NewzIntel.com

Category: Business

  • MIL-OSI: Kayne Anderson Energy Infrastructure Fund Provides Unaudited Balance Sheet Information and Announces Its Net Asset Value and Asset Coverage Ratios at October 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    HOUSTON, Nov. 01, 2024 (GLOBE NEWSWIRE) — Kayne Anderson Energy Infrastructure Fund, Inc. (the “Company”) (NYSE: KYN) today provided a summary unaudited statement of assets and liabilities and announced its net asset value and asset coverage ratios under the Investment Company Act of 1940 (the “1940 Act”) as of October 31, 2024.

    As of October 31, 2024, the Company’s net assets were $2.2 billion, and its net asset value per share was $12.97. As of October 31, 2024, the Company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 675% and the Company’s asset coverage ratio under the 1940 Act with respect to total leverage (debt and preferred stock) was 483%.

     STATEMENT OF ASSETS AND LIABILITIES
    OCTOBER 31, 2024  //  (UNAUDITED)
     
        (in millions)
    Investments   $ 3,002.2  
    Cash and cash equivalents     35.7  
    Accrued income     11.2  
    Current tax asset, net     6.6  
    Other assets     0.5  
    Total assets     3,056.2  
         
    Notes     409.7  
    Unamortized notes issuance costs     (2.8 )
    Preferred stock     163.1  
    Unamortized preferred stock issuance costs     (1.3 )
    Total leverage     568.7  
         
    Payable for securities purchased     5.1  
    Other liabilities     13.3  
    Deferred tax liability, net     275.1  
    Total liabilities     293.5  
         
    Net assets   $ 2,194.0  
         
     

    The Company had 169,126,038 common shares outstanding as of October 31, 2024.

    Long-term investments were comprised of Midstream Energy Companies (96%), Utility Companies (3%) and Other Energy (1%).

    The Company’s ten largest holdings by issuer at October 31, 2024 were:

          Amount
    (in millions)*    		   % Long Term
    Investments
    1. The Williams Companies, Inc. (Midstream Energy Company)   $             309.5   10.3 %
    2. Energy Transfer LP (Midstream Energy Company)     281.1   9.4 %
    3. MPLX LP (Midstream Energy Company)                    273.6   9.1 %
    4. Enterprise Products Partners L.P. (Midstream Energy Company)     258.3   8.6 %
    5. ONEOK, Inc. (Midstream Energy Company)     226.8   7.6 %
    6. Targa Resources Corp. (Midstream Energy Company)     220.0   7.3 %
    7. Cheniere Energy, Inc. (Midstream Energy Company)     194.5   6.5 %
    8. Kinder Morgan, Inc. (Midstream Energy Company)     184.9   6.2 %
    9. Western Midstream Partners, LP (Midstream Energy Company)     138.6   4.6 %
    10. Pembina Pipeline Corporation (Midstream Energy Company)     132.3   4.4 %
    * Includes ownership of common and preferred units.

    ###

    Portfolio holdings are subject to change without notice. The mention of specific securities is not a recommendation or solicitation for any person to buy, sell or hold any particular security. You can obtain a complete listing of holdings by viewing the Company’s most recent quarterly or annual report.

    Kayne Anderson Energy Infrastructure Fund, Inc. (NYSE: KYN) is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended, whose common stock is traded on the NYSE. The company’s investment objective is to provide a high after-tax total return with an emphasis on making cash distributions to stockholders. KYN intends to achieve this objective by investing at least 80% of its total assets in securities of Energy Infrastructure Companies. See Glossary of Key Terms in the Company’s most recent quarterly report for a description of these investment categories and the meaning of capitalized terms.

    This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of any securities in any jurisdiction in which such offer or sale is not permitted. Nothing contained in this press release is intended to recommend any investment policy or investment strategy or consider any investor’s specific objectives or circumstances. Before investing, please consult with your investment, tax, or legal adviser regarding your individual circumstances.

    CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This communication contains statements reflecting assumptions, expectations, projections, intentions, or beliefs about future events. These and other statements not relating strictly to historical or current facts constitute forward-looking statements as defined under the U.S. federal securities laws. Forward-looking statements involve a variety of risks and uncertainties. These risks include but are not limited to changes in economic and political conditions; regulatory and legal changes; energy industry risk; leverage risk; valuation risk; interest rate risk; tax risk; and other risks discussed in detail in the Company’s filings with the SEC, available at www.kaynefunds.com or www.sec.gov. Actual events could differ materially from these statements or our present expectations or projections. You should not place undue reliance on these forward-looking statements, which speak only as of the date they are made. Kayne Anderson undertakes no obligation to publicly update or revise any forward-looking statements made herein. There is no assurance that the Company’s investment objectives will be attained.

    Contact investor relations at 877-657-3863 or cef@kayneanderson.com.

    The MIL Network –

  • MIL-OSI: First National Bank Alaska declares regular and special dividends for fourth quarter, both payable in December

    Source: GlobeNewswire (MIL-OSI)

    ANCHORAGE, Alaska, Nov. 01, 2024 (GLOBE NEWSWIRE) — At the Board of Directors meeting held Oct. 31, 2024, First National Bank Alaska (OTCQX:FBAK) declared a cash dividend of $3.20 per share for shareholders of record as of Dec. 1, 2024, payable on Dec. 15, 2024 with distribution on Dec. 16.

    At the same meeting, the Board declared a special cash dividend of $3.20 per share for shareholders of record as of Dec. 1, 2024, payable and for distribution on Dec. 19, 2024.

    CONTACT: Cheri Gillian
    Secretary to the Board of Directors
    907-777-3409

    The MIL Network –

  • MIL-OSI China: China to introduce new policies in November to boost consumption: official

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

    BEIJING, Nov. 1 — China will launch a series of consumption promotion events in five major cities in November and roll out new policies aimed at boosting consumer spending, Vice Minister of Commerce Sheng Qiuping said Friday.

    Sheng made the announcement during a press conference, noting that the policies will shore up the debut economy, bolster the wholesale and retail industries, and support pilot projects for modern commercial circulation in 20 cities, including Shanghai and Tianjin.

    Sheng said that the ministry will also pilot automotive sales reform and unveil health consumption action plans.

    The consumption promotion events will kick off on Sunday in Shanghai, Beijing, Guangzhou, Tianjin and Chongqing, which are designated as the country’s international consumption center cities.

    Emphasizing the importance of these cities, the vice minister noted that their retail sales of consumer goods account for over 13 percent of the national total, with imports of consumer goods exceeding 50 percent.

    Focusing on the debut economy, these cities will host a variety of activities related to shopping, dining and tourism, including food festivals, camping events and sporting activities, as well as exhibitions and performances. Local governments will roll out supportive measures, such as incentives for new store openings and consumer vouchers.

    Sheng said that these events will create a synergistic effect with the new policies, delivering tangible benefits to consumers.

    Stimulating consumption is a crucial component of China’s strategy to support economic recovery. This year, the government has already implemented various measures to expand domestic demand, including a large-scale trade-in program for consumer goods.

    In the first three quarters of 2024, China’s total retail sales of consumer goods reached 35.4 trillion yuan (about 5 trillion U.S. dollars), a year-on-year increase of 3.3 percent. Notably, the trade-in program has seen 1.68 million subsidy applications for automobiles as of Oct. 30, with the sales of household appliances reaching 24.03 million units.

    MIL OSI China News –

  • MIL-OSI China: Chinese vice premier welcomes Australian firms to cooperate more with China

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

    BEIJING, Nov. 1 — China welcomes Australian enterprises to strengthen cooperation with China in trade, investment, finance and other areas, Chinese Vice Premier He Lifeng said on Friday.

    He made the remarks in a meeting with an Australian high-level business delegation led by David Olsson, National President of the Australia China Business Council.

    While China is advancing high-level opening up and further easing market access, it will protect the national treatment and legitimate rights and interests of foreign-funded enterprises, said He, also a member of the Political Bureau of the Communist Party of China Central Committee.

    He welcomed Australian firms to share the opportunities brought by the Chinese modernization to achieve win-win results.

    Representatives of Australian enterprises said that they are optimistic about China’s economic prospects and are willing to commit to long-term cooperation with China and promote the sustainable development of bilateral economic and trade ties.

    MIL OSI China News –

  • MIL-OSI USA: ICYMI: Senator Marshall joins Varney & Co. on The Migrant Surge at The Border

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Kansas City, Kansas. – U.S. Senator Roger Marshall, M.D. joined Fox Business’ Varney & Co. to discuss the migrant surge at the southern border leading up to a potential Trump presidency, and his new op-ed, Farmers and Ranchers Turn to Trump to Deliver, that contrasts President Trump’s Farmers First agenda with the past four years of the Biden-Harris anti-agriculture agenda.
    Highlights from the interview include:
    On Migrant Surge at The Border:
    “That’s why we’re seeing a massive increase of people headed to the border right now trying to beat President Trump. Look, we have two administrations here. President Trump secured the border, Joe Biden and Kamala Harris made the situation worse. This is why over 90% of Kansans don’t feel safe in their own homes right now, in their own communities. We’re losing a young Kansan every day to fentanyl poisoning across the country, 300 deaths to fentanyl poisoning every day.”
    On President Trump Delivering for Rural America: 
    “Well, they’re going to get more trade markets, they are going to get less regulations. What Joe Biden and Kamala Harris gave us is a record drop in net farm income, a record drop in net farm income with increased regulations. They buried us in their regulations. Biden then Harris’s fuel prices, fertilizer prices and interest rates have just killed American farmers.”
    “President Trump rolled back regulations, but he gave us these trade markets as well. He gave us USMCA. He gave us Japan and South Korea as well. And all of that has been increased trade for American farmers. I think dairy is a great example. You think of Pennsylvania, Wisconsin – dairy states. We’ve increased dairy exports from 6 billion to $9 billion thanks to President Trump’s trade agreements. And of course, the answer to how many trade agreements did Kamala Harris get done? And the answer is zero.”

    MIL OSI USA News –

  • MIL-OSI USA: Tuberville, Lee, Marshall, Slam DHS for Tuberculosis Surge in U.S. as a Result of Open Southern Border

    US Senate News:

    Source: United States Senator for Alabama Tommy Tuberville
    “There are many laws on the books to combat illegal immigration and its harmful effects, and it is past time for this administration to use them.”
    WASHINGTON – Today, U.S. Senator Tommy Tuberville (R-AL) joined U.S. Senators Mike Lee (R-UT) and Roger Marshall (R-KS) in demanding answers from U.S. Department of Homeland Security (DHS) Secretary Alejandro Mayorkas as to how the department plans to address the surge in tuberculosis (TB) from illegal aliens being released into the U.S.
    In a letter to Secretary Mayorkas, the senators admonished his management of the worst border crisis in U.S. history, which has put the lives and property of Americans at risk of harm. They also demand answers, by November 13, 2024,  on whether the department is releasing aliens with TB, and what measures are being taken to prevent TB from spreading.
    “For the past 4 years, Joe Biden and Kamala Harris have willfully opened our borders, allowing millions of criminals, murderers, drug dealers, and terrorists to flood into our country unchecked,” said Senator Tuberville. “As a result, innocent Americans like Laken Riley and Jocelyn Nungaray have been brutally murdered by illegal aliens. But it doesn’t stop there – there have been no health screenings of these populations. Since the creation of the administration’s illegal parole programs, we have seen a 16% rise in Tuberculosis cases between 2022 and 2023 alone. How many more Americans have to needlessly lose their lives before the Biden-Harris administration will take the open border seriously? I join my Republican colleagues in calling on Secretary Mayorkas, Joe Biden, and Kamala Harris to secure the border and save American lives.”
    Full text of the letter can be found here and below.
    October 30th, 2024
    The Honorable Alejandro Mayorkas
    Secretary
    U.S. Department of Homeland Security
    Washington, D.C. 20528
    Secretary Mayorkas,
    Your mismanagement of the border continues to jeopardize the health and safety of American citizens. Due to your negligence and refusal to enforce our current laws, tuberculosis (TB) is rapidly spreading through the millions of unscreened illegal immigrants released into the interior of the United States putting American lives and health at severe risk.
    While the United States previously had one of the lowest TB rates globally, steadily declining for 27 years, your appointment as the Secretary of Homeland Security in February 2021 ushered in a new era. Since then, TB case counts have continuously increased each year with a 16% increase from 2022 to 2023 alone. It is well-documented by academics and government agencies such as the Centers for Disease Control and Prevention (CDC) and the National Institutes for Health (NIH) that foreign-born persons represent the greatest threat for the spread of TB, some of whom come from countries with TB rates as high as 60 times the U.S. rates.
    Despite this increasing human health risk, you have turned what was once border security into a rubber-stamp for any individual seeking access to the interior. Since the start of Fiscal Year 2021, Customs and Border Protection recorded nearly 11 million inadmissible encounters and roughly two million known “gotaways” who evaded Border Patrol agents with unknown numbers of illegal aliens evading detection altogether. Rather than requiring immigrants to apply for status prior to arriving at the border, and undergo health screenings, your policies encourage immigrants to unlawfully enter the interior with no meaningful processing, screening, or security analysis. As reported by the Federation for American Immigration Reform (FAIR), the top seven nationalities encountered by CBP—Mexico, Venezuela, Guatemala, Honduras, Cuba, Colombia, and Haiti—all have significantly higher TB case rates than the U.S. There can be no doubt that your administration’s failure to enforce the law is the cause for the dramatic and dangerous rise of TB in the U.S.
    While unscreened illegal immigrants are bringing TB into the U.S., they are not the only ones suffering from it. As the CDC noted on March 24, 2024, “National [TB] case counts increased among all age groups and among both U.S.-born and non-U.S.-born persons” [emphasis added]. Given TB’s status as one of the world’s leading airborne infectious diseases, it is no wonder that a frightening number of Americans are contracting it. While FAIR correctly details in its report how border counties are bearing the brunt of the TB influx, it is abundantly clear that Americans across the U.S. are feeling the harmful effects of open border policies. The Biden Harris Administration’s border crisis has made every town in America a border town.  Just this month, an illegal Chinese immigrant in Louisiana exposed hundreds of individuals in the U.S. to a rare and aggressive form of TB with high mortality rates.
    There are many laws on the books to combat illegal immigration and its harmful effects, and it is past time for this administration to use them. In addition to closing the border, detaining and deporting inadmissible aliens, and working with the administration to re-instate the Remain-in-Mexico policy, we request that you reinstate Title 42 expulsion authority for this dangerous communicable disease. It is your duty to protect the health and safety of the American people.  
    Given the severity and time-sensitive nature of this crisis, please provide detailed responses to the following inquiries no later than November 13, 2024:
    Does DHS recognize the correlation between increased illegal immigration to the U.S. from countries with high TB rates and the increase in TB cases in the U.S., including among U.S.-born persons?
    Has DHS taken any meaningful steps to mitigate the spread of TB from illegal immigrants entering the country from high-rate countries?  If yes, please explain.
    Does DHS recognize the increase in tuberculosis cases as a public health crisis?
    Has any DHS employee consulted with the White House on this issue?

    Since January 20th, 2021, how many illegal immigrants has DHS screened for TB or referred to HHS for screening?
    Are illegal immigrants screened for active and latent TB upon transfer to a detention facility?
    If an illegal immigrant tests positive for either form of TB, what are the quarantine/removal protocols to protect border patrol agents and other detainees from infection?

    Has DHS knowingly released or paroled illegal immigrants into the U.S. with an active or latent TB infection?
    Does DHS have a contingency plan to address the rising number of TB-positive illegal immigrants entering the U.S. and prevent the spread to Americans? 
     If so, please explain.
    Does this plan include coordination with the CDC and HHS to strengthen screening and testing protocols for TB-positive illegal immigrants?
     Does this plan include using Title 42 expulsion authority under 8 U.S.C. §1182 to render immigrants with TB inadmissible?

    Have you discussed this issue with HHS Secretary Xavier Becerra?
    If so, did the discussion include using Title 42 authority to declare TB a communicable disease of public health significance, thereby rendering immigrants with TB inadmissible?
    If not, why not?

    Have you discussed this issue with U.S. Surgeon General Dr. Vivek Murthy?
    If so, did the discussion include using Title 42 expulsion authority to suspend entry for immigrants with TB?
    If not, why not?

    Sincerely,
    MORE:
    ICYMI: Tuberville Reacts to Kamala Harris’ Failure to Answer for Failed Border Policies
    ICYMI: Tuberville Joins Fox Business to Discuss Biden’s Border Crisis
    Tuberville Forces Vote on Border Safety and Security Act
    Tuberville Honors Border Crisis Victims
    Tuberville: “Our Priority Should Be Securing Our Border, Not A War In Eastern Europe”
    Tuberville Stands With Texas on Border Security
    Tuberville: Not One Dime For Ukraine Until The Border is Secure
    U.S. Senators Katie Britt, Tommy Tuberville, Bill Hagerty Hold DOJ Accountable for Failure to Prosecute Wrongful Voter Registration by Illegal Border Crossers
    Tuberville Questions Pentagon Nominees On Defense Spending, Border Wall Sales
    Tuberville Introduces Amendment to Secure the Border and Stop the Flow of Deadly Fentanyl
    Tuberville Demands Biden Admin Protect Unaccompanied Children at the Border From Traffickers, Criminals
    Tuberville Continues Fight to Secure Southern Border
    Tuberville Demands Answers from DHS Regarding Chinese Nationals and Suspected Terrorists Exploiting the Open Southern Border
    Tuberville, Colleagues Introduce Secure the Border Act of 2023
    Tuberville, Armed Services Republicans Call for Halt to Border Wall Materials Auctions
    Tuberville, Colleagues Introduce Resolution to Strike Down Dangerous Biden Border Policy
    Tuberville, Carter Reintroduce Empowering Law Enforcement Act as Border Crisis Intensifies
    Senator Tommy Tuberville represents Alabama in the United States Senate and is a member of the Senate Armed Services, Agriculture, Veterans’ Affairs, and HELP Committees.

    MIL OSI USA News –

  • MIL-OSI: Madison Pacific Properties Inc. announces the results for the year ended August 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    VANCOUVER, British Columbia, Nov. 01, 2024 (GLOBE NEWSWIRE) — Madison Pacific Properties Inc. (the Company) (TSX: MPC and MPC.C), a Vancouver-based real estate company announces the results of operations for the year ended August 31, 2024.

    The results reported are pursuant to International Financial Reporting Standards (IFRS) for public companies.

    For the year ended August 31, 2024, the Company is reporting a net loss of $44.2 million (2023: net income of $19.0 million); cash flows generated from operating activities before changes in non-cash operating balances of $11.4 million (2023: $9.5 million); and loss per share of $0.74 (2023: income per share of $0.31). Included in net loss is a provision of $51.5 million (2023: $nil) for uncertain tax positions recognizing a tax liability for unpaid taxes, estimated interest expense and awarded legal costs and provisions against the carrying value of the Company’s tax deposits and deferred tax assets related to unused carryforward amounts. Also included in net loss are equity earnings of associate and joint ventures of $0.4 million (2023: $7.4 million), net loss on the fair value adjustment on investment properties of approximately $0.2 million (2023: net gain of $5.7 million), losses on fair value adjustment on interest rate swaps of $4.2 million (2023: $0.1 million) , property revenues of $44.5 million (2023: $40.5 million) and interest expense of $12.7 million (2023: $10.7 million).

    As at August 31, 2024, the Company owns approximately $708 million in investment properties (August 31, 2023: $695 million).

    As at the date of this Press Release, the Company’s investment portfolio comprises 55 properties with approximately 1.9 million rentable sq. ft. of industrial and commercial space and a 50% interest in seven multi-family rental properties with a total of 219 units. Approximately 91.25% of available space within the industrial and commercial investment properties is currently leased and within the multi-family residential properties, 98.2% is currently leased. The Company’s development properties include a 50% interest in the Silverdale Hills Limited Partnership which currently owns approximately 1,405 acres of primarily residential designated development lands in Mission, British Columbia.

    For a review of the risks and uncertainties to which the Company is subject, see its most recently filed annual and interim MD&A.

    Contact: Mr. John Delucchi   Ms. Bernice Yip
      President & CEO   Chief Financial Officer
    Telephone: (604) 732-6540   (604) 732-6540
           
    Address:  389 West 6th Avenue    
      Vancouver, B.C. V5Y 1L1    

    The MIL Network –

  • MIL-OSI Security: Owner of Florida Labor-Staffing Companies Pleads Guilty to Tax Fraud and Money Laundering

    Source: Office of United States Attorneys

    Defendant Caused a Tax Loss to the United States of more than $9.5M

    MIAMI – A Ukrainian national pleaded guilty today to conspiracy to defraud the United States and conspiracy to commit money laundering.

    According to the court documents and statements made in court, between April 2008 and July 2021, Oleksandr Yurchyk and others owned and operated a series of labor-staffing companies in southern Florida, including Paradise Choice LLC, Paradise Choice Cleaning LLC, Tropical City Services LLC and Tropical City Group LLC. Through these staffing companies, Yurchyk and others facilitated the employment of non-resident aliens in the hospitality industry who were not authorized to work in the United States and helped evade the assessment and collection of federal income and employment taxes. Yurchyk and his co-defendants also laundered more than $11 million of proceeds from their scheme.

    Yurchyk is scheduled to be sentenced on Jan. 27, 2025. He faces a maximum penalty of 20 years in prison for the conspiracy to commit money laundering and five years in prison for the conspiracy to defraud the United States. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    U.S. Attorney Markenzy Lapointe for the Southern District of Florida and Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement.

    Homeland Security Investigations and IRS Criminal Investigation are investigating the case.

    Senior Litigation Counsel Christopher J. Clark for the Southern District of Florida and Sean Beaty and Trial Attorneys Matthew B. Hicks and Wilson R. Stamm of the Justice Department’s Tax Division are prosecuting the case.

    ###

    MIL Security OSI –

  • MIL-Evening Report: Cook Islands PM calls for easing of tensions in New Caledonia

    By Caleb Fotheringham, RNZ Pacific journalist

    Cook Islands Prime Minister Mark Brown has returned from New Caledonia saying it is not a simple “black and white situation”.

    Brown returned from a three-day Pacific fact-finding mission in the French Pacific territory alongside the Prime Ministers of Solomon Islands, Tonga and Fiji.

    New Caledonia has been going through a period of turmoil with violence and arson since May, resulting in 13 deaths and the destruction of many businesses.

    “There’s no doubt there is a call and a need for the easing of tensions in the country,” Brown said.

    “This would enable more dialogue to take place between the various vested groups to find a pathway forward for New Caledonia.”

    Brown said Kanaky New Caledonia’s population was diverse, made up of indigenous Kanak, French, and Pacific diaspora.

    Almost all of these groups want greater autonomy from France with some also wanting full independence or to remain a French territory, he said.

    “But you have quite a large group between those two extremes that want a way forward that enables New Caledonians, all of them, to be able to determine their own future.”

    Pacific policing France ‘may wish to consider’
     Brown said Australia’s newly proposed regional policing initiative is “an option that New Caledonians may wish to consider”.

    “At the moment that’s being done by the state government through France through its gendarmes and police force.”

    The last time regional policing was used was in Solomon Islands after ethnic unrest in the 2000s, he said.

    When asked whether France had “militarised” New Caledonia, Brown said France sent a lot of support “to help maintain law and order” but the focus now was on the reduction of tensions and dialogue.

    France’s Ambassador to the Pacific Véronique told the ABC she doubted French authorities would see the need for Pacific police to be deployed to New Caledonia.

    Brown said the other issue was the need for an urgent financial package.

    “Unlike most other Pacific countries in cases of disaster whether they be natural disaster or other sorts, Pacific countries have the likes of the World Bank, the Asian Development Bank, development partners that would support and assist.

    Relying solely on France
    “In the case of New Caledonia, it doesn’t have the association with any of those financial institutions and would rely solely on France for its support.”

    There needed to first be a reduction of tensions so that any rebuild would not be under threat from more civil unrest, he said.

    Brown said Pacific nations had taken different decolonisation paths — with the exception of Tonga which had never been colonised.

    Fiji became a republic after a number of coups and Cook Islands is self-governing in free association with New Zealand.

    “Each of us took a different path to where we are today to gain our autonomy and our sovereignty and it’s something that we were able to share with New Caledonia.”

    This article is republished under a community partnership agreement with RNZ.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: China-Laos railway increases cross-border passenger services to drive tourism

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

    VIENTIANE, Nov. 1 — The Laos-China Railway Co., Ltd. (LCRC) has increased the number of passenger train services between Xishuangbanna of China and Luang Prabang of Laos, starting on Oct. 29, with the aim of boosting tourism.

    The company now operated six days a week compared to the previous four days a week, according to the LCRC.

    The expanded schedule will enable more passengers to travel between the two popular destinations.

    The railway started cross-border passenger services on April 13, 2023. Since then, the railway has become the preferred mode of transport for a growing number of international travelers due to its affordability, convenience and comfort.

    On April 13 this year, Chinese and Lao railway authorities launched one more pair of trains for the railway’s international passenger services, running between Xishuangbanna and Luang Prabang, two popular tourist destinations.

    MIL OSI China News –

  • MIL-OSI China: China revises rules to ease foreign strategic investment in listed firms

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

    BEIJING, Nov. 1 — Chinese authorities on Friday released revised rules on foreign investors’ strategic investment in listed companies in a move to encourage foreign investors to make long-term and value investment in the country.

    The revised rules, jointly released by six government departments, including the Ministry of Commerce and the China Securities Regulatory Commission, allow foreign natural persons to make strategic investment in listed companies, a change from the old rules that only allowed foreign legal persons or organizations to make such investment.

    Capital requirement is also lowered under the new rules for foreign investors that do not become the controlling shareholders in listed firms. The latest capital requirement for them will be no less than 50 million U.S. dollars in total actual assets or no less than 300 million U.S. dollars in total managed actual assets.

    The new rules add tender offers as an extra option to make strategic investment. In the past, the only available options were private placements and share transfer agreements.

    For foreign investors intending to invest through the options of private placements or tender offers, they will be allowed to use shares of non-listed overseas companies as consideration shares for acquisition payment.

    The new rules also eased requirements on the shareholding ratio and the lock-up period. The shareholding ratio requirement is scrapped for foreign investors making investment through private placements, while the ratio requirements for the options of tender offers and share transfer agreements are lowered to 5 percent from the previous 10 percent.

    In order to encourage medium- and long-term investment, the requirement on lock-up period for acquired shares should be no shorter than a 12-month period under the new rules. This is reduced from no shorter than three years previously.

    A press briefing posted on the MOC’s website said that the revised measures seek to reduce the investment threshold for foreign investors, broaden the channels for foreign investment in the country’s securities market and encourage foreign investors to carry out long-term and value investment.

    It said that the scale of China’s securities market has further expanded in recent years with the sustained and healthy development of China’s economy and the nation’s deepened reform and opening up, adding that welcoming more high-quality foreign investment in listed companies will help promote China’s industrial upgrading as well as the healthy and stable development of China’s capital market.

    The revised rules are in line with the reform measures adopted at the Third Plenary Session of the 20th Central Committee of the Communist Party of China held in July this year, which vowed to open China’s commodity, services, capital, and labor markets wider to the outside world in an orderly manner, and facilitate foreign equity investment and venture capital investment in China.

    China issued rules for foreign investors to make strategic investments in listed companies back in 2005. Since then, foreign investors have made strategic investments in more than 600 listed companies.

    MIL OSI China News –

  • MIL-OSI: CORRECTION – Bogota Financial Corp. Reports Results for the Three and Nine Months Ended September 30, 2024 Corrected

    Source: GlobeNewswire (MIL-OSI)

    TEANECK, N.J., Nov. 01, 2024 (GLOBE NEWSWIRE) — Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company of Bogota Savings Bank (the “Bank”), after market close today issued a correction to its financial results for the three and nine months ended September 30, 2024 (the “Revised Earnings Release”), which was issued prior to market open on November 1, 2024 (the “Original Earnings Release”). Interest expense on deposits (and similarly total interest expense) for the three and nine months ended September 30, 2024 reported in the Original Earnings Release was understated by $300,000 due to a misstatement of the rates paid on certain certificates of deposit during the three months ended September 30, 2024. As a result, the Revised Earnings Release reflects the following changes:

    At September 30, 2024

        Average rate for certificates of deposit Average rate
    for deposits    		  
      As Initially Reported 4.15% 3.55%  
      As Corrected 4.39% 3.95%  
             

    For Three Months Ended September 30, 2024

    (Dollars in thousands, except per share data) Interest paid on average certificates of deposit Interest paid on average interest-bearing deposits Net interest income Net interest income after provision (recovery) for credit losses (Loss) income before income taxes Income tax (benefit) expense Net (loss) income (Loss) earnings per common share – basic (Loss) earnings per common share – diluted
    As Initially Reported $ 5,327 $ 5,861 $ 2,957 $ 2,957 $ (320 ) $ (173 ) $ (147 ) $ (0.01 ) $ (0.01 )
    As Corrected $ 5,627 $ 6,161 $ 2,657 $ 2,657 $ (620 ) $ (253 ) $ (367 ) $ (0.03 ) $ (0.03 )
                                                   
      Cost of average certificates of deposit Cost of average interest-bearing deposits (Loss) Return on Average Assets (Loss) Return on Average Equity Interest rate spread Net interest margin Efficiency Ratio
    As Initially Reported 4.26 % 3.84 % (0.09 )% (0.72 )% 0.81 % 1.24 % 109.75 %
    As Corrected 4.50 % 4.04 % (0.07 )% (0.52 )% 0.66 % 1.15 % 120.78 %
                                 

    For Nine Months Ended September 30, 2024

    (Dollars in thousands, except per share data) Interest paid on average certificates of deposit Interest paid on average interest-bearing deposits Net interest income Net interest income after provision (recovery) for credit losses (Loss) income before income taxes Income tax (benefit) expense Net (loss) income (Loss) earnings per common share – basic (Loss) earnings per common share – diluted
    As Initially Reported $ 16,484 $ 18,085 $ 8,352 $ 8,282 $ (1,762 ) $ (741 ) $ (1,020 ) $ (0.08 ) $ (0.08 )
    As Corrected $ 16,784 $ 18,385 $ 8,052 $ 7,982 $ (2,062 ) $ (821 ) $ (1,240 ) $ (0.10 ) $ (0.10 )
                                                   
                                                   
      Cost of average certificates of deposit Cost of average interest-bearing deposits (Loss) Return on Average Assets (Loss) Return on Average Equity Interest rate spread Net interest margin Efficiency Ratio
    As Initially Reported 4.31 % 3.88 % (0.17 )% (1.23 )% 0.73 % 1.23 % 118.23 %
    As Corrected 4.39 % 3.95 % (0.20 )% (1.44 )% 0.68 % 1.18 % 122.18 %
                                 

    The full text of the corrected release is a follows:

    Teaneck, New Jersey, November 1, 2024 – Bogota Financial Corp. (NASDAQ: BSBK) (the “Company”), the holding company for Bogota Savings Bank (the “Bank”), reported a net loss for the three months ended September 30, 2024 of $367,000, or $0.03 per basic and diluted share, compared to a net loss of $29,000, or $0.00 per basic and diluted share, for the comparable prior year period. The Company reported a net loss for the nine months ended September 30, 2024 of $1.2 million, or $0.10 per basic and diluted share, compared to net income of $1.8 million, or $0.14 per basic and diluted share, for the nine months ended September 30, 2023.

    On April 24, 2024, the Company announced it had received regulatory approval for the repurchase of up to 237,090 shares of its common stock, or approximately 5% of its then outstanding common stock (excluding shares held by Bogota Financial, MHC). The repurchase program does not have a scheduled expiration date and the Board of Directors has the right to suspend or discontinue the program at any time. As of September 30, 2024, 163,790 shares have been repurchased pursuant to the program at a cost of $1.2 million.

    Other Financial Highlights:

    • Total assets increased $39.6 million, or 4.2%, to $978.9 million at September 30, 2024 from $939.3 million at December 31, 2023, due to an increase in securities, offset by a decrease in cash and cash equivalents and loans.
    • Cash and cash equivalents decreased $3.9 million, or 15.8%, to $21.0 million at September 30, 2024 from $24.9 million at December 31, 2023 as excess funds were used to purchase securities.
    • Securities increased $47.1 million, or 33.3%, to $188.7 million at September 30, 2024 from $141.5 million at December 31, 2023.
    • Net loans decreased $5.8 million, or 0.8%, to $708.9 million at September 30, 2024 from $714.7 million at December 31, 2023.
    • Total deposits at September 30, 2024 were $629.3 million, increasing $3.9 million, or 0.6%, as compared to $625.3 million at December 31, 2023, due to a $2.3 million increase in interest-bearing deposits, primarily in certificates of deposit, and a $1.6 million increase in non-interest bearing demand accounts. The average cost of deposits increased 128 basis points to 3.95% for the first three quarters of 2024 from 2.67% for the first nine months of 2023 due to higher interest rates and a larger percentage of deposits consisting of higher-costing certificates of deposit.
    • Federal Home Loan Bank advances increased $34.9 million, or 20.8% to $202.6 million at September 30, 2024 from $167.7 million as of December 31, 2023.

    Kevin Pace, President and Chief Executive Officer, said “The Bank continues its growth strategy focusing on core deposits and commercial lending. We have seen an uptick in our commercial pipeline this quarter that shows interest remains strong in our market. Offering new desirable technology through partnerships with our providers is a key initiative we are focusing on going into 2025.  This will allow us to attract new customers in our competitive environment.”

    “The Bank completed its third stock repurchase program earlier this year and promptly began its fourth buyback. We remain diligent in our efforts to show confidence and deliver value to our shareholders.”

    Income Statement Analysis

    Comparison of Operating Results for the Three Months Ended September 30, 2024 and September 30, 2023

    Net income decreased by $338,000 to a net loss of $367,000 for the three months ended September 30, 2024 from a net loss of $29,000 for the three months ended September 30, 2023. This decrease was primarily due to a decrease of $560,000 in net interest income, partially offset by a decrease of $171,000 in salaries and employee benefit costs, an increase of $128,000 in income tax benefit and a $38,000 increase in non-interest income.

    Interest income increased $1.3 million, or 14.3%, from $9.3 million for the three months ended September 30, 2023 to $10.6 million for the three months ended September 30, 2024 primarily due to higher yields on interest-earning assets and an increase in the average balance of securities. 

    Interest income on cash and cash equivalents decreased $30,000, or 17.9%, to $138,000 for the three months ended September 30, 2024 from $168,000 for the three months ended September 30, 2023 due to a $2.6 million decrease in the average balance to $10.2 million for the three months ended September 30, 2024 from $12.8 million for the three months ended September 30, 2023, reflecting the use of excess cash to purchase securities. The decrease was offset by an 18 basis point increase in the average yield from 5.21% for the three months ended September 30, 2023 to 5.39% for the three months ended September 30, 2024 due to the higher interest rate environment.

    Interest income on loans increased $401,000, or 5.0%, to $8.4 million for the three months ended September 30, 2024 compared to $8.0 million for the three months ended September 30, 2023 due primarily to a 24 basis point increase in the average yield from 4.45% for the three months ended September 30, 2023 to 4.69% for the three months ended September 30, 2024, and to a lesser extent, a $876,000 increase in the average balance to $711.6 million for the three months ended September 30, 2024 from $710.7 million for the three months ended September 30, 2023.

    Interest income on securities increased $889,000, or 88.2%, to $1.9 million for the three months ended September 30, 2024 from $1.0 million for the three months ended September 30, 2023 primarily due to a $48.7 million increase in the average balance to $187.2 million for the three months ended September 30, 2024 from $138.5 million for the three months ended September 30, 2023, and a 114 basis point increase in the average yield from 2.91% for the three months ended September 30, 2023 to 4.05% for the three months ended September 30, 2024 due to the higher interest rate environment. 

    Interest expense increased $1.9 million, or 31.1%, from $6.1 million for the three months ended September 30, 2023 to $8.0 million for the three months ended September 30, 2024 due to higher costs and average balances on certificates of deposit and borrowings.

    Interest expense on interest-bearing deposits increased $1.3 million, or 27.0%, to $6.2 million for the three months ended September 30, 2024 from $4.9 million for the three months ended September 30, 2023. The increase was due to a 93 basis point increase in the average cost of deposits to 4.04% for the three months ended September 30, 2024 from 3.11% for the three months ended September 30, 2023. The increase in the average cost of deposits was due to the higher interest rate environment and a change in the composition of the deposit portfolio.  The average balances of certificates of deposit decreased $831,000 to $497.3 million for the three months ended September 30, 2024 from $498.1 million for the three months ended September 30, 2023 while the average balance of NOW/money market accounts and savings accounts decreased $9.0 million and $2.1 million for the three months ended September 30, 2024, respectively, compared to the three months ended September 30, 2023.

    Interest expense on Federal Home Loan Bank advances increased $582,000, or 47.7%, from $1.2 million for the three months ended September 30, 2023 to $1.8 million for the three months ended September 30, 2024. The increase was primarily due to an increase in the average balance of $71.6 million to $196.9 million for the three months ended September 30, 2024 from $125.3 million for the three months ended September 30, 2023. The increase was slightly offset by a decrease in the average cost of borrowings of 22 basis points to 3.64% for the three months ended September 30, 2024 from 3.86% for the three months ended September 30, 2023 due to new borrowings being at lower rates. At September 30, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. During the three months ended September 30, 2024, the use of the cash flow and fair value hedges reduced the interest expense on the Federal Home Loan Bank advances and certificates of deposit by $498,000.

    Net interest income decreased $560,000, or 17.4%, to $2.7 million for the three months ended September 30, 2024 from $3.2 million for the three months ended September 30, 2023.  The decrease reflected a 35 basis point decrease in our net interest rate spread to 0.66% for the three months ended September 30, 2024 from 1.01% for the three months ended September 30, 2023. Our net interest margin decreased 32 basis points to 1.15% for the three months ended September 30, 2024 from 1.47% for the three months ended September 30, 2023.

    We did not record a provision for credit losses for the three months ended September 30, 2024 or September 30, 2023 due to moderate loan growth and improved economic conditions.

    Non-interest income increased by $38,000, or 13.0%, to $327,000 for the three months ended September 30, 2024 from $290,000 for the three months ended September 30, 2023.  Bank-owned life insurance income increased $23,000, or 11.6%, due to higher balances during 2024 and gain on sale of loans increased $12,000 compared to no gain on sale of loans for the comparable period last year due to the sale of a $400,000 residential loan in 2024.

    For the three months ended September 30, 2024, non-interest expense decreased $56,000, or 1.5%, over the comparable 2023 period. This was due to a $171,000, or 7.5% reduction in salaries and employee benefits, which decreased due to lower headcount and increased expenses in 2023 related to the retirement of the previous Chief Executive Officer, and a $40,000, or 31.9%, decrease in advertising expenses.  Our FDIC insurance assessment also decreased by $26,000, or 19.8%.  These decreases were partially offset by an increase in professional fees of $99,000, or 66.4%, due to higher consulting expense related to strategic business planning. Data processing expense also increased $100,000, or 48.8%, due to higher processing costs.

    Income tax expense decreased $128,000, or 102.1%, to a benefit of $253,000 for the three months ended September 30, 2024 from a $125,000 benefit for the three months ended September 30, 2023. The decrease was due to a reduction of $466,000 in taxable income. 

    Comparison of Operating Results for the Nine Months Ended September 30, 2024 and September 30, 2023

    Net income decreased by $3.1 million, or 168.1%, to a net loss of $1.2 million for the nine months ended September 30, 2024 from net income of $1.8 million for the nine months ended September 30, 2023.   This decrease was primarily due to a decrease of $4.0 million in net interest income, partially offset by a decrease of $1.2 million in income tax expense.

    Interest income increased $3.4 million, or 12.4%, from $27.7 million for the nine months ended September 30, 2023 to $31.1 million for the nine months ended September 30, 2024 due to higher yields on interest-earning assets and an increase in the average balance of securities, partially offset by a decrease in the average balance of loans and cash and cash equivalents. 

    Interest income on cash and cash equivalents decreased $8,000, or 1.9%, to $415,000 for the nine months ended September 30, 2024 from $423,000 for the nine months ended September 30, 2023 due a $2.3 million decrease in the average balance to $9.1 million for the nine months ended September 30, 2024 from $11.4 million for the nine months ended September 30, 2023, reflecting the decrease of liquidity due to increased securities purchases. This decrease was offset by a 111 basis point increase in the average yield due to the higher interest rate environment.

    Interest income on loans increased $1.1 million, or 4.5%, to $24.9 million for the nine months ended September 30, 2024 compared to $23.8 million for the nine months ended September 30, 2023 due primarily to a 20 basis point increase in the average yield from 4.46% for the nine months ended September 30, 2023 to 4.66% for the nine months ended September 30, 2024, offset by a $1.9 million decrease in the average balance to $711.7 million for the nine months ended September 30, 2024 from $713.6 million for the nine months ended September 30, 2023.

    Interest income on securities increased $2.2 million, or 69.4%, to $5.3 million for the nine months ended September 30, 2024 from $3.1 million for the nine months ended September 30, 2023 primarily due to a 112 basis point increase in the average yield from 2.80% for the nine months ended September 30, 2023 to 3.92% for the nine months ended September 30, 2024, and a $31.0 million increase in the average balance to $179.8 million for the nine months ended September 30, 2024 from $148.8 million for the nine months ended September 30, 2023.

    Income from other interest-earning assets, which primarily consisted of Federal Home Loan Bank stock, increased $209,000, or 27.1% to $981,000 for the nine months ended September 30, 2024 from $772,000 for the nine months ended September 30, 2023 due to dividends paid on such stock.

    Interest expense increased $7.4 million, or 47.4%, from $15.7 million for the nine months ended September 30, 2023 to $23.1 million for the nine months ended September 30, 2024 due to higher costs and average balances on certificates of deposit and borrowings.

    Interest expense on interest-bearing deposits increased $5.6 million, or 43.9%, to $18.4 million for the nine months ended September 30, 2024 from $12.8 million for the nine months ended September 30, 2023. The increase was due to a 128 basis point increase in the average cost of deposits to 3.95% for the nine months ended September 30, 2024 from 2.67% for the nine months ended September 30, 2023. The increase in the average cost of deposits was due to the higher interest rate environment and a change in the composition of the deposit portfolio.  The average balances of certificates of deposit increased $12.0 million to $510.5 million for the nine months ended September 30, 2024 from $498.5 million for the nine months ended September 30, 2023 while average NOW/money market accounts and savings accounts decreased $24.2 million and $5.7 million for the nine months ended September 30, 2024, respectively, compared to the nine months ended September 30, 2023.

    Interest expense on Federal Home Loan Bank advances increased $1.8 million, or 62.7%, from $2.9 million for the nine months ended September 30, 2023 to $4.7 million for the nine months ended September 30, 2024. The increase was primarily due to an increase in the average balance of $60.7 million to $171.6 million for the nine months ended September 30, 2024 from $110.9 million for the nine months ended September 30, 2023. The increase was also due to an increase in the average cost of borrowings of 17 basis points to 3.67% for the nine months ended September 30, 2024 from 3.50% for the nine months ended September 30, 2023 due to new borrowings being at higher rates. At September 30, 2024, cash flow hedges used to manage interest rate risk had a notional value of $65.0 million, while fair value hedges totaled $60.0 million in notional value. During the nine months ended September 30, 2024, the use of the cash flow hedges reduced the interest expense on the Federal Home Loan Bank advances and certificates of deposit by $1.2 million.

    Net interest income decreased $4.0 million, or 33.1%, to $8.0 million for the nine months ended September 30, 2024 from $12.0 million for the nine months ended September 30, 2023.  The decrease reflected a 73 basis point decrease in our net interest rate spread to 0.68% for the nine months ended September 30, 2024 from 1.41% for the nine months ended September 30, 2023. Our net interest margin decreased 64 basis points to 1.18% for the nine months ended September 30, 2024 from 1.82% for the nine months ended September 30, 2023.

    We recorded a $70,000 provision for credit losses for the nine months ended September 30, 2024 compared to a $125,000 recovery for credit losses for the nine-month period ended September 30, 2023, which was due to a decrease in loan balances in 2023. The entire provision in the first three quarters of 2024 was due to an increase in held-to-maturity corporate securities.

    Non-interest income increased by $73,000, or 8.5%, to $929,000 for the nine months ended September 30, 2024 from $856,000 for the nine months ended September 30, 2023.  The increase was primarily due to bank-owned life insurance income, which increased $74,000, or 12.9%, due to higher balances during 2024.

    For the nine months ended September 30, 2024, non-interest expense increased $163,000, or 1.5%, over the comparable 2023 period. Professional fees increased $270,000, or 65.5% due to higher consulting expense related to strategic business planning. Data processing expense increased $210,000, or 29.3%, due to higher processing costs. These were offset by a $333,000, or 4.9%, reduction in salaries and employee benefit, which decreased due to lower headcount and increased expenses in 2023 related to the retirement of the previous Chief Executive Officer.

    Income tax expense decreased $1.2 million, or 312.9%, to a benefit of $821,000 for the nine months ended September 30, 2024 from a $386,000 expense for the nine months ended September 30, 2023. The decrease was due to a reduction of $4.3 million in taxable income. 

    Balance Sheet Analysis

    Total assets were $978.9 million at September 30, 2024, representing an increase of $39.6 million, or 4.2%, from December 31, 2023.  Cash and cash equivalents decreased $3.9 million during the period primarily due to the purchase of new securities offset by loan repayments. Net loans decreased $5.8 million, or 0.8%, due to $22.5 million in repayments including a $12.6 million decrease in the balance of residential loans, as well as a $9.1 million decrease in the balance of construction loans and a decrease of $915,000 in multifamily loans. The decrease was partially offset by new production of $16.7 million, including $13.1 million and $3.6 million of commercial real estate and commercial and industrial loans, respectively.  The Company also purchased a pool of residential loans totaling $10.4 million. Due to the interest rate environment, we have experienced a decrease in demand for residential and construction loans, which have been primary drivers of our loan growth in recent periods.  Securities held to maturity increased $7.4 million, or 10.3%, and securities available for sale increased $40.0 million, or 57.6%, due to new purchases of mortgage-backed securities with excess cash. 

    Delinquent loans increased $8.9 million to $21.5 million, or 3.0% of total loans, at September 30, 2024, compared to $12.6 million, or 1.8% of total loans, at December 31, 2023. The increase was mostly due to four commercial real estate loans to three customers with a balance of $8.1 million. Three of the past due commercial real estate loans are being actively managed with the customers and are expected to be brought current, while one totaling $758,000 has been placed on nonaccrual, but is considered well-secured with a loan-to-value of 59%. During the same timeframe, non-performing assets increased from $12.8 million at December 31, 2023 to $13.8 million, which represented 1.41% of total assets at September 30, 2024. No loans were charged-off during the three or nine months ended September 30, 2024 or September 30, 2023. The Company’s allowance for credit losses related to loans was 0.39% of total loans and 19.94% of non-performing loans at September 30, 2024 compared to 0.39% of total loans and 21.81% of non-performing loans at December 31, 2023.  The Bank does not have any exposure to commercial real estate loans secured by office space. At September 30, 2024, the Company’s allowance for credit losses related to held-to-maturity securities totaled $108,000 or 0.13% of the total held-to-maturity securities portfolio.

    Total liabilities increased $39.8 million, or 5.0%, to $841.9 million mainly due to a $34.9 million increase in borrowings and a $3.9 million increase in total deposits. The increase in deposits reflected an increase in certificate of deposit accounts, which increased by $505,000 to $493.8 million from $493.3 million at December 31, 2023, an increase in NOW deposit accounts, which increased by $4.2 million to $45.5 million from $41.3 million at December 31, 2023, and by an increase in noninterest bearing demand accounts, which increased by $1.6 million from $30.6 million at December 31, 2023 to $32.1 million at September 30, 2024. This was offset by a $2.6 million, or 18.0%, decrease in money market accounts.  At September 30, 2024, brokered deposits were $101.1 million or 16.1% of deposits and municipal deposits were $36.0 million or 5.7% of deposits.  At September 30, 2024, uninsured deposits represented 10.7% of the Bank’s total deposits. Federal Home Loan Bank advances increased $34.9 million, or 20.8%, due to new borrowings, for which the durations have primarily been short-term in nature as we remain mindful of the changing interest rate environment and the potential for further interest rate cuts from the Federal Reserve. Total borrowing capacity at the Federal Home Loan Bank is $297.9 million of which $202.7 million has been advanced.

    Total stockholders’ equity decreased $233,000 to $136.9 million, due to a net loss of $1.2 million and the repurchase of 163,790 shares of stock at a cost of $1.2 million, offset by a decrease in accumulated other comprehensive loss for securities available for sale of $1.6 million and stock compensation of $225,000 for the nine months ended September 30, 2024. At September 30, 2024, the Company’s ratio of average stockholders’ equity-to-total assets was 15.04%, compared to 15.32% at December 31, 2023.

    About Bogota Financial Corp.

    Bogota Financial Corp. is a Maryland corporation organized as the mid-tier holding company of Bogota Savings Bank and is the majority-owned subsidiary of Bogota Financial, MHC. Bogota Savings Bank is a New Jersey chartered stock savings bank that has served the banking needs of its customers in northern and central New Jersey since 1893. It operates from seven offices located in Bogota, Hasbrouck Heights, Upper Saddle River, Newark, Oak Ridge, Parsippany and Teaneck, New Jersey and operates a loan production office in Spring Lake, New Jersey.

    Forward-Looking Statements

    This press release contains certain forward-looking statements about the Company and the Bank. Forward-looking statements include statements regarding anticipated future events and can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may.” Forward-looking statements, by their nature, are subject to risks and uncertainties. Certain factors that could cause actual results to differ materially from expected results include increased competitive pressures, changes in the interest rate environment, inflation, general economic conditions or conditions within the securities markets, real estate market values in the Bank’s lending area, changes in liquidity, including the size and composition of our deposit portfolio and the percentage of uninsured deposits in the portfolio; the availability of low-cost funding; our continued reliance on brokered and municipal deposits; demand for loans in our market area; changes in the quality of our loan and security portfolios, economic assumptions or changes in our methodology, either of which may impact our allowance for credit losses calculation, increases in non-performing and classified loans, monetary and fiscal policies of the U.S. Government including policies of the U.S. Treasury and the Board of Governors of the Federal Reserve System, a failure in or breach of the Company’s operational or security systems or infrastructure, including cyberattacks, the failure to maintain current technologies, failure to retain or attract employees and legislative, accounting and regulatory changes that could adversely affect the business in which the Company and the Bank are engaged.
    The Company undertakes no obligation to revise these forward-looking statements or to reflect events or circumstances after the date of this press release.

    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
    (unaudited)
               
      As of     As of  
      September 30, 2024     December 31, 2023  
    Assets              
    Cash and due from banks $ 10,630,086     $ 13,567,115  
    Interest-bearing deposits in other banks   10,372,434       11,362,356  
    Cash and cash equivalents   21,002,520       24,929,471  
    Securities available for sale, at fair value   108,560,811       68,888,179  
    Securities held to maturity, net of allowance for securities credit losses of $108,000 and zero, respectively (fair value – $74,603,097 and $65,374,753, respectively)   80,103,753       72,656,179  
    Loans, net of allowance for credit losses of $2,747,949 and $2,785,949, respectively   708,896,566       714,688,635  
    Premises and equipment, net   7,853,076       7,687,387  
    Federal Home Loan Bank (FHLB) stock and other restricted securities   10,180,100       8,616,100  
    Accrued interest receivable   4,352,967       3,932,785  
    Core deposit intangibles   165,454       206,116  
    Bank-owned life insurance   31,635,988       30,987,851  
    Other assets   6,138,029       6,731,500  
    Total Assets $ 978,889,264     $ 939,324,203  
    Liabilities and Equity              
    Non-interest bearing deposits $ 32,125,742     $ 30,554,842  
    Interest bearing deposits   597,141,995       594,792,300  
    Total deposits   629,267,737       625,347,142  
    FHLB advances-short term   53,500,000       37,500,000  
    FHLB advances-long term   149,065,610       130,189,663  
    Advance payments by borrowers for taxes and insurance   3,265,262       2,733,709  
    Other liabilities   6,850,898       6,380,486  
    Total liabilities   841,949,507       802,151,000  
                   
    Stockholders’ Equity              
    Preferred stock $0.01 par value 1,000,000 shares authorized, none issued and outstanding at September 30, 2024 and December 31, 2023   —       —  
    Common stock $0.01 par value, 30,000,000 shares authorized, 13,092,357 issued and outstanding at September 30, 2024 and 13,279,230 at December 31, 2023   130,823       132,792  
    Additional paid-in capital   55,315,975       56,149,915  
    Retained earnings   90,936,649       92,177,068  
    Unearned ESOP shares (389,674 shares at September 30, 2024 and 409,750 shares at December 31, 2023)   (4,595,895 )     (4,821,798 )
    Accumulated other comprehensive loss   (4,847,795 )     (6,464,774 )
    Total stockholders’ equity   136,939,757       137,173,203  
    Total liabilities and stockholders’ equity $ 978,889,264     $ 939,324,203  
     
    BOGOTA FINANCIAL CORP.
    CONSOLIDATED STATEMENTS OF OPERATIONS
    (unaudited)
     
      Three Months Ended     Nine Months Ended  
      September 30,     September 30,  
      2024     2023     2024     2023  
    Interest income                              
    Loans, including fees $ 8,381,581     $ 7,980,388     $ 24,888,377     $ 23,821,545  
    Securities                              
    Taxable   1,884,276       994,791       5,247,336       3,042,389  
    Tax-exempt   13,137       13,159       39,409       78,293  
    Other interest-earning assets   341,268       301,081       980,536       771,584  
    Total interest income   10,620,262       9,289,419       31,155,658       27,713,811  
    Interest expense                              
    Deposits   6,160,547       4,851,926       18,384,323       12,777,907  
    FHLB advances   1,802,387       1,220,166       4,719,056       2,900,359  
    Total interest expense   7,962,934       6,072,092       23,103,379       15,678,266  
    Net interest income   2,657,328       3,217,327       8,052,279       12,035,545  
    Provision (recovery) for credit losses   —       —       70,000       (125,000 )
    Net interest income after provision (recovery) for credit losses   2,657,328       3,217,327       7,982,279       12,160,545  
    Non-interest income                              
    Fees and service charges   56,610       61,529       164,400       159,381  
    Gain on sale of loans   11,710       —       11,710       29,375  
    Bank-owned life insurance   221,122       197,873       648,137       574,073  
    Other   37,943       30,332       105,420       93,660  
    Total non-interest income   327,385       289,734       929,667       856,489  
    Non-interest expense                              
    Salaries and employee benefits   2,102,993       2,274,347       6,404,946       6,737,952  
    Occupancy and equipment   380,714       372,626       1,118,739       1,114,170  
    FDIC insurance assessment   106,313       132,571       313,626       319,690  
    Data processing   306,167       205,721       928,292       717,913  
    Advertising   85,750       126,000       310,950       369,383  
    Director fees   159,851       159,336       467,100       478,011  
    Professional fees   248,420       149,251       682,517       412,519  
    Other   214,686       241,530       747,598       661,300  
    Total non-interest expense   3,604,894       3,661,382       10,973,768       10,810,938  
    (Loss) income before income taxes   (620,181 )     (154,321 )     (2,061,822 )     2,206,096  
    Income tax (benefit) expense   (253,221 )     (125,268 )     (821,403 )     385,801  
    Net (loss) income $ (366,960 )   $ (29,053 )   $ (1,240,419 )   $ 1,820,295  
    (Loss) earnings per Share – basic $ (0.03 )   $ (0.00 )   $ (0.10 )   $ 0.14  
    (Loss) earnings per Share – diluted $ (0.03 )   $ (0.00 )   $ (0.10 )   $ 0.14  
    Weighted average shares outstanding – basic   12,702,683       13,037,903       12,702,683       13,103,951  
    Weighted average shares outstanding – diluted   12,717,904       13,037,903       12,734,624       13,103,951  
                                   
    BOGOTA FINANCIAL CORP.
    SELECTED RATIOS
    (unaudited)
               
      At or For the Three Months     At or for the Nine Months  
      Ended September 30,     Ended September 30,  
      2024     2023     2024     2023  
    Performance Ratios (1):                              
    (Loss) return on average assets (2)   (0.07 )%     (0.01 )%     (0.20 )%     0.26 %
    (Loss) return on average equity (3)   (0.52 )%     (0.08 )%     (1.44 )%     1.75 %
    Interest rate spread (4)   0.66 %     1.01 %     0.68 %     1.41 %
    Net interest margin (5)   1.15 %     1.47 %     1.18 %     1.82 %
    Efficiency ratio (6)   120.78 %     104.40 %     122.18 %     83.05 %
    Average interest-earning assets to average interest-bearing liabilities   114.30 %     116.68 %     114.62 %     117.21 %
    Net loans to deposits   110.67 %     110.08 %     114.43 %     110.08 %
    Average equity to average assets (7)   14.01 %     15.00 %     14.14 %     14.88 %
    Capital Ratios:                              
    Tier 1 capital to average assets                   13.47 %     15.67 %
    Asset Quality Ratios:                              
    Allowance for credit losses as a percent of total loans                   0.39 %     0.39 %
    Allowance for credit losses as a percent of non-performing loans                   19.94 %     22.62 %
    Net charge-offs to average outstanding loans during the period                   0.00 %     0.00 %
    Non-performing loans as a percent of total loans                   1.94 %     1.73 %
    Non-performing assets as a percent of total assets                   1.41 %     1.33 %
                                   
    (1) Certain performance ratios for the three and nine months ended September 30, 2024 and 2023 are annualized.
    (2) Represents net (loss) income divided by average total assets.
    (3) Represents net (loss) income divided by average stockholders’ equity.
    (4) Represents the difference between the weighted average yield on average interest-earning assets and the weighted average cost of average interest-bearing liabilities. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2024 and 2023.
    (5) Represents net interest income as a percent of average interest-earning assets. Tax exempt income is reported on a tax equivalent basis using a combined federal and state marginal tax rate of 27.5% for 2024 and 2023.
    (6) Represents non-interest expenses divided by the sum of net interest income and non-interest income.
    (7) Represents average stockholders’ equity divided by average total assets.
     

    LOANS

    Loans are summarized as follows at September 30, 2024 and December 31, 2023:

     
      September 30,     December 31,  
      2024     2023  
      (unaudited)  
    Real estate:              
    Residential First Mortgage $ 473,492,871     $ 486,052,422  
    Commercial Real Estate   112,899,496       99,830,514  
    Multi-Family Real Estate   74,697,352       75,612,566  
    Construction   40,243,916       49,302,040  
    Commercial and Industrial   10,229,503       6,658,370  
    Consumer   81,377       18,672  
    Total loans   711,644,515       717,474,584  
    Allowance for credit losses   (2,747,949 )     (2,785,949 )
    Net loans $ 708,896,566     $ 714,688,635  
     

    The following tables set forth the distribution of total deposit accounts, by account type, at the dates indicated:

     
      At September 30,     At December 31,  
      2024     2023  
      Amount     Percent     Average
    Rate    		     Amount     Percent     Average
    Rate    		  
                                                   
      (unaudited)  
    Noninterest bearing demand accounts $ 32,125,742       5.11 %     — %   $ 30,554,842       4.89 %     — %
    NOW accounts   45,493,204       7.23 %     2.21       41,320,723       6.61 %     1.90  
    Money market accounts   12,003,291       1.91 %     0.30       14,641,846       2.34 %     0.30  
    Savings accounts   45,865,501       7.29 %     1.82       45,554,964       7.28 %     1.76  
    Certificates of deposit   493,779,999       78.47 %     4.15       493,274,767       78.88 %     4.00  
    Total $ 629,267,737       100.00 %     3.55 %   $ 625,347,142       100.00 %     3.42 %
     

    Average Balance Sheets and Related Yields and Rates

    The following tables present information regarding average balances of assets and liabilities, the total dollar amounts of interest income and dividends from average interest-earning assets, the total dollar amounts of interest expense on average interest-bearing liabilities, and the resulting annualized average yields and costs. The yields and costs for the periods indicated are derived by dividing income or expense by the average balances of assets or liabilities, respectively, for the periods presented. Average balances have been calculated using daily balances. Nonaccrual loans are included in average balances only. Loan fees are included in interest income on loans and are not material.

     
      Three Months Ended September 30,  
      2024     2023  
      Average
    Balance    		     Interest and Dividends     Yield/ Cost     Average
    Balance    		     Interest and Dividends     Yield/ Cost  
      (Dollars in thousands)  
    Assets: (unaudited)  
    Cash and cash equivalents $ 10,195     $ 138       5.39 %   $ 12,764     $ 168       5.21 %
    Loans   711,601       8,381       4.69 %     710,725       7,981       4.45 %
    Securities   187,212       1,897       4.05 %     138,479       1,008       2.91 %
    Other interest-earning assets   9,908       203       8.20 %     6,620       132       8.04 %
    Total interest-earning assets   918,916       10,619       4.60 %     868,588       9,289       4.25 %
                                                   
    Non-interest-earning assets   56,061                       54,179                  
    Total assets $ 974,977                     $ 922,767                  
    Liabilities and equity:                                              
    NOW and money market accounts $ 65,767     $ 329       1.99 %   $ 74,785     $ 354       1.88 %
    Savings accounts   44,029       205       1.85 %     46,177       214       1.83 %
    Certificates of deposit (1)   497,251       5,626       4.50 %     498,082       4,284       3.41 %
    Total interest-bearing deposits   607,047       6,160       4.04 %     619,044       4,852       3.11 %
                                                   
    Federal Home Loan Bank advances (1)   196,885       1,802       3.64 %     125,344       1,220       3.86 %
    Total interest-bearing liabilities   803,932       7,962       3.94 %     744,388       6,072       3.24 %
    Non-interest-bearing deposits   31,679                       38,257                  
    Other non-interest-bearing liabilities   2,724                       1,727                  
    Total liabilities   838,335                       784,372                  
                                                   
    Total equity   136,642                       138,395                  
    Total liabilities and equity $ 974,977                     $ 922,767                  
    Net interest income         $ 2,657                     $ 3,217          
    Interest rate spread (2)                   0.66 %                     1.01 %
    Net interest margin (3)                   1.15 %                     1.47 %
    Average interest-earning assets to average interest-bearing liabilities   114.30 %                     116.68 %                
     
    1. Cash flow and fair value hedges are used to manage interest rate risk. During the three months ended September 30, 2024 and 2023, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $498,000 and $92,000, respectively.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
     
      Nine Months Ended September 30,  
      2024     2023  
      Average Balance     Interest and Dividends     Yield/ Cost     Average Balance     Interest and Dividends     Yield/ Cost  
      (Dollars in thousands)  
    Assets:                                              
    Cash and cash equivalents $ 9,072     $ 415       6.09 %   $ 11,352     $ 423       4.98 %
    Loans   711,697       24,888       4.66 %     713,603       23,822       4.46 %
    Securities   179,818       5,287       3.92 %     148,802       3,121       2.80 %
    Other interest-earning assets   8,903       566       8.48 %     6,110       348       7.62 %
    Total interest-earning assets   909,490       31,156       4.57 %     879,867       27,714       4.20 %
    Non-interest-earning assets   58,221                       54,380                  
    Total assets $ 967,711                     $ 934,247                  
    Liabilities and equity:                                              
    NOW and money market accounts $ 67,628     $ 993       1.96 %   $ 91,781     $ 1,089       1.59 %
    Savings accounts   43,824       608       1.85 %     49,529       375       1.01 %
    Certificates of deposit (1)   510,494       16,784       4.39 %     498,460       11,314       3.03 %
    Total interest-bearing deposits   621,946       18,385       3.95 %     639,770       12,778       2.67 %
    Federal Home Loan Bank advances (1)   171,565       4,719       3.67 %     110,875       2,900       3.50 %
    Total interest-bearing liabilities   793,511       23,104       3.89 %     750,645       15,678       2.79 %
    Non-interest-bearing deposits   31,225                       38,253                  
    Other non-interest-bearing liabilities   6,154                       6,351                  
    Total liabilities   830,890                       795,249                  
    Total equity   136,821                       138,998                  
    Total liabilities and equity $ 967,711                     $ 934,247                  
    Net interest income         $ 8,052                     $ 12,036          
    Interest rate spread (2)                   0.68 %                     1.41 %
    Net interest margin (3)                   1.18 %                     1.82 %
    Average interest-earning assets to average interest-bearing liabilities   114.62 %                     117.21 %                
     
    1. Cash flow and fair value hedges are used to manage interest rate risk. During the nine months ended September 30, 2024 and 2023, the net effect on interest expense on the Federal Home Loan Bank advances and certificates of deposit was a reduced expense of $1.2 million and $139,000, respectively.
    2. Interest rate spread represents the difference between the weighted average yield on interest-earning assets and the weighted average cost of interest-bearing liabilities.
    3. Net interest margin represents net interest income divided by average total interest-earning assets.
     

    Rate/Volume Analysis

    The following table sets forth the effects of changing rates and volumes on net interest income. The rate column shows the effects attributable to changes in rate (changes in rate multiplied by prior volume). The volume column shows the effects attributable to changes in volume (changes in volume multiplied by prior rate). The net column represents the sum of the prior columns. Changes attributable to changes in both rate and volume that cannot be segregated have been allocated proportionally based on the changes due to rate and the changes due to volume.

     
      Three Months Ended September 30, 2024     Nine Months Ended September 30, 2024  
      Compared to     Compared to  
      Three Months Ended September 30, 2023     Nine Months Ended September 30, 2023  
      Increase (Decrease) Due to     Increase (Decrease) Due to  
      Volume     Rate     Net     Volume     Rate     Net  
      (In thousands)  
    Interest income: (unaudited)  
    Cash and cash equivalents $ (66 )   $ 36     $ (30 )   $ (123 )   $ 115     $ (8 )
    Loans receivable   9       391       400       (101 )     1,167       1,066  
    Securities   420       469       889       742       1,424       2,166  
    Other interest earning assets   68       3       71       175       43       218  
    Total interest-earning assets   432       898       1,330       692       2,750       3,442  
                                                   
    Interest expense:                                              
    NOW and money market accounts   (128 )     103       (25 )     (413 )     317       (96 )
    Savings accounts   (24 )     15       (9 )     (73 )     306       233  
    Certificates of deposit   (49 )     1,391       1,342       279       5,191       5,470  
    Federal Home Loan Bank advances   1,031       (449 )     582       1,667       152       1,819  
    Total interest-bearing liabilities   830       1,060       1,890       1,461       5,965       7,426  
    Net decrease in net interest income $ (398 )   $ (162 )   $ (560 )   $ (768 )   $ (3,216 )   $ (3,984 )
     

    Contacts
    Kevin Pace – President & CEO, 201-862-0660 ext. 1110

    The MIL Network –

  • MIL-OSI China: Spanish floods kill at least 205, PM pledges comprehensive support

    Source: China State Council Information Office

    Spain remains deeply shaken by the deadly flash floods that have left 205 people confirmed dead and wrecked havoc across the regions of Valencia, Castilla-La Mancha and Andalusia in the east and southeast parts of the country. As of Friday, many more are still unaccounted for.

    With the ground too dry to absorb the intense rainfall, which exceeded 400 liters per square meter in many areas and reached up to 600 liters in some, the torrential overnight downpours on Tuesday led to devastating flash floods.

    Videos posted on social media have shown torrents up to three meters high sweeping cars down the streets to pile them up as if they were toys. Bridges were swept away, railway tunnels collapsed and fields were swamped as people climbed onto roofs of their homes and cars to seek refuge, but not all survived.

    The official death toll, initially 12 on Wednesday morning according to the Center for Coordinated and Integrated Operations, has now soared to 205, with 202 fatalities in the region of Valencia, two in Castilla-La Mancha and one in Andalusia.

    The Feria de Valencia exhibition center has had to be used as a temporary mortuary. With many people still missing, the number of fatalities is expected to climb further.

    The Spanish newspaper Eldiario.es reported on Friday that 1,900 people are still missing. Witnesses in the affected areas said many people had gone into underground garages to save their cars, only to be trapped by the extreme deluge. The media outlets are filled with heart wrenching stories, with loved ones making final calls from vehicles trapped in rising waters.

    Moreover, over 130,000 homes lost power during the floods, and by Friday, power company Iberdrola confirmed that 23,000 homes still remained without electricity.

    The floods left the Valencia region in eastern Spain almost isolated, with the high-speed rail link between the capital city of Madrid and Valencia closed for up to three weeks following the collapse of two tunnels.

    Around 80 km of local rail lines and 100 roads were damaged, prompting the government to allocate 25 million euros (27 million U.S. dollars) on Friday for emergency repairs.

    Spanish Prime Minister Pedro Sanchez visited the affected areas on Thursday and pledged comprehensive aid for recovery efforts. The government declared three days of official mourning as sporting events in the Valencia region were all postponed.

    Meanwhile, nearly 2,000 military personnel, supported by 400 vehicles and 15 helicopters, have been deployed to assist in rescue and recovery operations. Hundreds of mud-caked Valencia volunteers were seen helping clear streets and homes with shovels and brooms.

    However, police also reported that approximately 60 people have been detained for looting in the wake of the floods.

    Relief support has poured in from across Spain, with funds being set up by the Red Cross and other agencies to aid rescue and recovery. Additionally, the international community, including the European Union, has offered assistance.

    Three days after the deadliest floods in decades, Valencia remains under alert for further downpours, with high warnings issued for Huelva, Castellon, Mallorca, and Catalonia. 

    MIL OSI China News –

  • MIL-OSI Asia-Pac: Hong Kong Legal Week 2024 to commence on Monday

    Source: Hong Kong Government special administrative region

         Hong Kong Legal Week 2024, an annual flagship event of the legal sector and the Department of Justice (DoJ), is one of the most anticipated legal and dispute resolution events in the region and beyond. Themed “Hong Kong Common Law System: World-Class Springboard to China and Beyond”, the five-day event will start Monday (November 4) and run until November 8. The Hong Kong Legal Week 2024 will provide an opportunity for participants to engage in a series of professional and insightful discussions and exchanges with prominent experts, practitioners, government officials and academics on a wide spectrum of topics from international law, developments in alternative dispute resolution, opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area, to the rule of law in the region and beyond.

         Hong Kong Legal Week 2024 will open on Monday with the Asia-Pacific International Private Law Summit, co-organised by the International Institute for the Unification of Private Law and the DoJ. The Hong Kong International Legal Talents Training Academy, one of the policy initiatives set out in the 2023 Policy Address, will also be officially launched on the last day of this year’s Hong Kong Legal Week.

         In addition to the insightful events, there will be an exhibition at the venue highlighting the achievements in the construction of the rule of law by the country in the modern era, and the role played by Hong Kong in contributing to the developments.

         A series of international and important events to be featured at the Hong Kong Legal Week 2024 are as below:

    November 4
    * Asia-Pacific International Private Law Summit 2024

    November 5
    * The Second Legal Forum on Interconnectivity and Development

    November 6
    * Beyond Litigation: The Vibrant Landscape of Alternative Dispute Resolution of Hong Kong
    * 2024 Hong Kong Mediation Lecture

    November 7
    * Joint Contribution to the Construction of Rule of Law in the GBA

    November 8
    * Rule of Law: The Best Business Environment

         For more details on Hong Kong Legal Week 2024, please visit the dedicated website at www.legalweek.hk. Live broadcasts will be available on the dedicated website and at webcast.info.gov.hk.

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China’s listed companies report growing profits

    Source: China State Council Information Office

    A file photo shows an exterior view of the Shanghai Stock Exchange at Pudong New Area in Shanghai, east China. [Photo/Xinhua]

    Companies listed on China’s stock exchanges have reported net profit growth in the third quarter of 2024.

    As of Thursday, 5,368 publicly-traded companies had released quarterly reports. Their combined net profits reached 1.52 trillion yuan (about $213.7 billion) from July to September, growing 4.9% year on year and 3.9% over the previous quarter.

    From January to September, these listed firms reported 52.64 trillion yuan in operating revenues and 4.43 trillion yuan in net profits. Of them, 2,947 companies posted growth in operating revenues and 2,149 corporations saw an increase in net profit.

    In the first three quarters, the publicly-traded companies invested 1.1 trillion yuan in research and development, representing a year-on-year growth of 3.9%. 

    MIL OSI China News –

  • MIL-OSI China: Sustained drive set to boost spending

    Source: China State Council Information Office

    A consumer shops at a supermarket in Tengzhou, east China’s Shandong Province, April 11, 2024. [Photo/Xinhua]

    China will ramp up efforts to reinvigorate consumer spending and drive domestic demand across various sectors, to give a much-needed fillip to the country’s economic growth momentum in the final stretch of the year, officials and analysts said.

    Consumption vouchers in the service sector and new incentives for businesses, among others, will be rolled out to facilitate the transition of the world’s second-largest economy toward a more consumption-led model, they added.

    China’s retail sales growth accelerated by 1.1 percentage points in September compared to the previous month, indicating a positive shift in the country’s consumer market. The country will better harness the power of consumption to propel its development, Vice-Minister of Commerce Sheng Qiuping said on Friday.

    By launching the consumption promotion campaign in November, the country will further unleash the potential of consumption and strongly underpin the year-end economic performance, Sheng said at a news conference.

    The initiative will guide offline businesses to actively engage in promotional activities, while fostering synergies with the ongoing Double Eleven shopping festival, Sheng added. Double Eleven is an e-commerce shopping fiesta that culminates on Nov 11 each year.

    In the month ahead, Beijing, Tianjin, Shanghai, and Chongqing will distribute consumption vouchers specifically for catering, cultural tourism, and sports services, according to Sheng.

    China’s service consumption demand has remained robust, with the retail sales of services growing 6.7% year-on-year in the first three quarters of this year, outpacing the growth in goods retail by 3.7 percentage points, data from the National Bureau of Statistics showed.

    By encouraging consumption in the service industries, China can better capitalize on the growing middle-income group and their increasing preference for experiential and lifestyle-oriented spending, said Chen Lifen, a researcher at the Development Research Center of the State Council.

    Meanwhile, Shanghai and Guangzhou, Guangdong province, will offer support and incentives to businesses that introduce new offerings, such as launching first stores, products or exhibitions.

    That is the debut economy in action. It covers everything from the unveiling of a product for the first time, the opening of flagship stores, and the launch of new services, to the creation of new business models and technologies, said Chen Wenling, chief economist at the China Center for International Economic Exchanges.

    These activities are often characterized by their trendiness, cutting-edge features, and high-quality attributes, effectively aligning with consumers’ growing demand for diverse and premium experiences, Chen added.

    MIL OSI China News –

  • MIL-OSI China: China hopes talks with EU on EV anti-subsidy probe will bring agreement: MOC

    Source: China State Council Information Office

    People experience a BYD Han electric car during a media preview of the 100th Brussels Motor Show in Brussels, Belgium, Jan. 13, 2023. [Photo/Xinhua]

    China’s Ministry of Commerce (MOC) said on Friday that it hoped the new phase of talks on price commitment with the European Union (EU) regarding the latter’s anti-subsidy probe into China-made electric vehicles (EV) will reach a mutually acceptable solution.

    In a statement, the MOC said that the technical teams of China and the EU have immediately launched a new phase of consultations on price commitment following a discussion held via video link on Oct. 25 between Chinese Commerce Minister Wang Wentao and European Commission Executive Vice President and Trade Commissioner Valdis Dombrovskis.

    After intensive communication, the EU side indicated that it will be in China to continue consultations on the specific contents of the plan, the MOC said.

    “China welcomes this and hopes that the next phase of consultations will follow the principle of pragmatism and balance to reach a solution acceptable to both sides,” the MOC said.

    On Oct. 29, the EU said it had decided to impose definitive countervailing duties of up to 35.3 percent on EVs from China for a period of five years.

    MIL OSI China News –

  • MIL-OSI China: CIIE marks China’s commitment to opening up, says Zambian expert

    Source: China State Council Information Office 3

    A screen promoting the upcoming 7th China International Import Expo (CIIE) is pictured at the entrance of National Exhibition and Convention Center (Shanghai), the main venue for the CIIE, in east China’s Shanghai, Oct. 22, 2024. [Photo/Xinhua]

    The seventh China International Import Expo (CIIE) highlights China’s commitment to global openness and willingness to engage in trade with countries worldwide, a Zambian economic expert has said.

    Bernadette Deka-Zulu, founder of Shaping Futures Zambia, a non-governmental organization supporting youth involvement in policy, described China’s move to embrace opening up as a significant step toward fostering a global environment conducive to free trade among nations.

    “The CIIE has offered itself as a leading example to bring about different countries and companies representing various regions, and this is offering an openness. China is saying we are ready to trade with anyone, it also shows that China is open for business,” she told Xinhua in an interview on Thursday.

    She noted that the CIIE not only contributes to China’s economic growth but also serves as a gateway for emerging economies to access an open market, allowing them to display their products and tap into China’s demand for diverse commodities.

    As a former executive director of the Policy Monitoring and Research Center, Deka-Zulu emphasized that the CIIE will also offer a valuable platform for China to learn from other nations and for other countries to observe China’s industrialization progress.

    She further emphasized that China’s commitment to globalization through events like the CIIE has set a benchmark for global economic integration, ensuring equal participation for all countries regardless of economic size — a move critical for enhancing global livelihoods.

    In an era marked by protectionist policies, China’s openness creates a strategic advantage for emerging economies in global trade, she said, praising China’s zero-tariff policy for all least-developed countries with diplomatic relations, calling it a tangible example of its commitment to fair trade.

    She expressed optimism that this initiative would boost exports and elevate economies in these countries. Additionally, she noted that nine Zambian companies have so far registered for this year’s expo, marking a notable increase from previous years and paving the way for more participation in future events.

    Scheduled from Nov. 5 to 10 in Shanghai, the annual CIIE has, since 2018, supported international procurement, investment promotion, cultural exchange, and cooperative partnerships.

    MIL OSI China News –

  • MIL-OSI China: Chinese-invested expressway in Cambodia marks 2nd anniversary of operation

    Source: China State Council Information Office 3

    Aerial photo taken on June 24, 2022 shows the Phnom Penh-Sihanoukville Expressway project in Kampong Speu Province, Cambodia. [Photo/Xinhua]

    The Chinese-invested Phnom Penh-Sihanoukville Expressway, Cambodia’s first high-speed toll road, celebrated the second anniversary of its operation on Friday.

    Cambodian Minister of Public Works and Transport Peng Ponea and Chinese Ambassador to Cambodia Wang Wenbin took part in the event, held here at the headquarters of the Cambodian PPSHV Expressway Co., Ltd., the operator of the 187-km expressway.

    Speaking at the ceremony, Ponea said the expressway has become a key strategic route, linking the first economic powerhouse of Phnom Penh with the second economic powerhouse of the coastal province of Sihanoukville.

    “This expressway has been providing great benefits to Cambodia’s socio-economic development and tourism,” he said. “It has played a crucial role in improving the efficiency of travel and goods transport.”

    The minister said the motorway was one of major achievements in Cambodia under the framework of China’s Belt and Road Initiative (BRI) cooperation, in addition to the Sihanoukville Special Economy Zone, the Siem Reap Angkor International Airport and the Morodok Techo National Stadium.

    “These achievements are a solid testament to our joint efforts in building a Cambodia-China community with a shared future,” he said.

    Wang said the expressway was a landmark project of China-Cambodia cooperation under the BRI.

    “It is a vivid example of China-Cambodia joint efforts in building a high-quality, high-level and high-standard community with a shared future in a new era,” he said.

    The ambassador said the expressway has significantly contributed to creating job opportunities, promoting regional development and improving the well-being of local people.

    At the event, the company offered a one-year free travel to Chhum Sophearun, a 42-year-old taxi driver, who was the 10 millionth user of the expressway.

    MIL OSI China News –

  • MIL-OSI China: New offshore platform taps into potential of heavy-oil reserves in China

    Source: China State Council Information Office

    An aerial drone photo taken on June 4, 2024 shows a view of an offshore platform of the Shengli Oilfield in Dongying City, east China’s Shandong province. [Photo/Xinhua]

    The world’s first mobile thermal-injection platform was recently delivered in China’s Shandong province, offering new opportunities to tap into China’s vast potential for heavy-oil recovery, according to the country’s major marine oil-mining company.

    China National Offshore Oil Corporation (CNOOC) announced on Thursday that “Recai No.1” or “Thermal Recovery No.1”, the mobile thermal-injection platform developed and built by China, has been delivered in waters off Weihai, Shandong.

    The two-deck platform is 82 meters long and 42 meters wide, with a total deck area of over 3,000 square meters, a weight of over 10,000 tonnes and a height equivalent to a building of more than 20 stories.

    Equipped with four legs that are over 70 meters high, the platform can operate in waters at the depth of 35 meters, and withstand typhoons up to category 16.

    According to CNOOC, the platform features a number of pioneering technologies, including the mobile thermal-injection system and the compensation technology for high-temperature, high-pressure steam pipelines.

    It is equipped with three steam boiler systems that can simultaneously inject high-pressure steam at temperatures exceeding 350 degrees Celsius into six oil wells, reducing the viscosity of heavy oil and turning it into more fluid and easily extractable crude oil.

    The platform can be towed to different oil-recovery platforms by tugboats to carry out rapid thermal injection, effectively reducing the development costs of heavy oil and realizing large-scale thermal recovery of heavy oil.

    Heavy oil refers to crude oil that is relatively viscous and has poor fluidity, making it difficult to extract. Unlike the cold-recovery method used for conventional crude oil, heavy oil is typically developed by thermal recovery.

    Heavy oil makes up more than two-thirds of the world’s proven crude oil reserves. As one of the world’s four major producers of heavy oil, China has an estimated heavy-oil resource volume of about 19.87 billion tonnes. In the Bohai Sea area with which Shandong province has a coastline, heavy-oil reserves account for nearly half of the total proven crude oil reserves in the area.

    MIL OSI China News –

  • MIL-OSI USA: Cantwell Statement on Speaker Johnson’s Threat to Repeal The CHIPS & Science Act

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell
    11.01.24
    Cantwell Statement on Speaker Johnson’s Threat to Repeal The CHIPS & Science Act
    YAKIMA, WA – Today, U.S. Senator Maria Cantwell (D-WA) released this statement regarding Speaker of the House Mike Johnson saying that Republicans would vote to repeal the CHIPS & Science Act:
    “The CHIPS & Science Act is about strengthening America’s competitiveness by bringing supply chains back to the United States, creating new U.S. manufacturing jobs, and lowering costs. It passed both the House and Senate with bipartisan votes because lawmakers understand how important it is to strengthen our national security and economic competitiveness. Now Speaker Johnson and Donald Trump want to kill thousands of jobs that have already been created, stop fabrication facilities already under construction in several states, and make us vulnerable again to outsourcing critical chip components overseas,” Sen. Cantwell said.
    In August, in marking the two-year anniversary of the Act’s passage, Sen. Cantwell announced a major CHIPS & Science Act investment for the Olympic Peninsula. The Recompete pilot program will invest $35M for community-driven initiatives to revive and modernize the region’s traditional timber and maritime economies.
    Sen. Cantwell, chair of the Senate Committee on Commerce, Science, and Transportation, was the chief architect of the CHIPS & Science Act. Sen. Cantwell was appointed Chair of the 107-member Conference Committee to negotiate the legislation and successfully negotiated and rallied a last-minute bipartisan push to secure the inclusion of historic science research and development investments. The CHIPS & Science Act passed the Senate 64-33 on July 27, 2022, and the House one day later. Sen. Cantwell joined President Biden for the bill signing on Aug. 9, 2022.

    MIL OSI USA News –

  • MIL-OSI China: Chinese carmaker BYD launches premium brand DENZA in Thailand

    Source: China State Council Information Office

    Workers operate at an assembly line of BYD’s new plant in Rayong province, Thailand on July 4, 2024. [Photo/Xinhua]

    Chinese carmaker BYD officially launched its premium brand DENZA in Thailand on Friday in a move to expand its presence in the Southeast Asian country’s upscale automotive market.

    Narit Therdsteerasukdi, secretary general of the Thailand Board of Investment, emphasized in his opening speech the importance of the entry of the DENZA brand into the Thai market, which marks a milestone in the development of Thailand’s electric vehicle (EV) industry.

    Narit noted that the debut of the DENZA brand not only reflects the confidence of international brands in the Thai market, but will also inject new impetus into Thailand’s economic development. Thailand will continue to support the development of the EV industry and provide a good investment environment for enterprises.

    Thailand has long been a regional automotive manufacturing and export hub. With the government’s investment promotion efforts, the nation aims to convert 30 percent of its annual auto production into EVs by 2030.

    Liu Xueliang, general manager of BYD Asia Pacific auto sales division, said BYD has currently sold 56,000 EVs in the Thai market, adding that the introduction of the DENZA brand is another important strategic plan for BYD after it opened its Thailand factory this year.

    As an automotive industry center in Southeast Asia, Thailand has a mature luxury car market. Liu believed that the DENZA brand which combines luxury and sustainable technology will be recognized by Thai consumers.

    As a world-leading automobile manufacturer and a pioneer in China’s EV industry, BYD has vigorously expanded overseas markets in recent years.

    BYD’s EVs are currently sold in 88 countries and regions around the world. In addition to Thailand, BYD also has production bases in Brazil, Hungary, Uzbekistan and other countries.

    MIL OSI China News –

  • MIL-OSI Russia: NSU campus to be equipped with smart system for monitoring and managing infrastructure facilities

    Translation. Region: Russian Federation –

    Source: Novosibirsk State University – Novosibirsk State University –

    The campus territory of Novosibirsk State University, including newly constructed facilities, will be equipped with a complex of systems implementing the functions of automated control, dispatching and management of the operation of engineering infrastructure. This will be implemented within the framework of the cooperation agreement signed between NSU and Albacor IIR LLC (Moscow) on scientific and production forum “Golden Valley-2024”.

    — Our solutions are a digital ecosystem that ensures the digitalization of real estate management — from individual buildings to urban agglomerations. Our solutions allow us to not only carry out detailed monitoring of the operation of the facility’s life support systems, but also manage their operation, preventing emergency situations and optimizing the operation of the engineering infrastructure in order to reduce operating costs, — emphasized Dmitry Karpov, Product Director of Albacor IIR.

    The cooperation between the university and the company will not be limited to the modernization of campus infrastructure. Since the end of last year, NSU has been working Research Center in the Field of Artificial Intelligence (CRI NSU), specializing in solutions in the field of construction and urban management (the so-called “smart city”).

    — We are ready to offer the company our software solutions using artificial intelligence, which can be integrated into the software and hardware systems it produces, thereby expanding the list of tasks that can be solved with their help. Pilot joint projects can be implemented on the territory of the university campus, including facilities that are being built within the framework of the federal project “Creation of a network of modern campuses”, and in case of successful testing, we hope that the company “Albacor IIR” will become another industrial partner of the university and our joint projects will cover the entire territory of the country, — noted the director of the NSU Center for Information Technologies Alexander Lyulko.

    The parties agreed that work on installing the company’s equipment on campus will begin this fall. At the same time, a package of proposals will be formed for their additional equipment with software using artificial intelligence technologies developed by the employees of the NSU Center for Information Technologies.

    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 China: Hong Kong optimizes admissions schemes for global talent

    Source: China State Council Information Office 2

    An aerial photo taken on May 29, 2022 shows a view of the International Commerce Centre (ICC) in south China’s Hong Kong. [Photo/Xinhua]
    The Hong Kong Special Administrative Region (HKSAR) government on Friday allowed graduates of 13 more universities to apply for its Top Talent Pass Scheme (TTPS), among other measures to sweeten its invitation to talents worldwide.
    The addition included nine universities from the Chinese mainland, as well as four overseas specialized institutions on the QS World University Rankings in the discipline of “Art and Design”. The number of universities eligible under the TTPS came to 198.
    The HKSAR government also extended the validity period of the first visas of Category A applications under the TTPS from two years to three years to help applicants plan for moving their families to Hong Kong.
    Category A applicants are those with an annual income reaching 2.5 million Hong Kong dollars (321,471 U.S. dollars) or above in the year immediately preceding the date of application.
    For the Quality Migrant Admission Scheme, the HKSAR government scrapped the annual quota and streamlined the application and selection process.

    MIL OSI China News –

  • MIL-OSI USA: Governor Walz Announces Minnesota Ranked a Top State for Jobs

    Source: US State of Minnesota

    Governor Tim Walz today announced that WalletHub has ranked Minnesota a top-three state for finding a job. This announcement follows Wednesday’s news that Solventum, a global health care company, will make a $200 million investment in Minnesota. WalletHub’s scorecard used 34 indicators of job market strength and economic health. Minnesota received top rankings for median household income, access to benefits, job opportunities per capita, support for working parents, and low unemployment.

    MIL OSI USA News –

  • MIL-OSI China: Economic Watch: China beefs up policy support to bolster foreign trade, investment

    Source: China State Council Information Office

    An exhibitor displays honey products from Kyrgyzstan at the 6th China International Import Expo (CIIE) in east China’s Shanghai, Nov. 7, 2023. [Photo/Xinhua]

    The China International Import Expo (CIIE), the world’s first national-level import-themed expo, is about to be held for the seventh consecutive year in Shanghai, with overseas enterprises gathering to take the pulse of the Chinese market.

    Scheduled to be held from Nov. 5 to 10, the 7th CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.

    The previous six editions saw nearly 2,500 new products, technologies and services make their debuts, with combined intended turnover reaching over $420 billion.

    The CIIE serves to showcase China’s major opening-up measures and confidence, and to share China’s new development opportunities with other countries. It has become a platform for high-level opening up and a public good for the whole world.

    China has continued to roll out policies to spur foreign trade growth and attract foreign investment, cultivating new international competitive advantages and achieving mutual benefits with other countries.

    On Oct. 25, the country issued a guideline to promote the experience in aligning some eligible free trade zones and the Hainan Free Trade Port with high-standard international economic and trade rules.

    The eligible FTZs are in Shanghai, Guangdong, Tianjin, Fujian and Beijing. The pilot measures, which will be replicated in other FTZs or even nationwide, cover six aspects: trade in goods, trade in services, digital trade, personnel entry, business environment, and risk prevention and control.

    China has built 22 pilot FTZs, covering coastal, inland and border areas, contributing about 20% of the country’s total foreign investment and import-export volume. Foreign trade of the FTZs expanded by 11.99% year on year in the first three quarters of 2024.

    Continuous efforts have been made to lower tariffs. In September, China announced it would give all the least developed countries having diplomatic relations with the country zero-tariff treatment for 100% tariff lines starting from Dec. 1 this year.

    China also keeps rolling out policies to nurture fertile ground for foreign investors. The new edition of the national negative list for foreign investment took effect on Friday, scrapping the two remaining items in the manufacturing industry on the previous list.

    The items on the latest negative list, specifying fields off-limits to foreign investors, have been further slashed to 29.

    This fully demonstrates China’s active willingness to expand mutual benefits and a clear attitude to supporting economic globalization, said Jin Xiandong, an official with the National Development and Reform Commission, adding that further efforts will be made to improve the level of foreign investment liberalization and facilitation, and to optimize service for foreign-invested enterprises.

    Besides the manufacturing sector, China is also pushing forward broader and deeper opening up in the service sector.

    China announced in September that it would allow the establishment of wholly foreign-owned hospitals in certain cities and regions, including Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen and throughout the island of Hainan.

    In October, the country decided to allow foreign investors to operate wholly-owned businesses such as internet data centers and engage in online data processing and transaction processing in certain areas as part of a pilot program to expand opening up in value-added telecom services.

    A total of 42,108 new foreign-invested firms were established across China in the first nine months of 2024, up 11.4% year on year. Notably, foreign direct investment inflows into medical equipment and instrument manufacturing surged 57.3%, while inflows into computer and office device manufacturing grew by 29.2% during this period.

    Opening up to the outside world is not just a matter of “opening the door,” but, more importantly, is actively aligning with international economic and trade regulations as well as other high-standard rules, said Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.

    Zhang underlined the need to enhance synergy between the domestic and international markets as well as resources to constantly cultivate and consolidate new advantages in international economic cooperation and competition.

    MIL OSI China News –

  • MIL-OSI Economics: Joby Aviation and Toyota Accelerate Efforts to Realize Air Mobility

    Source: Toyota

    Headline: Joby Aviation and Toyota Accelerate Efforts to Realize Air Mobility

    Toyota Motor Corporation (Toyota) and Joby Aviation (Joby) came together at Toyota’s Higashi-Fuji Technical Center (Shizuoka, Japan) to assert their collective passion and ambition for air mobility in a gathering that included executives from both companies, Akio Toyoda, the chairman of the Toyota Group, and Joby CEO and founder, JoeBen Bevirt, along with Joby’s air taxi, an electric vertical takeoff and landing aircraft (eVTOL).

    MIL OSI Economics –

  • MIL-Evening Report: Palau newspaper sued by president’s family company ahead of general election

    By Stefan Armbruster of BenarNews

    Palau’s largest newspaper is being sued for defamation by the company of President Surangel Whipps Jr’s father, just days ahead of general elections in the Pacific nation.

    Surangel and Sons alleges “negligence and defamation” by the Island Times and its editor Leilani Reklai for an article published on Tuesday with “false and unsubstantiated allegations,” owner Surangel Whipps Sr said in a press release on Thursday.

    Reklai has rejected the company’s allegations and said the “lawsuit is trying to control how media here in Palau tells a story”, a news article about the case in the Island Times reported on Friday.

    “I feel like we are being intimidated, we are being forced to speak a certain narrative rather than present diverse community perspectives,” said Reklai, who is also a stringer for BenarNews.

    The Micronesian nation of 17,000 people — 650 km north of Papua New Guinea — goes to the polls on November 5. Whipps Jr’s rival is his brother-in-law Tommy Remengesau Jr, who was president from 2001 to 2009 and 2013 to 2021.

    The controversy comes after Palau was top of the inaugural 2023 Pacific Media Freedom Index of 14 island countries that highlighted the region’s media facing significant political and economic pressures, bribes and corruption, as well as self-censorship.

    Island Times editor Leilani Reklai . . . fears the lawsuit could have serious consequences for the media in Palau and bankrupt the newspaper. Image: Stefan Armbruster

    Island Times reported on Friday the suit is seeking compensation and punitive damages and that the company asserts the “monetary awards should be substantial enough to prevent similar conduct from the newspaper and Reklai in future”.

    Surangel and Sons financial details — leaked from the country’s tax office — were posted on social media last weekend, prompting heated online debate over how much it paid.

    A new corporate and goods and services tax system introduced by Whipps Jr’s government is currently being rolled out in Palau and its merits have been a focus of election campaigning.

    The company in a statement said its “privacy rights had been violated,” the tax details were obtained illegally, posted online without consent, and some of the figures had been altered.

    Motivation ‘confusing voters’
    “The motivation behind the circulation of this document is clearly for misinformation and disinformation to confuse voters. In the end Surangel and Sons is not running for office. Unfortunately, it has been victimised by this smear campaign,” the company posted on social media.

    Island Times in a 225-word, front-page story headlined “Surangel & Sons condemns tax report leak as privacy violation” reported the company’s statement on Tuesday. It also quoted financial details from the leaked documents and accompanying commentary.

    Whipps Jr. in a press conference on Wednesday accused the Island Times of publishing disinformation.

    “Island Times continues to print political propaganda, it’s not accurate,” Whipps Jr said, calling for a correction to be published.

    The lawsuit against the paper and its editor was served the next day.

    Whipps Jr’s spokesperson told BenarNews any questions related to the lawsuit should be directed to the parties involved.

    Eightieth birthday celebrations for Surangel Whipps Sr (left) with his son Surangel Whipps Jr in February 2020. Image: Diaz Broadcasting Palau screenshot BenarNews

    Surangel and Sons was founded in 1980 by Whipps Sr, who also served as Palau’s president briefly in 2005 and for two years from 2007.

    Business ‘offers everything’
    The privately-owned business “offers everything from housing design and automotive repair to equipment rentals, groceries, and scuba gear” through its import, sales, construction and travel arms, the company’s website says.

    Previously as CEO, Whipps Jr transformed the company from a family store to one of Palau’s largest and most diversified businesses, employing more than 700 people.

    His LinkedIn profile states he finished as CEO in January 2021, after 28 years in the position and in the month he became president. His spokesperson did not respond to questions from BenarNews about if he still retains any direct financial or other links to the company.

    Surangel and Sons said the revelation of sensitive business information threatens their competitive advantage and puts jobs at risk.

    Palau’s Minister of Finance Kaleb Udui Jr told the president’s press conference on Wednesday an investigation was underway, a special prosecutor would be appointed and apologized for the leak to the company.

    “I would hope the media would make extra effort to help educate the public and discourage misinformation and breaches of privacy of the tax office and any other government office,” Udui said, confirming the tax documents had been altered before being posted on social media.

    He said tax office staff have previously been warned about leaks and ensuring data confidentiality, as breaches negatively impact the confidence of foreign investors in Palau.

    Explanation rather than leak
    Whipps Jr added that the newspaper should have explained the tax system instead of reporting the leaked information.

    He also accused Island Times of failure to disclose a paid advertisement in this week’s edition of the paper for his political opponent.

    “I’m disappointed in the Island Times, because there was an article that was not an article, a paid advertisement,” Whipps Jr said about a colourful blue and yellow election campaign graphic.

    Island Times told BenarNews it was not usual practice to put “Paid Advertisement” on advertisements but it would review its policy for political campaign material.

    Reklai fears the lawsuit could have serious consequences for the media in Palau and bankrupt Island Times, the paper reported.

    “If I don’t stand up to this, it sends a signal to all journalists that they risk facing claims for damages for powerful companies and government officials while carrying out their work,” she said.

    Palau has two newspapers and four radio stations and enshrined in its constitution are protections for journalists, including a guarantee they cannot be jailed for refusing to disclose sources.

    Surangel and Sons said they would no longer sell Island Times through their outlets.

    Copyright ©2015-2024, BenarNews. Republished with the permission of BenarNews.

    MIL OSI Analysis – EveningReport.nz –

  • MIL-OSI China: China beefs up policy support to bolster foreign trade, investment

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

    BEIJING, Nov. 2 — The China International Import Expo (CIIE), the world’s first national-level import-themed expo, is about to be held for the seventh consecutive year in Shanghai, with overseas enterprises gathering to take the pulse of the Chinese market.

    Scheduled to be held from Nov. 5 to 10, the 7th CIIE has attracted participants from 152 countries, regions and international organizations, and achieved a new record with 297 Fortune Global 500 companies and industry leaders set to attend.

    The previous six editions saw nearly 2,500 new products, technologies and services make their debuts, with combined intended turnover reaching over 420 billion U.S. dollars.

    The CIIE serves to showcase China’s major opening-up measures and confidence, and to share China’s new development opportunities with other countries. It has become a platform for high-level opening up and a public good for the whole world.

    China has continued to roll out policies to spur foreign trade growth and attract foreign investment, cultivating new international competitive advantages and achieving mutual benefits with other countries.

    On Oct. 25, the country issued a guideline to promote the experience in aligning some eligible free trade zones and the Hainan Free Trade Port with high-standard international economic and trade rules.

    The eligible FTZs are in Shanghai, Guangdong, Tianjin, Fujian and Beijing. The pilot measures, which will be replicated in other FTZs or even nationwide, cover six aspects: trade in goods, trade in services, digital trade, personnel entry, business environment, and risk prevention and control.

    China has built 22 pilot FTZs, covering coastal, inland and border areas, contributing about 20 percent of the country’s total foreign investment and import-export volume. Foreign trade of the FTZs expanded by 11.99 percent year on year in the first three quarters of 2024.

    Continuous efforts have been made to lower tariffs. In September, China announced it would give all the least developed countries having diplomatic relations with the country zero-tariff treatment for 100 percent tariff lines starting from Dec. 1 this year.

    China also keeps rolling out policies to nurture fertile ground for foreign investors. The new edition of the national negative list for foreign investment took effect on Friday, scrapping the two remaining items in the manufacturing industry on the previous list.

    The items on the latest negative list, specifying fields off-limits to foreign investors, have been further slashed to 29.

    This fully demonstrates China’s active willingness to expand mutual benefits and a clear attitude to supporting economic globalization, said Jin Xiandong, an official with the National Development and Reform Commission, adding that further efforts will be made to improve the level of foreign investment liberalization and facilitation, and to optimize service for foreign-invested enterprises.

    Besides the manufacturing sector, China is also pushing forward broader and deeper opening up in the service sector.

    China announced in September that it would allow the establishment of wholly foreign-owned hospitals in certain cities and regions, including Beijing, Tianjin, Shanghai, Nanjing, Suzhou, Fuzhou, Guangzhou, Shenzhen and throughout the island of Hainan.

    In October, the country decided to allow foreign investors to operate wholly-owned businesses such as internet data centers and engage in online data processing and transaction processing in certain areas as part of a pilot program to expand opening up in value-added telecom services.

    A total of 42,108 new foreign-invested firms were established across China in the first nine months of 2024, up 11.4 percent year on year. Notably, foreign direct investment inflows into medical equipment and instrument manufacturing surged 57.3 percent, while inflows into computer and office device manufacturing grew by 29.2 percent during this period.

    Opening up to the outside world is not just a matter of “opening the door,” but, more importantly, is actively aligning with international economic and trade regulations as well as other high-standard rules, said Zhang Bin, deputy director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences.

    Zhang underlined the need to enhance synergy between the domestic and international markets as well as resources to constantly cultivate and consolidate new advantages in international economic cooperation and competition.

    MIL OSI China News –

  • MIL-OSI Russia: Transferring experience beyond the Urals: welders trained in laser technologies at the Polytechnic

    Translation. Region: Russian Federation –

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

    Welders from the Trans-Urals and Krasnoyarsk region became the first students in the additional professional education program at the Research Laboratory “Laser and Additive Technologies” of the Institute of Mechanical Engineering of Materials and Transport of SPbPU. Specialists from various branches of the ISO company came to St. Petersburg to study laser welding and additive technologies.

    Transfer of knowledge in the field of innovative laser technologies to representatives of the regions is important for meeting the needs of the national economy and state security. Training specialists of enterprises of the real sector of the economy at the Institute of Mechanical Engineering, Materials and Transport contributes to strengthening the technological sovereignty of Russia, – emphasized the director of IMMiT SPbPU Anatoly Popovich.

    Five specialists completed a course in the direction of “Technological Fundamentals of Surface Restoration and Modification”. The advanced training program included theoretical intensives in the lecture hall and practical classes on equipment provided by the laboratory.

    The ISO company is an important strategic partner for us. During the work on joint projects in the field of laser welding technologies, we found common ground in science, production and training. Such interaction helps to transfer the technological experience accumulated by the laboratory staff to the regions of Russia. We hope that cooperation between the university and the industrial partner will develop even more actively, – noted the head of the Scientific Research Laboratory “LiAT” of the IMMiT SPbPU Mikhail Kuznetsov.

    The material and technical base of the Scientific and Research Laboratory “LiAT” is represented by unique equipment, including our own development, for laser and hybrid laser-arc welding, direct laser deposition, laser cladding and laser surface hardening. This makes it possible to solve a wide range of scientific and applied problems and to train specialists in laser welding and additive technologies in practice.

    The classes were conducted by the employees of the Scientific and Research Laboratory “LiAT”. Experienced specialists shared their knowledge with representatives of industrial enterprises of the Ural Federal District and Krasnoyarsk Krai. A visit by the General Director of “ISO” Alexander Baranchikov was a pleasant surprise for the students. Alexander Nikolaevich familiarized himself with the program, asked his colleagues about the opinion of the training and discussed with the head of the laboratory the possibilities of further cooperation between the company and the university.

    The practical development of laser welding technologies helped to reveal that the hybrid laser-arc method is more suitable for the needs of our enterprise. Therefore, we decided to train our employees in innovative welding methods. The optimal number is five to six people. As in art – in small groups, where talents absorb the basics. During their training at the Polytechnic, our specialists learned to program industrial robots, were engaged in welding and heat treatment. Returning to their workplaces, they will become flagships of innovations and lead their colleagues. Such continuity will contribute to the sustainable development of the technology industry and will become a support for import substitution in our country, – said Alexander Baranchikov.

    After successful completion of the training, the students received state certificates of completion of the course and took additional knowledge and skills to the regions, which will help them improve their professional activities and apply new technologies in their work.

    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.

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