NewzIntel.com

    • Checkout Page
    • Contact Us
    • Default Redirect Page
    • Frontpage
    • Home-2
    • Home-3
    • Lost Password
    • Member Login
    • Member LogOut
    • Member TOS Page
    • My Account
    • NewzIntel Alert Control-Panel
    • NewzIntel Latest Reports
    • Post Views Counter
    • Privacy Policy
    • Public Individual Page
    • Register
    • Subscription Plan
    • Thank You Page

Category: Banking

  • MIL-OSI Europe: Press release – MEP delegation travels to Paris to discuss economy and financial services

    Source: European Parliament

    Eight MEPs will be in Paris from Monday, meeting France’s economy minister, top central bank and treasury officials, and representatives of numerous other public and private organisations.

    The delegation of MEPs from the European Parliament’s economic and monetary affairs committee will be headed by Aurore Lalucq (S&D, FR), the committee’s Chair. She will be accompanied by:

    Arba KOKALARI (EPP, SV)
    Kinga KOLLÁR (EPP, HU)
    Claire FITA (S&D, FR)
    Lara WOLTERS (S&D, NL)
    Pierre PIMPIE (PfE, FR)
    Stéphanie YON-COURTIN (Renew, FR)
    Damian BOESELAGER (Greens/EFA, DE)

    During the meetings on Monday, MEP Pascal CANFIN (Renew, FR) will also accompany the delegation.

    Meetings

    The primary objective of this mission is to visit the European Banking Authority (EBA) and the European Securities and Markets Authority (ESMA), as well as representatives of the French government, regulatory authorities and stakeholders in the areas of finance and economics, to discuss issues related to economic developments, economic governance, financial services legislation and the creation of clusters, as well as taxation and competition issues.

    Among others, the delegation will meet with France’s Minister for Economy and Finance, Eric Lombard and the Director General of the French Treasury, Bertrand Dumont, as well as the Governor of the Banque de France, François Villeroy de Galhau and the President of the French Court of Audit, Pierre Moscovici. Discussions are also expected to take place with the Secretary General of the OECD and the Chair of the French competition and prudential authorities. MEPs will also take part in roundtable discussions on ECON-related topics, such as the Savings and Investments Union, with academics and industry representatives.


    Press conference

    A press conference open to all journalists will be held by the leader of the delegation, Ms Lalucq on Wednesday at 15.00. To participate you are invited to fill in this form. The press conference is in physical presence only.

    MIL OSI Europe News –

    April 11, 2025
  • MIL-OSI Europe: Kosovo receives €500 000 grant from EIB Global to revamp the Palace of Youth and Sports in Prishtina

    Source: European Investment Bank

    Thanks to a €500 000 cooperation agreement signed between the European Investment Bank (EIB Global), Republic of Kosovo*’s Ministry of Culture, Youth and Sport and the Local Public Enterprise “Pallati i Rinisë”, the EU bank will provide technical assistance for the reconstruction, conservation and restauration of the Palace of Youth and Sports in Prishtina. The project aims to transform the facility into a state-of-the-art, multifunctional center, while preserving the cultural heritage values, ready to serve as the competition and training venue for the XXI Mediterranean Games- Prishtina 2030 to be hosted by the Republic of Kosovo.

    MIL OSI Europe News –

    April 11, 2025
  • MIL-OSI: Unity Bancorp Reports Quarterly Earnings of $11.6 Million

    Source: GlobeNewswire (MIL-OSI)

    CLINTON, N.J., April 11, 2025 (GLOBE NEWSWIRE) — Unity Bancorp, Inc. (NASDAQ: UNTY), parent company of Unity Bank, reported net income of $11.6 million, or $1.13 per diluted share, for the quarter ended March 31, 2025, compared to net income of $11.5 million, or $1.13 per diluted share for the quarter ended December 31, 2024. This represents a 0.8% increase in net income.

    James A. Hughes, President and CEO, commented on the financial results: “We are pleased to announce another strong quarter for Unity Bancorp, Inc. We earned $11.6 million in net income, or $1.13 per diluted share, representing 1.83% ROA and 15.56% ROE.

    Our Commercial and Residential lending had strong originations, growing loans by $84.5 million in the first quarter, a 3.74% increase from year-end. Our Retail division also demonstrated their deposit gathering capabilities, with customer deposits (ex-brokered deposits) increasing by $90.7 million, or 4.82%, quarter over quarter. We will continue to diligently manage our balance sheet, and aim to fund future credit growth by growing deposits in tandem. Furthermore, we will continue to maintain disciplined credit-risk management, by underwriting credits to conservative loan-to-value and debt-service-coverage levels, as well as swiftly addressing delinquency and non-performing asset scenarios as they arise.

    Despite the recent volatility seen in the capital markets primarily due to the implementation of tariffs, as a community bank we do not see any adverse impacts on prospective loan demand. A portion of our small business customers are poised to benefit from tariffs on foreign goods. Further, to the extent that our customers are negatively impacted, we are on standby and will remain a trusted advisor to help them navigate any potential difficulties. Our balance sheet growth highlights Unity’s commitment to providing financial services that support economic development in our local communities. Our motto “Growing With You” has never been more relevant. The relentless dedication of our employees to delivering best-in-class customer service has driven these impressive financial results.”

    For the full version of the Company’s quarterly earnings release, including financial tables, please visit News – Unity Bank (q4ir.com).

    Unity Bancorp, Inc. is a financial services organization headquartered in Clinton, New Jersey, with approximately $2.8 billion in assets and $2.2 billion in deposits. Unity Bank, the Company’s wholly owned subsidiary, provides financial services to retail, corporate and small business customers through its robust branch network located in Bergen, Hunterdon, Middlesex, Morris, Ocean, Somerset, Union, and Warren Counties in New Jersey and Northampton County in Pennsylvania. For additional information about Unity, visit our website at www.unitybank.com, or call 800-618-BANK.

    This news release contains certain forward-looking statements, either expressed or implied, which are provided to assist the reader in understanding anticipated future financial performance. These statements may be identified by use of the words “believe”, “expect”, “intend”, “anticipate”, “estimate”, “project” or similar expressions. These statements involve certain risks, uncertainties, estimates and assumptions made by management, which are subject to factors beyond the Company’s control that could impede its ability to achieve these goals. These factors include those items included in our Annual Report on Form 10-K under the heading “Item IA-Risk Factors” as amended or supplemented by our subsequent filings with the SEC, as well as general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, our ability to manage and reduce the level of our nonperforming assets, results of regulatory exams, and the impact of any health crisis or national disasters on the Bank, its employees and customers, among other factors.

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

    News Media & Financial Analyst Contact:
    George Boyan, EVP and CFO
    (908) 713-4565

    PDF available: http://ml.globenewswire.com/Resource/Download/fe9c7f9d-e20c-4e4d-a2aa-71f584057b57

    The MIL Network –

    April 11, 2025
  • MIL-OSI: CIB Marine Bancshares, Inc. Announces First Quarter 2025 Results

    Source: GlobeNewswire (MIL-OSI)

    BROOKFIELD, Wis., April 11, 2025 (GLOBE NEWSWIRE) — CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and three months ended March 31, 2025. Net income of $0.3 million for the first quarter of 2025, or $0.24 basic and $0.23 diluted net income per share, compares to $0.2 million during the same quarter of 2024, or $0.13 basic and $0.10 diluted net income per share.

    Financial highlights for the quarter include:

    • Net interest margin increased to 2.62% compared to 2.44% for the fourth quarter of 2024 and 2.29% for the first quarter of 2024. The rising trend continues as the cost of funds reprices lower relative to the changes in yields on earning assets. Net interest income rose $0.3 million compared to the same quarter of 2024, primarily due to declining cost of funds and improved net interest margin.
    • Although quarter-end loan balances declined $12 million compared to December 31, 2024, the allowance for credit losses to loans rose from 1.26% to 1.29%, primarily due to a deterioration in forecasted short-term economic outcomes. Non-performing assets to total assets of 0.67% and non-accrual loans to loans of 0.84% on March 31, 2025, compares to 0.68% and 0.81%, respectively, on December 31, 2024. In 2024, the Bank maintained lower loan balances to support the preferred stock redemption and ensure appropriate capital ratios. Looking ahead, an increase in the loan portfolio is expected over the remainder of the year, primarily driven by growth in the commercial segments.
    • The Banking Division’s $0.8 million of net income for the quarter was unchanged from the same period the prior year. Due to seasonal factors and high interest rates, the Mortgage Division experienced a slow first quarter, resulting in a net loss of $0.2 million, which is an improvement of $0.2 million compared to the same period in 2024 due to cost-saving actions implemented earlier. The net remaining Other Division, comprised primarily of parent company operations, had a net loss of $0.3 million with roughly one-third of that amount attributed to subordinated debt interest expense. Although the parent company has a $2 million line of credit, no draws have been made on that potential funding source to date.

    Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “Our banking operations have gained momentum, with our strong corporate banking group rebuilding the commercial loan pipeline and our net interest margin trending higher due to management’s diligent efforts to lower our cost of funds. Despite an improvement of $0.2 million from the first quarter of the previous year, the Mortgage Division reported a loss due to the challenging business environment for residential mortgages. We anticipate a decline in overall mortgage production for the remainder of the year compared to the previous year, primarily due to lender staff reductions, but remain confident in the capabilities of our current lending team to deliver solid mortgage production.”

    He added, “In February, we announced the launch of our 2025 common stock repurchase program, which is expected to buy back up to $1 million worth of shares through the end of the year. During the first quarter of 2025, we spent $235,000 in open market transactions to buy 7,429 shares at an average price of $31.65 per share. This price was significantly lower than the tangible book value of $57.37 per share as of December 31, 2024, and the repurchases contributed to an increase in the tangible book value to $58.46 per share by March 31, 2025.”

    As the Company prepares for its upcoming annual meeting, he concluded, “We look forward to discussing key topics related to our operating results and capital plans at the Annual Shareholder Meeting on Thursday, April 24th, 2025. Shareholders are encouraged to visit our website for more information about the virtual meeting and to review the meeting materials.”

    CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates nine banking offices in Illinois, Wisconsin, and Indiana, and has mortgage loan officers and/or offices in six states. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.

    FORWARD-LOOKING STATEMENTS
    CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.

    There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.

    Stockholders should note that many factors, some of which are discussed elsewhere in this Earnings Release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:

    • operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
    • economic, political, and competitive forces affecting CIB Marine’s banking business;
    • the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
    • the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.

    These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements.

    FOR INFORMATION CONTACT:
    J. Brian Chaffin, President & CEO
    (217) 355-0900
    brian.chaffin@cibmbank.com

     
    CIB MARINE BANCSHARES, INC.
    Selected Unaudited Consolidated Financial Data
                     
      At or for the
      Quarters Ended   3 Months Ended
      March 31, December 31, September 30, June 30, March 31,   March 31, March 31,
      2025 2024 2024 2024 2024   2025 2024
      (Dollars in thousands, except share and per share data)
    Selected Statement of Operations Data:                
    Interest and dividend income $ 10,941   $ 11,408   $ 12,283   $ 12,052   $ 11,801     $ 10,941   $ 11,801  
    Interest expense   5,652     6,259     6,707     6,897     6,840       5,652     6,840  
    Net interest income   5,289     5,149     5,576     5,155     4,961       5,289     4,961  
    Provision for (reversal of) credit losses   42     (332 )   (113 )   10     (28 )     42     (28 )
    Net interest income after provision for                
    (reversal of) credit losses   5,247     5,481     5,689     5,145     4,989       5,247     4,989  
    Noninterest income (1)   1,552     1,724     2,897     6,904     1,627       1,552     1,627  
    Noninterest expense   6,373     6,678     7,163     6,904     6,421       6,373     6,421  
    Income before income taxes   426     527     1,423     5,145     195       426     195  
    Income tax expense   105     123     347     1,361     17       105     17  
    Net income (loss) $ 321   $ 404   $ 1,076   $ 3,784   $ 178       $ 321   $ 178  
                     
    Common Share Data:                
    Basic net income (loss) per share (2) $ 0.24   $ 0.60   $ 0.79   $ 2.79   $ 0.13     $ 0.24   $ 0.13  
    Diluted net income (loss) per share (2)   0.23     0.54     0.59     2.06     0.10       0.23     0.10  
    Dividend   0.00     0.00     0.00     0.00     0.00       0.00     0.00  
    Tangible book value per share (3)   58.46     57.37     57.80     55.36     52.59       58.46     52.59  
    Book value per share (3)   58.51     57.42     56.06     53.61     50.84       58.51     50.84  
    Weighted average shares outstanding – basic   1,348,995     1,357,737     1,357,259     1,356,255     1,341,181       1,348,995     1,341,181  
    Weighted average shares outstanding – diluted   1,396,274     1,507,344     1,833,586     1,833,881     1,820,498       1,396,274     1,820,498  
    Financial Condition Data:                
    Total assets $ 852,018   $ 866,474   $ 888,283   $ 901,634   $ 897,595     $ 852,018   $ 897,595  
    Loans   684,787     697,093     707,310     719,129     736,019       684,787     736,019  
    Allowance for credit losses on loans   (8,818 )   (8,790 )   (8,973 )   (9,083 )   (9,087 )     (8,818 )   (9,087 )
    Investment securities   124,109     120,339     120,349     123,814     119,300       124,109     119,300  
    Deposits   692,028     692,378     747,168     768,984     772,377       692,028     772,377  
    Borrowings   67,214     81,735     33,583     28,222     32,120       67,214     32,120  
    Stockholders’ equity   79,309     77,961     92,358     89,008     85,091       79,309     85,091  
    Financial Ratios and Other Data:                
    Performance Ratios:                
    Net interest margin (4)   2.62 %   2.44 %   2.55 %   2.38 %   2.29 %     2.62 %   2.29 %
    Net interest spread (5)   1.99 %   1.74 %   1.80 %   1.71 %   1.63 %     1.99 %   1.63 %
    Noninterest income to average assets (6)   0.73 %   0.82 %   1.25 %   3.09 %   0.73 %     0.73 %   0.73 %
    Noninterest expense to average assets   3.05 %   3.06 %   3.17 %   3.09 %   2.87 %     3.05 %   2.87 %
    Efficiency ratio (7)   93.65 %   96.17 %   85.32 %   57.19 %   97.20 %     93.65 %   97.20 %
    Earnings (loss) on average assets (8)   0.15 %   0.19 %   0.48 %   1.69 %   0.08 %     0.15 %   0.08 %
    Earnings (loss) on average equity (9)   1.65 %   1.94 %   4.71 %   17.92 %   0.84 %     1.65 %   0.84 %
    Asset Quality Ratios:                
    Nonaccrual loans to loans (10)   0.84 %   0.81 %   0.44 %   0.47 %   0.48 %     0.84 %   0.48 %
    Nonperformance assets to total assets (11)   0.67 %   0.68 %   0.38 %   0.41 %   0.43 %     0.67 %   0.43 %
    Nonaccrual loans, modified loans to borrowers experiencing                
    financial difficulty, loans 90 days or more past due and still                
    accruing to total loans   1.21 %   1.19 %   1.62 %   1.38 %   1.04 %     1.21 %   1.04 %
    Nonaccrual loans, OREO, modified loans to borrowers                
    experiencing financial difficulty, loans 90 days or more past                
    due and still accruing to total assets   0.97 %   0.98 %   1.32 %   1.14 %   0.89 %     0.97 %   0.89 %
    Allowance for credit losses on loans to total loans (10)   1.29 %   1.26 %   1.27 %   1.26 %   1.23 %     1.29 %   1.23 %
    Allowance for credit losses on loans to nonaccrual loans,                
    modified loans to borrowers experiencing financial difficulty loans                
    and loans 90 days or more past due and still accruing (10)   106.25 %   105.95 %   82.53 %   91.24 %   118.77 %     106.25 %   118.77 %
    Net charge-offs (recoveries) annualized                
    to average loans (10)   -0.01 %   -0.01 %   -0.01 %   0.03 %   0.03 %     -0.01 %   0.03 %
    Capital Ratios:                
    Total equity to total assets   9.31 %   9.00 %   10.40 %   9.87 %   9.48 %     9.31 %   9.48 %
    Total risk-based capital ratio   13.34 %   13.02 %   14.54 %   13.90 %   13.07 %     13.34 %   13.07 %
    Tier 1 risk-based capital ratio   10.62 %   10.33 %   11.89 %   11.27 %   10.48 %     10.62 %   10.48 %
    Leverage capital ratio   8.40 %   8.14 %   9.30 %   8.93 %   8.50 %     8.40 %   8.50 %
    Other Data:                
    Number of employees (full-time equivalent)   152     165     170     172     177       152     177  
    Number of banking facilities   9     9     9     9     9       9     9  
                     
    (1) Noninterest income includes gains and losses on securities.
    (2) Net income available to common stockholders in the calculation of earnings per share includes the difference between the carrying amount less the consideration paid for redeemed preferred stock of $0.4 million for the quarter ended December 31, 2024.
    (3) Tangible book value per share is the stockholder equity less the carry value of the preferred stock and less the goodwill and intangible assets, divided by the total shares of common outstanding. Book value per share is the stockholder equity less the liquidation preference of the preferred stock, divided by the total shares of common outstanding. Book value measures are reported inclusive of the net deferred tax assets. As presented here, shares of common outstanding excludes unvested restricted stock awards.
    (4) Net interest margin is the ratio of net interest income to average interest-earning assets.
    (5) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities.
    (6) Noninterest income to average assets excludes gains and losses on securities.
    (7) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities.
    (8) Earnings on average assets are net income divided by average total assets.
    (9) Earnings on average equity are net income divided by average stockholders’ equity.
    (10) Excludes loans held for sale.
    (11)Nonperforming assets includes nonaccrual loans and securities and other real estate owned.
     
    CIB MARINE BANCSHARES, INC.
    Consolidated Balance Sheets (unaudited)
               
      March 31, December 31, September 30, June 30, March 31,
      2025 2024 2024 2024 2024
      (Dollars in Thousands, Except Shares)
    Assets          
    Cash and due from banks $ 7,717   $ 6,748   $ 13,814   $ 10,690   $ 7,727  
    Reverse repurchase agreements   –     –     –     –     –  
    Securities available for sale   121,939     118,206     118,145     121,687     117,160  
    Equity securities at fair value   2,170     2,133     2,204     2,127     2,140  
    Loans held for sale   7,685     13,291     19,472     17,897     8,048  
               
    Loans   684,787     697,093     707,310     719,129     736,019  
    Allowance for credit losses on loans   (8,818 )   (8,790 )   (8,973 )   (9,083 )   (9,087 )
    Net loans   675,969     688,303     698,337     710,046     726,932  
               
    Federal Home Loan Bank Stock   2,607     2,607     2,238     2,238     2,328  
    Premises and equipment, net   1,486     1,570     1,526     1,569     3,550  
    Accrued interest receivable   2,680     2,651     2,926     3,230     3,271  
    Deferred tax assets, net   12,529     12,955     12,796     14,840     14,849  
    Other real estate owned, net   –     200     211     283     375  
    Bank owned life insurance   6,486     6,437     6,388     6,340     6,291  
    Goodwill and other intangible assets   64     64     64     64     64  
    Other assets   10,686     11,309     10,162     10,623     4,860  
    Total assets $ 852,018   $ 866,474   $ 888,283   $ 901,634   $ 897,595  
               
    Liabilities and Stockholders’ Equity          
    Deposits:          
    Noninterest-bearing demand $ 98,403   $ 86,886   $ 95,471   $ 95,457   $ 87,621  
    Interest-bearing demand   77,620     84,833     90,095     86,728     92,092  
    Savings   232,046     224,960     234,969     244,595     261,998  
    Time   283,959     295,699     326,633     342,204     330,666  
    Total deposits   692,028     692,378     747,168     768,984     772,377  
    Short-term borrowings   57,444     71,973     23,829     18,477     22,383  
    Long-term borrowings   9,770     9,762     9,754     9,745     9,737  
    Accrued interest payable   1,614     1,911     2,101     2,145     1,982  
    Other liabilities   11,853     12,489     13,073     13,275     6,025  
    Total liabilities   772,709     788,513     795,925     812,626     812,504  
               
    Stockholders’ Equity          
    Preferred stock, $1 par value; 5,000,000 authorized shares at periods prior to December 31, 2024; 7% fixed rate noncumulative perpetual issued; 14,633 shares of series A and 1,610 shares of series B; convertible; $16.2 million aggregate liquidation preference   –     –     13,806     13,806     13,806  
    Common stock, $1 par value; 75,000,000 authorized shares; 1,382,609 and 1,372,642 issued shares; 1,356,247 and 1,358,473 outstanding shares at March 31, 2025 and December 31, 2024, respectively. (1)   1,383     1,372     1,372     1,372     1,369  
    Capital surplus   181,801     181,708     181,603     181,486     181,380  
    Accumulated deficit   (99,167 )   (99,487 )   (100,297 )   (101,373 )   (105,157 )
    Accumulated other comprehensive income (loss), net   (3,939 )   (5,098 )   (3,592 )   (5,749 )   (5,773 )
    Treasury stock, 27,084 shares on March 31, 2025 and 14,791 shares December 31, 2024 (2)   (769 )   (534 )   (534 )   (534 )   (534 )
    Total stockholders’ equity   79,309     77,961     92,358     89,008     85,091  
    Total liabilities and stockholders’ equity $ 852,018   $ 866,474   $ 888,283   $ 901,634   $ 897,595  
               
    (1) Both issued and outstanding shares as stated here exclude 51,684 shares and 42,259 shares of unvested restricted stock awards at March 31, 2025 and December 31, 2024, respectively.
    (2) Treasury stock includes 722 shares held by subsidiary bank CIBM Bank.
               
    CIB MARINE BANCSHARES, INC.
    Consolidated Statements of Operations (Unaudited)
                     
      At or for the
      Quarters Ended   3 Months Ended
      March 31, December 31, September 30, June 30, March 31,   March 31, March 31,
      2025 2024 2024 2024 2024   2025 2024
      (Dollars in thousands)
                     
    Interest Income                
    Loans $ 9,623   $ 9,999   $ 10,573   $ 10,582   $ 10,394     $ 9,623   $ 10,394  
    Loans held for sale   137     215     300     213     142       137     142  
    Securities   1,150     1,151     1,183     1,217     1,231       1,150     1,231  
    Other investments   31     43     227     40     34       31     34  
    Total interest income   10,941     11,408     12,283     12,052     11,801       10,941     11,801  
                     
    Interest Expense                
    Deposits   5,029     5,638     6,354     6,466     6,227       5,029     6,227  
    Short-term borrowings   504     500     232     310     493       504     493  
    Long-term borrowings   119     121     121     121     120       119     120  
    Total interest expense   5,652     6,259     6,707     6,897     6,840       5,652     6,840  
    Net interest income   5,289     5,149     5,576     5,155     4,961       5,289     4,961  
    Provision for (reversal of) credit losses   42     (332 )   (113 )   10     (28 )     42     (28 )
    Net interest income after provision for                
    (reversal of) credit losses   5,247     5,481     5,689     5,145     4,989       5,247     4,989  
                     
    Noninterest Income                
    Deposit service charges   59     55     63     67     66       59     66  
    Other service fees   (9 )   (5 )   (5 )   1     (5 )     (9 )   (5 )
    Mortgage banking revenue, net   1,140     1,564     2,264     2,166     1,209       1,140     1,209  
    Other income   177     192     150     273     163       177     163  
    Net gains on sale of securities available for sale   0     0     0     0     0       0     0  
    Unrealized gains (losses) recognized on equity securities   36     (71 )   78     (14 )   (18 )     36     (18 )
    Net gains (loss) on sale of SBA loans   161     0     420     0     202       161     202  
    Net gains on sale of assets and (writedowns)   (12 )   (11 )   (73 )   4,411     10       (12 )   10  
    Total noninterest income   1,552     1,724     2,897     6,904     1,627       1,552     1,627  
                     
    Noninterest Expense                
    Compensation and employee benefits   4,066     4,344     4,852     4,700     4,289       4,066     4,289  
    Equipment   559     467     504     457     462       559     462  
    Occupancy and premises   549     500     495     391     436       549     436  
    Data Processing   221     220     243     208     212       221     212  
    Federal deposit insurance   129     144     182     219     199       129     199  
    Professional services   278     240     254     219     199       278     199  
    Telephone and data communication   52     74     51     51     56       52     56  
    Insurance   64     71     78     80     81       64     81  
    Other expense   455     618     504     579     487       455     487  
    Total noninterest expense   6,373     6,678     7,163     6,904     6,421       6,373     6,421  
    Income from operations                
    before income taxes   426     527     1,423     5,145     195       426     195  
    Income tax expense   105     123     347     1,361     17       105     17  
    Net income (loss)   321     404     1,076     3,784     178       321     178  
    Preferred stock dividend   0     0     0     0     0       0     0  
    Discount from repurchase of preferred stock   0     406     0     0     0       0     0  
    Net income (loss) allocated to                
    common stockholders $ 321   $ 810   $ 1,076   $ 3,784   $ 178     $ 321   $ 178  
                     

    The MIL Network –

    April 11, 2025
  • MIL-OSI Economics: New Development Bank and National Bank for Financing Infrastructure and Development Sign MoU to accelerate Infrastructure and Sustainable Development Projects in India

    Source: New Development Bank

    On April 8, 2025, the New Development Bank (NDB) and the National Bank for Financing Infrastructure and Development (NaBFID), one of India’s premier development financial institutions (DFI), signed in Mumbai a Memorandum of Understanding (MoU)   to establish a strategic framework for cooperation in areas of mutual interest, including infrastructure and sustainable development projects.

    This collaboration will facilitate joint infrastructure investments in India and create a framework for the exchange of technical knowledge.

    NaBFID aims to work with NDB on clean energy and transportation projects, including renewable energy initiatives and sustainable water and sewage management, among others. The MoU also lays the foundation for both organisations to participate in infrastructure projects through thematic-level collaborations within their respective mandates.

    Additionally, NDB and NaBFID will partner in research and capacity-building initiatives, including seminars and workshops, to promote knowledge sharing and enhance institutional capabilities.

    NDB has approved nearly USD 10 billion in loans for 28 major infrastructure projects in India, including the Chennai, Indore, and Mumbai metro systems, the Delhi-Ghaziabad-Meerut Regional Rapid Transit System, and the Namo Bharat high-speed trains. Additionally, this funding supports the development of urban and rural roads, bridges and highways; water and sanitation; clean energy and USD 2 billion for COVID-19 emergency aid and economic recovery.

    Mr. Vladimir Kazbekov, Vice President and Chief Operating Officer, NDB, said, “We are delighted to partner with NaBFID to drive India’s infrastructure and social sector development. We are proud of the activities we have undertaken in our founding member country generating a robust USD 10 billion portfolio in a short time span. This MoU reflects our shared vision of fostering economic growth while promoting sustainable and inclusive development.”

    Commenting on the partnership, Mr. Rajkiran Rai G., Managing Director, NaBFID, said, “This collaboration with NDB marks a significant step in our commitment to nation-building and sustainable development. This MoU will help NaBFID accelerate infrastructure financing in clean energy and social impact projects, creating long-term value for all stakeholders.”

    About NDB 

    The New Development Bank (NDB) is a multilateral development bank established by Brazil, Russia, India, China and South Africa (BRICS) with the purpose of mobilising resources for infrastructure and sustainable development projects in emerging markets and developing countries (EMDCs). In 2021, NDB welcomed its first non-founding members and continues to expand, positioning itself as a platform for wider collaboration amongst EMDCs.  Since 2015, NDB has committed USD 35.6 billion in financing for 108 projects across sectors such as clean energy, transport, water and sanitation, environmental protection, social and digital infrastructure.

    About NaBFID

    National Bank for Financing Infrastructure Development (NaBFID) is a Development Financial Institution (DFI) established in April 2021. NaBFID is dedicated to accelerating the development of India’s infrastructure ecosystem by addressing the long-term financing needs of the sector. NaBFID plays a pivotal role in driving the nation’s economic growth and fostering sustainable development.

    NaBFID is committed towards its vision of becoming a strong provider of impact investment, catalysing infrastructure funding for transformative growth of India.

    NaBFID aims to be a key partner in helping India achieve its ambitious infrastructure development objectives – responsibly and sustainably. Additionally, NaBFID will work towards developing a deep and liquid market for bonds, loans, and derivatives for infrastructure financing.

    MIL OSI Economics –

    April 11, 2025
  • MIL-OSI Economics: Reserve Bank of India cancels the licence of Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI), vide order dated April 09, 2025, has cancelled the licence of “Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on April 11, 2025. The Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

    The Reserve Bank cancelled the licence of the bank as:

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

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

    3. The continuance of the bank is prejudicial to the interests of its depositors.

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

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

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

    3. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees five lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of the DICGC Act, 1961. As per the data submitted by the bank, about 99.72% of the depositors are entitled to receive the full amount of their deposits from the DICGC. As on March 31, 2025, DICGC has already paid ₹47.89 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961, based on the willingness received from the concerned depositors of the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2025-2026/86

    MIL OSI Economics –

    April 11, 2025
  • MIL-OSI United Kingdom: Zero tolerance for violence and harassment of NHS staff

    Source: United Kingdom – Executive Government & Departments 2

    Speech

    Zero tolerance for violence and harassment of NHS staff

    Health and Social Care Secretary Wes Streeting spoke at Unison’s annual health conference in Liverpool.

    Good morning conference.

    Let’s start on a point of agreement.

    The killing of 15 health and rescue workers in Gaza was an appalling and intolerable tragedy.

    Healthcare workers in any context, in any part of the world, should never be a target.

    The international community, or indeed any actors in any conflict, all have a responsibility to protect health and humanitarian aid workers and also to protect innocent civilians.

    And it’s clear that in Gaza, as well as in other conflict zones around the world at the moment, the international community is failing and failing badly.

    So I want to say, as a Unison member, I strongly support the sentiments expressed by our Healthcare Executive.

    But on behalf of our government, we want to see a return to an immediate ceasefire.

    We want to see aid in, people out of harm’s way, an end to this bloody conflict and a state of Palestine alongside a state of Israel, and the just and lasting peace that Israelis and Palestinians deserve.

    I also have to say, having been to the West Bank with Medical Aid for Palestinians and seen first hand the work that they do supporting the health needs of Palestinians across the occupied Palestinian territories, they do brilliant work.

    And I would fully endorse the sentiment of the motion in supporting them, and each of us putting our hands in our pockets to do that.

    But today, I’m here as the first health and social care secretary to address a Unison conference since my […] predecessor, Andy Burnham, did 15 years ago, and I am proud to do so as a Unison member.

    [Political content has been removed]

    Now we’re delivering the change people voted for.

    It’s not all plain sailing and I expect you’ll want to question, even challenge some of the government’s decisions.

    So there’ll be plenty of time for questions.

    And I promise to give you honest answers.

    [Political content has been removed]

    You might not like some of the answers.

    I might not like some of the questions, but the important thing is that we show up and we have that conversation.

    For all the challenges we’re confronting, and there are plenty, nothing I’ve experienced in the last 9 months as our country’s Health and Social Care Secretary has shaken my confidence and conviction that this will be a government that not only gets our NHS back on its feet, but makes sure it’s fit for the future, and shows the bold leadership required to make sure that we also build a national care service worthy of the name.

    Of course, it’s hard.

    [Political content has been removed]

    Six months ago, back here in Liverpool, I spent 2 hours with one of the most remarkable groups of people I’ve ever had the honour of meeting in my life.

    In that room were centuries of training and experience between them of working in the health service.

    But all of that training, all of that experience couldn’t have prepared those people with what they were confronted with in Southport on Monday the 29th of July, as they rushed into that community centre to find children and adults lying on the floor bleeding, some tragically dying.

    The aftermath of an unimaginable, senseless, mindless attack.

    Those people were confronted immediately with the consequences.

    For the staff I met, the trauma still runs deep.

    But on the day itself, the whole NHS team kicked into action.

    From the paramedics who arrived first on the scene and had to make split-second decisions of who to treat first in what order, to give them the best chance of survival.

    The porters rushing children through busy hospital corridors, and the security guards trying to shield other patients and visitors from seeing the horror that the staff were confronting.

    The lab teams who are mobilising blood supplies.

    Receptionists fielding calls from panic-stricken parents.

    The surgical teams fighting to save those young girls’ lives.

    I’m filled with admiration for their care, their expertise and their values.

    As I think about what happened in the aftermath of those brutal attacks, that admiration turns to anger.

    [Political content has been removed]

    Filipino nurses came under attack from racist thugs on their way into work wearing their NHS uniforms.

    GP surgeries closed early out of fear of rioters.

    A Nigerian care worker saw his car torched.

    These people came to our country to care for our sick and vulnerable.

    They bust a gut day in, day out to keep us well.

    If those thugs represented the worst of our country, our health and care workers represent the best.

    This government will never walk by on the other side when it comes to standing up against racist hate, intimidation or violence.

    Because no one should go to work fearing violence, least of all those all of us rely on for our healthcare.

    What happened after Southport was an extreme, but it wasn’t a one off.

    One in every 7 people employed by the NHS have suffered violence at the hands of patients, their relatives or other members of the public.

    This should shame us all.

    So today I can announce we will act to keep NHS staff safe at work.

    Incidents will have to be recorded at a national level.

    Data will be analysed so that those most at risk can be protected.

    Trust boards will be made to report on progress they’re making to keep staff safe.

    Protecting staff from violence is not an optional extra.

    We are making it mandatory.

    Zero tolerance for violence and harassment of NHS staff, campaigned for by Unison.

    [Political content has been removed]

    We invest huge sums of money into training the NHS workforce.

    Then they’re treated like crap. Forced to leave the health service and often leave the country.

    British taxpayers are investing billions in doctors, nurses, paramedics and healthcare assistants only for them to turn up treating patients in Canada or Australia.

    We’ve got to retain the talent we have in the health service and treat our staff with the respect they deserve.

    That means more training and opportunities for nurses who want to progress in their career, and making flexible working easier too.

    It also means paying you for the job you actually do.

    There have been too many disputes because NHS staff have not been paid according to their job description, rather than their job.

    So we’re bringing in a new digital system to make sure the job evaluation scheme is applied fairly across the board.

    [Political content has been removed]

    A fair day’s work for a fair day’s pay. Campaigned for by Unison.

    [Political content has been removed]

    I owe my life to the NHS. Who cared for me when I went through kidney cancer. It’s a debt of gratitude I will never be able to repay. But I will certainly try.

    You were there for me and I’ll be there for you.

    As the chair said, the scale of the challenge in our NHS is huge.

    [Political content has been removed]

    So our job is twofold.

    First, to get the service back on its feet and treating patients on time again.

    And second, to reform the service for the long term so that it’s fit for the future.

    And I say it’s our job deliberately, because this can’t be done with one man sat behind a desk in Whitehall.

    We will only succeed if this is a team effort, from the Prime Minister to the 1.5 million people who work in the National Health Service.

    When I visited Singapore General Hospital in opposition, they told me about a programme they run.

    It’s called get rid of stupid stuff.

    Does what it says on the tin.

    I thought the NHS could probably do with that.

    Some of you might think I could do with that.

    It’s a common sense idea.

    People working in the health service might have ideas about how to fix it.

    So over the past few months, just as we did when we were in opposition, we’ve been asking NHS staff about the stupid stuff that’s holding them back.

    More than a million people have engaged in what’s been the biggest national conversation since the NHS was founded.

    NHS staff have attended more than 3,000 meetings across the country and online, and if you’ve not made your voice heard yet, you’ve got until 5pm on Monday [14 April 2025] to go to Change.nhs.uk.

    The plan, published later this spring, will take the best ideas from across the NHS, staff and workforce and patients and set out how we’ll deliver the change the NHS needs.

    Shifting the focus of healthcare out of hospital and into the community, with more investment in primary and community care.

    Bringing our analogue health service into the digital age, arming staff with modern equipment and cutting-edge technology.

    Turning our sickness service into a preventative health service to help people live well for longer and tackle the biggest killers.

    The crisis in the NHS is not the fault of staff, but we can’t fix it without you.

    I know how hard it is to battle against a broken system, to give patients the best care you can, only to go home at the end of the day, knowing your best wasn’t good enough.

    But there is light at the end of the tunnel.

    The cavalry is coming.

    My message to everyone working in the NHS is this.

    Stay and help us to rescue and rebuild it.

    The NHS was broken, but it’s not beaten.

    And together we can turn it around.

    Change takes time, but it has already begun.

    In 9 months, this […] government has awarded NHS staff an above-inflation pay rise, ended the resident doctors strikes, invested an extra £26 billion in health and care, the biggest investment in hospices for a generation.

    We’ve agreed the GP contract for the first time since the pandemic, with £889 million more in funding, the biggest uplift in a decade.

    We’ve reversed the decade of cuts to community pharmacy.

    We’ve delivered the extra 2 million more appointments we promised at the election than we did it 7 months early.

    NHS waiting lists have been cut for 5 months in a row and counting.

    80,000 suspected cancer patients were diagnosed early, so lots done, but so much more to do.

    We know there’s a long way to go.

    There’ll be bumps along the way.

    It won’t be plain sailing and we’ll make some mistakes.

    But we are finally putting the NHS on the road to recovery.

    On social care, we’ve been accused of not doing enough.

    I totally understand the cynicism after years of inaction.

    [Political content has been removed]

    Our first step on the road to building a national care service, and I can announce today, will go further for our care professionals.

    We are introducing the first universal career structure for adult social care, setting out four new job roles to give care workers the opportunities to progress in their career.

    With millions of pounds of new investment in their skills and training.

    Keir said his ambition for his sister, who is a care worker, is to command the same respect as her brother, the Prime Minister.

    Her work is so important to the future of our country.

    [Political content has been removed]

    But be in no doubt about the weight on our shoulders.

    I’m certainly not.

    Not only the responsibility to millions of people who are being failed by the NHS and social care services, but also to prove to a sceptical public that the NHS can change and deliver the timely, quality care people expect in 2025.

    On the 75th anniversary of the NHS, an opinion poll showed that the health service makes the majority of the British people proud of our country, greater than the pride we feel for any other aspect of our history or culture.

    But the same poll revealed that 7 in 10 believe that the NHS founding principle of healthcare, free at the point of need, won’t survive the next 10 years.

    The failure of public services to meet the needs of the people is one of the fertilisers of populism we see across liberal democracies.

    [Political content has been removed]

    We will always defend the NHS as a public service, free at the point of use, so that when you fall ill, you never have to worry about the bill.

    [Political content has been removed]

    That’s why I say it’s change or die.

    The stakes are high.

    The challenge is enormous, but the prize is huge.

    A service that values all of its workforce as an asset to be nurtured, not a cost to be minimised.

    Where staff are proud to work because their patients receive the best possible care.

    An NHS there for us when we need it.

    Once again, it won’t be easy.

    It will take time.

    But if we get this right, we will be able to look back on this time and say that we were the generation that took the NHS from the worst crisis in its history, got it back on its feet and made it fit for the future, and built a national care service worthy of the name.

    Change has begun, but the best is still to come.

    Thank you.

    Updates to this page

    Published 9 April 2025

    MIL OSI United Kingdom –

    April 11, 2025
  • MIL-Evening Report: Election Diary: Labor breaks practice of preferencing Greens to protect Jewish MP Josh Burns

    Source: The Conversation (Au and NZ) – By Michelle Grattan, Professorial Fellow, University of Canberra

    It takes a bit for Labor not to preference the Greens but on Friday it was announced that in the Melbourne seat of Macnamara, where Jewish MP Josh Burns is embattled, the ALP will run an open ticket.

    Macnamara, which includes the suburbs of Balaclava, Albert Park and South Melbourne, has the second largest Jewish constituency – 10% of voters – of any electorate. Only Wentworth in Sydney has more.

    Burns has held the seat since 2019. At the last election he had a primary vote of 31.77%, with the Greens second on 29.65%, just ahead of the Liberals on 29%. After preferences were distributed, this turned into a substantial two-party win for him over the Liberals.

    The political dynamics have changed since then. There is anger in the Jewish community about the Albanese government’s attitude to Israel and criticism that it hasn’t done enough to combat antisemitism. The expectation is that Burns’ primary vote will go down and the Liberal vote will go up.

    ABC election analyst Antony Green says the seat “will be a battle for the order of exclusion” – it will all depend on who comes in third on primary votes.

    If the Liberals or the Greens come third, Burns will be elected. If Burns is third on primaries, he is eliminated and the Greens are favorite, even with an open ticket. But the leakage of preferences from an open ticket would give an opportunity to the Liberals, Green says.

    Green points out that given how close the three parties were on primaries last election, a very small shift in votes could change the order of the top three.

    Burns has benefitted from the Friday draw for order on the ballot paper. He is in the top spot, giving him the so-called “donkey vote”, with the Greens third, ahead of the Liberals.

    Burns warned an election forum this week, sponsored by the Australian Jewish News and various Jewish groups, “If we do not win enough number one votes, then the Greens will obviously come into second place. That is the biggest concern that I’ve got.”

    He dismissed the prospects of the Liberals being able to win the seat. “The only people who can win this seat from me are the Greens.”

    He told the audience, “If the Greens form into the top two, then think about the people who make up this electorate – the young progressive people from Elwood, from St Kilda, from Windsor, from South Melbourne, from South Bank.

    “We are a proud and large Jewish community, but we’re only 10% of the electorate of Macnamara.

    “The preferences, regardless of what the Labor Party says, are not going to the Liberal Party from those young people.”

    Burns faced some heckling from a small number of people in the audience – they were told to be quiet by other audience members.

    The forum was attended by Liberal candidate Benson Saulo, who recounted his Indigenous heritage, and strongly condemned the scenes at the pro-Palestinian rally outside the Sydney Opera House in the wake of the October 7 2023 Hamas attacks in Israel.

    The Greens candidate was not invited onto the panel but was in the audience.

    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. Election Diary: Labor breaks practice of preferencing Greens to protect Jewish MP Josh Burns – https://theconversation.com/election-diary-labor-breaks-practice-of-preferencing-greens-to-protect-jewish-mp-josh-burns-254202

    MIL OSI Analysis – EveningReport.nz –

    April 11, 2025
  • MIL-OSI Economics: Reorganisation of Districts in the State of Rajasthan – Review of Lead Bank Responsibility

    Source: Reserve Bank of India

    RBI/2025-26/25
    FIDD.CO.LBS.BC.No.05/02.08.001/2025-26

    April 11, 2025

    The Chairman / Managing Director & Chief Executive Officer
    Lead Banks concerned

    Madam/ Dear Sir,

    Reorganisation of Districts in the State of Rajasthan – Review of Lead Bank Responsibility

    The Government of Rajasthan had notified reorganisation of districts in the State vide Gazette Notifications Sr.P.9(21)Raj-1/2024-(1 to 9), all dated December 29, 2024.

    2. As nine districts have been merged into 12 existing districts, the lead bank responsibility notified in respect of these nine districts vide circular FIDD.CO.LBS.BC.No.11/02.08.001/2023-24 dated November 10, 2023 as follows, stands revoked:

    Sr. No. Districts (Erstwhile) Lead Bank District Working Code
    1 Kekri Bank of Baroda 01Z
    2 Shahpura Bank of Baroda 02M
    3 Anupgarh Punjab National Bank 01W
    4 Sanchore State Bank of India 02L
    5 Neem ka Thana State Bank of India 02J
    6 Gangapur City Bank of Baroda 02E
    7 Dudu UCO Bank 02C
    8 Jaipur (Rural) State Bank of India 02D
    9 Jodhpur (Rural) ICICI Bank 02G

    3. The Lead Bank responsibilities of the following districts, which have been affected as a result of the reorganisation, have been reviewed and have been retained/modified as follows:

    Sr. No Present District Lead Bank District Working Code Remarks
    1 Ajmer Bank of Baroda 510 Retained
    2 Tonk Bank of Baroda 507 Retained
    3 Bhilwara Bank of Baroda 508 Retained
    4 Bikaner State Bank of India 520 Retained
    5 Sri Ganganagar Punjab National Bank 518 Retained
    6 Jalore State Bank of India 525 Retained
    7 Jhunjhunu Bank of Baroda 515 Retained
    8 Sikar Punjab National Bank 513 Retained
    9 Karauli Bank of Baroda 519 Retained
    10 Sawai Madhopur Bank of Baroda 506 Retained
    11 Jaipur State Bank of India 500 Modified
    12 Jodhpur ICICI Bank 530 Modified

    4. There is no change in the Lead Banks of other districts in the state of Rajasthan.

    Yours sincerely,

    (Nisha Nambiar)
    Chief General Manager-in-Charge

    MIL OSI Economics –

    April 11, 2025
  • MIL-OSI Banking: Secretary-General of ASEAN participates in the Amity Circle Retreat III in Kuala Lumpur, Malaysia

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the Amity Circle Retreat III, held in Kuala Lumpur, Malaysia. In line with the focus of the retreat, Dr. Kao shared his views on the current geopolitical situation, particularly those that affect ASEAN, and potential risks that the region might address in the future. Emphasising the need to strengthen resilience and promote strategic stability in the region, Dr. Kao highlighted the importance of the ASEAN Community Vision 2045, which will be adopted by ASEAN Leaders in May 2025, as well as the ongoing efforts on ASEAN key initiatives, such as the ASEAN Outlook on the Indo-Pacific (AOIP), the Regional Comprehensive Economic Partnership (RCEP) and negotiations on the ASEAN Digital Economy Framework Agreement (DEFA).

    The post Secretary-General of ASEAN participates in the Amity Circle Retreat III in Kuala Lumpur, Malaysia appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

    April 11, 2025
  • MIL-OSI Economics: Result of Underwriting Auction conducted on April 11, 2025

    Source: Reserve Bank of India

    In the underwriting auction conducted on April 11, 2025, for Additional Competitive Underwriting (ACU) of the undernoted Government securities, the Reserve Bank of India has set the cut-off rates for underwriting commission payable to Primary Dealers as given below:

    Nomenclature of the Security Notified Amount
    (₹ crore)
    Minimum Underwriting Commitment (MUC) Amount
    (₹ crore)
    Additional Competitive Underwriting Amount Accepted
    (₹ crore)
    Total Amount underwritten
    (₹ crore)
    ACU Commission Cut-off rate
    (paise per ₹100)
    6.92% GS 2039 16,000 8,001 7,999 16,000 0.09
    New GS 2065 16,000 8,001 7,999 16,000 0.21
    Auction for the sale of securities will be held on April 11, 2025.

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2025-2026/80

    MIL OSI Economics –

    April 11, 2025
  • MIL-OSI Economics: Money Market Operations as on April 09, 2025

    Source: Reserve Bank of India


    (Amount in ₹ crore, Rate in Per cent)

      Volume
    (One Leg)
    Weighted
    Average Rate
    Range
    A. Overnight Segment (I+II+III+IV) 6,28,278.22 5.80 1.00-6.95
         I. Call Money 14,256.06 5.91 5.00-6.10
         II. Triparty Repo 3,97,245.15 5.76 5.52-5.92
         III. Market Repo 2,15,209.76 5.86 1.00-6.95
         IV. Repo in Corporate Bond 1,567.25 6.08 6.05-6.40
    B. Term Segment      
         I. Notice Money** 170.00 5.78 5.40-6.02
         II. Term Money@@ 1,019.00 – 5.90-6.20
         III. Triparty Repo 16,055.00 6.00 6.00-6.05
         IV. Market Repo 0.00 – –
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Wed, 09/04/2025 2 Fri, 11/04/2025 19,295.00 6.01
         (b) Reverse Repo          
    3. MSF# Wed, 09/04/2025 1 Thu, 10/04/2025 45.00 6.25
      Wed, 09/04/2025 2 Fri, 11/04/2025 712.00 6.25
    4. SDFΔ# Wed, 09/04/2025 1 Thu, 10/04/2025 1,51,173.00 5.75
      Wed, 09/04/2025 2 Fri, 11/04/2025 58,523.00 5.75
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -1,89,644.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       7,804.70  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     7,804.70  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     -1,81,839.30  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on April 09, 2025 9,40,235.37  
         (ii) Average daily cash reserve requirement for the fortnight ending April 18, 2025 9,31,571.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ April 09, 2025 19,295.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on March 21, 2025 1,11,247.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2025-2026/79

    MIL OSI Economics –

    April 11, 2025
  • MIL-OSI China: NDB issues 3-year Panda bond worth 7B yuan

    Source: China State Council Information Office

    The New Development Bank (NDB) has issued a three-year Panda bond worth 7 billion yuan (about 971 million U.S. dollars) in China’s Interbank Bond Market, the bank announced on Thursday.

    Panda bonds are yuan-denominated debts sold by overseas issuers to meet financing demand. The latest issuance reinforces NDB’s position as the largest Panda bond issuer in the China Interbank Bond Market, with a cumulative issuance scale of 68.5 billion yuan.

    The latest issuance has attracted strong interest from a diversified local and foreign investor base, including central banks, insurance companies and bank treasuries, the bank noted, adding that the net proceeds from the sale of the bond will be used to finance infrastructure and sustainable development projects in NDB member countries.

    “The New Development Bank is committed to maintaining a consistent and robust presence in capital markets while diversifying its funding across various instruments, currencies and tenors. In line with the general strategy, NDB is actively expanding its funding sources through local currency-denominated bond issuances, enhancing the Bank’s capability to finance sustainable development projects,” said Monale Ratsoma, NDB vice president and chief financial officer.

    Headquartered in Shanghai, the NDB was established by Brazil, Russia, India, China and South Africa in 2014 to mobilize resources for infrastructure and sustainable development projects in BRICS member nations, and in other emerging market economies and developing countries.

    MIL OSI China News –

    April 11, 2025
  • MIL-OSI China: Announcement on Open Market Operations No.69 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.69 [2025]

    (Open Market Operations Office, April 11, 2025)

    The People’s Bank of China conducted reverse repo operations in the amount of RMB28.5 billion through quantity bidding at a fixed interest rate on April 11, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Rate

    Bidding Volume

    Winning Bid Volume

    7 days

    1.50%

    RMB28.5 billion

    RMB28.5 billion

    Date of last update Nov. 29 2018

    2025年04月11日

    MIL OSI China News –

    April 11, 2025
  • MIL-OSI USA: Senators Crapo, Blunt Rochester, Fetterman and Tillis Introduce Bipartisan, Bicameral Housing Supply Frameworks Act

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington, D.C.–U.S. Senators Mike Crapo (R-Idaho), Lisa Blunt Rochester (D-Delaware), John Fetterman (D-Pennsylvania) and Thom Tillis (R-North Carolina) today introduced the bipartisan, bicameral Housing Supply Frameworks Act.  
    The lack of affordable housing is the top issue Idahoans bring up to Senator Crapo in meetings across the state.
    The Housing Supply Frameworks Act would provide resources to help communities rehaul their zoning and land use regulations.  By channeling national expertise, the U.S. Department of Housing and Urban Development (HUD) would provide a new framework to assist localities in breaking down barriers and increasing the supply of affordable housing across income levels.  The bill was introduced in the U.S. House of Representatives by Representative Brittany Pettersen (D-Colorado) and Representative Mike Flood (R-Nebraska).
    The federal government first laid the foundation for zoning in the 1920s with the Standard State Zoning Enabling Act, a model law for states to enable zoning regulations in their jurisdictions.  This legislation provides a similar conceptual framework that would help states and localities move toward the regulatory structure needed for the housing industry of the 21st century, without imposing a federal mandate.
    “The affordable housing crisis is squeezing too many Americans out of the dream of homeownership.  Equipping cities and states with tools to change their zoning and land use policies to accommodate increasing the available supply of housing is a good place to start in mitigating this crisis,” said Senator Crapo.  “This bill contains no federal mandate, but would empower municipalities to choose zoning reforms uniquely tailored to the needs of their local communities.”
    “Everyone deserves a safe, comfortable, and affordable place to call home.  Yet, from major cities to rural communities, the impacts of America’s housing crisis are being felt by everyone.  In the wealthiest country in the world, a housing crisis of this magnitude is simply unacceptable,” said Senator Blunt Rochester.  “The Housing Supply Frameworks Act reduces some of the regulatory barriers that make it too expensive and too time-consuming to build new, affordable housing.  By removing red tape, we can facilitate a housing boom that meets the needs of our communities across the country.”
    “We are currently facing a housing crisis in Pennsylvania and across the country.  We must increase our housing supply to meet Americans’ needs – but excessive regulatory red tape and restrictive zoning requirements are getting in the way,” said Senator Fetterman.  “The Housing Supply Frameworks Act will help address this crisis by providing assistance to states and localities to enact zoning reforms.  I’m glad to work with Senators Blunt Rochester, Crapo and Tillis, and our partners in the House, Representatives Flood and Pettersen, to introduce this important bipartisan legislation.  I hope to see it passed this Congress.”
    “This bipartisan legislation gives local communities the tools they need to modernize zoning and land use policies to make housing more affordable and accessible for North Carolinians,” said Senator Tillis.  “By equipping states and municipalities with the resources to streamline regulations and cut unnecessary red tape, we can expand affordable housing options for families across the nation.”
    “Coloradans know all too well that we have a housing crisis across our state and the country,” said Rep. Pettersen.  “We need to build up the supply of housing to bring down costs for renters and homebuyers.  I’m proud to partner with my colleagues, Representative Flood and Senators Blunt Rochester and Crapo, to introduce this bipartisan legislation that will help us address policies affecting affordability and build more housing to help those who need it the most.”
    “The rising cost of housing is putting the American Dream out of reach for working families across our country,” said Representative Flood.  “We need an all-of-the-above approach to addressing America’s housing crisis.  To this end, the Housing Supply Frameworks Act helps establish suggested best practices for state and local governments across the country who want to break down barriers holding back development and innovation in housing and construction.  Thank you to my colleague, Rep. Pettersen and the Senate bill leads Senators Blunt Rochester, Crapo, Fetterman and Tillis for helping lead this bipartisan bill that is one small but important step towards bringing down the cost of housing and make it more accessible and affordable.”
    Idahoans can help identify the root causes of the housing crisis and propose solutions by participating in Senator Crapo’s affordable housing survey — https://www.crapo.senate.gov/issues/affordable-housing-survey (available through May 31).  Survey results will be used to help inform legislation on the affordable housing crisis.
    The legislation is endorsed by more than 140 housing advocacy organizations, including:
    Up For Growth Action, American Planning Association, Casita Coalition, Chamber of Progress, Coalition For Home Repair (formerly ReFrame Foundation), Coalition for Nonprofit Housing and Economic Development, Congress For The New Urbanism, Inc., Council for Affordable and Rural Housing, Enterprise Community Partners, Grounded Solutions Network, Habitat For Humanity International, Inc., Housing Assistance Council, Housing Association of Nonprofit Developers, Inclusive Abundance Action, Leading Builders of America, Local Initiatives Support Corporation, LOCUS: Responsible Real Estate Developers and Investors, Main Street America, Mortgage Bankers Association, National Alliance to End Homelessness, National Apartment Association, National Association of Hispanic Real Estate Professionals, National Association of Home Builders, National Association of Realtors, National Association of Residential Property Managers, National Council of State Housing Agencies, National Housing Conference, Inc., National Leased Housing Association, National Low Income Housing Coalition, National Multifamily Housing Council, National NeighborWorks Association, National Rental Home Council, National Urban League, Niskanen Center, Smart Growth America, UnidosUS, and YIMBY Action.
    Up For Growth Action
    Up for Growth Action CEO Mike Kingsella said, “Supporting legislation that empowers state and local governments with the resources, data and innovative models they need to reform regulatory barriers is essential to solving the housing crisis.  The Housing Supply Frameworks Act will tip the scales in hundreds of communities who are eager to create more housing but need help getting started.” 
    APA
    Sue Schwartz, FAICP, President, American Planning Association said, “Supporting innovative local approaches to housing and zoning reform is an essential part of tackling the nation’s housing crisis.  The bipartisan Housing Supply Frameworks Act will provide critical insights and understandings that planners need to drive the reforms necessary to unlock the housing supply, choice and affordability that communities need.  The American Planning Association supports this legislation as a targeted, high-impact tool to meet today’s housing challenge.”  
    BPC Action
    Michele Stockwell, president of Bipartisan Policy Center Action (BPC Action) said, “Solving our nation’s housing affordability crisis requires innovative solutions at all levels of government and a bipartisan commitment to expanding available supply.  BPC Action applauds the work of Sens. Lisa Blunt Rochester, Mike Crapo, John Fetterman and Thom Tillis in introducing the Housing Supply Frameworks Act which will ensure HUD can be a resource for states and localities looking to amend overly restrictive zoning regulations and break down barriers to building affordable housing in their communities.”
    NLIHC
    NLIHC Interim President and CEO Renee Willis said, “Zoning is an important piece of the puzzle when it comes to solving the nation’s affordable housing crisis.  The Housing Supply and Innovations Frameworks Act would help provide communities with the information they need to adopt zoning practices that facilitate the construction of affordable, accessible homes and inclusive communities. I applaud Representative Mike Flood and Senators Lisa Blunt Rochester, Thom Tillis, Mike Crapo and John Fetterman for introducing this important, common-sense legislation.” 
    NAA
    National Apartment Association (NAA) President and CEO Bob Pinnegar said, “Housing supply shortages continue to exacerbate affordability challenges in communities across our country–and it’s past time for bold, bipartisan action.  Working alongside subject matter experts from across the housing space, this legislation would provide states and localities with frameworks for positive and meaningful housing policy reform.  NAA is proud to support to support this bill as an important step in boosting our nation’s housing stock, and thanks Senators Mike Crapo, Thom Tillis, John Fetterman and Lisa Blunt Rochester and Representatives Mike Flood and Brittany Pettersen for their important leadership across the aisle.” 
    NAR
    Shannon McGahn, Executive Vice President and Chief Advocacy Officer, National Association of Realtors said, “The National Association of REALTORS® is proud to support the Housing Supply Frameworks Act (HSFA).  This bipartisan legislation provides much-needed leadership and guidance to help communities overcome barriers to housing development.  By encouraging smart, locally driven reforms, HSFA will play a vital role in addressing our nation’s housing shortage and help expand access to affordable homeownership and rental opportunities.”
    NAHB
    Buddy Hughes, Chairman, National Association of Home Builders said, “NAHB commends Reps. Mike Flood and Brittany Pettersen as well as Senators John Fetterman, Lisa Blunt Rochester, Mike Crapo and Thom Tillis for introducing legislation designed to ease America’s housing affordability crisis by focusing on proven and innovative solutions to increase the nation’s housing supply.  The Housing Supply Frameworks Act directs HUD to work in tandem with state and local governments to reduce red tape and develop best practices to boost housing production and streamline land-use policies.  This bill will help expand housing and economic opportunities in communities across the land.”
    UnidosUS
    Laura Arce, Senior Vice President for Economic Initiatives, UnidosUS said, “Too many families are locked out of homeownership due to our housing supply shortage.  UnidosUS supports the Housing Supply and Innovation Frameworks Act as a bipartisan solution to develop zoning and land use best practices that would make it easier, faster and more affordable to build homes.  This is the type of housing policy American families are waiting on.”
    NMHC
    NMHC President Sharon Wilson Géno said, “We view this legislation as a good first step and look forward to working with Congress to find solutions to break down the regulatory barriers that jeopardize our ability to create the housing that is needed for residents across all income levels.”
    Habitat for Humanity 
    Chris Vincent, Vice President of Government Relations and Advocacy at Habitat for Humanity International said, “A record shortage of starter homes has inflated home prices and pushed homeownership out of reach for millions of families and essential workers nationwide.  The Housing Supply and Innovation Frameworks Act would accelerate pro-housing regulatory reforms at the local and state levels that increase the supply of starter homes in America by addressing outdated zoning barriers.  It would empower reform-minded governments to modernize their land use policies in ways best suited to their local communities.  Habitat for Humanity urges Congress to pass it.”
    Niskanen Center
    Alex Armlovich, Senior Policy Analyst, Social Policy at Niskanen said, “HSFA’s proposal to develop new model regulations for states and local governments is the first substantial update to federal model land use codes since the Hoover Administration.  Previous legislation, like the National Affordable Housing Act of 1990, warned against regulatory barriers to housing supply but never explicitly named them.  HSFA, by contrast, itemizes an extensive and specific list of regulatory barriers–providing clarity to state and local governments and concrete criteria for federal grant administrators on what Congress means by ‘housing supply barriers’ for the first time.”

    MIL OSI USA News –

    April 11, 2025
  • MIL-OSI USA: Senator Murray, WA Food Banks, and Farmers Lay Out How Trump’s Cuts to Local Food Programs Will Hurt Families and Communities

    US Senate News:

    Source: United States Senator for Washington State Patty Murray
    Washington state is set to lose nearly $25 million this year to help schools and food banks feed hungry kids and families with fresh local food because of Trump and Elon’s senseless cuts at USDA
    ICYMI: Senator Murray, Colleagues Condemn Trump Canceling USDA Local Food Purchasing Programs
    ***WATCH HERE***
    Washington, D.C. — Today, U.S. Senator Patty Murray (D-WA), Vice Chair of the Senate Appropriations Committee, held a virtual press conference to call out the Trump administration’s recent, sudden, and senseless cuts to U.S. Department of Agriculture (USDA) programs that help local food banks, school districts, and child care centers purchase locally-grown produce, meat, seafood, and other food from farmers in Washington state.
    Last month, the Trump administration inexplicably ripped away more than $660 million in funding for the Local Food for Schools Program (LFS)—which schools and child care facilities in Washington state use to purchase berries, meat, seafood, and more from local farmers and producers—as well as $500 million from the Local Food Purchase Assistance Program (LFPA) and $500 million from The Emergency Food Assistance Program (TEFAP), which helps food banks buy nutritious food from local farms for the communities they serve.
    Washington state is set to lose nearly $25 million in federal funding it was set to receive from these programs this year alone—a $3.6 million cut to LFS, $11.8 million cut to LFPA, and a $10.5 million cut to TEFAP—and the Trump administration’s cuts have left schools and food banks scrambling to fill the gap.
    “Right now, some of the richest and most powerful men in the world, are stealing food from our kids. Apparently, there is plenty of room in the budget for tax breaks that fork over billions of dollars to people who already have billions of dollars. But keeping kids fed—that’s a bridge too far for Trump. Keeping food banks stocked—that is just too expensive. Investing in our farmers, and our families—well that is just not as important as padding Elon’s pockets,” said Senator Murray on the press call today. “These programs support American farmers—by buying their products, like cherries, raspberries, blueberries, and other produce Washington state is known for, or nutritious salmon from local fishermen, and meat from local farms…And it is not just farmers getting hit—we’re talking about food banks that serve seniors, parents, and people struggling to make ends meet. Schools who rely on these programs to help feed their students, so all our kids are able to focus on their classes—not on a grumbling stomach…And we know at least 23 of our school districts in Washington state have already withdrawn from the program next school year because they just don’t have room in their budgets to make up for the shortfall caused by Trump and Elon.”
    “Food insecurity in WA has increased annually since 2021, from one in seven households to one in four households. A recent longitudinal study conducted by UW and WSU between 2021-2024 reported that over 50 percent of households have some level of food insecurity, and it raises to over 70 percent for households with children. Food insecurity is on a steady and aggressive incline; it is moving up into the middle class. More working families are food insecure than I’ve seen in the past decade. The emergency food system for Eastern Washington needs more food. Any reduction in food sourcing compounds the growing problem of food insecurity,” said Cal Coblentz, Chief Executive Officer at Partners Inland Northwest in Spokane, the largest food pantry in Spokane County. Partners is the lead agency for Spokane County’s emergency food pantry network and also manages several food programs for Spokane County for the Washington State Department of Agriculture. “These federal funds provide food banks with purchasing power to buy locally produced food for our food bank customers. It’s powerful because we can build relationships with local farms and ranchers. One of the best ways to improve your health is buying food that’s produced close to where you live. This fiscal year, Partners will have used $350,000 of Local Food Purchase Assistance Program funding to buy 60,000 pounds of beef, which we distribute throughout the county. That’s about 120 cows. The LFPA program closes out this June and has been cancelled going forward; that’s at least 30,000 pounds of beef that we won’t be able to purchase and distribute. Additionally, $406,000 in current orders for Spokane County through The Emergency Food Assistance Program have been canceled. Long-term, if TEFAP were reduced or eliminated, we could see at least a 5 percent reduction in food across our panty system.”
    “As a farm business, we were really excited by the idea that we had an expanding local market, and in our industry, new markets are far and few between for sure. Costs are rising, costs of production are rising. We heard about this funding cut right as we had already purchased all of our seeds, we’d made our plans for the upcoming season… So, this was a big blow to us, and [LFPA] was actually a program that was working and that we saw growth in since COVID and over the last four years—there’s been a lot of efficient streamlining that’s happened across all agencies to make this program and these relationships viable and productive. And it benefited us financially,” said Haley Olson-Wailand, Co-owner of Dharma Ridge Farm on the Olympic Peninsula in Quilcene, which grows between 80-100 acres of WSDA-certified organic vegetables. Sales to Food Banks utilizing Local Food Purchasing Agreement (LFPA) funds made up just under 20 percent of Dharma Ridge Farm’s gross sales in 2024. “Access to fresh food is the missing link for a lot of people, and they need consistent access to that fresh food, and we were providing that. And it was not only providing that access to our community members who needed the food, but it was also providing a direct new market for us as farmers—and it’s devastating to lose that.”
    “As of now, our TEFAP commodities are at risk of being cut by one-third due to TEFAP funding being under review. This funding allows the state to purchase dry, frozen, and fresh commodities for us to distribute in our community. On average we receive 50,000 pounds of TEFAP product each month. If TEFAP is cut, we will lose 16,000 pounds of food for the 48,000 clients our partner organizations feed each month,” said Madeline McGonagle, Food Access Manager, Skagit Food Distribution Center in Sedro-Woolley, which is the lead agency in Skagit, Island, and San Juan counties for Food Assistance Programs through the Washington State Department of Agriculture (WSDA). “For the past couple of years, we have also had funding through the LFPA that has allowed us to purchase fresh food products from local producers and food businesses. Our current LFPA contract that began in July of 2023 and concludes in June of this year totaled $133,071. All of those funds have gone to food purchases from 33 producers and food businesses in our area through Skagit, San Juan, Whatcom, and Snohomish counties. To date, we have purchased 44,000 pounds of fresh fruits and vegetables, dairy, frozen meat, and eggs to distribute to our 14 partner organizations. In the beginning of the year we were under the impression there would be another round of these funds starting in July of 2025. However, we were recently notified by the WSDA that this program had been terminated by the USDA. While we still have funds to carry our purchasing through June, we will have no purchasing dollars come July. This will directly impact the food pantries who have been consistently receiving fresh products from us for the past two years. With the abundance of local purchasing funding, we had last year we decided to contract with local growers to specifically grow products for us to buy throughout the growing season. This was an opportunity for growers in their first or second seasons to have reliable sales throughout the season. It also ensured we had a reliable supply of products for the food pantries. With the termination of the LFPA contract we will not be able to do that again this year. Skagit has a strong and diverse agricultural community and the LFPA has lifted that community while also lifting members of the community who are experiencing food insecurity. The loss of this program will certainly have profound negative impacts in our community.”
    According to Leanne Eko, Chief Nutrition Officer of Child Nutrition Services the Office of Superintendent of Public Instruction, Washington state received $3.6 million in funding for the LFS program during the 2023-24 and 2024-25 school years, which supported the purchase of domestic, locally grown foods from local producers, small businesses, and farmers and producers for distribution to schools. OSPI leveraged its existing USDA Food Distribution System and LFS funding to support Washington school districts’ engagement in Farm to School programs by facilitating local food procurement, reducing transportation costs, and simplifying ordering logistics.
    Through the LFS program:
    Nearly 600,000 pounds of local, unprocessed or minimally processed foods were made available to Washington children;
    Between LFS funds and school district purchases, over $3,000,000 was spent on local producers and vendors;
    Over 850,000 students had access to local foods in their school meal programs;
    and 23 unique unprocessed or minimally processed foods were purchased from local producers.
    USDA announced the continuation of the LFS program and a new Local Foods for Child Care (LFCC) program in December of 2024. Washington was to receive $8,840,854 in LFS funds and $2,687,472 in LFCC funds. On March 7,2025 OSPI received a Termination Notice for the Local Food for Schools and Local Food for Child Care program project agreement. The termination noticed cited that the agreement “no longer effectuates agency priorities.” While LFS foods will continue to be available for the 2025-26 school year, interested school districts will now have to cover the full cost of products, including shipping and warehousing, due to the Trump administration’s cancellation of federal funding.
    Senator Murray’s full remarks, as delivered on today’s press call are below and video is HERE:
    “Thank you to all for participating. Right now, some of the richest and most powerful men in the world, are stealing food from our kids.
    “Apparently, there is plenty of room in the budget for tax breaks that fork over billions of dollars to people who already have billions of dollars.
    “But keeping kids fed—that’s a bridge too far for Trump. Keeping food banks stocked—that is just too expensive. Investing in our farmers, and our families—well that is just not as important as padding Elon’s pockets.
    “‘Won’t someone think of the poor billionaires!’ That’s what Trump and Musk seem to be saying at least.
    “Because in the last month they have canceled over 1.6 billion dollars for programs that feed hungry kids and help farmers.
    “Including nearly 25 million dollars that was heading to Washington state this year alone.
    “Last month the Trump administration made the sudden, senseless, and downright cruel decision to cut: $660 million from LFS, that’s the Local Food for Schools Program, which schools and child care facilities rely on to purchase food from nearby farms, they cut $500 million from LFPA, that’s the Local Food Purchase Assistance Program, which helps food banks buy nutritious local food for the communities they serve, and $500 million from TEFAP, that’s the Emergency Food Assistance Program, which helps get more food from farms to nearby food banks to people facing hunger.
    “And on top of that, Trump’s USDA also canceled this year’s round of Farm to School grants, which helps schools develop and implement local food purchasing programs and school gardens.
    “Look—these are federal dollars that I worked very hard to pass in a bipartisan way—so we can fight hunger, and keep our families fed.
    “And these programs support American farmers—by buying their products, like cherries, raspberries, blueberries, and other produce Washington state is known for, or nutritious salmon from local fishermen, and meat from local farms.
    “And I just want to talk for a minute about this. Because remember what else is happening right now: Trump is telling farmers they need to sell more of their products inside the U.S because of his boneheaded tariffs.
    “Which, by the way, shows he doesn’t have a clue—because many of our top producers export up to 90 percent of their products.
    “But then, at the very same time, Trump is eliminating farmers’ access to domestic markets by cutting important programs that help them sell locally! Make it make sense. It’s almost as if their plan is to hammer farmers as hard as they can!
    “And it is not just farmers getting hit—we’re talking about food banks that serve seniors, parents, and people struggling to make ends meet. Schools who rely on these programs to help feed their students, so all our kids are able to focus on their classes—not on a grumbling stomach.
    “In Washington alone, the Local Food for Schools program helped feed 850,000 students!
    “Now, school districts are having to make the painful decision to either keep participating in the program, and pay full price for the local food they are supposed to be getting steep discounts on, or not participate at all.
    “And we know at least 23 of our school districts in Washington state have already withdrawn from the program next school year because they just don’t have room in their budgets to make up for the shortfall caused by Trump and Elon.
    “And the way Trump and Musk are cutting these programs—with maximum chaos—isn’t saving money, it is not, so much as it it’s threatening to waste food that was already ordered and leave families hungry.
    “Truck deliveries were cancelled without warning or reason—and without any real plan to keep that food from rotting away. I mean, if you want to talk about waste—that is a real waste, caused by Trump and Musk, and the cost for their incompetence is being paid by the kids who Trump is leaving to go hungry.
    “Our President should not be pro-hunger. Two billionaires should not be rewriting national hunger programs to, essentially, say to families “let them eat cake.”
    “Instead, we should be making common sense investments in our famers, and in our families, and doing the basic, decent work of making sure kids and families do not go hungry.
    “This is government 101, literally bread and butter stuff.
    “Well, as Elon and Trump continue to do everything they can to break our government, I am not going to let this funding fall through the cracks.
    “Lifting up our voices, speaking up about what is at stake—that still matters. That can still make a difference. And that is why we are here today, to talk about what these programs actually mean for people and for our communities, to put these cuts in the spotlight, and to show just how devastating they are going to be for families in Washington state.
    “And I’m really pleased to be joined by some people who really have a deep understanding of this.
    “So, now I’ll turn it over to Cal, he’s with Partners Inland Northwest.”

    MIL OSI USA News –

    April 11, 2025
  • MIL-OSI USA: ICYMI: Lummis – Trump is ending Biden’s war on energy and one state is key to that strategy

    US Senate News:

    Source: United States Senator for Wyoming Cynthia Lummis
    Washington, D.C. — Senator Cynthia Lummis (R-WY) this week published an op-ed highlighting how President Trump is ending President Biden’s war on energy, and how Wyoming is the key to that strategy. 
    Read the full op-ed here. 
    —-
    SEN CYNTHIA LUMMIS: Trump is ending Biden’s war on energy and one state is key to that strategy
    Fox NewsApril 9, 2025
    I don’t have to tell you that Biden-era policies drained the pocketbooks of American families. But just how bad was it? Everything got more expensive. Food, consumer goods and especially energy. During President Joe Biden’s administration, energy prices increased by over 30% as a direct result of his disastrous anti-energy agenda.  
    But the Biden era is over, and that’s nowhere more apparent than in America’s energy outlook. President Donald Trump is reversing course and returning us to the Golden Age of American energy production. That’s great news for Wyoming and for America. 
    One big way the president is unleashing American energy is by removing costly regulatory hurdles. On day one, Trump declared a national energy emergency to spur domestic energy and critical mineral production and lower prices for all Americans. He reversed the Biden administration’s unconscionable decision to pause LNG export permits. He has opened up new federal lands and offshore locations for responsible leasing, and he has proposed permitting reforms. Under the leadership of EPA Administrator Lee Zeldin, the administration is protecting mining jobs out west and reversing the Biden administration’s assault on U.S. energy.  ….
    Trump has been an ally and friend of coal country. Unlike Democrats, who are still obsessively pushing their radical Green New Deal, Trump knows that intermittent wind and solar will not meet all of our energy needs in the era of cloud computing and artificial intelligence demands.  
    Trump, likewise, has been honest with the American people about the importance of baseload energy sources. And Wyoming knows that better than anyone, we’ve been America’s No. 1 coal producer since the 1980s, making ever cleaner baseload energy from coal a reality.  
    But Trump isn’t content to just stick with what we’ve always done. He wants to innovate. And so does Wyoming. We want to unleash our traditional energy sector while investing in new and exciting nuclear technology. Wyoming began construction on the first new-generation advanced reactor in Kemmerer last year. When completed, it will supply energy to 400,000 homes, creating 1,600 construction jobs and 250 high-paying permanent positions in the process. 
    Wyoming contains the largest uranium deposits in the country, presenting the opportunity to lead the way from mining to fabrication to energy production. America will not achieve Trump’s energy goals without nuclear energy, which means America will not achieve energy dominance without Wyoming.  ….
    The Biden administration’s full-scale assault on Wyoming energy will take years to undo, but I’m pleased that Trump and his administration are already making headway and bringing American energy back.  ….
    Our country is blessed with amazing natural resources that are critical to our economic and national security. We must use those resources. We must invest in our energy security. Wyoming is grateful that President Trump is delivering on his promise to Make American Energy Great Again.  
    U.S. Sen. Cynthia Lummis is a Republican from Wyoming who sits on the Senate Banking, Commerce, and Environment and Public Works committees.

    MIL OSI USA News –

    April 11, 2025
  • MIL-OSI USA: RELEASE: REP. HILL, REP. CAREY, AND SEN. BOOZMAN INTRODUCE LEGISLATION TO GROW EMPLOYEE OWNERSHIP

    Source: United States House of Representatives – Congressman French Hill (AR-02)

    WASHINGTON, D.C. – Yesterday, Rep. French Hill (R-AR) introduced legislation, the S Corporation Additional Participation Act or S-CAP Act, which would increase the maximum threshold for the number of shareholders an S Corporation can offer from 100 to 250. Rep. Mike Carey (R-OH) joined Rep. Hill in introducing the bill in the House, and Sen. John Boozman (R-AR) introduced companion legislation in the Senate.

     

    Rep. Hill said, “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.

    “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.”

    Sen. Boozman said, “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. 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.”

    Rep. Carey said, “S corporations are an economic cornerstone of towns across America. I am proud to partner with my friend Rep. French Hill to support this common-sense legislation, the S-CAP Act, that would raise the S corporation shareholder cap from 100 to 250. This would promote small and mid-sized businesses, allowing them to attract more investments, and ultimately create more jobs for hard-working Americans.”

    Further Background:

    In the United States, S Corporations (S Corps) are the most popular corporate structure. The IRS estimates that there are more than 5 million S Corps throughout the country. Congress created the S Corp structure through subchapter S of the tax code in 1958 to help shield family-owned businesses from the double taxation treatment imposed on C Corporation (“C Corp”).

    When the S Corp structure was established, Congress limited the number of shareholders to 10. Given the pass-through tax treatment, shareholder limitations were designed to create parity between S Corps and C Corps. When S Corps were originally introduced, the 10-shareholder cap made sense for small, family-owned businesses.

    Over time, Congress has recognized the power of S Corps to create jobs, increase wealth, and grow the economy. They also realized that the cap on the number of permitted shareholders hinders the potential of S Corps and have voted to increase the cap multiple times. Most recently, the shareholder cap was raised to 100 through the American Jobs Creation Act of 2004. This expansion allowed for greater investment opportunities, but S Corps are still limited in their ability to attract capital, which restricts their ability to foster economic growth and their contribution to broader economic development.

    In Arkansas’s Second District, 93,440 people (29.2% of all private sector workers) are employed at S Corporations. There are 318, 525 S Corp employees across the entire state (28.1%), and 38,533,460 nationwide (27.4%).

    Other Support:

    “The Subchapter S Bank Association strongly supports Chairman Hill’s legislation proposing to increase the number of shareholders eligible to hold S Corp stock. One-third of community banks in the US maintain an S election, and enactment of this legislation will be critical to meet and expand community bank capital access – allowing America’s 1500 S Corp banks to continue to serve their customers,” said Patrick J. Kennedy, Jr., President, Subchapter S Bank Association and Executive Chairman of TransPecos Banks, SSB.

    “The S corporation shareholder cap is a relic from another age, particularly as it applies to employee owners. The Hill legislation would ensure that S corporations who offer ownership opportunities to their employees are not penalized by this arbitrary cap. We fully support this bill and look forward to working with Representative Hill on seeing it enacted,” said Brian Reardon, President, S Corporation Association.

    “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 Jake

    Nabholz, Chief Executive Officer, Nabholz Construction Corporation.

    This bill is also endorsed by the American Council of Engineering Companies.

    MIL OSI USA News –

    April 11, 2025
  • MIL-OSI United Nations: Secretary-General’s video message for the Opening of the G7+ Ministerial Meeting

    Source: United Nations secretary general

    Download the video:
    https://s3.us-east-1.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+26+Mar+25/3355319_MSG+SG+G7+MINISTERIAL+MTG+26+MAR+25.mp4

    Excellencies,

    I am pleased to convey my heartfelt greetings to the g7+ Ministerial meeting as you mark your 15th anniversary in Dili – where your inspiring journey began.

    This city, like many of your countries, symbolizes both the wounds of conflict and the strength and resolve it takes to overcome them – and I was deeply moved by your wonderful hospitality as we marked the 25th anniversary of the independence referendum last year.

    Your people understand better than most the heavy cost of fragility – and the daily work of rebuilding lives with dignity and hope.

    Your organization was born from that spirit of resilience and purpose – and the shared recognition that lasting peace is the foundation of progress. 

    Over the years, you have championed cooperation, solidarity, and country-led solutions.

    You have also made a difference at the global level – including through your leadership in helping to secure Sustainable Development Goal 16 – on peace, justice, and strong institutions.

    Yet, fragilities are deepening around the world.

    Protracted conflicts, widening inequalities, and a raging climate crisis are fueling displacement and instability – with your nations often bearing the heaviest burden, despite contributing least to these crises.

    These plights cannot be ignored.

    The world cannot let your calls go unanswered.

    We need solidarity for solutions – and that is the spirit of the Pact for the Future that you helped shape.

    The Pact charts a course to reform peace and security cooperation – prioritizing conflict prevention, mediation, and peacebuilding.

    It seeks to strengthen coordination, including South-South cooperation, to develop innovative approaches, and expand opportunities for women and young people.

    The Pact also calls for reform of the global financial architecture through:

    Bigger and bolder Multilateral Development Banks;

    Effective debt relief for fragile economies;

    An annual SDG Stimulus of $500 billion;

    And better access to concessional finance – recognizing vulnerabilities through the Multidimensional Vulnerability Index.

    We must push the world to deliver on those commitments – including at the Fourth Financing for Development Conference in June.

    And we must push for climate justice.

    Many of you are on the frontlines – watching as rising seas and extreme weather threaten lives and livelihoods.

    As we prepare for COP30, we need to see countries turn promises into action.

    Developed countries must scale-up adaptation finance. We need meaningful contributions to the Fund for loss and damage. And we need confidence the $1.3 trillion will be delivered.

    Excellencies,

    Your journey over the past fifteen years shows us that solidarity is a common responsibility.

    As we work to tackle global challenges and implement the Pact for the Future, your voices will be vital – to strengthen multilateralism, prevent conflict, and forge a future of dignity and sustainable development for all.

    Thank you.
     

    MIL OSI United Nations News –

    April 11, 2025
  • MIL-OSI USA: Reed & Hagerty Renew Push to Reign in Abusive Mortgage “Trigger Leads” & Cut Down on Unwanted Spam Calls, Texts and Emails

    US Senate News:

    Source: United States Senator for Rhode Island Jack Reed

    WASHINGTON, DC – In an effort to give prospective homebuyers more control over their personal information, U.S. Senators Jack Reed (D-RI) and Bill Hagerty (R-TN) reintroduced the Homebuyers Privacy Protection Act to dramatically reduce spam calls, texts, and emails from irresponsible players in the mortgage industry.

    The bipartisan bill would crack down on the misuse of mortgage “trigger leads” – which occur when a consumer’s credit inquiry “triggers” the sale of their information to third-party lenders and businesses.  When a mortgage lender runs a credit check during the process to buy a home, it appears on the consumer’s credit report. The major credit reporting bureaus (including Equifax, Experian and TransUnion) may then sell that information to other lenders or brokers, which then use it to contact consumers unprompted, often in a predatory manner, to solicit business.

    According to the National Association of Mortgage Brokers (NAMB) president Jim Nabors: “It is not unusual for bank customers to receive 100+ misleading texts, phone calls and emails within the first 24 hours of applying for a mortgage and the passage of this bill will go a long way in relieving this burden to homebuyers.”

    Prospective homebuyers who are bombarded by these kinds of solicitations typically have no idea their information was sold without their consent.

    The Homebuyers Privacy Protection Act would limit the ability of credit reporting bureaus to sell trigger leads to mortgage brokers and lenders when the bureaus learn that a consumer has applied for a mortgage. This legislation would amend the Fair Credit Reporting Act (FCRA) to include specific restrictions on the use of trigger leads in the residential mortgage lending space, with very limited exceptions for institutions that a consumer currently knows and trusts.

    “Buying a home is already a complex and stressful process. Consumers should not get needlessly ‘spammed’ with unsolicited, predatory offers just because they take a necessary step in the homebuying process.  This bill would halt abusive trigger leads,” said Senator Reed, a senior member of the Banking, Housing, and Urban Affairs Committee. “The Homebuyers Privacy Protection Act will put consumers back in the driver’s seat and help cut down on the spam.  It will help reduce predatory practices and provide much needed relief from unwanted industry calls, texts, and emails.”

    “Unsolicited phone calls caused by trigger leads have become an intolerable nuisance to many Tennesseans,” said Senator Hagerty. “I’m pleased to join this bipartisan, bicameral legislation that will protect Americans’ data and help reduce endless spam calls.”

    This bill would prohibit credit reporting bureaus from selling a trigger lead unless a mortgage broker or lender certifies to the bureau that they already have a deep financial relationship with the consumer, such as an existing mortgage loan or a deposit account.  Trigger leads would also be permitted if a consumer affirmatively opts in to receiving them.

    The Homebuyers Privacy Protection Act is supported by a broad coalition of consumer advocacy groups and financial trades, including the Mortgage Bankers Association, the Independent Community Bankers of America, the American Bankers Association, the National Association of Mortgage Brokers, the Broker Action Coalition, Community Home Lenders of America, the National Consumer Law Center (on behalf of its low-income clients), the Consumer Federation of America, Americans for Financial Reform, and others.

    Last Congress, the bill garnered support from 42 cosponsors and passed the full U.S. Senate before stalling in the U.S. House of Representatives. 

    Identical bipartisan legislation is being introduced in the House by Congressman John Rose (R-TN-06) and Congressman Ritchie Torres (D-NY-15).

    MIL OSI USA News –

    April 11, 2025
  • MIL-OSI New Zealand: New High Court Judge appointed

    Source: New Zealand Government

    Attorney-General Judith Collins today announced the appointment of Simon Mount KC as a High Court Judge. 
    Justice Mount graduated from the University of Auckland with a Bachelor of Laws in 1996 and a Master of Laws in 2000, having been a High Court judges’ clerk from 1995-1996. 
    From 1997-1999 Justice Mount was a Teaching Associate with Columbia Law School in New York, also graduating with a Master of Laws from Columbia Law School in 1999. Between 2001 and 2015 Justice Mount was a Teaching Fellow with the University of Auckland. 
    Justice Mount joined Auckland firm Meredith Connell as a Crown prosecutor in 2000, and was seconded to Crown Law as a Crown Counsel from2008-2009. 
    Justice Mount has practised out of Bankside Chambers in Auckland as a Barrister sole since 2010, specialising in public law, criminal and regulatory law, including health and safety, professional discipline and public inquiries. He was a Visiting Justice from 2011 to 2018, a District Inspector of Mental Health from 2012 to 2018, and the Senior Advisory District Inspector from 2023 until present. 
    He is admitted to practise law in the Cook Islands and has been Attorney-General of the Pitcairn Islands since 2015, serving as the principal legal adviser to the Governor of Pitcairn. He was appointed a Queen’s Counsel in 2017. 
    Justice Mount’s appointment as a High Court Judge will take effect on 1 June 2025, and he will sit in Auckland. 

    MIL OSI New Zealand News –

    April 11, 2025
  • MIL-OSI Submissions: Australia – Household spending lifts in March but consumers remain cautious – CBA

    Source: Commonwealth Bank of Australia (CBA)

    Interest rate cuts are expected to fuel a consumer recovery in 2025, however rising global uncertainty could weigh on sentiment.

    The CommBank Household Spending Insights (HSI) Index rose 0.9 per cent in March, buoyed by a lift in recreation and hospitality spending off the back of Melbourne Grand Prix and the return of the winter football codes.

    Modest gains were seen across all 12 spending categories for the month, led by Education which surged 4.3 per cent amid rising tuition fees and the start of the academic year. Notable uplifts were also seen in Insurance (+1.6 per cent), Recreation (+1.4 per cent), Hospitality (+1.2 per cent), the latter showing its first lift since December.

    “While it’s encouraging to see a rebound in spending this March, particularly across discretionary categories like Recreation and Hospitality, it’s premature to call this a turning point, as the overall pace of spending growth remains lower than the final quarter of 2024,” CBA Senior Economist Belinda Allen said.

    “We expect interest rate cuts over the coming year to see consumers loosen their purse strings, but global uncertainty from the U.S tariffs may impact this recovery. It’s worth noting Australia is well placed to weather the global economic volatility and remains in a structurally sound position with limited direct impacts from the US tariffs. At the same time, the RBA has room to cut rates if required.”

    Over the past 12 months, spending was up 5.6 per cent, with the strongest growth concentrated in essential services where inflation remains elevated and premiums have risen such as Insurance (+15.3 per cent), Education (+12.7 per cent), Health (+11.9 per cent) and Household Services (+9.2 per cent). In contrast, Transport was down 3.3 per cent annually, led by lower petrol prices.

    Renters continue to show the weakest spending growth, with the annual rate of spending in original per capita terms rising by 2.0 per cent, well below owners with a mortgage (+3.2 per cent) and those who own their home outright (+3.5 per cent).

    “Queensland saw the softest growth rate in March, with spending rising just 0.1 per cent following ex-tropical cyclone Alfred,” Ms Allen said.

    Spending gains were led by South Australia (+1.2 per cent), Northern Territory (+0.9 per cent).

    The CommBank HSI Index tracks month-on-month data at a macro level and is based on de-identified payments data from approximately 7 million CBA customers, comprising roughly 30 per cent of all Australian consumer transactions.

    MIL OSI – Submitted News –

    April 11, 2025
  • MIL-OSI Security: Cut Bank man sentenced to two years in prison for assault

    Source: Office of United States Attorneys

    GREAT FALLS – A Cut Bank man who assaulted a 17-year-old girl was sentenced today to 24 months in prison to be followed by 3 years of supervised release, U.S. Attorney Kurt Alme said.

    Elijah John Bullcalf, 21, pleaded guilty in December 2024 to assault resulting in serious bodily injury.

    Chief U.S. District Judge Brian Morris presided.

    The government alleged in court documents that on May 25, 2023, Bullcalf assaulted Jane Doe in her bedroom at her parents’ home. They got into an argument after Bullcalf saw a text message he didn’t like on Doe’s cell phone. Bullcalf bit Doe’s hand and then punched her one time in the face, breaking her jaw.

    Bullcalf didn’t want her to go to the hospital and took her to his house instead. After several hours, Doe was in so much pain that Bullcalf relented and took her to the hospital. He told Doe to tell everyone she slipped and fell on the porch. Doe had to have two metal plates surgically placed in her jaw, one of which is permanent. Doe told law enforcement that one month after the assault, Bullcalf hit her again in the same part of the jaw, causing pain and bleeding. During a recorded interview with law enforcement in March 2024, Bullcalf admitted the assault.

    The U.S. Attorney’s Office prosecuted the case and the investigation was conducted by the FBI and Blackfeet Law Enforcement Services.

    XXX

    MIL Security OSI –

    April 11, 2025
  • MIL-OSI: Currency Exchange International, Corp. Announces Referral Agreement with Continental Currency Exchange

    Source: GlobeNewswire (MIL-OSI)

    • Exchange Bank of Canada (“EBC” or the “Bank”) is to refer its wholesale business-to-business (B2B) banknote customers in Canada to Continental Currency Exchange, Ltd. (“CCE”), a wholly owned subsidiary of DUCA Financial Services Credit Union Ltd. (“DUCA”)

    TORONTO, April 10, 2025 (GLOBE NEWSWIRE) — Currency Exchange International, Corp. (“CXI” or the “Company”) (TSX:CXI) (OTC:CURN), today announced a referral agreement has been entered into with CCE, one of Canada’s leading retailers of foreign exchange services. CCE operates 19 branch locations across Ontario and offers digital products, foreign exchange conversion services, pre-authorized debit and deposit transactions, foreign cheques and drafts, money transfers and wire payments in over 120 currencies. CCE is a wholly owned subsidiary of DUCA, which was formed in 1954 and has grown from a single branch credit union in Toronto to 19 branches across the GTA and Central Ontario with over 93,000 Members and over $8.3 Billion in total assets including assets under management.

    EBC will be referring its wholesale banknote customers in Canada, including financial institutions, to CCE. The referral of EBC’s banknote customers to CCE, an Ontario-based foreign exchange service provider, will mutually benefit all parties and stakeholders.

    “We are pleased and confident that the referral agreement with CCE for EBC’s banknote customers is the best outcome for EBC’s stakeholders as well as CXI shareholders,” said Randolph Pinna, CEO of CXI and EBC.

    “CCE is pleased to implement this Referral Agreement. We welcome the opportunity to build new relationships and grow our business with new B2B wholesale banknote customers that will add to our growing retail foreign exchange services business,” said Tom Robertson, CEO of CCE.

    CXI’s long-term outlook remains positive due to the Company’s focus on its growing businesses in the U.S. in conjunction with expected cost savings and anticipated additional new product growth in the U.S. market. The Company will provide further updates as the Canadian business operations are being discontinued as originally announced on February 18, 2025. During this process, EBC is committed to ensuring minimal disruption to all its stakeholders. 

    CXI is grateful to all of EBC’s team members for their contributions over the years and is committed to providing support and guidance to all employees during this transition to ensure a smooth and respectful process.  

    INFOR Financial Inc. acted as financial advisor to CXI in connection with the referral agreement with Continental Currency Exchange.

    About Currency Exchange International, Corp.

    Currency Exchange International is in the business of providing comprehensive foreign exchange technology and processing services for banks, credit unions, businesses, and consumers in the United States and select clients globally. Primary products and services include the exchange of foreign currencies, wire transfer payments, Global EFTs, and foreign cheque clearing. Wholesale customers are served through its proprietary FX software applications delivered on its web-based interface, www.cxifx.com (“CXIFX”), its related APIs with core banking platforms, and through personal relationship managers. Consumers are served through Company-owned retail branches, agent retail branches, and its e-commerce platform, order.ceifx.com.

    The Group’s wholly-owned Canadian subsidiary, Exchange Bank of Canada, based in Toronto, Canada, is currently in the process of discontinuing its operations in Canada.

    About Continental Currency Exchange, Ltd.

    Continental Currency Exchange, Ltd. is one of Canada’s leading retailers of foreign exchange services, with 19 branch locations across Ontario. The company offers foreign exchange conversion services, including international bill payments, online ordering, pre-authorized debit and deposit transactions, foreign cheques and drafts, money transfers and wire payments in approximately 100 currencies, in addition to a growing suite of digital products. The company’s Privilege Program offers clients no service fees on all cash transactions, premium discounted exchange rates, and lower prices on services including money transfers and wires. For more information, visit www.continentalcurrency.ca.  

    Contact Information

    For further information please contact:
    Bill Mitoulas
    Investor Relations
    (416) 479-9547
    Email: bill.mitoulas@cxifx.com
    Website: www.cxifx.com

    CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

    This press release includes forward-looking information within the meaning of applicable securities laws. This forward-looking information includes, or may be based upon, estimates, forecasts, and statements as to management’s expectations with respect to, among other things, the merits of a referral agreement for customers and selected employees, the management of employee and customer transitions, the voluntary cessation of operations and discontinuance of Exchange Bank of Canada (EBC), financial performance in fiscal 2025 and 2026, and the associated costs and outcomes of the cessation and discontinuance period in general. Forward-looking statements are identified by the use of terms and phrases such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “predict,” “preliminary,” “project,” “will,” “would,” and similar terms and phrases, including references to assumptions. 

    Forward-looking information is based on the opinions and estimates of management at the date such information is provided and on information available to management at such time. Forward-looking information involves significant risks, uncertainties, and assumptions that could cause the Company’s actual results, performance, or achievements to differ materially from the results discussed or implied in such forward-looking information. Actual results may differ materially from results indicated in forward-looking information due to a number of factors including, without limitation, an inability to implement the referral agreement for customers and selected employees on a basis which is beneficial to stakeholders, the inability of the Company to complete the cessation of EBC and discontinuance in accordance with applicable regulatory and legal requirements on a basis which is cost effective and protects the goodwill of the Company, an inability to establish direct correspondent banking relationships to support its U.S. payments business on terms which are economic or at all, the impact of delays or challenges in obtaining regulatory approvals, an inability to manage one-time wind-down costs and severance obligations on cost-effective basis, potential disruptions to operations during the transition period. the risk of reduced liquidity during the transition periods and, generally, the potential for unforeseen liabilities arising during or after the cessation of operations and discontinuance of EBC. 

    Additional risks include the ability of the Company to comply with regulatory requirements in general, the competitive nature of the foreign exchange industry, the impact of geo political changes, and trade wars on factors relevant to the Company’s business, currency exchange risks, the need for the Company to manage its planned growth, the effects of product development and the need for continued technological change, protection of the Company’s proprietary rights, the effect of government regulation and compliance on the Company and the industry in which it operates, network security risks, the ability of the Company to maintain properly working systems, theft and risk of physical harm to personnel, reliance on key management personnel, unexpected losses or challenges associated with customer attrition during the discontinuance, global economic deterioration negatively impacting tourism, volatile securities markets impacting security pricing in a manner unrelated to operating performance and impeding access to capital or increasing the cost of capital, as well as the factors identified throughout this press release and in the section entitled “Financial Risk Factors” of the Company’s Management’s Discussion and Analysis for the twelve months ended October 31, 2024. 

    The forward-looking information contained in this press release represents management’s expectations as of the date hereof (or as of the date such information is otherwise stated to be presented) and is subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking information whether as a result of new information, future events, or otherwise, except as required under applicable securities laws. 

    The Toronto Stock Exchange does not accept responsibility for the adequacy or accuracy of this press release. No stock exchange, securities commission, or other regulatory authority has approved or disapproved the information contained in this press release. 

    The MIL Network –

    April 11, 2025
  • MIL-OSI USA: Tuberville, Banks Make Push for Transparency in Medicaid Payments to Abortion Providers

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)
    WASHINGTON – U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator Jim Banks (R-IN) in cosponsoring the Abortion Funding Awareness Act. This bill requires states to publicly report detailed information about Medicaid payments to abortion providers, including how much was paid, what services were funded, and data on the abortions performed. It aims to increase transparency around taxpayer funds used in connection with abortion-related services.
    “Zero taxpayer dollars should be used to pay for abortions,” said Sen. Tuberville. “I stood alone for nearly a year in fighting against the Biden administration’s taxpayer-funded abortion-related travel policy at the Pentagon. Using Medicaid funds to pay for abortions is no different. Every life is sacred, and I will always fight for the unborn and the taxpayers.”
    “A majority of Americans agree that taxpayers shouldn’t be forced to fund abortions. My bill exposes states that abuse tax dollars this way, aiming to protect unborn lives in the process,” said Sen. Banks.
    Sens. Tuberville and Banks were joined by Sens. Marsha Blackburn (R-TN), Ted Budd (R-NC), Steve Daines (R-MT), and Todd Young (R-IN) in cosponsoring the legislation.
    Rep. Erin Houchin (R-IN-09) led the effort in the U.S. House of Representatives. 
    Americans United for Life, SBA Pro-Life America, and Concerned Women for America LAC endorsed the legislation.
    Read full text of the legislation here. 
    BACKGROUND:
    Key Provisions of the Abortion Provider Transparency Act are:
    Encouraging pro-life values by exposing Medicaid’s corrupt use of American taxpayer dollars for abortions
    Ensuring transparency of American taxpayer dollars, by requiring states to report:
    Medicaid payments made to abortion providers
    Annual reports to the Centers for Medicare and Medicaid Services on all abortion payments using taxpayer funds
    All reports and findings to the state’s website

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

    MIL OSI USA News –

    April 11, 2025
  • MIL-OSI Security: Two New Orleans Men Indicted for Bank Robbery and Possession of Stolen Vehicle

    Source: Office of United States Attorneys

    NEW ORLEANS, LOUISIANA – KAILUS JAMES (“JAMES”), age29, and CEDRIC MAY (“MAY”), age 31, were charged on April 4, 2025, in a three-count indictment, announced Acting U.S. Attorney Michael M. Simpson. Count 1 charged them with conspiracy to commit bank robbery, in violation of Title 18, United States Code, Section 371. Count 2 charged them with bank robbery, in violation of Title 18, United States Code, Sections 2113(a) and (d), and 2. Count 3 charged them with possession of a stolen vehicle, in violation of Title 18, United States Code, Sections 2313 and 2.

    According to the indictment, on or about March 15, 2025, JAMES and MAY stole approximately $98,320.00 of United States currency, belonging to and in the care, custody, control, management, and possession of a JP Morgan Chase Bank, in New Orleans.

    If convicted, JAMES and MAY face a maximum sentence of 20 years imprisonment, up to a $250,000 fine, and up to 3 years of supervised release, for Count 1; up to 25 years imprisonment, up to a $250,000 fine, and at least 3 years of supervised release for Count 2; and up to 20 years imprisonment, up to a $250,000 fine, and up to 3 years of supervised release for Count 3.  JAMES and MAY also face a payment of a $100 mandatory special assessment fee as to all three counts.

    Acting United States Attorney Simpson reiterated that the indictment is merely a charge and that the guilt of the defendant must be proven beyond a reasonable doubt.

    The case was investigated by the Federal Bureau of Investigation Violent Crime Task Force, the New Orleans Police Department, and the Louisiana State Police.  This case is being prosecuted by Assistant United States Attorney Troy L. Bell of the Violent Crimes Unit.

    This case is part of Operation Take Back America, a nationwide initiative that marshals the full resources of the Department of Justice to repel the invasion of illegal immigration, achieve the total elimination of cartels and transnational criminal organizations (TCOs), and protect our communities from the perpetrators of violent crime. Operation Take Back America streamlines efforts and resources from the Department’s Organized Crime Drug Enforcement Task Forces (OCDETFs) and Project Safe Neighborhood (PSN).

    MIL Security OSI –

    April 11, 2025
  • MIL-OSI: FINWARD BANCORP ANNOUNCES DIVIDEND

    Source: GlobeNewswire (MIL-OSI)

    Munster, Ind., April 10, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp” or “Finward”), the holding company for Peoples Bank (the “Bank”), today announced that on April 9, 2025 the Board of Directors of Finward declared a dividend of $0.12 per share on Finward’s common stock payable on May 12, 2025 to shareholders of record at the close of business on April 28, 2025.

    About Finward Bancorp

    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and the Chicagoland area. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements

    This Current Report on Form 8-K may contain forward-looking statements regarding the financial performance, business prospects, growth, and operating strategies of Finward. For these statements, Finward claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about Finward, including the information in the filings Finward makes with the Securities and Exchange Commission (“SEC”). Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer acceptance of Finward’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in Finward’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning Finward or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, Finward does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to the holders of our common stock, or as to the amount of any such repurchases or dividends.

    ###

    FOR FURTHER INFORMATION 
    CONTACT INVESTOR RELATIONS 
    (219) 853-7575

    The MIL Network –

    April 11, 2025
  • MIL-OSI USA: Hawley, Durbin Reintroduce Bill Protecting Employees of Bankrupt Businesses

    US Senate News:

    Source: United States Senator Josh Hawley (R-Mo)

    Thursday, April 10, 2025

    U.S. Senator Josh Hawley (R-Mo.) joined U.S. Senator Dick Durbin (D-Ill.) in reintroducing the Protecting Employees and Retirees in Business Bankruptcies Act. The bill would empower rank-and-file employees whose companies are facing bankruptcy, allowing them to retain more of their wages, benefits, and retirement savings when their employer files for bankruptcy. The Senators previously introduced the legislation in 2024. 

    Currently, the law fails to adequately look out for employees during bankruptcy proceedings. Instead, it prioritizes creditors. The Protecting Employees and Retirees in Business Bankruptcies Act would put workers first, granting employee claims higher priority and placing restrictions on golden parachutes for executives.

    “Employees shouldn’t be the ones left holding the bag when companies go under. Rather than giving precedence to the desires of predatory creditors, we should prioritize workers and protect the compensation they’ve earned through years of hard work,” said Senator Hawley. “Our bill would safeguard workers’ claims to wages, benefits, and retirement funds throughout bankruptcy proceedings.” 

    “When their company files for bankruptcy, employees should not have to worry that they will lose their hard-earned wages, benefits, and retirement savings,” said Senator Durbin. “The Protecting Employees and Retirees in Business Bankruptcies Act would ensure that all employees, not just C-suite executives, receive the benefits they were promised.”

    Senator Hawley has been a staunch supporter of workers’ rights. He was a leading voice in confirming pro-worker Labor Secretary Lori Chavez-DeRemer. Last month, he sponsored the Faster Labor Contracts Act, which would speed up first contracts for new unions. In addition, he has stood with and and voted to support rail workers as they sought a fair deal with sick leave, fought to keep jobs here in the U.S., and advocated for United States Postal Service workers. 

    Read the text of the legislation here.

    MIL OSI USA News –

    April 11, 2025
  • MIL-OSI: Dime Continues to Execute Growth Plan With Hire of Deposit-Focused Group

    Source: GlobeNewswire (MIL-OSI)

    HAUPPAUGE, N.Y., April 10, 2025 (GLOBE NEWSWIRE) — Dime Community Bancshares, Inc. (NASDAQ: DCOM) (the “Company” or “Dime”), the parent company of Dime Community Bank (the “Bank”) announced that it has hired a deposit-focused Group that will cover the Queens market. The Group will be led by George Taitt and Amy Grandy. The Group was previously employed with the former Signature Bank and its successor, Flagstar Bank.

    Stuart H. Lubow, President and Chief Executive Officer of Dime said, “We are excited to announce the addition of another talented deposit-focused Group. George and Amy are highly respected bankers with a long and successful track record. We continue to capitalize on the disruption in our marketplace and remain focused on executing our growth plan in a thoughtful and targeted manner.”

    “We were attracted by Dime’s strong track record of bringing on new teams seamlessly, its bank-wide culture and belief in teamwork that leads to an exceptional client experience, and the Bank’s robust treasury management and technology capabilities. Both Amy and I are excited to be part of Dime’s growth plans,” said George Taitt.

    ABOUT DIME COMMUNITY BANCSHARES, INC.

    Dime Community Bancshares, Inc. is the holding company for Dime Community Bank, a New York State-chartered trust company with over $14 billion in assets and the number one deposit market share among community banks on Greater Long Island (1).

    Dime Community Bancshares, Inc.
    Investor Relations Contact:
    Avinash Reddy
    Senior Executive Vice President – Chief Financial Officer
    Phone: 718-782-6200; Ext. 5909
    Email: avinash.reddy@dime.com

    ¹ Aggregate deposit market share for Kings, Queens, Nassau & Suffolk counties for community banks with less than $20 billion in assets.

    The MIL Network –

    April 11, 2025
  • MIL-OSI Russia: Financial news: Two Federal Treasury deposit auctions will take place on 11.04.2025

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 04/11/2025
    Unique identifier of the application selection 22025092
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 550,000
    Placement period, in days 4
    Date of deposit 04/11/2025
    Refund date 04/15/2025
    Interest rate for placement of funds (fixed or floating) Fix
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds –
    Minimum spread, % per annum –
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Preliminary applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 10:00 to 10:50
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 10:50
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 04/11/2025
    Unique identifier of the application selection 22025093
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 50,000
    Placement period, in days 182
    Date of deposit 04/11/2025
    Refund date 10.10.2025
    Interest rate for placement of funds (fixed or floating) Flotting
    Minimum fixed interest rate for placement of funds, % per annum –
    Basic floating interest rate for placement of funds Ruonmds
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Special
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Closed
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:00 to 12:10
    Formation of a consolidated register of applications: from 12:10 to 12:20
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:10 to 12:30
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 12:30 to 13:20
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 12:30 to 13:20
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    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.MOM/N89404

    MIL OSI Russia News –

    April 11, 2025
←Previous Page
1 … 229 230 231 232 233 … 457
Next Page→
NewzIntel.com

NewzIntel.com

MIL Open Source Intelligence

  • Blog
  • About
  • FAQs
  • Authors
  • Events
  • Shop
  • Patterns
  • Themes

Twenty Twenty-Five

Designed with WordPress