NewzIntel.com

Category: Banking

  • MIL-OSI: AssetMark Welcomes Seasoned Executives Doris Meister and Lisa Opoku to Board of Directors

    Source: GlobeNewswire (MIL-OSI)

    CONCORD, Calif., Feb. 11, 2025 (GLOBE NEWSWIRE) — AssetMark, Inc., a leading wealth management technology platform for financial advisors, today announced the appointment of Doris Meister and Lisa Opoku to its Board of Directors. The addition of these two accomplished executives reflects AssetMark’s ongoing commitment to enhancing its governance with leaders who bring deep expertise in financial services, strategic transformation, and operational excellence.

    Doris Meister is a highly respected financial services CEO with extensive experience in strategy, business transformation, finance, investments, and governance. Most recently, she served as Chairman and CEO of Wilmington Trust, a wholly owned subsidiary of M&T Bank, where she led a comprehensive transformation of the wealth and investment management business, increasing revenues by 40% and significantly expanding profitability. Throughout her career, Meister has successfully built and scaled wealth management businesses, modernized technology platforms, and developed multi-segment growth strategies that have driven meaningful client and business outcomes.

    Lisa Opoku, currently the Chief Operating Officer at FS Investments, brings over two decades of leadership experience in global financial services. Prior to joining FS Investments, Opoku held several senior leadership positions at Goldman Sachs, including Global Head of the Goldman Sachs Partner Family Office within Asset and Wealth Management. Her extensive experience in technology, operations, and strategic business transformation uniquely positions her to contribute to AssetMark’s continued growth and innovation.

    “We are thrilled to welcome Doris and Lisa to AssetMark’s Board of Directors,” said Lou Maiuri, Chairman & Group CEO of AssetMark. “Their exceptional track records in wealth management, operational excellence, and strategic leadership will be invaluable as we continue to enhance our platform, support financial advisors, and deliver exceptional value to investors. Their insights and experience will play a key role in shaping AssetMark’s future growth.”

    About AssetMark

    AssetMark operates a wealth management platform whose mission is to help financial advisors and their clients. AssetMark, together with its affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions, serves advisors at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Its ecosystem of solutions equips advisors with services and capabilities to help deliver better investor outcomes by enhancing their productivity, profitability, and client satisfaction.

    With a history going back to 1996, AssetMark has over 1,000 employees, and its platform serves over 10,700 financial advisors and over 317,000 investor households. As of December 31, 2024, the Company had over $139 billion in platform assets. AssetMark, Inc. is a Registered Investment Adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.assetmark.com and follow us on LinkedIn.

    Media Contact

    Vesselina Davenport
    PR & Communications, AssetMark
    vesselina.davenport@assetmark.com

    The MIL Network –

  • MIL-OSI Economics: finzworld-group.com: BaFin investigates Finanz World Group

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Finanz World Group and the services it is offering. According to information available to BaFin, the company offers banking business on the website finzworld-group.com, such as the opportunity to take out loans or open bank accounts. BaFin does not supervise any company called Finanz World Group.

    Anyone conducting banking business or providing financial or investment services in Germany may do so only with authorisation from BaFin. However, some companies offer these services without the necessary authorisation. Information on whether a particular company has been granted authorisation by BaFin can be found in BaFin’s database of companies.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG).

    Please be aware:

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

    MIL OSI Economics –

  • MIL-OSI Russia: IMF Executive Board Concludes the 2024 Article IV Consultation with Qatar

    Source: IMF – News in Russian

    February 11, 2025

    Washington, DC: On January 27, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Qatar.

    Growth normalization after the 2022 FIFA World Cup continued, with signs of strengthening activities more recently. Real GDP growth is projected to improve gradually to 2 percent in 2024–25 supported by public investment, spillovers from the ongoing LNG expansion project, and strong tourism. Medium-term growth is expected to accelerate to 4¾ percent on average, boosted by the significant LNG production expansion and initial gains from implementing reforms guided by the Third National Development Strategy (NDS3). Headline inflation will likely ease to 1 percent in 2024 and converge to around 2 percent over the medium term.

    With lower hydrocarbon prices, both the current account and fiscal surpluses narrowed in 2023, to 17 percent of GDP and 5½ percent of GDP, respectively. The twin surpluses moderated further in 2024. Over the medium, as Qatar’s LNG production expands massively, both the current and fiscal accounts will likely remain in surpluses, albeit declining as a share of GDP, as hydrocarbon prices are projected to fall.

    Banks are well-capitalized, liquid, and profitable, with the capital adequacy ratio of close to 20 percent and return on equity of 14½ percent, respectively, in the third quarter of 2024. Since the implementation of QCB measures to reduce banks’ net short-term foreign liabilities, banks’ non-resident deposits declined significantly, and banks have lengthened the average maturity and diversified further the sources of foreign funding. The sector-wide NPL ratio remained broadly unchanged at slightly below 4 percent and the provisioning coverage ratio is relatively high at above 80 percent.   

    Qatar has started to implement the ambitious Third National Development Strategy (NDS3) to build a more diversified, knowledge-based and private sector-driven economy. Guided by NDS3, reform momentum has strengthened significantly, including to attract and retain high-skilled expatriate workers, foster innovation, promote public-private partnerships, and further improve the business efficiency. Qatar is well positioned to leverage digitalization and AI for productivity gains, and the nation’s climate agenda is advancing.

    Risks to the outlook are broadly balanced. Main downside risks stem from the global headwinds, including a sharper-than-expected global growth slowdown, increased volatility in global financial conditions and commodity prices, and further worsening of geopolitical tensions. The regional conflict has had limited impact on Qatar but adds further to the downside risks through lower tourism and capital inflows, and more volatile hydrocarbon prices. Domestic downside risk stems mainly from further weaknesses in the real estate sector, although strong tourism and policy measures introduced in 2023 could mitigate the risk. Over the medium and long term, supply in the global natural gas market is expected to expand significantly, potentially putting downward pressure on prices. On the upside, sustained high hydrocarbon prices and accelerated NDS3 reforms would strengthen the outlook. However, if ambitious NDS3 initiatives lead to resource misallocation, both the public finance and growth prospect would be affected.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Qatar’s continued resilience to external shocks and its favorable medium-term outlook, driven by significant increases in LNG production and the reforms under the Third National Development Strategy. Directors agreed that maintaining prudent macroeconomic policies and accelerating reform efforts would further solidify macroeconomic stability and resilience to shocks while boosting prosperity.

    Directors commended the authorities’ commitment to continued fiscal prudence and called for accelerating fiscal reforms. They recommended adopting a medium-term fiscal anchor to help ensure intergenerational equity, and reiterated the need to accelerate revenue diversification, particularly by introducing the value-added tax. Directors highlighted the importance of improving spending efficiency and composition, particularly by enhancing public investment management. They welcomed the ongoing efforts to strengthen fiscal institutions and adopt a full-fledged medium-term fiscal framework with enhanced fiscal risk management.

    Directors supported the authorities’ efforts to maintain financial stability and deepen domestic financial markets, while encouraging them to consider undertaking a Financial Sector Assessment Program update. They welcomed the newly introduced risk-based supervision and recommended formalizing the financial safety net and continuing to adjust macroprudential policies to mitigate potential macro-financial risks. Directors encouraged the authorities to sustain their progress in fighting financial crimes.

    Directors agreed that the exchange rate peg continues to serve Qatar well. They concurred that, as conditions allow, strengthening the operational framework would further enhance monetary policy transmission.

    Directors supported the authorities’ strategy to build a more diversified, private sector-led, and knowledge-based economy. They recommended fostering innovation and business efficiency and enhancing human capital by attracting and retaining more high-skilled expatriate workers, improving Qatari nationals’ employment in the private sector, and further increasing female labor force participation. Directors agreed that aligning domestic energy prices with export prices would benefit public finances and support climate goals. They also encouraged the authorities to close remaining data gaps, with the help of IMF capacity development.

    It is expected that the next Article IV consultation with Qatar will be held on the standard 12-month cycle.

    Qatar: Selected Macroeconomic Indicators, 2021-25
    (Quota: 735.1 million SDRs, November 2024)
    (Per capita income: U.S.$69,541, 2023)
    (Life expectancy at birth: 81.6 years, 2022)
    (Population: 3.1 million, 2023)
    Projections
    2021 2022 2023 2024 2025
    Production and prices (percent change)
    Real GDP (2018 prices) 1.6 4.2 1.2 1.7 2.4
    Hydrocarbon 1/ -0.3 1.7 1.4 1.4 3.0
    Nonhydrocarbon 2.8 5.7 1.1 1.9 2.1
    CPI inflation (average) 2.3 5.0 3.0 1.0 1.4
    Public finances (percent of GDP)
    Revenue 29.6 34.7 32.8 26.2 28.7
    Expenditure 29.4 24.3 27.3 25.9 26.2
    Current 18.3 15.6 17.5 17.2 17.5
    Capital 11.1 8.8 9.7 8.7 8.7
    Central government fiscal balance 0.2 10.4 5.6 0.3 2.5
    Money (percent change)
    Broad money 1.4 17.4 1.1 4.1 5.6
    Credit to private sector 9.5 7.4 4.9 5.5 6.1
    External sector (percent of GDP unless otherwise noted)
    Exports 58.7 68.6 60.4 58.7 60.1
    Imports 34.1 31.6 33.9 33.4 35.1
    Current account balance 14.6 26.8 17.1 16.6 15.5
    in billions of U.S. dollars 26.3 63.1 36.5 37.0 35.2
    External debt 161.4 115.5 123.2 118.1 116.8
    Central Bank’s reserves 23.5 20.1 24.2 24.5 25.4
    in months of next year’s imports 6.6 7.7 8.1 8.0 7.9
    Exchange rate (per U.S. dollar) 2/ 3.6 3.6 3.6 3.6 3.6
    Real effective exchange rate (percent change) 3/ -2.6 6.5 0.2 -0.5 …
    Sources: Qatari authorities; and IMF staff estimates and projections.
    1/ Includes crude oil, natural gas, propane, butane, and condensates.
    2/ January 6, 2025
    3/ November 2024.

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

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    https://www.imf.org/en/News/Articles/2025/02/11/pr25034-qatar-imf-executive-board-concludes-the-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI United Nations: Innovative insurance model directs millions in cash assistance to people affected by hurricane Beryl

    Source: World Food Programme

    GRENADA – The United Nations World Food Programme (WFP) has supported Caribbean nations to ensure that climate insurance payouts triggered by category-5 Hurricane Beryl in July last year are used for social subsidies to get the most vulnerable back on their feet. The Governments of Grenada, Jamaica and Saint Vincent and the Grenadines will use a US$ 5.5 million portion of the payout to assist people affected by the tropical storm.

    In Grenada alone, 34,000 people (30 percent of the population) required emergency assistance after Hurricane Beryl. Now, it is the first country to provide subsidies to people who lost income, under the Beryl Relief Income Support Programme (BRISP).

    WFP and CCRIF SPC (formerly the Caribbean Catastrophe Risk Insurance Facility) work together to link tropical cyclone and excess rainfall insurance policies with national social protection systems. Through an innovative model, financial support allows countries to top-up their sovereign insurance coverage on the condition that a fixed percentage of the payout is allocated for social assistance if and when policies are triggered. 

    “Recognising the limited fiscal space of Caribbean governments, we know that it is crucial to strengthen national systems to ensure that support reaches the people who need it most, when disaster strikes,” said Brian Bogart, Representative of the WFP Caribbean Multi-Country Office. “Hurricane Beryl’s impact was significant, and many people are still struggling to recover. WFP is committed to supporting strategies that assist people as they recover, without increasing the long-term debt burden of small island nations and derailing progress on national development goals.”

    WFP first introduced insurance policy top-up agreements in Dominica in 2021. Since then, WFP has helped expand the model to Belize, Dominica and Saint Lucia, with support from the European Union, the Government of Canada and the Global Shield Financing Facility. The Canada-CARICOM Climate Adaptation has recently provided funding to include Antigua and Barbuda, Grenada, Jamaica and Saint Vincent and the Grenadines. 

    “In the face of increasing climate-related challenges, it is imperative that we strengthen our collaborative efforts to build resilience within our Caribbean communities,” said Isaac Solomon, Acting President of the Caribbean Development Bank. ” Innovative insurance models supported by CCRIF SPC and WFP are an effective method to get relief those most affected in a timely manner.”

    “Canada was keen to build on the work that started in 2021,” said Abebech Assefa, Head of Cooperation for the Eastern Caribbean at Canada’s International Trade – Global Affairs Canada. “The idea to connect a portion of CCRIF SPC payouts to social protection systems helps ensure that these funds reach the most vulnerable people. The recent experience with Hurricane Beryl has provided an opportunity to put the concept to the test.” 

    Caribbean small island developing states (SIDS) are on the frontline of climate change. The WFP Caribbean Multi-Country Office was established in 2018 and has since supported governments in scaling-up climate solutions, including early warning systems, anticipatory action and insurance to protect food-insecure communities.

    #                 #                   #

    About WFP

    The United Nations World Food Programme is the world’s largest humanitarian organization saving lives in emergencies and using food assistance to build a pathway to peace, stability, and prosperity for people recovering from conflict, disasters, and the impact of climate change.

    Follow us on X, formerly Twitter, via @wfp_media; @wfp_Caribbean

    MIL OSI United Nations News –

  • MIL-OSI Economics: IMF Executive Board Concludes the 2024 Article IV Consultation with Qatar

    Source: International Monetary Fund

    February 11, 2025

    Washington, DC: On January 27, 2025, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Qatar.

    Growth normalization after the 2022 FIFA World Cup continued, with signs of strengthening activities more recently. Real GDP growth is projected to improve gradually to 2 percent in 2024–25 supported by public investment, spillovers from the ongoing LNG expansion project, and strong tourism. Medium-term growth is expected to accelerate to 4¾ percent on average, boosted by the significant LNG production expansion and initial gains from implementing reforms guided by the Third National Development Strategy (NDS3). Headline inflation will likely ease to 1 percent in 2024 and converge to around 2 percent over the medium term.

    With lower hydrocarbon prices, both the current account and fiscal surpluses narrowed in 2023, to 17 percent of GDP and 5½ percent of GDP, respectively. The twin surpluses moderated further in 2024. Over the medium, as Qatar’s LNG production expands massively, both the current and fiscal accounts will likely remain in surpluses, albeit declining as a share of GDP, as hydrocarbon prices are projected to fall.

    Banks are well-capitalized, liquid, and profitable, with the capital adequacy ratio of close to 20 percent and return on equity of 14½ percent, respectively, in the third quarter of 2024. Since the implementation of QCB measures to reduce banks’ net short-term foreign liabilities, banks’ non-resident deposits declined significantly, and banks have lengthened the average maturity and diversified further the sources of foreign funding. The sector-wide NPL ratio remained broadly unchanged at slightly below 4 percent and the provisioning coverage ratio is relatively high at above 80 percent.   

    Qatar has started to implement the ambitious Third National Development Strategy (NDS3) to build a more diversified, knowledge-based and private sector-driven economy. Guided by NDS3, reform momentum has strengthened significantly, including to attract and retain high-skilled expatriate workers, foster innovation, promote public-private partnerships, and further improve the business efficiency. Qatar is well positioned to leverage digitalization and AI for productivity gains, and the nation’s climate agenda is advancing.

    Risks to the outlook are broadly balanced. Main downside risks stem from the global headwinds, including a sharper-than-expected global growth slowdown, increased volatility in global financial conditions and commodity prices, and further worsening of geopolitical tensions. The regional conflict has had limited impact on Qatar but adds further to the downside risks through lower tourism and capital inflows, and more volatile hydrocarbon prices. Domestic downside risk stems mainly from further weaknesses in the real estate sector, although strong tourism and policy measures introduced in 2023 could mitigate the risk. Over the medium and long term, supply in the global natural gas market is expected to expand significantly, potentially putting downward pressure on prices. On the upside, sustained high hydrocarbon prices and accelerated NDS3 reforms would strengthen the outlook. However, if ambitious NDS3 initiatives lead to resource misallocation, both the public finance and growth prospect would be affected.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Qatar’s continued resilience to external shocks and its favorable medium-term outlook, driven by significant increases in LNG production and the reforms under the Third National Development Strategy. Directors agreed that maintaining prudent macroeconomic policies and accelerating reform efforts would further solidify macroeconomic stability and resilience to shocks while boosting prosperity.

    Directors commended the authorities’ commitment to continued fiscal prudence and called for accelerating fiscal reforms. They recommended adopting a medium-term fiscal anchor to help ensure intergenerational equity, and reiterated the need to accelerate revenue diversification, particularly by introducing the value-added tax. Directors highlighted the importance of improving spending efficiency and composition, particularly by enhancing public investment management. They welcomed the ongoing efforts to strengthen fiscal institutions and adopt a full-fledged medium-term fiscal framework with enhanced fiscal risk management.

    Directors supported the authorities’ efforts to maintain financial stability and deepen domestic financial markets, while encouraging them to consider undertaking a Financial Sector Assessment Program update. They welcomed the newly introduced risk-based supervision and recommended formalizing the financial safety net and continuing to adjust macroprudential policies to mitigate potential macro-financial risks. Directors encouraged the authorities to sustain their progress in fighting financial crimes.

    Directors agreed that the exchange rate peg continues to serve Qatar well. They concurred that, as conditions allow, strengthening the operational framework would further enhance monetary policy transmission.

    Directors supported the authorities’ strategy to build a more diversified, private sector-led, and knowledge-based economy. They recommended fostering innovation and business efficiency and enhancing human capital by attracting and retaining more high-skilled expatriate workers, improving Qatari nationals’ employment in the private sector, and further increasing female labor force participation. Directors agreed that aligning domestic energy prices with export prices would benefit public finances and support climate goals. They also encouraged the authorities to close remaining data gaps, with the help of IMF capacity development.

    It is expected that the next Article IV consultation with Qatar will be held on the standard 12-month cycle.

    Qatar: Selected Macroeconomic Indicators, 2021-25
    (Quota: 735.1 million SDRs, November 2024)
    (Per capita income: U.S.$69,541, 2023)
    (Life expectancy at birth: 81.6 years, 2022)
    (Population: 3.1 million, 2023)
    Projections
    2021 2022 2023 2024 2025
    Production and prices (percent change)
    Real GDP (2018 prices) 1.6 4.2 1.2 1.7 2.4
    Hydrocarbon 1/ -0.3 1.7 1.4 1.4 3.0
    Nonhydrocarbon 2.8 5.7 1.1 1.9 2.1
    CPI inflation (average) 2.3 5.0 3.0 1.0 1.4
    Public finances (percent of GDP)
    Revenue 29.6 34.7 32.8 26.2 28.7
    Expenditure 29.4 24.3 27.3 25.9 26.2
    Current 18.3 15.6 17.5 17.2 17.5
    Capital 11.1 8.8 9.7 8.7 8.7
    Central government fiscal balance 0.2 10.4 5.6 0.3 2.5
    Money (percent change)
    Broad money 1.4 17.4 1.1 4.1 5.6
    Credit to private sector 9.5 7.4 4.9 5.5 6.1
    External sector (percent of GDP unless otherwise noted)
    Exports 58.7 68.6 60.4 58.7 60.1
    Imports 34.1 31.6 33.9 33.4 35.1
    Current account balance 14.6 26.8 17.1 16.6 15.5
    in billions of U.S. dollars 26.3 63.1 36.5 37.0 35.2
    External debt 161.4 115.5 123.2 118.1 116.8
    Central Bank’s reserves 23.5 20.1 24.2 24.5 25.4
    in months of next year’s imports 6.6 7.7 8.1 8.0 7.9
    Exchange rate (per U.S. dollar) 2/ 3.6 3.6 3.6 3.6 3.6
    Real effective exchange rate (percent change) 3/ -2.6 6.5 0.2 -0.5 …
    Sources: Qatari authorities; and IMF staff estimates and projections.
    1/ Includes crude oil, natural gas, propane, butane, and condensates.
    2/ January 6, 2025
    3/ November 2024.

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

    [2] At the conclusion of the discussion, the Managing Director, as Chair of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summing up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Angham Al Shami

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

    MIL OSI Economics –

  • MIL-OSI Economics: A small consultancy firm in Puerto Rico adopts AI — helping other businesses thrive

    Source: Microsoft

    Headline: A small consultancy firm in Puerto Rico adopts AI — helping other businesses thrive

    MIL OSI Economics –

  • MIL-OSI Economics: BOBC Auction Results – 11 February 2025

    Source: Bank of Botswana

    The Monetary Policy Rate (MoPR) was unchanged at 1.9 percent of the previous week, for a paper maturing on 19 February 2025. The summarised results of the auction held on 11 February 2025, are attached below:

    BOBC Auction Results – 11 February 2025.pdf

    MIL OSI Economics –

  • MIL-OSI: QuEra Computing Completes $230M Financing to Accelerate Development of Large-Scale Fault-Tolerant Quantum Computers

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Feb. 11, 2025 (GLOBE NEWSWIRE) — QuEra Computing, the leader in neutral-atom quantum computing, today announced it has successfully completed a financing of more than $230 million. The funds will be used to accelerate the development and production of large-scale, fault-tolerant quantum computers, reinforcing the company’s position at the forefront of quantum innovation.

    The investment comes from new investors, including Google (previously announced), SoftBank Vision Fund 2, Valor Equity Partners, and others. They join QuEra’s existing investors, including QVT Family Office, Safar Partners, and all other major existing investors, who all participated. Of the $230M, $60 million will be received in the near future upon satisfying a prerequisite funding condition, currently in progress. This financing validates the considerable technical breakthroughs achieved by QuEra in collaboration with Mikhail Lukin, Markus Greiner, and their teams at Harvard, as well as Vladan Vuletic and his team at MIT. This financing was also made possible by QuEra’s commercial progress with major customers such as AIST, as well as the new strategic partnerships the company has cultivated.

    “This round represents a significant milestone for QuEra as we continue to deliver on our promise of scalable, fault-tolerant quantum computing,” said Andy Ory, Interim CEO of QuEra. “Since our last funding round in 2023, we have achieved impressive scientific, technical, and commercial milestones, which have dramatically increased the value of our business. This new investment will fuel our next phase of growth, enabling us to deliver large-scale quantum solutions that address critical business challenges for our customers.”

    “We believe quantum computing has the potential to revolutionize industries, and QuEra is at the forefront of making this technology accessible and transformative,” said Kentaro Matsui, Managing Partner of SoftBank Investment Advisers. “We are excited to support QuEra as it pioneers the next generation of computation, unlocking new possibilities in AI and beyond.”

    “As early backers of QuEra, we are pleased to both significantly increase our investment and to welcome this new group of outstanding investors,” said Arthur Chu, QuEra board member and managing member of QVT. “We believe that this new capital will allow QuEra to extend its technological and commercial leadership in fault-tolerant quantum computing.”

    Takuya Kitagawa, President of QuEra, says, “We are deeply grateful for the continued confidence of our existing investors and excited to welcome new strategic partners who believe in our team and share our long-term vision. Their support strongly advances our mission: to accelerate innovation by building scalable, useful, and fault-tolerant quantum computers.”

    Ed Durkin, CFO of QuEra, added, “We are pleased to announce this very significant and successful financing. All our major existing investors have shown strong support by participating in this transaction, and we are thrilled to welcome such high-quality and knowledgeable new strategic and financial investors like Google and SoftBank Vision Fund, who share our long-term vision. This funding structure, coupled with our growing organic revenue stream, provides flexibility as we hit our development targets and scale production and provides the Company with a very long financial runway over the next several years.”

    With this funding, QuEra will:

    • Accelerate the development of fault-tolerant quantum computer technology.
    • Rapidly expand its team of world-class scientists and engineers, with a focus on technical and scientific talent.
    • Strengthening build and test capacity to scale up and meet growing demand for high-performance neutral-atom computers.
    • Broaden its portfolio of application co-design, cloud, and on-premises engagements with global research organizations, Fortune 500 companies, and government programs.

    QuEra’s continued momentum highlights the growing market demand for fault-tolerant quantum systems, which are poised to revolutionize industries such as finance, pharmaceuticals, logistics, and cybersecurity.

    About QuEra
    QuEra Computing is the leader in developing and productizing quantum computers using neutral atoms, widely recognized as a highly promising quantum computing modality. Based in Boston and built on pioneering research from Harvard University and MIT, QuEra operates the world’s largest publicly accessible quantum computer, available over a major public cloud and for on-premises delivery. QuEra is developing useful, scalable and fault-tolerant quantum computers to tackle classically intractable problems, becoming the partner of choice in the quantum field. Simply put, QuEra is the best way to quantum. For more information, visit us at quera.com and follow us on X or LinkedIn.

    Media Contact
    Merrill Freund
    press@quera.com
    +1-415-577-8637

    The MIL Network –

  • MIL-OSI: Siebert Financial Launches Investment Banking Division, Adding Industry Leaders Kimberly Boulmetis and Ajay Asija as Co-Heads

    Source: GlobeNewswire (MIL-OSI)

    MIAMI and NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — Siebert Financial Corp. (NASDAQ: SIEB) has launched Siebert Investment Banking, a strategic expansion designed to serve middle-market clients often overlooked by larger financial institutions. Leading this new division are Kimberly Boulmetis and Ajay Asija, two seasoned professionals with extensive experience in capital markets, M&A, and financial advisory services.

    Siebert Investment Banking will initially focus on providing tailored solutions for underserved companies in financial services in FinTech, depository, and specialty finance, expanding the practice into blockchain and digital assets and building additional verticals over time. In addition to the existing institutional distribution channels, the new division will be able to leverage Siebert’s extensive retail distribution network. The firm is uniquely positioned to provide certainty of execution in equity and debt financings while offering a client-centric, transparent business model that attracts top banking talent.

    John J. Gebbia Sr., CEO of Siebert Financial, emphasized the firm’s strategic vision. “Investment banking is a natural extension of Siebert’s commitment to providing best-in-class financial solutions to its clients. Kimberly and Ajay bring the expertise and leadership necessary to develop a strong platform, serving a vital market segment.”

    Asija and Boulmetis’ appointment strategically complements the recent expansion of the firm with the Capital Markets Group, led by Randy Billhardt complementing Siebert’s existing strengths.

    Ajay Asija, bringing over 25 years of experience in investment banking, has advised on over $90 billion in transactions throughout his career at firms including Lehman Brothers, J.P. Morgan, Bear Stearns, and B. Riley. Most recently, he served as CFO of BM Technologies, a publicly traded FinTech company, orchestrating its successful sale to First Carolina Bank. His M&A and strategic financial advisory expertise make him a key driver in Siebert’s expansion.

    “The middle market deserves the same level of expertise and execution as larger firms,” said Asija. “Siebert’s platform offers the ideal foundation to deliver trusted high-quality advisory services to clients who need them most.”

    With over 25 years of experience in debt capital markets and financial institutions advisory, Kimberly Boulmetis most recently was the head of U.S. Financial Institutions for the DCM Group at Mitsubishi UFJ Financial Group (MUFG) where she was responsible for covering a broad roster of financial institution clients – including banks, insurance companies, asset management firms, private equity sponsors, business development companies (BDCs) and closed-end funds.  She has a deep knowledge of markets, providing her clients with innovative strategic and financing solutions in both public & private markets. One of her major areas of focus is helping ’40 Act companies, specifically BDCs and Closed-End Funds, optimize their cost of capital.

    “I am so excited to join Siebert, a firm that was originally founded by Muriel Siebert, a true trailblazer, with current leadership that honors her legacy with incredible focus, drive, and the desire to continue to strategically enhance the firm for our clients’ benefit,” said Boulmetis. “Siebert’s current platform, coupled with the areas that the firm is building out, will allow Randy, Ajay & I to be extremely well-positioned to truly add value to our clients from a corporate advisory and capital raising perspective.”

    Randy Billhardt, Head of Capital Markets at Siebert, comments, “Investment banking at Siebert will be defined by its ability to provide a boutique, high-touch experience while leveraging the firm’s broad distribution network. I am proud to welcome Kimberly and Ajay to Siebert, adding their deep expertise and leadership to our growing capabilities.”

    About Siebert Financial Corp.
    Siebert is a diversified financial services company and has been a member of the NYSE since 1967 when Muriel Siebert became the first woman to own a seat on the NYSE and the first to head one of its member firms.

    Siebert operates through its subsidiaries Muriel Siebert & Co., LLC, Siebert AdvisorNXT, LLC, Park Wilshire Companies, Inc., RISE Financial Services, LLC, Siebert Technologies, LLC, and StockCross Digital Solutions, Ltd, and Gebbia Entertainment LLC. Through these entities, Siebert provides a full range of brokerage and financial advisory services, including securities brokerage, investment advisory and insurance offerings, securities lending, and corporate stock plan administration solutions, in addition to entertainment and media productions. For over 55 years, Siebert has been a company that values its clients, shareholders, and employees. More information is available at www.siebert.com.

    Cautionary Note Regarding Forward-Looking Statements
    The statements contained in this press release that are not historical facts, including statements about our beliefs and expectations, are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements preceded by, followed by, or that include the words “may,” “could,” “would,” “should,” “believe,” “expect,” “anticipate,” “plan,” “estimate,” “target,” “project,” “intend” and similar words or expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements.

    These forward-looking statements, which reflect beliefs, objectives, and expectations as of the date hereof, are based on the best judgment of the management of Siebert. All forward-looking statements speak only as of the date on which they are made. Such forward-looking statements are subject to certain risks, uncertainties and assumptions relating to factors that could cause actual results to differ materially from those anticipated in such statements, including, without limitation, the following: economic, social and political conditions, global economic downturns resulting from extraordinary events; securities industry risks; interest rate risks; liquidity risks; credit risk with clients and counterparties; risk of liability for errors in clearing functions; systemic risk; systems failures, delays and capacity constraints; network security risks; competition; reliance on external service providers; new laws and regulations affecting Siebert’s business; net capital requirements; extensive regulation, regulatory uncertainties and legal matters; failure to maintain relationships with employees, customers, business partners or governmental entities; the inability to achieve synergies or to implement integration plans; and other consequences associated with risks and uncertainties detailed in Part I, Item 1A – Risk Factors of Siebert’s Annual Report on Form 10-K for the year ended December 31, 2023, and Siebert’s filings with the SEC.

    Siebert cautions that the foregoing list of factors is not exclusive, and new factors may emerge, or changes to the foregoing factors may occur that could impact its business. Siebert undertakes no obligation to publicly update or revise these statements, whether as a result of new information, future events, or otherwise, except to the extent required by the federal securities laws.

    Media Contact
    Deborah Kostroun, Zito Partners
    deborah@zitopartners.com
    +1 (201) 403-8185

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cca28fdf-fc44-4b26-8a62-2f005b866714

    The MIL Network –

  • MIL-OSI: HomeTrust Bancshares, Inc. Announces Transfer of Listing of Common Stock to the New York Stock Exchange and Change in Ticker Symbol

    Source: GlobeNewswire (MIL-OSI)

    ASHEVILLE, N.C., Feb. 11, 2025 (GLOBE NEWSWIRE) — HomeTrust Bancshares, Inc. (NASDAQ: HTBI) (“Company” or “HomeTrust”), the holding company of HomeTrust Bank, today announced that the Company will transfer the listing of its common stock from the NASDAQ Stock Market LLC (“NASDAQ”) to the New York Stock Exchange LLC (“NYSE”). HomeTrust’s common stock is expected to commence trading on the NYSE on Monday, February 24, 2025 under a new ticker symbol, “HTB”. The Company’s common stock is expected to continue to trade on NASDAQ until the close of the market on Friday, February 21, 2025.

    “We are excited to announce our partnership with the NYSE,” said Hunter Westbrook, President and Chief Executive Officer. “In joining the world’s largest stock exchange, we believe leveraging the NYSE trading platform will provide greater exposure for our Company and long-term value for our stockholders. We look forward to celebrating this occasion and milestone for HomeTrust by ringing The Opening Bell on our first of day of trading on the NYSE.”

    “We are pleased to welcome HomeTrust Bancshares, Inc. to the New York Stock Exchange,” said Tara Dziedzic, Head of US Listings, New York Stock Exchange. “As an NYSE-listed company, HomeTrust joins our community of icons, disruptors and many of its peers, leveraging the membership value that our exchange uniquely provides.”

    About HomeTrust Bancshares, Inc.

    HomeTrust Bancshares, Inc. is the holding company for HomeTrust Bank. As of December 31, 2024, the Company had assets of $4.6 billion. The Bank, founded in 1926, is a North Carolina state chartered, community-focused financial institution committed to providing value added relationship banking with over 30 locations as well as online/mobile channels. Locations include: North Carolina (the Asheville metropolitan area, the “Piedmont” region, Charlotte, and Raleigh/Cary), South Carolina (Greenville and Charleston), East Tennessee (Kingsport/Johnson City, Knoxville, and Morristown), Southwest Virginia (Roanoke Valley) and Georgia (Greater Atlanta).

    Forward-Looking Statements

    This press release may include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not statements of historical fact, but instead are based on certain assumptions including statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, assumptions and statements about future economic performance and projections of financial items. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated or implied by forward-looking statements. The factors that could result in material differentiation include, but are not limited to, the impact of bank failures or adverse developments involving other banks and related negative press about the banking industry in general on investor and depositor sentiment; the remaining effects of the COVID-19 pandemic on general economic and financial market conditions and on public health, both nationally and in the Company’s market areas; natural disasters, including the effects of Hurricane Helene; expected revenues, cost savings, synergies and other benefits from merger and acquisition activities might not be realized to the extent anticipated, within the anticipated time frames, or at all, costs or difficulties relating to integration matters, including but not limited to customer and employee retention, might be greater than expected, and goodwill impairment charges might be incurred; increased competitive pressures among financial services companies; changes in the interest rate environment; changes in general economic conditions, both nationally and in our market areas; legislative and regulatory changes; and the effects of inflation, a potential recession, and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other documents filed with or furnished to the Securities and Exchange Commission – which are available on the Company’s website at www.htb.com and on the SEC’s website at www.sec.gov. Any of the forward-looking statements that the Company makes in this press release or in the documents the Company files with or furnishes to the SEC are based upon management’s beliefs and assumptions at the time they are made and may turn out to be wrong because of inaccurate assumptions, the factors described above or other factors that management cannot foresee. The Company does not undertake, and specifically disclaims any obligation, to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements.

    www.htb.com

    The MIL Network –

  • MIL-OSI: Two Payden Mutual Funds Receive Five-Star Overall Morningstar Rating™

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 11, 2025 (GLOBE NEWSWIRE) — The Payden Floating Rate Fund (PYFRX) and the Payden High Income Fund (PYHRX) each received a five-star overall Morningstar rating as of January 31, 2025.

    The Floating Rate Fund’s investment objective is to seek a high level of current income through floating rate debt instruments, with a secondary objective of long-term capital appreciation. In addition, the fund received a five-star Morningstar rating for the three-, five- and ten-year periods.

    The High Income Fund invests in corporate high-yield bonds, which provide a premium to U.S. Treasury bonds. The fund generally invests in the higher-quality segment of the market and looks for companies with good growth prospects, superior and defensible products and strong management teams.

    The Payden Funds span the fixed income asset class, from short-term floating rate bonds to socially responsible municipal bonds to credit sensitive areas like high yield and emerging markets corporates. During a turbulent period for the bond market, with rising rates and increasing uncertainty about the future direction of the global economy, Payden’s process has endured even in challenging markets.

    About Payden & Rygel

    With $159 billion under management, Payden & Rygel is one of the largest privately-owned global investment advisers focused on the active management of fixed income and equity portfolios. Payden & Rygel provides a full range of investment strategies and solutions to investors around the globe, including Central Banks, Pension Funds, Insurance Companies, Private Banks, and Foundations. Independent and privately-owned, Payden is headquartered in Los Angeles and has offices in Boston, London, and Milan. Visit www.payden.com for more information about Payden’s investment offerings, including US mutual funds and Irish-domiciled funds (subject to investor eligibility).

    *Morningstar rates funds from one to five stars based on how well their risk-adjusted performance compares to similar funds. Within each Morningstar Category, the top 10% of funds receive five stars, the next 22.5% four stars, the middle 35% three stars, the next 22.5% two stars, and the bottom 10% receive one star. Funds are rated for up to three time periods—three-, five-, and 10 years—and these ratings are combined to produce an overall rating. Funds with less than three years of history are not rated. Ratings are objective, based entirely on a mathematical evaluation of past performance. They’re a useful tool for identifying funds worthy of further research, but shouldn’t be considered buy or sell recommendations. Morningstar does not adjust total returns for sales charges (such as front-end loads, deferred loads, and redemption fees). Total returns do account for the expense ratio, which includes management, administrative, 12b-1 Distribution fees, and other costs that are taken out of assets.

    © 2024 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

    Past performance does not guarantee future results. Investment returns and principal value will fluctuate, so investors’ shares, when sold, may be worth more or less than their original cost. For the most recent month-end performance, which may be higher or lower than that quoted, visit our website at payden.com or call 800 572-9336.

    For more information and to obtain a prospectus or summary prospectus, visit payden.com or call 800 572-9336. Before investing, investors should carefully read and consider investment objectives, risks, charges, expenses and other important information about the Fund, which is contained in these documents.

    A Investing in high-yield securities entails certain risks from investing in investment grade securities, including higher volatility, greater credit risk, and the issues’ more speculative nature.

    B Investment in foreign securities entails certain risks from investing in domestic securities, including changes in exchange rates, political changes, differences in reporting standards, and, for emerging-market securities, higher volatility. The Payden Funds are distributed through Payden & Rygel Distributors, member FINRA.

    Sources for the material contained herein are deemed reliable but cannot be guaranteed. This material is for illustrative purposes only and does not constitute investment advice or an offer to sell or buy any security. Past performance is no guarantee of future results.

    A chart accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b8d395c-a448-4ade-a15e-69e566acc651

    This press release was published by a CLEAR® Verified individual.

    The MIL Network –

  • MIL-OSI Russia: Financial news: On February 14 at 15:00 there will be a press conference on the results of the meeting of the Board of Directors on monetary policy

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The event will be attended by the Chairman of the Bank of Russia Elvira Nabiullina and the Deputy Chairman of the Bank of Russia Alexey Zabotkin.

    Elvira Nabiullina will make a statement on monetary policy and medium-term forecast.

    The press conference will be held at the Bank of Russia press center. The broadcast of the speech will be available on our website, channel inTelegram, as well as on the official page inVKontakte.

    Accreditation for journalists is open until 17:00 on February 12 at the following address: Media@kbr.ru.

    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 = 23363

    MIL OSI Russia News –

  • MIL-OSI United Nations: Gaza: Return to war must be avoided at all costs, insists UN chief

    Source: United Nations 4

    Peace and Security

    A return to war in Gaza must be avoided at all costs, UN Secretary-General António Guterres insisted on Tuesday, amid fears that the three-week old ceasefire agreement between Hamas fighters and Israel is about to end.

    “We must avoid at all costs the resumption of hostilities in Gaza that would lead to an immense tragedy,” said the UN chief, in a statement relayed to journalists by UN Geneva spokesperson Rolando Gomez.

    “I appeal to Hamas to proceed with the planned liberation of hostages next Saturday. Both sides must fully abide by their commitments in the ceasefire agreement and resume serious negotiations in Doha for the second phase.”

    The development comes amid reports that Hamas suspended the scheduled release of hostages from Gaza on Saturday, on the grounds that Palestinians continue to be killed in the war-torn enclave and that too little aid is entering the Strip.

    UNRWA operations continue

    The UN agency for Palestine refugees, UNRWA, said on Tuesday that its operations continue uninterrupted in Gaza and the occupied West Bank including East Jerusalem.

    “Our clinics across the occupied West Bank including East Jerusalem are open while the humanitarian operation in Gaza continues. We are committed to staying and delivering,” UNRWA said in an online post.

    The UN aid coordination office, OCHA, meanwhile, highlighted that a significant aid boost into Gaza has been possible “under the conditions generated by this [ceasefire] deal” that began on 19 January.

    Speaking in Geneva, OCHA spokesperson Jens Laerke said that the UN had delivered food, medical, shelter supplies and more in the last 21 days “which have enabled us to provide a range of critical services to people in need across Gaza and initiate repairs”.

    Responding to questions from journalists that UN aid teams had not been able to bring in certain materials which could help with the reconstruction of shattered medical centres and more, Mr. Laerke insisted that “the full visibility of the pipeline and the ceasefire deal and the compliance indicators, should be available to the guarantors of the ceasefire deal, which does not include the United Nations, but Egypt, Qatar and the US”.

    Surge in aid

    According to the latest humanitarian update from OCHA, more than 1.5 million people in Gaza have received food parcels since the ceasefire began.

    The World Food Programme (WFP) has distributed food parcels, hot meals and cash to more than 860,000 people in Gaza, OCHA said, and partners are providing more meals as community kitchens open in new areas. 

    Repair work continues on water wells across the enclave. However, widespread destruction of infrastructure and shortages of spare parts, generators and solar panels have impacted efforts to increase water production.      

    Today, nearly 60 health partners provide primary and secondary health services across the Gaza Strip, ensuring access to essential care.

    The UN reproductive health agency UNFPA is distributing supplies expected to benefit more than 65,000 people over the next three weeks. 

    UNFPA has also supported another health partner which has opened three temporary primary healthcare centres in Gaza and a temporary medical point in Jabalya in the north.

    OCHA reported that recent winter storms destroyed at least five child-friendly spaces in Khan Younis and the Middle Area in Gaza.

    “The needs are enormous,” Mr. Gomez told journalists. “The ceasefire is in place and of course that doesn’t mean that there aren’t enormous needs and they remain so…This is where our priorities lie.” 

    MIL OSI United Nations News –

  • MIL-OSI: Provident Bank Strengthens Executive Leadership Team, Welcoming Chief Lending Officer to Advance Commercial Banking and Lending Strategy

    Source: GlobeNewswire (MIL-OSI)

    ISELIN, N.J., Feb. 11, 2025 (GLOBE NEWSWIRE) — Provident Bank, a leading New Jersey-based financial institution, is pleased to announce the addition of Bill Fink as Executive Vice President, Chief Lending Officer, leading the commercial bank and the commercial lending growth strategy.

    Mr. Fink has over 30 years of experience in commercial banking and credit administration and will lead and direct the bank’s commercial lending strategies, including new business development, loan portfolio management, and policy management for all commercial business lines, including C&I, commercial real estate, treasury management, and specialty lines. His expertise in structuring complex credit transactions and developing innovative approaches will help expand the bank’s loan portfolio and drive sustainable growth consistent with the bank’s risk appetite. In addition to overseeing lending initiatives, given his deep commercial banking experience, Mr. Fink will serve as a strategic advisor, collaborating closely with Provident’s Executive Leadership Team.

    “I’m excited to begin a new chapter in my career where I can support Provident Bank’s mission to redefine the super community banking space,” said Bill Fink, Executive Vice President and Chief Lending Officer. “With a strong foundation and clear momentum, I look forward to using my experience in commercial lending to drive growth, strengthen customer relationships, and foster a culture of innovation and excellence that supports Provident Bank’s business strategy.”

    Mr. Fink will oversee a $16B loan portfolio and lead a team of eight direct reports and a total team of 250 employees based in New Jersey, New York, and Pennsylvania. He will also oversee portfolio management and credit risk, ensuring the bank’s lending strategies align with market opportunities and long-term objectives. Mr. Fink will contribute to enhancing credit policies, introducing new lending products, and optimizing the portfolio mix to ensure the bank is providing the best solution to its customers. Additionally, he will represent the bank at industry events and public engagements, strengthening relationships with customers and partners, while reinforcing Provident’s market presence.

    “Bill is an exceptional leader, bringing broad expertise in commercial banking with a vision for driving growth and innovation,” said Anthony Labozzetta, President and CEO, Provident Bank. “I am thrilled to welcome him to our team as we enhance our commercial lending capabilities, deepen customer relationships, and position our bank for long-term success.”

    Mr. Fink brings two decades of leadership experience at TD Bank, N.A., where he held key senior roles across regional and national markets. Most recently, he served as EVP and Head of U.S. Middle Market Banking, leading TD’s nationwide expansion strategy for Middle Market and Asset-Based Lending and overseeing a $24 billion portfolio. Previously, as EVP, Chief Lending Officer, and Head of Credit Management for TD’s U.S. Commercial Banking Division, he played a critical role in credit oversight and risk management.

    Mr. Fink holds an MBA in Management & Finance and a Bachelor of Science in Marketing from St. Joseph’s University. He is also a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA). In addition, he completed the Advanced Finance Postgraduate Program at the Wharton School of the University of Pennsylvania and is a member of the Executive Education Board of Directors at The Wharton School, University of Pennsylvania.

    About Provident Bank
    Founded in Jersey City in 1839, Provident Bank is the oldest community-focused financial institution based in New Jersey and is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE:PFS). With assets of $24.05 billion as of December 31, 2024, Provident Bank offers a wide range of customized financial solutions for businesses and consumers with an exceptional customer experience delivered through its convenient network of 140 branches across New Jersey and parts of New York and Pennsylvania, via mobile and online banking, and from its customer contact center. The bank also provides fiduciary and wealth management services through its wholly owned subsidiary, Beacon Trust Company, and insurance services through its wholly owned subsidiary, Provident Protection Plus, Inc. To learn more about Provident Bank, go to www.provident.bank or call our customer contact center at 800.448.7768.

    Media Contact:
    Provident Bank
    Keith Buscio – keith.buscio@provident.bank
    Vested – providentbank@fullyvested.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1dab4f57-ba76-4ff3-9ba9-48d91a5dc47c

    The MIL Network –

  • MIL-OSI: Array Releases Study Uncovering the 5 Myths Costing the Banking Industry Billions

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 11, 2025 (GLOBE NEWSWIRE) — Array, a leading embedded consumer products platform, in partnership with industry expert Ron Shevlin and Cornerstone Advisors, announced today the release of research exposing key disparities between banking industry perceptions and reality—along with the financial impact of these misconceptions. The study, Billions Lost: The Cost of Bankers’ Myths About Americans’ Finances, collected insights from 2,500 US adults, recruited to be representative of the US adult population. The report examined generational behavioral trends, focusing on consumer expectations for financial institution offerings and the fintech tools different cohorts are investing in.

    “Over the years, certain misconceptions about consumer attitudes and behaviors have become gospel to bankers,” said Shevlin, Chief Research Officer at Cornerstone Advisors. “It’s time to bust some of the myths that many bankers believe about how Americans manage their financial lives and prove to bankers that the beliefs they’re clinging to are costing them billions of dollars in lost revenue.”

    Key findings from the research include:

    • Myth #1: Direct deposit is key to banking relationships
    • Myth #2: Fintech deteriorates bank and credit union relationships
    • Myth #3: Financial health = education + literacy
    • Myth #4: Young consumers get their financial advice from TikTok
    • Myth #5: No one pays for fintech

    “Financial institutions and fintechs are striving to deepen engagement by offering a diverse suite of financial, identity, and privacy tools. Our study highlights a growing gap between consumer expectations and availability—revealing increasing demand for more seamless access to these tools,” said Amelia Chen, Head of Marketing at Array. “Consumers no longer want to switch between multiple mobile apps to manage their finances; they expect a unified, integrated experience presenting a significant opportunity for both financial institutions and fintechs to meet this demand.”

    Access: Billions Lost: The Cost of Bankers’ Myths About Americans’ Finances here.

    Array will host a webinar on Feb 26th where Shevlin will present key findings from Billions Lost and explore how financial institutions and fintechs can effectively address these misconceptions.

    About Array

    Array fuels financial progress for many of the world’s leading fintechs, financial institutions, and digital brands with a suite of private-label fintech solutions that can be easily embedded. Array drives engagement and revenue for clients by helping them stand out in a crowded market and forge deeper relationships with their customers. More than a suite of products, we’re building a platform to help consumers own their financial future.

    Array was founded in 2020 by Martin Toha and its investors include Battery Ventures, General Catalyst, and Nyca Partners. To learn more visit www.array.com.

    Media Contact:
    Amelia Chen
    amelia.chen@array.com

    The MIL Network –

  • MIL-OSI: Morris State Bancshares Declares Special Dividend

    Source: GlobeNewswire (MIL-OSI)

    DUBLIN, Ga., Feb. 11, 2025 (GLOBE NEWSWIRE) — Morris State Bancshares, Inc. (OTCQX: MBLU) (the “Company”), the parent of Morris Bank (the “Bank”), has declared a one-time, special dividend of $0.15 per common, to be paid on March 21, 2025, to all shareholders of record as of February 15, 2025.

    “We’ve demonstrated financial strength and resilience, enabling us to reward our shareholders while well-positioned to capitalize on strategic opportunities,” said Spence Mullis, Chairman and CEO. “This special dividend underscores our confidence in the Bank’s trajectory and our ability to generate value through both earnings and dividends.”

    Forward-looking Statements

    Certain statements contained in this release may not be based on historical facts and are forward-looking statements. These forward-looking statements may be identified by their reference to a future period or periods or by the use of forward-looking terminology such as “anticipate,” “believe,” “estimate,” “expect,” “may,” “might,” “plan,” “will,” “would,” “could” or “intend.” We caution you not to place undue reliance on the forward-looking statements contained in this news release, in that actual results could differ materially from those indicated in such forward-looking statements as a result of a variety of factors, including, among others, the business and economic conditions; risks related to the integration of acquired businesses and any future acquisitions; changes in management personnel; interest rate risk; ability to execute on planned expansion and organic growth; credit risk and concentrations associated with the Company’s loan portfolio; asset quality and loan charge-offs; inaccuracy of the assumptions and estimates management of the Company makes in establishing reserves for probable loan losses and other estimates; lack of liquidity; impairment of investment securities, goodwill or other intangible assets; the Company’s risk management strategies; increased competition; system failures or failures to prevent breaches of our network security; changes in federal tax law or policy; the impact of recent and future legislative and regulatory changes; and increases in capital requirements. We undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date of this news release.

    The MIL Network –

  • MIL-OSI Global: Struggling with money? Here are 5 tips for growing your income from a financial expert

    Source: The Conversation – Canada – By Lisa Kramer, Professor of Finance, University of Toronto

    Whether you are just starting or looking to advance your financial skills, there are steps you can take to improve your financial situation. (Shutterstock)

    Personal finance can often feel overwhelming, with many Millennial and Gen Z individuals struggling with student loans, the high cost of living, housing market challenges and a general sense of financial anxiety. But just as any challenge can be overcome through skill development and persistence, so can your finances.

    Whether you are just starting or looking to advance your financial skills, there are steps you can take to improve your financial situation. From basic recommendations to more advanced strategies, here are some ways to get yourself on the path to financial stability.

    Ready to make a change? The Quarter Life Glow-up is a new, six-week newsletter course from The Conversation’s UK and Canada editions.

    Every week, we’ll bring you research-backed advice and tools to help improve your relationships, your career, your free time and your mental health – no supplements or skincare required. Sign up here to start your glow-up at any time.

    1. Create a budget

    The first step to mastering your finances is working out where your money is going. You may discover, as my now-husband realized when he was a graduate student, that you’re spending a third of your food expenditures on coffee.

    Once you determine where your money is going, you can reign in some of your expenses and ensure some money is left over each month to devote to debt repayment or savings. Creating a budget is essential for doing this.

    The Government of Canada has an online budget planner tool available, as does the United States Federal Trade Commission and the United Kingdom government’s Money and Pensions Service.

    Once your budget is made, you can focus on reducing discretionary costs and redirect those savings toward your financial goals.

    Create a realistic budget that aligns with your financial goals.
    (Shutterstock)

    2. Boosting your income

    It can be difficult to reduce expenses in an inflationary environment — especially when the cost of basic needs like food and shelter are becoming increasingly expensive in Canada, the United States and elsewhere.

    But you can still find ways to boost your income without necessarily getting a second or third job.



    Read more:
    Maths that will help you as an adult: from baking a cake to asking for a pay rise

    It can be daunting to ask your employer for a raise, but you’re much more likely to get one if you ask. Arm yourself with quantifiable evidence about your productivity and work ethic. Then, rehearse your request with a mentor who is further along on your career path.

    If you don’t succeed on your first try, use the experience to understand how to secure a raise in the future. Another way to get a raise? While still employed — and on your own time, not company time — look for a new job, get an offer and use it as leverage to politely negotiate a raise. If you’re still unsuccessful, it may be time to move on to that new job.

    3. Build your pension

    Older generations are more likely to have worked in jobs that came with defined-benefit pensions, a type of pension plan that provides someone with a stream of income after they retire.

    These days, jobs are less likely to come with such perks. A recent World Bank report found about half of gig workers worldwide have no retirement plan; in some countries, that figure is as high as 75 per cent.

    It’s important to check if your current employer offers a defined contribution pension plan, which involves you and your employer contributing to a saving account that grows over time.

    Even if you don’t have access to such a plan, consider using a robo-advisor to replicate one of its key features by setting up an automatic monthly contribution to an investment account. Then, you can increase the amount you contribute every time you get a raise.

    You should also consider allocating that investment to a well-diversified stock index, or to a blend of stocks and bonds if you are relatively risk averse. An exchange-traded fund, also known as an ETF, is a low-cost way to do this compared to buying mutual funds. While the value of your investment may go up and down over the short term, it is likely to perform well over the long term.

    Talking to a financial advisor is always a good idea if you feel stuck.
    (Shutterstock)

    4. Steady does it

    Once you have set up automatic contributions and established a routine of increasing them over time, you will see your investment account balance start to grow. Even if you can put away only small amounts each month in the beginning, you’ll develop good financial habits.

    Your next task should be avoiding the temptation of timing the ups and downs of financial markets by actively trading. To dodge this common pitfall, avoid examining the balance of your investment account on a month-to-month basis and keep contributing, regardless of whatever may be happening in financial markets.



    Read more:
    If you have money anxiety, knowing your financial attachment style can help

    Ironically, overconfident investors often underperform the market when they try — and fail — to outperform by frequently trading their investment holdings. Successful investors understand the most reliable path to wealth accumulation is paved with a buy-and-hold mentality, meaning you should purchase investments with the intention of keeping them long-term rather than frequently buying and selling.

    5. Imagine the future

    When you’re young, it can be hard to identify with an abstract future version of yourself in retirement. Your golden years may be decades in the future, and it can seem like you have ages to prepare for whatever life will bring you at that stage in life.

    However, research shows that the clearer you can mentally picture your future self, the more motivated you will be to make sensible saving and retirement planning decisions for your future self.

    Try imagining what your life will be like when you’re retired, or what you will look like. Will you have grey hair or wrinkles? How will you spend your time? Picture your future self in retirement and the kind of life you would like to have.

    Meet the challenge head-on

    If you still find yourself overwhelmed by these tips and don’t know where to begin, consider contacting a fee-only financial advisor to analyze your situation and provide you with personalized advice.

    Remember, no matter what financial challenge you may face, it’s simply a new opportunity to overcome. With the right strategies and support, you’ll be able to tackle any financial hurdles and work toward a more secure future for yourself.

    Achieving financial stability is a journey that requires ongoing effort and dedication. Each milestone you reach brings you closer to your ultimate goal.

    Lisa Kramer has received funding from the Social Sciences and Humanities Research Council of Canada and the Canadian Securities Institute Research Foundation.

    – ref. Struggling with money? Here are 5 tips for growing your income from a financial expert – https://theconversation.com/struggling-with-money-here-are-5-tips-for-growing-your-income-from-a-financial-expert-234623

    MIL OSI – Global Reports –

  • MIL-OSI Asia-Pac: LOGISTICS PERFORMANCE INDEX

    Source: Government of India (2)

    Posted On: 11 FEB 2025 4:08PM by PIB Delhi

    As per the World Bank’s Logistics Performance Index (LPI), 2023 India moved up to 22nd Rank in the Global Ranking in International Shipments category and the Overall 38th Rank in Logistics Performance Index score. Indian Ports have registered quantum improvement in “Turn Around Time”. Global comparison of Indian Ports on “Turn Around Time” parameter, as published in World Bank’s Logistics Performance Index (LPI) Report-2023, acknowledges Indian Ports “Turn Around Time” as 0.9 days which is better than USA (1.5 days), Australia (1.7 days), Belgium (1.3 days), Canada (2.0 days), Germany (1.3 days), UAE (1.1 days), Singapore (1.0 days), Russian Federation (1.8 days), Malaysia (1.0 days), Ireland (1.2 days), Indonesia (1.1 days), New Zealand (1.1 days) and South Africa (2.8 days).

    The Maritime Amrit Kaal Vision 2047 was developed in alignment with the principles of the blue economy. It outlines long-term aspirations for India’s maritime sector and provides a broad action plan for implementation. The vision aims to transform the sector through various key initiatives, including the expansion of port capacity through greenfield and brownfield developments, enhancing operational efficiency by leveraging automation and digitization, and making the sector more sustainable through green initiatives such as the development of hydrogen hubs. In addition to sustainability, the vision emphasizes the development of islands and the cruise sector, aiming to boost coastal tourism and related infrastructure. It also focuses on strengthening maritime capacity building by enhancing workforce training and skill development. Furthermore, the vision aspires to elevate India’s global maritime presence by increasing participation in international maritime platforms. Another critical area of focus is the shipbuilding and repair sector. The vision seeks to position India as a global leader in shipbuilding while also working toward increasing the country’s shipping tonnage. To achieve these ambitious objectives, the strategy proposes a comprehensive set of interventions spanning infrastructure development, policy reforms, technological advancements, institutional strengthening, and regulatory enhancements.

    GMIS 2023 attracted investment commitment of ₹10 lakh crore. This includes signing of 360 MoUs, with an investment commitment of ₹8.35 lakh crore (including international collaborations), and the announcement of additional investible projects worth ₹1.68 lakh crore.

    This information was given by the Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal in Rajya Sabha, today.

    ***

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  • MIL-OSI Asia-Pac: ENHANCING PORT EFFICIENCY

    Source: Government of India (2)

    Posted On: 11 FEB 2025 4:07PM by PIB Delhi

    During the year 2023-24, the Major Ports handled total cargo traffic of 820 million tonnes against a combined capacity of 1,630 million tonnes per annum, resulting in approximately 50% capacity utilization. From 2013-14 to 2023-24, the average turnaround time of Major Ports has decreased by an impressive 49%, while the average Output per Ship Berth Day has seen a significant rise of 52% during the same period. India’s logistics performance has significantly improved, rising to 38th position in the 2023 World Bank’s Logistics Performance Index (LPI), up from 54th in 2014. This progress is attributed to factors like reduced port dwell times, faster turnaround times and significant advancements in international shipment and delivery timeliness rankings.

    Infrastructure development and capacity augmentation of Major Ports is a continuous process. It involves construction of new berths and terminals, mechanization of existing berths and terminals, capital dredging for increasing drafts for attracting larger vessels, development of road, rail and waterways connectivity, etc. Further, Vadhavan Port in Maharashtra has been approved to be developed as the mega container port in the country catering the requirement of handling new generation mega size container vessels.

    This information was given by the Union Minister for Ports, Shipping and Waterways, Shri Sarbananda Sonowal in Rajya Sabha, today.

    ***

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: MILK PRODUCTS

    Source: Government of India

    Posted On: 11 FEB 2025 5:35PM by PIB Delhi

    The productivity of Indigenous bovine breeds in the country is low compared to advanced dairy nations globally and this is mainly due to low genetic potential of dairy animals and animals are maintained on low plane of nutrition.  However, the total productivity of Bovines in the country has increased from 1640 kilograms per animal per year in 2014-15 to 2072 kilograms per animal per year in 2023-24 that is by 26.34% which is the highest productivity gain by any country in the world.  The productivity of the indigenous and non-descript cattle has increased from 927 kilograms per animal per year in 2014-15 to 1292 kilograms per animal per year in 2023-24 that is by 39.37 %. The productivity of the buffaloes has increased from 1880 kilograms per animal per year in 2014-15 to 2161 kilograms per animal per year in 2023-24 that is by 14.94%. Milk production in the country has increased from 146.31 Million Tonnes in 2014-15 to 239.30 Million Tonnes in 2023-24 that is by 63.55 % during the last 10 years. Rashtriya Gokul Mission envisages to achieve productivity of bovines upto 3000 kilograms of milk per animal per year by 2030.

    In order to complement and supplement the efforts of the States and Union Territories to improve the nutrition, management practices, genetic potential of local cattle breeds and to provide training and support to dairy farmers in adopting best practices, the details of the steps undertaken and schemes being implemented by Government of India is as under:

    1.         Rashtriya Gokul Mission: The Department of Animal Husbandry and Dairying is implementing Rashtriya Gokul Mission since December 2014 for development and conservation of indigenous bovine breeds, genetic upgradation of bovine population and enhancement of milk production and productivity of bovines. Following efforts are being made under the scheme to enhance milk production and productivity of bovines:

    (i)         Nationwide Artificial Insemination Program: Under the Rashtriya Gokul Mission, the Department of Animal Husbandry and Dairying is expanding artificial insemination coverage to boost the milk production and productivity of bovines, including indigenous breeds.

    (ii)        Progeny Testing and Pedigree Selection: This program aims to produce high genetic merit bulls, including bulls of indigenous breeds. Progeny testing is implemented for Gir, Sahiwal breeds of cattle, and Murrah, Mehsana breeds of buffaloes. Under the Pedigree selection programme Rathi, Tharparkar, Hariana, Kankrej breed of cattle and Jaffarabadi, Nili Ravi, Pandharpuri and Banni breed of buffalo are covered.

    (iii)       Implementation of In-Vitro Fertilization (IVF) Technology: To propagate elite animals of indigenous breeds, the Department has established 22 IVF laboratories. The technology has important role in genetic upgradation of bovine population in single generation. Further, to deliver technology at reasonable rates to farmers Government has launched IVF media.

    (iv)       Sex-Sorted Semen Production: The Department has established sex sorted semen production facilities at 5 government semen stations located in Gujarat, Madhya Pradesh, Tamil Nadu, Uttarakhand and Uttar Pradesh. 3 private semen stations are also producing sex sorted semen doses.

    (v)        Genomic Selection: To accelerate genetic improvement of cattle and buffaloes, the Department has developed unified genomic chips—Gau Chip for indigenous cattle and Mahish Chip for buffaloes—specifically designed for initiating genomic selection in the country.

    (vi)       Multi-purpose Artificial Insemination Technicians in Rural India (MAITRIs): Under the scheme MAITRIs are trained and equipped to deliver quality Artificial Insemination services at farmers’ doorstep.

    (vii)      Accelerated Breed Improvement Programme using sex sorted semen: This program aims to produce female calves with up to 90% accuracy, thereby enhancing breed improvement and farmers’ income. Farmers receive support for assured pregnancy upto 50% of the cost of sex sorted semen.

    (viii)     Accelerated Breed Improvement Programme using In-Vitro Fertilization (IVF) technology: This technology is utilized for the rapid genetic upgradation of bovines and an incentive of Rs 5,000 per assured pregnancy is made available to farmers interested in taking up IVF technology.

    2.         National Livestock Mission (NLM): National Livestock Mission (NLM) aims to create employment generation, entrepreneurship development, increase in per-animal productivity and thus targeting increased production of meat, goat milk, egg and wool under the umbrella scheme Development Programme.  The scheme envisages following three submissions: (i) Sub-Mission on Breed Development of Livestock and Poultry; (ii) Sub-Mission on Feed and Fodder Development and (iii) Sub-Mission on Innovation, Extension. Details of the activities covered under these submissions are as under:

    (A) Sub-mission on Breed Development of Livestock and Poultry:  This Sub-Mission has following activities: (I)                 Establishment of Entrepreneurs for breed development: under this activity following sub activities are included (i) Establishment of Entrepreneurs for breed development of Rural Poultry and (ii) Establishment of Entrepreneur for breed development in small ruminant sector (sheep and goat farming). (II) Genetic Improvement of Sheep and Goat breeds: under this activity following are the sub activities: (i) Establishment of Regional Semen Production Laboratory and Semen Bank for sheep and goat; (ii) Establishment of State Semen Bank: (iii) Propagation of Artificial Insemination through existing cattle and buffalo Artificial Insemination centers and (iv)  Import of exotic sheep and goat germplasm.  (III) Promotion of Piggery Entrepreneur. (IV) Genetic Improvement of Pig breeds: Under this activity following activities are implemented:  (i) Establishment of pig semen collection and processing lab and (ii) Import of exotic pig germplasm. (V) Establishment of Entrepreneurs for horse, donkey, mule and camel. (VI) Genetic Improvement of Horse, Donkey, Mule, Camel:  (i) Regional Semen Station for Horse, donkey and camel; (ii) Nucleus Breed Farm for Conservation of Horse/Donkey/Camel germplasm and (iii) Breed Registration Society.

    (B) Sub-Mission on feed and fodder development: The Sub-Mission of the feed and fodder is covering the following activities: (I)     Assistance for quality Fodder seed production. (II) Entrepreneurial activities in feed and fodder. (III) Establishment of Entrepreneurs for Fodder Seed processing Infrastructure (processing and grading unit/ fodder seed storage godown). (IV) Fodder production from Non-Forest Wasteland / Rangeland / Non-arable Land” and “Fodder Production from Forest Land.

    (C)       Sub Mission on Innovation and Extension: Under this Sub-Mission the following are the activities: (I) Research and Development and innovations. (II) Extension activities. (III) Livestock Insurance programme.

    3.         National Programme for Dairy Development: This scheme focuses on creating dairy infrastructure for the procurement, processing, and marketing of milk and milk products in the cooperative dairy sector inter alia training and awareness programs for dairy farmers, input services such as cattle-feed and mineral mixtures, and assistance for quality testing of milk and milk products, thereby improving the economic condition of dairy farmers enrolled in cooperatives.

    4.         Livestock Health and Disease Control (LH & DC): The scheme is implemented for providing assistance for control of animal diseases like Foot and Mouth Disease, Brucellosis and also to provide assistance to State Governments for Control of other infectious diseases of livestock including dairy animals. Mobile Veterinary Units are established under the scheme to deliver quality livestock health services at farmers doorstep. Under the vaccination programme: (i) more than 100 crore vaccinations have been done against FMD including 35 crore vaccination performed during current year; and (ii) about 4.3 crore calves vaccinated against Brucellosis under brucellosis control programme including 1.3 crore calves vaccinated during current year. Under the component of Establishment and Strengthening of Veterinary Hospitals and Dispensaries (ESVHD- MVU), 100% financial assistance is provided towards procurement & customization of Mobile Veterinary Units (MVUs) with recurring operational expenditure in the ratio of 90:10 for North Eastern & Himalayan States; 60% for other States, and 100% for UTs for delivery of veterinary healthcare services through Mobile Veterinary Units (MVUs) through a Toll-Free Number (1962) at farmers’ doorsteps which include disease diagnosis, treatment, vaccination, minor surgical interventions, audio-visual aids and extension services. So far, 4016 MVUs are operational in 28 states and 65 lakh farmers benefitted. This helps in increasing productivity

    5.         Animal Husbandry Infrastructure Development Fund (AHIDF) The scheme is to facilitate incentivisation of investments to establish (i) Dairy processing and product diversification infrastructure, (ii) Meat processing and product diversification infrastructure and (iii) Animal Feed Plant (iv) Breed Improvement Technology and Breed Multiplication Farm, (v) Veterinary Vaccine and Drugs production facilities, (vi) Animal waste to wealth management (Agri-waste Management). Keeping in view of the success of AHIDF, the erstwhile Dairy Processing Infrastructure Development Fund has been subsumed with the AHIDF on 01.02.2024. Now total size of the fund is Rs 29110 cr.

    The Department of Animal Husbandry and Dairying is implementing Centrally Sponsored Scheme National Livestock Mission with a Sub-Mission on Feed and Fodder Development. Under the Submission, fodder development activity is undertaken through strengthening of fodder seed chain (Breeder-Foundation-Certified) thereby improving the availability of certified/quality fodder seeds required for production of high quality and  nutritious fodder. Approx.  1.03 lakh Tons of fodder seeds were produced under the Component Assistance for Quality Fodder Seeds Production since 2021-22 with release of funds of Rs.636.83 crores. The details of the progress under the component is at Annexure-I

    Indian Council of Agricultural Research (ICAR)- Indian Grassland and Fodder Research Institute ( IGFRI) Jhansi along with its All India Co-ordinated Research Project (AICRP) on Forage Crops & Utilization with 22 coordinated centers located in 21 states of the country are dedicatedly working on development of high yielding and nutritious fodder crop varieties for different agro-climatic conditions of the country and many varieties have been released for cultivation. Different approaches of crop improvement viz. speed breeding, apomixes; gene editing, SS markers, transgenic etc. are being used to develop high yielding trait specific cultivars. Major thrust are being placed for the development of varieties with attributes of high yielding, nutritionally superior, climatically resilient and resistant for different biotic factor. Till now more than 400 improved varieties in 40 fodder crops has been developed for different parts of the country and out of these about 200 varieties are in seed production chain. During last five years (2019-2024) nutritionally better and high yielding 86 varieties/ hybrids in 17 fodder crops have been identified/ notified for the cultivation in different agro-climatic regions of the country.

    Annexure-I

    Progress under component Assistance for Quality Fodder seeds Production under realign National Livestock Mission (NLM)

    1. Physical Progress – Year and Class wise Fodder Seed Production (Qtls)

    Class of seeds

    2021-22

    2022-23

    2023-24

    2024-25

    Total

    Breeder

    530.13

    0

    0

    0

    530.13

    Foundation

    6120.87

    21864.75

    15312.89

    12832.06

    56130.57

    Certified

    104852.2

    303222.4

    407874.5

    159383.0

    975332.1

    Total

    111503.2

    325087.2

    423187.4

    172215.1

    1031993
    1. Financial Progress – Year-wise Release of funds

    Year

    Release of funds (Rs.in crores)

    2021-22

    100.44

    2022-23

    159.99

    2023-24

    156.07

    2024-25

    (As on 4.2.2025)

    220.31

    Total Releases

    636.83

    This information was given by the Minister of Fisheries, Animal Husbandry and Dairying Shri Rajiv Ranjan Singh alias Lalan Singh, in a written reply in Lok Sabha today.

    *****

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  • MIL-OSI Europe: Written question – EU-Israel Association Council meeting 2025 – P-000539/2025

    Source: European Parliament

    Priority question for written answer  P-000539/2025
    to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy
    Rule 144
    Marc Botenga (The Left), Pernando Barrena Arza (The Left), Ilaria Salis (The Left), Lynn Boylan (The Left), Özlem Demirel (The Left), Giorgos Georgiou (The Left), Jonas Sjöstedt (The Left), Danilo Della Valle (The Left), Merja Kyllönen (The Left), Irene Montero (The Left)

    The EU plans to hold an Association Council meeting with Israel in February 2025. Due to Israel’s disregard for human rights and international law, including through illegal settlement expansion in the West Bank, no such meetings took place between 2012 and 2022. Similar concerns impeded the meetings in 2023 and 2024.

    Indeed, Article 2 of the EU-Israel Association Agreement, which constitutes the framework for these meetings, states that ‘relations between the Parties … shall be based on respect for human rights’, underscoring that this ‘constitutes an essential element of this Agreement’.

    Since the 2022 meeting of the Association Council, the International Court of Justice has confirmed the illegal character of the Israeli occupation of Palestinian territory. The International Criminal Court has issued an arrest warrant for the Israeli prime minister for war crimes and crimes against humanity.

    • 1.Does the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy recognise that war crimes, crimes against humanity and acts of genocide violate Article 2?
    • 2.Will the meeting of the Association Council be made conditional upon Israel’s compliance with Article 2? If not, why not?
    • 3.If the meeting does take place, what measures will the European side put on the table to make Israel comply with Article 2?

    Submitted: 5.2.2025

    Last updated: 11 February 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB and Banco Santander join forces to boost Europe’s wind energy manufacturers

    Source: European Investment Bank

    • The EIB provides a €500 million counter-guarantee enabling Santander to create a portfolio of bank guarantees of up to €1 billion, expected to unlock €8 billion of investment to support wind energy manufacturers in Europe.
    • The agreement is part of the EIB’s €5 billion wind power package to boost Europe’s wind power manufacturing sector and accelerate the energy transition.
    • The operation is backed by InvestEU, the EU programme aiming to mobilise investment of more than €372 billion by 2027.

    The European Investment Bank (EIB) and Santander have signed a €500 million counter-guarantee agreement that Santander will use to create a portfolio of bank guarantees of up to €1 billion, expected to unlock €8 billion of investment to support wind energy equipment manufacturing companies in Europe.

    The guarantees will back investment by companies manufacturing wind energy and grid interconnection equipment, as well as key components for the wind sector. This will enable the manufacturers to receive advance payments as well as to provide performance guarantees when taking on new wind projects. The guarantees scheme also enables manufacturers to pay their suppliers in advance for the supply of wind farms and the related wind value chain components, which include turbines, grid connection infrastructure, cables and transformer stations.  

    The leverage effect of the EIB counter-guarantee is expected to mobilise additional funding from other investors to support increasing production and accelerate wind energy development, helping to stimulate investment in the real economy.

    The deal forms part of the EIB’s €5 billion wind power package launched in 2023, a dedicated package of counter-guarantees to improve access to finance for wind power sector and support increasing newly installed wind energy generation capacity by 32GW. This EIB financing scheme is being activated through agreements with the sector’s main lenders like Santander. It is a key component of the  European Wind Power Package launched by the European Commission, and is designed to further accelerate a just and swift transition to net zero, while boosting home-grown industrial innovation.

    “Wind energy will play a significant role in achieving the EU’s renewable-energy target. To unveil its full potential, the EIB together with Santander is putting in place de-risking instruments that will allow manufacturers to overcome some of the challenges impacting the sector such as supply chain disruptions, high costs or intense international competition,” said EIB Director of Financial Institutions Gemma Feliciani. “This new framework sponsored by the EIB wind package will accelerate the energy transition in Europe while strengthening its industrial competitiveness and strategic autonomy.”

    Ricardo Gamazo, Santander Global Trade Finance team added: “The program has been very welcome by our clients in the wind equipment industry which face a large backlog of orders to meet the energy transition demand. This in turn creates large guarantee issuance requirements and this extra capacity goes a long way in securing credit lines in the market. We believe this agreement is another decisive step in buttressing energy security for the EU in a sustainable fashion”

    Background information

    About the EIB

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

    About Banco Santander

    Banco Santander (SAN SM) is a leading commercial bank, founded in 1857 and headquartered in Spain and one of the largest banks in the world by market capitalization. The group’s activities are consolidated into five global businesses: Retail & Commercial Banking, Digital Consumer Bank, Corporate & Investment Banking (CIB), Wealth Management & Insurance and Payments (PagoNxt and Cards). This operating model allows the bank to better leverage its unique combination of global scale and local leadership. Santander aims to be the best open financial services platform providing services to individuals, SMEs, corporates, financial institutions and governments. The bank’s purpose is to help people and businesses prosper in a simple, personal and fair way. Santander is building a more responsible bank and has made a number of commitments to support this objective, including raising €220 billion in green financing between 2019 and 2030. At the end of 2024, Banco Santander had €1.3 trillion in total funds, 173 million customers, 8,000 branches and 207,000 employees.

    MIL OSI Europe News –

  • MIL-OSI Europe: DPG Media signs new loan agreement with EIB

    Source: European Investment Bank

    DPG Media Group has signed a new lending agreement with the European Investment Bank (EIB). Built around financing eight core priorities, the EIB finances investments that support EU policy goals, including digitalisation. After a first loan signed in 2022 to support the Group’s digitalisation of media platforms, DPG has now signed a further €120 million in the framework of further digitalisation and innovation of its media.

    DPG Media plans to spend a total of €392 million in this regard over the period 2024-2026, of which 30% will be financed with an EIB loan. This financing will allow DPG Media to accelerate its digital transformation and continue to play a leading role in digital innovation as a local player. As part of the project, DPG Media expects to increase its knowledge and expertise in artificial intelligence and content distribution, in alignment with the objectives of the Digital Europe Programme.

    EIB vice-president Robert de Groot: “Digitalisation and the development of advanced technologies play a key role in Europe’s competitiveness. These technologies must be an intrinsic part of the broad support for European entrepreneurs and companies. DPG’s investments to digitise its offering and services are in line with European ambitions. EIB loans are meant to foster this type of development.”

    Erik Roddenhof, CEO of DPG Media: “We are delighted with this new long-term loan from the European Investment Bank for our investments in our further digital transformation. We deem this necessary to be able to successfully offer independent and strong media as a local media player in a rapidly changing market that is increasingly dominated by global players. With this loan, the group diversifies its debt financing, both in terms of creditors and tenors. We regard the support of the European Investment Bank primarily as a quality stamp, not only for the creditworthiness of DPG Media, but especially for our digital efforts.”

    Looking ahead, DPG will invest to further develop its digital platform for end-users and advertisers, including with AI and text-to-speech applications.

    In recent years the investments in DPG’s advertising platform ‘Trusted Web’ marked a crucial and unique step to reduce dependence on big tech: advertisers no longer need to use third-party big tech purchasing platforms and tools to buy advertising campaigns at DPG Media.

    Furthermore, DPG invested heavily in audio technology, the digitalisation of its magazines and improvement of its streaming platforms on smart TVs, and the platform now also serves multiple users (besides VTM GO, Streamz and RTL Play also use the same platform). DPG Media has also implemented a comprehensive cybersecurity strategy to ensure its platforms remain resistant to emerging threats.

    Background information

    The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Built around eight core priorities, it finances investments that contribute to EU policy objectives by bolstering climate action and the environment, digitalisation and technological innovation, security and defence, cohesion, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU, and the Capital Markets Union.   

    All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.   

    DPG Media Group’s mission is to inform, entertain and inspire people. The headquarters of the international media group, which is active in the Belgian, Dutch and Danish markets, are in Antwerp. DPG Media Group has a workforce of 5,396 employees and a portfolio of 90 strong publishing, broadcasting and services brands. Every day, the DPG Media Group brands reach a total of 15 million media users, both online and offline.

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Uniform Software for PACS

    Source: Government of India

    Posted On: 11 FEB 2025 3:21PM by PIB Delhi

    Government of India is implementing the Project for Computerization of functional PACS with a total financial outlay of ₹2,516 Crore, which entails bringing all the functional PACS onto an ERP (Enterprise Resource Planning) based common national software, linking them with NABARD through State Cooperative Banks (StCBs) and District Central Cooperative Banks (DCCBs). The National Level Common Software for the project has been developed by NABARD and 50,455 PACS have been onboarded on ERP software as on 27.01.2025.

    Computerization of PACS project aims to provide a comprehensive ERP solution for entailing more than 25 economic activities prescribed under the Model Bye-Laws for PACS covering various modules such as financial services for short, medium & long term loans, procurement operations, Public Distribution Shops (PDS) operations, business planning, warehousing, merchandising, borrowings, asset management, human resource management, etc.

    So far, proposals for computerization of 67,930 PACS from 30 States/ UTs have been sanctioned, for which Rs. 741.34 Cr. has been released as GoI share to the States/UTs concerned. All the participants States/UTs can customize the ERP software as per the needs & functional requirements of the concerned States/UTs.

    The ERP (Enterprise Resource Planning) based common national software brings about efficiency in PACS performance through Common Accounting System (CAS) and Management Information System (MIS). Further, governance and transparency in PACS also improves, leading to speedy disbursal of loans, lowering of transaction cost, reduction in imbalances in payments, seamless accounting with DCCBs and StCBs. It will enhance trustworthiness in the working of PACS among farmers, thus contributing towards realizing the vision of “Sahakar se Samridhi”.

    This was stated by the Minister of Cooperation, Shri Amit Shah in a written reply to a question in the Lok Sabha.

    *****

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  • MIL-OSI Asia-Pac: ERADICATION OF LEFT WING EXTREMISM

    Source: Government of India (2)

    Posted On: 11 FEB 2025 1:22PM by PIB Delhi

    To address the LWE problem holistically, a “National Policy and Action Plan” to address LWE was approved in 2015. It envisages a multi- prolonged strategy involving security related measures, development interventions, ensuing rights and entitlements of local communities etc. While on security front, the Government of India (GoI) assists the LWE affected States by providing Central Armed Police battalions, training & funds for modernization of State police forces, equipment & arms, sharing of intelligence, construction of Fortified Police Stations etc; on development side, apart from flagship schemes, GoI has taken several specific initiatives in LWE affected States, with special thrust on expansion of road network, improving telecommunication connectivity, skilling and financial inclusion.

    Resolute implementation of the ‘National Policy and Action Plan’ to Address Left Wing Extremism (LWE) both by the Centre and the States has resulted in a consistent decline in LWE both in terms of geographical spread and violence. There has been a progressive decline in the number of districts affected by LWE. In view of the continuously improving situation, three review of LWE affected districts have been undertaken in the last six years with reduction from 126 to 90 districts in April 2018, further to 70 in July 2021 and then to 38 in April 2024. Violence perpetrated by LWE have reduced by 81% in 2024 in comparison to the high levels of 2010 (2024: 374, 2010:1936). The resultant deaths (Civilians + Security Forces) have also reduced by 85% during the same period (2024: 150, 2010: 1005).

    In Chhattisgarh, violence perpetrated by LWE have reduced by 47% in 2024 in comparison to the high levels of 2010 (2024: 267, 2010: 499).

    The resultant deaths (Civilians + Security Forces) have also reduced by 64% during the same period (2024: 122, 2010: 343). The year-wise details of incidents of LWE violence during last five years are placed at Annexure.

    Under Security Related Expenditure (SRE) Scheme funds are provided to LWE affected states for capacity building through provisions of ex-gratia to the family of civilian/Security Forces killed in LWE violence, training and operational needs of Security Forces, rehabilitation of surrendered LWE cadres, community policing, compensation to Security Force personnel/civilians for property damage by LWE etc. Under this scheme Rs. 1925.83 crore have been released to all LWE affected States during last 5 years (between 2019-20 to till date). This includes Rs. 829.80 Crore for Chhattisgarh.

    Strengthening of Special Forces, Special Intelligence Branches (SIBs) and District Police is undertaken through Special Infrastructure Scheme (SIS). Under this scheme Rs. 394.31 crore have been released to all LWE affected States during last 5 years (between 2019-20 to till date). This includes Rs. 85.42 Crore for Chhattisgarh. 702 Fortified Police Stations (FPSs) including 147 for Chhattisgarh have been sanctioned for LWE affected states. Of these, 612 FPSs, including 125 in Chhattisgarh have been constructed.

    To give further impetus for development in most LWE affected districts, funds are provided to the states under Special Central Assistance (SCA) Scheme to fill critical gapes in public infrastructure and services. Under this scheme Rs. 2384.17 crore have been released to all LWE affected States during last 5 years (between 2019-20 to till date). This includes Rs. 773.62 Crore for Chhattisgarh.

    Further, Rs. 654.84 crore have been given to Central Agencies during the last 05 years (2019-20 to till date) for helicopters and addressing critical infrastructure in security camps in LWE affected areas, under Assistance to Central Agencies for LWE Management (ACALWEM) Scheme.

    On development front, following specific initiatives have been taken in Chhattisgarh:

    • For  expansion of  road  network,  4046  km  roads  have  been constructed so far in LWE affected areas.
    • To   improve  telecom   connectivity,  1333  towers   have   been commissioned.
    • For financial inclusion of the local population in the LWE affected districts, 1214 Post Offices have been opened. Further, 297 Bank Branches and 268 ATMs have been opened.
    • For skill development, 09 ITIs and 14 Skill Development Centers (SDCs) have been made functional.
    • For quality education of tribals in LWE affected districts, 45 Eklavya Model Residential Schools (EMRSs) have been made functional.
    • In addition, under Civic Action Programme, Central Armed Police Forces (CRPF, BSF, SSB and ITBP) deployed in LWE affected areas undertake various civic activities for welfare of the locals and to wean away the youth from the influence of the Maoists.

    Tribal Youth Exchange Programs (TYEPs) are also being organized through Nehru Yuva Kendra Sangathan (NYKS) for integration of tribal youth of LWE affected districts with National mainstream.

    Annexure

    LWE Violence Incidents In Past 5 Years

    S.No.

    Year

    In All LWE Affected States

    Chhattisgarh

    1

    2020

    470

    241

    2

    2021

    361

    188

    3

    2022

    413

    246

    4

    2023

    486

    305

    5

    2024

    374

    267

    This was stated by the Minister of State in the Ministry of Home Affairs, Shri Nityanand Rai, in a written reply to a question in the Lok Sabha.

    ******

    RK/VV/ASH/PR/PS/1218

    (Release ID: 2101652) Visitor Counter : 17

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: WELFARE WORK UNDER CSR

    Source: Government of India (2)

    Posted On: 11 FEB 2025 1:05PM by PIB Delhi

    Steel Authority of India Limited (SAIL) carries out Corporate Social Responsibility (CSR) projects conforming to provisions in Section 135 of Companies Act, 2013 and the CSR Rules and its amendments, mainly in the periphery of steel townships and mines. The thrust areas are promotion of education and health, women empowerment, sustainable income generation through self-help groups, assistance to divyangjan (people with special abilities), access to water and sanitation facilities, village development, environment sustenance, sports coaching, promotion of traditional art and culture. The details of SAIL’s CSR expenditure, thrust area-wise during the last three years is as follows: –

                                                                                                                            (Rs. Lakh)

    No.

    SAIL CSR Thrust Area-wise Expenditure

    21-22

    22-23*

    23-24*

    24-25 (H1)

    1

    Healthcare, Drinking Water, Sanitation & Social Security (Sr. Citizens & PwDs)

    6648

    4676

    3592

    357

    2

    Education

    850

    3041

    4398

    1157

    3

    Livelihood Generation/Skills Development and Women Empowerment

    333

    1574

    1739

    92

    4

    Sports, Art & Culture

    213

    2695

    3288

    124

    5

    Rural Development & Environment Sustenance

    1211

    3616

    2885

    98

    6

    Administrative Overheads, etc.

    169

    644

    291

    9

     

    Total

    9424

    16246*

    16193*

    1837

    *(includes Rs.51.73 cr. in FY 22-23 & Rs.78.26 cr. in FY 23-24 w.r.t. ongoing CSR projects)

    SAIL has undertaken CSR projects in the aspirational districts namely Kanker, Narayanpur, Rajnandgaon Districts in the state of Chhattisgarh; Bokaro, West Singhbhum and Ranchi Districts in the state of Jharkhand, and Banka District in the state of Bihar in the year 2023-24. In the state of Bihar, SAIL has taken three projects under CSR in the year 2023-24.

    To evaluate the overall impact of the CSR Programmes/Projects carried out by SAIL in terms of its alignment with the needs of society and the CSR policy of SAIL, impact assessment survey is undertaken for select projects.

    This information was given by the Minister of State for Steel and Heavy Industries, Shri Bhupathiraju Srinivasa Varma in a written reply in the Lok Sabha today.

    *****

    TPJ/NJ

    (Release ID: 2101637) Visitor Counter : 46

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Home Minister and Minister of Cooperation Shri Amit Shah chairs Parliamentary Consultative Committee for Ministry of Home Affairs on ‘Cyber Security and Cyber Crime’ in New Delhi

    Source: Government of India

    Union Home Minister and Minister of Cooperation Shri Amit Shah chairs Parliamentary Consultative Committee for Ministry of Home Affairs on ‘Cyber Security and Cyber Crime’ in New Delhi

    Under the leadership of Modi Ji, the country is witnessing a ‘digital revolution’, to face the challenges of cyber security one needs to understand its size and scale

    AI will be used to identify and close the mule accounts before they are made operational

    To prevent cybercrime, Home Minister stresses on raising awareness on Modi Ji’s mantra of ‘Stop-Think-Taje Action’

    Modi government is moving forward with a four-pronged strategy to tackle cybercrimes: Convergence, Coordination, Communication, and Capacity

    Union Home Minister says that to prevent cybercrimes, there should be a greater focus on increasing awareness among the public and promoting the Cyber Helpline ‘1930’

    The three basic elements of cyberspace – software, services, and users are important in tackling cyber frauds

    The members gave suggestions on issues related to ‘Cyber Security and Cyber Crime’ and appreciated the steps taken by the Govt.

    Posted On: 11 FEB 2025 11:41AM by PIB Delhi

    Union Home Minister and Minister of Cooperation Shri Amit Shah  chaired a meeting of the Parliamentary Consultative Committee for the Ministry of Home Affairs on the topic of ‘Cyber Security and Cyber Crime’ in New Delhi. The meeting was attended by Union Minister of State for Home Affairs Shri Nityanand Rai, Shri Bandi Sanjay Kumar, members of the Committee, the Union Home Secretary, and senior officials of the Ministry of Home Affairs. The committee discussed various issues related to ‘Cyber Security and Cyber Crime’ during the meeting.

    Addressing the meeting, Union Home Minister Shri Amit Shah said that in recent years, there has been an expansion of digital infrastructure in India, which has naturally led to an increase in the number of cyber attacks. He said that when we look at cyberspace from a different perspective, it forms a complex network of ‘software,’ ‘services,’ and ‘users.’ He emphasized that until we consider controlling cyber fraud through ‘software,’ ‘services,’ and ‘users,’ it will be impossible to resolve the issues of cyberspace. Shri Shah further mentioned that under the leadership of Prime Minister Shri Narendra Modi, the Ministry of Home Affairs has taken several significant steps towards making India a cyber-safe nation.

    Shri Amit Shah said that cybercrime has erased all geographical boundaries. He stated that it is a ‘borderless’ and ‘formless’ crime, as it has no limits or fixed form. He mentioned that India has witnessed a ‘digital revolution’ in the last decade. Without understanding the size and scale of the ‘digital revolution,’ we cannot face the challenges in the cyber domain.

    Union Home Minister said that today, 95 per cent villages in the country are digitally connected, and one lakh gram panchayats are equipped with Wi-Fi hotspots. In the past ten years, the number of internet users has increased by 4.5 times. He mentioned that in 2024, a total of 246 trillion transactions worth ₹17.221 lakh crore were made through UPI. In 2024, 48 per cent of the global digital transactions took place in India. He also said that in terms of the startup ecosystem, India has become the third-largest country in the world. In 2023, the contribution of the digital economy to the Gross Domestic Product (GDP) was around ₹32 lakh crore, which is 12 per cent, and nearly 15 million jobs were created.

    Shri Amit Shah said that today India has become the third-largest country in terms of digital landscape in the world. The digital economy contributes 20 per cent to the total economy of India. He also mentioned that the Ministry of Home Affairs’ goal is to ensure zero cybercrime cases and their FIRs.

    Union Home Minister said that to tackle cybercrime, we have adopted four types of strategies, which include Convergence, Coordination, Communication, and Capacity. All of these are being implemented with clear objectives and a strategic approach. He mentioned that inter-ministerial and inter-departmental coordination within the Ministry of Home Affairs has been strengthened, ensuring seamless communication and smooth flow of information.

    Shri Amit Shah said that a healthy tradition of exchange of information between the Ministry of Home Affairs, the Ministry of Electronics and IT, CERT-IN, I4C, and departments like Telecom and Banking has led to successfully tackling many cybercrime cases.

    Union Home Minister emphasized the importance of raising awareness among the public to prevent cybercrime and requested all the members of the committee to promote the I4C helpline number 1930. He stated that in light of cyber financial fraud, the ‘1930’ helpline provides a one-point solution offering various services, such as blocking cards.

    Shri Amit Shah said that efforts are underway to use Artificial Intelligence for identifying mule accounts, in coordination with the Reserve Bank and all banks, to establish a system for their detection. He mentioned that we will ensure the closure of mule accounts before they are even operational. Union Home Minister stated that the government has also ensured that people are made aware of Prime Minister Shri Narendra Modi’s mantra ‘STOP-THINK-TAKE ACTION’ in order to make them more vigilant against cybercrimes.

    Union Home Minister stated that a total of 1 lakh 43 thousands FIRs have been registered on the I4C portal, and over 19 crore people have used this portal. He mentioned that, for national security reasons, 805 apps and 3,266 website links have been blocked based on I4C’s recommendations. Additionally, 399 banks and financial intermediaries have come on board. Over 6 lakh suspicious data points have been shared, more than 19 lakh mule accounts have been caught, and suspicious transactions worth ₹2,038 crore have been prevented.

    Shri Amit Shah said that Cyber Crime Forensic Training Labs have been established in 33 states and union territories. On the ‘CyTrain’ platform, a “Massive Open Online Course (MOOC)” platform, 101,561 police officers have registered, and over 78,000 certificates have been issued.

    The committee members gave their suggestions on issues related to ‘Cyber Security and Cyber Crime’ and appreciated the important steps taken by the government for enhancing cyber security.

    ***

    RK/VV/ASH/PR/PS

    (Release ID: 2101613) Visitor Counter : 46

    Read this release in: Hindi

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: NW Mutual chooses Preston for retail and business customer banking

    Source: City of Preston

    Preston has been chosen as one of the locations for NW Mutual branches, offering a mutual bank service for retail and business customers in the North West.

    NW Mutual Ltd, the co-operative society behind pioneering plans for a mutual bank serving retail and business customers in the North West of England has revealed Preston as one of its locations for approximately 60 proposed branches spanning the region.

    Dave Burke, a highly experienced financial services executive with an extensive background in launching, building and managing regulated businesses, has been appointed as the chief executive of NW Mutual Ltd. Dave Burke said:

    “Our market research, supported by a large body of public research and information, shows a proven need and demand for a bank that’s trustworthy, democratic, ethical, deeply rooted in the North West and that enough people and businesses in the region would use to make it a great success.

    “The North West is more than capable and large enough to create and sustain a prosperous bank. When we achieve our goals, our mutual bank will recycle more than £900m of money from the North West back into the region.

    “This is serious money and it’s already here but it’s not. We want to stop it leaking out and heading south, north or east.”

    Having already registered NW Mutual Ltd with the Financial Conduct Authority (FCA), regulator of financial services firms and markets in the UK, David is preparing a banking licence application to submit to the Bank of England in late 2025.

    If the licence is granted by the Bank of England, the first bricks and mortar branch is planned to open in the third quarter of 2026, with a full roll-out proposed for the first quarter of 2027. So far, about £1m has been invested to build the systems and financial model of NW Mutual, prepare the banking license application and analyse its market.

    Following a decision by Preston City Council Members at full council in January, Preston City Council has committed £250,000 to NW Mutual Ltd becoming the first North West authority to pledge money to supporting the bank’s plans to date.

    Councillor Matthew Brown, Leader of Preston City Council said:

    “For too long much of our mainstream banking system has failed to serve our communities and local businesses. Across the North West region more than half of our branches have disappeared in the last 10 years and small businesses especially struggle to secure the finance needed to expand.

    At Preston City Council we want to do something about that by directly investing in the NW Mutual as a viable cooperative and ethical alternative. We are delighted to hear plans for the first branch to open in Preston and market research shows the public would welcome this new model of banking owned by and run in the interest of local people.”

    The proposed ‘bricks, clicks and flicks’ business model of NW Mutual will deliver hi-tech and staffed branches, complemented by mobile and online banking, providing retail and small and medium-sized enterprise (SME) customers with a full range of financial products and services.

    Visit NW Mutual to learn more.

    MIL OSI United Kingdom –

  • MIL-OSI Economics: All Agency Banks to remain open for public on March 31, 2025 (Monday)

    Source: Reserve Bank of India

    RBI/2024-25/112
    DOR.CO.SOG(Leg) No.59/09.08.024/2024-25

    February 11, 2025

    All Agency Banks

    Madam / Dear Sir

    All Agency Banks to remain open for public on March 31, 2025 (Monday)

    The Government of India has made a request to keep all branches of the banks dealing with Government receipts and payments open for transactions on March 31, 2025 (Monday-Public Holiday) so as to account for all the Government transactions relating to receipts and payments in the Financial Year 2024-25 itself. Accordingly, Agency Banks are advised to keep all their branches dealing with government business open on March 31, 2025 (Monday).

    2. Banks shall give due publicity about the availability of above banking services on this day.

    Yours faithfully

    (Sunil T S Nair)
    Chief General Manager

    MIL OSI Economics –

  • MIL-OSI Russia: Principality of Andorra: Staff Concluding Statement of the 2025 Article IV Mission

    Source: IMF – News in Russian

    February 11, 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.

    Andorra La Vella – February 11, 2025

    The Andorran economy is doing well. This provides a window of opportunity to address substantial long-term challenges. The authorities have consolidated the country’s macro-financial framework and reinforced buffers. However, Andorra’s real GDP per capita—while high in absolute terms—has remained flat over the last 50 years, with growth largely driven by population increases. Going forward, population aging is both an economic and a fiscal concern, and climate change challenges an economic model largely dependent on winter tourism. Ambitious structural reforms are needed to unlock investment and lift productivity.

    Economic Outlook

    The Andorra economy continues to show resilience and to grow above its potential. Growth in 2024 surprised slightly on the upside, at an estimated 2.1 percent, driven by the service, banking and construction sectors. Inflation is subsiding gradually, reaching 2.6 percent at the end of 2024, despite limited economic slack and a still tight labor market. The current account surplus remains very large, estimated at 15.1 percent of GDP in 2024. The strong performance of banks continued in 2024 supported by high interest margins and increased fees and commissions.

    Going forward, GDP is expected to slow to the level of potential growth. Real GDP growth is forecasted at 1.7 percent in 2025 and 1.5 percent from 2027 onwards. Inflation is projected to stabilize at 1.7 percent over the medium term. Short-term risks are balanced: greater uncertainty in the global economy and the potential for adverse shocks such as deepening geoeconomic fragmentation, supply disruptions, recurrent commodity price fluctuations and a reversal of monetary policy loosening are downside risks to growth and inflation. On the upside, Andorra, like other service-oriented economies in Europe, could benefit from stronger demand, and grow faster than projected. Solid buffers mitigate risks.

    Challenges are concentrated over the medium-term, as stagnating income growth makes it challenging to address the impact of population aging and climate change. With long life expectancy and low fertility rates, Andorra’s population is expected to age rapidly—removing an engine for GDP growth and creating fiscal liabilities over the long term. Fiscal costs from pensions and healthcare will be substantial. More frequent climate shocks can affect the economic cycle in an economy largely reliant on winter tourism, and structurally warmer temperatures will require extensive adaptation.

    Policy priorities

    The solid macroeconomic position and the credibility of the policy framework provide Andorra with an opportunity for implementing far-reaching structural reforms. Diversifying the economy to enhance resilience, unlocking investment and lifting productivity to raise income levels, and addressing the costs of aging and climate change should be driving the policy agenda. The recently negotiated EU Association Agreement (EUAA), if approved by referendum, could offer an opportunity to support the reform momentum, but would also bring challenges.

    Maintaining a solid fiscal framework given spending pressures over the medium term

    Maintaining a disciplined fiscal policy within the fiscal framework is important and will provide room for more public investment. In a microstate that needs fiscal buffers against external shocks, entrenching fiscal space is important. In addition, the credibility of the fiscal framework and the primary surplus provide room for higher public investment to support potential growth and mitigate structural bottlenecks.

    • A balanced 2025 budget focused on economic priorities. The 2025 budget finds a welcome balance between maintaining a conservative fiscal stance but building on the authorities’ structural priorities, with a focus on health, housing, maintaining purchasing power, and education. Overall, the 2025 budget foresees a deficit of 0.9 percent of GDP. Given past practice of adjusting expenditures in line with incoming revenues, staff forecasts a small surplus of about 0.3 percent of GDP.
    • Room for growth-enhancing public spending. The fiscal framework, which prescribes an overall deficit limit of 1 percent of GDP and a central government debt ceiling of 40 percent of GDP, provides room for higher public spending targeted towards growth-enhancing investment. Spending should be focused on the structural needs of the economy: social and affordable housing, upskilling the workforce and addressing labor shortages, connectivity to support economic diversification, and investments to lift potential growth. As under-execution of budgeted public investment is customary, delivering on investment plans should be a policy objective.

    Over the medium term, Andorra faces rising spending pressures from aging, as well as a need to adapt to climate change—engaging reforms early is paramount. Staff estimates that by 2050, pension system expenditures will rise by 6.7 percentage points while healthcare expenditures will increase by 2 percentage points. Acting early on pension and healthcare reforms is needed to anticipate and mitigate the fiscal impact of aging.

    • Pension reform has been on the government’s agenda for some time and is overdue. The menu of options to put the system on the sustainable path is well understood, from increasing contribution rates and reducing conversion rates to increasing the retirement age. Concluding the reform in an expeditious and comprehensive manner is needed to ensure the sustainability of the social security fund in the long run.
    • A reform of the healthcare system should aim to contain long-term costs while raising healthcare revenues . Experience from other advanced economies provides a blueprint for potential measures, in 4 areas: (i) enhance cost efficiency, (ii) strengthen preventive care, (iii) increase revenues for healthcare while preserving equity, and (iv) improve governance. The National Pact brought together stakeholders and should continue its work to strengthen the healthcare system.

    · Beyond direct policies in the pension and healthcare areas, broader measures would be helpful to buffer the additional long-term fiscal costs of aging. Domestic revenue mobilization and migration policies can help.

    • Climate change also exposes the government to future contingent liabilities. Public investment needs to increase to meet Andorra’s climate change mitigation targets and to provide adequate support to the adaptation of the private sector. In addition, fiscal space will be increasingly needed to buffer the negative impact of climate shocks.

    Precautionary borrowing and a rapid reduction in public debt provide the authorities with flexibility in managing the debt profile. The authorities are reaping the benefits of an effective debt management strategy that is projected to bring public debt down to 30 percent of GDP by 2026, that lengthened its maturity to 6.3 years and that keeps public debt service low. The authorities should continue to monitor market conditions for an upcoming debt maturity of €500 million public bonds in 2027, including for further diversifying debt and extending its maturity to decrease rollover risks and mitigate consequences from potential increases in interest rates.

    Consolidating banking performance in a changing environment

    Strengthening further the resilience of the banking system during periods of high profitability is appropriate. The banking sector displays solid fundamentals, with large capital and liquidity buffers. However, given the large size of the banking sector, the supervisor should remain vigilant. Available supervisory tools should complement each other, including by supporting the lender of last resort facility introduced in 2022 by continued close supervision and a well-designed resolution framework to ensure that critical problems are identified and addressed early. The activation of a countercyclical capital buffer in 2024 was timely to increase banking system resilience during high bank profitability.

    The changing financial landscape, notably with the continued international expansion of banks and a possible EUAA, brings opportunities and challenges for Andorran banks. Banks have been growing in the EU where they run independent subsidiaries focused on private banking services, and the EUAA would facilitate this expansion, notably in the asset management business. Domestically, the EUAA has the potential to create a more dynamic domestic market but also to open Andorra to greater competition. The authorities should work closely with banks to prepare for the transition and safeguard financial stability.

    Ambitious structural reforms to unlock investment and lift productivity, support the diversification of the economy and help mitigate climate change.

    A comprehensive set of structural measures is important and should focus on the following:

    • Addressing frictions, notably labor and housing shortages. Public investment in education and well-designed immigration policies can improve knowledge capital in Andorra and raise labor productivity. Multiple housing measures were implemented recently—including the extension of existing rental contracts, the creation of a public affordable housing park, tax incentives for owners who offer affordable housing, suspension of tourist accommodation licenses, fees on empty houses and on real estate purchases by foreigners. The authorities should aim at providing market-based incentives for investing in affordable housing while minimizing distortions.
    • Creating a business environment conducive to higher investment. Recommendations encompass reducing administrative rigidities associated with doing business in Andorra, promoting access to financing, and implementing measures to attract and retain talent.
    • Supporting the development of higher value-added sectors, including the digital economy. With limited space for manufacturing, Andorra can look at the experience of peer countries that have successfully diversified towards the digital economy. Government policies, including the 2022 Law on the digital economy, entrepreneurship, and innovation and the Digitalization Strategy 2020-2030 were welcome initial steps.

    The EUAA could provide further momentum for reforms towards diversification, unlock investment, and raise productivity in Andorra, but is not without its own challenges. The agreement signals a strong commitment to deeper integration with the EU and to reinforce Andorran institutions in their coherence with EU standards. Empirical evidence on the benefits of EU membership provides useful lessons for EU association. It suggests that while the impact can be significant and positive, it builds up over time, and is conditional on well-designed domestic reforms during the accession period. While the impact varies with country-specific circumstances, it materializes through a few channels: structural reforms in the period preceding accession/association, greater capital accumulation, notably FDI, and higher productivity. In Andorra, room for increasing investment and productivity is substantial. Transition periods for key sectors such as telecom and banking mitigate the risks of disruption and fiscal space can cover transition costs. Preparedness is essential to realize the benefits of association, and reduce potential downsides, such as greater regional competition.

    The climate adaptation strategy needs to be accelerated given the macrocriticality of global warming for Andorra. Because of its higher altitude, Andorra is less exposed than other winter tourism locations in the region and should use this window of opportunity to enact needed policies, support the development of higher value-added service sectors and diversify away from winter tourism. The authorities should expedite the development and execution of a climate adaptation strategy.

    *

    The mission thanks the authorities and all our counterparts for a constructive and candid policy dialogue, for engaging in a productive and transparent collaboration, and for their hospitality during the official visit of the IMF to Andorra.

    Andorra: Selected Social and Economic Indicators

    I. Social Indicators

    Population (2023)

    85101

    Population at risk of poverty (percent, 2020)

    13

    Per capita income (2023, euros)

    40511

    Human Development Index Rank (2021)

    40 (out of 189)

    Gini Index (2020)

    32

    Life expectancy at birth (2024)

    83.9

    II. Economic Indicators

    Projections

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    2030

    NATIONAL ACCOUNTS AND PRICES

    (annual change, percent, unless otherwise indicated)

    Real GDP

    9.6

    2.6

    2.1

    1.7

    1.6

    1.5

    1.5

    1.5

    1.5

    Nominal GDP

    14.2

    9.0

    5.0

    3.7

    3.4

    3.3

    3.2

    3.2

    3.2

    GDP deflator

    4.2

    6.3

    2.9

    1.9

    1.8

    1.7

    1.7

    1.7

    1.7

    (contribution to nominal GDP growth, percentage points)

    Consumption

    6.5

    7.0

    3.6

    2.5

    2.5

    2.5

    2.5

    2.4

    2.4

    Private

    6.2

    3.5

    1.7

    1.5

    1.5

    1.5

    1.5

    1.4

    1.4

    Public

    0.3

    3.4

    1.9

    1.0

    1.0

    1.0

    1.0

    1.0

    1.0

    Investment

    6.8

    -2.2

    0.9

    0.5

    0.6

    0.3

    0.3

    0.4

    0.5

    Private 1/

    6.4

    -3.1

    0.2

    0.0

    0.4

    0.1

    0.1

    0.2

    0.3

    Public

    0.4

    0.9

    0.7

    0.5

    0.2

    0.2

    0.2

    0.2

    0.2

    Net exports of goods and services

    0.9

    4.3

    0.7

    0.6

    0.4

    0.4

    0.4

    0.4

    0.4

    Exports

    18.8

    10.4

    4.2

    3.3

    2.8

    2.8

    2.9

    2.9

    2.8

    Imports

    18.0

    6.1

    3.5

    2.7

    2.5

    2.4

    2.5

    2.5

    2.4

    Prices

    Inflation (percent, period average)

    6.2

    5.6

    3.1

    2.2

    1.8

    1.7

    1.7

    1.7

    1.7

    Inflation (percent, end of period)

    7.2

    4.6

    2.6

    2.0

    1.7

    1.7

    1.7

    1.7

    1.7

    Unemployment rate (percent)

    2.1

    1.6

    1.6

    1.6

    1.8

    1.8

    1.9

    2.0

    2.0

    EXTERNAL SECTOR

    (percent of GDP, unless otherwise indicated)

    Current account

    11.6

    14.2

    15.1

    17.0

    17.0

    17.0

    17.0

    17.0

    17.0

    Balance on goods and services

    8.8

    12.0

    12.0

    12.2

    12.1

    12.1

    12.1

    12.1

    12.1

    Exports of goods and services

    80.9

    83.7

    83.7

    83.9

    83.8

    83.9

    84.1

    84.2

    84.3

    Imports of goods and services

    72.2

    71.8

    71.6

    71.7

    71.7

    71.8

    71.9

    72.1

    72.2

    Primary income, net

    4.3

    3.5

    4.3

    6.1

    6.1

    6.1

    6.1

    6.1

    6.1

    Secondary income, net

    -1.4

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    -1.3

    Capital account

    0.0

    -0.1

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Financial account

    12.7

    13.5

    15.1

    17.0

    17.0

    17.0

    17.0

    17.0

    17.0

    Errors and omissions

    1.1

    -0.6

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    0.0

    Gross international reserves (millions of euros) 2/

    338.4

    338.7

    399.0

    399.0

    399.0

    399.0

    399.0

    399.0

    399.0

    FISCAL SECTOR

    (percent of GDP, unless otherwise indicated)

    General Government 3/

    Revenue

    39.7

    38.0

    37.9

    37.8

    37.7

    37.8

    37.8

    37.7

    37.8

    Expenditure

    34.9

    35.9

    36.5

    36.7

    36.6

    36.9

    36.9

    37.0

    37.0

    Interest

    0.7

    0.6

    0.6

    0.6

    0.6

    0.8

    0.8

    0.8

    0.8

    Primary balance

    5.6

    2.7

    2.0

    1.7

    1.6

    1.6

    1.7

    1.6

    1.6

    Net lending/borrowing (overall balance)

    4.8

    2.1

    1.5

    1.1

    1.1

    0.8

    0.9

    0.8

    0.8

    Public debt

    38.9

    35.5

    33.7

    32.5

    31.5

    30.5

    30.0

    29.5

    29.0

    Central Government 4/

    Revenue

    21.7

    19.8

    21.3

    20.8

    20.8

    20.8

    20.8

    20.8

    20.9

    Expenditure

    18.7

    19.1

    20.4

    20.5

    20.5

    20.6

    20.7

    20.6

    20.7

    Interest

    0.7

    0.5

    0.5

    0.5

    0.5

    0.7

    0.7

    0.7

    0.7

    Primary balance

    3.6

    1.2

    1.4

    0.8

    0.8

    0.9

    0.8

    0.9

    0.9

    Net lending/borrowing (overall balance)

    2.9

    0.7

    0.9

    0.3

    0.3

    0.2

    0.1

    0.2

    0.2

    Public debt

    37.1

    34.0

    32.3

    31.2

    30.1

    29.2

    28.7

    28.3

    27.9

    BANKING SECTOR5 /

    (percent, unless otherwise indicated)

    Regulatory capital to risk-weighted assets

    20.3

    21.7

    21.2

    …

    …

    …

    …

    …

    …

    Nonperforming loans to total gross loans

    3.3

    2.2

    2.1

    …

    …

    …

    …

    …

    …

    Credit to nonfinancial private sector

    Level (percent of GDP)

    116.4

    101.3

    94.5

    …

    …

    …

    …

    …

    …

    Corporates

    61.8

    55.1

    51.1

    …

    …

    …

    …

    …

    …

    Households

    54.6

    46.2

    43.4

    …

    …

    …

    …

    …

    …

    Growth (nominal)

    -1.7

    -5.2

    -2.0

    …

    …

    …

    …

    …

    …

    Corporates

    2.6

    -2.8

    -2.5

    …

    …

    …

    …

    …

    …

    Households

    -6.1

    -7.8

    -1.3

    …

    …

    …

    …

    …

    …

    Credit to public sector

    Level (percent of GDP)

    2.2

    1.8

    1.5

    …

    …

    …

    …

    …

    …

    Growth (nominal)

    -8.4

    -10.0

    -13.0

    …

    …

    …

    …

    …

    …

    Memorandum items

    Exchange rate (€/USD, period average) 6/

    0.95

    0.92

    0.92

    0.97

    0.97

    0.97

    0.97

    0.97

    0.97

    Nominal GDP (millions of euros)

    3,210

    3,501

    3,676

    3,811

    3,942

    4,070

    4,202

    4,338

    4,478

    Sources: Andorran authorities, Eurostat, and IMF staff calculations.

    1/ The contribution of private investment is derived as a residual and includes investments of state-owned enterprises.

    2/ The increase of gross international reserves in 2022 is due to €100 million deposited at the Bank of Spain, €40 million at the Banque de France, and €60 million at the Nederlandsche Bank as gross international reserves. In 2024, additional €60 million reserves were accounted, mainly deposited at the Bank of Spain.

    3/ The general government comprises the central government, local governments, and the social security fund.

    4/ The central government comprises Govern d’Andorra, as well as nonmarket, nonprofit institutional units.

    5/ 2024 data corresponds to 2024Q3.

    6/ The table reports the exchange rate €/USD because Andorra is a euroized economy.
    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Camila Perez

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

    https://www.imf.org/en/News/Articles/2025/02/11/andorra-cs-2025

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