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Category: Commerce

  • MIL-OSI Economics: [Galaxy Unpacked 2025] Galaxy Tech Forum: Galaxy AI: Redefining the Mobile Experience Paradigm

    Source: Samsung

    Samsung Electronics unveiled the Galaxy S25 series at Galaxy Unpacked 2025, marking the beginning of the next era of mobile AI to explore the latest flagship smartphones and the transformative potential of AI agents, Samsung Newsroom joined the third Galaxy Tech Forum session, titled “True AI Companion: Impact on Life and What’s Next.” 
     
    (From left to right) Bob O’Donnell, Sameer Samat, Jay Kim, Christopher Patrick and Dr. Chris Brauer
     
    More Natural, Intuitive and User-Friendly Mobile AI 
    The session kicked off with welcome remarks from Jay Kim, Executive Vice President and Head of Customer Experience Office, Mobile eXperience Business at Samsung Electronics.  “Yesterday was a very exciting day for us as we launched the Galaxy S25. It’s another big step forward in the AI era,” Kim said. “We’re very excited to be here with our partners today, especially (excited) to talk about everything we did together to launch the Galaxy S25 series.” 
     
    Jay Kim from Samsung Electronics
     
    Moderator Bob O’Donnell, President and Founder of TECHnalysis Research, posed questions to the panelists about the benefits the Galaxy S25 series will bring to users, as well as the barriers blocking certain consumers from using mobile AI.  “AI should make users’ lives better. We study consumer habits, constantly trying to gain a better understanding of our customers,” Kim said. “Ultimately, what we’re trying to do is minimise how much effort it takes to input while maximising the output. To do that, we look at what consumers do on their phones, define the potential use cases alongside our partners, and put it all together in our devices for the best possible consumer experience.” 
     
    The Galaxy Tech Forum discussion on Galaxy AI
     
    “Multimodality can help people become more efficient while AI agents can help people become more productive,” Kim continued. He also highlighted Samsung’s commitment to openly collaborating with its partners to drive progress forward and expressed his excitement for the possibilities AI innovations will bring as part of a new chapter in mobile technology.  
     
    Expanding the Galaxy AI Ecosystem Through Open Collaboration 
    During the session, Samsung offered an inside look at the work done in partnership with Google and Qualcomm to perfect the Galaxy S25 series’ AI innovations.  “Even though the benefit value of mobile AI is really high, it’s of no use if you can’t access it. We had to look at what was already part of the consumer experience and contemplate how we could enhance those experiences in a way that would bring real benefits, but still be easy enough to access,” Kim explained. He noted that close collaboration was essential, particularly in integrating Google’s Gemini intelligence and Qualcomm’s on-device processing capabilities. 
     
    Sameer Samat from Google
     
    “Truly helpful AI must fit naturally into our daily lives. AI is a tool and not an end in itself, and what matters to consumers the most is how helpful AI can be for them,” said Sameer Samat, President of Android Ecosystem at Google. “LLMs represent a massive leap in how computers understand human language. Now, you can speak in completely natural language, removing any friction from the overall experience.” “With Galaxy S25, I’m optimistic that people will quickly adapt to using an AI agent to help them get things done in very natural ways.” 
     
    Christopher Patrick from Qualcomm
     
    Key drivers of multimodal AI capabilities, like Qualcomm’s Snapdragon 8 Elite chipset, were also highlighted, showcasing technology that simultaneously processes multiple forms of information, including voice, images and text.  “The Galaxy S25 series is going to be a completely new experience. You’ll be able to engage with your personalised AI assistant like never before; it doesn’t just feel like interacting with a real person, it perceives your environment and can interact with content shown on your camera,” said Christopher Patrick, Senior Vice President and General Manager for Mobile Handsets at Qualcomm. “Our collaboration with Samsung to customise the chipset to make these new capabilities feel seamless is something I’m really proud of.” 
     
    Breaking Barriers: Mobile AI’s Role in Enhancing Quality of Life 
    During the session, Samsung also presented the findings of a global study conducted in partnership with London-based research firm, Symmetry, that examined the link between mobile AI use and quality of life. The speakers delved into the study’s key implications and offered valuable insights. 
     
    Dr. Chris Brauer from Goldsmiths, University of London, and Symmetry
     
    “The rate of AI innovation is astounding, but what struck me about the research we did with Samsung was that the rate of mobile AI adoption is also rising at a rapid rate,” said Dr. Chris Brauer, Director of Innovation in the Institute of Management Studies at Goldsmiths, University of London, and Chief Innovation Officer at Symmetry. “Frequent consumer use of mobile AI globally has nearly doubled in just six months, jumping from 16% in July to 27% in January.” Dr. Brauer also outlined key findings concerning certain barriers to entry the research found around mobile AI. “We found a really interesting theme among those less willing to adopt the technology: doubt,” Dr. Brauer said.
    “Doubt in AI’s ability to bring meaningful benefits to everyday life (56%), doubt and a lack of high confidence to use AI to its full potential (85%) and doubt around privacy and whether AI can be trusted (90%). There’s immense potential with this technology, but what’s also clear are the very real barriers that must be addressed responsibly for wider adoption to take place.” 
     
    The Galaxy AI discussion session at the Galaxy Tech Forums
     
    The Galaxy AI session concluded with the panelists agreeing that mobile AI innovation is set to revolutionise every aspect of modern life. As representatives of the fast-moving industry, they also vowed to develop related technologies in a responsible manner beneficial to all of humanity.  
     
    
     
     
     

    MIL OSI Economics –

    February 6, 2025

  • MIL-OSI USA: Cantwell Takes to Senate Floor to Oppose Trump’s Trade Philosophy: No to Tariffs, Yes to Innovation, Collaboration & Growth

    US Senate News:

    Source: United States Senator for Washington Maria Cantwell

    02.05.25

    Cantwell Takes to Senate Floor to Oppose Trump’s Trade Philosophy: No to Tariffs, Yes to Innovation, Collaboration & Growth

    In speech on Senate floor, Cantwell advocates for new U.S. trade agreements with Southeast Asia, the Middle East, & the Americas to strengthen ties with allies & grow the economy at home; Cantwell slams proposed Trump tariffs: “The payers in this dispute are never the government leaders … it’s the workers who lose their job.”

    WASHINGTON, D.C. – Today, U.S. Senator Maria Cantwell (D-WA), the ranking member of the Senate Committee on Commerce, Science, and Transportation, delivered a speech on the Senate floor calling for the United States to establish new trade agreements with Southeast Asia, the Middle East, and Latin America – and to repudiate the trade philosophy of President Donald Trump, whose proposed tariffs on goods from Canada, Mexico, and China would spark a trade war, drive up costs for American consumers, harm domestic businesses across hundreds of industries, and compromise the United States’ global leadership in the free trade ecosystem.

    “It’s better to have a job than be attracted to join a terrorist organization. It’s better to create economic stability than fueling poverty and migration […] Last week, I spoke about additional investments the United States needs to make in Panama, Latin America, and others, to link and modernize bilateral agreements that help us counter China,” Sen. Cantwell said. “Free trade agreements are a way for us — not tariffs — to gain the leverage we want. South Asia could play an important role in this coalition building, particularly in the Indo-Pacific region. But I want us to go further. I want us to understand that U.S.-led negotiations in a Middle East free trade agreement to build on the momentum of a ceasefire in Gaza could further stabilize that region.”

    In her speech, Sen. Cantwell railed against President Donald Trump’s tariff’s proposal, likening his isolationist trade policies to an attempt to make time stand still – a futile goal at any point, but especially during the modern information age, when countries are more interconnected than ever and the United States is locked in an innovation race in artificial intelligence and quantum technology. She also called on the United States to invest in its workforce, research & development, science, and capital investment to modernize its manufacturing and stay competitive.

    “To outcompete our adversaries, we need coalitions, not go-it-alone strategies. Why do we fear this if we think our principles are correct? But somehow the current administration thinks that we’ve been hurt more than we’ve been helped in this global equation, and they want us to believe that somehow there is a win-win situation on tariffs that they can deliver on,” Sen. Cantwell said.

    “Tariffs are a distortion of markets. Tariffs mean we disagree. It very rarely means the disagreement will be resolved quickly. It usually means people will retaliate, and the escalation of that retaliation will hurt consumers so much so that eventually someone will blink,” she continued. “The payers in this dispute, though, are never the government leaders. No, it’s the workers who lose their job. It’s the family that pays higher cost. It’s the community that loses their economic activity and tax revenue.”

    In Washington state: Two out of every five jobs are tied to trade and related industries. In 2023, the state imported $19.9 billion of goods from Canada – primarily oil, gas, lumber, and electrical power — making our northern neighbors Washington state’s largest trade partner. Also in 2023, the state imported $1.7 billion in goods from Mexico, including motor vehicles, vehicle parts, and household appliances. More information about how President Trump’s proposed tariffs will impact businesses and consumers in the State of Washington is HERE.

    Sen. Cantwell has remained a steadfast supporter of free trade to grow the economy in the State of Washington and nationwide. Sen. Cantwell was the leading voice in negotiations to end India’s 20% retaliatory tariff on American apples, which devastated Washington state’s apple exports.  India had once been the second-largest export market for American apples, but after then-President Trump imposed tariffs on steel and aluminum in his first term, India imposed retaliatory tariffs in response and U.S. apple exports plummeted.  The impact on Washington apple growers was severe:  apple exports from the state dropped from $120 million in 2017 to less than $1 million by 2023.  In September 2023, India ended its retaliatory tariffs on apples and pulse crops following several years of Sen. Cantwell’s advocacy, which was welcome news to the state’s more than 1,400 apple growers and the 68,000-plus workers they support.

    In May 2023, Sen. Cantwell sent a letter urging the Biden Administration to help U.S. potato growers finally get approval to sell fresh potatoes in Japan. In June 2023, Sen. Cantwell hosted U.S. Sen. Debbie Stabenow (D-MI), then-chair of the Committee on Agriculture, Nutrition, and Forestry, in Washington state for a forum with 30 local agricultural leaders in Wenatchee to discuss the Farm Bill.

    In 2022, Sen. Cantwell spearheaded passage of the Ocean Shipping Reform Act, a law to crack down on skyrocketing international ocean shipping costs and ease supply chain backlogs that raise prices for consumers and make it harder for U.S. farmers and exporters to get their goods to the global market.

    In August 2020, during the height of the COVID-19 pandemic, Sen. Cantwell sent a letter to then-Secretary of Agriculture Sonny Perdue requesting aid funds be distributed to wheat growers. In December 2018, Sen. Cantwell celebrated the passage of the Farm Bill, which included $500 million of assistance for farmers, including those who grow wheat.

    In 2019, Sen. Cantwell helped secure a provision in the $16 billion USDA relief package, ensuring sweet cherry growers could access emergency funding to offset the impacts of tariffs and other market disruptions.

    Video of today’s speech is available HERE; and a transcript of Sen. Cantwell’s remarks is available HERE.

    MIL OSI USA News –

    February 6, 2025

  • MIL-OSI USA: Fischer, King Reintroduce Legislation to Help America’s Working Families

    US Senate News:

    Source: United States Senator for Nebraska Deb Fischer

    Today, U.S. Senators Deb Fischer (R-Neb.) and Angus King (I-Maine) reintroduced the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. This bipartisan, bicameral legislation will make the Paid Family and Medical Leave (PFML) Employer Tax Credit permanent, helping companies of all sizes offer PFML plans to their employees. 

    Senators Fischer and King established the country’s first-ever nationwide PFML policy, which wasincluded in the 2017 Tax Cuts and Jobs Act and implemented in 2018. The Senators’ legislationbuilds on the 2017 law to better serve working families and hourly workers. It also provides additional ways for businesses to qualify for the paid leave tax credit, such as paying for PFML insurance products, and requires greater outreach efforts to raise awareness about the credit. 

    U.S. Representatives Randy Feenstra (IA-04), Stephanie Bice (OK-05), and Marie Gluesenkamp Perez (WA-03) will introduce identical companion legislation in the House.

    “America’s working families drive our economy forward and strengthen our communities. They shouldn’t have to choose between earning a paycheck and caring for their loved ones. That’s why Senator King and I passed the first-ever nationwide paid family leave law. Now, we need to make our legislation permanent and expand access to ensure that even more businesses can provide paid family leave to the workers who keep them running. I’m determined to get this key legislation included in whatever tax package Congress considers this year,” said Senator Fischer.

    “I have often said that Maine is one big town with long roads and when a member of our community is hurting, we drop everything to take care of our own. However, no one should have to choose between caring for our families or receiving the next paycheck to put food on the table,” said Senator King. “That’s why I’ve been working with my Republican colleague, Deb Fischer of Nebraska, to introduce the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act which makes the PFML tax credit permanent. When families have access to care, they are able to succeed both at home and in their professional careers. Child care is more than a household priority; child care means business!”

    “Paid family and medical leave (PFML) is a lifeline for workers when facing a medical condition or welcoming a newborn into the world. The Tax Cuts and Jobs Act recognized the importance of PFML by helping American small businesses offer these benefits to their employees through the creation of a targeted tax credit specifically for small businesses. However, along with many other policies, this provision expires at the end of the year without action from Congress,” said Congressman Feenstra. “That’s why I introduced legislation to extend and improve this tax credit for our small businesses so that they can provide their workers with up to 12 weeks of PFML without missing a paycheck. As a member of the House Ways and Means Committee, I believe that, by making this policy permanent, we can deliver certainty for our small businesses, keep our workers healthy and employed, and grow our economy and rural communities.”

    “The 45S tax credit, first implemented under the Trump administration, has been instrumental in helping many employers expand paid family leave benefits for their workers. However, awareness and uptake of this credit have been lower than we’d like. This legislation, which I’m pleased to introduce alongside my colleagues, will improve the credit, make it more flexible, increase employer awareness, and make the tax credit permanent,” said Congresswoman Bice.  

    “Taking care of your health, newborn, or family when they’re most in need shouldn’t come at the cost of paying the bills. Strong families mean strong communities and local economies,” said Congresswoman Gluesenkamp Perez. “With the paid family and medical leave tax credit due to expire, our bipartisan legislation will make this successful credit permanent and expand access for Washington-based businesses and newer employees, so more families can feel the benefits.”

    Nebraska Stakeholder Support: 

    “The Nebraska Chamber is committed to making Nebraska the best place to own, operate and grow a business, and this bill brings us one step closer to achieving that. The Paid Family and Medical Leave Tax Credit represents Nebraska business owners’ desire to strengthen the state’s overall workforce. The NE Chamber and businesses across the state appreciate Senator Fischer’s continued leadership on this issue,” said President of the Nebraska Chamber of Commerce Bryan Sloane. 

    “The Lincoln Chamber of Commerce appreciates Senator Fischer’s leadership in her efforts to empower small businesses to provide paid family and medical leave. Senator Fischer’s continued efforts by way of introducing her Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is a continuation of her commitment to employers, employees, families, and communities. We view this crucial policy initiative as something that should be included in any larger pro-growth tax policy package that might be considered,” said Lincoln Chamber of Commerce President Jason Ball.

    “The Greater Omaha Chamber is grateful to Senators Fischer and King for introducing this important legislation. While a broad representation of our membership offers various types of paid leave, incentives will matter to companies and businesses who have greater barriers to offering paid leave, especially our smallest members. This proposed legislation allows us greater opportunities to care holistically for employees the way we strive to, and aligns with the Chamber’s mission,” said Greater Omaha Chamber President and CEO Heath Mello. 

    “The Nebraska Grocers and all our affiliates thank Senator Fischer for her commitment to businesses, families, and communities. By embracing incentives, rather than imposing burdensome and impractical mandates, this Act recognizes that business owners want to provide flexibility to their most valuable resource – their dedicated employees. The Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is genuinely helpful, responsible policymaking which empowers both employers and employees,” said Nebraska Grocery Industry Association Executive Director Ansley Fellers. 

    Full List of Nebraska Endorsements:

    Nebraska Chamber of Commerce, Lincoln Chamber of Commerce, Greater Omaha Chamber of Commerce, Mutual of Omaha, Nebraska Grocery Industry Association, Nebraska Hospitality Association, and Nebraska Retail Federation.

    National Stakeholder Support:

    “AARP, which advocates for the more than 100 million Americans age 50 and older, is pleased to endorse the bipartisan Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. This legislation will provide consistency and certainty to businesses by making tax credit 45S permanent. In addition, the proposed enhancements to the credit will encourage more employers to provide this important benefit to support working family caregivers with low to moderate incomes,” said AARP Senior Vice President of Government Affairs Bill Sweeney.

    “Too many people today face the difficult choice between earning a paycheck and caring for themselves or family member. Senators Fischer and King are offering a bipartisan solution that will go a long way toward helping working families facing this dilemma. The enhanced tax credit will enable more employers—especially small employers— to offer their workers a paid family and medical leave benefit. It also will help more people access this benefit by making it easier for employers to qualify for the credit. Most important, the legislation gives people peace of mind knowing they’ll be protected from economic loss when taking time off from work to care for themselves or a loved one. We applaud Senators Fischer and King for advancing this legislation that offers working Americans the help they want and need,” said American Council of Life Insurers President & CEO David Chavern.

    “Over the last year, the AICPA has worked closely with staff from both Senator Fischer and Senator King‘s offices on important legislation that would help families and middle income households by allowing more employers to offer the benefit of paid family and medical leave to their employees by making the tax credit permanent. We applaud Senators Fischer and King for their thoughtful and consistent leadership on this bill and offer our strong support,” said American Institute of Certified Public Accountants Vice President of Tax Policy & Advocacy Melanie Lauridsen.

    “Benefits like paid family leave help restaurant operators recruit skilled hospitality professionals. Making the Paid Family, Medical Leave tax credit program pilot permanent would support the growth of the small business operators who are considering or offering PFML. In the current economy, we appreciate Sens. Fisher and King’s efforts to support small business restaurant owners and their employees by continuing this program,” said National Restaurant Association Executive Vice President of Public Affairs Sean Kennedy. 

    “NFIB thanks Senator Fischer and Senator King for introducing the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. Incentivizing small business owners to offer paid family and medical leave rather than penalizing them for failing to provide a benefit that they cannot afford is a wise policy for the small business owners,” said National Federation of Independent Businesses Vice President Federal Government Relations Jeff Brabant.

    “BPC Action is proud to endorse the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act to make permanent and expand the employer tax credit for paid family and medical leave, known as 45S, and applauds Sens. Deb Fischer (R-NE) and Angus King (I-ME) for their bipartisan leadership on this bill. As BPC has found, ‘In an ever-changing economy and tight labor market, paid family and medical leave can importantly encourage workers to stay in the labor force, support household finances, and help businesses compete for workers.’ This bill is critical to helping businesses provide paid leave benefits to more hardworking American families. We urge Congress to take up this proposal, originally enacted as part of the 2017 Tax Cuts and Jobs Act,” said Bipartisan Policy Center President Michele Stockwell. 

    “We the People send Americans into the halls of government with the opportunity to do the Will of the People, to do good. As such, it is perpetually our hope that our elected officials will execute such Will and enact laws that will serve the People, especially in cases where it is feasible in order to ease the burdens that life sometimes thrusts upon us where loved ones, families and businesses are most affected. The PFML Tax Credit Bill provides a judicious antidote for a malaise that has existed for far too long for so many Americans and businesses. More specifically, the PFML Bill effectively eliminates the decision of having to choose between family and a paycheck. In short, it gives individuals, families and employers the relief and peace of mind that they desperately need. On behalf of the American Caregiver Association, I encourage all those who are willing, to support U.S. Senators Deb Fischer and Senator Angus King and their continuing efforts to make the PFML Tax Credit Bill permanent,” said American Caregiver Association President Vincent S. Pettis. 

    “At SHRM, we are committed to advancing smart, practical policies that strengthen workplaces, empower HR professionals, and maximize human potential. As employers innovate to provide leave options that support well-being and family care, public policy must keep pace—offering incentives that encourage organizations to expand access to leave while maintaining the flexibility needed to design and sustain these programs. A balanced approach ensures that more workers can benefit from this critical support. At SHRM, we prioritize policy over politics and view this effort as a strong example of bipartisan collaboration and constructive policymaking in Congress,” said Society for Human Resource Management Chief of Staff and Head of Government Affairs Emily M. Dickens, J.D.

    “On behalf of our nation’s 2.95 million Asian American Pacific Islander (AAPI) business owners and entrepreneurs, National ACE applauds Senators Fischer and King for their leadership in reintroducing the Paid Family and Medical Leave Tax Credit Extension and Enhancement Act. Access to paid family and medical leave is vital for small business owners and their employees, particularly within the AAPI community, where caregiving responsibilities often extend across generations. This bipartisan effort provides much-needed support for entrepreneurs striving to balance business success with the well-being of their workforce. We are proud to support this legislation and look forward to working together to ensure small businesses have the resources they need to thrive,” said National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship President and CEO Chiling Tong.

    “The Paid Family and Medical Leave Tax Credit Extension and Enhancement Act is essential to help ensure that more small business owners can offer paid family medical leave to their employees. Policies that include support for business owners and working families through programs like paid family leave help address the economic needs of our small businesses and workforce while at the same time making sure small business owners can compete against their larger counterparts. We thank Senators Fischer and King for their bipartisan leadership in introducing this important legislation and applaud the efforts to both expand access to this credit and ensure that the tax credit is permanent,” said National Association of Women Business Owners Board Chair Dr. Janis Shinkawa.

    “We are pleased to see the reintroduction of this legislation by Senators Fischer and King and thank them for their leadership on this critical issue. This legislation will encourage employers around the country to offer paid leave to their employees, increasing the number of Americans with paid leave coverage. Paid leave strengthens families and the economy by enabling workers to keep their jobs when they need to care for themselves or a loved one, while helping businesses retain valued employees,” said Sun Life U.S. President Dan Fishbein, M.D. 

    Full List of National Endorsements:

    AARP, Alzheimer’s Impact Movement (AIM), American Council of Life Insurers, American Institute of Certified Public Accountants (AICPA), National Restaurant Association, National Federation of Independent Businesses (NFIB), Bipartisan Policy Center (BPC), American Caregiver Association, Society for Human Resource Management (SHRM), National Asian Pacific Islander American Chamber of Commerce and Entrepreneurship, National Association of Women Business Owners, and Sun Life U.S.

    Background: 

    The Tax Cuts and Jobs Act (TCJA) created a two-year general business tax credit for employers that voluntarily offer up to 12 weeks of PFML to employees. Congress has extended the credit through 2025. The credit also includes an income cap for eligible employees to ensure that it remains targeted to those who need it the most. 

    Under current law, an employer must meet the following criteria to claim the credit: offer all qualifying employees at least two weeks of PFML, have a written PFML policy in effect, and pay at least 50 percent of an employee’s normal wages while the employee is on PFML. According to the Bureau of Labor Statistics (BLS), only 19 percent of those working for employers with less than 50 employees have access to PFML.

    Senators Fischer and King’s legislation builds on the existing credit by making the following changes:

    Making the Credit Permanent:

    • Provides certainty to businesses taking the leap to offer paid family and medical leave.

    Updating the Treatment of Paid Leave Required by State or Local Mandates:

    • Allows eligible employers to receive the credit for leave provided in states without PFML mandates or for leave offered in excess of any state or local mandate. 
      • Currently, employers providing PFML under state or local government mandates are ineligible for the credit, meaning that some employers with operations in both non-mandate and mandate states are ineligible for the credit.

    Supporting Coverage of PFL Insurance Premiums:

    • Allows employers to claim the credit for premiums paid for PFML insurance products that cover qualifying employees. The structure mirrors the current credit, enabling employers to receive up to a 25 percent credit towards yearly premiums, depending on the percentage of wages the insurance plan replaces.

    Reducing the Minimum Employment Period Requirement:

    • Provides employers the option to offer PFML to employees at six months and better target the credit towards younger workers.

    Requiring Greater Outreach and Awareness:

    • Requires the Small Business Administration and Internal Revenue Service to conduct targeted outreach, education, and technical assistance to assist in increasing awareness of the credit.

    Click here to read a summary of the bill.
     

    Click here to read the text of the bill.

    MIL OSI USA News –

    February 6, 2025

  • MIL-OSI USA: IAM Union, Rail Labor Leaders Demand Safety Reform on Two-Year Anniversary of East Palestine Disaster

    Source: US GOIAM Union

    IAM Rail Division representatives joined members of Congress and leaders from fellow U.S. rail unions in calling on Congress to act on rail safety two years after the toxic East Palestine train derailment. 

    “On behalf of all our members, our hearts still go out to the people of East Palestine. They want answers, they want results and so do we,” said Transportation Communications Union (TCU/IAM) National Legislative Director David Arouca. “The so-called Precision Scheduled Railroading (PSR) era has been nothing short of just cutting head counts to the bone and then harassing those who remain to pick up the slack.”

    TCU/IAM represents various crafts, one of the largest being carmen, who maintain, repair and critically inspect rail cars all across the country. 

    “Whether it’s our carmen being harassed to perform safety inspections on insane timelines or signalmen maintaining our national network of safety detectors, we’ve all been saying the same thing: PSR is going to kill people,” said Arouca. “We need legislation passed now to reduce the risk of another East Palestine. The time to act was yesterday. Rail safety is not, nor should it ever, be a partisan issue.”

    IAM District 19 President and Directing General Chair Reece Murtagh was also present to answer questions for the press. Members of Congress joining rail included House Transportation Committee Vice Ranking Member Emilia Sykes (D-Ohio), House Rail Subcommittee Ranking Member Dina Titus (D-Nev.), House Transportation Committee Member Troy Nehls (R-Texas) and House Transportation Committee Member Chris Deluzio (D-Pa.).

    The rail leaders demanded that Class I railroad companies adopt the Federal Railroad Administration’s (FRA) Confidential Close Call Reporting System (C3RS), which allows rail workers to report safety concerns without retaliation from employers. 

    While addressing the public with his own press conference in East Palestine, Ohio on the disaster’s anniversary, U.S. Vice President JD Vance, who co-sponsored the bipartisan Railway Safety Act as Senator, said that passing legislation “is a very viable and a very reasonable goal.” 

    Senator Maria Cantwell sent a letter to U.S. Senate Committee on Commerce, Science, and Transportation Chairman Ted Cruz urging him to “advance the re-introduced Railway Safety Act to ensure President Trump and Vice President Vance have the tools they need to hold the railroads accountable for improving safety. “

    “Rail safety is not a partisan issue or a regional issue, it is a human issue,” said Congresswoman Sykes. “I am proud to work with my colleagues on both sides of the aisle on and off the Transportation Committee to put forth a piece of legislation we can be proud of, but we can only truly make it right for the people of East Palestine if we actually pass meaningful rail safety legislation.”

    “I think we have a real opportunity here,” said Congresswoman Titus. “I think we can get it done, just reintroduce those bills, bring it together in a package, and move it forward. I’m committed to it, other members of Congress and the great representatives from unions are, so I’m leading this with optimism.”

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    MIL OSI USA News –

    February 6, 2025

  • MIL-OSI USA: Senator Baldwin Introduces Bipartisan Legislation to Support More Wisconsin Dairy Businesses

    US Senate News:

    Source: United States Senator for Wisconsin Tammy Baldwin

    WASHINGTON, D.C. – Today, U.S. Senators Tammy Baldwin (D-WI) and Marsha Blackburn (R-TN) introduced the Dairy Business Innovation Act of 2025, bipartisan legislation that will strengthen the Dairy Business Innovation Initiatives (DBII) to help more American dairy farmers and processors add value to their businesses, including creating new products, expanding their markets, and modernizing their production facilities. To date, the Baldwin-backed program has supported over 250 dairy farmers and processors in the Midwest, including 109 in Wisconsin.

    “My Dairy Business Innovation Initiative has helped Wisconsin dairy farmers, producers, and cheesemakers grow their operations, tap into new markets, and innovate new products,” said Senator Baldwin. “From expanding facilities and growing their operations to improving packaging and lowering their shipping costs, this program has helped Wisconsin businesses grow their bottom lines and create jobs in our rural communities. I’m fighting to expand this vital program so more farmers, cheesemakers, and dairy processors have the tools to innovate and drive our rural economy forward.”

    “The dairy industry is an essential part of the American economy. It is crucial that we provide the resources that dairies in Tennessee need to expand and create new products,” said Senator Blackburn. “With many small Tennessee dairies struggling to remain open, this bill will allow these businesses to diversify and expand their market competitiveness.”

    After Senator Baldwin successfully created the DBII program in the 2018 Farm Bill, multiple dairy business and innovation centers were established to serve producers across the country. These centers, in partnership with dairy farmers and processors, are spurring innovation in dairy businesses, fostering the development of new dairy products and modernizing existing dairy plants. As a result, the program has gone on to add value to the milk produced by American farmers and expand their market access.

    Each regional initiative is tasked with providing technical assistance and grants to farmers and processors, including:

    • Supporting new and expanding dairy businesses—Centers provide assistance with business plan development, accounting, market evaluation, and strategic planning.
    • Promoting innovation in dairy products—Dairy businesses receive assistance with product innovation, marketing and branding, packaging, distribution, supply chain innovation, food safety training and consultation, and dairy product production training.
    • Assisting with dairy plant modernization and process improvement—Dairy businesses receive assistance with processing facility improvement, including assistance with plant upgrades, food safety modernization, energy and water efficiency, byproduct reprocessing and use maximization, and waste treatment.

    The Dairy Business Innovation Act of 2025 builds on the support for regional dairy research and innovation centers across the country by raising the program’s annual authorization from $20 million to $36 million.

    The legislation is endorsed by the International Dairy Foods Association, Midwest Dairy Coalition, National Milk Producers Federation, Organic Valley, Wisconsin Cheese Makers Association, and the Wisconsin Farm Bureau Federation.

    “Dairy Business Innovation Initiatives have spurred both farm and processor business growth over the past five years, strengthening rural economies and creating career opportunities, but our work is far from done. Increased program funding is critical now as the dairy industry faces new market volatility, labor challenges, and inflation,” said Rebekah Sweeney, senior director of programs and policy for the Wisconsin Cheese Makers Association, serving nearly 900 dairy industry companies and cooperatives nationwide.  “We’re deeply grateful for Sen. Baldwin’s championship of Dairy Business Innovation Initiatives and for the bipartisan coalition of lawmakers working hard to see this program continue.”

    “We thank Senators Baldwin and Blackburn for their continued bipartisan leadership in strengthening the Dairy Business Innovation Initiatives program. Dairy has a storied history of pioneering effective new products and practices as dairy farmers and their cooperatives work to supply the U.S. and the world with nutritious, sustainably produced food. This program helps support researchers and their industry partners working to drive this innovation forward,” said Gregg Doud, President and CEO of National Milk Producers Federation. 

    “Senator Tammy Baldwin and Senator Marsha Blackburn should be commended for a bill that enhances the assets and investments in the U.S. the dairy industry,” said Adam Warthesen, Vice President of Government and Industry Affairs at Organic Valley. “Dairy is an economic engine in rural communities – we at Organic Valley know dairy processors who are doing more with support from this initiative and American farmers who are better positioned to bring milk to market because of it.”

    “Wisconsin dairy farmers are a mainstay of our state’s rural economy and its essential we continue to support innovation in an effort to keep it relevant,” said Wisconsin Farm Bureau President Brad Olson. “The Dairy Business Innovation Act of 2025 will increase the funding available to dairy farmers and processors to maintain Wisconsin’s place as a national and global leader. Wisconsin Farm Bureau appreciate Sen. Baldwin’s commitment to providing the necessary funding needed to help Wisconsin’s dairy industry develop new products and access emerging markets with the introduction of the Dairy Business Innovation Act of 2025.”

    “The Midwest Dairy Coalition applauds Senators Baldwin and Blackburn for their continued leadership in providing dairy farmers and dairy businesses with the resources to innovate and diversify their operations for a more economically sustainable future,” said Steve Etka, Policy Director, Midwest Dairy Coalition. 

    “IDFA applauds Senators Baldwin and Blackburn for introducing the Dairy Business Innovation Act of 2025.  The bill promotes innovation in the dairy processing sector and will help industry members work together to address common challenges and create new market opportunities for healthy and nutritious dairy products,” said International Dairy Foods Association (IDFA) President and CEO Michael Dykes, D.V.M.

    MIL OSI USA News –

    February 6, 2025

  • MIL-OSI: Bpce: Groupe BPCE Results Q4-24 & 2024

    Source: GlobeNewswire (MIL-OSI)

    Paris, February 5, 2025

    STRONG PERFORMANCES IN 2024

    • Excellent performance in Q4-24 •
    • Net income (Group share) of €3.5bn in 2024, strong growth of +26% •
    • VISION 2030: dynamic implementation of the strategic project •

    Q4-24: net banking income at €6bn, up +11% YoY; very good performance achieved by retail banking and the global businesses; net income of €913m, +140% YoY
    2024: net banking income of €23.3bn, 5% growth YoY driven by all the business lines; gross operating income up by a strong 18% notably thanks to good cost control; reported net income2of €3.5bn, up by 26% YoY

    Very high levels of solvency and liquidity with a CET1 ratio of 15.6%3 and a LCR of 142%4 at end-2024

    RETAIL BANKING & INSURANCE    Sharp 14% growth in revenues in Q4-24 and 4% in 2024 driven in particular by the confirmed rebound in net interest margins and commissions. The Banque Populaire and Caisse d’Epargne retail banking networks enjoyed sustained growth in their customer bases with the addition of 846,000 new clients6in 2024

    • Local & regional financing: €84bn of funding for our clients of individual, professional, corporate, and institutional clients; 1% year-on-year growth in loan outstandings, rising to a total of €724bn at end-December 2024
    • Deposits & savings7up by €5bn year-on-year, reaching a total of €681bn at end-December 2024
    • Insurance: gross inflows8 of €14.9bn in life insurance in 2024. Premiums up 15% in 2024 YoY. The equipment rate9for P&C and Personal Protection insurance stood at ~35% at end-December 2024
    • Financial Solutions & Expertise: net banking income remained stable in Q4-24 and rose by 2% in full-year 2024 vs. a high basis of comparison in 2023. Good performance reported by the Leasing and Consumer Credit activities
    • Digital & Payments: +5% growth in the number of card transactions at end-December 2024 YoY. Oney net banking income up 8% in full-year 2024

    GLOBAL FINANCIAL SERVICES Strong revenue growth, +8% in Q4-24 and full-year 2024; very dynamic business development in Corporate & Investment Banking, net banking income up 5% in Q4-24 year-on-year; very good performance achieved by Asset Management with net banking income up 11% in Q4-24 year-on-year

    • Corporate & Investment Banking: net banking income of €1.1bn in Q4-24; +19% growth in revenues in Q4-24 YoY for Global Markets, driven by the Fixed-income and Equity segments; net banking income up 2% for Global Finance, driven in particular by Trade Finance activities, and up by 6% for Investment Banking activities in Q4-24
    • Asset & Wealth Management: Natixis IM’s assets under management up 13% YtD, reaching an all-time high of €1,317bn at end-December 2024; very high net fund inflows of €40bn in full-year 2024, particularly from Fixed-Income expertise; net banking income of €968m in Q4-24, reflecting strong growth of 11% YoY.

    Expenses remained stable year-on-year in 2024 and good improvement in the cost/income by 3.5pp

    Prudent provisioning policy: cost of risk of €2.1bn in 2024, i.e. 24bps, standing below the announced guidance level; €596 million in Q4-24, down 20% year-on-year

    Financial strength: CET1 ratio of 15.6%3at end-December 2024; liquidity reserves of €302bn

    VISION 2030 strategic project: fast-paced and dynamic implementation  

    • April 2024: announcement of the project to acquire SGEF, making Groupe BPCE the European leader in equipment leasing; completion of the transaction scheduled for Q1-25.
    • June 2024: plan to create France’s No. 1 payment processor in partnership with BNP Paribas with a view to becoming one of the top 3 players in Europe.
    • June 2024: commercial partnerships with two leaders in their respective markets: Leroy Merlin and Verisure
    • January 2025: announcement of plan to create Europe’s leading asset manager in a joint venture with Generali.
    • Plans to create a shared technology platform for retail banking activities

    1 See the notes on methodology annexed to this press release 2Group share 3 Ratio estimated at end-December 2024 integrating pro forma the coming impact of SGEF and Nagelmackers acquisitions 4Average end-of month LCRs in Q4-24 5 Estimated at end-December 2024 6 196,100 new active clients over the year 7 On-balance sheet savings & deposits within the scope of the Retail Banking & Insurance business unit 8 Excluding reinsurance treaty with CNP Assurance 9 Scope of the individual clients in the BP and CE retail banking networks

    Nicolas Namias, Chairman of the Management Board of BPCE, said: “2024 marked the return of strong performance across all our business lines. Groupe BPCE saw its earnings grow by 26% over the year as a whole and by a total of 140% in the fourth quarter of 2024.

    Banques Populaires and Caisses d’Epargne benefited from the confirmed rebound in their net interest margin along with an extremely buoyant level of commercial activity, illustrated by the arrival of 846,000 new clients in 2024. All the business lines serving the retail banking networks – Insurance, Payments, Financial Solutions & Expertise – generated growth both in full-year 2024 and in the 4thquarter of the year. It also proved to be a remarkable quarter and full-year period for the global business lines managed by Natixis CIB and Natixis IM with, in particular, 19% revenue growth in our capital markets activities in the fourth quarter, and a record-breaking 40 billion euros in net inflows for our asset management activities in the course of the year.

    These results testify to the dynamic implementation of our VISION 2030 strategic project. In the space of a year, we announced the planned acquisition of SGEF, making the Group the front-ranking European equipment leasing specialist, an initiative due to be completed early this year; the creation, with BNP Paribas, of the French leader in payment processing, with a view to becoming one of the top 3 players in Europe; plans to create a champion in asset management with Generali that would be No.1 in Europe in terms of revenues and one of the top 10 asset management specialists worldwide. Today, we announce our ambition to create a common technological platform for the Banques Populaires and Caisses d’Epargne by setting up a joint information system. Designed to further enhance the Group’s performance, this project sets out to optimize the service offered to our 35 million clients and to improve the day-to-day lives of our employees and, in the process, support the development of retail banking in France. These projects give concrete expression to our determination to pursue well-balanced development across our three priority growth areas: France, Europe, and the rest of the world.

    These extremely exciting prospects for the months ahead will be driven by our staff of employees, who this year demonstrated their tremendous mobilization and enthusiasm during the Olympic & Paralympic Games Paris 2024. We gave expression to our promise to share the Games with as many people as possible in every territorial region of France. This event enabled us to strengthen our ties with our clients both in regional France and around the world, and we will continue to foster these relationships by contributing to the sustainable development of the economies in which we do business, in line with our cooperative values.”

    The quarterly financial statements of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board on February 3, 2025, were verified and reviewed by the Supervisory Board, at a meeting chaired by Eric Fougère on February 5, 2025.

    In this document, 2023 figures have been restated on a pro-forma basis (see annex for the reconciliation of reported data to pro-forma data).

    Groupe BPCE

    €m1 Q4-24 Q4-23 % Change 2024 2023 % Change
    Net banking income 6,046 5,462 11% 23,317 22,198 5%
    Operating expenses (4,184) (4,129) 1% (16,384) (16,328) 0%
    Gross operating income 1,862 1,332 40% 6,933 5,870 18%
    Cost of risk (596) (744) (20)% (2,061) (1,731) 19%
    Income before tax 1,262 537 135% 4,956 4,182 19%
    Income tax (326) (159) 106% (1,357) (1,340) 1%
    Net income – Group share 913 381 140% 3,520 2,804 26%
    Exceptional items (64) (100) (35)% (155) (122) 28%
    Underlying2net income – Group share  977 481 103% 3,675 2,925 26%
    Underlying cost to income ratio3 67.8% 74.6% (6.8)pp 69.4% 72.9% (3.5)pp

    1 Reported figures as far as “Net income (Group share)” 2 “Underlying” means exclusive of exceptional items 3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on pages 18 and 24.  

    1.     Groupe BPCE

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    Groupe BPCE’s net banking income rose by 11% to reach 6,046 million euros in Q4-24 thanks to strong commercial activity in all business lines. At the end of December 2024, it stood at 23,317 million euros, up 5%.

    Revenues from the Retail Banking & Insurance business unit (RB&I) rose 14% in Q4-24 to 4,064 million euros and stood at 15,397 million euros in full-year 2024, representing growth of 4%. Banques Populaires and Caisses d’Epargne put up a strong commercial performance, attracting more than 846,000 new clients1 across all markets since the beginning of the year.

    Revenues in the Financial Solutions & Expertise business unit, stable in Q4-24 and up 2% in full-year 2024, were driven in particular by the leasing and consumer credit businesses. The Insurance business unit benefited from strong business momentum in life insurance with gross new inflows2 of 14.9 billion euros. Business was buoyant for the Digital & Payments business unit with renewed momentum for Oney.

    Revenues from the Global Financial Services (GFS) business unit were up 8% in Q4-24 and full-year 2024, reaching a total of 2,055 million euros and 7,947 million euros respectively. Corporate & Investment Banking revenues, buoyed up by strong commercial performance across all its business lines, came to 1,087 million euros in Q4-24, up 5%, and to 4,440 million euros in full-year 2024, up 7%. The net banking income generated by Asset & Wealth Management stood at 968 million euros in Q4-24, up 11%, and reached a total of 3,507 million euros in full-year 2024, up 10%. Assets under management, which rose to their highest level ever thanks to record-breaking fund inflows and positive market and currency effects, rose by 13% in the course of the year to reach 1,317 billion euros.

    The net interest margin stood at 7.6 billion euros, up 4% year-on-year, while commission income, which reached 11 billion euros in full-year 2024, was up 7% year-on-year.

    In full-year 2024, operating expenses remained stable at 16,384 million euros, rising 1% to 4,184 million euros in Q4-24, benefitting from positive jaws effects over the 2 periods.

    The underlying cost/income ratio3 improved by 6.8pp in Q4-24 to 67.8%, and by 3.5pp in full-year 2024 to 69.4%

    Gross operating income rose by 40% to 1,862 million euros in Q4-24, and by 18% to 6,933 million euros in full-year 2024.

    Groupe BPCE’s cost of risk, which came to -2,061 million euros in 2024, increased by a total of 19% vs. a low basis of comparison in 2023. In Q4-24, it stood at -596 million euros, down 20%.

    Performing loans are deemed to be rated ‘Stage 1’ or ‘Stage 2,’ while loans with proven risk are rated ‘Stage 3.’

    1    196,100 new active clients in full-year 2024 ² Excluding the reinsurance treaty with CNP Assurances3 The underlying cost/income ratio of Groupe BPCE is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annex on page 24

    For Groupe BPCE, the amount of provisions for performing loans rated ‘Stage 1’ or ‘Stage 2’ corresponds:

    • For the quarter, to a reversal of 31 million euros in Q4-24 vs. an allocation of 34 million euros in Q3-24 and vs. an allocation of 145 million euros in Q4-23,
    • For the 12-month period, a reversal of 177 million euros in 2024 vs. a reversal of 112 million euros in 2023.

    Provisions for loan outstandings with proven risk, rated ‘Stage 3,’ correspond:

    • For the quarter, to an allocation of 627 million euros in Q4-24 vs. an allocation of 488 million euros in Q3-24 and vs. an allocation of 598 million euros in Q4-23,
    • For the 12-month period, an allocation of 2,238 million euros in 2024 vs. an allocation of 1,843 million euros in 2023.

    In Q4-24, the cost of risk for Groupe BPCE stood at 28bps in terms of gross customer outstandings, down 7bps. This figure includes a reversal of 1bp on performing loans (vs. an allocation of 7bps in Q4-23) and an allocation on loan outstandings with proven risk of 29bps vs. an allocation of 28bps in Q4-23.
    In Q4-24, the cost of risk remained stable for the Retail Banking & Insurance business unit at 30bps, including a 1bp provision for performing loans (vs. a 5bps allocation to provisions in Q4-23) and a 30bps allocation on loan outstandings with proven risk, as in Q4-23.
    The cost of risk for the Corporate & Investment Banking business unit came to 55bps (vs. 37bps in Q4-23), including a 13bps reversal on performing loans (vs. a 16bps provision in Q4-23) and a 67bps provision on loans with proven risk (vs. a 21bps provision in Q4-23).

    In 2024, Groupe BPCE’s cost of risk stood at 24bps of gross customer loan outstandings. This figure includes a 2bps reversal of provisions on performing loans (vs. a 1bp reversal in 2023) and a 26bps provision on loans with proven risk (vs. a 22bps provision in 2023).
    The cost of risk was 24bps for the Retail Banking & Insurance business unit (21bps in 2023), including a 2bps reversal on performing loans (as in 2023) and a 26bps provision on loans with proven risk (vs. a 23bps provision in 2023).
    The cost of risk for the Corporate & Investment Banking business unit came to 40bps (24bps in 2023), including a 6bps reversal on performing loans (vs. a 4bps reversal in 2023) and a 46bps provision on loans with proven risk (vs. a 28bps provision in 2023).

    The ratio of non-performing loans to gross loan outstandings stood at 2.5% at December 31, 2024, up 0.1pp compared with end-December 2023.

    Reported net income (Group share) came to 913 million euros in Q4-24, up 140%. In full-year 2024, it stood at 3,520 million euros, up 26%.

    The impact of exceptional items on net income (Group share) was -64 million euros in Q4-24 vs. -100 million euros in Q4-23 and -155 million euros in full-year 2024 vs. -122 million euros in full-year 2023.

    Underlying net income (Group share)1 rose by 103% to stand at 977 million euros in Q4-24, and grew by 26% to 3,675 million euros in full-year 2024.

    1 “Underlying” means exclusive of exceptional items

    2.   A Group mobilized to decarbonize the economy and committed to making impact accessible to all

    Strong commitments in 2024

    • Climate commitments:

    The Group has published new decarbonization ambitions for the 111 most highly emissive industrial sectors: Aluminum, Aviation, Commercial real estate, Residential real estate, Agriculture, Automotive, Steel and Cement, and has strengthened its ambitions in the Power Generation and Oil & Gas sectors.

    • Environmental commitments:

    Groupe BPCE has strengthened its commitment by joining act4nature international.

    • Social commitments by providing financing for players in the social & solidarity-based economy, in social housing and the Public Sector.

    Innovative and concrete actions for our clients

    • The Banques Populaires and Caisses d’Epargne retail banking networks have launched innovations to facilitate home ownership and offer all individual customers energy-efficient renovation solutions to preserve the value of their real-estate assets: for example, by the end of November 2024, over 640 million euros in financing had been granted for energy-efficient home renovation, and the Advice and Sustainable Solutions digital module had received over 5 million unique visitors.
    • The Group serves the SME and ISE clients of the Banques Populaires and Caisses d’Epargne, as well as local communities by providing locally-based advice and by financing the transition of their business models. It has also strengthened its partnership with the European Investment Bank (EIB) for the innovation and energy transition with over one billion euros in transition and decarbonization financing.
    • Green revenues in the CIB rose by +14% in 2024 YoY, driven by sustainable finance and renewable energy & new energy activities including tailored-made solutions and dedicated expertise provided by the Green Hub.

    Groupe BPCE, a pioneer in sustainable finance, launched 5 green and social bond issues in the course of 2024 for an aggregate value of more than 3.6 billion euros, including the 1st Social Bond with a profit-sharing coupon for the benefit of the Institut Robert-Debré du Cerveau de l’Enfant (Children’s Brain Development Institute), supported by APHP (Paris Public Hospitals).

    1 Given the insignificant amount of Natixis CIB’s financing dedicated to freight and passenger ships, Groupe BPCE has not published its action plan for this industrial sector

    3.   Capital, loss-absorbing capacity, liquidity, and funding

    3.1        CET11ratio

    Groupe BPCE’s CET1 ratio at end-December 2024 stood at an estimated 16.2%, unchanged from the previous quarter. It includes the following impacts:

    • Retained earnings: +21bps,
    • Net issuance of cooperative shares: +3bps,
    • Change in risk-weighted assets: – 33bps,
    • Other changes, including variations in the prudential backstop provision, items included under Other Comprehensive Income, and other adjustments: +4bps.

    The Group’s CET1 ratio – presented on a pro-forma basis to reflect the inclusion of the future impacts of the SGEF and Nagelmackers acquisitions (-54bps) – stands at 15.6%,

    At end-December 2024, Groupe BPCE held an equity buffer estimated at 18.6 billion euros above the threshold for triggering the maximum distributable amount (MDA) for equity capital, taking account of the prudential requirements laid down by the ECB applicable on January 2, 2025.

    3.2         TLAC ratio1

    The Total Loss-Absorbing Capacity (TLAC) stood at an estimated 122.1 billion euros at the end of December 2024. The TLAC ratio, expressed as a percentage of risk-weighted assets, stood at an estimated 26.7%2 at the end of December 2024 (without taking account of preferred senior debt for the calculation of this ratio), well above the standard requirements of the Financial Stability Board that were equal to 22.4% at January 2, 2025.

    3.3        MREL ratio1

    Expressed as a percentage of risk-weighted assets at December 31, 2024, Groupe BPCE’s subordinated MREL ratio (without taking account of preferred senior debt for the calculation of this ratio) and the total MREL ratio stood at 26.7%2 and 34.6%, well above the minimum requirements laid down by the SRB at January 2, 2025 of 22.4%3 and 27.3%3 respectively.

    3.4        Leverage ratio1

    At December 31, 2024, the estimated leverage ratio stood at 5.1%, well above the requirement.

    3.5        Liquidity reserves at a high level

    The LCR (Liquidity Coverage Ratio) for Groupe BPCE is well above the regulatory requirement of 100%, at an average of 142% of month-end LCRs for the 4th quarter 2024.
    Liquidity reserves stood at 302 billion euros at December 2024, representing a coverage ratio of 177% of short-term financial debt (including short-term maturities of medium- to long-term financial debt).

    3.6        MLT funding plan: 32% of the 2025 objectives completed as at January 31, 2025

    The size of the MLT funding plan, excluding structured private placements and Asset Backed Securities (ABS), has been set at 23 billion euros for 2025. The breakdown per type of debt is as follows:

    • 10 billion euros in TLAC funding: 2.0 billion euros in Tier 2 funding and 8 billion euros in senior non-preferred debt,
    • 3 billion euros senior preferred debt,
    • 10 billion euros in covered bonds.

    The target for ABS is 8 billion euros.

    At January 31, 2025, Groupe BPCE had raised 7.3 billion euros, excluding structured private placements and ABS (32% of the 23 billion euro funding plan):

    • 5.6 billion euros in TLAC funding: 1.7 billion euros in Tier 2 funding (87% of requirements) and 3.9 billion euros in senior non-preferred debt (49% of requirements),
    • 1.7 billion euros in covered bonds (17% of requirements).

    At January 31, 2025, the amount of ABS raised came to a total of 0.7 billion euros, i.e. 8% of the target.

    Capital adequacy, Total loss-absorbing capacity – see the note on methodology
    1 Estimated at December 31, 2024 2 Groupe BPCE has chosen to waive the possibility provided by Article 72 Ter (3) of the Capital Requirements Regulation (CRR) to use senior preferred debt to ensure compliance with its TLAC/subordinated MREL requirements. 3 Following reception of MREL’s annual letter for 2024

    4.   Results of the business lines

    Unless specified to the contrary, the financial data and related comments refer to the reported results of the Group and
    business lines; changes express differences between Q4-24 and Q4-23 and between full-year 2024 and full-year 2023.

    4.1        Retail Banking & Insurance

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 4,064 14% 15,397 4%
    Operating expenses (2,497) (0)% (9,902) 1%
    Gross operating income 1,567 45% 5,495 10%
    Cost of risk (556) (13)% (1,751) 16%
    Income before tax 998 142% 3,807 8%
    Exceptional items (45) (60)% (115) 3%
    Underlying2income before tax 1,044 98% 3,922 8%
    Underlying cost/income ratio3 60.4% (8.5)pp 63.6% (2.2)pp

    At end-December 2024, loan outstandings rose by 1% to 724 billion euros. Outstanding home loans remained stables at 400 billion euros, while equipment loans rose by 3% during the year to 199 billion euros.

    At end-December 2024, on-balance sheet customer deposits & savings totaled 681 billion euros, representing an increase of 5 billion euros year-on-year, with a 5% rise in term accounts and a 3% year-on-year increase in both regulated and unregulated passbook savings accounts.

    Net banking income for the Retail Banking & Insurance business unit rose by 14% in Q4-24 to 4,064 million euros, and by 4% in full-year 2024 to 15,397 million euros. In Q4-24, these changes reflect the good level of business activities: in the networks, revenues rose by 17% for the Banque Populaire retail banking network and by 14% for the Caisse d’Épargne network. Net banking income for both networks also recorded growth in full-year 2024, by 4% for the Banque Populaire network and by 3% for the Caisse d’Épargne network.

    The Financial Solutions & Expertise business lines continued to benefit from strong sales momentum, particularly in the leasing segment. Revenues remained stable in Q4-24 but saw 2% growth in full-year 2024. In Insurance, premiums4 rose by 15% in 2024, driven by both Non-Life Insurance and Life & Personal Protection Insurance. The Digital & Payments business unit reported a 14% increase in revenues in Q4-24 and 7% growth in full-year 2024, driven by card transactions and instant payment operations.

    Operating expenses remained tightly managed, stable in Q4-24 at 2,497 million euros, and up by just 1% in full-year 2024 to 9,902 million euros.

    The underlying cost/income ratio3 improved by 8.5pp in Q4-24 to 60.4%, and by 2.2pp in full-year 2024 to 63.6%.

    The business unit’s gross operating income benefited from a strong positive jaws effect, rising by 45% in Q4-24 to
    1,567 million euros and by 10% in full-year 2024 to 5,495 million euros.

    The cost of risk amounted to -556 million euros in Q4-24, down 13%, and stood at -1,751 million euros in 2024, up 16%.

    For the business unit as a whole, income before tax amounted to 998 million euros in Q4-24, up 142%, and stood at 3,807 million in full-year 2024, up 8%.

    Underlying income before tax2 amounted to 1,044 million euros in Q4-24, up 98%, and came to 3,922 million euros in full-year 2024, up 8%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4Excluding reinsurance treaty with CNP Assurance

    4.1.1         Banque Populaire network
    The Banque Populaire retail banking network is comprised of 14 cooperative banks (12 regional Banques Populaires along
    with CASDEN Banque Populaire and Crédit Coopératif) and their subsidiaries, Crédit Maritime Mutuel, and the Mutual
    Guarantee Companies.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,614 17% 6,098 4%
    Operating expenses (980) 1% (4,047) 2%
    Gross operating income 634 56% 2,051 8%
    Cost of risk (266) (6)% (814) 25%
    Income before tax 352 137% 1,285 (2)%
    Exceptional items (17) 77% (51) ns
    Underlying2income before tax 369 133% 1,336 2%
    Underlying cost/income ratio3 59.7% (10.2)pp 65.5% (1.9)pp

    Loan outstandings remained stable year-on-year, standing at 301 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings decreased by 2 billion euros year-on-year at the end of December 2024, with term accounts remaining stable during the 12-month period, while both regulated and unregulated passbook savings accounts saw 2% year-on-year growth.

    Net banking income came to 6,098 million euros in full-year 2024, up 4% year-on-year. This included 3.2 billion euros in net interest margin4,5 up 5% year-on-year, and 2.9 billion euros in commissions5 (up 3% year-on-year).
    In Q4-24, net banking income came to a total of 1,614 million euros, up 17% year-on-year.

    Operating expenses rose by a limited 1% in Q4-24 to 980 million euros, and increased by 2% in full-year 2024, to 4,047 million euros.
    The underlying cost/income ratio3 consequently saw a 10.2pp improvement in Q4-24, to 59.7%, and a 1.9pp improvement in full-year 2024, to 65.5%.

    Gross operating income benefited from positive jaws effects, rising by 56% to 634 million euros in Q4-24 and by 8% to 2,051 million euros in full-year 2024.

    The cost of risk stood at -266 million euros in Q4-24, down 6%, and -814 million euros in 2024, up 25%.

    Income before tax came to 352 million euros in Q4-24 (+137%) and 1,285 million euros in 2024 (-2%).

    Underlying income before tax2 amounted to 369 million euros in Q4-24 (+133%) and 1,336 million euros in full-year 2024
    (+2%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.2        Caisse d’Epargne network
    The Caisse d’Epargne retail banking network comprises 15 individual Caisses d’Epargne along with their subsidiaries

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,616 14% 6,054 3%
    Operating expenses (1,084) 0% (4,216) 1%
    Gross operating income 531 55% 1,838 10%
    Cost of risk (205) (6)% (640) 16%
    Income before tax 328 161% 1,200 7%
    Exceptional items (27) 171% (60) ns
    Underlying2income before tax 355 162% 1,260 13%
    Underlying cost/income ratio3 65.4% (9.8)pp 68.7% (2.7)pp

    Loan outstandings rose by 1% year-on-year to 376 billion euros at the end of December 2024.
    On-balance sheet customer deposits & savings increased by 5 billion euros year-on-year, with growth in term accounts (+12%) and an increase in regulated and unregulated passbook savings accounts (+3%).

    Net banking income rose by 3% to reach 6,054 million euros in full-year 2024, including:

    • 2.6 billion euros in net interest margin4,5, down 3% year-on-year,
    • 3.4 billion euros in commissions5 up 7% year-on-year.

    Net banking income came to a total of 1,616 million euros, up 14% year-on-year, in Q4-24 and stood at 6,054 million euros, up 3% year-on-year in full-year 2024.

    Operating expenses remained stable at 1,084 million euros in Q4-24, and rose by 1% in full-year 2024 to 4,216 million euros.

    The underlying cost/income ratio3 improved by 9.8pp to 65.4% in Q4-24 and by 2.7pp to 68.7% in full-year 2024.

    Gross operating income benefited from positive jaws effects in Q4-24 (+55%), rising to 531 million euros, and enjoyed 10% growth in full-year 2024, rising to 1,838 million euros.

    The cost of risk came to -205 million euros in Q4-24, down 6%, and to -640 million euros in 2024, up 16%.

    Income before tax rose by 161% to 328 million euros in Q4-24, and came to 1,200 million euros in 2024.
    (+7%).

    Underlying income before tax2 amounted to 355 million euros in Q4-24 (+162%) and 1,260 million euros in full-year 2024
    (+13%).

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Excluding provisions for home-purchase savings schemes 5 Income on regulated savings has been restated to account for the net interest margin and included under commissions

    4.1.3        Financial Solutions & Expertise

    €m1 Q4-24 %

    Change

    		 2024 %

    Change
    Net banking income 334 (0)% 1,303 2%
    Operating expenses (169) 1% (636) 1%
    Gross operating income 165 (2)% 667 3%
    Cost of risk (38) (30)% (108) 11%
    Income before tax 125 11% 555 2%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 125 11% 555 1%
    Underlying cost/income ratio3 50.7% 1.0pp 48.8% (0.3)pp

    Sales momentum remained strong in services designed for individual customers, particularly in consumer credit, with average loan outstandings (personal loans and revolving credit) up 7% year-on-year, consolidating the Group’s position as France’s leading bank for consumer credit.

    The Leasing activity continued to provide robust support to companies with growth in average outstandings (+10% year-on-year) chiefly driven by equipment leasing (+17%). Energéco, a player committed to the renewable energies sector, had an exceptional year with production exceeding, for the first time, one billion transactions arranged.

    Despite the unfavorable business environment, the business lines working in the housing and real estate sector demonstrated their resilience with confirmation in Q4-2024 of the positive upturn of activity in personal loan guarantees, leading to an increase in gross written premiums (+2% in Q4-24 year-on-year vs. -40% in the first 9 months of 2024).

    Net banking income for the Financial Solutions & Expertise business unit remained stable at 334 million euros in Q4-24, but rose 2% to 1,303 million euros in full-year 2024.

    Operating expenses, which stood at 169 million euros in Q4-24 and 636 million euros in full-year 2024, remained tightly managed.

    The underlying cost/income ratio3 increased by 1.0pp in Q4-24 to 50.7% and improved by 0.3pp in full-year 2024 to 48.8%.

    Gross operating income, which came to 165 million euros in Q4-24, was down 2%; it stood at 667 million euros in full-year 2024, up 3%.

    The cost of risk stood at -38 million euros in Q4-24, down 30%, and at -108 million euros in full-year 2024 (+11%).

    Income before tax rose by 11% to 125 million euros in Q4-24 and increased by 2% to 555 million euros in full-year 2024.

    Underlying income before tax2 rose by 11% in Q4-24 and by 1% in full-year 2024, to 125 million euros and 555 million euros respectively.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.1.4        Insurance1
    The results presented below concern the Insurance business unit held directly by BPCE since March 1, 2022.

    €m2 Q4-24 % Change 2024 % Change
    Net banking income 171 17% 694 10%
    Operating expenses3 (36) (10)%4 (143) (12)%4
    Gross operating income 135 28% 550 17%
    Income before tax 141 32% 566 19%
    Exceptional items 0 ns 0 ns
    Underlying5income before tax 141 30% 566 17%
    Underlying cost/income ratio6 21.3% (5.3)pp 20.7% (4.1)pp

    In Q4-24, premiums7 reached 4.8 billion euros, up 12% thanks to the considerable dynamism demonstrated by Life Insurance and Life & Personal Protection insurance. In full-year 2024, premiums7 rose by 15% to 18.6 billion euros, with a 16% increase for Life & Personal Protection insurance and a 9% increase for Property & Casualty insurance.

    Life insurance assets under management7 reached 103 billion euros at the end of December 2024 thanks to record-breaking net inflows in both euro funds and unit-linked products. Since the end of December 2023, life insurance assets have risen by 12%, driven by significant positive inflows in both euro funds and unit-linked products. Gross inflows7 in life insurance stood at 14.9 billion euros in 2024. Unit-linked products accounted for 53% of inflows7 at the end of December 2024.

    In the Property & Casualty segment, the client equipment rate for both networks was approximately 35%8 at the end of December 2024, up 0.5pp since the end of December 2023.

    Net banking income rose by 17% in Q4-24 to 171 million euros, and rose by 10% to 694 million euros in full-year 2024.

    Operating expenses3 fell by 10%4 year-on-year in Q4-24 to 36 million euros, and by 12%4 in full-year 2024 to 143 million euros.

    The underlying cost/income ratio6 improved by 5.3pp to stand at 21.3% in Q4-24, and improved by 4.1pp to reach 20.7% in full-year 2024.

    Thanks to positive jaws effects in Q4-24 and full-year 2024, EBITDA rose by 28% and 17% respectively.

    Income before tax also improved, rising by 32% to 141 million euros in Q4-24 and by 19% to 566 million euros in full-year 2024.

    Underlying5income before tax came to 141 million euros in Q4-24 (+30%) and to 566 million euros in full-year 2024 (+17%).

    1 BPCE Assurances 2 Reported figures until “Income before tax” 3 “Operating expenses” corresponds to “non-attributable expenses” under IFRS 17, i.e. all costs that are not directly attributable to insurance contracts 4 At constant method: +7% in Q4-24 YoY and +4% in 2024 YoY 5 “Underlying” means exclusive of exceptional items 6 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 7 Excluding reinsurance treaty with CNP Assurance
    8 Scope: combined individual clients of the BP and CE networks

    4.1.5         Digital & Payments

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 227 14% 873 7%
    o/w Payments 128 10% 491 6%
    o/w Oney 99 19% 382 8%
    Operating expenses (173) 1% (646) (1)%
    o/w Payments (108) 9% (394) 3%
    o/w Oney (65) (10)% (252) (7)%
    Gross operating income 54 96% 227 39%
    Cost of risk (33) (52)% (126) (26)%
    Income before tax 20 ns 97 ns
    Exceptional items (1) (99)% (5) (96)%
    Underlying2income before tax 21 ns 102 125%
    Underlying cost/income ratio3 76.2% (3.5)pp 73.9% (2.1)pp

    Digital & AI

    At the end of December 2024, 11.8 million customers were active on Banques Populaires and Caisses d’Epargne mobile applications (up 3% vs. end-December 2023).

    The “AI for all” in-house generative AI solution was being used by over 26,000 employees at the end of December 2024 (i.e. 25% of all Group employees.)

    Thanks to transformative AI, 10 million documents had been verified automatically (+71%) by end-December 2024.

    Payments

    Net banking income enjoyed 10% growth in Q4-24 and 6% growth in full-year 2024, while operating expenses rose 9% in Q4-24 and 3% in full-year 2024.

    The widespread use of Wero (European Payments Initiative) enables all customers to send and receive money via instant account-to-account payments in less than 10 seconds. Wero handles 2 million transactions per month and serves over 2 million active customers.

    In the Payment Solutions business, the number of card transactions rose by 5% year-on-year, with continued growth in mobile and instant payments (+54% and +49% year-on-year respectively) and the ongoing rollout of Android POS terminals (multiplied by a factor of 2). The launch of Google Pay has strengthened our range of mobile products.

    Oney Bank

    Net banking income rose by 8% in 2024 thanks to improved margin rates and the asset repricing effect. Oney maintained its leadership position in the BNPL4 segment in France while business was robust in Europe outside France (+19% in volumes year-on-year).

    Management expenses remained well under control, falling by 7% in full-year 2024.

    The sharp drop in the cost of risk in 2024 (-26% YoY) confirms the positive impact of our action plans.
    Net banking income for the Digital & Payments business unit rose by 14% in Q4-24 and by 7% in full-year 2024, to reach 227 million euros and 873 million euros respectively.

    The business unit’s operating expenses were up 1% in Q4-24 and down 1% in full-year 2024, to reach 173 million euros and 646 million euros respectively.

    This led to a 3.5pp improvement in the underlying cost/income ratio3 to 76.2% in Q4-24 and a 2.1pp improvement to 73.9% in full-year 2024.

    Gross operating income, which benefitted from positive jaws effects, rose by 96% in Q4-24 to 54 million euros, and by 39% to 227 million euros in full-year 2024.

    The cost of risk fell by 52% in Q4-24 to -33 million euros, and by 26% in full-year 2024 to -126 million euros.

    Income before tax amounted to 20 million euros in Q4-24 and 97 million euros full-year 2024.

    Underlying2income before tax came to 21 million euros in Q4-24 and 102 million euros in full-year 2024, equal to a sharp rise of 125%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Buy Now Pay Later

    4.2 Global Financial Services
    The GFS business unit includes the Asset & Wealth Management activities and the Corporate & Investment Banking activities of
    Natixis.

    €m1   Q4-24 % Change Constant Fx % change 2024 % Change Constant Fx % change
    Net banking income   2,055 8% 7% 7,947 8% 8%
    o/w CIB   1,087 5% 5% 4,440 7% 7%
    o/w AWM   968 11% 10% 3,507 10% 10%
    Operating expenses   (1,501) 8% 7% (5,651) 7% 7%
    o/w CIB   (738) 5% 5% (2,889) 8% 8%
    o/w AWM   (763) 11% 10% (2,763) 6% 6%
    Gross operating income   553 8% 7% 2,296 10% 10%
    Cost of risk   (86) 18%   (268) 73%  
    Income before tax   479 14%   2,051 4%  
    Exceptional items   0 ns   0 ns  
    Underlying2income before tax   479 10%   2,051 3%  
    Underlying cost/income ratio3   73.1% 0.7pp   71.1% (0.1)pp  

    GFS revenues rose by 8% in both Q4-24 and full-year 2024 to respectively 2,055 million euros (+7% at constant exchange rates) and 7,947 million euros (+8% at constant exchange rates). These trends are the result of the robust performance of our global business lines.

    In Q4-24, revenues generated by the Corporate & Investment Banking business rose by 5% to 1,087 million euros thanks, in particular, to the strong performance achieved by the Global Markets (+19%) and Global Finance (+2%) activities in full-year 2024. Net banking income for the CIB business in full-year 2024 rose by 7% to 4,440 million euros.

    In Q4-24, Asset & Wealth Management revenues rose 10% at constant exchange rates to 968 million euros, chiefly thanks to higher management fees year-on-year. Assets under management rose by 13% since the begging of the year to reach a historic high of 1,317 billion euros, with record inflows and a strong positive market and change effects.

    GFS operating expenses increased by 8% in Q4-24 and by 7% in 2024, to respectively 1,501 million euros (+7% at constant exchange rates) and 5,651 million euros (+7% at constant exchange rates). This rise in expenses is in line with revenue growth, leading to positive jaws effects in full-year 2024.

    In Q4-24, Corporate & Investment Banking operating expenses rose by 5% in line with revenue growth. Asset & Wealth Management expenses rose by 10% at constant exchange rates in Q4-24.

    The underlying cost/income ratio3 was 73.1% in Q4-24 and 71.1% in full-year 2024, up 0.7pp and down 0.1pp respectively.

    Gross operating income rose 8% in Q4-24 to 553 million euros (+7% at constant exchange rates); it rose 10% in full-year 2024 to 2,296 million euros (+10% at constant exchange rates).

    The cost of risk increased by 18% in Q4-24 and by 73% in full-year 2024, to -86 million euros and -268 million euros respectively.

    Income before tax rose by 14% in Q4-24 to 479 million euros, and by 4% in full-year 2024 to 2,051 million euros.

    Underlying2income before tax for Q4-24 was 479 million euros, up 10%, and stood at 2,051 million euros in full-year 2024, up 3%.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.1        Corporate & Investment Banking
    The Corporate & Investment Banking (CIB) business unit includes the Global markets, Global finance, Investment banking and
    M&A activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 1,087 5% 4,440 7%
    Operating expenses (738) 5% (2,889) 8%
    Gross operating income 349 5% 1,551 3%
    Cost of risk (98) 60% (282) 78%
    Income before tax 262 3% 1,293 (3)%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 262 1% 1,293 (4)%
    Underlying cost/income ratio3 67.9% 0.2pp 65.1% 1.2pp

    Global Markets revenues rose by 19% to 452 million euros in full-year 2024. Revenues generated by the Equity business rose 53% to 96 million euros in Q4-24, driven by a strong performance in the Global Securities Financing activity. FIC-T revenues rose by 14% to 354 million euros in Q4-24, driven by a strong performance in the Credit and Foreign Exchange segments.

    Global Finance revenues were up 2%, rising to 466 million euros in Q4-24 thanks to the sustained momentum of Trade Finance activities.

    Investment Banking revenues were up 6% to 50 million euros in Q4-24, driven by the Acquisition & Strategic Finance and SECM business lines.
    The M&A business lines recorded revenues of 361 million euros in full-year 2024, up 11% year-on-year.
    Natixis Partners has acquired a stake in Financière de Courcelles in order to strengthen its position in the French M&A market within the small, mid, and upper mid-cap segments.

    Net banking income generated by the Corporate & Investment Banking business unit rose by 5% in Q4-24 and by 7% in full-year 2024, to 1,087 million euros and 4,440 million euros respectively.

    Operating expenses, which stood at 738 million euros in Q4-24, reflect 5% growth; expenses rose 8% in full-year 2024 to 2,889 million euros, in line with revenue growth.

    The underlying cost/income ratio3 increased by 0.2pp to 67.9% in Q4-24, and by 1.2pp to 65.1% in full-year 2024.

    Gross operating income rose by 5% in Q4-24 to 349 million euros, and by 3% in full-year 2024 to 1,551 million euros.

    The cost of risk stood at -98 million euros, up 60%, in Q4-24, and at -282 million euros, up 78%, in full-year 2024.

    Income before tax was up 3% to 262 million euros in Q4-24, and down 3% to 1,293 million euros in full-year 2024.

    Underlying2income before tax was up 1% to 262 million euros in Q4-24, and down 4% to 1,293 million euros in full-year 2024.

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses

    4.2.2        Asset & Wealth Management
    The business unit includes the Asset & Wealth Management activities of Natixis.

    €m1 Q4-24 % Change 2024 % Change
    Net banking income 968 11% 3,507 10%
    Operating expenses (763) 11% (2,763) 6%
    Gross operating income 205 12% 744 27%
    Income before tax 217 32% 759 21%
    Exceptional items 0 ns 0 ns
    Underlying2income before tax 217 24% 759 16%
    Underlying cost/income ratio3 78.8% 1.0pp 78.8% (2.0)pp

    In Asset Management, assets under management4 reached an all-time high of 1,317 billion euros at the end of December 2024, up 13% since the beginning of the year, with record net inflows and strong positive market and currency effects.

    Net inflows into Asset Management4 reached 40 billion euros in full-year 2024, chiefly thanks to fixed-income products from Loomis Sayles and DNCA, and to life insurance products. Private asset inflows remained positive on an annual basis.

    ESG assets accounted for 40.3% of assets under management at the end of December 2024.

    Asset management revenues grew at constant exchange rates by 10% in full-year 2024 but also in Q4-2024, driven by a higher level of average assets under management (+10% in Q4-2024).

    In Asset Management4 in full-year 2024, the total fee rate (excluding performance fees) stood at 25.2bps (stable) and at 36.8bps excluding insurance asset management (-1.1bp).

    Net banking income for the Asset & Wealth Management business unit rose by 11% in Q4-24 to 968 million euros, and by 10% in full-year 2024 to 3,507 million euros.

    Operating expenses came to 763 million euros, up 11% in Q4-24, and to 2,763 million euros, up 6% in full-year 2024.

    The underlying cost/income ratio3increased by 1.0pp in Q4-24 to 78.8%, and improved by 2.0pp in full-year 2024 to 78.8%.

    Gross operating income rose by 12% to 205 million euros in Q4-24, and by 27% to 744 million euros in full-year 2024.

    Income before tax came to 217 million euros in Q4-24 (+32%), and to 759 million euros in full-year 2024 (+21%).

    Underlying2income before tax rose by 24% to 217 million euros in Q4-24, and by 16% to 759 million euros in full-year 2024.
            

    1 Reported figures until “Income before tax” 2 “Underlying” means exclusive of exceptional items 3 The business line cost/income ratios have been calculated on the basis of net banking income and underlying operating expenses 4 Asset management: Europe includes Dynamic Solutions and Vega IM; North America includes WCM IM; excluding Wealth Management

    ANNEXES

    Notes on methodology

    Presentation on the pro-forma quarterly results

    The 2023 quarterly series are presented pro forma with changes in standards and organization:
    The sectoral reallocation of the results of the private equity activities of the entities BP Développement & CE Développement from Corporate center to RB&I and GFS divisions.
    The new management standards adopted by Natixis (including the normative allocation of capital to the business lines) within the GFS division.
    The main evolutions impact RB&I, GFS and the Corporate center.
    The data for 2023 has been recalculated to obtain a like-for-like basis of comparison.
    The quarterly series of Groupe BPCE remain unchanged.
    The tables showing the transition from reported 2023 to pro-forma 2023 are presented on annexes.

    Exceptional items

    Exceptional items and the reconciliation of the reported income statement to the underlying income statement of Groupe BPCE are detailed in the annexes.

    Net banking income

    Customer net interest income, excluding regulated home savings schemes, is computed on the basis of interest earned from transactions with customers, excluding net interest on centralized savings products (Livret A, Livret Développement Durable, Livret Épargne Logement passbook savings accounts) in addition to changes in provisions for regulated home purchase savings schemes. Net interest on centralized savings is assimilated to commissions.

    Operating expenses

    Operating expenses correspond to the aggregate total of the “Operating Expenses” (as presented in the second amendment of Group’s universal registration document, note 4.7 appended to the consolidated financial statements of Groupe BPCE) and “Depreciation, amortization and impairment for property, plant and equipment and intangible assets.”

    Cost/income ratio

    Groupe BPCE’s cost/income ratio is calculated on the basis of net banking income and operating expenses excluding exceptional items. The calculations are detailed in the annexes.
    Business line cost/income ratios are calculated on the basis of underlying net banking income and operating expenses.

    Cost of risk

    The cost of risk is expressed in basis points and measures the level of risk per business line as a percentage of the volume of loan outstandings; it is calculated by comparing net provisions booked with respect to credit risks of the period to gross customer loan outstandings at the beginning of the period.

    Loan oustandings and deposits & savings

    Restatements regarding transitions from book outstandings to outstandings under management are as follows:
    Loan outstandings: the scope of outstandings under management does not include securities classified as customer loans and receivables and other securities classified as financial operations,
    Deposits & savings: the scope of outstandings under management does not include debt securities (certificates of deposit and savings bonds).

    Capital Adequacy

    Common Equity Tier 1 is determined in accordance with the applicable CRR II/CRD IV rules, after deductions.
    Additional Tier-1 capital takes account of subordinated debt issues that have become non-eligible and subject to ceilings at the phase-out rate in force.
    The leverage ratio is calculated in accordance with the applicable CRR II/CRD V rules. Centralized outstandings of regulated savings are excluded from the leverage exposures as are Central Bank exposures for a limited period of time (pursuant to ECB decision 2021/27 of June 18, 2021).

    Total loss-absorbing capacity

    The amount of liabilities eligible for inclusion in the numerator used to calculate the Total Loss-Absorbing Capacity (TLAC) ratio is determined by article 92a of CRR. Please note that a quantum of Senior Preferred securities has not been included in our calculation of TLAC.
    This amount is consequently comprised of the 4 following items:

    • Common Equity Tier 1 in accordance with the applicable CRR II/CRD IV rules,
    • Additional Tier-1 capital in accordance with the applicable CRR II/CRD IV rules,
    • Tier-2 capital in accordance with the applicable CRR II/CRD IV rules,
    • Subordinated liabilities not recognized in the capital mentioned above and whose residual maturity is greater than 1 year, namely:
      • The share of additional Tier-1 capital instruments not recognized in common equity (i.e. included in the phase-out),
      • The share of the prudential discount on Tier-2 capital instruments whose residual maturity is greater than 1 year,
      • The nominal amount of Senior Non-Preferred securities maturing in more than 1 year.

    Liquidity

    Total liquidity reserves comprise the following:

    • Central bank-eligible assets include: ECB-eligible securities not eligible for the LCR, taken for their ECB valuation (after ECB haircut), securities retained (securitization and covered bonds) that are available and ECB-eligible taken for their ECB valuation (after ECB haircut) and private receivables available and eligible for central bank funding (ECB and the Federal Reserve), net of central bank funding,
    • LCR eligible assets comprising the Group’s LCR reserve taken for their LCR valuation,
    • Liquid assets placed with central banks (ECB and the Federal Reserve), net of US Money Market Funds deposits and to which fiduciary money is added.

    Short-term funding corresponds to funding with an initial maturity of less than, or equal to, 1 year and the short-term maturities of medium-/long-term debt correspond to debt with an initial maturity date of more than 1 year maturing within the next 12 months.
    Customer deposits are subject to the following adjustments:

    • Addition of security issues placed by the Banque Populaire and Caisse d’Epargne retail banking networks with their customers, and certain operations carried out with counterparties comparable to customer deposits
    • Withdrawal of short-term deposits held by certain financial customers collected by Natixis in pursuit of its intermediation activities.

    Business line indicators – BP & CE networks

    Average rate (%) for residential mortgages: the average client rate for residential mortgages corresponds to the weighted average of actuarial rates for committed residential mortgages, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made, net of cancellations) over the period under review. The calculation is based on aggregate residential mortgages, excluding zero interest rate loans.

    Average rate (%) for consumer loans: the average client rate for consumer loans corresponds to the weighted average of the actuarial rates for committed consumer loans, excluding ancillary items (application fees, guarantees, creditor insurance). The rates are weighted by the amounts committed (offers made net of cancellations) over the period under review. The calculation is based on the scope of amortizable consumer loans, excluding overdraft and revolving loans.

    Average rate (%) for equipment loans: the average customer rate for equipment loans is the average of the actuarial rates for equipment loans in each volume-weighted market.

    Digital indicators

    The number of active customers using mobile apps corresponds to the number of customers who have made at least one visit via one mobile apps over one month.
    The number of documents checked automatically corresponds to the number of documents transmitted by customers through their digital spaces or in a physical branch and checked automatically: eligibility for the LEP popular passbook savings account and customer intelligence documents (KYC) for consumer loans, mortgages (digital) and new business relationships (digital and physical branches).

    Impact indicators

    Financing for energy-efficient home renovation for individual clients: this indicator calculates the aggregate annual production of loans granted to individual customers (natural persons) to finance energy renovation work, expressed in €m:

    – Rénovation Energétique (Energy Renovation): consumer credit for environmentally-friendly properties,
    – ECO PTZ MPR: consumer credit designed for renovation work eligible for the MaPrimeRenov program (government scheme to support energy-efficient home renovation work) for up to a total of €30,000,
    – ECO PTZ: interest-free regulated home improvement loan for up to a total of €50,000

    Number of unique visitors to the ‘Advice and Sustainable Solutions’ digital module: this indicator calculates the aggregate annual number of unique visitors who consult the ‘Advice and sustainable solutions’ page on BP and CE mobile applications.

    Financing BtoB clients in their transition and decarbonization efforts: this indicator calculates the aggregate annual amount of loans granted to businesses to help finance their transition and decarbonization efforts, expressed in €m. This aggregate total is derived from the sum of BtoB loan amounts (Green loans + Impact loans + Vehicle Leasing + Green Lease with Purchase Option/Long-Term Rental agreements (LOA/LDD Green).

    Within the scope of CIB activities, Green revenues are comprised of:

    • Sustainable Finance (GSH scope)
    • Renewable & new energies franchises
    • Activities with clients/assets rated Dark & Medium Green (Green Weighting Factor).

    (restated for scope reconciliations).

    Reconciliation of 2023 data to pro forma data

    Retail banking and Insurance Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,891 (2,496) 1,107 (269) 840
    Sectoral reallocation 12 (1) 11 0 11
    Pro forma figures 3,903 (2,497) 1,118 (269) 851
    Global Financial Services Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,822 (1,303) 590 (146) 432
    Sectoral reallocation 0 0 0 0 0
    New rules 32 (2) 30 (4) 26
    Pro forma figures 1,854 (1,305) 621 (151) 458
    Corporate center Q1-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 102 (788) (729) (10) (739)
    Sectoral reallocation (12) 1 (11) 0 (11)
    New rules (32) 2 (30) 4 (26)
    Pro forma figures 57 (785) (771) (5) (776)
    Retail banking and Insurance Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,655 (2,459) 952 (224) 729
    Sectoral reallocation (15) (1) (15) (0) (15)
    Pro forma figures 3,640 (2,460) 936 (224) 713
    Global Financial Services Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,798 (1,282) 429 (115) 300
    Sectoral reallocation (0) (0) (0) (0) (0)
    New rules 31 (5) 26 (3) 22
    Pro forma figures 1,829 (1,287) 455 (118) 322
    Corporate center Q2-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 13 (58) (44) (14) (56)
    Sectoral reallocation 15 1 16 0 16
    New rules (31) 5 (26) 3 (22)
    Pro forma figures (3) (52) (54) (10) (63)
    Retail banking and Insurance Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 3,721 (2,358) 1,072 (268) 799
    Sectoral reallocation (13) (1) (14) 0 (14)
    Pro forma figures 3,709 (2,359) 1,058 (268) 785
    Global Financial Services Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,736 (1,279) 444 (114) 319
    Sectoral reallocation (0) (0) (0) 0 (0)
    New rules 31 (4) 27 (4) 23
    Pro forma figures 1,767 (1,283) 470 (118) 341
    Corporate center Q3-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures (3) (175) (176) (23) (200)
    Sectoral reallocation 13 1 14 0 14
    New rules (31) 4 (27) 4 (23)
    Pro forma figures (21) (170) (189) (19) (210)
    Retail banking and Insurance Q4-23      
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income    		      
    Reported figures 3,557 (2,497) 395 (122) 294      
    Sectoral reallocation 19 (1) 18 (0) 18      
    Pro forma figures 3,576 (2,499) 413 (122) 312      
                 
    Global Financial Services Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 1,874 (1,389) 391 (118) 255
    Sectoral reallocation 0 (1) (0) (0) (0)
    New rules 33 (4) 29 (3) 26
    Pro forma figures 1,908 (1,394) 420 (121) 280
    Corporate center Q4-23
    €m Net banking income Operating expenses Income before tax Income
    tax    		 Net
    income
    Reported figures 31 (243) (249) 81 (168)
    Sectoral reallocation (20) 2 (18) 0 (18)
    New rules (33) 4 (29) 3 (26)
    Pro forma figures (22) (237) (296) 84 (211)

    Q4-24 & Q4-23 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported Q4-24 results   6,046 (4,184) (596) (35) 1,262 913
    Transformation and reorganization costs Business lines/Corporate center 0 (86)   (1) (87) (64)
    Disposals Corporate center       (1) (1) (1)
    Q4-24 results excluding exceptional items   6,045 (4,098) (596) (34) 1,349 977
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported Q4-23 results   5,462 (4,129) (744) (43) 537 381
    Transformation and reorganization costs Business lines/Corporate center (5) (54) (34)   (93) (57)
    Disposals Corporate center       (43) (43) (43)
    Pro forma Q4-23 results excluding exceptional items   5,467 (4,076) (710) (0) 672 481

    2024 & 2023 results : reconcialiation of reported data to alternative performance measures

    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Reported 2024 results   23,317 (16,384) (2,061) 28 4,956 3,520
    Transformation and reorganization costs Business lines/Corporate center 3 (208)   (1) (206) (153)
    Disposals Corporate center 0     (3) (3) (3)
    2024 results excluding exceptional items   23,314 (16,176) (2,061) 32 5,165 3,675
    €m   Net banking income Operating expenses Cost of
    risk    		 Gains or
    losses on
    other assets    		 Income
    before tax    		 Net income
    – Group share
    Pro forma reported 2023 results   22,198 (16,328) (1,731) 8 4,182 2,804
    Transformation and reorganization costs Business lines/Corporate center 2 (213) (32)   (242) (164)
    Disposals  Corporate center       (45) (45) (44)
    Litigations Business lines/Corporate center 87       87 87
    Pro forma 2023 results excluding exceptional items   22,108 (16,115) (1,699) 53 4,381 2,925

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-24 reported figures 6,046 (4,184)  
    Impact of exceptional items 0 (86)  
    Q4-24 underlying figures 6,045 (4,098) 67.8%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    Q4-23 Pro forma reported figures 5,462 (4,129)  
    Impact of exceptional items (5) (54)  
    Q4-23 Pro forma underlying figures 5,467 (4,076) 74.6%

    Groupe BPCE : underying cost to income ratio

    €m Net banking income Operating expenses Underlying
    cost income ratio
    2024 reported figures 23,317 (16,384)  
    Impact of exceptional items 3 (208)  
    2024 underlying figures 23,314 (16,176) 69.4%
    €m Net banking income Operating expenses Underlying
    cost income ratio
    2023 Pro forma reported figures 22,198 (16,328)  
    Impact of exceptional items 89 (213)  
    2023 Pro forma underlying figures 22,108 (16,115) 72.9%

    Groupe BPCE : quarterly income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 4,064 3,576 2,055 1,908 (73) (22) 6,046 5,462 11%
    Operating expenses (2,497) (2,499) (1,501) (1,394) (186) (237) (4,184) (4,129) 1%
    Gross operating income 1,567 1,077 553 514 (259) (259) 1,862 1,332 40%
    Cost of risk (556) (643) (86) (73) 46 (28) (596) (744) (20)%
    Income before tax 998 413 479 420 (215) (296) 1,262 537 x 2
    Income tax (222) (122) (124) (121) 19 84 (326) (159) x 2
    Non-controlling interests (5) 21 (18) (19) 0 1 (23) 3 ns
    Net income – Group share 772 312 337 280 (196) (211) 913 381 x 2

    Groupe BPCE : 2024 income statement per business line

      RETAIL BANKING
    & INSURANCE    		 GLOBAL FINANCIAL SERVICES CORPORATE CENTER GROUPE
    BPCE
    €m 2024 2023 2024 2023 2024 2023 2024 2023 %
    Net banking income 15,397 14,828 7,947 7,358 (27) 12 23,317 22,198 5%
    Operating expenses (9,902) (9,815) (5,651) (5,269) (831) (1,244) (16,384) (16,328) 0%
    Gross operating income 5,495 5,013 2,296 2,088 (858) (1,232) 6,933 5,870 18%
    Cost of risk (1,751) (1,505) (268) (154) (43) (72) (2,061) (1,731) 19%
    Income before tax 3,807 3,526 2,051 1,966 (902) (1,310) 4,956 4,182 19%
    Income tax (891) (882) (534) (507) 67 49 (1,357) (1,340) 1%
    Non-controlling interests (14) 18 (66) (56) 1 1 (79) (38) x 2
    Net income – Group share 2,902 2,661 1,452 1,402 (834) (1,260) 3,520 2,804 26%

    Groupe BPCE : quarterly series

    GROUPE BPCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 5,815 5,467 5,455 5,462 5,753 5,626 5,892 6,046
    Operating expenses (4,587) (3,799) (3,812) (4,129) (4,151) (4,008) (4,041) (4,184)
    Gross operating income 1,228 1,667 1,642 1,332 1,602 1,618 1,851 1,862
    Cost of risk (326) (342) (319) (744) (382) (560) (523) (596)
    Income before tax 968 1,337 1,339 537 1,233 1,124 1,336 1,262
    Net income – Group share 533 973 917 381 875 806 925 913

    Groupe BPCE : Consolidated balance sheet

    ASSETS
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Cash and amounts due from central banks 133,186 152,669
    Financial assets at fair value through profit or loss 230,521 214,582
    Hedging derivatives 7,624 8,855
    Financial assets at fair value through other comprehensive income 57,166 48,073
    Securities at amortized cost 27,021 26,373
    Loans and advances to banks and similar at amortized cost 115,862 108,631
    Loans and receivables due from customers at amortized cost 851,843 839,457
    Revaluation difference on interest rate risk-hedged portfolios (856) (2,626)
    Financial investments of insurance activities 115,631 103,615
    Insurance contracts issued – Assets 1,134 1,124
    Reinsurance contracts held – Assets 9,320 9,564
    Current tax assets 640 829
    Deferred tax assets 4,160 4,575
    Accrued income and other assets 16,444 14,611
    Non-current assets held for sale 438 –
    Investments in accounted for using equity method 2,146 1,616
    Investment property 733 717
    Property, plant and equipment 6,085 6,023
    Intangible assets 1,147 1,110
    Goodwill 4,312 4,224
    TOTAL ASSETS 1,584,558 1,544,022
    LIABILITIES
    €m    		 Dec. 31, 2024 Dec. 31, 2023
    Amounts due to central banks 1 2
    Financial liabilities at fair value through profit or loss 218,963 204,023
    Hedging derivatives 14,260 14,973
    Debt securities 304,957 292,598
    Amounts due to banks and similar 69,953 79,634
    Amounts due to customers 723,090 711,658
    Revaluation difference on interest rate risk-hedged portfolios, liabilities 14 159
    Insurance contracts issued – Liabilities 117,551 106,137
    Reinsurance contracts held – Liabilities 119 149
    Current tax liabilities 2,206 2,026
    Deferred tax liabilities 1,323 1,640
    Accrued expenses and other liabilities 20,892 22,492
    Liabilities associated with non-current assets held for sale 312 –
    Provisions 4,748 4,825
    Subordinated debt 18,401 18,801
    Shareholders’ equity 87,768 84,905
    Equity attributable to equity holders of the parent 87,137 84,351
    Non-controlling interests 630 553
    TOTAL LIABILITIES 1,584,558 1,544,022

    Groupe BPCE : Goodwill

    €m Dec. 31, 2023 Acquisitions IRFS5 reclassifications Translation adjustments Dec. 31, 2024
    Retail Banking & Insurance 822 58     879
    Asset & Wealth Management 3,257 1 (72) 95 3,280
    Corporate & Investment Banking 144     7 151
    Total 4,224 58 (72) 102 4,312

    Groupe BPCE: Statement of changes in shareholders’ equity

    €m Equity attributable to shareholders’ equity
    December 31, 2023 84,407
    Restatements1 (56)
    December 31, 2023 restated 84,351
    Distributions (833)
    Change in capital (cooperative shares) 90
    Impact of acquisitions and disposals on non-controlling interests (minority interests) (48)
    Income 3,520
    Changes in gains & losses directly recognized in equity 144
    Capital gains and losses reclassified as reserves (31)
    Others (56)
    December 31, 2024 87,137

    1 Opening shareholders’ equity has been adjusted for Funding Valuation Adjustments whose non-material impact on income has not given rise to a change in the latter in the 2024 consolidated financial statements

    Retail Banking & Insurance: quarterly income statement

      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 % Q4-24 Q4-23 %  
    Net banking income 1,614 1,382 17% 1,616 1,423 14% 334 335 (0)% 171 146 17% 227 199 14% 101 91 12% 4,064 3,576 14%  
    Operating expenses (980) (975) 1% (1,084) (1,081) 0% (169) (167) 1% (36) (41) (10)% (173) (171) 1% (53) (63) (16)% (2,497) (2,499) (0)%  
    Gross operating income 634 407 56% 531 343 55% 165 168 (2)% 135 105 28% 54 27 96% 48 28 75% 1,567 1,077 45%  
    Cost of risk (266) (282) (6)% (205) (218) (6)% (38) (54) (31)%       (33) (69) (52)% (15) (19) (23)% (556) (643) (13)%  
    Income before tax 352 149 x2 328 126 x3 125 112 12% 141 107 32% 20 (89) ns 33 9 x4 998 413 x2  
    Income tax (73) (45) 62% (78) (20) x4 (33) (27) 22% (29) (25) 16% 0 (2) ns (8) (2) x4 (222) (122) 82%  
    Non-controlling interests (0) (6) (94)% (1) (3) (66)% 0 (0) ns 0 (1) ns (3) 30 ns       (5) 21 ns  
    Net income – Group share 278 98 x3 248 103 x2 92 85 8% 112 81 39% 16 (61) ns 25 7 x4 772 312 x2  
      BANQUE POPULAIRE NETWORK CAISSE D’EPARGNE NETWORK FINANCIAL SOLUTIONS & EXPERTISE INSURANCE DIGITAL & PAYMENTS OTHER NETWORK RETAIL BANKING & INSURANCE
    €m 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 % 2024 2023 %  
    Net banking income 6,098 5,862 4% 6,054 5,858 3% 1,303 1,274 2% 694 633 10% 873 816 7% 375 384 (2)% 15,397 14,828 4,%  
    Operating expenses (4,047) (3,970) 2% (4,216) (4,181) 1% (636) (630) 1% (143) (163) (12)% (646) (652) (1)% (213) (218) (2)% (9,902) (9,815) 1%  
    Gross operating income 2,051 1,892 8% 1,838 1,677 10% 667 644 3% 550 470 17% 227 164 39% 162 166 (2)% 5,495 5,013 10%  
    Cost of risk (814) (651) 25% (640) (553) 16% (108) (98) 11%       (126) (171) (26)% (62) (33) 89% (1,751) (1,505) 16%  
    Income before tax 1,285 1,308 (2)% 1,200 1,125 7% 555 545 2% 566 475 19% 97 (68) ns 103 140 (26)% 3,807 3,526 8%  
    Income tax (307) (329) (7)% (264) (254) 4% (146) (140) 4% (123) (99) 24% (27) (25) 9% (24) (35) (30)% (891) (882) 1%  
    Non-controlling interests (9) (24) (64)% (5) (7) (24)% 0 (0) ns 0 (0) ns (0) 49 ns       (14) 18 ns  
    Net income – Group share 970 954 2% 931 864 8% 409 405 1% 443 376 18% 70 (43) ns 79 106 (25)% 2,902 2,661 9%  

    Retail Banking & Insurance: 2024 income statement

    Retail banking & insurance: quarterly series

    RETAIL BANKING & INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 3,903 3,640 3,709 3,576 3,763 3,701 3,869 4,064
    Operating expenses (2,497) (2,460) (2,359) (2,499) (2,547) (2,456) (2,403) (2,497)
    Gross operating income 1,406 1,180 1,350 1,077 1,217 1,245 1,467 1,567
    Cost of risk (308) (252) (302) (643) (296) (475) (423) (556)
    Income before tax 1,118 936 1,058 413 934 831 1,044 998
    Net income – Group share 851 713 785 312 709 637 785 772

    Retail Banking & Insurance: Banque Populaire and Caisse d’Epargne networks quarterly series

    BANQUE POPULAIRE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,569 1,442 1,469 1,382 1,489 1,489 1,506 1,614
    Operating expenses (1,018) (1,015) (961) (975) (1,043) (1,025) (999) (980)
    Gross operating income 551 427 508 407 445 464 508 634
    Cost of risk (132) (110) (127) (282) (125) (228) (195) (266)
    Income before tax 434 328 398 149 329 290 315 352
    Net income – Group share 332 240 284 98 252 210 230 278
                     
    CAISSE D’EPARGNE NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 1,537 1,465 1,432 1,423 1,454 1,467 1,517 1,616
    Operating expenses (1,066) (1,041) (993) (1,081) (1,085) (1,038) (1,008) (1,084)
    Gross operating income 470 424 440 343 368 429 509 531
    Cost of risk (136) (84) (115) (218) (100) (176) (159) (205)
    Income before tax 334 340 325 126 270 252 350 328
    Net income – Group share 253 256 253 103 208 194 281 248

    Retail Banking & Insurance: FSE quarterly series

    FINANCIAL SOLUTIONS & EXPERTISE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 315 306 318 335 327 320 322 334
    Operating expenses (157) (151) (154) (167) (162) (154) (151) (169)
    Gross operating income 158 155 164 168 166 166 171 165
    Cost of risk (6) (19) (18) (54) (24) (22) (24) (38)
    Income before tax 151 136 146 112 141 143 146 125
    Net income – Group share 112 102 107 85 104 106 108 92

    Retail Banking & Insurance: Insurance quarterly series

    INSURANCE
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 180 126 181 146 188 118 217 171
    Operating expenses (43) (37) (42) (41) (42) (25) (40) (36)
    Gross operating income 137 89 139 105 146 93 177 135
    Income before tax 139 93 137 107 149 99 177 141
    Net income – Group share 109 83 103 81 113 92 126 112

    Retail Banking & Insurance: Digital & Payments quarterly series

    DIGITAL & PAYMENTS
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 205 203 209 199 215 214 218 227
    Operating expenses (161) (163) (157) (171) (160) (159) (154) (173)
    Gross operating income 44 40 52 27 55 55 64 54
    Cost of risk (32) (41) (29) (69) (31) (32) (30) (33)
    Income before tax 8 (6) 19 (89) 24 22 32 20
    Net income – Group share 7 (3) 13 (61) 17 16 21 16

    Retail Banking & Insurance: Other network quarterly series

    OTHER NETWORK
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 97 97 99 91 91 93 90 101
    Operating expenses (51) (52) (52) (63) (55) (55) (51) (53)
    Gross operating income 46 45 47 28 37 38 39 48
    Cost of risk (2) 2 (14) (19) (16) (17) (14) (15)
    Income before tax 52 47 33 9 20 25 25 33
    Net income – Group share 39 36 25 7 16 19 20 25

    Global Financial Services: quarterly income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m Q4-24 Q4-23 Q4-24 Q4-23 Q4-24 Q4-23 %
    Net banking income 968 874 1,087 1,034 2,055 1,908 8%
    Operating expenses (763) (691) (738) (703) (1,501) (1,394) 8%
    Gross operating income 205 183 349 331 553 514 8%
    Cost of risk 12 (12) (98) (62) (86) (73) 18%
    Share in net income of associates 0 0 12 4 12 4 x3
    Gains or losses on other assets 0 (7) 0 (17) 0 (24) ns
    Income before tax 217 165 262 255 479 420 14%
    Net income – Group share 143 105 194 176 337 280 20%

    Global Financial Services: 2024 income statement per business line

      ASSET AND WEALTH MANAGEMENT CORPORATE & INVESTMENT
    BANKING    		 GLOBAL FINANCIAL
    SERVICES
    €m 2024 2023 2024 2023 2024 2023 %
    Net banking income 3,507 3,192 4,440 4,166 7,947 7,358 8%
    Operating expenses (2,763) (2,604) (2,889) (2,666) (5,651) (5,269) 7%
    Gross operating income 744 588 1,551 1,500 2,296 2,088 10%
    Cost of risk 14 4 (282) (158) (268) (154) 73%
    Share in net income of associates 0 0 23 13 23 14 67%
    Gains or losses on other assets 0 35 0 (17) 0 18 ns
    Income before tax 759 627 1,293 1,338 2,051 1,966 4%
    Net income – Group share 500 425 952 977 1,452 1,402 4%

    Global Financial Services: quarterly series

    GLOBAL FINANCIAL SERVICES
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,854 1,829 1,767 1,908 1,933 1,983 1,976 2,055  
    Operating expenses (1,305) (1,287) (1,283) (1,394) (1,368) (1,366) (1,415) (1,501)  
    Gross operating income 549 542 483 514 564 617 561 553  
    Cost of risk 27 (91) (17) (73) (58) (82) (41) (86)  
    Income before tax 621 455 470 420 510 539 525 479  
    Net income – Group share 458 322 341 280 364 384 366 337  

    Corporate & Investment Banking: quarterly series

    CORPORATE & INVESTMENT BANKING
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 1,074 1,056 1,002 1,034 1,102 1,133 1,118 1,087  
    Operating expenses (661) (651) (650) (703) (706) (694) (751) (738)  
    Gross operating income 412 405 352 331 396 439 367 349  
    Cost of risk 21 (90) (28) (62) (54) (91) (39) (98)  
    Income before tax 437 318 328 255 346 352 333 262  
    Net income – Group share 321 233 247 176 255 261 242 194  

    Asset & Wealth Management: quarterly series

    ASSET & WEALTH MANAGEMENT
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24  
    Net banking income 781 773 764 874 830 850 858 968  
    Operating expenses (644) (636) (633) (691) (662) (673) (664) (763)  
    Gross operating income 137 137 131 183 168 178 194 205  
    Cost of risk 6 (1) 11 (12) (5) 9 (2) 12  
    Income before tax 184 136 143 165 163 187 192 217  
    Net income – Group share 137 89 94 105 109 123 124 143  

    Corporate center: quarterly series

    CORPORATE CENTER
    €m Q1-23 Q2-23 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24
    Net banking income 57 (3) (21) (22) 57 (58) 46 (73)
    Operating expenses (785) (52) (170) (237) (236) (186) (223) (186)
    Gross operating income (728) (55) (191) (259) (179) (244) (176) (259)
    Cost of risk (46) 1 0 (28) (28) (2) (59) 46
    Share in income of associates 2 0 1 (9) 3 0 1 5
    Gains or losses on other assets (0) 0 (0) (0) (6) 1 3 (8)
    Income before tax (771) (54) (189) (296) (210) (245) (232) (215)
    Net income – Group share (776) (63) (210) (211) (198) (215) (226) (196)

    DISCLAIMER

    This document may contain forward-looking statements and comments relating to the objectives and strategy of Groupe BPCE. By their very nature, these forward-looking statements inherently depend on assumptions, project considerations, objectives and expectations linked to future events, transactions, products and services as well as on suppositions regarding future performance and synergies.

    No guarantee can be given that such objectives will be realized; they are subject to inherent risks and uncertainties and are based on assumptions relating to the Group, its subsidiaries and associates and the business development thereof; trends in the sector; future acquisitions and investments; macroeconomic conditions and conditions in the Group’s principal local markets; competition and regulation. Occurrence of such events is not certain, and outcomes may prove different from current expectations, significantly affecting expected results. Actual results may differ significantly from those anticipated or implied by the forward-looking statements. Groupe BPCE shall in no event have any obligation to publish modifications or updates of such objectives.

    Information in this presentation relating to parties other than Groupe BPCE or taken from external sources has not been subject to independent verification; the Group makes no statement or commitment with respect to this third-party information and makes no warranty as to the accuracy, fairness, precision or completeness of the information or opinions contained in this press release. Neither Groupe BPCE nor its representatives shall be held liable for any errors or omissions or for any harm that may result from the use of this presentation or of its contents or any related material, or of any document or information referred to in this presentation.

    The financial information presented in this document relating to the fiscal period ended December 31, 2024 has been drawn up in compliance with IFRS standards, as adopted in the European Union.
    This financial information is not the equivalent of summary financial statements for an interim period as defined by IAS 34 “Interim Financial Reporting”.

    Preparation of the financial information requires Management to make estimates and assumptions in certain areas regarding uncertain future events.

    These estimates are based on the judgment of the individuals preparing this financial information and the information available at the date of the balance sheet. Actual future results may differ from these estimates. For further information, see chapter 5, part 5.1, note 2.3 “Use of estimates and judgments” of the Universal Registration Document 2023 filed with the Autorité des Marchés Financiers, the French financial markets authority.
    With respect to the financial information of Groupe BPCE for the quarter ended December 31, 2024, and in view of the context mentioned above, attention should be drawn to the fact that the estimated increase in credit risk and the calculation of expected credit losses (IFRS 9 provisions) are largely based on assumptions that depend on the macroeconomic context.

    Significant factors liable to cause actual results to differ from those anticipated in the projections are related to the banking and financial environment in which Groupe BPCE operates, which exposes it to a multitude of risks. These potential risks liable to affect Groupe BPCE’s financial results are detailed in the “Risk factors & risk management” chapter of the latest amendment to the 2023 Universal Registration Document filed with the Autorité des Marchés Financiers.

    Investors are advised to consider the uncertainties and risk factors liable to affect the Group’s operations when examining the information contained in the projection elements.

    The financial results contained in this presentation have not been reviewed by the statutory auditors. The quarterly financial information of Groupe BPCE for the period ended December 31, 2024, approved by the Management Board at a meeting convened on February 3, 2025, were verified and reviewed by the Supervisory Board at a meeting convened on February 5, 2025.

    The sum of the values shown in the tables and analyses may differ slightly from the total reported owing to rounding effects.

    About Groupe BPCE
    Groupe BPCE is the second-largest banking group in France. Through its 100,000 staff, the group serves 35 million customers – individuals, professionals, companies, investors and local government bodies – around the world. It operates in the retail banking and insurance fields in France via its two major networks, Banque Populaire and Caisse d’Epargne, along with Banque Palatine and Oney. It also pursues its activities worldwide with the wholesale banking expertise of Natixis Corporate & Investment Banking and with the asset & wealth management services provided by Natixis Investment Managers.
    The Group’s financial strength is recognized by four financial rating agencies: Moody’s (A1, stable outlook), Standard & Poor’s (A+, stable outlook), Fitch (A+, stable outlook) and R&I (A+, stable outlook).

             groupebpce.com

    Attachment

    • Groupe BPCE_PR_Results_Q4-24 & 2024_FV

    The MIL Network –

    February 6, 2025

  • MIL-OSI USA: Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County

    Source: US State of North Carolina

    Headline: Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County

    Governor Stein Announces Cold Storage Company Will Create 123 Jobs In Robeson County
    bwood
    Wed, 02/05/2025 – 11:25

    Raleigh, NC

    Today, Governor Josh Stein announced that Cold-Link Logistics, a cold storage management firm, will create 123 new jobs in Robeson County. The company will invest $85.5 million to build a cold storage warehouse in Lumberton.

    “North Carolina is consistently ranked as a top state to do business thanks to our skilled workforce, robust transportation infrastructure, and friendly business climate,” said Governor Josh Stein. “We are proud to welcome Cold-Link Logistics to our state and to partner with them to bring more jobs to Robeson County.” 

    A subsidiary of family-owned Mandich Group, Cold-Link Logistics is a full-service third-party logistics cold storage company. Headquartered in Florida, the company’s cold storage locations provide customized product handling, storage, order picking and load preparation, blast freezing, and other value-added logistics services. Cold-Link Lumberton will be a modern 233,000-square-foot temperature-controlled building that will serve the local and regional poultry business, as well as a broad variety of other food companies, manufacturers, and distributors. The company is building on 55 acres in the new Southeast Crossroads Industrial Park.

    “We are excited to expand our footprint into the great State of North Carolina,” said Michael Mandich, Managing Partner of Cold-Link Logistics. “We have listened to our customers and their need for additional cold storage warehousing in the Southeast regions surrounding Lumberton. There’s a strong interest among the protein and other food manufacturers in this area to work with a family owned and operated company like Cold-Link that can offer first-class, value-added services. The Robeson County Community has welcomed us with open arms. After looking into many areas to expand our business we knew this was the right place to locate our 10th facility.”

    “North Carolina’s supply chain for food and agriculture has always been an economic driver for our state,” said N.C. Commerce Secretary Lee Lilley. “Our agricultural legacy and commitment to innovation will help companies like Cold-Link establish its operations and increase its footprint in the southeastern United States.”

    New positions for the company include managers, supervisors, warehouse staff, and shipping and receiving personnel. Wages for the positions will vary, but altogether, the average annual salary will be $50,128, which exceeds the Robeson County average of $42,964. These new jobs could create a potential annual payroll impact of more than $6.1 million.

    A performance-based grant of $375,000 from the One North Carolina Fund has been awarded to MG88 Lumberton Cold Storage, LLC, which does business under the name Cold-Link Logistics Lumberton, LLC, to support the project locating to Robeson County. The OneNC Fund provides financial assistance to local governments to help attract economic investment and to create jobs. Companies receive no money upfront and must meet job creation and capital investment targets to qualify for payment. All OneNC grants require a matching participation from local governments, and any award is contingent upon that condition being met.

    “This is fantastic news for region and the entire state,” said Senator Danny Earl Britt, Jr. “Being situated along the I-95 corridor, Lumberton is a great location for warehouse and distribution companies looking to invest in growing markets with a solid pipeline of talent.”

    “Cold-Link’s decision to build in the Southeast Crossroads Industrial Park is yet another symbol of the strong collaboration to grow our state’s economy,” said Representative Jarrod Lowery. “We are grateful for all the state, regional, and local partners that helped prepare the site and Robeson County for economic development wins such as this.”

    In addition to the North Carolina Department of Commerce and the Economic Development Partnership of North Carolina, other key partners in this project include the North Carolina General Assembly, North Carolina Community College System, Golden LEAF Foundation, Electricities, Robeson County, Robeson County Committee of 100, North Carolina’s Southeast, and the City of Lumberton. 

    Feb 5, 2025

    MIL OSI USA News –

    February 6, 2025

  • MIL-OSI: PawnTrust celebrates the start of Black History Month and launches its weekly “CEO Corner”

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, GA, Feb. 05, 2025 (GLOBE NEWSWIRE) — Dinewise, Inc (OTC PINK-DWIS) (referred to as “Dinewise”, “we”, “us”, “our” or the “Company”) a fintech company operating as PawnTrust Inc., providing solutions to the pawn shop industry celebrates the start of Black History Month and launches its weekly “CEO Corner” on its You Tube Channel.

    As America commemorates Black History Month, PawnTrust honors the invaluable contributions of African American pioneers who have shaped this nation and upon whose shoulders we stand today. The company recognizes the sacrifices and resilience of its forebears and remains committed to preserving their legacy. “When I was young, I was fortunate to accompany my father to meetings with African American disruptors of change. At the time, I didn’t understand the significance of those gatherings, but now realize I am a direct beneficiary of their efforts,” Michael Farr, CEO.

    As previously announced in shareholder updates, Dinewise, Inc. will officially change its name to PawnTrust, Inc. in Q1 2025. Along with this rebranding, the company will undergo a ticker symbol change and file a new registration statement. Additionally, the final agreement for the acquisition of TitlePal, a fintech title loan company, is progressing ahead of schedule. The transaction is expected to close within the same timeframe as the registration statement, further strengthening PawnTrust’s strategic growth initiatives. Furthermore, PawnTrust is in talks regarding a major acquisition and expects to announce it in early Q2 2025.

    PawnTrust’s commitment to perseverance and integrity is ingrained in its corporate culture. The company stands on three fundamental pillars: transparency, timeliness, and trust. The upcoming name change to PawnTrust amplifies the critical pillar of trust. To reinforce these values and foster direct engagement with shareholders and the investment community, CEO Michael Farr will host a weekly “CEO Corner” on YouTube. This series will provide an in-depth look into the business, its strategies, and its leadership vision. The first episode of “CEO Corner” will premiere on Friday, February 7, 2025, at 2 PM Eastern Time. Tune in on http://www.youtube.com/@pawntrust

    About PawnTrust

    PawnTrust is an exclusively tailored marketplace for the estimated 11,000 pawn shops nationwide. The online marketplace (www.pawntrust.com) digitizes the inventory using advanced image recognition algorithms to automate item descriptions of the participating pawn shops and markets them on a national scale. The marketplace contains cutting-edge technology that streamlines the borrowing, buying, and bartering transactions typically found at a pawn shop. The platform plans to leverage Artificial Intelligence (AI) to optimize pricing, reduce fraud, and create personalized search recommendations to enhance the customer’s experience. These enhancements let consumers experience a frictionless shopping experience on their mobile app that gives them instant access to this nationwide inventory of pawn shops. Not only does this provide a more efficient way for consumers to shop, eliminating the need to visit multiple stores, but it also amplifies the reach of individual pawn shop owners. By joining the PawnTrust- ‘Pawn Partners’ network, shop owners gain access to a broader audience, enhancing their visibility and sales opportunities. This innovative approach aligns customer convenience with business growth, reshaping how people interact with the pawn industry. Consumers that purchase items outside of their local area will have their items conveniently shipped to them. As the intermediary in each transaction, PawnTrust earns a fee on every item sold in the marketplace. Many of these local pawn shops lack an online presence or the capital to market their inventory on a national scale. By bridging this gap, PawnTrust opens up opportunities for incremental sales from a wider buying base, effectively transforming the pawn shop and micro-lending industries. This model not only supports local businesses but also extends their reach, driving growth and innovation within the market.” 

    Forward-Looking Information

    This release includes statements that may constitute ”forward-looking” statements, usually containing the words ”believe,” ”estimate,” ”project,” ”expect” or similar expressions. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. While the Company believes the expectations reflected in forward-looking statements are reasonable, there can be no assurances such expectations will prove to be accurate. Security holders are cautioned such forward-looking statements involve risks and uncertainties. Certain factors may cause results to differ materially from those anticipated by the forward-looking statements made in this release. Factors that would cause or contribute to such differences include, but are not limited to, acceptance of the Company’s current and future products and services in the marketplace, the ability of the Company to develop effective new products and receive regulatory approvals of such products, competitive factors, dependence upon third-party vendors, risks and uncertainties related to the current unknown duration and severity of the COVID-19 pandemic and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

    Investor Relations:
    Resources Unlimited
    718-269-3366
    mike@resourcesunlimitedllc.com

    The MIL Network –

    February 6, 2025

  • MIL-OSI: SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

    Source: GlobeNewswire (MIL-OSI)

    SOITEC REPORTS FY’25 THIRD QUARTER REVENUE

    • Reaching €226m, Q3’25 revenue was almost stable vs. Q2’25 and down 10% at constant exchange rates and perimeter compared with Q3’24
    • 9M’25 revenue reached €564m, down 12% on a reported basis and decreased by 13% at constant exchange rates and perimeter vs. 9M’24
    • FY’25 guidance revised: revenue expected to decrease by high single digit year-on-year at constant exchange rates and perimeter (compared to flat previously), and EBITDA1margin2expected between 32% and 34% (compared to around 35% previously)
    • Given the current lack of visibility on end markets, Soitec expects at this stage quite limited growth for FY’26

    Bernin (Grenoble), France, February 5th, 2025 – Soitec (Euronext Paris), a world leader in designing and manufacturing innovative semiconductor materials, today announced consolidated revenue of 226 million Euros for the third quarter of FY’25 (ended December 29th, 2024), down 6% on a reported basis compared to the third quarter of FY’24. This reflects a 10% decline at constant exchange rates and perimeter, a positive currency impact of 5% and a negative scope effect3 of 1%.

    Pierre Barnabé, Soitec’s CEO, commented: “After a very strong sequential rebound in the second quarter, we maintained the third-quarter revenue at a fairly similar level. The good performance of the Mobile Communications division was driven by sustained momentum in POI, and a seasonal tailwind in RF-SOI sales. Despite seasonal restocking in the second half of the fiscal year, the customers continue to optimize RF-SOI inventory levels based on seasonality and market conditions, which will keep driving fluctuations over the next few quarters. At the same time, we are strengthening our position as a leader, notably with the introduction of new innovative 300mm products. The Automotive and Industrial division continues to be impacted by a weak automotive market. In Edge & Cloud AI, the momentum remains strong, supported by significant investments in cloud infrastructure across the industry to accelerate AI computing power, as well as increasing demand at the edge for lower energy consumption and processing costs.

    Due to worsening conditions in the Automotive and Consumer markets, a couple of customers have requested to put some delivery requests on hold. As a consequence, we are adjusting our guidance for fiscal year 2025, with annual revenue expected to decrease by high single digit year-on-year. We are managing our EBITDA margin to be between 32% and 34%.

    With the lack of visibility on our end markets for now, it is also too early to provide specific guidance for fiscal year 2026. Given current market conditions, we expect at this stage quite limited growth for fiscal year 2026.

    Our fundamentals remain solid and will allow us to accelerate as end markets recover. We continue to enhance our technology leadership, to strengthen our SOI positioning with both existing and new customers, and to deploy our expansion into compound semiconductors with the acceleration of POI volumes and a fifth customer in qualification on SmartSiCTM.”

    Third quarter FY’25 consolidated revenue (unaudited)

      Q3’25 Q3’24 Q3’25/Q3’24
             
             
    (Euros millions)     change reported chg. at const. exch. rates & perimeter
             
    Mobile Communications 154 130 +18% +11%
    Automotive & Industrial 25 44 -43% -47%
    Edge & Cloud AI 47 65 -28% -30%
             
    Revenue 226 240 -6% -10%

    Q3’25 revenue reached 226 million Euros. After the sharp sequential increase achieved in Q2’25, it was up 4% versus Q2’25 on a reported basis (down 2% at constant exchange rates and perimeter). Compared to Q3’24, it was down 10% at constant exchange rates and perimeter.

    Q3’25 revenue reflected an improved performance in Mobile Communications and a weaker performance in Automotive & Industrial as well as in Edge & Cloud AI which was due to a different phasing in Imager-SOI wafer sales.

    Mobile Communications

    Mobile Communications revenue reached 154 million Euros in Q3’25, up 11% at constant exchange rates and perimeter compared to Q3’24. In the context of a healthier smartphone market and inventory situation, Mobile Communications revenue continued to recover in Q3’25 after the sharp rebound already experienced in Q2’25.

    As expected, growth in RF-SOI wafer sales has resumed. Q3’25 sales were significantly higher than in Q2’25, and also higher than in Q3’24. While reflecting different situations, inventories in the overall supply chain now seem to progressively normalize. Soitec is confident that growth in RF-SOI wafer sales will continue in Q4’25. Soitec continues to reinforce its strong customer intimacy, leveraging state-of-the-art Innovation capabilities to develop leading-edge products, as evidenced by the announcement of its commitment to provide GlobalFoundries with its latest generation of RF-SOI 300mm wafers to support GF’s most advanced 9SW platform.

    Sales of POI (Piezoelectric-on-Insulator) wafers dedicated to RF filters continue to grow quarter after quarter, as the adoption of Surface Acoustic Wave (SAW) filters on POI is accelerating with ten active customers in production, and more than ten in qualification. Q3’25 POI wafer sales were significantly higher than in Q2’25 and Q3’24. Soitec is engaged with all leading US fabless companies.

    Sales of FD-SOI wafers, the only solution for fully integrated 5G mmWave system-on-chip, have made further progress in Q3’25, showing an increase from Q2’25 as well as growth compared to Q3’24.

    Automotive & Industrial

    Automotive & Industrial revenue reached 25 million Euros in Q3’25, lower than in Q2’25 and down 47% at constant exchange rates and perimeter compared Q3’24, reflecting the ongoing difficulties of the automotive market.

    Power-SOI wafer sales reached a particularly low level in Q3’25, as the ongoing weakness of the automotive market is leading to some inventory adjustments at customer level. Power-SOI remains a key component for gate drivers, in vehicle networking and in Battery Management ICs.

    Conversely, FD-SOI wafers recorded a better level of sales in Q3’25 than in Q3’24. Automotive FD-SOI continue to be mostly driven by adoption for microcontrollers, radar and wireless connectivity, delivering on superior performance and power efficiency.

    Further SmartSiCTM samples and prototypes were delivered during Q3’25, paving the way for new qualifications. Soitec has engaged with a fifth customer in a qualification process. The current weakness of the automotive market and the longer than initially anticipated customers’ qualification cycles confirm a delay in the expected wafer production ramp-up, as stated earlier this year.

    Edge & Cloud AI

    Edge & Cloud AI revenue reached 47 million Euros in Q3’25, down 30% at constant exchange rates and perimeter compared to Q3’24. Performance was however contrasted from one product to another.

    Demand in Photonics-SOI wafers continue to benefit from a very positive momentum driven by high investments in Cloud infrastructure. Sales of Photonics-SOI were much stronger in Q3’25 than in Q2’25, and significantly higher than in Q3’24. This reflects the need for more powerful and more energy-efficient data centers to support the exponential growth of AI-related computing power capabilities. Photonics-SOI has become a standard technology platform for high-speed and high bandwidth optical interconnections in data centers, adopted in pluggable optical transceivers, and used for the development of Co-Packaged Optics.

    Sales of FD-SOI wafers remained as strong as in Q2’25 but were lower than in Q3’24. FD-SOI technology is a key enabler for AI-driven consumer and industrial IoT applications due to its unique power efficiency, performance, thermal management and reliability advantages.

    Sales of Imager-SOI wafers for 3D imaging applications are down year-on-year, reflecting the phase out of this product.

    First nine months FY’25 consolidated revenue (unaudited)

      9M’25 9M’24 9M’25/9M’24
             
    (Euros millions)     change reported chg. at const. exch. rates & perimeter
             
    Mobile Communications 326 388 -16% -18%
    Automotive & Industrial 84 119 -29% -31%
    Edge & Cloud AI 154 133 +15% +16%
             
    Revenue 564 641 -12% -13%

    Consolidated revenue reached 564 million Euros in 9M’25, down 13% at constant exchange rates and perimeter compared to 641 million Euros in 9M’24.

    Overall, the decrease in Soitec’s 9M’25 revenue essentially reflects lower volumes in both RF-SOI and Power-SOI wafers, partly offset by strong performances in POI, Photonics-SOI and Imager-SOI wafers.

    Mobile Communications revenue reached 326 million Euros in 9M’25 (58% of total revenue), down 18% at constant exchange rates and perimeter compared to 9M’24, with significant improvement quarter after quarter over FY’25.

    Automotive & Industrial revenue amounted to 84 million Euros in 9M’25 (15% of total revenue), down 31% at constant exchange rates and perimeter compared to 9M’24, reflecting the current weakness of the automotive market.

    Edge & Cloud AI revenue reached 154 million Euros in 9M’25 (27% of total revenue), up 16% at constant exchange rates and perimeter compared to 9M’24, supported by strong growth of photonics SOI products.

    FY’25 outlook

    Soitec expects FY’25 revenue to be down high single digit year on year, at constant exchange rates and perimeter (compared to flat revenue previously) as a couple of customers requested to put some deliveries on hold on the back of worsening conditions in the Automotive and Consumer markets. This implies strong sequential growth in Q4’25, primarily driven by the continued recovery in RF-SOI wafer sales supported by some seasonal restocking. Additionally, Soitec will continue to benefit from strong demand for Photonics-SOI products and the growing adoption of POI.

    Soitec is managing FY’25 EBITDA1margin2 to be between 32% and 34%.

    FY’26 outlook

    With the lack of visibility on our end markets for now, it is too early to provide specific guidance for fiscal year 2026. Given current market conditions, Soitec expects at this stage quite limited growth for fiscal year 2026.

    Q3’25 key events

    Divestment of Dolphin Design’s main businesses

    Dolphin Design’s mixed-signal IP activities have been acquired on November 5th, 2024, by Jolt Capital, a private equity firm specializing in European deeptech investments. Dolphin Design’s ASIC activities were sold to NanoXplore, a major player in SoC and FPGA semiconductor design, on December 30th, 2024.

    Dolphin Design, acquired by Soitec in 2018, has long been at the forefront of delivering cutting-edge semiconductor design solutions in mixed-signal IP and ASICs.The sale of Dolphin Design’s two main business activities will support Soitec’s focus on strategic development and growth opportunities in its core advanced semiconductor materials business.

    Following these operations, Dolphin Design revenue will no longer be reported from Q4’25 onwards, and will have no impact on Soitec financial statements from FY’26.

    Appointment of Frédéric Lissalde as Chairman of the Board

    During the meeting of the Board of Directors held on November 20th, 2024, upon recommendation of the Compensation and Nominations Committee, Frédéric Lissalde, who has been Director since the Annual General Meeting held on July 23rd, 2024, was appointed as Chairman of the Board of Directors as of March 1st, 2025, for the remainder of his term of office as Director.

    Soitec to collaborate with GlobalFoundries in the production of high-performance RF-SOI semiconductors

    On December 4th, 2024, Soitec announced its commitment to deliver 300mm RF-SOI substrates to GlobalFoundries (GF) for the production of GF’s leading RF-SOI technology platforms, including the company’s most advanced RF solution, 9SW. Building on the longstanding relationship between the two companies, this commitment will ensure the supply of advanced RF-SOI engineered substrates required for 5G, 5G-Advanced, Wi-Fi, and other smart mobile device Radio Frequency Front-End (RFFE) modules. To support advanced connectivity, GF’s 9SW RF-SOI platform with its superior switching, low-noise amplifiers (LNA) and logic processing capabilities offers significant advantages and value for premium smartphones by delivering enhanced RF performance, improved power efficiency and scalability. These features are critical for ensuring a superior user experience in high-end devices.

    Soitec continues its collaboration with MIT’s Microsystems Technology Laboratories, thereby strengthening its presence in the United States

    On December 12th, 2024, Soitec announced the continuation of its research collaboration with the Microsystems Technology Laboratories (MTL) of the Massachusetts Institute of Technology (MIT). This agreement covers research in innovative semiconductor materials for diverse applications, including mobile communications, power devices, sensors and quantum computing. Soitec is thereby further solidifying its presence in the North American semiconductor sector, intensifying its efforts amidst favorable industrial and regulatory dynamics supporting semiconductor development.

    # # #

    Analysts conference call to be held in English on Thursday 6thFebruary at 8:00 am CET.

    To listen this conference call, the audiocast is available live and in replay at the following address: https://channel.royalcast.com/soitec/#!/soitec/20250206_1

    # # #

    Agenda

    FY’25 results are due to be published on May 27th, 2025, after market close.

    # # #

    Disclaimer

    This document is provided by Soitec (the “Company”) for information purposes only.

    The Company’s business operations and financial position are described in the Company’s 2023-2024 Universal Registration Document (which notably includes the Annual Financial Report) which was filed on June 5th, 2024, with the French stock market authority (Autorité des Marchés Financiers, or AMF) under number D.24-0462, as well as in the Company’s 2024-2025 half-year financial report released on November 20th, 2024. The French versions of the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report, together with English courtesy translations for information purposes of both documents, are available for consultation on the Company’s website (www.soitec.com), in the section Company – Investors – Financial Reports.

    Your attention is drawn to the risk factors described in Chapter 2.1 (Risk factors and controls mechanism) of the Company’s 2023-2024 Universal Registration Document.

    This document contains summary information and should be read in conjunction with the 2023-2024 Universal Registration Document and the 2024-2025 half-year financial report.

    This document contains certain forward-looking statements. These forward-looking statements relate to the Company’s future prospects, developments and strategy and are based on analyses of earnings forecasts and estimates of amounts not yet determinable. By their nature, forward-looking statements are subject to a variety of risks and uncertainties as they relate to future events and are dependent on circumstances that may or may not materialize in the future. Forward-looking statements are not a guarantee of the Company’s future performance. The occurrence of any of the risks described in Chapter 2.1 (Risk factors and controls mechanism) of the 2023-2024 Universal Registration Document may have an impact on these forward-looking statements.

    The Company’s actual financial position, results and cash flows, as well as the trends in the sector in which the Company operates may differ materially from those contained in this document. Furthermore, even if the Company’s financial position, results, cash-flows and the developments in the sector in which the Company operates were to conform to the forward-looking statements contained in this document, such elements cannot be construed as a reliable indication of the Company’s future results or developments.

    The Company does not undertake any obligation to update or make any correction to any forward-looking statement in order to reflect an event or circumstance that may occur after the date of this document.

    This document does not constitute or form part of an offer or a solicitation to purchase, subscribe for, or sell the Company’s securities in any country whatsoever. This document, or any part thereof, shall not form the basis of, or be relied upon in connection with, any contract, commitment or investment decision.

    Notably, this document does not constitute an offer or solicitation to purchase, subscribe for or to sell securities in the United States. Securities may not be offered or sold in the United States absent registration or an exemption from the registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The Company’s shares have not been and will not be registered under the Securities Act. Neither the Company nor any other person intends to conduct a public offering of the Company’s securities in the United States.

    # # #

    About Soitec

    Soitec (Euronext – Tech Leaders), a world leader in innovative semiconductor materials, has been developing cutting-edge products delivering both technological performance and energy efficiency for over 30 years. From its global headquarters in France, Soitec is expanding internationally with its unique solutions, and generated sales of 1 billion Euros in fiscal year 2023-2024. Soitec occupies a key position in the semiconductor value chain, serving three main strategic markets: Mobile Communications, Automotive and Industrial, and Edge & Cloud AI (previously Smart Devices). The company relies on the talent and diversity of its 2,300 employees, representing 50 different nationalities, working at its sites in Europe, the United States and Asia. Soitec has registered over 4,000 patents.

    Soitec, SmartSiC™ and Smart Cut™ are registered trademarks of Soitec.

    For more information: https://www.soitec.com/en/ and follow us on X: @Soitec_Official

    # # #

    # # #

    Appendix

    Consolidated revenue per quarter (Q3’25 unaudited)

    Quarterly revenue Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25   9M’24 9M’25
     

    (Euros millions)

    		                    
                         
    Mobile Communications 89    169    130    222 48    124    154      388 326   
    Automotive & Industrial 37 38 44 44 26 33 25   119 84
    Edge & Cloud AI 31 37 65 70 46 61 47   133 154
                         
    Revenue 157    245    240    337 121    217    226      641    564   
    Change in quarterly revenue Q1’25/Q1’24 Q2’25/Q2’24 Q3’25/Q3’24   9M’25/9M’24
      Reported
    change    		 Organic change1 Reported
    change    		 Organic change1 Reported
    change    		 Organic change1   Reported
    change    		 Organic change1
    (vs. previous year)                  
                       
    Mobile Communications -45% -46% -27% -25% +18% +11%   -16% -18%
    Automotive & Industrial -29% -31% -13% -11% -43% -47%   -29% -31%
    Edge & Cloud AI +49% +47% +62% +66% -28% -30%   +15% +16%
                       
    Revenue -23% -24% -11% -9% -6% -10%   -12% -13%
    1. At constant exchange rates and comparable scope of consolidation (there was no scope effect in Q1’25 and Q2’25 vs. Q1’24 and Q2’24 – in Q3’25 Soitec sold Dolphin Design’s mixed signal IP activities on November 5th, 2024)

    # # #

    1 The EBITDA represents operating income (EBIT) before depreciation, amortization, impairment of non-current assets, non-cash items relating to share-based payments, provisions for impairment of current assets and for contingencies and expenses, and disposals gains and losses. This alternative indicator of performance is a non-IFRS quantitative measure used to measure the company’s ability to generate cash from its operating activities. EBITDA is not defined by an IFRS standard and must not be considered an alternative to any other financial indicator

    2 EBITDA margin = EBITDA from continuing operations / Revenue

    3 The scope effect is related to the divestment of Dolphin Design’s mixed signal IP activities which was completed on November 5th, 2024

    Attachment

    • Soitec Q3’25 revenue VUK 05 02 25_Published

    The MIL Network –

    February 6, 2025

  • MIL-OSI: Canadian General Investments: Investment Update – Unaudited

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Canada, Feb. 05, 2025 (GLOBE NEWSWIRE) — Canadian General Investments, Limited (CGI) (TSX:CGI) (LSE: CGI) reports on an unaudited basis that its net asset value per share (NAV) at January 31, 2025 was $70.79 resulting in year-to-date and 12-month NAV returns, with dividends reinvested, of 2.1% and 26.3%, respectively. These compare with the 3.5% and 25.2% returns of the benchmark S&P/TSX Composite Index on a total return basis for the same periods.

    The Company employs a leveraging strategy, by way of bank borrowing, with the intent to enhance returns to common shareholders. As at January 31, 2025, the leverage represented 13.5% of CGI’s net assets, down from 13.8% at the end of 2024 and 14.7% at January 31, 2024.

    The closing price for CGI’s common shares at January 31, 2025 was $39.75, resulting in year-to-date and 12-month share price returns, with dividends reinvested, of -1.8% and 14.0%, respectively.

    The sector weightings of CGI’s investment portfolio at market as of January 31, 2025 were as follows:

         
    Information Technology 23.7 %
    Industrials 22.7 %
    Financials 13.9 %
    Energy 11.7 %
    Materials 11.4 %
    Consumer Discretionary 9.9 %
    Real Estate 4.2 %
    Cash & Cash Equivalents 1.9 %
    Communication Services 0.6 %
         

    The top ten investments which comprised 37.0% of the investment portfolio at market as of January 31, 2025 were as follows:

         
    The Descartes Systems Group Inc. 4.0 %
    TFI International Inc. 4.0 %
    Canadian Pacific Kansas City Limited 4.0 %
    NVIDIA Corporation 3.9 %
    Celestica Inc. 3.7 %
    Apple Inc. 3.5 %
    Shopify Inc. 3.5 %
    WSP Global Inc. 3.5 %
    Mastercard Incorporated 3.5 %
    Franco-Nevada Corporation 3.4 %
         

    FOR FURTHER INFORMATION PLEASE CONTACT:
    Jonathan A. Morgan
    President & CEO
    Phone: (416) 366-2931
    Fax: (416) 366-2729
    e-mail: cgifund@mmainvestments.com
    website: www.canadiangeneralinvestments.ca

    The MIL Network –

    February 6, 2025

  • MIL-OSI United Kingdom: Net Zero Council relaunched to supercharge Clean Energy Superpower Mission

    Source: United Kingdom – Executive Government & Departments

    Government relaunches an expanded Net Zero Council, bringing together business, civil society and local authorities to drive the clean energy transition as part of the Plan for Growth.

    • New Net Zero Council is tasked with ensuring the clean energy transition drives economic growth and creates jobs as part of government’s Plan for Change
    • brings together a broader range of representatives from organisations including World Wildlife Fund, Design Council and Local Government Association, alongside others including Siemens, HSBC and Nestle
    • Council to deepen public-private partnership to maximise economic opportunities for the UK

    Leaders from major businesses, civil society and local authorities have backed the government’s pro-growth and clean energy superpower missions following a meeting of the relaunched Net Zero Council (5 February), with a plan to help sectors accelerate to net zero and support thousands of jobs.

    Co-chaired by Energy Secretary Ed Miliband and Co-operative Group CEO Shrine Khoury-Haq, the Council brings together leaders from some of the UK’s biggest businesses, charities and organisations, as well as trade unions and local authorities.  

    New members include representatives from the Trades Union Congress and Design Council, bringing expertise of green skills and jobs creation to the council to support the government’s mission for clean energy growth on the path to net zero.  

    This broader coalition strengthens the Council’s ability to unlock the opportunities of decarbonisation, with major industry players such as Siemens, Nestle and HSBC returning to the Council alongside new members including the Local Government Association and Aviva Investors to seize the growth opportunities of decarbonising the economy. 

    The first meeting focused on agreeing the Council’s priorities for 2025/26, which will include: 

    • a new focus on providing expert input to inform government strategies relating to net zero
    • supporting the development and delivery of sector roadmaps, helping businesses to develop transition plans and investors to identify opportunities
    • supporting small and medium-sized enterprises to decarbonise while maximising the benefits of the transition
    • informing the government’s approach to public engagement and developing products to support public participation with net zero

    A new Delivery Group will oversee the Council’s workstreams and help to drive progress. 

    The relaunch reflects a new mission-led approach, ensuring government actively engages with a broad range of industry leaders and stakeholders to drive progress towards net zero. This will support the Plan for Change to help deliver new jobs and economic opportunities while ensuring a fair transition. 

    Energy Secretary Ed Miliband said: 

    Businesses and leaders across our country recognise that clean power and accelerating towards net zero represents the economic opportunity of the 21st century.  

    It is one which will protect bills, create jobs, and tackle the climate crisis. This Council is about mission-driven leadership, bringing government, business and civil society together to turn ambition into action. 

    By working in partnership, we can drive the investment, innovation and industrial transformation needed to make the UK a clean energy superpower.  

    Climate Minister Kerry McCarthy said: 

    The relaunch of the Net Zero Council comes at a critical moment in the UK’s journey towards a clean energy future.  

    Bringing together leaders from across business, finance and civil society, the Council will play a crucial role in accelerating net zero ambitions, driving economic growth and creating thousands of jobs. 

    Shirine Khoury-Haq, CEO of The Co-operative Group, said: 

    Working urgently for a faster, fairer transition to a greener, cleaner economy is an absolute imperative. For the sake of our planet and for every community here in the UK and around the globe, it’s crucial we work together to unlock the significant opportunities the transition will bring for economic growth too. 

    I’m therefore delighted to be continuing in my role as Co-chair of the Net Zero Council. The science couldn’t be clearer that we must act collectively and decisively, and co-operation between businesses, civic society and government is what we need now more than ever. 

    While the Council itself is made up of senior leaders from key sectors, it is committed to an inclusive engagement strategy, ensuring a broad range of voices contribute to net zero delivery beyond formal members. This approach will ensure that businesses, communities and experts across the UK have opportunities to inform strategy, share best practices and help shape the transition. 

    Statements from Net Zero Council and Delivery Group members  

    Bev Cornaby, Director of the UK Corporate Leaders Group (CLG UK), said:

    The relaunch of the Net Zero Council marks an important step in strengthening collaboration between government, business, civil society, and local government to accelerate the UK’s transition to net zero. Businesses are ready to lead, invest, and innovate, but they need the right policy framework and long-term clarity to unlock the full potential of a clean, competitive economy. The UK Corporate Leaders Group welcomes the opportunity to bring business leadership and ambition to the Council, supporting accelerated delivery and ensuring that government strategies are informed by real-world insights and that industry can play a central role in delivering a net zero future.

    David Thomas, Chief Executive of Barratt Redrow, said:  

    I’m pleased to join the Net Zero Council at a critical time for the environment and as we scale up to build the new high quality, energy efficient homes the UK desperately needs. 

    Government has set out its clear ambition to shift to clean energy, meanwhile the homebuilding industry is making good progress towards delivering net zero homes and places – but we must unite behind one plan and work together to build a sustainable future.

    Minnie Moll, Chief Executive of the Design Council, said:   

    I am honoured to join the Net Zero Council to contribute to this crucial national mission and represent the voice of design as a transformative tool for innovation. Design has the power to cut across sectors, fuelling innovative thinking, embracing circular approaches, and turning the challenges of climate change into opportunities for economic growth, improved quality of life, and a cleaner, more sustainable future for all. We are excited to bring our expertise to this ambitious mission and support the UK’s leadership in becoming a clean energy superpower.

    John Scanlon, Chief Executive Officer for SUEZ recycling and recovery UK said: 

    I am delighted to bring SUEZ’s expertise in the circular economy to the Net Zero Council. Often unseen, the work of the waste and resources sector sits at the core of the delivery of the Industrial Strategy – at the same time as we are taking steps to decarbonise our own operations, the sector is helping other sectors to decarbonise by providing secondary resources for manufacturing, and energy and fuels for transport, homes and industry. A resource efficient economy is a thriving economy and I’m looking forward to working in partnership with industry peers to advance the Government’s mission to become a Clean Energy Superpower.

    Ian Simm, Founder & Chief Executive, Impax Asset Management said:  

    It’s very encouraging to see the Net Zero Council relaunched and I welcome the decision to expand its membership to include representatives from civil society and local government. The Council has a vital role to play at a moment when pivotal decisions are being made that will decide the future shape of the UK economy, not least on housing, infrastructure, and energy supply. I look forward to providing an investor’s view regarding how the Council can maximise its impact and effectiveness, both in helping to shape the shift to a net-zero economy and in supporting the Government’s broader and much needed growth agenda.

     Jennifer Beckwith, Senior Manager, CBI, said: 

    Accelerating to net zero and achieving growth is society’s defining economic challenge – one that can only be achieved through industry and government partnership. Inaction on the transition is costlier than action and business wants to play its part in achieving sustainable growth. 

    Increasing decarbonisation beyond the power sector is the big opportunity to grow clean energy markets, scale infrastructure and advance green technologies. The government leading collaboration across business and finance sectors powerfully signals to investors a focus on delivery that can help get capital moving.

    Ed Lockhart, Convenor, Broadway Initiative, said: 

    UK businesses need certainty, including on the transition to a clean energy future, to invest, grow and ultimately improve living standards. 

    By launching the Net Zero Council aligned to the clean energy mission, the Government is providing a much-needed platform for the business community, financial institutions, civil society and Government to work in partnership on a shared and inclusive long-term plan. 

    The Broadway Initiative looks forward to bringing business and environmental organisations together to make the most of this opportunity.

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    Published 5 February 2025

    MIL OSI United Kingdom –

    February 6, 2025

  • MIL-OSI USA: FDA Alerts Patients to Regularly Check Diabetes-Related Smartphone Device Alert Settings, Especially Following Phone Hardware or Software Changes

    Source: US Department of Health and Human Services – 3

    Date Issued: February 5, 2025

    The U.S. Food and Drug Administration (FDA) is alerting patients who use diabetes devices and their caregivers of reports where users of continuous glucose monitors (CGMs), insulin pumps, automated insulin dosing systems, and other diabetes devices did not receive or did not hear alerts from their smartphones. A missed alert for a diabetes-related safety issue may lead to serious harm, including severe hypoglycemia (low blood sugar), severe hyperglycemia (high blood sugar), diabetic ketoacidosis (when the body does not have enough insulin to use blood sugar for energy), and death.

    Apps for diabetes devices allow users to configure alert settings, such as which alerts to receive, how often and how the alerts are delivered (audible, vibration, or text only). If a user’s smartphone is not configured correctly, critical safety alerts that the user expects to receive may be missed. They might not be delivered, or the volume might be too low to notice audible alerts. 

    The FDA has identified the following hardware and software configurations, changes, and updates that may lead to critical alerts not being received as expected, including:

    • Software configuration issues, such as app notification permissions, using “do not disturb” or “focus mode,” or the app entering “deep sleep” after a period of not being used.
    • Connecting new hardware, such as wireless earphones or car audio, that can change default volume of alerts or prevent delivery of alerts.
    • Operating system (OS) updates that are not supported by the medical device app.

    Recommendations for Patients and Caregivers

    • Carefully follow the instructions provided by diabetes device manufacturers when installing, setting up, or updating mobile medical apps on your smartphone.
    • Turn off automatic OS updates and do not update your phone’s OS until you check your diabetes device manufacturer’s website to verify that the medical apps you use are compatible with the new OS version. Turn off automatic OS updates by navigating to your system settings, usually accessible through a gear icon, and find the “software update” option; within this section, look for a toggle switch labeled “automatic updates” or similar, and disable it.
    • After updating your OS or adding a new accessory such as wireless headphones, confirm alert settings and then carefully monitor your medical device app to make sure you can receive and hear alerts as expected. 
    • At least once a month, check that your smartphone alerts are configured as expected. Ensure your volume, vibration, notifications, and other relevant settings still work.
    • If you are not receiving alerts as expected from your mobile medical app, or you cannot hear them, call the technical support number for your medical device for assistance.
    • Report any problems with your diabetes device to the FDA.

    Recommendations for Health Care Providers

    Inform patients and their caregivers that people who rely on smartphone-compatible diabetes devices that connect to their smartphones should:

    • Periodically check smartphone settings to ensure that they can receive critical alerts.
    • Confirm that diabetes devices still provide alerts as expected through their smartphones after making any hardware or software updates or connecting external hardware.

    Device Description

    Many diabetes-related devices use mobile medical apps as part of the medical device system. These mobile medical apps run on smartphones and manage or provide information from diabetes-related devices. 

    Many types of diabetes devices can use a mobile medical app installed on a smartphone to deliver safety alerts, including CGMs, insulin pumps, automated insulin dosing systems, and others. The settings within the mobile medical app, as well as the settings in the smartphone itself, must be configured correctly for alerts to be delivered as users expect. Users may be able to choose how some alerts are delivered, such as by push notifications, vibration alerts, or audible alerts. 

    Medical device manufacturers provide instructions on how to configure these apps and smartphones so users can receive the alerts they want according to their preferred delivery method. For example, medical device manufacturers may instruct users to disable smartphone features like “Focus mode,” which includes such options as “Do Not Disturb” and “Sleep Focus.” They may also suggest disabling “Low Power Mode,” “Adaptive Battery,” “Standby mode,” “Assistive Access,” or others to ensure that the mobile medical app can deliver alerts. Users may also be instructed to grant certain permissions to mobile medical apps such as Bluetooth, location, notifications, background usage, or others. 

    During normal use of a smartphone, many things can happen that could change how alerts are delivered. For example: 

    • Updates to smartphone operating systems may introduce new features or change existing settings in the diabetes mobile medical app. 
    • OS updates for cybersecurity issues may change existing alert settings.
    • When new audio devices are connected to a smartphone — such as wireless headphones, Bluetooth speakers, or car audio — the volume settings for notifications including critical alerts may change. 
    • Users may enable smartphone features such as battery saver, focus mode, or others and later forget to disable these features.

    FDA Actions

    The FDA is working with diabetes-related medical device manufacturers to ensure that smartphone alert configurations of their devices are carefully evaluated before use by patients. 

    The FDA is also working with manufacturers to ensure that settings in smartphones and mobile medical apps that may impact safety alerts are continuously tested, and any updates to recommended configurations are communicated quickly and clearly to users.

    The FDA will keep the public informed if significant new information becomes available.

    Reporting Problems with Your Device

    If you think you had a problem with your diabetes-related device, the FDA encourages you to report the problem through the MedWatch Voluntary Reporting Form.

    Health care personnel employed by facilities that are subject to the FDA’s user facility reporting requirements should follow the reporting procedures established by their facilities.

    Questions?

    If you have questions, contact CDRH’s Division of Industry and Consumer Education (DICE).

    MIL OSI USA News –

    February 6, 2025

  • MIL-OSI Security: Fresno Man with Prior Fraud Conviction Pleads Guilty to Running a $4.2 Million Fraud Scheme Through His Technology Startup

    Source: Federal Bureau of Investigation (FBI) State Crime News

    FRESNO, Calif. — Royce Newcomb, 62, of Fresno, pleaded guilty today to wire fraud and money laundering charges today for a long-running fraud scheme where he stole $4.2 million from investors, lenders, and the federal government, Acting U.S. Attorney Michele Beckwith announced.

    According to court documents, from 2017 through 2022, Newcomb owned Strategic Innovations, which was a technology startup company that purported to make smart home and business products meant to stop package theft, prevent weather damage to packages, and make it easier for emergency responders and delivery services to find homes and businesses. Newcomb developed prototypes of his products and received local and national media attention for them. For example, Time Magazine included his eLiT Address Box & Security System, which used mobile networks to pinpoint home and business locations, on its Best Inventions of 2021 list.

    Newcomb made several false representations to his investors to deceive and cheat them out of their money. The false representations included that he had been awarded a grant by the National Science Foundation and that he would use the investors’ money to further develop and bring his products to market. That was not true. Instead, Newcomb used the money to pay for gambling, a Mercedes and Jaguar, and a mansion. He also used the money to pay for refunds to other investors who wanted out, and to pay for new, unrelated projects without the investors’ authorization.

    During this period, Newcomb also received a fraudulent COVID-19 loan for more than $70,000 from the Small Business Administration and fraudulent loans for more than $190,000 from private lenders. He lied about Strategic Innovations having hundreds of thousands and even millions in revenue to get these loans.

    Newcomb was previously convicted federally in 2011 for running a real estate fraud scheme in Sacramento. He was sentenced to more than five years in prison for that offense, and he was on federal supervised release for that offense when he committed the offenses charged in this case.

    This case is the product of an investigation by the Federal Bureau of Investigation. Assistant U.S. Attorneys Joseph Barton and Jeffrey Spivak are prosecuting the case.

    Newcomb is scheduled to be sentenced on May 5, 2025. Newcomb faces maximum statutory penalties of 20 years in prison and a $250,000 fine for the wire fraud charge, and 10 years in prison and a $250,000 fine for the money laundering charge. The actual sentence, however, will be determined at the discretion of the court after consideration of any applicable statutory factors and the Federal Sentencing Guidelines, which take into account a number of variables.

    This effort is part of a California COVID-19 Fraud Enforcement Strike Force operation, one of five interagency COVID-19 fraud strike force teams established by the U.S. Department of Justice. The California Strike Force combines law enforcement and prosecutorial resources in the Eastern and Central Districts of California and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors. The strike forces use prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds. 

    MIL Security OSI –

    February 6, 2025

  • MIL-OSI: RapidCents Enhances Merchant Payment Processing and Chargeback Protection with DeepSeek AI

    Source: GlobeNewswire (MIL-OSI)

    TORONTO, Feb. 05, 2025 (GLOBE NEWSWIRE) —

    RapidCents, the payment processing platform, that specializes in secure transactions and automated billing, has announced an expansion to better serve merchants across North America. The investment aims to cover the development of the application and the investment of USD 500,000 in advanced AI infrastructure and specialized hardware + GPUs, according to the organization, which was led by Founder and CEO Mani Rahnama.

    As a result, Rahnama says this major investment in machine learning is expected to lead to major advances in fraud protection, chatbot assistance, security, and marketing. These developments — which Rahnama said condensed projected timelines — explained that “There’s a growth roadmap that could have taken two to three years is now deliverable in less than six months with our AI platform. And we are doubling down on our company to accelerate progress and better serve our merchants.”

    Virtual Terminals: Process Payments on-the-go
    The RapidCents platform today includes an intuitive virtual terminal that allows merchants to take payments from anywhere. This function is advantageous for businesses with orders from the phone or email and those with no point-of-sale system. The solution seeks to empower companies of all sizes with fast and transparent payment experiences, by enabling merchants to securely accept credit cards regardless of location.

    Subscription Payments: Automated Billing
    Recurring billing is important for many subscription-based businesses, fitness facilities, and SaaS providers. RapidCents automates these recurring payment cycles with the least human participation. Its service is designed to allow businesses to automate billing and minimize mistakes, better manage cash flow, and keep customers in the longer term.

    Introduction to Chargeback Protection
    “Chargebacks can have a serious impact on a business operation, and erode trust,” Rahnama said. “RapidCents significantly reduces this risk by including in its low-fee payment processor over 70 machine-learning-based fraud-detection parameters. Such an approach helps maintain compliance, limit financial losses, and protect merchants’ revenue streams.”

    Integrated Engineering Capabilities and customized Solutions
    RapidCents enables integration with popular platforms such as WooCommerce and Microsoft 365 via simple plug-ins or sophisticated API connections. Key features of the platform include multi-currency support, subscription management, and detailed analytics. This payment plugin empowers businesses to tailor payment flows to meet their specific requirements while also maintaining a regulatory balance via a built-in chargeback prevention system.

    Investing in AI infrastructure in a smart way
    The recent Investment in AI hardware and GPUs by RapidCents supports the machine learning program through DeepSeek V3, 671B. The technology, already in immersive heavy training, boosts chatbot functions or security protocols, fraud detection even marketing. According to Rahnama, the initiative allows for more rapid and resilient growth across various aspects of the company, noting that future iterations of RapidCents will now be able to deploy “in a month” which would take years without AI.

    About RapidCents
    RapidCents is a payment processing solution that includes secure virtual terminals, automated recurring billing, and powerful chargeback protection. Through AI-guided attributes and advanced crypto security protocols, RapidCents is built to help merchants from all verticals who need fast, scalable, and secure payment options. Users can learn more, by visiting https://rapidcents.com.

    Contact

    Carlo
    John
    RapidCents Inc
    ea@rapidcents.com
    +1 (844) 957-2743

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/d3bc921d-f303-4d8e-ae74-5f4e51820cec

    https://www.globenewswire.com/NewsRoom/AttachmentNg/339b627d-b63c-4372-8d93-9bca6721b383

    The MIL Network –

    February 6, 2025

  • MIL-OSI Europe: EU takes action for safe and sustainable e-commerce imports

    Source: European Union 2

    In 2024, around 4.6 billion low-value consignments (worth €150 or less) entered the EU market – 12 million parcels daily and twice as many as the year before. Many of these products were non-compliant with EU laws, raising concerns over harmful products entering the EU, unfair competition for compliant EU sellers, and the environmental impact of mass shipping. 

    The Commission has proposed the following actions in its toolbox for safe and sustainable e-commerce: 

    • Customs reform: urging swift adoption of the Customs Union Reform and proposing to remove the duty exemption for low-value parcels, to allow rapid implementation of new rules to level the playing field 
    • Reinforcing measures for imported goods: launching coordinated controls between customs and market surveillance authorities and coordinated actions on product safety 
    • Protecting consumers on online marketplaces: enforcing the Digital Services Act, Digital Markets Act, General Product Safety Regulation, and Consumer Protection Cooperation Regulation 
    • Using digital tools: supervising e-commerce landscape through the Digital Product Passport and new AI tools 
    • Enhancing environmental measures: adopting an action plan on Ecodesign for Sustainable Products Regulation and supporting amendments to the Waste Framework Directive 
    • Raising awareness: informing consumers and traders about their rights and risks 
    • Boosting international cooperation and trade: training non-EU partners on EU product safety and tackling dumping and subsidisation 

    The Commission calls on EU countries, co-legislators and stakeholders to work together and implement these measures. Within a year, the Commission will evaluate the effectiveness of these actions and may propose further measures if necessary. 

    Around 70% of Europeans regularly shop online, including on non-EU e-commerce platforms. While e-commerce brings many benefits for consumers, businesses and the EU economy, it also presents certain challenges. The new initiative aims to balance consumer protection, fair competition, and sustainability, while fostering a safe and high-quality e-commerce market in the EU.  

    For more information 

    Press release: Commission announces actions for safe and sustainable e-commerce imports 

    Communication on a comprehensive EU toolbox for safe and sustainable e-commerce 

    Factsheet on the Communication 

    Questions and Answers on the Communication 

    Safety Gate: the EU rapid alert system for dangerous non-food products 

    MIL OSI Europe News –

    February 6, 2025

  • MIL-OSI USA: Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene

    Source: US State of North Carolina

    Headline: Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene

    Governor Josh Stein Announces Additional $5 Million to Fund Grants for Small Businesses Impacted by Hurricane Helene
    bwood
    Wed, 02/05/2025 – 10:16

    Raleigh, NC

    Today, Governor Josh Stein announced that the Duke Endowment has committed $5 million to the Western North Carolina Small Business Initiative grant program, which will support small businesses impacted by Hurricane Helene. Since its initial announcement on January 31, the WNCSBI grant program has already seen nearly 900 applicants—a number that is increasing daily.  

    “I am grateful that the Duke Endowment has joined our private-public partnership to ensure that small businesses in western North Carolina can get on the road to recovery,” said Governor Josh Stein. “This program is making a difference for the economy, but the need is great. I encourage more North Carolina philanthropies to support this critical work.” 

    “Small businesses are essential to the social and economic fabric of Western North Carolina,” said Duke Endowment president Rhett Mabry. “As communities work to recover from the devastation caused by Hurricane Helene, The Duke Endowment remains steadfast in its commitment to support rebuilding efforts, such as this, ensuring small businesses have the resources they need to emerge stronger than before.” 

    The Duke Endowment joins the Dogwood Health Trust in participating with the state on this initiative. Funds will be managed by Appalachian Community Capital, with the partnership of the Community Reinvestment Fund on the application process. Eligible businesses can apply through the portal here. Eligibility requirements are below:  

    • Businesses with an annual revenue of up to and including $2.5 million

    • Businesses in the 28 counties and the Eastern Band of Cherokee Indians that are covered by President Biden’s federal disaster declaration or in Dogwood Health Trust’s 18-county footprint, including:  Alexander, Alleghany, Ashe, Avery, Buncombe, Burke, Caldwell, Catawba, Cherokee, Clay, Cleveland, Gaston, Graham, Haywood, Henderson, Jackson, Lincoln, Macon, Madison, McDowell, Mitchell, Polk, Rutherford, Surry, Swain, Transylvania, Watauga, Wilkes, Yadkin, Yancey.  

    Feb 5, 2025

    MIL OSI USA News –

    February 6, 2025

  • MIL-OSI: iHit Tech Revolutionizes Vaping with Breakthrough Ceramic-Coil Technology at 2025 TPE Expo

    Source: GlobeNewswire (MIL-OSI)

    LAS VEGAS, Feb. 05, 2025 (GLOBE NEWSWIRE) — At the 2025 TPE Expo, iHit Tech, a pioneering vaporization solutions provider under the SMISS Group, unveiled its latest innovations, setting a new benchmark in the vaping technology industry. The spotlight was on the groundbreaking Ceramic-Coil Technology, which has redefined flavor performance and user experience.

    iHit Solo: A Game-Changer in Flavor Delivery

    iHit Tech introduced its upgraded iHit Solo technology, featuring a lateral ceramic-coil design that has been widely acclaimed for surpassing the flavor quality of traditional mesh-coil products. This innovation is currently exclusive to select brands for internal testing and will be integrated into new hero products slated for release in 2025.

    “The iHit Solo technology marks a monumental leap in flavor delivery,” said a spokesperson for iHit Tech. “We are excited to collaborate with visionary brands to bring unparalleled vaping experiences to users worldwide.”

    The iHit Solo solution, compatible with 2ML pods on popular devices, has demonstrated significantly superior flavor performance compared to conventional pods.

    iHit Dual: Redefining Ceramic-Coil Atomization with Breakthrough Upgrades

    Building on its 2024 development, the iHit Dual technology has undergone significant upgrades, achieving breakthrough advancements in key areas such as optimized airflow design, reduced condensation, and enhanced leak-proof measures. These innovations address the long-standing technical challenges of ceramic-coil atomization for over 15 ML products with visible e-liquid tanks, delivering unparalleled performance across multiple dimensions:

    • Pure and Clear Atomization: Ensures a clean and consistent vapor output.
    • Large Vapor Production: Generates impressive vapor volume for a satisfying experience.
    • Dense and Smooth Mouthfeel: Provides a luxurious and smooth inhale.
    • Rich and Aromatic Flavors: Enhances flavor richness and depth, setting a new standard for taste.

    Future Innovations: A Comprehensive Product Lineup
    In 2025, iHit Tech plans to launch a full spectrum of upgraded atomization technology solutions, including:

    • iHit Solo: Single ceramic-coil solutions for unmatched flavor clarity.
    • iHit Dual: Dual ceramic-coil solutions for enhanced vapor production and flavor intensity.
    • iHit Pro: A hybrid solution combining a single ceramic coil with dual mesh-film technology for the ultimate vaping experience.

    These products will feature cutting-edge advancements in technology depth and expanded application scope, catering to the evolving needs of the vaping community.

    About iHit Tech | SMISS Group

    iHit, launched by SMISS, is a health tech-focused vaporization solutions provider dedicated to revolutionizing the vaping experience through cutting-edge innovations.

    Business Contact
    E: support@ihitglobal.com
    W: https://www.ihitglobal.com/

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4f0757c4-f12a-4e7d-ae91-4e4f1b250bb6

    The MIL Network –

    February 6, 2025

  • MIL-OSI Security: Principal Deputy Assistant Attorney General Benjamin C. Mizer Delivers Remarks at Press Conference Announcing Criminal and Civil Actions Related to Unlawful Advertising and Sale of Dietary Supplements

    Source: United States Attorneys General 13

    Remarks as prepared for delivery

    Good afternoon.

    We are here today to explain critical steps the federal government is taking to stem the tide of unlawful dietary supplements being sold to consumers nationwide. 

    Almost every day, news sources on the Internet, television and in print feature stories about the dangers of dietary supplements:  A supplement is laced with an undeclared pharmaceutical ingredient.  A study is released about adverse health consequences of a so-called natural remedy.  An athlete or member of the military falls ill after taking an untested energy product.  These stories arise across the country all too often. 

    Consumers turn to supplements when they want to lose weight, get an edge in athletic performance, or improve their overall well-being.  From California to Maine, consumers ingest pills, powders and liquids every day, not knowing whether they are wasting money or whether they may end up harming, rather than helping, themselves.  Unfortunately, many of these products are not what they purport to be or cannot do what the distributors claim they can do.  In some instances, consumers might be choosing supplements over other, proven therapies for serious conditions under the mistaken belief that these products can help.

    I am honored to be joined at the podium today by my colleagues from the Federal Trade Commission (FTC), the Food and Drug Administration (FDA), the U.S. Postal Inspection Service (USPIS), the Department of Defense (DoD), and the U.S. Anti-Doping Agency (USADA).  Today we are announcing a sweep of actions targeting unlawful dietary supplement makers and marketers.  Over the past year, we have pursued civil and criminal cases against more than 100 makers and marketers of dietary supplements and similar products. 

    A centerpiece of the sweep announced today is the indictment of USPlabs, relating to widely popular workout and weight loss supplements.  Bestselling dietary supplements, with names like Jack3d, OxyElite Pro, and OxyElite Pro “New Formula” and “Advanced Formula,” raked in hundreds of millions of dollars in sales.

    As alleged in the indictment unsealed today, the defendants were on a perpetual search for the next miracle ingredient.  That search generally focused on Chinese chemical manufacturers.  When they found an ingredient that they believed was promising – and knowing full well how the market for dietary supplements operated – they doctored packaging, labeling, and other paperwork to defraud others about what the product was.  Much of the alleged fraud focused on the defendants’ claims that their products were made from natural plant extracts.  In truth, as one defendant put it, “lol stuff is completely 100 % synthethic [sic]”.

    These fraudulent claims ensured that the synthetic chemicals entered the United States, got on store shelves, and were purchased by consumers.  As alleged in the indictment, the defendants falsified paperwork to stay off the radar of regulatory agencies – when the products crossed the border and as they circulated in commerce.  They made misrepresentations to convince well-known retailers, who had concerns about untested synthetic chemicals, to sell their products.  They falsified labeling and marketing materials to convince consumers, who prized natural ingredients, to buy their products.  All of these people – regulators, retailers and consumers – trusted that the defendants were telling the truth about their products.  All of these people were deceived.

    This deception put lives at risk.  The indictment describes the safety testing – or, more accurately, the lack of safety testing – that the defendants undertook before hawking these factory-made stimulants.  For instance, the indictment alleges that the defendants sometimes tested the ingredients on themselves and sold the ones that made them feel good.  With one product, the defendants allegedly recognized that the substance could potentially cause “liver toxicity.”  Yet without conducting a single test to determine whether that substance was safe, they went ahead and sold it, working from the baseless assumption that they weren’t using enough of the substance in their products to cause problems. 

    But there were problems.  There was an outbreak of liver injuries allegedly associated with the OxyElite Pro New Formula.  Consumers experienced jaundice; several needed transplants to save their lives.  How did the defendants respond?  As the indictment alleges, they promised the FDA and the public that they would stop distributing the product at issue.  They didn’t.  Instead, they undertook a surreptitious, all-hands-on-deck effort to sell as much of the product as they could.

    We are here today, in part, to take an important step in holding USPlabs accountable for its actions.  The indictment unsealed today charges USPlabs in Texas, four of its executives, and one of its consultants with a series of crimes associated with the sale of dietary supplements.  Charged with these defendants is S.K. Laboratories based in Southern California, which manufactured many of USPlabs’ products, and one of S.K. Laboratories’ executives.  As noted, this is just a step.  All of the defendants will have their day in court.  Whatever the outcome, I am confident that the dedicated men and women – from the Department of Justice and the special agents from the FDA and IRS Criminal Investigation – who have worked so hard to bring us to this point will ensure that justice is served.

    The allegations against USPlabs and its operators should serve as a wake-up call to the supplement industry.  The unmistakable message is that the Department of Justice and its partners will be vigilant when it comes to the health and safety of the American public.  Fighting illegal activity in the dietary supplement industry is a high priority on our consumer protection agenda.

    The USPlabs case is only one of the many cases brought as part of the sweep announced today.  Over the past year, law enforcement and regulatory officials have focused efforts on many additional products that cause high levels of concern among health officials nationwide.

    Many of the cases we have brought relate to products that misrepresent the ingredients they contain. 

    We have also brought cases involving products that make unsupported claims about their effects.  In numerous matters, the defendants are selling products online through websites and touting their products to consumers for the cure, treatment, or prevention of diseases ranging from cancer to Alzheimer’s disease to herpes.  Making these disease cure claims defines these products as drugs under the law.  And even though they were warned by the FDA – and in some cases, through joint letters with the FTC – to stop making such claims, a number of the individuals and companies at issue continued to make these claims and promote their products as treatments or cures for diseases.  Yet these drugs lack substantial evidence of safety and effectiveness.  They are also being sold without adequate directions for their use.  Selling them in interstate commerce in these circumstances is illegal. 

    The government is taking a multi-faceted approach to combat the problem of unlawful dietary supplements.  In addition to criminal actions, we are using civil and administrative tools to safeguard consumers from harmful products.  As part of this sweep, the Department of Justice brought a dozen civil injunctive actions (including five in the last week) under the Food, Drug, and Cosmetic Act, and in some cases, using the civil mail fraud injunction statute, seeking to stop the defendant entities and individuals from violating the law.  In these cases we are asking the courts to order the defendants to stop their illegal conduct and to put in place processes and procedures to prevent them from violating the law in the future.  Our partner agencies, including the FTC, FDA, USPIS, DoD and USADA, are taking other measures both to enforce the law and to educate the public.

    As I mentioned, I stand here in partnership with other agencies with whom we have joined forces to address this problem.  Through enforcement and education, each agency is performing its own mission to protect consumers or service members or athletes from dangerous, ineffective products.  You will hear more from my colleagues about the actions their agencies are taking.  Together, through cooperation and teamwork, we can multiply the impact of our efforts.  These actions will not put an end to this widespread problem.  But they will go some distance toward bringing change to the industry.

    We are not here to criticize the entire supplement marketplace.  Not every supplement contains an undisclosed ingredient.  Not every label lies about what is contained in the bottle.  Not every claim about dietary supplements is unsupported by scientific evidence.

    But consumers must be on guard before taking dietary supplements.  Oftentimes, it may be difficult or impossible to tell the conditions under which the supplements are manufactured, and it is challenging to sort through real scientific substantiation for a product as compared to unsupported hype.

    How can consumers perform their own due diligence? 

    Talk to your health care provider.  At physical exams, ask a physician whether the bottle seen on store shelves or on the Internet could cause you harm, or whether it is worth the money you are spending to buy it.

    Consult the public education materials provided by the FTC, FDA, DoD and USADA.  The FDA’s website, for example, includes tips for making informed decisions and evaluating dietary supplements, and the FTC’s website also has a wealth of information. 

    The Department of Defense and USADA have developed extraordinary tools, including a cell phone app, to help consumers make informed choices about supplements.

    This is only the beginning.  Thanks to the partnerships we have built, our efforts in this area will continue.  We will keep investigating violators and we will use all available tools at our disposal to advance our enforcement goals and to protect consumers.

    MIL Security OSI –

    February 6, 2025

  • MIL-OSI Security: Acting Assistant Attorney General Renata Hesse of the Antitrust Division Delivers Remarks at the American Bar Association Fall Forum

    Source: United States Attorneys General 13

    Protecting Competition Across 50 United States: Advocacy and Cooperation in Antitrust Enforcement

    Good morning and thank you for that introduction.  It was an honor to be invited to speak to you all this morning.  Getting to speak to folks like you is one of the benefits of serving as the Acting Assistant Attorney General for Antitrust at the Department of Justice, which is both a challenging and rewarding role.  Wow, have we been busy lately.  In addition to an unprecedented litigation and investigation caseload, with the FTC last month we issued new guidelines for human resources professionals, two weeks ago we proposed revisions to our international guidelines and we’re finalizing revisions to our intellectual property guidelines.  It’s an incredible time at the Antitrust Division.  

    On top of all that, I’ve had a fair number of these speaking opportunities lately, and I’ve been using them to discuss the great work the Antitrust Division has been doing.  A few months ago I spoke about our successes in civil enforcement, and more recently I’ve talked about the tremendous work of our criminal enforcers and the successes we’ve had in building relationships with our international counterparts.  I’ve intended these speeches not as exercises in chest-beating, but instead to be thoughtful assessments of where we are today, looking back over several decades of enforcement as we also look forward to the coming transition.  With this speech, I’d like to complete that retrospective by focusing on two particularly important, related areas of the Antitrust Division’s work: cooperation with our counterpart state enforcers and competition advocacy at the state level.  

    I say state cooperation and competition advocacy are related because they both incorporate the recognition that, notwithstanding the hard work of the Antitrust Division and the FTC, protecting competition is not a job the federal government can or should do alone.  Even as concentration has increased by certain metrics, our economy remains relatively disaggregated and threats to competition come in all shapes and sizes across our country. 

     Instead of just relying on prosecutorial work at the state and federal level, we combine enforcement with advocacy, and we partner with the states, other agencies and the business community to promote a competitive economy.  The states feature prominently in that mission.  As Alexander Hamilton told the New York Ratifying Convention:  The “states must…be considered as essential component parts of the union.”   That’s certainly true in antitrust enforcement, where they are essential component parts of the worthy effort to protect and promote competition throughout the American economy.  

    By the way I was going to do my best Lin Manuel Miranda impression for that Hamilton quote, but Bill MacCleod told me we weren’t allowed to rap at the Fall Forum.  

    Cooperative federalism works best on issues where the state and federal governments have a mutuality of interest, and that is certainly the case for antitrust enforcement.  The states and the federal government each hope to preserve and promote the competitive process that is the central organizing principle of our free market economy—our mutual economic strength relies on competition playing out across connected local and national markets.  While there may be some issues where state and federal goals diverge, antitrust is generally not one of them.  

    Then and Now – Antitrust Division Cooperation with State Antitrust Enforcers

    Although we are united in our goal of promoting competition, I cannot say there are never disagreements on how to achieve that goal.  As I’m sure you’ll hear today there are many perspectives on antitrust policy, and state enforcers share in that debate.  There have been times in the past where those policy disagreements were stark.  At the start of my career at the division, federal and state enforcers sometimes had very different views on how to apply the antitrust laws to promote competition.  In that environment cooperation between state and federal enforcers was less common, and tensions occasionally arose from differing perspectives on how to approach important enforcement decisions.  

    More recently, however, agreement has been much more common than disagreement, and the cooperation between state and federal antitrust enforcers has been excellent.  That success is no accident.  Constant nurturing from a great many hardworking people in state and federal government – and attention at all levels, from our career staffs right up to the top of our organizations – have helped foster the productive working relationships we enjoy today.  

    Christine Varney set a great tone in her 2009 speech on state cooperation, and she advanced that cause when she brought on Mark Tobey as the Antitrust Division’s Special Counsel for State Relations and Agriculture.  I have to give credit to Mark for his tireless efforts to make the partnership work well for the benefit of competition and the American consumer.  I know Edith Ramirez has also helped drive the federal side of the partnership in her role at the FTC.  

    Meanwhile the state attorneys general have contributed to the relationship with a number of important advocates.  I’d like to recognize the contributions of Vic Domen and Kathleen Foote, the current and immediately prior leaders of the National Association of Attorneys General (NAAG) Multistate Antitrust Task Force, who are both here today, along with many others working through the Task Force and in the antitrust sections of State Attorneys General throughout the country.    

    Successful Cooperation in Civil Antitrust Enforcement  

    These consistent efforts to nurture the federal-state relationship have paid real enforcement dividends.  We’re proud at the division of our record of success.  As I’ve talked about before, our civil program is going strong, blocking 43 anticompetitive deals in important consumer industries like wireless, broadband, software, and appliances.  And we’ve brought a number of conduct cases in industries from publishing to high tech hiring to health care.  Our state partners have featured prominently in many of those cases.  I can fairly say that if you’ve recently used a health insurer, flown on a commercial airline, or paid a cell phone bill, then you’ve directly benefitted from cases where state cooperation played an important role.     

    The numbers bear out the level of cooperation we’ve enjoyed with our state partners.  Each of the six civil trial sections in the division has worked on enforcement matters with the states; collectively we have worked with all 50 States plus Washington, D.C. and Puerto Rico.  In the last seven years we have brought 25 cases with the states resulting in settlement or final disposition after trial.  Five others are pending.

    The Apple e-books case is a remarkable example of effective federal-state cooperation.  The Texas Attorney General’s Office opened the original investigation into the conduct of the e-book publishers and Apple and investigated for a period of time before calling the Antitrust Division.  Early fact investigation work by Texas and Connecticut enabled the division to get up to speed quickly about the nature of the industry and the anticompetitive conduct that occurred.  In fact, some testimony from early depositions taken by Texas and Connecticut proved to be very important in the liability phase of the trial.  And, as a further result of productive coordination, the states’ economist testified at trial about price and output effects of the alleged conspiracy, testimony which worked in tandem with expert testimony from the division’s retained economist to tell a compelling economic story.

    A short anecdote from that case illustrates quite concretely the benefits of federal-state cooperation.  One of the best documents that provided evidence of the conspiracy to raise e-book prices – a document that wound up being featured in the opening paragraph of the Government’s Trial Brief – was found during document review by a staff attorney from the Arkansas Attorney General’s Office.  

    No less significant in e-books, the states, using their parens patriae authority, along with private class counsel, negotiated monetary relief totaling over $500 million from the publishers and Apple, returning over 200% of overcharges to e-book buyers.  A novel feature of the relief is that consumers who purchased e-books during the damages period could opt to have their payouts transferred directly to customer accounts at the various online e-book stores.

    The New York City tour buses case is another noteworthy example of federal-state cooperation.  In that case, the division teamed up with the New York Attorney General’s Antitrust Bureau to examine the combination of the two largest hop-on, hop-off sightseeing tour bus companies in New York City at the time – the red buses and the blue buses.  The merged entity, called Twin America, had an effective monopoly and seemed determined to try to evade antitrust scrutiny.  At various points in time over a period of nearly three years Twin America tried to maneuver the case away from the New York Antitrust Bureau, such as by filing an application for transfer of federal licenses which would be subject to the exclusive jurisdiction of the Surface Transportation Board.  The New York Antitrust Bureau kept the matter alive over the course of these gyrations by filing opposition papers every step of the way.  

    Because of the New York Antitrust Bureau’s work, after the parties removed the jurisdictional impediment, our teams were in a position to conduct a brief investigation and then file a lawsuit in 2012 to unwind the combination and obtain disgorgement of profits obtained from a ticket price increase imposed on consumers by the merged firm.  As it happens, that was one of my first matters in my first stint as Acting Assistant Attorney General, back before Bill Baer arrived in 2012.  In 2015, after nearly three years of litigation, the parties entered into a joint federal-state settlement that provided substantial disgorgement under state and federal law and forced the parties to give up scarce tour bus stop authorizations from the City so that other firms could compete in the market.    

    A further illustration of how the division has opened up new and productive relationships with the states, in order to take advantage of unique state statutory powers, involves an initiative one of our Washington, D.C. criminal sections is now taking with the Georgia Department of Law.  Under this plan, the division will work with the Consumer Protection Unit of the Georgia Department of Law to distribute nearly $1 million in restitution funds to victims of the real estate foreclosure auction bid-rigging cases brought in the Atlanta area.  The Consumer Protection Unit has a long and successful record of returning overcharge damages to victims of all manner of consumer fraud cases and we sought to take advantage of those capabilities by partnering with them.  A joint letter from the division and the Department of Law will soon go out to the first group of victims.  

    Formal Guidance to Shape Conduct and Foster Cooperation 

    Our cooperation on civil enforcement is bolstered by the formal and informal guidance the division provides through guidelines, workshops, and speeches, to name a few examples.  This guidance helps illuminate our current practices and our thinking about critical issues of law and economics, and fosters communication between the division and our state counterparts.  Plus, we think it’s just good government to be as transparent and predictable in our approach as possible—it’s the right thing to do.     

    Over the past several years, our non-litigating sections have been busy updating guidelines and developing new guidance to help educate and inform industry and fellow antitrust enforcers.  

    Two weeks ago, we released proposed updates to the International Guidelines.  We added a chapter on international cooperation to reflect the growing importance of antitrust enforcement in the globalized economy, updated the discussion of the application of U.S. antitrust law to conduct involving foreign commerce, and provided examples that address the issues we most commonly encounter in our international efforts.  We’re also updating our IP Guidelines, and are in the process of finalizing them based on the feedback we received through a public comment process.  

    About a month ago, we released new guidance for human resource professionals to educate them about how the antitrust laws apply to their job responsibilities and inform them of the division’s recent enforcement actions.  As part of this guidance, we made clear that going forward employers who conspire to hold down wages or restrict hiring of each other’s workers will be investigated criminally and, if appropriate, prosecuted criminally.  Naked “no-poaching” agreements or agreements to fix wages stamp out competition just like agreements to allocate customers or to fix product prices, violations of the law that the division has traditionally investigated criminally and prosecuted as hardcore cartel conduct.  We hope this guidance will help HR professionals implement safeguards to prevent inappropriate discussions or agreements with other firms seeking to hire similar employees.   

    We expect these updates will facilitate even greater coordination with state enforcers in our efforts to protect competition.

    State Legislative Efforts and Competition Advocacy 

    In addition to working with our counterpart antitrust enforcers in the offices of the State Attorneys General, we also work productively with state legislatures and regulatory bodies.  Later today I understand there will be discussion about how state law and regulation can work to open, and unfortunately sometimes close, markets.  It is important that state lawmakers are mindful of the consequences on competition of their actions and understand how legislation or policies can enhance or cripple competition. 

    The landscape within which state enforcers operate is different from the federal environment.  State attorneys general face the challenge of balancing their role as enforcers of state and federal competition law with the obligation to counsel professional licensing and regulatory agencies about the potential to displace competition.  They must balance their institutional role as advocates for free and fair markets with occasional pressure from state lawmakers to restrict markets and insulate local firms from emerging technologies and non-traditional competitors.  Recognizing this tension, it can be helpful for the federal antitrust agencies to weigh in regarding proposed state and local legislation to seek to vindicate competition principles.  

    State officials sometimes seek our views on the competitive significance of state legislation and policies.  We welcome those requests and are eager to share our expertise in a way that can help advance both legal frameworks and policies in the direction of more efficient and well-functioning markets, or to shape corporate behavior away from harmful anticompetitive conduct.  Additionally, inherent in these competition advocacy efforts is fruitful dialogue and learning that advances the division’s expertise.  

    States can play a critical role in addressing and preventing anticompetitive conduct through their own legislative efforts.  For example, in 2010 the Division sued Blue Cross Blue Shield of Michigan alleging that “most favored nation” provisions in its agreements with hospitals raised prices, discouraged discounts, and prevented competitive insurers from entering the market.  About two years later, Michigan enacted a law that banned these harmful clauses.  This move alleviated our concerns and now benefits competition and consumers throughout the state of Michigan.  Several other states have also enacted similar legislation. 

    We have also weighed in over the years on how state regulatory or legislative actions can sometimes close markets off from competition.  For example, the division, together with the FTC, has long supported repealing or scaling back state certificate of need laws.  These laws typically require certain health care providers to obtain state approval before establishing new facilities, providing new services or making certain large capital expenditures.  This can create barriers to competition by delaying or prohibiting entry and, as a result, can limit consumer choice and stifle innovation.  We’ve shared these views most recently with officials in South Carolina, Virginia, Michigan, Illinois and Florida. 

    The division, often with the FTC, has also been active in educating legislatures about how scope of practice laws, which define the set of professionals allowed to perform particular services, can limit competition for consumer services.  For example: 

    • In Massachusetts and Puerto Rico we advocated for legislation expanding the scope of practice laws to permit optometrists to provide certain treatments for glaucoma, thereby expanding competition and access to care.  
    • In the legal services realm, we have discouraged overly broad practice of law definitions that limit competition from non-lawyers for services that are not necessary to address legitimate and substantiated harms.  In July, the division and the FTC encouraged the adoption of legislation in North Carolina that would provide consumers with the ability to use interactive software programs to fill out legal forms.  
    • Similarly in the real estate industry, we’ve weighed in on the benefits of competition from brokers who offer “fee-for-service” options for consumers and have cautioned against restricting these new consumer-friendly competitive choices.  

    The division also recently submitted a statement on the potential anticompetitive effects of certain legislative proposals in California that would ban or limit contracts between court reporters or service firms and third parties, such as insurance companies, for multi-case contracts.

    Whether advocating in favor of state laws that help keep markets open, or working to help state legislatures understand the negative impacts on competition their laws might cause, we have great respect for the state legislative process.  While we as antitrust enforcers have a singular goal of competition, legislatures have to balance a host of potentially competing public policy goals that aren’t squarely in our purview.  All we can hope to do is foster an increased understanding and a deeper appreciation for the competition dimension of those decisions.  That’s the same approach we take in all the advocacy we do with other federal agencies and international enforcers as well.  
     
    Looking forward

    I hope that what you’ve heard in these remarks is that the Antitrust Division works hard to promote competition not only in our own cases, but also through our cooperation with and advocacy before our state counterparts.  And I also hope you’ve gotten some sense for the sustained commitment that this work requires from a great many talented people.  

    Our work advocating for competition with our state partners is never done.  In just four days, trial will start in the Anthem/Cigna merger challenge brought by the division alongside 11 states and Washington, D.C.  I won’t comment on pending cases, but we look forward to working with the states as that important matter proceeds.  

    With an eye toward the future, allow me to conclude with some suggestions on federal-state cooperation in the cases to come.

    For practitioners, I suggest embracing federal-state cooperation.  It’s not in anyone’s interest to have divergent federal and state investigations and enforcement outcomes.  Grant waivers early in investigations, and encourage state participation in Civil Investigative Demand (CID) depositions and party meetings.  These steps will often reduce the investigative burdens on your clients and foster a dialogue that will simplify resolution or settlement if possible under the circumstances.    

    For the federal and state enforcement agencies, I’d encourage continued investment in the relationships that make cooperation work.  As I mentioned earlier, those relationships were not always as strong as they are today, and I really believe they benefit from constant nurturing.  Today’s event provides a perfect opportunity for the kind of engagement that keeps our organizations connected, and I see many of our state counterparts out in the audience.  I look forward to catching up with you all today—enjoy the Fall Forum.

    MIL Security OSI –

    February 6, 2025

  • MIL-OSI Security: Principal Deputy Associate Attorney General Bill Baer Delivers Remarks Highlighting Elder Justice at the State Of Financial Fraud in America Event

    Source: United States Attorneys General 13

    Remarks as prepared for delivery

    Thank you Robert for that kind introduction and for your leadership and dedication as CEO of Financial Industry Regulatory Authority (FINRA).  And thank you to the Stanford Center on Longevity and the FINRA Investor Education Foundation, for hosting this conference and for the great work that you do.  It is an honor to join with the many people in this audience who dedicate their lives to combatting financial fraud and protecting elderly Americans.  This is a noble and enduring effort.   

    As many people here know, financial fraud targeted at the elderly is a serious problem.  At the beginning of 2011, the first Baby Boomers reached the age of 65.  I reached that milestone myself just last year.  Indeed, 10,000 Americans turn 65 every day, and the percentage of Americas over 65 is growing.  5.8 percent of this group experiences identity theft in a given year.  I had that ugly experience just last month. 13.8 percent experiences consumer fraud in a given year.  4.5 percent of people over 50 experience financial fraud in a five-year period.  While there are varying accounts about how much the overall financial loss is, it is well into the billions of dollars.  

    Statistics aside, we are here together because we know all too well that this is a problem that takes a personal toll.  Almost all of us know someone who has been the victim of financial fraud.  And while it affects people of all ages, it can be especially devastating for elderly people, many of whom are dependent on their savings and are concerned about their own mental decline or other people’s perception of their mental decline.  

    I recently saw letters written by the victims of a set of schemes that we took action against.  One described having sent “hundreds of checks” for a company’s “great offers” and tried to explain to the fraudster that “due to bad eyes, [he] has to use magnifying glasses to read” and had “been caught paying many times for th[e] very same offer.”  Another, believing that the con men would send him a promised gift, tried to explain that he had sent his prior payments by money order and was now enclosing cash, “all [he] can send.”  Another explained that when she gets the vast inheritance she’d been promised, she would use it to help her family, the homeless and needy children.   

    The nature and scope of elder fraud varies tremendously.  At the Department of Justice, we see small, family based schemes, such as caregivers tricking elderly victims out of their savings or abusing powers of attorney.  We see institutional schemes, such as nursing homes that provide unnecessary services or bill for services never provided.  And we see global fraud networks that are—quite literally—organized crime.  These schemes involve networks of businesses with careful divisions of labor.  They target millions of Americans, maintain lists of victims, and, once someone has been duped, target those people again and again. One recent victim wrote a letter explaining: “Each day I keep getting more and more offers and it’s almost impossible for me to keep up with them.” 

    Large and diverse problems like this require broad based solutions.  We at the Department of Justice know we can’t solve this problem alone.  Coordination is essential not only with our federal partners, but with local, state and international authorities.  And public and private partnerships are key to our understanding of the scope of the problem and to the lasting success of any solution.

    Research into basic questions, such as why are elderly people vulnerable, and how can we detect fraud and abuse, is critical to attacking the problem.  The FINRA Foundation and Stanford Center on Longevity launched the Financial Fraud Research Center five years ago.  As some of your ongoing research has demonstrated, there is a natural decline in cognition as people age, especially ability to think fast and process new information.  The elderly are sometimes lonely or otherwise socially isolated. Some are uncomfortable with technology.  Many have pools of relatively liquid retirement assets.  Some are dependent on caregivers.  All of these factors make the elderly particularly susceptible to certain schemes. 

    There is much more to learn.  The Department of Justice has invested in partnerships to help us all better understand the causes and risk factors associated with elder financial exploitation.  For example, just a few weeks ago, we announced an award of nearly $800,000 to the Urban Institute and the University of Southern California to develop and test prevention programs that will address elder abuse, neglect and financial exploitation.  To enhance our understanding of financial exploitation by conservators and guardians, last year our Office for Victims of Crime funded a project to search for innovative, evidence-based programs and practices that successfully detect and remedy conservator fraud.  And people like you are furthering our understanding.  This conference is highlighting emerging research on susceptibility to fraud and fraud prevention.

    Beyond efforts to understand how and why elder fraud occurs, continuing dedication to enforcement is required to stop it.   This is not a partisan issue.  We have seen Democratic and Republican administrations alike express a shared commitment to using all tools in the Department of Justice’s enforcement arsenal.  Back in the 1990s, under Attorney General Reno, the Department of Justice created the Elder Justice Initiative to centralize information, facilitate training, and coordinate within the Department and across the federal government.  During the Bush Administration, the Department of Justice initiated an elder mistreatment research grant program, funding cutting edge research on elder abuse and financial exploitation that continues today.

    During this Administration, Congress created the Elder Justice Coordinating Council as part of the Affordable Care Act to facilitate interagency cooperation at the highest of levels.  At the Department of Justice, we formed the Attorney General’s Advisory Committee’s Elder Justice Working Group, which is comprised of U.S. Attorneys from across the country who are dedicated to improving our information sharing on financial scams targeting the elderly.  And just this year, we created ten regional Elder Justice Task Forces that operate throughout the country, partnering with state and local law enforcement and prosecutors to enhance our collective response to elder financial fraud and abuse. 

    Our Elder Justice Initiative has also been assisting with community capacity building.  This includes supporting the training of local law enforcement and prosecutors.  And to enhance civil legal aid to seniors, in June 2016, the Department of Justice, in collaboration with the Corporation for National and Community Service, launched the Elder Justice AmeriCorps, the first-ever army of lawyers and paralegals to help elderly victims of abuse and exploitation.  The program will support 300 AmeriCorps members throughout the country and is expected to reach over 8,000 older adults over the next two years.

    A multi-faceted problem requires coordination between different federal agencies; it demands a whole of government approach.  Mail is involved; we must coordinate with the Postal Inspection Service.  Money is involved; we must coordinate with the Treasury Department.  People target the elderly; we must coordinate with agencies that serve the elderly, such as the Social Security Administration.  

    And more and more, we are seeing schemes that are highly complex and global.  Stopping these schemes require extensive cooperation—not just with state and local authorities, but also across the federal government and with our international counterparts.  For example, the Department of Justice’s Consumer Protection Branch co-chairs the International Mass-Marketing Fraud Working Group, a network of civil and criminal law enforcement agencies from Australia, Belgium, Canada, Europol, the Netherlands, Nigeria, Norway, Spain, the United Kingdom and the United States.  

    We can point to meaningful progress.  In the past several years, we have successfully shut down several international lottery scams where con men and women have contacted elderly victims in the United States, told the victims they won cash and prizes, and persuaded them to send thousands of dollars in fees to release the money.  Of course, the victims never received cash or prizes in return.  In a series of cases, perpetrators made calls from Jamaica using Voice Over Internet Protocol technology that made it appear as if the calls were coming from the United States.  They convinced victims to send money to middlemen in South Florida and North Carolina, who forwarded the money to Jamaica.  We have had great success breaking up these networks through joint efforts between Jamaican law enforcement and U.S. agencies including the Postal Inspection Service, Department of Homeland Security, U.S. Marshals Service, Federal Trade Commission and Internal Revenue Service.  Since 2009, the Department of Justice has prosecuted or is prosecuting over 100 individuals linked to such lottery schemes, and has convicted and sentenced over 40 defendants.

    We have had similar success going after global “psychic schemes.”  Con men and women send letters purportedly written by “world-renowned psychics” stating that they had a vision revealing that the recipient has the opportunity to obtain great wealth.  The letters appear personalized, refer to the recipient by name, and often contain portions that appear handwritten.  The solicitations urge victims to purchase products and services that will ensure this good fortune.  Investigations by the Department of Justice and Postal Inspection Service, among others, revealed the complexity of these schemes.  Not only were there the fraudsters themselves, but there were separate companies performing different roles, such as processing victim payments and maintaining databases of consumers who responded to solicitations.  In a two-week period, one company in the United States processed as much as $500,000 in payments for just one psychic scheme.  We have discovered similar companies in Quebec, Hong Kong, Switzerland and France.  

    Perhaps the most significant example of cooperation to date were our wide-ranging enforcement actions taken in September of this year to dismantle a global network of mass mailing schemes targeting elderly and vulnerable victims.  The schemes involved a network with components in Canada, France, India, the Netherlands, Singapore, Switzerland, Turkey and the United States.   The network included an India-based printer that manufactured solicitations and arranged for bulk shipment to U.S. victims; a mailer in Switzerland; list brokers in the United States who bought and sold lists of victims so that once victims had fallen prey, others could target them; a “caging” service in the Netherlands that collected money; and a Canadian payment processor that, for more than 20 years, helped dozens of international fraudsters gain access to U.S. banks and take money from Americans.  Stopping this network involved coordination between the Department of Justice, Department of Treasury, Postal Inspection Service, Federal Trade Commission, Iowa Attorney General’s office and counterparts in other countries.  Just to give you a sample of the coordinated actions, on Sept. 22, 2016: 

    • The Treasury Department’s Office of Foreign Assets Control blocked assets from the Canadian payment processor and a network of individuals and entities across 18 countries.
    • The Justice Department filed criminal charges and a civil injunction against a Turkish mass mailer. 
    • The Justice Department brought a series of civil actions to shut down companies based in the United States, India, Switzerland and Singapore.  These companies were responsible for mailing millions of multi-piece solicitations to potential victims throughout the United States.  
    • The Justice Department entered into a consent decree with two Dutch “caging” businesses that collected and forward money.  Our efforts were coordinated with Dutch authorities who executed search warrants on the businesses and took control of the Dutch post office boxes used to receive victims’ funds.   
    • The Federal Trade Commission filed a case against a related mass-mailer, printer, and list broker.  
    • The Iowa Attorney General negotiated a compliance agreement with two firms that brokered victim lists.

    Of course, what matters even more than going after these schemes is preventing people from falling prey in the first place.  Here too, federal agencies are working in cooperation and dedicated to the effort.   The Department of Justice has distributed educational materials about these kinds of scams, the U.S. Postal Inspection Service has developed an electronic press kit for media outlets, my former colleagues at the Federal Trade Commission operate a “Pass It On” campaign that encourages people to share information about frauds that affect older Americans, the Social Security Administration is educating beneficiaries through its network of over 1,200 field offices nationwide, and the Consumer Financial Protection Bureau has produced a mail fraud alert placemat in coordination with Meals on Wheels America to distribute to seniors nationwide.  Similarly, private organizations that work in the area of elder justice and consumer protection are doing their part.  For example, AARP will be posting information through its Fraud Watch Network.  And the Consumers Union, the policy arm of Consumer Reports, is alerting consumers about a variety of elder scams.  

    Going forward, the Department of Justice will continue to work with private, local, state, federal and global partners.   And we urge all of you to tell us where the Department can do more.  The federal government’s work on behalf of the elderly began long before this Administration, and it will continue long after.  I expect that my successors, and my successors’ successors, will share our commitment to making sure our parents, grandparents and friends age with grace and dignity.  And I look forward to all of you, who have worked so hard in this area, working with the next Administration to combat financial fraud and protect elderly Americans.  Thank you again for having me here today.  

    MIL Security OSI –

    February 6, 2025

  • MIL-OSI Security: Assistant Attorney General Leslie R. Caldwell Delivers Remarks Highlighting Cybercrime Enforcement at Center for Strategic and International Studies

    Source: United States Attorneys General 13

    Good morning, and thank you, Jim [Lewis], for that kind introduction.  I am pleased to be here speaking to you today, and I want to thank the Center for Strategic and International Studies (CSIS) for having me.  

    Over the past two and a half years, I have had the honor of serving as the Justice Department’s Assistant Attorney General for the Criminal Division – and with that, the responsibility of ensuring that the division and its over 700 prosecutors have the support and authorities they need to fulfill their responsibilities to the American people.  I have also had the opportunity to see first-hand the dedication, rigor, intelligence and respect that America’s prosecutors bring to their work every day.  As my time as the Assistant Attorney General of the Criminal Division comes to a close, I am incredibly proud of where the division stands today and all that we have accomplished together.

    One constant truth about investigating and prosecuting crime is that it is never without its challenges, although the precise nature of the difficulties and obstacles we face changes with the times.  Today, some of the most significant hurdles we encounter relate to technology and the Internet.  

    Innovation in computing, the Internet, and related services has had tremendous benefits for our economy, our ability to connect with others, and the convenience, efficiency, and security of our everyday lives.  It has also transformed how we in law enforcement do our jobs by expanding our ability to detect, investigate and prosecute criminal activity.  

    However, these same innovations permit criminals to more easily victimize Americans, including from afar, while concealing their identities and enabling destruction of evidence.  We face an enormous task in responding to these new threats – ranging from botnets and ransomware to online child sexual exploitation and firearms trafficking, to name just a few – and that task is not getting any easier.  This morning I will focus on four challenges that have been and must continue to be the center of our work if we intend to succeed: 
    •    First, the growth of sophisticated, global cyber threats; 
    •    Second, dangerous loopholes in our legal authorities; 
    •    Third, the widespread use of warrant-proof encryption; and, 
    •    Fourth, inefficient cross-border access to electronic evidence.

    As I will explain in more detail, the past few years have marked some significant progress in some of these areas.  We have grown more nimble and effective in cooperative international law enforcement efforts to bring cyber criminals to justice and remediate cybercrime.  And we have managed to effect some targeted and common-sense improvements in legal authorities.  But in other areas, the challenges remain, and in some cases have become more prominent.  Let me begin with the threat.  The global nature of the Internet means that criminals now can easily victimize more people within the United States in more dangerous ways, all without ever setting foot here.  Some of the most significant criminal activity in recent years is the result of sophisticated criminal groups reaching across our borders from perceived safe harbors.  As we rely more and more on network communications to handle virtually every aspect of our lives, the cost of cybercrime will only rise – to over two trillion globally by 2019, according to some estimates – and the United States is a uniquely attractive target.

    We have responded first and foremost by aggressively identifying, apprehending, and prosecuting offenders.  This past October, for example, the Russian cybercriminal Roman Seleznev was convicted by a jury in Seattle.  Seleznev was a hacker who, from the other side of the world, pilfered data for millions of payment cards from the computer systems of small business owners across America – a crime that strikes at the trust and security of our everyday financial transactions.  Seleznev was the son of a member of the Russian parliament, and the Russian government filed diplomatic protests and tried to pressure us into releasing him.  But that’s not how justice in America works, and he is now in an American prison.

    We recognize that we cannot prosecute our way out of cybercrime, but prosecution must remain an integral component of our response to global cyber threats.  That is why foreign hackers like “Guccifer” – who hacked into the email and social media accounts of about a hundred Americans, including two former U.S. presidents – as well as Vladimir Drinkman and Dmitriy Smilianets – who, along with co-conspirators, conducted a worldwide hacking scheme that compromised more than 160 million credit card numbers – have likewise found themselves within the reach of American law enforcement.  Thanks to the work of our colleagues in the National Security Division, the same holds true for individuals like Su Bin – who conspired with Chinese military hackers to steal cutting-edge U.S. aircraft designs – and Ardit Ferizi – who shared stolen PII belonging to 1,300 U.S. military and government personnel with a member of ISIL, for publication on a hit list.  All have now been brought to the United States to face justice.  

    The department’s strong track record in this area is a critical deterrent to would-be attackers.  Over the last twenty years, for example, our Computer Crime and Intellectual Property Section (CCIPS) – the centerpiece of our prosecutorial response to criminal cyber threats – has successfully prosecuted cases involving more than one billion stolen pieces of information, including payment card data, email addresses and social security numbers – more than three pieces of data for every American alive today.

    Our international partnerships make this work possible.  And they have been key in another way as well.  Even when prosecution is not yet an option – for example, because we have been unable to identify or apprehend a criminal target – we have developed operational expertise in disrupting cybercriminal infrastructure in the United States and abroad.  For example, we have worked hand-in-hand with our foreign partners to address technical threats like botnets, so-called “bulletproof” hosts, Darknet markets and international hacking forums.  

    Indeed, just last week, the department led a multinational operation to dismantle a vast network of dedicated criminal servers known as “Avalanche,” which allegedly hosted more than two dozen of the world’s most dangerous and persistent malware campaigns.  The Avalanche network served clients operating as many as 500,000 infected computers on a daily basis and is associated with monetary losses in the hundreds of millions of dollars worldwide.  We were joined in this effort by investigators and prosecutors from more than 40 jurisdictions across the globe.  We must maintain existing international law enforcement cooperation – and develop new mechanisms to work with foreign partners – if we hope to continue these successes.

    These efforts have also benefitted from growth in our technical and investigative capacity.  The Criminal Division has steadily increased resources for CCIPS, along with its in-house Cybercrime Lab, over the last two years.  The Cybercrime Lab has become the go-to resource across U.S. law enforcement for intractable problems in accessing and understanding digital evidence, whether that means uncovering evidence that a defendant accessed online terrorist radicalization materials to rebut a claim of entrapment, or cracking passwords to dozens of devices that hold key evidence of serious crimes.

    We have also found that augmenting our own expertise and legal authorities with insight from private sector institutions allows us to identify and develop new, creative responses.  For example, in 2014, the FBI, in conjunction with a coalition of nearly a dozen foreign countries and a group of elite computer security firms, dismantled the Gameover Zeus botnet.  That botnet, which infected more than one million computers around the world, inflicted over $100 million in losses on American victims alone, and was responsible for the spread of the Cryptolocker ransomware.  The Gameover Zeus operation represents what we can achieve when law enforcement agencies collaborate with private sector experts, and indeed, many private organizations provided similar assistance in the recent Avalanche take-down.  I hope that it will continue to serve as a model for the department’s future work.

    This relationship works in both directions.  The investigative experience of our CCIPS prosecutors can offer important lessons for private sector entities.  In addition, navigating the federal laws that govern network monitoring practices – laws in which CCIPS specializes – can be fraught for organizations seeking to improve their cybersecurity.  That is why, two years ago, we created the Cybersecurity Unit, a group of CCIPS prosecutors who can leverage their case-related experience to develop and share practical cybersecurity advice with the private sector.  The Unit has also played an integral role in implementation of the Cybersecurity Information Sharing Act (CISA).  So not only have we benefitted from private sector experts for our operational needs, but we have made a practice of sharing our knowledge base as well.

    Even as the department addresses technical obstacles to preventing and prosecuting cybercrime, however, we confront a second challenge: arbitrary gaps in the law that frustrate some of our most pressing investigations.  One example of such a loophole was the venue provision of Rule 41 of the Federal Rules of Criminal Procedure. 

    As that Rule existed prior to Dec. 1, 2016, when law enforcement sought court approval for a search warrant, it generally was required to seek authorization from a court sitting in the same geographic district where the property to be searched was located.   This Rule made perfect sense in dealing with the physical world.  But in the cyber-world, we increasingly face scenarios where criminals use technology to hide the location of their computers, meaning that we could not know where the computers were located.  In those circumstances, federal law did not clearly identify which judge could authorize a search.   

    Similarly, we regularly encounter crimes like mass hacking through botnets that are carried out in multiple districts at once, all across the country.  But in order to respond in a timely, comprehensive manner, the prior version of the Rule arguably required authorities to obtain a warrant in each district – up to 94 in all, across 9 time zones, ranging from the Virgin Islands to Guam.  

    Last week, a three year effort, spearheaded by the Criminal Division, and approved by the U.S. Supreme Court, culminated in a targeted, procedural fix to the venue provisions of the Rule to ensure that technology does not render our investigative abilities obsolete.  The update to the Rule does not alter the probable cause or other standards we must meet to obtain a search warrant.   What the Rule does change is that now, when criminals hide the location of their computers through anonymizing technology, we don’t have to figure out in which federal district the computers are physically located before we can act to stop criminal activity.  Likewise, when a criminal deploys a botnet that indiscriminately infects computers nationwide – as many botnets now do – we don’t have to go to as many as 94 different judges. 

    The need to update Rule 41 was not theoretical.  Today, dozens of websites on Tor – a proxy network – openly distribute images of child rape and sexual exploitation, where they are frequented by tens of thousands of pedophiles.  These sites can thrive in the open because proxy networks, like Tor, hide the locations of the criminals’ servers and the identities of their administrators and users.  While law enforcement – and the general public – can easily find images of child sexual exploitation by visiting one of these sites, we often cannot locate and shut down the websites or identify and apprehend the abusers.  More troubling, the child victims stand little chance of rescue.

    The recent investigation of “Playpen,” a Tor site used by more than 100,000 pedophiles to encourage child sexual abuse and trade sexually explicit images of that abuse, illustrates why a Rule 41 fix was necessary.  In that case, authorities were able to wrest control of the site from the administrators, and then obtained court approval to use a remote search tool to retrieve limited information, including the user’s IP address, only if a user accessed child pornography on the site.  This enabled a traditional, real-world investigation, leading to more than 200 active prosecutions and the identification or rescue of at least 49 American children who were subject to sexual abuse.  

    Yet in some of the resulting cases, federal courts relying on the language of the prior version of Rule 41 found that even though the probable cause and other standards for obtaining a warrant were satisfied, evidence obtained in searches nevertheless had to be excluded because the judges who issued warrants lacked venue over the computers, which turned out to be physically located outside their geographic districts.  This is a perverse result, as it would mean that criminals who are savvy enough to hide their locations – which is not difficult given current technologies – could place themselves beyond the reach of law enforcement.  

    This is a good example of why the amendments to Rule 41 are such a crucial step forward.  They make clear which courts are available to consider whether a particular warrant application comports with the Fourth Amendment, without altering in any way the substantive requirements for – or privacy protections provided by – a warrant.  This will ensure that criminals who use anonymizing technologies are not immune from justice, and that threats like botnets are not too big to investigate and remediate effectively.

    This fix is a not a cure-all, however.  Our response to cyber threats requires revisiting laws that simply did not anticipate and cannot adjust to modern technology.  We must continue to move forward – not backward – to ensure that our laws protect Americans from criminals, and not the other way around.

    I now want to turn to some challenges that, despite the best efforts of many, will continue to confront policymakers in the years to come.  As society’s use of computers and the Internet has grown, so too has the importance of digital evidence in criminal investigations.  In nearly every criminal investigation we undertake at the federal level – from homicides and kidnappings to drug trafficking, organized crime, financial fraud and child exploitation – critical information comes from smart phones, computers and online communications, often instead of physical evidence.  Yet, these materials are increasingly unavailable to law enforcement as a result of certain implementations of encryption, even when we have a warrant to examine them.

    This is because, in an attempt to market products and services as protective of personal privacy and data security, companies increasingly are offering products with built-in encryption technologies that preclude access to data even when a court has issued a search warrant.  Service providers with more than a billion user accounts, that transmit tens of billions of messages per day around the world, now advertise themselves as unable to comply with warrants.  And device manufacturers that have placed hundreds of millions of products in the market have embraced the same principle.  We in law enforcement often describe this sort of encryption as “warrant-proof encryption.”  

    Let me be clear: the Criminal Division is on the front lines of the fight against cybercrime.  We recognize that the development and adoption of strong encryption is essential to counteracting cyber threats and to promote our overall safety and privacy.  But certain implementations of encryption pose an undeniable and growing threat to our ability to protect the American people.  Our inability to access such data can stop our investigations and prosecutions in their tracks.

    Inaction is not a suitable response.  Our occasional success in accessing information protected by seemingly “warrant-proof encryption” is unpredictable and inadequate.  There are devices in evidence lockers across the country that remain locked.  

    As the President reminded us recently, the Government has different responsibilities – a different “balance sheet” and different “stakeholders” – than a corporation.  There is nothing wrong with companies pursuing profits and marketing strategies, but no one should expect that they will take into account all of the societal interests that are at stake.  And that is especially true for our public safety mission.  Our ability to protect Americans from crime has become dependent, in thousands of cases, on the business decisions of for-profit corporations.  More troublingly, even when companies have the technical ability to reasonably assist us in accessing encrypted information, they have refused to do so for fear of “tarnishing” their image.  Regardless of which side of this issue you are on, we can all agree that market-driven decisions are not and have never been a substitute for sound public safety policies. 

    Business decisions made by for-profit companies have had enormous effects on our public safety in other ways as well.  Data held by major Internet service providers can be crucial to identifying and holding accountable the perpetrators of virtually every federal crime we handle.  Increasingly, however, American providers and other providers subject to the jurisdiction of the United States are storing such information outside the United States, and not always at rest and in the same location.  The data can be partitioned and stored in multiple locations, or moved about on an ongoing basis, and some providers may not even know where all data relating to a particular user is at a given time.  

    It is this last challenge – foreign-stored digital evidence – that I will close with today.  The department has worked diligently to increase the cross-border availability of data, through mechanisms like the 24/7 Network, which facilitates the preservation of digital evidence, as well as mutual legal assistance treaties and the Budapest Convention on Cybercrime, which enhance international cooperation in obtaining that evidence.  The Criminal Division has also directed additional resources toward a dedicated cyber mutual legal assistance unit in our Office of International Affairs, which has seen a 1,000 percent increase in incoming requests for computer records since 2000.

    But while these are important crime-fighting tools, they have significant shortcomings.  The United States has mutual legal assistance treaties with less than half the countries in the world, some of which place limitations on when assistance is available or the types of evidence that can be obtained.  Even then, obtaining evidence can take months, if not years.  Ireland, for example, reports that in routine cases it takes 15 to 18 months to execute a request for assistance from a foreign country.  In less experienced or less cooperative countries, the process can take even longer.  Sometimes we never receive a response at all.  

    Recently, the difficulties caused by foreign-stored data for public safety have become more acute.  In July, the Second Circuit Court of Appeals, in the so-called “Microsoft Ireland” case, held that U.S. authorities cannot use a search warrant issued by a U.S. court pursuant to the Stored Communications Act (SCA) to compel a U.S. service provider, such as Microsoft, to produce data that it chooses to store for its own business purposes (and typically without the knowledge or input of its subscribers) outside the United States.

    So, what is already a difficult and time-consuming process of gathering electronic evidence may now also become an impossible one, for both the United States and our partners.  Since the Microsoft decision was handed down, U.S. providers such as Google, Microsoft and Yahoo! have refused to produce information that they have chosen to store abroad in response to search warrants issued by courts even outside the Second Circuit.  This has been the case even in instances where the account-holder was an American citizen residing in the United States, and when the crime under investigation is carried out on American soil.  And this includes warrants obtained on behalf of foreign countries pursuant to mutual legal assistant requests.

    U.S. law generally does not require our providers to store this data in a particular location or make it accessible in any particular way.  But as a result, the ability of law enforcement to effectively investigate serious crime may now be determined entirely by a provider’s data management practices, well-intentioned or not.  One major American provider, for example, is unable to determine the country in which foreign-stored data is located; and even if it could, the data is frequently moved and may not be in the same country from day to day.  Under the Second Circuit’s decision, a SCA warrant is not available.  But sending an MLAT request to a foreign country could result – after months of delay – in a notification that the relevant data is no longer there.

    It is for this reason that, in October, the department filed a petition for the case to be reheard by the entire Second Circuit en banc.  It is also why we intend to submit legislation to Congress to address the decision’s significant public safety implications.  This issue must be resolved before we move to other important initiatives, such as legislation to implement a cross-border data agreement with the United Kingdom.

    Looking forward, I cannot predict how the rehearing petition, or the broader concerns implicated by the Microsoft decision, will play out.  And I suspect that, whether the issue relates to warrant-proof encryption or cross-border access to evidence, reaching a resolution will be challenging.  But these decisions must be made in the policy arena, not by the private sector alone.  We cannot allow changing technologies or the economic interests of the private sector to overwhelm larger policy issues relating to the needs of public safety and national security.  And we must let government fulfill its fundamental responsibilities to protect the American people.

    I know that the panel to follow will focus on some of these challenges for the future, but let me offer my own thoughts here.  In each of these areas, we must proceed thoughtfully and balance multiple different legitimate interests.  Yet several basic principles should be obvious.  First, sitting back and doing nothing is not an acceptable option.  The world is changing around us, and those seeking to do harm are evolving with it; if those responsible for ensuring public safety do not have the same ability to adapt, public safety will suffer.  Second, these changes pose policy challenges, and we need to develop policy responses.  Rather than let evolutions in technology dictate our responses, we must think ahead as a society and develop appropriate frameworks to address new and upcoming challenges before they become crises.  And finally, when there are multiple interests at stake – public safety, cybersecurity, international comity and civil rights and civil liberties – we cannot allow the most consequential decisions to be made by a single stakeholder, or leave them to the whim of the commercial marketplace.  We would never tolerate that approach in other areas of importance to society, and we should not do so here.  Thank you.

    MIL Security OSI –

    February 6, 2025

  • MIL-OSI Security: Assistant Attorney General Makan Delrahim Remarks at the American Bar Association Antitrust Section Fall Forum

    Source: United States Attorneys General 13

    “November Rain”: Antitrust Enforcement on Behalf of American Consumers and Taxpayers

    Good morning, and thank you for the kind introduction.  I’d like to thank the American Bar Association for your invitation to this year’s Fall Forum and Deb Garza for her leadership of the Section this year. 

    I find it hard to believe it’s been only a little more than a year since I was confirmed as AAG and spoke at last year’s Fall Forum.  Over the past year, the Antitrust Division has been hard at work on behalf of American consumers. We made a number of significant enforcement actions this week, but before I turn to those, I’d like to update you on a few recent changes in the Front Office. 

    First, Michael Murray recently joined us from the Deputy Attorney General’s office, where he served as Associate Deputy Attorney General.  Mike now will be a Deputy Assistant Attorney General in the Front Office, where he will be overseeing our Appellate Section and our 4A damage actions on behalf of the American taxpayer.  Mike has significant appellate experience, including as a law clerk for Justice Anthony Kennedy. 

    In addition, our new acting Deputy Assistant Attorney General for Economics is Jeff Wilder.  Jeff received his Ph.D. from MIT and has distinguished himself as an outstanding economist serving as one of the leaders in the Division’s Economic Analysis Group, and we’re happy to have him join us in the Front Office.

    Some of you may remember that at last year’s Fall Forum, I spoke about antitrust and deregulation.  In those remarks, I focused on remedies, including our preference for structural remedies and our emphasis on making consent decrees more enforceable.  I also discussed our commitment to the view that antitrust enforcement is law enforcement, not industrial regulation, and that the Antitrust Division should strive to accomplish its law enforcement mission in the most efficient and effective way possible.  The Division has stood by those principles. 

    More recently, in a speech at Georgetown, I announced several improvements to the merger review process.  We are making good on those changes as well.  Today, we posted a model timing agreement and a model voluntary request letter on our website.  Those documents increase transparency and predictability and will help merging businesses and their counsel know what to expect as part of the merger review process.  We’ve also begun tracking the duration of merger reviews more carefully, so that we can monitor our performance and factors affecting it.  You will recall our goal is to resolve investigations within six months of filing, provided that the parties cooperate and comply with our document and data requests during the entire process.

    I would like to focus the remainder of my remarks today on four important settlements in the last week that reflect the Antitrust Division’s commitment to vigilant and effective antitrust enforcement. 

    As some of you may have seen, the Division announced just yesterday a set of global settlements with three South Korean companies.  Those unprecedented settlements resolve criminal charges and civil claims arising from a bid-rigging conspiracy that targeted fuel supply contracts to U.S. military bases in South Korea.  They are the result of tremendous hard work in parallel criminal and civil investigations by the Antitrust Division’s Washington Criminal I Section, the Transportation, Energy, and Agriculture Section, and the Fraud Section of the Civil Division.  We were assisted ably by our partners at the FBI and the Defense Criminal Investigative Service.

    The United States currently maintains numerous military bases in South Korea, housing American soldiers, marines, airmen, and sailors in the region.  These military bases need fuel for various purposes, and two Department of Defense agencies, the Defense Logistics Agency (DLA) and Army and Air Force Exchange Service (AAFES), contract with South Korean companies to supply fuel to the numerous U.S. military bases throughout South Korea. 

    Our investigation, which is ongoing, revealed that SK Energy, GS Caltex, Hanjin Transportation, along with other co-conspirators, rigged bids and fixed prices for fuel supply contracts issued by the U.S. military in South Korea for over a decade.  They cheated the Military and American taxpayers out of precious limited resources.  As a result of the conspiracy, the Department of Defense paid substantially more for fuel supply services.  Although the immediate victim here was the U.S. military, the American taxpayer, you and me, ultimately footed the bill. 

    The three companies agreed yesterday to plead guilty to criminal charges under Section 1 of the Sherman Act, and they will pay at least $82 million in criminal fines for their involvement in the conspiracy.  Importantly, the three defendants have also agreed to cooperate with the ongoing criminal investigation of the conduct. 

    Robert Jackson, who is one of my legal heroes, recognized that bid rigging is particularly harmful to government purchasers.  When he served as Assistant Attorney General in charge of the Antitrust Division, Jackson broadly denounced arrangements that “compel purchasers to pay a price based on calculation, not competition,” and specifically emphasized that “[w]hatever the effect of this on private buyers, it completely destroys the mechanism set up by federal, state, and municipal governments to keep favoritism and corruption out of public buying.”

    The harm Jackson recognized still exists today, and these settlements serve as an important reminder that the Justice Department and its law enforcement partners will investigate aggressively and prosecute without hesitation companies who cheat the United States government and the American taxpayer. 

    We did not stop there.  We are committed to using all authorities Congress has granted to us to remedy antitrust injuries to the American taxpayer.  Those tools include the authority conferred in Section 4A of the Clayton Act.  Section 4A is an important but underused enforcement tool that allows the government to recover treble damages for antitrust violations when the government itself is the victim. 

    To that end, the Division established a parallel civil enforcement team, led by Kathy O’Neill and a group of capable litigators from the Transportation, Energy, and Agriculture Section to pursue parallel civil actions for damages.  We negotiated separate civil resolutions with each of the three defendants on behalf of American taxpayers.  We also worked alongside our partners in the Civil Division’s Fraud Section, who pursued charges against the defendants under the False Claims Act for making false statements to the government in connection with their conspiracy. 

    To resolve both the civil antitrust and the False Claims Act violations, these three defendants have agreed to pay an additional $154 million in total.  They also have agreed to cooperate fully with the Division’s ongoing civil investigation and to implement effective antitrust compliance programs.

    These historic cases mark the first significant settlements under Section 4A in many years.  In fact, as far as we can tell based on our records, they are the largest settlements the government has ever recovered since the enactment of Section 4A.    

    Let me take a step back to review the history of Section 4A. 

    When Congress enacted the Sherman Act in 1890 and the Clayton Act in 1914, neither statute contained a provision specifically allowing the government to recover damages it suffered as a result of an antitrust violation.  In 1939, the United States, led by Assistant Attorney General Thurman Arnold, brought its first-ever antitrust suit for damages on its own behalf.   The government claimed authority to do so under Section 7 of the Sherman Act, which was the predecessor of Section 4 of the Clayton Act.  As most of you know, Section 4 permits “any person” injured by an antitrust violation to recover the damages they suffered. 

    In that pioneering case, United States v. Cooper, the government alleged that eighteen defendants had “collusively fixed” bids that were “identical to the penny on eighty-two different sizes of tires” sold to the United States.  The defendants successfully moved to dismiss the action on the question of whether the government is a “person” entitled to bring an action for damages under the statute.  The Second Circuit affirmed, and the Supreme Court ultimately held that the United States is not a “person” entitled to sue. 

    In 1955, Congress amended the Clayton Act in response to the Court’s ruling in Cooper by adding Section 4A.  As originally enacted, Section 4A allowed the government to recover only single damages, so that the government could recover damages where it was the victim of an antitrust violation. 

    At first, the Division used Section 4A aggressively, filing numerous cases for damages throughout the 1960s and 1970s.  In the 1980s, however, the government brought only four cases under Section 4A—a remarkable decline from the prior two decades.  Some attributed this drop, in part, to the Supreme Court’s Illinois Brick decision in 1978, because many of the cases brought in the ‘60s and ‘70s involved claims by the United States as an indirect purchaser.  The government, however, increasingly purchases goods and services directly.

    The next milestone came in 1990, when Congress amended the Clayton Act again to allow the government to seek treble damages in Section 4A cases. 

    Since 1990, a span of nearly thirty years, only three Section 4A cases have been filed.  In 1991, the Division recovered $250,000 from two companies for rigging bids to purchase surplus gunpowder.  In 1994, the Division filed suit against two defense contractors for entering into a “teaming” arrangement that eliminated competition in supplying the Department of Defense with cluster bombs.  In that case, the Division recovered $4 million on behalf of American taxpayers and obtained an $8 million discount on the bid price.  In 2012, the Division challenged collusion between two companies bidding on four natural gas leases at auctions run by the Bureau of Land Management.  The Division recovered $275,000 from each company. 

    The American Taxpayer deserves to see a revitalization of the government’s Section 4A authority.  This week’s settlements are only the first in that direction.  Going forward, the Division will exercise 4A authority to seek compensation for taxpayers when the government has been the victim of an antitrust violation.  We hope that these efforts will also deter future violations. 

    In light of our policy of seeking damages under Section 4A where available, I would like to address how parallel criminal and civil enforcement will proceed going forward. 

    First, the Division’s new focus on Section 4A enforcement will not require any changes to the Division’s leniency policy.  The Division offers strong incentives to come forward to report criminal antitrust violations in exchange for leniency, and those incentives do not change when the government is harmed by the violation. 

    The Antitrust Criminal Penalty Enhancement and Reform Act of 2004, better known as ACPERA, created another valuable incentive for leniency applications.  Under ACPERA’s detrebling provision, those who successfully qualify for leniency will be subject only to single damages in follow-on civil suits, rather than treble damages.  In addition, those who successfully qualify for leniency are not subject to joint and several liability.

    This detrebling incentive will apply to any Section 4A claims brought by the government.  We will also follow the underlying requirements for ACPERA in Section 4A cases: companies will need to cooperate with the civil team, as they would with any private plaintiff, in order to reap the detrebling benefits.

    The bottom line is that the Division’s enforcement of Section 4A will increase the incentive for co-conspirators in cartel cases to come forward. 

    Separately, I should note that global resolutions like the ones announced yesterday should serve the interests of the parties as well.  Cooperating companies subject to penalties under multiple statutes can gain certainty and finality.  Employees, customers, and investors can resolve the problem and move on. This is consistent with the Department’s broader policies on coordination of corporate penalties.

    Next, as we pursue Section 4A damages going forward, global resolutions of criminal and civil antitrust liability will help maintain a consistent policy on how to calculate civil damages.  Yesterday’s settlements underscore this point.  They provide that SK Energy, GS Caltex, and Hanjin each will pay an amount calculated to exceed the overcharge paid by the government.  At the same time, the amount reflects both the value of the cooperation commitments each defendant made as a condition of settlement and the cost savings the Division realized by avoiding extended litigation.  

    As a general matter, if the government is required to litigate claims it brings under Section 4A, the government will seek treble damages.  In addition, we anticipate that earlier cooperators will benefit by paying a lower multiple of damages, because the value of their cooperation is higher earlier in our investigation. 

    I will turn now to another significant settlement the Division filed this week, one which resolves a complaint against six broadcast television companies alleging that they engaged in widespread, unlawful sharing of non-public, competitively sensitive information.  Along with the complaint, the Division filed proposed final judgments requiring the companies to cease such conduct and to undergo rigorous compliance and reporting measures for the next seven years.

    We uncovered this conduct during our investigation into Sinclair Broadcasting Group’s proposed acquisition of Tribune Media Company, which has since been abandoned. 

    As we allege in the complaint, the defendants agreed in local broadcasting markets throughout the United States to exchange revenue pacing information and other competitively sensitive information.  “Pacing” compares a broadcast station’s revenues booked for a certain time period to the revenues booked in the same point in the previous year.  Pacing indicates how each station is performing versus the rest of the market and provides insight into each station’s remaining spot advertising for the period. 

    We discovered that the defendants had been exchanging pacing information either directly between stations or corporate headquarters, or indirectly through national representatives that help local stations sell advertisements to national advertisers.  By exchanging this information, the broadcasters were better able to anticipate whether their competitors were likely to raise, maintain, or lower spot advertising prices, which in turn helped inform the stations’ own pricing strategies and negotiations with advertisers.  As a result, the information exchanges harmed the competitive price-setting process.

    We have not heard any legitimate pro-competitive justification for this conduct.  We are therefore pleased that these companies recognized that a protracted investigation and litigation would serve no purpose, and we welcome their cooperation as our investigation continues.  We also want to remind businesses, as well as the antitrust practitioners that advise them, that agreements between competitors to exchange competitively sensitive information can violate the antitrust laws and lead to a civil enforcement action even if the conduct does not amount to the type of hard core cartel conduct that the Antitrust Division prosecutes criminally.

    Finally, this morning we announced the third significant enforcement resolution this week—a settlement with Atrium Health, formerly known as Carolinas Healthcare System.  We were joined in the settlement by the North Carolina Attorney General’s Office, and we thank them for their partnership in this action.  The settlement resolves over two years of civil antitrust litigation challenging the hospital system’s use of anticompetitive steering restrictions in its contracts with major health insurers.  These steering restrictions prevented health insurers from promoting innovative health plans and more cost-effective healthcare providers.  

    Atrium is the dominant hospital system in the Charlotte, North Carolina metropolitan area.  It used its market power to limit major health insurers’ ability to introduce plans designed to encourage consumers to choose cost-effective healthcare providers.  Specifically, Atrium would agree to participate in a broad network plan only if the insurer would commit not to introduce other plans that would steer patients away from Atrium.  The steering restrictions also deliberately constrained insurers from providing consumers with transparency into the comparative cost and quality of their healthcare alternatives.

    Because the steering restrictions were in place, insurers could not introduce more innovative health insurance plans that create financial incentives for patients to use lower-cost healthcare services.  Needless to say, competition for patients encourages healthcare providers to reduce costs, lower prices, and increase quality.  These steering restrictions inhibited competition among healthcare providers to provide higher quality, lower-cost services.  

    The resolution prevents Atrium from enforcing the steering restrictions in its contracts with major health insurers.  If approved by the Court, it will restore competition between healthcare providers in Charlotte, North Carolina.

    I would like to make a broader point about the Division’s settlements this week.  The consent decrees in all three cases, like all other decrees the Division has entered into the past 13 months, include specific new provisions designed to improve their enforceability. 

    These provisions (i) address the burden of proof in a civil contempt action by providing that the preponderance standard will apply; (ii) make defendants responsible for reimbursing the government for all costs it incurs in connection with enforcing the decree; (iii) allow the United States to seek a one-time extension of the term of the decree in the event of a violation, or to terminate the decree early if continuation is no longer necessary or in the public interest.  Another provision addresses interpretation of the decree by stating that courts can enforce any provisions that are stated specifically and in reasonable detail, whether or not they are clear and unambiguous on their face.

    The Division serves as a guardian of American consumers, and we act in the public’s trust.  When the Division enters into a consent decree to resolve charges of anticompetitive conduct, we will hold parties’ feet to the fire and enforce the decrees. 

    Finally, last Friday, three defendants pled guilty to conspiring to rig bids and allocate the market in auctions of foreclosed properties in Palm Beach County, Florida.  This case is unlike the Division’s prior foreclosure auction prosecutions because the auction occurred online rather than in-person, and the collusion occurred primarily by text message rather than in-person.  It is a good illustration of the fact that while defendants may use new platforms and technologies to commit antitrust crimes, the Division too is evolving and stands ready to prosecute these crimes in the digital age.

    The conspiracy took place in the aftermath of the financial crisis, which affected the housing market nationwide and the Florida real estate market in particular.  Defendants and their affiliated business entities were the largest buyers of foreclosed properties in Palm Beach County.  Together, the commerce affected by the defendants’ collusion was $25 million. 

    The Division began an investigation into possible collusion in online foreclosure auctions in Palm Beach County, Florida after receiving an anonymous citizen complaint that included a link to a YouTube video detailing the collusion. 

    Co-conspirators texted each other to coordinate their bidding and facilitate the conspiracy to obtain foreclosed homes at suppressed prices.  Most commonly, bidders would agree to stop bidding or to refrain from bidding at their co-conspirators’ request.  In some instances, they lowered bids for each other’s benefit. 

    After learning of the investigation, one of the defendants used and encouraged other co-conspirators to use a text messaging application to continue colluding.  He believed that law enforcement would be unable to read or trace any messages sent through the application.

    The three defendants were indicted by a grand jury in November 2017.  Since then, all three have pleaded guilty.

    I will conclude by taking this opportunity to highlight the outstanding attorneys and economists at the Antitrust Division.  They are the core of executing the Division’s mission and work tirelessly in their commitment to protect competition and consumers.    

    It has been a busy year at the Antitrust Division.  We have been working hard on behalf of America’s consumers and taxpayers, and look forward to continuing our efforts on their behalf in the year to come. 

    Thank you.

    MIL Security OSI –

    February 6, 2025

  • MIL-OSI Security: Twenty-Nine Individuals Sentenced to 378 Combined Years in Federal Prison for Running Armed Fentanyl and Methamphetamine Trafficking Ring

    Source: Federal Bureau of Investigation FBI Crime News (b)

    EVANSVILE- 29 defendants have been sentenced to a combined 378 years in federal prison for their roles in a large methamphetamine and fentanyl drug trafficking organization that operated in Southern Indiana.

    According to court documents, between January 2020 and November 2021, the following 29 individuals conspired together to distribute a total of nearly 500 pounds of methamphetamine and over three kilograms of fentanyl. This investigation led to the seizure of over 80 pounds of methamphetamine, over 560 grams of fentanyl, and $240,000 in United States currency.

    Jeramey Smith served as the leader of the drug trafficking operation. Smith began obtaining multiple pound quantities of crystal methamphetamine from Julian Green in early 2020 until April of 2021 when he changed his source of supply to a cartel linked individual based in Houston, Texas. In June of 2021, Smith was robbed of a large amount of cash and was unable to pay his supplier for the lost product. Smith resorted back to Green to obtain the crystal methamphetamine.

    DeJarnett was one of Smith’s top methamphetamine customers, often purchasing up to 20 pounds at a time. After Smith obtained the methamphetamine from either Green or his Mexican source of supply, he then distributed the methamphetamine to mid -level distributors in Indianapolis and Evansville.   

    In September 2021, Smith branched out to also begin selling large quantities of fentanyl-laced pills. Smith would obtain fentanyl powder from Markey and/or Moore, who would then press the powder into pills. Smith then used his same distributors to distribute the fentanyl throughout Southern Indiana. Law enforcement seized an automated pill press during the course of the investigation. Smith also used violence and intimidation to further his drug business by having his distributors robbed of their drug proceeds at gun point.

    Additionally, several members of the drug trafficking used firearms to protect themselves and their profits. In total, law enforcement officers seized over 30 firearms from the defendants during court-authorized searches at multiple locations in Indianapolis and Evansville.

    The charges and sentences are described below:

    Defendant Charge(s) Prison Sentence
    Jeramey Smith, 35
    Indianapolis, IN

    Conspiracy to Possess with the Intent to Distribute Methamphetamine

    Conspiracy to Possess with the Intent to Distribute Fentanyl

    Felon in Possession of a Firearm

    Obstruction of Commerce by Robbery

    240 months (20 years)

    5 years supervised release

    Julian Green, 36

    Indianapolis, IN

    Conspiracy to Possess with the Intent to Distribute Methamphetamine

    Felon in Possession of a Firearm

    210 months (17.5 years)

    Indianapolis, IN

    Hannah Kissel, 28

    Indianapolis, IN

    Conspiracy to Possess with the Intent to Distribute Methamphetamine

    Conspiracy to Possess with the Intent to Distribute Fentanyl

    97 months (8 years)

    3 years supervised release

    Jordan Wilson, 41

    Evansville, IN

    Conspiracy to Possess with the Intent to Distribute Methamphetamine

    Conspiracy to Possess with the Intent to Distribute Fentanyl

    Felon in Possession of a Firearm

    216 months (15.7 years)

    5 years supervised release

    Timothy Rice, 35

    Evansville, IN

    		 Conspiracy to Possess with the Intent to Distribute Methamphetamine

    204 months (17 years)

    5 years supervised release

    Archilles Johnson, 40

    Evansville, IN

    		 Conspiracy to Distribute Methamphetamine

    180 months (15 years)

    5 years supervised release

    Deonte Howard, 36

    Evansville, IN

    		 Conspiracy to Distribute Methamphetamine

    180 months (15 years)

    5 years supervised release

    Julie Hunt, 37

    Petersburg, IN

    Conspiracy to Possess with the Intent to Distribute Methamphetamine

    Conspiracy to Possess with the Intent to Distribute Fentanyl

    60 months (5 years)

    3 years supervised release

    Torrance Mimms, 34

    Evansville, IN

    		 Conspiracy to Possess with the Intent to Distribute Methamphetamine

    180 months (15 years)

    5 years supervised release

    Keisha Jewell, 40

    Princeton, IN

    Conspiracy to Possess with the Intent to Distribute Methamphetamine

    Conspiracy to Possess with the Intent to Distribute Fentanyl

    108 years (9 years)

    3 years supervised release

    Davion Hays, 38

    Evansville, IN

    		 Conspiracy to Distribute Methamphetamine

    144 months (12 years)

    5 years supervised release

    Jason Mitchell, 43

    Henderson, KY

    		 Conspiracy to Distribute Methamphetamine

    204 months (17 years)

    5 years supervised release

    Denny Taylor, 49

    Princeton, IN

    		 Conspiracy to Distribute Methamphetamine

    180 months (15 years)

    5 years supervised release

    Aaron Hardiman, 42

    Princeton, IN

    		 Conspiracy to Distribute Fentanyl

    120 months (10 years)

    5 years supervised release

    Roman Wills, 43

    Evansville, IN

    		 Conspiracy to Distribute Methamphetamine

    180 months (15 years)

    5 years supervised release

    Michael Sanders, 48

    Owensboro, KY

    		 Conspiracy to Possess with the Intent to Distribute Methamphetamine

    168 months (14 years)

    5 years supervised release

    Gregory Snyder, 62

    Evansville, IN

    		 Conspiracy to Distribute Methamphetamine

    36 months (3 years)

    4 years supervised release

    Joshua Gahagan, 41

    Evansville, IN

    		 Conspiracy to Distribute Methamphetamine

    180 months (15 years)

    5 years supervised release

    Gregory Markey, 35

    Indianapolis, IN

    		 Conspiracy to Possess with the Intent to Distribute Fentanyl

    168 months (14 years)

    5 years supervised release

    L.C. Moore, II, 31

    Indianapolis, IN

    		 Conspiracy to Possess with the Intent to Distribute Fentanyl

    120 months (5 years)

    5 years supervised release

    Dominique Baquet, 31

    Indianapolis, IN

    		 Obstruction of Commerce by Robbery

    57 months (4.7 years)

    3 years supervised release

    Antonio DeJarnett, 36

    Evansville, IN

    		 Conspiracy to Distribute Methamphetamine

    264 months (22 years)

    5 years supervised release

    Ryan Pinkston, 42

    Evansville, IN

    Conspiracy to Possess with the Intent to Distribute Methamphetamine

    Felon in Possession of Ammunition

    240 months (20 years)

    5 years supervised release

    Robert Embry, 46

    Evansville, IN

    		 Conspiracy to Possess with the Intent to Distribute Methamphetamine

    60 months (5 years)

    5 years supervised release

    Becky Edwards, 39

    Evansville, IN

    		 Conspiracy to Possess with the Intent to Distribute Methamphetamine

    120 months (10 years)

    5 years supervised release

    Edward Meredith, 59

    Evansville, IN

    		 Conspiracy to Possess with the Intent to Distribute Methamphetamine

    120 months (10 years)

    5 years supervised release

    Joshua Wilson, 33

    Evansville, IN

    		 Use of a Communication Facility with the Intent to Commit or Facilitate the Distribution of Methamphetamine

    30 months (2.5 years)

    No supervised release

    Tabitha Seabeck, 32

    Henderson, KY

    		 Conspiracy to Possess with the Intent to Distribute Methamphetamine

    180 months (15 years)

    5 years supervised release

    Zachary Addison, 42

    Evansville, IN

    Conspiracy to Possess with the Intent to Distribute Methamphetamine

    Felon in Possession of a Firearm

    300 months (25 years)

    5 years supervised release

    “The members of this conspiracy will spend decades in federal prison for pumping pounds of methamphetamine and fentanyl onto our streets,” said John E. Childress, Acting United States Attorney for the Southern District of Indiana. “Drug use devastates so many families and kills hundreds of Hoosiers every year. That’s why we will work with our federal, state, and local law enforcement partners to dismantle armed organizations trafficking in deadly drugs. The sentences imposed in this case demonstrate our continued commitment to protecting the public from these dangerous criminals.”

    “Dismantling a major drug trafficking organization that was responsible for distributing multi-hundred-pound quantities of methamphetamine and kilogram quantities of fentanyl onto the streets of Indiana was a big win for law enforcement. Because of the exceptional collaborative efforts by law enforcement, we were able to achieve this remarkable outcome,” said DEA Assistant Special Agent in Charge, Michael Gannon. “This investigation was a wonderful victory for all Hoosiers and sends a crystal-clear message to major drug dealers we will continue working together with our partners to dismantle their illicit operations.”   

    “This sentencing is a significant victory in the relentless fight against the trafficking of deadly drugs and underscores the FBI’s commitment to pursue those who wreak havoc on our communities through their illegal drug trade,” said FBI Indianapolis Special Agent in Charge Herbert J. Stapleton. “The FBI will continue to work with our law enforcement partners to ensure those who endanger public safety and contribute to this crisis are held accountable.”

    “I would like to thank the dedicated Evansville Police Officers and Vanderburgh County Sheriff’s Office Deputies as well as our federal partners in the DEA and US Attorney’s Office for their roles in getting these individuals off our streets. The manufacturing and distribution of methamphetamine and fentanyl have brought death and destruction to our communities and have done irreversible damage to families in the worst way possible. This community will not tolerate that kind of behavior and illegal activity, and we will use every resource available to us to stop it and put dealers behind bars.”

    This case was investigated by the Drug Enforcement Administration’s Evansville Resident Office, with the FBI, Bureau of Alcohol, Tobacco, Firearms and Explosives, Evansville Vanderburgh County Joint Task Force, DEA Indianapolis and Indianapolis Metro Drug Task Force providing valuable assistance. The sentenced were imposed by U.S. District Court Judge Matthew P. Brookman.

    Acting U.S. Attorney John E. Childress thanked Assistant United States Attorneys Lauren Wheatley and Jeremy Kemper, who prosecuted this case. 

    According to the Drug Enforcement Administration, as little as two milligrams of fentanyl can be fatal, depending on a person’s body size, tolerance, and past usage—a tiny amount that can fit on the tip of a pencil. Seven out of ten illegal fentanyl tablets seized from U.S. streets and analyzed by the DEA have been found to contain a potentially lethal dose of the drug.

    One Pill Can Kill: Avoid pills bought on the street because One Pill Can Kill. Fentanyl has now become the leading cause of death for adults in the United States. Fentanyl is a highly potent opioid that drug dealers dilute with cutting agents to make counterfeit prescription pills that appear to be Oxycodone, Percocet, Xanax, and other drugs. Fake prescription pills laced with fentanyl are usually shaped and colored to look like pills sold at pharmacies. For example, fake prescription pills known as “M30s” imitate Oxycodone obtained from a pharmacy, but when sold on the street the pills routinely contain fentanyl. These pills are usually round tablets and often light blue in color, though they may be in different shapes and a rainbow of colors. They often have “M” and “30” imprinted on opposite sides of the pill. Do not take these or any other pills bought on the street – they are routinely fake and poisonous, and you won’t know until it’s too late.

    ###

    MIL Security OSI –

    February 6, 2025

  • MIL-OSI: Double Your Deposit and Get $50 Bonus with 100x Leverage Crypto Trading at BexBack – No KYC!

    Source: GlobeNewswire (MIL-OSI)

    SINGAPORE, Feb. 05, 2025 (GLOBE NEWSWIRE) — With the price of bitcoin once again trading below $100,000, many analysts believe it will enter a long period of high volatility. Holding spot positions may not continue to generate profits in the short term. BexBack Exchange is stepping up its efforts to provide traders with irresistible preferential packages. The platform now offers a 100% deposit bonus, a $50 welcome bonus for new users, and a 100x leverage on cryptocurrency trading, creating unparalleled opportunities for investors.

    What Is 100x Leverage and How Does It Work?

    Simply put, 100x leverage allows you to open larger trading positions with less capital. For example:

    Suppose the Bitcoin price is $100,000 that day, and you open a long contract with 1 BTC. After using 100x leverage, the transaction amount is equivalent to 100 BTC.

    One day later, if the price rises to $105,000, your profit will be (105,000 – 100,000) * 100 BTC / 100,000 = 5 BTC, a yield of up to 500%.

    With BexBack’s deposit bonus

    BexBack offers a 100% deposit bonus. If the initial investment is 2 BTC, the profit will increase to 10 BTC, and the return on investment will double to 1000%.

    Note: Although leveraged trading can magnify profits, you also need to be wary of liquidation risks.

    How Does the 100% Deposit Bonus Work?
    The deposit bonus from BexBack cannot be directly withdrawn but can be used to open larger positions and increase potential profits. Additionally, during significant market fluctuations, the bonus can serve as extra margin, effectively reducing the risk of liquidation.

    About BexBack?

    BexBack is a leading cryptocurrency derivatives platform that offers 100x leverage on BTC, ETH, ADA, SOL, and XRP futures contracts. It is headquartered in Singapore with offices in Hong Kong, Japan, the United States, the United Kingdom, and Argentina. It holds a US MSB (Money Services Business) license and is trusted by more than 500,000 traders worldwide. Accepts users from the United States, Canada, and Europe. There are no deposit fees, and traders can get the most thoughtful service, including 24/7 customer support.

    Why recommend BexBack?

    No KYC Required: Start trading immediately without complex identity verification.

    100% Deposit Bonus: Double your funds, double your profits.

    High-Leverage Trading: Offers up to 100x leverage, maximizing investors’ capital efficiency.

    Demo Account: Comes with 10 BTC in virtual funds, ideal for beginners to practice risk-free trading.

    Comprehensive Trading Options: Feature-rich trading available via Web and mobile applications.

    Convenient Operation: No slippage, no spread, and fast, precise trade execution.

    Global User Support: Enjoy 24/7 customer service, no matter where you are.

    Lucrative Affiliate Rewards: Earn up to 50% commission, perfect for promoters.

    Take Action Now—Don’t Miss Another Opportunity!

    If you missed the previous crypto bull run, this could be your chance. With BexBack’s 100x leverage and 100% deposit bonus and $50 bonus for new users (complete one trade within one week of registration), you can be a winner in the new bull run.

    Sign up on BexBack now, claim your exclusive bonus and start accumulating more BTC today!

    Website: www.bexback.com

    Contact: business@bexback.com

    Contact:
    Amanda
    business@bexback.com

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

    Photos accompanying this announcement are available at:

    https://www.globenewswire.com/NewsRoom/AttachmentNg/2d7570e1-dd49-41f2-bb56-fdde6bb57717

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b704fe83-5d72-424f-8e4d-faedb85932fd

    https://www.globenewswire.com/NewsRoom/AttachmentNg/b1489dbf-1cba-4388-8bb7-dd56cd0dd96f

    https://www.globenewswire.com/NewsRoom/AttachmentNg/3653b677-5659-44e3-b40f-346380acd8ca

    The MIL Network –

    February 6, 2025

  • MIL-OSI: New Chargeflow Research Shows that As Many as 80 Percent of Chargebacks Are Abusive

    Source: GlobeNewswire (MIL-OSI)

    TEL AVIV, Israel and WILMINGTON, Del., Feb. 05, 2025 (GLOBE NEWSWIRE) — Chargeflow, the pioneering chargeback platform tailored exclusively for online businesses, today announced a new research report, The Psychology of Chargebacks: Uncovering Why Consumers Dispute Charges. Featuring insights from 701 consumers, the research shows that customer demands for immediate issue resolution and other factors are leading to soaring incidents of unfriendly fraud that could be costing merchants as much as $117 billion annually.

    According to Mastercard’s 2024 Outlook: Strategic Insights for Issuers and Merchants report, U.S. chargeback transaction volume is expected to reach 146 million chargebacks in 2026. In its latest report, Chargeflow provides details that look beyond this growth to show why customers are choosing to file chargebacks over resolving issues directly with merchants.

    Prompt Customer Service is Critical
    Customers who have experienced issues with a merchant expect the situation to be resolved quickly. In fact, many give merchants zero opportunity to remedy a problem. When asked how long they would typically wait to file a chargeback after encountering an issue, 23 percent stated they would file immediately. Another 38 percent stated they would wait just 1-3 days, while 23 percent said they were happy with response times between 4-7 days. The bottom line, customers are giving merchants’ customer service teams little to no time to identify the issue and de-escalate any problems before disputes are filed.

    Lack of Immediate Communication Opens Door for Chargebacks
    Customers value merchant communications when it comes to resolving issues. According to the research, 64 percent say it’s important they receive immediate communication from a merchant regarding a complaint, with an additional 31 percent saying it is somewhat important. Their goal is unanimous–90 percent of consumers report they typically try to resolve a matter with the merchant before initiating a chargeback.

    While customers seek resolution, their patience quickly runs thin. According to the research, 85 percent of customers are likely or somewhat likely to move forward and file a chargeback if a merchant doesn’t respond to their complaint within a reasonable timeframe. With such demands, it should come as no surprise that 80 percent of those who initiated a chargeback said they were never contacted by a merchant with customer service teams that are likely understaffed and overburdened.

    Dispute Policies Encourage Chargebacks
    Overworked teams are not the only issue. Customer-first dispute policies also lead to chargeback success rates that do little to dissuade customers from acting—only 12 percent report having had a chargeback denied. Eight percent of respondents said they had a chargeback refuted for insufficient evidence, 3 percent said their claim was denied because merchants provided counterevidence, and 2 percent for a policy violation. With that level of success, it’s not surprising that 98 percent of consumers have had a neutral to highly satisfactory experience with the chargeback process offered by their bank or credit card.

    “The industry is acutely aware that chargebacks are soaring but there is far less clarity on what’s driving this surge. This research shows that a lack of patience on the side of customers is driving a vast majority of chargebacks that are not only unnecessary but also costing merchants billions of dollars,” said Ariel Chen, Co-Founder and CEO of Chargeflow. “This situation is exacerbated by the use of customer-first dispute policies which make it more appealing to file a dispute than to work with customer service teams towards a resolution. Stopping this cycle requires merchants to improve their support systems to the point where resolving an issue is a more attractive option to customers.”

    Bad Customer Experiences Also Drive Chargebacks
    Customer reliance on chargebacks is not only tied to perceived poor service resolution. The Chargeflow research found a direct correlation between customer experiences and chargeback. For example, when asked about the likelihood of initiating a chargeback if they encountered an issue with a purchase, 27 percent of respondents stated they were highly likely, and 35 percent stated they were somewhat likely. Only 11 percent of customers said they are somewhat unlikely and very unlikely. This finding is consistent with the core theme that consumers view chargeback as a standard tool for addressing perceived problems with a merchant.

    Lack of Awareness Leads Consumers to Unknowingly Committing Friendly Fraud

    Chargeflow’s The Psychology of Chargebacks report found that nearly 80 percent of chargeback cases result from friendly fraud. Despite this figure, this new research finds that most customers are unaware they are engaging in such activity. When asked if they initiated a false chargeback (when they knew the merchant was in the right and they should not), only 2.9 percent of respondents said they had done so. That means close to 97 percent believe they have not incorrectly filed a chargeback—rates that cannot be correct.

    In fact, the research found that only 9 percent of respondents said they filed a chargeback because they disagreed with a brand, its values, or its customer experience. As a result, consumers likely believe that they have rightly used their customer protections and not purposely or maliciously attached merchants.

    Survey Methodology
    This survey features data gathered from responses from a population sample of 700 people. Of this group, there was a near-even split between four age demographics: 18-34 (20 percent), 35-44 (28 percent), 45-54 (27), and 55-99 (25 percent). Forty-four percent of respondents listed as Male and 56 percent as female. The margin of error rests at 4 percent, with a confidence level of 95 percent.

    To access the complete Psychology of Chargebacks: Analyzing the Hidden Factors That Push Consumers to Dispute Charges report, please visit here.

    About Chargeflow
    Chargeflow is the world’s first fully automated chargeback management solution, designed for eCommerce merchants by eCommerce entrepreneurs. Chargeflow leverages technology and generative AI, along with human expertise, to help recover lost revenue and alleviate chargeback pains for online merchants. Chargeflow has an industry-leading win rate and guarantees return on investment, providing a risk-free entry for any business interested in using its service. For more information, please visit https://www.chargeflow.io/.

    Media Contact:
    Doug Fraim
    Public Relations Manager, Chargeflow
    press@chargeflow.io

    Chargebacks represent a significant challenge in the global financial landscape, impacting merchants across various industries. Here’s an overview of the worldwide chargeback volume, both in terms of the number of chargebacks and their monetary value:

    Number of Chargebacks:

    • 2023 Data: In 2023, the global ecosystem experienced approximately 238 million chargebacks. Projections indicate that by 2026, this number could rise to around 337 million, marking a 42% increase. citeturn0search0

    Monetary Value of Chargebacks:

    • 2023 Estimates: The total cost associated with chargebacks worldwide was projected to reach $117.46 billion in 2023. This figure encompasses various expenses, including lost sales revenue, fees, and administrative costs borne by merchants and financial institutions. citeturn0search2
    • U.S. Specific Data: Focusing on the United States, cardholders disputed at least $65.2 billion worth of charges in 2023. When considering additional factors such as the broader financial impact on merchants, the total cost to U.S. merchants was estimated at approximately $243.75 billion. citeturn0search1

    Average Cost per Chargeback:

    • Per Incident Cost: On average, each chargeback in 2023 cost merchants about $191. This estimate is based on an average disputed transaction amount of $90 and includes various associated costs. citeturn0search2

    These statistics underscore the substantial financial impact of chargebacks on businesses globally. The rising trend in both the number and value of chargebacks highlights the importance for merchants to implement effective prevention and management strategies to mitigate potential losses.

    The MIL Network –

    February 6, 2025

  • MIL-OSI: Zero Hash expands stablecoin offerings with addition of Ripple USD (RLUSD)

    Source: GlobeNewswire (MIL-OSI)

    CHICAGO, Feb. 05, 2025 (GLOBE NEWSWIRE) — Zero Hash, the leading crypto and stablecoin infrastructure platform, today announced it has expanded its stablecoin support by integrating Ripple USD (RLUSD), a new regulated stablecoin issued by Ripple. This integration allows Zero Hash customers to access RLUSD on both the XRP Ledger and Ethereum networks.

    Zero Hash’s API and SDK infrastructure now supports over 65 digital assets, including 5 stablecoins, across multiple chains, reinforcing its position as the comprehensive solution for platforms seeking to design and build new ways to store, exchange and move value globally. RLUSD is now part of Zero Hash’s stablecoin engine, powering leading FinTechs and start ups across:

    • Payments
      • Remittances
      • Payins
      • Payouts
      • Account Funding
      • Tokenization payment rails
      • AI agent payments
    • Trading
      • Swaps
      • Onramp / offramp
      • Custody
      • Deposits and withdrawals
    • Treasury

    “The addition of RLUSD to our ecosystem demonstrates Zero Hash’s commitment to providing our customers with access to the most innovative and regulated stablecoin technologies,” said Edward Woodford, Founder and CEO at Zero Hash. “Zero Hash now offers RLUSD to all partners who can seamlessly embed through our API and SDK. Zero Hash offers the tech stack that powers use cases spanning payouts including Stripe, on-ramping including Shift4 and tokenization payment rails including Franklin Templeton.”

    RLUSD is designed to meet the growing demand for a reliable, compliant stablecoin in the digital asset space. Key features1 of RLUSD include: (i) One-to-one backing with US dollars held in reserve; (ii) issuance by a New York State-regulated trust company; (iii) Monthly reserve attestations by an independent certified public accountant; and, (iv) native issuance on both the XRP Ledger and Ethereum networks.

    1Ripple USD

    About Zero Hash

    Zero Hash is the leading crypto and stablecoin infrastructure provider that seamlessly connects fiat, crypto and stablecoins in one platform, enabling a better way to move and transfer value globally.

    Through its embeddable infrastructure, start-ups, enterprises and Fortune 500 companies build a diverse range of use cases: cross-border payments, commerce, trading, remittance, payroll, tokenization, wallets and on and off-ramps.

    Zero Hash Holdings is backed by investors, including Point72 Ventures, Bain Capital Ventures, and NYCA.

    Zero Hash LLC is a FinCen-registered Money Service Business and a regulated Money Transmitter that can operate in 51 US jurisdictions. Zero Hash LLC and Zero Hash Liquidity Services LLC are licensed to engage in virtual currency business activity by the New York State Department of Financial Services. In Canada, Zero Hash LLC is registered as a Money Service Business with FINTRAC.

    Zero Hash Australia Pty Ltd. is registered with AUSTRAC as a Digital Currency Exchange Provider, with DCE registered provider number DCE100804170-001. This registration enables Zero Hash to offer its crypto services in Australia. Zero Hash Australia Pty Ltd. is registered on the New Zealand register of financial service providers, with Financial Service Provider (FSP) number FSP1004503. A FSP in New Zealand is a registration and does not mean that Zero Hash Australia Pty Ltd. is licensed by a New Zealand regulator to provide crypto services. Zero Hash Australia Pty Ltd.’s registration on the New Zealand register of financial service providers does not mean that Zero Hash Australia is subject to active regulation or oversight by a New Zealand regulator. Zero Hash Europe B.V. is registered as a Virtual Asset Services Provider (VASP) registration by the Dutch Central Bank (Relation number: R193684). Zero Hash Europe Sp. Zoo is registered as a VASP by the Tax Administration Chamber of Poland in Katowice (Registration number RDWW – 1212).

    Connect with Zero Hash

    Website | Twitter | LinkedIn | Medium

    Zero Hash Contact
    Shaun O’keeffe
    (855) 744-7333
    media@zerohash.com

    Zero Hash Disclosures

    Zero Hash services and product offerings, including the availability of certain chains/networks for supported stabletoken and crypto assets, may not be available in all jurisdictions. Zero Hash accounts are not subject to FDIC or SIPC protections, or any such equivalent protections that may exist outside of the US. Zero Hash’s technical support and enablement of any asset is not an endorsement of such asset and is not a recommendation to buy, sell, or hold any crypto asset. The value of any cryptocurrency, including digital assets pegged to fiat currency, commodities, or any other asset, may go to zero. Zero Hash is not registered with the SEC or FINRA. Zero Hash does not provide any securities services and is not a custodian of securities, including security tokens, on behalf of customers.

    The MIL Network –

    February 6, 2025

  • MIL-OSI: President and CEO Dana Erickson Announces New Structure to Senior Leadership Team at Blue Cross and Blue Shield of Minnesota

    Source: GlobeNewswire (MIL-OSI)

    EAGAN, Minn., Feb. 05, 2025 (GLOBE NEWSWIRE) — Dana Erickson, president and CEO of Blue Cross and Blue Shield of Minnesota (Blue Cross), has announced a revised structure and a new addition to her senior leadership team. The changes have two established Blue Cross senior team members, Chris Fanning and Carey Smith, taking on expanded responsibilities in their respective fields of market portfolio growth and technology. Additionally, accomplished healthcare leader David Im is joining the organization as Chief Operating Officer.

    “These changes to our senior leadership team build upon Blue Cross’ market-leading strengths while creating new opportunities to grow in ways that will further sharpen our customer focus,” said Erickson. “As an organization, Blue Cross has been a champion of providing affordable and accessible healthcare for more than 90 years. The depth of talent, experience and vision across our leaders have us in a great position to continue our journey to a century of serving Minnesota.”

    Details behind changes to the Blue Cross senior leadership team include the following:

    Chris Fanning, Chief Growth Officer

    Fanning joined Blue Cross in 2020 to lead the company’s portfolio of health plans across commercial market clients based in Minnesota, with members located in all 50 states. Now as Chief Growth Officer, Fanning will lead plans and identify opportunities for additional membership across all lines of business, including innovative health plan company Coupe Health.

    In his expanded role as Chief Growth Officer, Fanning has accountability for client and membership retention, acquisition and financial performance for both commercial and government markets within the state (including Medicare and Medicaid), as well as Minnesota-based membership within the Blue Cross and Blue Shield Federal Employee Plan. His extensive experience in healthcare includes sales and marketing leadership positions at major health insurers based in Pennsylvania, Virginia and Michigan.

    Carey Smith, President of Xcelerate Health

    Smith, who has been a member of the Blue Cross senior leadership team since 2022, will focus on developing and implementing technology products and services as president of a newly established business unit called Xcelerate Health. Currently in the early stages of development, Xcelerate Health will be structured and staffed to drive innovation and enhanced capabilities across the healthcare market. At the same time, Smith will continue to have strategic oversight of Blue Cross’ technology architecture and integration under the title of Chief Technology and Innovation Officer.

    For more than three decades, Smith has built and delivered modernized and proficient IT solutions that drove transformational change at numerous companies across the insurance, financial services, and manufacturing industries. He first worked for Blue Cross from 2012 to 2017 as an information technology (IT) leader.

    David Im, Chief Operating Officer

    David Im is joining Blue Cross as the newest member of Dana Erickson’s senior leadership team. Starting on February 10, Im will be responsible for operational direction and systems oversight of claims, customer service, clinical operations, vendor management, payment integrity, and provider operations.

    Im has more than two decades of strategic and operational leadership experience in healthcare. Prior to joining Blue Cross, he was with Centene Corporation in the role of Corporate Vice President of Business Operations, overseeing enrollment, eligibility, member billing, and fulfillment services for 26 million members. His career path also includes tenures at Integra ServiceConnect, Magellan Health, OptumHealth, and Boston Scientific.

    Im is a graduate of West Point and served 11 years in the U.S. Army and Minnesota National Guard in various leadership positions, attaining the rank of Major. He spent a total of 40 months on operational and training deployments overseas.

    About Blue Cross and Blue Shield of Minnesota
    For more than 90 years, Blue Cross and Blue Shield of Minnesota (bluecrossmn.com) has supported the health, wellbeing and peace of mind of our members by striving to ensure equitable access to high quality care at an affordable price. Our more than 2.5 million members can be found in every Minnesota county, all 50 states and on four continents. Blue Cross and Blue Shield of Minnesota is an independent licensee of the Blue Cross and Blue Shield Association.

    FOR MORE INFORMATION:                                                
    Jim McManus | 651.662.2882
    Blue Cross and Blue Shield of Minnesota
    Jim.McManus@bluecrossmn.com

    The MIL Network –

    February 6, 2025

  • MIL-OSI: Annual general meeting of Ringkjøbing Landbobank A/S

    Source: GlobeNewswire (MIL-OSI)

    Nasdaq Copenhagen
    London Stock Exchange
    Euronext Dublin
    Other stakeholders

    Date        5 February 2025

    Annual general meeting of Ringkjøbing Landbobank A/S

    The bank will hold its annual general meeting at 5:00 p.m. on Wednesday, 5 March 2025 at the ROFI Centre, Kirkevej 26, Rindum, 6950 Ringkøbing, Denmark.

    Agenda as per the bank’s articles of association:

    1. Election of chairperson

    The board of directors proposes that Allan Østergaard Sørensen, attorney-at-law, chair the general meeting.

    2. The board’s report on the bank’s activities in the previous year

    The board of directors proposes that the board’s report on the bank’s activities in the previous year be adopted.

    3. Presentation of the annual report for approval

    The board of directors proposes that the annual report for 2024 be approved.

    Further reference is made to the published annual report for 2024.

    4. Decision on allocation of profit or covering of loss under the approved annual report

    The board of directors proposes that the distribution of profit be approved.

    Further reference is made to the published annual report for 2024.

    5. Consultative vote on the remuneration report

    The board of directors proposes that the remuneration report for 2024 be approved.

    Further reference is made to the published remuneration report for 2024.

    6. Approval of the remuneration of the board of directors for the current financial year

    The shareholders’ committee and the board of directors propose that the remuneration of the board of directors for the current financial year be approved.

    Further reference is made to the full proposals.

    7. Remuneration policy

    The board of directors proposes that the updated remuneration policy be approved.

    Further reference is made to the full proposals.

    8. Election of members to the shareholders’ committee

    In accordance with the decision made by the bank’s annual general meeting held on 28 February 2024, the following members of the shareholders’ committee, whose terms of office end in 2025 and 2026, are resigning: Mette Bundgaard, Per Lykkegaard Christensen, Ole Kirkegård Erlandsen, Thomas Sindberg Hansen, Tonny Hansen, Kim Jacobsen, Morten Jensen, Kasper Lykke Kjeldsen, Lotte Littau Kjærgaard, Niels Erik Burgdorf Madsen, Martin Krogh Pedersen, Poul Kjær Poulsgaard, Kristian Skannerup, Allan Østergaard Sørensen, Jørgen Kolle Sørensen, Sten Uggerhøj, Lasse Svoldgaard Vesterby and Christina Ørskov.

    In addition, Lars Møller and Yvonne Skagen must retire from the shareholders’ committee due to the age requirement in the articles of association.

    The shareholders’ committee and the board of directors propose re-election of the following members, whose terms of office end in 2025 and 2026:

    • Mette Bundgaard, police superintendent, No, born 1966
    • Per Lykkegaard Christensen, farmer, Hjallerup, born 1959
    • Ole Kirkegård Erlandsen, butcher, Snejbjerg, born 1962
    • Thomas Sindberg Hansen, grocer, Kloster, born 1978
    • Tonny Hansen, former college principal, Ringkøbing, born 1958
    • Kim Jacobsen, manager, Aalborg, born 1969
    • Morten Jensen, attorney-at-law (Supreme Court), Dronninglund, born 1961
    • Kasper Lykke Kjeldsen, timber merchant, Højbjerg, born 1981
    • Lotte Littau Kjærgaard, manager, Holstebro, born 1969
    • Niels Erik Burgdorf Madsen, manager, Ølgod, born 1959
    • Martin Krogh Pedersen, CEO, Ringkøbing, born 1967
    • Poul Kjær Poulsgaard, farmer, Madum, born 1974
    • Kristian Skannerup, manufacturer, Tim, born 1959
    • Allan Østergaard Sørensen, attorney-at-law (High Court), Ringkøbing, born 1982
    • Jørgen Kolle Sørensen, sales representative and branch manager, Hvide Sande, born 1970
    • Sten Uggerhøj, car dealer, Frederikshavn, born 1959
    • Lasse Svoldgaard Vesterby, manager, Ringkøbing, born 1978
    • Christina Ørskov, manager, Gærum, born 1969

    The shareholders’ committee and the board of directors propose the following for election:

    • Rasmus Alstrup, farmer, Videbæk, born 1985
    • Rikke Ahnfeldt Kjær, CFO, Gistrup, born 1980
    • Pia Stevnhøj Sommer, sales director, Lind, born 1979

    In recruiting and proposing candidates for the shareholders’ committee (election and re-election), the committee and board of directors have focused on ensuring a diverse committee membership in terms of business experience, professional qualifications and expertise, gender, age etc.

    9. Election of one or more auditors

    In accordance with the audit committee’s recommendation, the shareholders’ committee and the board of directors propose that PricewaterhouseCoopers, Statsautoriseret Revisionspartner-selskab be re-elected as external auditor and sustainability auditor.

    Further reference is made to the full proposals.

    10. Authorisation for the board of directors to permit the bank to acquire its own shares

    The board of directors proposes that it be granted authorisation to permit the bank to acquire its own shares, in accordance with current legislation, until the next annual general meeting, to a total nominal value of ten percent (10%) of the share capital, such that the shares can be acquired at current market price plus or minus ten percent (+/-10%) at the time of acquisition. 
    Further reference is made to the full proposals.

    11. Any proposals from the board of directors, the shareholders’ committee or shareholders

    11.a. Proposed amendments to the articles of association

    The shareholders’ committee and the board of directors propose the following amendments to the articles of association:

    Art. 2a-2b:
    It is proposed that the authorisations in articles 2a and 2b be extended to 4 March 2030.
    If the proposal is approved, the wording of articles 2a and 2b of the bank’s articles of association will be changed to the following:

    Art. 2a:
    “The general meeting has decided to authorise the board of directors to increase the share capital in one or more rounds by up to nom. DKK 5,341,347 with right of pre-emption for the bank’s existing shareholders. The capital increase shall be fully paid up in cash. The capital increase may be below the market price. This authorisation shall apply until 4 March 2030.”

    Art. 2b:
    “The general meeting has decided to authorise the board of directors to increase the share capital in one or more rounds by up to nom. DKK 2,670,673 without right of pre-emption for the bank’s existing shareholders. The capital increase may be by cash payment or contribution of an existing company or specific asset values corresponding to the value of the shares issued. The capital increase shall be fully paid up at the market price ascertained by the board of directors. This authorisation shall apply until 4 March 2030.”

    The background to the proposal is that the board of directors wants to ensure continued flexibility regarding the granting of authorisations to the board of directors.

    The proposed amendments to the articles of association are also given in the full proposals to which we refer and which are available on the bank’s website, www.landbobanken.com.

    11.b. Proposal to reduce the bank’s share capital by nom. DKK 1,315,042 by cancellation of its own shares

    The board of directors proposes a reduction in the bank’s share capital from nom. DKK 26,706,739 to nom. DKK 25,391,697 by cancellation of 1,315,042 nom. DKK 1 shares from the bank’s holding of its own shares of a nominal value of DKK 1,315,042.

    Please note that, in accordance with section 188(1) of the Danish Companies Act, the purpose of the reduction in the bank’s share capital is payment to shareholders. The amount of the reduction has been used as payment to shareholders for shares acquired by the bank under the authorisation previously granted to the board of directors by the general meeting.

    The share capital will consequently be reduced by nom. DKK 1,315,042 and the bank’s holding of its own shares will be reduced by 1,315,042 nom. DKK 1 shares. Please note that, in accordance with section 188(2) of the Danish Companies Act, the shares in question were acquired for a total sum of DKK 1,524,948,149. This means that, apart from the reduction in nominal capital, DKK 1,523,633,107 has been paid to shareholders.

    The purpose of the board of directors’ proposed reduction of the share capital is to maintain flexibility in the bank’s capital structure.

    If the proposal is adopted, the following changes will be made to articles 2, 2a, 2b and 2c of the articles of association:
    Art. 2: The amount of “26,706,739” will be changed to “25,391,697”, Art. 2a: The amount of “5,341,347” will be changed to “5,078,339”, Art. 2b: The amount of “2,670,673” will be changed to “2,539,169”, and Art. 2c: The amount of “5,341,347” will be changed to “5,078,339”.

    11.c. Proposed authorisation for the board of directors or its appointee

    The board of directors proposes that the board of directors, or its appointee, be authorised to report the decisions which have been adopted at the general meeting for registration and to make such changes to the documents submitted to the Danish Business Authority as the Authority may require or find appropriate in connection with registration of the decisions of the general meeting.

    11.d. Proposal from a shareholder

    Proposal from shareholder Poul Aksel Andersen, Hobro:

    Reason for the proposal:
    The minutes of the 2024 annual general meeting state that: “In recruiting and proposing candidates for the shareholders’ committee (election and re-election), the committee and board of directors have focused on ensuring a diverse committee membership in terms of business experience, professional qualifications and expertise, gender, age etc.”

    Despite this, it is evident from the minutes that all of the elected members of the shareholders’ committee in 2024 were in leading positions. The shareholders’ committee is therefore hardly representative of the bank’s shareholders or customers in terms of business experience, professional qualifications or expertise.

    Proposal:
    It is proposed, that Ringkjøbing Landbobank’s work of recruiting and proposing of candidates in the future should focus on making the composition of the shareholders’ committee representative of the bank’s shareholders and customers; that the bank should make the process of admitting committee members transparent for all shareholders who might be interested in joining the shareholders’ committee; and that the bank’s work should focus specifically on ensuring that at least 25% of the members of the shareholders’ committee are employees without responsibilities for managing other staff.

    The board of directors’ recommendation regarding the proposal:

    The members of the bank’s board of directors are elected by the shareholders’ committee. Six of the eight current board members elected by the shareholders’ committee came from the membership of the shareholders’ committee. The shareholders’ committee is thus a recruitment channel for the board of directors. It is relevant, therefore, that the members of the shareholders’ committee possess the right competences for onward recruitment to the board of directors. In addition, the authorities nowadays impose a number of requirements on serving members of boards of directors of financial undertakings, including in relation to their competences, and there are also requirements regarding the collective competences of the plenary board of directors.

    The board of directors, the board of directors’ nomination committee and the shareholders’ committee are already working to promote diversity in the shareholders’ committee.

    The board of directors does not consider it appropriate to tie the board of directors’ nomination committee, the board of directors and the shareholders’ committee to a specific framework in future recruitment processes for nominations of candidates to the shareholders’ committee.

    For the above reasons, the board of directors does not support the proposal.

    Validity requirements for resolutions

    The proposals under items 11.a. and 11.b. of the agenda require adoption by at least two-thirds (2/3) both of votes cast and of the share capital with voting rights represented at the general meeting. Other proposals can be adopted by simple majority vote, except item 5 on the agenda which is a consultative vote.

    Amount of share capital and the shareholders’ voting rights and date of registration – the right to attend and vote at the general meeting

    Please note that the amount of the share capital is nom. DKK 26,706,739 consisting of 26,706,739 nom. DKK 1 shares.

    As for shareholders’ voting rights, each share of nom. DKK 1 carries one (1) vote when the share is recorded in the company’s share register, or when the shareholder has reported and documented their right. However, a shareholder may cast no more than 3,000 votes.

    The right to attend and vote at the general meeting may only be exercised by shareholders who, by 11:59 p.m. on the date of registration, Wednesday, 26 February 2025, are listed as shareholders in the register of shareholders or have submitted a request to the bank, which the bank has received by that deadline, for inclusion in the register of shareholders.

    Registration for the general meeting, questions and admission cards

    Registration for the general meeting can be made

    • by contacting Euronext Securities A/S by phone +45 4358 8866 or email to CPH-investor@euronext.com or
    • by contacting one of the bank’s branches.

    In accordance with the bank’s articles of association, the deadline for registering for the general meeting is 11:59 p.m. on Friday 28 February 2025, after which admission cards for the general meeting can no longer be ordered.

    Shareholders or proxies may be accompanied by an adviser, provided the adviser’s attendance has been notified on time.

    Shareholders may ask questions in writing about the agenda items or the bank’s position in general, to be answered at the general meeting. Questions may be sent by letter to Ringkjøbing Landbobank A/S, for the attention of: General Management, Torvet 1, 6950 Ringkøbing, Denmark, or by email to regnskab@landbobanken.dk.

    Voting

    Shareholders may attend and vote in person or by proxy at the general meeting. Postal voting is also possible before the general meeting.

    Shareholders may grant proxy to the bank’s board of directors or a third party by 11:59 p.m. on Friday 28 February 2025. The proxy may be issued electronically on InvestorPortal at Euronext Securities, via the bank’s website www.landbobanken.com or in writing on a proxy form which is available from the bank’s branches.

    If a written proxy is used, it must be completed and signed, and received at the bank by the above deadline, i.e. 11:59 p.m. on Friday 28 February 2025.

    The proxy may be sent by post for the attention of: Accounts Department, Ringkjøbing Landbobank A/S, Torvet 1, 6950 Ringkøbing, Denmark, by email to regnskab@landbobanken.dk or by fax to +45 7624 4913.

    Shareholders may also send a postal vote before the general meeting.

    Postal votes may be cast electronically on InvestorPortal at Euronext Securities, via the bank’s website www.landbobanken.com or in writing on a postal vote form which is available from the bank’s branches.

    If a postal vote is cast, the ballot paper must be returned for the attention of: Accounts Department, Ringkjøbing Landbobank A/S, Torvet 1, 6950 Ringkøbing, Denmark, by email to regnskab@landbobanken.dk or by fax to +45 7624 4913.

    Electronic postal votes must be cast by 10:00 a.m. on Tuesday, 4 March 2025, by which time a postal ballot paper must also be received by the bank.

    Exercising financial rights

    Ringkjøbing Landbobank’s shareholders can choose Ringkjøbing Landbobank A/S as the account-holding institution for the purpose of exercising the financial rights through Ringkjøbing Landbobank A/S.

    Further information

    The annual report, agenda and full proposals with the proposed amendments to the articles of association, the remuneration report, other documents under section 99(1) of the Danish Companies Act and information on the collection and processing of personal data in connection with the annual general meeting will be published on the bank’s website www.landbobanken.com and made available for inspection by shareholders on Wednesday, 5 February 2025.

    Recording and webcast

    The general meeting will be recorded and the recording will subsequently be uploaded to the bank’s website, www.landbobanken.com.

    The general meeting will also be webcast via the bank’s website, www.landbobanken.com and can be viewed by everyone. It will not be possible to ask questions or vote via the webcast.

    Personal data

    For details on the bank’s processing of personal data in respect of general meetings, please see Ringkjøbing Landbobank’s privacy policy for shareholders etc., which is available on the bank’s website, www.landbobanken.com.

    Dividend

    Any dividend is expected to be available in shareholders’ return accounts on 10 March 2025.

    Yours sincerely

    Ringkjøbing Landbobank

    On behalf of the board of directors

    Martin Krogh Pedersen
    Chair of the board of directors

    Attachment

    • Indkaldelse ordinær generalforsamling 2025 – EN endelig

    The MIL Network –

    February 6, 2025

  • MIL-OSI: Fluent, Inc. Survey Finds That Shoppers Embrace Post-Purchase Ads, Citing Personalization & Relevance as Key Benefits

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Feb. 05, 2025 (GLOBE NEWSWIRE) — Fluent, Inc. (NASDAQ: FLNT), a leading commerce media solutions company, today released the results of a new survey revealing how post-purchase ads enhance the shopping experience, drive product discovery, and encourage repeat purchases.

    Post-purchase ads, which appear on ecommerce confirmation pages, are designed to keep shoppers engaged with personalized offers after the checkout. With responses from over 1,000 US adults, the survey explores how these ads influence consumer behavior, build loyalty, and create value for both shoppers and retailers.

    Key survey findings include:

    Enhancing the Customer Journey

    • 57% of shoppers who converted on a post-purchase offer discovered a new product or service they love.
    • 63% of those who encounter post-purchase ads after every online purchase say these ads enhance their shopping experience.

    Delivering Added Value

    • 54% of shoppers say post-purchase ads improve the shopping experience by offering useful discounts and promotions, and 62% say deals and discounts motivate them to click.

    Driving Retention & Loyalty

    • 88% of those who say post-purchase ads improve the shopping experience by offering personalized suggestions are more likely to return.

    “Retailers tell us that post-purchase ads don’t disrupt the shopping journey—they enhance it,” said Jessica Batty, SVP of Marketing at Fluent. “Consumers are looking for relevant, personalized offers, and this survey confirms that post-purchase ads drive not only product discovery but also repeat purchases and long-term loyalty. Our marketing expertise and consumer-centric approach help us work with our partners to design relevant and meaningful ads powered by Fluent’s identity graph and advanced AI-driven algorithms. Supported by 14 years of first-party data, these algorithms determine the optimal content and timing for each customer throughout the shopping journey, enhancing value for our media partners, advertisers, and consumers alike.”

    As a key component of the broader commerce media ecosystem, post-purchase advertising provides retailers with an incremental revenue stream that integrates seamlessly into the customer journey. Beyond boosting retailer monetization, these ads create high-impact ad opportunities for advertisers and deliver relevant offers to consumers while they’re in a buying mindset.

    Fluent fielded the online survey in December of 2024 among 1,003 US consumers aged 18-65 who made an online purchase in the past 30 days and recalled seeing at least one post-purchase ad. The full survey report is available for download here.

    About Fluent, Inc.

    Fluent, Inc. (NASDAQ: FLNT) is a commerce media solutions provider connecting top-tier brands with highly engaged consumers. Leveraging diverse ad inventory, robust first-party data, and proprietary machine learning, Fluent unlocks additional revenue streams for partners and empowers advertisers to acquire their most valuable customers at scale. Founded in 2010, Fluent uses its deep expertise in performance marketing to drive monetization and increase engagement at key touchpoints across the customer journey. For more insights visit https://www.fluentco.com/.

    Contact Information

    Investor Relations
    Fluent, Inc.
    InvestorRelations@fluentco.com

    The MIL Network –

    February 6, 2025

  • MIL-OSI USA: U.S. International Trade in Goods and Services, December and Annual 2024

    Source: US Bureau of Economic Analysis

    The U.S. Census Bureau and the U.S. Bureau of Economic Analysis announced today that the goods and services deficit was $98.4 billion in December, up $19.5 billion from $78.9 billion in November, revised.

    U.S. International Trade in Goods and Services Deficit
    Deficit: $98.4 Billion  +24.7%°
    Exports: $266.5 Billion  –2.6%°
    Imports: $364.9 Billion  +3.5%°

    Next release: Thursday, March 6, 2025

    (°) Statistical significance is not applicable or not measurable. Data adjusted for seasonality but not price changes

    Source: U.S. Census Bureau, U.S. Bureau of Economic Analysis; U.S. International Trade in Goods and Services, February 5, 2025

    Exports, Imports, and Balance (exhibit 1)

    December exports were $266.5 billion, $7.1 billion less than November exports. December imports were $364.9 billion, $12.4 billion more than November imports.

    The December increase in the goods and services deficit reflected an increase in the goods deficit of $18.9 billion to $123.0 billion and a decrease in the services surplus of $0.6 billion to $24.5 billion.

    For 2024, the goods and services deficit increased $133.5 billion, or 17.0 percent, from 2023. Exports increased $119.8 billion or 3.9 percent. Imports increased $253.3 billion or 6.6 percent.

    Three-Month Moving Averages (exhibit 2)

    The average goods and services deficit increased $4.7 billion to $83.8 billion for the three months ending in December.

    • Average exports decreased $1.2 billion to $268.8 billion in December.
    • Average imports increased $3.5 billion to $352.7 billion in December.

    Year-over-year, the average goods and services deficit increased $19.2 billion from the three months ending in December 2023.

    • Average exports increased $9.8 billion from December 2023.
    • Average imports increased $29.0 billion from December 2023.

    Exports (exhibits 3, 6, and 7)

    Exports of goods decreased $7.5 billion to $170.2 billion in December.

      Exports of goods on a Census basis decreased $6.7 billion.

    • Consumer goods decreased $1.8 billion.
      • Pharmaceutical preparations decreased $1.4 billion.
    • Industrial supplies and materials decreased $1.8 billion.
      • Crude oil decreased $0.9 billion.
      • Other petroleum products decreased $0.3 billion.
      • Other precious metals decreased $0.3 billion.
      • Fertilizers, pesticides, and insecticides decreased $0.3 billion.
    • Capital goods decreased $1.4 billion.
      • Computers decreased $0.9 billion.
      • Civilian aircraft increased $1.4 billion.
    • Automotive vehicles, parts, and engines decreased $0.9 billion.
      • Trucks, buses, and special purpose vehicles decreased $0.4 billion.
      • Other automotive parts and accessories decreased $0.3 billion.

      Net balance of payments adjustments decreased $0.8 billion.

    Exports of services increased $0.4 billion to $96.3 billion in December.

    • Travel increased $0.3 billion.
    • Financial services increased $0.1 billion.

    Imports (exhibits 4, 6, and 8)

    Imports of goods increased $11.4 billion to $293.1 billion in December.

      Imports of goods on a Census basis increased $11.3 billion.

    • Industrial supplies and materials increased $10.8 billion.
      • Finished metal shapes increased $9.2 billion.
      • Nonmonetary gold increased $1.0 billion.
    • Consumer goods increased $2.2 billion.
      • Toys, games, and sporting goods increased $0.8 billion.
      • Cell phones and other household goods increased $0.8 billion.
    • Capital goods increased $1.3 billion.
      • Computers increased $1.2 billion.
      • Computer accessories increased $0.9 billion.
      • Civilian aircraft decreased $1.1 billion.
    • Automotive vehicles, parts, and engines decreased $2.2 billion.
      • Passenger cars decreased $1.6 billion.

      Net balance of payments adjustments increased $0.1 billion.

    Imports of services increased $1.0 billion to $71.8 billion in December.

    • Transport increased $0.5 billion.
    • Travel increased $0.3 billion.

    Real Goods in 2017 Dollars – Census Basis (exhibit 11)

    The real goods deficit increased $14.9 billion, or 15.4 percent, to $111.9 billion in December, compared to a 17.3 percent increase in the nominal deficit.

    • Real exports of goods decreased $5.4 billion, or 3.7 percent, to $141.9 billion, compared to a 3.8 percent decrease in nominal exports.
    • Real imports of goods increased $9.5 billion, or 3.9 percent, to $253.8 billion, compared to a 4.0 percent increase in nominal imports.

    Revisions

    In addition to revisions to source data for the November statistics, the seasonally adjusted goods data were revised for January through November so that the totals of the seasonally adjusted months equal the annual totals.

    Revisions to November exports

    • Exports of goods were revised up $0.1 billion.
    • Exports of services were revised up $0.1 billion.

    Revisions to November imports

    • Imports of goods were revised up $0.8 billion.
    • Imports of services were revised up $0.1 billion.

    Goods by Selected Countries and Areas: Monthly – Census Basis (exhibit 19)

    The December figures show surpluses, in billions of dollars, with Netherlands ($5.0), South and Central America ($3.5), United Kingdom ($2.3), Hong Kong ($0.7), Brazil ($0.4), Saudi Arabia ($0.4), Belgium ($0.3), and Australia ($0.2). Deficits were recorded, in billions of dollars, with China ($25.3), European Union ($20.4), Mexico ($15.2), Switzerland ($13.0), Vietnam ($11.4), Canada ($7.9), Germany ($7.6), Taiwan ($6.9), Ireland ($6.2), South Korea ($5.6), Japan ($5.5), India ($4.9), Italy ($4.1), Malaysia ($2.5), France ($1.1), Israel ($0.8), and Singapore ($0.4).

    • The deficit with Switzerland increased $9.1 billion to $13.0 billion in December. Exports decreased $0.7 billion to $1.2 billion and imports increased $8.4 billion to $14.2 billion.
    • The deficit with Canada increased $2.9 billion to $7.9 billion in December. Exports decreased $0.4 billion to $29.1 billion and imports increased $2.5 billion to $37.0 billion.
    • The deficit with Ireland decreased $3.1 billion to $6.2 billion in December. Exports decreased $0.1 billion to $1.2 billion and imports decreased $3.2 billion to $7.5 billion.

    Annual Summary for 2024

    Exports, Imports, and Balance (exhibit 1)

    For 2024, the goods and services deficit was $918.4 billion, up $133.5 billion from $784.9 billion in 2023. Exports were $3,191.6 billion, up $119.8 billion from 2023. Imports were $4,110.0 billion, up $253.3 billion from 2023.

    The 2024 increase in the goods and services deficit reflected an increase in the goods deficit of $148.5 billion, or 14.0 percent, to $1,211.7 billion and an increase in the services surplus of $14.9 billion, or 5.4 percent, to $293.3 billion.

    The goods and services deficit was 3.1 percent of current-dollar gross domestic product in 2024, up from 2.8 percent in 2023.

    Exports (exhibits 3, 6, and 7)

    Exports of goods increased $38.6 billion to $2,083.8 billion in 2024.

      Exports of goods on a Census basis increased $47.1 billion.

    • Capital goods increased $40.2 billion.
      • Computer accessories increased $11.3 billion.
      • Civilian aircraft engines increased $8.7 billion.
      • Computers increased $8.2 billion.
      • Semiconductors increased $8.1 billion.
    • Other goods increased $17.9 billion. (See the “Notice” for more information.)
    • Automotive vehicles, parts, and engines decreased $10.8 billion.
      • Other automotive parts and accessories decreased $4.3 billion.
      • Passenger cars decreased $4.0 billion.
      • Trucks, buses, and special purpose vehicles decreased $3.0 billion.

      Net balance of payments adjustments decreased $8.5 billion.

    Exports of services increased $81.2 billion to $1,107.8 billion in 2024.

    • Travel increased $26.3 billion.
    • Other business services increased $16.0 billion.
    • Telecommunications, computer, and information services increased $11.9 billion.
    • Financial services increased $11.6 billion.

    Imports (exhibits 4, 6, and 8)

    Imports of goods increased $187.1 billion to $3,295.6 billion in 2024.

      Imports of goods on a Census basis increased $187.2 billion.

    • Capital goods increased $103.3 billion.
      • Computer accessories increased $33.5 billion.
      • Computers increased $28.3 billion.
      • Semiconductors increased $9.4 billion.
      • Other industrial machinery increased $9.0 billion.
    • Consumer goods increased $48.4 billion.
      • Pharmaceutical preparations increased $43.6 billion.
    • Automotive vehicles, parts, and engines increased $16.1 billion.
      • Passenger cars increased $10.0 billion.
      • Other automotive parts and accessories increased $4.8 billion.
    • Foods, feeds, and beverages increased $15.9 billion.
      • Meat products increased $3.5 billion.
      • Fruits, frozen juices increased $2.3 billion.
      • Bakery products increased $2.2 billion.
      • Other foods increased $2.0 billion.
      • Vegetables increased $1.7 billion.

      Net balance of payments adjustments decreased $0.2 billion.

    Imports of services increased $66.2 billion to $814.4 billion in 2024.

    • Travel increased $19.2 billion.
    • Charges for the use of intellectual property increased $12.2 billion.
    • Transport increased $11.7 billion.
    • Insurance services increased $11.5 billion.

    Real Goods in 2017 Dollars – Census Basis (exhibit 11)

    The real goods deficit increased $98.8 billion, or 9.6 percent, to $1,132.4 billion in 2024, compared to a 13.2 percent increase in the nominal deficit.

    • Real exports of goods increased $41.7 billion, or 2.5 percent, to $1,737.8 billion, compared to a 2.3 percent increase in nominal exports.
    • Real imports of goods increased $140.5 billion, or 5.1 percent, to $2,870.2 billion, compared to a 6.1 percent increase in nominal imports.

    Goods by Selected Countries and Areas – Census Basis (exhibits 14 and 14a)

    The 2024 figures show surpluses, in billions of dollars, with Netherlands ($55.5), South and Central America ($47.3), Hong Kong ($21.9), Australia ($17.9), and United Kingdom ($11.9). Deficits were recorded, in billions of dollars, with China ($295.4), European Union ($235.6), Mexico ($171.8), Vietnam ($123.5), Ireland ($86.7), Germany ($84.8), Taiwan ($73.9), Japan ($68.5), South Korea ($66.0), Canada ($63.3), India ($45.7), Thailand ($45.6), Italy ($44.0), Switzerland ($38.5), Malaysia ($24.8), Indonesia ($17.9), France ($16.4), Austria ($13.1), and Sweden ($9.8).

    • The deficit with the European Union increased $26.9 billion to $235.6 billion in 2024. Exports increased $2.6 billion to $370.2 billion and imports increased $29.4 billion to $605.8 billion.
    • The deficit with Taiwan increased $26.1 billion to $73.9 billion in 2024. Exports increased $2.4 billion to $42.3 billion and imports increased $28.5 billion to $116.3 billion.
    • The surplus with the Netherlands increased $12.7 billion to $55.5 billion in 2024. Exports increased $8.3 billion to $89.6 billion and imports decreased $4.4 billion to $34.1 billion.

    All statistics referenced are seasonally adjusted; statistics are on a balance of payments basis unless otherwise specified. Additional statistics, including not seasonally adjusted statistics and details for goods on a Census basis, are available in exhibits 1-20b of this release. For information on data sources, definitions, and revision procedures, see the explanatory notes in this release. The full release can be found at www.census.gov/foreign-trade/Press-Release/current_press_release/index.html or www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services. The full schedule is available in the Census Bureau’s Economic Briefing Room at www.census.gov/economic-indicators/ or on BEA’s website at www.bea.gov/news/schedule.

    Next release: March 6, 2025, at 8:30 a.m EST
    U.S. International Trade in Goods and Services, January 2025

    Notice

    Impact of Canada Border Services Agency’s (CBSA) Release of CBSA Assessment and Revenue Management (CARM)

    The CBSA introduced a new accounting system (CARM) on October 21, 2024. As a result, importers in Canada have experienced delays in filing shipment information. These delays affected the compilation of statistics on U.S. exports of goods to Canada for September through December 2024, which are derived from data compiled by Canada through the United States – Canada Data Exchange. A dollar estimate of the filing backlog is included in estimates for late receipts and, following the Census Bureau’s customary practice for late receipt estimates, is included in the export end-use category “Other goods” as well as in exports to Canada. This estimate will be replaced with the actual transactions reported by the Harmonized System classification in June 2025 with the release of “U.S. International Trade in Goods and Services, Annual Revision.” Until then, please refer to the supplemental spreadsheet “CARM Exports to Canada Corrections,” which provides a breakdown of the late receipts by 1-digit end-use category. This spreadsheet will be updated as late export transactions are received to reflect reassignments from the initial “Other goods” category to the appropriate 1-digit end-use category.

    If you have questions or need additional information, please contact the Census Bureau, Economic Indicators Division, International Trade Macro Analysis Branch, on 800-549-0595, option 4, or at eid.international.trade.data@census.gov or BEA, Balance of Payments Division, at InternationalAccounts@bea.gov.

    Upcoming Changes to the Real (Chained-Dollar) Series

    Effective with the release of the February 2025 statistics on April 3, 2025, the Census Bureau will continue to use the Bureau of Labor Statistics (BLS) U.S. Import and Export Price Indexes to calculate the chained-dollar series (exhibits 10 and 11). The BLS will be implementing changes to the indexes with the release of the February 2025 U.S. Import and Export Price Indexes on March 18, 2025. The changes to the indexes could impact the chained-dollar values. Please refer to the BLS notice for additional information on the Upcoming Change to Data Source for Import and Export Price Indexes: U.S. Bureau of Labor Statistics.

    If you have any questions or need additional information, please contact the Census Bureau, Economic Statistical Methods Division, International Trade Statistical Methods Branch, on 301-763-3080.

    MIL OSI USA News –

    February 6, 2025
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