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Category: Banking

  • MIL-OSI Europe: The Nutrition for Growth Summit mobilizes over US$27 billion to reach nutrition-related Sustainable Development Goals (28 Mar. 2025)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    On March 27 and 28, 2025, at the Nutrition for Growth Summit (N4G), which was organized by the Ministry for Europe and Foreign Affairs under the auspices of Minister Delegate for Francophonie and International Partnerships Thani Mohamed-Soilihi, the international community made ambitious commitments to tackle the challenge of malnutrition in all its forms. Close to US$28 billion in nutrition funding to reach Sustainable Development Goals was announced, attesting to the exceptional degree of mobilization and renewed commitment to multilateralism.

    In total, the international community’s financial commitments in support of nutrition represent US$27.55 billion dollars. The Summit Chair’s final declaration helped reaffirm our shared commitment to global nutrition.

    One hundred twenty-seven delegations, including the governments of 106 countries, in addition to numerous international organizations, civil society organizations, development banks, philanthropic organizations, research institutions, and businesses, met together to help put an end to this scourge, which hinders countries’ economic and social development and traps communities in an intergenerational cycle of poverty. Over 400 commitments were registered on the Nutrition Accountability Framework platform.

    France remains fully committed to nutrition and food aid

    As the N4G Summit host country, France has committed to continuing its efforts in support of nutrition and, between now and 2030, plans to invest €750 million in projects supported by the French Development Agency in particular, as well as in the Ministry for Europe and Foreign Affairs’ food aid programs. In addition, France has announced that it will be boosting food sustainability education, promoting the prevention and early identification of malnutrition, and improving the nutritional quality of the food supply at the national level.

    Thani Mohamed-Soilihi, Minister Delegate for Francophonie and International Partnerships, explains:

    “This summit is a collective success for France and the international community, whose vigorous efforts have demonstrated their commitment to tackling the challenge of malnutrition. That is the strength of multilateralism: the ability to tackle challenges that know no boundaries. Malnutrition has a particularly harmful impact on young children and pregnant and breastfeeding women. We cannot look away when one out of every two children under the age of five dies from malnutrition. Proper nutrition is a challenge shared by all of our societies. It is the key to unlocking a shared, more prosperous future. This summit is not limited to financial investments; it also provides for innovative, effective investments that will have a lasting impact on development.”

    Ambitious political and financial commitments in support of nutrition

    The European Union in particular mobilized its efforts, committing a total of €6.5 billion to fight malnutrition, of which €3.4 billion was allocated by the European Commission.

    Other countries, including Madagascar, Côte d’Ivoire, Guatemala and Bangladesh also made noteworthy political and financial commitments to tackling the burden of malnutrition in their countries.

    The development banks also mobilized their efforts, particularly the World Bank and the African Development Bank, which pledged US$5 billion and US$9.5 billion respectively until 2030.

    Lastly, philanthropic organizations, civil society organizations and the private sector account for a substantial share of financial commitments. Philanthropic organizations will raise more than US$2 billion in the coming years to combat malnutrition.

    One of the Summit’s highlights was the adoption of a youth declaration calling for young people to play a greater role in decision-making in order to promote the voices of the communities most affected by malnutrition.

    Nutrition, a challenge at the heart of public policy and sustainable development

    Nutrition enables all individuals to achieve their full potential. But all countries are facing at least one type of malnutrition, whose cost to the global economy is estimated at US$41 trillion over the coming decade.

    In an uncertain international climate, the Summit helped refocus public policy on nutrition through ambitious commitments to transform the lives of millions of people worldwide. By investing in nutrition, stakeholders have opted to support policies that have a positive impact on health, social protections, gender equality, the sustainability of food systems, climate and education. Nutrition is a particularly effective choice because on average, each euro invested in this area creates 23 euros in wealth.

    MIL OSI Europe News –

  • MIL-OSI Banking: ASEAN Foreign Ministers’ Statement on The Impact of The Earthquake in Myanmar on 28 March 2025

    Source: ASEAN – Association of SouthEast Asian Nations

    1. The Member States of the Association of Southeast Asian Nations (ASEAN) extend their deepest sympathies and condolences to the people of Myanmar and Thailand following the powerful 7.7 magnitude earthquake that struck central Myanmar on 28 March 2025.

    2. The disaster has resulted in significant loss of life, injuries, and widespread destruction, particularly in Mandalay, Nay Pyi Taw, Bangkok, Chiang Mai and surrounding areas. ASEAN reaffirms its solidarity with the families and communities affected by the earthquake and its impact.

    Download the full statement here.
    The post ASEAN Foreign Ministers’ Statement on The Impact of The Earthquake in Myanmar on 28 March 2025 appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI: Summit State Bank Reports Revised Fourth Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    SANTA ROSA, Calif., March 28, 2025 (GLOBE NEWSWIRE) — Summit State Bank (the “Bank”) (Nasdaq: SSBI) today reported that it has revised its fourth quarter and full year 2024 financial results from those announced in the press release dated January 28, 2025. In connection with the preparation and review of its 2024 financial statements, the Bank has concluded it is necessary to record a $693,000 other real estate owned valuation adjustment, a $146,000 increase in reserve for unfunded loans, and a $76,000 credit loss provision reversal for the fourth quarter 2024. The need for the valuation adjustment results from an updated appraisal report obtained in the first quarter of 2025. The additional reserve for unfunded loans and provision reversal results from the Bank’s adoption of a new CECL model as of December 31, 2024. The valuation adjustment was expensed against noninterest income and also reduced the Bank’s other real estate owned asset. The additional reserve for undisbursed loans and the reversal of the credit losses on loans resulted in a net expense against the provision for credit losses. The income tax provision was adjusted accordingly for all changes noted above.

    After the impact adjustments as outlined above, the Bank’s preliminary, unaudited fourth quarter earnings estimate is revised to a net loss of $7,142,000, or $1.06 loss per diluted share, and full-year 2024 net loss of $4,193,000, or $0.62 loss per diluted share. The Bank previously reported preliminary, unaudited results for fourth quarter 2024 including net loss of $6,605,000 or $0.98 loss per diluted share, and full-year 2024 net loss of $3,656,000, or $0.54 loss per diluted share.

    Material Updates to Income Statement
    The Bank originally reported noninterest income of $1,373,000 in the fourth quarter of 2024 and $4,152,000 for full-year 2024. After the adjustment, noninterest income was reduced to $680,000 in the fourth quarter of 2024 and $3,459,000 for full-year 2024.

    The Bank originally reported total provision for credit losses of $6,652,000 in the fourth quarter of 2024 and $7,845,000 for full-year 2024. After the adjustment, total provision increased to $6,722,000 in the fourth quarter of 2024 and $7,915,000 for full-year 2024.

    Impact to Income Taxes
    The Bank’s revised effective tax rate for the twelve months ended December 31, 2024 was 4.4% compared to the previously reported effective tax rate of -0.8%.

    Updated Previously Furnished Earnings Materials
    For completeness, the Bank has included all previously announced financial results disclosures and related tables with this press release as revised. These results supersede the results previously disclosed in the January 28, 2025 press release.

    Revised Fourth Quarter 2024 Financial Results

    The Bank has a net loss of $7,142,000, or $1.06 loss per diluted share for the fourth quarter ended December 31, 2024, compared to net income of $1,901,000, or $0.28 per diluted share for the fourth quarter ended December 31, 2023. The current quarter’s results were impacted by expenses including a $6,570,000 provision for credit losses on loans and a $4,119,000 one-time non-cash impairment charge to write off the remaining balance of goodwill. The Bank has taken significant charge offs and provisions for credit losses in the fourth quarter of 2024 as a proactive step towards resolving its problem loans. The goodwill impairment was a result of the Bank’s stock price trading below book value and is a non-cash charge that does not impact the Bank’s cash flows, liquidity, or regulatory capital. The Bank ended the year with improved regulatory capital ratios and is focused on expanding net interest margin in 2025.

    For the year ended December 31, 2024, the Bank reported a net loss of $4,193,000, or $0.62 loss per diluted share compared to net income of $10,822,000, or $1.62 per diluted share for the year ended December 31, 2023. The 2024 net income loss was primarily attributable to annual provision for credit losses on loans totaling $7,882,000 and a one-time non-cash goodwill impairment expense of $4,119,000.

    Pre-tax, pre-provision net income before goodwill1 was $2,301,000 for the quarter ended December 31, 2024, compared to $2,122,000, $1,267,000, $1,955,000 and $2,643,000 for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively. “At the beginning of 2024, the Bank was negatively impacted by the ongoing strains that the high-interest rate environment put on our funding costs,” said Brian Reed, President and CEO. “By the fourth quarter of 2024, the Bank’s core operating results improved due to a lower cost of funds and improved noninterest income.”

    “The Bank continues to focus on maintaining strong capital levels and did that effectively in 2024 by strategically managing the balance sheet and suspending cash dividends. As such, the Board determined it will also suspend cash dividends in the first quarter of 2025 so that we can build capital, increase liquidity, and position the Bank to create long-term value for our shareholders.”

    “The largest negative impact on the Bank’s performance in 2024 was a result of the heightened level of non-performing assets,” said Reed. “We have been aggressively pursuing solutions to these problem loans and have reduced our non performing loans by $9,160,000 in the fourth quarter of 2024. We anticipate non performing loans will be further reduced by $18,187,000 in the first half of 2025 as a result of loan payoffs from the sale of collateral that is currently under contract to be sold.”

    “We are headed into 2025 feeling positive about our prospects subsequent to our significant progress in resolving problem loans. We continue to maintain our well capitalized status and sufficient liquidity after having realized successive quarters of improved net operating income results,” concluded Reed.

    Fourth Quarter 2024 Financial Highlights (at or for the three months ended December 31, 2024)

    • The Bank’s Tier 1 Leverage ratio increased to 8.87% at December 31, 2024 compared to 8.85% at December 31, 2023. This ratio remains above the minimum of 5% required to be considered “well-capitalized” for regulatory capital purposes.
    • The Bank has implemented numerous operating cost saving initiatives including an 8% reduction in force.
    • The Bank’s annualized loss on average assets and annualized loss on average equity for the fourth quarter of 2024 was 2.59% and 28.05%, respectively. The pre-tax, pre-provision return on average assets before goodwill1 and pre-tax, pre-provision return on average equity before goodwill1 in the fourth quarter would have been 0.83% and 9.04%, respectively.
    • Net income was a loss of $7,142,000 for the fourth quarter of 2024. Pre-tax, pre-provision net income before goodwill1 was $2,301,000 for the fourth quarter of 2024 compared to $2,122,000, $1,267,000, $1,955,000 and $2,643,000 for the quarters ended September 30, 2024, June 30, 2024, March 31, 2024, and December 31, 2023, respectively.
    • Collateral relating to two of the non performing loans is in contract to sell in the first half of 2025 and the expected proceeds represent 65% or $18,010,000 of the remaining $27,754,000 of non performing loans.
    • The allowance for credit losses to total loans was 1.49% after charging off $8,343,000 and recording a $6,570,000 provision for credit losses on loans to replenish reserves on December 31, 2024.
    • The Bank maintained strong total liquidity of $435,409,000, or 40.8% of total assets as of December 31, 2024. This includes on balance sheet liquidity (cash and equivalents and unpledged available-for-sale securities) of $111,471,000 or 10.4% of total assets, plus available borrowing capacity of $323,938,000 or 30.4% of total assets.
    • The Bank has been strategically managing its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. The Bank has been successful in reducing the size of its balance sheet as noted below:
      • Net loans decreased $33,551,000 to $905,075,000 at December 31, 2024, compared to $938,626,000 one year earlier and decreased $12,292,000 compared to $917,367,000 three months earlier.
      • Total deposits decreased 5% to $962,562,000 at December 31, 2024, compared to $1,009,693,000 at December 31, 2023, and decreased 4% when compared to the prior quarter end of $1,002,770,000.
    • Book value was $13.53 per share, compared to $14.40 per share a year ago and $14.85 in the preceding quarter.

    Operating Results

    For the fourth quarter of 2024, the annualized loss on average assets was 2.59% and the annualized loss on average equity was 28.05%. This compared to an annualized return on average assets of 0.67% and an annualized return on average equity of 8.02%, respectively, for the fourth quarter of 2023. These ratios were negatively impacted during the fourth quarter of 2024 by a credit loss provision and one-time goodwill impairment. Without the impact from these items, the pre-tax, pre-provision return on average assets before goodwill1 and the pre-tax, pre-provision return on average equity before goodwill1 would have been 0.83% and 9.04%, respectively, for the three months ended December 31, 2024.

    For the year ended 2024, the loss on average assets was 0.38% and the loss on average equity was 4.23%. This compares to the return on average assets of 0.95% and return on average equity of 11.56%, respectively, for the year ended 2023.

    The Bank’s net interest margin was 2.88% in the fourth quarter of 2024 compared to its lowest quarterly net interest margin this year of 2.71% which occurred in the second and third quarters of 2024. The current net interest margin is also higher compared to the fourth quarter of 2023 of 2.85%. This was primarily attributable to the cost of deposits decreasing in the fourth quarter of 2024 to 2.87% compared to 3.05% during the preceding quarter. “We are starting to see an improvement in cost of funds in response to the Federal Reserve rate decreases. As CDs mature, we expect to see continued improvement in deposit pricing in the near future,” said Reed. “In addition, loan yields have started to improve as our existing loans have started to reprice.”

    Interest and dividend income decreased 1.0% to $14,935,000 in the fourth quarter of 2024 compared to $15,036,000 in the fourth quarter of 2023. The decrease in interest income is attributable to a $182,000 decrease in interest on investment securities and a $137,000 decrease in interest on deposits with banks offset by an increase of $214,000 in interest and fees on loans.

    Noninterest income increased in the fourth quarter of 2024 to $680,000 compared to $297,000 in the fourth quarter of 2023. The increase is primarily attributed to the Bank recognizing $857,000 in gains on sales of SBA guaranteed loan balances offset by the valuation adjustment on other real estate owned of $693,000 in the fourth quarter of 2024 compared to no gains on sales of SBA guaranteed loan balances in the fourth quarter of 2023.

    Operating expenses increased in the fourth quarter of 2024 to $10,200,000 compared to $5,483,000 in the fourth quarter of 2023. The increase is primarily due to a one-time non-cash impairment charge of $4,119,000 to write off the remaining balance of goodwill. In addition, the Bank recorded a $443,000 loss related to an external check fraud event during the fourth quarter of 2024. The Bank has filed an insurance claim related to this fraud loss and may be partially reimbursed by insurance at a later date.

    “We remain focused on enhancing revenue generation and driving significant cost efficiencies to improving our operational effectiveness. To date we have leveraged existing staff and technologies to reduce third-party expenses, eliminated raises and bonuses, reduced employee benefits Bank-wide, and reduced director fees.”

    Balance Sheet Review

    During 2024, the Bank strategically managed its loan and deposit portfolios to reduce risk in the balance sheet and improve capital ratios. As a result of the efforts, net loans decreased 4% to $905,075,000 and total deposits also decreased 5% to $962,562,000 as of December 31, 2024 compared to December 31, 2023.

    Net loans were $905,075,000 at December 31, 2024 compared to $938,626,000 at December 31, 2023, and decreased 1% compared to September 30, 2024. The Bank’s largest loan types are commercial real estate loans which make up 78% of the portfolio, “secured by farmland” totaling 9% of the portfolio, and 7% in commercial and industrial loans. Of the commercial real estate total, approximately 34% or $231,000,000 is owner occupied and the remaining 66% or $451,000,000 is non-owner occupied. The Bank’s entire loan portfolio is well diversified between industries including office space which totals $116,400,000.

    Total deposits were $962,562,000 at December 31, 2024 compared to $1,009,693,000 at December 31, 2023, and decreased 4% compared to the prior quarter end. At December 31, 2024, noninterest bearing demand deposit accounts decreased 8% compared to a year ago and represented 19% of total deposits; savings, NOW and money market accounts decreased 9% compared to a year ago and represented 49% of total deposits, and CDs increased 4% compared to a year ago and comprised 32% of total deposits.

    Shareholders’ equity was $91,723,000 at December 31, 2024, compared to $100,662,000 three months earlier and $97,678,000 a year earlier. The decrease in shareholders’ equity compared to a year ago was due to a reduction in retained earnings. At December 31, 2024 book value was $13.53 per share, compared to $14.85 three months earlier, and $14.40 at December 31, 2023.

    The Bank’s Tier 1 Leverage ratio continues to exceed the minimum of 5% necessary to be categorized as “well-capitalized” for regulatory capital purposes. The Tier-1 leverage ratio at the end of 2024 was 8.87%, an increase compared to 8.85% at the end of 2023.

    Credit Quality

    “Our primary focus remains on managing asset quality and reducing portfolio risk,” said Reed. “To that end we charged off loans of $8,343,000 and recorded a $6,570,000 provision for credit losses to replenish reserves during the fourth quarter of 2024. Three credits represent 94% or $26,040,000 of our non performing loans and are “secured by farmland” which have been hit hard by the current environment. The Bank holds a small portion of its total loans in this industry and actively monitors the performance of these loans. Collateral relating to two of these three non performing loans is in contract to sell in the first half of 2025 and represents 65% or $18,010,000 of the non performing loan portfolio. The remaining non performing loans are being reserved at current appraisal value less selling cost.”

    Non performing assets were $32,191,000, or 3.02% of total assets, at December 31, 2024. This compared to $41,971,000 in non performing assets at September 30, 2024, and $44,206,000 in non performing assets at December 31, 2023. Non performing assets include $4,437,000 for one other real estate owned loan at December 31, 2024 and $5,130,000 at September 30, 2024, compared to no other real estate owned at December 31, 2023.

    There were $8,343,000 in net charge-offs during the three months ended December 31, 2024, compared to no charge-offs during the three months ended September 30, 2024 and net recoveries of $9,000 during the three months ended December 31, 2023.

    For the fourth quarter of 2024, consistent with factors within the allowance for credit losses model, the Bank recorded a $6,570,000 provision for credit loss expense for loans, a $154,000 provision for credit losses for unfunded loan commitments and a $2,000 reversal of credit losses on investments. This compared to a $31,000 reversal of credit loss expense on loans, a $65,000 reversal of credit losses on unfunded loan commitments and a $31,000 provision for credit losses on investments in the fourth quarter of 2023.

    The allowance for credit losses to total loans was 1.49% on December 31, 2024, and 1.60% on December 31, 2023. The decrease is due to $9,690,000 in loan charge-offs offset with a provision for credit losses on loans of $7,882,000 and $55,000 provision for credit losses on unfunded loan commitments recorded during the year ended December 31, 2024.

    About Summit State Bank

    Founded in 1982 and headquartered in Sonoma County, Summit State Bank is an award-winning community bank serving the North Bay. The Bank serves small businesses, nonprofits and the community, with total assets of $1.1 billion and total equity of $92 million as of December 31, 2024. The Bank has built its reputation over the past 40 years by specializing in providing exceptional customer service and customized financial solutions to aid in the success of its customers.

    Summit State Bank is committed to embracing the diverse backgrounds, cultures and talents of its employees to create high performance and support the evolving needs of its customers and community it serves. Through the engagement of its team, Summit State Bank has received many esteemed awards including: Top Performing Community Bank by American Banker, Best Places to Work in the North Bay and Diversity in Business by North Bay Business Journal, Corporate Philanthropy Award by the San Francisco Business Times, and Hall of Fame by North Bay Biz Magazine. Summit State Bank’s stock is traded on the Nasdaq Global Market under the symbol SSBI. Further information can be found at www.summitstatebank.com.

    Cautionary Note Regarding Preliminary Financial Results and Forward-looking Statements

    The financial results in this release are preliminary and unaudited. Final audited financial results and other disclosures will be reported in Summit State Bank’s annual report on Form 10-K for the period ended December 31, 2024 and may differ materially from the results and disclosures in this release due to, among other things, the completion of final review procedures, the occurrence of subsequent events or the discovery of additional information.

    Except for historical information, the statements contained in this release, are forward-looking statements within the meaning of the “safe harbor” provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are non-historical statements regarding management’s expectations and beliefs about the Bank’s future financial performance and financial condition and trends in its business and markets. Words such as “expects,” “anticipates,” “believes,” “estimates” and similar expressions or future or conditional verbs such as “will,” “should,” “would” and “could” are intended to identify such forward-looking statements. Examples of forward-looking statements include but are not limited to statements regarding future operating results, operating improvements, loans sales and resolutions, cost savings, insurance recoveries and dividends. The forward-looking statements in this release are based on current information and on assumptions about future events and circumstances that are subject to a number of risks and uncertainties that are often difficult to predict and beyond the Bank’s control. As a result of those risks and uncertainties, the Bank’s actual future results and outcomes could differ, possibly materially, from those expressed in or implied by the forward-looking statements contained in this release. Those risks and uncertainties include, but are not limited to, the risk of incurring credit losses; the quality and quantity of deposits; the market for deposits, adverse developments in the financial services industry and any related impact on depositor behavior or investor sentiment; risks related to the sufficiency of the Bank’s liquidity; fluctuations in interest rates; governmental regulation and supervision; the risk that the Bank will not maintain growth at historic rates or at all; general economic conditions, either nationally or locally in the areas in which the Bank conducts its business; risks associated with changes in interest rates, which could adversely affect future operating results; the risk that customers or counterparties may not performance in accordance with the terms of credit documents or other agreements due a decline in credit worthiness, business conditions or other reasons;; adverse conditions in real estate markets; and the inherent uncertainty of expectations regarding litigation, insurance claims and the performance or resolution of loans. Additional information regarding these and other risks and uncertainties to which the Bank’s business and future financial performance are subject is contained in the Bank’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and other documents the Bank files with the FDIC from time to time. Readers should not place undue reliance on the forward-looking statements, which reflect management’s views only as of the date of this release. The Bank undertakes no obligation to publicly revise these forward-looking statements to reflect subsequent events or circumstances.

    1Non-GAAP Financial Measures

    This release contains non-GAAP (Generally Accepted Accounting Principles) financial measures in addition to the results presented in accordance with GAAP. These Non-GAAP financial measures include pre-tax, pre-provision net operating income before goodwill, pre-tax, pre-provision return on average assets before goodwill (“ROAA”), and pre-tax, pre-provision return on average equity (“ROAE”) before goodwill. We believe the presentation of these non-GAAP financial measures, provides useful information to assess our consolidated financial condition and consolidated results of operations and to assist investors in evaluating our financial results relative to our history results and those of our peers.

    Not all companies use identical calculations or the same definitions of pre-tax, pre-provision net operating income before goodwill, pre-tax, pre-provision ROAA before goodwill and pre-tax, pre-provision ROAE before goodwill, so the presentation of these non-GAAP financial measures may not be comparable to other similarly titled measures used by other companies. These non-GAAP financial measures have inherent limitations, are not required to be uniformly applied, and are not audited. These non-GAAP financial measures should be taken together with the corresponding GAAP measure and should not be considered a substitute for the GAAP measure. Reconciliations of the most directly comparable GAAP measures to these non-GAAP financial measurements are presented below.

    Contact: Brian Reed, President and CEO, Summit State Bank (707) 568-4908

                             
            Three Months Ended
                             
            December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
            (In thousands)
    Reconciliation of non-GAAP pre-tax, pre-provision income net of goodwill
                             
    Net (loss) income       $ (7,142 )   $ 626     $ 928     $ 1,395     $ 1,901  
    Excluding provision for (reversal of) credit losses   6,722       1,294       (16 )     (85 )     (65 )
    Excluding (reversal of) provision for income taxes   (1,398 )     202       355       645       807  
    Pre-tax, pre-provision income (non-GAAP) $ (1,818 )   $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                             
    Excluding goodwill impairment         4,119       –       –       –       –  
    Pre-tax, pre-provision income net of goodwill (non-GAAP) $ 2,301     $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                       
       
                             
                             
            Three Months Ended
                             
            December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
            (In thousands)
    Reconciliation of non-GAAP return on average assets
                             
    Average assets       $ 1,098,885     $ 1,098,469     $ 1,078,700     $ 1,087,960     $ 1,123,057  
    (Loss) return on average assets (1)         -2.59 %     0.23 %     0.35 %     0.51 %     0.67 %
                             
    Net (loss) income       $ (7,142 )   $ 626     $ 928     $ 1,395     $ 1,901  
    Excluding provision for (reversal of) credit losses   6,722       1,294       (16 )     (85 )     (65 )
    Excluding (reversal of) provision for income taxes   (1,398 )     202       355       645       807  
    Pre-tax, pre-provision income (non-GAAP) $ (1,818 )   $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                             
    Excluding goodwill impairment         4,119       –       –       –       –  
    Pre-tax, pre-provision income net of goodwill (non-GAAP) $ 2,301     $ 2,122     $ 1,267       $ 1,955       $ 2,643  
                             
    Adjusted return on average assets (non-GAAP) (1)   0.83 %     0.77 %     0.47 %     0.72 %     0.93 %
                             
    (1) Annualized.                
                             
            Three Months Ended
                             
            December 31, 2024   September 30, 2024   June 30, 2024   March 31, 2024   December 31, 2023
            (In thousands)
    Reconciliation of non-GAAP return on average shareholders’ equity
                             
    Average shareholders’ equity       $ 101,307     $ 99,962     $ 97,548     $ 97,471     $ 94,096  
    (Loss) return on average shareholders’ equity (1)   -28.05 %     2.48 %     3.82 %     5.74 %     8.02 %
                             
    Net (loss) income       $ (7,142 )   $ 626     $ 928     $ 1,395     $ 1,901  
    Excluding provision for (reversal of) credit losses   6,722       1,294       (16 )     (85 )     (65 )
    Excluding (reversal of) provision for income taxes   (1,398 )     202       355       645       807  
    Pre-tax, pre-provision income (non-GAAP) $ (1,818 )   $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                             
    Excluding goodwill impairment         4,119       –       –       –       –  
    Pre-tax, pre-provision income net of goodwill (non-GAAP) $ 2,301     $ 2,122     $ 1,267     $ 1,955     $ 2,643  
                             
    Adjusted return on average shareholders’ equity (non-GAAP) (1)   9.04 %     8.42 %     5.21 %     8.04 %     11.14 %
                             
    (1) Annualized.                
                     
                           
    SUMMIT STATE BANK
    STATEMENTS OF INCOME
    (In thousands except earnings per share data)
                           
                           
              Three Months Ended   Year Ended
              December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
              (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                           
    Interest and dividend income:              
      Interest and fees on loans $ 13,623     $ 13,409     $ 53,574     $ 52,560  
      Interest on deposits with banks   655       792       2,060       4,410  
      Interest on investment securities   530       712       2,614       2,855  
      Dividends on FHLB stock   127       123       514       416  
          Total interest and dividend income   14,935       15,036       58,762       60,241  
    Interest expense:              
      Deposits     7,099       7,113       28,495       24,227  
      Federal Home Loan Bank advances   6       –       337       177  
      Junior subordinated debt   128       94       454       375  
          Total interest expense   7,233       7,207       29,286       24,779  
          Net interest income before provision for credit losses   7,702       7,829       29,476       35,462  
    Provision for (reversal of) credit losses on loans   6,570       (31 )     7,882       342  
    Provision for (reversal of) credit losses on unfunded loan commitments   154       (65 )     55       (68 )
    (Reversal of) provision for credit losses on investments   (2 )     31       (22 )     58  
          Net interest income after provision for (reversal of) credit              
            losses, unfunded loan commitments and investments   980       7,894       21,561       35,130  
    Non-interest income:              
      Service charges on deposit accounts   225       219       926       872  
      Rental income   61       54       241       193  
      Net gain on loan sales   857       –       2,114       2,481  
      Net gain on securities   6       –       6       –  
      Net loss on other real estate owned   (693 )     –       (693 )     –  
      FHLB prepayment fee   –       –       –       1,024  
      Other income   224       24       865       631  
          Total non-interest income   680       297       3,459       5,201  
    Non-interest expense:              
      Salaries and employee benefits   3,429       3,044       15,639       15,399  
      Occupancy and equipment   413       386       1,761       1,713  
      Goodwill impairment   4,119       –       4,119       –  
      Other expenses   2,239       2,053       7,889       7,938  
          Total non-interest expense   10,200       5,483       29,408       25,050  
          (Loss) income before provision for income taxes   (8,540 )     2,708       (4,388 )     15,281  
    (Reversal of) provision for income taxes   (1,398 )     807       (195 )     4,459  
          Net (loss) income $ (7,142 )   $ 1,901     $ (4,193 )   $ 10,822  
                           
    Basic (loss) earnings per common share $ (1.06 )   $ 0.28     $ (0.62 )   $ 1.62  
    Diluted (loss) earnings per common share $ (1.06 )   $ 0.28     $ (0.62 )   $ 1.62  
                           
    Basic weighted average shares of common stock outstanding   6,719       6,698       6,714       6,695  
    Diluted weighted average shares of common stock outstanding   6,719       6,698       6,714       6,698  
                                   
       
    SUMMIT STATE BANK  
    BALANCE SHEETS  
    (In thousands except share data)  
                   
            December 31, 2024   December 31, 2023  
            (Unaudited)   (Unaudited)  
                   
    ASSETS        
                   
    Cash and due from banks $ 51,403   $ 57,789  
          Total cash and cash equivalents   51,403     57,789  
                   
    Investment securities:        
      Available-for-sale, less allowance for credit losses of $36 and $58        
        (at fair value; amortized cost of $80,887 in 2024 and $97,034 in 2023)   68,228     84,546  
                   
    Loans, less allowance for credit losses of $13,693 in 2024 and $15,221 in 2023   905,075     938,626  
    Bank premises and equipment, net   5,155     5,316  
    Investment in Federal Home Loan Bank (FHLB) stock, at cost   5,889     5,541  
    Goodwill     –     4,119  
    Other real estate owned   4,437     –  
    Affordable housing tax credit investments   7,413     8,405  
    Accrued interest receivable and other assets   19,494     18,166  
                   
          Total assets $ 1,067,094   $ 1,122,508  
                   
    LIABILITIES AND        
    SHAREHOLDERS’ EQUITY        
                   
    Deposits:          
      Demand – non interest-bearing $ 185,756   $ 201,909  
      Demand – interest-bearing   193,355     244,748  
      Savings   47,235     54,352  
      Money market   226,879     212,278  
      Time deposits that meet or exceed the FDIC insurance limit   70,717     63,159  
      Other time deposits   238,620     233,247  
          Total deposits   962,562     1,009,693  
                   
    FHLB advances   –     –  
    Junior subordinated debt, net   5,935     5,920  
    Affordable housing commitment   511     4,094  
    Accrued interest payable and other liabilities   6,363     5,123  
                   
          Total liabilities   975,371     1,024,830  
                   
          Total shareholders’ equity   91,723     97,678  
                   
          Total liabilities and shareholders’ equity $ 1,067,094   $ 1,122,508  
                   
     
    Financial Summary
    (In thousands except per share data)
                     
        As of and for the   As of and for the
        Three Months Ended   Year Ended
        December 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    Statement of Income Data:                
    Net interest income   $ 7,702     $ 7,829     $ 29,476     $ 35,462  
    Provision for (reversal of) credit losses on loans     6,570       (31 )     7,882       342  
    Provision for (reversal of) credit losses on unfunded loan commitments   154       (65 )     55       (68 )
    (Reversal of) provision for credit losses on investments     (2 )     31       (22 )     58  
    Non-interest income     680       297       3,459       5,201  
    Non-interest expense     10,200       5,483       29,408       25,050  
    (Reversal of) provision for income taxes     (1,398 )     807       (195 )     4,459  
    Net (loss) income   $ (7,142 )   $ 1,901     $ (4,193 )   $ 10,822  
                     
    Selected per Common Share Data:                
    Basic (loss) earnings per common share   $ (1.06 )   $ 0.28     $ (0.62 )   $ 1.62  
    Diluted (loss) earnings per common share   $ (1.06 )   $ 0.28     $ (0.62 )   $ 1.62  
    Dividend per share   $ –     $ 0.12     $ 0.28     $ 0.48  
    Book value per common share (1)   $ 13.53     $ 14.40     $ 13.53     $ 14.40  
                     
    Selected Balance Sheet Data:                
    Assets   $ 1,067,094     $ 1,122,508     $ 1,067,094     $ 1,122,508  
    Loans, net     905,075       938,626       905,075       938,626  
    Deposits     962,562       1,009,693       962,562       1,009,693  
    Average assets     1,098,885       1,123,057       1,091,045       1,142,790  
    Average earning assets     1,064,872       1,089,808       1,058,766       1,110,801  
    Average shareholders’ equity     101,307       94,096       99,080       93,621  
    Nonperforming loans     27,754       44,206       27,754       44,206  
    Other real estate owned     4,437       –       –       –  
    Total nonperforming assets     32,191       44,206       32,191       44,206  
                     
    Selected Ratios:                
    (Loss) return on average assets (2)     -2.59 %     0.67 %     -0.38 %     0.95 %
    (Loss) return on average shareholders’ equity (2)     -28.05 %     8.02 %     -4.23 %     11.56 %
    Efficiency ratio (3)     121.78 %     67.47 %     89.31 %     61.60 %
    Net interest margin (2)     2.88 %     2.85 %     2.78 %     3.19 %
    Common equity tier 1 capital ratio     10.14 %     9.90 %     10.14 %     9.90 %
    Tier 1 capital ratio     10.14 %     9.90 %     10.14 %     9.90 %
    Total capital ratio     11.89 %     11.75 %     11.89 %     11.75 %
    Tier 1 leverage ratio     8.87 %     8.85 %     8.87 %     8.85 %
    Common dividend payout ratio (4)     0.00 %     42.63 %     -45.20 %     30.05 %
    Average shareholders’ equity to average assets     9.22 %     8.38 %     9.08 %     8.19 %
    Nonperforming loans to total loans     3.02 %     4.63 %     3.02 %     4.63 %
    Nonperforming assets to total assets     3.02 %     3.94 %     3.02 %     3.94 %
    Allowance for credit losses to total loans     1.49 %     1.60 %     1.49 %     1.60 %
    Allowance for credit losses to nonperforming loans     49.34 %     34.43 %     49.34 %     34.43 %
             
    (1) Total shareholders’ equity divided by total common shares outstanding.        
    (2) Annualized.        
    (3) Non-interest expenses to net interest and non-interest income, net of securities gains.            
    (4) Common dividends divided by net (loss) income available for common shareholders.        
             

    The MIL Network –

  • MIL-OSI USA: National Flood Insurance Policyholders in Kentucky Can Apply for FEMA Assistance

    Source: US Federal Emergency Management Agency

    Headline: National Flood Insurance Policyholders in Kentucky Can Apply for FEMA Assistance

    National Flood Insurance Policyholders in Kentucky Can Apply for FEMA Assistance

    Frankfort, KY- If you were affected by the recent severe storms in Kentucky and have an insurance policy through the National Flood Insurance Program (NFIP), you may still be eligible for disaster assistance

    FEMA encourages everyone who was impacted by this disaster to apply for assistance in addition to filing a claim with your insurance company

    Disaster assistance may be able to help fill in the financial gaps that your insurance company will not cover

     NFIP Policyholders May be Eligible for Individual AssistanceFor eligible individuals, FEMA disaster assistance may help with uncovered expenses like temporary housing assistance or other needs, such as essential home repairs, essential personal property replacement, and other serious disaster-related needs not covered by insurance or other sources

    Use both resources as intended: accept FEMA assistance for immediate emergency needs while simultaneously pursuing your full insurance claim

    FEMA cannot provide money for expenses covered by insurance or duplicate benefits from another source

    Be sure to inform FEMA about your insurance coverage and claim status, and likewise inform your insurer about any FEMA assistance received

    It is important to keep detailed records to avoid duplicate payments for identical losses and comply with repayment requirements if overlaps occur

    For more information on what to do after a flood and how to start your flood claim, please visit floodsmart

    gov

    How To Apply for FEMA AssistanceIf you live in Breathitt, Clay, Estill, Floyd, Harlan, Johnson, Knott, Lee, Leslie, Letcher, Martin, Owsley, Perry, Pike, Simpson or Woodford County, and haven’t yet applied for FEMA assistance, you may still complete an application

    The deadline to apply for FEMA assistance is Friday, April 25

    You can visit a Disaster Recovery Center (DRC) to meet face to face with specialists from FEMA to get assistance filling out your application

    The Small Business Administration (SBA) and other state and local agencies are also in DRCs to answer questions about disaster assistance and other recovery resources

    You may also upload any documents needed for applications at the centers

    If you are unable to visit a DRC, there are other ways to apply: online at DisasterAssistance

    gov, use the FEMA App for mobile devices or call 800-621-3362

    If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA the number for that service

    When you apply, you will need to provide:A current phone number where you can be contacted

    Your address at the time of the disaster and the address where you are now staying

    Your Social Security Number

    A general list of damage and losses

    Banking information if you choose direct deposit

    If insured, the policy number or the agent and/or the company name

    For an accessible video on how to apply for FEMA assistance, go to youtube

    com/watch?v=WZGpWI2RCNw

    For more information about Kentucky flooding recovery, visit www

    fema

    gov/disaster/4860

    Follow the FEMA Region 4 X account at x

    com/femaregion4

       
    martyce

    allenjr
    Fri, 03/28/2025 – 20:02

    MIL OSI USA News –

  • MIL-OSI USA: Warner Pushes Federal Trade Commission, Justice Department to Address Rampant Fraud in Digital Advertising

    US Senate News:

    Source: United States Senator for Commonwealth of Virginia Mark R Warner
    WASHINGTON – U.S. Sen. Mark R. Warner (D-VA), Vice Chairman of the Senate Select Committee on Intelligence and a member of the Senate Banking Committee, wrote to Federal Trade Commission (FTC) Chairman Andrew Ferguson and to Attorney General Pam Bondi expressing concern over continued prevalence of fraud in the digital advertising industry, highlighting how this fraud hurts U.S. Government (USG) customers, and therefore, American taxpayers.
    “The failures and misrepresentations of these verification vendors amount to far more than simple contradictions of their marketing puffery,” wrote Sen. Warner. “As publishers and advertisers rely on these services’ asserted ability to avoid bot traffic and deliver content to customers, these verification firms serve as cover for the systemic failure by key ecosystem stakeholders, potentially compromising a significant sector of the online ad market.”
    The phenomenon of digital fraud has skyrocketed in recent years, with reports indicating that as of 2023, digital fraud has grown to $84 billion, up from $7.4 billion in 2017.
    He continued, “Failure to meet the terms of contracts result in the misuse of taxpayer dollars, and undermine the efficacy of government public awareness and job recruitment campaigns. These failures drive inflated ad costs and reduced effectiveness for thousands of small and midsize businesses and charities that rely on digital advertising to succeed, and these increased costs trickle down to consumers who end up paying more for basic goods and services.”
    In his letter to the FTC, Sen. Warner requested the commission investigate this wide-spread fraud:
    Did verification vendors such as Integral Ad Science (“IAS”), DoubleVerify (“DV”), and HUMAN Security, among others, claim in their marketing materials to be able to perform real-time bot filtering and have the capability to prevent ads from serving to declared bots, such as those on the IAB Bots & Spiders List?
    Do these verification vendors receive access to the “User Agent” field in real-time programmatic ad auctions from demand side platforms like Google DV360 and the Trade Desk?
    Can the verification vendors’ pre-bid technology actually stop ads from serving to declared bots on the IAB Bots & Spiders List, or merely prevent ads from serving on website domains with historically high levels of bot traffic? If the latter, what evidence exists that can demonstrate specific websites are getting blocked, deliberately or inadvertently, from ad campaigns and thus de-monetized?
    If the verification vendors do not receive access to the User-Agent and cannot block declared bots, did these vendors make false advertising claims and engage in deceptive trade practices when promoting their pre-bid bot avoidance or suspicious activity blocking technology?
    What is the extent of the resulting financial harm to the United States government and non-profit advertisers, as well as to publishers that paid for this ineffective bot avoidance technology?
    Additionally, Senator Warner requested that the Justice Department investigate the following:
    Whether ad verification companies such as IAS, DV, and HUMAN have knowingly misrepresented their capabilities to federal government clients or government contractors, particularly regarding their ability to detect and filter bot traffic in real-time.
    Whether the ad verification firms involved in these failures violated the False Claims Act by charging the government – or government contractors – for services they did not deliver.
    Sen. Warner has been vocal about the harm caused by this continued fraud for years, and as the digital space continues to grow in reach and importance, he has stressed the need to reign it in. In 2016, Sen. Warner first called on the FTC to protect consumers from this digital fraud. In 2018, he expressed concern over its continued prevalence following a detailed reporting about inaction by the FTC and Google to curb these efforts.
    A copy of the letter to the FTC is available here. A copy of the letter to the DOJ is available here.

    MIL OSI USA News –

  • MIL-OSI Russia: Financial news: MFI loan portfolio grew by more than 40% in 2024

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The loan portfolio of microfinance organizations reached 624 billion rubles last year, growth stimulated by increased consumer demand.

    More than half of the loans were medium-term, the total cost of the loan for them was close to bank rates. Such loans were issued, among other things, for the purchase of goods on marketplaces. The share of the most expensive short-term loans “until payday” fell from 34 to 25% over the year.

    The industry’s profit decreased by 7% and amounted to 36 billion rubles. At the same time, against the backdrop of restrictions on the full cost of credit and macroprudential limits, companies increased their income from additional areas of activity, which accounted for more than a quarter of all industry income.

    Read more in“Review of key indicators of microfinance institutions” for the fourth quarter of 2024.

    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: //vv. KBR.ru/Press/Event/? ID = 23501

    MIL OSI Russia News –

  • MIL-OSI Russia: Financial news: From April 1, the restriction of the PSC on consumer loans and credits will be resumed (03/28/2025)

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The total cost of credit (TCC) under consumer credit (loan) agreements concluded or amended from April 1, 2025, must not exceed by more than a third average market value for the relevant category of credit (loan). Limiting the APR will help control the growth of interest rates on loans, which will ensure the protection of people’s interests.

    In Q4 2024, the Bank of Russia decided to temporarily lift the PSC1 restriction so that financial institutions could adapt to the tightened monetary conditions. During the relaxation, market participants managed to adjust the cost of their credit products. Now that market conditions have generally stabilized and the cost of funding has begun to decline, financial institutions can comply with the PSC restriction as usual.

     

    1 From October 10, 2024 to March 31, 2025 suspended limitation of the APR for credit institutions on consumer mortgage loans for the purchase (construction) of housing or land.

    From January 1 to March 31, 2025 suspended limitation of the APR for credit institutions for all other categories of consumer loans (credits); for credit consumer cooperatives, agricultural credit consumer cooperatives, pawnshops – for all categories of consumer loans; for microfinance organizations – for certain categories of consumer loans.

    When using the material, a link to the Press Service of the Bank of Russia is required.

    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. KBR.ru/Press/PR/? File = 63878779315077970shbank_ sectator. CHTM

    MIL OSI Russia News –

  • MIL-OSI Europe: Chile: European Union, EIB and KfW to provide up to €216.5 million to finance renewable hydrogen projects

    Source: European Investment Bank

    • The Team Europe Renewable Hydrogen Funding Platform for Chile will support Chile’s renewable hydrogen industry and help meet the country’s target of 100% clean energy by 2050.

    Today the European Commission, the European Investment Bank (EIB), KfW Development Bank, on behalf of the German Federal Ministry for Economic Affairs and Climate Action (BMWK) and the European Commission, Corporación de Fomento de la Producción (CORFO) and the Chilean Ministry of Energy signed agreements to support Chile’s growing renewable hydrogen industry via the Team Europe Renewable Hydrogen Funding Platform for Chile. The signing ceremony took place in Santiago de Chile and was attended by European Commissioner for International Partnership Jozef Sikela, Minister of Energy of the Republic of Chile Diego Pardow, Executive Vice-President of CORFO José Miguel Benavente, EIB Director of the International Partners Department Thouraya Triki, and, representing KfW, Thomas Schmitt, Chargé d’Affaires of the German Embassy to Chile.

    The funding platform will support the decarbonisation of Chile’s economy, creating green jobs and generating business opportunities for Chilean and European companies while also helping Europe meet its import demand for renewable hydrogen. The Team Europe Renewable Hydrogen Funding Platform for Chile is part of the European Union – Latin America and the Caribbean Global Gateway Investment Agenda that  facilitates priority investment projects to help address infrastructure needs in Latin America and the Caribbean, while creating local added value and promoting growth, decent jobs and social cohesion.

    Under the platform, the EIB and KfW can provide financing to the Republic of Chile of up to €200 million (€100 million each), with CORFO as the implementing agency to channel the funds to renewable hydrogen initiatives. The EU Latin America and Caribbean Investment Facility (LACIF) will provide an additional grant of €16.5 million. The Team Europe Renewable Hydrogen Funding Platform for Chile supports Chile’s ambition to make its main sources of energy generation renewable and clean, with 100% clean energy before 2050. It is estimated that the operation will contribute to the development of at least 150 MW of new renewable energy generation capacity and 150 MW of new electrolysers capacity in the country.

    “With this agreement, the European Union reaffirms its vision of renewable hydrogen as a pillar of the energy of the future, and together with Chile, a leader in the region in this field, we are advancing the development of this key industry. The collaborative work between CORFO, the European Investment Bank (EIB), KfW, and the European Union channels strategic resources towards innovative projects, generating mutual benefits for Chile and Europe. This initiative is a clear example of Team Europe’s commitment to sustainability, the creation of green jobs, and the strengthening of our economic ties,” said European Commissioner for International Partnership Jozef Sikela.

    “The Team Europe Renewable Hydrogen Funding Platform for Chile will play a key role in supporting the Chilean government’s efforts to develop a sustainable and competitive renewable hydrogen sector. Through this platform, Team Europe is once again demonstrating its commitment to advance key Global Gateway investment priorities. By aligning with Chile’s ambitious climate action goals, we are fostering green energy solutions that create jobs, drive innovation and strengthen EU-Latin America cooperation. This partnership reflects our shared vision for a cleaner, more sustainable future,” said Vice-President of the European Investment Bank Ioannis Tsakiris.                                    

    “The creation of the green hydrogen industry is not only an opportunity to continue the decarbonisation process but can also contribute to providing quality jobs and opportunities for the regions where future projects will be located. Therefore, this initiative led by the European Union, which is another step in our long and close collaboration, is great news for the energy industry but also for the citizens of our country,” said Minister of Energy of the Republic of Chile Diego Pardow.

    “The development of the green hydrogen industry represents a major challenge, not only in Chile but also globally. The creation of CORFO’s Green Hydrogen Facility, with contributions from multilateral institutions, including KfW and the European Investment Bank, constitutes a very relevant and necessary step forward to have financial instruments that can provide an important signal from the State in order to support the development of the industry and large-scale projects. We take on this challenge with great energy and enthusiasm,” said Executive Vice-President of CORFO José Miguel Benavente.

    “Chile has outstanding renewable energy potential for the development of green hydrogen production. To realise this potential, it is essential to leverage private investment. KfW financing on behalf of BMWK will support the mobilisation of private capital for Chilean hydrogen projects at an early stage. At a later stage, this should also enable the export of green hydrogen to European customers within the framework of hydrogen partnerships,” said Chargé d’Affaires of the German Embassy to Chile Thomas Schmitt.

    The Team Europe Renewable Hydrogen Funding Platform for Chile is part of the European Union’s Global Gateway Investment Agenda supporting projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors. The Global Gateway is the European Union’s contribution to narrowing the global investment gap worldwide. Between 2021 and 2027, the European Union expects to mobilise up to €300 billion of investments for sustainable and high-quality projects, taking into account the needs of partner countries and ensuring lasting benefits for local communities.

    Background information

    About EIB Global

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world. High-quality, up-to-date photos of our headquarters for media use are available here.

    http://twitter.com/EIB

    https://www.linkedin.com/company/eib-global/

    About EIB Global in Chile

    The EIB is the largest multilateral public bank in the world. In 2024 it financed around €8.4 billion in investments outside the European Union via EIB Global, the arm of the EIB created in 2022 for activities beyond Europe. Since the EIB started working in Chile in 1994, it has provided over €942 million to finance investments on favourable conditions — in terms of both maturity and interest rates — with the aim of improving Chileans’ quality of life.

    About EIB Global in Latin America

    EIB Global has been providing economic support for projects in Latin America since 2022, facilitating long-term investment with favourable conditions and offering the technical support needed to ensure that these projects deliver positive social, economic and environmental results. Since the EIB began operating in Latin America in 1993, it has provided total financing of around €15 billion to support more than 170 projects in 15 countries in the region.

    About the Global Gateway Investment Agenda

    EIB Global is a key partner in the implementation of the European Union’s Global Gateway Investment Agenda, supporting sound projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors. Investing in connectivity is at the very heart of what EIB Global does, building on the Bank’s 65 years of experience in this domain. Alongside our partners, fellow EU institutions and Member States, we aim to support investment of €100 billion (around one-third of the overall budget of the initiative) by the end of 2027, including in Chile and Latin America.

    MIL OSI Europe News –

  • MIL-OSI Europe: Chile: EIB to provide $110 million to finance energy efficiency and renewable energy investments

    Source: European Investment Bank

    • $110 million loan to Banco del Estado de Chile to finance energy efficiency and renewable energy investments for small and medium businesses and industries among others, including the value chain companies for critical raw materials in the country.

    Today the European Investment Bank (EIB) and Banco del Estado de Chile signed in Santiago de Chile a $110 million loan to finance energy efficiency and renewable energy investments for small and medium businesses and industries among others, including the value chain companies for critical raw materials in the country. The operation is in line with the EU Global Gateway Investment Agenda in Chile and fosters partnerships to develop sustainable local value chains in the critical raw materials segment.

    The loan was signed by Daniel Hojman, President of Banco del Estado de Chile, and by Thouraya Triki, EIB Director of the International Partners Department, in the presence of the European Commissioner for International Partnership Jozef Sikela.

    The project, 100% climate action, supports Chile’s transition to a decarbonised, environmentally friendly, and inclusive economy, reinforcing the country’s efforts to enhance renewable energy and energy efficiency measures. Mining companies or companies providing services to the critical raw materials sector, and implementing energy efficiency and renewable energy sub-projects, can also be targeted as final beneficiaries, thus supporting the decarbonisation of the critical raw materials supply chain, which is needed to ensure a clean energy transition in the country.

    “This $110 million financing agreement between the European Investment Bank and Banco del Estado de Chile is a relevant contribution towards a cleaner and more efficient energy future. We are investing in renewable energy and energy efficiency, especially for small and medium businesses, thereby strengthening the decarbonisation of the Chilean economy. This initiative reflects our shared commitment to climate action. Through the Global Gateway Investment Agenda, Chile and the European Union are strengthening our collaboration, ensuring that economic growth and environmental protection go hand in hand,” said Jozef Sikela, European Commissioner for International Partnership.

    “This agreement between BancoEstado and the European Investment Bank strengthens the cooperation between our two financial institutions, with the aim of accelerating the adoption of green energy. This complements our previous partnership, which sought to improve the financial access conditions for housing with enhanced energy efficiency standards. Sustainability is an integral part of our identity as a public bank, and green financing is one of our strategic pillars, in line with supporting Chile’s transition towards an economy committed to climate action and environmental conservation,” said Daniel Hojman, President of Banco del Estado de Chile.

    “The $110 million EIB financing in energy efficiency and renewable energy generation supports Chile’s green transition and the EU’s Global Gateway Investment Agenda in Chile while strengthening energy security in the years ahead. This operation contributes significantly to decarbonise the energy supply in the country and unlocks energy efficiency potential in small and medium businesses and industry, including in the critical raw materials sector. This cooperation with Banco del Estado de Chile builds on the EIB’s global climate engagement and our support for climate action in Chile over the last three decades,” said Ioannis Tsakiris, Vice-President of the European Investment Bank.

    The operation is part of the European Union’s Global Gateway Investment Agenda (GGIA) supporting projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors. The Global Gateway is the European Union’s contribution to narrowing the global investment gap worldwide. Between 2021 and 2027, the European Union expects to mobilise up to €300 billion of investments for sustainable and high-quality projects, taking into account the needs of partner countries and ensuring lasting benefits for local communities.

    Background information

    About EIB Global

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by the Member States. It finances investments that pursue EU policy objectives.

    EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. It aims to support €100 billion of investment by the end of 2027 – around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through its offices across the world. Photos of EIB headquarters for media use are available here.

    High-quality, up-to-date photos of our headquarters for media use are available here.

    About EIB Global in Chile

    The EIB is the largest multilateral public bank in the world. In 2024 it financed around €8.4 billion in investments outside the European Union via EIB Global, the arm of the EIB created in 2022 for activities beyond Europe. Since the EIB started working in Chile in 1994, it has provided over €942 million to finance investments on favourable conditions — in terms of both maturity and interest rates — with the aim of improving Chileans’ quality of life.

    About EIB Global in Latin America

    EIB Global has been providing economic support for projects in Latin America since 2022, facilitating long-term investment with favourable conditions and offering the technical support needed to ensure that these projects deliver positive social, economic and environmental results. Since the EIB began operating in Latin America in 1993, it has provided total financing of around €14.9 billion to support more than 170 projects in 15 countries in the region.

    About the Global Gateway Investment Agenda

    EIB Global is a key partner in the implementation of the European Union’s Global Gateway Investment Agenda (GGIA), supporting sound projects that improve global and regional connectivity in the digital, climate, transport, health, energy and education sectors. Investing in connectivity is at the very heart of what EIB Global does, building on the Bank’s 65 years of experience in this domain. Alongside our partners, fellow EU institutions and Member States, we aim to support investment of €100 billion (around one-third of the overall budget of the initiative) by the end of 2027, including in Chile and Latin America.

    MIL OSI Europe News –

  • MIL-OSI: United Community Banks, Inc. Announces Date for First Quarter 2025 Earnings Release and Conference Call

    Source: GlobeNewswire (MIL-OSI)

    GREENVILLE, S.C., March 28, 2025 (GLOBE NEWSWIRE) — United Community Banks, Inc. (NYSE: UCB) announces it will release its first quarter 2025 financial results on Tuesday, April 22, 2025, before the stock market opens. The company also will hold a conference call at 9:00 a.m. EST on Tuesday, April 22, 2025, to discuss its financial results, business highlights, and outlook.

    Participants can pre-register for the conference call by navigating to https://dpregister.com/sreg/10198403/fed7e1f137. Those without internet access or unable to pre-register may dial in by calling 1-844-481-1970. Participants are encouraged to dial in 15 minutes prior to the call start time. The conference call also will be webcast and can be accessed by selecting “Events and Presentations” under “News and Events” within the Investor Relations section of the company’s website, ucbi.com.

    About United Community Banks, Inc.

    United Community Banks, Inc. (NYSE: UCB) is the financial holding company for United Community, a top 100 U.S. financial institution that is committed to improving the financial health and well-being of its customers and the communities it serves. United Community provides a full range of banking, wealth management and mortgage services. As of December 31, 2024, United Community Banks, Inc. had $27.7 billion in assets, 199 offices across Alabama, Florida, Georgia, North Carolina, South Carolina and Tennessee, as well as a national SBA lending franchise and a national equipment lending subsidiary. In 2025, United Community became an 11-time winner of J.D. Power’s award for the best customer satisfaction among consumer banks in the Southeast region and was recognized as the most trusted bank in the Southeast. Additionally, United was named by American Banker as one of the “Best Banks to Work For” for the eighth consecutive year. In 2025, United was also recognized in the Greenwich Best Bank awards for the ninth consecutive year, receiving five awards that included national honors for overall satisfaction for middle market banking in the U.S. Forbes has also consistently listed United Community as one of the World’s Best Banks and one of America’s Best Banks. Additional information about United can be found at ucbi.com.

    For more information:

    Jefferson Harralson
    Chief Financial Officer
    (864) 240-6208
    Jefferson_Harralson@ucbi.com

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – EU-Israel Association Agreement – P-000496/2025(ASW)

    Source: European Parliament

    The EU has reiterated on several occasions its strong opposition to Israel’s settlement policy and repeated actions taken in this context, notably demolitions and confiscations including of EU-funded assets, issuing numerous statements regretting the demolition of Palestinian structures.

    On a number of occasions, Israel has been requested to provide restitution of, or compensate for, EU funded assets that have been demolished, dismantled or confiscated.

    On the occasion of the 13th EU-Israel Association Council held on 24 February 2025, the EU stated that it strongly condemns the demolitions of the structures funded by the EU or its Member States and expects that Israel make good the damage in accordance with international law[1].

    On a yearly basis, the EU publishes the ‘Report on demolitions and seizures in the West Bank including East Jerusalem’ (latest released on November 2024[2]), which includes the number of structures demolished or seized and the total financial loss. Between 2015 and 2023, 927 structures have been demolished or seized for a total financial loss of EUR 2 902 099.

    The EU has consistently raised with Israel the need to meet its obligations under international law towards the Palestinian population in the occupied West Bank, including in Area C and East Jerusalem.

    The EU has conducted public advocacy that includes frequent visits of various sites in the occupied Palestinian territories by the EU and its Member States representatives, most recently the diplomatic mission visit to the Al-Bustan-Silwan neighbourhood in East-Jerusalem[3].

    • [1] https://data.consilium.europa.eu/doc/document/ST-6511-2025-INIT/en/pdf
    • [2] https://www.eeas.europa.eu/sites/default/files/documents/2024/One%20Year%20Report%20on%20Demolitions%20and%20Seizures%20in%20the%20West%20Bank%20including%20East%20Jerusalem%20-%201%20January%20%2031%20December%202023.pdf
    • [3] https://www.eeas.europa.eu/delegations/palestine-occupied-palestinian-territory-west-bank-and-gaza-strip/diplomatic-missions-visit-residents-al-bustan-silwan-neighborhood-east-jerusalem-threatened-imminent_en
    Last updated: 28 March 2025

    MIL OSI Europe News –

  • MIL-OSI Security: Ponce Man and Local Business Indicted for Bank Fraud

    Source: Office of United States Attorneys

    SAN JUAN, Puerto Rico – A Ponce man was arrested on March 25, 2025, on criminal charges related to various schemes involving bank fraud and money laundering. One company that he operated, Rossy Sport Bar Panorámico, LLC, was also indicted for its role in the bank fraud scheme.

    According to court documents, in 2020 and 2022, Melvin E. Rivera-Oliveras, 40, executed a scheme and artifice to defraud multiple federally insured financial institutions in Puerto Rico. Rivera-Oliveras attempted to conduct fraudulent refund transactions for more than $7 million using multiple debit cards at various companies that he managed and operated.

    After acquiring point of sale (POS) systems, Rivera-Oliveras conducted fraudulent refund transactions and was able to gain temporary access to the funds and to spend a portion of the funds that did not belong to him.

    In July 2022, Rivera-Oliveras submitted fraudulent transactions in an attempt to obtain over $270,000 via fraudulent refund transactions using a debit card associated with Rossy Sport Bar Panorámico, which was another company he was managing. The proceeds of that scheme were deposited into an account held by Rossy Sport Bar Panorámico.

    With the proceeds of these crimes, Rivera-Oliveras purchased multiple vehicles, including a Cadillac CTS, a Ford Transit Connect XL, and a Mercedes Benz C Class. In addition, Rivera-Oliveras made multiple bank transactions in excess of $10,000.

    “The defendant created and executed a complex scheme to defraud banks and businesses,” said W. Stephen Muldrow, United States Attorney for the District of Puerto Rico. “I commend the FBI agents and law enforcement partners who uncovered this web of illegal financial transactions.”

    “These crimes strike at the heart of public trust and financial stability. Bank fraud may not always leave a specific victim with empty pockets, but make no mistake, it erodes the very systems that uphold our economy,” said Devin J. Kowalski, Acting Special Agent in Charge of the FBI’s San Juan Field Office. “Thanks to the outstanding work of our agents and partners, this scheme was uncovered. To those who believe they can conceal their fraud behind layers of deception, know that the FBI will not rest until you are brought to justice.”

    If convicted, Rivera-Oliveras faces the following penalties: up to 30 years in prison for bank and wire fraud; and up to ten years for money laundering. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    The Federal Bureau of Investigation is in charge of the investigation of the case.

    Assistant U.S. Attorney Marie Christine Amy from the Financial Fraud & Public Corruption Section is prosecuting the case.

    A criminal complaint is merely an allegation and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    ###

    MIL Security OSI –

  • MIL-OSI: Medallion Bank Announces Benchmark Rate for Certain Preferred Stock

    Source: GlobeNewswire (MIL-OSI)

    SALT LAKE CITY, March 28, 2025 (GLOBE NEWSWIRE) — Medallion Bank (Nasdaq: MBNKP, the “Bank”) today announced that, upon the commencement of the floating rate period for the Bank’s Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series F (the “Series F Preferred”) on April 1, 2025, the benchmark rate used to determine the dividend rate for each dividend period during the floating rate period will be three-month CME Term SOFR (“Term SOFR”). In addition, the dividend payment rate determination date for determining Term SOFR will be the second U.S. government securities business day preceding the first day of the relevant dividend period. The Series F Preferred trades on the Nasdaq Capital Market under the ticker symbol “MBNKP.”

    About Medallion Bank

    Medallion Bank specializes in providing consumer loans for the purchase of recreational vehicles, boats, and home improvements, along with loan origination services to fintech strategic partners. The Bank works directly with thousands of dealers, contractors and financial service providers serving their customers throughout the United States. Medallion Bank is a Utah-chartered, FDIC-insured industrial bank headquartered in Salt Lake City and is a wholly owned subsidiary of Medallion Financial Corp. (Nasdaq: MFIN).

    For more information, visit www.medallionbank.com

    Company Contact:
    Investor Relations
    212-328-2176
    InvestorRelations@medallion.com

    The MIL Network –

  • MIL-OSI USA: Senator Coons, colleagues press USDA to not take food away from food banks and hungry families

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons
    WASHINGTON – U.S. Senators Chris Coons (D-Del.), Amy Klobuchar (D-Minn.), and 24 of their colleagues demanded more information from the U.S. Department of Agriculture about the cancellation of previously approved emergency food assistance funding for food banks and other emergency food providers. The administration has canceled at least 900,000 meals for the Food Bank of Delaware, harming our hungry neighbors already facing high grocery prices and as well as American farmers who are being squeezed by tariffs and other cuts to domestic markets.
    “We write regarding the reported cancellation of hundreds of millions of dollars in previously approved funding for food banks and other emergency food providers through The Emergency Food Assistance Program (TEFAP),” the senators wrote. “A cancellation of these funds could result in $500 million in lost food provisions to feed millions of Americans at a time when the need for food shelves is extremely high due to costly groceries and an uncertain economy.” 
    “If true, this major shift in a program utilized by emergency food providers in every state in the nation will have a significant and damaging impact upon millions of people who depend upon this program for critical food assistance,” the senators continued. “In addition, this program consists of purchases of U.S. commodities at a time when America’s growers and producers are struggling due to tariffs, proposed tariffs, animal disease and many other challenges.”
    In addition to Senators Coons and Klobuchar, the letter was signed by Senate Minority Leader Chuck Schumer (D-N.Y.) and Senators Jeanne Shaheen (D-N.H.), Ron Wyden (D-Ore.), Dick Durbin (D-Ill.), Jack Reed (D-R.I.), Bernie Sanders (I-Vt.), Sheldon Whitehouse (D-R.I.), Mark Warner (D-Va.), Jeff Merkley (D-Ore.), Michael Bennet (D-Colo.), Kirsten Gillibrand (D-N.Y.), Richard Blumenthal (D-Conn.), Tammy Baldwin (D-Wis.), Angus King (I-Maine), Cory Booker (D-N.J.), Catherine Cortez Masto (D-Nev.), Tina Smith (D-Minn.), Jacky Rosen (D-Nev.), Ben Ray Luján (D-N.M.), Raphael Warnock (D-Ga.), Peter Welch (D-Vt.), Adam Schiff (D-Calif.), Andy Kim (D-N.J.), and Elissa Slotkin (D-Mich.).
    The full letter is available here and below. 
    Dear Secretary Rollins: 
    We write regarding the reported cancellation of hundreds of millions of dollars in previously approved funding for food banks and other emergency food providers through The Emergency Food Assistance Program (TEFAP). A cancellation of these funds could result in $500 million in lost food provisions to feed millions of Americans at a time when the need for food shelves is extremely high due to costly groceries and an uncertain economy. If true, this major shift in a program utilized by emergency food providers in every state in the nation will have a significant and damaging impact upon millions of people who depend upon this program for critical food assistance. 
    In addition, this program consists of purchases of U.S. commodities at a time when America’s growers and producers are struggling due to tariffs, proposed tariffs, animal disease and many other challenges. 
    According to recent statistics, nearly one in every seven Americans have faced food insecurity. Many of these households turn to community and emergency relief organizations such as food banks and food pantries to help them obtain sufficient nutrition. In 2023 alone, 50 million Americans turned to emergency food providers, according to a report from Feeding America, America’s largest network of food banks. While food banks rely on a variety of sources (including private) to obtain food for distribution through their networks, federally purchased commodities are a key part of how they provide nutritious meals to Americans.  
    Due to this reported change, a number of us have heard that trucks delivering American-grown foods may not arrive. These trucks represent hundreds of thousands of nutritious meals containing poultry, fruits, vegetables, and dairy. If confirmed, the cancellation of this previously announced funding also comes on top of the cancellation of Local Food for School Program and the Local Food Purchase Assistance Program funding, which also helps farmers deliver nutritious foods to schools and food banks. These cuts will deprive Americans of food assistance, emergency food providers of necessary support to carry out their work, and American farmers of vital domestic markets. 
    To help us understand USDA’s actions and their impact on communities around the country, we ask that you answer the following questions. 
    1.            Has USDA cancelled previously approved purchases of food provided through TEFAP? If so, what level of funding has been cancelled thus far and when will state agencies be notified of any cancelled TEFAP purchases? 
    2.            Does USDA plan to cancel additional purchases of food provided through TEFAP? 
    3.            Has USDA paused any TEFAP food orders or purchases? If so, what is the current status of those orders or purchases? Does USDA intend to un-pause these funds?  
    4.            Please provide information on what types of funding, by commodity, have been cancelled and the financial impact of those cancellations on producers such as pork, chicken, turkey and dairy farmers. 
    5.            Is the funding announced on October 1, 2024, and detailed in the implementation memo that the Food and Nutrition Service sent to state agencies on December 2 rescinded? 
    6.            Does USDA intend to use Commodity Credit Corporation funds in Fiscal Year 2025 for future purchases that will be distributed through TEFAP?  
    The senators asked for a prompt response to these questions by the end of the week. 

    MIL OSI USA News –

  • MIL-OSI USA: Press Release: FDIC Issues Enforcement Orders for February 2025

    Source: US Federal Deposit Insurance Corporation FDIC

    CategoriesBusiness, Commerce, MIL-OSI, United States Federal Government, United States Government, United States of America, US Commerce, US Federal Deposit Insurance Corporation FDIC, US Federal Government, US Insurance Sector, USA

    MIL OSI USA News –

  • MIL-OSI Global: What users need to know about privacy and data after 23andMe’s bankruptcy filing

    Source: The Conversation – Canada – By Aileen Editha, PhD Candidate in Law, Queen’s University, Ontario

    News of 23andMe’s bankruptcy has reignited concerns about data privacy, particularly what happens to customers’ personal and genetic information. (Shutterstock)

    23andMe, one of the first companies to provide direct-to-consumer genetic testing kits, has filed for bankruptcy. Since its founding in 2006, it has sold over 12 million DNA kits, with high-profile users including Oprah Winfrey and Warren Buffett.

    The company filed for Chapter 11 bankruptcy on March 23 under the United States Bankruptcy Code. This means 23andMe — now considered a debtor-in-possession — will start restructuring its finances and operations under court supervision.

    Despite the bankruptcy filing, 23andMe said it’s not shutting down. Having secured US$35 million in financing for the restructure, 23andMe has stated in an open letter that it will continue operating. Customers still have full access to their accounts, reports and data.

    News of the bankruptcy has reignited concerns about data privacy, particularly what happens to customers’ personal and genetic information. Considering 23andMe’s past challenges and controversies, these concerns are understandable.



    Read more:
    The 23andMe data breach reveals the vulnerabilities of our interconnected data

    In 2023, hackers exploited old passwords to gain access to the personal information of 6.9 million people. While 23andMe said no genetic data was compromised, information like family trees, birth years and geographic locations were. Some of the stolen data was later put up for sale on a hacking forum.

    In addition to the breach and resulting legal suits, the company has been in financial trouble since 2021. In 2024, 23andMe laid off 40 per cent of its workforce and saw all its independent directors resign unanimously in response to CEO Anne Wojcicki’s decision to take the company private. Wojcicki has since stepped down.

    Data as assets

    A key concern now is what will happen to customer data during the bankruptcy process. The possibility of new ownership has some customers concerned about how their sensitive genetic information will be handled in the future.

    23andMe’s privacy policies say the following:

    “If we are involved in a bankruptcy, merger, acquisition, reorganization, or sale of assets, your Personal Information may be accessed, sold or transferred as part of that transaction and this Privacy Statement will apply to your Personal Information as transferred to the new entity.”

    This means 23andMe could technically sell customer information as part and parcel of the company to ensure competitive bids. This information includes both individual-level data, such as genotypes, diseases and traits, as well as de-identified data that doesn’t include names or addresses.

    23andMe is one of the first companies to provide direct-to-consumer genetic testing kits.
    (Shutterstock)

    The company could also expand licensing agreements with pharmaceutical companies, which would allow them to use customer information for research. For instance, 23andMe’s “discovery collaboration” with GlaxoSmithKline allows consumer data to be used for research on novel drugs.

    23andMe has stated customer data will remain protected during the bankruptcy process, since any buyer “will be required to comply with applicable law with respect to treatment of customer data.”

    It is also important to note, however, that 23andMe may emerge successful from its restructuring. Filing for bankruptcy doesn’t mean a company will necessarily cease to operate. Many companies, including rental car company Hertz, General Motors and Red Lobster, all filed for Chapter 11 bankruptcy but eventually recovered and continued business operations. 23andMe could follow a similar path.

    How privacy laws affect consumer data

    In commercial spheres, an individual’s genetic information is treated the same as their personal information under privacy laws. The extent to which customers should be concerned also depends on where they are located.

    For instance, the European Union and United Kingdom’s General Data Protection Regulation will provide additional protections to customers.

    Customers in Canada have some protection under the Personal Information and Protection and Electronic Documents Act (PIPEDA), as they are legally permitted to withdraw consent to the use of their personal information so long as they provide reasonable notice. However, this may still be limited by legal or contractual agreements.

    A 23andMe user’s ancestry results are displayed beside a saliva collection kit in Wilmington, Del. in 2018.
    (Shutterstock)

    In the U.S., however, the situation is much more complicated as there continues to be a lack of a harmonized legal approach to consumer privacy. Some U.S. states have enacted laws to better protect consumer privacy, like California’s Consumer Privacy Act and the Illinois Genetic Information Privacy Act.

    However, U.S. federal legislation like the Health Insurance Portability and Accountability Act, better known as HIPAA, doesn’t apply because 23andMe isn’t classified as a health-care agency or an associate of a health-care organization.

    What should consumers do?

    There are numerous uncertainties surrounding the situation, like whether or not 23andMe will eventually cease to operate and who it might sell to. Additionally, regardless of whether or not 23andMe is sold, its privacy policies can change anytime.

    In light of these uncertainties, concerned customers should err on the side of caution and delete their accounts. It is, however, important to note that 23andMe and its laboratory partners may still retain some consumers’ personal and genetic information, even after accounts are deleted.

    Concerned customers should make sure to withdraw their consent and request the deletion of both their individual-level and de-identifed data from the database. California’s Attorney General Rob Bonta and Ontario’s Privacy Commissioner Patricia Kosseim have also given this advice.



    Read more:
    With 23andMe filing for bankruptcy, what happens to consumers’ genetic data?

    The anxiety and concern surrounding 23andMe’s future is an indicator that a harmonized and effective framework is needed to regulate consumer privacy.

    As legal scholars Sara Gerke, Melissa B. Jacoby and I. Glenn Cohen aptly stated in their recent research article, “a legal system that relies heavily on privacy statements to protect customer data leaves customers vulnerable to unexpected uses of their data, with limited remedies.”

    Without clear regulations, consumers are forced to rely on the word of companies. With genetic data at stake, it’s imperative that policymakers take action to protect consumer privacy in the face of uncertainty.

    Aileen Editha 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. What users need to know about privacy and data after 23andMe’s bankruptcy filing – https://theconversation.com/what-users-need-to-know-about-privacy-and-data-after-23andmes-bankruptcy-filing-253012

    MIL OSI – Global Reports –

  • MIL-OSI: Independent Bank Corporation Announces Date for Its First Quarter 2025 Earnings Release

    Source: GlobeNewswire (MIL-OSI)

    GRAND RAPIDS, Mich., March 28, 2025 (GLOBE NEWSWIRE) — Independent Bank Corporation (NASDAQ: IBCP), the holding company of Independent Bank, a Michigan-based community bank, announced that it expects to issue its 2025 first quarter results on Thursday, April 24, 2025, at approximately 8:00 am ET. The release will be available on the Internet at IndependentBank.com within the “News” section of the “Investor Relations” area of the Company’s website.

    Brad Kessel, President and CEO, Gavin Mohr, CFO and Joel Rahn, EVP Commercial Banking will review the quarterly results in a conference call for investors and analysts beginning at 11:00 am ET on Thursday, April 24, 2025.

    To participate in the live conference call, please dial 1-833-470-1428 (Access Code # 706949). Also, the conference call will be accessible through an audio webcast with user-controlled slides via the following event site/URL: https://events.q4inc.com/attendee/106805636.

    A playback of the call can be accessed by dialing 1-866-813-9403 (Access Code # 746507). The replay will be available through May 1, 2025.

    About Independent Bank Corporation

    Independent Bank Corporation (NASDAQ: IBCP) is a Michigan-based bank holding company with total assets of approximately $5.3 billion. Founded as First National Bank of Ionia in 1864, Independent Bank Corporation operates a branch network across Michigan’s Lower Peninsula through one state-chartered bank subsidiary. This subsidiary (Independent Bank) provides a full range of financial services, including commercial banking, mortgage lending, investments, insurance and title services. Independent Bank Corporation is committed to providing exceptional personal service and value to its customers, stockholders and the communities it serves.

    For more information, please visit our website at: IndependentBank.com.

    Contact: William B. Kessel, President and CEO, 616.447.3933
      Gavin A. Mohr, Chief Financial Officer, 616.447.3929

    The MIL Network –

  • MIL-OSI Africa: Afreximbank and Zep-Re launch the Trans-Africa Bond Alliance (TABA)

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

    NAIROBI, Kenya, March 28, 2025/APO Group/ —

    African Export-Import Bank (Afreximbank) (www.Afreximbank.com) and Zep-Re (PTA Reinsurance Company) today launched the Trans-Africa Bond Alliance (TABA), a transformative initiative, designed to bridge the insurance capacity gap and empower African contractors to secure more construction and procurement projects while boosting cross-border trade and enhancing the movement of goods and investment across Africa.

    By providing robust transit guarantee mechanisms, the joint venture between Afreximbank and Zep-Re is expected to reduce trade barriers, lower costs, and improve efficiency in the movement of goods across Africa. Moreover, TABA will promote seamless cross-border trade and the growth of trade insurance business within the continent, all within the transformative framework of the African Continental Free Trade Agreement (AfCFTA), which aims to create a single market for goods and services across 54 countries. By facilitating seamless transit trade, TABA will strengthen the trade insurance sector, making it easier for businesses to operate with confidence while minimising financial risks.

    Speaking at the launch, H.E Veronica M. Nduva, CBS, Secretary General of the East African Community (EAC) noted, “The East African Community has long been committed to fostering regional integration and economic development. Indeed, our two pillars of the four of establishment are a customs union and a common market. The establishment of TABA aligns seamlessly with our regional integration program, which aims to enhance cross border trade, reduce trade costs and promote economic growth across the continent with simplified trade regimes.”

    Africa has around 110 borders, with 16 land-locked countries relying on complex and costly trade processes. According to African Development Bank (https://apo-opa.co/42cf7vn), transport charges in some cases exceeding the value of goods being traded. With TABA, traders can transport goods from Cape Town to Cairo using a single transit bond, significantly reducing delays and cutting trade costs. This transformative solution enhances the efficiency of African supply chains while ensuring customs authorities receive guaranteed revenue in the event of procedural breaches.

    The establishment of TABA builds on decades of efforts to bolster intra-African trade through key financial and insurance institutions. By leveraging expertise from these institutions; Afreximbank, which is playing a critical role in trade finance and facilitation since its founding in 1993, and ZEP-RE, a leading reinsurance provider supporting trade insurance solutions across Africa, TABA aims to address the challenges businesses face in navigating Africa’s diverse regulatory environments. The alliance will harmonize trade practices and introduce a standardised framework that ensures secure, predictable, and efficient trade movement.

    Mr Denys Denya, Senior Executive Vice President of Afreximbank, said:

    “Today we forge a new alliance to dismantle the artificial barriers and tighten the bolts and nuts of the wheels of trade and investment flows across national borders. This couldn’t have come at any other time than now, when the pillars of global cooperation and integration are being disintegrated, and fragmentation, isolationism and protectionism have taken hold in our world. Through this collaboration, our goal is not to displace local operators but to boost the capacity and efficiency of interstate transit regimes, paving the way for a continental framework under the AfCFTA.”

    Ms Hope Murera, Managing Director and CEO of Zep-Re (PTA Reinsurance Company), noted during the launch the impact TABA would make in Africa trade ecosystem. She said, “Today, we are not just unveiling a new partnership—we are ushering in a new era. One that reimagines how we facilitate trade, manage risk, and support cross-border movement across our continent. ZEP-RE’s experience and impact through flagship regional programs demonstrates what is possible when vision meets action.  TABA represents a shared vision—a vision where Africa is connected by bridges of opportunity, not barriers”.

    TABA introduces a streamlined approach to trade facilitation by leveraging Transit Bonds, Performance Bonds, and Standby Letters of Credit (SBLCs) to guarantee the secure movement of goods. This initiative will:

    • Enhance trade efficiency by eliminating delays caused by multiple national bond requirements,
    • Boost investor confidence through a structured and transparent customs guarantee system,
    • Reduce trade costs, making African exports more competitive on a global scale,
    • Ensure compliance with customs regulations, preventing illicit trade and securing revenue for governments and
    • Expand market opportunities for African businesses by enabling smoother cross-border trade.

    Following today’s launch, key stakeholders will engage in B2B meetings and marketplace interactions to discuss strategies for implementing TABA across Africa. The alliance will also roll out an awareness campaign to educate businesses and financial institutions on the benefits and operational framework of the new system.

    MIL OSI Africa –

  • MIL-OSI: Top Producing Branch Manager Ted Edginton Joins Rate in Birmingham, MI

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, Mich., March 28, 2025 (GLOBE NEWSWIRE) — Rate, a leader in fintech mortgage solutions, today announced the addition of Ted Edginton as its new Producing Branch Manager in Birmingham, Michigan. With over 22 years of career experience as a senior loan officer, Edginton has a track record of success, industry knowledge, and a client-first approach to Rate’s team.

    Edginton joins Rate after over two decades with U.S. Bank, where he built a reputation for top-tier service and consistent production. Recognized for his high volume and unit production year after year, he has been a member of the President’s Circle and Legends of Possible since 2008.

    “My team and I made a strategic move to Rate because of the strength of its product offerings and focus on the client experience,” said Edginton. “With Rate’s platform, I can serve my clients faster, more efficiently, and with more options tailored to their needs with less stress. I’m excited to bring this level of service to even more people in my community.”

    Known for his commitment to service, Edginton prides himself on being accessible to clients, outlining a clear path to the finish line, and treating every borrower like family. His expertise spans a wide range of products, including VA, FHA, Construction-Perm/Rehab, Reverse, Physician, programs for the self employed, and other unique Portfolio Loans.

    “We’re all very excited to welcome Ted to the Rate team,” said Jeff Nelson, Chief Production Officer-East at Rate. “His expertise and success are a wonderful addition to a great Rate family.”

    Beyond his professional accomplishments, Edginton is actively involved in the local community, including the Greater Metropolitan Association of Realtors (GMAR) in Southeast Michigan and the Michigan Realtors Association. He also was the first non-Realtor inducted into the Realtor Hall of Fame in Washinton D.C. and is continually recognized in Hour Magazine as an annual Mortgage All Star. His dedicated engagement reinforces his strong referral network and commitment to supporting local agents and clients.

    With this move, Rate continues to expand its footprint in Michigan, focusing on personalized service, powerful products, and a team of trusted experts like Edginton.

    About Rate

    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include: Top 5 Mortgage Lender by Inside Mortgage Finance for 2024; Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years. Visit rate.com for more information.

    Press Contact

    press@rate.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5d5241a-e42d-4056-96eb-25926084c7ec

    The MIL Network –

  • MIL-OSI: BNP Paribas SA: Restatement of new 2024 quarterly series in the 2025 format

    Source: GlobeNewswire (MIL-OSI)

    PRESS RELEASE

    Paris, 28 March 2025

    This restatement has no impact on the Group’s published 2024 results and changes only the analytical breakdown of business lines, divisions and Corporate Centre segment. However, it impacts the risk-weighted assets of the various business lines, divisions and Group.
    ​
    In order to present a consistent reference with the presentation of the financial statements and the results applied from 1 January 2025, the quarterly series for the 2024 financial year include the main effects described below:
    ​

    • The change in the allocation of normalized equity from 11% to 12% of risk-weighted assets: as part of the coming into force of the finalisation of Basel 3 (Basel 4) on 1 January 20251, and in line with its CET1 target of 12%, the Group decided to change the normalized equity allocated to its business lines, excluding Insurance, to 12% of risk-weighted assets, from 11% previously, as of 1 January 2025;
    • The impact of this transposition (Basel 4)1 on the level of risk-weighted assets;
    • Full consolidation in the prudential scope of entities under the exclusive control of the Arval business as if it had occurred on 1 January 2024 (instead of 1 July 2024);
    • The geographical focus (sale and run-off of businesses in 10 countries) carried out by Personal Finance. It leads to the reclassification of income and business data from the non-strategic or non-core perimeter (equivalent to the activities put into run-off) in the Corporate Centre. Personal Finance’s profit and loss account therefore corresponds to the remaining strategic or core perimeter ;
    • A change in revenue allocation methodology between Wealth Management and Corporate Centre;
    • The business indicators at BNL are restated to take into account a precise breakdown of deposits by category (current, savings and term) and off balance sheet savings (assets under Discretionary Portfolio Management now included).

    ​
    ​
    ​The following non-audited appendices detail the 2024 quarterly results in line with these developments.

    • Appendix 1: 2024 restated Group profit & loss, unchanged compared to 2024 Published Group profit & loss
    • Appendix 2: Effects of the restatement on operating divisions
    • Appendix 3: Effects of the restatement on Corporate Centre
    • Appendix 4: Effects on deposits and off balance sheet savings of BNL
    • Appendix 5: New quarterly restated series​ for all operating divisions and businesses

    ​
    ​NEW QUARTERLY SERIES IN EXCEL FORMAT ARE AVAILABLE ON THE FOLLOWING WEBSITE: HTTPS://INVEST.BNPPARIBAS.COM

    Calendar
    ​
    •      9 APRIL 2025: START OF THE QUIET PERIOD
    •      24 APRIL 2025: RELEASE OF 1Q25 RESULTS

    • 13 May 2025: Annual General Meeting
    • 19 May 2025: 2024 Dividend detachment date
    • 21 May 2025: 2024 Dividend payment date
    • 10 June 2025: Deep Dive Personal Finance
    • 26 June 2025: Deep Dive Commercial & Personal Banking in France
    • 24 July 2025: release of 2Q25 results

    Investor relations contact

    Bénédicte Thibord – benedicte.thibord@bnpparibas.com

    Equity
    Raphaëlle Bouvier-Flory – raphaelle.bouvierflory@bnpparibas.com
    Lisa Bugat – lisa.bugat@bnpparibas.com
    Didier Leblanc – didier.m.leblanc@bnpparibas.com
    Olivier Parenty – olivier.parenty@bnpparibas.com
    Guillaume Tiberghien – guillaume.tiberghien@uk.bnpparibas.com

    Debt & Rating agencies
    Didier Leblanc – didier.m.leblanc@bnpparibas.com
    Olivier Parenty – olivier.parenty@bnpparibas.com

    Retail & ESG
    Antoine Labarsouque – antoine.labarsouque@bnpparibas.com

    E-mail : investor.relations@bnpparibas.com

    1 Transposition into European law of the finalisation of Basel 3 (Basel 4) by Regulation (EU) 2024/1623 of the European Parliament and of the Council of 31 May 2024 amending Regulation (EU) 575/2013, published in the Official Journal of the European Union on 19 June 2024.

    Attachment

    The MIL Network –

  • MIL-OSI: WisdomTree Metal Securities

    Source: GlobeNewswire (MIL-OSI)

    WisdomTree Metal Securities
    LEI: 213800QFA5KMBW5CVX71
    28 March 2025

    WISDOMTREE METAL LIMITED

    WisdomTree Metal Securities Limited (the “Issuer”) hereby announces that the following base prospectus has been approved by the Financial Conduct Authority and the Central Bank of Ireland:

    Prospectus for the issue of WisdomTree Metal Securities dated 28 March 2025 the “Prospectus”).

    To view the full document, please paste the following URL into the address bar of your browser:

    https://www.wisdomtree.eu/-/media/eu-media-files/key-documents/prospectus/etf-securities/prospectus—etfs-metal-securities-limited.pdf

    Terms used in this announcement and not otherwise defined bear the meanings given in the Prospectus.

    For further information, please contact:

    WisdomTree
    infoeu@wisdomtree.com

    The MIL Network –

  • MIL-OSI: WithSecure Corporation: SHARE REPURCHASE 28.3.2025

    Source: GlobeNewswire (MIL-OSI)

    WithSecure Corporation, STOCK EXCHANGE RELEASE, 28 March 2025 at 6.30 PM (EET)
         
         
    WithSecure Corporation: SHARE REPURCHASE 28.3.2025
         
    In the Helsinki Stock Exchange    
         
    Trade date           28.3.2025  
    Bourse trade         Buy  
    Share                  WITH  
    Amount             10 000 Shares
    Average price/ share    0,9408 EUR
    Total cost            9 408,00 EUR
         
         
    WithSecure Corporation now holds a total of 286 890 shares
    including the shares repurchased on 28.3.2025  
         
    The share buybacks are executed in compliance with Regulation 
    No. 596/2014 of the European Parliament and Council (MAR) Article 5
    and the Commission Delegated Regulation (EU) 2016/1052.
         
         
    On behalf of Withsecure Corporation  
         
    Nordea Bank Oyj    
         
    Janne Sarvikivi           Sami Huttunen  
         
         
    Contact information:    
    Laura Viita    
    Vice President Controlling, Investor relations and Sustainability
    WithSecure Corporation    
    Tel. +358 50 4871044    
    Investor-relations@withsecure.com    

    Attachment

    The MIL Network –

  • MIL-OSI Banking: Elevate Your Business With Galaxy S25

    Source: Samsung

    In today’s fast-paced and demanding work environment, businesses are looking for ways to simplify how they perform complex tasks. These intricate tasks can vary and involve anything from navigating multiple steps or business processes, dependencies, resources, stakeholders and uncertainties.
     
    Samsung Galaxy S25 series has now set the standard for what an AI-enabled phone can do as a true AI companion. Galaxy AI capabilities are now able to integrate AI agents allowing businesses to perform complex tasks across apps, services and even devices.
     
    Together with Google, Samsung is reshaping the future of Android and evolving it into the revolutionary AI-integrated OS1. This integrated collaboration is able to unlock powerful AI experiences that integrate diverse AI agents, such as Bixby, Gauss, Gemini, Chat GPT and Co-pilot. Samsung worked closely with Google to provide this latest, most cutting-edge AI innovations on Galaxy S25 series through One UI 72.
     
    This partnership, which started from a very early development stage, introduces native integration of Gemini on Galaxy devices for the first time and transforms the Galaxy AI experience to be more intuitive through multimodal capabilities. Businesses can now look forward to Gemini – an innovative feature that performs seamless actions across multiple apps, so every task takes fewer steps.
     
    To top this off – Intuitive, personalised AI is redefining how Samsung interacts with the world with the most natural, context-aware and personalised experiences. The Galaxy S25 series now also comes with up to six-months free access to Gemini Advanced. The direct business benefit of Gemini Advanced feature is that it comes with Samsung’s most capable AI models and priority access to the newest features like Gems, custom AI experts for any topic and Deep Research, which acts as your personal AI research assistant.
     
    It is very clear from these ground-breaking business features that Samsung aims to deliver an optimised AI experience by leveraging a variety of these incredible AI agents effectively. The Galaxy AI platform introduced with Galaxy S25 series has now been optimised for AI from the framework level, allowing various AI agents to effortlessly control multiple apps. These AI agents are able to work seamlessly in the background to perform tasks tailored to the user’s needs, simplifying complex business tasks.
     
    Many of these innovative Gemini features included in Galaxy S25 were developed to ensure an optimised user experience – thanks to the incredible collaboration that was formed with Google from the early stages. Bixby, Samsung’s voice-based AI agent specialised in device control, will now also play a pivotal role in advancing Home AI by enabling more intuitive and effortless control of Galaxy devices, as well as seamless connectivity and management of Samsung products like TVs and home appliances.
     
    But, it does not end there. Samsung knows just how important data privacy and safety is to businesses. That is why it has also built a broader AI ecosystems with AI-integrated OS. The cloud-based AI security features, enhanced in collaboration with Google, uphold the highest standards of data privacy and give you the choice to enable or opt out of Google Gemini.
     

     
    Users can now choose whether to enable Google Gemini or opt out based on their preferences. This cloud-based AI security feature now ensures that user input data is immediately deleted as soon as the output is created. No personal information is accessed without authorisation.
     
    And then there’s the remarkably seamless actions across apps/Gemini Live feature that is able to achieve the most cutting-edge AI experiences on Galaxy S25 series. In this case as well, Samsung has worked closely with partners that include both Google and Qualcomm to enhance AI capabilities and boost device performance. Together, these partners have been able to bring Gemini and Gemini Live to Galaxy S25 series, making it simpler for businesses to not only perform complex tasks, but also be context-aware.
     
    Now, there’s also the Multimodal Search – a new mobile search experience based on Galaxy S25 series’ capacity to interpret text, voice, images, video and even gestures. Businesses can now stop searching and instead be able to start finding more of what they want. The all-enhanced Circle3 to Search feature now understands the context of everything on your screen to anticipate your needs. It transforms the way we use devices with a new conversational, multimodal user interface, now introduced on Galaxy S25 series.
     
    Galaxy AI is now integrated naturally into every touch point of the interface and with One UI 7, Samsung has created an experience where every interaction feels effortless. Also, complemented by AI Select that is built mainly for contextual search – it now suggests solutions, next actions and useful information based on what’s on your screen – all of this without having to manually activate relevant apps.
     
    And furthermore, the barrier-breaking communication capability that is able to record and analyse calls with on-device transcript and AI summary for calls + on-device transcript and AI summary – allows businesses to communicate freely across countries with increased language support. And with the introduction of Samsung’s innovative Galaxy AI – this comprehensive artificial system is now able to not only enhance but elevate individual and business experiences across their Galaxy devices.
     
    Importantly, Samsung’s Galaxy AI vision remains. The global electronics giant seeks to democratise the benefits of mobile AI innovation so that its business users can enjoy barrier-free communication, maximise their productivity, unleash creativity and better track their health in their daily lives.
     
    Availability
    The Galaxy S25 series will be available for official retail sale in South Africa starting 14 February 2025. The Galaxy S25 Ultra comes in the following colours4 in Titanium Silverblue, Titanium Black, Titanium Whitesilver and Titanium Gray. Galaxy S25 and Galaxy S25+ will be available in Navy, Silver Shadow, Icyblue and Mint4.
     
    South African customers can pre-order the Galaxy S25 series through Samsung’s official online store, Samsung Shop App and participating retail partners.
     

    MIL OSI Global Banks –

  • MIL-OSI Banking: Samsung Galaxy A56 5G, Galaxy A36 5G and Galaxy A26 5G Are Now Available in South Africa

    Source: Samsung

    Samsung Electronics Co., Ltd. has announced the local availability of the Galaxy A56 5G, Galaxy A36 5G, and Galaxy A26 5G, marking a significant step toward opening up new possibilities for even more users through advanced mobile AI technology. This is the first Galaxy A series to feature Awesome Intelligence – a comprehensive and intuitive mobile AI experience that offers powerful and fun AI-powered tools[1] for easy search and amazing visual experiences.
     
    “As Samsung continues to lead the way in mobile AI, we are committed to bringing its power to even more users, providing new ways to explore and capture the world around them through Awesome Intelligence,” said TM Roh, President and Head of Mobile eXperience Business at Samsung Electronics. “With the launch of the new Galaxy A series, we look forward to more people benefitting from smart and fun mobile experiences that unleash their creativity, all while ensuring the security and reliability users expect from us.”
     
    The latest Galaxy A series brings users Galaxy’s fan-favourite AI-powered features. Enhanced Circle to Search with Google[2] offers a seamless way to find answers, enabling users to instantly bring information to their fingertips with a simple gesture. With Object Eraser[3], users can easily remove unwanted elements from photos for a cleaner, more polished look. For those who enjoy customising their photos even further, Filters[4] can create unique effects inspired by their favourite images. Available only on Galaxy A56 5G within the Galaxy A series, Best Face[5] allows users to select the best expressions from multiple frames and combine them into a single photo so everyone looks their best.
     
    Galaxy A56 5G and Galaxy A36 5G feature a 6.7-inch[6] FHD+ Super AMOLED display with a peak brightness of up to 1200 nits[7], offering a vivid and immersive viewing experience in any environment. A 5,000mAh battery powers all three models, allowing users to enjoy every moment for longer. Galaxy A56 5G and Galaxy A36 5G deliver enhanced performance, with a larger vapor chamber[8] that ensures smoother multitasking, gaming and video playback. The new Galaxy A series also provides an extra, fortified layer of device safety, transparency and user choice with Samsung Knox Vault. Additionally, these devices are built for long-term use and peace of mind, with support for up to six generations of OS upgrades and six years of security updates.
     
    The new Galaxy A series is available through mobile carriers, retailers, Samsung.com/za, and Samsung Shop App, and comes in a range of stylish colour options[9]. Galaxy A56 5G is available in Awesome Lightgray, Awesome Graphite, Awesome Olive and Awesome Pink. Galaxy A36 5G comes in Awesome Lavender, Awesome Black, Awesome White and Awesome Lime. Galaxy A26 5G is available in Black, White, Mint and Peach Pink.

    For more information about Galaxy A56 5G, Galaxy A36 5G, and Galaxy A26 5G, please visit: Samsung Newsroom, Samsung Mobile Press and Samsung.com.
     
    [1] Samsung Account login may be required to use certain features. Samsung does not make any promises, assurances or guarantees as to the accuracy, completeness or reliability of the output provided by Intelligent features. Availability of features may vary depending on the region/country, OS/One UI version, device model, and carrier.
    [2] Service availability may vary by country, language, and device model. Requires an internet connection. Users may need to update Android and Google app to the latest version. Results may vary depending on visual or audio matches. Accuracy of results is not guaranteed. Works on compatible apps and surfaces, and with ambient music only. Will not identify music coming through headphones or if phone volume is off.
    [3] Results may vary based on the images and the object the user is trying to remove.
    [4] Filters feature is unavailable in the 3:4 64MP aspect ratio setting. Its availability might differ based on device model and software version. Filter availability may vary based on resolution and aspect ratio settings.
    [5] Accuracy of results is not guaranteed. Best Face feature is available exclusively on the Galaxy A56 5G device from the Galaxy A series. Best Face is only available for photos taken with Motion Photo turned on. The feature does not generate new facial expressions but selects from frames within the Motion Photo video clip. It can recognise up to five people per image and suggest up to three alternative expressions per person.
    [6] Measured diagonally, the screen size is 6.7″ in the full rectangle and 6.5″ accounting for the rounded corners. Actual viewable area is less due to the rounded corners and the camera hole.
    [7] 1,200 nits in High Brightness Mode (HBM).
    [8] Compared to previous generation.
    [9] Colour and model availability may vary depending on country, region or carrier.
     

    MIL OSI Global Banks –

  • MIL-OSI Banking: CNB experts score another success at European level

    Source: Czech National Bank

    Radek Urban, Executive Director of the CNB’s Financial Markets and Resolution Department, is to become a Board Member of the Single Resolution Board (SRB). As one of the pillars of the European banking union, the SRB is responsible for ensuring an orderly resolution of failing banks with minimum impact on public finances and financial stability. Owing to the executive nature of the position, Radek Urban will leave the CNB at the end of March 2025.

    Radek Urban’s appointment to this role is further evidence of the CNB’s excellent reputation. In the European financial environment, the CNB is regarded as a respected institution endowed with a high level of expertise. Zuzana Silberová, Executive Director of the Financial Market Supervision Department, and Vojtěch Belling, Executive Director of the Financial Regulation and International Cooperation Department, already hold significant non-executive positions in European institutions and agencies.

    “At the start of our mandate, we defined our values at the bank – expertise being one of them. Each of our executive directors reporting directly to the Bank Board now has a high level of expertise and could easily serve in an international organisation. Two of our executive directors already hold non-executive roles in international institutions, and another is now moving into an executive position. Names are not important – we are a team, and I am happy that we are delivering on the value of expertise,” said Czech National Bank Governor Aleš Michl.

    The current Deputy Executive Director of the Financial Markets and Resolution Department, Petr Frydrych, will head the Department until a new executive director is appointed.

    Zuzana Silberová, Executive Director of the Financial Market Supervision Department, and Vojtěch Belling, Executive Director of the Financial Regulation and International Cooperation Department, hold non-executive positions in European institutions and agencies. Zuzana Silberová has been Vice-Chairperson of the European Insurance and Occupational Pensions Authority (EIOPA) since November 2024, while Vojtěch Belling has been Vice-Chair of the European Securities and Markets Authority (ESMA) since November 2022.

    Jakub Holas
     Director, Communications Division

    MIL OSI Global Banks –

  • MIL-OSI: BW Energy: Enters into new increased Reserve Based Lending facility

    Source: GlobeNewswire (MIL-OSI)

    BW Energy enters into new increased Reserve Based Lending facility

    BW Energy is pleased to announce an up to USD 500 million Reserve Based Lending (RBL) facility. The new facility replaces the USD 200 million RBL from 2022, which was increased to USD 300 million in 2023. The funds will be used together with cash-flow from operations to finance the further development of the Company.

    The facility has an initial commitment of USD 400 million, which can be expanded with an additional USD 100 million. The senior secured long-term debt facility matures on 1 October 2030.

    “We are pleased to conclude the amend, extend and increase of the RBL with strong interest from several international banks. The increased facility provides further liquidity to finance BW Energy’s development activities and drive our future production growth and long-term value creation, at a competitive interest margin,” said Brice Morlot, the CFO of BW Energy.

    Mauritius Commercial Bank Limited is the Facility Agent for the RBL facility, while SCB and Rand Merchant Bank are Joint Technical banks. The syndicate further includes NedBank Group and ABSA Group (documentation bank), alongside SHELL, the offtaker of oil from the Dussafu license.  

    For further information, please contact:

    Brice Morlot, CFO BW Energy, +33.7.81.11.41.16

    ir@bwenergy.com

    About BW Energy:

    BW Energy is a growth E&P company with a differentiated strategy targeting proven offshore oil and gas reservoirs through low risk phased developments. The Company has access to existing production facilities to reduce time to first oil and cashflow with lower investments than traditional offshore developments. The Company’s assets are 73.5% of the producing Dussafu Marine licence offshore Gabon, 100% interest in the Golfinho and Camarupim fields, a 76.5% interest in the BM-ES-23 block, a 95% interest in the Maromba field in Brazil, a 95% interest in the Kudu field in Namibia, all operated by BW Energy. In addition, BW Energy holds approximately 6.6% of the common shares in Reconnaissance Energy Africa Ltd. and a 20% non-operating interest in the onshore Petroleum Exploration License 73 (“PEL 73”) in Namibia. Total net 2P+2C reserves and resources were 599 million barrels of oil equivalent at the start of 2025.

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

    The MIL Network –

  • MIL-OSI Banking: India’s International Investment Position (IIP), December 2024

    Source: Reserve Bank of India

    Today, the Reserve Bank released data relating to India’s International Investment Position for end-December 2024[1].

    Key Features of IIP in end-December 2024:

    • Net claims of non-residents on India increased by US$ 11 billion during Q3:2024-25 and stood at US$ 364.5 billion in December 2024.

    • Foreign assets of Indian residents declined by US$ 40.1 billion and the claims of non-residents’ in India also declined by US$ 29.1 billion, resulting in increase in the India net foreign liabilities (Table 1).

    • The decline in Indian residents’ foreign assets during October-December 2024 was mainly on account of the decrease of US$ 70.1 billion in reserve assets.

    • Reserve assets, however, recorded an increase of US$ 13.2 billion over December 2023.

    • The fall in India’s foreign liabilities was due to the decline in inward direct and portfolio investments during the quarter, though trade credit, loans and currency & deposits recorded an increase.

    • Reserve assets accounted for 59.0 per cent of India’s total international financial assets in December 2024 (Table 2).

    • Variation in the exchange rate of rupee vis-a-vis other currencies impacted the change in liabilities, when valued in the US dollar terms.

    • The ratio of India’s international assets to international liabilities improved to 74.7 per cent in December 2024 from 73.1 per cent a year ago.

    • The share of debt liabilities in total external liabilities increased to 53.6 per cent in December 2024 from 52.9 per cent a quarter ago and 51.2 per cent a year ago (Table 3).

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2508

    Table 1: Overall International Investment Position of India
    (US$ billion)
    Period Dec-23 (PR) Mar-24 (PR) Jun-24 (PR) Sep-24 (PR) Dec-24 (P)
    Net IIP (A-B) -368.1 -361.2 -367.2 -353.5 -364.5
    A. Assets 999.0 1,033.8 1,051.7 1,118.8 1,078.7
      1. Direct Investment 236.5 242.3 246.4 253.8 260.2
        1.1 Equity and investment fund shares 149.4 153.4 156.4 161.8 165.7
        1.2 Debt instruments 87.1 88.9 90.0 92.0 94.5
      2. Portfolio Investment 11.7 12.4 12.4 12.5 12.2
        2.1 Equity and investment fund shares 9.5 10.9 10.7 11.2 9.4
        2.2 Debt securities 2.2 1.5 1.7 1.3 2.8
      3. Other Investment 128.3 132.7 140.9 146.7 170.6
        3.1 Trade Credits 31.7 33.5 32.9 33.0 33.3
        3.2 Loans 18.5 17.6 20.8 22.1 22.5
        3.3 Currency and Deposits 44.3 53.5 57.7 56.1 68.7
        3.4 Other Assets 33.8 28.1 29.5 35.5 46.1
      4. Reserve Assets 622.5 646.4 652.0 705.8 635.7
    B. Liabilities 1,367.1 1,395.0 1,418.9 1,472.3 1,443.2
      1. Direct Investment 536.9 542.9 553.0 555.7 547.6
        1.1 Equity and investment fund shares 505.6 511.1 520.8 523.2 513.6
        1.2 Debt instruments 31.3 31.8 32.2 32.5 34.0
      2. Portfolio Investment 268.7 276.8 276.9 293.8 276.0
        2.1 Equity and investment fund shares 161.2 162.1 160.9 170.9 155.6
        2.2 Debt securities 107.5 114.7 116.0 122.9 120.4
      3. Other Investment 561.5 575.3 589.0 622.8 619.6
        3.1 Trade Credits 123.3 123.7 125.9 130.9 135.1
        3.2 Loans 215.0 221.9 224.9 239.8 241.0
        3.3 Currency and Deposits 149.3 154.8 160.6 164.1 165.7
        3.4 Other Liabilities 73.9 74.9 77.6 88.0 77.8
    of which:          
    Special drawing rights (Net incurrence of liabilities) 22.2 21.9 21.8 22.4 21.6
    Memo Item: Assets to Liability ratio (%) 73.1 74.1 74.1 76.0 74.7
    Notes (applicable for all tables):
    1. P: Provisional; PR: Partially Revised.
    2. The sum of the constituent items may not add to the total due to rounding off.
    Table 2: Composition of International Financial Assets and Liabilities of India
    (per cent)
    Period Dec-23 (PR) Mar-24 (PR) Jun-24 (PR) Sep-24 (PR) Dec-24 (P)
    A. Assets
        1. Direct Investment 23.7 23.5 23.4 22.7 24.1
        2. Portfolio Investment 1.2 1.2 1.2 1.1 1.1
        3. Other Investment 12.8 12.8 13.4 13.1 15.8
        4. Reserve Assets 62.3 62.5 62.0 63.1 59.0
    Total 100.0 100.0 100.0 100.0 100.0
    B. Liabilities
        1. Direct Investment 39.3 38.9 39.0 37.7 38.0
        2. Portfolio Investment 19.7 19.8 19.5 20.0 19.1
        3. Other Investment 41.0 41.3 41.5 42.3 42.9
    Total 100.0 100.0 100.0 100.0 100.0
    Table 3: Share of External Debt and Non-Debt Liabilities of India
    (per cent)
    Period Dec-23 (PR) Mar-24 (PR) Jun-24 (PR) Sep-24 (PR) Dec-24 (P)
    Non-Debt Liabilities 48.8 48.3 48.0 47.1 46.4
    Debt Liabilities 51.2 51.7 52.0 52.9 53.6
    Total 100.0 100.0 100.0 100.0 100.0

    MIL OSI Global Banks –

  • MIL-OSI: Top Producing Branch Manager Ted Edginton Joins Rate in Bloomfield Hills, MI

    Source: GlobeNewswire (MIL-OSI)

    BIRMINGHAM, Mich., March 28, 2025 (GLOBE NEWSWIRE) — Rate, a leader in fintech mortgage solutions, today announced the addition of Ted Edginton as its new Producing Branch Manager in Bloomfield Hills, Michigan. With over 22 years of career experience as a senior loan officer, Edginton has a track record of success, industry knowledge, and a client-first approach to Rate’s team.

    Edginton joins Rate after over two decades with U.S. Bank, where he built a reputation for top-tier service and consistent production. Recognized for his high volume and unit production year after year, he has been a member of the President’s Circle and Legends of Possible since 2008.

    “My team and I made a strategic move to Rate because of the strength of its product offerings and focus on the client experience,” said Edginton. “With Rate’s platform, I can serve my clients faster, more efficiently, and with more options tailored to their needs with less stress. I’m excited to bring this level of service to even more people in my community.”

    Known for his commitment to service, Edginton prides himself on being accessible to clients, outlining a clear path to the finish line, and treating every borrower like family. His expertise spans a wide range of products, including VA, FHA, Construction-Perm/Rehab, Reverse, Physician, programs for the self employed, and other unique Portfolio Loans.

    “We’re all very excited to welcome Ted to the Rate team,” said Jeff Nelson, Chief Production Officer-East at Rate. “His expertise and success are a wonderful addition to a great Rate family.”

    Beyond his professional accomplishments, Edginton is actively involved in the local community, including the Greater Metropolitan Association of Realtors (GMAR) in Southeast Michigan and the Michigan Realtors Association. He also was the first non-Realtor inducted into the Realtor Hall of Fame in Washinton D.C. and is continually recognized in Hour Magazine as an annual Mortgage All Star. His dedicated engagement reinforces his strong referral network and commitment to supporting local agents and clients.

    With this move, Rate continues to expand its footprint in Michigan, focusing on personalized service, powerful products, and a team of trusted experts like Edginton.

    About Rate

    Rate Companies is a leader in mortgage lending and digital financial services. Headquartered in Chicago, Rate has over 850 branches across all 50 states and Washington D.C. Since its launch in 2000, Rate has helped more than 2 million homeowners with home purchase loans and refinances. The company has cemented itself as an industry leader by introducing innovative technology, offering low rates, and delivering unparalleled customer service. Honors and awards include: Top 5 Mortgage Lender by Inside Mortgage Finance for 2024; Best Mortgage Lender for First-Time Homebuyers by NerdWallet for 2023; HousingWire’s Tech100 award for the company’s industry-leading FlashClose℠ digital mortgage platform in 2020, MyAccount in 2022, and Language Access Program in 2023; the most Scotsman Guide Top Originators for 11 consecutive years; Chicago Agent Magazine’s Lender of the Year for seven consecutive years; and Chicago Tribune’s Top Workplaces list for seven straight years. Visit rate.com for more information.

    Press Contact

    press@rate.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f5d5241a-e42d-4056-96eb-25926084c7ec

    The MIL Network –

  • MIL-OSI Russia: Financial news: People with disabilities actively use remote access to financial services: Bank of Russia study

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    Almost 40% of respondents use it constantly, more than half are ready to stop visiting branches of financial institutions.

    INregulator surveys people with vision or hearing loss and musculoskeletal disorders took part. Most of them noted that remote access to the account has become easier and more convenient. However, visually impaired people still find it difficult to use websites and mobile applications rich in graphic and interactive elements, since they are not always well deciphered by special adaptive programs.

    Let us recall that the Bank of Russia recommended All financial institutions should adapt and actively use their remote channels to provide financial and support services to people with disabilities, provide them with consultations with an employee, not a chatbot, and identify and take into account their special needs in advance.

    In general, such clients have begun to use bank accounts and open deposits more often, and to take out insurance more actively, including voluntary types of insurance, but still much less than other citizens. The main limitations are the complexity of the conditions and the high cost of insurance products for this category of citizens.

    The Bank of Russia plans to develop recommendations for financial institutions on installing self-service devices with touch panels, as well as improving the services of financial platforms. These and other measures will help improve accessibility for people with various forms of disabilities and are provided The main directions for increasing the availability of financial services in the Russian Federation for the period 2025–2027.

    Preview photo: Timur Malazoniia / Shutterstock / Fotodom

    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.KBR.ru/Press/Event/? ID = 23498

    MIL OSI Russia News –

  • MIL-OSI Russia: The results of the VI International Arctic Forum “The Arctic: Territory of Dialogue” have been summed up

    Translartion. Region: Russians Fedetion –

    Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

    The 6th International Arctic Forum “The Arctic: Territory of Dialogue” was held in Murmansk on March 26–27. The organizer was the Roscongress Foundation with the support of the Russian Government.

    “The International Arctic Forum “The Arctic: Territory of Dialogue” – 2025 was attended by about 1.3 thousand participants and media representatives from 21 countries, as well as about 230 representatives of Russian and foreign businesses from more than 110 companies. The business program included 20 events with the participation of more than 150 speakers. The forum turned out to be truly international and significant. At the plenary session, the President of the Russian Federation Vladimir Vladimirovich Putin announced a number of fundamental decisions for the socio-economic development of the Arctic. The most important task of the IAF is to discuss current problems that the Government of Russia, federal ministries and regions must jointly solve for the successful operation of enterprises, improving the standard of living of people, supporting the territories as a whole,” emphasized Deputy Prime Minister – Plenipotentiary Representative of the President in the Far Eastern Federal District Yuri Trutnev.

    The IAF has become a platform for international dialogue on issues such as the development of the Northern Sea Route, increasing the investment and entrepreneurial potential of the Arctic zone, as well as environmental issues, humanitarian and cultural cooperation.

    “Right now, the Arctic is becoming a territory of opportunities for the entire country. Given the revision of traditional technological chains, given participation in large-scale Arctic projects, huge prospects are opening up for enterprises across the country and creative, artistic people. The development of the Northern Sea Route as the main transport artery in the Arctic, the construction of new railway approaches to northern ports will also have a multiplier effect for the entire country. Within the framework of the upcoming major international forums, including the St. Petersburg International Economic Forum and the Eastern Economic Forum in Vladivostok, the Arctic theme will be taken into account and allocated to a separate block of the business program of events,” said Anton Kobyakov, Advisor to the President of Russia, Executive Secretary of the Organizing Committee for the Preparation and Holding of the International Arctic Forum “The Arctic – Territory of Dialogue”.

    One of the central topics of the forum was the discussion of state policy in the Arctic, aimed at the comprehensive development of the Far North and the growth of the well-being of the region’s residents.

    “The mechanisms of state support need to be improved for the accelerated development of the macro-region, the implementation of investment projects, and the improvement of the quality of life of people. Based on the results of the implementation of the first stage of the Arctic development strategy until 2035, proposals will be prepared to update this fundamental document,” said Minister for the Development of the Far East and Arctic Alexey Chekunkov at a joint meeting of the State Council commissions on the development of the Arctic and the Northern Sea Route.

    The forum was held under the motto “Live in the North!” The event brought together representatives of federal and regional authorities, businesses and the expert community.

    “Our strategic plan is “Live in the North!” This is the motto of today’s forum. For us, this is a plan in addition to national projects. Clear, worked out with people, designed, aimed at ensuring investment growth and, of course, increasing people’s incomes and their quality of life,” noted Murmansk Region Governor Andrei Chibis during a meeting with Russian President Vladimir Putin as part of the MAF.

    Business program

    The business program of the forum included 20 sessions divided into four thematic blocks: “The Arctic and the NSR: how to win in the competitive struggle of world routes”, “The Arctic and the NSR: a pole for attracting investments”, “The Arctic and the NSR: development of key settlements”, “International cooperation and ecology”. More than 150 speakers took part in the discussions.

    The forum included a joint meeting of the State Council commissions on the development of the Arctic and the Northern Sea Route, which united five State Council commissions – in the areas of “Northern Sea Route and the Arctic”, “International Cooperation and Export”, “Energy”, “Youth and Children”, and “Efficient Transport System”.

    The session “The Arctic: Bridges of Cooperation between Peoples and States” summed up the results of the VIII International Scientific and Practical Conference “The Universe of the Polar Bear: Effective Cooperation in the Arctic”.

    Also, for the first time, the MAF hosted a special session dedicated to the role of women in the development of northern regions – the “Arctic Living Room”.

    Plenary session

    The key event of the forum was the plenary session with the participation of Russian President Vladimir Putin.

    “Development of the Russian North, overcoming the challenges of harsh nature, the state’s entry into new promising frontiers – these tasks inspired many generations of our ancestors: sailors and Novgorod merchants of the Middle Ages, Arctic pioneers of the 16th and 17th centuries, industrialists of the 18th and 19th centuries, scientists, polar explorers, engineers, workers of the Soviet Union, teams of companies of modern Russia, which launched large Arctic projects in the early 2000s. And today, the northern vector of development is in the foreground, it is our sovereign, historical choice. And this means that the tasks that we set and solve in the Arctic, the projects that we implement here, must be of an appropriate, historical scale, with an expectation of decades, maybe even centuries. We will do everything to strengthen Russia’s global leadership in the Arctic, and, despite all the current difficulties and complexities, we will ensure the comprehensive development of this region and create a solid foundation for future generations,” the head of state noted.

    Participants

    The forum brought together about 1.3 thousand participants and media representatives from 21 countries, including Russia (Argentina, Great Britain, Venezuela, Vietnam, Germany, India, Kazakhstan, Qatar, China, UAE, Republic of Belarus, Republic of Korea, Russia, USA, Serbia, Singapore, Turkey, Finland, France, Switzerland, Japan).

    The forum was attended by Deputy Chief of Staff of the Presidential Executive Office Maxim Oreshkin, Presidential Adviser and Special Representative of the President for International Cooperation in Transport Igor Levitin, Presidential Aide Alexei Dyumin, Presidential Aide Nikolai Patrushev, and Presidential Adviser Anton Kobyakov.

    The forum was attended by Deputy Prime Minister Vitaly Savelyev and Deputy Prime Minister – Presidential Plenipotentiary Representative in the Far Eastern Federal District Yuri Trutnev, Presidential Plenipotentiary Representative in the Northwestern Federal District Alexander Gutsan, Presidential Plenipotentiary Representative in the Siberian Federal District Anatoly Seryshev, Minister for the Development of the Far East and Arctic Alexey Chekunkov and Minister of Industry and Trade Anton Alikhanov.

    The forum participants included seven heads of federal services and agencies and ten heads of constituent entities of the Russian Federation.

    The Chairman of the Committee of Senior Arctic Officials, Norwegian diplomat Morten Höglund, addressed the forum participants with a video message. In addition, the forum site was visited by the Ambassador Extraordinary and Plenipotentiary of the Republic of Korea Lee Do-hoon.

    The forum brought together about 230 representatives of Russian and foreign businesses from more than 110 companies.

    ​

    Media

    The forum was attended by 305 media representatives from Russia and nine foreign countries (Great Britain, Venezuela, Vietnam, Germany, Qatar, Serbia, Turkey, Finland, France).

    ​

    Agreements

    Nine agreements were signed at MAF-2025:

    ● PJSC Rosseti North-West, JSC Rosseti Scientific and Technical Center and the Novosibirsk State University of Architecture and Civil Engineering signed a strategic partnership agreement;

    ● JSC Far East and Arctic Development Corporation signed an agreement on information interaction with the Association of Tour Operators of Russia, as well as with JSC Arsenal on cooperation in the extraction and enrichment of rare metal ores in the Murmansk region within the framework of the Kulyok – Rare Earths project with a total investment volume of 10 billion rubles;

    ● The Federal Agency for Nationalities Affairs and PJSC Mining and Metallurgical Company Norilsk Nickel signed an additional cooperation agreement;

    ● a cooperation agreement was signed between the Government of the Republic of Karelia and Vodohod LLC;

    ● the Ministry of Property Relations of the Murmansk Region and the public-law company Roskadastr signed an agreement on the implementation of the pilot project “Involvement of real estate objects in economic circulation in the Murmansk Region”;

    ● the government of the Murmansk region and the Avito company signed a cooperation agreement;

    ● the government of the Murmansk region, Sberbank of Russia PJSC and the V.A. Almazov National Medical Research Center signed a cooperation agreement;

    ● The Arkhangelsk Region Government and the United Volunteer Center of the Murmansk Region signed an agreement on cooperation in the development of volunteerism and strengthening cooperation in the regions of the Arctic zone, scaling up practices to support the wives of military personnel in the Northern Fleet.

    Sports program

    The sports program included eight events. The Plenipotentiary Representative of the President of Russia in the Northwestern Federal District Alexander Gutsan and the Governor of the Murmansk Region Andrei Chibis took part in the ceremonial event dedicated to the 90th Festival of the North. The program of competitions, which will last until mid-April, included cross-country skiing, biathlon, speed skating and alpine skiing, bandy and others.

    For the forum participants, Arctic team building, exercise in ties, ice floating, alpine skiing and snowboarding, snow fights, as well as an introduction to traditional sports of the peoples of the North were organized.

    The forum included a presentation of the Arctic Mosaic sports, health and strength festival, which will be held annually in different regions of the Arctic zone. Under the auspices of the MAF, the IV All-Russian Arctic Games were held in Salekhard and Labytnangi, the program of which included nine sports.

    The final and largest event of the MAF-2025 sports program will be the 51st Murmansk Ski Marathon. On March 29 and 30, 2.5 thousand athletes will take to the start line of the 25 km and 50 km races at the Dolina Uyuta sports complex. The marathon participants will be Olympic winners and medalists Nikita Kryukov, Alexey Petukhov, Maxim Vylegzhanin and Alexander Bessmertnykh.

    Cultural program

    The cultural program included the opening of the Taste of the Arctic gastrofestival, where a joint team of restaurateurs and chefs from the subjects of the Russian Arctic zone presented a menu of regional cuisine. The Sami Village and the Taste the North ice bar operated on the site. There was also an Arctic crafts fair.

    The Murmansk Regional Museum of Local History offered the forum participants excursions that told about the uniqueness of the Murmansk Region. Thematic exhibitions were timed to coincide with the MAF. Among them was an exhibition of paintings dedicated to the development of the Arctic and the Northern Sea Route, from the collections of the Murmansk Regional Art Museum.

    There was also a ceremony of donating works of art to the Murmansk Region and the opening of the exhibition “H2O. Art about water and more…”. Seven paintings and three sculptures were donated to the Murmansk Regional Art Museum from the Siyanie Contemporary Art Center and the collections of Vladimir Nekrasov and Andrey Malakhov.

    In addition, forum participants were able to take a tour of the icebreaker Lenin, the world’s first vessel with a nuclear power plant, which provided navigation along the Northern Sea Route for about 30 years. The icebreaker has guided thousands of ships through the Arctic and traveled a total of 654,400 nautical miles. It has now become a calling card of the Murmansk Region and one of the most visited tourist sites in the Kola North.

    The Murmansk Drama Theatre hosted an “Art Cocktail”, during which the audience saw the play “Prologue to the Murmansk Region” and a concert by the Pacific Fleet ensemble.

    On March 30, a creative evening of People’s Artist of Russia Alexander Oleshko “Set the Mood” will take place.

    ​

    Project “Soul of Russia. Arctic”

    As part of the project, seven films were screened in partnership with Roskino, including the films North Pole and Village of Widows, which were dedicated to the Year of Defender of the Fatherland and the 80th anniversary of Victory in the Great Patriotic War.

    Creative meetings “Inspired by the Arctic” were held, during which viewers met with the production designer of the Soyuzmultfilm studio, creator of the animated series “Umka” Anna Popova, director of the film “North Pole” Alexander Kott, scriptwriter and producer of the film “Widows’ Village” Olga Martisova.

    During the children’s program “Arctic Film Vacations” they showed “The Best Episodes of Soyuzmultfilm Series” and “Warm Animation from Soyuzmultfilm”.

    The business program included a session entitled “The Northern Creative Path: A Territory of Business Opportunities,” where the contribution of creative industries to the economic growth of the northern territories, the use of the wealth of national cultural traditions to create unique brands, and other issues were discussed.

    Expert and analytical support

    The Roscongress Foundation’s information and analytical system continued to develop the Summary service, which uses artificial intelligence to obtain brief analytical summaries of discussions with descriptions of key conclusions, problems, and solutions voiced during the discussions.

    Based on the results of the forum, an analytical report “Results of the International Arctic Forum 2025” will be prepared, which will be available in electronic form in the information and analytical system of the Roscongress Foundation roscongress.org.

    Expert and analytical support for the forum was provided by experts representing the country’s leading scientific and educational centers that conduct research on a wide range of topics on the Arctic agenda, including the Murmansk Arctic University, the Northern (Arctic) Federal University named after M.V. Lomonosov, the St. Petersburg State University of Economics, the Russian Presidential Academy of National Economy and Public Administration, the National Research University Higher School of Economics, the G.P. Luzin Institute of Economic Problems of the Kola Scientific Center of the Russian Academy of Sciences, the Institute of Regional Economic Problems of the Russian Academy of Sciences, etc.

    Partners

    The co-organizer of the forum is the state corporation Rosatom, the strategic partner is PJSC Rosseti, the strategic scientific partner is the National Research Center Kurchatov Institute, the communications partner is the media holding MAER, the business program partners are VTB Bank, PJSC Novatek, MMC Norilsk Nickel, PhosAgro, and the business partner is VEB.RF.

    The information partners were the TV channel Rossiya 24, MIA Rossiya Segodnya, the TASS information agency, MIC Izvestia, the Vedomosti newspaper, the RT TV channel, the Business FM radio station, Sputnik, the Arguments and Facts newspaper, Rossiyskaya Gazeta, the Mir TV channel, the Komsomolskaya Pravda publishing house, Lenta.ru, Gazeta.Ru, Shkulev Media – Vokrug Sveta, the Federal Press information agency, the Expert magazine, the Regional Russia magazine, Vesti FM, the NEWS.ru portal, the GoArctic portal, the Arktik-TV TV channel, the Murmansk State Television and Radio Broadcasting Company, the TV21 TV channel, the Murmansk Herald, the Vecherniy Murmansk newspaper and the Severpost information agency.

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

    MIL OSI Russia News –