Category: Business

  • MIL-OSI Russia: Financial news: Consolidated report of the temporary administration, LLC “Bank BKF”

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia (2) –

    Full company name

    Limited Liability Company “Bank of Corporate Finance”

    Abbreviated company name

    LLC “Bank BKF”

    Registration number

    2684

    Date of registration by the Bank of Russia

    02/11/1994

    Primary state registration number

    1027739542050 (11/13/2002)

    BIC

    044525215

    Address from the charter

    123376, Moscow, Krasnaya Presnya st., 24

    Actual address

    123376, Moscow, Krasnaya Presnya st., 24

    Telephone

    (495) 514-08-10, (495) 514-08-11

    Charter

    Date of approval of the latest version of the charter: 19.06.2018, agreed changes to the charter: other changes (17.11.2023)

    Authorized capital

    RUB 550,000,000.00, date of change in the authorized capital: 06.12.2010

    License (date of issue/last replacement)Banks with a basic license are banks that have a license that has the word “basic” in its name. All other active banks are banks with a universal license.

    The license was revoked by the order of the Bank of Russia OD-1888 dated 11/15/2024

    Participation in the deposit insurance system

    Yes

    Brand name in English

    Corporate Finance Bank LLK; KFB LLK

    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

  • MIL-OSI Russia: Financial News: New Issuer Announces Entry to MOEX Start Pre-IPO Platform

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    On January 28, 2025, the MOEX Start platform will begin an over-the-counter placement of shares of JSC Digital Habits, a Russian supplier and developer of digital solutions for fintech companies and banks. Security code – DGTL.

    As part of the placement, the company will offer investors 30,000,000 shares of the additional issue at a price of 30 rubles per ordinary share. The securities will be available only to qualified investors. The collection of investor proposals will be conducted from January 28 to February 13, 2025..

    The MOEX Start service provides Russian non-public companies with the opportunity to attract capital for their development by placing shares through a closed subscription based on the infrastructure of the National Clearing Center (part of the Moscow Exchange Group).

    After the placement, shares can be added to the list of instruments of the over-the-counter stock market with the central counterparty of the Moscow Exchange, on the basis of which the platform operates. The presence of a liquid secondary market significantly simplifies transactions with securities for shareholders and new investors, and also helps the company to obtain a market valuation in the future. At the same time, investors who did not participate in the placement transaction have the opportunity to purchase the securities they are interested in at any convenient time.

    JSC Digital Habits owns the IT companies Digital Habits, Finetive and KIN Platform and provides custom software development services for banks, as well as developing its own platform for rapid testing and launch of IT projects.

    The Moscow Exchange Group is the only multifunctional platform in Russia for trading shares, bonds, derivatives, currencies, money market instruments and commodities. The Moscow Exchange Group includes the central depository (JSC NCO NSD) and the clearing center (JSC NCO NCC), which acts as the central counterparty in the markets, which allows the Moscow Exchange to provide its clients with a full cycle of trading and post-trading services.

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

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Financial news: Information on the financial status of KB Garant-Invest (JSC)

    Translartion. Region: Russians Fedetion –

    Source: Central Bank of Russia (2) –

    Full company name

    Commercial Bank “Garant-Invest” (Joint-Stock Company)

    Abbreviated company name

    KB “Garant-Invest” (JSC)

    Registration number

    2576

    Date of registration by the Bank of Russia

    11/12/1993

    Primary state registration number

    1037739429320 (05.02.2003)

    BIC

    044525109

    Address from the charter

    127051, Moscow, 1st Kolobovsky lane, bldg. 23

    Actual address

    127051, Moscow, 1st Kolobovsky lane, bldg. 23

    Telephone

    (495) 650-90-03

    Charter

    Date of approval of the latest version of the charter: 03.10.2014, agreed changes to the charter: other changes (25.05.2018)

    Authorized capital

    RUB 725,035,190.00, date of change in the authorized capital: 12/22/2017

    License (date of issue/last replacement)Banks with a basic license are banks that have a license that has the word “basic” in its name. All other active banks are banks with a universal license.

    The license was revoked by the order of the Bank of Russia OD-2303 dated 12/26/2024

    Participation in the deposit insurance system

    Yes

    Brand name in English

    Guarantor Invest Bank Neint Stotsk, guarantor-invest bank

    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

  • MIL-OSI Russia: Financial news: Four Federal Treasury deposit auctions will take place on 28.01.2025

    Translartion. Region: Russians Fedetion –

    Source: Moscow Exchange – Moscow Exchange –

    Application selection parameters
    Date of the selection of applications 01/28/2025
    Unique identifier of the application selection 22025027
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 1,090,000
    Placement period, in days 2
    Date of deposit 01/28/2025
    Refund date 01/30/2025
    Interest rate for placement of funds (fixed or floating) Fix
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds
    Minimum spread, % per annum
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 09:30 to 09:40
    Pre-applications: from 09:30 to 09:35
    Applications in competition mode: from 09:35 to 09:40
    Formation of a consolidated register of applications: from 09:40 to 09:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 09:40 to 10:00
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 10:00 to 10:50
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 10:00 to 10:50
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n
    Application selection parameters
    Date of the selection of applications 01/28/2025
    Unique identifier of the application selection 22025028
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 10,000
    Placement period, in days 182
    Date of deposit 01/28/2025
    Refund date 07/29/2025
    Interest rate for placement of funds (fixed or floating) Flotting
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds Ruonmds
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 12:00 to 12:10
    Pre-applications: from 12:00 to 12:05
    Applications in competition mode: from 12:05 to 12:10
    Formation of a consolidated register of applications: from 12:10 to 12:20
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 12:10 to 12:30
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 12:30 to 13:20
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 12:30 to 13:20
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

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

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

    Application selection parameters
    Date of the selection of applications 01/28/2025
    Unique identifier of the application selection 32025001
    Deposit currency rubles
    Type of funds funds of the Social Fund of Russia (SV)
    Maximum amount of funds placed in bank deposits, million monetary units 16.6
    Placement period, in days 41
    Date of deposit 01/28/2025
    Refund date 03/10/2025
    Interest rate for placement of funds (fixed or floating) Flotting
    Minimum fixed interest rate for placement of funds, % per annum
    Basic floating interest rate for placement of funds Ruonmds
    Minimum spread, % per annum 0.00
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Special
    Minimum amount of funds placed for one application, million monetary units 1
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 16:00 to 16:10
    Pre-applications: from 16:00 to 16:05
    Applications in competition mode: from 16:05 to 16:10
    Formation of a consolidated register of applications: from 16:10 to 16:20
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 16:10 to 16:30
    Submission to credit institutions of an offer to conclude a bank deposit agreement: from 16:30 to 17:20
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 16:30 to 17:20
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

    RUONmDS = RUONIA – DS, where

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

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

    Application selection parameters
    Date of the selection of applications 01/28/2025
    Unique identifier of the application selection 22025029
    Deposit currency rubles
    Type of funds funds of the single treasury account
    Maximum amount of funds placed in bank deposits, million monetary units 10,000
    Placement period, in days 2
    Date of deposit 01/28/2025
    Refund date 01/30/2025
    Interest rate for placement of funds (fixed or floating) Fix
    Minimum fixed interest rate for placement of funds, % per annum 20.05
    Basic floating interest rate for placement of funds
    Minimum spread, % per annum
    Terms of conclusion of a bank deposit agreement (fixed-term, replenishable or special) Urgent
    Minimum amount of funds placed for one application, million monetary units 1,000
    Maximum number of applications from one credit institution, pcs. 5
    Application selection form (open or closed) Open
    Application selection schedule (Moscow time)
    Venue for the selection of applications PAO Moscow Exchange
    Applications accepted: from 18:30 to 18:40
    Pre-applications: from 18:30 to 18:35
    Applications in competition mode: from 18:35 to 18:40
    Formation of a consolidated register of applications: from 18:40 to 18:50
    Setting a cut-off percentage rate and/or recognizing the selection of applications as unsuccessful: from 18:40 to 18:50
    Submission of an offer to credit institutions to conclude a bank deposit agreement: from 18:50 to 19:30
    Receiving acceptance of an offer to conclude a bank deposit agreement from credit institutions: from 18:50 to 19:30
    Deposit transfer time In accordance with the requirements of paragraph 63 and paragraph 64 of the Order of the Federal Treasury dated 04/27/2023 No. 10n

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

    Please note: This information is raw content directly from the source of the information. It is exactly what the source states and does not reflect the position of MIL-OSI or its clients.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //VVV. MOEX.K.M.M.

    MIL OSI Russia News

  • MIL-OSI Russia: Moscow enterprises will take part in 30 foreign exhibitions with the support of the Mosprom Centre

    Source: Moscow Metro

    This year, Moscow’s export-focused companies will have enhanced opportunities to connect with international partners, with the MosProm center organizing 25 international business missions and facilitating participation in 5 major international trade shows. These initiatives, which include both in-person and virtual engagements, will provide Moscow producers with vital platforms for discussions with overseas collaborators. This was announced by Maksim Liksutov, Deputy Mayor of Moscow for Transport and Industry.

    Tastes of Moscow.

    As directed by Sergey Sobyanin, the city is prioritizing support for export-oriented enterprises in expanding their presence in global markets. Our main objective is to increase the volume of exports of Moscow-produced industrial goods and agricultural products to friendly nations. Moscow manufacturers will showcase their products at international exhibitions in China, Saudi Arabia, Uzbekistan, and Azerbaijan. They will also engage in direct negotiations with potential buyers and distributors from Mexico, the UAE, Iran, Kuwait, Jordan, Turkey, Thailand, Vietnam, India, Mongolia, and countries across Africa and the CIS, – stated Maksim Liksutov.

    MosProm was established in 2019 to increase the recognition and presence of Moscow-made products in overseas markets. One of the most effective programs offered by MosProm is its buyer program. This initiative allows companies to participate in specialized international trade shows and business missions, where they can conduct business-to-business (B2B) and business-to-government (B2G) negotiations with prospective clients for Moscow-produced goods. This offers local industrial companies the opportunity to expand their export reach and product offerings, establish new partnerships and client relationships, and attract valuable investment.

    Tastes of Moscow.

    MosProm specialists provide comprehensive support to Moscow-based manufacturers at every stage of their foreign trade activities. Thanks to MosProm’s assistance, Moscow’s non-resource, non-energy producers have successfully reoriented their export flows and found new partners in markets across Latin America, Africa, the Middle East, Southeast Asia, and the CIS, – emphasized Anatoly Garbuzov, Minister of the Moscow Government and Head of the city’s Department of Investment and Industrial Policy.

    Furthermore, Moscow exporters benefit greatly from national support programs. The International Cooperation and Export national project is a comprehensive suite of informational, financial, insurance, and logistical support measures. The project includes the My Export digital platform, which offers a range of support services for businesses. These services include free expert consultations, market analytics, assistance in marketing goods on international marketplaces, online training programs, and more.

    MIL OSI Russia News

  • MIL-OSI: Wearable Devices Ltd. Announces Pricing of $2.5 Million Public Offering

    Source: GlobeNewswire (MIL-OSI)

    Yokneam Illit, Israel, Jan. 28, 2025 (GLOBE NEWSWIRE) — Wearable Devices Ltd. (the “Company” or “Wearable Devices”) (Nasdaq: WLDS, WLDSW), an award-winning pioneer in artificial intelligence (“AI”)-based wearable gesture control technology, today announced the pricing of its “reasonable best efforts” public offering with a single institutional investor for the purchase and sale of up 2,500,000 ordinary shares (or pre-funded warrants in lieu thereof) and warrants to purchase up to 2,500,000 ordinary shares, at a combined offering price of $1.00 per share and accompanying warrant (the “Offering”). The Company expects to receive aggregate gross proceeds of approximately $2.5 million, before deducting placement agent fees and other offering expenses and assuming no exercise of the warrants. The warrants will have an exercise price of $1.00 per share, will be exercisable immediately and will expire five years from the issuance date.

    The closing of the Offering is expected to occur on or about January 30, 2025, subject to the satisfaction of customary closing conditions. The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes.

    A.G.P./Alliance Global Partners is acting as the sole placement agent for the Offering.

    In connection with the Offering, the Company also agreed to amend existing warrants that were previously issued to the investor participating in the Offering to purchase up to 822,000 ordinary shares of the Company, with an exercise price of $2.50 per share. Effective upon closing of the Offering, such existing warrants will be amended to reduce the exercise price to $1.00 per share and will expire five years following the closing of the Offering.

    The securities described above are being offered pursuant to a registration statement on Form F-1, as amended (File No. 333-284023), previously filed with the Securities and Exchange Commission (“SEC”), which was declared effective on January 28, 2025. The Offering is being made only by means of a prospectus forming part of the effective registration statement. Copies of the preliminary prospectus and, when available, copies of the final prospectus, relating to the Offering may be obtained on the SEC’s website located at http://www.sec.gov. Electronic copies of the final prospectus relating to the Offering may be obtained, when available, from A.G.P./Alliance Global Partners, 590 Madison Avenue, 28th Floor, New York, NY 10022, or by telephone at (212) 624-2060, or by email at prospectus@allianceg.com.

    This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in this Offering, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.

    About Wearable Devices Ltd.

    Wearable Devices Ltd. is a pioneering growth company revolutionizing human-computer interaction through its AI-powered neural input technology for both consumer and business markets. Leveraging proprietary sensors, software, and advanced AI algorithms, the Company’s innovative products, including the Mudra Band for iOS and Mudra Link for Android, enable seamless, touch-free interaction by transforming subtle finger and wrist movements into intuitive controls. These groundbreaking solutions enhance gaming, and the rapidly expanding AR/VR/XR landscapes. The Company offers a dual-channel business model: direct-to-consumer sales and enterprise licensing. Its flagship Mudra Band integrates functional and stylish design with cutting-edge AI to empower consumers, while its enterprise solutions provide businesses with the tools to deliver immersive and interactive experiences. By setting the input standard for the XR market, Wearable Devices is redefining user experiences and driving innovation in one of the fastest-growing tech sectors. Wearable Devices’ ordinary shares and warrants trade on the Nasdaq under the symbols “WLDS” and “WLDSW,” respectively.

    Forward-Looking Statements

    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the “safe harbor” created by those sections. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, can generally be identified by the use of forward-looking terms such as “believe,” “expect,” “may,” “should,” “could,” “seek,” “intend,” “plan,” “goal,” “estimate,” “anticipate,” “will” or other comparable terms. For example, we are using forward-looking statements when we discuss the expected closing date of the Offering, the use of proceeds, and the satisfaction of customary closing conditions. All statements other than statements of historical facts included in this press release regarding our strategies, prospects, financial condition, operations, costs, plans and objectives are forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: the trading of our ordinary shares or warrants and the development of a liquid trading market; our ability to successfully market our products and services; the acceptance of our products and services by customers; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other security and telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our success establishing and maintaining collaborative, strategic alliance agreements, licensing and supplier arrangements; our ability to comply with applicable regulations; and the other risks and uncertainties described in our annual report on Form 20-F for the year ended December 31, 2023, filed on March 15, 2024 and our other filings with the SEC, including the registration statement on Form F-1, as amended (File No. 333-284023). We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

    Investor Relations Contact

    Michal Efraty
    IR@wearabledevices.co.il

    The MIL Network

  • MIL-OSI Economics: IMF Executive Board Concludes 2024 Article IV Consultation with Bolivia

    Source: International Monetary Fund

    January 28, 2025

    Washington, DC: On March 22nd, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation1 for Bolivia. This also included a discussion of the findings of the Financial Sector Assessment Program (FSAP) exercise for Bolivia.[1]

    Bolivia’s growth momentum moderated in 2023, to 2.5 percent, from declining natural gas production, less public investment, and financial market turmoil. Price controls, food and fuel subsidies, export restrictions, and strong agricultural production held inflation below 2 percent at year-end. However, the combination of lower natural gas exports, high fuel imports, a large fiscal deficit―increasingly financed by the central bank―and an overvalued exchange rate contributed to a wider current account deficit (estimated at 5 percent of GDP for 2023) and near-depletion of international reserves. Public debt increased to nearly 84 percent of GDP by end-2023. Sovereign spreads rose sharply in early 2023 as the foreign exchange (FX) shortage became apparent and a mid-sized bank (Banco Fassil) failed. Consequently, banks were forced to restrict the withdrawal of FX deposits, heightening financial sector stability risks.

    Growth is anticipated to decelerate to 1.6 percent in 2024, holding at around 2.2-2.3 percent in the medium term under the continuation of the current policies. Inflation is forecast to reach 4.5 percent in 2024, stabilizing around 4 percent thereafter. The outlook is however predicated on significantly improved access to external financing, without which the risk of disorderly fiscal and/or exchange rate adjustment is elevated. External factors such as reduced demand, intensified global conflicts disrupting trade routes, commodity price volatility, or a renewed tightening of financial conditions could worsen fiscal and external imbalances, impede growth, and destabilize the domestic financial sector.

    Additionally, extreme weather events, like the 2023 droughts and recent floods, pose a risk to Bolivia’s agricultural sector and critical infrastructure. Domestically, a faster decline in hydrocarbon production, higher inflation due to FX scarcity, or confidence shocks could further impact growth, hurt real incomes and exacerbate financial stability risks. Social unrest stemming from inequality and security concerns remains a concern, as evidenced by the prolonged road blockages of early 2024. On the upside, Bolivia could potentially benefit from the global shift towards green energy due to its vast lithium resources, although developing the lithium sector and scaling up domestic production capacity will likely take time.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Bolivia’s socioeconomic progress over the past several years but expressed concerns about the difficult financial situation Bolivia currently finds itself in, with low reserves, uncertain fiscal financing, and pressures in parallel exchange markets. Directors stressed the urgency of a shift from current unsustainable policies to avoid a disorderly adjustment that would exert significant social and economic hardship.

    Directors called for continued constructive engagement on a sustainable policy mix that is likely to require both fiscal adjustment phased in over the next few years and an up front step devaluation to more quickly address the external imbalance and allow for a build up of reserves. They emphasized the importance of improving the social safety net to shield poorer households from inflation pressures following a realignment of the exchange rate. Directors also emphasized the importance of strengthening fiscal institutions to underpin the credibility of the planned adjustment and to improve central bank governance in support of a shift to a crawling peg and, eventually, to inflation targeting.

    Directors recommended a strengthening of the central banks’ capacity to conduct sterilization operations and to lift lending rate caps to improve the allocation of capital and enhance monetary policy transmission. They also underscored the need to improve crisis preparedness and contingency planning in line with FSAP recommendations to safeguard financial stability.

    Directors recommended a range of supply side reforms to unlock private investment, boost productivity and enhance competitiveness. These should include phasing out export ceilings and price controls and better prioritizing public investment projects. A stronger regulatory framework for hydrocarbon and lithium exploration could be instrumental in increasing investment in those sectors. Directors also called for enhancing AML/CFT framework and ensuring the timely publication of key macroeconomic data.

     

    Table 1. Bolivia: Selected Economic and Social Indicators, 2022–2026

    Population (millions, 2021)

    11.8

    Poverty rate (percent, 2021)

    36.3

    Population growth rate (percent, 2021)

    1.4

    Adult literacy rate (percent, 2021)

    94.8

    Life expectancy at birth (years, 2021)

    72

    GDP per capita (US$, 2021)

    3,437

    Total unemployment rate (2021)

    7.0

    IMF Quota (SDR, millions)

    240.1

    Est.

    2022

    2023

    2024

    2025

    2026

    Income and prices

    Real GDP

    3.6

    2.5

    1.6

    2.2

    2.2

    Nominal GDP

    8.9

    4.9

    6.2

    6.5

    6.2

    CPI inflation (period average)

    1.7

    2.6

    4.5

    4.2

    3.9

    CPI inflation (end of period)

    3.1

    2.1

    4.8

    4.0

    3.9

    Investment and savings 1/

    Total investment

    15.1

    15.9

    16.6

    16.3

    16.0

    Of which: Public sector

    5.7

    5.0

    6.0

    6.0

    6.0

    Gross national savings

    12.5

    8.6

    10.5

    10.3

    10.5

    Of which: Public sector

    -1.4

    -2.0

    -1.9

    -1.5

    -1.2

    Combined public sector

    Revenues and grants

    28.9

    28.3

    27.6

    27.4

    27.1

    Of which: Hydrocarbon related revenue

    6.0

    5.4

    4.3

    3.9

    3.5

    Expenditure

    36.0

    35.3

    35.5

    34.8

    34.3

    Current

    30.3

    30.3

    29.5

    28.8

    28.3

    Capital 2/

    5.7

    5.0

    6.0

    6.0

    6.0

    Net lending/borrowing (overall balance)

    -7.1

    -7.0

    -7.9

    -7.5

    -7.2

    Of which: Non-hydrocarbon balance

    -12.8

    -12.2

    -12.0

    -11.2

    -10.5

    Total gross NFPS debt 3/

    80.4

    83.6

    86.7

    88.9

    90.9

    External sector

    Current account 1/

    -0.4

    -5.0

    -5.7

    -5.8

    -5.6

    Exports of goods and services

    32.6

    28.5

    27.0

    26.9

    26.5

    Of which: Natural gas

    6.7

    3.8

    3.4

    3.0

    2.7

    Imports of goods and services

    32.9

    34.4

    33.6

    33.6

    32.7

    Capital account

    0.0

    0.0

    0.0

    0.0

    0.0

    Financial account (-= net inflow)

    -1.5

    -0.5

    -5.3

    -5.8

    -5.6

    Of which: Direct investment net

    -0.8

    -0.6

    -0.6

    -0.9

    -0.9

    Of which: Other investment, net

    -0.3

    -0.3

    -4.6

    -4.7

    -5.1

    Net errors and omissions

    -3.0

    0.0

    0.0

    0.0

    0.0

    Terms of trade index (percent change)

    -1.6

    1.2

    -0.6

    0.0

    0.2

    Central Bank gross foreign reserves 4/ 5/ 6/

    In millions of U.S. dollars

    3,796

    1,808

    1,653

    1,555

    1,556

    In months of imports of goods and services

    2.8

    1.3

    1.1

    1.0

    1.0

    In percent of GDP

    8.6

    3.9

    3.4

    3.0

    2.8

    In percent of ARA

    44.5

    20.8

    18.2

    16.2

    15.5

    Money and credit

    Credit to the private sector (percent change)

    6.3

    -0.4

    3.0

    4.3

    5.1

    Credit to the private sector (percent of GDP)

    74.2

    70.5

    68.4

    67.0

    66.3

    Broad money (percent of GDP)

    85.2

    82.8

    81.2

    80.0

    78.9

    Memorandum items:

    Nominal GDP (in billions of U.S. dollars)

    44.3

    46.5

    49.3

    52.5

    55.8

    Bolivianos/U.S. dollar (end-of-period) 7/

    6.9

    6.9

    REER, period average (percent change) 8/

    -0.9

    -1.9

    Oil prices (in U.S. dollars per barrel)

    96.4

    80.6

    77.7

    73.8

    70.9

    Energy-related subsidies to SOEs (percent of GDP) 9/

    4.4

    4.0

    3.5

    2.7

    2.4

    Sources: Bolivian authorities (MEFP, Ministry of Planning, BCB, INE, UDAPE); IMF; Fund staff calculations.
    1/ The discrepancy between the current account and the savings-investment balance reflects methodological differences. For the projection years, the discrepancy is assumed to remain constant in dollar value.
    2/ Includes nationalization costs and net lending.
    3/ Public debt includes SOE’s borrowing from the BCB (but not from other domestic institutions) and BCB loans to FINPRO and FNDR.
    4/ Excludes reserves from the Latin American Reserve Fund (FLAR) and Offshore Liquidity Requirements (RAL).
    5/ All foreign assets valued at market prices.
    6/ Includes a repurchase line of US$99.2 million maturing in 2025.
    7/ Official (buy) exchange rate.
    8/ The REER based on authorities’ methodology is different from that of the IMF (see 2018 and 2017 Staff Reports).
    9/ Includes the cost of subsidy borne by public enterprises and incentives for hydrocarbon exploration investments in the projection period.

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

    [1] The Financial Sector Assessment Program (FSAP), established in 1999, is a comprehensive and in-depth assessment of a country’s financial sector. FSAPs provide input for Article IV consultations and thus enhance Fund surveillance. FSAPs are mandatory for the 47 jurisdictions with systemically important financial sectors and otherwise conducted upon request from member countries. The key findings of an FSAP are summarized in a Financial System Stability Assessment (FSSA).

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.


    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Rosa Hernandez

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

    MIL OSI Economics

  • MIL-OSI United Kingdom: Brexit cost: higher energy bills and lower investment

    Source: Scottish Government

    Scottish Government calls for closer energy links with Europe.

    The Scottish Government is calling for closer co-operation with Europe to help lower energy bills and boost investment.

    Ahead of upcoming UK Government talks with the EU the Scottish Government has published a report, identifying  a number of opportunities to more closely align with the European Union on energy matters.

    These include:

    • accelerating the adoption of more efficient UK-EU electricity trading arrangements to bring down energy costs for consumers
    • linking the UK and EU Emissions Trading Schemes (ETS) to help reduce costs and barriers to trade

    Estimates from the UK energy industry predict that unless the UK moves toward closer cooperation with the EU on energy and climate, it may lead to additional costs of up to £10billion in 2024-25, through higher energy bills and lower Treasury revenues.

    The Scottish Government’s wants Scotland to be an EU member state, however the report published today sets out immediate actions which would rebuild closer collaboration with the EU on energy and climate matters and offset some of the damage caused by Brexit.

    Acting Cabinet Secretary for Net Zero and Energy Gillian Martin said: “As we approach the fifth anniversary of Brexit, the costs to the people of Scotland are becoming ever clearer.

    “The best future for Scotland is to be a member state of the EU. But we will always be a voice for closer co-operation with our fellow Europeans – in particular around issues which impact us all such as lowering energy bills and driving up investment in renewables.

    “This paper highlights the key areas where working together is vital for achieving our shared ambitions – driving economic growth, reducing costs, strengthening energy security and substantially contributing to our shared climate goals.

    “We have a pivotal role to play and stand ready to work collaboratively with the UK Government and wider partners to re-build a closer relationship with Europe in this space.”

    Background

    Read the Closer energy and climate cooperation with the EU report

    Energy UK Explains: the cost of the UK-EU relationship for energy – Energy UK

    MIL OSI United Kingdom

  • MIL-OSI USA: Murphy On Trump Freezing All Federal Grants: This Is What A King Does

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    January 28, 2025

    [embedded content]
    WASHINGTON–U.S. Senator Chris Murphy (D-Conn.) joined Senate Democrats at a press conference on Tuesday raising the alarm about the Trump administration’s Office of Management and Budget (OMB) memo directing agencies to freeze federal funding.
    Full transcript of Murphy’s remarks:
    “This is an attempt by Donald Trump to seize power. It sounds like a provocative thing to say, but how else do you describe what we have watched happen over the last week? The broad immunization of political violence, the illegal firing of inspectors general there to make sure that the money of the taxpayers isn’t stolen, and today, the illegal and unconstitutional decision to put the President of the United States, and no one else, in charge of who gets federal money and who doesn’t.
    “What President Trump is doing is seizing control of the federal budget and deciding by himself who gets money and who doesn’t for two reasons. One, he wants to bank money so that he can afford his massive tax cut for billionaires and corporations, but second, so that he can hand out money to his friends, to the companies that are run by his billionaire donors, to states that voted for him, to congressional districts with members of Congress who are loyal to him, and so that he can deny money to any organization run by Democrats, to companies that are competitors to his billionaire friends, to congressional districts represented by his political opponents.
    “This what a king does. This is not how a democracy works. One man does not decide how taxpayers’ money is spent so that it only gets sent to the President’s political friends, and it gets used to punish his political enemies.
    “The scope of the damage that will be done is enormous to poor kids who rely on Head Start programs, to families who desperately need that cancer research done, to veterans who, if they miss one or two appointments, their life falls apart suddenly overnight.
    “We have to understand what is happening in context. The President wants you to be distracted by the day-to-day announcements, but put together, the pardoning of the violent rioters, the firing of the inspectors general, and today, the stoppage of federal funding, leaving the decision only to the political whims of President Trump, represents the gravest, most serious constitutional crisis of our lifetime, and one that threatens to undermine the very premise of American democracy.”

    MIL OSI USA News

  • MIL-OSI United Kingdom: Scottish rocket launch boost to get Britain back into space race

    Source: United Kingdom – Government Statements

    A landmark Scottish rocket launch is set to solidify the UK as a European leader in the space sector.

    £20 million to launch the first UK made orbital rocket from Saxavord.

    • Landmark Scottish rocket launch set to boost UK’s launching power and make Britain a European space leader
    • £20 million government investment will help to fund the construction and launch of the first UK-manufactured and UK-launched orbital rocket
    • Orbex’s rocket Prime will encourage economic investment and support high-skilled jobs, as part of the Plan for Change

    A landmark Scottish rocket launch is set to solidify the UK as a European leader in the space sector, following a £20 million government investment in UK launch company Orbex to build and launch a rocket from the shores of Scotland.

    Tech Secretary Peter Kyle announced the investment today (29th January) at Brussels’ European Space Conference, positioning Britain as a leading international partner and cooperator in Europe’s access to space. The investment will help to fund Orbex’s rocket Prime, the first UK-manufactured and UK-launched orbital rocket.

    Prime is set to take off from late 2025 at Scottish spaceport SaxaVord, one of two licensed vertical launch spaceports in Europe. It will catalyse the UK’s position as a leading small satellite manufacturer and global space leader, and support 140 highly paid jobs in the region as part of the government’s Plan for Change.

    The investment will contribute to this government’s mission to grow the economy, boosting the UK’s ability to regularly launch rockets into orbit from its shores and attracting launch investment into the UK.

    With European demand for satellites up to 2033 forecasted to be worth $50 billion, even 2% of this would bring around $1 billion in revenues for the UK economy alone.

    Developing Britain’s launch capabilities is already helping to bring new jobs and economic benefits to communities and organisations across the UK. So far, the Prime project has created more than 140 highly skilled jobs in Forres, with many more anticipated as the company continues to grow.

    The launch of Prime will also help to inspire a new generation of British space professionals. By showcasing the pivotal role of Britain in the space age, government is investing now to ensure a sector that is vibrant, innovative, and above all, successful in achieving our goal for the UK to become a leading European provider of small satellite launch.

    Technology Secretary Peter Kyle said:

    Britain’s impressive toolkit of scientific talent, world class facilities, and unique geography means we stand ready to lead the charge and to work together with our international partners as a key part of the new space revolution in Europe.

    By investing £20 million in this rocket launch, we are not only helping the country to become a leading destination for small satellite launches in Europe but bringing highly skilled jobs and investment to communities and organisations across the UK, as part of our Plan for Change.   

    Supporting Orbex’s launch will also turbocharge the country’s position in the space sector and inspire our next generation of space professionals, who will be able to design, test, build and launch British rockets, carrying British satellites, from British soil.

    Designed to launch satellites into orbit, Prime will benefit from the UK’s latitude, with Scotland’s geographical positioning providing easy access to valuable polar orbits.

    The British-built Prime is also Europe-leading in its pioneering approach to sustainability.  It is poised to become the first in a new generation of ultra green launch systems, powered by renewable bio-propane fuel, which cuts carbon emissions significantly compared to other similarly sized rockets being developed elsewhere around the world.

    The rocket is also designed to be re-useable. Upon returning to Earth, what does not burn up harmlessly in the atmosphere will be recovered and components will be refurbished and reused in future projects.    

    Britain is already a key player in the satellite industry, with Glasgow building more satellites than any other city in Europe.

    Dr Paul Bate CEO UK Space Agency said:

    Space is a fast-growing global industry and there is a real opportunity for the UK to play a greater role now than ever before. This new government investment is not just about launching a rocket, but building a more prosperous future for all, powered by space technology.

    Orbex is a highly innovative company that can serve customers in the UK, Europe and beyond with its Prime launch vehicle, create hundreds of high skilled jobs in Scotland and inspire a new generation to reach for the stars. We will work closely with them as we countdown to launch, continue to develop our national space capabilities, and strengthen our international partnerships.

    Scotland Office Minister, Kirsty McNeill, said:

    It’s an exciting time for the Scottish space sector and this £20 million investment from the UK government in Orbex will help Scotland maintain our position as a leader as we look forward to the first satellite launch later this year.

    This important industry is playing a vital role in our Plan for Change, helping economic growth and employing thousands of people in good quality jobs, often in small towns and rural communities, across the country.

    Phillip Chambers, CEO of Orbex, said:

    This first of a kind investment by the UK government demonstrates its confidence in the UK’s space rocket manufacturing and launch sector and is an exciting start to the opening of our Series D fundraising. We are entering the final preparations to deliver the most flexible and environmentally sustainable launch services to the global satellite industry.

    This investment paves the way not only for us to launch our first rocket this year but also to develop a larger rocket to enable us to compete in the European Launcher Challenge. These development goals are crucial to our longer-term development.

    DSIT media enquiries

    Email press@dsit.gov.uk

    Monday to Friday, 8:30am to 6pm 020 7215 300

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Environment Agency secures record commitments from water sector

    Source: United Kingdom – Government Statements

    The EA, working closely with Natural England, has secured the largest ever environmental commitment from water companies since privatisation.  

    The Environment Agency working closely with Natural England has secured the largest ever commitment from water companies to clean up the environment and invest in new infrastructure since privatisation.   

    The Water Industry National Environment Programme (WINEP) sets out over 24,000 actions water companies must take over the next five years to meet their legal requirements for the environment. This series of targeted interventions represents a £22.1bn investment in the environment – four times more than was secured in the last Price Review and will deliver tangible benefits for our water system and for customers. 

    As part of the PR24 process the Environment Agency assessed actions proposed by water companies and, alongside Ofwat and Natural England, provided technical guidance to make sure these actions will provide direct solutions to environmental pressures and help drive nature recovery. 

    The agreed actions will lead to improvements in water infrastructure to secure future supply, habitats and biodiversity and drinking water quality. For example, water companies have submitted plans to establish trials to remove nitrate, restore nationally important chalk streams, and install bespoke biosecurity measures to remove invasive species.  

    Further goals set out under WINEP include:  

    • Reducing the amount of water abstracted, leading to an estimated 60 million litres of water being retained in the environment every day, 

    • Protecting and enhancing of 13,500 km rivers,  

    • Upgrading 2,350 storm overflows leading to an estimated annual reduction of sewage spills by of 85,000 annually, 

    • Improving 21 newly designated bathing water sites across England, 

    • Reducing phosphorous inputs to the environment at over 800 sewage treatment works, 

    • Installing 3,500 monitors at emergency overflows sites.

    Alan Lovell, Chair of the Environment Agency said: 

    This unprecedented level of investment represents a vital step forward towards ensuring we have clean, safe, and abundant water now and for future generations. 

    Working with the water companies on this £22bn programme is a crucial way to realise the government’s goals of stimulating development and boosting economic growth, while ensuring the sector can meet its ambitious environment commitments.

    We will work closely with Defra, Ofwat and other regulators to monitor water company progress and ensure they deliver what has been promised. If water companies fail to carry out their legal obligations to the environment, we will take action.” 

    Steve Reed, Secretary of State for the Environment said: 

    It is no secret that our water system needs fixing and that our rivers, lakes and seas are choked by pollution.  

    Customers deserve the money they pay in bills to go towards improving the service they receive, and that is why the Government will ringfence money earmarked for investment, so it can only be spent on projects like these. 

    We are also going further to fix our water system through the Water (Special Measures) Bill, by introducing new powers to ban the payment of bonuses for polluting water bosses and bring criminal charges against lawbreakers.” 

    Natural England provides advice and guidance where water company activity may influence protected sites ,including Special Areas of Conservation (SAC), Special Protection Areas (SPA) and Sites of Special Scientific Interest (SSSI), such as through water abstraction and discharges, and how this can be improved through the WINEP.  

    Marian Spain, Chief Executive of Natural England, said: 

    The scale of investment in the Water Industry National Environment Programme (WINEP) is a positive step towards delivering sustainable outcomes for the water environment, nature recovery, biodiversity improvement and sustainable growth.  

    Natural England will be working to maximise the opportunity of this significant investment, to get full value for money via integrated approaches and work with our partners including the Environment Agency, water companies and Defra to help deliver this ambitious programme.

    Chris Walters, Senior Director, Price Review 2024 at Ofwat said:  

    We welcome the EA’s publication of the WINEP programme. In December we approved a record £104bn investment package, including over £22bn for WINEP.  

    This quadruples the investment of the last five years, providing water companies with an opportunity to turn around their environmental performance and regain customers’ trust by improving services.  

    We will monitor companies and hold them to account for their investment programmes so that they do this”.

    David Henderson, Chief Executive, Water UK said:

    This programme will be the largest amount of money ever spent on the natural environment. It will help to support economic growth, build more homes, secure our water supplies and end sewage entering our rivers and seas.

    The Environment Agency and other regulators will drive water companies to embrace state-of-the-art technologies and groundbreaking innovations when delivering the actions set out under WINEP.  

    These collaborative efforts are crucial to cutting pollution, managing water efficiency, and increasing resilience to climate change for the benefit of both nature and people. By doing so we and industry can stimulate development and support the Government’s objective of boosting economic growth.  

    The investment was secured through Ofwat’s final determinations announced in December and has been factored into upcoming changes to customer bills. 

    The WINEP data set will be published at 0800 on 29 January on GOV.UK

    Updates to this page

    Published 29 January 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: Mercer County, W.Va., disaster aid hits $2 million milestone

    Source: US Federal Emergency Management Agency

    Headline: Mercer County, W.Va., disaster aid hits $2 million milestone

    Mercer County, W.Va., disaster aid hits $2 million milestone

    CHARLESTON, W.Va. – Six weeks after a major disaster was declared for Mercer County, W.Va., more than $2 million has been approved for homeowners and renters affected by the Sept. 25-28, 2024, remnants of Tropical Storm Helene.   More than 955 households have registered with the Federal Emergency Management Agency (FEMA) to date. The deadline to apply for disaster assistance is Feb. 7, 2025.“Getting $2 million into the hands of the people of Mercer County has been a team effort,” Federal Coordinating Officer Georgeta Dragoiu said. “FEMA continues to work side-by-side with West Virginia and Mercer County emergency management and local officials to coordinate this mission. I also want to thank our state and local nonprofits and our private sector and media partners in getting the word out. We couldn’t have reached this important milestone without them.”“Recovery is always a team effort, and this milestone reflects the dedication of everyone involved — from FEMA to local officials, nonprofits, and community partners,” West Virginia Emergency Management Division Deputy Director Matthew Blackwood said. “We remain committed to supporting the people of Mercer County as they rebuild and recover.”Disaster assistance may include grants to help homeowners and renters pay for essential home repairs, personal property replacement, and essential disaster-related needs. In December and January, FEMA deployed Disaster Survivor Assistance teams to visit storm-damaged homes to register people and answer their questions about disaster assistance. The survivor assistance specialists visited more than 2,250 residences, interacting with more than 660 individuals, as well as 66 faith-based organizations and 245 businesses to meet survivors where they are. Housing inspectors have completed more than 640 inspections of disaster-damaged properties to verify damage.FEMA Enhanced Application Services specialists completed more than 470 follow-up calls with survivors, walking them through the application process and collecting information to help complete their requests for federal assistance. Their extra efforts led to more than $529 thousand to be approved for Mercer County residents’ recovery.Federal disaster assistance is still available to residents of Mercer County. FEMA encourages all survivors who sustained disaster-related damage or losses to apply for assistance at our Disaster Recovery Center (DRC). The Mercer County Disaster Recovery Center location and hours are as follows: Princeton Disaster Recovery CenterLifeline Princeton Church of God250 Oakvale Road Princeton, WV 24740 Hours of operation:Monday to Friday: 9 a.m. to 5 p.m.Saturdays: 10 a.m. to 2 p.m. Closed Sundays The DRC is accessible to all, including survivors with mobility issues, impaired vision, and those who are who are Deaf or Hard of Hearing.Survivors can also call 800-621-3362. The toll-free telephone line operates from 7 a.m. to 11 p.m. daily. If you use a relay service, such as video relay service (VRS), captioned telephone service or others, give FEMA your number for that service. They can also go online to DisasterAssistance.gov or download the FEMA app on their smartphone.Other help remains available to individuals:Free disaster legal assistance is available to West Virginia storm survivors. This service offers counseling on insurance claims, landlord-tenant issues, home-repair contracts, the replacement of legal documents destroyed by the storm and other legal matters. Call the legal hotline 866-255-4370. Disaster assistance grants from FEMA are not taxable income and will not affect eligibility for Social Security (including disability benefits), Medicaid, welfare assistance, food stamps and several other programs. Disaster grants are just that — money that does not have to be paid back to the government.One of FEMA’s federal partners in disaster recovery, the U.S. Small Business Administration (SBA), offers low-interest disaster loans for businesses of all sizes, homeowners, renters and private non-profit organizations. SBA disaster loans may cover repairs, rebuilding, and the cost of replacing lost or disaster-damaged real estate and personal property. For more information about SBA loans, call SBA’s Disaster Assistance Customer Service Center at 800-659-2955, email disastercustomerservice@sba.gov or visit http://www.sba.gov/disaster. Applicants may also apply online via SBA’s secure website at http://www.sba.gov/disaster. People who are deaf, hard of hearing or have a speech disability, should dial 7-1-1 to access telecommunications relay services.For more information on West Virginia’s disaster recovery, visit emd.wv.gov, West Virginia Emergency Management Division Facebook page, www.fema.gov/disaster/4851 and www.facebook.com/FEMA.
    tiana.suber
    Tue, 01/28/2025 – 22:39

    MIL OSI USA News

  • MIL-OSI: Oak Valley Community Bank to Open New Branch in Lodi

    Source: GlobeNewswire (MIL-OSI)

    OAKDALE, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Oak Valley Community Bank, a wholly owned subsidiary of Oak Valley Bancorp (NASDAQ: OVLY) recently announced it has received regulatory approval to establish its 19th full-service branch. The new office will be located at 31 South School Street in downtown Lodi and is scheduled to open mid-2025.

    Established in 1991, Oak Valley Community Bank opened its first branch in San Joaquin County in 2005. The Lodi Branch will be the bank’s sixth location in the county and offer a full line of personal and commercial banking services, a traditional walk-up ATM, and night deposit service. The branch will also include offices for commercial lending and administrative personnel.

    “We are pleased to expand our branch network into Lodi. This adds another convenient location to our footprint,” stated Rick McCarty, President & Chief Operating Officer. “As a community bank headquartered in the Central Valley, this addition will allow us to provide increased accessibility to clients and introduce our unique brand of first-class service to a new audience of prospective clients, particularly those in the northern portion of San Joaquin County,” he concluded.

    Oak Valley Bancorp operates Oak Valley Community Bank & their Eastern Sierra Community Bank division, through which it offers a variety of loan and deposit products to individuals and small businesses. They currently operate through 18 conveniently located branches: Oakdale, Turlock, Stockton, Patterson, Ripon, Escalon, Manteca, Tracy, Sacramento, Roseville, two branches in Sonora, three branches in Modesto, and three branches in their Eastern Sierra division, which includes Bridgeport, Mammoth Lakes, and Bishop.

    For more information, call 1-866-844-7500 or visit www.ovcb.com.

    Contact: Chris Courtney/Rick McCarty
    Phone: (209) 848-BANK (2265)
      Toll Free (866) 844-7500
      www.ovcb.com

    The MIL Network

  • MIL-Evening Report: Does your school have enough trees? Here’s why they’re great for kids and their learning

    Source: The Conversation (Au and NZ) – By Margaret Stanley, Professor of Ecology, University of Auckland, Waipapa Taumata Rau

    Getty Images

    Do schools and trees mix? You may have memories of shady playing areas and shelter belts by playing fields, but our recent study suggests this is increasingly an exception rather than a rule.

    Trees are often seen as a health and safety risk, whether from branches or the whole thing falling, or from children falling out of them. Many schools have banned pupils from climbing trees as a result.

    Beyond that, trees are often seen as an optional “nice to have”. New Zealand’s current education minister criticised extensive landscaping and bespoke design when announcing a review of school properties in early 2024.

    But the benefits of trees and other vegetation in urban areas are well known, and increasingly important as housing density increases. Schools can play a significant role in encouraging the growth of “urban forests”.

    Unfortunately, there are also large differences in tree canopy cover in New Zealand cities (and elsewhere in the world), with low socioeconomic areas often having low tree canopy cover.

    This matters because trees and nature in general provide us with enormous health and wellbeing benefits, regardless of socioeconomic standing.

    Natural benefits

    Very little is known about green spaces on local school grounds. So, our research set out to survey the quantity and quality of green spaces in 64 urban primary schools in Auckland.

    We conducted the survey in the context of several known factors about the role and place of nature in education:

    Because schools are fairly evenly distributed throughout cities, and can have a large spatial footprint, there’s also an opportunity to enhance wider native biodiversity, create ecological corridors and maintain cultural connections.

    Fields but few trees

    Unfortunately, our survey found the green spaces of most Auckland primary schools are dominated by sports fields.

    While it’s good news that children have access to these, adding trees and shrubs around the edges of the fields could provide many benefits without compromising existing play spaces.

    Native biodiversity was also lacking. In fact, 33% of school ground contained environmental weeds, such as woolly nightshade. There were also many more introduced plant species than native species, and most schools lacked a shrub layer.

    Urban green spaces in general tend to favour single trees with mown lawn underneath. But birds feed in different layers of vegetation and need that shrub layer and some vegetation complexity.

    The most common native tree by far was pōhutakawa. But planting a monoculture of pōhutakawa is a big risk if a disease (such as myrtle rust) has a big impact on that species.

    Diversity is key. Planting other native species such as pūriri, karaka, rewarewa or tītoki would increase plant diversity, attract native birds and other species, as well as provide sun shade.

    Room for improvement

    There was some good news, however. Of the 64 schools surveyed, 36% had a forest patch. This gives the children access to an outdoor learning resource that may be lacking from their immediate neighbourhood.

    It was heartening to find every school had at least one species associated with weaving, with both harakeke and tī kōuka present at 83% of schools.

    We know young Māori in cities are at risk of losing cultural knowledge and opportunities for cultural practices, so the availability of key weaving species is an excellent opportunity for schools and their whānau.

    If this was a report card, Auckland’s school green spaces would not be high-achieving. But there are plenty of opportunities to improve. Adding more diversity, more native plants, and planting trees around the edges of sports fields will provide a wealth of benefits to both children and the city’s overall biodiversity.

    Using outdoor spaces for learning will increase natural and cultural connections and improve children’s wellbeing. That is much more than a “nice to have”.

    The authors do not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and have disclosed no relevant affiliations beyond their academic appointment.

    ref. Does your school have enough trees? Here’s why they’re great for kids and their learning – https://theconversation.com/does-your-school-have-enough-trees-heres-why-theyre-great-for-kids-and-their-learning-246411

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: Cramer Questions Industry Executives on Defense Innovation and Acquisition Reform

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    ***Click here to download video. Click here for audio.*** 
    WASHINGTON, D.C. – The Department of Defense (DOD) has faced criticism for its slow and cumbersome acquisition system, which has hampered the timely delivery of advanced technologies to the warfighters. The Senate Armed Services Committee (SASC) held a hearing to discuss the use of defense innovation and acquisition reform to address longstanding challenges in the DOD’s procurement processes.
    Members of the committee heard testimony from three witnesses: former Assistant Secretary of the Navy for Research, Development, and Acquisition James Geurts; Chief Technology Officer and Executive Vice President of Palantir Technologies Shyam Sankar; and Chief Executive Officer of Divergent Technologies Nathan Diller.
    [embedded content]
    U.S. Senator Kevin Cramer (R-ND), co-chair of the Senate Defense Modernization Caucus, highlighted the need for implementing the right technology and acquisition reforms to move at the speed of China and other adversaries.
    Cramer said when he first joined SASC, DOD was considering bids for a cloud computing contract known as Jedi. In early 2019, the department selected Microsoft and Amazon to compete for the contract, which was ultimately awarded to Microsoft. Unfortunately, but predictably this led to an immediate protest. This back and forth resulted in a delayed award for a critically important product DOD needed.
    “Five years later, we finally have multiple companies doing cloud computing,” said Cramer. “I was very frustrated by the ability of a company who didn’t win the contract, […] to protest the company who did and then hold up modernization by five years. […] But then we fast forward to today, where we read about now what I believe to be the most innovative agency within the DOD, the Space Development Agency, which has been under attack since the day we stood it up by swamp creatures, legacy space operators, and legacy acquisition and procurement officials, and a protest that I almost guarantee will slow [down] the proliferated warfighter space architecture, which is the worst thing that could happen.”
    Cramer asked the witnesses for their comments or opinions about the protest regime and whether more can be done. He explained while competition requires the ability to challenge, “it shouldn’t provide the opportunity to make the country less safe.”
    Geurts agreed with Cramer and emphasized the need for an avenue, though it has been abused over time.
    “One thing I suggested early on was you get one bite at the apple,” said Geurts. “You could protest to the [Government Accountability Office] or Court of Federal Claims. You couldn’t protest twice. I also think there should be some look at behavior over time and some disincentive for what I would call chronic protesting, particularly by incumbents.”
    Sankar agreed with the notion the avenue had been abused. He said one way they could buy this down is by “doing more bake-offs, more things in parallel, getting more things fielded, because anyone can win a fiction writing contest, you know, it has no correlation to your ability to perform, but when we have the satellites in space, we’ll be able to tell one way or another.”
    Diller emphasized the need to build trust:
    “When we look at these protests, if we take this approach, our Chairman of the Joint Chiefs of Staff uses this phrase, ‘acquire to require.’ It’s exactly what Shyam was saying. How do we slowly build trust? Because at the core, it’s a trust issue. If we actually work together at the beginning in ways that [Other Transactions] allow us to, trust can be built.”

    MIL OSI USA News

  • MIL-OSI USA: Chairman Wicker Leads Senate Armed Services Committee in Defense Innovation Hearing

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senator Roger Wicker, R-Miss., the Chairman of the Senate Armed Services Committee, today led his committee colleagues and a panel of three subject matter experts in a hearing examining the future of defense innovation and acquisition reform.
    In his opening remarks, Chairman Wicker touted his “Restoring Freedom’s Forge” plan, which would fundamentally change the way the Pentagon does business by cutting red tape and increasing competition. Chairman Wicker observed that as China undertakes a historic military modernization, DOD needs game-changing reform to embrace commercial innovation and build next-generation American manufacturing techniques.
    “The past few years have been marked by some success in innovation improvements, but we have much more work to do. Most of our work is actually ahead of us in this regard. I believe we’re poised to go faster and further than we have thus far,” Chairman Wicker said. “I’m optimistic that many of my colleagues’ ideas for improvements and reform will have an enthusiastic reception in this new Pentagon team…we need a game changer in this regard, and we need it now, because the United States is entering the most dangerous period we’ve faced since World War II. Our adversaries are rapidly innovating and leveraging commercial technologies. In response, we must expand our capacity to produce and sustain high-end weapons, like ships, aircraft, and missiles.”
    Earlier this month, Secretary of Defense Pete Hegseth endorsed Chairman Wicker’s “Freedom’s Forge,” saying that “Those are precisely the kinds of ideas that need to be pursued, and I look forward to working with this committee to ensure we cut the red tape, we incentivize innovation, we rebuild the defense industrial base, cut out the bureaucracy, all the things that are preventing the platforms and the tools from getting rapidly from our great defense companies here that should and those that want to compete into the hands of warfighters.”
    Shyam Sankar, Chief Technical Officer/Executive Vice President at Palantir Technologies; Nathan P. Diller, CEO of Divergent Technologies; and Hon. James “Hondo” Geurts, former Assistant Secretary of the Navy for Research, Development, and Acquisition, appeared before the committee.
    Read the remarks as delivered below or watch them here.
    This hearing will come to order. Thank you all for coming. The committee meets this morning to discuss the topic that is of great interest to every member of this panel: we’re here to talk about defense innovation.
    We must change the way the Pentagon does business. Otherwise, there’s no way we can maintain deterrence, particularly against China. Today, day we’ll hear from three experts: Shyam Sankar serves as the Chief Technology Officer at Palantir, which has done important work for the military. Mr. Sankar has published widely on innovation, and we look forward to hearing his ideas today.
    We’ll also hear from Nate Diller, who has worked at both the Department of Defense and the House Appropriations Committee – where I previously worked in another life. Today, Mr. Diller is the CEO of Divergent Technologies, which is seeking to make revolutionary changes in manufacturing, and we need revolutionary changes in DoD.
    And finally, James Geurts is with us today. In addition to having one of the coolest nicknames around – “Hondo” – he has ably and successfully served this country as the acquisition executive for both SOCOM and the Navy.
    So, thank you all for being here to talk about innovation.
    The past few years have been marked by some success in innovation improvements, but we have much more work to do. Most of our work is actually ahead of us in this regard. I believe we’re poised to go faster and further than we have thus far. I’m optimistic that many of my colleagues’ ideas for improvements and reform will have an enthusiastic reception in this new Pentagon team.
    I appreciate my friend Ranking Member Reed for holding a hearing in the previous Congress on the Planning, Programming, Budgeting, and Execution Reform Commission. I expect we can continue to make progress in this new Congress. As a matter of fact, Mr. Reed and my colleagues: we need a game changer, and we need it right now.
    The committee took steps last year to remove unnecessary steps from the acquisition process, and get defense innovators more powerful hiring authorities. We can and should continue on that positive trajectory. I recently released the FORGED Act, and published this white paper, entitled “Restoring Freedom’s Forge: American Innovation Unleashed,” and I must say, I appreciate the positive comments and response that we’ve heard from industry and from government officials.
    The white paper lays out in specific detail my plan to implement smart spending practices at DoD. The FORGED Act proposes the most comprehensive set of budgeting and acquisition reforms in decades. It focuses on five areas.
    First, we must cut the red tape that burdens our defense workforce. Our regulations are full of outdated and excessive compliance requirements. Addressing this is exactly the type of work that DOGE is contemplating, and I hope we can make progress in this area. Contracting regulations total more than 6,000 pages. Financial regulations add up to more than 7,000 pages. I’m interested to hear our witnesses address how this committee can reduce the statutory and regulatory burdens, even as we retain the core elements of good policy.
    Second, we should harness one of our nation’s core advantages: our world-class tech sector, which is built by American entrepreneurial spirit. Government-unique requirements have made it nearly impossible for commercial companies and startups to do business with the Department of Defense. We need to reward commercial innovation by making it possible for innovative companies to work with the Pentagon.
    Third, we must create competitive pressure by rapidly qualifying new suppliers to help build our weapon systems. More than 20,000 suppliers have exited the Navy’s ship building industrial base in the past 20 years – and that’s just the Navy’s industrial base – 20,000 suppliers gone. I hope our witnesses will address how we can lower barriers to second sources and how we can adopt technologies like 3D printing, which can dramatically reduce cost and expedite production schedules.
    Fourth, we must enable senior officials to manage programs by reducing the bureaucracy’s ability to veto their decisions. A typical acquisition must satisfy nearly 50 documentation requirements and get 50 external signoffs. We need to be careful about the taxpayers’ money, but that is excessive. We need to give program managers all of the tools they need for success, while retaining an appropriate level of checks and balances.
    Finally, we should modernize the defense budget process by allowing money to move as fast as technologies and threats change. It currently takes at least two years to request and receive funding. Meanwhile, the commercial sector deploys new generations of technologies in less than two years, and the Pentagon is continually lagging behind. We cannot keep conducting business as usual.
    I repeat: we need a game changer in this regard, and we need it now, because the United States is entering the most dangerous period we’ve faced since World War II. Our adversaries are rapidly innovating and leveraging commercial technologies. In response, we must expand our capacity to produce and sustain high-end weapons, like ships, aircraft, and missiles. At the same time, we must adopt autonomous, adaptive, and networked or swarming systems.
    This is not an either-or effort. We must produce traditional and innovative systems quickly and at the scale of relevance. Doing so will ensure that we can deter our adversaries from taking action against us and our interests. In other words: peace through strength.
    I look forward to discussing those initiatives and more with our witnesses, and again, I welcome all three of them to our hearing. And I recognize my friend, Ranking Member Reed, for his remarks.

    MIL OSI USA News

  • MIL-OSI USA: ICYMI: Chairman Wicker Joins Fox’s Brian Kilmeade to Talk Defense Reform, Trump Administration Priorities

    US Senate News:

    Source: United States Senator for Mississippi Roger Wicker
    WASHINGTON – U.S. Senator Roger F. Wicker, R-Miss., chairman of the Senate Armed Services Committee, appeared on Fox’s “One Nation with Brian Kilmeade” on Saturday to discuss his urgent priorities on defense reform and bringing back peace through strength under President-elect Trump.
    In his interview, Chairman Wicker stressed the importance of acting on major reforms at the Pentagon, including through his “Freedom’s Forge” plan, to strengthen the defense industrial base under President-elect Trump. Chairman Wicker also discussed the window of opportunity that the President has early in his term to rebuild deterrence and the United States military to send a signal to China, Russia, North Korea, and Iran.
    Following last week’s hearing, Chairman Wicker additionally noted that nominee for Secretary of Defense Pete Hegseth is well on his way to Senate confirmation, and that Hegseth will prove a vital partner for returning peace through strength to the Pentagon. In Hegseth’s hearing, he endorsed Chairman Wicker’s Freedom’s Forge plan, saying that “those are precisely the kinds of ideas that need to be pursued.”
    Read more about “Freedom’s Forge” here, “Peace Through Strength” here, and the FORGED Act here. Key excerpts of the interview are below.
    On Pete Hegseth:
     
    [Pete is] definitely on his way [to confirmation], and I’ll tell you what, we’re going to have a hearing at 5:00 on Inauguration Day, and I think he’ll be reported to the full Senate the very first day…I’d say by the first week, Pete Hegseth will be in place at the Pentagon. And we need somebody right away at the Pentagon. This the most dangerous situation the United States has faced since World War II we’re facing not only Russia and China, but North Korea, and the Ayatollahs, and Iran – they’re and they’re all in it together like they never have been before. So, we need leadership, we need a change, and we need somebody in charge, and I’m really looking forward to working with Pete Hegseth, and also, the team that he’s putting in place.
     
    On defense reform:
     
    Well, we need to act more like a business when it comes to buying things [at the Pentagon]. Well for one thing we need to encourage startup companies. We have been in the Pentagon too comfortable with the old way of doing things. New folks with startup ideas like Elon Musk had a couple of decades ago – we need to encourage them to come forward and make suggestions. And so the point is, we can get to 5% of our gross domestic product on defense, but we can save a lot of money by bringing efficiencies at the same time…as a matter of fact, my report came out before I ever heard of DOGE, so the fact that you’ve got two people really trying to find the same efficiencies that we’ve outlined is music to my ears. This is going to work very well with Elon Musk.

    MIL OSI USA News

  • MIL-OSI United Nations: ‘Africa Can Lead Clean Energy Transition,’ Deputy Secretary-General Tells Region’s Energy Summit

    Source: United Nations General Assembly and Security Council

    Following are UN Deputy Secretary-General Amina Mohammed’s remarks at the opening of the African Heads of State Energy Summit, in Dar es Salaam, United Republic of Tanzania, today:

    It is a pleasure to join you here all today.  I extend my heartfelt thanks to Her Excellency President Hassan and her Government of the United Republic of Tanzania for hosting the Mission 300 Africa Energy Summit.

    But, I would also like to underscore that it is because of her incredible leadership and her vision, that we are all here today and gathered as an African continent.  I would also thank the African Union for keeping the fire under our feet to do right thing for the continent.

    Congratulations to my two brothers, the African Development Bank Group, Akin, and the World Bank Group, Ajay.  These are incredible partnerships, that bring genuine experience, decades of work from the public sector to the private sector.

    That is why we are looking to them for the success of this union.  But, we also look to the Rockefeller Foundation for a strong and meaningful partnership — one that brings key stakeholders together in this room.  Your bold investments are a testament to Africa’s potential for a sustainable and resilient future.

    Today, Africa has one of the lowest levels of energy access, as we have heard, but it is also one of the most vulnerable to intensifying climate shocks.

    Yet, our continent is rich in renewable energy resources and critical minerals.  Which are all essential for the energy transition, and benefit from limited sunk costs in fossil fuel-intensive energy infrastructures.  Africa is also home to a vibrant, young and enterprising population.

    This provides immense potential for Africa to show the rest of the world what a new economic development paradigm grounded in sustainability, resilience, justice and inclusivity can look like.

    Enhanced energy access, affordability and reliability is not only crucial for achieving our Sustainable Development Goal (SDG) 7, but also serves as a catalyst for broader development goals.  Access to clean and sustainable energy underpins progress in health, in education, in gender equality, while driving economic growth and climate action — many of the 17 Goals.

    By advancing long-term energy security and sovereignty, we can foster peace, we can create green jobs and build resilient livelihoods — paving the way for improved stability and prosperity across the continent.

    With renewables now being the cheapest source of new electricity almost everywhere on earth, Mission 300’s bold commitment to connect 300 million people to electricity by 2030 represents a transformative opportunity for Africa.

    Combined with systemic initiatives like the African Continental Free Trade Agreement, Africa is uniquely positioned to lead the global energy transition.

    By powering essential sectors such as healthcare, education and commerce, bolstering industries like solar manufacturing, grid infrastructure and clean energy solutions, renewable energy can unlock unprecedented economic potential.

    With reliable energy access, the continent’s 147 million small and medium-sized enterprises — key drivers of economic growth — will have the tools to scale, innovate and create jobs, turning energy into a true catalyst for inclusive and sustainable progress.

    The United Republic of Tanzania stands as a shining example of how rural electrification and off-grid renewable energy solutions can transform lives, particularly in remote and underserved areas.

    The country has made remarkable strides, with electricity access increasing from just 14 per cent in 2011 to 46 per cent in 2022.  And what does that mean?  It has led to over 1 million new connections, driving the rural electrification rate to 72 per cent. 

    In November 2024, more than 60,000 social institutions were connected by REA [Rural Electrification Agency], benefiting 12,905 educational institutions, 6,768 health facilities, over 8,000 places of worship and 29,000 commercial areas.

    This progress means that more boys and girls in remote areas can now study in well-lit classrooms, health workers can deliver life-saving services to off-grid populations and rural businesses can thrive with reliable power.  The United Republic of Tanzania demonstrates how energy access is not just about electricity — it’s about opportunity, equity and the foundation of a brighter future and a life in dignity for everyone.

    We must ensure that Mission 300 seizes the opportunity that lies ahead.  With five years to the endpoint of the SDGs and having completed the first decade of implementing the African Union’s Agenda 2063, it is clear that transformation efforts remain insufficient.

    I would like to deeply commend the African leadership that is here today, as you seek solutions to address Africa’s energy access, climate vulnerability and development challenges holistically.

    We must accelerate our collective efforts to fast-track solutions for SDG7, but also the Paris Agreement and propel Africa to become a clean energy powerhouse.  This requires urgent action in three key areas beyond this Summit.

    First, creating the right enabling environment to attract scaled private and public investments through stronger, stable and more coherent policy and regulatory frameworks.

    We are very pleased to see — thank you, Ajay — the private sector that is here today and we hope they will accompany us through this very difficult but at the end profitable journey.

    This year, every party to the UN Climate Convention has committed to submit a new economy-wide national climate action plan, that is aligned with the 1.5°C world that we need, well before COP30 [thirtieth Conference of the Parties to the United Nations Framework Convention on Climate Change] in November.

    If done right, these climate plans should align with national energy strategies and development priorities — and they would doubling as investment plans to seize the potential of renewables, helping to eradicate poverty and achieve the Sustainable Development Goals and the Paris Agreement.

    Furthermore, the Secretary-General’s panel on Critical Energy Transition Minerals offers important Principles and Actionable Recommendations to ensure we do not repeat historical patterns of exploitation on this continent.

    Second, mobilizing affordable, accessible and adequate finance. The chronic underinvestment in renewable energy in Africa, and long-standing structural barriers, such as exorbitant capital costs, mean that a continent with the potential to be a renewable powerhouse accounts for less than one percent of global installed solar capacity.

    It is why we are calling for an SDG Stimulus to scale up affordable, long-term financing for developing countries, and for the “Baku-to-Belém Roadmap to $1.3 trillion” to bridge the climate finance gap by leveraging all sources and by addressing unjust and structural barriers.

    Last year’s Pact of the Future sent an unequivocal message — reform of the international finance architecture is urgent and essential to:

    And this Pact would have not gotten over the line, if not for the leadership of the African leaders in the United Nations.  It spoke to strengthening the voice and the representation of developing countries.  It spoke to mobilizing far greater levels of financing for the SDGs, and directing that financing to countries most in need.  It spoke to enabling countries to borrow sustainably, and with confidence, to invest in their long-term development.  But, it also spoke to provide effective and equal support to countries during systemic shocks.

    Finally, multilateralism — our international cooperation — still remains our best hope for delivering solutions at the necessary scale and speed.

    And I note to many of us, as I look to the geopolitical challenges that we have today.  Multilateralism does not seem like the best offer on the table — but it is.  It is a place that we come to.  It is a global town hall for our global village.  It is where we have visibility and where we can shine a light on the opportunities.  But, also, where we can give hope to the millions that look to us — to serve them.

    The United Nations remains dedicated to supporting your efforts every step of the way.  Through our UN expertise and presence in the country, we are committed to supporting Mission 300, the African Development Bank and the World Bank.  And we are committed to help identify and attract investments, strengthen policy, and secure the support you need to make Mission 300 a success.

    Finally, I would like to also commend our Special Representative.  It is not often that we have women in leadership positions.  Today, we are hosted by a great leader that is a woman. But, we also have the Special Representative of the UN on Sustainable Energy for All, Damilola Ogunbiyi, who is playing a critical role within the Mission 300.

    In this critical countdown to 2030, let us ensure that Mission 300 delivers concrete outcomes towards the SDGs, the Paris Agreement and Agenda 2063.

    Let us seize this moment to accelerate and to deliver transformative progress.  Together, I am sure that Africa can lead the clean energy transition, creating lasting prosperity and resilience for generations to come and actions and aspiration fulfilled today for our women and our youth.

    MIL OSI United Nations News

  • MIL-OSI Australia: Minister Rishworth interview on ABC News Breakfast

    Source: Ministers for Social Services

    E&OE TRANSCRIPT

    Topics: Updated Australia’s Disability Strategy; Inflation; AI chatbot DeepSeek; Election.

    JAMES GLENDAY, HOST:    Now, Australians with disability are the focus of the Federal Government today as it commits to additional changes, months after a scathing Royal Commission was handed down. An updated Disability Strategy will be launched by the Social Services Minister, Amanda Rishworth, who I am happy to say, joins us now from Geelong. Minister, good morning.

    AMANDA RISHWORTH, MINISTER FOR SOCIAL SERVICES:    Great to be with you.

    JAMES GLENDAY:    So, there’s a specific focus on homelessness in this updated Strategy. How many people are going to be covered by this document?

    AMANDA RISHWORTH:    This Strategy is actually a Strategy for all people with disability. The 5.5 million Australians living with disability. We know that if they are going to be able to fully participate in community life, then we need to make sure that our communities, our housing, is more accessible. And so that is what the Strategy is all about. How do we make our communities, our homes, more accessible. There has been a lot of consultation done with people with disability and it was highlighted that while housing has been a focus of Australia’s Disability Strategy, that homelessness and the prevention of homelessness for people with disability needed to be a focus as well. And so, what the Strategy will do is actually get all levels of government, state government and Commonwealth government, making sure that when it comes to homelessness services, there will be a particular focus on meeting the needs of people with disability. And when it comes to building homes, that there will be a focus in making sure that those homes are more accessible as well, so that people with disability have more choice over where they live.

    JAMES GLENDAY:    We’re going to have more on this story on the ABC throughout the day. And thank you for persisting through that alarm behind you there, Minister. Just on another topic, of course, cost of living is a very, very big issue for a lot of Australians at the moment. And some key inflation figures are out today. Are you expecting that data will be enough to convince the Reserve Bank to deliver that much anticipated first rate cut?

    AMANDA RISHWORTH:    First, I’d say obviously the Reserve Bank is independent, it makes its own decisions. But I would say what our Government has been doing is really focused on fighting inflation. Of course, we inherited a situation where inflation had a six in front of it and was going up. The most recent figures, it had a two in front of it and is coming down. We’ve also seen wages up and of course unemployment low. So, we’ve been working really hard to make sure that we are fighting inflation, at the same time supporting people with cost of living measures and making sure that we’re seeing wages go up and of course, making sure there’s jobs for people. So, this has been the really important work our Government’s been doing and doing what we can to fight inflation and give the best possible conditions for the Reserve Bank to make its decision.

    JAMES GLENDAY:    You would have seen yesterday, no doubt, that a lot of people have been downloading a new Chinese AI chatbot, DeepSeek, which has triggered a share market sell off. Some analysts this morning arguing this is good for competition in the global AI arms race. Others that this is a potential risk to national security. What is your view?

    AMANDA RISHWORTH:    Well, firstly, I would say broadly AI has so much potential to help us in our daily lives and have an impact. In fact, when we think about people with disability, I’ve seen circumstances where AI has helped them do their job. So, it has a lot of potential if it’s used safely, responsibly and ethically. And so, I think the question’s got to be how we are preparing our country for these new AI tools that will be coming out. And we’re doing that in a number of ways. Whether it’s the ethics code, whether it’s the safety standards or indeed the mandatory guardrails. These are all important pieces of legislative and regulatory architecture that we need to have in place to make sure that people can trust AI. So, these are the challenges we’ve got. So, AI presents a huge opportunity but we do need to make sure that the guardrails are in place to make sure it’s done ethically and safely, importantly as well.

    JAMES GLENDAY:    Just on a guardrail, TikTok, another Chinese-owned app is banned from Government devices in Australia which probably tells us all we really need to know about what security agencies think of the app. Do you expect that this new chatbot, this new DeepSeek, will be subjected to similar rules pretty quickly?

    AMANDA RISHWORTH:    We get very good advice through our security agencies. I won’t predict what those agencies will do. But we have got incredibly good cyber capabilities that apply to Government but also support businesses in the community as well. So, we’ve taken cyber and the threat that cyber can have on our community very seriously which is why we’ve put together a cyber strategy. We have a whole range of things of security in place. So, look, I will wait. I have to be honest, I haven’t quite caught up with the revolution. I mean I haven’t downloaded any of these things yet. I’m still old school. I write my speeches myself.

    JAMES GLENDAY:    It’s not on your phone. I’m sure we’re going to hear more on this later. It is outside your portfolio, so that’s fair enough. Just finally Minister, this caught my eye and the election is not too far away. I read that in your South Australian electorate, your main opponent for the Liberal Party is going to be another Rishworth. Your cousin, in fact. How do you feel about that?

    AMANDA RISHWORTH:    Oh, look, I haven’t been in contact with my opponent. It’s a democracy. Anyone can run. So, you know. I’ll be putting what I stand for and my record forward at this election and I’m really proud to stand by the fact that I’ve fought very hard for my electorate every single day I’ve been the local member. I’ll be standing on that record and my commitment to my community.

    JAMES GLENDAY:    Are you sure? Are you worried at all, though? There’s going to be two Rishworths. Is there a risk of confusion? Could you bleed a few per cent of the vote? I know you’ve got a very safe seat.

    AMANDA RISHWORTH:    Oh, well, look, I’ll have to be honest. My community knows me. They know what I stand for. I’ve been out and about, and so I’ll be making sure that people know what I stand for. And I think, when they go into the ballot box, they’ll be making a considered choice and I hope they will vote for me.

    JAMES GLENDAY:    All right, Social Services Minister Amanda Rishworth, thank you for your time this morning and thank you for taking so many questions outside your portfolio area.

    AMANDA RISHWORTH:    Thank you.

    MIL OSI News

  • MIL-OSI: Finward Bancorp Announces Earnings for the Quarter and Twelve Months Ended December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    MUNSTER, Ind., Jan. 28, 2025 (GLOBE NEWSWIRE) — Finward Bancorp (Nasdaq: FNWD) (the “Bancorp”), the holding company for Peoples Bank (the “Bank”), today announced that net income available to common stockholders was $12.1 million, or $2.84 per diluted share, for the twelve months ended December 31, 2024, as compared to $8.4 million, or $1.96 per diluted share, for the corresponding prior year period. For the three months ended December 31, 2024, the Bancorp’s net income totaled $2.1 million, or $0.49 per diluted share, as compared to $606 thousand, or $0.14 per diluted share, for the three months ended September 30, 2024, and as compared to $1.5 million, or $0.35 per diluted share, for the three months ended December 31, 2023. Selected performance metrics are as follows for the periods presented:

    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
        2024   2024   2024   2024   2023   2024   2023
    Return on equity   5.39%   1.60%   0.39%   24.97%   4.92%   8.06%   6.28%
    Return on assets   0.41%   0.12%   0.03%   1.77%   0.29%   0.58%   0.40%
    Tax adjusted net interest margin (Non-GAAP)   2.79%   2.66%   2.67%   2.57%   2.80%   2.68%   2.98%
    Noninterest income / average assets   0.72%   0.55%   0.50%   2.57%   0.53%   1.09%   0.52%
    Noninterest expense / average assets   2.75%   2.80%   2.79%   2.86%   2.60%   2.80%   2.65%
    Efficiency ratio   87.20%   97.32%   98.56%   59.41%   87.49%   81.78%   84.58%
         

    “The Bank ended the year with continued improvement in its overall positioning and increased momentum for 2025,” said Benjamin Bochnowski, chief executive officer. “We improved regulatory capital throughout the year through balance sheet management and earnings and had the benefit of one-time income including our sale leaseback transaction early in the year and a gain on a long-held tax credit investment this past quarter. Net interest margin improved throughout 2024 as expected, based on our earning asset position and reduced funding costs driven by recent Federal Reserve interest rate policy,” he continued. “The Bank charged off a small number of commercial business loans in the 4th quarter, and management will continue to actively manage credit quality,” he concluded.  

    Highlights of the current period include:

    • Net Interest Margin – The net interest margin for the three months ended December 31, 2024, was 2.65%, compared to 2.51% for the three months ended September 30, 2024. The tax-adjusted net interest margin (a non-GAAP measure) for the three months ended December 31, 2024, was 2.79%, compared to 2.66% for the three months ended September 30, 2024. The net interest margin for the twelve months ended December 31, 2024, was 2.54%, compared to 2.83% for the twelve months ended December 31, 2023. The tax-adjusted net interest margin (a non-GAAP measure) for the twelve months ended December 31, 2024, was 2.68%, compared to 2.98% for the twelve months ended December 31, 2023. The increased net interest margin for the three months ended December 31, 2024 compared to September 30, 2024 is primarily the result of increased yields on the Bank’s loan portfolio, combined with reduced deposit and borrowing costs as a result of the Federal Reserve’s continued reduction of federal funds rates during the quarter. See Table 1 at the end of this press release for a reconciliation of the tax-adjusted net interest margin to the GAAP net interest margin.
    • Funding – As of December 31, 2024, deposits totaled $1.8 billion, an increase of $11.8 million or 0.7%, compared to September 30, 2024. As of December 31, 2024, non-interest-bearing deposits totaled $263.3 million, a decrease of $21.8 million or 7.7%, compared to September 30, 2024. Core deposits totaled $1.2 billion at both December 31, 2024, and September 30, 2024. Core deposits include checking, savings, and money market accounts and represented 68.2% of the Bancorp’s total deposits at December 31, 2024. As of December 31, 2024, balances for certificates of deposit totaled $560.3 million, compared to $562.2 million on September 30, 2024, a decrease of $2.0 million or 0.4%. The increase in total portfolio deposits is primarily related to cyclical flows and continued adjustments to deposit pricing. The decrease in non-interest-bearing deposits is primarily attributable to regular outflow of business-related checking deposits at year-end which tend to return in subsequent periods. In addition, as of December 31, 2024, borrowings and repurchase agreements totaled $105.0 million, a decrease of $22.9 million or 17.9%, compared to September 30, 2024. The decrease in short-term borrowings was the result of cyclical inflows and outflows of interest-earning assets and interest-bearing liabilities.

      As of December 31, 2024, 72% of our deposits are fully FDIC insured, and another 9% are further backed by the Indiana Public Deposit Insurance Fund. The Bancorp’s liquidity position remains strong with solid core deposit customer relationships, excess cash, debt securities, contractual loan repayments, and access to diversified borrowing sources. As of December 31, 2024, the Bancorp had available liquidity of $687 million including borrowing capacity from the FHLB and Federal Reserve facilities.

    • Securities Portfolio – Securities available for sale balances decreased by $16.5 million to $333.6 million as of December 31, 2024, compared to $350.0 million as of September 30, 2024.  The decrease in securities available for sale was due to a combination of portfolio runoff and an increase of accumulated other comprehensive loss (“AOCL”). AOCL was $58.1 million as of December 31, 2024, compared to $48.2 million on September 30, 2024, a decline of $9.8 million, or 20.4%. The yield on the securities portfolio decreased to 2.34% for the three months ended December 31, 2024, down from 2.37% for the three months ended September 30, 2024. Management did not execute any securities sale transactions during the quarter but will continue to monitor the securities portfolio for additional restructuring opportunities.
    • Lending – The Bank’s aggregate loan portfolio totaled $1.5 billion on both December 31, 2024, and September 30, 2024. During the three months ended December 31, 2024, the Bank originated $59.2 million in new commercial loans, compared to $70.4 million during the three months ended September 30, 2024, and $47.5 million during the three months ended December 31, 2023. The loan portfolio represents 79.3% of earning assets and is comprised of 63.0% commercial-related credits. At December 31, 2024, the Bancorp’s portfolio loan balances in commercial real estate owner occupied properties totaled $246.6 million or 16.3% of total loan balances and commercial real estate non-owner-occupied properties totaled $305.1 million or 20.2% of total loan balances. Of the $305.1 million in commercial real estate non-owner-occupied properties balances, loans collateralized by office buildings represented $38.5 million or 2.5% of total loan balances.
    • Gain on Sale of Loans – Gains from the sale of loans totaled $1.1 million for both the twelve months ended December 31, 2024, and 2023. During the twelve months ended December 31, 2024, the Bank originated $36.8 million in new fixed rate mortgage loans for sale, compared to $38.0 million during the twelve months ended December 31, 2023. During the twelve months ended December 31, 2024, the Bank originated $27.4 million in new 1-4 family loans retained in its portfolio, compared to $41.6 million during the twelve months ended December 31, 2023. Total 1-4 family originations for the quarter ended December 31, 2024, totaled $25.4 million, an increase of $5.3 million compared to $20.1 million for the quarter ended September 30, 2024. The retained loans are primarily construction loans and adjustable-rate loans with a fixed-rate period of 7 years or less. The Bank continues to sell longer-duration fixed rate mortgages into the secondary market.
    • Gain on Tax Credit Investment – During the three months ended December 31, 2024, the Bank successfully concluded a long term, non-controlling interest in a partnership established to facilitate tax credit investments. Upon the termination of the partnership, the Bank recognized a one-time gain of $1.2 million recognized through noninterest income. The proceeds from the dissolution of this tax credit investment will contribute to the Bank’s financial position, thereby supporting ongoing strategic initiatives and operational priorities.
    • Asset Quality – At December 31, 2024, non-performing loans totaled $13.7 million, compared to $13.8 million at September 30, 2024, a decrease of $68 thousand or 0.5%. The Bank’s ratio of non-performing loans to total loans was 0.91% at December 31, 2024, compared to 0.92% at September 30, 2024. The Bank’s ratio of non-performing assets to total assets was 0.74% at December 31, 2024, compared to 0.73% at September 30, 2024. Management maintains a vigilant oversight of nonperforming loans through proactive relationship management.

      The allowance for credit losses (ACL) on loans totaled $16.9 million at December 31, 2024, or 1.12% of total loans receivable, compared to $18.5 million at September 30, 2024, or 1.23% of total loans receivable, a decrease of $1.6 million or 8.7% and is considered adequate by management. The Bank’s unused commitment reserve, included in other liabilities, totaled $2.7 million at December 31, 2024, compared to $3.9 million at September 30, 2024, a decrease of $1.2 million or 30%.

      For the quarter ended December 31, 2024, the Bank recorded a net negative provision for credit loss expense totaling $579 thousand based on a decline in individually assessed loans balances, historical loss rate updates, migration of loan and unfunded commitment segment balances, and other factors within the Bank’s ACL modeling. The fourth quarter’s provision expense consisted of a $597 thousand provision for credit losses on loans, and a $1.2 million reversal of provision for credit losses on unused commitments. The decrease in the Bank’s unused commitment reserve was primarily due to reduced unused commitment balances and other factors. For the quarter ended December 31, 2024, net charge-offs, totaled $2.2 million. Most of these charge-offs involved a small number of commercial or multifamily-related loans which were previously monitored and had specific allocations toward individual impairment or contributed to higher expected loss rates within the Bank’s prior ACL balance. For the quarter ended September 30, 2024, the Bank recorded no provision expense and recoveries, net of charge-offs, totaled $186 thousand. The ACL as a percentage of non-performing loans, or coverage ratio, was 123.1% at December 31, 2024 compared to 134.1% at September 30, 2024.

    • Operating Expenses  Non-interest expense as a percentage of average assets was 2.75% for the quarter ended December 31, 2024, as compared to 2.80% for the quarter ended September 30, 2024. Decreases in non-interest expenses quarter over quarter were primarily attributable to reduced compensation and benefit expenses, and lower occupancy and equipment expenses. The Bank remains focused on identifying additional operating efficiencies and third-party expense reductions. Compensation and benefits expense is up 0.3% for the twelve months ended December 31, 2024, compared to December 31, 2023.
    • Capital Adequacy  As of December 31, 2024, the Bank’s tier 1 capital to adjusted average assets ratio was 8.46%, an improvement of 0.08% compared to 8.38% at September 30, 2024. The Bank’s capital continues to exceed all applicable regulatory capital requirements as set forth in 12 C.F.R. § 324. The Bancorp’s tangible book value per share was $29.48 at December 31, 2024, down from $31.28 as of September 30, 2024 (a non-GAAP measure). Tangible common equity to total assets was 6.17% at December 31, 2024, down from 6.51% as of September 30, 2024 (a non-GAAP measure). Excluding accumulated other comprehensive losses, tangible book value per share increased to $42.94 as of December 31, 2024, from $42.47 as of September 30, 2024 (a non-GAAP measure). See Table 1 at the end of this press release for a reconciliation of the tangible book value per share, tangible book value per share adjusted for other accumulated comprehensive losses, tangible common equity as a percentage of total assets, and tangible common equity as a percentage of total assets adjusted for accumulated other comprehensive losses to the related GAAP ratios.

    Disclosures Regarding Non-GAAP Financial Measures
    Reported amounts are presented in accordance with GAAP. In this press release, the Bancorp also provides certain financial measures identified as non-GAAP. The Bancorp’s management believes that the non-GAAP information, which consists of tangible common equity, tangible common equity adjusted for accumulated other comprehensive losses, tangible book value per share, tangible book value per share adjusted for accumulated other comprehensive losses, tangible common equity/total assets, tax-adjusted net interest margin, and efficiency ratio, which can vary from period to period, provides a better comparison of period to period operating performance. The adjusted net interest income and tax-adjusted net interest margin measures recognize the income tax savings when comparing taxable and tax-exempt assets. Interest income and yields on tax-exempt securities and loans are presented using the current federal income tax rate of 21%. Management believes that it is standard practice in the banking industry to present net interest income and net interest margin on a fully tax-equivalent basis and that it may enhance comparability for peer comparison purposes. Additionally, the Bancorp believes this information is utilized by regulators and market analysts to evaluate a company’s financial condition and, therefore, such information is useful to investors. These disclosures should not be viewed as a substitute for financial results in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies. Refer to Table 1 – Reconciliation of Non-GAAP Financial Measures at the end of this document for a reconciliation of the non-GAAP measures identified herein and their most comparable GAAP measures.   

    About Finward Bancorp
    Finward Bancorp is a locally managed and independent financial holding company headquartered in Munster, Indiana, whose activities are primarily limited to holding the stock of Peoples Bank. Peoples Bank provides a wide range of personal, business, electronic and wealth management financial services from its 26 locations in Lake and Porter Counties in Northwest Indiana and Chicagoland. Finward Bancorp’s common stock is quoted on The NASDAQ Stock Market, LLC under the symbol FNWD. The website ibankpeoples.com provides information on Peoples Bank’s products and services, and Finward Bancorp’s investor relations.

    Forward Looking Statements
    This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of the Bancorp. For these statements, the Bancorp claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this communication should be considered in conjunction with the other information available about the Bancorp, including the information in the filings the Bancorp makes with the SEC. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. Forward-looking statements are typically identified by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance.

    Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include: the Bank’s ability to demonstrate compliance with the terms of the previously disclosed consent order and memorandum of understanding entered into between the Bank and the Federal Deposit Insurance Corporation (“FDIC”) and Indiana Department of Financial Institutions (“DFI”), or to demonstrate compliance to the satisfaction of the FDIC and/or DFI within prescribed time frames; the Bank’s agreement under the memorandum of understanding to refrain from paying cash dividends without prior regulatory approval; changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates, market liquidity, and capital markets, as well as the magnitude of such changes, which may reduce net interest margins; the aggregate effects of inflation experienced in recent years; further deterioration in the market value of securities held in the Bancorp’s investment securities portfolio, whether as a result of macroeconomic factors or otherwise; customer acceptance of the Bancorp’s products and services; customer borrowing, repayment, investment, and deposit practices; customer disintermediation; the introduction, withdrawal, success, and timing of business initiatives; competitive conditions; the inability to realize cost savings or revenues or to implement integration plans and other consequences associated with mergers, acquisitions, and divestitures; economic conditions; and the impact, extent, and timing of technological changes, capital management activities, regulatory actions by the Federal Deposit Insurance Corporation and Indiana Department of Financial Institutions, and other actions of the Federal Reserve Board and legislative and regulatory actions and reforms. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Bancorp’s reports (such as the Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K) filed with the SEC and available at the SEC’s Internet website (www.sec.gov). All subsequent written and oral forward-looking statements concerning matters attributable to the Bancorp or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. Except as required by law, The Bancorp does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statement is made.

    In addition to the above factors, we also caution that the actual amounts and timing of any future common stock dividends or share repurchases will be subject to various factors, including our capital position, financial performance, capital impacts of strategic initiatives, market conditions, and regulatory and accounting considerations, as well as any other factors that our Board of Directors deems relevant in making such a determination. Therefore, there can be no assurance that we will repurchase shares or pay any dividends to holders of our common stock, or as to the amount of any such repurchases or dividends.

    Finward Bancorp
    Quarterly Financial Report
                                 
    Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Return on equity     5.39 %     1.60 %     0.39 %     24.97 %     4.92 %     8.06 %     6.28 %
    Return on assets     0.41 %     0.12 %     0.03 %     1.77 %     0.29 %     0.58 %     0.40 %
    Yield on loans     5.27 %     5.22 %     5.11 %     5.02 %     5.09 %     5.15 %     4.92 %
    Yield on security investments     2.34 %     2.37 %     2.43 %     2.37 %     2.57 %     2.38 %     2.43 %
    Total yield on earning assets     4.74 %     4.70 %     4.64 %     4.52 %     4.64 %     4.67 %     4.45 %
    Cost of interest-bearing deposits     2.41 %     2.47 %     2.37 %     2.36 %     2.22 %     2.40 %     1.74 %
    Cost of repurchase agreements     3.65 %     4.04 %     3.86 %     3.88 %     3.78 %     3.85 %     3.64 %
    Cost of borrowed funds     4.31 %     4.56 %     4.95 %     4.62 %     4.41 %     4.62 %     4.55 %
    Total cost of interest-bearing liabilities     2.53 %     2.63 %     2.55 %     2.53 %     2.38 %     2.56 %     1.96 %
    Tax adjusted net interest margin (Non-GAAP)     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Noninterest income / average assets     0.72 %     0.55 %     0.50 %     2.57 %     0.53 %     1.09 %     0.52 %
    Noninterest expense / average assets     2.75 %     2.80 %     2.79 %     2.86 %     2.60 %     2.80 %     2.65 %
    Net noninterest margin / average assets     -2.03 %     -2.24 %     -2.29 %     -0.29 %     -2.08 %     -1.71 %     -2.14 %
    Efficiency ratio     87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
    Effective tax rate     21.30 %     -51.88 %     -6.72 %     9.48 %     -30.85 %     9.85 %     -4.16 %
                                 
    Non-performing assets to total assets     0.74 %     0.73 %     0.61 %     0.64 %     0.61 %     0.74 %     0.61 %
    Non-performing loans to total loans     0.91 %     0.92 %     0.75 %     0.78 %     0.76 %     0.91 %     0.76 %
    Allowance for credit losses to non-performing loans   123.10 %     134.12 %     161.17 %     159.12 %     163.90 %     123.10 %     163.90 %
    Allowance for credit losses to loans receivable     1.12 %     1.23 %     1.22 %     1.25 %     1.24 %     1.12 %     1.24 %
    Foreclosed real estate to total assets     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %     0.00 %
                                 
    Basic earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36     $ 2.85     $ 1.96  
    Diluted earnings per share   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35     $ 2.84     $ 1.96  
    Stockholders’ equity / total assets     7.35 %     7.69 %     7.16 %     7.32 %     6.99 %     7.35 %     6.99 %
    Book value per share   $ 35.10     $ 36.99     $ 34.45     $ 35.17     $ 34.28     $ 35.10     $ 34.28  
    Closing stock price   $ 28.11     $ 31.98     $ 24.52     $ 24.60     $ 25.24     $ 28.11     $ 25.24  
    Price to earnings per share ratio     14.25       56.21       182.60       2.82       17.77       9.87       12.87  
    Dividends declared per common share   $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.12     $ 0.48     $ 1.05  
                                 
    Bank Level Capital                            
    Common equity tier 1 capital to risk-weighted assets   11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Tier 1 capital to risk-weighted assets     11.32 %     11.10 %     10.94 %     10.89 %     10.43 %     11.32 %     10.43 %
    Total capital to risk-weighted assets     12.26 %     12.14 %     11.95 %     11.92 %     11.36 %     12.26 %     11.36 %
    Tier 1 capital to adjusted average assets     8.46 %     8.38 %     8.32 %     8.24 %     7.78 %     8.46 %     7.78 %
                                 
                                 
    Non-GAAP Performance Ratios   Quarter ended,   Twelve months ended,
        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
          2024       2024       2024       2024       2023       2024       2023  
    Net interest margin – tax equivalent     2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
    Tangible book value per diluted share   $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
    Tangible book value per diluted share adjusted for AOCL   $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
    Tangible common equity to total assets     6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
    Tangible common equity to total assets adjusted for AOCL     8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                                 
    (1) Tax adjusted net interest margin represents a non-GAAP financial measure. See the non-GAAP reconciliation table section captioned “Non-GAAP Financial Measures” for further disclosure regarding non-GAAP financial measures
    Quarter Ended                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average
    Balance
      Interest   Rate (%)   Average
    Balance
      Interest   Rate (%)
    ASSETS                      
    Interest bearing deposits in other financial institutions $ 50,271     $ 650   5.17   $ 54,084     $ 665   4.92
    Federal funds sold   891       9   4.04     682       9   5.28
    Securities available-for-sale   343,411       2,011   2.34     342,451       2,031   2.37
    Loans receivable   1,504,233       19,802   5.27     1,506,967       19,660   5.22
    Federal Home Loan Bank stock   6,547       123   7.51     6,547       107   6.54
    Total interest earning assets   1,905,353     $ 22,595   4.74     1,910,731     $ 22,472   4.70
    Cash and non-interest bearing deposits in other financial institutions   27,360               22,478          
    Allowance for credit losses   (18,110 )             (18,482 )        
    Other noninterest bearing assets   154,707               155,997          
    Total assets $ 2,069,310             $ 2,070,724          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,465,198     $ 8,811   2.41   $ 1,451,414     $ 8,946   2.47
    Repurchase agreements   43,372       396   3.65     43,074       435   4.04
    Borrowed funds   72,536       781   4.31     95,224       1,085   4.56
    Total interest bearing liabilities   1,581,106     $ 9,988   2.53     1,589,712     $ 10,466   2.63
    Non-interest bearing deposits   289,467               287,507          
    Other noninterest bearing liabilities   42,944               41,696          
    Total liabilities   1,913,517               1,918,915          
    Total stockholders’ equity   155,793               151,809          
    Total liabilities and stockholders’ equity $ 2,069,310             $ 2,070,724          
                           
    Net interest income     $ 12,607           $ 12,006    
    Return on average assets   0.41 %             0.12 %        
    Return on average equity   5.39 %             1.60 %        
    Net interest margin (average earning assets)   2.65 %               2.51 %        
    Net interest margin (average earning assets) – tax equivalent   2.79 %             2.66 %        
    Net interest spread   2.21 %             2.07 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.21 x           1.20 x        
                           
                           
    Year-to-Date                      
    (Dollars in thousands) Average Balances, Interest, and Rates
    (unaudited) December 31, 2024   September 30, 2024
      Average Balance   Interest   Rate (%)   Average Balance   Interest   Rate (%)
    ASSETS     `                
    Interest bearing deposits in other financial institutions $ 51,202     $ 2,967   5.79   $ 61,107     $ 2,317   5.06
    Federal funds sold   912       38   4.17     919       29   4.21
    Securities available-for-sale   347,048       8,250   2.38     348,269       6,239   2.39
    Loans receivable   1,504,206       77,515   5.15     1,504,197       57,713   5.12
    Federal Home Loan Bank stock   6,547       408   6.23     6,547       285   5.80
    Total interest earning assets   1,909,915     $ 89,178   4.67     1,921,039     $ 66,583   4.62
    Cash and non-interest bearing deposits in other financial institutions   28,730               19,598          
    Allowance for credit losses   (18,529 )             (18,670 )        
    Other noninterest bearing assets   155,251               155,433          
    Total assets $ 2,075,367             $ 2,077,400          
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                      
    Interest-bearing deposits $ 1,462,039     $ 35,161   2.40   $ 1,464,682     $ 26,350   2.40
    Repurchase agreements   41,506       1,600   3.85     40,879       1,204   3.93
    Borrowed funds   85,927       3,970   4.62     90,423       3,189   4.70
    Total interest bearing liabilities   1,589,472     $ 40,731   2.56     1,595,984     $ 30,743   2.57
    Non-interest bearing deposits   293,508               291,161          
    Other noninterest bearing liabilities   41,893               41,540          
    Total liabilities   1,924,873               1,928,685          
    Total stockholders’ equity   150,494               148,715          
    Total liabilities and stockholders’ equity $ 2,075,367             $ 2,077,400          
                           
    Net interest income     $ 48,447           $ 35,840    
    Return on average assets   0.58 %             0.64 %        
    Return on average equity   8.06 %             4.50 %        
    Net interest margin (average earning assets)   2.54 %               2.49 %        
    Net interest margin (average earning assets) – tax equivalent   2.68 %             2.63 %        
    Net interest spread   2.11 %             2.05 %        
    Ratio of interest-earning assets to interest-bearing liabilities 1.20 x           1.20 x        
                           
    Finward Bancorp
    Quarterly Financial Report
                           
    Balance Sheet Data                    
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
          December 31,   September 30,   June 30,   March 31,   December 31,
            2024       2024       2024       2024       2023  
    ASSETS                    
                         
    Cash and non-interest bearing deposits in other financial institutions   $ 17,883     $ 23,071     $ 19,061     $ 16,418     $ 17,942  
    Interest bearing deposits in other financial institutions     52,047       48,025       63,439       54,755       67,647  
    Federal funds sold     654       553       707       607       419  
                           
    Total cash and cash equivalents     70,584       71,649       83,207       71,780       86,008  
                           
    Securities available-for-sale     333,554       350,027       339,585       346,233       371,374  
    Loans held-for-sale     1,253       2,567       1,185       667       340  
    Loans receivable, net of deferred fees and costs     1,508,976       1,508,242       1,506,398       1,508,251       1,512,595  
    Less: allowance for credit losses     (16,911 )     (18,516 )     (18,330 )     (18,805 )     (18,768 )
    Net loans receivable     1,492,065       1,489,726       1,488,068       1,489,446       1,493,827  
    Federal Home Loan Bank stock     6,547       6,547       6,547       6,547       6,547  
    Accrued interest receivable     7,721       7,442       7,695       7,583       8,045  
    Premises and equipment     47,259       47,912       48,696       47,795       38,436  
    Foreclosed real estate                       71       71  
    Cash value of bank owned life insurance     33,514       33,312       33,107       32,895       32,702  
    Goodwill     22,395       22,395       22,395       22,395       22,395  
    Other intangible assets     1,860       2,203       2,555       2,911       3,272  
    Other assets     43,947       40,882       44,027       43,459       45,262  
                           
    Total assets   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    LIABILITIES AND STOCKHOLDERS’ EQUITY                    
                           
    Deposits:                    
    Non-interest bearing   $ 263,324     $ 285,157     $ 286,784     $ 296,959     $ 295,594  
    Interest bearing     1,497,242       1,463,653       1,469,970       1,450,519       1,517,827  
    Total     1,760,566       1,748,810       1,756,754       1,747,478       1,813,421  
    Repurchase agreements     40,116       43,038       42,973       41,137       38,124  
    Borrowed funds     65,000       85,000       85,000       90,000       80,000  
    Accrued expenses and other liabilities     43,603       38,259       43,709       41,586       29,389  
                           
    Total liabilities     1,909,285       1,915,107       1,928,436       1,920,201       1,960,934  
                           
    Commitments and contingencies                    
                           
    Stockholders’ Equity:                    
                           
                         
    Preferred stock, no par or stated value; 10,000,000 shares authorized, none outstanding                               
    Common stock, no par or stated value; 10,000,000 shares authorized; shares issued and outstanding: December 31, 2024 – 4,313,698 December 31, 2023 – 4,298,773                              
                           
                           
    Additional paid-in capital     70,034       69,916       69,778       69,727       69,555  
    Accumulated other comprehensive loss     (58,084 )     (48,241 )     (58,939 )     (56,313 )     (51,613 )
    Retained earnings     139,464       137,880       137,792       138,167       129,403  
                           
    Total stockholders’ equity     151,414       159,555       148,631       151,581       147,345  
                           
    Total liabilities and stockholders’ equity   $ 2,060,699     $ 2,074,662     $ 2,077,067     $ 2,071,782     $ 2,108,279  
                           
    Finward Bancorp
    Quarterly Financial Report
                                   
    Consolidated Statements of Income   Quarter Ended,     Twelve months ended,
    (Dollars in thousands)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)     (Unaudited)   (Unaudited)
        December 31,   September 30,   June 30,   March 31,   December 31,     December 31,   December 31,
          2024       2024       2024       2024       2023         2024       2023  
    Interest income:                              
    Loans   $ 19,802     $ 19,660     $ 19,174     $ 18,879     $ 19,281       $ 77,515     $ 74,762  
    Securities & short-term investments     2,793       2,812       2,953       3,105       2,975         11,663       11,021  
    Total interest income     22,595       22,472       22,127       21,984       22,256         89,178       85,783  
    Interest expense:                              
    Deposits     8,812       8,946       8,610       8,794       8,180         35,162       25,438  
    Borrowings     1,176       1,520       1,463       1,410       1,361         5,569       5,790  
    Total interest expense     9,988       10,466       10,073       10,204       9,541         40,731       31,228  
    Net interest income     12,607       12,006       12,054       11,780       12,715         48,447       54,555  
    Provision/(benefit) for credit losses     (579 )           76             779         (503 )     2,025  
    Net interest income after provision for credit losses     13,186       12,006       11,978       11,780       11,936         48,950       52,530  
    Noninterest income:                              
    Fees and service charges     1,439       1,463       1,257       1,153       1,507         5,312       6,024  
    Wealth management operations     728       731       763       633       672         2,855       2,484  
    Gain on tax credit investment     1,236                                 1,236        
    Gain on sale of loans held-for-sale, net     328       338       320       152       352         1,138       1,081  
    Increase in cash value of bank owned life insurance   202       205       212       193       193         812       766  
    Gain (Loss) on real estate     (212 )           15       11,858               11,661        
    Loss on sale of securities, net                       (531 )             (531 )     (48 )
    Other     11       130       6       17       11         164       439  
    Total noninterest income     3,732       2,867       2,573       13,475       2,735         22,647       10,746  
    Noninterest expense:                              
    Compensation and benefits     6,628       6,963       7,037       7,109       6,290         27,737       27,655  
    Occupancy and equipment     2,045       2,181       2,116       1,908       1,484         8,250       6,382  
    Data processing     1,202       1,165       1,135       1,170       1,269         4,672       4,734  
    Federal deposit insurance premiums     457       435       397       501       492         1,790       2,003  
    Marketing     220       209       212       158       191         799       840  
    Professional and Outside Services     1,341       1,251       1,257       1,557       1,420         5,406       4,279  
    Technology     509       602       507       625       374         2,243       1,654  
    Other     1,845       1,668       1,756       1,976       1,997         7,245       7,684  
    Total noninterest expense     14,247       14,474       14,417       15,004       13,517         58,142       55,231  
    Income before income taxes     2,671       399       134       10,251       1,154         13,455       8,045  
    Income tax expenses (benefit)     569       (207 )     (9 )     972       (356 )       1,325       (335 )
    Net income   $ 2,102     $ 606     $ 143     $ 9,279     $ 1,510       $ 12,130     $ 8,380  
                                   
    Earnings per common share:                              
    Basic   $ 0.49     $ 0.14     $ 0.03     $ 2.18     $ 0.36       $ 2.85     $ 1.96  
    Diluted   $ 0.49     $ 0.14     $ 0.03     $ 2.17     $ 0.35       $ 2.84     $ 1.96  
                                   
    Finward Bancorp
    Quarterly Financial Report
                               
    Asset Quality   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
    (Dollars in thousands)   December 31,   September 30, June 30,   March 31,   December 31,
                2024       2024       2024     2024       2023  
    Nonaccruing loans   $ 13,738     $ 13,806     $ 11,079   $ 11,603     $ 9,608  
    Accruing loans delinquent more than 90 days                 294     215       1,843  
    Securities in non-accrual     1,419       1,440       1,371     1,442       1,357  
    Foreclosed real estate                     71       71  
      Total nonperforming assets   $ 15,157     $ 15,246     $ 12,744   $ 13,331     $ 12,879  
                               
    Allowance for credit losses (ACL):                    
      ACL specific allowances for collateral dependent loans   $ 284     $ 1,821     $ 1,327   $ 1,455     $ 906  
      ACL general allowances for loan portfolio     16,627       16,695       17,003     17,351       17,862  
        Total ACL   $ 16,911     $ 18,516     $ 18,330   $ 18,806     $ 18,768  
                               
    Bank Level Capital                   Minimum Required To Be
    (Dollars in thousands)           Minimum Required For   Well Capitalized Under Prompt
        Actual   Capital Adequacy Purposes   Corrective Action Regulations
    December 31, 2024   Amount   Ratio   Amount   Ratio   Amount   Ratio
    Common equity tier 1 capital to risk-weighted assets   $179,625   11.32%   $71,415   4.50%   $103,154   6.50%
    Tier 1 capital to risk-weighted assets   $179,625   11.32%   $95,219   6.00%   $126,959   8.00%
    Total capital to risk-weighted assets   $194,500   12.26%   $126,959   8.00%   $158,699   10.00%
    Tier 1 capital to adjusted average assets   $179,625   8.46%   $84,854   4.00%   $106,068   5.00%
                             
    Table 1 – Reconciliation of the Non-GAAP Performance Measures             
                               
    (Dollars in thousands) Quarter Ended,   Twelve months ended,
    (unaudited) December 31, 2024   September 30, 2024 June 30, 2024   March 31, 2024   December 31, 2023   December 31, 2024   December 31, 2023
    Calculation of tangible common equity
    Total stockholder’s equity $ 151,414     $ 159,555     $ 148,631     $ 151,581     $ 147,345     $ 151,414     $ 147,345  
    Goodwill   (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )     (22,395 )
    Other intangibles   (1,860 )     (2,203 )     (2,555 )     (2,911 )     (3,272 )     (1,860 )     (3,272 )
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
                               
    Calculation of tangible common equity adjusted for accumulated other comprehensive loss
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Accumulated other comprehensive loss   58,084       48,241       58,939       56,313       51,613       58,084       51,613  
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
                               
    Calculation of tangible book value per share
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share $ 29.48     $ 31.28     $ 28.67     $ 29.30     $ 28.31     $ 29.48     $ 28.31  
                               
    Calculation of tangible book value per diluted share adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Diluted average common shares outstanding   4,313,698       4,313,940       4,313,940       4,310,251       4,298,773       4,313,698       4,298,773  
    Tangible book value per diluted share adjusted for accumulated other comprehensive loss $ 42.94     $ 42.47     $ 42.33     $ 42.36     $ 40.31     $ 42.94     $ 40.31  
                               
    Calculation of tangible common equity to total assets
    Tangible common equity $ 127,159     $ 134,957     $ 123,681     $ 126,275     $ 121,678     $ 127,159     $ 121,678  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets   6.17 %     6.51 %     5.95 %     6.09 %     5.77 %     6.17 %     5.77 %
                               
    Calculation of tangible common equity to total assets adjusted for accumulated other comprehensive loss
    Tangible common equity adjusted for accumulated other comprehensive loss $ 185,243     $ 183,198     $ 182,620     $ 182,588     $ 173,291     $ 185,243     $ 173,291  
    Total assets   2,060,699       2,074,662       2,077,067       2,071,782       2,108,279       2,060,699       2,108,279  
    Tangible common equity to total assets adjusted for accumulated other comprehensive loss   8.99 %     8.83 %     8.79 %     8.81 %     8.22 %     8.99 %     8.22 %
                               
    Calculation of tax adjusted net interest margin
    Net interest income $ 12,607     $ 12,006     $ 12,054     $ 11,780     $ 12,715     $ 48,447     $ 54,555  
    Tax adjusted interest on securities and loans   674       678       677       699       722       2,728       2,956  
    Adjusted net interest income $ 13,281       12,684       12,731       12,749     $ 13,437     $ 51,175     $ 57,511  
    Total average earning assets   1,905,353       1,910,731       1,906,998       1,945,501       1,920,127       1,909,915       1,927,455  
    Tax adjusted net interest margin   2.79 %     2.66 %     2.67 %     2.57 %     2.80 %     2.68 %     2.98 %
                               
    Efficiency ratio
    Total non-interest expense $ 14,247     $ 14,474     $ 14,417     $ 15,004     $ 13,517     $ 58,142     $ 55,232  
    Total revenue   16,339       14,873       14,627       25,255       15,450       71,094       65,301  
    Efficiency ratio   87.20 %     97.32 %     98.56 %     59.41 %     87.49 %     81.78 %     84.58 %
                               
    FOR FURTHER INFORMATION
    CONTACT SHAREHOLDER SERVICES
    (219) 853-7575

    The MIL Network

  • MIL-OSI: Transocean Ltd. Announces Fourth Quarter, Full Year 2024 Earnings Release Date

    Source: GlobeNewswire (MIL-OSI)

    STEINHAUSEN, Switzerland, Jan. 28, 2025 (GLOBE NEWSWIRE) — Transocean Ltd. (NYSE: RIG) announced today that it will report earnings for the fourth quarter and full year 2024 on Monday, February 17, 2025.

    The company will conduct a teleconference to discuss the results starting at 9 a.m. EST, 3 p.m. CET, on Tuesday, February 18, 2025. Individuals who wish to participate should dial +1 785-424-1116 approximately 15 minutes prior to the scheduled start time and refer to conference code 540196.

    The teleconference will be simulcast in a listen-only mode at: www.deepwater.com, by selecting Investors, News, and Webcasts. A replay of the conference call will be available after 12 p.m. EST, 6 p.m. CET, on February 18, 2025. The replay, which will be archived for approximately 30 days, can be accessed at +1 402-220-1152, passcode 540196. The replay also will be available on the company’s website.

    About Transocean

    Transocean is a leading international provider of offshore contract drilling services for oil and gas wells. The company specializes in technically demanding sectors of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services and operates the highest specification floating offshore drilling fleet in the world.

    Transocean owns or has partial ownership interests in and operates a fleet of 34 mobile offshore drilling units, consisting of 26 ultra-deepwater floaters and eight harsh environment floaters.

    For more information about Transocean, please visit: www.deepwater.com.

    Analyst Contact:
    Alison Johnson
    +1 713-232-7214

    Media Contact:
    Pam Easton
    +1 713-232-7647

    The MIL Network

  • MIL-OSI: Mawer Selected as One of Alberta’s Top Employers

    Source: GlobeNewswire (MIL-OSI)

    CALGARY, Alberta, Jan. 28, 2025 (GLOBE NEWSWIRE) — For the third consecutive year, Mawer Investment Management Ltd. has been named as one of Alberta’s Top Employers for 2025, an annual competition organized by the editors of Canada’s Top 100 Employers. This is a recognition given to only 85 organizations across the province that lead their industries in offering exceptional places to work.

    “Securing a spot among Alberta’s Top Employers for the third year in a row is truly an honour,” says Audra Campbell, Head of Human Resources. “This accomplishment reflects our continued commitment to creating a great workplace, built on a strong culture and made possible by the dedication and teamwork of everyone at our firm.”

    Mawer provides a well-rounded benefits package that prioritizes health and mental wellness, including an annual $5,000 learning stipend to support professional growth. Our flexible hybrid work model, enhanced parental leave, and strong commitment to community involvement further reflect our values. Through our employee matching program, we match up to $3,000 in donations, fundraising efforts, or volunteer hours contributed to registered charities, empowering our team to make a meaningful impact.

    More information about career opportunities at Mawer can be found at https://www.mawer.com/careers/.

    About Mawer Investment Management Ltd.
    Founded in 1974, Mawer is an independent investment firm managing portfolios for a broad range of foundations and not-for-profit organizations, pension plans, strategic alliances, and individual investors. For more information, visit Mawer at www.mawer.com.

    About Canada’s Top 100 Employers
    Founded in 1992, Mediacorp Canada Inc. is the nation’s largest publisher of employment periodicals. Since 1999, the Toronto-based publisher has managed the Canada’s Top 100 Employers project, which includes 19 regional and special-interest editorial competitions that reach millions of Canadians annually through a variety of magazine and newspaper partners, including The Globe and Mail. Mediacorp also operates Eluta.ca, one of Canada’s largest job search engines, used by millions of job seekers annually to find new job postings and discover what the nation’s best employers are offering. 

    For media inquiries, please contact:
    Joanna Crozier
    Head of Marketing and Communications
    +1 (403) 267-1964
    jcrozier@mawer.com

    The MIL Network

  • MIL-OSI Security: Former Minneapolis Mayoral Aide and Safari Restaurant Co-Owner Both Plead Guilty in $250 Million Feeding Our Future Fraud Scheme

    Source: Office of United States Attorneys

    MINNEAPOLIS –Two more defendants pleaded guilty for their roles in the $250 million fraud scheme that exploited a federally-funded child nutrition program during the COVID-19 pandemic, announced Acting U.S. Attorney Lisa D. Kirkpatrick.

    According to court documents, from approximately April 2020 through January 2022, Abdulkadir Nur Salah, 38, of Columbia Heights, Minnesota, and Abdi Nur Salah, 37, of St. Paul, Minnesota, knowingly participated in a scheme to defraud a federal child nutrition program designed to provide free meals to children in need. The co-conspirators obtained, misappropriated, and laundered millions of dollars in program funds that were intended as reimbursements for the cost of serving meals to children. The defendants exploited changes in the program intended to ensure underserved children received adequate nutrition during the Covid-19 pandemic. Rather than feed children, the defendants took advantage of the Covid-19 pandemic—and the resulting program changes—to enrich themselves by fraudulently misappropriating millions of dollars in federal child nutrition program funds.

    According to court documents, Abdulkadir Nur Salah was co-owner and operator of Safari Restaurant, a site that received more than $16 million in fraudulent Federal Child Nutrition Program funds. Abdi Nur Salah registered Stigma-Free International, a non-profit entity used to carry out the fraud scheme with sites throughout Minnesota, including in Willmar, Mankato, St. Cloud, Waite Park, and St. Paul. Abdi Salah also worked for the City of Minneapolis as a Senior Policy Aide to the Mayor. 

    As part of their plea agreement entered today, each defendant agreed that a variety of assets and money were derived specifically from their fraud scheme and are thus subject to forfeiture to the United States. For Abdulkadir Salah that includes: $309,993.51 seized from Bell Bank account for Cosmopolitan Business Solutions d/b/a Safari Restaurant; $435,512.44 seized from Bell Bank account for 3017 LLC; $472,889.08 seized from Northeast Bank account for 3017 LLC; real estate property located at 2722 Park Avenue South, Minneapolis, Minnesota. For Abdi Salah, that includes $343,418.98 seized from Star Choice Credit Union account for Stone Bridge Development, LLC; real estate properties located at 8432 Noble Avenue, North Brooklyn Park, Minnesota (known previously as Kelly’s 19th Hole) and 2529 12th Avenue South, Minneapolis, Minnesota. 

    Both pleaded guilty today in U.S. District Court before Chief Judge Patrick J. Schiltz. Their sentencing hearings will be scheduled at a later date.

    The case is the result of an investigation by the FBI, IRS – Criminal Investigations, and the U.S. Postal Inspection Service.

    Assistant U.S. Attorneys for the District of Minnesota Joseph H. Thompson, Harry M. Jacobs, Matthew S. Ebert, and Daniel W. Bobier are prosecuting the case. Assistant U.S. Attorney Craig Baune is handling the seizure and forfeiture of assets.
     

    MIL Security OSI

  • MIL-OSI: First Central Savings Bank Reports Fourth Quarter 2024 net income of $2.0 million ($0.19 EPS), Significant Non-Interest Income Growth Quarter over Quarter, and Special Cash Dividend of $0.15 per share

    Source: GlobeNewswire (MIL-OSI)

    Performance Highlights

    • Net Income: Net income for the quarter ended December 31, 2024, was $2.0 million or $0.19 per share, compared to $919 thousand or $0.09 per share, recorded in the prior linked quarter and $1.3 million or $0.12 per share, in the comparable 2023 quarter.
    • Cash Net Income: Cash net income for the quarter ended December 31, 2024, was $2.2 million or $0.21 per share, compared to $1.9 million or $0.18 per share, recorded in the prior quarter and $1.5 million or $0.14 per share, in the comparable 2023 quarter
    • Significant Non-Interest Income Growth: Due to an increase in loan sale volume and loan sale premiums received for the quarter ended December 31, 2024, non-interest income increased by $1.0 million or 53.4% from the prior linked quarter and were up $1.5 million or 106.6% from the prior year quarter.
    • Net Interest Income: The Bank recorded net interest income of $6.9 million for the quarter ended December 31, 2024, compared to $6.8 million in the prior linked quarter and $6.8 million in the comparable 2023 quarter.
    • Net Interest Margin: The Bank’s net interest margin increased during the quarter ended December 31, 2024, to 2.88% from 2.80% in the quarter ended September 30, 2024.
    • Financial Performance Metrics: Return on average assets and average stockholders’ equity were 0.82% and 9.08%, respectively, for the quarter ended December 31, 2024, compared to 0.37% and 4.22% on linked quarter basis.
    • Regulatory Capital: The Bank’s Tier 1 capital ratio was 9.36% and the Total Risk based capital ratio was 14.67% at December 31, 2024, each above the regulatory minimum for a well-capitalized institution.
    • Special Cash Dividend: The Bank declared a special cash dividend of $0.15 per share to the Bank’s shareholders.
    • Strong and Stable Liquidity: The Uninsured deposits base remains stable at 18.15% of total deposits. The Bank has significant available funding capacity to provide 236.2% coverage of our uninsured deposits.

    GLEN COVE, N.Y., Jan. 28, 2025 (GLOBE NEWSWIRE) — Joseph Pistilli, Chairman of the Board, of First Central Savings Bank (“FCSB”, “the Bank”) today reported continued performance achievements for the quarter ended December 31, 2024.

    Cash and GAAP Basis Earnings

    The Bank’s cash earnings were $2.2 million, or $0.21 per share, for the quarter ended December 31, 2024, which represents an increase of $325 thousand, or 17.2%, on a linked quarter basis and an increase of $766 thousand, or 52.8%, from the prior year quarter ended December 31, 2023.

    On a GAAP basis, net income for the quarter ended December 31, 2024, was $2.0 million, or $0.19 per share, compared with net income of $919 thousand, or $0.09, from the prior linked quarter basis and net income of $1.3 million, or $0.12 per share, for the quarter ended December 31, 2023.

    Joseph Pistilli, Chairman of the Board noted, “In the fourth quarter of 2024, First Central continued to build shareholder value by generating strong earnings, primarily due to gains on non-conforming residential loan sales. In addition, we increased our book value from $7.88 per share at December 31, 2023, to $8.20 at December 31, 2024. Due to strong earnings and capital, I am pleased to report that in December 2024 we have once again declared a special cash dividend of $0.15 per share to our shareholders, up from $0.10 per share in the prior year period. We are cautiously optimistic about the credit quality of our loan portfolio, as it relates to the commercial loan sector, specifically to office space and multi-family lending, however, our exposure to this type of lending is limited. I am extremely proud of the management team and the Board of Directors that we have assembled at the Bank and the expertise they have in managing net interest income and asset quality during the current market conditions.”

    Paul Hagan, President and Chief Operating Officer, reflected on the Bank’s results, “During the quarter ended December 31, 2024, additional overnight rate cuts from the Federal Reserve enabled the Bank to expand its net interest income and margin. The cost of funds declined by 21 basis points during the fourth quarter of 2024 and we expect additional decreases in our deposit costs going forward. The pace of future deposit cost reductions will be dependent upon additional rate cuts from the Federal Reserve as well as competitor deposit pricing and their increased liquidity needs. We expect overall profitability to improve in the calendar year 2025 due to net interest margin expansion, growth in our loan portfolio, and increased loan sale income, however, we are very aware of potential credit quality deterioration, particularly in commercial and industrial loans that are present within our industry. Management will continue to effectively manage non-interest expenses to improve profitability and provide for any potential credit quality issues.”

    Balance Sheet

    Total assets as of December 31, 2024, were $964.9 million compared to $963.5 million as of December 31, 2023. The slight increase in total assets was primarily driven by the Bank’s loan originations offset by non-conforming loan sales of $213.6 million during 2024. Total assets for the quarter ended December 31, 2024, decreased by $23.0 million to $964.9 million as the Bank continued to originate commercial and non-conforming loans while continuing to actively sell a portion of the non-conforming loans to the secondary market. The bank sold a quarterly record of $84.4 million of non-conforming loans during the quarter. As of December 31, 2024, the Bank has been able to generate a non-conforming loan pipeline of $145.3 million with a weighted average interest rate of 7.02%.

    Total deposits were $829.0 million as of December 31, 2024, an increase of $12.7 million, or 1.6%. from December 31, 2023. The Bank has been successful in growing non-interest-bearing deposits from our retail branches and through non-conforming loan originations. Year over year non-interest-bearing deposits increased by $23.6 million or 22.5% to $128.8 million as of December 31, 2024, representing 15.5% of the total deposit base. With the growth of the deposit base, total borrowings as of December 31, 2024, decreased by $15.0 million or 33.3% to $30.0 million when compared to December 31, 2023.

    The Bank’s overall average cost of funds was 3.51% for the quarter ended December 31, 2024, a decrease of 21 basis points from 3.72% from the prior linked quarter. Three Overnight rate cuts by the Federal Reserve totaling 100 bps contributed to the reduction in the cost of funds. Management continues to be pro-active in securing lower rate certificates of deposit in the current interest rate environment to better position the interest-rate-risk profile of the Bank in anticipation of further interest rate reductions in 2025. Management believes this strategy will better protect and enhance future earnings as interest rates continue to decline, and our deposits reprice downward in the future.

    Loan Portfolio and Asset Quality

    For the twelve-month period ended December 31, 2024, the Bank’s loan portfolio grew by $17.7 million, or 2.1%, with the growth concentrated primarily in non-conforming residential loans. Management continues to employ a strategy of concentrating its loan growth in these products, which provides the Bank with traditionally safe credit quality at acceptable credit spreads, greater liquidity and an enhanced interest-rate-risk profile. Over the past twelve months, originations of the non-conforming product amounted to $274.2 million. At December 31, 2024, the entire non-conforming loan portfolio amounted to $464.6 million, with an average loan balance of $553 thousand and a weighted average loan-to-value ratio of 62.8%.

    As a result of the Bank’s robust non-conforming loan generation capabilities, the Bank had been able to generate additional income by strategically originating and selling its non-conforming loans to other financial institutions at premiums. The Bank expects that it will continue to originate, in the near term, for its own portfolio and, in the long term, for others, which will result in a continued increase in interest income while also realizing gains on sales of loans. For the twelve months ended December 31, 2024, the Bank earned $6.4 million in premiums on loans sold, net of FASB 91 fees and costs.

    The Bank’s asset quality ratios remained strong. At December 31, 2024, the loan portfolio had non-performing loans of $11.6 million or 1.39% of total loans and 1.21% of total assets. The total allowance for credit losses at December 31, 2024, was $8.8 million, or 1.05% of total loans held for investment.

    About First Central Savings Bank

    With assets of $964.9 million at December 31, 2024, First Central Savings Bank is a locally owned and operated community savings bank, focusing on highly personalized and efficient services and products responsive to local needs. Management and the Board of Directors are comprised of a select group of successful local businessmen who are committed to the success of the Bank by knowing and understanding the metro-New York area’s financial needs and opportunities. Backed by state-of-the-art technology, First Central offers a full range of modern financial services. First Central employs a complete suite of consumer and commercial banking products and services, including multi-family and commercial mortgages, ADC and bridge loans, residential loans, middle market business loans and lines of credit. First Central also offers customers 24-hour ATM service with no fees attached, free checking with interest, mobile banking, the most advanced technologies in internet banking for our consumer and business customers, safe deposit boxes and much more. The Bank continues to roll out mobile banking software products as well as our “Zelle” money transfer product to our customers. First Central Savings Bank maintains its corporate office in Glen Cove, New York with an additional six branches throughout Queens New York, one branch in Nassau County, New York, and one branch in Suffolk County, New York.

    First Central Savings Bank is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information, call 516-399-6010 or visit the Bank’s state-of-the-art website at www.myfcsb.com.

    Forward-Looking Statements

    This release may contain certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and may be identified by the use of such words as “may,” “believe,” “expect,” “anticipate,” “should,” “plan,” “estimate,” “predict,” “continue,” and “potential” or the negative of these terms or other comparable terminology. Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, results of operations and business of First Central Savings Bank. Any or all of the forward-looking statements in this release and in any other public statements made by First Central Savings Bank may turn out to be incorrect. They can be affected by inaccurate assumptions First Central Savings Bank might make or by known or unknown risks and uncertainties. Consequently, no forward-looking statement can be guaranteed. First Central Savings Bank does not intend to update any of the forward-looking statements after the date of this release or to conform these statements to actual events.

      First Central Savings Bank              
      Statements of Condition – (unaudited)              
      (dollars in thousands)              
          12/31/2024   9/30/2024   12/31/2023  
                     
      Assets              
      Cash and cash equivalents   $ 49,156     $ 40,701     $ 50,955    
      Certificates of deposit     2,000       2,000       2,000    
      Investments available-for-sale     29,802       31,679       43,057    
      Investments held-to-maturity     1,000       1,000       1,000    
                                 
      Loans held-for-sale     14,892       83,613       8,126    
      Loans receivable     838,183       799,076       827,278    
      Less: allowance for credit losses     (8,787 )     (8,895 )     (8,347 )  
      Loans, net     829,396       790,181       818,931    
                                 
      Other assets     38,684       38,745       39,466    
                             Total assets   $ 964,930     $ 987,919     $ 963,535    
                                 
                                 
      Liabilities and stockholders’ equity                          
      Deposits   $ 829,003     $ 851,646     $ 816,285    
      FHLB advances and other borrowings     30,000       30,000       45,000    
      Other liabilities     18,568       18,421       18,318    
                             Total liabilities     877,571       900,067       879,603    
                                 
                                 
      Total stockholders’ equity     87,359       87,852       83,932    
      Total liabilities and stockholders’ equity   $ 964,930     $ 987,919     $ 963,535    
     
      First Central Savings Bank                  
      Statements of Income – (unaudited)                  
      (dollars in thousands, except per share data)                  
                  12 Months   12 Months  
          Quarter Ended
      Quarter Ended
      Ended   Ended  
          12/31/2024   12/31/2023   12/31/2024   12/31/2023  
                         
      Total Interest income   $ 14,599     $ 13,767     $ 58,610     $ 53,465    
      Total interest expense     7,673       6,991       31,605       23,466    
                              Net interest income     6,926       6,776       27,005       29,999    
      Provision (recovery) for credit losses     1       (11 )     1,258       539    
      Net interest income after provision (recovery) for credit losses     6,925       6,787       25,747       29,460    
                                         
      Net gain on loans sold     2,649       1,023       6,449       3,738    
      Net gains on sale of securities           109       142       109    
      Other non-interest income     247       270       1,034       1,253    
         Total non-interest income     2,896       1,402       7,625       5,100    
                                         
      Compensation and benefits     4,355       3,882       15,361       14,108    
      Occupancy and equipment     912       894       3,672       3,811    
      Data processing     454       416       1,798       1,658    
      Federal insurance premium     161       139       666       672    
      Professional fees     291       301       1,348       1,711    
      Other     1,116       986       3,867       3,618    
               Total non-interest expense     7,289       6,618       26,712       25,578    
                                         
               Income before income taxes     2,532       1,571       6,660       8,982    
      Income tax expense     524       318       1,349       1,847    
                             Net income   $ 2,008     $ 1,253     $ 5,311     $ 7,135    
                                         
      Basic earnings per share-GAAP basis   $ 0.19     $ 0.12     $ 0.50     $ 0.67    
      Diluted earnings per share-GAAP basis   $ 0.19     $ 0.12     $ 0.50     $ 0.67    
                                         
      Supplementary information:                                  
      Net income   $ 2,008     $ 1,253     $ 5,311     $ 7,135    
                                         
      Add back non-cash items                                  
      Provision (recovery) for credit losses     1       (11 )     1,258       539    
      Depreciation expense     261       258       1,031       1,027    
      Tax on add back of non-cash items     (54 )     (50 )     (464 )     (322 )  
                             Cash net income   $ 2,216     $ 1,450     $ 7,136     $ 8,379    
                                         
      Basic earnings per share-GAAP basis   $ 0.21     $ 0.14     $ 0.67     $ 0.79    
      Diluted earnings per share-GAAP basis   $ 0.21     $ 0.14     $ 0.67     $ 0.79    
     
      First Central Savings Bank                  
      Statements of Income – (unaudited)                  
      (dollars in thousands, except per share data)                  
          Quarter Ended
      Quarter Ended
      Quarter Ended
      Quarter Ended
     
          12/31/2024   9/30/2024   6/30/2024   3/31/2024  
                         
      Total Interest income   $ 14,599     $ 14,972     $ 14,854     $ 14,185    
      Total interest expense     7,673       8,210       8,064       7,658    
                               Net interest income     6,926       6,762       6,790       6,527    
      Provision for credit losses     1       950       117       190    
          Net interest income after provision for credit losses     6,925       5,812       6,673       6,337    
                                         
      Net gain on loans sold     2,649       1,536       843       1,421    
      Net gains on sale of securities           142                
      Other non-interest income     247       210       337       240    
               Total non-interest income     2,896       1,888       1,180       1,661    
                                         
      Compensation and benefits     4,355       3,663       3,596       3,747    
      Occupancy and equipment     912       936       918       906    
      Data processing     454       448       452       444    
      Federal insurance premium     161       174       166       165    
      Professional fees     291       360       368       329    
      Other     1,116       975       907       869    
               Total non-interest expense     7,289       6,556       6,407       6,460    
                                         
               Income before income taxes     2,532       1,144       1,446       1,538    
      Income tax expense     524       225       290       310    
                             Net income   $ 2,008     $ 919     $ 1,156     $ 1,228    
                                         
      Basic earnings per share-GAAP basis   $ 0.19     $ 0.09     $ 0.11     $ 0.12    
      Diluted earnings per share-GAAP basis   $ 0.19     $ 0.09     $ 0.11     $ 0.12    
                                         
      Supplementary information:                                  
      Net income   $ 2,008     $ 919     $ 1,156     $ 1,228    
                                         
      Add back non-cash items                                  
      Provision for credit losses     1       950       117       190    
      Depreciation expense     261       260       257       253    
      Tax on add back of non-cash items     (54 )     (238 )     (75 )     (89 )  
                             Cash net income   $ 2,216     $ 1,891     $ 1,455     $ 1,582    
                                         
      Basic earnings per share-GAAP basis   $ 0.21     $ 0.18     $ 0.14     $ 0.15    
      Diluted earnings per share-GAAP basis   $ 0.21     $ 0.18     $ 0.14     $ 0.15    
     
      First Central Savings Bank                  
      Selected Financial Data – (unaudited)                  
      (dollars in thousands, except per share data)                  
          Quarter Ended   Quarter Ended   Quarter Ended   Quarter Ended  
          12/31/2024   9/30/2024   6/30/2024   12/31/2023  
                                         
      Asset quality:                                  
      Allowance for credit losses   $ 8,787     $ 8,895     $ 8,721     $ 8,347    
      Allowance for credit losses to total loans (1)     1.05 %     1.11 %     1.04 %     1.01 %  
                                         
      Non-performing loans   $ 11,649     $ 4,850     $ 4,907     $ 4,385    
      Net (recovery) charge-off dollars     (41 )     776       (66 )     (129 )  
      Non-performing loans/total loans (1)     1.39 %     0.61 %     0.58 %     0.53 %  
      Non-performing loans/total assets     1.21 %     0.49 %     0.50 %     0.46 %  
      Allowance for credit losses/non-performing loans     75.43 %     183.40 %     177.73 %     190.35 %  
                                         
      Capital: (dollars in thousands)                                  
      Tier 1 capital   $ 91,913     $ 91,502     $ 90,583     $ 88,236    
      Tier 1 leverage ratio     9.36 %     9.26 %     9.16 %     9.23 %  
      Common equity tier 1 capital ratio     13.42 %     13.20 %     13.35 %     13.19 %  
      Tier 1 risk based capital ratio     13.42 %     13.20 %     13.35 %     13.19 %  
      Total risk based capital ratio     14.67 %     14.45 %     14.60 %     14.44 %  
                                         
      Equity data                                  
      Common shares outstanding     10,648,345       10,648,345       10,648,345       10,648,345    
      Stockholders’ equity   $ 87,359     $ 87,852     $ 86,122     $ 83,932    
      Book value per common share     8.20       8.25       8.09       7.88    
      Tangible common equity     87,359       87,852       86,122       83,932    
      Tangible book value per common share     8.20       8.25       8.09       7.88    
     
      (1) Calculation excludes loans held-for-sale
     
      First Central Savings Bank                    
      Selected Financial Data – (unaudited)                    
      (dollars in thousands)                    
          Quarter Ended
      Quarter Ended
        Quarter Ended
      Quarter Ended
     
          12/31/2024   9/30/2024     6/30/2024   12/31/2023  
                           
      Other: (in thousands)                    
      Average interest-earning assets   $ 956,169     $ 961,624       $ 961,503     $ 928,162    
      Average interest-bearing liabilities     736,731       759,152         765,606       740,574    
      Average deposits and borrowings     868,871       877,100         879,082       846,091    
                                           
      Profitability:                                    
      Return on average assets     0.82 %     0.37 % (3)     0.47 %     0.52 %  
      Return on average equity     9.08 %     4.22 % (3)     5.48 %     6.07 %  
      Yield on average interest earning assets     6.07 %     6.19 %       6.21 %     5.88 %  
      Cost of average interest bearing liabilities     4.14 %     4.30 %       4.24 %     3.75 %  
      Cost of funds     3.51 %     3.72 %       3.69 %     3.28 %  
      Net interest rate spread (1)     1.93 %     1.89 %       1.98 %     2.14 %  
      Net interest margin (2)     2.88 %     2.80 %       2.84 %     2.90 %  
      Non-interest expense to average assets     2.91 %     2.65 %       2.62 %     2.78 %  
      Efficiency ratio     72.69 %     77.05 %       80.40 %     82.46 %  
     
      (1) Net interest rate spread represents the difference between the average yield on average interest-earning assets and the
          average cost of average interest-bearing liabilities
      (2) Net interest margin represents net interest income divided by average interest earning assets
      (3) ROA and ROE excluding a $776 thousand charge-off of a C&I loan as of September 30, 2024 would have been 0.61% and 6.95%
     

    Investor and Press Contact:
    Joseph Pistilli Chairman of the Board
    Ray Ciccone, E.V.P. & Chief Financial Officer
    Paul Hagan, President & Chief Operating Officer
    516-399-6071

    The MIL Network

  • MIL-OSI: Mountain America Credit Union Sponsors Artists in Residence Program Through the Leonardo

    Source: GlobeNewswire (MIL-OSI)

    SANDY, Utah, Jan. 28, 2025 (GLOBE NEWSWIRE) — Mountain America Credit Union announced its sponsorship of the Leonardo’s Artists in Residence program, running through October 2025. This partnership underscores Mountain America’s commitment to supporting local and multicultural initiatives that enrich the community.

    A Media Snippet accompanying this announcement is available by clicking on this link.

    The Artists in Residence program, in collaboration with Artes de Mexico en Utah, features a new Latino artist each month and includes a fixed exhibit on the second floor of the Leonardo. These Utah-based Latino artists will be present throughout the week, allowing attendees to interact with them.

    “Sponsoring the Artists in Residence program with the Leonardo aligns with our commitment to advocate for underserved communities,” said Sharlene Wells, senior vice president of public relations and organizational communications at Mountain America. “We value the work the Leonardo is doing and see this as the beginning of a partnership that will help us build more relationships within the community and open new doors for collaboration.”

    The Leonardo, a nonprofit community-powered museum established in 2011, is dedicated to breaking down barriers and creating a better future through self-discovery, collaboration and connection. The museum’s mission is to blend science, technology, and art in ways that inspire creativity and innovation among people of all ages and backgrounds.

    “Our partnership with Mountain America exemplifies the power of collaboration in fostering creativity and community engagement,” stated Alexandra Hesse, executive director of the Leonardo. “Together, we are proud to support our Artists in Residence program throughout 2025, creating opportunities for innovation, inspiration, and cultural enrichment that resonate deeply with our shared commitment to making a difference.”

    This initiative brings art back to the community, encouraging visitors to engage with local artists, ask questions and view several finished pieces on display. The program aims to promote diverse artistic expression and facilitate cross-cultural community revitalization, with a special focus on sharing the history, ideas and lived experiences of the Latino population with a broader audience.

    To learn more about Mountain America, visit macu.com.

    About Mountain America Credit Union
    With more than 1 million members and $20 billion in assets, Mountain America Credit Union helps its members define and achieve their financial dreams. Mountain America provides consumers and businesses with a variety of convenient, flexible products and services, as well as sound, timely advice. Members enjoy access to secure, cutting-edge mobile banking technology, over 100 branches across multiple states, and more than 50,000 surcharge-free ATMs. Mountain America—guiding you forward. Learn more at macu.com.

    The MIL Network

  • MIL-OSI United Kingdom: Reeves: I am going further and faster to kick start the economy

    Source: United Kingdom – Executive Government & Departments

    Chancellor unveils new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035.

    • Rachel Reeves will today vow to go ‘further and faster’ to deliver the government’s Plan for Change to kick start economic growth and put more pounds in people’s pockets.
    • Chancellor to unveil plans to unleash the potential of the Oxford-Cambridge Growth Corridor that will add up to £78 billion to the UK economy according to industry experts, catalysing growth of UK science and technology.
    • Comes after Chancellor last week announced National Wealth Fund and Office for Investment will take new approaches to spur regional growth across the UK.

    Chancellor Rachel Reeves will today vow to go “further and faster” to kick start the economy, as she unveils new plans to deliver the Oxford-Cambridge Growth Corridor that will boost the UK economy by up to £78 billion by 2035 according to industry experts.

    In a speech in Oxfordshire, the Chancellor will tell regional and business leaders that economic growth is the number one mission of this government and its Plan for Change. She will declare that Britain’s economy has “huge potential” and is at the “forefront of some of the most exciting developments in the world like artificial intelligence and life sciences.”

    She will back the redevelopment of Old Trafford and will review the Green Book – the government’s guidance on appraisal – in order to support decisions on public investment across the country, including outside London and the Southeast.

    The speech comes after the Chancellor last week announced a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities. This includes the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment.

    Reeves will say “low growth is not our destiny, but that economic growth will not come without a fight. Without a government that is on the side of working people. Willing to take the right decisions now to change our country’s course for the better.”

    The Chancellor is expected to say: 

    Britain is a country of huge potential. A country of strong communities, with local businesses at their heart.

    We are the forefront of some of the most exciting developments in the world like artificial intelligence and life sciences. We have great companies based here delivering jobs and investment in Britain.

    And we have fundamental strengths – in our history, our language, and our legal system – to compete in a global economy.

    But for too long, that potential has been held back. For too long, we have accepted low expectations, accepted stagnation and accepted the risk of decline. We can do so much better.

    Low growth is not our destiny. But growth will not come without a fight. Without a government that is on the side of working people. Willing to take the right decisions now to change our country’s course for the better.

    That’s what our Plan for Change is about. That is what drives me as Chancellor. And it is what I’m determined to deliver.

    In her speech the Chancellor will announce:

    • The Environment Agency has lifted its objections to a new development around Cambridge that could unlock 4,500 new homes and associated community spaces such as schools and leisure facilities as well as office and laboratory space in Cambridge City Centre. This was only possible as a result of the government working closely with councils and regulators to find creative solutions to unlock growth and address environmental pressures.

    • That the government has agreed for water companies to unlock £7.9bn investment for the next 5 years to improve our water infrastructure and provide a foundation for growth. This includes nine new reservoirs, such as the new Fens Reservoir serving Cambridge and the Abingdon Reservoir near Oxford.

    • Confirming funding towards better transport links in the region including funding for East-West Rail, with new services between Oxford and Milton Keynes this year and upgrading the A428 to reduce journey times between Milton Keynes and Cambridge.

    • Prioritisation of a new Cambridge Cancer Research Hospital as part of the New Hospitals Programme bringing together Cambridge University, Addenbrookes Hospital and Cancer Research UK.

    • Support for the development of new and expanded communities in the Oxford-Cambridge Growth Corridor and a new East Coast Mainline station in Tempsford, to expand the region’s economy.
    • That she welcomes Cambridge University’s proposal for a new large scale innovation hub in the city centre. As the world’s leading science and tech cluster by intensity, Cambridge will play a crucial part in the government’s modern Industrial Strategy.
    • A new Growth Commission for Oxford, inspired by the Cambridge model, to review how best we can unlock and accelerate nationally significant growth for the city and surrounding area.
    • Appointment of Sir Patrick Vallance as Oxford-Cambridge Growth Corridor Champion to provide senior leadership to ensure the Government’s ambitions are delivered. 

    The Chancellor is expected to say:

    Oxford and Cambridge offer huge economic potential for our nation’s growth prospects.

    Just 66 miles apart these cities are home to two of the best universities in the world two of the most intensive innovation clusters in the world and the area is a hub for globally renowned science and technology firms in life sciences, manufacturing, and AI.

    It has the potential to be Europe’s Silicon Valley. The home of British innovation.

    To grow, these world-class companies need world-class talent who should be able to get to work quickly and find somewhere to live in the local area. But to get from Oxford to Cambridge by train takes two and a half hours.

    There is no way to commute directly from towns like Bedford and Milton Keynes to Cambridge by rail. And there is a lack of affordable housing across the region.

    Oxford and Cambridge are two of the least affordable cities in the UK. In other words, the demand is there but there are far too many supply side constraints on economic growth in the region.

    Designed to take advantage of the region’s unique strengths and potential, the announcements are further evidence of the government’s modern Industrial Strategy in action as it seeks to create the right conditions to increase investment in our leading growth sectors like life sciences, artificial intelligence and advanced manufacturing.

    She will add:

    Taken together, these announcements show that for the first time a government is providing real leadership to deliver this project with a clear strategy for the entire region backed by funding for the housing and infrastructure we so badly need.

    The speech comes after the Chancellor last week announced a package of investment reforms to spur regional growth across the UK. Rachel Reeves set out a new approach for the National Wealth Fund (NWF) and the Office for Investment (OfI) to work with local leaders to build pipelines of incoming investment and projects linked to regional growth priorities. Putting local knowledge and leadership at the forefront, there will be tailored strategies for each region to ensure investment matches local needs and drives sustainable growth. Putting the government’s Plan for Change into action, the Chancellor set out that the goal is to harness growth everywhere to rebuild Britain and usher in a decade of national renewal. Measures included the NWF trialling Strategic Partnerships in Greater Manchester, West Yorkshire, West Midlands, and Glasgow City Region and the OfI piloting an approach in the Liverpool City Region and the North East Combined Authority to connect their regions to central government and industry expertise in order to unlock private investment.

    Science Minister, Lord Patrick Vallance said: 

    The UK has all the ingredients to replicate the success of Silicon Valley or the Boston Cluster but for too long has been constrained by short termism and a lack of direction.

    This government’s Plan for Change will see an end to that defeatism. I look forward to working with local leaders to fulfil the Oxford-Cambridge corridor’s potential by building on its existing strengths in academia, life sciences, semiconductors, AI and green technology amongst others.

    Together we will build the infrastructure and partnerships needed to join up this region’s academia, investors and business so that we can boost growth, deliver innovations and create new jobs that improve all our lives.

    Transport Secretary, Heidi Alexander said:

    Well connected communities are a cornerstone for growth. East West Rail will not only provide better links and lasting benefits to Oxford and Cambridge, but to all the surrounding areas.

    I’m also delighted to announce a brand new station at Tempsford, which will be game changing for the region – allowing a new community and businesses to grow, unlocking faster and smoother access to opportunities, and delivering on the Government’s Plan for Change.

    More details

    • Yesterday, Moderna completed the build for their new vaccine production and R&D site in Harwell, Oxfordshire. They have committed to invest over £1 billion in R&D in the UK, strengthening our position as a global leader in biopharmaceutical innovation.
    • £78 billion added to the UK economy. Source: Public First research for the Oxford-Cambridge Supercluster Board (2025).

    • Dr Andy Williams, Chair of the Oxford-Cambridge Supercluster Board said: 

    The announcements today are extremely positive for the region and for the country. As Chair of the OxCam Supercluster Board, which comprises 45 members across business, academia, and investors, we know that the region has the potential to deliver truly remarkable growth in the coming decade and beyond, as evidenced by the research published this week. Achieving £78 billion in cumulative economic value by 2035 requires us to work dynamically and pro-actively across government, the private sector, educational institutions, and the investment community, to fully harness OxCam’s strengths and address its weaknesses. With the experience and knowledge of Sir Patrick Vallance leading this effort, we are excited by the opportunity to co-design a policy prospectus that will allow the OxCam Growth Corridor to realise its potential as a global centre for science and innovation.

    • Dipesh J. Shah OBE, Chair of the Oxford to Cambridge Partnership said: 

    I welcome the Chancellor’s drive to accelerate growth in the Oxford to Cambridge corridor and her support for strategic investments in enabling infrastructure. The region houses internationally acclaimed clusters of innovation in each of the growth sectors for the nation. Already one of the world’s great science powerhouses, the region’s full potential will rely on connecting its incredible ecosystems of businesses, places and communities. Investments announced today will spur more and will help local leaders to deliver on their ambitious plans for their communities.

    • Professor Alistair Fitt, Chair of Arc Universities Group and Vice-Chancellor Oxford Brookes University said:

    This region hosts a great diversity and scale of universities. Together we offer a wide range of key contributions: globally renowned research brilliance, the powerhouse of skills provision provided by cutting edge teaching, world class knowledge transfer and commercialisation. Our universities, working in close partnership, in alliance with others – particular the private sector – are organised into the Arc Universities Group.  We stand ready for the challenge. We welcome the oversight and experience that the leadership of Sir Patrick Vallance brings to the region, and we look forward to helping deliver the Chancellor’s aspirations for growth.

    • Darius Hughes, UK General Manager for Moderna said:

    We are proud to call Oxfordshire our home with the recent completion of construction of the Moderna Innovation and Technology Centre in Harwell. Today’s announcement demonstrates the government’s commitment to growth and innovation, and we look forward to delivering British-made vaccines to the UK public, advancing cutting-edge research, and strengthening partnerships in this globally significant region.

    • Steve Bates, CEO of the UK Bioindustry Association said:

    The UK is a global leader in biotech innovation and attracts the most venture capital in Europe. New figures we’ve published this week show that biotech is a vibrant growth sector of the UK economy with an exceptional ability to attract global investment. Delivering the infrastructure needed to support the growth at pace – especially in the Oxford Cambridge growth corridor- is key to the success of our sector.


    • The government is continuing to work with local partners to deliver sustainable growth in Cambridge, with the additional homes and infrastructure the city needs. Peter Freeman and the Cambridge Growth Company are building the evidence base for an infrastructure-first growth strategy to realise the full potential of Cambridge and improve lives for residents.
    • The Chancellor today announced that delivery of a new East Coast Mainline station in Tempsford will be accelerated by 3-5 years. The station will link services directly to London, with services in under an hour. It will eventually also be an interchange with the East West Rail station.  
    • The A428 (Black Cat to Caxton Gibbet) scheme will improve journeys between Milton Keynes, Bedford and Cambridge. The scheme will see a new 10-mile dual carriageway delivered, as well as three grade separated junctions, three tier at Black Cat roundabout (A1/A421) and two tier at Cambridge Road (B1428) and Caxton Gibbet (A428/A1198) junctions, respectively. Main construction began in December 2023 and the road is expected to open in 2027.
    • The Environment Agency have lifted their opposition to new development around Cambridge (Waterbeach and the Beehive centre). This unlocks the delivery of 4,500 new homes and associated community spaces such as schools and leisure facilities as well as office and laboratory space in Cambridge City Centre. This demonstrates how the government, councils, and regulators are working together to find solutions that unlock growth and address environmental pressures.
    • The government has agreed water companies’ water resources management plans, including Cambridge Water’s, unlocking a now-confirmed £7.9bn investment in water resources in the next 5 years to provide a foundation for growth and improving our water infrastructure. These plans include nine new reservoirs, including the new Fens Reservoir serving Cambridge to South East Strategic Reservoir Option (Abingdon Reservoir) near Oxford.
    • The Chancellor will announce a new Growth Commission for Oxford, similar to the Cambridge Growth Company to bring together key stakeholders across the city and review how best to tackle the barriers that are constraining development of new housing and infrastructure to accelerate growth in the city.
    • AI Growth Zones, as recommended in the AI Action Plan launched by the PM earlier this month, are designated areas designed to fast-track the development of AI-focused data centres and supporting infrastructure. By concentrating government support on planning and energy, AIGZs aim to attract significant private investment, accelerate the build-out of critical AI infrastructure, and drive local economic regeneration. The first AI Growth Zone will be in Culham, Oxfordshire and the Chancellor today announced a ‘call for expressions of interest’ from regional and local authorities and industry, to inform the next stage of the AI Growth Zones programme. This will help us understand early opportunities and inform the next stage of the programme in what the government regards as a key growth sector in its modern Industrial Strategy.
    • On Monday 20th January the Health Secretary announced the Cambridge Cancer Research Hospital is being prioritised for investment as part of wave 1 of the New Hospital Programme. This scheme will improve cancer survival rates by centralising Cambridge University Hospital cancer services under one roof and will further improve the proposition for the life sciences sector in the region, with AstraZeneca and CRUK researchers co-located at the facility, integrating the clinical and research models of cancer services. In doing so it will help create three new research institutes to be integrated with NHS clinical care helping to provide 10 new clinical trials per year and foster increased collaboration between top scientists and clinicians.

    • The Chancellor will welcome Cambridge University’s plans for a new largescale innovation hub in the heart of the city. The Global Innovation Index (GII) 2024 has ranked Cambridge as the world’s leading science and technological cluster by intensity for the third consecutive year.

    Updates to this page

    Published 28 January 2025

    MIL OSI United Kingdom

  • MIL-OSI USA: Federal Disaster Assistance Tops $24.6 Million for Chaves Residents

    Source: US Federal Emergency Management Agency

    Headline: Federal Disaster Assistance Tops $24.6 Million for Chaves Residents

    Federal Disaster Assistance Tops $24.6 Million for Chaves Residents

    ROSWELL, New Mexico — It has been just over three months since former President Joe Biden declared a major disaster for the state of New Mexico following the Oct. 19-20 Severe Storm and Flooding in Chaves County. To date, more than $24.6 million in federal assistance has been approved for New Mexican families affected by the disaster.FEMA and the U.S. Small Business Administration (SBA) have approved grants and loans for more than 3,000 recovering homeowners, renters and businesses in Chaves County. This assistance helps pay for eligible losses and disaster-related damage repair and replacement of homes and personal property, temporary housing, cleaning and sanitizing, moving and storage, childcare, medical and dental expenses and other needs of New Mexicans affected by the storm and flooding.“FEMA collaborates closely with all our federal, state and local stakeholders to help New Mexicans affected by the disaster as they recover. We must remember that this is a long-term effort, but one that will be critical in building a more resilient and stronger Roswell,” said José Gil Montañez, Federal Coordinating Officer for New Mexico.As of Jan. 27, FEMA Individual Assistance totaled more than $17.8 million in grants to eligible homeowners and renters, including:More than $8.88 million in housing grants to help pay for home repair, home replacement and rental assistance for temporary housing.  More than $8.94 million in grants to help pay for personal property replacement and other serious disaster-related needs, such as moving and storage fees, transportation, childcare, and medical and dental expenses. FEMA Voluntary Agency Liaisons (VALs)The VALs mission is to establish, foster and maintain relationships among government, voluntary, faith-based and community partners. Through these relationships, the VALs support the delivery of inclusive and equitable services and empower and strengthen capabilities of communities to address disaster caused unmet needs. In addition, VALs coordinate with local partners to assist with the collection and distribution of in-kind and monetary donations to aid in the Chaves County recovery process. By coordinating appeals through local Voluntary Organizations Active in Disasters (VOADs), the VALs have identified nearly $146,000 in additional FEMA Individual Assistance for Chaves County recovery. State and local VOADs have also distributed more than $461,000 in financial assistance to Chaves County survivors to support immediate needs and recovery efforts.Public Assistance  FEMA’s Public Assistance (PA) program for the October flooding reimburses the state, counties, local governments, tribes, and certain private nonprofits (including houses of worship) for eligible costs of disaster-related debris removal and emergency protective measures. PA in Chaves County is available, on a cost -sharing basis: FEMA pays 75%, the state 25%. FEMA has received eight applications for project funding under the PA program. Of those, seven projects are now under review. Small Business AdministrationThe U.S. Small Business Administration (SBA) has approved more than $6.8 million in long-term, low-interest disaster loans to homeowners, renters, businesses and non-profit organizations. Of that amount, more than $6 million was approved for homeowners and renters with over $2.9 million distributed. Approving more than $476,000 to Chaves – County business, SBA has distributed over $300,000 to assist in their recovery.Applicants may apply at https://lending.sba.gov. Business owners also may apply in-person by visiting SBA Business Recovery Center at the Eastern New Mexico University Roswell Arts and Sciences Center. The deadline to apply to SBA for property damage was Jan, 2, 2025. The deadline to apply for economic injury is Aug. 1, 2025.For the latest information on the Chaves County recovery, visit fema.gov/disaster/4843. Follow FEMA Region 6 on social media at x.com/FEMARegion6 and facebook.com/femaregion6  
    alexa.brown
    Tue, 01/28/2025 – 20:43

    MIL OSI USA News

  • MIL-OSI Security: Woman Sentenced for Fraud Scheme Involving Claims for Unnecessary Respiratory Tests Submitted with COVID-19 Tests

    Source: United States Attorneys General

    A California woman was sentenced today to nine years in prison for her role in fraudulently submitting claims to governmental and private insurance programs during the COVID‑19 pandemic for expensive respiratory pathogen panel (RPP) tests that were medically unnecessary and never ordered by health care providers.

    According to court documents, Lourdes Navarro, 66, of Glendale, and Imran Shams owned and controlled Matias Clinical Laboratory, doing business as Health Care Providers Laboratory (HCPL). Navarro and Shams conspired to obtain nasal swab specimens that enabled HCPL to test for COVID-19, as well as to obtain testing orders from physicians and other medical professionals. The specimens were collected from, among others, residents and staff at nursing homes, assisted living facilities, rehabilitation facilities, and similar types of facilities, and from students and staff at primary and secondary schools, for the purported purpose of conducting screening tests to identify and isolate individuals infected with COVID-19. However, Navarro and Shams caused HCPL to perform RPP tests on most of the specimens, even though only COVID-19 testing had been ordered and there was no medical justification for conducting RPP tests on asymptomatic individuals who needed only COVID-19 screening tests. Through HCPL, Navarro and Shams billed approximately $369 million for the RPP tests to Medicare, the Health Resources and Services Administration COVID-19 Uninsured Program, and a private health insurance company, and were reimbursed approximately $46.7 million for fraudulent claims.

    Navarro was also ordered to forfeit $11,662,939 in funds that the government had previously seized from three bank accounts. The total amount seized and forfeited from Navarro and Shams is $14,518,485. Navarro also was ordered to pay $46,735,400 in restitution.

    Navarro pleaded guilty on Oct. 5, 2023, to conspiracy to commit health care fraud and wire fraud. Shams pleaded guilty on Jan. 24, 2023, in the Central District of California to conspiracy to commit health care fraud and concealment of his exclusion from Medicare and was sentenced to 10 years in prison on Jan. 30, 2024. In addition, on May 29, 2024, Shams was sentenced to five years in prison in connection with his 2017 plea in the Eastern District of New York to conspiracy to commit money laundering, conspiracy to pay and receive kickbacks, and defrauding the United States by obstructing the lawful functions of the IRS, of which three years were ordered to run consecutive to the Central District of California sentence.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, Assistant Director in Charge Akil Davis of the FBI Los Angeles Field Office, and Acting Special Agent in Charge Rochelle Wong of the Department of Health and Human Services Office of Inspector General (HHS-OIG) Los Angeles Regional Office made the announcement.

    The FBI and HHS-OIG investigated the case.

    Trial Attorneys Gary A. Winters and Raymond E. Beckering III of the Criminal Division’s Fraud Section prosecuted the case. Assistant U.S. Attorney Maxwell Coll for the Central District of California handled the financial penalties.

    The Justice Department’s COVID-19 Fraud Enforcement Task Force marshals the resources of the department 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, among other methods, 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, visit www.justice.gov/coronavirus.

    MIL Security OSI

  • MIL-OSI Canada: Full speed ahead: fast-tracking permit approvals

    [. Alberta’s new “Automatic Yes Toolkit” for permits makes life better for Albertans by reducing red tape, speeding up project timelines and creating more opportunities for businesses and individuals to thrive – all while ensuring health, safety and environmental protections remain in place. By addressing long wait times and improving efficiency, this initiative aims to prevent project delays, create jobs and drive economic growth across the province.

    The Automatic Yes Toolkit enables government to identify permits that can benefit from faster decision-making processes. For lower-risk and routine activities such as Water Act applications, permit approvals will be replaced with clear operating requirements, freeing up resources to focus on more complex applications. For permits requiring detailed reviews, the toolkit introduces mandatory time limits for government decisions, providing greater certainty for applicants.

    “While we have met our commitment to reduce red tape by 33 per cent, we are continuing to implement leaner, streamlined processes by adopting an Automatic Yes Toolkit. Business leaders and Albertans have told us that wait times for permit decisions can take too long, so we’ve designed the toolkit to address those concerns, while still maintaining the appropriate health, safety and environmental protections.”

    Dale Nally, Minister, Service Alberta and Red Tape Reduction

    The Automatic Yes toolkit incorporates three approaches – Code of Practice (COP), Permit-by-Rule (PBR), and Shot Clock – to be used as additional policy tools to support reduction in permit decision timelines. Each approach is tailored to degrees of regulatory risk, ranging from low-risk activities that pose minimal harm to the environment and public health and safety, to medium-risk activities that may require more extensive review and oversight.

    As these tools are implemented, Albertans applying for permits can expect shorter wait times and fewer project delays. This ensures that government resources are allocated more effectively while safeguarding public health, safety and the environment.

    “The Automatic Yes Toolkit is a big step forward for Alberta’s small businesses. By speeding up permit approvals, entrepreneurs will have more time to focus on growth and job creation instead of navigating bureaucracy. This kind of efficiency is exactly what businesses need to thrive.”

    Dan Kelly, president, Canadian Federation of Independent Businesses

    Even with the Automatic Yes Toolkit in place, Alberta’s government will retain the ability to deny permits when necessary and appropriate, as well as undertake the appropriate enforcement actions when violations have occurred.

    Quick facts

    • The Automatic Yes Toolkit will only be applied to permits categorized as high-risk activities if all assurances can still be met.
    • Alberta already leverages COPs and PBRs for various activities, and various jurisdictions across North America, such as Ontario, British Columbia and Texas, have also applied some of the “Automatic Yes” approaches to streamline their permit approval processes. However, with the introduction of the Automatic Yes Toolkit, Alberta now has a more comprehensive approach for streamlining and accelerating permit approvals.

    Related information

    • Cutting Red Tape
    • Implementing red tape reduction

    Multimedia

    • Watch the news conference

    MIL OSI Canada News

  • MIL-OSI USA: U.S. News & World Report Ranks UConn’s Graduate Business Programs Among the Best Online

    Source: US State of Connecticut

    Three UConn School of Business programs are ranked among the 2025 Best Online (Non-MBA) Programs by U.S. News & World Report.

    The Financial Technology (FinTech), Human Resources Management (MSHRM), and Master of Science in Accounting (MSA) ranked as No. 12 in the nation. The recognition is particularly gratifying because the first two programs are newcomers to the rankings, having just become eligible for assessment. The MSA program is a long-established program.

    “We are proud to be ranked 12th by U.S. News & World Report in the Best Online Non-MBA Graduate Programs category. This prestigious recognition highlights our commitment to academic excellence and student success and our strategic investment in online education,’’ said professor Jose M. Cruz, Associate Dean for Graduate Programs at the School of Business.

    “By leveraging state-of-the-art technology, innovative course design, and the expertise of our world-class faculty, we have created an engaging, flexible, and high-impact learning environment,’’ Cruz said. “This achievement reaffirms our dedication to empowering professionals to thrive in an ever-evolving global landscape.”

    This year’s U.S. News ranking evaluated more than 1,600 online bachelor’s and master’s degree programs using metrics specific to online learning, including student engagement and program quality. This survey included only non-MBA programs.

    Promotions, Camaraderie, Excellence Highlight Programs

    The 36-credit master’s degree in FinTech offers a mix of analytics, technology and business courses to equip students to lead in fields such as finance, banking, insurance, medicine, regulations and real estate.

    “The UConn MS FinTech program has, since its inception, sought to be a global program in terms of its reach, experiential opportunities and reputation,’’ said professor John Wilson, the program’s academic director. “The rapid development and deployment of a world class online offering for this degree puts UConn as one of the only FinTech programs to offer students choice in their learning modality.’’

    Human Resources Management, a 33-credit master’s degree program, delivers the knowledge and skills to lead an HR department through strategic planning and employee relationship management.

    In the program’s most recent exit survey, 71% of graduating respondents reported receiving a promotion or new position while in the program.

    “The cohort-based format of the MSHRM program means that students complete their coursework as a group. This enables students to develop strong relationships with one another,’’ said professor Travis Grosser, who has led the department. “These relationships form a foundation for peer learning and support. Indeed, many close and lasting friendships have been formed in the MSHRM program. We promote relationship-building by offering informal events outside of the classroom.’’

    Meanwhile, the 30-credit MSA program provides the additional accounting credit hours to complete the educational requirements to earn a CPA license. The program focuses on issues relevant to today’s accounting professionals and is accredited by the Association to Advance Collegiate Schools of Business (AACSB) and led by full-time faculty and other industry experts. The program celebrated its 25th anniversary last year.

    “The MSA Program at UConn has maintained a long tradition of high achievement because of the consistently high quality of the faculty, staff, and students who work diligently towards excellence,’’ said professor Joshua Racca, director of the MSA program.

    MIL OSI USA News