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Category: Banking

  • MIL-OSI USA: Tuberville Calls for Permanent Repeal of the Death Tax

    US Senate News:

    Source: United States Senator Tommy Tuberville (Alabama)

    WASHINGTON – Yesterday, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senator John Thune (R-SD) in reintroducing legislation that would permanently repeal the federal estate tax, commonly known as the death tax. The Death Tax Repeal Act would end this purely punitive tax that can hit family-run farms, ranches, and businesses as the result of the owner’s death. Sen. Tuberville has helped introduce this legislation in both the 117th and 118th congresses.

    “The Death Tax destroys American jobs by stifling profitable businesses that employ hardworking Americans,” said Senator Tuberville. “Our government should be focused on creating an economic environment that preserves small businesses and family farms, instead of taxing them out of operation. I will keep pushing for policies that incentivize our next generation of farmers and business owners, so that we can continue to rely on their contributions for a strong economy.”

    “Family farms and ranches play a vital role in our economy and are the lifeblood of rural communities in South Dakota,” said Senator Thune. “Losing even one of them to the death tax is one too many. It’s time to put an end to this punishing, burdensome tax once and for all so that family farms, ranches and small businesses can grow and thrive without costly estate planning or massive tax burdens that can threaten their viability.”

    Senators Tuberville and Thune are joined by U.S. Sens. Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), John Boozman (R-AR), Katie Britt (R-AL), Ted Budd (R-NC), Shelley Moore Capito (R-WV), John Cornyn (R-TX), Tom Cotton (R-AR), Kevin Cramer (R-ND), Mike Crapo (R-ID), Ted Cruz (R-TX), John Curtis (R-UT), Steve Daines (R-MT), Joni Ernst (R-IA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Chuck Grassley (R-IA), Bill Hagerty (R-TN), Josh Hawley (R-MO), John Hoeven (R-ND), Cindy Hyde-Smith (R-MS), Ron Johnson (R-WI), Jim Justice (R-WV), John Kennedy (R-LA), James Lankford (R-OK), Mike Lee (R-UT), Cynthia Lummis (R-WY), Roger Marshall (R-KS), Mitch McConnell (R-KY), Dave McCormick (R-PA), Jerry Moran (R-KS), Bernie Moreno (R-OH), Markwayne Mullin (R-OK), Pete Ricketts (R-NE), Jim Risch (R-ID), Mike Rounds (R-SD), Eric Schmitt (R-MO), Rick Scott (R-FL), Tim Scott (R-SC), Tim Sheehy (R-MT), Thom Tillis (R-NC), Roger Wicker (R-MS), and Todd Young (R-IN) in cosponsoring the legislation.

    Companion legislation was introduced in the U.S. House of Representatives by Rep. Randy Feenstra (R-IA-04).

    Read full text of the legislation here.

    BACKGROUND:

    The Senate attempted to repeal the estate tax while Congress considered the Tax Cuts and Jobs Act (TCJA) in 2017. Although the final version of the TCJA did not repeal the death tax, the law effectively doubled the individual estate and gift tax exclusion to $10 million (approximately $13.9 million in 2025 dollars) through 2025, which prevents more families and generationally owned businesses from being affected by this tax. The increased exclusion expires at the end of 2025, which increases uncertainty and planning costs for family-owned businesses, farms, and ranches. 

    MORE:

    ICYMI: Tuberville in Yellowhammer News: “Protect family farmers by repealing the death tax”
    Tuberville Pushes to Permanently Repeal the Death Tax
    Tuberville Joins Effort to Permanently Repeal the Death Tax

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

    MIL OSI USA News –

  • MIL-OSI USA: Acting Chairman Pham Announces Brian Young as Director of Enforcement

    Source: US Commodity Futures Trading Commission

    WASHINGTON, D.C. — Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today announced Brian Young will serve as the agency’s Director of Enforcement. Young has been serving in an acting capacity since January 22, and previously was the Director of the Whistleblower Office. He is a distinguished federal prosecutor with nearly 20 years of service at the Department of Justice, including Acting Director of Litigation for the Antitrust Division and Chief of the Litigation Unit for the Fraud Section of the Criminal Division, and has successfully tried some of the most high-profile criminal fraud and manipulation cases in the CFTC’s markets. 
    “Brian exemplifies the best of what we stand for at the CFTC,” said Acting Chairman Pham. “He is a fearless leader that will build an even more impressive enforcement program that will stay true to the CFTC’s mission to protect the American public from fraudsters and scammers. I am confident that under Brian’s leadership, the CFTC will expand and scale our resources to help more victims than ever before and ensure the integrity of our markets in the name of justice. Brian has hit the ground running and I look forward to seeing his continued impact to strengthen the Division of Enforcement and deliver results.” 
    “I want to thank Acting Chairman Pham for her confidence in me and for her commitment to continuing the CFTC’s aggressive efforts to protect our global commodity markets from fraud, manipulation, and other abusive practices,” said Young. “As former Director of the Whistleblower Officer, I worked closely with the talented and dedicated staff of the Division of Enforcement, and I look forward to working with this highly motivated group to help bring justice for victims, protect those who cannot protect themselves, and root out misconduct and wrongdoing.”
    Brian Young, Director of Enforcement
    Young joined the CFTC in 2024 as the Director of the Whistleblower Office following nearly 20 years at the Department of Justice. During his first year as the Director of the Whistleblower Office, Young oversaw a team that achieved a record high number of annual dispositions of whistleblower award applications. His most recent role at DOJ was as the Acting Director of Litigation for the Antitrust Division, where he served as the highest-ranking career official in the Antitrust Division’s litigation program. There, he oversaw criminal prosecutions brought under the Sherman Act as well as civil merger and antitrust conduct litigation. 
    Before his time at the Antitrust Division, Young served in various roles in the Fraud Section of the Criminal Division, culminating in his appointment as Chief of the Fraud Section’s Litigation Unit. While at the Fraud Section, Young tried several of the most significant white collar crime matters in the past decade, including prosecutions of the first individuals tried in the United States on charges of manipulating the London Interbank Offered Rate (LIBOR); the former head of HSBC Bank’s Foreign Exchange (FX) desk in connection with a scheme to “frontrun” a client on a $3.5 billion FX trade; and two former London and Singapore-based Deutsche Bank precious metals traders arising from a scheme to “spoof” the futures markets by placing over $1 billion in non-bona fide orders on the Chicago Mercantile Exchange. 
    Young joined the DOJ through the Attorney General’s Honors Program and began his career as a law clerk for the Honorable Alice M. Batchelder of the United States Court of Appeals for the Sixth Circuit. During his time at DOJ, Young received the Attorney General’s Award for Distinguished Service, three Assistant Attorney General’s Awards for Exceptional Service, and an Outstanding Service Award from the Washington Field Office of the Federal Bureau of Investigation. 

    MIL OSI USA News –

  • MIL-OSI Global: Congress, not the president, decides on government spending − a constitutional law professor explains how the ‘power of the purse’ works

    Source: The Conversation – USA – By Zachary Price, Associate Professor of Law, University of California College of the Law, San Francisco

    Congress has the authority to spend the nation’s money. Presidents try to get around that limitation. ATU Images-The Image Bank/Getty Images

    Because of the Trump administration’s efforts to cut staff and spending, Congress’ “power of the purse” has been in the news lately. Many of these actions have been challenged in court.

    I’m a law professor who has written about Congress’ power of the purse and some of the legal and constitutional issues that surround it. Here’s a brief explanation of the concept – and of why you should care about it.

    How it works

    Under the U.S. Constitution, Congress holds what’s commonly called the “power of the purse.” Congress, in other words, holds the authority to control government expenditures.

    Concretely, Congress may enact laws that raise revenue through taxes and import duties, and it may also spend money for “the common Defence and general Welfare,” terms in the Constitution that are understood to cover almost any spending that Congress thinks is a good idea.

    The Constitution, however, provides that “[n]o Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.” Because of this clause, officials may not spend any government money unless a statute “appropriates,” or makes available, specific funds for the relevant purpose.

    Although the Constitution forbids any appropriation for the Army that lasts longer than two years, Congress can choose in other contexts whether to provide an appropriation permanently or only for a prescribed length of time. Some benefits programs such as Social Security today have permanent appropriations, but most government agencies receive funds for their operations for just a year at a time.

    James Madison, who wrote much of the U.S. Constitution, said Congress’ power of the purse was ‘the most complete and effectual weapon with which any constitution can arm the immediate representatives of the people.’
    wynnter-iStock/Getty Images Plus

    Leverage over policy and presidents

    Why does all of this matter?

    Historically, the British Parliament’s control over government funds created a powerful check on the crown, and Parliament developed the practice of annual appropriations to ensure that it would always have leverage over royal policy.

    Reflecting this history, James Madison, the fourth president and a leading figure in the Constitutional Convention, wrote in the Federalist Papers that the power of the purse was “the most complete and effectual weapon with which any constitution can arm the immediate representatives of the people, for obtaining a redress of every grievance, and for carrying into effect every just and salutary measure.”

    This sort of leverage over policy still matters. American presidents today exercise vast powers. Over time, Congress has conferred extensive regulatory authorities on administrative agencies that operate under the president’s supervision.

    Congress has also established a large Army, Navy, and Air Force over which the president is commander in chief. Presidents, moreover, have claimed the power to employ these armed forces in significant ways even without a declaration of war or other specific authorization from Congress.

    Congress’ power of the purse gives it a say in how these powers are exercised. If Congress doesn’t like what an administrative agency is doing, it can cut its budget or deny funds for enforcing certain regulations – something it does regularly.

    Likewise, Congress can deny funds for certain military operations or impose constraints on military activities – something it also does with some regularity. In the 1970s, Congress helped end the Vietnam War in part by withholding appropriations for military activities in Indochina.

    Who’s in charge here?

    Annual appropriations also give rise to the frustrating phenomenon of government “shutdowns”: If annual funding runs out before Congress enacts new appropriations, government agencies generally must halt operations.

    On the whole, however, annual appropriations continue to serve much the same purpose in the United States that they did in Britain: They provide a potent check on the executive branch.

    Given how strong this check is, it may not be surprising that presidents have sought ways to get around it.

    President Donald Trump, right, and Elon Musk, left, are cutting congressionally approved government programs and staff – an effort that may be unconstitutional.
    Andrew Harnik/Getty Images

    Based on debatable legal claims, President Barack Obama continued certain health insurance subsidies under the Affordable Care Act even after Congress denied appropriations for them. President Joe Biden attempted massive student debt relief without clear authority from Congress. Courts blocked both those actions, but now the new Trump administration has adopted several controversial policies that implicate Congress’ power of the purse.

    On the one hand, the administration has apparently offered many federal employees nine months of paid leave if they agree to resign from federal service. But the legal basis for these offers is unclear, and it may be that no current appropriation by Congress provides funds for them.

    On the other hand, the administration has attempted to “pause” certain government spending, even though existing appropriations made by Congress may require at least some of this spending.

    These actions could violate not only Congress’ constitutional power of the purse but also specific statutes that Congress has enacted to reinforce its constitutional power.

    The buyout offers could violate a law called the Anti-Deficiency Act that makes it unlawful, and sometimes criminal, for government officials to commit to spending money without an appropriation providing the necessary funds.

    For their part, the pauses could violate a 1974 law called the Impoundment Control Act that generally forbids the government from delaying or withholding spending that Congress has mandated. Courts are now considering challenges to these actions based on these laws and other issues.

    Trump may be hoping that Congress will cure any legal problems by ratifying these actions after the fact in its next round of appropriations legislation. But if Trump is indeed defying Congress’ spending laws and yet faces no consequences, his actions could chip away at Congress’ authority to check presidential policies in the future through its spending choices.

    James Madison would not have been pleased.

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

    – ref. Congress, not the president, decides on government spending − a constitutional law professor explains how the ‘power of the purse’ works – https://theconversation.com/congress-not-the-president-decides-on-government-spending-a-constitutional-law-professor-explains-how-the-power-of-the-purse-works-248644

    MIL OSI – Global Reports –

  • MIL-OSI: ICBA and First Federal Savings Bank: How Relationship Banking Funds Local Prosperity

    Source: GlobeNewswire (MIL-OSI)

    EVANSVILLE, Ind., Feb. 14, 2025 (GLOBE NEWSWIRE) — First Federal Savings Bank and Independent Community Bankers of America® (ICBA) are reminding consumers that banking locally is an investment in the community and creates a lifelong relationship with a hometown lender with community ties and a vested interest in their customers’ financial success.

    “At First Federal Savings Bank, we believe that banking is about more than transactions – it’s about relationships and giving back to the place we call home. Thank you for being part of our story. We pledge to continue supporting local initiatives, investing in our neighbors, and making a positive difference together,” said Courtney Schmitt, VP, Marketing Manager.

    Community banks are financial stewards of their communities, funding more than 60 percent of small businesses, more than 80 percent of agricultural loans, and helping local families finance major purchases and build financial security. Community banks:

    • Respect and honor community ties by channeling loans to neighborhoods where their depositors live and work, which helps drive the local economy.
    • Are relationship lenders, taking a holistic approach to lending to consider numerous data sources, including credit history and discretionary spending.
    • Understand and embrace local businesses. The Federal Reserve has repeatedly found that small businesses that apply for loans with community banks are more successful and satisfied.
    • Are innovative, partnering with technology providers (as showcased through ICBA’s Innovation initiatives), to deliver high-tech, high-touch experiences.
    • Give back. Serving local communities is a part of the community bank tradition, as reflected in ICBA’s National Community Bank Service Awards.

    “Community banks are motivated to provide support through every phase of your financial journey, building a reputation as relationship lenders,” ICBA President and CEO Rebeca Romero Rainey said. “ICBA is proud to represent the nation’s community bankers who are not only committed to empowering their customers to succeed financially but also to strengthening the communities they serve.”

    For more information about community banks and to find one of First Federal’s local branches, visit banklocally.org. Join the conversation on social media with the hashtag #BankLocally.

    About First Federal Savings Bank Member FDIC

    First Federal Savings Bank was established on Evansville, Indiana’s Westside in 1904. A community bank offering eight locations in Posey, Vanderburgh, Warrick, and Henderson County. First Federal Savings Bank is also proud to offer Home Building Savings Bank locations in Daviess and Pike County.

    About ICBA
    The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation’s community banks through effective advocacy, education, and innovation.

    As local and trusted sources of credit, America’s community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers’ financial goals and dreams. For more information, visit ICBA’s website at icba.org.

    The MIL Network –

  • MIL-OSI Security: Defendant Convicted in Bank Fraud Conspiracy Case Receives Sentence in Federal Court

    Source: Office of United States Attorneys

    SHREVEPORT, La. – Acting United States Attorney Alexander C. Van Hook announced that Elijah D. Brown, 24, has been sentenced by United States District Judge S. Maurice Hicks, Jr. for conspiracy to commit bank fraud. Brown was sentenced to 63 months in prison, to run consecutive to a 42-month federal prison sentence he is currently serving for illegal possession of a machine gun, for a total of 105 months (8 years, 9 months) in prison. In addition, Brown was ordered to pay restitution in the amount of $1,254,790.

    In April 2024, a federal grand jury in Shreveport returned an indictment charging 21 defendants in connection with a federal bank fraud case in the Shreveport area. All of those defendants have now entered guilty pleas or entered into pretrial diversion agreements. A summary of the 20 remaining defendants and their status is as follows:

    Defendant Name

    Conviction/Sentence

    Destane Glass, 23,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 3/27/25

    Sharmaine Jackson, 26,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 6/5/2025

    ZarRajah Z. Watkins, 23,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 4/24/2025

    Arazhia R. Gully, 24,

    Bossier City, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 2/20/2025

    Eric D. Loud, 24,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 3/20/2025

    Maya L. Green, 24,

    Bossier City, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 3/27/2025

    Olivia M. Deboe, 23,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentenced to 3 years supervised probation and ordered to pay $34,261.81 in restitution

    Donte N. Larrimore, 24,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentenced to 3 years supervised probation

    Shamaya S. Pouncy, 27,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentenced to 9 months in prison and ordered to pay restitution in the amount of $9,317.50

    Precious Wilbert, 25,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentenced to 3 years of supervised probation

    Cynthia R. Bryant, 22,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 4/10/2025

    Trameka McGinty, 25,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 3/27/2025

    Shaquentalas B. McGinty,

    26, Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 6/5/25

    Javonte J. Lejay, 28,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 3/27/2025

    Octavia L. Mitchell, 33,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 3/20/2025

    Shmarrian J. Taylor, 27,

    Shreveport, LA
    • Pleaded guilty to conspiracy to commit bank fraud
    • Sentencing set for 3/27/2025

    Rakeydra S. Shepherd, 28,

    Shreveport, LA
    • Pleaded guilty to possession of a counterfeit security
    • Sentencing set for 2/20/2025

    Tina Marie Bryant, 43,

    Shreveport, LA
    • Entered into Pretrial Diversion Agreement

    Lakysa S. Barfield, 26,

    Shreveport, LA
    • Entered into Pretrial Diversion Agreement

    Kyra D. Washington-Bates,

    24, Shreveport, LA
    • Entered into Pretrial Diversion Agreement

    This scheme to defraud began in January 2021 and continued through October 31, 2022. The defendants admitted to their involvement in the conspiracy to defraud banks including USAA Savings Bank (“USAA Bank”), Navy Federal Credit Union, JP Morgan Chase Bank, Barksdale Federal Credit Union and Bank of America. 

    Arazhiah Gully, Maya Green and ZarRajah Watkins worked at Teleperformance, a multinational company that provided business services including a call center in Shreveport. The call center provided customer service to USAA Bank. Gully, Green and Watkins all had access to USAA Bank customer information including names of customers, their ages, account balances, and account numbers. These three defendants admitted to conspiring with Destane Glass, Elijah Brown, Sharmaine Jackson, and others to defraud USAA Bank. Gully, Green and Watkins improperly obtained account holder information so that it could be used by others to create counterfeit USAA Bank checks, and they were paid to provide the account information. Counterfeit checks traced to accounts that these defendants accessed totaled over $4 million.

    Glass, Brown and Jackson used social media and other methods to recruit individuals in the Shreveport area with bank accounts to use their accounts to deposit the counterfeit checks to make money. The co-defendants involved in the scheme would open accounts at various financial institutions under their own names and then provide their access cards and login information to other co-defendants. Counterfeit checks were then provided to these co-defendants to be deposited into their own personal bank accounts, and they were instructed to withdraw the funds in various ways, including making withdrawals at local casinos, through ATMs, Apple Cash payments, and PayPal payments. After withdrawing the money, the defendants would meet Glass, Brown, Jackson and other co-defendants in various places, including casino parking lots, and give the funds to them, with a portion of the proceeds going to the one who made the withdrawal. Activity in the casinos were captured by the surveillance cameras at those locations which helped solve the case. The counterfeit checks that were deposited were in varying amounts ranging from $5,000 to $40,000. 

    “The defendants involved in this conspiracy shamelessly targeted vulnerable elderly victims, stealing their personal identifying and bank account information and using it to take advantage of them,” said Acting U.S. Attorney Alexander C. Van Hook. “We urge everyone to make a habit of checking your bank accounts regularly to avoid becoming a victim of this type of fraud. If you see suspicious transactions, report it to your bank immediately.”

    This case was investigated by the United States Secret Service, Federal Bureau of Investigation, Louisiana State Police and Shreveport Police Department and was prosecuted by Acting United States Attorney Alexander C. Van Hook.

    # # #

    MIL Security OSI –

  • MIL-OSI: Form 8.5 (EPT/RI)- Amendment of Dowlais Group plc

    Source: GlobeNewswire (MIL-OSI)

    FORM 8.5 (EPT/RI) Amendment

    Amendment Section 2(a)

    PUBLIC DEALING DISCLOSURE BY AN EXEMPT PRINCIPAL TRADER WITH RECOGNISED INTERMEDIARY STATUS DEALING IN A CLIENT-SERVING CAPACITY
    Rule 8.5 of the Takeover Code (the “Code”)

    1.        KEY INFORMATION

    (a)        Name of exempt principal trader: Investec Bank plc
    (b)        Name of offeror/offeree in relation to whose relevant securities this form relates:
            Use a separate form for each offeror/offeree    		 Dowlais Group Plc        
    (c)        Name of the party to the offer with which exempt principal trader is connected: Investec is Broker to Dowlais Group Plc
    (d)        Date dealing undertaken: 05th February 2025
    (e)        In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer?
            If it is a cash offer or possible cash offer, state “N/A”    		 N/A

    2.        DEALINGS BY THE EXEMPT PRINCIPAL TRADER

    Where there have been dealings in more than one class of relevant securities of the offeror or offeree named in 1(b), copy table 2(a), (b), (c) or (d) (as appropriate) for each additional class of relevant security dealt in.

    The currency of all prices and other monetary amounts should be stated.

    (a)        Purchases and sales

    Class of relevant security Purchases/ sales Total number of securities Highest price per unit paid/received Lowest price per unit paid/received

    Ordinary shares

    Purchases

    1,501,500

    69.575

    68.75

    Ordinary shares

    Sales

    1,343,410

    69.6

    68.75

    (b)        Cash-settled derivative transactions

    Class of relevant security Product description
    e.g. CFD    		 Nature of dealing
    e.g. opening/closing a long/short position, increasing/reducing a long/short position    		 Number of reference securities Price per unit
    N/A N/A N/A N/A N/A

    (c)        Stock-settled derivative transactions (including options)

    (i)        Writing, selling, purchasing or varying

    Class of relevant security Product description e.g. call option Writing, purchasing, selling, varying etc. Number of securities to which option relates Exercise price per unit Type
    e.g. American, European etc.    		 Expiry date Option money paid/ received per unit
    N/A N/A N/A N/A N/A N/A N/A N/A

    (ii)        Exercise

    Class of relevant security Product description
    e.g. call option    		 Exercising/ exercised against Number of securities Exercise price per unit
    N/A N/A N/A N/A N/A

    (d)        Other dealings (including subscribing for new securities)

    Class of relevant security Nature of dealing
    e.g. subscription, conversion    		 Details Price per unit (if applicable)
    N/A N/A N/A N/A

    3.        OTHER INFORMATION

    (a)        Indemnity and other dealing arrangements

    Details of any indemnity or option arrangement, or any agreement or understanding, formal or informal, relating to relevant securities which may be an inducement to deal or refrain from dealing entered into by the exempt principal trader making the disclosure and any party to the offer or any person acting in concert with a party to the offer:
    Irrevocable commitments and letters of intent should not be included. If there are no such agreements, arrangements or understandings, state “none”

    None

    (b)        Agreements, arrangements or understandings relating to options or derivatives

    Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
    (i)        the voting rights of any relevant securities under any option; or
    (ii)        the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
    If there are no such agreements, arrangements or understandings, state “none”
    None
    Date of disclosure: 14thFebruary 2025
    Contact name: Priyali Bhattacharjee
    Telephone number: +91 9768034903

    Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service.

    The Panel’s Market Surveillance Unit is available for consultation in relation to the Code’s dealing disclosure requirements on +44 (0)20 7638 0129.

    The Code can be viewed on the Panel’s website at www.thetakeoverpanel.org.uk.

    The MIL Network –

  • MIL-OSI: Goldmoney Inc. Reports Results for the Quarter Ended December 31, 2024; Announces Restatement of 2024 audited comparative Financial Statements

    Source: GlobeNewswire (MIL-OSI)

    TORTOLA, British Virgin Islands, Feb. 14, 2025 (GLOBE NEWSWIRE) — Goldmoney Inc. (TSX:XAU) (US:XAUMF) (“Goldmoney” or the “Company”) today announced financial results for the fiscal 2025 third quarter period ended December 31, 2024. All amounts are expressed in Canadian dollars unless otherwise noted.

    Financial statements are available online at Sedar+ www.sedarplus.ca.

    Financial Highlights

    • Group Tangible Capital of $138.8 million, an increase of 2.6% QoQ
    • Group Tangible Capital per Share of $10.40, an increase of 1.4% QoQ
    • Group Tangible Capital per Share excluding MENE of $9.45 per share, an increase of 1.6% QoQ
    • Adjusted Net Income of $3.9 million, a decrease of 11.2% QoQ

    Quarterly Performance Metrics Table

      Q3 Q2   Q1   Q4   Q3   Q2 Q1   Q4  
    Key Performance Metrics (Balance Sheet)      
    Shares outstanding 13,348 13,182   13,060   13,137   13,449   13,777 13,926   13,996  
    Shareholder equity 152,487 149,026   147,984   141,178   173,761   172,602 173,224   172,123  
    Tangible equity inclusive of MENE 138,832 135,299   133,780   126,100   147,078   143,019 143,475   142,203  
    Tangible equity exclusive of MENE 126,164 122,631   113,217   105,457   113,059   108,396 108,756   107,599  
    Tangible equity per share ($CAD) 10.40 10.26   10.24   9.60   10.94   10.38 10.30   10.16  
    Tangible equity per share exclusive of MENE 9.45 9.30   8.67   8.03   8.41   7.87 7.81   7.69  
    Key Performance Metrics (Operational)      
    Net income (loss) 2,891 (3,896 ) 5,132   (32,095 ) 6,005   2,009 1,995   (4,050 )
    Total comprehensive income (loss) 2,628 792   6,077   (30,640 ) 7,391   627 1,651   (4,053 )
    Adjustments for revaluations, FX, stock
    compensation, and non-cash items    		 1,246 3,569   550   34,857   (1,350 ) 2,310 1,903   7,020  
    Non-IFRS adjusted net income 3,874 4,361   6,627   4,217   6,040   2,937 3,554   2,966  
    Key Performance Metrics (Earnings per Share)      
    Basic earnings (loss) per share 0.22 (0.29 ) 0.39   (2.42 ) 0.44   0.15 0.14   (0.27 )
    Diluted earnings (loss) per share 0.22 (0.29 ) 0.38   (2.42 ) 0.44   0.14 0.14   (0.27 )
    Non-IFRS adjusted net income per share 0.29 0.33   0.51   0.32   0.45   0.21 0.26   0.21  
                                 

    Financial Statement Restatement

    Goldmoney also announces the restatement of previously issued financial statements for the years ended March 31, 2024 and 2023 (the “Restatement”).

    Since the Company’s wholly owned subsidiary Goldmoney.com was founded, client cash and client precious metals had been treated as an off-balance sheet item and clearly disclosed as such in the Notes to the Company’s audited annual financial statements. The Restatement recognizes and presents client cash within Goldmoney.com on the Company’s consolidated balance sheet with a corresponding liability. This has been presented in prior years as a line item separate from the Company’s cash and cash equivalents. Consequently, the March 31, 2024, audited consolidated financial statements have been restated to capture this change in presentation, along with the related management’s discussion and analysis, and the 2024 Annual Information Form (collectively, the “Restatement Package”). This restated accounting presentation for client cash has also been reflected in the Company’s December 31, 2024, unaudited interim financial statements. There has been no impact to the Company’s financial statement presentation of historic equity or earnings as a result of this restatement.

    The Restatement has been approved by the Board of Directors on the recommendation of the Audit Committee and management in connection with a review of its historic accounting treatment of client cash as off-balance sheet assets. Management considers these restatements to result from a material weakness in internal controls over financial reporting, and accordingly has implemented measures to address this weakness. As described in the restated annual information form and other public disclosure, Goldmoney Inc.’s wholly owned subsidiary Goldmoney.com operates an online platform which provides clients with access to purchase and sell precious metals, and to arrange for custody and storage in accordance with the terms of a standard-form client agreement available on the Goldmoney website (the “Client Agreement”). Cash balances used to settle purchases and sales are held in Company bank accounts.

    Shareholders and users of Goldmoney’s financial statements should note that the Restatement is not a result of any change to its operations, business or financial operating performance for the restated periods. The Company continues to hold customer cash on behalf of its clients in accordance with and in full compliance with all of the terms of the Client Agreement.

    The Restatement Documents have been filed at Sedar+ www.sedarplus.ca with the unaudited interim financial statements for the three- and nine-month period ended December 31, 2024, with restated unaudited comparative interim financial statements the three- and nine-month period ended December 31, 2023.

    The effect of the restatement on the condensed consolidated interim statement of financial position and condensed consolidated interim statements of cash flows for the periods ended June 30, 2024 and September 30, 2024 are as follows:

                 
    Effect on Condensed Consolidated Interim Statements of Financial Position        
                 
    As at June 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Client cash   –     61,472,682   61,472,682  
    Total assets   193,484,934     61,472,682   254,957,616  
                 
    Client liabilities   –     61,472,682   61,472,682  
    Total liabilities   45,500,586     61,472,682   106,973,268  
    Total liabilities and shareholders’ equity   193,484,934     61,472,682   254,957,616  
                 
    As at September 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Client cash   –     67,446,073   67,446,073  
    Total assets   195,538,391     67,446,073   262,984,464  
                 
    Client liabilities   –     67,446,073   67,446,073  
    Total liabilities   46,512,066     67,446,073   113,958,139  
    Total liabilities and shareholders’ equity   195,538,391     67,446,073   262,984,464  
                 
    Effect on Condensed Consolidated Interim Statements of Cash Flows        
                 
                 
    For the three month period ended June 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Net cash provided by operating activities   7,683,278     2,859,508   10,542,786  
    Net cash used in investing activities   (6,963,178 )   –   (6,963,178 )
    Net cash used in financing activities   (1,328,262 )   –   (1,328,262 )
    Decrease in cash and cash equivalents and client cash   (608,162 )   2,859,508   2,251,346  
                 
    For the three month period ended September 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Net cash provided by operating activities   4,726,457     5,973,391   10,699,848  
    Net cash used in investing activities   (6,793,363 )   –   (6,793,363 )
    Net cash used in financing activities   (1,640,059 )   –   (1,640,059 )
    Decrease in cash and cash equivalents and client cash   (3,706,965 )   5,973,391   2,266,426  
                     
    For the six month period ended September 30, 2024   Previously
    Reported
    ($)    		   Adjustment
    ($)    		   Restated
    ($)
                 
    Net cash provided by operating activities   12,409,735     8,832,899   21,242,634  
    Net cash used in investing activities   (13,756,541 )   –   (13,756,541 )
    Net cash used in financing activities   (2,968,321 )   –   (2,968,321 )
    Decrease in cash and cash equivalents and client cash   (4,315,127 )   8,832,899   4,517,772  
                 

    About Goldmoney Inc.

    Founded in 2001, Goldmoney (TSX:XAU) is a TSX listed company invested in the real economy. The leading custodians and traders of precious metals, Goldmoney Inc. also owns and operates businesses in jewelry manufacturing and property investment. For more information about Goldmoney, visit goldmoney.com.

    Financial Information and IFRS Standards

    The selected financial information included in this release is qualified in its entirety by, and should be read together with, the Company’s amended and restated consolidated financial statements for the fiscal year ended March 31, 2024 and prepared in accordance with IFRS Accounting Standards (“IFRS”) and the corresponding restated management’s discussion and analysis (“MD&A”), which are available under the Company’s profile on SEDAR+ at www.sedarplus.ca.

    Non-IFRS Measures

    This news release contains non-IFRS financial measures; the Company believes that these measures provide investors with useful supplemental information about the financial performance of its business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating its business. Although management believes these financial measures are important in evaluating the Company’s performance, they are not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with IFRS. These non-IFRS financial measures do not have any standardized meaning and may not be comparable with similar measures used by other companies. For certain non-IFRS financial measures, there are no directly comparable amounts under IFRS. These non-IFRS financial measures should not be viewed as alternatives to measures of financial performance determined in accordance with IFRS. Moreover, presentation of certain of these measures is provided for year-over-year comparison purposes, and investors should be cautioned that the effect of the adjustments thereto provided herein have an actual effect on the Company’s operating results.

    Tangible Capital is a non-IFRS measure. This figure excludes from total shareholder equity (i) intangibles, and (ii) goodwill, and is useful to demonstrate the tangible capital employed by the business.

    Non-IFRS Adjusted Net Income is a non-IFRS measure, defined as total comprehensive income (loss) adjusted for non-cash and non-core items which include, but is not limited to, revaluation of precious metal inventories, fair value movements, stock-based compensation, depreciation and amortization, foreign exchange fluctuations and gains and losses on investments.

    For a full reconciliation of non-IFRS financial measures used herein to their nearest IFRS equivalents, please see the section entitled “Reconciliation of Non-IFRS Financial Measures” in the Company’s MD&A for the year ended March 31, 2024.

    Media and Investor Relations inquiries:

    Sean Ty
    Chief Financial Officer
    Goldmoney Inc.
    +1 647 250 7098

    Forward-Looking Statements

    This news release contains or refers to certain forward-looking information. Forward-looking information can often be identified by forward-looking words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “may”, “potential” and “will” or similar words suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. All information other than information regarding historical fact, which addresses activities, events or developments that the Goldmoney Inc. believes, expects or anticipates will or may occur in the future, is forward-looking information. Forward-looking information does not constitute historical fact but reflects the current expectations the Company regarding future results or events based on information that is currently available. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and other forward-looking information will not occur. Such forward-looking information in this release speak only as of the date hereof.

    Forward-looking information in this release includes, but is not limited to, statements with respect to: financial performance and growth of the Company’s business; expected results of operations, the market for the Company’s products and services and competitive conditions; the establishment of a real estate investment strategy and the success of the Company’s real estate portfolio; the expected value and return on investment in the Company’s real estate acquisitions, and the properties described herein (the “Properties”) in particular, the ability of the current tenants on the Properties to meet their rental obligations, the future state of the Properties and the environment surrounding it, the ability of the Company to maintain and service the indebtedness incurred to acquire the properties, including any future refinancings, the ability of the Company to redevelop the properties as anticipated and, in general, return value from the Properties to shareholders; and the basis for the Restatement. This forward-looking information is based on reasonable assumptions and estimates of management of the Company at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: the Company’s operating history; future capital needs and uncertainty of additional financing; fluctuations in the market price of the Company’s common shares; the effect of government regulation and compliance on the Company and the industry; legal and regulatory change and uncertainty; jurisdictional factors associated with international operations; foreign restrictions on the Company’s operations; product development and rapid technological change; dependence on technical infrastructure; protection of intellectual property; use and storage of personal information and compliance with privacy laws; network security risks; risk of system failure or inadequacy; the Company’s ability to manage rapid growth; competition; the ability to identify opportunities for growth internally and through acquisitions and strategic relationships on terms which are economic or at all; the ability to identify and complete the acquisition of suitable real estate investment opportunities on terms which are economic or at all; the global inflationary environment and its effect on real estate prices, interest rates, and the Properties in particular; the ability of the Company to integrate the Properties into its current operations; the anticipated value and income growth in connection with the Properties; the ability to maintain current and procure future commercial tenants for the Properties; the surrounding environment and infrastructure of the Properties remaining suitable; the ability to redevelop the Properties on terms which are economic or at all; the anticipated variable interest rate for the loan used to finance the acquisition of the Properties, and the effect on this interest rate from the SONIA as set by the Bank of England; the ability to successfully develop and manage the Company’s real estate portfolio; the risks of concentration of the Company’s real estate portfolio in the United Kingdom; effectiveness of the Company’s risk management and internal controls; use of the Company’s services for improper or illegal purposes; uninsured and underinsured losses; theft & risk of physical harm to personnel; precious metal trading risks; and volatility of precious metals prices & public interest in precious metals investment; the potential that additional restatements of the financial statements will be required; the impact on the Company’s reputation and customer relation in respect of the Restatement; risks associated with regulatory reviews and investigations; risks that the Restatement or any future required restatement may negatively affect the Company’s financial condition or result in additional liabilities; the potential impact on investor confidence, market perception, and the Company’s reputation in respect of the Restatement; risks related to maintaining adequate liquidity and access to capital while resolving restatement matters; and those risks set out in the Company’s most recently filed annual information form, available on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, except as required by law.

    The MIL Network –

  • MIL-OSI: Hashdex Announces Launch of Hashdex Nasdaq Crypto Index US ETF (Ticker: NCIQ), Offering US Investors Exposure to Bitcoin and Ether Through a Single Product

    Source: GlobeNewswire (MIL-OSI)

    Product structured to provide crypto asset exposure by tracking the Nasdaq Crypto US™ Index (NCIUS™), a benchmark for institutional investment in certain market-leading crypto assets

    Hashdex and Nasdaq Global Indexes continue to be at the forefront of crypto index product innovation, offering investors and wealth managers access to the first multi-asset spot crypto ETP in the United States

    New York, February 14, 2025 – Hashdex Asset Management Ltd. (“Hashdex”), a leading global crypto-focused asset manager, and Nasdaq Global Indexes, which has been creating innovative, transparent indexes for more than 50 years, today announced the launch of the Hashdex Nasdaq Crypto Index US ETF (the “Product” or “NCIQ”) [Ticker: NCIQ], the first multi-asset spot crypto exchange traded product (“ETP”) available to U.S. investors. The Product, which is now trading on the Nasdaq Stock Market® under ticker NCIQ, currently offers exposure to both spot bitcoin (“BTC”) and ether (“ETH”). NCIQ’s management fee is contractually set at 0.25% per annum of the daily net asset value (“NAV”) of the Product through the end of 2025, and then 0.50% thereafter.

    The Hashdex Nasdaq Crypto Index US ETF provides U.S. investors with direct access to the two leading crypto assets by trading volume in the U.S., currently with a combined market capitalization of over $2.3 trillion,1 all through one tradeable product. NCIQ tracks the Nasdaq Crypto US™ Index (“NCIUS”), which was co-developed by Nasdaq Global Indexes and Hashdex to measure the performance of a material portion of the overall crypto asset market by investing in the index constituents. The NCIUS is based on strict criteria like liquidity, market capitalization, and regulatory compliance. Currently, only bitcoin and ether are eligible for inclusion in the NCIUS. The launch of NCIQ builds on Hashdex’s track record of innovation and global market leadership in crypto index-based products, with the firm currently managing the largest multi-asset crypto ETP in Europe2 and the largest ETF in Latin America.3

    “Since our founding, Hashdex has held the belief that a basket of crypto assets offers multiple benefits and is a great way for many investors to participate in the crypto ecosystem. Until today, U.S. investors have been forced to either purchase coins directly or invest in single-asset vehicles,” said Marcelo Sampaio, Co-Founder and CEO of Hashdex. “Now, with the launch of NCIQ, we are proud to deliver a familiar and readily tradeable U.S.-based product that provides seamless exposure to bitcoin and ether. Alongside our partners at Nasdaq Global Indexes, we are thrilled to take this exciting step in bringing our expertise in crypto index and crypto index-based products to U.S. investors, and we look forward to continuing to deliver innovative crypto index products as the industry and regulatory landscape further evolves.”

    The launch of NCIQ marks an important milestone in the U.S. crypto market and continues the long-term partnership between Hashdex and Nasdaq Global Indexes. Hashdex and Nasdaq Global Indexes have been among the pioneers in developing crypto index and index-based products since 2021.

    “Nasdaq Global Indexes and Hashdex share a mission of advancing crypto asset indexes and financial vehicles to meet the ever-growing demand from investors looking for access to the rapidly evolving crypto sector,” said Cameron Lilja, Vice President and Global Head of Index Product and Operations, Nasdaq Global Indexes. “Nasdaq Crypto™ Indexes offer a standardized approach to capturing the performance of a material portion of the overall crypto asset market, serving as a guidepost in the dynamic crypto asset landscape. Today’s announcement marks a significant step forward in bringing a rules-based methodology-driven benchmark to US investors, adding to comparable products in Europe and Latin America.”

    Hashdex serves as the sponsor for NCIQ. Paralel Distributors LLC serves as marketing agent, and Coinbase Custody and BitGo Trust serve as crypto asset custodians. Nasdaq serves as the index administrator and listing venue. The fund administrator is U.S. Bank Global Fund Services.

    “With interest in crypto asset ETFs continuing to grow, reaching over $120 billion in U.S. AUM alone4, we believe that what investors really need is an easy, passive way to invest in a product that is constantly evolving to capture the latest trends in the broader crypto market. With a structure similar to traditional index products, NCIQ offers investors a multi-asset investment approach that is proven, familiar, and readily tradeable,” said Samir Kerbage, CIO at Hashdex. “As the crypto market continues to develop, we expect there to be ongoing volatility with newer coins that disrupt the market share of bitcoin, ether and other dominant assets, and we expect index-based products will enable wealth managers and investors to benefit from the growth of the rapidly changing sector without needing to be actively managing single asset crypto exposure.”

    Hashdex has no role in maintaining, calculating or publishing NCIUS.

    A registration statement (including a prospectus) has been filed with the SEC for the offering to which this communication relates and can be found here: https://www.sec.gov/Archives/edgar/data/2031069/000121390025013738/ea0209567-10.htm. Before you invest, you should read the prospectus in that registration statement and other documents that have been filed with the SEC for more complete information about NCIQ and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at www.sec.gov. Alternatively, Hashdex will arrange to send you the prospectus, if you request it by calling toll-free 917-525-5635.

    About Hashdex
    Hashdex is a global pioneer in crypto asset management. The firm’s mission is to provide educational resources and best-in-class products that advance its efforts to help open the crypto ecosystem to investors around the world. Hashdex co-developed the Nasdaq Crypto™ Index (NCI™) with Nasdaq to provide global investors with a reliable benchmark for the crypto asset class. In 2021, Hashdex introduced the world’s first crypto ETF5 and other innovative products, enabling over 350,000 investors to simply and securely add crypto to their portfolios. Since 2018, Hashdex has established itself as a global leader in crypto index ETFs, helping to pave the way for crypto’s mainstream adoption across eight countries. Hashdex currently offers 4 index products tracking the global version of the NCI™, including the largest multi-asset crypto ETF in the world.6 Additionally, the Hashdex Nasdaq Crypto Index Europe ETP (“HASH”) is the largest multi-asset crypto ETP in Europe and recently won ETF Stream’s Digital Asset ETP of the year award.7 The firm’s total AUM across its range of products is more than $1.3 billion.8

    Hashdex Media Contacts:
    Kendal Till/Josh Gerth
    Dukas Linden Public Relations
    Hashdex@DLPR.com

    Legal Disclaimer

    Carefully consider the investment objectives, risks, charges and expenses before investing.

    Investing involves risk, including possible loss of principal. The Product, an exchange traded product, is not an investment company registered under the Investment Company Act of 1940 (“1940 Act”). Shares of the Product are not subject to the same regulations and protections as 1940 Act registered ETFs and mutual funds.

    Shares of the Product are bought and sold at a market price, not at net asset value. Brokerage commissions will reduce returns.

    This material expresses the opinion of Hashdex Group and its subsidiaries and affiliates (“Hashdex”) for informational purposes only and does not consider the investment objectives, financial situation or individual needs of any one investor or a particular group of investors. Certain opinions and viewpoints expressed may reflect personal views of the authors and not necessarily those of Hashdex. We recommend consulting specialized professionals for investment decisions. Investors are advised to carefully read the prospectus or regulations before investing in their products. The information and conclusions contained in this material may be changed at any time, without prior notice. Nothing contained herein constitutes an offer, solicitation or recommendation regarding any investment management product or service. This information is not directed at or intended for distribution to or use by any person or entity located in any jurisdiction where such distribution, publication, availability or use would be contrary to applicable law or regulation or which would subject Hashdex to any registration or licensing requirements within such jurisdiction.

    Important Risks

    Investment in any investment vehicle and cryptoassets is highly speculative and is not intended as a complete investment program. It is designed only for sophisticated persons who can bear the economic risk of the loss of their entire investment and who have limited need for liquidity in their investment. There can be no assurance that the investment vehicle will achieve its investment objective or return any capital. No guarantee or representation is made that Hashdex’s investment strategy, including, without limitation, its business and investment objectives, diversification strategies or risk monitoring goals, will be successful, and investment results may vary substantially over time. Nothing herein is intended to imply that the Hashdex investment methodology or that investing in any of the Product or crypto assets referenced herein may be considered “conservative,” “safe,” “risk free,” or “risk averse.”

    Certain information contained herein (including financial information) has been obtained from published and non-published sources. Such information has not been independently verified by Hashdex. Hashdex does not provide tax, accounting or legal advice. Certain information contained herein constitutes forward-looking statements, which can be identified by the use of terms such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “intend,” “continue” “believe” and “seek” (or the negatives thereof) or other variations thereof. Due to various risks and uncertainties, including those discussed above, actual events or results, the ultimate business or activities of Hashdex and its investment vehicles or the actual performance of Hashdex, its investment vehicles, or crypto assets may differ materially from those reflected or contemplated in such forward-looking statements. As a result, investors should not rely on such forward- looking statements in making their investment decisions. No governmental authority has opined on the merits of Hashdex’s investment vehicles or the adequacy of the information contained herein.

    This material is not an offer or solicitation of any kind to buy or sell any securities outside of the United States of America.

    Product Risks

    An investment in the Product involves significant risks and you could incur a partial or total loss of your investment in the Product.

    Crypto assets generally are volatile, and instruments whose underlying investments include crypto assets are not suitable for all investors. Crypto assets represent a new and rapidly evolving industry. The value of the Product depends on the acceptance of the crypto assets, the capabilities and development of blockchain technologies and the fundamental investment characteristics of the crypto assets. Crypto platforms may be largely unregulated or may be largely or entirely non-compliant with applicable regulation and may therefore be more exposed to fraud and failure. Crypto asset markets in the U.S. exist in a state of regulatory uncertainty, and adverse legislative or regulatory developments could significantly harm the Product.

    The market for crypto assets is still developing and may be subject to periods of illiquidity. During such times it may be difficult or impossible to buy or sell a position at the desired price. Possible illiquid markets may exacerbate losses or increase the variability between the Product’s NAV and its market price. The lack of active trading markets for the Product shares may result in losses on investors’ investments at the time of disposition of the Product’s shares.

    Both the Index and the Product are new with a limited operating history.

    Nasdaq® is a registered trademark of Nasdaq, Inc. Corporations make no representation or warranty, whether express or implied, to the owners of the fund(s) or any member of the public regarding the suitability of investing in securities in general or in the fund(s) in particular, or the ability of the Nasdaq Crypto US Index to track the performance of the market for crypto assets, or any portion thereof. The information contained above is provided for informational and educational purposes only, and nothing contained herein should be construed as investment advice, either on behalf of a particular digital asset or an overall investment strategy. Neither Nasdaq, Inc. nor any of its affiliates makes any recommendation to buy or sell any digital asset or any representation about the financial condition of a digital asset. Statements regarding Nasdaq proprietary indexes are not guarantees of future performance. Actual results may differ materially from those expressed or implied. Past performance is not indicative of future results. Investors should undertake their own due diligence and carefully evaluate assets before investing. ADVICE FROM A FINANCIAL PROFESSIONAL IS STRONGLY ADVISED.

    1 Bitcoin’s market cap was $1.92T and ether’s market cap was $387B, according to Messari.io data as of January 13, 2025
    2 The Hashdex Nasdaq Crypto Index Europe ETP (HASH) is the largest multi-asset crypto ETP in Europe according to Bloomberg fund asset data for the “Western Europe” region as of January 7, 2025
    3 The Hashdex Nasdaq Crypto Index Fundo de Indice (HASH11) is the largest multi-asset crypto ETF in Latin America according to Bloomberg fund asset data for the “Central & South America” region as of January 7, 2025
    4 Blockworks.co data on Bitcoin and Ethereum ETFs in the U.S. as of February 10, 2025.
    5 The Hashdex Nasdaq Crypto Index ETF began trading on the Bermuda Stock Exchange on February 9, 2021.
    6 The Hashdex Nasdaq Crypto Index Fundo de Indice (HASH11) is the largest multi-asset crypto ETF in the world according to Bloomberg fund asset data for all regions as of January 7, 2025
    7 https://www.etfstream.com/articles/etf-stream-reveals-winners-of-etf-awards-2024
    8 Hashdex AUM data as of February 10, 2025, https://hashdex.com/en-US

    The MIL Network –

  • MIL-OSI: The Southern Banc Company, Inc. Announces Second Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    GADSDEN, Ala., Feb. 14, 2025 (GLOBE NEWSWIRE) — The Southern Banc Company, Inc. (OTCBB: SRNN), the holding company for The Southern Bank Company, formerly First Federal Savings and Loan Association of Gadsden, Alabama, announced net income of approximately $369,000, or $0.49 per basic share and $0.48 per diluted share, for the three months ended December 31, 2024, as compared to net income of approximately $471,000, or $0.62 per basic share and $0.61 per diluted share, for the three months ended December 31, 2023. For the six months ended December 31, 2024, the Company recorded net income of approximately $545,000, or $0.72 per basic share and $0.71 per diluted share, as compared to net income of approximately $837,000, or $1.10 per basic share and $1.09 per diluted share, for the six months ended December 31, 2023. The Company’s fiscal year ends June 30, 2025.

    Gates Little, President and Chief Executive Officer of the Company, stated that the Company’s net interest income before provision for loan losses totaled approximately $2.213 million during the three months ended December 31, 2024, as compared to approximately $2.013 million in the same period in 2023, an increase of approximately $201,000, or 9.96%. The increase in the net interest income before provision for loan losses for the three months ended December 31, 2024, was primarily attributable to an increase in total interest income of approximately $430,000, offset by an increase in total interest expense of approximately $230,000. In the three months ended December 31, 2024, the Bank recorded a provision for loan losses of approximately $70,000 and no provision for loan losses in during the three months ended December 31, 2023. For the three months ended December 31, 2024, total non-interest income increased approximately $9,000, or 6.09%, while total non-interest expense increased approximately $278,000, or 18.25%, as compared to the same three-month period in 2023. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $10,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $222,000, office building expense of approximately $6,000, other operating expense of approximately $16,000, professional service expense of approximately $45,000, offset by a decrease in data processing expense of approximately $12,000.

    For the six months ended December 31, 2024, the Company’s net interest income before provision for loan losses totaled approximately $4.363 million, an increase of approximately $479,000, or 12.33%, when compared to the six months ended December 31, 2023. The increase in net interest income before provision for loan losses was primarily attributable to an increase in total interest income of approximately $965,000, or 20.38%, offset by an increase in total interest expense of approximately $486,000, or 57.19%. For the six months ended December 31, 2024, the Bank recorded provisions for loan losses of approximately $442,000. There was no provision for loan losses during the six months ended December 31, 2023. For the six months ended December 31, 2024, total non-interest income increased approximately $12,000, or 4.10%, compared to the same period in 2023, while non-interest expense increased approximately $444,000, or 14.59%. The increase in non-interest income was primarily attributable to an increase in miscellaneous income of approximately $14,000. The increase in non-interest expense was primarily attributable to increases in salaries and benefits of approximately $340,000, office and equipment of approximately $14,000, professional service expenses of approximately $119,000 offset in part by decreases in data processing expense of approximately $15,000, and other operating expense of approximately $15,000.

    The Company’s total assets at December 31, 2024 were approximately $117.0 million, as compared to approximately $113.0 million at June 30, 2024. Total stockholders’ equity was approximately $15.5 million at December 31, 2024, or 13.2% of total assets, as compared to approximately $14.5 million at June 30, 2024, or 12.80% of total assets.

    The Bank has four full-service banking offices located in Gadsden, Albertville, Guntersville, and Centre, AL, and one loan production office in Birmingham, AL. The stock of The Southern Banc Company, Inc. trades in the over-the-counter market under the symbol “SRNN”.

    Certain statements in this release contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, which statements can generally be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “estimate,” “anticipate,” “believe,” “target,” “plan,” “project,” “continue,” or the negatives thereof, or other variations thereon or similar terminology, and are made on the basis of management’s plans and current analyses of the Company, its business and the industry as a whole. These forward-looking statements are subject to risks and uncertainties, including, but not limited to, economic conditions, competition, interest rate sensitivity and exposure to regulatory and legislative changes. The above factors, in some cases, have affected, and in the future could affect the Company’s financial performance and could cause actual results to differ materially from those expressed or implied in such forward-looking statements, even if experience or future changes make it clear that any projected results expressed or implied therein will not be realized.

    (Selected financial data attached)
     
    THE SOUTHERN BANC COMPANY, INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (Dollar Amounts in Thousands)
     
        December 31,     June 30,
        2024       2024  
        Unaudited     Audited
    ASSETS          
    CASH AND CASH EQUIVALENTS $ 16,592     $ 12,632  
    SECURITIES AVAILABLE FOR SALE, at fair value   39,238       37,912  
    FEDERAL HOME LOAN BANK STOCK   120       120  
    LOANS RECEIVABLE, net of allowance for loan losses of $1,548 and $1,151, respectively   56,999       58,199  
    PREMISES AND EQUIPMENT, net   1,059       1,133  
    ACCRUED INTEREST AND DIVIDENDS RECEIVABLE   946       934  
    PREPAID EXPENSES AND OTHER ASSETS   2,055       2,124  
               
    TOTAL ASSETS $ 117,009     $ 113,054  
               
    LIABILITIES          
    DEPOSITS $ 95,528     $ 92,250  
    FHLB ADVANCES   0       0  
    OTHER LIABILITIES   6,035       6,338  
    TOTAL LIABILITIES   101,563       98,588  
    STOCKHOLDERS’ EQUITY:          
    Preferred stock, par value $.01 per share          
    500,000 shares authorized; no shares issued and outstanding   –       –  
    Common stock, par value $.01 per share,          
    3,500,000 authorized, 1,454,750 shares issued   15       15  
    Additional paid-in capital   13,946       13,943  
    Shares held in trust, 49,081 and 46,454 shares at cost, respectively   (804 )     (772 )
    Retained earnings   14,429       13,884  
    Treasury stock, at cost, 648,664 shares   (8,825 )     (8,825 )
    Accumulated other comprehensive (loss) income   (3,315 )     (3,779 )
    TOTAL STOCKHOLDERS’ EQUITY   15,446       14,466  
    TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY $ 117,009     $ 113,054  
     
    THE SOUTHERN BANC COMPANY, INC.
    UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Dollar Amounts in Thousands, except per share data)
     
        Three Months Ended     Six Months Ended
        December 31,     December 31,
                           
        2024
    (Unaudited)    		     2023     2024
    (Unaudited)    		     2023
                           
    INTEREST INCOME:                      
    Interest and fees on loans $ 2,598   $ 2,210   $ 5,072   $ 4,176
    Interest and dividends on securities   179     183     345     369
    Other interest income   126     80     281     188
    Total interest income   2,903     2,473     5,698     4,733
    INTEREST EXPENSE:                      
    Interest on deposits   690     460     1,335     849
    Interest on borrowings   0     0     0     0
    Total interest expense   690     460     1,335     849
    Net interest income before provision for loan losses   2,213     2,013     4,363     3,884
    Provision for loan losses   69     0     442     0
    Net interest income after provision for loan losses   2,144     2,013     3,921     3,884
    NON-INTEREST INCOME:                      
    Fees and other non-interest income   31     32     66     68
    Miscellaneous income   124     114     237     223
    Total non-interest income   155     146     303     291
    NON-INTEREST EXPENSE:                      
    Salaries and employee benefits   1,138     916     2,163     1,823
    Office building and equipment expenses   90     84     184     170
    Professional Services Expense   170     125     371     252
    Data Processing Expense   188     200     370     384
    Other operating expense   214     197     399     414
    Total non-interest expense   1,800     1,522     3,487     3,043
    Income before income taxes   499     637     737     1,132
    PROVISION FOR INCOME TAXES   130     166     192     295

    Net Income

    $

    		 369  

    $

    		 471  

    $

    		 545  

    $

    		 837
    EARNINGS PER SHARE:                      
    Basic $ 0.49   $ 0.62   $ 0.72   $ 1.10
    Diluted $ 0.48   $ 0.61   $ 0.71   $ 1.09
    DIVIDENDS DECLARED PER SHARE $ —   $ —   $ —   $ —
                           
    AVERAGE SHARES OUTSTANDING:                      
    Basic   759,632     761,257     759,632     761,257
    Diluted   766,615     768,395     765,926     768,628

    Contact: Gates Little                
    (256) 543-3860

    The MIL Network –

  • MIL-OSI Russia: Smart Bank of the Future: How AI Enhances Human-Centricity

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    Photo: Higher School of Economics

    Thanks to the rapid development of digital technologies, the banking sector is going through a period of profound transformation. One of the key changes was the transition to a human-centric model, in which priority is given to the interests and needs of the client. This topic was discussed at the webinar Laboratories of human-centeredness and leadership practices HSE and the Bank of Russia. The event brought together over 1,400 representatives of banking and financial organizations from all over Russia.

    The webinar was a logical continuation conferences “Focus on the Client”, which was attended by the Chairman of the Bank of Russia Elvira Nabiullina and top management of leading Russian banks. The moderator of the plenary session was Vladimir Solovyov, Head of the Laboratory of Human-Centricity and Leadership Practices at the National Research University Higher School of Economics (CHIL Laboratory). The experts discussed what a smart bank of the future should be like.

    The webinar participants were able to delve deeper into the theory and practice of implementing human-centricity in banks, noted Ekaterina Butova, First Deputy Head of the Service for the Protection of Consumer Rights and Ensuring the Availability of Financial Services of the Bank of Russia.

    The key event of the webinar was the presentation of the results of the study conducted last year by the CHIL Laboratory and the International Laboratory of Digital Transformation in Public Administration under the auspices of the Bank of Russia. It was based on a model developed by the CHIL Laboratory, consisting of eight key aspects that allow measuring the level of human-centricity in an organization. This tool can be used by banks to assess the current situation and further development. A survey of more than 16 thousand respondents was conducted – managers and employees of government agencies.

    “The results showed that the bank of the future is a human-centric cognitive bank, where artificial and human intelligence work in synergy to deeply understand customers and offer personalized solutions,” the head of the bank noted. International laboratory of CTSU Evgeny Styrin.

    At the same time, in-depth interviews revealed that the introduction of AI and other digital tools into banking processes has both significant advantages and a number of disadvantages, and also leads to the emergence of ethical challenges.

    “34% of respondents do not want to communicate with virtual voice assistants. At the same time, negative emotions that arise during communication with them multiply very quickly, while the emergence and consolidation of positive associations requires serious efforts,” explained Oleg Samolyanov, chief expert of the CHIL Laboratory.

    Representatives of major Russian banks shared their vision of the smart bank of the future. Nikolay Tiden, Director of the Modeling and Data Research Division of the Sales Network Block of Sberbank, believes that the basis for the development of banks of the future is personalization and security. The use of artificial intelligence at all stages of interaction with clients makes user services simpler, more convenient, more reliable and more profitable.

    “A smart bank of the future values its employees, understands its clients and knows how to adapt its products and services to their needs, including actively introducing new technologies,” says Vyacheslav Rodnishev, Director of the Customer Experience and Retail Business Coordination Department at Alfa-Bank.

    At the same time, the implementation of AI solutions in the banking sector is associated with a number of ethical challenges, including data bias, protection of personal information, responsibility for AI decisions and transparency of algorithms.

    “One of the most important aspects of monitoring the ethics and correctness of artificial intelligence is monitoring its work and quality. The user must feel that the bank’s AI is attentive to his interests, accurate in its answers and financial forecasts,” says Ivan Sidorovsky, head of products for ecosystem assistants at T-Bank.

    Currently, the issues of customer trust in smart assistants developed by banking organizations and the ethics of using artificial intelligence have not been fully resolved; their discussion in the expert community continues. The solution will require a comprehensive approach combining technological, organizational and regulatory measures.

    “From the point of view of the Central Bank as a regulator, human-centricity is the key that helps to solve the root problems underlying some disputes, misunderstandings and difficulties that arise between the consumer and the financial institution,” notes Mikhail Mamuta, Head of the Service for Consumer Rights Protection and Ensuring Accessibility of Financial Services at the Bank of Russia.

    He emphasizes that human-centricity in financial organizations should begin with caring for employees, who, in turn, will transfer it to clients. Then the financial world will become more harmonious.

    The content of the discussion about human-centricity in the context of digital transformation and the use of AI largely depends on the ability to rely on structured data and the results of sociological research.

    “Today, an important and urgent task for our team is to monitor the transformation of the banking sector towards human-centricity: what new tools are emerging, what problems organizations face and how they solve them. And artificial intelligence in all its manifestations is certainly one of the key factors influencing the development of human-centricity,” Vladimir Solovyov summarized.

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

    MIL OSI Russia News –

  • MIL-OSI: OTC Markets Group Welcomes Lake Ridge Bancorp, Inc. to OTCQX

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 14, 2025 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced Lake Ridge Bancorp, Inc. (OTCQX: LRBI), the holding company for Lake Ridge Bank, has qualified to trade on the OTCQX® Best Market.

    Lake Ridge Bancorp, Inc. begins trading today on OTCQX under the symbol “LRBI.” U.S. investors can find current financial disclosure and Real-Time Level 2 quotes for the company on www.otcmarkets.com.

    Graduating to the OTCQX Market marks an important milestone for community banks in the U.S. public markets. The OTCQX Market enables banks to maximize the value of being a public company by providing transparent trading and easy access to company information for shareholders. To qualify for OTCQX, community banks must meet high financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws.  

    “We are so pleased to transition our stock trading activity to the OTC Markets Group Inc. With approximately 1,400 shareholders, we believe this is an appropriate step in providing our owners greater liquidity options as we continue to focus on long term shareholder value,” says Jim Tubbs, CEO of Lake Ridge Bank.

    About Lake Ridge Bancorp, Inc.
    Lake Ridge Bancorp, Inc. is the parent company of Lake Ridge Bank, which offers a full range of business and personal financial services, including business, real estate, agricultural, and consumer lending; crop insurance; wealth management and financial advisory services. With roots dating back to 1897, the bank is headquartered in Monona, Wisconsin with operations throughout southern Wisconsin. Lake Ridge Bank has approximately $3.0 billion in total assets and is the sixth largest bank in Wisconsin.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI Economics: RBI imposes monetary penalty on Ujjivan Small Finance Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 10, 2025, imposed a monetary penalty of ₹6.70 lakh (Rupees Six Lakh Seventy Thousand only) on Ujjivan Small Finance Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Loans and Advances – Statutory and Other Restrictions’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on the supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found that the following charge against the bank was sustained, warranting imposition of monetary penalty:

    The bank failed to issue loan agreements to certain borrowers at the time of sanction / disbursement of loans.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2171

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on The Nainital Bank Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 12, 2025, imposed a monetary penalty of ₹61.40 lakh (Rupees Sixty One Lakh Forty Thousand only) on The Nainital Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Advances’ and ‘Customer Service in Banks’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

    The statutory Inspection for Supervisory Evaluation (ISE 2023) of the bank was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the bank advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the bank’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the bank were sustained, warranting imposition of monetary penalty:

    1. The bank did not benchmark certain floating rate loans extended to MSMEs to an external benchmark rate; and

    2. The bank levied penal charges for non-maintenance of minimum balance in savings bank accounts at flat rates instead of the charges being directly proportionate to the extent of shortfall.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the bank with its customers. Further, imposition of monetary penalty is without prejudice to any other action that may be initiated by RBI against the bank.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2172

    MIL OSI Economics –

  • MIL-OSI Economics: RBI imposes monetary penalty on Shriram Finance Limited

    Source: Reserve Bank of India

    The Reserve Bank of India (RBI) has, by an order dated February 10, 2025, imposed a monetary penalty of ₹5.80 lakh (Rupees Five Lakh Eighty Thousand only) on Shriram Finance Limited (the company) for non-compliance with certain provisions of the ‘Reserve Bank of India (Know Your Customer (KYC)) Directions, 2016’, ‘Non-Banking Financial Company – Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016’ and directions on ‘Data Format for Furnishing of Credit Information to Credit Information Companies’ issued by RBI. This penalty has been imposed in exercise of powers conferred on RBI under clause (b) of sub-section (1) of Section 58G read with clause (aa) of sub-section (5) of Section 58B of the Reserve Bank of India Act, 1934, and Section 25(1)(iii) read with Section 23(4) of the Credit Information Companies (Regulation) Act, 2005

    The statutory inspection of the company was conducted by RBI with reference to its financial position as on March 31, 2023. Based on supervisory findings of non-compliance with RBI directions and related correspondence in that regard, a notice was issued to the company advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions.

    After considering the company’s reply to the notice, additional submissions made by it and oral submissions made during the personal hearing, RBI found, inter alia, that the following charges against the company were sustained, warranting imposition of monetary penalty:

    1. The company failed to put in place a system of periodic review of risk categorisation of accounts;

    2. The company did not ensure that its agreements with certain Direct Sales Agents had a clause regarding the RBI’s right to inspect books and accounts of service providers; and

    3. The company failed to share information about the Relationship Segment of the corporates to the Credit Information Companies, during the financial year 2022-23.

    This action is based on deficiencies in regulatory compliance and is not intended to pronounce upon the validity of any transaction or agreement entered into by the company with its customers. Further, imposition of this monetary penalty is without prejudice to any other action that may be initiated by RBI against the company.

    (Puneet Pancholy)  
    Chief General Manager

    Press Release: 2024-2025/2173

    MIL OSI Economics –

  • MIL-OSI Africa: Africa Finance Corporation and the Export-Import Bank of China (CEXIM) Strengthen Partnership to Drive Trade and Infrastructure Growth Across Africa

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

    BEIJING, China, February 14, 2025/APO Group/ —

    Africa Finance Corporation (AFC) (www.AfricaFC.org), Africa’s leading infrastructure solutions provider, has signed a Memorandum of Understanding (MoU) with the Export-Import Bank of China (CEXIM) to deepen collaboration in financing strategic infrastructure and trade projects across Africa.

    The agreement builds upon an existing relationship between the two institutions, dating back to 2018, and reinforces a shared commitment to accelerating economic development through sustainable investments. To date, AFC has secured a total of US$700 million in financing from CEXIM, including a US$300 million facility in 2018 and another US$400 million loan in 2023. This renewed partnership will focus on financing trade and investment projects in key sectors such as clean energy, transportation, telecommunications, and climate change mitigation, while also facilitating knowledge exchange and collaboration on best practices in project structuring and risk management.

    “Our partnership with CEXIM strengthens Africa’s trade and investment ties with China, creating new pathways for infrastructure development and industrial growth,” said Samaila Zubairu, President & CEO of AFC. “Strategic collaborations like this are key to accelerating Africa’s industrialisation and with CEXIM’s support, we are unlocking opportunities to build more resilient economies, mobilise capital at scale, and drive long-term prosperity across the continent.”

    AFC has been steadily expanding its presence in the Chinese financial markets recently securing an AAA domestic credit rating from China Chengxin International Credit Rating Co. Ltd (CCXI) and an AAAspc issuer credit rating from S&P Ratings (China) Co., Ltd. These ratings demonstrate AFC’s exceptional financial strength, disciplined capital management, and expanding access to diversified funding. AFC also finalised a US$1.16 billion syndicated loan last year, co-led by the Bank of China and the Industrial and Commercial Bank of China (ICBC) London Branch.

    This collaboration underscores AFC and CEXIM’s mutual goal of fostering economic integration and sustainable development across Africa. Through this partnership, the two institutions will work together to mobilise funding for high-impact projects, enhance trade finance solutions, and support private sector growth across the continent.

    MIL OSI Africa –

  • MIL-OSI Asia-Pac: India Post Payments Bank Empowers Devotees at Mahakumbh 2025 with Seamless Banking Services

    Source: Government of India (2)

    India Post Payments Bank Empowers Devotees at Mahakumbh 2025 with Seamless Banking Services

    IPPB playing a pivotal role in providing digital banking services to all pilgrims at Mahakumbh 2025

    IPPB has established service counters, mobile banking units, and customer assistance kiosks at 5 key locations throughout Mahakumbh

    Posted On: 14 FEB 2025 4:04PM by PIB Delhi

    India Post Payments Bank (IPPB), a Government of India undertaking, is proud of its pivotal role in providing seamless digital banking services to millions of devotees and pilgrims at Mahakumbh 2025, Prayagraj. As the world’s largest spiritual gathering, Mahakumbh attracts people from all walks of life. IPPB, with its customer-centric approach, is enabling access to comprehensive banking services for all, ensuring convenience, safety and security of financial transactions. IPPB has established service counters, mobile banking units, and customer assistance kiosks at 5 key locations throughout Mahakumbh. These facilities are designed to handle high footfalls efficiently.

    On IPPB’s ongoing initiative at the Mahakumbh, Mr. R. Viswesvaran, MD & CEO-IPPB, said “We at India Post Payments Bank are honoured to provide our seamless banking services on the sacred grounds of Mahakumbh 2025, Prayagraj. It fills me with great joy to witness the immaculate integration of banking services with one of the world’s largest and most revered spiritual gatherings. We take immense pride in our role as a catalyst for digital transformation, empowering the  devotees at Prayagraj with our effortless banking services. This initiative is a testament to our commitment to serving all, ensuring that financial accessibility is no longer only for a select few but available to all during this transformative spiritual journey.”

    Additionally, IPPB’s trusted Daak Sevaks are providing doorstep banking services. They are ensuring that devotees can access essential financial support like Cash Withdrawal from any of their Aadhaar linked Bank Account through IPPB’s Aadhaar ATM (AePS) service without disruption by reaching at their precise location. The devotees can utilise the ‘Banking at Call’ facility by IPPB to procure desired line of services wherever they are within the Mahakumbh grounds. They can simply dial 7458025511 to access multitude of banking requirements at their disposal.

    In line with the Government of India’s Digital India vision, IPPB is also empowering local vendors, small businesses, and service providers at Mahakumbh by enabling them to accept digital payments through its DakPay QR Cards. This initiative fosters a cashless ecosystem, reducing dependency on cash and enhancing overall efficiency in transactions.

    Further, to ensure maximum outreach, IPPB has launched awareness campaigns at Mahakumbh to educate pilgrims and vendors about its services. Trained professionals and Daak Sevaks are stationed at key locations to assist with account openings, transactions, and resolving queries. Information hoardings and digital demonstrations are also being utilised to familiarize attendees with IPPB’s offerings. It is also offering free printed photograph to every visitor as a memorabilia to be carried back to their homes.

    About India Post Payments Bank

    India Post Payments Bank (IPPB) has been established under the Department of Posts, Ministry of Communication with 100% equity owned by Government of India. IPPB was launched on September 1, 2018. The bank has been set up with the vision to build the most accessible, affordable and trusted bank for the common man in India. The fundamental mandate of India Post Payments Bank is to remove barriers for the unbanked & underbanked and reach the last mile leveraging the Postal network comprising ~1,65,000 Post Offices (~140,000 in rural areas) and ~3,00,000 Postal employees.

    IPPB’s reach and its operating model is built on the key pillars of India Stack – enabling Paperless, Cashless and Presence-less banking in a simple and secure manner at the customers’ doorstep, through a CBS-integrated smartphone and biometric device. Leveraging frugal innovation and with a high focus on ease of banking for the masses, IPPB delivers simple and affordable banking solutions through intuitive interfaces available in 13 languages to 11 Crore customers across 5.57 lakh villages & towns in India.

    IPPB is committed to provide a fillip to a less cash economy and contribute to the vision of Digital India. India will prosper when every citizen will have equal opportunity to become financially secure and empowered. Our motto stands true – Every customer is important, every transaction is significant and every deposit is valuable.

    Reach us at:

    www.ippbonline.com marketing@ippbonline.in

    Social Media Handles:

    Twitter – https://twitter.com/IPPBOnline

    Instagram – https://www.instagram.com/ippbonline

    LinkedIn – https://www.linkedin.com/company/india–post–paymentsbank

    Facebook – https://www.facebook.com/ippbonline

    Koo – https://www.kooapp.com/profile/ippbonline

    YouTube- https://www.youtube.com/@IndiaPostPaymentsBank

    ***

    Samrat/ Dheeraj/ Allen : pibcomm[at]gmail[dot]com

    (Release ID: 2103221) Visitor Counter : 29

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: In-Depth Analysis – Economic Dialogue with the President of the Eurogroup – 14-02-2025

    Source: European Parliament

    ECON on 19 February 2025 – Paschal Donohoe is attending his seventh Economic Dialogue in the ECON Committee since being elected as President of the Eurogroup in July 2020 and the first one during the 10th parliamentary term. His previous Economic Dialogue took place on 29 June 2023. This briefing covers the following issues: latest economic developments (Section 1); the 2025 Euro Area Recommendation (Section 2); Transparency of the work of the Eurogroup (Section 3) and Completing the EMU, with a focus on the Eurogroup’s work on the Banking Union, the Capital Markets Uniona and the digital euro (Section 4). For an overview of the role of the President of the Eurogroup, see Briefing: The role (and accountability) of the President of the Eurogroup.

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB and One World Media strengthen partnership championing women-led solutions

    Source: European Investment Bank

    • EIB supports Women’s Solutions Reporting award
    • Celebrating stories of girls and women tackling global challenges
    • Winner to be announced in June 2025

    One World Media (OWM) and the European Investment Bank (EIB) are proud to continue their partnership for the fifth consecutive year, through the Women’s Solutions Reporting Award. This award is one of 13 that recognise outstanding media coverage from and about the global south. The OWM Awards celebrate journalism and filmmaking that challenge stereotypes, reshape narratives, and deepen understanding.

    The Women’s Solutions Reporting Award highlights the transformative role of women in addressing global challenges, from advancing financial inclusion and climate action to improving healthcare and education. By amplifying these initiatives, the award aims to inspire action and highlight how women are shaping a more sustainable and equitable future.

    One World Media’s Director Vivienne Francis said: “At a time when the rights and freedoms of women and girls around the world continue to be at risk, the One World Media Awards are proud to support storytelling that ensures these issues get the attention they deserve. These stories serve as a reminder of the power of journalism to transform lives and ignite social change.”

    Margaret Carroll, acting Head of the EIB Social Policy Unit, who will be one of the judges of the Women’s Solutions Reporting Award, said: “We are thrilled to support this important award once again with OWM. It reflects our deep commitment to gender equality and women’s economic empowerment. Each year, this award brings to light compelling stories of innovation and resilience that drive meaningful change—stories that are especially needed in today’s world.”

    With the 2025 One World Media Awards winners set to be announced in June, we look forward to celebrating the impactful stories of the many women making a difference and inspiring future generations of female leaders.

    The 13 OWM Award categories are as follows:

    • Current Affairs Award
    • Environmental Reporting
    • Feature Documentary Award
    • Innovative Storytelling Award
    • Journalist of the Year Award
    • News Award
    • Podcast & Radio Award
    • Print Award
    • Refugee Reporting Award
    • Short Documentary Award
    • Student Award
    • Press Freedom Award
    • Women’s Solutions Reporting Award

    About One World Media

    One World Media is a non-profit organisation in the United Kingdom that supports journalists and filmmakers covering stories about the global south. For more than three decades, the organisation has worked with partners in the United Kingdom and around the world to strengthen international journalism and promote media coverage of global issues. The One World Media Awards will look for entries that show relevance, originality and creativity, substance and accuracy, impact and reach, diversity and quality.

    About the European Investment Bank

    The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances investments that contribute towards EU policy goals. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

    To enhance the positive impact of its activities on gender equality and empower women and girls, the EIB Group adopted a Strategy on Gender Equality and Women’s Economic Empowerment and a Gender Action Plan, with the aim of embedding gender equality and in particular women’s economic empowerment in the EIB’s business model. It covers its lending, blending and advisory work within and outside the European Union. The EIB Group is also committed to driving gender equality in the workplace.

    MIL OSI Europe News –

  • MIL-OSI Europe: From innovation hub to electric highways

    Source: European Investment Bank

    For Serbians to use more electric cars, new rules and regulations need to be adopted. To help, the government is halting the import of used vehicles that do not meet specific standards, and it is introducing incentives for new car purchases. Currently, about 2.8 million vehicles in Serbia are an average of 18 years old.

    Serbia is adopting new regulations to help expand its charging network. At the end of 2024, the country adopted the Law on Energy, which for the first time addresses electric vehicle charging. The new law defines energy policies to ensure that there is a reliable energy supply, and it helps regulate the energy market. The law also covers the integration of electric vehicles into the electricity network.

    “Now, it is important to define specific regulations in line with the EU standards to tackle technical and legal conditions, software, data structure and classification, rights and obligations of providers and users,” Zjačić says.

    MIL OSI Europe News –

  • MIL-OSI Economics: RBI to conduct 4-day Variable Rate Repo (VRR) auction under LAF on February 17, 2025

    Source: Reserve Bank of India

    On a review of current and evolving liquidity conditions, it has been decided to conduct a Variable Rate Repo (VRR) auction on February 17, 2025, Monday, as under:

    Sl. No. Notified Amount
    (₹ crore)    		 Tenor (day) Window Timing Date of Reversal
    1 75,000 4 11:00 AM to 11:30 AM February 21, 2025
    (Friday)

    2. Standalone Primary Dealers will be allowed to participate in this auction, along with other eligible participants.

    3. The operational guidelines for the auction will be same as given in Reserve Bank’s Press Release 2021-2022/1572 dated January 20, 2022.

    Ajit Prasad           
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2169

    MIL OSI Economics –

  • MIL-OSI Economics: Capacity Building for Saline Agriculture in the Mekong Delta—Innovation in Focus: Salt Farming

    Source: Asia Development Bank

    The case study explains how ADB is working with the Netherlands Trust Fund through the Water Financing Partnership Facility to tackle saline intrusion, which is driven by climate change and rising sea-levels. It details how the project promotes interactive learning and shows farmers why better soil management, crop selection, and shifting to systems such as hydroponics could improve the long-term agricultural potential of saline-affected areas.

    MIL OSI Economics –

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers about the company Zinsverwalter

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Zinsverwalter and the services it is offering. BaFin suspects the unknown operators of the websites zinsverwalter.de and zinsverwalter.com of offering consumers financial, investment and cryptoasset services without the required authorisation. These offers are not provided by WALTER Investment-Vermittlungs GmbH, Stuttgart, which has no connection to the aforementioned websites. This is a case of identity fraud.

    The unknown operators are contacting consumers, claiming that their offer is from WALTER Investment-Vermittlungs GmbH. In addition, when advertising its services, the company claims to be supervised by BaFin. However, none of this information is correct. This is a case of identity fraud. Moreover, BaFin does not supervise WALTER Investment-Vermittlungs GmbH.

    Anyone providing financial, investment or cryptoasset services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI China: Announcement on Open Market Operations No.30 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.30 [2025]

    (Open Market Operations Office, February 14, 2025)

    The People’s Bank of China (PBOC) issued the second and third batches of central bank bills in 2025 on the Central Moneymarkets Unit (CMU) bond tendering platform of the Hong Kong Monetary Authority (HKMA) through interest rate bidding on February 14, 2025 (Friday).

    Issue

    Volume

    Maturity

    Rate

    The Second Batch of Central Bank Bills (2025) (Hong Kong)

    RMB40 billion

    3 months

    (91 days)

    2.60%

    The Third Batch of Central Bank Bills (2025) (Hong Kong)

    RMB20 billion

    1 year

    2.32%

    Date of last update Nov. 29 2018

    2025年02月14日

    MIL OSI China News –

  • MIL-OSI Africa: International Monetary Fund (IMF) Staff Completes Staff-Monitored Program (SMP) Discussion Mission to Zimbabwe

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

    HARARE, Zimbabwe, February 14, 2025/APO Group/ —

    Following the request for a Staff-Monitored Program (SMP) by the authorities in 2023, an International Monetary Fund (IMF) staff team led by Mr. Wojciech Maliszewski conducted a mission to Harare from January 30 to February 13, 2025, to advance discussions on the SMP.

    At the conclusion of the IMF mission, Mr. Maliszewski issued the following statement:

    “Zimbabwe’s economic activity has started recovering after the El Niño-induced drought. Growth slowed from 5.3 percent to an estimated 2 percent in 2024, as the drought lowered agricultural output by 15 percent. This was compounded by reduced electricity production and declining prices for key mineral exports (platinum and lithium). That said, strong remittances continued supporting activity in domestic trade, services, and construction, and improved the current account surplus to an estimated US$500 million (1.4 percent of GDP) in 2024. The ZiG willing-buyer willing-seller (WBWS) exchange rate was stable from the ZiG’s introduction in April 2024—with the ZiG month-on-month inflation averaging 2.3 percent—until September, when the currency weakened. Relative stability returned with the tightening of monetary policy since September, and the WBWS and parallel market exchange rates have stabilized, and the gap between these rates has narrowed. Meanwhile, fiscal pressures intensified—owing, in large part, to the transfer of the RBZ’s quasi-fiscal operations to the Treasury. Strong revenue collection helped limit the 2024 budget deficit to an estimated 1 percent of GDP, but fiscal pressures resulted in an accumulation of domestic expenditure arrears, leading to the government implementing emergency spending cuts. Going forward, growth in 2025 is projected to increase to 6 percent, with the recovery in agriculture output due to better climate conditions and the projected improvement in the terms-of-trade.

    “Against this background, the Zimbabwe authorities had requested an SMP to support their efforts to stabilize the economy and re-engage with the international community on the arrears clearance and debt resolution process. The main objective of the SMP would be to durably anchor macroeconomic stability, building on policy recommendations from the 2024 Article IV consultation.

    “Building on progress achieved during the mission on the ongoing SMP discussions, Fund staff will continue working closely with the authorities on defining the key parameters and modalities of the program. Discussions include (1) adjusting the fiscal position to avoid a recourse to monetary financing and new arrears and building foundations for a durable fiscal consolidation; (2) fiscal risks residing off-budget (including from the operations of the Mutapa Investment Fund); (3) the effectiveness of the monetary policy framework for the ZiG; and (4) reforms to strengthen economic governance.

    “International reengagement remains critical for debt resolution and arrears clearance, which would open the door for access to external financing. The authorities’ reengagement efforts, through the Structured Dialogue Platform (SDP), are key for attaining debt sustainability and gaining access to concessional financial support. In this context, the SMP will help in enhancing policy credibility and advancing the reform agenda embedded in the SDP.

    “The IMF continues to provide policy advice and extensive technical assistance in the areas of revenue mobilization, expenditure control, financial supervision, debt management, economic governance, as well as macroeconomic statistics. However, the IMF is currently precluded from providing financial support to Zimbabwe due to its unsustainable debt situation—based on the IMF’s Debt Sustainability Analysis (DSA)—and official external arrears. An IMF financial arrangement would require a clear path to comprehensive restructuring of Zimbabwe’s external debt, including the clearance of arrears and a reform plan that is consistent with durably restoring macroeconomic stability; enhancing inclusive growth; lowering poverty; and strengthening economic governance.

    “The IMF mission held meetings with the Minister of Finance, Economic Development and Investment Promotion Hon. Professor Mthuli Ncube, his Permanent Secretary Mr. George Guvamatanga; the Reserve Bank of Zimbabwe Governor Dr. John Mushayavanhu; the Chief Secretary to the President and Cabinet Dr. Martin Rushwaya, other senior government and RBZ officials, honorable members of Parliament, representatives of the private sector, civil society, and Zimbabwe’s development partners.

    “The IMF staff wishes to express its gratitude to the Zimbabwean authorities and stakeholders for the constructive and open discussions and support during the mission.”

    MIL OSI Africa –

  • MIL-OSI China: Announcement on Open Market Operations No.29 [2025]

    Source: Peoples Bank of China

    Announcement on Open Market Operations No.29 [2025]

    (Open Market Operations Office, February 14, 2025)

    In order to keep liquidity adequate in the banking system, the People’s Bank of China conducted reverse repo operations in the amount of RMB98.5 billion through quantity bidding at a fixed interest rate on February 14, 2025.

    Details of the Reverse Repo Operations

    Maturity

    Volume

    Rate

    7 days

    RMB98.5 billion

    1.50%

    Date of last update Nov. 29 2018

    2025年02月14日

    MIL OSI China News –

  • MIL-OSI Economics: Interactive Assets: BaFin warns consumers about the additional websites interactiveassets.biz and interactiveassets.trade

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    On 27 January 2025, BaFin issued a warning about Interactive Assets and its website interactiveassets.pro, which has since been deactivated. The unknown operators are now using the websites interactiveassets.biz and interactiveassets.trade. BaFin suspects the operators of the websites of offering consumers financial, investment and cryptoasset services without the required authorisation.

    The unknown operators are contacting consumers, claiming that their offer is from Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH. In addition, when advertising its services, the company claims to be supervised by BaFin. However, none of this information is correct. This is a case of identity fraud.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomärkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (Bundeskriminalamt – BKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics –

  • MIL-OSI Economics: Asian Development Blog: AI Can Free Human Intelligence for Discovery and Exploration

    Source: Asia Development Bank

    Artificial intelligence is reshaping knowledge generation, but human intelligence remains essential for ethical oversight, innovation, and problem-solving. Integrating AI into industries, shifting away from Industrial Era work models, and accelerating learning will be key to harnessing its full potential for sustainable development.

    Human cognitive abilities have grown over time, influenced by environmental and cultural factors. Despite a slight decrease in brain size over the past 3,000 years, the Flynn effect shows that people are becoming smarter across generations.

    Innovations in sharing and storing information—from writing to the rise of the Internet—are accelerating collective cognitive development because of the rapid dissemination of knowledge.

    In the age of artificial intelligence, human intelligence is likely to grow even faster. People will be able to access vast amounts of information across a wide range of topics more quickly than before. AI can also deliver personalized educational experiences to suit the learning style of students, making the learning process more engaging. 

    People are far from being mere passive recipients of AI’s impacts: they are actually the ones who are actively spurring its development, and this in turn is further advancing human intelligence. Leveraging both human and artificial intelligence will be critical to developing innovative solutions to address climate change and other complex global challenges. 

    People, from casual users to experts, need to have functional knowledge of AI to fully benefit from it, and AI’s usefulness depends on trust. This is where the Artificial Intelligence Quotient (AIQ), the level of readiness in humans to successfully adopt AI, comes in. 

    Just as travelers trust a plane or a car because they understand how they work, AI should also be made more understandable to increase the likelihood of its use and adoption. Patients will not be interested in undergoing a medical procedure performed by AI-powered robots if they are not confident that the benefits of technology-assisted surgery far outweigh the risks.

    Similarly, businesses will not blindly trust AI systems to engage in trade on their behalf without first understanding how these systems evaluate business risks.

    Building Artificial Intelligence Quotient requires educating oneself on AI advancements, capabilities, and limitations. Hands-on experience in using AI-powered tools will help individuals and institutions trust AI and make them more comfortable in using it. 

    Trust in AI, in turn, will encourage the development of more AI tools for societal benefit, including healthcare, education, and climate adaptation.     

    Technological know-how is crucial, but emotional intelligence is equally important. 

    Emotions drive creativity and problem-solving. With a few prompts, some AI tools can generate photos, videos, and stories. These outputs, however, are not truly original content. They are instead derived from training data.

    Context and purpose matter as there is no one-size-fits-all solution when it comes to AI.
     

    Humans, on the other hand, can generate original content, developing innovative ideas, and collaborating with other people to find solutions to complex issues. More importantly, they are the ones steering the direction of AI development, including putting in place policies and guidelines for the ethical and responsible use of AI. 

    These ethical guardrails help to ensure that AI tools and systems are built not for their own sake but to address pain points in a way that respects human values and rights. Thus, managing one’s emotions and understanding others’ emotions are necessary skills in a technology-driven era. 

    AI can mimic compassion, as seen with mental health chatbots, but it lacks genuine emotional connection. Trust is only the first step to developing an Artificial Intelligence Quotient. You need to be aware of your own capacity to use AI depending on your specific needs so you can find the right tool to address your concerns. 

    From an international development perspective, each country has a different set of needs and priorities when it comes to AI use. For instance, one country may be interested in focusing on leveraging AI to increase production capacity of a certain industry, while another country may want to use AI to improve delivery of basic services, such as healthcare, education, and social protection.

    Context and purpose matter as there is no one-size-fits-all solution when it comes to AI. Recognizing the differences in these challenges and how these need to be adjusted to be responsive to specific issues is critical to leveraging AI effectively to promote sustainable development and climate resilience.  

    AI’s strengths and weaknesses also need to be recognized. AI might be a powerful tool, but it has its limitations. There are instances when AI is not the best solution, with other tools being better suited to address an issue. In addition, AI does not hold all the answers to the world’s questions and is limited by the data with which it was trained.

    Finally, it is important to let AI know you. AI tools have a feedback loop that you can use to improve their performance, and this mechanism will help train these tools to better address climate and development challenges.

    If AI’s full potential is unleashed, it can handle all current cognitive tasks that humans are doing, freeing up humans to focus on big thinking and creating. 

    While it is improbable for sentient AI to emerge anytime soon, AI, along with robotics, will likely bear the brunt of the work of humans, including knowledge generation. By the 22nd century, AI will be solving the issues that humans previously handled, freeing humans to tackle new, yet-unsolved mysteries, leading to the rise of a new age of discoveries. 

    This will require rethinking and reskilling. The payoff, however, will be worth it if it means finding solutions to poverty, climate change, and other challenges faced by humanity and the world. 

    As AI grows, humans must continue to grow as well. In the next century, we are looking at a new age of discoveries arising from freeing up human intelligence to resolve new problems rather than resolving issues that could be resolved by AI and robotics.   

    To achieve climate and development goals, we need to be doing three things: 

    Integrate AI and robotics. Institutions and industries need to evolve to integrate technology—not just in business-related tasks but also in daily operations. Industries such as construction, shipping, and manufacturing will increasingly rely on AI and robotics to perform tasks. Embracing technology is critical, especially since its use will likely scale up in the coming years.

    Give up industrial era ways of working. AI and robotics will render obsolete the conventional assembly line setup that focuses on efficiency in physical production. People must shift towards human-centered work. Institutions and industries should redesign their operations and empower people to use their creativity and critical thinking skills to perform AI-augmented work. 

    Accelerate learning and adoption. The fundamental shift from the Industrial Era practices puts more emphasis on the knowledge economy. This, along with the rapid development brought about by AI and the rapid boom of industries, requires an accelerated pace of learning. Humans should therefore dedicate over half of their workday to learning to keep up with and adopt new technologies and methods. Human resource departments must play a key role to facilitate this shift from Industrial

    Era practices to more agile mindsets and practices in the age of AI.

    The future of intelligence will be shaped by the dynamic interplay between human cognition and artificial intelligence. By fostering a symbiotic relationship with AI, humanity can unlock new frontiers of knowledge, innovation, and problem-solving in the decades ahead.

    MIL OSI Economics –

  • MIL-Evening Report: How would Israel respond if Trump called for death camps in Gaza?

    The issue is no longer a hypothetical one. US President Donald Trump will not explicitly suggest death camps, but he has already consented to Israel’s continuing a war that is not a war but rather a barbaric assault on a desolate stretch of land. From there, the road to annihilation is short, and Israel will not bat an eye. Trump approved it.

    COMMENTARY: By Gideon Levy

    And what if US President Donald Trump suggested setting up death camps for the inhabitants of the Gaza Strip? What would happen then?

    Israel would respond exactly as it did to his transfer ideas, with ecstasy on the right and indifference in the centrist camp.

    Opposition leader Yair Lapid would announce that he would go to Washington to present a “complementary plan”, like he offered to do with regard to the transfer plan.

    Benny Gantz would say that the plan shows “creative thinking, is original and interesting.” Bezalel Smotrich, with his messianic frame of mind, would say, “God has done wonders for us and we rejoice.” Benjamin Netanyahu would rise in public opinion polls.

    The issue is no longer a hypothetical one. Trump will not explicitly suggest death camps, but he has already consented to Israel’s continuing a war that is not a war but rather a barbaric assault on a desolate stretch of land. From there, the road to annihilation is short, and Israel will not bat an eye. Trump approved it.

    After all, no one In Israel rose up to tell the president of the United States “thank you for your ideas, but Israel will never support the expulsion of the Gaza Strip’s Palestinians.”

    Hence, why be confident that if Trump suggested annihilating anyone refusing to evacuate Gaza, Israel would not cooperate with him? Just as Trump exposed the transfer sentiment beating in the heart of almost every Israeli, aimed at solving the problem “once and for all,” he may yet expose a darker element, the sentiment of “it’s us or them.”

    A whitewasher of crimes
    It’s no coincidence that a shady character like Trump has become a guide for Israel. He is exactly what we wanted and dreamed about: a whitewasher of crimes. He may well turn out to be the American president who caused the most damage ever inflicted on Israel.

    There were presidents who were tight-fisted with aid, others who were sour on Israel, who even threatened it. There has never been a president who has set out to destroy the last vestiges of Israel’s morality.

    From here on, anything Trump approves will become Israel’s gold standard.

    Trump is now pushing Israel into resuming its attacks on the Gaza Strip, setting impossible terms for Hamas: All the hostages must be returned before Saturday noon, not a minute later, like the mafia does. And if only three hostages are returned, as was agreed upon? The gates of hell will open.

    They won’t open only in Gaza, which has already been transformed into hell. They will open in Israel too. Israel will lose its last restraints. Trump gave his permission.

    But Trump will be gone one day. He may lose interest before that, and Israel will be left with the damage he wrought, damage inflicted by a criminal, leper state.

    No public diplomacy or friends will be able to save it if it follows the path of its new ethical oracle. No accusations of antisemitism will silence the world’s shock if Israel embarks on another round of combat in the enclave.

    A new campaign must begin
    One cannot overstate the intensity of the damage. The renewal of attacks on Gaza, with the permission and under the authority of the American administration, must be blocked in Israel. Along with the desperate campaign for returning the hostages, a new campaign must begin, against Trump and his outlandish ideas.

    However, not only is there no one who can lead such a campaign, there is also no one who could initiate it. The only battles being waged here now, for the hostages and for the removal of Netanyahu, are important, but they cannot remain the only ones.

    The resumption of the “war” is the greatest disaster now facing us, heralding genocide, with no more argument about definitions.

    After all, what would a “war” look like now, other than an assault on tens of thousands of refugees who have nothing left? What will the halting of humanitarian aid, fuel and medicine and water mean if not genocide?

    We may discover that the first 16 months of the war were only a starter, the first 50,000 deaths only a prelude.

    Ask almost any Israeli and he will say that Trump is a friend of Israel, but Trump is actually Israel’s most dangerous enemy now. Hamas and Hezbollah will never destroy it like he will.

    Gideon Levy is a Ha’aretz columnist and a member of the newspaper’s editorial board. He joined Ha’aretz in 1982, and spent four years as the newspaper’s deputy editor. He is the author of the weekly Twilight Zone feature, which covers the Israeli occupation in the West Bank and Gaza over the last 25 years, as well as the writer of political editorials for the newspaper. Levy visited New Zealand in 2017.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI: Morpheus Labs Partners with CertiK to Power TN7’s Smart Contracts in Their First Joint Initiative

    Source: GlobeNewswire (MIL-OSI)

    Graphic download: Synthcity Overview (1).png

    SINGAPORE, Feb. 14, 2025 (GLOBE NEWSWIRE) — Morpheus Labs has teamed up with CertiK, a leader in blockchain security, to enhance the security and reliability of smart contracts. This collaboration strengthens blockchain ecosystems and supports the tokenization of Real-World Assets (RWA), opening up new possibilities for tokenized content and intellectual property. The partnership kicks off with TN7, a new content universe built around the first digital comic series from Viu, PCCW’s leading pan-regional OTT video streaming service.

    TN7: A Pioneering Digital Content Platform

    TN7 is a Viu initiative that explores new possibilities for community-driven storytelling, integrating Web3 elements to empower creators. It integrates secure and efficient smart contracts as part of its infrastructure. Through Morpheus Labs’ collaboration with CertiK, these contracts undergo rigorous auditing and reinforcement, ensuring a stable and secure foundation for the platform’s interactive ecosystem.

    CertiK Joins to Fortify Smart Contract Security

    CertiK brings advanced AI-driven auditing solutions to reinforce TN7’s smart contracts, enhancing security for the platform and its creators. Ronghui Gu, co-founder of CertiK, stated: “We are excited to partner with Morpheus Labs. Their AI-powered Smart Contract Studio provides the first end-to-end solution for smart contract development and auditing.Together, we aim to set new standards in blockchain security and reduce cybercrime threats.”

    A Strong Beginning for the Partnership

    This collaboration on TN7 marks the first step in an ongoing partnership aimed at advancing security in blockchain-powered digital content platforms. Morpheus Labs’ Smart Contract Studio, combined with CertiK’s auditing expertise, provides intuitive, seamless and highly secure smart contracts. Anson, Country Head at Viu Singapore, said: “Security is essential to TN7’s vision of a dynamic, creator-driven universe. With CertiK’s expertise and Morpheus Labs’ platform, we are confident in providing a stable and secure environment for our growing community.”

    Setting a New Standard in Web3 Security

    By combining CertiK’s auditing capabilities with Morpheus Labs’ Smart Contract Studio, the partnership delivers an end-to-end solution for smart contract development and auditing, addressing the growing need for robust cybersecurity in Web3. Pei-Han Chuang, CEO of Morpheus Labs, added: “Our Smart Contract Studio simplifies development while integrating thorough auditing services. The TN7 project is just the start of how this partnership will benefit businesses seeking secure smart contract solutions.”

    A Secure Future for Web3

    Together, Morpheus Labs and CertiK are setting a new standard for developing and securing smart contracts while onboarding more customers, starting with the TN7 project. As Web3 evolves, this collaboration strengthens the security framework for TN7 and sets a precedent for protecting digital content platforms integrating blockchain technology.

    About Morpheus Labs

    Morpheus Labs is a leading developer lab in South East Asia specializing in blockchain integration, offering a comprehensive suite of tools and services to streamline the development and deployment of blockchain-based projects. With a focus on driving adoption and innovation, Morpheus Labs empowers developers and enterprises to leverage the full potential of Web3 technologies.

    To learn more about Morpheus Labs, visit https://morpheuslabs.io. Try the Smart Contract Studio for free at https://web3-platform.morpheuslabs.io.

    About CertiK

    CertiK’s mission is to secure the Web3 world. Starting with blockchain, CertiK applies cutting-edge innovations from academia into Enterprise, enabling mission-critical applications to be built with security and accuracy. Headquartered in New York City, CertiK was founded by computer science professors Ronghui Gu and Zhong Shao. CertiK is backed by industry leaders, including Insight Partners, Tiger Global, Sequoia, Coatue Management, Advent International, Goldman Sachs, Lightspeed, SoftBank Vision Fund 2, Hillhouse Capital, Binance, Coinbase Ventures, and more.

    To learn more, please visit https://www.certik.com/

    About Viu

    Viu, a leading pan-regional over-the-top (OTT) video streaming service, is available in 16 markets across Asia, the Middle East, and South Africa.

    The Viu service is available to consumers through a dual model, with an ad-supported free tier and a premium subscription tier. In addition to premium original productions under the brand “Viu Original”, Viu showcases TV series, movies, and lifestyle programmes from top content providers in local and regional languages with subtitles. Viu Scream Dates, its multi-market fan-meet offering, extends the Viu experience beyond the screens by bringing stars closer to their fans via live events.

    In June 2023, PCCW and CANAL+ formed a partnership to accelerate the growth of Viu, making CANAL+ a strategic investor in Viu.

    Viu also operates MOOV, a popular digital music streaming and live concerts service in Hong Kong.

    Viu is a member of PCCW Media under PCCW Limited, a global company headquartered in Hong Kong with interests in telecommunications, media, IT solutions, property development and investments, and other businesses. PCCW also operates ViuTV, a free television service in Hong Kong, through HK Television Entertainment Company Limited, and has interests in Pacific Century Premium Developments Limited, among other global investments.

    For more information, please visit www.viu.com.

    Morpheus Labs Social Links

    X: https://twitter.com/MorpheusLabs_io
    Telegram: https://t.me/morpheuslabs
    Discord: https://discord.com/invite/mbdXpD2fZm

    Website: https://morpheuslabs.io/

    For media inquiries, please contact:
    Contact: Lyn Ngan
    Email: lyn@morpheuslabs.io

    For partnership inquiries, please contact:
    Contact: Leonard Ong
    Email: leonard@morpheuslabs.io

    Book a Consultation:https://appt.link/morpheuslabs/book-a-consultation

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/5aa0632c-1cf4-4077-8b20-7c32e156412e

    The MIL Network –

  • MIL-OSI Economics: Result of the 49-day Variable Rate Repo (VRR) auction held on February 14, 2025

    Source: Reserve Bank of India

    Tenor 49-day
    Notified Amount (in ₹ crore) 75,000
    Total amount of bids received (in ₹ crore) 99,692
    Amount allotted (in ₹ crore) 75,003
    Cut off Rate (%) 6.28
    Weighted Average Rate (%) 6.32
    Partial Allotment Percentage of bids received at cut off rate (%) 57.30

    Ajit Prasad          
    Deputy General Manager
    (Communications)    

    Press Release: 2024-2025/2158

    MIL OSI Economics –