Welcome, everyone, and thank you for attending the first edition of the Chapultepec Conference. The aim of this event is to allow central bank Governors to reflect and share perspectives on the major economic and financial issues facing the Americas. I am sure that today’s meeting will be followed by many others.
Today’s conference has a rich agenda. We started this morning by discussing global financial conditions and digital innovations. After lunch, we will turn to monetary policy.
I will use my time today to give some background to this afternoon’s discussions. I will aim to provide some perspective on the course of monetary policy in the Americas over the past few years. I will then turn to what I see as the key challenges facing central banks in the region in the coming years. My comments will focus on Latin America, although many of the themes have broader relevance.
Latin America’s response to the Covid crisis
Monetary policy developments in recent years have been profoundly shaped by the events of the Covid-19 pandemic and its immediate aftermath.
When the pandemic struck in 2020, central banks throughout the world took decisive measures. They lowered interest rates to record lows, offered new liquidity facilities and expanded existing ones. Many central banks also made asset purchases.
For advanced economy central banks, including the Federal Reserve and the Bank of Canada, the policy response followed a broadly familiar playbook, although the size of the response was unusually large.
But for many emerging market economy central banks, including those in Latin America, such a strong, countercyclical policy response marked a departure. In past crises, policy had often responded procyclically, not least due to concerns about possible currency depreciation.
Two factors contributed to this different response in Latin America during the pandemic. First, monetary policy frameworks in Latin America had been strengthened over the previous decades. In particular, the autonomy obtained in the 1990s was a rock-solid foundation, without which a countercyclical policy response would not have been possible. Second, the pandemic was a global shock. The fact that central banks worldwide, including the Federal Reserve, were loosening their policy stances no doubt made it easier for central banks in Latin America to follow suit.
While the policy easing at the start of the pandemic was highly synchronous, the tightening in its aftermath was less so. Central banks in Latin America, in particular, were relatively quick to unwind emergency policy settings in response to emerging inflationary pressures in early 2021. In doing so, they drew on the experiences of the 1970s and 1980s, when high inflation and wage-price spirals were prevalent. Monetary policy in advanced economies was, in my view, more heavily influenced by the extended period of below-target inflation that preceded the pandemic.
Early and forceful policy tightening worked. By slowing demand, it contributed directly to lowering inflation. Just as importantly, decisive tightening helped keep long-term inflation expectations anchored. Even when inflation initially rose, the public never lost confidence in central banks’ commitment and ability to bring inflation back to target. In countries with a history of high and volatile inflation, like many in Latin America, this is a clear success. It has helped to prevent a wage-price spiral similar to that experienced during previous episodes. Moreover, unlike in many episodes of the 1980s and 1990s, there was no financial or banking crisis.
The job is not done, however. In much of the Americas, inflation remains above target. And the road back to price stability looks bumpier than it did even six months ago, not least due to heightened policy uncertainty. Over the past few years, central banks were able to draw on their accumulated credibility to limit the rise in inflation and bring it down at relatively little cost to economic activity. But to safeguard their credibility for the future, they have to see the job through and deliver on their mandates.
Challenges ahead
Let me spend the rest of my speech discussing some of the challenges that I believe will affect the conduct of monetary policy in the coming years.
The first challenge is policy uncertainty. Trade policy is the most prominent example. But the future evolution of fiscal policy, regulation and immigration policy is also open to many questions at present. Moreover, the geopolitical backdrop remains in flux.
Such pervasive policy uncertainty will affect central banks in several ways.
Uncertainty itself is likely to weigh on growth. Firms will postpone investment. Households may avoid large purchases. In isolation, these effects would weigh on inflation.
But an uncertain world is also likely to be a more volatile one, particularly for financial markets. Already in recent weeks, we have seen sizeable swings in asset prices, including exchange rates, as market participants struggled to determine how policy settings would evolve, and how to position themselves accordingly. Some of these asset price movements, particularly exchange rate depreciations, could be inflationary.
At some point, of course, many of today’s policy uncertainties are likely to be resolved. Depending on the policies adopted, these choices will have their own consequences for growth and inflation.
The second challenge is high public debt and, in some countries, unsustainable fiscal positions. Public debt was already high in much of the world before the Covid-19 pandemic. It has increased further since then. And the widening of budget deficits at the start of the pandemic has still not been fully unwound.
Loose fiscal policy complicates the task of central banks in several, well known, ways. By contributing to aggregate demand, it adds to inflationary pressures, complicating the return to price stability. By raising doubts about the long-term sustainability of public finances it can increase interest rate risk premia and can lead to currency depreciation, further raising inflation while weighing on growth. In the extreme, an abrupt repricing of public debt could put financial stability at risk, especially in countries where banks and non-bank financial institutions hold large shares of the public debt. But even if these channels are familiar, central banks will still need to navigate the consequences.
The third challenge is international divergence. As I mentioned before, the pandemic was a global shock, leading almost all central banks to ease policy at about the same time. The subsequent inflationary outbreak saw most tighten policy, even if many emerging market economy central banks started to do so ahead of their advanced economy peers.
Going forward, economic conditions, and hence appropriate policy settings, are likely to be less synchronous. In particular, economic growth in the United States has been much stronger than in much of the rest of the world of late. Should this continue, we could see greater variability in policy settings, with flow-on effects to capital flows, exchange rates and global financial conditions.
A fourth, and related, challenge is continued sluggish productivity growth in most countries of the Americas, except the United States. Some factors behind this problem are insufficient investment in infrastructure, education and technology. Many countries face structural inefficiencies, such as rigid labour markets and bureaucratic hurdles, which hinder businesses’ ability to innovate and expand. A retreat from globalisation and widening trade fragmentation could weigh on productivity growth further.
Low productivity growth makes central banks’ lives much harder. In particular, it creates pressure to keep policy settings loose in order to sustain economic growth in the face of weak fundamentals. I don’t need to tell this audience that this policy prescription is all wrong.
Addressing low productivity growth requires structural reforms that make it easier to open a business, compete and invest. Regrettably, structural reforms had been lagging in many economies well before the pandemic. Consolidating fiscal positions and rationalising public expenditure may also free up resources to improve public investment to develop necessary infrastructure and improve human capital. Such policies, of course, lie outside central banks’ toolkit.
The task for central banks
Faced with all of these challenges, many of which are beyond their control, what can central banks do?
A first task is to ensure that at least one key prerequisite for sustained economic growth – price stability – is beyond question. In doing so, they can help remove one potentially destabilising source of policy uncertainty. The history of this region regrettably features many examples of the adverse consequences when the public loses confidence in central banks’ ability and willingness to achieve their mandates. The experience of the Covid pandemic showed us how much better outcomes can be if such confidence is maintained.
That said, the specific policy settings to deliver monetary and financial stability are themselves uncertain. Much will depend upon how policy uncertainty evolves, and on the specific constellation of policies that are ultimately adopted. Appropriate policy settings will also change over time. In the meantime, bouts of market volatility are likely. At such times, central banks may need to act, in a judicious and limited manner, to safeguard market stability.
So central banks will need to remain on their toes, be attuned to recent developments and stand ready to act firmly and decisively when required. While central banks’ ultimate objectives – monetary and financial stability – should be steadfast, commitment to specific policy settings should be avoided. Maintaining flexibility to adjust policy settings rapidly in response to changing circumstances will be at a premium.
Beyond the immediate conjuncture, I believe the time is also opportune for central banks to build on the lessons of the past few years, in order to better prepare themselves for the future. The policy reviews currently being undertaken in a number of economies represent such an opportunity.
In particular, a key lesson that I draw is how quickly and fundamentally seemingly pervasive features of the economic landscape can change. Before the pandemic, there was broad-based agreement that the global economy would face strong deflationary pressures for the foreseeable future. Real rates were expected to remain at historical lows, raising the risk of persistent liquidity traps.
Today it is clear that inflation risks are much more two-sided than we had previously thought. And it is also clear that the general public is much more resentful of even a relatively brief period of high inflation than a prolonged period of modestly below-target inflation. Our policy frameworks should take these lessons into account. But they will also need to be robust to a future that could look very different from even the immediate past. A key reason for the success of many Latin American central banks in navigating the post-pandemic inflation surge was their ability to adapt rapidly in the face of changing circumstances. Such adaptability is a trait to which all policy frameworks aspire.
Let me close with a plea for central bank cooperation. Central banking is not a zero-sum game. Above-target inflation or low growth in one country does not benefit others, but makes their life more difficult. This means there is significant scope for cooperation. It will be much easier to meet the challenges of tomorrow together than alone.
The BIS will be there to support you in this endeavour. The BIS’s mission is to support central banks’ pursuit of monetary and financial stability through international cooperation, and to act as a bank for central banks. The BIS Representative Office for the Americas will continue to promote cooperation among central banks in the Americas and the Caribbean and to link central banks in the region to those in other regions.
Source: United States Senator for Illinois Tammy Duckworth
February 06, 2025
[WASHINGTON, D.C.] – Bipartisan legislation led by U.S. Senators Tammy Duckworth (D-IL), Deb Fischer (R-NE), Patty Murray (D-WA) and Marsha Blackburn (R-TN) to help modernize vehicle safety tests by requiring the use of the most advanced testing devices available successfully passed the U.S. Senate Committee on Commerce, Science and Transportation (CST). The bipartisan She Develops Regulations In Vehicle Equality and Safety (She DRIVES) Act would help enhance passenger vehicle safety by updating U.S. crashworthiness testing procedures. The bill is estimated to help save more than 1,300 lives while saving billions of dollars in economic impact from preventing and mitigating deaths and tens of thousands of injuries.
“We can be doing so much more to improve roadway safety and make sure visiting a family member or a routine trip to the grocery store doesn’t end in tragedy,” said Senator Duckworth. “I’m proud our bipartisan legislation passed through committee and is now that much closer to helping us save lives by ensuring our crash test standards better represent the safety needs of all Americans. I’ll continue to work with Senator Fischer as we push for the full Senate to pass this bipartisan bill—because all Americans deserve safer roadways.”
“Today, women are 17 percent more likely to be killed in auto crashes than men,” said Senator Fischer. “That tragic statistic is a preventable one. Our bill will update crash test dummy standards to reflect the diversity of drivers on our roads, ensuring protection and safety for more Americans. I’m grateful a bipartisan group of my colleagues voted yes on this commonsense legislation, and I look forward to getting it passed soon.”
Duckworth has long been a leader in making our transportation system safer and more accessible for all Americans. Last December, Duckworth announced more than $2 million in federal funding through the U.S. Department of Transportation (DOT) to improve crash reporting in Illinois to help make our roads as safe as possible and reduce the number of lives lost to car crashes. As Chair of the CST Subcommittee on Aviation Safety, Operations and Innovation in the 118th Congress, Duckworth also helped author the landmark bipartisan FAA Reauthorization Act of 2024 that was signed into law last year and included several of her provisions to improve safety, expand the aviation workforce, enhance protections for travelers with disabilities while safeguarding strong pilot certification standards that help ensure our pilots are prepared to handle any emergency and keep the flying public safe.
In December-January, the ruble rose against the US dollar by 9%, despite the growth of the American currency on the world market. The strengthening of the ruble occurred against the backdrop of adaptation to the new structure of foreign trade settlements after the sanctions imposed on Russian banks in November.
At the end of 2024, the trend on the stock market changed: the decline in the Moscow Exchange Index observed in the second half of the year stopped. According to the results of December-January, its growth was 14.4%. At the same time, the volatility of the stock market decreased: the RVI index fell from 55.6 points at the beginning of December to 34.3 points at the end of January. OFZ yields began to decline after the December decision of the Bank of Russia to keep the key rate at 21%.
Last year, gold in rubles rose in price by almost 45%, demonstrating the highest yield among Russian market instruments. Against the backdrop of high interest rates, money market funds and deposits, both in rubles and foreign currency, also showed yields higher than inflation.
In January, the situation changed: the most profitable investments were shares of construction companies, which recouped last year’s decline. Gold and ruble deposits continued to yield above inflation, while deposits in US dollars and euros showed negative returns against the backdrop of the strengthening of the Russian currency.
Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.
Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect
Headline: Thales celebrates 40 Years of excellence and commitment in Central America and the Caribbean, serving clients and partners
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Thales, a global leader in advance technologies, is proud to celebrate 40 years of presence in Central America and the Caribbean. Since its arrival in the region, Thales has been contributing to the development of key sectors such as Defence, Aerospace, Cyber & Digital from 1985 until today, and continues to support all clients, such as government entities, private institutions and cities.
Thales’ presence in Central America and the Caribbean has been fundamental and has evolved significantly over the years, establishing the Group as a key player in various sectors. Among the most notable projects, Thales has been a long-term partner to COCESNA (Central American Corporation for Air Navigation Services) for over 25 years, playing a crucial role through the provision of advanced technologies and innovative solutions for air traffic management.
Thales’ collaboration with COCESNA reflects a long-term partnership based on trust and technical excellence, aimed at improving the safety and efficiency of aviation in the Central American region. In 2024, Thales secured a significant contract that reflects the trust and support placed in the company by this client, aimed at enhancing critical aviation systems in six Central American countries: Belize, Guatemala, Costa Rica, Honduras, El Salvador, and Nicaragua.
In Panama, for over 10 years, Thales has been the main supplier to the Civil Aviation Authority, providing both air traffic control centers and essential navigation systems for the safe and efficient operation of flights. Additionally, Thales has implemented various technology systems for Copa Airlines, including advanced solutions onboard its fleet of aircraft and for the protection and secure management of its data.
In the Dominican Republic, Thales maintains a continuing partnership with the Dominican Institute of Civil Aviation, being the main supplier of the control tower and air navigation systems for Las Américas, Punta Cana, Puerto Plata, and Cibao airports to ensure that each flight is a safe experience.
Thales is also a strategic partner of the Government of Jamaica, providing advanced solutions and technologies for national security, supporting the Armed Forces in their mission to strengthen national defense with the Bushmaster armored vehicle fleet and the coastal surveillance system for the safety and management of maritime areas. Thales also supports the Jamaica Civil Aviation Authority with radar systems and control centers for efficient surveillance and management of its airspace. In the country, Thales also developed the National Identification System, improving public services and security through the precise identification of each citizen, enhancing the country’s security and efficiency. Thales is a leader in Cyber and Digital in the region and a strategic partner of leading banks and financial institutions, ensuring the security of their banking transactions by providing robust solutions that protect both information and financial operations, contributing to strengthening trust in the financial ecosystem. Throughout this journey, Thales has forged alliances with governments, businesses, and organizations, creating a collaborative ecosystem that enhances technological and business development. It has adapted to local markets and the unique needs and challenges of the region, offering solutions that address every requirement.
“We are excited to celebrate this important milestone in our journey in Central America and the Caribbean. This achievement reinforces Thales’ strong commitment to supporting the region in its crucial moments. We drive its technological transformation and strengthen its future with advanced security solutions, ranging from coastal surveillance and border security systems to urban protection, cybersecurity, critical infrastructure, and specialized solutions for airports and airlines” said Ariane Andreani, Country Director of Thales for Central America and the Caribbean.
“Our commitment to local presence, innovation, and continuous improvement has been key to successfully serving our clients and partners. We thank them for their support over the years and are committed to continuing to build together in the years to come” she added.
About Thales
Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace, and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive. The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G. Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4 billion.
Headline: Thales Alenia Space and NIBE sign a satellite supply contract for NIBE’s Earth observation constellation project
With this first satellite supply contract, NIBE aims to launch its first high-resolution optical satellite by 2025
Cannes, February 6th, 2025 – Thales Alenia Space, the joint venture between Thales (67%) and Leonardo (33%), has signed a contract with NIBE Space (a subsidiary of NIBE Limited) concerning the supply of a high-resolution optical satellite, marking the first step in NIBE’s Earth Observation constellation project. This initial contract aims to establish the first operational Earth observation’s capabilities for NIBE in India by 2025.
This achievement reinforces the partnership initiated in 2024 between Thales Alenia Space and NIBE, for the deployment of India’s first private Earth Observation constellation.
The contract was signed today in Pune during a ceremony graced by the presence of Honorable Chief Minister of Maharashtra Shri Devendra Fadnavis. BlackSky also signed a service agreement for subscription-based imagery and analytics to deliver space-based monitoring services supporting NIBE’s various Indian customers.
“I am extremely pleased that Thales Alenia Space will contribute to developing sovereign Earth Observation capabilities in India,” said Hervé Derrey, CEO of Thales Alenia Space. “Supporting the deployment of India’s first private Earth observation constellation means a lot to our company as this is Thales Alenia Space’s first cooperation on an Indian space program. I would like to thank NIBE for putting its trust in our company. We look forward to making available our long-standing expertise and industrial capabilities in optical and radar sensors and start a promising Space cooperation with India.”
“We are proud to see our partnership with Thales Alenia Space take another concrete step forward with the signing of the contract for a high-resolution optical satellite. This is part of our larger national endeavor, aligned with the Aatmanirbhar Bharat vision, to bolster India’s position as a leader in space technology and applications,” said Ganesh Nibe, Chairman & Managing Director of NIBE Limited. “With Thales Alenia Space’s vast global expertise and experience, we look forward to taking India’s space capabilities to newer heights.”
About NIBE Limited:
Established in 2021 under the leadership of Mr. Ganesh Ramesh Nibe, the company and its subsidiaries specialise in manufacturing a wide spectrum of Critical Components catering to the Defence industry such as fabrication of structures and sub-assemblies for programmes such as Modular Bridge, Rudder blade assembly, Pinaka launcher and MRSAM launcher for tri-services of Indian defence, to components of Electronic systems, Small arms (such as assault rifles and LMGs), and Space projects for domestic as well as international applications.
NIBE Limited along with its subsidiaries is committed towards continuously refining and adapting its approach, positioning itself as a leader in the defence industry. Moreover, in alignment with the vision of Atmanirbhar Bharat, NIBE Limited extends its commitment to fostering self-reliance in the defence sector.
About THALES ALENIA SPACE
Drawing on over 40 years of experience and a unique combination of skills, expertise and cultures, Thales Alenia Space delivers cost-effective solutions for telecommunications, navigation, Earth observation, environmental management, exploration, science and orbital infrastructures. Governments and private industry alike count on Thales Alenia Space to design satellite-based systems that provide anytime, anywhere connections and positioning, monitor our planet, enhance management of its resources, and explore our Solar System and beyond. Thales Alenia Space sees space as a new horizon, helping to build a better, more sustainable life on Earth. A joint venture between Thales (67%) and Leonardo (33%), Thales Alenia Space also teams up with Telespazio to form the parent companies’ Space Alliance, which offers a complete range of services. Thales Alenia Space posted consolidated revenues of approximately €2.2 billion in 2023 and has around 8,600 employees in 8 countries, with 16 sites in Europe.
Galleries and art museums can be intimidating and alienating even for adults. Imagine it from a child’s point of view. Stern security guards in uniforms stationed the doors, bags checked, snacks banned and people hushed. It’s no wonder that kids groan when an excursion to the gallery comes up.
An increasing number of galleries are rethinking their approach, asking what it takes to be welcoming and engaging for the younger generation. Children should be welcomed and visible in gallery spaces. Their experiences now shape the citizens they will become in the future. Viewing art helps develop their identity and creativity, and a more nuanced understanding of the world.
The first step in making change is to recognise that children are current and active cultural citizens who can offer valuable perspectives, ideas and youthful energy. Through thoughtful design and programming, the younger generation is told their presence in the gallery is valued.
Here are some ways galleries are rising to the challenge and making children more welcome – and more valued – in our cultural spaces.
Setting the tone
The entrance to a gallery sets the tone for a young visitor. Are they greeted warmly and made to feel welcome, or does their arrival feel like an intrusion?
Some simple adjustments such as less intimidating bag checks, clear signage, and designated stroller parking create a more welcoming environment. Replacing uniformed security guards with friendly guides and training reception staff to acknowledge and engage with young visitors make a huge difference.
Inciting curiosity and interaction at the front door is another way to invite children into the space. Displaying eye-catching and intriguing sculptural works at the entry or in the foyer builds a sense of anticipation and interest.
The iconic water wall at the National Gallery of Victoria signals to children that there are wonders to touch and explore inside.
Children don’t come alone
Children come to galleries with parents, siblings, schools or community groups. Galleries that consider how these varied age groups move through the space can greatly enhance the overall experience.
Programming designed with the whole family in mind means parents and kids can share cultural experiences. Well designed workshops, interactive exhibits and events appeal to mixed aged groups.
The Art Gallery of New South Wales regularly stages all-ages concerts with popular DJs and live music, building positive associations with the gallery for the whole family.
Incorporating a variety of spaces and experiences extend the duration and frequency of family visits. Some children need low sensory sessions with reduced stimuli to enjoy their visit. Others can use adjacent outdoor spaces and robust sculpture gardens to burn off excess energy, share lunch or even splash in some pink water.
These spaces are designed with kids in mind, engaging the senses and creating participatory ways of experiencing art. The way children encounter the work helps young children learn about the diverse and creative approaches and perspectives of artists in an engaging context.
The interactive experiences and programming mean children can explore their imagination and creativity and form a personal connections with the arts.
What about the older kids? Can they see themselves in the gallery? Teens need to connect, collaborate and to be included in cultural narratives in ways that are relevant to them.
Programs tailored for teens, such as workshops or art-making sessions, move beyond passive observation and encourage self expression and participation.
Installation view of Top Arts 2024 on display at The Ian Potter Centre: NGV Australia from 14 March to 14 July. Photo: Kate Shanasy
Ambitious teen programs, like the out-of-hours teen parties in the National Gallery of Victoria or the youth council at the National Gallery of Australia, empower young people to interact with art and the institution in ways that are meaningful for them.
Exhibiting the best artwork from the year 12 graduating students is another effective way to demonstrate to teens their perspectives and presence matters. Seeing creative work by their age group displayed in a gallery builds confidence and demonstrates to older adults how much the younger generation have to contribute.
Growing lifelong learners
Galleries are unique learning environments, able to engage with and activate the school curriculum and develop essential skills like social and emotional capabilities and creative and critical thinking skills.
New institutions can consider how to meaningfully engage with children in the design phase, but even existing galleries can reconfigure and retrofit their spaces and exhibitions to enable kids to learn.
Neo at the Art Gallery of South Australia, Adelaide. Photo: Sam Roberts
Specifically designed studios, creative technology, classrooms and presentation areas open the doors to cultural exploration. Positive exposure fosters a sense of stewardship ensuring that future generations value and support the arts.
Intentionally designed spaces and programming ensure that children are not only welcomed but inspired to return – again and again – throughout their lives.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Source: The Conversation (Au and NZ) – By Kerrie Sadiq, Professor of Taxation, QUT Business School, and ARC Future Fellow, Queensland University of Technology
The authors conclude the evidence for these tax breaks is “mixed at best”. They say that income tax breaks used during the global financial crisis increased investment significantly, however:
[there is] no substantial evidence that other policies, including those implemented during the pandemic, increased investment.
In an election year, further promises of tax breaks for businesses are likely. The Coalition has already announced a tax break for meals and entertainment. But are they a good idea, and at what cost do these promises come?
Small business in Australia
Small businesses with fewer than 20 employees make up 97% of all Australian businesses. More than 92% of Australian businesses have an annual turnover of less than A$2 million. It is these businesses that are doing it tough.
These businesses are offered tax breaks for spending on capital assets such as equipment or vehicles. For the 2023-24 tax year, they can immediately write off the cost of eligible assets up to $20,000. In the May 2024 Budget, the government announced that the tax break would be extended to the 2024-25 tax year.
When a small business is operated as a company, the base tax rate is 25%. This effectively means that the business still contributes 75% of the cost of the asset. This requires businesses to have the cash flow to invest. Even if there is cash flow, businesses may not want to spend on large purchases.
It’s a question of trade-offs
Investment tax breaks are also costly in terms of government tax revenue. Each year, the Treasury estimates the cost of tax breaks. These tax breaks are known as tax expenditures.
For the 2023-34 tax year, the instant write-off tax break for small businesses is estimated to cost more than $4 billion by reducing taxes collected.
Tax expenditures are normally designed to offer incentives to one group of taxpayers. However, they come at the expense of broader groups of taxpayers and at a cost of lost revenue to the government. This is money that could be spent through direct spending programs.
Tax expenditures can be thought of as government spending programs hidden in plain sight.
The current government introduced the latest instant asset write-off to improve cash flow and reduce compliance costs for small business. As the RBA discussion paper notes, these types of incentives are also designed to encourage additional business investment.
However, that study indicates this is not being achieved. They suggest the reasons may be the tax policies themselves or differences in the economic environment. Put simply, businesses may not want to invest.
If the stated benefits are not realised, the result is less tax collected. Take the $4 billion cost above. Without the incentive, the government would have an additional $4 billion to spend. The $4 billion in 2023-24 could have been directed to funding small businesses through a direct spending program.
Targeted programs
The RBA discussion paper highlights the need to determine whether investment tax breaks achieve their intended benefits. Many factors must be considered, and assessing the influence on the economy is vital.
However, evaluating these measures within the tax system means that important questions are not asked. This includes whether the benefits are distributed fairly, whether the program targets the right group of taxpayers, and whether there are unintended distorting effects.
The government’s “Future Made in Australia” contains two examples. Its economic plan to support Australia’s transition to a net zero economy contains two tax incentives, one for hydrogen production and another for critical minerals.
The proposed hydrogen production tax incentive is estimated at a cost to the budget of $6.7 billion over ten years. The measure will provide a $2 incentive per kilogram of renewable hydrogen produced for up to ten years. Eligible companies will get a credit against their income tax liability.
The proposed critical minerals production tax incentive is estimated to cost the budget $7 billion over ten years. Eligible companies will get a refundable tax offset of 10% of certain expenses relating to processing and refining 31 critical minerals listed in Australia.
Support for tax breaks
Tax breaks for businesses, such as the immediate write-off, disproportionately benefit those that spend. Often, this is by design. If this is a government objective, supported by the general population, then it is viewed as a good use of public money.
The same principle applies to tax breaks in the Government’s Future Made in Australia plan. A government objective is to transition to a net zero economy. A stated priority is to attract “investment to make Australia a leader in renewable energy, adding value to our natural resources and strengthening economic activity”.
The question remains as to whether tax breaks are the best way to achieve this. The answer often changes when viewed as a direct spending program.
Kerrie Sadiq currently receives funding from the Australian Research Council. She has previously received research grants from CPA and CAANZ.
Ashesha Weerasinghe does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.
Jordan Mailata is an Australian-born NFL star who plays for the Philadelphia Eagles as an offensive left tackle. This position favours very tall, heavy and strong athletes who also possess good footwork, agility and tactical awareness.
His main job is to protect his quarterback and provide gaps for his running backs to run through.
Mailata is one of four Australians to play in a Super Bowl, with the others being punters (kickers) Ben Graham, Arryn Siposs and Mitch Wishnowsky.
Unfortunately, no Australian has won the game that matters most every year but Mailata has a chance in his second Super Bowl, against the Kansas City Chiefs on Monday morning.
So, how did Mailata reach the pinnacle of his “new” sport?
Mailata’s initial sporting success came in rugby league.
He played in the Canterbury Bankstown Bulldogs under-18 team and was offered a contract by the South Sydney Rabbitohs under-20 team. Both of these clubs are part of the elite National Rugby League (NRL) competition.
Mailata, who still hadn’t reached his 21st birthday when offered the Rabbitohs contract, stood out as a giant even in professional rugby league circles at 203cm and 147 kilograms.
Ultimately, this resulted in some of the South Sydney staff and sport agents suggesting American football might be a better option for someone of his stature and physical capacities.
Tranasferring his talent
This brings us to what is known as “talent transfer”.
In high-performance sport, talent transfer refers to a high-level athlete from one sport transferring to another based on their existing skills and physical capacities.
This can be done for a number of reasons, like injury, burnout, loss of interest, or, in the case of Mailata, finding another sport that would suit their physicality better.
For talent transfer to be successful, there needs to be a lot of similarities between the two sports in areas such as skill requirements (kicking, passing, tackling), physical traits (height, mass) and physiological demands (aerobic vs anaerobic).
These similarities can allow athletes to capitalise on their previous training to succeed in their new sport faster and to a higher level than their competitors.
The similarities between American football and rugby (league and union) – such as catching and kicking an oval-shaped ball, evading or running through defenders and full-body tackling – would have benefited a mature athlete like Mailata to transfer from one code to another.
A whole new ball game
His transition from a monster-sized rugby league player in Australia to a more regular-sized offensive tackle in the NFL was initially facilitated through the NFL International Player Pathway (IPP) program.
The IPP was established in 2017 to provide high performance adult athletes from all over the world (like Mailata) the opportunity to learn the complexities of American football and increase the number of international players in the NFL.
The program has been highly successful, with 37 international players signing with NFL teams, of which 18 are currently on NFL rosters.
When Mailata was drafted to the NFL in 2018, he had to work on many aspects of his body to meet the physical challenges of playing in the NFL against other exceptionally massive and strong athletes.
He also had to learn a range of sport-specific technical and tactical skills.
As a part of the IPP, he started working with coaches including Jeff Stoutland, the Philadelphia Eagles offensive line coach.
Stoutland took Mailata into the classroom, teaching him the intricacies of offensive line play including protection and run schemes. These lessons extended into what footwork patterns he would need to master, where and how to position his body when initiating contact and how to use his hands to control the defensive line.
Such skills are the bread and butter of the offensive line – these athletes provide the quarterback time to make key passing decisions and increase the chance of their running backs making big yards on their carries.
Mailata has also mentioned how Strickland taught him the importance of critically watching NFL games, initially to learn the technicalities of the sport and now to further refine his performance against the best defensive lines.
The next wave
In addition to the IPP that looks at talent transfer from adult athletes, the NFL has developed the NFL Academy for school-aged children.
The first academy was based at Loughborough University in the United Kingdom and the second was developed at A.B. Patterson College on the Gold Coast.
These academies combine full-time education with intensive American football training in the hope of promoting pathway opportunities at US colleges.
Hopefully, these academies will see more young Australians transferring their skills and following Mailata into the NFL.
The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
A humpback whale mother and calf on the New Caledonian breeding grounds.
Mark Quintin
All known human languages display a surprising pattern: the most frequent word in a language is twice as frequent as the second most frequent, three times as frequent as the third, and so on. This is known as Zipf’s law.
Researchers have hunted for evidence of this pattern in communication among other species, but until now no other examples have been found.
In new research published today in Science, our team of experts in whale song, linguistics and developmental psychology analysed eight years’ of song recordings from humpback whales in New Caledonia. Led by Inbal Arnon from the Hebrew University, Ellen Garland from the University of St Andrews, and Simon Kirby from the University of Edinburgh, We used techniques inspired by the way human infants learn language to analyse humpback whale song.
We discovered that the same Zipfian pattern universally found across human languages also occurs in whale song. This complex signalling system, like human language, is culturally learned by each individual from others.
Learning like an infant
When infant humans are learning, they have to somehow discover where words start and end. Speech is continuous and does not come with gaps between words that they can use. So how do they break into language?
Thirty years of research has revealed that they do this by listening for sounds that are surprising in context: sounds within words are relatively predictable, but between words are relatively unpredictable. We analysed the whale song data using the same procedure.
A breaching humpback whale in New Caledonia. Operation Cetaces
Unexpectedly, using this technique revealed in whale song the same statistical properties that are found in all languages. It turns out both human language and whale song have statistically coherent parts.
In other words, they both contain recurring parts where the transitions between elements are more predictable within the part. Moreover, these recurring sub-sequences we detected follow the Zipfian frequency distribution found across all human languages, and not found before in other species.
Whale song recording (2017) Operation Cetaces916 KB(download)
Close analysis of whale song revealed statistical structures similar to those found in human language. Operation Cetaces
How do the same statistical properties arise in two evolutionarily distant species that differ from one another in so many ways? We suggest we found these similarities because humans and whales share a learning mechanism: culture.
A cultural origin
Our findings raise an exciting question: why would such different systems in such incredibly distant species have common structures? We suggest the reason behind this is that both are culturally learned.
Cultural evolution inevitably leads to the emergence of properties that make learning easier. If a system is hard to learn, it will not survive to the next generation of learners.
There is growing evidence from experiments with humans that having statistically coherent parts, and having them follow a Zipfian distribution, makes learning easier. This suggests that learning and transmission play an important role in how these properties emerged in both human language and whale song.
So can we talk to whales now?
Finding parallel structures between whale song and human language may also lead to another question: can we talk to whales now? The short answer is no, not at all.
Our study does not examine the meaning behind whale song sequences. We have no idea what these segments might mean to the whales, if they mean anything at all.
A competitive pod of humpback whales on the New Caledonian breeding grounds. Operation Cetaces
It might help to think about it like instrumental music, as music also contains similar structures. A melody can be learned, repeated, and spread – but that doesn’t give meaning to the musical notes in the same way that individual words have meaning.
Next up: birdsong
Our work also makes a bold prediction: we should find this Zipfian distribution wherever complex communication is transmitted culturally. Humans and whales are not the only species that do this.
We find what is known as “vocal production learning” in an unusual range of species across the animal kingdom. Song birds in particular may provide the best place to look as many bird species culturally learn their songs, and unlike in whales, we know a lot about precisely how birds learn song.
Equally, we expect not to find these statistical properties in the communication of species that don’t transmit complex communication by learning. This will help to reveal whether cultural evolution is the common driver of these properties between humans and whales.
Ellen Garland received funding from the following grants for this work:
Royal Society University Research Fellowship (UF160081 and
URFR221020), Royal Society Research Fellows Enhancement
Award (RGFEA180213), Royal Society Research Grants for
Research Fellows 2018 (RGFR1181014), National Geographic
Grant (NGS-50654R-18), Carnegie Trust Research Incentive Grant
(RIG007772), British Ecological Society Small Research Grant
(SR18/1288), and School of Biology Research Committee funding.
Inbal Arnon, Jenny Allen, and Simon Kirby do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.
Responding to Google’s decision to remove its prohibition on artificial intelligence (AI) being used for developing weapons and surveillance tools, Matt Mahmoudi, Researcher and Adviser on Artificial Intelligence and Human Rights, said:
“AI-powered technologies could fuel surveillance and lethal killing systems at a vast scale, potentially leading to mass violations and infringing on the fundamental right to privacy. Google’s decision to reverse its ban on AI weapons enables the company to sell products that power technologies including mass surveillance, drones developed for semi-automated signature strikes, and target generation software that is designed to speed up the decision to kill.
Matt Mahmoudi, Researcher and Adviser on Artificial Intelligence and Human Rights
“Google must urgently reverse recent changes in AI principles and recommit to refraining from developing or selling systems that could enable serious human rights violations.
“It is also essential that state actors establish binding regulations governing the deployment of these technologies grounded in human rights principles. The facade of self-regulation perpetuated by tech companies must not distract us from urgent need to create robust legislation that protects human rights.”
Amnesty International’s research has documented how facial recognition systems amplify racially discriminatory policing and threatens the right to protest.
In 2019, Amnesty International’s research revealed how Google’s surveillance-based business model is inherently incompatible with the right to privacy and poses a threat to a range of other rights including freedom of opinion and expression, freedom of thought, and the right to equality and non-discrimination.
Prime Minister Shri Narendra Modi’s reply to the Motion of Thanks on the President’s Address in Rajya Sabha Sabka Saath, Sabka Vikas is our collective responsibility: PM
The people of the country have understood, tested and supported our model of development: PM
Santushtikaran over Tushtikaran, After 2014, the country has seen a new model and this model is not of appeasement but of satisfaction: PM
The mantra of our governance is – Sabka Saath, Sabka Vikas: PM
India’s progress is powered by Nari Shakti: PM
We are Prioritising the welfare of the poor and marginalised: PM
We are Empowering the tribal communities with PM-JANMAN: PM
25 crore people of the country have moved out of poverty and become part of the neo middle class, Today, their aspirations are the strongest foundation for the nation’s progress: PM
The middle class is confident and determined to drive India’s journey towards development: PM
We have focused on strengthening infrastructure across the country: PM
Today, the world recognises India’s economic potential: PM
Posted On: 06 FEB 2025 8:41PM by PIB Delhi
The Prime Minister, Shri Narendra Modi replied to the Motion of Thanks on the President’s Address to Parliament in the Rajya Sabha today. Addressing the House, the Prime Minister remarked that the President’s address covered India’s achievements, global expectations from India, and the confidence of the common man in building a developed India. He remarked that the President’s speech was inspiring, impactful, and provided guidance for future work. He expressed his gratitude to the President for the address.
Shri Modi said that over 70 honorable MPs have enriched the motion of thanks with their valuable thoughts. He noted that discussions took place from both sides, with everyone explaining the President’s address based on their understanding. The Prime Minister mentioned that a lot has been said about Sabka Saath, Sabka Vikas, and he found it difficult to understand the complexities involved. He emphasized that Sabka Saath, Sabka Vikas is our collective responsibility, and that’s why the country has given them the opportunity to serve.
Thanking the people of India for giving them the opportunity to serve them continuously since 2014, Shri Modi said this was a testimony to our model of development which has been tested, understood and supported by the people. He added the phrase ‘Nation First’ signified their model of development and this was exemplified in the policies, schemes and actions of the Government. Noting that there was a need of alternate model of governance and administration after a long hiatus of 5 – 6 decades after independence, Shri Modi said that country has received an opportunity to witness a new model of development, since 2014, based on satisfaction (Santushtikaran) over appeasement (Tushtikaran).
“It has been our earnest effort to ensure optimum utilization of the resources in India”, said the Prime Minister. He added that to ensure that the time of India was also not wasted but utilized for the development of the nation and the welfare of the people. Therefore, he added, “We have adopted the Saturation Approach”. He remarked that the motive behind the approach was to ensure 100% benefits to the true beneficiaries of the scheme. Highlighting that the true spirit of “Sabka Saath, Sabka Vishwas” has been implemented on the ground in the past decade, Shri Modi said that it is now evident as the efforts have led to the fruition in the form of development and progress. “Sabka Saath, Sabka Vishwas is the main mantra of our Governance”, he added. The Prime Minister emphasized that the Government had shown its commitment by strengthening the SC, ST Act which would empower the poor and the tribals by enhancing their respect and security.
Lamenting that there is a lot of effort being made in today’s time to spread the poison of casteism, the Prime Minister reminded that for the past three decades, OBC MPs from various parties of both houses have been demanding constitutional status for the OBC Commission. He added that it was their Government that granted constitutional status to the OBC Commission. He highlighted that the respect and honour of the Backward Classes was also important for their Government as they worship 140 crore Indians.
Remarking that whenever the topic of reservation has arisen in the country, efforts to solve the problem in a robust manner have not been undertaken, Shri Modi highlighted that in every instance, methods to divide the country, create tension, and foster enmity against each other were adopted. He emphasized that similar approaches were used even after the country attained independence. The Prime Minister highlighted that for the first time, his government presented a model inspired by the mantra of Sabka Saath, Sabka Vikas, providing nearly 10% reservation for the economically weaker sections without any tension or deprivation. He stated that this decision was welcomed by the SC, ST, and OBC communities, with no one expressing any discomfort. The Prime Minister noted that the implementation method, based on the principle of Sabka Saath, Sabka Vikas, was carried out in a healthy and peaceful manner, leading to nationwide acceptance of the decision.
Highlighting that Divyangs or specially-abled individuals in the country have not received the attention they deserve, the Prime Minister highlighted that under the mantra of Sabka Saath, Sabka Vikas, his Government has extended reservation for the differently-abled and worked in mission mode to provide facilities for them. He mentioned that numerous welfare schemes have been created and implemented for the benefit of specially-abled individuals. Furthermore, Shri Modi emphasized the efforts made for the legal rights of the transgender community, highlighting the commitment to ensuring their rights through robust legal measures. He remarked that the Government’s approach to Sabka Saath, Sabka Vikas is demonstrated through their compassionate consideration towards marginalized sections of society.
“India’s progress is powered by Nari Shakti”, exclaimed Shri Modi. He highlighted that if women are given opportunities and become part of policy-making, it can accelerate the country’s progress. He remarked that this is why the Government’s first decision in the new Parliament was dedicated to the honor of Nari Shakti. Shri Modi pointed out that the new Parliament will be remembered not just for its appearance but for its first decision, which was a tribute to the Nari Shakti. He stated that the new Parliament could have been inaugurated differently for the sake of praise, but instead, it was dedicated to the honor of women. He highlighted that the Parliament has commenced its work with the blessings of Nari Shakti.
Remarking that Dr. Babasaheb Ambedkar was never considered worthy of the Bharat Ratna by the previous Governments, Shri Modi highlighted that despite this, the people of the country have always respected Dr. Ambedkar’s spirit and ideals. He emphasized that due to this respect from all sections of society, everyone from all parties are now compelled to say “Jai Bhim,” albeit reluctantly.
Shri Modi said that Dr. Babasaheb Ambedkar deeply understood the fundamental challenges faced by the SC and ST communities, having personally experienced the pain and suffering. He highlighted that Dr. Ambedkar presented a clear roadmap for the economic upliftment of these communities. Reading a quote from Dr. Ambedkar, stating that “While India is an agrarian country, agriculture cannot be the main livelihood for Dalits”, the Prime Minister noted that Dr. Ambedkar identified two reasons: first, the inability to purchase land, and second, even with money, there were no opportunities to buy land. He emphasized that Dr. Ambedkar advocated for industrialization as a solution to this injustice faced by Dalits, tribals, and marginalized groups. He highlighted that Dr. Ambedkar believed in promoting skill-based jobs and entrepreneurship for economic self-reliance. He mentioned that the vision of Dr. Ambedkar was not considered and completely dismissed for many decades after independence. He emphasized that Dr. Ambedkar aimed to eliminate the economic hardships of the SC and ST communities.
Pointing out that in 2014, his Government prioritized skill development, financial inclusion, and industrial growth, the Prime Minister highlighted the introduction of the PM Vishwakarma Yojana, aimed at traditional artisans and craftsmen like blacksmiths and potters, who are essential to society’s foundation and scattered across villages. He emphasized that for the first time, there was concern for this section of society, providing them with training, technological upgrades, new tools, design assistance, financial support, and market access. He remarked that his government launched a special campaign to focus on this neglected group, acknowledging their significant role in shaping society.
“Our Government introduced the MUDRA scheme to invite and encourage first-time entrepreneurs”, said Shri Modi and highlighted the large-scale campaign of providing loans without guarantees to help a significant section of society achieve their dreams of Atmanirbharta (self-reliance), which has seen great success. He also mentioned the Stand Up India scheme, aimed at providing loans of up to ₹1 (one) crore without guarantees to SC, ST, and women from any community, to support their enterprises. He noted that this year, the budget for this scheme has been doubled. The Prime Minister observed that millions of young people from marginalized communities and many women have started their businesses under the MUDRA scheme, not only securing employment for themselves but also creating jobs for others. He highlighted the empowerment of every artisan and every community, fulfilling Dr. Babasaheb Ambedkar’s dream through the MUDRA scheme.
Emphasising his commitment to the welfare of the poor and marginalized, stating that those who were ignored are now being prioritized, Shri Modi highlighted that the current budget has touched upon various small sectors such as the leather and footwear industries, benefiting the poor and marginalized communities. Citing an example, the Prime Minister mentioned the toy industry, noting that many people from marginalized communities are involved in toy making. The Government has focused on this sector, providing various forms of assistance to poor families. The result is a significant increase in toy exports, which have tripled, benefiting the underprivileged communities that rely on this industry for their livelihood.
Highlighting the significant contribution of the fishing community in India, the Prime Minister remarked that the Government has established a separate ministry for fishermen and extended the benefits of the Kisan Credit Card to them. He noted that around ₹40,000 crore have been included in the fisheries sector. He emphasized that these efforts have doubled fish production and exports, directly benefiting the fishing community. The Prime Minister reiterated the Government’s priority to work for the welfare of the most neglected sections of society.
Remarking that there are new efforts to spread the poison of casteism, which affects our tribal communities in various levels, the Prime Minister highlighted that some groups have very small populations, spread across 200-300 places in the country, and are highly neglected. He expressed gratitude for the guidance from the President, who has close knowledge of these communities. Shri Modi noted that special efforts have been made to include these particularly vulnerable tribal groups in specific schemes. He mentioned the introduction of the PM Janman Yojana, with an allocation of ₹24,000 crore, to provide facilities and welfare measures for these communities. The goal is to elevate them to the level of other tribal communities and eventually bring them on par with the entire society.
“Our Government has also focused on different regions of the country that face significant backwardness, such as border villages”, said Shri Modi. He highlighted the psychological shift brought about by the Government, ensuring that border villagers are prioritized. He emphasized that these villages, where the first and last rays of the sun touch, have been given special status as “first villages” with specific development plans. The Prime Minister noted that ministers were sent to remote villages to stay for 24 hours, even in extreme conditions like minus 15 degrees, to understand and address the villagers’ problems. He mentioned that village leaders from these border areas are invited as guests on national celebrations like Independence Day and Republic Day. He stressed on the Government’s commitment to Sabka Saath, Sabka Vikas and the ongoing efforts to reach every neglected community. Shri Modi highlighted the importance and utility of the Vibrant Villages program for the nation’s security, emphasizing the government’s continued focus on it.
The Prime Minister noted that the President in her address, on the occasion of 75 years of the Republic, urged everyone to take inspiration from the constitution makers. He expressed satisfaction that the Government is moving forward with respect and inspiration from the sentiments of the constitution makers. Addressing the topic of the Uniform Civil Code (UCC), Shri Modi remarked that those who read the debates of the Constituent Assembly would understand the efforts to bring forth those sentiments. He acknowledged that some might have political objections, but the Government is committed to fulfilling this vision with courage and dedication.
Emphasizing the importance of respecting the constitution makers and drawing inspiration from their words, the Prime Minister expressed regret that the sentiments of the constitution makers were disregarded immediately after independence. He highlighted that an interim arrangement, which was not an elected government, made amendments to the constitution without waiting for an elected Government to do so. He remarked that the freedom of speech was curbed and restrictions were imposed on the press while claiming to uphold democracy, by the then Government. He stated that this was a complete disregard for the spirit of the constitution.
Shri Modi highlighted that during the tenure of the first government of independent India, led by Prime Minister Jawaharlal Nehru, there were instances of suppression of freedom of speech. He mentioned that during a workers’ strike in Mumbai, renowned poet Shri Majrooh Sultanpuri sang a poem criticizing the Commonwealth, which led to his imprisonment. He also pointed out that famous actor Shri Balraj Sahni was jailed merely for participating in a protest march. He further highlighted that Lata Mangeshkar’s brother, Shri Hridaynath Mangeshkar, faced repercussions for planning to present a poem by Veer Savarkar on All India Radio. He remarked that merely for this reason, Hridaynath Mangeshkar was permanently dismissed from All India Radio.
Touching upon the experiences in the country during the period of Emergency, during which the constitution was crushed and its spirit trampled upon for the sake of power, Shri Modi emphasized that the nation remembers this. He highlighted that during the Emergency, the renowned senior actor Shri Dev Anand was requested to publicly support the Emergency. Shri Dev Anand showed courage and refused to support it, leading to a ban on all his films on Doordarshan. The Prime Minister criticized those who talk about the constitution but have kept it in their pockets for years, showing no respect for it. He highlighted that Shri Kishore Kumar refused to sing for the then ruling party and as a consequence, all of his songs were banned on All India Radio.
Remarking that he cannot forget the days of the Emergency, the Prime Minister emphasized that those who talk about democracy and human dignity are the same people who, during the Emergency, handcuffed and chained great personalities of the country, including Shri George Fernandes. He highlighted that even members of Parliament and national leaders were bound in chains and handcuffs during this period. He stated that the word “constitution” does not suit them.
Shri Modi remarked that, for the sake of power and the arrogance of a royal family, millions of families in the country were devastated, and the nation was turned into a prison. He emphasized that a long struggle ensued, forcing those who considered themselves invincible to bow down to the people’s strength. The Prime Minister noted that the Emergency was lifted due to the democratic spirit embedded in the veins of the Indian people. Remarking that he holds senior leaders in high regard and respects their long public services, the Prime Minister noted the achievements of leaders like Shri Mallikarjun Kharge and former Prime Minister Shri Deve Gowda.
Highlighting that the empowerment of the poor and their upliftment has never been as extensive as it has been during his Government’s tenure, Shri Modi remarked that the Government has designed schemes aimed at empowering the poor and enabling them to overcome poverty. He expressed his faith in the potential of the country’s poor, stating that given the opportunity, they can overcome any challenge. He emphasized that the poor have demonstrated their capability by taking advantage of these schemes and opportunities. “Through empowerment, 25 crore people have successfully risen out of poverty, which is a matter of pride for the Government”, he added. The Prime Minister noted that those who have emerged from poverty have done so through hard work, trust in the Government, and leveraging the schemes and today, they have formed a neo-middle class in the country.
Emphasising the Government’s strong commitment to the neo-middle class and middle class, the Prime Minister remarked that their aspirations are a driving force for the country’s progress, providing new energy and a solid foundation for national development. He highlighted efforts to enhance the capabilities of the middle class & neo-middle class. He noted that a significant portion of the middle class has been exempted from taxes in the current budget. In 2013, the income tax exemption limit was up to ₹2 lakh, but it has now been increased to ₹12 lakh. The Prime Minister mentioned that individuals over 70 years of age, from any class or community, are benefiting from the Ayushman Bharat scheme, with significant advantages for the elderly in the middle class.
“We have built four crore houses for citizens, with over one crore houses constructed in cities”, said Shri Modi. He remarked that there used to be significant fraud affecting home buyers, making it essential to provide protection. He emphasized that the enactment of the Real Estate (Regulation and Development) (RERA) Act in this Parliament has become a crucial tool in overcoming obstacles to the dream of home ownership for the middle class. The Prime Minister noted that the current budget includes the SWAMIH initiative, which allocates ₹15,000 crore to complete stalled housing projects, where the middle class’s money and facilities were stuck. He highlighted that this initiative aims to fulfill the dreams of the middle class.
Pointing to the startup revolution, which has gained global recognition, the Prime Minister said that these startups are primarily driven by young people from the middle class. He remarked that the world is increasingly attracted to India, especially due to the G20 meetings held in 50-60 locations across the country. He emphasized that this has revealed the vastness of India beyond Delhi, Mumbai, and Bengaluru. He pointed out that the growing global interest in Indian tourism brings numerous business opportunities, greatly benefiting the middle class by providing various income sources.
“The middle class today is filled with confidence, which is unprecedented and greatly strengthens the nation”, said Shri Modi. He expressed his firm belief that the Indian middle class is determined and fully prepared to realize the vision of a developed India, standing strong and moving forward together.
Highlighting that the youth play a crucial role in building a developed India, the Prime Minister emphasized the demographic dividend, noting that students currently in schools and colleges will be the primary beneficiaries of a developed nation. He remarked that as the youth age, the country’s development journey will progress, making them a significant foundation for a developed India. He underscored that, over the past decade, strategic efforts have been made to strengthen the youth base in schools and colleges. He pointed out that for the past 30 years, there was little thought given to 21st-century education, and the previous attitude was to let things continue as they were. Shri Modi highlighted that the new National Education Policy (NEP) was introduced after almost three decades to address these issues. He mentioned that various initiatives under this policy, including the establishment of PM Shri Schools, aim to revolutionize education. He noted that approximately 10,000 to 12,000 PM Shri Schools have already been established, with plans to create more in the future. He also emphasized an important decision regarding the changes in the education policy which now includes provisions for education and examinations to be conducted in the mother tongue. Underlining the lingering colonial mindset regarding language in India, he stressed the injustice faced by children from poor, Dalit, tribal, and marginalized communities due to language barriers. The Prime Minister remarked on the necessity of education in one’s mother tongue, enabling students to pursue careers as doctors and engineers irrespective of their proficiency in English. He emphasized the significant reforms undertaken to ensure that children from all backgrounds can dream of becoming doctors and engineers. Furthermore, the Prime Minister underscored the expansion of Eklavya Model Residential Schools for tribal youth, noting the increase from around 150 schools a decade ago to 470 schools today, with plans to establish over 200 more.
Further elaborating on the education reforms, Shri Modi said major reforms in Sainik Schools, introducing provisions for girls’ admission were undertaken. Emphasizing the importance and capability of these schools, he highlighted that hundreds of girls are currently studying in this patriotic environment, naturally fostering a sense of devotion to the country.
Highlighting the significant role of the National Cadet Corps (NCC) in youth grooming, the Prime Minister remarked that those who have been associated with NCC know that it provides a golden opportunity for comprehensive development and exposure at a crucial age. He emphasized the unprecedented expansion of NCC in recent years, noting that the number of cadets has increased from approximately 14 lakh in 2014 to over 20 lakh today.
Emphasising the enthusiasm and eagerness of the country’s youth to achieve something new, even beyond routine tasks, Shri Modi remarked on the Swachh Bharat Abhiyan, observing that youth groups in many cities continue to advance the cleanliness campaign with their self-motivation. He noted that some young individuals work towards education in slums and various other initiatives. Seeing this, the Prime Minister highlighted the need to provide organized opportunities for the youth, leading to the launch of the “MY Bharat” or Mera Yuva Bharat movement. Today, over 1.5 crore youths have registered and are actively participating in discussions on contemporary issues, raising awareness in society, and pursuing positive actions with their own capabilities, without the need for spoon-feeding, he added.
Touching upon the importance of sports in fostering sportsmanship and how a nation’s spirit flourishes where sports are widespread, the Prime Minister remarked that numerous initiatives have been launched to support sports talent, including unprecedented financial support and infrastructure development. He highlighted the transformative power of the Target Olympic Podium Scheme (TOPS) and the Khelo India initiative on the sports ecosystem. He added that over the past decade, Indian athletes have showcased their prowess in various sports events, with India’s youth, including young women, demonstrating the country’s strength on the global stage.
Prime Minister emphasized the significance of infrastructure in transforming a developing nation into a developed one. He highlighted that both welfare schemes and infrastructure are crucial for a country’s growth, and underscored the need for timely completion of infrastructure projects. He noted that delays lead to wastage of taxpayers’ money and deprive the nation of benefits. Criticising the previous dispensations for its culture of delays and political interference in project execution, Shri Modi mentioned the establishment of the PRAGATI platform, which he personally reviews, for detailed monitoring of infrastructure projects, including real-time videography using drones and live interaction with stakeholders. He stated that projects worth approximately ₹19 lakh Crore were stalled due to coordination issues between the state and central governments or different departments. He highlighted a study by Oxford University that praised PRAGATI and suggested other developing countries could benefit from its experiences. Citing an example from Uttar Pradesh to illustrate past inefficiencies, the Prime Minister mentioned the Saryu Canal Project, approved in 1972, which remained stalled for five decades until it was completed in 2021. Highlighting the completion of the Udhampur-Srinagar-Baramulla railway line in Jammu and Kashmir, the Prime Minister remarked that the project was approved in 1994 but remained stalled for decades. Finally, after three decades, it was completed in 2025, he added. Shri Narendra Modi highlighted the completion of the Haridaspur-Paradip railway line in Odisha. He remarked that the project was approved in 1996 but remained stalled for years which was finally completed in 2019 during the current administration’s tenure. Elaborating further, the Prime Minister highlighted the completion of the Bogibeel Bridge in Assam, approved in 1998 and completed by his Government in 2018. He remarked that he could provide hundreds of examples illustrating the detrimental culture of delays prevalent in the past. He emphasized the need for a change in culture to ensure the timely completion of such vital projects and said that the significant setbacks caused by this culture during the previous dispensation, depriving the nation of its rightful progress. Underscoring the importance of proper planning and timely execution of infrastructure projects, the Prime Minister said to address this, the PM Gati Shakti National Master Plan was introduced. He encouraged states to utilize the PM Gati Shakti platform, which includes 1,600 data layers, to streamline decision-making and accelerate project implementation. The platform has become a vital foundation for expediting infrastructure work in the country, he added.
Emphasising the necessity for today’s youth to understand the hardships their parents faced and the reasons behind the nation’s past condition, the Prime Minister remarked that without proactive decisions and actions over the past decade, the benefits of Digital India would have taken years to materialize. He highlighted that proactive decision-making and actions have enabled India to be timely and, in some cases, ahead of time. He further noted that 5G technology is now more widely available in India at one of the fastest rates globally.
Shri Modi drew attention to past experiences, highlighting that technologies such as computers, mobile phones, and ATMs reached many countries well before India, often taking decades to arrive. He remarked that even in the health sector, vaccines for diseases like smallpox and BCG were available globally while India lagged due to systemic inefficiencies. The Prime Minister attributed these delays to poor governance of the past, where critical knowledge and implementation were tightly controlled, resulting in a “license permit raj” that stifled progress. He emphasized to the youth the oppressive nature of this system, hindering the nation’s development.
Remarking on the early days of computer imports, highlighting that obtaining a license to import computers was a lengthy process that took years, the Prime Minister noted that this requirement significantly delayed the adoption of new technology in India.
Pointing to the bureaucratic challenges of the past, the Prime Minister said that even obtaining cement for house construction required permission and during weddings, even getting sugar for tea required a license. He emphasized that these challenges occurred in post-independence India and pointed that the youth of today can understand the implications, questioning who was responsible for the bribes and where the money went.
Highlighting the bureaucratic hurdles of the past, noting that purchasing a scooter required booking and payment, followed by a wait of 8-10 years, the Prime Minister remarked that even selling a scooter needed government permission. He emphasized the inefficiency in obtaining essential items, such as gas cylinders, which were distributed through coupons to MPs, and the long queues for gas connections. He noted the lengthy process for obtaining a telephone connection, stressing that today’s youth should be aware of these challenges. He remarked that those delivering grand speeches today should reflect on their past governance and its impact on the nation.
“The restrictive policies and license raj that pushed India into one of the slowest economic growth rates globally”, said Shri Modi. He remarked that this weak growth rate came to be known as the “Hindu rate of growth,” which was an insult to a large community. He emphasized that the failure was due to the incompetence, lack of understanding, and corruption of those in power, which led to the mislabeling of an entire society as responsible for the slow growth.
Criticizing the economic mismanagement and flawed policies of the past, which led to blaming and tarnishing an entire society, the Prime Minister remarked that historically, India’s culture and policies did not include restrictive license raj while Indians believed in openness and were among the first to engage in free trade globally. Shri Modi highlighted that Indian merchants traveled to distant lands for trade without any restrictions, which was part of India’s natural culture. He noted that the current global recognition of India’s economic potential and rapid growth brings pride to every Indian. “India is now seen as one of the fastest-growing countries, and the nation’s economy is expanding significantly”, he emphasised.
Underlining that the nation is now breathing easy and soaring high after breaking free from the clutches of restrictive license raj and flawed policies, the Prime Minister remarked on the promotion of the “Make in India” initiative, aimed at boosting manufacturing in the country. He mentioned the introduction of the Production Linked Incentive (PLI) scheme and reforms related to Foreign Direct Investment (FDI). He emphasized that India has become the world’s second-largest mobile phone producer, transitioning from being predominantly an importer to an exporter of mobile phones.
Emphasising India’s achievements in defense manufacturing, noting that defense product exports have increased tenfold over the past decade, the Prime Minister also highlighted the tenfold increase in solar module manufacturing. He stated “India is now the world’s second-largest steel producer” while machinery and electronic exports have seen rapid growth over the past decade. He also noted that toy exports have more than tripled, and agrochemical exports have increased significantly. “During the COVID-19 pandemic, India supplied vaccines and medicines to over 150 countries under the “Made in India” initiative”, said Shri Modi. He highlighted the rapid growth in exports of AYUSH and herbal products as well.
Remarking on the lack of efforts by the previous Government to promote Khadi, stating that even the movement started during the freedom struggle was not advanced, the Prime Minister highlighted that the turnover of Khadi and Village Industries has surpassed ₹1.5 lakh Crore for the first time. He noted that production has quadrupled in the last decade, significantly benefiting the MSME sector and creating numerous employment opportunities across the country.
Underscoring that all elected representatives are servants of the people, Shri Modi remarked that the mission of the country and society is paramount for public representatives, and it is their duty to work with a spirit of service.
Stressing on the collective responsibility of all Indians to embrace the vision of a developed India, the Prime Minister remarked that this is not just the resolve of a government or an individual but the commitment of 140 crore citizens. He warned that those who remain indifferent to this mission will be left behind by the nation. He highlighted the unwavering determination of India’s middle class and youth to propel the country forward.
Underlining the importance of everyone’s role in the nation’s progress as it reaches new heights of development, Shri Modi remarked that opposition in Government is natural and essential in a democracy, as is opposition to policies. However, he warned that extreme negativism and attempts to diminish others instead of enhancing one’s own contributions could hinder the development of India. He stressed the need to free ourselves from such negativity and engage in continuous self-reflection and introspection. He expressed confidence that the discussions in the House would yield valuable insights that will be taken forward. He concluded by acknowledging the continuous inspiration derived from the President’s address and expressed heartfelt gratitude to the President and all honorable Members of Parliament.
25 crore people of the country have moved out of poverty and become part of the neo middle class. Today, their aspirations are the strongest foundation for the nation’s progress. pic.twitter.com/0AIXj8znqC
Public Sector Banks (PSBs) show strong performance in the first three quarters (April-December) of current FY 2024-25 Highest-ever net profit of Rs 1.29 lakh crore reported by Public Sector Banks (PSBs) in the first nine months (April-December) of FY 2024-25, marking a 31.3% year-on-year growth
PSBs achieve highest ever aggregate net profit, improved asset quality, robust business growth and adequate capital buffers
Posted On: 06 FEB 2025 7:40PM by PIB Delhi
The performance of Public Sector Banks has shown significant improvement on key financial parameters during the first three quarters of the current FY 2024-25. Highlights as on 31.12.2024, are as under –
Record net profit growth of 31.3% (y-o-y) to achieve highest ever aggregate net profit of Rs. 1,29,426 Crore and aggregate operating profit of Rs. 2,20,243 Crore, in first nine months of the financial year.
Improved asset quality visible from significantly low Net NPA ratio at 0.59% (Aggregate net NPA outstanding of Rs. 61,252 Crore)
Aggregate business growth of 11.0% (y-o-y), with improved aggregate deposit growth at 9.8% (y-o-y). Total aggregate business of PSBs reached Rs. 242.27 lakh crore.
Robust credit growth of 12.4%, led by retail credit growth of 16.6%, agriculture credit growth of 12.9% and MSME credit growth of 12.5%.
Built-up of adequate capital buffers, with Aggregate Capital to Risk Weighted Assets Ratio of 14.83%, significantly above the minimum requirement of 11.5%.
PSBs are adequately capitalized and well poised to meet credit demands of all sectors of the economy, with special thrust on Agriculture, MSME and Infrastructure Sector.
The policy and process reforms have resulted in enhanced systems and processes for credit discipline, recognition and resolution of stressed assets, responsible lending, improved governance, financial inclusion initiatives, technology adoption etc. These measures have led to a sustained financial health and robustness of banking sector as a whole which is reflected in the current performance of the PSBs.
A New Dawn for Rural India’s Transformation Union Budget 2025-26 Brings Forward a Package of Hope
Posted On: 06 FEB 2025 7:32PM by PIB Delhi
Union Budget 2025-26 Brings Forward a Package of Hope
“Ensuring a dignified life for the people of rural India is the priority of my Government”
~Prime Minister Shri Narendra Modi
India is home to 6.65 lakh villages, with 2.68 lakh Gram Panchayats and Rural Local Bodies, which form the backbone of the nation’s rural landscape. These villages, scattered across the country, play a crucial role in shaping India’s rural economy and culture. The Union Budget 2025-26 recognizes the importance of these communities and places a strong emphasis on their upliftment. The budget focuses on key areas such as employment generation, women empowerment, education and infrastructure development in rural India.
Total amount allocated for the demand in the Budget Estimate (BE) for 2025-26: ₹1,88,754.53 Cr.
The Union Budget 2025-26 outlines several key initiatives aimed at driving rural development and enhancing prosperity through focused programs and investments:
Water Supply – Jal Jeevan Mission:
The Jal Jeevan Mission has been extended until 2028 with an increased focus on improving the quality of infrastructure and the operation and maintenance of rural piped water supply schemes through a citizen-centric approach, known as “Jan Bhagidhari”. The goal is to achieve 100% coverage with enhanced financial support and sustainability through state-specific MoUs.
Broadband Connectivity – Bharatnet Project:
Broadband connectivity will be expanded under the Bharatnet Project, aiming to provide all government secondary schools and primary health centers in rural areas with internet access, improving education and healthcare services.
India Post as a Catalyst for Rural Economy:
India Post will drive rural economic growth with its 1.5 lakh rural post offices, India Post Payment Bank, and 2.4 lakh Dak Sevaks. It will enhance services by offering micro-enterprise credit, digital services, and institutional account management. Furthermore, India Post will evolve into a key public logistics organization supporting entrepreneurs, MSMEs, and self-help groups.
Rural Prosperity and Resilience Program:
A comprehensive multi-sectoral ‘Rural Prosperity and Resilience’ programme will be launched in collaboration with states. This program aims to address under-employment in agriculture by promoting skill development, technology adoption, and investments to invigorate the rural economy. The mission will focus on empowering rural women, young farmers, marginalized communities, and landless families, ensuring that migration becomes a choice, not a necessity.
Through these initiatives, the Union Budget 2025-26 envisions a holistic approach to rural development, aiming for long-term growth, resilience, and self-reliance across rural India.
Positive Transformations in Rural India
Positive outcomes have been observed across various sectors as India moves toward greater prosperity. These include an increase in rural wages, wider internet connectivity in rural areas, a decline in poverty, and a reduction in consumption inequality.
National Multidimensional Poverty Index (MPI) Report: The proportion of individuals living in multidimensional poverty declined from 24.85% to 14.96% between 2015-16 and 2019-21. 13.5 crore individuals escaped multidimensional poverty during this period.
Rural Internet Connectivity: As of March 2024, India had 954.40 million internet subscribers. Out of this, 398.35 million were rural internet subscribers.
Income Distribution (Gini Coefficient): For rural areas, it declined from 0.266 in FY22-23 to 0.237 in FY23-24.
Rural Wage Growth: As per data from the Labour Bureau, rural wages in FY25 (April-September 2024) showed a growth of above 4% each month year-on-year: Agriculture wages grew by 5.7% for men and 7% for women. Non-agricultural wages grew by 5.5% for men and 7.9% for women.
Pathway to Prosperity: Key Rural Scheme Achievements
Pradhan Mantri Gram Sadak Yojana (PMGSY) – Roads: Launched in December 2000, this initiative aims to provide rural connectivity through a single all-weather road to unconnected habitations of a designated population size in the core network, enhancing the socio-economic conditions of rural communities.
Pradhan Mantri Awaas Yojana-Gramin (PMAY-G) – Housing: Launched on 20th November 2016, aiming to provide housing for the poorest segments of society.
Mission Amrit Sarovar: Launched on 24th April 2022, with an objective to conserve water for the future. The Mission aimed at developing / rejuvenating 75 Amrit Sarovar (Pond) in each district of the Country. A total of 68,843 ponds have been constructed.
National Rural Health Mission:Launched in 2005 with the objective of building public health systems to provide accessible, affordable and quality health care to the rural population.
Jal Jeevan Mission:Launched in 2019, JJM is a nationwide programme designed to provide all households in rural India with safe and adequate drinking-water through individual household tap connections. As of 27 January 2025, a total of 12.2 crore households have been provided with tap water connections.
Swachh Bharat Mission (Gramin): Launched on October 2, 2014, the initiative aimed at making India Open Defecation Free (ODF). Currently in Phase 2 the focus is on maintaining the ODF status, managing solid and liquid waste by 2024-25 and transitioning all villages from ODF to the ODF Plus model.
Saansad Adarsh Gram Yojana (SAGY):Launched on 11th October 2014, SAGY aims to preserve the essence of rural India by providing access to basic amenities and opportunities for people to shape their own futures.
Pradhan Mantri Janjati Adivasi Nyaya Maha Abhiyan (PM-JANMAN): Cabinet Approved PM-JANMAN on Nov. 2023 to improve socio-economic conditions of the Particularly Vulnerable Tribal Groups (PVTGs).
Deendayal Antyodaya Yojana – National Rural Livelihoods Mission (DAY-NRLM): Launched in 2011, the scheme aims to empower rural poor women by organizing them into Self Help Groups (SHGs) and supporting economic activities to improve their income and quality of life. Implemented in 5,369 blocks across 682 districts.
Gram Nyayalayas Act, 2008: Provide access to justice at the grassroots level in rural areas. As of October 2024, 313 Gram Nyayalayas have disposed of over 2.99 lakh cases between December 2020 and October 2024.
National Social Assistance Programme (NSAP): Launched on 15th August 1995, Provide financial assistance to vulnerable sections of society.
Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) Progress: Launched in 2005, the scheme aims to provide 100 days of guaranteed wage employment annually to rural households, enhancing livelihood security through unskilled manual work. The Budget allocation under Mahatma Gandhi NREGA has steadily risen. The budget allocation for the financial year 2006-07 was Rs 11,300 crore which increased to Rs 33,000 crore in 2013-14 and now stands at Rs 86,000 crore during FY 2024-25 at Budget estimate stage.
Conclusion
Rural India is making significant strides toward achieving a developed India by 2047, with the Union Budget serving as a key step in making it more self-reliant (Atmanirbhar). By focusing on essential areas like employment, infrastructure, and economic empowerment, the budget ensures crucial support for a prosperous and sustainable future for rural communities, paving the way for a stronger, more self-sufficient India.
Source: Hong Kong Government special administrative region
HKETO Jakarta celebrates Year of Snake in Brunei HKETO Jakarta celebrates Year of Snake in Brunei ************************************************
The Hong Kong Economic and Trade Office, Jakarta (HKETO Jakarta) hosted a Chinese New Year dinner in Brunei, today (February 6) to celebrate the Year of the Snake. Some 130 guests from the local government, business, academic, cultural and media sectors attended the event. In her welcome speech, the Director-General of the HKETO Jakarta, Miss Libera Cheng, said that commercial and people-to-people ties between Hong Kong and Brunei continued to be robust. Bilateral trade in goods amounted to US$67 million in 2023, representing an annual average growth of over 11 per cent since 2019. High-level exchanges also remained active. “Our shared common law legacy has laid a solid foundation for legal co-operation. During his visit to Brunei in September 2024, the Secretary for Justice met with leaders of the legal sector to advance collaboration on dispute avoidance and resolution pursuant to the Memorandum of Cooperation signed earlier. With the establishment of the Hong Kong Legal International Talents Training Academy in November 2024, we welcome legal talent from Belt and Road countries including Brunei to leverage this platform for deepening exchanges with Hong Kong and other jurisdictions.” Miss Cheng also introduced measures under the 2024 Policy Address for strengthening people-to-people connection between Hong Kong and the Association of Southeast Asian Nations (ASEAN), such as cultivating a Muslim-friendly tourism environment and providing self-service immigration clearance for invited persons from ASEAN countries. “We will continue to maintain close liaison with ASEAN countries including Brunei to facilitate bilateral flow of our peoples.” Dignitaries attending the dinner included the Chargé d’Affaires of the Chinese Embassy in Brunei, Mr Wang Haitao; the former Consul-General of Brunei in Hong Kong, Mrs Ainatol ZahayuMohammad; and the Director of Malaysia of the Hong Kong Trade Development Council, Ms Hoh Jee Eng. Also joining the event were the President of the Law Society of Brunei Darussalam, Haji Muhammad Zainidi bin Haji Abdul Hamid; the Secretary General of the National Chamber of Commerce and Industry of Brunei Darussalam, Haji Abdul Halim bin Haji Saim;the President of the Hong Kong-Malaysia Business Association, Dato’ Dixon Chew; and senior representatives from other major local business chambers. The HKETO Jakarta will continue to host events in the ASEAN countries under its purview to celebrate Chinese New Year in the coming weeks.
Ends/Thursday, February 6, 2025Issued at HKT 20:51
Source: US Department of Health and Human Services – 3
Summary
Company Announcement Date:
FDA Publish Date:
Product Type:
Food & Beverages Foodborne Illness
Reason for Announcement:
Recall Reason Description
Potential Foodborne Illness – Salmonella
Company Name:
Turkana Food Inc.
Brand Name:
Brand Name(s)
Aleppo
Product Description:
Product Description
Tahini Sesame Paste
Company Announcement
Turkana Food Inc. Kenilworth, NJ is recalling 858 cases OF Aleppo Tahini Sesame Paste because it has the potential to be contaminated with Salmonella, an organism which can cause serious and sometimes fatal infections in young children, frail or elderly people, and others with weakened immune systems. Healthy persons infected with Salmonella often experience fever, diarrhea (which may be bloody), nausea, vomiting and abdominal pain. In rare circumstances, infection with Salmonella can result in the organism getting into the bloodstream and producing more severe illnesses such as arterial infections (i.e., infected aneurysms), endocarditis and arthritis.
The Recalled Aleppo Tahini Sesame Paste was distributed in the states of FL, KY, VA, NY, NJ, TN, MA, TX, Il, IN, MI, RI, PA, NC, MD, VA, OH, AL, MO, CA.
The Recalled 1lb (16oz plastic jar Brand name Aleppo Sesame Paste Tahini. The product packaging is a 16oz plastic jar with a gold lid and gold label marked Aleppo Sesame Paste Tahini.
LOT# 120824-01 can be found on the top portion of the jar.
UPC Label 854643003054 marked by a sticker on the side of the jar.
Expiration Date August 2026, which can be found on the top portion of the jar.
No reported illnesses have been confirmed as of 02/05/2025.
The recall was the result of a routine sampling performed by the Ohio Department of Agriculture which revealed that the finished products contained Salmonella. The company has ceased production and distribution of the products as FDA and the company continue their investigation to what caused the problem. Consumers who purchased Aleppo Sesame Paste Tahini With lot code 120824-01 should not consume the product and they are urged to return it to the place of purchase for a full refund.
Consumers with questions may contact Turkana Foods Inc. 908-810-8800 Or email info@turkanafood.com Monday – Friday 8am – 6pm EST.
The 5th Joint Working Group (JWG) meeting between the Ministry of Defence of India and Spain took place in New Delhi on February 06, 2025. The meeting was co-chaired by Joint Secretary, International Cooperation Shri Amitabh Prasad and Special Advisor on Defence Diplomacy to the Secretary General of Defence Policy Brigadier General Paulino Garcia Diego.
Both sides reviewed the ongoing bilateral defence cooperation activities and discussed the plan for multiple joint activities, including in the maritime domain. They agreed to focus on a closer collaboration in defence, particularly in technology and armament production areas.
The C295 Project with Airbus Spain and Tata Advanced Systems Limited, the first Make-in-India project in the defence aircraft sector, has encouraged more Indian and Spanish companies to collaborate with each other and explore options to work together in the aerospace domain.
Source: US Department of Health and Human Services – 3
BOSTON – A Michigan man has been charged and has agreed to plead guilty in connection with a conspiracy to import and sell illegal pharmaceuticals, including opioids, and to fund the operation of the scheme by fraudulently obtaining a Covid pandemic relief loan.
Donald Nchamukong, 37, was charged by Information with conspiracy to smuggle goods into the United States, to commit loan fraud and to distribute controlled substances. Nchamukong will make an initial appearance in federal court in Boston on a date to be scheduled by the Court.
According to the charging documents, starting in 2019 and continuing to 2022, Nchamukong and a co-conspirator, Doyal Kalita, conspired to distribute drugs to persons in the United States over the internet and using call centers in India. Nchamukong allegedly used shell companies, including a purported dietary supplements company and an auto parts supplier, and associated bank and merchant accounts to process sales of illegal foreign drugs, including the Schedule IV opioid, tramadol. Nchamukong and Kalita also received shipments of tramadol from India and reshipped the drug to customers across the United States, including in Massachusetts. When the Covid-19 pandemic hit, Nchamukong and Kalita allegedly fraudulently obtained a $200,000 Economic Injury Disaster Loan to fund their illegal drug scheme.
Kalita was convicted in 2024 and sentenced to 10 years in prison for orchestrating the online drug distribution scheme and a technical support fraud scheme and related money laundering.
The charge of conspiracy provides for a sentence of up to five years in prison, three years of supervised release and a fine of up to $250,000, or twice the monetary gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and statutes which govern the determination of a sentence in a criminal case.
United States Attorney Leah B. Foley; Jodi Cohen, Special Agent in Charge of the Federal Bureau of Investigation, Boston Division; Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office; and Fernando P. McMillan, Special Agent in Charge of the New York Field Office of the U.S. Food and Drug Administration, Office of Criminal Investigations made the announcement today. Valuable assistance was provided by Homeland Security Investigations in New York, Small Business Administration and the United States Attorney’s Office for the Eastern District of New York. Assistant U.S. Attorney Kriss Basil, Deputy Chief of the Securities, Financial, and Cyber Fraud Unit, is prosecuting the case.
On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, pleasehttps://www.justice.gov/coronavirus and https://www.justice.gov/coronavirus/combatingfraud.
Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form.
The details contained in the charging documents are allegations. The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
The Carbon Border Adjustment Mechanism (CBAM) will ensure that the carbon price of cement imported into the EU is equivalent to the carbon price of domestic production under the EU Emissions Trading System (EU ETS).
Under the EU ETS, the number of free emission allowances declines over time for all sectors. For CBAM sectors like cement, the decline accelerates as from 2026 to maximise the impact of the ETS in fulfilling the EU’s climate goals.
In line with the phase-out of the allocation of free allowances under the EU ETS, the CBAM financial adjustment is phased in gradually.
As required by the CBAM Regulation, a report on the application of the CBAM is foreseen in 2025 before the end of the transitional phase[1].
In view of the expiration of the Autonomous Trade Measures for Ukraine in June 2025, the Commission is working on a review of reciprocal trade liberalisation under Article 29 of the Association Agreement.
However, since cement was already fully liberalised by the original Association Agreement, it was not affected by the Autonomous Trade Measures nor is it within the scope of the review.
The Commission is aware of the challenges that companies and households face due to high energy prices. The EU has jointly responded to Russia’s energy market manipulation and the subsequent high inflation.
The energy dimension of the Clean Industrial Deal and the forthcoming Action Plan for Affordable Energy will address the high energy prices and aim at unlocking all possible decarbonisation pathways for EU industries. Further fuel switches and energy efficiency improvements can also help to reduce energy costs.
FLOYD, Va. and INDEPENDENCE, Va., Feb. 06, 2025 (GLOBE NEWSWIRE) — Skyline Bankshares, Inc. (the “Company”) (OTC QX: SLBK) – the holding company for Skyline National Bank (the “Bank”) – announced its results of operations for the fourth quarter of 2024.
As previously announced, the Company acquired Johnson County Bank (“JCB”) on September 1, 2024, with the Company as the surviving corporation. For accounting purposes, the Company is considered the acquiror and JCB is considered the acquiree in the transaction. As such, all information contained herein as of and for periods prior to September 1, 2024 reflects the operations of the Company prior to the merger.
The Company recorded net income of $2.5 million, or $0.45 per share, for the quarter ended December 31, 2024, compared to net income of $1.1 million, or $0.19 per share, for the third quarter of 2024 and net income of $2.2 million, or $0.39 per share, for the same period in 2023. For the year ended December 31, 2024, net income was $7.4 million, or $1.34 per share, compared to net income of $9.7 million, or $1.74 per share, for the year ended December 31, 2023. Fourth quarter 2024 earnings represented an annualized return on average assets (“ROAA”) of 0.82% and an annualized return on average equity (“ROAE”) of 11.23%, compared to 0.83% and 11.05%, respectively, for the same period last year. Excluding nonrecurring merger-related expenses of $923 thousand relating to the acquisition of Johnson County Bank, net income would have been $3.2 million, or $0.58 per share, for the fourth quarter of 2024. This would represent an annualized ROAA and ROAE of 1.06% and 14.54%, respectively, for the fourth quarter of 2024.
President and CEO Blake Edwards stated, “The fourth quarter of 2024 was marked by many notable accomplishments. Earnings were strong, especially when adjusted for direct merger-related costs, with an adjusted annualized ROAA of 1.06%. During the quarter our core loan growth was $31.4 million, which is an annualized rate of 13.13%. Our net interest income increased in both the three-month and twelve-month periods ended December 31, 2024, while our net interest margin increased to 4.10% for the quarter ended December 31, 2024, compared to 3.78% for the quarter ended September 30, 2024. Net income also increased from the third to the fourth quarter when adjusted for nonrecurring, merger-related costs.”
Edwards continued, “We continued the integration of Johnson County Bank during the fourth quarter of 2024 with the core data systems conversion completed in November. Our experienced team worked tirelessly to make this transition as seamless as possible for the Johnson County employees and customers alike. This is an exciting chapter in the history of our bank, and we are excited to bring our commitment to excellence and dedication to the businesses and people of Johnson County, Tennessee. We look forward to creating a positive impact in Tennessee while continuing to offer an unmatched customer experience in our existing markets. I believe we remain well positioned for growth and success in the future and know that our employees will continue to deliver on our brand promise of being “Always our Best” for our customers each and every day.”
Highlights
In connection with the acquisition of JCB, effective September 1, 2024, the Company acquired $154.1 million in assets at fair value, including $87.2 million in loans. The Company also assumed $133.8 million of liabilities at fair value, including $125.3 million of total deposits with a core deposit intangible asset recorded of $3.4 million, and goodwill of $4.6 million.
Net income was $2.5 million, or $0.45 per share, in the fourth quarter of 2024, compared to $2.2 million, or $0.39 per share, in the fourth quarter of 2023.
Net interest margin (“NIM”) was 4.10% for the fourth quarter of 2024, compared to 3.78% in the third quarter of 2024, and 3.69% in the fourth quarter of 2023.
Total assets increased $171.8 million, or 16.42%, to $1.22 billion at December 31, 2024 from $1.05 billion at December 31, 2023.
Net loans were $976.4 million at December 31, 2024, an increase of $165.5 million, or 20.40%, when compared to $811.0 million at December 31, 2023. Excluding the $87.2 million in loans acquired as part of the JCB merger, gross loans increased by $79.6 million, or 9.73%, for the year 2024.
Total deposits were $1.09 billion at December 31, 2024, an increase of $163.5 million, or 17.60%, from $928.7 million at December 31, 2023. Excluding the $125.3 million of total deposits acquired as part of the JCB merger, total deposits increased by $38.2 million, or 4.11%, during the year 2024.
During the quarter, the Company incurred $923 thousand in merger-related expenses related to the acquisition of JCB. Excluding these merger-related expenses, net income would have been $3.2 million, or $0.58 per share, for the fourth quarter of 2024.
Fourth Quarter and Year Ended December 31, 2024 Income Statement Review
Net interest income after provision for credit losses in the fourth quarter of 2024 was $11.4 million compared to $8.9 million in the fourth quarter of 2023. Total interest income was $15.4 million in the fourth quarter of 2024, representing an increase of $3.7 million, or 31.67%, in comparison to the fourth quarter of 2023. Interest income on loans increased in the quarterly comparison by $3.7 million, primarily due to organic loan growth, and the addition of loan balances from the JCB acquisition which added approximately $87.2 million. Management anticipates this loan growth will continue to have a positive impact on both earning assets and loan yields. Interest expense on deposits increased by $1.2 million in the quarterly comparison as a result of rate increases on deposit offerings, and the additional interest-bearing deposits from the JCB acquisition. Management anticipates interest expense on deposits could increase in the near term as competitive pressures for deposits may result in continued increases in rates on deposit offerings, especially on time deposits. Interest on borrowings decreased by $121 thousand in the quarterly comparison.
For the year ended December 31, 2024, net interest income after provision for (recovery of) credit losses was $38.4 million compared to $35.6 million for the year ended December 31, 2023. Interest income increased by $10.2 million, primarily due to an increase of $10.1 million in interest income on loans. Interest expense on deposits increased by $6.0 million for the year ended December 31, 2024 compared to the same period last year. As previously discussed, this is a reflection of the increased competitive pressures for deposits as well as the additional interest-bearing deposits from the JCB acquisition. Interest on borrowings increased by $266 thousand in the year-over-year comparison, due to short-term borrowings to help fund loan growth.
Fourth quarter 2024 noninterest income was $2.1 million compared with $1.8 million in the fourth quarter of 2023. Service charges and fees increased by $263 thousand in the quarterly comparison.
For the year ended December 31, 2024 and 2023, noninterest income was $7.3 million and $7.0 million, respectively. Included in noninterest income for the year 2024 was $221 thousand from life insurance contracts and a net realized security loss of $141 thousand. The net security loss resulted from the recognition of unamortized premiums on a called bond. Included in noninterest income for the year 2023 was income of $129 thousand related to loan hedge fees from a correspondent bank that was recorded in other income, a $197 thousand gain on a sale leaseback, $69 thousand from life insurance contracts and security losses of $16 thousand. Excluding these items noninterest income increased by $614 thousand in the year-over-year comparison, primarily as a result on an increase in service charges and fees of $502 thousand and an increase of $22 thousand in mortgage origination fees.
Noninterest expense in the fourth quarter of 2024 was $10.3 million compared with $7.9 million in the fourth quarter of 2023, an increase of $2.4 million, or 30.22%. Salary and benefit costs increased by $489 thousand due to the increase in employees resulting from the JCB acquisition, combined with routine personnel additions and salary adjustments, as well as increased benefit costs. Occupancy and equipment expenses increased $134 thousand and data processing increased by $330 thousand in the quarterly comparisons primarily due to branch expansion costs and the costs associated with running two core processing systems before the core conversion for Johnson County Bank occurred. Also included in noninterest expense in the fourth quarter of 2024 was $923 thousand in merger-related expenses related to the acquisition of Johnson County Bank.
For the year ended December 31, 2024, total noninterest expenses increased by $5.7 million compared to the same period in 2023, primarily due to employee costs and branch costs discussed above. Salary and benefit cost increased by $1.1 million. Occupancy and equipment expenses increased by $604 thousand, and data processing increased by $788 thousand in the year-over-year comparison. Merger-related expenses related to the acquisition of Johnson County Bank were $2.4 million for the year ended December 31, 2024.
Net income before taxes increased by $364 thousand in the quarterly comparison causing an increase in income tax expense of $16 thousand. In the year-over-year comparison, net income before taxes decreased by $2.7 million, resulting in a decrease in income tax expense of $443 thousand.
Balance Sheet Review
Total assets increased in the fourth quarter of 2024 by $11.1 million, or 0.92%, to $1.22 billion at December 31, 2024 from $1.21 billion at September 30, 2024, and increased by $171.8 million, or 16.42%, from $1.05 billion at December 31, 2023. Total loans increased during the fourth quarter by $31.3 million, or 3.29%, to $984.5 million at December 31, 2024 from $953.1 million at September 30, 2024, and increased by $166.8 million, or 20.39%, compared to $817.7 million at December 31, 2023. Core loan growth was $31.4 million during the fourth quarter of 2024, which is an annualized rate of 13.13%.
Asset quality has remained strong, with a ratio of nonperforming loans to total loans of 0.26% at December 31, 2024 compared to 0.21% at December 31, 2023. The allowance for credit losses remained comparable at approximately 0.82% of total loans as of December 31, 2024 and December 31, 2023, respectively.
Investment securities decreased by $5.6 million during the fourth quarter to $118.3 million at December 31, 2024 from $123.9 million at September 30, 2024, and decreased by $9.1 million from $127.4 million at December 31, 2023. The decrease in the fourth quarter of 2024 was the result of $1.5 million in paydowns, and an increase in unrealized losses of $4.1 million because of the changes in interest rates during the quarter.
Total deposits increased in the fourth quarter of 2024 by $6.3 million, or 0.58%, to $1.09 billion at December 31, 2024 from $1.09 billion at September 30, 2024, and increased $163.5 million, or 17.60%, compared to $928.7 million at December 31, 2023. Noninterest bearing deposits decreased by $2.4 million and interest-bearing deposits increased by $8.7 million during the quarter. Lower cost interest bearing deposits increased by $8.0 million during the quarter, and time deposits increased by $689 thousand. Excluding the $125.3 million of total deposits acquired as part of the JCB merger, total deposits increased by $38.2 million, or 4.11%, during the year 2024.
Total stockholders’ equity increased by $45 thousand, or 0.05%, to $88.7 million at December 31, 2024, from $88.6 million three months earlier, and increased $5.8 million, or 6.98%, from $82.9 million at December 31, 2023. The change during the quarter was due to earnings of $2.5 million offset by $2.7 million in other comprehensive losses.
Forward-looking statements
This release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934 as amended. These include statements as to expectations regarding future financial performance and any other statements regarding future results or expectations. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and are including this statement for purposes of these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of the Company, are generally identified by the use of words such as “believe,” “expect,” “intend,” “anticipate,” “estimate,” or “project” or similar expressions. Our ability to predict results, or the actual effect of future plans or strategies, is inherently uncertain. Factors which could have a material adverse effect on the operations and future prospects of the Company and its subsidiaries include, but are not limited to: changes in interest rates; general economic and financial market conditions; the effect of changes in banking, tax and other laws and regulations and interpretations or guidance thereunder; monetary and fiscal policies of the U.S. government, including policies of the U.S. Treasury and the Federal Reserve Board; the quality and composition of the loan and securities portfolios; demand for loan products; deposit flows; competition; demand for financial services in the Company’s market area; the implementation of new technologies; the ability to develop and maintain secure and reliable electronic systems; accounting principles, policies, and guidelines; disruptions to customer and employee relationships and business operations caused by the Johnson County Bank acquisition; the ability to implement integration plans associated with the acquisition, which integration may be more difficult, time-consuming or costly than expected; the ability to achieve the cost savings and synergies contemplated by the acquisition within the expected timeframe, or at all; and other factors identified in Item 1A, “Risk Factors,” in the Company’s Annual Report on 10-K for the year ended December 31, 2023 and the Company’s most recently filed Quarterly Report on Form 10-Q. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. We undertake no obligation to update or clarify these forward‐looking statements, whether as a result of new information, future events or otherwise.
(See Attached Financial Statements for quarter ending December 31, 2024)
Skyline Bankshares, Inc. Condensed Consolidated Balance Sheets December 31, 2024; September 30, 2024; December 31, 2023
December 31,
September 30,
December 31,
(dollars in thousands except share amounts)
2024
2024
2023
(Unaudited)
(Unaudited)
(Audited)
Assets
Cash and due from banks
$
17,889
$
27,862
$
16,811
Interest-bearing deposits with banks
1,562
6,766
4,808
Federal funds sold
–
536
474
Investment securities available for sale
118,287
123,906
127,389
Restricted equity securities
4,034
4,235
3,338
Loans
984,459
953,122
817,704
Allowance for credit losses
(8,027
)
(7,787
)
(6,739
)
Net loans
976,432
945,335
810,965
Cash value of life insurance
26,743
26,558
22,909
Other real estate owned
140
140
–
Properties and equipment, net
34,663
33,741
31,183
Accrued interest receivable
4,013
3,810
3,463
Core deposit intangible
3,815
4,031
917
Goodwill
7,900
7,900
3,257
Deferred tax assets, net
5,593
5,125
5,046
Other assets
16,528
16,555
15,283
Total assets
$
1,217,599
$
1,206,500
$
1,045,843
Liabilities
Deposits
Noninterest-bearing
$
337,918
$
340,340
$
305,115
Interest-bearing
754,285
745,567
623,627
Total deposits
1,092,203
1,085,907
928,742
Borrowings
29,254
25,000
27,500
Accrued interest payable
950
979
531
Other liabilities
6,524
5,991
6,188
Total liabilities
1,128,931
1,117,877
962,961
Stockholders’ Equity
Common stock and surplus
33,507
33,283
33,356
Retained earnings
73,714
71,212
68,866
Accumulated other comprehensive loss
(18,553
)
(15,872
)
(19,340
)
Total stockholders’ equity
88,668
88,623
82,882
Total liabilities and stockholders’ equity
$
1,217,599
$
1,206,500
$
1,045,843
Book value per share
$
15.69
$
15.72
$
14.84
Tangible book value per share(1)
$
13.62
$
13.60
$
14.09
Asset Quality Indicators
Nonperforming assets to total assets
0.22
%
0.15
%
0.17
%
Nonperforming loans to total loans
0.26
%
0.18
%
0.21
%
Allowance for credit losses to total loans
0.82
%
0.82
%
0.82
%
Allowance for credit losses to nonperforming loans
313.19
%
453.00
%
389.31
%
(1)
Tangible book value is a Non-GAAP financial measure defined as stockholders’ equity less goodwill and other intangible assets, divided by shares outstanding, that the Company believes is a meaningful measure of capital adequacy because it provides a meaningful base for period-to-period and company-to-company comparisons, which the Company believes will assist investors in assessing the capital of the Company and its ability to absorb potential losses. See “Reconciliation of Non-GAAP Financial Measures” at the end of this release.
Skyline Bankshares, Inc. Condensed Consolidated Statement of Operations
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
(dollars in thousands except share amounts)
2024
2024
2023
2024
2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Audited)
Interest income
Loans and fees on loans
$
14,541
$
12,759
$
10,843
$
49,974
$
39,877
Interest-bearing deposits in banks
92
150
68
390
279
Federal funds sold
4
25
3
37
29
Interest on securities
692
737
743
2,871
3,024
Dividends
109
41
68
264
156
15,438
13,712
11,725
53,536
43,365
Interest expense
Deposits
3,601
3,407
2,360
12,650
6,617
Interest on borrowings
268
374
389
1,416
1,150
3,869
3,781
2,749
14,066
7,767
Net interest income
11,569
9,931
8,976
39,470
35,598
Provision for (Recovery of) credit losses
214
738
69
1,116
(50
)
Net interest income after provision for (recovery of) credit losses
11,355
9,193
8,907
38,354
35,648
Noninterest income
Service charges on deposit accounts
624
598
580
2,317
2,186
Other service charges and fees
1,146
940
927
3,844
3,473
Net realized losses on securities
–
–
–
(141
)
(16
)
Mortgage origination fees
68
108
66
277
255
Increase in cash value of life insurance
185
161
138
643
576
Life insurance income
–
–
–
221
69
Other income
42
44
48
124
427
2,065
1,851
1,759
7,285
6,970
Noninterest expenses
Salaries and employee benefits
4,576
4,525
4,087
17,770
16,704
Occupancy and equipment
1,445
1,387
1,311
5,636
5,032
Data processing expense
940
744
610
3,019
2,231
FDIC Assessments
279
153
143
720
588
Advertising
252
256
219
965
768
Bank franchise tax
136
132
61
466
376
Director fees
148
52
150
326
349
Professional fees
276
188
194
856
722
Telephone expense
120
117
155
473
556
Core deposit intangible amortization
216
107
80
482
369
Merger-related expenses
923
1,143
–
2,423
–
Other expense
987
821
898
3,145
2,847
10,298
9,625
7,908
36,281
30,542
Net income before income taxes
3,122
1,419
2,758
9,358
12,076
Income tax expense
619
362
603
1,933
2,376
Net income
$
2,503
$
1,057
$
2,155
$
7,425
$
9,700
Net income per share
$
0.45
$
0.19
$
0.39
$
1.34
$
1.74
Weighted average shares outstanding
5,557,156
5,553,579
5,561,075
5,557,210
5,579,654
Dividends declared per share
$
0.00
$
0.23
$
0.00
$
0.46
$
0.42
Skyline Bankshares, Inc. Reconciliation of Non-GAAP Financial Measures
In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and understanding the Company’s financial condition, capital position and financial results. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. The non-GAAP financial measure presented in this document includes tangible book value per share, and the following items adjusted for merger-related expenses: return on average assets, return on average equity, and net income per share. For periods that are shorter than twelve months, the Company annualizes net income for the return on average assets and the return on average equity. The following tables present calculations underlying non-GAAP financial measures.
December 31,
September 30,
December 31,
(dollars in thousands except share amounts)
2024
2024
2023
(Unaudited)
(Unaudited)
(Unaudited)
Tangible Common Equity
Total stockholders’ equity (GAAP)
$
88,668
$
88,623
$
82,882
Less: Goodwill
(7,900
)
(7,900
)
(3,257
)
Less: Core deposit intangible
(3,815
)
(4,031
)
(917
)
Tangible common equity (non-GAAP)
$
76,953
$
76,692
$
78,708
Common stock shares outstanding
5,651,704
5,639,204
5,584,204
Tangible book value per share
$
13.62
$
13.60
$
14.09
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
December 31,
(dollars in thousands except share amounts)
2024
2024
2023
2024
2023
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
(Unaudited)
Annualized Net Income
Net income (GAAP)
$
2,503
$
1,057
$
2,155
$
7,425
$
9,700
Add: Items not annualized
Merger-related expenses
923
1,143
–
2,423
–
Tax effect of merger-related expenses
(184
)
(212
)
–
(407
)
–
Total non-annualized items
739
931
–
2,016
–
Adjusted net income
$
3,242
$
1,988
$
2,155
$
9,441
$
9,700
Adjusted net income, annualized for ratio calculation (non-GAAP)
$
12,898
$
7,909
$
8,550
$
9,441
$
9,700
Net income, annualized for ratio calculation
$
9,958
$
4,205
$
8,550
$
7,425
$
9,700
Average total assets
$
1,213,167
$
1,123,844
$
1,032,307
$
1,109,465
$
1,012,827
Average total equity
$
88,684
$
87,292
$
77,352
$
85,460
$
76,598
Weighted average shares outstanding
5,557,156
5,553,579
5,561,075
5,557,210
5,579,654
Return on average assets (GAAP)
0.82
%
0.37
%
0.83
%
0.67
%
0.96
%
Adjusted return on average assets (non-GAAP)
1.06
%
0.70
%
0.83
%
0.85
%
0.96
%
Return on average equity (GAAP)
11.23
%
4.82
%
11.05
%
8.69
%
12.66
%
Adjusted return on average equity (non-GAAP)
14.54
%
9.06
%
11.05
%
11.05
%
12.66
%
Net income per share
$
0.45
$
0.19
$
0.39
$
1.34
$
1.74
Adjusted net income per share
$
0.58
$
0.36
$
0.39
$
1.70
$
1.74
For more information contact: Blake Edwards, President & CEO – 276-773-2811 Lori Vaught, EVP & CFO – 276-773-2811
Source: United States Senator for Virginia Tim Kaine
WASHINGTON, D.C. – Last night, U.S. Senator Tim Kaine (D-VA) joined his Democratic colleagues in holding the Senate floor to protest Russell Vought’s nomination to lead the Office of Management and Budget (OMB), citing stories he has collected from federal workers about the chaos the Trump Administration has unleashed on the federal workforce. Vought is one of the key authors of Project 2025 and has long been an architect of President Trump’s plans to villainize the federal workforce.
Broadcast-quality video of Kaine’s speech is available here.
“My colleagues have spoken on the floor about a particular statement of Mr. Vought’s that I examined him about fairly aggressively during the Budget Committee Hearing. In the course of a speech, he said, ‘I want federal employees to be traumatized. I want to put them in trauma. I want them to come to work—to not want to come to work—because they know that they are increasingly viewed as the villain. Now, who talks like that? I mean, who talks like that? Is there a single manager or leader or organizational chief that we admire who believes that their mission, their happiness, their glee, their purpose is to make their workforce feel traumatized? No we would never celebrate a leader of that kind,” said Kaine.
“What I want to do in my time on the floor tonight is talk a little bit about these federal employees and what having a traumatized workforce means… What I’ve heard from Virginians is just in the week since the funding pause order went into place—something that was masterminded by Russell Vought—federal employees. Yesterday, I decided after hearing stories from federal employees, to launch a website, a resource where federal employees could share with anonymity guaranteed… I thought what I would do tonight is, I’ve just taken 18 of these stories, from the federal employees that have just once in in the last 24 hours, of the hundreds that have been submitted, and I just want to read some to you, to tell you about who these people are who Mr. Vought wants to be traumatized. Who these people are that Mr. Vought wants to personally make feel as if they are the villains,” Kaine continued.
Then, Kaine shared various stories he has collected from federal workers about how the Trump Administration’s actions have harmed them and threatened their ability to deliver essential services for the American people, including:
A federal employee working for the U.S. Agency for International Development (USAID) who wrote, “After two extremely painful miscarriages, I am now 34 weeks pregnant with my first child. Since my husband works as a lawyer for the EPA, what should have been a joyful time in our lives now feels like a dystopian hellscape and we are very afraid for our future and financial security. We are just hoping to have health insurance at this point for when I give birth but even that feels uncertain. I swore an oath and believe in the work that USAID does. I believe that it makes American stronger, safer, and more prosperous, as Secretary Rubio is calling for, and I will supporting the Agency until they boot me from the system. God help us all.”
A federal employee working for the U.S. Department of Health and Human Services who explained, “I am married and pregnant. I am the breadwinner. A woman. I am a homeowner. I pay taxes. I took an oath and I love my job. The daily fear tactics and targeting of federal employees has uprooted my life. I no longer feel safe going on any kind of family vacation, making any big purchases or doing anything because everyday I wonder will I have a job.”
A federal employee working for the National Science Foundation (NSF) who said, “The opportunity to give back and support the next generation of U.S. based scientists was a dream fulfilled, and I am terrified that I will be fired as soon as Friday with no protections or severance. The fair compensation and flexible schedule let’s my spouse work as a teacher, and she is so great at her job. But that will not pay the mortgage.”
A federal employee working for USAID who warned, “The attack on USAID lacks intelligence and foresight. China and Russia are filling the vacuum, outspending the US and deepening partnerships with our allies, who feel abandoned. This is creating permanent damage, and undoing decades of progress in a few days. This does the opposite of making America stronger, safer, and more prosperous.”
A federal employee working for the U.S. Department of Agriculture who explained, “These last few weeks have been hell for us federal workers. I come to work with a pit in my stomach. I am a probationary employee, so will probably be the first to go during a RIF. They have left us in the dark while constantly terrorizing us with threatening, passive aggressive messages, and half legal deals to resign. I fear for my job, but I fear more for my country.”
A federal employee working for the U.S. Department of Transportation who wrote, “I am frightened about my position. I’m a single income household and am convinced no one has my back. Congress has been pretty much silent, and the news has gained very little traction nationwide.”
A federal employee working for the U.S. Department of Defense who said, “As soon as this administration took office it felt like federal workers were under siege. They began with their flurry of executive orders and memos, they put Elon Musk (whom no one elected, whom is not a federal employee but yet has huge contracts for other areas with the government) in charge of “handling” the potential mass layoffs of federal workers.”
A federal employee working at the General Services Administration who explained, “…the disregard for union contracts is deeply concerning and undermines the commitments made to the workforce. Many of my talented and hardworking colleagues have been living in fear for weeks, facing uncertainty they do not deserve. This unlawful mistreatment not only undermines their dedication but also creates an environment of instability and anxiety that no employee should have to endure.”
A federal employee working at the Department of Homeland Security (DHS) who wrote, “My husband and I are both federal employees and we are both on probation. We also have student loan debts and under the public service loan forgiveness program. If we lose our jobs because we are on probation, we will lose the ability to have our payments to [Public Service Loan Forgiveness] counted, we will not be able to pay for childcare and we will lose our apartment.”
A federal employee working at DHS who warned, “truly believe a strong, healthy workforce of civilian servants is vital for a strong, healthy America. Our government has a duty to protect its citizens. This – to me – includes making sure peoples basic needs are met, be it healthcare, food, housing, education, etc. The private sector is not taking on this obligation.”
A federal employee who said, “I’ve served under different administrations, Republican and Democrat, and been proud to do so… The last 2 weeks have been a nightmare.”
A federal employee who wrote, “Since inauguration, times have been hell for us because every day is loaded with uncertainty regarding the future state of our contract, work, and our federal counterparts we work daily with. To this day, every work day is filled with dread and anxiety.”
A federal contractor working for USAID who explained, “In the past week, I have experienced near everyone in my company get placed on furlough. Beyond the fact that we were all working to make international development more impactful, and the fact that the US Company we have invested so much time in may never come back from this, we are all without salary and uncertain for the future.”
A federal employee working for a small independent agency who wrote, “I am a probationary employee, meaning my name is on a short list to fire. I was hired under Schedule A — persons with disabilities, so my name is on a list. I feel like I am being threatened by the very institutions that were created to safeguard the principles of truth, compassion, respect…”
A federal employee who wrote, “Today, I woke up to an email saying we had a restraining order, tied to Trump’s EOs, that would limit how we’d disburse our grants. Since the EOs were vaguely defined to begin with, this could be a witch hunt for all kinds of programs and grants we give out.”
A federal employee who said, “I’m a senior human resource professional in the Department of the Interior. I’m on daily calls with Departmental HR leaders who receive direction from OPM. Today leadership mentioned that their coordination was with DOGE “employees” rather than with actual OPM employees. These DOGE employees have full access to our USA Staffing hiring system, which includes personally identifiable information for ALL applicants to any position in DOI. It is unclear what kind of clearance these individuals have, if any, and what authority they have to even access this system.”
Source: United States Senator for New Hampshire Jeanne Shaheen
(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) spoke with representatives from local Chambers of Commerce across New Hampshire about the harmful impact of the potential Trump tariffs on Mexico and Canada, New Hampshire’s largest trading partner. As of earlier this week, these tariffs have been delayed 30 days, but if they go into effect, prices on everything from gas to cars to groceries could skyrocket, hurting Granite Staters and Granite State businesses. Representatives from the New Hampshire Business and Industry Association, Exeter Area Chamber of Commerce, Hampton Area Chamber of Commerce, Upper Valley Business Alliance, Greater Concord Chamber of Commerce, Greater Monadnock Collaborative, Greater Dover Chamber of Commerce, Mt. Washington Valley Chamber and the Greater Portsmouth Chamber Collaborative joined the virtual conversation.
“I’ve spoken with business leaders from around the Granite State, and they’ve told me that what they need to grow and create good-paying jobs that boost our economy is stability and certainty about the economic policies they are facing,” said Shaheen. “To be clear, I’m glad that President Trump has delayed these tariffs, but a delay is not enough. We need to focus on lowering costs for working Americans, not starting a needless and dangerous trade war that would increase prices on critical items and create more uncertainty.”
Shaheen immediately condemned the proposed Trump tariffs after they were announced. On Tuesday night, Shaheen took to the Senate floor to detail the harmful impacts that the delayed Trump tariffs would have on Granite Staters. Last week, Shaheen led the New Hampshire Congressional Delegation in sending a letter to the White House urging him not to impose tariffs on Canada, Mexico and China which are expected to cost the average American $1,200 per year.
Earlier this year, Shaheen introduced new legislation with U.S. Senators Ron Wyden (D-OR) and Tim Kaine (D-VA) to shield American businesses and consumers from rising prices imposed by tariffs on imported goods into the United States. The Senators’ legislation would keep costs down for imported goods by limiting the authority of the International Emergency Economic Powers Act (IEEPA)—which allows a President to immediately place unlimited tariffs after declaring a national emergency—while preserving IEEPA’s use for sanctions and other tools.
After the November election, a multitude of business leaders verified that, if the President placed sweeping tariffs as promised, they’d be forced to raise prices on consumers. The CEO of Best Buy said, “the vast majority of that tariff will probably be passed on to the consumer as a price increase.” The CFO of Walmart said, “there will probably be cases where prices will go up for consumers.” The CEO of Columbia Sportswear said, “we’re set to raise prices” and “it’s going to be very, very difficult to keep products affordable.” The CEO of AutoZone said, “if we get tariffs, we will pass those tariff costs back to the consumer.” The President of a Texas-based Lipow Oil Associates said, “The prices at the pump are going to go up.”
Source: United States Senator for Louisiana Bill Cassidy
WASHINGTON – U.S. Senator Bill Cassidy, M.D. (R-LA) led 27 colleagues in calling for the immediate implementation of the Social Security Fairness Act to provide full Social Security benefits for millions of public servants impacted by Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). The Social Security Fairness Act, which fully repeals the two unfair Social Security provisions WEP and GPO, was signed into law on January 5, 2024 after Cassidy successfully secured a vote on the Senate floor.
“The Social Security Fairness Act restores full Social Security benefits for the millions of teachers, police officers, firefighters, and other public servants who are unfairly penalized by the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO),” wrote the senators.
“The Social Security Administration’s website currently states, ‘SSA expects that it could take more than one year to adjust benefits and pay all retroactive benefits’ owed under the Social Security Fairness Act. We call for the immediate implementation of this legislation to provide prompt relief to the millions of Americans impacted by WEP and GPO,” continued the senators.
Cassidy was joined by U.S. Senators Dan Sullivan (R-AK), Lisa Murkowski (R-AK), Jerry Moran (R-KS), Shelley Moore Capito (R-WV), Deb Fischer (R-NE), Susan Collins (R-ME), Pete Ricketts (R-NE), John Fetterman (D-PA), Ben Ray Lujan (D-NM), Sheldon Whitehouse (D-RI), Alex Padilla (D-CA), John Hickenlooper (D-CO), Angus King (I-ME), Jon Ossoff (D-GA), Jack Reed (D-RI), Dick Durbin (D-IL), Jeff Merkley (D-OR), Jacky Rosen (D-NV), Kirsten Gillibrand (D-NY), Tim Kaine (D-VA), Cory Booker (D-NJ), Mark Warner (D-VA), Peter Welch (D-VT), Amy Klobuchar (D-MN), Richard Blumenthal (D-CT), Tammy Baldwin (D-WI), and Martin Heinrich (D-NM).
Read the full letter here or below:
Dear Acting Commissioner King,
We write to you concerning the implementation of the Social Security Fairness Act (Public Law No: 118-273). This legislation passed Congress on an overwhelmingly bipartisan basis on December 21st, 2024 and was signed into law on January 5th, 2025. The Social Security Fairness Act restores full Social Security benefits for the millions of teachers, police officers, firefighters, and other public servants who are unfairly penalized by the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO).
The Social Security Administration’s website currently states, “SSA expects that it could take more than one year to adjust benefits and pay all retroactive benefits” owed under the Social Security Fairness Act. We call for the immediate implementation of this legislation to provide prompt relief to the millions of Americans impacted by WEP and GPO. In the interim, we request monthly updates and briefings regarding the status of the Social Security Administration’s progress towards implementing the Social Security Fairness Act.
Thank you for your prompt attention to this important matter. We look forward to your response.
Background
Cassidy played a pivotal role in getting the Social Security Fairness Act signed into law on January 5, 2025. Cassidy successfully demanded a vote on the Social Security Fairness Act. In July and again in December, Cassidy spoke on the U.S. Senate floor urging Congress to repeal WEP and GPO as part of his “Big Idea” to save, strengthen, and secure America’s retirement system. In June, Cassidy entered a statement into the record urging the repeal of WEP and GPO ahead of the U.S. Senate Finance Subcommittee field hearing on Social Security.
Cassidy is a long-time cosponsor of the Social Security Fairness Act in the Senate, being an original cosponsor since he became a Member of Congress in 2009. He led the introduction of the legislation in the 117th and 116th Congress.
Cassidy led a bipartisan working group to preserve and protect Social Security. He released the inaugural Bill on the Hill video where he asked Capitol Hill visitors from across the country their thoughts on the looming benefit cuts to Social Security and presented his “Big Idea.”
Last March, Cassidy grilled U.S. Treasury Secretary Janet Yellen on President Biden’s plan to address Social Security, to which Secretary Yellen admitted “the president doesn’t have a plan,” to save Social Security.
Cassidy has discussed the “Big Idea” at a public forum with AARP on the future of Social Security, outlined his Social Security plan in a fireside chat with the Bipartisan Policy Committee, and authored op-eds in the Washington Examiner in July, the Wall Street Journal in March, and State Affairs and Washington Post in May.
LOS ANGELES — In the midst of an unprecedented natural disaster, Homeland Security Investigations (HSI) Los Angeles has teamed up with federal and local law enforcement agencies to create the Joint Regional Fire Crimes Task Force (JRFCTF) to investigate and prosecute fire-related crimes as Los Angeles County recovers from devastating wildfires. The JRFCTF will focus on investigating and prosecuting criminal actors seeking to exploit the wildfire crisis.
The JRCTF includes representatives of HSI Los Angeles’ El Camino Real Financial Crimes Task Force, the United States Attorney’s Office, the Federal Bureau of Investigation, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Los Angeles County District Attorney’s Office; the Los Angeles City Attorney’s Office, the Los Angeles Police Department, and the Los Angeles County Sheriff’s Department.
“Far too often, during tragic events like the Los Angeles-area wildfires, we have seen greedy individuals seek to line their pockets and divert critical funds from those most in need,” said HSI Los Angeles Special Agent in Charge Eddy Wang. “HSI Los Angeles and partner agencies will do our part to help the region recover and rebuild by ensuring that disaster-related funds will go to individuals and families that lost loved ones.”
The JRCTF investigative focus will be on an assortment of crimes to include looting, burglary and impersonation offenses; crimes related to arson; illegal drone activity; and financial fraud targeting both disaster victims and those wishing to make charitable donations.
Fire victims are vulnerable to being re-victimized by fraud and theft. Its efforts focus on ensuring that relief funds reach those in need and working to swiftly prosecutor those engaged in defrauding donors.
While generous people around the world are making donations to assist victims, this creates opportunities for scams as criminals exploit disasters for their own gain by sending fraudulent solicitations or creating deceiving websites. Potential donors are urged to make donations only to known entities and to avoid giving donations in cash or via wire transfer.
The JRCTF will also investigate the misuse of aid programs administered by government agencies, such as the Federal Emergency Management Agency and the Small Business Administration. As financial resources are being deployed to support homeowners, renters, nonprofits and businesses affected by the fires, any attempt to misuse these funds through fraud or identity theft will be vigorously investigated and prosecuted.
Anyone with information on financial fraud crimes related to the Los Angeles Area Wildfires are encouraged to call the HSI Tip Line at 877-4-HSI-TIP.
Learn more about HSI’s mission to increase public safety in your community on X, formerly known as Twitter, at @HSILosAngeles.
The first €20 million tranche of a green loan for Azienda Comprensoriale Acquedottistica S.p.A (ACA) has been signed.
The InvestEU-backed financing will help provide wider and more reliable access to water and optimise wastewater management.
The EIB is one of the world’s leading lenders to the water sector.
The European Investment Bank (EIB) has announced a €30 million loan to Azienda Comprensoriale Acquedottistica S.p.A (ACA), the utility company providing integrated water services to around 450 000 people in the Italian provinces of Pescara, Chieti and Teramo. The first €20 million tranche was signed by the Head of the EIB Local Office in Italy, Milena Messori, and by the CEO of ACA, Giovanna Brandelli. This InvestEU-backed financing will support ACA’s water and wastewater investment programme for 2024-2026.
This is the first EIB green loan to be granted to a business in Abruzzo. EIB green loans go to projects focusing on sustainability, climate action and environmental protection. Key initiatives set to receive financing include expanding the water network to provide wider and more reliable access to water, and introducing advanced technologies for better water quality and wastewater management. In parallel, solutions will be implemented to optimise operational processes, cutting costs and increasing the overall efficiency of the water system.
The focus on improving the sector’s resilience to future extreme climate events will strengthen the region’s ability to face droughts and water crises like the one that hit Abruzzo in 2024. This project will have a positive impact not only on the management of water resources, but also on people’s quality of life.
The agreement is part of the existing partnership between the EIB and the city of Pescara, which in March 2022 saw the signature of €35 million in financing for the renewal of waste sorting facilities, the purchase of low environmental impact vehicles and the improvement of energy efficiency in schools and public buildings.
“This agreement reaffirms our commitment to Italian utility companies and to the improvement of water infrastructure in Italy. With InvestEU backing, we are helping ACA Pescara to cut water losses, improve efficiency and provide high-quality water services, even when confronted with climate change-related challenges, said the Head of the EIB Local Officein Italy, Milena Messori.”
“This is the first EIB green loan to be granted to a business in Abruzzo, said the CEO of ACA, Giovanna Brandelli. This €30 million loan to ACA will hugely improve the region’s water network and provide a better service in the coming years. This is the first time that ACA has received such financing like this from a prestigious bank like the EIB. This shows that the path taken by the company is starting to bear fruit and is having a positive impact on the service provided. The focus on improving the sector’s resilience to future extreme climate events will strengthen the region’s ability to face droughts and water crises like the one that hit Abruzzo in 2024”.
Italy receives more EIB resources for the water sector than any other country
With over 1 640 projects and around €84 billion in financing provided since 1958, the EIB is one of the world’s leading lenders to the water sector. In the last ten years, Italy has received more EIB resources for the water sector than anywhere else, seeing operations financed totalling more than €4 billion. This is ACA Pescara’s first EIB loan, and comes in addition to recently announced financing for Iren (€200 million), Valle Umbra Servizi (€35 million), ETRA (€100 million), Acquedotto Pugliese (€270 million), Como Acqua (€50 million), Hera Group (€460 million), ACEA (€435 million), Acque (€130 million) and CIIP (€50 million).
Background information
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. Founded on eight key priorities, it finances investments that contribute to EU policy objectives, bolstering climate action, environmental protection, digitalisation and technological innovation, security and defence, agriculture and bioeconomy, social infrastructure, the capital markets union, and supports a stronger Europe in a more peaceful and prosperous world. All projects financed by the EIB Group are in line with the Paris Climate Agreement, as pledged in our Climate Bank Roadmap. Around 60% of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation, and a healthier environment.
The EIB Group, which also includes the European Investment Fund (EIF), signed a total of around €89 billion in new financing for over 900 projects in 2024, which boosted Europe’s competitiveness and security. Promoting the integration of markets and mobilising investments, the funds unleashed by the EIB Group in 2024 attracted investment worth over €100 billion, fostering Europe’s energy security and unlocking €110 billion to support startups, scale-ups and pioneering firms in Europe. Around half of the EIB’s financing within the European Union goes to cohesion regions, where per capita income is lower than the EU average. The EIB Group signed 99 operations totalling €10.98 billion in Italy in 2024, helping to unlock almost €37 billion of investment in the real economy.
The InvestEU programme provides the European Union with long-term funding by leveraging substantial private and public funds in support of a sustainable recovery. It also helps to crowd in private investment for the European Union’s strategic priorities such as the European Green Deal and the digital transition. InvestEU brings all EU financial instruments previously available for supporting investments within the European Union together under one roof, making funding for investment projects in Europe simpler, more efficient and more flexible. The programme consists of three components: the InvestEU Fund, the InvestEU Advisory Hub, and the InvestEU Portal. The InvestEU Fund is deployed through implementing partners that will invest in projects using the EU budget guarantee of €26.2 billion. The entire budget guarantee will back the investment projects of the implementing partners, increase their risk-bearing capacity and thus mobilise at least €372 billion in additional investment.
Question for written answer E-000413/2025 to the Commission Rule 144 Engin Eroglu (Renew)
The Regulation on Interchange Fees (Regulation (EU) 2015/751) has reduced consumer card fees and made them more transparent. Commercial cards are, however, excluded from its scope. Take up of commercial cards was initially low and chiefly limited to large companies.
Their share in the EU market has since been increasing, including for transactions involving SMEs. According to the available information, commercial cards are used for 70-80% of payments in countries such as Italy, Croatia and Romania, and for 50% in the Czech Republic, Hungary, Portugal and Spain. In Austria, their share rose from 3.5% (2021) to 20% (2023).
While fees for consumer cards lie at between 0.10% and 0.30%, they can reach as much as 2.30% for commercial cards.
Both the holders of the credit cards (often the self-employed or micro-enterprises) and the payees are often unaware that these are commercial cards, although this fact has a huge impact on the latter’s costs.
1.Is the Commission aware of this issue?
2.To what extent does the Commission regard this asymmetry in the payment procedure to be an unfair information disadvantage for traders, since in practice while it is not they who decide on the method of payment their cost structure is heavily affected?
3.Is the Commission considering placing a limit on credit card fees for commercial cards used by the self-employed or micro-enterprises?
Question for written answer E-000404/2025 to the Commission Rule 144 Lefteris Nikolaou-Alavanos (NI)
Teleperformance employees in Greece have been on strike for almost a year now, following the creation of a trade union in the workplace. Assessment on the basis of particularly high productivity indicators constitutes a ‘sword of Damocles’ for dismissal over employees. They have been subjected to constant monitoring and pressure to increase production. Absence due to illness or for any reason is considered ‘counterproductive’ and a reason not to renew an employee’s contract. The situation is even more difficult for migrant workers.
In view of the above:
1.What is the Commission’s position on the allegations of ‘galley conditions’ for thousands of employees of the French multinational Teleperformance in Greece, other EU member states and worldwide?
2.What is the Commission’s position on the fact that together the anti-labour Directive (EU) 2019/1152 on ‘transparent working conditions’, and Directive 2003/88/EC ‘on the organisation of working time’ constitute a legislative basis on which the governments of the member states, such as that of ND in Greece, build harsh anti-labour laws promoting flexible forms of work, the ‘overflow’ of working time, the dissolution of collective agreements, the spreading of contract work, and are a blow to trade union activity and the right to strike?
3.What is the Commission’s position on the fact that the company is attempting to disclaim its major responsibilities towards employees by claiming that it is an indirect employer and that the responsibility for the contracts lies with the temporary employment agency contractors, citing European Directive 2008/104/EC on ‘temporary agency work’?
In 2024, CIC posted a high net income of €1.7 billion, driven by strong momentum in the specialized business lines
In a difficult economic and political environment, CIC maintained its high level of income in 2024, with net revenues stabilizing at €6.3 billion (-2.9%) and net income at €1.7 billion (-13.2%).
These results were driven by the excellent performance of revenues from the specialized business lines, particularly corporate banking (+9.5%), capital markets (+12.9%) and private equity (+4.8%). This partly offset the decline in retail banking (-3%), which remained resilient. However, it was negatively affected by strong pressure on net interest margins in the French banking networks, by the worsening economic outlook, and by a post-Covid catch-up effect in corporate failures, which weighed on the cost of risk. The business line subsidiaries (leasing and factoring) benefited from the rise in interest rates, with net revenue up +21.2%.
General operating expenses were kept under control at €3.7 billion (-1.8%). This performance was achieved against a backdrop of major technological and strategic investments linked to the new 2024-2027 strategic plan, a strong social pact with its employees, notably in terms of salary increases, and its corporate philanthropy policy in line with its benefit corporation status.
At end-December, CIC posted a strong operating performance, with a cost/income ratio of 59.3%.
With €21.1 billion in shareholders’ equity at December 31, 2024 (+€0.8 billion), CIC, a benefit corporation, confirms its solidity and the relevance of its diversified business model.
Results for the year ended December 31,20241
2024
2023
Change 2024/2023
NET REVENUE
€6.274bn
€6.458bn
-2.9%
of which retail banking
€3.903bn
€4.024bn
-3.0%
of which specialized business lines
€2.449bn
€2.369bn
+3.4%
GENERAL OPERATING EXPENSES
-€3.723bn
-€3.792bn
-1.8%
COST OF RISK
-€646m
-€468m
+38.0%
NET INCOME
€1.727bn
€1.989bn
-13.2%
Download the full press release: Download the full press release:
STRONG BUSINESS MOMENTUM IN CUSTOMER SERVICES
Customer loans
Customer deposits
Insurance2
Remote surveillance2
€255.5bn
€225.4bn
6.8 million
127 200
+1.3%
-2.1%
+216 000
+4 200
1 The annual audit of the financial statements for the year ended December 31, 2024 is under way.
PALO ALTO, Calif., Feb. 06, 2025 (GLOBE NEWSWIRE) — NexQloud has filed a patent for its Distributed Kubernetes Service (DKS), a breakthrough in decentralized cloud computing that integrates AI, blockchain, and distributed CPU devices to optimize efficiency and security while reducing energy consumption by up to 88%.
The patent underpins NexQloud’s Decentralized Physical Infrastructure Network (DePIN), powered by NanoServers—specialized, energy-efficient hardware leveraging mobile CPU architecture. These devices consume just 12% of the energy required by traditional data center servers while delivering identical computational performance. This innovation aims to position NexQloud as the leader in sustainable, cost-efficient cloud infrastructure.
Migration from Amazon EKS to NexQloud DKS
In a strategic move, NexQloud has begun transitioning its infrastructure from Amazon’s Elastic Kubernetes Service (EKS) to its own DKS platform. This shift underscores the company’s confidence in its enterprise-ready Kubernetes solution, which delivers the same security, reliability, and scalability as AWS EKS and Microsoft Azure Kubernetes Service (AKS), but at a significantly lower cost.
“This patent filing marks a major step forward in decentralized cloud computing,” said Mauro Terrinoni, CEO of NexQloud. “DKS is designed to address core challenges in the cloud industry, offering enterprises a secure, scalable, and cost-effective alternative to traditional solutions.”
Scaling Adoption and Market Expansion
NexQloud continues its rapid deployment of NanoServers across key markets, ensuring robust infrastructure for the upcoming commercial rollout of DKS. The company’s decision to run its own infrastructure on DKS serves as both a real-world validation and a signal of its readiness for enterprise adoption.
As NexQloud advances toward full-scale implementation, it remains focused on driving efficiency, sustainability, and decentralization in cloud computing.
About NexQloud
NexQloud is a decentralized cloud computing provider leveraging blockchain and AI to create a scalable, secure, and cost-efficient cloud infrastructure. By decentralizing computing power, NexQloud reduces reliance on traditional data centers, offering businesses an innovative and sustainable alternative.
Contact: Name: Mauro Terrinoni, CEO Email: mterrinoni@nexqloud.io Company Name: NexQloud Website: nexqloud.io Contact: +1 669 241 0916
