Business – Page 1651 – NewzIntel.com

MIL-OSI: Southside Bancshares, Inc. Announces Financial Results for the Fourth Quarter and Year Ended December 31, 2024

Source: GlobeNewswire (MIL-OSI)

Fourth quarter net income of $21.8 million;
Fourth quarter earnings per diluted common share of $0.71;
Annualized return on fourth quarter average assets of 1.03%;
Annualized return on fourth quarter average tangible common equity of 14.12%⁽¹⁾; and
Nonperforming assets decreased to 0.04% of total assets.

TYLER, Texas, Jan. 29, 2025 (GLOBE NEWSWIRE) — Southside Bancshares, Inc. (“Southside” or the “Company”) (NYSE: SBSI) today reported its financial results for the quarter and year ended December 31, 2024. Southside reported net income of $21.8 million for the three months ended December 31, 2024, an increase of $4.5 million, or 25.8%, compared to $17.3 million for the same period in 2023. Earnings per diluted common share increased $0.14, or 24.6%, to $0.71 for the three months ended December 31, 2024, from $0.57 for the same period in 2023. The annualized return on average shareholders’ equity for the three months ended December 31, 2024, was 10.54%, compared to 9.31% for the same period in 2023. The annualized return on average assets was 1.03% for the three months ended December 31, 2024, compared to 0.85% for the same period in 2023.

“For the year ended December 31, 2024, net income increased $1.8 million to $88.5 million when compared to 2023, earnings per share increased $0.09 to $2.91, and the return on average tangible common equity was 14.92%. For 2024, loan growth was 3.0% and linked quarter loans increased $83.5 million, or 7.3% annualized, most of which occurred in December,” stated Lee R. Gibson, Chief Executive Officer of Southside. “We recorded losses of $540,000 associated with two branch closures during 2024. Linked quarter our net interest margin decreased 12 basis points. Asset quality metrics remain solid with the nonperforming assets to total assets ratio decreasing to 0.04%. Late fourth quarter loan growth combined with anticipated mid-single digit 2025 loan growth should lead to an increasing net interest margin during 2025.”

Operating Results for the Three Months Ended December 31, 2024

Net income was $21.8 million for the three months ended December 31, 2024, compared to $17.3 million for the same period in 2023, an increase of $4.5 million, or 25.8%. Earnings per diluted common share were $0.71 and $0.57 for the three months ended December 31, 2024 and 2023, respectively. The increase in net income was a result of the increase in noninterest income and the decrease in the provision for credit losses, partially offset by increases in noninterest expense and income tax expense and a decrease in net interest income. Annualized returns on average assets and average shareholders’ equity for the three months ended December 31, 2024 were 1.03% and 10.54%, respectively, compared to 0.85% and 9.31%, respectively, for the three months ended December 31, 2023. Our efficiency ratio and tax-equivalent efficiency ratio⁽¹⁾ were 56.08% and 54.00%, respectively, for the three months ended December 31, 2024, compared to 53.30% and 50.86%, respectively, for the three months ended December 31, 2023, and 53.94% and 51.90%, respectively, for the three months ended September 30, 2024.

Net interest income for the three months ended December 31, 2024 was $53.7 million, a decrease of $0.8 million, or 1.4%, from the same period in 2023. The decrease in net interest income was due to the decrease in the average yield of interest earning assets and increases in the average rate paid on and average balance of our interest bearing liabilities, partially offset by the increase in the average balance of interest earning assets. Linked quarter, net interest income decreased $1.8 million, or 3.2%, compared to $55.5 million for the three months ended September 30, 2024, due to the decrease in the average yield of interest earning assets, partially offset by the decrease in the average rate paid on our interest bearing liabilities, the increase in the average balance of interest earning assets and the change in the mix of our interest bearing liabilities.

Our net interest margin and tax-equivalent net interest margin⁽¹⁾ decreased to 2.70% and 2.83%, respectively, for the three months ended December 31, 2024, compared to 2.83% and 2.99%, respectively, for the same period in 2023. Linked quarter, net interest margin and tax-equivalent net interest margin⁽¹⁾ decreased from 2.82% and 2.95%, respectively, for the three months ended September 30, 2024.

Noninterest income was $12.3 million for the three months ended December 31, 2024, an increase of $9.8 million, or 391.0%, compared to $2.5 million for the same period in 2023. The increase was due to a decrease in net loss on sale of securities available for sale (“AFS”) and an increase in other noninterest income, partially offset by a decrease in bank owned life insurance (“BOLI”) income. The decrease in net loss on sale of securities AFS was due to a net loss of $10.4 million for the three months ended December 31, 2023, related to the strategic repositioning of the securities portfolio. On a linked quarter basis, noninterest income increased $4.1 million, or 50.3%, compared to the three months ended September 30, 2024. The increase was primarily due to an increase in other noninterest income and a decrease in net loss on sale of securities AFS. The increase in other noninterest income was primarily due to an increase in swap fee income for the three months ended December 31, 2024, and an impairment charge of $868,000 on the sale of approximately $10 million of AFS municipal securities and the unwind of the related fair value swaps realized during the three months ended September 30, 2024.

Noninterest expense increased $3.0 million, or 8.5%, to $38.2 million for the three months ended December 31, 2024, compared to $35.2 million for the same period in 2023, due to increases in salaries and employee benefits, other noninterest expense, professional fees and software and data processing expense, partially offset by decreases in advertising, travel and entertainment expense. On a linked quarter basis, noninterest expense increased by $1.8 million, or 5.0%, compared to the three months ended September 30, 2024, due to increases in salaries and employee benefits expense, other noninterest expense and professional fees.

Income tax expense increased $2.5 million, or 111.2%, for the three months ended December 31, 2024, compared to the same period in 2023. On a linked quarter basis, income tax expense increased $0.3 million, or 6.1%. Our effective tax rate (“ETR”) increased to 17.6% for the three months ended December 31, 2024, compared to 11.3% for the three months ended December 31, 2023. On a linked quarter basis, the ETR was 17.6% for both the three months ended September 30, 2024 and December 31, 2024. The higher ETR for the three months ended December 31, 2024 compared to the same period in 2023, was primarily due to a decrease in net tax-exempt income as a percentage of pre-tax income.

Operating Results for the Year Ended December 31, 2024

Net income was $88.5 million for the year ended December 31, 2024, compared to $86.7 million for the same period in 2023, an increase of $1.8 million, or 2.1%. Earnings per diluted common share were $2.91 for the year ended December 31, 2024, compared to $2.82 for the same period in 2023, an increase of 3.2%. The increase in net income was primarily a result of the increase in noninterest income, decrease in provision for credit losses and the increase in net interest income, partially offset by the increases in noninterest expense and income tax expense. Returns on average assets and average shareholders’ equity for the year ended December 31, 2024 were 1.06% and 11.03%, respectively, compared to 1.11% and 11.50%, respectively, for the year ended December 31, 2023. Our efficiency ratio and tax-equivalent efficiency ratio⁽¹⁾ were 55.69% and 53.52%, respectively, for the year ended December 31, 2024, compared to 53.81% and 51.30%, respectively, for the year ended December 31, 2023.

Net interest income was $216.1 million for the year ended December 31, 2024, compared to $215.0 million for the same period in 2023, an increase of $1.1 million, or 0.5%, due to increases in the average balance and the average yield of interest earning assets, partially offset by increases in the average rate paid on and average balance of our interest bearing liabilities.

Our net interest margin and tax-equivalent net interest margin⁽¹⁾ were 2.74% and 2.88%, respectively, for the year ended December 31, 2024, compared to 2.92% and 3.09%, respectively, for the same period in 2023.

Noninterest income was $41.7 million for the year ended December 31, 2024, an increase of $5.9 million, or 16.5%, compared to $35.8 million for the same period in 2023. The increase was primarily due to a decrease in net loss on sale of securities AFS and an increase in brokerage services income, partially offset by decreases in the net gain on sale of equity securities, BOLI income and deposit services income.

Noninterest expense was $147.1 million for the year ended December 31, 2024, compared to $140.6 million for the same period in 2023, an increase of $6.6 million, or 4.7%. The increase was primarily due to increases in salaries and employee benefits, software and data processing expense and other noninterest expense, partially offset by decreases in advertising, travel and entertainment expense and amortization of intangibles.

Income tax expense increased $4.4 million, or 30.8%, for the year ended December 31, 2024, compared to the same period in 2023. Our ETR was approximately 17.6% and 14.3% for the year ended December 31, 2024 and 2023, respectively. The higher ETR for the year ended December 31, 2024, as compared to the same period in 2023, was primarily due to a decrease in net tax-exempt income as a percentage of pre-tax income.

Balance Sheet Data

At December 31, 2024, Southside had $8.52 billion in total assets, compared to $8.28 billion at December 31, 2023 and $8.36 billion at September 30, 2024.

Loans at December 31, 2024 were $4.66 billion, an increase of $137.1 million, or 3.0%, compared to $4.52 billion at December 31, 2023. Linked quarter, loans increased $83.5 million, or 1.8%, due to increases of $157.1 million in commercial real estate loans and $4.3 million in commercial loans. These increases were partially offset by decreases of $48.0 million in construction loans, $15.0 million in 1-4 family residential loans, $11.1 million in municipal loans and $3.8 million in loans to individuals.

Securities at December 31, 2024 were $2.81 billion, an increase of $209.8 million, or 8.1%, compared to $2.60 billion at December 31, 2023. Linked quarter, securities increased $116.3 million, or 4.3%, from $2.70 billion at September 30, 2024.

Deposits at December 31, 2024 were $6.65 billion, an increase of $104.6 million, or 1.6%, compared to $6.55 billion at December 31, 2023. Linked quarter, deposits increased $218.5 million, or 3.4%, from $6.44 billion at September 30, 2024. During the three months ended December 31, 2024, public fund deposits increased $156.8 million, or 14.6%, compared to September 30, 2024.

At December 31, 2024, we had 178,662 total deposit accounts with an average balance of $33,000. Our estimated uninsured deposits were 38.1% of total deposits as of December 31, 2024. When excluding affiliate deposits (Southside-owned deposits) and public fund deposits (all collateralized), our total estimated deposits without insurance or collateral was 19.5% as of December 31, 2024. Our noninterest bearing deposits represent approximately 20.4% of total deposits. Linked quarter, our cost of interest bearing deposits decreased nine basis points from 3.01% in the prior quarter to 2.92%. Linked quarter, our cost of total deposits decreased seven basis points from 2.38% in the prior quarter to 2.31%.

Our cost of interest bearing deposits increased 64 basis points, from 2.34% for the year ended December 31, 2023, to 2.98% for the year ended December 31, 2024. Our cost of total deposits increased 59 basis points, from 1.77% for the year ended December 31, 2023, to 2.36% for the year ended December 31, 2024.

Capital Resources and Liquidity

Our capital ratios and contingent liquidity sources remain solid. During the fourth quarter ended December 31, 2024, we did not purchase any common stock pursuant to our Stock Repurchase Plan. Under this plan, repurchases of our outstanding common stock may be carried out in open market purchases, privately negotiated transactions or pursuant to any trading plan that might be adopted in accordance with Rule 10b5-1 of The Securities Exchange Act of 1934, as amended. The Company has no obligation to repurchase any shares under the Stock Repurchase Plan and may modify, suspend or discontinue the plan at any time. We have not purchased any common stock pursuant to the Stock Repurchase Plan subsequent to December 31, 2024.

As of December 31, 2024, our total available contingent liquidity, net of current outstanding borrowings, was $2.23 billion, consisting of FHLB advances, Federal Reserve Discount Window and correspondent bank lines of credit.

Asset Quality

Nonperforming assets at December 31, 2024 were $3.6 million, or 0.04% of total assets, a decrease of $0.4 million, or 10.3%, compared to $4.0 million, or 0.05% of total assets, at December 31, 2023. Linked quarter, nonperforming assets decreased $4.1 million, or 53.1%, from $7.7 million at September 30, 2024 due to a $4.1 million decrease in nonaccrual loans primarily from the payoff of one commercial real estate loan. Classified loans totaled $48.0 million on December 31, 2024, compared to $42.0 million at September 30, 2024 and $19.2 million at December 31, 2023.

The allowance for loan losses totaled $44.9 million, or 0.96% of total loans, at December 31, 2024, compared to $44.3 million, or 0.97% of total loans, at September 30, 2024. The allowance for loan losses was $42.7 million, or 0.94% of total loans, at December 31, 2023.

For the three months ended December 31, 2024, we recorded a provision for credit losses for loans of $1.6 million, compared to a provision of $2.2 million and $2.3 million for the three months ended December 31, 2023 and September 30, 2024, respectively. Net charge-offs were $1.0 million for the three months ended December 31, 2024, compared to net charge-offs of $1.3 million and $0.4 million for the three months ended December 31, 2023 and September 30, 2024, respectively. Net charge-offs were $1.9 million for the year ended December 31, 2024, compared to net charge-offs of $2.8 million for the year ended December 31, 2023.

We recorded a reversal of provision for credit losses on off-balance-sheet credit exposures of $0.2 million for the three months ended December 31, 2024, compared to a provision for credit losses on off-balance-sheet credit exposures $0.1 million for both of the three-month periods ended December 31, 2023 and September 30, 2024. We recorded a reversal of provision for credit losses for off-balance-sheet credit exposures of $0.8 million for the year ended December 31, 2024, compared to a provision for credit losses on off-balance-sheet credit exposures of $0.2 million for the year ended December 31, 2023. The balance of the allowance for off-balance-sheet credit exposures was $3.1 million and $3.9 million at December 31, 2024 and 2023, respectively, and is included in other liabilities.

Dividend

Southside Bancshares, Inc. declared a fourth quarter cash dividend of $0.36 per share on November 7, 2024, which was paid on December 6, 2024, to all shareholders of record as of November 21, 2024.

_______________

(1) Refer to “Non-GAAP Financial Measures” below and to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for more information and for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Conference Call

Southside’s management team will host a conference call to discuss its fourth quarter and year ended December 31, 2024 financial results on Wednesday, January 29, 2025 at 11:00 a.m. CST. The conference call can be accessed by webcast, for listen-only mode, on the company website, https://investors.southside.com, under Events.

Those interested in participating in the question and answer session, or others who prefer to call-in, can register at https://register.vevent.com/register/BI54b435198f6143e589b32994aed51233 to receive the dial-in number and unique code to access the conference call seamlessly. While not required, it is recommended that those wishing to participate, register 10 minutes prior to the conference call to ensure a more efficient registration process.

For those unable to attend the live event, a webcast recording will be available on the company website, https://investors.southside.com, for at least 30 days, beginning approximately two hours following the conference call.

Non-GAAP Financial Measures

Our accounting and reporting policies conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of our performance. These include the following fully taxable-equivalent measures (“FTE”): (i) Net interest income (FTE), (ii) net interest margin (FTE), (iii) net interest spread (FTE), and (iv) efficiency ratio (FTE), which include the effects of taxable-equivalent adjustments using a federal income tax rate of 21% to increase tax-exempt interest income to a tax-equivalent basis. Interest income earned on certain assets is completely or partially exempt from federal income tax. As such, these tax-exempt instruments typically yield lower returns than taxable investments.

Net interest income (FTE), net interest margin (FTE) and net interest spread (FTE). Net interest income (FTE) is a non-GAAP measure that adjusts for the tax-favored status of net interest income from certain loans and investments and is not permitted under GAAP in the consolidated statements of income. We believe that this measure is the preferred industry measurement of net interest income and that it enhances comparability of net interest income arising from taxable and tax-exempt sources. The most directly comparable financial measure calculated in accordance with GAAP is our net interest income. Net interest margin (FTE) is the ratio of net interest income (FTE) to average earning assets. The most directly comparable financial measure calculated in accordance with GAAP is our net interest margin. Net interest spread (FTE) is the difference in the average yield on average earning assets on a tax-equivalent basis and the average rate paid on average interest bearing liabilities. The most directly comparable financial measure calculated in accordance with GAAP is our net interest spread.

Efficiency ratio (FTE). The efficiency ratio (FTE) is a non-GAAP measure that provides a measure of productivity in the banking industry. This ratio is calculated to measure the cost of generating one dollar of revenue. The ratio is designed to reflect the percentage of one dollar which must be expended to generate that dollar of revenue. We calculate this ratio by dividing noninterest expense, excluding amortization expense on intangibles and certain nonrecurring expense by the sum of net interest income (FTE) and noninterest income, excluding net gain (loss) on sale of securities available for sale and certain nonrecurring impairments. The most directly comparable financial measure calculated in accordance with GAAP is our efficiency ratio.

These non-GAAP financial measures should not be considered alternatives to GAAP-basis financial statements and other bank holding companies may define or calculate these non-GAAP measures or similar measures differently. Whenever we present a non-GAAP financial measure in an SEC filing, we are also required to present the most directly comparable financial measure calculated and presented in accordance with GAAP and reconcile the differences between the non-GAAP financial measure and such comparable GAAP measure.

Management believes adjusting net interest income, net interest margin and net interest spread to a fully taxable-equivalent basis is a standard practice in the banking industry as these measures provide useful information to make peer comparisons. Tax-equivalent adjustments are reflected in the respective earning asset categories as listed in the “Average Balances with Average Yields and Rates” tables.

A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statement tables.

About Southside Bancshares, Inc.

Southside Bancshares, Inc. is a bank holding company with approximately $8.52 billion in assets as of December 31, 2024, that owns 100% of Southside Bank. Southside Bank currently has 53 branches in Texas and operates a network of 72 ATMs/ITMs.

To learn more about Southside Bancshares, Inc., please visit our investor relations website at https://investors.southside.com. Our investor relations site provides a detailed overview of our activities, financial information and historical stock price data. To receive email notification of company news, events and stock activity, please register on the website under Resources and Investor Email Alerts. Questions or comments may be directed to Lindsey Bailes at (903) 630-7965, or lindsey.bailes@southside.com.

Forward-Looking Statements

Certain statements of other than historical fact that are contained in this press release and in other written materials, documents and oral statements issued by or on behalf of the Company may be considered to be “forward-looking statements” within the meaning of and subject to the safe harbor protections of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, nor should they be relied upon as representing management’s views as of any subsequent date. These statements may include words such as “expect,” “estimate,” “project,” “anticipate,” “appear,” “believe,” “could,” “should,” “may,” “might,” “will,” “would,” “seek,” “intend,” “probability,” “risk,” “goal,” “target,” “objective,” “plans,” “potential,” and similar expressions. Forward-looking statements are statements with respect to the Company’s beliefs, plans, expectations, objectives, goals, anticipations, assumptions, estimates, intentions and future performance and are subject to significant known and unknown risks and uncertainties, which could cause the Company’s actual results to differ materially from the results discussed in the forward-looking statements. For example, benefits of the Share Repurchase Plan, trends in asset quality, capital, liquidity, the Company’s ability to sell nonperforming assets, expense reductions, planned operational efficiencies and earnings from growth and certain market risk disclosures, including the impact of interest rates and our expectations regarding rate increases, tax reform, inflation, the impacts related to or resulting from other economic factors are based upon information presently available to management and are dependent on choices about key model characteristics and assumptions and are subject to various limitations. By their nature, certain of the market risk disclosures are only estimates and could be materially different from what actually occurs in the future. Accordingly, our results could materially differ from those that have been estimated. The most significant factor that could cause future results to differ materially from those anticipated by our forward-looking statements include the ongoing impact of higher inflation levels, interest rate fluctuations and general economic concerns, all of which could impact economic growth and could cause a reduction in financial transactions and business activities, including decreased deposits and reduced loan originations, our ability to manage liquidity in a rapidly changing and unpredictable market, labor shortages and changes in interest rates by the Federal Reserve.

Additional information concerning the Company and its business, including additional factors that could materially affect the Company’s financial results, is included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, under “Part I – Item 1. Forward Looking Information” and “Part I – Item 1A. Risk Factors” and in the Company’s other filings with the Securities and Exchange Commission. The Company disclaims any obligation to update any factors or to announce publicly the result of revisions to any of the forward-looking statements included herein to reflect future events or developments.

Southside Bancshares, Inc. Consolidated Financial Summary (Unaudited) (Dollars in thousands)

	As of
		2024												2023
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
ASSETS
Cash and due from banks	$	91,409		$	130,147		$	114,283		$	96,744		$	122,021
Interest earning deposits		281,945			333,825			272,469			307,257			391,719
Federal funds sold		52,807			22,325			65,244			65,372			46,770
Securities available for sale, at estimated fair value		1,533,894			1,408,437			1,405,944			1,405,221			1,296,294
Securities held to maturity, at net carrying value		1,279,234			1,288,403			1,305,975			1,306,898			1,307,053
Total securities		2,813,128			2,696,840			2,711,919			2,712,119			2,603,347
Federal Home Loan Bank stock, at cost		33,818			40,291			32,991			27,958			11,936
Loans held for sale		1,946			768			1,352			756			10,894
Loans		4,661,597			4,578,048			4,589,365			4,577,368			4,524,510
Less: Allowance for loan losses		(44,884	)		(44,276	)		(42,407	)		(43,557	)		(42,674	)
Net loans		4,616,713			4,533,772			4,546,958			4,533,811			4,481,836
Premises & equipment, net		141,648			138,811			138,489			139,491			138,950
Goodwill		201,116			201,116			201,116			201,116			201,116
Other intangible assets, net		1,754			2,003			2,281			2,588			2,925
Bank owned life insurance		138,313			137,489			136,903			136,604			136,330
Other assets		142,851			124,876			133,697			130,047			137,070
Total assets	$	8,517,448		$	8,362,263		$	8,357,702		$	8,353,863		$	8,284,914

LIABILITIES AND SHAREHOLDERS’ EQUITY
Noninterest bearing deposits	$	1,357,152		$	1,377,022		$	1,366,924		$	1,358,827		$	1,390,407
Interest bearing deposits		5,297,096			5,058,680			5,129,008			5,186,933			5,159,274
Total deposits		6,654,248			6,435,702			6,495,932			6,545,760			6,549,681
Other borrowings and Federal Home Loan Bank borrowings		808,352			865,856			763,700			770,151			722,468
Subordinated notes, net of unamortized debt issuance costs		92,042			92,006			91,970			93,913			93,877
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,274			60,273			60,272			60,271			60,270
Other liabilities		90,590			103,172			144,858			95,846			85,330
Total liabilities		7,705,506			7,557,009			7,556,732			7,565,941			7,511,626
Shareholders’ equity		811,942			805,254			800,970			787,922			773,288
Total liabilities and shareholders’ equity	$	8,517,448		$	8,362,263		$	8,357,702		$	8,353,863		$	8,284,914

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars and shares in thousands, except per share data)

	Three Months Ended
		2024												2023
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
Income Statement:
Total interest and dividend income	$	101,689		$	105,703		$	104,186		$	102,758		$	98,939
Total interest expense		47,982			50,239			50,578			49,410			44,454
Net interest income		53,707			55,464			53,608			53,348			54,485
Provision for (reversal of) credit losses		1,384			2,389			(485	)		58			2,281
Net interest income after provision for (reversal of) credit losses		52,323			53,075			54,093			53,290			52,204
Noninterest income
Deposit services		6,084			6,199			6,157			5,985			6,305
Net gain (loss) on sale of securities available for sale		—			(1,929	)		(563	)		(18	)		(10,386	)
Gain (loss) on sale of loans		138			115			220			(436	)		178
Trust fees		1,773			1,628			1,456			1,336			1,431
Bank owned life insurance		848			857			1,767			784			2,602
Brokerage services		1,054			1,068			1,081			1,014			944
Other		2,384			233			1,439			1,059			1,427
Total noninterest income		12,281			8,171			11,557			9,724			2,501
Noninterest expense
Salaries and employee benefits		22,960			22,233			21,984			23,113			21,152
Net occupancy		3,629			3,613			3,750			3,362			3,474
Advertising, travel & entertainment		884			734			795			950			1,127
ATM expense		378			412			368			325			318
Professional fees		1,645			1,206			1,075			1,154			1,315
Software and data processing		2,931			2,951			2,860			2,856			2,644
Communications		320			423			410			449			435
FDIC insurance		931			939			977			943			892
Amortization of intangibles		249			278			307			337			370
Other		4,232			3,543			3,239			3,392			3,456
Total noninterest expense		38,159			36,332			35,765			36,881			35,183
Income before income tax expense		26,445			24,914			29,885			26,133			19,522
Income tax expense		4,659			4,390			5,212			4,622			2,206
Net income	$	21,786		$	20,524		$	24,673		$	21,511		$	17,316

Common Share Data:
Weighted-average basic shares outstanding		30,343			30,286			30,280			30,262			30,235
Weighted-average diluted shares outstanding		30,459			30,370			30,312			30,305			30,276
Common shares outstanding end of period		30,379			30,308			30,261			30,284			30,249
Earnings per common share
Basic	$	0.72		$	0.68		$	0.81		$	0.71		$	0.57
Diluted		0.71			0.68			0.81			0.71			0.57
Book value per common share		26.73			26.57			26.47			26.02			25.56
Tangible book value per common share		20.05			19.87			19.75			19.29			18.82
Cash dividends paid per common share		0.36			0.36			0.36			0.36			0.37

Selected Performance Ratios:
Return on average assets		1.03	%		0.98	%		1.19	%		1.03	%		0.85	%
Return on average shareholders’ equity		10.54			10.13			12.46			11.02			9.31
Return on average tangible common equity ⁽¹⁾		14.12			13.69			16.90			15.07			13.10
Average yield on earning assets (FTE) ⁽¹⁾		5.24			5.51			5.45			5.38			5.30
Average rate on interest bearing liabilities		3.12			3.28			3.32			3.22			3.04
Net interest margin (FTE) ⁽¹⁾		2.83			2.95			2.87			2.86			2.99
Net interest spread (FTE) ⁽¹⁾		2.12			2.23			2.13			2.16			2.26
Average earning assets to average interest bearing liabilities		129.55			128.51			128.62			127.71			131.65
Noninterest expense to average total assets		1.80			1.73			1.72			1.77			1.73
Efficiency ratio (FTE) ⁽¹⁾		54.00			51.90			52.71			55.54			50.86

(1)	Refer to “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Three Months Ended
		2024												2023
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
Nonperforming Assets:	$	3,589		$	7,656		$	6,918		$	7,979		$	4,001
Nonaccrual loans		3,185			7,254			6,110			7,709			3,889
Accruing loans past due more than 90 days		—			—			—			—			—
Restructured loans		2			—			145			151			13
Other real estate owned		388			388			648			119			99
Repossessed assets		14			14			15			—			—

Asset Quality Ratios:
Ratio of nonaccruing loans to:
Total loans		0.07	%		0.16	%		0.13	%		0.17	%		0.09	%
Ratio of nonperforming assets to:
Total assets		0.04			0.09			0.08			0.10			0.05
Total loans		0.08			0.17			0.15			0.17			0.09
Total loans and OREO		0.08			0.17			0.15			0.17			0.09
Ratio of allowance for loan losses to:
Nonaccruing loans		1,409.23			610.37			694.06			565.01			1,097.30
Nonperforming assets		1,250.60			578.32			613.00			545.90			1,066.58
Total loans		0.96			0.97			0.92			0.95			0.94
Net charge-offs (recoveries) to average loans outstanding		0.08			0.04			0.02			0.03			0.11

Capital Ratios:
Shareholders’ equity to total assets		9.53			9.63			9.58			9.43			9.33
Common equity tier 1 capital		13.04			13.07			12.72			12.43			12.28
Tier 1 risk-based capital		14.07			14.12			13.76			13.47			13.32
Total risk-based capital		16.49			16.59			16.16			15.92			15.73
Tier 1 leverage capital		9.67			9.61			9.40			9.22			9.39
Period end tangible equity to period end tangible assets ⁽¹⁾		7.33			7.38			7.33			7.17			7.04
Average shareholders’ equity to average total assets		9.76			9.67			9.52			9.35			9.13

(1)	Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Three Months Ended
		2024												2023
Loan Portfolio Composition	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,
Real Estate Loans:
Construction	$	537,827		$	585,817		$	546,040		$	599,464		$	789,744
1-4 Family Residential		740,396			755,406			738,037			720,508			696,738
Commercial		2,579,735			2,422,612			2,472,771			2,413,345			2,168,451
Commercial Loans		363,167			358,854			359,807			358,053			366,893
Municipal Loans		390,968			402,041			416,986			427,225			441,168
Loans to Individuals		49,504			53,318			55,724			58,773			61,516
Total Loans	$	4,661,597		$	4,578,048		$	4,589,365		$	4,577,368		$	4,524,510

Summary of Changes in Allowances:
Allowance for Loan Losses
Balance at beginning of period	$	44,276		$	42,407		$	43,557		$	42,674		$	41,760
Loans charged-off		(1,232	)		(773	)		(721	)		(634	)		(1,572	)
Recoveries of loans charged-off		277			365			444			347			284
Net loans (charged-off) recovered		(955	)		(408	)		(277	)		(287	)		(1,288	)
Provision for (reversal of) loan losses		1,563			2,277			(873	)		1,170			2,202
Balance at end of period	$	44,884		$	44,276		$	42,407		$	43,557		$	42,674

Allowance for Off-Balance-Sheet Credit Exposures
Balance at beginning of period	$	3,320		$	3,208		$	2,820		$	3,932		$	3,853
Provision for (reversal of) off-balance-sheet credit exposures		(179	)		112			388			(1,112	)		79
Balance at end of period	$	3,141		$	3,320		$	3,208		$	2,820		$	3,932
Total Allowance for Credit Losses	$	48,025		$	47,596		$	45,615		$	46,377		$	46,606

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Year ended
	December 31,
		2024			2023
Income Statement:
Total interest and dividend income	$	414,336		$	359,741
Total interest expense		198,209			144,714
Net interest income		216,127			215,027
Provision for (reversal of) credit losses		3,346			9,154
Net interest income after provision for (reversal of) credit losses		212,781			205,873
Noninterest income
Deposit services		24,425			25,497
Net gain (loss) on sale of securities available for sale		(2,510	)		(15,976	)
Net gain on sale of equity securities		—			5,058
Gain (loss) on sale of loans		37			563
Trust fees		6,193			5,910
Bank owned life insurance		4,256			5,823
Brokerage services		4,217			3,305
Other		5,115			5,654
Total noninterest income		41,733			35,834
Noninterest expense
Salaries and employee benefits		90,290			85,625
Net occupancy		14,354			14,694
Advertising, travel & entertainment		3,363			4,093
ATM expense		1,483			1,351
Professional fees		5,080			5,351
Software and data processing		11,598			9,395
Communications		1,602			1,469
FDIC insurance		3,790			3,558
Amortization of intangibles		1,171			1,697
Other		14,406			13,345
Total noninterest expense		147,137			140,578
Income before income tax expense		107,377			101,129
Income tax expense		18,883			14,437
Net income	$	88,494		$	86,692
Common Share Data:
Weighted-average basic shares outstanding		30,293			30,704
Weighted-average diluted shares outstanding		30,369			30,759
Common shares outstanding end of period		30,379			30,249
Earnings per common share
Basic	$	2.92		$	2.82
Diluted		2.91			2.82
Book value per common share		26.73			25.56
Tangible book value per common share		20.05			18.82
Cash dividends paid per common share		1.44			1.42

Selected Performance Ratios:
Return on average assets		1.06	%		1.11	%
Return on average shareholders’ equity		11.03			11.50
Return on average tangible common equity ⁽¹⁾		14.92			16.03
Average yield on earning assets (FTE) ⁽¹⁾		5.40			5.06
Average rate on interest bearing liabilities		3.24			2.64
Net interest margin (FTE) ⁽¹⁾		2.88			3.09
Net interest spread (FTE) ⁽¹⁾		2.16			2.42
Average earning assets to average interest bearing liabilities		128.60			134.07
Noninterest expense to average total assets		1.76			1.80
Efficiency ratio (FTE) ⁽¹⁾		53.52			51.30

(1)	Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

Southside Bancshares, Inc. Consolidated Financial Highlights (Unaudited) (Dollars in thousands)

	Year ended
	December 31,
		2024			2023
Nonperforming Assets:	$	3,589		$	4,001
Nonaccrual loans		3,185			3,889
Accruing loans past due more than 90 days		—			—
Restructured loans		2			13
Other real estate owned		388			99
Repossessed assets		14			—

Asset Quality Ratios:
Ratio of nonaccruing loans to:
Total loans		0.07	%		0.09	%
Ratio of nonperforming assets to:
Total assets		0.04			0.05
Total loans		0.08			0.09
Total loans and OREO		0.08			0.09
Ratio of allowance for loan losses to:
Nonaccruing loans		1,409.23			1,097.30
Nonperforming assets		1,250.60			1,066.58
Total loans		0.96			0.94
Net charge-offs (recoveries) to average loans outstanding		0.04			0.06

Capital Ratios:
Shareholders’ equity to total assets		9.53			9.33
Common equity tier 1 capital		13.04			12.28
Tier 1 risk-based capital		14.07			13.32
Total risk-based capital		16.49			15.73
Tier 1 leverage capital		9.67			9.39
Period end tangible equity to period end tangible assets ⁽¹⁾		7.33			7.04
Average shareholders’ equity to average total assets		9.58			9.63

(1)	Refer to the “Non-GAAP Reconciliation” at the end of the financial statement tables in this Earnings Release for a reconciliation of this non-GAAP financial measure to the nearest GAAP financial measure.

	Year ended
	December 31,
Loan Portfolio Composition		2024			2023
Real Estate Loans:
Construction	$	537,827		$	789,744
1-4 Family Residential		740,396			696,738
Commercial		2,579,735			2,168,451
Commercial Loans		363,167			366,893
Municipal Loans		390,968			441,168
Loans to Individuals		49,504			61,516
Total Loans	$	4,661,597		$	4,524,510

Summary of Changes in Allowances:
Allowance for Loan Losses
Balance at beginning of period	$	42,674		$	36,515
Loans charged-off		(3,360	)		(4,204	)
Recoveries of loans charged-off		1,433			1,454
Net loans (charged-off) recovered		(1,927	)		(2,750	)
Provision for (reversal of) loan losses		4,137			8,909
Balance at end of period	$	44,884		$	42,674

Allowance for Off-Balance-Sheet Credit Exposures
Balance at beginning of period	$	3,932		$	3,687
Provision for (reversal of) off-balance-sheet credit exposures		(791	)		245
Balance at end of period	$	3,141		$	3,932
Total Allowance for Credit Losses	$	48,025		$	46,606

The tables that follow show average earning assets and interest bearing liabilities together with the average yield on the earning assets and the average rate of the interest bearing liabilities for the periods presented. The interest and related yields presented are on a fully taxable-equivalent basis and are therefore non-GAAP measures. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliation” for more information.

Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	December 31, 2024							September 30, 2024
	Average Balance			Interest		Average Yield/Rate		Average Balance			Interest		Average Yield/Rate
ASSETS
Loans ⁽¹⁾	$	4,604,175		$	70,155	6.06	%	$	4,613,028		$	72,493	6.25	%
Loans held for sale		1,562			23	5.86	%		871			11	5.02	%
Securities:
Taxable investment securities ⁽²⁾		784,321			6,949	3.52	%		791,914			7,150	3.59	%
Tax-exempt investment securities ⁽²⁾		1,138,271			10,793	3.77	%		1,174,445			11,825	4.01	%
Mortgage-backed and related securities ⁽²⁾		1,031,187			12,043	4.65	%		886,325			11,976	5.38	%
Total securities		2,953,779			29,785	4.01	%		2,852,684			30,951	4.32	%
Federal Home Loan Bank stock, at cost, and equity investments		37,078			591	6.34	%		41,159			582	5.63	%
Interest earning deposits		273,656			3,160	4.59	%		281,313			3,798	5.37	%
Federal funds sold		43,121			508	4.69	%		33,971			488	5.71	%
Total earning assets		7,913,371			104,222	5.24	%		7,823,026			108,323	5.51	%
Cash and due from banks		102,914							100,578
Accrued interest and other assets		454,387							455,091
Less: Allowance for loan losses		(44,418	)						(42,581	)
Total assets	$	8,426,254						$	8,336,114
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	594,196			1,456	0.97	%	$	598,116			1,490	0.99	%
Certificates of deposit		1,187,800			13,537	4.53	%		1,087,613			12,647	4.63	%
Interest bearing demand accounts		3,459,122			23,468	2.70	%		3,409,911			24,395	2.85	%
Total interest bearing deposits		5,241,118			38,461	2.92	%		5,095,640			38,532	3.01	%
Federal Home Loan Bank borrowings		572,993			5,557	3.86	%		618,708			6,488	4.17	%
Subordinated notes, net of unamortized debt issuance costs		92,024			945	4.09	%		91,988			937	4.05	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,274			1,095	7.23	%		60,273			1,180	7.79	%
Repurchase agreements		80,891			782	3.85	%		83,297			899	4.29	%
Other borrowings		61,196			1,142	7.42	%		137,482			2,203	6.37	%
Total interest bearing liabilities		6,108,496			47,982	3.12	%		6,087,388			50,239	3.28	%
Noninterest bearing deposits		1,383,204							1,344,165
Accrued expenses and other liabilities		112,320							98,331
Total liabilities		7,604,020							7,529,884
Shareholders’ equity		822,234							806,230
Total liabilities and shareholders’ equity	$	8,426,254						$	8,336,114
Net interest income (FTE)				$	56,240						$	58,084
Net interest margin (FTE)						2.83	%						2.95	%
Net interest spread (FTE)						2.12	%						2.23	%

Interest on loans includes net fees on loans that are not material in amount.
For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.

Note: As of December 31, 2024 and September 30, 2024, loans totaling $3.2 million and $7.3 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	June 30, 2024							March 31, 2024
	Average Balance			Interest		Average Yield/ Rate		Average Balance			Interest		Average Yield/ Rate
ASSETS
Loans ⁽¹⁾	$	4,595,980		$	70,293	6.15	%	$	4,559,602		$	68,849	6.07	%
Loans held for sale		1,489			24	6.48	%		8,834			18	0.82	%
Securities:
Taxable investment securities ⁽²⁾		783,856			7,009	3.60	%		780,423			6,967	3.59	%
Tax-exempt investment securities ⁽²⁾		1,254,097			12,761	4.09	%		1,285,922			13,168	4.12	%
Mortgage-backed and related securities ⁽²⁾		830,504			11,084	5.37	%		764,713			10,119	5.32	%
Total securities		2,868,457			30,854	4.33	%		2,831,058			30,254	4.30	%
Federal Home Loan Bank stock, at cost, and equity investments		40,467			573	5.69	%		40,063			333	3.34	%
Interest earning deposits		300,047			4,105	5.50	%		380,181			5,202	5.50	%
Federal funds sold		75,479			1,021	5.44	%		62,599			838	5.38	%
Total earning assets		7,881,919			106,870	5.45	%		7,882,337			105,494	5.38	%
Cash and due from banks		110,102							114,379
Accrued interest and other assets		424,323							441,783
Less: Allowance for loan losses		(43,738	)						(42,973	)
Total assets	$	8,372,606						$	8,395,526
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	604,753			1,454	0.97	%	$	604,529			1,424	0.95	%
Certificates of deposit		1,020,099			11,630	4.59	%		941,947			10,341	4.42	%
Interest bearing demand accounts		3,513,068			25,382	2.91	%		3,634,936			26,433	2.92	%
Total interest bearing deposits		5,137,920			38,466	3.01	%		5,181,412			38,198	2.97	%
Federal Home Loan Bank borrowings		606,851			6,455	4.28	%		607,033			5,950	3.94	%
Subordinated notes, net of unamortized debt issuance costs		92,017			936	4.09	%		93,895			956	4.10	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,271			1,171	7.81	%		60,270			1,175	7.84	%
Repurchase agreements		88,007			955	4.36	%		92,177			967	4.22	%
Other borrowings		143,169			2,595	7.29	%		137,287			2,164	6.34	%
Total interest bearing liabilities		6,128,235			50,578	3.32	%		6,172,074			49,410	3.22	%
Noninterest bearing deposits		1,346,274							1,338,384
Accrued expenses and other liabilities		101,399							100,014
Total liabilities		7,575,908							7,610,472
Shareholders’ equity		796,698							785,054
Total liabilities and shareholders’ equity	$	8,372,606						$	8,395,526
Net interest income (FTE)				$	56,292						$	56,084
Net interest margin (FTE)						2.87	%						2.86	%
Net interest spread (FTE)						2.13	%						2.16	%

Interest on loans includes net fees on loans that are not material in amount.
For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.

Note: As of June 30, 2024 and March 31, 2024, loans totaling $6.1 million and $7.7 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Annualized) (Unaudited) (Dollars in thousands)

	Three Months Ended
	December 31, 2023
	Average Balance			Interest		Average Yield/ Rate
ASSETS
Loans ⁽¹⁾	$	4,473,618		$	67,886	6.02	%
Loans held for sale		1,858			27	5.77	%
Securities:
Taxable investment securities ⁽²⁾		852,023			7,970	3.71	%
Tax-exempt investment securities ⁽²⁾		1,456,187			15,688	4.27	%
Mortgage-backed and related securities ⁽²⁾		581,548			6,865	4.68	%
Total securities		2,889,758			30,523	4.19	%
Federal Home Loan Bank stock, at cost, and equity investments		24,674			296	4.76	%
Interest earning deposits		150,763			2,054	5.41	%
Federal funds sold		93,149			1,286	5.48	%
Total earning assets		7,633,820			102,072	5.30	%
Cash and due from banks		110,380
Accrued interest and other assets		374,120
Less: Allowance for loan losses		(41,822	)
Total assets	$	8,076,498
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	610,453			1,432	0.93	%
Certificates of deposit		910,759			9,691	4.22	%
Interest bearing demand accounts		3,469,120			24,498	2.80	%
Total interest bearing deposits		4,990,332			35,621	2.83	%
Federal Home Loan Bank borrowings		262,709			1,430	2.16	%
Subordinated notes, net of unamortized debt issuance costs		93,859			965	4.08	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,269			1,195	7.87	%
Repurchase agreements		96,622			1,008	4.14	%
Other borrowings		294,683			4,235	5.70	%
Total interest bearing liabilities		5,798,474			44,454	3.04	%
Noninterest bearing deposits		1,424,961
Accrued expenses and other liabilities		115,388
Total liabilities		7,338,823
Shareholders’ equity		737,675
Total liabilities and shareholders’ equity	$	8,076,498
Net interest income (FTE)				$	57,618
Net interest margin (FTE)						2.99	%
Net interest spread (FTE)						2.26	%

Interest on loans includes net fees on loans that are not material in amount.
For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.

Note: As of December 31, 2023, loans totaling $3.9 million were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

Southside Bancshares, Inc. Average Balances and Average Yields and Rates (Unaudited) (Dollars in thousands)

	Year ended
	December 31, 2024							December 31, 2023
	Average Balance			Interest		Average Yield/ Rate		Average Balance			Interest		Average Yield/ Rate
ASSETS
Loans ⁽¹⁾	$	4,593,280		$	281,790	6.13	%	$	4,300,138		$	247,431	5.75	%
Loans held for sale		3,179			76	2.39	%		1,681			96	5.71	%
Securities:
Taxable investment securities ⁽²⁾		785,145			28,075	3.58	%		845,907			31,186	3.69	%
Tax-exempt investment securities ⁽²⁾		1,212,844			48,547	4.00	%		1,554,519			64,568	4.15	%
Mortgage-backed and related securities ⁽²⁾		878,623			45,222	5.15	%		470,692			19,450	4.13	%
Total securities		2,876,612			121,844	4.24	%		2,871,118			115,204	4.01	%
Federal Home Loan Bank stock, at cost, and equity investments		39,688			2,079	5.24	%		24,971			1,185	4.75	%
Interest earning deposits		308,628			16,265	5.27	%		83,343			4,364	5.24	%
Federal funds sold		53,709			2,855	5.32	%		79,948			4,124	5.16	%
Total earning assets		7,875,096			424,909	5.40	%		7,361,199			372,404	5.06	%
Cash and due from banks		106,965							107,018
Accrued interest and other assets		443,733							397,860
Less: Allowance for loan losses		(43,428	)						(37,890	)
Total assets	$	8,382,366						$	7,828,187
LIABILITIES AND SHAREHOLDERS’ EQUITY
Savings accounts	$	600,375			5,824	0.97	%	$	636,603			5,633	0.88	%
Certificates of deposit		1,059,793			48,155	4.54	%		862,211			30,906	3.58	%
Interest bearing demand accounts		3,503,878			99,678	2.84	%		3,122,319			71,618	2.29	%
Total interest bearing deposits		5,164,046			153,657	2.98	%		4,621,133			108,157	2.34	%
Federal Home Loan Bank borrowings		601,366			24,450	4.07	%		276,584			6,777	2.45	%
Subordinated notes, net of unamortized debt issuance costs		92,478			3,774	4.08	%		96,024			3,920	4.08	%
Trust preferred subordinated debentures, net of unamortized debt issuance costs		60,272			4,621	7.67	%		60,267			4,504	7.47	%
Repurchase agreements		86,071			3,603	4.19	%		91,132			3,431	3.76	%
Other borrowings		119,672			8,104	6.77	%		345,544			17,925	5.19	%
Total interest bearing liabilities		6,123,905			198,209	3.24	%		5,490,684			144,714	2.64	%
Noninterest bearing deposits		1,353,065							1,485,896
Accrued expenses and other liabilities		102,778							97,509
Total liabilities		7,579,748							7,074,089
Shareholders’ equity		802,618							754,098
Total liabilities and shareholders’ equity	$	8,382,366						$	7,828,187
Net interest income (FTE)				$	226,700						$	227,690
Net interest margin (FTE)						2.88	%						3.09	%
Net interest spread (FTE)						2.16	%						2.42	%

Interest on loans includes net fees on loans that are not material in amount.
For the purpose of calculating the average yield, the average balance of securities is presented at historical cost.

Note: As of December 31, 2024 and 2023, loans totaling $3.2 million and $3.9 million, respectively, were on nonaccrual status. Our policy is to reverse previously accrued but unpaid interest on nonaccrual loans; thereafter, interest income is recorded to the extent received when appropriate.

The following tables set forth the reconciliation of return on average common equity to return on average tangible common equity, book value per share to tangible book value per share, net interest income to net interest income adjusted to a fully taxable-equivalent basis assuming a 21% marginal tax rate for interest earned on tax-exempt assets such as municipal loans and investment securities, along with the calculation of total revenue, adjusted noninterest expense, efficiency ratio (FTE), net interest margin (FTE) and net interest spread (FTE) for the applicable periods presented.

Southside Bancshares, Inc. Non-GAAP Reconciliation (Unaudited) (Dollars and shares in thousands, except per share data)

	Three Months Ended															Year ended
		2024												2023			2024			2023
	Dec 31,			Sep 30,			Jun 30,			Mar 31,			Dec 31,			Dec 31,			Dec 31,
Reconciliation of return on average common equity to return on average tangible common equity:
Net income	$	21,786		$	20,524		$	24,673		$	21,511		$	17,316		$	88,494		$	86,692
After-tax amortization expense		196			220			243			266			292			925			1,341
Adjusted net income available to common shareholders	$	21,982		$	20,744		$	24,916		$	21,777		$	17,608		$	89,419		$	88,033

Average shareholders’ equity	$	822,234		$	806,230		$	796,698		$	785,054		$	737,675		$	802,618		$	754,098
Less: Average intangibles for the period		(203,020	)		(203,288	)		(203,581	)		(203,910	)		(204,267	)		(203,448	)		(204,887	)
Average tangible shareholders’ equity	$	619,214		$	602,942		$	593,117		$	581,144		$	533,408		$	599,170		$	549,211

Return on average tangible common equity		14.12	%		13.69	%		16.90	%		15.07	%		13.10	%		14.92	%		16.03	%

Reconciliation of book value per share to tangible book value per share:
Common equity at end of period	$	811,942		$	805,254		$	800,970		$	787,922		$	773,288		$	811,942		$	773,288
Less: Intangible assets at end of period		(202,870	)		(203,119	)		(203,397	)		(203,704	)		(204,041	)		(202,870	)		(204,041	)
Tangible common shareholders’ equity at end of period	$	609,072		$	602,135		$	597,573		$	584,218		$	569,247		$	609,072		$	569,247

Total assets at end of period	$	8,517,448		$	8,362,263		$	8,357,702		$	8,353,863		$	8,284,914		$	8,517,448		$	8,284,914
Less: Intangible assets at end of period		(202,870	)		(203,119	)		(203,397	)		(203,704	)		(204,041	)		(202,870	)		(204,041	)
Tangible assets at end of period	$	8,314,578		$	8,159,144		$	8,154,305		$	8,150,159		$	8,080,873		$	8,314,578		$	8,080,873

Period end tangible equity to period end tangible assets		7.33	%		7.38	%		7.33	%		7.17	%		7.04	%		7.33	%		7.04	%

Common shares outstanding end of period		30,379			30,308			30,261			30,284			30,249			30,379			30,249
Tangible book value per common share	$	20.05		$	19.87		$	19.75		$	19.29		$	18.82		$	20.05		$	18.82

Reconciliation of efficiency ratio to efficiency ratio (FTE), net interest margin to net interest margin (FTE) and net interest spread to net interest spread (FTE):
Net interest income (GAAP)	$	53,707		$	55,464		$	53,608		$	53,348		$	54,485		$	216,127		$	215,027
Tax-equivalent adjustments:
Loans		598			608			633			656			680			2,495			2,724
Tax-exempt investment securities		1,935			2,012			2,051			2,080			2,453			8,078			9,939
Net interest income (FTE) ⁽¹⁾		56,240			58,084			56,292			56,084			57,618			226,700			227,690
Noninterest income		12,281			8,171			11,557			9,724			2,501			41,733			35,834
Nonrecurring income ⁽²⁾		(25	)		2,797			(576	)		18			8,376			2,214			7,370
Total revenue	$	68,496		$	69,052		$	67,273		$	65,826		$	68,495		$	270,647		$	270,894

Noninterest expense	$	38,159		$	36,332		$	35,765		$	36,881		$	35,183		$	147,137		$	140,578
Pre-tax amortization expense		(249	)		(278	)		(307	)		(337	)		(370	)		(1,171	)		(1,697	)
Nonrecurring expense ⁽³⁾		(919	)		(219	)		2			17			22			(1,119	)		78
Adjusted noninterest expense	$	36,991		$	35,835		$	35,460		$	36,561		$	34,835		$	144,847		$	138,959

Efficiency ratio		56.08	%		53.94	%		54.90	%		57.95	%		53.30	%		55.69	%		53.81	%
Efficiency ratio (FTE) ⁽¹⁾		54.00	%		51.90	%		52.71	%		55.54	%		50.86	%		53.52	%		51.30	%

Average earning assets	$	7,913,371		$	7,823,026		$	7,881,919		$	7,882,337		$	7,633,820		$	7,875,096		$	7,361,199

Net interest margin		2.70	%		2.82	%		2.74	%		2.72	%		2.83	%		2.74	%		2.92	%
Net interest margin (FTE) ⁽¹⁾		2.83	%		2.95	%		2.87	%		2.86	%		2.99	%		2.88	%		3.09	%

Net interest spread		1.99	%		2.10	%		2.00	%		2.02	%		2.10	%		2.02	%		2.25	%
Net interest spread (FTE) ⁽¹⁾		2.12	%		2.23	%		2.13	%		2.16	%		2.26	%		2.16	%		2.42	%

These amounts are presented on a fully taxable-equivalent basis and are non-GAAP measures.
These adjustments may include net gain or loss on sale of securities available for sale, net gain on sale of equity securities, BOLI income related to death benefits realized and other investment income or loss in the periods where applicable.
These adjustments may include foreclosure expenses and branch closure expenses, in the periods where applicable.

The MIL Network –

January 30, 2025

MIL-OSI: 180 Degree Capital Corp. Responds to Non-Binding Proposal from Source Capital

Source: GlobeNewswire (MIL-OSI)

MONTCLAIR, N.J., Jan. 29, 2025 (GLOBE NEWSWIRE) — 180 Degree Capital Corp. (NASDAQ:TURN) (“180 Degree Capital”) notes that its Board of Directors (the “Board”), including the Special Committee of the Board, has evaluated the non-binding proposal from Source Capital issued on January 24, 2025 (the “Source Proposal”), pursuant to the requirements of Section 7.10 of the Agreement and Plan of Merger by and among 180 Degree Capital Corp., Mount Logan Capital Inc. (“Mount Logan”), Yukon New Parent, Inc., Polar Merger Sub, Inc. and Moose Merger Sub, LLC, dated January 16, 2025 (the “Merger Agreement”). Based on this assessment, the Board has determined that the Source Proposal does not constitute a TURN Superior Proposal (as defined in the Merger Agreement) and does not, at this time, otherwise satisfy the criteria set forth in Section 7.10(a) of the Merger Agreement.

The Board takes its fiduciary responsibilities seriously and is deeply committed to value creation for all of 180 Degree Capital shareholders. The Board unanimously reaffirms its support of the proposed strategic business combination with Mount Logan as contemplated by the Merger Agreement as being in the best interests of all 180 Degree Capital shareholders. The Board believes that the proposed merger with Mount Logan would provide unique and value-creating benefits as described in the joint investor presentation previously publicly filed by 180 Degree Capital on January 17, 2025, and available on its website at https://ir.180degreecapital.com/ir-calendar/detail/2908/180-degree-capital-and-mount-logan-capital-proposed-merger.

About 180 Degree Capital Corp.

180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. 180 Degree Capital’s goal is that the result of its constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 Degree Capital and its holdings can be found on its website at www.180degreecapital.com.

Press Contact:
Daniel B. Wolfe
Robert E. Bigelow
180 Degree Capital Corp.
973-746-4500
ir@180degreecapital.com

About Mount Logan Capital Inc.

Mount Logan Capital Inc. is an alternative asset management and insurance solutions company that is focused on public and private debt securities in the North American market and the reinsurance of annuity products, primarily through its wholly owned subsidiaries Mount Logan Management LLC (“ML Management”) and Ability Insurance Company (“Ability”), respectively. Mount Logan also actively sources, evaluates, underwrites, manages, monitors and primarily invests in loans, debt securities, and other credit-oriented instruments that present attractive risk-adjusted returns and present low risk of principal impairment through the credit cycle.

ML Management was organized in 2020 as a Delaware limited liability company and is registered with the SEC as an investment adviser under the Investment Advisers Act of 1940, as amended. The primary business of ML Management is to provide investment management services to (i) privately offered investment funds exempt from registration under the Investment Company Act of 1940, as amended (the “1940 Act”) advised by ML Management, (ii) a non-diversified closed-end management investment company that has elected to be regulated as a business development company, (iii) Ability, and (iv) non-diversified closed-end management investment companies registered under the 1940 Act that operate as interval funds. ML Management also acts as the collateral manager to collateralized loan obligations backed by debt obligations and similar assets.

Ability is a Nebraska domiciled insurer and reinsurer of long-term care policies and annuity products acquired by Mount Logan in the fourth quarter of fiscal year 2021. Ability is also no longer insuring or re-insuring new long-term care risk.

Additional Information and Where to Find It

In connection with the Business Combination, 180 Degree Capital intends to file with the Securities and Exchange Commission (“SEC”) and mail to its shareholders a proxy statement on Schedule 14A (the “Proxy Statement”). In addition, New Mount Logan plans to file with the SEC a registration statement on Form S-4 (the “Registration Statement”) that will register the exchange of New Mount Logan shares in the Business Combination and include the Proxy Statement and a prospectus of New Mount Logan (the “Prospectus”). The Proxy Statement and the Registration Statement (including the Prospectus) will each contain important information about 180 Degree Capital, Mount Logan, New Mount Logan, the Business Combination and related matters. SHAREHOLDERS OF 180 DEGREE CAPITAL AND MOUNT LOGAN ARE URGED TO READ THE PROXY STATEMENT AND PROSPECTUS CONTAINED IN THE REGISTRATION STATEMENT AND OTHER DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE APPLICABLE SECURITIES REGULATORY AUTHORITIES AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT 180 DEGREE CAPITAL, MOUNT LOGAN, NEW MOUNT LOGAN, THE BUSINESS COMBINATION AND RELATED MATTERS. Investors and security holders may obtain copies of these documents and other documents filed with the applicable securities regulatory authorities free of charge through the website maintained by the SEC at https://www.sec.gov and the website maintained by the Canadian securities regulators at www.sedarplus.ca. Copies of the documents filed by 180 Degree Capital are also available free of charge by accessing 180 Degree Capital’s investor relations website at https://ir.180degreecapital.com.

Certain Information Concerning the Participants

180 Degree Capital, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in connection with the Business Combination. Information about 180 Degree Capital’s executive officers and directors is available in 180 Degree Capital’s Annual Report filed on Form N-CSR for the year ended December 31, 2023, which was filed with the SEC on February 20, 2024, and in its proxy statement for the 2024 Annual Meeting of Shareholders (“2024 Annual Meeting”), which was filed with the SEC on March 1, 2024. To the extent holdings by the directors and executive officers of 180 Degree Capital securities reported in the proxy statement for the 2024 Annual Meeting have changed, such changes have been or will be reflected on Statements of Change in Ownership on Forms 3, 4 or 5 filed with the SEC. These documents are or will be available free of charge at the SEC’s website at https://www.sec.gov. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the 180 Degree Capital shareholders in connection with the Business Combination will be contained in the Proxy Statement when such document becomes available.

Mount Logan, its directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of Mount Logan in favor of the approval of the Business Combination. Information about Mount Logan’s executive officers and directors is available in Mount Logan’s annual information form dated March 14, 2024, available on its website at https://mountlogancapital.ca/investor-relations and on SEDAR+ at https://sedarplus.ca. To the extent holdings by the directors and executive officers of Mount Logan securities reported in Mount Logan’s annual information form have changed, such changes have been or will be reflected on insider reports filed on SEDI at https://www.sedi.ca/sedi/. Additional information regarding the persons who may, under the rules of the SEC, be considered participants in the solicitation of the Mount Logan shareholders in connection with the Business Combination will be contained in the Prospectus included in the Registration Statement when such document becomes available.

Non-Solicitation

This press release is not intended to be, and shall not constitute, an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Forward-Looking Statements

This press release, and oral statements made from time to time by representatives of 180 Degree Capital and Mount Logan, may contain statements of a forward-looking nature relating to future events within the meaning of federal securities laws. Forward-looking statements may be identified by words such as “anticipates,” “believes,” “could,” “continue,” “estimate,” “expects,” “intends,” “will,” “should,” “may,” “plan,” “predict,” “project,” “would,” “forecasts,” “seeks,” “future,” “proposes,” “target,” “goal,” “objective,” “outlook” and variations of these words or similar expressions (or the negative versions of such words or expressions). Forward-looking statements are not statements of historical fact and reflect Mount Logan’s and 180 Degree Capital’s current views about future events. Such forward-looking statements include, without limitation, statements about the benefits of the Business Combination involving Mount Logan and 180 Degree Capital, including future financial and operating results, Mount Logan’s and 180 Degree Capital’s plans, objectives, expectations and intentions, the expected timing and likelihood of completion of the Business Combination, and other statements that are not historical facts, including but not limited to future results of operations, projected cash flow and liquidity, business strategy, payment of dividends to shareholders of New Mount Logan, and other plans and objectives for future operations. No assurances can be given that the forward-looking statements contained in this press release will occur as projected, and actual results may differ materially from those projected. Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, without limitation, the ability to obtain the requisite Mount Logan and 180 Degree Capital shareholder approvals; the risk that Mount Logan or 180 Degree Capital may be unable to obtain governmental and regulatory approvals required for the Business Combination (and the risk that such approvals may result in the imposition of conditions that could adversely affect New Mount Logan or the expected benefits of the Business Combination); the risk that an event, change or other circumstance could give rise to the termination of the Business Combination; the risk that a condition to closing of the Business Combination may not be satisfied; the risk of delays in completing the Business Combination; the risk that the businesses will not be integrated successfully; the risk that the cost savings and any other synergies from the Business Combination may not be fully realized or may take longer to realize than expected; the risk that any announcement relating to the Business Combination could have adverse effects on the market price of Mount Logan’s common stock or 180 Degree Capital’s common stock; unexpected costs resulting from the Business Combination; the possibility that competing offers or acquisition proposals will be made; the risk of litigation related to the Business Combination; the risk that the credit ratings of New Mount Logan or its subsidiaries may be different from what the companies expect; the diversion of management time from ongoing business operations and opportunities as a result of the Business Combination; the risk of adverse reactions or changes to business or employee relationships, including those resulting from the announcement or completion of the Business Combination; competition, government regulation or other actions; the ability of management to execute its plans to meet its goals; risks associated with the evolving legal, regulatory and tax regimes; changes in economic, financial, political and regulatory conditions; natural and man-made disasters; civil unrest, pandemics, and conditions that may result from legislative, regulatory, trade and policy changes; and other risks inherent in Mount Logan’s and 180 Degree Capital’s businesses. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Readers should carefully review the statements set forth in the reports, which 180 Degree Capital has filed or will file from time to time with the SEC and Mount Logan has filed or will file from time to time on SEDAR+.

Neither Mount Logan nor 180 Degree Capital undertakes any obligation, and expressly disclaims any obligation, to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Any discussion of past performance is not an indication of future results. Investing in financial markets involves a substantial degree of risk. Investors must be able to withstand a total loss of their investment. The information herein is believed to be reliable and has been obtained from sources believed to be reliable, but no representation or warranty is made, expressed or implied, with respect to the fairness, correctness, accuracy, reasonableness or completeness of the information and opinions. The references and link to the website www.180degreecapital.com and mountlogancapital.ca have been provided as a convenience, and the information contained on such websites are not incorporated by reference into this press release. Neither 180 Degree Capital nor Mount Logan is responsible for the contents of third-party websites.

The MIL Network –

January 30, 2025

MIL-OSI: Dynamite Blockchain Restructures Investment in Kaspa Mining Limited

Source: GlobeNewswire (MIL-OSI)

Vancouver, B.C., Jan. 29, 2025 (GLOBE NEWSWIRE) — Dynamite Blockchain Corp. (the “Company” or “Dynamite”) (CSE: KAS) is pleased to announce that, further to its news release dated December 2, 2024, it has terminated its previously proposed acquisition (the “Original Acquisition”) of 100% of the outstanding shares of Kaspa Mining Limited (“Kaspa Mining”) and entered into a new arm’s length share purchase agreement (the “Restructured Agreement”) dated January 28, 2025.

About Kaspa Mining Limited

Kaspa Mining’s operation is composed of 25 Bitmain KS5 Pro miners collectively producing approximately 510 TH/s towards the mining of Kaspa and is hosted pursuant to a competitively priced management services agreement (the “MSA”) with 1001038815 Ontario Inc. (the “Mining Host“).

Among other things, the MSA (i) provides Kaspa Mining with a competitive electricity rate of CAD $0.055 per kilowatt-hour, (ii) hosts Kaspa Mining’s operation through the Mining Host’s proprietary AI-driven optimization software, KASPAMind, which is designed to enhance mining efficiency, optimize hardware performance and maximize rewards by adapting to Kaspa’s unique proof-of-work (PoW) architecture and (iii) allows Kaspa Mining the ability to increase operational capacity to 100 miners with continued support.

About Kaspa

Kaspa’s innovative blockDAG architecture enables this digital asset to be scalable, secure and decentralized, by allowing multiple blocks to be created and validated simultaneously¹. Due to this, Kaspa achieves significant transaction throughput without compromising security or decentralization². The Company believes these attributes position Kaspa as a truly scalable and sustainable digital asset for real-world applications.

“This acquisition marks another significant step towards the Company’s mission to become a leader in the Kaspa ecosystem,” commented Akshay Sood, CEO of Dynamite.

“At Dynamite Blockchain, we believe in leading with purpose and innovation. By integrating a minority interest in Kaspa Mining’s robust operations into our ecosystem, we are not only indirectly strengthening our mining capabilities but also reinforcing our position as a key player in shaping the future of blockchain technology,” added Mr. Sood.

The Restructured Agreement provides for the Company’s acquisition of an initial 20% stake in Kaspa Mining from Kaspa Mining’s current shareholders (the “Vendors”) for CAD$1 million, to be settled by way of an interest-bearing promissory note providing for, among other things, minimum payments by the Company of $200,000 every six months until maturity. As a result of the termination of the Original Acquisition, the Company will no longer be issuing the 30,000,000 shares associated with that transaction. The Restructured Agreement provides for a right of first refusal in the Company’s favour in respect of further transfers of shares of Kaspa Mining by the Vendors and a pre-emptive right in the Company’s favour in respect of future equity issuances by Kaspa Mining. The Company expects to make the payments with the proceeds from future equity and fundraising efforts. Completion of the Restructured Agreement is subject to customary conditions precedent and is targeted for January 30, 2024.

“This acquisition signifies Dynamite Blockchain’s commitment to driving the adoption and utility of Kaspa as a next generation blockchain ecosystem. In doing so, the Company intends to continue laying the groundwork for transformative applications and cutting-edge infrastructure that will redefine how decentralized systems operate in the real world”, concluded Mr. Sood.

On behalf of the Company,
‎
Akshay Sood,
Chief Executive Officer
Telephone: 236-259-0279

About Dynamite Blockchain Corp.

Dynamite Blockchain is a blockchain technology infrastructure company focused on building a diversified blockchain ecosystem focused on Kaspa.

Forward-Looking Statements

The information in this news release includes certain information and statements about management’s view of future events, expectations, plans, and prospects that constitute forward-looking statements. These statements are based upon assumptions that are subject to risks and uncertainties. Forward-looking statements in this news release include, without limitation, statements respecting: the Restructured Agreement and completion of the transactions contemplated therein; AI-driven KASPAMind software’s ability to enhance mining efficiency, optimize hardware performance and maximize rewards by adapting to Kaspa’s unique proof-of-work (PoW) architecture; further expansion of Kaspa Mining’s operation under the MSA; Kaspa being a truly scalable and sustainable digital asset for real-world applications; the further strengthening of Dynamite’s mining capabilities and the reinforcement of its position as a key player in shaping the future of blockchain technology; Dynamite’s commitment to driving the adoption and utility of Kaspa as a next generation blockchain ecosystem; and the Company’s intention to continue lay the groundwork for transformative applications and cutting-edge infrastructure that will redefine how decentralized systems operate in the real world. Although the Company believes that the expectations reflected in forward-looking statements are reasonable, it can give no assurances that the expectations of any forward-looking statement will prove to be correct. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements, or otherwise.

The CSE (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.

Footnotes:

1.Kaspa Homepage: https://kaspa.network/
2.Kaspa Technology Overview: https://kaspa.network/technology/

The MIL Network –

January 30, 2025

MIL-OSI USA: Wismettac Asian Foods Issues Allergy Alert on Undeclared Milk in Curvee Puffs Corn Puff Snack

Source: US Department of Health and Human Services – 3

Summary

Company Announcement Date:: January 28, 2025
FDA Publish Date:: January 28, 2025
Product Type:: Food & Beverages
Snack Food Item
Allergens
Reason for Announcement:: Recall Reason Description

Undeclared milk.
Company Name:: Wismettac Asian Foods, Inc.
Brand Name:: Brand Name(s)

Shirakiku
Product Description:: Product Description

Snack foods-Corn Puffs

Company Announcement

Wismettac Asian Foods, Inc., Santa Fe Springs, CA is expanding its January 17, 2025 recall of 2.46 oz packages of Shirakiku brand Curvee Puffs Corn Puff Snack Curry Flavor. The expansion now includes two additional flavors; Sea Salt & Umami Flavor and Corn Potage Flavor. The product contains the undeclared milk. People who have an allergy or severe sensitivity to milk run the risk of serious or life-threatening allergic reaction if they consume those products.

The product was distributed nationwide in AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, IA, IL, IN, KS, KY, LA, MA, MD, MI, MO, MS, NC, NE, NJ, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, WA, WI through retail stores, restaurants, online business. The product was also exported to Mexico and Peru.

The product is packaged in a 2.46 oz flexible bag. The UPC for the product is located on the back right side of the product package. This issue affected all lot codes or date codes.

The contamination was discovered after samples were collected from a store in Baltimore, Maryland and subsequent analysis by State of Maryland Department of Health Laboratories Administration revealed the presence of Listeria Monocytogenes in some 200g packages of Daily Veggies Enoki Mushroom form Korea. Remaining products in the warehouse had been destroyed.

Consumers who have purchased 200g packages of Daily Veggies Enoki Mushroom from October to November of 2024 are urged to destroy the products immediately or return them to the place of purchase for a full refund. Consumers with questions may contact the company at 718-808-1018.

Consumers who have purchased Dynacare Baby Powder (see products/lots below) should discontinue use immediately and return it for a full refund.

Item Number	Item Description	Packing Size	UPC Code
#78512	SNACK CURVEE PUFF CURRY SK	20/ 2.46 OZ	074410785123
#65155	SNACK CURVEE PUFFS SEA SALT & UMAMI SK	20/ 2.46 OZ	074410651558
#65156	SNACK CURVEE PUFFS CORN POTAGE SK	20/ 2.46 OZ	074410651565

No illnesses have been reported to date in connection with this issue.

The recall was initiated after discovering that the product contained an undeclared allergen (milk). The last distribution of the product in the marketplace was on January 10, 2025.

Consumers who have purchased the product are urged to return them to the place of purchase for a full refund.

Consumers with questions may contact the company at recall@wismettacusa.com.

Link to Initial Press Release

Company Contact Information

Product Photos

MIL OSI USA News –

January 30, 2025

MIL-OSI Europe: Joint Statement: Colombia-Sweden Bilateral Partnership

Source: Government of Sweden

At the invitation of Colombian Minister of Foreign Affairs Luis Gilberto Murillo, Swedish Minister for Foreign Affairs Maria Malmer Stenergard is making an official visit to Colombia on 28–29 February 2025.

“In a conversation I had with Ms Malmer Stenergard last November, we agreed to hold the first High-Level Dialogue between Colombia and Sweden during her visit to Colombia, thereby putting the Bilateral Partnership established by President of Colombia Gustavo Petro and the Prime Minister of Sweden in June 2024 into practice. During this meeting, we will identify this Partnership’s concrete benefits for our populations, and we will task our teams with implementing the lines of action to continue moving forward as partners,” said Mr Murillo.

In view of the above and in the framework of Ms Malmer Stenergard’s official visit, the first High-Level Dialogue between Colombia and Sweden is taking place at the San Carlos Palace, chaired by Colombia’s Acting Minister of Foreign Affairs Paola Vásquez and with more than 30 institutions from both countries present.

Sweden and Colombia are partners for peace. Colombia is grateful for Sweden’s invaluable support for its efforts for peace with a territorial emphasis. Both countries share the values of democracy and respect for human rights, and we reaffirm the importance of multilateralism, international cooperation, respect for international law and support for the UN Charter.

For the implementation of the Colombia-Sweden Bilateral Partnership, a High-Level Dialogue was agreed between the two Governments, in accordance with the declaration signed during Colombian President Gustavo Petro’s visit to Sweden on 12–14 June 2024 and as part of the commemoration of the 150th anniversary of the establishment of diplomatic relations between the two countries.

This first High-Level Dialogue will result in a report on progress of the thematic working groups that form a part of the Agreement, namely: (i) cooperation for peace (with a territorial emphasis), human rights, human security and strengthening institutions; and (ii) economic opportunities, science, innovation and sustainable development.

The progress includes:

Sweden’s addition of USD 1 million to the agreement with UN Women to strengthen collaboration with the private sector for women’s economic empowerment and the implementation of the Action Plan on women, peace and security.
The addition of SEK 2 million to the ongoing agreement with the UN Office of the High Commissioner for Human Rights to promote its work in Colombia. With this addition, Sweden’s contribution totals SEK 49 million. These efforts emphasise the protection of leaders in conflict-affected areas, the Ethnic Chapter’s accompaniment of the peace agreement with the FARC, reconnaissance activities and responsibilities in the framework of the conflict, etc.
The addition of SEK 6 million to the regional agreement with the Nonprofit Enterprise and Self-Sustainability Team to identify, accompany and help accelerate the work of small businesses that can create green and sustainable jobs in the most vulnerable and conflict-affected areas in Colombia.
The launch of the ‘legacy’ project that was initiated at COP16 in Cali with a contribution of USD 5 million with the Colombian NGO Fondo Acción, to support the implementation of the Ministry of the Environment and Sustainable Development’s restoration plan in the Colombian Pacific region. This agreement also supports local Colombian organisations to ensure sustainability of protected areas through conservation and sustainable management of natural resources.
The funding of a study to produce and create a biogas value chain for the transport sector in Bogotá. Sweden has completed the first phase of the study with an investment of USD 700 000, and the second phase will begin during the first half of 2025, with a value of USD 800 000, making a total of USD 1.5 million. This project is financed by Swedfund.
An investment of more than USD 80 million by EQT, a Swedish investment organisation, and Zelestra, which will lead the development of the ‘Wimke’ solar photovoltaic project in San Juan del Cesar in the La Guajira department. ‘Wimke’ joins the ‘La Unión’ and ‘La Mata’ projects, with capacities of 100 MW and 80 MW respectively, strengthening Zelestra’s presence as a leader in the Colombian solar photovoltaic generation sector and its commitment to sustainability and energy transition.
The realisation of the Memorandum of Understanding on law enforcement cooperation between the Colombian Ministries of Defence and Justice and the Swedish Government.
In the area of sustainable mining, Colombia is part of the ‘MARS’ programme for responsible and sustainable mining, a form of cooperation between Sweden and the Latin America and Caribbean region to promote sustainable and responsible mining. USD 1.3 million is being allocated for a Colombian component of this programme.
The implementation of a sustainable transport model for the small-scale fishing supply chain in Guapi, in the Cauca department, by the National University of Colombia, the Royal Institute of Technology and Lund University.

Ms Malmer Stenergard was accompanied by a large business delegation, with the opportunity to discuss and develop the socio-ecological transition portfolio in Colombia and identify the many opportunities for Swedish investors.

Ms Malmer Stenergard is also visiting Chocó, joined by Vice-Minister for Women at the Colombian Ministry of Equality and Equity Tamara Ospina and others, which will be an opportunity to hold meetings with civil society organisations and the general public, as well as to reaffirm support to initiatives and projects to promote peace and gender equality with territorial impact.

Bogotá, 28 January 2025

MIL OSI Europe News –

January 30, 2025

MIL-OSI Europe: Federal Council initiates consultation on exchange of information under the OECD minimum tax

Source: Switzerland – Department of Finance

During its meeting on 29 January 2025, the Federal Council initiated the consultation on approving the basis under international law for the exchange of information under the OECD minimum tax. In the future, it should be possible for the multinational enterprise (MNE) groups concerned to submit the information centrally in a single jurisdiction. The implementing jurisdictions should also be able to check whether the tax calculations of MNE groups are correct. The consultation will run until 8 May 2025. This proposal does not address national implementation. The Federal Council is closely monitoring international developments.

MIL OSI Europe News –

January 30, 2025

MIL-OSI Europe: Federal Council to remove EU from stock exchange protection list as of 1 May 2025

Source: Switzerland – Department of Finance

During its meeting on 29 January 2025, the Federal Council decided to remove the European Union (EU) from the list of jurisdictions affected by the measure to protect the Swiss stock exchange infrastructure (protective measure) with effect from 1 May 2025. The Federal Council had activated the protective measure in 2019 to temporarily protect the Swiss stock exchange infrastructure in response to the non-recognition by the EU of the equivalence of Switzerland’s stock exchange regulations. As the EU has since revised the corresponding legal basis, the Swiss protective measure with respect to the EU is now no longer necessary and is to be deactivated for the benefit of Swiss companies. Switzerland will continue to seek recognition of equivalence and improved market access for financial service providers in the regulatory dialogue with the EU concerning the financial sector.

MIL OSI Europe News –

January 30, 2025

MIL-OSI: The New Force in Platform Tokens: How WXT Succeeds Like BNB?

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Jan. 29, 2025 (GLOBE NEWSWIRE) — In recent years, the cryptocurrency market has experienced dramatic changes, with platform tokens stepping into the spotlight to become core pillars of exchange ecosystems. Evolving from simple transaction fee discount tools to drivers of ecosystem innovation, platform tokens are unlocking new potential. WXT, the native token of the WEEX exchange, is steadily following the successful trajectory of BNB, garnering widespread attention with its innovative mechanisms and ecosystem integration.

From the Shadows to the Spotlight: The Breakthrough of Platform Token Value

The evolution of platform tokens has been remarkable. Initially serving as tools for fee discounts, they have expanded into diverse use cases such as DeFi mining, staking rewards, project governance, NFT trading, and cross-chain payments. This evolution has transformed platform tokens into vital connectors of users, technology, and capital.

BNB: A Benchmark for Platform Tokens

Launched in 2017 as Binance’s native token, BNB rapidly built a loyal user base through fee discounts, airdrop rewards, and a strategic buyback-and-burn mechanism. The 2019 launch of Binance Smart Chain (BSC) further amplified BNB’s utility, extending its applications to DeFi, NFT ecosystems, and smart contract development.

By 2024, BNB’s market capitalization soared from $32.7 billion in 2023 to $110 billion, with its price rising from $200 to $793. This trajectory illustrates how platform tokens can achieve exponential growth through ecosystem expansion and innovative strategies.

BGB: A Rising Star Among Secondary Tokens

BGB capitalized on Bitget’s aggressive market expansion, surging from $1.5 at the beginning of 2024 to $8 by year’s end—a remarkable 400% growth. BGB’s success demonstrates that secondary platform tokens with innovative features and precise positioning can achieve explosive results, even in markets dominated by major exchanges.

WXT: The Emerging Star Following BNB

WXT, the native token of WEEX, has drawn inspiration from the successes of BNB and BGB. With a strong foundation in innovation and ecosystem growth, WXT has risen from $0.01 at its August 2023 launch to $0.0339—a cumulative 384% increase—making it a standout in the market.

What’s Driving WXT’s Rapid Growth?

1）Comprehensive Ecosystem Empowerment

As a top 10 global derivatives exchange, WEEX boasts over 5 million registered users and achieved stable profitability as early as the 2022 “crypto winter.” Its monthly trading volumes have consistently doubled, supported by over 1,500 trading pairs and industry-leading liquidity.

WXT plays a critical role in this ecosystem, offering transaction fee discounts (30% for spot trading, up to 20% for derivatives), staking rewards, cross-chain payments, and NFT trading opportunities.

2）Innovative Burn Mechanism Fuels Market Optimism

Starting in 2025, WEEX plans to implement quarterly buybacks and burns for WXT, with an initial burn of 4 billion tokens—40% of the total supply, valued at approximately $120 million. This strategy reduces circulating supply, increases scarcity, and strengthens price support, boosting long-term value expectations.

3）Global Reach and Rapid Growth

Operating in over 206 countries and regions with a daily trading volume exceeding $2 billion, WEEX provides strong liquidity and a seamless trading experience, further enhancing WXT’s growth potential.

A Window of Opportunity Amid Market Shifts

Data from 0xScope reveals that Binance’s market share fell from 51.2% in 2023 to 41.68% in 2024. Meanwhile, secondary exchanges like Bitget, Gate.io, Bybit, and WEEX have risen rapidly, with their platform tokens delivering exceptional returns:

BGB: Climbed from $1.5 to $8.
OKB: Market capitalization increased from $2.5 billion to $4.3 billion.

Compared to mature tokens like BNB, emerging tokens like WXT offer a more attractive investment opportunity due to their low valuations and high growth potential.

The Road Ahead: Multi-Driver Growth for WXT

Ecosystem Expansion and Global Compliance

WEEX has secured multiple compliance licenses and is actively pursuing approvals in regions like Australia and Malta. As regulatory frameworks develop globally, demand and value for WXT are expected to grow steadily.

Brand Development and Community Trust

In November 2024, WEEX announced football legend Michael Owen as its global brand ambassador. Additionally, collaborations with over 1,000 KOLs and global communities are elevating WEEX’s international brand profile and user trust.

Engaging Platform Activities

WEEX regularly hosts trading competitions, airdrops, and daily lotteries, offering generous rewards like token airdrops and luxury prizes. These initiatives ensure fair and inclusive participation, boosting user engagement and loyalty.

Low Valuation, High Growth Potential

As WEEX’s influence grows, WXT remains at an early stage with significant room for appreciation. The robust burn mechanism, targeting a reduction in total supply to 1 billion tokens, further enhances scarcity and long-term value, unlocking more growth potential for investors.

WXT: An Investment Opportunity with Long-Term Potential

Just as BNB leveraged ecosystem expansion to solidify its value and BGB achieved explosive growth through precise positioning, WXT is poised to unlock immense growth through its burn mechanism and comprehensive ecosystem strategy. Currently undervalued, WXT offers an ideal entry point for investors looking to capitalize on its high growth potential.

For investors, this is the perfect time to explore and invest in WXT. Still in its early stages, WXT is poised for exponential growth, with its potential and market position significantly underestimated. By acting early, investors could position themselves as the “biggest winners” of the 2025 crypto market, reaping substantial returns.

About WEEX
Official Website: https://www.weex.com

Contact:
Joyce
joyce@weexglobal.com

Disclaimer: This content is provided by WEEX. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/13bde475-43a9-4782-8eca-ffcb1bf62e42

https://www.globenewswire.com/NewsRoom/AttachmentNg/6a269fe9-63af-40c9-9b2d-5aab866284f7

https://www.globenewswire.com/NewsRoom/AttachmentNg/88319190-e5a4-45e3-a6af-7b3a4fab556e

The MIL Network –

January 29, 2025

MIL-OSI Russia: Verkhnechonskneftegaz expands social infrastructure at Severo-Danilovskoye field

Translartion. Region: Russians Fedetion –

Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

Verkhnechonskneftegaz (part of the Rosneft oil production complex) has commissioned a 100-bed dormitory for shift personnel at the Severo-Danilovskoye oil and gas condensate field.

The company pays special attention to the organization of comfortable life for shift workers. The new three-story building has comfortable living rooms equipped with furniture and household appliances. Each floor has lounges for rest and rooms for meals. The hostel has a laundry room with modern washing and drying machines, an ironing room, and a room for storing personal protective equipment. Modern materials and equipment were used in the construction of the building.

Following the principles of social responsibility of Rosneft, Verkhnechonskneftegaz systematically improves the social and living conditions of its employees. Earlier, a canteen was put into operation at the field, the modern equipment of which provides a full cycle of hot food preparation, vending coffee machines were installed.

At the Verkhnechonskoye oil and gas condensate field, the basic production facility of the Danilovsky cluster, there are seven well-appointed dormitories for almost 900 people, and two more are being built. The shift worker residential village has all the necessary infrastructure: a modern health center, several canteens, a sports and fitness complex, a hairdresser, a sewing shop, a laundry shop, comfortable heated waiting areas for shift workers’ transport.

Reference:

JSC Verkhnechonskneftegaz, a subsidiary of NK Rosneft, is developing the Verkhnechonskoye oil and gas condensate field, one of the largest in Eastern Siberia, and is the operator of works at Rosneft’s licensed areas in the Irkutsk Region and Krasnoyarsk Krai. In addition to the Severo-Danilovskoye field, Rosneft’s Danilovsky cluster also includes the N.N. Lisovsky field, the Yuzhno-Danilovskoye field, and the Verkhneicherskoye field.

Department of Information and Advertising of PJSC NK Rosneft January 29, 2025

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.

MIL OSI Russia News –

January 29, 2025

MIL-OSI China: Trade-in program boosts China’s Spring Festival shopping season

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

BEIJING, Jan. 29 — China’s consumer goods trade-in program remained highly popular at the start of the year, especially during the Spring Festival shopping season.

The Ministry of Commerce (MOC) reported receiving subsidy applications for 10.79 million electronic devices over a four-day period starting Jan. 20, following the inclusion of mobile phones, tablets and smartwatches in the trade-in subsidy program, marking a significant expansion of the initiative launched in March last year.

Moreover, automobile and home appliance trade-ins had reached 34,000 and 1.04 million units, respectively, as of Jan. 23, according to the ministry.

The Spring Festival, or the Chinese Lunar New Year, is the most important holiday in China and an occasion for family reunions, and it falls on Jan. 29 this year.

The strong participation in the trade-in program boosted consumer sentiment in the holiday market. According to Sheng Qiuping, vice commerce minister, the program, along with a series of shopping promotion events, will help meet the growing demand for Spring Festival shopping.

Since last year, “trade-in” has become a buzzword in China’s consumer market, driving steady retail sales growth and boosting consumer sentiment.

In 2024, more than 6.8 million vehicles, including gasoline-powered and electric cars, were traded in, while over 56 million home appliances, such as refrigerators, washing machines and computers, were sold under the program. Additionally, the sales of electric bicycles surpassed 1.38 million units.

The total sales value of eligible products under the program topped 1.3 trillion yuan (about 180 billion U.S. dollars) last year, highlighting strong market vitality and immense potential. Notably, purchases of smart and eco-friendly products surged, particularly new energy vehicles (NEVs) and energy-efficient appliances.

The trade-in program has revitalized consumption momentum, promoted a more sustainable economy, and enhanced the quality of life for consumers, according to MOC official Li Gang.

In recent years, consumer spending has become an increasingly important economic driver. In 2024, final consumption expenditure accounted for 44.5 percent of economic growth, boosting GDP by 2.2 percentage points. Consumption now plays a more pivotal role than investment or exports in shaping the economic landscape.

New consumer trends in China have gained significant momentum, including a resurgence in tourism and rapid growth in digital entertainment, online education, and live-streaming e-commerce. Green products, such as energy-efficient appliances and NEVs, have also emerged as new growth areas.

In 2025, supporting consumption will remain a top priority for the government.

At the Central Economic Work Conference in December 2024, China’s policymakers, while mapping out economic work for 2025, highlighted the need to vigorously boost consumption and expand domestic demand on all fronts.

As part of its ongoing efforts to boost consumption, China has expanded the trade-in program. In addition to including smartphones, tablets and smartwatches, the government has increased the number of eligible home appliance categories from eight to 12 and added a wider range of passenger vehicles to the program. Approximately 81 billion yuan has been allocated for the first round of funding for the program this year.

Sheng noted that the government will ensure subsidies are delivered to consumers quickly and conveniently.

Local authorities are actively rolling out measures for the trade-in program. For instance, Shandong has launched 10 special initiatives for vehicle and appliance trade-ins, while Jiangsu is offering subsidies for smartphones, tablets and Bluetooth headsets. In Guizhou, an online platform has been set up to streamline the process of applying for subsidies.

Experts predict that with such supportive measures in place, consumer spending will continue to grow steadily this year, while the Chinese economy demonstrates strong resilience, underpinned by solid fundamentals and enormous potential.

MIL OSI China News –

January 29, 2025

MIL-OSI: Gamma Delta T Cell Cancer Therapy Clinical Trials Overview

Source: GlobeNewswire (MIL-OSI)

Delhi, Jan. 29, 2025 (GLOBE NEWSWIRE) — Global Gamma Delta T Cell Cancer Therapy Market Opportunity and Clinical Trials Insight 2030 Report Conclusions:

Number Of Gamma Delta T Cell Therapies In Trials: > 30 Therapies
US & China Dominating Clinical Trials Landscape: > 20 Therapies
Global Gamma Delta T Cell Therapy Clinical Trials Insight By Company, Country, Indication and Phase
Gamma Delta T Cell Therapy Future Market Opportunity By Different Cancers
Insight On Clinical Platforms for Evolving Gamma Delta T Cell Therapy: > 10 Platforms By Companies
Ongoing Clinical Research and Development Trends By Different Cancers
Insight On 12 Companies Developing Gamma Delta T Cell Therapies

Download Report: https://www.kuickresearch.com/report-gamma-delta-t-cell-therapy-market

The global gamma delta T cell (gamma delta T cell) therapy market is currently in its early stages, with no therapies approved as of January 2025. However, the growing recognition of the unique properties of gamma delta T cells, particularly their ability to recognize a broad range of antigens in an MHC-independent manner, has sparked considerable interest among researchers and pharmaceutical companies. This has led to the development of a robust pipeline of gamma delta T cell-based therapies, with several candidates in preclinical and clinical trials, signaling potential breakthroughs in the treatment of various cancers and other diseases.

Gamma delta T cells are a distinct subset of T cells that possess the ability to target and destroy tumor cells, similar to traditional alpha-beta T cells, but with several key advantages. Unlike conventional T cells, gamma delta T cells can recognize tumor-associated antigens without the need for antigen presentation by MHC molecules, reducing the tumor’s ability to escape immune surveillance. They also have both innate and adaptive immune properties, allowing them to respond quickly to infection or malignancy. These characteristics make them an attractive target for immunotherapy, particularly in cancers where conventional therapies may be less effective.

The initial focus of gamma delta T cell therapy development has been on cancer treatment, particularly hematologic cancers such as leukemia and acute myeloid leukemia (AML), where the therapies have shown promising preclinical results. Companies like TC Biopharm are at the forefront, with their lead candidate, TCB-002 (OmnImmune), currently advancing through phase 2/3 trials for AML. OmnImmune aims to treat patients who have not responded well to first-line therapies, with the potential to delay or prevent the need for bone marrow transplants. Other companies, such as Lava Therapeutics and In8Bio, are also developing gamma delta T cell-based therapies, focusing on a variety of solid and hematological tumors.

Despite the progress, the global market remains at a nascent stage with no commercialized gamma delta T cell therapies. The competition in the field is intensifying, particularly with the dominance of CAR T-cell therapies and bispecific antibodies in the immuno-oncology space. Nonetheless, gamma delta T cells offer distinct advantages, including their ability to target a wide range of antigens and their potential to overcome tumor evasion mechanisms that limit the efficacy of existing treatments. This has fueled the entry of several pharmaceutical players into the field, driving research and development.

In addition to cancer, researchers are exploring the potential of gamma delta T cell therapies in other diseases, including autoimmune disorders, inflammatory diseases, and infections. Companies like ImCheck Therapeutics are investigating monoclonal antibodies that stimulate gamma delta T cell production for non-oncological indications. The versatility of gamma delta T cells in responding to a range of diseases is expected to further expand the market beyond cancer therapies in the future.

While the market is still emerging, the rapid development of gamma delta T cell therapies, coupled with increasing industry interest and clinical collaborations, indicates that significant growth is on the horizon. As the therapies move closer to commercialization and gain regulatory approvals, the market is expected to expand rapidly. The increasing prevalence of cancers and the demand for innovative therapies will further drive the adoption of gamma delta T cell-based immunotherapies, positioning them as a cornerstone of future cancer treatment regimens.

The MIL Network –

January 29, 2025

MIL-OSI Economics: Private Placement of Non-Convertible Debentures (NCDs) with maturity period of more than one year by HFCs – Review of guidelines

Source: Reserve Bank of India

RBI/2024-25/107
DOR.FIN.REC.No.58/03.10.136/2024-25

January 29, 2025

All Housing Finance Companies (HFCs)

Dear Sir/ Madam,

Private Placement of Non-Convertible Debentures (NCDs) with maturity period of more than one year by HFCs – Review of guidelines

Please refer to Chapter XI of Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 wherein guidelines on private placement of NCDs by HFCs have been prescribed.

2. On a review, it has been decided that the Guidelines on Private Placement of NCDs (with maturity more than one year) by NBFCs, as contained in para 58 of the Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (as amended from time to time) shall be applicable, mutatis-mutandis, to HFCs. Accordingly, the existing guidelines under Chapter XI of Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 stand repealed. The revised guidelines shall be applicable to all fresh private placements of NCDs (with maturity more than one year) by HFCs from the date of this circular.

3. The Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 is being modified as detailed in Annex.

Yours faithfully,

(J.P. Sharma)
Chief General Manager

Annex to circular no.DOR.FIN.REC.No.58/03.10.136/2024-25 dated January 29, 2025

Annex

New paragraph

56A. The instructions regarding “Raising Money through Private Placement by NBFCs” as contained in para 58 of the Master Direction – Reserve Bank of India (Non-Banking Financial Company – Scale Based Regulation) Directions, 2023 (as amended from time to time) shall be applicable, mutatis-mutandis, to HFCs.

Deleted Paragraphs

Paragraphs 57 to 68A under Chapter XI of Master Direction – Non-Banking Financial Company – Housing Finance Company (Reserve Bank) Directions, 2021 stand deleted.

MIL OSI Economics –

January 29, 2025

MIL-OSI Economics: Threat predictions for industrial enterprises 2025

Source: Securelist – Kaspersky

Headline: Threat predictions for industrial enterprises 2025

Key global cyberthreat landscape development drivers

Hunt for innovations

Innovations are changing our lives. Today, the world is on the threshold of another technical revolution. Access to new technologies is a ticket to the future, a guarantee of economic prosperity and political sovereignty. Therefore, many countries are looking for their way into the new technological order, investing in promising research and development in a variety of areas: AI and machine learning, quantum computing, optical electronics, new materials, energy sources and types of engines, satellites and telecommunications, genetics, biotechnology and medicine.

In terms of cybersecurity, growing interest in innovation means APTs are focusing on institutions and enterprises involved in new tech research and development. As the demand for the technical know-how grows, elite cybercriminal groups – such as top ransomware gangs and hacktivists – are also joining the game, hunting for the leading innovative enterprises’ trade secrets.

Industrial enterprises should keep in mind that this information might be even easier to access and exfiltrate from the shop floor than from within research lab and office network perimeters. The supply chain and network of trusted partners are also very logical potential targets.

Intentionally created barriers and sanction wars

Increasing geopolitical turbulence, sanction wars, and the artificial restriction of access to efficient technology is boosting the drive to violate the intellectual property rights of leading enterprises. This may lead to the following security risks.

OT technology developers and suppliers are facing the problem that existing mechanisms built into their products may no longer be effectively safeguarding their intellectual property.
Сracks, third-party patches, and various other ways to bypass license restrictions, come at the price of increased cybersecurity risks right inside OT perimeter.
In addition to stealing documentation related to cutting-edge technological developments, attackers will continue to hunt for technical know-how – for example, collecting 3D/physical models and CAD/CAM designs as we saw in the attacks by Librarian Ghouls.
PLC programs, SCADA projects, and other sources of technological process information stored in OT assets may also become another target for malicious actors.

New technologies mean new cyber risks

When trying something completely new, one should always expect some unexpected consequences in addition to the promised benefits. Today, many industrial enterprises are keeping up with organizations in other sectors (for example, financial or retail) in the implementation of IT innovations, such as augmented reality and quantum computing. As in many other fields, the biggest boost in efficiency is expected from the widespread use of machine learning and AI systems, including their direct application in production – when tweaking and adjusting technological process control. Already today, the use of such systems at certain facilities, such as non-ferrous metallurgy, can increase final product output by an estimated billion dollars per year. Once an enterprise experiences such an increase in efficiency, there’s no going back – such a system will become an essential production asset. This may affect the industrial threat landscape in several ways:

The improper use of AI technologies in the IT and operational processes of industrial enterprises may lead to the unintended disclosure of confidential information (for example, by being entered into a model training dataset) and to new security threats. The seriousness and likelihood of some of these threats is currently hard to assess.
Both the AI systems and the unique enterprise data they use (either in its raw form – historical telemetry data – used as a training dataset, or as neural network weights incorporated into the AI model), if they become crucial assets, may now be new cyberattack targets. For example, if the systems or data get locked by the bad guys, they may be impossible to restore. Additionally, attacking these systems may not pose risks to the safety of the victim facility, unlike for traditional OT systems, meaning malicious actors may be more inclined to go for the attack.
Attackers also do not ignore technical progress; their use of AI at various stages of the killchain (for malicious tools development and social engineering, such as text generation for phishing emails) reduces costs, thereby accelerating the development of cyberthreats. This tendency will certainly evolve in 2025.

Time-tested technologies mean new cyber risks

Just because a system has not been attacked, it doesn’t necessarily mean that it is well protected. It could be that attackers have simply not reached it yet – perhaps because they already had simpler, more reliable and automated ways to perform attacks, or maybe you’ve just been lucky.

The expression “if it ain’t broke, don’t fix it” takes on a special meaning in OT infrastructures. Sometimes systems have been running for years or even decades without any modifications, even without installing critical security patches or changing insecure configurations, such as unnecessary network services, debug interfaces and weak passwords. Sometimes systems are still running in the exact same state as when they were put into operation.

Things get even more complicated when you take into account the poor quality of information about OT product vulnerabilities available from the developers or public sources. Fortunately, malicious actors still very rarely attack industrial assets and industrial automation systems.

Moreover, in addition to unprotected industrial automation systems such as PLCs and SCADA servers, which are in fact very difficult to keep cybersecure, there are many other types of devices and even entire infrastructures that are somehow connected to the technological network. The security of these systems is often unjustifiably overlooked:

Telecom equipment. Its security is usually considered either the responsibility of the telecom operator or thought to be unnecessary for some reason. For example, mobile base stations and technological networks of mobile operators are believed to be already sufficiently protected from cyberattacks, which is why “no one attacks them”. For some reason, this problem is largely ignored by security researchers as well: while the security of endpoints and their key components, such as modems, is thoroughly studied, there are extremely few in-depth publications on the security of base stations or core network equipment. However, the equipment can obviously be compromised, at least from the operator’s side, for example, during maintenance. After all, telecom operators themselves are far from being immune to cyberattacks, as the story of the Blackwood attacks using the NSPX30 implant shows us. Thus, the following must be kept in mind:
- At the very least, the threat model of industrial enterprises must include “man-in-the-middle” attacks on telecom equipment and the infrastructure of telecom operators.
- Given how rapidly all kinds of smart remote monitoring and control systems are being implemented – primarily in mining and logistics, but also in other sectors and types of facilities – the priority of securing telecom-related infrastructures will only increase correspondingly. For example, to guarantee the safety of robotized infrastructures and the use of automated transport at facilities, we’re seeing the introduction of wireless communication. Industrial enterprises should clearly invest in telecom security in order to avoid cyberincidents, perhaps as early as this year.
The security of smart sensors, meters, measuring and control devices, and other devices in the Industrial Internet of Things is typically neglected by both the enterprises using them and, correspondingly, the developers themselves. However, as the history of FrostyGoop shows, these devices may also become attack targets.
The connection points of small remote industrial infrastructure facilities typically use inexpensive network equipment, sometimes not even designed for industrial use (for example, SOHO devices). Their cybersecurity can be extremely difficult to keep in good condition, both due to architectural limitations and the complexity of centralized maintenance. At the same time, such devices can be manipulated not only to distribute general-purpose malware or host botnet agents (as in the case of Flax Typhoon/Raptor Train), but also as an entry point into the IT or OT network.
The Windows OS family has been the most popular platform for workstations and automation system servers for decades. However, in recent years, many industrial enterprises have been increasingly installing Linux-based systems in their OT circuits, for various reasons. One of the decisive arguments in favor of choosing Linux is often the belief that such systems are more resistant to cyberattacks. On the one hand, there is indeed less malware that can run on this OS, and the probability of accidental infection is lower than for Windows OS. On the other hand, protecting Linux systems against a targeted attack is just as difficult, and in some cases even more so. The fact is that:
- Developers of security solutions for Linux have to catch up with solutions protecting Windows infrastructure. For a long time, many functions were not in demand by customers and, therefore, were not implemented. At the same time, implementing new functionality is more expensive because it is necessary to support multiple OS strains developing in parallel, and the integration of security solutions is not a priority for kernel developers. There are two downstream consequences of this: first, a lack of effective standard integration mechanisms, and second, updating the kernel can easily “break” compatibility – and a simple module rebuild may not be enough.
- On the industrial enterprise side, there are clearly not enough information security specialists who are also Linux experts, so both secure device configuration and monitoring and incident detection may not be that effective.
- Both Linux OT solutions themselves and their developers often demonstrate insufficient information security maturity and can be an easy target for attackers, as was revealed, for example, during the investigation of a series of Sandworm attacks on Ukrainian critical infrastructure facilities.

Wrong vendor choice means big trouble

Insufficient investment of product developers or technology providers in their own information security guarantees that their customers will experience incidents. This problem is especially relevant for providers of niche products and services. An illustrative case is the attack on CDK Global, which led to direct losses of its customers exceeding a total of one billion dollars.

The situation for industrial enterprises is complicated by a number of factors. Key among these are:

Extremely long technology supply chains. Equipment, including automation systems for key production assets, is very complex. An enterprise’s industrial equipment fleet may include both all the main components typical of IT systems and many components created as a result of cooperation between multiple manufacturers of industry-specific technologies. Many of these may be relatively small developers of niche solutions without the necessary resources to satisfactorily ensure their own security and that of their products. Moreover, the installation, initial setup, and regular maintenance of equipment requires the involvement of various third-party specialists, further expanding the attack surface of the supply chain and trusted partners.
Almost every large industrial organization is its own vendor. The specifics of the particular industry and enterprise require significant modification of ready-made solutions, as well as the development of new automation solutions tailored for the organization. Often, these developments are carried out either within the organization itself or by subsidiaries or related companies. All of this multiplies almost all of the risk factors described above: such developments are rarely carried out with a high level of security maturity, resulting in solutions full of basic vulnerabilities that even mediocre attackers can exploit. Obviously, these security issues are already being used in cyberattacks and will continue to be.

Security by obscurity doesn’t work anymore for OT infrastructures

The availability of so many tools for working with industrial equipment (just count the number of libraries and utilities implementing industrial network protocols posted on GitHub) makes developing and implementing an attack on an industrial enterprise’s main production assets significantly easier than just a few years ago. In addition, industrial enterprises themselves continue to evolve – over the past few years, we’ve seen big efforts to not only automate production, but also to inventory and document systems and processes. Now, to impact an industrial facility on the cyber-physical level, attackers no longer need to carefully study textbooks on the particular type of protective systems (such as SIS or circuit/relay protection) basics and to involve external experts in the particular industry. All the necessary information is now available in convenient digital form in the organization’s administrative and technological network. We have seen cases of attackers telling journalists that after they entered the victims’ network perimeter they studied internal facility’s safety-related documentation for a long time before choosing which OT systems to attack, in order to avoid putting employee’s lives at risk or polluting the environment as a result of the attack.

MIL OSI Economics –

January 29, 2025

MIL-OSI Africa: Africa Energy Summit, leaders commit to energy transformation with more than $50billion backing from global partners

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

DAR ES SALAAM, Tanzania, January 29, 2025/APO Group/ —

Thirty African Heads of State and government today committed to concrete reforms and actions to expand access to reliable, affordable, and sustainable electricity to power economic growth, improve quality of life, and drive job creation across the continent. The leaders pledged their commitment in a declaration during the two-day Mission 300 Africa Energy Summit in the Tanzanian commercial capital, Dar es Salaam. Mission 300 partners pledged more than $50 billion in support of increasing energy access across Africa.

The Dar es Salaam Energy Declaration represents a key milestone in addressing the energy gap in Africa, where more than 600 million people currently live without electricity. The commitments in the Declaration are a critical piece of the Mission 300 initiative, which unites governments, development banks, partners, philanthropies, and the private sector to connect 300 million Africans to electricity by 2030. The Declaration will now be submitted to the African Union Summit in February for adoption.

By addressing the fundamental challenge of energy access, Mission 300 serves as the cornerstone of the jobs agenda for Africa’s growing youth population and the foundation for future development.

Twelve countries—Chad, Côte d’Ivoire, Democratic Republic of Congo, Liberia, Madagascar, Malawi, Mauritania, Niger, Nigeria, Senegal, Tanzania, and Zambia—presented detailed National Energy Compacts that set targets to scale up electricity access, increase the use of renewable energy and attract additional private capital. These country-specific plans are time-bound, rooted in data, endorsed at the highest level and focus on affordable power generation, expanding connections, and regional integration. They aim to boost utility efficiency, attract private investment, and expand clean cooking solutions. Deploying satellite and electronic mapping technologies, these compacts identify the most cost-effective solutions to bring electricity to underserved areas.

“Tanzania is honored to have hosted such a monumental summit to discuss how, as leaders, we will be able to deliver on our promise to our citizens to provide power and clean cooking solutions that will transform lives and economies,” said H.E. Dr. Samia Suluhu Hassan, President of the United Republic of Tanzania.

Implementing the National Energy Compacts will require political will, long-term vision and the full support from Mission 300 partners. Governments are paving the way through comprehensive reforms, complemented by increased concessional financing and strategic partnerships with philanthropies and development banks to catalyze increased private sector investment.

Dr. Akinwumi A. Adesina, President of the African Development Bank Group, emphasized the need for decisive action to accelerate electrification across the continent. “Critical reforms will be needed to expand the share of renewables, improve utility performance utilities, ensure transparency in licensing and power purchase agreements, and establish predictable tariff regimes that reflect production costs. Our collective effort is to support you, heads of state and government, in developing and implementing clear, country-led national energy compacts to deliver on your visions for electricity in your respective countries.”

“Access to electricity is a fundamental human right. Without it, countries and people cannot thrive,” said Ajay Banga, President of the World Bank Group. “Our mission to provide electricity to half of the 600 million people in Africa without access is a critical first step. To succeed, we must embrace a simple truth: no one can do it alone. Governments, businesses, philanthropies, and development banks each have a role—and only through collaboration can we achieve our goal.”

During the summit, partners announced a series of commitments:

African Development Bank Group and the World Bank Group plan to allocate $48 billion in financing for Mission 300 through 2030, which may evolve to fit implementation needs
Agence Francaise de Development (AFD): €1 billion to support energy access in Africa
Asian Infrastructure Investment Bank (AIIB): $1 billion to $1.5 billion to support Mission 300
Islamic Development Bank (IsDB) Group: $2.65 billion in support of Mission 300 and energy access in Africa from 2025-2030
OPEC Fund: An initial commitment of $1 billion in support of Mission 300 with additional financing to follow
World Bank Group and the African Development Bank Group: Launched Zafiri, an investment company that supports private sector-led solutions, such as renewable mini-grids and solar home systems. Zafiri anchor partners will invest up to $300 million in the first phase and mobilize up to $1 billion to address the persistent equity gap in Africa in these markets.

The firm commitments made by governments and partners at the summit demonstrate the unique power of the Mission 300 partnership. By combining government reforms, increased financing, and leveraging public-private partnerships, African countries are positioned to turn plans into action, delivering tangible benefits to millions of people.

The Mission 300 Africa Energy Summit was hosted by the United Republic of Tanzania, the African Union, the African Development Bank Group (AfDB), and the World Bank Group (WBG), with support from the Rockefeller Foundation, ESMAP, Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL) and the Sustainable Energy Fund for Africa.

MIL OSI Africa –

January 29, 2025

MIL-OSI United Kingdom: Manchester firm which targeted Germans with fake prepaid card scam is shut down

Source: United Kingdom – Executive Government & Departments

Advantia Card Limited was subject to a winding-up order following more than 190 complaints from members of the public in Germany

Advantia Card Ltd, registered in the UK, scammed customers in Germany using fake prepaid cards.
The company sent the cards to customers against their wishes then demanded payment through a debt collection agency.
Advantia was shut down at a winding-up hearing at London’s High Court.

A Manchester firm which sent out fake prepaid cards to people in Germany then demanded repayments has been shut down following an investigation by the Insolvency Service.

Advantia Card Ltd, which was registered at an address in Moston Lane Manchester, sent prepaid cards to people in Germany against their wishes – including a 12-year-old boy.

The company was subject to a winding-up order following more than 190 complaints from members of the public in Germany.

Investigations in the UK and Germany discovered the company issued fake prepaid cards and filed false accounts.

Some customers were subject to cold calls and received a prepaid card without their agreement, while others agreed to receive one after being told there would be no costs involved.

Advantia Card Ltd then employed a debt collection agency to make high-pressure calls to customers – in some cases demanding a 400 Euro payment for the provision of the prepaid card.

The company was shut down on 28 January 2025 after a hearing at the High Court in London.

Insolvency Service Chief Investigator Mark George said:

This was clearly a company with no intention of operating legitimately and with the sole intention of defrauding and distressing its customers.

Shutting down Advantia Card Ltd is a significant step in protecting the public – both here and in Germany – from suffering as a result of their fake prepaid cards.

The Insolvency Service collaborated with the Federation of German Consumer Organisations (FGCO) – the equivalent of Trading Standards in the UK – to investigate Advantia Card Ltd, after they received more than 190 complaints from members of the public in Germany.

One of the complaints included a 12-year-old boy who clicked a link for a prepaid card offer through an Instagram advert. No proof of age was taken, and he did not sign any contract.

It was also found that Advantia Card Ltd filed false or misleading accounts with Companies House, having declared the company dormant from April 2022 to April 2023 when the FGCO investigation showed the company was active from at least 2021 to 2023.

The company did not cooperate with the investigation, did not defend the winding up and was not represented at the hearing.

All enquiries concerning the affairs of the company should be made to the Official Receiver of the Public Interest Unit: 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ. Email: piu.or@insolvency.gov.uk.

Further information

On 28 January 2025, at the High Court in London, it was agreed that it was in the public interest to wind-up Advantia Card Ltd in the UK (section 124A of the Insolvency Act 1986).
Advantia Card Ltd is registered at Moston Lane, Manchester and incorporated in April 2021 (company number: 13334166).
The Insolvency Service can investigate complaints about corporate abuse by live companies. This may include serious misconduct, fraud, scams or dishonest practice in the way the company operates. Further information on our live investigations can be found here 
Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available here.

Published 29 January 2025

MIL OSI United Kingdom –

January 29, 2025

MIL-OSI: Targeted Alpha Therapy Clinical Trials Overview

Source: GlobeNewswire (MIL-OSI)

Delhi, Jan. 29, 2025 (GLOBE NEWSWIRE) — Global Targeted Alpha Therapy Market Size, Drugs Approval, Proprietary Technologies and Clinical Trials Insight 2028 Report Highlights:

Global Targeted Alpha Therapy Market Insight By Region
Approved Targeted Alpha Therapy Dosage and Pricing Insight
Number Of Targeted Alpha Therapy In Clinical Trials: > 20 Drugs
Targeted Alpha Therapy Clinical Trials Insight By Company, Country, Indication and Phase
Marketed Targeted Alpha Therapy Clinical Insight By Company, Country and Indication
Targeted Alpha Therapy Proprietary Technology Platform Insights By Company

Download: https://www.kuickresearch.com/report-targeted-alpha-therapy-market

Targeted alpha therapy (TAT) has emerged as a groundbreaking and effective treatment approach in the battle against cancer, utilizing the distinctive characteristics of alpha-emitting isotopes to provide highly localized radiation to tumor cells while reducing harm to adjacent healthy tissues. The short range of alpha particles enables the delivery of concentrated radiation directly to cancerous cells, even in cases where they exist in low quantities, rendering TAT especially beneficial for challenging cancers. The advancement and clinical implementation of TAT have gained considerable traction in recent years, supported by an expanding array of research that highlights its potential in both hematological and solid tumors.

A significant achievement in the commercialization of TAT was the FDA’s approval of Xofigo (radium Ra-223 dichloride) in 2013. Xofigo became the first targeted alpha-emitting radiopharmaceutical approved by the FDA, specifically for patients with advanced prostate cancer, particularly those with bone metastases. This approval represented a pivotal advancement for TAT, affirming its efficacy in treating certain cancer types and showcasing the practicality of employing alpha particles for targeted cancer therapy. The success of Xofigo has catalyzed further investigations into the use of TAT across various cancer types, including other solid tumors and hematological malignancies, which had previously received limited attention in this context.

In recent years, numerous targeted alpha therapies have been developed and are currently undergoing evaluation in clinical trials. Researchers are concentrating on specific tumor markers to enhance targeting, such as prostate-specific membrane antigen (PSMA) in prostate cancer and CD38 in multiple myeloma. For instance, Memorial Sloan Kettering Cancer Center has been leading the development of [225Ac]Ac-Macropa-PEG-Isatuximab, a CD38-targeted alpha therapy for multiple myeloma. In preclinical investigations, this therapy exhibited a notable capacity to significantly diminish tumor burden and postpone tumor progression, with optimal results attained through multiple cycles of reduced dosages. The therapy’s specificity was highlighted by the considerable toxicity associated with untargeted treatments, emphasizing the necessity of precise molecular targeting to achieve the best outcomes.

Beyond solid tumors, hematological malignancies such as chronic lymphocytic leukemia (CLL) and non-Hodgkin’s lymphoma are also under consideration for TAT treatment. Research on anti-CD37-targeted therapies, including 212Pb-NNV003, has yielded encouraging preclinical findings, demonstrating substantial anti-proliferative effects on cancer cells while inflicting minimal harm to healthy tissues. These results indicate that TAT may present a viable and effective therapeutic option for various hematological cancers, offering a targeted strategy for addressing malignancies that are typically challenging to treat with standard therapies.

From a commercial perspective, TAT has generated a thriving market for pharmaceutical companies and research institutions, attracting significant investments aimed at developing new alpha-emitting radiopharmaceuticals. Organizations such as Actinium Pharmaceuticals are conducting clinical trials, including the LIN-AC225-AML02 trial, which explores the combination of Actimab-A (lintuzumab-Ac225) and venetoclax for treating acute myeloid leukemia (AML). This trial assesses the safety and efficacy of the therapy, with promising preliminary results indicating that TAT could pave the way for new treatment options for relapsed or refractory cancers.

Although TAT remains in the early phases of clinical development, its potential to revolutionize cancer treatment is clear. The capability to deliver potent alpha radiation directly to tumor cells provides a level of precision unattainable with traditional radiation therapies. As research progresses, the utilization of targeted alpha therapy (TAT) is anticipated to broaden across various types of cancer, thereby offering patients more precise, effective, and individualized treatment alternatives. With continuous advancements in isotope production, molecular targeting, and imaging technologies, TAT is set to emerge as a significant contributor to the future of cancer treatment, providing renewed optimism for patients confronting some of the most difficult cancer diagnoses.

The MIL Network –

January 29, 2025

MIL-OSI Russia: Financial news: Cash volume increased by almost 230 billion rubles in a year

Translartion. Region: Russians Fedetion –

Source: Central Bank of Russia –

The volume of cash in circulation as of January 1, 2025 increased by 1.2% and amounted to 18.7 trillion rubles – this is the minimum increase in the last 9 years. This is evidenced by Bank of Russia data.

In 2024, demand for cash was stable with minor seasonal fluctuations. In the first quarter, cash returned to banks amid high deposit rates. In April and December, traditional pre-holiday surges in demand for cash were noticeable.

The share of small denomination banknotes in the structure of cash money supply has increased. This is due to the fact that the Bank of Russia has resumed printing 5 and 10 ruble notes, and modernized 100-ruble notes have also begun to enter circulation.

Preview photo: Dummy Origami / Shutterstock / Fotodom

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 = 23322

MIL OSI Russia News –

January 29, 2025

MIL-OSI Canada: Governments of Canada and Yukon announce funding to support private investment in Yukon businesses

Source: Government of Canada regional news

Governments of Canada and Yukon announce funding to support private investment in Yukon businesses

jlutz
January 28, 2025 – 10:34 am

This is a joint news release between the Government of Canada and the Government of Yukon.

Small- and medium-sized businesses are key drivers of innovation and opportunity in their communities. Access to private investment allows them to expand, diversify and strengthen local economies, creating dynamic economic networks.

Yesterday, the Yukon’s Premier and Minister of Economic Development Ranj Pillai and Member of Parliament for the Yukon Brendan Hanley, on behalf of Minister of Crown-Indigenous Relations and Northern Affairs and Minister responsible for the Canadian Northern Economic Development Agency Gary Anandasangaree, announced a joint contribution of up to $558,800 over three years supporting the Yukon Venture Angels’ (YVA) Yukon Private Capital Ecosystem Development Project.

This funding will help YVA build a Yukon angel investor ecosystem to provide entrepreneurs across the territory with financial backing, mentorship, access to networks and strategic guidance. Through this project the non-profit organization will develop a strategic plan, create and deliver investor and founder training and build a fund management structure to facilitate private investments.

Supporting projects like this one aligns with CanNor’s priority to support small- and medium-sized businesses and create economic growth and innovation in northern and remote communities. This agreement also supports objectives outlined in the Government of Yukon’s innovation strategy. Enhancing investment opportunities helps create jobs, stimulate local industries and contributes to sustainable and diversified economic development in the territory.

Angel investors are vital to the growth and success of our local entrepreneurs and startups. Not only do they provide essential funding, they also create valuable mentorship opportunities and help Yukon innovators establish key partnerships in global markets. This funding agreement reflects our government’s strategic innovation goals of expanding market access for small- and medium-sized businesses while cultivating a diverse and collaborative investment ecosystem.

Premier and Minister of Economic Development Ranj Pillai

Entrepreneurs are a key part of our economy. By supporting the development of an angel investing ecosystem, our government is helping to ensure that they have access to the resources they need to turn innovative ideas into successful businesses. This investment will help create jobs, drive long-term economic prosperity and open new opportunities for talented Yukoners to bring their ideas to market.

Minister of Crown-Indigenous Relations and Northern Affairs, and Minister responsible for CanNor Gary Anandasangaree

The Yukon is home to a vibrant and growing community of entrepreneurs who are driving innovation and economic development in the region. With a high number of local businesses across diverse industries, the territory has become a hub for creativity and entrepreneurial spirit. We are proud to support these entrepreneurs who embody Yukon’s culture of innovation and provide them with the resources they need to succeed and grow.

Member of Parliament for the Yukon Dr. Brendan Hanley

Yukon Venture Angels is filling a critically important niche in Yukon’s economic ecosystem, working to unleash the private capital investment potential of Yukoners. Our mission is to establish Yukon as a competitive hub for angel investing and start-ups by facilitating investment opportunities and expanding private investment networks, while at the same time enhancing angel investor knowledge and competence. The outcome will be a more economically resilient and prosperous Yukon.

Yukon Venture Angels President Barrett Horne

Quick facts

CanNor is contributing $286,800 towards this project through its Regional Economic Growth through Innovation (REGI) Fund, which supports the economic growth of businesses and regions through innovation.
The Government of Yukon is contributing $272,000 over three years as a core project of the Innovation, Industry and Business Development Branch, in alignment with objectives outlined in the Yukon’s innovation strategy.
Yukon Venture Angels is creating opportunities for Yukon angels to invest, provide education programs to enhance their skills and build a thriving network of local investors. This network will foster collaboration, knowledge sharing and resource pooling, driving a significant increase in private capital investment in the Yukon.

Media contact

Jordan Owens
Cabinet Communications
867-332-0615
jordan.owens@yukon.ca

Jennifer Hackwell
Communications, Economic Development
867-332-1795
jennifer.hackwell@yukon.ca

Kyle Allen
Office of the Minister of Crown-Indigenous Relations, Northern Affairs and CanNor
kyle.allen@rcaanc-cirnac.gc.ca

Greg Frame
Press Secretary, Office of the Minister of Crown-Indigenous Relations, Northern Affairs and CanNor
gregory.frame@rcaanc-cirnac.gc.ca

Leighann Chalykoff
Communications Advisor, Yukon Region, Canadian Northern Economic Development Agency (CanNor)
leighann.chalykoff@cannor.gc.ca

Ceara Crawford
CEO, Yukon Venture Angels
ceara@yukonventureangels.ca

News release #:

25-024

MIL OSI Canada News –

January 29, 2025

MIL-OSI Europe: Monetary developments in the euro area: December 2024

Source: European Central Bank

29 January 2025

Components of the broad monetary aggregate M3

The annual growth rate of the broad monetary aggregate M3 decreased to 3.5% in December 2024 from 3.8% in November, averaging 3.6% in the three months up to December. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, increased to 1.8% in December from 1.5% in November. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 4.5% in December from 6.1% in November. The annual growth rate of marketable instruments (M3-M2) decreased to 16.3% in December from 17.0% in November.

Chart 1

Monetary aggregates

(annual growth rates)

Data for monetary aggregates

Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed 1.1 percentage points (up from 1.0 percentage points in November), short-term deposits other than overnight deposits (M2-M1) contributed 1.3 percentage points (down from 1.8 percentage points) and marketable instruments (M3-M2) contributed 1.0 percentage points (as in the previous month).

Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households stood at 3.5% in December, unchanged from the previous month, while the annual growth rate of deposits placed by non-financial corporations increased to 2.9% in December from 2.3% in November. Finally, the annual growth rate of deposits placed by investment funds other than money market funds decreased to 7.4% in December from 7.9% in November.

Counterparts of the broad monetary aggregate M3

The annual growth rate of M3 in December 2024, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 3.6 percentage points (as in the previous month), claims on the private sector contributed 1.7 percentage points (up from 1.2 percentage points), claims on general government contributed -0.4 percentage points (down from -0.3 percentage points), longer-term liabilities contributed -1.8 percentage points (down from -1.6 percentage points), and the remaining counterparts of M3 contributed 0.5 percentage points (down from 0.9 percentage points).

Chart 2

Contribution of the M3 counterparts to the annual growth rate of M3

(percentage points)

Data for contribution of the M3 counterparts to the annual growth rate of M3

Claims on euro area residents

The annual growth rate of total claims on euro area residents increased to 0.9% in December 2024 from 0.7% in the previous month. The annual growth rate of claims on general government was -1.0% in December, compared with -0.7% in November, while the annual growth rate of claims on the private sector increased to 1.7% in December from 1.3% in November.

The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) increased to 2.0% in December from 1.5% in November. Among the borrowing sectors, the annual growth rate of adjusted loans to households increased to 1.1% in December from 0.9% in November, while the annual growth rate of adjusted loans to non-financial corporations increased to 1.5% in December from 1.0% in November.

Chart 3

Adjusted loans to the private sector

(annual growth rates)

Data for adjusted loans to the private sector

Notes:

Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
“Private sector” refers to euro area non-MFIs excluding general government.
Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

MIL OSI Europe News –

January 29, 2025

MIL-OSI Economics: Samsung Hosts Season 3 of #PlayGalaxy Cup with Galaxy S25 Series, India’s Top Gamers Join the Action

Source: Samsung

Samsung, India’s largest consumer electronics brand, is thrilled to announce the third edition of its ultimate gaming showdown: #PlayGalaxy Cup played on the new Galaxy S25 Ultra, a power-packed device designed to be a true AI companion. One of the biggest gaming events hosted in India, the #PlayGalaxy Cup reached over 300 Million users this year.

The #PlayGalaxy Cup was livestreamed on January 23, 2025 from 1:00 PM to 8:00 PM, on Samsung India’s YouTube channel and select Samsung exclusive stores across the country.

“Samsung has always been at the forefront of bringing powerful devices that can handle demanding gameplay and with the latest Galaxy S25 Ultra, we’ve taken the entire experience a notch higher. The Galaxy S25 Ultra, with its blazing-fast performance, immersive 6.9-inch display, and super smooth 120Hz refresh rate, is built for gamers who demand the very best. We’ve worked closely with Qualcomm engineers to deliver a customized Snapdragon® 8 Elite chip that ensures exceptional speed and prevents overheating, even during intense gaming sessions like these. With edition 3 of the #PlayGalaxy, we’ve also expanded our reach to 300 million users, up from 150 million users in the previous edition,” said Aditya Babbar, Vice President, MX Business, Samsung India.

The event witnessed a head-to-head participation of 12 teams, comprising 48 gamers, battling it out in Call of Duty Mobile for the coveted #PlayGalaxy Season 3.0 Cup. After an intense showdown across 4 matches, the team with the maximum points emerged victorious. The fierce and exhilarating competition culminated in “Pune AI Heroes” being crowned as the ultimate champions, taking home the glory and the title of Season 3.0 winners.
#PlayGalaxy Cup 3.0 also featured India’s top gaming talent, including Total Gaming, Techno Gamerz, Carry Minati, Gamerfleet, Mythpat, Triggered Insaan, Kaashvi, Desi Gamer, Sourav Joshi, SlayyPoint and SMR Gaming, Jonty Gaming, Gareeboooo, Tomboy from the Samsung #PlayGalaxy community.

List of winners:

Position
Team Name
Team Captain
Play Galaxy Tournament Winner
Pune AI Heros
Kaashvi
Play Galaxy 1st Runner Up
Jaipur AI Warriors
GamerFleet
Play Galaxy 2nd Runner Up
Delhi AI Legends
Techno Gamerz
Galaxy S25 series is powered by the Snapdragon® 8 Elite for Galaxy. With unique customizations by Galaxy, this is the most powerful processor ever on Galaxy S series, delivering a performance boost of 40% in NPU, 37% in CPU and 30% in GPU compared to previous generation. This power fuels the Galaxy S25 series’ ability to process more AI experiences on-device without compromise, including previous cloud-based AI tasks such as Generative Edit.

Samsung and Qualcomm Technologies worked together to customize the Snapdragon® 8 Elite for Galaxy. The Galaxy S25 series features advanced, efficient AI image processing with ProScaler11 to achieve a 40% improvement in display image scaling quality, while incorporating custom technology with Samsung’s mobile Digital Natural Image engine (mDNIe) embedded within the processor using Galaxy IP to enable greater display power efficiency.

Snapdragon® 8 Elite for Galaxy is also equipped with Vulkan Engine and improved Ray Tracing, which makes for smoother and more realistic mobile gaming. All intense device usage and AI processing run smoothly thanks to changed heat dissipation structure with 40% larger vapor chamber and a tailored thermal interface material (TIM) that delivers extra improvement in thermal efficiency.

MIL OSI Economics –

January 29, 2025

MIL-OSI Economics: Samsung Launches BESPOKE AI WindFree™ AC Range; Introduces 19 Models across Segments

Source: Samsung

Samsung, India’s largest consumer electronics brand today launched its 2025 lineup of BESPOKE AI WindFree Air conditioners, a fusion of cutting-edge AI technology and premium design. With a focus on intelligent cooling, energy efficiency, and connected living, the new range of 19 models cater to the evolving demands of Indian consumers. These air conditioners are thoughtfully engineered to deliver comfort, convenience, and innovation while tackling the challenges of India’s extreme summers.

This range harnesses AI-driven innovations to adapt seamlessly to varying climate conditions, ensuring consistent comfort and maximum efficiency. The WindFree Cooling technology eliminates direct drafts, dispersing air gently through 23,000 micro holes, while the AI Fast & Comfort Cooling feature rapidly cools the space and intelligently transitions to energy-efficient settings for sustained comfort. Designed with modern lifestyles in mind, the range incorporates SmartThings connectivity, offering advanced features such as Map View for remote monitoring and Quick Remote for effortless control.

Adding more convenience to the lives of the work from home generation, BESPOKE AI WindFree ACs also connect seamlessly with Samsung’s SmartThings app using Wi-Fi allowing you to change settings or switch it on/off using Bixby voice assistant, Alexa and Google Home. You can also optimize cooling with smart AI Auto Cooling and automatically cool the room even before you reach home with the geo-fencing based Welcome Cooling feature. Powered with the new ‘Good Sleep’ mode, these ACs promote pleasant sleep throughout the night by adjusting the temperature according to sleep stages.

“We are excited to redefine the home cooling experience, while addressing the unique challenges of Indian summers with the 2025 Bespoke AI WindFree air conditioners. These Air Conditioners are a testament to Samsung’s commitment to innovation that enhances everyday living. By blending AI-driven cooling and energy efficiency, smart connectivity, and lifestyle-enhancing features, this range brings powerful AI tech innovation for the Indian consumer.,” said Ghufran Alam, Senior Director, Digital Appliances, Samsung India.

Samsung has had a stellar year in the Indian air conditioner market, with robust sales and strong momentum heading into 2025. With the launch of its Bespoke AI WindFree lineup, the company is positioning itself to lead the AI-driven revolution in the AC sector. By integrating smart AI features that optimize energy use and enhance user experience, this new range is set to elevate Samsung’s presence in the market.

AI-Driven Cooling and Energy Efficiency
The Bespoke AI WindFree ACs leverage cutting-edge AI technology to redefine cooling efficiency. The AI Energy Mode intelligently adjusts the cooling settings to save up to 30% energy. This addresses the top key buying factor for consumers while buying an air conditioner – the demand for energy-efficient appliances without compromising on comfort.

The AI Fast & Comfort Cooling feature ensures instant relief by rapidly reducing room temperature with maximum fan speed. Once the desired temperature is achieved, the system intelligently switches to WindFree Mode to maintain consistent cooling, ensuring a comfortable environment for activities like sleeping or entertaining guests.

The AI Digital Inverter control ensures uninterrupted cooling even when outdoor temperatures reach a scorching 58°C, providing reliability during India’s extreme summers.

Unparalleled Smart Features with SmartThings Integration
The new lineup comes with Samsung’s SmartThings platform, redefining how users interact with air conditioners. Indian consumers, in a research showed high preference for convenient operations like simple remote control pop up function via a smart app.This AC comes with features like Quick Remote allow users to control their AC’s power, mode, temperature, and air volume from their smartphone. This eliminates the hassle of locating a physical remote and ensures convenience at one’s fingertips.

The Map View feature offers a virtual 3D representation of the home, making it easy to monitor and control the AC remotely. Consumers can check vital metrics like room temperature, air quality, and energy consumption, ensuring a connected, smarter living experience. Compatibility with Bixby, Alexa, and Google Assistant enables voice control, making the interaction seamless and intuitive.

Welcome Cooling further enhances convenience by automatically starting the AC as users near their home, providing a perfectly comfortable environment upon arrival.

Dedicated WindFree Good Sleep Feature for Unmatched Rest
The WindFree Good Sleep feature is specifically designed to optimize the bedroom climate during the night. By carefully regulating temperature and humidity, it prevents sudden fluctuations that could disturb sleep, ensuring a restful and uninterrupted slumber. This feature is perfect for Indian consumers seeking comfort and relaxation in their everyday lives.

Enhanced Comfort and Hygiene
Unlike conventional filters, the Copper Anti-bacterial Filter redefines convenience and efficiency in air conditioner maintenance. Positioned externally on the top, it allows for easy removal and cleaning without the need to open any covers or exert force. Crafted from dense mesh, it effectively captures dust, ensuring the Heat Exchanger remains clean and operates efficiently. Additionally, the copper-infused yarn in the filter reduces certain airborne bacteria by up to 99%*, contributing to a cleaner and healthier indoor environment.

Durability and Reliability
Built to last, the Bespoke AI WindFree ACs come with a 5-year comprehensive warranty and a 10-year warranty on the AI Inverter compressor. The inclusion of Durafin Ultra coating protects the heat exchanger from corrosion, ensuring long-term performance and durability.

Price and Availability
Priced at INR 32990/- onwards, the new range of Bespoke AI air conditioners are available across all leading retail outlets and online platforms, including Flipkart, Amazon, and Samsung.com. Air Conditioners – Split AC | Samsung India***

[1] Available for Room Air Conditioners, with Wi-Fi. Requires mobile phones above Galaxy S22, and wearable devices above Galaxy Watch7 series.
Must download SmartThings/Wearable/Samsung Health apps available on Android and iOS devices. A Wi-Fi connection and a Samsung account are required. Devices must be signed in with the same Samsung account.

MIL OSI Economics –

January 29, 2025

MIL-OSI Submissions: Energy – Equinor’s 2024 safety results

Source: Equinor

2024 was marked by the helicopter accident that occurred outside Bergen on 28 February, in which an Equinor employee lost her life.

“This was a tragic accident that has deeply affected us. It is crucial that we continue the work to continuously improve safety in our industry,” says Jannicke Nilsson, executive vice president for safety, security and sustainability.

Equinor’s 2024 safety results show an overall positive trend at the end of the year.

For the fourth quarter of 2024, the serious incident frequency per million hours worked (SIF) was 0.3, down from 0.4 at the end of 2023. Serious injuries are also included in the serious incident statistics.

“We see that the overall safety results are improving, the positive trend demonstrating that systematic efforts over time are paying off,” says Nilsson.

The injury trend has also improved. For 2024 the total recordable injury frequency per million hours worked (TRIF) is 2.3, down from 2.4 in 2023.

A total of seven oil and gas leaks have been registered in 2024, this is a decrease from ten at the end of 2023. Oil and gas leaks are classified according to the severity of the leak rate.

Interaction and learning

Through the “Always safe” annual wheel, Equinor is working with other operating companies and suppliers to increase the understanding of which factors can get in the way of safe work performance. The focus for the first quarter of this year is on the prevention of major accidents.

In 2024, we saw an increased use of the learning material within the “Always safe” initiative. Around 3800 teams completed the final learning package of the year, which focused on health and working environment. This corresponds to over 40,000 people, both employees and suppliers.

The learning packages are an important way of sharing learnings and insights across the industry.

“We strongly believe that long-term and systematic collaboration, dialogue and common goals with the suppliers will improve our safety efforts,” says Nilsson.

MIL OSI – Submitted News –

January 29, 2025

MIL-OSI Security: Nigerian who defrauded U.S. pandemic aid programs of more than $1 million sentenced to 54 months in prison

Source: United States Department of Justice (National Center for Disaster Fraud)

Defendant defrauded Americans for a decade with trove of over 14,000 stolen identities

Tacoma – The second of two Nigerian men residing in Canada who defrauded pandemic aid programs of millions was sentenced today in U.S. District Court in Tacoma to 54 months in prison for wire fraud and aggravated identity theft announced U.S. Attorney Tessa M. Gorman. Fatiu Ismaila Lawal, 46, was extradited from Canada last July, and pleaded guilty in September 2024. At today’s sentencing hearing U.S. District Judge Tiffany M. Cartwright said, the crime required substantial planning. “This took advantage of programs designed to help people who were really struggling in an international emergency,” Judge Cartwright said.

“This defendant made it his full-time job to defraud the U.S. for years before the pandemic, but he kicked it into high gear once critical aid to Americans workers was flowing,” said U.S. Attorney Gorman. “His fraud included using stolen identities of Washington residents to file dozens of unemployment claims in the first few weeks of the pandemic, contributing to the flood of fraudulent claims that caused the state to pause all unemployment payments. In this way his fraud harmed all Washingtonians who desperately needed assistance at the onset of the pandemic.”

According to records filed in the case, Lawal, and codefendant Sakiru Olanrewaju Ambali, 46, used the stolen identities of thousands of workers to submit over 1,700 claims for pandemic unemployment benefits to over 25 different states, including Washington State. In total, the claims sought approximately $25 million, but the conspirators obtained approximately $2.7 million, primarily from pandemic unemployment benefits. Lawal admits that he personally submitted claims for $1,345,472.

Lawal personally submitted at least 790 unemployment claims using the stolen identities of 790 workers. He submitted claims for pandemic unemployment benefits to New York, Maryland, Michigan, Nevada, California, Washington and some 19 other states. Lawal also established four internet domain names that were subsequently used for fraud – creating some 800 different email addresses that were used in this scheme.

Additionally, between 2018 and November 2022, Lawal used stolen personal information to submit 3,000 income tax returns for $7.5 million in refunds. The IRS detected the fraud and paid just $30,000.

“While Mr. Lawal may not have secured the $7.5 million he sought from fraudulent tax refunds, each of the 3,000 returns he filed represents a life he disrupted,” said Adam Jobes, Special Agent in Charge of IRS Criminal Investigation’s Seattle Field Office.

Lawal and co-defendant Ambali also attempted to use the stolen American identities for Economic Injury Disaster Loans (EIDL) to defraud the Small Business Administration (SBA). The pair submitted some 38 applications, but SBA caught most of the fraud and paid only $2,500.

Lawal and Ambali had the proceeds of their fraud sent to cash cards or to “money mules” who transferred the funds according to instructions given by the co-conspirators. They also allegedly used stolen identities to open bank accounts and have the money deposited directly into those accounts for their use.

Evidence gathered in the case shows that Lawal personally received a substantial portion of the criminal proceeds. Lawal was ordered to pay restitution of $1,345,472.

Co-defendant Ambali was sentenced to 42 months in prison in March 2024.

In asking for a 65-month prison sentence, the government argued, “During major disasters and nationwide emergencies, it is particularly importantfor the government to be able to disburse aid quickly to real victims to mitigate the impact of the crisis. The actual monetary loss to the government comes secondary to the fact that a real person or business behind each stolen identity had difficulty accessing assistance because a fraudulent claim was already paid in their identity. These difficulties were further compounded by the onslaught of fraudulent claims that clogged the infrastructure in place to distribute the aid. The estimated loss from these fraudulent pandemic unemployment claims is over $100 billion.”

The National Unemployment Fraud Task Force provided a lead on this case to the investigative team in Western Washington. The case was investigated by the FBI with assistance from U.S. Postal Inspection Service (USPIS) and the Department of Labor Office of Inspector General (DOL-OIG). Also contributing to the investigation were Internal Revenue Service Criminal Investigation (IRS-CI), Washington State Employment Security Division (ESD), and the Small Business Administration (SBA).

The case was prosecuted by Assistant United States Attorney Cindy Chang of the Western District of Washington. DOJ’s Office of International Affairs assisted with extradition on this matter.

The COVID-19 Fraud Enforcement Task Force was established to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

Anyone with information about allegations of attempted fraud related to COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

MIL Security OSI –

January 29, 2025

MIL-OSI Europe: OLAF Unveils Fraudulent Misuse of EU Funds in Romania’s Danube Delta Development Projects

Source: European Anti-Fraud Offfice

Press release no 1/2025
PDF version

OLAF played a pivotal role in uncovering a major fraud case in Romania, revealing that EU funds intended for development projects in the Danube Delta were misused through fraudulent schemes. OLAF’s investigation carried out in close cooperation with the European Public Prosecutor’s Office (EPPO), unveiled a significant misuse of funds in over 30 EU-financed projects.

The Danube Delta, a UNESCO World Heritage site, is among Europe’s most ecologically vital regions. The EU funds allocated to this region through the European Regional Development Fund (ERDF) are vital for its maintenance.

Acting on an initial request from EPPO, OLAF carried out an investigative analysis into allegations of EU fund mismanagement and delivered its results to the European Delegated Prosecutor.

One of the projects under investigation was co-financed under the Regional Operational Program 2014-2020. In particular, it sought to expand a transport company’s activities to include construction services, relied on EU and national contributions covering 70.95% of eligible costs.

OLAF revealed that the company’s legal representative had submitted falsified documents, including forged bank statements, to falsely portray financial capacity for the project, which led to their unlawful acquisition of the EU-funded tender.

Financial recommendation for over half a million euro

These fraudulent actions resulted in the unlawful acquisition of approximately EUR 593 000 in EU funds and EUR 104 000 from Romania’s national budget. Throughout the investigation, OLAF collaborated closely with the EPPO, sharing evidence and coordinating efforts to ensure a thorough and effective inquiry.

In July 2024, OLAF concluded its investigation and issued a recommendation to the European Commission to recover EUR 593 000 as a result of the misappropriation of EU funds. This case highlights OLAF’s instrumental role in complementing EPPO’s efforts to safeguard EU financial interests and ensure the proper use of public resources.

Recently, EPPO indicted one individual and one company implicated in the investigation. Should the individual be found guilty, he could face a prison term ranging from three to ten and a half years. The company, in turn, could incur fines of up to EUR 420 000 and risk confiscation.

For more information, please see EPPO’s press release on the matter.

_{OLAF mission, mandate and competences:}
_{OLAF’s mission is to detect, investigate and stop fraud with EU funds.}

_{OLAF fulfils its mission by:}
_{•    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;}
_{•    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;}
_{•    developing a sound EU anti-fraud policy.}

_{In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:}
_{•    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;}
_{•    some areas of EU revenue, mainly customs duties;}
_{•    suspicions of serious misconduct by EU staff and members of the EU institutions.}

_{Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.}

For further details:

Pierluigi CATERINO
Spokesperson
European Anti-Fraud Office (OLAF)
Phone: +32(0)2 29-52335
Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
https://anti-fraud.ec.europa.eu
LinkedIn: European Anti-Fraud Office (OLAF)

_{If you’re a journalist and you wish to receive our press releases in your inbox, please}_{leave us your contact data}_.

MIL OSI Europe News –

January 29, 2025

MIL-OSI Russia: Polytechnic University is now accepting applications for the online course “Digital Twins of Products”

Translartion. Region: Russians Fedetion –

Source: Peter the Great St Petersburg Polytechnic University – Peter the Great St Petersburg Polytechnic University –

The Advanced Engineering School of SPbPU “Digital Engineering” has opened a new recruitment of students for the first unique online course in Russia “Digital Twins of Products”, dedicated to the development and application of digital twins of products in the high-tech industry.

The online course was prepared jointly with the SPbPU Open Education Center as part of the implementation of the Priority 2030 strategic academic leadership program. Training will begin on February 3, 2025, on the national educational platform Open Education.

SIGN UP FOR TRAINING

The online course program is aimed at developing understanding, knowledge and skills on the following relevant topics:

the main approaches and options for defining the term “digital twin of a product”; the basics of developing, verifying and validating mathematical, computer and digital models; the procedure for forming a multi-level system of requirements and target indicators of a high-tech product; the basics of conducting digital (virtual) tests of a product, including digital tests using digital (virtual) test benches and testing grounds on a software and technology platform (digital platform); features of ensuring two-way information links between a digital twin and a product.

The online course lectures cover general theoretical principles that ensure the creation and application of a digital twin of a product, elements of digital twins and key terms in this area. The program is aimed at studying the main provisions GOST R 57700.37–2021 “Computer models and modeling. DIGITAL TWINS OF PRODUCTS. General provisions”, intended primarily for use in the high-tech mechanical engineering industry and related industries.

The online course “Digital Twins of Products” consists of 16 topics, combined into 4 modules. Each topic contains a video lecture lasting 7-15 minutes and materials for independent study by students:

presentation (5-10 slides); notes (10-15 pages); glossary (5-15 terms and definitions); additional literature (2-5 sources).

The training intensity is 72 academic hours (approximate duration of training is 16 weeks with classes of 4-5 academic hours per week).

The authors of the course are the main developers of the national standard of the Russian Federation GOST R 57700.37–2021 “Computer models and modeling. DIGITAL DOUBLES OF PRODUCTS. General provisions”.

Course Authors:

Borovkov Aleksey Ivanovich, Vice-Rector for Digital Transformation of SPbPU, Professor, Head of the Advanced Engineering School of SPbPU “Digital Engineering”, World-Class Scientific Center “Advanced Digital Technologies” of SPbPU, Competence Center of NTI SPbPU “New Production Technologies” and Engineering Center “Computer Engineering Center” (CompMechLab®) of SPbPU, Technology Transfer Center of SPbPU; Ryabov Yury Aleksandrovich, Head of the Department of Technological and Industrial Foresight of the Engineering Center “Computer Engineering Center” (CompMechLab®) of PIS SPbPU “Digital Engineering”; Martynets Ekaterina Romanovna, Leading Specialist of the Department of Technological and Industrial Foresight of the Engineering Center “Computer Engineering Center” (CompMechLab®) of PIS SPbPU “Digital Engineering”; Shcherbina Lyudmila Aleksandrovna, Deputy Director for Information and Analytical Work of the Engineering Center “Computer Engineering Center” (CompMechLab®) of the SPbPU PISh “Digital Engineering”.

The specialists will share their competencies and knowledge within the course Advanced engineering school of SPbPU “Digital engineering”, NTI Competence Center SPbPU “New Production Technologies”, Engineering Center “Computer Engineering Center” (CompMechLab®) SPbPU, with many years of successful experience in carrying out R&D based on the technology of developing digital twins for high-tech industry enterprises in such knowledge-intensive sectors as engine building, power engineering, nuclear, oil and gas, petrochemical and special engineering, aircraft manufacturing, rocket and space technology, automotive engineering, shipbuilding, shipbuilding and marine engineering, instrument making, medical engineering, high-performance sports and others.

Who will benefit from the online course “Digital Twins of Products”:

systems engineers, research engineers, calculation engineers, design engineers, process engineers, operating engineers, developers of complex high-tech products in various industries; senior and middle managers responsible for the development and implementation of digital transformation strategies, changing business processes and business models of enterprises through the introduction of digital technologies; students, postgraduates and teachers of technical universities; a wide range of people with higher professional education (starting with a bachelor’s degree), interested in theoretical and practical issues of developing advanced digital and production technologies.

A complete list of areas of training for masters, specialists and postgraduates who may be interested in the online course “Digital Twins of Products” is given below.

The new intake is already the sixth since the course was launched. The fifth intake completed its training in December 2024. Based on the results of all the intakes, 5,609 students from 6 countries and 223 cities in Russia and neighboring countries registered for the course.

These are employees and students of engineering specialties from 169 research centers and universities, as well as specialists from 54 high-tech companies. As their areas of activity, the students noted mechanical engineering, finite element modeling, energy, electrical engineering, oil production, construction and BIM technologies, polymeric materials, programming, pedagogy, regulatory control and others. 1,717 people successfully completed the training, as a result of which they received a certificate of advanced training from SPbPU and / or an electronic certificate of the national educational platform “Open Education” on completion of the course.

According to the results of surveys conducted after each release, 93% of students are ready to recommend this course to their friends and colleagues. They noted the depth of development and high-quality design of the training materials, the accessibility of the information. The video lecture format was recognized as very successful, allowing training at a convenient time without interrupting work.

Feedback left by students following the fifth launch of the course:

I found answers to questions that had been bothering me for a long time, namely, I understood what a “digital twin” is. The topic is very well covered. I also liked that many terms were given in English. An excellent high-level overview of digital twin development tools. I feel proud that our country is actively moving in such a promising direction as “digital twins” and offers competitive solutions. I really liked the whole course. Useful and interesting. Thanks to all the creators and organizers.

Upon successful completion of the midterm and final testing on the national platform “Open Education”, a certificate of completion of the online course and/or a certificate of advanced training from SPbPU is issued.

SIGN UP FOR TRAINING

Areas of training for masters and specialists who may benefit from the online course “Digital Twins of Products” (in accordance with the order of the Ministry of Education and Science of Russia dated 12.09.2013 No. 1061, as amended on 13.12.2021 No. 1229). View the list of destinations.

Scientific specialties of postgraduate students who may benefit from the online course “Digital Twins of Products” (in accordance with the order of the Ministry of Education and Science of Russia dated 02/24/2021 No. 118). View list of directions.

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.

MIL OSI Russia News –

January 29, 2025

MIL-OSI Russia: Renovation program: resettlement of residents of 10 old houses completed in Vostochny District

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

In the Eastern District, the resettlement of residents of 10 old houses to new buildings erected under the renovation program has been completed. This was reported by the Minister of the Moscow Government, head of the capital’s Department of Urban Development Policy Vladislav Ovchinsky.

After resettlement, the old houses will be dismantled, and new buildings with accompanying infrastructure will be erected on the site of the demolition under the renovation program.

“Resettlement in the Vostochny district began in 2022, when the first new building was handed over for settlement at the address: 9 Maya Street, Building 28, Block 1. By now, two residential complexes have been prepared for city residents. More than 400 families from 10 old houses have moved there. In total, 14 buildings are to be resettled under the renovation program in the district; about 1.4 thousand residents of the capital will receive new apartments,” said Vladislav Ovchinsky.

All information about the renovation program is presented on the mos.ru portal. More about apartments and houses you can find out by following the link.

Renovation program approved in August 2017. It concerns about a million Muscovites and provides for the resettlement of 5,176 houses. Earlier, Sergei Sobyanin instructed to double the pace of implementation of the renovation program.

Moscow is one of the leaders among regions in terms of construction volumes. High rates of housing construction correspond to the goals and initiatives of the national project “Infrastructure for life”.

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.mos.ru/nevs/ite/149445073/

MIL OSI Russia News –

January 29, 2025

MIL-OSI Russia: Aviation technical center to be built in Vnukovo district as part of MAIP

Translartion. Region: Russians Fedetion –

Source: Moscow Government – Government of Moscow –

A new aviation technical center will appear in the Vnukovo area. It will be built during the implementation of a large-scale investment project (MaIP). This was announced by the Deputy Mayor of Moscow for Transport and Industry Maxim Liksutov.

“In accordance with the order of Sergei Sobyanin, since 2016 we have been providing investors with land on special terms for the construction of important objects for the city. This allows us to develop infrastructure and create new jobs in various sectors of the economy. Thus, thanks to the construction of the aviation technical center, more than 300 specialists will be able to find employment,” said Maxim Liksutov.

The new aviation technical center is planned to be put into operation at the end of 2026. It will train technical, flight and other personnel of airlines.

“Moscow pays special attention to training specialists in strategically important sectors of the economy, and educates personnel for smart production of the present and future. Investments in the construction of the aviation technical center will amount to more than 0.5 billion rubles. The area of the facility will exceed 3.4 thousand square meters,” noted the Minister of the Moscow Government, head of the capital’s Department of Investment and Industrial Policy

Anatoly Garbuzov.

The city provides land plots for the construction of facilities within the framework of the MaIP without holding tenders. More than 1.1 hectares of land have been allocated to Vnukovo Airport for the new aviation technical center. The lease agreement has been concluded for five years, added the Minister of the Moscow Government, head of the capital’s Department of City Property Maxim Gaman.

Today, over 90 MAIPs are being implemented in the capital. As a result, industrial enterprises will appear in different areas of the city, where about 60 thousand jobs will be created.

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.mos.ru/nevs/ite/149446073/

MIL OSI Russia News –

January 29, 2025

MIL-OSI: c/side Launches PCI Compliance Dashboard for New PCI DSS 4.0.1 Requirements

Source: GlobeNewswire (MIL-OSI)

SAN FRANCISCO, Jan. 29, 2025 (GLOBE NEWSWIRE) — c/side, a cybersecurity company specializing in browser-side third-party scripts, today announced the launch of its PCI compliance dashboard to show that PCI DSS 4.0.1 requirements are met for third-party website script monitoring and management.

The Payment Card Industry Data Security Standard (PCI DSS) provides guidelines for organizations to safeguard their payment infrastructure against data theft and fraud in debit card and credit card transactions. PCI DSS compliance is mandatory for all businesses that accept card payments, and is enforced via penalties that can include monthly fines up to six figures and suspension of card acceptance capabilities.

PCI DSS 4.0.1 introduces two new mandates (6.4.3 and 11.6.1) for securely monitoring and managing browser-side third-party scripts. Organizations must implement these changes by March 31, 2025. c/side’s PCI compliance dashboard enables organizations to secure and monitor all third-party scripts across their websites, providing the comprehensive protection these standards demand.

“Businesses are struggling to adapt legacy security tools to meet the new PCI DSS requirements for processing, storing, and transmitting payment card data,” said Simon Wijckmans, founder and CEO, c/side. “The regulations have tightened and become more prescriptive—and specific cybersecurity capabilities are critical to ensure compliance and avoid an auditing disaster. c/side’s ability to track and verify third-party web script behavior maps to exactly what these new mandates are looking for, and our dashboard gives businesses the complete visibility and control they need.”

Here is how c/side addresses both the 6.4.3 and 11.6.1 requirements of PCI DSS 4.0.1:

PCI DSS requirement 6.4.3 mandates that organizations accepting digital payments must authorize every script running on payment pages. Organizations must also maintain an inventory of third-party scripts with written justification for their use, while ensuring script integrity. c/side’s dashboard maintains a complete script inventory across all website pages and captures each script’s payload in real time. This visibility instantly shows any code changes and potential threats. The system verifies script authorization and integrity, while automatically blocking and alerting on malicious changes—exceeding PCI DSS requirements.

PCI DSS requirement 11.6.1 focuses on monitoring script changes by requiring weekly evaluation and reporting of any unauthorized changes to HTTP headers or payment page scripts. This poses a unique challenge, since third-party JavaScript scripts (by default) serve different code versions for various functions. c/side solves this by capturing and analyzing every script request through its proxy technology. The dashboard’s AI-powered analysis highlights changes and explains code functionality, giving engineers clear insight into script behavior.

In case of an audit, organizations often face needless challenges in tracking third-party script activity and ensuring compliance across payment and non-payment pages. This lack of visibility increases the risk of non-compliance, fines, and audit delays. With c/side, these pain points are eliminated. The c/side dashboard automatically generates comprehensive weekly reports that document all script activity and enable granular controls to ensure scripts run only where approved. By automating these processes, c/side transforms a complex compliance requirement into a straightforward task, reducing risks, eliminating audit delays, and easing the burden of maintaining compliance.

Learn more about c/side’s new dashboard here.

About c/side

c/side is a forward-thinking cybersecurity startup focused on browser-side detection and protection. Led by industry expert Simon Wijckmans, c/side is pioneering technologies to shield against sophisticated cyber threats, ensuring unparalleled security standards for users across the web.

Contact
Kyle Peterson
kyle@clementpeterson.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ed1e25f3-2681-4145-9e04-242b27fbc231

The MIL Network –

January 29, 2025

MIL-OSI Africa: WHO in Africa: three ways the continent stands to lose from Trump’s decision to pull out

Source: The Conversation – Africa – By Lawrence O. Gostin, University Professor; Founding Linda D. & Timothy J. O’Neill Professor of Global Health Law, Georgetown University

President Donald Trump’s decision to withdraw the US from the World Health Organization (WHO) will be keenly felt across the globe, with profound implications for health in Africa.

In the executive order putting the withdrawal process in place, Trump also paused the transfer of US funds, support and resources to the WHO.

Trump’s executive order is his second attempt to pull the US out of the agency. He has also complained that the US financial contribution to the international organisation is “onerous”.

The biggest impacts will come from the loss of US funding. The US is by far the WHO’s largest state donor, contributing approximately 18% of the agency’s total funding.

The WHO’s funding is split into two tranches.

There are assessed contributions: countries’ membership fees, to which all WHO members agree and over which the WHO has full control. The US accounts for 22%, or US$264 million of these, for the current 2024/25 budget. The US is yet to pay the WHO its assessed contributions for 2024 and 2025. Withdrawing from the organisation without paying these fees would violate US law and must be challenged in the US courts.

Then there are voluntary contributions: donations by member countries, foundations and other sources, usually earmarked to that donor’s priorities. The US contributes 16%, or US$442 million, of all voluntary contributions.

In the case of the US, these priorities include HIV/AIDS, polio eradication and health emergencies.

As experts in global health law, we are deeply concerned about the impacts of this order, which will be far reaching.

The US withdrawal from the WHO threatens core health programmes in Africa. It will weaken the ability of African countries to respond to health emergencies, and could lead to increases in death and illness on the continent.

It will also have broader implications for leadership and governance in global health.

Impact on core programmes

Trump’s decision to withdraw comes at a time when the WHO’s health priorities in Africa were already underfunded. Eight of 12 areas were funded less than 50% earlier this year.

Twenty-seven percent of all US funding through the WHO for the African region goes to polio eradication, 20% supports improved access to quality essential health services, and much of the balance goes to pandemic preparedness and response.

The WHO/US partnership has long supported the HIV/AIDS response in Africa, but the redirection and reduction in funds could reduce the availability of prevention, testing and treatment programmes across the continent. This threatens progress to end AIDS by 2030.

The funding gap will also have an impact on programmes designed to increase access to quality essential health services, including the prevention and treatment of tuberculosis and malaria, and child and maternal health services.

If the WHO is forced to cut back on these services due to a lack of financing, it could lead to increases in mortality and morbidity in Africa.

European countries filled the financing gap in 2020 when Trump last withheld US funding from the WHO. But it is unlikely that they will be able to do so again, as countries across Europe are facing their own geopolitical and financial challenges.

The WHO’s budget was already thinly spread, and its mandate keeps growing.

Through its new investment round, the WHO raised US$1.7 billion in pledges, and is expecting another US$2.1 billion through partnerships and other agreements. Yet even before the US president’s executive order, this left a funding gap of approximately US$3.3 billion (or 47%) for the WHO’s 2025-2028 strategy.

If the gap left by the loss of US funding cannot be filled from other sources, it will fall to African nations to fund health programmes and services that are cut, placing a greater strain on governments reckoning with limited fiscal space.

Weakened response to health emergencies

Trump’s decision comes at a pivotal moment for health in Africa, which is experiencing major outbreaks.

The US has been a key actor supporting WHO-led emergency responses to outbreaks.

Last year, the US partnered with the WHO and Rwanda to rapidly bring a Marburg outbreak under control. The Marburg virus continues to threaten the continent. Tanzania has just confirmed an outbreak.

Earlier in August 2024, the WHO and Africa Centres for Disease Control each declared mpox on the continent to be a public health emergency.

The Biden administration delivered 60,000 vaccines, pledged 1 million more, and contributed over US$22 million to support capacity building and vaccination.

But now US health officials have been instructed to immediately stop working with the WHO, preventing US teams in Africa from responding to Marburg virus and mpox.

Even before these outbreaks, the US supported WHO-led emergency responses to COVID-19, Ebola and HIV/AIDS. The US withdrawal could lead to increased transmission, sickness and death in vulnerable regions.

Similarly, strong partnership between the WHO and the US has helped build health system capacities in Africa for public health emergencies.

US experts have supported nearly half of all WHO joint external evaluation missions to assess countries’ pandemic preparedness and response capacities under the International Health Regulations. This is a binding WHO agreement to help countries prepare for, detect and initially respond to health emergencies globally.

The US withdrawal from the WHO risks eroding these efforts, though it may also accelerate a regionalisation of health security already underway in Africa, led by the African Union through the Africa CDC.

Restructuring of governance

The US was instrumental in establishing the WHO and shaping WHO norms and standards, in particular driving amendments to the International Health Regulations adopted in June 2024. This included improved obligations to facilitate the rapid sharing of information between the WHO and countries.

The US has also been a key figure in ongoing negotiations for a new international treaty, a Pandemic Agreement. This would create new rights and obligations to prevent, prepare for and respond to pandemics with elements that go beyond the International Health Regulations. These include obligations on the equitable sharing of vaccines.

Trump’s executive order would prevent these instruments from being implemented or enforced in the US.

This would only entrench inequitable dynamics when the next global health emergency breaks out, given the concentration of global pharmaceutical companies in the US.

The order also pulls the US out of the Pandemic Agreement negotiations. This will inevitably create new diplomatic dynamics. Optimistically, this could provide enhanced opportunities for African nations to strengthen their position on equity.

The US departure from the WHO will create a leadership vacuum, ushering in a restructuring of power and alliances for global health.

This vacuum could cede influence to US adversaries, opening the door to even greater Chinese influence on the African continent.

But it also presents opportunities for greater African leadership in global health, which could strengthen African self-reliance.

Trump has directed the US to find “credible and transparent” partners to assume the activities the WHO would have performed. And yet there is no substitute for the WHO, with its worldwide reach and stature.

For more than 75 years, the WHO has been, and remains, the only global health organisation with the membership, authority, expertise and credibility to protect and promote health for the world’s population.

For this reason, the African Union, among scores of other bodies and leaders, has already urged Trump to reconsider.

It is now time for the global community to stand up for the WHO and ensure its vital health work in Africa and beyond can thrive.

– WHO in Africa: three ways the continent stands to lose from Trump’s decision to pull out
– https://theconversation.com/who-in-africa-three-ways-the-continent-stands-to-lose-from-trumps-decision-to-pull-out-248237

MIL OSI Africa –

January 29, 2025

MIL-OSI Europe: Announcing 20250009 (OT,liquidity providing), for 7 days deadline 09:45

Source: European Central Bank

Our website uses cookies

We use functional cookies to store user preferences; analytics cookies to improve website performance; third-party cookies set by third-party services integrated into the website.

You have the choice to accept or reject them. For more information or to review your preference on the cookies and server logs we use, we invite you to:

Read our privacy statement

Learn more about how we use cookies

MIL OSI Europe News –

January 29, 2025

Category: Business

Summary

Company Announcement

Company Contact Information

Product Photos

Key global cyberthreat landscape development drivers

Hunt for innovations

Intentionally created barriers and sanction wars

New technologies mean new cyber risks

Time-tested technologies mean new cyber risks

Wrong vendor choice means big trouble

Security by obscurity doesn’t work anymore for OT infrastructures

Further information

Share this page

Updates to this page

Components of the broad monetary aggregate M3

Chart 1

Counterparts of the broad monetary aggregate M3

Chart 2

Claims on euro area residents

Chart 3

Notes:

Impact on core programmes

Weakened response to health emergencies

Restructuring of governance

Our website uses cookies