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Category: Commerce

  • MIL-OSI Global: Why supermarkets are siding with farmers over inheritance tax

    Source: The Conversation – UK – By Kamran Mahroof, Associate Professor, Supply Chain Analytics, University of Bradford

    John Gomez/Shutterstock.com

    In recent years, British farmers have faced growing pressures, from Brexit to COVID and the Ukraine war. For some of them you can now add planned inheritance tax (IHT) reforms – announced in the budget last autumn – to that list.

    The proposals to cut certain agricultural reliefs sparked protests by farmers across the UK. Currently, farms benefit from 100% relief on agricultural and business assets, but from 2026 the relief will be capped at £1 million, with excess taxed at 20% (half the usual rate). Exactly how many farms will be affected is not yet clear but estimates range between a quarter and a third.

    Farming associations and the government have clashed over this in recent months. Some sections of the public have backed the protesting farmers and voiced their frustration after the announcement.

    But more recently, there has been support from a different – and unexpected – quarter. Seeing UK supermarkets enter the fray and highlight the concerns of farmers adds fuel to the already heated debate.

    The big chains have long faced accusations of unfair treatment towards farmers, using their might to press suppliers for the lowest prices and reportedly forcing some out of business in the process.

    So what has prompted supermarkets to speak out now? As a supply chain expert, I think there are several possible reasons.

    1. Empty shelves

    Simply put, the pressures on farmers can have far-reaching consequences for supermarket supply chains. A key reason for their support will be to avoid food shortages and empty shelves. There are many examples of supply chain disruptions leading to gaps in stores’ product lines, ultimately affecting the customer experience and supermarket profits.

    UK food supply chains are under increasing pressure. Disruptions such as adverse weather, energy price hikes and even cyberattacks have highlighted the vulnerability of the UK’s food system.

    Farmers have also demonstrated their ability in the past to cause disruption to food supply chains by protesting over cheap imports. Mass and sustained farmer protests could turn off the tap to the UK’s food supply, as happened in the Netherlands in 2022. UK supermarkets will want to avoid this at all costs.

    2. Reliance on imports

    In the event that their IHT is unaffordable (those affected will have ten years to pay the tax, interest free), some farms may be forced to sell up, leading to reduced availability of locally grown produce. Limited supply of domestic produce will increase the dependence on imports, ultimately leading to increased costs for supermarkets (and so for consumers too) as well as uncertainty.

    The UK’s food supply depends on global regions, seasonal shifts and complex sourcing to maintain fresh produce year round. Increased reliance on imports, combined with post-Brexit import charges is neither ideal nor sustainable for supermarkets.

    3. Reduced competition

    Supermarkets have a vested interest in maintaining competitive prices. Fewer agricultural producers essentially means less competition. This could mean supermarkets having less bargaining power with suppliers and a diminished ability to meet consumer demand for variety and quality.

    This could lead to higher prices in stores, potentially undermining supermarkets’ messaging around their competitive edge over smaller retailers.

    4. Public image

    Ultimately this move does supermarkets no harm. UK chains are both the backbone and the bane of farming. A handful of supermarkets dominate the food supply market, setting the prices farmers receive and shaping the structure of agricultural production.

    Supermarkets are often accused of exploiting farmers through their purchasing power, by dictating prices and imposing inflexible quotas. So their support for farmers could help with their public image. Aligning themselves with farmers offers them the opportunity to position themselves as protectors of the agricultural sector, boosting their public image while pressuring policymakers to take action.

    But will it change anything? Well, supermarkets have economic clout – and having their support is better than not having it.

    Historically, supermarkets have shown their collective ability to lobby. Their opposition to supermarket price caps, support for plastic reduction initiatives and even influencing policy in the wake of Brexit highlight how pressure from the big stores can shape national conversations.

    No one wants a return to empty supermarket shelves.
    Kauka Jarvi/Shutterstock

    All this, ultimately, is to ensure supermarkets can continue to serve customers with competitive prices. But who is paying for the UK’s cheap food culture?

    While supermarket dominance has led to lower prices for shoppers and even reduced inflation, it also exposes broader systemic issues within the UK’s food culture. Despite a recent study revealing that UK food costs were about 7% below the EU average, food prices remain a top concern for consumers in the UK.

    Farmers were not the only ones protesting. Migrant fruit and vegetable pickers staged a smaller demonstration, over claims of exploitation by farms.

    Either customers need to be prepared to pay more for their food, or supermarkets need to revisit their pricing strategies. Something has to give, and it appears that this time it cannot be the farmers or agricultural workers.

    While many farmers in the UK are asset-rich they are often cash-poor, frequently relying on wafer-thin profit margins to get by. Supermarkets may have a lot to lose if IHT reforms lead to lots of farmers leaving the sector.

    Protecting supply chains, maintaining cost structures and ultimately offering a stable, affordable domestic supply of produce is in their best interests. In the end, it may not be the farmers but the supermarkets who stand to gain (or lose) the most.

    Kamran Mahroof does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

    – ref. Why supermarkets are siding with farmers over inheritance tax – https://theconversation.com/why-supermarkets-are-siding-with-farmers-over-inheritance-tax-248234

    MIL OSI – Global Reports –

  • MIL-OSI Global: Ofsted inspections affect not just teachers but also the people who train them

    Source: The Conversation – UK – By Sabrina Fitzsimons, Co-Director of DCU CREATE (Centre for Collaborative Research Across Teacher Education), Lecturer in Education, Dublin City University

    Lucky Business/Shutterstock

    Ofsted, England’s education inspectorate, has proposed changes to the way it assesses schools, colleges and universities that offer teacher training. The suggested changes include the move to a report-card system rather than a headline judgment.

    These changes stem from Ofsted’s The Big Listen consultation, which gathered insights from children, parents and education professionals.

    The findings brought many issues to light. Among the biggest was the negative impact of inspections on teachers.

    Data suggests that nearly three-quarters of teachers believe the process is bad for their mental health. In extreme cases, the stress has been linked to suicide. The effect of inspections on teachers has rightly received attention from researchers, media outlets and union and professional education bodies.

    But the toll Ofsted takes on mental health and wellbeing extends beyond schools. Ofsted also inspects and regulates organisations involved in education, training and care, including early years education, further education colleges and initial teacher education providers.

    As part of a wider study on burnout among university staff who train teachers in the UK and Ireland, our research has explored the effect of Ofsted on these staff in England. We carried out detailed interviews with five teacher educators, and 36 responded to a survey on their experiences.

    Academics who teach trainee teachers balance their scholarly duties with providing practical preparation and training. They are not necessarily a group people imagine when they think of Ofsted inspections. However, because the quality of teacher education affects classrooms, they are appraised to ensure quality and accountability. The inspections are high stakes, with reputational consequences for a poor report.

    The process of inspection

    Like school-based inspections, teacher education inspections follow a structured process. Ofsted inspections for initial teacher training providers are currently paused until January 2026, as changes to the inspection process are made – including the introduction of report cards to replace remove the overall effectiveness grade. But it is as yet unclear how much of the inspection process will change.

    When we interviewed staff, institutions received just three days’ notice of the inspection date, and were required to submit key documentation, including trainee and placement data, timetables and curriculum details for pre-inspection review.

    This was followed by an on-site visit lasting up to five days, during which Ofsted inspectors observed teaching, interviewed staff and trainees and assessed paperwork. They then gave feedback before publishing a final review.

    Ofsted maintains inspections act as a force for improvement. However, many teacher educators see them as high-stakes scrutiny rather than meaningful support.

    We found that inspections had a negative effect on the wellbeing of the university staff in ways that mirrored the experiences of school teachers. For example, they talked of the “exhausting” unpredictability of anticipating an inspection. Although inspections are carried out every three years, initial teacher education providers were never sure when the call will come.

    This resulted in months of worried waiting. “At the moment, we are expecting Ofsted, so that means every Wednesday between January to June, they might ring,” one member of staff told us.

    This stress reflects a wider flaw in the accountability system at both school and higher education levels. Fear of inspection outweighs its intended purpose of improvement.

    In its response to the Big Listen, Ofsted stated that it would review the notice periods it gave for inspections to reduce the pressure on providers. But wider change is needed to address the effect inspections have on wellbeing.

    Teacher educators found waiting for news of an Ofsted inspection deeply stressful.
    PeopleImages.com – Yuri A/Shutterstock

    Staff described how the constant cycle of inspections shaped their occupational wellbeing. Following the inspection, assuming it went well, they would get back to the job they love for one or two years before the anticipatory stress returned. Perhaps most tellingly, as with school teachers, participants suggested it was putting them off their profession: “If anything was going to drive you out of initial teacher education, it would be Ofsted.”

    Burnout and performativity

    Though Ofsted insists inspections should reflect normal practice, teacher educators know better. The demand to document every aspect of their work means long hours under high pressure with little time to switch off. This constant performance mode increases their risk of burnout. “It almost doubles your workload because you are doing your job and making sure you can demonstrate you are doing the job,” one said.

    For some, the need to prove compliance results in tunnel vision that overrides their day-to-day work, including supporting students and teaching.

    Beyond workload, Ofsted inspections can take a heavy emotional and professional toll, making teacher educators feel undervalued. For some, the process creates a demoralising, adversarial environment. “It feels like they are playing universities off against each other,” one respondent said. Competition enters a usually collaborative atmosphere, but “the reality is people involved in teacher training don’t want to compete with each other”, we were told in an interview.

    The role of a university-based teacher educator also comes with stresses particular to higher education. Unfortunately, much of the preparation staff do for Ofsted is invisible in university workload models, while academia’s research-over-teaching bias downplays their valuable contributions. They are also working against the shadow of mass staff cuts at universities.

    A streamlined, transparent, and predictable process that supports rather than overburdens staff could help retain their talent and expertise. Otherwise, in addition to a teacher shortage, there may be a shortage of people who teach them.

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

    – ref. Ofsted inspections affect not just teachers but also the people who train them – https://theconversation.com/ofsted-inspections-affect-not-just-teachers-but-also-the-people-who-train-them-249084

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: Minister Sir Chris Bryant speech at LEAD advertising conference

    Source: United Kingdom – Executive Government & Departments

    Creative Industries Minister Sir Chris Bryant gave the keynote speech at the LEAD advertising industry conference in London.

    My name is Chris Bryant. I’m the Minister for lots of things. And Peter Mandelson, when I was first elected back in 2001 as the Member of Parliament for the Rhondda, I asked him for some advice. And he said he had lots of pieces of advice, but one of them was: “Never go to the same event two years in a row.” Because it means if you don’t go to the third year, everybody will condemn you for being a complete lazy so and so. But this is my second year in a row at this event. So I’ve broken Peter Mandelson’s advice.

    And the second piece of advice he gave me was: “The one word you can never use in advertising and in politics is the word trust.” Because the moment you start talking about trust in politics, people start thinking: “Oh, can I trust you?” And they nearly always come to the conclusion that they can’t. 

    But in the end, advertising, I suppose, is fundamentally about trust. It’s about trying to persuade the public that you can trust a particular product or that you can trust a particular brand that is promoting a particular product, or that you can trust the person who is promoting the brand that is promoting the product, or that you can trust the space in which you’re watching or seeing this particular piece of advertising. 

    Of course, to enable trust in all and to create great advertising, that requires all sorts of different things. First of all, imagination. And I think sometimes when I speak to some other parts of the creative industries, they think of advertising as the kind of workhorses of the creative industries. But I actually think that in many regards, you’re more imaginative than nearly all the other parts of creative industries put together. And sometimes, of course, you have to bring them all together. 

    But the original idea for how to launch a product, or how to sell a product, how to promote it, how to keep it in the public mind, or how to completely change a view of a product or a brand, that’s a phenomenally imaginative process. 

    I always think to myself: “How do you come up with a television or a cinema advert for perfume?” How on earth can you give the impression that this is a perfume that somebody would want to wear when you cannot smell it? Which is fundamentally what perfume is all about. And of course, you do that in advertising with so many different products. Sometimes you’re trying to encourage people to try products that they would never have touched before, either because they’re brand new products, or because they’re something that has never come into their way of life before or because their life has changed. 

    That requires phenomenal imagination, but it also requires craft, serious craft, whether that’s using statistics and market analysis to be able to determine what is really going to work, how big a particular market is, or it’s that whole ecosystem of the whole of the creative industries, through from writers, actors and technicians, location scouts and everybody else that’s part of making a really good advert. 

    That combination of imagination, craft and that whole ecosystem is what I think is so special in the United Kingdom. We’re at the moment working with Shriti Vadera and Peter Bazalgette on putting together our Industrial Strategy for the creative industries. We decided as a government that the creative industries are one of the eight key sectors in the UK that are potential growth sectors we want to build on. 

    And putting that together, one of the key elements that we keep on arguing with the Treasury and the Department for Business and Trade and everybody else in government is that this is an ecosystem. You don’t get great British films without great British marketing of films. You don’t get great British films without actors who probably performed on the stage as well as in television and in movies. You don’t get great British actors without a commercial theatre that’s successful in the UK and also without a subsidised theatre in the UK. 

    All of these things hang together, and it’s really important that we promote the whole of that sector. And that’s, of course, why we are the second largest exporter of advertising in the world. I remember when I first came across this statistic, I thought: “That can’t be right. It must just be the second largest in Europe.” But we are the second largest in the world and I think we could do a great deal more boasting about that. 

    I don’t know whether there’s anybody in advertising who could promote the idea of advertising being a very significant part of our economy, worth £21 billion of GVA in 2023 and on track this year for £43 billion of spending. So in the words of Yazz: the only way is up.  

    We are very keen on this being a cooperation between industry and government. So first of all, the single most important thing we know that we can do to enable this industry to grow in the UK is to provide political, fiscal and economic stability in the country, so that people can make long-term investments and know where they’re going. 

    [political content redacted]

    And secondly, as I just said, we’re working on our Industrial Strategy for the creative industries. If there’s stuff that you still feel that you have you haven’t heard from us in this world, then please do get in touch. 

    Thirdly, obviously, there’s a really important issue around skills. For me, this is a matter of passionate belief that you don’t get a good education unless you also get a good creative education. I want to praise Eton and Winchester and everybody else, because they’ll have a pottery class, they’ll have an art room, they’ll have a well equipped theatre, they’ll have a dance studio, they’ll have musical instruments. I just want that for every single child in this country, and that’s why I think it’s so important that we turn the corner on the curriculum in the UK. 

    That’s what Bridget Phillipson as the Secretary of State for Education is very intent on doing. Trying to bring a creative education right back into the heart, so that it’s not just STEM, which is very important, but STEAM, including arts and creative education, is part of it. 

    Secondly, we need to reform the Apprenticeship Levy. I know lots of people in the industry have said to me: “It just doesn’t work for us at the moment.” And that’s what we’re very focused on doing. 

    The first thing we’ve already done is we’ve announced that from August this year, you won’t have to do a 12-month apprenticeship. You’ll be able to do six months and that’s so important for people who are working on a project base, and we need to provide a greater sense of portability between different employers as well, to be able to make that Apprenticeship Levy work across the creative sector. 

    Indeed, there’s a perfectly good argument for saying, because of the ecosystem that I’ve been talking about, that the Apprenticeship Levy should enable you to go from different parts of the ecosystem to be able to perfect your craft.

    Now just a few specific things on the Online Advertising Taskforce. Online has provided new challenges and new opportunities. I’m really glad that the influencer working group has come up with its fourth version of a code of conduct, the first in the world. If anybody knows any influencers who could persuade more influencers to take up the influencers’ code of conduct, I’ll be really grateful. 

    But that is a really important campaign, because it goes to this issue of trust. If it becomes a whole world when you simply can’t trust what you’re seeing in front of you as promoting a product, then that undermines the whole of the industry. So I think the more we can do in that field, the better. 

    I’m really grateful for the work that’s being done on an AI working group. At the moment we’re engaged in a consultation on this and precisely how it works out in relation to copyright. I am absolutely clear that we as a country sell IP. It’s one of the key things that we sell. So making sure that we have a strong copyright system in the UK, that we maintain that, and maintain the ability of people to be remunerated and to control their rights, is a vital part of anything we do in this field. 

    But of course, many of you will use AI in all sorts of different ways already, and my guess is in two or three years’ time, every single person will have an AI assistant of some kind on their laptop or on their phone. We need to make sure that we think that there’s a possibility for a win-win in this. If you haven’t looked at the consultation yet, please do. It closes on February 25. 

    On less healthy food, some of you might be interested in this subject. Obviously the previous government legislated in relation to less healthy foods and advertising, and we did too in the statutory instrument that was brought forward just before Christmas. I’ve already had several meetings with the ASA. We are very keen on coming to a sensible solution. I think a bit of common sense in this space would be really, really useful. We discussed the matter. I’m saying to you what I said to the ASA the other day. Our priority is proportionate regulation and clear guidance for businesses operating in the sector. And as you would expect from us, we want to reduce the NHS backlog, and we want to support people to lead healthier lives. We want there to be incentives for brands to offer more healthy products. That only happens if we have a clear set of guidance that is proportionate and sensible. I can’t go any further than that, because I’ve got another meeting with all the organisations concerned next week. 

    I want to end with my key point, which is that we are very serious about growing the creative industries in the UK. I heard somebody say: “Well, aren’t the arts and the creative industries a bit frou-frou?” I don’t know what that means, really, but I get the point, I suppose. 

    But actually, if the UK had no creative industries, we would be a poorer, weaker, less happy, less stable society than we are. And I think that the creative industries not only have an economic role to play – a vastly significant one, one in 14 people in the UK works in the creative industries today and I guess it will be one in 10 in a few years’ time – but if we’re going to build that, we need you to tell us what are the barriers to growth in your sector. 

    We need to make sure that there’s a steady stream of people through into these industries. I asked this question last year, and I’m going to ask it again, and I’m going to keep on asking every single year that I come here, which is: If you came to my constituency and asked a 13 year old: “What are you going to do when you grow up, or what careers are you thinking about?” They would probably know what it is to be a doctor and how they would start trying to be a doctor or a lawyer or a teacher, but they wouldn’t have the faintest idea how they would start the process of going into advertising or any of the other creative industries. 

    So in four years’ time, I would like us to be in a place where every single child in the country has the creative industries, including advertising, as one of the possible future careers for them, and that they know how to approach that, so that your seats are taken in 10, 15, 20 years’ time by young people who might just as well come from Wigan, Gateshead, Newcastle, London, the Rhondda, Shetland. People with completely varied backgrounds and different experiences, so that they can bring their imagination and their storytelling to the great industry that is yours.

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI Europe: Artificial Intelligence Action Summit: Sciences Po Joins Forces

    Source: Universities – Science Po in English

    In the context of the dynamic created by the Presidency of the French Republic, with the Artificial Intelligence (AI) Action Summit taking place on 10 and 11 February 2025 in Paris, Sciences Po Open Institute for Digital Transformations, created as part of the ExcellencES Transforming Interdisciplinary Education and Research for Evolving Democracies (TIERED) project, has been rallying researchers and students working in this field.

    This is a compendium of the activities organised by the various entities at Sciences Po to complement the Summit, as the institution has historically been at the forefront of the critical questions that the humanities and social sciences can raise in times of great change.

    Indeed, while politics, as the art of envisioning and implementing collective life, is making a dramatic comeback on the public stage, the revolution in digital technologies invites us to embrace a crucial question: “Can AI benefit democratic societies?”

    What better opportunity than the AI Action Summit to address this question to the political leaders gathered in Paris for the occasion! Before, during, and after the Summit, Sciences Po researchers, teachers, students, alumni, and start-ups, each with their own skills and expertise, will contribute to shed light on the major issues at stake in a question that our democratic societies have a duty to address.

    Sciences Po’s road to the AI Action Summit is outlined below, with many events open to all, most of them at Sciences Po, some of them off-site. Almost a dozen events have been officially labelled “Road to the Summit”.

    Upcoming Events

    7 February 2025: “Y a-t-il une IA pour sauver la planète ?” from the Tribunal pour les générations futures, Road to the Summit

    Sciences Po, through its Open Institute for Digital Transformations, partnered up with 8 leading public institutions in this trial simulation organised by the French media Usbek et Rica. Some fifty Sciences Po students are taking part in this event, including two on the jury, in the Amphithéâtre Richelieu, Sorbonne (Paris 5e).

    7 February 2025: “IA: the citizen way”

    The Tech & Global Affairs Innovation Hub of Sciences Po Paris School of International Affairs and the Conseil national du numérique are presenting the results of the public consultations carried out in autumn as part of the Summit, at the Economic, Social, and Environmental Council.

    7 February 2025: “Democratizing AI: Open-Source Systems, Global Equity, and the Power of Inclusive Partnerships”

    A discussion between Arancha González, Dean of the Paris School of International Affairs (PSIA) at Sciences Po, Vilas Dhar, President of the Patrick J. McGovern Foundation, and Maria Ressa, Nobel Laureate and journalist, on the potential of open-source AI in fostering equity, addressing disinformation, and democratising access for the global majority

    8 February 2025: “Participatory AI Governance – Research & Practice Symposium”

    A day-long open symposium organised by the Tech & Global Affairs Innovation Hub of the Paris School of International Affairs at Sciences Po with Connected by Data, bringing together academics and experts from civil society organisations dedicated to explore collaboratively the state of the art in participatory development and governance of AI.

    8 and 9 February 2025: Interdisciplinary conference of the AI Action Summit “AI, Science and Society”, Road to the Summit

    Jean-Philippe Cointet, researcher at Sciences Po médialab and Director of the Open Institute for Digital Transformations, along with two post-doctoral students from the médialab, Manon Berriche and Salim Hafid, discuss a poster entitled “Defining, Identifying, Measuring, Mitigating, Democratic Biases in Large Language Models”, at the École Polytechnique, Palaiseau.

    11 February 2025: “AI for Economic Inclusion”, Road to the Summit

    The Centre for Research on Social Inequalities is co-organising the launch of an International Panel on the Information Environment, under the direction of Jen Shradie, in Sciences Po Salons Scientifiques.

    11  February 2025: “Artificial intelligence & Information manipulation: Navigating the risks and opportunities”, Road to the Summit

    With the OECD & Viginum, a monitoring and protection service against foreign digital interference, with the participation of Donato Ricci, researcher and research designer at Sciences Po médialab, at Services du Gouvernement, 20 Avenue de Ségur, 75007 Paris.

    11 February 2025: “Building Trust in AI: A Multifaceted Approach”, Road to the Summit

    In cooperation with the Schwartz Reisman Institute at the University of Toronto, with the participation of Donato Ricci, researcher and research designer at the médialab of Sciences Po, at the École normale supérieure de la rue d’Ulm.

    11 February 2025: “Advancing AI governance: Exploring adaptive frameworks and the role of sandboxes”, Road to the Summit

    Organised by The Datasphere initiative, with the participation of Beatriz Botero Arcila, researcher at Sciences Po Law School, at the International Chamber of Commerce, Paris.

    11 February 2025: “Construire des ponts : façonner la gouvernance mondiale de l’IA grâce à la collaboration multipartite”, Road to the Summit

    Round table discussion led by Louis Denart, alumnus of the School of Public Affairs and currently International Digital Policy Fellow at the German Federal Ministry for Digital Affairs and Transport, at Sciences Po.

    11 February 2025: “Aligning Urban AI and Global AI Governance”

    Conference organised by Urban AI and Govlab, with Beatriz Botero Arcila, researcher at Sciences Po Law School, venue to be announced.

    12 February 2025: “Understanding the roles and responsibilities across the AI value chain”, Road to the Summit

    Workshop organised by Datasphere Initiative and Open Loop (Meta), with the participation of Beatriz Botero Arcila, researcher at Sciences Po Law School, at the Hôtel Marignan Champs-Élysées.

    21 February 2025 : “L’IA peut-elle être au service de la démocratie ?”

    A conference for the general public organised directly by the Open Institute for Digital Transformations with all the educational fields involved, to take a critical look at the issues at stake at the AI Action Summit, at Sciences Po.

    Early March 2025: a “Special IA Action Summit” issue of the new Collection de Sciences Po to showcase student work

    It will be co-designed by the Open Institute for Digital Transformations with all the educational fields involved and widely distributed at the beginning of March 2025, including to the Summit organisers and participants. In particular, it will include the discussions held during the student conference.

    March 2025: Wrap-Up Event

    Co-organised by the Open Institute for Digital Transformations and the Tech & Global Affairs Innovation Hub at Sciences Po Paris School of International Affairs.

    Past Events

    5 February 2025: “Paris AI Action Summit: What’s Next for AI Governance?”, Road to the Summit

    Conference co-organised by the Global Partnership on Artifical Intelligence Policy Lab (an initiative launched by former students of Sciences Po, École normale supérieure, and École polytechnique), the Cybersecurity Association of Sciences Po, and the Centre for AI Security, at Sciences Po.

    28 January 2025: “AI & International Governance”

    Organised by the Sciences Po American Foundation and the Tech & Global Affairs Innovation Hub of Sciences Po Paris School of International Affairs, online.

    15 January 2025: “New Solidarity for an AI-disrupted Economy workshop”, Road to the Summit

    Co-organised by the Global Solutions Initiative, RadicalXChange, and the Tech & Global Affairs Innovation Hub of the Sciences Po Paris School of International Affairs (PSIA), at the Stiftung Mercator, Berlin.

    11 December 2024:  The 6th edition of the prestigious Athens Roundtable on AI and the Rule of Law, Road to the Summit

    The Tech & Global Affairs Innovation Hub at Sciences Po Paris School of International Affairs joined this event organised by The Future Society. This 6th edition was an official side-event on the way to the AI Action Summit, at the OECD.

    5 December 2024: Launch of the 2nd issue of Sciences Po magazine, Understanding Our Times

    This issue entirely focused on digital transformations was launched by Sciences Po and coordinated by the Open Institute for Digital Transformations on the theme “Is Digital Technology Democratic?”

    13 November 2024: “Electoral and political processes at risk of digital interference?”

    Conference organised by the School of Public Affairs, at Sciences Po.

    12 November 2024: “Paris Peace Forum official side event on the Road to AI Summit”, Road to the Summit

    A day of conferences organised by the Tech and Global Affairs Innovation Hub of the Paris School of International Affairs, at Sciences Po. Starting in November 2024, the Paris Peace Forum, of which Sciences Po is a founding member, established itself as a major contributor to the IA Action Summit by focusing its debates on international initiatives in favour of the well-being of citizens and the ethical use of artificial intelligence for a more inclusive society.

    MIL OSI Europe News –

  • MIL-OSI Banking: [Photo] An Inside Look at ISE 2025: Samsung Presents Color E-Paper and the Future of Commercial Displays

    Source: Samsung

    Integrated Systems Europe (ISE) 2025 kicked off on February 4 in Barcelona, highlighting the latest advancements in commercial display technology.
     
    Samsung Electronics welcomed guests with a striking 462” The Wall media facade at the entrance to its booth — while inside, the company showcased its energy-efficient Color E-Paper display alongside AI-powered upgrades to the SmartThings Pro platform. The supersized 115” 4K Smart Signage display captivated visitors with its immersive visuals as well.
     
    Samsung Newsroom explored the booth firsthand and captured these innovations leading the future of commercial displays.
     
    ▲ Visitors marvel at The Wall’s stunning visuals powered by MICRO LED technology.
     
    ▲ (From left) Hoon Chung, Executive Vice President; SW Yong, President and Head of Visual Display (VD) Business; and Seong Cho, Executive Vice President of Europe Office, from Samsung Electronics admire The Wall.
     
    ▲ The ultra-low power Samsung Color E-Paper boasts a slim, lightweight design.
     
    ▲ Visitors examine Samsung VXT, a comprehensive cloud-based content management solution (CMS) platform.
     
    ▲ Visitors crowd around the SmartThings Pro wall to see how the B2B management platform has expanded to include enterprise-grade IoT devices.
     
    ▲ Visitors interact with the Google Cast feature newly added to Samsung’s 2025 hotel TV lineup.
     
    ▲ SW Yong, President and Head of Visual Display (VD) Business at Samsung Electronics, tries out the 2025 Interactive Display equipped with Samsung AI Assistant.
     
    ▲ The 115” (16:9) 4K Smart Signage display boasts an ultra-large screen optimized for office spaces, retail stores and other business environments.
     
    ▲ A visitor observes the 105” (21:9) 5K Smart Signage display‘s various innovative features that make it the perfect option for video conferences.

    MIL OSI Global Banks –

  • MIL-OSI: LPL Financial Welcomes Jackson/Roskelley Wealth Advisors

    Source: GlobeNewswire (MIL-OSI)

    SAN DIEGO, Feb. 06, 2025 (GLOBE NEWSWIRE) — LPL Financial LLC announced today that financial advisors Jared Roskelley, CFP®, and Kyle Robertson, CFP®, of Jackson/Roskelley Wealth Advisors have joined LPL Financial’s broker-dealer, Registered Investment Advisor (RIA) and custodial platforms. They reported serving approximately $345 million in advisory, brokerage and retirement plan assets* and join LPL from Ameriprise.

    Based in Scottsdale, Ariz., Jackson/Roskelley Wealth Advisors was founded on the principles of integrity, insight and independence. Founder Bob Jackson started the firm in 1994, bringing Roskelley on board as a shareholder in 2006 after the two struck up a friendship during coursework for CFP® certification. Roskelley later became president and CEO, allowing Jackson to successfully transition into retirement. Robertson joined the practice in 2015 and now serves as managing director and represents the third generation of ownership for Jackson/Roskelley Wealth Advisors.

    “We offer investment strategies, financial planning and goals-based advice to help clients feel more confident about their financial future,” said Roskelley, who learned early on about the complexities of finance from his father, a tax and insurance specialist. “We focus on the comprehensive nature of financial planning to integrate investments, risk tolerance, estate planning and tax strategies into a singular, personalized plan for each client.”

    Looking to get back to their true independent roots, the advisors turned to LPL for the next chapter of their business.

    “From Day One, we’ve always valued independence and entrepreneurship,” Roskelley said. “By moving to LPL we have more control of our destiny and the power to do what’s in our clients’ best interests. We appreciate that LPL does not offer proprietary investment products, and we also believe clients will benefit from LPL’s industry-leading, integrated technology that allows them to access all their account information with a single login.”

    Staying involved in the community is a priority for both advisors. Roskelley is in the Boy Scouts of America Scoutmaster Hall of Fame (Mesa District) and previously served as director of programming for the Financial Planning Association of Greater Phoenix. Robertson is also active in his community, serving as president of his school’s parent-teacher organization and athletic committee while also coaching multiple youth sports leagues.

    Scott Posner, LPL Executive Vice President, Business Development, said, “We welcome Jared and Kyle to the LPL community. LPL is committed to delivering innovative capabilities and strategic resources that make it easier for advisors to manage their practices, accelerate their business and build long-term value with their clients. We look forward to supporting Jackson/Roskelley Wealth Advisors for years to come.”

    Related

    Advisors, learn how LPL Financial can help take your business to the next level.

    About LPL Financial

    LPL Financial Holdings Inc. (Nasdaq: LPLA) is among the fastest growing wealth management firms in the U.S. As a leader in the financial advisor-mediated marketplace, LPL supports more than 29,000 financial advisors and the wealth management practices of 1,200 financial institutions, servicing and custodying approximately $1.7 trillion in brokerage and advisory assets on behalf of 6 million Americans. The firm provides a wide range of advisor affiliation models, investment solutions, fintech tools and practice management services, ensuring that advisors and institutions have the flexibility to choose the business model, services, and technology resources they need to run thriving businesses. For further information about LPL, please visit www.lpl.com.

    Securities and advisory services offered through LPL Financial (LPL), a registered investment advisor and broker dealer, member FINRA/SIPC. LPL Financial and its affiliated companies provide financial services only from the United States. Jackson/Roskelley Wealth Advisors and LPL are separate entities.

    Throughout this communication, the terms “financial advisors” and “advisors” are used to refer to registered representatives and/or investment advisor representatives affiliated with LPL Financial.

    We routinely disclose information that may be important to shareholders in the “Investor Relations” or “Press Releases” section of our website.

    *Value approximated as reported to LPL

    Media Contact: 
    Media.relations@LPLFinancial.com 
    (704) 996-1840

    Tracking #688390

    The MIL Network –

  • MIL-OSI: NANO Nuclear Energy Engages aRobotics Company and Commits to Multimillion Dollar Investment to Build Out its New Advanced Demonstration Facility

    Source: GlobeNewswire (MIL-OSI)

    New York, N.Y., Feb. 06, 2025 (GLOBE NEWSWIRE) — NANO Nuclear Energy Inc. (NASDAQ: NNE) (“NANO Nuclear” or “the Company”), a leading advanced nuclear energy and technology company focused on developing clean energy solutions, today announced that it has engaged aRobotics Company, a leading innovator in robotics fabrication, inspection, engineering and testing, to oversee the multimillion dollar build out of NANO Nuclear’s recently announced demonstration facility in Westchester County, New York. aRobotics will also assist NANO Nuclear with the fabrication of key components for the demonstration facility.

    Under the agreement, following completion of the facility’s retrofitting, aRobotics Company will manage the construction of certain non-nuclear elements crucial to the design and operation of NANO Nuclear’s four reactors in development: ZEUS, ODIN, LOKI MMRTM and KRONOS MMRTM. This includes leading the development and fabrication of custom sensors and equipment needed to evaluate demonstration components. Additionally, aRobotics will support NANO Nuclear’s ongoing SBIR Phase III project for its Annular Linear Induction Pump (ALIP) technology, a key enabling technology within NANO Nuclear’s suite of advanced nuclear energy systems.

    “We are delighted to work alongside NANO Nuclear and its management team to deliver a sophisticated demonstration facility for the company,” said Akaash Kancharla, Chief Executive Officer of aRobotics Company. “Though microreactors rely on fission processes to generate energy, there are numerous non-nuclear components which are critical to the operation of these energy systems. The experience we’ve gained through our extensive engineering work with the Department of Defense and large defense prime contractors will be instrumental as we support NANO Nuclear in advancing its next phase of reactor development.”

    Figure 1 – NANO Nuclear Energy Engages aRobotics Company to Oversee the Retrofitting of its Advanced Demonstration Facility in Westchester County, New York and Lead the Fabrication of Non-Nuclear Components for its Suite of Energy Systems.

    aRobotics develops, fabricates, and operates advanced robotic systems for inspecting and testing critical infrastructure in both civilian and defense contexts. The company has been recognized with multiple honors, including the NATO DIANA Challenge, the NYC Department of Building Challenge, active contracts with all major branches of the U.S. Military (including nearly 20 SBIR awards), and the Propel by MIPIM Startup Competition. aRobotics designs, develops and fabricates its suite of engineering robotics and provides materials testing solutions in-house at its own facilities. With numerous filed, published, and issued patents in the United States and internationally, aRobotics delivers cutting-edge solutions that ensure the structural integrity of significant assets and is routinely used on large infrastructural projects across the nation from interstates to skyscrapers. Building on its extensive deep technology engineering experience, aRobotics delivers cutting-edge, mission-ready solutions with reliability, efficiency, and innovation.

    “We are thrilled to engage aRobotics Company, whose proven track record in meeting stringent quality standards makes them an ideal partner,” said Jay Yu, Founder and Chairman of NANO Nuclear Energy. “Their extensive track record, particularly their work with the U.S. Department of Defense, give us confidence in their ability to manage the design and construction of our new demonstration facility as well as oversee the fabrication of certain key components such as the ALIP technology, ensuring we continue on a clear path toward demonstration and eventual commercialization.”

    “We are very pleased to partner with aRobotics Company on this phase of our development,” said James Walker, Chief Executive Officer and Head of Reactor Development of NANO Nuclear Energy. “In addition to overseeing the final build out of our new demonstration facility, aRobotics will play a pivotal role in fabricating and refining essential non-nuclear components that support our reactor energy systems. Their efforts will complement our technical teams’ work, helping to accelerate design development and maintain the highest standards of safety and performance for our reactors.”

    About NANO Nuclear Energy, Inc.

    NANO Nuclear Energy Inc. (NASDAQ: NNE) is an advanced technology-driven nuclear energy company seeking to become a commercially focused, diversified, and vertically integrated company across five business lines: (i) cutting edge portable and other microreactor technologies, (ii) nuclear fuel fabrication, (iii) nuclear fuel transportation, (iv) nuclear applications for space and (v) nuclear industry consulting services. NANO Nuclear believes it is the first portable nuclear microreactor company to be listed publicly in the U.S.

    Led by a world-class nuclear engineering team, NANO Nuclear’s reactor products in development include “ZEUS”, a solid core battery reactor, and “ODIN”, a low-pressure coolant reactor, each representing advanced developments in clean energy solutions that are portable, on-demand capable, advanced nuclear microreactors. NANO Nuclear is also developing patented stationary KRONOS MMR™ Energy System and space focused, portable LOKI MMR™.

    Advanced Fuel Transportation Inc. (AFT), a NANO Nuclear subsidiary, is led by former executives from the largest transportation company in the world aiming to build a North American transportation company that will provide commercial quantities of HALEU fuel to small modular reactors, microreactor companies, national laboratories, military, and DOE programs. Through NANO Nuclear, AFT is the exclusive licensee of a patented high-capacity HALEU fuel transportation basket developed by three major U.S. national nuclear laboratories and funded by the Department of Energy. Assuming development and commercialization, AFT is expected to form part of the only vertically integrated nuclear fuel business of its kind in North America.

    HALEU Energy Fuel Inc. (HEF), a NANO Nuclear subsidiary, is focusing on the future development of a domestic source for a High-Assay, Low-Enriched Uranium (HALEU) fuel fabrication pipeline for NANO Nuclear’s own microreactors as well as the broader advanced nuclear reactor industry.

    NANO Nuclear Space Inc. (NNS), a NANO Nuclear subsidiary, is exploring the potential commercial applications of NANO Nuclear’s developing micronuclear reactor technology in space. NNS is focusing on applications such as the LOKI MMR™ system and other power systems for extraterrestrial projects and human sustaining environments, and potentially propulsion technology for long haul space missions. NNS’ initial focus will be on cis-lunar applications, referring to uses in the space region extending from Earth to the area surrounding the Moon’s surface.

    For more corporate information please visit: https://NanoNuclearEnergy.com/

    For further NANO Nuclear information, please contact:
    Email: IR@NANONuclearEnergy.com
    Business Tel: (212) 634-9206

    PLEASE FOLLOW OUR SOCIAL MEDIA PAGES HERE:

    NANO Nuclear Energy LINKEDIN
    NANO Nuclear Energy YOUTUBE
    NANO Nuclear Energy X PLATFORM

    Cautionary Note Regarding Forward Looking Statements

    This news release and statements of NANO Nuclear’s management in connection with this news release contain or may contain “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” and other words of similar meaning. In this press release, forward-looking statements include statements regarding the qualifications of aRobotics Company as applied to NANO Nuclear’s projects as well as other anticipated benefits of the NANO Nuclear’s engagement of aRobotics Company. These and other forward-looking statements are based on information available to us as of the date of this news release and represent management’s current views and assumptions. Forward-looking statements are not guarantees of future performance, events or results and involve significant known and unknown risks, uncertainties and other factors, which may be beyond our control. For NANO Nuclear, particular risks and uncertainties that could cause our actual future results to differ materially from those expressed in our forward-looking statements include but are not limited to the following: (i) risks related to our U.S. Department of Energy (“DOE”) or related state or non-U.S. nuclear fuel licensing submissions, (ii) risks related the development of new or advanced technology and the acquisition of complimentary technology or businesses, including difficulties with design and testing, cost overruns, regulatory delays, integration issues and the development of competitive technology, (iii) our ability to obtain contracts and funding to be able to continue operations, (iv) risks related to uncertainty regarding our ability to technologically develop and commercially deploy a competitive advanced nuclear reactor or other technology in the timelines we anticipate, if ever, (v) risks related to the impact of U.S. and non-U.S. government regulation, policies and licensing requirements, including by the DOE and the U.S. Nuclear Regulatory Commission, including those associated with the recently enacted ADVANCE Act, and (vi) similar risks and uncertainties associated with the operating an early stage business a highly regulated and rapidly evolving industry. Readers are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this news release. These factors may not constitute all factors that could cause actual results to differ from those discussed in any forward-looking statement, and NANO Nuclear therefore encourages investors to review other factors that may affect future results in its filings with the SEC, which are available for review at www.sec.gov and at https://ir.nanonuclearenergy.com/financial-information/sec-filings. Accordingly, forward-looking statements should not be relied upon as a predictor of actual results. We do not undertake to update our forward-looking statements to reflect events or circumstances that may arise after the date of this news release, except as required by law.

    Attachment

    The MIL Network –

  • MIL-OSI: Applied Releases Commercial Lines Premium Rate Index Findings for Year-End and Q4 2024

    Source: GlobeNewswire (MIL-OSI)

    Toronto, ON., Feb. 06, 2025 (GLOBE NEWSWIRE) — Applied Systems® today announced the final quarter 2023 results of the Applied Commercial Index™, the Canadian insurance industry’s premium rate index. Overall, the magnitude of rate increases was down across all lines relative to average premium renewals in the same quarter last year with 5.02% in Q4 2024, down from 7.55% in Q4 2023. All lines of business saw decreases compared to the same quarter last year.

    Quarter over quarter, Q4 2024 results showed average renewal rate change decreased across all lines of the most commonly placed Commercial Lines categories, including Real Estate Property, Construction, Hospitality Services, and Retail Services, with the exception of Business and Professional Services which experienced a slight quarterly increase.

    Significant findings include:

    • Business and Professional Services: Q4 2024 premium renewal rate change average was 5.48%, up from the Q3 2024 average of 5.30%.
    • Construction, Erection, and Installation Services: Premium renewal rate change average was 4.78% for the quarter, down from the Q3 2024 average of 5.36%.
    • Hospitality Services: Q4 2024 premium renewal rate change average was 3.79%, down from the Q3 2024 average of 5.77%.
    • Real Estate Property: Premium renewal rate change average was 4.59% for the quarter, down from the Q3 2024 average of 5.32%.
    • Retail Services: Premium renewal rate change averaged 6.84%, down relative to the Q3 2024 average of 7.53%.

    “This quarter’s results demonstrate a continued softening of the commercial lines market as premium renewal rates decrease quarter over quarter and compared to the average of last year’s same quarter,” said Steve Whitelaw, senior vice president and general manager, Canada, Applied Systems. “As we enter 2025, we will continue to watch as macro trends, such as increased competition in the commercial lines market, continues to impact rates.” 

    Access the complete quarterly report here.

    # # #

     Applied Commercial Index is a trademark of Applied Systems, Inc. All data is fully anonymized when aggregating and analyzing the Applied Commercial Index.

    About Applied Systems
    Applied Systems is the leading global provider of cloud-based software that powers the business of insurance. Recognized as a pioneer in insurance automation and the innovation leader, Applied is the world’s largest provider of agency and brokerage management systems, serving customers throughout the United States, Canada, the Republic of Ireland, and the United Kingdom. By automating the insurance lifecycle, Applied’s people and products enable millions of people around the world to safeguard and protect what matters most.

    The MIL Network –

  • MIL-OSI United Kingdom: Experimental Parking Zone to be introduced around Everton FC’s new stadium

    Source: City of Liverpool

    Liverpool City Council is to introduce a ‘Football Match Parking Zone’ around Everton FC’s new stadium, at Bramley-Moore Dock.

    A raft of new parking measures are to be implemented surrounding the 52,888 seater stadium, similar to what is already in place around Goodison Park and Anfield.

    More than 4,000 residents and 3,000 businesses are now being invited to apply for the relevant parking permits ahead of the zone going live under an Experimental Traffic Road Order (ETRO) to coincide with the historic first test game at the £500m venue later this month.

    The ETRO will run for up to 18 months and during that period will then be reviewed by the Council’s Transport and Highways team.

    Residents will be able to apply for a permit for each vehicle registered at their address, plus one visitor permit, for which there will be no fee. Businesses will be charged an annual fee of £50 per vehicle, up to a maximum of 10.

    The focus of the proposed parking zone covers the area within a 30-minute walk of Everton Stadium, which is serviced by the city’s historic “Dock Road”, and will encompass the surrounding Ten Streets district, into the city centre and up to Great Homer Street in Everton.

    The new parking zone requirements, which were subject to a public consultation in late 2022, includes:

    • New resident parking areas
    • New taxi ranks
    • New match day bus stands
    • New parking restrictions
    • New hours of operation for existing parking zones for the Great Homer Street area
    • New hours of operation for existing parking zones for the Ten Streets and Love Lane areas
    • New industrial parking zone south of Boundary Street
    • New industrial parking zone north of Boundary Street

    The overall aim of the new Parking Zone is to reduce congestion, improve air quality and safety to and from the stadium. The proposals have also been designed to complement the planned modernisation of parking across the city centre.

    The Council’s Transport and Highways team has already begun the process of installing new signage ahead of Everton’s first “test match” at the waterfront stadium, situated within Liverpool Waters, which will be held on Monday, 17 February.

    (For more information, Frequently Asked Questions, Have Your Say on the zone
    and to see detailed maps on the various areas with the zone – please go here.)

    Scheduled to open for the 2025/26 season, Everton’s new home has already been picked as a venue for the UEFA European Championships in 2028 and will also be capable of hosting major non-footballing events.

    Liverpool City Council has invested more than £20m in the highways infrastructure around Bramley-Moore Dock, including a permanent segregated cycle lane running from the city centre up to Liverpool’s northern border at Bootle in Sefton, which passes right in front of the new stadium.

    The Council is also working with Sefton Council and the Liverpool City Region Combined Authority on a new town bid which which would see for than 10,000 new homes, with community infrastructure, from the city centre, around the new stadium, and north into Bootle and Walton.

    • The Liverpool City Region Combined Authority is also working with Merseyrail, Network Rail and Everton FC on the development of a new crowd management zone and an additional entrance at Sandhills station. The aim is to primarily support fans and event goers accessing public transport on their way to and from the new stadium.

    Councillor Dan Barrington, Liverpool City Council’s Cabinet Member for Transport and Connectivity, said: “Everton Stadium is going to be transformational especially for the surrounding Ten Streets district and the wider Kirkdale community.

    “As well as the economic benefit, the vast volume of people the stadium will attract – and how they arrive and depart – needs to be carefully managed.

    “The North Docks area has never had to cope with such large numbers of people in such concentrated time periods, but fortunately the city has the experience and knowledge thanks to Goodison Park and Anfield. By creating this new match day parking zone, we’ll be looking to adopt and incorporate those controls which so effectively move tens of thousands on a weekly basis.

    “Bramley-Moore Dock is also a unique location given its very close proximity to the city centre and the fact the surrounding transport infrastructure is well developed. There’s more to be done but all the partners are talking to make those improvements.

    “We’ll also be looking to encourage as many active travel options as possible for those attending the games or other events there, which is a win-win for everyone in terms of managing congestion and air quality and promoting healthy habits.

    “There’s lots of residents and businesses, as well as Everton fans, who will be affected by this new zone and thanks to their feedback we’ve been able to formulate a plan which accommodates their needs.”

    MIL OSI United Kingdom –

  • MIL-OSI: AT&T and TransUnion Launch In-Network Branded Call Display with Reason for Call

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 06, 2025 (GLOBE NEWSWIRE) — AT&T and TransUnion (NYSE: TRU) are now offering outgoing calls for businesses that display a reason for the call in addition to showing their brand name and logo. This capability is made possible through TransUnion’s Branded Call Display, and it gives AT&T wireless subscribers more confidence in who’s calling and why. Reason for the call will appear for most Android users on incoming calls from participating businesses and organizations, and in the call details page after a call is missed. 1

    No app is needed to receive these branded calls. They are verified with end-to-end industry standard STIR/SHAKEN call authentication to help ensure that the call is legitimate and not spoofed. Displaying the reason for the call is the latest evolution from TransUnion and AT&T. It builds on momentum from January 2024 when the companies announced the ability to add a business’s name and brand logo to the mobile display.

    “We’re excited to announce the ability for businesses to add the reason for their call to the mobile display,” said Erin Scarborough, AT&T senior vice president, Mass Markets Product Management. “Research shows consumers still prefer calling for communicating with businesses – especially for urgent, personal, or high-value issues. Now they can safely answer verified branded calls, knowing who’s calling and why.”

    Reasons for the call can include a wide range of options, including: “Appointment Reminder,” “Customer Inquiry,” “Customer Service,” “Refill Reminder,” “Delivery Service,” “Patient Callback,” “Upcoming Visit,” and more. No action is required from AT&T wireless customers to see reasons for calls.

    “Businesses have a tremendous opportunity to improve customer experiences and business outcomes with this iteration of branded calling,” said James Garvert, senior vice president of TruContact Communications Solutions at TransUnion. “Adopting these capabilities shows a good faith effort by the business to protect consumers from fraud and address their most pressing concerns.”

    Consumers have made it clear they want more protection against unwanted calls and fraud. According to a recent TransUnion survey, 73% of consumers said they’d be likely to answer calls if name and logo were shown.

    In addition, consumers indicated they highly value phone calls for their most important issues. The situations consumers most prefer to handle with businesses by phone are:

    • Personal, e.g., health issues (64%)
    • High-value decisions, e.g., home or auto purchases (55%)
    • Urgent circumstances, e.g., natural disasters (55%)
    • Complex decisions, e.g., estate planning (40%)

    Learn more about TransUnion Branded Call Display here.

    1 Branded logo and reason for the call appear when the phone rings, and in the call details page after a call is missed, on most Android devices. On other operating systems, branded logo appears on the mobile display.

    About AT&T
    We help more than 100 million U.S. families, friends and neighbors, plus nearly 2.5 million businesses, connect to greater possibility. From the first phone call 140+ years ago to our 5G wireless and multi-gig internet offerings today, we @ATT innovate to improve lives. For more information about AT&T Inc. (NYSE:T), please visit us at about.att.com. Investors can learn more at investors.att.com.

    About TransUnion (NYSE: TRU)
    TransUnion is a global information and insights company with over 13,000 associates operating in more than 30 countries. We make trust possible by ensuring each person is reliably represented in the marketplace. We do this with a Tru™ picture of each person: an actionable view of consumers, stewarded with care. Through our acquisitions and technology investments we have developed innovative solutions that extend beyond our strong foundation in core credit into areas such as marketing, fraud, risk and advanced analytics. As a result, consumers and businesses can transact with confidence and achieve great things. We call this Information for Good® — and it leads to economic opportunity, great experiences and personal empowerment for millions of people around the world. http://www.transunion.com/business

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/066f2591-116d-4919-8f36-2c545538aa65

    Contact          

    E-mail   

    Telephone

    		 Dave Blumberg
    TransUnion

    david.blumberg@transunion.com

    312-972-6646

    The MIL Network –

  • MIL-OSI: LVT Bolsters Executive Leadership Amid Rapid Company Growth And Surging Demand for Advanced Security Tech

    Source: GlobeNewswire (MIL-OSI)

    AMERICAN FORK, Utah, Feb. 06, 2025 (GLOBE NEWSWIRE) — LVT (LiveView Technologies, Inc.), the leader of customizable mobile security solutions, today announced four executive hires to support the company’s rapid growth and customer expansion as it enters its 20th year in business:

    • Chief Human Resources Officer Will Clive will manage LVT’s people team and drive the development of innovative initiatives aimed at enhancing the employee experience and productivity. Will was previously the Chief People Officer at Pluralsight, where he helped transform its HR function into a competitive differentiator.
    • Chief Information Security Officer Ryan Gurney will lead the information security team to continually strengthen the company’s data security practices and maintain compliance with evolving industry regulations. Ryan was previously Chief Security Officer with Looker, which joined Google Cloud in 2020, where he built the company’s information security and compliance program.
    • Chief Revenue Officer Spencer Steed will oversee LVT’s go-to-market strategy and operations to help accelerate the company’s growth as it unveils new features and industry-first capabilities. Spencer was previously Senior Vice President of Sales, Public Sector, at Qualtrics, where he led company growth across federal, state, local, and education customers.
    • Chief Customer Officer Taylor Wetzel will develop a comprehensive customer-centric strategy and define key performance indicators to optimize customer outcomes, loyalty, and growth. Taylor was previously Senior Vice President of Customer Success at Qualtrics, where he guided efforts to improve the experience, retention, and ROI for more than 20,000 global customers.    

    “LVT has sustained remarkable growth for more than a decade, and we will soon scale even further by introducing unprecedented security capabilities to improve safety and efficiency for companies across the nation,” said Ryan Porter, LVT co-founder and CEO. “We are excited to have Will, Ryan, Spencer, and Taylor on board to support our mission, and we welcome their breadth of experience and insights to keep moving LVT forward.”

    These four new executives will be pivotal in supporting LVT’s expanding employee base and providing diverse perspectives to preserve its position as a leading innovator in mobile security technology. Growth milestones include the following:

    • In 2024, LVT was recognized for its 226% revenue growth on the Deloitte Technology Fast 500™ and 227% revenue growth on the Inc. 5000.
    • Utah Valley BusinessQ honored LVT as a UV50 fastest-growing company and economic engine.
    • LVT experienced a 25% increase in year-over-year headcount between January 2024 and January 2025.

    LVT provides customizable mobile security units (MSUs) that have driven measurable safety improvements and security operation efficiencies across retail, government, construction, education, and other industries. In January, LVT revealed SafeNow, a first-of-its-kind feature that empowers LVT customer employees to access MSU features directly from their phones.

    Learn more about LVT and how its MSUs can help you discover, deter, and defend against threats at https://www.lvt.com/.

    About LVT
    LVT (LiveView Technologies, Inc.) is a leader in life safety and security and the premier developer and manufacturer of mobile, solar-powered and cellular/satellite-connected surveillance solutions and software. Headquartered in American Fork, Utah, LVT’s enterprise software-as-a-service (SaaS) solution is used by retailers, critical infrastructure and utilities, construction projects, warehouse and distribution centers, police, municipalities, and more. LVT is proud to be made in the USA and manufactured in Utah. For more information, visit www.lvt.com.

    Media Contacts:
    Matthew Deighton
    LiveView Technologies
    media@lvt.com

    The MIL Network –

  • MIL-OSI: Duck Creek Technologies Receives Insurance Business America’s 2025 5-Star Diversity, Equity, and Inclusion Award for Third Straight Year 

    Source: GlobeNewswire (MIL-OSI)

    BOSTON, Feb. 06, 2025 (GLOBE NEWSWIRE) — Duck Creek Technologies, the global intelligent solutions provider defining the future of property and casualty (P&C) and general insurance, announced it received for a third consecutive year the prestigious 2025 5-Star Diversity, Equity, and Inclusion Award by Insurance Business America. This recognition underscores Duck Creek’s steadfast commitment to cultivating a culture of diversity, equity, and inclusion (DE&I) through impactful programs and deeply ingrained values.

    Duck Creek’s success is driven by its people-first philosophy, carried out by a diverse, globally collaborative workforce that demonstrates both high-performance and deep industry and technology skills. Duck Creek’s talent initiatives prioritize attracting and developing individuals from varied backgrounds, strengthening the insurance and technology sectors with creative solutions and unique experiences. Collectively, these efforts foster a workplace where individuality is celebrated, teamwork thrives, and DE&I principles are actively advanced.

    “We are honored that Duck Creek has been selected for the third consecutive year as a leader in the insurance industry for our dedication to diversity, equity, and inclusion,” said Michael Jackowski, Chief Executive Officer, Duck Creek Technologies. “Our globally diverse teams, recognized for their high performance and deep expertise, are key to driving our customers’ success and powering the innovations that are shaping the future of insurance alongside our partners.”

    Insurance Business America’s 5-Star DE&I winners of 2025 are recognized for the effectiveness of their programs. Those on the prestigious list were named after IBA surveyed thousands of employees across the sector, with 55 percent of respondents from a diverse or underrepresented group.

    “Guided by our core values—respect, listening, caring, and leading—Duck Creek is unwavering in its commitment to ensuring diverse voices and perspectives are represented, empowered, and celebrated,” said Amy Bayer, Global Director of DE&I, Engagement, and Culture at Duck Creek Technologies. “Through our robust employee programs, we aim to create a culture where every employee feels a sense of belonging and has access to continuous opportunities for growth and development. Our efforts to expand DE&I initiatives reflect our dedication to strengthening our winning culture and fostering a thriving, inclusive community.”

    About Duck Creek Technologies  
    Duck Creek Technologies is the global intelligent solutions provider defining the future of the property and casualty (P&C) and general insurance industry. We are the platform upon which modern insurance systems are built, enabling the industry to capitalize on the power of the cloud to run agile, intelligent, and evergreen operations. Authenticity, purpose, and transparency are core to Duck Creek, and we believe insurance should be there for individuals and businesses when, where, and how they need it most. Our market-leading solutions are available on a standalone basis or as a full suite, and all are available via Duck Creek OnDemand. Visit www.duckcreek.com to learn more. Follow Duck Creek on our social channels for the latest information – LinkedIn and X.

    Media Contacts:  
    Marianne Dempsey/Tara Stred  
    duckcreek@threeringsinc.com  

    The MIL Network –

  • MIL-OSI Economics: Browne Craine & Co Limited

    Source: Isle of Man

    Notice is hereby given that Browne Craine & Co Limited, which was registered under the Designated Businesses (Registration & Oversight) Act 2015, has been de-registered in accordance with 12(1)(a) of this Act with effect from 06/02/2025.

    MIL OSI Economics –

  • MIL-OSI United Kingdom: ‘It Starts in Wolverhampton’ event showcases city’s innovation and green credentials

    Source: City of Wolverhampton

    Aligned with the West Midlands Growth Company’s ‘It Starts Here’ campaign, the ‘It Starts in Wolverhampton: Innovating for Sustainable Growth’ event demonstrated why there has never been a better time to invest, grow and succeed in the city.

    More than 200 delegates attended the showcase supported by headline sponsors University of Wolverhampton and WLV Business Link, and reception sponsor Turner & Townsend.

    They heard how City of Wolverhampton Council in partnership with University of Wolverhampton is developing the Green Innovation Corridor (GIC) in the city, to create a world class eco, green innovation district delivering in excess of 20,000sqm of new R&D, laboratory and commercial floorspace and 1,200 new jobs.

    The early phases of the GIC programme focusing on bringing forward demand led business space on 4 underutilised land parcels of land at Wolverhampton Science Park will be supported by £7million of Investment Zone funding and £20million of funding secured by the council from the Government.

    As well as this capital funding, GIC and the wider city will benefit from the IZ Regional Business Support, Skills and R&D programmes and Delivery Capacity Funding programmes, being developed with local and regional partners.

    This builds on pioneering facilities and businesses already in place in the city such as the National Brownfield Institute, School of Architecture and Built Environment, Elite Centre for Manufacturing Skills, University of Wolverhampton Science Park, including the SPARK Incubator, Composite & Additive Layer Materials Engineering Research & Innovation Centre, Centre for Green Electricals Materials Manufacturing and global companies like JLR, Collins, Moog, and leaders in 3D printing, EOS UK.

    Industry leaders and visionaries shaping the future of clean and green industries also highlighted why Wolverhampton is the place to be for innovation and sustainable growth.

    This included Craig Osman, Operations Director for EPMC i54, JLR, who focused on vehicle electrification, investment and cutting edge innovation at the Electric Propulsion Manufacturing Centre at i54, jobs, supply chain, the wider overview of the footprint in the West Midlands and the JLR Reimagine strategy.

    Olivia Simpson, Chief Operations Officer, FlexSea, also explained why her business relocated from London to Wolverhampton and is redefining bioplastics with a revolutionary product made from seaweed – certified plastic free and home compostable.

    Davide lacovelli, Regional Director EMEA, EOS UK highlighted his company’s work in partnership with the University of Wolverhampton at the new UK Centre of Excellence for Additive Manufacturing based in the Elite Centre for Manufacturing Skills at the university’s Springfield Campus. It specialises in the development of advanced materials and processes for demanding applications within industries such as space, automotive, aerospace, electronics, and quantum computing.

    Councillor Chris Burden, City of Wolverhampton Council Cabinet Member for City Development, Jobs and Skills, said: “The event showed the level of innovation, the groundbreaking designs, partnerships and research and development happening right here in our city.

    “It is truly remarkable and testament to the skilled people that have been attracted here and been nurtured by our businesses and organisations.

    “Building on some of our local strengths, and particularly those of the university and businesses, we will make the Green Innovation Corridor a success.

    “Our ambition for the Green Innovation Corridor is for it to be a world leading research led cluster in green technologies with a focus on green construction, green computing and green engineering. The GIC will support businesses and the wider economy in its transition to net zero and aim to create more productive, sustainable, highly skilled and innovative industry.

    “It is also about taking the economy of Wolverhampton forward, building on the expertise, research and development and skills that Wolverhampton has to offer and deliver jobs growth, a higher wage economy, a more inclusive economy, a more sustainable economy and place, the development of brownfield sites – some that have been vacant for years- and a vibrant corridor that is well connected and renowned for its research led clusters in engineering, computing and construction.”

    MIL OSI United Kingdom –

  • MIL-OSI: First National Corporation Reports Fourth Quarter and Annual 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRASBURG, Va., Feb. 06, 2025 (GLOBE NEWSWIRE) — First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), the bank holding company of First Bank (the “Bank”), reported an unaudited consolidated net loss of $933 thousand and basic and diluted loss per common share of $0.10 for the fourth quarter of 2024, and adjusted operating earnings(1) of $6.0 million and adjusted operating basic and diluted earnings(1) per common share of $0.66 for the fourth quarter of 2024.

    For the year ended December 31, 2024, the Company reported unaudited consolidated earnings of $7.0 million and basic and diluted earnings per common share of $1.00 and adjusted operating earnings(1) of $14.6 million and adjusted basic and diluted earnings per common share(1) of $2.10 for the year ended December 31, 2024.

    “2024 was a transformational year for First National as we consummated our largest acquisition to date and resulting partnership with Touchstone Bankshares. Our results for the quarter reflected solid operating metrics adjusting for merger costs, and is the first quarter to include the combined financial results of First National and Touchstone,” said Scott Harvard, President and Chief Executive Officer of First National. “I am proud of all the work from our teammates to get us to this point. We are completing system conversions in several weeks which will allow us to operate as one bank across our footprint. We believe the fourth quarter financial operating performance is indicative of the benefits of the acquisition and look forward to fully completing the integration of our two companies.”

    FOURTH QUARTER HIGHLIGHTS

    • Completed acquisition of Touchstone Bankshares, Inc. on October 1
    • Total assets of $2.0 billion with 33 branch offices
    • Net interest margin increased 40 basis points to 3.83%
    • Noninterest bearing deposits comprised 29% of total deposits
    • Efficiency ratio of 63.97%(1)

    Merger with Touchstone Bankshares, Inc. (“Touchstone”)

    On October 1, 2024, the Company completed its acquisition of Touchstone. Touchstone’s results of operations are included in the Company’s consolidated results since the date of acquisition, and, therefore, the Company’s fourth quarter and full year 2024 results reflect increased levels of average balances, net interest income, and expense compared to its prior quarter and full year 2023 results. After purchase accounting fair value adjustments, the acquisition added $664.3 million of total assets, including $479.3 million of loans held for investment (“LHFI”), and $614.6 million of total liabilities, including $555.4 million in total deposits. The Company recorded a preliminary bargain purchase gain of $2.9 million during the quarter associated with the acquisition.

    In connection with the acquisition, the Company recorded an allowance for credit losses on acquired loans that experienced a more than insignificant amount of credit deterioration since origination (“PCD” loans) of $385 thousand. In addition, the Company recorded a provision for credit losses of $3.8 million on non-PCD loans and $100 thousand provision on unfunded commitments for the fourth quarter of 2024.

    The Company incurred pre-tax merger costs of approximately $7.3 million during the fourth quarter of 2024 related to the Touchstone acquisition.

    NET INTEREST INCOME

    For the fourth quarter of 2024, net interest income was $18.4 million, an increase of $6.6 million from $11.7 million in the third quarter of 2024. The increases in net interest income was primarily the result of a $545.3 million increase in average interest earning assets, partially offset by a $415.0 million increase in average interest bearing liabilities, in each case primarily related to the acquisition of Touchstone. For the fourth quarter of 2024, the Company’s net interest margin increased 40 basis points to 3.83% primarily due to the impacts associated with the Touchstone acquisition. Earning asset yields for the fourth quarter of 2024 increased 22 basis points to 5.30% compared to the third quarter of 2024, and the cost of funds decreased by 21 basis points to 1.51%, due to changes in deposit mix following the acquisition of Touchstone and federal funds rate cuts in late 2024.

    The Company’s net interest margin (FTE)(1) for the fourth quarter of 2024 includes the impact of acquisition accounting fair value adjustments. Net accretion income related to acquisition accounting was $408 thousand, or a nine basis point incremental increase to the net interest margin for the fourth quarter ended December 31, 2024, and none for the comparative prior quarter and same quarter in 2023, respectively, due to the Touchstone acquisition. 

    NONINTEREST INCOME

    Noninterest income increased $3.4 million to $6.4 million for the fourth quarter of 2024 from $3.2 million in the prior quarter, primarily driven by $2.9 million of pre-tax bargain purchase gain and other increases in noninterest income associated with the full quarter impact of the Touchstone acquisition that closed on October 1, 2024.

    NONINTEREST EXPENSE

    Noninterest expense increased $11.5 million to $21.9 million for the fourth quarter of 2024 from $10.5 million in the prior quarter, primarily driven by a $7.3 million increase in pre-tax merger-related expenses, as well as other increases in noninterest expense due to the full quarter impact of the Touchstone acquisition. The full quarter impact of Touchstone and related merger expenses drove the majority of the $4.5 million increase in salaries and benefits, the $3.9 million increase in data processing, and the $351 thousand increase in occupancy expenses compared to the prior quarter. In addition, legal and professional services increased $618 thousand, primarily due to fees associated with the merger.

    Adjusted operating noninterest expense, which excludes merger-related costs ($219 thousand in the third quarter and $7.3 million in the fourth quarter) and amortization of intangible assets ($4 thousand in the third quarter and $448 thousand in the fourth quarter), increased $3.9 million to $14.2 million for the fourth quarter of 2024 from $10.2 million in the prior quarter, primarily due to the impact of the Touchstone acquisition.

    ASSET QUALITY

    Overview

    Loans past due greater than 30 days and still accruing interest as a percentage of total loans amounted to 0.24% on December 31, 2024, compared to 0.24% on September 30, 2024, and 0.31% on December 31, 2023. Of the total past due loans still accruing interest, $365 thousand were past due 90 days or more on December 31, 2024, compared to $0 on September 30, 2024, and $524 thousand on December 31, 2023. Management classifies non-performing assets (“NPAs”) as non-accrual loans and OREO. Nonperforming assets (“NPAs”) as a percentage of total assets decreased to 0.35% on December 31, 2024, compared to 0.41% on September 30, 2024, and 0.48% one year ago on December 31, 2023. The decrease in the NPA ratio was primarily due to the effects of the Touchstone acquisition, which added LHFI of $479.3 million acquired in the transaction. Net charge-offs totaled $1.3 million in the fourth quarter of 2024, compared to net charge-offs of $1.6 million in the third quarter of 2024, and net charge-offs of $2.7 million in the fourth quarter of 2023. The net charge-offs for the fourth quarter of 2024 included $883 thousand of commercial and industrial loans, with $774 thousand of that specific to our pool of loans originated to health care professionals through a third-party lender. The allowance for credit losses on loans totaled $16.4 million, or 1.12% of total loans on December 31, 2024, compared to $12.7 million, or 1.28% of total loans on September 30, 2024, and $12.0 million, or 1.24% of total loans on December 31, 2023.

    Nonperforming Assets

    NPAs increased to $7.1 million on December 31, 2024, compared to $6.0 million on September 30, 2024, and $6.8 million on December 31, 2023, which represented 0.35%, 0.41%, and 0.48% of total assets, respectively. The increase in NPAs during the fourth quarter of 2024 resulted from the acquisition of Touchstone’s portfolio, including $1 million of additional non-accrual loans.

    Past Due Loans

    Loans past due 30-89 days and still accruing interest increased to $3.1 million, or 0.21% of total loans on December 31, 2024, compared to $2.4 million, or 0.24% of total loans on September 30, 2024, and $2.5 million, or 0.26%, of total loans on December 31, 2023. Loans past due over 90 days or more and still accruing interest on December 31, 2024, increased to $365 thousand, compared to $0 on September 30, 2024, and $524 thousand on December 31, 2023.

    Allowance for Credit Losses on Loans

    For the fourth quarter of 2024, the Company recorded a provision for credit losses of $4.8 million, compared to a provision for credit losses of $1.7 million in the prior quarter, and a provision for credit losses of $6.0 million in the fourth quarter of 2023. Included in the provision for credit losses for the fourth quarter of 2024 was a $3.8 million initial provision expense on non-PCD loans and $100 thousand on unfunded commitments, each acquired from Touchstone. As compared to the prior quarter, the decrease in provision for credit losses, outside of the initial provision expense recorded on non-PCD loans and unfunded commitments acquired from Touchstone, primarily reflects the impact of lower net charge-offs in the fourth quarter of 2024 and lower outstanding legacy loan balances. As compared to the same period in the prior year, the decrease in provision for credit losses, outside of the initial provision expense recorded on non-PCD loans and unfunded commitments acquired from Touchstone, is primarily due to higher reserves booked during the fourth quarter of 2023 due to qualitative factor adjustments related to the commercial and industrial loan pool, as well as specific reserves from identified individually evaluated loans.

    BALANCE SHEET

    At December 31, 2024, the Company’s consolidated balance sheet includes the impact of the Touchstone acquisition, which closed October 1, 2024, as discussed above. ASC 805, Business Combinations, allows for a measurement period of 12 months beyond the acquisition date to finalize the fair value measurements of the acquired Company’s net assets as additional information not existing as of the acquisition date becomes available. Any future measurement period adjustments will be recorded through an adjustment to the bargain purchase gain upon identification. Below is a summary of the related impact of the acquisition on the Company’s consolidated balance sheet as of the acquisition date.

    • The fair value of assets acquired totaled $664.3 million and included total loans of $479.3 million with an initial loan discount of $13.5 million.
    • The fair value of the liabilities assumed totaled $614.6 million and included total deposits of $555.4 million with an initial deposit mark related to time deposits of $1.1 million.
    • Core deposit intangibles and other intangibles acquired totaled $15.6 million.
    • No goodwill was recorded in the transaction, and the preliminary bargain purchase gain (included in other income) totaled $2.9 million.

    At December 31, 2024, total assets were $2.0 billion, an increase of $559.6 million or 38.6% from September 30, 2024 and $591.0 million or approximately 41.6% from December 31, 2023. The increases in total assets from the prior quarter and prior year were primarily driven by growth in loans held for investment (LHFI) (net of deferred fees and costs) and the securities portfolio, primarily due to the Touchstone acquisition.

    At December 31, 2024, LHFI net of allowance totaled $1.5 billion, an increase of $468.6 million from $982.0 million at September 30, 2024, and an increase of $493.1 million or 51.5% from December 31, 2023. LHFI increased from the prior quarter and prior year primarily due to the Touchstone acquisition, as well as organic loan growth compared to prior year.

    At December 31, 2024, total investments were $277.3 million, an increase of $7.8 million from September 30, 2024, and a decrease of $25.9 million or 8.5% from December 31, 2023. Available for sale (AFS) securities totaled $163.8 million at December 31, 2024 and $146.0 million at September 30, 2024 and $152.9 million at December 31, 2023. The increases compared to the prior quarter and prior year were primarily due to the acquisition of Touchstone. Total net unrealized losses on the AFS securities portfolio were $22.1 million at December 31, 2024, compared to $17.2 million at September 30, 2024, and $20.6 million at December 31, 2023. Held to maturity securities are carried at cost and totaled $109.7 million at December 31, 2024, $121.4 million at September 30, 2024, and $148.2 million at December 31, 2023.

    At December 31, 2024, total deposits were $1.80 billion, an increase of $550.5 million from the prior quarter, and an increase of $570.1 million or 46.2% from December 31, 2023. The increases in deposit balances from the prior quarter and prior year are primarily due to increases in interest bearing customer deposits and demand deposits, primarily related to the addition of the Touchstone acquired deposits.

    Other borrowings decreased $50.0 million during the fourth quarter as the Bank repaid borrowed funds from the Federal Reserve Bank through their Bank Term Funding Program.

    Shareholders’ equity totaled $166.5 million on December 31, 2024, which was an increase of $41.4 million from September 30, 2024. The increase in total shareholders’ equity was primarily attributable to the issuance of 2.67 million shares associated with the Touchstone acquisition. The Company declared and paid cash dividends of $0.155 per common share during the fourth quarter of 2024, up from $0.15 paid during the first three quarterly periods of 2024.

    The following table provides capital ratios at the periods ended:

        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023  
    Total capital ratio (2)     12.35 %     14.29 %     14.13 %
    Tier 1 capital ratio (2)     11.19 %     13.04 %     12.88 %
    Common equity Tier 1 capital ratio (2)     11.19 %     13.04 %     12.88 %
    Leverage ratio (2)     7.95 %     9.23 %     9.17 %
    Common equity to total assets (3)     8.29 %     8.62 %     8.23 %
    Tangible common equity to tangible assets (1) (3)     7.46 %     8.43 %     8.03 %
       
    (1) These are financial measures not calculated in accordance with generally accepted accounting principles (“GAAP”). For a reconciliation of these non-GAAP financial measures, see the “Non-GAAP Reconciliation” sections of the Performance Summary tables included in this release.
       
    (2) All ratios at December 31, 2024 are estimates and subject to change pending the Company’s filing of its FR Y9-C. All other periods are presented as filed.
       
    (3) Capital ratios presented are for First National Corporation.
       

    NON-GAAP FINANCIAL MEASURES

    In addition to financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), the Company uses certain non-GAAP financial measures that provide useful information for financial and operational decision making, evaluating trends, and comparing financial results to other financial institutions. The non-GAAP financial measures presented in this document include adjusted operating net income, adjusted basic and diluted earnings (loss) per share, adjusted return on average assets, adjusted return on average equity, pre-provision pre-tax earnings, adjusted pre-provision pre-tax earnings, fully taxable equivalent interest income, the net interest margin, the efficiency ratio, tangible book value per share, and tangible common equity to tangible assets.

    The Company believes certain non-GAAP financial measures enhance the understanding of its business and performance. Non-GAAP financial measures are supplemental and not a substitute for, or more important than, financial measures prepared in accordance with GAAP and may not be comparable to those reported by other financial institutions. A reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measure is included at the end of this release.

    ABOUT FIRST NATIONAL CORPORATION

    First National Corporation (NASDAQ: FXNC) is the parent company and bank holding company of First Bank, a community bank that first opened for business in 1907 in Strasburg, Virginia. The Bank offers loan and deposit products and services through its website, www.fbvirginia.com, its mobile banking platform, a network of ATMs located throughout its market area, a loan production office, a customer service center in a retirement community, and thirty-three bank branch office locations located throughout the Shenandoah Valley, the south-central regions of Virginia, the Roanoke Valley, the Richmond MSA, and in northern North Carolina. In addition to providing traditional banking services, the Bank operates a wealth management division under the name First Bank Wealth Management. First Bank also owns First Bank Financial Services, Inc., which owns an interest in an entity that provides title insurance services.

    FORWARD-LOOKING STATEMENTS

    Certain information contained in this discussion may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements relate to the Company’s plans, objectives, expectations and intentions and other statements that are not historical facts, and other statements identified by words such as “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “targets,” and “projects,” as well as similar expression. Although the Company believes that its expectations with respect to the forward-looking statements are based upon reliable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements will not differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties. For details on factors that could affect expectations, future events, or results, see the risk factors and other cautionary language included in First National’s Annual Report on Form 10-K for the year ended December 31, 2023, and most recent Quarterly Reports on Form 10-Q and other filings with the Securities and Exchange Commission (the “SEC”).

    Additional risks and uncertainties may include, but are not limited to: (1) the risk that the cost savings and any revenue synergies from the Touchstone merger may not be realized or take longer than anticipated to be realized, including due to the state of the economy or other competitive factors in the areas in which the parties operate, (2) disruption from the merger of customer, supplier, employee or other business partner relationships, including diversion of management’s attention from ongoing business operations and opportunities due to the merger, (3) the possibility that the costs, fees, expenses and charges related to the merger may be greater than anticipated, (4) reputational risk and the reaction of each of the parties’ customers, suppliers, employees or other business partners to the merger, (5) the risks relating to the integration of Touchstone’s operations into the operations of First National, including the risk that such integration will be materially delayed or will be more costly or difficult than expected, (6) the risk of expansion into new geographic or product markets, (7) the dilution caused by First National’s issuance of additional shares of its common stock in the merger, and (8) general competitive, economic, political and market conditions. All subsequent written and oral forward-looking statements concerning First National or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above. First National does not undertake any obligation to update any forward-looking statement to reflect circumstances or events that occur after the date the forward-looking statements are made.

    CONTACTS

    Scott C. Harvard   Bruce E. Thomas
    President and CEO   Senior Vice President and Interim CFO
    (540) 465-9121   (540) 465-9121
    sharvard@fbvirginia.com   bthomas@fbvirginia.com
         

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Three Months Ended     For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Income Statement                                        
    Interest and dividend income                                        
    Interest and fees on loans   $ 21,516     $ 14,479     $ 13,255     $ 63,483     $ 49,293  
    Interest on deposits in banks     2,085       1,538       368       6,490       1,809  
    Interest on federal funds sold     189       —       —       189       —  
    Interest on securities                                        
    Taxable interest on securities     1,284       1,091       1,318       4,733       5,286  
    Tax-exempt interest on securities     308       303       303       1,222       1,220  
    Dividends     104       33       30       202       111  
    Total interest and dividend income   $ 25,486     $ 17,444     $ 15,274     $ 76,319     $ 57,719  
    Interest expense                                        
    Interest on deposits   $ 6,415     $ 4,958     $ 4,232     $ 20,964     $ 13,660  
    Interest on federal funds purchased     1       —       1       1       1  
    Interest on subordinated debt     396       69       70       603       277  
    Interest on junior subordinated debt     68       68       68       270       271  
    Interest on other borrowings     247       600       94       2,029       97  
    Total interest expense   $ 7,127     $ 5,695     $ 4,465     $ 23,867     $ 14,306  
    Net interest income   $ 18,359     $ 11,749     $ 10,809     $ 52,452     $ 43,413  
    Provision for credit losses     4,750       1,700       5,950       7,850       6,150  
    Net interest income after provision for credit losses   $ 13,609     $ 10,049     $ 4,859     $ 44,602     $ 37,263  
    Noninterest income                                        
    Service charges on deposit accounts   $ 1,181     $ 675     $ 718     $ 3,122     $ 2,780  
    ATM and check card fees     792       934       825       3,305       3,449  
    Wealth management fees     903       952       784       3,617       3,120  
    Fees for other customer services     317       276       232       966       770  
    Brokered mortgage fees     90       92       46       252       119  
    Income from bank owned life insurance     264       191       168       755       627  
    Net gains (losses) on securities available for sale     (154 )     39       —       (115 )     —  
    Gain on sale of other investment     —       —       186       —       186  
    Net gains on disposal of premises and equipment     —       —       —       —       47  
    Bargain purchase gain     2,920       —       —       2,920       —  
    Other operating income     131       44       110       1,558       686  
    Total noninterest income   $ 6,444     $ 3,203     $ 3,069     $ 16,380     $ 11,784  
    Noninterest expense                                        
    Salaries and employee benefits   $ 10,439     $ 5,927     $ 4,999     $ 28,076     $ 21,039  
    Occupancy     936       585       568       2,604       2,154  
    Equipment     1,123       726       621       3,131       2,377  
    Marketing     371       262       190       1,101       910  
    Supplies     264       123       153       618       576  
    Legal and professional fees     1,214       596       443       3,386       1,647  
    ATM and check card expense     385       394       313       1,508       1,578  
    FDIC assessment     285       195       154       860       633  
    Bank franchise tax     262       262       262       1,047       1,040  
    Data processing expense     4,142       290       327       4,841       1,047  
    Amortization expense     448       4       4       461       18  
    Other real estate owned expense (income), net     5       10       2       15       (199 )
    Net losses on disposal of premises and equipment     (4 )     2       —       47       —  
    Other operating expense     2,059       1,083       1,064       5,239       4,422  
    Total noninterest expense   $ 21,929     $ 10,459     $ 9,100     $ 52,934     $ 37,242  
    Income (loss) before income taxes   $ (1,876 )   $ 2,793     $ (1,172 )   $ 8,048     $ 11,805  
    Income tax expense (benefit)     (943 )     545       (321 )     1,082       2,181  
    Net income (loss)   $ (933 )   $ 2,248     $ (851 )   $ 6,966     $ 9,624  
                                             

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        As of or For the Three Months Ended     As of or For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Common Share and Per Common Share Data                                        
    Earnings (loss) per common share, basic   $ (0.10 )   $ 0.36     $ (0.14 )   $ 1.00     $ 1.54  
    Adjusted earnings (loss) per common share, basic(1)   $ 0.66       0.39       (0.14 )   $ 2.10     $ 1.54  
    Weighted average shares, basic     8,971,649       6,287,997       6,261,500       6,955,592       6,265,394  
    Earnings (loss) per common share, diluted   $ (0.10 )   $ 0.36     $ (0.14 )   $ 1.00     $ 1.53  
    Adjusted earnings (loss) per common share, diluted(1)   $ 0.66       0.39       (0.14 )   $ 2.10     $ 1.53  
    Weighted average shares, diluted     8,994,315       6,303,282       6,282,815       6,971,089       6,279,106  
    Shares outstanding at period end     8,974,102       6,296,705       6,263,102       8,974,102       6,263,102  
    Tangible book value per share at period end (1)   $ 16.55     $ 19.37     $ 18.06     $ 16.55     $ 18.06  
    Cash dividends   $ 0.155     $ 0.150     $ 0.150     $ 0.605     $ 0.600  
                                             
    Key Performance Ratios                                        
    Return on average assets     (0.18 %)     0.62 %     (0.25 %)     0.44 %     0.71 %
    Adjusted return on average assets (1)     1.15 %     0.67 %     (0.25 %)     0.92 %     0.71 %
    Return on average equity     (2.35 %)     7.28 %     (2.97 %)     5.33 %     8.59 %
    Adjusted return on average equity (1)     15.01 %     7.93 %     (2.97 %)     11.19 %     8.59 %
    Net interest margin (1)     3.83 %     3.43 %     3.35 %     3.51 %     3.41 %
    Efficiency ratio (1)     63.97 %     68.13 %     66.26 %     66.73 %     67.69 %
                                             
    Average Balances                                        
    Average assets   $ 2,051,578     $ 1,449,185     $ 1,372,365     $ 1,597,150     $ 1,363,339  
    Average earning assets     1,919,864       1,374,566       1,290,231       1,504,946       1,280,980  
    Average shareholders’ equity     157,844       122,802       113,614       130,715       112,083  
                                             
    Asset Quality                                        
    Loan charge-offs   $ 1,432     $ 1,667     $ 2,765     $ 4,033     $ 3,993  
    Loan recoveries     98       95       92       283       418  
    Net charge-offs     1,334       1,572       2,673       3,750       3,575  
    Non-accrual loans     7,058       5,929       6,763       7,058       6,763  
    Other real estate owned, net     53       56       —       53       —  
    Nonperforming assets (3)     7,111       5,985       6,763       7,111       6,763  
    Loans 30 to 89 days past due, accruing     3,085       2,358       2,484       3,085       2,484  
    Loans over 90 days past due, accruing     365       —       524       365       524  
    Special mention loans     7,043       516       —       7,043       —  
    Substandard loans, accruing     2,030       1,713       287       2,030       287  
                                             
    Capital Ratios (2)                                        
    Total capital   $ 181,449     $ 148,477     $ 142,333     $ 181,449     $ 142,333  
    Tier 1 capital     164,454       135,490       129,840       164,454       129,840  
    Common equity Tier 1 capital     164,454       135,490       129,840       164,454       129,840  
    Total capital to risk-weighted assets     12.35 %     14.29 %     14.05 %     12.35 %     14.05 %
    Tier 1 capital to risk-weighted assets     11.19 %     13.04 %     12.82 %     11.19 %     12.82 %
    Common equity Tier 1 capital to risk-weighted assets     11.19 %     13.04 %     12.82 %     11.19 %     12.82 %
    Leverage ratio     7.95 %     9.23 %     9.31 %     7.95 %     9.31 %
                                             

    FIRST NATIONAL CORPORATION
    Performance Summary
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Period Ended  
        Dec 31, 2024     Sept 30, 2024     Jun 30, 2024     Mar 31, 2024     Dec 31, 2023  
    Balance Sheet                                        
    Cash and due from banks   $ 24,916     $ 18,197     $ 16,729     $ 14,476     $ 17,194  
    Interest-bearing deposits in banks     137,958       108,319       118,906       124,232       69,967  
    Cash and cash equivalents   $ 162,874     $ 126,516     $ 135,635     $ 138,708     $ 87,161  
    Securities available for sale, at fair value     163,847       146,013       144,816       147,675       152,857  
    Securities held to maturity, at amortized cost (net of allowance for credit losses)     109,741       121,425       123,497       125,825       148,244  
    Restricted securities, at cost     3,741       2,112       2,112       2,112       2,078  
    Loans, net of allowance for credit losses     1,450,604       982,016       977,423       960,371       957,456  
    Other real estate owned, net     53       56       —       —       —  
    Premises and equipment, net     34,824       22,960       22,205       21,993       22,142  
    Accrued interest receivable     6,020       4,794       4,916       4,978       4,655  
    Bank owned life insurance     37,873       24,992       24,802       24,652       24,902  
    Goodwill     3,030       3,030       3,030       3,030       3,030  
    Core deposit intangibles, net     14,986       104       108       113       117  
    Other assets     22,688       16,698       18,984       17,738       16,653  
    Total assets   $ 2,010,281     $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295  
                                             
    Noninterest-bearing demand deposits   $ 520,153     $ 383,400     $ 397,770     $ 384,092     $ 379,208  
    Savings and interest-bearing demand deposits     924,880       663,925       665,208       677,458       662,169  
    Time deposits     358,745       205,930       202,818       197,587       192,349  
    Total deposits   $ 1,803,778     $ 1,253,255     $ 1,265,796     $ 1,259,137     $ 1,233,726  
    Other borrowings     —       50,000       50,000       50,000       50,000  
    Subordinated debt, net     21,176       4,999       4,998       4,998       4,997  
    Junior subordinated debt     9,279       9,279       9,279       9,279       9,279  
    Accrued interest payable and other liabilities     9,517       8,068       7,564       5,965       5,022  
    Total liabilities   $ 1,843,750     $ 1,325,601     $ 1,337,637     $ 1,329,379     $ 1,303,024  
                                             
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     11,218       7,871       7,851       7,847       7,829  
    Surplus     77,058       33,409       33,116       33,021       32,950  
    Retained earnings     96,947       99,270       97,966       96,465       94,198  
    Accumulated other comprehensive (loss), net     (18,692 )     (15,435 )     (19,042 )     (19,517 )     (18,706 )
    Total shareholders’ equity   $ 166,531     $ 125,115     $ 119,891     $ 117,816     $ 116,271  
    Total liabilities and shareholders’ equity   $ 2,010,281     $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295  
                                             
    Loan Data                                        
    Mortgage real estate loans:                                        
    Construction and land development   $ 84,480     $ 61,446     $ 60,919     $ 53,364     $ 52,680  
    Secured by farmland     14,133       9,099       8,911       9,079       9,154  
    Secured by 1-4 family residential     547,576       351,004       346,976       347,014       344,369  
    Other real estate loans     658,029       440,648       440,857       436,006       438,118  
    Loans to farmers (except those secured by real estate)     940       633       349       332       455  
    Commercial and industrial loans (except those secured by real estate)     140,393       114,190       115,951       113,230       112,619  
    Consumer installment loans     7,582       5,396       5,068       4,808       4,753  
    Deposit overdrafts     450       253       365       251       222  
    All other loans     13,421       12,051       10,580       8,890       7,060  
    Total loans   $ 1,467,004     $ 994,720     $ 989,976     $ 972,974     $ 969,430  
    Allowance for credit losses     (16,400 )     (12,704 )     (12,553 )     (12,603 )     (11,974 )
    Loans, net   $ 1,450,604     $ 982,016     $ 977,423     $ 960,371     $ 957,456  
                                             

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)

    (unaudited)                              
      For the Three Months Ended   For the Year Ended  
      Dec 31, 2024   Sept 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Operating Net Income                              
    Net income (GAAP) $ (933 ) $ 2,248   $ (851 ) $ 6,966   $ 9,624  
    Add: Merger-related expenses   7,316     219     —     8,107     —  
    Add: Day 2 Non-PCD Provision   3,931     —     —     3,931     —  
    Subtract: Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Subtract: Tax effect of adjustment (4)   (1,439 )   (19 )   —     (1,463 )   —  
    Adjusted operating net income (non-GAAP) $ 5,955   $ 2,448   $ (851 ) $ 14,621   $ 9,624  
                                   
    Adjusted Earnings Per Share, Basic                              
    Weighted average shares, basic   8,971,649     6,287,997     6,261,500     6,955,592     6,265,394  
    Basic earnings (loss) per share (GAAP) $ (0.10 ) $ 0.36   $ (0.14 ) $ 1.00   $ 1.54  
    Adjusted earnings (loss) per share, basic (non-GAAP) $ 0.66   $ 0.39   $ (0.14 ) $ 2.10   $ 1.54  
                                   
    Adjusted Earnings Per Share, Diluted                              
    Weighted average shares, diluted   8,994,315     6,303,282     6,282,815     6,971,089     6,279,106  
    Diluted earnings (loss) per share (GAAP) $ (0.10 ) $ 0.36   $ (0.14 ) $ 1.00   $ 1.53  
    Adjusted diluted earnings (loss) per share (non-GAAP) $ 0.66   $ 0.39   $ (0.14 ) $ 2.10   $ 1.53  
                                   
    Adjusted Pre-Provision, Pre-Tax Earnings                              
    Net interest income $ 18,359   $ 11,749   $ 10,809   $ 52,452   $ 43,413  
    Total noninterest income   6,444     3,203     3,069     16,380     11,784  
    Net revenue $ 24,803   $ 14,952   $ 13,878   $ 68,832   $ 55,197  
    Total noninterest expense   21,929     10,459     9,100     52,934     37,242  
    Pre-provision, pre-tax earnings $ 2,874   $ 4,493   $ 4,778   $ 15,898   $ 17,955  
    Add: Merger expenses   7,316     219     —     8,107     —  
    Add: Day 2 Non-PCD Provision   3,931     —     —     3,931     —  
    Subtract: Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Adjusted pre-provision, pre-tax, earnings $ 7,270   $ 4,712   $ 4,778   $ 21,085   $ 17,955  
                                   
    Adjusted Performance Ratios                              
    Average assets $ 2,051,578   $ 1,449,185   $ 1,372,365   $ 1,597,150   $ 1,363,339  
    Return on average assets (GAAP)   (0.18 %)   0.62 %   (0.25 %)   0.44 %   0.71 %
    Adjusted return on average assets (non-GAAP)   1.15 %   0.67 %   (0.25 %)   0.92 %   0.71 %
                                   
    Average shareholders’ equity $ 157,844   $ 122,802     113,614   $ 130,715   $ 112,083  
    Return on average equity (GAAP)   (2.35 %)   7.28 %   (2.97 %)   5.33 %   8.59 %
    Adjusted return on average equity (non-GAAP)   15.01 %   7.93 %   (2.97 %)   11.19 %   8.59 %
                                   
    Pre-provision, pre-tax return on average assets (non-GAAP)   0.56 %   1.24 %   1.39 %   1.00 %   1.32 %
    Adjusted pre-provision, pre-tax return on average assets (non-GAAP)   1.42 %   1.30 %   1.39 %   1.32 %   1.32 %
                                   
    Net Interest Margin                              
    Tax-equivalent net interest income $ 18,461   $ 11,842   $ 10,889   $ 52,821   $ 43,738  
    Average earning assets   1,919,864     1,374,566     1,290,231     1,504,946     1,280,980  
    Net interest margin (non-GAAP)   3.83 %   3.43 %   3.35 %   3.51 %   3.41 %
                                   

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)
    (unaudited)              

    		  
      For the Three Months Ended   For the Year Ended  
      Dec 31, 2024   Sept 30, 2024   Dec 31, 2023   Dec 31, 2024   Dec 31, 2023  
    Efficiency Ratio                              
    Total noninterest expense (GAAP) $ 21,929   $ 10,459   $ 9,100   $ 52,934   $ 37,242  
    Add: other real estate owned income, net   (5 )   (10 )   (2 )   (15 )   199  
    Subtract: amortization of intangibles   (448 )   (4 )   (4 )   (461 )   (18 )
    Subtract: loss on disposal of premises and equipment, net   3     (2 )   —     (47 )   —  
    Subtract: merger expenses   (7,316 )   (219 )   —     (8,107 )   —  
    Adjusted non-interest expense (non-GAAP) $ 14,163   $ 10,224   $ 9,094   $ 44,304   $ 37,423  
    Tax-equivalent net interest income (non-GAAP) $ 18,461   $ 11,842   $ 10,889   $ 52,821   $ 43,738  
    Total noninterest income (GAAP)   6,444     3,203     3,069     16,380     11,784  
    (Gain) loss on disposal of premises and equipment   —     —     (47 )   —     (47 )
    Gain on sale of other investment   —     —     (186 )   —     (186 )
    Bargain purchase gain   (2,920 )   —     —     (2,920 )   —  
    Securities losses (gains), net   154     (39 )   —     115     —  
    Adjusted income for efficiency ratio (non-GAAP) $ 22,139   $ 15,006   $ 13,725   $ 66,396   $ 55,289  
                                   
    Efficiency ratio (non-GAAP)   63.97 %   68.13 %   66.26 %   66.73 %   67.69 %
                                   

    FIRST NATIONAL CORPORATION
    Non-GAAP Reconciliation
    (in thousands, except share and per share data)

    (unaudited)                                        
        For the Three Months Ended     For the Year Ended  
        Dec 31, 2024     Sept 30, 2024     Dec 31, 2023     Dec 31, 2024     Dec 31, 2023  
    Tax-Equivalent Net Interest Income                                        
    GAAP measures:                                        
    Interest income – loans   $ 21,516     $ 14,479     $ 13,255     $ 63,483     $ 49,293  
    Interest income – investments and other     3,970       2,965       2,019       12,836       8,426  
    Interest expense – deposits     (6,415 )     (4,958 )     (4,232 )     (20,964 )     (13,660 )
    Interest expense – federal funds purchased     (1 )     –       –       (1 )     –  
    Interest expense – subordinated debt     (396 )     (69 )     (70 )     (603 )     (277 )
    Interest expense – junior subordinated debt     (68 )     (68 )     (68 )     (270 )     (271 )
    Interest expense – other borrowings     (247 )     (600 )     (95 )     (2,029 )     (98 )
    Net interest income   $ 18,359     $ 11,749     $ 10,809     $ 52,452     $ 43,413  
    Non-GAAP measures:                                        
    Add: Tax benefit realized on non-taxable interest income – loans (4)   $ 18     $ 13     $ —     $ 43     $ —  
    Add: Tax benefit realized on non-taxable interest income – municipal securities (4)     84       80       80       326       325  
    Tax benefit realized on non-taxable interest income   $ 102     $ 93     $ 80     $ 369     $ 325  
    Tax-equivalent net interest income   $ 18,461     $ 11,842     $ 10,889     $ 52,821     $ 43,738  
                                             
                                             
    Tangible Common Equity and Tangible Assets                                        
    Total assets (GAAP)   $ 2,010,281     $ 1,450,716     $ 1,419,295     $ 2,010,281     $ 1,419,295  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (14,986 )     (104 )     (117 )     (14,986 )     (117 )
    Tangible assets (Non-GAAP)   $ 1,992,265     $ 1,447,582     $ 1,416,148     $ 1,992,265     $ 1,416,148  
                                             
    Total shareholders’ equity (GAAP)   $ 166,531     $ 125,115     $ 116,271     $ 166,531     $ 116,271  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (14,986 )     (104 )     (117 )     (14,986 )     (117 )
    Tangible common equity (Non-GAAP)   $ 148,515     $ 121,981     $ 113,124     $ 148,515     $ 113,124  
                                             
    Tangible common equity to tangible assets ratio     7.45 %     8.43 %     7.99 %     7.45 %     7.99 %
                                             
                                             
    Tangible Book Value Per Share                                        
    Tangible common equity (non-GAAP)   $ 148,515     $ 121,981     $ 113,124     $ 148,515     $ 113,124  
    Common shares outstanding, ending     8,974,102       6,296,705       6,263,102       8,974,102       6,263,102  
    Tangible book value per share   $ 16.48     $ 19.37     $ 18.06     $ 16.48     $ 18.06  
       
    (1) Non-GAAP financial measure.  See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.
       
    (2) Capital ratios are for First Bank.
       
    (3) Nonperforming assets are comprised of nonaccrual loans and other real estate owned.
       
    (4) The tax rate utilized in calculating the tax benefit is 21%. Certain merger-related expenses were non-deductible.

    The MIL Network –

  • MIL-OSI Banking: Secretary-General of ASEAN receives visit by EU–ASEAN Business Council delegation

    Source: ASEAN

    Secretary-General of ASEAN, Dr. Kao Kim Hourn, today received a visit by a delegation from the EU-ASEAN Business Council, who are on a business mission to Indonesia, at the ASEAN Headquarters/ASEAN Secretariat. The meeting exchanged perspectives and discussed the role of private sectors in fostering the digital economy and accelerating sustainability within the ASEAN region. They underscored the critical role of private sector innovation and investment in driving these agendas, while exploring actionable pathways to deepen cooperation between ASEAN and European stakeholders.

    The post Secretary-General of ASEAN receives visit by EU–ASEAN Business Council delegation appeared first on ASEAN Main Portal.

    MIL OSI Global Banks –

  • MIL-OSI Asia-Pac: Union Minister for Science and Technology Dr. Jitendra Singh highlights steps taken by Government to Boost Women’s Participation in STEM

    Source: Government of India

    Posted On: 06 FEB 2025 3:44PM by PIB Delhi

    Union Minister of State (Independent Charge) for Science and Technology; Earth Sciences and Minister of State for PMO, Department of Atomic Energy, Department of Space, Personnel, Public Grievances and Pensions, Dr. Jitendra Singh stated that Department of Science and Technology (DST) is implementing the ‘Women in Science and Engineering-KIRAN (WISE-KIRAN)’ scheme to promote women’s participation in STEM fields while replying to an unstarred question in Rajya Sabha Today.

    According to the written reply, the Minister enlisted various steps taken by government in detail-

    Fellowship Programmes to Support Women in Research

    • WISE-PhD Fellowship: Supports women in pursuing research in basic and applied sciences.
    • WISE-Post Doctoral Fellowship (WISE-PDF) & WISE-SCOPE: Encourages women to pursue postdoctoral research.
    • WIDUSHI Programme: Helps senior women scientists, including retired and unemployed professionals, continue their research careers.

    WISE-IPR: Training Women in Intellectual Property Rights

    The WISE Internship in IPR (WISE-IPR) offers a one-year on-the-job training in Intellectual Property Rights for women.

    Vigyan Jyoti: Inspiring Young Girls to Join STEM

    The Vigyan Jyoti programme mentors’ meritorious girls in Class IX-XII, encouraging them to pursue higher education and careers in STEM fields where female participation is low.

    BioCARe Fellowship: Empowering Women in Biotechnology

    The BioCARe Fellowship by the Department of Biotechnology (DBT) supports women scientists in biotechnology and allied fields, helping them establish a strong research career.

    NIDHI: Supporting Women-Led Startups in Technology

    The National Initiative for Developing and Harnessing Innovations (NIDHI) provides women entrepreneurs with:

    • Capacity building, incubation facilities, mentorship, and early-stage funding.
    • NIDHI-Seed Support Program (NIDHI-SSP): Early-stage seed funding for startups, including women-led ventures.

    Technology Business Incubators in Women’s Universities

    DST has established Technology Business Incubators (TBIs) in:

    • Indira Gandhi Delhi Technical University for Women (IGDTUW), Delhi
    • Sri Padmavati Mahila Visvavidyalayam (SPMVV), Tirupati
      Additionally, an Inclusive Technology Business Incubator (iTBI) has been set up at Delhi Technological University (DTU), Delhi, focusing on gender, caste, and geographical inclusivity in entrepreneurship.

    GATI: Driving Gender Equality in Research Institutions

    The Gender Advancement for Transforming Institutions (GATI) programme under WISE-KIRAN promotes gender-sensitive policies in research institutions to increase women’s representation in STEMM (Science, Technology, Engineering, Mathematics, and Medicine).

    Women Scientist Scheme (WOS): Reviving Careers and Driving Research

    • WOS-A: Supports women returning to research in basic and applied sciences.
    • WOS-B: Enables women scientists to provide S&T solutions to societal challenges.
    • WOS-C: Trains women in Intellectual Property Rights (IPR), with 523 women supported in the last 10 years, of whom 40% are now registered Patent Agents.

    Dr. Jitendra Singh highlighted that 2076 women scientists have benefited under WOS-A, with 40% completing PhDs and publishing 5000+ research papers.

    “These initiatives collectively empower women to excel in STEM fields, research, and entrepreneurship, creating a more inclusive scientific ecosystem in India”, says Dr. Singh

    *****

    NKR/PSM

    (Release ID: 2100259) Visitor Counter : 40

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: DEPARTMENT OF POSTS TAKES STEPS TO IMPROVE OPERATIONAL EFFICIENCY AND EXPAND SERVICE OFFERINGS

    Source: Government of India (2)

    Posted On: 06 FEB 2025 3:08PM by PIB Delhi

    The Department of Posts has taken numerous steps to improve operational efficiency, incorporate technology, and expand service offerings. Below are the details:

    1. Improved Parcel Services:
      • Nodal Delivery Centers: 233 Nodal Delivery Centers have been established for faster and more efficient parcel delivery, covering over 1600 PIN codes. These centers handle approximately 30% of daily parcel deliveries.
      • Parcel Hubs: A network of 190 Parcel Hubs (Level-1 and Level-2) has been set up to facilitate faster processing and secure handling of parcels.
      • Technology Integration: Advanced tracking systems have been implemented, including real-time delivery status, API integration, system-assisted sorting, and error management systems.
      • Parcel Packaging Policy: 1408 Parcel Packaging Units are operational across the country, providing high-quality packaging materials for secure parcel transit.
      • Smart Booking and Delivery Kiosks: 30 Smart Parcel Delivery Kiosks and 30 Self Booking Kiosks have been installed in various cities to enable flexible pickup and delivery options for customers.
    2. DakGharNiryatKendras (DNKs): In coordination with Central Board of Indirect Taxes and Customs (CBIC), 1013 DNKs have been established to facilitate e-commerce exports, offering services such as self-booking, label generation, and export documentation.
      • These DNKs provide valuable support to small exporters, including artisans and self-help groups from rural areas.
    3. Core Banking and Digital Services:
      • All Post Offices are integrated with a Core Banking Solution offering a variety of services including ATMs, Internet Banking, Mobile Banking, NEFT/RTGS, Electronic Clearing Services (ECS), and e-KYC for smooth digital transactions.
      • India Post Payments Bank offers digital payment services linked to Post Office Savings Accounts.
    4. Expanded Services by the Business Development Directorate:
      • Post Office Passport Seva Kendra (POPSK): Post Offices are now offering passport services to citizens across the country.
      • AadhaarEnrollment and UpdationCenters: To provide Aadhaar services even in remote areas.
      • Verification of Prime Minister Employment Generation Program (PMEGP) Units: Post Offices assist in the verification process for government subsidy schemes like PMEGP.
      • E-Post & E-Payment: These services provide electronic message transmission and bill payment collection, respectively, further enhancing the Post’s service offerings.
    5. Retail and Specialized Services:
      • Gangajal and Holy Prasadam: Post Offices are involved in the distribution of Gangajal and delivery of Prasadam, providing a unique religious service to customers.
      • Media Post and Direct Post: For business communication, Post Offices facilitate Media Post services (advertisements through postal mediums) and Direct Post for targeted advertising.
      • India Post Passenger Reservation System (IP-PRS): Identified Post Offices have been equipped to offer railway ticket reservations, thus expanding their utility to the public.

    This information was given by the Minister of State for Communications, Dr. Pemmasani Chandra Sekhar in a written reply to a question in Rajya Sabha today.

    *****

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Delhi International Leather Expo (DILEX) 2025 to be held on 20-21st February at Yashobhoomi

    Source: Government of India (2)

    Delhi International Leather Expo (DILEX) 2025 to be held on 20-21st February at Yashobhoomi

    DILEX to enhance exports and employment aligning with ‘Make in India’ and ‘Atmanirbhar Bharat’ initiatives

    Council for Leather Exports targets $47 bn by 2030, with special focus on footwear & leather exports

    Posted On: 06 FEB 2025 2:23PM by PIB Delhi

    The Council for Leather Exports (CLE) is going to organise the Delhi International Leather Expo (DILEX) 2025, on 20-21st February at Yashobhoomi, ICC Dwarka, New Delhi. DILEX is a premier B2B event designed to provide a robust platform for manufacturers and exporters to showcase their latest collections, innovations, and capabilities to international buyers seeking viable sourcing alternatives. Aligning with the “Make in India” and Atmanirbhar Bharat initiatives, DILEX 2025 is set to enhance exports, create employment, and fortify India’s presence in global markets.

    The government has implemented several reforms to boost trade and industry. The Basic Customs Duty (BCD) on wet blue leather has been reduced from 10% to zero, effective 2nd February 2025, addressing a key industry demand, while export duty on crust leather has been eliminated. Additionally, a Special Package has been introduced to support manufacturing and exports, particularly in the footwear sector, along with a Focus Product Scheme aimed at improving productivity, quality, and competitiveness, generating a turnover of ₹4 lakh crore and exports of ₹1.1 lakh crore, and creating 22 lakh jobs.

    To support MSMEs, investment and turnover classification limits have been increased, and credit guarantee coverage for micro and small enterprises has been doubled to ₹10 crore, unlocking an additional ₹1.5 lakh crore in credit over five years. Custom financial assistance, including customized credit cards for micro-enterprises and support for SC/ST women entrepreneurs, will further promote inclusive growth. An Export Promotion Mission will also be launched with sectoral and ministerial targets, while BharatTradeNet (BTN), a unified platform for trade documentation and financing, will be established to streamline international trade.

    The Council for Leather Exports (CLE) expresses its gratitude to the Prime Minister Shri Narendra Modi, Finance Minister Smt. Nirmala Sitharaman, and the Ministry of Commerce & Industry for their unwavering support to the leather sector. CLE remains dedicated to promoting industry expansion, fostering job creation, and strengthening India’s footprint in global trade.

    Budget announcement comes at a pivotal moment for India’s leather and footwear sector, which is rapidly evolving into a global manufacturing and sourcing hub under the visionary “Make in India” and “Atamnirbhar Bharat” initiatives. CLE has also worked out a target of USD 47 billion by 2030. Out of which USD 13.7 bn is for export sector, conveyed said Shri Rajendra Kumar Jalan, Chairman, Council for Leather Exports.

    “The government’s proactive stance in addressing industry concerns—particularly the duty reductions and financial support for MSMEs—will be instrumental in elevating India’s leather sector to global prominence. CLE remains committed to driving sustainable growth and global competitiveness.” informed Shri Rajendra K. Jalan.

    “The Union Budget 2025 has delivered a much-needed boost to the leather and footwear sector by enhancing credit access, rationalizing duties, and maintaining key policy frameworks. The industry is poised for significant growth with the newly introduced special package and export-oriented incentives.” said Shri Vimal Anand, Joint Secretary.

    ***

    Abhishek Dayal/Abhijith Narayanan/Asmitabha Manna

    (Release ID: 2100219) Visitor Counter : 6

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Union Minister Jyotiraditya Scindia inaugurates North East Investment Roadshow in Chennai

    Source: Government of India (2)

    Union Minister Jyotiraditya Scindia inaugurates North East Investment Roadshow in Chennai

    Minister Scindia invites Chennai to join the transformative journey of the ‘Ashtalakshmi’ region as it charts its path to becoming a leading engine of India’s growth.

    The roadshow hosted by Ministry of Development of North Eastern Region aims to attract investment for the development of North East India.

    Posted On: 06 FEB 2025 9:29AM by PIB Delhi

    The Ministry of Development of North Eastern Region (MDoNER) hosted the North East Trade and Investment Roadshow in Chennai today. The roadshow evoked strong interest from potential investors who are eager to explore opportunities in the North Eastern States. The event was attended by the Hon’ble Minister, Ministry of Development of North Eastern Region & Ministry of Communications, Shri Jyotiraditya M. Scindia, alongwith Pu Lalnghinglova Hmar, Hon’ble Minister of Sports & Youth Services, Government of Mizoram, senior officials from MDoNER, North Eastern Council and North Eastern States.

    Hon’ble Minister, MDoNER mentioned that Hon’ble Prime Minister emphasized North East as India’s Asthalakshmi, a key economic asset poised for rapid industrialization. He highlighted the major development initiatives in the infrastructure sector that have taken place in the North Eastern Region under the leadership of Hon’ble Prime Minister during the last 10 years, inter-alia, including expanding air, road and rail connectivity, waterways etc. Hon’ble Minister MDoNER stated that each of the eight states of the North East embodies unique strengths, resources and opportunities, making this region an invaluable asset in India’s growth story. From its rich cultural diversity to its natural beauty and strategic location, the North Eastern Region holds immense potential to emerge as one of the country’s leading economic powerhouses. Its proximity to Southeast Asia also positions the North Eastern Region as a gateway to South East Asian countries, aligning perfectly with India’s Act East Policy. He also highlighted the potential of North Eastern States in various sectors such as Tourism & hospitality, Agri and allied industries, healthcare, entertainment & sports, infrastructure & logistics, IT & ITeS, Textiles, Handloom & Handicrafts, energy etc. He assured investors that the region’s youth, high literacy rates, and abundant natural resources make it an ideal destination for investment. Hon’ble Minister expressed his admiration for Chennai, calling it a “thriving IT powerhouse and a cradle of economic growth for India”. He acknowledged the city’s rich heritage, cutting-edge technology, and robust industrial ecosystem, drawing parallels between Chennai’s potential and North East India’s emerging economic landscape. Highlighting the North East India’s strengths in agriculture, food processing, tourism, and manufacturing, he urged Chennai’s entrepreneurs to invest in these sectors. He also underlined that North East holds 38% of India’s bamboo resources which offers great opportunity to furniture industry of Chennai. Further, the large untapped hydrocarbon reserves and hydropower generation potential of the North Eastern Region waiting to be harnessed. In his concluding remarks he invited investors to the North Eastern Region and play a key role in shaping the future of the region.

    Hon’ble Minister of Sports & Youth Services, Govt. of Mizoram in his address highlighted Mizoram’s immense investment opportunities despite being a small state with a population of just 11 lakh. He stated that with 55% of its land under horticulture, Mizoram produces GI-tagged ginger and chillies, along with mandarin oranges, papaya, and dragon fruit, offering significant potential in agriculture and food processing. The State is rich in bamboo cultivation, which still remains largely untapped. He also underlined that Mizoram is also positioning itself as a sports powerhouse and is aligned with India’s 2036 Olympic vision. Mizoram has also produced top sportspersons, therefore, the sports sector has great potential for investment. He also urged investors to explore other sectors such as tourism, infrastructure, food processing etc. for investment in the State of Mizoram.

    Shri Chanchal Kumar, Secretary, MDoNER in his address highlighted the immense investment potential of the North East, calling it a hub of innovation, cultural heritage, and economic opportunity. With breathtaking landscapes and a thriving tourism sector, the region has become increasingly attractive for investors. He highlighted that over the last 10 years, connectivity of the region has been transformed whether it is road, rail, air, water, and digital. The region’s economic growth has outpaced the national average, making it an ideal destination for businesses. Further, the North Eastern States have tailored, attractive policies aligned with the Central Government to encourage investment. He informed that Government has identified eight tourism sites to be developed as model tourist destinations across each of the North Eastern States through PPP mode.  He also underlined that IT & ITeS sector is growing faster in the North Eastern Region. Further, the agriculture and allied sectors offers unique products with immense economic potential. He stated that UNNATI scheme launched by Government of India provides attractive incentives for investment in the North Eastern Region. He also mentioned that with trilateral highways and the Kaladan project, the North East is set to become a key hub for medical tourism, catering to over 60 million people from neighbouring countries. The single-window system across the North Eastern States ensures ease of doing business. He urged the investors to visit, explore, and partner in North East India’s transformation.

    Shri Shantanu, Joint Secretary, MDoNER, in his address on advantage North East and Opportunities for Investment and Trade emphasized that North Eastern Region has rich untapped potential. He informed that during the last 10 years there is a remarkable improvement in connectivity to the North Eastern Region whether it’s air, rail, road or waterways. Over the past decade, the government has successfully completed numerous pending projects, benefiting local communities and millions of people through various schemes/initiatives. He stated that North East Region’s enabling infrastructure, strategic connectivity, higher working age population and an english-speaking workforce, makes it ideal for businesses targeting Southeast Asian markets.  He also highlighted the opportunities in the region in various sectors like IT & ITES, Healthcare, Agri and allied, Education & Skill Development, Sports & Entertainment, Tourism & Hospitality, Infrastructure and logistics; Textiles, Handlooms and Handicrafts and Energy. He stated that with ample opportunities across multiple sectors, North East India welcomes investors to explore its vast potential and be part of its growth journey.

    The representative of Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, gave a detailed presentation on the UNNATI Scheme, providing attendees with a comprehensive understanding of its benefits and associated incentives. He underlined that the UNNATI Scheme aims to boost industrialisation and economic growth in North East India. The scheme offers incentives to attract investors and manufacturing companies, supports the ‘Act East Policy,’ and promotes domestic manufacturing and services to reduce import dependence and enhance exports.

    Senior officials representing the North Eastern States shared actionable insights about the emerging opportunities across various sectors. The Chennai roadshow drew strong participation from industry leaders, further reinforcing the investment appeal of North East India. The event also featured several B2G meetings, providing investors with a platform to discuss their investment plans in the North Eastern Region.

    The Chennai roadshow concluded on a positive note, with participants expressing keen interest in exploring collaborative ventures in the North Eastern Region. The event not only fostered meaningful dialogue but also laid the groundwork for future partnerships, driving economic growth and sustainable development in the region. The event marked another milestone in a series of successful roadshows across India and showcased the untapped potential of North East India.

    *****

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    donerpib[at]gmail[dot]com

    (Release ID: 2100164) Visitor Counter : 322

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Post event press release of Chennai roadshow held on 5th February, 2025

    Source: Government of India

    Posted On: 06 FEB 2025 9:29AM by PIB Delhi

    The Ministry of Development of North Eastern Region (MDoNER) hosted the North East Trade and Investment Roadshow in Chennai today. The roadshow evoked strong interest from potential investors who are eager to explore opportunities in the North Eastern States. The event was attended by the Hon’ble Minister, Ministry of Development of North Eastern Region & Ministry of Communications, Shri Jyotiraditya M. Scindia, alongwith Pu Lalnghinglova Hmar, Hon’ble Minister of Sports & Youth Services, Government of Mizoram, senior officials from MDoNER, North Eastern Council and North Eastern States.

    Hon’ble Minister, MDoNER mentioned that Hon’ble Prime Minister emphasized North East as India’s Asthalakshmi, a key economic asset poised for rapid industrialization. He highlighted the major development initiatives in the infrastructure sector that have taken place in the North Eastern Region under the leadership of Hon’ble Prime Minister during the last 10 years, inter-alia, including expanding air, road and rail connectivity, waterways etc. Hon’ble Minister MDoNER stated that each of the eight states of the North East embodies unique strengths, resources and opportunities, making this region an invaluable asset in India’s growth story. From its rich cultural diversity to its natural beauty and strategic location, the North Eastern Region holds immense potential to emerge as one of the country’s leading economic powerhouses. Its proximity to Southeast Asia also positions the North Eastern Region as a gateway to South East Asian countries, aligning perfectly with India’s Act East Policy. He also highlighted the potential of North Eastern States in various sectors such as Tourism & hospitality, Agri and allied industries, healthcare, entertainment & sports, infrastructure & logistics, IT & ITeS, Textiles, Handloom & Handicrafts, energy etc. He assured investors that the region’s youth, high literacy rates, and abundant natural resources make it an ideal destination for investment. Hon’ble Minister expressed his admiration for Chennai, calling it a “thriving IT powerhouse and a cradle of economic growth for India”. He acknowledged the city’s rich heritage, cutting-edge technology, and robust industrial ecosystem, drawing parallels between Chennai’s potential and North East India’s emerging economic landscape. Highlighting the North East India’s strengths in agriculture, food processing, tourism, and manufacturing, he urged Chennai’s entrepreneurs to invest in these sectors. He also underlined that North East holds 38% of India’s bamboo resources which offers great opportunity to furniture industry of Chennai. Further, the large untapped hydrocarbon reserves and hydropower generation potential of the North Eastern Region waiting to be harnessed. In his concluding remarks he invited investors to the North Eastern Region and play a key role in shaping the future of the region.

    Hon’ble Minister of Sports & Youth Services, Govt. of Mizoram in his address highlighted Mizoram’s immense investment opportunities despite being a small state with a population of just 11 lakh. He stated that with 55% of its land under horticulture, Mizoram produces GI-tagged ginger and chillies, along with mandarin oranges, papaya, and dragon fruit, offering significant potential in agriculture and food processing. The State is rich in bamboo cultivation, which still remains largely untapped. He also underlined that Mizoram is also positioning itself as a sports powerhouse and is aligned with India’s 2036 Olympic vision. Mizoram has also produced top sportspersons, therefore, the sports sector has great potential for investment. He also urged investors to explore other sectors such as tourism, infrastructure, food processing etc. for investment in the State of Mizoram.

    Shri Chanchal Kumar, Secretary, MDoNER in his address highlighted the immense investment potential of the North East, calling it a hub of innovation, cultural heritage, and economic opportunity. With breathtaking landscapes and a thriving tourism sector, the region has become increasingly attractive for investors. He highlighted that over the last 10 years, connectivity of the region has been transformed whether it is road, rail, air, water, and digital. The region’s economic growth has outpaced the national average, making it an ideal destination for businesses. Further, the North Eastern States have tailored, attractive policies aligned with the Central Government to encourage investment. He informed that Government has identified eight tourism sites to be developed as model tourist destinations across each of the North Eastern States through PPP mode.  He also underlined that IT & ITeS sector is growing faster in the North Eastern Region. Further, the agriculture and allied sectors offers unique products with immense economic potential. He stated that UNNATI scheme launched by Government of India provides attractive incentives for investment in the North Eastern Region. He also mentioned that with trilateral highways and the Kaladan project, the North East is set to become a key hub for medical tourism, catering to over 60 million people from neighbouring countries. The single-window system across the North Eastern States ensures ease of doing business. He urged the investors to visit, explore, and partner in North East India’s transformation.

    Shri Shantanu, Joint Secretary, MDoNER, in his address on advantage North East and Opportunities for Investment and Trade emphasized that North Eastern Region has rich untapped potential. He informed that during the last 10 years there is a remarkable improvement in connectivity to the North Eastern Region whether it’s air, rail, road or waterways. Over the past decade, the government has successfully completed numerous pending projects, benefiting local communities and millions of people through various schemes/initiatives. He stated that North East Region’s enabling infrastructure, strategic connectivity, higher working age population and an english-speaking workforce, makes it ideal for businesses targeting Southeast Asian markets.  He also highlighted the opportunities in the region in various sectors like IT & ITES, Healthcare, Agri and allied, Education & Skill Development, Sports & Entertainment, Tourism & Hospitality, Infrastructure and logistics; Textiles, Handlooms and Handicrafts and Energy. He stated that with ample opportunities across multiple sectors, North East India welcomes investors to explore its vast potential and be part of its growth journey.

    The representative of Department for Promotion of Industry and Internal Trade (DPIIT), under the Ministry of Commerce & Industry, gave a detailed presentation on the UNNATI Scheme, providing attendees with a comprehensive understanding of its benefits and associated incentives. He underlined that the UNNATI Scheme aims to boost industrialisation and economic growth in North East India. The scheme offers incentives to attract investors and manufacturing companies, supports the ‘Act East Policy,’ and promotes domestic manufacturing and services to reduce import dependence and enhance exports.

    Senior officials representing the North Eastern States shared actionable insights about the emerging opportunities across various sectors. The Chennai roadshow drew strong participation from industry leaders, further reinforcing the investment appeal of North East India. The event also featured several B2G meetings, providing investors with a platform to discuss their investment plans in the North Eastern Region.

    The Chennai roadshow concluded on a positive note, with participants expressing keen interest in exploring collaborative ventures in the North Eastern Region. The event not only fostered meaningful dialogue but also laid the groundwork for future partnerships, driving economic growth and sustainable development in the region. The event marked another milestone in a series of successful roadshows across India and showcased the untapped potential of North East India.

    *****

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    donerpib[at]gmail[dot]com

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    MIL OSI Asia Pacific News –

  • MIL-OSI Economics: Piero Cipollone: Interview with Reuters

    Source: European Central Bank

    Interview with Piero Cipollone, conducted by Balazs Koranyi and Francesco Canepa

    6 February 2025

    The ECB has said that the direction of travel for monetary policy is clear, but the timing and extent of moves is not. What does this guidance mean to you?

    We are moving towards the target. The direction of inflation is clear, despite some small bumps. All incoming information points to a convergence with the target in 2025 and this is what our models are also telling us.

    Our models include market expectations for the interest rate path, so this convergence with the inflation target is coherent with a declining interest rate path.

    Everything is of course contingent on the information at the time of the forecasts, and we will have a new forecast round in March. Before then, we’ll get another inflation print, we’ll have more details on the composition of inflation, and all these feed into the model, as do market expectations for interest rates.

    Does that mean implicitly that you are comfortable with market expectations for further rate cuts as they are embedded in the projections?

    That was conditional on the information we had in December. I am comfortable as long as that path takes us to the target in the medium term in a sustainable way.

    What does the data since that December meeting tell you?

    Overall, I think the direction is the same. I don’t see huge changes in our view, except trade tensions. The overall understanding of where we are going is there, the fundamentals haven’t changed, so I do not expect a big change in direction.

    One thing that might happen is a trade war with the United States. How would that affect your thinking?

    It depends on details such as whether we retaliate, precisely what these tariffs are going to be levied on, and how China is affected.

    If tariffs are imposed on us, the most immediate impact will be on growth.

    The price of goods will be higher in the United States. Who is going to absorb the cost? It could be that European companies, in order to defend their market share, might be willing to sacrifice a bit of their margin in order to stay in the market. We have seen this many times and European firms have a great ability to adjust. Part of this sacrifice might be recovered through the exchange rate. So, in the end, the overall impact may not be that big.

    What concerns me more is if President Trump engages in a full trade war with China. This is a more serious threat because China has 35% of the world’s manufacturing capacity. Trade barriers will force China to sell its goods elsewhere and the competition from China could be a serious threat to us. These goods showing up in Europe could have both a deflationary and a contractionary impact because they would crowd out local products.

    The uncertainty is exceptionally high, everything is in motion. And we can’t assess where it’s all going until things fall in place.

    It’s true we have a goods surplus with the United States. But if you add in services and look at the overall current account, then the balance is close to zero.

    Looking at the very short term, can you support a rate cut in March, as some of your colleagues are already saying?

    I don’t want to seem elusive, but the uncertainty is so high that anything can happen. We all agree there is still room for adjusting rates downwards. But we need to be extremely careful. It’s important to stress this idea of a meeting-by-meeting, data-dependent approach. I want to enter the meeting with an open mind, see the staff assessment and process incoming data.

    But we also all agree that we are still in a restrictive territory.

    Suppose tariffs on China stay, that’s a huge demand shock. On the other hand, we have energy prices moving upwards. It could be a transitory phenomenon, but what if this is more entrenched?

    How far are we from the neutral rate and why has the neutral gone up?

    When you have an estimate range that is 50 or 75 basis points, then it’s a conceptual tool and doesn’t have much bearing on policy, given the high uncertainty. Take estimates that it is between 1.75% and 2.25%. Those are two completely different monetary policies, if you are close to target. It’s such a wide range that one number could imply that you are undershooting and another that you are overshooting. So “neutral” is a very powerful analytical concept but not terribly useful for setting monetary policy, given this embedded uncertainty.

    It’s possible this rate went up but it’s also possible it stayed unchanged given how wide the band is.

    You say you are clearly restrictive now. Would that still apply after the next cut? When does the debate start on when restrictive ends?

    We are almost on target. The closer you get to target, the less you’ll need to stay restrictive.

    It’s also true we have been overly optimistic on growth and had to cut our growth forecasts three times since June. So, it is possible that the recovery is not as strong as expected and thus the inflationary pressure coming from demand is weaker. This could prompt us to reassess our concept of restrictiveness.

    Could this mean that you need to become accommodative to avoid an undershoot?

    I assess the risk around inflation to be balanced and I don’t have evidence of a possible undershoot. Long-term inflation expectations are also very well anchored.

    The latest information, especially the rise in the cost of energy, makes me think that we should be prudent. It might be a transitory phenomenon, but prices have risen substantially. Consumer expectations have also gone up a little as they are very reactive to short-term developments.

    I’m not saying that risks are moving towards being on the upside, but we have no evidence of undershooting either.

    Do the growth revisions suggest fundamental changes in how the economy functions?

    Growth has been disappointing, especially because of investments. Consumption may have been less buoyant than we thought, but it remains broadly on the path that we are expecting. The fundamentals for rising consumption are there. Real incomes are increasing, employment is high, inflation is declining and consumer confidence is holding steady.

    The real problem is investments, and that is only partially linked to monetary policy. The culprit is uncertainty. Investments have been weak since the summer given the overall uncertainty and the direction of trade policy after the US election.

    My sense is that people are holding out before making important investment decisions. There is of course a cost component related to interest rates. But you see that people are investing just to replace old capital stock.

    What can the ECB do about it?

    We have to take care of the cost component and avoid being unduly restrictive. Our goal should be to have the economy growing close to potential and to contribute to reducing uncertainty as much as possible.

    Could another targeted longer-term refinancing operation help investments?

    It doesn’t seem to me that the lack of available funding is the issue. We have seen some tightening of credit conditions but that’s not the key factor here.

    Last week we were talking about a 25% tariff, today not anymore, and tomorrow we don’t know. All companies are trying to understand where it’s all going so that they can make investment decisions.

    How does this uncertainty affect the labour market?

    There could be some softening of the labour market but overall we have been positively surprised. We went through a huge disinflation process with a very strong labour market.

    Labour hoarding has two dimensions. One is the cost. Overall, the cost is still relatively low because, by some measures, real wages are still below the pre-pandemic level. The second reason is that firms are afraid of losing skilled labour and this is still the case.

    The labour market is softening, however. The problem is manufacturing essentially. But even there we see some light at the end of the tunnel. There seem to be some initial signs of recovery in the Purchasing Managers’ Index and the Economic Sentiment Indicator. I was surprised to see that confidence in the construction sector and manufacturing activity have bottomed out, and we see some possible signs of recovery. Services are holding up overall. If there is some softening in terms of demand for labour, possibly there will be a pick-up in productivity which will reduce the unit labour cost overall. We obviously need to monitor it because, with all this uncertainty, we could see a deterioration. But I am not overly concerned about the labour market.

    Adding up what you said about these modest signs of recovery in manufacturing, does that mean you still believe in the soft-landing narrative and you don’t see a recession?

    We might not be booming but I am not expecting a recession at all. I think consumption will slowly go up because the fundamentals are there, labour income is growing, the cost of borrowing is declining, inflation is declining, and consumer confidence is basically holding up, so it’s possible that the savings rate will decline from a historic high. So, overall, I think consumption will keep going – and that is a big chunk of the economy. Investment should recover too, as soon as all this uncertainty dissipates. First, one cannot hold back forever: imagine you have a bunch of cumulated investment decisions to make. Even if a small percentage of them go through, it will be a positive and you will see that in investment. Second, less restrictive financial conditions are slowly being transmitted to the cost of financing. And third, in 2025-26 we should see an acceleration in the spending of Next Generation EU funds in Europe.

    Moving to the digital euro. Could you give us an update?

    We have started the procurement process and we will be selecting suppliers in June, but the contracts are such that they will only be triggered if the Governing Council decides to issue the digital euro. We have been working on the rulebook and we will be able to finalise it shortly after we have firm EU legislation in place. For example, whether people can have access to one or more wallets will have an influence on the rulebook, so if we don’t have a final legislation, we cannot finalise the rulebook. But it will not take long once the legislation is approved because we have done as much work as possible in the absence of a firm legislation. So the procurement is done and the rulebook is almost done. We are also working with the market to leverage the innovation potential of the digital euro. We think there is huge potential in conditional payments to increase the quality and the menu of the offering on payments.

    So that is a payment that only happens if a certain condition is fulfilled, right?

    Today there is only one type of conditional payment and it is based on time: pay this amount to this person on this date. We think we can do better than that. To make sure that this intuition is right, at the end of October, we issued a call for innovation partnerships. We were surprised to receive 100 offers. People want to experiment with new ideas. We will be doing that for the next six months and we will then prepare a report.

    Would conditional payments require a blockchain? How else would the condition be verified?

    No, it’s not a matter of blockchain. If you have a way to register the transaction on the ledger through a sort of token, that is a possibility. But technicians tell me you can make a transaction conditional even on a traditional ledger. We are working on that, but the information that I can give you is that we can do better than what we are doing today on conditional payment, regardless of the underlying technology. The technology has a bearing on many dimensions, for example latency and privacy.

    Could you give me an example of a conditional payment that could be settled in digital euro?

    For example, if the train is late, today you have to ask to be reimbursed. You could have a solution in which you only pay if the condition is automatically verified. 

    To conclude with where we are in the preparation phase, let me add that since the digital euro is a product, we have to market it. So, we are engaging with focus groups and using surveys to understand how to best finalise the product in order to meet people’s expectations. We are on schedule, so we should be ready to take a decision on moving to the next project phase by November 2025. I don’t know whether at that time the Governing Council will already be able to take a decision to eventually issue a digital euro because that depends on whether we have a legislation at that point. We have been clear that we would not take any decision about the issuance of a digital euro before the legislative act has been adopted.

    We had expected legislation on the digital euro some time ago. What’s holding up the process? Are you sensing a lack of political will?

    I wouldn’t say there’s a lack of political will. I think people want to understand the whole process. The European Commission issued legislation in June 2023, then the European Parliament started to work on that, but mentally they were not there because there was an EU election coming up. Everything stopped. They are starting to work on this now so, to be fair to them, they didn’t have much time. By contrast, in the Council of the European Union’s working party, work is progressing. As far as I know, they have gone through all of the legislative proposal and they are now focusing on the issues that still need to be worked out.  When both the Council and the Parliament have agreed internally, they will sit down with the Commission and try to finalise the legislation. So, we hope they will be able to reach an agreement internally before the summer. But again, political processes are complex and there are many things on the table. Obviously the sooner the better, but we fully understand their needs. My sense is that there is an increased sense of urgency because of the position that has been taken by the new US Administration. The fact that the US President went in so strong on this idea of promoting worldwide US dollar-denominated stablecoins obviously is a signal. The political world is becoming more alert to this. And it’s possible that we will see an acceleration in the process.

    Stablecoins are similar to money market funds that people use if they don’t want to go via the banking system, whereas the digital euro, with its holding limit, will purely be a means of payment. Why do you think a digital euro would be a good response to stablecoins?  

    You’re right, for as long as stablecoins are not used as a means of payment. My sense is that they will be. This is worrisome because if people in Europe start to use stablecoins to pay, given that most of them are American and dollar-based, they will be transferring their deposits from Europe to the United States. It may start with peer-to-peer, cross-border transactions. Then an American tourist may be able to use stablecoins instead of using a credit card, for example. So stablecoins can enter the payment space, for example, if they can compete with card schemes by reducing the price for the merchant. We have seen that important payment providers have already issued stablecoins, like PayPal, for example.

    Turning now to bitcoin, we know that the ECB has got repo lines and swap lines with other central banks. Would the ECB maintain those with a central bank that has bitcoins among its reserves?

    It’s an interesting question. Fortunately we don’t have to think about that right now because no major central bank is thinking about that.

    One is hypothesising.

    We would need to do a risk management assessment of that. Let’s see if any central bank enters this space because I don’t fully see the rationale for it. We will assess it at that point in time, if it happens. I am trying to be rational and think about why I should invest in bitcoin or another crypto-asset. The only rationale is if one thinks that the price will always go up. It doesn’t have any underlying value, there is no asset backing it, there is no earning model.

    On that, it’s a bit like gold.

    The structures of the two markets are completely different: the transparency of the market, the concentration. So, I would be careful about making the analogy. I don’t know how deep the market for gold is, but there are central banks in that market, and not just because of a legacy system. We should not stop at a superficial analogy between gold and bitcoin.

    Why do central banks invest in gold, other than legacy?

    It’s in part due to legacy, but gold has intrinsic, commercial and industrial value. Bitcoin does not have any of that.

    We’ve seen gold and bitcoin make all-time highs at the same time. Or should we say that fiat currencies are making all-time lows?

    Fiat currencies allow you, among other things, to pay. Good luck trying to pay in bitcoin or gold. Central bank money is the safest asset you can imagine and it’s relatively stable in terms of what you can buy with it.

    MIL OSI Economics –

  • MIL-OSI Russia: Exploring Traditions: HSE Students Celebrate Chinese New Year

    Translartion. Region: Russians Fedetion –

    Source: State University Higher School of Economics – State University Higher School of Economics –

    February 1st Cultural center HSE University celebrated the Eastern New Year as usual – a large-scale celebration united students and teachers interested in the culture of East Asian countries. The organizers were School of Oriental Studies Faculty of World Economy and World Politics, Internationalization Directorate, HSE Chinese Club, as well as other university clubs – Japanese “Musubi” and Korean “Hallyan“.

    Guests were treated to calligraphy master classes, where they could learn how to write their name in the languages of Asian countries, try their hand at the art of ink drawing, and create an imprint of the symbol of the year — a snake. Tea lovers learned the intricacies of traditional tea drinking, learned about the most diverse and unusual types of this plant and the significance of the tea ceremony in Eastern culture. Visitors were also offered Chinese red envelopes with New Year wishes — in China, they are traditionally given to loved ones, wishing them well-being and good luck.

    The guests took part in national games and quizzes with great interest, where they tested their knowledge of Eastern traditions and the history of the holiday. The culmination was a concert, where the audience could immerse themselves more deeply in the atmosphere of the Chinese New Year thanks to theatrical scenes, national songs and performances by dance groups.

    Many international students compared the joyful atmosphere that reigned to New Year’s at home. “I am from Asia, and this year I was unable to celebrate the New Year in my homeland. But here I was able to feel the warmth and comfort of a home holiday,” shared Nguyen Hinh Goc Anh, a student. Higher School of Business.

    For Russian students studying Eastern culture, this evening was an excellent opportunity to get to know the traditions better.

    The guests noted the high level of organization and the organizers’ attention to detail. “The interiors are beautifully stylized, it is clear that people really prepared and were burning with the idea. Each zone has a special atmosphere that allows you to immerse yourself in the culture,” noted Ekaterina Klimenko, a 5th-year student of the educational program “Oriental Studies” She brought her friend Elizaveta to the party, who does not study at the HSE, but was happy to spend the day at the university.

    For the guests, the holiday was not just entertainment, but also an opportunity to communicate with new people. “Here you can have fun, broaden your horizons, get acquainted with traditions, and also meet students from different fields,” said Maria Fedyunina, a student in the educational program “Management in creative industries” FCI HSE.

    The participants of the evening emphasized the importance of such initiatives, as they help strengthen the student community by creating a space for communication and knowledge sharing.

    Text: Sofia Simina, OP “Advertising and Public Relations“

    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 Europe: Piero Cipollone: Interview with Reuters

    Source: European Central Bank

    Interview with Piero Cipollone, conducted by Balazs Koranyi and Francesco Canepa

    6 February 2025

    The ECB has said that the direction of travel for monetary policy is clear, but the timing and extent of moves is not. What does this guidance mean to you?

    We are moving towards the target. The direction of inflation is clear, despite some small bumps. All incoming information points to a convergence with the target in 2025 and this is what our models are also telling us.

    Our models include market expectations for the interest rate path, so this convergence with the inflation target is coherent with a declining interest rate path.

    Everything is of course contingent on the information at the time of the forecasts, and we will have a new forecast round in March. Before then, we’ll get another inflation print, we’ll have more details on the composition of inflation, and all these feed into the model, as do market expectations for interest rates.

    Does that mean implicitly that you are comfortable with market expectations for further rate cuts as they are embedded in the projections?

    That was conditional on the information we had in December. I am comfortable as long as that path takes us to the target in the medium term in a sustainable way.

    What does the data since that December meeting tell you?

    Overall, I think the direction is the same. I don’t see huge changes in our view, except trade tensions. The overall understanding of where we are going is there, the fundamentals haven’t changed, so I do not expect a big change in direction.

    One thing that might happen is a trade war with the United States. How would that affect your thinking?

    It depends on details such as whether we retaliate, precisely what these tariffs are going to be levied on, and how China is affected.

    If tariffs are imposed on us, the most immediate impact will be on growth.

    The price of goods will be higher in the United States. Who is going to absorb the cost? It could be that European companies, in order to defend their market share, might be willing to sacrifice a bit of their margin in order to stay in the market. We have seen this many times and European firms have a great ability to adjust. Part of this sacrifice might be recovered through the exchange rate. So, in the end, the overall impact may not be that big.

    What concerns me more is if President Trump engages in a full trade war with China. This is a more serious threat because China has 35% of the world’s manufacturing capacity. Trade barriers will force China to sell its goods elsewhere and the competition from China could be a serious threat to us. These goods showing up in Europe could have both a deflationary and a contractionary impact because they would crowd out local products.

    The uncertainty is exceptionally high, everything is in motion. And we can’t assess where it’s all going until things fall in place.

    It’s true we have a goods surplus with the United States. But if you add in services and look at the overall current account, then the balance is close to zero.

    Looking at the very short term, can you support a rate cut in March, as some of your colleagues are already saying?

    I don’t want to seem elusive, but the uncertainty is so high that anything can happen. We all agree there is still room for adjusting rates downwards. But we need to be extremely careful. It’s important to stress this idea of a meeting-by-meeting, data-dependent approach. I want to enter the meeting with an open mind, see the staff assessment and process incoming data.

    But we also all agree that we are still in a restrictive territory.

    Suppose tariffs on China stay, that’s a huge demand shock. On the other hand, we have energy prices moving upwards. It could be a transitory phenomenon, but what if this is more entrenched?

    How far are we from the neutral rate and why has the neutral gone up?

    When you have an estimate range that is 50 or 75 basis points, then it’s a conceptual tool and doesn’t have much bearing on policy, given the high uncertainty. Take estimates that it is between 1.75% and 2.25%. Those are two completely different monetary policies, if you are close to target. It’s such a wide range that one number could imply that you are undershooting and another that you are overshooting. So “neutral” is a very powerful analytical concept but not terribly useful for setting monetary policy, given this embedded uncertainty.

    It’s possible this rate went up but it’s also possible it stayed unchanged given how wide the band is.

    You say you are clearly restrictive now. Would that still apply after the next cut? When does the debate start on when restrictive ends?

    We are almost on target. The closer you get to target, the less you’ll need to stay restrictive.

    It’s also true we have been overly optimistic on growth and had to cut our growth forecasts three times since June. So, it is possible that the recovery is not as strong as expected and thus the inflationary pressure coming from demand is weaker. This could prompt us to reassess our concept of restrictiveness.

    Could this mean that you need to become accommodative to avoid an undershoot?

    I assess the risk around inflation to be balanced and I don’t have evidence of a possible undershoot. Long-term inflation expectations are also very well anchored.

    The latest information, especially the rise in the cost of energy, makes me think that we should be prudent. It might be a transitory phenomenon, but prices have risen substantially. Consumer expectations have also gone up a little as they are very reactive to short-term developments.

    I’m not saying that risks are moving towards being on the upside, but we have no evidence of undershooting either.

    Do the growth revisions suggest fundamental changes in how the economy functions?

    Growth has been disappointing, especially because of investments. Consumption may have been less buoyant than we thought, but it remains broadly on the path that we are expecting. The fundamentals for rising consumption are there. Real incomes are increasing, employment is high, inflation is declining and consumer confidence is holding steady.

    The real problem is investments, and that is only partially linked to monetary policy. The culprit is uncertainty. Investments have been weak since the summer given the overall uncertainty and the direction of trade policy after the US election.

    My sense is that people are holding out before making important investment decisions. There is of course a cost component related to interest rates. But you see that people are investing just to replace old capital stock.

    What can the ECB do about it?

    We have to take care of the cost component and avoid being unduly restrictive. Our goal should be to have the economy growing close to potential and to contribute to reducing uncertainty as much as possible.

    Could another targeted longer-term refinancing operation help investments?

    It doesn’t seem to me that the lack of available funding is the issue. We have seen some tightening of credit conditions but that’s not the key factor here.

    Last week we were talking about a 25% tariff, today not anymore, and tomorrow we don’t know. All companies are trying to understand where it’s all going so that they can make investment decisions.

    How does this uncertainty affect the labour market?

    There could be some softening of the labour market but overall we have been positively surprised. We went through a huge disinflation process with a very strong labour market.

    Labour hoarding has two dimensions. One is the cost. Overall, the cost is still relatively low because, by some measures, real wages are still below the pre-pandemic level. The second reason is that firms are afraid of losing skilled labour and this is still the case.

    The labour market is softening, however. The problem is manufacturing essentially. But even there we see some light at the end of the tunnel. There seem to be some initial signs of recovery in the Purchasing Managers’ Index and the Economic Sentiment Indicator. I was surprised to see that confidence in the construction sector and manufacturing activity have bottomed out, and we see some possible signs of recovery. Services are holding up overall. If there is some softening in terms of demand for labour, possibly there will be a pick-up in productivity which will reduce the unit labour cost overall. We obviously need to monitor it because, with all this uncertainty, we could see a deterioration. But I am not overly concerned about the labour market.

    Adding up what you said about these modest signs of recovery in manufacturing, does that mean you still believe in the soft-landing narrative and you don’t see a recession?

    We might not be booming but I am not expecting a recession at all. I think consumption will slowly go up because the fundamentals are there, labour income is growing, the cost of borrowing is declining, inflation is declining, and consumer confidence is basically holding up, so it’s possible that the savings rate will decline from a historic high. So, overall, I think consumption will keep going – and that is a big chunk of the economy. Investment should recover too, as soon as all this uncertainty dissipates. First, one cannot hold back forever: imagine you have a bunch of cumulated investment decisions to make. Even if a small percentage of them go through, it will be a positive and you will see that in investment. Second, less restrictive financial conditions are slowly being transmitted to the cost of financing. And third, in 2025-26 we should see an acceleration in the spending of Next Generation EU funds in Europe.

    Moving to the digital euro. Could you give us an update?

    We have started the procurement process and we will be selecting suppliers in June, but the contracts are such that they will only be triggered if the Governing Council decides to issue the digital euro. We have been working on the rulebook and we will be able to finalise it shortly after we have firm EU legislation in place. For example, whether people can have access to one or more wallets will have an influence on the rulebook, so if we don’t have a final legislation, we cannot finalise the rulebook. But it will not take long once the legislation is approved because we have done as much work as possible in the absence of a firm legislation. So the procurement is done and the rulebook is almost done. We are also working with the market to leverage the innovation potential of the digital euro. We think there is huge potential in conditional payments to increase the quality and the menu of the offering on payments.

    So that is a payment that only happens if a certain condition is fulfilled, right?

    Today there is only one type of conditional payment and it is based on time: pay this amount to this person on this date. We think we can do better than that. To make sure that this intuition is right, at the end of October, we issued a call for innovation partnerships. We were surprised to receive 100 offers. People want to experiment with new ideas. We will be doing that for the next six months and we will then prepare a report.

    Would conditional payments require a blockchain? How else would the condition be verified?

    No, it’s not a matter of blockchain. If you have a way to register the transaction on the ledger through a sort of token, that is a possibility. But technicians tell me you can make a transaction conditional even on a traditional ledger. We are working on that, but the information that I can give you is that we can do better than what we are doing today on conditional payment, regardless of the underlying technology. The technology has a bearing on many dimensions, for example latency and privacy.

    Could you give me an example of a conditional payment that could be settled in digital euro?

    For example, if the train is late, today you have to ask to be reimbursed. You could have a solution in which you only pay if the condition is automatically verified. 

    To conclude with where we are in the preparation phase, let me add that since the digital euro is a product, we have to market it. So, we are engaging with focus groups and using surveys to understand how to best finalise the product in order to meet people’s expectations. We are on schedule, so we should be ready to take a decision on moving to the next project phase by November 2025. I don’t know whether at that time the Governing Council will already be able to take a decision to eventually issue a digital euro because that depends on whether we have a legislation at that point. We have been clear that we would not take any decision about the issuance of a digital euro before the legislative act has been adopted.

    We had expected legislation on the digital euro some time ago. What’s holding up the process? Are you sensing a lack of political will?

    I wouldn’t say there’s a lack of political will. I think people want to understand the whole process. The European Commission issued legislation in June 2023, then the European Parliament started to work on that, but mentally they were not there because there was an EU election coming up. Everything stopped. They are starting to work on this now so, to be fair to them, they didn’t have much time. By contrast, in the Council of the European Union’s working party, work is progressing. As far as I know, they have gone through all of the legislative proposal and they are now focusing on the issues that still need to be worked out.  When both the Council and the Parliament have agreed internally, they will sit down with the Commission and try to finalise the legislation. So, we hope they will be able to reach an agreement internally before the summer. But again, political processes are complex and there are many things on the table. Obviously the sooner the better, but we fully understand their needs. My sense is that there is an increased sense of urgency because of the position that has been taken by the new US Administration. The fact that the US President went in so strong on this idea of promoting worldwide US dollar-denominated stablecoins obviously is a signal. The political world is becoming more alert to this. And it’s possible that we will see an acceleration in the process.

    Stablecoins are similar to money market funds that people use if they don’t want to go via the banking system, whereas the digital euro, with its holding limit, will purely be a means of payment. Why do you think a digital euro would be a good response to stablecoins?  

    You’re right, for as long as stablecoins are not used as a means of payment. My sense is that they will be. This is worrisome because if people in Europe start to use stablecoins to pay, given that most of them are American and dollar-based, they will be transferring their deposits from Europe to the United States. It may start with peer-to-peer, cross-border transactions. Then an American tourist may be able to use stablecoins instead of using a credit card, for example. So stablecoins can enter the payment space, for example, if they can compete with card schemes by reducing the price for the merchant. We have seen that important payment providers have already issued stablecoins, like PayPal, for example.

    Turning now to bitcoin, we know that the ECB has got repo lines and swap lines with other central banks. Would the ECB maintain those with a central bank that has bitcoins among its reserves?

    It’s an interesting question. Fortunately we don’t have to think about that right now because no major central bank is thinking about that.

    One is hypothesising.

    We would need to do a risk management assessment of that. Let’s see if any central bank enters this space because I don’t fully see the rationale for it. We will assess it at that point in time, if it happens. I am trying to be rational and think about why I should invest in bitcoin or another crypto-asset. The only rationale is if one thinks that the price will always go up. It doesn’t have any underlying value, there is no asset backing it, there is no earning model.

    On that, it’s a bit like gold.

    The structures of the two markets are completely different: the transparency of the market, the concentration. So, I would be careful about making the analogy. I don’t know how deep the market for gold is, but there are central banks in that market, and not just because of a legacy system. We should not stop at a superficial analogy between gold and bitcoin.

    Why do central banks invest in gold, other than legacy?

    It’s in part due to legacy, but gold has intrinsic, commercial and industrial value. Bitcoin does not have any of that.

    We’ve seen gold and bitcoin make all-time highs at the same time. Or should we say that fiat currencies are making all-time lows?

    Fiat currencies allow you, among other things, to pay. Good luck trying to pay in bitcoin or gold. Central bank money is the safest asset you can imagine and it’s relatively stable in terms of what you can buy with it.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: ‘Grow Together: Regenerating Our Borough’ a resounding success

    Source: Northern Ireland City of Armagh

    (L-R) Rachel Little (Food Development Technologist, SRC); Sarah McKnight (Food Heartland Assistant, ABC Council); Jillian Dougan (The Yellow Door); Councillor Kyle Savage (Deputy Lord Mayor); Sarah Jane McDonald (Enterprise Development Manager, ABC Council); Brenda Kelleghan (SRC Business Support & Innovation Manager) and Tracy Rice (Head of SRC Business Support & Innovation).

    Over 60 business leaders, chefs, community representatives and students recently gathered at Southern Regional College in Banbridge for ‘Grow Together: Regenerating Our Borough.’

    The event, a collaboration between the Food Heartland and the Southern Regional College (SRC) Business Support and Innovation department, was funded by Connected NI, an initiative promoting knowledge exchange between academia and industry.

    Deputy Lord Mayor of Armagh City, Banbridge and Craigavon, Councillor Kyle Savage officially opened the event, emphasising the importance of collaborative efforts for a sustainable future. He said:

    “Strong partnerships, together with a shared focus and commitment will go a long way towards our drive for a more sustainable future. There is a wealth of knowledge, experience and ideas to be shared from our food producers and academia here today that will play a huge role in promoting growth, nourishment and sustainability across the agri-food industry.

    “By working together, we can look at the whole picture of the local environment and works towards regenerative sustainability.”

    On behalf of SRC, Business Support Manager, Tracy Rice, welcomed everyone to the event and explained the importance of the regeneration to the agri-food industry within the borough and how we all need to work together to achieve positive results.

    Following a recent visit to Romania, Lydia Reilly, a food innovation and technology specialist from SRC explained the core principles of regenerative sustainability. Lydia outlined the regeneration pillars, inspiring businesses to embrace a new way of working that may prioritise sustainable practices. Lydia’s presentation focused on key regenerative concepts, emphasising how organisations can move beyond traditional sustainability to their businesses. Her insights aimed to spark a fundamental shift in business thinking, encouraging companies to adopt strategies that actively contribute to a regenerative way of working.

    Keynote speaker Jilly Dougan from The Yellow Door delivered an inspiring address, advocating for placing the natural world at the core of our economy. Sharing her personal journey of transforming her garden into a regenerative, biodiverse haven, Jilly demonstrated the potential of working in harmony with nature.

    A panel of expert business leaders, representing Kingsbury Wagyu, Ballydown Milk and Grouchos on the Square, shared insights into the sustainable choices that have shaped their businesses. highlighting how impactful change often stems from embracing unconventional approaches.

    Liam McNally from International Synergies led an engaging discussion on repurposing surplus materials and encouraged attendees to explore sustainable solutions for excess stock within their own businesses.

    The event fostered a vibrant atmosphere of networking and idea-sharing, energised by delicious samples provided by local businesses including Nice Buns, Chala Chai, Jackson Roze, Richmount Health Foods and Apple Tree Farm. Breakfast was generously provided by Quails Fine Foods, with yoghurt from Ballydown Milk.

    Attendees had ample opportunity to network, connect and learn from each other, as well as pose questions to the panel of speakers.

    Feedback from the event has been overwhelmingly positive. The Food Heartland Network extends a huge thank you to all attendees and contributors for their participation in this collaborative effort to build a greener future for the borough.

    Click here for more information on Food Heartland.

    MIL OSI United Kingdom –

  • MIL-OSI China: Expert: US tariffs on Chinese goods blatant trade bullying

    Source: China State Council Information Office

    The U.S. Capitol building is pictured in Washington, D.C., the United States, on Jan. 6, 2025. [Photo/Xinhua]

    The United States’ unilateral imposition of additional tariffs on Chinese goods is a blatant act of trade bullying, damaging bilateral trade and erodes the rules-based global trade system, according to a Chinese expert.

    Xu Xiujun, director of the Research Center for Sino-Foreign Studies at the Chinese Academy of Social Sciences and a professor at its International Political Economy Institute, voiced his concerns during an interview with China.org.cn on Wednesday. “The U.S. imposition of extra tariffs on Chinese goods severely disrupts normal bilateral trade and jeopardizes the sustainable development of China-U.S. ties,” he said. “The move violates World Trade Organization (WTO) rules and pushes the global trade order once again to the brink of chaos.”

    Following the U.S. imposition of a 10% additional tariff on Chinese imports on Feb. 4, citing the fentanyl issue, Beijing swiftly responded with a series of economic countermeasures the same day.

    The Customs Tariff Commission of the State Council announced that China will implement additional tariffs on select U.S. goods starting Feb. 10. These tariffs include a 15% levy on U.S. coal and liquefied natural gas, and a 10% increase on existing tariffs for crude oil, agricultural machinery, large-displacement automobiles and pickup trucks. 

    China’s State Administration for Market Regulation also announced an anti-monopoly investigation into Google, and the Ministry of Commerce (MOC) and the General Administration of Customs jointly declared export controls on certain items related to tungsten, tellurium, bismuth, molybdenum and indium, effective Tuesday.  

    The Chinese government has also filed a complaint with the WTO’s dispute settlement mechanism, as confirmed by an MOC spokesperson on Tuesday, to “safeguard China’s legitimate rights and interests.”

    “By taking the U.S. tariff measures to the WTO dispute settlement mechanism, the Chinese government has not only demonstrated its firm stance in safeguarding its own rights and interests, but also taken concrete action to uphold the international trade order based on WTO rules,” said Xu.

    At a press briefing on Wednesday, Chinese Foreign Ministry spokesperson Lin Jian said, “Applying pressure and issuing threats is not the right way to handle relations with China,” arguing that shifting the blame to other countries does not address the U.S. fentanyl crisis.

    “The real solution lies in reducing domestic drug demand and strengthening law enforcement cooperation,” Lin added. He also highlighted that China enforces some of the strictest drug control policies in the world.

    Xu highlighted China’s longstanding leadership in drug control, noting that China was the first country to officially schedule fentanyl-related substances as a distinct class back in 2019.

    “In contrast, due to lax regulatory oversight, the U.S. has been grappling with rampant drug abuse and widespread drug problems,” he said. Xu criticized the U.S. government for singling out unrelated Chinese products with unilateral tariffs — a tactic designed to conceal its own inability to effectively address domestic drug issues while protecting the interests of large pharmaceutical companies and their political allies.

    “This approach not only fails to address the challenges facing the U.S. but actually worsens its problems,” he added.

    Xu said that China will enhance cooperation with other WTO members, firmly opposes unilateralism and trade protectionism, and embraces genuine multilateralism.

    “China will work to promote stable and sustainable international economic and trade cooperation in line with the WTO’s core principles of fair competition, transparency and predictability,” he said.

    MIL OSI China News –

  • MIL-OSI United Kingdom: Match Day Parking Zone to be introduced around Everton FC’s new stadium

    Source: City of Liverpool

    Liverpool City Council is to introduce a ‘Football Match Parking Zone’ around Everton FC’s new stadium, at Bramley-Moore Dock.

    A raft of new parking measures are to be implemented surrounding the 52,888 seater stadium, similar to what is already in place around Goodison Park and Anfield.

    More than 4,000 residents and 3,000 businesses are now being invited to apply for the relevant parking permits ahead of the zone going live under an Experimental Traffic Road Order (ETRO) to coincide with the historic first test game at the £500m venue later this month.

    The ETRO will run for up to 18 months and during that period will then be reviewed by the Council’s Transport and Highways team.

    Residents will be able to apply for a permit for each vehicle registered at their address, plus one visitor permit, for which there will be no fee. Businesses will be charged an annual fee of £50 per vehicle, up to a maximum of 10.

    The focus of the proposed parking zone covers the area within a 30-minute walk of Everton Stadium, which is serviced by the city’s historic “Dock Road”, and will encompass the surrounding Ten Streets district, into the city centre and up to Great Homer Street in Everton.

    The new parking zone requirements, which were subject to a public consultation in late 2022, includes:

    • New resident parking areas
    • New taxi ranks
    • New match day bus stands
    • New parking restrictions
    • New hours of operation for existing parking zones for the Great Homer Street area
    • New hours of operation for existing parking zones for the Ten Streets and Love Lane areas
    • New industrial parking zone south of Boundary Street
    • New industrial parking zone north of Boundary Street

    The overall aim of the new Parking Zone is to reduce congestion, improve air quality and safety to and from the stadium. The proposals have also been designed to complement the planned modernisation of parking across the city centre.

    The Council’s Transport and Highways team has already begun the process of installing new signage ahead of Everton’s first “test match” at the waterfront stadium, situated within Liverpool Waters, which will be held on Monday, 17 February.

    Scheduled to open for the 2025/26 season, Everton’s new home has already been picked as a venue for the UEFA European Championships in 2028 and will also be capable of hosting major non-footballing events.

    Liverpool City Council has invested more than £20m in the highways infrastructure around Bramley-Moore Dock, including a permanent segregated cycle lane running from the city centre up to Liverpool’s northern border at Bootle in Sefton, which passes right in front of the new stadium.

    The Council is also working with Sefton Council and the Liverpool City Region Combined Authority on a new town bid which which would see for than 10,000 new homes, with community infrastructure, from the city centre, around the new stadium, and north into Bootle and Walton.

    • The Liverpool City Region Combined Authority is also working with Merseyrail, Network Rail and Everton FC on the development of a new crowd management zone and an additional entrance at Sandhills station. The aim is to primarily support fans and event goers accessing public transport on their way to and from the new stadium.

    Councillor Dan Barrington, Liverpool City Council’s Cabinet Member for Transport and Connectivity, said: “Everton Stadium is going to be transformational especially for the surrounding Ten Streets district and the wider Kirkdale community.

    “As well as the economic benefit, the vast volume of people the stadium will attract – and how they arrive and depart – needs to be carefully managed.

    “The North Docks area has never had to cope with such large numbers of people in such concentrated time periods, but fortunately the city has the experience and knowledge thanks to Goodison Park and Anfield. By creating this new match day parking zone, we’ll be looking to adopt and incorporate those controls which so effectively move tens of thousands on a weekly basis.

    “Bramley-Moore Dock is also a unique location given its very close proximity to the city centre and the fact the surrounding transport infrastructure is well developed. There’s more to be done but all the partners are talking to make those improvements.

    “We’ll also be looking to encourage as many active travel options as possible for those attending the games or other events there, which is a win-win for everyone in terms of managing congestion and air quality and promoting healthy habits.

    “There’s lots of residents and businesses, as well as Everton fans, who will be affected by this new zone and thanks to their feedback we’ve been able to formulate a plan which accommodates their needs.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Government opens record industry conference to kickstart SME exports

    Source: United Kingdom – Executive Government & Departments

    UK Export Finance welcomes industry to its largest ever national conference, promoting SME growth.

    • Minister for Exports calls on SME audience to make use of government support at UK Export Finance’s annual conference.

    • Around 1,000 business leaders – including directors from CBI and British Chambers of Commerce – gather to help UK businesses access international opportunities.

    • With a £60 billion remit, UKEF enabled exports to 45 global territories in 2024, unlocking export opportunities for British suppliers.

    The UK government is hosting one of its largest ever export conferences, with around 1,000 business leaders attending today’s UK Trade and Export Finance Forum to discuss ways of reducing financial barriers to exporting.

    Hosted in London by UK Export Finance (UKEF), the event welcomes speakers from the CBI, British Chambers of Commerce and Invest in Women Taskforce. Workshops will discuss overseas opportunities and how government and private sector can collaborate to help a wider range of businesses to export.   

    UKEF is a government department which helps businesses to export by offering financing guarantees and insurance – support which helps companies to fill their order-books, invest in growth and create wealth. The event comes a week after the Chancellor pledged to kick-start economic growth across the country as part of this government’s Plan for Change.  

    In the 2023-24 financial year, UKEF backing for businesses contributed £3.3 billion to the UK economy and supported up to 41,000 jobs across the country.

    UKEF can also now reveal that in 2024, its work secured export deals to 45 territories, increasing the availability of overseas contract opportunities for British businesses.

    A majority of businesses seeking UKEF support and attending the conference are small and medium-sized enterprises (SMEs). Export finance support complements other actions which the government is taking to support SMEs, like measures tackling the scourge of late payments, the launch of a Business Growth Service, and trade agreements generating new opportunities.

    Gareth Thomas, Minister for Exports, said:

    UKEF plays a key part in this government’s central mission to go further and faster to deliver economic growth across the country. Their support has led to projects in dozens of countries around the world, supporting jobs, boosting wages and increased investment into the UK.

    Supporting small firms and supercharging exports are at the very core of that growth mission, because we know that when more SMEs trade around the world, it boosts the whole economy.

    The conference falls ahead of the government’s Industrial Strategy, a plan for supporting investment into high-growth sectors which is expected to launch in spring 2025. This will be supported by UKEF’s own vision for supporting more SMEs and facilitating £10 billion in financing for clean-growth exports by 2029 – a vision furthered by the Chancellor’s recent launch of export finance support for projects supplying critical minerals to UK industry.

    Shevaun Haviland, Director General of the British Chambers of Commerce, said:

    If the UK wants to grow its economy, then we need to export more. The maths on this is really very simple. If we export more than we import, then trade contributes to economic growth, productivity rises, and wages and investment are pushed up – creating a virtuous circle. 

    Our experience has also taught us that firms that export are more resilient, innovative and grow faster. Support for our SME exporters and encouragement to help them start selling overseas is vital to making this happen and UKEF has a key role to play.

    Jordan Cummins, Director (UK Competitiveness), CBI, said:

    To be a key player in the global race for growth, the UK needs a bold and ambitious Trade Strategy.

    As business continues to navigate changing global dynamics, persistent economic headwinds, and geopolitical uncertainty, intervention is needed from government to enable firms to capture the growth prizes on offer. Doing so will ensure the UK is positioned as one of the world’s best locations for investment and trade.

    Record interest in the government event follows growth in the range of businesses seeking UKEF support. Since launching the event in 2018, UKEF has seen a significant rise in the number of retail and wholesale exporters supported, particularly in food & drink, beauty & healthcare, furniture, homeware and interior design.

    Contact

    Media enquiries:

    Updates to this page

    Published 6 February 2025

    MIL OSI United Kingdom –

  • MIL-OSI: OP Mortgage Bank: Financial Statements Bulletin for 1 January‒31 December 2024

    Source: GlobeNewswire (MIL-OSI)

    OP Mortgage Bank
    Financial Statements Bulletin
    Stock Exchange Release 6 February 2025 at 10.00 EET

    OP Mortgage Bank: Financial Statements Bulletin for 1 January‒31 December 2024


    OP Mortgage Bank (OP MB) is the covered bond issuing entity of OP Financial Group. Together with OP Corporate Bank plc, its role is to raise funding for OP Financial Group from money and capital markets.

    Financial standing

    The intermediary loans and loan portfolio of OP MB totalled EUR 14,800 million (16,988)* on 31 December 2024. Bonds issued by OP MB totalled EUR 14,800 million (14,915) at the end of December.

    OP MB’s covered bonds after 8 July 2022 are issued under the Euro Medium Term Covered Bond (Premium) programme (EMTCB), pursuant to the Finnish Act on Mortgage Credit Banks and Covered Bonds (151/2022). The collateral is added to the EMTCB cover pool from the member cooperative banks’ balance sheets via the intermediary loan process on the issue date of a new covered bond.

    In January, OP MB issued its first covered bond of the year in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of seven years and six months. All proceeds of the bond were intermediated to 63 OP cooperative banks in the form of intermediary loans.

    In March, a fixed-rate covered bond worth EUR 1 billion issued by OP MB in March 2017 matured. At the same time, OP cooperative banks’ intermediary loans worth EUR 1 billion related to the bond in question matured.

    In October, OP MB issued its second covered bond of the year in the international capital market. The fixed-rate covered bond worth EUR 1 billion has a maturity of five years. All proceeds of the bond were intermediated to 48 OP cooperative banks in the form of intermediary loans.

    The terms of issue are available on the op.fi website, under Debt investors: https://www.op.fi/en/op-financial-group/debt-investors/issuers/op-mortgage-bank/emtcb-debt-programme-documentation

    In November, OP MB sold a loan portfolio with a nominal value of EUR 1,825 million back to 85 OP cooperative banks. A capital loss of EUR 7.9 million was recognised on the sale in other operating expenses, and at the same time, income of EUR 5.0 million was recognised in net interest income consisting of income of EUR 7.7 million from the unwinding of hedge accounting items and an expense of EUR 2.7 million from the unwinding of loan EIR amortisations. In addition, EUR 4.5 million was recognised as expected credit loss on the sold loans. Net effect on operating profit was EUR 1.7 million. Previously, OP MB has purchased loans from OP cooperative banks as collateral for the bonds. Currently, OP MB operates on an intermediary loan model in which loans are tagged as collateral for bonds directly in OP cooperative banks’ balance sheets.

    Also, a fixed-rate registered bond (Namensschuldverschreibung) worth EUR 115 million issued by OP MB in November 2012 matured in November. Additionally, a fixed-rate covered bond worth EUR 1 billion issued by OP MB in November 2014 matured in November together with OP cooperative banks’ intermediary loans related to the bond worth EUR 1 billion.

    At the end of December, 92 OP cooperative banks had a total of EUR 14,800 million (14,800) in intermediary loans from OP MB.

    Impairment loss on receivables related to loans in OP MB’s balance sheet totalled EUR 2.5 million (-0.3). Loss allowance was EUR 0.0 million (2.6) following the sale of the loan portfolio.

    Operating profit was EUR 4.4 million (9.3). The company’s financial standing remained stable throughout the reporting period.

    * The comparatives for 2023 are given in brackets. For income statement and other aggregated figures, January–December 2023 figures serve as comparatives. For balance-sheet and other cross-sectional figures, figures at the end of the previous financial year (31 December 2023) serve as comparatives.


     Collateralisation of bonds issued to the public

    The European covered bonds (premium) issued under the EMTCB programme worth EUR 25 billion established on 11 October 2022, in accordance with the Act on Mortgage Credit Banks and Covered Bonds (151/2022), totalled EUR 6,250 million. The cover pool included a total of EUR 6,882 million in loans serving as collateral on 31 December 2024. Overcollateralisation exceeded the minimum requirement under the Act (151/2022).

    The covered bonds issued under the Euro Medium Term Covered Note programme worth EUR 20 billion established on 12 November 2010, in accordance with the Act on Mortgage Credit Banks (Laki kiinnitysluottopankkitoiminnasta, 688/2010), totalled EUR 8,550 million. The cover pool included a total of EUR 9,451 million in loans serving as collateral on 31 December 2024. Overcollateralisation exceeded the minimum requirement under the Act (688/2010).

    Capital adequacy

    OP MB’s Common Equity Tier 1 (CET1) ratio stood at 797.0% (41.8) on 31 December 2024. The ratio was improved by the sale of the loan portfolio back to OP cooperative banks and the resulting reduction in capital requirement for credit risk. The minimum CET1 capital requirement is 4.5% and the requirement for the capital conservation buffer is 2.5%. The minimum total capital requirement is 8% (or 10.5% with the increased capital conservation buffer). OP MB fully covers its capital requirements with CET1 capital, which in practice means that it has a CET1 capital requirement of 10.5%. Estimated profit distribution has been subtracted from earnings for the reporting period.

    OP MB uses the Standardised Approach (SA) to measure its capital adequacy requirement for credit risk. The Standardised Approach is also used to measure the capital requirement for operational risks.

    OP MB belongs to OP Financial Group. As part of the Group, OP MB is supervised by the European Central Bank. OP Financial Group presents capital adequacy information in its financial statements bulletins and interim and half-year financial reports in accordance with the Act on the Amalgamation of Deposit Banks. OP Financial Group also publishes Pillar 3 disclosures.

    Own funds and capital adequacy

    TEUR 31.12.2024 31.12.2023
    Equity capital 368,122 372,160
    Common Equity Tier 1 (CET1) before deductions 368,122 372,160
    Excess funding of pension liability   -13
    Proposed profit distribution -3,466  
    Share of unaudited profits   -7,490
    Insufficient coverage for non-performing exposures   -2,856
    CET1 capital 364,656 361,800
         
    Tier 1 capital (T1) 364,656 361,800
         
    Tier 2 capital (T2)    
    Total own funds 364,656 361,800

    Total risk exposure amount

    TEUR 31.12.2024 31.12.2023
    Credit and counterparty risk 18,581 812,205
    Operational risk (Standardised Approach) 26,636 25,140
    Other risks* 538 27,336
    Total risk exposure amount 45,755 864,682

    * Risks not otherwise covered.

    Ratios

    Ratios, % 31.12.2024 31.12.2023
    CET1 capital ratio 797.0 41.8
    Tier 1 capital ratio 797.0 41.8
    Capital adequacy ratio 797.0 41.8

    Capital requirement

    Capital requirement, TEUR 31.12.2024 31.12.2023
    Own funds 364,656 361,800
    Capital requirement 4,804 90,829
    Buffer for capital requirements 359,852 270,971

    Liabilities under the Resolution Act

    Under regulation applied to the resolution of credit institutions and investment firms, the resolution authority is authorised to intervene in the terms and conditions of investment products issued by a bank in a way that affects an investor’s position. The EU’s Single Resolution Board (SRB) based in Brussels is OP Financial Group’s resolution authority. The SRB has confirmed a resolution strategy for OP Financial Group whereby the resolution measures would focus on the OP amalgamation and on the new OP Corporate Bank that would be formed in case of resolution. According to the resolution strategy, OP Mortgage Bank would continue its operations as the new OP Corporate Bank’s subsidiary.

    The SRB has set a Minimum Requirement for Own Funds and Eligible Liabilities (MREL) for OP MB. From May 2024, the MREL is 16% of the total risk exposure amount and 18.5% of the total risk exposure amount including a combined buffer requirement, and 6% of leverage ratio exposures. The requirement entered into force on 15 May 2024. The requirement includes a Combined Buffer Requirement (CBR) of 2.5%.

    OP MB’s buffer for the MREL requirement was EUR 356 million. The buffer consists of own funds only. OP MB clearly exceeds the MREL requirement. OP MB’s MREL ratio was 797% of the total risk exposure amount.


    Joint and several liability of amalgamation

    Under the Act on the Amalgamation of Deposit Banks (599/2010), the amalgamation of cooperative banks comprises the organisation’s central cooperative (OP Cooperative), the central cooperative’s member credit institutions and the companies belonging to their consolidation groups, as well as credit and financial institutions and service companies in which the above together hold more than half of the total votes. This amalgamation is supervised on a consolidated basis. On 31 December 2024, OP Cooperative’s member credit institutions comprised 93 OP cooperative banks, OP Corporate Bank plc, OP Mortgage Bank and OP Retail Customers plc.

    The central cooperative is responsible for issuing instructions to its member credit institutions concerning their internal control and risk management, their procedures for securing liquidity and capital adequacy, and for compliance with harmonised accounting policies in the preparation of the amalgamation’s consolidated financial statements.

    As a support measure referred to in the Act on the Amalgamation of Deposit Banks, the central cooperative is liable to pay any of its member credit institutions the amount necessary to preventing the credit institution from being placed in liquidation. The central cooperative is also liable for the debts of a member credit institution which cannot be paid using the member credit institution’s assets.

    Each member bank is liable to pay a proportion of the amount which the central cooperative has paid to either another member bank as a support measure or to a creditor of such a member bank in payment of an overdue amount which the creditor has not received from the member bank. Furthermore, if the central cooperative defaults, a member bank has unlimited refinancing liability for the central cooperative’s debts as referred to in the Co-operatives Act.

    Each member bank’s liability for the amount the central cooperative has paid to the creditor on behalf of a member bank is divided between the member banks in proportion to their last adopted balance sheets. OP Financial Group’s insurance companies do not fall within the scope of joint and several liability.

    According to section 25 of the Act on Mortgage Credit Banks (688/2010), which was valid at that time, the creditors of covered bonds issued prior to 8 July 2022 have the right to receive payment, before other claims, for the entire term of the bond, in accordance with the terms and conditions of the bond, out of the funds entered as collateral, without this being prevented by OP MB’s liquidation or bankruptcy. A similar and equal priority also applies to derivative contracts entered in the register of bonds, and to marginal lending facilities referred to in section 26, subsection 4 of said Act. For mortgage-backed loans issued prior to 8 July 2022 and included in the total amount of collateral of covered bonds, the priority of the covered bond holders’ payment right is limited to the amount of loan that, with respect to home loans, corresponds to 70% of the value of shares or property serving as security for the loan and entered in the bond register at the time of the issuer’s liquidation or bankruptcy declaration.

    Under section 20 of the Act on Mortgage Credit Banks and Covered Bonds (151/2022), which entered into force on 8 July 2022, the creditors of bonds issued after 8 July 2022, including the related management and clearing costs, have the right to receive payment from the collateral included in the cover pool, before other creditors of OP MB or the OP cooperative bank which is the debtor of an intermediary loan. A similar priority also applies to creditors of derivative contracts related to covered bonds, including the related management and clearing costs. Interest and yield accruing on the collateral, and any substitute assets, fall within the scope of said priority. Section 44, subsection 3 of the Act on Mortgage Credit Banks and Covered Bonds includes provisions on the creditor’s priority claim regarding cover pool liquidity support. According to said subsection, the creditor has the right to receive payment against the funds contained in the cover pool after claims based on the principal and interest of covered bonds secured by the cover assets included in the cover pool, obligations based on derivatives contracts associated with covered bonds, as well as administration and liquidation costs.


    Sustainability and corporate responsibility

    As of the reporting year 2024, OP Financial Group reports on its sustainability and corporate responsibility in accordance with the European Sustainability Reporting Standards (ESRS) under the EU’s Corporate Sustainability Reporting Directive (CSRD). OP Financial Group’s Report by the Board of Directors and Financial Statements 2024, including CSRD reporting, will be published in March 2025.

    Responsible business is one of OP Financial Group’s strategic priorities. OP Financial Group’s sustainability programme guides the Group’s actions and is built around three themes: Climate and the environment, People and communities, Corporate governance. Read more about the sustainability programme at www.op.fi/en/op-financial-group/corporate-social-responsibility/corporate-social-responsibility-programme

    At OP Financial Group, sustainability and corporate responsibility are guided by a number of principles and policies. OP Financial Group is committed to complying not only with all applicable laws and regulations, but also with a number of international initiatives. The Group is committed to complying with the ten principles of the UN Global Compact initiative in the areas of human rights, labour rights, the environment and anti-corruption. OP Financial Group is a Founding Signatory of the Principles for Responsible Banking under the United Nations Environment Programme Finance Initiative (UNEP FI). Furthermore, OP Financial Group is committed to complying with the UN Principles for Responsible Investment and the UN Principles for Sustainable Insurance.

    OP Financial Group’s biodiversity roadmap includes measures to promote biodiversity. OP Financial Group aims to grow its nature positive handprint by 2030. ‘Nature positive’ means that OP Financial Group’s operations will have a net positive impact (NPI) on nature.

    OP Financial Group has drawn up a Human Rights Statement and Human Rights Policy. The Group respects all recognised human rights. The Human Rights Statement includes the requirements and expectations that OP Financial Group has set for itself and actors in its value chains. OP Financial Group is committed to perform remediation actions if its operations have adverse human rights impacts.

    In March 2024, OP MB published a Green Covered Bond Report on the allocation and impacts of Finland’s first green covered bonds issued in March 2021 and April 2022. Under OP MB’s Green Covered Bond Framework, the proceeds from the bonds have been allocated to mortgages with energy-efficient residential buildings as collateral.

    The environmental impacts allocated to the green covered bonds in 2023 were 59,000 MWh of energy use avoided per year and 8,800 tonnes of CO2-equivalent emissions avoided per year.


    Personnel

    At the end of the reporting period, OP MB had six employees. OP MB has been digitising its operations and purchases all key support services from OP Cooperative and its subsidiaries, reducing the need for its own personnel.


     Governing body members

    The Board composition is as follows:

    Chair Mikko Timonen Chief Financial Officer, OP Cooperative
    Members Satu Nurmi Business Lead, SME Financing,
    OP Retail Customers plc
      Mari Heikkilä Head of Group Treasury & ALM,
    OP Corporate Bank plc

    OP MB’s Managing Director is Sanna Eriksson. The Deputy Managing Director is Tuomas Ruotsalainen, Senior Covered Bonds Manager at OP MB.


    Risk profile

    OP MB has a strong capital base, capital buffers and risk-bearing capacity.

    OP MB’s most significant risks are related to the quality of collateral and to structural liquidity and interest rate risks on the balance sheet, for which limits have been set in the Banking Risk Policy. The key credit risk indicators in use show that OP MB’s credit risk exposure is stable. OP MB has used interest rate swaps to hedge against its interest rate risk. Interest rate swaps have been used to swap home loan interest, intermediary loan interest and interest on issued bonds onto the same basis rate. OP MB has concluded all derivative contracts for hedging purposes, applying fair value hedges which have OP Corporate Bank plc as their counterparty. OP MB’s interest risk exposure is under control and has been within the set limit.

    The liquidity buffer for OP Financial Group is centrally managed by OP Corporate Bank and therefore exploitable by OP MB. At the end of the reporting period, OP Financial Group’s Liquidity Coverage Ratio (LCR) was 193% and the Net Stable Funding Ratio (NSFR) was 129%. OP MB monitors its cash flows on a daily basis to secure funding liquidity and its structural funding risk on a regular basis as part of the company’s internal capital adequacy assessment process (ICAAP).

    An analysis of OP MB’s risk exposure should always take account of OP Financial Group’s risk exposure, which is based on the joint and several liability of all its member credit institutions. The member credit institutions are jointly liable for each other’s debts. All member banks must participate in support measures, as referred to in the Act on the Amalgamation of Deposit Banks, to support each other’s capital adequacy.

    OP Financial Group analyses the business environment as part of its ongoing risk assessment activities and strategy process. Megatrends and worldviews behind OP Financial Group’s strategy reflect driving forces that affect the daily activities, conditions and future of the Group and its customers. Factors currently shaping the business environment include climate, biodiversity loss, scientific and technological innovations, polarisation, demography and geopolitics. External business environment factors are considered thoroughly, so that their effects on customers’ future success are understood. OP Financial Group provides advice and makes business decisions that promote the sustainable financial success, security and wellbeing of its owner-customers and operating region while managing the Group’s risk profile on a longer-term basis. Advice for customers, risk-based service sizing, contract lifecycle management, decision-making, management and reporting are based on correct and comprehensive information.


    Outlook

    Finland’s economy contracted in 2024. However, the economy began to recover as the year progressed and preliminary figures suggest that GDP grew in the second half compared to the same period in 2023. Slower inflation and lower interest rates provide a basis for the recovery to continue. Risks associated with the economic outlook are still higher than usual. The escalation of geopolitical crises or a rise in trade barriers may affect capital markets and the economic environment.

    OP MB’s capital adequacy is expected to remain strong and its risk exposure favourable. This enables the issuance of covered bonds in the future.

    Schedule for financial reports for 2024

    Report by the Board of Directors and Financial Statements 2024 Week 11, 2025
    Corporate Governance Statement 2024 Week 11, 2025

    Schedule for Interim Reports and Half-Year Financial Report in 2025

    Interim Report 1 January–31 March 2025 7.5.2025
    Half-year Financial Report 1 January–30 June 2025 30.7.2025
    Interim Report 1 January–30 September 2025 28.10.2025

    Helsinki, 6 February 2025

    OP Mortgage Bank

    Board of Directors

    Additional information:

    Sanna Eriksson, Managing Director, tel. +358 10 252 2517

    DISTRIBUTION
    LSE London Stock Exchange
    Euronext Dublin (Irish Stock Exchange)
    OAM (Officially Appointed Mechanism)
    Major media
    www.op.fi

    The MIL Network –

  • MIL-OSI: Net Asset Value

    Source: GlobeNewswire (MIL-OSI)

    6 FEBRUARY 2025

    NORTHERN 2 VCT PLC

    UNAUDITED NET ASSET VALUE AS AT 31 DECEMBER 2024

    Northern 2 VCT PLC (“the Company”) is a Venture Capital Trust (“VCT”) launched in 1999 and managed by Mercia Fund Management Limited. The Company’s objective is to provide long-term tax-free returns to investors through a combination of dividend yield and capital growth, by investing in a portfolio of investments mainly comprising unquoted venture capital holdings. In order to maintain approval by HM Revenue & Customs as a VCT, the Company is required to comply on a continuing basis with the provisions of Section 274 of the Income Tax Act 2007.

    The unaudited net asset value per ordinary share as at 31 December 2024 was 58.6 pence (30 September 2024 (unaudited) 57.2 pence).

    The net asset value is stated before deducting the interim dividend of 1.7 pence per share in respect of the year ending 31 March 2025, which was paid to eligible shareholders on 22 January 2025.

    For the purposes of calculating the net asset value per share, quoted investments are carried at bid price as at 31 December 2024 and unquoted investments are carried at fair value as at 31 December 2024 as determined by the directors.

    New Investments:
    During the three months ended 31 December 2024 three new venture capital investments were completed.

    Name of company Business activity Amount
    invested
    £000
    Semble Technology

    Enterprise AI for automated surgical tray validation

    		 2,072
    Scalpel AI

    Practice management software for healthcare clinicians/clinics

    		 1,036
    Napo

    Pet insurance provider with a focus on preventative care and customer experience

    		 2,052

    In addition to the new investments above, £2,456,000 was invested in five existing portfolio companies during the quarter.

    Realisations:
    During the three months ended 31 December 2024 two venture capital investments were realised.

    Name of company Sale proceeds
    £000    		 Original cost
    £000    		 Carrying value at 30 September 2024
    £000
    Grip-UK (t/a The Climbing Hangar) 2,525 3,536 2,568
    musicMagpie plc 376 222 228

    The number of ordinary shares in issue at 31 December 2024 was 221,196,352. During the three months ended 31 December 2024, 1,979,367 shares were purchased for cancellation at a price of 54.34 pence per share

    Enquiries:

    James Sly / Sarah Williams, Mercia Asset Management PLC – 0330 223 1430
    Website:        www.mercia.co.uk/vcts

    The contents of the Mercia Asset Management PLC website and the contents of any website accessible from hyperlinks on the Mercia Asset Management PLC website (or any other website), are not incorporated into, nor forms part of, this announcement.

    The MIL Network –