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Category: Banking

  • MIL-OSI Europe: r* in the monetary policy universe: navigational star or dark matter? | Lecture at the London School of Economics and Political Science

    Source: Deutsche Bundesbank in English

    Check against delivery.
    1 Introduction
    Ladies and gentlemen, It’s a pleasure and an honour for me to speak here before such a distinguished audience.
    Remember to look up at the stars and not down at your feet. This was advice from Stephen Hawking, the famous English physicist and author of numerous books on the cosmos. And who would want to contradict the genius?
    So today I invite you to join me on a stargazing tour. If you don’t have a telescope with you, no worries. However, I should add a disclaimer here: When a couple look up at the stars, things could get romantic. When astronomers observe the stars, impressive images can come into view. When economists talk about stars, it usually gets complicated. Now you know what you’re getting into! 
    I’m sure you’ve already guessed what topic I have in mind: the natural rate of interest – also known as r-star. It is a concept that economists have been grappling with for more than 125 years.[1] And it has perhaps never received more attention than in the current era of monetary policy.
    From a central banker’s perspective, I would like to discuss what role r-star can and should play in the monetary policy universe. I will structure my lecture around four key questions: What is r-star and why is it of interest for monetary policy? How have estimates for r-star evolved over the past decades? What drives uncertainty about current estimates and the future evolution of r-star? What conclusions should monetary policy draw from this?
    2 Definition of r-star and use for monetary policy
    Let’s start with the definition. The natural rate is the real interest rate that would prevail if the economy were operating at its potential and prices were stable. R-star is commonly thought to be driven by real forces that structurally affect the balance between saving and investment. Think of technological progress and demographics, for example. This also means that r-star should, by definition, be independent of monetary policy. The latter follows from the widely held belief that monetary policy can affect real variables only temporarily, but is neutral in the long term.
    At first glance, the natural rate could be a guiding star for the conduct of monetary policy. If a central bank sets its policy rates so that the real interest rate is above r-star, monetary policy is restrictive or “tight”. Consequently, economic activity slows and the inflation rate should decrease. If the real rate is below r-star, monetary policy is expansionary or “loose”. It provides incentives for consumers to purchase more and for enterprises to step up investment and output. Hence, this should result in more economic activity and a higher inflation rate.
    However, the idea of the natural rate serving as a guiding star for monetary policy comes with profound challenges. Perhaps the name r-star evokes associations with astronomy and navigation. But these would be misleading. If r-star were like a star in the sky, it would be relatively easy to locate. Stars emit light and are therefore observable.
    The natural rate is a theoretical concept. It is based on a hypothetical state of the world. That means the natural rate is, by nature, unobservable. It can only be estimated. For example, models use assumptions about the relationship between measurable variables and r-star. In this respect, the natural rate is not so much like a star shining brightly in the sky. It is more a case of dark matter. As it is invisible, astronomers infer dark matter indirectly by observing its gravitational effects.
    If something is hard to find, it only spurs researchers to look even harder – whether they are astronomers or economists. Therefore, we can draw on a variety of estimation methods for the evolution of the natural rate.
    3 Estimates for r-star over time
    Since around the 1980s various estimates of different types have been pointing to a downward trend for r-star over several decades and across many advanced economies.[2] In the wake of the global financial crisis, the estimates slumped to exceptionally low levels.[3] This development was roughly in line with the observed trajectory of actual real interest rates of short- and long-term government bonds during this period. And no wonder: In the long run, both should be driven by the same fundamental forces affecting the balance between saving and investment.
    So the question is this: what has lifted saving and depressed investment? A simple answer would be: in the long term, the most important driver is potential growth. But this finding is not very enlightening. Potential growth is also not observable. It is determined by underlying forces such as demographics and technological progress. This is where we need to look for the causes.
    Indeed, according to a number of recent studies, waning productivity growth and population ageing were the key factors in pushing saving up and investment down.[4] Lower productivity reduces the return on investment, so people are less willing to invest. As they expect to live longer, they are more willing to save.
    In addition, inequality, risk aversion and fiscal policy could be other factors. For example, growing inequality raises saving, as richer households save a larger share of their income. Similarly, higher risk aversion leads to higher saving, especially in safe assets, while lowering investment.[5] 
    Many of the estimates for r-star reached their lowest point in the pandemic years 2020 and 2021. After that, there were signs of a partial reversal. A recent analysis by Eurosystem economists across a suite of models and data up to the end of 2024 suggests that estimates of r-star range from − ½ % to ½ % in real terms. In nominal terms, they find that it ranges between 1¾ % and 2¼ %.[6]
    It is clear that these ranges depend on the estimating approaches considered. Taking into account an even wider array of measures, Bundesbank staff calculations using data up to the end of 2024 reveal a range of 1.8 % to 2.5 %.[7] And the ECB found for the third quarter of 2024: When three estimates derived from versions of the Holston-Laubach-Williams model are factored in, the range of real r-star is − ½ % to 1 % and the nominal range is 1¾ % to 3 %.
    All in all, the results suggest that the range of r-star estimates most likely increased by about one percentage point from their lows. The latest estimates by economists from the Bank for International Settlements come to similar findings.[8]
    The reasons for the increase after the pandemic are not yet fully clear. For example, high fiscal spending with rising public debt levels could play a role. Or higher needs for capital, as companies make their value chains more resilient by duplicating structures and increasing stock levels.
    4 Uncertainties around r-star estimates
    Stargazing tours in economics are a journey into the uncertain. This is also and especially true for r-star. Estimates of the natural rate of interest are subject to major uncertainties, shaped by three M’s: megatrends, methodology and monetary policy.
    First, we are facing a number of megatrends. Think of climate change, ageing societies, digitalisation, and the risks of de-globalisation and increasing geopolitical divisions. The effects of these megatrends on natural rates are difficult to gauge and may change over time.
    On the one hand, they could contribute to a higher natural rate. Here are some examples: The widespread uptake of artificial intelligence could boost productivity growth. The green transition could lead to higher investment. Fiscal deficits could persist at an elevated level due to higher defence spending given geopolitical tensions. The entry of the baby boomer generation into retirement could reduce savings.
    On the other hand, life expectancy is predicted to keep rising; the high hopes for the productivity-enhancing effect of AI could turn out to be too optimistic; and given high public debt levels, fiscal space for additional spending is limited in many countries. Overall, it is virtually impossible to predict which developments will prevail in affecting r-star.
    The second factor of uncertainty is methodology. The methods used to define and estimate r-star differ in important ways, especially in terms of time and risk. 
    Ricardo Reis demonstrates this impressively in a recent paper.[9] He presents four different “r-stars”. They are based on four different conceptual approaches. And they developed quite differently between 1995 and 2019. 
    One major difference is the risk dimension. Knut Wicksell’s original definition of the natural rate was the rate of return on physical capital in equilibrium.[10] The rate of return on physical capital is the return on investment in the real economy. And this rate is very much associated with risks. 
    However, this perspective has been lost in virtually all of the model approaches. Generally, they use rather secure government bond yields as a starting point. Again, with regard to the real economy, a risky return on capital would be a more appropriate yardstick. When we look at measures for the return on private capital, we see a strong contrast with risk-free rates. Returns on private capital have remained broadly stable over the last decades in the US,[11] Germany[12] and the euro area as a whole.[13] 
    From these observations, Ricardo Reis draws the following conclusion: focusing exclusively on the return on government bonds as the measure of r-star, while neglecting the return on private capital, leads to the wrong policy advice.[14]
    Another case in point is the time horizon that is considered. Commonly cited estimates seek to assess the real rate that prevails in the longer run, when all shocks have dissipated. Most of these estimates are highly imprecise. Many methods simply project the current or the historical level of real rates into the future. This may confound permanent trends with cyclical factors, which may not be representative for the future. As a result, such methods could miss important turning points in real rate trends. 
    Other approaches characterise a short-run real rate in a hypothetical world without frictions. While interesting, this concept is of limited value for actual policymaking in the real world. Methods based on a short-term equilibrium tend to produce more volatile estimates of r-star.
    There is a third reason for caution: monetary policy itself may play a role in shaping the natural rate or its estimates. A number of studies challenge the view that money is neutral in the long run.[15] 
    There are different channels through which monetary policy could have lasting effects on real interest rates. Prolonged tight monetary policy, for example, may lower investment, innovation and productivity growth.[16] By contrast, persistent monetary easing could fuel financial imbalances and contribute to zombification.[17] 
    Moreover, recent research suggests that central bank announcements provide guidance about the trend in real rates. For instance, a narrow window around Fed meetings captures most of the trend decline in US real long-term yields since 1980.[18] This could mean: when central banks look for r-star in financial market prices, they might actually be looking in a mirror.[19] Feedback loops between monetary policy and markets could unduly reinforce their perceptions about r-star. And shifts in perceived r-star could affect actual r-star as it influences saving and investment decisions.
    5 Conclusions for monetary policy
    Against the backdrop of these major uncertainties, the final key question of my speech is this: what role can and should r-star play for monetary policy in practice?
    Let’s approach the answer with a thought experiment: Put yourself in the shoes of a monetary policymaker who only looks at r-star. The relevant interest rate with which you steer the monetary policy stance is currently 2.75 %. After a previous series of interest rate cuts, you consider whether a further cut would be appropriate.
    Your staff inform you that various point estimates of r-star range from around 1.8 % to 2.5 % in nominal terms. If r-star were at the upper end of the estimates, the policy rate would become neutral with the next rate cut. Things would be different if r-star were at the lower end of the estimates: Monetary policy would continue to be restrictive, even after several further rate cuts.
    So how would you proceed, given a certain stance you want to achieve? Beware: If you rely on a wrong estimate, your decision may have a different effect on inflation than you intended. Simply choosing the middle of the range might not be a happy medium. Around the point estimates, there are often uncertainty bands of different sizes and with asymmetries.
    As you have probably guessed: It is no coincidence that I have described this particular decision-making situation. It looks similar in the euro area ahead of the next monetary policy meeting of the ECB Governing Council at the beginning of March. After several rate cuts, the neutral rate could already be near – or there may still be some way to go.
    The President of the New York Fed, John Williams, put the problem in a nutshell when he said: as we have gotten closer to the range of estimates of neutral, what appeared to be a bright point of light is really a fuzzy blur.[20]
    The bottom line here is this: The closer we get to the neutral rate, the more appropriate it becomes to take a gradual approach. For this purpose, r-star is a helpful concept: it indicates when we need to be more cautious with policy rate moves so that we don’t take a wrong step. 
    At the same time, the limits of the concept are also clear: it would be risky to base decisions mainly on r-star estimates. Much more is needed to assess the current monetary policy stance and the optimal policy path for the near future.
    That is why the Eurosystem uses a variety of financial, real economic and other indicators along the monetary policy transmission mechanism. We want the fullest picture possible. And, of course, r-star also has a place in this picture. For instance, r-star is included in model-based optimal policy projections that we use in the decision-making process.
    In my opinion, proceeding in a data-driven and gradual manner has served the ECB Governing Council well. There is no reason to act hastily in the present uncertain environment. The data will tell us where we need to go.
    Away from day-to-day monetary policymaking, the concept of the natural rate of interest provides a useful framework. This is also exemplified in the policy scenarios that Ricardo Reis presented last week in Brussels.[21]
    He works with the assumption that government bond rates remain around current levels. I would add the assumption that inflation stays on target – actually, that is what I am in office for and committed to. Assuming output is at capacity, policy rates would be persistently higher than in the past. But the recommendations on actual monetary policy depend on the driving forces: is the new setting caused by less demand for safe and liquid assets or by an increase in productivity? And he has two more scenarios in his paper!
    That provides a good example of why we should take a close look at the factors behind r-star estimates. Here it is important to even better understand the forces that are shifting real interest rate trends. We need to find out how these forces and trends affect our work to ensure price stability.
    Reviewing our monetary policy strategy from time to time is therefore vital. That is precisely what we are doing right now in the Eurosystem. And, of course, in this process, we look at all the questions I mentioned about r-star.
    Our stargazing tour is drawing to a close. It turns out we were dealing more with dark matter than with a shining star. Just as dark matter is an exciting field for astronomers, r-star is a rewarding topic for economists.
    Using r-star alone to navigate the monetary policy universe could be like flying almost blind. But having it as one of many instruments in your cockpit is highly useful.
    I would like to end by quoting Stephen Hawking again: Mankind’s greatest achievements have come about by talking, and its greatest failures by not talking.
    Footnotes: 
    Wicksell, K. (1898), Geldzins und Güterpreise: eine Studie über die den Tauschwert des Geldes bestimmenden Ursachen, Jena, G. Fischer (English version as ibid. (1936), Interest and prices: a study of the causes regulating the value of money, London, Macmillan).
    Obstfeld, M., Natural and Neutral Real Interest Rates: Past and Future, NBER Working Paper, No 31949, December 2023.
    Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    Cesa-Bianchi, A., R. Harrison and R. Sajedi (2023), Global R*, CEPR Discussion Paper No 18518; Davis, J., C. Fuenzalida, L. Huetsch, B. Mills and A. M. Taylor (2024), Global natural rates in the long run: Postwar macro trends and the market-implied r* in 10 advanced economies, Journal of International Economics, Vol. 149; International Monetary Fund (2023), The natural rate of interest: drivers and implications for policy, World Economic Outlook, April, Chapter 2.
    On the development of risk appetite in financial markets, see Deutsche Bundesbank, Risk appetite in financial markets and monetary policy, Monthly Report, January 2025.
    Brand, C., N. Lisack and F. Mazelis (2025), Natural rate estimates for the euro area: insights, uncertainties and shortcomings, ECB Economic Bulletin, 1/2025.
    Additional models would also provide values outside this range, but are currently not deemed sufficiently robust.
    Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    Reis, R. (2025), The Four R-stars: From Interest Rates to Inflation and Back, draft working paper. 
    Wicksell, K. (1898), op. cit.
    Caballero, R., E. Farhi and P.-O. Gourinchas (2017), Rents, Technical Change, and Risk Premia Accounting for Secular Trends in Interest Rates, Returns on Capital, Earning Yields, and Factor Shares, American Economic Review: Papers & Proceedings 107(5), pp. 614‑620.
    Deutsche Bundesbank, The natural rate of interest, Monthly Report, October 2017.
    Brand, C., M. Bielecki and A. Penalver (2018), The natural rate of interest: estimates, drivers, and challenges to monetary policy, ECB Occasional Paper, No 217.
    Reis, R., Which r-star, public bonds or private investment? Measurement and policy implications, Unpublished manuscript, September 2022.
    Jordà, Ò., S. Singh and A. Taylor, The long-run effects of monetary policy, NBER Working Papers, No 26666, January 2020, revised September 2024; Benigno, G., B. Hofmann, G. Nuño and D. Sandri (2024), Quo vadis, r*? The natural rate of interest after the pandemic, BIS Quarterly Review, March.
    Baqaee, D., E. Farhi and K. Sangani, The supply-side effects of monetary policy, NBER Working Paper, No 28345, January 2021, revised March 2023; Ma, Y. and K. Zimmermann, Monetary Policy and Innovation, NBER Working Paper, No 31698, September 2023.
    Borio, C., P. Disyatat, M. Juselius and P. Rungcharoenkitkul (2022), Why so low for so long? A long-term view of real interest rates, International Journal of Central Banking, Vol. 18, No 3.
    Hillenbrand, S. (2025), The Fed and the Secular Decline in Interest Rates, The Review of Financial Studies, forthcoming. 
    Williams, J. C. (2017), Comment on “Safety, Liquidity, and the Natural Rate of Interest”, by M. Del Negro, M. P. Giannoni, D. Giannone, and A. Tambalotti, Brookings Papers on Economic Activity, Vol. 1, pp. 235‑316; Rungcharoenkitkul, P. and F. Winkler, The natural rate of interest through a hall of mirrors, BIS Working Paper No 974, November 2021.
    Williams, J. C., Remarks at the 42nd Annual Central Banking Seminar, Federal Reserve Bank of New York, New York City, 1 October 2018.
    Reis, R. (2025), op. cit.

    MIL OSI

    MIL OSI Europe News –

    February 13, 2025

  • MIL-OSI United Kingdom: Board member reappointed to Royal Botanic Gardens, Kew

    Source: United Kingdom – Government Statements

    Professor Ian Graham will rejoin the Board for a second term.

    Professor Ian Graham has been reappointed to the board of Royal Botanic Gardens, Kew for a second term of three years.

    His term will run from 1 May 2025 to 30 April 2028.

    The reappointment has been made in accordance with the Governance Code on Public Appointments.

    Biography

    • Professor Graham is currently based at the University of York, in the Centre for Novel Agricultural Products and holds the Weston Chair in Biochemical Genetics. He has previously held roles in the University of Glasgow, University of Oxford, and Stanford University.
    • Professor Ian Graham completed his PhD in Plant Molecular Biology from the University of Edinburgh. His research interests now focus on plant natural products such as noscapine (anti-cancer), codeine (analgesic), and artemisinin (antimalarial).
    • Ian was elected as a Fellow of the Royal Society in 2016 and won the Biochemical Society’s 2017 Heatley Medal and Prize for “exceptional work in applying advances in biochemistry, and especially for developing practical uses that have created widespread benefits and value for society”.

    The Royal Botanic Gardens, Kew

    • The Royal Botanic Gardens, Kew is a world-famous scientific organisation, internationally respected for its outstanding collections as well as its scientific expertise in plant and fungal diversity, conservation and sustainable development in the UK and around the world.
    • Kew Gardens is a major international and a top London visitor attraction. Kew Gardens’ 132 hectares of landscaped gardens, and Wakehurst, Kew’s wild botanic garden in Sussex, attract over 2.5 million visits every year. Kew Gardens was made a UNESCO World Heritage site in July 2003 and celebrated its 260th anniversary in 2019. Wakehurst is home to Kew’s Millennium Seed Bank, the largest wild plant seed bank in the world, as well as over 500 acres of designed landscapes, wild woodlands, ornamental gardens and a nature reserve.
    • The Kew Madagascar Conservation Centre is Kew’s third research centre and only overseas office. RBG Kew receives approximately one third of its funding from government through the Department for Environment, Food and Rural Affairs and research councils. Further funding needed to support RBG Kew’s vital work comes from donors, membership and commercial activity including ticket sales.

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    Published 12 February 2025

    MIL OSI United Kingdom –

    February 13, 2025

  • MIL-OSI Global: M23’s capture of Goma is the latest chapter in eastern Congo’s long-running war

    Source: The Conversation – Canada – By Evelyn Namakula Mayanja, Assistant Professor, Interdisciplinary Studies, Carleton University

    At a recent summit in Dar Es Salaam, Tanzania, leaders of eight African states released a statement calling for an immediate and unconditional ceasefire in the Democratic Republic of Congo (DRC).

    The statement comes after a flareup in fighting in eastern DRC that has killed hundred and wounded thousands.

    On Jan. 31, 2025 the rebel group known as the March 23 Movement (M23) captured the city of Goma in the eastern DRC. At a news conference, Corneille Nangaa, leader of the Congo River Alliance that includes M23, declared that they were there to stay and would march to the DRC’s capital of Kinshasa.

    The World Health Organization reported 900 bodies had been recovered from the streets of Goma, with about 3,000 people injured and thousands forced to flee. The Congolese government said that it had started burying more than 2,000 people and thousands had been displaced.

    On Feb. 4, 2025, the Congo River Alliance declared a ceasefire. This isn’t the first time M23 attacked Goma and then declared a ceasefire. The renewed violence is the latest in a long-running conflict in the region that has grown to involve local militias, regional countries and foreign companies seeking to exploit Congo’s mineral wealth.

    What is M23?

    M23 is an armed group made up predominantly of ethnic Tutsis. It emerged as an offshoot of the National Congress for the Defence of the People (CNDP), which disbanded in March 2009 after the Goma peace agreement. The agreement stipulated the integration of CNDP soldiers into Congo’s military and police, while its political wing would be recognized as an political party.

    However, a faction within the CNDP disapproved of the Goma agreement and created a militia group in 2012 that came to be known as M23. A United Nations group has said senior government officials from Rwanda and Uganda have provided M23 with weapons, intelligence and military support.

    Multiple reports from the UN Group of Experts on the DRC have noted Rwanda’s and Uganda’s support for M23 and other militias such as the Alliance of the Democratic Forces for the Liberation of the Congo Zaire, the Congolese Rally for Democracy and the CNDP.

    The roots of the conflict lie in the history of Belgium’s colonial rule of the region that pitted the Tutsi and Hutu ethnic groups against each other. In 1956, ethnic tensions in Rwanda forced many Tutsis to seek refuge in Congo (then Zaire), Uganda, Tanzania and beyond.

    Tutsis who fled to Congo and Uganda were not accorded full citizenship rights, and this led to resentment.

    In the mid-1990s, Rwandan President Paul Kagame and Ugandan President Yoweri Museveni collaborated with Congolese rebel leader Laurent-Désiré Kabila to create the AFDL. The group waged the First Congo War from October 1996 to May 1997 that ended with the overthrow of the DRC’s long-time ruler, Mobutu Sese Seko. Kabila became president.

    Kagame and Museveni fought along with Congolese Tutsis to assert their citizenship once the war ended. However, when Kabila turned against his backers, it led to the waged Second Congo War from 1998 to 2003, with Rwandan and Ugandan-backed militas fighting against the DRC government.

    M23 claims that it wants to defend the interests of Congolese Tutsis, and to protect them against the Congo government and the Democratic Forces for the Liberation of Rwanda (FDLR).

    The FDLR was implicated in orchestrating the 1994 Rwandan genocide that killed 800,000 people, most of whom were Tutsi. The FDLR has been based in eastern Congo since 1996, after the Rwandan Patriotic Front, led by Kagame and others, pushed them out of Rwanda.

    Fear of the FDLR was one of the drivers for the First Congo War. In a recent interview with CNN, Kagame said:

    “If you want to ask me, is there a problem in Congo that concerns Rwanda? And that Rwanda would do anything to protect itself? I’d say 100 per cent.”

    Control of minerals

    Before the fall of Goma in February 2025, M23 captured mineral-rich areas like Rubaya, the largest coltan mine in the Great Lakes region; Kasika and Walikale, where there are numerous gold mines; Numbi, which is rich with tin, tungsten, tantalum and gold; and Minova, which is a trade hub.

    In December 2024, a UN expert group noted that M23 exported about 150 tonnes of coltan to Rwanda, and was involved with Rwanda’s production, leading to “the largest contamination of mineral supply chain.”

    One of the central dynamics of this conflict is the control and profit from natural resources. The DRC is rich in minerals and metals needed around the world, including the critical minerals used in the technology and renewable energy industries.

    The World Bank has noted that the “DRC is endowed with exceptional mineral resources.” However, administration of the sector is dysfunctional and handicapped by insufficient institutional capacity.

    This problem is exacerbated by the interference of neighbouring countries, foreign corporations and their international backers who destabilize the DRC to balkanize and control resources.

    The way forward

    Ending the M23 insurgency requires taking Tutsi citizenship seriously. Politics researcher Filip Reyntjens has argued that any peaceful transition in the DRC needed to take regional countries seriously. He emphasized:

    “By turning a blind eye to Rwanda’s hegemonic claims in eastern Congo, the future stability of the region remains in doubt. Rwanda may once again, in the not too distant future, become the focal point of regional violence.”

    A factor contributing to the violence is the lack of measures to ensure ceasefires are respected by different parties engaged in conflicts. In addition, armed groups and their backers have not been effectively prosecuted. A 2010 UN mapping report describes 617 alleged war crimes, crimes against humanity and human rights between March 1993 and June 2003. No perpetrators have never been prosecuted.

    Furthermore, there must be strong international efforts to prevent conflict minerals from getting into international supply chains. M23 and other militias smuggle Congo’s minerals through regional neighbours, where they are considered conflict-free.

    Tech giants that rely on these minerals must do more to scrutinize where they come from. Equally, all of us, as consumers of products made from the DRC’s minerals, must demand accountability.



    Read more:
    Overcoming racism depends on respect for every person’s dignity

    It’s usually only men who participate in such talks. Women, who endure the brutality of sexual violence and other human rights violations, must be represented in peace and security talks.

    In his 2018 Nobel Peace Prize acceptance speech, Congolese physician and human rights activist Dr. Dennis Mukwege noted that:

    “What is the world waiting for before taking this into account? There is no lasting peace without justice. Yet, justice in not negotiable. Let us have the courage to take a critical and impartial look at what has been going on for too long in the Great Lakes region.”

    To effectively respond to the plight of the people of eastern Congo will take more than situational and short-term intervention. National, regional and international parties must negotiate peaceful and just access to minerals. Peace and security in Congo will happen when sectarian and partisan politics is replaced with commitment to democracy, sovereignty and peoples’ well-being.

    Evelyn Namakula Mayanja receives funding from the Social Sciences and Humanities Research Council Canada and Carleton University.

    – ref. M23’s capture of Goma is the latest chapter in eastern Congo’s long-running war – https://theconversation.com/m23s-capture-of-goma-is-the-latest-chapter-in-eastern-congos-long-running-war-248833

    MIL OSI – Global Reports –

    February 13, 2025

  • MIL-OSI United Kingdom: Council unveils new £25m HGV and welfare bus fleet with enhanced safety features

    Source: Scotland – City of Edinburgh

    Transport and Environment Convener, Councillor Stephen Jenkinson alongside fleet colleagues at Bankhead Depot.

    Safety is at the heart of the Council’s fleet, with our entire fleet of new Heavy Goods Vehicles (HGVs) along with our welfare buses all equipped with enhanced safety features.

    We’re investing over £25m into our new HGVs and welfare buses as part of our wider £56.8m Fleet Asset Management Plan 2023-2029.  

    We’ve taken inspiration from the Progressive Safe System (PSS) which was implemented by Transport for London (TfL) in October 2024 to enhance vehicle awareness and reduce the likelihood of collisions. There are seven key requirements under PSS:

    • Camera monitoring system fitted to the vehicle’s nearside
    • Class V and VI mirrors
    • Blind spot sensors fitted to the vehicles nearside
    • Moving off sensors fitted to the front of the vehicle
    • Side under-run protection on both sides of the vehicle
    • Audible warning alerts when vehicles turn left
    • Prominent visual warning signage

    In addition to adhering to PSS requirements, all our new vehicles are fitted with an Advanced Emergency Braking System (AEBS). AEBS uses sensors to monitor a vehicle’s surroundings and automatically apply the brakes if a collision is likely.

    Whilst there are no such safety requirement anywhere else in the UK outside of London, we took the decision to ensure all HGVs purchased as part of the replacement programme were equipped with the technology to meet this standard.

    Our 152 strong HGV fleet is comprised of refuse collection vehicles, road sweepers, road gritters, mobile library uses, construction vehicles in roads services, and utility trucks for maintaining streets and greenspace.

    Whilst our 27 welfare buses, which transport children with Additional Support Needs (ASN), are not classed as HGV we took the decision to order these buses with the new safety features. These vehicles operate in and around schools and built-up areas during peak travel times so it’s important they are as safe as possible for everyone.

    We’ve now taken delivery of over 70 of our new HGVs, with all new refuse collection vehicles due to arrive by the end of March 2025 and all other HGVs due to be in service this year.

    Transport and Environment Convener, Councillor Stephen Jenkinson said:

    I was delighted to go down to Bankhead this morning to see some of these new vehicles firsthand and talk to our colleagues who operate them. We have a responsibility to our colleagues and our residents to make sure our fleet is as safe as possible. This is why we’re investing tens of millions of pounds into our fleet.

    With these changes I’m confident that we have the most advanced local authority fleet in Scotland when it comes to safety features. I hope that other parts of Scotland and the UK will look to London and Edinburgh’s example and follow suit.

    Safety is an absolute priority for us when delivering our services and I have no doubt that these new features will have a positive impact.

    Published: February 12th 2025

    MIL OSI United Kingdom –

    February 13, 2025

  • MIL-OSI: Societe Generale: shares and voting rights as of 31 January 2025

    Source: GlobeNewswire (MIL-OSI)

    NUMBER OF SHARES COMPOSING CURRENT SHARE CAPITAL AND TOTAL NUMBER OF VOTING RIGHTS AS OF 31 JANUARY 2025

    Regulated Information

    Paris, 12 February 2025

    Information about the total number of voting rights and shares pursuant to Article L.233-8 II of the French Commercial Code and Article 223-16 of the AMF General Regulations.

    Date Number of shares composing current share capital Total number of
    voting rights
    31 January 2025 800,316,777

    Gross:    885,499,593

    Press contacts:

    Jean-Baptiste Froville_+33 1 58 98 68 00_ jean-baptiste.froville@socgen.com
    Fanny Rouby_+33 1 57 29 11 12_ fanny.rouby@socgen.com

    Societe Generale

    Societe Generale is a top tier European Bank with more than 126,000 employees serving about 25 million clients in 65 countries across the world. We have been supporting the development of our economies for 160 years, providing our corporate, institutional, and individual clients with a wide array of value-added advisory and financial solutions. Our long-lasting and trusted relationships with the clients, our cutting-edge expertise, our unique innovation, our ESG capabilities and leading franchises are part of our DNA and serve our most essential objective – to deliver sustainable value creation for all our stakeholders.

    The Group runs three complementary sets of businesses, embedding ESG offerings for all its clients:

    • French Retail, Private Banking and Insurance, with leading retail bank SG and insurance franchise, premium private banking services, and the leading digital bank BoursoBank.
    • Global Banking and Investor Solutions, a top tier wholesale bank offering tailored-made solutions with distinctive global leadership in equity derivatives, structured finance and ESG.
    • Mobility, International Retail Banking and Financial Services, comprising well-established universal banks (in Czech Republic, Romania and several African countries), Ayvens (the new ALD I LeasePlan brand), a global player in sustainable mobility, as well as specialized financing activities.

    Committed to building together with its clients a better and sustainable future, Societe Generale aims to be a leading partner in the environmental transition and sustainability overall. The Group is included in the principal socially responsible investment indices: DJSI (Europe), FTSE4Good (Global and Europe), Bloomberg Gender-Equality Index, Refinitiv Diversity and Inclusion Index, Euronext Vigeo (Europe and Eurozone), STOXX Global ESG Leaders indexes, and the MSCI Low Carbon Leaders Index (World and Europe).
    For more information, you can follow us on Twitter/X @societegenerale or visit our website societegenerale.com.

    Attachment

    • Societe-Generale-shares-voting-rights-as-of-31-01-2025

    The MIL Network –

    February 13, 2025

  • MIL-OSI Economics: Samsung Launches Galaxy F06 5G, Its Most Affordable 5G Smartphone in India

    Source: Samsung

     
    Samsung, India’s largest consumer electronics brand, today announced the launch of Galaxy F06 5G, its most affordable 5G smartphone in India. Galaxy F06 5G is set to revolutionize the 5G segment with the perfect blend of high-performance and style. Galaxy F06 5G will provide a complete 5G experience at an affordable price, making 5G technology accessible for more consumers and accelerating its widespread adoption across the country. Galaxy F06 5G supports 12 5G bands across all telecom operators. 
     
    “We are proud to announce our most affordable 5G smartphone, designed to make next-generation connectivity accessible to everyone. The launch of Galaxy F06 5G reflects our commitment to bridging the digital divide and empowering millions of consumers with a complete 5G experience, superior performance, and an all-new stylish design at an introductory price starting INR 9499. With Galaxy F06 5G, we are not just launching a smartphone, but new possibilities for every Indian,” said Akshay S Rao, General Manager, MX Business, Samsung India. 
     
    Full 5G Experience 
    Galaxy F06 5G is built to deliver unmatched connectivity, supporting 12 5G bands across all telecom operators. It comes with Carrier Aggregation to deliver faster download and upload speeds. Galaxy F06 5G is also enabled to provide a smoother live streaming and video calling experience.  
     
    All-New Design and Display 
    Galaxy F06 5G features a ‘Ripple Glow’ finish that shimmers with every movement exuding elegance and sophistication. Featuring a 6.7” large HD+ display with 800 Nits brightness, Galaxy F06 5G offers consumers stunning visuals and an elevated viewing experience. The smartphone is 8mm sleek and weighs only 191 grams, making it incredibly ergonomic to use. Galaxy F06 5G will be available in two strikingly bold and mesmerizing colours – Bahama Blue and Lit Violet.  
     
    Camera 
    Galaxy F06 5G houses a striking new camera deco. The high-resolution 50MP wide-angle lens with F1.8 aperture captures vibrant, detailed photos, while the 2MP depth-sensing camera delivers pictures with enhanced clarity. The 8MP front camera ensures your selfies are crisp and clear. 
     
    Multitasking & Gaming 
    Galaxy F06 5G is powered by MediaTek D6300, one of the segment’s best processor having an AnTuTu score of upto 416K making it fast and power-efficient, allowing you to multi-task smoothly. Galaxy F06 5G delivers a swift mobile gaming experience with high-speed connectivity along with high-quality audio and visuals. 
     
    Battery & Fast Charging 
    Galaxy F06 5G packs in 5000mAh battery that enables long sessions of browsing, gaming and binge watching. Galaxy F06 5G allows users to stay connected, entertained and productive without interruption. Galaxy F06 5G supports segment-leading 25W fast charging, giving more power in less time. 
     
    Galaxy Foundation 
    Samsung is reaffirming its commitment to customer satisfaction by providing best-in-segment 4 generations of OS upgrades and 4 years of security updates with Galaxy F06 5G, ensuring users can enjoy the latest features and enhanced security for years to come. 
     
    Galaxy F06 5G will feature one of Samsung’s most innovative security features: Samsung Knox Vault. The hardware-based security system offers comprehensive protection against both hardware and software attacks. Additionally, Galaxy F06 5G is set to revolutionize consumer experience with innovations such as Voice Focus that cuts the ambient noise for a clear calling experience and the Quick Share feature which enables users to instantly share files, photos and documents with any other device, even if they are faraway, including your laptop and tab, privately.  
    Product 
    Variant 
    Introductory Price 
    Offers 
     
    Galaxy F06 5G 
    4GB+128GB 
    INR 9499 
    *Including INR 500 Bank Cashback offer 
     
     6GB+128GB 
    INR 10999 
     

    MIL OSI Economics –

    February 13, 2025

  • MIL-OSI: Federal Home Loan Bank of Des Moines Announces 2024 Fourth Quarter and Annual Financial Results, Declares Dividend

    Source: GlobeNewswire (MIL-OSI)

    DES MOINES, Iowa, Feb. 12, 2025 (GLOBE NEWSWIRE) —

    Fourth Quarter 2024 Highlights

    • Net income of $206 million
    • Affordable Housing Program (AHP) assessments of $23 million
    • Voluntary community and housing contributions of $19 million
    • Advances totaled $100.0 billion
    • Mortgage loans held for portfolio, net totaled $11.9 billion
    • Letters of credit totaled $20.1 billion
    • Retained earnings totaled $3.5 billion

    Dividend

    The Board of Directors approved a fourth quarter 2024 dividend to be paid at an annualized rate of 9.75% on average activity-based stock, an increase of 0.25% from prior quarter, and 6.00% on average membership stock, unchanged from the prior quarter. The Federal Home Loan Bank of Des Moines (the Bank) expects to make dividend payments totaling $138 million on February 19, 2025.

    Liquidity Mission

    The Bank provides liquidity to its members to support the housing, business, and economic development needs of the communities they serve. Members pledge collateral to access our core liquidity products of advances, letters of credit, and purchased mortgage loans under the Mortgage Partnership Finance® Program. During 2024, advance balances averaged $107.4 billion, and purchased mortgage loan balances averaged $10.9 billion. The liquidity provided through these products allows our members to:

    • meet mortgage and other loan demand in their communities when deposits alone are insufficient;
    • originate mortgage loans without holding them on their balance sheet; and
    • reduce interest rate risk by structuring advances to match their assets.

    In addition, the Bank provides a reliable source of contingent liquidity for its members. During 2024, the Bank held an average of $28.1 billion of short-term assets as a source of liquidity for this purpose.

    Affordable Housing and Community Impact

    The Bank’s housing and community development programs are central to its mission by providing reliable liquidity and funding to help its members build strong communities and support their affordable housing needs. The Bank contributes 10% of its net income each year to its AHP, an annual grant program that supports the creation, preservation, or purchase of affordable housing. This program includes a competitive AHP and two down payment products called Home$tart and the Native American Homeownership Initiative. During 2024, the Bank accrued statutory AHP assessments of $102 million to be awarded in 2025 through this program. In addition to the statutory assessment, the Bank voluntarily accrued $13 million for use in the AHP during 2024.

    In addition to its AHP, the Bank offers its members voluntary programs to further its housing mission and provide support for affordable housing initiatives. During 2024, the Habitat for Humanity® Advance Rate Discount program provided $100 million in 0% rate advances to members that originated or purchased mortgage loans from a Habitat for Humanity® affiliate and recorded $22 million in subsidy expense. This source of low cost funding enables members to partner with Habitat for Humanity® affiliates to offer lower-rate mortgages to homeowners and support the construction of affordable housing. In 2024, the Bank funded $310 million of loans under the Mortgage Rate Relief program, which provided $29 million in grants to those seeking affordable homeownership. Mortgage Rate Relief is designed to make homeownership attainable for borrowers at or below 80% of the area median income by providing them an interest rate that is lower than the current market rate. The Bank also recorded a $4 million contribution to its Member Impact Fund during 2024. The Member Impact Fund is a discretionary program in which the Bank matches member donations to local housing and community development organizations. Through these programs and our voluntary AHP contributions, the Bank recorded a total of $68 million in voluntary community and housing contributions during 2024.

    2024 Financial Results Discussion

    Net Income – The Bank recorded net income of $914 million in 2024 compared to $962 million in the prior year.

    Net Interest Income – The Bank recorded net interest income of $1.2 billion in 2024, a decrease of $70 million when compared to the prior year, primarily due to lower average advance balances, decreases in market value adjustments on the Bank’s fair value hedge relationships, and lower prepayment fee income on advances. The decline was offset in part by improved asset-liability spreads on investments, driven by higher-yielding mortgage-backed security purchases.  

    Other Income (Loss) – The Bank recorded other income of $37 million in 2024, an improvement of $52 million when compared to the prior year, primarily due to the net changes in fair value on the Bank’s trading securities, fair value option instruments, and economic derivatives. During 2024, the improvement in other income was also driven by increased fees on standby letters of credit and net gains recorded on litigation settlements.

    Other Expense – The Bank recorded other expense of $258 million in 2024, an increase of $37 million when compared to the prior year. The increase during 2024 was primarily driven by an increase in voluntary community and housing contributions of $21 million when compared to the prior year. Additionally, the increase during 2024 was driven by higher contract labor and consultant costs.

    Assets – The Bank’s total assets decreased to $165.3 billion at December 31, 2024, from $184.4 billion at December 31, 2023, driven primarily by a decline in advances. Advances decreased $22.6 billion due mainly to a decline in borrowings by large depository institution members, offset in part by an increase in borrowings by insurance companies.

    Capital – Total capital decreased to $9.5 billion at December 31, 2024, from $9.8 billion at December 31, 2023, primarily due to a decrease in activity-based capital stock resulting from a decline in advance balances.

    Federal Home Loan Bank of Des Moines
    Financial Highlights
    (preliminary and unaudited)
    Dollars in millions
    Selected Balance Sheet Items December 31,
    2024    		   December 31,
    2023
    Advances $ 99,951     $ 122,530  
    Investments   52,032       49,828  
    Mortgage loans held for portfolio, net   11,896       9,967  
    Total assets   165,253       184,406  
    Consolidated obligations   153,251       171,498  
    Capital stock – Class B putable   5,989       6,873  
    Retained earnings   3,491       3,138  
    Total capital   9,451       9,831  
    Total regulatory capital1   9,489       10,023  
    Regulatory capital ratio   5.74 %     5.44 %
    1      Total regulatory capital includes capital stock, mandatorily redeemable capital stock, and retained earnings. The regulatory capital ratio is calculated as
             regulatory capital as a percentage of period end assets.
      For the Three Months Ended   For the Year Ended
      December 31,   December 31,
    Operating Results   2024       2023       2024       2023  
    Net interest income $ 241     $ 347     $ 1,236     $ 1,306  
    Provision (reversal) for credit losses on mortgage loans   1       —       (1 )     1  
    Other income (loss)   56       14       37       (15 )
    Other expense   67       77       258       221  
    Affordable Housing Program assessments   23       28       102       107  
    Net income $ 206     $ 256     $ 914     $ 962  
    Performance Ratios              
    Net interest spread   0.26 %     0.45 %     0.41 %     0.43 %
    Net interest margin   0.56       0.74       0.70       0.72  
    Return on average equity (annualized)   8.76       10.36       9.52       10.30  
    Return on average assets (annualized)   0.47       0.53       0.51       0.52  
                                   
    The financial results reported in this earnings release for 2024 are preliminary until the Bank announces audited financial results in its 2024 Form 10-K filed
    with the Securities and Exchange Commission, expected to be available next month at www.fhlbdm.com and www.sec.gov.

    The Bank is a member-owned cooperative whose mission is to be a reliable provider of funding, liquidity, and services for its members so that they can meet the housing, business, and economic development needs of the communities they serve. The Bank is wholly owned by nearly 1,250 members, including commercial banks, savings institutions, credit unions, insurance companies, and community development financial institutions. The Bank serves Alaska, Hawaii, Idaho, Iowa, Minnesota, Missouri, Montana, North Dakota, Oregon, South Dakota, Utah, Washington, Wyoming, and the U.S. Pacific territories of American Samoa, Guam, and the Commonwealth of the Northern Mariana Islands. The Bank is one of 11 regional banks that make up the Federal Home Loan Bank System.

    Statements contained in this announcement, including statements describing the objectives, projections, estimates, or future predictions in the Bank’s operations, may be forward-looking statements. These statements may be identified by the use of forward-looking terminology, such as believes, projects, expects, anticipates, estimates, intends, strategy, plan, could, should, may, and will or their negatives or other variations on these terms. By their nature, forward-looking statements involve risk or uncertainty, and actual results could differ materially from those expressed or implied or could affect the extent to which a particular objective, projection, estimate, or prediction is realized. As a result, you are cautioned not to place undue reliance on such statements. A detailed discussion of the more important risks and uncertainties that could cause actual results and events to differ from such forward-looking statements can be found in the “Risk Factors” section of the Bank’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the SEC. These forward-looking statements apply only as of the date they are made, and the Bank undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events, or otherwise.

    Contact: Julie DeVader
    515.412.2172
    jdevader@fhlbdm.com

    The MIL Network –

    February 13, 2025

  • MIL-OSI Economics: Jerome H Powell: Semiannual Monetary Policy Report to the Congress

    Source: Bank for International Settlements

    Chairman Scott, Ranking Member Warren, and other members of the Committee, I appreciate the opportunity to present the Federal Reserve’s semiannual Monetary Policy Report.

    The Federal Reserve remains squarely focused on achieving its dual-mandate goals of maximum employment and stable prices for the benefit of the American people. The economy is strong overall and has made significant progress toward our goals over the past two years. Labor market conditions have cooled from their formerly overheated state and remain solid. Inflation has moved much closer to our 2 percent longer-run goal, though it remains somewhat elevated. We are attentive to the risks on both sides of our mandate.

    I will review the current economic situation before turning to monetary policy.

    Current Economic Situation and Outlook

    Recent indicators suggest that economic activity has continued to expand at a solid pace. Gross domestic product rose 2.5 percent in 2024, bolstered by resilient consumer spending. Investment in equipment and intangibles appears to have declined in the fourth quarter but was solid for the year overall. Following weakness in the middle of last year, activity in the housing sector seems to have stabilized.

    In the labor market, conditions remain solid and appear to have stabilized. Payroll job gains averaged 189,000 per month over the past four months. Following earlier increases, the unemployment rate has been steady since the middle of last year and, at 4 percent in January, remains low. Nominal wage growth has eased over the past year, and the jobs-to-workers gap has narrowed. Overall, a wide set of indicators suggests that conditions in the labor market are broadly in balance. The labor market is not a source of significant inflationary pressures. The strong labor market conditions in recent years have helped narrow long-standing disparities in employment and earnings across demographic groups.1

    Inflation has eased significantly over the past two years but remains somewhat elevated relative to our 2 percent longer-run goal. Total personal consumption expenditures (PCE) prices rose 2.6 percent over the 12 months ending in December, and, excluding the volatile food and energy categories, core PCE prices rose 2.8 percent. Longer-term inflation expectations appear to remain well anchored, as reflected in a broad range of surveys of households, businesses, and forecasters, as well as measures from financial markets.

    Monetary Policy

    Our monetary policy actions are guided by our dual mandate to promote maximum employment and stable prices for the American people. Since last September, the Federal Open Market Committee (FOMC) lowered the policy rate by a full percentage point from its peak after having maintained the target range for the federal funds rate at 5-1/4 to 5-1/2 percent for 14 months. That recalibration of our policy stance was appropriate in light of the progress on inflation and the cooling in the labor market. Meanwhile, we have continued to reduce our securities holdings.

    With our policy stance now significantly less restrictive than it had been and the economy remaining strong, we do not need to be in a hurry to adjust our policy stance. We know that reducing policy restraint too fast or too much could hinder progress on inflation. At the same time, reducing policy restraint too slowly or too little could unduly weaken economic activity and employment. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the FOMC will assess incoming data, the evolving outlook, and the balance of risks.

    As the economy evolves, we will adjust our policy stance in a manner that best promotes our maximum-employment and price-stability goals. If the economy remains strong and inflation does not continue to move sustainably toward 2 percent, we can maintain policy restraint for longer. If the labor market were to weaken unexpectedly or inflation were to fall more quickly than anticipated, we can ease policy accordingly. We are attentive to the risks to both sides of our dual mandate, and policy is well positioned to deal with the risks and uncertainties that we face.

    This year, we are conducting the second periodic review of our monetary policy strategy, tools, and communications-the framework used to pursue our congressionally assigned goals of maximum employment and stable prices. The focus of this review is on the FOMC’s Statement on Longer-Run Goals and Monetary Policy Strategy, which articulates the Committee’s approach to monetary policy, and on the Committee’s policy communications tools. The Committee’s 2 percent longer-run inflation goal will be retained and will not be a focus of the review.

    Our review will include outreach and public events involving a wide range of parties, including Fed Listens events around the country and a research conference in May. We will take on board lessons of the past five years and adapt our approach where appropriate to best serve the American people, to whom we are accountable. We intend to wrap up the review by late summer.

    Let me conclude by emphasizing that at the Fed, we will do everything we can to achieve the two goals Congress set for monetary policy-maximum employment and stable prices. We remain committed to supporting maximum employment, bringing inflation sustainably to our 2 percent goal, and keeping longer-term inflation expectations well anchored. Our success in delivering on these goals matters to all Americans. We understand that our actions affect communities, families, and businesses across the country. Everything we do is in service to our public mission.

    Thank you. I look forward to your questions.

    MIL OSI Economics –

    February 13, 2025

  • MIL-OSI: Kvika banki hf.: Consolidated Financial Statements 2024

    Source: GlobeNewswire (MIL-OSI)

    At a board meeting on 12 February 2025, the Board of Directors and the CEO approved the consolidated financial statements of Kvika banki hf. (“Kvika” or “the bank”) for the year 2024.

    Highlights of performance in the fourth quarter (Q4 2024)

    • Profit before tax from continuing operations amounts to ISK 1,601 million, compared to ISK 363 million in Q4 2023, increasing by ISK 1,238 million from previous year or 340%.
    • Post-tax profit of the group as a whole amounts to ISK 3,447 million in Q4 2024, compared to ISK 1,578 million in Q4 2023, increasing by ISK 1,869 million from previous year or 118%.
    • Net interest income amounts to ISK 2,498 million in Q4 2024, compared to ISK 2,331 million in Q4 2023, increasing by ISK 167 million from previous year or 7.1%.
    • Net interest margin was 3.8% in Q4 2024, compared to 3.9% in Q4 2023.
    • Net fee and commission income amounts to ISK 1,601 million in Q4 2024, compared to ISK 1,578 million in Q4 2023, increasing by ISK 23 million from previous year or 1.5%.
    • Other net operating income amounts to ISK 567 million in Q4 2024, compared to ISK a 94 million in Q4 2023, increasing by ISK 473 million from previous year or 503%.
    • Administrative expenses amount to ISK 2,864 million in Q4 2024, compared with ISK 2,779 million in Q4 2023, increasing by ISK 85 million from previous year or 3%.
    • Pre-tax return on tangible equity (RoTE) of continuing operations amounted to 18.5%
    • Earnings per share amounted to ISK 0.74 in Q4 2024, compared to ISK 0.33 in Q4 2023.

    Income from assets held for sale:

    • Post-tax profit of TM insurance is summarized in the income statement as asset held for sale and amount to ISK 1,919 million in Q4 2024, compared to ISK 990 million in Q4 2023.
    • Combined ratio of insurance operations was 87.8%, compared to 92.5% in the fourth quarter of 2023.

    Key balance sheet figures:

    • Deposits from customers amount to ISK 163 billion at year-end 2024, compared to ISK 143 billion at year-end 2023 and increased by 15% in the year.
    • Loans to customers amount to ISK 150 billion at year-end 2024, compared to ISK 136 billion at year-end 2023 and increased by 10%.
    • Total assets amount to ISK 355 billion at year-end 2024, compared to ISK 335 billion at year-end 2023.
    • Total equity of the group amount to ISK 90 billion at year-end 2024, compared to ISK 82 billion at year-end 2023.
    • The capital adequacy ratio (CAR) was 22.8% at year-end 2024, compared to 22.6% at year-end 2023, and the solvency ratio of the financial conglomerate was 1.33.
    • Total liquidity coverage ratio (LCR) of the group was 360% at year-end 2024, compared to 247% at year-end 2023.
    • Total assets under management amount to ISK 456 billion, compared to ISK 470 billion at year-end 2023.

    Highlights of the 2024 Consolidated Financial Statements:

    • Profit before tax from continuing operations amounts to ISK 5,817 million in 2024, compared to ISK 3,009 million in 2023, increasing by ISK 2,808 million from previous year or 93.3%.
    • Post-tax profit of the group as a whole amounts to ISK 8,150 million in 2024, compared to ISK 4,033 million in 2023, increasing by ISK 4,117 million from previous year or 102%.
    • Net interest income amounts to ISK 9,681 million in 2024, compared to ISK 8,021 million in 2023, increasing by ISK 1,660 million from previous year or 21%.
    • Net interest margin was 3.8% in 2024, compared to 3.6% in 2023.
    • Net fee and commission income amounts to ISK 6,137 million in 2024, compared to ISK 5,916 million in 2023, increasing by ISK 220 million from previous year or 3.7%.
    • Other net operating income amounts to ISK 1,367 million, compared to ISK 915 million in 2023, increasing by ISK 452 million from previous year or 49%.
    • Administrative expenses amount to ISK 10,608 million, compared to ISK 10,785 million in 2023, decreasing by ISK 177 million from previous year or 1.6%.
    • Pre-tax return on tangible equity (RoTE) from continuing operations was 18.8%, compared to 10.2% in 2023.
    • Earnings per share amounted to ISK 1.73 in 2024, compared to ISK 0.84 in 2023.

    Income from assets held for sale:

    • Post-tax profit of assets classified as held for sale, which consist of subsidiary TM insurance, is summarized in the income statement and amounted to ISK 3,460 million in 2024, compared to ISK 1,730 million in 2023.
    • Combined ratio of insurance operations was 93.9%, compared to 93.6% during the year 2023.

    The Board of Directors of Kvika proposes that a dividend of 0.44 ISK per share for a total amount of ISK 2,050 million, taking into account treasury shares held by the Group, will be paid in the year 2025 on 2024 operations. The dividend payment amounts to 25% of profit after tax for the year, which is in line with the Bank’s dividend policy. Additionally, the Board will decide on an extraordinary dividend upon receipt of the purchase price for TM as well as initiating a share buy back programme, for which the Bank has received an approval from the Central Bank of Iceland that is contingent on the finalisation of the TM sale.

    Ármann Þorvaldsson, CEO of Kvika:

    “It is safe to say that 2024 has been transformative for the Bank. Characterized by a significant turnaround in Kvika’s operations following two challenging years, the year is also marked by the significant strategic steps taken towards streamlining the business through the sale of TM to Landsbankinn, which we hope will receive final approval in the coming weeks.

    Profit before tax from continuing operations increased significantly between years, by over 90%, and return on tangible equity rose from 10.2% to 18.8%, which is slightly below the bank’s long-term target. The outcome was largely driven by a 21% increase in net interest income, alongside growth in both net investment- and net fee and commission income.  However, it was not only the income side that delivered this good result. A reduction in staff and effective cost management resulted in a 1.6% decrease in operating expenses between years, during a period when inflation was around 6% with a backdrop of material wage increases.

    TM’s operations were very good last year and the operating results of the Kvika Group as a whole were excellent. The Group’s profit after tax amounted to over ISK 8 billion in 2024, doubling from the previous year.

    Looking ahead, we are optimistic about the prospects for the new year. Market conditions seem considerably better than a year ago, interest rates have started to decline and Kvika is well positioned to explore diverse opportunities in both Iceland and the UK. The sale of TM not only enables a substantial return to shareholders but also provides us the opportunity to leverage the remaining equity to expand our loan book. A larger loan book enhances our operational efficiency and increases stable income without a corresponding rise in costs while strengthening the bank’s foundation through a more diversified portfolio.

    Furthermore, we are committed to significantly strengthening our investment banking and asset management operations, aiming to boost both fee and investment income moving forward.”

    Presentation for shareholders and market participants

    A presentation for shareholders and market participants is scheduled for Thursday, February 13, at 08:30, at Kvika’s headquarters, located on the 9th floor of Katrínartún 2. The presentation will be conducted in Icelandic, with a live stream available on the following website:
    https://kvika.is/kynning-a-uppgjori-arsreikningur-2024

    Meeting participants will be able to send questions before or during the meeting via ir@kvika.is or through the Slido app here.

    Attached is the investor presentation. Additionally, a recording with English subtitles will be made available on Kvika’s website.

    Attachments

    The MIL Network –

    February 13, 2025

  • MIL-OSI United Nations: 12 February 2025 Departmental update Global convening to empower digital health transformation built on robust foundations

    Source: World Health Organisation

    On the sidelines of the World Summit on the Information Society +20 High-Level Event 27–31 May 2024, the Global Initiative on Digital Health convened global stakeholders governing, supporting and implementing digital health transformation for a multistakeholder dialogue in Geneva, Switzerland, from 28–29 May 2024. 

    WHO Director-General Dr Tedros Adhanom Ghebreyesus provided opening remarks at the World Summit on the Information Society +20 High-Level Event, alongside other global leaders, setting the stage for this significant event. 

    This first global convening of the Global Initiative on Digital Health was co-hosted by the Global Initiative on Digital Health, the Brazil G20 Presidency under the framework of the World Summit of the Information Society (WSIS) and Action line C7: E-Health. The event commenced with remarks from: 

    • Dr Alain Labrique, Director, Department of Digital Health and Innovation, World Health Organization
    • Ms Ana Estela Haddad, Secretary of Information and Digital Health of the Brazilian Ministry of Health
    • Ms Rachel Toku-Appiah, Director, Policy, Advocacy and Communication, Africa, Bill and Melinda Gates Foundation
    • Ms Monique Vledder, Head for Health, Nutrition and Population, World Bank
    • Mr Tomas Lamanauskas, Deputy Secretary-General, the International Telecommunications Union.

    Participants included representatives from over 60 countries and 150 organizations across ministries of health and Information Communication and Technology, government agencies, bilateral agencies, philanthropic organizations, academia, civil society, private sector and technologists. Through both in-person and online participation – enabled with support from the International Telecommunication Union – participants shared their experiences and lessons learned with standards-based and country-led development of digital health architecture.​  

    The discussions focused on several critical topics, including: 

    • the role of digitalization in health financing and the need for digital public infrastructure in the health sector;
    • policy legislation and regulations that enable digital health adoption, data sharing and interoperability standards; 
    • the impact of internet connectivity and bandwidth, level of digital literacy and data governance on national digital governance; 
    • what constitutes a good digital health investment and how to track this;  
    • the opportunities for government-to-government collaboration to strengthen national governance of digital health transformation; 
    • the opportunity for public private partnerships for resilient digital health; and 
    • how to measure progress on the Global Strategy on Digital Health. 

    Key milestones included kick-off of the development of the WHO-ITU Digital Public Infrastructure Reference Architecture​ for Digital Health Transformation and the launch of data collection for the Global Digital Health Monitor and Complementary Report ​focused on the WHO Africa Region through a collaboration between WHO and Africa CDC. 

    The second GIDH global convening will be held at the end of May in Geneva, Switzerland. Visit the GIDH webpage for updates and information on how to get involved. 

    MIL OSI United Nations News –

    February 13, 2025

  • MIL-OSI: Municipality Finance Plc Financial Statements Bulletin 1 January–31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    Municipality Finance Plc
    Financial Statements Bulletin
    12 February 2025 at 5:00 pm (EET)

    Municipality Finance Plc Financial Statements Bulletin 1 January–31 December 2024

    In brief: MuniFin Group in 2024

    • The Group’s net operating profit excluding unrealised fair value changes* increased by 2.9% (3.2%) in January–December and amounted to EUR 181 million (EUR 176 million). Net interest income* was at the same level as in year before and totalled EUR 260 million (EUR 259 million). Net operating profit excluding unrealised fair value changes was boosted by lower expenses and increased other income compared to the previous period.
    • Net operating profit* amounted to EUR 166 million (EUR 139 million). Unrealised fair value changes amounted to EUR -16 million (EUR -37 million) in the financial year. Unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.
    • Costs* in the financial year amounted to EUR 81 million (EUR 82 million).
    • The Group’s leverage ratio remained at a strong level, standing at 12.3% (12.0%) at the end of December.
    • At the end of December, the Group’s CET1 capital ratio was very strong at 107.7% (103.4%). CET1 capital ratio was over seven times the required minimum of 15.0% (13.9%), taking capital buffers into account.
    • Long-term customer financing (long-term loans and leased assets) excluding unrealised fair value changes* totalled EUR 35,787 million (EUR 32,948 million) at the end of December and saw an increase of 8.6% (7.5%). New long-term customer financing* increased by 17.1% (0.0%) in January–December 2024 and amounted to EUR 5,056 million (EUR 4,319 million). Short-term customer financing* totalled EUR 1,825 million (EUR 1,575 million).
    • Of all long-term customer financing, the amount of green finance* aimed at environmentally sustainable investments totalled EUR 6,817 million (EUR 4,795 million), and the amount of social finance* aimed at investments promoting equality and communality totalled EUR 2,536 million (EUR 2,234 million) at the end of December. The total amount of this financing increased by 33.1% (41.0%) from the previous year. The ratio of green and social finance to long-term customer financing excluding unrealised fair value changes* grew by 4.8% percentage points to 26.1% (21.3%).
    • In 2024, new long-term funding* reached EUR 8,922 million (EUR 10,087 million). At the end of December, the total funding* was EUR 46,737 million (EUR 43,320 million), of which long-term funding* made up EUR 43,328 million (EUR 39,332 million).
    • The Group’s total liquidity* is very strong, standing at EUR 11,912 million (EUR 11,633 million) at the end of the financial year. The Liquidity Coverage Ratio (LCR) stood at 341% (409%) and the Net Stable Funding Ratio (NSFR) at 124% (124%) at the end of the year.
    • In early 2024, MuniFin reviewed the future and development potential of the consulting services offered by its subsidiary company Financial Advisory Services Inspira Plc (Inspira) and decided to discontinue Inspira’s consulting services in summer 2024.
    • The Board of Directors proposes to the Annual General Meeting to be held in spring 2025 a dividend of EUR 1.86 per share, totalling EUR 72.7 million. The total dividend payment in 2024 was EUR 1.69 per share, totalling EUR 66.0 million.
    • Outlook for 2025: The Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.

    Comparison figures deriving from the income statement and figures describing the change during the financial year are based on figures reported for the corresponding period in 2023. Comparison figures deriving from the balance sheet and other cross-sectional items are based on the figures of 31 December 2023 unless otherwise stated.

    * Alternative performance measure.

    Key figures (Group)

      Jan–Dec 2024 Jan–Dec 2023 Change, %
    Net operating profit excluding unrealised fair value changes (EUR million)* 181 176 2.9
    Net operating profit (EUR million)* 166 139 19.5
    Net interest income (EUR million)* 260 259 0.3
    New long-term customer financing (EUR million)* 5,056 4,319 17.1
    New long-term funding (EUR million)* 8,922 10,087 -11.6
    Cost-to-income ratio, %* 27.7 32.2 -14.0**
    Return on equity (ROE), %* 7.2 6.6 9.3**
      31 Dec 2024 31 Dec 2023 Change, %
    Long-term customer financing (EUR million)* 35,173 32,022 9.8
    Green and social finance (EUR million)* 9,353 7,029 33.1
    Balance sheet total (EUR million) 53,092 49,736 6.7
    CET1 capital (EUR million) 1,646 1,550 6.2
    Tier 1 capital (EUR million) 1,646 1,550 6.2
    Total own funds (EUR million) 1,646 1,550 6.2
    CET1 capital ratio, % 107.7 103.4 4.2**
    Tier 1 capital ratio, % 107.7 103.4 4.2**
    Total capital ratio, % 107.7 103.4 4.2**
    Leverage ratio, % 12.3 12.0 2.5**
    Personnel 178 185 -3.8

    * Alternative performance measure.
    ** Change in ratio.

    Comment on the 2024 financial year by President and CEO Esa Kallio

    The operating environment in global economy and international politics went through a whirlwind of changes in 2024. Even in the turmoil, Finland stood steady and secure: our society is built on long-standing practices and institutions that have been developed together and tried and tested over time. This stability also helps safeguard MuniFin’s strong performance through shifts in the operating environment. Finnish society must continue to operate in broad collaboration and develop the structures of society in the long term. Sometimes this requires difficult decisions in society in the short term.

    In 2024, the demand for MuniFin’s financing was especially high in the affordable social housing sector. In the future, however, the sector will be facing reductions on interest subsidy loan authorisations.

    The Finnish system for affordable social housing is a success story that has served as a model across Europe – and will hopefully continue to do so, especially now that the rising cost of living has led to a surge in homelessness in many countries. Our state-subsidised housing production system has proven effective in reducing homelessness and regional segregation, increasing the supply of affordable social housing in growth centres, advancing municipalities’ housing policy goals of ensuring a diverse housing structure, and providing high-quality housing also to students, senior citizens and people with disabilities.

    Especially in the past couple of years, affordable housing production has also significantly supported the vitality of the Finnish construction sector, helping offset the slump in housing construction. Finland’s well-functioning system should not be changed; rather, the current model and level of housing production subsidies should be kept as they are. Timely investments into affordable social housing production can also help level out construction cycles and support employment.

    In 2024, MuniFin reached new milestones in sustainable investments. In October, we issued our tenth green bond, the high demand of which was once again testament to our strong position as an international forerunner in the financial sector. Moreover, sustainable finance made up the majority of the new long-term customer financing we granted in 2024.

    Information on the Group results

    Consolidated income statement Jan–Dec 2024 Jan–Dec 2023 Change, % Jul–Dec 2024 Jul–Dec 2023 Change, %
    (EUR million)            
    Net interest income 260 259 0.3 132 135 -2.4
    Other income 2 0 >100 1 -1 >100
    Income excluding unrealised fair value changes 262 259 1.1 132 134 -1.4
    Commission expenses -17 -16 8.2 -9 -8 11.2
    HR expenses -21 -20 2.0 -10 -10 -4.3
    Other items in administrative expenses -23 -20 12.4 -12 -11 12.0
    Depreciation and impairment on tangible and intangible assets -6 -7 -7.8 -3 -3 -14.3
    Other operating expenses -14 -19 -27.0 -7 -7 -0.6
    Costs -81 -82 -1.9 -40 -39 3.0
    Credit loss and impairments on financial assets 0 -1 -72.9 -1 -1 -38.7
    Net operating profit excluding unrealised fair value changes 181 176 2.9 92 95 -2.8
    Unrealised fair value changes -16 -37 -58.4 -31 -33 -3.6
    Net operating profit 166 139 19.5 61 62 -2.4
    Income tax expense -33 -28 17.3 -12 -12 -2.3
    Profit for the period 133 111 20.1 48 50 -2.4

    The Group’s net operating profit excluding unrealised fair value changes

    MuniFin Group’s core business operations remained strong in 2024. The Group’s net operating profit excluding unrealised fair value changes increased by 2.9% (3.2%) and amounted to EUR 181 million (EUR 176 million). The growth was influenced both by an increase in other income and a decrease in costs as net interest income remained at the level of previous year.

    The Group’s income excluding unrealised fair value changes was EUR 262 million (EUR 259 million) and grew by 1.1% (6.5%). Net interest income grew by 0.3% (7.5%), totalling EUR 260 million (EUR 259 million). Net interest income was positively affected by growing business volumes. The increase in funding costs due to the market conditions and the shape of the yield curve slowed the growth of net interest income.

    Other income totalled EUR 2.0 million (EUR 0.1 million). It consisted mainly of the billing of MuniFin’s digital services and the turnover of the subsidiary company Inspira from the early part of the year. In the previous year, negative realised FX rate changes reduced other income. At 0.8% (0.1%), other income relative to income excluding unrealised fair value changes forms only a minor part of the Group’s income.

    The Group’s costs were EUR 81 million (EUR 82 million), down by 1.9% from the year before (+12.4%). The reduction in expenses was due to the fact that no contribution fee was collected for the Single Resolution Fund in 2024.

    Commission expenses totalled EUR 17 million (EUR 16 million), of which EUR 14 million (EUR 13 million) consisted of the guarantee commission collected by the Municipal Guarantee Board for guaranteeing MuniFin’s funding.

    HR and administrative expenses grew by 7.2% (9.0%) and reached EUR 44 million (EUR 41 million). HR expenses comprised EUR 21 million (EUR 20 million) and other administrative expenses EUR 23 million (EUR 20 million). The average number of employees in the Group was 187 (183) during the financial year. Other items in administrative expenses grew by 12.4% (8.8%), mainly due to the increased costs of maintaining and developing information systems.

    During the financial year, depreciation and impairment of tangible and intangible assets totalled EUR 6 million (EUR 7 million).

    Other operating expenses were EUR 14 million (EUR 19 million). The main reason for this decrease is that there was no contribution fee to the Single Resolution Fund in 2024. Other operating expenses excluding fees collected by authorities grew by 22.1% (9.9%) to EUR 11 million (EUR 9 million).

    Credit loss and impairments on financial assets were EUR 0.3 million (EUR 1.2 million). This item consists of expected credit losses (ECL). The Group updated the model used to estimate the probability of default and the forward-looking macro scenarios during the financial year. The Group’s management has assessed the impact of general cost inflation and increased interest rates on customer financing receivables and credit risk and decided to release the additional discretionary provision in full at the end of 2024 (the amount of the additional discretionary provision was EUR 0.6 million at the end of 2023, and in June 2024, EUR 0.4 million of the additional provision was released). The update of the probability of default model increased expected credit losses by EUR 0.9 million euros, as the amount of exposures that moved from stage 1 to stage 2 increased. Most of the transferred exposures were subject to the previous additional discretionary provision. Therefore, the Group’s management considered that there is no longer a basis for recording a group-specific additional provision.

    The Group’s overall credit risk position has remained low. The amount of forborne loans was EUR 561 million (EUR 497 million), while non-performing exposures amounted to EUR 292 million (EUR 142 million) at the end of the year. These non-performing exposures represented 0.8% (0.4%) of total customer exposures. At the end of December, the Group had EUR 13 million in receivables due to the insolvency of customers, for which the collateral realisation process is ongoing, or the credit receivable is due for payment by the guarantor (there were no such receivables at the end of 2023). All the Group’s customer financing receivables are from Finnish municipalities, joint municipal authorities, wellbeing services counties or joint county authorities, or accompanied by a securing municipal, joint municipal authority, wellbeing services county or joint county authority guarantee or a state deficiency guarantee supplementing real estate collateral, and therefore no final credit losses will arise. According to the management’s assessment, all receivables from customers will be fully recovered. During the Group’s history of 35 years, it has never recognised any final credit losses in its customer financing.

    The credit risk of the Group’s liquidity portfolio has likewise remained at a low level, and the average credit rating of the debt securities in the portfolio is AA+ (AA+).

    The Group’s profit and unrealised fair value changes

    The Group’s net operating profit was EUR 166 million (EUR 139 million). Unrealised fair value changes decreased the Group’s net operating profit by EUR 16 million (in 2023: decreased by EUR 37 million). In January–December, unrealised fair value changes in hedge accounting amounted to EUR -12 million (EUR -27 million) and unrealised net result on financial assets and liabilities through profit or loss to EUR -4 million (EUR -10 million).

    The Group’s effective tax rate in the financial year was 19.9% (20.2%). Taxes in the Consolidated income statement amounted to EUR 33 million (EUR 28 million). After taxes, the Group’s profit for the financial year was EUR 133 million (EUR 111 million).

    The Group’s full-year return on equity (ROE) was 7.2% (6.6%). Excluding unrealised fair value changes, the ROE was 7.9% (8.4%).

    The Group’s other comprehensive income includes unrealised fair value changes of EUR 169 million (EUR 109 million). During the financial year, the most significant item affecting the other comprehensive income was net change in fair value due to changes in own credit risk of financial liabilities designated at fair value through profit or loss totalling EUR 137 million (EUR 75 million). The cost-of-hedging amounted to EUR 30 million (EUR 25 million). Net change in fair value of financial assets at fair value through other comprehensive income was EUR 2 million (EUR 8 million).

    On the whole, unrealised fair value changes net of deferred tax affected the Group’s equity by EUR 122 million (EUR 57 million) and CET1 capital net of deferred tax in capital adequacy by EUR 13 million (EUR -3 million). The cumulative effect of unrealised fair value changes on the Group’s own funds in capital adequacy calculations was EUR 58 million (EUR 45 million).

    Unrealised fair value changes reflect the temporary impact of market conditions on the valuation levels of financial instruments at the time of reporting. The value changes may vary significantly from one reporting period to another, causing volatility in profit, equity and own funds in capital adequacy calculations. The effect on individual contracts will be removed by the end of the contract period. In the financial year, unrealised fair value changes were influenced in particular by changes in interest rates and credit risk spreads in the Group’s main funding markets.

    In accordance with its risk management principles, the Group uses derivatives to financially hedge against interest rate, exchange rate and other market and price risks. Cash flows under agreements are hedged, but due to the generally used valuation methods, changes in fair value differ between the financial instrument and the respective hedging derivative. Changes in the shape of the interest rate curve and credit risk spreads in different currencies affect the valuations, which cause the fair values of hedged assets and liabilities and hedging instruments to behave in different ways. In practice, the changes in valuations are not realised on a cash basis because the Group holds financial instruments and their hedging derivatives almost always until the maturity date. The counterparty credit risk related to derivatives is comprehensively covered by collateral management. Changes in credit risk spreads are not expected to be materialised as credit losses for the Group, because the Group’s liquidity reserve has been invested in instruments with low credit risk.

    The Parent Company and subsidiary company Inspira’s results

    In 2024, MuniFin’s net interest income amounted to EUR 260 million (EUR 259 million) and net operating profit to EUR 166 million (EUR 139 million).

    The turnover of MuniFin’s subsidiary company, Financial Advisory Services Inspira Ltd, was EUR 0.4 million (EUR 1.4 million), and its net operating result amounted to EUR -0.5 million (EUR 0.0 million). The Group discontinued Inspira’s advisory services in the spring. In the future, the subsidiary company will provide some of the digital added value services MuniFin offers to its customers.

    The Group’s financial performance in July–December

    In the second half of 2024, the Group’s net operating profit excluding unrealised fair value changes amounted to EUR 92 million (Jul–Dec 2023: EUR 95 million), remaining almost at the same level as in the year before. Net interest income totalled EUR 132 million (Jul–Dec 2023: EUR 135 million) and costs EUR 40 million (Jul–Dec 2023: EUR 39 million) in July–December. Unrealised fair value changes weakened the net operating profit by EUR 31 million (in the comparison period Jul–Dec 2023: weakened by EUR 33 million). The Group’s net operating profit amounted to EUR 61 million (Jul–Dec 2023: EUR 62 million) in July–December.

    In the second half of the year, the Group’s net operating profit excluding unrealised fair value changes increased by 3.1% from the first half. Net interest income went up by 2.4% from the first half of the year. Costs amounted to EUR 40 million in July–December and to EUR 41 million in January–June. The Group’s net operating profit totalled EUR 61 million in July– December, decreasing by 42.4% from January–June. In the second half of the year, unrealised fair value changes affected the net operating profit by EUR -31 million, while in the first half of the year, their effect was EUR 16 million.

    Outlook for 2025

    Europe’s economy is starting 2025 off from a weaker position than anticipated. Business cycle expectations are subdued, and the global operating environment is fraught with uncertainty. Donald Trump’s presidential administration is expected to pursue protectionist trade policies, which could, at worst, severely slow down the euro area’s economic recovery.

    However, if Europe is exempted from the planned universal tariff on all US imports and the euro continues to weaken, businesses in the euro area could even find new opportunities to expand their market share in the US. Europe could also suffer negative economic effects if capital needed to improve productivity is increasingly allocated to strengthening military defence and supply security. The political turmoil in France and Germany adds another layer of uncertainty into the euro area economy.

    To counterbalance the growing economic uncertainty, the European Central Bank is expected to continue brisk interest rate cuts in 2025. Short-term market rates are projected to come down to about two per cent or even slightly below that by mid-year.

    The sharp interest rate cuts will be the most crucial booster for the Finnish economy in 2025. Although the overall tone of the economic turnround is still relatively subdued, the simultaneous recovery of demand drivers could boost annual GDP growth to surprisingly strong figures. Even so, macroeconomic forecasts continue to be very uncertain. Finland’s two most important export markets, the US and Germany, both entail considerable risks, and a sharperthan-expected decline in employment casts a shadow over the recovery of the domestic market. From the Group’s perspective, the 2024 rise in credit risk spreads is expected to push up the cost of funding, weakening the Group’s net interest income in 2025.

    Municipalities are undergoing sizeable adjustment programmes, but their financing deficit is nevertheless expected to grow again in 2025. Municipal finances are strained by several factors: central government transfer cuts resulting from the balancing of health and social services reform transfers, increased net investments, health and social services facilities that are left unused by wellbeing services counties but continue to incur maintenance, conversion and demolition costs, as well as uncertainty surrounding the actual costs of the employment services reform. In addition, the weakened employment outlook poses a serious risk to tax revenues.

    Privately funded housing production is expected to take an upward turn in 2025, but its volume will nevertheless remain well below normal levels. The housing market is starting to gradually pick up, and housing prices are expected to start rising moderately from 2025 onwards. In contrast, state-subsidised housing production will see fewer building starts due to reductions on interest subsidy loan authorisations. In March 2025, the Housing Finance and Development Centre of Finland (Ara) will cease to operate as an independent government agency and its operations will instead be integrated under the Ministry of the Environment. This change does not mean the end of state-subsidised housing production; rather, it aims to improve the administration of affordable social housing production. According to MuniFin’s analysis, the integration will not have a direct effect on MuniFin’s business. Interest subsidy loans will continue to be granted to state-subsidised housing production, but the related processes will be administered at the Ministry of the Environment. MuniFin will monitor the practical implications closely. With the managing authority changing, the Company may need to make changes to some of its processes in response.

    Considering the above-mentioned circumstances, the Group expects its net operating profit excluding unrealised fair value changes to be at the same level or lower in 2025 as in 2024. The Group expects its capital adequacy ratio and leverage ratio to remain strong. The valuation principles set in the IFRS framework may cause significant but temporary unrealised fair value changes, some of which increase the volatility of net operating profit and make it more difficult to estimate.

    These estimates are based on a current assessment of the development of MuniFin Group’s operations and the operating environment.

    Municipality Finance Plc

    Further information:

    Esa Kallio, President and CEO, tel. +358 50 337 7953

    Harri Luhtala, Executive Vice President, Finance, CFO, tel. +358 50 592 9454

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

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

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

    Read more: www.munifin.fi

    Attachment

    • MuniFin_Financial_Statements_Bulletin_2024

    The MIL Network –

    February 13, 2025

  • MIL-OSI: Lender.Market Unveils AI Financial Advisor V2.0: The Ultimate Funding Solution for Construction, Dentistry, Healthcare, and More

    Source: GlobeNewswire (MIL-OSI)

    JERSEY CITY, N.J., Feb. 12, 2025 (GLOBE NEWSWIRE) — Lender.Market, a leader in AI-driven lending solutions, is excited to announce the launch of AI Financial Advisor V2.0, a groundbreaking upgrade to its intelligent funding platform. Designed for construction companies, dental practices, healthcare providers, and small businesses, this next-generation AI tool streamlines financial analysis, optimizes loan matching, and empowers businesses with smarter, faster, and more customized funding solutions.

    What’s New in AI Financial Advisor V2.0?

    Industry-Specific Funding Recommendations AI tailors financial strategies for construction, dentistry, healthcare, and other capital-intensive industries.

    Instant Bank Statement Analysis Processes multiple bank statements in seconds, reviewing debits, credits, revenue trends, and cash flow.

    AI-Optimized Loan Matching Identifies the best funding options based on business performance, financial health, and industry benchmarks.

    Real-Time Financial Advice Offers strategies to improve cash flow, optimize spending, and secure funding with manageable repayment plans.

    Stronger AI Accuracy & Speed Upgraded algorithms provide deeper insights and more precise funding recommendations than ever before.

    Transforming Access to Capital for Key Industries

    1. Construction Secure project funding quickly for materials, labor, and equipment with AI-driven financial insights that align with construction business loans.
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    Investor Opportunities: Join the Future of AI-Powered Finance

    As Lender.Market continues to revolutionize AI-driven lending, the company is actively seeking strategic investors to accelerate its expansion into new markets. With its proven AI technology and growing demand for industry-specific funding solutions, Lender.Market presents an exciting investment opportunity in the future of AI-powered finance.

    See the full project on our investor relations page

    Exclusive Launch Event

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    About Lender.Market

    Lender.Market is an AI-driven lending platform that simplifies and accelerates business financing. By leveraging advanced AI algorithms, it provides real-time financial analysis, industry-specific funding solutions, and customized loan matching for businesses across various industries.

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    Lender market – lending platform

    Disclaimer: This content is provided by the Lender.Market. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    The MIL Network –

    February 13, 2025

  • MIL-OSI Russia: Eastern Caribbean Currency Union: IMF Staff Concluding Statement of the 2025 Mission on Common Policies for Member Countries

    Source: IMF – News in Russian

    February 12, 2025

    A Concluding Statement describes the preliminary findings of IMF staff at the end of an official staff visit (or ‘mission’), in most cases to a member country. Missions are undertaken as part of regular (usually annual) consultations under Article IV of the IMF’s Articles of Agreement, in the context of a request to use IMF resources (borrow from the IMF), as part of discussions of staff monitored programs, or as part of other staff monitoring of economic developments.

    The authorities have consented to the publication of this statement. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF Executive Board for discussion and decision.

    Washington, DC:

    The Eastern Caribbean Currency Union (ECCU) has been providing a strong anchor for macroeconomic stability in a shock-prone region, demonstrated most recently by Hurricane Beryl with its devastating impact on Grenada and Saint Vincent and the Grenadines. The recovery from successive external shocks has been strong, driven by a rebound in tourism, with ECCU economies expected to converge to modest pre-pandemic average growth rates over the medium term. To effectively manage downside risks while supporting long-term inclusive growth and the continued robustness of the quasi-currency board, policies should aim to address supply-side bottlenecks, build resilient fiscal frameworks to support fiscal sustainability, and continue to enhance financial system resilience and intermediation. Greater leveraging of synergies in regional data collection and processing could help strengthen data provision and thereby evidence-based policymaking.

    The ECCU has achieved a strong rebound from successive adverse shocks. A strong tourism season and continued infrastructure investments supported robust growth in 2024. Inflation has moderated in tune with global trends from a post-pandemic peak of more than 9 percent to less than 2 percent. Nevertheless, public debt remains high and generally well above the regional 2035 debt ceiling of 60 percent of GDP. Meanwhile, Citizenship-by-Investment (CBI) revenues have shown signs of slowing amidst heightened international scrutiny and regulatory tightening. The financial system remains stable, partly due to a prolonged period of cautious bank lending. Despite persistently elevated current account deficits, the ECCB’s reserve position has remained stable and currency backing ratio high, supporting confidence in the currency union.

    Going forward, GDP growth is set to moderate, and risks remain mostly on the downside. As most parts of the region approach full tourism capacity, average growth in the region is expected to slow from 6½ percent in 2021-24 to around 2½ percent in the medium term amid weak productivity growth and investment, a shrinking labor force, and reduced fiscal space. Moreover, given the region’s long-standing vulnerabilities of high dependence on energy imports, exposure to natural disasters (NDs), persistently high public debt, and some economies’ heavy reliance on uncertain CBI revenues, the outlook is subject to significant downside risks.

    Addressing Supply-Side Bottlenecks to Enhance Growth

    The ECCU economies have exhibited a trend slowdown in growth due to structural factors. Supporting strong, resilient, and inclusive growth is key to reducing fiscal and external imbalances and raising living standards. An updated growth accounting analysis finds that potential growth has dropped in recent decades, reflecting declines across all components of growth, notably total factor productivity (TFP). These trends reflect a series of persistent structural impediments to economic efficiency, such as impediments to credit growth, burdensome administrative and licensing processes, and labor force skills gaps and mismatches. Recurring NDs also impair productive infrastructure and hinder human capital formation, placing additional limits on TFP growth. Against this backdrop, the regional “Big Push” effort that calls for a doubling of ECCU GDP in the coming decade is a welcome aspirational initiative, both in sensitizing the membership to key growth impediments and in helping to build a regional consensus on a roadmap for reform.

    A multipronged and coordinated set of policies that build on ongoing efforts is recommended to alleviate major structural impediments to growth. Improving labor market outcomes requires a renewed effort to attune human capital to economic needs and development priorities. This involves expanding vocational training and modernizing education systems, supplemented by policies to alleviate youth and gender employment gaps, such as active labor market policies and greater access to child and elderly care. Enhancing efficient and resilient capital investment could be supported by coordinated regional efforts to accelerate the green energy transition (GET), safeguard and optimize the CBI funding model, and strengthen disaster preparedness of the capital stock. Regional mechanisms such as the ECCB’s Renewable Energy Infrastructure Investment Facility (REIIF) hold potential to scale up countries’ access to finance that can be usefully supported through regional frameworks to pool procurement and harmonize modern regulatory standards. Last year’s regional agreement to buttress the integrity of CBI regimes through enhanced regulatory, information exchange, and pricing frameworks is a welcome step to safeguard critical investment inflows. The planned regional CBI regulator provides an opportunity to address gaps in institutional reporting and strengthen accountability frameworks to ensure the productive allocation of all CBI inflows. Fallout from Hurricane Beryl highlights a potential role for common building standards across the region and the importance of prioritizing resilient infrastructure investment. Finally, policies to enhance the business environment—such as by digitalizing key services, streamlining cumbersome licensing and administrative processes, and improving financial intermediation—are essential to boost productivity and growth potential.

    Building Resilient Fiscal Frameworks to Support Fiscal Sustainability and Inclusive Growth

    The regional priority remains to rebuild fiscal buffers, reduce public debt levels consistent with the regional debt anchor, and improve fiscal resilience to shocks. Fiscal resilience is essential for macro stability and continuing to protect the quasi-currency board. The region’s high vulnerability to recurring NDs, coupled with periodic procyclical fiscal policies, are key drivers of the ECCU’s ongoing fiscal sustainability challenges. With 2035 only a decade away, sizable efforts are needed in some countries to achieve the regional debt target. Fiscal space is also needed to guard against risks and finance social spending and growth- and resilience-enhancing investment.

    This calls for a region-wide establishment of robust national fiscal resilience strategies and frameworks. Strong national medium-term fiscal frameworks (MTFFs), that incorporate well-designed country-specific fiscal rules, supported by specific fiscal measures and plans and strong fiscal institutions, will help instill prudence and create policy space. While many ECCU members have continued to upgrade their MTFFs, there is a need to enhance effective operational frameworks and underpinning fiscal policy and contingency plans that link fiscal operations with longer-term objectives. In addition, comprehensive ex-ante resilience strategies to enable resilient investment and adequate insurance against NDs would support debt sustainability and resilient growth. Integrating green budget tagging and a pipeline of projects into MTFFs will help anchor sustainable multi-year climate resilient investment plans and unlock global concessional financing. Expediting efforts to adopt a disaster risk financing strategy with self-insurance, contingent debt financing plans, and risk transfer arrangements will support liquidity for relief and reconstruction while safeguarding public finances. The relevant authorities should also consider frameworks with clear provisions for use of CBI revenue to avoid budget overreliance on these revenues given their potential volatility and to complement efforts with buffer and resilience building.

    Regional coordination and oversight of these efforts would help reinforce fiscal discipline and the credibility of the regional debt ceiling. To ensure the success of regional fiscal policy coordination, a strong governance framework to provide independent macroeconomic and budgetary projections and transparently assess fiscal plans, the implementation of fiscal rules, and fiscal sustainability would be beneficial. These efforts could be supported by national and/or regional independent fiscal oversight entities. International experience suggests that these entities have played an increasingly significant role in strengthening fiscal frameworks. A helpful first step could be to operationalize regular ECCB Monetary Council peer reviews of members’ fiscal strategies and progress toward the regional debt target.

    Safeguarding Financial Stability and Supporting Private Investment

    Banks’ legacy balance sheet weaknesses warrant continued policy focus. Close monitoring of agreed timelines and action plans for all extensions of implementing regional provisioning standards is important, and timely interventions should be made where necessary. Transitioning from reserve-based regulatory loan loss allowances to loss-bearing provisions would ensure appropriate recording and treatment of banks’ capital positions. Streamlining costly foreclosure and collateral sale processes and strengthening the capacity of the Eastern Caribbean Asset Management Company would support impaired asset disposal. Risks from rising overseas investments and some banks’ elevated local sovereign exposures warrant close monitoring.

    Stepped-up regional coordination would help mitigate non-bank financial system vulnerabilities. The continued rapid expansion of credit unions warrants strengthening provisioning standards, monitoring of forbearance measures, and enhancing supervisory capacity, including through greater sharing of best practices. The planned common minimum regulatory standards for non-bank financial institutions (NBFIs) under the recently endorsed Eastern Caribbean Financial Standards Board (ECFSB) represent an important opportunity to establish a more level regulatory playing field between credit unions and banks. More centralized NBFI supervision would support more efficient and effective region-wide financial stability monitoring and is more acutely needed for consolidated oversight of pan-ECCU insurance companies. The ECCU’s high dependence on global property reinsurance makes it vulnerable to the evolving reassessment of climate liability risks. The risk of more sustained hardening of the reinsurance market could worsen existing underinsurance by driving up costs and reducing capacity. Strengthening monitoring of reinsurance coverage, including through more targeted data collection, would support policy preparedness to manage these risks and narrow protection gaps.

    A more systematic approach is needed to strengthen financial intermediation and private investment. Slow bank lending growth, particularly in business credit, has long limited growth-supporting investment. Notwithstanding some recovery in construction and real estate credit, much of the high system liquidity is invested overseas and the unmet credit demand has partly fueled growth of the more risk-tolerant credit unions. The region has taken important steps to address credit access constraints through the ongoing rollout of the Credit Bureau and more demand-tailored products under the Eastern Caribbean Partial Credit Guarantee Corporation. Closer coordination of these regional initiatives and national MSME development policies would support development of regional best practices in enhancing small businesses’ bankability. This would also allow more efficient scaling up of active outreach programs to foster business formalization. Competing lending programs under national development banks should closely consider their risk-bearing capacity. Strengthening the collateral infrastructure through modernized foreclosure and insolvency frameworks, development of market-based real estate indices, and reviewing any policy impediments to secondary property market liquidity can help derisk local lending opportunities and reduce credit costs. The potential credit pricing distortions from the minimum savings rate should be reviewed alongside the ongoing efforts to encourage regional retail investment and capital market development.

    Strengthening of AML/CFT frameworks remains crucial amidst the scrutiny of CBI programs and thin correspondent banking relationships. This includes completing the long-pending designation of the ECCB as the AML/CFT supervisor for banks and centralization of AML/CFT regulatory standards under the ECFSB.

    Strengthening data provision

    Greater leveraging of synergies in regional data collection and processing could help address persistent resource and capacity gaps. Regional data provision has some shortcomings that somewhat hamper surveillance. While continued IMF/CARTAC technical assistance has proven valuable in improving data timeliness and quality, progress is often impeded by persistent staffing shortages and high turnover. A regional framework with centralization of data compilation and analysis could limit processing overlaps, enhance cross-country comparability, and better leverage the limited staffing resources.

                                                                                                                    

    The IMF team thanks the authorities and private sector counterparts for their warm hospitality and insightful and constructive discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2025/02/12/021225-mcs-east-carib-currency-union-imf-cs-2025-mission-on-common-policies-for-member-countries

    MIL OSI

    MIL OSI Russia News –

    February 13, 2025

  • MIL-OSI: Logansport Financial Corp. Reports Earnings for the Three and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    LOGANSPORT, Ind., Feb. 12, 2025 (GLOBE NEWSWIRE) — Logansport Financial Corp., (OTCBB: LOGN), parent company of Logansport Savings Bank, reported net earnings for the three and twelve months ended December 31, 2024.

    Net earnings for the three months ended December 31, 2024 totaled $445,000, compared to the $295,000 in net earnings reported for the three months ended December 31, 2023.

    Net earnings for the year ended December 31, 2024 totaled $1,254,000, compared to the $1,791,000 reported for the year ended December 31, 2023. Earnings per share was $2.05 for December 31, 2024, compared to $2.93 for December 31, 2023. Return on Assets finished the year at 0.475% for 2024 compared to 0.723% for 2023. The Return on Equity finished the year at 6.14% for December 31, 2024, compared to 8.65% for December 31, 2023.

    The statements contained in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involves a number of risks and uncertainties. A number of factors could cause results to differ materially from the objectives and estimates expressed in such forward-looking statements. These factors include, but are not limited to, changes in the financial condition of issuers of the Company’s investments and borrowers, changes in economic conditions in the Company’s market area, changes in policies of regulatory agencies, fluctuations in interest rates, demand for loans in the Company’s market area, changes in the position of banking regulators on the adequacy of our allowance for loan losses, and competition, all or some of which could cause actual results to differ materially from historical earnings and those presently anticipated or projected. These factors should be considered in evaluation of forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake and specifically disclaims any obligation to update any forward-looking statements to reflect occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    Logansport Financial Corp.
    Selected Financial Data
    (Dollars in thousands except for share data)
             
           
        12/31/2024 12/31/2023  
             
    Total Assets   $263,860 $247,713  
             
    Loans receivable, net     175,742   168,672  
    Allowance for loan losses     1,954   2,553  
    Cash and cash equivalents     14,992   4,810  
    Interest Bearing Time Deposits in banks     –   –  
    Securities available for sale     54,567   59,404  
    Federal Home Loan Bank stock     3,082   3,082  
    Deposits     225,904   207,779  
    FHLB borrowings and note payable     15,000   15,000  
    Accrued Interest and other liabilities     2,525   2,266  
    Shareholders’ equity     20,431   20,717  
    Shares Issued and Outstanding     611,597   611,334  
    Nonperforming loans     2,907   504  
    Real Estate Owned     –   –  
             
               Three months ended 12/31          Year ended 12/31  
          2024   2023     2024     2023  
                   
    Interest income   $3,559 $3,254   $12,981   $11,967  
    Interest expense     1,552   1,554     6,209     4,897  
    Net interest income     2,007   1,700     6,772     7,070  
    Provision for loan losses     –   –     (79 )   –  
    Net interest income after provision     2,007   1,700     6,851     7,070  
    Gain on sale of loans     133   36     393     170  
    Other income     211   179     999     1,018  
    General, admin. & other expense     1,797   1,580     6,968     6,247  
    Earnings before income taxes     554   335     1,275     2,011  
    Income tax expense     109   40     21     220  
    Net earnings   $445 $295   $1,254   $1,791  
     
    Earnings per share         $2.05   $2.93  
    Weighted avg. shares o/s-diluted           608,124     608,272  
                         

    Contact: Kristie Richey
    Chief Financial Officer
    Phone-574-722-3855
    Fax-574-722-3857

    The MIL Network –

    February 13, 2025

  • MIL-OSI Russia: Financial News: Honest Behavior is the Key to Trust in the Financial Market

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The Bank of Russia has determined basic principles fair behavior in the financial market. They are aimed at promoting business and ethical standards, creating a trusting environment and protecting the rights and interests of consumers.

    The document is a set of rules that market participants should adhere to. It is based on the provisions of the previously developed draft Code of Good Conduct. Its updated version is based on eight “pillars”: honesty, fairness, transparency, care, safety, professionalism, responsibility and integrity.

    The principles are advisory in nature and can be implemented in the standards and codes of self-regulatory organizations, professional associations (unions) both in full and separately, and can also become the basis for the corporate culture of financial organizations. Market participants have the right to declare their commitment to the principles of fair behavior on their websites and other resources.

    The Bank of Russia’s methodological recommendations will create incentives for the further development of internal control systems, the identification and suppression of unfair and illegal behavior in the financial market.

    Preview photo: PeopleImages.com – Yuri A / Shutterstock / Fotodom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23370

    MIL OSI Russia News –

    February 13, 2025

  • MIL-OSI Russia: Financial news: Counterfeit rubles are becoming less common in Russia: 2024 results

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    In 2024, the level of counterfeiting reached its lowest level in recent years: there is 1 counterfeit for every 1 million banknotes in circulation. A total of 8,240 counterfeit Russian banknotes and coins were identified in the banking system.

    The most counterfeited banknotes are those of 5,000 rubles (64%) and 1,000 rubles (27%).

    Also, 1,875 counterfeit foreign banknotes were detected. The vast majority (93%) were still US dollars.

    Read more inmaterial on the website of the Bank of Russia.

    Preview photo: acidmit / Shutterstock / Fotodom

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

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //vv. KBR.ru/Press/Event/? ID = 23368

    MIL OSI Russia News –

    February 13, 2025

  • MIL-OSI: Stifel Introduces Stifel Discover

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Feb. 12, 2025 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) today announced the launch of Stifel Discover, a new Stifel-branded content feed available through its Wealth Tracker app. The innovative feature transforms how clients engage with Stifel’s research and thought leadership, delivering timely, personalized insights through a dynamic experience.

    Key features of Stifel Discover include:

    • Proprietary Insights – Stifel Discover delivers exclusive analysis and commentary from Stifel’s Chief Investment Officer, Chief Economist, Chief Washington Policy Strategist, equity research analysts, and other thought leaders. Users can explore insights tailored to their specific portfolio, market interests, and financial goals across the universe of more than 2,000 global stocks covered by Stifel research.
    • Personalization and Timeliness – The feed updates throughout the day, surfacing the most relevant and high-impact content based on users’ preferences and market movements.
    • Seamless Access – Easily accessible from the Wealth Tracker home screen, Stifel Discover is categorized for an effortless browsing experience.
    • Future Customization by Advisors – In upcoming phases, Stifel Financial Advisors will have the ability to personalize client feeds based on financial life stages, ensuring users receive curated content aligned with their investment needs.

    “We developed Stifel Discover to address our clients’ desire to easily access the firm’s timely and actionable insights as they navigate the complex market landscape. This tool is a powerful addition to our Wealth Tracker platform. Stifel Discover now provides clients with seamless, relevant, and real-time financial intelligence at their fingertips,” said Tom Lee, Stifel’s Head of Investment Products and Services.  

    Stifel Discover was developed in partnership with MoneyLion (NYSE: ML), a leader in financial engagement and financial content solutions. Powered by MoneyLion’s proprietary content-as-a-service platform, mFeed, and its expertise in delivering personalized, interactive content experiences, Stifel Discover delivers a new standard for financial content personalization – keeping users informed, engaged, and actively involved in their financial journey.

    “We’re thrilled to partner with Stifel on this trailblazing initiative,” said Jon Stevenson, Head of Corporate Development at MoneyLion. “At MoneyLion, we’ve built a best-in-class content and engagement engine that delivers personalized financial insights to millions. Customizing this technology for Stifel allows them to take their content and create an exceptional client experience. Stifel is leading the way in content-driven engagement for wealth management, and we’re excited to be part of it.”

    The Stifel Wealth Tracker app gives users the ability to view their full financial picture by aggregating all of their assets and liabilities in one spot. Stifel Wealth Tracker is available for free download on the App Store and Google Play.

    Stifel Company Information

    Stifel Financial Corp. (NYSE: SF) is a financial services holding company headquartered in St. Louis, Missouri, that conducts its banking, securities, and financial services business through several wholly owned subsidiaries. Stifel’s broker-dealer clients are served in the United States through Stifel, Nicolaus & Company, Incorporated, including its Eaton Partners and Miller Buckfire & Co., LLC business divisions; Keefe, Bruyette & Woods, Inc.; and Stifel Independent Advisors, LLC; in Canada through Stifel Nicolaus Canada Inc.; and in the United Kingdom and Europe through Stifel Nicolaus Europe Limited. The Company’s broker-dealer affiliates provide securities brokerage, investment banking, trading, investment advisory, and related financial services to individual investors, professional money managers, businesses, and municipalities. Stifel Bank and Stifel Bank & Trust offer a full range of consumer and commercial lending solutions. Stifel Trust Company, N.A. and Stifel Trust Company Delaware, N.A. offer trust and related services. To learn more about Stifel, please visit the Company’s website at www.stifel.com. For global disclosures, please visit https://www.stifel.com/investor-relations/press-releases.

    About MoneyLion

    MoneyLion (NYSE: ML) is a leader in financial technology powering the next generation of personalized products, content, and marketplace technology, with a top consumer finance super app, a premier embedded finance platform for enterprise businesses and a world-class media arm. MoneyLion’s mission is to give everyone the power to make their best financial decisions. We pride ourselves on serving the many, not the few; providing confidence through guidance, choice, and personalization; and shortening the distance to an informed action. In our go-to money app for consumers, we deliver curated content on finance and related topics, through a tailored feed that engages people to learn and share. People take control of their finances with our innovative financial products and marketplace – including our full-fledged suite of features to save, borrow, spend, and invest – seamlessly bringing together the best offers and content from MoneyLion and our 1,200+ Enterprise Partner network, together in one experience. For more information about MoneyLion, please visit www.moneylion.com. For information about Engine by MoneyLion for enterprise businesses, please visit www.engine.tech.

    For further information,
    contact Brian Spellecy
    (314) 342-2000        

    The MIL Network –

    February 13, 2025

  • MIL-OSI Africa: The African Medical Centre of Excellence (AMCE) Unveils Construction Milestones as June 2025 Launch Approaches

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

    ABUJA, Nigeria, February 12, 2025/APO Group/ —

    The African Medical Centre of Excellence (AMCE), a groundbreaking tertiary medical institution spearheaded by African Export-Import Bank (Afreximbank) (www.Afreximbank.com) in partnership with King’s College Hospital, London, hosted a high-level stakeholder and media tour to showcase major construction milestones and reaffirm its commitment to revolutionising healthcare in Africa by building a world-class medical city ahead of its highly anticipated June 2025 launch. 

    A distinguished delegation, led by Prof. Benedict Oramah, President of Afreximbank & AMCE Board Chairman, alongside AMCE Board Members, top Nigerian government officials—including Deputy President of the Senate of Nigeria, Senator Barau Jibrin; Secretary to the Government of the Federation, Senator George Akume; Mrs. Toyin Saraki, Founder-President of Wellbeing Foundation Africa and wife of the former Senate President and former First Lady of Kwara State; and Senator Asuquo Ekpenyong and  Kabiru Rabiu, Group Executive Director, BUA Group—as well as leading corporate CEOs and executives, gathered for an exclusive walkthrough of AMCE’s rapidly progressing construction site. 

    Attendees received firsthand updates on key project milestones and explored the hospital’s state-of-the-art medical infrastructure and technology. They also gained insights into the significant progress toward completion, including the final stages of interior tiling, vinyl flooring installation, lift system integration, and external infrastructure development. 

    With the hospital’s launch set for June 2025, AMCE Abuja which will deliver comprehensive services in oncology, haematology, cardiovascular care, and general healthcare continues to make remarkable progress. As of February 2025, all civil and structural works have been completed, with rigorous quality assurance and control measures ensuring the highest construction standards. External roadworks and infrastructure services are also advancing, marking a crucial phase in the project’s finalisation. 

    The visit reaffirmed a shared commitment to AMCE’s transformative mission and vision—delivering world-class medical care, reducing medical tourism, and positioning Nigeria as a leading hub for specialised healthcare in Africa. 

    Commenting on the progress, Prof Benedict Oramah, President and Chairman of the Board of Directors of both Afreximbank and AMCE, stated: “The Africa Medical Centre of Excellence (AMCE) represents a defining moment in Africa’s pursuit of self-sufficiency in healthcare. For too long, our continent has borne the heavy burden of non-communicable diseases, capital flight from medical tourism, and the exodus of skilled professionals seeking opportunities abroad. AMCE is set to change that narrative. 

    By delivering world-class, lifesaving care to over 350,000 patients within its first five years, this facility will ensure that quality healthcare is no longer a privilege reserved for those who can afford to travel overseas. It will create 3,000 jobs, stimulate Intra-African trade in medical services, and strengthen critical supply chains in pharmaceuticals and healthcare delivery. Most importantly, it will help Nigeria retain the over $1.1 billion lost annually to outbound medical tourism, redirecting those resources towards strengthening our own systems. 

    He further stated: This initiative is more than an investment in infrastructure—it is an investment in Africa’s future. Through strategic partnerships with governments, international stakeholders, and the private sector, we are demonstrating that Africa has both the ambition and the capability to provide world-class healthcare for its people. The AMCE is not just a medical facility; it is a statement of intent, a symbol of progress, and a beacon of hope for a healthier, more self-reliant continent.” 

    Speaking at the event, Brian Deaver, Chief Executive Officer of AMCE, highlighted the hospital’s impact: “The Africa Medical Centre of Excellence is not just a hospital—it is a bold step toward reshaping the future of specialised healthcare in Africa. By integrating cutting-edge medical technologies, pioneering research, and world-class training, AMCE is creating a sustainable healthcare ecosystem that will set new standards for medical excellence across the continent. 

    This facility is more than a response to Africa’s healthcare challenges—it is a proactive investment in the well-being of millions. From early diagnostics to advanced treatment and long-term disease management, AMCE will provide a seamless continuum of care that improves patient outcomes, strengthens medical expertise, and retains talent that might otherwise seek opportunities abroad. 

    As we move closer to our launch, our focus remains unwavering: building a centre of excellence that not only delivers life-saving care but also drives economic growth, supports local innovation, and reinforces Nigeria’s position as a leading destination for specialised medical treatment. Through strategic partnerships and state-of-the-art infrastructure, we are not just treating diseases—we are transforming healthcare delivery for generations to come.” 

    Senator Barau Jibrin, Deputy Senate President: “The Africa Medical Centre of Excellence represents a transformative leap for healthcare in Nigeria and across the continent. Witnessing the rapid progress of this project reaffirms our commitment to fostering world-class medical infrastructure that will provide accessible and high-quality care for all. The Government of Nigeria remains dedicated to supporting initiatives that strengthen our healthcare system and enhance the well-being of our people.” 

    Senator George Akume, Secretary to the Government of the Federation: “Healthcare is the backbone of national development, and the Africa Medical Centre of Excellence is a shining example of what strategic investment and collaboration can achieve. This project will not only position Nigeria as a hub for cutting-edge medical services but also create jobs and drive innovation in the sector. The government is proud to support such a visionary initiative that will serve generations to come.” 

    As AMCE prepares to open its doors, the vision for a world-class medical ecosystem continues to take shape. The full development of the AMCE Campus will further solidify its role as a centre of excellence in healthcare, education, and research. Future phases will include a second 350-bed hospital facility, a medical and nursing school, a medical and sciences foundation, a dedicated medical office suite and research centre, as well as medical residences and a medical lodge to support patients and healthcare professionals alike. 

    With this expansion, AMCE is not only addressing Africa’s immediate healthcare needs but also building a sustainable foundation for medical innovation, talent development, and long-term health security. By fostering world-class training, cutting-edge research, and comprehensive patient care, AMCE is shaping the future of specialised healthcare in Africa—ensuring that the continent’s brightest medical minds and most complex cases can be treated at home. 

    MIL OSI Africa –

    February 13, 2025

  • MIL-OSI: Hanmi Bank Sponsors Southern California Wildfire Relief SBA Seminar in Partnership with the SBA Los Angeles District Office and the YMCA

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 12, 2025 (GLOBE NEWSWIRE) — Hanmi Financial Corporation (Nasdaq: HAFC) (“Hanmi”), the holding company for Hanmi Bank, today announced it hosted a Small Business Administration (SBA) disaster assistance seminar for homeowners, renters, nonprofits, and businesses of all sizes affected by the recent Los Angeles wildfires in partnership with the YMCA of LA. Hanmi and SBA Los Angeles District office personnel provided timely information regarding the various programs available and were on hand to answer questions and assist impacted community members with the application process.

    The Los Angeles County Economic Development Corporation estimates that approximately 1,860 small businesses and 11,430 jobs located within the fire burn zones were potentially impacted.

    In conjunction with the event, Hanmi Bank and the Federal Home Loan Bank of San Francisco (FHLBank San Francisco) presented the YMCA and the Korean American Federation of Los Angeles (KAFLA) with a $30,000 check each. Hanmi’s portion of the donations included employee contributions and company matching funds.

    Anna Chung, Chief SBA Lending Officer at Hanmi Bank, said, “As a Los Angeles-headquartered community bank, we want to help the residents and businesses of our city get back on their feet as quickly as possible. Providing opportunities for those impacted by the fires to speak directly with SBA personnel and guide them through the relief application process is an important step in this journey. We know the road to recovery will be a long one and we will continue to identify ways to provide assistance and serve as a trusted resource.”

    To make the funding available to the YMCA and KAFLA, Hanmi Bank partnered with FHLBank San Francisco in its wildfire relief and recovery matching funds initiative that is part of a suite of tools and resources that are available to help its member financial institutions address both urgent needs and longer-term recovery efforts in local communities. These tools and resources include discounted credit programs that support affordable housing, economic development, and community revitalization efforts.

    “We are thankful to all of the first responders for their bravery and perseverance in battling the devastating wildfires in Southern California that destroyed over 10,000 homes, thousands of businesses, and displaced tens of thousands of people,” said Joe Amato, interim president and CEO, and chief financial officer with FHLBank San Francisco. “As the region begins a lengthy rebuilding effort, we will continue to serve and engage with our members, including Hanmi Bank, and community stakeholders to deliver much needed grants and funding to local organizations that serve a vital role in local community relief and recovery efforts.”

    The seminar took place on February 11th at the Anderson Munger Family YMCA Community Room in Koreatown. The Koreatown YMCA has been playing a central role in supporting victims across the entire YMCA metropolitan Los Angeles area. Representatives from the SBA Los Angeles District Office introduced the various types of SBA disaster loan programs available to impacted individuals and business owners.

    About Hanmi Financial Corporation
    Headquartered in Los Angeles, California, Hanmi Financial Corporation owns Hanmi Bank, which serves multi-ethnic communities through its network of thirty-one full-service branches and eight loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Washington, and Georgia. Hanmi Bank specializes in real estate, commercial, SBA and trade finance lending to small and middle market businesses. Additional information is available at www.hanmi.com.

    Contact
    Juanita Gutierrez
    Vice President
    Financial Profiles, Inc.
    310-622-8235
    JGutierrez@finprofiles.com

    Source: Hanmi Bank

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f8ec975c-dc8b-4524-ab07-89412c7e2156

    The MIL Network –

    February 13, 2025

  • MIL-OSI: Safe Harbor Financial Originates $1,500,000 Secured Credit Facility for Missouri Cannabis Operator

    Source: GlobeNewswire (MIL-OSI)

    GOLDEN, Colo., Feb. 12, 2025 (GLOBE NEWSWIRE) — SHF Holdings, Inc., d/b/a Safe Harbor Financial (“Safe Harbor” or the “Company”) (NASDAQ: SHFS), a fintech leader in facilitating financial services and credit facilities to the regulated cannabis industry, announced the closing of a $1,500,000 secured credit facility for a Missouri-based cannabis operator. This transaction marks the second tranche of a $5,000,000 loan funding package aimed at refinancing expensive senior debt across four retail dispensaries in Missouri. An initial tranche of $1.07 million was originated on October 29, 2024.

    “Safe Harbor Financial is dedicated to supporting cannabis operators with robust and compliant financial solutions through our financial institution partners that mirror those available through traditional banking sources,” said John Foley, Senior Vice President, Commercial Lending at Safe Harbor Financial. “This credit facility exemplifies our commitment to delivering competitive market interest rates and favorable loan terms, allowing cannabis businesses to efficiently manage debt and focus on growth.”

    With a focus on competitive market pricing, Safe Harbor Financial structured the financing package to deliver optimal lending terms for the borrower. The deal underscores the Company’s ability to provide bank-quality lending solutions tailored specifically for cannabis operators, further reinforcing its leadership in cannabis financial services.

    Terry Mendez, Co-CEO of Safe Harbor Financial added: “This latest financing demonstrates Safe Harbor’s commitment to offering competitive market pricing and tailored financial solutions that support the long-term stability of cannabis operators. Capitalizing our ability to structure favorable loan terms, we empower cannabis businesses to thrive in an evolving marketplace. Safe Harbor remains dedicated to offering cannabis operators and the financial services they need to grow, while simultaneously delivering sustainable value to our investors through a strong and diversified credit portfolio.”

    This latest transaction reinforces Safe Harbor Financial’s ongoing mission to expand access to capital for cannabis businesses, an industry that has historically faced significant banking and lending challenges. By leveraging strong deposit relationships, Safe Harbor Financial continues to pioneer comprehensive financial services that meet the unique needs of the regulated cannabis market.

    About Safe Harbor
    Safe Harbor is among the first service providers to offer compliance, monitoring and validation services to financial institutions, providing traditional banking services to cannabis, hemp, CBD, and ancillary operators, making communities safer, driving growth in local economies, and fostering long-term partnerships. Safe Harbor, through its financial institution clients, implements high standards of accountability, transparency, monitoring, reporting and risk mitigation measures while meeting Bank Secrecy Act obligations in line with FinCEN guidance on cannabis-related businesses. Over the past decade, Safe Harbor has facilitated more than $25 billion in deposit transactions for businesses with operations spanning more than 41 states and US territories with regulated cannabis markets. For more information, visit www.shfinancial.org.

    Cautionary Statement Regarding Forward-Looking Statements
    Certain information contained in this press release may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included herein may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Forward-looking statements may include, but are not limited to, statements with respect to trends in the cannabis industry, including proposed changes in U.S. and state laws, rules, regulations and guidance relating to Safe Harbor’s services; Safe Harbor’s ability to issue loans in the same or similar fashion; Safe Harbor’s growth prospects and Safe Harbor’s market size; Safe Harbor’s projected financial and operational performance, including relative to its competitors and historical performance; new product and service offerings Safe Harbor may introduce in the future; the impact volatility in the capital markets, which may adversely affect the price of Safe Harbor’s securities; the outcome of any legal proceedings that may be instituted against Safe Harbor; and other statements regarding Safe Harbor’s expectations, hopes, beliefs, intentions or strategies regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “outlook,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Safe Harbor’s filings with the U.S. Securities and Exchange Commission. Safe Harbor undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

    Contact Information
    Safe Harbor Investor Relations
    ir@SHFinancial.org

    KCSA Strategic Communications
    Ellen Mellody
    safeharbor@kcsa.com

    The MIL Network –

    February 13, 2025

  • MIL-OSI: Clear Street Expands UK Leadership Team with Key Senior Hires

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Clear Street, (“Clear Street”, “the Company”) a cloud-native financial technology firm on a mission to modernise the brokerage ecosystem, today announced key leadership hires as part of its continued expansion in the UK.

    These senior hires reflect the Company’s commitment to strengthening its presence in the UK and Europe. Clear Street welcomes the following leaders to its UK team:

    • Tarquin Orchard – Global Head of Event-Driven Strategies
    • Matthew Cyzer – Head of Markets, Execution
    • Phillip Hylander – Managing Director, Execution
    • Stuart Holt – Managing Director, Client Distribution and Strategy, Equities
    • Luke Holmes – Managing Director, Sales Trading

    The moves illustrate the continued migration of talent to Clear Street from a number of traditional financial services institutions including Goldman Sachs, Deutsche Bank, Bank of America and more. The UK team has now grown to more than 40 professionals, actively hiring across business areas including equities execution, equity finance and product and systems engineering.

    Ed Tilly, CEO of Clear Street, commented, “Establishing a strong presence in the UK is a natural step in our global growth and the addition of these leaders is another major step as we activate our mission. Our success in the US illustrates that our client-centric approach sets us apart, and we remain eager to listen to our clients and expand where they want to see us grow. Clear Street continues to attract top tier talent, ensuring our clients are in the best hands every step of the way.”

    Jacinda Fahey, CEO of Clear Street UK and Europe, commented, “We are building a sustainable business in the UK with scalable infrastructure to ensure we continue delivering innovative solutions tailored to our clients’ needs.   These leadership appointments reflect our dedication to hiring top-tier talent and driving long-term success.”

    This announcement follows Clear Street’s recent UK launch and FCA approval, as well as recently launched Category 1 membership with the London Metal Exchange (LME). To learn more about Clear Street’s UK expansion, please refer to the official launch announcement.

    About Clear Street:

    Clear Street is modernising the brokerage ecosystem with financial technology and services that empower market participants with real-time data and best-in-class products, tools and teams, to navigate capital markets around the world. Complemented by white-glove service, Clear Street’s cloud-native, proprietary product suite delivers financing, derivatives, execution and more to power client success, adding efficiency to the market and enabling clients to minimize risk, redundancy and cost. Clear Street’s goal is to create a single platform for every asset class, in every country and in any currency. For more information, visit https://clearstreet.io.

    Press Contact:
    Clear Street – press@clearstreet.io

    Clear Street does not provide investment, legal, regulatory, tax, or compliance advice. Consult professionals in these fields to address your specific circumstances. These materials are: (i) solely an overview of Clear Street’s products and services; (ii) provided for informational purposes only; and (iii) subject to change without notice or obligation to replace any information contained therein.

    Products and services are offered by Clear Street LLC as a Broker Dealer member FINRA and SIPC and a Futures Commission Merchant registered with the CFTC and member of NFA. Additional information about Clear Street is available on FINRA BrokerCheck, including its Customer Relationship Summary and NFA BASIC | NFA (futures.org).

    Copyright © 2025 Clear Street LLC. All rights reserved. Clear Street and the Shield Logo are Registered Trademarks of Clear Street LLC

    The MIL Network –

    February 13, 2025

  • MIL-OSI Europe: The EBA publishes its final draft technical standards to implement a centralised EBA Pillar 3 data hub

    Source: European Banking Authority

    The European Banking Authority (EBA) today published its final draft Implementing Technical Standards (ITS) on the Pillar 3 data hub for large and other institutions, which will centralise prudential disclosures by institutions through a single electronic access point on the EBA website. This project is part of the Banking Package laid down in the Capital Requirements Regulation (CRR3) and Capital Requirements Directive (CRD6).

    The ITS detail the IT solutions and processes to be followed by large and other institutions when submitting their respective Pillar 3 disclosures. This includes the IT solutions to be used, the data exchange formats to be considered and the technical validations to be performed by the EBA. The EBA will provide additional detailed information to the submitters of Pillar 3 information in the onboarding communication plan it expects to publish by the end of the first quarter of 2025.

    To submit the information to the EBA, institutions will benefit from a transition period for the information with disclosure reference dates from June to December 2025. This will give them enough time to prepare for the new publication process.

    In parallel, the EBA finalised a pilot exercise on a voluntary basis to test the process for large and other institutions. When finalising the draft ITS, the EBA has taken on board the conclusions from this pilot exercise, together with the feedback received during the consultation phase.

    Legal basis, backgrounds and next steps

    The new Banking Package (CRR3/CRD6), which will implement the latest Basel III reforms in the EU, includes a mandate to the EBA to develop a Pillar 3 data hub. The EBA’s plan on how to implement the mandates included in the Banking Package is explained in the ‘EBA Roadmap on strengthening the prudential framework’, published in December 2023.

    The CRR3 (Articles 434 and 434a) mandates the EBA to publish on its website the prudential disclosures for all institutions subject to such requirements, making it readily available in a centralised manner to all the relevant stakeholders through a single electronic access point on its website. To comply with this mandate, the EBA is building a data hub putting together all the disclosures required under Part Eight of the CRR.

    The draft ITS for small and non-complex institutions and on the resubmission policy will be subject to a separate consultation, intended to be launched in the first half of 2025.

    MIL OSI Europe News –

    February 13, 2025

  • MIL-OSI: Apollo Funds Acquire Bold Production Services, a Leading Provider of Production-Linked Contracted Gas Treatment Solutions

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON and NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Apollo (NYSE:APO), today announced that funds managed by Apollo affiliates (the “Apollo Funds”) have acquired a majority interest in Bold Production Services, LLC (“Bold” or the “Company”), a provider of production-linked, contracted natural gas treatment solutions that enable the downstream use of natural gas, while reducing excess emissions and waste through proprietary equipment design.

    Founded in 2013, Bold’s fleet of 700+ owned assets, including dehydration units, H2S treating units and total flow coolers, serves a blue-chip customer base across the Permian and Eagle Ford basins. The investment from the Apollo Funds will support Bold’s continued growth as natural gas demand is expected to accelerate over the next decade, driven by secular trends associated with the industrial renaissance such as demand for power generation, LNG exports, data centers and other emerging natural gas applications. The Company will continue to be headquartered in Houston, Texas and led by Glen Wind, Chief Executive Officer, along with his team including Blake Maywald, President, Tim Burkett, Chief Financial Officer and Austin Traweek, Chief Operating Officer.

    Glen Wind, CEO of Bold, commented, “We are excited to work with Apollo in our efforts to continue serving our customers seeking reliable gas treatment solutions that help improve operational efficiency. Producers value high performance, scalable treatment services, and Bold remains committed to delivering best-in-class solutions that drive safer, cleaner operations with improved production yields and lower emissions. We look forward to building on our momentum alongside Apollo in the years ahead. We would like to acknowledge and thank the OFS Energy Fund team for their involvement and support in helping us reach this point.”

    Scott Browning, Partner at Apollo, said, “Bold has built a robust platform providing essential gas treatment solutions, with significant growth potential supported by strong customer relationships and attractive expansion opportunities. We are excited to partner with Glen, Blake and the rest of the Bold team in a market where we see the opportunity for significant investment given favorable secular tailwinds. Apollo brings deep expertise in the natural gas value chain and a proven track record supporting the growth of energy-related services that help to fuel the industrial renaissance.”

    Over the past five years, Apollo-managed funds and affiliates have committed, deployed, or arranged approximately $58 billioni into climate and energy transition-related investments, supporting companies and projects across clean energy and infrastructure.

    Vinson & Elkins LLP served as legal counsel to the Apollo Funds. Piper Sandler & Co. acted as financial advisor to Bold, and Troutman Pepper Locke, LLP served as Bold’s legal counsel. Bank OZK supported the transaction through a new credit facility.

    About Bold Production Services, LLC

    Bold Production Services, LLC is an oil & gas infrastructure resource company providing contract services in the treating and removal of impurities found in natural gas, oil, and water. Bold has grown its asset base to include production and treating equipment, as well as a non-triazine based H2S chemical scavenger. To learn more, please visit www.bps-llc.com.

    About Apollo Global Management, Inc.

    Apollo is a high-growth, global alternative asset manager. In our asset management business, we seek to provide our clients excess return at every point along the risk-reward spectrum from investment grade to private equity with a focus on three investing strategies: yield, hybrid, and equity. For more than three decades, our investing expertise across our fully integrated platform has served the financial return needs of our clients and provided businesses with innovative capital solutions for growth. Through Athene, our retirement services business, we specialize in helping clients achieve financial security by providing a suite of retirement savings products and acting as a solutions provider to institutions. Our patient, creative, and knowledgeable approach to investing aligns our clients, businesses we invest in, our employees, and the communities we impact, to expand opportunity and achieve positive outcomes. As of December 31, 2024, Apollo had approximately $751 billion of assets under management. To learn more, please visit www.apollo.com.

    Contact Information

    Noah Gunn
    Global Head of Investor Relations
    Apollo Global Management, Inc.
    (212) 822-0540
    IR@apollo.com

    Joanna Rose
    Global Head of Corporate Communications
    Apollo Global Management, Inc.
    (212) 822-0491
    Communications@apollo.com

    ___________________________

    i As of December 31, 2024. The firmwide targets (the “Targets”) to deploy, commit, or arrange capital commensurate with Apollo’s proprietary Climate and Transition Investment Framework (the “CTIF”), are (1) $50 billion by 2027 and (2) more than $100 billion by 2030 The CTIF, which is subject to change at any time without notice, sets forth certain activities classified by Apollo as sustainable economic activities (“SEAs”), and the methodologies used to calculate contribution towards the Targets. Only investments determined to be currently contributing to an SEA in accordance with the CTIF are counted toward the Targets. Under the CTIF, Apollo uses different calculation methodologies for different types of investments in equity, debt and real estate. For additional details on the CTIF, please refer to our website here: https://www.apollo.com/strategies/asset-management/real-assets/sustainable-investing-platform.

    The MIL Network –

    February 13, 2025

  • MIL-OSI: Introducing the American Federation Dollar (AFD): A Gold-Backed Digital Currency Transforming Global Finance

    Source: GlobeNewswire (MIL-OSI)

    WILMINGTON, Del., Feb. 12, 2025 (GLOBE NEWSWIRE) — The American Federation Treasury proudly announces the official launch of the American Federation Dollar (AFD), a groundbreaking gold-backed digital currency engineered to provide a stable, secure, and transparent alternative to traditional fiat currencies. Now officially listed on the Saint Crown Exchange, the AFD ushers in a new era of financial sovereignty, economic stability, and global accessibility.

    A Gold-Backed Digital Currency for Trust and Stability

    The AFD is lawfully backed by over $2 trillion in gold reserves, securely audited and stored in internationally recognized vaults. Each AFD token is pegged to 1/10th the daily spot price of gold, offering users a reliable hedge against inflation and the volatility of fiat currencies and speculative cryptocurrencies.

    Key Advantages of the AFD:

    • Gold-Backed Stability – Each token derives value from physical gold, ensuring a dependable store of value.
    • Blockchain Transparency – AFD transactions operate on an open-source blockchain ledger, ensuring traceability, security, and efficiency.
    • Global Liquidity – AFD is exchangeable with major fiat currencies and digital assets via the Saint Crown Exchange.
    • Legal Compliance – The currency adheres to global financial regulations, ensuring legitimacy and financial security.

    Visionary Leadership

    The AFD is managed by the unincorporated Federation Treasury of The United States of America and operates under the strategic guidance of key figures such as Judge Anna and the Global Family Group. Their leadership emphasizes transparency, economic sovereignty, and historical governance principles.

    “The AFD is designed to restore financial trust by merging gold’s stability with blockchain’s efficiency,” said “The Global Family Bank Digital Treasury, Depository and Currency Exchange.”. “This initiative is a crucial step towards economic self-governance and sustainable financial systems.”

    Revolutionary Features of the AFD:

    • Massive Reserve Backing – Audited in 2024, AFD is supported by over $2 trillion in gold reserves.
    • Decentralized Governance – AFD token holders can participate in policy proposals and system upgrades.
    • Advanced Security & Scalability – Utilizing state-of-the-art encryption and infrastructure, the AFD supports millions of daily transactions.

    Saint Crown Exchange Listing

    The AFD’s listing on the Saint Crown Exchange (https://exchange.saintcrown.org/) enables seamless global transactions. Users can buy, sell, and trade AFD tokens in real-time, ensuring market liquidity and ease of adoption.

    Regulatory Compliance Framework

    The AFD strictly follows international Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols, along with gold-backed token certification. A 2024 audit verified AFD’s full reserve banking compliance with ISO 19011:2018 standards.

    Future Roadmap

    • Q1 2025: Official launch and expanded listing on Saint Crown Exchange.
    • Q2 2025: Partnerships with financial institutions and merchants.
    • Q3 2025: Expansion into Africa and African Diaspora markets.
    • Q4 2025: Launch of AFD’s decentralized governance platform.

    A Call for Global Adoption

    The AFD is designed to empower communities and drive economic development, particularly in Africa, African Diaspora nations, and emerging markets. With its gold-backed stability, transparent governance, and cutting-edge technology, the AFD is poised to become a trusted medium of exchange for global trade.

    About the American Federation Treasury

    The American Federation Treasury is an unincorporated entity dedicated to economic and legal restructuring through innovative financial solutions. Committed to transparency and sovereignty, the Treasury champions lawful, asset-backed currencies to restore financial stability.

    The MIL Network –

    February 13, 2025

  • MIL-OSI Asia-Pac: 133 Ambulances, including 7 River and 1 Air Ambulance, deployed for Pilgrims on Magh Purnima

    Source: Government of India

    133 Ambulances, including 7 River and 1 Air Ambulance, deployed for Pilgrims on Magh Purnima

    43 Hospitals in Mahakumbh Nagar on High Alert, with high-tech arrangements for minor to major surgeries in every sector of the Mela

    Posted On: 11 FEB 2025 10:30PM by PIB Delhi

    The Government has made extensive preparations for the safety and health of the pilgrims, visiting the Mahakumbh at Prayagraj, for Magh Purnima. All hospitals in the Mahakumbh area, as well as in the city and district, will remain on high alert. Surveillance through water, land, and air will be in place to ensure the safety of pilgrims. Accordingly, 133 ambulances have been deployed to provide immediate relief in case of emergencies. This includes 125 ambulances, seven river ambulances, and one air ambulance specifically stationed.

    High-Tech Medical Services in every Sector of Mahakumbh

    State-of-the-art medical services are available in each sector of the Mahakumbh area. The facilities range from minor operations to major surgeries. Dr. Gaurav Dubey, the nodal medical officer of the Mahakumbh Mela, stated that the government’s emergency services, especially ambulance services, play a critical role. Over 2,000 medical staff will be deployed in the Mahakumbh area, and more than 700 medical personnel at SRN Hospital will remain on high alert.

    250 Beds Reserved at SRN, Blood Bank Fully Prepared

    As per special instructions from the administration, 250 beds have been reserved at SRN Hospital. Additionally, 200 units of blood are stored to handle emergencies. All 43 hospitals in Mahakumbh Nagar with a 500-bed capacity are fully operational.

    Hospitals Equipped with Modern Facilities

    Swaroop Rani Nehru Hospital has reserved 40 beds for the trauma center, 50 beds for the surgical ICU, 50 beds for the medicine ward, 50 beds for the PMSSY ward, and 40 beds for the burn unit. In addition, a 10-bed cardiology ward and a 10-bed ICU are also fully prepared.

    Special Focus on Medical Supervision and Cleanliness 

    To ensure smooth medical services, 30 senior doctors have been specially assigned, along with 180 resident doctors and over 500 nursing and paramedical staff. The hospital administration has instructed housekeeping agencies to ensure no negligence in cleanliness.

    Administration’s Commitment to Health Services

    Dr. Vatsala Mishra, Principal of Swaroop Rani Nehru Hospital, mentioned that all arrangements have been made to handle any emergency during the Magh Purnima bath. She appealed to the pilgrims to contact the hospital immediately in case of any health issues, assuring them of free and high-quality medical services.

    Deployment of Expert Doctors, 24-Hour Medical Service Available

    Along with 150 medical personnel from the AYUSH department, 30 expert doctors will be deployed to serve the pilgrims. Experts from AIIMS Delhi and BHU will also remain on alert.

    *****

    AD/VM

    (Release ID: 2102068) Visitor Counter : 49

    MIL OSI Asia Pacific News –

    February 13, 2025

  • MIL-OSI New Zealand: Housing Market – Subtle turning point for property sellers – CoreLogic

    Source: CoreLogic

    New Zealand’s property market is showing early signs of a gentle turnaround, giving resellers a glimmer of renewed leverage after a prolonged downturn.

    CoreLogic NZ’s latest Pain & Gain report for Q4 2024 shows the proportion of properties being resold for more than the original purchase price was 91.0%, up from 90.1% in Q3 2024.
    However, that’s still low compared to the post-COVID boom when more than 99% of properties typically sold for a profit.

    CoreLogic NZ Chief Property Economist Kelvin Davidson said the small rise suggests resale conditions are gradually improving, aligning with broader signs of a market turnaround.

    “While profits are down from the peak, most property resellers continue to see gains.

    “The latest increase in the frequency of resale profits supports other indicators that the market may have found a floor, largely due to recent mortgage rate falls.

    “However, with property values still about 18% below their peak and the overhang of listings keeping buyers in a strong position, selling conditions remain subdued, he said.

    Regaining ground
    Mr Davidson said while buyers still have the upper hand, resellers may be regaining ground as profits grow.

    “In Q4, the typical size of reseller gains ticked up to $289,500 from $279,000 in the third quarter of last year.

    “While the figure is still low compared to the peak in late 2021 of $440,000, it’ still larger than anything we saw prior to Q4 2020.

    “On the flipside, the median resale loss was unchanged at $55,000 in Q4, remaining within the $50,000–$60,000 range seen over the past two years,” he said.

    Mr Davidson added that although these profits are still significant and losses small, it’s important to acknowledge two extra factors.

    “Hold period plays a key role, and even in a downturn, anybody who has owned property for several years will still tend to make a profit. For owner-occupiers it’s not necessarily a cash windfall either. Indeed, most equity will just need to be recycled back into the next purchase.”

    Holding out
    In Q4 2024, sellers who resold for a gross profit held their properties for a median of 9 years, up from 8.6 years the previous quarter.

    Mr Davidson said this could reflect caution amid softer market conditions, with many choosing to wait for more favourable opportunities.
    “In some cases, particularly for investors, a target return strategy has meant holding properties longer due to the slower housing market over the past 2-3 years.

    “However, it may also reflect weaker housing sentiment and greater caution, with owners opting to ride out the current soft patch before testing the market,” he said.

    Losses ease  
    Mr Davidson said resale performance across property types suggested a turning point, with incurred losses starting to ease.

    “In the fourth quarter of the year apartment resales incurred a loss on 29.5% of deals, compared to 8.3% for standalone houses.”

    “Although the apartment figure clearly remains high, it dropped from 31.8% in the third quarter of last year. Whereas the ‘pain’ percentage of houses fell from 9.1% in Q3,” he said.

    Falling rates to boost confidence
    Looking ahead, Mr Davidson expects that lower mortgage rates will push up house prices to some extent in 2025, which will tend to strengthen the position for property resellers.

    “But any turning point for house prices won’t be sudden or strong, and lingering weakness in the labour market alongside an abundance of listings should mean finance-approved buyers continue to see good opportunities,” he concluded.

    Read CoreLogic’s latest Pain & Gain report at www.corelogic.co.nz/news-research/reports/pain-and-gain-report.

    About CoreLogic
    CoreLogic NZ is a leading, independent provider of property data and analytics. We help people build better lives by providing rich, up-to-the-minute property insights that inform the very best property decisions. Formed in 2014 following the merger of two companies that had strong foundations in New Zealand’s property industry – Terralink Ltd and PropertyIQ NZ Ltd – we have the most comprehensive property database with coverage of 99% of the NZ property market and more than 500 million decision points in our database.
    We provide services across a wide range of industries, including Banking & Finance, Real Estate, Government, Insurance and Construction. Our diverse, innovative solutions help our clients identify and manage growth opportunities, improve performance and mitigate risk. We also operate consumer-facing portal propertyvalue.co.nz – providing important insights for people looking to buy or sell their home or investment property. We are a wholly owned subsidiary of CoreLogic, Inc – one of the largest data and analytics companies in the world with offices in New Zealand, Australia, the United States and United Kingdom. For more information visit corelogic.co.nz.

    MIL OSI New Zealand News –

    February 13, 2025

  • MIL-OSI Asia-Pac: Dr Jitendra Singh will preside over the 12th All India Pension Adalat to be held on 13th February, 2025

    Source: Government of India

    Dr Jitendra Singh will preside over the 12th All India Pension Adalat to be held on 13th February, 2025

    Department of Pension and Pensioners’ Welfare (DoPPW) is conducting the 12th All India Pension Adalat with focus on resolution of long outstanding Pension Cases pending for more than 120 days in 16 Departments/Ministries

    Posted On: 12 FEB 2025 5:20PM by PIB Delhi

    The Department of Pension and Pensioners’ Welfare will conduct the 12thNation-wide Pension Adalat under the chairmanship of Dr. Jitendra Singh, Minister of State for Ministry of Personnel, Public Grievances and Pensions at New Delhi on 13th February, 2025. The Adalat will be conducted in the presence of Shri V Srinivas, Secretary, DoPPW, Ms  Shankari Murali, Addl, CGA, Shri A N Das Addl CGDA, Ms Deepika Jain, CC (Pension), Shri Rokhum Lal Remruata, CCA (MHA) and Shri Dhrubajyoti Sengupta, JS (DoPPW). The cases which have been pending for more than 120 days for redressal shall be taken up in the Adalat. Senior officers and nodal officers from16 Departments will be participating in the Adalat.

    Redressal of pensioner’s Grievances is a high priority area for the Government. Keeping in view the mandate to ensure welfare of Central Government pensioners, Pension Adalats are organized by DOPPW. These Pension Adalats provide a single platform where the concerned stakeholders, viz., Ministries/Departments/CPAO/ Banks are brought together for on-the-spot resolution of long pending grievances, to the satisfaction of the petitioner. Pension Adalats also provide an additional forum for redressal of pension related grievances obviating the need to approach Courts for litigation.

    With a view to redress chronic grievances, the system of holding Pension Adalat has been introduced since September, 2017 when the first Pension Adalat was held.  Continuing this initiative forward, till December, 2024, eleven Pension Adalats, including thematic Pension Adalats have been organised.

    In all Pension Adalats across the country, 18,005 cases have been resolved with a success rate of more than 71 percent.

    The 12th Pension Adalat will focus on resolution of long outstanding Pension Cases. The Pension Adalat would be attended by 16 Ministries/Departments including Ministry of Home Affairs, Ministry of Defence, CPAO, CBDT, Ministry of Housing & Urban Affairs, Ministry of Railways amongst others. 180 cases pertaining to Ministries will be discussed.

    The Department of Pension & Pensioners’ Welfare seeks to ensure empowerment of Central Government pensioners through such Pension Adalats, by speedy resolution of their grievances.

    *****

     

    NKR/PSM

    (Release ID: 2102354) Visitor Counter : 75

    MIL OSI Asia Pacific News –

    February 13, 2025

  • MIL-OSI Asia-Pac: LCQ15: Promoting development of the fund industry

    Source: Hong Kong Government special administrative region

         Following is a question by the Hon Robert Lee and a written reply by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, in the Legislative Council today (February 12):
     
    Question:
     
         There are views that the Government should actively take forward a more comprehensive support policy to promote the development of the fund industry as a whole on all fronts. In this connection, will the Government inform this Council:
     
    (1) whether it has compiled statistics on the respective shares of capital allocations from Hong Kong’s offshore Renminbi (RMB) (liquidity pool to mutual funds, deposits, stocks, bonds and other investment vehicles, together with a breakdown by holders of such capital, i.e. retail investors, institutional investors, and enterprises; given that the Government is actively promoting the internationalisation of RMB, what measures it has in place to guide more offshore RMB capital to invest in various fund products, so as to promote the development of related businesses;
     
    (2) whether it has compiled statistics on the respective shares of Mainland capital investments in Hong Kong funds and bank deposits under the constant enhancement of the Cross-boundary Wealth Management Connect (WMC) Scheme in the Guangdong-Hong Kong-Macao Greater Bay Area, and in which types of funds the investments are mainly made; of the Government’s plans in place to discuss with the Mainland regulatory authorities about further expansion of the scope of fund products under WMC, as well as all-‍round coverage of cross-border fund sales and promotional activities;
     
    (3) whether the Government will step up negotiations with the Mainland regulatory authorities to further increase the number of funds and product types under the mutual recognition of funds scheme; whether it knows if information on such recognised funds will be included in the Hong Kong Exchanges and Clearing Limited’s Integrated Fund Platform to facilitate trading by investors; and
     
    (4) of the respective proportions of the amounts invested in “financial assets” and “non-financial assets” by applicants of the New Capital Investment Entrant Scheme after its implementation, together with a breakdown by the classification of assets; whether the Government will publish the relevant statistics on a regular basis; if so, of the details; if not, the reasons for that?
     
    Reply:
     
    President,
     
         Hong Kong is an international asset and wealth management centre, with assets under management exceeding HK$31 trillion. The Government has been attracting more global capital to be managed in Hong Kong through a series of measures with the aim of propelling the all-rounded development of the fund industry. In consultation with Invest Hong Kong (InvestHK), the Hong Kong Monetary Authority (HKMA), the Securities and Futures Commission (SFC) and the Hong Kong Exchanges and Clearing Limited (HKEX), my reply to the various parts of the question is as follows:
     
    (1) With the support of the Central People’s Government, Hong Kong is a premier global offshore Renminbi (RMB) business hub which possesses the world’s largest offshore pool of RMB funds, and operates the largest foreign exchange and interest rate derivatives market. Hong Kong also provides a diversified range of RMB products and services, with a leading position in RMB settlement, financing and asset management.
     
         The Government has been promoting the development of the offshore RMB business in Hong Kong, and has been actively deepening the mutual access between the Mainland and Hong Kong financial markets, so as to assist the high-level opening up of our country’s capital market. The China Securities Regulatory Commission (CSRC) announced in April 2024 a series of measures to promote the expansion of the mutual access between the financial markets of the Mainland and Hong Kong. These measures include expanding the eligible product scope of equity exchange-traded funds (ETFs) under Stock Connect and including real estate investment trusts (REITs) under Stock Connect, which would support the Hong Kong financial market by increasing the availability of attractive investment products, providing more investment opportunities for domestic and international investors, and consolidating Hong Kong’s position as an offshore RMB business hub.
     
         In addition, the HKMA and the People’s Bank of China (PBoC) announced on January 13 this year new measures to further strengthen Hong Kong’s position as a global offshore RMB business hub. Relevant measures include the introduction of the HKMA RMB Trade Financing Liquidity Facility, further enhancement and expansion of Bond Connect (Southbound), development of offshore RMB repurchase business using Northbound Bond Connect bonds as collateral, inclusion of Northbound Bond Connect bonds as eligible margin collateral at OTC Clearing Hong Kong Limited, promoting cross-boundary payment facilitation and financial facilitation in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). We will press ahead with the development of an offshore RMB ecosystem to promote the internationalisation of the RMB in a steady and prudent manner.
     
         In terms of financial products, besides RMB foreign exchange trading products, the offshore RMB investment products and services offered in Hong Kong also include RMB-denominated stocks, ETF, REIT, futures contracts for precious metals, and other diversified financial products. However, the Government does not maintain data on the allocation of funds within the offshore RMB pool to various investment products.
     
    (2) Cross-boundary Wealth Management Connect (WMC) has seen continuous and steady development since its launch in September 2021. “WMC 2.0” commenced on February 26, 2024, with enhancement measures including increasing the individual investor quota from RMB1 million to RMB3 million, lowering the threshold for participating in the Southbound Scheme to support more GBA residents to participate in the scheme, expanding the scope of participating institutions to include eligible securities firms, expanding the scope of eligible investment products, and further enhancing the promotion and sales arrangements. According to the statistics published by the PBoC, up to end-2024, over 136 000 individual investors in the GBA participated in the WMC and cross-boundary fund remittances (including Guangdong, Hong Kong and Macao) amounting to over RMB99.4 billion had been recorded.
     
         Currently, the scope of eligible products under the Southbound Scheme includes all “non-complex” funds domiciled in Hong Kong and authorised by the SFC that primarily invest in Greater China equity; low-risk to medium-high-risk “non-complex” funds domiciled in Hong Kong and authorised by the SFC (excluding high-yield bond funds and single emerging market equity funds); low-risk to medium-risk and non-complex bonds; and RMB, Hong Kong dollar and foreign currency deposits. The Government does not maintain data on the proportion of Mainland capital invested in these different products.
     
         The Government and Hong Kong regulatory authorities will continue to maintain close communication with the industry and the Mainland regulatory authorities, and continuously review the implementation of “WMC 2.0” with a view to exploring further enhancement measures, including the product scope and sales arrangements.
     
    (3) The Mainland-Hong Kong Mutual Recognition of Funds (MRF) arrangement (the “Arrangement”) was launched in July 2015, where eligible Mainland and Hong Kong funds can be offered to retail investors in each other’s market through a streamlined vetting process. As of end-2024, a total of 83 funds were authorised by the regulators of the two places, with aggregate net subscription amount of around RMB43.5 billion.
     
         The Arrangement has been enhanced with effect from January 1, 2025. Enhancements include relaxing the sales restriction and allowing Hong Kong funds to delegate investment management functions to overseas asset management companies within the same group. The measures will significantly increase the diversity of fund products, enhance the scale of funds, and bring positive effect to the distribution of Hong Kong MRF funds in the Mainland. The SFC will maintain close co-operation with the CSRC to continuously explore and discuss enhancement measures, so as to fully leverage Hong Kong’s distinct advantage and role as an international financial centre and a bridge for two-way capital flow to facilitate a higher level of two-way opening in the country’s capital market.
     
         On the other hand, the Integrated Fund Platform (the Platform) developed by HKEX will help lower the entry threshold of the fund industry, broaden Hong Kong’s fund distribution network, and enhance market efficiency. The first phase of the Platform (the Fund Repository) was launched in December 2024 to facilitate investors’ access to information on fund investment options. Other services of the Platform will be rolled out gradually from this year with functionalities including fund subscription and redemption (including MRF funds), settlement, and nominee services.
     
    (4) The New Capital Investment Entrant Scheme (New CIES) was open for application on March 1, 2024 to further enrich the talent pool and attract new capital to Hong Kong. An eligible applicant must make investment of a minimum of HK$30 million in the permissible investment assets, including investing a minimum of HK$27 million in permissible financial assets and/or real estate (subject to a cap of HK$10 million), and placing HK$3 million into a new Capital Investment Entrant Scheme Investment Portfolio (CIES Investment Portfolio).
     
         As of end-2024, InvestHK has received over 800 applications, and approved 240 applications for Assessment for Investment Requirements. Except for the applicants’ investment in Hong Kong under the New CIES, the Government does not maintain the data on the investments made by applicants in Hong Kong outside the New CIES. Excluding the sum for investing in the CIES Investment Portfolio, the approved investment distribution is as follows:
     

     
    Investment amount (HK$ Million)

    Eligible collective investment schemes
    2,968

    Equities
    2,553

    Debt securities
    1,018

    Real estate
    10

    Certificates of deposits
    5

    Total
    6,554

     
         The Government will continuously review the applicants’ investment arrangement and room for enhancing the New CIES, including further enhancing the net asset assessment and calculation requirements and allowing applicants to hold assets through his/her wholly owned eligible private company with effect from March 1 this year, thereby attracting global asset owners to establish their presence in Hong Kong.

    MIL OSI Asia Pacific News –

    February 13, 2025

  • MIL-OSI: Wilmington Trust & AccessFintech Streamline Private Credit Lifecycle Management

    Source: GlobeNewswire (MIL-OSI)

    LONDON and NEW YORK, Feb. 12, 2025 (GLOBE NEWSWIRE) — Wilmington Trust and AccessFintech have announced a new collaboration that automates and streamlines loan lifecycle management using the Synergy platform. This effort drives real-time data transparency and collaboration, significantly reducing discrepancies and resolution times among various organizations across the loan market. Lenders can compare normalized data sets, prevent cash breaks and accelerate the resolution process.

    As third-party agent, Wilmington Trust – part of the M&T Bank (NYSE: MTB) family – is working with AccessFintech to enable real-time sharing of contract level data via its Synergy network for the private credit market, a significant area of growth for the loan market. With many shared clients, this agreement will allow agents, lenders, CLO trustees and administrators to connect seamlessly and work on shared workflows in one, central environment. Agents and lenders can proactively manage every aspect of their loan data workflow and collaborate with partners and benefit from continuous matching.

    “Wilmington Trust is working with AccessFintech to further enhance the syndicated loan market’s focus on solutions for data transparency and workflow collaboration, all of which continue to be critical for the future growth and scalability of our industry,” said Medita Vucic, Wilmington Trust’s Head of Structured Finance and Loan Market Solutions. “Our relationship with AccessFintech will facilitate streamlined communication through a centralized, single-source solution delivering substantial productivity and efficiency improvements for Wilmington Trust and our clients.”

    The Synergy network works with financial institutions across all asset classes to establish an ecosystem of connected organizations including buy-side, sell-side, agents, custodians, CLO trustees, service providers and vendors. The network is a data and workflow normalization and collaboration effort, which is live across the financial system.

    As the private credit market has expanded – topping more than $2.1 trillion last year – the complexity of data and operational management for firms operating in this space has also grown. Private credit loans bring with them with less standardization and access to information.

    “Our goal is to develop innovative solutions in collaboration with the industry. Synergy is expanding its shared data network, and we are thrilled to join forces with Wilmington Trust to further strengthen loan industry cooperation,” said Cory Olsen, Head of Loan Products at AccessFintech. “Empowering lenders to continuously align and collaborate in real time is a revolutionary shift that will transform interactions between agents and lenders, delivering significant operational advantages for everyone.”

    Wilmington Trust and AccessFintech are addressing the challenges in the complex private credit and syndicated loan industry – and leading the transition from an e-mail and PDF-centric workflow to an automated workflow with shared real-time digitized data. This, in turn, addresses issues around exchanging and confirming information, allowing improved identification of cash and position breaks leading to delays in settlement times.

    For Media Inquiries:

    Wilmington Trust                                                AccessFintech
    Patrick Fitzgibbons                                              Eterna Partners for AccessFintech
    Senior Public Relations Manager                      accessfintech@eternapartners.com
    pfitzgibbons@mtb.com                                

    About Synergy by AccessFintech:
    Synergy by AccessFintech is a network driven by data and intelligence that transforms post-trade collaboration. Connecting the global capital markets ecosystem, Synergy integrates buy-side, sell-side, order management systems, and vendors, supporting a growing network of over 250 active members. The platform facilitates real-time data transformation across a wide range of asset classes, including securities, derivatives, alternatives, and payments. Built on modern, cloud-native architecture with an API-first approach, Synergy is designed for scalability and flexibility, offering seamless integration with existing technologies. By leveraging AI-driven insights, Synergy improves operational efficiency, resolves exceptions faster, and reduces manual intervention, driving innovation and value across the financial ecosystem. For further information please go to accessfintech.com or follow us on LinkedIn.

    About Wilmington Trust:
    Wilmington Trust is a registered service mark. Wilmington Trust, N.A. provides Corporate and Institutional Services including institutional trust, agency, and administrative services for clients worldwide who use capital markets financing structures. Wilmington Trust provides direct trust, custody, and fiduciary services for U.S retirement plans, companies, foundations, organizations and financial institutions.

    Wilmington Trust also provides Wealth Advisory services in the Americas with a wide array of personal trust, financial planning, fiduciary, asset management, and family office solutions designed to help high-net-worth individuals and families grow, preserve, and transfer wealth.

    Wilmington Trust maintains offices throughout the United States and internationally in London, Dublin, and Frankfurt. For more information, visit www.WilmingtonTrust.com.

    The MIL Network –

    February 13, 2025

  • MIL-OSI Asia-Pac: Fraudulent websites and social media accounts related to Chong Hing Bank Limited

    Source: Hong Kong Government special administrative region

    Fraudulent websites and social media accounts related to Chong Hing Bank Limited
    Fraudulent websites and social media accounts related to Chong Hing Bank Limited
    ********************************************************************************

    The following is issued on behalf of the Hong Kong Monetary Authority:     The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Chong Hing Bank Limited relating to fraudulent websites and social media accounts, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.     The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or one-time password, by phone, email or SMS (including via embedded hyperlinks).     Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the websites or social media accounts concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

     
    Ends/Wednesday, February 12, 2025Issued at HKT 16:40

    NNNN

    MIL OSI Asia Pacific News –

    February 13, 2025
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