Category: Banking

MIL-OSI USA: Crapo, Risch Support Legislation to Stop Practice of Debanking

US Senate News:

Source: United States Senator for Idaho Mike Crapo

Washington, D.C.— U.S. Senator Mike Crapo (R-Idaho), a senior member of the Senate Banking Committee, and U.S. Senator Jim Risch (R-Idaho) have co-sponsored the Fair Access to Banking Act, which would prevent discrimination by banks and financial services providers against constitutionally-protected industries and law-abiding businesses, such as firearms manufacturers and energy producers. The bill, led by Senator Kevin Cramer (R-North Dakota), is co-sponsored by 38 additional Senate Republicans.
“The financial services industry’s intentional discrimination of lawful businesses continues a disturbing trend established over the last few years,” said Crapo. “Individuals and companies in compliance with federal and state law must have full access to credit services based on their creditworthiness, not social or political pressure.”
“Financial institutions should never deny access to services due to political ideologies,” said Risch. “The Fair Access to Banking Act prevents banks from discriminating against law-abiding Idahoans for their viewpoints and opinions.”
The Fair Access to Banking Act would:
Penalize banks and credit unions with over $10 billion in total consolidated assets, or their subsidiaries, if they refuse to do business with any legally-compliant person who meets certain criteria;
Prevent payment card networks from discriminating against any qualified and legally-compliant person because of political or reputational considerations;
Require qualified banks to provide written justification for why they are denying a person financial service; and
Punish providers who fail to comply with the law by disqualifying them from using discount window lending programs, terminating their status as an insured depository institution or insured credit union, or imposing a civil penalty of up to $10,000 per violation.
Click here for bill text.
During the Obama Administration, Crapo fought against “Operation Choke Point,” an initiative in which federal agencies pressured banks to “choke-off” payment systems and banking services access to political disfavored industries, such as guns and ammunition businesses. Crapo challenged banks issuing guidelines that would effectively cut off financial services to law-abiding firearm manufacturers, retailers and firearms purchasers if they do not comply with the bank’s firearms preferences. Crapo and Risch also previously co-sponsored this legislation in the 117th and 118th Congresses.

MIL OSI USA News –

February 8, 2025
MIL-OSI Security: Maryland Man Facing Federal Felony Charges For Illegally Operating A Drone During The National Football League Wild Card Game

Source: Office of United States Attorneys

Baltimore, Maryland – A federal criminal complaint has been filed charging Alexis Perez Suarez, 43, of Baltimore, Maryland, on federal felony charges related to flying a drone over M&T Bank Stadium during a National Football League Wild Card Game in Baltimore on January 11, 2025.

The federal charges were announced by Erek L. Barron, U.S. Attorney for the District of Maryland; Special Agent in Charge William J. DelBagno of the Federal Bureau of Investigation (FBI), Baltimore Field Office; Special Agent in Charge Greg Thompson of the U.S. Department of Transportation Office of Inspector General (DOT OIG), Mid-Atlantic Regional Office; and Colonel Roland L. Butler, Jr., Superintendent of the Maryland State Police (MSP).

“We are very serious about temporary flight restrictions,” said U.S. Attorney Barron. “You will be charged and held accountable for any incursion into restricted airspace, including around sports and entertainment venues such as the Super Bowl.”

“If you are going to fly a drone, you are responsible for learning all the laws and requirements to responsibly operate it. Failing to do so will not excuse you from the consequences of breaking the law,” said Special Agent in Charge William J. DelBagno of the FBI’s Baltimore Field Office.

“Federal laws and regulations related to owning and operating drones are in place to protect the public and our nation’s airspace,” said Greg Thompson, Special Agent in Charge of DOT OIG’s Mid-Atlantic Region. “We will continue to partner with law enforcement and prosecutors to pursue those whose actions jeopardize public safety.”

According to the affidavit filed in support of the criminal complaint, on January 11, 2025, the Federal Aviation Administration had put in place a temporary flight restriction (TFR) for M&T Bank Stadium in Baltimore during the NFL Wild Card game, which precluded the flight of any UAS, including flying a UAS under the Exception for Recreational Flyers. A TFR temporarily restricts certain aircraft, including an UAS, from operating within a three nautical mile radius of the stadium. This is a standard practice for stadiums or sporting venues where a regular or postseason Major League Baseball, NFL, or NCAA Division I Game is occurring; or a NASCAR Cup, Indy Car, or Champ Series Race is occurring. The TFR goes into effect one hour before the scheduled start time and lasts until one hour after the end of a qualifying event.

During the game, the incursion of an unidentified and unapproved drone was deemed a serious enough threat that NFL Security temporarily suspended the game. MSP Troopers and FBI Special Agents tracked the movement of the drone over the stadium and deployed it to the area where the drone landed in Baltimore, Maryland. Despite Suarez having left the scene, law enforcement was able to track down his whereabouts.

Suarez stated that he purchased a DJI UAS for recreation and also claimed he used it for work. The drone was not registered, nor did Suarez possess a Remote Pilot certificate to operate it. Suarez allegedly flew the drone approximately 400 feet or higher directly over the NFL stadium. According to the affidavit, while in flight, Suarez captured approximately seven photos of the Stadium while the game was going on and thousands of people were below his flight path.

There is a zero-tolerance policy regarding UAS/drone use anywhere within the No Drone Zone established by the FAA. Anyone who attempts to fly a UAS/drone in any prohibited manner may be subject to arrest, prosecution, fines, and/or imprisonment. Members of the public are encouraged to report all suspicious activity. Law enforcement will be actively monitoring the airways for illegal UAS/drones and is committed to identifying, investigating, disrupting, and prosecuting the careless or criminal use of drones in the area.

If convicted, Suarez faces a maximum sentence of three years in federal prison for knowingly operating an unregistered UAS and for knowingly serving as an airman without an airman’s certificate. Suarez faces a maximum of one year in federal prison for willfully violating United States National Defense Airspace.

Actual sentences for federal crimes are typically less than the maximum penalties. A federal district court judge determines sentencing after considering the U.S. Sentencing Guidelines and other statutory factors. An initial appearance and arraignment will be scheduled later this month.

A criminal complaint is not a finding of guilt. An individual charged by criminal complaint is presumed innocent until proven guilty at a later criminal proceeding.

U.S. Attorney Barron commended the FBI, DOT OIG, and MSP for their work in the investigation, and thanked the FAA Office of Security & Hazardous Materials Safety and the U.S. Customs and Border Protection for their substantial assistance. Mr. Barron thanked Assistant U.S. Attorney Robert I. Goldaris, who is prosecuting the federal case.

For more information on the Maryland U.S. Attorney’s Office, its priorities, and resources available to help the community, please visit www.justice.gov/usao-md and https://www.justice.gov/usao-md/community-outreach.

# # #

MIL Security OSI –

February 8, 2025

MIL-OSI: Ottawa Bancorp, Inc. Announces Fourth Quarter and Fiscal 2024 Results and 2025 Annual Meeting Date

Source: GlobeNewswire (MIL-OSI)

OTTAWA, Ill., Feb. 07, 2025 (GLOBE NEWSWIRE) — Ottawa Bancorp, Inc. (the “Company”) (OTCQX: OTTW), the holding company for OSB Community Bank (the “Bank”), announced net income of $0.5 million, or $0.21 per basic and diluted common share, for the three months ended December 31, 2024, compared to net income of $0.2 million, or $0.08 per basic and diluted common share, for the three months ended December 31, 2023. For the twelve months ended December 31, 2024, the Company announced net income of $0.8 million, or $0.31 per basic and diluted common share, compared to net income of $1.7 million, or $0.66 per basic and diluted common share for the twelve months ended December 31, 2023. The loan portfolio, net of allowance, decreased to $301.7 million as of December 31, 2024 from $312.2 million as of December 31, 2023 as originations of $50.6 million were lower than payments and payoffs. Non-performing loans were $4.8 million at both December 31, 2024 and 2023. Due to the decrease in the loan balance, the ratio of non-performing loans to gross loans increased to 1.58% at December 31, 2024 from 1.52% at December 31, 2023.

As announced on May 29, 2024, the Company initiated its sixth stock repurchase program approved by the Board of Directors since the Company completed its second step conversion in 2016. Under the current repurchase plan, as of December 31, 2024, the Company has repurchased a total of 127,332 shares of its common stock at an average price of $13.51 per share.

“During the fourth quarter, we continued to diligently manage our wholesale funding sources in order to take advantage of lower interest rates on the short-end of the yield curve resulting from the Federal Reserve rate cuts that began in the third quarter of 2024,” said Craig M. Hepner, President and Chief Executive Officer. “Although our cost of funds remains elevated, we are pleased with the improvement in our net interest income and net interest margin that we saw in the fourth quarter We continue to focus on organic deposit growth in order to reduce our dependency on wholesale funding and lower overall interest expense. Although we did see a slight increase in mortgage origination activity in the fourth quarter, elevated interest rates on the longer end of the curve have kept mortgage rates at higher levels. This combined with the scarcity of existing home inventory in our primary markets has resulted in a suppressed level of mortgage banking activity throughout 2024. Although we did see a reduction in our overall loan portfolio during 2024, our asset quality has remained strong, and we are optimistic about our lending opportunities in 2025.”

Mr. Hepner continued, “I am very pleased that in December we were able to successfully complete the stock repurchase plan announced earlier in the year. Through the stock repurchase plan and the payment of cash dividends, the Company returned over $2.8 million to our shareholders in 2024. The Board remains committed to serving as a source of liquidity to our shareholders and executing strategies to maximize overall shareholder value.”

Comparison of Results of Operations for the Three Months Ended December 31, 2024 and December 31, 2023

Net income for the three months ended December 31, 2024 was $0.5 million compared to $0.2 million for the three months ended December 31, 2023. Total interest and dividend income was $4.3 million for the three months ended December 31, 2024 compared to $3.9 million for the three months ended December 31, 2023 due to an increase in the average yield on interest-earning assets. The yield on interest-earning assets increased by 0.54% to 5.15%. Interest expense was $1.9 million for the three months ended December 31, 2024 compared to $1.6 million for the three months ended December 31, 2023 as our average cost of funds increased to 2.42% from 2.09%, with the majority of that increase resulting from the higher interest rate environment. Net interest income after provision for loan losses increased by $0.2 million to $2.5 million for the three months ended December 31, 2024 as compared to $2.3 million for the three months ended December 31, 2023. Total other income increased to $0.4 million for the three months ended December 31, 2024 from $0.3 million for the three months ended December 31, 2023. The origination of mortgage servicing rights, net of amortization, was approximately $40,000 higher due to a favorable adjustment to the value of the servicing portfolio during the fourth quarter of 2024. In addition, mortgage activity increased during the quarter resulting in an increase in gain on sale of loans as well as loan origination and servicing income. Total other expenses were $2.2 million for the three months ended December 31, 2024 compared to $2.3 million for the three months ended December 31, 2023.

During the third quarter of 2022, a multi-loan commercial relationship with outstanding balances totaling approximately $2.2 million was identified as being impaired, meaning that it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreements. Based on our initial analysis, a specific reserve of approximately $1.0 million was initially established for this relationship. After additional adjustments during the fourth quarter of 2022 which included some charge-offs and additional reserve requirements, this relationship as of December 31, 2022 had balances of $1.3 million with a specific reserve of $0.6 million. During 2023, we charged off $0.4 million against the reserve, the borrower paid off two loans, and the one additional loan in the relationship was downgraded to non-performing. There was no payment activity in 2024 although management continues to work to resolve the matter. The relationship as of December 31, 2024 has balances of approximately $0.7 million with a specific allocation of $0.2 million. Based on collateral values, management does not believe additional reserves are required.

The Company recorded a recovery of approximately $64 thousand for the three months ended December 31, 2024 to decrease the Allowance for Credit Losses (ACL) position. During the three months ended December 31, 2023, there was a recovery of approximately $45 thousand. The ACL on loans was $4.3 million, or 1.41% of total gross loans, at December 31, 2024 compared to $4.4 million, or 1.38% of gross loans, at December 31, 2023. Net recoveries during the fourth quarter of 2024 were approximately $40 thousand compared to net recoveries of approximately $17 thousand during the fourth quarter of 2023. The current period adjustment to the ACL is the result of the quarterly calculation of Current Expected Credit Losses (CECL). Although the required reserves on non-performing loans as of December 31, 2024 were higher than the required reserves as of December 31, 2023, the overall ACL position was lower due to the decrease in the size of the loan portfolio. Additionally, the workout of the troubled relationship identified in the third quarter of 2022 discussed above is progressing as planned.

The Company recorded income tax expense of $0.2 million for the three-month period ended December 31, 2024 as compared to $0.1 million for the three months ended December 31, 2023 as pre-tax income during the three months ended December 31, 2024 was higher as compared to pre-tax income in the three months ended December 31, 2023.

Comparison of Results of Operations for the Twelve Months Ended December 31, 2024 and December 31, 2023

Net income was $0.8 million for the twelve months ended December 31, 2024 compared to $1.7 million for the twelve months ended December 31, 2023. Total interest and dividend income was $16.2 million for the twelve months ended December 31, 2024 compared to $15.2 million for the twelve months ended December 31, 2023. Although earning assets decreased by $6.5 million, the average yield on interest-earning assets improved to 4.87% from 4.47% due primarily to the higher interest rate environment. Interest expense for the twelve months ended December 31, 2024 was $1.5 million higher due to the repricing of certificates of deposit and a shift in the deposit mix to higher costing term products. As a result, our cost of funds increased to 2.36% from 1.82%. Due to the increase in interest expense, net interest income for the twelve months ended December 31, 2024 decreased to $8.9 million as compared to $9.4 million for the twelve months ended December 31, 2023. Total other income decreased by $0.1 million during the twelve months ended December 31, 2024 to $1.2 million due primarily to the decline in value of the mortgage servicing rights portfolio. Other expenses were $0.6 million higher, increasing to $9.2 million for the twelve months ended December 31, 2024 as compared to $8.6 million for the twelve months ended December 31, 2023. The increase was due primarily to the net realized loss of $0.6 million on the restructuring of the investment portfolio during the second quarter of 2024. During the second quarter of 2024, the Company executed a balance sheet management strategy designed to re-position the investment portfolio, generate additional liquidity and improve net interest income on a go-forward basis. Twenty-one investment securities were sold generating about $4 million of cash and a realized loss of $0.6 million. Proceeds were utilized to purchase more favorable investment securities and pay down higher cost wholesale funding.

The Company recorded a recovery of $150 thousand for the twelve-month period ended December 31, 2024 to decrease the ACL position. This compares to a recovery of $250 thousand for the twelve-month period ended December 31, 2023. Net recoveries during the twelve months ended December 31, 2024 were approximately $40 thousand compared to net charge-offs of approximately $212 thousand during the twelve months ended December 31, 2023. The current period adjustment to the ACL is the result of the quarterly calculation of CECL which was adopted as of January 1, 2023.

We recorded income tax expense of approximately $0.3 million for the twelve months ended December 31, 2024 compared to $0.7 million for the twelve months ended December 31, 2023. This decrease is due primarily to lower pre-tax earnings in 2024 as compared to 2023.

Comparison of Financial Condition at December 31, 2024 and December 31, 2023

Total consolidated assets as of December 31, 2024 were $353.7 million, a decrease of $10.2 million, or 2.8%, from $363.9 million at December 31, 2023. The decrease was due primarily to a decrease of $10.4 million in the net loan portfolio, a decrease of $2.2 million in the cash value of life insurance, $0.2 million in deferred tax assets, a decrease of $0.9 million in cash and cash equivalents and a decrease of $2.0 million in the securities available for sale. These decreases were partially offset by an increase in federal funds sold of $4.5 million, an increase in loans held for sale of $0.2 million, an increase in other assets of $0.3 million and an increase of $0.4 million in accrued interest receivable.

Cash and cash equivalents decreased $0.9 million, or 6.6%, to $12.5 million at December 31, 2024 from $13.4 million at December 31, 2023. The decrease in cash and cash equivalents was primarily the result of cash used in financing activities of $9.8 million exceeding cash provided by investing activities of $7.5 million and cash provided by operating activities of $1.4 million.

Securities available for sale decreased $2.0 million, or 10.4%, to $16.8 million at December 31, 2024 from $18.8 million at December 31, 2023, due to calls, payments and maturities exceeding purchase activity.

Net loans decreased $10.5 million, or 3.3%, to $301.7 million at December 31, 2024 compared to $312.2 million at December 31, 2023 primarily due to a decrease of $6.3 million in one-to-four family loans, a decrease of $5.3 million in non-residential real estate loans, a decrease of $1.4 million in commercial loans and a decrease of $2.7 million in consumer loans. These decreases were partially offset by an increase of $5.5 million in multi-family loans. The allowance for credit losses on loans increased by $95 thousand from December 31, 2023 to December 31, 2024.

Total deposits increased $1.8 million, or 0.7%, to $282.9 million at December 31, 2024 from $281.1 million at December 31, 2023. During the twelve months ended December 31, 2024, certificates of deposit increased by $6.8 million, money market accounts increased by $1.4 million. and savings accounts increased by $1.1 million. Offsetting these increases slightly, interest-bearing checking accounts decreased by $6.3 million, and non-interest-bearing checking accounts decreased by $1.2 million.

FHLB advances decreased $8.5 million, or 27.6%, to $22.3 million at December 31, 2024 compared to $30.8 million at December 31, 2023.

Stockholders’ equity decreased $1.4 million, or 3.5%, to $40.2 million at December 31, 2024 from $41.6 million at December 31, 2023. The decrease reflects $1.7 million used to repurchase and retire 127,332 outstanding shares of Company common stock and $1.1 million in cash dividends. These decreases were partially offset by a $0.2 million increase in other comprehensive income due to an increase in fair value of securities available for sale, net income of $0.8 million for the twelve months ended December 31, 2024 and other increases of $0.5 million.

Date of 2025 Annual Meeting of Shareholders

The Company also announced today that the Company’s annual meeting of shareholders will be held on Wednesday, May 21, 2025.

About Ottawa Bancorp, Inc.

Ottawa Bancorp, Inc. is the holding company for OSB Community Bank which provides various financial services to individual and corporate customers in the United States. The Bank offers various deposit accounts, including checking, money market, regular savings, club savings, certificates of deposit, and various retirement accounts. Its loan portfolio includes one-to-four family residential mortgage, multi-family and non-residential real estate, commercial, and construction loans as well as auto loans and home equity lines of credit. OSB Community Bank was founded in 1871 and is headquartered in Ottawa, Illinois. For more information about the Company and the Bank, please visit www.myosb.bank.

Cautionary Statement Regarding Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the federal securities laws. Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements, identified by words such as “will,” “expected,” “believe,” and “prospects,” involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends and changes in interest rates, increased competition, changes in consumer demand for financial services, the possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, market disruptions, our ability to pay future dividends and if so at what level, our ability to receive any required regulatory approval or non-objection for the payment of dividends from the Bank to the Company or from the Company to stockholders, and our efforts to maximize stockholder value, including our ability to execute any capital management strategies, such as the repurchase of shares of the Company’s common stock, and our ability to execute any controlled growth and balance sheet strategies designed to lower the cost of funds and enhance earnings and liquidity. Ottawa Bancorp, Inc. undertakes no obligation to release revisions to these forward-looking statements publicly to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required to be reported under applicable law.

Ottawa Bancorp, Inc. & Subsidiary
Consolidated Balance Sheets
December 31, 2024 and December 31, 2023
(Unaudited)
	December 31,			December 31,
		2024			2023
Assets
Cash and due from banks	$	9,863,824		$	3,511,709
Interest bearing deposits		2,651,481			9,884,710
Total cash and cash equivalents		12,515,305			13,396,419

Federal funds sold		4,493,000			–
Securities available for sale		16,821,297			18,781,463
Loans, net of allowance for credit losses of $4,276,409 and $4,370,934
at December 31, 2024 and December 31, 2023, respectively		301,741,977			312,181,918
Loans held for sale		232,000			–
Premises and equipment, net		6,005,515			5,998,742
Accrued interest receivable		2,108,565			1,700,911
Deferred tax assets		2,553,346			2,799,503
Cash value of life insurance		528,129			2,717,888
Goodwill		649,869			649,869
Core deposit intangible		–			31,909
Other assets		6,002,358			5,659,196
Total assets	$	353,651,361		$	363,917,818

Liabilities
Deposits:
Non-interest bearing	$	22,663,274		$	23,839,628
Interest bearing		260,276,358			257,246,330
Total deposits		282,939,632			281,085,958
Accrued interest payable		853,122			320,238
FHLB advances		22,250,000			30,750,000
Fed funds purchased		–			2,235,000
Long term debt		1,380,988			1,700,000
Allowance for credit losses on off-balance sheet credit exposures		79,199			94,136
Other liabilities		4,365,113			4,400,892
Total liabilities		311,868,054			320,586,224
Commitments and contingencies
ESOP Repurchase Obligation		1,583,522			1,691,975
Stockholders’ Equity
Common stock, $.01 par value, 12,000,000 shares authorized; 2,419,911 and
2,552,971 shares issued at December 31, 2024 and December 31, 2023, respectively		24,199			25,529
Additional paid-in-capital		22,898,558			24,738,476
Retained earnings		21,503,222			21,798,054
Unallocated ESOP shares		(358,737	)		(682,192	)
Unallocated management recognition plan shares		(70,193	)		(103,417	)
Accumulated other comprehensive loss		(2,213,742	)		(2,444,856	)
		41,783,307			43,331,594
Less:
ESOP Owned Shares		(1,583,522	)		(1,691,975	)
Total stockholders’ equity		40,199,785			41,639,619
Total liabilities and stockholders’ equity	$	353,651,361		$	363,917,818

Ottawa Bancorp, Inc. & Subsidiary
Consolidated Statements of Operations
Three and Twelve Months Ended December 31, 2024 and 2023
(Unaudited)
	Three Months Ended						Twelve Months Ended
	December 31,						December 31,
		2024			2023			2024			2023
Interest and dividend income:
Interest and fees on loans	$	4,001,163		$	3,691,951		$	15,222,823		$	14,465,536
Securities:
Residential mortgage-backed and related securities		108,121			81,518			372,829			318,790
State and municipal securities		17,580			22,800			73,086			90,442
Dividends on non-marketable equity securities		36,900			34,243			131,615			87,416
Interest-bearing deposits		128,745			62,487			414,524			192,300
Total interest and dividend income		4,292,509			3,892,999			16,214,877			15,154,484
Interest expense:
Deposits		1,672,535			1,435,829			6,424,177			5,124,170
Borrowings		206,874			205,773			858,772			629,246
Total interest expense		1,879,409			1,641,602			7,282,949			5,753,416
Net interest income		2,413,100			2,251,397			8,931,928			9,401,068
Provision for (recovery of) credit losses – loans		(66,414	)		(34,565	)		(134,826	)		(193,138	)
Provision for (recovery of) credit losses – off-balance sheet credit exposures		1,942			(10,890	)		(14,937	)		(56,503	)
Net interest income after provision for loan losses		2,477,572			2,296,852			9,081,691			9,650,709
Other income:
Gain on sale of loans		57,910			23,174			184,652			119,572
Loan origination and servicing income		159,383			131,283			596,315			564,984
Origination of mortgage servicing rights, net of amortization		52,774			13,501			(87,302	)		70,192
Customer service fees		117,823			137,819			467,832			494,372
Increase in cash surrender value of life insurance		11,671			9,328			51,159			45,863
Gain (Loss) on sale of foreclosed real estate		–			–			–			5,653
Total other income		399,561			315,105			1,212,656			1,300,636
Other expenses:
Salaries and employee benefits		1,189,539			1,172,457			4,728,765			4,711,855
Directors’ fees		45,000			31,500			175,000			166,500
Occupancy		156,952			154,114			622,292			625,463
Deposit insurance premium		48,213			49,865			160,317			147,397
Legal and professional services		87,882			167,954			391,989			452,341
Data processing		310,084			318,507			1,213,852			1,239,742
Loss on sale of securities		–			–			600,408			–
Loan expense		72,208			70,272			305,919			264,536
Other		289,996			345,048			1,020,670			1,017,637
Total other expenses		2,199,874			2,309,717			9,219,212			8,625,471
Income before income tax		677,259			302,240			1,075,135			2,325,874
Income tax expense		181,232			98,557			317,654			657,123
Net income	$	496,027		$	203,683		$	757,481		$	1,668,751
Basic earnings per share	$	0.21		$	0.08		$	0.31		$	0.66
Diluted earnings per share	$	0.21		$	0.08		$	0.31		$	0 66
Dividends per share	$	0.110		$	0.111		$	0.441		$	0.433

Ottawa Bancorp, Inc. & Subsidiary
Selected Financial Data and Ratios
(Unaudited)

	At or for the				At or for the
	Three Months Ended				Twelve Months Ended
	December 31,				December 31,
	2024		2023		2024		2023
Performance Ratios:
Return on average assets (5)	0.56	%	0.23	%	0.21	%	0.46	%
Return on average stockholders’ equity (5)	4.88		1.97		1.85		4.04
Average stockholders’ equity to average assets	11.47		11.49		11.57		11.47
Stockholders’ equity to total assets at end of period	11.37		11.45		11.37		11.45
Net interest rate spread (1) (5)	2.72		2.52		2.52		2.72
Net interest margin (2) (5)	2.90		2.66		2.69		2.86
Other expense to average assets	0.62		0.64		2.61		2.39
Efficiency ratio (3)	78.21		90.02		90.88		80.60
Dividend payout ratio	52.38		138.75		137.08		65.96

	At or for the			At or for the
	Twelve Months Ended			Twelve Months Ended
	December 31,			December 31,
		2024			2023
	(unaudited)
Regulatory Capital Ratios (4):
Total risk-based capital (to risk-weighted assets)		18.17	%		17.86	%
Tier 1 core capital (to risk-weighted assets)		16.92			16.61
Common equity Tier 1 (to risk-weighted assets)		16.92			16.61
Tier 1 leverage (to adjusted total assets)		12.06			12.29
Asset Quality Ratios:
Net charge-offs to average gross loans outstanding		0.01			0.07
Allowance for credit losses on loans to gross loans outstanding		1.41			1.38
Non-performing loans to gross loans (6)		1.58			1.52
Non-performing assets to total assets (6)		1.37			1.32
Other Data:
Book Value per common share	$	16.61		$	16.32
Tangible Book Value per common share (7)	$	16.34		$	16.05
Number of full-service offices		3			3

(1) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of funds on average interest-bearing liabilities.
(2) Represents net interest income as a percent of average interest-earning assets.
(3) Represents total other expenses divided by the sum of net interest income and total other income.
(4) Ratios are for OSB Community Bank.
(5) Annualized.
(6) Non-performing assets consist of non-performing loans, foreclosed real estate and other foreclosed assets. Non-performing loans consist of all loans 90 days or more past due and all loans no longer accruing interest.
(7) Non-GAAP measure. Excludes goodwill and core deposit intangible.

Contact:
Craig Hepner
President and Chief Executive Officer
(815) 366-5437

The MIL Network –

February 8, 2025

MIL-OSI USA: U.S. Senate Passes Resolution to Remember the Victims of DCA Plane Crash

US Senate News:

Source: United States Senator for Kansas – Jerry Moran

WASHINGTON – Today, the U.S. Senate passed a resolution introduced by U.S. Senators Jerry Moran (R-Kan.), Roger Marshall, M.D. (R-Kan.), Mark Warner (D-Va.) and Tim Kaine (D-Va.) to honor and remember the victims of the collision between American Airlines Flight 5342 and U.S. Army Aviation Brigade Priority Air Transport 25 on January 29, 2025, near Ronald Reagan Washington National Airport (DCA).

The resolution reads:

“The tragic collision resulted in the loss of 67 lives, including passengers, airline personnel, and members of the Armed Forces from Kansas, Virginia, North Carolina, Connecticut, Delaware, Georgia, Indiana, Maryland, Massachusetts, Mississippi, New York, Ohio, Rhode Island, South Carolina, Tennessee, and several countries.

“The nation, and the world mourn the loss of those on board and recognize the profound impact this tragedy has on the families, friends, and colleagues of the victims.

“Be it resolved, that the Senate commemorates the 67 lives lost in the tragic collision of American Airlines Flight 5342 and United States Army Aviation Brigade Priority Air Transport 25 on January 29, 2025; offers heartfelt condolences to the families, loved ones, and friends of the victims; and expresses gratitude to the brave law enforcement and emergency medical personnel who responded to the collision.”

The senators spoke on the Senate floor to recognize the victims of the crash. Their remarks can be found here. Read the full text of the resolution here.

The senators were joined by Sens. Ted Cruz (R-Texas), Maria Cantwell (D-Wash.), Tammy Duckworth (D-Ill.), Ted Budd (R-N.C.), Thom Tillis (R-N.C.), Kirsten Gillibrand (D-N.Y.), Ed Markey (D-Mass.), Lisa Blunt Rochester (D-Del.), Marsha Blackburn (R-Tenn.), Chris Van Hollen (D-Md.), Angela Alsobrooks (D-Md.), Chuck Schumer (D-N.Y.), Todd Young (R-Ind.), Cindy Hyde-Smith (R-Miss.), Sheldon Whitehouse (D-R.I.), Jack Reed (D-R.I.), Chris Coons (D-Del.), Bernie Moreno (R-Ohio), Roger Wicker (R-Miss.), Elizabeth Warren (D-Mass.), Tim Scott (R-S.C.), Richard Blumenthal (D-Conn.), Raphael Warnock (D-Ga.), Bill Hagerty (R-Tenn.), Jim Banks (R-Ind.), Lisa Murkowski (R-Alaska), John Thune (R-S.D.) and Jon Husted (R-Ohio).

MIL OSI USA News –

February 8, 2025
MIL-OSI Economics: ECB publishes consolidated banking data for end-September 2024
Source: European Central Bank

7 February 2025

Chart 1

Total assets of credit institutions headquartered in the EU

(EUR billions)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate of total assets of credit institutions headquartered in the EU

Chart 2

Non-performing loans ratio of credit institutions headquartered in the EU

(EUR billions; percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate non-performing loans ratio of credit institutions headquartered in the EU

Chart 3

Return on equity of credit institutions headquartered in the EU in September 2024

(percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate return on equity of credit institutions headquartered in the EU

Chart 4

Common Equity Tier 1 ratio of credit institutions headquartered in the EU in September 2024

(percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate Common Equity Tier 1 ratio of credit institutions headquartered in the EU

The European Central Bank (ECB) has published consolidated banking data as at end-September 2024, a dataset for the EU banking system compiled on a group consolidated basis.

The quarterly data provide information required to analyse the EU banking sector and comprise a subset of the information that is available in the year-end dataset. The September 2024 data cover 344 banking groups and 2349 stand-alone credit institutions and non-EU controlled subsidiaries and branches operating in the EU, accounting for nearly 100% of the EU banking sector’s balance sheet. They include an extensive range of indicators on profitability and efficiency, balance sheet composition, liquidity and funding, asset quality, asset encumbrance, capital adequacy and solvency.

Reporters generally apply International Financial Reporting Standards and the European Banking Authority’s Implementing Technical Standards on Supervisory Reporting. However, some small and medium-sized reporters may apply national accounting standards. Accordingly, aggregates and indicators may include some data that are based on national accounting standards, depending on the availability of the underlying items.

In addition to data as of end-September 2024, the published figures also include a few revisions to past data.

For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

Notes
- These consolidated banking data are available in the ECB Data Portal.
- More information about the methodology used to compile the data is available on the ECB’s website.
- Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions.
MIL OSI Economics –
February 8, 2025
MIL-OSI Asia-Pac: National Inaugural Event to Celebrate 75th Anniversary of the National Sample Survey (NSS) Vigyan Bhawan, New Delhi – 7th February 2025

Source: Government of India (2)

Posted On: 07 FEB 2025 8:03PM by PIB Delhi

The Ministry of Statistics and Programme Implementation (MoSPI), Government of India celebrated the 75^th anniversary of the National Sample Surveys (NSS) with a special event at Vigyan Bhawan, New Delhi, on 7^th February 2025. This milestone marks the start of a series of initiatives across the country, aimed at highlighting the vital role NSS data plays in evidence-based policymaking, raising awareness about the importance of data for nation-building, and engaging stakeholders from all walks of life.

The event started with welcome address by Smt. Geeta Singh Rathore, Director General (NSS), followed by testimonials from eminent personalities, Dr. C. Rangarajan, Former RBI Governor, Dr. Rajiv Laxman Karandikar, National Statistical Commission (NSC) Chairman and Dr. S.P. Mukherji, Centenary Professor, University of Calcutta. A documentary was presented, highlighting the journey of NSS surveys over the past 75 years and its evolution.

The event was inaugurated by Rao Inderjit Singh, Hon’ble MoS for Statistics & PI. In his inaugural speech, Hon’ble Minister, highlighted how crucial NSS has been in shaping India’s development through data-driven policymaking. He pointed out how NSS surveys have influenced key areas like employment, consumption, health, and education, driving critical policy decisions. He emphasized the government’s ongoing commitment to advancing NSS, integrating new technologies, and ensuring it remains relevant in the years to come. The Minister also called for more innovation and collaboration within the statistical system for more inclusive, data-driven policy formulation.

Shri Amitabh Kant, India’s G20 Sherpa, delivered an inspiring keynote address on celebrating NSS’s 75 years of impact on India’s growth. He emphasized the importance of data in driving informed policymaking and national progress. Shri Kant highlighted how NSS data has shaped India’s economic and social policies and called for continued innovation in the statistical field to keep data a powerful tool for growth, inclusivity, and competitiveness. He urged that innovation and adoption of new technologies will make India globally more relevant.

In the opening remarks, Dr. Saurabh Garg, Secretary of MoSPI congratulated NSS for its role in providing the reliable data that drives India’s policymaking. He recognized the National Statistical Office (NSO) for its tireless efforts in improving data access and reducing delays in survey results. Dr. Garg highlighted the major initiatives of NSO, MoSPI, like generating monthly labour market indicators from PLFS and incorporating provision for providing data at district level. Also initiative of short duration surveys for catering the specific needs of various stakeholders was also emphasized.

During the event, the Hon’ble Minister unveiled two Diamond Jubilee publications on the Journey of NSS 75 Years for Household/Enterprise Surveys. These publications highlight the evolution of survey methodologies and are invaluable resources for researchers, policymakers, and academics. The event also recognized outstanding performers from the National Statistics Office (NSO) with the Karmayogi awards. A Nukkad Natak performed by the NSS team has given the glimpses of field work for NSS surveys

After the inaugural session, the event featured expert-led discussions on two important topics. The first panel, titled “Future Ready Indian Statistical System for Viksit Bharat @ 2047,” was moderated by Dr. Dalip Singh, ADG, ESD, MoSPI with panelists: Prof. Chetan Ghate, Director, Institute of Economic Growth (IEG), Dr. Shalabh, Professor, Department of Mathematics and Statistics, IIT Kanpur, Ms. Aditi Chaubal, Associate Professor, IIT Bombay and Mr. Marcin Piatkowski, Program leader, Prosperity, The World Bank. The discussion tackled key issues like data gaps, the role of AI and Machine Learning in surveys, real-time data generation, and the need for stronger public-private sector partnerships. From the discussion it is emerged that NSS should adopt newer technologies in the field of survey and explore alternative data to leverage demographic dividend to achieve the target of Viksit Bharat.

The second discussion, “The Importance of Alternative Data Sources in Shaping Economic Policies,” was moderated by Shri. Praveen Srivastava, Former Secretary & CSI, MoSPI with panelists Ms. Debjani Ghosh, Distinguished Fellow, NITI Aayog, Dr. Ashish Kumar, Former DG, MoSPI, Dr. Himanshu, Associate Professor, JNU, Prof. Abhiroop Mukhopadhyay, ISI, Delhi and Dr. Rajesh Shukla, MD&CEO, PRICE. The discussion explored the growing role of alternative data in policymaking and how it can be integrated into India’s national statistical system. The discussion emphasized the importance of creating a centralized architecture to integrate data from various stakeholders. It also highlighted the need to improve engagement with academic institutions and researchers. For better data utilization, the focus was on enhancing the interoperability of different data sources. Additionally, there was a suggestion to enrich the NSS (National Sample Survey) data by calibrating it with alternative data sources.

Around 1200 participants attended the event, including policymakers, researchers, officers from State DES, NSS officers including field officials from across India and representatives from international organizations. The event truly showcased how crucial NSS data is to India’s statistical framework and its role in shaping the nation’s path toward becoming a Viksit Bharat by 2047.

Suggestions and feedback are welcome at nssocpd.coord@mospi.gov.in

****

Samrat/Dheeraj

(Release ID: 2100818) Visitor Counter : 107

MIL OSI Asia Pacific News –

February 8, 2025
MIL-OSI: First Merchants Corporation Announces Cash Dividend

Source: GlobeNewswire (MIL-OSI)

MUNCIE, Ind., Feb. 07, 2025 (GLOBE NEWSWIRE) — First Merchants Corporation declared a cash dividend on February 7, 2025 of $0.35 per share. The dividend is payable on March 21, 2025, to common shareholders of record as of March 7, 2025. For purposes of broker trading, the ex-date of the cash dividend is March 6, 2025.

About First Merchants Corporation:

First Merchants Corporation is a financial holding company headquartered in Muncie, Indiana. The Corporation has one full-service bank charter, First Merchants Bank. The Bank also operates as First Merchants Private Wealth Advisors (as a division of First Merchants Bank).

First Merchants Corporation’s common stock is traded on the NASDAQ Global Select Market System under the symbol FRME. Quotations are carried in daily newspapers and can be found on the company’s Internet web page (http://www.firstmerchants.com).

FIRST MERCHANTS and the Shield Logo are federally registered trademarks of First Merchants Corporation.

For more information, contact:
Nicole M. Weaver, First Vice President and Director of Corporate Administration
765-521-7619
http://www.firstmerchants.com

The MIL Network –

February 8, 2025
MIL-OSI Europe: Briefing – Future of EU long-term financing: Post-2027 needs and how to finance them – 07-02-2025

Source: European Parliament

The adoption of the next multiannual financial framework (MFF) for the period from 2028 will be one of the second von der Leyen Commission’s defining projects. Striking a delicate balance between the EU’s growing financial needs and many Member States’ reluctance to shoulder higher payments to the EU has always been a challenging task. However, never before have the EU’s many financial needs been greater – and, at the same time, Member States’ budgets are under heavy constraints. On the expenditure side, several costly projects are on the horizon. The EU’s next long-term budget will have to finance the principal repayment of Next Generation EU (NGEU) grants from 2028 onwards, as well as borrowing costs that are higher than originally planned owing to a rise in interest rates. Other major expenditure items will include further financial support for Ukraine in its defence against Russia’s war of aggression and the subsequent contribution to recovery and reconstruction, the need to enhance the EU’s defence, security and preparedness, and the cost of EU enlargement. In addition, the EU must continue to invest in high-growth projects and its green and digital transformation in order to remain competitive, as recently underlined by the former president of the European Central Bank, Mario Draghi, in his high-level report on competitiveness. To finance the repayment of the NGEU debt, the European Parliament, the Council and the European Commission have agreed to introduce new own resources. However, although the Commission presented a proposal, approved by Parliament, no significant progress has so far been made on new own resources in the Council. Some Member States consider increased gross national income-based own resources as a simpler and fairer solution, which they want to combine with savings in existing areas as a way to balance the budget. Parliament has started shaping its position for the forthcoming debate on the next MFF with a draft initiative report, ‘A revamped long-term budget for the Union in a changing world’, presented by co-rapporteurs Siegfried Mureșan (EPP, Romania) and Carla Tavares (S&D, Portugal).

MIL OSI Europe News –

February 8, 2025
MIL-OSI Europe: Written question – Former Commissioner Thierry Breton – E-000363/2025
Source: European Parliament
Question for written answer E-000363/2025
to the Commission
Rule 144
Fabio De Masi (NI)

1.On what grounds was former Commissioner Thierry Breton given the green light to join Bank of America’s advisory council?

2.Did this role come with remuneration attached? If so, how much?

Submitted: 28.1.2025
Last updated: 7 February 2025
MIL OSI Europe News –
February 8, 2025
MIL-OSI Europe: Written question – Israel’s destruction of water facilities financed by European taxpayers – E-000365/2025
Source: European Parliament

Question for written answer E-000365/2025
to the Commission
Rule 144
Rima Hassan (The Left), Anthony Smith (The Left), Catarina Vieira (Verts/ALE), Manon Aubry (The Left), Tineke Strik (Verts/ALE), Mounir Satouri (Verts/ALE), Krzysztof Śmiszek (S&D), Villy Søvndal (Verts/ALE), Marco Tarquinio (S&D), Irena Joveva (Renew), Marina Mesure (The Left), Ana Miranda Paz (Verts/ALE), Vicent Marzà Ibáñez (Verts/ALE), Merja Kyllönen (The Left), Per Clausen (The Left), Catarina Martins (The Left), Marc Botenga (The Left), Rudi Kennes (The Left), Saskia Bricmont (Verts/ALE), Leila Chaibi (The Left), Ilaria Salis (The Left), Giorgos Georgiou (The Left), Emma Fourreau (The Left), Jonas Sjöstedt (The Left), Hanna Gedin (The Left)

Since October 2023 and the start of the Israeli Government’s military offensive in Gaza, Palestinian civilians have faced one of the worst humanitarian crises of this century. Oxfam’s latest report, Water War Crimes, highlights the fact that Israel’s restrictions on water, fuel and sanitation supplies have resulted in a 94 % reduction in available water, far below emergency standards.

By June 2024, Israeli bombardments and restrictions had devastated Gaza’s water and sanitation systems. Water production decreased by 84 %, all desalination plants were destroyed, 100 % of water warehouses and wastewater treatment plants were rendered non-functional, and over a million people now face severe water scarcity in overcrowded shelters.

Given that much of this infrastructure is directly or indirectly funded by the European Union, the Commission is urged to address the following pressing questions:
- 1.How is the Commission monitoring and calculating the level of EU funding lost as a result of Israel’s operations in Gaza and the West Bank?
- 2.Will the Commission hold Israel accountable for the destruction of water facilities funded by European taxpayers?
- 3.In the absence of compensation or reparation, does the Commission plan to impose sanctions?
Submitted: 28.1.2025
MIL OSI Europe News –
February 8, 2025
MIL-OSI Europe: ECB publishes consolidated banking data for end-September 2024
Source: European Central Bank

7 February 2025

Chart 1

Total assets of credit institutions headquartered in the EU

(EUR billions)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate of total assets of credit institutions headquartered in the EU

Chart 2

Non-performing loans ratio of credit institutions headquartered in the EU

(EUR billions; percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate non-performing loans ratio of credit institutions headquartered in the EU

Chart 3

Return on equity of credit institutions headquartered in the EU in September 2024

(percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate return on equity of credit institutions headquartered in the EU

Chart 4

Common Equity Tier 1 ratio of credit institutions headquartered in the EU in September 2024

(percentages)

Source: ECB

Note: Data for all reference periods relate to the EU27.

Data on the aggregate Common Equity Tier 1 ratio of credit institutions headquartered in the EU

The European Central Bank (ECB) has published consolidated banking data as at end-September 2024, a dataset for the EU banking system compiled on a group consolidated basis.

The quarterly data provide information required to analyse the EU banking sector and comprise a subset of the information that is available in the year-end dataset. The September 2024 data cover 344 banking groups and 2349 stand-alone credit institutions and non-EU controlled subsidiaries and branches operating in the EU, accounting for nearly 100% of the EU banking sector’s balance sheet. They include an extensive range of indicators on profitability and efficiency, balance sheet composition, liquidity and funding, asset quality, asset encumbrance, capital adequacy and solvency.

Reporters generally apply International Financial Reporting Standards and the European Banking Authority’s Implementing Technical Standards on Supervisory Reporting. However, some small and medium-sized reporters may apply national accounting standards. Accordingly, aggregates and indicators may include some data that are based on national accounting standards, depending on the availability of the underlying items.

In addition to data as of end-September 2024, the published figures also include a few revisions to past data.

For media queries, please contact Nicos Keranis, tel.: +49 69 1344 7806

Notes
- These consolidated banking data are available in the ECB Data Portal.
- More information about the methodology used to compile the data is available on the ECB’s website.
- Hyperlinks in the main body of the press release lead to data that may change with subsequent releases as a result of revisions.
MIL OSI Europe News –
February 8, 2025
MIL-OSI USA: Tillis, Kelly Introduce Bipartisan Legislation to Increase Access to Non-Opioid Treatments
US Senate News:
Source: United States Senator for North Carolina Thom Tillis

WASHINGTON, D.C. – This week, Senators Thom Tillis (R-NC) and Mark Kelly (D-AZ) led the introduction of the Alternatives to Prevent Addiction in the Nation (Alternatives to PAIN) Act, bipartisan legislation that would provide greater access to non-opioid treatments for pain management for seniors.

“The opioid crisis continues to wreak havoc on families and communities across the country, including in North Carolina,” said Senator Tillis. “This bipartisan, pragmatic legislation will help prevent opioid addiction before it starts by leveling the playing field for non-opioid alternatives, ensuring seniors have uninterrupted access to non-opioid, non-addictive alternatives.”

“Arizona seniors managing pain deserve real choices—not a system that steers them toward addictive opioids just because they’re the cheaper option,” said Senator Kelly. “By expanding affordable access to safer, non-opioid treatments, we’re helping prevent addiction and giving seniors better options for attending their health.”

“One way to prevent opioid addiction is by avoiding unnecessary exposure to prescription opioids,” said Chris Fox, Executive Director, Voices for Non–Opioid Choices. “To do so, providers and patients must have easy and equal access to non-opioid pain management options. Unfortunately, non-opioid approaches are all-too-often out of reach for many Americans due institutional preferences and economic incentives that lead to our reliance on opioids to treat pain. This results in millions of Americans developing a new, long-term opioid use pattern every year. The Alternatives to Prevent Addiction in the Nation (“Alternatives to PAIN”) Act would ensure that non-opioid approaches are just as easily accessible as other medications. The legislation will go a long way towards ensuring that all Americans in all settings can access such approaches. It is a much needed step towards preventing opioid addiction in America and Voices for Non-Opioid Choices proudly supports and urges enactment of this critical legislation.”

Background:

The Alternatives to Prevent Addiction in the Nation (Alternatives to PAIN) Act is cosponsored by Senators Shelley Moore Capito (R-WV), Tim Kaine (D-VA), Katie Britt (R-AL), Jeanne Shaheen (D-NH), Ted Budd (R-NC), Chris Coons (D-DE), John Cornyn (R-TX), Cory Booker (D-NJ), Jerry Moran (R-KS), Michael Bennet (D-CO), Jim Banks (R-IN), Alex Padilla (D-CA), Steve Daines (R-MT), and Mark Warner (D-VA).

The United States is facing a public health crisis caused by prescription drug addiction. Unfortunately, our country’s seniors are not immune to the worsening opioid epidemic. In 2021, 1.1 million seniors were diagnosed with an opioid use disorder, and 50,000 seniors experienced an opioid overdose-from prescription opioids, illicit opioids, or both. Tragically, the number of Americans aged 65 and older who died as the result of a natural or semisynthetic opioid overdose increased 63 percent between 2012 and 2020.

Now, more than ever, we must prevent unnecessary opioids from becoming prevalent in medicine cabinets, homes, and communities. We can do this by increasing the use of non-opioids for pain management. Non-opioid treatments and therapies can be successful in replacing, delaying, or reducing the use of opioids which is why we believe it is necessary for Congress to advance policies that give practitioners and patients more access to these non-addictive treatments.

The opioid epidemic is estimated to cost U.S. taxpayers $1.5 trillion every year. Too often, cost considerations incentivize Medicare Part D sponsors to employ utilization management practices intended to steer patients towards lowest cost options, which typically end up being generic opioids. This has resulted in opioid prescribing in Medicare Part D increasing over the past decade. In fact, Medicare Part D’s share of overall opioid prescriptions dispensed in the United States has increased 75 percent just since 2011. With several new opioid alternatives in the pipeline and others currently on the market, it is essential we encourage robust access to these therapies for Medicare Part D beneficiaries.

This bipartisan legislation would:
- Limit patient cost-sharing for patients receiving non-opioid based pain relief under Medicare Part D plans;
- Prohibit the utilization of step therapy and prior authorization for these drugs; and
- Encourage the continued dialogue between patients and their healthcare professionals about preferences in pain management choices.
This legislation builds on the Non-Opioids Prevent Addiction in the Nation (NO PAIN) Act, legislation supported by Senator Tillis that was signed into law in December 2022. The NO PAIN Act directed the Centers for Medicare & Medicaid Services (CMS) to provide separate Medicare reimbursement for non-opioid treatments used to manage pain in both the hospital outpatient department (HOPD) and the ambulatory surgery center (ASC) settings. Prior to the NO PAIN Act being signed into law, hospitals received the same payment from Medicare regardless of whether a physician prescribed an opioid or a non-opioid. As a result, hospitals relied on opioids, which are typically dispensed by a pharmacy after discharge at little or no cost to the hospital.

The Alternatives to Prevent Addiction in the Nation (Alternatives to PAIN) Act is supported by the following organizations: Voices for Non-Opioid Choices, Ambulatory Surgery Center Association, American Addiction Recovery Coalition, American Association of Oral and Maxillofacial Surgeons, American Psychological Association Services, Asheville Equine Therapy, A Better Life-Brianna’s Hope, A Voice in the Wilderness Empowerment Center, Blue Water Recovery & Outreach Center, CA Black Health Network, Center of Addiction & Faith, Chatham Drug Free, Clean Living Exceptional Alternative Recovery Residences (CLEARR), Danny’s Ride, Dove Recovery Center for Women, Elderly Advocates, Families of Addicts, Freedom Through Recovery, Georgia for Recovery, Hawaii Health and Harm Reduction Center, Healing On The Fly Inc, Hear Alex’s Story, Hep Free Hawaii, Hernando Community Coalition, Herren Project, Holistic Homes for Us, Hope Haven, Inclusive Recovery, InStep Indy, Iron Tribe Network, Jake’s Reach, Journey House Foundation, LITE Recovery Café, Lifeboat Addiction Services, Medicare Rights Center, Mental Health America, Mental Health America of Illinois, Metro Drug Coalition, Michigan Women Veterans Empowerment, National Association of Social Workers, National Certification Commission for Acupuncture and Oriental Medicine, National Hispanic Medical Association, National Rural Health Association, National Safety Council, National Transitions of Care Coalition, Operation First Response, Inc, Operation PAR, Overdose Lifeline, Parrott Creek Child and Family Services, Partnership for A Healthy Iowa, Partnership to End Addiction, Pennsylvania Mental Health Consumers Association, Pledge for Life Partnership, Positive Action Against Chemical Addiction, Inc. (PAACA), Prevention Action Alliance, Prevention Alliance of Tennessee, Psychophysiologic Disorders Association, PTSD Awareness Summit, REAL LIFE, Recovery Café- Ft. Wayne, Recovery Café- Muncie, Recovery Mobile Clinic, RetireSafe, Safe Haven Recovery Engagement Center, Salvage USA, Shatterproof, She Recovers Foundation, Sobar, Society for Opioid-Free Anesthesia, Society of Behavioral Medicine, South End – Roxbury Community Partnership, Stayin Alive 24 Coalition, Team Sharing, Inc., The Battle Within, U.S. VETS, VetPark’s A.T.V., Veterans National Recovery Center, Voices For Awareness, Warren Coalition, Warrior Path Home, West Warwick Prevention Coalition, Will Bright Foundation, Wyoming Valley Drug & Alcohol Services, and Young People in Recovery.

Full text of the legislation is available HERE.

Additional statements of support are available HERE.
MIL OSI USA News –
February 8, 2025
MIL-OSI USA: Grassley, Cruz Introduce Constitutional Amendment to Prevent Court Packing

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) joined Judiciary Committee member Ted Cruz (R-Texas) in introducing a constitutional amendment to maintain a total of nine Supreme Court justices on the bench at a time. Once approved by Congress, the amendment would go to the states for ratification.

“Democrats’ radical court packing scheme would erase the legitimacy of the Supreme Court and destroy historic precedent. The Court is a co-equal branch of government, and our Keep Nine Amendment will ensure that it remains independent from political pressure,” Grassley said.

“For years, Democrats have openly said they intend to pack the Supreme Court. They seek to use the Court to advance policy goals they can’t accomplish electorally. Such a move would be a direct assault on the design of our Constitution, which is designed to ensure the Supreme Court remains a non-partisan guardian of the rule of law,” Cruz said. “This amendment is a badly-needed check on their efforts to undermine the integrity of the Court.”

Additional cosponsors are Sens. John Cornyn (R-Texas), Mike Lee (R-Utah), Mike Crapo (R-Idaho), Shelley Moore Capito (R-W.Va.), Marsha Blackburn (R-Tenn.), Bill Cassidy (R-La.), Todd Young (R-Ind.), Cindy Hyde-Smith (R-Miss.), Jim Banks (R-Ind.), Jim Risch (R-Idaho), Thom Tillis (R-N.C.), Bill Hagerty (R-Tenn.), Katie Britt (R-Ala.), Tim Sheehy (R-Mont.), Roger Wicker (R-Miss.) and Deb Fischer (R-Neb.).

Read the amendment text HERE.

MIL OSI USA News –

February 8, 2025
MIL-OSI USA: Cassidy, Cruz, Colleagues Introduce Constitutional Amendment to Prevent Democrats from Court Packing the Supreme Court

US Senate News:

Source: United States Senator for Louisiana Bill Cassidy

WASHINGTON – U.S. Senators Bill Cassidy, M.D. (R-LA), Ted Cruz (R-TX), and 16 Republican colleagues introduced a constitutional amendment to maintain a total of nine Supreme Court justices on the bench at a time. Once approved by Congress, the amendment would go to the states for ratification.
“Packing the courts to achieve a preordained outcome is not what our Founding Fathers had in mind. Nine justices has been a good number for 156 years; I’m sure it will be for another 156,” said Dr. Cassidy.
“For years, Democrats have openly said they intend to pack the Supreme Court. They seek to use the Court to advance policy goals they can’t accomplish electorally. Such a move would be a direct assault on the design of our Constitution, which is designed to ensure the Supreme Court remains a non-partisan guardian of the rule of law. This amendment is a badly-needed check on their efforts to undermine the integrity of the Court,” said Senator Cruz.
Cassidy and Cruz are joined by U.S. Senators Chuck Grassley (R-IA), John Cornyn (R-TX), Mike Lee (R-UT), Mike Crapo (R-ID), Shelley Moore Capito (R-WV), Marsha Blackburn (R-TN), Todd Young (R-IN), Cindy Hyde-Smith (R-MS), Jim Banks (R-IN), Jim Risch (R-ID), Thom Tillis (R-NC), Bill Hagerty (R-TN), Katie Britt (R-AL), Tim Sheehy (R-MT), Roger Wicker (R-MS), and Deb Fischer (R-NE) in co-sponsoring the proposed constitutional amendment.

MIL OSI USA News –

February 8, 2025
MIL-OSI United Kingdom: Salford’s positive growth highlighted once again in Manchester Crane Survey
Source: City of Salford
Manchester Crane survey from Deloitte measures the scale of developments and their impact across Manchester and Salford city centres.

Report covers residential, office, hotel, retail and leisure, student accommodation, education and research facilities and healthcare.

Salford growth being driven by residential sector.
The 2025 Manchester Crane Survey, the latest report which records the levels of development taking place across Manchester and Salford has been released. Published on 4 February, the report provides an update on ongoing activity across the construction sector from the past 12 months.

Once again there’s positivity across the sector on both sides of the Irwell, with the report highlighting that “Manchester and Salford continue to demonstrate remarkable resilience in the face of economic headwinds, solidifying their position as a thriving hub in the UK.

“This enduring strength is evident in the cities’ diversified economy, commitment to social equity, and focus on sustainability. While the construction sector faces challenges, Manchester’s skyline remains active with cranes, reflecting ongoing investment in its future.”

Paul Dennett, Salford City Mayor said: “We have clearly highlighted our strategic approach of delivering growth through regeneration and our commitment to promoting inclusive growth through our This is Our Salford Corporate Plan.

“Our goal is focused on providing all Salford residents with the opportunity to benefit from the city’s economic prosperity. A key component to this is rooted in improving the quality, range, and affordability of homes in the city, as well as increasing the number of homes across the city. Appropriate and sustainable residential growth is vital to creating a fairer, greener, healthier, and more inclusive city for all our residents.

These latest figures are positive, showing our approach and commitment in action as we continue to enable residential growth in a key and attractive area of the city.”

Produced by Deloitte, the international professional services company, the annual findings are seen as a key reflection of progress and growth for both cities. It records the volume and impact of development projects taking place across both cities. The focus is on Manchester and Salford city centres, which Deloitte classifies as the area which closely borders Manchester city centre.

The report focuses on four key themes: the resilience of Manchester and Salford’s economy; the commitment to inclusive growth, connecting residents to opportunity; the factors driving its success as a thriving city centre; and its strategic focus on innovation as a catalyst for continued prosperity.

Salford key highlights from the past year with projects either completed or under construction include:
- 100 affordable homes being constructed as part of a housing scheme at Peru Street, with new homes designed to Passivhaus standards
- 250 residential units at Berkeley Square Phase 1
- 376 residential units at Bridgewater Wharf
- 196 residential units at Merchants Wharf
- 178 residential units at The Dye Works
- 160 residential units at Silkbank Wharf
- 433 residential units at CityView Salford (Regent Plaza)
- 189 residential units at The Railings
- 296 residential units at Oldfield Wharf
- 196 residential units at Novella Phase 2
- 96 residential units at Greenhaus
- 250 residential units at Obsidian
- 542 residential units at Waterloo Place
- 300 residential units at The Embankment
- 444 residential units at Bankside
- 156 residential units at Uptown
Plus 175,000sqft of new office space at Four New Bailey – office 175,000sq ft completed 2024 and the new Maldron Hotel Chapel Street with 188 rooms.

The full Manchester Crane Survey can be viewed here

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Date published

Friday 7 February 2025

Press and media enquiries
MIL OSI United Kingdom –
February 8, 2025
MIL-OSI Security: Mexican National Admits To Trafficking Cocaine After Illegally Re-Entering The United States After Multiple Previous Deportations

Source: Office of United States Attorneys

CAMDEN, N.J. – A Mexican national admitted on Tuesday to trafficking cocaine and illegally re-entering the United States after previously sustaining an aggravated felony conviction, Acting U.S. Attorney Vikas Khanna announced.

Anastacio Santiago Chaparro, aka Arnoldo Urquidez, 41 of Mexico pleaded guilty to an indictment charging him with possession with intent to distribute cocaine and illegal reentry by a convicted felon before U.S. District Judge Edward S. Kiel in Camden federal court.

According to documents filed in this case and statements made in court:

On November 6, 2023, Santiago Chaparro was caught by law enforcement transporting a backpack that contained over 10 kilograms of cocaine. Santiago Chaparro admitted that the cocaine was intended for distribution. Additionally, Santiago Chaparro had been deported from the United States to Mexico three times and previously sustained a conviction for being an illegal alien in possession of a firearm, an aggravated felony.

The charge of possession with intent to distribute cocaine carries a maximum penalty of 20 years in prison and a fine of up to $1,000,000. The charge of illegal reentry by a convicted felon carries a maximum penalty of 20 years in prison and a fine of up to $250,000.

Acting U.S. Attorney Khanna credited special agents of Homeland Security Investigations Newark, under the direction of Special Agent in Charge Ricky Patel, and from the Drug Enforcement Administration New York, under the direction of Frank A. Tarentino, with the investigation.

The government is represented by Assistant U.S. Attorney Chana Y. Zuckier of the Bank Integrity, Money Laundering and Recovery Unit in Newark. Sentencing is scheduled for June 9, 2025, at 11:00 a.m.

###

Defense counsel: Victor A. Afanador

MIL Security OSI –

February 8, 2025
MIL-OSI Economics: ICC and Palestine Emerging continue to promote economic opportunity in the Middle East
Source: International Chamber of Commerce

Headline: ICC and Palestine Emerging continue to promote economic opportunity in the Middle East
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A second meeting of the ICC-Palestine Emerging Steering Committee was held virtually on 7 February, marking a progress-tracking milestone since the collaboration was announced in October 2024. With a focus on the economic development and reconstruction of Gaza and the West Bank, the ICC-Palestine Emerging partnership works to promote strong private sectors across the Middle East.

Another key achievement has been the formal affiliation of the Federation of Palestinian Chambers of Commerce, Industry and Agriculture (FPCCIA) with the ICC World Chambers Federation. The affiliation will allow Palestinian companies to participate in ICC’s global business events and to gain international market access. It will also provide Palestinian companies with direct access to ICC OneClick, ICC’s gateway supporting SMEs in their export journey, now available in Arabic.

ICC Secretary General, John W.H. Denton AO said:

“By combining the breadth and credibility of ICC’s network and expertise with Palestine Emerging’s local insights, this collaboration will continue to foster Palestine’s engagement with the global economy with integrity”

The ICC-Palestine Emerging partnership has identified 15 workstreams aimed at growing the Palestinian economy, and the Middle East region at large. These include concrete initiatives to strengthen the Palestinian private sector’s involvement with ICC’s global network, including through the establishment of a new national committee.

ICC is working closely with Palestine Emerging to promote the Palestinian entrepreneurship ecosystem by facilitating engagement between local startups, education institutions and international investors. The initiative also aims to enhance investment attraction efforts and support economic reconstruction, including by developing local arbitration capabilities and bringing ICC’s alternative dispute resolution services to Palestine.

Senior ICC representatives have actively engaged in Palestine Emerging activities. These include joint events with the United States Institute of Peace in Washington D.C. in December 2024 and the Palestine Emerging International Advisory Group meeting in London in January 2025.

ICC and Palestine Emerging have secured support from key international players for these joint initiatives through engagement with key government and business leaders.

As momentum builds, ICC and Palestine Emerging’s collaboration will continue to drive economic opportunity and integration for Palestinian businesses with the global economy.
MIL OSI Economics –
February 8, 2025
MIL-OSI United Kingdom: The UK launches flagship SPIRIT programme to drive social recovery in Ukraine
Source: United Kingdom – Government Statements
English

Українська

In collaboration with Government of Ukraine, UNICEF and the World Bank, £25m of UK funding will support an inclusive and sustainable social recovery in Ukraine.
The SPIRIT programme (Social Protection for Inclusion, Resilience, Innovation and Transformation) will support Ukraine to strengthen more inclusive and efficient social protection systems and revitalise community and family-based services.

SPIRIT will support the Foreign Secretary’s priority to ensure a safe and loving family for every child, improving social care services for 10,000 families across 10 regions

The programme will help Ukraine lay foundations for a recovery that meets the needs of citizens in all their diversity including people with disabilities, veterans and other war-impacted groups.

The UK will invest £25 million to strengthen Ukraine’s social protection system and services to support an inclusive and barrier-free recovery. The funding announced during the visit of the Foreign Secretary, David Lammy to Kyiv will catalyse Ukraine’s ambition for reform of the social sphere. This support will help Ukraine to meet the varied needs of the population and accelerate Ukraine’s Euro-Atlantic pathway. The UK will partner with UNICEF Ukraine and the World Bank to deliver SPIRIT, working closely with the Ministry of Social Policy of Ukraine, the European Union and key partners in the social sector.

The SPIRIT programme recognises that investing in people – and the support and services they need – will be critical for Ukraine’s long-term recovery and socio-economic future.

Russia’s full-scale invasion has had an immense and devastating human impact in Ukraine. This has been disproportionately felt by the most vulnerable and war-impacted groups, including women, children and families, people with disabilities, older people, veterans, and those in frontline areas.

The programme will support Government of Ukraine in their social reform agenda, bringing together Ministries and local government, international financial organisations, donors, civil society, academia, and private sector.

Following the signing of the ‘Social Recovery and Inclusion Partnership for Ukraine’ by the UK, the Ministry of Social Policy of Ukraine, the European Union, UNICEF and the World Bank at the Berlin Ukraine Recovery Conference 2024, SPIRIT demonstrates commitment of the UK government and partners to support Ukraine’s socio-economic future and further our collaboration.

The SPIRIT programme has three main priorities:

Improving access to high-quality community and family-based social services for at least 10,000 families with children across 10 regions. In cooperation with the Ministry of Social Policy, we will deliver small grants and capacity-building to 100 civil society and local community actors to enable them to provide social services, while building a local marketplace of accessible service providers and empowering local actors to meet the growing demand for social protection support.

Establishing a Social Recovery Office with the Ministry of Social Policy to drive reforms, improve coordination in the sector, and enhance collaboration with international financial institutions and development partners. The Social Recovery Office will help Ukraine respond to pressing demographic challenges, meet the needs of the most vulnerable, and support development of a more robust and inclusive social protection framework.

Launching a range of cross-sectoral initiatives that support social recovery and inclusion priorities in Ukraine. Projects will work across health, economic and social sectors, piloting new models of support and services to cater for the most vulnerable and war-impacted groups. This includes women, families with children, people with disabilities, older people, and veterans. These initiatives will foster human capital, enable inclusive reforms and build the institutional capacity needed for Ukraine to address the demographic, economic, and societal changes driven by the war.

The SPIRIT programme will support the Foreign Secretary’s campaign to realize family-based care for every child. Ukraine is a key partner in the Foreign Secretary’s new global alliance to progress sustainable, lasting reform of children’s social care around the world. Working with the Government of Ukraine and UNICEF, SPIRIT includes a specific focus on accelerating ‘Better Care Reform’ to strengthen families, prevent separation, and ensure a safe and loving family environment for all Ukrainian children.

The British Ambassador to Ukraine, Martin Harris said:

I am proud that the UK is announcing critical funding for Ukraine’s social recovery. The £25m contribution will strengthen Ukraine’s social systems and services that are under overwhelming pressure from Russia’s brutal invasion. Investing in Ukraine’s social systems is an investment in Ukraine’s people – and we know that Ukraine’s people are its greatest resource.

SPIRIT is a testament to 100 Year Partnership and shared values between our two countries, including our commitment to meet the needs of women, children, people with disabilities, older people, veterans, and marginalised groups.

In the very worst of circumstances, Ukraine is pursuing an ambitious reform agenda to build a brighter, fairer and ‘barrier-free’ society. In partnership with the Government of Ukraine, UNICEF and the World Bank, the SPIRIT programme will drive forward this vision and lay the foundations for a future where the well-being, dignity and potential of every Ukrainian is ensured.

Oksana Zholnovych, Minister of Social Policy of Ukraine outlined:

Human capital development is at the centre of Ukraine’s recovery. The SPIRIT programme represents a crucial step in building institutional capacity, strengthening the social protection system and supporting critical reforms to improve efficiency, effectiveness, and inclusion. We are grateful to our partners, the FCDO, World Bank, and UNICEF, for their support and shared commitment to fostering social cohesion, leaving no one behind.

Munir Mammadzade, UNICEF Representative to Ukraine indicates:

The SPIRIT programme is a critical investment in protecting and improving the lives of the most vulnerable, especially children and families in need across Ukraine. This initiative will further strengthen national systems and community-based services to nurture and maximize the country’s most important resource, its human capital, to drive inclusive and prosperous growth.

Bob Saum, World Bank Regional Country Director for Eastern Europe added:

Addressing social cohesion and inclusion, including meeting the needs of vulnerable populations will contribute to maximizing benefits of Ukraine’s post-war recovery economic growth. The SPIRIT program will help build institutional capacity to support veterans, people with disabilities, and other at-risk groups while advancing Ukraine’s EU integration goals.

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Published 7 February 2025
MIL OSI United Kingdom –
February 8, 2025
MIL-OSI Canada: Securities Lending of the Government’s Holdings of Canada Mortgage Bonds

Source: Bank of Canada

The Department of Finance and the Bank of Canada, in its role as the Government of Canada’s fiscal agent, are announcing the launch of securities lending of the government’s Canada Mortgage Bond (CMB) holdings, to support market well-functioning.

The government is making its CMB holdings available to borrow via CIBC Mellon/BNY’s pre-existing securities lending services, which uses a market-based pricing structure. CIBC Mellon/BNY was selected as agent based on a detailed evaluation of short-listed securities lending agents in the Canadian fixed-income market.

CMBs will be made available to borrow beginning Monday, February 10, 2025. The government is making its full holdings of CMBs available, and the daily average amounts on loan over the prior month for each security will be published on the Bank’s website by the fifth business day of the following month.

For further details, including terms and conditions, loan pricing, eligible collateral and to register as an eligible counterparty, please contact CIBC Mellon/BNY directly.

Note that as previously announced, the government will participate in all fixed-rate CMB syndications proposed for 2025 and will continue to target a total purchase amount of 50% of fixed-rate CMB primary issuances. The Bank of Canada will continue to conduct CMB purchases on the government’s behalf.

For further information, please contact:

Director
Funds Management Division
Department of Finance Canada
343‑549‑3651

Director
Financial Markets Department
Bank of Canada

MIL OSI Canada News –

February 8, 2025
MIL-OSI Security: Stamford Man Sentenced to More Than Six Years in Federal Prison for Robbing Three Banks in 2020

Source: Federal Bureau of Investigation (FBI) State Crime News

Marc H. Silverman, Acting United States Attorney for the District of Connecticut, announced that FRANCESCO PENSIERO, also known as Frank Pensiero, 52, of Stamford, was sentenced today by U.S. District Judge Victor A. Bolden in New Haven to 78 months of imprisonment, followed by three years of supervised release, for robbing three Connecticut banks in 2020.

According to court documents and statements made in court, on October 13, 2020, Pensiero and an associate robbed the Chase Bank located at 2855 Main Street in Stratford. During the robbery, Pensiero’s associate displayed a handgun on the teller counter and presented the teller with a note that read “this is a robbery give me all your money.” The teller provided Pensiero’s associate with approximately $1,000 and Pensiero and his associate exited the bank.

Later on October 13, 2020, Pensiero robbed the People’s United Bank located at 1160 Kings Highway Cutoff in Fairfield. During the robbery, he pulled out a handgun and presented the teller a note that stated “This is a robbery.” The teller provided Pensiero with $5,458 and Pensiero exited the bank.

On October 28, 2020, Pensiero and his associate robbed the People’s United Bank located at 95 Main Street in New Canaan. Pensiero displayed a handgun, provided the teller with a note demanding money, verbally threatened to kill the teller and other employees, and ordered the bank employees to lie on the floor. Pensiero and his associate stole $9,130 during the robbery, and fled from the bank in a red Chevrolet Monte Carlo SS. The following day, the car was set on fire on Green Avenue in New Canaan.

Pensiero was arrested on a federal criminal complaint on January 27, 2023. On June 3, 2024, he pleaded guilty to bank robbery.

Pensiero’s criminal history includes convictions for bank robbery and other offenses.

Pensiero’s associate was convicted of related state offenses stemming from these robberies.

This investigation was conducted by the Federal Bureau of Investigation and the Stratford, Fairfield, and New Canaan Police Departments. The case was prosecuted by Assistant U.S. Attorney Daniel P. Gordon.

MIL Security OSI –

February 8, 2025
MIL-OSI: Freedom Holding Corp. Reports Strong Revenue Growth in Q3 2025 Fiscal Year, Driven by Brokerage and Banking Segments

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 07, 2025 (GLOBE NEWSWIRE) — Freedom Holding Corp. (NASDAQ: FRHC), a U.S.-based financial services company, has announced its financial results for the quarter ended December 31, 2024. The holding company reported a 57% increase in total revenue, with revenues reaching $655.2 million compared to $418.6 million in the same quarter of 2023. Total assets increased to $9.1 billion from $8.3 billion as of March 31, 2024.

The company’s revenue has surged due to the increase of net gain on trading securities, which has risen from a $5.1 million loss to a $89.6 million gain. Additionally, company’s performance was significantly bolstered by its insurance underwriting income, which surged by 125% to $177.5 million, reflecting the expansion of pension annuities and accident insurance operations. The banking segment also demonstrated robust growth, with a 47% increase in revenue compared to the same period last year.

“In the era of globalization, we are building the Freedom ecosystem as a unified platform where diverse business segments — ranging from banking and insurance to lifestyle services — seamlessly interact to serve over 7 million clients. Recently, the holding’s revenue has become significantly more diversified; while brokerage was once the primary income driver, revenue is now evenly distributed across the insurance and banking segments, creating a more stable and balanced ecosystem,” Timur Turlov, the founder of Freedom Holding, said.

Segment Performance

Brokerage: Revenue increased by 29% to $213.3 million, driven by an increase in net gains on trading securities and fee and commission income.

Banking: Revenue rose by 47% to $206.4 million, supported by net gains on trading securities and derivatives.

Insurance: Revenue doubled to $197.8 million, reflecting strategic growth in insurance underwriting income.

Other Segments: Revenue grew by 120% to $37.7 million, largely due to net gains on foreign exchange operations.

Despite strong revenue growth, the company’s net income declined by 19% to $78.1 million, compared to $96.1 million in the previous year’s quarter. This was due to increased fees and commission expenses, general and administrative expenses, payroll and bonuses, advertising costs and stock-based compensation expenses. Total expenses for the quarter amounted to $556.9 million, up from $307.0 million in Q3 2024 fiscal year.

During the same period, fee and commission income increased from $120.2 million to $143.4 million.

Freedom Holding Corp. remains committed to expanding its product portfolio, improving operational efficiencies, capitalizing on emerging market opportunities, and considering selective acquisitions. In October 2024, the company acquired EliteCom, a telecommunications services company, for $3 million. The acquired licenses and assets will be used to develop Freedom Holding’s own telecommunications business.

About Freedom Holding Corp.

Freedom Holding Corp. is an international financial and investment services group specializing in capital markets, asset management, and brokerage services.

Freedom Holding Corp.’s common shares are registered with the United States Securities and Exchange Commission and trade on the Nasdaq Capital Market under the symbol FRHC. The Company has its principal market of operation in Kazakhstan and operates through its subsidiaries in 22 countries. With a strong presence in Central Asia, Europe, and the U.S., the company is committed to delivering innovative financial products to individual and institutional investors.

For more information, visit www.freedomholdingcorp.com

Natalia Kharlashina

PR Department

Freedom Holding Corp.

prglobal@ffin.kz

The MIL Network –

February 8, 2025
MIL-OSI Global: Map wars in the Middle East: How cartographers charted and helped shape a regional conflict

Source: The Conversation – USA – By Christine Leuenberger, Senior Lecturer, Cornell University

A lot has changed since the publication of this 1750 map of Palestine. Ken Welsh/Design Pics/Universal Images Group via Getty Image

Maps are ubiquitous – on phones, in-flight and car displays, and in textbooks the world over. While some maps delineate and name territories and boundaries, others show different voting blocs in elections, and GPS devices help drivers navigate to their destination.

But no matter the purpose, all maps have something in common: They are political. Making maps is about making decisions about what to omit and what to include. They are subject to selection, classification, abstractions and simplifications. And studying the choices that go into maps, as I do, can reveal different stories about land and the people who claim it as theirs.

Nowhere is this more true than in the contested regions that today include modern-day Israel and the Palestinian territories. Since the establishment of the state of Israel in 1948, different governmental and nongovernmental organizations and political interest groups have engaged in what can best be described as “map wars.”

Maps of the region use the naming of places, the position of borders and the inclusion or omission of certain territories to present contrasting geopolitical visions. To this day, Israel or the Palestinian territories may fall off some maps, depending on the politics of their makers.

This is not exclusive to the Middle East – “map wars” are underway across the globe. Some of the more well-known examples include disputes between Ukraine and Russia, Taiwan and China, and India and China. All are engaged in controversies over the territorial integrity of nation-states.

Israeli Prime Minister Benjamin Netanyahu displays a map of Israel indicating the Golan Heights are inside the state’s borders.
Thomas Coex/AFP via Getty Images

A short history of maps

Traditionally, maps have been used to represent cosmologies, cultures and belief systems. By the 17th century, maps that represented spatial relations within a given territory beaome important to the making of nation-states. Such official maps helped annex territories and determine property rights. Indeed, to map a territory meant to know and control it.

More recently, the tools for making maps have become more broadly accessible. Anyone with a computer and internet access can now make and share “alternative maps” that present different visions of a territory and make varied geopolitical claims.

And maps produced in a conflict region, such as Israel and the Palestinian territories, tell a rich story about the relationship between mapmaking and politics.

Mapping the Middle East

During the British Mandate of Palestine from 1917 to 1947, British surveyors mapped the territories to exercise their control over the land and its people. It was an attempt to supersede the more informal Ottoman land claims of the time.

By the founding of Israel in 1948, only about 20% of the total area of what is known as historic Palestine had been mapped – a fact that has fueled land disputes to this day. The British mapping efforts and their omissions enabled the newly established state of Israel to declare most of the territories as state land, thereby delegitimizing Palestinian land claims.

A map shows the shaded areas of the Arab state recommended by the U.N. Special Committee on Palestine in 1947. The unshaded areas are parts of the proposed Jewish state.
Underwood Archives/Getty Images

Maps also helped build the Israeli state. Surveyors and planners mapped the land to allocate land rights, and they helped build the state’s infrastructure, including roads and railroads.

But maps also helped create a sense of nationhood. Maps representing a nation’s shape by delineating its national borders are known as “logo” maps. They can enhance feelings of national unity and a sense of national belonging.

Once established, the Israeli state remade the maps of the region. An Israeli Governmental Names Commission came up with Hebrew names to replace formerly Arab and Christian names for different towns and villages on the official map of Israel. At the same time, formerly Palestinian topographies and places were omitted from the map.

Some Palestinian mapmakers, however, continue to make maps that include Palestinian named sites and depict pre-1948 historic Palestine – an area that stretches from River Jordan in the east to the Mediterranean Sea in the west. Such maps are used to advocate for Palestinians’ right to land and foster a sense of national belonging.

A Palestinian woman holds up a map of the British Mandate of Palestine during a protest in Gaza City on Feb. 27, 2020.
Mohammed Abed/AFP via Getty Images

At the same time, Palestinian cartographers who work with the Palestinian Authority – the government body that administers partial civil control over Palestinian enclaves in the West Bank – make official maps of the West Bank and Gaza in the hope of establishing a future state of Palestine. They align their maps with United Nations efforts to map the territories according to international law by demarking the West Bank and Gaza as separate from and as occupied by Israel.

After the 1967 war between Israel and its Arab neighbors, Israel occupied the West Bank and Gaza. As a result, map wars intensified, especially between different fractions within Israel. The left-wing “peace camp,” which was dedicated to territorial compromises with the Palestinians, was pitted against an Israeli right wing committed to reclaiming the “Promised Land” for ensuring Israeli security.

Such incompatible geopolitical visions continue to be reflected in the maps produced. “Peace camp” maps adhere to the delineation of the territories according to international law. For example, they include the Green Line – the internationally recognized armistice line between the West Bank and Israel. Official maps produced by the Israeli government, by contrast, stopped delineating the Green Line after 1967.

Broader and border disputes

Not only have different interest groups and political actors used maps of the region to put forth competing geopolitical claims, but maps have also played a central role in sporadic efforts to establish peace in the region.

The 1993 Oslo Accords, for example, relied on maps to provide the framework for Palestinian self-rule in return for security for Israel. The aim was that after a five-year interim period, a permanent peace settlement would be negotiated based on the borders laid out in these maps.

A map of the West Bank with proposed Palestinian-controlled areas in yellow, as per the Oslo II Accords.
Wikimedia Commons

Consequently, Palestinian planners and surveyors mapped the territory allocated to a future state of Palestine. With the Oslo Accords promising only a future state – but with its borders and level of sovereignty still uncertain – Palestinian experts nevertheless continue to prepare for governing the territories by mapping them.

The Oslo maps are used to this day to delineate geopolitical visions of Israel and a future state of Palestine that are based on international law. But for many Israelis, the Oslo vision of a two-state solution has died – the attack by Hamas, the Palestinian nationalist political organization that governs Gaza, on Israel on Oct. 7, 2023, was its last blow.

The subsequent war between Israel and Hamas, currently subject to a cease-fire, has from the outset involved maps.

In December 2023, the Israeli military posted an online “evacuation map” that divided the Gaza Strip into 623 zones. Palestinians could go online – provided they have access to electricity and internet in a territory plagued by blackouts – to find out whether their neighborhood was called upon to evacuate. Israeli military commanders used this map to decide where to launch airstrikes and conduct ground maneuvers.

But the map served a political aim, too: to convince a skeptical world that Israel was taking care to protect civilians. Regardless, its introduction caused confusion and fear among Palestinians.

Charting a way forward

Maps aren’t just for making sense of the past and present – they help people imagine the future, too. And different maps can reveal conflicting geopolitical visions.

In January 2024, for example, various Israeli right-wing and settler organizations organized the Conference for the Victory of Israel. The aim was to plan for resettling Gaza and increase Jewish settlements in the West Bank. Speakers advocated for transferring Palestinians from the Strip to the Sinai through “voluntary emigration.” With Jewish settlers planning for the return to Gaza, and speakers citing both the Bible and Israeli security for justifications, an oversized map showed the location of proposed Jewish settlements.

A man takes a photo with a map showing the Gaza Strip with Jewish settlements during a convention calling to resettle the Gaza Strip on Jan. 28, 2024, in Jerusalem, Israel.
Amir Levy/Getty Images

Similarly, the Israeli Movement for Settlement in Southern Lebanon has published maps of planned Jewish settlements in Southern Lebanon.

Such maps reveal the desire by some in Israel for a “Greater Israel” – an area described in 1904 by Theodor Herzl, considered the father of modern-day Zionism, as spanning from the brook of Egypt to the Euphrates.

Unsurprisingly, Palestinians make different maps for envisioning the future. Palestine Emerging – a Palestinian and international initiative that brings together various experts, organizations, and funders – uses maps that connect Gaza to the West Bank and the wider region.

A map shows the proposed Gaza-West Bank corridor transport link.
Palestine Emerging

Their aim is to transform Gaza into a commercial hub for trade, tourism and innovation and to integrate it into the global economy. Accordingly, maps of urban projects, airports and seaports overlay the cartographic contours of Gaza; and a Gaza-West Bank corridor, which would be sealed for Israeli security, could connect the two geographically separate Palestinian territories.

Such maps reflect the efforts by Palestinian stakeholders to continue surveying the territories that, since the Oslo Accords, were to make up the future state of Palestine.

A new era of expansionist geopolitics

With the current U.S. administration more aligned with right-wing Israeli policies, maps of Greater Israel may guide what Hagit Ofran from Peace Now calls the beginning of a new “Greater Israel” policy period.

In a novel twist, U.S. President Donald Trump on Feb. 4, 2025, floated a plan for the U.S. to “take over” Gaza, moving its current inhabitants out and turning the enclave into “”the Riviera of the Middle East.”

Such a move would amount to another attempt to remake borders across the Middle East. It would not, however, end the “map wars” in Israel/Palestine.

This work was supported by the National Science Foundation through the Science and Technology Studies (STS) Program, award #1152322. Any opinions, findings, and conclusions or recommendations expressed in this material are those of the author and do not necessarily reflect the views of the National Science Foundation or any other entity.

– ref. Map wars in the Middle East: How cartographers charted and helped shape a regional conflict – https://theconversation.com/map-wars-in-the-middle-east-how-cartographers-charted-and-helped-shape-a-regional-conflict-231668

MIL OSI – Global Reports –

February 8, 2025
MIL-OSI: Danske Mortgage Bank Plc: Annual Report 2024 and Auditor’s report 2024

Source: GlobeNewswire (MIL-OSI)

Attached Danske Mortgage Bank Plc’s Annual Report 2024 and Auditor’s Report 2024.

The Annual Report is reported in pdf and also in accordance with the European Single Electronic Format (ESEF) reporting requirements in Extensible Hypertext Markup Language (XHTML). Independent Auditor’s reasonable assurance report has been given in Finnish of the XHTML report.

Annual Report and Auditor’s Report can be found from the company’s webpages https://danskebank.com/investor-relations/debt/danske-mortgage-bank

Danske Mortgage Bank Plc

Contact: Janne Lassila, CEO, Danske Mortgage Bank Plc, tel. +358 (0) 40 515 8911

Attachments

The MIL Network –

February 8, 2025

MIL-OSI Economics: RBI imposes monetary penalty on Karur Vysya Bank Limited

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated February 04, 2025, imposed a monetary penalty of ₹8.30 lakh (Rupees Eight Lakh Thirty Thousand only) on Karur Vysya Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Loan System for Delivery of Bank Credit’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Section 46(4)(i) of the Banking Regulation Act, 1949.

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

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

The bank failed to ensure that the outstanding ‘loan component’ was at least the specified percentage of the sanctioned fund based working capital limit for certain borrowers.

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

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2108

MIL OSI Economics –

February 8, 2025

MIL-OSI Economics: RBI imposes monetary penalty on Federal Bank Limited

Source: Reserve Bank of India

The Reserve Bank of India (RBI) has, by an order dated February 04, 2025, imposed a monetary penalty of ₹27.30 lakh (Rupees Twenty Seven Lakh Thirty Thousand only) on Federal Bank Limited (the bank) for non-compliance with certain directions issued by RBI on ‘Interest Rate on Deposits’. This penalty has been imposed in exercise of powers conferred on RBI under the provisions of Section 47A(1)(c) read with Sections 46(4)(i) of the Banking Regulation Act, 1949.

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

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

The bank had opened certain savings deposit accounts in the name of ineligible entities.

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

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2107

MIL OSI Economics –

February 8, 2025

MIL-OSI Economics: RBI approves the voluntary amalgamation of Pune Commercial Co-operative Bank Ltd., Satara, Maharashtra with Pimpri Chinchwad Sahakari Bank Maryadit, Pune, Maharashtra

Source: Reserve Bank of India

The Reserve Bank of India has sanctioned the Scheme of Amalgamation of Pune Commercial Co-operative Bank Ltd., Satara (Maharashtra) with Pimpri Chinchwad Sahakari Bank Maryadit, Pune (Maharashtra). The Scheme has been sanctioned in exercise of the powers conferred under Sub-Section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from February 10, 2025 (Monday). The branches of Pune Commercial Co-operative Bank Ltd., Satara (Maharashtra) will function as branches of Pimpri Chinchwad Sahakari Bank Maryadit, Pune (Maharashtra) with effect from February 10, 2025.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2110

MIL OSI Economics –

February 8, 2025

MIL-OSI Economics: RBI approves the voluntary amalgamation of The Citizen Cooperative Bank Limited, Vasco-Da-Gama, Goa with TJSB Sahakari Bank Ltd

Source: Reserve Bank of India

The Reserve Bank of India has sanctioned the Scheme of Amalgamation of The Citizen Cooperative Bank Limited, Vasco-Da-Gama, Goa with TJSB Sahakari Bank Ltd. The Scheme has been sanctioned in exercise of the powers conferred under sub-section (4) of Section 44A read with Section 56 of the Banking Regulation Act, 1949. The Scheme will come into force with effect from February 10, 2025 (Monday). The branches of The Citizen Cooperative Bank Limited, Vasco-Da-Gama, Goa will function as branches of TJSB Sahakari Bank Ltd. with effect from February 10, 2025.

(Puneet Pancholy)
Chief General Manager

Press Release: 2024-2025/2111

MIL OSI Economics –

February 8, 2025

MIL-OSI Asia-Pac: AI-enabled National Consumer Helpline system set up; gives sector-wise analysis of grievances

Source: Government of India

AI-enabled National Consumer Helpline system set up; gives sector-wise analysis of grievances

National Consumer Helpline available as toll-free number “1915” or through web portal

Posted On: 07 FEB 2025 11:36AM by PIB Delhi

In a significant move towards enhancing consumer grievance redressal mechanisms, the Department of Consumer Affairs, under Ministry of Consumer Affairs, Food and Public Distribution, Government of India, has adopted an AI-enabled National Consumer Helpline (NCH) system that offers sector-wise analysis of grievances.

This new technology-driven approach is aimed at improving the speed and efficiency of resolving consumer issues, particularly in the education sector.

As a result of these technological advancements, the number of calls received by NCH has grown more than tenfold, from 12,553 in December 2015 to 1,55,138 in December 2024. This exponential growth reflects the rising confidence of consumers in the helpline. Similarly, the average number of complaints registered per month has surged from 37,062 in 2017 to 1,12,468 in 2024. The monthly average number of grievances registered digitally has increased from 54,893 in the FY 2023-24 to 68,831 in FY 2024-25 (as of December 2024).

The Department therefore, urges all consumers to utilize the National Consumer Helpline accessible via a toll-free number 1915 or web portal https://consumerhelpline.gov.in/user/signup.php for any grievances related to products or services, ensuring that their voices are heard and that their issues are resolved promptly and effectively.

The NCH has seen a remarkable reduction in the grievance disposal time. In 2024, the disposal rate of consumer grievances decreased to 48 days, down from 66.26 days in 2023. This reflects a substantial improvement in the resolution time; ensuring consumer’s concerns are addressed promptly.

A key component of this strategy involves proactively identifying and transitioning companies with the highest number of grievances to ‘convergence partners.’ Once onboarding as a ‘convergence partner’ with NCH, these companies, which have the highest number of unresolved consumer complaints, are required to prioritize swift and effective grievance redressal in collaboration with the NCH. Under its initiative aimed at enhancing consumer welfare and promoting fair trade practices, NCH has successfully surpassed the significant milestone of 1,038 convergence companies to date, up from 263 in 2017.

This initiative has already yielded promising results, especially in sectors such as education, where faster resolution of consumer complaints has become a priority. With NCH’s AI-driven, sector-specific analysis, these convergence partners can now act more effectively and efficiently in resolving consumer issues, thereby enhancing consumer trust and satisfaction. It is a Win-Win situation for both consumers & companies.

As a result of this ongoing initiative, many large companies identified with the highest number of consumer grievances have now become official convergence partners of the National Consumer Helpline. Their inclusion is expected to lead to quicker resolutions and a higher disposal rate of consumer grievances, ultimately benefiting millions of consumers across the country.

The NCH, a vital initiative of Department of Consumer Affairs, Government of India, has proven to be a cornerstone in the effective and timely redressal of consumer grievances. Operating at the pre-litigation stage, the helpline has made significant strides in resolving consumer complaints across a wide range of sectors, including Broadband & Internet, E-commerce, Consumer Durables, Digital Payment Modes, Petroleum, Banking, healthcare, consumer durables, real estate, and automobiles, etc. without requiring consumers to resort to formal legal proceedings.

Below are key highlights that demonstrate the significant impact of the NCH in promoting consumer rights and enhancing the grievance redressal mechanism:

Some of the key success stories includes:

Broadband & Internet: A consumer from West Bengal encountered difficulties in obtaining a refund from an Internet service provider for services that were not availed. After reaching out to the National Consumer Helpline, the issue was resolved promptly. The provider issued a full refund and rectified the consumer’s account. Additionally, other satisfied consumers shared their positive feedback with the department, commending the efficient and effective resolution of their issues.

E-Commerce Sector: A consumer from Karnataka raised an issue regarding the refund and return of a defective product received from an online retailer. Following the intervention of the National Consumer Helpline (NCH), the product was replaced, and a refund was promptly facilitated, enhancing the consumer’s trust in e-commerce platforms. Furthermore, the consumer shared their positive feedback, reflecting their increased trust in NCH 2.0. The review emphasized the effectiveness and reliability of the helpline in resolving issues swiftly and efficiently, further bolstering consumer confidence in the platform’s services.

Consumer Durables: A citizen from Rajasthan reported a major malfunction in a product he had purchased. Despite his continuous requests, the company had failed to address the issue. With the assistance of the National Consumer Helpline (NCH), the product was promptly replaced, and the company issued a formal apology. Furthermore, consumers from different states shared their valuable feedback about the NCH team, praising their professionalism and efficiency in resolving grievances.

Digital Payment Mode: A complaint was raised by a consumer from Delhi who was unable to use his online transaction service, and an amount of Rs. 45,000/- was frozen in his account. After engaging the National Consumer Helpline (NCH), the issue was resolved swiftly, with the bank unfreezing the amount and restoring the consumer’s access to their account. Furthermore, other satisfied consumers shared their positive reviews with the department, praising the efficient and timely intervention by NCH in resolving their grievances.

Petroleum: A buyer in Telangana encountered extra charges that exceeded the MRP when receiving a cylinder he had booked. With the intervention of the National Consumer Helpline (NCH), the issue was swiftly resolved, and the consumer was compensated, safeguarding his rights. Additionally, consumers from various corners of the nation shared their views regarding the operation of NCH 2.0.

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Abhishek Dayal/Nihi Sharma

(Release ID: 2100545) Visitor Counter : 15

MIL OSI Asia Pacific News –

February 8, 2025
MIL-OSI United Kingdom: Mayor officially opens Sadler’s Wells East – part of London’s new culture and education powerhouse, East Bank
Source: Mayor of London
- Sadler’s Wells East becomes the first cultural venue to open at East Bank – London’s new culture and education powerhouse at Queen Elizabeth Olympic Park
- The new purpose-built theatre will be a gamechanger for dance, providing inspiration and opportunities for performers and people across the capital
- East Bank is creating an estimated £1.5bn for the local economy, thanks to the biggest cultural investment ever from the Mayor
The Mayor of London, Sadiq Khan, has today celebrated a significant milestone in the creation of East Bank by opening Sadler’s Wells East – the first public cultural building at London’s new culture and education powerhouse.

Sadiq hailed the brand-new purpose-built theatre as a gamechanger for dance in the city as he was joined by Britannia Morton, Executive Director and Co-Chief Executive and Sir Alistair Spalding CBE, Artistic Director and Co-Chief Executive of Sadler’s Wells, to officially open the new building in Queen Elizabeth Olympic Park this evening (Thursday 6 February).

The new venue features a 550-seat auditorium, six state-of-the-art dance studios and a public performance space for free shows. It will be home to the Rose Choreographic School and Academy Breakin’ Convention, a new school for talented 16-19 year olds, dedicated to hip hop theatre.

The opening of this world-class venue is an exciting moment in the East Bank journey, which is bringing together some of the country’s biggest institutions to deliver a cultural legacy from the London 2012 Olympic Games, thanks to more than £600m of investment from the Mayor.

London College of Fashion, UAL, and University College London (UCL) have already welcomed over 10,000 students to their new leading educational facilities, with the BBC and the V&A set to also open new buildings on site.

The new cultural quarter will generate an estimated £1.5bn for the local economy. At the heart of East Bank is a focus on involving the community and young people, with 1,500 young people attending a summer school since 2018, and 89 young people taking part in the Shared Training and Employment Programme (STEP) – a scheme designed to match young East Londoners with entry-level roles in the creative industries.

Tonight, Sadiq officially opened Sadler’s Wells East and met with performers and creators before enjoying a pre-show tour of the theatre. The new space enables Sadler’s Wells to produce fresh work inhouse and offer a much-needed dance space for mid-scale companies from the UK and around the world, who can now bring their shows to the capital, helping to support the UK’s dance ecology.

The opening show is ‘Our Mighty Groove’, a club-night inspired mixture of house, waacking and vogue performance, created by choreographer Vicki Igbokwe-Ozoagu. Loosely based on her personal dance story, the show features a cast of professional dancers as well as 12 dancers aged 16 to 21, who live or study in east London.

The Mayor of London, Sadiq Khan, said: “This is a huge milestone in the East Bank journey. Sadler’s Wells East will be a gamechanger for dance in the capital and across the UK, bringing world-leading innovative performances to a brand-new stage and providing fantastic opportunities for young people. With many of the staff and performers living and working locally, it is already making a difference to the local economy. East Bank is creating a fantastic cultural legacy from the 2012 Olympics and I’m delighted that Sadler’s Wells East will help to inspire audiences and benefit generations to come, as we build a better London for everyone.”

Britannia Morton, Executive Director and Co-Chief Executive of Sadler’s Wells, said: “Sadler’s Wells East arises from the ambition that the 2012 Olympics on this site would create long lasting legacy, with culture and education joining sport as engines of economic growth and social cohesion, in a new vibrant cultural quarter – East Bank in Stratford. Thanks to the Mayor of London who has, alongside the UK Government, enabled us to create this amazing new facility for dance. We think that this building will make such a difference and will add to the thriving creative scene in east London. We’re so excited to welcome artists, audiences, visitors and community groups into the building for the first time.”

Sir Alistair Spalding CBE, Artistic Director and Co-Chief Executive of Sadler’s Wells, said: “Sadler’s Wells East really is a new kind of cultural destination – with local roots, national impact and global perspectives. Opening in Stratford, in Newham, is a privilege and responsibility. We are committed to making a difference in this part of London, and Vicki’s production feels like the perfect curtain raiser to this new powerhouse of dance, combining professional and community performers from the local area in a joyous celebration of dance and movement! Looking ahead, there will be a kaleidoscope of styles throughout our first year at Sadler’s Wells East, really offering something for everyone.”

Tamsin Ace, Director of East Bank, said: “This is such an exciting moment for London, with Sadler’s Wells East marking the first cultural venue to open as part of East Bank. Sadler’s Wells East joins London College of Fashion, UAL and UCL East which opened their doors to students in Autumn 2023, with V&A East Storehouse & Museum and BBC Music Studios to follow. We can’t wait for the students, teachers and visitors already populating the Waterfront to be met by dance practitioners and audiences coming in to witness the 2025 programme. A powerhouse of innovation, creativity and learning, East Bank is fast becoming a hallmark of what the 2012 Olympic & Paralympic legacy really means for all those who visit, work and live in east London.”

Rokhsana Fiaz OBE, Mayor of Newham said: “The opening of Our Mighty Groove at Sadler’s Wells East marks a significant moment for Newham’s cultural landscape. As part of our commitment to Building Newham’s Creative Future, we are proud to see world-class performances taking centre stage in our borough, ensuring that creativity and culture remain accessible to all. This production reflects the energy and diversity of Newham, bringing communities together through the power of dance. This partnership with the Mayor of London underscores our shared commitment to bringing world-class arts to East London, creating new opportunities for local talent, and making culture accessible to everyone.”

Uma Kumaran, MP for Stratford and Bow said: “I’m so proud that East Bank is leading the way once again. The opening of Sadler’s Wells East is a massive cultural offering in the heart of East London. This incredible venue will inspire the next generation of dancers, bring world-class performances to our doorstep, boost our economy, and create new opportunities for local people. Stratford and Bow is leading the way as a hub of innovation, arts and business delivering jobs, investment, and cultural excellence-it’s no surprise Stratford has been named the best place in London to visit in 2025 – London is moving East!”

Justine Simons OBE, Deputy Mayor for Culture and the Creative Industries, said: “The opening of Sadler’s Wells East is a hugely exciting moment for East Bank and for London, nearly seven years after we set out a vision to create a new culture and education powerhouse for our capital at Queen Elizabeth Olympic Park it’s now a reality. It is the biggest ever cultural investment by City Hall. This fantastic new venue will bring new productions to the capital, support the next generation of talent and opportunities for young Londoners for many decades to come.”

Vicki Igbokwe-Ozoagu, creator of Our Mighty Groove, said: “It’s an honour to have Our Mighty Groove opening Sadler’s Wells East and I’m so very proud to present this Uchenna classic with the phenomenal cast and creative team I’m collaborating with. I want to give a special shout out to our young cast, a group of talented performers and definitely ones to watch. We can’t wait to groove with you!”
MIL OSI United Kingdom –
February 8, 2025
MIL-OSI Asia-Pac: How can there be a discussion of regionalism v/s nationalism in this country? – VP

Source: Government of India

How can there be a discussion of regionalism v/s nationalism in this country? – VP

In recent years, money has been used, and access to the judiciary has been weaponized to promote anti-national sentiments – VP

Today, we need to preserve our cultural philosophy; we are trying to cut the branch on which we are thriving – VP

Vice-President expresses concern over attempts to influence the electoral process within the country

Vice-President inaugurates the third edition of the Karnataka Vaibhava Literature and Cultural Festival

Posted On: 07 FEB 2025 4:38PM by PIB Delhi

The Vice President, Shri Jagdeep Dhankhar, today warned against divisive forces, stating, “I have no hesitation in saying that the challenges we are facing are more serious than even climate change… [Some] people, in the style they are adopting, are creating divisions in a despicable manner. There are many bases for division—caste, regionalism. I don’t understand how there can be a debate about regionalism versus nationalism in this country. How absurd and baseless it is, but when you look at its roots, you will find the hand of anti-national forces.”

राष्ट्र विरोधी ताकतों की शैली घिनौने तरीके से विभाजन पैदा करना है-जाती और क्षेत्रीयता के आधार पर।

मुझे समझ नहीं आता कि इस देश में Regionalism vs Nationalism की चर्चा कैसे हो सकती है ?

हाल के वर्षों में, इन ताकतों ने नए-नए रास्ते अपनाए हैं, धन का उपयोग कर राष्ट्र विरोधी भावना… pic.twitter.com/WCE8hzHyXp

— Vice-President of India (@VPIndia) February 7, 2025

In his address at the inauguration of the third edition of the Karnataka Vaibhava Literature and Cultural Festival at Ranebennur in Karnataka, the Vice President said, “These forces [divisive forces] work in different ways. They have adopted new paths, and on many issues, you will see they turn to the judiciary. I am concerned because our Constitution has given every individual the right in the judicial system, and what is the right? That they can seek the shelter of the court. But in recent years, money has been used to fuel anti-national sentiments, and access to the judiciary has been weaponized in a way that is not happening in any other country.”

देश के अन्दर हमारी चुनावी प्रकिया को एक तरीके से कुप्रभावित करने की चेष्टा उन लोगो द्वारा की जा रही है, जिनकी इसमें भागीदारी नहीं होनी चाहिए, पर उनकी भागीदारी है।

भारत सबसे पुराना और सबसे मजबूत लोकतंत्र है, जो अत्यंत प्रगतिशील एवं जीवंत है। यह संवैधानिक दृष्टि से विश्व का… pic.twitter.com/v8KTCvp4Q0

— Vice-President of India (@VPIndia) February 7, 2025

He further stated, “The forces challenging the nation, trying to create a clash between nationalism and regionalism, must receive a strong response. They want to shake our cultural heritage.”

Emphasizing on the need to preserve the nation’s cultural philosophy, the Vice President said, “On this day, when I look to one side, I see India’s progress through the eyes of the world, through the eyes of the people living within the nation. They are like the feathers of the peacock dancing in the rain… But when I look at the peacock’s feet, I get worried, forced to reflect, and then I feel the need for our cultural philosophy. We are trying to cut the branch on which we are thriving, on which we are sitting.”

Expressing deep concern over attempts to influence the electoral process within the country, the Vice President said, “In the country with the oldest democracy, the strongest democracy, the most progressive democracy, the most vibrant democracy, and constitutionally the only country in the world with a democratic system at every level—village, city, state, or nation; there is an attempt to influence our electoral process in a manner it should not be influenced. This attempt is being made by those who should not even be a part of it, but they are involved. We must, collectively, with strong resolve, develop a mindset.”

India is reckoned as a global favourite destination of investment and opportunity.

IMF से लेकर World bank तक दुनिया की श्रेष्ठतम संस्थाएँ कहती हैं यदि निवेश के लिए कोई चमकता सितारा है जहां आपको अवसर मिल सकता है तो वह भारत है।

जब यह सब कुछ हो रहा है, तो कुछ लोग देश की प्रगति को… pic.twitter.com/ZO9ZJPm3mt

— Vice-President of India (@VPIndia) February 7, 2025

Referring to India’s economic progress, he said, “The world’s leading institutions like IMF, World Bank, and others say that if there is any shining star in the world where investment can be made, where opportunities are available, where one can showcase their talent, it is India. India is considered a global favorite destination for investment and opportunities.”

****

JK/RC/SM

(Release ID: 2100670) Visitor Counter : 68

Read this release in: Hindi

MIL OSI Asia Pacific News –

February 8, 2025

Category: Banking

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The British Ambassador to Ukraine, Martin Harris said:

Oksana Zholnovych, Minister of Social Policy of Ukraine outlined:

Munir Mammadzade, UNICEF Representative to Ukraine indicates:

Bob Saum, World Bank Regional Country Director for Eastern Europe added:

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AI-enabled National Consumer Helpline system set up; gives sector-wise analysis of grievancesNational Consumer Helpline available as toll-free number “1915” or through web portal

How can there be a discussion of regionalism v/s nationalism in this country? – VPIn recent years, money has been used, and access to the judiciary has been weaponized to promote anti-national sentiments – VP

AI-enabled National Consumer Helpline system set up; gives sector-wise analysis of grievances

National Consumer Helpline available as toll-free number “1915” or through web portal

How can there be a discussion of regionalism v/s nationalism in this country? – VP

In recent years, money has been used, and access to the judiciary has been weaponized to promote anti-national sentiments – VP