Category: Banking

  • MIL-OSI China: China unveils new measures to stabilize housing market

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 17 — Chinese officials announced new measures on Thursday to cement signs of stabilization in the property sector, after a bundle of pro-housing policies rolled out last month brought about “positive changes in the market.”

    Minister of Housing and Urban-Rural Development Ni Hong and other officials unveiled the fresh stimulus package and assessed the effects of previously announced policies at a press conference, after China’s leadership pledged last month to reverse the downturn of the property market and stabilize it.

    NEW PRO-HOUSING POLICIES

    The government will step up support for urban village and dilapidated housing renovation projects, Ni said, adding that China will renovate an additional 1 million such housing units with measures such as providing monetary compensation to residents.

    The minister stressed that all eligible real estate projects will be included in the “white list” mechanism and that their reasonable financing needs will be met through loans.

    Under the “white list” mechanism launched in January, local authorities are recommending that financial institutions provide financial support to eligible real estate projects.

    As of Oct. 16, loans approved for “white list” real estate projects had reached 2.23 trillion yuan (about 313 billion U.S. dollars), Xiao Yuanqi, deputy head of the National Financial Regulatory Administration, said at the press conference.

    It is expected that by the end of this year, the approved loan amount for the “white list” projects will surpass 4 trillion yuan, Xiao said.

    Last week, the Ministry of Finance announced a plan to allow local governments to issue special-purpose bonds to acquire commercial properties for use as affordable housing and to purchase idle land. Song Qichao, assistant minister of finance, told reporters that the ministry will work with other departments to formulate detailed regulations so that this policy will be implemented as soon as possible.

    Meanwhile, Ni urged local authorities to increase the provision of affordable housing. Official data showed that the number of affordable apartments nationwide grew to 1.48 million in the first nine months of this year.

    “By the end of the year, we aim to provide affordable housing to 4.5 million new urban residents and young people,” Ni said.

    EFFECTS OF PREVIOUS MEASURES

    A raft of pro-housing policies, which were released at the end of September, are kicking in, as evidenced by narrowing declines in property development investment and in sales of new commercial housing, Ni noted.

    “Particularly, since the end of September, there has been a significant increase in the number of visits to new property projects and in the number of sale contracts. Transactions on pre-owned homes have also gone up. There have been positive changes in the market,” he said.

    “Regulated by a series of policies, China’s real estate market has started bottoming out after three years of adjustment,” Ni stressed.

    To ease the financial burden on homeowners, China’s central bank has requested commercial banks lower interest rates for outstanding mortgage loans. The reduction will save borrowers 150 billion yuan, benefiting 50 million households, said Tao Ling, deputy governor of the People’s Bank of China, at the press conference.

    A key task for China’s policymakers in the housing sector is to ensure the delivery of homes under construction. Since China’s central government launched a campaign to this purpose in May, 2.46 million homes have been delivered to buyers, according to Ni.

    MIL OSI China News

  • MIL-OSI Economics: Apple celebrates 10 years of Apple Pay

    Source: Apple

    Headline: Apple celebrates 10 years of Apple Pay

    October 17, 2024

    UPDATE

    Apple celebrates 10 years of Apple Pay

    Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, reflects on a decade of Apple Pay enriching users’ lives, and shares new ways to pay with Apple Pay, including rewards and installments

    When we started our journey with Apple Pay 10 years ago, we saw a unique opportunity to leverage Apple’s hardware and software to make a meaningful impact on the financial health and lives of our customers. From the outset, we envisioned a world where you could use your iPhone to seamlessly pay for everything — from groceries to train tickets, in person and online, across the globe — all while keeping your personal and financial information safe and private.

    Today, Apple Pay is used by hundreds of millions of consumers in 78 markets, at checkout on millions of websites and apps, in tens of millions of stores worldwide, and is supported by more than 11,000 bank and network partners. We hear from customers every day about how much they love the ease, security, and privacy protections Apple Pay provides in their daily lives, and how much they enjoy using it across their devices — including iPhone, Apple Watch, iPad, and Mac.

    One of my earliest memories of realizing how Apple Pay was positively impacting consumers’ lives was when we rolled out Apple Pay for transit in Tokyo, which is used by millions of travelers every day. I watched in awe as people quickly tapped their iPhone or Apple Watch to pay while passing through the turnstiles — no need to fish out any cash, cards, or coins from their wallets, or even unlock or wake their device. It’s a great example of how Apple Pay’s seamless and secure customer experience delivers convenience and peace of mind to consumers around the world, whether they’re commuting to work, shopping online, or picking up their morning coffee.

    We know how important it is for customers to feel secure and trust that their financial transactions are private when making a payment. That’s why we’re always working to safeguard consumers, while also enabling banks to have industry-low levels of fraud for Apple Pay transactions. And it’s also why Apple Pay was designed to protect users’ highly sensitive personal and financial information, like their card number, which is never shared with merchants. Our customers trust that when they use Apple Pay anywhere, they can have the peace of mind that their payments are protected.

    Looking ahead at what’s next for Apple Pay, we are excited to now bring our users more ways to pay, including the option to redeem rewards and access installment loans from Apple Pay-enabled issuers and lenders right at checkout with Apple Pay online and in-app on iPhone and iPad. This gives consumers greater flexibility in how they pay with the easy and trusted Apple Pay experience they already know and love. It also provides Apple Pay-enabled issuers and lenders with new ways to connect with their customers, and make their rewards and installment offerings even more accessible.

    Beyond payments, we’re also advancing our broader vision of replacing users’ physical wallets with an easy, secure, and private digital wallet — Apple Wallet. Today, users can seamlessly and securely add and access eligible event tickets, transit cards, keys, government IDs, and more all from Apple Wallet. And we’re always looking for new ways to make using Apple Wallet convenient while delivering unparalleled security and peace of mind.

    The last decade was an incredible journey, and we’re thrilled that so many people around the world are enjoying the experience that Apple Pay and Apple Wallet provide. I can’t wait to see what the next 10 years have in store.

    — Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet

    More Ways to Pay with Apple Pay

    With iOS 18, eligible users can now access installment loan options from Affirm in the U.S. and from Monzo Flex in the U.K. when checking out with Apple Pay online and in-app on iPhone and iPad.1 And starting today, eligible users in the U.S. and U.K. will also have the option to access Klarna’s flexible payment options right at checkout online and in-app with Apple Pay on iPhone and iPad.

    In the future, users will also be able to access installment payment options from eligible credit or debit cards when making online purchases with Apple Pay in the U.S. with Citi, Synchrony, and across eligible, participating Apple Pay issuers with Fiserv; in Australia with ANZ; in Singapore with DBS; in Spain with CaixaBank; and in the U.K. with HSBC, NewDay, and Zilch, with more issuers to follow. Users in Canada will also have access to Klarna’s flexible payment options at checkout with Apple Pay online and in-app on iPhone and iPad in the future.

    Additionally, with iOS 18, Apple Pay users in the U.S. can now redeem rewards with eligible Discover credit cards2 when they check out with Apple Pay online and in-app on iPhone and iPad. In the future, users will also be able to redeem rewards for purchases with Apple Pay in the U.S. with Synchrony and across eligible, participating Apple Pay issuers with Fiserv and FIS, and in Singapore with DBS, with more issuers to follow.

    Users can now also access Apple Pay on third-party web browsers and computers.3 At checkout, users will be prompted to use their iPhone or iPad to scan a code, and will then be able to securely complete the payment with Apple Pay on iPhone or iPad. And with Tap to Provision, it’s even easier for users to add a credit or debit card to Apple Wallet by simply tapping their eligible card to the back of their iPhone.4

    Next year, customers in the U.S. will also be able to see their PayPal balance when using their PayPal debit card in Apple Wallet, giving them greater visibility and confidence when shopping.

    1. This feature is offered by a card’s issuer, and is subject to issuer eligibility requirements and other issuer terms. This feature is not available in all markets, and may not be available for all types of purchases, such as subscriptions and recurring transactions. The full amount of the transaction will be charged to the user’s card at the time of their purchase, and a statement credit for the redeemed reward amount will be applied to the user’s account.
    2. Redemptions used with Discover credit cards will be reflected as a statement credit on a customer’s account.
    3. iOS 18 or iPadOS 18 or later required. Available with participating merchants on compatible browsers. Compatible browsers require WebSocket support. This feature is not available in all markets.
    4. Must have an eligible and supported card. Not available in all markets. To use this feature, a card’s NFC technology must be activated, and the user may need to enter their card’s security code during setup. Software requirements apply. To ensure a user has all features of this product, their iPhone must be updated to the latest software version.

    In the U.S., Apple Pay is a service provided by Apple Payments Services LLC, a subsidiary of Apple Inc. In other countries and regions, Apple Pay is a service provided by certain Apple affiliates, as designated by the Apple Pay privacy notice. Neither Apple Inc., nor Apple Payments Services LLC, nor its affiliates are a bank. Any card used in Apple Pay is offered by the card issuer.

    The survey was commissioned by Apple and conducted by Morning Consult between September 10-13, 2024, among a sample of 3,014 adults in the U.S. ages 18-64.

    Press Contacts

    Heather Norton

    Apple

    heather_norton@apple.com

    Kimberly Mai

    Apple

    k_mai@apple.com

    Apple Media Helpline

    media.help@apple.com

    MIL OSI Economics

  • MIL-OSI United Kingdom: Minister for Development speech at Chatham House

    Source: United Kingdom – Executive Government & Departments

    UK Minister for Development outlines a new “modern approach to development” in first major speech at Chatham House today

    It is an immense honour and privilege to be here today for the first time as Minister for Development and for Women and Equalities.

    Chatham House of course has a long history of being at the cutting edge of foreign policy and development thinking. It is the perfect place to share my vision for a modern approach to international development. I am delighted to see so many of you here, including so many of our partners – from Gates, to Gavi, to the Global Fund.

    I am proud to be able to say to you all – Britain is back on the world stage, with a minister at the top table, advocating for projects and assistance to advance that goal just mentioned of a world free from poverty on a liveable planet.

    [political content redacted]

    Today is the ‘International Day for the Eradication of Poverty’. Between the late 1990s and the early2020s, the world did make headway in lifting hundreds of millions of people out of poverty. Lives saved and lives changed.

    Many of these gains can never be undone. But as was mentioned the geopolitical challenges now are stark – and progress against the Sustainable Development Goals is stalling.

    We do live in a multipolar world with intense competition. We need to adapt and respond to to that world. The world is different – first – because over the last four years, the number of people in humanitarian need has doubled. A vicious cycle of an unprecedented profusion of conflicts and the climate crisis, which is now compounding the suffering of some of the most vulnerable people in the world. And many women, girls, and marginalised people are experiencing a devastating roll-back of hard-won rights, services, and democratic freedoms.

    I saw this first-hand during my recent trip to South Sudan. In the horrendous conditions of the camp in Bentiu for internally displaced people, I heard heart-breaking accounts from those who were forced to flee the brutal civil war in Sudan, as well as meeting people suffering from South Sudan’s own humanitarian emergency, caused by the legacy of civil war and the climate crisis.

    The conflict in Sudan has now forced more people from their homes than any other conflict – some ten million people. It has pushed nearly nine million people into emergency or famine levels of food insecurity, and as I raised at the UN last month – there is a real risk that without global action to prevent it, the worst famine in several generations could happen on the world’s watch.

    Around the globe, millions of people, who long to return home are beginning to despair that they ever will – including the Syrian refugees I met in Jordan, still there over a decade after they fled the conflict, and so many communities enduring such suffering – from the DRC, to Yemen, Ukraine, and Myanmar, to Gaza and the wider Middle East.

    In all this, political efforts have been vital to get aid in – including our reinstatement of £21m of UK funding to UNRWA, as the only Agency able to deliver at scale in Gaza, and the further £10-million of wider humanitarian support for Lebanon we announced earlier this month.

    By the end of this decade, unless more action is taken, some two-thirds of those living in extreme poverty will be living in fragile and conflict-affected states. At the same time courageous humanitarian aid workers on the front lines of getting help to them around the globe are under attack.

    We have a moral imperative to help turn things around. People everywhere – including the British people – understand instinctively that this is the right thing to do, Compassion, fairness, and refusing to look the other way when someone is in need are all British values. And action is in all our interests as well.

    The new government’s commitment to tackle irregular migration at source is important for those who would otherwise be forced to leave their homes, and important for people in the UK too. That is why, during the European Political Community meeting, the Prime Minister announced up to £84 million for projects across Africa and the Middle East – to address the factors that end up pushing people into small boats.

    The world is also changing because we see new leadership from the likes of President Lula of Brazil, and Prime Minister Mia Mottley of Barbados, on everything from reforming the global financial system, to tackling hunger and poverty around the world – through the emerging G20 Global Alliance for which I was so proud to announce UK support in Brazil.

    I have seen leadership among the women forest rangers who I met in Sulawesi in September. Visiting them gave me an inspiring reminder of the difference we can make to our planet and to peoples’ lives, when we work together as genuine partners – where action to preserve forests also promotes sustainable livelihoods, and where economic development goes hand in hand with combatting climate disaster.

    Today’s world is very different. But as our Foreign Secretary set out, our progressive, realistic approach draws on the same spirit that Ernest Bevin and Robin Cook animated and energised. For our country to once again lead on development, we will need a new, modern approach, based on genuine partnership, trust, and respect.

    It will mean recognising that for our partners, tackling the climate and nature crises is not separate from promoting economic growth and meeting humanitarian need, but intrinsic to both. And it will mean making good on our word, not leaving our partners high and dry and making the most of British talent and expertise to improve peoples’ lives, now and in the future.

    [political content redacted]

    We have to turn the page, if we are genuinely to work in partnership again. Consider that asylum costs, which have spiralled in recent years, at present account for almost 30% of our development spending while the backlog has soared, with people waiting years to receive a decision – which the Home Secretary is now taking action to rectify.

    Consider too that so much of our country’s current international climate finance commitment was backloaded into these final two years – but we are now committed to make good on the promise that the UK will get help to those who need it.

    [political content redacted]

    While we do not underestimate the significance or the complexity of these challenges in the shorter term. Neither should we underestimate our ability to respond under pressure in the long term. The UK has been ambitious on international development before. I am determined it will be again. Of course, that starts with boosting the effectiveness of our efforts.

    I want to thank everyone from the sector who fed into the White Paper, and the civil servants who worked so hard – and I want to reassure you that I value it, as a diagnosis of the problems we face and how UK development can help meet them.

    But I must be clear that we must now prioritise, and provide the strategy and the plan that has been lacking – and that is what I am now building. A core element of this is increasing our capability and capacity.

    The Development Review, led by Baroness Minouche Shafik, is about building on the breadth and depth of development experience, expertise, and innovation represented here today. In addition, we will work closely with the Independent Commission for Aid Impact – making sure our official development assistance reaches those who need it most, and where and when it is most effective.

    [political content redacted]

    Yet we must go further still if we are to shift our approach, quite determinedly – so it is truly modern. First and foremost – that means genuine partnership. Britain is back. Back in business. Back on the world stage.

    And back pursuing our mission of a world free from poverty, on a liveable planet. And my message is that we will work with others, in good faith, to build genuine partnership, underpinned by our respect for other governments, organisations, communities, and individuals.

    That means building shared plans for the future – not imposing our own, and – to quote the Prime Minister – listening a lot more, speaking a bit less.

    This is exactly the approach the Foreign Secretary is taking – as he recently set out so movingly in his speech at Kew Gardens, to friends from across the Commonwealth, and at the United Nations in New York.

    Currently, we are seeing those nations which were unable to industrialise bearing the brunt of the climate crisis – with a terrible cycle of floods, droughts, and hurricanes. Because climate and development are interlinked and interdependent, we will put tackling the climate and nature crisis at the heart of everything we do. Domestically, this government has an ambitious climate policy.

    The drive for cheaper, cleaner power, being led by Ed Miliband, will not only bring down bills here, help us achieve energy security, and meet our goals to decarbonise – it also gives us credibility and expertise abroad, as we lead the response to the climate and nature crisis both bilaterally and through multilateral organisations.

    Secondly – we will champion reform for a global, multilateral system that includes everyone, works for everyone, and is fit for the future.

    [political content redacted]

    That means not just listening to our partners, as a priority – but making sure we take action together. When it comes to the humanitarian and development system that is so stretched, we look forward to seeing Tom Fletcher making the most of his new role as UN Relief Chief, and to working with our partners to take a less siloed, more joined up approach – across everything from climate, to the needs of women and girls, to humanitarian relief.

    And when it comes to finance, time and again, we have heard from small islands and other vulnerable states, how difficult it is to access what they need to pursue their ambitions and priorities, escape the trap of unsustainable debt, and get on a sustainable footing.

    That is why, in his speech to the UN General Assembly, the Prime Minister set out the case for accelerating reform of the multilateral development banks, including shouldering more risk so they can unlock hundreds of billions of dollars so they can do more to unlock hundreds of billions of dollars and do more to build a more sustainable economy and help the poorest.

    Next week I will go to the World Bank Annual Meetings in Washington so they to press them to shoulder more risk so they can unlock the money that is so desperately needed. We will work with our partners – including fragile and climate vulnerable states to help them access more, better-quality, well-targeted, multiannual finance, including for adaptation, through a global financial system that is reformed and ready for the future, and through wider global forums where they have greater representation in the bodies that help shape our shared future – including the International Monetary Fund and the World Bank.

    We will champion financial innovation – from the insurance and guarantees our partners are seeking, to the Climate Resilient Debt Clauses promoted by the UK, that we are calling on all creditors to offer in their current and future lending.

    Both within government and working with the financial services industry, we will make sure there is more to come – including helping countries tackle the barriers to investment that choke off the flow of private finance.

    On so many fronts, from trade to taxation – globally, momentum is now building for the sort of change we need to see, and we are committed to making the most of every opportunity to urge it ahead.

    That is why at the UN, the Prime Minister called on all donors to make the most of the International Development Association replenishment, as a critical milestone in the fight against poverty.

    It can be bigger, better, and help more people, especially those in fragile states and conflict zones. So, on that basis, under this new government, the UK will be ambitious too – increasing our pledge, and encouraging others to play their part. And as the Prime Minister highlighted at the UN in recent weeks, there are measures that we can crack on with right now, to unlock further resources for sustainability, resilience, and renewal – like a new levy on global shipping that takes account of the true cost of emissions, and puts the proceeds cutting them even further, and helping communities cope with their impacts.

    Third – we will make sure the UK’s expertise and ideas are at the heart of reliable development partnerships. When we work together across development and diplomacy, we maximise our impact – in everything from helping countries harness the opportunities of renewable energy, to reversing the vicious cycle of conflict, to empowering women and girls. This government will be proactive about all that the UK has to offer the world. Our country is brimming with talent and brilliance.

    We are home to research and innovation on everything from nutritious and resilient crops, to new medicines and vaccines, cleaner mining, and emerging technologies. We have world-class universities, finance institutions, and expertise in leveraging private capital into low-income emerging countries – including through BII.

    Both within government and in the City of London, we will make sure there is more to come, Including helping countries tackle the barriers that choke off the flow of private finance.

    We also of course harbour top-tier businesses ready to share their insights and innovation with peers around the world. And we harbour dedicated volunteers in everything from health to education, to search and rescue, to the protection of nature – and so much more.

    We are determined to put this talent and commitment to work, making sure we can connect British expertise and British solutions with international partners, in the spirit of collaboration and partnership.

    And as the Member of Parliament representing a large part of Oxford, a city full of people who have dedicated their entire working lives to serving others in need, this is personal priority for me.

    Fourthly – in doing all of this, the new government will be confident in publicly championing the power of international development – so we all feel the benefits of working together to make headway.

    At a time when the Prime Minister and Chancellor have set us all a challenge to grow our economy and bring opportunity to people across our country, we know our partners around the world share these goals for their countries and their people as well – from clean energy, to protecting and restoring nature – land and sea – and from trade, to tackling illicit finance.

    So that means no more apologising for making progress where we can, and more recognition that putting our best foot forward, in all we do at home and around the world, is in everyone’s best interests.

    Finally – I want to emphasise how much I look forward to working with all of you in the months and years ahead. In the last fourteen weeks, I have seen what development can achieve. From promoting green growth in Indonesia to helping keeping Syrian girls in school in Jordan, to promoting a literal life-line in South Sudan.

    I have seen how the UK can promote modern partnerships – at big global meetings from Rio to New York to Hamburg. And time and again, I have been reminded that as Mandela said, our human compassion binds us to one another, not in pity or paternalism, but in pursuit of our common purpose – of relieving suffering, and reinvigorating hope for our shared future by working towards it together.

    Mandela also said that together, as you all know, we could make poverty history. Well, much has changed since that time, twenty years ago, under a Labour government – for good and for bad.

    But it remains the case that the only way we can tackle shared challenges – from getting help to those in need, to preventing global health crises –i s by working towards it together.

    That is the only way we can make the most of shared opportunities – from reforming the global financial system, to healing the natural world. And that is the only way we can make good on the promises we have made at home as well – from the first duty of government to keep our nation safe, to our mission to grow our economy, so we bring opportunity to all.

    Sadly, there are forces hell-bent on setting the Global North in opposition to the Global South. Yet partnership is part and parcel of how we overcome them, and make sure that those of us who care about our shared future are able to work towards it together – ministers and civil servants, everyone here today, medics, firefighters, teachers volunteering their services, brave journalists, and people up and down our country – including our proud diasporas doing so much for our communities here and their families overseas.

    The British people understand this deeply, and it is extraordinary that even in such challenging times, people find a way to help – I have no doubt that the compassion of the British people will shine through once again now.

    Today, I am delighted to announce that the government will match public donations to a new Disaster Emergency Committee appeal, to help charities do more to get life-saving help to civilians caught up in the conflict in the Middle East, across Gaza, Lebanon and the West Bank, people who find themselves in desperate need of humanitarian relief. This support builds on the humanitarian aid this government has announced for Gaza, Lebanon, and Syria, since July. We will match public donations to the new appeal up to £10 million – and together, we will make a difference.

    Updates to this page

    Published 17 October 2024

    MIL OSI United Kingdom

  • MIL-OSI Russia: We Can Do Better

    Source: IMF – News in Russian

    October 17, 2024

    Thank you, Andrea, for your kind words. And thanks to all of you for coming.

    Five years ago in this hall I delivered my first curtain-raiser as head of the IMF.

    At that time my main concern was a synchronized slowdown in global growth. Only months later it paled in comparison with the sudden shock of the pandemic, followed by other dramatic events—the tragic wars in Ukraine and the Middle East, the cost-of-living crisis, and a further fracturing of the global economy.

    Next week, the world’s finance ministers and central bank governors will converge here to reflect on where we are, where we are headed, and what to do about it. Let me offer you a preview of what this conversation will look like.

    First, we will cherish the good news—and rightly so, because we haven’t had much of it lately. The big global inflation wave is in retreat. A combination of resolute monetary policy action, easing supply chain constraints, and moderating food and energy prices is guiding us back in the direction of price stability.

    And this has been done without tipping the global economy into recession and large-scale job losses—something we saw during the pandemic and after past inflation episodes, and which many feared we would see again. Both the US and euro area labor markets, to take two examples, are cooling in an orderly manner.

    This is a big achievement.

    Where did this resilience come from? Answer: from strong policy and institutional foundations built over time, and from international policy cooperation as countries learned to act fast and act together. We are benefiting from central bank independence in advanced economies and many emerging markets; years of prudential reforms in banking; progress made in building fiscal institutions; and capacity development worldwide.

    But, despite the good news, don’t expect any victory parties next week—for at least three reasons:

    • For one thing, inflation rates may be falling, but the higher price level that we feel in our wallets is here to stay. Families are hurting, people are angry. Advanced economies saw inflation rates at once-in-a-generation highs. So too did many emerging market economies. But look how bad the situation was for the low-income countries. At the country level and at the level of individuals, inflation always hits the poor the hardest.
    • Even worse, we are in a difficult geopolitical environment. We are all very worried about the expanding conflict in the Middle East and its potential to destabilize regional economies and global oil and gas markets. Its humanitarian impact, alongside the prolonged wars in Ukraine and elsewhere, is heartbreaking.
    • And on top of it all, this is happening at a time when our forecasts point to an unforgiving combination of low growth andhigh debt—a difficult future.

    Let’s take a closer look: medium-term growth is forecast to be lackluster—not sharply lower than pre-pandemic, but far from good enough. Not enough to eradicate world poverty. Nor to create the number of jobs we require. Nor to generate the tax revenues that governments need to service heavy debt loads while attending to vast investment needs, including the green transition.

    The picture is made more troubling by high and rising public debt—way higher than before the pandemic, even after the brief but significant fall in debt-to-GDP as inflation lifted nominal GDP. And do please notice the shaded area in the chart—what it shows is that, in a severe but plausible adverse scenario, debt could climb some 20 percentage points of GDP above our baseline.

    What does this mean for “fiscal space”? To answer this, let’s look at the share of government revenue consumed by interest payments. This is where high debt, high interest rates, and low growth come together—because it is growth that generates the revenues governments need to function and invest. As debt increases, fiscal space contracts disproportionately more in low-income countries—not all debt burdens are made the same.

    And fiscal space keeps shrinking. Just look at the frightening evolution of the interest-to-revenue ratio over time. We can immediately see how the tough spending choices have become tougher with higher debt payments. Schools or climate? Digital connectivity or roads and bridges? That is what it comes down to.

    To make matters worse, we live in deeply troubled times. The peace dividend from the end of the Cold War is increasingly at risk. In a world of more wars and more insecurity, defense expenditures may well keep rising while aid budgets fall further behind the growing needs of developing countries.

    Not only is development assistance too small, but major players, driven by national security concerns, are increasingly resorting to industrial policy and protectionism, creating one trade restriction after another. Going forward, trade will not be the same engine of growth as before. It is the fracturing I warned of back in 2019—but worse. It is like pouring cold water on an already-lukewarm world economy.

    My message today: we can do better.

    As Ajay Banga, President of the World Bank and my dear colleague from across the street, likes to say: forecasts are not destiny. There is plenty we can and must do to lift our growth potential, reduce debt, and build a more resilient world economy.

    Let me start with the domestic agenda. Governments must work to reduce debt and rebuild buffers for the next shock—which will surely come, and maybe sooner than we expect. Budgets need to be consolidated—credibly, yet gradually in most countries. This will involve difficult choices on how to raise revenues and make spending more efficient, while also making sure that policy actions are well-explained to earn the trust of the people.

    Here is the problem though: fiscal restraint is never popular. And, as a new paper by IMF staff shows, it’s only getting harder. Across a wide sample of countries, political discourse increasingly favors fiscal expansion. Even the traditionally fiscally conservative political parties are developing a taste for borrow-to-spend. Fiscal reforms are not easy, but they are necessary and they can enhance inclusion and opportunity. Countries have shown that it can be done.

    Ultimately, over the medium term, growth is key—to deliver jobs, tax revenues, fiscal space, and debt sustainability. Everywhere I go, I hear the same: an aspiration for higher growth and better opportunities. The question is: how?

    Answer: focus on reforms—there is no time to waste:

    • First area of reforms: make job markets work for people. We confront a world of deeply uneven demography: surging young populations in some places, aging societies elsewhere. Economic migration can help, but only up to a point given the anxieties in many countries. So too can supportive steps to help get more women into the workforce. Above all, there is a need for reforms to enhance skill sets and match the right people to the right jobs.
    • Second area: mobilize capital. There is an abundance of it globally, but often not in the right places or right types of investments—just think of all the money from all corners of the globe poured into liquid but less-productive assets in a few major financial centers. Putting savings to work for maximum economic benefit requires policymakers to focus on eliminating barriers such as weak investment environments and shallow capital markets. Financial sector oversight must not only ensure stability and resilience, but also encourage prudent risk-taking and value creation.
    • Third area: enhance productivity. This is what yields more output per unit of input, and there are many ways to raise it, from improving governance and institutions to cutting red tape to harnessing the power of AI. More and better spending on education and R&D help. Among advanced economies, those that lead on innovation show what works: venture capital industries, ecosystems that bring not only financing but knowledge, advice, and professional networks—screening new ideas, identifying winners, feeding them from birth to graduation. There are many lessons for others to learn.

    Globally, the pace of reforms has been slowing since the global financial crisis as discontent has risen.

    But progress is possible. A new IMF study shows that resistance to reforms is often driven by beliefs and misperceptions about the reforms themselves as well as the distributional effects. Reforms are best developed through two-way dialogue with the public, with measures to mitigate the impact on those who risk losing out. We have learnt how much this matters.

    As policymakers pursue reforms at home, they must also look outward.

    There is much that countries can do together as members of an integrated economic community, each benefitting from its own comparative advantage.

    The forces of technology, trade, and capital mobility have delivered a hugely valuable degree of interconnectedness.

    Yet still, we live in a mistrustful, fragmented world where national security has risen to the top of the list of concerns for many countries. This has happened before—but never in a time of such high economic co-dependence.

    My argument is that we must not allow this reality to become an excuse to do nothing to prevent a further fracturing of the global economy. Quite the opposite. My appeal during these Annual Meetings will be: let us work together, in an enlightened way, to lift our collective prospects.

    Let us not take the global tensions as given, but rather resolve to work to lower the geopolitical temperature and attend to the tasks that can only be tackled together:

    • Exhibit one: trade, which has lowered prices, improved quality, and created jobs. Thus far, trade has shown remarkable resilience in the face of new barriers, often flowing around them via third countries. But such redirection is not efficient, nor can we assume it will continue indefinitely. Countries would do well to recognize that the rules-based global trading system delivered many benefits and is worth preserving.
    • Two: climate, where we face an existential challenge, with countries that contributed the least to global emissions now first to suffer. Unexpectedly fast global warming should be ringing alarm bells. The glaciers are melting, the icecaps crumbling. Adverse weather events have telegraphed a frightening message from the future. We know what we must do: create fiscal space for the green transition, eliminate fossil-fuel subsidies, and get capital to where it is most needed. But we must do it!
    • Three: artificial intelligence, our single best shot at higher productivity. IMF research finds that AI, if managed well, has the potential to lift world growth by up to 0.8 percentage points—with that alone, we would go to a higher growth path than in the years before the pandemic. Yet AI is urgently in need of regulatory and ethical codes that are fundamentally global. Why? Because AI is borderless—it is already on smartphones everywhere. We better hurry. This technology will not wait!

    In all these areas and many more, the bottom line is that countries need to relearn how to work together. And institutions like the IMF—born from the basic idea that pooling resources together is efficient—play a vital role.

    In my first term as Managing Director—an unprecedented crisis period—we acted decisively to help our membership. We provided one trillion dollars’ worth of liquidity, and we delivered critical economic analysis and advice that helped policymakers synchronize their actions.

    Now, in the first days of my second term we have delivered again.

    Our Executive Board, in full consensus, has just approved important reforms that reinforce our strong financial position and directly benefit our membership. We are reducing charges and surcharges on our regular lending, and putting in place a comprehensive package that secures our concessional lending capacity to support low-income countries.

    And on November 1 our Board will welcome a third Director for Sub-Saharan Africa, ensuring more voice for what has been an underrepresented region.

    Combined with the fifty percent quota increase agreed at our last Annual Meetings, these actions give us the strength to continue to deliver high value-added to a membership that engages not out of charity but self-interest.

    It is the value we bring to our members that has resulted in our membership growing—and on that note, a very warm welcome to the Principality of Liechtenstein as it joins us as our 191st member!

    From our founding at Bretton Woods in the dark days of 1944 to today, the IMF has established a tradition of adapting to the changing world around it. Today, I give you my word: this will continue. We will stand with our members, always looking for the most impactful ways to serve.

    By the time I complete my second term at the helm of the IMF, I will have led it for most of this decade. And if I were granted one wish, it would simply be this: let not this decade be remembered as one where we allowed conflict to get in the way of existential tasks, storing up vast costs and potential calamity for those to follow. Let it be remembered as a time when we rose above our differences for the good of all.

    For our mutual prosperity—and ultimately for our survival—I say we can do better: let there be peace on earth and a revival of cooperation.

    Thank you!

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/17/sp101724-annual-meetings-2024-curtain-raiser

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI United Kingdom: Transition Finance Market Review launch

    Source: United Kingdom – Executive Government & Departments

    Keynote speech by Minister for Industry at the launch event for the Transition Finance Market Review.

    Thank you Councillor for your warm welcome and for your work as part of this review.  

    This is my second time this week in the Guildhall. We had the big Investment Summit here on Monday. It’s always very special to come to the Guildhall. 

    For 2,000 years this site has been a hub of development, business and finance, so it’s apt that we meet here today to discuss more modern means of generating profitable, sustainable growth in the UK.  

     I want to start by congratulating Vanessa and the team and everyone who has taken part in the Transition Finance Market Review and for publishing your comprehensive report and to City of London Corporation for hosting this event.  

    This is a really important review, which will influence how we think about financing the clean energy transition in the UK and around the world.  

    Our twin  goals of clean power by 2030 and accelerating to net zero in 2050 are ambitious… 

    …but, as the men and women who stood in this Guildhall over the centuries knew, with any period of growth comes huge opportunity. 

    Which is why we need to deploy all the tools at our disposal – from innovative new technology at scale, to novel and creative financial packages that mirror that ambition.  

    Clean energy is at the heart of this government’s agenda.  

    We believe that clean energy is the economic and industrial opportunity of the 21st century.  

    Mobilising public and private finance will be critical to achieving our clean energy mission and international climate goals.  

    The government is working quickly to remove the barriers and deploy legislative actions to accelerate the work.  

    Take the de-facto onshore wind ban.  

    Removed within 72 hours of being in office… 

    Now we must support industry on how to break ground on multiple new projects.    

    It’s why we are introducing a Planning and Infrastructure Bill to speed up and streamline the planning process.  

    And we will also be updating the relevant National Policy Statements within the next 12 months to provide certainty to the industry. 

    By stimulating the market and crowding-in investment via Great British Energy, we stand to rapidly grow supply chains across the country, creating the well-paid and meaningful jobs our communities crave. 

    But this all points back to finance. 

    How do we approach the question of scaling up the investment we need?  

    First, our ambition is to make the UK the green finance capital of the world.  

    This will mobilise Britain’s world-leading financial centre to unlock the trillions of pounds of investment needed for the global energy transition.   

    A strong sustainable finance policy framework is critical to driving investment into the sectors that are crucial to meet our carbon budgets.  

    It also provides a huge economic growth opportunity for the financial services sector.  

    Second, there must be a genuine partnership between government and the private sector.

    In the UK we need hundreds of billions of pounds of investment to make this transition happen.  

    Our role is to set a clear and certain direction of travel, with a plan that businesses and investors understand. 

    And third, we remain committed to being a strong advocate for climate finance to ensure developing countries across the world have the finance they need.   

    COP29 needs to deliver an ambitious new climate finance goal that meets the needs and priorities of developing countries.  

    This will be vital to accelerating investment in mitigation and adaptation and will play an important role in securing ambitious NDCs ahead of COP30 next year.  

    But we know that this won’t be as easy as flicking a switch for high emitting sectors.  

    Transition finance for hard-to-abate sectors will play a key role, particularly when it comes to challenges such as industrial decarbonisation.  

    I know there are complex challenges to overcome in scaling up the transition finance market. 

    These include minimising the risks of greenwashing and ensuring investors are equipped with the right information on investment needs for our sectors.  

    But there are huge opportunities too.  

    So, what is changing? 

    The Transition Finance Market Review has developed a comprehensive set of policy recommendations for how government can do more to accelerate the growth and ensure the credibility of our transition finance market.  

    The Review has called for more clarity on decarbonisation pathways for key sectors and ways of mobilising private investment to achieve these. 

    We will strive to deliver this clarity through existing and new policy, including our Industrial Strategy launched on Monday setting out the steps we are taking to deliver long-term growth while harnessing the opportunities of net zero. 

    Clean Energy Industries are one of eight growth-driving sectors identified in the Industrial Strategy green paper this week. This is alongside Advanced Manufacturing, Creative Industries, Defence, Digital and Technologies, Financial Services, Life Sciences, and Professional and Business Services.  

    We are now keen to hear your thoughts on how we identify the most promising sub-sectors within clean energy industries – including the most innovative emerging technologies. 

    More over, our green paper makes clear the UK is committed to sustaining growth – growth that is aligned with our Net Zero and environmental objectives. 

    We also announced a National Wealth Fund capitalised with £27.8 billion to invest in the new industries of the future and mobilise billions more in private investment and generating a return for taxpayers.  

    The National Wealth Fund will build on the leadership of the UK Infrastructure Bank but go further – including in ways recommended by the Transition Finance Market Review.  

    And just one example, the National Wealth Fund will be empowered to make investments that maximise the mobilisation of private investment, including an expanded suite of financial instruments such as performance guarantees and trialling new blended finance solutions, with government departments, taking on additional risk to facilitate higher impact in individual deals. 

    It will inherit UKIB’s existing £22 billion capitalisation and have an additional £5.8 billion, which will be committed over this Parliament. 

    In addition, we are driving forward several green finance priorities mentioned in the Review. 

    We are developing our approach to mandate UK registered financial institutions and large companies to implement credible transition plans. 

    we will ensure we move from ambition into coherent strategies to realise the opportunities of the net zero economy… 

    …and I want to extend my thanks to the Transition Plan Taskforce for their work to pioneer global best practice in this space. 

    We will also continue to advance our plans for a UK Green Taxonomy in line with our commitment in Financing Growth.  

    We want to ensure any framework is science-based, interoperable with international standards, and user-friendly for business and intend to provide more detail on our plans in this area soon.  

    Finally, we are advancing plans to ‘endorse’ international climate-related reporting standards issued by the International Sustainability Standards for use in the UK. 

    Our government will be studying the recommendations in the report very carefully and will be making further announcements on their implementation soon.  

    Clean power by 2030 is ambitious. But when you look around the world, you see that we have no time to waste.  

    Climactic events are worsening. All the industrialised nations around the world have a responsibility to step-up and redress this imbalance, using whatever resources necessary.  

    Domestically, we know that the advance of the green sector is intrinsically linked to the economy, and it is our core mission to deliver meaningful, well-paid jobs fuelled by renewable growth.   

    And it’s the reason we’re going all-out for clean power.  

    All of this hinges on mobilising green finance today, so that decades from now, people will remember this period as our green industrial revolution, delivering prosperity, skills and clean energy for millions of people.

    Updates to this page

    Published 17 October 2024

    MIL OSI United Kingdom

  • MIL-OSI: Quaint Oak Bancorp, Inc. Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    SOUTHAMPTON, Pa., Oct. 16, 2024 (GLOBE NEWSWIRE) — Quaint Oak Bancorp, Inc. (OTCQB: QNTO) (the “Company”), the holding company for Quaint Oak Bank, announced today that its Board of Directors declared a quarterly cash dividend of $0.13 per share on the common stock of the Company on October 16, 2024. The dividend is payable on November 12, 2024, to the shareholders of record at the close of business on October 28, 2024.

    Quaint Oak Bancorp, Inc., a Financial Services Company, is the parent company for the Quaint Oak Family of Companies. Quaint Oak Bank, a Pennsylvania-chartered stock savings bank and wholly-owned subsidiary of the Company, is headquartered in Southampton, Pennsylvania and conducts business through three regional offices located in the Delaware Valley, Lehigh Valley and Philadelphia markets. Quaint Oak Bank’s subsidiary companies include Quaint Oak Abstract, LLC, Quaint Oak Insurance Agency, LLC, Quaint Oak Mortgage, LLC and Oakmont Commercial, LLC, a specialty commercial real estate financing company. All companies are multi-state operations.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” We undertake no obligation to update any forward-looking statements.

    Contact:
    Quaint Oak Bancorp, Inc.
    Robert T. Strong
    President and Chief Executive Officer
    215.364.4059

    The MIL Network

  • MIL-OSI Banking: World Food Day: How the new MADE Alliance will use digital technologies to help farmers in Africa feed the continent

    Source: African Development Bank Group
    The African Development Bank Group and Mastercard are co-chairing a new initiative called Mobilizing Access to the Digital Economy (MADE) Alliance Africa, which aims to provide digital access to critical services for 100 million people and businesses in Africa over the next 10 years.

    MIL OSI Global Banks

  • MIL-OSI Banking: Japan boosts African Development Fund with JPY 51.67 billion concessional loan

    Source: African Development Bank Group

    The African Development Bank Group and the Japan International Cooperation Agency (JICA) have signed a landmark 51.67 billion Japanese yen (US$421 million) concessional donor loan (CDL) agreement towards the African Development Fund.

    The loan, pledged by the Japanese government at the 16th general replenishment of the resources of the African Development Fund in December 2022, will support much-needed development in Africa’s least developed and fragile countries. The country is a top donor to the African Development Fund, having contributed the largest loans to the 14th, 15th and 16th replenishments of the Fund.

    Present at the signing ceremony on Tuesday 15 October, Deputy Vice Minister Daiho Fujii of the Finance Ministry expressed optimism that Japan’s concessional donor loan, together with grant contributions, would support African countries to address various challenges relating to climate change, lack of infrastructure, fragility, regional integration, private sector development, and debt management and transparency.

    “Through fruitful discussions, we reaffirmed that the African Development Fund has been playing a significant role in supporting low-income countries in Africa through its concessional loans and grants. We commit to working together toward a successful ADF-17 replenishment discussion next year,” Fujii said.

    Japan and other donor countries met in Cotonou last week to review the progress made against operational priorities and policy commitments at the midpoint of the ADF-16 period that ran from 2023 to 2025. Fujii congratulated the African Development Bank Group on the successful mid-term review of the 16th cycle of ADF.

    African Development Bank Group President Dr Akinwumi Adesina, who is marking his fifth visit to the Asian nation, commended Japan’s government for its unwavering support.  He expressed the Bank Group’s appreciation for Japan’s broader partnership, particularly through JICA’s Enhanced Private Sector Assistance for Africa initiative – an innovative multi-component framework for resource mobilisation and development.

    Adesina said:  “We wouldn’t have had a successful ADF-16 replenishment without Japan’s continued support for concessional donor lending.  It is important to sign these agreements, but it is the lives we touch that matter.  We deliver what we promise. We keep our word”.

    He highlighted the significant impact of projects completed under the African Development Fund. “This year alone, 500,000 people have been connected to electricity, one million provided with water and sanitation, 2.5 million to improved transport, and 2.7 million to health services.”

    In her speech, JICA Executive Senior Vice President Katsura Miyazaki described the signing ceremony as symbolic.

    She said: “African countries are facing multiple crises. Rising energy and food prices, supply chain disruptions, and worsening debt sustainability are having a serious impact on African countries. The African Development Fund is critical to addressing these challenges.

    Japan’s journey with the African Development Fund

    The African Development Fund (ADF), the concessional lending window of the Bank Group was established in 1972 and became operational in 1974.

    Japan joined the Fund in June 1973 and has contributed to all its replenishments, significantly increasing its contributions over time.

    Over the past 50 years, the ADF has played a pivotal role in providing concessional resources and knowledge services to low-income African countries, consistently demonstrating clear value for money. The ADF delivers transformative ideas and catalytic financing to these countries, including those in fragile situations. As a major source of financing, the ADF’s operations are efficient and deliver a strong development impact, cementing its reputation as a trusted and strategic partner for its stakeholders.

    Japan’s critical role in supporting the ADF was underscored by its extension of the largest concessional donor loan contributions to both ADF-15 and ADF-16, as well as the largest bridge loan provided to ADF-14. The Mid-Term Review (MTR) of ADF-16, successfully concluded in Cotonou in October 2024, highlighted several key achievements.

    Click here for photos.

    MIL OSI Global Banks

  • MIL-OSI Banking: In Tunisia, a pediatric clinic specializing in rare diseases puts smiles back on children’s faces

    Source: African Development Bank Group

    Soft lighting, brightly coloured walls, stencilled animal in the rooms, a warm atmosphere. At the Clinique pédiatrique de Tunis, everything is in place to help the patients forget the illnesses that have brought them here.

    “The best reward for a doctor is to be able to put a smile back on the faces of children and their parents,” says Dr. Nizar Nouaili. director of the clinic, which is located in the Jardins d’El Menzah, in Ariana Ville, to the north of the Tunisian capital.

    The medical facility is a recipient of financing from Tunisia’s Amen Bank, made possible by a €35 million line of credit extended by the African Development Bank to support various sectors of the economy.

    “This line of credit has made it possible to boost investment in all sectors, resulting in the creation of over 1,300 jobs. In this respect, the African Development Bank is a first-rate partner,” says Neji Ghandri, Chairman of the management board of Amen, one of the country’s largest banks.

    Director Nouaili explains how the clinic emerged. “The care of rare diseases was facing a gap, with no specialized structure in pediatrics, and a lack of intensive care beds. That’s why I decided to get involved.”

    Since its opening in 2019, the clinic has seen its occupancy rate rise from 30 percent in 2020 to 90 percent in 2023. A success story for the director and his staff. Over fifty doctors have been recruited, and 250 permanent jobs created. Today, the facility enjoys international recognition, and offers cutting-edge medical skills and state-of-the-art technology, bringing smiles to ailing children and hope to their parents.

    Fatima is a four-year-old girl suffering from a very rare auto-immune digestive disease. She traveled with her parents all the way from Guinea Conakry in West Africa. The Tunis Pediatric Clinic represented the last ray of hope for this family, who had already knocked on many doors without finding adequate treatment.

    Fatima has since come a long way from her initial emergency consultation, and is now in remission. Mohamed Bejaoui, a professor of pediatrics who has followed her every step of the way, says. “What’s interesting is that throughout this care journey, there has been a multidisciplinary approach.” He cites various resources and specialties within the clinic: gastroenterology, homeopathy, nutrition, immunology, radiology, hematology and pediatrics.

    Like Fatima, patients come from all across Africa, including Libya, Mauritania, Chad, Burkina Faso and Côte d’Ivoire, to benefit from these cutting-edge specialties. Dr. Nouaili is drawing on his extensive network of medical specialists to expand his clinic.

    “Our doctors are regional references in their specialties, which naturally helps us to forge international partnerships. For example, we have agreements with Libya for the treatment of cancer pathologies, leukemia and solid tumors,” he says, adding that he has also signed an agreement with the Mauritanian Health Insurance Fund and a number of international insurance companies, who send African patients to the clinic.

    The Clinique pédiatrique de Tunis now aims to build on its successes, strengthening its reputation as a center of excellence for serious medical and surgical pediatric diseases. “We carry out research in genetics, and we have a 70 percent positivity rate in our examinations,” the clinic director emphasizes.

    Over a million foreigners come to Tunisia each year for healthcare, and the Clinique pédiatrique de Tunis aims to position itself among the leaders in this flourishing medical tourism market. Director Nouaili stresses that the goal is to strengthen its African partnerships by exploring innovative practices, like the deployment of telemedicine to prepare patients remotely and monitor them after treatment. He’s proud of how far the clinic has come. “We’re very responsive to emergencies, and we offer highly competitive care,” he enthuses.

    MIL OSI Global Banks

  • MIL-OSI Europe: Christine Lagarde: Lessons from Ljubljana in uncertain times

    Source: European Central Bank

    Speech by Christine Lagarde, President of the ECB, at the official dinner of Banka Slovenije in Ljubljana, Slovenia

    Ljubljana, 16 October 2024

    It is a pleasure to be here this evening.

    Not far from here, tucked away in the National and University Library, lie copies of the Abecedarium and the Catechism. These two texts, written by the religious reformer Primož Trubar in 1550, were the first ever books to be printed in Slovenian.[1]

    At a time when German was the language of the ruling classes, Trubar’s pioneering act was fundamental in helping to establish the national identity of Slovenians.[2]

    Today, his portrait graces the €1 coin in Slovenia, framed by the famous words found in the Catechism, “Stati inu Obstati” – “to stand and withstand”.[3]

    It is telling that both books – one a primer for the Slovenian language, the other guidelines for religious observance – were designed to teach, for there is much that Europe can learn from Slovenia in the uncertain world we now face.

    The global order we knew is fading. Open trade is being replaced with fragmented trade, multilateral rules with state-sponsored competition and stable geopolitics with conflict.

    Europe had invested considerably in the old order, so this transition is challenging for us. As the most open of the major economies, we are more exposed than others.

    So, in this new landscape, we too must learn “to stand and withstand”. And we can do so by drawing on two valuable lessons from Ljubljana.

    Opportunity in times of uncertainty

    The first lesson is that uncertainty can create opportunity.

    While many in Europe are anxious about the future, Slovenians are no strangers to uncertainty.

    Within a single generation, Slovenia made a success of the extraordinarily difficult transition from a planned economy to a market economy. Policymakers defied the odds by implementing tough structural reforms to first join the EU and, later, the euro area.

    Today, Slovenia is a success story. It is a developed, stable and high-income economy, with the highest GDP per capita at purchasing power parity of central and eastern European countries (CEECs).

    The nation’s success owes much to the creativity and vigour of its people and their innate ability to seize economic turning points and transform them into opportunities.

    For example, when Slovenia joined the EU, it was exposed to greater levels of competition from other Member States in the economic bloc.

    But Slovenia quickly capitalised on its skilled workforce to develop a new business model based on deep integration in the Single Market. Today, every single car produced in Europe has at least one component that is made in Slovenia.[4]

    For Europe, the changes in the global economy today represent a similar turning point. But if we approach it with the right spirit, I believe it can be an opportunity for renewal.

    A less favourable global economy can push us to complete our domestic market. Fiercer foreign competition can encourage us to develop new technologies. More volatile geopolitics can drive us to become more energy secure and self-sufficient in our supply chains.

    For Slovenia, the transformation of the automotive supply chain will be a particular challenge. But the economy is already adapting. For example, in July this year Slovenia secured a major investment in domestic electric vehicle production.[5]

    For many Slovenians, striding into an unpredictable future may seem like second nature.

    One of your most famous paintings, “The Sower”, hangs on display here at the National Gallery. Depicting an agricultural labourer at the crack of dawn hard at work sowing seeds in a field, the painting represents Slovenians’ resolute determination in the face of uncertainty.

    The rest of us in Europe will need to draw on this example in the uncertain times ahead. If we do so, we can also turn uncertainty into opportunity.

    The importance of sharing the benefits of change

    The second lesson from Slovenia is that the benefits of change can – and should – be more widely shared.

    The path of renewal for Europe is inescapably linked with new technology, especially digitalisation. But new technologies can sometimes lead to uneven labour market outcomes.

    Slovenia has undergone remarkable technological change over the past 20 years. Today, the country’s level of digital development is 7% above the CEEC average and it can compete with some of the most digitally developed EU countries in certain areas.[6]

    Yet Slovenia’s Gini coefficient – a measure of income inequality – is the second lowest in the OECD.[7] The country also benefits from high levels of gender equality. Female labour force participation is higher than the EU average and nearly equal to that of men.[8]

    Many in Europe are worried about the challenges ahead, such as the effects of artificial intelligence on social inclusion. But we should let Slovenia’s example inspire us.

    With the right approach, we can move forward and become more technologically advanced while ensuring everyone can benefit from the gains.

    And when everyone benefits, Europe benefits too. Over three-quarters of citizens in Slovenia feel attached to Europe, and almost two-thirds identify as both Slovenian and European – levels that are well above their respective EU averages.[9]

    Conclusion

    Let me conclude.

    In today’s uncertain world, Europe must learn “to stand and withstand”. And it can do so by looking to Slovenia as an example of how to overcome challenges that come its way.

    First, we must work hard to sow the seeds of success. And then, as the folk singer Vlado Kreslin sings, “vse se da” – “everything is possible”.

    Thank you.

    MIL OSI Europe News

  • MIL-OSI Europe: United in Ukraine’s Recovery: EC-EIB-UNDP partnership is driving reconstruction and building resilience

    Source: European Investment Bank

    Ivana Živković emphasised: “While the resilience of Ukrainians fills me with hope, the continuous attacks threaten to erase the hard-won gains from our joint recovery efforts. We must remain steadfast in our support for Ukraine and ensure that the lessons learned here are reflected in our response. Trust among our partnerships has enabled us to respond swiftly and effectively to the needs of Ukraine. Our focus is not just on rebuilding infrastructure but on empowering local communities to lead their own recovery. This is how we ensure resilience and sustainability.”

    These recovery projects are supported by international partners but are fully managed by local governments, whose leadership is crucial to their success, as they are tailored to each community’s needs. Two Ukrainian mayors shared details of the recovery projects currently underway in their regions, showcasing Ukraine’s resilient spirit that thrives even in the smallest communities. Both leaders exemplify proactive local governance as they address the challenges of recovering from war damages, accommodating displaced persons, and developing their villages to flourish amid ongoing adversities and the pressures of modern urbanisation trends.

    Mykhailo Demchenko, Head of the Stryzhavka Territorial Community in Vinnytsia Region, said: “In Stryzhavka, we are working on key projects that include the construction of a new administrative building and major repairs to two local schools recently inaugurated. These initiatives, part of the Ukraine Recovery Programme, are essential for restoring not only infrastructure but also community spirit and functionality. With support from the EU Delegation, the EIB and UNDP, we’re building a brighter future for our residents and the internally displaced persons (IDPs) we are hosting.”

    Ruslan Yaremchuk, Head of the Palanka Territorial Community in Cherkasy Region stated: “Our community is focused on rebuilding educational institutions that were severely damaged during the war, including the Palanka Lyceum and Horodetska Secondary School. We are also renovating the Palanka kindergarten, ensuring that our youngest residents have a safe place to learn. These projects, with a total investment of over €4 million, are vital for the long-term resilience of Palanka.”

    Recovery efforts and long-term reforms are vital 

    The event’s panel discussion was moderated by Kristina Mikulova, head of the EIB Regional Hub for Eastern Europe and focused on the evolving needs of Ukraine. Vsevolod Chentsov, Head of the Mission of Ukraine to the European Union, highlighted the country’s urgent priorities, particularly ahead of the upcoming winter: The ongoing Russian missile and drone strikes have devastated 9 GW of Ukraine’s energy generation capacity, leaving us in an urgent and critical situation. The European Union’s financial backing, which has already provided €2 billion in aid, and the contributions from member states, including funds from frozen Russian assets, are crucial to preventing a worst-case scenario this winter.”

    Anna Jarosz Friis, Director of the Ukraine Service at DG NEAR, emphasised the European Commission’s commitment to supporting Ukraine through the Ukraine Facility 2024-2027, which aims to address both immediate recovery needs and long-term reforms. Violaine Silvestro von Kameke, Principal Advisor at the EIB, illustrated the tangible impact of recent projects she inaugurated, showcasing how EIB framework loans have improved lives across more than 120 communities. Additionally, Jaco Cilliers, UNDP Resident Representative in Ukraine, shared valuable insights from UNDP’s extensive crisis response work, drawing parallels between Ukraine’s early recovery efforts and similar initiatives in other fragile environments worldwide.

    Looking ahead: building a resilient future for Ukraine

    As Ukraine navigates the ongoing challenges posed by the war, international support remains crucial. The EU-EIB-UNDP partnership will continue to play a pivotal role in meeting both immediate recovery needs and long-term investment goals, particularly as Ukraine strives for EU accession. The event highlighted the progress made so far, while acknowledging the long road ahead for rebuilding a resilient and sustainable Ukraine.

    MIL OSI Europe News

  • MIL-OSI Asia-Pac: Leaders from 120 Member Countries to attend the Seventh Session of the International Solar Alliance Assembly in New Delhi

    Source: Government of India (2)

    Leaders from 120 Member Countries to attend the Seventh Session of the International Solar Alliance Assembly in New Delhi  

    ISA has evolved into a key platform for global solar cooperation, now encompassing 120 Member & Signatory Countries : Union Minister Pralhad Joshi

    Seventh Session of ISA will held in New Delhi from from 3rd to 6th November 2024

    Posted On: 16 OCT 2024 7:01PM by PIB Delhi

    The curtain raiser for the Seventh Session of the International Solar Alliance (ISA) Assembly was hosted today in New Delhi. Representatives from 60 countries participated in the event. 

    The assembly will be presided over by Shri Pralhad Joshi, Union Minister of New and Renewable Energy. The Seventh Session of the ISA Assembly is set to be a truly global event. Ministers, missions, and delegates from 120 Member and Signatory Countries, along with partner organisations and stakeholders, will come together to focus on initiatives to improve energy access, security, and transition.

    Shri Pralhad Joshi, Union Minister of New and Renewable Energy & President of the ISA Assembly, addressed the august gathering, stating, “ISA has evolved into a key platform for global solar cooperation, now encompassing 120 Member & Signatory Countries. This growing commitment demonstrates solar energy’s significant role in addressing our shared energy access challenges and the adverse effects of climate change. The progress made by ISA’s Member Countries in adopting solar energy is remarkable. Solar energy, available year-round and in abundance in some of our Member Countries, holds the potential to be the game-changer in the theatre of global climate action. Its attributes of being clean, reliable, free and easily accessible to all make it central to achieving universal energy access. Our efforts through the ISA focus on expanding solar infrastructure, creating green jobs, supporting livelihoods, and mitigating climate impacts.”

     

     

    Under the presidency of the Republic of India and co-presidency of the Republic of France, the seventh session of the International Solar Alliance Assembly will be held at Bharat Mandapam, New Delhi, India, from 03 November to 06 November 2024. Ministers, mission heads, and senior government officials from 120 Member and Signatory Countries, prospective countries, partner organisations, the private sector, and key stakeholders will participate.

     

    Shri Ajay Yadav, Joint Secretary, MNRE, Government of India, in his opening remarks, noted, “Global solar deployment presents its challenges: investments, infrastructure, and indigenisation. Countering these challenges demands targeted efforts to support the sector’s expansion. Further highlighting ISA’s role and substantial contributions, he said, “To address these challenges through various programmes, initiatives, and collaborations with governments, private enterprises, and international organisations and by working with its Member Countries, ISA creates opportunities to diversify global supply chains and boost solar energy demand, contributing to manufacturing capacity growth.” Elaborating on the focused efforts, he added, We proudly count 120 among our Member & Signatory Countries, with 102 ratifying the ISA Framework Agreement, showcasing our growing global influence. With the firm support of Member Countries, ISA has successfully launched initiatives to accelerate solar adoption, foster innovation, and enhance capacity-building efforts.”

    Dr Ajay Mathur, Director General of the International Solar Alliance, said, “The International Solar Alliance stands at the forefront of global efforts to achieve the Sustainable Development Goals, particularly SDGs 7 & 13 on affordable and clean energy and climate action respectively. The International Solar Alliance is a force for change. It harmonises and aggregates demand for solar finance, technologies, innovation, research and development, and capacity building. This initiative is more than just a coalition; it is a revolutionary movement reshaping our energy landscape and our planet’s future. Adding further, he said, “As we approach the mark to last five years to realise the goals defined by the 2030 Agenda, this session of the ISA Assembly is an important nudge to accelerate our actions and raise our ambitions. All stakeholders must make this decade count in favour of climate action. Our work at the ISA directly supports the implementation of the Paris Agreement and contributes to the broader UN framework for sustainable development. ISA is working with Member Countries to help shape conducive policies to bring in investments in solar energy, a sustainable pipeline of solar-powered projects, and help build skills to sustain solar projects in the long term.”

    At this assembly, the fulcrum of the discussions will be the means and modes that will be adopted to accelerate solar deployment across Member Countries, especially in regions with limited energy access.  Additionally, updates on the following ISA’s flagship initiatives for entrepreneurs, skill enhancement and capacity building, mobilising finance, and advocacy for solar as energy as a choice will be presented:

    • SolarX Startup Challenge, launched by ISA in collaboration with Invest India in 2022, at COP27 in Egypt, the challenge aims to foster entrepreneurship by supporting scalable and replicable solar energy business models in ISA’s Member Countries.
    • The STAR-C initiative, launched in 2022 by ISA, UNIDO, and the Ministry of Europe and Foreign Affairs, France, aims to build capacity and align skills with national training needs. It enhances quality infrastructure and standards for photovoltaic and solar thermal products to drive economic growth and job creation.
    • Global Solar Facility: launched in 2022, enhances solar investments in underserved regions, particularly Africa, using tools like the Solar Payment Guarantee Fund and Solar Insurance Fund.
    • The First International Solar Festival, launched in September 2024, brought together corporates, academia, youth, community leaders, and other stakeholders to exchange ideas, promoting creativity and international cooperation for a future driven by solar energy.

     

    The Assembly’s seventh session will be followed by a day-long series of sessions styled as a ‘High-Level Conference on New Technologies for Clean Energy Transition’ on 5 November 2024 hosted in collaboration with the Ministry of New & Renewable Energy, the Government of India, the Asian Development Bank, and the International Solar Energy Society. The conference’s third edition will be attended by the ministerial delegations of the ISA Member Countries, policymakers, subject matter experts, and industry leaders. Through its deliberations, the Conference aims to inspire real-world change and make significant strides toward achieving global climate goals by fostering collaboration, sparking innovation, and sharing knowledge by focusing on promoting solar energy to cut carbon emissions, find ways to expand energy access and boost economic growth. The Conference will also witness the release of the third edition of ISA’s World Solar Reports on Technology, Finance, and Markets.

    The Assembly proceedings will conclude on 6 November 2024 with a visit to a farm site on the outskirts of New Delhi showcasing the practical implementation of agrivoltaic systems. The site in Najafgarh is maintained by the India Agrivoltaics Alliance, an initiative of the National Solar Energy Federation of India (NSEFI), along with like-minded organisations dedicated to advancing the concept of agrivoltaics in India, which involves the simultaneous use of land for both agriculture and solar energy generation.

    ABOUT THE ISA ASSEMBLY

    The Assembly is the apex decision-making body of ISA, representing each Member Country. This body makes decisions concerning the implementation of the ISA’s Framework Agreement and coordinated actions to be taken to achieve its objective. The Assembly meets annually at the ministerial level at the ISA’s seat. It assesses the aggregate effect of the programmes and other activities in terms of deployment of solar energy, performance, reliability, cost and scale of finance. 120 countries are signatories to the ISA Framework Agreement, of which 102 countries have submitted the necessary instruments of ratification to become full members of the ISA. The Republic of India holds the office of the President of the ISA Assembly, with the Government of the French Republic as the co-president.

    The Seventh Session of the ISA Assembly will deliberate on initiatives of ISA that impact energy access, security, and transitions with a focus on:

    • Empowering Member Countries to adopt solar energy as the energy source of choice
    • Make energy access universal by supporting solar entrepreneurs to scale up local solutions
    • Mobilise finance to speed up solar deployment

    ABOUT THE INTERNATIONAL SOLAR ALLIANCE

    The International Solar Alliance is an international organisation with 120 Member & Signatory Countries. It works with governments to improve energy access and security worldwide and promote solar power as a sustainable way to transition to a carbon-neutral future.

    ISA’s mission is to unlock US$ 1 trillion of investments in solar by 2030 while reducing the cost of the technology and its financing. It promotes the use of solar energy in the agriculture, health, transport and power generation sectors. ISA Member Countries are driving change by enacting policies and regulations, sharing best practices, agreeing on common standards, and mobilising investments. Through this work, ISA has identified and designed and tested new business models for solar projects; supported governments to make their energy legislation and policies solar-friendly through Ease of Doing Solar analytics and advisory; pooled demand for solar technology from different countries, and drove down costs; improved access to finance by reducing the risks and making the sector more attractive to private investment; increased access to solar training, data and insights for solar engineers and energy policymakers.

    ISA was formed at the 21st Conference of Parties (COP21) to the United Nations Framework Convention on Climate Change (UNFCCC) held in Paris in 2015 and is partnering with multilateral development banks (MDBs), development financial institutions (DFIs), private and public sector organisations, civil society, and other international institutions to deploy cost-effective and transformational energy solutions powered by the sun, especially in the least Developed Countries (LDCs) and the Small Island Developing States (SIDS).

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    Navin Sreejith

     

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    MIL OSI Asia Pacific News

  • MIL-OSI Europe: France: EIB, EIF and Groupe BPCE strengthen partnership to support financing of innovation and energy transition for French small businesses and mid-caps

    Source: European Investment Bank

    EIB

    The EIB Group – comprising the European Investment Bank (EIB) and the European Investment Fund (EIF) – and Groupe BPCE recently signed two financing initiatives totalling over €1 billion to back innovation, research and energy transition projects led by small businesses and mid-caps.

    These initiatives involve two concrete actions: on the one hand the securitisation of an €800 million loan portfolio, which will leverage a total of €1.6 billion in financing for small and medium-sized enterprises (SMEs) and mid-caps. On the other hand, the Banques Populaires and Caisses d’Epargne will also allocate €250 million to SME and mid-cap projects related to renewable energies.

    The EIB Group and Groupe BPCE are long-standing partners in supporting investment by French firms. These operations step up their joint efforts to help SMEs and mid-caps finance innovation, research and making the energy transition towards new, more sustainable, lower-carbon growth models. 

    The first operation is a securitisation transaction conducted by the Groupe BPCE on an €800 million portfolio of loans to SMEs and mid-caps. It aims to support their innovation, research and energy transition-related activities. The EIB and EIF have invested €750 million and €50 million, respectively, in this securitisation operation, leveraging a total of €1.6 billion in new loans.

    Securitisation was selected as part of efforts to develop a European savings and investment union – this is an EIB priority, and one that was also highlighted in the recent report by Mario Draghi on the future of European competitiveness.

    The second operation, worth €250 million, supports SME and mid-caps projects in the field of renewable energy. The projects (of up to €50 million) will mainly concern facilities for solar photovoltaics, onshore wind, biomass and agricultural waste treatment for biogas production.

    This operation is fully in line with the French and EU objectives for renewable energy production, and will help achieve EU energy goals and successfully fight global warming. It also supports the EIB’s priority objectives for renewable energy lending, and will contribute to its climate action.

    This specialised funding envelope implements Groupe BPCE’s positive impact approach, which focuses on universally accessible local solutions and is therefore fully in line with its Vision 2030 strategic plan.

    Banque Populaire and Caisse d’Epargne Head of Retail Banking and Insurance Hélène Madar said: “These financing initiatives will enable the Banques Populaires and Caisses d’Epargne to accelerate the funding of their customers’ investment needs in key areas of the energy transition and innovation. It is also a concrete illustration of our close links with the EIB Group as its biggest private sector banking partner in France.” Groupe BPCE Head of Finance Jérôme Terpereau added: “This major joint operation with the EIB Group showcases Groupe BPCE’s financing and securitisation expertise. It will meet the growing needs of our customers, key for competitiveness and sustainable growth.”

    EIB Vice-President Ambroise Fayolle voiced satisfaction at the fact that “the EIB Group and Groupe BPCE are continuing and expanding their partnership to meet the investment needs of French companies, while promoting the energy transition and innovation, which are ever more closely linked. This collaboration is a clear example of the importance of EU efforts to aid SMEs in their green transition, and actively pursues France’s priorities around promoting innovation and sustainable growth.”

    “This securitisation transaction with Groupe BPCE underscores our commitment to supporting investments by French SMEs in innovation, digitalisation and projects fostering climate action and environmental sustainability. We are very pleased to support this initiative,” said EIF Chief Executive Marjut Falkstedt.

    Background information

    About the EIB

    The European Investment Bank is the long-term lending institution of the European Union, owned by the Member States. It makes long-term finance available for sound investments that pursue EU policy goals.

    About the EIF

    The European Investment Fund is part of the EIB Group. Its main goal is to help SMEs access financing. The EIF designs and deploys venture capital, growth capital, guarantee and microfinance instruments specifically targeted at this market segment. Its activities pursue EU objectives promoting innovation, research and development, enterprise creation, growth, and job creation.

    About Groupe BPCE

    Groupe BPCE is the second-largest banking group in France. With its 100 000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the asset and wealth management services provided by Natixis Investment Managers and the wholesale banking expertise of Natixis Corporate & Investment Banking. The group’s financial strength is recognised by four rating agencies with the following preferred senior long-term ratings: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

    MIL OSI Europe News

  • MIL-OSI Video: Governor Talks – Italy: Reviving Europe – The Role of Monetary Policy in a New Era

    Source: International Monetary Fund – IMF (video statements)

    Bank of Italy Governor Fabio Panetta discusses the role of ECB monetary policy in guiding inflation back to target amid high uncertainty and navigating looming transformations. While euro area inflation has declined, services inflation remains elevated. Economic activity has been subdued and uneven, with manufacturing recovery lagging behind other sectors. The conversation will also explore the capital markets union and a potential digital euro launch.

    With Fabio Panetta, Governor of the Bank of Italy

    https://www.youtube.com/watch?v=tE78AUg4h_I

    MIL OSI Video

  • MIL-OSI Video: Governor Talk – Ukraine: Effective Central Banking Amid Unprecedented Uncertainty

    Source: International Monetary Fund – IMF (video statements)

    National Bank of Ukraine Governor Andriy Pyshnyy will draw on his experience to describe monetary policy implementation, maintaining financial stability, and Ukraine’s strong economic performance following the Russian invasion of Ukraine. He will also share how Ukraine’s lessons can extend to a global landscape increasingly characterized by unprecedented shocks, where policymakers worldwide seek to reconcile needs for innovative thinking and unconventional approaches with the imperatives of maintaining central bank independence and credibility.

    With Andriy Pyshnyy, Governor of the National Bank of Ukraine

    https://www.youtube.com/watch?v=VibjPzhgOYo

    MIL OSI Video

  • MIL-OSI USA: 2024 North Carolina Award Winners, State’s Highest Honor, Announced

    Source: US State of North Carolina

    Headline: 2024 North Carolina Award Winners, State’s Highest Honor, Announced

    2024 North Carolina Award Winners, State’s Highest Honor, Announced
    jejohnson6

    The state’s highest civilian honor, the North Carolina Award, will be presented to eight distinguished North Carolinians Thursday, Nov. 14, at the Raleigh Marriott City Center. Governor Roy Cooper will present the awards at a 7 p.m. banquet and ceremony.

    All proceeds from ticket sales for the awards ceremony will go to the North Carolina Disaster Relief Fund to help communities recover from Hurricane Helene.

    The award was created by the General Assembly in 1961 to recognize significant contributions to the state and nation in the fields of fine arts, literature, public service and science. The awards have been presented annually since 1964 and this year marks the 60th anniversary of the awards ceremony.

    The 2024 honorees are The Avett Brothers (Scott Avett, Seth Avett and Bob Crawford) for Fine Arts, Frank A. Bruni Jr. for Literature, William Henry Curry for Fine Arts, Thomas W. Earnhardt for Science, Christina Koch for Science, and Dr. Harold L. Martin Sr. for Public Service.

    “Over the past six decades, the North Carolina Award has been given to many remarkable North Carolinians,” said Reid Wilson, secretary of the N.C. Department of Natural and Cultural Resources. “This year’s awardees join an illustrious list of people who have benefitted North Carolina through their impressive accomplishments in public service, literature, science, and the arts. This year’s event will benefit our neighbors in Western North Carolina who were harmed by the devastating storm.”

    Since the award’s inception, more than 300 notable men and women have been honored by the state of North Carolina. Past recipients include William Friday, James Taylor, Etta Baker, Charles Kuralt, Maya Angelou, Lee Smith, Eric Church, Selma Burke, and Branford Marsalis.

    2024 Award Recipients:

    Fine Arts: The Avett Brothers

    Brothers Scott and Seth Avett and their longtime friend Bob Crawford lead the folk rock band The Avett Brothers. From Concord, N.C., Scott and Seth Avett have played music together since childhood. Their partnership began when the two brothers merged Seth Avett’s high school band, Margo, and Scott Avett’s college band, Nemo, and released three albums as Nemo. After the group disbanded Scott and Seth continued to write acoustic music together. In 2001 stand-up bassist Bob Crawford joined the Avetts, and the band released its first full-length album, Country Was in 2002. The band has been nominated for three Grammy awards and been nominated for and won several awards from the Americana Music Association, including Duo/Group of the Year and New/Emerging Artist of the Year awards in 2007. As cultural ambassadors for North Carolina, The Avett Brothers play a vital role in promoting the state’s rich musical heritage, inspiring future generations of artists while remaining deeply rooted in their origins.

    Literature: Frank A. Bruni Jr.

    Frank Bruni has been a prominent journalist for more than three decades, principally at The New York Times, where his various roles have included op-ed columnist, White House correspondent, Rome bureau chief and chief restaurant critic. As the Times’s first openly gay op-ed columnist, in 2016 Bruni was honored by the National Lesbian and Gay Journalists Association with the Randy Shilts Award for his lifetime contribution to LGBTQ equality. He is a graduate of the University of North Carolina at Chapel Hill, where he was a Morehead Scholar and wrote for the student paper, the Daily Tar Heel. Bruni is the author of five bestselling books including the most recent, “The Age of Grievance,” an examination of America’s political dysfunction and culture wars. In 2021, he became a full professor at Duke University, teaching media-oriented classes in the Sanford School of Public Policy. Now living in North Carolina, he continues to write his popular weekly newsletter for the New York Times and to produce occasional essays as a contributing opinion writer for the newspaper.

    Fine Arts: William Henry Curry

    William Henry Curry, a significant figure in contemporary American music, has made remarkable contributions as both a conductor and composer. His dedication to championing American composers, his trailblazing role as an African American in classical music, and his wide-ranging work in both concert and opera have established him as a pioneering force. Curry currently serves as the music director and conductor of the Durham Symphony Orchestra. From 1998 to 2016, he was the resident conductor and Summerfest artistic director of the North Carolina Symphony. During his career, he has conducted some of the world’s greatest orchestras, including the Chicago Symphony, the Cleveland Orchestra, the Los Angeles Philharmonic, and the major opera companies of New York, Chicago, and Houston. Maestro Curry is also a composer, and his works have been played by many of America’s finest orchestras. He has been a mentor for young musicians at the Peabody Conservatory, the Baltimore School of Arts, and many music schools in North Carolina.

    Science: Thomas W. Earnhardt

    Tom Earnhardt has dedicated his life to preserving and promoting North Carolina’s rich natural and cultural heritage. Earnhardt extensive career of service includes time as an assistant attorney general at the N.C. Department of Justice, assistant secretary of the N.C. Department of Administration, and as a professor at North Carolina Central University School of Law. In 1971 Earnhardt was one of the first attorneys hired at the N.C. Department of Justice in the “new arena” of environmental law. Later, while working with Governor Jim Holshouser he played a key role in helping to preserve critical natural areas, including the New River in northwestern North Carolina and the southernmost Outer Banks, today’s Cape Lookout National Seashore. Beyond his legal work, Earnhardt has long been passionate about conservation and environmental education. He served on the boards of numerous natural resource organizations, including The Nature Conservancy, the North Carolina Museum of Natural Sciences, and the North Carolina Botanical Garden. He is best known, however, through his work as the writer, host, and co-producer of the long-running PBS series “Exploring North Carolina,” which highlights the importance of our natural heritage in the life of every North Carolinian.

    Science: Christina Koch

    Christina Koch has blazed a trail for women in space exploration. Selected to be a NASA astronaut in 2013, Koch has set the record for the longest single spaceflight by a woman with 328 days in space, participated in the first all-female spacewalk, and was a flight engineer on the International Space Station for Expeditions 59 through 61. Koch is a graduate of the N.C. School of Science and Mathematics and North Carolina State University. Before becoming an astronaut, she worked at NASA’s Goddard Space Flight Center as an electrical engineer, contributing to instruments for various NASA space science missions. Koch is a passionate advocate for STEM education, actively encouraging young people, especially girls, to pursue careers in science and technology. Throughout her career, she has engaged in educational outreach, technical instruction, and volunteer tutoring, demonstrating her dedication to inspiring the next generation of scientists and engineers. As part of the Artemis II mission scheduled for 2025, Koch will become the first woman to participate in a lunar mission.

    Public Service: Dr. Harold L. Martin Sr.

    Dr. Harold Lee Martin, Sr., has dedicated his life to higher education and public service. Serving as the 12th chancellor of North Carolina Agricultural and Technical State University from 2009-2024, Martin became the first alumnus to lead the institution. His extensive experience in education, spanning over 40 years, made him a key figure in N.C. A&T’s growth to become the largest of the nation’s historically Black colleges and universities (HBCUs) and one of the country’s top public research institutions. Before becoming N.C. A&T’s chancellor, Martin served as senior vice president for Academic Affairs for the University of North Carolina System, where he helped shape policies benefiting institutions across North Carolina, and held leadership roles at Winston-Salem State University, where he served as the 11th chief administrator and seventh chancellor.

    The 2024 North Carolina Awards will be presented Thursday, Nov. 14 at the Raleigh Marriott City Center. This event is sponsored by Wells Fargo, Martin Marietta, RTI, Wolfspeed, Lenovo, Duke Energy, ECU Health, CBC/WRAL Community Fund of the Triangle Community Foundation, Friends of the North Carolina Museum of Natural Sciences, North Carolina Agricultural and Technical State University, PBS North Carolina, NCSU College of Engineering, N.C. School of Science and Mathematics, NC Opera, Dr. Myron S. Cohen and Dr. Gail Henderson, Honorable G K Butterfield, Justice W. Earl Britt, and Michael Alan McFee.

    About the North Carolina Department of Natural and Cultural Resources
    The N.C. Department of Natural and Cultural Resources (DNCR) manages, promotes, and enhances the things that people love about North Carolina – its diverse arts and culture, rich history, and spectacular natural areas. Through its programs, the department enhances education, stimulates economic development, improves public health, expands accessibility, and strengthens community resiliency.
    The department manages over 100 locations across the state, including 27 historic sites, seven history museums, two art museums, five science museums, four aquariums, 35 state parks, four recreation areas, dozens of state trails and natural areas, the North Carolina Zoo, the State Library, the State Archives, the N.C. Arts Council, the African American Heritage Commission, the American Indian Heritage Commission, the State Historic Preservation Office, the Office of State Archaeology, the Highway Historical Markers program, the N.C. Land and Water Fund, and the Natural Heritage Program. For more information, please visit www.dncr.nc.gov.
    Oct 16, 2024

    MIL OSI USA News

  • MIL-OSI Asia-Pac: Unsolicited Commercial Communications (UCC)

    Source: Government of India

    Ministry of Communications

    Unsolicited Commercial Communications (UCC)

    Posted On: 16 OCT 2024 5:32PM by PIB Delhi

    Current Framework

    • To stop unwanted sales calls and messages, TRAI has issued many regulations over the years. The latest regulations were issued in July 2018. These are called Telecom Commercial Communications Customer’s Preference Regulations (TCCCPR-2018). These regulations aim to control spam while making sure businesses can still promote their products.
    • These Regulations set rules to be followed by a Business Entity before it sends commercial communications. Business Entity registers themselves with telecom service providers (TSPs) and gets Headers for them. Through the Header, you can recognize who is the Sender. Eg when you received a message with header SBICRD, u can know it is from SBI Credit Card company.
    • In addition, these Regulations also provide a mechanism to the customers to choose which types of communications they want to block or receive. Eg a customer can choose to receive SMS only related to Financial Sector or Realty sector. Messages are delivered to the customers accordingly.
    • As far as voice calls are concerned, a separate number series 140 has been allotted for making marketing calls. If u have opted to block commercial calls thru DND registration, you will not receive any calls from 140 series.

    Impact of Regulations-

    Measures taken under TCCCPR 2018 Regulatory provisions and subsequent Directions issued by TRAI have resulted in substantial reduction of SMS related complaints against Registered Telemarketers (RTMs). However, complaints regarding UCC calls from normal 10-digits mobile/ landline numbers are continuing.

    TRAI’s Recent Efforts to Combat Spam Calls and SMS Abuse

    The Telecom Regulatory Authority of India (TRAI) has taken significant strides to curb the menace of spam calls and prevent the misuse of SMS headers and content templates. These measures are aimed at safeguarding consumer interests and ensuring a clean and secure messaging ecosystem. Some of Key Actions Taken by TRAI to ensure it are:

    • Stringent Measures Against Spam Calls: TRAI issued directives on August 13, 2024, mandating that any entity found to be making promotional voice calls in violation of regulations would face severe consequences. This includes disconnection of all telecom resources, blacklisting for up to two years, during which there will complete ban on acquisition of new telecom resources. After issuance of Direction, over 800 entities/individuals have been blacklisted, and more than 18 lakh Numbershave been disconnected as part of this exercise.
    • Mandatory URL, APK, and OTT Link Whitelisting:It was observed that sometime malicious links are sent though the SMS.Through its Direction dated 20.08.2024, TRAI directed all the Access Providers that effective from 1st October 2024, all Access Service Providers will be prohibited from transmitting messages containing URLs, APKs and OTT links, which are not whitelisted by the Senders.In compliance with TRAI’s August 20, 2024, directive, Access Providers have implemented mandatory whitelisting of URLs, APKs, or OTT links in messages by sending Entities.Till date, more than 10,000 entities have whitelisted more than 2.75 lakh URLs.
    • Migration for Telemarketing Calls to online DLT platform for better monitoring:A separate 140xxx series is allocated to Telemarketers (TMs) for making telemarketing calls. The assignment of 140 series and registration of telemarketers etc., till now, being done outside DLT platform by the Access Providers.TRAI, on 20th August 2024, issued directions to all Access Providers to migrate telemarketing calls starting with 140 series to online DLT platform latest by 30th September 2024 for better monitoring and control.Telemarketing calls starting with the 140 series have been migrated to the DLT platform for improved monitoring and control.
    • Blocking Unused Headers and Content Templates: It has been observed that there are many unused Headers and Content Templates which are prone to be misused by fraudulent elements. Complying with the Direction of TRAI for re-verification and blocking of Unused/ Unverified Headers/ Content Templates. Access Providers have blocked around 3.5 Lakh Headers and 12 Lakh Content Templates since Feb 2023.
    • Expansion of Joint Committee of Regulators (JCoR):JCoRis a collaborative initiative by TRAI to study regulatory implications in the digital world and to collaboratively work on regulations. It consists of Members from TRAI, RBI, SEBI, Ministry of Consumer Affairs (MoCA), MHA and DoT. Recently, IRDAI, PFRDA and MeitY have also became members of JCoR.

    Action in Pipeline

    • Enhanced Message Traceability: As per TRAI Direction dated 20.08.2024, Access Providers are in the process of implementing technical solutions to ensure better message traceability. This involves mandating the Senders to define the complete chain of TMs through which messages travel before reaching the consumers. This would ensure that Heads and Content templates of the Senders are not misused by fraudulent elements.
    • A separate series for Transactional and Service Calls– On the recommendations of TRAI, 160 series has been allocated by DoT exclusivelyfor making transactional and service voice calls. In the first stage, it has beenearmarked for all entities regulated by RBI, SEBI, IRDAI, and PFRDA. It will help in the easy identification of the calling entity and will prevent the duping of innocent citizen from the fraudsters. Based on discussion with RBI, SEBI, Banks, and TSPs. and a pilot study, different approaches are being examined for its implementation.
    • On 28th August 2024, TRAI has issued a consultation paper seeking public comments on “Review of the Telecom Commercial Communications Customer Preference Regulations, 2018 (TCCCPR-2018)”. TRAI is seeking inputs on areas to strengthen the regulations, including stricter provisions against the Unregistered Telemarketers (UTMs) who harass the public through spam calls, improved complaint redressal mechanisms, more effective UCC detection systems, stronger financial disincentives for violation of regulatory provisions, and revised regulations for senders and telemarketers. The paper also explores the possibility of differential tariffs for voice calls and SMS todiscourage UCC. The Consultation Paper is available on TRAI website http://www.trai.gov.in.

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    SB/DP/ARJ

    (Release ID: 2065448)

    MIL OSI Asia Pacific News

  • MIL-OSI Russia: IMF Staff Completes Third Review Mission of the Extended Credit Facility (ECF) to Central African Republic

    Source: IMF – News in Russian

    October 16, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Challenging business environment, regulatory uncertainty, insecurity, and exorbitant fuel prices at the pump continue to weigh on economic activity in the Central African Republic
    • A significant improvement in domestic revenues requires an improved contribution of fuel revenues to the tune of 20-25 percent of total revenue.
    • Increased support from the international community is essential to obtain financing assurances for 2025 and beyond.

    Washington, DC: A team from the International Monetary Fund (IMF), led by Mr. Albert Touna Mama, held discussions with the Central African Republic (CAR)’s authorities in Bangui from September 23 – October 2, 2024, in connection with the third review of CAR’s  program supported by the Extended Credit Facility (ECF). Discussions will continue in the coming weeks, virtually and then in Washington on the sidelines of the Annual Meetings of the International Monetary Fund and the World Bank Group.

    At the end of the discussions, Mr. Touna Mama made the following statement:

    “Despite progress in peacekeeping, CAR’s economic outlook remains subject to numerous challenges. Economic growth in 2024 has been revised slightly downward to 1.0 percent due to disruptions in the supply of electricity as well as significant delays in fuel imports via the Ubangi River. The still unfavorable business environment, regulatory uncertainty, persistent insecurity in certain mining areas as well as onerous fuel prices at the pump—among the highest in the world—continue to weigh on economic activity in CAR.

    “In a context of restoring state authority, coupled with significant humanitarian needs, the authorities continue to face strong budgetary pressures. Despite an increase in domestic revenue, which reached near CFAF 80 billion at the end of June 2024, a worsening of the domestic primary deficit was nevertheless noted over the same period. The authorities have committed to implementing a series of emergency measures—including the suspension of exceptional customs exemptions—as part of an upcoming revised budget to meet their deficit targets for 2024.

    “However, a significant improvement in domestic revenues in the short term will only be possible with a higher contribution of fuel taxation, whose current performance (about 9 percent of total domestic revenues in 2024) is well below its historical levels (between 20-25 percent). We thus urge the government to ensure the effective implementation of its reform commitments in the fuel sector, to reduce import costs, boost fiscal revenues, and relieve costs for Central African populations and businesses.

    “In the medium term, efforts to modernize tax and customs administrations remain the best guarantee of lasting improvement in the mobilization of domestic resources. Thus, the ongoing deployment of the new electronic tax declaration system at the General Directorate of Taxes and Domains, E-tax, combined with the introduction of a new unique identification number (NIU), constitute major advance. Progress is also expected in the systematic use of the integrated financial information system at the General Directorate of the Treasury as well as in sectoral ministries, including for expenditure by extraordinary procedures.

    “Furthermore, increased financial support by the international community is now more crucial than ever. Despite the resumption of budget support by certain donors, the overall envelope remains well below the historical levels, and thus of the needs to stabilize public finances and reduce dependence on more expensive sources of financing. Yet, significant uncertainties continue to weigh on sources of budgetary financing in 2025 and beyond.

    “We call on all donors to support the stabilization and public finance reform efforts underway in CAR through grants and highly concessional financing. In that vein, we encourage the authorities to maximize efforts to obtain the financing assurances needed for the continuation of the program supported by the Extended Credit Facility.

    “The mission wishes to thank the CAR authorities for their warm welcome and for the open and candid atmosphere in which the discussions were held.

    “The IMF delegation met with Prime Minister Moloua, President of the National Assembly Sarandji, Minister of Finance Ndoba, Minister of Economy Filakota, Minister of Energy Piri, Minister of Health Somse, Interministerial Committee in charge of the reforms in the fuel sector chaired by Minister of Justice Djoubaye, BEAC National Director Chaïbou and other senior officials, as well as representatives of development partners and the private sector.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pavis Devahasadin

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/16/pr-24375-central-african-republic-imf-staff-completes-3rd-review-mission-of-ecf

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI Asia-Pac: Department of Financial Services along with its organisations organises massive cleanliness activities under Special campaign 4.0

    Source: Government of India (2)

    Department of Financial Services along with its organisations organises massive cleanliness activities under Special campaign 4.0

    More than 10000 sites cleaned across the country and approx. 3.50 lakh sq. ft have been freed up

    Platform of Special Campaign 4.0 being used to spread the awareness among general public on Cyber Fraud, Nomination in accounts, Updation of KYC

    Posted On: 16 OCT 2024 6:49PM by PIB Delhi

    The Department of Financial Services along with its organisations (PSBs, PSFIs, PSICs, RRBs etc.), have carried out massive cleaning activities covering its own premises and public places including bus stands, beaches, temples and schools during the second week of the Special Campaign 4.0.

    More than 10000 sites have been cleaned across the country and approx. 3.50 lakh sq. ft have been freed. These freed spaces will be utilized for various purposes like lounge area for customers, parking, storage, creche for employees etc.

    Furthermore, all the Public Sector Banks and RRBs are undertaking other activities in campaign mode viz. dormant accounts activation, renewal of locker agreements, pension grievances redressal and nomination updation in accounts. More than 35 lakhs dormant accounts have been activated and more than 10 lakhs nomination has been updated.  More than 20,000 pensioners have been contacted during the first fortnight of the campaign to address their grievances and educate them with various initiatives taken by PSBs like online submission of life certificate, door step banking facilities etc.

    The organisations of DFS are utilizing the platform of Special Campaign 4.0 to spread the awareness among general public on Cyber Fraud, Nomination in accounts, Updation of KYC etc.

     

     

     

    *****

     

    NB/KMN

    (Release ID: 2065525) Visitor Counter : 64

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: Repayment of ‘6.18% GS 2024’

    Source: Government of India (2)

    Posted On: 16 OCT 2024 6:53PM by PIB Delhi

    The outstanding balance of ‘6.18% GS 2024 is repayable at par on November 04, 2024. No interest will accrue thereon from the said date. In the event of a holiday being declared on repayment day by any State Government under the Negotiable Instruments Act, 1881, the Loan/s will be repaid by the paying offices in that State on the previous working day.

    As per sub-regulations 24(2) and 24(3) of Government Securities Regulations, 2007 payment of maturity proceeds to the registered holder of Government Security held in the form of Subsidiary General Ledger or Constituent Subsidiary General Ledger account or Stock Certificate, shall be made by a pay order incorporating the relevant particulars of his bank account or by credit to the account of the holder in any bank having facility of receipt of funds through electronic means. For the purpose of making payment in respect of the securities, the original subscriber or the subsequent holders of such Government Securities, shall submit the relevant particulars of their bank account well in advance.

     However, in the absence of relevant particulars of bank account / mandate for receipt of funds through electronic means, to facilitate repayment of the loan on the due date, holders may tender the securities, duly discharged, at the Public Debt Offices, Treasuries/Sub-Treasuries and branches of State Bank of India (at which they are enfaced / registered for payment of interest) 20 days in advance of the due date for repayment.

    The details of the procedure for receiving the discharge value may be obtained from any of the aforesaid paying offices.

    *****

    NB/KMN

    (Release ID: 2065526) Visitor Counter : 74

    Read this release in: Hindi

    MIL OSI Asia Pacific News

  • MIL-OSI Video: Governor Talk – Costa Rica: Leveraging Macroeconomic Stability and Digital Payment Systems

    Source: International Monetary Fund – IMF (video statements)

    Costa Rica has embarked over the years on a multi-dimensional reform program agenda, more recently supported by the successful completion of the EFF/RSF arrangements, that is helping reshape Costa Rica’s economy and advance its climate-related reforms. The Central Bank of Costa Rica has in parallel developed a centralized national digital payment system (SINPE) since early 2000s, which is currently used by more than 90 percent of Costa Rica’s population aged 18 and older. This event will first discuss Costa Rica’s achievements under the EFF/RSF programs and its reform agenda going forward. It will then showcase how SINPE has allowed the country to: (i) reduce transaction costs through a secure digital payment system; (ii) improve tax compliance by facilitating invoice payments; (iii) minimize the footprint of cash usage in an economy that is swiftly moving away from cash; and (iv) foster financial inclusion.

    With Roger Madrigal Lopez, President of the Central Bank of Costa Rica

    https://www.youtube.com/watch?v=CSaB1m0tzNk

    MIL OSI Video

  • MIL-OSI: Farmers & Merchants Bancorp (FMCB) Reports Record Third Quarter 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    Third Quarter 2024 Highlights

    • Record net income of $22.1 million, or $29.96 per share; up 2.50% on a per share basis from third quarter 2023;
    • Achieved a return on average assets of 1.65% and a return on average equity of 15.03%;
    • Solid liquidity position with $1.5 billion in cash and investment securities and a borrowing capacity of $2.1 billion with no outstanding borrowings as of September 30, 2024;
    • Continued growth in capital with a total risk-based capital ratio of 14.95%, common equity tier 1 ratio of 13.47%, tier 1 capital ratio of 13.70% and a tangible common equity ratio of 10.91%;
    • Credit quality remains strong with a total allowance for credit losses of 2.11%.

    LODI, Calif., Oct. 16, 2024 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported record third quarter net income of $22.1 million, or $29.96 per diluted common share for the third quarter of 2024 compared with $22.0 million, or $29.23 per diluted common share for the third quarter of 2023 an increase of 2.50% on a per share basis. Annualized return on average assets was 1.65% and return on average equity was 15.03% for the third quarter of 2024 compared with 1.65% and 16.80% for the same period the prior year. The decrease in return on average equity was primarily the result of a $72.1 million or 13.58% increase in total shareholder’s equity even after paying record common stock cash dividends of $13.1 million to shareholders and repurchasing and retiring $14.0 million of the Company’s common stock during the last twelve months.

    Net income over the trailing twelve months was $88.0 million compared with $86.9 million for the same trailing period a year earlier. Earnings per share over the trailing twelve months totaled $118.46, up 3.79% compared with $114.13 for the same trailing period a year ago and up from $90.70 for the same period two years ago.

    CEO Commentary

    Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are pleased with the Company’s strong ongoing financial performance including the results in the first nine months of 2024 highlighted by net income of $66.6 million, return on average assets of 1.65%, and a return on average equity of 15.55%. Our earnings per share over the trailing twelve months ended September 30, 2024 totaled $118.46, up 3.79% compared with $114.13 per share for the same trailing period a year ago. We achieved these strong results while continuing to maintain a solid liquidity position and balance sheet at quarter end with $1.5 billion of cash and investments, access to $2.1 billion in borrowing capacity and total shareholders’ equity of $602.7 million up $72.1 million or 13.58% from September 30, 2023. Capital levels continued to strengthen and are significantly above the regulatory thresholds for “well-capitalized” banks. Our longstanding established client relationships have contributed to our resilient and stable deposit balances of $4.7 billion as of September 30, 2024 and 2023. The loan portfolio continues to grow both during the third quarter and year over year as we continue to serve the needs of our customers and local communities. Consistent with the last several years, credit quality remains a strength of the Bank with a total allowance for credit losses of 2.11% and only $677,000 in non-accrual loans as of quarter-end. Our Company remains in excellent financial condition and is well positioned to meet any challenges ahead as we have for the past 108 years. We are also pleased to be recognized by others for our performance as Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. This follows our #1 ranking in the prior year of the top performing banks for 2022. The recognition over the last two years can be traced to our strong client relationships and the focus of our employees on serving our clients.”

    Earnings

    Net interest income for the quarter ended September 30, 2024 was $52.0 million, an increase from $50.8 million in the second quarter of 2024. For the third quarter of 2024 the net interest margin increased to 4.07% compared to 3.91% in the second quarter of 2024 driven by a decrease in the average cost of total deposits from 1.51% in the second quarter of 2024 to 1.39% in the third quarter of 2024. Net interest income for the nine-months ended September 30, 2024 was $154.5 million, a decrease of $7.1 million, or 4.39%, when compared with the $161.6 million for the same period in 2023 as the increase in deposit costs outpaced the increase in loan yields. Loan yields increased to 6.11% for the first nine-months of 2024 compared to 5.77% for the same period in 2023 while the average cost of total deposits increased to 1.39% for the first nine-months of 2024 compared to 0.70% in the first nine-months of 2023. The net interest margin of 4.04% and average cost of total deposits of 1.39% for the nine-months ended September 30, 2024 continue to outperform industry averages.

    For the nine-months ended September 30, 2024, net income was $66.6 million, a slight decrease from the nine-months ended September 30, 2023 of $66.9 million. The nine-months ended September 30, 2023 benefited from cash proceeds from non-taxable death benefits on bank-owned life insurance (BOLI) of $4.3 million. Annualized return on average assets was 1.65% and return on average equity was 15.55% for the nine-months ended September 30, 2024 compared with 1.70% and 17.43% for the same period a year earlier.

    Balance Sheet

    Total assets were $5.4 billion as of September 30, 2024 consistent with September 30, 2023. Total loans and leases outstanding were $3.7 billion, an increase of $146.9 million or 4.13% from September 30, 2023. As of September 30, 2024 our total investment securities portfolio was $1.2 billion, an increase of $249.6 million from September 30, 2023. Over the last year, the portfolio mix has shifted as available-for-sale securities have increased from $106.5 million as of September 30, 2023 to $401.6 million as of September 30, 2024 while the held-to-maturity securities have decreased from $826.0 million as of September 30, 2023 to $780.5 million as of September 30, 2024. The increase in available-for-sale securities is due to purchases of $326.3 million in 2024. Accumulated other comprehensive losses on the available-for-sale securities portfolio decreased to $8.8 million as of September 30, 2024 compared to $20.2 million as of September 30, 2023. Total deposits remained consistent totaling $4.7 billion as of September 30, 2024 and September 30, 2023. Total deposits, at September 30, 2024, increased $111.6 million or 2.4% compared to June 30, 2024. Our loan to deposit ratio was 78.9% as of September 30, 2024 compared to 75.1% as of September 30, 2023.

    Credit Quality

    The Company’s credit quality remained resilient with only $677,000 in non-accrual loans as of September 30, 2024 and a minimal delinquency ratio of only 0.21% of total loans. Net charge-offs were $216,000 in the third quarter of 2024 compared to net recoveries of $47,000 in the third quarter of 2023. Net charge-offs were $149,000 for the first nine-months of 2024 compared to net recoveries of $274,000 for the first nine-months of 2023. Net charge-offs over the trailing twelve months were $93,000. Based on the credit performance of the loan and lease portfolio, no provision for credit losses has been necessary in the first nine-months of 2024. The Company’s allowance for credit losses on loans and leases and unfunded commitments was $78.5 million or 2.11% as of September 30, 2024 compared to $78.7 million or 2.13% as of June 30, 2024. We believe our allowance for credit losses is appropriate given the current economic environment including some stress in the agricultural sector. A few agricultural commodity prices have softened over the past two years due to the strong US Dollar impeding export competitiveness. This coupled with the higher short term interest rates and the effects of high inflation has created financial stress for some agriculture producers. We are diligently working with all borrowers affected by these market conditions in an effort to optimize performance during the current cycle.

    Capital

    The Company’s and Bank’s regulatory capital ratios remain strong while increasing from June 30, 2024. At September 30, 2024, the Company’s preliminary total risk-based capital ratio was 14.95%, the common equity tier 1 capital ratio was 13.47% and the tier 1 capital ratio was 13.70% an increase from 14.58%, 13.09% and 13.32% as of June 30, 2024, respectively. At September 30, 2024, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized”. At September 30, 2024, the tangible common equity ratio was 10.91% an increase of 127 basis points from the 9.64% as of September 30, 2023. Tangible book value per share increased to $799.04 at September 30, 2024, up 16.21% compared with $687.57 a year ago. During the third quarter, the Company repurchased 1,313 shares bringing the total to 9,976 shares for the nine-months ended September 30, 2024. The Company has repurchased a total of 10,400 shares or $10.5 million under the $25.0 million share repurchase program authorized in November 2023 which was cancelled on September 10, 2024. On September 10, 2024, the Company authorized a new share repurchase program for $55.0 million and has purchased 40 shares or $38,404 as of September 30, 2024. On October 3, 2024 the Company entered into and executed a Stock Purchase Agreement with the trust of one of our largest shareholders who passed away in January 2024. As a result, the Company repurchased 37,990 shares or $34.8 million under the Stock Purchase Agreement on October 3, 2024 leaving approximately $20.2 million remaining under the current share repurchase program which expires on December 31, 2026. After this transaction our total risk-based capital ratio was approximately 14.18% on a pro-forma basis.

    About Farmers & Merchants Bancorp

    Farmers & Merchants Bancorp, trades on the OTCQX under the symbol FMCB, is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 32 convenient locations. F&M Bank is financially strong, with $5.4 billion in assets, and is consistently recognized as one of the nation’s safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 34 consecutive years, longer than any other commercial bank in the State of California.

    Farmers & Merchants Bancorp has paid dividends for 89 consecutive years and has increased dividends for 59 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 56 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increase.

    In August 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. Last year the Bank was named by Bank Director’s Magazine as the #1 best performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.

    In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of “America’s Best Banks” in 2023. Forbes’ annual “America’s Best Banks” list looks at ten metrics measuring growth, credit quality, profitability, and capital for the 2023 calendar year, as well as stock performance in the 12 months through March 18, 2024.

    In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence’s “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

    In October, 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to its clients.

    F&M Bank is the 15th largest bank lender to agriculture in the United States. F&M Bank operates in the mid-Central Valley of California including, Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

    F&M Bank was inducted into the National Agriculture Science Center’s “Ag Hall of Fame” at the end of 2021 for providing resources, financial advice, guidance, and support to the agribusiness communities as well as to students in the next generation of agribusiness workforce. F&M Bank is dedicated to helping California remain the premier agricultural region in the world and will continue to work with the next generation of farmers, ranchers, and processors. F&M Bank remains committed to servicing the needs of agribusiness in California as has been the case since its founding over 108 years ago.

    F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of “Outstanding” in their last Community Reinvestment Act (“CRA”) evaluation.

    Forward-Looking Statements

    This press release may contain certain forward-looking statements that are based on management’s current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include the words “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding loan and deposit production (including any growth representations), balance sheet management, levels of net interest margin, the ability to control costs and expenses, the competitive environment, financial and regulatory policies of the United States government, water management issues in California and general economic conditions, inflation, recessions, natural disasters, pandemics, geopolitical risks, economic uncertainty in the United States, changes in interest rates, deposit flows, real estate values, costs or effects of acquisitions, competition, changes in accounting principles, policies or guidelines, legislation or regulation, and other economic, competitive, governmental, regulatory and technological factors (including external fraud and cybersecurity threats) affecting the Company’s operations, pricing, products and services. These and other important factors are detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. The Company undertakes no obligation to release publicly the result of any revisions to these forward-looking statements that may be made to reflect events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events, except as required by law.

    For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

    Investor Relations Contact

    Farmers & Merchants Bancorp
    Bart R. Olson
    Executive Vice President and Chief Financial Officer
    Phone: 209-367-2485
    bolson@fmbonline.com

                           
    FINANCIAL HIGHLIGHTS                      
        Three-Months Ended     Nine-Months Ended
    (dollars in thousands, except share and per share amounts) September 30,
    2024
      June 30, 2024   September 30,
    2023
        September 30,
    2024
      September 30,
    2023
    Earnings and Profitability:                      
    Interest income   $ 68,635     $ 69,831     $ 65,713       $ 205,107     $ 186,362  
    Interest expense     16,642       19,050       12,272         50,620       24,777  
    Net interest income     51,993       50,781       53,441         154,487       161,585  
    Provision for credit losses                 3,000               7,057  
    Noninterest income     6,280       4,767       3,606         16,122       12,513  
    Noninterest expense     27,755       25,422       24,468         78,698       79,473  
    Income before taxes     30,518       30,126       29,579         91,911       87,568  
    Income tax expense     8,397       8,359       7,545         25,300       20,679  
    Net income   $ 22,121     $ 21,767     $ 22,034       $ 66,611     $ 66,889  
                           
    Diluted earnings per share   $ 29.96     $ 29.39     $ 29.23       $ 89.91     $ 88.06  
    Return on average assets     1.65 %     1.58 %     1.65 %       1.65 %     1.70 %
    Return on average equity     15.03 %     15.33 %     16.80 %       15.55 %     17.43 %
                           
    Loan yield     6.13 %     6.13 %     5.87 %       6.11 %     5.77 %
    Cost of average total deposits     1.39 %     1.51 %     1.01 %       1.39 %     0.70 %
    Net interest margin – tax equivalent     4.07 %     3.91 %     4.17 %       4.04 %     4.33 %
    Effective tax rate     27.51 %     27.75 %     25.51 %       27.53 %     23.61 %
    Efficiency ratio     47.63 %     45.77 %     42.89 %       46.13 %     45.65 %
    Book value per share   $ 816.67     $ 779.40     $ 705.60       $ 816.67     $ 705.60  
                           
    Balance Sheet:                      
    Total assets   $ 5,418,132     $ 5,267,485     $ 5,375,375       $ 5,418,132     $ 5,375,375  
    Cash and cash equivalents     293,250       295,936       668,361         293,250       668,361  
    of which held at Fed     198,637       225,676       597,739         198,637       597,739  
    Total securities     1,182,073       1,046,210       932,508         1,182,073       932,508  
       of which available-for-sale     401,563       251,413       106,493         401,563       106,493  
       of which held-to-maturity     780,510       794,797       826,015         780,510       826,015  
    Gross Loans     3,713,735       3,692,237       3,567,807         3,713,735       3,567,807  
    Allowance for credit losses – loans and leases     75,816       75,032       74,159         75,816       74,159  
    Total deposits     4,708,682       4,597,055       4,748,767         4,708,682       4,748,767  
    Borrowings                                
    Subordinated debentures     10,310       10,310       10,310         10,310       10,310  
    Total shareholders’ equity   $ 602,696     $ 576,220     $ 530,623       $ 602,696     $ 530,623  
                           
    Loan-to-deposit ratio     78.87 %     80.32 %     75.13 %       78.87 %     75.13 %
    Percentage of checking deposits to total deposits     50.01 %     48.60 %     51.72 %       50.01 %     51.72 %
                           
    Capital ratios (Bancorp) (1)                      
    Common equity tier 1 capital to risk-weighted assets     13.47 %     13.09 %     12.48 %       13.47 %     12.48 %
    Tier 1 capital to risk-weighted assets     13.70 %     13.32 %     12.72 %       13.70 %     12.72 %
    Risk-based capital to risk-weighted assets     14.95 %     14.58 %     13.97 %       14.95 %     13.97 %
    Tier 1 leverage capital ratio     11.32 %     10.66 %     10.22 %       11.32 %     10.22 %
    Tangible common equity ratio (2)     10.91 %     10.72 %     9.64 %       10.91 %     9.64 %
                           
    (1) Capital information is preliminary for September 30, 2024                    
    (2) Non-GAAP measurement                      
                           
    Non-GAAP measurement reconciliation:                      
    (Dollars in thousands)   September 30,
    2024
      June 30, 2024   September 30,
    2023
             
                           
    Shareholders’ equity   $ 602,696     $ 576,220     $ 530,623            
    Less: Intangible assets     13,007       13,145       13,563            
    Tangible common equity   $ 589,689     $ 563,075     $ 517,060            
                           
    Total assets   $ 5,418,132     $ 5,267,485     $ 5,375,375            
    Less: Intangible assets     13,007       13,145       13,563            
    Tangible assets   $ 5,405,125     $ 5,254,340     $ 5,361,812            
                           
    Tangible common equity ratio (1)     10.91 %     10.72 %     9.64 %          
                           
    (1) Tangible common equity divided by tangible assets                      
                           

    The MIL Network

  • MIL-OSI: Home Federal Bancorp, Inc. of Louisiana Declares Quarterly Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    SHREVEPORT, La., Oct. 16, 2024 (GLOBE NEWSWIRE) — Home Federal Bancorp, Inc. of Louisiana (the “Company”) (NASDAQ: HFBL), the holding company for Home Federal Bank, announced today that its Board of Directors at their meeting on October 16, 2024, declared a quarterly cash dividend of $0.13 per share on the Company’s common stock. The dividend is payable on November 11, 2024, to the shareholders of record at the close of business on October 28, 2024.

    Home Federal Bancorp, Inc. of Louisiana is the holding company for Home Federal Bank which conducts business from its ten full-service banking offices and home office in northwest Louisiana. Additional information is available at http://www.hfb.bank.

    Statements contained in this news release which are not historical facts may be forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” We undertake no obligation to update any forward-looking statements.

    Contact:    
    Home Federal Bancorp, Inc. of Louisiana
    James R. Barlow, Chairman of the Board, President and
    Chief Executive Officer
    (318) 222-1145
       
         

    The MIL Network

  • MIL-OSI Banking: Phillips 66 provides notice of its plan to cease operations at Los Angeles-area refinery

    Source: Phillips

    Facility expects to cease operations in the fourth quarter of 2025
    Company will work with the state of California to supply fuel markets and meet ongoing consumer demand

    HOUSTON–(BUSINESS WIRE)– Phillips 66 (NYSE: PSX) announced plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet ongoing consumer demand.
    “We understand this decision has an impact on our employees, contractors and the broader community,” said Mark Lashier, chairman and CEO of Phillips 66. “We will work to help and support them through this transition.” Approximately 600 employees and 300 contractors currently operate the Los Angeles-area refinery.
    “With the long-term sustainability of our Los Angeles Refinery uncertain and affected by market dynamics, we are working with leading land development firms to evaluate the future use of our unique and strategically located properties near the Port of Los Angeles,” said Lashier. “Phillips 66 remains committed to serving California and will continue to take the necessary steps to meet our commercial and customer demands.”
    As the California Energy Commission’s analysis has indicated, expanding supply capabilities will be critical. Phillips 66 supports these efforts and will work with California to maintain current levels and potentially increase supplies to meet consumer needs. The company will supply gasoline from sources inside and outside its refining network as well as renewable diesel and sustainable aviation fuels from its Rodeo Renewable Energy Complex in the San Francisco Bay area.
    Phillips 66 has engaged Catellus Development Corporation and Deca Companies, two leading real estate development firms, to evaluate the future use of the 650-acre sites in Wilmington, California, and Carson, California. The firms bring strong track records of solving complex redevelopment challenges and will collaborate with Phillips 66 in an advisory role to advance potential commercial development options that support the regional economy and other key stakeholder objectives.
    “These sites offer an opportunity to create a transformational project that can support the environment, generate economic development, create jobs and improve the region’s critical infrastructure,” Lashier said.
    About Phillips 66
    Phillips 66 (NYSE: PSX) is a leading integrated downstream energy provider that manufactures, transports and markets products that drive the global economy. The company’s portfolio includes Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels businesses. Headquartered in Houston, Phillips 66 has employees around the globe who are committed to safely and reliably providing energy and improving lives while pursuing a lower-carbon future. For more information, visit phillips66.com or follow @Phillips66Co on LinkedIn.
    CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
    This news release contains forward-looking statements within the meaning of the federal securities laws relating to Phillips 66’s operations. Words such as “anticipated,” “estimated,” “expected,” “planned,” “scheduled,” “targeted,” “believe,” “continue,” “intend,” “will,” “would,” “objective,” “goal,” “project,” “efforts,” “strategies” and similar expressions that convey the prospective nature of events or outcomes generally indicate forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future events or performance, and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: changes in governmental policies or laws that relate to our operations, including regulations that seek to limit or restrict refining, marketing and midstream operations or regulate profits, pricing, or taxation of our products or feedstocks, or other regulations that restrict feedstock imports or product exports; our ability to timely obtain or maintain permits necessary for projects; fluctuations in NGL, crude oil, refined petroleum, renewable fuels and natural gas prices, and refining, marketing and petrochemical margins; the effects of any widespread public health crisis and its negative impact on commercial activity and demand for refined petroleum or renewable fuels products; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs including the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; unexpected changes in costs for constructing, modifying or operating our facilities; our ability to successfully complete, or any material delay in the completion of, any asset disposition, acquisition or conversion that we may pursue; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around our midstream assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for our products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; our ability to comply with governmental regulations or make capital expenditures to maintain compliance with laws; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets, which may also impact our ability to repurchase shares and declare and pay dividends; potential disruption of our operations due to accidents, weather events, including as a result of climate change, acts of terrorism or cyberattacks; general domestic and international economic and political developments, including armed hostilities (such as the Russia-Ukraine war), expropriation of assets, and other diplomatic developments; international monetary conditions and exchange controls; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); political and societal concerns about climate change that could result in changes to our business or increase expenditures, including litigation-related expenses; the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 is under no obligation (and expressly disclaims any such obligation) to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

    Source: Phillips 66

    MIL OSI Global Banks

  • MIL-OSI Economics: Christine Lagarde: Lessons from Ljubljana in uncertain times

    Source: European Central Bank

    Speech by Christine Lagarde, President of the ECB, at the official dinner of Banka Slovenije in Ljubljana, Slovenia

    Ljubljana, 16 October 2024

    It is a pleasure to be here this evening.

    Not far from here, tucked away in the National and University Library, lie copies of the Abecedarium and the Catechism. These two texts, written by the religious reformer Primož Trubar in 1550, were the first ever books to be printed in Slovenian.[1]

    At a time when German was the language of the ruling classes, Trubar’s pioneering act was fundamental in helping to establish the national identity of Slovenians.[2]

    Today, his portrait graces the €1 coin in Slovenia, framed by the famous words found in the Catechism, “Stati inu Obstati” – “to stand and withstand”.[3]

    It is telling that both books – one a primer for the Slovenian language, the other guidelines for religious observance – were designed to teach, for there is much that Europe can learn from Slovenia in the uncertain world we now face.

    The global order we knew is fading. Open trade is being replaced with fragmented trade, multilateral rules with state-sponsored competition and stable geopolitics with conflict.

    Europe had invested considerably in the old order, so this transition is challenging for us. As the most open of the major economies, we are more exposed than others.

    So, in this new landscape, we too must learn “to stand and withstand”. And we can do so by drawing on two valuable lessons from Ljubljana.

    Opportunity in times of uncertainty

    The first lesson is that uncertainty can create opportunity.

    While many in Europe are anxious about the future, Slovenians are no strangers to uncertainty.

    Within a single generation, Slovenia made a success of the extraordinarily difficult transition from a planned economy to a market economy. Policymakers defied the odds by implementing tough structural reforms to first join the EU and, later, the euro area.

    Today, Slovenia is a success story. It is a developed, stable and high-income economy, with the highest GDP per capita at purchasing power parity of central and eastern European countries (CEECs).

    The nation’s success owes much to the creativity and vigour of its people and their innate ability to seize economic turning points and transform them into opportunities.

    For example, when Slovenia joined the EU, it was exposed to greater levels of competition from other Member States in the economic bloc.

    But Slovenia quickly capitalised on its skilled workforce to develop a new business model based on deep integration in the Single Market. Today, every single car produced in Europe has at least one component that is made in Slovenia.[4]

    For Europe, the changes in the global economy today represent a similar turning point. But if we approach it with the right spirit, I believe it can be an opportunity for renewal.

    A less favourable global economy can push us to complete our domestic market. Fiercer foreign competition can encourage us to develop new technologies. More volatile geopolitics can drive us to become more energy secure and self-sufficient in our supply chains.

    For Slovenia, the transformation of the automotive supply chain will be a particular challenge. But the economy is already adapting. For example, in July this year Slovenia secured a major investment in domestic electric vehicle production.[5]

    For many Slovenians, striding into an unpredictable future may seem like second nature.

    One of your most famous paintings, “The Sower”, hangs on display here at the National Gallery. Depicting an agricultural labourer at the crack of dawn hard at work sowing seeds in a field, the painting represents Slovenians’ resolute determination in the face of uncertainty.

    The rest of us in Europe will need to draw on this example in the uncertain times ahead. If we do so, we can also turn uncertainty into opportunity.

    The importance of sharing the benefits of change

    The second lesson from Slovenia is that the benefits of change can – and should – be more widely shared.

    The path of renewal for Europe is inescapably linked with new technology, especially digitalisation. But new technologies can sometimes lead to uneven labour market outcomes.

    Slovenia has undergone remarkable technological change over the past 20 years. Today, the country’s level of digital development is 7% above the CEEC average and it can compete with some of the most digitally developed EU countries in certain areas.[6]

    Yet Slovenia’s Gini coefficient – a measure of income inequality – is the second lowest in the OECD.[7] The country also benefits from high levels of gender equality. Female labour force participation is higher than the EU average and nearly equal to that of men.[8]

    Many in Europe are worried about the challenges ahead, such as the effects of artificial intelligence on social inclusion. But we should let Slovenia’s example inspire us.

    With the right approach, we can move forward and become more technologically advanced while ensuring everyone can benefit from the gains.

    And when everyone benefits, Europe benefits too. Over three-quarters of citizens in Slovenia feel attached to Europe, and almost two-thirds identify as both Slovenian and European – levels that are well above their respective EU averages.[9]

    Conclusion

    Let me conclude.

    In today’s uncertain world, Europe must learn “to stand and withstand”. And it can do so by looking to Slovenia as an example of how to overcome challenges that come its way.

    First, we must work hard to sow the seeds of success. And then, as the folk singer Vlado Kreslin sings, “vse se da” – “everything is possible”.

    Thank you.

    MIL OSI Economics

  • MIL-OSI: Triumph Financial Releases Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    DALLAS, Oct. 16, 2024 (GLOBE NEWSWIRE) — Triumph Financial, Inc. (Nasdaq: TFIN) has released its third quarter 2024 financial results. The 3Q 2024 financial results and shareholder letter are available on the Company’s website at tfin.com through the News & Events, Events & Presentations links.

    Aaron P. Graft, Vice Chairman & CEO, and Brad Voss, CFO, will review the financial results in a conference call with investors and analysts beginning at 9:30 a.m. central time on Thursday, October 17, 2024.

    The live video conference option may be accessed directly through this link, https://triumph-financial-inc-earnings-q3fy24.open-exchange.net/ or via the Company’s website at tfin.com through the News & Events, Events & Presentations links. Alternatively, a live conference call option is available by dialing 1-833-928-4610 (International: 1-800-456-1369) requesting to be joined to meeting ID 984 7640 9638 at the prompt. An archive of this conference call will subsequently be available at this same location, referenced above, on the Company’s website.

    About Triumph

    Triumph Financial, Inc. (Nasdaq: TFIN) is a financial holding company focused on payments, factoring and banking. Headquartered in Dallas, Texas, its diversified portfolio of brands includes TriumphPay, Triumph and TBK Bank.

    Forward-Looking Statements

    This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Triumph Financial’s expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” and the forward-looking statement disclosure contained in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on February 13, 2024. Forward-looking statements speak only as of the date made and Triumph Financial undertakes no duty to update the information.

    Source: Triumph Financial, Inc.

    Investor Relations:
    Luke Wyse
    Senior Vice President, Head of Investor Relations
    lwyse@tfin.com
    214-365-6936

    Media Contact:
    Amanda Tavackoli
    Senior Vice President, Director of Corporate Communication
    atavackoli@tfin.com
    214-365-6930

    The MIL Network

  • MIL-OSI: Union Bankshares Announces Earnings for the three and nine months ended September 30, 2024 and Declares Quarterly Dividend

    Source: GlobeNewswire (MIL-OSI)

    MORRISVILLE, Vt., Oct. 16, 2024 (GLOBE NEWSWIRE) — Union Bankshares, Inc. (NASDAQ – UNB) today announced results for the three and nine months ended September 30, 2024 and declared a regular quarterly cash dividend. Consolidated net income for the three months ended September 30, 2024 was $1.3 million, or $0.29 per share, compared to $2.5 million, or $0.56 per share, for the same period in 2023, and $5.8 million, or $1.27 per share, for the nine months ended September 30, 2024, compared to $8.2 million, or $1.82 per share for the same period in 2023. The decrease in earnings for the comparison periods was primarily due to the impact of the previously announced strategic balance sheet repositioning executed during the third quarter. The Company’s wholly-owned subsidiary, Union Bank, executed the sale of $38.8 million in book value of its lower-yielding available-for-sale debt securities for a pre-tax realized loss of $1.3 million, which was recorded in the third quarter of 2024.

    Balance Sheet

    Total assets were $1.52 billion as of September 30, 2024 compared to $1.40 billion as of September 30, 2023, an increase of $123.9 million, or 8.9%. Loan growth was the primary driver of the increase in total assets with total loans reaching $1.13 billion as of September 30, 2024 including $8.4 million in loans held for sale, compared to $1.03 billion as of September 30, 2023, with $6.5 million in loans held for sale. Asset quality remains strong with minimal past due loans and net recoveries of $5 thousand and $15 thousand for the three and nine months ended September 30, 2024, respectively.

    Loan demand has remained strong during the third quarter of 2024 with growth in the residential, commercial, and municipal portfolios, despite higher interest rates and low residential inventory. Qualifying residential loans of $76.1 million were sold during the first nine months of 2024 compared to sales of $54.2 million for the first nine months of 2023.

    Total deposits were $1.17 billion as of September 30, 2024 and include $80.0 million of purchased brokered deposits compared to deposits of $1.22 billion as of September 30, 2023 with $153.0 million of purchased deposits. Federal Home Loan Bank advances of $230.7 million were outstanding as of September 30, 2024 compared to $90.7 million outstanding as of September 30, 2023. In addition to borrowings from the Federal Home Loan Bank, $10.0 million in advances from the Federal Reserve’s Bank Term Funding Program were outstanding as of September 30, 2024.

    The Company had total equity capital of $72.3 million and a book value per share of $15.98 as of September 30, 2024 compared to $49.2 million and a book value of $10.92 per share as of September 30, 2023. Total equity capital is reduced by accumulated other comprehensive loss as it relates to the fair market value adjustment for investment securities. Accumulated other comprehensive loss as of September 30, 2024 was $26.8 million compared to $47.1 million as of September 30, 2023.

    Income Statement

    Consolidated net income was $1.3 million for the third quarter of 2024 compared to $2.5 million for the third quarter of 2023, a decrease of $1.2 million, or 47.7%. The decrease in net income was comprised of the $1.3 million net loss on the sale of available-for-sale securities mentioned above, increases in credit loss expense of $564 thousand and noninterest expenses of $483 thousand, partially offset by increases of $282 thousand in net interest income, $431 thousand in noninterest income, and a decrease in income tax expense of $419 thousand.

    Net interest income was $9.4 million for the three months ended September 30, 2024 compared to $9.1 million for the three months ended September 30, 2023, an increase of $282 thousand, or 3.1%. Interest income was $17.2 million for the three months ended September 30, 2024 compared to $14.8 million for the same period in 2023, an increase of $2.4 million, or 15.8%, due to the larger earning asset base and higher interest rates on new loan volume. Interest expense increased $2.1 million to $7.8 million for the three months ended September 30, 2024 compared to $5.7 million for the same period in 2023, due to utilization of higher cost wholesale funding, such as Federal Home Loan Bank advances and brokered deposits, and customers seeking higher returns on their deposits.

    Credit loss expense of $425 thousand was recorded for the third quarter of 2024 compared to a benefit of $139 thousand recorded for the third quarter of 2023. The increase in expense was to support loan growth during the period and was not due to a deterioration in credit quality. Management continues to assess the adequacy of the Allowance for Credit Losses quarterly.

    Noninterest income, excluding the loss on the bond sale, was $2.9 million for the three months ended September 30, 2024 compared to $2.5 million for the same period in 2023. Sales of qualifying residential loans to the secondary market for the third quarter of 2024 were $35.2 million resulting in net gains of $540 thousand, compared to sales of $24.7 million and net gains on sales of $336 thousand for the same period in 2023. Noninterest expenses increased $483 thousand, or 5.4%, to $9.4 million for the three months ended September 30, 2024 compared to $8.9 million for the same period in 2023. The increase during the comparison period was due to increases of $295 thousand in salaries and wages, $305 thousand in employee benefits, $46 thousand in occupancy expenses, $71 thousand in equipment expenses, partially offset by a decrease of $234 thousand in other expenses.

    Income tax benefit was $123 thousand for the three months ended September 30, 2024 a decrease of $419 thousand compared to income tax expense of $296 thousand for the same period in 2023. The decrease is primarily attributable to the income tax benefit resulting from the $1.3 million loss on the bond sale.

    Dividend Declared

    The Board of Directors declared a cash dividend of $0.36 per share for the quarter payable November 7, 2024 to shareholders of record as of October 26, 2024.

    About Union Bankshares, Inc.

    Union Bankshares, Inc., headquartered in Morrisville, Vermont, is the bank holding company parent of Union Bank, which provides commercial, retail, and municipal banking services, as well as, wealth management services throughout northern Vermont and New Hampshire. Union Bank operates 19 banking offices, three loan centers, and multiple ATMs throughout its geographical footprint.

    Since 1891, Union Bank has helped people achieve their dreams of owning a home, saving for retirement, starting or expanding a business and assisting municipalities to improve their communities. Union Bank has earned an exceptional reputation for residential lending programs and has been recognized by the US Department of Agriculture, Rural Development for the positive impact made in lives of low to moderate home buyers. Union Bank is consistently one of the top Vermont Housing Finance Agency mortgage originators and has also been designated as an SBA Preferred lender for its participation in small business lending. Union Bank’s employees contribute to the communities where they work and reside, serving on non-profit boards, raising funds for worthwhile causes, and giving countless hours in serving our fellow residents. All of these efforts have resulted in Union receiving and “Outstanding” rating for its compliance with the Community Reinvestment Act (“CRA”) in its most recent examination. Union Bank is proud to be one of the few independent community banks serving Vermont and New Hampshire and we maintain a strong commitment to our core traditional values of keeping deposits safe, giving customers convenient financial choices and making loans to help people in our local communities buy homes, grow businesses, and create jobs. These values–combined with financial expertise, quality products and the latest technology–make Union Bank the premier choice for your banking services, both personal and business. Member FDIC. Equal Housing Lender.

    Forward-Looking Statements

    Statements made in this press release that are not historical facts are forward-looking statements. Investors are cautioned that all forward-looking statements necessarily involve risks and uncertainties, and many factors could cause actual results and events to differ materially from those contemplated in the forward-looking statements. When we use any of the words “believes,” “expects,” “anticipates” or similar expressions, we are making forward-looking statements. The following factors, among others, could cause actual results and events to differ from those contemplated in the forward-looking statements: uncertainties associated with general economic conditions; changes in the interest rate environment; inflation; political, legislative or regulatory developments; acts of war or terrorism; the markets’ acceptance of and demand for the Company’s products and services; technological changes, including the impact of the internet on the Company’s business and on the financial services market place generally; the impact of competitive products and pricing; and dependence on third party suppliers. For further information, please refer to the Company’s reports filed with the Securities and Exchange Commission at http://www.sec.gov or on our investor page at http://www.ublocal.com.

    Contact: David S. Silverman
    (802) 888-6600

    The MIL Network

  • MIL-OSI Russia: IMF Staff Completes 2024 Article IV Mission to The Kingdom of Bahrain

    Source: IMF – News in Russian

    October 16, 2024

    End-of-Mission press releases include statements of IMF staff teams that convey preliminary findings after a visit to a country. The views expressed in this statement are those of the IMF staff and do not necessarily represent the views of the IMF’s Executive Board. Based on the preliminary findings of this mission, staff will prepare a report that, subject to management approval, will be presented to the IMF’s Executive Board for discussion and decision.

    • Growth remained resilient in 2023, despite tight financial conditions, heightened geopolitical uncertainty, and tensions in the broader region.
    • Government debt is high and additional fiscal measures and structural reforms will be needed to put it onto a durable downward path.
    • Financial stability has been well-maintained and efforts to deepen financial markets should continue.

    Washington, DC: An International Monetary Fund (IMF) mission led by Mr. John Bluedorn visited Manama during September 29–October 10, 2024 to conduct discussions for the 2024 Article IV consultation. The mission will submit a report to IMF management and Executive Board, which is scheduled to discuss the Article IV consultation in November.

    At the conclusion of the visit, Mr. Bluedorn issued the following statement:

    “Despite further tightening of financial conditions and heightened geopolitical uncertainty, Bahrain’s real GDP grew at 3 percent in 2023, while CPI inflation fell to 0.1 percent. However, the fiscal position declined in 2023, with the overall fiscal balance to GDP falling by 3.3 percentage points to –8.5 percent and gross government debt to GDP increasing by 12 percentage points to 123 percent. This marked a change from the notable improvements in 2021 and 2022 under the revised Fiscal Balance Program (FBP), when Bahrain recorded rises in the overall primary balance of about 6 percentage points of GDP on average per year. The ratio of nonhydrocarbon revenues to primary recurrent expenditures (excluding extrabudgetary spending) remained at its FBP target of about 40 percent in 2023. The current account stayed in surplus at 5.9 percent of GDP in 2023, but down from its peak in the previous year.

    “Growth is anticipated to remain at 3 percent in 2024 and rise to 3.5 percent in 2025, with the completion of refinery upgrades in the manufacturing sector and a pick-up in private sector credit growth supporting greater private investment. Over the medium-term, real GDP is expected to grow at around 3 percent, driven by nonhydrocarbon GDP, which is expected to grow to account for about 90 percent of the economy by 2029. CPI inflation is projected to rise to 1.2 percent in 2024, before steadily converging to 2 percent over the medium term.

    “To put government debt to GDP onto a durable downward path, a multi-year and pre-committed fiscal consolidation and reform package is the policy priority. In this regard, the recently introduced domestic minimum top-up tax under the OECD/G20 Inclusive Framework is welcome. However, additional steady fiscal efforts over multiple years, appropriately staggered to smooth the adjustment, remain necessary. These efforts would include raising nonhydrocarbon revenue, rationalizing current spending, and reducing subsidies while increasing social transfers to protect the vulnerable and supporting investment. This package would balance growth and equity considerations and fiscal sustainability.

    “The Central Bank of Bahrain should continue to closely follow the U.S. Federal Reserve in changes to its policy stance. Looking forward, the anticipated easing of monetary conditions will mitigate the growth impact from fiscal adjustment, which in turn further supports the build-up of external buffers. Formalizing and implementing a bank resolution framework would build on a tradition of sound financial sector supervision and regulation and help safeguard financial stability. Further developing the local currency bond market and the non-bank financial sector, while closely monitoring interconnectedness between banks and non-banks, would promote greater financial market deepening and the diversification of financing sources for the broader economy.

    “Economic diversification has progressed well, but additional reforms would foster higher, greener, and more inclusive medium-term growth. Building upon existing efforts, policies to further boost inclusion and productivity include expanding well-designed programs to enhance human capital and close identified skill gaps, improving small and medium-sized enterprises’ access to finance, and harnessing the digital transformation. By raising growth, the measures would also hasten the decline in the debt-to-GDP ratio and ease the fiscal adjustment. Gradually reducing energy subsidies while increasing renewable energy investments would also bolster Bahrain’s moves toward its emission reduction goals and ensure a smooth energy transition.  

    “The recent implementation of the National Summary Data Page (NSDP), one of the key recommendations of the IMF’s enhanced General Data Dissemination Standards (e-GDDS), is a welcome change and a testament to Bahrain’s commitment to improving data quality and transparency, with the aim to subscribe to the Special Data Dissemination Standard (SDDS) in the near future. Such enhancements are an important public good and will help national decision-makers and domestic and international stakeholders to improve their monitoring of macroeconomic and financial developments in Bahrain.

    “The IMF mission team wishes to express its appreciation to the Bahraini authorities for their cooperation, hospitality, and engaging and helpful discussions.”

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Mayada Ghazala

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

    @IMFSpokesperson

    https://www.imf.org/en/News/Articles/2024/10/16/pr-24376-bahrain-imf-staff-completes-2024-article-iv-mission

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: Stifel Financial Schedules Third Quarter 2024 Financial Results Conference Call

    Source: GlobeNewswire (MIL-OSI)

    ST. LOUIS, Oct. 16, 2024 (GLOBE NEWSWIRE) — Stifel Financial Corp. (NYSE: SF) will release its third quarter 2024 financial results before the market opens on Wednesday, October 23, 2024. The company will host a conference call to review the results at 9:30 a.m. Eastern time that same day. The conference call may include forward-looking statements.

    All interested parties are invited to listen to Stifel Chairman and CEO Ronald J. Kruszewski by dialing (866) 409-1555 and referencing participant ID 7408307. A live audio webcast of the call, as well as a presentation highlighting the company’s results, will be available through Stifel’s website, http://www.stifel.com. For those who cannot listen to the live broadcast, a replay of the broadcast will be available through the above-referenced website beginning approximately one hour following the completion of the call.

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

    Stifel Investor Relations Contact
    Joel Jeffrey, Senior Vice President
    (212) 271-3610 direct
    investorrelations@stifel.com                                 

    The MIL Network

  • MIL-OSI USA: FEMA Assistance Available to Georgia Renters After Storms

    Source: US Federal Emergency Management Agency 2

    strong>ATLANTA. – FEMA assistance is available to renters, including students, with uninsured losses from Hurricane Helene and Tropical Storm Debby, with an incident period of Aug. 4–20, 2024. 

    FEMA may be able to help renters as well as homeowners with serious needs, displacement costs, temporary lodging, basic home repair costs, personal property loss or other disaster-caused needs. Renters may qualify for assistance including the replacement or repair of necessary personal property, such as furniture, appliances, clothing, textbooks or school supplies; replacement or repair of tools and other job-related equipment; vehicle repair; and medical/dental bills.

    Assistance is available to people with disaster-caused damage in Appling, Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks,  Bryan, Bulloch, Burke, Butts, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Colquitt, Columbia, Cook, Dodge, Echols, Effingham, Elbert, Emanuel, Evans, Fulton, Glascock, Glynn, Hancock, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Lincoln, Long, Lowndes, McDuffie, McIntosh, Montgomery, Newton, Pierce, Rabun, Richmond, Screven, Tattnall, Telfair, Thomas, Tift, Toombs, Treutlen, Ware, Warren, Washington, Wayne and Wheeler counties.

    There are several ways to apply: Go online to DisasterAssistance.gov, use the FEMA App or call the FEMA Helpline at 800-621-3362. The telephone line is open every day and help is available in most languages. If you use a relay service such as Video Relay Service, captioned telephone or other service, give FEMA your number for that service.

    To view an accessible video on how to apply, visit Three Ways to Apply for FEMA Disaster Assistance – YouTube.

    What You’ll Need When You Apply

    • A current phone number where you can be contacted.
    • Your address at the time of the disaster and the address where you are now staying.
    • Your Social Security number.
    • A general list of damage and losses.
    • Banking information if you choose direct deposit.
    • If insured, the policy number or the agent and/or the company name.

    If you have homeowners, renters or flood insurance, you should file a claim as soon as possible. FEMA cannot duplicate benefits for losses covered by insurance. If your policy does not cover all your disaster expenses, you may be eligible for federal assistance.

    U.S. Small Business Administration Disaster Loans

    The U.S. Small Business Administration (SBA), FEMA’s federal partner in disaster recovery, may also be able to help. FEMA has streamlined the application process so people can apply to FEMA and SBA at the same time. The SBA disaster loan program is designed for your long-term recovery, to make you whole and get you back to your pre-disaster condition. No need to wait on the decision for a FEMA grant or for your insurance to settle; apply online and receive additional disaster assistance information at sba.gov/disaster.

    SBA representatives will also be available to provide one-on-one assistance to disaster loan applicants at Disaster Recovery Centers scheduled to open throughout Georgia. In addition, applicants may call the SBA’s Customer Service Center at (800) 659-2955 or send an email to disastercustomerservice@sba.gov for more information on SBA disaster assistance. For people who are deaf, hard of hearing, or have a speech disability, please dial 7-1-1 to access telecommunications relay services. 

    For the latest information about Georgia’s recovery, visit fema.gov/disaster/4830. Follow FEMA on X at x.com/femaregion4 or on Facebook at facebook.com/fema.

    MIL OSI USA News