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Category: Banking

  • MIL-OSI United Nations: Gaza Ceasefire Must Hold, Secretary-General Urges at Launch of Berlin Initiative

    Source: United Nations General Assembly and Security Council

    Following is UN Secretary-General António Guterres’ message on the launch of The Berlin Initiative today:

    I commend the launch of The Berlin Initiative and its commitment to a diplomatic resolution of the Israeli-Palestinian conflict.

    Since the horrific terror attacks by Hamas on 7 October, the ensuing Israeli military operations have unleashed an unprecedented level of death and destruction in Gaza. Meanwhile, the deteriorating situation in the West Bank is fueling further instability and suffering.

    The ceasefire in Gaza must hold and be implemented in full.  All hostages must be released immediately, unconditionally, and in a dignified manner. And humanitarian aid must be maintained, funded, protected, and reach people in dire need without restrictions. 

    But beyond ending this terrible war, we must lay the foundations for lasting peace — one that ensures security for Israel, dignity and self-determination for the Palestinian people, and stability for the entire region. 

    That requires a clear political framework for Gaza’s recovery and reconstruction.  It requires immediate and irreversible steps towards a two-State solution — with Gaza and the West Bank, including East Jerusalem, unified under a legitimate Palestinian authority, accepted and supported by the Palestinian people.  And it requires putting an end to occupation, settlement expansion and threats of annexation.

    Efforts like The Berlin Initiative help forge a diplomatic path.  I urge everyone to seize this moment to build a future where Israel and Palestine live side by side, in peace and security, in line with international law and UN resolutions.  It is the only way. 

    MIL OSI United Nations News –

    March 4, 2025
  • MIL-OSI Russia: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

    Source: IMF – News in Russian

    March 3, 2025

    Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

    Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

    Executive Board Assessment

    In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

    Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

    Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

    Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

    The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

    Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

    Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

    Selected Economic and Financial Indicators, 2020–30

    Nominal GDP (2023): US$399.7 billion

         

     Population (2023): 33.4 million

               

    GDP per capita (2023, current prices): US$11,967

         

     Poverty rate (2019, national poverty line): 0.2 percent

           

    Unemployment rate (2023, period average):  3.4 percent

         

     Adult literacy rate (2019): 95.0 percent

             
                             

    Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).

                 
           
               

    Proj.

       

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    1/

                             

    Real GDP (percent change)

     

    -5.5

    3.3

    8.9

    3.6

    5.0

    4.7

    4.4

    4.0

    4.0

    4.0

    4.0

    Total domestic demand

     

    -4.8

    3.8

    9.5

    4.7

    6.1

    4.7

    4.0

    3.6

    3.6

    3.6

    3.4

    Private consumption

     

    -3.9

    1.8

    11.3

    4.7

    5.3

    4.5

    3.9

    3.4

    3.9

    3.8

    3.7

    Public consumption

     

    4.1

    5.8

    5.1

    3.3

    4.3

    3.5

    2.7

    2.4

    2.3

    2.3

    2.3

    Private investment

     

    -11.9

    2.8

    7.2

    4.6

    12.0

    6.0

    5.1

    4.0

    4.0

    4.0

    4.0

    Public gross fixed capital formation

     

    -21.2

    -11.0

    5.3

    8.6

    11.2

    4.0

    2.8

    2.3

    2.1

    2.0

    2.1

    Net exports (contribution to growth, percentage points)

     

    -1.0

    -0.3

    -0.1

    -0.9

    -0.8

    0.2

    0.5

    0.6

    0.5

    0.6

    0.7

                             

    Output gap (in percent)

     

    -4.0

    -1.1

    2.5

    1.3

    1.1

    0.7

    0.4

    0.0

    0.0

    0.0

    0.0

                             

    Saving and investment (in percent of GDP)

                           

    Gross domestic investment

     

    19.7

    22.1

    23.6

    22.5

    22.5

    22.5

    22.6

    22.6

    22.5

    22.5

    22.5

    Gross national saving

     

    23.8

    26.0

    26.8

    24.0

    24.5

    24.7

    25.0

    25.3

    25.4

    25.5

    25.5

                             

    Fiscal sector (in percent of GDP) 2/

                           

    Federal government overall balance

     

    -6.2

    -6.4

    -5.5

    -5.0

    -4.3

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    Revenue

     

    15.9

    15.1

    16.4

    17.3

    16.5

    16.2

    15.4

    15.1

    14.8

    14.6

    14.4

    Expenditure and net lending

     

    22.0

    21.5

    22.0

    22.3

    20.8

    20.0

    19.2

    18.9

    18.6

    18.4

    18.2

    Federal government non-oil primary balance

     

    -7.5

    -6.7

    -7.8

    -6.6

    -4.9

    -4.1

    -3.7

    -3.4

    -3.0

    -2.8

    -2.6

    Consolidated public sector overall balance 3/

     

    -7.3

    -8.3

    -6.0

    -5.9

    -8.4

    -6.7

    -6.8

    -6.9

    -6.8

    -6.9

    -6.9

    General government debt 3/

     

    67.7

    69.2

    65.5

    69.7

    69.6

    68.9

    68.7

    69.1

    69.3

    69.6

    69.8

    Of which: federal government debt

     

    62.0

    63.3

    60.2

    64.3

    64.4

    63.7

    63.5

    63.8

    64.1

    64.3

    64.5

                             
                             

    Inflation and unemployment (in percent)

                           

    CPI inflation, annual average

     

    -1.2

    2.5

    3.4

    2.5

    1.8

    2.6

    2.3

    2.0

    2.0

    2.0

    2.0

    CPI inflation, end of period

     

    -1.4

    3.2

    3.8

    1.5

    1.7

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), annual average

     

    1.1

    0.7

    3.0

    3.0

    1.8

    2.4

    2.2

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), end of period

     

    0.7

    1.1

    4.1

    1.9

    1.6

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    Unemployment rate

     

    4.5

    4.6

    3.9

    3.4

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

                             
                             

    Macrofinancial variables (end of period)

                           

    Broad money (percentage change) 4/

     

    4.9

    5.6

    4.0

    5.8

    7.1

    7.6

    6.7

    5.9

    5.9

    5.9

    5.9

    Credit to private sector (percentage change) 4/

     

    4.0

    3.8

    3.0

    5.2

    6.2

    6.1

    6.0

    5.9

    5.9

    5.9

    5.9

    Credit-to-GDP ratio (in percent) 5/ 6/

     

    144.8

    137.7

    122.4

    126.7

    125.7

    123.9

    123.1

    123.1

    123.1

    123.1

    123.1

    Overnight policy rate (in percent)

     

    1.75

    1.75

    2.75

    3.00

    …

    …

    …

    …

    …

    …

    …

    Three-month interbank rate (in percent)

     

    1.9

    2.0

    3.6

    3.7

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt (in percent of GDP) 7/

     

    109.7

    109.0

    97.5

    101.2

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt issuance (in percent of GDP)

     

    2.3

    2.6

    2.4

    2.5

    …

    …

    …

    …

    …

    …

    …

    Household debt (in percent of GDP) 7/

     

    93.1

    88.9

    80.9

    84.2

    …

    …

    …

    …

    …

    …

    …

    Household financial assets (in percent of GDP) 7/

     

    204.5

    191.9

    167.3

    174.3

    …

    …

    …

    …

    …

    …

    …

    House prices (percentage change)

     

    1.2

    1.9

    3.9

    3.8

    …

    …

    …

    …

    …

    …

    …

                             
                             

    Exchange rates (period average)

                           

    Malaysian ringgit/U.S. dollar

     

    4.19

    4.14

    4.40

    4.56

    …

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (percentage change)

     

    -3.5

    -1.3

    -1.4

    -2.5

    …

    …

    …

    …

    …

    …

    …

                             
                             

    Balance of payments (in billions of U.S. dollars) 5/

                           

    Current account balance

     

    14.1

    14.5

    13.0

    6.2

    8.7

    10.2

    12.0

    14.3

    16.1

    17.6

    19.4

    (In percent of GDP)

     

    4.2

    3.9

    3.2

    1.5

    2.0

    2.2

    2.4

    2.7

    2.9

    3.0

    3.1

    Goods balance

     

    32.7

    42.9

    42.6

    29.9

    26.3

    29.3

    31.8

    33.9

    36.5

    39.2

    43.7

    Services balance

     

    -11.2

    -15.8

    -13.2

    -9.5

    -4.4

    -4.1

    -3.1

    -1.7

    -1.3

    -1.0

    -1.5

    Income balance

     

    -7.4

    -12.5

    -16.3

    -14.2

    -13.2

    -14.9

    -16.7

    -17.9

    -19.2

    -20.6

    -22.8

    Capital and financial account balance

     

    -18.5

    3.8

    1.8

    -3.4

    -6.0

    0.2

    -3.0

    -5.0

    -6.2

    -7.1

    -8.2

    Of which: Direct investment

     

    0.7

    7.5

    2.9

    0.0

    -1.3

    2.0

    2.1

    2.2

    2.4

    2.5

    2.6

    Errors and omissions

     

    -0.1

    -7.3

    -2.7

    -7.2

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Overall balance

     

    -4.6

    11.0

    12.1

    -4.5

    2.7

    10.4

    9.0

    9.3

    9.9

    10.6

    11.2

                             

    Gross official reserves (US$ billions) 5/

     

    107.6

    116.9

    114.7

    113.5

    116.2

    126.6

    135.6

    144.9

    154.8

    165.4

    176.6

    (In months of following year’s imports of goods and nonfactor services)

     

    5.5

    4.9

    5.4

    4.6

    4.4

    4.6

    4.7

    4.8

    4.9

    4.9

    5.0

    (In percent of short-term debt by original maturity)

     

    117.6

    120.8

    104.9

    100.3

    99.4

    98.3

    97.2

    97.0

    97.3

    97.9

    98.9

    (In percent of short-term debt by remaining maturity)

     

    91.9

    93.5

    84.6

    80.7

    78.7

    79.4

    79.0

    79.2

    79.7

    80.5

    81.5

    Total external debt (in billions of U.S. dollars) 5/

     

    238.8

    258.7

    259.6

    270.6

    284.6

    305.1

    324.4

    342.8

    361.1

    379.2

    397.2

    (In percent of GDP)

     

    70.8

    69.3

    63.8

    67.8

    65.1

    65.3

    65.1

    64.9

    64.4

    63.8

    63.0

    Of which: short-term (in percent of total, original maturity)

     

    38.3

    37.4

    42.1

    41.8

    41.1

    42.2

    43.0

    43.6

    44.1

    44.6

    44.9

      short-term (in percent of total, remaining maturity)

     

    49.1

    48.3

    52.2

    51.9

    51.9

    52.3

    52.9

    53.4

    53.8

    54.2

    54.5

    Debt service ratio 5/

                           

    (In percent of exports of goods and services) 8/

     

    13.6

    10.5

    9.7

    11.8

    12.1

    12.1

    10.1

    9.8

    9.7

    9.6

    9.5

    (In percent of exports of goods and nonfactor services)

     

    14.4

    11.4

    10.3

    12.7

    12.9

    12.9

    10.7

    10.4

    10.3

    10.2

    10.0

                             
                             

    Memorandum items:

                           

    Nominal GDP (in billions of ringgit)

     

    1,418

    1,549

    1,794

    1,823

    1,952

    2,099

    2,241

    2,373

    2,512

    2,660

    2,817

                             

    Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.

                             

    1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted.
    2/ Cash basis.
    3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies.
    4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap.
    5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency.                                                                                                                         
    6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter.
    7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100).
    8/ Includes receipts under the primary income account.

                               

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/03/02/pr25050-malaysia-imf-executive-board-concludes-2025-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

    March 4, 2025
  • MIL-OSI: Dave Reports Fourth Quarter & Full Year 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    Record Q4 Revenue up 38% Y/Y to $100.9 Million; FY24 Revenue up 34% to $347.1 Million

    Q4 Net Income Increases $16.6 Million Y/Y to $16.8 Million; Adj. EBITDA increases 234% Y/Y to $33.4 Million, Significantly Exceeding High-End of Guidance

    Establishes Strong 2025 Revenue and Adjusted EBITDA Outlook

    LOS ANGELES, March 03, 2025 (GLOBE NEWSWIRE) — Dave Inc. (“Dave” or the “Company”) (Nasdaq: DAVE), one of the nation’s leading neobanks, today announced fourth quarter and full year results for the period ended December 31, 2024.

    “We closed out the year with record-setting results, delivering another quarter of exceptional growth and profitability,” said Jason Wilk, Founder and CEO of Dave.

    “Our performance was underpinned by strong member demand and continued strength in our team’s execution. ExtraCash originations were up 44% year-over-year supported by increased member growth and average origination per member. Our CashAI-powered underwriting continued to drive improvements in credit performance which contributed to another record quarter of non-GAAP variable margin. These results, combined with our fixed cost discipline and efficient marketing spend, allowed us to deliver 35% sequential growth in Adjusted EBITDA and more than 200% annually, which we believe underscores the inherent operating leverage in our business model.

    “In mid-Q1 of 2025, we fully transitioned to our new fee structure which we expect to result in even greater ExtraCash limits, monetization, and member lifetime value going forward. With this strong momentum heading into 2025, we believe we are well positioned to drive another record year as we execute our strategic roadmap and deliver long-term value for both our members and shareholders.”

    Quarterly Financial Highlights ($ in millions, unaudited)

      4Q23 1Q24 2Q24 3Q24 4Q24
    GAAP Operating Revenues, Net $73.2 $73.6 $80.1 $92.5 $100.9
    % Change vs. prior year period 23% 25% 31% 41% 38%
    Non-GAAP Variable Profit* $45.9 $49.9 $51.8 $64.2 $72.6
    % Change vs. prior year period 80% 47% 57% 72% 58%
    Non-GAAP Variable Profit Margin* 63% 68% 65% 69% 72%
    GAAP Net Income $0.2 $34.2 $6.4 $0.5 $16.8
    Adjusted Net Income* $6.6 $8.1 $13.7 $21.1 $29.6
    Adjusted EBITDA* $10.0 $13.2 $15.2 $24.7 $33.4

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Fourth Quarter 2024 Operating Highlights (vs. Fourth Quarter 2023)

    • New Members increased 12% to 766,000 while customer acquisition costs remained highly efficient at $16
    • Monthly Transacting Members (“MTMs”) increased 17% to 2.5 million
    • ExtraCash originations increased 44% to $1.5 billion, while the average 28-Day delinquency rate improved 53 basis points to 1.66%
    • Dave Debit Card spend increased 24% to $457 million
    • For a full review of the Company’s key performance indicators, please refer to the Company’s Fourth Quarter & Full Year 2024 Earnings Presentation which can be found on the Investor Relations page of Dave’s website

    Annual Financial Highlights ($ in millions, unaudited)

      FY 2023 FY 2024
    GAAP Operating Revenues, Net $259.1 $347.1
    % Change vs. prior year 26% 34%
    Non-GAAP Variable Profit* $150.1 $238.5
    % Change vs. prior year 74% 59%
    Non-GAAP Variable Profit Margin* 58% 69%
    GAAP Net (Loss) Income ($48.5) $57.9
    Adjusted Net (Loss) Income* ($22.1) $72.5
    Adjusted EBITDA (Loss)* ($10.1) $86.5

    *Non-GAAP measures. See reconciliation of non-GAAP measures at the end of the press release.

    Liquidity Summary

    The Company had $91.9 million of cash and cash equivalents, marketable securities, investments and restricted cash as of December 31, 2024, compared to $76.7 million as of September 30, 2024. The increase was primarily attributable to free cash flow generation offset by an increase in the ExtraCash receivables balance. The Company did not increase utilization of its credit facility during the quarter.

    2025 Financial Guidance ($ in millions)

      FY 2025
    GAAP Operating Revenues, Net $415 – $435
    Year-Over-Year Growth 20% – 25%
    Adjusted EBITDA* $110 – $120
    Year-Over-Year Growth 27% – 39%

    *Non-GAAP measure. The Company does not provide a quantitative reconciliation of forward-looking non-GAAP financial measures because it is unable to predict without unreasonable effort the exact amount or timing of the reconciling items, including interest expense, investment income, and loss provision, among others. The variability of these items could have a significant impact on our future GAAP financial results.

    Dave’s CFO, Kyle Beilman, commented: “Our 2025 guidance reflects the tailwind created by our new fee structure as well as our ongoing commitment to driving sustainable and profitable growth. As we progress through the first quarter, we anticipate the typical seasonal softness in demand for ExtraCash as tax refunds provide important liquidity to our members. Our focus remains on expanding ARPU, leaning into our banking offering, further strengthening member retention and expanding member lifetime value. Given our growth trajectory, strong variable margins and the scalability of our business model, we expect to drive another record year of performance in 2025.”

    Beilman added, “Yesterday we announced the completion of our strategic partnership with Coastal Community Bank to serve as Dave’s sponsor bank for its ExtraCash and banking products. We selected Coastal based on their customer-first mission, deep knowledge across both credit and banking products, strong risk management, and our shared ambition to drive innovation and continue leveling the financial playing field for everyday Americans.”

    Conference Call 

    Dave management will host a conference call on Tuesday, March 4th, 2025, at 8:30 a.m. Eastern time to discuss its full financial results for the fourth quarter and full year ended December 31, 2024, followed by a question-and-answer period. The conference call details are as follows:

    Date: Tuesday, March 4th, 2025
    Time: 8:30 a.m. Eastern time
    Dial-in registration link: here
    Live webcast registration link: here

    The conference call will also be available for replay in the Events section of the Company’s website, along with the transcript, at https://investors.dave.com.

    If you have any difficulty registering for or connecting to the conference call, please contact Elevate IR at DAVE@elevate-ir.com.

    About Dave

    Dave (Nasdaq: DAVE) is a leading U.S. neobank and fintech pioneer serving millions of everyday Americans. Dave uses disruptive technologies to provide best-in-class banking services at a fraction of the price of incumbents. For more information about the company, visit: www.dave.com. For investor information and updates, visit: investors.dave.com and follow @davebanking on X.

    Forward-Looking Statements

    This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feels,” “believes,” “expects,” “anticipates,” “estimates,” “projects,” “intends,” “remains,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and Chief Financial Officer relating to Dave’s future performance and growth, statements relating to fiscal year 2025 guidance, projected financial results for future periods, and other statements about future events. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability of Dave to compete in its highly competitive industry; the ability of Dave to keep pace with the rapid technological developments in its industry and the larger financial services industry; the ability of Dave to manage risks associated with providing ExtraCash; the ability of Dave to retain its current Members, acquire new Members and sell additional functionality and services to its Members; the ability of Dave to protect intellectual property and trade secrets; the ability of Dave to maintain the integrity of its confidential information and information systems or comply with applicable privacy and data security requirements and regulations; the reliance by Dave on a single bank partner; the ability of Dave to maintain or secure current and future key banking relationships and other third-party service providers, including its ability to comply with applicable requirements of such third parties; the ability of Dave to comply with extensive and evolving laws and regulations applicable to its business; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business; the ability to attract or maintain a qualified workforce; the level of product service failures that could lead Members to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings, including the Department of Justice’s lawsuit against Dave; the ability to maintain the listing of Dave Class A Common Stock on The Nasdaq Stock Market; the possibility that Dave may be adversely affected by other economic factors, including fluctuating interest rates, and business, and/or competitive factors; and other risks and uncertainties discussed in Dave’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 5, 2024 and subsequent Quarterly Reports on Form 10-Q under the heading “Risk Factors,” filed with the SEC and other reports and documents Dave files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Dave undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

    Non-GAAP Financial Information

    This press release contains references to Adjusted EBITDA (loss), which is a non-GAAP financial measure that is adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and excludes certain expenses, gains and losses. The Company defines and calculates Adjusted EBITDA (loss) as GAAP net income (loss) attributable to Dave before the impact of interest income or expense, provision for income taxes, and depreciation and amortization, and adjusted to exclude non-recurring legal settlement and litigation expenses, gain on extinguishment of convertible debt, stock-based compensation expense and certain other non-core items. The Company defines and calculates non-GAAP variable operating expenses as operating expenses excluding non-variable operating expenses. The Company defines non-variable operating expenses as all advertising and marketing operating expenses, compensation and benefits operating expenses, and certain operating expenses (legal, rent, technology/infrastructure, depreciation, amortization, charitable contributions, other operating expenses, upfront Member account activation costs and upfront Dave Banking expenses). The Company defines and calculates non-GAAP variable profit as GAAP Operating Revenues, Net less non-GAAP variable operating expenses. The Company defines and calculates non-GAAP variable profit margin as non-GAAP variable profit as a percent of GAAP Operating Revenues, Net. The Company defines and calculates adjusted net income (loss) as GAAP net income (loss) adjusted to exclude stock-based compensation, the gain on extinguishment of convertible debt, non-recurring legal settlement and litigation expenses, and certain other non-core items. The Company defines and calculates non-GAAP adjusted basic EPS and non-GAAP adjusted diluted EPS as adjusted net income (loss) divided by weighted average shares of common stock-basic and weighted average shares of common stock-diluted, respectively.

    These non-GAAP financial measures may be helpful to the user in assessing our operating performance and facilitate an alternative comparison among fiscal periods. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. The methods the Company uses to compute these non-GAAP financial measures may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

    Refer to the section further below for a reconciliation of Adjusted EBITDA (loss) to its most directly comparable GAAP measure for the three and twelve months ended December 31, 2024, and 2023.

    Investor Relations Contact

    Sean Mansouri, CFA
    Elevate IR
    DAVE@elevate-ir.com

    Media Contact

    Dan Ury
    press@dave.com

    DAVE INC.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (in millions, except per share data)
    (unaudited)
                     
        For the Three Months Ended
    December 31,
      For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating revenues:                
    Service based revenue, net   $ 90.8     $ 65.4     $ 311.4     $ 232.2  
    Transaction based revenue, net     10.1       7.8       35.7       26.9  
    Total operating revenues, net     100.9       73.2       347.1       259.1  
    Operating expenses:                
    Provision for credit losses     16.6       14.5       54.6       58.4  
    Processing and servicing costs     6.3       7.5       30.4       28.9  
    Advertising and marketing     12.6       10.0       44.9       48.4  
    Compensation and benefits     27.2       23.5       107.0       94.9  
    Other operating expenses     17.2       15.8       75.5       70.7  
    Total operating expenses     79.9       71.3       312.4       301.3  
    Other (income) expenses:                
    Interest expense, net     1.3       1.8       5.0       6.5  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Total other (income) expense, net     3.5       1.6       (25.7 )     6.2  
    Net income (loss) before provision for income taxes     17.5       0.3       60.4       (48.4 )
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
                     
    Net income (loss) per share:                
    Basic   $ 1.31     $ 0.01     $ 4.62     $ (4.07 )
    Diluted   $ 1.16     $ 0.01     $ 4.19     $ (4.07 )
                     
                     
    RECONCILIATION OF OPERATING EXPENSES TO NON-GAAP VARIABLE OPERATING EXPENSES
    (in millions)
    (unaudited)
                     
             
        For the Three Months Ended
    December 31,
      For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Operating expenses   $ 79.9     $ 71.3     $ 312.4     $ 301.3  
    Non-variable operating expenses     (51.6 )     (44.0 )     (203.8 )     (192.3 )
    Non-GAAP variable operating expenses   $ 28.3     $ 27.3     $ 108.6     $ 109.0  
                     
                     
    CALCULATION OF NON-GAAP VARIABLE PROFIT
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,
      For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    GAAP operating revenues, net   $ 100.9     $ 73.2     $ 347.1     $ 259.1  
    Non-GAAP variable operating expenses     (28.3 )     (27.3 )     (108.6 )     (109.0 )
    Non-GAAP variable profit   $ 72.6     $ 45.9     $ 238.5     $ 150.1  
    Non-GAAP variable profit margin     72 %     63 %     69 %     58 %
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (LOSS)
    (in millions)
    (unaudited)
             
        For the Three Months Ended
    December 31,
      For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Interest expense, net     1.3       1.8       5.0       6.5  
    Provision for income taxes     0.7       0.1       2.5       0.1  
    Depreciation and amortization     2.3       1.5       7.5       5.4  
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Adjusted EBITDA (loss)   $ 33.4     $ 10.0     $ 86.5     $ (10.1 )
                     
                     
    DAVE INC.
    RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME (LOSS)
    (in millions, except per share data)
    (unaudited)
             
        For the Three Months Ended
    December 31,
      For the Year Ended
    December 31,
          2024       2023       2024       2023  
                     
    Net income (loss)   $ 16.8     $ 0.2     $ 57.9     $ (48.5 )
    Stock-based compensation     10.1       6.6       37.3       26.7  
    Gain on extinguishment of convertible debt     —       —       (33.4 )     —  
    Legal settlement and litigation accrual     —       —       7.0       —  
    Changes in fair value of earnout liabilities     0.9       —       1.0       —  
    Changes in fair value of public and private warrant liabilities     1.3       (0.2 )     1.7       (0.3 )
    Income tax expense related to gain on extinguishment of convertible debt     0.5       —       1.0       —  
    Adjusted net income (loss)   $ 29.6     $ 6.6     $ 72.5     $ (22.1 )
                     
    Adjusted net income (loss) per share:                
    Basic   $ 2.31     $ 0.55     $ 5.79     $ (1.85 )
    Diluted   $ 2.04     $ 0.54     $ 5.24     $ (1.85 )
                     
                     
    DAVE INC.
    LIQUIDITY AND CAPITAL RESOURCES
    (in millions)
    (unaudited)
                     
        December 31,   December 31,        
          2024       2023          
                     
    Cash, cash equivalents and restricted cash   $ 51.4     $ 43.1          
    Marketable securities     0.1       1.0          
    Investments     40.5       113.2          
    Working capital     247.2       251.3          
    Total stockholders’ equity     183.1       87.1          

    The MIL Network –

    March 4, 2025
  • MIL-OSI Economics: IMF Executive Board Concludes 2025 Article IV Consultation with Malaysia

    Source: International Monetary Fund

    March 3, 2025

    Washington, DC: On February 25, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Malaysia and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Malaysia’s economic performance has improved significantly in 2024. The economy grew by 5.2 percent (y/y) in the first three quarters of 2024, supported by strong private consumption, buoyant investment, improvements in external demand for electrical and electronic products, and a recovery in tourism. Labor market conditions have been strong, with the unemployment rate low at 3.2 percent in 2024Q3. Meanwhile, inflation has been stable around 2 percent, and the ringgit appreciated against the U.S. dollar by 2.6 percent in 2024.

    Current policies are focused on rebuilding fiscal buffers, augmenting growth potential, and strengthening social protection while preserving macroeconomic and financial stability. The landmark Public Finance and Fiscal Responsibility Act (FRA), enacted in 2023, aims to strengthen fiscal management and governance. Fiscal consolidation continued in 2024, with the overall fiscal deficit estimated to have declined from 5.0 percent of GDP in 2023 to the budget target of 4.3 percent of GDP in 2024, supported by subsidy reforms and strengthening of the sales and service tax. Bank Negara Malaysia (BNM) has kept the Overnight Policy Rate (OPR) unchanged at 3.0 percent since May 2023. Under the Economy MADANI Framework, the authorities have developed a set of concerted policy frameworks that focus on increasing incomes, addressing climate change, promoting digitalization, and enhancing governance.

    Executive Board Assessment

    In concluding the Article IV consultation with Malaysia, Executive Directors endorsed the staff’s appraisal as follows:

    Malaysia’s favorable economic conditions provide a window of opportunity to build macroeconomic policy buffers and accelerate structural reforms. Malaysia’s strong growth momentum is expected to be sustained in the near term, with growth projected at 4.7 percent in 2025. Inflation, which eased to 1.8 percent in 2024, is projected to increase to 2.6 percent in 2025 on account of the anticipated implementation of gasoline subsidy reforms, before moderating to 2.3 percent in 2026. Malaysia’s external position in 2024 is preliminarily assessed to be stronger than the level implied by medium-term fundamentals and desirable policies.

    Risks to growth, mostly external, are tilted to the downside, while inflation risks are tilted to the upside. Downside external risks include deepening geoeconomic fragmentation, a growth slowdown in major trading partners, and intensification of geopolitical conflicts, while upside growth risks include faster implementation of investment projects. The upside risks to the inflation outlook stem from global commodity price shocks and potential wage pressures from increases in minimum wage and civil servants’ pay.

    Fiscal consolidation should continue to rebuild buffers and achieve the medium-term targets set under the FRA. Staff recommends achieving a small structural primary balance by 2027. Building on successful subsidy reforms, including for electricity and diesel, staff recommends gradually phasing out remaining fuel subsidies. Revenue mobilization efforts toward a more broad-based and efficient tax system are warranted. Reintroducing the GST could help achieve this goal. The associated impact of fiscal reforms on vulnerable households should be mitigated by well-targeted cash transfers. Staff welcomes the historic enactment of the FRA and recommends its swift and thorough implementation.

    The current neutral monetary policy stance is appropriate. Going forward, monetary policy should remain data dependent. BNM should stand ready to tighten monetary policy if upside inflation risks materialize. Maintaining exchange rate flexibility is essential.

    Financial systemic risks appear contained, and the financial sector remains sound. Banks’ capital and liquidity positions are robust. Credit growth, corporate and household balance sheets, and real estate markets do not pose systemic risks at this juncture. Continued vigilance is warranted against pockets of more highly leveraged borrowers, interlinkages between banks and non-bank financial institutions, and climate and cyber risks—although spillover risks from these areas remain contained. Given the strong growth and accommodative financial conditions, pre-emptive broadening of the macroprudential policy toolkit could be considered.

    Staff encourages swift implementation of the structural reform initiatives to enhance productivity and inclusive growth. The ongoing development of the PADU digital registry can help strengthen social safety nets and public service delivery. Investment incentives to promote high-growth and high-value industries should be well-targeted and ring-fenced. Further efforts are warranted toward Malaysia’s transition to net-zero emissions and readiness for Artificial Intelligence. Staff welcomes the authorities’ efforts to strengthen governance and the anti-corruption framework.

    Selected Economic and Financial Indicators, 2020–30

    Nominal GDP (2023): US$399.7 billion

         

     Population (2023): 33.4 million

               

    GDP per capita (2023, current prices): US$11,967

         

     Poverty rate (2019, national poverty line): 0.2 percent

           

    Unemployment rate (2023, period average):  3.4 percent

         

     Adult literacy rate (2019): 95.0 percent

             
                             

    Main domestic goods exports (share of total domestic exports, 2023): Machinery and Transport Equipment (45.6 percent), Manufactured Goods and Miscellaneous Manufactured Articles (19.0 percent), and Mineral Fuels, Lubricants etc. (16.5 percent).

                 
           
               

    Proj.

       

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    1/

                             

    Real GDP (percent change)

     

    -5.5

    3.3

    8.9

    3.6

    5.0

    4.7

    4.4

    4.0

    4.0

    4.0

    4.0

    Total domestic demand

     

    -4.8

    3.8

    9.5

    4.7

    6.1

    4.7

    4.0

    3.6

    3.6

    3.6

    3.4

    Private consumption

     

    -3.9

    1.8

    11.3

    4.7

    5.3

    4.5

    3.9

    3.4

    3.9

    3.8

    3.7

    Public consumption

     

    4.1

    5.8

    5.1

    3.3

    4.3

    3.5

    2.7

    2.4

    2.3

    2.3

    2.3

    Private investment

     

    -11.9

    2.8

    7.2

    4.6

    12.0

    6.0

    5.1

    4.0

    4.0

    4.0

    4.0

    Public gross fixed capital formation

     

    -21.2

    -11.0

    5.3

    8.6

    11.2

    4.0

    2.8

    2.3

    2.1

    2.0

    2.1

    Net exports (contribution to growth, percentage points)

     

    -1.0

    -0.3

    -0.1

    -0.9

    -0.8

    0.2

    0.5

    0.6

    0.5

    0.6

    0.7

                             

    Output gap (in percent)

     

    -4.0

    -1.1

    2.5

    1.3

    1.1

    0.7

    0.4

    0.0

    0.0

    0.0

    0.0

                             

    Saving and investment (in percent of GDP)

                           

    Gross domestic investment

     

    19.7

    22.1

    23.6

    22.5

    22.5

    22.5

    22.6

    22.6

    22.5

    22.5

    22.5

    Gross national saving

     

    23.8

    26.0

    26.8

    24.0

    24.5

    24.7

    25.0

    25.3

    25.4

    25.5

    25.5

                             

    Fiscal sector (in percent of GDP) 2/

                           

    Federal government overall balance

     

    -6.2

    -6.4

    -5.5

    -5.0

    -4.3

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    -3.8

    Revenue

     

    15.9

    15.1

    16.4

    17.3

    16.5

    16.2

    15.4

    15.1

    14.8

    14.6

    14.4

    Expenditure and net lending

     

    22.0

    21.5

    22.0

    22.3

    20.8

    20.0

    19.2

    18.9

    18.6

    18.4

    18.2

    Federal government non-oil primary balance

     

    -7.5

    -6.7

    -7.8

    -6.6

    -4.9

    -4.1

    -3.7

    -3.4

    -3.0

    -2.8

    -2.6

    Consolidated public sector overall balance 3/

     

    -7.3

    -8.3

    -6.0

    -5.9

    -8.4

    -6.7

    -6.8

    -6.9

    -6.8

    -6.9

    -6.9

    General government debt 3/

     

    67.7

    69.2

    65.5

    69.7

    69.6

    68.9

    68.7

    69.1

    69.3

    69.6

    69.8

    Of which: federal government debt

     

    62.0

    63.3

    60.2

    64.3

    64.4

    63.7

    63.5

    63.8

    64.1

    64.3

    64.5

                             
                             

    Inflation and unemployment (in percent)

                           

    CPI inflation, annual average

     

    -1.2

    2.5

    3.4

    2.5

    1.8

    2.6

    2.3

    2.0

    2.0

    2.0

    2.0

    CPI inflation, end of period

     

    -1.4

    3.2

    3.8

    1.5

    1.7

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), annual average

     

    1.1

    0.7

    3.0

    3.0

    1.8

    2.4

    2.2

    2.0

    2.0

    2.0

    2.0

    CPI inflation (excluding food and energy), end of period

     

    0.7

    1.1

    4.1

    1.9

    1.6

    3.8

    2.0

    2.0

    2.0

    2.0

    2.0

    Unemployment rate

     

    4.5

    4.6

    3.9

    3.4

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

    3.2

                             
                             

    Macrofinancial variables (end of period)

                           

    Broad money (percentage change) 4/

     

    4.9

    5.6

    4.0

    5.8

    7.1

    7.6

    6.7

    5.9

    5.9

    5.9

    5.9

    Credit to private sector (percentage change) 4/

     

    4.0

    3.8

    3.0

    5.2

    6.2

    6.1

    6.0

    5.9

    5.9

    5.9

    5.9

    Credit-to-GDP ratio (in percent) 5/ 6/

     

    144.8

    137.7

    122.4

    126.7

    125.7

    123.9

    123.1

    123.1

    123.1

    123.1

    123.1

    Overnight policy rate (in percent)

     

    1.75

    1.75

    2.75

    3.00

    …

    …

    …

    …

    …

    …

    …

    Three-month interbank rate (in percent)

     

    1.9

    2.0

    3.6

    3.7

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt (in percent of GDP) 7/

     

    109.7

    109.0

    97.5

    101.2

    …

    …

    …

    …

    …

    …

    …

    Nonfinancial corporate sector debt issuance (in percent of GDP)

     

    2.3

    2.6

    2.4

    2.5

    …

    …

    …

    …

    …

    …

    …

    Household debt (in percent of GDP) 7/

     

    93.1

    88.9

    80.9

    84.2

    …

    …

    …

    …

    …

    …

    …

    Household financial assets (in percent of GDP) 7/

     

    204.5

    191.9

    167.3

    174.3

    …

    …

    …

    …

    …

    …

    …

    House prices (percentage change)

     

    1.2

    1.9

    3.9

    3.8

    …

    …

    …

    …

    …

    …

    …

                             
                             

    Exchange rates (period average)

                           

    Malaysian ringgit/U.S. dollar

     

    4.19

    4.14

    4.40

    4.56

    …

    …

    …

    …

    …

    …

    …

    Real effective exchange rate (percentage change)

     

    -3.5

    -1.3

    -1.4

    -2.5

    …

    …

    …

    …

    …

    …

    …

                             
                             

    Balance of payments (in billions of U.S. dollars) 5/

                           

    Current account balance

     

    14.1

    14.5

    13.0

    6.2

    8.7

    10.2

    12.0

    14.3

    16.1

    17.6

    19.4

    (In percent of GDP)

     

    4.2

    3.9

    3.2

    1.5

    2.0

    2.2

    2.4

    2.7

    2.9

    3.0

    3.1

    Goods balance

     

    32.7

    42.9

    42.6

    29.9

    26.3

    29.3

    31.8

    33.9

    36.5

    39.2

    43.7

    Services balance

     

    -11.2

    -15.8

    -13.2

    -9.5

    -4.4

    -4.1

    -3.1

    -1.7

    -1.3

    -1.0

    -1.5

    Income balance

     

    -7.4

    -12.5

    -16.3

    -14.2

    -13.2

    -14.9

    -16.7

    -17.9

    -19.2

    -20.6

    -22.8

    Capital and financial account balance

     

    -18.5

    3.8

    1.8

    -3.4

    -6.0

    0.2

    -3.0

    -5.0

    -6.2

    -7.1

    -8.2

    Of which: Direct investment

     

    0.7

    7.5

    2.9

    0.0

    -1.3

    2.0

    2.1

    2.2

    2.4

    2.5

    2.6

    Errors and omissions

     

    -0.1

    -7.3

    -2.7

    -7.2

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Overall balance

     

    -4.6

    11.0

    12.1

    -4.5

    2.7

    10.4

    9.0

    9.3

    9.9

    10.6

    11.2

                             

    Gross official reserves (US$ billions) 5/

     

    107.6

    116.9

    114.7

    113.5

    116.2

    126.6

    135.6

    144.9

    154.8

    165.4

    176.6

    (In months of following year’s imports of goods and nonfactor services)

     

    5.5

    4.9

    5.4

    4.6

    4.4

    4.6

    4.7

    4.8

    4.9

    4.9

    5.0

    (In percent of short-term debt by original maturity)

     

    117.6

    120.8

    104.9

    100.3

    99.4

    98.3

    97.2

    97.0

    97.3

    97.9

    98.9

    (In percent of short-term debt by remaining maturity)

     

    91.9

    93.5

    84.6

    80.7

    78.7

    79.4

    79.0

    79.2

    79.7

    80.5

    81.5

    Total external debt (in billions of U.S. dollars) 5/

     

    238.8

    258.7

    259.6

    270.6

    284.6

    305.1

    324.4

    342.8

    361.1

    379.2

    397.2

    (In percent of GDP)

     

    70.8

    69.3

    63.8

    67.8

    65.1

    65.3

    65.1

    64.9

    64.4

    63.8

    63.0

    Of which: short-term (in percent of total, original maturity)

     

    38.3

    37.4

    42.1

    41.8

    41.1

    42.2

    43.0

    43.6

    44.1

    44.6

    44.9

      short-term (in percent of total, remaining maturity)

     

    49.1

    48.3

    52.2

    51.9

    51.9

    52.3

    52.9

    53.4

    53.8

    54.2

    54.5

    Debt service ratio 5/

                           

    (In percent of exports of goods and services) 8/

     

    13.6

    10.5

    9.7

    11.8

    12.1

    12.1

    10.1

    9.8

    9.7

    9.6

    9.5

    (In percent of exports of goods and nonfactor services)

     

    14.4

    11.4

    10.3

    12.7

    12.9

    12.9

    10.7

    10.4

    10.3

    10.2

    10.0

                             
                             

    Memorandum items:

                           

    Nominal GDP (in billions of ringgit)

     

    1,418

    1,549

    1,794

    1,823

    1,952

    2,099

    2,241

    2,373

    2,512

    2,660

    2,817

                             

    Sources: Data provided by the authorities; CEIC Data; World Bank; UNESCO; and IMF, Integrated Monetary Database, and staff estimates.

                             

    1/ Data used in this report for staff analyses are as of January 29, 2025, unless otherwise noted.
    2/ Cash basis.
    3/ Consolidated public sector includes general government and nonfinancial public enterprises (NFPEs). General government includes federal government, state and local governments, and statutory bodies.
    4/ Based on data provided by the authorities, but follows compilation methodology used in IMF’s Integrated Monetary Database. Credit to private sector in 2018 onwards includes data for a newly licensed commercial bank from April 2018. The impact of this bank is excluded in the calculation of credit gap.
    5/ IMF staff estimates. U.S. dollar values are estimated using official data published in national currency.                                                                                                                         
    6/ Based on a broader measure of liquidity. Credit gap is estimated on quarterly data from 2000, using one-sided Hodrick-Prescott filter with a large parameter.
    7/ Revisions in historical data reflect the change in base year for nominal GDP (from 2010=100 to 2015=100).
    8/ Includes receipts under the primary income account.

                               

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

    Phone: +1 202 623-7100Email: MEDIA@IMF.org

    @IMFSpokesperson

    MIL OSI Economics –

    March 4, 2025
  • MIL-OSI Submissions: Africa Women Innovation and Entrepreneurship Forum (AWIEF) launches Call for Applications for its Growth Accelerator programme with support from African Guarantee Fund and FSDH Merchant Bank Limited

    SOURCE: Africa Women Innovation and Entrepreneurship Forum (AWIEF)

    The tri-party collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited was created with the aim to increase access to finance for WSMEs who are driving solutions in different catalytic sectors in Nigeria

    LAGOS, Nigeria, March 3, 2025/ — The Africa Women Innovation and Entrepreneurship Forum (AWIEF) (www.AWIEForum.org/home-awief/) has partnered with African Guarantee Fund (AGF) and FSDH Merchant Bank Limited to implement its flagship AWIEF Growth Accelerator programme in Nigeria and is excited to announce the call for applications.

    Background

    Limited access to finance remains a significant barrier for women entrepreneurs in Africa, with a staggering financing gap estimated at USD 49 billion. To address this challenge, the Growth Accelerator Programme leverages the African Development Bank’s Affirmative Finance Action for Women in Africa (AFAWA) initiative, which aims to unlock up to USD 3 billion in financing for women-owned/led Small and Medium-Sized Enterprises (WSMEs) across the continent.

    AGF, a leading non-bank financial institution whose objective is to promote economic development, increase employment and reduce poverty in Africa, serves as the implementing partner for AFAWA. AGF’s commitment extends into providing technical assistance to partner financial institutions, enhancing their capacity to serve women-owned businesses effectively. By addressing both supply and demand-side constraints, AGF and AFAWA work in tandem to create a more equitable landscape for women entrepreneurs in Africa.

    FSDH Merchant Bank Limited partnership with AGF is backed by AFAWA to enable the Partner Financial Institution (PFI) provide loans to WSMEs in Nigeria. FSDH Merchant Bank Limited is dedicated to empowering women in business across Nigeria and drives its gender strategy through its Women in Business Initiative (WIBI).

    The tri-party collaboration between AWIEF, AGF, and FSDH Merchant Bank Limited was created with the aim to increase access to finance for WSMEs who are driving solutions in different catalytic sectors in Nigeria. This will be achieved by making the WSMEs credit and investment-ready and eligible to access business loans and financing from FSDH Merchant Bank Limited. The programme will provide a stream of businesses that are adequately prepared to meet the FSDH Merchant Bank’s credit requirements.

    Call for Applications

    Applications are open to qualifying businesses. The programme will attract and select a cohort of 100 beneficiaries, comprising women entrepreneurs and founders with businesses registered and operating in Nigeria who will participate in the 12-month Growth Accelerator and will benefit from a wide range of tailored and refined business development mentorship, training, and advisory services.

    Eligibility Criteria

    Businesses must meet ONE of the following criteria:

    Entrepreneurship & Ownership:

    51% share of women ownership OR Business founded by a woman.

    OR

    Leadership:

    At least 20% share of women in senior management or 10% share of women on the Board.

    OR

    Products & Services:

    Product(s) or service(s) enhance(s) well-being of women/girls and/or drive(s) gender equity.

    Additionally, businesses must be:

    Based and operating in Nigeria.
    In post-revenue stage.
    Highly innovative and scalable ventures.
    In operation for not less than three years.
    Owned and/or led by ambitious and committed entrepreneurs.
    Seeking for investment, credit or financing to scale and expand.

    What Are the Benefits for Participants?

    Access to high-level training, mentorship, and business advisory.
    Improved technical, managerial, leadership, and interpersonal skills aligned with the priority needs of their businesses.
    Increased creditworthiness and capacity to meet the AGF PFI’s financing requirements.
    Post-capacity building and loan application support.
    Enhanced access to other financing opportunities.
    Effective integration of the WSMEs into the financial ecosystem.
    Expanded peer networks in Nigeria and across the African continent.

    Applications Open Now!

    Applications are officially open for qualifying candidates for the AWIEF Growth Accelerator, in partnership with AGF and FSDH Merchant Bank Limited.

    To submit your application and for more programme details, please follow this link: https://apo-opa.co/3DgIuo0

    The deadline for submission is Monday, 31 March 2025 at 11:59pm West Africa Time (WAT).

    MIL OSI – Submitted News –

    March 4, 2025
  • MIL-OSI United Nations: Food prices soar as Israel blocks aid into Gaza

    Source: United Nations 2

    3 March 2025 Humanitarian Aid

    Israel’s move to prevent all aid from entering the Gaza Strip after Hamas reportedly refused to accept a plan to continue with phase one of the fragile ceasefire has had an immediate impact, including a 100-fold increase in the price of flour and vegetables.

    That’s according to the UN aid coordination office, OCHA, which said on Monday that the Kerem Shalom, Erez and Zikim crossing closures means that vital humanitarian assistance, including thousands of tents, can’t be delivered to civilians in need.

    Phase one of the ceasefire mediated by Egypt, Qatar and the US expired on Saturday, with Hamas calling on Israel to move on to the next agreed phase – but Israel is calling instead for a continuation of phase one through the end of the Holy Month of Ramadan in line with a proposal from the top US envoy to the region.

    January’s ceasefire deal has seen the release of 33 Israeli hostages who’ve been held captive since the 7 October terror attacks, with around 1,900 Palestinian prisoners exchanged.

    “The ceasefire has provided the opportunity to distribute food, to distribute water, as well as shelter assistance and medical aid, allowing nearly everyone in Gaza to receive food parcels,” said UN Spokesperson Stéphane Dujarric, briefing reporters in New York.

    “Our humanitarian partners tell us that following the closure of the crossings into Gaza yesterday, flour and vegetable prices increased more than 100-fold. Partners are currently assessing the stocks that are currently available,” he added.

    Ceasefire, ‘a critical lifeline’: UNICEF    

    The UN children’s agency, UNICEF, warned that the stoppage of aid deliveries into Gaza will quickly lead to devastating consequences for children and families who are simply struggling to survive.

    “The aid restrictions announced yesterday will severely compromise lifesaving operations for civilians,” said Edouard Beigbeder, UNICEF Regional Director for the Middle East. “It is imperative that the ceasefire – a critical lifeline for children – remains in place, and that aid is allowed to flow freely so we can continue to scale up the humanitarian response.”

    The agency said that between 19 January and last Friday, almost 1,000 UNICEF trucks had crossed into the enclave carrying clean water, medical supplies, vaccines, therapeutic food and other materials.

    Since the start of the ceasefire on 19 January, UNICEF and partners have provided warm clothing to 150,000 children in Gaza and increased daily water distribution for nearly half a million people living in more remote areas, Mr. Dujarric said.

    Nearly 250,000 children and thousands of pregnant and breast-feeding mothers have received nutritional supplements since the ceasefire took effect.

    Over the past two weeks, in Rafah, Khan Younis and Deir al Balah, aid partners have distributed vegetable seed kits for gardening to try and encourage more diverse diets.

    Around 1,500 water distribution points are now operating across Gaza – double the number operational at the start of the ceasefire. “However, partners tell us that pipes and spare parts for maintenance are urgently needed,” said Mr. Dujarric.

    Classrooms open

    Across Gaza, more than 100 public schools have reopened, allowing around 100,000 students back into the classroom.

    In Gaza City and North Gaza, UN partners will use tents to ensure children can continue learning, with some wood pallets recycled into school furniture.

    OCHA teams visited a displacement site in Khan Younis on Monday where around 1,200 people are staying. These communities have not been allowed to return to their homes, which are located in the buffer zone.

    OCHA is working to mobilise assistance to meet their needs.

    Meanwhile in the occupied West Bank, OCHA reports that ongoing operation by Israeli forces continues to drive humanitarian needs in northern areas. Humanitarian partners continue to face movement restrictions.

    MIL OSI United Nations News –

    March 4, 2025
  • MIL-OSI USA: Press Release: FDIC Board of Directors Approves Proposal to Rescind 2024 Bank Merger Policy Statement

    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

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    WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) Board of Directors today approved a proposal to rescind the agency’s 2024 Statement of Policy on Bank Merger Transactions. The FDIC’s proposal will reinstate, on an interim basis, the Merger Policy Statement that was in effect prior to 2024 as the agency conducts a broader reevaluation of its bank merger review process.

    The proposal approved today seeks to address concerns the 2024 Statement added considerable uncertainty to the merger application process.  While the FDIC considers broader revisions to its merger policy, the FDIC is proposing to return to its historical approach, which is well-understood by market participants.  Interested parties may submit written comments on this proposal up until 30 days after publication in the Federal Register.

    ATTACHMENTS:
    Federal Register Notice
    Financial Institution Letter

    ###

    MEDIA CONTACT: 
    MediaRequests@fdic.gov

    The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe.

    MIL OSI USA News –

    March 4, 2025
  • MIL-OSI Europe: Answer to a written question – Addressing the impact of the housing crisis on teachers and other categories of public servants in Greece – E-001890/2024(ASW)

    Source: European Parliament

    In the Political Guidelines for 2024-2029, and in the Mission Letter addressed to the Commissioner for Energy and Housing, the Commission President announced ambitious actions to address the housing crisis and help all citizens facing issues to find affordable housing.

    The first-ever European Affordable Housing Plan will aim at offering technical assistance to cities and Member States and focus on investment and skills needed .

    Furthermore, to promote investments, the Commission envisages to work on a pan-European investment platform together with the European Investment Bank, international financial institutions, national promotional banks and other stakeholders.

    The Commission also plans to inject liquidity into the market by allowing Member States to double the planned cohesion policy investments in affordable housing.

    Support is already available under the Recovery and Resilience Facility, an option that is planned by Greece, notably with the new ‘Affordable Housing Programme My Home II’, of EUR 1 billion, which provides financial incentives to individuals for the acquisition of an affordable primary residence.

    The Commission has also been tasked with making proposals aimed to tackle systemic issues arising from short-term accommodation rentals and the inefficient use of the current housing stock.

    The Commission is working on the implementation of the short-term rental Regulation, adopted in April 2024[1]. It foresees the provision of reliable data on short-term rentals, to help Member States design the most appropriate and targeted measures.

    The Commission will also lead on conducting an analysis of the impact of housing speculation and its economic consequences, as well as propose follow up actions where needed.

    • [1]  OJ L, 2024/1028, 29.4.2024 — https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32024R1028#:~:text=Regulation%20%28EU%29%202024%2F1028%20of%20the%20European%20Parliament%20and,Regulation%20%28EU%29%202018%2F1724%20%28Text%20with%20EEA%20relevance%29%20PE%2F77%2F2023%2FREV%2F1

    MIL OSI Europe News –

    March 4, 2025
  • MIL-OSI Europe: EIB Group Forum: Investing in a more sustainable and secure Europe

    Source: European Investment Bank

    • The third edition of the EIB Group Forum will be held in Luxembourg from 5-7 March, focusing on action to boost Europe’s prosperity, security, and fostering global cooperation.  
    • EIB Group President Nadia Calviño will open the Forum on 5 March, with EIB Chief Economist Debora Revoltella launching the EIB Investment Report, which analyses investment trends of more than 12,000 European companies.
    • President Nadia Calviño and European Commissioner for Energy and Housing, Dan Jorgensen, will outline latest joint efforts to support access to affordable housing in Europe. 
    • President Calviño will also participate in sessions alongside European Commissioners, national ministers, international partners and European business leaders.

    The European Investment Bank Group (EIB) President Nadia Calviño will open the EIB Group Forum on Wednesday, 5 March, in Luxembourg. The three-day event, held at the European Convention Centre, will bring together leaders and experts to discuss and put forward concrete solutions to the challenges and the opportunities facing Europe and the world today across the economy, society and global politics. 

    “Now is the time to act. The global order which has provided peace and prosperity for the last 80 years is changing. In these turbulent times it is more important than ever that Europe provides stability and certainty – founded on our strengths, with unity and determination”, said EIB President Nadia Calviño. “Europe is a superpower when it comes to trade, research and innovation. The EIB Group Forum offers a timely opportunity for European leaders and innovators to come together with companies and international partners to put concrete solutions on the table in key areas like green tech, health, security and defense, building a more secure, competitive, and prosperous future for all of us.”

    The Forum will feature a diverse lineup of speeches and panels over its three days. Highlights include:

    5 March:

    • A session on decarbonising Europe’s industry, with a keynote by Luca De Meo, CEO of Renault Group, one of the world’s largest carmakers.
    • Launch of the EIB Group Investment report, presenting insights on EU investment trends based the EIB Group’s annual survey of more than 12,000 companies.
    • Panels covering Europe’s increased need for security investments; the connection between digitalisation and growth; and the role of capital markets in advancing gender equality.

    6 March:

    • Keynote address by Antonio Costa, President of the European Council (by video).
    • Keynote by Teresa Ribera, Executive Vice-President of the European Commission, in charge of Clean, Just and Competitive Transition.
    • Keynote address by World Health Organisation Head Dr Ghebreyesus Tedros
    • A session on affordable and sustainable housing in Europe, featuring EIB President Nadia Calviño and European Commissioner for Energy and Housing, Dan Jørgensen, laying the foundations for a new pan-European affordable housing initiative

    6-7 March:

    • EIB Global Days: Sessions on Europe’s role in the world, including discussions on expanding the EU, support for Ukraine, energy transition beyond EU borders, critical raw materials, and health.
    • On the eve of International Women’s Day (8 March), discussions will focus on scaling up solutions for diversity, inclusion and economic growth with the second meeting of the Women Climate Leaders’ Network on the Forum margins.  

    For the full agenda and speakers please visit the EIB website. The Forum will be entirely livestreamed on the EIB YouTube channel, while the opening speech of the President and other key moments will be available on EBS.

    Journalists interested in interviews with Forum participants are invited to contact us. We will facilitate connections with their respective spokespersons where possible.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, we finance investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, the capital markets union, and a stronger Europe in a more peaceful and prosperous world. 

    The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 high-impact projects in 2024, boosting Europe’s competitiveness and security.   

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

    MIL OSI Europe News –

    March 4, 2025
  • MIL-Evening Report: Women’s annual salaries are narrowing the gap. But men still out-earn women by an average $547 a week

    Source: The Conversation (Au and NZ) – By Leonora Risse, Associate Professor in Economics, University of Canberra

    Hyejin Kang/Shutterstock

    Women’s annual earnings are closing in on men’s, with the gender pay gap in Australia’s private sector shrinking from 14.5% to 13.6% in the past year.

    It’s a steady improvement, down from a 15.4% gap two years ago.

    While women are working and earning more than ever before, they are now empowered with even more information to take into salary negotiations and to decide which companies to work for.

    This information is especially valuable in a tight labour market, with the unemployment rate at just 4.1%, as companies fight for top talent.

    This is the second year the Workplace Gender Equality Agency (WGEA) has published company gender pay gaps, responding to concerns that progress on gender equality had been stalling.

    Pay gap transparency tackles the problem of “asymmetric information” where employers know where each worker sits on the pay scale, but employees don’t.

    Data from 7,800 private companies

    Women’s typical full-time annual salaries sat at A$72,638 in 2023–24, compared to men’s $84,048.

    Though narrowing, that’s still a gap of $11,410 a year, or around $220 a week.

    The gap is much larger once bonuses, overtime and superannuation are included: $18,835 or a total remuneration gap of 18.3%.

    All private companies in Australia with at least 100 employees must report their data to the federal agency. This covers 5.3 million employees across 7,800 companies, a big expansion from last year’s 5,000 companies as more companies improve their data reporting.

    Employees can look at the agency’s website to find the gender pay gap of their private sector employer – or one they are thinking of joining.

    This year’s calculations of company gender pay gaps also incorporate the salaries of top executives.

    When CEOs and heads of business are factored in, the difference in men’s and women’s average total remuneration swells to $28,435, or 21.8%.

    This all adds up to men out-earning women by an average of $547 per week.



    A closer look at company-level gender pay gaps

    Across all companies, the average gender gap in total remuneration is 13.0%. But the magnitude varies widely across different companies.

    Around 2,200 companies (around one-quarter) have a gap exceeding 20%. Of these, around 250 companies have a gap stretching beyond 40%.

    At the other end, around one-quarter of companies have a gap that is either zero or negative, meaning in favour of women.

    The agency considers a gender pay gap within the range of negative 5% to positive 5% to be a reasonable measure to aim for.



    Of the largest organisations (with 5,000 or more employees), airlines are among the worst performers. Virgin has an average gender gap in total remuneration of 41.7% while Qantas reports a gap of 39.2%.

    Among the banks, Commonwealth Bank and Westpac both report an average gender pay gap of 22.4%. Suncorp’s gap sits at 19.3%, NAB’s is at 19.0%, and ANZ has a gap of 18.8%.

    Progress is happening

    The purpose of publishing company pay gap data is to propel progress on gender equality in Australian workplaces.

    It follows legislated reforms designed to motivate employers to pay closer attention to their gender pay gap and take more action.

    Comparisons to last year’s data suggest this is happening. The agency reports that just over half of all employers (56%) reduced their gender pay gap. And 68% conducted an analysis of their gender pay gap, which is an important first step in making progress.

    Greater transparency makes employers more accountable for improving working conditions.

    It is also a way to recognise the companies that are improving over time and learn from their success.



    Correct interpretation is critical

    The gender pay gap, measured as the difference between men’s and women’s earnings, is not the same as equal pay for equal or comparable work. For over 50 years, it has been against the law in Australia to pay men and women differently for doing work of equal value.

    Employer-level gaps in earnings reflects a combination of factors, including gender patterns in the different types of occupations that men and women tend to be in within a company. But these gender patterns in job types do not explain the whole picture.

    Biases and barriers persist, including unconscious favouritism, gender imbalances in care-giving responsibilities and the perpetuation of gender stereotypes.

    This is also not a gap that can be explained by women working fewer hours than men. The calculations include part-time employees, whose pay is converted into an annualised full-time equivalent.

    Each employer has the chance to provide deeper analysis and explanation of their gender pay gap, and the actions they are taking, in their official employer statements which are also available on the agnecy’s website.

    This information will empower not just current employees but also prospective employees, customers, business partners and the wider community in their choices of which companies to work for, do business with, and endorse – and which ones not to.




    Read more:
    Now you’re able to look up individual companies’ gender pay gaps


    Leonora Risse receives research funding from the Trawalla Foundation and the Women’s Leadership Institute Australia. She has previously undertaken commissioned research for the Workplace Gender Equality Agency. She is a member of the Economic Society of Australia and the Women in Economics Network. She serves as an Expert Panel Member on gender pay equity for the Fair Work Commission.

    – ref. Women’s annual salaries are narrowing the gap. But men still out-earn women by an average $547 a week – https://theconversation.com/womens-annual-salaries-are-narrowing-the-gap-but-men-still-out-earn-women-by-an-average-547-a-week-251034

    MIL OSI Analysis – EveningReport.nz –

    March 4, 2025
  • MIL-OSI Africa: Secretary-General’s message on the launch of the Berlin Initiative: for a Diplomatic Solution to the Israeli-Palestinian Conflict

    Source: United Nations – English

    commend the launch of The Berlin Initiative and its commitment to a diplomatic resolution of the Israeli-Palestinian conflict.

    Since the horrific terror attacks by Hamas on October 7, the ensuing Israeli military operations have unleashed an unprecedented level of death and destruction in Gaza.  Meanwhile, the deteriorating situation in the West Bank is fueling further instability and suffering.

    The ceasefire in Gaza must hold and be implemented in full.  All hostages must be released immediately, unconditionally, and in a dignified manner.  And humanitarian aid must be maintained, funded, protected, and reach people in dire need without restrictions.

    But beyond ending this terrible war, we must lay the foundations for lasting peace – one that ensures security for Israel, dignity and self-determination for the Palestinian people, and stability for the entire region.

    That requires a clear political framework for Gaza’s recovery and reconstruction.  It requires immediate and irreversible steps towards a two-State solution – with Gaza and the West Bank, including East Jerusalem, unified under a legitimate Palestinian authority, accepted and supported by the Palestinian people.  And it requires putting an end to occupation, settlement expansion and threats of annexation.

    Efforts like The Berlin Initiative help forge a diplomatic path.  I urge everyone to seize this moment to build a future where Israel and Palestine live side by side, in peace and security, in line with international law and UN resolutions.  It is the only way.

    ***
     

    MIL OSI Africa –

    March 4, 2025
  • MIL-OSI Security: North Carolina Man Pleads Guilty to Making False Statements Under Oath in a Bankruptcy Case

    Source: Office of United States Attorneys

    BLUEFIELD, W.Va. – Travis Lee Harry, 40, of Kernersville, North Carolina, pleaded guilty today to making false statements under oath in a bankruptcy case.

    According to court documents and statements made in court, Harry had owned and lived in a house in Princeton, West Virginia, which he sold on December 23, 2019. On February 5, 2020, Harry filed for Chapter 7 bankruptcy in United States Bankruptcy Court for the Southern District of West Virginia. On the Statement of Financial Affairs he submitted as part of the bankruptcy filing, and which he signed under penalty of perjury, Harry falsely stated that he and his spouse co-owned the house and sold it together. At a March 6, 2020, meeting of creditors as part of the bankruptcy proceeding, Harry falsely testified under oath that he had co-owned the house with his spouse. Harry admitted as part of his guilty plea that he solely owned the house, and that his spouse was never a co-owner. Harry further admitted that he falsely indicated during the creditors’ meeting that all of the proceeds from selling the house went to pay taxes.

    Harry is scheduled to be sentenced on July 7, 2025, and faces a maximum penalty of five years in prison, up to three years of supervised release, and a $250,000 fine.

    Acting United States Attorney Lisa G. Johnston made the announcement and commended the investigative work of the Federal Bureau of Investigation (FBI). The United States Trustee’s Charleston field office, which serves West Virginia, made the criminal referral of this case to the U.S. Attorney’s Office. The United States Trustee Program is a component of the Department of Justice whose mission is to promote the integrity and efficiency of the bankruptcy system for the benefit of all stakeholders — debtors, creditors and the public.

    Senior United States District Judge David A. Faber presided over the hearing. Assistant United States Attorney Jonathan T. Storage is prosecuting the case.

    A copy of this press release is located on the website of the U.S. Attorney’s Office for the Southern District of West Virginia. Related court documents and information can be found on PACER by searching for Case No. 1:24-cr-143.

    ###

     

    MIL Security OSI –

    March 4, 2025
  • MIL-OSI United Nations: Secretary-General Urges All Efforts to Prevent Renewed Hostilities as Gaza Ceasefire’s First Phase Ends

    Source: United Nations MIL OSI b

    The following statement was issued today by the Spokesman for UN Secretary-General António Guterres:

    The Secretary-General is closely following developments in Israel and the Occupied Palestinian Territory as the first phase of the ceasefire and hostage release deal reaches its conclusion.  The past six weeks have provided a fragile but vital reprieve, offering a measure of relief to both Palestinians and Israelis. Thousands of trucks carrying life-saving assistance entered Gaza, with aid having reached nearly every person in the Strip.  It is imperative that all efforts be made to prevent a return to hostilities, which would be catastrophic.

    The Secretary-General urges all parties to exercise maximum restraint and find a way forward on the next phase.  A permanent ceasefire and the release of all hostages are essential to preventing escalation and averting more devastating consequences for civilians.  The Secretary-General continues to call for the dignified, immediate and unconditional release of all hostages.  The parties must ensure humane treatment for all those held under their power.  Humanitarian aid must continue to flow, without impediment, be adequately funded, and occur in an environment ensuring the safety and security of civilians and other protected persons, including humanitarian workers.

    The Secretary-General also calls for an urgent de-escalation of the alarming situation in the occupied West Bank.

    As Ramadan — a time of peace and reflection — begins, the Secretary-General calls on all sides to spare no efforts to end all violence.  The United Nations stands ready to support all such endeavours.

    MIL OSI United Nations News –

    March 4, 2025
  • MIL-OSI United Nations: Secretary-General’s message on the launch of the Berlin Initiative “For a Diplomatic Solution to the Israeli-Palestinian Conflict”

    Source: United Nations secretary general

    I commend the launch of The Berlin Initiative and its commitment to a diplomatic resolution of the Israeli-Palestinian conflict.

    Since the horrific terror attacks by Hamas on October 7, the ensuing Israeli military operations have unleashed an unprecedented level of death and destruction in Gaza.  Meanwhile, the deteriorating situation in the West Bank is fueling further instability and suffering.

    The ceasefire in Gaza must hold and be implemented in full.  All hostages must be released immediately, unconditionally, and in a dignified manner.  And humanitarian aid must be maintained, funded, protected, and reach people in dire need without restrictions.

    But beyond ending this terrible war, we must lay the foundations for lasting peace – one that ensures security for Israel, dignity and self-determination for the Palestinian people, and stability for the entire region.

    That requires a clear political framework for Gaza’s recovery and reconstruction.  It requires immediate and irreversible steps towards a two-State solution – with Gaza and the West Bank, including East Jerusalem, unified under a legitimate Palestinian authority, accepted and supported by the Palestinian people.  And it requires putting an end to occupation, settlement expansion and threats of annexation.

    Efforts like The Berlin Initiative help forge a diplomatic path.  I urge everyone to seize this moment to build a future where Israel and Palestine live side by side, in peace and security, in line with international law and UN resolutions.  It is the only way.

    ***
     

    MIL OSI United Nations News –

    March 4, 2025
  • MIL-OSI Africa: The Ecobank Group expands its gender-financing offer to facilitate access to financing for Africa’s women entrepreneurs

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

    LOMÉ, Togo, March 3, 2025/APO Group/ —

    • Ellevate by Ecobank expands to become bigger, better and more inclusive.
    • From supporting corporate businesswomen, small and medium-sized entrepreneurs to individual entrepreneurs, and those in the informal sector.

    ​To bridge the gender financing gap for Africa’s women entrepreneurs, Ecobank (www.Ecobank.com), the leading pan-African financial services group, announces significant enhancements to its multi-award-winning gender-financing solution – ‘Ellevate by Ecobank’. These improvements strengthen Ecobank’s commitment to women-owned, women-led, and women-focused businesses, while reinforcing its market competitiveness.

    The World Bank estimates that closing the gender gap in Africa could add $2.5 trillion to the continent’s GDP by 2025, underscoring the urgency of investing in women – not just for social justice, but for a more prosperous and equitable future for all Africans. In response, Ecobank’s enhanced Ellevate programme is now more ambitious and inclusive, designed to address the diverse challenges faced by women entrepreneurs. The programme is being extended from new and existing Commercial Banking customers to include new and existing Consumer Banking and Corporate Banking customers, as well as female business leaders, with Corporate Banking customers serving as a pool of mentors. With this expansion, individual entrepreneurs – including those in the formal and informal sectors – can now fully benefit from its enhanced financial and non-financial solutions.

    Jeremy Awori, Chief Executive Officer, Ecobank Group, said: “We recognise and applaud the role that women entrepreneurs play in driving socio-economic impact across Africa and are committed to supporting them at every stage of their entrepreneurial journey. Since the launch of the Ellevate programme we have made significant progress, disbursing over US$200 million in loans, providing business networking opportunities, and offering leadership and capacity-building training for businesswomen.”

    “Today, Ellevate 2.0 heralds in a new era for gender financing. It is bigger, better and more inclusive, delivering exceptional value to female entrepreneurs and women business leaders. Enhancing our products and solutions for women entrepreneurs to position Ecobank as their bank of choice is an integral component in accelerating the success of our Growth, Transformation and Returns strategy’s objectives. It also supports our Group-wide objective of promoting gender equality and contributing to sustainable development.”

    The enhanced Ellevate’s value propositions now include:

    • Increasing access to finance with unsecured loans of up to US$50,000
    • Competitive interest rates and favourable collateral requirements
    • Accommodating customers with a two-year track record instead of the industry-standard three years
    • Helping them to find new customers and access new markets across Africa through our innovative online matchmaking MyTradeHub platform
    • Training, knowledge sharing webinars, support and other initiatives to enhance customers’ business and leadership skills
    • Customised wealth management services
    • A one-stop shop to meet insurance needs.
    • A loyalty programme providing exclusive offers and discounts at select retail stores and recreation centres

    To coincide with the celebrations of the International Women’s Day, our enhanced Ellevate program will be launched by nine of our affiliates (Burkina Faso, Cameroon, Côte d’Ivoire, Ghana, Guinea, Kenya, Senegal, Togo and Zimbabwe) by the end of March 2025. It will then be rolled-out in phases across all our other sub-Saharan African affiliates throughout the year.

    MIL OSI Africa –

    March 4, 2025
  • MIL-OSI USA: In Recognition of National Consumer Protection Week, Attorney General Bonta Releases California’s Top 10 Consumer Complaints

    Source: US State of California

    OAKLAND — In recognition of National Consumer Protection Week, California Attorney General Rob Bonta today released 2024’s Top 10 Consumer Complaints and highlighted ongoing efforts to protect California consumers. The list released today includes the top consumer complaint categories the California Department of Justice (DOJ) has received in the last calendar year. Attorney General Bonta urges Californians to report misconduct or violations of state consumer protection laws to DOJ at oag.ca.gov/report. Complaints submitted by the public provide DOJ and sister agencies with important information about potential misconduct to help determine whether to investigate a business or individual.

    “California is a pillar of strong state consumer protection laws and an outspoken advocate for robust federal protections,” said Attorney General Bonta. “This National Consumer Protection Week, I urge Californians to help us further this work. If you see misconduct or are the victim of a scam, my office wants to know about it: I encourage consumers to immediately file a complaint online at oag.ca.gov/report. Whether protecting our kids online, stopping egregious bank fees, or cracking down on illegal price gouging, as the People’s Attorney, I am committed to going to the mat for California consumers.” 

    Top 10 Consumer Complaint Categories from 2024:

    1.    Social Media Platforms 
    2.    Online Retailers
    3.    Banks
    4.    Contractors
    5.    Landlord/Tenant Issues
    6.    Online Scams 
    7.    Debt Collection 
    8.    Credit Reporting 
    9.    Telephonic Scams
    10.  Brick and Mortar Retail Sales

    Fighting to Keep More Money in the Pockets of Californians:

    Attorney General Bonta took on bad actors and archaic policies that hurt Californians pocketbooks. Last year, DOJ announced a $700 million multistate settlement with Johnson & Johnson for failing to disclose if asbestos was present in its talc products; secured a settlement with ticket reseller StubHub, Inc. for failing to pay timely refunds to Californians for canceled events during the COVID-19 pandemic; and sponsored successful legislation to protect Californians’ financial future by banning the inclusion of medical debt on credit reports.

    Last month, Attorney General Bonta supported lawsuits challenging the Trump Administration’s efforts to dismantle the Consumer Financial Protection Bureau (CFPB). Since its creation, the CFPB has actively worked to make the lives of everyday people better and has returned over $20 billion to Americans nationwide. The shuttering of the CFPB would cause catastrophic harm to consumer protections, leaving no federal oversight over large banks, and saddling state agencies with the sole responsibility to protect consumers from conduct regulated by the CFPB.

    Putting Social Media Companies on Notice:

    In response to a dramatic uptick of consumer complaints, last March, Attorney General Bonta sent a letter to Meta expressing deep concern regarding the increase in account takeovers and lockouts on Facebook and Instagram and the inadequacy of the company’s response to prevent and address consumer harm from these takeovers. The letter asked Meta to take immediate action to increase mitigation tactics and respond to users whose accounts have been taken over.

    Sticking up for Students: 

    In the last year, Attorney General Bonta continued to protect students by securing a decision that upheld a judgment against Ashford University for giving students false or misleading information about career outcomes, cost and financial aid, and transfer credits, as well as a $4.5 million settlement with University of Phoenix for aggressive and unlawful military student recruitment tactics. 

    Protecting Children Online:

    Attorney General Bonta continued to take action to create a safer internet for children and teens. In October 2024, DOJ filed a lawsuit against TikTok for harming young users and deceiving the public about the social media platform’s dangers; and secured a decision in his lawsuit against Meta that largely denies Meta’s attempt to evade responsibility for their role in the children’s mental health crisis. DOJ proudly supported legislation that would put consumers in control of their relationship with social media, like SB 976 (Skinner), recently enacted legislation which interrupts the ability of social media companies to use addictive design features, and AB 56 (Bauer-Kahan), newly proposed legislation that would require warning labels on social media platforms. 

    Advancing Your Data Privacy Rights: 

    In January, Attorney General Bonta reminded Californians of their right to stop or “opt-out” of the sale and sharing of their personal information under the California law, and encouraged consumers to consider familiarizing themselves with the Global Privacy Control (GPC), an easy-to-use browser setting or extension that allows consumers to take back control of their personal data. 

    Last year, Attorney General Bonta announced a settlement with DoorDash for violating California privacy laws by selling its customers’ personal information; and worked with local partners to secure a settlement with a video game developer for illegally collecting and sharing children’s data. 

    Scram, Scams! 

    Attorney General Bonta continued educating and warning consumers about financially harmful and widespread AI-generated scams, toll booth scams, romance scams, and package delivery text-based scams; and continued the fight against annoying and illegal robocalls, which are often a vehicle for scams.

    Setting the Record Straight on AI:

    In January, Attorney General Bonta issued two legal advisories, reminding consumers of their rights, and advising businesses and healthcare entities who develop, sell, or use artificial intelligence (AI) about their obligations under California law. Many consumers and patients are not aware of when and how AI systems are used in their lives or by institutions that they rely on.

    Businesses use AI systems to evaluate consumers’ credit risk and guide loan decisions, screen tenants for rentals, and target consumers with ads and offers, as such, must comply with California consumer protection laws.

    Tackling Price Gouging During a Natural Disaster: 

    In the wake of Los Angeles Fires, Californians should be coming together to help our neighbors, not attempting to profit off their pain. DOJ takes its duty to protect the public from price gouging, rental bidding, and unsolicited property offers by predatory buyers extremely seriously. In addition to sending over 700 warning letters to hotels and landlords, DOJ has several active investigations into price gouging and has announced price gouging charges against three Los Angeles real estate agents and a landlord (January 22, January 28, and February 18). These investigations are often the result of review of complaints received by DOJ.

    DOJ established the Disaster Relief Task Force to work closely with federal, state, and local law enforcement and regulatory partners; last month, DOJ collaborated with, Los Angeles City Attorney Hydee Feldstein Soto on misdemeanor price gouging charges against a homeowner and real estate agent who allegedly engaged in price gouging in violation of the law.

    For more tips and information on consumer protection, please visit https://oag.ca.gov/consumers. 

    MIL OSI USA News –

    March 4, 2025
  • MIL-OSI: Jeff Bank Announces Retirement of SVP/Retail Banking Administrator & Security Officer, Rhonda L. Decker

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSONVILLE, N.Y., March 03, 2025 (GLOBE NEWSWIRE) — Jeffersonville Bancorp, Inc. (OTCQB – JFBC) today announced that Senior Vice President/Retail Banking Administrator and Security Officer, Rhonda L. Decker, of its wholly-owned subsidiary, Jeff Bank, will retire effective Monday, March 17, 2025, after 41 years of service. Mrs. Decker began her career at Jeff Bank in 1983 when she started as a teller. Throughout her tenure with the bank, Mrs. Decker has held various positions before being named the Retail Banking Administrator and Security Officer in 2008.

    “On behalf of Jeff Bank and the Board of Directors, I want to thank Mrs. Decker for her dedication, support, and expertise in helping the organization grow over the past 41 years,” stated George W. Kinne, Jr., President and CEO. “Rhonda’s passion toward helping others shined not only in her banking career but also the many community service organizations where she volunteers. Rhonda has been a role model for the bank’s staff throughout our institution, always positively portraying the mission, vision, and values of Jeff Bank. She will be truly missed. We wish her the best in her retirement and know she will continue to be a big advocate and supporter of the bank.”

    Jeffersonville Bancorp is a one-bank holding company, which owns all the capital stock of Jeff Bank. Jeff Bank maintains ten full-service branches in Sullivan and Orange County, New York located in Anawana Lake Road/Monticello, Eldred, Callicoon, Jeffersonville, Liberty, Livingston Manor, Monticello, Port Jervis, White Lake, and Wurtsboro.

    Media Contact
    Jaclene Poley (jpoley@jeff.bank)
    845-482-4000

    The MIL Network –

    March 4, 2025
  • MIL-OSI Economics: Oren Cass on the Invisible Hand

    Source: International Monetary Fund

    Oren Cass on the Invisible Hand

    Photo courtesy of Oren Cass

    In This Episode

    Modern economics was built on ideas spelled out by Adam Smith in his 18th-century The Wealth of Nations. But while he used the term only once in that economic treatise, Smith is most remembered for “the invisible hand,” a metaphor Oren Cass says has wrongly been associated with the idea that the pursuit of profit is always socially beneficial and that markets are somehow magically guided by that principal. Cass is the founder and chief economist at American Compass. In this podcast, he says the contortion of Smith’s idea led to a blind faith in markets, whereas “the invisible hand” was about ensuring the alignment between private profit and the public interest. Transcript

    Read the article in Finance and Development

    OREN CASS is founder and chief economist of American Compass, a think tank.

    Join Us on Every Major Platform

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    BEHIND THE MIC

    Bruce Edwards

    International Monetary Fund

    Bruce Edwards produces the IMF podcast program. He’s an award-winning audio producer and journalist who’s covered armed conflicts, social unrest, and natural disasters from all corners of the world. He believes economists have an important role in solving the world’s problems and aspires to showcase their research in every IMF podcast.

    MIL OSI Economics –

    March 4, 2025
  • MIL-OSI Africa: Finance in Common Summit urges global development finance institutions to harness collective power to address global poverty

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

    CAPE TOWN, South Africa, March 3, 2025/APO Group/ —

    The fifth edition of the Finance in Common Summit (FiCS) concluded on Friday in Cape Town, South Africa, with strong calls for global development finance institutions to work together to address poverty and development challenges. South African Finance Minister Enoch Godongwana led the call.

    The summit, which was co-sponsored by the African Development Bank and took place alongside the G20 Finance Ministers’ Meeting, was themed “Fostering Infrastructure and Finance for Fair and Sustainable Growth.”

    Godongwana described the meeting as an unprecedented gathering of key financial players, saying: “Your determination and commitment will change the world. Your determination and will have an impact on global poverty.”

    The minister linked the summit’s goals to South Africa’s development trajectory, highlighting the structural reforms the country had undertaken in the electricity, roads, and port sectors, which have opened new investment opportunities to development partners.

    African Development Bank Vice President for Finance and Chief Financial Officer, Hassatou Diop N’Sele—one of several senior officials of the Bank Group at FiCS—represented Bank Group President, Dr. Akinwumi Adesina at a meeting on Wednesday organized by the Council of Europe Development Bank. At the meeting, multilateral development banks reaffirmed a shared commitment to maximize their collective impact.

    During the G20 meetings of Finance Ministers and central bank governors, Hassatou Diop N’Sele said, “We call on G20 nations to enhance financial commitments, especially for the 17th replenishment of the African Development Fund, to simplify processes for accessing climate finance, and to create enabling policies that facilitate sustainable capital flows to Africa.”

    In her various interventions during FiCS, she discussed the innovative financing tools and initiatives launched by the African Development Bank to leverage resources and mobilize the private sector at scale, including the landmark hybrid capital transactions successfully replicated by other development finance institutions and the Africa Investment Forum.

    N’Sele emphasized the urgency for philanthropies and foundations to further strengthen their partnerships with multilateral development banks and to fully embrace innovation to amplify their impact. She also recognized the challenges for expanding climate finance in Africa and reflected on such solutions and platforms as the Alliance for Green Infrastructure in Africa, designed to catalyze bankable, greener infrastructure projects at scale and speed.

    The African Development Bank delegation highlighted the progress of Mission 300 (https://apo-opa.co/4bolqQE), an initiative to accelerate access to electricity for 300 million Africans by 2030. The Bank, working with the World Bank and other development finance institutions and private sector partners, has committed $18.2 billion to this effort.

    Senior leaders of the Bank stressed the need for urgent action. Nnenna Nwabufo, Bank Group Vice President for Regional Development, Integration and Business Delivery, said: “Africa is not looking for aid, we are looking for partnerships.”.

    She added: “The time for pilot projects that deliver incremental progress is over. We need investments that enable our nations to take ownership of their development, fostering resilience, self-sufficiency, and sustainable growth that benefits both Africa and the global economy.”

    Solomon Quaynor, the African Development Bank’s Vice President for Private Sector, Infrastructure and Industrialization, called for faster implementation of infrastructure projects. “Africa can no longer sustain infrastructure projects that take seven to 10 years to complete – we must accelerate development to deliver within three years, prioritizing green infrastructure,” he said.

    The African continent needs $2.7 trillion through 2030 to meet its climate action goals, but receives only 3.6% of all global climate finance, despite its minimal contribution to global emissions.

    The African Development Bank’s Director General for Southern Africa, Leila Mokaddem, emphasized that Africa’s green transition must be inclusive. She said: “With 600 million Africans still without electricity, our transition cannot be about climate goals alone. It must be about jobs, industrialization and economic opportunity. The African Development Bank is supporting this vision through its Jobs for Youth in Africa strategy to create 25 million jobs and equip 50 million young Africans with green economy skills by the end of this year.”

    The summit achieved several significant breakthroughs in expanding the scope and impact of development financing. Key outcomes included: the endorsement by G20 finance ministers of public development banks’ crucial role in international financial architecture; steps toward setting up frameworks to support cultural industries as valid asset classes; and the formation of a coalition between public development banks and civil society to ensure that development finance serves communities.

    CEO of Agence Française de Développement and Chair of the Finance in Common Summit Rémy Rioux noted: “We have made tremendous progress in building public development banks as an asset class through innovation, commitment, and shared values. In times of uncertainty and conflict, we are offering a calm, collective alternative.”

    “This has truly been an African FiCS,” said Boitumelo Mosako, CEO of the Development Bank of Southern Africa. He added:  “With 34% of delegates coming from the continent, we have shown that Africa is unstoppable as the second fastest growing region in the world.”

    Following the Finance in Common Summit, the Fourth Finance for Development Conference will take place in Spain between June and July this year. Being organized by the United Nations and the Spanish government, that summit will feature continuing discussions on reshaping the international financial architecture to better serve development needs.

    MIL OSI Africa –

    March 4, 2025
  • MIL-OSI Russia: Financial news: On the 200th anniversary of the inventor of the first Russian airplane Alexander Mozhaisky (03.03.2025)

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    On March 4, 2025, the Bank of Russia will issue into circulation a commemorative silver coin of 2 rubles denomination “Rear Admiral A.F. Mozhaisky, on the 200th anniversary of his birth” from the “Outstanding Personalities of Russia” series (catalog No. 5110-0189).

    The silver coin with a denomination of 2 rubles (pure precious metal weight – 15.55 g, alloy fineness – 925) has the shape of a circle with a diameter of 33.0 mm.

    There is a raised edge around the circumference of both the front and back sides of the coin.

    On the obverse of the coin there is a relief image of the State Emblem of the Russian Federation, there are inscriptions: “RUSSIAN FEDERATION”, “BANK OF RUSSIA”, the coin denomination “2 RUBLES”, the date “2025”, the designation of the metal according to the Periodic Table of Elements of D.I. Mendeleyev, the alloy standard, the trademark of the St. Petersburg Mint and the mass of the precious metal in purity.

    On the reverse side of the coin there is a relief image of the portrait of A.F. Mozhaisky, as well as images of drawings of an aircraft and clouds made using the laser matting technique; there are relief inscriptions: at the top along the circumference – “A.F. MOZHAISKIY”, on the right in two lines – “1825” and “1890”, as well as a part of the quote “I wanted to be useful to my Fatherland …” located at the top in three lines and made using the laser matting technique.

    The side surface of the coin is ribbed.

    The coin is made in proof quality.

    The mintage of the coin is 3.0 thousand pieces.

    The issued coin is a legal tender in the territory of the Russian Federation and must be accepted at face value for all types of payments without restrictions.

    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 = 638766064431085425KOins. CHTM

    MIL OSI Russia News –

    March 4, 2025
  • MIL-OSI: Samuel and Co Trading Leads the Way in Affordable Financial Education Amidst Rising University Costs

    Source: GlobeNewswire (MIL-OSI)

    LONDON, March 03, 2025 (GLOBE NEWSWIRE) — As the financial burden of higher education is continuing to escalate, Samuel and Co Trading stands out as an accessible and high-quality hub of financial education. Founded in 2012, Samuel and Co have been empowering students with the skills and confidence to navigate the financial markets.

    Recent analyses have highlighted the growing financial strain on university students in the UK. Tuition fees have risen to £9,535 per annum as of September 2025, marking the first increase in eight years. This surge, coupled with maintenance loans that often fall short of covering living expenses, has amplified the financial challenges of being a student. The average annual cost of studying in the UK now exceeds £22,000, encompassing tuition and living expenses.

    In contrast, Samuel and Co Trading offers Ofqual-regulated Diplomas in Financial Trading that provide a cost-effective alternative to a traditional degree. Students can achieve a Level 5 Diploma, equivalent level to a Foundation Degree, in as little as 12 weeks or pursue a Level 7 Diploma, equivalent level to a Master’s Degree, but at a fraction of the cost. Considering that some graduate salaries have sunk as low as the minimum wage, these accelerated programmes not only save time but also significantly reduce financial outlay, making industry-recognised credentials more attainable.

    The company’s commitment to excellence has been recognised in the 2025 Global Banking and Finance Awards®, when Samuel and Co Trading was awarded with two impressive accolades: “Best Online Financial Education & Training UK 2025” and “Best Forex Education UK 2025”. Alongside this, the company has also been awarded the “Best Online Trading Course Provider UK 2025” by Finance Derivative Magazine and won the “Best Trading Guidance and Support Provider Europe 2025”,“Leading Trading Education Management Company Europe 2025” and the “Most Trusted Personal Trading Strategies Provider Europe 2025” by World Business Outlook. And lastly Brands Review Magazine also presented them with the “Innovation in Trading Strategies UK 2025” and the “Trading Education and Mentorship Award UK 2025”. These awards show the dedication to delivering high-quality financial education and training.

    Founder and CEO, Samuel Leach, reflects on the company’s journey:

    “When I started Samuel and Co Trading in 2012, I wanted to democratise financial education. The aim was to provide practical, affordable, and high-quality training to people who are passionate about trading. Our recent accolades and the success of our students show that we’re on the right path.”

    Due to the unpredictable nature of the finance industry and the rising costs of higher education, Samuel and Co Trading, mission remains to offer competitive, comprehensive, and accessible education. By bridging the gap between affordability and quality, the company is shaping the future of financial training.

    About Samuel and Co Trading

    Samuel and Co Trading was founded in 2012 by Samuel Leach with the mission of assisting individuals to succeed in financial trading. The company provides accredited and industry-recognised financial education, including Ofqual-regulated diplomas designed to fast-track students into trading careers. With courses led by seasoned professionals, Samuel and Co Trading ensures that students gain practical, real-world experience. Recognised as a leader in the sector, the company has trained thousands of individuals.

    The MIL Network –

    March 4, 2025
  • MIL-OSI United Kingdom: Interest rate reductions on the Court Funds Office special and basic accounts: 3 March 2025

    Source: United Kingdom – Government Statements

    News story

    Interest rate reductions on the Court Funds Office special and basic accounts: 3 March 2025

    Reduction of interest rates for Court Funds Office special and basic accounts from today (3 March 2025).

    In response to the decrease in the Bank of England base rate on 6 February 2025, the Court Funds Office (CFO) rates of interest payable to clients have been reviewed and from 3 March 2025 these will change to the following:

    • Special Account – decreased from 4.75% to 4.50%
    • Basic Account – decreased from 3.56% to 3.38%

    The decision was made to ensure that the running costs of the CFO service can continue to be met whilst still providing an affordable rate of interest payable to clients.

    If you wish to discuss further, please contact the CFO on 0300 0200 199 or email enquiries@cfo.gov.uk.

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    Updates to this page

    Published 3 March 2025

    MIL OSI United Kingdom –

    March 4, 2025
  • MIL-OSI United Kingdom: Salford City Council confirm delegation for MIPIM 2025

    Source: City of Salford

    • Salford City Council confirm a return to MIPIM this year.
    • MIPIM (in French, Le Marché International des Professionnels de L’immobilier) is held in Cannes, France and is internationally recognised as a key property and investment event.
    • Attendance at MIPIM provides a platform for the council to meet investors and showcase the development opportunities in Salford. 
    • Salford City Council team will form part of Greater Manchester partnership in attendance 
    • The Salford team confirmed for the conference as Jack Youd, Deputy City Mayor and Lead Member for Finance, Support Services and Regeneration, John Searle, Executive Director Place, Stephanie Mullenger, Interim Director Property and Housing, and Sarah Ashurst, Head of Partnerships and Investment.

    Salford City Deputy Mayor Jack Youd heads up a team of senior officers from Salford City Council attending this year’s MIPIM event.

    The team’s focus will be once again raising the profile of the city and positioning Salford as an innovative, forward-thinking city on a global stage. There’ll be opportunities to highlight the unique growth potential and the range of current regeneration projects in scope across the city. 

    Heading out to Cannes, France from 11-14 March for the event, presents the team with the chance for the team to meet with developers and public sector officials from cities and regions across the world. 

    Jack Youd, Deputy City Mayor and Lead Member for Finance, Support Services and Regeneration, said:

    “As always, MIPIM presents an important opportunity for the city and as a first-time attendee I’m excited to experience everything the event has to offer. 

    Salford City Council is committed to placemaking which delivers for the existing residents of Salford and for people looking to live, work and play in our city. This vision is set out in our Corporate Plan and builds on the good growth and regeneration which has been vital to our success as a city. The connections made and developed at MIPIM are central to achieving our goals.

    We need to continue to build the profile of the city further and ensuring potential investors and partners have Salford in the forefront of their minds.” 

    Salford City Council has long identified MIPIM as an important opportunity to share the city’s regeneration story and highlight the city’s vision for the future with those who have the potential to help deliver and achieve it.

    This year, again there’s plenty to for the team to be highlighting. Salford has experienced significant growth and investment in recent years, and this is now having a positive knock-on effect. Investment attracts further investment and leads to future development opportunities throughout the city. 

    Current priorities include the new ambitious visions for the town centre redevelopment of Eccles and Swinton and the upcoming Strangeways and Cambridge Strategic Regeneration Framework. The new emerging Mayoral Development Zone at the Western Gateway, future plans at MediaCity and the importance of affordable social housing through Derive all present opportunities for developers and investors.   

    The key objectives for attending MIPIM are: raising the city’s profile on an international stage; highlighting the exciting development opportunities on the horizon; making those connections with potential developer partners. 

    The Salford City Council team is:

    Jack Youd, Deputy City Mayor and Lead Member for Finance, Support Services and Regeneration

    Jack was elected in 2021 to represent Walkden North ward also serving as the election agent for the directly elected City Mayor, Paul Dennett. 

    On election Jack was made the Executive Support for Procurement and Social Value, overseeing a large increase in the number of Foundation Living Wage accredited employers in Salford. In 2022 Jack was promoted to the Lead Member for Finance and Support Services. 

    In 2024, Jack was appointed to the position of Deputy City Mayor and added the Property and Regeneration portfolio to his roles and responsibilities. Jack also substitutes for the City Mayor at Greater Manchester Combined Authority, sits on the Greater Manchester Economy Board and Greater Manchester Pension Fund.

    Jack is also chair of the Board of Directors of Salford Credit Union and has been a 
    non-executive director on SCU for ten years. 

    John Searle, Executive Director Place

    John has 25 years’ experience in the public and private sector in economic development and physical regeneration across Greater Manchester, Lancashire and Merseyside with direct experience of implementing urban regeneration schemes and commercial property development. John joined Salford in November 2021 and is responsible for regeneration, property, development and investments, planning and building control, highways and technical services, operational services and employment and skills. This involves a gross revenue budget of over £90m and a capital programme of over £100m for 2022/23.

    He is currently overseeing Salford’s ambitious growth plans to deliver 40,000 new jobs and homes by 2040 by building on the city’s four strategic growth locations (City Centre Salford, Salford Quays and MediaCity, Greater Manchester Western Gateway, including Port Salford and Salford’s Town Centres). 

    John previously worked for 15 years at Rochdale Council/Rochdale Development Agency on the £400m investment programme in Rochdale Town Centre, the development of the 420-acre Kingsway Business Park and the GM Spatial Framework proposal known as Northern Gateway.

    Stephanie Mullenger, Interim Director Property and Housing

    Steph has been working in Property since she was 16 and started as an estate agent in London.  She completed her and RICS qualifications whilst working and has been involved with all aspects of the industry across all asset types and in several different countries.  

    She moved to the Northwest from London in 1997 and has over 25 years’ director and board level industry experience with a track record of success in developing multi-site retail, office leisure and residential estates and award winning, high performing teams.

    She has worked for the Co-op, London Regional Transport, Global property Consultants, Banks and locally has been MD for Manchester Airport Group Property and Urban Splash. She also ran for ten years my own successful property consultancy before joining Salford City Council in 2023.

    In March 2024, Steph was appointed as the Interim Director of Property and Housing.   

    Sarah Ashurst, Head of Partnerships and Investment, Salford City Council

    Sarah has extensive experience of delivering the city’s regeneration ambitions during her time working for the council. 

    She leads a team of officers with on focus on driving the growth of the city, working with a range of public and private sector development partners, funding agencies, Greater Manchester partners and international investors and has a portfolio covering the whole of the city.

    Full programme with Salford attended panel sessions

    Tuesday 11 March

    Place North Stand

    • 8.30am Welcome from Northern Local Authorities
    • Featuring: Stephanie Mullenger, Interim Director Property and Housing.

    The Manchester Stand

    • 10.30am Place based sustainable growth: How the Manchester city region is unlocking and supporting development
    • Featuring John Searle, Executive Director, Place

    The Manchester Stand

    • 2.30pm Two cities and a river: Strangeways Strategic Regeneration Framework
    • Featuring Jack Youd, Deputy City Mayor and Lead Member for Finance, Support Services and Regeneration

    MIPIM UK Stage

    • 3pm Faster, bigger, better – How can the North become the UK’s development driver?
    • Featuring John Searle, Executive Director, Place

    Wednesday 12 March

    Canopy by Hilton

    • 8am Place North MIPIM Breakfast Conference
    • Featuring John Searle, Executive Director, Place

    Thursday 13 March

    The Manchester Stand

    • 2pm Beyond Old Trafford: Exploring wider regeneration opportunities in Trafford and Salford
    • Featuring Jack Youd, Deputy City Mayor and Lead Member for Finance, Support Services and Regeneration

    Share this


    Date published
    Monday 3 March 2025

    Press and media enquiries

    MIL OSI United Kingdom –

    March 4, 2025
  • MIL-OSI Global: A Palestinian-Israeli film just won an Oscar − so why is it so hard to see?

    Source: The Conversation – USA – By Drew Paul, Associate Professor of Arabic, University of Tennessee

    Left to right: Basel Adra, Rachel Szor, Hamdan Ballal and Yuval Abraham pose with their Oscars for ‘No Other Land’ at the 2025 Academy Awards. Maya Dehlin Spach/Getty Images

    For many low-budget, independent films, an Oscar win is a golden ticket.

    The publicity can translate into theatrical releases or rereleases, along with more on-demand rentals and sales.

    However, for “No Other Land,” a Palestinian-Israeli film that just won best documentary feature at the 2025 Academy Awards, this exposure may not translate into commercial success in the U.S. That’s because the film has been unable to find a company to distribute it in America.

    “No Other Land” chronicles the efforts of Palestinian townspeople to combat an Israeli plan to demolish their villages in the West Bank and use the area as a military training ground. It was directed by four Palestinian and Israeli activists and journalists: Basel Adra, who is a resident of the area facing demolition, Yuval Abraham, Hamdan Ballal and Rachel Szor. While the filmmakers have organized screenings in a number of U.S. cities, the lack of a national distributor makes a broader release unlikely.

    Film distributors are a crucial but often unseen link in the chain that allows a film to reach cinemas and people’s living rooms. In recent years it has become more common for controversial award-winning films to run into issues finding a distributor. Palestinian films have encountered additional barriers.

    As a scholar of Arabic who has written about Palestinian cinema, I’m disheartened by the difficulties “No Other Land” has faced. But I’m not surprised.

    The role of film distributors

    Distributors are often invisible to moviegoers. But without one, it can be difficult for a film to find an audience.

    Distributors typically acquire rights to a film for a specific country or set of countries. They then market films to movie theaters, cinema chains and streaming platforms. As compensation, distributors receive a percentage of the revenue generated by theatrical and home releases.

    The film “Soundtrack to a Coup D’Etat,” another finalist for best documentary, shows how this process typically works. It premiered at the Sundance Film Festival in January 2024 and was acquired for distribution just a few months later by Kino Lorber, a major U.S.-based distributor of independent films.

    The inability to find a distributor is not itself noteworthy. No film is entitled to distribution, and most films by newer or unknown directors face long odds.

    However, it is unusual for a film like “No Other Land,” which has garnered critical acclaim and has been recognized at various film festivals and award shows. Some have pegged it as a favorite to win best documentary at the Academy Awards. And “No Other Land” has been able to find distributors in Europe, where it’s easily accessible on multiple streaming platforms.

    So why can’t “No Other Land” find a distributor in the U.S.?

    There are a couple of factors at play.

    Shying away from controversy

    In recent years, film critics have noticed a trend: Documentaries on controversial topics have faced distribution difficulties. These include a film about a campaign by Amazon workers to unionize and a documentary about Adam Kinzinger, one of the few Republican congresspeople to vote to impeach Donald Trump in 2021.

    The Israeli-Palestinian conflict, of course, has long stirred controversy. But the release of “No Other Land” comes at a time when the issue is particularly salient. The Hamas attacks of Oct. 7, 2023, and the ensuing Israeli bombardment and invasion of the Gaza Strip have become a polarizing issue in U.S. domestic politics, reflected in the campus protests and crackdowns in 2024. The filmmakers’ critical comments about the Israeli occupation of Palestine have also garnered backlash in Germany.

    Locals attend a screening of ‘No Other Land’ in the village of A-Tuwani in the West Bank on March 14, 2024.
    Yahel Gazit/Middle East Images/AFP via Getty Images

    Yet the fact that this conflict has been in the news since October 2023 should also heighten audience interest in a film such as “No Other Land” – and, therefore, lead to increased sales, the metric that distributors care about the most.

    Indeed, an earlier film that also documents Palestinian protests against Israeli land expropriation, “5 Broken Cameras,” was a finalist for best documentary at the 2013 Academy Awards. It was able to find a U.S. distributor. However, it had the support of a major European Union documentary development program called Greenhouse. The support of an organization like Greenhouse, which had ties to numerous production and distribution companies in Europe and the U.S., can facilitate the process of finding a distributor.

    By contrast, “No Other Land,” although it has a Norwegian co-producer and received some funding from organizations in Europe and the U.S., was made primarily by a grassroots filmmaking collective.

    Stages for protest

    While distribution challenges may be recent, controversies surrounding Palestinian films are nothing new.

    Many of them stem from the fact that the system of film festivals, awards and distribution is primarily based on a movie’s nation of origin. Since there is no sovereign Palestinian state – and many countries and organizations have not recognized the state of Palestine – the question of how to categorize Palestinian films has been hard to resolve.

    In 2002, The Academy of Motion Picture Arts and Sciences rejected the first ever Palestinian film submitted to the best foreign language film category – Elia Suleiman’s “Divine Intervention” – because Palestine was not recognized as a country by the United Nations. The rules were changed for the following year’s awards ceremony.

    In 2021, the cast of the film “Let It Be Morning,” which had an Israeli director but primarily Palestinian actors, boycotted the Cannes Film Festival in protest of the film’s categorization as an Israeli film rather than a Palestinian one.

    Film festivals and other cultural venues have also become places to make statements about the Israeli-Palestinian conflict and engage in protest. For example, at the Cannes Film Festival in 2017, the right-wing Israeli culture minister wore a controversial – and meme-worthy – dress that featured the Jerusalem skyline in support of Israeli claims of sovereignty over the holy city, despite the unresolved status of Jerusalem under international law.

    Israeli Culture Minister Miri Regev wears a dress featuring the old city of Jerusalem during the Cannes Film Festival in 2017.
    Antonin Thuillier/AFP via Getty Images

    At the 2024 Academy Awards, a number of attendees, including Billie Eilish, Mark Ruffalo and Mahershala Ali, wore red pins in support of a ceasefire in Gaza, and pro-Palestine protesters delayed the start of the ceremonies.

    As he accepted his award, “No Other Land” director Yuval Abraham called out “the foreign policy” of the U.S. for “helping to block” a path to peace.

    Even though a film like “No Other Land” addresses a topic of clear interest to many Americans, I wonder if the quest to find a U.S. distributor just got even harder.

    This article has been updated to clarify that the film was a collaborative effort between Palestinian and Israeli filmmakers. It has also been updated to reflect the film’s win at the 2025 Academy Awards.

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

    – ref. A Palestinian-Israeli film just won an Oscar − so why is it so hard to see? – https://theconversation.com/a-palestinian-israeli-film-just-won-an-oscar-so-why-is-it-so-hard-to-see-249233

    MIL OSI – Global Reports –

    March 4, 2025
  • MIL-OSI United Nations: At a time of war, nations must stop global order from crumbling: UN rights chief

    Source: United Nations 2

    “Our world is going through a period of turbulence and unpredictability, reflected in growing conflict and divided societies,” Türk told the Human Rights Council.

    “We cannot allow the fundamental global consensus around international norms and institutions, built painstakingly over decades, to crumble before our eyes.”

    The weapons of war

    Presenting his global update covering more than 30 countries, the High Commissioner described as “outrageous” the fact that legal safeguards for non-combatants were being repeatedly ignored.

    “Civilians are deliberately attacked. Sexual violence and famine are used as weapons of war,” Mr. Türk said. “Humanitarian access is denied, while weapons flow across borders and circumvent international sanctions. And humanitarian workers are targeted. In 2024, a record 356 humanitarian workers were killed while providing aid to people in some of the world’s most appalling crises.”

    Unbearable price

    In Sudan, the High Commissioner once again condemned devastating bomb attacks launched in heavily built-up areas with total impunity, by the parties to the conflict.

    All the while, the world’s worst humanitarian catastrophe deepens, threatening regional stability, he maintained: “Civilians are paying an unbearable price, in a naked struggle for power and resources. All countries must use their influence to apply pressure on the parties and their allies, to stop the war, embark on an inclusive dialogue, and transition to a civilian-led Government.”

    Ukraine’s people need peace

    Turning to Ukraine, whose future material support from the United States appeared unclear following televised disagreements between Presidents Trump and Zelensky at a White House meeting on Friday, Mr. Türk opposed any peace deal that excluded Ukraine.

    “Three years since the full-scale Russian invasion, people continue to suffer appallingly…Any discussions about ending the war must include Ukrainians and fully respect their human rights. Sustainable peace must be based on the United Nations Charter and international law.”

    Civilian casualties in Ukraine rose by 30 per cent between 2023 and 2024, the High Commissioner continued, as he accused Russia’s armed forces of systematically targeting Ukraine’s energy infrastructure with coordinated strikes, causing widespread disruptions to essential services.

    “Relentless attacks with aerial glide bombs, long-range missiles and drones have placed civilians in a state of constant insecurity and fear,” Mr. Türk noted.

    Ukrainian prisoners also continue to face summary executions and “widespread and systematic torture” by Russian forces, he continued.

    Gaza ceasefire focus

    In the Occupied Palestinian Territory, the UN rights chief insisted that the fragile ceasefire holds in Gaza “and becomes the basis for peace”.

    He also insisted that aid deliveries into Gaza should resume immediately, just as Israel announced a halt to aid flowing into the shattered enclave, having proposed extending the first phase of the ceasefire which ended at the weekend and which would allow Israeli troops to stay in Gaza.

    UN aid chief Tom Fletcher responded with alarm to the Israeli decision, insisting that the ceasefire “must hold”.

    In an online appeal, he added: “International humanitarian law is clear: We must be allowed access to deliver vital lifesaving aid. We can’t roll back the progress of the past 42 days. We need to get aid in and the hostages out.”

    Back in the Council, Mr. Türk explained that the Gaza had been “razed” by constant Israeli bombardment in response to the “horrific” Hamas-led attacks on Israel that sparked the war in October 2023. “Any solution to the cycles of violence must be rooted in human rights, including the right to self-determination, the rule of law and accountability. All hostages must be freed; all those detained arbitrarily must be released; and humanitarian aid into Gaza must resume immediately.”

    West Bank alert

    Reflecting deep concerns by humanitarians and the human rights community about Israeli military raids on Palestinian settlements in the West Bank, the UN High Commissioner insisted that Israel’s “unilateral actions and threats of annexation in the West Bank, in violation of international law, must stop”.

    Mr. Türk also condemned the use of “military weapons and tactics, including tanks and airstrikes, against Palestinians”. Equally worrying was “the destruction and emptying of refugee camps, the expansion of illegal settlements, the severe restrictions on movement and the displacement of tens of thousands of people”.

    DR Congo devastation

    Turning to the conflict in eastern Democratic Republic of the Congo, the High Commissioner underscored that entire communities in North and South Kivu had been devastated.

    “In the past five weeks, thousands of people have reportedly been killed during attacks by the M23 armed group, backed by the Rwandan Armed Forces, in intense fighting against the Armed Forces of the DRC and their allies,” the UN rights chief said, pointing to reports of rape, sexual slavery and summary executions.

    “More than half a million people have been forced to flee this year, adding to almost 7.8 million people already displaced in the country,” Mr. Türk said. “The violence must stop, violations by all parties must be investigated, and dialogue must resume.”

    © WFP/Michael Castofas

    More than half a million people have been forced to flee DR Congo this year.

    Deadliest year in Myanmar

    Moving on to the ongoing escalation of violence in Myanmar sparked by the military coup on 1 February 2021, the UN rights chief noted that 2024 was the deadliest year for civilians since the junta takeover.

    “The military ramped up brutal attacks on civilians as their grip on power eroded, with retaliatory airstrikes and artillery shelling of villages and urban areas…and the forcible conscription of thousands of young people,” he said, before calling for the supply of arms and finance to the country’s military’s to be “cut decisively”.

    Haiti spiral

    The UN rights chief also expressed deep concerns about chronic lawlessness and heavily armed clashes in Haiti involving gangs that humanitarians warned last week recruit children as young as eight. More than 5,600 people were killed last year and thousands more were injured or kidnapped, Mr. Türk told the Human Rights Council.

    “Full implementation of the Security Council‘s arms embargo and support to the Multinational Security Support Mission are crucial to resolving this crisis,” he insisted.

    Yemen

    On Yemen, the High Commissioner noted that amid ongoing hostilities, nearly 20 million Yemenis need humanitarian support. Mr. Türk also expressed his outrage at the death of a UN World Food Programme colleague in detention earlier this month. “All 23 UN staff – including eight colleagues from my own Office – who are arbitrarily detained by the Houthis must be released immediately.”

    In a half-hour address to the Council that traditionally highlights the most worrying emergencies in the world and the need to tackle their root causes, the UN rights chief issued a call for greater global solidarity and accountability for crimes as a way to push back against those who would violate fundamental freedoms.

    “We all have a responsibility to act – through our consumption habits, our social media use, and our political and social engagement,” he told the Council’s 47 Member States.

    “We can trace a clear line between the lack of accountability for airstrikes on hospitals in Syria in the 2010s, attacks on healthcare facilities in Yemen, and the destruction of health systems in Gaza and Sudan,” he continued.

    Toys of tech oligarchs

    Equally alarming is the rise of unelected and unregulated “tech oligarchs” who reflect the new global power dynamic, Mr. Türk warned, before urging governments to fulfil their primary purpose of protecting their people from unchecked power.

    Today’s tech oligarchs “have our data: they know where we live, what we do, our genes and our health conditions, our thoughts, our habits, our desires and our fears…And they know how to manipulate us,” the High Commissioner insisted.

    Electioneering tactics

    “I have followed recent election campaigns in Europe, North America and beyond with increasing trepidation. Single-issue soundbites devoid of substance oversimplify complex issues and are often based on scapegoating, disinformation, and dehumanization,” he continued.

    “Dehumanization is a well-worn step towards treating an entire group as outsiders, unworthy of the basic rights we all enjoy. It is a dangerous precursor to hate and violence and must be called out whenever it occurs.”

    UN Human Rights Council/Marie Bambi

    Volker Türk, UN High Commissioner for Human Rights, presents his latest report on the obligation to ensure accountability and justice in the Occupied Palestinian Territory.

    Toxic influence on gender equality

    The High Commissioner also voiced his concern about the resurgence of toxic ideas about masculinity and efforts to glorify gender stereotypes, especially among young men.

    To blame for this are “misogynistic influencers” with millions of followers on social media who “are hailed as heroes”, Mr. Türk said.

    Online and offline, their ideas push back against gender equality and result in “violence and hateful rhetoric against women, women’s rights defenders, and women politicians”, the High Commissioner continued. 

    In a message of solidarity with people who have been left “feeling alienated and abandoned” by such malign influences, Mr. Türk insisted that the United Nations was by their side. “Your concerns are our concerns, because they are about human rights: to education, to health, to housing, to free speech, and access to justice. Human rights are about people’s daily concerns for their families and their future. We must cherish the values of respect, unity and solidarity; and work together for a safer, more just, more sustainable world. We can and will persevere,” he concluded.

    MIL OSI United Nations News –

    March 4, 2025
  • MIL-OSI: Parker Blackwood Advisers Reports Australian Economy Showing Signs of Recovery

    Source: GlobeNewswire (MIL-OSI)

    PERTH, Australia, March 03, 2025 (GLOBE NEWSWIRE) — Parker Blackwood Advisers, a leading financial services provider has commented on the latest Australian economic trajectory that will be under the spotlight this week as fresh data is set to provide a critical assessment of the nation’s growth prospects. The December quarter national accounts, due for release by the Australian Bureau of Statistics (ABS) on Wednesday, are expected to confirm a modest acceleration in economic activity following a period of subdued expansion.

    Consensus forecasts indicate that the economy likely expanded by 0.5% in the December quarter, up from 0.3% in the prior three-month period. If realized, this would translate to an annual GDP growth rate of 1.2% for 2024—a marked improvement from the 0.8% recorded in the September quarter but still well below the long-term historical average of over 3%.

    “Productivity constraints and subdued private sector investment continue to weigh on economic momentum,” said Nathan Jones, Chief Investment Officer at Parker Blackwood Advisers. “While fiscal policy and household spending provide some stability, sustained growth requires stronger business investment and improvements in labour productivity—key factors the RBA will be closely monitoring in its policy deliberations.”

    Investors will also scrutinize the Reserve Bank of Australia’s (RBA) February meeting minutes, scheduled for release on Tuesday. The central bank’s decision to cut interest rates for the first time in over four years signaled a shift in monetary policy, and market participants will be seeking further clarity on the likelihood of additional easing measures in the coming months.

    Beyond GDP and monetary policy, Parker Blackwood Advisers note that key data releases will shed light on Australia’s property market and government finances. CoreLogic’s monthly Home Value Index, due on Monday, will reveal whether the recent housing downturn persisted into February, while building approvals data on Thursday will gauge progress toward the federal government’s ambitious 1.2 million-home construction target over five years.

    Additionally, retail trade figures on Tuesday, international trade data on Thursday, and household spending indicators on Friday will offer a broader view of consumer activity and economic strength. The government’s fiscal position will also be under scrutiny, with the market anticipating a current account deficit of $13.4 billion when balance of payments data is released.

    With a pivotal week ahead for economic data and central bank insights, investors and policymakers alike will be closely watching for signals on Australia’s growth trajectory and policy outlook in 2024.

    About Parker Blackwood Advisers
    Founded in 2013, Parker Blackwood Advisers is a premier financial services provider based in Perth, Australia. With a focus on personalised investment strategies, the firm offers a broad range of wealth management solutions, including asset allocation, investment management, and financial planning. Managing over $4.7 billion in assets, Parker Blackwood Advisers is dedicated to helping clients achieve their financial goals through tailored, expert guidance.

    Disclaimer
    Parker Blackwood Advisers is a trading name of PBA Corporation Pty Ltd (ABN: 98 162 183 244), holder of AFSL 434-071. Investing carries risks, including potential loss of capital. Information provided is general and not financial advice. Past performance is not a guarantee of future results.

    Mr. Paul Allen
    Head of Marketing
    paul.allen@pb-investment.com
    08 6275 0960
    Exchange Tower,
    Level 17/2 The Esplanade
    Perth WA, 6000

    Source: Parker Blackwood Advisers

    The MIL Network –

    March 4, 2025
  • MIL-OSI: FinWise Bancorp Appoints Jim Noone as Chief Executive Officer of FinWise Bank

    Source: GlobeNewswire (MIL-OSI)

    MURRAY, Utah, March 03, 2025 (GLOBE NEWSWIRE) — FinWise Bancorp (NASDAQ: FINW) (“FinWise” or the “Company”), parent company of FinWise Bank (the “Bank”), today announced the appointment of Jim Noone to Chief Executive Officer (“CEO”) of the Bank, in addition to his current responsibilities as Bank President. Kent Landvatter will remain Chairman of the Board and CEO of FinWise Bancorp as well as the Executive Chairman of FinWise Bank.

    Mr. Noone’s ascension to CEO and President of the Bank comes after seven years of successful leadership at FinWise, including through the Company’s pivotal initial public offering. He joined the Bank in February of 2018, was named Executive Vice President and Chief Credit Officer in June of 2018 and was named President of the Bank in March of 2023. Mr. Noone has over 20 years of financial services experience including commercial banking, investment banking and private equity.

    “Jim has been instrumental in helping shape our strategic roadmap, developing our infrastructure and creating innovative banking products that drive customer value. I am confident in his abilities to manage the organization’s day-to-day operations,” said Kent Landvatter, CEO and Chairman of the Board of FinWise Bancorp. “Jim will continue to work closely with me on the Bank’s long-term strategy and market positioning to deliver shareholder value.”

    “I am honored and humbled to step into the role of CEO and President of FinWise Bank. Kent’s leadership and mentorship have been a steady guide to me and for the entire executive team. I look forward to continuing to collaborate with Kent, our employees, partners and regulators to deliver the next stage of growth for the Bank,” said Jim Noone. “Our opportunities and relationships have never been stronger. Our commitment to banking innovation and to delivering meaningful and long-term benefits to our employees, our customers and our shareholders remains strong.”

    About FinWise

    FinWise provides Banking and Payments solutions to fintech brands. The Company is expanding and diversifying its business model by incorporating Payments (MoneyRails ™) and BIN Sponsorship offerings. Its existing Strategic Program Lending business, conducted through scalable API-driven infrastructure, powers deposit, lending and payments programs for leading fintech brands. As part of Strategic Program Lending, FinWise also provides a Credit Enhancement Program, which addresses the challenges that lending and card programs face diversifying their funding sources and managing capital efficiency. In addition, FinWise manages other Lending programs such as SBA 7(a), Owner Occupied Commercial Real Estate, and Leasing, which provide flexibility for disciplined balance sheet growth. Through its compliance oversight and risk management-first culture, the Company is well positioned to guide fintechs through a rigorous process to facilitate regulatory compliance.

    https://www.finwise.bank/

    Contacts

    investors@finwisebank.com
    media@finwisebank.com

    The MIL Network –

    March 4, 2025
  • MIL-OSI: The BANK of Greenland’s Annual Report 2024

    Source: GlobeNewswire (MIL-OSI)

    Lending growth and fine results
    The BANK of Greenland achieved a profit before tax of DKK 245.7 million in 2024, compared with DKK 244.6 million in 2023. The result is at the level of the revised guidance from October 2024 of a profit at the level of DKK 225-250 million but exceeds the expectations at the start of the year of a profit of DKK 180-230 million.

    Return on opening equity before tax and dividend was 17.5 % compared to 18.9 % in 2023.

    The Bank recommends to the Annual General Meeting that the dividend payment is DKK 100 per share.

    Profit before value adjustments and write-downs amounts to DKK 236 million compared to DKK 218.7 million in 2023.

    Net interest and fee income increased by DKK 35.3 million compared to 2023, amounting to DKK 470.3 million.

    For the overall year, value adjustment of securities and currencies resulted in a gain of DKK 28.6 million compared to a gain of DKK 40.1 million in 2023.

    In 2024, impairment of loans etc. amounted to DKK 18.9 million, which is DKK 4.7 million higher than in 2023.

    Lending increased by DKK 218 million to DKK 5,031 million at the close of 2024, which is the highest level in the Bank’s history. At the same time, the guarantee volume declined in 2024 to DKK 1,423 million, compared with DKK 1,774 million in 2023. The decrease is primarily due to a change in the guarantee scheme with DLR Kredit in 2024.

    The BANK of Greenland’s capital ratio amounted to 26.9 at end of 2024, and the Bank has calculated the individual solvency requirement at 11.1%.

    Outlook for 2025
    Short-term yields are expected to fall in 2025 as inflation comes under control in Europe. It is expected that this in turn will reduce costs and increase the Bank’s customers’ investment appetite. The lower interest rates will have a significant negative effect on core earnings, however. 

    Uncertainty in the capital markets will affect the Bank’s value adjustments. We nonetheless expect losses and write-downs to remain at a low level, and derived risks related to inflation and cyclical uncertainty in 2025 are assessed to be addressed by the current level of impairment write-downs.

    In both the short and longer term, the considerable focus on Greenland, which escalated at the beginning of 2025, can affect the economic development and the framework conditions in Greenland. However, the BANK of Greenland has no basis to assess that this will be of any material significance in the short term in 2025, so that it is the circumstances described in this report – the macroeconomic and local conditions – that are generally expected to influence the Bank’s operations.

    The Bank expects a profit before tax of DKK 150-185 million for 2025. There is thus no change in the expected profit for the year, which is in line with the notification in the stock exchange announcement of 11 December 2024.

    Attachments

    • 02.Årsrapport 2024_UK
    • 02.Årsrapport 2024_UK

    The MIL Network –

    March 4, 2025
  • MIL-OSI: Central 1 and Intellect Design Arena Ltd. Conclude Operating Partnership Transaction Digital banking operations transferred as of March 3, 2025

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia and TORONTO, March 03, 2025 (GLOBE NEWSWIRE) — Central 1 Credit Union (Central 1) and Intellect Design Arena Ltd. (Intellect) today announced the completion of all necessary closing activities for the operating partnership agreement in which Intellect will assume responsibility for Central 1’s digital banking operations.

    Effective March 3, 2025, operation of Central 1’s Forge, MemberDirect, public website and mobile applications and products, will be transferred to Intellect. Team members from Central 1’s digital banking engineering and service teams will also join the Intellect team to operate Central 1’s digital banking software and support clients as they transition to new digital banking platforms.

    Central 1 will continue to provide the technology infrastructure and related services.

    “The Intellect team, along with those joining from Central 1, bring a strong commitment to seamless service and collaboration. We are confident that this approach provides the most stable path forward for clients and for Central 1 as transitions to new digital banking platforms take place over the next few years,” said Sheila Vokey, CEO of Central 1.

    “We are pleased to welcome the Central 1 team members joining Intellect and reaffirm our deep commitment to credit unions and banks in Canada. As trusted financial partners to millions, credit unions are pivotal in fostering economic resilience and community-driven banking. Their ability to stay ahead in a rapidly evolving landscape depends on a strong digital foundation that balances innovation with stability,” said Rajesh Saxena, CEO of Intellect Global Consumer Banking.

    About Central 1: Central 1 cooperatively empowers credit unions and other financial institutions who deliver banking choice to Canadians. With assets of $11.6 billion as of September 30, 2024, Central 1 provides critical payments, treasury and clearing and settlement services at scale to enable the credit union system. We do this by collaborating with our clients, developing strategies, products, and services to support the financial well-being of their more than five million diverse customers in communities across Canada. For more information, visit central1.com. 

    About Intellect Design: Intellect is an enterprise-grade financial technology leader, providing composable and intelligent solutions for futuristic global financial institutions across 57 countries. Intellect’s revolutionary First Principles Thinking-based Platform, eMACH.ai, is the most comprehensive, composable, and intelligent open finance platform in the world. With three decades of domain expertise, Intellect Design offers a full spectrum of banking and insurance technology products through four lines of business: Global Consumer Banking (iGCB), Global Transaction Banking (iGTB), IntellectAI and Digital Technology for Commerce (iDTC). Intellect Canada delivers proven Retail and Commercial Banking solutions, including Core Banking and Digital platforms, tailored to meet the unique needs of Canadian financial institutions of all sizes. To know more, visit intellectdesign.com

    Caution Regarding Forward Looking Statements 
    This press release and announcement contains historical, forward-looking statements as well as statements about the timing and completion of closing activities and the nature and quality of the services, collaboration and timing of transitions to new digital banking platforms. All statements and other information about anticipated future events may constitute “forward-looking information” under Canadian securities laws. These include, without limitation, statements relating to Central 1’s intention to wind down its digital banking business, and the timeline and processes relating to the same, Central 1’s plans to transition its clients to alternative digital banking providers, as well as statements that contain the words “may,” “will,” “intends” and “anticipates” and other similar words and expressions. 

    Forward-looking information are or may be based on assumptions, uncertainties, and management’s best estimates of future events. Central 1 has based the forward-looking statements on current plans, information, data, estimates, expectations, and projections about, among other things, results of operations, financial, condition, prospects, strategies and future events, and therefore undue reliance should not be placed on them. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made. Actual results may differ materially from those currently anticipated. Securityholders are cautioned that such forward-looking statements involve risks and uncertainties. Certain important assumptions by Central 1 in making forward-looking statements include, but are not limited to, competitive conditions, economic conditions and regulatory considerations. Important risk factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include economic risks, regulatory risks (including legislative and regulatory developments), risks and uncertainty from the impact of rising or falling interest rates, information technology and cyber risks, environmental and social risk (including climate change), digital disruption and innovation, reputation risk, competitive risk, privacy, data and third-party related risks, risks related to business and operations, risks relating to the transition of clients to alternative digital banking providers, and other risks detailed from time to time in Central 1’s periodic reports filed with securities regulators. Given these risks, the reader is cautioned not to place undue reliance on forward-looking statements. Central 1 undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable laws. 

    Contacts

    The MIL Network –

    March 4, 2025
  • MIL-OSI: Announcement of the ordinary general shareholders meeting Urbo bankas UAB for the year 2025

    Source: GlobeNewswire (MIL-OSI)

    Urbo bankas UAB (hereinafter – “the Bank”), company code 112027077, address: Konstitucijos pr.18B, Vilnius.

    The Ordinary General Meeting of Shareholders of  the Bank is convened in 2025 March 21, 11 a.m. at Konstitucijos pr. 18B, Vilnius (4th floor).

    The agenda of the ordinary General Meeting of Shareholders is as follows:

    • Regarding Urbo bankas UAB in 2024 management reports.
    • Regarding the auditor’s report of Urbo bankas UAB.
    • Regarding the approval of the Set of Financial Statements of Urbo bankas UAB for 2024.
    • Regarding the distribution of profit of Urbo bankas UAB for the year 2024.
    • Regarding the increase of the authorized capital of Urbo bankas UAB from the funds of Urbo bankas UAB.
    • Regarding the amendment of the articles of association of Urbo bankas UAB.
    • Regarding the election of members of the supervisory board of Urbo bankas UAB.

    The draft resolution of each issue on the agenda of the general meeting of shareholders, as well as other documents that must be submitted to the general meeting of shareholders, and information related to the exercise of shareholder rights, can be obtained from the person exercising the rights of the Bank’s shareholder at the bank’s headquarters at Konstitucijos pr. 18B, Vilnius. The opportunity to receive the above-mentioned information will be made no later than 10 days before the general meeting of shareholders.

     For more information please contact: Head of Business Division Julius Ivaška, ph.: +370 601 04 453, e-mail: media@urbo.lt

    The MIL Network –

    March 4, 2025
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