Category: Business

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Continues To Investigate The Merger – CYTH, ALVR, WMPN, OMC

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • Cyclo Therapeutics, Inc. (Nasdaq: CYTH), relating to its proposed merger with Rafael Holdings, Inc. Under the terms of the agreement, Cyclo common stock will automatically be converted into the right to receive shares of Rafael common stock.

    Click here for more information https://monteverdelaw.com/case/cyclo-therapeutics-inc/. It is free and there is no cost or obligation to you.

    • AlloVir, Inc. (NASDAQ: ALVR), relating to its proposed merger with Kalaris Therapeutics. Under the terms of the agreement, AlloVir will acquire 100% of the outstanding equity interest of Kalaris. Upon completion of the Merger, pre-Merger AlloVir stockholders are expected to own approximately 25.05% of the combined company and pre-Merger Kalaris stockholders are expected to own approximately 74.95% of the combined company.

    Click here for more information https://monteverdelaw.com/case/allovir-inc-alvr/. It is free and there is no cost or obligation to you.

    • William Penn Bancorporation (Nasdaq: WMPN), relating to its proposed merger with Mid Penn Bancorp, Inc. Under the terms of the agreement, shareholders of William Penn will receive 0.4260 shares of Mid Penn common stock for each share of William Penn common stock. Additionally, all options of William Penn will be rolled into Mid Penn equivalent options. The implied transaction value is approximately $13.58 per William Penn share.

    Click here for more information https://monteverdelaw.com/case/william-penn-bancorporation-wmpn/. It is free and there is no cost or obligation to you.

    • Omnicom Group Inc. (NYSE: OMC), relating to the proposed merger with The Interpublic Group of Companies, Inc. Under the terms of the agreement, Omnicom shareholders will own 60.6% of the combined company.

    Click here for more https://monteverdelaw.com/case/omnicom-group-inc-omc/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (http://www.monteverdelaw.com).  Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Is Investigating the Merger – RSLS, TURN, RDW, NEUE

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • ReShape Lifesciences Inc. (Nasdaq: RSLS), relating to the proposed merger with Vyome Therapeutics, Inc. Under the terms of the agreement, ReShape and Vyome will combine in an all-stock transaction, with ReShape stockholders owning approximately 11.1% of the combined company.

    Click here for more https://monteverdelaw.com/case/reshape-lifesciences-inc-rsls/. It is free and there is no cost or obligation to you.

    • 180 Degree Capital Corp. (Nasdaq: TURN), relating to the proposed merger with Mount Logan Capital Inc. Under the terms of the agreement, the estimated post-merger shareholder ownership would be approximately 40% for current 180 Degree Capital shareholders.

    Click here for more https://monteverdelaw.com/case/180-degree-capital-corp-turn/. It is free and there is no cost or obligation to you.

    • Redwire Corporation (NYSE: RDW), relating to the proposed merger with Edge Autonomy Ultimate Holdings, LP. Under the terms of the agreement, Redwire will acquire Edge Autonomy using $150M in cash and $775M in shares of Redwire common stock.

    Click here for more https://monteverdelaw.com/case/redwire-corporation-rdw/. It is free and there is no cost or obligation to you.

    • NeueHealth, Inc. (NYSE: NEUE), relating to the proposed merger with New Enterprise Associates. Under the terms of the agreement, holders of NeueHealth common stock will receive $7.33 per share in cash.

    Click here for more https://monteverdelaw.com/case/neuehealth-inc-neue/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (http://www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network

  • MIL-OSI: $HAREHOLDER ALERT: The M&A Class Action Firm Is Investigating the Merger – RSLS, TURN, RDW, NEUE

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Jan. 24, 2025 (GLOBE NEWSWIRE) — Monteverde & Associates PC (the “M&A Class Action Firm”), has recovered millions of dollars for shareholders and is recognized as a Top 50 Firm by ISS Securities Class Action Services Report. We are headquartered at the Empire State Building in New York City and are investigating:

    • ReShape Lifesciences Inc. (Nasdaq: RSLS), relating to the proposed merger with Vyome Therapeutics, Inc. Under the terms of the agreement, ReShape and Vyome will combine in an all-stock transaction, with ReShape stockholders owning approximately 11.1% of the combined company.

    Click here for more https://monteverdelaw.com/case/reshape-lifesciences-inc-rsls/. It is free and there is no cost or obligation to you.

    • 180 Degree Capital Corp. (Nasdaq: TURN), relating to the proposed merger with Mount Logan Capital Inc. Under the terms of the agreement, the estimated post-merger shareholder ownership would be approximately 40% for current 180 Degree Capital shareholders.

    Click here for more https://monteverdelaw.com/case/180-degree-capital-corp-turn/. It is free and there is no cost or obligation to you.

    • Redwire Corporation (NYSE: RDW), relating to the proposed merger with Edge Autonomy Ultimate Holdings, LP. Under the terms of the agreement, Redwire will acquire Edge Autonomy using $150M in cash and $775M in shares of Redwire common stock.

    Click here for more https://monteverdelaw.com/case/redwire-corporation-rdw/. It is free and there is no cost or obligation to you.

    • NeueHealth, Inc. (NYSE: NEUE), relating to the proposed merger with New Enterprise Associates. Under the terms of the agreement, holders of NeueHealth common stock will receive $7.33 per share in cash.

    Click here for more https://monteverdelaw.com/case/neuehealth-inc-neue/. It is free and there is no cost or obligation to you.

    NOT ALL LAW FIRMS ARE THE SAME. Before you hire a law firm, you should talk to a lawyer and ask:

    1. Do you file class actions and go to Court?
    2. When was the last time you recovered money for shareholders?
    3. What cases did you recover money in and how much?

    About Monteverde & Associates PC

    Our firm litigates and has recovered money for shareholders…and we do it from our offices in the Empire State Building. We are a national class action securities firm with a successful track record in trial and appellate courts, including the U.S. Supreme Court. 

    No company, director or officer is above the law. If you own common stock in any of the above listed companies and have concerns or wish to obtain additional information free of charge, please visit our website or contact Juan Monteverde, Esq. either via e-mail at jmonteverde@monteverdelaw.com or by telephone at (212) 971-1341.

    Contact:
    Juan Monteverde, Esq.
    MONTEVERDE & ASSOCIATES PC
    The Empire State Building
    350 Fifth Ave. Suite 4740
    New York, NY 10118
    United States of America
    jmonteverde@monteverdelaw.com
    Tel: (212) 971-1341

    Attorney Advertising. (C) 2024 Monteverde & Associates PC. The law firm responsible for this advertisement is Monteverde & Associates PC (http://www.monteverdelaw.com). Prior results do not guarantee a similar outcome with respect to any future matter.

    The MIL Network

  • MIL-OSI Global: Amid LA fires, neighbors helped each other survive – 60 years of research shows how local heroes are crucial to disaster response

    Source: The Conversation – USA – By Tricia Wachtendorf, Professor of Sociology and Director, Disaster Research Center, University of Delaware

    Neighbors fill and pass a bucket of pool water to help extinguish a spot fire in Pacific Palisades, Calif., on Jan. 9, 2025. Brian van der Brug / Los Angeles Times via Getty Image

    As wildfires swept through neighborhoods on the outskirts of Los Angeles in January 2025, stories about residents there helping their neighbors and total strangers began trickling out on social media.

    Accounts of Hollywood stars clearing streets for emergency vehicles to get through and raising money for fire victims were widely circulated. But there were many other examples of less-famous people helping older neighbors to safety, and even showing up with trailers to evacuate horses.

    Businesses, including fitness centers, opened their facilities so evacuees could shower or charge their phones. Organizations that routinely work with homeless populations quickly mobilized their members to help ensure people living on the streets and in camps could get to secure, safe locations away from the fires and hazardous air quality.

    Disasters, by definition, overwhelm local resources, making civilian responders like these essential. Sixty years of research at the University of Delaware’s Disaster Research Center and by others examining the social aspects of disaster has repeatedly shown effective disaster management requires mobilizing community resources far beyond official channels.

    Often the response happens through local groups that form in response to a clear need in the community and with shared skills and interests. And this is exactly what we are witnessing in Los Angeles.

    Civilians helping often number in the thousands

    The number of those who step up to help during disasters varies by event, but it can be tremendous.

    Following the 1995 Oklahoma City bombing, over 6,800 volunteers worked with the Red Cross on the response. That same year, volunteers responding to the Kobe earthquake in Japan logged more than 1 million person-days of activity, a measure of the number of people times the hours they contributed.

    People use garden hoses to try to prevent homes from catching fire in Altadena, Calif., on Jan. 8, 2025. Neighbors rushed to help neighbors as the wind blew burning embers into neighborhoods.
    Mario Tama/Getty Images

    In an in-depth study of the Sept. 11, 2001, World Trade Center attacks, we interviewed local residents who used their retired fireboat to pump water for the firefighters at ground zero. Operators of tug, ferry and tour boats in and around New York City immediately responded to quickly evacuate 500,000 people in the area from danger. In fact, the majority of the boats involved belonged to private companies. Other volunteers queued evacuees and organized supplies and rides to get people home.

    Over 900 people, most acting in unofficial capacities, were awarded medals or ribbons for their efforts in just the marine response after the World Trade Center attack.

    A survey of residents after the 1985 Mexico City earthquake found that nearly 10% of local residents volunteered in the first three weeks of the response. Following the 1989 Loma Prieta earthquake, in California, a survey of residents in Santa Cruz and San Francisco counties found that two-thirds of the public were involved in response activities.

    Local businesses are often quick to help in disasters. Greg Dulan, center, who runs a soul food restaurant and food truck, hands out hot meals to wildfire evacuees at a church in Pasadena, Calif., on Jan. 15, 2025.
    Jason Armond/Los Angeles Times via Getty Images

    However, much of the work local residents contribute during and after disasters goes unaccounted for in official reports.

    There is no mechanism to quantify the full extent to which a neighbor or a complete stranger helps someone flee from peril. Yet when people are trapped and minutes count, research shows it is family, friends and neighbors who are already on the scene and are most likely to save lives. It’s often everyday citizens who also take on immediate tasks such as debris removal. Providing a phone, a car, a place to do laundry, or a little bit of elbow grease can fill a gap and let firefighters and other formal responders focus on critical operations.

    Getting the right help to where it’s needed

    Every study of a large-scale disaster conducted by the Disaster Research Center has revealed some level of emergent, informal helping behavior.

    The lack of public understanding about the large number of local residents already involved, often including disaster victims themselves, can lead to an influx of outsiders eager to help. Their arrival can actually pose challenges for the disaster response.

    When too many people show up, or when people try to operate outside their areas of expertise, they can put themselves and others at further risk. Communities often need supplies, but unsolicited goods of the wrong kind or at the wrong time can create more problems than they solve.

    Local groups such as the Pasadena Community Job Center organize volunteers to send them where help is requested. This group is removing debris from streets in Pasadena, Calif., in the wake of the Eaton Fire on Jan. 14, 2025.
    Zoë Meyers/AFP via Getty Images

    So, what can you do to best support these local efforts?

    Making a financial contribution to a trusted disaster response or local organization can go a long way to providing the support communities actually need. Organizations such as the American Red Cross or Feeding America, or local community-based groups that routinely work in the area, are often best suited to help where it’s needed the most.

    Skilled help will be needed for the long term

    Also, remember that disasters don’t end when the emergency is over. Survivors of the Los Angeles-area fires face years of confusing and frustrating recovery tasks ahead.

    Offering help after the immediate threat has passed – particularly skilled help, such as experience in construction or expertise in managing insurance and FEMA paperwork – is just as important.

    For example, after fires in 1970 destroyed hundreds of homes in the San Diego area, local architects, engineers and contractors donated their time and skills to help people rebuild. Their work was coordinated by a local architect and member of the Chamber of Commerce to ensure projects were assigned to reputable volunteers.

    As we recognize the important ways that neighbors and strangers helped those around them, the broader community can support wildfire victims by responding to offering the right help as recovery needs emerge. Just about every skill that is useful in calm times will be needed in these difficult months and years ahead.

    Tricia Wachtendorf receives funding from the National Science Foundation and Arnold Ventures Foundation.

    James Kendra receives funding from the National Science Foundation and the Centers for Disease Control and Prevention.

    ref. Amid LA fires, neighbors helped each other survive – 60 years of research shows how local heroes are crucial to disaster response – https://theconversation.com/amid-la-fires-neighbors-helped-each-other-survive-60-years-of-research-shows-how-local-heroes-are-crucial-to-disaster-response-247660

    MIL OSI – Global Reports

  • MIL-OSI USA: Senators Marshall, Tuberville, and Colleagues Introduce the FARM Act

    US Senate News:

    Source: United States Senator for Kansas Roger Marshall

    Washington, D.C. – U.S. Senators Roger Marshall, M.D., Tommy Tuberville (R-AL), Rick Scott (R-FL), Eric Schmitt (R-MO), Kevin Cramer (R-ND), John Fetterman (D-PA), Katie Britt (R-AL), Marsha Blackburn (R-TN), Deb Fischer (R-NE), Steve Daines (R-MT), John Hoeven (R-ND), Cynthia Lummis (R-WY), and Tim Sheehy (R-MT) introduced the bipartisan, bicameral Foreign Adversary Risk Management (FARM) Act. 
    The FARM Act will permanently add the U.S. Secretary of Agriculture to the Committee on Foreign Investments in the United States (CFIUS), the governmental body that oversees the vetting process of foreign investment and acquisition of American companies, a move to prevent improper foreign interference and disruption to the U.S. agriculture industry.
    “Food Security is National Security, it’s high time that we start recognizing this before it is too late,” said Senator Marshall. “The Secretary of Agriculture needs a seat at the table to help the Committee on Foreign Investment in the United States vet foreign agricultural investments like land. This committee currently does not directly consider the needs of the agriculture industry, the FARM Act changes that.”
    “Over the last decade, we’ve seen a surge of American farmland purchases from our foreign adversaries,” said Senator Tuberville. “These foreign investments are now reaching every piece of the very large puzzle that makes up our agriculture industry, from farming and processing to packaging and shipping. Food security is national security, and we cannot allow our adversaries to have a foot in the door to our critical supply chains. We must prioritize oversight of foreign investment in our food supply chains, especially from Russia, China, North Korea, and Iran. This starts with giving the agriculture community a permanent seat at the table on CFIUS. As Alabama’s voice on the Senate Ag Committee, I will keep fighting to secure our ag supply chains so that our agriculture community can continue to put food on the table for American families.”
    “Pennsylvania is home to about 50,000 farms and the farmers who power them already face enough challenges to stay competitive. They shouldn’t also have to compete with foreign adversaries buying up American farmland,” said Senator John Fetterman. “America’s farms are critical infrastructure, and CFIUS exists to protect our critical infrastructure from foreign threats. So, adding the Secretary of Agriculture is just plain common sense. I’ve said it before, and I’ll say it again: foreign adversaries have no business owning American farmland. This bill makes that clear and I’m proud to partner with my colleague to get it done.”
    Two previous AG secretaries under Democrat administrations have expressed support for making the Secretary of Agriculture a permanent member of CFIUS. U.S. Representative Ronny Jackson (R-TX-13) reintroduced the bipartisan, companion legislation in the House of Representatives. 
    “America’s agricultural industry is no exception to the increasing national security threats our country faces,” said Rep. Jackson. “Biden’s failed leadership allowed unchecked foreign influence, particularly from the Chinese Communist Party, to interfere with and attempt to control our food supply chain. Representing Texas’s top agricultural-producing district, I am committed to ensuring our nation’s food production remains free from foreign manipulation. This is why I am proud to reintroduce the FARM Act, putting America first and ensuring that our agricultural industry remains robust, secure, and free from foreign interference. Thank you to Senator Tuberville for leading companion legislation in the Senate, and we hope this bipartisan legislation, which is crucial to our food security, will move forward quickly to President Trump’s desk.” 
    Read the bill HERE.
    BACKGROUND:
    Over the past few years, the United States has experienced a rapid increase in foreign investment in the agricultural sector, particularly from China. Growing foreign investment in agriculture and other essential industries, like health care and energy, threaten our country’s national security. As Alabama’s voice on the Senate AG Committee, Senator Tuberville has been sounding the alarm about foreign ownership of American farmland and other elements of our food supply chain.
    According to USDA data from December 2023, foreign investors own approximately 45 million acres of U.S. agricultural land. This represents an increase of over 1.5 million acres in one calendar year. Foreign ownership of U.S. agricultural land increased modestly from 2012 to 2017 at an average increase of 0.6 million acres per year. However, since 2017, this number skyrocketed to an annual average of 2.6 million acres annually. Additionally, between 2010 and 2021, entities or individuals from China increased their ownership of U.S. agricultural land more than twentyfold, from 13,720 acres to 383,935 acres. Alabama has the fourth-highest amount of foreign-owned agricultural land in the United States, with 2.2 million acres, most of which is forestland.
    CFIUS is authorized to oversee and review foreign investment and ownership in domestic businesses as it relates to national security. Currently, the Committee does not directly consider the needs of the agriculture industry when reviewing foreign investment and ownership in domestic businesses. 
    Specifically, the FARM Act would:
    add the Secretary of Agriculture as a member to CFIUS;
    protect the U.S. agriculture industry from foreign control through transactions, mergers, acquisitions, or agreements; designate agricultural supply chains as critical infrastructure and critical technologies,
    and require a report to Congress on current and potential foreign investments in the U.S. agricultural industry from USDA and the Government Accountability Office (GAO)

    MIL OSI USA News

  • MIL-OSI USA: Senators Introduce Legislation to Support First Responders Diagnosed with Occupationally-Connected Cancers

    US Senate News:

    Source: United States Senator Kevin Cramer (R-ND)
    WASHINGTON, D.C. – Congress established the Department of Justice’s Public Safety Officers’ Benefits (PSOB) program in 1976 to provide monetary benefits to law enforcement officers, firefighters, and other first responders who become permanently disabled or pass away due to injuries sustained in the line of duty. While the program recognizes those who made the ultimate sacrifice due to 9/11-related cancers, it does not cover first responders who lose their lives due to other service-related cancers. 
    U.S. Senators Kevin Cramer (R-ND) and Amy Klobuchar (D-MN) introduced legislation to ensure all first responders who die or become disabled due to service-related cancers are covered under the PSOB program. 
    The Honoring Our Fallen Heroes Act is built on data indicating elevated cancer risks faced by first responders. A 2011 study by the State University of Buffalo and the National Institute for Occupational Safety and Health revealed significantly higher rates of brain cancer and Hodgkin’s lymphoma among law enforcement officers as compared to the general population. The bill aims to recognize these occupational risks as inherent to service, thereby categorizing cancer-related fatalities as line-of-duty deaths under the PSOB program.
    “Our first responders epitomize courage and selfless sacrifice, confronting both the immediate perils of their duty and lingering health risks associated with their service,” said Cramer. “The exposure to dangerous carcinogens happens on our behalf. When these heroes make the ultimate sacrifice, their families should not bear these burdens alone.”  
    “As we are seeing in California and throughout the country, our firefighters put their lives on the line every day to keep us safe, often exposing themselves to carcinogens that can have lethal long-term effects. It’s unacceptable that firefighters who succumb to cancer from work-related exposure or become permanently and totally disabled don’t receive the same treatment as others who die in the line of duty,” said Klobuchar. “That’s why I’m working with Senator Cramer to ensure that firefighters get the support they deserve. Our bipartisan legislation will honor the memory and sacrifice of St. Paul Fire Department Captain Mike Paidar and so many others who risk their lives in service of their communities.”
    “As Fire Chief of the Fargo Fire Department, I wholeheartedly support the Honoring Our Fallen Heroes Act, reintroduced by Senators Kevin Cramer and Amy Klobuchar,” said Fargo Fire Chief Steven Dirksen. “This crucial legislation extends benefits for service-related cancers to first responders nationwide, recognizing the risks faced by those who dedicate their lives to protecting others.”
    “Firefighters face danger every time they leave the fire station and face a significantly greater risk of being diagnosed with this devastating illness,” said Bismarck Rural Fire Chief Dustin Theurer. “This key legislation is crucial to support the men and women in the fire service and their families.”  
    The Honoring Our Fallen Heroes Act was reported unanimously out of the Senate Judiciary Committee last Congress.
    This legislation has garnered the endorsement of leading public safety organizations, including the International Association of Fire Fighters, Fraternal Order of Police, National Fallen Firefighters Foundation, Congressional Fire Services Institute, International Association of Fire Chiefs, National Volunteer Fire Council, National Association of Police Organizations, Major County Sheriffs of America, National Narcotics Officers’ Associations’ Coalition, National Fire Protection Association, and Federal Law Enforcement Officers Association.
    Additional cosponsors include U.S. Senators Jim Banks (R-IN), John Barrasso (R-WY), Marsha Blackburn (R-TN), Richard Blumenthal (D-CT), Chris Coons (D-DE), John Cornyn (R-TX), Ted Cruz (R-TX), Tammy Duckworth (D-IL), Dick Durbin (D-IL), John Fetterman (D-PA), Deb Fischer (R-NE), Lindsey Graham (R-SC), Mazie Hirono (D-HI), John Hoeven (R-ND), Jim Justice (R-WV), Mark Kelly (D-AZ), Ed Markey (D-MA), Alex Padilla (D-CA), Mike Rounds (R-SD), Adam Schiff (D-CA), Jeanne Shaheen (D-NH), Tim Sheehy (R-MT), Tina Smith (D-MN), Mark Warner (D-VA), Elizabeth Warren (D-MA), Peter Welch (D-VT), and Sheldon Whitehouse (D-RI).
    Click here for bill text. 

    MIL OSI USA News

  • MIL-OSI USA: TS Food Packaging is Recalling its “Rural King” and “Wabash Valley Farms” Bacon Seasoning Due to the Presence of an Undeclared Soy Ingredient

    Source: US Department of Health and Human Services – 3

    Summary

    Company Announcement Date:
    FDA Publish Date:
    Product Type:
    Food & Beverages
    Allergens
    Reason for Announcement:

    Recall Reason Description

    Potential or Undeclared Allergen – soy

    Company Name:
    TS FOOD PACKAGING
    Brand Name:

    Brand Name(s)

    Wabash Valley Farms, Rural King

    Product Description:

    Product Description

    Bacon flavor popcorn seasoning


    Company Announcement

    TS Food Packaging is recalling its “Rural King” and “Wabash Valley Farms” Bacon Seasoning due to the presence of an undeclared soy ingredient. People who have allergies to products containing soy run the risk of serious or life-threatening allergic reactions if they consume these products.

    The recalled “Bacon Seasonings” were distributed nationwide via E-commerce and retail stores.

    The product is packaged in 4.2 oz plastic jars with lot numbers 17324s,27824s, and 30324s, along with 1oz sample gift packets marked with lot numbers 16524SP, 16624SP, 23424SP, 26324SP, 26424SP, 26724SP, 20624S, 20724S.

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

    The recall was initiated after it was discovered via a manufacturing quality verification that the soy containing ingredient was a substitute provided by a supplier without notification of the presence of Soy. Subsequent investigation indicated the problem was caused by a substitution review process gap between the supplier and their customer base, corrective actions are in place to prevent recurrence.

    Consumers who have purchased Rural King or Wabash Valley Farms Bacon Seasonings packages are urged to return them to the place of purchase for a full refund. Consumers with questions may contact the company at 262-763-9434 between the hours of 8 am to 4 pm (central) or via email at mail@tsfoodpackaging.com.


    Company Contact Information


    Product Photos

    MIL OSI USA News

  • MIL-OSI USA: Commissioner Kristin Johnson’s Keynote Address at the University of Chicago Law School: Charting the Future of Financial Regulation

    Source: US Commodity Futures Trading Commission

    Good afternoon. Thank you to Dean Miles, Professor Birdthistle and the broader University of Chicago Law School for the kind invitation to join you for today’s event. We can often learn a great deal about the future by looking at the past. About 4,000 years ago (c. 2000 B.C.E.), Phoenician sailors developed charts and observations of the Sun and stars. Early mariners’ compasses were inaccurate or inconsistent because they lacked an understanding of magnetic variation. Later, the astrolabe, sextant, chip log, gyroscopic compass, radar, and GPS replaced earlier, primitive tools.
    In remarks earlier this week at a blockchain event at the World Economic Forum in Davos, I explored rapidly advancing technologies—an area that has long been a central focus of my contributions as a lawyer in private practice, in-house counsel, an academic, and most recently, a financial market regulator at the CFTC.[1] Today, on the eve of the Commodity Futures Trading Commission’s (CFTC) 50th Anniversary, we stand, once again on the frontier—a frontier of technological development in markets—including increasingly advanced computing, predictive analytical models, and algorithmic trading, and digital trading, clearing and settlement.
    During the most recent past administration, the Securities Exchange Commission Divisions of Trading and Markets and of Investment Management announced rule amendments to shorten the standard settlement cycle for most broker-dealer transactions from two business days after the trade date (“T+2”) to one business day after the trade date (“T+1”)[2] marking faster, more efficient, less costly trading ushered in, in part, by digitization of trading market infrastructure. Many of our largest market participants have partnered with technology firms to migrate exceptional volumes of data including orders, quotes, trades, cancellations and settlement data to cloud-based storage.
    Executive Orders this week on AI and digital assets or cryptocurrency indicate the new administration’s intent to focus on these new technologies. As we prepare to hear from the new administration regarding solutions to address the intricacies of balancing responsible innovation with the critical goals of ensuring market integrity, market stability, and protection of vulnerable market participants, let’s keep top-of-mind the lessons of the past and the benefits of well-honed regulatory tools which aid us in navigating the sea of technological innovation set forth before us.
    Today, we will consider the two specific technologies at the center of the new administration’s Executive Orders issued yesterday—AI and crypto.
    Artificial Intelligence in Financial Markets
    Financial markets regulation is often defined by two salient questions—what should we regulate and, if we regulate, what should be the scope of regulation. Knowing that crypto technologies are a focus of my remarks, some of you might demand that we tailor these questions and simply focus on the legal standard for distinguishing among regulated products, namely securities and commodities, citing the debate surrounding the legal standard articulated by the Supreme Court of the United States in SCOTUS’s now (in)famous 1946 decision S.E.C. vs Howey,[3] explaining that investment contracts that involve an investment of money in a common enterprise with an expectation of profits to be derived from the efforts of others.
    Leaving this question aside for a moment and focusing on the macro issue, I would note an underlying premise of these two fundamental questions. It is presumed that regulators understand both the products and the markets that are the subject of regulation—that we are clear on the benefits as well as the risks and limitations posed by products, processes, and market structures introduced in our markets. In other words, we are well-informed and deeply engaged in discussions regarding the attributes of what we regulate. I would also share that, for me, this understanding informs “how” I think about regulation.
    The Ever-Expanding Universe of AI Use Cases
    AI has long served financial services firms. For decades, firms have integrated standard algorithms and earlier forms of machine learning in both external client-facing applications as well as internal operations.[4] Developers tout the potential for more nascent uses of AI to enhance critical risk management tools, “inform[ing] trading strategies by identifying patterns, optimizing execution, managing portfolio workflows, and assessing risk-return tradeoffs.”[5] According to proponents, deep learning through neural networks holds promise to simulate the multi-layered, complex decision-making capabilities of the human brain.
    Several years ago, the CFTC identified a number of AI use cases in our regulated markets:

    Trading (including market intelligence, robo-advisory, sentiment analysis, algorithmic trading, smart routing, and transactions)
    Risk Management (including margin and capital requirements, trade monitoring, fraud detection)
    Risk Assessments and Hedging
    Resource Optimization (including energy and computer power)
    RegTech – Applications that enhance or improve compliance and oversight activities (including surveillance, reporting)
    Compliance (including identity and customer validation, anti-money laundering, regulatory reporting)
    Books and Records (including automated trade histories from voice or text)
    Data Processing and Analytics
    Cybersecurity and Resilience
    Customer Service.[6]

    The ever-expanding universe of AI use cases impacts investment, trading, surveillance and compliance, fraud detection, cyber security and supervision and enforcement across the derivatives and broader financial markets. In discussing AI’s application across financial markets, a Treasury report released last month stated “some financial firms have been experimenting with Generative AI tools—to explore the capabilities of AI in enhancing existing processes.”[7]
    “Robo-advisors offer personalized investment advisory services, while AI-driven insights improve forecasting and trading process automation.”[8] The Treasury Department’s recent report on Artificial Intelligence in Financial Services also notes that “financial firms are increasingly using AI—and particularly experimenting with Generative AI—internal business operations, including but not limited to risk management, regulatory compliance, treasury management, fraud detection, and back-office functions.”[9]
    Risks and Challenges Remain
    Attendant risks associated with the increase in use of AI, however, deserves equal attention, particularly for regulators tasked with safeguarding the integrity and stability of financial markets and the global economy. In testimony before Congress and academic work prior to my service at the Commission, I have encouraged regulators and market participants to also consider the following risks fraud and market manipulation, bias and discrimination, and privacy and data protection risks.[10]
    As the Financial Stability Board recently explained, “many of the potential risks of AI may seem new, but when you look beneath the surface, they are strikingly similar to traditional financial risks. Risks that we are familiar with. We already have frameworks to assess concentration risk, third party dependence and interconnectedness. This is good news. But potential new forms of interconnectedness in the financial system may emerge.”[11]
    To that end, it will be imperative for regulators to understand, track, and be poised to address emerging cybersecurity, third-party, concentration, and human capital risks.

    Cybersecurity

    Few would disagree that cybersecurity attacks and related disruptions pose one of the most pernicious and persistent threats to global financial markets.  In a timely and critical report on cybersecurity and AI, Treasury notes that “complex and persistent cyber threats continue to grow, and some experts from financial institutions believe the availability of advanced AI tools such as Generative AI will, at least initially, give threat actors an upper hand.”[12] Following a recent attack that disrupted clearing and settlement in derivatives markets in January of 2023, the Commission adopted a proposed rule enhancing operational resilience for swap dealers. In parallel to this rule, the Market Risk Advisory Committee that I sponsor, encouraged the Commission to consider comprehensive reform and consider the need for parallel reforms for our derivatives clearing organizations. While our principles-based approach to regulation enables dynamic application of existing rules, we must be ever vigilant to ensure that regulation is keeping pace and fit-for-purpose. I am looking forward to advancing these initiatives.

    Third-Party Risk Management

    Financial market regulators have, for several years, noted the challenges of relying on third parties for critical services. While regulated entities may have robust tools to monitor their own activities, our market participants increasingly partner with and rely upon third parties for critical services. Third party critical service providers may not have the comprehensive compliance processes and procedures the regulated entities have. The cascading impact of disruption may impact the many financial institutions that rely on the same critical third-party service providers, potentially engendering systemic risk concerns.[13]

    Concentration Risk

    The increasing reliance on third party service providers and the limited number of critical third-party service providers creates concentration risk. While the largest financial services firms in the world may have less exposure to these threats, smaller and medium sized firms without the technical expertise to develop high-cost technologies may need to rely on third parties and may also adapt these technologies in ways not anticipated by original developers, creating additional frictions.
    At the CFTC, we have been engaged in a longstanding dialogue with our market participants and our colleagues at other federal regulatory agencies to analyze and work to address these concerns—and we plan to continue the conversation.
    Last year, our staff released a request for comment, soliciting data regarding our market participants’ increasing use of AI.[14] We have not been alone in this work. The U.S. Department of Treasury similarly issued a request for information.[15] I worked with staff at the CFTC and staff at Treasury prior to and following these RFIs. The important results of these forms of engagement have only scratched the surface, given that “[o]ne of the most significant learnings from the comment responses is the reported ubiquity of AI usage—in particular traditional AI such as algorithms or machine learning—in virtually every function of financial firms, ranging from compliance management, internal operations, underwriting, customer service, treasury management, and product development and marketing.”[16]
    A Roadmap for the Future
    I have advanced, and will continue to advance, several policy initiatives over the course of my time at the Commission.
    Collaboration is Key

    Continued Dialogue

    There is still much work to be done. Continuing conversations with interested stakeholders across the board is the only way to ensure that we are learning in real time and incorporating that knowledge into sensible actions, both within the regulatory sphere and in the private sector.
    This dialogue “create[s] a framework that simultaneously serves two goals. The first is protecting the integrity of the trading markets so that they fairly serve the interests of participants and the larger public. The second is welcoming and encouraging the development and application of the newest technologies with responsible guardrails. In this way, we can ensure that these technologies help assure that the United States financial markets remain leaders in financial innovation in the years ahead.”[17]

    Interagency coordination

    In the December Treasury report, a brief discussion of the existing and proposed frameworks related to the use of AI in financial services is more than two pages long.[18] And that is just the first layer before adding state laws on AI, which can differ from each other and from federal frameworks, and finally, international standards.
    Of course, each regulator has its own specific mission and mandate. However, regulators must work together to harmonize regulation.[19]
    The Financial Stability Oversight Council echoes this recommendation in its annual report: “The Council supports interagency development of expertise to analyze and monitor potential systemic risks associated with the use of AI in the financial services sector, as well as further inter-agency discussions on developments in AI and associated financial stability risks.”[20]
    FSOC also recognizes the need for collaboration on a global scale. “The U.S. financial system is part of a global network and could potentially be vulnerable to shocks that originate abroad. The Council supports continued engagement with international counterparts on the risks and benefits of AI in financial services.”[21]
    Enhanced Resources for An Enhanced Mission

    Resources Must Keep Pace with Demand

    The CFTC is small but mighty, and continues to punch above its weight on all matters that come before it. In 2015 amidst the Dodd-Frank regulatory mandates, the CFTC had completed a greater percentage of its Dodd-Frank rules than other domestic financial regulatory agencies despite its smaller staff.[22] The same has been true in the past few years, as the Commission has taken on an increased role in addressing digital assets, while continuing its existing work, without any increase in budget.
    As the CFTC oversees increasingly complex markets, and must identify threats from increasingly sophisticated bad actors, it must have the resources to continue to do so effectively. I feel it important to reiterate that “the Commission would benefit from increased resources dedicated to enabling several of the Divisions within the Commission to prepare for and meet the challenges of regulating innovative trading, clearing, and settlement technologies, among other changes to operational infrastructure that merits consideration.”[23]

    An AI Fraud Task Force to Tackle Fraud Full Force

    I have expressly called for the CFTC Division of Enforcement to create an AI Fraud Task Force. While there may be divergent opinions on the benefits and risks engendered by AI, preventing bad actors from using AI to commit fraud against consumers and potentially market participants should be common ground. “Policing derivatives markets is one of the cornerstones of the CFTC’s mission. We must adapt our surveillance technologies and enforcement penalties to keep pace with the rapidly evolving innovation that characterizes global financial markets.”[24]
    A Future Framework for Digital Asset Markets 
    A second Executive Order released yesterday established a Presidential Working Group on Digital Asset Markets within the National Economic Council and appointed a Special Advisor for AI and Crypto to serve as Chairman of the PWG.
    Meaningful regulation in any market begins with identifying and developing standards to address certain risk management concerns. Many of the risks in the digital asset markets are well known.Learning from the lessons of the past few years, I am hopeful that any action to establish digital asset regulation include needed clarity regarding the application of rules and protections that safeguard the integrity of our markets. These regulations often also serve the organizations that implement them well.
    Digital asset market regulation should incorporate the same governance principles that have long governed our markets. Evidence of recent crises in digital asset markets underscore the benefits of strong corporate governance, rules governing conflicts of interest, and separation of customer property to preserve customer assets as part of a broader default management, recovery, and resilience strategy.

    Segregation of Customer Assets

    Our markets are built on trust. Any market that we supervise should have measures in place to protect the trust and confidence of customers and counterparties. Such recovery, resilience, and default risk management approaches should be applicable across markets that engender similar risks. 
    At the core these default-focused efforts create protections that preserve customer assets in the event of a liquidity or solvency crisis. The measures also guard against the commingling of customer funds witnessed in the 2022 crypto crises.[25] 
    The Commodity Exchange Act (CEA) expressly requires separation of customer funds in certain contexts. Section 4d(a)(2) of the CEA requires each FCM to segregate from its own assets all money, securities, and other property deposited by futures customers to margin, secure, or guarantee futures contracts and options on futures contracts traded on designated contract markets.[26] As the PGW takes up the mantle, preservation of customer capital must be a central and key issue. 

    Governance

    Basic corporate governance and internal controls should form part of the health and welfare of any market participant subject to the Commission’s supervision. Among other obligations, our regulations uniformly call for registered entities to have boards of directors, including independent directors, risk management committees, and executive officers that include chief compliance and risk officers who possess the requisite skills and expertise.[27]
    We continuously refine and update our governance standards as our markets evolve. In 2023, the Commission unanimously (please confirm) approved a final rule requiring derivatives clearing organizations (DCOs) to establish and consult with one or more risk management committees (RMCs) comprised of clearing members and customers of clearing members on matters that could materially affect the risk profile of the DCO. Section 5b(c)(2) of the CEA establishes core principles with which a DCO must comply in order to be registered and to maintain registration as a DCO (DCO Core Principles),1 and part 39 of the Commission’s regulations implement the DCO Core Principles. DCO Core Principle O requires a DCO to establish governance arrangements that are transparent, fulfill public interest requirements, and permit the consideration of the views of owners and participants.2 Regulation § 39.24 implements this aspect of Core Principle O by providing minimum requirements regarding the substance and form of a DCO’s governance arrangements.
    In the earlier referenced 2023 final risk governance rule, the Commission adopted minimum requirements for RMC composition and rotation, and required DCOs to establish and enforce fitness standards for RMC members. The Commission adopted requirements for DCOs to maintain written policies and procedures governing the RMC consultation process and the role of RMC members. Finally, the Commission adopted requirements for DCOs to establish one or more market participant risk advisory working groups (RWGs) that must convene at least twice per year, and adopt written policies and procedures related to the formation and role of the RWG.

    Compliance with AML/KYC laws and regulations

    Our experience regulating financial markets has demonstrated that strong AML/KYC regulations protects not only market integrity and stability, but also national security interests. These regulations are foundational and define the scope of who is permitted to actively engage our markets and, in many instances, the broader financial services and banking sector of our economy.
    Concluding with A Word Collaboration
    One of the greatest strengths of our government and, more specifically, the federal agencies that supervise many of the largest global financial market participants in the world is the intellectual leadership that our market regulators demonstrate. Our financial market regulations enhance efficiency, reduce the costs of raising capital, attract global investments, and serve as a model for regulation around the world. Our successful regulation is due, in large part, to our engagement with markets and the global regulatory community.
    As I noted in keynote remarks last year at NYU’s AI Convening, it is imperative for government and regulators to demonstrate a deep and abiding commitment to developing well-informed, research-based, data-driven regulatory solutions that are well-tailored, fit-for-purpose interventions. This requires a multi-stakeholder, public-private partnership that may include for advancing technologies developers, market participants, academics, government and industry researchers, diverse regulators across the financial markets, and public interest organizations.[28]
    Last year, in response to a staff advisory on the use of AI in CFTC-regulated markets,[29] I noted that “[w]orking in partnership with market participants, we are able to enhance our ability to accomplish our mission of ensuring market stability and market integrity. .”[30]
    I started this week in Davos, Switzerland, where I shared remarks at a conference about blockchain and AI, and about how the World Economic Forum Annual Meeting theme of “Collaboration for the Intelligent Age” is relevant to my work at the CFTC on these topics. World leaders in government, business, and civil society are still there, discussing the most pressing issues facing our global markets and broader societies, and trying to solve problems on a global scale. Nowhere is that more salient than in the United States, as we are close out the first week of a new executive administration.
    When we reflect on the future of finance, we must think back to the lessons learned as markets navigated sustained periods of extreme distress. Collaboration has served as one of the most important tools in our toolkit.
    The creation of the Financial Stability Oversight Council has proved a valuable source for convening the heads of financial market regulators across our government can carefully identifying and addressing anticipated systemic risk concerns. In addition to collaboration across market and prudential regulators, efforts by the SEC and CFTC to navigate implementation of the Dodd-Frank Act rules offers a second example of successful collaboration among market regulators. The discussions regarding regulation of AI, crypto, and other novel and emerging technologies should benefit from similar collaboration across regulators authority and across the aisle.
    Navigating difficult conditions requires focus, discipline, leadership and a steady hand at the helm. In recent years, our markets have navigated the onset of a global pandemic, geopolitical conflicts, sustained inflation.
    I am committed to working together to achieve this goal. As we enter this new year and new administration, collaboration will be as important as ever to achieve the benefits of scale and take advantage of all that innovation has to offer financial markets.
    Simply stated, and echoing this year’s World Economic Forum theme at Davos, we must find a path to collaboration in an intelligent age.

    [3] 328 U.S. 293 (1946).

    [5] Treasury December Report at 15.

    [7] Treasury December Report at 14.

    [8] Treasury December Report at 15.

    [9] Treasury December Report at 16.

    [13] Treasury December Report at 25.

    [16] See Treasury December Report.

    [18] Treasury December Report at 30.

    [19] “While many financial firms operating in the financial services sector are subject to laws and regulations that are technology-agnostic and can apply to AI technologies, respondents noted different regulatory standards among financial firms for the same activities.” Treasury December Report at 28.

    [25] See 1, 17 C.F.R. Pt. 1 (segregation of futures customer funds); 17 C.F.R. Pt. 22 (segregation of swaps customer funds); 17 C.F.R. Pt. 30 (segregation of foreign futures customer funds).

    [26] 7 U.S.C. § 6d(a)(2).

    MIL OSI USA News

  • MIL-OSI Security: Former CEO of Startup Software Company Sentenced to 30 Months in Federal Prison for Tax Scheme

    Source: Office of United States Attorneys

              CONCORD – A Bedford man was sentenced yesterday in federal court for his scheme to willfully fail to pay more than $14 million in payroll taxes owed to the IRS and failing to file and pay his personal taxes, Acting U.S. Attorney Jay McCormack and Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division announce.

              Andrew Park, 49, was sentenced by U.S. District Court Judge Landya McCafferty to 30 months in federal prison and three years of supervised release. She also ordered Park to pay $639,821.78 in restitution, the amount of tax and interest not repaid at the time of sentencing, to the United States. She also ordered Park pay a fine of $15,000. In July 2024, Park pleaded guilty to willful failure to pay over payroll taxes and willful failure to file a tax return.

              Park was the co-founder and CEO of a startup technology company. Park was responsible for all financial matters related to the company, including for filing the company’s quarterly payroll tax returns and collecting and paying over Social Security, Medicare and income taxes withheld from the employees’ wages to the IRS, as well as the matching Social Security and Medicare taxes the company owed. Park was also responsible for collecting and paying over state and local taxes to those respective governments.

              From the company’s founding in 2014 through the third quarter of 2021, Park withheld federal, state and local taxes from the wages of the company’s employees but did not pay them over to the IRS and state and local tax authorities as required by law. He also did not pay over the portion of the payroll taxes that the company owed. Park did so even though a payroll service company that he hired to process the employees’ payroll notified him hundreds of times that the taxes were due, and four employees of the company complained that the Social Security Administration reported no withholdings had been paid over by the company on their behalf.

              From 2013 through 2020, Park also did not file individual tax returns as required by law, despite the fact that he paid himself a salary of approximately $250,000 each year.

              In total, Park caused a tax loss to the IRS exceeding $14.7 million.

              “For many years, the defendant took elaborate steps to defraud the IRS by not filing or paying his personal income taxes and by using his employees’ payroll taxes as free capital to grow his business. Then, when matters got out of hand, he falsely told his investors that his company was tax compliant to secure the funds to try to make the problem disappear,” said Acting United States Attorney Jay McCormack. “The substantial sentence imposed by the court reflects the seriousness of the defendant’s conduct and his disregard for our nation’s tax laws and sends a message to deter other would-be tax fraudsters who might seek to enrich themselves at the expense of honest taxpayers.”

              “Yesterday’s sentencing of Andrew Park is a strong reminder that payment of individual and business taxes is an obligation, not a choice,” said Thomas Demeo, Acting Special Agent in Charge of the Internal Revenue Service Criminal Investigation, Boston Field Office. “When Andrew Park made the decision not to pay taxes for himself and his business, he also made the decision to cheat his employees and other honest taxpayers. Investigations of employment tax fraud is a priority for Internal Revenue Service Criminal Investigation as our system of taxation depends on everybody paying their fair share.”

             IRS-Criminal Investigation led the investigation. Assistant U.S. Attorney Matthew T. Hunter and Assistant Chief Eric Powers of the Tax Division are prosecuting the case.  

    ###

     

    MIL Security OSI

  • MIL-OSI Asia-Pac: IWAI sets up new Regional Office at Varanasi

    Source: Government of India (2)

    IWAI sets up new Regional Office at Varanasi

    Aims to streamline IWT activities in Uttar Pradesh

    Posted On: 24 JAN 2025 1:58PM by PIB Delhi

    For effective implementation of Inland Water Transport (IWT) activities in National Waterway-1 (NW-1), River Ganga, the Inland Waterways Authority of India (IWAI) under the Union Ministry of Ports, Shipping and Waterways has upgraded its existing sub-office at Varanasi to a full-fledged Regional Office on January 23, 2025. The decision is aimed at streamlining IWAI projects and related works in the state of Uttar Pradesh.

    IWAI, presently has five regional offices in Guwahati (Assam), Patna (Bihar), Kochi (Kerala), Bhubaneswar (Odisha) and Kolkata (West Bengal). It will now have its sixth regional office in Varanasi, Uttar Pradesh.

    The Varanasi regional office with its sub-office at Prayagraj will oversee works in 487-kilometre stretch from Majhua to Varanasi MMT (Multi-Modal Terminal) and further up to Prayagraj, apart from other NWs in Uttar Pradesh.

    Implementation of the World-Bank supported Jal Marg Vikas Project (JMVP) will be one of its key priorities. JMVP is aimed at the capacity augmentation of River Ganga, i.e., NW-1 through various river conservancy works like bandalling and maintenance dredging in addition to already constructed MMT at Varanasi to promote cruise tourism and smooth cargo movement along the waterway. Three Multi-Modal Terminals – one each at Varanasi, Sahibganj and Haldia along with an Inter-Modal Terminal at Kalughat and a new navigational lock at Farakka in West Bengal have been built under JMVP to facilitate easy navigation along River Ganga. Besides, 60 community jetties are being built along NW-1 in four states of Uttar Pradesh, Bihar, Jharkhand and West Bengal – to facilitate local commuters, small and marginal farmers, artisans and fishermen communities. With its new Regional Office in place, all these activities will be monitored and executed more efficiently.

    There are about 30 rivers in Uttar Pradesh, of which ten have been declared as National Waterways. The Varanasi Regional Office of IWAI shall look after development works not only on River Ganga but its various tributaries and other national waterways in Uttar Pradesh. These include rivers like Betwa, Chambal, Gomti, Tons, Varuna and parts of Gandak, Ghaghra, Karamnasa and Yamuna rivers.

    IWAI’s Varanasi Regional Office will also be coordinating with the State IWT Authority set up for development of waterways in Uttar Pradesh.  

    Under the dynamic leadership of Prime Minister Shri Narendra Modi and the able guidance of Minister of Ports, Shipping and Waterways Shri Sarbananda Sonowal, IWAI has been making several infrastructural interventions to develop waterways as a robust engine of growth. With its concerted efforts, IWAI is expanding its footprint throughout the country – from Arunachal Pradesh in the East to Gujarat in the West and Jammu and Kashmir in the North to Kerala in the South. Other than NW-1, the Authority is presently working towards capacity augmentation of NW-2, NW-3 and NW-16, in the country – by means of developing IWT terminals, fairways through end-to-end dredging contracts, navigational aids like night navigation facility, navigational locks among others.

    *****

    G.D.Hallikeri/Henry

    (Release ID: 2095758) Visitor Counter : 76

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: France: EIB supports investment by Trifyl to recover value from household waste

    Source: European Investment Bank

    Ambroise Fayolle, Vice-President of the European Investment Bank (EIB), made a trip to Labessière-Candeil to visit the headquarters of Trifyl, the joint association for waste recycling for the department of Tarn in southern France. He toured Trifyl’s facility for waste sorting and value recovery. Fayolle, the EIB Vice-President responsible for climate and the environment, was received by Trifyl President Daniel Vialelle, Member of the European Parliament Claire Fita, and many other elected representatives in attendance.

    MIL OSI Europe News

  • MIL-OSI Europe: Latest news – Meeting of 6 February 2025 – Delegation for relations with the People’s Republic of China

    Source: European Parliament

    Next ordinary meeting of the Delegation for relations with the People’s Republic of China (D-CN) will take place on Thursday 6 February 2025 at 9.00-10:30 in Brussels.

    As main topic on the draft agenda there will be an exchange of views on the EU-China trade relations in the context of geopolitical changes with:

    • Mr Jens Eskelund, President of the European Union Chamber of Commerce (ECCC) in China
    • Ms Agatha Kratz, Partner and Director at Rhodium Group, Head of the China Practice’s Corporate Advisory

    The meeting will be webstreamed and can be followed via the link below.

    MIL OSI Europe News

  • MIL-OSI Europe: Text adopted – Need for actions to address the continued oppression and fake elections in Belarus – P10_TA(2025)0002 – Wednesday, 22 January 2025 – Strasbourg

    Source: European Parliament

    The European Parliament,

    –  having regard to its previous resolutions on Belarus,

    –  having regard to the Council conclusions on Belarus of 12 October 2020 and 19 February 2024 and to the European Council conclusions on Belarus of 21 and 22 October 2021,

    –  having regard to the statements by the High Representative of the Union for Foreign Affairs and Security Policy of 1 August 2024 on the release of a number of political prisoners, and of 26 February 2024 on the parliamentary and local elections, and to the statement by the High Representative on behalf of the EU of 8 August 2023 on the third anniversary of the fraudulent presidential elections,

    –  having regard to the Universal Declaration of Human Rights, the UN Charter, the International Covenant on Civil and Political Rights and other international human rights instruments to which Belarus is a party,

    –  having regard to the report of the UN Office of the High Commissioner for Human Rights (OHCHR) of 25 March 2024 on the situation of human rights in Belarus in the run-up to the 2020 presidential election and in its aftermath,

    –  having regard to the resolution of the General Conference of the International Labour Organization (ILO) of 12 June 2023 concerning the measures recommended by the Governing Body under article 33 of the ILO Constitution on the subject of Belarus,

    –  having regard to Rule 136(2) and (4) of its Rules of Procedure,

    A.  whereas the 30-year authoritarian rule of Aliaksandr Lukashenka in Belarus has been characterised by systematic repression of political opponents and dissent, including the enforced disappearance of Lukashenka’s critics; whereas since the fraudulent presidential election of August 2020, the illegitimate Lukashenka regime, with Russian support, has systematically repressed political activists, civil society, human rights defenders, lawyers, journalists, artists, religious leaders, trade unionists and other groups in Belarus and abroad, arbitrarily detaining tens of thousands of people;

    B.  whereas following the fraudulent 2020 presidential election and the subsequent brutal crackdown, the EU and many of its democratic partners did not recognise the results of the elections or Aliaksandr Lukashenka as legitimate leader and President of Belarus;

    C.  whereas according to the Human Rights Centre ‘Viasna’, over 1 250 political prisoners remain detained in Belarus in conditions that put their lives at risk, and many of these prisoners are in fragile health; whereas several political prisoners have died in custody, four of them in 2024 alone; whereas political prisoners face torture, denial of medical care, restricted access to visits from lawyers and family members, and solitary confinement; whereas since the summer of 2020, 3 697 people have been recognised as political prisoners; whereas in 2024 alone, over 8 800 cases of politically motivated persecution were documented, including arrests, detentions, dismissals and other forms of repression targeting political prisoners, their families and lawyers, activists, journalists, priests, doctors, returning Belarusians and others;

    D.  whereas multiple international organisations, including the OHCHR, have documented systematic human rights violations in Belarus, including torture, arbitrary detentions, imprisonment or other forms of severe deprivation of physical liberty, enforced disappearances, persecution on political grounds and suppression of freedoms, which amount to crimes against humanity under international law; whereas in September 2024, Lithuania referred the situation in Belarus to the Office of the Prosecutor of the International Criminal Court (ICC) to investigate certain crimes against humanity committed by the Lukashenka regime;

    E.  whereas the illegitimate Belarusian regime plans to hold sham presidential elections on 26 January 2025, with Lukashenka seeking a seventh term; whereas Belarus’ Central Election Commission has registered Lukashenka and four other pro forma ‘candidates’; whereas the current presidential election campaign is being conducted in an environment of severe repression which fails to meet even the minimum standards for democratic elections; whereas democratic candidates are barred from participating, media freedom is heavily restricted, voters face intimidation, and the absence of independent election observation further undermines the legitimacy of the electoral process;

    F.  whereas both the parliamentary and local elections held on 25 February 2024 and the upcoming sham presidential election scheduled for 26 January 2025 exemplify the regime’s disregard for democratic norms as elections in Belarus are tightly controlled, with all candidates pre-approved by authorities, democratic parties eliminated and voters offered no real choice; whereas the election campaign has been marked by the detention of individuals involved in the 2020 presidential campaigns of other candidates and a clear readiness to harshly suppress dissent;

    G.  whereas according to the Human Rights Centre ‘Viasna’, at least 360 people were detained between July and September 2024, and many democratic leaders, including Nobel Peace Prize Laureate Ales Bialiatski, Maria Kalesnikava, Viktar Babaryka, Pavel Seviarynets, Siarhei Tsikhanouski, Mikalai Statkevich and others remain imprisoned; whereas at least eight political prisoners are currently detained incommunicado;

    H.  whereas the Lukashenka regime has stepped up pressure on the staff of Western diplomatic missions accredited in Belarus as well as other foreigners; whereas Mikalai Khila, a local member of staff of the EU delegation to Belarus, was apprehended by the Belarusian KGB in front of the EU delegation office, held in pre-trial detention from April 2024 and sentenced, in December 2024, to four years of imprisonment; whereas he has been listed as a political prisoner by the Human Rights Centre ‘Viasna’; whereas two Japanese citizens were recently detained on trumped-up charges of ‘agent activities’;

    I.  whereas Lukashenka pardoned over 200 political prisoners in 2024 in an attempt to lift some Western sanctions; whereas political arrests continue despite these pardons, with at least 1 721 individuals convicted on political charges in 2024 alone;

    J.  whereas the Federation of Trade Unions of Belarus has long been embedded in the Lukashenka regime’s government structure and is thought to play a significant role in organising the falsification of election results;

    K.  whereas the Belarusian regime employs anti-extremism laws to obstruct media outlets, whereby most independent media have been labelled as ‘extremist’, with at least 45 media representatives detained, around 400 in exile and others facing harassment and mistreatment; whereas independent media, such as Belsat TV, Charter 97, Nexta, Radio Racyja, Radio Svaboda, Nasha Niva and others, play a crucial role in providing essential information and serving as a platform for democratic voices; whereas the Belarusian authorities employ surveillance, online censorship and disinformation, escalating digital authoritarianism and undermining the prospects for free and fair elections in 2025; whereas Belarusian propagandists regularly spread disinformation about EU Member States and their officials and suppress access to information;

    L.  whereas more than 500 000 Belarusians have been forced to flee the country since 2020, with some continuing to face persecution from the Lukashenka regime, including through trials in absentia, threats from the security forces and pressure on relatives, confiscation of property and other restrictions;

    M.  whereas under Lukashenka, more than 250 people sentenced to death have been executed; whereas Belarus remains the only country in Europe and Central Asia to retain the death penalty, with its scope expanded in 2022 to include vaguely defined acts of terrorism and in 2023 to include ‘treason against the state’;

    N.  whereas repressive measures in Belarus have increasingly targeted religious freedom, with the recent adoption of the law on freedom of conscience and religious organisations posing a serious threat to the rights and existence of religious communities; whereas this crackdown has also targeted religious leaders, as seen in the recent sentencing of Catholic priest Reverend Henrykh Akalatovich to 11 years in prison on fabricated high treason charges, the first such case against Catholic clergy in Belarus;

    O.  whereas the Lukashenka regime has proven to be instrumental to Putin by providing Russian forces with access to Belarusian territory from which to mount the full-scale invasion of Ukraine; whereas the Lukashenka regime commits crimes against Ukrainian children, including hosting re-education camps for political indoctrination and militarisation; whereas it assists attempts by Russia and others to destabilise the EU and undermine European aspirations among the EU’s neighbours, notably by weaponising migration at the EU’s borders and legitimising Bidzina Ivanishvili’s autocratic regime in Georgia;

    P.  whereas the EU has imposed targeted sanctions on Belarus in response to the fraudulent 2020 elections, systematic human rights violations, and Belarus’s complicity in Russia’s war of aggression against Ukraine, including trade restrictions and sanctions on 287 individuals, among them Lukashenka, and 39 entities;

    Q.  whereas the Lukashenka regime, with Russian assistance, circumvents some of these sanctions through preferential market access and the use of Russian infrastructure; whereas reports indicate that BelAZ, a sanctioned Belarusian producer of trucks, circumvents sanctions by disassembling trucks in Belarus and shipping the parts to the EU for reassembly under different brand names;

    1.  Reiterates its non-recognition of the election of Aliaksandr Lukashenka to the post of President of Belarus; considers the current regime in Belarus to be illegitimate, illegal and criminal; reaffirms its unwavering support for the Belarusian people in their pursuit of democracy, freedom and human rights;

    2.  Denounces the lack of freedom, fairness and transparency ahead of the so called presidential elections in Belarus and calls for the EU, its Member States and the international community to categorically reject the upcoming elections in Belarus and the run-up campaign as a sham, as they do not meet minimum international standards for democratic elections; calls for the EU, its Member States and the international community to continue not to recognise the legitimacy of Aliaksandr Lukashenka as president after 26 January 2025, and calls for free and fair elections to be held in Belarus;

    3.  Deplores the ongoing grave violations of human rights and democratic principles in Belarus, which have further intensified in the run-up to the so-called presidential elections; condemns the systematic repression in Belarus, which includes arbitrary arrests, torture, harassment, ill-treatment of detainees, persistent impunity and a structural lack of respect for due process and fair trials; reiterates its demand for the immediate and unconditional release of all individuals detained in Belarus for their political views, alongside compensation and the restoration of their rights; demands an end to the repression of political opponents and the Belarusian public;

    4.  Reiterates its calls on the Belarusian authorities to respect detainees’ rights, provide medical care and grant access to lawyers, families, and international organisations;

    5.  Expresses grave concern about the situation of political prisoners, including Maria Kalesnikava, Siarhei Tsikhanouski, Ales Bialiatski, Mikalai Statkevich, Mikalai Khila, Valiantsin Stefanovich, Maksim Znak, Viktar Babaryka, Ihar Losik, Andrzej Poczobut, Palina Sharenda-Panasiuk, Uladzimir Matskevich, Marfa Rabkova, Uladzimir Labkovich, Aliaksandr Yarashuk, Volha Brytsikava, Aliaksandr Kapshul, Yana Pinchuk, Mikalai Bankou, Andrei Navitski, Henrykh Akalatovich, Uladzimir Kniha Dmitry Kuchuk, Pavel Seviarynets and others, many of whom are facing severe health issues without access to proper medical care, and are enduring isolation, ill treatment and torture;

    6.  Considers the arrest and sentencing on politically motivated charges of Mikalai Khila, a local staff member of the EU Delegation in Minsk, a breach of diplomatic practices towards the EU; calls for the EU and its Member States to swiftly develop a credible response;

    7.  Commends the resilience of Belarusian civil society and democratic forces; reiterates its solidarity with the people of Belarus and its support for their legitimate aspirations for a democratic and European future; expresses solidarity with Belarusian democratic forces and civil society organisations in their efforts to establish a sovereign, democratic and prosperous Belarus; remains committed to working with democratic forces, civil society and independent media to the benefit of the people of Belarus;

    8.  Calls for the EU and its Member States to continue to investigate human rights abuses in Belarus and to support accountability measures, including through universal jurisdiction; calls for the EU and its Member States to investigate, on the basis of universal jurisdiction, the crimes against humanity committed by the Lukashenka regime in Belarus and on EU territory and, following Lithuania’s example, to refer the situation in Belarus to the International Criminal Court for investigation to the extent possible, and to consider the establishment of an international tribunal to prosecute the crimes of the Lukashenka regime; calls on the Member States to allow Belarusian lawyers expelled by the regime to practise on EU territory in order to provide legal assistance to persecuted Belarusians;

    9.  Highlights the invaluable work carried out by human rights defenders and civil society representatives in Belarus in monitoring, documenting and reporting the grave human rights violations and crimes against humanity that are taking place in the country, in order to ensure subsequent accountability and justice for the victims;

    10.  Reiterates its call for the EU and its Member States to support political prisoners and their families, including by demanding proof of political prisoners’ whereabouts, requesting their release, simplifying the procedures for those fleeing Belarus to obtain visas and identity documents, and providing rehabilitation and other types of support; calls on the EU Delegation and the Member State embassies in Belarus to continue observing and monitoring the trials of all political prisoners;

    11.  Stresses the importance of protecting exiled Belarusians from persecution by the Lukashenka regime, and of granting them opportunities to legally stay and work in the EU; calls for the EU and its Member States to raise the issue of abuse of international arrest warrants within Interpol and calls on the countries concerned not to extradite Belarusian citizens who have fled the regime and will face persecution upon their return to Belarus;

    12.  Deplores the fact that repressive measures in Belarus have expanded to include attacks on religious freedom, through the adoption of the law on freedom of conscience and religious organisations, which grossly violates the fundamental right to freedom of religion, conscience and belief; urges the Lukashenka regime to immediately halt the persecution of religious communities and churches;

    13.  Calls for the continuation of EU support for Belarusian democratic forces, led by Sviatlana Tsikhanouskaya; reiterates the need to support Belarusian democratic forces, civil society, students, journalists, leaders of trade unions, exiled professionals and others by providing them with visas, scholarships, grants and networking opportunities; encourages the representatives of the democratic forces of Belarus to maintain and promote unity;

    14.  Denounces the Lukashenka regime’s complicity in Russia’s war of aggression against Ukraine and condemns its deliberate subordination of Belarus to Russia in a so-called union state encompassing political, geopolitical, economic, military and cultural spheres; reiterates the need to contribute to strengthening Belarusian national identity and the Belarusian language, and to combat the distortion and manipulation of Belarusian history by the Lukashenka regime as well as by the Kremlin and its proxies;

    15.  Urges the EU and its international partners to broaden and strengthen sanctions against individuals and entities responsible for the repression in Belarus and for Belarus’s participation in Russia’s war of aggression against Ukraine, while closing sanctions loopholes and addressing the main sources of income financing the regime, such as exports of potash and other fertilisers; calls for the EU to sanction Belarusian entities and individuals responsible for the forced labour of political prisoners, as well as the goods produced using such forced labour;

    16.  Urges the EU and international partners to immediately identify, freeze, and find legal pathways for seizing assets of the Belarusian leadership and related Belarusian entities involved in the Russian war effort, as well as assets of entities and individuals leading Lukashenka’s so-called election campaign, including the Federation of Trade Unions of Belarus, such as Yury Sianko, Hanna Varfalameyeva and Valery Kursevich; calls on EU and Western companies to cease their activities in Belarus;

    17.  Calls for the EU and its Member States to continue raising the situation in Belarus in all relevant international organisations, in particular the Organization for Security and Co-operation in Europe, the UN and its specialised bodies and the ILO, with the aim of enhancing international scrutiny of the human rights violations and international action on the situation in Belarus; calls on the Member States to ensure continued documentation and accountability for international crimes committed by the Lukashenka regime, strengthen the OHCHR’s examination of the human rights situation in Belarus by providing full support to the UN Group of Independent Experts on the Human Rights Situation in Belarus and by preserving the mandate of the UN Special Rapporteur on the situation of human rights in Belarus to monitor ongoing human rights violations;

    18.  Denounces the illegal transfer of several thousand children, including orphans, from Russian-occupied areas of Ukraine to so-called recreational camps in Belarus, where they are subjected to Russification and indoctrination; strongly condemns the involvement of the Belarus Red Cross in the illegal deportation of Ukrainian children;

    19.  Strongly condemns the Lukashenka regime’s weaponisation and instrumentalisation of migration to destabilise neighbouring EU Member States through orchestrated irregular flows, violating human rights, exploiting vulnerable individuals and threatening regional stability; calls for the EU and its Member States to work on a coordinated response to counter this hybrid threat while protecting EU external borders and protecting the rights and safety of vulnerable individuals;

    20.  Urges Belarus to commute all death sentences, impose a moratorium on capital punishment and move towards its permanent abolition;

    21.  Instructs its President to forward this resolution to the Vice-President of the Commission / High Representative of the Union for Foreign Affairs and Security Policy, the relevant EU institutions, the governments and parliaments of the Member States, the Organization for Security and Co-operation in Europe, the Council of Europe, the UN High Commissioner for Human Rights, the Government of Japan, representatives of the Belarusian democratic forces and the Belarusian de facto authorities.

    MIL OSI Europe News

  • MIL-OSI Video: Occupied Palestinian Territory, Syria, Haiti & other topics – Daily Press Briefing (23 January 2025)

    Source: United Nations (Video News)

    Noon briefing by Farhan Haq, Deputy Spokesperson for the Secretary-General.

    Highlights:
    Occupied Palestinian Territory
    Under-Secretary-General for Peace Operations
    Syria
    Security Council
    Haiti
    Sudan
    Holocaust
    Guest Tomorrow
    Honour Roll

    OCCUPIED PALESTINIAN TERRITORY
    The Office for the Coordination of Humanitarian Affairs reports that large volumes of humanitarian aid continue to enter Gaza through the Erez and Zikim crossings in the north and Kerem Shalom crossing in the south.
    Inside Gaza, OCHA says that aid cargo and humanitarian personnel are moving into areas that were previously hard to reach. Our humanitarian partners on the ground say the operating environment has improved significantly. The surge in supplies entering Gaza each day and the return of law and order has allowed aid organizations to scale up the delivery of life-saving assistance and services.
    In central and southern Gaza, partners have resumed monthly food distributions with full rations. Yesterday, humanitarian organizations on the ground in Gaza transported 118 trucks of food parcels and flour from UNRWA warehouses to more than 60 distribution points in the south.
    Across southern Gaza, UNICEF continues dispatching high-energy biscuits and ready-to-use food – enough for thousands of infants.
    While food items currently account for the bulk of supplies that have entered the Gaza Strip since the ceasefire took effect, more medicines, shelter materials, and water, sanitation and hygiene supplies are expected over the coming days.
    Yesterday, partners in southern Gaza distributed medical disposables and trauma management kits to 14 hospitals, as well as sexual and reproductive health kits to 28 health facilities – enough for 58,000 people.
    Meanwhile, fuel deliveries in central and southern Gaza are keeping functional water wells, desalination plants and sewage pumps running.
    And yesterday, our humanitarian partners delivered seven trucks of fuel to northern Gaza. This is the first such shipment since the ceasefire began.
    The supplies will help power the back-up generators that are sustaining critical humanitarian services provided by UNRWA, the World Food Programme, the World Health Organization and other partners.
    Also, in Gaza City yesterday, two of UNRWA’s primary health service points reopened – the Beach health centre and Daraj medical point.
    Across the Strip, OCHA reports that most Palestinians remain at displacement sites – either because their homes are in ruins or contaminated by explosive ordnance, or because movement back to northern Gaza has not yet been allowed.
    And turning to the situation in the West Bank, OCHA reports that the Jenin Government Hospital remains disconnected from water and electricity, and access is extremely difficult due to road damage. The facility is relying on dwindling water reserves from emergency tanks installed just weeks ago through an allocation by the Occupied Palestinian Territory Humanitarian Fund, which is managed by OCHA.

    UNDER-SECRETARY-GENERAL FOR PEACE OPERATIONS
    Starting this Saturday, the Under-Secretary-General for Peace Operations, Jean-Pierre Lacroix, will travel to the Middle East.
    He will visit two UN peacekeeping missions and travel to Damascus to meet with caretaker authorities and Israeli authorities in Jerusalem.
    Mr. Lacroix will first travel to Syria, where he will spend time at the UN Disengagement Observer Force (UNDOF) before visiting the headquarters of the UN Truce Supervision Organization (UNTSO) in Jerusalem.
    Mr. Lacroix’s priorities are to express his solidarity with and support for UN peacekeepers and to highlight the importance of mine action and removal of explosive remnants of war.

    Full highlights: https://www.un.org/sg/en/content/noon-briefing-highlight?date%5Bvalue%5D%5Bdate%5D=23%20January%202025

    https://www.youtube.com/watch?v=Wt2pGiYdMwg

    MIL OSI Video

  • MIL-OSI Russia: The digital platform CML-Bench of St. Petersburg Polytechnic University is certified for working with commercial secrets

    Translartion. Region: Russians Fedetion –

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

    The digital platform for the development and application of digital twins CML-Bench®, developed by Peter the Great St. Petersburg Polytechnic University, has received a certificate of compliance with the software security requirements of the Federal Service for Technical and Export Control (FSTEC of Russia) at the sixth level of trust. CML-Bench® is the first digital platform developed by SPbPU to receive a certificate allowing the processing of information with the confidentiality modes “Commercial Secret” and “For Official Use Only”.

    The sixth level of trust allows the platform to be used at significant critical information infrastructure facilities of the third category, in government information systems and as part of automated production and technological process control systems of the third class* of information security, and personal data information systems of the third level** of security.

    *In state information systems, there are three classes of information security, which are determined depending on the level of significance of the information processed in the information system and its scale (federal, regional, facility-based). The first class requires the greatest protection, the third class – the least protection. **When protecting personal data, the third level is the average level of security, which is used for personal data, the leakage of which may harm the data subject, but will not lead to significant risks.

    Thus, in the context of changing legislation in the field of import substitution of software and increasing requirements for software security, the FSTEC of Russia certificate allows using the CML-Bench® digital platform for working with government agencies; government institutions and enterprises; Russian legal entities that own information systems, information and telecommunications networks, automated control systems operating in the field of healthcare, science, transport, communications, energy, as well as state registration of rights to real estate and transactions with it, banking and other areas of the financial market, fuel and energy complex, in the field of nuclear energy, defense, rocket and space, mining, metallurgy and chemical industries.

    To ensure that the CML-Bench® digital platform meets the requirements of the sixth level of trust, specialists from the Advanced Engineering School of SPbPU “Digital Engineering” have developed and implemented a number of microservices in the software that provide protection against unauthorized access to information, implement identification and authentication functions, access control and registration of security events, in accordance with the requirements specified in the document “Information security requirements establishing levels of trust in technical information protection tools and information technology security tools”.

    In particular, authentication services, user rights management, and an LDAP (LDAP) interaction service were implemented. CML-Bench® was also integrated with Keycloak (a program that helps users log into different sites and applications under one account and allows you to manage who has access to what) with CML-Bench®. At the same time, identifiers and object types were output to the log by security event types with the ability to customize the volume of recorded information. Event logging was implemented for all account types. The Circuit Breaker template was successfully implemented and support for CSRF tokens (a security tool in web applications) was added. Healthcheck checks were also added to the new services.

    In March 2023, for the first time in the history of SPbPU, a license was received from the FSTEC of Russia for the development and production of means of protecting confidential information, including software tools for information protection; secure software (software and hardware) means of information processing and software (software and hardware) means of monitoring information security. After that, active work began on the allocation and refinement of the “security module” as part of the Digital Platform for the Development and Application of Digital Twins CML-Bench®. And a year and a half later, an FSTEC certificate was received confirming the compliance of the platform’s security level with the sixth trust level. For us, this is a very important result, since the structural divisions of the Advanced Engineering School of SPbPU “Digital Engineering” implement projects with high-tech companies from various industries that are subjects of critical information infrastructure, – commented Vice-Rector for Digital Transformation of SPbPU, Head of the Advanced Engineering School of SPbPU “Digital Engineering” Alexey Borovkov.

    The refinement of the “security module” as part of the Digital Platform for the Development and Application of Digital Twins CML-Bench® was accompanied by updating the technical documentation and testing.

    Certification tests on a special stand were carried out by the Scientific, Technical and Certification Center for Comprehensive Information Security (JSC Center Atomzashchitainform). As a result of the preparation of the research stand, along with the creation of conditions for testing, the absence of configuration vulnerabilities and signs of malware in the object of assessment, as well as potentially dangerous functional capabilities that appear during the installation and configuration of the object of assessment were checked. As a result, the CML-Bench® digital platform, based on the test results, confirmed the absence of current vulnerabilities and protection against the threat of unauthorized access to information contained in the product; against the threat of unauthorized transfer of information to information and telecommunication networks and other information systems; against the threat of unauthorized receipt of information about the product, as well as its nodes; the threat of denial of service.

    The assessment of the certification test materials for compliance with information security requirements was carried out by the expert commission of the certification body FSTEC of Russia. Based on the expert opinion on the results of comprehensive certification tests of the digital platform for the development and use of digital twins CML-Bench®, a certificate of compliance with information security requirements was issued.

    The certification was carried out on an initiative basis during the implementation of a project to design and create an automated digital engineering system jointly with Greenatom JSC in a subsidiary of TVEL JSC — CentroTech-Engineering LLC for further replication in the structures of TVEL JSC and Rosatom State Corporation.

    For reference:

    The CML-Bench® digital platform is a digital platform for the development and application of digital twins of both high-tech industrial products and goods, as well as technological and production processes for their manufacture, a system for managing activities in the field of system digital engineering. Since 2006, the CML-Bench® digital platform has been developed by employees of the Engineering Center (CompMechLab®) “Computer Engineering Center” of SPbPU and employees of the Computational Mechanics Laboratory LLC (CompMechLab®).

    The CML-Bench® Digital Platform is used to develop projects for high-tech industries: engine building, power engineering, nuclear, oil and gas, special and railway engineering, aircraft and helicopter engineering, including unmanned aerial vehicles, automotive engineering, including electric transport, shipbuilding and shipbuilding, as well as marine engineering, nuclear energy, fuel and energy complex, medicine, high-performance sports, etc.

    At the end of 2022, the CML-Bench® platform was deployed on the servers of Centrotech-Engineering LLC (part of the control circuit of the TVEL fuel company of the Rosatom State Corporation) as part of the project to create an automated digital engineering system. And in 2023, specialists from the Advanced Engineering School “Digital Engineering” of SPbPU developed a software module that allows for the seamless transfer of engineering data from one of the most popular PLM systems (engineering data and production process management systems) Teamcenter by Siemens to the CML-Bench® digital platform. The CML-Bench® digital platform formed the basis for the URANIA data and process management system for computational and experimental scientific research, used at the enterprises of the Rosatom State Corporation.

    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 Asia-Pac: 15 persons arrested during anti-illegal worker operations (with photos)

    Source: Hong Kong Government special administrative region

    15 persons arrested during anti-illegal worker operations (with photos)
    15 persons arrested during anti-illegal worker operations (with photos)
    ************************************************************************

         The Immigration Department (ImmD) mounted a series of territory-wide anti-illegal worker operations codenamed “Twilight”, joint operations with the Hong Kong Police Force codenamed “Champion” and “Windsand”, and joint operations with the Labour Department to combat illegal employment activities at Lunar New Year fairs for four consecutive days from January 20 to yesterday (January 24). A total of 10 suspected illegal workers, four suspected employers and one suspected aider and abettor were arrested.           During the anti-illegal worker operations, ImmD Task Force officers raided eight targeted locations including residential buildings, restaurants and retail shops. Four suspected illegal workers and two suspected employers were arrested. The arrested suspected illegal workers comprised one man and three women, aged 39 to 52. Among them, one woman was a holder of recognisance form, which prohibits her from taking any employment. One man and one woman, aged 53 and 59, who were suspected of employing the illegal workers, were also arrested.           During operation “Champion”, enforcement officers raided 15 target locations in Central district. Four suspected illegal workers and one suspected employer were arrested. The arrested suspected illegal workers comprised four women, aged 36 to 42. One man, aged 54, was suspected of employing the illegal workers and was also arrested.           Furthermore, during the anti-illegal worker operations at various Lunar New Year fairs, enforcement officers raided several stalls at  events. Two suspected illegal workers, one suspected employer and one suspected aider and abettor were arrested. The arrested suspected illegal workers comprised two women, aged 30 and 34. One woman, aged 37, was suspected of employing the illegal workers. One woman, aged 35, who was suspected of aiding and abetting a person who breached the condition of stay in Hong Kong was also arrested. Apart from mounting enforcement operations, ImmD officers and a promotional vehicle have been deployed to distribute “Don’t Employ Illegal Workers” leaflets and convey the message to stall owners.       An ImmD spokesman said, “Any person who contravenes a condition of stay in force in respect of him or her shall be guilty of an offence. Also, visitors are not allowed to take employment in Hong Kong, whether paid or unpaid, without the permission of the Director of Immigration. Offenders are liable to prosecution and upon conviction face a maximum fine of $50,000 and up to two years’ imprisonment. Aiders and abettors are also liable to prosecution and penalties.”           The spokesman warned, “As stipulated in section 38AA of the Immigration Ordinance, an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land is prohibited from taking any employment, whether paid or unpaid, or establishing or joining in any business. Offenders are liable upon conviction to a maximum fine of $50,000 and up to three years’ imprisonment.”           The spokesman reiterated that it is a serious offence to employ people who are not lawfully employable. Under the Immigration Ordinance, the maximum penalty for an employer employing a person who is not lawfully employable, i.e. an illegal immigrant, a person who is the subject of a removal order or a deportation order, an overstayer or a person who was refused permission to land, has been significantly increased from a fine of $350,000 and three years’ imprisonment to a fine of $500,000 and 10 years’ imprisonment to reflect the gravity of such offences. The director, manager, secretary, partner, etc, of the company concerned may also bear criminal liability. The High Court has laid down sentencing guidelines that the employer of an illegal worker should be given an immediate custodial sentence.           According to the court sentencing, employers must take all practicable steps to determine whether a person is lawfully employable prior to employment. Apart from inspecting a prospective employee’s identity card, the employer has the explicit duty to make enquiries regarding the person and ensure that the answers would not cast any reasonable doubt concerning the lawful employability of the person. The court will not accept failure to do so as a defence in proceedings. It is also an offence if an employer fails to inspect the job seeker’s valid travel document if the job seeker does not have a Hong Kong permanent identity card. Offenders are liable upon conviction to a maximum fine of $150,000 and to imprisonment for one year. In that connection, the spokesman would like to remind all employers not to defy the law by employing illegal workers. The ImmD will continue to take resolute enforcement action to combat such offences.           Under the existing mechanism, the ImmD will, as a standard procedure, conduct an initial screening of vulnerable persons, including illegal workers, illegal immigrants, sex workers and foreign domestic helpers, who are arrested during any operation with a view to ascertaining whether they are trafficking in persons (TIP) victims. When any TIP indicator is revealed in the initial screening, the ImmD officers will conduct a full debriefing and identification by using a standardised checklist to ascertain the presence of TIP elements, such as threats and coercion in the recruitment phase and the nature of exploitation. Identified TIP victims will be provided with various forms of support and assistance, including urgent intervention, medical services, counselling, shelter or temporary accommodation and other supporting services. The ImmD calls on TIP victims to report crimes to the relevant departments immediately.

     
    Ends/Friday, January 24, 2025Issued at HKT 19:30

    NNNN

    MIL OSI Asia Pacific News

  • MIL-OSI Security: IAEA Work Central at World Economic Forum in Davos

    Source: International Atomic Energy Agency – IAEA

    “The work of the IAEA is at the centre of the debates. In particular, the nexus between nuclear energy and artificial intelligence has attracted a lot of attention,” the Director General said in Davos.  

    The IAEA held a session on nuclear’s role in meeting energy demands for artificial intelligence (AI), with experts from Bloomberg and technology venture capitalists DCVC. “Big tech needs nuclear to power energy-intensive AI data centres,” explained Mr Grossi.  

    A major event was also held on tripling nuclear energy, and the need for standardization, regulation, financing and collaboration in scaling up nuclear.  

    The Director General met with multiple world leaders to discuss development, energy and world peace, including Panama’s President Jose Raul Mulino, Israel’s President Isaac Herzog, Austria’s Chancellor Alexander Schallenberg and Flanders’ Minister-President Matthias Diependaele.  

    Mr Grossi and Mr Mulino engaged on the IAEA’s Atoms4Food programme, as well as improving cancer care with the IAEA’s Rays Of Hope programme. “The IAEA is proud to stand with Panama in building a healthier, more resilient future for its people,” the Director General said. 

    The IAEA’s work on health, food and nutrition was a focus of multiple high-level dialogues. For example, Mr Grossi met with Viet Nam’s Minister of Science and Technology Huynh Thanh Dat to discuss the drought-tolerant, high-yield rice varieties that were developed with IAEA support, and with the CEO of Anglo American, Duncan Wanblad, on progress on a joint research project to fight soil salinity and advance sustainable farming practices. 

    Another key topic for the week was international security, particularly the IAEA’s role in ensuring nonproliferation worldwide. 

    The Director General was a speaker at the World Economic Forum’s Rubik’s Cube of Global Security, where he addressed pressures on nonproliferation amid rising geostrategic tensions, alongside Finland’s President Alexander Stubb, Libya’s Prime Minister Abdulhamid AlDabaiba, the International Crisis Group, Comfort Ero, Harvard Kennedy School’s Meghan O’Sullivan, and Foreign Affairs Magazine’s Dan Kurtz-Phelan. 

    Watch the recording of the session here.  

    The Director General was also active in closed sessions on artificial intelligence and sustainable energy in Latin America with leaders of the region, as well as an event on growing the African economy with leaders from the continent. 

    “The mission and the importance of the IAEA continue to grow. This is why we are here in Davos,” concluded the Director General. 

    MIL Security OSI

  • MIL-OSI: B2TRADER 2.2: C-Book Routing, Custom Markups, and Improved Mobile Trading

    Source: GlobeNewswire (MIL-OSI)

    DUBAI, United Arab Emirates, Jan. 24, 2025 (GLOBE NEWSWIRE) — B2BROKER has rolled out a major update for B2TRADER, its multi-asset and multi-market trading platform. The latest version, B2TRADER 2.2, introduces key improvements that enhance order execution, risk management, and trading flexibility.
    This update includes the new C-Book order routing system, customisable markups, and the ability to connect multiple liquidity providers for a single asset type. Additionally, traders now have access to upgraded mobile apps for iOS and Android, ensuring a seamless experience across all devices.

    C-Book: More Control Over Order Execution

    B2TRADER 2.2 introduces C-Book, a new execution model that works alongside A-Book and B-Book. With this feature, brokers can decide how each order is handled—whether routed externally to liquidity providers or processed internally through B-Book.

    A new reporting system in the admin panel gives brokers complete transparency over executed orders, helping them manage risks more effectively. The C-Book model also helps reduce trading costs by optimising the use of liquidity providers.

    Custom Markups for Flexible Pricing

    With the latest update, brokers gain greater control over pricing strategies. B2TRADER 2.2 allows them to apply commissions, markups, or both, tailored to different trading conditions and client needs.

    Brokers can also create customised price streams, granting specific traders or groups access to different market conditions. This flexibility makes it easier to offer competitive and personalised trading options.

    Better Risk Management with Multiple Liquidity Providers

    Now, brokers can integrate multiple liquidity providers within B2TRADER, ensuring more stable and competitive trading conditions.

    Using multiple providers improves market depth, speeds up order execution, and minimises risks associated with reliance on a single provider. If one provider experiences issues, the platform automatically routes orders through another, ensuring uninterrupted trading.

    New Trading Tools: Take Profit, Stop Loss & Trailing Stops

    B2TRADER 2.2 introduces essential risk management tools that give traders more control over their positions. The update includes:

    • Take Profit: Automatically closes a position when a profit target is reached.
    • Stop Loss: Helps limit losses by closing a position at a predefined level.
    • Trailing Stop: Adjusts the stop level dynamically as the market moves in the trader’s favour.

    These tools allow traders to execute strategies more effectively, even when they’re not actively monitoring the markets.

    “At B2BROKER, we aim to stay ahead of the curve and empower brokers with innovative solutions that align with the rapidly evolving market needs. With B2TRADER 2.2, we remain committed to enabling our clients to thrive in a competitive environment while reflecting where the market is headed—towards greater customisation, advanced risk management, and unparalleled accessibility.

    We are proud to continue driving innovation that helps our clients succeed in an increasingly complex trading environment.”

    Mark Speare, Chief Client Officer at B2BROKER

    Enhanced Mobile Trading on iOS & Android

    Mobile trading has been significantly improved with the latest update. The upgraded apps for iOS and Android provide a full-featured trading experience, ensuring traders can access their accounts, monitor positions, and place orders easily from anywhere.

    Among the key features of the updated B2TRADER mobile app are:

    • User-Friendly Interface: The app mirrors the desktop experience, making trading on mobile simple and intuitive.
    • Access Anytime, Anywhere: Traders can manage their portfolios on the go without any limitations.
    • All-in-One Trading Platform: The mobile app supports complex order types, real-time chart analysis, and performance tracking.

    What’s Next for B2TRADER?

    B2BROKER continues to improve its multi-asset and multi-market trading platform with new features and enhancements. With B2TRADER 2.2, brokers and traders can take advantage of smarter execution models, flexible pricing strategies, and a seamless mobile trading experience.

    In the near future, the platform will introduce support for perpetual futures trading, expanding its already robust offerings, which include CRYPTO SPOT, Forex, and CFDs.

    Contact Details:

    Ketevan Julukhadze
    mail@b2broker.net

    Disclaimer: This content is provided by “B2BROKER”. The statements, views and opinions expressed in this column are solely those of the content provider. The information provided in this press release is not a solicitation for investment, nor is it intended as investment advice, financial advice, or trading advice. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities. Please conduct your own research and invest at your own risk.

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d2e93a41-e30f-4b05-9257-60cebf01ed6b

    https://www.globenewswire.com/NewsRoom/AttachmentNg/761fd664-5a11-4fc2-9963-7c1ea24fafd1

    https://www.globenewswire.com/NewsRoom/AttachmentNg/228625b6-fcf5-433d-a5a5-c7bf49a8dae6

    https://www.globenewswire.com/NewsRoom/AttachmentNg/662971f7-d125-48c9-98d1-ff3b4738542e

    https://www.globenewswire.com/NewsRoom/AttachmentNg/a380ff8d-5090-46e9-812f-0c0ef270c1bc

    https://www.globenewswire.com/NewsRoom/AttachmentNg/7ef8ed23-7751-4b3e-91f7-e93b93da8caf

    The MIL Network

  • MIL-OSI: Written resolution passed – approved amendments to the senior secured callable bond terms

    Source: GlobeNewswire (MIL-OSI)

    Oslo, 24 January 2025

    Reference is made to the announcement published by Interoil Exploration and Production ASA (the “Company“) on 17 January 2025 regarding summons for a written resolution with respect to the Company’s senior secured callable bonds with ISIN NO 001 0729908 (the “Bonds“).

    The written resolution in respect of the Bonds has been resolved and approved by the Company’s bondholders. Please see the attached notice on the written resolution for further information.

    The notice of the written resolution will be made available on http://www.stamdata.no (http://www.stamdata.no).

    Please direct any further questions to: ir@Interoil.no (mailto:ir@Interoil.no)

    ***

    Interoil Exploration and Production ASA is a Norwegian based exploration and production company – listed on the Oslo Stock Exchange with focus on Latin America. The Company is operator and license holder of several production and exploration assets in Colombia and Argentina with headquarter in Oslo.

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

    Attachment

    The MIL Network

  • MIL-OSI Russia: About 6.5 thousand students completed internships at Rosneft enterprises in 2024

    Translartion. Region: Russians Fedetion –

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

    In 2024, about 6.5 thousand students completed internships at Rosneft subsidiaries, including those from the company’s key partner universities – Lomonosov Moscow State University, MGIMO of the Ministry of Foreign Affairs of Russia, Gubkin Russian State University of Oil and Gas (National Research University), Far Eastern Federal University and others. Students get acquainted with the work of oil workers directly at the Company’s production facilities, which allows future specialists to apply the knowledge they gained at educational institutions in practice.

    Rosneft develops cooperation with higher and secondary educational institutions of Russia within the framework of the corporate system of continuous education “School-College/University-Enterprise”. The company cooperates with 203 educational partner organizations, including 82 Russian and foreign universities, 65 colleges and 56 schools. Rosneft annually invests more than 1 billion rubles in the development of educational partner organizations. The program has been in effect since 2005 and is aimed at forming a young external personnel reserve from among schoolchildren and students in the regions of the Company’s production activities, as well as at the constant growth of professional competencies of its employees.

    With the support of Rosneft, unique programs are being created in a number of areas of student training. Thus, with the support of RN-Vankor, 9 new specialized areas of training have been opened in technical schools and colleges. Rosneft’s Scientific Institute in Tyumen has created basic departments at Tyumen Industrial and Tyumen State Universities. The Company’s basic departments at the country’s leading universities implement specialized master’s programs, hold conferences and internships, and develop and publish educational and methodological materials.

    The Company’s enterprises also take an active part in equipping colleges and universities with modern equipment and creating laboratories. Thus, in 2024, Samotlorneftegaz equipped educational sites in two branches of Ugra State University – a multifunctional simulator for the development and operation of wells was installed at the Oil Institute, and a laboratory for assessing the chemical and physical quality of oil and gas was created at the Multidisciplinary College. In addition, a laboratory of geospatial technologies was opened at the Nizhnevartovsk Construction College with funds from the enterprise. “Taas-Yuryakh Neftegazodobycha” opened an educational and training complex “Factory of Full Cycle Oil and Gas Production Processes” on the basis of the Regional Technical College, and also equipped the “Digital Oil and Gas Field” research laboratory at the North-Eastern Federal University with high-resolution video panels . Verkhnechonskneftegaz equipped the Oil and Gas Engineering training center of the Irkutsk National Research Technical University with a training ground for conducting practical classes on safe work, and Orenburgneft allocated funds for the purchase of a mobile drilling rig for the Department of Geology of Orenburg State University. In addition, the Kuibyshev Refinery helped the educational laboratory of the Faculty of Chemical Technology of the Samara State Technical University acquire modern pilot plants that are analogues of real industrial oil refining facilities, and the Syzran Refinery opened a class of computer simulators in the Syzran branch of the Samara State Technical University.

    In order to select and motivate the best students for practical training and subsequent employment, Rosneft enterprises implement career guidance events. Thus, Udmurtneft held Udmurtneft Days in oil universities in Moscow, Yekaterinburg, Perm, Kazan and Izhevsk. SamaraNIPIneft organized a competition of scientific grants for students, postgraduates and master’s students of Samara State Technical University, 39 participants received cash grants to continue their research work. Specialists of Novokuibyshevsk Oil and Additives Plant together with teachers of Novokuibyshevsk Petrochemical College implemented a pilot project “Vector of Professionalism” aimed at identifying talented and promising young people from among students of the company’s specialized specialties.

    Rosneft also creates conditions for developing the competencies of scientific and pedagogical staff. Internships for teachers are organized at the Angarsk Polymer Plant, Saratov Oil Refinery, RN-Yuganskneftegaz and Samotlorneftegaz. These events allow teachers to gain valuable practical experience, get acquainted with modern technologies and see the production process with their own eyes.

    Department of Information and Advertising of PJSC NK Rosneft January 24, 2025

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

    MIL OSI Russia News

  • MIL-OSI: South Plains Financial, Inc. Reports Fourth Quarter and Year-End 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    LUBBOCK, Texas, Jan. 24, 2025 (GLOBE NEWSWIRE) — South Plains Financial, Inc. (NASDAQ:SPFI) (“South Plains” or the “Company”), the parent company of City Bank (“City Bank” or the “Bank”), today reported its financial results for the quarter and year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Net income for the fourth quarter of 2024 was $16.5 million, compared to $11.2 million for the third quarter of 2024 and $10.3 million for the fourth quarter of 2023.
    • Diluted earnings per share for the fourth quarter of 2024 was $0.96, compared to $0.66 for the third quarter of 2024 and $0.61 for the fourth quarter of 2023.
    • Average cost of deposits for the fourth quarter of 2024 was 229 basis points, compared to 247 basis points for the third quarter of 2024 and 224 basis points for the fourth quarter of 2023.
    • Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the fourth quarter of 2024, compared to 3.65% for the third quarter of 2024 and 3.52% for the fourth quarter of 2023.
    • Return on average assets for the fourth quarter of 2024 was 1.53% annualized, compared to 1.05% annualized for the third quarter of 2024 and 0.99% annualized for the fourth quarter of 2023.
    • Tangible book value (non-GAAP) per share was $25.40 as of December 31, 2024, compared to $25.75 as of September 30, 2024 and $23.47 as of December 31, 2023.
    • The consolidated total risk-based capital ratio, common equity tier 1 risk-based capital ratio, and tier 1 leverage ratio at December 31, 2023 were 16.74%, 12.41%, and 11.33%, respectively. These ratios significantly exceeded the minimum regulatory levels necessary to be deemed “well-capitalized”.

    Full Year 2024 Highlights

    • Full year net income of $49.7 million in 2024, compared to $62.7 million in 2023.
    • Diluted earnings per share of $2.92 in 2024, compared to $3.62 in 2023.
    • The Bank’s wholly-owned subsidiary, Windmark Insurance Agency, Inc. (“Windmark”), was sold in the second quarter of 2023 for $36.1 million, resulting in a gain, net of related charges and taxes, of $22.9 million or $1.32 of diluted earnings per share.
    • Loans held for investment grew $40.9 million, or 1.4%, during 2024.
    • Total assets were $4.23 billion at December 31, 2024, compared to $4.20 billion at December 31, 2023.
    • Return on average assets of 1.17% for the full year 2024, compared to 1.54% for 2023.

    Curtis Griffith, South Plains’ Chairman and Chief Executive Officer, commented, “I am very proud of our performance this past year as we successfully navigated a challenging environment with a focus on delivering strong financial results. We tightly managed our liquidity to optimize our profitability and return metrics while maintaining our conservative approach to underwriting and risk management. We have also managed the anticipated decline in our indirect auto portfolio as well as a heightened level of loan payoffs and paydowns that has obscured the strong, underlying loan production that has built through the year. Importantly, we are seeing a growing level of optimism across our customer base that is translating into the strongest new business production pipeline that we have seen in more than two years. This bodes positively for the year ahead where we expect to deliver low to mid-single digit loan growth for the full year 2025. Additionally, we are seeing deposit pricing fall across our markets which contributed to our strong margin expansion in the fourth quarter.”

    Results of Operations, Quarter Ended December 31, 2024

    Net Interest Income

    Net interest income was $38.5 million for the fourth quarter of 2024, compared to $37.3 million for the third quarter of 2024 and $35.2 million for the fourth quarter of 2023. Net interest margin, calculated on a tax-equivalent basis, was 3.75% for the fourth quarter of 2024, compared to 3.65% for the third quarter of 2024 and 3.52% for the fourth quarter of 2023. The average yield on loans was 6.69% for the fourth quarter of 2024, compared to 6.68% for the third quarter of 2024 and 6.29% for the fourth quarter of 2023. The average cost of deposits was 229 basis points for the fourth quarter of 2024, which is 18 basis points lower than the third quarter of 2024 and 5 basis points higher than the fourth quarter of 2023.

    Interest income was $61.3 million for the fourth quarter of 2024, compared to $61.6 million for the third quarter of 2024 and $57.2 million for the fourth quarter of 2023. Interest income decreased $316 thousand in the fourth quarter of 2024 from the third quarter of 2024, which was primarily comprised of a decrease of $243 thousand in loan interest income. The decline in loan interest income was due primarily to a decrease in average loans of $20.2 million. Interest income increased $4.1 million in the fourth quarter of 2024 compared to the fourth quarter of 2023. This increase was primarily due to an increase of average loans of $30.5 million and higher loan interest rates during the period, resulting in growth of $3.4 million in loan interest income.

    Interest expense was $22.8 million for the fourth quarter of 2024, compared to $24.3 million for the third quarter of 2024 and $22.1 million for the fourth quarter of 2023. Interest expense decreased $1.6 million compared to the third quarter of 2024 and increased $702 thousand compared to the fourth quarter of 2023. The $1.6 million decrease was primarily as a result of a 24 basis point decline in the cost of interest-bearing deposits. The $702 thousand increase was primarily a result of growth in average interest-bearing deposits of $136.0 million.

    Noninterest Income and Noninterest Expense

    Noninterest income was $13.3 million for the fourth quarter of 2024, compared to $10.6 million for the third quarter of 2024 and $9.1 million for the fourth quarter of 2023. The increase from the third quarter of 2024 was primarily due to an increase of $3.1 million in mortgage banking revenues, mainly from an increase of $3.5 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value increased in the fourth quarter of 2024. This growth was partially offset by approximately $700 thousand in insurance proceeds received for property damage in the third quarter of 2024. The increase in noninterest income for the fourth quarter of 2024 as compared to the fourth quarter of 2023 was primarily due to an increase of $3.3 million in mortgage banking activities revenue mainly from a rise of $3.0 million in the fair value adjustment of the mortgage servicing rights assets as interest rates that affect the value increased in the fourth quarter of 2024.

    Noninterest expense was $29.9 million for the fourth quarter of 2024, compared to $33.1 million for the third quarter of 2024 and $30.6 million for the fourth quarter of 2023. The $3.2 million decrease from the third quarter of 2024 was largely the result of a decline of $1.4 million in personnel expenses, primarily from decreased health insurance costs of $668 thousand, as annual rebates were received in the fourth quarter, and a reduction of $400 thousand in mortgage commissions as mortgage activity slowed in the fourth quarter. There were also decreases in net occupancy expense, professional service expenses, and the ineffectiveness related to fair value hedges on municipal securities. The decrease in noninterest expense for the fourth quarter of 2024 as compared to the fourth quarter of 2023 was largely the result of a decrease of $593 thousand in personnel expenses, related to the decline in health insurance costs previously noted.

    Loan Portfolio and Composition

    Loans held for investment were $3.06 billion as of December 31, 2024, compared to $3.04 billion as of September 30, 2024 and $3.01 billion as of December 31, 2023. The $17.7 million, or 2.3% annualized, increase during the fourth quarter of 2024 as compared to the third quarter of 2024 occurred primarily as a result of organic loan growth experienced in commercial owner-occupied real estate loans. As of December 31, 2024, loans held for investment increased $40.9 million, or 1.4%, from December 31, 2023, primarily attributable to organic loan growth, occurring mainly in multi-family property loans, direct-energy loans, commercial owner-occupied real estate loans, and single-family property loans, partially offset by decreases in consumer auto loans and construction, land, and development loans.

    Deposits and Borrowings

    Deposits totaled $3.62 billion as of December 31, 2024, compared to $3.72 billion as of September 30, 2024 and $3.63 billion as of December 31, 2023. Deposits decreased by $94.8 million, or 2.6%, in the fourth quarter of 2024 from September 30, 2024. As of December 31, 2024, deposits were essentially unchanged, from December 31, 2023. Noninterest-bearing deposits were $935.5 million as of December 31, 2024, compared to $998.5 million as of September 30, 2024 and $974.2 million as of December 31, 2023. Noninterest-bearing deposits represented 25.8% of total deposits as of December 31, 2024. The quarterly change in total deposits was mainly due to the seasonal decline in escrow accounts of approximately $35 million and a planned reduction of approximately $50 million in customer sweep deposits as part of balance sheet management. Deposits were essentially unchanged, year-over-year, with an increase in interest-bearing deposits offset by a decline in noninterest-bearing deposits.

    Asset Quality

    The Company recorded a provision for credit losses in the fourth quarter of 2024 of $1.2 million, compared to $495 thousand in the third quarter of 2024 and $600 thousand in the fourth quarter of 2023. The provision during the fourth quarter of 2024 was largely attributable to net charge-off activity and increased loan balances.

    The ratio of allowance for credit losses to loans held for investment was 1.42% as of December 31, 2024, compared to 1.41% as of September 30, 2024 and 1.41% as of December 31, 2023.

    The ratio of nonperforming assets to total assets was 0.58% as of December 31, 2024, compared to 0.59% as of September 30, 2024 and 0.14% as of December 31, 2023. Annualized net charge-offs were 0.11% for the fourth quarter of 2024, compared to 0.11% for the third quarter of 2024 and 0.08% for the fourth quarter of 2023.

    Capital

    Book value per share decreased to $26.67 at December 31, 2024, compared to $27.04 at September 30, 2024. The change was primarily driven by a decrease in accumulated other comprehensive income (“AOCI”) of $18.2 million, partially offset by $14.0 million of net income after dividends paid. The decrease in AOCI was attributed to the after-tax decrease in fair value of our available for sale securities, net of fair value hedges, as a result of increases in long-term market interest rates during the period. The tangible common equity to tangible assets ratio (non-GAAP) increased 15 basis points to 9.92% in the fourth quarter of 2024.

    Conference Call

    South Plains will host a conference call to discuss its fourth quarter and year-end 2024 financial results today, January 24, 2025, at 10:00 a.m., Eastern Time. Investors and analysts interested in participating in the call are invited to dial 1-877-407-9716 (international callers please dial 1-201-493-6779) approximately 10 minutes prior to the start of the call. A live audio webcast of the conference call and conference materials will be available on the Company’s website at https://www.spfi.bank/news-events/events.

    A replay of the conference call will be available within two hours of the conclusion of the call and can be accessed on the investor section of the Company’s website as well as by dialing 1-844-512-2921 (international callers please dial 1-412-317-6671). The pin to access the telephone replay is 13750452. The replay will be available until February 7, 2025.

    About South Plains Financial, Inc.

    South Plains is the bank holding company for City Bank, a Texas state-chartered bank headquartered in Lubbock, Texas. City Bank is one of the largest independent banks in West Texas and has additional banking operations in the Dallas, El Paso, Greater Houston, the Permian Basin, and College Station, Texas markets, and the Ruidoso, New Mexico market. South Plains provides a wide range of commercial and consumer financial services to small and medium-sized businesses and individuals in its market areas. Its principal business activities include commercial and retail banking, along with investment, trust and mortgage services. Please visit https://www.spfi.bank for more information.

    Non-GAAP Financial Measures

    Some of the financial measures included in this press release are not measures of financial performance recognized in accordance with generally accepted accounting principles in the United States (“GAAP”). These non-GAAP financial measures include Tangible Book Value Per Share, Tangible Common Equity to Tangible Assets, and Pre-Tax, Pre-Provision Income. The Company believes these non-GAAP financial measures provide both management and investors a more complete understanding of the Company’s financial position and performance. These non-GAAP financial measures are supplemental and are not a substitute for any analysis based on GAAP financial measures.

    We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Not all companies use the same calculation of these measures; therefore, this presentation may not be comparable to other similarly titled measures as presented by other companies.

    A reconciliation of non-GAAP financial measures to GAAP financial measures is provided at the end of this press release.

    Available Information

    The Company routinely posts important information for investors on its web site (under http://www.spfi.bank and, more specifically, under the News & Events tab at http://www.spfi.bank/news-events/press-releases). The Company intends to use its web site as a means of disclosing material non-public information and for complying with its disclosure obligations under Regulation FD (Fair Disclosure) promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, investors should monitor the Company’s web site, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations and webcasts.

    The information contained on, or that may be accessed through, the Company’s web site is not incorporated by reference into, and is not a part of, this document.

    Forward Looking Statements

    This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect South Plains’ current views with respect to future events and South Plains’ financial performance. Any statements about South Plains’ expectations, beliefs, plans, predictions, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipate,” “believes,” “can,” “could,” “may,” “predicts,” “potential,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “intends” and similar words or phrases. South Plains cautions that the forward-looking statements in this press release are based largely on South Plains’ expectations and are subject to a number of known and unknown risks and uncertainties that are subject to change based on factors which are, in many instances, beyond South Plains’ control. Factors that could cause such changes include, but are not limited to, the impact on us and our customers of a decline in general economic conditions and any regulatory responses thereto; potential recession in the United States and our market areas; the impacts related to or resulting from uncertainty in the banking industry as a whole; increased competition for deposits in our market areas and related changes in deposit customer behavior; the impact of changes in market interest rates, whether due to a continuation of the elevated interest rate environment or further reductions in interest rates and a resulting decline in net interest income; the lingering inflationary pressures, and the risk of the resurgence of elevated levels of inflation, in the United States and our market areas; the uncertain impacts of ongoing quantitative tightening and current and future monetary policies of the Board of Governors of the Federal Reserve System; increases in unemployment rates in the United States and our market areas; declines in commercial real estate values and prices; uncertainty regarding United States fiscal debt, deficit and budget matters; cyber incidents or other failures, disruptions or breaches of our operational or security systems or infrastructure, or those of our third-party vendors or other service providers, including as a result of cyber attacks; severe weather, natural disasters, acts of war or terrorism, geopolitical instability or other external events; the impact of changes in U.S. presidential administrations or Congress, including potential changes in U.S. and international trade policies and the resulting impact on the Company and its customers; competition and market expansion opportunities; changes in non-interest expenditures or in the anticipated benefits of such expenditures; the risks related to the development, implementation, use and management of emerging technologies, including artificial intelligence and machine learnings; potential costs related to the impacts of climate change; current or future litigation, regulatory examinations or other legal and/or regulatory actions; and changes in applicable laws and regulations. Additional information regarding these risks and uncertainties to which South Plains’ business and future financial performance are subject is contained in South Plains’ most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q on file with the SEC, including the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of such documents, and other documents South Plains files or furnishes with the SEC from time to time, which are available on the SEC’s website, http://www.sec.gov. Actual results, performance or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements due to additional risks and uncertainties of which South Plains is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, the Company can give no assurance that the results contemplated in the forward-looking statements will be realized and readers are cautioned not to place undue reliance on the forward-looking statements contained in this press release. Any forward-looking statements presented herein are made only as of the date of this press release, and South Plains does not undertake any obligation to update or revise any forward-looking statements to reflect changes in assumptions, new information, the occurrence of unanticipated events, or otherwise, except as required by applicable law. All forward-looking statements, express or implied, included in the press release are qualified in their entirety by this cautionary statement.

    Contact: Mikella Newsom, Chief Risk Officer and Secretary
      (866) 771-3347
      investors@city.bank
       

    Source: South Plains Financial, Inc.

     
    South Plains Financial, Inc.
    Consolidated Financial Highlights – (Unaudited)
    (Dollars in thousands, except share data)
     
      As of and for the quarter ended
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
    Selected Income Statement Data:                            
    Interest income $ 61,324     $ 61,640     $ 59,208     $ 58,727     $ 57,236  
    Interest expense   22,776       24,346       23,320       23,359       22,074  
    Net interest income   38,548       37,294       35,888       35,368       35,162  
    Provision for credit losses   1,200       495       1,775       830       600  
    Noninterest income   13,319       10,635       12,709       11,409       9,146  
    Noninterest expense   29,948       33,128       32,572       31,930       30,597  
    Income tax expense   4,222       3,094       3,116       3,143       2,787  
    Net income   16,497       11,212       11,134       10,874       10,324  
    Per Share Data (Common Stock):                            
    Net earnings, basic $ 1.01     $ 0.68     $ 0.68     $ 0.66     $ 0.63  
    Net earnings, diluted   0.96       0.66       0.66       0.64       0.61  
    Cash dividends declared and paid   0.15       0.14       0.14       0.13       0.13  
    Book value   26.67       27.04       25.45       24.87       24.80  
    Tangible book value (non-GAAP)   25.40       25.75       24.15       23.56       23.47  
    Weighted average shares outstanding, basic   16,400,361       16,386,079       16,425,360       16,429,919       16,443,908  
    Weighted average shares outstanding, dilutive   17,161,646       17,056,959       16,932,077       16,938,857       17,008,892  
    Shares outstanding at end of period   16,455,826       16,386,627       16,424,021       16,431,755       16,417,099  
    Selected Period End Balance Sheet Data:                            
    Cash and cash equivalents $ 359,082     $ 471,167     $ 298,006     $ 371,939     $ 330,158  
    Investment securities   577,240       606,889       591,031       599,869       622,762  
    Total loans held for investment   3,055,054       3,037,375       3,094,273       3,011,799       3,014,153  
    Allowance for credit losses   43,237       42,886       43,173       42,174       42,356  
    Total assets   4,232,239       4,337,659       4,220,936       4,218,993       4,204,793  
    Interest-bearing deposits   2,685,366       2,720,880       2,672,948       2,664,397       2,651,952  
    Noninterest-bearing deposits   935,510       998,480       951,565       974,174       974,201  
    Total deposits   3,620,876       3,719,360       3,624,513       3,638,571       3,626,153  
    Borrowings   110,354       110,307       110,261       110,214       110,168  
    Total stockholders’ equity   438,949       443,122       417,985       408,712       407,114  
    Summary Performance Ratios:                            
    Return on average assets (annualized)   1.53 %     1.05 %     1.07 %     1.04 %     0.99 %
    Return on average equity (annualized)   14.88 %     10.36 %     10.83 %     10.72 %     10.52 %
    Net interest margin (1)   3.75 %     3.65 %     3.63 %     3.56 %     3.52 %
    Yield on loans   6.69 %     6.68 %     6.60 %     6.53 %     6.29 %
    Cost of interest-bearing deposits   3.12 %     3.36 %     3.33 %     3.27 %     3.14 %
    Efficiency ratio   57.50 %     68.80 %     66.72 %     67.94 %     68.71 %
    Summary Credit Quality Data:                            
    Nonperforming loans $ 24,023     $ 24,693     $ 23,452     $ 3,380     $ 5,178  
    Nonperforming loans to total loans held for investment   0.79 %     0.81 %     0.76 %     0.11 %     0.17 %
    Other real estate owned   530       973       755       862       912  
    Nonperforming assets to total assets   0.58 %     0.59 %     0.57 %     0.10 %     0.14 %
    Allowance for credit losses to total loans held for investment   1.42 %     1.41 %     1.40 %     1.40 %     1.41 %
    Net charge-offs to average loans outstanding (annualized)   0.11 %     0.11 %     0.10 %     0.13 %     0.08 %
                                           
      As of and for the quarter ended
      December 31
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
    Capital Ratios:                            
    Total stockholders’ equity to total assets   10.37 %     10.22 %     9.90 %     9.69 %     9.68 %
    Tangible common equity to tangible assets (non-GAAP)   9.92 %     9.77 %     9.44 %     9.22 %     9.21 %
    Common equity tier 1 to risk-weighted assets   13.53 %     13.25 %     12.61 %     12.67 %     12.41 %
    Tier 1 capital to average assets   12.04 %     11.76 %     11.81 %     11.51 %     11.33 %
    Total capital to risk-weighted assets   17.86 %     17.61 %     16.86 %     17.00 %     16.74 %
    (1) Net interest margin is calculated as the annual net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
     
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Three Months Ended
      December 31, 2024   December 31, 2023
           
      Average
    Balance
      Interest   Yield/Rate   Average
    Balance
      Interest   Yield/Rate
    Assets                                          
    Loans $ 3,049,718     $ 51,270       6.69 %   $ 3,019,228     $ 47,903       6.29 %
    Debt securities – taxable   518,646       4,994       3.83 %     560,143       5,563       3.94 %
    Debt securities – nontaxable   154,203       1,014       2.62 %     157,341       1,032       2.60 %
    Other interest-bearing assets   390,090       4,267       4.35 %     255,454       2,963       4.60 %
                                               
    Total interest-earning assets   4,112,657       61,545       5.95 %     3,992,166       57,461       5.71 %
    Noninterest-earning assets   189,422                     156,541                
                                               
    Total assets $ 4,302,079                   $ 4,148,707                
                                               
    Liabilities & stockholders’ equity                                          
    NOW, Savings, MMDA’s $ 2,249,062       16,570       2.93 %   $ 2,201,190       16,894       3.04 %
    Time deposits   445,173       4,566       4.08 %     357,067       3,325       3.69 %
    Short-term borrowings   3             0.00 %     3             0.00 %
    Notes payable & other long-term borrowings               0.00 %                 0.00 %
    Subordinated debt   63,938       834       5.19 %     73,740       981       5.28 %
    Junior subordinated deferrable interest debentures   46,393       806       6.91 %     46,393       874       7.47 %
                                               
    Total interest-bearing liabilities   2,804,569       22,776       3.23 %     2,678,393       22,074       3.27 %
    Demand deposits   978,742                     1,021,091                
    Other liabilities   77,732                     59,808                
    Stockholders’ equity   441,036                     389,415                
                                               
    Total liabilities & stockholders’ equity $ 4,302,079                   $ 4,148,707                
                                               
    Net interest income         $ 38,769                   $ 35,387        
    Net interest margin (2)                   3.75 %                     3.52 %
    (1) Average loan balances include nonaccrual loans and loans held for sale.
    (2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
       
    South Plains Financial, Inc.
    Average Balances and Yields – (Unaudited)
    (Dollars in thousands)
     
      For the Twelve Months Ended
      December 31, 2024   December 31, 2023
                           
      Average
    Balance
      Interest   Yield/Rate   Average
    Balance
      Interest   Yield/Rate
    Assets                                          
    Loans $ 3,054,189     $ 202,301       6.62 %   $ 2,924,473     $ 176,627       6.04 %
    Debt securities – taxable   532,730       21,090       3.96 %     570,655       21,590       3.78 %
    Debt securities – nontaxable   155,168       4,076       2.63 %     185,205       4,901       2.65 %
    Other interest-bearing assets   312,917       14,319       4.58 %     223,152       9,973       4.47 %
                                               
    Total interest-earning assets   4,055,004       241,786       5.96 %     3,903,485       213,091       5.46 %
    Noninterest-earning assets   179,527                     176,495                
                                               
    Total assets $ 4,234,531                   $ 4,079,980                
                                               
    Liabilities & stockholders’ equity                                          
    NOW, Savings, MMDA’s $ 2,250,942       70,362       3.13 %   $ 2,117,985       55,423       2.62 %
    Time deposits   411,028       16,719       4.07 %     321,205       9,564       2.98 %
    Short-term borrowings   3             0.00 %     84       5       5.95 %
    Notes payable & other long-term borrowings               0.00 %                 0.00 %
    Subordinated debt   63,868       3,339       5.23 %     75,458       4,018       5.32 %
    Junior subordinated deferrable interest debentures   46,393       3,381       7.29 %     46,393       3,276       7.06 %
                                               
    Total interest-bearing liabilities   2,772,234       93,801       3.38 %     2,561,125       72,286       2.82 %
    Demand deposits   968,307                     1,069,280                
    Other liabilities   70,777                     71,102                
    Stockholders’ equity   423,213                     378,473                
                                               
    Total liabilities & stockholders’ equity $ 4,234,531                   $ 4,079,980                
                                               
    Net interest income         $ 147,985                   $ 140,805        
    Net interest margin (2)                   3.65 %                     3.61 %
    (1) Average loan balances include nonaccrual loans and loans held for sale.
    (2) Net interest margin is calculated as the annualized net interest income, on a fully tax-equivalent basis, divided by average interest-earning assets.
       
    South Plains Financial, Inc.
    Consolidated Balance Sheets
    (Unaudited)
    (Dollars in thousands)
     
      As of
      December 31,
    2024
      December 31,
    2023
               
    Assets          
    Cash and due from banks $ 54,114     $ 62,821  
    Interest-bearing deposits in banks   304,968       267,337  
    Securities available for sale   577,240       622,762  
    Loans held for sale   20,542       14,499  
    Loans held for investment   3,055,054       3,014,153  
    Less:  Allowance for credit losses   (43,237 )     (42,356 )
    Net loans held for investment   3,011,817       2,971,797  
    Premises and equipment, net   52,951       55,070  
    Goodwill   19,315       19,315  
    Intangible assets   1,720       2,429  
    Mortgage servicing rights   26,292       26,569  
    Other assets   163,280       162,194  
    Total assets $ 4,232,239     $ 4,204,793  
               
    Liabilities and Stockholders’ Equity          
    Noninterest-bearing deposits $ 935,510     $ 974,201  
    Interest-bearing deposits   2,685,366       2,651,952  
    Total deposits   3,620,876       3,626,153  
    Subordinated debt   63,961       63,775  
    Junior subordinated deferrable interest debentures   46,393       46,393  
    Other liabilities   62,060       61,358  
    Total liabilities   3,793,290       3,797,679  
    Stockholders’ Equity          
    Common stock   16,456       16,417  
    Additional paid-in capital   97,287       97,107  
    Retained earnings   385,827       345,264  
    Accumulated other comprehensive income (loss)   (60,621 )     (51,674 )
    Total stockholders’ equity   438,949       407,114  
    Total liabilities and stockholders’ equity $ 4,232,239     $ 4,204,793  
                   
    South Plains Financial, Inc.
    Consolidated Statements of Income
    (Unaudited)
    (Dollars in thousands)
     
      Three Months Ended   Twelve Months Ended
      December 31,
    2024
      December 31,
    2023
      December 31,
    2024
      December 31,
    2023
                                   
    Interest income:                              
    Loans, including fees $ 51,262     $ 47,895     $ 202,270     $ 176,598  
    Other   10,062       9,341       38,629       35,435  
    Total interest income   61,324       57,236       240,899       212,033  
    Interest expense:                              
    Deposits   21,136       20,219       87,081       64,987  
    Subordinated debt   834       981       3,339       4,018  
    Junior subordinated deferrable interest debentures   806       874       3,381       3,276  
    Other                     5  
    Total interest expense   22,776       22,074       93,801       72,286  
    Net interest income   38,548       35,162       147,098       139,747  
    Provision for credit losses   1,200       600       4,300       4,610  
    Net interest income after provision for credit losses   37,348       34,562       142,798       135,137  
    Noninterest income:                              
    Service charges on deposits   2,241       1,844       8,026       7,130  
    Income from insurance activities   31       37       123       1,515  
    Mortgage banking activities   4,955       1,671       14,187       13,817  
    Bank card services and interchange fees   3,225       3,167       13,640       13,323  
    Gain on sale of subsidiary                     33,778  
    Other   2,867       2,427       12,096       9,663  
    Total noninterest income   13,319       9,146       48,072       79,226  
    Noninterest expense:                              
    Salaries and employee benefits   17,384       17,977       74,338       79,377  
    Net occupancy expense   3,901       3,856       16,105       16,102  
    Professional services   1,555       1,509       6,583       6,433  
    Marketing and development   1,153       880       3,782       3,453  
    Other   5,955       6,375       26,770       29,581  
    Total noninterest expense   29,948       30,597       127,578       134,946  
    Income before income taxes   20,719       13,111       63,292       79,417  
    Income tax expense   4,222       2,787       13,575       16,672  
    Net income $ 16,497     $ 10,324     $ 49,717     $ 62,745  
                                   
    South Plains Financial, Inc.
    Loan Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      December 31,
    2024
      December 31,
    2023
                   
    Loans:              
    Commercial Real Estate $ 1,119,063     $ 1,081,056  
    Commercial – Specialized   388,955       372,376  
    Commercial – General   557,371       517,361  
    Consumer:              
    1-4 Family Residential   566,400       534,731  
    Auto Loans   254,474       305,271  
    Other Consumer   64,936       74,168  
    Construction   103,855       129,190  
    Total loans held for investment $ 3,055,054     $ 3,014,153  
                   
    South Plains Financial, Inc.
    Deposit Composition
    (Unaudited)
    (Dollars in thousands)
     
      As of
      December 31,
    2024
      December 31,
    2023
                   
    Deposits:              
    Noninterest-bearing deposits $ 935,510     $ 974,201  
    NOW & other transaction accounts   498,718       562,066  
    MMDA & other savings   1,741,988       1,722,170  
    Time deposits   444,660       367,716  
    Total deposits $ 3,620,876     $ 3,626,153  
                   
    South Plains Financial, Inc.
    Reconciliation of Non-GAAP Financial Measures (Unaudited)
    (Dollars in thousands)
       
      For the quarter ended
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
    Pre-tax, pre-provision income                                      
    Net income $ 16,497     $ 11,212     $ 11,134     $ 10,874     $ 10,324  
    Income tax expense   4,222       3,094       3,116       3,143       2,787  
    Provision for credit losses   1,200       495       1,775       830       600  
    Pre-tax, pre-provision income $ 21,919     $ 14,801     $ 16,025     $ 14,847     $ 13,711  
                                           
      As of
      December 31,
    2024
      September 30,
    2024
      June 30,
    2024
      March 31,
    2024
      December 31,
    2023
    Tangible common equity                            
    Total common stockholders’ equity $ 438,949     $ 443,122     $ 417,985     $ 408,712     $ 407,114  
    Less:  goodwill and other intangibles   (21,035 )     (21,197 )     (21,379 )     (21,562 )     (21,744 )
                                 
    Tangible common equity $ 417,914     $ 421,925     $ 396,606     $ 387,150     $ 385,370  
                                 
    Tangible assets                            
    Total assets $ 4,232,239     $ 4,337,659     $ 4,220,936     $ 4,218,993     $ 4,204,793  
    Less:  goodwill and other intangibles   (21,035 )     (21,197 )     (21,379 )     (21,562 )     (21,744 )
                                 
    Tangible assets $ 4,211,204     $ 4,316,462     $ 4,199,557     $ 4,197,431     $ 4,183,049  
                                 
    Shares outstanding   16,455,826       16,386,627       16,424,021       16,431,755       16,417,099  
                                 
    Total stockholders’ equity to total assets   10.37 %     10.22 %     9.90 %     9.69 %     9.68 %
    Tangible common equity to tangible assets   9.92 %     9.77 %     9.44 %     9.22 %     9.21 %
    Book value per share $ 26.67     $ 27.04     $ 25.45     $ 24.87     $ 24.80  
    Tangible book value per share $ 25.40     $ 25.75     $ 24.15     $ 23.56     $ 23.47  
                                           

    The MIL Network

  • MIL-OSI Economics: Identity fraud: BaFin warns consumers about the company Strategic Assets

    Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

    The Federal Financial Supervisory Authority (BaFin) warns consumers about the company Strategic Assets and the services it is offering. BaFin suspects the unknown operators of the website strategicassets.pro of offering consumers financial, investment and cryptoasset services without the required authorisation.

    The unknown operators are contacting consumers, claiming that their offer is from Baden-Württembergische Wertpapierbörse GmbH or Börse Stuttgart GmbH. In addition, when advertising its services, the company claims to be supervised by BaFin. However, none of this information is correct. This is a case of identity fraud. Moreover, BaFin does not supervise Strategic Assets.

    BaFin is issuing this information on the basis of section 37 (4) of the German Banking Act (Kreditwesengesetz – KWG) and section 10 (7) of the German Cryptomarkets Supervision Act (Kryptomaerkteaufsichtsgesetz).

    Please be aware:

    BaFin, the German Federal Criminal Police Office (BundeskriminalamtBKA) and the German state criminal police offices (Landeskriminalämter) recommend that consumers seeking to invest money online should exercise the utmost caution and do the necessary research beforehand in order to identify fraud attempts at an early stage.

    MIL OSI Economics

  • MIL-OSI Economics: [Galaxy Unpacked 2025] Galaxy Tech Forum ① Sustainability: Driving Innovation for a Sustainable Future

    Source: Samsung

    Samsung hosted the Galaxy Tech Forum on January 23 in San Jose, California. The panels provided an in-depth exploration of Samsung’s AI innovations and the challenges they address across four key areas — Sustainability, Health AI, Galaxy AI and Home AI. During the Sustainability session, experts explored how Samsung’s forward-thinking technology and strategic collaborations are building a more sustainable future.
     
     
    Following Galaxy Unpacked 2025, Samsung Electronics held its Galaxy Tech Forum event on January 23 in San Jose, California. Tech leaders and experts from around the world discussed the future of AI at Blanco, an Urban Venue, a three-story space located in the heart of Silicon Valley that blends historic architecture with a modern white design.
     
    ▲ Blanco, an Urban Venue
     
    The forum was organized into four sessions — Sustainability, Health AI, Galaxy AI and Home AI — each addressing the transformative changes and challenges innovation will bring to these areas. With around 100 media representatives and industry professionals in attendance, the panels centered on the disruptive potential of AI and offered blueprints for future technologies across various sectors.
     
    Samsung Newsroom visited the first Galaxy Tech Forum session, titled “How Mobile Technology Can Accelerate a Sustainable Future,” to learn about Samsung’s mobile innovations and partnerships that are contributing to a brighter tomorrow.
     
     
    Driving Mobile Innovation and Sustainability
    Samsung is committed to accelerating a sustainable future for both people and the planet.
     
    ▲ (From left to right) Tamara Gondo, Michael Stewart, Dr. Stuart Sandin, Daniel Araujo and Cassie Smith
     
    Despite the numerous benefits offered to modern society, the rapid growth of the mobile industry has also brought significant environmental challenges. To address those challenges, Samsung has made the actualization of a sustainable future a cornerstone of the company’s vision for mobile devices.
     
    ▲ Daniel Araujo from Samsung Electronics
     
    “We’ve made significant progress in fostering sustainable practices throughout our product lifecycle and this is only possible through open collaboration with like-minded partners. And there is even more to come,” said Daniel Araujo, Head of Sustainability Management Office, Mobile eXperience Business at Samsung Electronics.
     
    “Each device of the S25 series will include at least 50% recycled cobalt, and for the first time in Galaxy history, the battery of the S25 model will be made with recycled cobalt sourced from previously used Galaxy smartphones,” he continued, highlighting Samsung’s advancements in product circularity.
     
     
    Leveraging Galaxy Camera Technology To Restore Vital Marine Ecosystems
    Since the launch of the Galaxy S22 series in 2022, Samsung has incorporated over 150 tonnes of discarded fishing nets — equivalent to the weight of 15 million plastic water bottles — into Galaxy products. Along the way, the company has recognized the critical threat ocean-bound plastic poses to coral reefs and has taken a leading role in restoration efforts through strategic partnerships.
     
    Dr. Stuart Sandin, a professor at the Scripps Institution of Oceanography, University of California San Diego said coral reefs are home to a quarter of all marine life, and over half a billion people depend on reefs for food, income and protection from storms and erosion. He added that with more than 50% of the world’s coral reefs already lost and ocean-bound plastic threatening the remaining marine ecosystems, new restoration methods using mobile technology are gaining traction.
     
    ▲ Dr. Stuart Sandin from the University of California San Diego, Scripps Institute of Oceanography
     
    “We partnered with Samsung because of our shared commitment to innovation and collaboration. Our optimistic and technology-forward approach is contributing to new solutions for coral reef restoration,” said Michael Stewart, co-founder of Seatrees — a nonprofit dedicated to protecting marine ecosystems. His announcement of the organization’s partnership with Samsung was followed by a trailer for an upcoming documentary about the collaborative efforts between the companies.
     
    ▲ Michael Stewart from Seatrees
     

    ▲ Trailer for the documentary ‘Coral in Focus’
     
    Araujo explained that to support Seatrees’ efforts, Samsung developed Ocean Mode1 — a new camera setting that optimizes underwater photography on the Galaxy S24 Ultra. He discussed how the feature will provide valuable visual data that can be used to 3D map coral reefs to aid efforts for their restoration. The panelists acknowledged that mobile technology is making environmental conservation more accessible since high-quality data can now be collected with lightweight, user-friendly smartphones.
     
     
    Empowering Young Leaders Through Technology
    “Beyond environmental efforts, Samsung has collaborated with the United Nations Development Programme (UNDP) to empower future generations in achieving the Global Goals,” explained moderator Cassie Smith, Senior Manager of Corporate Sustainability and U.S. Public Affairs at Samsung Electronics America. The success of Samsung’s five-year partnership with the UNDP led to the launch of the Samsung Global Goals app and Generation17 initiative.
     
    ▲ Cassie Smith from Samsung Electronics America
     
    “Being part of Generation17 gave me confidence, access to resources and a global platform, which opened up a world of possibilities that inspired me to grow my business, Liberty Society, and its impact,” said Tamara Gondo, CEO of Liberty Society — a social enterprise that funds upskilling for marginalized women. “Participating in global events such as Mobile World Congress and the United Nations General Assembly gave me a seat at the decision-making table.”
     
    ▲ Tamara Gondo, CEO of Liberty Society and a Generation17 Young Leader
     
    Araujo underscored Tamara’s remarks and stressed the importance of young leaders in achieving the Global Goals, encouraging ongoing efforts and inviting attendees to look forward to the new group of Young Leaders later this year.
     
    The Sustainability session provided an in-depth exploration of how mobile technology can address environmental and social challenges. Samsung’s unwavering commitment to innovation and sustainability is paving the way for meaningful change on a global scale.
     
     
    1 Exclusively developed for this project and only available to Seatrees and its partners.

    MIL OSI Economics

  • MIL-OSI Economics: Signature of MGCS Project Company shareholder agreement

    Source: Thales Group

    Headline: Signature of MGCS Project Company shareholder agreement

    Friday, January 24, 2025 – Thales, KNDS Deutschland, KNDS France and Rheinmetall Landsysteme signed the articles of association for MGCS Project Company GmbH, Cologne, on Thursday 23 January 2025 in Paris in the presence of the French Minister of Defence, Sébastien Lecornu, and the German Minister of Defence, Boris Pistorius.

    MGCS, which stands for Main Ground Combat System, is a German-Franco armament program designed to replace the Leopard 2 and Leclerc main battle tanks with a cross-platform combat system by 2040.

    The signing of the shareholder agreement marks an essential step in the forthcoming creation of the MGCS Project Company. After negotiating a contract with the Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw), acting on behalf of the two states through a German-Franco Combined Project Team (CPT), this project company will be responsible as the industrial prime contractor for the implementation of the next phase of the MGCS program. In particular, it will consolidate the concept and the main technological pillars of the system.

    The company will be equally owned by the parties, 25% each, with a national workshare of 50% Germany and 50% France, and will be based in Cologne, Germany.

    The industrial partners in the MGCS program are delighted with this signature, which follows on from the impetus given by the French and German governments in the spring of 2024, with the signing of a Letter Of Intent (LOI).

    About KNDS:

    KNDS is the result of the association of Krauss-Maffei Wegmann (KMW) and Nexter, two of the leading European manufacturers of military land systems based in Germany and France.

    KNDS forms a Group of around 10,000 employees, with a 2023 turnover of 3.3 billion euro, an order backlog of around 16 billion euro and incoming orders of 7.8 billion euro. The range of its products includes main battle tanks, armored vehicles, artillery systems, weapons systems, ammunition, military bridges, customer services, battle management systems, training solutions, protection solutions and a wide range of equipment.

    The formation of KNDS represents the beginning of consolidation in land defense systems industry in Europe. The strategic alliance between KMW and Nexter enhances both groups’ competitiveness and international positions, as well as their ability to meet the needs of their respective national army. In addition, it offers to its European and NATO customers the opportunity of increased standardization and interoperability for their defense equipment, with a dependable industrial base.

    KNDS headquarters are based in Amsterdam.

    Press contact: guillem.monsonis@knds.fr

    About Rheinmetall:

    Rheinmetall AG of Duesseldorf, a listed company, is a leading international defence contractor and a driver of future-oriented technological and industrial innovation in civil markets. With over 31,000 employees and 171 sites worldwide, Rheinmetall generated sales of €7.2 billion in 2023. With its technologies, products and systems, the company creates the indispensable basis for peace, freedom and sustainable development security. Rheinmetall Landsysteme GmbH is part of the Rheinmetall Division Vehicle Systems Europe and is one of the leading land system manufacturers.

    Media contact: oliver.hoffmann@rheinmetall.com

    About Thales:

    Thales (Euronext Paris: HO) is a global leader in advanced technologies specialized in three business domains: Defence, Aerospace and Cyber & Digital. It develops products and solutions that help make the world safer, greener and more inclusive.

    The Group invests close to €4 billion a year in Research & Development, particularly in key innovation areas such as AI, cybersecurity, quantum technologies, cloud technologies and 6G.

    Thales has close to 81,000 employees in 68 countries. In 2023, the Group generated sales of €18.4bn.

    Media contact: camille.heck@thalesgroup.com

    MIL OSI Economics

  • MIL-OSI NGOs: USA: Rohingya survivor demands US regulator investigates Meta’s role in Myanmar atrocities

    Source: Amnesty International –

    Amnesty is supporting activist Maung Sawyeddollah in filing a complaint against Meta and its role in Myanmar violence

    Meta was warned repeatedly by activists and researchers that its algorithms were amplifying hateful content against the Rohingya

    The violence that unfolded in Myanmar in 2017 has been classified as a genocide

    ‘We hope the Securities and Exchange Commission will consider the submission and investigate Meta for any potential violations of federal securities laws’ – Mandi Mudarikwa

    Rohingya human rights activist, Maung Sawyeddollah, has filed a whistleblower complaint with the US Securities and Exchange Commission (SEC), asking the agency to investigate Meta for alleged violations of securities laws stemming from the company’s misrepresentations to shareholders on its substantial contribution to what the US government has classified as genocide perpetrated against the Rohingya in Myanmar in 2017. 

    Amnesty International, the Open Society Justice Initiative and Victim Advocates International have jointly supported the submission. 

    Mandi Mudarikwa, Head of Strategic Litigation at Amnesty International, said: 

    “The submission provides information on Meta’s alleged role in the atrocities perpetrated against the Rohingya, and highlights misrepresentations to the SEC and public investors. We hope the SEC will consider the submission and investigate Meta for any potential violations of federal securities laws.”

    Meta: Repeatedly warned against amplifying harmful content

    The submission to the SEC, an independent US agency responsible for ensuring that shareholders are treated fairly and honestly, details how Meta was repeatedly warned by activists and researchers about the risk of Facebook being used to foment and incite violence against the Rohingya in the lead-up to 2017. The filing argues that, despite this, Meta continued leaving out key information on this risk of real-world violence in statements made to public investors. 

    A 2022 report by Amnesty  found that Meta contributed to the atrocities in Myanmar against the Rohingya through Facebook’s use of algorithms that amplify harmful content and inadequate moderation of harmful content, which breached its own Community Standards – rules that define permissible content on the platform. 

    The report revealed that Meta’s business model relied on invasive profiling and targeted advertising, which promoted the spread of harmful content including incitement to violence. Meta’s algorithmic systems are designed to maximize user engagement in order to increase its advertising revenue. As a result, these systems often have the effect of prioritising inflammatory, divisive, and harmful content. 

    Maung Sawyeddollah, recalling his frustration at his futile attempts to alert Meta about the proliferation of harmful content on Facebook, said:

    “I saw a lot of horrible things on Facebook, and I just thought that people who posted were bad. I didn’t realise then that Facebook was to blame. One day I saw a post that made me feel so bad. I tried to report that to Facebook. I said it was hate speech but I got a response that said…it does not go against Community Standards.” 

    Even though such content clearly violated Facebook’s Community Standards, which recently changed as part of a new policy shift, Meta did not sufficiently enforce these in Myanmar nor adequately remove anti-Rohingya content in the months and years before the 2017 atrocities in northern Rakhine State. The insufficient number of content moderators with necessary language skills, the result of the company’s budgeting and staffing choices, also contributed to Meta’s shortcomings. This reflects the company’s broader failure to adequately invest in content moderation across many countries in Asia, Africa and Latin America, notwithstanding its public claims. 

    Eva Buzo, Executive Director at Victim Advocates International, explained:

    “In Myanmar, where Facebook served as the primary social media platform and news source, the reckless deployment of Meta’s harmful algorithms, with negligible safeguards in place, promoted widespread anti-Rohingya online campaigns which contributed to offline violence.”

    The SEC complaint underscores Meta’s failure to heed multiple civil society warnings from 2013 to 2017 regarding Facebook’s potential role in fueling violence. During that time, civil society repeatedly warned Meta employees that the platform was contributing to a pending “genocide”, similar to the role radios played in the Rwandan genocide. 

    James Goldston, Executive Director of the Open Society Justice Initiative, added:

    “Although investors had asked Meta to look into the human rights implications of its business, Meta fell far short of being fully transparent towards them, even though by that time Meta had been warned multiple times about the escalating situation in Myanmar and Facebook’s role in it.”

    Despite these warnings, between 2015 to 2017, Meta told investors that Facebook’s algorithms did not result in polarization, despite having been warned of Facebook’s role in proliferating anti-Rohingya content in Myanmar. At the same time, Meta did not fully disclose in its financial reporting to shareholders the risks the company’s operations in Myanmar entailed. Instead, in 2015 and 2016 Meta objected to shareholder proposals to conduct a human rights impact assessment and to set up an internal committee to oversee the company’s policies and practices concerning international public issues, including human rights. 

    Violence in Ethiopia

    Public pressure in 2018 forced Meta to partially and belatedly acknowledge Facebook’s role in the Rohingya atrocities. However, between November 2020 and November 2022, Meta again failed to adequately curb the spread of content advocating hatred and violence, this time against the Tigrayans in Ethiopia, ultimately contributing to severe offline violence. This is despite the company’s public claims to the contrary. Plainly, Meta has neither learned its lesson nor taken meaningful steps to curb its role in fueling ethnic violence around the world. 

    Recent policy changes by Meta in the US abolishing independent fact-checking, which may well be rolled out internationally, risk even further exacerbating Meta’s contributions to human rights harms and offline violence, as egregious as the crimes against the Rohingya.   

    MIL OSI NGO

  • MIL-OSI Russia: Teachers and a student of SPbGASU are among the winners of the Avtodor State Corporation competition

    Translartion. Region: Russians Fedetion –

    Source: Saint Petersburg State University of Architecture and Civil Engineering – Saint Petersburg State University of Architecture and Civil Engineering – On an excursion to the Central Control Center of the Central Ring Road

    On January 23, the award ceremony for the winners of the All-Russian competition of design and research works “Development of the road construction complex of Russia” took place at the main office of the State Company “Avtodor” in Moscow. In the nomination “Bridges, tunnels and building structures” two works submitted by SPbGASU were noted.

    The winner in this nomination was the research project of Nikolai Kozak, associate professor of the Department of Transport Systems and Road and Bridge Construction, on the topic of expanding the capabilities of systems for assessing the technical condition of bridge structures by applying statistical approaches to determining reliability indicators; the head of the department, Stanislav Evtyukov, was awarded for leading this project.

    The prize place in this nomination was awarded to Igor Rudakov, a fifth-year student majoring in “Construction of Unique Buildings and Structures,” for his research, “Determination and comparison of design and actual reliability indices of reinforced concrete bridges in operation, taking into account their actual load,” completed under the supervision of Nikolai Kozak.

    The competition of works was organized by the State Company Avtodor at the end of last year to identify and support talented students and young scientists. The co-organizers of the competition were the Russian University of Transport (RUT (MIIT)) and the Moscow Automobile and Road State Technical University (MADI) with expert support from the Siberian State Automobile and Road University (SibADI).

    A total of 69 works by universities from 20 regions of Russia took part in the competition, and 15 works in seven nominations were awarded. As part of the daytime program, the laureates also visited such facilities of the state company as the central control center of the Central Ring Road (CRR) and the laboratories of the subsidiary company Avtodor-Engineering.

    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: Global sci-fi writers celebrate Chinese New Year with original stories

    Source: China State Council Information Office 3

    Sci-fi writers from various countries will debut original stories themed around the number “10” at the 2025 Science Fiction New Year Gala, which will celebrate the upcoming Chinese New Year.

    A poster for the 2025 Science Fiction New Year Gala. [Image courtesy of the Future Affairs Administration]

    This year marks the 10th anniversary of the gala, and the theme of “10” was selected to reflect this milestone, according to the Future Affairs Administration, the event’s organizer and a company dedicated to producing and promoting sci-fi works while supporting new writers in China.

    This year is significant as it is the first since UNESCO added the Spring Festival – a traditional celebration of the Chinese New Year – to its Representative List of Intangible Cultural Heritage last December.

    The number 10 is significant for numerous reasons. The organizers point out that both Eastern and Western cultures embrace the ouroboros – a symbol of a serpent eating its own tail that aligns with China’s Year of the Snake in the Chinese Zodiac – suggesting that the number 10 signifies the end of one chapter and the beginning of another. Additionally, in decimal notation, 10 is seen as a node, while in binary, the numbers 1 and 0 represent foundational elements of code. The organizers also note that visually, the number 10 resembles a person standing before a stargate, poised to embark on a new journey.

    Twelve authors from four countries have submitted works inspired by the theme of “10.” These stories will be published daily from Jan. 24 to Feb. 4 on new media platforms operated by the Future Affairs Administration, including Xiaohongshu, WeChat, Weibo and Bilibili.

    The participating writers include China’s Han Song, Yang Ping, Jiang Bo, and Cheng Jingbo, as well as Canada’s Derek Künsken and Jiang Ai, Australia’s Samantha Murray and Japan’s Taiyo Fujii. They are a mix of award-winning authors and emerging stars in the global sci-fi literary scene.

    A tribute video is also being produced to commemorate the anniversary of the Science Fiction New Year Gala. Nearly 50 writers, artists, scholars, translators, readers, fans, critics and gala participants will share their memories and congratulations in the video.

    Over the past 10 years, the Science Fiction New Year Gala has invited 63 sci-fi authors from 10 countries across five continents to contribute to 145 novels, amassing an impressive 500 million views within the Chinese sci-fi community. The stories created for the event have garnered multiple awards both domestically and internationally, appearing in multilingual sci-fi collections and top magazines such as Clarkesworld, Asimov’s Science Fiction, and Lightspeed. Additionally, more than 10 artists have produced over 70 pieces of visual art, while 25 podcasts have collectively featured over 70 hours of programming. More than 150 partners have also given readers Chinese New Year gifts and benefits valued at over 170,000 yuan ($23,300).

    The writings showcased at the gala include sci-fi stories that explore themes such as homeward journeys reflecting the Chinese tradition of family reunions, reimaginings of China’s extensive transportation system, and various social issues. Some stories draw inspiration from the Chinese dragon, a mythical and auspicious creature in Chinese legend and the Zodiac.

    The gala also promotes cultural exchanges, allowing foreign writers to share their perspectives on China while gaining deeper insights into the emotions and experiences of the Chinese people.

    “Why are we celebrating Chinese New Year with sci-fi literature? This idea may seem crazy, but we believe that through sci-fi – a genre that expands human emotions – the atmosphere of the year will become richer between the lines and words,” said Ji Shaoting, founder and CEO of the Future Affairs Administration.

    Ji emphasized the challenge of maintaining focus on one project for 10 years. “The pain involved in pursuing what you love might be the most bearable. Ten years ago, we hoped this could become a fresh New Year tradition for our sci-fi enthusiasts. Perhaps we have achieved that now. However, the road ahead is still long, and we hope that one day everyone will recognize how deeply sci-fi is woven into life and into our very essence,” she said.

    MIL OSI China News

  • MIL-OSI United Kingdom: Tough restrictions for Sheffield hairdresser and baker who falsely claimed £98,000 in Covid loans

    Source: United Kingdom – Executive Government & Departments

    Bankrupt hairdresser claimed two separate loans totalling £98,000 for a new business which only traded for two weeks

    • Hannah Lucy Walker applied for two Covid Bounce Back Loans to claim a total of £98,000 
    • She took the loans for a new business which was not entitled to any money under the scheme and gave false information in her applications 
    • Walker is now subject to 12 years of sanctions which restrict her finance and business activities to protect the public from further harm 

    A bankrupt former hairdresser from Sheffield is subject to 12 years of stringent sanctions after the Official Receiver found she abused the Covid Bounce Back Loan scheme to claim almost £100,000 she was not entitled to. 

    Hannah Lucy Walker, 31, of Pollard Crescent in Sheffield, was originally a hairdresser. 

    But when Covid lockdowns were in operation during May 2020, she also began a baking business, trading as Something Sweet. 

    And on 25 June 2020, Walker applied for a £50,000 Bounce Back Loan for Something Sweet – which only ever traded for two weeks – declaring its turnover was £256,000. 

    The next day she applied to a different bank for another Bounce Back Loan of £48,000 for the baking business. This time she claimed the business had a turnover of £230,000. 

    Walker was made bankrupt in March 2024, with outstanding debts of around £109,000 including the full amount of both loans.  

    The Official Receiver, whose duty includes investigating the cause of a bankruptcy, found that Something Sweet had not been eligible to apply for a loan. 

    Samantha Crook, Deputy Official Receiver at the Insolvency Service, said: 

    Hannah Walker blatantly abused a scheme designed to support existing businesses during one of the toughest times the country faced. 

    She breached the rules of the scheme by taking out not one, but two loans, for a business that was not even eligible for a loan. 

    These restrictions will curtail her business activities for a long time to help protect the public from further financial harm.

    Under the rules of the Bounce Back Loan scheme, businesses must have been trading by 1 March 2020 in order to apply for a loan.  

    The rules allowed applications for a single loan per business of up to 25% of its 2019 turnover – or of an estimated turnover if the business had started during the previous financial year – up to a maximum of £50,000. Any money claimed was to be used for the economic support of the business. 

    Walker’s baking business was not entitled to any money through the scheme. She did not apply for a loan to support her hairdressing business. 

    Walker signed a Bankruptcy Restrictions Undertaking in which she did not dispute that she had provided false information on two Bounce Back Loan applications to receive a total of £98,000 to which she was not entitled. 

    She must abide by the restrictions, which extend the terms of her original bankruptcy – usually a period of 12 months – for a further 12 years.  

    They prevent Walker from acting as a company director without permission from the court and from borrowing more than £500 without declaring that she is subject to the sanctions. She is also restricted from holding certain roles in public organisations while subject to the measures. 

    The Secretary of State for Business and Trade accepted the undertaking on 14 January 2025. The restrictions will run until 13 January 2037. 

    Further information

    Updates to this page

    Published 24 January 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Patricia Rubin appointed as Trustee of The National Gallery

    Source: United Kingdom – Executive Government & Departments

    The Prime Minister has appointed Patricia Rubin as Trustee of The National Gallery for a 4 year term from 29 November 2024 to 28 November 2028

    Patricia Rubin 

    Appointed from 29th November 2024 to 28th November 2028

    Patricia Rubin is an art historian, professor, and administrator. In addition to her decades-long teaching career in London and New York, she has been Deputy Director of the Courtauld Institute of Art and founding Head of the Courtauld Institute Research Forum (2004-9), Director of the Institute of Fine Arts at New York University (2009-17), and Acting Director of Harvard University Center for Renaissance Studies/Villa I Tatti in Florence (1997). She is currently a Visiting Scholar at the Max-Planck-Gesellschaft/Kunsthistorisches Institut in Florence and an Honorary Research Fellow of the Courtauld Institute. Museum-based education and research have been fundamental to her work. She has been involved as co-curator, consultant, and catalogue contributor to numerous exhibitions and served on museum boards and committees at the Getty Museum, the Metropolitan Museum of Art, The Morgan Library and Museum, and the Galleria dell’Accademia of Venice.

    She has written books on Giorgio Vasari’s Lives of the Artists and on art and society in Renaissance Florence (Giorgio Vasari: Art and History and Images and Identity in Fifteenth-century Florence), along with numerous essays and articles on related topics, including the co-authorship of the National Gallery exhibition catalogue Renaissance Florence: The Art of the 1470s. Her research interests range from altarpiece design to humbug and art history in the nineteenth century. She has recently written essays on Sandro Botticelli’s illustrations to Dante’s Divine Comedy, Anglo-American viewing of Leonardo da Vinci’s Last Supper, tomb sculptures by Michelangelo Buonarroti and Andrea del Verrocchio (“Michelangelo’s Monkey and the Melancholy of Death”), “‘Perverse Images’: Monstrous Beauty and Monkey Business in Italian Art from Botticelli to Bronzino,” and “Dangerous Liaisons: Compromising Positions and Provocative Allusions in Bronzino’s Martyrdom of St. Lawrence.”

    Remuneration and Governance Code

    Trustees of The National Gallery are not remunerated. This appointment has been made in accordance with the Cabinet Office’s Governance Code on Public Appointments. The appointments process is regulated by the Commissioner for Public Appointments. Under the Code, any significant political activity undertaken by an appointee in the last five years must be declared. This is defined as including holding office, public speaking, making a recordable donation, or candidature for election. Patricia Rubin has declared no significant political activity.

    Updates to this page

    Published 24 January 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Supermarket closed for persistent sale of illegal tobacco

    Source: City of Coventry

    A Coventry store has been ordered to close its doors for three months.

    A Coventry store has been ordered to close its doors for three months, after a Council investigation discovered Saad Supermarket (which previously traded as Victoria Mini Market) on Primrose Hill Street, Coventry, persistently sold illegal tobacco and vaping products, as well as selling these items to persons under 18.

    Costs of £4,974.26 were awarded to the Council, to be equally split between both the operator of the business and the landlord of the premises.

    The Council’s Trading Standards and Legal teams applied to Coventry Magistrates Court for a Closure Order, which was granted on Wednesday 15 January 2025 under the Anti-Social Behaviour, Crime and Policing Act 2014.

    The store has been ordered to close completely for three months and no-one is allowed to access or remain on the premises.

    The Closure Order will remain in force until midnight on Tuesday 15 April 2025.

    Those found to breach the Order may be imprisoned, fined or both.

    The Court heard that despite warnings, there were continued sales of illicit products from the shop, as well as the sale of such to minors. Due to its proximity to a local school, this was a clear risk to the safety of the community and robust enforcement action was required.

    Cllr Abdul Salam Khan, Deputy Council Leader, said: “Our trading standards and legal teams once again have taken the necessary action against businesses who ignore the law”.

    “It’s important that we publicise this work because it will not be tolerated both by the Council or the police. In this case there was an added concern about the school being so close”.

    “It’s a warning to any other businesses and I’d encourage any residents, who have similar concerns about local shops they suspect may be selling illegal vapes and tobacco and also selling to people under age, to contact us.”  

    The sale of illegal tobacco and vaping products has a detrimental effect on legitimate local businesses and also contributes to anti-social behaviour in the community.

    It can also support organised crime, which may also be linked to modern-day slavery, human trafficking, and other serious criminality. Illegal tobacco and vaping products also present a serious public health issue with very high levels of tar, nicotine and other toxic chemicals. The lower prices at which these items can be sold also encourage children to start smoking or vaping.

    Lord Michael Bichard, Chair of National Trading Standards, said: “The trade in illegal tobacco harms local communities and affects honest businesses operating within the law. Having removed 46 million illegal cigarettes, 12,600kg of hand-rolling tobacco and almost 175kg of shisha products from sale, Operation CeCe – the National Trading Standards initiative in partnership with HMRC – continues to successfully disrupt this illicit trade.”

    Coventry Trading Standards will use all available powers to protect the local community and legitimate businesses.

    We need information from the public to help us with issues like this. Information we receive about where and when this type of activity is happening will help us build an intelligence picture and enable us to act where necessary.

    If you are concerned about similar activity happening where you live, you can send us an anonymous report – please search ‘Coventry Trading Standards’ and use the online reporting form, or find the anonymous form on the Council’s website.

    MIL OSI United Kingdom