NewzIntel.com

Category: Banking

  • MIL-OSI Economics: Burkhard Balz: Unlocking the potential of cross-border payments – challenges and opportunities

    Source: Bank for International Settlements

    Check against delivery 

    1 Introduction

    Ladies and Gentlemen,

    Thank you very much for the opportunity to speak to you today in a city that has a long history of being a hub for cross-border payments. Not far from here, in the arrondissement that still bears the name of their religious order, the Knights Templar had their headquarters. Founded as a knightly order, they increasingly focussed on their banking business in later years. This included offering services for cross-border payments: pilgrims could deposit their funds at the Templar commandery, receive a letter of credit, and could exchange that letter for cash at their destination. You could say that the Templars were the first European money transfer operator.1

    However, conducting banking business in the Middle Ages could be risky and could – amongst other factors – lead to an inglorious end. A short distance from here, the last Templars were burned at the stake on what is now the Île de la Cité. 

    2 Current challenges in cross-border payments

    While money transfer operators today do not have to fear vengeful monarchs, they face their own challenges when they offer cross-border payments. Although unbelievably fast and cheap compared to medieval standards, today’s cross-border payments lag behind domestic payments when it comes to speed, cost, access and transparency. And when we look at the root causes, images of medieval transport routes come to mind. 

    The reasons for the discrepancy between domestic and cross-border payments are manifold: first of all, high barriers for market entry result in a lack of competition and long transaction chains. These market entry barriers include high liquidity costs, high regulatory standards as well as the need to build a sufficiently large network to achieve economies of scale. As a result, the long transaction chains with multiple parties involved negatively affect costs, speed and transparency. While the situation has been improving in the last few years, thanks to initiatives like SWIFT gpi, substantial obstacles still remain.

    Second, the lack of harmonisation of regulatory standards hinders smooth payment flows across borders. As different countries have different regimes for sanction screening and fighting money laundering and financial crime, payments need to be checked multiple times along the payment chain. Often the chain is interrupted because the relevant information to fulfil regulatory compliance is missing. Sometimes even manual intervention is necessary, which in turn hinders automated end-to-end processing of payments. Of course, this problem is multiplying with longer transaction chains.

    Third, there are technical impediments. Insufficiently harmonised standards for message formats, varying opening hours of payment systems and differing technical system specifications can further exacerbate the frictions in cross-border payments.

    Last but not least, I would like to address one aspect which is a very specific concern for me. Increased geopolitical tensions could have the potential to hamper efforts to improve cross-border payments by eroding the basis for international coordination: mutual trust. Moving forward, we have to find ways to rebuild that trust again in order to negotiate on fair and equal terms.

    3 Towards a multilateral world in payments?

    So, bearing in mind that the current infrastructure for global payments is not the optimum: what would be the ideal solution? A truly global system for cross-border payments? This is, in my view, rather unrealistic because it would not only require fully eliminating all current barriers, but also solving emerging issues, such as finding an appropriate governance framework. In order to take a step forward, we might need to grab the opportunities right ahead of us. Regional initiatives and interlinked systems could be the first steps towards a more interconnected global payments ecosystem.

    In the Eurosystem, we have already taken a step in this direction. The platforms T2, for wholesale, and TIPS, for real-time retail payments in Europe, enable not only payments in euro, but also in Swedish krona and will also soon support payments in Danish krona. Other examples of successful regional multi-currency solutions are Buna in the Arab region, and the Pan-African Payment and Settlement system (PAPPS).

    Thus, while a global payment system may seem like an ideal solution, different regional systems have their advantages as well. They can cater for the specific needs of their region, and it is always easier to coordinate a smaller number of players than a global project.

    However, in a payments landscape with a stronger regional focus, the risk of global fragmentation remains. This means there are two paths we have to embark on: on the one hand, we have to make sure that such a multilateral structure ensures the safety, resilience and integrity of the global payment system. On the other hand, different regional parts need to become interoperable with each other. Otherwise, there is the risk that fragmentation will exacerbate the current problems in cross-border payments, as previous harmonisation and standardisation efforts could become obsolete – not only in technical terms, but also with regard to market practices, regulations and strategies.

    4 How can central banks address the challenges?

    Now, the question that we have to ask ourselves as central bankers is: what can we do? And what better place to ask this question than at the Central Bank Payments Conference? 

    In 2020, the G20 developed a concrete roadmap to enhance cross-border payments. As part of this process, 19 building blocks with specific action points were developed and quantitative targets were set.

    After almost five years, we can already see some improvements in the global payments landscape: together with the market, we have harmonised the ISO 20022 standard further, reducing frictions in the transmission of messages. 

    Furthermore, central banks around the world have expanded their operating hours, thus reducing delays when sending and settling payments across time zones. Whether that is the first step towards 24/7 operations for real-time gross settlement (RTGS) systems remains to be seen, as this would come with a number of additional challenges. However, I believe it is not a question of “if”, but more “how” because the world of payments has already moved towards 24/7 operations with regard to the new instant payment rails. This will also have an impact on liquidity management in central bank money, which is usually conducted via RTGS systems.

    Additionally, there are ongoing initiatives to open up access to central bank payment systems, which could increase competition and thus enhance the efficiency of cross-border payments. Within the Eurosystem, we have already taken a key decision2 in this regard and are currently exploring the detailed specifications under which such access can be granted.

    Looking ahead, there are a couple of options for central banks to further enhance the efficiency of cross-border payments. For the last couple of years, instant payment systems have been built across the globe. When we interlink these systems, we could enable payment institutions worldwide to quickly expand their payment network. Assuming that we would also find more efficient ways for the currency conversion still needed in this context, we could also lower liquidity costs: this would address two of the main market entry barriers, thus increasing competition. 

    First trials in that direction have already been completed and interlinking with foreign payment infrastructures is one of the key components of the Eurosystem’s strategy for the coming years.3 If we interlink regional payment infrastructures, we can quickly tackle a number of the frictions we face in cross-border payments today.

    In the future, central bank digital currencies (CBDCs) could offer another opportunity, but we have to make sure that they combat fragmentation, rather than increase it. To guarantee this, we have to ensure that they are interoperable with each other and with traditional payment systems. Regarding the digital euro, the ECB and the national central banks of the Eurosystem are in close contact with market players and other central banks outside the euro area. However, while CBDCs might also be a very promising candidate in the cross-border space, in particular given that they are expected to penetrate the relevant markets strongly, it will take time for them to become established. This is because we are still at a nascent phase globally and, very often, priority needs to be given to ensuring a market roll-out in domestic markets, as is our aim for the digital euro.

    Instant payment systems may not be “traditional” in terms of age, but they are still an evolution of the “classic” payment rails. Nevertheless, and given the rather diverging global situation, they could be a prime candidate for interlinking with emerging retail CBDCs in other areas: first, both systems are able to operate around the clock in real-time. Second, instant payment systems give instant feedback on whether the payment was successful or not. Third, messages could be tokenised and used to settle smart contracts in more technically innovative infrastructures.

    This idea is not only applicable in the retail space. It could also benefit the wholesale area, where innovative solutions could help to address foreign exchange liquidity management, thereby complementing the linkage of RTGS systems, for instance. We at the Bundesbank have trialled those interconnections in the wholesale payments world with our trigger solution, which was one of three interoperability solutions tested as part of the Eurosystem’s exploratory work. The trigger solution links distributed ledger technology (DLT) platforms operated by the market with the “traditional” Eurosystem payment system (TARGET), thus enabling the direct settlement of DLT-based wholesale transactions on participants’ existing RTGS accounts in central bank money.

    When we look at past and current efforts, we see that much has been done to harmonise technical standards and to supply innovative solutions. However, in order to truly be successful in enhancing cross-border payments, we should not only look at what the market could do: we must also address the fragmented regulatory landscape as well. Harmonising regulatory standards across borders would remove one of the largest frictions in cross-border payments. 

    5 Outlook

    When we take a look at what we have achieved already and what we still have to achieve by 2027, we could say that reaching the G20 targets will be a very ambitious climb. However, we should not downplay what we have achieved so far. We have made significant progress when it comes to global harmonisation of technical standards and updating payment infrastructures.

    Momentum for the interlinking of payment systems has never been as great as it is today and new technologies like DLT, and maybe even AI, can help to further reduce the frictions affecting cross-border payments at present. 

    Despite the current geopolitical situation, central banks can help alleviate the challenges we face today by supplying policymakers and regulators with a range of options.

    As you can see, improving cross-border payments is not as mysterious as a Dan Brown novel, and solving the problems that we face is not as hard as cracking the Da Vinci Code that Tom Hanks tries to crack in the films with the same name. And there are no longer Knights Templar defending the holy grail of efficient cross-border payments.

    So, let us continue improving the global payments landscape.

    Ladies and gentlemen, thank you for your attention.

    MIL OSI Economics –

  • MIL-OSI Economics: Philip N Jefferson: How healthy are US households’ balance sheets?

    Source: Bank for International Settlements

    Figures accompanying the speech

    Thank you, Professor Ho for that kind introduction and for the opportunity to talk to the Vassar community. I am happy to be back on campus. As a teenager in Washington, D.C., I had the very good fortune that a high school counselor pushed me to apply to Vassar College. I was accepted, and I earned my bachelor’s degree here. Attending Vassar opened a wider variety of opportunities to me than I would have otherwise had available. But I encountered one problem: Vassar did not offer any banking or business courses, which is what I wanted to study. So, I enrolled in an economics class, figuring it was the next best thing. I was hooked, and I have been studying economics ever since.

    My time here as a student was transformative, and I was honored to have served on Vassar’s board from 2002 to 2022. Vassar is a vibrant intellectual community.

    To motivate the topic of today’s speech, let me begin by sharing with you briefly my assessment of the current state of the U.S. economy. The performance of the U.S. economy has been quite strong overall. Last year, gross domestic product grew at a solid pace of 2.5 percent. I see the labor market as being in a solid position, with job creation steady and the unemployment rate at 4 percent in January. Inflation has come down a great deal over the past two and a half years but remains somewhat elevated relative to our 2 percent target. Based on recently released data, it is estimated that the 12-month change in the personal consumption expenditures price index was 2.4 percent in January. Progress toward our 2 percent objective has been slow in the past year. I expect the path of inflation to continue to be bumpy. While a cumulative cut in the policy rate by 100 basis points last year has brought the stance of monetary policy closer to a neutral setting, monetary policy continues to be restrictive. I believe that, with a strong economy and a solid labor market, we can take our time to assess the incoming data to make any further adjustments to our policy rate.

    MIL OSI Economics –

  • MIL-OSI Economics: Hajime Takata: Economic activity, prices and monetary policy in Japan

    Source: Bank for International Settlements

    I. Economic Activity and Prices

    I will begin by talking about developments in economic activity and prices. Overseas economies have grown moderately on the whole (Chart 1). Having faced concerns of an economic slowdown around summer 2024, the U.S. economy has since grown firmly, mainly led by private consumption. The projected growth in the U.S. economy for 2025 was revised upward to 2.7 percent in the January 2025 World Economic Outlook (WEO) Update released by the International Monetary Fund (IMF). Recent economic indicators suggest a solid U.S. economy, especially the possibility that the labor market, which triggered the concerns of an economic slowdown, has bottomed out. The Federal Reserve kept its policy interest rate unchanged at the January 2025 Federal Open Market Committee (FOMC) meeting, following three consecutive rate cuts at the previous meetings in the latter half of 2024 (Chart 2). The Summary of Economic Projections of the December 2024 FOMC meeting indicates future rate cuts. Some market participants, however, anticipate a pause in the reductions, partly because of firmness of the U.S. economy and speculation over the new administration. Based on the resilience of the economy, I believe it is more likely that the economy will accelerate again in the near future, making a “touch-and-go landing,” so to speak, rather than a soft landing, although attention continues to be warranted on uncertainties surrounding policy conduct under the new administration. What is more, the U.S. economy has continued to grow for four years at a pace close to 3 percent, a pace above its potential growth rate of around 2 percent, and a relatively high growth rate is also projected for 2025. In this situation, it is necessary to bear in mind the possibility that growth in employment and inflation in the country will accelerate further and to consider how such developments will affect global financial markets. 

    Japan’s economy has recovered moderately, although some weakness has been seen in part (Chart 3). With regard to the outlook, the economy is likely to keep growing at a pace above its potential growth rate, with overseas economies continuing to grow moderately and as a virtuous cycle from income to spending gradually intensifies against the background of factors such as accommodative financial conditions. Furthermore, I think that momentum for economic recovery could strengthen if overseas economies, particularly the U.S. economy, turn out better than expected. 

    MIL OSI Economics –

  • MIL-OSI Economics: Michael S Barr: Artificial intelligence – hypothetical scenarios for the future

    Source: Bank for International Settlements

    Advances in artificial intelligence (AI) have accelerated rapidly over the past few years. It is now commonplace to see autonomous vehicles navigating city streets, and generative AI tools are available on phones and other devices wherever we go. AI innovations make headlines and play a big role in financial markets, and generative AI has the potential to change how we think about productivity, labor markets and the macroeconomy. Today, I will address that question by outlining two hypothetical scenarios for AI’s impact and the implications for businesses, regulators, and society. I will focus my comments on Generative AI, or GenAI, a subset of AI that has seen significant growth and integration into economic activity in just a few short years.

    GenAI and Its Adoption

    Compared to earlier iterations of AI, GenAI is able to generate content, which allows it to significantly enhance productivity across a range of knowledge-based activities and be used by people without coding skills. GenAI will likely become a “general purpose technology,” with widespread adoption, continuous improvement, and productivity enhancements to a wide range of sectors across the economy. We are already seeing GenAI improve the productivity of its own R&D. There is widespread enthusiasm for GenAI, and survey evidence shows much faster rates of consumer adoption of GenAI already than were seen for the personal computer or the internet. While actual deployment of GenAI is limited to some business functions, and there have been pitfalls along the way, businesses in almost every sector are experimenting with or considering how to make use of the technology.

    Firms are also exploring Agentic AI-Gen AI systems that not only produce new content, but are also able to proactively pursue goals by generating innovative solutions and acting upon them at speed and scale. Imagining Agentic AI’s ultimate application, some speculate that we could experience a “country of geniuses in a data center”-a collective intelligence that surpasses human capabilities in problem-solving and collaboration. Some believe Agentic AI has the potential to connect ideas in disparate domains, potentially transforming research and development and society more broadly.

    MIL OSI Economics –

  • MIL-OSI Economics: Piero Cipollone: Striking the right balance – the European Central Bank’s balance sheet and its implications for monetary policy

    Source: Bank for International Settlements

    Slides accompanying the speech 

    Today I would like to discuss the ECB’s balance sheet and its implications for our monetary policy.

    In recent years, the monetary policy debate has mainly focused on our interest rate decisions. This is for good reason. In response to the biggest inflation shock in a generation, we embarked on the fastest tightening of monetary policy in the ECB’s history through rate hikes.

    During this tightening phase, we used policy rates as the primary tool for setting our monetary policy stance, while normalising our balance sheet in a measured and predictable way. We initiated the gradual unwinding of our asset purchase programmes and recalibrated our targeted longer-term refinancing operations (TLTROs). As a result, the size of our balance sheet has fallen by more than a quarter from its peak.

    Policy rates remain our primary instrument and will therefore continue to attract the most attention. But we should not underestimate the important role that our balance sheet policies have played over time as a component of our overall monetary policy stance and in ensuring the smooth transmission of our monetary policy to the real economy. This still holds true today as we make our monetary policy less restrictive.

    Inflation has now fallen substantially to levels close to 2%. Our latest projections foresee it converging towards our target over the medium term, and the risks to the inflation outlook – once sharply skewed to the upside – have now become more balanced.

    At the same time, the euro area’s economic recovery remains weak – especially in the near term. The risks to the growth outlook are tilted to the downside and, if they materialise, may derail the recovery, with implications for the inflation outlook.

    MIL OSI Economics –

  • MIL-OSI: Elite Capital & Co. Limited Reinforces Financial Integrity with International Standards

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 20, 2025 (GLOBE NEWSWIRE) — Mr. George Matharu, President and CEO of Elite Capital & Co. Limited, announced today that Elite Capital & Co. continues its financial integrity and operational excellence, through adherence to a suite of internationally recognised certifications, including ISO 37001 (Anti-Bribery Management Systems), ISO 27001 (Information Security Management), ISO 9001 (Quality Management Systems), AML Certification (Anti-Money Laundering), and an LEI Number (Legal Entity Identifier). These certifications are not merely accolades but a testament to Elite Capital’s unwavering commitment to fostering transparency, security, and ethical practices in the financial sector.

    “At Elite Capital, we understand that trust is the foundation of every successful financial partnership. By embracing these globally recognised standards, we are not only setting a new benchmark for excellence but also empowering governments and institutions to operate with unparalleled confidence and credibility,” Mr. George Matharu said.

    The significance of these certifications extends far beyond Elite Capital’s operations. For governments and their affiliated bodies, both locally and internationally, these standards represent a transformative step towards enhancing financial integrity and combating corruption. By partnering with Elite Capital, governments gain access to a financial management partner that prioritises transparency, accountability, and ethical practices, ensuring that public funds are managed with the utmost care and precision.

    Dr. Faisal Khazaal, Chairman of Elite Capital & Co. Limited and the Head of Government Future Financing 2030 Program, added, “In today’s interconnected world, financial integrity is not just a regulatory requirement—it is a cornerstone of sustainable development. Elite Capital’s commitment to these global standards reflects our vision of fostering trust and collaboration on both a local and international scale. We are proud to lead by example and support governments and institutions in building resilient financial systems that drive sustainable growth and public trust.”

    Elite Capital & Co. Limited is a Financial Management company that provides project-related services, including Management, Consultancy, and Funding, particularly for large infrastructure and mega commercial projects.

    Elite Capital & Co. Limited offers a wealth of experience in Banking and Financial transactions and has a range of specialised advisory services for private clients, medium and large corporations as well as governments. It is also the exclusive manager of the Government Future Financing 2030 Program®.

    Dr. Faisal Khazaal concluded his statement by saying: “Our mission is to redefine the future of financial management by combining innovation with integrity. As we move forward, we remain committed to delivering exceptional value to our clients, fostering trust, and setting new standards of excellence in the global financial landscape.”

    Key Highlights for Governments and Institutions:

    1. Enhanced Transparency and Accountability:

    Elite Capital’s certifications, particularly ISO 37001 and AML Certification, ensure that all financial operations are conducted with the highest levels of transparency. This is critical for governments seeking to build public trust and demonstrate accountability in managing public funds.

    2. Strengthened Financial Systems:

    By adhering to ISO 9001 and ISO 27001 standards, Elite Capital helps governments and institutions strengthen their financial systems, ensuring efficiency, security, and resilience against emerging threats.

    3. Global Compliance and Collaboration:

    The LEI Number and AML Certification facilitate seamless compliance with international regulations, enabling governments to engage in cross-border transactions with confidence and ease.

    4. Combating Corruption:

    Elite Capital’s Anti-Bribery Management System (ISO 37001) provides governments with a robust framework to combat corruption, ensuring that financial operations are free from unethical practices.

    5. Building Public Trust:

    By aligning with Elite Capital, governments can reinforce their commitment to ethical practices, fostering trust among citizens, investors, and international partners.

    Mr. George Matharu concluded his statement by saying: “This announcement underscores Elite Capital & Co. Limited’s pivotal role in shaping a more transparent, secure, and ethical financial future for governments and institutions worldwide. By setting new standards of excellence, Elite Capital continues to lead the way in redefining global financial integrity.”

    Contact Details –

    Elite Capital & Co. Limited

    33 St. James Square

    London, SW1Y4JS

    United Kingdom

    Telephone: +44 (0) 203 709 5060

    SWIFT Code: ELCTGB21

    LEI Code: 254900NNN237BBHG7S26

    Website: ec.uk.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ce9aba72-2c21-4cb1-a4f9-f7303987e0a5

    The MIL Network –

  • MIL-OSI Economics: Open Market Operation (OMO) – Purchase of Government of India Securities held on February 20, 2025: Cut-Offs

    Source: Reserve Bank of India

    Security 7.17% GS 2030 7.18% GS 2033 7.10% GS 2034 6.79% GS 2034 7.41% GS 2036 7.18% GS 2037
    Total amount notified Aggregate amount of ₹40,000 crore
    (no security-wise notified amount)
    Total amount (face value) accepted by RBI (₹ in crore) 9,918 4,585 4,340 4,091 10,005 7,061
    Cut off yield (%) 6.7386 6.8103 6.7640 6.6859 6.8932 6.9040
    Cut off price (₹) 101.84 102.35 102.25 100.72 104.12 102.27
    Detailed results will be issued shortly.

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2204

    MIL OSI Economics –

  • MIL-OSI: Šiaulių Bankas Invitation to Q4 and FY 2024 Investor Webinar

    Source: GlobeNewswire (MIL-OSI)

    AB Šiaulių Bankas invites shareholders, investors, analysts and other stakeholders to join the Investor Webinar on 27 February, 2025 at 8:30 am (EET). The webinar will cover Q4 and FY2024 earnings results and key business highlights. The presentation will be held online in English.

    Vytautas Sinius (CEO), Tomas Varenbergas (Head of Investment Management Division), and Tautvydas Mėdžius (Strategy Partner) will host the event. They will present the financial results, discuss recent developments, and address participant questions.

    Please feel free to submit your questions in advance to investors@sb.lt

    How to join the webinar?

    To join the webinar, please register via following link https://sb.zoomtv.lt. After successful registration You will be provided with the webinar link.

    Additional information:
    Tomas Varenbergas
    Head of Investment Management & Treasury
    tomas.varenbergas@sb.lt

    The MIL Network –

  • MIL-Evening Report: Grattan on Friday: Dutton doesn’t pull his punches on Trump while Albanese plays it safe

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

    Treasurer Jim Chalmers will not be organising a bucks’ night ahead of the coming nuptials of Prime Minister Anthony Albanese and Jodie Haydon.

    How do we know this morsel of trivia? The treasurer, appearing on Wednesday breakfast TV to talk up Tuesday’s interest rate cut, was asked about being in charge of arranging the PM’s bucks’ party.

    “I’m more of a cup of tea and an early night kind of guy these days. And so I’m sure you can find someone more appropriate to plan the bucks,” Chalmers said, laughing off whatever impatience he may have felt at being taken down this path.

    To the dismay of more than a few in Labor circles, a Women’s Weekly interview with the PM and his fiancee dropped into the news cycle just as the government needed all attention on the rate cut.

    Given the army of prime ministerial spinners, there was some wonder at this publicity collision.

    All leaders do these soft photogenic sessions. But, leaving aside the unfortunate clash, it might be argued this is not the time for the prime ministerial couple to be inviting attention to their post-election marriage. Albanese is not thinking of retiring, but some voters might see a subtle hint of that. As they did when he bought his clifftop house on the central NSW coast.

    Chalmers, when asked about the Women’s Weekly piece, was anxious to get across the message that, wedding or not, “I can assure all of your viewers, whether it’s the prime minister or the rest of his government, the main focus is on the cost of living”.

    More disappointing for the government than the Women’s Weekly blip was the mixed reception the long-anticipated rate cut received in much of the media.

    Reserve Bank Governor Michele Bullock indicated the bank’s decision to cut was a close call. She hosed down expectations of further cuts, which effectively rules out a pre-election move on April Fools’ Day.

    It wasn’t an entirely happy week for Bullock, with critics of the cut suggesting she had responded to political pressure. Out in mortgage land, people will be relieved at the slight help, but it only takes away a fraction of their repayment pain.

    Meanwhile the work of the cabinet expenditure review committee and the treasury continues apace on what could be a “ghost” March 25 budget – if Albanese aborts it with an April election.

    The government insists there is nothing strange about this. If the budget doesn’t eventuate, the measures will be rolled out as election policy, it says. The argument is unconvincing. Preparing a budget and putting together election policy may have some things in common, but they are not the same. A budget is a close-woven tapestry; election policy is open-stitch cloth.

    The uncertainty about the election date, while full campaigning is underway, is disruptive for business and the economy (even if, as Chalmers says, it’s now only a matter of weeks either way). It reinforces the argument for fixed federal terms, which work well in the states. But the obstacles are such that that’s not even worth talking about, unfortunately.

    In a “no show without Punch” moment this week, Clive Palmer entered the election race with his Trumpet of Patriots party and a promise to spend “whatever is required to be spent”. There’s talk of $90 million being splashed on a “Make Australia Great Again” platform.

    It’s hard to get a fix on what impact Palmer will have. He’s competing with Pauline Hanson for votes on the right. Labor fears his advertising on the cost of living will crowd out its messages. He is also targeting Opposition Leader Peter Dutton for not being Trumpian enough. He told Nine media, “As Dutton said, he’s no Donald Trump. I say, what’s wrong with being Donald Trump?”

    The answer is, a very great deal. As Trump’s presidency unfolds, its dangers are becoming more obvious than even his harshest critics feared.

    Inevitably, the shadow of Trump is hanging increasingly over our election.

    With Trump’s win, the Liberals would have thought the latest manifestation of a widespread international swing to the right would put wind in their sails. But the counter-argument has grown – an erratic and autocratic Trump is making some Australian voters feel more unsettled and inclined to stick with the status quo.

    Dutton is not a mini-me Trump but shares some of his views on issues such as government spending, bureaucracy and identity politics. Former Prime Minister Scott Morrison told the Australian Financial Review this week that Dutton would sympathise with some of Trump’s objectives but the opposition leader was “not trying to ape” what was going on in the United States.

    Trump’s push to end the Russia-Ukraine war has taken Trumpism to a fresh, alarming level, and could inject strains into the Australia-US relationship.

    Trump has sidelined Ukraine and is clearly favouring Russia in pursuing a settlement. Now he has launched an extraordinary personal attack on Ukrainian President Volodymyr Zelensky.

    On his social media platform Trump lashed Zelensky as a “modestly successful comedian” who had gone “into a war that couldn’t be won, that never had to start”. Zelensky was a “dictator” who refused to have elections, had done “a terrible job” and was very low in the opinion polls, Trump said.

    Ukraine’s cause has been bipartisan in Australia, which has given the country more than $1.5 billion in assistance and now has (belatedly) reopened its embassy there.

    To his credit, Dutton immediately condemned Trump’s stand in very forthright terms.

    “President Trump has got it wrong in relation to some of the public commentary that I’ve seen him make in relation to President Zelensky and the situation in Ukraine,” he told Sydney radio.

    “I think very, very careful thought needs to be given about the steps because if we make Europe less safe, or we provide some sort of support to [Russian president] Putin, deliberately or inadvertently, that is a terrible, terrible outcome.”

    Albanese’s initial response was to repeat firmly Australia backing for Ukraine, condemning Russia. He did not comment directly on Trump’s attack. He repeated he was not going to give “ongoing commentary on everything that Donald Trump says”.

    The government finds itself caught between the need to strongly reject Trump’s handling of Ukraine, and a desire to tread softly with an administration from whom it desperately wants to win a concession on tariffs.

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

    – ref. Grattan on Friday: Dutton doesn’t pull his punches on Trump while Albanese plays it safe – https://theconversation.com/grattan-on-friday-dutton-doesnt-pull-his-punches-on-trump-while-albanese-plays-it-safe-250386

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: Dubai International Financial Center marks 20 years, strengthens ties with China

    Source: China State Council Information Office

    Dubai International Financial Center (DIFC), located in the United Arab Emirates (UAE), has strengthened its position as the leading financial hub in the Middle East, Africa and South Asia region after 20 years of growth, with a strong focus on deepening economic ties with China.

    In recent years, the center has witnessed a notable rise in the number of Chinese companies joining its ecosystem, further establishing Dubai as a key gateway for Chinese financial institutions seeking access to the Middle East and the Belt and Road Initiative partner countries, according to press releases issued recently by Dubai authorities. 

    In 2024, DIFC reported a 25% year-on-year increase in active companies, reaching a total of 6,920 firms, with a significant surge in the number of Chinese financial institutions and multinational corporations establishing a presence. Notably, China’s Bank of Communications inaugurated its regional headquarters in DIFC in November 2024, following in the footsteps of other Chinese financial giants such as the Agricultural Bank of China and the Bank of China. Collectively, these Chinese institutions now account for over 30% of DIFC’s total banking and capital markets assets, solidifying Dubai’s reputation as the UAE’s largest hub for Chinese financial firms.

    “DIFC has become the financial center of choice for Chinese entities within the finance sector as well as multinational companies,” said Arif Amiri, chief executive officer of DIFC Authority. “We remain committed to providing Chinese businesses with the best-in-class platform that will help shape their growth and expansion within the Middle East, Africa and South Asia region.”

    The growing role of Chinese financial institutions in Dubai is also evident in their active participation in the bond market. Chinese banks have been issuing bonds on Nasdaq Dubai, including green bonds that fund renewable energy, clean transportation and water desalination projects across the UAE and beyond. Most recently, in November 2024, bonds worth $2 billion were listed on Nasdaq Dubai by China’s Ministry of Finance.

    In 2024, DIFC achieved impressive performances across multiple sectors. The center’s combined revenues reached $484 million, a 37% increase from the previous year, with operating profit soaring 55% to $363 million. The technology and innovation sector was a standout performer, growing by 38% to 1,245 companies in 2024.

    Looking ahead, DIFC remains committed to expanding its financial and technology sectors, with major initiatives such as the Dubai AI Campus, and the upcoming DIFC Funds Center, which is set to open in 2025. These efforts, combined with Dubai’s ambition to become the top global financial center, further highlight DIFC’s role in attracting Chinese businesses and fostering long-term growth across the region, according to press releases from the center. 

    MIL OSI China News –

  • MIL-OSI Banking: Secretary-General of ASEAN receives the Permanent Representative of Viet Nam to ASEAN

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today received the Permanent Representative of Viet Nam to ASEAN, H.E. Ambassador Dr. Ton Thi Ngoc Huong, at the ASEAN Headquarters/ASEAN Secretariat. Their discussion underscored Viet Nam’s steadfast commitment to ASEAN’s shared goals, explored key regional priorities, and reaffirmed shared efforts in advancing ASEAN Community-building process. SG Dr. Kao congratulated Viet Nam for organising 2nd ASEAN Future Forum to be held in Ha Noi, Viet Nam, which he will attend.

    The post Secretary-General of ASEAN receives the Permanent Representative of Viet Nam to ASEAN appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Secretary-General of ASEAN delivers remarks at the Launch of the Australia-Southeast Asia Regional Development Partnership Plan (2024-2028)

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, delivered remarks at the Launch of the Australia-Southeast Asia Regional Development Partnership Plan (2024-2028) at the ASEAN Headquarters/ASEAN Secretariat today.  SG Dr. Kao highlighted the longstanding relations between ASEAN and Australia and the continued strengthening of cooperation for over more than five decades. SG Dr. Kao welcomed the launch of the partnership plan, which will bring to fruition the priorities that both sides share as part of the ASEAN-Australia Comprehensive Strategic Partnership and Australia’s continued support for ASEAN Community building and integration.

    Download the full remarks here

    The post Secretary-General of ASEAN delivers remarks at the Launch of the Australia-Southeast Asia Regional Development Partnership Plan (2024-2028) appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI: BE Semiconductor Industries N.V. Announces Q4-24 and Full Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    Q4-24 Revenue of € 153.4 Million and Net Income of € 59.3 Million. Operating Results Within Prior Guidance

    FY-24 Revenue of € 607.5 Million and Net Income of € 182.0 Million Up 4.9% and 2.8%, Respectively, vs. FY-23. Orders of € 586.7 Million Up 7.0% vs. FY-23

    Proposed Dividend of € 2.18 per Share for Fiscal 2024. 95% Pay-Out Ratio

    DUIVEN, the Netherlands, Feb. 20, 2025 (GLOBE NEWSWIRE) — BE Semiconductor Industries N.V. (the “Company” or “Besi”) (Euronext Amsterdam: BESI; OTC markets: BESIY), a leading manufacturer of assembly equipment for the semiconductor industry, today announced its results for the fourth quarter and year ended December 31, 2024.

    Key Highlights Q4-24

    • Revenue of € 153.4 million down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments
    • Orders of € 121.9 million down 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due primarily to decreased bookings for high performance computing and mainstream assembly applications
    • Gross margin of 64.0% decreased by 0.7 points vs. Q3-24 and 1.1 points vs. Q4-23 primarily due to adverse net forex influences
    • Net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to € 18.2 million of net tax benefits realized. As a result, net margin rose to 38.6% vs. 29.9% in Q3-24 and 34.4% in Q4-23
    • Cash and deposits of € 672.3 million at year-end increased 62.6% versus year-end 2023. Net cash of € 143.8 million increased € 33.1 million (29.9%) vs. Q3-24 and € 30.8 million (27.3%) vs. Q4-23

    Key Highlights FY 2024

    • Revenue of € 607.5 million increased 4.9% vs. 2023 principally due to higher demand by computing end-user markets, particularly for hybrid bonding and photonics applications, partially offset by weakness in mobile, automotive and Chinese end-user markets
    • Orders of € 586.7 million rose 7.0% due to strength in 2.5D and 3D AI-related applications
    • Gross margin of 65.2% rose by 0.3 points due to more favorable advanced packaging product mix
    • Net income of € 182.0 million grew 2.8% as higher revenue, gross margin and net tax benefits were partially offset by higher R&D spending and share-based compensation expense. Besi’s net margin decreased slightly to 30.0% vs. 30.6% in 2023
    • Proposed dividend of € 2.18 per share. Represents pay-out ratio of 95%

    Q1-25 Outlook

    • Revenue expected to decrease 0-10% vs. the € 153.4 million reported in Q4-24
    • Gross margin expected to range between 63-65% vs. the 64.0% realized in Q4-24
    • Operating expenses expected to grow 10-20% vs. the € 47.6 million reported in Q4-24
    (€ millions, except EPS) Q4-2024   Q3-2024   Δ Q4-2023  

    Δ

    		 FY-2024   FY-2023   Δ
    Revenue 153.4   156.6   -2.0 % 159.6   -3.9 % 607.5   578.9   +4.9 %
    Orders 121.9   151.8   -19.7 % 166.4   -26.7 % 586.7   548.3   +7.0 %
    Gross Margin 64.0%   64.7%   -0.7   65.1%   -1.1   65.2%   64.9%   +0.3  
    Operating Income 50.6   55.1   -8.2 % 66.1   -23.4 % 195.6   213.4   -8.3 %
    EBITDA 58.0   62.4   -7.1 % 72.7   -20.2 % 224.2   239.1   -6.2 %
    Net Income* 59.3   46.8   +26.7 % 54.9   +8.0 % 182.0   177.1   +2.8 %
    Net Margin* 38.6%   29.9%   +8.7   34.4%   +4.2   30.0%   30.6%   -0.6  
    EPS (basic) 0.75   0.59   +27.1 % 0.71   +5.6 % 2.31   2.28   +1.3 %
    EPS (diluted) 0.74   0.59   +25.4 % 0.68   +8.8 % 2.30   2.23   +3.1 %
    Net Cash and Deposits 143.8   110.7   +29.9 % 113.0   +27.3 % 143.8   113.0   +27.3 %

    * Includes net tax benefit of € 18.2 million in Q4-24 versus a tax charge of € 2.3 million in Q4-23.

    Richard W. Blickman, President and Chief Executive Officer of Besi, commented:

    “Besi’s business development in 2024 reflected contrasting growth trends for AI and mainstream assembly equipment markets. For the year, revenue grew by approximately 5% to reach € 607.5 million due to significantly higher demand by computing end-user markets, particularly for AI-related hybrid bonding and photonics applications. Similarly, orders of € 586.7 million increased by 7.0%. As a result, orders for AI applications grew to represent approximately 50% of our total orders in 2024. Strong order growth from computing end-user markets this year was partly offset by unfavorable market conditions for mainstream applications related to an industry downturn more than two years in duration.

    “We continue to navigate an extended downturn at industry leading levels of profitability. Besi achieved gross, operating and net margins of 65.2%, 32.2% and 30.0%, respectively, in 2024. Gross margins increased slightly versus 2023 due to a more favorable advanced packaging product mix which were partially offset by unfavorable net forex effects, particularly in the second half of the year. Net income rose 2.8% versus 2023 primarily due to higher revenue and gross margins realized and a net tax benefit of € 18.2 million. Such favorable influences were partially offset by a significant increase in development spending and higher share-based compensation expense. Given profits earned in 2024 and our solid liquidity position, we will propose a cash dividend of € 2.18 per share for approval at Besi’s 2025 AGM which represents a pay-out ratio relative to net income of 95%.

    “Investments in Besi’s future growth continued in 2024 as reflected in higher development spending and a planned expansion of our advanced packaging production capacity in 2025. We increased R&D spending by 31.7% this year to offer customers leading edge assembly solutions for next generation 2.5D and 3D architectures. In addition, progress continued on our hybrid bonding agenda as revenue approximately tripled versus 2023 and orders more than doubled. In addition, adoption increased from nine to fifteen customers. During Q4-24, some notable hybrid bonding bookings included a first order from a Japanese semiconductor producer focused on 2nm advanced logic semiconductors and from a Korean IDM for advanced logic applications.

    “Besi’s fourth quarter results were adversely affected by ongoing weakness in mainstream assembly markets, seasonal influences and lower demand for hybrid bonding and photonics applications as customers digested capacity added in 2024. Revenue of € 153.4 million was down 2.0% vs. Q3-24 and 3.9% vs. Q4-23 primarily due to lower demand for automotive applications partially offset by increased hybrid bonding shipments. Orders of € 121.9 million decreased by 19.7% vs. Q3-24 and 26.7% vs. Q4-23 due to lower bookings for hybrid bonding, photonics and mainstream assembly applications. Hybrid bonding and photonics orders have fluctuated on a quarterly basis due to the timing by customers of new device introductions and related capacity additions for these emerging applications. Our operating income in Q4-24 decreased by 8.2% versus Q3-24 primarily due to lower revenue and a 0.7 point gross margin decrease from adverse forex movements. Q4-24 net income of € 59.3 million increased 26.7% vs. Q3-24 and 8.0% vs. Q4-23 due to net tax benefits realized from an upward revaluation of deferred tax assets.

    “We enter the year 2025 with cautious optimism based on strong momentum in our advanced die placement solutions for AI applications partially offset by ongoing weakness in mainstream automotive, smart phone, industrial and Chinese end-user markets. We believe that the pace of innovation is increasing as the pandemic and generative AI have accelerated society’s move to a digital world with AI technology adoption increasing significantly in our daily lives. We believe that the commercial viability of hybrid bonding process technology has now been confirmed by some of the industry’s leading players and research institutes. Significant incremental adoption is anticipated to occur over the next three years as the technology is increasingly used in HBM 4/5 memory stacks, ASIC logic devices, silicon photonics, co-packaged optics and consumer mobile/computing applications. As such, we estimate that hybrid bonding adoption and deployment is still in its very early stages.

    “The timing and trajectory of a new mainstream assembly upturn is difficult to predict at present. The assembly market still suffers from post-pandemic excess capacity which has taken more than two years to approach equilibrium levels. Semiconductor unit growth and capacity utilization rates have improved since 2022 but at a less rapid rate than previously anticipated by analysts. That being said, we believe it likely that a mainstream assembly recovery will begin in the second half of 2025. Its trajectory will depend on demand trends in each of our end markets and the ultimate course of global trade restrictions. For Q1-25, we forecast that revenue will decrease by 0-10% versus Q4-24 and for gross margins to remain in a range of 63-65% based on our projected product mix. Aggregate operating expenses are forecast to rise 10-20% versus Q4-24 primarily due to higher strategic consulting costs.”

    Share Repurchase Activity

    During the quarter, Besi repurchased approximately 0.2 million of its ordinary shares at an average price of € 112.84 per share or a total of € 22.4 million. For the year, Besi repurchased approximately 0.6 million shares at an average price of € 125.53 per share for a total of € 79.8 million. At year end, Besi held approximately 1.8 million shares in treasury equal to 2.3% of its shares outstanding.

    Investor and media conference call
    A conference call and webcast for investors and media will be held today at 4:00 pm CET (10:00 am EST). To register for the conference call and/or to access the audio webcast and webinar slides, please visit www.besi.com.
    Important Dates

    • Publication Annual Report 2024
    • Publication Q1 results
    • Annual General Meeting of Shareholders
    • Publication Q2/semi-annual results
    • Publication Q3/nine-month results
    • Publication Q4/full year results
    		 February 28, 2025

    April 23, 2025

    April 23, 2025

    July 24, 2025

    October 23, 2025

    February 2026
    Dividend Information*

    • Proposed ex-dividend date
    • Proposed record date
    • Proposed payment of 2024 dividend
    		 April 25, 2025

    April 28, 2025

    Starting May 2, 2025
    * Subject to approval at Besi’s AGM on April 23, 2025 

    Basis of Presentation

    The accompanying Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union. Reference is made to the Summary of Significant Accounting Policies to the Notes to the Consolidated Financial Statements as included in our 2024 Annual Report, which will be available on www.besi.com as of February 28, 2025.

    Contacts
    Richard W. Blickman, President & CEO
    Andrea Kopp-Battaglia, Senior Vice President Finance        
    Claudia Vissers, Executive Secretary/IR coordinator
    Edmond Franco, VP Corporate Development/US IR coordinator
    Tel. (31) 26 319 4500                
    investor.relations@besi.com   

    About Besi
    Besi is a leading manufacturer of assembly equipment supplying a broad portfolio of advanced packaging solutions to the semiconductor and electronics industries. We offer customers high levels of accuracy, reliability and throughput at a lower cost of ownership with a principal focus on wafer level and substrate assembly solutions. Customers are primarily leading semiconductor manufacturers, foundries, assembly subcontractors and electronics and industrial companies. Besi’s ordinary shares are listed on Euronext Amsterdam (symbol: BESI). Its Level 1 ADRs are listed on the OTC markets (symbol: BESIY) and its headquarters are located in Duiven, the Netherlands. For more information, please visit our website at www.besi.com.

    Statement of Compliance
    The accounting policies applied in the condensed consolidated financial statements included in this press release are the same as those applied in the Annual Report 2024 and were authorized for issuance by the Board of Management and Supervisory Board on February 19, 2025. In accordance with Article 393, Title 9, Book 2 of the Netherlands Civil Code, EY Accountants BV has issued an unqualified auditor’s opinion on the Annual Report 2024. The Annual Report 2024 will be published on our website on February 28, 2025 and proposed for adoption by the Annual General Meeting on April 23, 2025. The condensed financial statements included in this press release have been prepared in accordance with IFRS Accounting Standards, as adopted by the European Union but do not include all of the information required for a complete set of IFRS financial statements.

    Caution Concerning Forward-Looking Statements

    This press release contains statements about management’s future expectations, plans and prospects of our business that constitute forward-looking statements, which are found in various places throughout the press release, including, but not limited to, statements relating to expectations of orders, net sales, product shipments, expenses, timing of purchases of assembly equipment by customers, gross margins, operating results and capital expenditures. The use of words such as “anticipate”, “estimate”, “expect”, “can”, “intend”, “believes”, “may”, “plan”, “predict”, “project”, “forecast”, “will”, “would”, and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The financial guidance set forth under the heading “Outlook” contains such forward-looking statements. While these forward-looking statements represent our judgments and expectations concerning the development of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ materially from those contained in forward-looking statements, including any inability to maintain continued demand for our products; failure of anticipated orders to materialize or postponement or cancellation of orders, generally without charges; the volatility in the demand for semiconductors and our products and services; the extent and duration of the COVID-19 and other global pandemics and the associated adverse impacts on the global economy, financial markets, global supply chains and our operations as well as those of our customers and suppliers; failure to develop new and enhanced products and introduce them at competitive price levels; failure to adequately decrease costs and expenses as revenues decline; loss of significant customers, including through industry consolidation or the emergence of industry alliances; lengthening of the sales cycle; acts of terrorism and violence; disruption or failure of our information technology systems; consolidation activity and industry alliances in the semiconductor industry that may result in further increased customer concentration, inability to forecast demand and inventory levels for our products; the integrity of product pricing and protection of our intellectual property in foreign jurisdictions; risks, such as changes in trade regulations, conflict minerals regulations, currency fluctuations, political instability and war, associated with substantial foreign customers, suppliers and foreign manufacturing operations, particularly to the extent occurring in the Asia Pacific region where we have a substantial portion of our production facilities; potential instability in foreign capital markets; the risk of failure to successfully manage our diverse operations; any inability to attract and retain skilled personnel, including as a result of restrictions on immigration, travel or the availability of visas for skilled technology workers; those additional risk factors set forth in Besi’s annual report for the year ended December 31, 2024 and other key factors that could adversely affect our businesses and financial performance contained in our filings and reports, including our statutory consolidated statements. We expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise.

    Consolidated Statements of Operations
    (€ thousands, except share and per share data) Three Months Ended
    December 31,
    (unaudited)    		 Year Ended
    December 31,
    (audited)
      2024   2023 2024 2023
             
    Revenue 153,413   159,635 607,473 578,862
    Cost of sales 55,253   55,700 211,529 203,074
             
    Gross profit 98,160   103,935 395,944 375,788
             
    Selling, general and administrative expenses 28,575   24,277 126,048 105,956
    Research and development         expenses 19,009   13,533 74,305 56,440
             
    Total operating expenses 47,584   37,810 200,353 162,396
             
    Operating income 50,576   66,125 195,591 213,392
             
    Financial expense, net 3,877   729 7,071 5,703
             
    Income before taxes 46,699   65,396 188,520 207,689
             
    Income tax expense (benefit) (12,595 ) 10,501 6,528 30,605
             
    Net income 59,294   54,895 181,992 177,084
             
    Net income per share – basic 0.75   0.71 2.31 2.28
    Net income per share – diluted 0.74   0.68 2.30 2.23
               
    Number of shares used in computing per share amounts:
    – basic
    – diluted 1    		 79,402,192
    81,628,947    		   77,070,082
    82,091,299    		 78,877,471
    81,889,907    		 77,508,722
    82,800,279
     1) The calculation of diluted income per share assumes the exercise of equity settled share based payments and the conversion of all Convertible Notes outstanding     
               
    Consolidated Balance Sheets
    (€ thousands) December
    31, 2024
    (audited)    		 September 30, 2024
    (unaudited)    		 June
    30, 2024
    (unaudited)    		 March
    31, 2024
    (unaudited)    		 December
    31, 2023
    (audited)
    ASSETS          
               
    Cash and cash equivalents 342,319 307,448 127,234 232,053 188,477
    Deposits 330,000 330,000 130,000 215,000 225,000
    Trade receivables 181,862 169,266 174,601 150,192 143,218
    Inventories 103,285 104,103 99,291 99,384 92,505
    Other current assets 40,927 44,731 36,346 34,756 39,092
               
    Total current assets 998,393 955,548 567,472 731,385 688,292
               
    Property, plant and equipment 44,773 44,220 43,571 41,328 37,516
    Right of use assets 15,726 16,419 16,821 16,901 18,242
    Goodwill 46,010 45,278 45,710 45,613 45,402
    Other intangible assets 96,677 94,855 92,627 90,241 93,668
    Deferred tax assets 31,567 8,610 9,517 11,444 12,217
    Other non-current assets 1,330 1,316 1,239 1,252 1,216
               
    Total non-current assets 236,083 210,698 209,485 206,779 208,261
               
    Total assets 1,234,476 1,166,246 776,957 938,164 896,553
               
               
               
    Bank overdraft 776 – – – –
    Current portion of long-term debt 2,042 2,241 3,033 984 3,144
    Trade payables 52,630 49,211 51,620 52,382 46,889
    Other current liabilities 111,531 87,739 73,023 100,606 87,200
               
    Total current liabilities 166,979 139,191 127,676 153,972 137,233
               
    Long-term debt 525,653 524,527 179,801 265,142 297,353
    Lease liabilities 12,350 13,033 13,448 13,625 14,924
    Deferred tax liabilities 10,320 11,619 10,396 12,136 12,959
    Other non-current liabilities 17,910 12,449 11,352 12,914 12,671
               
    Total non-current liabilities 566,233 561,628 214,997 303,817 337,907
               
    Total equity 501,264 465,427 434,284 480,375 421,413
               
    Total liabilities and equity 1,234,476 1,166,246 776,957 938,164 896,553
    Consolidated Cash Flow Statements
    (€ thousands) Three Months Ended
    December 31,
    (unaudited)    		 Year Ended
    December 31,
    (audited)
      2024   2023   2024   2023  
             
    Cash flows from operating activities:        
    Income before income tax 46,699   65,396   188,520   207,689  
             
    Depreciation and amortization 7,420   6,577   28,601   25,732  
    Share based payment expense 2,851   2,807   30,067   19,107  
    Financial expense, net 3,877   729   7,071   5,703  
             
    Changes in working capital 4,819   (24,238 ) (39,095 ) (26,819 )
    Interest (paid) received 1,965   1,647   9,183   4,722  
    Income tax (paid) received (3,751 ) 386   (23,264 ) (27,562 )
             
    Net cash provided by operating activities 63,880   53,304   201,083   208,572  
             
    Cash flows from investing activities:        
    Capital expenditures (1,074 ) (1,451 ) (12,039 ) (6,899 )
    Capitalized development expenses (5,447 ) (5,780 ) (19,437 ) (21,121 )
    Repayments of (investments in) deposits –   (39,659 ) (105,000 ) (44,927 )
             
    Net cash provided by (used in) investing activities (6,521 ) (46,890 ) (136,476 ) (72,947 )
             
    Cash flows from financing activities:        
    Proceeds from bank lines of credit 776   –   776   –  
    Proceeds from notes –   –   350,000   –  
    Transaction costs related to notes                 (29 ) –   (6,424 ) –  
    Payments of lease liabilities (1,128 ) (1,100 ) (4,314 ) (4,307 )
    Purchase of treasury shares (22,415 ) (23,123 ) (79,833 ) (213,387 )
    Dividends paid to shareholders –   –   (171,534 ) (222,109 )
             
    Net cash used in financing activities (22,796 ) (24,223 ) 88,671   (439,803 )
             
    Net increase (decrease) in cash and cash equivalents

    34,563

    		  

    (17,809

    )

    153,278

    		  

    (304,178

    )
    Effect of changes in exchange rates on cash and
    cash equivalents

    308

    		  

    1,261

    		  

    564

    		  

    969

    		  
    Cash and cash equivalents at beginning of the
    period

    307,448

    		  

    205,025

    		  

    188,477

    		  

    491,686

    		  
             
    Cash and cash equivalents at end of the period 342,319   188,477   342,319   188,477  
    Supplemental Information (unaudited)
    (€ millions, unless stated otherwise)
                                     
    REVENUE Q4-2024 Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                     
    Per geography:                                
    China 42.8   28 % 45.5   29 % 57.5   38 % 58.5   40 % 62.0   39 % 40.8   33 % 64.9   40 % 37.6   28 %
    Asia Pacific (excl. China) 53.5   35 % 51.6   33 % 54.1   36 % 43.6   30 % 57.9   36 % 42.3   34 % 59.2   36 % 58.2   44 %
    EU / USA / Other 57.1   37 % 59.5   38 % 39.6   26 % 44.2   30 % 39.7   25 % 40.2   33 % 38.4   24 % 37.6   28 %
                                                     
    Total 153.4   100 % 156.6   100 % 151.2   100 % 146.3   100 % 159.6   100 % 123.3   100 % 162.5   100 % 133.4   100 %
                                     
    ORDERS Q4-2024 Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                     
    Per geography:                                
    China 40.4   33 % 45.4   30 % 43.3   23 % 51.1   40 % 71.1   43 % 46.0   36 % 51.4   46 % 35.5   25 %
    Asia Pacific (excl. China) 38.8   32 % 69.3   46 % 72.0   39 % 45.0   35 % 36.6   22 % 40.9   32 % 33.2   29 % 71.3   50 %
    EU / USA / Other 42.7   35 % 37.1   24 % 69.9   38 % 31.6   25 % 58.7   35 % 40.4   32 % 28.0   25 % 35.2   25 %
                                                     
    Total 121.9   100 % 151.8   100 % 185.2   100 % 127.7   100 % 166.4   100 % 127.3   100 % 112.6   100 % 142.0   100 %
                                     
    Per customer type:                                
    IDM 61.2   50 % 84.5   56 % 122.4   66 % 53.5   42 % 82.7   50 % 70.5   55 % 60.5   54 % 74.0   52 %
    Foundries/Subcontractors* 60.7   50 % 67.3   44 % 62.8   34 % 74.2   58 % 83.7   50 % 56.8   45 % 52.1   46 % 68.0   48 %
                                                     
    Total 121.9   100 % 151.8   100 % 185.2   100 % 127.7   100 % 166.4   100 % 127.3   100 % 112.6   100 % 142.0   100 %
    * Includes foundries as of financial year 2024                                
                                     
    HEADCOUNT Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023
                                     
    Fixed staff (FTE) 1,812   93 % 1,807   87 % 1,783   86 % 1,760   88 % 1,736   93 % 1,725   87 % 1,689   86 % 1,682   84 %
    Temporary staff (FTE) 134   7 % 271   13 % 279   14 % 236   12 % 134   7 % 248   13 % 279   14 % 312   16 %
                                                     
    Total 1,946   100 % 2,078   100 % 2,062   100 % 1,996   100 % 1,870   100 % 1,973   100 % 1,968   100 % 1,994   100 %
                                     
    OTHER FINANCIAL DATA Q4-2024 Q3-2024 Q2-2024 Q1-2024 Q4-2023 Q3-2023 Q2-2023 Q1-2023
                                     
    Gross profit 98.2   64.0 % 101.2   64.7 % 98.3   65.0 % 98.3   67.2 % 103.9   65.1 % 79.6   64.6 % 106.6   65.6 % 85.7   64.2 %
                                     
                                     
    Selling, general and admin expenses:                                
    As reported 28.6   18.6 % 27.3   17.4 % 30.5   20.2 % 39.6   27.1 % 24.3   15.2 % 23.3   18.9 % 29.4   18.1 % 29.0   21.7 %
    Share-based compensation expense -2.9   -1.8 % (3.4 ) -2.1 % (6.9 ) -4.6 % (16.9 ) -11.6 % (2.8 ) -1.7 % (1.6 ) -1.3 % (5.5 ) -3.4 % (9.3 ) -7.0 %
                                                     
    SG&A expenses as adjusted 25.7   16.8 % 23.9   15.3 % 23.6   15.6 % 22.7   15.5 % 21.5   13.5 % 21.7   17.6 % 23.9   14.7 % 19.7   14.8 %
                                     
                                     
    Research and development expenses:                                
    As reported 19.0   12.4 % 18.9   12.1 % 18.5   12.2 % 17.9   12.2 % 13.5   8.5 % 13.6   11.0 % 14.3   8.8 % 15.0   11.2 %
    Capitalization of R&D charges 5.4   3.5 % 4.4   2.8 % 4.9   3.2 % 4.7   3.2 % 5.7   3.6 % 4.7   3.8 % 5.3   3.3 % 5.4   4.0 %
    Amortization of intangibles -3.9   -2.5 % (3.9 ) -2.5 % (3.6 ) -2.3 % (3.6 ) -2.4 % (3.3 ) -2.1 % (3.3 ) -2.6 % (3.5 ) -2.2 % (3.5 ) -2.6 %
                                                     
    R&D expenses as adjusted 20.5   13.4 % 19.4   12.4 % 19.8   13.1 % 19.0   13.0 % 15.9   10.0 % 15.0   12.2 % 16.1   9.9 % 16.9   12.7 %
                                     
                                     
    Financial expense (income), net:                                
    Interest income -5.1     (5.2 )   (3.0 )   (4.0 )   (3.6 )   (2.9 )   (3.1 )   (2.6 )  
    Interest expense 6.1     5.7     2.1     2.8     3.0     2.8     2.9     2.9    
    Net cost of hedging 2.0     1.9     1.4     1.6     1.7     1.7     2.0     1.6    
    Foreign exchange effects, net 0.9     (0.8 )   0.5     0.2     (0.4 )   0.2     (0.1 )   (0.4 )  
                                                     
    Total 3.9     1.6     1.0     0.6     0.7     1.8     1.7     1.5    
                                     
    Gross cash 672.3     637.4     257.2     447.1     413.5     391.2     378.3     644.9    
                                     
                                     
    Operating income (as % of net sales) 50.6   33.0 % 55.1   35.2 % 49.3   32.6 % 40.7   27.8 % 66.1   41.4 % 42.7   34.6 % 62.9   38.7 % 41.7   31.3 %
                                     
    EBITDA (as % of net sales) 58.0   37.8 % 62.4   39.8 % 56.2   37.2 % 47.5   32.5 % 72.7   45.6 % 48.9   39.7 % 69.3   42.6 % 48.2   36.1 %
                                     
    Net income (as % of net sales) 59.3   38.6 % 46.8   29.9 % 41.9   27.7 % 34.0   23.2 % 54.9   34.4 % 35.0   28.4 % 52.6   32.4 % 34.5   25.9 %
                                     
    Effective tax rate -27.0 %   12.6 %   13.0 %   15.3 %   16.1 %   14.4 %   14.0 %   14.0 %  
                                     
                                     
    Income per share                                
    Basic 0.75     0.59     0.53     0.44     0.71     0.45     0.68     0.44    
    Diluted 0.74     0.59     0.53     0.44     0.68     0.45     0.66     0.44    
                                     
    Average shares outstanding (basic) 79,402,192

    		       79,630,787       79,281,533       77,181,326       77,070,082       77,374,933       77,634,197       77,946,873      
                                     
    Shares repurchased                                
    Amount 22.4     27.8     14.8     14.8     23.1     45.5     66.9     77.7    
    Number of shares 198,450

    		       230,807       105,042       101,049       226,572       447,829       761,937       1,120,327      
                                     

    The MIL Network –

  • MIL-OSI: Municipality Finance issues SEK 1 billion notes under its MTN programme

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Stock exchange release
    20 February 2025 at 10.00 am (EET)

    Municipality Finance issues SEK 1 billion notes under its MTN programme

    Municipality Finance Plc issues SEK 1 billion notes on 21 February 2025. The maturity date of the notes is 21 February 2028. The notes bear interest at a floating rate equal to 3-month Stibor plus 150 bps per annum.

    The notes are issued under MuniFin’s EUR 50 billion programme for the issuance of debt instruments. The offering circular, the supplemental offering circular and the final terms of the notes are available in English on the company’s website at https://www.kuntarahoitus.fi/en/for-investors.

    MuniFin has applied for the notes to be admitted to trading on the Helsinki Stock Exchange maintained by Nasdaq Helsinki. The public trading is expected to commence on 21 February 2025.

    Danske Bank A/S act as the Dealer for the issue of the notes.

    MUNICIPALITY FINANCE PLC

    Further information:

    Joakim Holmström
    Executive Vice President, Capital Markets and Sustainability
    tel. +358 50 444 3638

    MuniFin (Municipality Finance Plc) is one of Finland’s largest credit institutions. The owners of the company include Finnish municipalities, the public sector pension fund Keva and the State of Finland. The Group’s balance sheet is over EUR 53 billion.

    MuniFin’s customers include municipalities, joint municipal authorities, wellbeing services counties, joint county authorities, corporate entities under the control of the above-mentioned organisations, and affordable social housing. Lending is used for environmentally and socially responsible investment targets such as public transportation, sustainable buildings, hospitals and healthcare centres, schools and day care centres, and homes for people with special needs.

    MuniFin’s customers are domestic, but the company operates in a completely global business environment. The company is an active Finnish bond issuer in international capital markets and the first Finnish green and social bond issuer. The funding is exclusively guaranteed by the Municipal Guarantee Board.

    Read more: www.munifin.fi

    Important Information

    The information contained herein is not for release, publication or distribution, in whole or in part, directly or indirectly, in or into any such country or jurisdiction or otherwise in such circumstances in which the release, publication or distribution would be unlawful. The information contained herein does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, any securities or other financial instruments in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

    This communication does not constitute an offer of securities for sale in the United States. The notes have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) or under the applicable securities laws of any state of the United States and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act.

    The MIL Network –

  • MIL-OSI USA: Hagerty, Blunt Rochester Introduce Bipartisan Legislation to Modernize Credit Union Boards

    US Senate News:

    Source: United States Senator for Tennessee Bill Hagerty

    WASHINGTON—United States Senators Bill Hagerty (R-TN), a member of the Senate Banking Committee, and Lisa Blunt Rochester (D-DE) have reintroduced the Credit Union Board Modernization Act.

    The bipartisan legislation revises an antiquated federal law that requires credit union boards to meet every month. By reducing superfluous board meetings, the bill relaxes regulatory burdens and allows credit unions to focus on their core mission of providing financial services to their members.

    “Credit unions should be allowed to spend less time in unnecessary board meetings and more time serving their members,” said Senator Hagerty. “My legislation will revise outdated federal regulations by setting aside regulatory micromanagement and allowing credit unions the flexibility to focus on providing quality financial services to rural communities and members across the country.”

    “It is far past time that the arcane requirements for credit unions are removed,” said Senator Blunt Rochester. “This bill is an essential step toward improving the functionality of credit unions up and down my home state of Delaware, especially those small and rural. I look forward to continuing this bipartisan effort alongside Senator Hagerty and our colleagues to ensure credit unions spend less time maneuvering through red tape and more time serving their communities and promoting financial well-being.”

    “We greatly appreciate Sens. Bill Hagerty and Lisa Blunt Rochester for their introduction of the Credit Union Board Modernization Act,” said Carrie Hunt, America’s Credit Unions Chief Advocacy Officer. “Credit unions face several regulatory burdens, and this bill would provide flexibility so that credit unions can commit more resources and time to what matters most: serving their members and communities. This legislation has already passed the House, and we urge the Senate to swiftly take up the measure. We will continue to work with lawmakers on other reforms to ensure credit unions can thrive.”“The Tennessee League is grateful to Senator Hagerty for his leadership in introducing the Credit Union Board Modernization Act,” said Sarah Waters, Chief Advocacy Officer of the Tennessee Credit Union League. “As not-for-profit financial cooperatives, credit unions are governed by volunteer boards of directors. These dedicated community leaders work and serve alongside credit union members to ensure the financial well-being of all. By modernizing outdated board meeting requirements, this legislation will allow these volunteers and their credit unions to dedicate more time and resources to serving their communities.”

    Full text of the legislation can be found here.

    MIL OSI USA News –

  • MIL-OSI Banking: Secretary-General of ASEAN receives the Ambassador for the Promotion of the Asia Zero Emission Community

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today received a courtesy call from Ambassador for the Promotion of the Asia Zero Emission Community (AZEC) and Special Assistant to the Foreign Minister of Japan, H.E. Takio Yamada, at the ASEAN Headquarters/ASEAN Secretariat. They exchanged views on enhancing ASEAN-Japan cooperation, particularly in advancing energy transition initiatives as well as in promoting sustainable and low-carbon solutions to support regional targets.

    The post Secretary-General of ASEAN receives the Ambassador for the Promotion of the Asia Zero Emission Community appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Submissions: Energy Sector – Announcement of cash dividend per share in NOK for third quarter 2024 – Equinor

    Source: Equinor

    20 FEBRUARY 2025 – Equinor ASA announced on 24 October 2024 an ordinary cash dividend per share of USD 0.35 and an extraordinary cash dividend per share of USD 0.35 for third quarter 2024.

    The NOK cash dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 14 February 2025, in total seven business days.

    Average Norges Bank fixing rate for this period was 11.1820. Total cash dividend for third quarter 2024 of USD 0.70 per share is consequently NOK 7.8274 per share.

    On 28 February 2025, the cash dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (“ADRs”) on New York Stock Exchange.

    This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    MIL OSI – Submitted News –

  • MIL-OSI: Equinor ASA: Announcement of cash dividend per share in NOK for third quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    Equinor ASA (OSE: EQNR, NYSE: EQNR) announced on 24 October 2024 an ordinary cash dividend per share of USD 0.35 and an extraordinary cash dividend per share of USD 0.35 for third quarter 2024.

    The NOK cash dividend per share is based on average USDNOK fixing rate from Norges Bank in the period plus/minus three business days from record date 14 February 2025, in total seven business days.

    Average Norges Bank fixing rate for this period was 11.1820. Total cash dividend for third quarter 2024 of USD 0.70 per share is consequently NOK 7.8274 per share.

    On 28 February 2025, the cash dividend will be paid to relevant shareholders on Oslo Børs (Oslo Stock Exchange) and to holders of American Depositary Receipts (“ADRs”) on New York Stock Exchange.

    This information is published in accordance with the requirements of the Continuing Obligations and is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

    The MIL Network –

  • MIL-OSI: ING to redeem Perpetual Capital Securities

    Source: GlobeNewswire (MIL-OSI)

    ING to redeem Perpetual Capital Securities

    ING announced today it will redeem USD 1,250 million of 6.500% Perpetual Additional Tier 1 Contingent Convertible Capital Securities (the “Perpetual Capital Securities”) on the call date of 16 April 2025, in line with ING’s goal to continuously optimise its capital structure.

    The Perpetual Capital Securities (CUSIP 456837AF0/ISIN US456837AF06) will be redeemed in full in accordance with their terms, with payment to be made on 16 April 2025. The redemption price will be the principal amount of the Perpetual Capital Securities. Accrued and unpaid interest due on the redemption date will be paid in the usual manner to holders of record as of 15 April 2025. The paying agent for the Perpetual Capital Securities is The Bank of New York Mellon, London Branch 160 Queen Victoria Street London EC4V 4LA United Kingdom.

    Any future decisions by ING as to whether it will exercise (or cause to be exercised) calls in respect of debt securities will be made on an economic basis, taking into account the interests of all stakeholders. Other factors that ING will consider include prevailing market conditions, regulatory approval and capital requirements.

    Note for editors

    For more on ING, please visit www.ing.com. Frequent news updates can be found in the Newsroom or via X @ING_news feed. Photos of ING operations, buildings and its executives are available for download at Flickr.

    ING PROFILE
    ING is a global financial institution with a strong European base, offering banking services through its operating company ING Bank. The purpose of ING Bank is: empowering people to stay a step ahead in life and in business. ING Bank’s more than 60,000 employees offer retail and wholesale banking services to customers in over 40 countries.

    ING Group shares are listed on the exchanges of Amsterdam (INGA NA, INGA.AS), Brussels and on the New York Stock Exchange (ADRs: ING US, ING.N).

    ING aims to put sustainability at the heart of what we do. Our policies and actions are assessed by independent research and ratings providers, which give updates on them annually. ING’s ESG rating by MSCI was reconfirmed by MSCI as ‘AA’ in August 2024 for the fifth year. As of December 2023, in Sustainalytics’ view, ING’s management of ESG material risk is ‘Strong’. Our current ESG Risk Rating, is 17.2 (Low Risk). ING Group shares are also included in major sustainability and ESG index products of leading providers. Here are some examples: Euronext, STOXX, Morningstar and FTSE Russell. Society is transitioning to a low-carbon economy. So are our clients, and so is ING. We finance a lot of sustainable activities, but we still finance more that’s not. Follow our progress on ing.com/climate.

    Important legal information

    Elements of this press release contain or may contain information about ING Groep N.V. and/ or ING Bank N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/2014 (‘Market Abuse Regulation’).

    ING Group’s annual accounts are prepared in accordance with International Financial Reporting Standards as adopted by the European Union (‘IFRS- EU’). In preparing the financial information in this document, except as described otherwise, the same accounting principles are applied as in the 2023 ING Group consolidated annual accounts. All figures in this document are unaudited. Small differences are possible in the tables due to rounding.

    Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to a number of factors, including, without limitation: (1) changes in general economic conditions and customer behaviour, in particular economic conditions in ING’s core markets, including changes affecting currency exchange rates and the regional and global economic impact of the invasion of Russia into Ukraine and related international response measures (2) changes affecting interest rate levels (3) any default of a major market participant and related market disruption (4) changes in performance of financial markets, including in Europe and developing markets (5) fiscal uncertainty in Europe and the United States (6) discontinuation of or changes in ‘benchmark’ indices (7) inflation and deflation in our principal markets (8) changes in conditions in the credit and capital markets generally, including changes in borrower and counterparty creditworthiness (9) failures of banks falling under the scope of state compensation schemes (10) non-compliance with or changes in laws and regulations, including those concerning financial services, financial economic crimes and tax laws, and the interpretation and application thereof (11) geopolitical risks, political instabilities and policies and actions of governmental and regulatory authorities, including in connection with the invasion of Russia into Ukraine and the related international response measures (12) legal and regulatory risks in certain countries with less developed legal and regulatory frameworks (13) prudential supervision and regulations, including in relation to stress tests and regulatory restrictions on dividends and distributions (also among members of the group) (14) ING’s ability to meet minimum capital and other prudential regulatory requirements (15) changes in regulation of US commodities and derivatives businesses of ING and its customers (16) application of bank recovery and resolution regimes, including write down and conversion powers in relation to our securities (17) outcome of current and future litigation, enforcement proceedings, investigations or other regulatory actions, including claims by customers or stakeholders who feel misled or treated unfairly, and other conduct issues (18) changes in tax laws and regulations and risks of non-compliance or investigation in connection with tax laws, including FATCA (19) operational and IT risks, such as system disruptions or failures, breaches of security, cyber-attacks, human error, changes in operational practices or inadequate controls including in respect of third parties with which we do business and including any risks as a result of incomplete, inaccurate, or otherwise flawed outputs from the algorithms and data sets utilized in artificial intelligence (20) risks and challenges related to cybercrime including the effects of cyberattacks and changes in legislation and regulation related to cybersecurity and data privacy, including such risks and challenges as a consequence of the use of emerging technologies, such as advanced forms of artificial intelligence and quantum computing (21) changes in general competitive factors, including ability to increase or maintain market share (22) inability to protect our intellectual property and infringement claims by third parties (23) inability of counterparties to meet financial obligations or ability to enforce rights against such counterparties (24) changes in credit ratings (25) business, operational, regulatory, reputation, transition and other risks and challenges in connection with climate change and ESG-related matters, including data gathering and reporting (26) inability to attract and retain key personnel (27) future liabilities under defined benefit retirement plans (28) failure to manage business risks, including in connection with use of models, use of derivatives, or maintaining appropriate policies and guidelines (29) changes in capital and credit markets, including interbank funding, as well as customer deposits, which provide the liquidity and capital required to fund our operations, and (30) the other risks and uncertainties detailed in the most recent annual report of ING Groep N.V. (including the Risk Factors contained therein) and ING’s more recent disclosures, including press releases, which are available on www.ING.com.

    This document may contain ESG-related material that has been prepared by ING on the basis of publicly available information, internally developed data and other third-party sources believed to be reliable. ING has not sought to independently verify information obtained from public and third-party sources and makes no representations or warranties as to accuracy, completeness, reasonableness or reliability of such information.

    Materiality, as used in the context of ESG, is distinct from, and should not be confused with, such term as defined in the Market Abuse Regulation or as defined for Securities and Exchange Commission (‘SEC’) reporting purposes. Any issues identified as material for purposes of ESG in this document are therefore not necessarily material as defined in the Market Abuse Regulation or for SEC reporting purposes. In addition, there is currently no single, globally recognized set of accepted definitions in assessing whether activities are “green” or “sustainable.” Without limiting any of the statements contained herein, we make no representation or warranty as to whether any of our securities constitutes a green or sustainable security or conforms to present or future investor expectations or objectives for green or sustainable investing. For information on characteristics of a security, use of proceeds, a description of applicable project(s) and/or any other relevant information, please reference the offering documents for such security.

    This document may contain inactive textual addresses to internet websites operated by us and third parties. Reference to such websites is made for information purposes only, and information found at such websites is not incorporated by reference into this document. ING does not make any representation or warranty with respect to the accuracy or completeness of, or take any responsibility for, any information found at any websites operated by third parties. ING specifically disclaims any liability with respect to any information found at websites operated by third parties. ING cannot guarantee that websites operated by third parties remain available following the publication of this document, or that any information found at such websites will not change following the filing of this document. Many of those factors are beyond ING’s control.

    Any forward-looking statements made by or on behalf of ING speak only as of the date they are made, and ING assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.

    This document does not constitute an offer to sell, or a solicitation of an offer to purchase, any securities in the United States or any other jurisdiction.

    Attachment

    The MIL Network –

  • MIL-OSI China: Announcement on Open Market Operations No.34 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.34 [2025]

    (Open Market Operations Office, February 20, 2025)

    In order to keep the liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB125 billion through quantity bidding at a fixed interest rate on February 20, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB125 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月20日

    MIL OSI China News –

  • MIL-OSI New Zealand: Federated Farmers Statement: Members’ Bill puts woke banks on notice

    Source: Federated Farmers

    Federated Farmers say Andy Foster’s Members’ Bill, drawn from the ballot earlier this afternoon, will stop lenders from unfairly de-banking legitimate businesses and industries.
    “Banks have been under huge pressure recently for some of their more unpalatable lending practices,” Federated Farmers banking spokesperson Richard McIntyre says.
    “This Bill is only going to add to that scrutiny and will shine a white-hot light on big banks that have been forcing their ideological views down the throats of everyday New Zealanders.”
    Federated Farmers have been vocal critics of the banking sector in recent years and were instrumental in securing the select committee inquiry currently underway.
    They have also played a significant role in exposing discrepancies between the different targets big Australian banks are setting for Kiwi farmers compared to their Australian clients.
    Late last year the organisation blew the whistle on the Bank of New Zealand’s outrageous decision to effectively de-bank legitimate businesses like petrol stations from 2030.
    “Federated Farmers support this Bill and will be encouraging all Government parties to throw their support in behind it,” McIntyre says.
    “Lending decisions should be based on financial drivers, not ideological or political considerations.
    “Legitimate New Zealand businesses, like farms and petrol stations, should not be unfairly targeted by banks because of the industry we operate in.
    “It’s important we can continue to access banking services and the capital we need to keep growing our businesses, creating jobs, and contributing to the economy.
    “Provided we’re following the laws set by our democratically elected Government, we should be able to go about our business without our bank becoming the moral police.”

    MIL OSI New Zealand News –

  • MIL-OSI Banking: Deputy Secretary-General for ASEAN Economic Community meets with Ambassador of Norway to ASEAN

    Source: ASEAN

    Deputy Secretary-General for ASEAN Economic Community, H.E. Satvinder Singh, met with Ambassador of Norway to ASEAN, H.E. Kjell Tormod Pettersen. They discussed ways to further substantiate the ASEAN-Norway Sectoral Dialogue Partnership, implementation of the ASEAN-EFTA Joint Declaration on Cooperation and exchanged views on the negotiations of the Practical Cooperation Areas 2026-2030. This year marks the 10th anniversary of ASEAN and Norway Sectoral Dialogue Partnership.

    The post Deputy Secretary-General for ASEAN Economic Community meets with Ambassador of Norway to ASEAN appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Banking: Secretary-General of ASEAN emphasises the importance of youth at the Japan-ASEAN Youth Summit 2025

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today attended the Opening of the Japan-ASEAN Youth Summit 2025, held at the Mission of Japan to ASEAN, where he delivered a keynote speech highlighting the importance of harnessing the talent, innovation, and dynamism of the youth in addressing societal challenges, particularly in the areas of public health and environmental sustainability. Dr. Kao also encouraged the promotion of youth-led initiatives and closer collaboration to drive positive change and contribute to ASEAN community-building efforts.

    Download the full remarks here.

    The post Secretary-General of ASEAN emphasises the importance of youth at the Japan-ASEAN Youth Summit 2025 appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI New Zealand: ACT welcomes further debate on banking wokery

    Source: ACT Party

    In response to the draw of the Financial Markets (Conduct of Institutions) Amendment (Duty to Provide) Amendment Bill from Parliament’s ballot:

    “When I first raised the problem of climate ideology in banking, it was an issue only grumbled about across the farm fence. Now it’s a mainstream concern, challenged in New Zealand’s highest chambers of power,” says ACT Rural Communities spokesperson Mark Cameron, who is also leading a select committee inquiry into rural banking practices.

    “The ACT team will be looking at the detail of this bill before forming a position.

    “In the meantime, ACT will continue to make the case for tackling woke banking practices at the cause. That includes the Net Zero Banking Alliance, which major banks in the United States, Canada, and Australia are rightly fleeing. We’ve also challenged the stupid climate commitments placed on banks by the Financial Markets Authority.”

    MIL OSI New Zealand News –

  • MIL-OSI Economics: Money Market Operations as on February 18, 2025

    Source: Reserve Bank of India
    (Amount in ₹ crore, Rate in Per cent)
      Volume
    (One Leg)    		 Weighted
    Average Rate    		 Range
    A. Overnight Segment (I+II+III+IV) 5,78,950.11 6.26 5.25-6.60
         I. Call Money 14,414.61 6.35 5.25-6.50
         II. Triparty Repo 4,01,857.25 6.25 6.15-6.60
         III. Market Repo 1,60,689.05 6.28 5.75-6.45
         IV. Repo in Corporate Bond 1,989.20 6.47 6.42-6.55
    B. Term Segment      
         I. Notice Money** 276.00 6.36 5.80-6.40
         II. Term Money@@ 216.00 – 6.45-6.70
         III. Triparty Repo 705.00 6.30 6.25-6.40
         IV. Market Repo 1,045.78 5.88 5.75-6.70
         V. Repo in Corporate Bond 0.00 – –
      Auction Date Tenor (Days) Maturity Date Amount Current Rate /
    Cut off Rate
    C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
    I. Today’s Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Tue, 18/02/2025 2 Thu, 20/02/2025 71,773.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo          
         (b) Reverse Repo          
    3. MSF# Tue, 18/02/2025 1 Wed, 19/02/2025 1,359.00 6.50
      Tue, 18/02/2025 2 Thu, 20/02/2025 0.00 6.50
    4. SDFΔ# Tue, 18/02/2025 1 Wed, 19/02/2025 89,800.00 6.00
      Tue, 18/02/2025 2 Thu, 20/02/2025 7,559.00 6.00
    5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*       -24,227.00  
    II. Outstanding Operations
    1. Fixed Rate          
    2. Variable Rate&          
      (I) Main Operation          
         (a) Repo          
         (b) Reverse Repo          
      (II) Fine Tuning Operations          
         (a) Repo Mon, 17/02/2025 4 Fri, 21/02/2025 57,413.00 6.26
         (b) Reverse Repo          
      (III) Long Term Operations^          
         (a) Repo Fri, 14/02/2025 49 Fri, 04/04/2025 75,003.00 6.28
      Fri, 07/02/2025 56 Fri, 04/04/2025 50,010.00 6.31
         (b) Reverse Repo          
    3. MSF#          
    4. SDFΔ#          
    D. Standing Liquidity Facility (SLF) Availed from RBI$       9,095.71  
    E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*     1,91,521.71  
    F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*     1,67,294.71  
    G. Cash Reserves Position of Scheduled Commercial Banks
         (i) Cash balances with RBI as on February 18, 2025 8,97,439.46  
         (ii) Average daily cash reserve requirement for the fortnight ending February 21, 2025 9,12,240.00  
    H. Government of India Surplus Cash Balance Reckoned for Auction as on¥ February 18, 2025 71,773.00  
    I. Net durable liquidity [surplus (+)/deficit (-)] as on January 24, 2025 -34,103.00  
    @ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
    – Not Applicable / No Transaction.
    ** Relates to uncollateralized transactions of 2 to 14 days tenor.
    @@ Relates to uncollateralized transactions of 15 days to one year tenor.
    $ Includes refinance facilities extended by RBI.
    & As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
    Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
    * Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
    ¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
    # As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
    ^ As per the Press Release No. 2024-2025/2138 dated February 12, 2025 and Press Release No. 2024-2025/2013 dated January 27, 2025.
    Ajit Prasad          
    Deputy General Manager
    (Communications)    
    Press Release: 2024-2025/2195

    MIL OSI Economics –

  • MIL-OSI USA News: Commencing the Reduction of the Federal Bureaucracy

    Source: The White House

    class=”has-text-align-left”>By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:

         Section 1.  Purpose.  It is the policy of my Administration to dramatically reduce the size of the Federal Government, while increasing its accountability to the American people.  This order commences a reduction in the elements of the Federal bureaucracy that the President has determined are unnecessary.  Reducing the size of the Federal Government will minimize Government waste and abuse, reduce inflation, and promote American freedom and innovation.

         Sec. 2.  Reducing the Scope of the Federal Bureaucracy.   (a)  The non-statutory components and functions of the following governmental entities shall be eliminated to the maximum extent consistent with applicable law, and such entities shall reduce the performance of their statutory functions and associated personnel to the minimum presence and function required by law:
    (i)    the Presidio Trust;
    (ii)   the Inter-American Foundation;
    (iii)  the United States African Development Foundation; and
    (iv)   the United States Institute of Peace.
    (b)  Within 14 days of the date of this order, the head of each unnecessary governmental entity listed in subsection (a) of this section shall submit a report to the Director of the Office of Management and Budget (OMB Director) confirming compliance with this order and stating whether the governmental entity, or any components or functions thereof, are statutorily required and to what extent.
    (c)  In reviewing budget requests submitted by the governmental entities listed in subsection (a) of this section, the OMB Director or the head of any executive department or agency charged with reviewing grant requests by such entities shall, to the extent consistent with applicable law and except insofar as necessary to effectuate an expected termination, reject funding requests for such governmental entities to the extent they are inconsistent with this order.
    (d)  The Presidential Memorandum of November 13, 1961 (Need for Greater Coordination of Regional and Field Activities of the Government), is hereby revoked.  The Director of the Office of Personnel Management (OPM Director) is directed to initiate the process to withdraw the regulations at title 5, part 960, Code of Federal Regulations, thereby eliminating the Federal Executive Boards.  
    (e)  The OPM Director is directed to initiate the process to withdraw the regulations at title 5, part 362, subpart D, Code of Federal Regulations, and to take any other steps necessary to promptly terminate the Presidential Management Fellows Program.  On the effective date of the final regulations promulgated by the OPM Director, Executive Order 13318 of November 21, 2003, is revoked and Executive Order 13562 of December 27, 2010, is amended by:
    (i)    striking from section 2 the words “along with the Presidential Management Fellows Program, as modified herein,”;
    (ii)   striking section 5;
    (iii)  striking from section 6(b) the words “or PMF Programs” and inserting in their place “program”;
    (iv)   striking from section 7(b)(iii) the words “the competitive service of Interns, Recent Graduates, or PMFs (or a Government-wide combined conversion cap applicable to all three categories together)” and inserting in their place “the competitive service of Interns or Recent Graduates (or a Government-wide combined conversion cap applicable to both categories together)”; and
    (v)    redesignating sections 6, 7, 8, and 9 as sections 5, 6, 7, and 8 respectively.  
    (f)  Within 14 days of the date of this order, the following heads of executive departments and agencies (agencies) shall take the following actions with respect to the following Federal Advisory Committees within their respective agencies:
    (i) the Administrator of the United States Agency for International Development shall terminate the Advisory Committee on Voluntary Foreign Aid; 
    (ii)   the Director of the Bureau of Consumer Financial Protection shall terminate the Academic Research Council and the Credit Union Advisory Council;
    (iii)  the Board of Directors of the Federal Deposit Insurance Corporation shall terminate the Community Bank Advisory Council;
    (iv)   the Secretary of Health and Human Services shall terminate the Secretary’s Advisory Committee on Long COVID; and
    (v)    the Administrator of the Centers for Medicare and Medicaid Services shall terminate the Health Equity Advisory Committee.
    (g)  Within 30 days of the date of this order, the Assistant to the President for National Security Affairs, the Assistant to the President for Economic Policy, and the Assistant to the President for Domestic Policy shall identify and submit to the President additional unnecessary governmental entities and Federal Advisory Committees that should be terminated on grounds that they are unnecessary.  

         Sec. 3.  General Provisions.  (a)  Nothing in this order shall be construed to impair or otherwise affect:
    (i)   the authority granted by law to an executive department, agency, or the head thereof; or
    (ii)  the functions of the Director of the Office of Management and Budget relating to budgetary, administrative, or legislative proposals.
    (b)  This order shall be implemented consistent with applicable law and subject to the availability of appropriations.
    (c)  This order is not intended to, and does not, create any right or benefit, substantive or procedural, enforceable at law or in equity by any party against the United States, its departments, agencies, or entities, its officers, employees, or agents, or any other person.
     
     
     
    THE WHITE HOUSE,
        February 19, 2025.

    MIL OSI USA News –

  • MIL-OSI Africa: Secretary-General’s remarks at the Opening Ceremony of CARICOM 48th Regular Meeting of Heads of Government [as delivered]

    Source: United Nations – English

    our Excellencies, Distinguished Guests, Ladies and Gentlemen, all protocol observed.
     
    It is a joy to be with you in Barbados and an honour to be back in the Caribbean. 
     
    I am delighted to meet Prime Minister Mottley again so soon after the African Union Summit in Ethiopia, where you delivered such a powerful message on the legacies of slavery and colonialism, and reparatory justice. 
     
    Excellencies, 
     
    The exquisite beauty of the Caribbean is famed the world over. 
     
    But there is trouble in paradise. 
     
    Wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes: 
     
    Geopolitical tensions fuelling uncertainty…
     
    The scarring effects of COVID-19 leaving a trail of socio-economic crisis… 
     
    Soaring debt and interest rates, on top of a surge in the cost of living…  
     
    All amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets… 
     
    And all as you remain locked-out of many international institutions – one of the many legacies of colonialism today.
     
    Excellencies, Dear Friends,
     
    The cure for these ills is global. 
     
    International solutions are essential to create a better today and a brighter tomorrow for this wonderful region, and for the world. 
     
    We have progress on which to build – hard-won global commitments to address the immense challenges we face. 
     
    But we need the world to deliver. 
     
    The irrepressible strength of a unified Caribbean, and commitment to multilateralism – which have done so much to advance global progress – is vital to achieving that aim. 
     
    And your theme for this year – Strength in Unity – is truly a theme for our times. 
     
    I see three key areas where, together, we must drive progress. 
     
    First, unity for peace and security…
     
    Particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people. 
     
    CARICOM, and the Eminent Persons Group, have provided invaluable support.  
     
    We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections.
     
    And I will soon report to the United Nations Security Council on the situation in Haiti, including proposals on the role the UN can play to support stability and security and address the root causes of the crisis.
     
    It is my intention to present to the Security Council a proposal that is very similar to the one that we have presented for Somalia, in which the UN assumes the responsibility of the structural and logistical expenditures that are necessary to put the force in place. And the salaries of the force are paid through the trust fund that already exists.
     
    And if the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive.
     
    And I urge you to continue your work and advocacy to tackle the weapons and drug trafficking that is fuelling violence across the region, including through prevention.
     
    But let’s be clear: to fight drug trafficking or to fight weapons trafficking, we also need to address the countries of origin and the countries of destination.  Without their cooperation, we will never be able to win this battle, and the people of the Caribbean are paying a heavy price for the lack of cooperation that unfortunately, we still face.
     
    Second, unity on the climate crisis. 
     
    You face a deplorable injustice: 
     
    A crisis you have done next to nothing to create is wrecking economies, ruining lives, and threatening your very existence.  
     
    Together, you have fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees. 
     
    This year, countries must deliver new national climate action plans, ahead of COP30, that align with that goal, with the G20 – the big polluters – leading the way. 
     
    This is a chance for the world to get a grip on emissions. 
     
    And it is also a chance for the Caribbean to seize the benefits of clean power… 
     
    To tap your vast renewables potential… 
     
    And to turn your back on costly fossil fuel imports.  
     
    But this requires finance. 
     
    We need confidence that the $1.3 trillion agreed at COP29 will be mobilized.  
     
    And we need the world to get serious in responding to the disasters that we know will keep coming.  
     
    Adaptation is critical for this region. To save lives. And to make economies resilient. 
     
    And we need developed countries to honour their promises on adaptation finance – and more. 
     
    And we need meaningful contributions to the new Loss and Damage Fund. 
     
    When the fund was created, the pledges made are equivalent to the new contract for just one baseball player in New York City. Let’s be clear: the Loss and Damage Fund must be a serious thing.  
     
    And we must be able to find new, innovative sources of financing and namely, to finally put seriously a price on carbon – and there are different ways to achieve this goal.
     
    Excellencies, 
     
    This must be part of broader efforts:
     
    Because, third, we need unity for sustainable development. 
     
    Globally, the Sustainable Development Goals are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.  
     
    Caribbean countries have been at the forefront of the fight for change – pioneering bold and creative solutions. 
     
    And the Pact for the Future agreed last year, together with the Bridgetown Initiative, now 3.0, marks significant progress – and I thank you all for your support. 
     
    The Pact commits to advancing an SDG Stimulus of $500 billion a year;
     
    And it asks Multilateral Development Banks to consider structural vulnerabilities in access to concessional funds, including through using the Multidimensional Vulnerability Index. 
     
    With this, or any other instrument, it is absolutely essential that middle-income countries that have dramatic vulnerabilities, especially because of climate change, have access to concessional funding.  Without it, it is impossible to recover and to build the resilience that is so much highlighted in this congress.
     
    It also calls for representation in international financial institutions to correct for the world’s vast inequalities and injustices…
     
    And for effective action on debt… 
     
    Without debt relief, and without new debt strategies, it will be impossible to fully recover your economies.
     
    At the same time, we need bigger and bolder Multilateral Development Banks, with more capital, more lending capacity and more capacity to also leverage private funding for the kind of investments that are essential to build resilience and to promote sustainable development in countries like the countries of the Caribbean.
     
    We must push the world to deliver on those commitments. 
     
    And we must ensure all countries can reap the benefits of technologies for sustainable development – by delivering on the Global Digital Compact. 
     
    Excellencies, Dear Friends,
     
    A unified Caribbean is an unstoppable force. 
     
    I urge you to keep using that power to push the world to deliver on its promise.
     
    And I can guarantee that the United Nations and myself are with you, and will remain with you, every step of the way. 
     
    Thank you very much.
     
     

    MIL OSI Africa –

  • MIL-OSI United Nations: Secretary-General’s remarks at the Opening Ceremony of CARICOM 48th Regular Meeting of Heads of Government [as delivered]

    Source: United Nations secretary general

    Your Excellencies, Distinguished Guests, Ladies and Gentlemen, all protocol observed.
     
    It is a joy to be with you in Barbados and an honour to be back in the Caribbean. 
     
    I am delighted to meet Prime Minister Mottley again so soon after the African Union Summit in Ethiopia, where you delivered such a powerful message on the legacies of slavery and colonialism, and reparatory justice. 
     
    Excellencies, 
     
    The exquisite beauty of the Caribbean is famed the world over. 
     
    But there is trouble in paradise. 
     
    Wave after wave of crisis is pounding your people and your islands – with no time to catch your breath before the next disaster strikes: 
     
    Geopolitical tensions fuelling uncertainty…
     
    The scarring effects of COVID-19 leaving a trail of socio-economic crisis… 
     
    Soaring debt and interest rates, on top of a surge in the cost of living…  
     
    All amidst a deadly swell of climate disasters – ripping development gains to shreds, and blowing holes through your national budgets… 
     
    And all as you remain locked-out of many international institutions – one of the many legacies of colonialism today.
     
    Excellencies, Dear Friends,
     
    The cure for these ills is global. 
     
    International solutions are essential to create a better today and a brighter tomorrow for this wonderful region, and for the world. 
     
    We have progress on which to build – hard-won global commitments to address the immense challenges we face. 
     
    But we need the world to deliver. 
     
    The irrepressible strength of a unified Caribbean, and commitment to multilateralism – which have done so much to advance global progress – is vital to achieving that aim. 
     
    And your theme for this year – Strength in Unity – is truly a theme for our times. 
     
    I see three key areas where, together, we must drive progress. 
     
    First, unity for peace and security…
     
    Particularly to address the appalling situation in Haiti – where gangs are inflicting intolerable suffering on a desperate and frightened people. 
     
    CARICOM, and the Eminent Persons Group, have provided invaluable support.  
     
    We must keep working for a political process – owned and led by the Haitians – that restores democratic institutions through elections.
     
    And I will soon report to the United Nations Security Council on the situation in Haiti, including proposals on the role the UN can play to support stability and security and address the root causes of the crisis.
     
    It is my intention to present to the Security Council a proposal that is very similar to the one that we have presented for Somalia, in which the UN assumes the responsibility of the structural and logistical expenditures that are necessary to put the force in place. And the salaries of the force are paid through the trust fund that already exists.
     
    And if the Security Council will accept this proposal, we will have the conditions to finally have an effective force to defeat the gangs in Haiti and create the conditions for democracy to thrive.
     
    And I urge you to continue your work and advocacy to tackle the weapons and drug trafficking that is fuelling violence across the region, including through prevention.
     
    But let’s be clear: to fight drug trafficking or to fight weapons trafficking, we also need to address the countries of origin and the countries of destination.  Without their cooperation, we will never be able to win this battle, and the people of the Caribbean are paying a heavy price for the lack of cooperation that unfortunately, we still face.
     
    Second, unity on the climate crisis. 
     
    You face a deplorable injustice: 
     
    A crisis you have done next to nothing to create is wrecking economies, ruining lives, and threatening your very existence.  
     
    Together, you have fought tooth and nail for the global commitment to limit global temperature rise to 1.5 degrees. 
     
    This year, countries must deliver new national climate action plans, ahead of COP30, that align with that goal, with the G20 – the big polluters – leading the way. 
     
    This is a chance for the world to get a grip on emissions. 
     
    And it is also a chance for the Caribbean to seize the benefits of clean power… 
     
    To tap your vast renewables potential… 
     
    And to turn your back on costly fossil fuel imports.  
     
    But this requires finance. 
     
    We need confidence that the $1.3 trillion agreed at COP29 will be mobilized.  
     
    And we need the world to get serious in responding to the disasters that we know will keep coming.  
     
    Adaptation is critical for this region. To save lives. And to make economies resilient. 
     
    And we need developed countries to honour their promises on adaptation finance – and more. 
     
    And we need meaningful contributions to the new Loss and Damage Fund. 
     
    When the fund was created, the pledges made are equivalent to the new contract for just one baseball player in New York City. Let’s be clear: the Loss and Damage Fund must be a serious thing.  
     
    And we must be able to find new, innovative sources of financing and namely, to finally put seriously a price on carbon – and there are different ways to achieve this goal.
     
    Excellencies, 
     
    This must be part of broader efforts:
     
    Because, third, we need unity for sustainable development. 
     
    Globally, the Sustainable Development Goals are starved of adequate finance, as debt servicing soaks-up funds, and international financial institutions remain underpowered.  
     
    Caribbean countries have been at the forefront of the fight for change – pioneering bold and creative solutions. 
     
    And the Pact for the Future agreed last year, together with the Bridgetown Initiative, now 3.0, marks significant progress – and I thank you all for your support. 
     
    The Pact commits to advancing an SDG Stimulus of $500 billion a year;
     
    And it asks Multilateral Development Banks to consider structural vulnerabilities in access to concessional funds, including through using the Multidimensional Vulnerability Index. 
     
    With this, or any other instrument, it is absolutely essential that middle-income countries that have dramatic vulnerabilities, especially because of climate change, have access to concessional funding.  Without it, it is impossible to recover and to build the resilience that is so much highlighted in this congress.
     
    It also calls for representation in international financial institutions to correct for the world’s vast inequalities and injustices…
     
    And for effective action on debt… 
     
    Without debt relief, and without new debt strategies, it will be impossible to fully recover your economies.
     
    At the same time, we need bigger and bolder Multilateral Development Banks, with more capital, more lending capacity and more capacity to also leverage private funding for the kind of investments that are essential to build resilience and to promote sustainable development in countries like the countries of the Caribbean.
     
    We must push the world to deliver on those commitments. 
     
    And we must ensure all countries can reap the benefits of technologies for sustainable development – by delivering on the Global Digital Compact. 
     
    Excellencies, Dear Friends,
     
    A unified Caribbean is an unstoppable force. 
     
    I urge you to keep using that power to push the world to deliver on its promise.
     
    And I can guarantee that the United Nations and myself are with you, and will remain with you, every step of the way. 
     
    Thank you very much.
     
     

    MIL OSI United Nations News –

  • MIL-OSI: First National Bank Alaska announces unaudited results for fourth quarter and full year 2024

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Feb. 19, 2025 (GLOBE NEWSWIRE) — First National Bank Alaska’s (OTCQX:FBAK) net income for the fourth quarter of 2024 was $19.9 million, or $6.29 per share. This compares to a net income of $16.6 million, or $5.24 per share, for the same period in 2023.

    “Fourth quarter results concluded another year of strong financial performance in 2024,” said First National Board Chair and CEO/President Betsy Lawer. “Growth in both loans and customer deposits along with repositioning efforts in the securities portfolio enhanced the balance sheet. Growth in noninterest income along with outstanding expense management resulted in record-high net income. As we build on the momentum generated in 2024, I’m excited about where our recently expanded leadership team will take us to further help Alaskans shape a brighter tomorrow.”

    Loans totaled $2.5 billion as of Dec. 31, 2024, an increase of $24.3 million during fourth quarter 2024, and an increase of $196.6 million compared to the same period in 2023. Fourth quarter loan quality was strong with nonperforming loans of $4.3 million, 0.17% of outstanding loans compared to $4.7 million and 0.20% as of Dec. 31, 2023. The provision for credit losses totaled $0.7 million for the year ended Dec. 31, 2024, compared to a $0.9 million benefit for year ended Dec. 31, 2023. The allowance for credit losses as of Dec. 31, 2024 totaled $18.0 million, or 0.73% of total loans.

    Fourth quarter total interest and loan fee income was $63.4 million, a 6.2% increase from $59.8 million for the quarter ended Dec. 31, 2023. The yield on loans increased to 6.67% compared to 6.25% on Dec. 31, 2023. Interest and fees on loans and interest and dividends on investment securities increased in the fourth quarter on rate and volume improvements.

    Assets totaled $5.0 billion as of Dec. 31, 2024, decreasing by $559.5 million due to the repayments during the fourth quarter of the December 2023 advance under the Federal Reserve Bank Term Funding Program and the July 2024 Federal Home Loan Bank borrowing. Return on assets on Dec. 31, 2024, was 1.22%, fifteen basis points higher compared to 2023.

    Deposits and repurchase agreements totaled $4.4 billion as of Dec. 31, 2024, an increase of $47.1 million during the fourth quarter, and an increase of $13.1 million since Dec. 31, 2023. Seasonal outflow was offset by new customer deposits during the fourth quarter of 2024.

    Interest expense for the quarter decreased by $0.2 million compared to the quarter ended Dec. 31, 2023, due to repayments of borrowed funds offset by mix changes in interest-bearing deposits. Net interest margin through Dec. 31, 2024, was 3.12% compared to 2.82% for the year ended Dec. 31, 2023.

    Noninterest income for fourth quarter 2024 was $7.0 million, an increase of 7.5% compared to fourth quarter 2023. Quarterly income improvement occurred within fiduciary activities and mortgage loan servicing. Noninterest expenses for the fourth quarter of 2024 increased 12.4% compared to the same period in 2023, primarily due to an increase in salaries and benefits driven by the competitive labor market and health care costs. The efficiency ratio for Dec. 31, 2024, was 53.51% and remains better than First National’s peer groups, both in Alaska and across the nation.

    Provision for income taxes was reduced $2.2 million in the fourth quarter of 2024 as compared to the fourth quarter of 2023, reflecting certain state income tax benefits achieved in the securities portfolio.

    Shareholders’ equity was $516.6 million as of Dec. 31, 2024, compared to $464.8 million as of Dec. 31, 2023. This $51.8 million increase resulted from a decrease in the net unrealized loss position of the securities portfolio and net income retained in excess of dividends paid. Return on equity as of Dec. 31, 2024, was 13.60% compared to 13.97% as of Dec. 31, 2023. Book value per share as increased to $163.11, compared to $146.77 as of Dec. 31, 2023. The bank’s Dec. 31, 2024, Tier 1 leverage capital ratio of 10.54% remains above well-capitalized standards.

    ABOUT FIRST NATIONAL BANK ALASKA

    First National Bank Alaska files a quarterly financial report with the Federal Financial Institution Examination Council. The bank’s latest Consolidated Report of Condition and Income (Call Report) is filed by the 30th of the month following quarter-end and is subsequently posted at FNBAlaska.com and OTCMarkets.com.

    Alaska’s community bank since 1922, First National proudly meets the financial needs of Alaskans with ATMs and 28 locations in 19 communities throughout the state, and by providing banking services to meet their needs across the nation and around the world.

    In 2025, Forbes selected First National as the sixth bank in the country on their America’s Best Banks list. In 2024, Alaska Business readers voted First National “Best of Alaska Business” in the Best Place to Work category for the ninth year in a row, Best Bank/Credit Union for the fourth time running, and Best Customer Service. The bank was also voted “Best of Alaska” in 2024 in the Anchorage Daily News awards, ranking as one of the top three in the Bank/Financial category for the sixth year in a row. American Banker again recognized First National as a “Best Bank to Work For” in 2024, for the seventh consecutive year.

    For more than a century, the bank has been committed to supporting the communities it serves. In 2024, for the eighth consecutive reporting period, over a span of twenty-four years, First National Bank Alaska received an Outstanding Community Reinvestment Act performance rating from the Office of the Comptroller of the Currency Our dedicated team strives to provide exceptional customer service to meet the banking needs of our neighbors and fellow Alaskans across the state to help shape a brighter tomorrow.

    First National Bank Alaska is a Member FDIC, Equal Housing Lender, and recognized as a Minority Depository Institution by the Office of the Comptroller of the Currency, as it is majority-owned by women.

    CONTACT: Corporate Communications, 907-777-3409

               
    Financial Overview (Unaudited)  
    ($ in thousands, except per common share amounts)        
      Three months ended
    		   Year ended
      Dec. 31,
    		   Sep. 30,
    		   Dec. 31,
    		   December 31,
      2024
    		   2024
    		   2023
    		   2024
    		   2023
    Income Statement          
    Total Interest And Loan Fee Income $ 63,439     $ 64,615     $ 56,773     $ 59,493     $ 59,761  
    Total Interest Expense $ 18,591     $ 21,319     $ 16,521     $ 21,168     $ 18,803  
    Provision for Credit Losses $ (118 )   $ (432 )   $ (344 )   $ 721     $ (930 )
    Total Noninterest Income $ 7,011     $ 7,293     $ 6,522     $ 28,233     $ 25,426  
    Total Noninterest Expense $ 27,696     $ 25,928     $ 24,651     $ 104,346     $ 98,168  
    Provision for Income Taxes $ 4,350     $ 7,099     $ 6,593     $ 22,839     $ 22,657  
    Net Income $ 19,931     $ 17,994     $ 16,580     $ 67,048     $ 60,010  
    Earnings per common share $ 6.29     $ 5.68     $ 5.24     $ 21.17     $ 18.96  
    Dividend per common share $ 6.40     $ 3.20     $ 6.40     $ 16.00     $ 16.00  
               
    Financial Overview (Unaudited) Quarter Ended
      12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023
    Balance Sheet          
    Total Assets $ 4,997,767     $ 5,557,306     $ 5,116,066     $ 5,212,976     $ 5,730,835  
    Total Securities $ 1,928,625     $ 2,602,519     $ 2,197,788     $ 2,404,078     $ 2,384,951  
    Total Loans $ 2,469,935     $ 2,445,596     $ 2,391,593     $ 2,369,282     $ 2,273,311  
    Total Deposits $ 3,679,155     $ 3,728,181     $ 3,698,631     $ 3,665,066     $ 3,780,018  
    Repurchase Agreements $ 743,193     $ 647,043     $ 615,096     $ 571,463     $ 629,280  
    Total Deposits and Repurchase Agreements $ 4,422,348     $ 4,375,224     $ 4,313,727     $ 4,236,529     $ 4,409,298  
    Total Borrowing under the Federal Reserve Bank Term Funding Program $ –     $ 249,868     $ 249,868     $ 430,000     $ 780,000  
    Unrealized loss on marketable securities, net of tax $ (62,985 )   $ (52,020 )   $ (86,857 )   $ (95,809 )   $ (98,378 )
    Total Shareholders’ Equity $ 516,562     $ 527,864     $ 485,167     $ 470,702     $ 464,791  
               
    Financial Measures          
    Return on Assets   1.22 %     1.15 %     1.08 %     0.95 %     1.07 %
    Return on Equity   13.60 %     12.90 %     12.30 %     11.52 %     13.97 %
    Net Interest Margin   3.12 %     3.04 %     2.98 %     2.76 %     2.82 %
    Yield on Loans   6.67 %     6.65 %     6.55 %     6.40 %     6.25 %
    Yield on Securities   2.55 %     2.49 %     2.33 %     2.36 %     1.66 %
    Cost of Interest Bearing Deposits   1.57 %     1.62 %     1.60 %     1.55 %     1.02 %
    Efficiency Ratio   53.51 %     53.59 %     54.94 %     56.00 %     54.28 %
               
    Capital          
    Shareholders’ Equity/Total Assets   10.34 %     9.50 %     9.48 %     9.03 %     8.11 %
    Tier 1 Leverage Ratio   10.54 %     10.39 %     11.12 %     9.96 %     9.85 %
    Regulatory Well Capitalized Minimum Ratio – Tier 1 Leverage Ratio   5.00 %     5.00 %     5.00 %     5.00 %     5.00 %
    Tier 1 (Core) Capital $ 579,547     $ 579,884     $ 572,024     $ 566,511     $ 563,169  
               
    Credit Quality          
    Nonperforming Loans and OREO $ 4,313     $ 4,186     $ 4,731     $ 28,634     $ 4,659  
    Nonperforming Loans and OREO/Total Loans   0.17 %     0.17 %     0.20 %     1.21 %     0.20 %
    Nonperforming Loans and OREO/Tier 1 Capital   0.74 %     0.72 %     0.83 %     5.05 %     0.83 %
    Allowance for Credit Losses $ 18,025     $ 18,550     $ 19,000     $ 18,800     $ 17,750  
    Allowance for Credit Losses/Total Loans   0.73 %     0.76 %     0.79 %     0.79 %     0.78 %
               
    Net interest margin, yields, and efficiency ratios are tax effected.      
    Financial measures are year-to-date.          
               

    The MIL Network –

  • MIL-OSI New Zealand: ACT MP congratulates Labour MP for pro-freedom bill

    Source: ACT Party

    Responding to the draw of the Financial Markets (Conduct of Institutions) Amendment (Duty to Provide) Amendment Bill:

    “Finally, the House of Representatives will have a chance to debate the wokery in the banking sector that has seen farmers and other unfashionable sectors treated like second-class borrowers,” says ACT Rural Communities spokesperson Mark Cameron, who is also leading an inquiry into rural banking practices.

    “The ACT team will be looking at the detail of this bill. We’ll continue to make the case for tackling woke banking practices at its cause. That includes the Net Zero Banking Alliance, which major banks in the United States, Canada, and Australia are rightly fleeing. We’ve also challenged the stupid climate commitments placed on banks by the Financial Markets Authority.

    “In the meantime, I’m celebrating the fact that these issues, once only discussed with frustration across the farm fence, are now being addressed in New Zealand’s highest chambers of power.”

    MIL OSI New Zealand News –