Category: Business

  • MIL-OSI USA: Durbin, Grassley Urge PhRMA To Embrace Their Bill To End Price Secrecy In Prescription Drug Advertisements

    US Senate News:

    Source: United States Senator for Illinois Dick Durbin
    January 31, 2025
    CHICAGO – U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Chuck Grassley (R-IA), a senior member and former chairman of the Senate Finance Committee, today sent a letter to the President and CEO of the Pharmaceutical Research and Manufacturers of America (PhRMA) urging them to embrace their bipartisan legislation, the Drug-price Transparency for Consumers (DTC) Act, to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements. 
    The Senators wrote, “The United States is one of only two developed countries in the world that permits such pharmaceutical commercials. President Trump’s nominee for Health and Human Services Secretary has expressed interest in outright banning this practice. It would be wise for drug companies to adopt commonsense solutions to address the concerns that have been raised about DTC prescription drug advertising. As you are aware, the United States Senate previously voted unanimously to pass our measure to require that pharmaceutical companies disclose their list prices in DTC ads, and it is our hope that this policy will become law this Congress. This bipartisan legislation would ensure that when patients are bombarded with information about the newest wonder drug, the price is not kept secret. President Trump previously has issued regulations to advance this policy.”
    Drug manufacturers in the United States spend approximately $6 billion annually in direct-to-consumer (DTC) prescription drug advertisements, with approximately one-third of all commercial time across evening news programs being consumed with these pharmaceutical promotions. A recent study in the Journal of the American Medical Association found that more than two-thirds of drugs advertised on television were considered “low therapeutic value”. This creates concern for taxpayers, as a review we requested from the Government Accountability Office (GAO) found prescription drugs advertised on television accounted for 58 percent of Medicare’s overall spending on prescription drugs between 2016-2018. In 2022, the two most-advertised drugs on television alone accounted for $1.7 billion in Medicare spending.
    “There is a lot of value in knowing a prescription drug’s list price, the most accessible and standardized price of a drug, which is set by the manufacturer itself. This is especially important for consumers with high-deductible health insurance plans, those who are underinsured, or have no health insurance coverage at all,” the Senators continued.
    Recently, the Senators reintroduced the DTC Act to bring price transparency to DTC prescription drug ads. In addition to President Trump’s previous support, the bill in the 118th Congress was cosponsored by Vice President Vance. Given PhRMA’s stated support for pharmacy benefit manager transparency, the Senators argue it is only reasonable to have transparency across the pharmaceutical supply chain.
    The Senators conclude, “We urge you to take the reasonable, minimal step of embracing our bipartisan legislation to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements.”
    Full text of the letter is available here and below:
    January 31, 2025
    Dear Mr. Ubl:
    Drug manufacturers in the United States spend approximately $6 billion annually in direct-to-consumer (DTC) prescription drug advertisements, with approximately one-third of all commercial time across evening news programs being consumed with these pharmaceutical promotions.  It is a similar story when consumers stream their favorite show or scroll through social media.  Yet consumers learn nothing from these advertisements about the cost of the prescription drug.  This must change. 
    A recent study in the Journal of the American Medical Association found that more than two-thirds of drugs advertised on television were considered “low therapeutic value”.  This creates concern for taxpayers, as a review we requested from the Government Accountability Office (GAO) found prescription drugs advertised on television accounted for 58 percent of Medicare’s overall spending on prescription drugs between 2016-2018.  In 2022, the two most-advertised drugs on television alone accounted for $1.7 billion in Medicare spending.
    The United States is one of only two developed countries in the world that permits such pharmaceutical commercials.  President Trump’s nominee for Health and Human Services Secretary has expressed interest in outright banning this practice.  It would be wise for drug companies to adopt commonsense solutions to address the concerns that have been raised about DTC prescription drug advertising. 
    As you are aware, the United States Senate previously voted unanimously to pass our measure to require that pharmaceutical companies disclose their list prices in DTC ads, and it is our hope that this policy will become law this Congress.  This bipartisan legislation would ensure that when patients are bombarded with information about the newest wonder drug, the price is not kept secret.  President Trump previously has issued regulations to advance this policy.
    There is a lot of value in knowing a prescription drug’s list price, the most accessible and standardized price of a drug, which is set by the manufacturer itself.  This is especially important for consumers with high-deductible health insurance plans, those who are underinsured, or have no health insurance coverage at all—particularly as efforts are underway to reform the rebate structure used by pharmacy benefit managers.
    Some of your member companies previously disclosed drug list prices in advertisements, and PhRMA previously has wanted to be more transparent with the American public about price information for advertised medications.  We appreciate that 35 drug manufacturers voluntarily have certified to follow PhRMA’s “Guiding Principles on Direct-to-Consumer Advertisements,” which includes directing patients to find information about the cost of medicine, including the list price, on the company’s website.  We are glad that drug companies agree that consumers should know the price of a prescription drug before purchasing it.  But in instances where manufacturers currently do opt to provide pricing information (e.g., “pay as little as $0 per dose”), they can understate or obscure a patient’s out-of-pocket liability.
    Studies show that patients are better able to approximate their out-of-pocket expenses when provided with the list price.  When voluntarily choosing to promote medications over the airwaves, manufacturers already are required to disclose safety, side effects, and contraindication information.  Yet, for many patients, price plays a primary role in clinical adherence. 
    Recently, we reintroduced our bipartisan legislation (S.229) to bring price transparency to DTC prescription drug ads.  In addition to President Trump’s previous support, our bill in the 118th Congress was cosponsored by Vice President Vance.  Given PhRMA’s stated support for pharmacy benefit manager transparency, it is only reasonable to have transparency across the pharmaceutical supply chain.
    We urge you to take the reasonable, minimal step of embracing our bipartisan legislation to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements.  Thank you for your attention to this important matter.
    Sincerely,
    -30-

    MIL OSI USA News

  • MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Samoa

    Source: IMF – News in Russian

    January 31, 2025

    Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Samoa on January 16, 2025 and endorsed the staff appraisal without a meeting on a lapse-of-time basis.[2]

    Samoa’s economic recovery has been remarkable. Following a 15 percent contraction over 3 years during the pandemic, GDP growth rebounded to 9.2 percent in FY2023 and accelerated further to 9.4 percent in FY2024, driven by a quick recovery in the tourism sector. Inflation has declined from double digit levels in FY2023 to 2.9 percent year-on-year in October 2024. The fiscal surplus increased further to 10.1 percent of GDP in FY2024, supported by robust grant flows, buoyant tax revenues, and restrained expenditures, including low capital spending amid capacity constraints. The current account moved to a surplus in FY2024 which, combined with continued strong grant inflows, supported a significant increase in foreign reserves.

    GDP growth is projected to remain robust at 5.5 percent in FY2025, driven by an anticipated pickup in public investment and the preparations and hosting of the Commonwealth Heads of Government Meeting (CHOGM). Inflation is expected to rise moderately amid the ongoing economic recovery. While the near-term outlook remains favorable, growth is expected to slow to the historical average of around 2 percent in the medium term. Furthermore, risks to the outlook are skewed to the downside amid heightened global uncertainties and potential pressures on inflation, including from significant excess liquidity in the banking system.

    Executive Board Assessment

    In concluding the 2024 Article IV consultation with Samoa, Executive Directors endorsed the staff’s appraisal, as follows:

    Samoa’s near-term economic outlook remains favorable. GDP growth in FY2025 is projected to remain well above pre-pandemic levels, supported by the preparations and hosting of CHOGM and the envisaged expansionary fiscal stance. Inflation is expected to rise moderately as the economic recovery continues. GDP growth is expected to converge towards the historical average of about 2 percent over the medium-term. Risks to the outlook are tilted to the downside, including from a slowdown in key trading partners amid heightened global uncertainty, as well as upside risks to inflation from external and domestic sources.

    Samoa’s recent policy mix has helped build significant economic buffers but has also presented challenges. Large fiscal surpluses have improved debt dynamics, resulting in an upgrade to Samoa’s debt distress rating from high to moderate in the IMF-WB DSA, but low capital spending is undermining the economy’s productive capacity. The tight fiscal stance, coupled with high grants and remittance inflows and the exchange rate peg, has resulted in the emergence of a large current account surplus with the external sector assessed to be substantially stronger than the level implied by fundamentals and desired policy settings. The resulting large build up in foreign reserves has also created excess liquidity in the banking system.

    An expansionary fiscal stance will support the economy, while fiscal reforms can improve the effectiveness of policy and mitigate risks. The focus in the near term should be overcoming capacity constraints to execute much needed public investment, including climate-related projects.

    Maintaining PFM controls over the DDP, including through the election cycle, remains a priority. Improving fiscal data and implementing further PFM reforms can also help improve policy formulation, implementation, and credibility. Fully reversing the pandemic-era utility tariff cuts, while implementing any support for low-income households transparently through the budget, can help address lingering weakness in some SOEs while protecting the vulnerable.

    Monetary policy normalization should continue, with an aim to guide interest rates higher. The exchange rate peg remains the appropriate nominal anchor. However, to guard against domestic inflation risks, monetary policy should aim to reduce excess liquidity to reasonable levels and push real short-term rates to positive territory.

    Further strengthening financial supervision and regulation, including for PFIs, should be a priority. Financial sector risks have declined relative to the pandemic but require continued monitoring. Priorities for the banking system include operationalizing the emergency liquidity assistance framework and enhancing prudential standards. Upgrading governance and prudential regulations for PFIs is also needed to contain potential risks. Establishing an online credit registry will help advance financial inclusion.

    A multi-pronged approach can help mitigate CBR pressures. Strengthening the AML/CFT legal framework and implementing effective risk-based supervision will help prepare Samoa for its APG mutual evaluation in 2027. Ensuring the timely rollout of the e-KYC facility and the National Digital ID will help improve customer due diligence. Given low ML/TF risks from remittance payments, effort should be made to streamline regulatory and supervisory requirements on both sides of main remittance corridors.

    Overcoming significant structural challenges which impede the medium-term growth potential will require concerted reform efforts. Key priorities include attracting foreign investment, reducing trade facilitation costs, and mitigating the impact of the pickup in the seasonal workers program, including by enhancing human capital and raising labor force participation rates.

    Table 1. Samoa: Selected Economic and Financial Indicators 1/

    Proj.

    2020/21

    2021/22

    2022/23

    2023/24

    2024/25

    2025/26

    2026/27

    2027/28

    2028/29

    Output
    and
    Inflation

    (12-month percent change)

    Real GDP

    -7.0

    -5.4

    9.2

    9.4

    5.5

    2.8

    2.1

    2.0

    2.0

    Nominal GDP

    -7.5

    0.0

    18.0

    14.9

    8.7

    6.0

    5.2

    5.0

    5.1

    Consumer price
    index
    (end of period)

    4.1

    10.8

    10.7

    0.8

    3.5

    2.6

    3.0

    3.0

    3.0

    Consumer price
    index
    (period average)

    -3.0

    8.7

    12.0

    3.6

    3.1

    3.0

    3.0

    3.0

    3.0

    Central Government Finances

    (In percent of GDP)

    Revenue
    and grants

    36.5

    38.5

    34.1

    36.0

    33.0

    32.0

    31.5

    31.5

    31.4

    Of which: Grants

    6.8

    9.4

    4.5

    6.2

    4.2

    4.0

    4.0

    4.0

    4.0

    Expenditure

    34.7

    33.1

    31.0

    25.9

    33.1

    33.5

    33.4

    33.5

    33.6

    Of which: Expense

    31.3

    32.2

    27.5

    25.7

    27.9

    28.3

    28.2

    28.3

    28.2

    Of which: Net acquisition
    of non-financial assets

    3.4

    0.9

    3.5

    0.3

    5.2

    5.2

    5.2

    5.2

    5.4

    Overall balance

    1.7

    5.4

    3.0

    10.1

    -0.1

    -1.5

    -1.9

    -2.0

    -2.2

    Gross debt outstanding

    46.3

    43.7

    33.3

    27.7

    22.5

    19.3

    20.4

    21.5

    22.6

    Money
    and
    Credit Aggregates

    (12-month percent change)

    Broad
    money (M2)

    8.1

    2.2

    16.3

    7.7

    7.5

    6.0

    6.0

    6.0

    6.0

    Private
    sector
    credit, commercial banks

    1.5

    0.2

    -2.6

    3.5

    4.0

    5.0

    5.0

    5.0

    5.0

    Private
    sector
    credit,
    other financial corporations

    -0.9

    4.9

    2.9

    8.2

    Private
    sector
    credit,
    total
    financial system

    2.0

    0.6

    -0.1

    3.7

    Private Sector Credit

    (In percent of GDP)

    Commercial banks

    53.1

    53.2

    43.9

    39.5

    Total financial system

    94.0

    94.6

    80.1

    72.3

    Bank Financial Soundness

    Regulatory capital to risk-
    weighted assets, ratio

    28.1

    28.8

    33.2

    29.0

    Non-performing loans to
    total gross loans, ratio

    3.7

    4.6

    4.7

    4.6

    Balance of Payments

    (In percent of GDP)

    Current account balance

    -14.5

    -11.3

    -3.3

    4.0

    -0.5

    -1.2

    -1.3

    -1.6

    -2.0

    Merchandise exports,
    f.o.b.

    4.1

    3.8

    4.6

    3.5

    3.4

    3.5

    3.5

    3.5

    3.7

    Merchandise imports, f.o.b.

    37.8

    41.4

    47.1

    41.3

    43.0

    42.9

    42.7

    42.5

    42.5

    Services
    (net)

    -3.9

    -2.9

    10.8

    17.6

    16.4

    16.0

    16.0

    16.0

    16.0

    Of which: Tourism receipts

    0.0

    0.0

    16.4

    21.0

    21.9

    21.5

    21.5

    21.5

    21.5

    Income
    (net)

    -1.7

    -2.6

    -1.3

    -2.3

    -2.7

    -2.8

    -2.8

    -2.8

    -2.8

    Current transfers
    (net)

    24.8

    31.7

    29.6

    26.4

    25.4

    25.1

    24.6

    24.1

    23.7

    External Reserves and Debt

    Gross
    official reserves (million
    U.S.
    dollars) 2/

    288.5

    303.2

    401.7

    494.3

    503.8

    506.2

    523.9

    542.9

    557.5

    (in months
    of next
    year’s imports)

    7.9

    6.4

    8.3

    9.0

    8.8

    8.5

    8.5

    8.3

    8.2

    External
    debt (in percent of GDP)

    46.1

    43.6

    33.3

    25.9

    20.9

    17.8

    19.0

    20.3

    21.5

    Exchange Rates

    Market rate (tala/U.S. dollar,
    period average)

    2.57

    2.61

    2.73

    2.76

    Real
    effective exchange
    rate

    -0.5

    6.4

    9.2

    -0.6

    (12-month percent change) 3/

    Memorandum items:

    Nominal GDP
    (million 
    tala)

    2,169

    2,170

    2,562

    2,943

    3,200

    3,391

    3,568

    3,748

    3,938

    GDP per capita (U.S. dollars)

    4,136

    4,032

    4,498

    5,070

    5,474

    5,728

    5,945

    6,160

    6,440

    Sources: Data provided by the Samoan authorities; and IMF staff estimates and projections.

    1/ Fiscal years July-June.

    2/ Incorporates August 2021 SDR allocation.

    3/ Increase signifies appreciation.

    [1] Under Article IV of the IMF’s Articles of Agreement, the IMF holds bilateral discussions with members, usually every year. A staff team visits the country, collects economic and financial information, and discusses with officials the country’s economic developments and policies. On return to headquarters, the staff prepares a report, which forms the basis for discussion by the Executive Board.

    [2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Pemba Sherpa

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

    https://www.imf.org/en/News/Articles/2025/01/31/pr25023-samoa-imf-executive-board-concludes-2024-article-iv-consult

    MIL OSI

    MIL OSI Russia News

  • MIL-OSI: PROACTIS SA – Press release 31.01.2025 (New address)

    Source: GlobeNewswire (MIL-OSI)

    Transfer of the registered office

    Paris, France – (31 January 2025) — PROACTIS (ISIN code : FR0004052561) announces that its registered office has been transferred from 26-28, quai Gallieni – 92150 Suresnes to 54, rue de Londres – 75008 Paris. The company is now attached to the registry of the Tribunal des Affaires Economiques (formerly the Tribunal de Commerce) in Paris.

    PROACTIS’ Articles of Association have been amended accordingly.

    This transfer of the registered office is in line with the company’s policy of reducing its fixed costs.

    * * * *

    About Proactis SA (https://www.proactis.com/proactis-sa), a Proactis Company

    Proactis SA connects companies by providing business spend management and collaborative business process automation solutions for both goods and services, through The Business Network. Our solutions integrate with any ERP or procurement system, providing our customers with an easy-to-use solution which drives adoption, compliance and savings.

    Proactis SA has operations in France, Germany, USA and Manila.

    Listed in Compartment C on the Euronext Paris Eurolist.

    ISIN: FR0004052561, Euronext: PROAC, Reuters: HBWO.LN, Bloomberg: HBW.FP

    Contacts
    Tel: +33 (0)1 53 25 55 00
    E-mail: investorContact@proactis.com

    * * * *

    Attachment

    The MIL Network

  • MIL-OSI: Wisdomtree Multi Asset Issuer Public Limited Company (the “issuer”) WISDOMTREE S&P 500 3X DAILY LEVERAGED (ISIN: IE00B7Y34M31) NOTIFICATION OF CHANGE IN THE DAILY SWAP FEE AND FUNDING SPREAD

    Source: GlobeNewswire (MIL-OSI)

    31 January 2025

    LEI: 2138003QW2ZAYZODBU23

    WISDOMTREE MULTI ASSET ISSUER PUBLIC LIMITED COMPANY (THE “ISSUER”)
    (a public company incorporated with limited liability in Ireland)

    WISDOMTREE S&P 500 3X DAILY LEVERAGED (ISIN: IE00B7Y34M31)
    (THE “AFFECTED SECURITIES”)

    NOTIFICATION OF CHANGE IN THE DAILY SWAP FEE AND FUNDING SPREAD OF THE AFFECTED SECURITIES

    Terms not defined in this notice shall have the meaning ascribed to them in the Issuer’s Base Prospectus dated 5 September 2024.

    BNP Paribas acts as Swap Provider for the Affected Securities.

    The Issuer and the Swap Provider have agreed with the Issuer to reduce the Daily Swap Rate of the Affected Securities, as permitted pursuant to the terms of the Swap Provider Agreement and in accordance with paragraph 2.2(iii) of Annex A of the Conditions of the Affected Securities. The Issuer announces that the Daily Swap Rate for the following Affected Securities will be amended from 0.00233% to 0.00136%.

    As also permitted under paragraph 2.2(iii) of Annex A of the Conditions of the Affected Securities, the Swap Provider has notified the Issuer of its intention to amend the Funding Spread of the Affected Securities from 0.50% to 1.10% per annum.

    The Trustee, the Manager and the Issuer have entered into an amendment to the supplemental trust deed for each class of Affected Securities to effect the aforementioned changes (the “Affected Securities Amendments”). The effective date of the Affected Securities Amendments shall be 1 February 2025.

    For further information, please contact: europesupport@wisdomtree.com

    The MIL Network

  • MIL-OSI: Stellar V Capital Corp. Announces Closing of $150 Million Initial Public Offering

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 31, 2025 (GLOBE NEWSWIRE) — Stellar V Capital Corp. (the “Company”), a newly organized special purpose acquisition company formed as a Cayman Islands exempted company, today announced the closing of its initial public offering of 15,000,000 units. The offering was priced at $10.00 per unit, resulting in gross proceeds of $150,000,000.

    The Company’s units began trading on January 30, 2025 on the Nasdaq Global Market (“Nasdaq”) under the ticker symbol “SVCCU.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share at $11.50 per share. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. Once the securities comprising the units begin separate trading, the Class A ordinary shares and the warrants will be traded on Nasdaq under the symbols “SVCC” and “SVCCW,” respectively.

    The Company’s management team is led by co-CEOs Prokopios (Akis) Tsirigakis and George Syllantavos who are also the Company’s directors. In addition, the Company’s board includes Nicolas Bornozis, Christopher Thomas and Harry Braunstein.

    The Company intends to use the net proceeds from the offering, and the simultaneous private placements of units and warrants, to consummate the Company’s initial business combination.

    BTIG, LLC acted as sole book-running manager for the offering.

    The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from BTIG, LLC, 65 East 55th Street New York, New York 10022, or by email at ProspectusDelivery@btig.com or by accessing the Securities and Exchange Commission (“SEC”)’s website, www.sec.gov.

    A registration statement relating to the securities has been filed with, and declared effective by the SEC. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

    About Stellar V Capital Corp.

    Stellar V Capital Corp. is a blank check company, also commonly referred to as a special purpose acquisition company, or SPAC, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses.

    Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements,” including with respect to the anticipated use of the net proceeds thereof and the Company’s search for an initial business combination. No assurance can be given that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the IPO filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

    The MIL Network

  • MIL-OSI: Interim Financial Report 2024/2025

    Source: GlobeNewswire (MIL-OSI)

    Regulated information, Leuven, 31 January 2025 (17.40 hrs CET)

    Interim Financial Report 2024/2025

    KBC Ancora recorded a profit of EUR 73.9 million in the first half of the financial year 2024/2025. This compared with a profit of EUR 72.9 million in the same period in the previous financial year. The result for the first six months of the financial year was determined chiefly by dividend income totalling EUR 77.5 million from the participating interest in KBC Group, operating costs of EUR 1.5 million and interest charges amounting to EUR 2.3 million.

    Abridged financial summaries and notes1

    Results for the first half of financial year 2024/2025

      1H fin. year

    (x EUR 1,000)

    2024/2025
    per share
    (in EUR)
    1H fin. year

    (x EUR 1,000)

    2023/2024

    per share
    (in EUR)

    Income 77,738 1.01 77,953 1.01
    Operating income 0 0.00 0 0.00
    Recurring financial income 77,738 1.01 77,953 1.01
    Expenses -3,805 -0.05 -5,074 -0.07
    Operating costs -1,536 -0.02 -1,567 -0.02
    Financial expenses -2,269 -0.03 -3,508 -0.05
    Result after taxes 73,933 0.96 72,879 0.95
    Number of shares in issue*   77,011,844   77,011,844

    * No instruments have been issued which could lead to dilution.        

    KBC Ancora recorded a profit of EUR 73.9 million in the first six months of the current financial year, equivalent to EUR 0.96 per share, compared with a profit of EUR 72.9 million in the same period in the previous financial year.

    Income consisted principally of dividend received on the participating interest in KBC Group (EUR 77.5 million) and interest income on term investments (EUR 0.2 million). Expenses principally comprised interest charges on debt (EUR 2.3 million) and operating costs (EUR 1.5 million).

    Balance sheet as at 31 December 2024

    (x EUR 1,000) 31.12.2024 *30.06.2024
    BALANCE SHEET TOTAL 3,660,323 3,599,986
    Assets    
    Fixed assets 3,599,979 3,599,979
    Current assets 60,344 8
    Investments (other) 59,700 0
    Cash at bank and in hand 611 1
    Accrued income and deferred expense 33 7
    Liabilities    
    Equity 3,557,524 3,483,591
    Contribution 3,158,128 3,158,128
    Legal reserve 175,258 175,258
    Available reserves 149,427 149,427
    Profit (loss) carried forward 777 777
    Result for the period 73,933 n/a
    Creditors 102,798 116,396
       Amounts falling due after more than one year 100,000 100,000
    Amounts falling due within one year 419 16,050
    Accrued expense and deferred income 2,379 345

    * The balance sheet at 30 June 2024 is shown after appropriation of the result.

    The balance sheet total at 31 December 2024 stood at EUR 3.7 billion, an increase of EUR 60.3 million compared with the end of the financial year 2023/2024.

    The number of shares held by KBC Ancora in KBC Group remained unchanged at 77,516,380. The book value of these shares was EUR 46.44 per share (i.e. the historical acquisition cost). The price of the KBC Group share stood at EUR 74.54 on 31 December 2024, while the IFRS equity value amounted to EUR 54.1 per KBC Group share on 30 September 2024.
    Current assets increased by EUR 60.3 million to EUR 60.3 million, principally the result of interim dividend received in November 2024 on the participating interest in KBC Group (EUR +77.5 million) and the repayment of short-term financial debt (EUR -15.6 million).

    Total equity rose by EUR 73.9 million. This increase was due to the result in the first half of the current financial year (EUR 73.9 million).
    Debt showed a net reduction of EUR 13.6 million, due on the one hand to the repayment of short-term financial debt totalling EUR 15.6 million, and on the other an increase of EUR 2.0 million in the (pro rata) interest charges in respect of the first half of the financial year.

    Interim report on the first six months of the current financial year 2024/2025

    Notes on the first half of the current financial year 2024/2025

    Extension of shareholder agreement concerning the anchoring of KBC Group

    On 29 November 2024 Cera and KBC Ancora, together with MRBB and the Other Permanent Shareholders, confirmed that they would be extending unchanged their collaboration as a syndicate with respect to KBC Group for a further term of ten years. The extension of the syndicate agreement came into effect on 1 December 2024. Cera, KBC Ancora, MRBB and Other Permanent Shareholders will henceforth collectively hold 41.7% of the total number of KBC Group shares. In this way, the shareholders concerned will continue to ensure the shareholder stability and support the further development of the KBC group.

    Result for the first six months of the financial year 2024/2025

    KBC Ancora recorded a profit of EUR 73.9 million in the first six months of the current financial year, compared with a profit of EUR 72.9 million in the same period in the previous financial year.

    This result was influenced principally by the following factors:

    • Dividend income totalling EUR 77.5 million. As in the same period in the previous financial year, this consisted of an interim dividend of EUR 1.00 per KBC Group share.
    • Interest income totalling EUR 0.2 million on term investments, compared with EUR 0.4 million in the same period in the previous financial year.
    • Interest charges amounting to EUR 2.3 million, a reduction of EUR 1.2 million compared with the same period in the previous financial year, due to the reduction in outstanding financial debt.
    • Operating expenses amounting to EUR 1.5 million, in line with the previous financial year. The operating expenses consisted primarily of costs incurred under the cost-sharing agreement with Cera (EUR 1.2 million). There were also the usual expenses, such as listing costs and costs associated with the statutory director.

    Participating interest in KBC Group, net debt position and net asset value

    The number of KBC Group shares in portfolio remained unchanged during the past six months at 77,516,380.

    The net asset value of the KBC Ancora share is defined as 1.0066 times2 the price of the KBC Group share, less the net debt3 per share. KBC Ancora’s net debt position at 31 December 2024 stood at EUR 0.55 per share.

    Based on the price of the KBC Group share on 31 December 2024 (EUR 74.54), the net asset value of one KBC Ancora share amounted to EUR 74.48, and the KBC Ancora share (EUR 50.50) was trading at a discount of 32.2% to the net asset value.

    The following charts illustrate the movements in the price of the KBC Group and KBC Ancora shares and the discount of the KBC Ancora share to its net asset value.

    Trend in KBC Group and KBC Ancora share price
    (January – December 2024)
    Trend in discount of KBC Ancora share to its net asset value (January – December 2024)
       

    Principal risks and uncertainties in the remaining months of the financial year

    Certain risk factors could have an impact on the value of the assets held by KBC Ancora and on its ability to distribute a dividend. Reference is made in this regard to the description of the risks in the most recent annual report (page 20).

    KBC Ancora’s expenses in the second half of the current financial year (2024/2025) will consist principally of interest charges plus the usual limited operating expenses. KBC Ancora estimates the total expenses in respect of the full financial year 2024/2025 at approximately EUR 8 million.

    KBC Group reported a net result of EUR 2.3 billion for the first nine months of 2024. KBC Group will announce its annual result for the financial year 2024 on 13 February 2025.

    Partly dependent on the decisions taken by KBC Group regarding the distribution in the first half of 2025 of a final dividend in respect of financial year 2024, the Board of Directors of Almancora Société de gestion, statutory director of KBC Ancora, will take a decision at the end of May 2025 on whether to distribute an interim dividend in June 2025 in respect of financial year 2024/2025, in line with its dividend policy. KBC Ancora’s dividend policy sets out the intention to pay out 90% of the recurring result available for distribution in the form of an (interim) dividend (i.e. after adjustment for any exceptional results and after mandatory formation of the legal reserve).

    Declaration by the responsible individuals

    “We, the members of the Board of Directors of Almancora Société de gestion, statutory director of KBC Ancora SA, hereby jointly declare that, in so far as we are aware:

    a)   the abridged financial summaries, drawn up in accordance with the applicable standards for financial statements, present a true and fair picture of the capital position, financial position and results of KBC Ancora;

    b)   the interim financial report presents a true and fair view of the key events and principal transactions with affiliated parties during the first six months of the current financial year and of their impact on the abridged financial summaries, as well as a description of the principal risks and uncertainties during the remaining months of the financial year.”

    Information on the external audit

    The statutory auditor has reviewed the abridged interim financial information and accompanying notes. The auditor’s report is appended to this interim report.

            ———————————

    KBC Ancora is a listed company which holds 18.6% of the shares in KBC Group and which together with Cera, MRBB and the Other Permanent Shareholders is responsible for the shareholder stability and further development of the KBC group. As core shareholders of KBC Group, these parties have signed a shareholder agreement to this effect.

    Financial calendar:
    29 August 2025 (17.40 hrs CEST)        Annual press release for the financial year 2024/2025
    30 September 2025 (17.40 CEST)        Annual Report 2024/2025 available
    31 October 2025        General Meeting of Shareholders

    This press release is available in Dutch, French and English on the website www.kbcancora.be.

    KBC Ancora Investor Relations & Press contact: Jan Bergmans
    Tel.: +32 (0)16 279672
    E-mail: jan.bergmans@kbcancora.be or mailbox@kbcancora.be

    Appendix: Balance sheet and profit and loss account with comparative figures

    (x EUR 1,000) 31.12.2024 *30.06.2024
    BALANCE SHEET TOTAL 3,660,323 3,599,986
    Assets    
    Fixed assets 3,599,979 3,599,979
    Financial fixed assets 3,599,979 3,599,979
    Companies with which there is a participatory   
    relationship
    3,599,979 3,599,979
    Participating interests 3,599,979 3,599,979
    Current assets 60,344 8
    Investments 59,700 0
    Other investments 59,700 0
    Cash at bank and in hand 611 1
    Accrued income and deferred expense 33 7
    Liabilities    
    Equity 3,557,524 3,483,591
    Contribution 3,158,128 3,158,128
    Issued capital 3,158,128 3,158,128
    Reserves 324,686 324,686
       Unavailable reserves 175,258 175,258
    Legal reserve 175,258 175,258
    Available reserves 149,427 149,427
    Profit/loss carried forward 777 777
    Profit/loss for the period 73,933 n/a
    Creditors 102,798 116,396
    Amounts falling due after more than one year 100,000 100,000
    Financial liabilities 100,000 100,000
    Credit institutions 100,000 100,000
    Amounts falling due within one year 419 16,050
    Financial liabilities 0 15,635
    Credit institutions 0 15,635
    Trade creditors 159 173
    Suppliers 159 173
    Other creditors 260 241
    Accrued expense and deferred income 2,379 345

    * The balance sheet at 30 June 2024 is shown after appropriation of the result.

    (x EUR 1,000) 01.07.2024-31.12.2024 01.07.2023-31.12.2023
         
    Operating income 0 0
    Other operating income 0 0
    Operating costs 1,536 1,567
    Services and sundry goods 1,535 1,417
    Other operating costs 0 149
    Operating results -1,536 -1,567
         
    Financial income 77,738 77,953
    Recurring financial income 77,738 77,953
    Income from financial fixed assets 77,516 77,516
    Income from current assets 222 437
    Financial expenses 2,269 3,508
    Recurring financial charges 2,269 3,508
    Cost of debt 2,269 3,508
    Other financial expenses 0 0
    Financial result 75,469 74,445
         
    Profit (loss) before tax 73,933 72,879
         
    Profit (loss) after tax 73,933 72,879

    Statutory auditor’s report to the board of directors of KBC Ancora NV on the review of the condensed interim financial information as at 31 December 2024 and for the 6-month period then ended

    FREE TRANSLATION OF THE ORIGINAL IN DUTCH

    Introduction

    We have reviewed the accompanying interim financial report 2024/2025, containing the condensed balance sheet of KBC Ancora NV as at 31 December 2024, the condensed profit and loss account for the 6-month period then ended, as well as the notes (“the condensed interim financial information”). The board of directors is responsible for the preparation and presentation of this condensed interim financial information in accordance with the financial reporting framework applicable in Belgium for the preparation of condensed interim financial information. Our responsibility is to express a conclusion on this condensed interim financial information based on our review.

    Scope of Review

    We conducted our review in accordance with the International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A review of condensed interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

    Conclusion

    Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as at 31 December 2024 and for the 6-month period then ended has not been prepared, in all material respects, in accordance with the financial reporting framework applicable in Belgium for the preparation of condensed interim financial information.

    Diegem, 31 January 2025

    The statutory auditor,
    PwC Reviseurs d’Entreprises SRL / Bedrijfsrevisoren BV
    Represented by

    Damien Walgrave*
    Bedrijfsrevisor / Réviseur d’Entreprises

    * Acting in behalf of Damien Walgrave BV/SRL


    1         KBC Ancora’s reporting is based on Belgian GAAP. The valuation principles are set out in the filed annual
            financial statements and in the annual report.
            See Appendix for the balance sheet and profit and loss account.
    2         Number of KBC Group shares held / number of KBC Ancora shares in issue: 1.0066
            (= 77,516,380 / 77,011,844).
    3         Net debt is defined here as total liabilities less total assets excluding financial fixed assets.

    Attachment

    The MIL Network

  • MIL-OSI: Santander Chile announces Andrés Trautmann Buc as new Chief Executive Officer (CEO) and Country Head

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Jan. 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC) announces that Mr. Andrés Trautmann Buc will take over as CEO and Country Head, replacing Mr. Román Blanco Reinosa. This change will occur on July 1, 2025 and, until then, Mr. Blanco will remain as the bank’s CEO, while Mr. Trautmann will continue to lead the Executive Vice President of Santander Corporate & Investment Banking (CIB).

    Mr. Trautmann, a commercial engineer from Universidad de Chile, has a distinguished career at Santander, since joining the Group in 2007. He began his career as Head of Institutional and Corporate Sales at Santander Chile. Between 2010 and 2012, he served as Head of Structured Products Sales in London for Santander UK. Between 2013 and 2018 he oversaw the Andean Zone sales for Goldman Sachs in New York. In 2018, he became the Head of Markets Santander Chile, and in 2021, he was appointed Executive Vice President of CIB at Santander Chile, a global division that supports corporate and institutional clients with high-value services, products and solutions.

    Since his initial position in Markets, Mr. Trautmann has achieved significant milestones, including tripling the growth of the Sales and Trading business. At CIB, he led and promoted the expansion of products for large companies by leveraging the global capabilities of the Santander Group. Recently, he also took on the Corporate and Institutional Banking business and Santander Consumer Finance, giving him a comprehensive view of the bank’s operations. His leadership and deep knowledge of the business and markets will continue to strengthen the bank’s position in the country.

    Santander thanks Román Blanco, who, in his role as CEO and Country Head, has led a successful process accelerating the transformation of the bank’s business models in Chile and its technology, strengthening the growth of Getnet and Santander Consumer Finance. Additionally, he promoted the launch of the Más Lucas and Más Lucas Joven account. Also noteworthy is the implementation of Gravity in Chile, positioning the entity as the first local bank with a banking core migrated to Cloud technologies. Among the achievements under his supervision are the implementation of specialized service models for companies, as well as the evolution of branch strategies, with Work/Café Expresso as an example.

    During Mr. Blanco´s leadership, Santander has achieved an ROAE during the 4Q of 2024 of 26% and a total profit of $865 billion pesos corresponding to last year. This is reflected in the company’s high valuations, with a P/BV of 2.2x, standing out among the highest of Latin American banks and with an A2 international credit rating according to Moody’s.

    It should be noted that Mr. Blanco has extensive international experience with more than 20 years within the Group. His main functions include having being Country Head in several operations such as the US, Puerto Rico and Colombia, in addition to leading the bank in the Andean region and Uruguay and having extensive experience in business management in Santander Brazil.

    CONTACT INFORMATION

    Cristian Vicuña
    Investor Relations
    Banco Santander Chile
    Bandera 140, Floor 20
    Santiago, Chile
    Email: irelations@santander.cl
    Website: www.santander.cl

    Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a stable outlook.

    As of December 31, 2024, the Bank has total assets of $68,458,933 million (US$68,865 million), total gross loans (including loans to banks) at amortized cost of $41,323,844 million (US$41,569 million), total deposits of $31,359,234 million (US$31,545 million) and shareholders’ equity of $4,292,440 million (US$4,318 million). The BIS capital ratio was 17.1%, with a core capital ratio of 10.5%. As of December 31, 2024, Santander Chile employs 8,757 people and has 236 branches throughout Chile.

    The MIL Network

  • MIL-OSI: Bank of the James Announces Fourth Quarter, Full Year of 2024 Financial Results and Declaration of Dividend

    Source: GlobeNewswire (MIL-OSI)

    LYNCHBURG, Va., Jan. 31, 2025 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and 12 month periods ended December 31, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

    Net income for the three months ended December 31, 2024 was $1.62 million or $0.36 per basic and diluted share compared with $2.11 million or $0.45 per basic and diluted share for the three months ended December 31, 2023. Net income for the 12 months ended December 31, 2024 was $7.94 million or $1.75 per share compared with $8.70 million or $1.91 per share for the year 12 months ended December 31, 2023.

    Robert R. Chapman III, CEO of the Bank, commented: “Our Company delivered another year of high-quality earnings driven by a wide range of banking products, services, and investment management. These diversified sources of revenue were supported by a large regional market and broad base of commercial and retail clients, enabling the Company and the Bank to record strong financial performance and grow shareholder value in a year that presented its share of economic changes and challenges.

    “With a more stable interest rate environment, we made new loans and repriced existing loans to accurately reflect prevailing rates, which generated a positive trend in yields on earning assets. We began to slow the rate of interest expense increases that have characterized the past three years. Although margins continue to experience pressure, there was net interest margin expansion beginning in the second half of 2024 – a positive trend that we anticipate will continue in coming quarters.

    “Noninterest income was an important component of earnings that included fee income from commercial treasury management, wealth management through PWW, gains on the sale of originated residential mortgages, card services and more. Led by healthy growth in these activities, noninterest income in 2024 rose 18% from a year earlier.

    “Total loans, net, increased 6% in 2024, with commercial real estate loan growth leading the way. Commercial & industrial and commercial construction loan portfolios grew moderately year-over-year. Residential mortgages increased 6% as we continued our practice of selling most originated mortgages to the secondary market. Our mortgage lending team did an outstanding job of maintaining our Bank’s leadership as a premier mortgage originator in the markets we serve.

    “Key to generating consistent, predictable earnings is maintaining high levels of loan quality through credit management. Measures such as asset quality ratios, total nonperforming loans, and provisioning for credit losses continue reflect exceptional credit management. Our credit management team, headed by Chief Credit Officer Chip Umberger, continue to do outstanding work ensuring loan quality.

    “Total deposits increased in 2024 compared with 2023. We remain focused on growing deposits from commercial and retail customers, particularly core deposits, and building this important source of funding for loans and providing liquidity. During the year, we opened strategic locations in Buchanan and Nellysford, Virginia, further expanding the Bank’s deposit-gathering capabilities and value to customers.

    “We provided meaningful value to our shareholders in 2024. Solid earnings, strong asset quality and efficient operation contributed to a consistent, longstanding trend of enhancing the Company’s value to its shareholders. Stockholders’ equity rose 8% from a year earlier, retained earnings increased by more than $6 million, and book value per share rose to $14.28 at December 31, 2024 from $13.21 a year earlier. The Company also paid quarterly cash dividends to shareholders, as it has for many years.

    “We believe the Company is well-positioned for the coming year, continuing on a path of providing superior value to our shareholders, customers and communities.”

    Fourth Quarter and Full Year of 2024 Highlights

    • Net income and earnings per share (EPS) in the fourth quarter and full year of 2024 was impacted by higher noninterest expense, which included a $534,000 fee related to the negotiation of a contract with a credit/debit card processor. Over the term of the contract, the Company expects to recognize up to $438,000 in incentive payments from the card processor, and anticipates generating additional long-term benefits and savings of $2.1 million associated with the contract.
    • Total interest income rose 13% to $44.64 million for the full year of 2024 compared with $39.36 million in 2023. The growth primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased to 5.50% in 2024 compared with 5.05% in 2023.
    • Net interest income after provision for (recovery of) credit losses in the full year of 2024 was $29.89 million compared with $29.92 million for the full year of 2023. The full year of 2024 reflected loan loss recoveries driven by strong asset quality, and the impact of elevated interest expense.
    • Net interest margin in the fourth quarter of 2024 was 3.18%, trending up from 3.16% in the third quarter and 3.02% in the second quarter of 2024, reflecting continuing margin expansion. Net interest margin for the full year of 2024 was 3.11% compared with 3.29% in 2023. Interest spread for the full year of 2024 was 2.78% compared with 3.06% a year earlier.
    • Total noninterest income for the full year of 2024 was $15.14 million, up 17.64% from $12.87 million a year earlier. Growth primarily reflected gains on sale of loans held for sale, fee income generated by commercial treasury services and residential mortgage originations, and wealth management fee income from PWW, which contributed $0.34 per share to earnings in 2024.
    • Loans, net of the allowance for credit losses, increased 6% to $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023.
    • Commercial real estate loans (owner occupied and non-owner occupied) grew 9% to $335.53 million at December 31, 2024 from $306.86 million a year earlier.
    • Measures of asset quality included a ratio of nonperforming loans to total loans of 0.25% at December 31, 2024, low levels of nonperforming loans, and zero other real estate owned (OREO).
    • Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023.
    • Total deposits were $882.40 million at December 31, 2024, up from $878.46 million at December 31, 2023.
    • Shareholder value measures included 8% growth in stockholders’ equity at December 31, 2024 from a year earlier, retained earnings of $42.80 million, up from $36.68 million a year earlier, and a book value per share of $14.28 compared with $13.21 at December 31, 2023.
    • On January 21, 2025 the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of March 7, 2025, to be paid on March 21, 2025.

    Fourth Quarter, Full Year of 2024 Operational Review

    Net interest income after provision for (recovery of) credit losses for the fourth quarter of 2024 was $7.76 million compared to net interest income after provision for credit losses of $7.29 million a year earlier. In the full year of 2024, net interest income after recovery of credit losses was $29.89 million compared with $29.92 a year earlier. The credit loss recovery in the full year of 2024 was $655,000 compared with $179,000 in the full year of 2023.

    Total interest income increased to $11.64 million in the fourth quarter of 2024 compared with $10.54 million a year earlier. The full year of 2024 total interest income was $44.64 million, up from $39.36 million in the full year of 2023. The year-over-year increases primarily reflected upward rate adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

    During 2024, investment portfolio management and appropriate rate increases on loans contributed to year-over-year growth in yields on total earning assets, which were 4.75% in 2024 compared with 4.36% in 2023.

    Total interest expense in the fourth quarter of 2024 was $3.95 million and $15.41 million for the full year of 2024, increasing 25.44% and 60.12% from $3.15 and $9.62 in the comparable periods of 2023. The increase primarily reflects higher deposit rates commensurate with the prevailing interest rate environment, and also more interest-bearing deposits.

    A stabilizing interest rate environment contributed to some margin pressure relief, particularly in the second half of 2024. For the full year of 2024, the net interest margin was 3.11% compared with 3.29% a year earlier, while interest spread was 2.78% for the full year of 2024, compared with 3.06% a year earlier.

    Noninterest income in the fourth quarter of 2024 rose 20% to $3.82 million compared with $3.18 million in the fourth quarter of 2023. For the full year of 2024, noninterest income was up 18% to $15.14 million from $12.87 million in 2023.

    Noninterest income in 2024 included income contributions from debit card activity, a write-up on an investment in an SBIC fund, commercial treasury services, and the mortgage division. Strong contributions from wealth management fees, primarily generated by PWW, were $4.84 million in 2024, up from $4.20 million a year earlier. Steady activity in residential mortgage originations throughout 2024 was reflected in gains on sale of loans held for sale of $4.49 million compared with $3.94 million a year earlier.

    Noninterest expense in the fourth quarter of $9.50 million compared with $8.42 million in the fourth quarter of 2023. Noninterest expense for the full year of 2024 was $35.11 million compared with $32.51 million for the full year of 2023. As previously noted, noninterest expense was impacted by a one-time payment to a consultant that helped negotiate a contract with a debit card provider, recorded in the fourth quarter of 2024. We will recognize incentive payments and cost savings from the underlying contract in subsequent quarters. Diligent expense management, judicious personnel expenses related to new locations, and accrual of year-end employee compensation throughout the year contributed to stable year-over-year salaries and employee benefits costs in the fourth quarter and full year of 2024.

    Balance Sheet: Strong Cash Position, High Asset Quality

    Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.

    Loans, net of allowance for credit losses, were $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and stability in other loan categories.

    Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $335.53 million at December 31, 2024 compared with $306.86 million at December 31, 2023, reflecting new loans and a decreasing rate of loan payoffs. Of this amount, commercial real estate (non-owner occupied) was approximately $195.09 million and commercial real estate (owner occupied) was $140.44 million. The Bank closely monitors concentrations in these segments, and has no commercial real estate loans secured by large office buildings in large metropolitan city centers.

    Commercial construction/land loans and residential construction/land loans were $50.04 million at December 31, 2024 compared with $50.28 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects. Commercial and industrial loans were $66.42 million at December 31, 2024 compared with $65.32 million at December 31, 2023, reflecting a continuing trend of stability in this loan segment.

    Residential mortgage loans that we intend to keep on the balance sheet were $113.30 million at December 31, 2024 compared with $106.99 million at December 31, 2023. Growth of these retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $78.31 million at December 31, 2024 compared with $76.52 million at December 31, 2023.

    Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at December 31, 2024 was 0.25% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.09% at December 31, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.64 million at December 31, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

    Total deposits were $882.40 million at December 31, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits, NOW, money market and savings were down moderately compared with 2023 and time deposits increased. At both December 31, 2024 and December 31, 2023, the Bank had no brokered deposits.

    Key measures of shareholder value were positive. Stockholders’ equity increased 8% to $64.87 million at December 31, 2024 from $60.04 million a year earlier. Retained earnings increased to $42.80 million at December 31, 2024 compared with $36.68 million a year earlier. Book value per share was $14.28 compared with $13.21 at December 31, 2023, but down from $15.15 at September 30, 2024, in part reflecting quarterly fluctuations in required fair market valuations of the Company’s available-for-sale investment portfolio.

    Some balance sheet measures are impacted by interest rate fluctuations and fair market valuation measurements in the Company’s available-for-sale securities portfolio and are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly-rated debt instruments. The Company does not expect to realize the unrealized losses as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.

    About the Company

    Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

    Cautionary Statement Regarding Forward-Looking Statements

    This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

    CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

    FINANCIAL RESULTS FOLLOW

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Balance Sheets
    (dollar amounts in thousands, except per share amounts)

      (unaudited)    
    Assets 12/31/2024   12/31/2023
    Cash and due from banks $ 23,287     $ 25,613  
    Federal funds sold   50,022       49,225  
    Total cash and cash equivalents   73,309       74,838  
           
    Securities held-to-maturity (fair value of $3,170 and $3,231 as of December 31, 2024 and 2023)   3,606       3,622  
    Securities available-for-sale, at fair value   187,916       216,510  
    Restricted stock, at cost   1,821       1,541  
    Loans, net of allowance for credit losses of $7,044 and $7,412 as of December 31, 2024 and 2023   636,552       601,921  
    Loans held for sale   3,616       1,258  
    Premises and equipment, net   19,313       18,141  
    Interest receivable   3,065       2,835  
    Cash value – bank owned life insurance   22,907       21,586  
    Customer relationship Intangible   6,725       7,285  
    Goodwill   2,054       2,054  
    Income taxes receivable         128  
    Deferred tax asset   8,936       8,206  
    Other assets   9,424       9,446  
    Total assets $ 979,244     $ 969,371  
           
    Liabilities and Stockholders’ Equity      
    Deposits      
    Noninterest bearing demand $ 129,692     $ 134,275  
    NOW, money market and savings   522,208       538,229  
    Time   230,504       205,955  
    Total deposits   882,404       878,459  
           
    Capital notes, net   10,048       10,042  
    Other borrowings   9,300       9,890  
    Income taxes payable   86        
    Interest payable   722       480  
    Other liabilities   11,819       10,461  
    Total liabilities $ 914,379     $ 909,332  
           
    Stockholders’ equity      
    Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of December 31, 2024 and 2023   9,723       9,723  
    Additional paid-in-capital   35,253       35,253  
    Accumulated other comprehensive (loss)   (22,915 )     (21,615 )
    Retained earnings   42,804       36,678  
    Total stockholders’ equity $ 64,865     $ 60,039  
           
    Total liabilities and stockholders’ equity $ 979,244     $ 969,371  
     
     

    Bank of the James Financial Group, Inc. and Subsidiaries
    Consolidated Statements of Income
    (dollar amounts in thousands, except per share amounts)
    (unaudited)

        For the Year Ended
        Ended December 31,
    Interest Income     2024       2023  
    Loans   $ 34,505     $ 31,378  
    Securities        
    US Government and agency obligations     1,471       1,273  
    Mortgage-backed securities     2,381       1,899  
    Municipals     1,244       1,212  
    Dividends     95       82  
    Corporates     543       560  
    Interest bearing deposits     775       496  
    Federal Funds sold     3,629       2,462  
    Total interest income     44,643       39,362  
             
    Interest Expense        
    Deposits        
    NOW, money market savings     5,455       2,984  
    Time Deposits     9,173       5,796  
    FHLB borrowings           31  
    Finance leases     76       86  
    Other borrowings     376       398  
    Capital notes     327       327  
    Total interest expense     15,407       9,622  
             
    Net interest income     29,236       29,740  
             
    Recovery of credit losses     (655 )     (179 )
             
    Net interest income after recovery of credit losses     29,891       29,919  
             
    Noninterest income        
    Gains on sale of loans held for sale     4,494       3,938  
    Service charges, fees and commissions     4,003       3,901  
    Wealth management fees     4,843       4,197  
    Life insurance income     721       548  
    Other     1,014       283  
    Gain on sales of available-for-sale securities     62        
             
    Total noninterest income     15,137       12,867  
             
    Noninterest expenses        
    Salaries and employee benefits     19,294       18,311  
    Occupancy     1,964       1,819  
    Equipment     2,499       2,416  
    Supplies     542       530  
    Professional, data processing, and other outside expense     6,528       5,296  
    Marketing     768       919  
    Credit expense     816       805  
    Other real estate expenses, net           40  
    FDIC insurance expense     441       419  
    Amortization of intangibles     560       560  
    Other     1,693       1,392  
    Total noninterest expenses     35,105       32,507  
             
    Income before income taxes     9,923       10,279  
             
    Income tax expense     1,979       1,575  
             
    Net Income   $ 7,944     $ 8,704  
             
    Weighted average shares outstanding – basic and diluted     4,543,338       4,562,374  
             
    Net income per common share – basic and diluted   $ 1.75     $ 1.91  
     
     

    Bank of the James Financial Group, Inc. and Subsidiaries
    Dollar amounts in thousands, except per share data
    unaudited

    Selected Data: Three
    months
    ending
    Dec 31,
    2024
    Three
    months
    ending
    Dec 31,
    2023
    Change Year
    to
    date
    Dec 31,
    2024
    Year
    to
    date
    Dec 31,
    2023
    Change
    Interest income $     11,636   $    10,538     10.42 % $     44,643   $     39,362     13.42 %
    Interest expense   3,950     3,149     25.44 %   15,407     9,622     60.12 %
    Net interest income   7,686     7,389     4.02 %   29,236     29,740     -1.69 %
    Provision for (recovery of) credit losses   (71 )   99     -171.72 %   (655 )   (179 )   265.92 %
    Noninterest income   3,816     3,178     20.08 %   15,137     12,867     17.64 %
    Noninterest expense   9,503     8,416     12.92 %   35,105     32,507     7.99 %
    Income taxes   452     (56 )   -907.14 %   1,979     1,575     25.65 %
    Net income   1,618     2,108     -23.24 %   7,944     8,704     -8.73 %
    Weighted average shares outstanding – basic and diluted   4,543,338     4,543,338         4,543,338     4,562,374     (19,036 )
    Basic and diluted net income per share $        0.36   $         0.45   $     (0.09 ) $         1.75   $      1.91   $     (0.16 )
    Balance Sheet at
    period end:
    Dec 31,
    2024
    Dec 31,
    2023
    Change Dec 31,
    2023
    Dec 31,
    2022
    Change
    Loans, net $    636,552 $ 601,921   5.75 % $    601,921 $    605,366   -0.57 %
    Loans held for sale   3,616   1,258   187.44 %   1,258   2,423   -48.08 %
    Total securities   191,522   220,132   -13.00 %   220,132   189,426   16.21 %
    Total deposits   882,404   878,459   0.45 %   878,459   848,138   3.58 %
    Stockholders’ equity   64,865   60,039   8.04 %   60,039   50,226   19.54 %
    Total assets   979,244   969,371   1.02 %   969,371   928,571   4.39 %
    Shares outstanding   4,543,338   4,543,338       4,543,338   4,628,657   (85,319 )
    Book value per share $       14.28 $       13.21 $         1.07   $        13.21 $        10.85 $      2.36  
    Daily averages: Three
    months
    ending
    Dec 31,
    2024
    Three
    months
    ending
    Dec 31,
    2023
    Change Year
    to
    date
    Dec 31,
    2024
    Year
    to
    date
    Dec 31,
    2023
    Change
    Loans $ 642,197   $ 609,800   5.31 % $ 623,769   $ 616,047   1.25 %
    Loans held for sale   3,612     3,406   6.05 %   3,494     3,512   -0.51 %
    Total securities (book value)   218,680     236,267   -7.44 %   232,992     226,637   2.80 %
    Total deposits   920,655     882,277   4.35 %   901,449     867,269   3.94 %
    Stockholders’ equity   68,563     50,097   36.86 %   62,575     50,977   22.75 %
    Interest earning assets   963,217     921,665   4.51 %   939,900     903,491   4.03 %
    Interest bearing liabilities   801,812     753,144   6.46 %   783,003     738,335   6.05 %
    Total assets   1,021,547     963,511   6.02 %   995,738     950,276   4.78 %
                 
    Financial Ratios: Three
    months
    ending
    Dec 31,
    2024
    Three
    months
    ending
    Dec 31,
    2023
    Change Year
    to
    date
    Dec 31,
    2024
    Year
    to
    date
    Dec 31,
    2023
    Change
    Return on average assets   0.63 %   0.87 % (0.24 )   0.80 %   0.92 % (0.12 )
    Return on average equity   9.39 %   16.69 % (7.30 )   12.70 %   17.07 % (4.37 )
    Net interest margin   3.18 %   3.18 %     3.11 %   3.29 % (0.18 )
    Efficiency ratio   82.62 %   79.64 % 2.98     79.11 %   76.29 % 2.82  
    Average equity to average assets   6.71 %   5.20 % 1.51     6.28 %   5.36 % 0.92  
    Allowance for credit losses: Three
    months
    ending
    Dec 31,
    2024
    Three
    months
    ending
    Dec 31,
    2023
    Change Year
    to
    date
    Dec 31,
    2024
    Year
    to
    date
    Dec 31,
    2023
    Change
    Beginning balance $ 7,078   $ 7,320   -3.31 % $ 7,412   $ 6,259   18.42 %
    Retained earnings adjustment related to impact of adoption of ASU 2016-13         N/A         1,245   -100.00 %
    Provision for (recovery of) credit losses*   (39 )   123   -131.71 %   (533 )   (65 ) 720.00 %
    Charge-offs       (40 ) -100.00 %   (84 )   (236 ) -64.41 %
    Recoveries   5     9   -44.44 %   249     209   19.14 %
    Ending balance   7,044     7,412   -4.96 %   7,044     7,412   -4.96 %
                 
    * does not include provision for or recovery of unfunded loan commitment liability    
    Nonperforming assets: Dec 31,
    2024
    Dec 31,
    2023
    Change Dec 31,
    2023
    Dec 31,
    2022
    Change
    Total nonperforming loans $ 1,640 $ 391 319.44 % $ 391 $ 633 -38.23 %
    Other real estate owned     N/A       566 -100.00 %
    Total nonperforming assets   1,640   391 319.44 %   391   1,199 -67.39 %
    Asset quality ratios: Dec 31,
    2024
    Dec 31,
    2023
    Change Dec 31,
    2023
    Dec 31,
    2022
    Change
    Nonperforming loans to total loans 0.25 % 0.06 % 0.19   0.06 % 0.10 % (0.04 )
    Allowance for credit losses for loans to total loans 1.09 % 1.22 % (0.12 ) 1.22 % 1.02 % 0.19  
    Allowance for credit losses for loans to nonperforming loans 429.51 % 1895.65 % (1,466.14 ) 1895.65 % 988.78 % 906.87  

    The MIL Network

  • MIL-OSI: Superior Energy Services Announces Appointment of Kyle O’Neill as Chief Financial Officer

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Jan. 31, 2025 (GLOBE NEWSWIRE) — Superior Energy Services, Inc. (the “Company”) today announced that Kyle O’Neill was appointed chief financial officer effective February 3, 2025. Mr. O’Neill has over 20 years of experience in Industrials, Oilfield Services, and Asset Management industries. He has held various leadership positions in the industry, most recently as President and CFO at Industrial Service Solutions (ISS), a private equity-sponsored platform with over 50 locations across the United States. Before ISS, O’Neill was the President, CEO, and Director at U.S. Well Services, Inc., a publicly traded oilfield services company providing hydraulic pressure pumping services.

    Chairman and CEO Dave Lesar stated, “Kyle is a respected strategic financial and operational executive with extensive experience in strategic leadership, mergers and acquisitions, and operational efficiency. Kyle has a proven track record of driving growth and innovation as a results-oriented leader, and I look forward to his contributions toward a bright future for Superior.”

    About Superior Energy Services
    Superior Energy Services serves the drilling, completion and production-related needs of oil and gas companies through a diversified portfolio of specialized oilfield services and equipment that are used throughout the economic life cycle of oil and gas wells. In addition to operations in North America, both on land and offshore, Superior Energy Services operates in approximately 47 countries internationally. For more information, visit: www.superiorenergy.com.

    Forward-Looking Statements
    This press release contains, and future oral or written statements or press releases by the Company and its management may contain, certain forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Generally, the words “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks”, “will” and “estimates,” variations of such words and similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. All statements other than statements of historical fact regarding the Company’s financial position and results, financial performance, liquidity, strategic alternatives (including dispositions, acquisitions, and the timing thereof), market outlook, future capital needs, capital allocation plans, business strategies and other plans and objectives of our management for future operations and activities are forward-looking statements. These statements are based on certain assumptions and analyses made by the Company’s management in light of its experience and prevailing circumstances on the date such statements are made. Such forward-looking statements, and the assumptions on which they are based, are inherently speculative and are subject to a number of risks and uncertainties, including but not limited to conditions in the oil and gas industry, U.S. and global market and economic conditions generally and macroeconomic conditions worldwide, (including inflation, interest rates, supply chain disruptions and capital and credit markets conditions) that could cause the Company’s actual results to differ materially from such statements. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of the Company, which could cause actual results to differ materially from such statements.

    While the Company believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in predicting certain important factors that could impact the future performance or results of its business.

    These forward-looking statements are also affected by the risk factors, forward-looking statements and challenges and uncertainties described in the Company’s Form 10-K for the year ended December 31, 2023 and Form 10-Q for the quarter ended September 30, 2024 and those set forth from time to time in the Company’s other periodic filings with the Securities and Exchange Commission, which are available at www.superiorenergy.com. Except as required by law, the Company expressly disclaims any intention or obligation to revise or update any forward-looking statements whether as a result of new information, future events or otherwise.

    FOR FURTHER INFORMATION CONTACT:
    Joanna Clark, Corporate Secretary
    1001 Louisiana St., Suite 2900
    Houston, TX 77002
    Investor Relations, ir@superiorenergy.com, (713) 654-2200

    The MIL Network

  • MIL-OSI: Shareholders’ Nomination Committee proposal on the composition and remuneration of the Board of Directors of Oma Saving Bank Plc

    Source: GlobeNewswire (MIL-OSI)

    OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 31 JANUARY 2025 AT 19.00 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE

    Shareholders’ Nomination Committee proposal on the composition and remuneration of the Board of Directors of Oma Saving Bank Plc

    The Shareholders’ Nomination Committee proposes the following to the Annual General Meeting of Oma Savings Bank Plc (OmaSp or the Company) on 8 April 2025:

    The number of members of the Board of Directors is proposed to be confirmed at seven.

    The Shareholders’ Nomination Committee proposes that the current Board members Juhana Brotherus, Irma Gillberg-Hjelt, Aki Jaskari, Jaakko Ossa, Carl Pettersson, Kati Riikonen and Juha Volotinen.

    All candidates are proposed to be elected for the period starting at the Annual General Meeting 2025 and ending at the Annual General Meeting 2026. All nominees have given their consent to the election. At the time of election, all proposed nominees are independent in their relationship with the company and its significant shareholders.

    Details of the Board members nominated for election:

    JUHANA BROTHERUS
    Juhana Brotherus (born 1986) has been a member of OmaSp’s Board of Directors since December 2024. Brotherus has been the Director and Chief Economist of the Federation of Finnish Enterprises since 2023. In addition, Brotherus worked as Chief Economist and Director of the Mortgage Society of Finland in 2014–2023 and as the Economist of Danske Bank in 2011–2014. Brotherus has served as the Vice Chairman of the Board of HOAS since 2018, as a member of the Investment Committee of the Finnish Business School Graduates since 2016, as a member of the Board of the Foundation for Economic Students in Helsinki in 2015–2020, and as a member of the Board of aTalent Recruitingin in 2012–2018, of which as the Chairman of the Board in 2014–2018. Brotherus holds a Master of Economic Sciences.

    IRMA GILLBERG-HJELT
    Irma Gillberg-Hjelt (born 1962) has been a member of OmaSp’s Board of Directors since December 2024. Gillberg-Hjelt has has been the Executive Vice President and Head of Corporate Banking of Aktia Bank Plc in 2017–2020, employed by Danske Bank and its predecessors from 1987 to 2017 holding managerial positions in the corporate customer business in 2010–2017, as Bank Director in 2007–2012, as financial director in 2003–2007, and in customer-responsible positions in 1987–2003. In addition, Gillberg-Hjelt has been a member of the Board of Directors of Saldo Bank UAB in 2023–2024. Gillberg-Hjelt holds a Master of Laws.

    AKI JASKARI
    Aki Jaskari (born 1961) has been a member of OmaSp’s Board of Directors since 2014. Jaskari has served as the CEO of Nerkoon Höyläämö Oy since 1995. In addition, Jaskari has been a member of the Advisory Board of Leppäkosken Sähkö Group Oy since 2001, a member of the Regional Advisory Committee of Pohjola Insurance Oy in 2001–2015 and as a member of the Board of the Parkano Savings Bank in 2010–2013. Jaskari holds a master’s degree in economics.

    JAAKKO OSSA
    Jaakko Ossa (born 1965) has been the Chairman of the Board of OmaSp since May 2024 and a member of the Board since 2023. Ossa has been a professor of financial law at the University of Turku since 1998. Ossa has an extensive written production, particularly in the field of corporate taxation and investment taxation. Along with his academic career, Ossa has held expert positions at Asianajotoimisto Astrea Oy for around 20 years and currently at Ossa Partners Oy, a family company. Ossa has been as a member of the Board of several companies, including Liedon Savings Bank, Sp-Fund Management Company and the Savings Bank Association. In addition, he is currently the Chairman of the delegation of Taxpayers Association of Finland (TAF) and the inspector of the Satakuntalais-Hämäläinen Student Nation (osakunta) of the University of Turku. Ossa holds a Doctor of Laws.

    CARL PETTERSSON
    Carl Pettersson (born 1979) has been the Vice Chairman and a member of OmaSp’s Board of Directors since January 2025. Pettersson has been the Managing Director of Elo Pension Company since 2021. In addition, Pettersson has been the Managing Director of Veritas Pension Insurance Company in 2017–2021, Deputy Managing Director of Aktia Bank Plc in 2016–2017 and prior to that in several management positions of Aktia Bank Plc in 2008–2016 and as Director of OP Raasepori’s branch office in 2006-2008. Pettersson holds a Bachelor of Business Administration and an eMBA.

    KATI RIIKONEN
    Kati Riikonen (born 1971) has been a member of OmaSp’s Board of Directors since December 2024. Riikonen has been the VP, Head of Online, Marketing and Analytics of Telia Finland Plc in 2020–2024, Head of Industry of Google Finland in 2017–2020, Managing Director of Isobar Finland Oy in 2015–2017, Chief Digital Officer of DNA Oy in 2013-2015 and Marketing Director of DNA Oy in 2011–2013, an entrepreneur of KRi Marketing and Training in 2006–2009, Marketing Director of Motorola Inc. USA in 2003–2006 and as various expert and team leader positions at Nokia Plc in 1996–2003. In addition, Riikonen has been a member of the Board of Directors of Kamux Plc since 2024, a member of the Board of Directors of Verkkokauppa.com Plc since 2023, a member of the Board of Directors of Nooa Savings Bank in 2021–2024, a member of the Board of Directors of Kotipizza Group in 2021–2022, a member of the Board of Directors of City Digital Oy in 2016–2018, and a member of the Board of Frantic Media Oy in 2012–2014. Riikonen holds a Master of Business Administration.

    JUHA VOLOTINEN
    Juha Volotinen (born 1975) has been a member of OmaSp’s Board of Directors since December 2024. Volotinen has been the CIO of the Municipality Finance Plc since 2021. In addition, Volotinen worked as CIO of Aktia Bank Plc in 2017–2021 and before that in several managerial positions in Aktia Bank Plc in 2010–2017, in SEB Ab in several managerial positions in 2003–2010, and as IT Manager of Danske Securities in 2002–2003. Volotinen has served as a member of the Board of Directors of Aktia Finance in 2017–2020. Volotinen holds a Master of Economic Sciences.

    Shareholders’ Nomination Committee proposal on the remuneration of the Board of Directors of OmaSp:
                                                                                      
    The Shareholders’ Nomination Committee proposes that the members of the Board of Directors be paid annual remuneration as follows:

    • Chairperson of the Board EUR 85,000
    • Vice Chairperson of the Board EUR 60,000
    • Other members of the Board EUR 40,000

    In addition, the Chairperson of the Board Committees are paid a separate annual fee as follows:

    • Chairperson of the Remuneration Committee EUR 6,000
    • Chairperson of the Risk Committee EUR 9,000
    • Chairperson of the Audit Committee EUR 9,000

    The Shareholders’ Nomination Committee proposes that meeting fees be paid as follows:

    • Board meeting EUR 1,000
    • Committee meeting EUR 1,000
    • Email meeting of the Board or Committee EUR 500

    The Shareholders’ Nomination Board proposes that 25 percent of the annual remuneration of the Board of Directors be paid from the market in Oma Savings Bank Plc’s shares acquired on behalf of the members of the Board of Directors. The shares will be acquired directly on behalf of the members of the Board of Directors at a price formed on the market in public trading when the interim report for the period from 1 January to 31 March 2025 has been published. The Company is responsible for the costs of acquiring the shares and any transfer tax. The rest of the annual fee is paid in cash to cover the taxes arising from the fee.

    In addition, Oma Savings Bank Plc pays or reimburses travel expenses and other expenses related to board work to the members of the Board of Directors.

    The proposals of the Nomination Committee shall be included in the notice of the Annual General Meeting.

    Raimo Härmä (nominated by the South-Karelian Savings Bank Foundation) is the Chairman of the Shareholders’ Nomination Committee of OmaSp, members are Ari Lamminmäki (nominated by the Parkano Savings Bank Foundation), Jouni Niuro (nominated by the Liedon Savings Bank Foundation), Aino Lamminmäki (nominated by the Töysän Savings Bank Foundation), Simo Haarajärvi (nominated by the Kuortane Savings Bank Foundation), and as a specialist acts Jaakko Ossa, the Chairman of the Board of OmaSp.

    Additional information:
    Raimo Härmä, Chairman of the Nomination Committee, tel. +358 44 363 7063
    Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

    DISTRIBUTION
    Nasdaq Helsinki Ltd
    Major media
    www.omasp.fi

    OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

    OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

    The MIL Network

  • MIL-OSI: Compagnie de Financement Foncier : Press Release – Results of Compagnie de Financement Foncier in 2024

    Source: GlobeNewswire (MIL-OSI)

    Press release for full and effective distribution

    Paris, January 31, 2025

    Compagnie de Financement Foncier’s financial results in 2024

    On January 31, 2025, Compagnie de Financement Foncier’s Board of Directors, chaired by Éric FILLIAT, met to approve the annual financial statements for 2024.

    ***

    1. COMPAGNIE DE FINANCEMENT FONCIER’S BUSINESS ACTIVITY

    In 2024, despite an unstable geopolitical context and a volatile financial environment, Compagnie de Financement Foncier, in synergy with Groupe BPCE, achieved remarkable commercial and financial performances.

    • Issuance of covered bonds

    A key player in Groupe BPCE’s refinancing strategy, Compagnie de Financement Foncier is a benchmark issuer thanks to its ability to seize the best market opportunities and offer investors solutions that meet their expectations. This agility allows it to provide Groupe BPCE institutions with highly competitive refinancing for their lending businesses.

    In 2024, Compagnie de Financement Foncier issued €5.8bn in covered bonds, €1.3bn more than in 2023.

    • In April 2024, Compagnie de Financement Foncier tapped the primary market for a €2bn dual-tranche issuance. These tranches, of €1.25bn and €750m, were issued with maturities of three and eight years respectively. The high level of oversubscription on this transaction, despite market instability, testifies to its success.
    • In May 2024, an issuance of €1.5bn was carried out with a maturity of six years. The wide range of investors in this transaction confirms the diversity of Compagnie de Financement Foncier’s investor base.
    • In September 2024, Compagnie de Financement Foncier took advantage of a favorable issuance window with a benchmark of €1bn over eight and a half years.
    • In October 2024, as part of Groupe BPCE’s Sustainable Development Funding Program, Compagnie de Financement Foncier carried out its second social issuance (€500m over five years). This transaction strengthens Compagnie de Financement Foncier’s presence in this specialized market and aligns with Groupe BPCE’s objectives to integrate ESG criteria into its refinancing activities.

    In 2024, Compagnie de Financement Foncier’s currency diversification strategy continued with two issuances, one in CHF and the other in USD, with respective counter values of €161m and €139m at the transaction date.

    • Refinancing of Groupe BPCE receivables

    In line with its strategic guidelines, Compagnie de Financement Foncier refinanced a total of €6.3bn in receivables contributed by Groupe BPCE institutions, €1.5bn more than in 2023. Noteworthy among this year’s transactions were the refinancing of state-guaranteed loans (PGE) for Groupe BPCE institutions (€1.4bn) and, for the first time, the refinancing of outstanding export credits (€31.5m).

    These performances, in ever-competitive markets, reflect the commitment and efficiency of all the teams involved. They also confirm the success of the system put in place and the relevance of the diversification strategy developed with Groupe BPCE, which enables Compagnie de Financement Foncier to finance the Group’s various business lines under very competitive conditions.

    II. COMPAGNIE DE FINANCEMENT FONCIER’S INCOME STATEMENT

    In millions of euros (1) 2024 2023
    Net interest margin 165 219
    Net commissions 9 13
    Other banking expenses (net) -2 -2
    Net banking income 172 230
    General operating expenses -56 -68
    Gross operating income 116 162
    Cost of risk 2 3
    Gains or losses on long‑term investments 0 0
    Income before tax 118 165
    Income tax -32 -46
    Net income 86 119

    Net banking income amounted to €172m, down by €58m compared with 2023.

    General operating expenses came to €56m, down on the previous year due to the disappearance of the contribution to the SRF; restated for this item, operating expenses are relatively stable compared with 2023.

    Gross operating income reached €116m.

    The cost of risk in 2024 shows a net reversal of €2m, reflecting the quality of the assets carried on Compagnie de Financement Foncier’s balance sheet.

    Net income was €86m at December 31, 2024, compared with €119m at December 31, 2023.

    III. BALANCE SHEET INFORMATION

    Compagnie de Financement Foncier’s balance sheet total was €61.0bn at the end of 2024, compared with €60.3bn at the end of 2023.

    The assets refinanced by Compagnie de Financement Foncier for the Group’s institutions in 2024 mainly come from the public sector, increasing their proportion on Compagnie de Financement Foncier’s balance sheet.

    At the end of 2024, outstanding covered bonds stood at €51.5bn, including related debts, close to the situation at December 31, 2023 (€51.7bn).

    IV. PRUDENTIAL INFORMATION

    Although exempt from regulatory requirements in terms of solvency ratios, Compagnie de Financement Foncier calculates, for information purposes, a Common Equity Tier One (CET 1) ratio at its limits. At December 31, 2024, this ratio stood at 38,6 %, well above the minimum threshold set out in Regulation 575/2013 (CRR).

    In accordance with the legislation applicable to Sociétés de Crédit Foncier, Compagnie de Financement Foncier maintains a coverage ratio for its privileged liabilities of more than 105%.

    Appendices

    ***

    Unless otherwise stated, the financial data in this press release are currently estimated and taken from the financial statements of Compagnie de Financement Foncier. These include the individual financial statements and related explanatory notes, prepared in accordance with French accounting standards and applicable Groupe BPCE standards.

    As of the date of publication of this press release, the audit procedures carried out by the Statutory Auditors on the annual financial statements are in progress.

    Compagnie de Financement Foncier is a credit institution approved as a specialized credit institution and a Société de Crédit Foncier. It is affiliated with BPCE and a 100% subsidiary of Crédit Foncier and Groupe BPCE.

    Regulated information is available on the website https://foncier.fr/ in the “Financial communication/Regulated information” section.

    Contact: Investor Relations

    Email: ir@foncier.fr
    Tel.: +33 (0) 1 58 73 55 10

                     

    (1)Some rounded amounts given in millions of euros in this press release may differ from those in euros.

    Attachment

    The MIL Network

  • MIL-OSI Security: Local man arrested for failing to pay employment taxes

    Source: Office of United States Attorneys

    HOUSTON – A federal grand jury has returned an indictment against a local company owner for failing to file employment tax returns and failing to pay over taxes his company withheld from employee paychecks, announced U.S. Attorney Nicholas J. Ganjei and Acting Deputy Assistant Attorney General for Criminal Matters Karen Kelly of the Justice Department’s Tax Division.

    Joseth Limon is expected to make his initial appearance before U.S. Magistrate Judge Christina A. Bryan at 2 p.m.

    According to the indictment, Limon allegedly owned Platinum Employment Group Inc., a company that supplied laborers to businesses in the Houston area. The indictment alleges that between 2016 and 2018, Platinum paid its employees over $3.5 million and withheld over $450,000 from their paychecks. During that period, however, Limon allegedly failed to pay to the IRS the employment taxes that Platinum withheld from its employees’ paychecks and failed to file any employment tax returns on behalf of Platinum.

    If convicted, Limon faces a maximum penalty of five years in prison and up to a $250,000 possible fine.  

    IRS Criminal Investigation conducted the investigation.

    Assistant U.S. Attorney Shirin Hakimzadeh and Trial Attorney Curtis Weidler of the Department of Justice’s Tax Division are prosecuting the case.

    An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.

    MIL Security OSI

  • MIL-OSI Global: How should Keir Starmer handle Donald Trump – and how’s it going so far?

    Source: The Conversation – UK – By Martin Farr, Senior Lecturer in Contemporary British History, Newcastle University

    The pairing of British prime minister Keir Starmer and US president Donald Trump connotes many imponderables. The only certainty happens to be the most significant: they will be in office together for four years.

    It is rare for a prime minister and a president to have the luxury of knowing – barring extreme unpredictabilities, such as death or incapacity – they have a full term in harness. And personal chemistry matters.

    Trump emphasises (rather too much for the liking of America’s allies) the deal, the handshake, the gaze; the bond that only the lonely, only those who lead, can have. Starmer emphasises level-headedness (although his government has not been particulary conspicuous in evincing it).

    Opposites may well attract, but the precedents for coterminous presidents and prime ministers are not encouraging. John Major and Bill Clinton, elected seven months apart, spent 1992 to 1997 together. But in the very definition of what not to do before an election, London had made its preference for the result of the election in America known – and the other guy won. The Conservative and the Democrat were no more than coolly cordial thereafter.

    On his re-election in 2001, Tony Blair knew he had George W. Bush for at least four years – it turned out to be eight – but the consequences for him were disastrous once the two decided to partake in a war on “terror”.

    In 1964, Harold Wilson and Lyndon Johnson were elected almost simultaneously, and spent 1964 to 1968 together. Though they were Labour and Democrat, and therefore from sister parties, it was not a harmonious pairing. Wilson’s meddling in, but lack of support for, Johnson’s war in Vietnam was a source of unbridled irritation in the White House.

    Trump and May

    The last time Trump became president, Theresa May was prime minister and she travelled with undisguised haste to the White House. There she achieved a highly untypical diplomatic coup in getting Trump to commit publicly to Nato (that bars should be so low was a general feature of the presidency).

    Their subsequent relationship was, however, toxic. No prime minister has been less likely to gaze, to bond (despite pictures of them holding hands), and the president held her as having mangled Brexit, a bid for freedom with which he was keen to associate himself.

    Before the US election, Starmer displayed a unfamiliar deftness of touch, and banked some credit. His immediate phone call to candidate Trump following an attempt on his life in July was both bold and smart. There followed the fabled Trump Tower two-hour chicken dinner.

    It was more typical for Starmer that when it emerged, in a most unfortunate echo of 1992, Labour activists – and Starmer’s own pollster – were working on the Kamala Harris campaign, Trump’s people cried foreign interference and threatened legal action.

    And the two in Starmer’s team who will have the most exposure to the new administration have both been publicly rude about Trump. David Lammy, now foreign secretary, called him “deluded, dishonest, xenophobic [and] narcissistic” in 2019.

    Peter Mandelson, nominated but not yet confirmed as the UK ambassador to the US, has made comments about Trump being a “bully” and a “danger to the world”. To appease opposition in DC on his appointment, Mandelson has since turned on a sixpence (or perhaps a dime).

    This is, at root, about Trump. No other president would have attracted such comments from frontline politicians. But from TV studio to TV studio, Lammy and Mandelson will have those quotes hung about their necks as if they were modern-day ancient mariners. Starmer’s innate caution in public utterance, in this area at least, has inured him.

    Indeed, the repercussions of his unusual boldness in picking Mandelson over a career diplomat may discourage Starmer from ever thinking imaginatively again.

    Most members of the Trump administration would be naturally hostile to a Labour government even without its leading figures insulting their boss or campaigning for his opponent. Certainly, the grounds for disagreement are great: the threat of tariffs, demanded increases in defence spending, the sovereignty of the Chagos Islands, co-operation with China and support for Ukraine.

    Thus Morgan McSweeney – architect of Labour’s 2024 victory, planner of its re-election and Starmer’s chief of staff – flew out to meet Susie Wiles, his equivalent in the White House. (It did not, a person privy to such information told me, go well. Voices were raised.)

    Elon Musk, this moment’s most prominent presidential acolyte inveighed on X, “Starmer must go”, adding for good measure, “He is a national embarrassment.” It is indeed embarrassing – for Starmer – but he will be consoled with the well-founded suspicion that the life-expectancy of Musk and Trump’s tech bromance will be much less than four years.

    Cause for self-reflection

    The return of Trump, emboldened and more powerful than before, has effectively forced the posing of the age-old question: over which expanse of sea should Britain gaze – the Channel or the Atlantic? Churchill thought it should – and that only Britain could – do both.

    Hence, perhaps, Trump’s own public statement about the possible destination of his first international trip: “It could be UK. Traditionally, it’s been UK.”

    It hasn’t. Only Jimmy Carter, in 1977, and Joe Biden, in 2021, visited the UK first – and then because of summits. More than a few presidents (most recently Ford and Johnson) didn’t visit at all.

    But even what might have been a supportive comment was laced with arsenic: “Last time, I went to Saudi Arabia because they agreed to buy 450 billion dollars’ worth of United States merchandise … And if that offer were right, I’d do that again.” Which at least may free the British government to be as unsentimentally transactional.

    Trump and Starmer achieved big victories, albeit when painted in the most flattering terms. Starmer’s came on a historically low combination of vote share and voter turnout, Trump’s with fewer votes than Biden. But Trump will like that Starmer won a large majority. When May managed to lose hers in 2017, what little respect Trump had for her went with it.

    Starmer would much rather have had four years with Biden, and even more with Harris, another public prosecutor of the left. But he has to deal with the transatlantic relationship as it is, rather than as he would wish it to be, and this one is most unlikely to be special.

    Starmer is, moreover, a realist. Which is why he’ll also know that the second Trump presidency will be much more consequential than the first. Caution may have limited effect.

    Martin Farr 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.

    ref. How should Keir Starmer handle Donald Trump – and how’s it going so far? – https://theconversation.com/how-should-keir-starmer-handle-donald-trump-and-hows-it-going-so-far-248697

    MIL OSI – Global Reports

  • MIL-OSI Russia: Financial news: The Bank of Russia has postponed the publication of information on some participants in the payment services market for another year (31.01.2025)

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The Board of Directors of the Bank of Russia has decided to extend until 31 December 2025 inclusive the suspension of publication on its website of information on foreign payment service providers included in the list of foreign payment service providers1.

    At the same time, the procedure for maintaining the list, provided for by Bank of Russia Instruction No. 5429-U dated 06.04.2020, remains in effect.

     

    1 Information about the previously adopted decision was published on the Bank of Russia website on 18.04.2024.

    When using the material, a link to the Press Service of the Bank of Russia is required.

    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

    HTTPS: //vv. KBR.ru/Press/PR/? fillet = 638739191836600628NPS.HTM

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: Transfers and purchases via SBP break records: 2024 results

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia –

    The number and volume of transactions made through the Fast Payment System (FPS) in 2024 doubled compared to the previous year. In total, more than 13.4 billion transactions worth 69.5 trillion rubles were processed through the FPS last year, according to data Bank of Russia.

    The average number of transactions via the SBP per day has been steadily growing from quarter to quarter. In the last quarter, 45 million transactions were carried out daily. A year ago, the average was 26 million such transactions per day.

    Every fourth transaction in the SBP is a payment for goods or services. The popularity of this payment method grew throughout the year. By the end of the year, 5 out of 10 residents of the country preferred to pay through the SBP.

    The number of trade and service enterprises accepting payments via the SBP amounted to approximately 2.2 million by the beginning of 2025.

    In 2024, the indicators for the number and volume of payments that citizens received, including in the form of cashback, from insurance companies, brokers and other legal entities also increased. In total, more than 200 million transfers from companies were sent to citizens for a total amount of over 1 trillion rubles.

    Preview photo: JSC “NSPK”

    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

    HTTPS: //VVV.KBR.ru/Press/Event/? ID = 23333

    MIL OSI Russia News

  • MIL-OSI USA: Houston Man Indicted for Employment Tax Crimes

    Source: US State Government of Utah

    A federal grand jury in Houston returned an indictment today charging a Texas man with not paying to the IRS taxes that his company withheld from employees’ paychecks.  

    According to the indictment, Joseth Limon, of Harris County, allegedly owned Platinum Employment Group Inc., a company that supplied laborers to businesses in the Houston area. The indictment alleges that between 2016 and 2018, Platinum paid its employees over $3.5 million in wages and withheld over $450,000 in taxes from their paychecks. During that period, however, Limon allegedly did not pay the IRS those withheld taxes and did not file any employment tax returns, as required by law.

    If convicted, Limon faces a maximum penalty of five years in prison and a fine of up to $250,000. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Curtis Weidler of the Tax Division and Assistant U.S. Attorney Shirin Hakimzadeh for the Southern District of Texas are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News

  • MIL-OSI Africa: Emphasis on leadership, sustainability, youth engagement and digitalisation as International Olympic Committee (IOC) presidential candidates present plans for global sports

    Source: Africa Press Organisation – English (2) – Report:

    LAUSANNE, Switzerland, January 31, 2025/APO Group/ —

    The seven candidates running to become the next President of the International Olympic Committee (IOC) are hoping that with their 15-minute presentations at the Olympic House on Thursday, 30 January, they have been able to convince the IOC membership of their capabilities to lead the biggest sports organisation in the world. 

    Although they were unable to read the room during the in-camera meeting, especially as their audience was barred from asking questions, the candidates appeared satisfied with their campaign pitches. 

    BEHIND CLOSED DOORS There will be no other opportunities for presentations before the election scheduled for 20 March in Greece. Speaking to the media after giving their presentations behind closed doors, some of the candidates believe the current election process requires a review. 

    Prince Feisal Al Hussein of Jordan, who was the first to appear before the press, said: “If I’m President, I think I would have more flexibility in the rules… We are part of a global sports community and the world has the right to know who is running and what they stand for.” 

    Below are excerpts from the candidates’ interaction with the media at the Château de Vidy, the historical building next to Olympic House, where the presentations took place. 

    HRH PRINCE FEISAL AL HUSSEIN  

    PRESENTATION: It was an honor to deliver my speech to my fellow IOC members, where I laid out my vision for the future blueprint of the Olympic Movement centered on consensus leadership. My speech was structured around three strategic imperatives that are in my manifesto; inspiring imagination, ensuring integrity and developing inclusion. 

    EXPERIENCE DEALING WITH HEADS OF STATE, AN ADVANTAGE?: Absolutely, yes. I think I’ve learned from the experience of not just learning how to deal with people, but by consensus. At the end of the day, all leaders are human beings, and the ability to find a common ground upon which you can build an understanding is a key benefit from the experience that I’ve had just being who I am. 

    DEALING WITH THE IOC’S BIGGEST CHALLENGE: One of the things we have to face and we have to deal with literally focuses on the issue of integrity. When you see the global community, the youth in particular have lost their trust in global institutions, and the IOC is a global institution, so we need to regain both the trust and the sense of relevance with the youth of this world. They are our future movement. And I think this is one of the key areas I would focus on as IOC president. 

    CONFIDENCE IN WADA DESPITE WITHDRAWAL OF US FUNDING: It’s not for me to comment on the policies of the United States. We (the IOC) are an institution that helped establish WADA and I think it has been doing a terrific job in dealing with the issue of doping. We’ve seen such a large reduction of doping incidents in the Olympic Games, and I think this means that they have been effective, and we will continue to support that. 

    DEALING WITH BOXING AHEAD OF LA28: I would love to see boxing back on the programme. It is one of the oldest Olympic sports, and I just hope that we can find a global Federation that can take on that responsibility of organising boxing in LA. 

    RUSSIA’S RETURN TO THE OLYMPIC MOVEMENT: There’s nothing I’d like more than to be able to have the whole world at the Olympic Games, I think that’s what our objective is. But I also recognise that there are certain limitations and concerns. Right now, to my understanding, the exclusion of Russian athletes is based on a violation of the Olympic Charter. As President of the IOC, my role and responsibility is to uphold the Olympic Charter. And as long as nobody is in violation, then there is no reason for sanctions. And I would very much like to find a mechanism where we can reintroduce Russia. The world is stronger when we are all together. And I think that is what the Olympic Games does.  

    MR DAVID LAPPARTIENT  

    PRESENTATION: I hope that I have convinced my colleagues that I can be a real leader for the IOC. 

    RUSSIA’S RETURN TO THE OLYMPIC MOVEMENT: Russia shouldn’t be indefinitely suspended by the IOC. This is a country of sport, so our objective would be to have them come back into the fold. However, there are reasons why the IOC suspended the NOC of Russia… So it is obvious then that these subjects should be dealt with before decisions can be taken.  

    THE OLYMPIC GAMES IN AFRICA: The IOC is on the five continents. Sport is universal, and African athletes are exceptional, but Africa has until today, never hosted the Olympic Games, they of course, are going to have the Youth Olympic Games. I suggest that the Olympics should take place in Africa, not fixing a specific date. But the idea is, nonetheless, that during this coming mandate or two mandates, we would like Africa to host the Olympic Games, because Africa deserves the Olympic Games.  

    BIGGEST CHALLENGE: One of the challenges will be the instability of the world. It’s becoming more and more difficult, and sure we’ll have some crises to face in the future. This is why we need to source strong leadership. Climate change is also an issue. We also saw what happened in the winter time in Los Angeles, and it’s also the result of climate change. Another key challenge will be digitalization. The world is completely changing, disrupting. But what I also tried to explain this morning is how we can turn all these challenges into opportunities. We have opportunities to bring the world together. This is what we want. This is our vision. This is the ideal of the Olympic movement. We can also properly address the issue of climate change. This is what Paris has done. We also have the potential Olympic Esports Games, that’s also a way to interact with the younger generation. We can also reach a wider audience with digitalization.  

    MR JOHAN ELIASCH 

    TRACK RECORD: In a world of division and disruption, we need hope more than ever before. I’m standing because I believe that I have a proven track record and experience to deliver. I have successfully run large international corporations, led important commercial and political negotiations across business, sport, media and entertainment, foreign affairs, technology, and a lot of areas. I’ve been very active in climate action, preserving millions of acres of rainforest. In the last four years, I’ve led the transformation of the International Ski and Snowboard Federation. We oversee more than half of the medal events in the Olympic Winter Games. So I think that’s a perfect and perfect trip for the presidency. I know what it takes to lead and drive change. This is not a popularity contest. 

    RUSSIA’S RETURN TO THE OLYMPIC MOVEMENT: The individual, neutral athletes programme works very well. And I think it’s very important, because no athlete can choose where they were born. And the athletes must never be weaponized for political purposes. So I believe in this programme, and that we should make sure that also for Milano-Cortina, this is something that all the winter federations will adopt. 

    WHAT NEEDS TO CHANGE: Of course, we have to put the athletes front and centre. And we need to make sure that they have the best experience before, during, and after the Games. We have a very fast-changing landscape when it comes to digital, and we have to stay ahead of the curve here. We have a responsibility and a very strong voice when it comes to sustainability and this is an area which is very close to my heart, so this will certainly be at the forefront of my agenda. We also need to make sure that we uphold the magic of the Olympic Games. There is a lot of competition from other events and other sports and we need to make sure that we’re the best. 

    ENGAGING SPONSORS: Well, sponsorship is much more than just sticking your name to something. It’s about partnership. And this area is also changing very fast. Activations, people expect more here. We need to make sure that we deliver, that these partnerships are value-added for our sponsors. We have an incredible brand. But in today’s day and age, we also have to make sure that these partnerships are as attractive as possible. 

    BALANCING FUTURE OLYMPICS IN AFRICA, INDIA OR THE MIDDLE EAST WITH SUSTAINABILITY COMMITMENTS: Here, for instance, the proposed rotation scheme of the Winter Olympics is very important. We have infrastructure in place to deliver the events. We need to make sure that we find solutions with the IFs to make sure that the capacity of investment is kept up. So we don’t have to retrace what already exists in places where it’s not going to go. Now, with the Middle East, with Africa, with India, it is essential that we are very strong and committed to no carbon impact on anything that we do. 

    MR JUAN ANTONIO SAMARANCH  

    THE IOC: I understand our organization as two different parts. On one hand, we are an extraordinarily big, large and efficient NGO – we distribute most of the money we generate in our business through the International Federation, National Olympic Committees and the organizing committees to the base of the world’s sports pyramid. So this is an NGO. Second, we need a powerful business machine to generate the necessary revenues to feed the NGO. So I have thrown my hat in the ring because I have significant experience on both sides. I’ve more than 25 years of experience in critical roles throughout the Olympic movement, and I’ve more than 25 years of experience in critical roles with my own company in the finance industry. 

    EMPOWERING IOC MEMBERS We must empower the members and ensure governance led by members and not by a selected few. 

    CHANGES In the 12 years of President Bach, we had to deal with so many complications and so many threats and managed to get the organization to move and evolve at a rapid pace. But that rapid pace of change that we implemented is no way near what is coming. I think we have a very important base, a very solid base, from the past, but the recipes of yesterday will not make it in the future. 

    LEGACY OF HIS FATHER, HELP OR HINDRANCE: My father left office 25 years ago and, as his son, I appreciate his legacy very much. His example is always with me, but the recipes of today have nothing to do with a presidency that ended years ago. Bear in mind, he joined the Olympic Movement more than 60 years ago. 

    PRESENTATION: I felt very good in the room, because I have something interesting to say, something I am passionate about. And I was so happy to have the opportunity to share that with my fellow members. So, it’s for them to decide. But my presentation is clear. I have a very clear programme. My manifesto is very much action-based and it leaves very little room for future surprises. 

    BIDDING PROCESS FOR OLYMPIC GAMES HOSTS: I think that we need to produce not a more traditional, but a better, new model that is more aligned to the current times, that would include a final decision in a significant participation of all IOC members. 

    MEDIA: I told my fellow IOC members this, ‘let’s refocus our relationship with the media. They are not our enemies. They are our allies.’ You (the media) shape the opinion of the world on the Olympic Games. This I intend, if I become IOC President, to maintain and you can hold me accountable for that if I am there. 

    MRS KIRSTY COVENTRY 

    THE OLYMPIC DREAM: My journey started as a nine-year-old girl watching the 92 Barcelona Olympic Games and just setting myself a dream and then finally realizing that dream in Athens getting to stand on the podium and win my first Olympic medal. In Athens, I won three medals and finally in my last event got to win the gold even though Zimbabwe was in a difficult situation. But when I got home to Zimbabwe, it was a time of three or four days of peace, so I really got to see the power of sport. 

    TODAY’S NINE-YEAR-OLD: The nine-year-olds in today’s world are not watching a television screen, they’re holding a phone and that phone is going to be their starting point to connect with us through online streaming platforms, and it’s going to be our chance to engage with them and ensure that we’re inspiring them, and to take it even further, we’re going to be developing and promoting applications that are going to allow them to train anywhere and everywhere in the world. And this is the world that we live in today, and let’s embrace it and walk that road together. 

    SUPPORTING AFRICAN ATHLETES: We need to find more ways of directly impacting and getting revenue to athletes before they become Olympians. That is generally the toughest thing most athletes find. From my own journey it was easy to get sponsorship once I’d won a medal. But getting to that medal was tough. 

    BACKING FROM BACH?: I have known President Bach since I came into the IOC, and I think being a fellow athlete, we share a lot of commonalities, a lot of common ideas and philosophies. But in this race, he’s the President. He has a vote, but he doesn’t vote, he chooses not to vote, and I do very firmly believe that he is being very fair to all candidates.  

    BEING A MOTHER OF A SIX-MONTH OLD AND A CAREER WOMAN: First and foremost, I want to be the best candidate to win, not just because of my gender or from where I come from. And I believe I’ve got a lot of expertise to bring to this role, to leading the organisation. 

    IT TAKES A VILLAGE TO RAISE A CHILD: When I was stepping into my ministerial role seven years ago, I was pregnant with my first baby girl and had to quickly learn how to navigate and be a woman with a career as well as a mom and a wife and everything else. And it can be done. I’m very lucky to come from Africa because culturally we know and we firmly believe that it takes a village to raise a child. 

    PROTECTING WOMEN ATHLETES: As a female athlete, you want to be able to walk onto a level playing field always. It’s our job as the IOC to ensure that we are going to create that environment, and that we are going to not just create a level playing field, but we’re going to create an environment that allows for every athlete to feel safe. Along the road. We’re going to learn lessons, and we’re going to get stronger and we’re going to make better rules and regulations.  

    LORD SEBASTIAN COE 

    PRESENTATION: I enjoyed this morning’s process. I hope I was able to communicate my love for the movement. It’s something that I genuinely feel I’ve been training for for the best part of my life, or at least since the age of 11, when my father bought me my first pair of running shoes. I hope I was able to convey that, but I’m also hoping that I was able to convey the core pillars of my manifesto, my commitments and my pledges. 

    SUSTAINING IOC REVENUE: The world has changed and we do have to change with it – I’ve been in the sports marketing world for 30 years. Primarily we do need to adopt an audience first approach, which is in essence, to give them what they want, when they want it, and where they want it. Above all, for National Olympic Committees of all shapes and sizes, of some of the smaller International Federations, to enjoy that with a barrier-free physical and digital experience. 

    BIGGEST CHALLENGE FOR THE IOC: The biggest challenge faced by the International Olympic Committee is no different, and it is not unique from any National Olympic Committee, any sporting organization, any club, private or public. It is how do you continue to excite and engage with young people, and how do you utilize, optimize fully the use of cutting edge technology? And we talk a lot about technology, we actually run the risk of sounding a little bit analog, because I don’t think there’s anyone in this room that hasn’t recognized that the organizations they work in, they deliver services in, have gone through that digital transformation. But I do think that engaging, exciting and challenging tomorrow’s generation is going to be critical, because it’s that cohort that is ultimately going to be your future sponsors, your future thought leaders, your future governments, your future politicians. And we need to create amongst that group of people a lifelong bond for sport. So even if they don’t remain in sport as coaches, administrators, communicators, we at least have the opportunity for them to assume leadership roles wherever they are, and really fundamentally understand the nature of sport, and it is only that way that we will raise sport to the top of government agendas. Engaging with young people is the key to unlocking so many of the other interdependencies. 

    ELECTION RULES: I’ve been in politics for a long time. I’ve found it a fairly unproductive process to pick a fight with the returning officer in the process. The rules are the same for everybody. I do think we need to review them, and I’m sure that whoever succeeds in March will want to look at that amongst other things too. 

    MR MORINARI WATANABE 

    OLYMPIC GAMES IN FIVE CONTINENTS: I propose to stage the Olympic Games in five cities on five continents at the same time. It would allow the IOC to offer the best possible conditions for each sport, to reduce the financial burden on host cities, to offer greater potential for broadcast and commercial opportunities, sustainability with reduction of travel, and alleviate other hosting problems like governmental restrictions and war.  

    POTENTIAL OF SPORT: Paris 2024 was a historic success, thanks to all the athletes, thanks to the leadership of President Thomas Bach and thanks to the excellent work of the Paris Organizing Committee. However, I believe that we should not be satisfied and that we must build on the success of these Games. Because, in contrast to the spectacular Olympic Games, the situation of the NOCs is far from strong. As FIG President, I have visited 162 countries. I have seen with my own eyes the situation of our sport in each country. As a result I saw the reality. Economically, these countries are not wealthy. In many countries, their relations with the government are not good. The presence of sport in each country is not high enough. I used to be a gymnast myself. That’s why I believe sport has even greater potential. To unleash that potential I propose that the Games be held on all five continents at the same time. 

    WORLD SPORTS ORGANISATION: I also envision upgrading the IOC into a World Sports Organization, like the World Health Organization. If the IOC continues and expands its activities, it would remain independent of politics and uphold the barriers of democracy, transparency, and gender equality. As a World Sports Organization we must contribute to society. We must make a new business for sports. My vision is not focused on only the Olympic Games. We must see a wider view for sports. Sports can contribute to society. I believe the 21st century industrial revolution will be driven by sports and healthcare. So, which organization is best placed to lead this transformation globally? It is the IOC. 

    BICAMERALISM: I am proposing a two-chamber system; a House and a Senate because many IOC members have very good ideas, even non-IOC members. We must take these ideas and listen to these opinions to develop sports. We have to be open. There are many professionals, athletes, royalty, politicians, lawyers, bankers, and many others. If we work together, we can do anything. Let’s open the door to a new era. 

    MIL OSI Africa

  • MIL-OSI: RegEd Continues Expansion of Audit Management Capabilities in Support of FINRA’s Remote Inspections Pilot Program

    Source: GlobeNewswire (MIL-OSI)

    Raleigh, NC, Jan. 31, 2025 (GLOBE NEWSWIRE) — RegEd, the leading provider of RegTech enterprise solutions, has announced significant enhancements to its Audit Management solution to support the requirements of FINRA’s Remote Inspections Pilot Program, which began July 1, 2024. These enhancements enable firms to efficiently plan, track, and manage inspections—whether they opt into the pilot program or continue with traditional onsite inspections—while ensuring compliance with FINRA Rule 3110.18. 

    FINRA’s three-year Remote Inspections Pilot Program allows eligible firms to conduct branch office inspections remotely instead of through mandatory onsite visits, under specific conditions. Since the launch of the program in 2024, firms participating in the initiative have benefited from RegEd’s Audit Management solution, including Pilot Program enhancements, which has helped them efficiently conduct remote inspections while meeting compliance requirements. And as the industry’s only fit-for-purpose solution designed to meet the program’s requirements, RegEd will continue to ensure a seamless and effective approach to both remote and onsite inspections in 2025 and beyond. 

    Advanced Capabilities to Meet Dynamic Industry Requirements 

    With these enhancements, RegEd’s Audit Management solution enables firms to: 

    • Designate, track, and manage remote vs. onsite inspections. Firms can categorize and organize inspections based on their approach while ensuring clear tracking and reporting. 
    • Identify, remediate, and report on Significant Findings. Firms can define and track significant findings, ease the process of follow-up and management oversight, and ensure proper documentation. 
    • Enhance reporting flexibility. New features allow firms to meet quarterly regulatory reporting requirements under 3110.18, including tracking the number of onsite vs. remote inspections, findings, significant findings, and categories of significant findings. 
    • Leverage prior audit risk scoring for future risk assessments. Audit risk scores, past findings (e.g., WSP and recordkeeping violations), and historical data can be incorporated into pre-audit planning and scheduling. 
    • Access industry best practices for inspections. Firms can leverage RegEd’s Best Practices inspection module, developed in collaboration with leading industry inspection programs. 

    “Firms have each determined the right balance between onsite and remote inspections for their own inspection programs, and RegEd’s Audit Management enhancements ensure they have the tools to remain compliant and efficient—regardless of their approach,” said Adam Schaub, Vice President of Platform Product Management at RegEd. 

    For firms opting into the Remote Inspections Pilot Program, RegEd provides the necessary tools to manage remote inspections while meeting FINRA’s oversight and reporting requirements. For those continuing with onsite inspections, the solution streamlines scheduling, remediation, and compliance processes, making inspections more effective overall. 

    “The enhancements we’ve introduced help firms streamline their audit and inspection programs, whether they are conducted remotely or onsite,” said Rob Davis, Product Manager at RegEd. “By integrating advanced tracking, remediation, and reporting tools, we are equipping firms with the functionality they need to stay compliant while optimizing their inspection workflows.” 

    Commitment to Future Innovation 

    RegEd remains committed to supporting firms in both remote and onsite inspections with continuous innovation. Future updates will further enhance reporting flexibility, risk-based assessment tools, and automation capabilities to align with both FINRA’s Remote Inspections Pilot Program and broader compliance requirements. 

    About RegEd 

    RegEd is the market-leading provider of RegTech enterprise solutions with relationships with more than 200 enterprise clients, including 80% of the top 25 financial services firms. 

    Established in 2000 by former regulators, the company is recognized for continuous regulatory technology innovation with solutions hallmarked by workflow-directed processes, data integration, regulatory intelligence, automated validations, business process automation and compliance dashboards. The aggregate drives the highest levels of operational efficiency and enables our clients to cost-effectively comply with regulations and continuously mitigate risk. 

    Trusted by the nation’s top financial services firms, RegEd’s proven, holistic approach to RegTech meets firms where they are on the compliance and risk management continuum, scaling as their needs evolve and amplifying the value proposition delivered to clients. For more information, please visit www.reged.com

    The MIL Network

  • MIL-OSI Russia: Financial news: Federal Treasury deposit auction to take place on 31.01.2025

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 31.01.2025
    Unique identifier of the application selection 22025036
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 10,000
    Placement period, in days 182
    Date of deposit 31.01.2025
    Refund date 01.08.2025
    Interest rate for placement of funds (fixed or floating) Flotting
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds Ruonmds
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:00 to 12:10
    Pre-applications: from 12:00 to 12:05
    Applications in competition mode: from 12:05 to 12:10
    Formation of a consolidated register of applications: from 12:10 to 12:20
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:10 to 12:30
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 12:30 to 13:20
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 12:30 to 13:20
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

    RUONIA – the value of the indicative weighted rate of overnight ruble loans (deposits) RUONIA, expressed in hundredths of a percent, published on the official website of the Bank of Russia on the Internet on the day preceding the day for which interest is accrued. In the absence of a RUONIA rate value published on the day preceding the day for which interest is accrued, the last of the published RUONIA rate values is taken into account.

    DS – discount – a value expressed in hundredths of a percent and rounded (according to the rules of mathematical rounding) to two decimal places, calculated by multiplying the value of the Key Rate of the Bank of Russia by the value of the required reserve ratio for other liabilities of credit institutions for banks with a universal license, non-bank credit institutions (except for long-term ones) in the currency of the Russian Federation, valid on the date for which interest is accrued, and published on the official website of the Bank of Russia on the Internet.

    Contact information for media 7 (495) 363-3232Pr@moex.kom

    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

    HTTPS: //VVV. MEEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Security: Houston Man Indicted for Employment Tax Crimes

    Source: United States Attorneys General 8

    A federal grand jury in Houston returned an indictment today charging a Texas man with not paying to the IRS taxes that his company withheld from employees’ paychecks.  

    According to the indictment, Joseth Limon, of Harris County, allegedly owned Platinum Employment Group Inc., a company that supplied laborers to businesses in the Houston area. The indictment alleges that between 2016 and 2018, Platinum paid its employees over $3.5 million in wages and withheld over $450,000 in taxes from their paychecks. During that period, however, Limon allegedly did not pay the IRS those withheld taxes and did not file any employment tax returns, as required by law.

    If convicted, Limon faces a maximum penalty of five years in prison and a fine of up to $250,000. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas made the announcement.

    IRS Criminal Investigation is investigating the case.

    Trial Attorney Curtis Weidler of the Tax Division and Assistant U.S. Attorney Shirin Hakimzadeh for the Southern District of Texas are prosecuting the case.

    An indictment is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Security: U.S. Attorney’s Office Collects Over $39 Million in Civil and Criminal Actions in Fiscal Year 2024

    Source: Office of United States Attorneys

    SYRACUSE, NEW YORK – United States Attorney Carla B. Freedman announced today that the Northern District of New York’s Asset Recovery Unit collected $39,262,324 in civil, criminal and forfeiture actions in Fiscal Year 2024. Of this amount, $14,085,025 was collected in criminal actions, $15,874,944 was collected in civil actions, and $9,302,354 was collected in asset forfeiture actions

    The Northern District of New York also worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect an additional $18,995,733 in cases pursued jointly by these offices. Of this amount, $39,092 was collected in criminal actions and $18,956,641 was collected in civil actions.    

    The U.S. Attorneys’ Offices, along with the Department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the United States and criminal debts owed to federal crime victims. The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss. While restitution is paid to the victim, criminal fines and felony assessments are paid to the Department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

    Additionally, forfeited assets deposited into the Department of Justice Assets Forfeiture Fund can be used to restore funds to crime victims and for a variety of law enforcement purposes.  In Fiscal Year 2024, $8,330,553 of the funds forfeited in prior years through criminal and civil judicial forfeiture actions in the Northern District of New York were applied to victim compensation. 

    United States Attorney Carla Freedman stated: “These are great results – every recovery of funds strikes a blow for justice. I created the Asset Recovery Unit shortly after I took office in 2021, and I am incredibly proud of its efforts to make sure that crime does not pay, that crime victims are compensated as much as possible, and that companies pay appropriately steep penalties when they defraud the government.”

    In May, $11.3 million was recovered as part of a civil settlement in United States ex rel. Elevation 33, LLC v. Guidehouse, Inc. and Nan McKay and Associates, for violations of the False Claims Act, for failing to meet cybersecurity requirements in a federally funded contract intended to ensure a secure online environment for low-income New Yorkers to apply for federal rental assistance during the COVID-19 pandemic.  Guidehouse and its subcontractor, Nan McKay and Associates, admitted as part of a settlement agreement that neither satisfied their obligation to complete the required testing of the web site used to house applicants’ information, and the site was shut down within 12 hours after certain applicants’ personally identifiable information had been compromised.

    In February, the Northern District of New York restored $4,950,440 in funds forfeited from Richard J. Sherwood and Thomas K. Lagan, who were sentenced to both federal and state prison for stealing approximately $11.8 million from the estates of three sisters who died.  These funds were initially forfeited by the government through its criminal prosecutions of Sherwood and Lagan, and were restored in 2024 to the victims of the fraud by the Attorney General and the Money Laundering and Asset Recovery Section of the United States Department of Justice.  The victims include churches, Ukrainian-American civic organizations, a local hospital and a local university scholarship fund. 

    In September, the U.S. Attorney’s Office recovered $1 million from Derek R. Schwartz, who was sentenced this summer to 72 months in prison for conspiring with former ValueWise CEO Michael T. Mann to defraud companies that loaned millions of dollars to ValueWise subsidiaries.  These funds will be distributed to two financing companies that were victims of a sophisticated, years-long scheme.

    The Asset Recovery Unit is an initiative that works to deprive criminals of the proceeds of crimes, recovers property that may be used toward restitution, and enforces collection of criminal and civil debts owed to the United States or to victims of federal crimes.  The Asset Recovery Unit is comprised of Assistant United States Attorneys Lisa Fletcher, Elizabeth Conger and Melissa Rothbart, Paralegals Joshua Goodfriend, Marianne Meigs, Carly Clay, Erin Hyatt, Jiselle Cabezas, and Teilor Kaiser Clarey, and Investigative Analyst Jason Babiarz.

    MIL Security OSI

  • MIL-OSI: Blockmate subsidiary Hivello commences token sale

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Jan. 31, 2025 (GLOBE NEWSWIRE) — Blockmate Ventures Inc (TSX.V: MATE) (OTCQB: MATEF) (FSE: 8MH1) (“Blockmate” or the “Company”) is pleased to confirm that its subsidiary, Hivello Holdings Ltd has commenced a public token sale event for its native token.

    The Hivello platform offers its users a passive income stream in exchange for their unutilized computing power to third party networks.

    Blockmate will not be directly issuing any tokens or receive any proceeds from the public token sale.

    The token will be issued by the Swiss-based HVLO Association, under licence from Hivello Holdings Ltd.

    Key details of the $HVLO token are outlined in the media release published by Hivello below.

    Hivello Announces Public Token Sale on DAOMaker, HyperGPT, & EclipsePad

    London & Amsterdam, January 28, 2025 – Hivello, the innovative DePIN mining platform, is thrilled to announce the public token sale of its native token, $HVLO, set to commence on January 31, 2025. The sale will be hosted on three prominent launchpads: DAOMaker, HyperGPT, and EclipsePad, offering participants equal opportunities to invest in the future of decentralized physical infrastructure networks.

    The $HVLO token sale is structured as a fair launch, ensuring that every participant receives the same terms. This approach underscores Hivello’s commitment to decentralization and fairness in the rapidly evolving Web3 landscape.

    Key Details of the $HVLO Token Sale:

    • Public Sale Start Date: January 31, 2025
    • Launchpads: DAOMaker, HyperGPT, EclipsePad
    • Token Unlock Schedule:
      • 25% of tokens will be unlocked at the Token Generation Event (TGE).
      • A one-month cliff will follow the initial unlock.
      • The remaining tokens will vest over a period of five months.
      • Team tokens will remain locked for nine months, ensuring alignment with the community’s long-term interests.

    Hivello’s unique approach to DePIN mining allows users to earn rewards by connecting unused computer resources to decentralized networks. The platform’s aspirational goal to integrate with every reputable DePIN positions it as a future leader in the DePIN ecosystem.

    “We are incredibly proud of the vibrant community that has grown around Hivello. Decentralization is not just a technological advancement; it’s a fundamental shift towards empowering humanity. With the upcoming token sale, our community now has the opportunity to take a stake in Hivello’s future, further aligning our shared vision of making DePIN mining so intuitive and accessible that onboarding the next 100 million users becomes a given,” said Domenic Carosa, Chairman and Co-founder of Hivello.

    Participants interested in the $HVLO token sale can find more information and the official launchpad links here: https://www.hivello.com/HVLO-token

    The token is being issued by HVLO Association (Switzerland) under licence from Hivello Holdings Ltd.

    (ENDS)

    About Blockmate Ventures Inc.
    Blockmate Ventures is a venture creator focussing on building fast growing technology businesses relating to cutting edge sectors such as blockchain, AI and renewable energy. Working with prospective founders, projects in incubation can benefit from the Blockmate ecosystem that offers tech, services, integrations and advice to accelerate the incubation of projects towards monetization. Recent projects include Hivello (download the free passive income app at www.hivello.com) and Sunified, digitising solar energy.

    The leadership team at Blockmate Ventures have successfully founded successful tech companies from the Dotcom era through to the social media era. Learn more about being a Blockmate at: www.blockmate.com.

    Blockmate welcomes investors to join the Company’s mailing list for the latest updates and industry research by subscribing at https://www.blockmate.com/subscribe.

    About Hivello
    Hivello is an aggregator of DePIN projects that allows any user to participate in a variety of DePIN networks with just a few clicks. This eliminates the technical hurdles that many users face when trying to join these networks, and allows users to generate an extra source of income by mobilizing their idle computers. We aim to create a simple app that allows users to contribute their computer resources with no technical knowledge required.

    For more information about Hivello and to stay updated on its developments, visit www.hivello.com

    ON BEHALF OF THE BOARD OF DIRECTORS

    Justin Rosenberg, CEO
    Blockmate Ventures Inc
    justin@blockmate.com
    (+1-580-262-6130)

    Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

    Forward-Looking Information
    This news release contains “forward-looking statements” or “forward-looking information” (collectively, “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on the assumptions, expectations, estimates and projections as of the date of this news release. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors that could cause actual events or results to differ from those expressed or implied by forward-looking statements contained herein. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Blockmate disclaims any obligation to update any forward-looking statements, whether because of new information, future events or otherwise, except as may be required by applicable securities laws. Readers should not place undue reliance on forward-looking statements.

    The MIL Network

  • MIL-OSI United Kingdom: Thinking of setting up a CIC? Take a look at our recent webinar

    Source: United Kingdom – Executive Government & Departments

    “From idea to Impact: Your Guide to setting up a CIC”. Take a look at our most recent joint webinar with the Business Support Service

    Picture advertising a webinar

    Take a look at our most recent joint webinar with the Business Support Service where they provide an insight to the free advice and guidance they can offer to you throughout your business journey; alongside a detailed explanation of how the CIC model operates and some great tips on how to complete a successful CIC application.

    “From idea to Impact: Your Guide to setting up a CIC”

    MIL OSI United Kingdom

  • MIL-OSI USA: Ricketts Announces Subcommittee Assignments for the 119th Congress

    US Senate News:

    Source: United States Senator Pete Ricketts (Nebraska)

    January 31, 2025

    WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) announced his subcommittee assignments for the 119th Congress.

    “President Trump’s re-election provides a historic opportunity to get our country back on track,” said Ricketts. “On these subcommittees, I’ll work to unleash American energy, extend the Trump tax cuts, and restore American strength on the world stage.”

    Banking, Housing, and Urban Affairs Committee

    • Member, Subcommittee on Economic Policy
    • Member, Subcommittee on Financial Institutions and Consumer Protection
    • Member, Subcommittee on National Security and International Trade and Finance

    Environment and Public Works Committee

    • Chairman, Subcommittee on Fisheries, Wildlife, and Water
    • Member, Subcommittee on Transportation and Infrastructure
    • Member, Subcommittee on Clean Air, Climate, and Nuclear Innovation and Safety

    Foreign Affairs Committee

    • Chairman, Subcommittee on East Asia, the Pacific and International Cybersecurity Policy
    • Member, Subcommittee on Europe and Regional Security Cooperation
    • Member, Subcommittee on State Department and USAID Management, International Operations and Bilateral International Development

    BACKGROUND

    U.S. Senate Committee on Banking, Housing, and Urban Affairs is responsible for matters related to banks and banking, price controls, deposit insurance, foreign trade promotion, export promotion and controls, and federal monetary policy. It has jurisdiction over financial exchanges, markets, and derivates, financial aid to commerce and industry, issuance of redemption of notes, and currency and coinage issues. Additionally, the Committee is responsible for public and private housing, urban development, mass transit, and government contracts. This includes oversight of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the U.S. Department of Housing and Urban Development (HUD), the Export-Import Bank, and the Federal Housing Administration.

    U.S. Senate Committee on Environment and Public Works is responsible for legislation and oversight of the natural and built environment and for studying matters concerning environmental protection and resource conservation and utilization. This includes oversight of the Environmental Protection Agency (EPA), the U.S. Army Corps of Engineers, and the U.S. Fish and Wildlife Service.

    U.S. Senate Committee on Foreign Relations is instrumental in developing, influencing, and overseeing U.S. foreign policy. The Committee considers, debates, and reports important treaties and legislation involving everything from foreign aid to arms sales to international organizations like the United Nations. It overseas the U.S. State Department and holds jurisdiction over all diplomatic nominations, including the U.S. Secretary of State. Ricketts will be the second highest ranking Republican on the Committee.

    MIL OSI USA News

  • MIL-OSI: Humans Group 2024 Financial and Operational Results: Fintech Service Humans Pay is a Key Growth Driver with 60% YoY Revenue Increase

    Source: GlobeNewswire (MIL-OSI)

    Humans Group recorded significant growth across all key metrics: turnover, revenue, and customer numbers. The active user base of its super app ecosystem grew to over 2.3 million people by the end of 2024, a 28% year-on-year increase.

    TASHKENT, Uzbekistan, Jan. 31, 2025 (GLOBE NEWSWIRE) — The Humans Group of companies has published its final report on its activities in Uzbekistan for 2024. Turnover reached UZS 17,777 billion, and gross revenue totaled UZS 515.4 billion. Net revenue increased by 9.82% compared to the previous year.

    Ecosystem Growth

    The Humans super app provides unique, market-leading services for the Uzbek market. It combines mobile services, a fintech service called Humans Pay, Humans Yaxshi, a grocery delivery service from local markets, and Humans Market, a marketplace for buying everyday goods. The ecosystem also includes a cashback program.

    The active customer base of the Humans ecosystem is steadily growing, providing a positive outlook for further market expansion. At the end of 2024, the customer base of the Humans ecosystem exceeded 2.3 million users, reflecting a 28.01% increase compared to 2023.

    Customers are increasingly using the Humans app as a super app to meet their daily needs. As of December 2023, nearly 88% of customers active within the past 30 days used only mobile services. By September 2024, this share had decreased to 84.6%. Currently, more than 1.25 million customers are combining at least two services within the super app.

    Vlad Dobrynin, CEO and founder of Humans Group, said: “The addition of new services to the ecosystem consistently leads to an increase in the number of active users and a rise in transaction frequency. In 2025, we plan to offer new convenient products to our customers, such as a ‘buy now, pay later’ service and a microloan service.”

    “We will also launch a social platform for targeted peer-to-peer assistance to those in need. Further, we will continue to expand the range of products in the Humans Market marketplace and increase the Humans Yaxshi delivery area to 50 cities in Uzbekistan.”

    Humans Pay: A Key Driver of Net Revenue Growth

    Fintech remains one of the main drivers for the development of the Humans super app. Net revenue of the Humans Pay payment and transfer service reached UZS 133.1 billion in 2024, an increase of 59.98% compared to 2023. The number of unique clients of the Humans Pay service exceeded 701,410 in the first three quarters of 2024, a 21.27% increase compared to the same period in 2023.

    Alongside user growth, there has been a corresponding increase in transactions. Clients are using the Humans Pay service more frequently, making more transactions, and transferring larger amounts of money. In the first three quarters of 2024, the total volume of card-to-card transfers increased by 151.6% year-on-year, while the number of transactions per active user rose by 62.15%.

    Humans Mobile: Customers Choose Unlimited Internet

    The telecom service is also reaching an increasingly larger share of the Uzbek population. The number of active telecom clients of Humans surpassed 1.56 million in 2024. Among them, 279,200 are already using unlimited internet packages, a 78.55% increase compared to last year.

    “In 2024, Humans demonstrated double-digit growth in almost all key performance indicators. We significantly strengthened our position in the telecom business and confirmed the effectiveness of our strategy aimed at transitioning telecom service users to an ecosystem product,” added Vladimir Dobrynin.

    Despite the impressive growth figures, the potential for growth in the Humans Pay fintech service has been slowed by the unprecedented actions of the Central Bank of Uzbekistan and the biased, discriminatory policies of the regulator. The Humans team did everything possible to support the growth of the ecosystem and, most importantly, to continue driving development,” noted Vladimir Dobrynin.

    Customer Support: AI Sets New Service Standards

    The quality of customer service is a high priority for Humans. Today, 92% of user inquiries are resolved on the first contact with the call center by phone, and 91% on the first contact via chat. However, to deliver ever superior standards of customer care in 2024 Humans Group implemented an AI-based personalized offer system.

    The platform selects the most relevant services for the customer based on their request, for example, mobile service plans. This ensures call center operators recommend only relevant and optimal services for customers, saving their time. As a result, the AI platform simultaneously improves communication efficiency and user satisfaction.

    Team: The “Daily Pay” Project as an Element of Social Responsibility

    Reflecting Humans Group dedication to corporate social responsibility and employee well-being, in 2024 the company introduced a ‘Daily Pay’ system for its customer support employees. This system rewards staff with bonuses the morning after they have hit daily targets.

    The speed of this remuneration is unprecedented and provides team members with confidence in their financial planning, leading to increased motivation, engagement, and job satisfaction. The system had previously been trialled, with enormous success, across the Humans retail network among salespeople, supervisors, and couriers.

    About Humans

    Humans.uz is a super app that combines the fintech service Humans Pay, mobile communication services Humans Mobile, the grocery delivery service from bazaars Humans Yaxshi, and the product marketplace Humans Market. The project was launched in June 2020 in Uzbekistan as part of the Humans Group operations which also includes the employee search platform Humans.net in the USA. The group’s offices are located in the USA, Uzbekistan, Poland, Singapore, and Germany.

    Website

    https://humans.uz/en/

    Contact

    Natalia Ikonnikova
    pr@humans.net

    Disclaimer: This content is provided by the Humans. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/62483b00-501d-4c1f-b4b9-9e26fbafe651

    The MIL Network

  • MIL-OSI United Kingdom: Government going further and faster to bring growth to Wales

    Source: United Kingdom – Executive Government & Departments

    The Chancellor has committed to going further and faster to put more money in working people’s pockets across Wales.

    HM Treasury

    Working people and businesses across Wales are to benefit from reforms to drive investment and get Britain building. The Chancellor has committed to going further and faster to put more money in working people’s pockets across Wales and deliver on the UK Government’s Plan for Change. 

    Below sets out specific benefits for Wales as a result of the Chancellor’s decisions today (29 January).

    Wrexham and Flintshire Investment Zone 

    • Having confirmed funding for the Investment Zones programme at Autumn Budget, the government can now confirm that the Wrexham and Flintshire Investment Zone (IZ) will focus on advanced manufacturing.
    • There are major international businesses in the region including JCB and Airbus, which the IZ will support, as well as the wider advanced manufacturing supply chain in the region. At present the IZ is expected to generate £1bn of private investment, creating up to 6000 new high quality jobs.
    • The IZ’s interventions will be focused around sites in: 
      • Deeside and Deeside industrial estate which houses Tata Steel and Toyota; 
      • Hawarden Airport, where Airbus are based; 
      • Llay Industrial Estate – which houses a number of key aerospace businesses; and 
      • Wrexham Industrial Estate – which houses a wide range of advanced manufacturing business, including JCB. 

    Sustainable Aviation Fuel

    • The UK government is investing £63m into the Advanced Fuels Fund in 2025-26 and has today set out the details of how it will deliver a Revenue Certainty Mechanism to encourage investment into this growing industry. These measures will encourage more investors to back production in the UK, bringing good, high-skilled jobs to areas like South Wales.

    Inactivity Trailblazers

    • Getting more people back into work is crucial if we want a dynamic economy, and it is good for jobless people too. Over nine million people are inactive, of which a record 2.8 million people are out of work due to long-term sickness. The outdated employment support system is ill equipped to respond to this growing challenge.
    • We have committed £240m of investment towards 16 trailblazers including one for every MCA and one in Wales to tackle the root causes of inactivity, eight of which will be used to support the Youth Guarantee, the remaining eight will be focused on tackling health-related inactivity.
    • The Inactivity trailblazers will be delivered across Wales.

    National Wealth Fund Support

    • The government remains committed to working in close partnership with the Welsh Government through the National Wealth Fund to maximise investment opportunities to deliver growth in all corners of the UK.

    Welsh Secretary Jo Stevens said:

    I’m delighted that we are moving forward with the Investment Zone for Wrexham and Flintshire with £160 million from the UK Government to drive economic growth in advanced manufacturing.

    In December I met leaders from the advanced manufacturing sector at Toyota in Deeside and visited two hugely successful supply chain businesses. I saw the huge potential for growth and for building on the talent and expertise that already exists in this part of Wales.

    This Investment Zone will super-charge economic growth, create up to 6000 new jobs and generate £1bn of private investment which will have a transformational impact for people living and working in northeast Wales.

    The Chancellor is also reviewing the Treasury’s investment guidance in the Green Book to ensure it is being used to provide objective, transparent advice on public investment across the country, reporting at Phase 2 of the Spending Review.

    Pushing forwards with strategic infrastructure and investment across all four corners of the UK is key to delivering the UK Government’s Growth Mission. Bringing the productivity of major cities to the national average would deliver an extra £33bn in economic output, and measures set out today extend beyond this to kickstart a decade of national renewal.

    This is just the start, and further regional growth announcements will follow through the year. The government is hardwiring plans for regional growth into the Spending Review, and into plans for infrastructure, investment and the industrial strategy. The UK Government is also working with the Welsh Government to ensure the benefits of growth can be felt across Wales, including by partnering on the Industrial Strategy to support Wales’s considerable sectoral strengths.

    Tim Knowles, Founder and Managing Director of FI Real Estate Management, said: 

    As an investor in Wrexham for almost 20 years, we’re delighted to see the announcement that Wrexham and Flintshire will receive Advanced Manufacturing Investment Zone status, with three of our schemes on Wrexham Industrial Estate – Wrexham 1M, Wrexham 152, and Bridgeway Centre – forming part of the designated zone.

    Across these sites, we’ll be investing £115m to create new, high-quality industrial accommodation, supporting the creation of over 1,000 new jobs and delivering an estimated economic value of £1.2bn in Wrexham over the next 10 years.

    This is a significant milestone for North Wales, and we look forward to working in partnership with stakeholders to leverage this opportunity for strategic investment in the area, helping to supercharge the region’s advanced manufacturing sector.

    In collaboration with local authorities and wider stakeholders, we need to ensure that we capitalise on all the opportunities this moment brings. We’ve long recognised the potential for North Wales to become a thriving hub for innovation, and we’re excited that our developments can play an important part in this next chapter.

    Mark Turner, JCB’s Chief Operating Officer said:

    JCB has been a prominent feature of the industrial and economic landscape in Wrexham and Flintshire for over 45 years. Innovation is the lifeblood of our business and we welcome the creation of an Investment Zone in North Wales and hope that it will attract many other businesses to the area. As an advanced manufacturer of precision engineering components, JCB Transmissions looks forward to other advanced manufacturing businesses coming to the area. This could go a long way towards building the supply chain resilience of existing manufacturing businesses in the area, such as JCB.

    We place a lot of values on skills in our business and we look forward to the Investment Zone positively supporting skills development in the future. JCB continues to invest in our business in Wrexham and today’s IZ announcement bodes well for the economic development of the area in the future.

    Updates to this page

    Published 31 January 2025

    MIL OSI United Kingdom

  • MIL-OSI Asia-Pac: London ETO celebrates Year of Snake and promotes liquor trade in Scotland

    Source: Hong Kong Government special administrative region

         â€‹The Hong Kong Economic and Trade Office, London (London ETO), in collaboration with the China-Britain Business Council (CBBC), hosted the “Toast to the Snake” reception in Glasgow, the United Kingdom (UK), in the evening of January 30 (London time) to celebrate the Year of the Snake.

         Speaking at the reception, the Director-General of the London ETO, Mr Gilford Law, highlighted Hong Kong’s unique advantages under “one country, two systems” including the common law regime, the free flow of capital, people and information, and policy support from the Mainland. Mr Law emphasised that those strengths did not go unnoticed. He said, “Hong Kong saw a record number of 9 960 non-local companies operating in the city last year, representing a 10 per cent year-on-year increase, with 720 of them coming from the UK. The International Monetary Fund had also reaffirmed Hong Kong’s position as an international financial centre and recognised the resilience of the city’s financial system.”

         Around 270 guests from the business, academic and cultural sectors as well as the Chinese community attended the reception. Among the guests were the Minister for Business of the Scottish Government, the Lord Provost of the City of Glasgow, and the Consul General of the People’s Republic of China in Edinburgh.

         In the morning of the same day, the London ETO and Invest Hong Kong sponsored CBBC’s China Consumer Scotland 2025 event, featuring among others a panel discussion on the opportunities arising from Hong Kong’s reduction of liquor duty as announced in “The Chief Executive’s 2024 Policy Address”. Mr Law highlighted in his welcome speech that various high value-added sectors, such as logistics and storage, tourism as well as food and beverage would also benefit from this new measure. He encouraged Scottish brands to grasp this opportunity.

         Speaking at one of the panel discussions, the Head of Business and Talent Attraction/Investment Promotion of the InvestHK London Office, Ms Daisy Ip said, “Hong Kong boasts a thriving premium spirits market and a diverse range of high-end bars and dining establishments, making it a significant growth market for spirits. The city offers well-developed cold chain logistics services, robust logistics networks, and seamless connection with the Mainland and key Southeast Asian markets. Hong Kong can serve as Asia’s hub for liquor trade and distribution.”

         The China Consumer Scotland 2025 event was attended by close to 50 business representatives who were related to the spirits industry or interested in the opportunities in the Chinese market.

    MIL OSI Asia Pacific News

  • MIL-OSI: Prosafe SE: Fourth-quarter results 2024

    Source: GlobeNewswire (MIL-OSI)

    (Figures in brackets refer to the corresponding period last year)

    31 January 2025 – Prosafe SE reported EBITDA of USD 4.9 million (negative USD 2.7 million) for the fourth quarter of 2024. The company had four active vessels during the quarter.

    Operations and HSSE

    • Good operating and safety performance on all vessels
    • 57% utilisation (50%), four out of seven vessels operating during the quarter
      • 100% utilisation on the operating fleet in Brazil and US Gulf of Mexico
    • Strong commercial performance during 2024 with 44% increase in backlog from prior year
      • Backlog of USD 370 million (USD 238 million)
      • Safe Zephyrus extension to Q3 2027 finalised, adding USD 109 million to backlog
      • Contracts for Safe Boreas and Safe Caledonia plus Safe Concordia contract extension

    Q4 financials

    • Revenues of USD 37.0 million (USD 29.6 million) and EBITDA of USD 4.9 million (negative USD 2.7 million)
    • Cash flow from operations of nil (USD 3.8 million) due to Safe Boreas and Safe Caledonia SPS/reactivation
    • Capex of USD 8.0 million (USD 4.8 million)
    • Liquidity position of USD 46.8 million with expected runway to mid-2025, compared to USD 63.5 million at end Q3 2024 and USD 74.6 million at year-end 2023
    • Refinancing expected to complete H1 2025, likely to include equity component in form of debt for equity conversion and/or equity injection as part of the overall structure

    Market and outlook

    • Brazil market strengthening with new tenders for up to 6 units
    • North Sea operators continue to plan for future campaigns
    • Increased backlog and improved outlook create a platform to strengthen liquidity and achieve a sustainable capital structure

    See Q4 presentation for further details

    Terje Askvig, the CEO of Prosafe, says, “The global accommodation market continues to strengthen led by growing demand in Brazil, in line with expectations. The new long-term Petrobras tenders may absorb further capacity from outside Brazil on top of units already in the country. Prosafe stands to benefit as the market leader in Brazil. Improved market fundamentals, increased backlog and high operational efficiency support our expectations of future earnings growth and provide a robust foundation for establishing sustainable capital structure prior to 2025 maturity.”

    Presentation 

    Terje Askvig, CEO, and Reese McNeel, CFO, will present the results at Pareto Securities, located at Dronning Mauds gate 3, 0115 Oslo, on 3 February 2025 at 10:00 CET.

    This presentation is open to the public and will be live-streamed on Prosafe’s website.

    https://wwww.prosafe.com

    It will be possible to ask questions during the presentation by using the Q&A tool embedded in the audiocast. These questions will be answered after the presentation.

    A replay of the audiocast will be made available on Prosafe’s website shortly after.

    The Q4 2024 press release and presentation is attached and can be downloaded from https://www.prosafe.com and www.newsweb.no (https://www.newsweb.no). The 2024 annual report will be published 30 April 2024.

    Prosafe is a leading owner and operator of semi-submersible accommodation vessels. The company is listed on the Oslo Stock Exchange with ticker code PRS. For more information, please refer to www.prosafe.com (https:///www.prosafe.com)

    For further information, please contact: 

    Terje Askvig, CEO Phone: +47 952 03 886

    Reese McNeel, CFO Phone: +47 415 08 186

    This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

    Attachments

    The MIL Network

  • MIL-OSI Europe: EU research team develops ‘superglue’ to help fight cancer more effectively

    Source: European Union 2

    We all know someone touched by cancer. And although science is all about facts and evidence, it can also be about our personal stories and emotions.  

    Erika Pineda Ramírez lost her dad to cancer. Alba García-Fernández lost her grandmother and aunt, also to cancer. They are now doing research with the goal of finding more effective treatments for cancer patients.   

    In 2024, Alba and Erika started working on NanoGlue, a new approach to help the immune system fight cancer more effectively. Their project is funded by the Marie Skłodowska-Curie Actions (MSCA), through the ARISTOS Postdoctoral Program in Biomedicine and Health Sciences and it is developed at CIBER-BBN, Centro de Investigación Principe Felipe, and Universitat Politècnica de València. 

    To mark World Cancer Day, they joined our European Research Executive Agency colleague and breast cancer survivor, Sofia Pereira Sá, for a conversation on the cancer cells’ ability to hide from the immune system, the heavy side effects of treatments and the hope NanoGlue can bring to millions of patients. 

    More effective treatments with less heavy side effects 

    Sofia Pereira Sá: Let’s first talk about your MSCA-funded project. What is NanoGlue and what can its results and findings mean for patients like me? 

    Alba García-Fernández: Our ultimate goal is to provide more effective treatments with less side effects to improve patients’ quality of life. We do this by designing new nanoparticles and then activate the immune system of the patients to attack the tumour.  

    This kind of immunotherapy would be more effective and would help avoid and limit undesirable side effects, that we see with current treatments.  

    Erika Pineda Ramirez: We also want to study the interaction between the cancer cells and the immune cells in a metabolic level. We would then be able to propose novel and more efficient therapies.  

    Recent reports in Spanish news outlets have referred to the NanoGlue innovative treatment as a “superglue” for triple negative breast cancer, a notoriously aggressive form of the disease. 

    Sofia: Can the project’s approach have broader applications, benefiting patients with other types of cancer?  

    Erika: First, I want to explain why we called it a “superglue”; it is because our nanoparticles will enhance the immune system’s ability to detect and respond to cancer, helping the body to attack the cancer and kill it.  

    Alba: The nanoparticles are a versatile platform, and we can select and modify them depending on our needs. We chose to test it with triple negative breast cancer because it represents a major health challenge. It’s a good starting point for validating our nanoparticles.  

    Sofia: How are you combining different scientific areas and how can that be crucial to achieve better scientific results? 

    Erika: We work with experts in nanotechnology, biotechnology, biology, metabolomics, and oncology. Having all these people with different expertise helps us see the problems from different angles and find better solutions. 

    The future of cancer research – a patient’s perspective 

    Erika: What was the biggest challenge for you as a patient?  

    Sofia: The side effects played a big role when it came to my physical and mental wellbeing. Especially because all these side effects prevented me from being the mum I wanted to be for my one and half-year-old son. I couldn’t play with him, I couldn’t bathe him, I couldn’t take him to school. This was the hardest part of the whole treatment. It was heartbreaking.  

    My diagnosis was made in summer 2023 and after 20 rounds of chemotherapy I still feel some side effects, such as the so called “chemo brain”. I’d love to see therapies advance in a way that gives patients a better quality of life. 

    Erika: Besides reducing side effects, what do you think researchers should be aware of doing cancer research?  

    Sofia: Being only 34 years old and seeing the chemotherapy medication going into my bloodstream and knowing that I was somehow “poisoning” myself to get treated was a very traumatic experience. Thankfully, you and other cancer researchers are already tackling that by trying to find more targeted therapies.  

    A second thing I think is important is fertility. More and more young women are being diagnosed with hormonal breast cancer exactly when they are planning to have children. I wish researchers could find a way to preserve breast cancer patients’ possibilities of still becoming mothers. 

    The future of cancer research – a scientist’s perspective 

    Sofia: What do you think cancer researchers will be focusing on in the next years?  

    Alba: My immediate thought is personalised medicines for both treatment and diagnosis. 

    Erika: I totally agree with Alba – personalised medicine is the future but also having more multidisciplinary because we need expertise from different areas. 

    Sofia: What is your experience with EU funding, and how do you think it will be relevant for your work on NanoGlue? 

    Alba: I have had previous experience with EU funding, as I was part of a project funded by the EIC Pathfinder programme for cancer therapy. It is thanks to EU funding that us researchers can work on innovative ideas like this and explore different paths. I believe NanoGlue is a next level initiative for our future.  

    Erika: EU funding helps us take ideas and turn them into actions. I wanted to do cancer research for years, but in Mexico, my home country, I didn’t have much support to do it. The MSCA funding gave me this great opportunity of working in this field with top researchers, and to use equipment I didn’t have the opportunity to use before. For me, it was a dream come true. 

    Discover more

    Check out what the European Commission is doing to improving the lives of more than 3 million people by 2030 through cancer prevention and cure – EU Mission: Cancer. For more MSCA news and funding opportunities, visit out our dedicated page.

    Curious to find out more about Alba and Erika’s research? You can check out ARISTOS’s website and follow them on social media:

    Alba García-Fernández: LinkedIn

    Erika Pineda Ramírez: LinkedIn, X

    ARISTOS Program: LinkedIn, X

    MIL OSI Europe News

  • MIL-OSI Canada: Changes to Assets Eligible as Collateral under the Bank of Canada’s Standing Liquidity Facility

    Source: Bank of Canada

    As announced on June 11, 2024, the Bank of Canada made Secured General Collateral (SGC) Notes eligible as collateral under the Standing Liquidity Facility (SLF), pending necessary system enhancements. Today, the Bank is announcing that it has completed these system updates and is operationally ready to accept SGC notes as collateral once they are issued. This milestone marks a significant step in supporting the development of this new market.

    The Bank is also updating the policy to streamline Lynx participants’ access to liquidity for exceptional cases. Specifically, it will now agree to accept requests to increase a participant’s non-mortgage loan portfolio (NMLP) concentration limit on a same day basis in exceptional cases, for a very limited period, to accommodate the liquidity needs of individual Lynx participants when there are extremely large FMI critical payment flows. This change is reflected in the concentration limits condition of the policy and is being implemented to better support Lynx participants in managing their liquidity needs.

    Further, the Bank has reviewed the margin requirements that apply to NMLP collateral. Margin requirements for two categories have been updated: The haircut for secured consumer loans decreased by 5 percentage points to 65% and the haircut for unsecured business loans decreased by 10 percentage points to 40%. The updated margin requirements will apply as per the table below. The overall haircut for NMLP continues to be the weighted average margin for these categories.

    Non-mortgage loan category Margin Requirement
    Unsecured consumer loans 85%
    Secured consumer loans 65%
    Unsecured business loans 40%
    Secured business loans 30%

    The list of Assets Eligible as Collateral under the Bank of Canada’s Standing Liquidity Facility has been updated to reflect these changes. For further information, please contact:

    Director
    Financial Markets Department
    Bank of Canada

    MIL OSI Canada News