Equity 3,115 2,939 6.0%
    Syndicated Loans 700 702 -0.3%
    Canada Corporate Debt & Equity 1,693 1,861 -9.0%
    Short-Term Municipal Notes 192 246 -22.0%
    CDs < 1-year Maturity 2,216 2,880 -23.1%
    CDs > 1-year Maturity 1,803 2,530 -28.7%


    About CUSIP Global Services

    CUSIP Global Services (CGS) is the global leader in securities identification. The financial services industry relies on CGS’ unrivaled experience in uniquely identifying instruments and entities to support efficient global capital markets. Its extensive focus on standardization over the past 50 plus years has helped CGS earn its reputation as the industry standard provider of reliable, timely reference data. CGS is also a founding member of the Association of National Numbering Agencies (ANNA) and co-operates ANNA’s hub of ISIN data, the ANNA Service Bureau. CGS is managed on behalf of the American Bankers Association (ABA) by FactSet Research Systems Inc., with a Board of Trustees that represents the voices of leading financial institutions. For more information, visit www.cusip.com.

    About The American Bankers Association

    The American Bankers Association is the voice of the nation’s $24.2 trillion banking industry, which is composed of small, regional and large banks that together employ approximately 2.1 million people, safeguard $19.1 trillion in deposits and extend $12.6 trillion in loans.

    For More Information:

    John Roderick
    john@jroderick.com
    +1 (631) 584.2200

    The MIL Network –

  • MIL-OSI: RWA Inc. Appoints Fintech Executive and Entrepreneur Shaunt Sarkissian to Its Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    ROAD TOWN, British Virgin Islands, April 16, 2025 (GLOBE NEWSWIRE) — RWA Inc., a leading company providing infrastructure for the tokenization of real-world assets, announces the appointment of fintech executive and entrepreneur Shaunt Sarkissian to its Board of Directors. Sarkissian brings more than 20 years of experience leading innovation in payments, digital identity, and financial technology, with a track record that spans founding, scaling, and advising high-impact ventures across regulated markets.

    He is the Founder and CEO of Innovian Ventures, a venture firm focused on emerging technologies, and Executive Chairman of X Co, a U.S.-based startup accelerator supporting early-stage tech companies. Previously, Sarkissian served as Chief Markets Officer at The Bank of London Group and as Head of Payments at Uphold, Inc., following their acquisition of Cortex MCP, a company he founded and led as CEO.

    His background also includes leadership roles at ROAM Data, where he secured strategic partnerships with major players like PayPal, Google, and Groupon, and at CyberSource and FEI Company. Sarkissian is the inventor of multiple U.S. and international patents in payments and digital identity, and has consistently delivered innovative solutions in regulated markets.

    Kevin Yunai, CEO of RWA Inc., said:
    “Shaunt brings a rare combination of vision, product expertise, and operational experience. His understanding of financial infrastructure and regulation is a perfect fit for our next phase of growth. We are excited to welcome him to the Board.”

    RWA Inc. is currently listed on KuCoin, Gate.io, and MEXC, and has built a network of more than 50 strategic partners. RWA Inc. is focused on building secure, transparent, and scalable access to tokenized assets for businesses.

    Shaunt Sarkissian said:
    “RWA Inc. is building real infrastructure for one of the most important shifts in digital finance. The team has already executed critical steps toward delivering compliant and scalable tokenization solutions. I’m looking forward to helping the company grow its platform and expand its impact globally.”

    About RWA Inc

    RWA Inc offers the infrastructure for end-to-end real-world asset (RWA) tokenization through a cutting-edge multi-asset platform that includes tokenization as-a service, a launchpad, and a network of investors. With a short-term focus on startup utility tokens for our go-to-market strategy, our primary aim is to strategically and compliantly expand into startup equity tokens, real estate, collectibles, and other asset classes via registered security tokens. As an innovator in the RWA niche, we help tech startups and established companies successfully launch utility tokens and thrive in the Web3 market. Our approach addresses the need for extensive tokenization support for Web2 startups, fostering their dynamic growth potential. Our versatile solution aims to unlock opportunities across diverse asset classes, enhance liquidity, broaden market reach, support business development, and unlock asset value, effectively meeting market demands as technologies and laws continue to develop.

    RWA Inc Links – X | Telegram | TG Announcements | LinkedIn | Medium | Website

    Contact:
    Mike Storm
    Mike@rwa.inc

    Disclaimer: This press release is provided by the RWA Inc. The statements, views, and opinions expressed in this content are solely those of the content provider and do not necessarily reflect the views of this media platform or its publisher. We do not endorse, verify, or guarantee the accuracy, completeness, or reliability of any information presented. We do not guarantee any claims, statements, or promises made in this article. This content is for informational purposes only and should not be considered financial, investment, or trading advice.
    Investing in crypto and mining-related opportunities involves significant risks, including the potential loss of capital. It is possible to lose all your capital. These products may not be suitable for everyone, and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. Readers are strongly encouraged to conduct their own research and consult with a qualified financial advisor before making any investment decisions. However, due to the inherently speculative nature of the blockchain sector—including cryptocurrency, NFTs, and mining—complete accuracy cannot always be guaranteed.
    Neither the media platform nor the publisher shall be held responsible for any fraudulent activities, misrepresentations, or financial losses arising from the content of this press release. In the event of any legal claims or charges against this article, we accept no liability or responsibility.

    Legal Disclaimer: This media platform provides the content of this article on an “as-is” basis, without any warranties or representations of any kind, express or implied. We assume no responsibility for any inaccuracies, errors, or omissions. We do not assume any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information presented herein. Any concerns, complaints, or copyright issues related to this article should be directed to the content provider mentioned above.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/632abdb8-765e-4423-85c9-96f958d5848a

    The MIL Network –

  • MIL-OSI: Blue Foundry Bancorp Schedules First Quarter 2025 Earnings Conference Call

    Source: GlobeNewswire (MIL-OSI)

    RUTHERFORD, N.J., April 16, 2025 (GLOBE NEWSWIRE) — Blue Foundry Bancorp (NASDAQ: BLFY) (the “Company”), the holding company for Blue Foundry Bank, announced that on the morning of Wednesday, April 30, 2025 it will release financial results for the quarter ended March 31, 2025. A copy of the earnings release will be available on the Company’s website, https://ir.bluefoundrybank.com/, in the “News” section and on the SEC’s website, https://www.sec.gov/.

    Representatives of the Company will hold a conference call for investors and analysts on Wednesday, April 30, 2025 at 11:00AM (ET) to discuss First Quarter 2025 Earnings. Blue Foundry Bancorp will address live questions from analysts. The conference call will be recorded and will be available on the Company’s website for one month.

    We encourage participants to pre-register to listen to the webcast call by using the link below. Upon registration, participants will immediately receive an online confirmation, an email, and a calendar invitation for the event.

    Webcast pre-registration link:  
    https://events.q4inc.com/attendee/645987984

    Participants who are unable to join via webcast may dial-in on the day of the call:

    Participants Dial-In Information:
    United States (Toll Free): 1-833-470-1428
    International: 1-404-975-4839
    Access code: 556514

    About Blue Foundry Bancorp and Blue Foundry Bank

    Blue Foundry Bancorp is the holding company for Blue Foundry Bank, a place where things are made, purpose is formed, and ideas are crafted. Headquartered in Rutherford NJ, with presence in Bergen, Essex, Hudson, Middlesex, Morris, Passaic, Somerset and Union counties, Blue Foundry Bank is a full-service, innovative bank serving the doers, movers, and shakers in our communities. We offer individuals and businesses alike the tailored products and services they need to build their futures. With a rich history dating back more than 145 years, Blue Foundry Bank has a longstanding commitment to its customers and communities.

    Forward-Looking Statements
    This press release may contain certain forward-looking statements about the Company. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They may or may not include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include but are not limited to conditions related to a global pandemic, geopolitical events, changes in the interest rate environment, changes in the rate of inflation, general economic conditions or conditions within the securities markets, changes in U.S. government monetary or fiscal policies, and legislative and regulatory changes that could adversely affect the business in which the Company and its subsidiaries are engaged. 

    Contact:
    James D. Nesci
    President and Chief Executive Officer bluefoundrybank.com jnesci@bluefoundrybank.com
    201-972-8900

    The MIL Network –

  • MIL-OSI Economics: RBI cancels the licence of Colour Merchants Co-operative Bank Ltd., Ahmedabad, Gujarat

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI), vide order April 15, 2025, has cancelled the licence of “Colour Merchants Co-operative Bank Ltd., Ahmedabad, Gujarat”. Consequently, the bank ceases to carry on banking business with effect from the close of business on April 16, 2025. Registrar of Cooperative Societies, Gujarat has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

    The Reserve Bank cancelled the licence of the bank as:

    1. The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22(3)(d) read with Section 56 of the Banking Regulation Act, 1949.

    2. The bank has failed to comply with the requirements of Sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;

    3. The continuance of the bank is prejudicial to the interest of the depositors;

    4. The bank with its present financial position would be unable to pay its present depositors in full; and

    5. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

    2. Consequent to the cancellation of its licence “Colour Merchants Co-operative Bank Ltd., Ahmedabad, Gujarat” is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.

    3. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961. As per the data submitted by the bank, about 98.51% of the depositors are entitled to receive full amount of their deposits from DICGC. As on March 31, 2024, DICGC has already paid ₹13.94 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/119

    MIL OSI Economics –

  • MIL-OSI Economics: RBC Capital Markets and UBS top M&A financial advisers in South & Central America region during Q1 2025, reveals GlobalData

    Source: GlobalData

    RBC Capital Markets and UBS top M&A financial advisers in South & Central America region during Q1 2025, reveals GlobalData

    Posted in Business Fundamentals

    RBC Capital Markets and UBS were the top mergers and acquisitions (M&A) financial advisers in the South & Central America region during the first quarter (Q1) of 2025 by value and volume, respectively, according to the latest financial advisers league table by GlobalData, a leading data and analytics company.

    An analysis of GlobalData’s Deals Database revealed that RBC Capital Markets achieved the leading position in terms of value by advising on $1.7 billion worth of deals. Meanwhile, UBS led in terms of volume by advising on two deals.

    Aurojyoti Bose, Lead Analyst at GlobalData, comments: “UBS was the top adviser by volume in Q1 2024 and managed to retain its leadership position by this metric in Q1 2025 as well. Apart from leading by volume, UBS also occupied second position by value in Q1 2025.

    “Meanwhile, RBC Capital Markets advised on just one deal in Q1 2025, but its billion-dollar* value significantly boosted the firm’s overall performance. As a result, the global investment bank witnessed a substantial surge in the total value of deals it advised on compared to Q1 2024. This propelled RBC Capital Markets from seventh place in Q1 2024 to the top spot by deal value in Q1 2025. In addition to leading by value, the firm also secured the third position by deal volume during the quarter.”

    UBS occupied the second position in terms of value, by advising on $269 million worth of deals, followed by Clairfield International with $240 million, Rand Merchant Bank with $240 million and DNB Bank with $40 million.

    Meanwhile, Pier Partners occupied the second position in terms of volume with two deals, followed by RBC Capital Markets with one deal, whereas Clairfield International and Rand Merchant Bank jointly occupied the fourth position with each of them advising on one deal.

    *Deal value ≥ $1 billion

    MIL OSI Economics –

  • MIL-OSI: Kingsoft Cloud Announces Proposed Public Equity Offering and Concurrent Private Placement to Kingsoft Corporation

    Source: GlobeNewswire (MIL-OSI)

    BEIJING, April 16, 2025 (GLOBE NEWSWIRE) — Kingsoft Cloud Holdings Limited (“Kingsoft Cloud” or the “Company”) (NASDAQ: KC and HKEX: 3896), a leading cloud service provider in China, today announced the commencement of an underwritten public offering (the “Public Offering”) of 18,500,000 of American depositary shares (the “ADSs”), each representing 15 ordinary shares of the Company, or a total of 277,500,000 ordinary shares (the “Firm Shares”). All ADSs will be offered by Kingsoft Cloud. Kingsoft Cloud expects to grant the underwriters a 30-day option to purchase additional ADSs. Investors have an option to receive ordinary shares of the Company to be traded on the HKEX (the “Shares”) in lieu of ADSs in this offering.

    Morgan Stanley Asia Limited, Goldman Sachs (Asia) L.L.C., China International Capital Corporation Hong Kong Securities Limited, Deutsche Bank AG, Hong Kong Branch, The Hongkong and Shanghai Banking Corporation Limited, and Merrill Lynch (Asia Pacific) Limited are acting as the underwriters for the Public Offering, which is subject to market and other conditions, and there can be no assurance as to whether or when the Public Offering may be completed.

    Concurrently with, and subject to, among other closing conditions, the completion of the Public Offering, the Company’s existing shareholder, Kingsoft Corporation Limited (“Kingsoft Corporation”) has agreed to purchase from the Company certain number of its ordinary shares at a price per share equal to the Public Offering price per ordinary shares, in a concurrent private placement (the “Concurrent Private Placement”). The number of shares to be purchased by Kingsoft Corporation equals 20% of the aggregate number of (i) the Firm Shares and (ii) the shares to be purchased in the Concurrent Private Placement, subject to certain adjustments. The Concurrent Private Placement to Kingsoft Corporation is being made pursuant to Regulation S of the Securities Act of 1933, as amended. The Concurrent Private Placement constitutes connected transactions within the meaning of the Listing Rules of The Stock Exchange of Hong Kong Limited and are subject to, among other conditions, (i) the approval by independent shareholders in a shareholder meeting the Company plans to convene, and (ii) the completion of the Public Offering.

    The Company plans to use the net proceeds from the Public Offering and the Concurrent Private Placement for (i) investments in upgrading and expanding infrastructure, (ii) investments in technology and product development, and (iii) general corporate and working capital purposes.

    The ADSs and ordinary shares are offered in the Public Offering pursuant to an automatic shelf registration statement on Form F-3 filed with the SEC and is available on the SEC’s website at http://www.sec.gov. A preliminary prospectus supplement and an accompanying prospectus related to the proposed Public Offering have been filed with the SEC and are available on the SEC’s website at http://www.sec.gov. The final prospectus supplement will be filed with the SEC and will be available on the SEC’s website at: http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus may be obtained by contacting Morgan Stanley Asia Limited, c/o Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, United States, or by telephone at +1-866-718-1649 or by emailing prospectus@morganstanley.com; Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or by emailing Prospectus-ny@ny.email.gs.com; China International Capital Corporation Hong Kong Securities Limited, 29/F International Finance Center, No.1 Harbor View Street, Central, Hong Kong, by email at ecm_supernova_plus@cicc.com.cn; Deutsche Bank AG, Hong Kong Branch, Attention: Asia Equity Capital Market, Level 60, International Commerce Centre, 1 Austin Road West Kowloon, Hong Kong, or by phone at +852 22038166 or by email at asia.ecm.internal@list.db.com; HSBC Securities (USA) Inc. sales representative or by emailing ny.equity.syndicate@us.hsbc.com; or Merrill Lynch (Asia Pacific) Limited, c/o BofA Securities, Inc., Attention: Prospectus Department, One Bryant Park, New York, NY, 10036, United States, or by telephone at +1 (800) 294-1322 or by email at dg.prospectus_requests@bofa.com.

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

    Safe Harbor Statement

    This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to”, “could”, “potential” or other similar expressions. Among other things, the Business Outlook, and quotations from management in this announcement, as well as Kingsoft Cloud’s strategic and operational plans, contain forward-looking statements. Kingsoft Cloud may also make written or oral forward-looking statements in its periodic reports to the SEC, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about Kingsoft Cloud’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Kingsoft Cloud’s goals and strategies; Kingsoft Cloud’s future business development, results of operations and financial condition; relevant government policies and regulations relating to Kingsoft Cloud’s business and industry; the expected growth of the cloud service market in China; Kingsoft Cloud’s ability to monetize its customer base; general economic and business conditions in China and globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Kingsoft Cloud’s filings with the SEC. All information provided in this press release and in the attachments is as of the date of this press release, and Kingsoft Cloud does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

    About Kingsoft Cloud Holdings Limited

    Kingsoft Cloud Holdings Limited (NASDAQ: KC and HKEX:3896) is a leading cloud service provider in China. With extensive cloud infrastructure, cutting-edge cloud-native products based on vigorous cloud technology research and development capabilities, well-architected industry-specific solutions and end-to-end fulfillment and deployment, Kingsoft Cloud offers comprehensive, reliable and trusted cloud service to customers in strategically selected verticals.

    For more information, please visit: http://ir.ksyun.com.
      
    For investor and media inquiries, please contact:

    Kingsoft Cloud Holdings Limited
    Nicole Shan
    Tel: +86 (10) 6292-7777 Ext. 6300
    Email: ksc-ir@kingsoft.com

    The MIL Network –

  • MIL-OSI Economics: Development Asia: Strengthening Anti-Corruption Standards in Kazakhstan

    Source: Asia Development Bank

    The first element of the methodology is the identification and mitigation of corruption risks. Organizations are required to carry out annual internal analyses using defined risk indicators. Once the assessment is complete, each risk is evaluated along two axes: risk likelihood (from very rare to very often) and risk impact (from minor to severe), scored on a scale from 1 to 5. These dimensions form the basis of the visual risk map illustrated below.

    Figure 1. Example of Corruption Risk Map

    Source: Methodological recommendations for establishing anti-corruption standards.

    This process results in two separate risk maps. The first map focuses on risks associated with legislative frameworks, such as inconsistencies, ambiguous formulations, or gaps that can be exploited. The second map highlights risks embedded in organizational processes and managerial operations (e.g., recruitment, budgeting, and procurement). Including the risk maps supports a more structured and data-driven approach to corruption prevention. It allows institutions to clearly visualize, assess, and prioritize corruption risks, helping them target vulnerabilities more effectively and implement appropriate mitigation strategies.

    MIL OSI Economics –

  • MIL-OSI Asia-Pac: Speech by FS at Deutsche Bank Emerging Markets Family Office Forum in Hong Kong 2025 (English only) (with photo)

    Source: Hong Kong Government special administrative region

    Alexander (Chief Executive Officer Asia-Pacific, Europe, Middle East and Africa, and Germany of Deutsche Bank, Mr Alexander von zur Mühlen), Marco (Head of Emerging Markets of Deutsche Bank Private Bank, Mr Marco), Salman (Vice Chairman of Deutsche Bank Private Bank, Mr Salman Mahdi), distinguished guests, ladies and gentlemen,

         Good morning.

         It is a great pleasure to join you all at this year’s Deutsche Bank Emerging Markets Family Office Forum. My sincere thanks to Deutsche Bank for bringing to Hong Kong such a distinguished group of family principals, next-generation leaders and senior decision-makers from across the globe.

    Stability, for family offices

         While the focus today is on family offices, it would be remiss of me not to address a broader issue: that is, the so-called “reciprocal tariffs” imposed by the US (United States) on its trading partners. And why it further illustrates that Hong Kong is the right destination for family offices. 

         Much has been said about the flip-flopping of the Trump Administration and the prospects of the tariff war. For family offices, this uncertainty and unpredictability have added new complexities to their asset allocation strategies.

         Currently, across the world, sovereign governments and investors are seeking to de-risk their allocations and expand their portfolios to markets that provide policy clarity, consistency and credibility. The same holds true for family offices looking to preserve and grow their wealth in a secure and predictable environment. 

         In this context, Hong Kong stands out as a robust destination of choice. Allow me to share a few observations.

         First, our stock market. With a capitalisation of nearly US$5 trillion, it is deep and liquid, and has demonstrated remarkable resilience. Following the tariff announcements, the Hang Seng Index saw a sharp fall on Monday last week. But the market has since been regaining ground. Trading volumes have been high, indicating the strong underlying liquidity. Over the past week, the average daily turnover of our stock market was about HK$360 billion, about 2.8 times of that in 2024. That speaks volumes about investors’ interest and confidence in our market. 

         In fact, over the past few years, the Government, along with our financial regulators, have put in place a round-the-clock, cross-market surveillance system to detect and address potential threats associated with market volatility. We focus on whether the markets are functioning in an orderly manner, and whether there are irregularities or systemic risks that will threaten Hong Kong’s financial stability. So far, there has been no cause for concern. 

         Second, the Hong Kong dollar remains firm, trading on the strong side of its convertibility range, which indicates that there is no capital flight. Indeed, our bank deposits have been on a rising trend over the past year. In February, we had over US$2.2 trillion in bank deposits, rising by some 10 per cent compared to a year ago. Our Linked Exchange Rate System continues to function smoothly, underscoring the strength and stability of our monetary system.
     
         Beyond financial security and stability, Hong Kong offers compelling reasons for family offices to anchor their operations and allocate their assets here.

         First, it is the “one country, two systems” principle which provides the foundation for long-term prosperity and reinforces the IFC (international financial centre) status of Hong Kong. President Xi Jinping has reaffirmed on multiple occasions that the “one country, two systems” arrangement will remain in place in Hong Kong in the long run. Hong Kong’s unique position as a gateway between the Mainland and the world is highly cherished by the Central Authorities. 

         In essence, Hong Kong will continue to uphold the defining features that set us apart from the rest of China: a free port; free trade policy; free flow of capital, goods, people and information; and a freely convertible currency. We remain open, diverse, cosmopolitan and committed to welcoming capital, business and talent from around the world. This is deep in our DNA.  

         A crucial element of the “one country, two systems” principle is the common law system underpinned by an independent judiciary. Despite misconceptions about our city, the facts are convincing: in the World Justice Project’s Rule of Law Index, Hong Kong ranks ahead of the US and many European countries.

         According to a recent survey by the American Chamber of Commerce in Hong Kong released in January this year, 83 per cent of its members expressed confidence in our rule of law. The figure has registered a consistent rise over the past two years.

         Our simple, low-tax regime is another strong advantage. We impose no capital gains tax, no estate tax and no tax on dividends, offering a highly enviable environment for wealth preservation and growth.

         Our international competitiveness is evident by various global rankings. We are the world’s freest economy, Asia’s top financial centre, and the fifth-most competitive economy globally.

         Here in Hong Kong, your capital is safe. Protection of capital and private property is enshrined in our Basic Law. We honour our international obligations and have never implemented any sanctions unilaterally imposed by other jurisdictions.

    Opportunities for investments and businesses

         Ladies and gentlemen, beyond the above institutional fundamentals, Hong Kong is a city of immense opportunities. Let me highlight three points.

         First, beyond the stock market that I mentioned earlier, we offer a full range of options for you to deploy your capital. Our venture capital and private equity sector manages over US$230 billion, which is second only to the Mainland. We are Asia’s No. 1 hedge fund base. Our asset and wealth management sector oversees close to US$4 trillion of assets, with over half of them sourced internationally.

         Second, innovation and technology is powering Hong Kong’s next chapter. We are investing heavily to develop AI and other frontier technologies as new pillars of our economy. Our strategy encompasses building infrastructure, providing funding support, attracting strategic enterprises and talent, and engaging in international exchanges. Now, “AI+” is the name of the game, and we are working for its deep integration with various sectors and industries.  

         To nurture industries of tomorrow, the Hong Kong Investment Corporation Limited, or HKIC, was established with US$8 billion in capital. It is patient capital, focusing on deep tech, biotech and new materials, and new energy. It is guiding, channelling and leveraging market capital to support tech industries and segments at their nascent stages to help build the ecosystem. So far, the HKIC has supported over 100 projects, drawing in four dollars of private capital for every dollar it invested. We welcome family offices to form partnerships and co-invest with HKIC. 

         Third, Hong Kong’s synergistic development with the Guangdong-Hong Kong-Macao Greater Bay Area, or the GBA, which is home to 87 million people with a per capita GDP of US$40,000 on a purchasing power parity basis. It is a young and massive consumer market. The increasingly affluent population has a growing demand for quality financial products and services, and a need for diversified asset allocation.  

         The GBA is also a technology and innovation hub. Home to many tech giants and start-ups, the GBA has a highly educated workforce, and exceptional commercialisation and advanced manufacturing capabilities. In fact, Hong Kong, together with Shenzhen and Guangzhou in the GBA, is ranked the second most innovative cluster in the world for five consecutive years. 

         Overall speaking, the GBA is rising as a region combining the advantages of the New York Bay Area and San Francisco Bay Area. 

    Impact, philanthropy and living

         Beyond investments, Hong Kong is also blessed with a vibrant, collaborative philanthropic community. Our financial institutions, businesses, think tanks, local and global foundations and NGOs (non-governmental organisations) have come together to form partnerships that deliver projects that are scalable, and socially and environmentally impactful.

         And when it comes to lifestyle, Hong Kong is unmatched in Asia.

         Over the past few weeks, the Hong Kong Rugby Sevens and Coldplay lit up our brand new Kai Tak Stadium. Indeed, from world-class performances and Michelin-starred dining to vibrant art, heritage and hiking trails, Hong Kong offers a lifestyle that global families would dream for. 

         This city also offers the best education for children. More than 50 international schools operate in this city, providing a wide range of curricula to meet the diverse needs of global families. Five of our  universities are ranked within the global top 100.

         And Hong Kong is among the safest metropolitan cities in the world. 

         Ladies and gentlemen, it is no surprise that Hong Kong is now home to over 2 700 family offices – half of which manage assets exceeding US$50 million. We expect that number to grow to 3 000 very soon.

         To support this growth, we have introduced dedicated tax concessions for single family offices. We are currently working to expand the scope of exemptions and enlarge the eligibility for concessions. There is a bespoke service team under Invest Hong Kong to help family offices with their setup, compliance, talent sourcing, philanthropic engagement, and more. You are most welcome to approach them. 

         My thanks once again to Deutsche Bank for convening this meaningful Forum. I wish you all a productive forum and an enjoyable stay in Hong Kong – a city which I hope you will call home soon. Thank you very much. 

    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Euro area monthly balance of payments: February 2025

    Source: European Central Bank

    16 April 2025

    • Current account recorded €34 billion surplus in February 2025, down from €40 billion in previous month
    • Current account surplus amounted to €411 billion (2.7% of euro area GDP) in the 12 months to February 2025, up from €299 billion (2.0%) one year earlier
    • In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €738 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €800 billion in the 12 months to February 2025

    Chart 1

    Euro area current account balance

    (EUR billions unless otherwise indicated; working day and seasonally adjusted data)

    Source: ECB.

    The current account of the euro area recorded a surplus of €34 billion in February 2025, a decrease of €6 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€34 billion) and services (€14 billion). These were partly offset by deficits for secondary income (€10 billion) and primary income (€3 billion).

    Table 1

    Current account of the euro area

    Source: ECB.
    Note: Discrepancies between totals and their components may be due to rounding.

    Data for the current account of the euro area

    In the 12 months to February 2025, the current account surplus widened to €411 billion (2.7% of euro area GDP), up from €299 billion (2.0% of euro area GDP) one year earlier. This increase was driven by larger surpluses for goods (up from €320 billion to €371 billion), services (up from €128 billion to €169 billion) and primary income (up from €20 billion to €45 billion). The deficit for secondary income increased from €169 billion to €174 billion.

    Chart 2

    Selected items of the euro area financial account

    (EUR billions; 12-month cumulated data)

    Source: ECB.
    Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.

    In direct investment, euro area residents made net investments of €172 billion in non-euro area assets in the 12 months to February 2025, following net disinvestments of €312 billion one year earlier (Chart 2 and Table 2). Non-residents disinvested €48 billion in net terms from euro area assets in the 12 months to February 2025, following net disinvestments of €386 billion one year earlier.

    In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €199 billion in the 12 months to February 2025, up from €73 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents increased to €539 billion, up from €453 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €408 billion in the 12 months to February 2025, up from €216 billion one year earlier. Over the same period, non-residents made net purchases of euro area debt securities amounting to €392 billion, declining from net purchases of €414 billion one year earlier.

    Table 2

    Financial account of the euro area

    Source: ECB.
    Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.

    Data for the financial account of the euro area

    In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €427 billion in the 12 months to February 2025 (up from €199 billion one year earlier), while they recorded net incurrences of liabilities of €110 billion (following net disposals of €174 billion one year earlier).

    Chart 3

    Monetary presentation of the balance of payments

    (EUR billions; 12-month cumulated data)

    Source: ECB.
    Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.

    The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €471 billion in the 12 months to February 2025. This increase was driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in portfolio investment equity and debt, other investment and other flows. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment.

    In February 2025 the Eurosystem’s stock of reserve assets increased to €1,477.8 billion up from €1,457.5 billion in the previous month (Table 3). This increase was mainly driven by positive price changes (€17.9 billion), mostly due to an increase in the price of gold, and, to a lesser extent, by net acquisitions of assets (€1.3 billion) and positive exchange rate changes (€1.0 billion).

    Table 3

    Reserve assets of the euro area

    Source: ECB.
    Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.

    Data for the reserve assets of the euro area

    Data revisions

    This press release incorporates revisions to the data for January 2025. These revisions did not significantly alter the figures previously published.

    Next releases:

    • Monthly balance of payments: 20 May 2025 (reference data up to March 2025)
    • Quarterly balance of payments: 03 July 2025 (reference data up to the first quarter of 2025)

    For media queries, please contact Benoît Deeg, tel.: +49 172 1683704.

    Notes

    • Current account data are always seasonally and working day-adjusted, unless otherwise indicated, whereas capital and financial account data are neither seasonally nor working day-adjusted.
    • Hyperlinks in this press release lead to data that may change with subsequent releases as a result of revisions.

    MIL OSI Economics –

  • MIL-OSI: CURRENC Group Inc. Announces Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, April 16, 2025 (GLOBE NEWSWIRE) — CURRENC Group Inc. (Nasdaq: CURR) (“CURRENC” or the “Company”), a fintech pioneer empowering financial institutions worldwide with artificial intelligence (AI) solutions, today announced its financial results for the full year ended December 31, 2024.

    Recent Business Highlights
    CURRENC launched its strategic business transformation featuring several AI-driven initiatives. These projects position the Company at the forefront of AI innovation, create significant cross-selling opportunities and reinforce the Company’s commitment to delivering cutting-edge financial solutions globally.

    1. Launched SEAMLESS AI Call Centre Solutions (“Text AI,” “Voice AI,” and “Avatar AI”) to provide 24/7, multilingual virtual support;
    2. Unveiled “AI Staff for Hire,” a suite of customizable AI Agents for tasks such as compliance, KYC, and HR;
    3. Announced plans to develop a 500MW hyperscale AI data center in Malaysia;
    4. Partnered with ARC Group to establish a $100 million AI-Focused Infrastructure & Investment Fund;
    5. Secured a landmark contract with Coin Cove to deploy comprehensive AI-powered electronic banking services.

    Full Year 2024 Financial Highlights

    • Total Processing Value (TPV) through Tranglo was US$5.14 billion for full year 2024, increasing by 13.2% year-over-year. Total number of transactions increased to 11.4 million for full year 2024 from 11.0 million for full year 2023.
    • Total revenues excluding TNG Asia and GEA1 were US$42.0 million for full year 2024, representing a year-over-year decrease of 3.4%. The decrease was mainly due to the 23.8% decline in global airtime revenue. As TNG Asia and GEA were divested during the third quarter, going forward, the Company’s total revenues will be comprised mainly of revenues contributed by Tranglo’s remittance and global airtime businesses and WalletKu’s Indonesian airtime business.
        For the full-year period ended
    December 31,    		  
        2024   2023  
        $   $  
        (dollars in thousands)  
    Remittance revenue excluding TNG Asia & GEA     18,174     17,116  
                   
    Global Airtime Revenue     9,336     12,188  
    Indonesian Airtime Revenue     14,505     14,211  
    Total Revenue excluding TNG Asia & GEA     42,015     43,515  
                   
    • Total remittance revenues excluding TNG Asia and GEA, i.e. remittance revenue contributed by Tranglo, were US$18.2 million for full year 2024, up 6.4% year-over-year. While Tranglo’s overall take rate declined to 0.37% in 2024 from 0.43% in 2023 due to intense market competition, its TPV increased by 13.2% to $5.14 billion, driving the increase in revenue. For full year 2024, ODL flows represented only 4.5% of Tranglo’s TPV.
    • CURRENC’s global airtime transfer revenues were US$9.3 million for full year 2024, representing a year-over-year decrease of 23.8%. The growing availability of free Wi-Fi in Southeast Asian countries, especially Malaysia and Indonesia, has led to declining demand for Malaysia-Indonesia airtime transfers, resulting in a decline in Tranglo’s global airtime business in 2024. As CURRENC expects this trend to continue in South East Asian markets, the Company’s management plans to deemphasize airtime transfer and reallocate its resources and capital to expand the remittance business.
    • Total direct costs of revenue excluding TNG Asia and GEA were US$28.9 million for full year 2024, representing a year-over-year decrease of 8%.
        For the full-year period ended
    December 31,    		  
        2024   2023  
        $   $  
        (dollars in thousands)  
    Remittance direct costs excluding TNG Asia & GEA     6,878     7,168  
                   
    Global Airtime Direct Costs     8,089     10,744  
    Indonesian Airtime Direct Costs     13,910     13,463  
    Total Direct Costs excluding TNG Asia & GEA     28,877     31,375  
                   
    • The direct payout rate for Tranglo’s remittance business improved to 0.12% for 2024 from 0.15% for 2023. Therefore, although Tranglo’s TPV increased by 13.2%, its direct remittance costs declined by 4.2%.
    • Gross profit margin for the remittance business excluding TNG Asia and GEA was 62%, compared to 58% for 2023. CURRENC’s overall gross profit margin ratio for full year 2024 was 31%, compared to 28% for 2023.
    • Total operating expenses increased to $42.0 million for full year 2024 from $24.0 million for full year 2023. The substantial increase was mainly due to expenses of $20.9 million in recognition of the incentive shares granted to employees upon the completion of the INFINT SPAC merger, and $1 million in recognition of shares granted to Roth for their services as Capital Market Advisor.

      As CURRENC divested TNG Asia and GEA in August and July 2024, respectively, its operating costs going forward will reflect the operating costs of Tranglo, WalletKu and the Company’s headquarters only. Also, as CURRENC rolls out its new AI initiatives, operating costs in relation to these new businesses will be incurred from year 2025 onwards. The new AI businesses are also expected to bring in new revenues in the year 2025 onwards.

      • Tranglo’s operating costs for full year 2024 were $12.9 million, representing an increase of 4.9% from $12.3 million for full year 2023, in line with TPV growth.
      • WalletKu’s operating costs were $1.2 million for full year 2024, as compared to $1.5 million for full year 2023.
      • Legal and professional fees decreased to $1.7 million for the full year of 2024, from $4.7 million in 2023, due to the completion of the INFINT SPAC merger and the cessation of related legal expenses.
    • Other Loss totaled $2.2 million for full year 2024, mainly contributed by:
      • $20.5 million in recognized gain upon the divestiture of GEA;
      • A goodwill impairment loss of $5.4 million attributable to WalletKu;
      • A goodwill impairment loss of $9.5 million attributable to Tranglo;
      • Impairment of Intangible assets for TNG Asia and GEA of $5.6 million; and
      • An impairment loss of $3.2 million for the impairment of the intercompany balance.
    • EBITDA analysis
    For the full-year period ended
    December 31, 2024    		   Tranglo     WalletKu     TNG Asia
    and GEA    		     Headquarters
    and adjustments    		     Group
    Total    		  
        (dollars in thousands)  
    Net income (loss)     2,215       (1,137 )     (3,740 )     (36,165 )     (38,827 )
                                             
    Add:                                        
    Income tax expenses     535       413       –       (370 )     578  
    Interest expense, net             27       1,762       6,726       8,515  
    EBIT     2,750       (697 )     (1,978 )     (29,809 )     (29,734 )
    Depreciation and amortization     –       –       –       –       3,280  
    EBITDA     2,750       (697 )     (1,978 )     (29,809 )     (26,454 )
                                             
    • The Company’s total EBITDA for full year 2024 including TNG Asia and GEA was a loss of $26.5 million.
    • Tranglo and WalletKu’s combined EBITDA for 2024 was a profit of $2.05 million.
    • TNG Asia and GEA’s combined losses had no impact on the Company’s results from the fourth quarter of 2024 onwards as they were divested before the completion of the de-SPAC merger.
    • Headquarters expenses and adjustments recorded an EBIT loss of $29.8 million, mainly contributed by:
      • $20.9 million in “Operating Expenses” in recognition of the incentive shares granted upon completion of the de-SPAC merger;
      • $1 million in “Operating Expenses” in recognition of the shares granted to Roth for their services as Capital Market Advisor;
      • A loss of $3.2 million recognized as “Other Income/Loss” incurred by headquarters;
      • Headquarters’ legal expenses of $1.4 million, mostly related to the de-SPAC merger;
      • Intangible Asset amortization of $1.5 million attributable to Tranglo; and
      • Rental and general administrative expenses of around $1.8 million.
    For the full-year period ended
    December 31, 2023    		   Tranglo     WalletKu     TNG Asia
    and GEA    		     Headquarters
    and adjustments    		     Group
    Total    		  
        (dollars in thousands)  
    Net income (loss)     2,659       (837 )     (4,835 )     (11,405 )     (14,418 )
                                             
    Add:                                        
    Income tax expenses     843       50       –       (370 )     523  
    Interest expense, net     –       –       3,057       4,946       8,003  
    EBIT     3,502       (787 )     (1,778 )     (6,829 )     (5,892 )
    Depreciation and amortization     –       –       –       –       3,817  
    EBITDA     3,502       (787 )     (1,778 )     (6,829 )     (2,075 )
                                             
    • Net loss was US$38.8 million for the full year of 2024, mainly contributed by the net loss of $36.2 million incurred by headquarters and adjustments, as well as a combined net loss of $3.7 million contributed by TNG Asia and GEA.

    ______________________________
    1 CURRENC divested TNG Asia and GEA in August 2024 and July 2024, respectively. As such, from the fourth quarter of 2024 onward, only Tranglo’s (digital remittance and global airtime transfer businesses) and WalletKu’s (Indonesian airtime business) results will be consolidated and reported in the Company’s financial statements.

    Management Comments
    “2024 was a year of evolution and transformation for CURRENC,” said Alex Kong, Founder and Executive Chairman of CURRENC. “In our first months as a publicly listed company, we took decisive steps to streamline our organization and focus on core strengths while also moving into the AI space. Through our cutting-edge AI initiatives such as SEAMLESS AI Call Centre Solutions and AI Staff for Hire, we now offer comprehensive AI solutions for financial institutions to revolutionize their operational platforms and efficiently transform their businesses. As these products broaden our market reach, we expect to seize rising cross-selling opportunities and realize substantial synergies with our remittance business, propelling the Company’s holistic growth. Moreover, our planned 500MW hyperscale AI Data Center in Malaysia and the $100 million CURR-ARC AI Fund will accelerate our AI business’s development while driving industry-wide progress. We are confident these strategic efforts will cement our leadership in AI-powered fintech and create lasting value for our shareholders, partners, and end-users worldwide.”

    Ronnie Hui, Chief Executive Officer of CURRENC, added, “Our mainstream digital remittance business remained resilient in 2024, demonstrated by consistent TPV growth. This growth resulted in a 6.4% increase in total remittance revenues despite the ongoing decline in overall take rate due to intense market competition. Going forward, we aim to maintain the overall take rate and drive further increases in TPV, boosting remittance revenue growth. Meanwhile, as we sign new clients for our AI services, we will build on these partnerships to expand our remittance business into new geographical markets and sectors, further accelerating its development. On a Group level, while we recorded an EBIDTA loss for full year 2024, this was largely due to non-cash headquarters expenses such as incentive share expenses and goodwill impairment losses, as well as de-SPAC merger expenses. Our fundamentals remain strong and we do not expect to incur such expenses in future years. Looking ahead to 2025 and beyond, we are excited to unlock the Company’s growth potential as we advance our transformation from a leading regional remittance hub to a global AI pioneer.”

    Recent Developments
    1.   CURRENC Debuts SEAMLESS AI Call Centre Solutions (January 8, 2025)
    CURRENC introduced “Text AI,” “Voice AI,” and “Avatar AI” to enable 24/7, cost-effective virtual support for financial institutions, government agencies, and telecom providers. These tools handle everything from routine inquiries to advanced KYC processes, increasing efficiency and enhancing customer satisfaction. The suite is available in over ten languages and easily integrates into mobile apps, delivering real-time conversation and multilingual support. SEAMLESS AI also offers an avenue to expand into debt collection, marketing, and other enterprise-driven use cases.

    2.   CURRENC to Develop 500MW Hyperscale AI Data Center in Malaysia (March 18, 2025)
    The Company plans to acquire 100 acres of land in Johor, Malaysia, to build one of Southeast Asia’s largest AI data centers, with Phase 1 (100MW) slated for completion by the end of 2026. The campus will offer co-location and wholesale leasing to hyperscalers, enterprise clients, and other data center users, supporting financial institutions as they adopt AI at scale. Construction will begin once long-term anchor tenants commit to a significant portion of planned capacity. Management expects this AIDC to bolster the Company’s AI offerings and reduce barriers to AI deployment worldwide.

    3.   CURRENC Group and ARC Group Jointly Launch $100 Million AI-Focused Infrastructure & Investment Fund (March 18, 2025)
    CURR-ARC AI Fund 1 aims to invest in AI data centers (AIDC), green energy, and computing power development globally. Eighty percent of the Fund’s capital will go toward AI computing power and infrastructure projects, including CURRENC’s planned 500MW AIDC in Malaysia. The remaining 20% will focus on emerging enterprises in AI ecosystems, fintech, and AI-driven solutions. This partnership supports CURRENC’s broader strategy to create a sustainable ecosystem that drives global AI and fintech innovation.

    4.   CURRENC’s SEAMLESS AI Lab Unveils “AI Staff for Hire” Platform (March 27, 2025)
    “AI Staff for Hire” is a new AI-powered solution featuring pre-built Agents tailored to key finance industry tasks, including customer support, KYC, compliance, and HR management. These Agents allow businesses to scale their operations without expanding headcount, providing 24/7 multilingual service and real-time analytics for improved engagement. This launch marks a major step in CURRENC’s strategy to revolutionize global financial services through AI, building on the success of SEAMLESS AI Call Centre Solutions. CURRENC also expects to onboard new clients in emerging markets, creating synergy by cross-selling digital remittance and airtime transfer services.

    5.   CURRENC Empowers Coin Cove with AI-Powered Electronic Banking Services Platform (March 27, 2025)
    CURRENC has secured a groundbreaking contract to provide Coin Cove with a comprehensive, AI-driven solution set, encompassing a multi-asset trading platform, SEAMLESS AI Call Centre technology, training, compliance, and MasterCard issuance. Coin Cove’s platform will leverage “AI Staff for Hire,” allowing for 24/7 personalized customer support and automated staff training. By integrating advanced risk management and real-time market insights, this initiative enhances user experience and strengthens compliance. This partnership marks CURRENC’s continued expansion into global electronic banking, with plans to cross-sell its remittance services and further shape the future of AI-driven financial solutions.

    Non-GAAP Financial Measures
    To supplement the Company’s consolidated financial statements, which are prepared and presented in accordance with GAAP, it uses EBITDA, a non-GAAP financial measure as described below, to understand and evaluate its core operating performance. This non-GAAP financial measure, which may differ from similarly titled measures used by other companies, is presented to enhance investors’ overall understanding of the Company’s financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

    EBITDA is defined as net loss before interest, taxes, depreciation, and amortization. CURRENC believes that EBITDA provides useful information to investors and others in understanding and evaluating its operating results. This non-GAAP financial measure eliminates the impact of items that CURRENC does not consider indicative of the performance of its business. While CURRENC believes that this non-GAAP financial measure is useful in evaluating its business, this information should be considered supplemental in nature and is not meant as a substitute for the related financial information prepared in accordance with GAAP.

    About CURRENC Group Inc.
    CURRENC Group Inc. (Nasdaq: CURR) is a fintech pioneer dedicated to transforming global financial services through artificial intelligence (AI). The Company empowers financial institutions worldwide with comprehensive AI solutions, including SEAMLESS AI Call Centre and other AI-powered Agents designed to reduce costs, increase efficiency and boost customer satisfaction for banks, insurance, telecommunications companies, government agencies and other financial institutions. The Company’s digital remittance platform also enables e-wallets, remittance companies, and corporations to provide real-time, 24/7 global payment services, advancing financial access across underserved communities.

    For additional information, please refer to the CURRENC website https://www.currencgroup.com and the annual report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission.

    Safe Harbor Statement
    This press release contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about the Company’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and a number of factors could cause actual results to differ materially from those contained in any forward-looking statement. In some cases, forward-looking statements can be identified by words or phrases such as “may,” “will,” “expect,” “anticipate,” “target,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. Further information regarding these and other risks, uncertainties, or factors is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any duty to update such information, except as required under applicable law.

    Investor & Media Contact
    CURRENC Group Investor Relations
    Email: investors@currencgroup.com

    SOURCE: CURRENC Group Inc.

    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
     
        Full year ended December 31,  
        2024     2023  
        US$
    		     US$  
    Revenue     46,435,412       53,255,361  
                     
    Cost of revenue     (31,843,467 )     (35,899,057 )
    Gross profit     14,591,945       17,356,304  
    Selling expenses     (13,408 )     (25,880 )
                     
    General and administrative expenses     (41,954,296 )     (23,976,209 )
                     
    Loss from operations     (27,375,759 )     (6,645,785 )
    Finance costs, net     (8,515,214 )     (8,002,552 )
    Other income     (2,193,865 )     839,606  
    Other expenses     (163,621 )     (85,574 )
                     
    Loss before income tax     (38,248,459 )     (13,894,305 )
    Income tax expense     (578,303 )     (523,481 )
                     
    Net loss     (38,826,762 )     (14,417,786 )
    Net income attributable to non-controlling interests     (648,559 )     (888,764 )
                     
    Net loss attributable to CURRENC Group Inc.     (39,475,321 )     (15,306,550 )
                     
    Net loss per share, basic and diluted (1)   $ (1.03 )   $ (0.45 )
                     
    Shares used in net loss per share computation, basic and diluted (1)     38,163,168       33,980,753  
                     
    Other comprehensive loss:                
    Foreign currency translation adjustments     (209,531 )     10,608  
                     
    Total comprehensive loss     (39,036,293 )     (14,407,178 )
    Total comprehensive loss (income) attributable to non-controlling interests     (649,980 )     (871,614 )
    Total comprehensive loss attributable to CURRENC Group Inc.     (39,686,273 )     (15,278,792 )
      (1)   Retrospectively restated to reflect Reverse Recapitalization
    CURRENC GROUP INC. AND SUBSIDIARIES  
       
    CONDENSED CONSOLIDATED BALANCE SHEETS  
       
        December 31, 2024     December 31, 2023  
        US$     US$  
    ASSETS                
    Current assets:                
    Cash and cash equivalents     63,821,397       48,516,765  
    Short-term investments     –       300,000  
    Restricted cash     40,742       5,428,790  
    Accounts receivable, net     2,115,681       2,450,871  
    Prepayments to remittance agents     –       137,854  
    Escrow money receivable     –       5,014,829  
    Amounts due from related parties     560,823       7,287,376  
    Prepayments, receivables and other assets     24,738,392       34,225,239  
    Total current assets     91,277,035       103,361,724  
    Non-current assets:                
    Investment in an equity security     –       100,000  
    Equipment and software, net     1,055,520       1,016,490  
    Right-of-use asset     349,240       154,234  
    Intangible assets     3,386,117       9,191,713  
    Goodwill     12,059,428       27,001,383  
    Deferred tax assets     342,822       664,888  
    Total non-current assets:     17,193,127       38,128,708  
    Total assets     108,470,162       141,490,432  
    LIABILITIES AND SHAREHOLDERS’ DEFICIT                
    Current liabilities:                
    Borrowings     20,150,058       17,804,093  
    Receivable factoring     258,415       423,483  
    Escrow money payable     –       360,207  
    Client money payable     –       4,645,290  
    Accounts payable, accruals and other payables     59,119,916       53,988,231  
    Amounts due to related parties     67,697,074       86,488,519  
    Convertible bonds and notes     1,750,000       10,000,000  
    Lease liabilities     171,909       152,325  
    Total current liabilities     149,147,372       173,862,148  
    Non-current liabilities:                
    Borrowings     –       2,506,974  
    Deferred tax liabilities     876,912       1,246,760  
    Employee benefit obligation     45,289       59,849  
    Lease liabilities     156,647       –  
    Total non-current liabilities:     1,078,848       3,813,583  
    Total liabilities     150,226,220       177,675,731  
                     
    Commitments and contingencies                
                     
    Mezzanine equity     –       2,957,948  
    Shareholders’ deficit:                
    Ordinary shares (US$0.0001 par value; 550,000,000 shares authorized; 46,527,999 and 33,980,753 shares issued and outstanding as of December 31, 2024 and December 31, 2023, respectively) (1)     4,653       3,398  
    Additional paid-in capital (1)     65,638,838       29,227,005  
    Accumulated deficit     (131,522,902 )     (92,075,379 )
    Accumulated other Comprehensive (Loss)/Income     (108,122 )     88,366  
    Total shareholders’ deficit attributable to CURRENC Group Inc.     (65,987,533 )     (62,756,610 )
    Non-controlling interests     24,231,475       23,613,363  
    Total deficit     (41,756,058 )     (39,143,247 )
    Total liabilities, mezzanine equity and shareholders’ deficit     108,470,162       141,490,432  
      (1)   Retrospectively restated to reflect Reverse Recapitalization
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
     
        Years ended December 31,  
        2024     2023  
        US$     US$  
    Cash flows from operating activities:                
    Net loss     (38,826,762 )     (14,417,786 )
    Adjustments to reconcile net loss to net cash provided by operating activities:                
    Non-cash expense for share-based compensation     20,869,721       —  
    Non-cash expense for share issued for service providers     1,000,000       —  
    Non-cash offering costs for convertible note     2,512,000       —  
    Non-cash finance cost for debt conversion     340,159       —  
    Amortization of discount on convertible bonds     —       807,860  
    Depreciation of equipment     525,295       607,138  
    Depreciation of right-of-use assets     185,107       183,198  
    Amortization of intangible assets     2,186,175       3,200,843  
    Reversal of provision for doubtful debts     143,748       —  
    Impairment loss on receivables     3,158,042       —  
    Gain on disposal of subsidiaries     (21,738,102 )     —  
    Goodwill impairment     14,941,955       —  
    Deferred income taxes     127,660       494,737  
    Gain on disposal of fixed assets     —       (36,519 )
    Unrealized foreign exchange loss/(gain)     (659,467 )     (65,981 )
    Changes in operating assets and liabilities:                
    Accounts receivable     140,559       605,202  
    Prepayments to remittance agents     98,603       (45,631 )
    Amounts due to immediate holding company     (393,227 )     (391,432 )
    Amounts due from related parties     4,183,438       (5,348,525 )
    Prepayments, receivables and other assets     7,980,401       2,502,972  
    Escrow money payable     10,386       80,006  
    Client money payable     (416,711 )     (1,593,194 )
    Accounts payable, accruals and other payables     14,220,717       (4,827,110 )
    Amounts due to related parties     (6,925,748 )     3,149,825  
    Lease liabilities     (213,709 )     (192,097 )
    Net cash provided by/(used in) operating activities     3,450,240       (15,286,494 )
                     
    Cash flows from investing activities:                
    Purchases of property, plant and equipment     (576,674 )     (291,856 )
    Proceed received from disposal of property, plant and equipment     —       36,679  
    Decrease in short-term investments     —       1,700,000  
    Cash acquired from business combination     43,508       —  
    Acquisition of a subsidiary     (31,868 )     —  
    Net cash (used in)/provided by investing activities     (565,034 )     1,444,823  
                     
    Cash flows from financing activities:                
    Proceeds from borrowings     640,935       1,251,752  
    Repayment of borrowings     (221,258 )     (2,212,067 )
    Proceeds from receivable factoring     2,030,659       2,210,415  
    Repayment of receivable factoring     (2,183,787 )     (2,447,748 )
    Proceeds from convertible bonds     1,750,000       —  
    Net cash provided by/(used in) financing activities     2,016,549       (1,197,648 )
                     
    Net increase/(decrease) in cash and cash equivalents     4,901,755       (15,039,319 )
    Cash and cash equivalents, restricted cash and escrow money receivable at beginning of year     58,960,384       73,999,703  
    Cash and cash equivalents, restricted cash and escrow money receivable at end of year     63,862,139       58,960,384  
                     
    Supplemental disclosure of cash flow information:                
    Income taxes received/(paid)     (445,530 )     761,333  
    Interest paid     (1,073,407 )     (1,819,174 )
    CURRENC GROUP INC. AND SUBSIDIARIES
     
    EBITDA Analysis for the Full Year of 2024 and 2023
     
    For the full year period ended December 31, 2024   Tranglo2     WalletKu3     TNG Asia
    and GEA1    		     Headquarters
    and adjustments    		     Group
    Total    		  
        (dollars in thousands)  
    Net income (loss)     2,215       (1,137 )     (3,740 )     (36,165 )     (38,827 )
                                             
    Add:                                        
    Income tax expenses     535       413       –       (370 )     578  
    Interest expense, net             27       1,762       6,726       8,515  
    EBIT     2,750       (697 )     (1,978 )     (29,809 )     (29,734 )
    Depreciation and amortization     –       –       –       –       3,280  
    EBITDA     2,750       (697 )     (1,978 )     (29,809 )     (26,454 )
    For the full year period ended December 31, 2023   Tranglo2     WalletKu3     TNG Asia
    and GEA    		     Headquarters
    and adjustments    		     Group
    Total    		  
        (dollars in thousands)  
    Net income (loss)     2,659       (837 )     (4,835 )     (11,405 )     (14,418 )
                                             
    Add:                                        
    Income tax expenses     843       50       –       (370 )     523  
    Interest expense, net     –       –       3,057       4,946       8,003  
    EBIT     3,502       (787 )     (1,778 )     (6,829 )     (5,892 )
    Depreciation and amortization     –       –       –       –       3,817  
    EBITDA     3,502       (787 )     (1,778 )     (6,829 )     (2,075 )

    1 TNG Asia and GEA were divested in August 2024 and July 2024, respectively.
    2 Tranglo maintained a positive EBITDA for the full year of 2024 and 2023.
    3 Tranglo and WalletKu maintained a combined positive EBITDA for the full year of 2024 and 2023.

    The MIL Network –

  • MIL-OSI Banking: New Development Bank strengthens ties with Bangladesh, discusses opportunities for cooperation

    Source: New Development Bank

    On April 10, 2025, Mr. Vladimir Kazbekov, Vice-President and Chief Operating Officer of the New Development Bank (NDB) concluded his visit to Dhaka, Bangladesh. The focus of this official trip was to strengthen collaboration between the Bank and Bangladesh, with an emphasis on how NDB could support the country by financing infrastructure and sustainable development projects.

    On April 8, 2025, Mr. Vladimir Kazbekov, NDB VP & COO met with Dr. Muhammad Yunus, Honorable Chief Adviser of Bangladesh, to discuss opportunities for collaboration between NDB and the country.

    Dr. Muhammad Yunus warmly welcomed the efforts undertaken by the New Development Bank in Bangladesh as well as NDB’s expanding engagement with the country, emphasizing the vital role of multilateral financing in driving national development.

    In his remarks, Mr. Vladimir Kazbekov noted that the New Development Bank is fully committed to working closely with Bangladesh, financing infrastructure and sustainable development projects supporting its national development objectives and commitments under the UN SDGs. NDB VP & COO highlighted that the Bank’s focus aligns with Bangladesh’s priorities in clean energy, transport, water and sanitation, environmental protection, and digital infrastructure.

    On the same day, Mr. Vladimir Kazbekov met with Dr. Salehuddin Ahmed, Honorable Adviser of the Finance Ministry of Bangladesh, to discuss various aspects of cooperation between NDB and the country.

    NDB VP & COO also held separate discussions with Mr. Md. Fahimul Islam, Secretary of the Ministry of Railways, Ms. Farzana Mamtaz, Secretary of the Power Division, and Mr. Md. Shahriar Kader Siddiky, Secretary of the Economic Relations Division, touching upon projects in Bangladesh that could be financed by the Bank.

    On April 9, 2025, Mr. Vladimir Kazbekov met with Dr. Ahsan H. Mansur, Honorable Governor of the Bangladesh Bank.

    NDB VP & COO also met with Mr. Lutfey Siddiqi, Honorable Special Envoy on International Affairs of the Chief Adviser.

    NDB VP & COO also met with Mr. SK. Bashir Uddin, Honorable Adviser of the Ministry of Commerce and the Ministry of Textiles and Jute. Mr. Mahbubur Rahman, Secretary of the Ministry of Commerce, was also present.

    On the same day, Mr. Vladimir Kazbekov had a meeting with Mr. Muhammad Fouzul Kabir Khan, Honorable Adviser of Ministry of Power, Energy and Mineral Resources Division, Ministry of Road Transport and Bridges, and Ministry of Railway. In this meeting, Mr. Md. Ehsanul Hoque, Senior Secretary of the Road Transport and Highways Division; Mr. Mohammad Abdur Rouf, Secretary of the Bridges Division; Ms. Farzana Mamtaz, Secretary of the Power Division; Mr. Mohammad Saiful Islam, Secretary of the Energy and Mineral Resources Division and Mr. Md. Fahimul Islam, Secretary of the Ministry of Railways were also present.

    MIL OSI Global Banks –

  • MIL-OSI Economics: CBB 12 Month Treasury Bills Issue No. 127 Oversubscribed

    Source: Central Bank of Bahrain

    CBB 12 Month Treasury Bills Issue No. 127 Oversubscribed

    Published on 15 April 2025

    Manama, Bahrain –15th April 2025 – This week’s BD 100 million issue of Government Treasury Bills has been oversubscribed by 123%.

    The bills, carrying a maturity of 12 months, are issued by the CBB, on behalf of the Kingdom of Bahrain.

    The issue date of the bills is 17th April 2025, and the maturity date is 16th April 2026.

    The weighted average rate of interest is 5.03% compared to 4.88% of the previous issue on 20th March 2025.

    The approximate average price for the issue was 95.162% with the lowest accepted price being 94.823%.

    This is issue No. 127 (ISIN BH0002580072) of Government Treasury Bills. With this, the total outstanding value of Government Treasury Bills is BD 2.110 billion.

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    MIL OSI Economics –

  • MIL-OSI Europe: Euro area monthly balance of payments: February 2025

    Source: European Central Bank

    16 April 2025

    • Current account recorded €34 billion surplus in February 2025, down from €40 billion in previous month
    • Current account surplus amounted to €411 billion (2.7% of euro area GDP) in the 12 months to February 2025, up from €299 billion (2.0%) one year earlier
    • In financial account, euro area residents’ net acquisitions of non-euro area portfolio investment securities totalled €738 billion and non-residents’ net acquisitions of euro area portfolio investment securities totalled €800 billion in the 12 months to February 2025

    Chart 1

    Euro area current account balance

    (EUR billions unless otherwise indicated; working day and seasonally adjusted data)

    Source: ECB.

    The current account of the euro area recorded a surplus of €34 billion in February 2025, a decrease of €6 billion from the previous month (Chart 1 and Table 1). Surpluses were recorded for goods (€34 billion) and services (€14 billion). These were partly offset by deficits for secondary income (€10 billion) and primary income (€3 billion).

    Table 1

    Current account of the euro area

    Source: ECB.
    Note: Discrepancies between totals and their components may be due to rounding.

    Data for the current account of the euro area

    In the 12 months to February 2025, the current account surplus widened to €411 billion (2.7% of euro area GDP), up from €299 billion (2.0% of euro area GDP) one year earlier. This increase was driven by larger surpluses for goods (up from €320 billion to €371 billion), services (up from €128 billion to €169 billion) and primary income (up from €20 billion to €45 billion). The deficit for secondary income increased from €169 billion to €174 billion.

    Chart 2

    Selected items of the euro area financial account

    (EUR billions; 12-month cumulated data)

    Source: ECB.
    Notes: For assets, a positive (negative) number indicates net purchases (sales) of non-euro area instruments by euro area investors. For liabilities, a positive (negative) number indicates net sales (purchases) of euro area instruments by non-euro area investors.

    In direct investment, euro area residents made net investments of €172 billion in non-euro area assets in the 12 months to February 2025, following net disinvestments of €312 billion one year earlier (Chart 2 and Table 2). Non-residents disinvested €48 billion in net terms from euro area assets in the 12 months to February 2025, following net disinvestments of €386 billion one year earlier.

    In portfolio investment, euro area residents’ net purchases of non-euro area equity increased to €199 billion in the 12 months to February 2025, up from €73 billion one year earlier. Over the same period, net purchases of non-euro area debt securities by euro-area residents increased to €539 billion, up from €453 billion one year earlier. Non-residents’ net purchases of euro area equity increased to €408 billion in the 12 months to February 2025, up from €216 billion one year earlier. Over the same period, non-residents made net purchases of euro area debt securities amounting to €392 billion, declining from net purchases of €414 billion one year earlier.

    Table 2

    Financial account of the euro area

    Source: ECB.
    Notes: Decreases in assets and liabilities are shown with a minus sign. Net financial derivatives are reported under assets. “MFIs” stands for monetary financial institutions. Discrepancies between totals and their components may be due to rounding.

    Data for the financial account of the euro area

    In other investment, euro area residents recorded net acquisitions of non-euro area assets amounting to €427 billion in the 12 months to February 2025 (up from €199 billion one year earlier), while they recorded net incurrences of liabilities of €110 billion (following net disposals of €174 billion one year earlier).

    Chart 3

    Monetary presentation of the balance of payments

    (EUR billions; 12-month cumulated data)

    Source: ECB.
    Notes: “MFI net external assets (enhanced)” incorporates an adjustment to the MFI net external assets (as reported in the consolidated MFI balance sheet items statistics) based on information on MFI long-term liabilities held by non-residents, available in b.o.p. statistics. B.o.p. transactions refer only to transactions of non-MFI residents of the euro area. Financial transactions are shown as liabilities net of assets. “Other” includes financial derivatives and statistical discrepancies.

    The monetary presentation of the balance of payments (Chart 3) shows that the net external assets (enhanced) of euro area MFIs increased by €471 billion in the 12 months to February 2025. This increase was driven by the current and capital accounts surplus and, to a lesser extent, by euro area non-MFIs’ net inflows in portfolio investment equity and debt, other investment and other flows. These developments were partly offset by euro area non-MFIs’ net outflows in direct investment.

    In February 2025 the Eurosystem’s stock of reserve assets increased to €1,477.8 billion up from €1,457.5 billion in the previous month (Table 3). This increase was mainly driven by positive price changes (€17.9 billion), mostly due to an increase in the price of gold, and, to a lesser extent, by net acquisitions of assets (€1.3 billion) and positive exchange rate changes (€1.0 billion).

    Table 3

    Reserve assets of the euro area

    Source: ECB.
    Notes: “Other reserve assets” comprises currency and deposits, securities, financial derivatives (net) and other claims. Discrepancies between totals and their components may be due to rounding.

    Data for the reserve assets of the euro area

    Data revisions

    This press release incorporates revisions to the data for January 2025. These revisions did not significantly alter the figures previously published.

    MIL OSI Europe News –

  • MIL-OSI China: Announcement on Open Market Operations No.72 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.72 [2025]

    (Open Market Operations Office, April 16, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB104.5 billion through quantity bidding at a fixed interest rate on April 16, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.50%

    RMB104.5 billion

    RMB104.5 billion

    Date of last update Nov. 29 2018

    2025年04月16日

    MIL OSI China News –

  • MIL-OSI Russia: Getting to know the partners of the State University of Management: wide opportunities for internships and employment prospects

    Translartion. Region: Russians Fedetion –

    Source: State University of Management – Official website of the State –

    The admission campaign of the State University of Management is approaching its hottest stage. For many far-sighted applicants, one of the main questions is the issue of subsequent employment. In this regard, we decided to introduce them to a small part of the university’s partners, who will have the opportunity to do an internship, and perhaps even find a permanent job in these companies.

    Kept. Head of the Kept brand development group Maria Uchaeva.

    Briefly describe your company’s place in the market.

    — Kept has been present in Russia for 35 years and is one of the largest audit and consulting firms on the market. The company has offices in 10 cities in Russia. Kept has an extensive technology practice that helps clients become more efficient with the help of digital products and solutions.

    How do young specialists adapt? Is there a mentoring/coaching system, what does it include? — All new employees undergo a two-day onboarding, during which they learn more about the main divisions and areas of the company’s activities. Young specialists work with a manager-coach on their professional goals, improving their performance. And a buddy mentor helps them get used to the team faster – introduces them to corporate activities and traditions.

    How fast is career growth in your company?

    — Kept has a transparent career ladder: an internship usually lasts from 3 to 6 months. If the employee is then ready to work full time, he is promoted to the next grade. It is important that in our company, an internship implies further employment.

    DIDENOK TEAM. Agency co-founder, GUU graduate Peyzulla Magomedov.

    Briefly describe your company’s place in the market.

    — DIDENOK TEAM is a communications agency – No. 1 in the Adindex rating in the influence marketing category. We develop creative ideas, strategies, positioning and visual identity for global and personal brands, and also manage our clients’ social networks on a turnkey basis.

    Over seven years of work, we have assembled a strong team of professionals with over 2,000 strong cases. Our clients include: Yandex, Zolotoe Yabloko, Samokat, Samsung, Alfa Bank, Ingosstrakh, L’Oreal, Alpen Gold, VTB, Megafon and others. We manage celebrities such as: Anton Shastun, Mash Milash, Dima Pozov, Yana Churikova, Nikita Nagorny, Andrey Bebureshvili, Dania Kraster and others. The total number of subscribers of our stars is already 600 million people.

    Describe a short step-by-step instruction on how to get a job at your company and why a job seeker should choose you?

    — Our company is constantly looking for new promising specialists in the areas of customer service, creativity, strategy, design, and back office. For guys without practical experience, but with a desire to gain real skills in advertising, we have a cool internship program. You can always find out more on our website in the “Work with us” section.

    What skills and knowledge do you need to have to apply for a position in your company?

    — To join our team, you need to have expert knowledge in the field of marketing, have a portfolio of completed projects, understand the effectiveness of key tools in digital advertising. In addition, it is important to be well-versed and have a broad outlook. If you follow trends, we are waiting for your resume at hr@didenokteam.com.

    AKAR. PR manager of AKAR Daria Ezhova.

    Briefly describe your company’s place in the market.

    — The Association of Communication Agencies of Russia (ACAR) is a leading industry association representing the interests of the Russian advertising and marketing communications market. The Association unites the largest players, which makes it a significant regulator and a platform for dialogue between business and the state.

    How do young specialists adapt? Is there a mentoring/coaching system, what does it provide? — A system of internships has been built within AKAR, allowing it to train personnel for its structure, which unites three more associations: ARIR, RAMU, GIPP and the commercial structure CRBC, thanks to which large-scale industrial conferences, festivals and competitions are held, media projects are developed, research is implemented and useful industry content is generated. Many students who have completed an internship at AKAR currently occupy key management positions within the structure. We provide structured adaptation through mentoring, practice in real projects and training. Each intern is assigned a curator who helps them integrate into the team, consults on work issues, and provides feedback on completed tasks. More details on the AKAR internship website.

    What are the main problems of modern job seekers, what mistakes should be avoided at the very beginning of a career?

    — In our opinion, one of the main problems of modern job seekers is inflated expectations at the initial stage. Often, new specialists immediately want a high salary, interesting tasks and fast career growth, not realizing that the first months (and sometimes years) are an investment in skills and gaining experience. It is important to show initiative; interns who themselves offer ideas, ask for feedback and take on additional tasks are more likely to receive an offer for their first job.

    “Rosselkhozbank”. Head of the HR Department of JSC “Rosselkhozbank” Anastasia Kalanchina.

    How does your company usually recruit interns?

    — We have a large database of partner universities, among which we regularly post open internship positions. In addition, we cooperate with the career agency FutureToday: we also publish and talk about RSHB on their platforms. We also participate in career events, where we look for candidates for our team. The main flow of potential candidates comes from these platforms.

    What specialists are most in demand in your industry at the moment and in your company in particular?

    — Our biggest demand is for economists, financiers and analysts, whom we are considering for various departments. Here we can note such areas as large business, financial risks, work with problem assets and retail business. We are also looking for guys in other areas: HR, marketing, journalism and so on.

    Does your company provide any special working conditions for interns and young professionals?

    — Yes, Rosselkhozbank has a flexible schedule for interns so that students can combine their studies and internships. Therefore, every student from the 3rd year can work from 20 to 40 hours a week. We have VHI (voluntary medical insurance) with dentistry for interns, as well as loyalty programs that are valid from the first day of employment.

    Audit and consulting company “Pacioli”. HR Director Marina Emelyanova.

    Briefly describe your company’s place in the market.

    — We have two legal entities, one is engaged in audit, the other in consulting. If we talk about audit, we are in the top 10 largest companies according to the rankings of the year before last (the last one is not ready yet). If we talk about consulting, there are four blocks and, for example, in terms of business assessment, we are in 5th place among all Russian companies. In the blocks of engineering consulting and non-financial reporting, we work with very large companies at the level of state corporations.

    What skills and knowledge do you need to have to apply for a position in your company?

    — Nothing supernatural is required, only a good basic education in the relevant fields and knowledge of English. Personal qualities are important. People with a certain mindset and character work in consulting: erudite, striving for development, ready to solve various problems, responsible, self-confident enough to negotiate with very high-level clients.

    Does your company have any training programs for interns and young professionals?

    — There are two programs: “Pacioli University Consulting” and “Pacioli University Audit”. The first one lasts about a month, is aimed at 3rd-4th year students, and is highly practice-oriented. The “Pacioli University Audit” program is held twice a year, in April and August for a week and a half. In the first week we give in-depth theory, in the second – practical tasks and a large final work, based on the results of which the students receive offers. The level of demand for these programs is growing noticeably. Last year, we had 12 people studying consulting, and this year we have already received 40 applications.

    Systeme Electric. Recruitment Administration Specialist Yulia Shepelova.

    What specialists are most in demand in your industry and in your company in particular at the moment?

    — Systeme Electric is constantly recruiting personnel, as the company is developing, new products and projects appear. The most in-demand positions now are: design engineer, software engineer, technical support engineer, service engineer. We also have vacancies at production sites. The full list of vacancies is available on our website.

    Describe a short step-by-step instruction on how to get a job at your company and why a job seeker should choose you?

    — How to get a job with us? Go to the official website of Systeme Electric or to the company page on hh.ru. The selection process consists of 3-4 interview stages: a conversation with a recruiter, an interview with a potential manager, an interview with an HRBP. We have our own educational platform with more than 100 courses, external trainings and mentoring and career guidance programs, as well as separate programs for managers. The company has sports communities and three clubs of interest, there are volunteer programs, and family holidays are organized. Open communication is important to us not only at work, but also outside of it.

    Does your company provide any special working conditions for interns and young professionals?

    — We are pleased to offer: competitive income; flexible working hours and partial work from home; mobile communications and a laptop for productive work; internal training and career growth prospects. Summer internships and permanent trainee positions, positions of young specialists and department assistants are available for students. The rate is from 30 hours per week, a hybrid work format is possible.

    Subscribe to the TG channel “Our GUU” Date of publication: 04/16/2025

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    MIL OSI Russia News –

  • MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹30,000 crore on April 17, 2025

    Source: Reserve Bank of India

    Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on April 17, 2025 (Thursday).

    As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

    (₹ crore)
    Security Notified Amount MUC amount per PD Minimum bidding commitment per PD under ACU auction
    6.79% GS 2031 11,000 262 262
    6.98% GOI SGrB 2054 5,000 120 120
    7.09% GS 2074 14,000 334 334

    The underwriting auction will be conducted through multiple price-based method on April 17, 2025 (Thursday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

    The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/112

    MIL OSI Economics –

  • MIL-OSI: Completion of compulsory acquisition of remaining issued and outstanding shares of Avenir LNG Limited

    Source: GlobeNewswire (MIL-OSI)

    London, April 16, 2025 – Reference is made to the stock exchange announcement of March 5, 2025, stating that Stolt-Nielsen Limited (Oslo Børs: SNI), through its subsidiary Stolt-Nielsen Gas Ltd. had resolved to proceed with a compulsory acquisition of the shares of Avenir LNG Limited (‘Avenir LNG’) not already owned by Stolt-Nielsen Gas Ltd.

    Stolt-Nielsen Limited is pleased to announce that the compulsory acquisition process has been successfully completed, and Avenir LNG is now fully owned by Stolt-Nielsen Gas Ltd.

    A request to have Avenir LNG delisted from Euronext N-OTC will be submitted, and it is expected that such delisting will occur shortly.

    Advisors

    DNB Markets, a part of DNB Bank ASA, acted as financial advisor to Stolt-Nielsen Limited, and Advokatfirmaet Thommessen AS acted as legal advisor to Stolt-Nielsen Limited, in connection with the compulsory acquisition process.

    This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    For additional information please contact:

    Jens F. Grüner-Hegge
    Chief Financial Officer
    UK +44 (0) 20 7611 8985
    j.gruner-hegge@stolt.com

    Ellie Davison
    Head of Corporate Communications
    UK +44 (0) 20 7611 8926
    e.davison@stolt.com

    About Stolt-Nielsen Limited
    Stolt-Nielsen (SNL or the ‘Company’) is a long-term investor and manager of businesses focused on opportunities in logistics, distribution and aquaculture. The Stolt-Nielsen portfolio consists of its three global bulk-liquid and chemicals logistics businesses – Stolt Tankers, Stolthaven Terminals and Stolt Tank Containers – Stolt Sea Farm and various investments. Stolt-Nielsen Limited is listed on the Oslo Stock Exchange (Oslo Børs: SNI).

    The MIL Network –

  • MIL-OSI New Zealand: Earthquake & renewable energy a focus in Vanuatu

    Source: New Zealand Government

    New Zealand is boosting support to Vanuatu to recover from last year’s earthquake and develop its renewable energy sector, Deputy Prime Minister Winston Peters says.

    “Being in Port Vila has underlined the scale of the challenge that Vanuatu faces in recovering from the December earthquake, and we are pleased to provide a further NZ$10 million of support.” 

    “New Zealand will work with the Vanuatu Government over coming weeks to identify priority areas to focus our efforts,” Mr Peters says. 

    “This support will draw on our experience of preparing for, and responding to, major earthquakes through the provision of geotechnical, engineering, and local government response advice, as well as reconstruction.

    “We are also pleased to announce that New Zealand will lead on a renewable energy project on Efate and Tanna — focused on solar photo-voltaic and battery energy storage systems. Working with France, the project will help reduce fuel import costs, and provide for cleaner, more efficient energy use.” 

    While in Port Vila, the New Zealand cross-party delegation met Prime Minister Jotham Napat, the new Vanuatu Government, as well as members of Vanuatu’s Opposition.

    “We had productive discussions, highlighting the muti-faceted nature of our engagement, as neighbours and as development and regional partners,” Mr Peters says. 

    “Our visit also reinforced our shared interest in a safe, secure, and peaceful Pacific.”.

    The delegation attended the completion ceremony of the South Paray Wharf, an important economic project delivered with Vanuatu and the Asian Development Bank.

    Vanuatu is the New Zealand delegation’s fourth and final destination on this Pacific trip, following Tonga, Hawaii and Fiji.

    MIL OSI New Zealand News –

  • MIL-OSI New Zealand: Government Cuts – Madness to slash Reserve Bank budget at a time of economic challenge – PSA

    Source: PSA

    At a time of turmoil in the international economic landscape, it doesn’t make sense to kneecap one of the key agencies dedicated to helping New Zealand meet its challenges.
    The Government today announced a deep 25% cut in the bank’s five-year operational funding arrangement.
    “How does this fit with the Government’s economic growth agenda?” said Fleur Fitzsimons, National Secretary for the Public Service Association for Te Pūkenga Here Tikanga Mahi.
    “The bank’s inflation mandate is a key tool for economic management. It fights inflation so the economy can flourish without the damaging impacts of runaway inflation.
    “This will see highly skilled people lose their jobs and for what end? Once again, we are seeing the Government happy to cut people without producing the evidence that the cuts won’t impact outcomes.
    “As we have seen across the public sector, this is a government happy to axe experienced people charged with doing critical long-term thinking and gathering the evidence for making good policy decisions.
    “Undermining the Reserve Bank is just more short-term thinking without regard to consequences.”

    MIL OSI New Zealand News –