Category: Banking

MIL-OSI: Connectone Bancorp, Inc. Reports Fourth Quarter and Full-Year 2024 Results; Declares Common and Preferred Dividends

Source: GlobeNewswire (MIL-OSI)

ENGLEWOOD CLIFFS, N.J., Jan. 30, 2025 (GLOBE NEWSWIRE) — ConnectOne Bancorp, Inc. (Nasdaq: CNOB) (the “Company” or “ConnectOne”), parent company of ConnectOne Bank (the “Bank”), today reported net income available to common stockholders of $18.9 million for the fourth quarter of 2024 compared with $15.7 million for the third quarter of 2024 and $17.8 million for the fourth quarter of 2023. Diluted earnings per share were $0.49 for the fourth quarter of 2024 compared with $0.41 for the third quarter of 2024 and $0.46 for the fourth quarter of 2023. Full-year 2024 net income available to common stockholders was $67.8 million, compared to $81.0 million for the full-year 2023. Diluted earnings per share for the full-year 2024 were $1.76, compared with $2.07 for the full-year 2023. Return on average assets was 0.84%, 0.70% and 0.79% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively. Return on average tangible common equity was 8.27%, 6.93% and 8.18% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

Operating net income available to common stockholders, which excludes non-operating items, as set forth in the reconciliation of GAAP earnings to operating earnings included in the supplemental table attached hereto, was $20.2 million for the fourth quarter of 2024, $16.1 million for the third quarter of 2024 and $19.1 million for the fourth quarter of 2023. Operating diluted earnings per share were $0.52 for the fourth quarter of 2024, $0.42 for the third quarter of 2024 and $0.49 for the fourth quarter of 2023. Operating return on average assets was 0.90%, 0.72% and 0.84% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively. Operating return on average tangible common equity was 8.77%, 7.03% and 8.67% for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively.

“I’m extremely pleased with ConnectOne’s fourth quarter 2024 financial results highlighted by a 20.5% quarter-over-quarter and an 6.2% year-over-year increase in quarterly net income available to common stockholders, significant margin expansion and growth in both loans and core deposits,” stated Frank Sorrentino, ConnectOne’s Chairman and Chief Executive Officer. “On a quarter-over-quarter basis, our loan portfolio grew by 2.0% while core deposits grew by 3.2%. The bank’s net interest margin improved by nearly 20 basis-points, benefiting from a more than 25 basis-point improvement in our cost of deposits. This improvement reflects an approximately 40% cycle-to-date beta on interest-bearing deposits and a 3.6% sequential quarterly increase in average noninterest-bearing demand deposits. Moreover, credit quality trends remain stable and, once again, tangible book value advanced despite higher longer-term interest rates.”

“As we move into 2025, we are experiencing strong operating momentum bolstered by improving industry fundamentals, favorable economic conditions, and a potentially more supportive regulatory environment. Importantly, the proposed merger with The First of Long Island Corporation is moving forward as planned. We’re well along in the merger process and anticipate the transaction to close in the second quarter of 2025.” Mr. Sorrentino added, “The strategic rationale behind this financially attractive transaction remains highly compelling, which will meaningfully enhance ConnectOne’s presence on Long Island and further our position as a premier New York Metro community bank. We are equally excited about the opportunity to serve The First of Long Island’s clients and to leverage the expertise of its team, creating a significantly enhanced platform for sustained growth at ConnectOne.”

Mr. Sorrentino concluded “Looking ahead, we remain focused and committed to our client-first culture and relationship banking model and are well-positioned to grow and strengthen our valuable franchise.”

Dividend Declarations

The Company announced that its Board of Directors declared a cash dividend on both its common stock and its outstanding preferred stock. A cash dividend on common stock of $0.18 per share will be paid on March 3, 2025, to common stockholders of record on February 18, 2025. A dividend of $0.328125 per depositary share, representing a 1/40^th interest in a share of the Company’s 5.25% Fixed Rate Reset Non-Cumulative Perpetual Preferred Stock, Series A, will also be paid on March 3, 2025 to holders of record on February 18, 2025.

Operating Results

Fully taxable equivalent net interest income for the fourth quarter of 2024 was $64.7 million, an increase of $3.8 million, or 6.3%, from the third quarter of 2024, due to a 19 basis-point widening of the net interest margin to 2.86% from 2.67%. Average loans for the fourth quarter of 2024 remained essentially flat from the sequential third quarter, decreasing by $19.8 million, or 0.2%. The widening of the net interest margin was primarily due to a 27 basis-point decrease in the average costs of deposits, including noninterest-bearing deposits, partially offset by a 3 basis-point decline in the rate earned on interest-earning assets. The interest-earning asset rate for the fourth quarter of 2024 was strengthened by an increase in loan prepayment fees and recapture of nonaccrual loan interest. Excluding these aforementioned items, management estimates the net interest margin for the quarter would have been approximately 2.82%. The net interest margin, excluding any non-operating items, is expected to increase to more than 2.90% in the first quarter of 2025 as a result of further improvement in the cost of funds and the deployment of excess cash-on-hand.

Fully taxable equivalent net interest income for the fourth quarter of 2024 increased by $3.0 million, or 4.7%, from the fourth quarter of 2023. The increase from the fourth quarter of 2023 resulted primarily from a 15 basis-point widening in the net interest margin to 2.86% from 2.71%, partially offset by a $164.7 million, or 2.0%, decrease in average loans. The widening of the net interest margin for the fourth quarter of 2024 when compared to the fourth quarter of 2023 was primarily due to a 102 basis-point decrease in the average cost of borrowings, a 9 basis-point decrease in average cost of deposits, including noninterest-bearing deposits, and a 3 basis-point increase in the loan portfolio yield, partially offset by an increase in average cash balances during the fourth quarter of 2024.

Noninterest income was $3.7 million in the fourth quarter of 2024, $4.7 million in the third quarter of 2024 and $4.2 million in the fourth quarter of 2023. The $1.0 million decrease in noninterest income for the fourth quarter of 2024 when compared to the third quarter of 2024 was due to a $0.7 million decrease in net gains on equity securities, a $0.5 million decrease in BOLI income, primarily due to reduced death benefits, partially offset by a $0.2 million increase in net gains on sale of loans held-for-sale. The $0.5 million decrease in noninterest income for the fourth quarter of 2024 when compared to the fourth quarter of 2023 was due to a $0.9 million decrease in net gains on equity securities, partially offset a $0.3 million increase in other deposit, loan and other income and an increase in net gains on sale of loans held-for-sale of $0.1 million.

Noninterest expenses were $38.5 million for the fourth quarter of 2024, $38.6 million for the third quarter of 2024 and $37.8 million for the fourth quarter of 2023. The $0.1 million decrease in noninterest expenses for the fourth quarter of 2024 when compared to the third quarter of 2024 was primarily due to a $0.7 million decrease in salaries and employee benefits, a $0.2 million decrease in other expenses, a $0.1 million decrease in marketing and advertising expenses and a $0.1 million decrease in occupancy and equipment expense, partially offset by a $0.5 million charge related to a branch closing, a $0.3 million increase in professional and consulting expenses, a $0.1 million increase in merger expenses and a $0.1 million increase in information and technology communications.

The $0.7 million increase in noninterest expenses for the fourth quarter of 2024 when compared to the fourth quarter of 2023 was primarily due to a $0.9 million increase merger expenses, a $0.9 million increase in professional and consulting expenses, a $0.5 million increase in branch closing expenses, a $0.4 million increase in information technology and communications, a $0.2 million increase in salaries and employee benefits, a $0.1 million increase in marketing and advertising expenses and a $0.1 million increase in occupancy and equipment expenses, partially offset by decreases in FDIC insurance of $2.1 million and $0.3 million decrease in other expenses. The $0.9 million increase in merger expenses compared to the fourth quarter of 2023 was due to the planned merger with The First of Long Island Corporation. The $0.9 million increase in professional and consulting expenses was primarily due to increases in legal and audit accruals, as well as an increase in loan work-out expenses. The $0.5 million increase in branch closing expenses is due to the aforementioned branch closing. The $2.1 million decrease in FDIC insurance expense is due to the FDIC special assessment charge that was accrued during the fourth quarter of 2023.

Income tax expense was $6.1 million for the fourth quarter of 2024, $6.0 million for the third quarter of 2024 and $6.2 million for the fourth quarter of 2023. The effective tax rates for the fourth quarter of 2024, third quarter of 2024 and fourth quarter of 2023 were 23%, 26% and 24%, respectively. The effective tax rate for the fourth quarter reflects a year-end adjustment for the effective tax rate for the full-year 2024. Our projected tax rate for 2025 is in the range of 26%-27%.

Asset Quality

The provision for credit losses was $3.5 million for the fourth quarter of 2024, $3.8 million for the third quarter of 2024 and $2.7 million for the fourth quarter of 2023, reflecting loan growth, economic outlook and specific reserves. The provision for credit losses was $13.8 million for the full-year 2024 compared to $8.2 million for the full-year 2023. The increase in the full-year 2024 provision for credit losses when compared to the full-year 2023 was primarily due to increases in specific reserves, partially offset by a decrease in the level of general reserves.

Nonperforming assets, which includes nonaccrual loans and other real estate owned (the Bank had no other real estate owned during the periods reported), was $57.3 million as of December 31, 2024, $51.3 million as of September 30, 2024 and $52.5 million as of December 31, 2023. Nonperforming assets as a percentage of total assets was 0.58% as of December 31, 2024, 0.53% as of September 31, 2024 and 0.53% as of December 31, 2023. The ratio of nonaccrual loans to loans receivable was 0.69%, 0.63% and 0.63%, as of December 31, 2024, September 30, 2024 and December 31, 2023, respectively. The annualized net loan charge-offs ratio was 0.16% for the fourth quarter of 2024, 0.17% for the third quarter of 2024 and 0.43% for the fourth quarter of 2023. The allowance for credit losses represented 1.00%, 1.02%, and 0.98% of loans receivable as of December 31, 2024, September 31, 2024, and December 31, 2023, respectively. The allowance for credit losses as a percentage of nonaccrual loans was 144.3% as of December 31, 2024, 160.8% as of September 30, 2024 and 156.1% as of December 31, 2023. Criticized and classified loans as a percentage of loans receivable was 2.66% as of December 31, 2024, up from 2.23% as of September 30, 2024 and 1.35% as of December 31, 2023. Loans delinquent 30 to 89 days was 0.04% of loans receivable as of December 31, 2024, down from 0.16% as of September 30, 2024 and 0.30% as of December 31, 2023. The overall credit quality metrics of the Bank’s loan portfolio remain sound, with expected levels of charge-offs, nonaccruals, delinquencies, and classified loans expected to remain within historical ranges.

Selected Balance Sheet Items

The Company’s total assets were $9.880 billion as of December 31, 2024, compared to $9.856 billion as of December 31, 2023. Loans receivable were $8.275 billion as of December 31, 2024 and $8.345 billion as of December 31, 2023. Total deposits were $7.820 billion as of December 31, 2024 and $7.536 billion as of December 31, 2023.

The Company’s total stockholders’ equity was $1.242 billion as of December 31, 2024 and $1.217 billion as of December 31, 2023. The increase in total stockholders’ equity was primarily due to an increase in retained earnings of $40.5 million, partially offset by an increase in accumulated other comprehensive losses of approximately $12.7 million and an increase in treasury stock of approximately $5.8 million. As of December 31, 2024, the Company’s tangible common equity ratio and tangible book value per share were 9.49% and $23.92, respectively, compared to 9.25% and $23.14, respectively, as of December 31, 2023. Total goodwill and other intangible assets were $213.0 million as of December 31, 2024, and $214.2 million as of December 31, 2023.

Use of Non-GAAP Financial Measures

In addition to the results presented in accordance with Generally Accepted Accounting Principles (“GAAP”), ConnectOne routinely supplements its evaluation with an analysis of certain non-GAAP measures. ConnectOne believes these non-GAAP financial measures, in addition to the related GAAP measures, provide meaningful information to investors in understanding our operating performance and trends. These non-GAAP measures have inherent limitations and are not required to be uniformly applied and are not audited. They should not be considered in isolation or as a substitute for an analysis of results reported under GAAP. These non-GAAP measures may not be comparable to similarly titled measures reported by other companies. Reconciliations of non-GAAP financial measures disclosed in this earnings release to the comparable GAAP measures are provided in the accompanying tables.

Fourth Quarter 2024 Results Conference Call

Management will also host a conference call and audio webcast at 10:00 a.m. ET on January 30, 2025 to review the Company’s financial performance and operating results. The conference call dial-in number is 1 (646) 307-1963, access code 1691400. Please dial in at least five minutes before the start of the call to register. An audio webcast of the conference call will be available to the public, on a listen-only basis, via the “Investor Relations” link on the Company’s website https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

A replay of the conference call will be available beginning at approximately 1:00 p.m. ET on Thursday, January 30, 2025 and ending on Thursday, February 6, 2025 by dialing 1 (609) 800-9909, access code 1691400. An online archive of the webcast will be available following the completion of the conference call at https://www.ConnectOneBank.com or at http://ir.connectonebank.com.

About ConnectOne Bancorp, Inc.

ConnectOne Bancorp, Inc., is a modern financial services company that operates, through its subsidiary, ConnectOne Bank, and the Bank’s fintech subsidiary, BoeFly, Inc. ConnectOne Bank is a high-performing commercial bank offering a full suite of banking & lending products and services that focus on small to middle-market businesses. BoeFly, Inc. is a fintech marketplace that connects borrowers in the franchise space with funding solutions through a network of partner banks. ConnectOne Bancorp, Inc. is traded on the Nasdaq Global Market under the trading symbol “CNOB,” and information about ConnectOne may be found at https://www.connectonebank.com.

This news release contains certain forward-looking statements which are based on certain assumptions and describe future plans, strategies, and expectations of the Company. These forward-looking statements are generally identified by use of the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “project,” or similar expressions. The Company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain. Factors which could have a material adverse effect on the operations of the Company and its subsidiaries include, but are not limited to, those factors set forth in Item 1A – Risk Factors of the Company’s Annual Report on Form 10-K, as filed with the U.S. Securities and Exchange Commission, as supplemented by the Company’s subsequent filings with the U.S. Securities and Exchange Commission, and changes in interest rates, general economic conditions, legislative/regulatory changes, monetary and fiscal policies of the U.S. Government, including policies of the U.S. Treasury and the Federal Reserve Board, the quality or composition of the loan or investment portfolios, demand for loan products, deposit flows, competition, demand for financial services in the Company’s market area, changes in accounting principles and guidelines and the impact of the health emergencies and natural disasters on the Company, its employees and operations, and its customers. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. The Company does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Investor Contact:
William S. Burns
Senior Executive Vice President & CFO
201.816.4474: bburns@cnob.com

Media Contact:
Shannan Weeks
MikeWorldWide
732.299.7890: sweeks@mww.com


CONNECTONE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF FINANCIAL CONDITION
(in thousands)

	December 31,			December 31,
		2024			2023
	(unaudited)
ASSETS
Cash and due from banks	$	57,816		$	61,421
Interest-bearing deposits with banks		298,672			181,293
Cash and cash equivalents		356,488			242,714

Investment securities		612,847			617,162
Equity securities		20,092			18,564

Loans held-for-sale		743			–

Loans receivable		8,274,810			8,345,145
Less: Allowance for credit losses – loans		82,685			81,974
Net loans receivable		8,192,125			8,263,171

Investment in restricted stock, at cost		40,449			51,457
Bank premises and equipment, net		28,447			30,779
Accrued interest receivable		45,498			49,108
Bank owned life insurance		243,672			237,644
Right of use operating lease assets		14,489			12,007
Goodwill		208,372			208,372
Core deposit intangibles		4,639			5,874
Other assets		111,739			118,751
Total assets	$	9,879,600		$	9,855,603

LIABILITIES
Deposits:
Noninterest-bearing	$	1,422,044		$	1,259,364
Interest-bearing		6,398,070			6,276,838
Total deposits		7,820,114			7,536,202
Borrowings		688,064			933,579
Subordinated debentures, net		79,944			79,439
Operating lease liabilities		15,498			13,171
Other liabilities		34,276			76,592
Total liabilities		8,637,896			8,638,983

COMMITMENTS AND CONTINGENCIES

STOCKHOLDERS’ EQUITY
Preferred stock		110,927			110,927
Common stock		586,946			586,946
Additional paid-in capital		36,347			33,182
Retained earnings		631,446			590,970
Treasury stock		(76,116	)		(70,296	)
Accumulated other comprehensive loss		(47,846	)		(35,109	)
Total stockholders’ equity		1,241,704			1,216,620
Total liabilities and stockholders’ equity	$	9,879,600		$	9,855,603


CONNECTONE BANCORP, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(dollars in thousands, except for per share data)

	Three Months Ended					Year Ended
	12/31/24			12/31/23		12/31/24		12/31/23
Interest income
Interest and fees on loans	$	118,346		$	120,636	$	477,859	$	453,992
Interest and dividends on investment securities:
Taxable		4,804			4,280		18,561		16,666
Tax-exempt		1,109			1,166		4,503		4,641
Dividends		959			912		4,349		3,662
Interest on federal funds sold and other short-term investments		2,815			1,963		12,617		11,104
Total interest income		128,033			128,957		517,889		490,065
Interest expense
Deposits		58,568			59,332		244,846		206,176
Borrowings		4,754			7,803		25,706		28,783
Total interest expense		63,322			67,135		270,552		234,959

Net interest income		64,711			61,822		247,337		255,106
Provision for credit losses		3,500			2,700		13,800		8,200
Net interest income after provision for credit losses		61,211			59,122		233,537		246,906

Noninterest income
Deposit, loan and other income		1,798			1,545		6,861		6,098
Income on bank owned life insurance		1,656			1,635		7,142		6,316
Net gains on sale of loans held-for-sale		597			472		2,723		1,704
Net losses (gains) on equity securities		(307	)		557		2		(117	)
Total noninterest income		3,744			4,209		16,728		14,001

Noninterest expenses
Salaries and employee benefits		22,244			22,010		90,053		88,223
Occupancy and equipment		2,818			2,708		11,615		10,884
FDIC insurance		1,800			3,900		7,200		8,365
Professional and consulting		2,449			1,587		8,447		7,547
Marketing and advertising		495			323		2,420		1,965
Information technology and communications		4,523			4,148		17,574		14,340
Merger expenses		863			–		1,605		–
Branch closing expenses		477			–		477		–
Amortization of core deposit intangibles		296			348		1,235		1,438
Other expenses		2,533			2,821		11,172		11,187
Total noninterest expenses		38,498			37,845		151,798		143,949

Income before income tax expense		26,457			25,486		98,467		116,958
Income tax expense		6,086			6,213		24,674		29,955
Net income		20,371			19,273		73,793		87,003
Preferred dividends		1,509			1,509		6,036		6,036
Net income available to common stockholders	$	18,862		$	17,764	$	67,757	$	80,967

Earnings per common share:
Basic	$	0.49		$	0.46	$	1.77	$	2.08
Diluted		0.49			0.46		1.76		2.07


ConnectOne’s management believes that the supplemental financial information, including non-GAAP measures provided below, is useful to investors. The non-GAAP measures should not be viewed as a substitute for financial results determined in accordance with GAAP, and are not necessarily comparable to non-GAAP financial measures presented by other companies.

CONNECTONE BANCORP, INC.
SUPPLEMENTAL GAAP AND NON-GAAP FINANCIAL MEASURES

	As of
	Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,
		2024				2024				2024				2024				2023
Selected Financial Data	(dollars in thousands)
Total assets	$	9,879,600			$	9,639,603			$	9,723,731			$	9,853,964			$	9,855,603
Loans receivable:
Commercial	$	1,522,308			$	1,505,743			$	1,491,079			$	1,561,063			$	1,564,768
Commercial real estate		3,384,319				3,261,160				3,274,941				3,333,488				3,342,603
Multifamily		2,506,782				2,482,258				2,499,581				2,507,893				2,566,904
Commercial construction		616,246				616,087				639,168				646,593				620,496
Residential		249,691				250,249				256,786				254,214				256,041
Consumer		1,136				835				945				850				1,029
Gross loans		8,280,482				8,116,332				8,162,500				8,304,101				8,351,841
Net deferred loan fees		(5,672	)			(4,356	)			(4,597	)			(6,144	)			(6,696	)
Loans receivable		8,274,810				8,111,976				8,157,903				8,297,957				8,345,145
Loans held-for-sale		743				–				435				–				–
Total loans	$	8,275,553			$	8,111,976			$	8,158,338			$	8,297,957			$	8,345,145

Investment and equity securities	$	632,939			$	667,112			$	640,322			$	638,854			$	635,726
Goodwill and other intangible assets		213,011				213,307				213,604				213,925				214,246
Deposits:
Noninterest-bearing demand	$	1,422,044			$	1,262,568			$	1,268,882			$	1,290,523			$	1,259,364
Time deposits		2,557,200				2,614,187				2,593,165				2,623,391				2,531,371
Other interest-bearing deposits		3,840,870				3,647,350				3,713,967				3,674,740				3,745,467
Total deposits	$	7,820,114			$	7,524,105			$	7,576,014			$	7,588,654			$	7,536,202

Borrowings	$	688,064			$	742,133			$	756,144			$	877,568			$	933,579
Subordinated debentures (net of debt issuance costs)		79,944				79,818				79,692				79,566				79,439
Total stockholders’ equity		1,241,704				1,239,496				1,224,227				1,216,609				1,216,620

Quarterly Average Balances
Total assets	$	9,653,446			$	9,742,853			$	9,745,853			$	9,860,753			$	9,690,746
Loans receivable:
Commercial	$	1,487,850			$	1,485,777			$	1,517,446			$	1,552,360			$	1,510,634
Commercial real estate (including multifamily)		5,733,188				5,752,467				5,789,498				5,890,853				5,874,854
Commercial construction		631,022				628,740				652,227				637,993				630,468
Residential		250,589				252,975				254,284				252,965				253,200
Consumer		5,204				7,887				5,155				5,091				6,006
Gross loans		8,107,853				8,127,846				8,218,610				8,339,262				8,275,162
Net deferred loan fees		(4,727	)			(4,513	)			(5,954	)			(6,533	)			(6,894	)
Loans receivable		8,103,126				8,123,333				8,212,656				8,332,729				8,268,268
Loans held-for-sale		498				83				169				99				31
Total loans	$	8,103,624			$	8,123,416			$	8,212,825			$	8,332,828			$	8,268,299

Investment and equity securities	$	653,988			$	650,897			$	637,551			$	633,270			$	602,287
Goodwill and other intangible assets		213,205				213,502				213,813				214,133				214,472
Deposits:
Noninterest-bearing demand	$	1,304,699			$	1,259,912			$	1,256,251			$	1,254,201			$	1,248,132
Time deposits		2,478,163				2,625,329				2,587,706				2,567,767				2,495,091
Other interest-bearing deposits		3,838,575				3,747,427				3,721,167				3,696,374				3,747,093
Total deposits	$	7,621,437			$	7,632,668			$	7,565,124			$	7,518,342			$	7,490,316

Borrowings	$	648,300			$	717,586			$	787,256			$	947,003			$	823,123
Subordinated debentures (net of debt issuance costs)		79,862				79,735				79,609				79,483				79,356
Total stockholders’ equity		1,241,738				1,234,724				1,220,621				1,220,818				1,198,389

	Three Months Ended
	Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,
		2024				2024				2024				2024				2023
	(dollars in thousands, except for per share data)
Net interest income	$	64,711			$	60,887			$	61,439			$	60,300			$	61,822
Provision for credit losses		3,500				3,800				2,500				4,000				2,700
Net interest income after provision for credit losses		61,211				57,087				58,939				56,300				59,122
Noninterest income
Deposit, loan and other income		1,798				1,817				1,654				1,592				1,545
Income on bank owned life insurance		1,656				2,145				1,677				1,664				1,635
Net gains on sale of loans held-for-sale		597				343				1,277				506				472
Net (losses) gains on equity securities		(307	)			432				(209	)			86				557
Total noninterest income		3,744				4,737				4,399				3,848				4,209
Noninterest expenses
Salaries and employee benefits		22,244				22,957				22,721				22,131				22,010
Occupancy and equipment		2,818				2,889				2,899				3,009				2,708
FDIC insurance		1,800				1,800				1,800				1,800				3,900
Professional and consulting		2,449				2,147				1,923				1,928				1,587
Marketing and advertising		495				635				613				677				323
Information technology and communications		4,523				4,464				4,198				4,389				4,148
Merger expenses		863				742				–				–				–
Branch closing expenses		477				–				–				–				–
Amortization of core deposit intangible		296				297				321				321				348
Other expenses		2,533				2,710				3,119				2,810				2,821
Total noninterest expenses		38,498				38,641				37,594				37,065				37,845

Income before income tax expense		26,457				23,183				25,744				23,083				25,486
Income tax expense		6,086				6,022				6,688				5,878				6,213
Net income		20,371				17,161				19,056				17,205				19,273
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Net income available to common stockholders	$	18,862			$	15,652			$	17,547			$	15,696			$	17,764

Weighted average diluted common shares outstanding		38,519,581				38,525,484				38,448,594				38,511,747				38,651,391
Diluted EPS	$	0.49			$	0.41			$	0.46			$	0.41			$	0.46

Reconciliation of GAAP Net Income to Operating Net Income:
Net income	$	20,371			$	17,161			$	19,056			$	17,205			$	19,273
FDIC special assessment		–				–				–				–				2,100
Merger expenses		863				742				–				–				–
Branch closing expenses		477				–				–				–				–
Amortization of core deposit intangibles		296				297				321				321				348
Net losses (gains) on equity securities		307				(432	)			209				(86	)			(557	)
Tax impact of adjustments		(585	)			(171	)			(149	)			(66	)			(569	)
Operating net income	$	21,729			$	17,597			$	19,437			$	17,374			$	20,595
Preferred dividends		1,509				1,509				1,509				1,509				1,509
Operating net income available to common stockholders	$	20,220			$	16,088			$	17,928			$	15,865			$	19,086

Operating diluted EPS (non-GAAP) ⁽¹⁾	$	0.52			$	0.42			$	0.47			$	0.41			$	0.49

Return on Assets Measures
Average assets	$	9,653,446			$	9,742,853			$	9,745,853			$	9,860,753			$	9,690,746
Return on avg. assets		0.84		%		0.70		%		0.79		%		0.70		%		0.79		%
Operating return on avg. assets (non-GAAP) ⁽²⁾		0.90				0.72				0.80				0.71				0.84

⁽¹⁾ Operating net income available to common stockholders divided by weighted average diluted shares outstanding.
⁽²⁾ Operating net income divided by average assets.

	Three Months Ended
	Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,
		2024				2024				2024				2024				2023
Return on Equity Measures	(dollars in thousands)
Average stockholders’ equity	$	1,241,738			$	1,234,724			$	1,220,621			$	1,220,818			$	1,198,389
Less: average preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Average common equity	$	1,130,811			$	1,123,797			$	1,109,694			$	1,109,891			$	1,087,462
Less: average intangible assets		(213,205	)			(213,502	)			(213,813	)			(214,133	)			(214,472	)
Average tangible common equity	$	917,606			$	910,295			$	895,881			$	895,758			$	872,990
Return on avg. common equity (GAAP)		6.64		%		5.54		%		6.36		%		5.69		%		6.48		%
Operating return on avg. common equity (non-GAAP) ⁽³⁾		7.11				5.70				6.50				5.75				6.96
Return on avg. tangible common equity (non-GAAP) ⁽⁴⁾		8.27				6.93				7.98				7.15				8.18
Operating return on avg. tangible common equity (non-GAAP) ⁽⁵⁾		8.77				7.03				8.05				7.12				8.67

Efficiency Measures
Total noninterest expenses	$	38,498			$	38,641			$	37,594			$	37,065			$	37,845
FDIC special assessment		–				–				–				–				(2,100	)
Merger expenses		(863	)			(742	)			–				–				–
Branch closing expenses		(477	)			–				–				–				–
Amortization of core deposit intangibles		(296	)			(297	)			(321	)			(321	)			(348	)
Operating noninterest expense	$	36,862			$	37,602			$	37,273			$	36,744			$	35,397

Net interest income (tax equivalent basis)	$	65,593			$	61,710			$	62,255			$	61,111			$	62,627
Noninterest income		3,744				4,737				4,399				3,848				4,209
Net losses (gains) on equity securities		307				(432	)			209				(86	)			(557	)
Operating revenue	$	69,644			$	66,015			$	66,863			$	64,873			$	66,279

Operating efficiency ratio (non-GAAP) ⁽⁶⁾		52.9		%		57.0		%		55.7		%		56.6		%		53.4		%

Net Interest Margin
Average interest-earning assets	$	9,117,201			$	9,206,038			$	9,210,050			$	9,323,291			$	9,172,165
Net interest income (tax equivalent basis)		65,593				61,710				62,255				61,111				62,627
Net interest margin (GAAP)		2.86		%		2.67		%		2.72		%		2.64		%		2.71		%

⁽³⁾ Operating net income available to common stockholders divided by average common equity.
⁽⁴⁾ Net income available to common stockholders, excluding amortization of intangible assets, divided by average tangible common equity.
⁽⁵⁾ Operating net income available to common stockholders, divided by average tangible common equity.
⁽⁶⁾ Operating noninterest expense divided by operating revenue.

	As of
	Dec. 31,				Sept. 30,				Jun. 30,				Mar. 31,				Dec. 31,
		2024				2024				2024				2024				2023
Capital Ratios and Book Value per Share	(dollars in thousands, except for per share data)
Stockholders equity	$	1,241,704			$	1,239,496			$	1,224,227			$	1,216,609			$	1,216,620
Less: preferred stock		(110,927	)			(110,927	)			(110,927	)			(110,927	)			(110,927	)
Common equity	$	1,130,777			$	1,128,569			$	1,113,300			$	1,105,682			$	1,105,693
Less: intangible assets		(213,011	)			(213,307	)			(213,604	)			(213,925	)			(214,246	)
Tangible common equity	$	917,766			$	915,262			$	899,696			$	891,757			$	891,447

Total assets	$	9,879,600			$	9,639,603			$	9,723,731			$	9,853,964			$	9,855,603
Less: intangible assets		(213,011	)			(213,307	)			(213,604	)			(213,925	)			(214,246	)
Tangible assets	$	9,666,589			$	9,426,296			$	9,510,127			$	9,640,039			$	9,641,357

Common shares outstanding		38,370,317				38,368,217				38,365,069				38,333,053				38,519,770

Common equity ratio (GAAP)		11.45		%		11.71		%		11.45		%		11.22		%		11.22		%
Tangible common equity ratio (non-GAAP) ⁽⁷⁾		9.49				9.71				9.46				9.25				9.25

Regulatory capital ratios (Bancorp):
Leverage ratio		11.33		%		11.10		%		10.97		%		10.73		%		10.86		%
Common equity Tier 1 risk-based ratio		10.97				11.07				10.90				10.70				10.62
Risk-based Tier 1 capital ratio		12.29				12.42				12.25				12.03				11.95
Risk-based total capital ratio		14.11				14.29				14.10				13.88				13.77

Regulatory capital ratios (Bank):
Leverage ratio		11.66		%		11.43		%		11.29		%		11.10		%		11.20		%
Common equity Tier 1 risk-based ratio		12.63				12.79				12.60				12.43				12.31
Risk-based Tier 1 capital ratio		12.63				12.79				12.60				12.43				12.31
Risk-based total capital ratio		13.60				13.77				13.58				13.41				13.28

Book value per share (GAAP)	$	29.47			$	29.41			$	29.02			$	28.84			$	28.70
Tangible book value per share (non-GAAP) ⁽⁸⁾		23.92				23.85				23.45				23.26				23.14

Net Loan Charge-offs (Recoveries):
Net loan charge-offs (recoveries):
Charge-offs	$	3,363			$	3,559			$	3,595			$	3,185			$	8,960
Recoveries		(29	)			(53	)			(324	)			(23	)			–
Net loan charge-offs	$	3,334			$	3,506			$	3,271			$	3,162			$	8,960
Net loan charge-offs as a % of average loans receivable (annualized)		0.16		%		0.17		%		0.16		%		0.15		%		0.43		%

Asset Quality
Nonaccrual loans	$	57,310			$	51,300			$	46,026			$	47,438			$	52,524
Other real estate owned		–				–				–				–				–
Nonperforming assets	$	57,310			$	51,300			$	46,026			$	47,438			$	52,524

Allowance for credit losses – loans (“ACL”)	$	82,685			$	82,494			$	82,077			$	82,869			$	81,974
Loans receivable		8,274,810				8,111,976				8,157,903				8,297,957				8,345,145

Nonaccrual loans as a % of loans receivable		0.69		%		0.63		%		0.56		%		0.57		%		0.63		%
Nonperforming assets as a % of total assets		0.58				0.53				0.47				0.48				0.53
ACL as a % of loans receivable		1.00				1.02				1.01				1.00				0.98
ACL as a % of nonaccrual loans		144.3				160.8				178.3				174.7				156.1

⁽⁷⁾ Tangible common equity divided by tangible assets
⁽⁸⁾ Tangible common equity divided by common shares outstanding at period-end


CONNECTONE BANCORP, INC.
NET INTEREST MARGIN ANALYSIS
(dollars in thousands)

	For the Quarter Ended
	December 31, 2024								September 30, 2024									December 31, 2023
	Average									Average									Average
Interest-earning assets:	Balance			Interest			Rate ⁽⁷⁾			Balance			Interest			Rate ⁽⁷⁾			Balance			Interest			Rate ⁽⁷⁾
Investment securities ^{(1) (2)}	$	736,131		$	6,207		3.35	%		$	736,946		$	6,157		3.32	%		$	723,433		$	5,757		3.16	%
Loans receivable and loans held-for-sale ^{(2) (3) (4)}		8,103,624			118,934		5.84				8,123,416			119,805		5.87				8,268,299			121,130		5.81
Federal funds sold and interest-
bearing deposits with banks		238,957			2,815		4.69				304,009			4,056		5.31				134,168			1,963		5.80
Restricted investment in bank stock		38,489			959		9.91				41,667			1,048		10.01				46,265			912		7.82
Total interest-earning assets		9,117,201			128,915		5.63				9,206,038			131,066		5.66				9,172,165			129,762		5.61
Allowance for credit losses		(83,938	)								(83,355	)								(88,861	)
Noninterest-earning assets		620,183									620,170									607,442
Total assets	$	9,653,446								$	9,742,853								$	9,690,746

Interest-bearing liabilities:
Time deposits	$	2,478,163			27,374		4.39			$	2,625,329			30,245		4.58			$	2,495,091			26,486		4.21
Other interest-bearing deposits		3,838,575			31,194		3.23				3,747,427			33,540		3.56				3,747,093			32,846		3.48
Total interest-bearing deposits		6,316,738			58,568		3.69				6,372,756			63,785		3.98				6,242,184			59,332		3.77

Borrowings		648,300			3,430		2.10				717,586			4,239		2.35				823,123			6,467		3.12
Subordinated debentures, net		79,862			1,305		6.50				79,735			1,312		6.55				79,356			1,313		6.56
Finance lease		1,280			19		5.91				1,349			20		5.90				1,546			23		5.90
Total interest-bearing liabilities		7,046,180			63,322		3.58				7,171,426			69,356		3.85				7,146,209			67,135		3.73

Noninterest-bearing demand deposits		1,304,699									1,259,912									1,248,132
Other liabilities		60,829									76,791									98,016
Total noninterest-bearing liabilities		1,365,528									1,336,703									1,346,148
Stockholders’ equity		1,241,738									1,234,724									1,198,389
Total liabilities and stockholders’ equity	$	9,653,446								$	9,742,853								$	9,690,746

Net interest income (tax equivalent basis)					65,593									61,710									62,627
Net interest spread ⁽⁵⁾							2.05	%								1.82	%								1.89	%

Net interest margin ⁽⁶⁾							2.86	%								2.67	%								2.71	%

Tax equivalent adjustment					(882	)								(823	)								(805	)
Net interest income				$	64,711								$	60,887								$	61,822

⁽¹⁾ Average balances are calculated on amortized cost.
⁽²⁾ Interest income is presented on a tax equivalent basis using 21% federal tax rate.
⁽³⁾ Includes loan fee income.
⁽⁴⁾ Loans include nonaccrual loans.
⁽⁵⁾ Represents difference between the average yield on interest-earning assets and the average cost of interest-bearing liabilities and is presented on a tax equivalent basis.
⁽⁶⁾ Represents net interest income on a tax equivalent basis divided by average total interest-earning assets.
⁽⁷⁾ Rates are annualized.

The MIL Network –

January 31, 2025

MIL-OSI Europe: EIB Group increases investment in Austria for growth, innovation and climate action by nearly a third
Source: European Investment Bank
- In 2024, the EIB Group reached a funding volume of €1.7 billion in Austria
- Focus on countercyclical investment promotion in energy-intensive industries such as steel production
- The expansion of renewable energies remains a priority goal
The European Investment Bank Group (EIB Group) can look back on a successful year 2024 in Austria. With a total lending volume of nearly €1.7 billion, it granted around 30% more loans than in the previous year. Funding applications were submitted to the EIB by public and private sector firms, primarily for energy projects that reduce CO₂ emissions and promote the transition to renewable energy.

2024 brought a rise in the construction of solar plants and wind farms in Austria – supported by the national government, which has set the objective of generating all of the country’s electricity from renewable sources by 2030. As in the two previous years, in 2024 the EIB exceeded its goal of allocating at least 50% of funding to climate action. In Austria, 64% of total investment went to climate.

The EIB co-finances wind and solar projects together with partner banks. In Burgenland, it is providing €80 million to fund six solar parks by Püspök. They will supply 71 000 households with electricity, and the farmland they will be built on can continue to be used to grow crops.

Burgenland Energie AG will also receive EIB financing of up to €620 million to build solar and wind parks. With a generation capacity of 1.3 GW once complete, they will be able to meet one-sixth of Austria’s electricity needs. The EU bank is also co-financing the Spannberg wind park in Lower Austria, with four wind turbines and a further seven in the planning phase.

The EIB Group, consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), seeks to be a reliable partner in making European industry more competitive – especially in difficult economic times, by promoting countercyclical investment. In the steel and construction industries, the EIB Group finances projects in Austria that support their green transition: for example, with a €300 million grant issued to Voestalpine for research and development.

“The EIB is a strong partner for Austria’s future,” EIB Vice-President Thomas Östros stated. “Our investments make it easier for firms to expand and become more innovative, to use renewable energy and to cut energy consumption. We invest countercyclically and promote the long-term competitiveness of Austrian industry. We will continue to support the development of wind, solar and hydro power plants.”

To increase the housing supply, the EIB is continuing to back affordable housing projects. In Salzburg and Tyrol, it is working with regional savings banks to finance the construction of 1 750 rental units in non-profit housing with low-cost framework loans.

As in previous years, the EIF – whose shareholders include the EIB, the European Commission and several national and regional promotional banks – continued to support specialised funds targeting startups and innovative technologies, investing €66 million in Austria.

In 2024, in view of the EIB Group’s policy priorities, projects in Austria in the field of sustainable energy and natural resources received the most support, with €765 million, followed by innovation, digital and human capital, with €462 million. Sustainable cities and regions received €329 million, and SMEs and mid-caps received €112 million.

EIB Group investment in Austria in 2024 supported investment of in total €4.3 billion. Thus, each euro of EIB Group financing raised investment of around €2.60.

Background information

EIB

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 by bolstering digitalisation and technological innovation, security and defence, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU, and the Capital Markets Union.

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 projects in 2024. These commitments are expected to mobilise around €350 billion in investment, supporting 400 000 companies and 5.8 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord and the EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.
MIL OSI Europe News –
January 31, 2025
MIL-OSI Europe: EIB Group financing in Slovenia totals €284 million in 2024, driving the energy transition and business innovation
Source: European Investment Bank
- EIB Group provided €284 million of new financing in Slovenia last year, boosting the energy transition, business innovation and capital markets.
- Funding of €154 million from EIB and €130 million from EIF in the country in 2024.
- Investments strengthened Slovenia’s electricity grid, early-stage companies and venture-capital markets.
The European Investment Bank (EIB) Group provided €284 million of fresh financing in Slovenia last year, bolstering the energy transition, business innovation and capital markets in the country. The total for 2024 includes €154 million from the EIB and €130 million from the European Investment Fund (EIF), which targets micro companies and small and medium-sized enterprises (SMEs) in Europe.

EIB financing in Slovenia last year focused on energy projects, fostering sustainable energy and energy efficiency, while the EIF investments supported venture capital and private equity to boost entrepreneurship and innovation.

“We are committed to fostering a sustainable, innovative and inclusive Slovenian economy,” said EIB Vice-President Kyriacos Kakouris. “Our investments in Slovenia last year not only strengthen the country’s energy resilience and competitiveness but also ensure that businesses and communities can thrive in a rapidly changing environment.”

Over the past five years, the EIB Group has invested over €1 billion in Slovenia, focusing on sustainable transport, energy infrastructure and capital markets. Its financing of local electricity distribution covers four out of five distribution companies, which supply around nine out of 10 Slovenian households.

Grid upgrades and business innovation

The EIB last year signed agreements with three power companies to upgrade Slovenia’s electricity grids. It committed €36 million to Elektro Maribor, €50 million to Elektro Ljubljana and €58 million to Elektro Celje.

These loans will reinforce regional energy infrastructure, enabling the integration of renewable energy, expanding capacity for electric vehicle charging and climate-proofing critical systems. The projects align with Slovenia’s 2050 climate targets and the European Union’s REPowerEU strategy.

Additionally, the EIB provided advisory services to municipalities, public institutions and private companies to ensure comprehensive support for sustainable growth across Slovenia.

For its part, the EIF pressed ahead in 2024 with its long-standing support for Slovenian SMEs and Mid-Caps, focusing on innovation and early-stage businesses. A highlight last year was a €40 million EIF pledge to the Vesna Deep Tech Venture Fund to build up technology transfer in Slovenia as well as Croatia. The fund prioritises early-stage businesses, fosters innovation and protects intellectual property, strengthening Slovenia’s venture-capital ecosystem.

Since 1996, the EIF has facilitated €531 million in financing for approximately 8,000 Slovenian enterprises, supporting 78,000 jobs.

Background information

The European Investment Bank (EIB) is the long-term lending institution of the European Union owned by its Member States. It finances sound investment that contributes towards EU policy goals, including social and territorial cohesion, competitiveness, innovation, sustainable development and the just, swift transition to net zero. The EIB has committed €7.78 billion in total financing for projects in Slovenia since the start of its operations in the country.
MIL OSI Europe News –
January 31, 2025
MIL-OSI Europe: EIB Group annual figures for 2024: €3 billion for competitiveness, strategic autonomy and SMEs in the Netherlands
Source: European Investment Bank
- In 2024, the EIB Group mobilised nearly €3.1 billion, primarily for small and medium businesses (SMEs) and innovation.
- The EIB financed social infrastructure and increased support for innovative Dutch firms and those in the growth phase, promoting strategic autonomy.
- The EIF also granted nearly €634 million in financing, in the form of guarantees and equity.
Last year the EIB Group, made up of the European Investment Bank (EIB) and the European Investment Fund (EIF), invested nearly €3.1 billion in projects implemented in the Netherlands. Of that, €2.45 billion were granted by the EIB in the form of loans and venture debt. The EIF also mobilised some €634 million in the form of guarantees and equity contributions. Worldwide, the EIB Group granted a record amount of almost €89 billion, with no less than €50.7 billion going to help fight climate change and protect the environment.

EIB Vice-President Robert de Groot remarked, “If Europe wishes to remain strong and competitive, it must invest more in technology, energy and manufacturing. In the long run, it cannot afford to depend on others in these areas. That is why the EIB Group is fully committed to fostering innovation in the Netherlands, especially through venture capital lending. And of course, we are also continuing to support projects that have a positive impact on the daily lives of people, like hospitals, flood control and better access to financing for SMEs. Sustainability will also remain a core principle in 2025.”

In 2024, nearly a third of EIB Group investments in the Netherlands were linked to innovation in different areas, in particular those backed by the European Commission’s InvestEU programme. For example, companies such as Samotics, LUMICKS and Resato received EIB venture debt targeted to growing firms.

In the realm of innovation, the chip manufacturer NXP also signed a financing agreement that will allow it to increase investment in research and development, in particular for next-generation semiconductors for the automotive sector.

The EIF was also very active in the Netherlands in 2024. In addition to guarantees provided to SMEs by ABN Amro and microloans issued by Qredits, Dutch venture capital funds such as 4impact Fund, Innovation Industries and European Cyber Security Tech Fund also received support from the EIF.

In 2024, sustainability remained a dominant factor for EIB Group investments in the Netherlands, especially in its support for SMEs. Along with a financing agreement with ABN Amro for €450 million, part of which targeted sustainable SMEs, the EIB and Rabobank signed a ninth impact loan providing reduced interest rates for SMEs certified under a sustainable development label.

Background information

The EIB is the EU’s long-term financing institution, owned by the Member States. It finances investments that contribute to EU policy objectives. The Netherlands’ shareholding in it is 5.2%. Over the past decade, the EIB has lent more than €27 billion to support Dutch projects in a variety of sectors, including research and development, transport, clean water, healthcare and SMEs.
MIL OSI Europe News –
January 31, 2025
MIL-OSI Europe: Lithuania financing from EIB Group totals €449 million in 2024, boosting business and green investments
Source: European Investment Bank
- EIB Group financing in Lithuania last year totalled €449 million, bolstering business and green investments nationwide.
- Funding supported 1,200 Lithuanian companies and sustained 19,000 jobs.
- Energy storage and clean railways among key 2024 projects.
The European Investment Bank (EIB) Group’s financing in Lithuania last year amounted to €449 million, spurring business investments and accelerating the country’s green transition. The total for 2024 includes €240 million from the EIB and €209 million from the European Investment Fund (EIF), which targets small and medium-sized enterprises (SMEs).

The EIB Group pledges last year in Lithuania supported 1,200 SMEs and Mid-Caps, sustained 19,000 jobs and covered 21 investment projects across the country. Top operations included EIB loans of €105 million to Lithuanian utility Ignitis Group for expanding a pumped storage hydroelectric power plant and €100 million to national railway service LTG Link for buying electric and battery trains.

“Lithuania’s commitment to sustainability is inspiring,” said EIB Vice-President Thomas Östros. “Our investments in the country in 2024 underscore our dedication to supporting Lithuania’s green transition and economic resilience. We are helping to build a sustainable future for all Lithuanians.”

The level of EIB Group financing in Lithuania in 2024 was broadly in line with the organisation’s average annual commitments of €562 million in the country over the past five years. For example, EIB Group financing in Lithuania totalled €654 million in 2023 and €219 million in 2022.

Energy and transport projects

The €105 million EIB loan last year to Ignitis Group is for expanding the Kruonis Pumped Storage Hydroelectric Power Plant and making it one of Europe’s largest energy-storage facilities. The goal is to increase Lithuania’s energy independence and help the country achieve 100% renewable electricity by 2030.

The €100 million EIB loan to LTG Link is for replacing a third of the company’s train fleet. The aim is to reduce carbon-dioxide emissions from trains, shorten rail-travel times and improve passenger accessibility.

Also in the area of energy, the EIB last year signed a €35 million loan to district utility Kauno Energija for upgrading the heating and hot water system of the city of Kaunas by refurbishing pipelines, adding heat storage tanks and integrating renewable sources. This project will boost energy efficiency, diversify the energy mix and reduce reliance on imported natural gas, benefiting around 400,000 residents and businesses.

Supporting small companies

The EIF’s pledges in Lithuania last year included nearly €129 million to businesses through deals with various banks and financial institutions including AB Mano Bankas, AB SEB Bankas, Swedbank Bank Lithuania, UAB SME Bank, Lithuanian Central Credit Union, Taurus Fondas UAB and UAB Heavy Finance.

These agreements unlock loans to Lithuanian SMEs at preferential terms to support growth, create jobs and speed up the transition to a carbon-neutral economy.

In 2024, the EIF also invested €50 million in IAM CEE Student Housing Fund, an infrastructure fund committed to building housing for up to 3,500 students in Central-Eastern European countries including Lithuania, and €30 million in INVL Private Equity Fund II, a private equity fund dedicated to boosting investments in high-growth SMEs mainly in Lithuania.

Background information

EIB

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 projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.
MIL OSI Europe News –
January 31, 2025
MIL-OSI Europe: Finland financing from EIB Group more than doubles in 2024 to €2.3 billion
Source: European Investment Bank
- EIB Group investments in Finland rose to €2.3 billion in 2024 from €992 million the year before.
- Financing boost of 132% supported 1,800 Finnish SMEs and Mid-Caps and sustained 40,000 jobs in the country.
- Most funding went to green projects and business innovation.
The European Investment Bank (EIB) Group’s financing in Finland more than doubled to €2.3 billion in 2024, with the bulk of funds aimed at accelerating the green transition and business innovation in the country. The EIB Group’s pledges last year represent a 132% increase from €992 million in 2023.

The financing in Finland last year included €1.7 billion from the EIB and €606 million from the European Investment Fund (EIF) arm, which focuses on supporting Europe’s micro companies and small and medium-sized enterprises (SMEs).

The EIB Group’s funding in Finland in 2024 supported 1,800 SMEs and Mid-Caps, sustained 40,000 jobs and covered 21 investment initiatives across the country. The amount is expected to trigger €5.1 billion of total investment, equivalent to 1.9% of Finnish gross domestic product (GDP).

“Our significant investments in 2024 underscore our unwavering commitment to Finland’s economic growth and resilience,” said EIB Vice-President Thomas Östros. “By financing a diverse array of projects from cutting-edge healthcare to pioneering renewable-energy solutions, we are not just supporting Finland’s present needs but also building a brighter, more sustainable future. “

Driving innovation and sustainability

In 2024, half of the EIB Group’s funding in Finland was allocated to the green transition and a third to business innovation. This marks a 215% rise in support for Finnish sustainability and innovation compared with the previous year.

“Finland stands as a leading example of innovation and sustainability in Europe,” said Östros.

The EIB Group’s financing in Finland last year targeted a range of sectors including industrial investments, energy, education and healthcare.

Key green transition and innovation projects

Green transition and innovation projects backed by the EIB last year included a €168 million investment in the Keliber lithium project to enhance the EU’s battery material supply for electric vehicles and high-tech industries. Additionally, Prysmian’s factory in Pikkala received more than €221 million in EIB funding to expand its production of extra-high-voltage submarine power cables, supporting the EU’s clean energy-transmission goals.

Furthermore, the EIB invested €150 million to replace Helsinki’s fossil-based heating plants with renewable energy, supporting the city’s sustainability and carbon-reduction efforts as part of REPowerEU. In addition, the EIB provided a €435 million loan to Stora Enso for producing sustainable packaging at the Oulu factory, promoting a circular economy with renewable materials.

Lastly, Swappie received a €14 million venture-debt loan to refurbish and resell iPhones, reducing electronic waste and extending the lifecycle of devices, making high-quality technology more accessible.

Empowering SMEs and Mid-Caps

The EIB Group’s support for Finnish SMEs and Mid-Caps last year included a €200 million partnership with Finnvera. This initiative aimed to tackle barriers to accessing finance by sharing risks associated with economic uncertainties such as inflation, high interest rates, limited external growth opportunities, and unpredictable energy supplies.

For its part, the EIF collaborated with leading Finnish banks to provide over €560 million in loan guarantees last year. This substantial financing empowers SMEs, small Mid-Caps and housing associations to advance Finland’s climate goals, promote environmental sustainability and invest in innovation and digitalisation. In addition, the EIF made two new commitments in Finnish venture capital and private equity funds.

Investing in public infrastructure

The EU bank prioritised healthcare and education infrastructure in 2024, making significant investments in Finland’s public sector. A €100 million loan will upgrade Helsinki’s Laakso hospital, providing state-of-the-art medical services. Thousands of children in Tuusula will benefit from modern schools funded by a €105 million EIB loan. Additionally, the EIB is financing water-infrastructure projects in the Helsinki area, promoting sustainable water management, one of the key priorities of the bank.

Over the past five years, the EIB Group has provided nearly €8.6 billion in financing for Finland, highlighting the organisation’s dedication to the country’s economic growth and development.

For more information on EIB Group results in 2024, please click here.

Background information

EIB

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 projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.

The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing for over 900 projects in 2023. These commitments are expected to mobilise around €320 billion in investment, supporting 400 000 companies and 5.4 million jobs.

All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards.
MIL OSI Europe News –
January 31, 2025
MIL-OSI Europe: Estonia financing from EIB Group totals €498 million in 2024, fuelling business innovation and green growth
Source: European Investment Bank
- EIB Group financing in Estonia totalled €498 million last year.
- Funding supported 800 Estonian companies and sustained 4,300 jobs.
- The level of EIB Group funding in Estonia was among the highest in the EU as a share of GDP.
- Most support directed towards green innovation and urban sustainability.
The European Investment Bank (EIB) Group’s financing in Estonia last year amounted to €498 million, representing 1.3% of Estonia’s GDP. This was the second highest in the European Union as a share of gross domestic product (GDP). This support helped hundreds of businesses grow and contributed to making the country greener, generating nearly €2.2 billion in additional investments.

The EIB Group commitments last year in Estonia supported 800 SMEs as well as Mid-Caps and sustained 4,300 jobs across the country. The main operation was a €400 million EIB loan to the Estonian government for EU grants co-financing, including for green and digital initiatives.

“Estonia’s dedication to innovation and sustainability is an example for all,” said EIB Vice-President Thomas Östros. “Our financing in the country last year highlights our commitment to propelling Estonian economic, green and digital advances.”

The level of EIB Group funding in Estonia last year exceeded an annual average of €433 million in the country over the past five years. For example, EIB Group financing in Estonia amounted to €540 million in 2023 and €111 million in 2022.

To deepen its relationship with Estonia, the EIB Group plans to open an office in Tallinn in 2025.

“This shows our long-term commitment to Estonia’s economic development and our desire to be closer to the communities we serve,” said Östros.

Key operations

The €400 million EIB loan to the Estonian government aims to boost green and digital initiatives and deliver multiple benefits, including energy efficiency improvements and the digitalisation of public and private organisations. This credit marks the second and final tranche of a €700 million EIB loan to bolster the Estonian economy.

In a venture capital deal last year, the EIB provided UP Catalyst with an €18 million loan to scale up the converting of industrial emissions of carbon dioxide (CO₂) into carbon-neutral graphite and nanotubes – high-performance materials used in batteries, electronics, paints, coatings, polymers and concrete.

Additionally, as part of multi-country operations in 2024, the EIB offered Finland-based iPhone refurbisher Swappie €1.4 million of financing in Estonia to refurbish and resell handsets and provided €2.4 million in funding to Italian automotive company SAPA to develop sustainable vehicle parts in Estonia.

Notable European Investment Fund (EIF) operations in Estonia last year included support for businesses through deals with various banks and financial institutions, such as LHV Pank, Swedbank, and Hüpoteeklaen. These operations are expected to leverage almost €600 million in financing to support business growth, create jobs, and accelerate the transition to a carbon-neutral economy.

For more information on EIB Group results in 2024, please click here.

Background information

EIB

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 by bolstering digitalisation and technological innovation, security and defence, agriculture and bioeconomy, social infrastructure, high-impact investments outside the EU, and the Capital Markets Union.  

The EIB Group, which also includes the European Investment Fund (EIF), signed nearly €89 billion in new financing for over 900 projects in 2024. These commitments are expected to mobilise around €350 billion in investment, supporting 400 000 companies and 5.8 million jobs.  

All projects financed by the EIB Group are in line with the Paris Climate Accord and the EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support  €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Almost 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.  

Approximately half of the EIB’s financing within the European Union is directed towards cohesion regions, where per capita income is lower than the EU average. This underscores the Bank’s commitment to fostering inclusive growth and the convergence of living standards. 
MIL OSI Europe News –
January 31, 2025
MIL-OSI Europe: EIB Group achieves record results in 2024, targets €95 billion in investments for 2025
Source: European Investment Bank
- The EIB Group supported a record of over €100 billion in new investment for Europe’s energy security in 2024.
- A record of nearly 60% of all EIB Group financing supported the green transition, climate action and environmental sustainability.
- There was a sharp increase in higher-risk activities, with a record €8 billion committed for equity and quasi-equity investment.
- Financing for security and defence projects doubled to €1 billion in 2024, with a further doubling planned in 2025.
The European Investment Bank (EIB) Group signed €89 billion in new financing last year. The Group made more investments than ever before to strengthen EU energy security, mobilising over €100 billion for projects in new and upgraded infrastructure such as grids and interconnectors, renewables, net-zero industries, efficiency and storage. Nearly 60% of the total financing supported the green transition, climate action and environmental sustainability.

Our preliminary results once again signal robust profitability. At the same time, higher-risk EIB operations to back Europe’s most innovative companies have sharply increased. A record €8 billion in equity and quasi-equity investment from the EIB and the European Investment Fund (EIF) is expected to mobilise €110 billion in growth capital for startups, scale-ups and European pioneers.

Eligible security and defence investment doubled in 2024, and the goal is to double this figure again this year. Furthermore, the EIB Group significantly extended its eligible investments in dual-use projects, which now include border protection, military mobility, de-mining and de-contamination, space, cybersecurity, anti-jamming equipment, seabed and critical infrastructure protection, research and development, and drones.

Looking ahead, the EIB Group plans to increase its overall investments to €95 billion in 2025, with flagship initiatives to support European tech champions and a dedicated TechEU programme, critical raw materials, water management, the energy efficiency of small and medium-sized companies, and a dedicated platform to promote sustainable and affordable housing.

In parallel with increasing its investment capacity and impact, the EIB Group is making significant progress in cutting red tape for clients and has shortened the time to market required to approve and deploy new investments. During 2024, it introduced simplified appraisal procedures covering more than 40% of its operations.

“We have broken records with our financing in 2024. We have made ourselves ready to support EU priorities in this new political mandate. And we will play an even more relevant role in 2025 – building on the excellent performance of the EIB Group to increase our impact, bolstering Europe’s security and competitiveness with strategic and ambitious investments,” said EIB Group President Nadia Calviño as she presented the annual operational results of the EIB Group in Brussels.

Making records

The EIB Group financing committed in 2024 is expected to power almost 15 million households with clean energy, create up to 1.5 million new jobs in Europe over the next few years, advance therapies against cancer, and help secure affordable housing from Croatia to Latvia.

In more detail, highlights from last year include:
- Stepped up higher-risk activities, expected to mobilise about €110 billion in new investments. This includes a record €7.2 billion of investments by the EIF in the equity funds ecosystem, and €1 billion in venture debt by the EIB.
- More than €14 billion in total investment deployed by the EIF to support Europe’s small businesses and innovators, including in 102 venture capital funds, such as a dedicated fund to back women-owned and gender-balanced startups in space and deep tech.
- A record €51 billion – around 60% of last year’s investments – to support the green transition, climate action and environmental sustainability, from the world’s first zero-emissions tyre factory in Romania to support for sustainable mobility in Valencia, keeping the EIB Group well on track to meet its target of supporting €1 trillion in climate and environmental sustainability investment in the critical decade to 2030.
- A record €31 billion to back EU energy security, including for efficiency, renewables, storage and electricity grids, which is expected to support over €100 billion in investment. Flagship initiatives include counter-guarantees to bolster European wind manufacturers, electric vehicle battery manufacturing in France and the Princess Elisabeth Island in Belgium. For grids and storage, financing rose to a record €8.5 billion, mobilising 40% of Europe’s total investment in that sector in 2024, including transmission network upgrades and interconnectors in Spain, Czechia and Germany.
- Support for eligible security and defence projects doubled to €1 billion, including the deployment of dual-use satellites in Poland, port upgrades to meet the needs of NATO vessels in Denmark and investment by the EIF in dedicated private investment funds. A further doubling of annual investments to €2 billion is expected this year.
- A record €38 billion to accelerate social and territorial cohesion, including credit lines for farmers in Romania, innovative startups in Greece and just transition projects in Estonia.
- The EIB Group has also provided financial support to boost climate resilience and adaptation from post-landslide reconstruction in Italy to recovery investments in European regions affected by devastating floods.
- With more than €2.2 billion disbursed since 2022, EIB Group investments in Ukraine are helping to repair schools, kindergartens and hospitals, upgrade transport and protect energy infrastructure, as well as support the private sector.
Beyond Ukraine, the EIB Group’s operations outside the European Union are supporting stability in the EU neighbourhood and partner countries on their path to EU membership, including with rail upgrades in countries such as Albania and Montenegro.

Supporting EU global priorities and helping strengthen Europe’s voice in the world, EIB Group financing also helps drought-stricken countries like Jordan to manage water supplies. Thanks to reinforced partnerships inside and outside the European Union, EIB investments are helping eliminate diseases like polio and support sustainable infrastructure around the world from Vietnam to India.

Ready for the challenges ahead

Under President Calviño, who took office in January 2024, the EIB Group has updated its internal policies and investment strategy to maximise impact and scale up support for shared European priorities.

Changes include:
- A Strategic Roadmap, aligned with EU policies and agreed by the EU 27 Member States (the EIB’s shareholders) to focus resources on impactful investment on eight core priorities.
- A revamped framework expanding the EIB Group’s activity in the areas of security and defence, with streamlined internal procedures and new partnerships with external stakeholders, such as the NATO Innovation Fund and the European Defence Agency.
- EIB governors approved the increase of the gearing ratio, an outdated limit on EIB Group’s investments.[1] This will enable the EIB Group to make the necessary strategic investments to deliver on EU policy goals while preserving its leverage and capital ratios.
- An action plan with building blocks for a deeper capital markets union.
- Actions and proposals to cut red tape, improve the usability of EU sustainability reporting rules and optimise the use of EU budget instruments.
- A stepped up time to market initiative to simplify internal processes and boost efficiency, enabling much faster approvals for new financing.
- An action plan to improve transparency, accountability and well-being in the workplace, including the appointment of an ombudsperson to swiftly address common workplace issues and improve the working environment.
More relevant than ever in 2025

Looking ahead, the EIB Group Operational Plan covers up to €95 billion in new investment in 2025, supported by the Group’s stellar credit rating and strong capital position.

New initiatives aligned with the priorities of the new European Commission expected to be rolled out in 2025 include:
- Maintaining a 60% green finance target.
- Scaling up support for leading technologies, including clean-tech, artificial intelligence, chips, high-performance and quantum computing, health sciences and medical technologies, and Europe’s cutting-edge industrial capacity.
- An exit platform to facilitate the listing of European scale-ups in EU markets or the acquisition of these promising innovators by European companies.
- An extension of the highly successful European Tech Champions Initiative (ETCI) as part of the broader goal to boost equity and venture debt investments to scale up Europe’s innovative startups.
- Further doubling of support for Europe’s security and defence industry
- A pan-European investment platform for affordable and sustainable housing, together with the European Commission and increased financing for the housing sector.
- Increasing investment for critical raw materials projects, such as the Keliber lithium production facility in Finland agreed last year.
- A dedicated water programme of about €4.5 billion to focus investment on flood resilience, and to address water scarcity amid intensifying droughts.
- New support for Europe’s farmers through agricultural insurance and other de-risking schemes, building on a €3 billion facility to improve access to financing for young farmers and women.
- A €2.5 billion programme to scale up energy efficiency investments by small and medium-sized companies so they can lower their CO₂ emissions and electricity bills.
EIB Group press conference on annual results

Background information

The EIB Group is the financing institution of the European Union owned by its Member States. It supports investment contributing toward EU policy goals, including sustainable growth, social and territorial cohesion, innovation and security. It finances its operations in global capital markets and has been consistently profitable in its operations since its inception. The EIB Group is the pioneer and one of the largest issuers of green bonds, while all of its operations are aligned with the Paris Climate Agreement.

[1] Subject to final approval by the Council of the European Union.
MIL OSI Europe News –
January 31, 2025

MIL-OSI: Form 8.5 (EPT/RI) – Thruvision Group plc

Source: GlobeNewswire (MIL-OSI)

FORM 8.5 (EPT/RI)

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

1. KEY INFORMATION

(a) Name of exempt principal trader:	Investec Bank plc
(b) Name of offeror/offeree in relation to whose relevant securities this form relates: Use a separate form for each offeror/offeree	Thruvision Group plc
(c) Name of the party to the offer with which exempt principal trader is connected:	Investec is Joint financial adviser to Thruvision Group plc
(d) Date dealing undertaken:	29^th January 2025
(e) In addition to the company in 1(b) above, is the exempt principal trader making disclosures in respect of any other party to this offer? If it is a cash offer or possible cash offer, state “N/A”	N/A

2. DEALINGS BY THE EXEMPT PRINCIPAL TRADER

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

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

(a) Purchases and sales

Class of relevant security	Purchases/ sales	Total number of securities	Highest price per unit paid/received	Lowest price per unit paid/received
Ordinary shares	Sales	25,000	2.4	2.4

(b) Cash-settled derivative transactions

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

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

(i) Writing, selling, purchasing or varying

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

(ii) Exercise

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

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

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

3. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

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

None

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

Details of any agreement, arrangement or understanding, formal or informal, between the exempt principal trader making the disclosure and any other person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which any derivative is referenced:
If there are no such agreements, arrangements or understandings, state “none”

None

Date of disclosure:	30^thJanuary 2025
Contact name:	Abhishek Gawde
Telephone number:	+91 9923757332

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

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

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

The MIL Network –

January 31, 2025

MIL-OSI: reAlpha Tech Corp. Appoints Piyush Phadke as CFO

Source: GlobeNewswire (MIL-OSI)

DUBLIN, Ohio, Jan. 30, 2025 (GLOBE NEWSWIRE) — reAlpha Tech Corp. (Nasdaq: AIRE) (“reAlpha” or the “Company”), a real estate technology company developing and commercializing artificial intelligence (“AI”) technologies, is pleased to announce the appointment of Piyush Phadke as Chief Financial Officer, effective January 30, 2025. Mr. Phadke will succeed Rakesh Prasad, the Company’s Interim Chief Financial Officer, and he will oversee the Company’s financial and accounting operations, reporting directly to the Company’s President and Chief Operating Officer, Mike Logozzo.

With over 20 years of experience in finance, capital raising and strategic leadership, Mr. Phadke brings a wealth of expertise to reAlpha. Prior to joining reAlpha, he served as a Managing Director at BTIG, LLC, where he specialized in providing investment banking services for lower middle-market companies. Mr. Phadke also held senior investment banking positions at Jefferies LLC and Bank of America, where he focused on capital markets transactions for private equity clients.

“We’re excited to welcome Piyush to the team,” said Mike Logozzo, President and Chief Operating Officer of reAlpha. “His extensive background in investment banking and capital markets will be invaluable as we continue to execute on our growth strategy. We believe Piyush’s leadership will strengthen our financial infrastructure and support our mission to be a global leader in the real estate tech space.”

“I am thrilled to join reAlpha at this pivotal moment,” said Mr. Phadke. “reAlpha’s commitment to leverage AI technologies for the real estate industry is inspiring, and I expect to utilize my background in capital raising and investment banking to help reAlpha accelerate its financial and operational objectives.”

As a first order of business, Mr. Phadke will focus on optimizing reAlpha’s capital structure and strengthening its balance sheet.

For more information about Mr. Phadke’s appointment and related compensation arrangement, please refer to the Current Report on Form 8-K to be filed with the Securities and Exchange Commission (“SEC”).

About reAlpha Tech Corp.

reAlpha Tech Corp. (Nasdaq: AIRE) is a real estate technology company developing an end-to-end commission-free homebuying platform. Utilizing the power of AI and an acquisition-led growth strategy, reAlpha’s goal is to offer a more affordable, streamlined experience for those on the journey to homeownership. For more information, visit www.realpha.com.

Forward-Looking Statements

The information in this press release includes “forward-looking statements”. Forward-looking statements include, among other things, statements about the appointment of Mr. Phadke as Chief Financial Officer and the anticipated benefits thereof. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “could”, “might”, “plan”, “possible”, “project”, “strive”, “budget”, “forecast”, “expect”, “intend”, “will”, “estimate”, “anticipate”, “believe”, “predict”, “potential” or “continue”, or the negatives of these terms or variations of them or similar terminology. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: reAlpha’s limited operating history and that reAlpha has not yet fully developed its AI-based technologies; reAlpha’s ability to commercialize its developing AI-based technologies; whether reAlpha’s technology and products will be accepted and adopted by its customers and intended users; reAlpha’s ability to integrate the business of its acquired companies into its existing business and the anticipated demand for such acquired companies’ services; reAlpha’s ability to successfully enter new geographic markets; reAlpha’s ability to obtain the necessary regulatory and legal approvals to expand into additional U.S. states and maintain, or obtain, brokerage licenses in such states; reAlpha’s ability to generate additional sales or revenue from having access to, or obtaining, additional U.S. states brokerage licenses; reAlpha’s inability to accurately forecast demand for short-term rentals, corporate relocation programs and AI-based real estate focused products; the inability to execute business objectives and growth strategies successfully or sustain reAlpha’s growth; the inability of reAlpha’s customers to pay for reAlpha’s services; changes in applicable laws or regulations, and the impact of the regulatory environment and complexities with compliance related to such environment; and other risks and uncertainties indicated in reAlpha’s SEC filings. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements. Although reAlpha believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. reAlpha’s future results, level of activity, performance or achievements may differ materially from those contemplated, expressed or implied by the forward-looking statements, and there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking statements. For more information about the factors that could cause such differences, please refer to reAlpha’s filings with the SEC. Readers are cautioned not to put undue reliance on forward-looking statements, and reAlpha does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Investor Relations Contact
investorrelations@realpha.com

Media Contact
Alliance Advisors IR on behalf of reAlpha
Fatema Bhabrawala
FBhabrawala@allianceadvisors.com

The MIL Network –

January 31, 2025
MIL-OSI Banking: Authority raises funds for Alzheimer’s Society IOM

Source: Isle of Man

Published on: 30 January 2025

Staff at the Isle of Man Financial Services Authority continue to raise thousands of pounds each year for local charities.

The Authority’s nominated Charity of the Year for 2024 was Alzheimer’s Society Isle of Man, which provides care and support to improve the lives of people living with dementia. The organisation also offers practical advice to help the family and friends of a person who has recently been diagnosed with dementia.

A cheque for £3,000 was presented to Claire Cubberley, the Local Service Manager at Alzheimer’s Society Isle of Man, by members of the Authority’s Charity & Social Committee.

The money was raised by colleagues taking part in a number of activities throughout the year including dress down days, bake sales, a raffle and the Santa Dash.

MIL OSI Global Banks –

January 30, 2025
MIL-OSI United Nations: AfDB and WFP support families affected by flooding in Cameroon’s Far North

Source: World Food Programme

YAOUNDE –The Government of Cameroon and the United Nations World Food Programme (WFP) welcome a US$ 1 million contribution from the African Development Bank (AfDB) to support 42,000 people affected by the 2024 floods in Cameroon’s Far North region.

“The African Development Bank is steadfast in its commitment to supporting Cameroon’s flood response efforts,” said Serge N’Guessan, African Development Bank Director General for Central Africa Region. “By partnering with the Government and WFP, we ensure that those affected by the floods receive the assistance they need while also setting the stage for long-term recovery.

Between July and October 2024, devastating floods caused by heavy rains affected over 450,000 people, destroying over 85,000 hectares of farmland and many homes. Over 5,000 livestock also died, the majority in Diamare, Mayo-Danay, Mayo-Kani, Mayo-Tsanaga and Logone-et-Chari divisions. This climate shock exacerbates food insecurity in a region already in the grips of a dire humanitarian situation due to ongoing conflict, population displacements, and rising food prices. Since July 2024, high food prices have soared by 20–30%, leaving many families in rural areas unable to meet their food and nutrition needs.

With the AfDB funding, WFP in close collaboration with the Government of Cameroon is providing general food distributions comprised of cereals, vegetable oil and salt to the most affected families enabling them to meet their immediate food and nutrition needs for one month. WFP will also distribute fortified cereal to pregnant women, breastfeeding mothers, and children aged 6 to 59 months to address acute malnutrition.

“The devastating floods in Cameroon’s Far North Region are a stark reminder of how the impacts of climate change are worsening, sparing no one and calling for a coordinated action,” said Alamine Ousmane Mey, Minister of Economy, Planning and Regional Development. “With support from partners like AfDB, WFP, and other development Partners, we are addressing immediate food needs while paving the way for a resilient recovery. The Government of Cameroon is committed to ensure assistance reaches those in need and prioritizing anticipatory actions to better prepare for future crisis.”

The Far North region of Cameroon is characterized by high rates of severe acute malnutrition (SAM), reaching 2.9%, exceeding the World Health Organisation emergency threshold of 2%. Chronic malnutrition also remains a concern in the region, with an alarming rate of 49.2% among internally displaced people.

“WFP is committed to supporting families affected by floods and the growing food insecurity in Cameroon’s Far North Region,” said Gianluca Ferrera, WFP’s Representative and Country Director in Cameroon. “With AfDB’s contribution, many will be reached with lifesaving assistance; however, the scale of the crisis demands more than emergency response”.

To ensure continued lifesaving assistance to crisis-affected people in Cameroon through July 2025, WFP requires US$ 48.7 million.

# # #

About WFP:

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

Follow us on X, formerly Twitter, via @wfp_media @WFP_Cameroon

About AfDB:

The African Development Bank (AfDB), a multilateral development finance institution dedicated to promoting economic development and social progress in Africa, is a long-term partner of its member states, providing unwavering assistance during and aftermath emergencies. Its objectives align with WFP’s goals in Cameroon, focusing on poverty reduction, food security, and sustainable development.

MIL OSI United Nations News –

January 30, 2025
MIL-OSI Europe: Payments statistics: first half of 2024
Source: European Central Bank

30 January 2025

The European Central Bank (ECB) today published statistics on non-cash payments for the first half of 2024.^[2]The statistics comprise indicators on access to and use of payment services, payment cards and terminals by the public, as well as volumes and values of transactions processed through retail and large-value payment systems. This press release focuses on developments in the euro area as a whole, although statistics are also published for all euro area countries as well as non-euro area reporting countries. EU and euro area aggregates are also published.^[3]

Payment services^[4]

In the first half of 2024, the total number of non-cash payment transactions^[5] in the euro area increased by 7.4% to 72.1 billion compared with the first half of 2023, while the corresponding total value increased by 1.9% to €113.5 trillion. Card payments accounted for 56% of the total number of transactions, while credit transfers accounted for 22%, direct debits for 15% and e-money payments for 6%. The remaining 1% comprised cheques, money remittances and other payment services (see annex, Table 1).

Chart 1

Use of the main payment services in the euro area

(number of transactions in billions, graph on the right-hand-side refers to half-yearly data)

Source: ECB.
Note: Data have been partially estimated for periods prior to 2010, as methodological changes were implemented in those years and some data are not directly available. The historical estimations done by the ECB ensure comparability of figures over the entire period. Statistics were also collected for cheques, money remittances and other payment services which together accounted for 1% of the total number of non-cash euro area payment transactions in the first half of 2024.

Data on payment services

Card payments

In the first half of 2024 the number of card payments within the euro area increased by 10.3% to 40.1 billion compared with the first half of 2023. The corresponding total value of card payments rose by 7.0% to €1.5 trillion, reflecting an average value of around €39 per transaction. The split in the share of remote and non-remote^[6] transactions in the total number of card payments was 18% to 82%, while the split in terms of value was 28% to 72%. The number of contactless card payments initiated at a physical electronic funds transfer point of sale terminal increased by 13.2% to 25.8 billion compared with the first half of 2023, with the corresponding total value rising by 13.1% to €0.7 trillion. As a result, their share in the total number of non-remote card payments accounted for 79%, while the corresponding share in terms of value was 62%. At the national level, Lithuania continued to have the largest share of card payments as a percentage of the total number of non-cash payments in the first half of 2024, at around 78% (see annex, Table 2).

Credit transfers^[7]

In the first half of 2024 the number of credit transfers within the euro area increased by 7.7% to 15.7 billion compared with the first half of 2023, while the corresponding total value increased by 1.7% to €105.2 trillion. As higher-value payments are usually made by credit transfer^[8], they accounted for 93% of the total value of non-cash payments. The ratio of transactions initiated electronically to those initiated using paper forms was around 16 to 1, while in terms of value the ratio was around 12 to 1. At the national level, Latvia had the largest share of credit transfers as a percentage of the total number of non-cash payments in the first half of 2024, at around 37% (see annex, Table 2).

Direct debits

In the first half of 2024 the number of direct debits within the euro area increased by 2.7% to 11.0 billion compared with the first half of 2023, and the corresponding total value rose by 5.8% to €5.3 trillion. Of the total number of direct debits, those with an electronic mandate accounted for 12% whereas those with consent given in other forms accounted for 88%, while in terms of value the split was 13% to 87%. At the national level, Germany continued to have the largest share of direct debits as a percentage of the total number of non-cash payments in the first half of 2024, at around 32% (see annex, Table 2).

E-money payments

In the first half of 2024 the number of e-money payment transactions within the euro area declined by 2.7% to 4.2 billion compared with the first half of 2023, while the corresponding value rose by 6.6% to €0.3 trillion. Of the total number of e-money payment transactions, those made with e-money accounts accounted for 91% whereas those made with cards on which e-money can be stored accounted for 9%, while in terms of value the split was 88% to 12%.

Cards and accepting devices

At the end of the first half of 2024 the number of cards with a payment function^[9] had increased by 4.4% to 720.6 million compared with the number at the end of the first half of 2023. With a total euro area population of around 352 million, this implies an average of two payment cards per euro area inhabitant.

At the end of the first half of 2024 the total number of automated teller machines (ATMs) in the euro area had decreased by 3.0% to around 260.9 thousand compared with the number at the end of the first half of 2023. Of these, 30% accepted contactless transactions.

At the end of the first half of 2024 the total number of point of sale (POS) terminals had increased by 10.1% to around 20.8 million^[10] compared with the corresponding number at the end of the first half of 2023. Of these terminals, 86% accepted contactless transactions.

Payment systems^[11]

Retail payment systems

Retail payment systems located in the euro area handle mainly payments that are made by individuals and businesses, with a relatively low value and high volume overall.

In the first half of 2024, 34 retail payment systems within the euro area processed around 52.1 billion transactions with a combined value of €25.1 trillion. Instant credit transfers accounted for 15% of the total number and for 4% of the total value of credit transfer transactions processed by euro area retail payment systems.

Retail payment systems located in the euro area differ significantly in terms of type, size and geographical scope of transactions they process. The three largest systems (MCMS^[12], STEP2-T^[13] and CORE in France) processed 64% of the volume and 62% of the value of all transactions processed by the retail payment systems located in the euro area in the first half of 2024.

Chart 2

Main retail payment systems located in the euro area, values and numbers of transactions processed in the first half of 2024

(value of transactions in EUR trillions and number of transactions in billions)

Source: ECB.

Data on retail payment systems

Large-value payment systems

Large-value payment systems are designed primarily to process large-value and/or high-priority payments made between system participants for their own account or on behalf of their customers.

In the first half of 2024, large-value payment systems located in the euro area settled 72.0 million payments with a total value of €222.5 trillion in euro payments, with T2 and EURO1/STEP1 being the two main systems.^[14]

Chart 3

Main large-value payment systems located in the euro area, values and numbers of transactions processed in the first half of 2024

(value of transactions in EUR trillions and number of transactions in millions)

Source: ECB.

Data on large-value payment systems

Notes:
- The full set of payment statistics can be downloaded from the ECB Data Portal (EDP). The EDP also includes interactive dashboards supporting data visualization. Detailed methodological information, including a list of all data definitions, is available under “Payment services and large-value and retail payment systems” in the “Statistics” section of the ECB’s website.
- The methodological and reporting framework for payments statistics was enhanced to take progressive developments in the payments market and related changes in the legal framework in Europe into account. The enhanced reporting requirements, which came into effect on 1 January 2022, are set out in Regulation ECB/2020/59 amending Regulation ECB/2013/43 on payments statistics and in Guideline ECB/2021/13 on reporting requirements on payments statistics. In addition, the Manual on payments statistics reporting is available on the ECB’s website.
- Hyperlinks in the main body of the press release and in annex tables lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data at the time of the current release. Unless otherwise indicated, statistics referring to the euro area cover the EU Member States that had adopted the euro at the time to which the data relate.
MIL OSI Europe News –
January 30, 2025

MIL-OSI Economics: No need to RSVP: a closer look at the Tria stealer campaign

Source: Securelist – Kaspersky

Headline: No need to RSVP: a closer look at the Tria stealer campaign

Introduction

Since mid-2024, we’ve observed a malicious Android campaign leveraging wedding invitations as a lure to social-engineer victims into installing a malicious Android app (APK), which we have named “Tria Stealer” after unique strings found in campaign samples. The primary targets of the campaign are users in Malaysia and Brunei, with Malaysia being the most affected country.

Our investigation suggests that this campaign is likely operated by an Indonesian-speaking threat actor, as we found artifacts written in the Indonesian language, namely several unique strings embedded in the malware and the naming pattern of the Telegram bots that are used for hosting C2 servers.

Our findings, in a nutshell, are as follows:

Tria Stealer collects victims’ SMS data, tracks call logs, messages (for example, from WhatsApp and WhatsApp Business), and email data (for example, Gmail and Outlook mailboxes).
Tria Stealer exfiltrates the data by sending it to various Telegram bots using the Telegram API for communication.
The threat actor then exploits this data to hijack personal messaging accounts, impersonate account owners to request money transfers from the victims’ contacts, and compromise accounts with other services.

Kaspersky products detect this threat as HEUR:Trojan–Spy.AndroidOS.Agent.*.

Technical details

Background

We detected several APK samples tagged as Trojan–Spy.AndroidOS.Agent and originating from Malaysia and Brunei in our Kaspersky Security Network (KSN) telemetry and on third-party multi-antivirus platforms.

Further investigation revealed multiple posts by Malaysian Android users on social media platforms like X and Facebook discussing a scam campaign involving malicious APKs and WhatsApp hijacking. Our analysis indicates that this campaign has been ongoing since March 2024, with the threat actor consistently using a wedding invitation theme to lure victims into installing the malicious app. We discovered two versions of malicious APKs, with the first one initially detected in March 2024, and the second one in August of the same year. The newer sample was slightly upgraded with additional functionality and adjusted wording in messages that were sent to Telegram bots.

We named this malware “Tria Stealer” after the username found in all APK samples in the message that is sent to the C2 server during the initial execution of the malware, which states, “Having any issues? Contact me at ‘https://t[.]me/Mr_tria’”. This suggests that “Mr Tria” may be the support contact or the individual in charge of the campaign.

Overview of the Tria Stealer campaign

According to our observations, the threat actor uses stolen messages and emails to obtain security codes for hijacking their victims’ WhatsApp and Telegram accounts which will be used for distributing the malicious APK to the victims’ contacts. Not only that, but our researchers also have observed that the threat actor takes advantage of the hijacked WhatsApp and Telegram accounts to impersonate their owners, asking the targets’ contacts to transfer money to the actor’s bank accounts.

Besides WhatsApp and Telegram accounts, the threat actor was also able to take over and sign in to the victims’ accounts with other services by requesting transaction authorization codes (TACs) and one-time passwords (OTPs) for the relevant platforms, and then accessing the security codes in the text messages which they intercepted.

Delivery method

The threat actor distributes the APK via personal and group chats in Telegram and WhatsApp, using messages that invite recipients to a wedding and require them to install the APK to view an invitation card.

Delivery through a compromised WhatsApp account (on the left) and through a compromised Telegram account (on the right)

First-time execution

When the malicious Android app is installed, it checks whether it is being opened for the first time via the IntroActivity function, which is triggered only during the initial app launch. The app also retrieves the Boolean value associated with the key firstStart in the SharedPreferences object. If this key does not exist, the default value true is returned, meaning it’s the first time the app has been opened.

In that case, the malware requests the android.permission.RECEIVE_SMS permission to gain access to read newly received SMS messages. The app mimics a system settings app with a gear icon to trick the victim into thinking that the request and the app itself are legitimate.

Once the user grants the required permission, they are presented with a custom dialog prompting them to enter their phone number.

Custom dialog box prompts for a phone number (new version on the left, earlier version on the right)

After the victim enters their phone number and clicks “Next”, this number along with the device’s brand and model is collected and assembled into a string to be later sent to a C2. A message with Mr. Tria’s contact is also added to this string.

Building the required strings before sending them to the bot

The malware then communicates with the SendMessage Telegram API to send the collected information to one of the threat actor’s Telegram bots, as shown below.

Sending messages to the bot

In most cases we’ve seen in this campaign, the attackers used a different Telegram bot for each sample, although we managed to find a few that shared the same Telegram bot.

Meanwhile, the app updates its SharedPreferences object to record the fact that it has been opened before, preventing it from starting with the IntroActivity function again on subsequent launches.

Main activity

After completing the initial execution flow, or whenever the app is opened again, the main activity of Tria Stealer is invoked using an intent.

During this process, the app requests all permissions declared in its manifest:

android.permission.READ_SMS;
android.permission.RECEIVE_SMS;
android.permission.INTERNET;
android.permission.ACCESS_NETWORK_STATE;
android.permission.READ_PHONE_STATE;
android.permission.READ_CALL_LOG;
android.permission.SYSTEM_ALERT_WINDOW;
android.permission.WAKE_LOCK;
android.permission.RECEIVE_BOOT_COMPLETED;
android.permission.FOREGROUND_SERVICE.

These permissions allow the malware to access messaging and calls data and collect other information, such as the network state.

In newer variants, an additional permission, android.permission.BIND_NOTIFICATION_LISTENER_SERVICE, is declared in the manifest. This permission is utilized to intercept messages and emails via notifications.

The app then sends a message to the Telegram bot, indicating that the malicious app has been opened by the victim, thus notifying the attackers.

Building strings indicating the malicious app is opened

Moreover, in this main activity, the app runs a background service designed to open the built-in system settings app using an intent. This occurs when the victim opens the app, convincing the victim that they are accessing the legitimate system settings.

SMS and call monitor

In all samples and variants of Tria Stealer, the malicious APK utilizes the BroadcastReceiver function to monitor new incoming messages and call activities through two components named SMSMonitor and CallMonitor. SMSMonitor captures SMS information, including the message content, sender’s phone number, and SIM slot details. CallMonitor tracks incoming call activities and, like SMSMonitor, extracts such details as the caller’s phone number and SIM slot (for dual SIM devices). The malware also collects additional details, including the current battery level of the victim’s phone, which is possible to do via either of these components.

Then the sample processes all collected data and combines it into a single message to send to the Telegram bot.

Building strings for retrieving SMS content

The threat actor uses this activity mostly to take over WhatsApp, Telegram or other accounts by reading SMS messages containing OTP/TAC codes.

App messages and mail stealer

In the newer variant of Tria Stealer, we discovered that the threat actor had developed an additional feature to steal personal messages and emails from the packages related to a number of apps, including the following:

Package Name	App Name
com.whatsapp	WhatsApp
com.whatsapp.w4b	WhatsApp Business
com.google.android.apps.messaging	Google Messages
com.samsung.android.messaging	Samsung Messages
com.android.mms	Default MMS
com.google.android.gm	Gmail
com.microsoft.office.outlook	Outlook
com.yahoo.mobile.client.android.mail	Yahoo Mail

The threat actor steals messages by intercepting notifications from these apps. The onNotificationPosted function in a custom class named AppNotificationListener is triggered whenever a new notification is posted by one of the targeted apps.

onNotificationPosted function

Once a notification is received, the malware retrieves the app name that matches the packageName property of the notification. If the app is not recognized, it is labeled as “Unknown App”. Then the malware proceeds to extract the notification content and combines it with the app and contact names, device information (brand and model), and the target phone number into a formatted string. Once generated, this string is sent as a message to the Telegram bot.

Building a message to be sent to the bot

As suggested by our observations, the threat actor creates and uses separate Telegram bots for handling different types of stolen data. One bot is used for collecting texts from messaging apps and emails, while another handles SMS data. As a result, newer variants of the malware include two Telegram bot token IDs.

Account takeover

The threat actor’s main goal is to get full access to victims’ WhatsApp and Telegram accounts. Once compromised, these accounts are used for two main purposes:

Distributing the malicious APK to the targets’ contacts through group chats and direct messages, thereby expanding the pool of victims.
Impersonating the account owners to request money transfers from their contacts to the threat actor’s bank account.

Furthermore, we assume that by intercepting SMS messages, the threat actor was also able to sign in to various platforms using the victims’ accounts to inflict further damage.

The stolen information also could be exploited for other malicious activities, such as accessing online banking accounts, resetting passwords for specific platforms, or compromising services that rely on instant message or email authentication.

Attribution

We assume with high confidence that the threat actor is Indonesian-speaking, because some strings included in the messages sent to the Telegram bot are written in Indonesian, for example: “APLIKASI DI BUKA LAGI” (translated as “APPLICATION REOPENED”).

Victimology

In this campaign, we did not observe any specific targeting of individual users. However, the threat actor focuses on individuals in Malaysia and Brunei. We saw a spike in the number of detects in mid-2024, but Tria Stealer continues to be detected in January 2025.

Different campaign from UdangaSteal

In 2023 and early 2024, our researchers observed a very similar campaign under the detection name HEUR:Trojan–Banker.AndroidOS.UdangaSteal, primarily targeting victims in Indonesia, Malaysia and India to steal SMS data and exfiltrate it to Telegram bots hosted as a C2. In this campaign, the threat actor heavily targeted Indonesian and Indian victims and utilized various lure themes, including the following:

wedding invitations;
parcel delivery;
credit card transactions;
government job offers;
religious events;
annual tax charges;
customer support;
electricity bills;
government initiatives for farmers;
vehicle registration system for Indian users.

However, we are not attributing the current Tria Stealer campaign to the same threat actor associated with UdangaSteal, as the APK code between the two malware campaigns looks different, the Telegram bot naming patterns are also different, and the victimology varies compared to this UdangaSteal malware campaign. Moreover, in the Tria Stealer campaign, the threat actor upgraded their malware to not only steal SMS messages but also to target personal communications, including data from WhatsApp and email apps. This contrasts with the UdangaSteal malware, where the threat actor consistently used the same tactics from its rise in 2023 till late 2024 without any changes.

Conclusion

The Tria Stealer campaign remains active, targeting more victims in Malaysia and Brunei. The attackers employ phishing techniques to spread the APK, allowing them to spy on victims’ personal messages and emails. According to our observations, the threat actor uses the stolen data to obtain security codes for hijacking victims’ WhatsApp and Telegram accounts which will be used for distributing the malicious APK to the targets’ contacts. Accessing security codes also could enable the attackers to take over and log in to victims’ other online accounts to extend the scope of their malicious activities.

We assess with medium confidence that the threat actor will likely continue targeting users in Malaysia and Brunei in the near future, aiming to hijack new WhatsApp and Telegram accounts and take over accounts with other services to pursue malicious activities. To protect against such threats, we strongly advise against installing apps from untrusted sources and recommend using reliable security solutions for mobile devices.

Indicator of Compromises

Tria Stealer

File hashes

Telegram bots

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UdangaSteal

File hashes

daa30cd6699c187bb891448b89be1340
162ed054914a8c71ad02126693c40997
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4ff2572a40300c0cce4327ec34259902

MIL OSI Economics –

January 30, 2025

MIL-OSI Global: Corporate transparency is a step toward a greener economy, but further change is needed

Source: The Conversation – France – By Madlen Sobkowiak, Associate Professor in Social and Environmental Accounting, EDHEC Business School

Could corporate transparency be one of the solutions to climate change? Or, at the very least, could it be a way to hold businesses accountable for their environmental impacts? Not by itself, according to our paper, “Shaping nature outcomes in corporate settings”, recently published by The Royal Society.

Ninety-four percent of investors are doubtful of the validity of corporate sustainability reporting, citing unsupported claims, according to PwC’s Global Investor Survey 2023. And their skepticism is not unfounded.

Indeed, our paper shows that while corporate transparency is a crucial first step toward a more sustainable economy, it alone will not be enough to drive positive corporate nature outcomes. For change to actually happen, three critical steps are needed: linking corporate actions to their environmental impact, embedding nature outcomes into daily operations and aligning financial incentives with ecological goals.

The risk of greenwashing

Even if there is a growing push for nature-related regulation, and especially nature-related disclosures, companies have only started to provide information about their nature-related performance, impacts and risks. This is the essence of the European Union’s Sustainable Finance Disclosures Regulation (SFDR) that came into effect in 2021 and the Corporate Sustainability Reporting Directive (CSRD) that came into effect in 2023. Both initiatives aim to strengthen transparency obligations on environmental, sustainable and governance (ESG) issues within the bloc. This is characteristic of a certain kind of governance, which uses mandated information disclosure as a way of regulating behaviour.

Does it work? Not on its own, as companies still struggle to fully understand their impacts on nature or the impacts of their supply chain. And they often lack the knowledge and expertise to navigate the evolving and complex landscape of national and international sustainability reporting requirements, let alone take meaningful action. This could result in the dilution of the concept of transparency and a rise in greenwashing, the process of making false or misleading environmental claims.

Greenwashing might distort relevant information that investors require to make decisions and, in the end, erode their trust in sustainability-related products and/or practices. A study commissioned by the European Union in 2023 found that 53% of green claims on products and services make vague, misleading or even unfounded claims, and 40% have no supporting evidence. In the United States, 68% of executives admitted to being guilty of greenwashing. In this context, the standardisation of sustainability reporting in the EU is necessary and overdue.

Three key factors for corporate accountability

My co-authors and I identify three conditions for information disclosures to positively impact nature outcomes: linking companies and ecosystems, translating aspiration into operations and shaping financial-system responsiveness.

Our current approach, which uses disclosure requirements to drive company behaviour, may be limited, because providing information does not in itself encourage companies to fully achieve nature-positive impacts.

Linking companies and ecosystems

This first condition means putting in place radical traceability that links company actions to outcomes in particular settings. This would create the potential for companies to be held accountable regardless of whether they publish data, as well as incentives for them to produce their own data rather than having to respond to requirements created by third parties.

One example is Cargill, a supplier for the food sector. In the company’s “South American Soy Sustainability Report”, it traces the soy it produces and purchases through its supply chain with locations in several South American countries. The sites are geospatially located with data on the degree of deforestation in each polygon obtained from satellite images. In this respect, traceability creates the possibility for nature accounts.

Translating aspirations into operations

This approach is about developing routines and tools that translate strategic intent into on-the-ground behaviour: in other words, linking knowledge and action. Even if companies are well informed about their impacts on nature, translating strategies to reduce impacts and restore nature into operational targets might be difficult. In this regard, it might be useful to translate ambitions into specific metrics that, once embedded in companies, create visibilities and routines that focus on making a change.

For example, Holcim Spain, an aggregates and cement producer, has developed a monitoring system to evaluate restoration processes by studying nature assets. It has also studied resources based on field samples by cataloguing flora, identifying vegetation, establishing the distribution of birds and insects, assessing the status of biodiversity in the quarry and developing strategies and action plans. Monitoring of activities has been undertaken using a biodiversity index developed in collaboration with the World Wide Fund for Nature (WWF) and the International Union for Conservation of Nature (IUCN)‘s Biodiversity Indicator and Reporting System.

Shaping financial-system responsiveness

The final requirement relates to identifying how financial-system actors can enable company actions. To put it another way, it is about aligning financial incentives with environmental goals.

Company owners and those who fund companies are the most powerful financial actors in this context. Financial stability relies on well-functioning ecosystems; indeed, recent studies have shown that climate change threatens it. Information governance could be used to draw investor attention to nature impacts, mirroring more developed interventions. An example of such a mechanism is the EU’s SFDR, which requires banks, insurers and asset managers to provide information about how they address sustainability risks.

Another example comes from ASN Bank, which specialises in sustainability banking products and has developed a biodiversity footprinting tool for financial institutions to estimate the impacts of an investment portfolio and identify hotspots therein.

Better information, less greenwashing

The more solid, standardised and transparent corporate sustainability information is shared, the better we can combat the greenwashing that undermines the credibility of sustainability efforts. But, while disclosure is key, it is time we take its limits into account. For businesses, this implies adopting governance approaches that shape action and ceasing to rely solely on reporting.

Madlen Sobkowiak ne travaille pas, ne conseille pas, ne possède pas de parts, ne reçoit pas de fonds d’une organisation qui pourrait tirer profit de cet article, et n’a déclaré aucune autre affiliation que son organisme de recherche.

– ref. Corporate transparency is a step toward a greener economy, but further change is needed – https://theconversation.com/corporate-transparency-is-a-step-toward-a-greener-economy-but-further-change-is-needed-243215

MIL OSI – Global Reports –

January 30, 2025
MIL-OSI Banking: Rise in US stocks benefits stock funds

Source: Danmarks Nationalbank

Investment funds

30 January 2025Statistics period: December 2024

Danish private investors investing in stock funds received a return of 19.7 per cent in 2024. The high return in 2024 was primarily due to large gains on US stocks – including technology stocks such as NVIDIA, Apple og Amazon. Around half of the return in Danish investment funds in 2024, measured in kroner, came from US stocks. The returns in bond funds and mixed funds were also at higher levels in 2024 compared to previous years. Bond funds achieved a return of 4.3 per cent, while mixed funds, which invests in both stocks and bonds, ended up with a return of 10.6 per cent. In previous years, these funds have not given nearly as high returns as equity funds due to their investments in bonds, which resulted in losses after interest rates rose. When interest rates fell again, this resulted in capital gains and positive bond returns.

Stock funds achieved a return of 19.7 per cent in 2024

Note:

Private investors (employees etc.) time weighted returns in investment funds by main categories of the funds: stocks, bonds, and mixed. Data covers Danish investment funds, regulated by the Danish Investment Associations etc. Act (i.e., UCITS). Find chart data in the Statbank.

MIL OSI Global Banks –

January 30, 2025

MIL-OSI: Shell plc Fourth Quarter 2024 Interim Dividend

Source: GlobeNewswire (MIL-OSI)

London, January 30, 2025 − The Board of Shell plc (the “Company”) (XLON: SHEL, XNYS: SHEL, XAMS: SHELL) today announced an interim dividend in respect of the fourth quarter of 2024 of US$ 0.358 per ordinary share.

Details relating to the fourth quarter 2024 interim dividend

Per ordinary share (GB00BP6MXD84)	Q4 2024
Shell Shares (US$)	0.358

Shareholders will be able to elect to receive their dividends in US dollars, euros or pounds sterling.

Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros.

Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling.

The pound sterling and euro equivalent dividend payments will be announced on March 10, 2025.

Per ADS (US7802593050)	Q4 2024
Shell ADSs (US$)	0.716

Cash dividends on American Depositary Shares (“ADSs”) will be paid, by default, in US dollars.

Each ADS represents two ordinary shares. ADSs are evidenced by an American Depositary Receipt (“ADR”) certificate. In many cases the terms ADR and ADS are used interchangeably.

Dividend timetable for the fourth quarter 2024 interim dividend

Event	Date
Announcement date	January 30, 2025
Ex- Dividend Date for ADSs	February 14, 2025
Ex- Dividend Date for ordinary shares	February 13, 2025
Record date	February 14, 2025
Closing of currency election date (see Note below)	February 28, 2025
Pound sterling and euro equivalents announcement date	March 10, 2025
Payment date	March 24, 2025

Note

A different currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies.

Taxation – cash dividends

If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor.

Dividend Reinvestment Programmes (“DRIP”)

The following organisations offer Dividend Reinvestment Plans (“DRIPs”) which enable the Company’s shareholders to elect to have their dividend payments used to purchase the Company’s shares:

Equiniti Financial Services Limited (“EFSL”), for those holding shares (a) directly on the register as certificate holder or as CREST Member and (b) via the Shell Corporate Nominee;

ABN-AMRO NV (“ABN”) for Financial Intermediaries holding shares via Euroclear Nederland;

JPMorgan Chase Bank, N.A. (“JPM”) for holders of ADSs; and

Other DRIPs may also be available from the intermediary through which investors hold their shares and ADSs.

These DRIP offerors provide their DRIPs fully on their account and not on behalf of the Company. Interested parties should contact the relevant DRIP offeror directly.

More information can be found at https://www.shell.com/drip

To be eligible to participate in the DRIPs for the next dividend, shareholders must make a valid dividend reinvestment election before the published date for the close of elections.

Enquiries
Media International: +44 207 934 5550
Media Americas: +1 832 337 4355

Cautionary Note

The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement “Shell”, “Shell Group” and “Group” are sometimes used for convenience where references are made to Shell plc and its subsidiaries in general. Likewise, the words “we”, “us” and “our” are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. ‘‘Subsidiaries’’, “Shell subsidiaries” and “Shell companies” as used in this announcement refer to entities over which Shell plc either directly or indirectly has control. The terms “joint venture”, “joint operations”, “joint arrangements”, and “associates” may also be used to refer to a commercial arrangement in which Shell has a direct or indirect ownership interest with one or more parties. The term “Shell interest” is used for convenience to indicate the direct and/or indirect ownership interest held by Shell in an entity or unincorporated joint arrangement, after exclusion of all third-party interest.

Forward-Looking Statements

This announcement contains forward-looking statements (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995) concerning the financial condition, results of operations and businesses of Shell. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Shell to market risks and statements expressing management’s expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “aim”; “ambition”; ‘‘anticipate’’; ‘‘believe’’; “commit”; “commitment”; ‘‘could’’; ‘‘estimate’’; ‘‘expect’’; ‘‘goals’’; ‘‘intend’’; ‘‘may’’; “milestones”; ‘‘objectives’’; ‘‘outlook’’; ‘‘plan’’; ‘‘probably’’; ‘‘project’’; ‘‘risks’’; “schedule”; ‘‘seek’’; ‘‘should’’; ‘‘target’’; ‘‘will’’; “would” and similar terms and phrases. There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell’s products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, such as the COVID-19 (coronavirus) outbreak, regional conflicts, such as the Russia-Ukraine war, and a significant cyber security breach; and (n) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc’s Form 20-F for the year ended December 31, 2023 (available at www.shell.com/investors/news-and-filings/sec-filings.html and www.sec.gov). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, January 30, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement.

Shell’s Net Carbon Intensity

Also, in this announcement we may refer to Shell’s “Net Carbon Intensity” (NCI), which includes Shell’s carbon emissions from the production of our energy products, our suppliers’ carbon emissions in supplying energy for that production and our customers’ carbon emissions associated with their use of the energy products we sell. Shell’s NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell’s “Net Carbon Intensity” or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries.

Shell’s net-zero emissions target

Shell’s operating plan, outlook and budgets are forecasted for a ten-year period and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next ten years. Accordingly, they reflect our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell’s operating plans cannot reflect our 2050 net-zero emissions target, as this target is currently outside our planning period. In the future, as society moves towards net-zero emissions, we expect Shell’s operating plans to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target.

Forward-Looking non-GAAP measures

This announcement may contain certain forward-looking non-GAAP measures such as cash capital expenditure and divestments. We are unable to provide a reconciliation of these forward-looking non-GAAP measures to the most comparable GAAP financial measures because certain information needed to reconcile those non-GAAP measures to the most comparable GAAP financial measures is dependent on future events some of which are outside the control of Shell, such as oil and gas prices, interest rates and exchange rates. Moreover, estimating such GAAP measures with the required precision necessary to provide a meaningful reconciliation is extremely difficult and could not be accomplished without unreasonable effort. Non-GAAP measures in respect of future periods which cannot be reconciled to the most comparable GAAP financial measure are calculated in a manner which is consistent with the accounting policies applied in Shell plc’s consolidated financial statements.

The contents of websites referred to in this announcement do not form part of this announcement.

We may have used certain terms, such as resources, in this announcement that the United States Securities and Exchange Commission (SEC) strictly prohibits us from including in our filings with the SEC. Investors are urged to consider closely the disclosure in our Form 20-F, File No 1-32575, available on the SEC website www.sec.gov.

LEI number of Shell plc: 21380068P1DRHMJ8KU70
Classification: Additional regulated information required to be disclosed under the laws of the United Kingdom

The MIL Network –

January 30, 2025

MIL-OSI Economics: Underwriting Auction for sale of Government Securities for ₹30,000 crore on January 31, 2025

Source: Reserve Bank of India

Government of India has announced the sale (re-issue) of Government Securities, as detailed below, through auctions to be held on January 31, 2025 (Friday).

As per the extant scheme of underwriting commitment notified on November 14, 2007, the amounts of Minimum Underwriting Commitment (MUC) and the minimum bidding commitment under Additional Competitive Underwriting (ACU) auction, applicable to each Primary Dealer (PD), are as under:

(₹ crore)
Security	Notified Amount	MUC amount per PD	Minimum bidding commitment per PD under ACU auction
6.79% GS 2031	10,000	239	239
6.79% GOI SGrB 2034	5,000	120	120
7.34% GS 2064	15,000	358	358

The underwriting auction will be conducted through multiple price-based method on January 31, 2025 (Friday). PDs may submit their bids for ACU auction electronically through Core Banking Solution (E-Kuber) System between 09:00 A.M. and 09:30 A.M. on the day of underwriting auction.

The underwriting commission will be credited to the current account of the respective PDs with RBI on the day of issue of securities.

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2037

MIL OSI Economics –

January 30, 2025

MIL-OSI Economics: Regeneration of Jakarta: Enhancing the Livelihood of People and the Value of State Assets

Source: Asia Development Bank

Kasumigaseki Building 8F, 3-2-5, Kasumigaseki, Chiyoda-ku, Tokyo 100-6008, Japan

About ADBI

The Asian Development Bank Institute was established in 1997 in Tokyo, Japan, to help build capacity, skills, and knowledge related to poverty reduction and other areas that support long-term growth and competitiveness in developing economies in Asia and the Pacific.

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MIL OSI Economics –

January 30, 2025
MIL-OSI Banking: 2024/25 PDC World Darts Championship generates estimated $4.57 million in sponsorship revenue, reveals GlobalData

Source: GlobalData

2024/25 PDC World Darts Championship generates estimated $4.57 million in sponsorship revenue, reveals GlobalData

Posted in Sport

With seven brands sponsoring the 2024/25 Professional Darts Corporation (PDC) World Darts Championship, the competition’s largest sponsorship deal in terms of annual value was with Paddy Power. The title sponsorship agreement is worth an estimated $1.5 million a year for a period of three years. Overall, the championship is estimated to have generated $4.57 million in sponsorship revenue, reveals GlobalData, a leading data and analytics company.

GlobalData’s latest report, “Post Event Analysis – World Darts Championship 2024/25”, reveals that the event is involved in a media agreement with the pay-TV broadcaster Sky, worth in total an estimated $93.47 million to air the championship on its platform across the UK and Ireland up until January 2026.

Tom Subak-Sharpe, Sport Analyst at GlobalData, comments: “The PDC in 2024 was successful in agreeing to four new commercial deals with brands willing to partner with this year’s world championship. With the help of Luke Littler, darts is going from strength to strength, with more brands becoming intrigued into becoming associated with some of the sport’s biggest events, including its most prestigious competition, the World Darts Championship.”

Sky’s viewership for this year’s World Darts Championship final averaged 2.7 million, with a peak audience reaching 3.1 million. Though lower than last year, these are very encouraging figures for the PDC, still higher than any other non-football audience in the last 12 months.

Subak-Sharpe continues: “The fundamental reason for such strong viewership numbers is the pull that teenager Luke Littler has for the UK public. Littler remains one of the sought after sports stars in the UK, with the public eager to witness his journey to dominate the sport.”

Subak-Sharpe concludes: “The biggest event in darts continues to establish a very strong commercial footprint, as new brands have been added to the portfolio of the event. With darts growing in popularity across many countries, viewership of the World Darts Championship should remain positive for many years to come.”

MIL OSI Global Banks –

January 30, 2025
MIL-OSI Banking: VC funding in China shrinks 21.7% to $35.2 billion in 2024, finds GlobalData

Source: GlobalData

VC funding in China shrinks 21.7% to $35.2 billion in 2024, finds GlobalData

Posted in Business Fundamentals

A total of 2,537 venture capital (VC) funding deals were announced in China during 2024 while the total disclosed funding value of these deals stood at $35.2 billion. This represents a year-on-year (YoY) decline of 23.2% in VC deal volume, whereas the total disclosed funding value fell by 21.7% compared to the previous year, according to GlobalData, a leading data and analytics company.

An analysis of GlobalData’s Deals Database revealed that a total of 3,305 VC deals were announced in China during 2023 while the total disclosed funding value of these deals was $45 billion.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “There seems to be a severe dent in investor sentiment during 2024, which reflects in the decline in VC deal volume as well as value. Although it continues to be a key global market for VC funding activity, China’s share has been diminishing and it is more prominent in terms of value.”

China, which accounted for 16.6% of the total number of VC deals announced globally during 2023, accounted for 15.4% share of deal volume in 2024. Meanwhile, China saw its share of the total disclosed funding value fall from 18.9% in 2023 to 12.9% in 2024.

Bose adds: “The impact in terms of value can also be understood from that fact that China experienced a decline in the number of big-ticket deals announcement in 2024 compared to the previous year.”

For instance, the number of VC deals valued more than or equal to $100 million announced in China fell from 87 in 2023 to 63 in 2024.

Bose concludes: “The sharp decline in VC activity in China reflects a combination of waning investor confidence and broader economic uncertainties. The reduction in high-value deals further underscores the need for strategic recalibration, as investors increasingly seek opportunities in emerging sectors with higher growth potential.”

Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

MIL OSI Global Banks –

January 30, 2025
MIL-OSI Banking: UK VC funding surges 16.3% to $16.6 billion in 2024 despite fewer deals, reveals GlobalData

Source: GlobalData

UK VC funding surges 16.3% to $16.6 billion in 2024 despite fewer deals, reveals GlobalData

Posted in Business Fundamentals

The UK’s venture capital (VC) market experienced a decline in the number of deals announced in 2024, with 1,209 deals compared to 1,289 in 2023. Despite this, the total funding value rose by 16.3%, reaching $16.6 billion. This shift reflects a growing trend among VC firms to prioritize high-value investments in fewer, more promising startups, according to GlobalData a leading data and analytics company.

An analysis of GlobalData’s Deals Database revealed that the UK witnessed the announcement of a total of 1,289 VC deals during 2023 while the disclosed funding value of these deals stood at $14.2 billion.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The growth in funding value despite a decline in deal volume showcases a trend wherein VC firms seem to be weighing quality over quantity and have put in big money in few promising startups. In fact, 2024 saw a growth in the number of big-ticket deals (≥ $100 million) from 23 in 2023 to 29.”

Bose adds: “The UK, apart from being the top European market for VC funding activity, is also among the top five markets globally in terms of both deal volume and value.”

The UK accounted for 7.3% of the total number of VC deals announced globally during 2024 while its share in terms of the total funding value stood at 6.1%.

Some of the notable VC funding deals announced in the UK during 2024 included $1.05 billion worth of funding raised by Wayve Technologies, $1 billion raised by Abound, $500 million by Core Power, $431 million raised by Monzo, $370 million by Lighthouse, and $267 million worth of funding raised by Zepz.

Bose concludes: “The increase in big-ticket deals underscores strong confidence in the UK’s innovation ecosystem, reinforcing its position as a global VC hotspot. As funding strategies evolve, the market’s resilience and ability to attract large-scale investments will be key in shaping the future of venture capital in the region.”

Note: Historic data may change in case some deals get added to previous months because of a delay in disclosure of information in the public domain.

MIL OSI Global Banks –

January 30, 2025
MIL-OSI Banking: GlobalData 2025 Cybersecurity Predictions: AI to change and complicate the game

Source: GlobalData

GlobalData 2025 Cybersecurity Predictions: AI to change and complicate the game

Posted in Technology

GlobalData expects in the coming year social engineering, regulatory compliance, and the need to streamline security infrastructure management to lead to shifts in the sector

With every innovation that a legitimate developer creates, threat actors can and will weaponize. Despite advances in security technology, the threat environment will continue to be complex and challenging for enterprises in 2025. AI can be an important defensive tool, but it stands out as a dangerous instrument in hackers’ toolkits, says GlobalData, a leading data and analytics company.

GlobalData’s latest report “2025 Enterprise Predictions: Digital Trust and Resiliency,” reveals that advances in AI will only fuel social engineering campaigns. Bad actors are evolving their social engineering tactics to exploit human vulnerabilities and carry out nefarious activities, including credential theft.

Amy Larsen DeCarlo, Principal Analyst, Enterprise Technology and Services at GlobalData: “We expect AI to be incorporated in more identity and access management offerings to help better define user and device privileges, restrict access, and track behavior. Providers will extend the use of AI in areas like penetration testing, vulnerability management, and endpoint security.

“Threat actors have everything to gain and little to lose, as prosecutions and convictions are relatively few and far between. Cybercriminals have long understood the biggest vulnerability in any enterprise is the human element.”

Advances in AI, automation, and analytics will help ease some of the conflict that exists between enforcing security controls and optimizing end-user experience. GlobalData expects vendors and MSSPs to do more work to remove the friction between the two and improve the process without compromising security.

On the security management front, enterprises have long struggled to collate security information from disparate sources in a cohesive way. While improvements have been incremental, there has been progress in resolving some of the security infrastructure issues that have hindered successful execution.

Larsen DeCarlo continues: “In 2025, the industry will see advances that will support more proactive and effective cybersecurity. APIs will play an even larger role in helping organizations correlate data from disparate sources. While challenges remain, enterprises continue to make real progress in implementing DevSecOps initiatives. These will go a long way toward better internal development efforts.”

GlobalData notes that with a new US administration and other shifts in power around the world, new agendas translate to regulatory changes. Hyperscalers responded to changes in data privacy requirements with more local facilities and personnel to meet data sovereignty laws.

Larsen DeCarlo concludes: “This investment continues into 2025. The expectation is that there will be more demand for localized data processing and storage and not less. Unfortunately, even with the development of better tools to support compliance needs, the business of meeting these rules will remain a steep challenge.”

MIL OSI Global Banks –

January 30, 2025

MIL-OSI Economics: Result of the Daily Variable Rate Repo (VRR) auction held on January 30, 2025

Source: Reserve Bank of India

Tenor	1-day
Notified Amount (in ₹ crore)	1,50,000
Total amount of bids received (in ₹ crore)	1,17,354
Amount allotted (in ₹ crore)	1,17,354
Cut off Rate (%)	6.51
Weighted Average Rate (%)	6.51
Partial Allotment Percentage of bids received at cut off rate (%)	NA

Ajit Prasad
Deputy General Manager
(Communications)

Press Release: 2024-2025/2036

MIL OSI Economics –

January 30, 2025

MIL-OSI Banking: Sales, Production, and Export Results for 2024 (January – December)

Source: Toyota

Headline: Sales, Production, and Export Results for 2024 (January – December)

Toyota City, Japan, January 30, 2025 Toyota Motor Corporation announces its sales, production, and export results for December 2024 as well as the cumulative total from January to December 2024, including those for subsidiaries Daihatsu Motor Co., Ltd. and Hino Motors, Ltd.

MIL OSI Global Banks –

January 30, 2025
MIL-OSI New Zealand: Time to pull plug on banking wokery

Source: ACT Party

“So far, the inquiry into rural banking has not changed my suspicion that a cabal of woke banks is neglecting rural communities in the name of climate action,” says ACT Rural Communities spokesman Mark Cameron.

“Banks are starving rural New Zealand of capital. Farmers have long complained they’re getting a raw deal on loans compared to their urban cousins. BNZ won’t even lend for people to set up or expand rural petrol stations.

“Banks should be supporting Kiwi farmers. If they are concerned about emissions globally, they should be falling over themselves to lend to the most efficient dairy producers in the world, lest production shift offshore where farming activity creates more emissions.

“The problem is that here we have banks acting in concert to virtue signal with anti-rural lending practices. This is in part thanks to their association with overseas umbrella organisations and the way banks are regulated.

“Through the banks’ parent companies they are part of the UN’s Net Zero Banking Alliance, which was set up to change lending practices for the sake of climate goals. The six largest banks in the United States have all left the Net Zero alliance in the last few months. It’s time for banks in New Zealand to do the same. There’s been a political sea-change and there’s no longer an appetite for corporate virtue-signalling.

“Meanwhile, the Financial Markets Authority imposes emissions reduction reporting on banks. In 2021, ACT was the only party to vote against the legislation that introduced these reporting requirements, warning that they could affect loans to farmers. We continue to support the repeal of these requirements.”

MIL OSI New Zealand News –

January 30, 2025

MIL-OSI Economics: Money Market Operations as on January 29, 2025

Source: Reserve Bank of India


(Amount in ₹ crore, Rate in Per cent)

	Volume (One Leg)	Weighted Average Rate	Range
A. Overnight Segment (I+II+III+IV)	5,28,986.59	6.50	3.95-6.90
I. Call Money	13,598.84	6.58	5.10-6.65
II. Triparty Repo	3,58,446.55	6.46	6.14-6.59
III. Market Repo	1,55,029.90	6.59	3.95-6.85
IV. Repo in Corporate Bond	1,911.30	6.85	6.80-6.90
B. Term Segment
I. Notice Money**	87.70	6.46	5.90-6.60
II. Term Money^@@	460.00	–	6.65-7.50
III. Triparty Repo	250.00	6.54	6.40-6.70
IV. Market Repo	1,545.16	5.75	3.95-6.70
V. Repo in Corporate Bond	0.00	–	–

	Auction Date	Tenor (Days)	Maturity Date	Amount	Current Rate / Cut off Rate
C. Liquidity Adjustment Facility (LAF), Marginal Standing Facility (MSF) & Standing Deposit Facility (SDF)
I. Today’s Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo	Wed, 29/01/2025	1	Thu, 30/01/2025	1,66,833.00	6.51
(b) Reverse Repo
3. MSF^#	Wed, 29/01/2025	1	Thu, 30/01/2025	522.00	6.75
4. SDF^Δ#	Wed, 29/01/2025	1	Thu, 30/01/2025	83,366.00	6.25
5. Net liquidity injected from today’s operations [injection (+)/absorption (-)]*				83,989.00
II. Outstanding Operations
1. Fixed Rate
2. Variable Rate^&
(I) Main Operation
(a) Repo	Fri, 24/01/2025	14	Fri, 07/02/2025	1,62,096.00	6.51
(b) Reverse Repo
(II) Fine Tuning Operations
(a) Repo
(b) Reverse Repo
3. MSF^#
4. SDF^Δ#
D. Standing Liquidity Facility (SLF) Availed from RBI^$				9,556.71
E. Net liquidity injected from outstanding operations [injection (+)/absorption (-)]*				1,71,652.71
F. Net liquidity injected (outstanding including today’s operations) [injection (+)/absorption (-)]*				2,55,641.71
G. Cash Reserves Position of Scheduled Commercial Banks
(i) Cash balances with RBI as on		January 29, 2025		9,15,444.30
(ii) Average daily cash reserve requirement for the fortnight ending		February 07, 2025		9,12,544.00
H. Government of India Surplus Cash Balance Reckoned for Auction as on^¥		January 29, 2025		1,66,833.00
I. Net durable liquidity [surplus (+)/deficit (-)] as on		January 10, 2025		-40,102.00
^@ Based on Reserve Bank of India (RBI) / Clearing Corporation of India Limited (CCIL).
– Not Applicable / No Transaction.
** Relates to uncollateralized transactions of 2 to 14 days tenor.
^@@ Relates to uncollateralized transactions of 15 days to one year tenor.
^$ Includes refinance facilities extended by RBI.
^& As per the Press Release No. 2019-2020/1900 dated February 06, 2020.
^Δ As per the Press Release No. 2022-2023/41 dated April 08, 2022.
* Net liquidity is calculated as Repo+MSF+SLF-Reverse Repo-SDF.
^¥ As per the Press Release No. 2014-2015/1971 dated March 19, 2015.
# As per the Press Release No. 2023-2024/1548 dated December 27, 2023.
Ajit Prasad Deputy General Manager (Communications)
Press Release: 2024-2025/2035

MIL OSI Economics –

January 30, 2025

MIL-OSI Australia: Interview with Peter Fegan, 4BC, Brisbane

Source: Australian Treasurer

Peter Fegan:

Well, there was a bit of good news yesterday and don’t we all need it? Inflation is down. In fact, some economists are declaring the worst of inflation is behind us. The figures released yesterday have Australia’s underlying inflation rate at around 3.2 per cent. That’s a three‑year low, which is fantastic. And there’s further good news because, with the inflation down, it’s now more than likely that the RBA will offer a rate cut in February. Economists are suggesting that’s what will happen. And joining me on the line now to discuss it is the federal Treasurer, Jim Chalmers. Treasurer, a very good morning to you.

Jim Chalmers:

Good morning to you, Pete. How are you doing?

Fegan:

I’m very well, my friend. Before we get into the facts and figures of inflation and the economy, can I just briefly get your comments on yet another antisemitic attack in Sydney? This is abhorrent behaviour. Look, fingers crossed and touch wood, Treasurer, we haven’t seen a lot of it here in Queensland, but it is absolutely and utterly unacceptable in our society.

Chalmers:

Completely disgraceful, despicable, unacceptable, as you say, and unfortunately not the first time that we’ve seen this. This is why we work so closely with state governments, with the police, with the authorities, because there’s no place in a country like ours for antisemitism or for violence or for these kinds of incidents which have unfortunately become more frequent.

Fegan:

The underlying inflation rate is at 3.2 per cent. It was a great result. So, are you now confident, Treasurer, that economists are saying the RBA will offer some more mortgage relief? Are you confident, as Treasurer of Australia, that we will see that relief in February?

Chalmers:

I try not to make predictions about interest rates because the Reserve Bank will come to their view independently in the middle of February and they’ll announce their decision then. What I try and do is to focus on my part of this. We’ve got the same objective as the Reserve Bank to get this inflation down. We’ve made really quite substantial progress in the fight against inflation now and those numbers showed that. And my part of the job is to get inflation down, get wages up, and keep unemployment low, and on all 3 of those fronts Australians should be really proud of what we’ve been able to achieve together in meeting those objectives.

I know that when your listeners are listening to this, that many, if not most of them are still under a lot of pressure and that’s why we don’t get carried away when we get these great numbers. We know that these cost‑of‑living pressures haven’t disappeared, but they are easing and that’s the encouraging thing about yesterday’s numbers.

Fegan:

If the RBA doesn’t, will you demand that Michele Bullock provide a ‘please explain’ to Australians? I think we all deserve it because it has been so long now since we’ve had a rate cut. And as you mentioned, the cost‑of‑living crisis is hurting all of us, and mortgage holders are really feeling the crunch.

Chalmers:

I acknowledge that one of the big pressures on household budgets has been these higher interest rates. Interest rates haven’t gone up since November of 2023, but they’re still –

Fegan:

They haven’t gone down either.

Chalmers:

– so, they’re putting pressure on people. One of the things that I’m really pleased about, Pete, is one of the changes I made to the Reserve Bank with the support of Governor Michele Bullock – she actually explains every decision. She comes out publicly and makes herself available to explain a decision whether interest rates go up or stay steady or go down. And so, people can expect whatever the decision that they take independently in February, Governor Bullock will make herself available after that to talk people through it.

Fegan:

Treasurer, we’re not far off from an election. I’ve suggested it may be mid‑April. I’m sure you have some idea, but look, everyone’s keeping their cards close to their chest. I understand that. I’ve got a fair bit of –

Chalmers:

I’m not sure if you can hear me, Pete, but I can’t hear you, my friend. My phone is playing up today.

Fegan:

Have you got me there, Treasurer? You still got me. I can hear you. Treasurer, can you hear me?

Chalmers:

I’ve got you now.

Fegan:

Sorry, Treasurer.

Chalmers:

That’s on my end, I apologise.

Fegan:

No, that’s okay. No dramas. Just talking about the election. It’s upcoming. I think we suggest it might be in April sometime. You’re keeping your cards close to your chest. We understand that as Australians. So, that’s what politics is. I’ve got a little bit of feedback here, questions from our listeners to ask you, Treasurer, but I want to ask you this, and I think this is a very, very fair question. Is Australia in a better position than we were 3 years ago under a Labor government? And just hear me out here for a moment because we’re currently experiencing a cost‑of‑living crisis. National debt is at a record high, energy prices are through the roof, as most people have mentioned on the text line this morning. Household living standards for working Australians are down by about 18 per cent. A typical mortgage holder of that $600- and $700-thousand range is paying around $50,000 more in interest. That’s just to name a few so, Treasurer, is Australia in a better position than we were 3 years ago?

Chalmers:

Well, let’s run through each of those, Pete, because I think in running through each of those, you get a good answer. Think about inflation, that when we came to office it was higher than 6 per cent and rising. Now it’s got a 2 in front of it and it’s falling. Similarly with living standards – they were falling fast when we came to office. We’re seeing a recovery in living standards, acknowledging that people have still got a lot of ground to make up in their household budgets. You mentioned energy prices numbers that we got yesterday. Energy’s gone down a little over 25 per cent in the year.

Fegan:

But have our prices gone down, though, Treasurer? I mean, we were offered, we were promised at the election, promised that our energy prices would go down. And I know there has been some relief. I know the state’s offered some relief, but federally, I have to say that you’ve let us down.

Chalmers:

No, we’re offering relief as well, Pete. I think we need to acknowledge that. There’s energy bill relief at the federal level, not just the work of the –

Fegan:

Is that the $275 that’s gone missing, though?

Chalmers:

Three hundred dollars, $300 electricity bill rebate – and because of that, but not just because of that. If you look at yesterday’s numbers, one of the most heartening things is electricity went down I think 25.1 per cent. A lot of that is the rebates that we’re providing federally, but not all of that would have gone down without it. Happy to front up to your listeners and to you this morning, Pete, and say that I know that the cost‑of‑living pressures aren’t over, but what we’ve been able to do together as Australians is get that inflation down and get wages up and keep unemployment low. And that does give me a bit of confidence about the year ahead because a lot of these indicators which you ran through and then I ran through, were much worse in May of 2022 when we came to office. We’ve worked around the clock to try and turn things around, but we know that it’s not yet mission accomplished because so many of your listeners are still under the pump.

Fegan:

Just on some of those listeners, we’ve got some – this is just a fraction of what we’ve got here this morning, Treasurer, but it’s good to have this feedback because a lot of people do want to talk to you. And this is Mark at Park Ridge. He says ‘Hi, Peter. Can you please ask the Treasurer did they lose their plan to lower our electricity bills?’ John at Thornland says, ‘Morning, Peter. A question for the Treasurer. The drop in electricity prices was one of the stated reasons for the drop in rate of inflation, as this was artificially achieved by government’. Another one from Steve. This is just another one. It says, ‘Can you ask the Treasurer and ask him to be honest, no spin. Can he look Australians in the eye and say that we are financially better off under an ALP government?’ I mean, think they’re all very fair questions, Treasurer?

Chalmers:

Yep, yep. And one of the reasons I like coming on is because I like feedback questions. It’s one of the reasons why I perch myself outside the supermarket on a Saturday in my local community so that people can give me feedback in a characteristically blunt and Aussie way. I like that. Yeah, I welcome that. Welcome those questions. And so, if you run through the ones that I can recall from your list on energy –

Fegan:

It’s energy essentially.

Fegan:

Yes, energy bills. We did provide that $300 rebate. That’s the second time we’ve done that. But that’s not the whole reason that electricity prices have come down in that year to December. They would have gone down a bit even without our efforts, but I don’t see that as artificial, Pete. I think helping people with the bills which are putting pressure on family budgets, there’s nothing artificial about that. That’s what we’re doing proudly as a Labor government – helping people take some of the edge off these cost‑of‑living pressures, doing that at the same time as we get inflation down and get the budget in better nick. And so, for all of these reasons, whether it’s the progress we’re making together on inflation or employment or wages, 2 surpluses in the budget, less Liberal debt in the budget, rolling out this cost‑of‑living relief, we found a good combination of ways to deal with these cost‑of‑living pressures.

And I think we saw yesterday the progress that we’re making together, very welcome, very encouraging, but we don’t get carried away because we know, whether it’s people calling into your show or texting into your show or right around Australia that people are still under pressure. That’s why our cost‑of‑living help is so important. And that’s why it would be, I think, important that we remind your listeners that at the election, it’s a choice, really. We have been providing people with cost‑of‑living help and we want to build the future of this country. Our opponents didn’t want to see this cost‑of‑living help. And because of that, if Peter Dutton had his way, people would be thousands of dollars worse off and they’ll be worse off still if he wins and that’s because his nuclear insanity will push electricity prices up, not down.

Fegan:

Treasurer, thank you for your time this morning, and let’s chat before the election.

Chalmers:

Really enjoyed the chat, Pete.

MIL OSI News –

January 30, 2025
MIL-OSI Australia: Interview with Rafael Epstein, ABC Melbourne

Source: Australian Treasurer

Raf Epstein:

Just keep in mind, interest rates went up and up and up. We expect them to come down in February, and everyone’s also expecting the Prime Minister to call an election for April. Well, not everybody, but a lot of people.

The federal Treasurer is Jim Chalmers. Treasurer, good morning.

Jim Chalmers:

Good morning, Raf, how are you?

Epstein:

I’m okay. What are you doing on April the 12th?

Chalmers:

On April the 12th? I’ll have to check the diary. But –

Epstein:

Is it clear?

Chalmers:

Usually if that’s Saturday, I’ll be perched outside a supermarket in my electorate talking to the people I represent.

Epstein:

That’s the speculated election date. Three weeks until the bank meets, the Reserve Bank. Is that the longest wait of your life?

Chalmers:

I don’t know about that, and I’m very careful not to engage in commentary or make predictions about the conversation around the board table at the Reserve Bank in the middle of February. I am focused on my part of this, my job. And I see my job as really 3 things: getting inflation down, getting wages up, keeping unemployment low. Australians collectively can be proud of the fact that we have been able to do all 3 of those things. Not every other country has been able to make the kind of progress that we’re making on inflation which we saw in yesterday’s numbers without seeing a big spike in unemployment. We’ve been able to manage that. That’s really important. We should all be proud of that. But we should also not get too carried away when we get these good inflation numbers because, as you said rightly in your introduction, people are still under pressure. The cost‑of‑living pressures haven’t disappeared but they have eased. They are easing, and we saw that in the numbers yesterday.

Epstein:

So the pressures are there. We all notice it, no matter how much – how good our income is. Twelve interest rate rises – it’s really tough. It is a very blunt instrument. Has that been worth the pain?

Chalmers:

First of all, Raf, there were 13 –

Epstein:

Oh, sorry.

Chalmers:

– and the reason I point that out to you is because the first one happened before the change of government. Our political opponents always neglect to mention the first one, which was during the Morrison government. But overall your point, I think, is broadly right, that those interest rate rises have put a lot of pressure on people and they have slowed our economy considerably, a point that I’ve made in different ways over the course of the last year or 2. I think it’s self‑evident that those rate rises the put pressure on people and slowed the economy.

It’s part of the Reserve Bank’s efforts to get on top of this inflation challenge, and we’ve got different responsibilities here, me and the Reserve Bank Governor, but we’ve got the same objective. And together we’ve got inflation from where it was at the election, which was higher than 6 per cent and rising fast; now it’s got a 2 in front of it. It’s had a 2 in front of it for a couple of consecutive quarters now –

Epstein:

So are you saying that you do think it’s worthwhile? I mean, I don’t want to ask you about the alternative ways like GST yet, but do you think – like, it’s the only instrument we’ve got. It was worth the pain? Yes or no.

Chalmers:

Well, I don’t really do those kind of yes or no questions, Raf – and the reason for that is, whether it’s after decisions taken by the bank independently or before they take decisions, I don’t see myself as a commentator on that. My job is different. My job is to be a helpful part of getting on top of inflation, and the government has been helpful – 2 surpluses, the way we’ve designed our cost‑of‑living help to be part of the solution, not part of the problem. I’m focused on getting on top of inflation without sacrificing jobs and getting wages growing again, getting the budget in better nick, rolling out the cost‑of‑living help. These are the things that I focus on because they are my job. What we saw in those inflation numbers – and all Australians should take the credit for the progress that we’ve made together – what we saw was a really quite remarkable moderation in inflation. The improvements are now quite sustained. And that is a factual point, and the Reserve Bank will weigh all of that up. They’ll come to a decision independently, and I’m not going to colour that in for them in advance.

Epstein:

Okay.

Chalmers:

And I’m not going to second guess the decisions that they’ve already taken.

Epstein:

The federal Treasurer Jim Chalmers is with you on 774. It’s 18 minutes to 9. The Treasurer is on the National Security Committee of Cabinet. I might get to those issues in Sydney in a moment. But, Treasurer, just another really important but general point: the ABS says inflation is coming down. Maybe we’ll get a rate cut. We probably will. When is it going to feel better at the supermarket?

Chalmers:

I think we’ve seen a lot of those prices, goods prices, in the inflation numbers, they’ve come off pretty substantially. One of the reasons why we’ve been so tough on the supermarkets, why we are cracking down on anything which looks like anti‑competitive behaviour, why we’ve put so much effort into the changes we’ve made to get a fair go for families and farmers is because when the prices come down, we want to see that passed on at the checkout. And in those numbers yesterday we saw that goods inflation had come down a lot.

Again, I come back to the point I made a moment ago, and that is that we recognise that even with this very substantial, very sustained progress on inflation, it doesn’t always translate immediately into how people are feeling or faring. The cost‑of‑living pressures haven’t disappeared, but they have eased considerably, and we want to see that passed on at the checkout.

Epstein:

We lost little bits of that Treasurer, but we did get the gist of the answer, so I’m going to pursue the interview with that phone line. I do want to get to a few issues in Melbourne, including the Suburban Rail Loop, and I know a lot of people texting about a fire around Bentleigh and Moorabbin. If you can see that, if you know what’s going on, we’ll come to that as well.

Treasurer, the really disturbing story, we’ve only learnt in the last few days that there was a caravan found with explosives in New South Wales. It was actually found almost 2 weeks ago. So it had explosives in it and a list of Jewish organisations. That was found on January the 19th, a Sunday. We didn’t know that. We only heard this in the last few days.

I’m just asking sort of a timing question, because the day after the caravan was found you had the opposition demanding a National Security Cabinet Meeting on antisemitism. The Prime Minister resisted that and then sort of relented a day later. Did – was the government told? Was the federal government told about the discovery of that caravan on January the 19th, the Sunday or on the Monday?

Chalmers:

A couple of things about that, Raf. First of all, these revelations and these reports are chilling. they are incredibly disturbing. We know that some of the fears that Jewish Australians have right now are not unfounded when we get these kinds of reports, and we know from the authorities that this was a potential mass casualty event. This is why it’s so important that we work so closely with the police and other authorities, the states and territories and others because obviously there is no place for violence or antisemitism in country like ours.

You asked me about the timing, and the reason I’m going to be reluctant to get into that, Raf, is because there are important operational and other reasons why we don’t speak publicly about some of these briefings that we receive from time to time. I know that people would like to know more about that. I do genuinely understand that. I don’t begrudge you asking me that, but there are very important operational reasons not to go into that, and that’s why I won’t go into it today.

Epstein:

But there’s nothing to divulge in simply – we now know the caravan was found by police. Surely it’s just a matter of transparency to ask when did the federal government get told about the discovery of the caravan. Did – I mean, I’m really asking in some ways a very political question – did you guys know about the caravan when the Opposition’s demanding a big meeting on antisemitism, a National Cabinet Meeting?

Chalmers:

I understand the question. I’m not dark at you for asking it. But the advice that we get in the briefings that we receive is that it is unhelpful to go into the nature or the timing of those briefings. I understand the answer that you’re after, but unfortunately that’s the best answer that I can give.

Epstein:

I’m sure it’s a question the Opposition will pursue. Okay, I’m grateful for your time. Something that’s really significant – and I could actually ask you – I could spend the whole interview on it – is the Suburban Rail Loop Project. The federal – the plan from the state government is that the federal government funds one‑third of that project. I realise a lot of that is in years where you may well not be Treasurer, even if Labor wins the next few elections. Do you prefer the Suburban Rail Loop over Airport Rail, or are you very keen for Airport Rail to proceed ahead of the Suburban Rail Loop?

Chalmers:

I think the best way to describe our position on that is I know in some of the commentary about those 2 projects that it is often presented as if they are very closely linked. And we haven’t really proceeded with our thinking about those projects as if they are 2 sides of the one coin. We’ve thought about them in separate and distinct ways. We’ve made commitments and provisions to both, subject to the responsible work that goes into stacking up these business cases. We’ve made a couple‑of‑billion‑dollar commitment to the Suburban Rail Loop. We’ll work closely with the Victorian government – I know my wonderful colleague, a fine Victorian, in Catherine King, speaks to her counterparts down your way frequently about these projects – to see if we can get at this time built. But we’ve made big provisions. We’re enthusiastic about building more Victorian infrastructure, and we work with the Victorian colleagues to make that a reality.

It’s not talking out of school to say that I caught up with the new Victorian Treasurer yesterday afternoon in Melbourne, had a cup of coffee and talked about some of these sorts of issues, and that’s because we work closely with the governments around the country.

Epstein:

Okay, so can I – let me ask you the blatant question, if I can. It’s very much the feeling amongst some in both your government and the state government that it’s a game of chicken – you won’t really commit to the Suburban Rail Loop until the state government tips in more on airport rail. Is that what’s going on? You’re sort of – you won’t let the dollars flow further on the SRL until the state commits further to airport rail?

Chalmers:

I can genuinely say to you, Raf, that I’ve never been in a conversation of that nature. I haven’t seen it that way. I haven’t considered it that way. Nobody’s put it to me that way. We’re big and enthusiastic investors in Victorian infrastructure. We do as much as we responsibly can to work with the states to fund these projects. We’ve made a big provision for Suburban Rail Loop subject to the usual kinds of processes and pressures. And I haven’t thought of it the way that you’ve just described it.

Epstein:

I appreciate your time this morning. Thanks for joining us.

Chalmers:

Appreciate yours, Raf. All the best.

Epstein:

Jim Chalmers, the federal Treasurer.

MIL OSI News –

January 30, 2025
MIL-OSI USA: Reed Announces Committee Leadership Assignments for 119th Congress

US Senate News:

Source: United States Senator for Rhode Island Jack Reed
WASHINGTON, DC – Today, after the Senate Appropriations Committee fully organized, U.S. Senator Jack Reed (D-RI) announced his full slate of committee and subcommittee assignments for the 119th Congress.
Senator Reed will continue serving on four ‘A’ committees: Armed Services; Appropriations; Banking, Housing, and Urban Affairs; and the Select Committee on Intelligence. These assignments include two of the three ‘Super A’ Committees: Armed Services and Appropriations.
Senator Reed will serve as Ranking Member of the Senate Armed Services Committee (SASC) and as the Ranking Member of the Appropriations Subcommittee on Financial Services and General Government (FSGG), which has jurisdiction over a diverse group of agencies responsible for regulating the financial and telecommunications industries; collecting taxes and providing taxpayer assistance; providing small business assistance; overseeing the White House and judicial branch operations, and the District of Columbia; construction and management of federal buildings; and overseeing the Federal workforce.
With these assignments, Reed is well-positioned to deliver for Rhode Island while overseeing the U.S. Department of Defense and federal spending decisions through the appropriations process.
“These key committee posts help me fix our roads and bridges, strengthen our economy, deliver for Rhode Island, and chart a responsible fiscal path. My new assignment on the Financial Services and General Government Subcommittee provides another tool to support small business growth, expand economic opportunity, boost Rhode Island’s broadband connections, and ensure the health and safety of our financial markets,” said Reed. “As Congress grapples with a range of complex challenges, I will do everything in my power to help lower prices for working families and ensure Rhode Islanders’ needs are met. I will continue to be a relentless advocate for our state and focus on the issues that Rhode Islanders care about. And I will promote and uphold the constitutional role of Congress, including Congress’s power of the purse. ”
ARMED SERVICES COMMITTEE
Senator Reed is the Ranking Member of the powerful Senate Armed Services Committee, which is responsible for overseeing the U.S. Department of Defense (DOD), military services operating across the domains of land, sea, air, cyberspace, and space, and all DOD agencies, including their budgets and policies, and national security aspects of nuclear energy. Each year, SASC is tasked with producing and passing the National Defense Authorization Act (NDAA).
In 2024, under Reed’s leadership as SASC Chairman, Congress passed the fiscal year 2025 National Defense Authorization Act (NDAA), which authorized $883.7 billion for the U.S. Department of Defense (DOD) and the national security programs of the U.S. Department of Energy. The NDAA offers a blueprint to equip, supply, and train U.S. forces; provide for military families; and strengthen oversight of the Defense Department and military programs. The defense industry is a high-tech sector that contributes to Rhode Island’s economic growth, generates good-paying jobs, and has been a resilient segment of the state’s economy. According to the latest Rhode Island data, the defense industry generated over $4.3 billion in annual economic impact for Rhode Island and a total employment share of 6.2 percent of the state’s workforce.
In addition to his leadership on the Armed Services Committee, Reed is also a member of the Appropriations Subcommittee on Defense, which provides him with additional oversight responsibilities in determining how defense dollars are spent.
APPROPRIATIONS COMMITTEE
Senator Reed will continue to serve as Rhode Island’s only member of the powerful Appropriations Committee, which controls the funding of the federal government.
Senator Reed is the third most senior Democrat on the Appropriations Committee. He works tirelessly to direct federal funding to the Ocean State to create jobs, strengthen infrastructure, and support economic and community development initiatives.
Senator Reed will give up his leadership post on the Subcommittee on the Legislative Branch in order to help lead the Financial Services and General Government Subcommittee.
The FSGG subcommittee drafts the spending plan and oversees annual funding for financial-related agencies including the U.S. Department of Treasury; the Securities and Exchange Commission (SEC); and the Internal Revenue Service (IRS). It is responsible for funding the Executive Office of the President and federal election security initiatives. The panel also has jurisdiction over two dozen key agencies and programs that have a direct impact on Rhode Island, including:
– The U.S. Small Business Administration (SBA), which supports local entrepreneurs and small businesses with outreach and loans and also provides loans following federally-declared disasters.
– The Federal Trade Commission (FTC), which helps ensure competition in broad sectors of the economy and helps protect consumers from false advertising and business practices.
– The Federal Communications Commission (FCC), which has jurisdiction over telecommunications and broadband matters.
– The Office of National Drug Control Policy (ONDCP), which provides funding for High Intensity Drug Trafficking Areas nationwide and to Rhode Island.
– The Federal Election Commission (FEC), with has jurisdiction over federal campaign finance laws.
– The General Services Administration (GSA), which manages federal properties in Rhode Island and nationwide.
– The Community Development Financial Institutions (CDFI) Fund which provides hundreds of millions annually to generate economic growth in local communities and provide access to credit and technical assistance to underserved areas.
Additionally, Senator Reed will serve on five other Appropriations Subcommittees: Commerce, Justice, Science, and Related Agencies (CJS); Defense; Labor, Health and Human Services, Education, and Related Agencies (Labor-H); Military Construction, Veterans Affairs, and Related Agencies (MilCon-VA); and Transportation, Housing, and Urban Development (THUD).
BANKING, HOUSING & URBAN AFFAIRS
A champion of affordable housing, consumer protection, and mass-transit, Senator Reed will continue serving as a key member of the Banking, Housing & Urban Affairs Committee, which has broad oversight over our nation’s financial institutions, capital markets, consumer finance, monetary policy, and housing and mass-transit programs.
Senator Reed is the most senior Democratic member of the panel, but Senate rules dictate that members may only serve atop one full committee at a time.
Senator Reed has used his Banking Committee post to author Wall Street reform and consumer protection laws, including his ‘warrants law,’ which forced the return of over $10 billion dollars to taxpayers. He also successfully urged the U.S. Securities and Exchange Commission (SEC) to focus greater attention on climate risk disclosures for public companies. The committee also oversees federal housing policy and authorizes mass-transit investments, and Senator Reed used his role on the committee led to create two affordable housing funds: the Housing Trust Fund and the Capital Magnet Fund.
It was Senator Reed’s leadership on the Banking, Housing, and Urban Affairs Committee, coupled with his work on the Appropriations Committee, that earned him a spot as one of twenty members of the bipartisan working group that was tasked with developing the CARES Act (Public Law No. 116-136). Senator Reed was the driving force behind the successful effort to create the $150 billion Coronavirus Relief Fund (CRF) in the CARES Act and successfully secured a small state minimum of $1.25 billion in the law. Senator Reed continues to play an active role in pushing legislation to direct additional federal funds to states and local governments to help save lives and address the economic impact caused by the pandemic.
As America faces an affordable housing crisis, which worsened during the pandemic, Senator Reed will play a key role in providing relief for renters and homeowners, and helping to revitalize communities by expanding the supply of affordable housing. Reed will also use his seat on this committee to boost mass-transit infrastructure in order to help connect communities and more Americans to jobs and economic opportunity.
Senator Reed will serve on three key Banking subcommittees: Economic Policy; Financial Institutions and Consumer Protection; and Securities, Insurance, and Investment.
INTELLIGENCE COMMITTEE
By virtue of his leadership of the Senate Armed Services Committee, Reed is also an ex officio member of the high-profile Senate Select Committee on Intelligence, which oversees the U.S. Intelligence Community. As an ex officio member of the panel, Senator Reed regularly participates in open and closed-door briefings and hearings with top intelligence officials from the Office of the Director of National Intelligence (ODNI), the Central Intelligence Agency (CIA), the Defense Intelligence Agency (DIA), and the National Security Agency (NSA), but he does not vote in committee.
The Intelligence Committee was established in 1976 to oversee the range of civilian and military agencies and departments that make up the U.S. Intelligence Community, and has wide influence over U.S. national security and foreign policy.
The President of the United States is required by law to ensure that the Intelligence Committee is kept “fully and currently informed” of intelligence activities. As a result, U.S. intelligence agencies must notify the Committee of its activities, including covert actions.

MIL OSI USA News –

January 30, 2025

Category: Banking

Payment services[4]

Chart 1

Card payments

Credit transfers[7]

Direct debits

E-money payments

Cards and accepting devices

Payment systems[11]

Retail payment systems

Chart 2

Large-value payment systems

Chart 3

Notes:

Introduction

Technical details

Background

Delivery method

First-time execution

Main activity

SMS and call monitor

App messages and mail stealer

Account takeover

Attribution

Victimology

Different campaign from UdangaSteal

Conclusion

Indicator of Compromises

Tria Stealer

File hashes

Telegram bots

UdangaSteal

File hashes

The risk of greenwashing

Three key factors for corporate accountability

Linking companies and ecosystems

Translating aspirations into operations

Shaping financial-system responsiveness

Better information, less greenwashing

Stock funds achieved a return of 19.7 per cent in 2024

About ADBI

ADBI News

Payment services^[4]

Credit transfers^[7]

Payment systems^[11]