Category: Banking

MIL-OSI China: Belgium’s new gov’t sworn in

Source: China State Council Information Office

Bart De Wever (C) is sworn in as Belgium’s prime minister at the Royal Palace in Brussels, Belgium, Feb. 3, 2025. [Belga News Agency via Xinhua]

Belgium’s new government was sworn in on Monday, ending months of political deadlock. Bart De Wever, leader of the Flemish nationalist N-VA party, which won the federal election last June, has taken office as prime minister — the first time a Flemish nationalist has led the federal government.

In his general policy statement before the Chamber of Representatives, De Wever outlined key priorities for the remainder of the legislative term, including pension reforms, increased social benefits, and tax adjustments favoring supplementary income.

Belgium’s fiscal deficit is projected to reach 28 billion euros (28.8 billion U.S. dollars) in 2024, or 4.6 percent of GDP — well above the 3-percent threshold set by the EU’s Stability and Growth Pact. In response, the European Commission has launched an excessive deficit procedure, requiring the government to submit a corrective plan by April 30. The five-party “Arizona” coalition has agreed to focus on pension reform, reductions in social welfare spending, and the introduction of a capital gains tax.

Economists warn that Belgium’s current social spending is unsustainable. Bruno Colmant, a member of the Belgian Royal Academy, cautioned that the country is entering “a phase of rapid population aging” and that urgent reforms are needed to address structural imbalances.

At the same time, economic growth is expected to slow. The National Bank of Belgium forecasts growth of 1.2 percent in 2024, dropping to 1 percent in 2025. The country’s heavy reliance on energy imports — currently at 74 percent — leaves it vulnerable to global price fluctuations.

Meanwhile, the industrial sector has been in recession for over 18 months. A 7.2 percent rise in business bankruptcies in 2024 has intensified concerns over job losses and economic stability.

Security and immigration remain major challenges. De Wever has pledged stricter policies to combat organized crime and illegal immigration, making them key priorities for his administration.

MIL OSI China News –

February 4, 2025
MIL-OSI China: Eurozone inflation rises to 2.5% in January: Eurostat

Source: China State Council Information Office 3

The Eurozone’s annual inflation rate climbed to 2.5 percent in January, up from 2.4 percent in December 2024, according to a flash estimate released by Eurostat on Monday.

Services are expected to record the highest annual inflation rate of 3.9 percent, down from 4 percent in the previous month. Inflation for food, alcohol, and tobacco stood at 2.3 percent, lower than 2.6 percent in December.

Energy prices registered a sharp rise in annual inflation, increasing from 0.1 percent in December to 1.8 percent in January, while non-energy industrial goods inflation remained stable at 0.5 percent.

Among eurozone members, Croatia recorded the highest inflation rates at 5 percent, followed by Belgium at 4.4 percent and Slovakia at 4.1 percent.

The main EU economies registered the following inflation rates in January: Germany at 2.8 percent, France at 1.8 percent, Italy at 1.7 percent, and Spain at 2.9 percent.

“Inflation rose from 2.4 percent to 2.5 percent in January, marking the fourth consecutive increase for the Eurozone,” said Bert Colijn, ING’s chief economist of the Netherlands.

While inflation is expected to moderate over the year, Colijn cautioned that risks remain, including rising energy costs and the potential for a tariff dispute between the United States and the European Union.

Last week, the European Central Bank (ECB) announced a 25-basis-point interest rate cut in response to sluggish economic data in the eurozone. The decision was based on “an updated assessment of the inflation outlook, the dynamics of underlying inflation, and the strength of monetary policy transmission,” the ECB said in a press release.

MIL OSI China News –

February 4, 2025
MIL-OSI China: China sees growing private pension funds sales agencies

Source: China State Council Information Office 2

China saw a growing number of qualified fund sales agencies to cater to the wealth management demands of clients participating in the country’s private pension scheme.
There were 52 funds sales institutions for private pension as of the end of 2024, up from 37 in 2022, said the Asset Management Association of China.
Among them, 19 are commercial banks, including the Industrial and Commercial Bank of China and the Agricultural Bank of China. The rest are 25 securities companies and eight independent sales institutions.
To enhance the old-age security system, China piloted a private pension scheme in certain cities in 2022 and expanded the program nationwide in December 2024.
The scheme allows participants to contribute up to 12,000 yuan (about 1,674 U.S. dollars) annually to their private pension accounts and offers them tax incentives. The account could be used to buy specific wealth management products such as funds.

MIL OSI China News –

February 4, 2025
MIL-Evening Report: How can you help your child make friends?

Source: The Conversation (Au and NZ) – By Gretchen Geng, Professor in Innovative Education Futures, Flinders University

One of the things children (and parents) may worry about at the start of the new school year is, will I have friends?

This could be true for children starting or changing schools or simply going back to a new year with different class arrangements.

How can parents talk to their kids about making friends?

Why is it important to have friends?

We research young people’s wellbeing and provide programs to schools on how to talk about mental health.

Having lasting, meaningful friendships is extremely important for children’s health, development and wellbeing.

They can validate young people’s aspirations and interests and help them feel like they belong. Friends can also help ease feelings of loneliness and anxiety, making it easier for children to engage in new activities and connect with others.

On top of this, friendships can act as a “buffer” against bullying by providing emotional support if it does happen. Research also suggests, if children don’t have a supportive friendship network, they are more prone to be bullied at school.

Having friends can help children feel like they belong.
Monkey Business Images/ Shutterstock

Help your child build confidence

Some children find it harder to make friends than others. If your child is shy or introverted they may find it hard to meet new people.

Let them know it is OK to start small. You don’t have to make ten best friends all at once! Making friends takes time and even just one or two good friends can make a big difference.

To break the ice, encourage simple actions such as saying “hello” or offering a compliment: “That’s a cool handball” or “I love your Taylor Swift bracelet”.

Encourage your child to do activities with other kids they enjoy. They can play a particular game or sport or do craft, dancing or reading. Tell them how it’s possible to be friends with lots of different kinds of people.

Talk about the importance of friendship

Research shows it’s important for parents to offer encouragement and guidance about friendships. This can lead to better quality friendships (how well friends get along) as children grow up.

Parents can start to talk to their child about the importance of friendships from a young age. Some questions parents could ask include “Who did you play with today?”, “What did you like about playing with them?”, “What games did you play”.

Parents can also start conversations about the value of friends and friendship. For example, parents could ask their child about the importance of sharing with friends (“it actually feels great to share and make your friends happy”).

It’s important for parents to support their child’s friendships.
DGL Images/ Shutterstock

Encourage your child to talk

Over time, children’s concept of friendships changes. Younger children view friends as somebody you can play with, while older children see friends as people they can trust and can share emotions and thoughts with.

Research shows, parents can also help this transition with advice and encouragement. Encourage your child to express their feelings and talk about what happens at school, so you can work through any issues or tricky things together.

This does not have to be a formal talk. You could chat while you are doing something else – like drawing, playing chess or throwing a ball.

To create a safe space for your child to freely express their feelings and emotions, avoid being judgemental or critical. Instead, ask questions, like “if you do it again, will you do it differently?” or “was that a kind decision?”

Encourage active listening

You can also encourage your child to be a good and supportive friend.

One way to do this is by being an active listener. This is about understanding what someone is saying (and possibly taking action because of it), not simply “hearing” what is said.

You can suggest your child takes a deep breath and lets the other child finish what they are trying to say, instead of interrupting and talking over people.

Active listening is a skill parents can practise with their child. Make a game and have fun doing it. Try it in the car, over the dinner table or in another informal setting.

Deb Agnew and Shane Pill also developed versions of the Big Talks for Little People program on which this article is based.

Gretchen Geng works for Flinders University. Big Talks for Little People receives funding from Breakthrough Mental Health Research Foundation, Little Heroes Foundation, Medibank, BeyondBank, and the South Australian Education Department.

Phillip Slee works for Flinders University. Big Talks for Little People receives funding from Breakthrough Mental Health Research Foundation, Little Heroes Foundation, Medibank, BeyondBank, and the South Australian Education Department.

– ref. How can you help your child make friends? – https://theconversation.com/how-can-you-help-your-child-make-friends-248534

MIL OSI Analysis – EveningReport.nz –

February 4, 2025
MIL-OSI Economics: Unintended Consequences of Business Digitalization Among MSMEs During the COVID-19 Pandemic: The Case of the Philippines

Source: Asia Development Bank

The findings show that internet or e-commerce use did not lead to better MSME outcomes during the strict lockdown in March 2020. However, by August 2020, the negative effects had lessened, and by March 2021 a positive impact had emerged. This delayed positive impact suggests that MSMEs need a certain level of maturity to effectively harness digital tools. The authors propose how policymakers could help enhance the resilience of MSMEs in the Philippines through digitalization, such as by establishing a regulatory framework to ensure fair competition for MSMEs on digital platforms. The paper complements a previous study on data from Indonesia.

MIL OSI Economics –

February 4, 2025
MIL-OSI USA: New York Times: Warren Questions Bessent Over Musk Access to Treasury Payment System

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

February 03, 2025

Senator Elizabeth Warren of Massachusetts sent a letter on Monday to Treasury Secretary Scott Bessent demanding answers for why the so-called Department of Government Efficiency was granted access to the federal payments system, giving Elon Musk and his team a powerful tool that could be used to track and potentially limit government spending.

The letter is a sign of mounting outrage among Democrats over the unorthodox efforts that the Trump administration and Mr. Musk are preparing to take control of how congressionally approved funds are spent. The questions come after a career civil servant named David Lebryk abruptly resigned on Friday after requests to grant Mr. Musk’s lieutenants access to Treasury’s payment system.

“It is extraordinarily dangerous to meddle with the critical systems that process trillions of dollars of transactions each year, are essential to preventing a default on federal debt, and ensure that tens of millions of Americans receive their Social Security checks, tax refunds and Medicare benefits,” wrote Ms. Warren, the top Democrat on the Senate Banking Committee.

…

Read the full article here.

By: Alan Rappeport
Source: New York Times

MIL OSI USA News –

February 4, 2025
MIL-OSI USA: ICYMI: Warren Sounds Alarm on Threat Elon Musk Poses to Government Payment Systems

US Senate News:

Source: United States Senator for Massachusetts – Elizabeth Warren

February 03, 2025

“Donald Trump and his billionaire buddies are determined to take over this government to make it work better for themselves and worse for everyone else.”

“[T]his is not business as usual…We are living a nightmare created by Donald Trump and Elon Musk, and we need to wake up.”

Video of Press Conference (YouTube)

Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs (BHUA), delivered remarks on the danger of Elon Musk having access to the federal government’s critical payment systems, which includes the sensitive personal information of millions of Americans.

Transcript: Press Conference – Democrats Sound Alarm Over Musk Forcing Way into Highly Sensitive Central Government Payment System
February 3, 2025
As Delivered

Senator Elizabeth Warren: I want to be clear about what’s going on here.

The system that makes sure that your granddad gets his Social Security check. The system that makes sure your mom’s doctor gets a Medicare payment to cover her medical appointment. And the system that makes sure you get the tax refund you’re owed, has been taken over by Elon Musk. And every organization from your state government that uses federal money on that bridge project to the local Head Start that takes care of little kids while their mommies and daddies go to work is now at the mercy of Elon Musk. Maybe you get paid, or maybe you don’t—because now it appears that all of us work for Elon Musk.

Elon just grabbed the controls of that whole payment system, demanding the power to turn it on for his friends or turn it off for anyone he doesn’t like. One guy deciding who gets paid and who doesn’t. It is not the law, but it is the reality.

Now, there’s a second problem here. It’s not just payments from the federal government that are now in Elon’s control. Elon and his handful of friends now have full access to your personal and financial information that’s in the system. Your payment history. Your social security number. Your bank account numbers. Elon now has the power to suck out all that information for his own use. Now, whether it’s to boost his finances or expand his political power, it is all up to Elon.

And there’s a third problem. In order for this handful of programmers to gain access to our $6 trillion payment system, we don’t know what safeguards were pulled down. Are the gates wide open now for hackers from China, from North Korea, from Iran, from Russia? Heck, who knows what black hat hackers all around the world are finding out about each one of us and copying that information for their own criminal uses.

Donald Trump and his billionaire buddies are determined to take over this government to make it work better for themselves and worse for everyone else. And this is just the start. As we gear up for the tax fight, it will become even clearer that Trump will open the doors for billionaires and giant corporations to find more ways to loot the government at your expense. Meanwhile, everyone else pays more for groceries, more for housing, more for prescription drugs, and more for healthcare.

When unelected billionaires start ransacking our government offices, this is not business as usual. Nope. Nothing is normal. We are living a nightmare created by Donald Trump and Elon Musk, and we need to wake up. We need to use every tool we have to fight back, and in the Senate, we can start by saying NO to dangerous Trump nominees like Tulsi Gabbard or Russ Vought.

MIL OSI USA News –

February 4, 2025
MIL-OSI Economics: Monetary policy frameworks: lessons learned and challenges ahead

Source: Bank for International Settlements

Several central banks in advanced economies are currently reviewing their monetary policy frameworks. These reviews are timely, since the post-pandemic inflation surge offers important insights to refine frameworks. This experience has shown that inflation risks are considerably more two-sided than previously appreciated and has highlighted the public’s strong aversion to inflation. The inflation surge has also underscored the unpredictable nature of economic developments, emphasising the need for monetary policy to be able to react nimbly. These considerations indicate scope for rebalancing frameworks towards the risks of inflation surges and reducing reliance on policy tools that are difficult to adjust. Crucially, the reviews should adopt a realistic perspective on what monetary policy can achieve and ensure the robustness of frameworks against a wide range of possible economic developments.

MIL OSI Economics –

February 4, 2025
MIL-OSI Canada: Prime Minister Justin Trudeau speaks with His Majesty King Abdullah II of Jordan

Source: Government of Canada – Prime Minister

Today, Prime Minister Justin Trudeau spoke with His Majesty King Abdullah II bin Al-Hussein of Jordan about the situation in the Middle East.

Prime Minister Trudeau and His Majesty King Abdullah II welcomed the recent ceasefire agreement between Hamas and Israel, the continued release of hostages, and the flow of humanitarian aid into Gaza.

The leaders spoke of the ongoing instability in the West Bank and, in discussing the humanitarian crisis in Gaza, the Prime Minister thanked the King for his continued leadership in improving Palestinians’ access to aid. He also highlighted Canada’s recent commitment to providing $50 million in funding for humanitarian assistance to address the acute needs of Palestinians in both Gaza and the West Bank.

The two leaders discussed the situation in Syria, following the end of the Assad regime in December. The Prime Minister welcomed Jordan’s role in providing assistance to Syria. He also emphasized Canada’s commitment to supporting the immediate delivery of humanitarian assistance in Syria and the development of a stable and inclusive government for the people of Syria. The leaders expressed their shared support for an inclusive Syrian-led political governance structure for the country.

Prime Minister Trudeau and His Majesty King Abdullah II reaffirmed the strong partnership between Canada and Jordan and agreed to remain in close contact as the situation continues to evolve.

Associated Links

MIL OSI Canada News –

February 4, 2025
MIL-OSI Global: U.S. tariff threat: How it will impact different products and industries

Source: The Conversation – Canada – By Sylvanus Kwaku Afesorgbor, Associate Professor of Agri-Food Trade and Policy, University of Guelph

U.S. President Donald Trump has agreed to pause his planned tariffs on Canada and Mexico for at least 30 days following talks with the leaders of both countries. Previously, a senior Canadian governmental official had said Trump’s 25 per cent tariff on most Canadian goods was expected to come into effect on Feb. 4.

If implemented, this tariff will have significant economic consequences on both sides of the border, as the U.S. and Canada share one of the largest bilateral trade relationships in the world.

A key concern is the highly integrated supply chains between the two countries. Many goods cross the border multiple times as intermediate inputs before becoming final products. Imposing tariffs at any point in this supply chain will raise production costs and increase prices for a wide range of goods traded between the U.S. and Canada.

For Canada, the tariffs on Canadian products will significantly affect Canada’s competitiveness in the U.S. market by driving up prices. Such tariffs could pose serious challenges for various sectors in Canada, given the country’s heavy reliance on the U.S. economy.

Effects on different sectors

The impact of U.S. tariffs on Canadian prices is likely to differ across sectors and products, depending on their reliance on the U.S. market.

Sectors with a higher dependence on U.S. trade are likely to experience more severe disruptions. If the tariffs make certain products uncompetitive, Canadian producers may struggle to secure alternative markets in the short term.

Industries such as agriculture, manufacturing and energy will experience varying degrees of impact. Energy products and motor vehicles, which represent Canada’s largest exports to the U.S., are expected to be among the most adversely affected.

In the agricultural and forestry sector, wood and paper products, along with cereals, are among Canada’s largest exports to the U.S., with the U.S. accounting for 86 to 96 per cent of these exports, according to data from the World Integrated Trade Solution.

In the energy and mineral sector, crude oil is Canada’s top export, reaching US$143 billion in 2023, with 90 per cent destined for the U.S. Given its critical role as Canada’s largest export across all sectors, it is not surprising that Trump has noted crude oil would be subject to a lower tariff of 10 per cent.

Canada’s dependence on U.S. trade

When examining the impact on different products, it’s not only the value of trade that matters, but also the share of trade. The share of trade indicates how reliant Canada is on the U.S. compared to other markets.

A high trade share with the U.S. suggests a product is particularly vulnerable to trade disruptions, as Canada depends heavily on the U.S. market for that product. Conversely, a lower share indicates that Canada has diversified suppliers, which reduces its dependence on the U.S.

Read more:
Trump’s tariff threat could shake North American trade relations and upend agri-food trade

For instance, in 2023, Canada’s top exports to the U.S. included vehicles and parts, nuclear machinery and plastics, according to data from the World Integrated Trade Solution. The U.S. accounted for 93 per cent of vehicle and parts exports, 82 per cent of nuclear machinery exports, and 91 per cent of plastics exports.

This data highlights Canada’s extreme dependence on the U.S. market, making these industries within the manufacturing sector highly susceptible to the tariff. This could harm jobs in the manufacturing sector, which is vital to employment in Canada, providing jobs for over 1.8 million people.

Canada’s reliance on the U.S. is also evident in imports. In 2023, vehicle imports totalled US$92 billion, with the U.S. accounting for 58 per cent of that amount.

The dependence is also evident in the agri-food and forestry sector, where Canada heavily relies on U.S. imports. This suggests that retaliatory tariffs on agricultural goods from the U.S. could have a substantial impact on food prices in Canada.

Retaliatory tariffs and inflationary pressures

Canada has announced it’s imposing $155 billion of retaliatory tariffs on U.S. imports in response. This could contribute to inflationary pressures within Canada.

Prime Minister Justin Trudeau says this includes immediate tariffs on $30 billion worth of goods as of Tuesday, followed by further tariffs on $125 billion worth of American products in 21 days’ time to “allow Canadian companies and supply chains to seek to find alternatives.”

This will include tariffs on “everyday items such as American beer, wine and bourbon, fruits and fruit juices, including orange juice, along with vegetables, perfume, clothing and shoes,” and also on major consumer products like household appliances, furniture and sports equipment, and materials like lumber and plastics.

Given Canada’s significant dependence on U.S. imports, the retaliatory tariffs will raise the cost of American goods entering the country, further driving up consumer prices and exacerbating inflation.

In its latest policy rate announcement, the Bank of Canada warned of the severe economic consequences of Trump’s tariffs, highlighting their potential to reverse the current downward trend in inflation.

What should Canada do now?

Canada must extend its economic diplomacy efforts beyond the Trump administration, engaging with the U.S. Congress and Senate to advocate for the reconsideration of tariffs on Canadian goods. The Canadian government should persist in leveraging this channel to push for a reversal of the tariffs. This kind of broader negotiation remains the most effective approach to mitigating trade tensions and ensuring stable economic relations with the U.S.

At the same time, Canada must reduce dependence on the U.S. market by adopting a comprehensive export diversification strategy. While the U.S. remains a convenient and accessible trade partner, expanding into emerging and developing markets would help mitigate risks and create more stable long-term trade opportunities.

Read more:
Trump’s tariff threat is a sign that Canada should be diversifying beyond the U.S.

One effective way to achieve export diversification is by expanding free trade agreements (FTAs) with emerging and developing economies. Currently, Canada has 15 FTAs covering about 51 countries, but there is room for expansion. However, signing FTAs alone is insufficient; Canada must ensure these agreements translate into tangible trade growth with partner countries.

International politics is increasingly shaping global trade, making it imperative for Canada to proactively manage diplomatic and trade relations. In recent years, tensions have emerged with key partners such as China, India and Saudi Arabia. These countries could all become potential markets for Canadian products. Given that China is Canada’s second-largest export destination, there is significant potential to expand trade ties.

Additionally, countries like the United Arab Emirates present promising markets, particularly for agricultural products, as the UAE imports about 90 per cent of its food.

Boosting innovation and productivity

Canada stands at a critical juncture in its trade relationship with the U.S. While diplomatic efforts remain essential to averting harmful tariffs, they cannot be the country’s only line of defence.

Boosting productivity is one of the most effective ways for Canada to improve its competitiveness in global markets. Canadian producers should prioritize innovation and the adoption of advanced technologies to enhance efficiency and maintain a competitive edge, particularly as they seek to expand beyond the U.S.

In response to potential U.S. tariffs, the Canadian government should implement a bailout strategy to provide short-term relief and mitigate revenue losses to firms that will be mostly affected. Additionally, Canada should leverage its embassies and consulates worldwide to promote exports and help affected firms identify and access new market opportunities.

By doing this, Canada can position itself as a more self-reliant and competitive player in the global economy — one less vulnerable to shifting U.S. policies.

Sylvanus Kwaku Afesorgbor receives funding from the OMAFRA and the USDA. He is affiliated with the Centre for Trade Analysis and Development (CeTAD Africa).

Naduni Uduwe Welage and Promesse Essolema do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. U.S. tariff threat: How it will impact different products and industries – https://theconversation.com/u-s-tariff-threat-how-it-will-impact-different-products-and-industries-248824

MIL OSI – Global Reports –

February 4, 2025
MIL-OSI Global: Trump’s tariff threats show the brute power of an imperial presidency

Source: The Conversation – Canada – By Daniel Drache, Professor Emeritus, Department of Politics, York University, Canada

United States President Donald Trump has agreed to delay punishing tariffs on all exports from Canada and Mexico, which resulted in a threat of retaliatory tariffs from Canada.

Nonetheless, Canada’s closest ally is all but tearing up the Canada-U.S.-Mexico trade deal negotiated only seven years ago. The rationale behind what the Wall Street Journal editorial board has called “the dumbest trade war in history” isn’t even clear.

The pessimistic view is that if Canada doesn’t give Trump everything he wants, he will bulldoze the country with more tariffs, sanctions on banks, enhanced border inspections and even a travel ban — everything he recently threatened to do to Colombia.

Canada’s political class is scrambling because the U.S. has long been a cultural sibling and an economic partner. But now it is toxic, threatening and untrustworthy. Will Canada sign another trade deal with Trump in office? The chances recede the longer the tariffs remain in place.

Iron-fisted

It’s never been more clear that Trump is obsessive, seldom a bluffer and always iron-fisted. He seems to have planned and executed this tariff bomb to cause maximum pain and chaos. Now he says the European Union is next on his list.

Trump is counting on his new majorities in U.S. Congress to ram through his radical right populist agenda, forcing other countries to play a role in his melodrama.

In response to Trump’s charge that the U.S. subsidizes Canadian trade, former Conservative prime minister Stephen Harper pointed out that half of America’s imported oil comes from Canada, and its price is significantly discounted due to a lack of pipeline capacity. “It’s actually Canada that subsidizes the United States in this regard,” Harper said.

Nevertheless, Trump’s preferred foreign policy tactic is to hit first with economic sanctions and negotiate later. With his near total grip on U.S. government, he can now achieve all his aims through tariffs.

Read more:
U.S. tariff threat: How it will impact different products and industries

The imperial presidency

Trump’s vision for his imperial presidency is organized around an old idea: the revenue tariff. Before income taxes, border tariffs were the primary source of income for government. But back then, government did a lot less.

For example, America’s 19th-century navy of wooden sailing ships was purchased with tariffs. But it would be impossible to fund modern-day health care, student loans and $13 billion aircraft carriers with tariff revenues.

A recent study by the Peterson Institute for International Economics shows the math doesn’t add up. Tariffs are levied on imported goods and are worth about US$3 trillion. American income tax is levied on incomes and are worth more than US$20 trillion. Government would have to be much smaller, and tariffs would have to be so high they would choke American trade, for tariffs to make economic sense.

And yet Trump has a broad mandate. In the summer of 2024, the U.S. Supreme Court ruled in Trump v. United States that presidents require a broadly defined “presumptive immunity from prosecution for … official acts.”

This decision has given Trump the legal clout to force the entire federal government to answer to the president himself.

Read more:
US Supreme Court immunity ruling ideal for a president who doesn’t care about democracy

War against democracy

Trump is using his vast new mandate to wage multiple wars simultaneously. These wars against the guardrails of liberal democracy require the punishment of his enemies inside his own party.

Read more:
Canada should be preparing for the end of American democracy

Republicans who have voted against Trump legislation during his first term faced high-profile challenges in the primaries as he funded their opponents. Today, the war is waged against those who are insufficiently loyal, including the highest ranks of the Coast Guard and the FBI.

The war against the administrative state involves the mass firing of independent inspectors, federal lawyers and thousands of civil servants to be replaced by foot soldiers personally loyal to the leader.

The Trump administration has sent out “deferred resignation” notices that invite the entire civil service to resign. This is the tactic Trump’s key adviser, Elon Musk, implemented at X, and it suggests a wave of firings will soon begin.

Nonsensical trade war

The trade war against Canada and Mexico is peculiar because neither country has expressed any willingness to abolish the United States-Mexico-Canada Agreement, which is among the achievements of Trump’s first administration.

Nevertheless, the paranoid Trump seems to be convinced that he got a raw deal in 2018, and so he wants to scrap the whole treaty and negotiate something tougher that brings more jobs home.

In 2024, the cars that were ranked most “American” in terms of their content and final assembly were made by Tesla, Honda and Volkswagen. By comparison, the best-selling the Dodge Ram 1500 pickup truck ranked No. 43 on the list. What Trump considers American and non-American isn’t clear, even to voters.

A new Bank of Canada forecast predicts that American tariffs may reduce Canadian GDP by six per cent. The federal government is planning an enormous bailout package to compensate for widespread job losses like the one offered to businesses and individuals during the pandemic.

Unsurprisingly, Trump divides Canada’s leadership. Alberta and Saskatchewan have publicly criticized the Team Canada approach. Alberta Premier Danielle Smith refused to sign the joint federal/provincial statement and played to her secessionist base.

Read more:
Why Alberta’s Danielle Smith is rejecting the Team Canada approach to Trump’s tariff threats

Even so, former Alberta premier Jason Kenney recognizes the peril, arguing that Alberta needs to “be prepared to retaliate … we can’t be wusses about this; we have to have a spine.”

What’s next?

Canada is an export-led economy based on natural resources. Its strength lies not in refusing to buy California wine or Florida orange juice. Its main sources of leverage are oil and gas, potash and uranium, rare earth minerals, timber products and hydroelectric power. But of all these, oil, uranium, and hydro-electric power are Canada’s biggest guns.

It’s not yet clear how effective the Canadian government’s strategy will be. Previous rounds of retaliation after the steel and aluminum tariffs in Trump’s first term did not drive him to the negotiating table. It’s also unclear what the CEOs of Canada’s branch-plant multinational corporations will do when their loyalties are divided between Trump and Canada.

Furthermore, it’s anyone’s guess how much the dissent of western Canadian premiers has hurt Canada’s case with Trump. Certainly, his preferred tactic is to divide and conquer.

Finally, it’s unclear if Ontario Premier Doug Ford’s “Captain Canada” approach will earn the respect or disdain of Republicans — although, ultimately, it doesn’t matter what the rest of the American political class thinks because Trump and his inner circle are calling all the shots.

In practical terms, there is little Canada can do to address the false accusations that it’s complicit in the illicit drug trade and in migrants crossing the border into the U.S. Facts don’t matter to Trump. He will eventually come up with a demand, and if Canada doesn’t give in, he will ramp up the economic pain.

Welcome to the post-liberal world order.

The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

– ref. Trump’s tariff threats show the brute power of an imperial presidency – https://theconversation.com/trumps-tariff-threats-show-the-brute-power-of-an-imperial-presidency-247524

MIL OSI – Global Reports –

February 4, 2025

MIL-OSI: Guggenheim Investments Announces February 2025 Closed-End Fund Distributions

Source: GlobeNewswire (MIL-OSI)

NEW YORK, Feb. 03, 2025 (GLOBE NEWSWIRE) — Guggenheim Investments today announced that certain closed-end funds have declared their distributions. The table below summarizes the distribution schedule for each closed-end fund (collectively, the “Funds” and each, a “Fund”).

The following dates apply to the distributions:

Record Date	February 14, 2025
Ex-Dividend Date	February 14, 2025
Payable Date	February 28, 2025

Distribution Schedule
NYSE Ticker	Closed-End Fund Name	Distribution Per Share	Change from Previous Distribution	Frequency
AVK	Advent Convertible and Income Fund	$0.1172^†		Monthly
GBAB	Guggenheim Taxable Municipal Bond & Investment Grade Debt Trust	$0.12573^†		Monthly
GOF	Guggenheim Strategic Opportunities Fund	$0.1821^†		Monthly
GUG	Guggenheim Active Allocation Fund	$0.11875^†		Monthly

^† A portion of this distribution is estimated to be a return of capital rather than income. Final determination of the character of distributions will be made at year-end. The Section 19(a) notice referenced below provides more information and can be found at www.guggenheiminvestments.com.

You should not draw any conclusions about the Fund’s investment performance from the amount of this distribution or from the terms of the Fund’s Distribution Policy.

Past performance is not indicative of future performance. As of this announcement, the sources of each fund distribution are estimates. Distributions may be paid from sources of income other than ordinary income, such as short-term capital gains, long-term capital gains or return of capital. Unless otherwise noted, the distributions above are not anticipated to include a return of capital. If a distribution consists of something other than ordinary income, a Section 19(a) notice detailing the anticipated source(s) of the distribution will be made available. The Section 19(a) notice will be posted to a Fund’s website and to the Depository Trust & Clearing Corporation so that brokers can distribute such notices to Shareholders of the Fund. Section 19(a) notices are provided for informational purposes only and not for tax reporting purposes. The final determination of the source and tax characteristics of all distributions will be made after the end of the year. This information is not legal or tax advice. Consult a professional regarding your specific legal or tax matters.

About Guggenheim Investments

Guggenheim Investments is the global asset management and investment advisory division of Guggenheim Partners, LLC (“Guggenheim”), with more than $243 billion^* in assets under management across fixed income, equity, and alternative strategies. We focus on the return and risk needs of insurance companies, corporate and public pension funds, sovereign wealth funds, endowments and foundations, consultants, wealth managers, and high-net-worth investors. Our 235+ investment professionals perform rigorous research to understand market trends and identify undervalued opportunities in areas that are often complex and underfollowed. This approach to investment management has enabled us to deliver innovative strategies providing diversification opportunities and attractive long-term results.

Guggenheim Investments includes Guggenheim Funds Investment Advisors, LLC (“GFIA”), Guggenheim Partners Investment Management, LLC (“GPIM”) and Guggenheim Funds Distributors, LLC (“GFD”). GFIA serves as Investment Adviser for GBAB, GOF and GUG. GPIM serves as Investment Sub-Adviser for GBAB, GOF and GUG. GFD serves as servicing agent for AVK. The Investment Adviser for AVK is Advent Capital Management, LLC and is not affiliated with Guggenheim.

*Assets under management are as of 12.31.2024 and include leverage of $14.8bn. Guggenheim Investments represents the following affiliated investment management businesses of Guggenheim Partners, LLC: Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC, Guggenheim Wealth Solutions, LLC, Guggenheim Partners Europe Limited, Guggenheim Partners Japan Limited, GS GAMMA Advisors, LLC, and Guggenheim Private Investments, LLC.

This information does not represent an offer to sell securities of the Funds and it is not soliciting an offer to buy securities of the Funds. There can be no assurance that the Funds will achieve their investment objectives. Investments in the Funds involve operating expenses and fees. The net asset value of the Funds will fluctuate with the value of the underlying securities. It is important to note that closed-end funds trade on their market value, not net asset value, and closed-end funds often trade at a discount to their net asset value. Past performance is not indicative of future performance. An investment in closed-end funds is subject to investment risk, including the possible loss of the entire amount that you invest. Some general risks and considerations associated with investing in a closed-end fund may include: Investment and Market Risk; Lower Grade Securities Risk; Equity Securities Risk; Foreign Securities Risk; Interest Rate Risk; Illiquidity Risk; Derivative Risk; Management Risk; Anti-Takeover Provisions; Market Disruption Risk and Leverage Risk. See www.guggenheiminvestments.com/cef for a detailed discussion of Fund-specific risks.

Investors should consider the investment objectives and policies, risk considerations, charges and expenses of any investment before they invest. For this and more information, visit www.guggenheiminvestments.com or contact a securities representative or Guggenheim Funds Distributors, LLC 227 West Monroe Street, Chicago, IL 60606, 800-345-7999.

Analyst Inquiries

William T. Korver
cefs@guggenheiminvestments.com

Not FDIC-Insured | Not Bank-Guaranteed | May Lose Value
Member FINRA/SIPC (02/25) 63728

The MIL Network –

February 4, 2025

MIL-OSI: RBB Bancorp Reports Fourth Quarter and Fiscal Year 2024 Earnings

Source: GlobeNewswire (MIL-OSI)

LOS ANGELES, Feb. 03, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter and fiscal year ended December 31, 2024.

Fourth Quarter 2024 Highlights

Net income totaled $4.4 million, or $0.25 diluted earnings per share
Return on average assets of 0.44%, compared to 0.72% for the quarter ended September 30, 2024
Net interest margin of 2.76% compared to 2.68% for the quarter ended September 30, 2024
Book value and tangible book value per share⁽¹⁾ of $28.66 and $24.51 at December 31, 2024, compared to $28.81 and $24.64 at September 30, 2024

The Company reported net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024, compared to net income of $7.0 million, or $0.39 diluted earnings per share, for the quarter ended September 30, 2024. Net income for the year ended December 31, 2024 totaled $26.7 million, or $1.47 diluted earnings per share, compared to net income of $42.5 million, or $2.24 diluted earnings per share, for the year ended December 31, 2023.

“Declining funding costs and stable interest income drove net interest income and net interest margin higher in the fourth quarter,” said Johnny Lee, President of the Company and President and Chief Executive Officer of the Bank. “We continue to make good progress on our growth initiatives and expect we will resume loan growth in the first quarter and for the remainder of the year. We did see an increase in nonperforming loans mainly due to one credit relationship that was downgraded late in the fourth quarter. We are actively working to resolve our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital.”

“We are saddened by the devastation caused by the recent fires in Los Angeles,” said David Morris, Chief Executive Officer of the Company. “We stand ready to support our community and neighbors as they begin the process of rebuilding.”

(1)	Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Net Interest Income and Net Interest Margin

Net interest income was $26.0 million for the fourth quarter of 2024, compared to $24.5 million for the third quarter of 2024. The $1.4 million increase was due to a $130,000 increase in interest income and a $1.3 million decrease in interest expense. The increase in interest income was mostly due to higher interest income on cash and investment securities of $1.1 million offset by lower interest income on total loans of $952,000. The decrease in loan interest income was mostly due to lower average loans of $9.8 million and a 10 basis point decrease in the average loan yield due to decreases in market rates and a change in the loan mix. The increase in cash and investment interest income was attributed to higher average balances and a higher investment portfolio yield, offset by a lower yield on cash. The decrease in interest expense was mostly due to a 33 basis point decrease in total average interest-bearing deposit rates offset by higher average interest-bearing deposits of $33.8 million in the fourth quarter of 2024.

Net interest margin (“NIM”) was 2.76% for the fourth quarter of 2024, an increase of 8 basis points from 2.68% for the third quarter of 2024. The increase was due to a 25 basis point decrease in the overall cost of funds, partially offset by a 15 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.79% for the fourth quarter of 2024 from 5.94% for the third quarter of 2024 due mainly to a 55 basis point decrease in the yield on average cash and cash equivalents to 5.02%, a decrease in the loan yield of 10 basis points and the impact of a change in the mix of average-earnings assets. Average loans represented 82% of average interest-earning assets in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024. The decrease in the loan yield was attributed mostly to a decrease in market rates and a change in the loan mix.

The overall cost of funds decreased to 3.32% in the fourth quarter of 2024 from 3.57% in the third quarter of 2024 due to a lower average cost of interest-bearing deposits. The overall funding mix for the fourth quarter of 2024 remained relatively unchanged from the third quarter of 2024 with the ratio of average noninterest-bearing deposits to average total funding sources of 16%. The all-in average spot rate for total deposits was 3.15% at December 31, 2024.

Net interest income was $99.4 million for the year ended December 31, 2024, compared to $119.3 million for the year ended December 31, 2023. The $19.9 million decrease was due to a $15.4 million increase in interest expense and a $4.5 million decrease in interest income. The decrease in interest income was mostly due to lower interest income on total loans of $9.7 million offset by higher interest income on interest-earning deposits of $4.7 million. The decrease in loan interest income was mostly due to lower average loans of $164.3 million. The increase in cash and investment interest income was attributed to higher average cash balances and a higher investment portfolio yield, offset by a lower average of investment securities. The increase in interest expense was mostly due to a 72 basis point increase in total average interest-bearing deposit rates and higher average interest-bearing deposits of $30.1 million in the year ended December 31, 2024.

NIM was 2.70% for the year ended December 31, 2024, a decrease of 46 basis points from 3.16% for the year ended December 31, 2023. The decrease was due to a 55 basis point increase in the overall cost of funds, partially offset by a 2 basis point increase in the yield on average interest-earning assets. The yield on average interest-earning assets increased to 5.88% for the year ended December 31, 2024 compared to the prior year due mainly to a 12 basis point increase in the yield on average cash and cash equivalents to 5.53%, an 18 basis point increase in the investment portfolio yield, offset by the impact of lower average loan balances. Average loans represented 83% of average interest-earning assets during 2024, and 85% during 2023.

The overall cost of funds increased to 3.49% in the year ended December 31, 2024 from 2.94% in the year ended December 31, 2023 due to a higher average cost of interest-bearing deposits in response to higher average market interest rates. The overall funding mix for December 31, 2024 remained relatively unchanged from the prior year with a ratio of average noninterest-bearing deposits to average total funding sources of 16%.

Provision for Credit Losses

The provision for credit losses was $6.0 million for the fourth quarter of 2024 compared to $3.3 million for the third quarter of 2024. The fourth quarter of 2024 provision for credit losses was due to an increase in specific reserves of $4.3 million and net charge-offs of $2.0 million, partially offset by lower general reserves. The fourth quarter increase in specific reserves included $4.5 million for a construction loan secured by a partially completed mixed-use commercial project. Fourth quarter net charge-offs included $1.8 million for nonaccrual loans that were moved to held for sale (“HFS”). Net charge-offs on an annualized basis represented 0.26% of average loans for the fourth quarter of 2024 compared to 0.16% for the third quarter of 2024. The fourth quarter provision also took into consideration factors such as changes in loan balances, the loan portfolio mix, the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including higher nonperforming loans, and changes in special mention and substandard loans during the period.

The provision for credit losses was $9.9 million for the year ended December 31, 2024 compared to $3.4 million for the year ended December 31, 2023. The 2024 provision included the impact from an increase in specific reserves of $6.1 million and net charge-offs of $3.9 million. Net charge-offs totaled $3.9 million for the year ended December 31, 2024, compared to $3.1 million for the year ended December 31, 2023. Net charge-offs represented 0.13% of average loans for the fiscal year 2024 compared to 0.10% for the fiscal year 2023.

Noninterest Income

Noninterest income for the fourth quarter of 2024 was $2.7 million, a decrease of $3.0 million from $5.7 million for the third quarter of 2024. This decrease was mostly due to the third quarter of 2024 including a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

Noninterest income for the year ended December 31, 2024 was $15.3 million, an increase of $317,000 from $15.0 million for the year ended December 31, 2023. This increase was mostly due to a $2.9 million increase in recoveries on purchased loans, a $1.2 million increase in gain on sale of loans and an $883,000 increase in gain on OREO, offset by income from a $5.0 million Community Development Financial Institution Equitable Recovery Program award that was recognized during 2023.

Noninterest Expense

Noninterest expense for the fourth quarter of 2024 was $17.6 million, an increase of $228,000 from $17.4 million for the third quarter of 2024. This increase was mostly due to higher legal and professional expenses of $397,000, partially offset by lower occupancy and equipment expenses of $115,000. The annualized noninterest expenses to average assets ratio was 1.76% for the fourth quarter of 2024, down from 1.78% for the third quarter of 2024. The efficiency ratio was 61.5% for the fourth quarter of 2024, up from 57.5% for the third quarter of 2024 due mostly to lower noninterest income as the third quarter included a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

Noninterest expense for the year ended December 31, 2024 was $69.2 million, a decrease of $1.5 million from $70.7 million for the year ended December 31, 2023. This decrease was mostly due to lower legal and professional expenses of $3.7 million, partially offset by higher salaries and employee benefits of $1.6 million. The noninterest expenses to average assets ratio was 1.76% for the fiscal year 2024 and 2023. The efficiency ratio was 60.3% for the year ended December 31, 2024, up from 52.6% for the year ended December 31, 2023 due mostly to lower net interest income for 2024.

Income Taxes

The effective tax rate was 13.3% for the fourth quarter of 2024 and 26.9% for the third quarter of 2024. The decrease in the effective tax rate for the fourth quarter was due primarily to higher tax credits relative to pre-tax net income as compared to the prior quarter.

The effective tax rate was 25.3% for the year ended December 31, 2024 and 29.5% for the year ended December 31, 2023. The decrease in the effective tax rate for 2024 was due primarily to higher tax credits as compared to the prior year.

Balance Sheet

At December 31, 2024, total assets were $4.0 billion, a $2.0 million increase compared to September 30, 2024, and a $33.5 million decrease compared to December 31, 2023.

Loan and Securities Portfolio

Loans held for investment (“HFI”) totaled $3.1 billion as of December 31, 2024, a decrease of $38.7 million compared to September 30, 2024 and a $21.4 million increase compared to December 31, 2023. The decrease from September 30, 2024 was primarily due to a $51.3 million decrease in commercial real estate (“CRE”) loans, a $6.9 million decrease in construction and land development (“C&D”) loans and an $826,000 decrease in Small Business Administration (“SBA”) loans, partially offset by a $20.6 million increase in single-family residential (“SFR”) mortgages and a $724,000 increase in commercial and industrial (“C&I”) loans. The loan to deposit ratio was 97.5% at December 31, 2024, compared to 98.6% at September 30, 2024 and 94.2% at December 31, 2023.

As of December 31, 2024, available-for-sale securities totaled $420.2 million, an increase of $114.5 million from September 30, 2024, primarily related to the purchase of $79.2 million in short-term commercial paper. As of December 31, 2024, net unrealized losses totaled $29.2 million, a $6.0 million increase due mostly to increases in treasury rates, when compared to net unrealized losses of $23.2 million as of September 30, 2024.

Deposits

Total deposits were $3.1 billion as of December 31, 2024, an $8.4 million decrease compared to September 30, 2024 and a $91.0 million decrease compared to December 31, 2023. The decrease during the fourth quarter of 2024 was due to a $27.8 million decrease in interest-bearing deposits, while noninterest-bearing deposits increased $19.4 million to $563.0 million as of December 31, 2024 compared to $543.6 million as of September 30, 2024. The decrease in interest-bearing deposits included a decrease in time deposits of $24.7 million and non-maturity deposits of $3.1 million. Wholesale deposits remained relatively unchanged at $147.5 million at December 31, 2024 compared to $147.3 million at September 30, 2024. Noninterest-bearing deposits represented 18.3% of total deposits at December 31, 2024 compared to 17.6% at September 30, 2024.

Credit Quality

Nonperforming assets totaled $81.0 million, or 2.03% of total assets, at December 31, 2024, compared to $60.7 million, or 1.52% of total assets, at September 30, 2024. The $20.4 million increase in nonperforming assets was due to the addition of one $26.4 million C&D loan, $2.0 million in SFR loans and $890,000 in SBA loans that migrated to nonaccrual status during the fourth quarter of 2024, partially offset by payoffs and paydowns of $6.7 million and partial charge-offs of $2.0 million.

Nonperforming assets at December 31, 2024 include loans HFS with a total fair value of $11.2 million, which were transferred from HFI during the fourth quarter of 2024 after a $1.8 million charge-off against the allowance for credit losses. These loans were reported as nonperforming loans at September 30, 2024.

Special mention loans totaled $65.3 million, or 2.14% of total loans, at December 31, 2024, compared to $77.5 million, or 2.51% of total loans, at September 30, 2024. The $12.2 million decrease was primarily due to CRE loans totaling $11.8 million that were upgraded to pass-rated and $1.8 million in payoffs and paydowns, offset by CRE loans totaling $1.4 million downgraded during the fourth quarter of 2024. All special mention loans are paying current.

Substandard loans totaled $100.3 million, of which $11.2 million were HFS at December 31, 2024, compared to $79.8 million at September 30, 2024. This $20.5 million increase was primarily due to downgrades of one $26.4 million C&D loan, SFR loans totaling $2.0 million, C&I loans totaling $1.9 million and SBA loans totaling $747,000. These downgrades were offset by payoffs and paydowns totaling $6.5 million, upgrades totaling $2.0 million and partial charge-offs totaling $2.0 million. Of the total substandard loans at December 31, 2024, there are $19.3 million on accrual status, including an $11.7 million C&D loan that was in the process of renewal and also included in the 30-89 day delinquent category below.

30-89 day delinquent loans, excluding nonperforming loans, totaled $22.1 million at December 31, 2024, compared to $10.6 million at September 30, 2024. The $11.5 million increase was mostly due to one $11.7 million C&D loan in process of renewal for a completed multifamily project at December 31, 2024, and since year end, it has been brought current and paid down by $1.5 million. Other changes in delinquent loans included additions totaling $5.5 million, offset by $3.2 million that returned to current status, $1.8 million that migrated to nonaccrual status and $735,000 in payoffs.

As of December 31, 2024, the allowance for credit losses totaled $48.5 million and was comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $44.5 million comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 at September 30, 2024. The $4.0 million increase in the allowance for credit losses for the fourth quarter of 2024 was due to a $6.0 million provision for credit losses offset by net charge-offs of $2.0 million. The increase in charge-offs in the fourth quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans and loans moved to HFS. The allowance for loan losses as a percentage of loans HFI increased to 1.56% at December 31, 2024, compared to 1.41% at September 30, 2024, due to an increase in specific reserves on one C&D loan mentioned previously. The allowance for loan losses as a percentage of nonperforming loans HFI was 68% at December 31, 2024, a decrease from 72% at September 30, 2024.


	For the Three Months Ended December 31, 2024									For the Year Ended December 31, 2024
*(dollars in thousands)*	Allowance for loan losses			Reserve for unfunded loan commitments			Allowance for credit losses			Allowance for loan losses			Reserve for unfunded loan commitments		Allowance for credit losses
Beginning balance	$	43,685		$	779		$	44,464		$	41,903		$	640	$	42,543
Provision for (reversal of) credit losses		6,050			(50	)		6,000			9,768			89		9,857
Less loans charged-off		(2,092	)		—			(2,092	)		(4,083	)		—		(4,083	)
Recoveries on loans charged-off		86			—			86			141			—		141
Ending balance	$	47,729		$	729		$	48,458		$	47,729		$	729	$	48,458

Shareholders’ Equity

At December 31, 2024, total shareholders’ equity was $507.9 million, a $1.9 million decrease compared to September 30, 2024, and a $3.4 million decrease compared to December 31, 2023. The decrease in shareholders’ equity for the fourth quarter of 2024 was due to higher net unrealized losses on available-for-sale securities of $4.2 million and common stock cash dividends paid of $2.9 million, offset by net income of $4.4 million, and equity compensation activity of $794,000. The decrease in shareholders’ equity for the year ended 2024 was due to common stock repurchases of $20.7 million, common stock cash dividends paid of $11.7 million and higher net unrealized losses on available-for-sale securities of $744,000, offset by net income of $26.7 million, and equity compensation activity of $3.1 million. Book value per share and tangible book value per share⁽¹⁾ decreased to $28.66 and $24.51 at December 31, 2024, down from $28.81 and $24.64 at September 30, 2024 and up from $27.47 and $23.48 at December 31, 2023.

Contact:
Lynn Hopkins, Chief Financial Officer
(213) 716-8066
lhopkins@rbbusa.com

(1)		Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.

Corporate Overview

RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of December 31, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

Conference Call

Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, February 4, 2025, to discuss the Company’s fourth quarter 2024 financial results.

To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 834092, conference ID RBBQ424. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51830, approximately one hour after the conclusion of the call and will remain available through February 5, 2025.

The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

Disclosure

This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

Safe Harbor

Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Company’s internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Company’s internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (“U.S.”) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.


RBB BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Dollars in thousands)

	December 31,			September 30,			June 30,			March 31,			December 31,
	2024			2024			2024			2024			2023
Assets
Cash and due from banks	$	27,747		$	26,388		$	23,313		$	21,887		$	22,671
Interest-earning deposits with financial institutions		229,998			323,002			229,456			247,356			408,702
Cash and cash equivalents		257,745			349,390			252,769			269,243			431,373
Interest-earning time deposits with financial institutions		600			600			600			600			600
Investment securities available for sale		420,190			305,666			325,582			335,194			318,961
Investment securities held to maturity		5,191			5,195			5,200			5,204			5,209
Loans held for sale		11,250			812			3,146			3,903			1,911
Loans held for investment		3,053,230			3,091,896			3,047,712			3,027,361			3,031,861
Allowance for loan losses		(47,729	)		(43,685	)		(41,741	)		(41,688	)		(41,903	)
Net loans held for investment		3,005,501			3,048,211			3,005,971			2,985,673			2,989,958
Premises and equipment, net		24,601			24,839			25,049			25,363			25,684
Federal Home Loan Bank (FHLB) stock		15,000			15,000			15,000			15,000			15,000
Cash surrender value of bank owned life insurance		60,296			59,889			59,486			59,101			58,719
Goodwill		71,498			71,498			71,498			71,498			71,498
Servicing assets		6,985			7,256			7,545			7,794			8,110
Core deposit intangibles		2,011			2,194			2,394			2,594			2,795
Right-of-use assets		28,048			29,283			30,530			31,231			29,803
Accrued interest and other assets		83,561			70,644			63,416			65,608			66,404
Total assets	$	3,992,477		$	3,990,477		$	3,868,186		$	3,878,006		$	4,026,025
Liabilities and shareholders’ equity
Deposits:
Noninterest-bearing demand	$	563,012		$	543,623		$	542,971		$	539,517		$	539,621
Savings, NOW and money market accounts		663,034			666,089			647,770			642,840			632,729
Time deposits, $250,000 and under		1,007,452			1,052,462			1,014,189			1,083,898			1,190,821
Time deposits, greater than $250,000		850,291			830,010			818,675			762,074			811,589
Total deposits		3,083,789			3,092,184			3,023,605			3,028,329			3,174,760
FHLB advances		200,000			200,000			150,000			150,000			150,000
Long-term debt, net of issuance costs		119,529			119,433			119,338			119,243			119,147
Subordinated debentures		15,156			15,102			15,047			14,993			14,938
Lease liabilities – operating leases		29,705			30,880			32,087			32,690			31,191
Accrued interest and other liabilities		36,421			23,150			16,818			18,765			24,729
Total liabilities		3,484,600			3,480,749			3,356,895			3,364,020			3,514,765
Shareholders’ equity:
Common stock		259,957			259,280			266,160			271,645			271,925
Additional paid-in capital		3,645			3,520			3,456			3,348			3,623
Retained earnings		264,460			262,946			262,518			259,903			255,152
Non-controlling interest		72			72			72			72			72
Accumulated other comprehensive loss, net		(20,257	)		(16,090	)		(20,915	)		(20,982	)		(19,512	)
Total shareholders’ equity		507,877			509,728			511,291			513,986			511,260
Total liabilities and shareholders’ equity	$	3,992,477		$	3,990,477		$	3,868,186		$	3,878,006		$	4,026,025


RBB BANCORP AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) *(In thousands, except share and per share data)*

	For the Three Months Ended							For the Year Ended
	December 31, 2024		September 30, 2024		December 31, 2023			December 31, 2024		December 31, 2023
Interest and dividend income:
Interest and fees on loans	$	46,374	$	47,326	$	45,895		$	184,567	$	194,264
Interest on interest-earning deposits		3,641		3,388		4,650			15,422		10,746
Interest on investment securities		3,962		3,127		3,706			14,331		14,028
Dividend income on FHLB stock		330		326		312			1,314		1,125
Interest on federal funds sold and other		248		258		269			1,027		985
Total interest and dividend income		54,555		54,425		54,832			216,661		221,148
Interest expense:
Interest on savings deposits, NOW and money market accounts		4,671		5,193		4,026			19,295		12,205
Interest on time deposits		21,361		22,553		22,413			89,086		76,837
Interest on long-term debt and subordinated debentures		1,660		1,681		2,284			6,699		9,951
Interest on FHLB advances		886		453		440			2,217		2,869
Total interest expense		28,578		29,880		29,163			117,297		101,862
Net interest income before provision for credit losses		25,977		24,545		25,669			99,364		119,286
Provision for (reversal of) credit losses		6,000		3,300		(431	)		9,857		3,362
Net interest income after provision for (reversal of) credit losses		19,977		21,245		26,100			89,507		115,924
Noninterest income:
Service charges and fees		988		1,071		972			4,115		4,172
Gain on sale of loans		376		447		116			1,586		374
Loan servicing fees, net of amortization		492		605		616			2,265		2,576
Increase in cash surrender value of life insurance		407		403		374			1,577		1,409
(Loss) gain on OREO		—		—		(57	)		1,016		133
Other income		466		3,220		5,373			4,776		6,354
Total noninterest income		2,729		5,746		7,394			15,335		15,018
Noninterest expense:
Salaries and employee benefits		9,927		10,008		8,860			39,395		37,795
Occupancy and equipment expenses		2,403		2,518		2,387			9,803		9,629
Data processing		1,499		1,472		1,357			5,857		5,326
Legal and professional		1,355		958		1,291			4,453		8,198
Office expenses		399		348		349			1,455		1,512
Marketing and business promotion		251		252		241			864		1,132
Insurance and regulatory assessments		677		658		1,122			3,298		3,165
Core deposit premium		182		200		215			784		923
Other expenses		956		1,007		571			3,254		3,016
Total noninterest expense		17,649		17,421		16,393			69,163		70,696
Income before income taxes		5,057		9,570		17,101			35,679		60,246
Income tax expense		672		2,571		5,028			9,014		17,781
Net income	$	4,385	$	6,999	$	12,073		$	26,665	$	42,465

Net income per share
Basic	$	0.25	$	0.39	$	0.64		$	1.47	$	2.24
Diluted	$	0.25	$	0.39	$	0.64		$	1.47	$	2.24
Cash dividends declared per common share	$	0.16	$	0.16	$	0.16		$	0.64	$	0.64
Weighted-average common shares outstanding
Basic		17,704,992		17,812,791		18,887,501			18,121,764		18,965,346
Diluted		17,796,840		17,885,359		18,900,351			18,183,319		18,985,233


RBB BANCORP AND SUBSIDIARIES AVERAGE BALANCE SHEET AND NET INTEREST INCOME (Unaudited)

	For the Three Months Ended
	December 31, 2024						September 30, 2024						December 31, 2023
*(tax-equivalent basis, dollars in thousands)*	Average		Interest		Yield /		Average		Interest		Yield /		Average		Interest		Yield /
*(tax-equivalent basis, dollars in thousands)*	Balance		& Fees		Rate		Balance		& Fees		Rate		Balance		& Fees		Rate
Interest-earning assets
Cash and cash equivalents ⁽¹⁾	$	308,455	$	3,890	5.02	%	$	260,205	$	3,646	5.57	%	$	333,940	$	4,919	5.84	%
FHLB Stock		15,000		330	8.75	%		15,000		326	8.65	%		15,000		312	8.25	%
Securities
Available for sale ⁽²⁾		361,253		3,939	4.34	%		298,948		3,105	4.13	%		329,426		3,684	4.44	%
Held to maturity ⁽²⁾		5,194		48	3.68	%		5,198		46	3.52	%		5,212		46	3.50	%
Total loans		3,059,786		46,374	6.03	%		3,069,578		47,326	6.13	%		3,055,232		45,895	5.96	%
Total interest-earning assets		3,749,688	$	54,581	5.79	%		3,648,929	$	54,449	5.94	%		3,738,810	$	54,856	5.82	%
Total noninterest-earning assets		244,609						242,059						253,385
Total average assets	$	3,994,297					$	3,890,988					$	3,992,195

Interest-bearing liabilities
NOW		53,879		254	1.88	%	$	55,757	$	277	1.98	%	$	54,378	$	214	1.56	%
Money market		463,850		3,735	3.20	%		439,936		4,093	3.70	%		422,582		3,252	3.05	%
Saving deposits		162,351		682	1.67	%		164,515		823	1.99	%		148,354		560	1.50	%
Time deposits, $250,000 and under		1,034,946		11,583	4.45	%		1,037,365		12,312	4.72	%		1,162,014		13,244	4.52	%
Time deposits, greater than $250,000		835,583		9,778	4.66	%		819,207		10,241	4.97	%		781,833		9,169	4.65	%
Total interest-bearing deposits		2,550,609		26,032	4.06	%		2,516,780		27,746	4.39	%		2,569,161		26,439	4.08	%
FHLB advances		200,000		886	1.76	%		150,543		453	1.20	%		150,000		440	1.16	%
Long-term debt		119,466		1,295	4.31	%		119,370		1,295	4.32	%		155,536		1,895	4.83	%
Subordinated debentures		15,121		365	9.60	%		15,066		386	10.19	%		14,902		389	10.36	%
Total interest-bearing liabilities		2,885,196		28,578	3.94	%		2,801,759		29,880	4.24	%		2,889,599		29,163	4.00	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		539,900						528,081						535,554
Other noninterest-bearing liabilities		56,993						52,428						61,858
Total noninterest-bearing liabilities		596,893						580,509						597,412
Shareholders’ equity		512,208						508,720						505,184
Total liabilities and shareholders’ equity	$	3,994,297					$	3,890,988					$	3,992,195
Net interest income / interest rate spreads			$	26,003	1.85	%			$	24,569	1.70	%			$	25,693	1.82	%
Net interest margin					2.76	%					2.68	%					2.73	%

Total cost of deposits	$	3,090,509	$	26,032	3.35	%	$	3,044,861	$	27,746	3.63	%	$	3,104,715	$	26,439	3.38	%
Total cost of funds	$	3,425,096	$	28,578	3.32	%	$	3,329,840	$	29,880	3.57	%	$	3,425,153	$	29,163	3.38	%

____________________

(1)	Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
(2)	Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
(3)	Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.


RBB BANCORP AND SUBSIDIARIES AVERAGE BALANCE SHEET AND NET INTEREST INCOME (Unaudited)

	For the Year Ended
	December 31, 2024						December 31, 2023
*(tax-equivalent basis, dollars in thousands)*	Average		Interest		Yield /		Average		Interest		Yield /
*(tax-equivalent basis, dollars in thousands)*	Balance		& Fees		Rate		Balance		& Fees		Rate
Interest-earning assets
Cash and cash equivalents ⁽¹⁾	$	297,331	$	16,449	5.53	%	$	216,851	$	11,731	5.41	%
FHLB Stock		15,000		1,314	8.76	%		15,000		1,125	7.50	%
Securities
Available for sale ⁽²⁾		324,644		14,242	4.39	%		331,357		13,928	4.20	%
Held to maturity ⁽²⁾		5,200		188	3.62	%		5,509		198	3.59	%
Total loans		3,041,337		184,567	6.07	%		3,205,625		194,264	6.06	%
Total interest-earning assets		3,683,512	$	216,760	5.88	%		3,774,342	$	221,246	5.86	%
Total noninterest-earning assets		243,258						246,980
Total average assets	$	3,926,770					$	4,021,322

Interest-bearing liabilities
NOW	$	56,158		1,105	1.97	%	$	58,191	$	725	1.25	%
Money market		436,925		15,231	3.49	%		429,102		10,565	2.46	%
Saving deposits		162,243		2,959	1.82	%		126,062		915	0.73	%
Time deposits, $250,000 and under		1,074,291		50,059	4.66	%		1,146,513		47,150	4.11	%
Time deposits, greater than $250,000		803,187		39,027	4.86	%		742,839		29,687	4.00	%
Total interest-bearing deposits		2,532,804		108,381	4.28	%		2,502,707		89,042	3.56	%
FHLB advances		162,705		2,217	1.36	%		172,219		2,869	1.67	%
Long-term debt		119,324		5,182	4.34	%		169,182		8,477	5.01	%
Subordinated debentures		15,039		1,517	10.09	%		14,821		1,474	9.95	%
Total interest-bearing liabilities		2,829,872		117,297	4.14	%		2,858,929		101,862	3.56	%
Noninterest-bearing liabilities
Noninterest-bearing deposits		531,458						602,291
Other noninterest-bearing liabilities		53,970						59,562
Total noninterest-bearing liabilities		585,428						661,853
Shareholders’ equity		511,470						500,540
Total liabilities and shareholders’ equity	$	3,926,770					$	4,021,322
Net interest income / interest rate spreads			$	99,463	1.74	%			$	119,384	2.30	%
Net interest margin					2.70	%					3.16	%

Total cost of deposits	$	3,064,262	$	108,381	3.54	%	$	3,104,998	$	89,042	2.87	%
Total cost of funds	$	3,361,330	$	117,297	3.49	%	$	3,461,220	$	101,862	2.94	%

____________________

(1)	Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
(2)	Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
(3)	Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.


RBB BANCORP AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited)

	At or for the Three Months Ended									At or for the Year Ended December 31,
	December 31,			September 30,			December 31,
		2024		2024			2023			2024			2023
Per share data (common stock)
Book value	$	28.66		$	28.81		$	27.47		$	28.66		$	27.47
Tangible book value ⁽¹⁾	$	24.51		$	24.64		$	23.48		$	24.51		$	23.48
Performance ratios
Return on average assets, annualized		0.44	%		0.72	%		1.20	%		0.68	%		1.06	%
Return on average shareholders’ equity, annualized		3.41	%		5.47	%		9.48	%		5.21	%		8.48	%
Return on average tangible common equity, annualized ⁽¹⁾		3.98	%		6.40	%		11.12	%		6.09	%		9.97	%
Noninterest income to average assets, annualized		0.27	%		0.59	%		0.73	%		0.39	%		0.37	%
Noninterest expense to average assets, annualized		1.76	%		1.78	%		1.63	%		1.76	%		1.76	%
Yield on average earning assets		5.79	%		5.94	%		5.82	%		5.88	%		5.86	%
Yield on average loans		6.03	%		6.13	%		5.96	%		6.07	%		6.06	%
Cost of average total deposits ⁽²⁾		3.35	%		3.63	%		3.38	%		3.54	%		2.87	%
Cost of average interest-bearing deposits		4.06	%		4.39	%		4.08	%		4.28	%		3.56	%
Cost of average interest-bearing liabilities		3.94	%		4.24	%		4.00	%		4.14	%		3.56	%
Net interest spread		1.85	%		1.70	%		1.82	%		1.74	%		2.30	%
Net interest margin		2.76	%		2.68	%		2.73	%		2.70	%		3.16	%
Efficiency ratio ⁽³⁾		61.48	%		57.51	%		49.58	%		60.30	%		52.64	%
Common stock dividend payout ratio		64.00	%		41.03	%		25.00	%		43.54	%		28.57	%

____________________

(1)		Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
(2)		Total deposits include non-interest bearing deposits and interest-bearing deposits.
(3)		Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.


RBB BANCORP AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited) *(Dollars in thousands)*

	At or for the quarter ended
	December 31,			September 30,			December 31,
	2024			2024			2023
Credit Quality Data:
Special mention loans	$	65,329		$	77,501		$	32,842
Special mention loans to total loans		2.14	%		2.51	%		1.08	%
Substandard loans HFI	$	89,141		$	79,831		$	61,099
Substandard loans HFS	$	11,195		$	—		$	—
Substandard loans HFI to total loans HFI		2.92	%		2.58	%		2.02	%
Loans 30-89 days past due, excluding nonperforming loans	$	22,086		$	10,625		$	16,803
Loans 30-89 days past due, excluding nonperforming loans, to total loans		0.72	%		0.34	%		0.55	%
Nonperforming loans HFI	$	69,843		$	60,662		$	31,619
Nonperforming loans HFS	$	11,195		$	—		$	—
OREO	$	—		$	—		$	—
Nonperforming assets	$	81,038		$	60,662		$	31,619
Nonperforming loans HFI to total loans HFI		2.29	%		1.96	%		1.04	%
Nonperforming assets to total assets		2.03	%		1.52	%		0.79	%

Allowance for loan losses	$	47,729		$	43,685		$	41,903
Allowance for loan losses to total loans HFI		1.56	%		1.41	%		1.38	%
Allowance for loan losses to nonperforming loans HFI		68.34	%		72.01	%		132.52	%
Net charge-offs	$	2,006		$	1,201		$	109
Net charge-offs to average loans		0.26	%		0.16	%		0.01	%

Capital ratios ⁽¹⁾
Tangible common equity to tangible assets ⁽²⁾		11.08	%		11.13	%		11.06	%
Tier 1 leverage ratio		11.92	%		12.19	%		11.99	%
Tier 1 common capital to risk-weighted assets		17.94	%		18.16	%		19.07	%
Tier 1 capital to risk-weighted assets		18.52	%		18.75	%		19.69	%
Total capital to risk-weighted assets		24.49	%		24.80	%		25.92	%

____________________

(1	)	December 31, 2024 capital ratios are preliminary.
(2	)	Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.


RBB BANCORP AND SUBSIDIARIES SELECTED FINANCIAL HIGHLIGHTS (Unaudited)

Loan Portfolio Detail	As of December 31, 2024					As of September 30, 2024					As of December 31, 2023
*(dollars in thousands)*	$			%		$			%		$			%
Loans:
Commercial and industrial	$	129,585		4.2	%	$	128,861		4.2	%	$	130,096		4.3	%
SBA		47,263		1.5	%		48,089		1.6	%		52,074		1.7	%
Construction and land development		173,290		5.7	%		180,196		5.8	%		181,469		6.0	%
Commercial real estate ⁽¹⁾		1,201,420		39.3	%		1,252,682		40.5	%		1,167,857		38.5	%
Single-family residential mortgages		1,494,022		48.9	%		1,473,396		47.7	%		1,487,796		49.1	%
Other loans		7,650		0.4	%		8,672		0.2	%		12,569		0.4	%
Total loans ⁽²⁾	$	3,053,230		100.0	%	$	3,091,896		100.0	%	$	3,031,861		100.0	%
Allowance for loan losses		(47,729	)				(43,685	)				(41,903	)
Total loans, net	$	3,005,501				$	3,048,211				$	2,989,958

_____________________

(1)		Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
(2)		Net of discounts and deferred fees and costs of $488, $467, and $542 as of December 31, 2024, September 30, 2024, and December 31, 2023, respectively.


Deposits	As of December 31, 2024				As of September 30, 2024				As of December 31, 2023
*(dollars in thousands)*	$		%		$		%		$		%
Deposits:
Noninterest-bearing demand	$	563,012	18.3	%	$	543,623	17.6	%	$	539,621	17.0	%
Savings, NOW and money market accounts		663,034	21.5	%		666,089	21.5	%		632,729	19.9	%
Time deposits, $250,000 and under		882,438	28.6	%		926,877	30.0	%		876,918	27.6	%
Time deposits, greater than $250,000		827,854	26.8	%		808,304	26.1	%		719,892	22.7	%
Wholesale deposits ⁽¹⁾		147,451	4.8	%		147,291	4.8	%		405,600	12.8	%
Total deposits	$	3,083,789	100.0	%	$	3,092,184	100.0	%	$	3,174,760	100.0	%

______________________

(1)		Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.

Non-GAAP Reconciliations

Tangible Book Value Reconciliations

Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of December 31, 2024, September 30, 2024, and December 31, 2023.


*(dollars in thousands, except share and per share data)*	December 31, 2024			September 30, 2024			December 31, 2023
Tangible common equity:
Total shareholders’ equity	$	507,877		$	509,728		$	511,260
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(2,011	)		(2,194	)		(2,795	)
Tangible common equity	$	434,368		$	436,036		$	436,967
Tangible assets:
Total assets-GAAP	$	3,992,477		$	3,990,477		$	4,026,025
Adjustments
Goodwill		(71,498	)		(71,498	)		(71,498	)
Core deposit intangible		(2,011	)		(2,194	)		(2,795	)
Tangible assets	$	3,918,968		$	3,916,785		$	3,951,732
Common shares outstanding		17,720,416			17,693,416			18,609,179
Common equity to assets ratio		12.72	%		12.77	%		12.70	%
Tangible common equity to tangible assets ratio		11.08	%		11.13	%		11.06	%
Book value per share	$	28.66		$	28.81		$	27.47
Tangible book value per share	$	24.51		$	24.64		$	23.48

Return on Average Tangible Common Equity

Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:


	Three Months Ended									Year Ended December 31,
*(dollars in thousands)*	December 31, 2024			September 30, 2024			December 31, 2023			2024			2023
Net income available to common shareholders	$	4,385		$	6,999		$	12,073		$	26,665		$	42,465
Average shareholders’ equity		512,208			508,720			505,184			511,470			500,540
Adjustments:
Average goodwill		(71,498	)		(71,498	)		(71,498	)		(71,498	)		(71,498	)
Average core deposit intangible		(2,129	)		(2,326	)		(2,935	)		(2,425	)		(3,282	)
Adjusted average tangible common equity	$	438,581		$	434,896		$	430,751		$	437,547		$	425,760
Return on average common equity		3.41	%		5.47	%		9.48	%		5.21	%		8.48	%
Return on average tangible common equity		3.98	%		6.40	%		11.12	%		6.09	%		9.97	%

The MIL Network –

February 4, 2025

MIL-OSI: Heritage Commerce Corp and Heritage Bank of Commerce Announce Appointment of Janisha Sabnani as General Counsel

Source: GlobeNewswire (MIL-OSI)

SAN JOSE, Calif., Feb. 03, 2025 (GLOBE NEWSWIRE) — Heritage Commerce Corp (NASDAQ: HTBK) (“Company”), parent company of Heritage Bank of Commerce (“Bank”), today announced the appointment of Janisha Sabnani as Executive Vice President and General Counsel of the Company and the Bank. As General Counsel, Ms. Sabnani will report directly to Chief Executive Officer (“CEO”) Robertson “Clay” Jones and will have primary responsibility for advising executive management, directors, and business unit executives on all legal and regulatory matters. With over fifteen years’ experience in financial services and private practice, Ms. Sabnani brings a wealth of knowledge and expertise to our team.

“We are fortunate to have Janisha join us. Her diverse experience includes advising on public company reporting, capital markets activities, corporate governance, bank products, mergers and acquisitions, bank investments, regulatory matters, and compliance,” said CEO Clay Jones. “She is a great addition to our leadership team, and I believe that she will be instrumental in our future success.”

Prior to joining Heritage Bank of Commerce, Ms. Sabnani held a progression of roles at First Republic Bank, culminating as Senior Vice President, Deputy General Counsel & Assistant Secretary. Ms. Sabnani also spent several years in private practice as a corporate attorney at Skadden, Arps, Slate, Meagher & Flom, LLP. She also served in a variety of advisory and board roles in Northern California, including with The BASIC Fund and Martha Stoumen Wines. Ms. Sabnani holds a J.D. from the New York University School of Law, an M.B.A. from the New York University Leonard Stern School of Business, and a B.A. in Political Science and Mass Communications from the University of California, Berkeley.

Heritage Commerce Corp, a bank holding company established in October 1997, is the parent company of Heritage Bank of Commerce, established in 1994 and headquartered in San Jose, CA with full-service branches in Danville, Fremont, Gilroy, Hollister, Livermore, Los Altos, Los Gatos, Morgan Hill, Oakland, Palo Alto, Pleasanton, Redwood City, San Francisco, San Jose, San Mateo, San Rafael, and Walnut Creek. Heritage Bank of Commerce is an SBA Preferred Lender. Bay View Funding, a subsidiary of Heritage Bank of Commerce, is based in San Jose, CA and provides business-essential working capital factoring financing to various industries throughout the United States. For more information, please visit www.heritagecommercecorp.com.

Member FDIC

For additional information, contact:
Debbie Reuter
EVP, Corporate Secretary
Direct: (408) 494-4542
Debbie.Reuter@herbank.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/13889ac9-8482-4f87-9f86-a6a06b4dfe58

The MIL Network –

February 4, 2025
MIL-OSI: Orrstown Financial Services, Inc. Announces Appointment of Barbara Brobst to the Board of Directors

Source: GlobeNewswire (MIL-OSI)

HARRISBURG, Pa., Feb. 03, 2025 (GLOBE NEWSWIRE) — Orrstown Financial Services, Inc. (NASDAQ: ORRF) (the “Company”) today announced that Barbara E. Brobst has been appointed to an open position on the Boards of Directors of the Company and its principal subsidiary, Orrstown Bank, effective February 1, 2025.

Ms. Brobst served as the Executive Vice President, Chief Human Resources Officer of the Company and the Bank from 2015 to 2022. Prior to that, she served as Senior Vice President for Human Resources of the Bank from 2011 to 2015 and Senior Vice President and Senior Trust Officer of the Bank from 2000 to 2011. Ms. Brobst is an experienced banking executive with over 40 years of experience and significant expertise in Trust, Wealth, and Investment Services, Governance, Strategic Planning, and Human Resource Management. She has extensive ties to south-central Pennsylvania, having previously served on the Board of Directors of several non-profit, charitable and professional organizations in the region.

“Barb’s expertise in wealth management and human capital management, combined with her 40 plus years of banking experience and extensive knowledge of our south-central Pennsylvania markets, makes her a valuable resource for both our board and management team and an exceptional addition to our Board of Directors,” said Joel Zullinger, Chairman of the Board of Directors.

About Orrstown

With $5.4 billion in assets, Orrstown Financial Services, Inc. and its wholly-owned subsidiary, Orrstown Bank, provide a wide range of consumer and business financial services in Berks, Cumberland, Dauphin, Franklin, Lancaster, Perry, and York Counties, Pennsylvania and Anne Arundel, Baltimore, Harford, Howard, and Washington Counties, Maryland, as well as Baltimore City, Maryland. The Company’s lending area also includes adjacent counties in Pennsylvania and Maryland, as well as Loudon County, Virginia and Berkeley, Jefferson and Morgan Counties, West Virginia. Orrstown Bank is an Equal Housing Lender and its deposits are insured up to the legal maximum by the FDIC. Orrstown Financial Services, Inc.’s common stock is traded on Nasdaq (ORRF). For more information about Orrstown Financial Services, Inc. and Orrstown Bank, visit www.orrstown.com.

For media inquiries or further information, please contact:

John Moss
SVP, Director of Marketing and Client Experience, Orrstown Bank
717-747-1520
jmoss@orrstown.com

The MIL Network –

February 4, 2025

MIL-OSI Asia-Pac: Pilgrimage Sites Transformed Under Prasad Scheme

Source: Government of India

Ministry of Tourism

Pilgrimage Sites Transformed Under Prasad Scheme

Posted On: 03 FEB 2025 4:32PM by PIB Delhi

The Ministry of Tourism under the “Pilgrimage Rejuvenation and Spiritual, Heritage Augmentation Drive” (PRASHAD) provides financial assistance to the State Governments and Union Territories Administrations for development of tourism infrastructure at identified pilgrimage and heritage destinations.

Components of Infrastructure development admissible under the scheme includes development/upgradation of destination entry points viz. passenger terminals (of road, rail and water transport), basic conveniences like tourism information/interpretation Centres with ATM/ Money exchange counters, improvement of road connectivity (last mile connectivity), procurement of equipment for eco-friendly modes of transport and equipment for tourist activities such as Light & Sound Show, renewable sources of energy for tourist infrastructure, parking facilities, toilets, cloak room facilities, waiting rooms, construction of craft haats/bazars/souvenir shops/cafeteria, rain shelters, watch towers, first aid centers, improvement in communication through establishing telephone booths, mobile services, internet connectivity, Wi-Fi hotspot among others.

The details of the projects sanctioned along with major components developed under the scheme is given in the annexure.

Under the scheme, three sites have been identified for development in Maharashtra namely, Shri Ghrushneshwar Shivalaya, Tuljapur and Shre Kshetra Rajur. Receiving proposals from the State Governments/UT Administrations for financial assistance for tourism projects is a continuous process. The proposals received are examined with reference to the prescribed guidelines and financial assistance is extended for such projects subject to fulfilment of the stipulated conditions and availability of funds.

This information was given by Union Minister for Tourism and Culture Shri Gajendra Singh Shekhawat in a written reply in Lok Sabha today.

***

Sunil Kumar Tiwari

E-mail: – tourism4pib[at]gmail[dot]com

ANNEXURE

List of projects sanctioned under PRASHAD Scheme (Rs. in Crore)

State/UT	S. No.	Project Name	Major components	Sanction Year	Approved Cost
Andhra Pradesh		Development of Pilgrim Amenities at Amaravati	• Development at AmaralingeshwaraSwamy Temple (Tourist Amenities, Beautification- Land hardscape &softscape, Infrastructure provision & management) • Mahachaitya Stupa & ASI Museum (Tourist Amenities, Infrastructure provision & management, Safety & security) • Dhyana Buddha Site Development (Beautification, Infrastructure provision & management) • Ghat Development • Urban Infrastructure Development (Enhancing mobility, Entry gate to Amravati, Eco-friendly vehicles)	2015-16	27.77
		Development of Srisailam Temple	• Development at Main temple (Illumination, Sound & Light show, Amphitheatre, Brass queues) • Sikharam (Tourist amenity centre, changing room, lighting of sikharam area, viewing deck, parking) • Tourist Amenity Centre at Hatakeswara • PanchaMathas (pathway, lighting) • Development works at Patalaganga (jetty, changing room) • Common Toilet Complexes including Drinking water facility at 8 locations • Road Improvement Works • Tourist facilitation centre	2017-18	43.08
		Development of Pilgrimage Amenities at Sri Varaha Lakshmi Narsimha Swami VariDevasthanam at Simhachalam	• Pilgrimage Facilitation Centre • Ghat road development (Viewpoints & parking with watch towers, Upgradation of steps) • Temple Amenities and infrastructure with Amphitheatre (Illumination, Development of steps, Parking, Yagyashaala) • Kitchen mechanization • Multipurpose hall • Pan area Development (Multimedia center with Augmented Reality (AR) setup, Electric mini vans, Signage, Baggage screening)	2022-23	54.04
		Development of Pilgrimage Tourism Infrastructure in Annavaram Temple Town	Queue Complex Annadanam Building E-vehicles Male and Female Toilets at Satyagiri hill	2024-25	25.33
Arunachal Pradesh		Development of Parshuram Kund	• Pilgrimage Facilitation Centre • Ghat road development (Viewpoints & parking with watch towers, Upgradation of steps) • Temple Amenities and infrastructure with Amphitheatre (Illumination, Development of steps, Parking, Yagyashaala) • Kitchen mechanization • Multipurpose hall • Pan area Development (Multimedia center with Augmented Reality (AR) setup, Electric mini vans, Signage, Baggage screening)	2020-21	37.88
Assam		Development of Pilgrimage amenities at Kamakhya Temple	• Development of existing 3Nos of foot tracks to Kamakhya Temple from foothill • AmbubachiMela Ground Development • Multistoried car parking (Parking, cloak room, Baby care & senior citizen rest centers, public toilet) • Construction of viewpoints • Site development & retaining wall	2015-16	29.80
Bihar		Development at Patna Sahib	• Development at Patna Sahib (Illumination, dustbin, CCTV) • Linked infrastructure (City wide signage, Tourist information centre at Railway centre, External Street lighting, Illumination at Gaighat&Handisahab) • Development at KanganGhat (TFC, River ghat development, sitting area, upgradation of Kanganghat) • Development at Guru KaBagh (Sound & light show, Illumination)	2015-16	29.62
Bihar		Development of basic facilities at Vishnupad temple	• Public Conveniences • Yatri Sheds • Development of Temple Fore Court • Area Illumination • Street Scaping& Parking • Development of SitaKund and GayatriGhat (Changing room, toilet block, pilgrimage shed, drinking water kiosk, solar high mast light)	2014-15	3.63
Chhattisgarh		Development of Pilgrimage amenities at MaaBamleshwari Devi Temple	• Development of MaaBambleshwari Devi Temple (hand railing & shed along the steps, Rest areas, Medical room, Solar lights, Parking, Development of lake front) • Development of Pragyagiri (Meditation center, Cafeteria, Solar illumination, Parking) • Development of Pilgrimage facilitation centre (Shri Yantra building, Solar illumination, Landscaping, Boundary wall, CC road)	2020-21	48.44
Goa		Development of Bom Jesus Basilica	•Parking •Interpretation Centre •External / Street Lighting •E-Auto •Monument facade Illumination •CI Park Bench •Informational & Directional Signage •Dust Bins •Visitor footfall counting device	2024-25	16.46
Gujarat		Development of Dwarka	•Development at Dwarkadhish Temple (Queue complex, Illumination, Temporary shading device) •Development at New GomtiGhat (Drinking water facility, Landscaping) •Development at Old GomtiGhat (Drinking water facility, Illumination of temple, Flooring, Temporary shading device) •Development at Rukshmani Temple (Toilet, Illumination, Parking & Pathway) •City-wide Interventions (Directional & Informational Signage) •Interventions at Railway Station (Tourist reception centre, Drinking water facility, Landscaping, CCTV) •Interventions at Bus Stand (TRC, Drinking water facility, Landscaping, CCTV)	2016-17	10.46
		Development of Pilgrimage Amenities at Somnath	•Parking Area development (Toilet, Cloak room, cafeteria, signage, public address system) •Tourist Facilitation Centre (TFC, Campus & site development, electrification works) •Solid Waste Management System	2016-17	45.36
		Development of Promenade at Somnath	•Excavation & ground improvement •Rubble •Walkway Pavement •Tetrapod •Kiosk, Seating Arrangements, Drinking water, Dust bin •High Mast Light •Electric Pole with music system and area	2018-19	47.12
		Development of Pilgrimage Facilities at Ambaji Temple	•Intervention at Ambaji temple (TFC, Approach Road, Pathway, Parking, Toilet block) •Approach road to Gabbar Hill (Toilet block, Stone pathway, Drinking water facility, Shaded resting areas, Electrical work, Signage)	2022-23	50.00
Haryana		Development of Mata Mansa Devi Temple and Nada SahebGurudwara	•Development at Gurudwara Nada Saheb (Façade illumination, Surface parking, Toilet block, STP, Covered pathway, Multilevel car parking, Entrance gate, Landscaping) •Mansa Devi Temple Area Development (Façade illumination, Plaza development, Gazebo, First aid facility) •Parking Area Development (TFC, Parking, Cultural activity area, Roads) •Integrated area development (Pathways, Benches, Signage, Toilet block)	2019-20	48.53
Jammu and Kashmir		Development at Hazratbal Shrine	•Development of existing inner approach road to the shrine •Site development (Boundary wall, Improvement of ghats and Devri Paths, Landscaping, Illumination) •Public convenience block and entrance gateway •Tensile structure for shading •Prefabricated shopping kiosks •Tourist Facilitation Center •Multi storied car parking	2016-17	40.46
Jharkhand		Development of Baba Baidya Nath Dham	•Shivganga Pond Development (Paving with footpath, Street furniture, Mandapas, Retaining wall, Entrance Arch, High mast & area lighting) •Jalsar lake front Development (Jalsar waterfront development, Walkway, Mandapa, Pergola, Retaining wall, City entrance gateways) •Kanwaria Path Development (Spiritual congregation hall, Community toilet, First aid centre, Landscape & paving, Drinking water kiosk) •Approach Pathways (Paving of approach roads, CCTV cameras, people counting system for temple, Control & command center and Jyotirlinga theme walk)	2018-19	36.79
Karnataka		Development of Pilgrimage Amenities at Sri Chamundeshwari Devi Temple	•Development at Chamundi Temple Premises (Queue Mandapam Stretch, Multipurpose Area & Stage, Cloak room, Illumination) •Pilgrimage Facilities development at Mahisasura plaza (Amenities block, Entrance stone arch, Illumination) •Development at Devikere (Handrails for entire steps, Steps and mandapa beautification) •Nandi Statue Pavilion Development (Queue Mandapam, Paver area development) •Devi Pada Redevelopment (Steps and mandapa beautification, Handrails for entire steps)	2023-24	45.71
Kerala		Development at Guruvayur Temple	•Tourist Facilitation Centre •Tourist Amenity Centre •Multi-Level Car Parking (MLCP) •CCTV Network Infrastructure	2016-17	45.19
Madhya Pradesh		Development of Amarkantak	•Development around Narmada Mandir (Gateway, Waiting pavilion, Dining & kitchen for prasad distribution, Kiosks, Street furniture) •Illumination of Temples •Development of Indra Daman Lake, Ma kiBagia, KapilDhara •Development of Ghat at South Bank, Sonmuda •Development of Mela Ground, Ped Street •Development of Tourist Facility Centre •Development of Public Amenities	2020-21	49.99
Madhya Pradesh		Development of Omkareshwar	•Development works at Omkareshwar Temple (Darshan hall, Waiting hall, Foot bridge on river side with retaining wall, Medical room, Prasad counters) •Development of GauGhat (Renovation & extension of ghat, food court & day shelter, security booth, changing room, florist shops) •Development of JP Chowk (Uniform façade elevation, entrance public plaza) •Pilgrimage Walk (covered walkway, entrance gate, parikrama path, steps from Brahmeshwar temple to Gaughat, Renovation of existing steps, widening of existing pathway) •Sound & Light Show •Linked Infra (Development of sheds for shopping streets, day shelters, watch tower, security booth cum information kiosk, signage, toilet, solid waste management)	2017-18	43.93
Maharashtra		Development of Trimbakeshwar	•TrimbakeshwarParikrama (Holy Pond/lake development, Landscaping, Junction improvement) •Tourism/ Pilgrimage Infrastructure, Trimbak Town (TFC, Parking, PFC at Sangam) •Pilgrimage Parikrama of Anjaneri- Trimbak- Brahmagiri (Camping & waiting area, Community Hall, Changing room, Toilet) •Development Work at Shri NivruttinathMaharaj Samadhi Temple (Queuing complex, administrative block, Cloak and waiting rooms)	2017-18	42.18
Meghalaya		Development of Pilgrimage Facilitation at Nongswalia Church, NartiangShakti Peeth, Aitnar Pool and Charantala Kali Temple	•Development at Nongswalia Church (Entrance gates, Welsh history interpretation centre, pathway, parking, public convenience, Pilgrimage walk, Illumination) •Development at Nartiang Shakti Peeth (Pilgrimage facilitation center, pathway, illumination, parking, signage) •Development at Aitnar Pool (Festival gallery area development, Behdeinkhlam festival facilitation centre, AR-VR at facilitation centre) •Development at Charantala Kali Temple (Vehicular cross bridge, Approach Road, Retaining wall, PFC)	2020-21	29.29
Mizoram		Development of Infrastructure for Pilgrimage and Heritage Tourism at ChiteVang, Zuangtai, Reiek and Aizawl	•Heritage Congregation Centre, Aizwal •Prayer Mountain, Zuangtai (PFC with viewing gallery, signage, Multipurpose Hall & kitchen) •Development at Khuangchera Cave (PFC, Safety equipment required for visiting the cave) •Development at KalvariTiang, Aizwal (Protective railing, PFC, Lighting, Rain shelter, Signage, Wooden benches)	2022-23	44.89
Nagaland		Development of Pilgrimage Infrastructure at Molungkimong, Noksen Church, Aizuto, Wokha and Kohima	•Development at Molungkimong (Church gate, Toilet, Interpretation centre, Illumination, Signage, Approach Road) •Development at Noksen Church (Pilgrimage arrival centre, Illumination, Parking, Approach Road, Retaining wall) •Development at Mission Compound, Aizuto (Sacred Pond edge lining area development, Illumination, PFC, Approach Road, Signage, Rain Shelter) •Development at Cathedral of Kohima (Entrance gate, Illumination, Interpretation centre, Signage, Parking, Retaining wall) •Wayside amenity-Wokha	2018-19	25.20
Nagaland		Development of Pilgrimage Tourism Infrastructure at Zunheboto	•Naga Entrance Gate •Pilgrimage Facilitation Centre •Illumination of Sumi Baptist Church •Multilevel Car Parking	2022-23	18.18
Odisha		Infrastructure Development at Puri	•Tourist Facilitation Centre at Puri •Development of Beach at Shree JagannathDhamPuri (Benches, Drinking water facilities, Public convenience, signage, watch tower, food court) •Development of Ramchandi Temple •Development of Shree JagannathVishramsthali and Amphitheatre •Development at Gundicha temple (Dustbins, landscaping, pathways, signage, illumination) •Development at Prachi River Front (Drinking water facilities,Entrance gate, prayer hall, bridge to connect temple campus, steps, walkway) •Development at MaaMangla Temple (Drinking water facilities, dustbins, pathways, public convenience, signage)	2014-15	50.00
Punjab		Development of KarunaSagar Valmiki Sthal at Amritsar	•External sewerage •Water Supply •Toilet blocks & cloak room •Landscaping •Solid Waste collection & management •Main gate structure •Road widening and beautification	2015-16	6.40
Punjab		Development of Chamkaur Sahib	•Tourist Facilitation Centre at Puri •Development of Beach at Shree JagannathDhamPuri (Benches, Drinking water facilities, Public convenience, signage, watch tower, food court) •Development of Ramchandi Temple •Development of Shree JagannathVishramsthali and Amphitheatre •Development at Gundicha temple (Dustbins, landscaping, pathways, signage, illumination) •Development at Prachi River Front (Drinking water facilities,Entrance gate, prayer hall, bridge to connect temple campus, steps, walkway) •Development at MaaMangla Temple (Drinking water facilities, dustbins, pathways, public convenience, signage)	2021-22	31.57
Rajasthan		Integrated Development of Pushkar/ Ajmer	•Development at Ajmer Sharif Dargah (Refurbishment of façade, Tensile fabric structure, Shading devices) •Improvement of Delhi gate and Dargah gate chowk (Illumination, Refurbishment work) •Tourist information kiosk at railway & bus stand Restoration & development works at Pushkar Sarovar, Pushkar Market Street •Development work at Brahma temple, Savitri Mata temple &Parikrama Path, Pushkar	2015-16	32.64
Sikkim		Development of Pilgrimage Facilitation at Four Patron Saints, Yuksom	•Coronation Throne of Norbugang (Approach Road, Traditional gate, Illumination) •Pilgrimage facilities near helipad (PFC, parking and entrance gate, Landscaping) •Pilgrimage stopover facility at Rimbi	2020-21	33.32
Tamil Nadu		Development of Kanchipuram	•Bus terminus upgradation (Tourist information centre, cloak room, RO plant) •Pilgrimage walk (Pathway, pedestrian guard rail, signage) •Ekambareswarar temple (Parking platform, Security room, Compound wall) •Rangaswamy tank rejuvenation (Entrance Arch & Gate, Seating facilities, Pathway) •Illumination of monuments	2016-17	13.99
Tamil Nadu		Development of Velankanni	•Velankanni beach (Paver block road) •Bus stand (Toilet block) •Improvement of Oorani-MariammanKulam •City level interventions (CCTV, Wi-Fi, Control room, Street lighting)	2016-17	4.86
Telangana		Development of Jogulamba Devi Temple	•Connectivity Node (New bus stand, Cultural haat) •Pilgrimage Facilitation Node (Pilgrim facilitation cum Cultural centre, Public amenity complex, Pathway) •Approach Level Intervention (Rain shelter, High mast lighting, Signage) •Jogulamba Temple Premises (Parking complex, Lightng& illumination, Alternate access road, Shower & changing room, Solid waste management) •Tungabhadra Ghat (Floating jetty, Landscaping, Cruise boat, Illumination) •Other ASI Sites (Proposed new access to Sangamedhwara temple)	2020-21	38.90
		Development of Pilgrimage and Heritage Tourism Infrastructure at Rudreshwara (Ramappa) Temple	•Interpretation Centre •Amphitheater •4D Movie Hall •Sculpture Park •Lakefront Development •Bus and car Parking Area	2022-23	62.00
		Development of Pilgrimage Infrastructure at Bhadrachalam	•Development works at Main Temple (Change of flooring, MS roofing structure, Mechanization for Prasadam production) •Development around Main Temple (Approach Road, Pilgrim amenities centre, Ghat area development- Changing room, Toilet, Jetty) •Town Entrance (Entrance bridge, Washroom & canteen complex, Compound wall, Chain link fencing, Battery operated cars) •Development works at Parnasala and SeethammaVaagu (Pilgrim amenities centre, Street light, Kiosks, Foot over bridge, Toilet) •Allied development works (Street lighting, Signage, CCTV)	2022-23	41.38
Tripura		Development of Tripura Sundari Temple	•Development of Main Temple area (Food court, Meditation Hall, Illumination, Pooja shops) •Covered Aastha Path (Flooring, Railing, Roofing) •External Development works (Foot over bridge, STP, Signage Entrance gate, Toilet)	2020-21	34.43
Uttar Pradesh		Development of Varanasi –Phase –I	•Sound & Light show •Integrated development of MarkandeyMahadev temple (Shade for pathway and railing, Gantry signage, campus illumination) •SarangNath Pond Rejuvenation (Retaining wall, ghat development, viewing deck, gazebos, pathways) •Buddha Theme Park, Sarnath (Gazebos, feature wall, parking) •Conservation and development of Gurudham temple (Softscape, Hardscape, New gate, Toilet, Illumination)	2015-16	18.73
		Development of Mathura-Vrindavan as Mega Tourist Circuit (Ph-II)	•Krishna Sarovar, Baad, Mathura (Landscaping, Chain link, Pathway, Information centre, Kund rejuvenation centre, Toilet, Open air stage, Sitting place, Ghat development) •Jai Kund, Jait, Mathura (Landscaping, Chain link, Pathway, Kund rejuvenation, provision of fountain for movement of Kund water, ghat development) •Chandra Sarovar, Chaumuha, Mathura (Landscaping, Chain link, Construction of bore well, Kund rejuvenation, ghat development) •Akbar kataal Mathura (Kund rejuvenation, Entry gate, Toilet, Open air stage)	2014-15	10.98
		Development of River Cruise Tourism at Varanasi	•Passenger cum cruise vessel •320 sq. m. HDPE modular system Jetty (pontoon) •Aesthetics & vernacular exterior finish of the cruise vessel & jetty •Audiovisual intervention (Story board) •Surveillance & security •CCTV surveillance	2017-18	9.02
		Construction of Tourist Facilitation Centre at Vrindavan	•Cost of building (Souvenir shops, Tourist assistance counter, Tourist waiting area, Toilets, driver lunge, covered parking) •Internal development cost (Boundary wall, Rainwater harvesting, Electrification)	2014-15	9.36
		Development of Varanasi – Phase II	•Godowliachowk to DashashwamedhGhat (Street pedestrianization& footpath, Façade development) •Varanasi by Night (Lighting of ghats, Raj ghat to bridge- Toilts, Road improvement, TIC, Parking, River boat platform) •Revitalization of PanchkoshiParikarma (Road development, PFC, Signage)	2017-18	44.60
		Development of Infrastructure facilities at Govardhan	•Development at Govardhan Bus Station (Car stand block, Cloak room, Toilet, Boundary wall) •Development at GovardhanParikrama (Street Furniture, CCTV, WiFi) •Development at Chandra Sarovar (Toilet, Ticket counter, Pathway, bench, Landscaping, Solar light) •Development at KusumSarovar (Illumination, Toilet, Paved pathway) •Development at Mansi Ganga (Pilgrim amenities, Lighting of ghats, Connecting bridge from temple to amenity block)	2018-19	37.59
Uttarakhand		Integrated Development of Kedarnath	•Development at Rudraprayag (Eco-log interpretation centre, Snaanghat, Signage, Sitting arrangement, Parking, Viewpoint) •Development at Tilwara (Parking, Sitting arrangement, Signage) •Development at Augustmuni (Rest shelter, Viewpoint, Toilet, Approach Road, Tourist information/Assistance centre& souvenir shop, Parking) •Development at Ukhimath (Approach Road, Eco-log interpretation centre, Multilevel parking) •Development at Guptkashi (Toilet, Signage, Parking, Solid waste management, Solar LED streetlight) •Development at Kalimath (Retaining wall, Approach Road, Solar LED streetlight) •Development at Sitapur (TIC, Sitting arrangement, Solar LED streetlight)	2015-16	34.77
		Development of Infrastructure for Pilgrimage Facilitation in Badrinath Ji Dham	•Temple complex and surrounding area (Illumination, Waste management, Storm water drainage) •Development at Aastha Path (Solar lights, Dust bins, Benches) •Pilgrimage Facilitation Centre •Parking Complex, Tourist management system, Tourist arrival plaza	2018-19	56.15
		Augmentation of Pilgrimage Infrastructure Facilities at Gangotri and Yamunotri Dham	•Development at Gangotri Temple (PFC, Rejuvenation of temple verandah, Entry gate, LED illumination, public amenities Pilgrimage registration & dynamic crowd management system, Alarm system at ghat, Parking) •Development at Yamnotri (Entry gate, LED illumination, Development of ghat, Pilgrimage information centre, public convenience) •Trek from JankiChatti to Yamnotri (Rain shelter &parademiccentre, Publlic convenience, Benches, Signage) •Development at Kharsali (Approach Road, Entry gate, Illumination, Landscaping)	2021-22	54.36
West Bengal		Development of Belur Math	•Solid Waste Management •Signage & giant LED display •Provision of pathway •Drinking water kiosks and hand washing facility •Tourist reception center, Gangway & jetty •Multi-level car parking •Installation of roof top solar panels	2016-17	30.03

****

(Release ID: 2099160)

MIL OSI Asia Pacific News –

February 4, 2025

MIL-OSI Europe: Written question – France holds three times as much debt as Africa as a whole – E-000114/2025
Source: European Parliament
Question for written answer E-000114/2025/rev.1
to the Commission
Rule 144
Virginie Joron (PfE)

At the Global Citizen charity concert in New York, Ursula von der Leyen announced a USD 290 million donation to Gavi, the global Vaccine Alliance, to vaccinate 500 million children[1].

Gavi, the global Vaccine Alliance, is an organisation which does not provide services for free. It is funded by the Bill and Melinda Gates Foundation (to the tune of more than USD 6 billion) and its members include vaccine-producing laboratories and the World Bank[2]. Other contributors include the European Union (EUR 3.2 billion), countries such as France (USD 800 million[3]), Coca-Cola, the Mormon Church and the Rockefeller Foundation.

According to Gavi, COVID-19 ‘vaccines’ can provide critical protection for children under the age of 12[4]. Yet half of these initial doses were administered in Africa between March 2022 and November 2023, after the pandemic’s critical phase[5].

1.Will Gavi’s portfolio of vaccines for children – paid for by Europeans – contain COVID-19 vaccines?

2.Given that France’s debt is spiralling out of control (EUR 3.303 trillion[6]) and is three times that of all African countries combined (EUR 1.106 trillion of debt for 1.5 billion inhabitants[7]), has France approved this donation from Brussels?

Submitted: 14.1.2025

[1] 28 September 2024; https://www.youtube.com/watch?v=-tCAlA1_xFQ; https://ec.europa.eu/commission/presscorner/detail/en/statement_24_4907

[2] https://www.gavi.org/our-alliance/about; https://urls.fr/8vPjux

[3] USD 796.8 million; https://www.gavi.org/investing-gavi/funding/donor-profiles/france

[4] https://www.gavi.org/vaccineswork/covid-19-vaccines-can-provide-critical-protection-children

[5] All ages combined: https://www.gavi.org/vaccineswork/how-get-vaccines-remote-areas-sierra-leone-theyre-delivered-foot-boat-or-motorbike

[6] https://www.lefigaro.fr/conjoncture/la-dette-de-la-france-atteint-le-niveau-stratospherique-de-3303-milliards-d-euros-20241220

[7] According to the World Bank’s International Debt Report for 2024, the total debt held by Africa, excluding North Africa, is USD 864 billion (EUR 831 billion). The debt held by the continent as a whole is USD 1.150 trillion (USD 7 billion for Algeria, USD 69 billion for Morocco, USD 41 billion for Tunisia, which is equivalent to EUR 1.106 trillion); https://urls.fr/t7cjdp
Last updated: 3 February 2025
MIL OSI Europe News –
February 4, 2025
MIL-OSI Europe: Briefing – Renewable and low-carbon hydrogen: State of play and outlook – 03-02-2025

Source: European Parliament

Hydrogen is a feedstock used in the petrochemical industry and can also serve as an energy carrier. Currently, 96 % of hydrogen in the EU is produced from natural gas, a process that emits considerable amounts of CO2. When the CO2 is captured and stored, it is known as low-carbon hydrogen. Another technology for producing hydrogen is water electrolysis, which breaks water down into hydrogen and oxygen. If electrolysis is powered by renewable electricity, there are no CO2 emissions, and the hydrogen produced is referred to as renewable hydrogen. Both low-carbon and renewable hydrogen can play a crucial role in the energy transition of the EU by replacing fossil fuels in carbon-intensive sectors. They can be used in iron and steel production, the chemical industry, and transport, as well as for generating industrial and residential heat and electricity. In 2023, EU-27 hydrogen consumption stood at 7.3 million tonnes (megatonnes or Mt), equivalent to around 2 % of total EU energy consumption. Refineries, as well as the ammonia and chemical industries, account for the largest share of hydrogen demand. Renewable hydrogen is more expensive than fossil-based hydrogen, hindering its development. However, its cost is expected to go down, especially in regions with abundant renewable electricity. Hydrogen infrastructure is currently in the project development stage. Rising interest rates have increased the cost of new projects in the hydrogen value chain, although there are EU schemes – in particular the European Hydrogen Bank – to assist with financing and establishing a lead market. To complete the policy framework for this emerging market, the EU has adopted a hydrogen and decarbonised gas market package, updating EU gas market rules to prepare for renewable and low-carbon gases and laying the groundwork for dedicated hydrogen infrastructure and market. The latest revision of the Renewable Energy Directive sets targets for the uptake of renewable hydrogen in industry and transport. A European Court of Auditors’ report recently confirmed that the EU regulatory framework is mostly complete but that its impact on the market has yet to be seen.

MIL OSI Europe News –

February 4, 2025
MIL-OSI Europe: Spain: EIB finances GreenLight Biosciences with €35 million to invest in research and production of RNA based biological pesticides
Source: European Investment Bank

EIB
- GreenLight Biosciences is a pioneer company in the application of RNA technology for agriculture uses and specifically pest control.
- Innovative RNA-based biocontrol products for plant health are an alternative to traditional chemical pesticides, supporting regenerative agriculture and biodiversity protection.
- The agreement contributes to the EIB Group strategic priority of supporting innovative financing for agriculture and bioeconomy.
- The operation is supported by InvestEU, an EU programme that aims to unlock over €372 billion in investment by 2027.
The European Investment Bank (EIB) has signed a loan of up to €35 million with GreenLight Biosciences España to support research and production of ribonucleic acid interference (RNAi)-based biocontrols. RNAi based biocontrols constitute a sustainable alternative to traditional chemical pesticides, with benefits to biodiversity through low or no impact to naturally occurring insect fauna, honeybees, and the soil.

The EIB loan will support GreenLight Bio’s RDI programmes associated with the research, registration, and production of a pipeline of ten products to be launched in the EU for plant health and bee health applications such as control of potato plagues, control of fungi affecting grapes and other fruits and vegetables, and protection honeybees among others. The loan will also finance the research and innovation centre of Greenlight Biosciences in Seville, Spain.

RNAi solutions for plant health are species-selective and degrade quickly and without trace in the environment offering an eco-friendly alternative to hazardous agrochemical usage, for which there is an urgent need to find suitable alternatives due to the significant impact of these chemicals on health and the environment. Additionally, RNAi offers a new mode of action for farmers that are confronted with increasing number of cases of resistances and active pesticide withdrawals within the EU.

“We are very happy to join forces with GreenLight Bio to provide RNA based alternatives to chemical pesticides. The agreement is a clear example of how the EIB is stepping up its support for bioeconomy and agriculture, fostering sustainable farming practices and driving innovation across the entire agriculture value chain,” said EIB Vice-President Gelsomina Vigliotti.

The EIB loan is guaranteed by InvestEU, the flagship EU programme to mobilise over €372 billion of additional public and private sector investment to support EU policy goals from 2021 to 2027. The project contributes to the EIB Group strategic priority of supporting innovative financing for agriculture and bioeconomy.

“At GreenLight Biosciences, we believe that providing farmers with nature-based pest control solutions is key to building a more sustainable and resilient food supply chain. Our platform is not only environmentally friendly but also offers farmers an effective and safe alternative to traditional pesticides,” stated GreenLight Biosciences Chief Strategy Officer & co-founder Marta Ortega-Valle. “With the support of the European Investment Bank, we can expand our efforts to bring these innovative solutions to farmers across Europe.”

The EIB Group support for the agriculture and bioeconomy

The agriculture and bioeconomy sector is a key contributor to economic growth in the world’s rural and coastal regions. It plays a vital role in food security, healthy diets and resilience to climate change. It is also the backbone for local entrepreneurship, employment and social development in many countries around the world.

At the European Investment Bank Group (EIB Group), we finance projects and invest across the agricultural, fisheries, food, and forestry value chains, focusing on food quality and security, sustainable rural development, climate-smart production, innovation, and resource efficiency. We foster innovative and sustainable bio-resource pathways that are critical for greening the economy.

Most recently the EIB Group has announced a €3 billion financing package for agriculture, forestry and fisheries across Europe along with moves to bolster farm insurance. The EIB Group loans will be matched by other participating financial institutions, unlocking close to €8.4 billion of long-term investments for the bioeconomy sector.

Background information

EIB

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

InvestEU

The InvestEU programme provides the European Union with crucial long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps mobilise private investments for the European Union’s policy priorities, such as the European Green Deal and the digital transition. The InvestEU programme brings together under one roof the multitude of EU financial instruments currently available to support investment in the European Union, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal. The InvestEU Fund is implemented through financial partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.”

GreenLight Biosciences

GreenLight Biosciences is a leader in next generation biocontrols using nature to create a world where plants, people, and the planet can thrive together. The company develops, manufactures, and commercializes highly effective agricultural solutions for farmers and beekeepers that are environmentally friendly and easy to use. Our pipeline includes RNA based products to protect honeybees and a range of fruits and vegetables. The GreenLight platform allows us to research, design, and manufacture across multiple product categories including insecticides, fungicides, and herbicides.

Greenlight Bio (IEU G)
Spain: EIB finances GreenLight Biosciences with €35 million to invest in research and production of RNA based biological pesticides
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MIL OSI Europe News –
February 4, 2025
MIL-OSI Europe: Armenia: EIB Global and Ameriabank join forces to provide €105 million loan to support small businesses
Source: European Investment Bank
- EIB Global is granting a €105 million loan to Ameriabank to scale up support for the Armenian private sector.
- This is the largest direct loan ever granted by EIB Global to a bank in the South Caucasus.
- This finance will help around 400 small businesses and secure 15 000 jobs, with at least 20% going towards green investments.
- Thanks to EU support, part of the financing will be provided in local currency to protect businesses against currency risk.
The European Investment Bank (EIB Global) has made its first ever agreement with Ameriabank. The EIB will provide the bank with €105 million in financing — its largest direct loan to a bank in the South Caucasus region. The aim of the operation is to finance investments in micro, small, and medium-sized enterprises (MSMEs) and mid-caps in Armenia, with the aim of supporting their growth, competitiveness and adoption of greener and more sustainable practices. This initiative underscores EIB Global’s commitment to fostering economic development, supporting private-sector growth, and creating sustainable jobs in Armenia.

The financing will enable Ameriabank to offer affordable loans to local businesses. The operation is expected to benefit approximately 400 MSMEs and sustain over 15 000 jobs in the Armenian economy. At least 20% of the loan will be directed towards green investments, contributing to Armenia’s transition to a more sustainable and resilient economy.

“We are delighted to partner with Ameriabank to strengthen Armenia’s private sector and promote sustainable economic growth,” said EIB Vice-President Teresa Czerwińska, who oversees EIB operations in Armenia. “This operation is a milestone, constituting a significant step forward in our commitment to fostering sustainable development and economic resilience, in line with both the European Union and Armenia’s priorities.”

Part of the financing will be provided in local currency to protect MSMEs against currency risk. The European Union is supporting the operation with grant funding, which will help ensure the loan’s interest rate remains affordable. This operation will help the European Union in its ambition to support 30 000 MSMEs for a sustainable, innovative and competitive economy, as one of the five pillars for Armenia set out in the Economic and Investment Plan for the Eastern Partnership.

“With this support to the Armenian MSMEs, we are delivering on our commitment to further support Armenian private sector and contribute to addressing the pressing need for access to finance including in local currency. This assistance is part of the European Investment Plan (EIP) for Armenia which is a comprehensive initiative aimed at fostering economic growth, sustainable development, and prosperity in the country. We will further build on these efforts by delivering in total €270 million under the Resilience and Growth Plan in the period 2024-2027. A large part of it will be dedicated to business development, targeted at tech, start-ups and new export opportunities, which will support Armenia’s economic diversification,” said Head of the EU Delegation to Armenia, Ambassador Vassilis Maragos.

The funds will reach underserved businesses via Ameriabank’s extensive network, enabling them to invest in growth, improve competitiveness and adopt environmentally sustainable practices.

Ameriabank Chief Financial Officer Hovhannes Toroyan said, “We are pleased to partner with the European Investment Bank (EIB Global) to reaffirm our commitment to supporting micro, small, and medium-sized enterprises (MSMEs) in Armenia. This collaboration will provide local businesses with affordable funding, enabling them to reach their full potential and contribute significantly to Armenia’s economic growth. As the largest lender in the Armenian economy with a solid portfolio in green and sustainable financing, we are confident in our ability to foster a more sustainable and inclusive economic future for Armenia.”

Background information

About EIB Global

The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives.

EIB Global is the EIB Group’s specialised arm devoted to increasing the impact of international partnerships and development finance, and a key partner of Global Gateway. We aim to support €100 billion of investment by the end of 2027 — around one-third of the overall target of this EU initiative. Within Team Europe, EIB Global fosters strong, focused partnerships alongside fellow development finance institutions and civil society. EIB Global brings the EIB Group closer to people, companies and institutions through our offices across the world.

About Ameriabank

Ameriabank is a leading financial institution in Armenia, a major contributor to the Armenian economy with assets around AMD 1.9 trillion. The Bank has adopted a customer-focused approach to ensure service quality and modern banking experience in an evolving digital environment. Ameriabank is committed to doing business responsibly and advancing Armenia’s transition towards a sustainable future.

Ameriabank
Armenia: EIB Global and Ameriabank join forces to provide €105 million loan to support small businesses
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Ameriabank
Armenia: EIB Global and Ameriabank join forces to provide €105 million loan to support small businesses
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MIL OSI Europe News –
February 4, 2025
MIL-Evening Report: Mastercard plans to get rid of credit card numbers. We could be heading towards the end of cards

Source: The Conversation (Au and NZ) – By Gary Mortimer, Professor of Marketing and Consumer Behaviour, Queensland University of Technology

Antonina St/Shutterstock

Mastercard has announced plans to remove the 16-digit number from their credit and debit cards by 2030 in a move designed to stamp out identity theft and fraudulent use of cards.

The numbers currently used to identify cards will be replaced with tokenisation and biometric authentication

In 2022, Mastercard added biometric options enabling payments to be made with a smile or wave of the hand.

Tokenisation converts the 16-digit card number into a different number – or token – stored on your device, so card information is never shared when you tap your card or phone or make payments online.

The first rollout of these numberless cards will be through a partnership with AMP Bank, but it is expected other banks will follow in the coming 12 months.

Why card security is important

There is nothing quite like the sinking feeling after receiving a call or text from your bank asking about the legitimacy of a card transaction.

In 2023-2024 the total value of card fraud in Australia was A$868 million, up from $677.5 million the previous financial year.

Credit card numbers and payment details are often exposed in major data breaches affecting large and small businesses.

The cost of credit card fraud in Australia rose by almost $200 million last financial year.
CC7/Shutterstock

Late last year, the US Federal Trade Commission took action against the Marriott and Starwood Hotels for lax data security. More than 300 million customers worldwide were affected.

Event ticketing company Ticketmaster was also hacked last year. The details of several hundred million customers, including names, addresses, credit card numbers, phone numbers and payment details were illegally accessed.

So-called “card-not-present fraud”, where an offender processes an unauthorised transaction without having the card in their physical possession, accounts for 92% of all card fraud in Australia. This rose 29% in the last financial year.

The Card Verification Value (CVV) (or three-digit number on the back of a credit card) aimed to ensure the person making the transaction had the physical card in their hands. But it is clearly ineffective.

Benefits of removing credit card numbers

Removing the credit card number is the latest attempt to curb fraud. Removing numbers stops fraudsters processing unauthorised card-not-present transactions.

It also reduces the potential for financial damage of victims exposed in data breaches, if organisations are no longer able to store these payment details.

Companies will no longer be able to store card data, reducing the risk of data breaches.
ESBProfessional/Shutterstock

The storage of personal information is a contested issue. For example, the 2022 Optus data breach exposed information from customers who had previously held accounts with the telco back in 2018.

Removing the ability of organisations to store payment details in the first place, removes the risk of this information being exposed in any future attack.

While any efforts to reduce fraud are welcome, this new approach raises some new issues to consider.

Potential problems with the new system

Mastercard has said customers will use tokens generated by the customer’s banking app or biometric authentication instead of card numbers.

This is likely to be an easy transition for customers who use mobile banking.

However, the use of digital banking is not universal. Many senior consumers and those with a disability don’t use digital banking services. They would be excluded from the new protections.

While strengthening the security attached to credit cards, removing numbers shifts the vulnerability to mobile phones and telecommunication providers.

Offenders already access victims’ phones through mobile porting and impersonation scams. These attacks are likely to escalate as new ways to exploit potential vulnerabilities are found.

There are also concerns about biometrics. Unlike credit card details, which can be replaced when exposed in a data breach, biometrics are fixed. Shifting a focus to biometrics will increase the attractiveness of this data, and potentially opens victims up to ongoing, irreversible damage.

While not as common, breaches of biometric data do occur.

For example, web-based security platform BioStar 2 in the UK exposed the fingerprints and facial recognition details of over one million people. Closer to home, IT provider to entertainment companies Outabox is alleged to have exposed facial recognition data of more than one million Australians.

Will we really need cards in the future?

While removing the numbers may reduce credit card fraud, emerging smart retail technologies may remove the need for cards all together.

Smartphone payments are already becoming the norm, removing the need for physical cards. GlobalData revealed a 58% growth in mobile wallet payments in Australia in 2023, to $146.9 billion. In October 2024, 44% of payments were “device-present” transactions.

Amazon’s innovative “Just-Walk-Out” technology has also removed the need for consumers to bring a physical credit or debit card all together.

Amazon Go and the world’s most advanced shopping technology.

This technology is available at more than 70 Amazon-owned stores, and at more than 85 third-party locations across the US, UK, and Australia. These include sports stadiums, airports, grocery stores, convenience stores and college campuses.

The technology uses cameras, weight sensors and a combination of advanced AI technologies to enable shoppers in physical stores make purchases without having to swipe or tap their cards at the checkout line.

Such technology is now being offered by a variety of other vendors including Trigo, Cognizant and Grabango. It is also being trialled across other international retailers, including supermarket chains Tesco and ALDI.

While Just-Walk-Out removes the need to carry a physical card, at some point consumers still need to enter their cards details into an app. So, to avoid cards and numbers completely, smart retail tech providers are moving to biometric alternatives, like facial recognition payments.

Read more:
Paying with your face: what will convince consumers to use facial recognition payment technology?

Considering the speed at which smart retail and payment technology is entering the marketplace, it is likely physical credit cards, numberless or not, will soon become redundant, replaced by biometric payment options.

Gary Mortimer receives funding from the Building Employer Confidence and Inclusion in Disability Grant, AusIndustry Entrepreneurs’ Program, National Clothing Textiles Stewardship Scheme, National Retail Association, Australian Retailers Association. .

Cassandra Cross has previously received funding from the Australian Institute of Criminology and the Cybersecurity Cooperative Research Centre.

– ref. Mastercard plans to get rid of credit card numbers. We could be heading towards the end of cards – https://theconversation.com/mastercard-plans-to-get-rid-of-credit-card-numbers-we-could-be-heading-towards-the-end-of-cards-248545

MIL OSI Analysis – EveningReport.nz –

February 4, 2025
MIL-OSI USA: New Yorkers Will Feel The Freeze: Gillibrand, AG James Sound The Alarm On Disastrous Ramifications Of What A Trump Administration Federal Funding Freeze Could Mean For New Yorkers’ Safety And Economic Well-Being
US Senate News:
Source: United States Senator for New York Kirsten Gillibrand

Today, U.S. Senator Kirsten Gillibrand and New York State Attorney General Tish James sounded the alarm on the disastrous ramifications of President Trump’s ongoing attempts to freeze grants and loans disbursed by the federal government. A federal funding freeze would severely harm New Yorkers, from aid to seniors to funds to address food insecurity and homelessness to critical money for law enforcement.

“The chaos, uncertainty, and disorder fueled by the Trump administration is wreaking economic havoc on families and communities across New York,” said Senator Gillibrand. “A government funding freeze would put both the public safety and well-being of New Yorkers at risk. The Trump administration seems intent on harming New York families. While so much remains in question from this past week, it is imperative that everyone know what is at stake for our city, state, and nation.”

“The public servants who go to work every day to care for New Yorkers and keep them safe rely on federal funds to do their jobs,” said New York Attorney General Letitia James. “This administration is putting New Yorkers in danger by pushing massive cuts to resources that support our most vulnerable communities and public safety efforts statewide. I am leading a coalition of attorneys general to end this destructive policy, and I thank Senator Gillibrand for her partnership as we fight to protect these funds that keep our communities safe.”

“From our non-profits to our public schools, Trump’s reckless funding freeze would have devastating consequences for New Yorkers, particularly with regard to low-income students and the innumerable programs and services they rely upon,” said New York State Senator John Liu. “It’s politics at its worst that puts partisanship before the wellbeing of the most vulnerable among us who depend on federal aid to access essential support services.”

“The ill-conceived White House budget freeze continues to cause great fear, uncertainly, and worry for tens of thousands of community-based nonprofit organizations nationwide — as well as for the tens of millions of the most vulnerable Americans whom we collectively serve,” said Joel Berg, CEO of the nonpartisan nonprofit organization Hunger Free America. “Any threats to nutrition assistance programs are especially counterproductive, undermining the Administration’s claim that it wants to improve public health.”

“The chaos and confusion caused by the Trump Administration’s freeze on contacts is having an immediate and harmful effect on older New Yorkers and family caregivers” said Allison Nickerson Executive Director of LiveOn NY. “Federal programs, like Meals on Wheels and housing assistance, provide life-sustaining support and relief to older adults who are already struggling to make ends meet. Older New Yorkers and citizens across the country expect their government to support them, not pull the rug out from under them. LiveOn NY is grateful Senator Gillibrand continues to fight for the fundamental services that New York’s older adults rely on every day.

While some federal programs are still accessible for the moment, others have been suspended, such as select United States Department of Justice grants. A federal funding freeze has the potential to block billions of dollars in federal grants for New York State. For example:

Federal Counter-Terrorism Funding
1. $290M was allotted to New York for State Fiscal Year 2025.
Senior Nutrition/Meals on Wheels
1. $66M was awarded to New York State-based entities in FY2024 for senior nutrition programs like Meals on Wheels.
2. These grants include HHS’ Older Americans Act Title III Part C Nutrition Services and HHS’ Nutrition Services Incentives Program.
Homeless Shelters
1. $368M was awarded to New York State-based entities in FY2024 to fund homeless shelters, including $227 million for entities in New York City.
2. These grants include programs HUD’s Continuum of Care Program and HUD’s Emergency Solutions Grant Program.
Food Banks
1. $15M was awarded to New York State-based entities in FY2024 for programs that distribute food to people in need, such as food banks.
2. The funding was awarded through USDA’s The Emergency Food Assistance Program (TEFAP).
Disability Programs
1. $60B in Medicaid grant funding was awarded to New York State in FY2024.
2. On top of Medicaid, New York State-based entities were awarded $70 million in federal grants for programs, research, and services benefiting people with disabilities in FY2024.
3. This includes at least $9 million for entities in New York City.
FEMA Assistance to Firefighters
1. $13.6M in Staffing for Adequate Fire and Emergency Response (SAFER) grants was awarded to New York municipalities and fire departments in FY2024 to help recruit and train firefighters.
2. $17.8M in Assistance to Firefighters Grants (AFG) was awarded to New York municipalities and fire departments in FY2024 to help purchase firefighting vehicles and equipment.
3. Since FY2023, the FDNY has been awarded over $2M in AFG funding.
FEMA Port Security Grant Program
1. $14.1M was awarded to New York State in FY2024.
2. This included $3.8M for the FDNY,$6.6M for the NYPD, and $880K for the Port Authority.
MIL OSI USA News –
February 4, 2025
MIL-OSI Russia: Financial news: 03.02.2025 the deposit auction of the Moscow Small Business Lending Assistance Fund will take place

Translartion. Region: Russians Fedetion –

Source: Moscow Exchange – Moscow Exchange –

Parameters;

The date of the deposit auction is 03.02.2025. The placement currency is RUB. The maximum amount of funds placed (in the placement currency) is 60,000,000.00. The placement period, days is 17. The date of depositing funds is 03.02.2025. The date of return of funds is 20.02.2025. The minimum placement interest rate, % per annum is 20.70. Terms of the conclusion, urgent or special (Urgent). The minimum amount of funds placed for one application (in the placement currency) is 60,000,000.00. The maximum number of applications from one Participant, pcs. 1. Auction form, open or closed (Open). The basis of the Agreement is the General Agreement. Schedule (Moscow time). Applications in preliminary mode from 11:30 to 11:40. Applications in competition mode from 11:40 to 11:45. Setting the cut-off percentage or declaring the auction invalid before 11:55.

Additional conditions – Placement of funds with the possibility of early withdrawal of the entire deposit amount and payment of interest accrued on the deposit amount at the rate established by the deposit transaction, in the event of non-compliance of the Bank with the requirements established by clause 2.1. of the Regulation “On the procedure for selecting banks for placing funds of the Moscow Small Business Lending Assistance Fund in deposits (deposits) under the GDS” (as amended on the date of the deposit transaction), early withdrawal at the “on demand” rate, payment of interest at the end of the term, without replenishment.

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HTTPS: //VVV. MEEX.K.Mom/NN77353

MIL OSI Russia News –

February 4, 2025
MIL-OSI Russia: Financial news: Issuers from the Eurasian Economic Union countries will gain access to organized trading throughout the space

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

At the next meeting of the Eurasian Intergovernmental Council, which was held in Almaty, an Agreement on cross-border admission to the placement and circulation of securities in organized trading in the EAEU member states was signed.

This is the first document aimed at regulating the securities market in order to build a common financial market in the territory of the union countries.

The agreement provides an opportunity for exchanges from the EAEU member states to list securities of issuers from other countries of the union on terms no less favourable than for “their” issuers.

Preview photo: TippaPatt / Shutterstock / Fotodom

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

HTTPS: //vv. KBR.ru/Press/Event/? ID = 23336

MIL OSI Russia News –

February 4, 2025
MIL-OSI Global: The way UK inflation is worked out is changing – and it will matter for everyone

Source: The Conversation – UK – By Marcel Lukas, Senior Lecturer in Banking and Finance and Director of Executive Education, University of St Andrews

1000 Words/Shutterstock

Visit a supermarket in 2025 and you’ll see that a tub of Lurpak butter can cost £5.70. It may strike you that this represents a staggering increase from £3.65 just three years ago, so instead of paying the premium, you reach for the supermarket’s own brand at £3.80.

This kind of switch, multiplied across millions of shopping baskets, represents a massive shift in consumer behaviour that has been largely invisible to official statistics. But that’s changing, as the UK embarks on its biggest revolution in measuring living costs since the second world war.

The Office for National Statistics (ONS) is transforming the way it tracks inflation, moving from painstakingly checking prices to analysing millions of real purchases through supermarket scanners. Consider olive oil, the price of which surged by 47% in a year, or milk, which jumped by more than 25%. While official statistics captured these price rises, they couldn’t track how households adapted – whether by switching to cheaper alternatives, buying less, or cutting back elsewhere. This was a blind spot in our understanding of consumer behaviour.

Currently, price collectors visit stores across the country each month, checking the prices of about 25,000 products. It’s like taking a snapshot of what’s on the shelves at a particular moment. But this system, designed decades ago, often misses the real impact of inflation on different household types in things like choosing different products or switching stores.

This is crucial for understanding the real impact of inflation on lower-income households. These families often have less flexibility in their budgets and must make more dramatic changes to their shopping habits when prices rise. During recent periods of high inflation, many on low incomes found that official figures didn’t match their experience, which was of even higher inflation than the headline rates. And there’s a good reason why.

Inflation statistics aren’t just academic exercises. They drive decisions that affect every aspect of our financial lives. The Bank of England uses them to set interest rates, which in turn influence mortgage payments and savings returns. Employers use them in wage negotiations. Government uses them to adjust benefits, state pensions and tax thresholds. Even commercial contracts, including mobile phone bills and rail fares, are often linked to inflation rates.

When these numbers don’t accurately reflect price pressures, it can have serious consequences. If official figures underestimate the inflation experienced by lower-income households, benefit increases might not keep pace with their actual cost increases. Similarly, if wages don’t rise in line with real living costs, workers effectively experience a pay cut.

The scanner data revolution

The ONS’s new approach, to be introduced next year, will analyse around 300 million price points from supermarket scanners, covering about half of all grocery transactions in the UK. Instead of just seeing what’s on the shelf, they’ll know exactly what prices people are paying at checkouts across the country.

This massive increase in data points – from 25,000 to 300 million – will allow for a more nuanced understanding of consumer behaviour.

The change will also enable quicker identification of emerging price trends. After the start of the COVID pandemic and the Ukraine war, prices of certain goods changed rapidly. Scanner data could help spot these changes faster, allowing for more timely policy responses. It might also reveal regional variations in price pressures.

Take the 2023 surge in food prices – while overall food inflation hit 19%, the impact varied dramatically across households. Current statistics would not capture lower-income families switching from fresh to frozen vegetables, or from branded to value ranges.

In times of cost pressures, shoppers may switch from fresh produce to frozen.
sirtravelalot/Shutterstock

With scanner data, policymakers could spot these trends quickly and respond more precisely – perhaps by adjusting benefit payments or targeting support to specific households when essential food costs spike. Instead of waiting for quarterly surveys to reveal hardship, they will be able to see in real time how different groups are coping with price pressures.

The ONS recently said full implementation will come in 2026, a year later than planned. While it will have the technical capability ready by March 2025, it is opting for a year of parallel running to ensure accuracy. This approach reflects how crucial these statistics are for the economy.

It has already modernised other areas of price collection, including incorporating 40 million train fare data points and 300,000 used car prices. But grocery prices, being central to household budgets and varying significantly across different income groups, require extra attention.

The change is coming at a crucial time. Recent years have shown how rapidly economic conditions can change and how differently these changes can affect various segments of society. The pandemic, Brexit adjustments, and global supply chain disruptions have all contributed to price pressures.

For consumers, while the changes won’t directly lower prices, they could lead to more appropriate responses from the Bank of England, government and employers. Most importantly, it could ensure that official inflation figures better reflect the reality of the weekly shop, particularly during times of economic stress.

The transformation of inflation statistics might seem like a technical detail, but its implications reach far beyond government offices and economic reports. It’s about ensuring that the official measures of living costs better reflect the reality experienced by millions of households across the UK. In this challenging economic environment, that’s something worth getting right.

Marcel Lukas receives funding from the British Academy. He is the Director of Executive Education at the University of St Andrews and Fellow of the ONS. The presented views are his own and do not represent the ONS.

– ref. The way UK inflation is worked out is changing – and it will matter for everyone – https://theconversation.com/the-way-uk-inflation-is-worked-out-is-changing-and-it-will-matter-for-everyone-248514

MIL OSI – Global Reports –

February 4, 2025
MIL-OSI USA: Governor Josh Stein Advocating for $1.07 Billion to Rebuild Western NC
Source: US State of North Carolina

Headline: Governor Josh Stein Advocating for $1.07 Billion to Rebuild Western NC

Governor Josh Stein Advocating for $1.07 Billion to Rebuild Western NC
bwood
Mon, 02/03/2025 – 10:42

Raleigh, NC
Governor Josh Stein today requested $1.07 billion in immediate funding to support urgent rebuilding needs in western North Carolina. Governor Stein’s budget request includes funds to strengthen the economy, get people back into homes faster, repair infrastructure, support farmers, fix private roads and bridges, remove debris, and help school children stay at grade level.

“The people of western North Carolina have suffered tremendously since Helene swept through,” said Governor Josh Stein. “I appreciate what the General Assembly has done so far, but it’s time for us to step up and get them the money they need right now to rebuild. We can’t forget western North Carolina – and I will do everything in my power to ensure that the state shows up for them.”

Governor Stein made his budget request at MANNA Food Bank, which works with over 300 community-based nonprofit food assistance partner agencies in 16 western North Carolina counties.

“MANNA has been an essential resource for the people it serves, and its work has become even more critical since Hurricane Helene struck,” said Governor Stein. “As these organizations continue the daily work of supporting their community, we have a responsibility to support them.”
The Governor’s budget request includes funding in the following categories. An overview of some of the programs is below; full request details are available here.

Strengthening the Economy

$150 million across two grant programs for businesses that suffered physical damage or significant economic loss.

$30 million for grants to small towns and counties to rebuild downtowns and other business districts.

$15 million to the Economic Development Partnership of North Carolina’s VisitNC division to support North Carolina’s tourism industry and to attract travelers and new businesses to the area.

$100 million for revenue replacement grants to support local governments whose resources were exhausted by immediate disaster response, as they work to keep water and sewer services going, pay law enforcement, and support school operations.

Providing Safe and Warm Places to Live

$150 million for a Helene Home Construction and Repair Program to immediately start rebuilding the estimated 5,100 homes that will need to be rebuilt post-Helene.

$25 million to support people struggling to afford rent, mortgage, or utility costs because their home or livelihood was affected.

$10 million for Back@Home, a program that supports people who are without homes and provides them with case management support.

$50 million in incentives for affordable housing construction.

$25 million to fill in gaps for home repairs that are not covered by FEMA.

Repairing Infrastructure

$75 million to repair private roads and bridges.

$25 million to clean up local parks and greenways in affected areas.

$12 million to expedite debris removal.

$10 million to provide backup power for emergency operations and other critical infrastructure.

$4 million to repair septic systems.

Supporting Farmers

$15 million for grants to farmers for verified uninsured losses to crops, livestock, aquaculture, and infrastructure.

$100 million to help farmers clear debris and repair their land and waterways so they can resume production and protect against future flooding.

$19.4 million to prepare for the wildfire season and mitigate future risk.

Caring For Families and Children

$34.2 million for school districts that missed 15 or more days of school to provide summer instruction and other support services to ensure students continue to perform at grade level on End of Grade and End of Course assessments.

$20 million to fund food banks in affected areas.

$2 million to help college students who are struggling to pay tuition, fees, or emergency expenses that might force them to drop out of school at UNC Asheville, Appalachian State University, and Western Carolina University.
Feb 3, 2025

MIL OSI USA News –
February 4, 2025
MIL-OSI United Nations: West Bank violence undermining Gaza ceasefire: UNRWA

Source: United Nations 4

3 February 2025 Peace and Security

Escalating hostilities in the occupied West Bank are putting the fragile ceasefire in Gaza at risk, the UN agency that assists Palestine refugees, UNRWA, warned in a statement on Monday.

It comes a day after Israeli Security Forces (ISF) carried out a series of controlled detonations at the Jenin refugee camp, located in the northern West Bank, destroying large areas there “in a split second”.

UNRWA said it received no prior warning of the explosions “as contact between staff and Israeli authorities is no longer permitted – putting civilian lives at risk.”

‘A ghost town’

The agency said residents of the camp “have endured the impossible, facing nearly two months of unceasing and escalating violence,” adding that Jenin “has been rendered a ghost town” in the past months.

“The operations conducted both by Israeli and Palestinian security forces have led to the forced displacement of thousands of camp residents, many of whom will now have nowhere to return to,” it said. “The basics of life are gone.”

UNRWA noted that “on a day that was supposed to mark the beginning of the new school semester for thousands of children, 13 schools in the northern West Bank remained closed due to ISF operations in the area.”

Ceasefire undermined

Furthermore, its services inside Jenin camp have been interrupted for months and stopped completely in early December.

“Today’s shocking scenes in the West Bank undermine the fragile ceasefire reached in Gaza, and risk a new escalation,” the agency said.

The first phase of the temporary truce and hostage release deal came into effect two weeks ago, following 15 months of war which killed some 46,000 Palestinians, according to the Gaza health authorities.

The conflict was sparked by the 7 October 2023 Hamas-led attacks on Israel. Some 1,200 people were killed and 250 were taken as hostages.

In October 2024, the Israeli parliament adopted two laws banning UNRWA’s operations in its territory and prohibiting Israeli authorities from having any contact with the agency, which went into force last Thursday.

MIL OSI United Nations News –

February 4, 2025
MIL-OSI Canada: University of Ottawa crowned National Champion of The Governor’s Challenge
Source: Bank of Canada

The Bank of Canada is pleased to announce the University of Ottawa has won the tenth annual Governor’s Challenge, a national student competition in which teams simulate the role of advisor to the Bank’s Governing Council. The winners were announced following the final round on Saturday, February 1, 2025.

Six teams competed in the final round, each one giving a presentation on the economic outlook for Canada and making a monetary policy recommendation to a panel of senior central bank officials.

The other finalists, in no particular order, were the teams from:
- Université de Sherbrooke
- University of Guelph
- University of Alberta
- Wilfrid Laurier University
- Western University
The competition began on November 13, 2024, with a first round of presentations; more than 100 students from 26 Canadian universities participated. On November 25, six teams were selected to compete in the final round.

The Governor’s Challenge invites undergraduate students in economics and finance to develop a deeper understanding of the Canadian economy and the Bank’s role in it. Since the first competition, more than 60 participants have joined the Bank.

MIL OSI Canada News –
February 4, 2025
MIL-OSI Europe: Announcing 20250010 (MRO,liquidity providing), for 7 days deadline 09:30

Source: European Central Bank

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MIL OSI Europe News –

February 4, 2025
MIL-OSI: INVL Renewable Energy Fund I will publicly offer EUR 8 million of bonds via REFI Energy

Source: GlobeNewswire (MIL-OSI)

The INVL Renewable Energy Fund I managed by INVL Asset Management, the leading alternative asset manager in the Baltics, will start the public offering of an EUR 8 million bond issue on 4 February through REFI Energy, a company it owns. The bonds will be offered to private and institutional investors in the Baltic countries. The proceeds will go to refinance previously issued bonds.

The bond issue has a maturity of 2.5 years. The fixed interest rate on the debt securities will be set in the range of 7.5% to 8.5% and announced at completion of the offering. Interest will be paid quarterly to investors. The INVL Renewable Energy Fund I will provide guarantees to all holders of the bonds.

“The fund continues actively developing renewable energy projects – the construction of solar power plants – in Romania and Poland. A successful offering of the new bonds will allow us not only to carry out the planned projects but also to reduce debt costs by refinancing bonds issued in 2023,” says Liudas Liutkevičius, Managing Partner of the INVL Renewable Energy Fund I.

The bonds of the company owned by the INVL Renewable Energy Fund I will be offered to investors from 4 February until 1 p.m. on 17 February. The manager and distributor of the public bond offering is Šiaulių Bankas. The certified advisor to the issuer is the law firm TGS Baltic, while the bondholders’ trustee is the company Audifina. Within 3 months of the completion of the offering, the debt securities will be listed on the First North alternative securities market operated by Nasdaq Vilnius.

More details about the bonds issue and the offering process are available at www.invlrenewable.com in the section for Investors relations

An online webinar for investors and question-and-answer session will be held on 10 February at 10 a.m. The link to the presentation is here. The presentation will be held in English.

The fund’s company REFI Energy raised EUR 3.5 million from investors in late June 2023 in a private placement of 2-year 9.5% fixed-rate bonds. In September of the same year, the company entered the public bond market and raised EUR 4.5 million in a public offering of bonds with the same maturity. Those bonds, offered only in Lithuania, have a yield of 10%. Both issues were carried out under the General Terms and Conditions for EUR 8 million of REFI Energy Bonds.

The INVL Renewable Energy Fund I is focusing on the Polish and Romanian markets, where the fund’s managers see big growth potential. Total capacity of the fund’s portfolio of projects in development in these markets is 388 MW.

In Romania, the fund is investing in projects for 8 solar plants with a combined capacity of 356 MW. In Poland, it is developing solar park projects with over 32 MW of capacity. Investments in the projects in Romania and Poland are expected to exceed EUR 258 million. Construction of all the solar parks in those countries should be completed by the end of the first quarter of 2027.

To date the INVL Renewable Energy Fund I has raised EUR 73.9 million from investors through investment units and bonds.

About the INVL Renewable Energy Fund I 

The INVL Renewable Energy Fund I was established on 20 July 2021 by INVL Asset Management, the leading alternative asset manager in the Baltic States, as a sub-fund for informed investors. It invests in early- and mid-stage renewable energy projects (solar), including the construction of new power plants, the development and/or acquisition of the infrastructure necessary for the operation of power plants, and effective management of existing power plants in the European Union and member states of the European Economic Area.

INVL Asset Management is part of Invalda INVL, the leading Baltic asset management group.

Further information:
Liudas Liutkevičius
Managing Partner of the INVL Renewable Energy Fund I
liudas.liutkevicius@invl.com

The MIL Network –

February 4, 2025

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