Source: Asia Development Bank
ADB has approved $1.45 billion as the second and final tranche of its multitranche financing facility for the Malolos–Clark Railway Project, a core element of the government’s flagship project to provide a safe, affordable, reliable, and environment-friendly railway connecting northern and southern Luzon provinces to Metro Manila.
Source: Reserve Bank of India
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Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra
Global markets have remained on edge after Donald Trump’s “Liberation Day” tariffs caused panic worldwide. Now, more than ever, markets and economists are looking for trying to read the implications.
Joining us from Washington DC is Warwick McKibbin,
an internationally renowned economic modeller from the Australian National University whose services are now in high demand. McKibbin is also a former member of the Reserve Bank board.
With much earlier talk about whether Australia can do a deal with Trump on tariffs, McKibbon argues,
The best way to deal with the president is to ignore him. And I think that’s to take him off the front page of Australia’s newspapers for example. I think what we should be doing is accelerating a process that was already underway. And that was to open up our trade with other partners around the world, Korea, Southeast Asia, Europe, in particular.
There’s a lot of trading opportunities. Our products – fortunately for us – the ones we sell to the US, we can sell somewhere else. We know that that’s a flexibility we have.
McKibbin says it’s “unlikely” Trump’s trade wars will cause a recession in Australia, but,
the problem we do have is that we haven’t dealt with the key problems that Australia faces, which is low productivity. We have a productivity problem which means [you’re] more likely to have a recession if you’re not growing. The second thing is we haven’t been given enough fiscal space. That is, running budget surpluses when we have full employment. But we’ve been running budget deficits, so our debt-to-GDP ratio has gone up, which means we have got less capacity to respond. But we also have a flexible exchange rate, which is good news. That helped us during the Asian financial crisis and the global financial crisis. We have the central bank, the Reserve Bank of Australia, [which] has plenty of capacity to cut interest rates if required.
Our modelling suggests that under the scenario of no change in the severe tariffs that the US put on in the beginning of April, you would probably cut interest rates in Australia by 50 basis points over the year as a result of the tariffs alone.
McKibbin says Australia’s interest rates are “probably a little bit too low”,
I think at the moment where we stand is without this shock Australia’s rates are probably a little bit too low, but probably close to being neutral. This shock will give you an extra 25 to 50 basis points capacity, if you need it. We’re still at full employment, and the bank worries about inflation relative to the target and still above the target if you adjust for the cyclical elements and about employment or output relative to potential which we’re very close to potential, so really there wasn’t a big case for a big interest rate cut.
On the Australian election, McKibbin outlines the need for reforms, which are not being much talked about in this campaign,
We know what the fundamental problems are in Australia. We need serious reform. We need to deal with the tax system not functioning properly. We have a cost of living crisis – our reaction is to pump more money into the housing market, to drive up demand relative to supply. We’re also hitting our own exports of higher education.
And so we’re actually responding completely the opposite way. And both parties are arguing for cutting foreign student numbers. That is a key export of the Australian economy.
The problem with the housing market is lack of supply. You don’t fix the lack of supply by attacking foreign students who are a very, very small part of the demand coming from immigration. And actually those students, they come and they go mostly.
Michelle Grattan 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. Politics with Michelle Grattan: Warwick McKibbin on trying to model economic certainty in uncertain times – https://theconversation.com/politics-with-michelle-grattan-warwick-mckibbin-on-trying-to-model-economic-certainty-in-uncertain-times-254591
Source: GlobeNewswire (MIL-OSI)
Hyderabad, India, April 15, 2025 (GLOBE NEWSWIRE) — Proto Hologram has expanded rapidly across India, with the launch of AI Avatars of Amitabh Bachchan and Sourav “Dada” Ganguly. Based on IP deals created by Hyderbad-based company Ikonz, the Proto avatars are hyper-real, volumetric, digital twins of the icons, that are capable of fully interactive conversations.
The AI Proto Hologram of Mr. Bachchan, one of the biggest international film stars of all time, has already been helping visitors at six branches of IDFC FIRST Bank with information and transactions. It is among the first in the world to enable hologram banking transactions.
Mr. Ganguly’s Proto avatar debuted at an event in Kolkata on April 11th. The newly reappointed chairman of the ICC Men’s Cricket Committee became the first ever cricket star to become a Proto hologram, and was there in person to show, side-by-side, how real the hologram looks. Mr. Ganguly joins Dallas Cowboys owner Jerry Jones, UFC CEO Dana White, Formula One CEO Stefano Domenicali and other top sports execs and athletes to appear as an AI hologram via Proto.
“It’s an incredible honor to have the great Amitabh Bachchan and Sourav Ganguly appear in Proto hologram form,” said Proto Hologram Founder and Inventor David Nussbaum. “Proto’s AI Persona tools let them – and other spokesmen, experts, executives, doctors, or celebrities – have hyper-real, conversational interactions with customers and fans in any language. It’s perfect for India where there are 22 officially recognized languages — and in reality, over 100 more.”
Proto partner Ikonz is a specialist in licensing IP rights. Ikonz has secured exclusive global rights to Mr. Ganguly’s voice, likeness and mannerisms, enabling the creation of an avatar that authentically captures the charisma, energy, and unique presence of one of cricket’s most celebrated figures. Ikonz’ brands the Proto activations in India HXR.
Amitabh Bachchan said, “This initiative by IDFC FIRST Bank highlights the role of technology in creating immersive customer experiences. It is fascinating to see how innovation continues to redefine connections. I am pleased to see my digital avatar playing a part in this journey.”
See Amitabh Bachchan’s Proto AI Hologram in action at IDFC FIRST bank
Shreepad Shende, Head of Business Excellence and Corporate Strategy at IDFC FIRST Bank, said, “This technology makes banking simpler, faster, and more engaging.”
Mr. Ganguly said he is excited to see his digital avatar come to life via Proto Hologram and to explore the technology’s potential across sports, entertainment, education, and beyond. “Ikonz’s commitment to authenticity and respect for my personal brand gives me full confidence in this partnership,” said Sourav Ganguly.
“Dada has always been at the forefront of cricketing excellence and innovation. With this digital avatar, we’re thrilled to bring his spirit to new audiences and industries around the world. The avatar speaks, moves, and emotes exactly as Sourav Ganguly would,” said Abinav Varma Kalidindi, CEO of Ikonz.
See Sourav Ganguly’s Proto Hologram in action.
Proto also counts dozens of Fortune 500 companies as partners and clients, as well as dozens of major universities, major airports, museums, hospitals, retailers and more. Partners and clients include AARP, Accenture, Amazon AWS, CBS, Delta Airways, HPE, Intec, PwC, Siemens, Softbank, Walmart and Verizon.
The sports world includes over 65 active and retired professional athletes who have invested in Los Angeles-based Proto. The technology has been installed in over 50 major stadiums and arenas, been utilized by the NFL, NBA, WNBA, MLB, NHL, Major League Soccer, NCAA, UFC, WWE, PFL and at events such as the Woman’s World Cup. Most recently Tiger Woods appeared via Proto at his TGL Golf arena in Florida in a partnership with Best Buy. Other athletes who have used Proto include Usain Bolt, Lewis Hamilton, Mary Fowler, Nick Kyrgios, Francis Ngannou and Son Hueng-min.
Among other activations in India, Proto has been seen on the show Bigg Boss Telugu, featuring host Nagarjuna.
About its role managing Mr. Ganguly’s IP, Ikonz states, “By securing exclusive IP rights to Dada’s voice, likeness, and mannerisms, Ikonz ensures that any organisation or brand seeking to leverage the digital avatar will engage directly with Ikonz as the sole representative and licensor. This strategic approach safeguards the integrity of Sourav Ganguly’s personal brand while opening limitless possibilities.”
For more information contact hello@protohologram.com
About Proto Inc.: Proto Inc. is the patented leader in hologram technology and AI spatial computing. Proto devices and its platform are in use across enterprise, finance, healthcare, education, retail, hospitality, sports and entertainment. Invented in Los Angeles and with showrooms and distribution partners around the globe, Proto distributes the large Proto Epic and Proto Luma, the desktop-sized Proto M, and a suite of hologram AI and spatial computing services. Learn more at protohologram.com
Source: ACT Party
ACT is welcoming the Government’s announcement of a 25 percent reduction in budgeted operational funding for the Reserve Bank, which aligns with the commitment in our coalition agreement to narrow the Reserve Bank’s remit and focus on price stability.
ACT Leader David Seymour says:
“Under Labour, the Reserve Bank used its resources to weigh into climate change and Treaty issues. Labour also distracted the bank further from its inflation-fighting mission by giving it a new employment target.
“Last year there were at least nine full-time staff focused solely on DEI, Te Ao Māori, and climate change at the Bank. No one asked for that. We fund the Bank to keep prices stable at the checkout – not to waste money on virtue signalling.
“Overall staff numbers doubled as the Bank’s scope crept. Increased resourcing and more communications staff failed to stop inflation from spiking to above seven percent. In fact, the Bank poured fuel on the inflation fire by printing billions of dollars in an attempt to paper over the COVID crash.
“While the Reserve Bank acts independently, its remit is set by the Government. We’ve restored the Bank’s single target of keeping inflation between one and three percent, and now we’re tackling the waste and the bloat.
“ACT’s hope is that a leaner, less distracted Reserve Bank will better deliver on its primary goal of fighting inflation.”
Source: The Conversation (Au and NZ) – By Martín Boer-Cueva, Ecologist and Environmental Consultant, Universidad Autónoma de Madrid
Over the past week, the media have been inundated with news of the “de-extinction” of the dire wolf (Aenocyon dirus) – a species that went extinct about 13,000 years ago.
The breakthrough has been achieved by Colossal Biosciences, a multibillion-dollar United States company that claims their goal is to restore biodiversity through the de-extinction of species.
The project is being celebrated and marketed as a conservation win. But does this technology really have the best interests of conservation in mind?
We argue as ecologists that genetic advancements like these, while they are major scientific and technological feats, still risk minimising the severity of the current extinction crisis.
Importantly, they take away focus from proven conservation efforts that are needed to protect the biodiversity that remains.
First, it is important to recognise that Romulus, Remus and Khaleesi, the three “dire wolf” pups created, are not actually dire wolves.
Colossal carried out 20 edits in 14 genes of the grey wolf genome to create their “dire wolves” using a genetic technique called CRISPR-Cas9.
The grey wolf’s genome is 2,447,000,000 individual bases long. Would we consider a chimpanzee, with which we share 98.8% of our genome, to be human after 20 edits?
The reality is that these are three slightly modified grey wolves.
This de-extinction project has had millions of dollars poured into it – amounts of money most conservation programs could only dream of. There are proven solutions to help reverse biodiversity loss: habitat protection and restoration, the control of invasive species and the phasing out of fossil fuels.
However, these solutions are not slickly marketed as shiny, techno-fix packages like de-extinction. Instead, they are heavily underfunded.
Promoting extinction as reversible risks downplaying its gravity and legacy.
Headlines like the one that appeared on the front cover of TIME magazine – with the word “extinct” crossed out – seed a false hope that no matter what environmental damage is done, species loss can be easily undone.
The risk is that de-extinction will be used as an ultimate offset for any environmental impact.
Humans fear death. It is possibly our most primal instinct. We mourn and feel great sadness for the death of an individual, not only because they are gone, but because it is irreversible and final. Permanent.
That finality is the same for humans or any living animal. It is what makes fighting biodiversity loss such an urgent concern, so much so that people risk their lives to prevent it, with 150 wildlife rangers dying each year around the world in their fight to protect endangered species.
In the conservation movement, raising awareness of “martyr” species – like the northern white rhino and the passenger pigeon – helps underline the argument in favour of protecting current species. Framing extinction as temporary creates false hope and undermines motivation for real conservation action.
We might already be seeing this happen in response to the “de-extinction” of the dire wolf. Interior Secretary of the Trump administration, Doug Burgum, praised the new biotechnology advancement and used it as an argument for the removal of the US Endangered Species Act.
What good is bringing back species if there are no protective laws to address the drivers of their declines?
It is deeply ironic that while millions are being spent recreating a dire wolf proxy, its cousin, the grey wolf, is heavily persecuted globally. Just last month, the Spanish government voted to overturn the legal protection that prevented wolves from being hunted north of the Duero River.
Other predators are affected, too. In Australia, the dingo, which has been shown to suppress invasive cats and red foxes, helping native biodiversity, is also heavily persecuted – just like the thylacine or Tasmanian tiger was, which Colossal aims to de-extinct as well.
If we can’t safeguard or protect habitat for apex predators today, in ecosystems that are already under immense pressure, what kind of world would we be bringing extinct species back into? Up to 150 species are considered to go extinct every day. No amount of genetic tech will solve this unless we address the root causes: habitat destruction, over-exploitation and climate change.
The de-extinction of the dire wolf may sound like a conservation breakthrough, but it risks distracting us from the protection of our current living species. This approach turns biodiversity conservation into a billionaire’s Jurassic Park fantasy instead of addressing the crisis we already know how to fix.
Dieter Hochuli receives funding from the Australian Research Council, NSW Department of Planning and Environment, the City of Sydney and the Inner West Council. He is President-Elect of the Ecological Society of Australia.
Marco Salvatori receives funding from European Union BIODIVERSA+ program.
Peter Banks receives funding from the Australian Research Council, The NSW Environmental Trust and the Australian Forests and Wood Initiative.
Martín Boer-Cueva 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. ‘De-extinction’ of dire wolves promotes false hope: technology can’t undo extinction – https://theconversation.com/de-extinction-of-dire-wolves-promotes-false-hope-technology-cant-undo-extinction-254479
16 April 2025 – The Minister of Finance has today published the Reserve Bank of New Zealand’s (RBNZ) Five Year Funding Agreement (FYFA). The FYFA sets the RBNZ’s core operating expenditure from 1 July 2025 through to 31 June 2030.
The FYFA has been set at $750m, with some elements of RBNZ’s spending excluded from the agreement.
Board Chair Neil Quigley says: “Our new FYFA presents an opportunity for RBNZ to shape ourselves for the future. Our priority in the coming months will be to work with our people to redesign our way of working to optimise our resources while continuing to deliver on our mandate.”
“We remain focused on ensuring economic wellbeing and prosperity for all New Zealanders. To achieve this, we will need to look closely at our capital and operational expenditure, as well as our spend on personnel.”
More information
The full FYFA, including a full list of excluded spending, can be found here : https://govt.us20.list-manage.com/track/click?u=bd316aa7ee4f5679c56377819&id=d444499b48&e=f3c68946f8
Source: New Zealand Government
The Government and the Reserve Bank board have agreed a funding agreement that will reduce budgeted operating expenses for the bank by about 25 per cent in the coming year.
“The new five-year agreement reflects the need for all government entities to identify cost savings and demonstrate value for money, Finance Minister Nicola Willis says.
“The bank initially sought funding of $1.03 billion for the coming five years, but the Treasury advised me that that amount did not represent good value for money.
“The new agreement allocates the bank operating expenses of $750 million and capital expenditure of $25.6 million for the period.
“That equates to average operating expenditure of $150 million a year, 25 per cent less than the bank’s $200 million operating expenses budget for the current financial year.
“The Reserve Bank has grown hugely in recent years. Fulltime equivalent staff numbers increased from 255 in the 2017/18 year to 660 in January this year.
“Benchmarking analysis performed by the Treasury shows that several of the Reserve Bank’s non-legislative functions, particularly in the People and Communications teams, appear overstaffed.
“The new agreement will ensure that the Reserve Bank has adequate resources to fulfil its legal responsibilities while promoting heightened cost efficiency.
“Both the board of the Reserve Bank and the Treasury are of the view the new expenditure limits are appropriate.”
Unlike most other agencies, which are funded annually through the Budget process, the Reserve Bank’s board negotiates five-year funding agreements with the Minister of Finance, who receives advice from the Treasury. The structure of these agreements is to support the Reserve Bank to maintain its independence from the government of the day.
The new agreement will apply from 1 July 2025.
Source: United Kingdom – Executive Government & Departments 2
We are tackling the real problems that drivers face by lifting miles of roadworks and cracking down on disruptive streetworks.
Drivers are set to benefit from up to £500 of savings per year and see smoother Easter getaways as 1,127 miles of roadworks are lifted, the Department for Transport (DfT) has announced today (16 April 2025).
It comes as RAC data shows hitting a pothole can cost drivers up to £460 in repairs. That’s why the government is putting £1.6 billion into the hands of local councils from this month to get fixing our roads – enough to fill 7 million extra potholes, going far above and beyond the government’s manifesto commitment.
To further protect motorists given continued cost-of-living pressures and potential fuel price volatility amid global uncertainty, the government has frozen fuel duty at current levels for another year to support hardworking families and businesses, saving the average car driver £59.
Together, this means that drivers could save up to £500 a year from the government’s measures, saving motorists money, improving living standards and getting Britain moving as part of the Plan for Change.
The government is also speeding up journeys for the 19.1 million drivers the AA estimate will make car trips on Good Friday, as National Highways lifts 1,127 miles of roadworks over the bank holiday.
Around 97.5% of major roads across England will be completely free from roadworks, speeding up millions of journeys and boosting connectivity across the country to drive growth – the key priority in the government’s plan for change.
Transport Secretary, Heidi Alexander, said:
Cutting journey times and saving drivers money every year is all part of our Plan for Change to raise living standards and put more money in people’s pockets.
We are tackling the real problems that drivers face by lifting 1,127 miles of roadworks over Easter and cracking down on disruptive streetworks to make journeys to see loved ones as smooth as possible.
This government is also saving drivers up to £500 a year, with councils soon to receive their record £1.6 billion pothole funding and the continued freeze on fuel duty.
Improving our national infrastructure and rebuilding Britain is critical to achieving growth – the top mission of the government. That’s why since entering office the government has unlocked 7 major road schemes backed by £580 million. This includes the recently approved Lower Thames Crossing which will be a key strategic route for drivers, freight and logistics – improving connectivity between the south and the midlands, linking up our ports and unlocking regional growth.
This includes £200 million for the A47 Thickthorn Junction and £290 million for M3 Junction 9, plus £90m for local road schemes like the:
This is a total of over £580 million for schemes to get Britain moving.
On top of this, the government recently announced a further £4.8 billion for National Highways to protect the country’s strategic road network, which provides critical routes and connections across the country. The funding will ensure this vital network is kept in good repair and remains fit for the future whilst delivering essential improvement schemes to unlock growth and housing development.
Many drivers are already seeing faster journeys on motorways, as over 270 miles of roadworks have recently been lifted following National Highways completing its National Emergency Area Retrofit programme last month, which saw roadworks on the M1, M3, M4, M5, M20, M25 and M27 lifted.
National Highways is reminding drivers to properly prepare for Easter travel by relaunching its ‘TRIP’ campaign, encouraging drivers to ‘Top-up, Rest, Inspect, Prepare’. The guidance aims to prevent breakdowns which can lead to delays and unexpected costs.
Significant routes to benefit from roadworks being lifted or completed in time for the Easter getaway include:
Disruptive streetworks by utility companies are also being tackled under this government’s clampdown, with doubled fines and charges of up to £10,000 per day for utility works that overrun at weekends and bank holidays. This will help make sure works finish on time, and roads can be fully reopened to traffic.
The most congested roads also see the highest charges, under lane rental schemes – meaning utility companies are charged more on the busiest roads and at the busiest times. At least 50% of the revenue raised from these will go into mending more potholes, so that even more roads can be improved. There are currently 5 lane rental schemes running across England, with applications for 8 new schemes. This month saw East Sussex starting its own lane rental scheme, to deter disruptive utility companies and save drivers many hours off weekend car journeys.
The government is also introducing measures to implement a new digital service that will speed up roadworks, slash traffic delays and reduce accidental strikes on pipes which currently amount to 60,000 per year, costing the UK economy £2.4 billion.
With holes being dug in UK roads every 7 seconds, the National Underground Asset Register, part of the Data (Use and Access) Bill, will create a map of the country’s underground pipes and cables, allowing construction workers to instantly see their exact location – a process which currently takes 6 days.
Technology Secretary, Peter Kyle, said:
Technology must be first and foremost used to make people’s lives better, and that includes tackling the misery of traffic caused by road works.
That’s why we are creating a comprehensive digital map of underground cables and pipes in England, Wales and Northern Ireland. The map will mean construction workers and utility companies will know exactly what lies beneath before they dig, helping to prevent accidental damage like bursting water mains.
Our laws will not only back our mission to make British roads safer and journey times quicker, but also grow our economy by £400 million each year as part of our Plan for Change by reducing disruption to motorists and businesses.
Andrew Butterfield, National Highways Director of Operational Services, said:
We expect the roads to be busy with people looking to make the most of a long Easter weekend. That’s why we are making journeys easier by removing a huge number of roadworks.
Drivers should also take time to plan ahead. Two of the top 3 causes of breakdowns are tyre issues and empty fuel tanks. You can help prevent any breakdowns by following our advice: top up your fuel, oil and screenwash, plan your journey, check your tyres and prepare for all weather conditions.
Dan Joyce, Operations Director at Kwik Fit, said:
The removal of roadworks for Easter is welcome news for drivers, so it will be even more frustrating if something else gets in the way of a smooth holiday journey.
There are many easy checks drivers can make themselves to avoid problems. Tyre pressure and tread, along with topping up fluids, are the key ones to carry out. If anyone has any concerns about their car’s condition, they can book a free check with Kwik Fit and have one of our expert teams check it over to make sure they’re safe on the roads.
AA President, Edmund King OBE, said:
Bank holiday weekends tend to remind us of the importance of having a good road network without roadwork delays or plagues of potholes. Hence, we very much welcome the lifting of roadworks as record numbers hit the roads this weekend and the government’s efforts to address the pothole pandemic and reduce disruptive streetworks. Drivers can help by making sure their tyres are properly inflated, oil and coolant levels are correct, and that they plenty of fuel or charge if driving an EV.
Andy Turbefield, Head of Autocentres Quality, Standards and Policy at Halfords, said:
Potholes are more than just a nuisance; they’re a threat to road safety. Every day in our garages we see the damage they do to tyres and wheels, steering and suspension and exhaust systems. Addressing Britain’s pothole crisis will not only save motorists money, it could also save their lives.
RAC breakdown spokesperson, Alice Simpson, said:
With a ‘hat-trick of hold-ups’ expected on Thursday, Friday and Saturday, the lifting of roadworks should help ease journeys to popular destinations like the West Country, the south coast and East Anglia. A quick check of your vehicle before leaving could avoid an expensive and unwanted breakdown.
Roads media enquiries
Media enquiries 0300 7777 878
Switchboard 0300 330 3000
Source: BNZ statements
BNZ today cut interest rates across a number of home loan terms, with a market-leading 18-month fixed rate of 4.95% p.a.*
BNZ’s rates include 5.49% p.a. for 6 months, 4.99% p.a. for 1 year, and 4.99% p.a. for 2 years. The new rates are available from today for both new customers and existing customers who are eligible to refix.
BNZ General Manager Home Lending James Leydon says these competitive rates respond to customers’ diverse home loan needs, giving customers more options as they navigate the current interest rate environment.
“We know many of our customers are looking beyond the very short-term fixed rates as the interest rate environment evolves. By offering a market-leading 18-month option, we’re giving customers more choice and the ability to lock in a competitive rate for a longer period,” he says.
“At the same time, we continue to compete hard for those New Zealanders who prefer the flexibility of our 6-month and 1-year fixed rate options. With fixed rates reduced across multiple terms, we’re providing solutions that work for a wide range of borrowers.
“It’s also a timely Easter bonus for homeowners, when household budgets can face a bit of extra pressure from those extra school holiday costs.”
The changes follow BNZ’s announcement last week that it will cut its floating home loan rates by 25 basis points, following the Reserve Bank’s OCR reduction.
BNZ lending criteria (including minimum equity requirements), and terms apply. Rates subject to change. Up to $150 establishment fee and early repayment charges may apply.
*As at 6.30am, 16 April 2025, BNZ has the market leading 18-month fixed rate of the five main banks.
The post BNZ cuts home loan rates, offers market-leading 18-month fixed rate appeared first on BNZ Debrief.
Source: GlobeNewswire (MIL-OSI)
TORTOLA, British Virgin Islands, April 15, 2025 (GLOBE NEWSWIRE) — Orca Energy Group Inc. (“Orca” or the “Company” and includes its subsidiaries and affiliates) (TSX-V: ORC.A, ORC.B) announces that PanAfrican Energy Tanzania Limited (“PAET”) signed a Settlement Agreement with Tanzania Petroleum Development Corporation (“TPDC”) and Tanzania Electric Supply Company Limited (“TANESCO”) for TANESCO to pay PAET and TPDC US$52.0 million for unpaid amounts owing by TANESCO for deliveries of natural gas from the Songo Songo gas field.
PAET and TPDC (collectively, the “Seller“) agreed with TANESCO in the Portfolio Gas Supply Agreement (as amended) (the “PGSA”) to supply it with Additional Gas (as defined in the Production Sharing Agreement (“PSA”) between PAET, TPDC and the Government of Tanzania). TANESCO, a parastatal organization wholly owned and controlled by the Government of Tanzania with oversight by the Ministry of Energy, has lifted, but not paid for, certain Additional Gas volumes supplied by the Seller. The parties acknowledged in the Settlement Agreement that these unpaid amounts totaled US$104,164,507.41 (the “TANESCO Arrears”) as of January 9, 2025, comprised of US$33.7 million of the principal amount owing and approximately US$70.5 million of default interest.
The Settlement Agreement requires TANESCO to pay the Seller the Tanzanian Shilling equivalent of US$52.0 million (the “Settlement Amount”) comprised of the US$33.7 million principal amount and US$18.3 million representing a portion of the default interest owed by TANESCO to the Seller. The Seller agreed to waive the balance of the default interest owing by TANESCO to the Seller if TANESCO pays the Settlement Amount when required and in full. TANESCO must pay the Settlement Amount to PAET in weekly installments commencing in April 2025 and ending in October 2025. Payments on account of the Settlement Amount will be allocated between PAET and TPDC in accordance with the PSA. Pursuant to the PSA, and assuming payment in full of the Settlement Amount, Orca expects to retain approximately US$29.4 million of the Settlement Amount with TPDC retaining the balance.
If TANESCO breaches its payment obligations under the Settlement Agreement, the Settlement Agreement terminates and the Seller will be entitled to enforce its rights to receive payment of the net amount of the TANESCO Arrears owing plus default interest.
Jay Lyons, Chief Executive Officer, commented:
“We are pleased to announce that a financial settlement has been reached for the Additional Gas volumes historically supplied but not paid for under the PGSA with TANESCO. Since Orca first entered Tanzania, the Company has always strived to act in the best interests of the country. This situation was no different. Despite Orca not being fully paid by TANESCO for certain volumes supplied, dating back to 2013, the Company chose to continue supplying natural gas to TANESCO in order to help protect the Tanzanian economy through sustained power generation.
The Group is pleased to have resolved the ongoing arrears situation, with a clear payment plan now laid out that will enable TANESCO to pay the reduced amount agreed by all parties and stop incurring further arrears. It is important to note that in the event the payment schedule is not adhered to, the Group retains the right to pursue other avenues of legal recourse available to it in order to safeguard the interests of its investors.”
Orca Energy Group Inc.
Orca Energy Group Inc. is an international public company engaged in natural gas development and supply in Tanzania through PAET. Orca trades on the TSX Venture Exchange under the trading symbols ORC.B and ORC.A.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information
This news release contains forward-looking statements or information (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact included in this news release, which address activities, events or developments that Orca expects or anticipates to occur in the future, are forward-looking statements. Forward-looking statements often contain terms such as may, will, should, anticipate, expect, continue, estimate, believe, project, forecast, plan, intend, target, outlook, focus, could and similar words suggesting future outcomes or statements regarding an outlook. More particularly, this news release contains, without limitation, forward looking statements pertaining to the following: timing as to payment of the Settlement Amount; that the Seller will receive the full Settlement Amount in accordance with the terms of the Settlement Agreement; that the Settlement Agreement will not be terminated; the estimated portion of the Settlement Amount to be received by PAET; and whether TANESCO will pay some or all of the Settlement Amount in Tanzanian Shillings at the Bank of Tanzania Selling Rate on the date of payment. Although management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results since such expectations are inherently subject to significant business, economic, operational, competitive, political and social uncertainties and contingencies.
These forward-looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company’s control, and many factors could cause the Company’s actual results to differ materially from those expressed or implied in any forward-looking statements made by the Company, including, but not limited to: risks as to timing of payment of the Settlement Amount; risks that the Seller will not receive the full Settlement Amount in accordance with the terms of the Settlement Agreement; risks that the Settlement Agreement will be terminated; uncertainty around the portion of the Settlement Amount to be received by PAET; and uncertainty whether TANESCO will pay some or all of the Settlement Amount in Tanzanian Shillings at the Bank of Tanzania Selling Rate on the date of payment. No assurances can be given that any of the events anticipated by these forward-looking statements will transpire or occur, or if any of them do so, what benefits the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
Such forward-looking statements are based on certain assumptions made by the Company in light of its experience and perception of historical trends, current conditions and expected future developments, as well as other factors the Company believes are appropriate in the circumstances, including, but not limited to: the Company’s relationship with TANESCO; that TANESCO will abide by the terms of the Settlement Agreement; that the amount of receivable by PAET pursuant to the Settlement Agreement will be in line with expectations; and other matters.
The forward-looking information contained in this news release is provided as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless so required by applicable Canadian securities laws.
Source: GlobeNewswire (MIL-OSI)
YUBA CITY, Calif., April 15, 2025 (GLOBE NEWSWIRE) — River Valley Community Bancorp (OTC markets: RVCB) with its wholly owned subsidiary, River Valley Community Bank (collectively referred to as the “Bank”), today announced financial results for the quarter ended March 31, 2025. The full earnings release can be found on the Bank’s Investor Relations website at Investor Relations – River Valley Community Bank.
The Bank remains highly rated with BauerFinancial, and Depositaccounts.com and serves its customer base through its offices located at:
The Bank offers a full suite of competitive products, services, and banking technology. For more information please visit our website at www.myrvcb.com or contact John M. Jelavich at (530) 821-2469.
Source: GlobeNewswire (MIL-OSI)
TYLER, Texas, April 15, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside”) (NYSE: SBSI), the holding company for Southside Bank, announced today it will release its first quarter financial results before the market opens on Tuesday, April 29, 2025. Southside will host a conference call to discuss its results on Tuesday, April 29, 2025, at 11:00 a.m. CST.
The call will be hosted by Lee R. Gibson, CEO, Keith Donahoe, President, Julie Shamburger, CFO, and Lindsey Bailes, VP, Investor Relations. Following prepared remarks there will be a question and answer session for the analyst community.
The Conference Call Details
The conference call can be accessed by webcast, for listen-only mode, here or on the company website, https://investors.southside.com, under Events.
Those interested in participating in the question and answer session, or others who prefer to call-in, can register using this online form to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate register 10 minutes prior to the conference call to ensure a more efficient registration process.
For those unable to attend the live event, a webcast recording will be available here or on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.
About Southside Bancshares, Inc.
Southside Bancshares, Inc. is a bank holding company headquartered in Tyler, Texas, with approximately $8.52 billion in assets as of December 31, 2024. Through its wholly-owned subsidiary, Southside Bank, Southside currently operates 53 branches and a network of 72 ATMs/ITMs throughout East Texas, Southeast Texas and the greater Dallas/Fort Worth, Austin and Houston areas. Serving customers since 1960, Southside Bank is a community-focused financial institution that offers a full range of financial products and services to individuals and businesses. These products and services include consumer and commercial loans, mortgages, deposit accounts, safe deposit boxes, treasury management, wealth management, trust services, brokerage services and an array of online and mobile services.
To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive e-mail notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at 903-630-7965 or lindsey.bailes@southside.com.
For further information:
Lindsey Bailes
903-630-7965
Source: GlobeNewswire (MIL-OSI)
RIVERSIDE, Calif., April 15, 2025 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc., NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Provident Bank”) has donated over $931,000 to local non-profits with their Community Partnership Program (“Program”) since the Program’s inception in 2006. For the calendar year 2024, Provident Bank donated more than $39,000 to local non-profit organizations such as service groups, parent teacher associations, homeowner’s associations, booster clubs, foundations, church groups, and societies, among others in Riverside and San Bernardino Counties.
“The Bank realizes the importance of giving back to local, non-profit organizations that improve the quality of life in the communities we serve. By empowering our customers to help direct the Bank’s charitable campaigns, we assist in fulfilling the goals of these admirable organizations,” stated Gwen Wertz, Senior Vice President of Retail Banking.
Provident Bank’s Community Partnership Program allows participating non-profit organizations to receive annual donations by simply linking their unique ID number to their members who are customers of Provident Bank. Organizations can earn more as more of their members link their accounts to their unique ID. Of course, some restrictions apply and interested groups are encouraged to contact Provident Bank for more information about the Program. You can reach Provident Bank at (800) 745-2217 to ask about the Community Partnership Program or by visiting www.myprovident.com.
With approximately $1.3 billion in total assets, Provident Bank is the largest independent community bank headquartered in Riverside County, California, and has been serving the financial needs of its customers since 1956.
Safe-Harbor Statement
Certain matters in this News Release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may relate to, among others, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations, and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide range of factors including, but not limited to, the general business environment, interest rates, the California real estate market, competitive conditions between banks and non-bank financial services providers, regulatory changes, and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
Contacts:
Donavon P. Ternes
President and Chief Executive Officer
Haryanto “Lee” Sunarto
Interim Chief Financial Officer
(951) 686-6060
Source: GlobeNewswire (MIL-OSI)
DALLAS, April 15, 2025 (GLOBE NEWSWIRE) — Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital, today announced that President & Chief Executive Officer Rob C. Holmes was confirmed as Chairman of the Board of Directors at the conclusion of TCBI’s 2025 Annual Meeting of Stockholders. Holmes, who has served as President & Chief Executive Officer and a Director of the Board since 2021, was unanimously elected to this position by the Board of Directors in January 2025.
Bob Stallings, who served as Chairman since 2023, has officially transitioned into the role of Lead Independent Director.
“I want to thank outgoing Chairman Bob Stallings for his dedication and significant contributions to Texas Capital over the past two years,” said Holmes. “I do not take the responsibilities of this position lightly; it is a distinct honor to serve in this capacity for Texas Capital, and I look forward to building on the firm’s many successes along with our employees. With our highly differentiated platform, industry-leading capital and liquidity, and a clear vision for the future, Texas Capital is well-positioned to serve our clients through all economic conditions and to deliver on our objectives for 2025 and beyond.”
About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, is the parent company of Texas Capital Bank (“TCB”). Texas Capital is the collective brand name for TCB and its separate, non-bank affiliates and wholly owned subsidiaries. Texas Capital is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities. All services are subject to applicable laws, regulations, and service terms. Deposit and lending products and services are offered by TCB. For deposit products, member FDIC. For more information, please visit www.texascapital.com.
Forward Looking Statements
This communication contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, TCBI’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.
Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to: economic or business conditions in Texas, the United States or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors; increased or expanded competition from banks and other financial service providers in TCBI’s markets; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business and new products and services and potential strategic acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents or other failures, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of artificial intelligence; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; the failure to identify, attract and retain key personnel and other employees; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; severe weather, natural disasters, climate change, acts of war, terrorism, global conflict (including those already reported by the media, as well as others that may arise), or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.
US Senate News:
Source: United States Senator for New York Kirsten Gillibrand
Lawmakers Send Letter Amidst Widespread Website Outages, Benefit Disruptions
Senate Special Committee on Aging Ranking Member Kirsten Gillibrand wrote to Acting Social Security Commissioner Leland Dudek to demand that the Social Security Administration (SSA) address ongoing issues with the SSA website and reverse its reported plans to worsen the situation by firing up to 50 percent of employees from the Office of the Chief Information Officer (OCIO). Gillibrand was joined on the letter by Senate Banking Ranking Member Elizabeth Warren and Senate Finance Ranking Member Ron Wyden.
OCIO is responsible for maintaining the agency’s benefit claims processing systems, managing SSA.gov and SSA’s online benefits portal, and protecting Social Security recipients’ sensitive information. In February, the agency announced plans to reduce its workforce by over 12 percent. Hundreds more staff firings will happen at OCIO, which has been directed to cut half of its staff. These cuts are expected to worsen the ongoing issues with SSA’s website and online portals, including recipients being incorrectly labeled as “not receiving payments” and losing access to their account histories.
“It is unsurprising that weeks after you allowed DOGE to invade SSA, improperly access SSA data, and announce closures of Social Security offices, our constituents began having problems accessing their benefits…We are concerned that these recurring issues will impact the benefits of our constituents—many of whom rely on Social Security to pay rent or put food on the table,” wrote the lawmakers.
The cuts to the agency also expose SSA to system vulnerabilities, risking Americans’ data to hackers and foreign agents seeking to obtain private information. In addition to the dozens of senior SSA officials with centuries’ worth of experience who have resigned or retired, SSA’s entire cybersecurity leadership was also part of the exodus.
“Leaving Americans’ most sensitive information unguarded places immeasurable financial and economic harm on our most vulnerable…We ask that you immediately cease all OCIO firings and act swiftly to restore SSA system and website functionality to prevent any further disruption of…benefits,” concluded the lawmakers.
The senators asked Dudek to provide clarity on the impact of cuts to OCIO, the so-called Department of Government Efficiency’s (DOGE) role in the firings, and the acting commissioner’s plan to ensure technical knowledge of internal systems is not lost during workforce reductions.
The letter is the latest in a series of actions by Senator Gillibrand to protect Social Security from the Trump administration’s efforts to cut the program. Last week, Senator Gillibrand led a letter with Senator Ron Wyden calling on the Trump administration and DOGE to stop their attacks on Social Security, specifically calling out SSA’s staffing cuts, plans for indiscriminate closures of field offices around the nation, and attempts to limit phone services. Earlier this year, Gillibrand also demanded answers from the administration about its plans to close the Social Security office in White Plains, NY; slammed the Trump administration for its efforts to “buy out” SSA employees; and joined elected officials in New York to call on the administration to stop its repeated efforts to cut Social Security.
The full text of the letter can be found here.
Translartion. Region: Russians Fedetion –
Sours: Mainfin Bank –
Suspension of outgoing transfers from Russian clients UniCredit Bank will happen on April 18 – the decision, as stated by the credit institution itself, was made “for reasons beyond the bank’s control.” At the same time, UniCredit has been winding down its business in Russia for several years now – against the backdrop of the start of the SVO and the sanctions imposed on the financial sector, the Italian group has repeatedly announced plans to abandon business in the Russian Federation.
True, the bank will not limit all dollar transactions now. Transfers will still be available in banks, located in the EU, Australia, USA, Canada, Turkey, UAE and a number of Asian countries. Such a selective approach is due to the absence of problems on the side of the recipient banks.
The UniCredit Group is systematically winding down its operations on Russian territory – among the previously adopted restrictions are:
regular closure of offices and branches in the country’s cities; introduction of a 5% commission for currency transfers; suspension of transactions in euros for individuals; setting a limit on one transaction – no less than 10 thousand euros or dollars, if the amount is less, prior approval of the transaction is required.
“UniCredit Bank intends to sell its business in Russia, but it has not yet been possible to reach an agreement and conclude a deal, including due to the need to coordinate the sale with the Russian authorities,” the expert noted.
The bank plans to completely wind down its operations by 2027 – the reduction of assets is proceeding at an accelerated pace. The volume of retail business has already been reduced by 50%, the goal has been achieved a year ahead of schedule. However, experts are confident that the final decision to leave Russia will be made taking into account the real situation in the industry and existing geopolitical risks.
12:00 04/15/2025
Source:
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.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
https://mainfin.ru/novosti/uhod-iz-rossii-neizbezen-unikredit-bank-ogranicivaet-perevody-ese-iv-dollarah
Source: GlobeNewswire (MIL-OSI)
Converse, IN, April 15, 2025 (GLOBE NEWSWIRE) — Converse, Indiana, April 15, 2025 — First Farmers Financial Corp. (OTCQX:FFMR), announced that the Board of Directors has approved a plan to repurchase up to $4 million in the Corporation’s outstanding common stock on the open market.
The timing, price, and quantity of purchases under the stock repurchase plan will be at the discretion of management and may be discontinued, suspended, or restarted at any time. The program will be funded from current available working capital. The board feels the stock repurchase plan will provide capital management opportunities and add value for the Company’s shareholders depending upon market and business conditions.
First Farmers Financial Corp is a $3.3 billion financial holding company headquartered in Converse, Indiana. First Farmers Bank & Trust has offices throughout Carroll, Cass, Clay, Grant, Hamilton, Howard, Huntington, Madison, Marshall, Miami, Starke, Sullivan, Tippecanoe, Tipton, Vigo and Wabash counties in Indiana and offices in Coles, Edgar and Vermilion counties in Illinois. As of March 31, 2025, the Corporation had 6,999,207 common shares outstanding.
US Senate News:
Source: United States Senator for Massachusetts – Elizabeth Warren
April 15, 2025
Private equity roll-ups of fire truck manufacturers create sky-high prices and manufacturing backlogs, putting firefighters and communities in danger
“While CEOs and shareholders pad their pockets, consolidation in the industry impedes fire fighters’ ability to do their jobs safely and effectively, squeezes fire departments’ budgets, and forces taxpayers to bear the consequences.”
Text of Letter (PDF)
Washington, D.C. – U.S. Senators Elizabeth Warren (D-Mass.) and Jim Banks (R-Ind.) opened a bipartisan investigation into the harms of private equity roll-ups of fire truck manufacturers. The lawmakers wrote to the International Association of Fire Fighters (IAFF), North America’s largest union of firefighters, seeking information about the adverse impact of private equity consolidation on firefighters and communities in Massachusetts, Indiana, and across the country.
“While CEOs and shareholders pad their pockets, consolidation in the industry impedes fire fighters’ ability to do their jobs safely and effectively, squeezes fire departments’ budgets, and forces taxpayers to
bear the consequences,” wrote the lawmakers. “We have heard from dozens of fire departments in Massachusetts, Indiana, and elsewhere about difficulties they have faced related to serial roll-ups of fire truck manufacturers, including delivery delays, defective parts, and price increases.”
In 2006, private equity group American Industrial Partners (AIP) began rolling up independent fire equipment manufacturers, eventually consolidating four smaller companies into REV Group. Today, as a result of additional acquisitions, REV Group owns about a third of the fire truck manufacturing market, the largest share of any company. Meanwhile, independent companies account for only about 20 percent of the market.
Large fire truck manufacturers may be exploiting their market power to raise fire truck prices and restrict the supply of fire trucks. In 2013, a pumper truck cost $500,000, and a ladder truck cost $900,000. Today, these prices have skyrocketed to nearly $1 million and $2 million, respectively, far outpacing inflation for heavy-duty truck manufacturing over that time period. Some manufacturers also use “floating” prices, increasing the final price of a truck after it goes into production and even withholding the delivery of the vehicles if fire departments do not agree to the price increases. At the same time, companies like REV have permanently shut down their own manufacturers’ plants, reducing manufacturing capabilities and leading to a nationwide backlog in fire truck delivery.
“Rising costs and longer delivery times for fire apparatus and ambulances are hurting fire departments and communities across Massachusetts. I just ordered a fire engine that won’t be delivered for another four years. It took three years for our community to get two ambulances. These manufacturing roll-ups only make it harder for us to do our jobs and protect families,” said Mike Kelleher, President of the Fire Chiefs Association of Massachusetts and Chief of the Foxborough Fire Department.
Firefighters report that they are forced to use outdated fire trucks because their department can’t afford new trucks. When Los Angeles faced deadly wildfires in January 2025, more than half of the Los Angeles Fire Department’s fire trucks were out of service, hindering the Department’s ability to effectively contain the fires. Skyrocketing costs and lengthy wait times for fire trucks and truck repairs, spurred by private equity’s entry into the fire truck manufacturing industry, leave communities across the country less safe.
“Private equity is padding shareholders’ wallets at the expense of public safety,” wrote the lawmakers.
On a shareholders’ call, REV Group’s CFO noted that manufacturing backlogs benefit the company, saying “strong backlogs” provide the “visibility and opportunity to drive significant shareholder value.”
The senators warned that private equity’s serial roll-ups may be allowing companies to increase their market share while evading antitrust scrutiny. The Federal Trade Commission and U.S. Department of Justice’s 2023 Merger Guidelines clarify that when a merger is part of a series of multiple acquisitions, the agencies may examine the whole series.
“These guidelines are important, as they make clear that antitrust enforcers have authority to investigate and unwind serial roll-ups that threaten competition in a single industry,” concluded the senators.
Source: European Parliament
Question for written answer E-001344/2025
to the Commission
Rule 144
Tomáš Zdechovský (PPE)
According to a recent investigation by the Organized Crime and Corruption Reporting Project (OCCRP) and Süddeutsche Zeitung, Western banks – particularly those based in Germany and Austria – transferred billions of euro in cash to Russia in the period immediately preceding Russia’s full-scale invasion of Ukraine in February 2022. Deutsche Bank alone is reported to have sent over EUR 2 billion in cash to Russia in 2022. These transfers, allegedly driven by the demand of Western companies for Russian roubles, may have contributed to stabilising the Russian economy and currency just as the EU was imposing sweeping sanctions on Moscow.
Given that the EU has maintained a sanctions regime against Russia since 2014, and that it significantly strengthened this following the 2022 invasion, these transfers give rise to serious concerns about their compatibility with both the letter and the spirit of EU sanctions.
I therefore ask:
Submitted: 2.4.2025
US Senate News:
Source: United States Senator for Arkansas – John Boozman
WASHINGTON––U.S. Senator John Boozman (R-AR) and Representative French Hill (R-AR-02) introduced the S. Corporation Additional Participation (S-CAP) Act, legislation to increase the maximum number of employees who can become shareholders in an S Corporation (S Corps) from 100 to 250.
“Congress has a duty to shape the tax code with pro-growth policies that spur job creation and capital investment. S Corps are an important element in that framework that also help empower employees with expanded economic opportunity through the enterprise they know and trust most,” said Boozman. “Congress has adjusted S Corps shareholder caps previously, and our bill is another simple but important tax code reform that will benefit millions of small businesses and the hardworking Americans who drive their success.”
“As a former community banker, I have a deep appreciation for the importance of S Corporations. They are an invaluable tool that helps workers and small businesses alike. That is why I am pleased to introduce the S-CAP Act, which will expand access to the benefits of S Corps,” said Hill. “By increasing equity participation for employees in private companies, S Corps have given more and more families the opportunity to achieve the American Dream. They improve employee retention, motivation, and productivity, and they increase the ability for companies to access capital through diverse sources. S Corps also empower Americans to climb the economic ladder and build generational wealth. This bill will build on the success of S Corps by increasing the number of shareholders they can have. It is a simple change that will have a dramatic positive impact on thousands, if not millions, of hardworking Americans.”
The S-CAP Act is endorsed by Nabholz Construction, the Subchapter S Bank Association, TransPecos Banks and the American Council of Engineering.
“In 1949, my grandfather, Bob Nabholz embarked on a journey to build a house for himself and his wife, setting in motion the start of a construction legacy that has thrived for more than 75 years. Today we have 16 offices in seven states and employ more than 1,700 professionals with an expected 2025 revenue of over $1.8 billion. In 1976, Bob saw the value in offering ownership to key employees and invited the first group of team members to become shareholders. He felt it was important to give employees an opportunity to shape the future of our company and have a personal stake in our long-term success. That tradition continues to this day. Employee ownership has been a cornerstone of our company’s success for nearly 50 years. We are very proud of our employee owners and the impact they have on our company and the communities we live in. The proposed increase in the S Corp shareholder cap will give us the ability to offer many more well-deserving employees the opportunity to become owners of Nabholz Construction. We are grateful to Senator Boozman and Congressman Hill for sponsoring this legislation which will help reward and retain top talent, ensuring the long-term growth and success of our company. We respectfully encourage Congress to pass this legislation,” said Nabholz Construction Corporation Chief Executive Officer Jake Nabholz.
Background:
In the United States, S Corps are the most common corporate structure, created in 1958 to help shield family-owned businesses from the double taxation treatment imposed on C Corporations (“C Corps”).
When established, Congress limited the number of S Corps shareholders to 10.
Congress, in recognition of the power of S Corps to create jobs and grow the economy, has increased the number of permitted shareholders multiple times, with the most increase raising the cap to 100 in 2004.
While the 100 shareholder cap was appropriate over twenty years ago, evolving technology, enhanced global competition, and changing regulatory landscapes have made it such that U.S. small businesses need greater flexibility to grow and attract top talent. This is why it’s time for Congress to modernize the shareholder cap.
In Arkansas, there are 318,525 S Corp employees across the entire state and 38,533,460 nationwide.
Source: Government of India
Posted On: 15 APR 2025 7:53PM by PIB Delhi
Indian Renewable Energy Development Agency Ltd. (IREDA) has announced its Audited Standalone and Consolidated financial results for the Quarter and Year ended March 31, 2025, showcasing significant growth across key financial metrics. The company reported its highest ever Annual Profit After Tax of ₹1,699 crore. As the nation’s largest pure-play Green Financing NBFC, IREDA has once again set industry standards by publishing its Audited Financial Results within just 15-days. This milestone positions IREDA as the first company in the NBFC and Banking Sector, and the first PSU, to publish Audited Financial Results in just 15-days.
The Board of Directors of IREDA, during a meeting held today, acknowledged the company’s outstanding performance and approved the Audited Standalone and Consolidated financial results for the Quarter and Year ended March 31, 2025.
Key Financial Highlights (Standalone) – Q4 FY2024-25 vs Q4 FY2023-24:
Key Financial Highlights (Standalone) – FY2024-25 vs FY2023-24:
Commenting on the results, Shri Pradip Kumar Das, CMD, IREDA, said, “IREDA’s sustained growth in revenue, profitability, and loan book underscores our strategic focus towards financing India’s renewable energy ambitions. We remain committed to being the enabler of India’s green energy transition through innovative financial solutions and strategic partnerships.”
Shri Das also expressed his appreciation for Team IREDA for their unwavering dedication and excellence in achieving these milestones. He further extended his gratitude to Shri Pralhad Joshi, Hon’ble Union Minister of New & Renewable Energy, Consumer Affairs and Food & Public Distribution; Shri Shripad Naik, Hon’ble Minister of State for Power and New & Renewable Energy; Ms. Nidhi Khare, Secretary, MNRE; other senior officials of MNRE and other ministry; and the Board of Directors for their continued support and invaluable guidance.
**********
Navin Sreejith
(Release ID: 2121943) Visitor Counter : 68
Source: Government of India
For the 33rd month in a row, the monthly disposal crossed 1 lakh cases in the Central Secretariat
Department of Telecommunications, Department of Posts, and Central Board of Indirect Taxes and Customs topped in Group A category in the rankings released for the month of March, 2025
Ministry of Parliamentary Affairs, Ministry of Tribal Affairs and Department of Heavy Industry topped in Group B category in the rankings released for the month of March, 2025
Posted On: 15 APR 2025 7:45PM by PIB Delhi
The Department of Administrative Reforms and Public Grievances (DARPG) released the Centralized Public Grievance Redress and Monitoring System (CPGRAMS) monthly report for March 2025, which provides a detailed analysis of types and categories of public grievances and the nature of disposal. This is the 33rdreport on Central Ministries/Departments published by DARPG.
A total of 1,21,065 grievances were Redressed by Central Ministries/Departments as of 28th March, 2025. The Average Grievance Disposal Time in the Central Ministries/Departments from 1st March to 28th March, 2025 is 16 days. These reports are part of the 10-step CPGRAMS reform process which was adopted by DARPG to improve the quality of disposal and reduce the timelines.
The report provides the data for new users registered through the CPGRAMS Portal in the month of March, 2025. A total of 49,912 new users registered by 28th March, 2025, with maximum registrations from Uttar Pradesh (7,602) registrations.
The said report also provides the state-wise analysis on the grievances registered through Common Service Centres as of 28th March, 2025. CPGRAMS has been integrated with the Common Service Centre (CSC) portal and is available at more than 5 lakh CSCs, associating with 2.5 lakh Village Level Entrepreneurs (VLEs). 7,150 grievances were registered through CSCs by 28th March, 2025. It also highlights the major issues/categories for which the maximum grievances were registered through CSCs.
The following are the Key Highlights of the DARPG’s monthly CPGRAMS report for March 2025 for Central Ministries/ Departments:
The report also features 4 success stories of effective grievance resolution from Central Ministries/Departments:
Shri Prakash Kumar Agarwal faced delays in the processing of his PF withdrawal claim (Form 19) despite fulfilling all requirements. Having worked for over 12 years, he submitted his application, ensuring TDS exemption as per regulations. After repeated documentation requests over six months, he filed a grievance on the CPGRAMS Portal. Following that, concerned authorities processed his claim promptly, and the final PF settlement of ₹35,31,303/- was issued, resolving the matter within the same day.
Shri Vishal Verma, holding an HP Gas LPG connection registered in the name of Ms. Anita Verma, faced subsidy non-receipt issues for several months. Upon inquiry at the LPG office, he was informed that his Aadhaar was not linked with NPCI, and he was advised to contact his bank. However, the bank confirmed that the Aadhaar was correctly linked with NPCI. Seeking a resolution, he filed a grievance on the CPGRAMS Portal. After verification by concerned authority, the subsidy was transferred to Ms. Anita Verma’s account.
Shri Souptik Sarkar, a Ph.D. student at Bidhan Chandra Krishi Viswavidyalaya, faced difficulties in linking his account for the National Fellowship for Scheduled Castes (NFSC) under the UGC NET December session. Despite completing all formalities on the Canara Bank Scholarship Portal, his request was repeatedly rejected due to subject classification issues. Seeking resolution, he filed a grievance on the CPGRAMS Portal. In response, the authorities reviewed the case, and linking request under the NFSC scheme was approved based on an explanation from the Registrar of Bidhan Chandra Krishi Vishwavidyalaya.
Smt. Bhumika Naresh Gaikwad, selected under the National Overseas Scholarship (NOS) 2024 for a Master of Commerce (Extension) at the University of Sydney, faced delays in receiving her final award letter. Despite completing all formalities, including income and caste verification, she awaited confirmation for months, leading to uncertainty and the need to defer her university intake. With no clear response from the NOS office, she filed a grievance on the CPGRAMS Portal. Following this, the concerned authority issued her final award letter, ensuring she could proceed without further disruptions. The grievance was promptly resolved within just three days of filing.
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NKR/PSM
(Release ID: 2121941) Visitor Counter : 15
Source: Government of India
Posted On: 15 APR 2025 3:49PM by PIB Delhi
Bangaluru based QpiAI, one of the 8 startups selected under the National Quantum Mission, coordinated by the Department of Science and Technology (DST) announced the launch of one of India’s most powerful quantum computers featuring 25 superconducting qubits, on the occasion of World Quantum Day yesterday.
QpiAI-Indus, the quantum computer launched, is the first full-stack quantum computing system in the country and combines advanced quantum hardware, scalable control, and optimized software for transformative hybrid computing. It integrates advanced quantum processors, next-generation Quantum-HPC software platforms, and AI-enhanced quantum solutions.
With this milestone, QpiAI is driving deep-science and deep-tech innovation across life sciences, drug discovery, materials sciences, mobility, logistics, sustainability, and climate action.
As a part of India’s National Quantum Mission, QpiAI is at the forefront of building the country’s quantum computing technology ecosystem, national quantum adoption programs, and creating one of the world’s largest quantum talent ecosystems. QpiAI is committed to accelerating India’s quantum journey, making quantum computing technologies practical, accessible, and globally impactful. The technologies from the company, bootstrapped in 2019, have led to 11 patent applications and generated a revenue of around Rs 1 million per annum. They have also generated substantial capital from the Small Industries Development Bank of India (SIDBI).
With this announcement on World Quantum Day which marks a shared vision for a quantum-enabled future that transforms industries, accelerates scientific discovery, and empowers the next generation of innovators, QpiAI joins the global community of scientists, engineers, policy makers, and enthusiasts in celebrating the remarkable progress and possibilities unlocked by quantum science and technology.
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NKR/PSM
(Release ID: 2121845) Visitor Counter : 102
US Senate News:
Source: United States Senator for Delaware Christopher Coons
WASHINGTON – U.S. Senators Chris Coons (D-Del.), Todd Young (R-Ind.), John Cornyn (R-Texas), and John Hickenlooper (D-Colo.) introduced The Finding Opportunities for Resource Exploration (Finding ORE) Act to strengthen U.S. mineral security and reduce strategic vulnerabilities. Representatives Rob Wittman (R-Va.) and Kathy Castor (D-Fla.) will introduce a companion bill in the U.S. House of Representatives.
Critical minerals are essential to producing technologies for the defense, semiconductor, automotive, and energy sectors—industries that will determine America’s economic future and global influence. Although we have an abundance of domestic mineral resources, demand already outstrips this supply. We must work with allies and partners to achieve mineral security. Additionally, the U.S. is heavily dependent on China for production and processing of many key critical minerals. This bill would leverage the strengths of the U.S. Geological Survey (USGS) in geological mapping of critical mineral reserves while giving U.S. firms a leg up in responsibly developing global mineral resources around the world.
“From the technology that powers the cell phones in our pockets to the systems that keep us safe, Americans depend on critical minerals for our economic strength and national security,” said Senator Coons. “The Finding ORE Act makes sure that our nation will have access to the essential materials we need to keep innovating, growing our economy, and deterring our enemies. I’m grateful for the bipartisan and industry support this bill has received and look forward to pushing for its enactment.”
“Many countries are unmapped or reliant on outdated geological surveys. Our bill would create opportunities for collaboration between the United States and these countries to update geological mapping with the goal of locating critical mineral deposits. These partnerships would be mutually beneficial and provide the United States access to more critical minerals, reducing our dependence on China,” said Senator Todd Young.
“We can’t solve climate change or strengthen national security without harnessing the power of critical minerals,” said Senator Hickenlooper. “Better and more accurate maps will help us and our allies safely and ethically explore untapped critical mineral deposits.”
“Access to a reliable supply chain of critical minerals is essential to meet our nation’s defense, manufacturing, and energy needs,” said Senator Cornyn. “By shoring up alliances with trusted allies and promoting geological mapping of critical mineral reserves, this legislation would ensure America has the resources needed to keep up with global demand and bolster both our mineral security and national security in the years ahead.”
“Critical minerals and rare earth elements are the building blocks of our modern economy and our national security,” said Representative Wittman. “This bill ensures that the United States can work hand-in-hand with like-minded nations to identify and responsibly develop these essential resources, while strengthening supply chain resilience and promoting American leadership in mineral exploration. Through this bill, we are reinforcing our alliances, building technical capacity, and supporting global standards in responsible mineral development. I’m proud to introduce the Finding ORE Act as a forward-looking solution to this pressing global challenge.”
“America’s dependence on adversarial nations for critical minerals poses a significant threat to our national security and our clean energy future,” said Representative Castor. “The Finding ORE Act leverages our expertise in geologic mapping to promote the sustainable development of critical mineral supply chains through international partnerships. This legislation will make our nation safer and stronger while supporting our strategic alliances. I’m grateful to my bipartisan colleagues for working together to enhance U.S. leadership in the clean energy transition.”
“The United States has too often watched from the sidelines as our adversaries explored, invested in, and secured the world’s most promising mineral deposits,” said Abigail Hunter, Executive Director of SAFE’s Center for Critical Minerals Strategy. “This bill changes that. It positions the United States—our geological experts and industry—to help identify and potentially develop the next generation of great deposits. It ensures we show up in resource-rich nations, rather than leaving them to deepen their ties with China.”
“The American Critical Minerals Association welcomes the bipartisan, bicameral introduction of the Finding ORE Act by Senators Coons, Young, Hickenlooper, and Cornyn and Representatives Wittman and Castor,” said Sarah Venuto, Executive Director of ACMA. “Expanding our knowledge base of global minerals resources and growing partnerships with our allies will ensure the United States is a leading force in resourcing critical minerals in a responsible way. ACMA looks forward to working with Senator Coons and his colleagues to advance the Finding ORE Act.”
“Colorado School of Mines commends Senators Coons, Young, Hickenlooper, and Cornyn and Reps. Wittman and Castor for their bipartisan efforts to leverage U.S. expertise in mineral mapping to support safe, secure, and responsible mineral supply chains,” said Dr. John Bradford, Vice President for Global Initiatives at Colorado School of Mines. “When called upon to contribute, institutions with strong partnerships with USGS, like Colorado School of Mines, seek to support America’s government and industry partners to advance the technology, knowledge, and workforce required to responsibly identify, assess, and produce mineral resources in the U.S. and around the world.”
“BPC Action applauds the bipartisan introduction of the Finding ORE Act. The bill will strengthen U.S. supply chain security by enhancing coordination with allies on critical mineral development, helping secure new critical minerals sources free from adversary control,” said Michele Stockwell, president of Bipartisan Policy Center Action (BPC Action).
“Terra AI celebrates this forward-thinking, bi-partisan critical minerals exploration legislation introduced by Senators Coons, Young, Hickenlooper, and Cornyn and Reps. Wittman and Castor,” said John Mern, CEO of Terra AI. “The Finding ORE Act would empower America’s agencies and private firms to explore and claim the next major deposits of critical minerals which will supply our industries for decades to come; supporting manufacturing, aerospace, energy, and artificial intelligence. We support this act’s unique approach to winning the critical minerals race by leveraging America and Her Allies’ relative advantages — strong diplomatic relations, world-leading technology, and entrepreneurial spirit. This act is the essential early stage first step to establishing US global mineral dominance and winning this generational opportunity. As a mineral exploration AI company, we see huge value in collaboration between the private sector and our nation’s diplomatic, geologic and financial agencies abroad. It is a winning playbook, and we look forward to seeing more legislation in this area.”
The Finding ORE Act would authorize the Director of USGS to enter into memoranda of understanding (MOU) with foreign partner countries related to mapping of critical minerals. The bill identifies four objectives for these MOU:
Committing USGS to assist the partner country with a range of critical mineral mapping activities
Committing the partner country to offer a right of first refusal to private companies based in the United States or an allied country in the further development of mapped critical minerals
Facilitating investment in the development of critical minerals in the partner country, including by leveraging financing from the U.S. Development Finance Corporation and Export-Import Bank
Ensuring that mapping data created through partnership with USGS is not disclosed to governmental or private entities in non-allied countries
The bill requires USGS to collaborate with both the State Department and the private sector in identifying which countries to prioritize for negotiation of an MOU and would involve the State Department in the negotiation and implementation process.
A one-pager on the bill is available here.
The full text of the bill is available here.
Translartion. Region: Russians Fedetion –
Source: Moscow Exchange – Moscow Exchange –
For bidders
We inform you that, based on the letter of the Bank of Russia and in accordance with Part I. General Part and Part II. Stock Market Section of the Rules for Conducting Trading on the Stock Market, Deposit Market and Credit Market of Moscow Exchange PJSC, the order establishes the form, time, term and procedure for holding auctions for the placement and trading of the following federal loan bonds:
1.
| Name of the Issuer | Ministry of Finance of the Russian Federation |
| Name of security | federal loan bonds with constant coupon income |
| State registration number of the issue | 26242RMFS from 01/19/2023 |
| Date of the auction | April 16, 2025 |
| Information about the placement (trading mode, placement form) | The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble) |
| Trade code | CO26242RMFSB |
| ISIN code | RO000A105RV3 |
| Calculation code | B01 |
| Additional conditions of placement | The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%. |
| Trading time | Trading hours: bid collection period: 12:00 – 12:30; bid execution period: 13:00 – 18:00. |
2.
| Name of the Issuer | Ministry of Finance of the Russian Federation |
| Name of security | federal loan bonds with constant coupon income |
| State registration number of the issue | 26248RMFS from 08.05.2024 |
| Date of the auction | April 16, 2025 |
| Information about the placement (trading mode, placement form) | The placement of Bonds will be carried out in the Trading Mode “Placement: Auction” by holding an Auction to determine the placement price. BoardId: PACT (Settlements: Ruble) |
| Trade code | CO26248RMFS3 |
| ISIN code | RO000A108EH4 |
| Calculation code | B01 |
| Additional conditions of placement | The share of non-competitive bids in relation to the total volume of bids submitted by the Bidder may not exceed 90%. |
| Trading time | Trading hours: bid collection period: 14:30 – 15:00; bid execution period: 15:30 – 18:00. |
Contact information for media 7 (495) 363-3232Pr@moex.kom
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.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
HTTPS: //VVV. MOEX.K.M.M.
Translartion. Region: Russians Fedetion –
Source: Moscow Exchange – Moscow Exchange –
From April 21, 2025, the Foreign Exchange Market will expand the time for concluding transactions in the OTC Clearing mode with the Central Bank (CPCL): concluding transactions will become available from 7:00.
The change only affects CPCL mode and does not affect other modes.
Contact information for media 7 (495) 363-3232Pr@moex.kom
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.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
HTTPS: //VVV. MOEX.K.M.M.
Source: GlobeNewswire (MIL-OSI)
PALOS VERDES ESTATES, Calif., April 15, 2025 (GLOBE NEWSWIRE) — Malaga Financial Corporation “Company” (OTCPink:MLGF), the parent company of Malaga Bank FSB, today reported that net income for the quarter ended March 31, 2025 was $5,404,000 ($0.57 basic and fully diluted earnings per share), a decrease of $608,000 or 10% from net income of $6,012,000 ($0.64 basic and fully diluted earnings per share, as adjusted for the stock dividend declared on November 15, 2024) for the quarter ended March 31, 2024. For the first quarter of 2025, the Company’s annualized return on average equity was 10.16% and the annualized return on average assets was 1.55%, as compared to 12.06% and 1.64%, respectively, for the same period in 2024.
The Company did not have any delinquent loans or foreclosed real estate owned at March 31, 2025. The Company’s allowance for credit losses was $3,730,000, or 0.30% of total loans, at March 31, 2025.
Net interest income totaled $11,129,000 in the first quarter of 2025, a decrease of $44,000 or 0.39% from the first quarter of 2024. This decrease is due to an overall decrease in average-interest earning assets of $76.4 million offset by an increase of 0.12% in the interest spread to 2.98%. The increase in interest spread is primarily attributable to a 0.12% increase in yield on average interest-earning assets as the average cost of funds was unchanged.
In the first quarter of 2025, the Company recorded $13,000 in expenses (net of tax) related to the Employment Retention Credit (ERC) versus $494,000 in income (net of tax) in the first quarter of 2024. The ERC is a credit against certain employment taxes for eligible employers based on certain wages paid after March 12, 2020, through September 30, 2021. The Company qualified for the ERC based on the partial suspension of our business due to government orders related to Covid-19 pandemic.
In the first quarter of 2025, operating expenses increased 3% to $3,692,000 from $3,581,000 in the first quarter of 2024. The increase is primarily attributed to increases in compensation of $55,000, and general and administrative expenses of $53,000.
Randy C. Bowers, Chairman, President and CEO, commented, “First quarter 2025 presented continued volatility with increasing uncertainty in both economic markets and the political environment. We are generally pleased with our results for the period and note the year-over-year impact of the 2024 ERC credit. Credit quality remains excellent, net interest spread has improved and expenses are well controlled. We anticipate the rest of the year to be challenging and are preparing to address changes as they become apparent. We appreciate the efforts of our colleagues and loyalty of our shareholders as we continue to adapt in this difficult environment.”
Malaga’s total assets decreased to $1.381 billion at March 31, 2025, compared to $1.456 billion at March 31, 2024. The loan portfolio at March 31, 2025, was $1.226 billion, a decrease of $37 million or 3% from March 31, 2024. Malaga originates loans principally for its own portfolio and not for sale.
Malaga funds its assets with a mix of retail deposits, wholesale deposits and FHLB borrowings. Retail deposits totaled $714 million as of March 31, 2025, a $36 million decrease from $750 million at March 31, 2024. Much of this outflow was a result of depositors seeking higher returns in alternative investments. Wholesale deposits, comprised mainly of State of California certificates of deposit and longer-term brokered deposits, totaled $226 million as of March 31, 2025, a $57 million increase from $169 million at March 31, 2024. FHLB borrowings decreased $110 million or 35% from $310 million at March 31, 2024, to $200 million at March 31, 2025. Malaga Bank utilizes FHLB borrowings and longer-term wholesale deposits as a tool to manage interest rate risk associated with growth of the loan portfolio.
As of March 31, 2025, Malaga Bank was in compliance with all applicable regulatory capital requirements and was deemed “well-capitalized” under applicable regulations. Core capital and risk-based capital ratios were 16.21% and 28.63%, respectively, at March 31, 2025, significantly exceeding the minimum “well-capitalized” requirements of 5% and 10%, respectively.
Malaga Bank, a subsidiary of Malaga Financial Corporation, is a full-service community bank headquartered on the Palos Verdes Peninsula with six offices located in the South Bay area of Los Angeles. For over fifteen years Malaga Bank has been consistently recommended by one of the nation’s leading independent bank rating and research firms, Bauer Financial Inc. Malaga Bank was awarded Bauer’s premier Top 5-Star rating for the 69th consecutive quarter as of December 2024. Since 1985, Malaga Bank has been delivering competitive banking services to residents and businesses of the South Bay, including real estate loan products custom-tailored to consumers and investors. As the largest community bank in the South Bay, Malaga is proud of its continuing tradition of relationship-based banking and legendary customer service. The Bank’s web site is located at www.malagabank.com.
| Contact: | Randy Bowers |
| Chairman, President and Chief Executive Officer | |
| Malaga Financial Corporation | |
| 310-375-9000 | |
| rbowers@malagabank.com |
Source: The Conversation – USA – By Lendie R. Follett, Associate Professor of Business Analytics, Drake University
As part of its drive to cut federal spending, the Trump administration has paused over US$500 million of funds that had previously flowed annually to food banks across the U.S. It’s not the only policy change that could make it harder than it already is for many Americans to get enough to eat.
I’m a professor of statistics who finds hidden patterns in data related to food insecurity in Iowa. I also serve on the board of directors of Iowa’s largest network of food pantries.
Food pantries in Iowa have seen demand for their assistance soar in recent years. At the same time, fewer Iowans have been enrolled in the Supplemental Nutrition Assistance Program, through which low-income Americans get money from the government to buy groceries.
It may seem illogical that anyone in Iowa would need help obtaining food.
Known as the “breadbasket of the world,” my state plays a crucial role in food production as a top supplier of grain, meats and eggs to both domestic and international markets.
For example, in 2023, Iowa led the nation in corn production, harvesting over 2.5 billion bushels. It’s also the top producer of eggs, supplying more than 13 billion eggs per year.
Despite this agricultural abundance, food insecurity – not being able to maintain an adequate diet – is a pressing issue. In 2022, an estimated 1 in 9 Iowans were hungry. This rate was even higher among children: 1 in 6.
Many food-insecure families turn to food pantries to fill their refrigerators and cupboards.
The Des Moines Area Religious Council operates 14 food pantries in the Polk County area. This network of food pantries has been seeing record-breaking demand. It provided food to more than 70,000 people in 2024, up from 59,000 a year earlier.
About 35% of the people it supports are children. This rate has been increasing since government phased out COVID-19 pandemic-era programs, such as the Child Tax Credit expansion and summer EBT, a federal nutrition program that helped low-income families feed their kids when schools were closed.
Some 19% of food pantry clients in the Des Moines region are unemployed adults, only 8% are people who are 65 and up, and 38% are adults who are either working or have disabilities.
Early in the pandemic, Congress temporarily expanded SNAP by providing everyone enrolled in the program with the maximum amount of benefits for which they were eligible based on the number of people in their family, regardless of their income. Normally, only 37% of the people who get SNAP benefits get the maximum amount. For 2025, for example, a family of three can get up to $768 a month through the program.
In March 2022, Iowa became one of the first states to end this policy, creating a natural experiment of sorts at a time when food prices were rising quickly.
As you might expect, the number of clients visiting food pantries surged once that policy changed. This trend continued throughout 2024, with many months of record-breaking demand at the state’s food pantries.
While most food pantry visitors in Polk County qualify for at least some SNAP benefits, only around 1 in 3 are enrolled in the program today, down from 44% in 2020.
This decline in SNAP enrollment is placing more pressure on the food pantries trying to make up the difference.
Low SNAP enrollment rates can be partly explained by low benefit amounts, which is all that some eligible individuals and families qualify for.
Recent laws have made it more difficult for families to be eligible to receive benefits. In 2023, Iowa introduced a state-specific asset test, which limits the total assets of all members of a family to $15,000 in order to maintain eligibility. This test includes the value of boats, vacation homes and savings accounts. It also includes a second vehicle used for household transportation purposes, but not a family’s primary residence.
Another consideration is time management, especially in light of the additional administrative hurdles.
“The time it is taking these working households to get and maintain their SNAP benefits is significantly more time and effort than simply visiting a local food pantry,” said Matt Unger, Des Moines Area Religious Council’s CEO. “Here in Iowa, we are facing nearly a 17-year low in SNAP enrollment while food banks and food pantries across the state are breaking records every month. Something just doesn’t add up.”
Congress is currently deciding whether to cut SNAP spending. If lawmakers do that, benefits will decline, increasing the strain on food pantries in Iowa and everywhere else across the country.
Lendie R. Follett is affiliated with the Des Moines Area Religious Council. She currently serves on the board of directors.
– ref. Des Moines food pantries face spiking demand as the Iowa region’s SNAP enrollment declines – https://theconversation.com/des-moines-food-pantries-face-spiking-demand-as-the-iowa-regions-snap-enrollment-declines-252351
Source: US State of New York Federal Reserve
.
April 15, 2025
Agencies take action on appraisal requirements in an area affected by California wildfires and straight-line winds
Federal Deposit Insurance Corporation
Federal Reserve Board
National Credit Union Administration
Office of the Comptroller of the Currency
For release at 1:00 p.m. EDT
To help facilitate recovery efforts from wildfires and straight-line wind damage in Los Angeles County, California this year, four federal financial institution regulatory agencies today temporarily paused certain appraisal requirements for real estate-related transactions.
This action is expected to allow banks and credit unions to work with families and businesses without obtaining an appraisal. Banks and credit unions will still be required to determine that the value of the real estate supports the institution’s decision to enter into the transaction.
As a result of this action, financial institutions will be better able to lend or modify loans in areas where wildfire and straight-line wind damage has made appraisals challenging to obtain. This action is also expected to reduce loan processing times, helping to facilitate recovery from the disaster.
This action will expire on January 8, 2028. The agencies will monitor institutions’ real estate lending practices to ensure the transactions are being conducted in a safe and sound manner.
Last Update: April 15, 2025
