Category: Commerce

MIL-OSI USA: Lee Introduces the SHUSH Act to Simplify Suppressor Rules
US Senate News:
Source: United States Senator for Utah Mike Lee

WASHINGTON – Senator Mike Lee (R-UT) and Congressman Michael Cloud (TX-27) have introduced the Silencers Helping Us Save Hearing (SHUSH) Act in the Senate and House, a bill to eliminate the excessive regulation of firearm suppressors. The bill seeks to simplify the purchase process for law-abiding citizens and reduce unnecessary bureaucratic obstacles. Senate cosponsors of the SHUSH Act include Sens. Rick Scott (R-FL), Pete Ricketts (R-NE), Roger Marshall (R-KS), and John Curtis (R-UT). The SHUSH Act has garnered the support of the National Association for Gun Rights, Gun Owners of America, the National Rifle Association and the National Shooting Sports Foundation.

“Despite what Hollywood may lead you to believe, silencers aren’t silent, and they aren’t just for secret agents,” said Senator Lee. “They are a vital tool for hearing protection for countless marksmen and gun enthusiasts across America, and making them prohibitively difficult to obtain is an assault on the 2nd Amendment. The SHUSH Act eliminates federal regulation of silencers and treats them as the non-lethal accessory that they are.”

“Suppressors are a vital tool for responsible gun owners that protect hearing, enhance safety, and reduce firearm noise—but thanks to Hollywood and federal overreach, they’ve been unfairly vilified,” said Congressman Cloud. “Law-abiding Americans shouldn’t have to endure months of red tape and pay an additional tax just to access a safety accessory. The SHUSH Act puts an end to this unnecessary bureaucratic red tape, eliminates the federal tax, and prevents state overreach by treating suppressors like any other firearm accessory.”

“Suppressors are accessories and should be treated just like magazines, scopes, or gun stocks,” said Hunter King, National Association for Gun Rights. “Treating an accessory the same as a gun sets a bad precedence for anti-gun legislators to further regulate other accessories in the future. There’s no reason they should be subjected to the Brady registration scheme. We’re happy and privileged to be able to work with Sen. Lee and Rep. Cloud on this legislation,”

“Gun Owners of America applauds the introduction of the ‘Silencers Helping Us Save Hearing Act’ (SHUSH) Act. The SHUSH Act would not only remove suppressors from the federal regulations of the National Firearms Act, but also treat suppressors as any other firearm accessory – free from the infringing background check process. Senator Lee’s bill will not only benefit hunters and sport shooters, but also take much needed steps for gun owners to restore the rights protected by the Second Amendment,” said Aidan Johnston, Director of Government Affairs, Gun Owners of America.

Background

Suppressors, commonly known as silencers, are non-lethal firearm accessories widely used by hunters, sportsmen, and marksmen. These devices enhance safety by reducing noise, recoil, and muzzle blast. Contrary to popular belief, they do not completely silence firearms.

Currently, the process to legally acquire a suppressor involves an extensive and burdensome procedure through the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF), including:
- Completing two copies of ATF Form 4
- Filling out ATF Form 5330.20 Certification of Compliance
- Obtaining certification from a local chief law enforcement officer and two copies of fingerprints
- Submitting two passport photos and a $200 check to the ATF
- This approval process can take 9-12 months, making the purchase of a suppressor prohibitively complex and costly for many consumers.
The SHUSH Act aims to:
- Eliminate federal regulation of suppressors as firearms under the National Firearms Act (NFA) and the Gun Control Act (GCA).
- Remove existing taxes, fees, and registration requirements associated with suppressors.
- Allow current or retired law enforcement officers to carry concealed firearms with suppressors.
- Preempt state regulations on the manufacture, transfer, transport, or possession of suppressors.
- Strike provisions requiring mandatory minimum sentences for suppressor possession in certain cases.
- Exempt suppressors from regulation by the Consumer Product Safety Commission.
- Provide a provision for a refund of the $200 transfer tax for anyone who purchased a suppressor within two years prior to the enactment of the bill.
- If passed, the SHUSH Act will work alongside the Hearing Protection Act to further deregulate suppressors and remove them from the Gun Control Act of 1968.
SHUSH Act: Bill Text | One-Pager
MIL OSI USA News –
February 1, 2025
MIL-OSI Asia-Pac: Notification of Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Amendment Rules, 2025

Source: Government of India (2)

Notification of Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Amendment Rules, 2025

Aadhaar Authentication expanded to government and private entities for providing various services in the public interest boosting innovation, knowledge, and public service enhancement

Amendments to enhance the scope for residents in availing many new services seamlessly w.r.t E-Commerce, Travel, Tourism, Hospitality, and Health Services

Amended Rules to promote the ease of living and livelihood

Posted On: 31 JAN 2025 8:18PM by PIB Delhi

Aadhaar Authentication for Good Governance (Social Welfare, Innovation, Knowledge) Amendment Rules, 2025 under the Aadhaar (Targeted Delivery of Financial and Other Subsidies, Benefits and Services) Act, 2016 have been notified by the Ministry of Electronics and Information Technology (MeitY) today. This amendment has been done to help in improving transparency and inclusivity in the decision-making process.

Expanding Aadhaar Authentication for Ease of Living

The amendment seeks to enhance the scope and utility of Aadhaar authentication to further promote good governance, social welfare, innovation, and knowledge dissemination allowing the usage of Aadhaar for improving service delivery and thereby enhancing ease of living for residents and enabling better access to various services for them. The amendment would help people seamlessly avail the services of e-commerce, travel, tourism, hospitality and health sector etc. being provided by entities other than government entities also.

The amendment enables both government and non-government entities to avail Aadhaar authentication service for providing various services in the public interest for related specific purposes like enablement of innovation, spread of knowledge, promoting ease of living of residents and enabling better access to services for them. This will help both the service providers as well as the service seekers to have trusted transactions.

Streamlined approval process for Aadhaar Authentication requests

Any entity seeking Aadhaar authentication will be required to apply with the details of intended requirements to the concerned ministry or department of the Central or the State government in a format being made available on a portal for this purpose. The applications will be examined by UIDAI and MeitY will issue the approval based on the recommendation of UIDAI. The concerned ministry or department of the Central or State Government will notify the entity for Aadhaar usage after receiving confirmation from MeitY.

This amendment is expected to enhance access to efficient and streamlined Aadhaar-enabled services for individuals. It will encourage the development of innovative digital solutions leveraging Aadhaar authentication and strengthen partnerships between the government and other entities for improved governance solutions.

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Dharmendra Tewari/Kshitij Singha

(Release ID: 2098223) Visitor Counter : 41

MIL OSI Asia Pacific News –

February 1, 2025
MIL-OSI Asia-Pac: Evolve into strategic advisors, ethical guardians & innovators to stay relevant in this technology-driven environment: Raksha Mantri to CAs at World Forum of Accountants

Source: Government of India

Posted On: 31 JAN 2025 4:30PM by PIB Delhi

Raksha Mantri Shri Rajnath Singh has called upon the Chartered Accountants (CAs) to evolve into strategic advisors, ethical guardians and innovators in order to stay relevant in the present dynamic & technology-driven environment. Addressing the inaugural session of the World Forum of Accountants organised by the Institute of Chartered Accountants of India (ICAI) in New Delhi on January 31, 2025, Shri Rajnath Singh termed ‘new set of skills, including critical thinking, emotional intelligence & adaptability’ as an essential requirement in today’s times.

Underscoring the extraordinary pace of technological advancements, Raksha Mantri stated that the corporate landscape was once dominated by large, centralised organisations, and this status quo has been challenged by the active surge in the number of start-ups. He pointed out that transnational trade is now a reality, with organisations growing larger and more intricate, resulting in information explosion.

“This dynamic environment demands constant innovation. The traditional ways of processing and analysing information are being challenged by new innovations whose value is still not clear. These realities mean that as accountants, you must not only learn continuously but also innovate and adapt to stay ahead of the curve. You are the guardians of trust, the gatekeepers of accountability, and ultimately, the custodians of prosperity in this ever-evolving world. The future not only demands expertise, but also courage & creativity to innovate and uphold the highest standards of your profession,” Shri Rajnath Singh told the CAs present on the occasion.

Asserting that India is a resurgent power on the global stage and the businesses & reputation of Indian professionals are thriving internationally, Raksha Mantri acknowledged the recognition earned by the CAs for their trustworthiness and expertise. “For CAs, signature is not just a symbol, but also a representation of trust, integrity and professionalism. It has the ability to influence financial decisions, shape businesses and impact lives of one & all,” he added.

Shri Rajnath Singh phrased ‘accountants’ as the sentinels of organisational transparency, tasked with disseminating crucial information about profits, losses, cash flows, balance sheets, assets and liabilities. He stated that being trustworthy, truthful, and maintaining integrity are fundamental individual values for any accountant, terming them as the cornerstone of the collective ethos that upholds the credibility of the entire financial ecosystem.

Raksha Mantri lauded the dedication and commitment of CAs who, he said, have been instrumental in the growth of the country. To the accountants of friendly countries present on the occasion, he stated that India is open to business, and it means business. “We are willing to learn, adapt and share our expertise. We are ready to invest in our shared planetary future,” he said.

The theme of the three-day event is ‘Accountability Meets Innovation (AI): For a Sustainable Planet’. It aims to deliberate on a number of themes, including the Future of Finance and Accounting, Accountancy as a Catalyst for Sustainable Development, Accountants as Business Advisors, Building Trust and Public Confidence, Accountants as climate change leaders, AI in Sustainability Reporting, Ethical AI in Accounting, AI-Driven Risk Management for Sustainability.

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VK/SR/Savvy

(Release ID: 2098015) Visitor Counter : 56

MIL OSI Asia Pacific News –

February 1, 2025
MIL-OSI USA: FEMA Schedules Additional Agriculture Recovery Centers

Source: US Federal Emergency Management Agency 2

strong>HICKORY, N.C. – Four more one-day Agricultural Recovery Centers are planned the first week of February to help North Carolina farmers recover from Helene damage. All are open 9 a.m. to 6 p.m.
Feb. 3 in Mitchell County
Mayland Community College
Sam Phillips Center (next to vocational building)
200 Mayland Dr.
Spruce Pine, NC 28777

Feb. 4 in Burke County:
Burke County Agricultural Center
130 Ammons Rd.
Morganton, NC 28655

Feb. 5 in Avery County:Avery Cooperative Extension
661 Vale Rd.
Newland, NC 28657

Feb. 6 in Yancey County
Yancey Senior Center
503 Medical Campus Dr.
Burnsville, NC 28714

The walk-through events will provide information on addressing agricultural or rural needs that are not covered by standard programs offered by FEMA or the state and offer opportunities for farmers, ranchers, nursery owners, vineyards, honeybee growers and fish producers to meet with agricultural officials to learn about specific assistance available as they recover.
The centers have specifically trained representatives of FEMA, the U.S. Department of Agriculture, North Carolina Department of Commerce and Natural Resources, U.S. Small Business Administration, local Farm Service Agency officials and other government agencies, to assist agricultural workers with their recovery needs. Please bring evidence of ownership, or photos of damaged or lost tools and equipment, along with estimated replacement costs to expedite your application. You can learn more here: Help for Self-Employed.
These events kicked off with four centers this week in McDowell, Henderson, Buncombe and Watauga counties.

MIL OSI USA News –

February 1, 2025
MIL-OSI USA: Senator Reverend Warnock Reminds Georgians of Looming Deadline to Apply for FEMA Assistance for Hurricane Helene Recovery

US Senate News:

Source: United States Senator Reverend Raphael Warnock – Georgia

Senator Reverend Warnock Reminds Georgians of Looming Deadline to Apply for FEMA Assistance for Hurricane Helene Recovery

Deadline is February 7, 2025 for Georgians to apply for federal relief in the counties designated for Individual Assistance
To date, FEMA has provided $290,000,000 in individual and household assistance to Georgians impacted by Hurricane Helene
Senator Reverend Warnock: “As state and federal partners continue to process and administer federal funding to help local communities, I will remain vigilant in ensuring Georgians impacted by these devastating storms get the full assistance they are owed”

Senator Warnock distributing bottled water to the Augusta community following Hurricane Helene in 2024
Washington, D.C. – Today, U.S. Senator Reverend Raphael Warnock (D-GA) is reminding Georgians impacted by Tropical Storm Debby (August 4—20. 2024) and Hurricane Helene (September 24—October 30, 2024) in the counties designated for Individual Assistance that they have until February 7, 2025 to apply for FEMA assistance. To date, FEMA has provided $290,000,000 in individual and household assistance to Georgians impacted by Hurricane Helene.
“I continue to pray for and work on behalf of all Georgians impacted by Hurricane Helene. I am proud we were able to pass major federal disaster relief for Georgia families and farmers recovering and I have been on the ground across the state helping to connect local communities to federal resources,” said Senator Reverend Warnock. “As state and federal partners continue to process and administer federal funding to help local communities, I will remain vigilant in ensuring Georgians impacted by these devastating storms get the full assistance they are owed.”
The application period for federal disaster assistance ends on Friday, February 7, 2025. Counties approved for assistance for Hurricane Helene are: Appling, Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks, Bryan, Bulloch, Burke, Butts, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Colquitt, Columbia, Cook, Dodge, Echols, Effingham, Elbert, Emanuel, Evans, Fulton, Glascock, Glynn, Hancock, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Lincoln, Long, Lowndes, McDuffie, McIntosh, Montgomery, Newton, Pierce, Rabun, Richmond, Screven, Stephens, Taliaferro, Tattnall, Telfair, Thomas, Tift, Toombs, Treutlen, Ware, Warren, Washington, Wayne, Wheeler and Wilkes.
Counties approved for assistance for Tropical Storm Debby are: Bryan, Bulloch, Chatham, Effingham, Evans, Liberty, Long and Screven.
If a Georgian has storm-related expenses and lives or owns a business in one of the listed counties, they are encouraged to apply for disaster assistance. FEMA assistance can provide grants, and the U.S. Small Business Administration (SBA) may offer loans for temporary housing, home repairs and other disaster-related needs. For more information or to apply online with SBA, visit sba.gov/disaster. Additional information is also available by calling the Customer Service Center at (800) 659-2955 or via email to disastercustomerservice@sba.gov.
Georgians can apply for FEMA assistance online at DisasterAssistance.gov. Georgians can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day and help is available in most languages. Survivors can also contact the Georgia Call Center Monday through Saturday at 678-547-2861 for assistance with their application.
To apply in person, visit a Disaster Recovery Center, where FEMA and SBA specialists can help you apply for assistance, upload documents, answer questions and provide information on available resources. Georgians may visit any open Disaster Recovery Center. For locations and hours, go online to fema.gov/drc. All centers are accessible to people with disabilities or access and functional needs and are equipped with assistive technology.
For the latest information about Georgia’s recovery, visit fema.gov/helene/georgia and fema.gov/disaster/4821.

MIL OSI USA News –

February 1, 2025
MIL-OSI USA: Governor Josh Stein Announces $30 Million Public-Private Partnership to Fund Grants for Small Businesses Impacted by Hurricane Helene
Source: US State of North Carolina

Headline: Governor Josh Stein Announces $30 Million Public-Private Partnership to Fund Grants for Small Businesses Impacted by Hurricane Helene

Governor Josh Stein Announces $30 Million Public-Private Partnership to Fund Grants for Small Businesses Impacted by Hurricane Helene
bwood
Fri, 01/31/2025 – 13:37

Raleigh, NC
Today in Boone, Governor Josh Stein joined Dogwood Health Trust to announce a $30 million small business grant program to support businesses impacted by Hurricane Helene and bolster economic recovery. Small businesses with an annual revenue of up to and including $2.5 million are eligible to apply for grants up to $50,000 from the Western North Carolina Small Business Initiative grant program.

“Small businesses are the heart of western North Carolina and need our support to get through these slow winter months,” said Governor Josh Stein. “The Western North Carolina Small Business grant program will help small businesses with their urgent needs and support the region’s economic recovery. I am proud these state dollars are leveraging additional Dogwood Trust dollars, and I am grateful to Dogwood for its leadership.”

“As a private foundation committed to Western North Carolina’s health and wellbeing, Dogwood Health Trust created the Western North Carolina Small Business Initiative last fall as part of our larger Helene relief efforts to provide grants to small businesses most impacted by the storm. These businesses are vital to the health of our communities,” said Dogwood President and CEO Dr. Susan Mims. “We are proud to expand our support alongside the state of North Carolina and encourage more philanthropic organizations to support this critical effort.”

Governor Stein also announced that the state is awarding $3 million to Baptists on Mission and $3 million to Habitat for Humanity NC to support their housing repair initiatives. Every day, both organizations are mobilizing hundreds of volunteers to repair and rebuild homes that are safe and habitable.

“Our volunteers are working day in and day out to get homeowners back into their homes as quickly as possible,” said Richard Brunson, Executive Director of Baptists on Mission. “We are grateful for Governor Stein’s support to ensure this work can continue to help the people of western North Carolina recover from this devastating storm.”

“We have seen tremendous need across the western North Carolina region, and people want more than anything to be back in their homes,” said Marlowe Foster, President & CEO of Habitat for Humanity North Carolina. “We thank Governor Stein for recognizing the needs of this region and giving us the tools to continue helping families rebuild.”

In the wake of Helene, impacted businesses lost $13 billion in revenue. These grants will help businesses make payroll, pay operating expenses, and stabilize the local economy as tourism slowly ramps up again.

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.
Jan 31, 2025

MIL OSI USA News –
February 1, 2025
MIL-OSI USA: Q&A: President’s Cabinet

US Senate News:

Source: United States Senator for Iowa Chuck Grassley

Q: Why does the nation’s chief executive have a team of advisors known as the President’s Cabinet?

A: During the Constitutional Convention in 1787, delegates hashed out how to organize the executive branch and whether the president would act independently or collaborate with a council of ministers. One proposal suggested a council comprised of the Speaker of the House, the President of the Senate and the Chief Justice of the Supreme Court. Ultimately, the delegates vested theexecutive power in a single person: the President of the United States. However, they also included constitutional guardrails unique to our system of checks and balances, granting the power of “advise and consent” to the Senate on appointments and treaties. So, while the president’s “Cabinet” is not spelled out in the Constitution, Article II, Section 2, clause 1 authorizes the president “may require the Opinion … of the principal Officer in each of the executive Departments, upon any Subject relating to the Duties of their respective Officers.” In other words, the president has the power to surround himself with a team of people to carry out the laws of the land.

President George Washington created the first Cabinet and nominated four individuals for Secretary of the Treasury, Secretary of State, Secretary of War and Attorney General. Washington met regularly with his Cabinet to discuss core functions of the new federal government: money supply, diplomacy, defense, enforcement of laws and administration of justice. His successors followed this precedent to surround themselves with trusted advisors to “take Care that the Laws be faithfully executed.” The Cabinet has expanded over the years, most recently with creation of the Department of Homeland Security post-9/11. Today, the Cabinet includes the Vice President and heads of 15 executive departments, including the U.S. Attorney General; Secretaries of Agriculture; Commerce; Defense; Education; Energy; Health and Human Services; Homeland Security; Housing and Urban Development; Interior; Labor; State; Treasury; Transportation; and, Veterans Affairs. Also serving in Cabinet-level positions are the Administrators of the Environmental Protection Agency and Small Business Administration; Directors of the Central Intelligence Agency; National Intelligence; and, Office of Management and Budget; U.S. Ambassador to the United Nations; and the U.S. Trade Representative. Since the 113^th Congress, Cabinet nominees are confirmed by a simple majority in the U.S. Senate. If approved, nominees are sworn in before beginning their duties.

Q: What is the Senate’s role in the confirmation process?

A: The Constitution gives the president and the Senate shared authority to make appointments to high-level positions in the federal government, including the federal judiciary and the president’s Cabinet. History shows the Senate extends deference to presidents selecting advisors to help them carry out the operations of the executive branch of government. In the 19^th century, the Senate revised its rules to require the referral of nominations to the appropriate committees. A century later, Senate committees held public hearings and questioned nominees in person. As chairman of the Senate Judiciary Committee in the 119^th Congress, I’ve led confirmation hearings for President Trump’s nominees to serve as the Attorney General and the Director of the FBI. From my assignments on the Senate Agriculture, Finance and Budget Committees, I’ve participated in confirmation hearings for the Secretaries of Agriculture, Treasury, Health and Human Services and Director of the Office of Management and Budget. It’s my policy to wait until after these hearings conclude to make my final decision on the nomination. The Senate’s “advise and consent” authority is one tool to keep check on the executive branch and has factored into the rejection or withdrawl of Cabinet nominees for centuries. At the same time, the Senate has a compelling interest not to impede the continuity of government from one administration to the next. It’s critical to the functioning of government to have these high-level officials in place. For Presidents Clinton, Bush and Obama, 84 percent of Cabinet secretaries nominated before Inauguration Day received quick Senate approval, an average of 2.4 days. After passing background checks, answering questions in writing, in private meetings and under the Senate microscope in public confirmation hearings and being referred favorably by the committees of jurisdiction, the president’s nominees deserve a timely vote in the U.S. Senate. The devastating collision on Jan. 29 over the Potomac River – the worst aviation crash in America in a quarter century – underscores the urgency to get the president’s team in place.

MIL OSI USA News –

February 1, 2025

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

Source: International Monetary Fund

January 31, 2025

Washington, DC: The Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Samoa on January 16, 2025 and endorsed the staff appraisal without a meeting on a lapse-of-time basis.^{^[2]}

Samoa’s economic recovery has been remarkable. Following a 15 percent contraction over 3 years during the pandemic, GDP growth rebounded to 9.2 percent in FY2023 and accelerated further to 9.4 percent in FY2024, driven by a quick recovery in the tourism sector. Inflation has declined from double digit levels in FY2023 to 2.9 percent year-on-year in October 2024. The fiscal surplus increased further to 10.1 percent of GDP in FY2024, supported by robust grant flows, buoyant tax revenues, and restrained expenditures, including low capital spending amid capacity constraints. The current account moved to a surplus in FY2024 which, combined with continued strong grant inflows, supported a significant increase in foreign reserves.

GDP growth is projected to remain robust at 5.5 percent in FY2025, driven by an anticipated pickup in public investment and the preparations and hosting of the Commonwealth Heads of Government Meeting (CHOGM). Inflation is expected to rise moderately amid the ongoing economic recovery. While the near-term outlook remains favorable, growth is expected to slow to the historical average of around 2 percent in the medium term. Furthermore, risks to the outlook are skewed to the downside amid heightened global uncertainties and potential pressures on inflation, including from significant excess liquidity in the banking system.

Executive Board Assessment

In concluding the 2024 Article IV consultation with Samoa, Executive Directors endorsed the staff’s appraisal, as follows:

Samoa’s near-term economic outlook remains favorable. GDP growth in FY2025 is projected to remain well above pre-pandemic levels, supported by the preparations and hosting of CHOGM and the envisaged expansionary fiscal stance. Inflation is expected to rise moderately as the economic recovery continues. GDP growth is expected to converge towards the historical average of about 2 percent over the medium-term. Risks to the outlook are tilted to the downside, including from a slowdown in key trading partners amid heightened global uncertainty, as well as upside risks to inflation from external and domestic sources.

Samoa’s recent policy mix has helped build significant economic buffers but has also presented challenges. Large fiscal surpluses have improved debt dynamics, resulting in an upgrade to Samoa’s debt distress rating from high to moderate in the IMF-WB DSA, but low capital spending is undermining the economy’s productive capacity. The tight fiscal stance, coupled with high grants and remittance inflows and the exchange rate peg, has resulted in the emergence of a large current account surplus with the external sector assessed to be substantially stronger than the level implied by fundamentals and desired policy settings. The resulting large build up in foreign reserves has also created excess liquidity in the banking system.

An expansionary fiscal stance will support the economy, while fiscal reforms can improve the effectiveness of policy and mitigate risks. The focus in the near term should be overcoming capacity constraints to execute much needed public investment, including climate-related projects.

Maintaining PFM controls over the DDP, including through the election cycle, remains a priority. Improving fiscal data and implementing further PFM reforms can also help improve policy formulation, implementation, and credibility. Fully reversing the pandemic-era utility tariff cuts, while implementing any support for low-income households transparently through the budget, can help address lingering weakness in some SOEs while protecting the vulnerable.

Monetary policy normalization should continue, with an aim to guide interest rates higher. The exchange rate peg remains the appropriate nominal anchor. However, to guard against domestic inflation risks, monetary policy should aim to reduce excess liquidity to reasonable levels and push real short-term rates to positive territory.

Further strengthening financial supervision and regulation, including for PFIs, should be a priority. Financial sector risks have declined relative to the pandemic but require continued monitoring. Priorities for the banking system include operationalizing the emergency liquidity assistance framework and enhancing prudential standards. Upgrading governance and prudential regulations for PFIs is also needed to contain potential risks. Establishing an online credit registry will help advance financial inclusion.

A multi-pronged approach can help mitigate CBR pressures. Strengthening the AML/CFT legal framework and implementing effective risk-based supervision will help prepare Samoa for its APG mutual evaluation in 2027. Ensuring the timely rollout of the e-KYC facility and the National Digital ID will help improve customer due diligence. Given low ML/TF risks from remittance payments, effort should be made to streamline regulatory and supervisory requirements on both sides of main remittance corridors.

Overcoming significant structural challenges which impede the medium-term growth potential will require concerted reform efforts. Key priorities include attracting foreign investment, reducing trade facilitation costs, and mitigating the impact of the pickup in the seasonal workers program, including by enhancing human capital and raising labor force participation rates.

Table 1. Samoa: Selected Economic and Financial Indicators ^1/
					Proj.
	2020/21	2021/22	2022/23	2023/24	2024/25	2025/26	2026/27	2027/28	2028/29

Output and Inflation	(12-month percent change)
Real GDP	-7.0	-5.4	9.2	9.4	5.5	2.8	2.1	2.0	2.0
Nominal GDP	-7.5	0.0	18.0	14.9	8.7	6.0	5.2	5.0	5.1
Consumer price index (end of period)	4.1	10.8	10.7	0.8	3.5	2.6	3.0	3.0	3.0
Consumer price index (period average)	-3.0	8.7	12.0	3.6	3.1	3.0	3.0	3.0	3.0
Central Government Finances	(In percent of GDP)
Revenue and grants	36.5	38.5	34.1	36.0	33.0	32.0	31.5	31.5	31.4
Of which: Grants	6.8	9.4	4.5	6.2	4.2	4.0	4.0	4.0	4.0
Expenditure	34.7	33.1	31.0	25.9	33.1	33.5	33.4	33.5	33.6
Of which: Expense	31.3	32.2	27.5	25.7	27.9	28.3	28.2	28.3	28.2
Of which: Net acquisition of non-financial assets	3.4	0.9	3.5	0.3	5.2	5.2	5.2	5.2	5.4
Overall balance	1.7	5.4	3.0	10.1	-0.1	-1.5	-1.9	-2.0	-2.2
Gross debt outstanding	46.3	43.7	33.3	27.7	22.5	19.3	20.4	21.5	22.6
Money and Credit Aggregates	(12-month percent change)
Broad money (M2)	8.1	2.2	16.3	7.7	7.5	6.0	6.0	6.0	6.0
Private sector credit, commercial banks	1.5	0.2	-2.6	3.5	4.0	5.0	5.0	5.0	5.0
Private sector credit, other financial corporations	-0.9	4.9	2.9	8.2	…	…	…	…	…
Private sector credit, total financial system	2.0	0.6	-0.1	3.7	…	…	…	…	…
Private Sector Credit	(In percent of GDP)
Commercial banks	53.1	53.2	43.9	39.5	…	…	…	…	…
Total financial system	94.0	94.6	80.1	72.3	…	…	…	…	…
Bank Financial Soundness
Regulatory capital to risk- weighted assets, ratio	28.1	28.8	33.2	29.0	…	…	…	…	…
Non-performing loans to total gross loans, ratio	3.7	4.6	4.7	4.6	…	…	…	…	…

Balance of Payments	(In percent of GDP)
Current account balance	-14.5	-11.3	-3.3	4.0	-0.5	-1.2	-1.3	-1.6	-2.0
Merchandise exports, f.o.b.	4.1	3.8	4.6	3.5	3.4	3.5	3.5	3.5	3.7
Merchandise imports, f.o.b.	37.8	41.4	47.1	41.3	43.0	42.9	42.7	42.5	42.5
Services (net)	-3.9	-2.9	10.8	17.6	16.4	16.0	16.0	16.0	16.0
Of which: Tourism receipts	0.0	0.0	16.4	21.0	21.9	21.5	21.5	21.5	21.5
Income (net)	-1.7	-2.6	-1.3	-2.3	-2.7	-2.8	-2.8	-2.8	-2.8
Current transfers (net)	24.8	31.7	29.6	26.4	25.4	25.1	24.6	24.1	23.7
External Reserves and Debt
Gross official reserves (million U.S. dollars) 2/	288.5	303.2	401.7	494.3	503.8	506.2	523.9	542.9	557.5
(in months of next year’s imports)	7.9	6.4	8.3	9.0	8.8	8.5	8.5	8.3	8.2
External debt (in percent of GDP)	46.1	43.6	33.3	25.9	20.9	17.8	19.0	20.3	21.5

Exchange Rates
Market rate (tala/U.S. dollar, period average)	2.57	2.61	2.73	2.76	…	…	…	…	…
Real effective exchange rate	-0.5	6.4	9.2	-0.6	…	…	…	…	…
(12-month percent change) 3/

Memorandum items:
Nominal GDP (million tala)	2,169	2,170	2,562	2,943	3,200	3,391	3,568	3,748	3,938
GDP per capita (U.S. dollars)	4,136	4,032	4,498	5,070	5,474	5,728	5,945	6,160	6,440

Sources: Data provided by the Samoan authorities; and IMF staff estimates and projections.
1/ Fiscal years July-June.
2/ Incorporates August 2021 SDR allocation.
3/ Increase signifies appreciation.

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

[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

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

MIL OSI Economics –

February 1, 2025

MIL-OSI Global: DeepSeek: what you need to know about the Chinese firm disrupting the AI landscape

Source: The Conversation – UK – By Stuart Mills, Assistant Professor of Economics, University of Leeds

Before January 27 2025, it’s fair to say that Chinese tech company DeepSeek was flying under the radar. And then it came dramatically into view.

Suddenly, everyone was talking about it – not least the shareholders and executives at US tech firms like Nvidia, Microsoft and Google, which all saw their company values tumble thanks to the success of this AI startup research lab.

Founded by a successful Chinese hedge fund manager, the lab has taken a different approach to artificial intelligence. One of the major differences is cost.

The development costs for Open AI’s ChatGPT-4 were said to be in excess of US$100 million (£81 million). DeepSeek’s R1 model – which is used to generate content, solve logic problems and create computer code – was reportedly made using much fewer, less powerful computer chips than the likes of GPT-4, resulting in costs claimed (but unverified) to be as low as US$6 million.

This has both financial and geopolitical effects. China is subject to US sanctions on importing the most advanced computer chips. But the fact that a Chinese startup has been able to build such an advanced model raises questions about the effectiveness of these sanctions, and whether Chinese innovators can work around them.

The timing of DeepSeek’s new release on January 20, as Donald Trump was being sworn in as president, signalled a challenge to US dominance in AI. Trump responded by describing the moment as a “wake-up call”.

From a financial point of view, the most noticeable effect may be on consumers. Unlike rivals such as OpenAI, which recently began charging US$200 per month for access to their premium models, DeepSeek’s comparable tools are currently free. They are also “open source”, allowing anyone to poke around in the code and reconfigure things as they wish.

Low costs of development and efficient use of hardware seem to have afforded DeepSeek this cost advantage, and have already forced some Chinese rivals to lower their prices. Consumers should anticipate lower costs from other AI services too.

Artificial investment

Longer term – which, in the AI industry, can still be remarkably soon – the success of DeepSeek could have a big impact on AI investment.

This is because so far, almost all of the big AI companies – OpenAI, Meta, Google – have been struggling to commercialise their models and be profitable.

Until now, this was not necessarily a problem. Companies like Twitter and Uber went years without making profits, prioritising a commanding market share (lots of users) instead.

And companies like OpenAI have been doing the same. In exchange for continuous investment from hedge funds and other organisations, they promise to build even more powerful models.

These models, the business pitch probably goes, will massively boost productivity and then profitability for businesses, which will end up happy to pay for AI products. In the mean time, all the tech companies need to do is collect more data, buy more powerful chips (and more of them), and develop their models for longer.

But this costs a lot of money.

Nvidia’s Blackwell chip – the world’s most powerful AI chip to date – costs around US$40,000 per unit, and AI companies often need tens of thousands of them. But up to now, AI companies haven’t really struggled to attract the necessary investment, even if the sums are huge.

DeepSeek might change all this.

By demonstrating that innovations with existing (and perhaps less advanced) hardware can achieve similar performance, it has given a warning that throwing money at AI is not guaranteed to pay off.

For example, prior to January 20, it may have been assumed that the most advanced AI models require massive data centres and other infrastructure. This meant the likes of Google, Microsoft and OpenAI would face limited competition because of the high barriers (the vast expense) to enter this industry.

Money worries

But if those barriers to entry are much lower than everyone thinks – as DeepSeek’s success suggests – then many massive AI investments suddenly look a lot riskier. Hence the abrupt effect on big tech share prices.

Shares in chipmaker Nvidia fell by around 17% and ASML, which creates the machines needed to manufacture advanced chips, also saw its share price fall. (While there has been a slight bounceback in Nvidia’s stock price, it appears to have settled below its previous highs, reflecting a new market reality.)

Nvidia and ASML are “pick-and-shovel” companies that make the tools necessary to create a product, rather than the product itself. (The term comes from the idea that in a goldrush, the only person guaranteed to make money is the one selling the picks and shovels.)

The “shovels” they sell are chips and chip-making equipment. The fall in their share prices came from the sense that if DeepSeek’s much cheaper approach works, the billions of dollars of future sales that investors have priced into these companies may not materialise.

‘When we find some gold we can invest in AI.’
Everett Collection/Shutterstock

For the likes of Microsoft, Google and Meta (OpenAI is not publicly traded), the cost of building advanced AI may now have fallen, meaning these firms will have to spend less to remain competitive. That, for them, could be a good thing.

But there is now doubt as to whether these companies can successfully monetise their AI programmes.

US stocks make up a historically large percentage of global investment right now, and technology companies make up a historically large percentage of the value of the US stock market. Losses in this industry might force investors to sell off other investments to cover their losses in tech, leading to a whole-market downturn.

And it shouldn’t have come as a surprise. In 2023, a leaked Google memo warned that the AI industry was exposed to outsider disruption. The memo argued that AI companies “had no moat” – no protection – against rival models. DeepSeek’s success may be the proof that this is true.

Richard Whittle receives funding from the ESRC, Research England and was the recipient of a CAPE Fellowship.

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

– ref. DeepSeek: what you need to know about the Chinese firm disrupting the AI landscape – https://theconversation.com/deepseek-what-you-need-to-know-about-the-chinese-firm-disrupting-the-ai-landscape-248621

MIL OSI – Global Reports –

February 1, 2025
MIL-OSI USA: What They Are Saying: Gov. Kemp Unveils Plan to Tackle Tort Reform and Stabilize Insurance Costs for Hardworking Georgians

Source: US State of Georgia

ATLANTA, GA – In front of what AJC Political Reporter Greg Bluestein described as “one of the most crowded press conferences I’ve seen in years at the Gold Dome,” Governor Brian Kemp laid out his plan to level the playing field in our courtrooms, ban hostile foreign powers from taking advantage of consumers and legal proceedings, stabilize insurance costs for businesses and consumers, increase transparency and fairness, and ensure Georgia continues to be the best place to live, work, and raise a family.

The announcement has since received praise from, leaders and members of the Georgia General Assembly, doctors, industry partners, and other stakeholders.

Read more of what they are saying:

Lieutenant Governor Burt Jones

“My position on this important issue has always been the same. If we want to continue to be the #I state in which to do business, we must foster a business-friendly climate. We have to work together to ensure that we put families and consumers first by tackling the hidden costs we all pay thanks to Georgia’s current tort laws. I look forward to working with those in the General Assembly to move these bills through the legislative process.”

Senator John F. Kennedy

“Georgia’s current legal environment raises prices and undermines the ability of job creators to start and grow their business.

@GovKemp’s tort reform legislation will level the playing field in our courts and stabilize costs for families and consumers. I look forward to working alongside my colleagues to get this meaningful tort reform across the finish line.”

House Speaker Pro Tempore Jan Jones

“…@GovKemp announced plans for lawsuit reform that will reduce insurance costs, helping business owners keep the lights on, while preserving citizens’ rights to legal relief. I look forward to discussing these issues and enabling Georgia to stay competitive.”

Georgia House Republican Caucus

“The Georgia House stands ready to support @GovKemp’s efforts this session to bring meaningful judicial reform to our state and ease burdens on our state’s job creators!”

Caylee Noggle – President, Georgia Hospital Association

“Georgia Hospital Association members and their physicians applauded our elected leaders, including Office of Governor Brian P. Kemp , Lieutenant Governor Burt Jones , and Speaker Jon Burns, today in support of common sense, fair tort reforms that will rebalance the system and protect access to healthcare, improve patient safety and outcomes, and preserve our workforce.”

Chris Clark – President/CEO, Georgia Chamber of Commerce

“…Georgia took an important step forward to curb lawsuit abuse, to protect families, small business and our economic competitiveness. The Georgia Chamber of Commerce and our 50,000 members and their millions of hard working Georgians team members will work day and night for bipartisan legislation that ensures our legal system is focused on justice and not jackpots!”

Katie Kirkpatrick – President & CEO, Metro Atlanta Chamber

“MAC supports Governor Kemp for his strong commitment to enacting meaningful tort reform. As a top legislative priority for the Metro Atlanta Chamber, we know the critical importance of this effort to address key challenges faced by businesses and healthcare providers. Governor Kemp’s proposed legislative package aims to bring balance to legal proceedings and create parity with neighboring states.”

Marsha Poorak – CEO, Southern Electric Company, LLC

“Businesses in our state showed up strong this morning to support Governor Kemp’s tort reform efforts! It was incredible standing on the steps behind him with medical professionals, construction workers, convenience store owners, and many more… The turnout demonstrated what we already know: tort reform is desperately needed by almost every industry in our state.”

Georgia Child Care Association

“Child care centers across Georgia are facing skyrocketing insurance premiums—some increasing over 20% annually. These rising costs make it harder for centers to stay open and affordable for families.

The Georgia Child Care Association (GCCA) supports civil justice reforms to address the financial strain caused by excessive lawsuits and large settlements. Our goal is to strike a balance that ensures fair outcomes while reducing unnecessary financial burdens on child care providers.”

Georgia Restaurant Association

“We’re standing with Governor Kemp for Legal Reform! 💪

GRA members proudly supported Governor Brian Kemp as he unveiled a new legislative package for comprehensive tort reform. This bill will protect both business owners and consumers from frivolous lawsuits, ensuring a more fair legal system. We look forward to to collaborating with the governor to advance this critical legislation!”

Georgia Health Care Association/Georgia Center for Assisted Living

“We commend Gov. Kemp for prioritizing these important reform efforts, which will promote accountability and help ensure resources are directed where they are most needed – toward providing high-quality care for residents and patients.”

Georgia Association of Manufacturers

“As the only Association in the state focused solely on manufacturers, GAM strongly supports Governor Kemp’s tort reform initiative.”

Georgia Motor Trucking Association

“The time for change in Georgia is now. We are proud to stand in support of @GovKemp’s tort reform bill and fight for ALL Georgians.”

Georgia Retailers

“Thank you @GovKemp for your leadership! Your proposed reforms will protect responsible retailers and restore fairness and common sense. We are proud to stand with you!”

Georgia REALTORS

“GAR leadership and our advocacy staff joined Governor Kemp’s press conference supporting his tort reform legislative package, which aims to address Georgia’s challenging legal environment. GAR will continue working alongside state leadership to advance meaningful tort reform that promotes a fair legal system and economic growth across our state.”

Georgia Senior Living Association

“The Georgia Senior Living Association is grateful to Governor Brian Kemp, Lt. Governor Burt Jones, Speaker John Burns, and Insurance Commissioner John King for their support of the people and businesses in Georgia. Now is the time for GSLA action…”

The Georgia Hotel & Lodging Association (GHLA)

“The Georgia Hotel & Lodging Association (GHLA) and the hotel industry across our state fully support Governor Brian Kemp’s initiatives to bring much-needed litigation and insurance reforms to Georgia. Unchecked jury verdicts, soaring insurance premiums, and limited access to adequate coverage are placing an unsustainable burden on businesses, driving up operational costs, and jeopardizing the future of our industry. These proposed reforms are critical to restoring fairness and predictability, ensuring that Georgia continues to be a premier destination for both business and tourism”

MIL OSI USA News –

February 1, 2025
MIL-OSI USA: Sen. Sheikh Rahman: Weeks 2 & 3 of the Legislative Session

Source: US State of Georgia

As we enter the heart of the legislative session, work under the Gold Dome is moving full speed ahead. Even as ice and snow swept across South Georgia and Atlanta last week, our commitment to serving the people of Georgia never wavered.

We hit the ground running when we returned to the Capitol this past Monday. Some highlights included the Senate Democratic Caucus Press Conference, Alpha Kappa Alpha Sorority Inc. Day and Chamber of Commerce Day. I am always excited to see these events full of Georgians getting involved in our state government.

As budget hearings for the next fiscal year continue over the remainder of session, we have a critical opportunity to shape investments that will directly impact our communities. Governor Brian Kemp’s proposed budget includes $50 million in security grants for individual schools—an essential step toward keeping students safe. However, proper school safety goes beyond physical security; it requires a commitment to addressing the broader issues affecting student well-being. I will continue advocating for a budget that supports working families, invests in underserved communities, and ensures every Georgian has the opportunity to succeed.

On Tuesday, the Senate Democratic Caucus announced several key legislative priorities for this session. We introduced Senate Bill 50, a bipartisan effort to close health insurance gaps, expand mental health and maternal care access, and ensure working families can afford quality healthcare. Too many Georgians rely on emergency rooms for primary care because they lack affordable insurance. We believe every Georgian deserves reliable, accessible healthcare, and we will continue pushing for solutions that lower costs and expand coverage. In the coming weeks, we will introduce bills to raise the state minimum wage, improve public schools, and expand access to affordable childcare. Our focus remains on legislation that puts people first.

I am pleased to have worked across the aisle and cosponsored several pieces of bipartisan legislation, including Senate Bill 9, or the “Ensuring Accountability for Illegal AI Activities Act.” Sponsored by Sen. John Albers (R—Roswell), SB 9 would create sentencing penalties for individuals who utilize artificial intelligence to develop obscene materials that could endanger vulnerable members of our population.

I encourage students between the ages of 12 and 18 to apply to spend a day as a Senate Page. This program allows students to participate actively in the legislative process at our State Capitol for a day during the legislative session. This program is an invaluable experience, and I encourage my younger constituents to participate. Interested students may apply for the program here.

The weeks ahead will be eventful, with key debates and legislation shaping Georgia’s future. I’m committed to keeping you informed and ensuring your voice is heard. Thank you for your trust—I encourage you to stay engaged as we work toward a stronger, fairer Georgia.

# # # #

Senator Sheikh Rahman represents the 5^th Senate District which includes portions of Lawrenceville, Norcross, Duluth, Tucker and Lilburn in Gwinnett County. He may be reached at (404) 463-5261 or by email at sheikh.rahman@senate.ga.gov.

MIL OSI USA News –

February 1, 2025
MIL-OSI USA: Durbin, Grassley Urge PhRMA To Embrace Their Bill To End Price Secrecy In Prescription Drug Advertisements

US Senate News:

Source: United States Senator for Illinois Dick Durbin
January 31, 2025
CHICAGO – U.S. Senate Democratic Whip Dick Durbin (D-IL) and U.S. Senator Chuck Grassley (R-IA), a senior member and former chairman of the Senate Finance Committee, today sent a letter to the President and CEO of the Pharmaceutical Research and Manufacturers of America (PhRMA) urging them to embrace their bipartisan legislation, the Drug-price Transparency for Consumers (DTC) Act, to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements.
The Senators wrote, “The United States is one of only two developed countries in the world that permits such pharmaceutical commercials. President Trump’s nominee for Health and Human Services Secretary has expressed interest in outright banning this practice. It would be wise for drug companies to adopt commonsense solutions to address the concerns that have been raised about DTC prescription drug advertising. As you are aware, the United States Senate previously voted unanimously to pass our measure to require that pharmaceutical companies disclose their list prices in DTC ads, and it is our hope that this policy will become law this Congress. This bipartisan legislation would ensure that when patients are bombarded with information about the newest wonder drug, the price is not kept secret. President Trump previously has issued regulations to advance this policy.”
Drug manufacturers in the United States spend approximately $6 billion annually in direct-to-consumer (DTC) prescription drug advertisements, with approximately one-third of all commercial time across evening news programs being consumed with these pharmaceutical promotions. A recent study in the Journal of the American Medical Association found that more than two-thirds of drugs advertised on television were considered “low therapeutic value”. This creates concern for taxpayers, as a review we requested from the Government Accountability Office (GAO) found prescription drugs advertised on television accounted for 58 percent of Medicare’s overall spending on prescription drugs between 2016-2018. In 2022, the two most-advertised drugs on television alone accounted for $1.7 billion in Medicare spending.
“There is a lot of value in knowing a prescription drug’s list price, the most accessible and standardized price of a drug, which is set by the manufacturer itself. This is especially important for consumers with high-deductible health insurance plans, those who are underinsured, or have no health insurance coverage at all,” the Senators continued.
Recently, the Senators reintroduced the DTC Act to bring price transparency to DTC prescription drug ads. In addition to President Trump’s previous support, the bill in the 118th Congress was cosponsored by Vice President Vance. Given PhRMA’s stated support for pharmacy benefit manager transparency, the Senators argue it is only reasonable to have transparency across the pharmaceutical supply chain.
The Senators conclude, “We urge you to take the reasonable, minimal step of embracing our bipartisan legislation to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements.”
Full text of the letter is available here and below:
January 31, 2025
Dear Mr. Ubl:
Drug manufacturers in the United States spend approximately $6 billion annually in direct-to-consumer (DTC) prescription drug advertisements, with approximately one-third of all commercial time across evening news programs being consumed with these pharmaceutical promotions. It is a similar story when consumers stream their favorite show or scroll through social media. Yet consumers learn nothing from these advertisements about the cost of the prescription drug. This must change.
A recent study in the Journal of the American Medical Association found that more than two-thirds of drugs advertised on television were considered “low therapeutic value”. This creates concern for taxpayers, as a review we requested from the Government Accountability Office (GAO) found prescription drugs advertised on television accounted for 58 percent of Medicare’s overall spending on prescription drugs between 2016-2018. In 2022, the two most-advertised drugs on television alone accounted for $1.7 billion in Medicare spending.
The United States is one of only two developed countries in the world that permits such pharmaceutical commercials. President Trump’s nominee for Health and Human Services Secretary has expressed interest in outright banning this practice. It would be wise for drug companies to adopt commonsense solutions to address the concerns that have been raised about DTC prescription drug advertising.
As you are aware, the United States Senate previously voted unanimously to pass our measure to require that pharmaceutical companies disclose their list prices in DTC ads, and it is our hope that this policy will become law this Congress. This bipartisan legislation would ensure that when patients are bombarded with information about the newest wonder drug, the price is not kept secret. President Trump previously has issued regulations to advance this policy.
There is a lot of value in knowing a prescription drug’s list price, the most accessible and standardized price of a drug, which is set by the manufacturer itself. This is especially important for consumers with high-deductible health insurance plans, those who are underinsured, or have no health insurance coverage at all—particularly as efforts are underway to reform the rebate structure used by pharmacy benefit managers.
Some of your member companies previously disclosed drug list prices in advertisements, and PhRMA previously has wanted to be more transparent with the American public about price information for advertised medications. We appreciate that 35 drug manufacturers voluntarily have certified to follow PhRMA’s “Guiding Principles on Direct-to-Consumer Advertisements,” which includes directing patients to find information about the cost of medicine, including the list price, on the company’s website. We are glad that drug companies agree that consumers should know the price of a prescription drug before purchasing it. But in instances where manufacturers currently do opt to provide pricing information (e.g., “pay as little as $0 per dose”), they can understate or obscure a patient’s out-of-pocket liability.
Studies show that patients are better able to approximate their out-of-pocket expenses when provided with the list price. When voluntarily choosing to promote medications over the airwaves, manufacturers already are required to disclose safety, side effects, and contraindication information. Yet, for many patients, price plays a primary role in clinical adherence.
Recently, we reintroduced our bipartisan legislation (S.229) to bring price transparency to DTC prescription drug ads. In addition to President Trump’s previous support, our bill in the 118th Congress was cosponsored by Vice President Vance. Given PhRMA’s stated support for pharmacy benefit manager transparency, it is only reasonable to have transparency across the pharmaceutical supply chain.
We urge you to take the reasonable, minimal step of embracing our bipartisan legislation to empower patients and providers and commit to voluntarily disclosing list prices in DTC advertisements. Thank you for your attention to this important matter.
Sincerely,
-30-

MIL OSI USA News –

February 1, 2025

MIL-OSI Russia: IMF Executive Board Concludes 2024 Article IV Consultation with Samoa

Source: IMF – News in Russian

January 31, 2025

Executive Board Assessment

In concluding the 2024 Article IV consultation with Samoa, Executive Directors endorsed the staff’s appraisal, as follows:

Table 1. Samoa: Selected Economic and Financial Indicators ^1/
					Proj.
	2020/21	2021/22	2022/23	2023/24	2024/25	2025/26	2026/27	2027/28	2028/29

Output and Inflation	(12-month percent change)
Real GDP	-7.0	-5.4	9.2	9.4	5.5	2.8	2.1	2.0	2.0
Nominal GDP	-7.5	0.0	18.0	14.9	8.7	6.0	5.2	5.0	5.1
Consumer price index (end of period)	4.1	10.8	10.7	0.8	3.5	2.6	3.0	3.0	3.0
Consumer price index (period average)	-3.0	8.7	12.0	3.6	3.1	3.0	3.0	3.0	3.0
Central Government Finances	(In percent of GDP)
Revenue and grants	36.5	38.5	34.1	36.0	33.0	32.0	31.5	31.5	31.4
Of which: Grants	6.8	9.4	4.5	6.2	4.2	4.0	4.0	4.0	4.0
Expenditure	34.7	33.1	31.0	25.9	33.1	33.5	33.4	33.5	33.6
Of which: Expense	31.3	32.2	27.5	25.7	27.9	28.3	28.2	28.3	28.2
Of which: Net acquisition of non-financial assets	3.4	0.9	3.5	0.3	5.2	5.2	5.2	5.2	5.4
Overall balance	1.7	5.4	3.0	10.1	-0.1	-1.5	-1.9	-2.0	-2.2
Gross debt outstanding	46.3	43.7	33.3	27.7	22.5	19.3	20.4	21.5	22.6
Money and Credit Aggregates	(12-month percent change)
Broad money (M2)	8.1	2.2	16.3	7.7	7.5	6.0	6.0	6.0	6.0
Private sector credit, commercial banks	1.5	0.2	-2.6	3.5	4.0	5.0	5.0	5.0	5.0
Private sector credit, other financial corporations	-0.9	4.9	2.9	8.2	…	…	…	…	…
Private sector credit, total financial system	2.0	0.6	-0.1	3.7	…	…	…	…	…
Private Sector Credit	(In percent of GDP)
Commercial banks	53.1	53.2	43.9	39.5	…	…	…	…	…
Total financial system	94.0	94.6	80.1	72.3	…	…	…	…	…
Bank Financial Soundness
Regulatory capital to risk- weighted assets, ratio	28.1	28.8	33.2	29.0	…	…	…	…	…
Non-performing loans to total gross loans, ratio	3.7	4.6	4.7	4.6	…	…	…	…	…

Balance of Payments	(In percent of GDP)
Current account balance	-14.5	-11.3	-3.3	4.0	-0.5	-1.2	-1.3	-1.6	-2.0
Merchandise exports, f.o.b.	4.1	3.8	4.6	3.5	3.4	3.5	3.5	3.5	3.7
Merchandise imports, f.o.b.	37.8	41.4	47.1	41.3	43.0	42.9	42.7	42.5	42.5
Services (net)	-3.9	-2.9	10.8	17.6	16.4	16.0	16.0	16.0	16.0
Of which: Tourism receipts	0.0	0.0	16.4	21.0	21.9	21.5	21.5	21.5	21.5
Income (net)	-1.7	-2.6	-1.3	-2.3	-2.7	-2.8	-2.8	-2.8	-2.8
Current transfers (net)	24.8	31.7	29.6	26.4	25.4	25.1	24.6	24.1	23.7
External Reserves and Debt
Gross official reserves (million U.S. dollars) 2/	288.5	303.2	401.7	494.3	503.8	506.2	523.9	542.9	557.5
(in months of next year’s imports)	7.9	6.4	8.3	9.0	8.8	8.5	8.5	8.3	8.2
External debt (in percent of GDP)	46.1	43.6	33.3	25.9	20.9	17.8	19.0	20.3	21.5

Exchange Rates
Market rate (tala/U.S. dollar, period average)	2.57	2.61	2.73	2.76	…	…	…	…	…
Real effective exchange rate	-0.5	6.4	9.2	-0.6	…	…	…	…	…
(12-month percent change) 3/

Memorandum items:
Nominal GDP (million tala)	2,169	2,170	2,562	2,943	3,200	3,391	3,568	3,748	3,938
GDP per capita (U.S. dollars)	4,136	4,032	4,498	5,070	5,474	5,728	5,945	6,160	6,440

Sources: Data provided by the Samoan authorities; and IMF staff estimates and projections.
1/ Fiscal years July-June.
2/ Incorporates August 2021 SDR allocation.
3/ Increase signifies appreciation.

[2] The Executive Board takes decisions under its lapse-of-time procedure when the Board agrees that a proposal can be considered without convening formal discussions.

IMF Communications Department

MEDIA RELATIONS

PRESS OFFICER: Pemba Sherpa

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

https://www.imf.org/en/News/Articles/2025/01/31/pr25023-samoa-imf-executive-board-concludes-2024-article-iv-consult

MIL OSI

MIL OSI Russia News –

February 1, 2025

MIL-OSI: PROACTIS SA – Press release 31.01.2025 (New address)
Source: GlobeNewswire (MIL-OSI)

Transfer of the registered office

Paris, France – (31 January 2025) — PROACTIS (ISIN code : FR0004052561) announces that its registered office has been transferred from 26-28, quai Gallieni – 92150 Suresnes to 54, rue de Londres – 75008 Paris. The company is now attached to the registry of the Tribunal des Affaires Economiques (formerly the Tribunal de Commerce) in Paris.

PROACTIS’ Articles of Association have been amended accordingly.

This transfer of the registered office is in line with the company’s policy of reducing its fixed costs.

* * * *

About Proactis SA (https://www.proactis.com/proactis-sa), a Proactis Company

Proactis SA connects companies by providing business spend management and collaborative business process automation solutions for both goods and services, through The Business Network. Our solutions integrate with any ERP or procurement system, providing our customers with an easy-to-use solution which drives adoption, compliance and savings.

Proactis SA has operations in France, Germany, USA and Manila.

Listed in Compartment C on the Euronext Paris Eurolist.

ISIN: FR0004052561, Euronext: PROAC, Reuters: HBWO.LN, Bloomberg: HBW.FP

Contacts
Tel: +33 (0)1 53 25 55 00
E-mail: investorContact@proactis.com

* * * *

Attachment
- PROACTIS SA – Press release 31.01.2025 (New address)
The MIL Network –
February 1, 2025
MIL-OSI: Santander Chile announces Andrés Trautmann Buc as new Chief Executive Officer (CEO) and Country Head

Source: GlobeNewswire (MIL-OSI)

SANTIAGO, Chile, Jan. 31, 2025 (GLOBE NEWSWIRE) — Banco Santander Chile (NYSE: BSAC) announces that Mr. Andrés Trautmann Buc will take over as CEO and Country Head, replacing Mr. Román Blanco Reinosa. This change will occur on July 1, 2025 and, until then, Mr. Blanco will remain as the bank’s CEO, while Mr. Trautmann will continue to lead the Executive Vice President of Santander Corporate & Investment Banking (CIB).

Mr. Trautmann, a commercial engineer from Universidad de Chile, has a distinguished career at Santander, since joining the Group in 2007. He began his career as Head of Institutional and Corporate Sales at Santander Chile. Between 2010 and 2012, he served as Head of Structured Products Sales in London for Santander UK. Between 2013 and 2018 he oversaw the Andean Zone sales for Goldman Sachs in New York. In 2018, he became the Head of Markets Santander Chile, and in 2021, he was appointed Executive Vice President of CIB at Santander Chile, a global division that supports corporate and institutional clients with high-value services, products and solutions.

Since his initial position in Markets, Mr. Trautmann has achieved significant milestones, including tripling the growth of the Sales and Trading business. At CIB, he led and promoted the expansion of products for large companies by leveraging the global capabilities of the Santander Group. Recently, he also took on the Corporate and Institutional Banking business and Santander Consumer Finance, giving him a comprehensive view of the bank’s operations. His leadership and deep knowledge of the business and markets will continue to strengthen the bank’s position in the country.

Santander thanks Román Blanco, who, in his role as CEO and Country Head, has led a successful process accelerating the transformation of the bank’s business models in Chile and its technology, strengthening the growth of Getnet and Santander Consumer Finance. Additionally, he promoted the launch of the Más Lucas and Más Lucas Joven account. Also noteworthy is the implementation of Gravity in Chile, positioning the entity as the first local bank with a banking core migrated to Cloud technologies. Among the achievements under his supervision are the implementation of specialized service models for companies, as well as the evolution of branch strategies, with Work/Café Expresso as an example.

During Mr. Blanco´s leadership, Santander has achieved an ROAE during the 4Q of 2024 of 26% and a total profit of $865 billion pesos corresponding to last year. This is reflected in the company’s high valuations, with a P/BV of 2.2x, standing out among the highest of Latin American banks and with an A2 international credit rating according to Moody’s.

It should be noted that Mr. Blanco has extensive international experience with more than 20 years within the Group. His main functions include having being Country Head in several operations such as the US, Puerto Rico and Colombia, in addition to leading the bank in the Andean region and Uruguay and having extensive experience in business management in Santander Brazil.

CONTACT INFORMATION

Cristian Vicuña
Investor Relations
Banco Santander Chile
Bandera 140, Floor 20
Santiago, Chile
Email: irelations@santander.cl
Website: www.santander.cl

Banco Santander Chile is one of the companies with the highest risk ratings in Latin America, with an A2 rating from Moody’s, A- from Standard and Poor’s, A+ from Japan Credit Rating Agency, AA- from HR Ratings and A from KBRA. All our ratings as of the date of this report have a stable outlook.

As of December 31, 2024, the Bank has total assets of $68,458,933 million (US$68,865 million), total gross loans (including loans to banks) at amortized cost of $41,323,844 million (US$41,569 million), total deposits of $31,359,234 million (US$31,545 million) and shareholders’ equity of $4,292,440 million (US$4,318 million). The BIS capital ratio was 17.1%, with a core capital ratio of 10.5%. As of December 31, 2024, Santander Chile employs 8,757 people and has 236 branches throughout Chile.

The MIL Network –

February 1, 2025

MIL-OSI: Bank of the James Announces Fourth Quarter, Full Year of 2024 Financial Results and Declaration of Dividend

Source: GlobeNewswire (MIL-OSI)

LYNCHBURG, Va., Jan. 31, 2025 (GLOBE NEWSWIRE) — Bank of the James Financial Group, Inc. (the “Company”) (NASDAQ:BOTJ), the parent company of Bank of the James (the “Bank”), a full-service commercial and retail bank, and Pettyjohn, Wood & White, Inc. (“PWW”), an SEC-registered investment advisor, today announced unaudited results of operations for the three month and 12 month periods ended December 31, 2024. The Bank serves Region 2000 (the greater Lynchburg MSA) and the Blacksburg, Buchanan, Charlottesville, Harrisonburg, Lexington, Nellysford, Roanoke, and Wytheville, Virginia markets.

Net income for the three months ended December 31, 2024 was $1.62 million or $0.36 per basic and diluted share compared with $2.11 million or $0.45 per basic and diluted share for the three months ended December 31, 2023. Net income for the 12 months ended December 31, 2024 was $7.94 million or $1.75 per share compared with $8.70 million or $1.91 per share for the year 12 months ended December 31, 2023.

Robert R. Chapman III, CEO of the Bank, commented: “Our Company delivered another year of high-quality earnings driven by a wide range of banking products, services, and investment management. These diversified sources of revenue were supported by a large regional market and broad base of commercial and retail clients, enabling the Company and the Bank to record strong financial performance and grow shareholder value in a year that presented its share of economic changes and challenges.

“With a more stable interest rate environment, we made new loans and repriced existing loans to accurately reflect prevailing rates, which generated a positive trend in yields on earning assets. We began to slow the rate of interest expense increases that have characterized the past three years. Although margins continue to experience pressure, there was net interest margin expansion beginning in the second half of 2024 – a positive trend that we anticipate will continue in coming quarters.

“Noninterest income was an important component of earnings that included fee income from commercial treasury management, wealth management through PWW, gains on the sale of originated residential mortgages, card services and more. Led by healthy growth in these activities, noninterest income in 2024 rose 18% from a year earlier.

“Total loans, net, increased 6% in 2024, with commercial real estate loan growth leading the way. Commercial & industrial and commercial construction loan portfolios grew moderately year-over-year. Residential mortgages increased 6% as we continued our practice of selling most originated mortgages to the secondary market. Our mortgage lending team did an outstanding job of maintaining our Bank’s leadership as a premier mortgage originator in the markets we serve.

“Key to generating consistent, predictable earnings is maintaining high levels of loan quality through credit management. Measures such as asset quality ratios, total nonperforming loans, and provisioning for credit losses continue reflect exceptional credit management. Our credit management team, headed by Chief Credit Officer Chip Umberger, continue to do outstanding work ensuring loan quality.

“Total deposits increased in 2024 compared with 2023. We remain focused on growing deposits from commercial and retail customers, particularly core deposits, and building this important source of funding for loans and providing liquidity. During the year, we opened strategic locations in Buchanan and Nellysford, Virginia, further expanding the Bank’s deposit-gathering capabilities and value to customers.

“We provided meaningful value to our shareholders in 2024. Solid earnings, strong asset quality and efficient operation contributed to a consistent, longstanding trend of enhancing the Company’s value to its shareholders. Stockholders’ equity rose 8% from a year earlier, retained earnings increased by more than $6 million, and book value per share rose to $14.28 at December 31, 2024 from $13.21 a year earlier. The Company also paid quarterly cash dividends to shareholders, as it has for many years.

“We believe the Company is well-positioned for the coming year, continuing on a path of providing superior value to our shareholders, customers and communities.”

Fourth Quarter and Full Year of 2024 Highlights

Net income and earnings per share (EPS) in the fourth quarter and full year of 2024 was impacted by higher noninterest expense, which included a $534,000 fee related to the negotiation of a contract with a credit/debit card processor. Over the term of the contract, the Company expects to recognize up to $438,000 in incentive payments from the card processor, and anticipates generating additional long-term benefits and savings of $2.1 million associated with the contract.
Total interest income rose 13% to $44.64 million for the full year of 2024 compared with $39.36 million in 2023. The growth primarily reflected commercial loan interest rates, commercial real estate (CRE) growth, and the addition of higher-rate residential mortgages. The average yield earned on loans, including fees, increased to 5.50% in 2024 compared with 5.05% in 2023.
Net interest income after provision for (recovery of) credit losses in the full year of 2024 was $29.89 million compared with $29.92 million for the full year of 2023. The full year of 2024 reflected loan loss recoveries driven by strong asset quality, and the impact of elevated interest expense.
Net interest margin in the fourth quarter of 2024 was 3.18%, trending up from 3.16% in the third quarter and 3.02% in the second quarter of 2024, reflecting continuing margin expansion. Net interest margin for the full year of 2024 was 3.11% compared with 3.29% in 2023. Interest spread for the full year of 2024 was 2.78% compared with 3.06% a year earlier.
Total noninterest income for the full year of 2024 was $15.14 million, up 17.64% from $12.87 million a year earlier. Growth primarily reflected gains on sale of loans held for sale, fee income generated by commercial treasury services and residential mortgage originations, and wealth management fee income from PWW, which contributed $0.34 per share to earnings in 2024.
Loans, net of the allowance for credit losses, increased 6% to $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023.
Commercial real estate loans (owner occupied and non-owner occupied) grew 9% to $335.53 million at December 31, 2024 from $306.86 million a year earlier.
Measures of asset quality included a ratio of nonperforming loans to total loans of 0.25% at December 31, 2024, low levels of nonperforming loans, and zero other real estate owned (OREO).
Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023.
Total deposits were $882.40 million at December 31, 2024, up from $878.46 million at December 31, 2023.
Shareholder value measures included 8% growth in stockholders’ equity at December 31, 2024 from a year earlier, retained earnings of $42.80 million, up from $36.68 million a year earlier, and a book value per share of $14.28 compared with $13.21 at December 31, 2023.
On January 21, 2025 the Company’s board of directors approved a quarterly dividend of $0.10 per common share to stockholders of record as of March 7, 2025, to be paid on March 21, 2025.

Fourth Quarter, Full Year of 2024 Operational Review

Net interest income after provision for (recovery of) credit losses for the fourth quarter of 2024 was $7.76 million compared to net interest income after provision for credit losses of $7.29 million a year earlier. In the full year of 2024, net interest income after recovery of credit losses was $29.89 million compared with $29.92 a year earlier. The credit loss recovery in the full year of 2024 was $655,000 compared with $179,000 in the full year of 2023.

Total interest income increased to $11.64 million in the fourth quarter of 2024 compared with $10.54 million a year earlier. The full year of 2024 total interest income was $44.64 million, up from $39.36 million in the full year of 2023. The year-over-year increases primarily reflected upward rate adjustments to variable rate commercial loans and new loans reflecting the prevailing rate environment.

During 2024, investment portfolio management and appropriate rate increases on loans contributed to year-over-year growth in yields on total earning assets, which were 4.75% in 2024 compared with 4.36% in 2023.

Total interest expense in the fourth quarter of 2024 was $3.95 million and $15.41 million for the full year of 2024, increasing 25.44% and 60.12% from $3.15 and $9.62 in the comparable periods of 2023. The increase primarily reflects higher deposit rates commensurate with the prevailing interest rate environment, and also more interest-bearing deposits.

A stabilizing interest rate environment contributed to some margin pressure relief, particularly in the second half of 2024. For the full year of 2024, the net interest margin was 3.11% compared with 3.29% a year earlier, while interest spread was 2.78% for the full year of 2024, compared with 3.06% a year earlier.

Noninterest income in the fourth quarter of 2024 rose 20% to $3.82 million compared with $3.18 million in the fourth quarter of 2023. For the full year of 2024, noninterest income was up 18% to $15.14 million from $12.87 million in 2023.

Noninterest income in 2024 included income contributions from debit card activity, a write-up on an investment in an SBIC fund, commercial treasury services, and the mortgage division. Strong contributions from wealth management fees, primarily generated by PWW, were $4.84 million in 2024, up from $4.20 million a year earlier. Steady activity in residential mortgage originations throughout 2024 was reflected in gains on sale of loans held for sale of $4.49 million compared with $3.94 million a year earlier.

Noninterest expense in the fourth quarter of $9.50 million compared with $8.42 million in the fourth quarter of 2023. Noninterest expense for the full year of 2024 was $35.11 million compared with $32.51 million for the full year of 2023. As previously noted, noninterest expense was impacted by a one-time payment to a consultant that helped negotiate a contract with a debit card provider, recorded in the fourth quarter of 2024. We will recognize incentive payments and cost savings from the underlying contract in subsequent quarters. Diligent expense management, judicious personnel expenses related to new locations, and accrual of year-end employee compensation throughout the year contributed to stable year-over-year salaries and employee benefits costs in the fourth quarter and full year of 2024.

Balance Sheet: Strong Cash Position, High Asset Quality

Total assets were $979.24 million at December 31, 2024 compared with $969.37 million at December 31, 2023, with the increase primarily reflecting loan growth.

Loans, net of allowance for credit losses, were $636.55 million at December 31, 2024 compared with $601.92 million at December 31, 2023, primarily reflecting growth of commercial real estate loans and stability in other loan categories.

Commercial real estate loans (owner-occupied and non-owner occupied and excluding construction loans) were $335.53 million at December 31, 2024 compared with $306.86 million at December 31, 2023, reflecting new loans and a decreasing rate of loan payoffs. Of this amount, commercial real estate (non-owner occupied) was approximately $195.09 million and commercial real estate (owner occupied) was $140.44 million. The Bank closely monitors concentrations in these segments, and has no commercial real estate loans secured by large office buildings in large metropolitan city centers.

Commercial construction/land loans and residential construction/land loans were $50.04 million at December 31, 2024 compared with $50.28 million at December 31, 2023. The Company continued experiencing positive activity and health in commercial and residential construction projects. Commercial and industrial loans were $66.42 million at December 31, 2024 compared with $65.32 million at December 31, 2023, reflecting a continuing trend of stability in this loan segment.

Residential mortgage loans that we intend to keep on the balance sheet were $113.30 million at December 31, 2024 compared with $106.99 million at December 31, 2023. Growth of these retained mortgages has been minimal, as the Bank has continued to focus on selling the majority of originated mortgage loans to the secondary market. Consumer loans (open-end and closed-end) were $78.31 million at December 31, 2024 compared with $76.52 million at December 31, 2023.

Ongoing high asset quality continues to have a positive impact on the Company’s financial performance. The ratio of nonperforming loans to total loans at December 31, 2024 was 0.25% compared with 0.06% at December 31, 2023. The allowance for credit losses on loans to total loans was 1.09% at December 31, 2024 compared with 1.22% on December 31, 2023. Total nonperforming loans were $1.64 million at December 31, 2024. As a result of having no OREO, total nonperforming assets were the same as total nonperforming loans.

Total deposits were $882.40 million at December 31, 2024, compared with $878.46 million at December 31, 2023. Noninterest bearing demand deposits, NOW, money market and savings were down moderately compared with 2023 and time deposits increased. At both December 31, 2024 and December 31, 2023, the Bank had no brokered deposits.

Key measures of shareholder value were positive. Stockholders’ equity increased 8% to $64.87 million at December 31, 2024 from $60.04 million a year earlier. Retained earnings increased to $42.80 million at December 31, 2024 compared with $36.68 million a year earlier. Book value per share was $14.28 compared with $13.21 at December 31, 2023, but down from $15.15 at September 30, 2024, in part reflecting quarterly fluctuations in required fair market valuations of the Company’s available-for-sale investment portfolio.

Some balance sheet measures are impacted by interest rate fluctuations and fair market valuation measurements in the Company’s available-for-sale securities portfolio and are reflected in accumulated other comprehensive loss. These mark-to-market losses are excluded when calculating the Bank’s regulatory capital ratios. The available-for-sale securities portfolio is composed primarily of securities with explicit or implicit government guarantees, including U.S. Treasuries and U.S. agency obligations, and other highly-rated debt instruments. The Company does not expect to realize the unrealized losses as it has the intent and ability to hold the securities until their recovery, which may be at maturity. Management continues to diligently monitor the creditworthiness of the issuers of the debt instruments within its securities portfolio.

About the Company

Bank of the James, a wholly-owned subsidiary of Bank of the James Financial Group, Inc. opened for business in July 1999 and is headquartered in Lynchburg, Virginia. The Bank currently services customers in Virginia from offices located in Altavista, Amherst, Appomattox, Bedford, Blacksburg, Buchanan, Charlottesville, Forest, Harrisonburg, Lexington, Lynchburg, Madison Heights, Nellysford, Roanoke, Rustburg, and Wytheville. The Bank offers full investment and insurance services through its BOTJ Investment Services division and BOTJ Insurance, Inc. subsidiary. The Bank provides mortgage loan origination through Bank of the James Mortgage, a division of Bank of the James. The Company provides investment advisory services through its wholly-owned subsidiary, Pettyjohn, Wood & White, Inc., an SEC-registered investment advisor. Bank of the James Financial Group, Inc. common stock is listed under the symbol “BOTJ” on the NASDAQ Stock Market, LLC. Additional information on the Company is available at www.bankofthejames.bank.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. The words “believe,” “estimate,” “expect,” “intend,” “anticipate,” “plan” and similar expressions and variations thereof identify certain of such forward-looking statements which speak only as of the dates on which they were made. Bank of the James Financial Group, Inc. (the “Company”) undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those indicated in the forward-looking statements as a result of various factors. Such factors include, but are not limited to, competition, general economic conditions, potential changes in interest rates, changes in the value of real estate securing loans made by the Bank as well as geopolitical conditions. Additional information concerning factors that could cause actual results to materially differ from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission.

CONTACT: J. Todd Scruggs, Executive Vice President and Chief Financial Officer (434) 846-2000.

FINANCIAL RESULTS FOLLOW

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(dollar amounts in thousands, except per share amounts)

	(unaudited)
Assets	12/31/2024			12/31/2023
Cash and due from banks	$	23,287		$	25,613
Federal funds sold		50,022			49,225
Total cash and cash equivalents		73,309			74,838

Securities held-to-maturity (fair value of $3,170 and $3,231 as of December 31, 2024 and 2023)		3,606			3,622
Securities available-for-sale, at fair value		187,916			216,510
Restricted stock, at cost		1,821			1,541
Loans, net of allowance for credit losses of $7,044 and $7,412 as of December 31, 2024 and 2023		636,552			601,921
Loans held for sale		3,616			1,258
Premises and equipment, net		19,313			18,141
Interest receivable		3,065			2,835
Cash value – bank owned life insurance		22,907			21,586
Customer relationship Intangible		6,725			7,285
Goodwill		2,054			2,054
Income taxes receivable		–			128
Deferred tax asset		8,936			8,206
Other assets		9,424			9,446
Total assets	$	979,244		$	969,371

Liabilities and Stockholders’ Equity
Deposits
Noninterest bearing demand	$	129,692		$	134,275
NOW, money market and savings		522,208			538,229
Time		230,504			205,955
Total deposits		882,404			878,459

Capital notes, net		10,048			10,042
Other borrowings		9,300			9,890
Income taxes payable		86			–
Interest payable		722			480
Other liabilities		11,819			10,461
Total liabilities	$	914,379		$	909,332

Stockholders’ equity
Common stock $2.14 par value; authorized 10,000,000 shares; issued and outstanding 4,543,338 as of December 31, 2024 and 2023		9,723			9,723
Additional paid-in-capital		35,253			35,253
Accumulated other comprehensive (loss)		(22,915	)		(21,615	)
Retained earnings		42,804			36,678
Total stockholders’ equity	$	64,865		$	60,039

Total liabilities and stockholders’ equity	$	979,244		$	969,371

Bank of the James Financial Group, Inc. and Subsidiaries
Consolidated Statements of Income
(dollar amounts in thousands, except per share amounts)
(unaudited)

	For the Year Ended
	Ended December 31,
Interest Income		2024			2023
Loans	$	34,505		$	31,378
Securities
US Government and agency obligations		1,471			1,273
Mortgage-backed securities		2,381			1,899
Municipals		1,244			1,212
Dividends		95			82
Corporates		543			560
Interest bearing deposits		775			496
Federal Funds sold		3,629			2,462
Total interest income		44,643			39,362

Interest Expense
Deposits
NOW, money market savings		5,455			2,984
Time Deposits		9,173			5,796
FHLB borrowings		–			31
Finance leases		76			86
Other borrowings		376			398
Capital notes		327			327
Total interest expense		15,407			9,622

Net interest income		29,236			29,740

Recovery of credit losses		(655	)		(179	)

Net interest income after recovery of credit losses		29,891			29,919

Noninterest income
Gains on sale of loans held for sale		4,494			3,938
Service charges, fees and commissions		4,003			3,901
Wealth management fees		4,843			4,197
Life insurance income		721			548
Other		1,014			283
Gain on sales of available-for-sale securities		62			–

Total noninterest income		15,137			12,867

Noninterest expenses
Salaries and employee benefits		19,294			18,311
Occupancy		1,964			1,819
Equipment		2,499			2,416
Supplies		542			530
Professional, data processing, and other outside expense		6,528			5,296
Marketing		768			919
Credit expense		816			805
Other real estate expenses, net		–			40
FDIC insurance expense		441			419
Amortization of intangibles		560			560
Other		1,693			1,392
Total noninterest expenses		35,105			32,507

Income before income taxes		9,923			10,279

Income tax expense		1,979			1,575

Net Income	$	7,944		$	8,704

Weighted average shares outstanding – basic and diluted		4,543,338			4,562,374

Net income per common share – basic and diluted	$	1.75		$	1.91

Bank of the James Financial Group, Inc. and Subsidiaries
Dollar amounts in thousands, except per share data
unaudited

Selected Data:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change			Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Interest income	$	11,636		$	10,538			10.42	%	$	44,643		$	39,362			13.42	%
Interest expense		3,950			3,149			25.44	%		15,407			9,622			60.12	%
Net interest income		7,686			7,389			4.02	%		29,236			29,740			-1.69	%
Provision for (recovery of) credit losses		(71	)		99			-171.72	%		(655	)		(179	)		265.92	%
Noninterest income		3,816			3,178			20.08	%		15,137			12,867			17.64	%
Noninterest expense		9,503			8,416			12.92	%		35,105			32,507			7.99	%
Income taxes		452			(56	)		-907.14	%		1,979			1,575			25.65	%
Net income		1,618			2,108			-23.24	%		7,944			8,704			-8.73	%
Weighted average shares outstanding – basic and diluted		4,543,338			4,543,338			–			4,543,338			4,562,374			(19,036	)
Basic and diluted net income per share	$	0.36		$	0.45		$	(0.09	)	$	1.75		$	1.91		$	(0.16	)

Balance Sheet at period end:	Dec 31, 2024		Dec 31, 2023		Change			Dec 31, 2023		Dec 31, 2022		Change
Loans, net	$	636,552	$	601,921		5.75	%	$	601,921	$	605,366		-0.57	%
Loans held for sale		3,616		1,258		187.44	%		1,258		2,423		-48.08	%
Total securities		191,522		220,132		-13.00	%		220,132		189,426		16.21	%
Total deposits		882,404		878,459		0.45	%		878,459		848,138		3.58	%
Stockholders’ equity		64,865		60,039		8.04	%		60,039		50,226		19.54	%
Total assets		979,244		969,371		1.02	%		969,371		928,571		4.39	%
Shares outstanding		4,543,338		4,543,338		–			4,543,338		4,628,657		(85,319	)
Book value per share	$	14.28	$	13.21	$	1.07		$	13.21	$	10.85	$	2.36

Daily averages:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change		Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Loans	$	642,197		$	609,800		5.31	%	$	623,769		$	616,047		1.25	%
Loans held for sale		3,612			3,406		6.05	%		3,494			3,512		-0.51	%
Total securities (book value)		218,680			236,267		-7.44	%		232,992			226,637		2.80	%
Total deposits		920,655			882,277		4.35	%		901,449			867,269		3.94	%
Stockholders’ equity		68,563			50,097		36.86	%		62,575			50,977		22.75	%
Interest earning assets		963,217			921,665		4.51	%		939,900			903,491		4.03	%
Interest bearing liabilities		801,812			753,144		6.46	%		783,003			738,335		6.05	%
Total assets		1,021,547			963,511		6.02	%		995,738			950,276		4.78	%

Financial Ratios:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change		Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Return on average assets		0.63	%		0.87	%	(0.24	)		0.80	%		0.92	%	(0.12	)
Return on average equity		9.39	%		16.69	%	(7.30	)		12.70	%		17.07	%	(4.37	)
Net interest margin		3.18	%		3.18	%	–			3.11	%		3.29	%	(0.18	)
Efficiency ratio		82.62	%		79.64	%	2.98			79.11	%		76.29	%	2.82
Average equity to average assets		6.71	%		5.20	%	1.51			6.28	%		5.36	%	0.92

Allowance for credit losses:	Three months ending Dec 31, 2024			Three months ending Dec 31, 2023			Change		Year to date Dec 31, 2024			Year to date Dec 31, 2023			Change
Beginning balance	$	7,078		$	7,320		-3.31	%	$	7,412		$	6,259		18.42	%
Retained earnings adjustment related to impact of adoption of ASU 2016-13		–			–		N/A			–			1,245		-100.00	%
Provision for (recovery of) credit losses*		(39	)		123		-131.71	%		(533	)		(65	)	720.00	%
Charge-offs		–			(40	)	-100.00	%		(84	)		(236	)	-64.41	%
Recoveries		5			9		-44.44	%		249			209		19.14	%
Ending balance		7,044			7,412		-4.96	%		7,044			7,412		-4.96	%

* does not include provision for or recovery of unfunded loan commitment liability

Nonperforming assets:	Dec 31, 2024		Dec 31, 2023		Change		Dec 31, 2023		Dec 31, 2022		Change
Total nonperforming loans	$	1,640	$	391	319.44	%	$	391	$	633	-38.23	%
Other real estate owned		–		–	N/A			–		566	-100.00	%
Total nonperforming assets		1,640		391	319.44	%		391		1,199	-67.39	%

Asset quality ratios:	Dec 31, 2024		Dec 31, 2023		Change		Dec 31, 2023		Dec 31, 2022		Change
Nonperforming loans to total loans	0.25	%	0.06	%	0.19		0.06	%	0.10	%	(0.04	)
Allowance for credit losses for loans to total loans	1.09	%	1.22	%	(0.12	)	1.22	%	1.02	%	0.19
Allowance for credit losses for loans to nonperforming loans	429.51	%	1895.65	%	(1,466.14	)	1895.65	%	988.78	%	906.87

The MIL Network –

February 1, 2025

MIL-OSI: Shareholders’ Nomination Committee proposal on the composition and remuneration of the Board of Directors of Oma Saving Bank Plc
Source: GlobeNewswire (MIL-OSI)

OMA SAVINGS BANK PLC, STOCK EXCHANGE RELEASE 31 JANUARY 2025 AT 19.00 P.M. EET, OTHER INFORMATION DISCLOSED TO THE RULES OF THE EXCHANGE

Shareholders’ Nomination Committee proposal on the composition and remuneration of the Board of Directors of Oma Saving Bank Plc

The Shareholders’ Nomination Committee proposes the following to the Annual General Meeting of Oma Savings Bank Plc (OmaSp or the Company) on 8 April 2025:

The number of members of the Board of Directors is proposed to be confirmed at seven.

The Shareholders’ Nomination Committee proposes that the current Board members Juhana Brotherus, Irma Gillberg-Hjelt, Aki Jaskari, Jaakko Ossa, Carl Pettersson, Kati Riikonen and Juha Volotinen.

All candidates are proposed to be elected for the period starting at the Annual General Meeting 2025 and ending at the Annual General Meeting 2026. All nominees have given their consent to the election. At the time of election, all proposed nominees are independent in their relationship with the company and its significant shareholders.

Details of the Board members nominated for election:

JUHANA BROTHERUS
Juhana Brotherus (born 1986) has been a member of OmaSp’s Board of Directors since December 2024. Brotherus has been the Director and Chief Economist of the Federation of Finnish Enterprises since 2023. In addition, Brotherus worked as Chief Economist and Director of the Mortgage Society of Finland in 2014–2023 and as the Economist of Danske Bank in 2011–2014. Brotherus has served as the Vice Chairman of the Board of HOAS since 2018, as a member of the Investment Committee of the Finnish Business School Graduates since 2016, as a member of the Board of the Foundation for Economic Students in Helsinki in 2015–2020, and as a member of the Board of aTalent Recruitingin in 2012–2018, of which as the Chairman of the Board in 2014–2018. Brotherus holds a Master of Economic Sciences.

IRMA GILLBERG-HJELT
Irma Gillberg-Hjelt (born 1962) has been a member of OmaSp’s Board of Directors since December 2024. Gillberg-Hjelt has has been the Executive Vice President and Head of Corporate Banking of Aktia Bank Plc in 2017–2020, employed by Danske Bank and its predecessors from 1987 to 2017 holding managerial positions in the corporate customer business in 2010–2017, as Bank Director in 2007–2012, as financial director in 2003–2007, and in customer-responsible positions in 1987–2003. In addition, Gillberg-Hjelt has been a member of the Board of Directors of Saldo Bank UAB in 2023–2024. Gillberg-Hjelt holds a Master of Laws.

AKI JASKARI
Aki Jaskari (born 1961) has been a member of OmaSp’s Board of Directors since 2014. Jaskari has served as the CEO of Nerkoon Höyläämö Oy since 1995. In addition, Jaskari has been a member of the Advisory Board of Leppäkosken Sähkö Group Oy since 2001, a member of the Regional Advisory Committee of Pohjola Insurance Oy in 2001–2015 and as a member of the Board of the Parkano Savings Bank in 2010–2013. Jaskari holds a master’s degree in economics.

JAAKKO OSSA
Jaakko Ossa (born 1965) has been the Chairman of the Board of OmaSp since May 2024 and a member of the Board since 2023. Ossa has been a professor of financial law at the University of Turku since 1998. Ossa has an extensive written production, particularly in the field of corporate taxation and investment taxation. Along with his academic career, Ossa has held expert positions at Asianajotoimisto Astrea Oy for around 20 years and currently at Ossa Partners Oy, a family company. Ossa has been as a member of the Board of several companies, including Liedon Savings Bank, Sp-Fund Management Company and the Savings Bank Association. In addition, he is currently the Chairman of the delegation of Taxpayers Association of Finland (TAF) and the inspector of the Satakuntalais-Hämäläinen Student Nation (osakunta) of the University of Turku. Ossa holds a Doctor of Laws.

CARL PETTERSSON
Carl Pettersson (born 1979) has been the Vice Chairman and a member of OmaSp’s Board of Directors since January 2025. Pettersson has been the Managing Director of Elo Pension Company since 2021. In addition, Pettersson has been the Managing Director of Veritas Pension Insurance Company in 2017–2021, Deputy Managing Director of Aktia Bank Plc in 2016–2017 and prior to that in several management positions of Aktia Bank Plc in 2008–2016 and as Director of OP Raasepori’s branch office in 2006-2008. Pettersson holds a Bachelor of Business Administration and an eMBA.

KATI RIIKONEN
Kati Riikonen (born 1971) has been a member of OmaSp’s Board of Directors since December 2024. Riikonen has been the VP, Head of Online, Marketing and Analytics of Telia Finland Plc in 2020–2024, Head of Industry of Google Finland in 2017–2020, Managing Director of Isobar Finland Oy in 2015–2017, Chief Digital Officer of DNA Oy in 2013-2015 and Marketing Director of DNA Oy in 2011–2013, an entrepreneur of KRi Marketing and Training in 2006–2009, Marketing Director of Motorola Inc. USA in 2003–2006 and as various expert and team leader positions at Nokia Plc in 1996–2003. In addition, Riikonen has been a member of the Board of Directors of Kamux Plc since 2024, a member of the Board of Directors of Verkkokauppa.com Plc since 2023, a member of the Board of Directors of Nooa Savings Bank in 2021–2024, a member of the Board of Directors of Kotipizza Group in 2021–2022, a member of the Board of Directors of City Digital Oy in 2016–2018, and a member of the Board of Frantic Media Oy in 2012–2014. Riikonen holds a Master of Business Administration.

JUHA VOLOTINEN
Juha Volotinen (born 1975) has been a member of OmaSp’s Board of Directors since December 2024. Volotinen has been the CIO of the Municipality Finance Plc since 2021. In addition, Volotinen worked as CIO of Aktia Bank Plc in 2017–2021 and before that in several managerial positions in Aktia Bank Plc in 2010–2017, in SEB Ab in several managerial positions in 2003–2010, and as IT Manager of Danske Securities in 2002–2003. Volotinen has served as a member of the Board of Directors of Aktia Finance in 2017–2020. Volotinen holds a Master of Economic Sciences.

Shareholders’ Nomination Committee proposal on the remuneration of the Board of Directors of OmaSp:

The Shareholders’ Nomination Committee proposes that the members of the Board of Directors be paid annual remuneration as follows:
- Chairperson of the Board EUR 85,000
- Vice Chairperson of the Board EUR 60,000
- Other members of the Board EUR 40,000
In addition, the Chairperson of the Board Committees are paid a separate annual fee as follows:
- Chairperson of the Remuneration Committee EUR 6,000
- Chairperson of the Risk Committee EUR 9,000
- Chairperson of the Audit Committee EUR 9,000
The Shareholders’ Nomination Committee proposes that meeting fees be paid as follows:
- Board meeting EUR 1,000
- Committee meeting EUR 1,000
- Email meeting of the Board or Committee EUR 500
The Shareholders’ Nomination Board proposes that 25 percent of the annual remuneration of the Board of Directors be paid from the market in Oma Savings Bank Plc’s shares acquired on behalf of the members of the Board of Directors. The shares will be acquired directly on behalf of the members of the Board of Directors at a price formed on the market in public trading when the interim report for the period from 1 January to 31 March 2025 has been published. The Company is responsible for the costs of acquiring the shares and any transfer tax. The rest of the annual fee is paid in cash to cover the taxes arising from the fee.

In addition, Oma Savings Bank Plc pays or reimburses travel expenses and other expenses related to board work to the members of the Board of Directors.

The proposals of the Nomination Committee shall be included in the notice of the Annual General Meeting.

Raimo Härmä (nominated by the South-Karelian Savings Bank Foundation) is the Chairman of the Shareholders’ Nomination Committee of OmaSp, members are Ari Lamminmäki (nominated by the Parkano Savings Bank Foundation), Jouni Niuro (nominated by the Liedon Savings Bank Foundation), Aino Lamminmäki (nominated by the Töysän Savings Bank Foundation), Simo Haarajärvi (nominated by the Kuortane Savings Bank Foundation), and as a specialist acts Jaakko Ossa, the Chairman of the Board of OmaSp.

Additional information:
Raimo Härmä, Chairman of the Nomination Committee, tel. +358 44 363 7063
Minna Sillanpää, CCO, tel. +358 50 66592, minna.sillanpaa@omasp.fi

DISTRIBUTION
Nasdaq Helsinki Ltd
Major media
www.omasp.fi

OmaSp is a solvent and profitable Finnish bank. About 500 professionals provide nationwide services through OmaSp’s 48 branch offices and digital service channels to over 200,000 private and corporate customers. OmaSp focuses primarily on retail banking operations and provides its clients with a broad range of banking services both through its own balance sheet as well as by acting as an intermediary for its partners’ products. The intermediated products include credit, investment and loan insurance products. OmaSp is also engaged in mortgage banking operations.

OmaSp core idea is to provide personal service and to be local and close to its customers, both in digital and traditional channels. OmaSp strives to offer premium level customer experience through personal service and easy accessibility. In addition, the development of the operations and services is customer-oriented. The personnel is committed and OmaSp seeks to support their career development with versatile tasks and continuous development. A substantial part of the personnel also own shares in OmaSp.

The MIL Network –
February 1, 2025
MIL-OSI USA: Luján Named Ranking Member of Agriculture Subcommittee on Nutrition and Specialty Crops

US Senate News:

Source: United States Senator Ben Ray Luján (D-New Mexico)

Subcommittee Oversees Key New Mexico Priorities Including Food Assistance Programs, Specialty Crop Produces, and Healthy Food Initiatives

Washington, D.C. – This week, U.S. Senator Ben Ray Luján (D-N.M.) was named Ranking Member of the Senate Committee on Agriculture, Nutrition and Forestry’s Subcommittee on Food and Nutrition, Specialty Crops, Organics, and Research for the 119^th Congress. Senator Luján will serve alongside Subcommittee Chairman U.S. Senator Mitch McConnell (R-Ky.).

“Across New Mexico and the nation, federal nutrition assistance programs help feed our families and children, while our specialty crop growers put high-quality, nutritious produce for our tables,” said Senator Luján. “I am honored to have been selected to lead the Subcommittee on Food and Nutrition, Specialty Crops, Organics and Research, where I will work to boost programs to help families afford healthy food, secure resources for our specialty crop and organic producers, and ensure strong investment and support for our agricultural research institutions. I look forward to working in a bipartisan manner to secure New Mexico priorities on this key subcommittee.”

“As Ranking Member, I will work to support and provide resources for our specialty crop growers in New Mexico who feed our nation and the world and support our trademark crops from pecans to chile. No one should face the threat of hunger, and I will work tirelessly to make certain that families are able to put high-quality, nutritious food on the table, no matter where you live. New Mexico also boasts a wealth of agriculture research institutions, ranging from New Mexico State University to our climate hub and agriculture research stations,” continued Senator Luján. “Supporting strong research investment will be a priority for me on this subcommittee as we look to ensure that our agriculture community has the tools they need to face challenges ranging from pests to climate change and be competitive at the global level.”

Background on Senator Luján’s work on supporting food assistance programs and specialty crop growers:

Senator Luján has long fought to protect and improve federal nutrition assistance programs, leading legislation to protect local grocers from transaction fees that would make it harder for them to accept SNAP benefits, introducing legislation that would support merit staff and protect the integrity and efficiency of SNAP, and fighting to protect access to SNAP benefits in the Farm Bill. Through Senator Luján’s work on the Committee on Agriculture, Nutrition and Forestry, he has fought to secure provisions in the Farm Bill that would invest in agriculture research and boost resources for New Mexico’s specialty crop and organic producers.

Background on the Subcommittee on Food and Nutrition, Specialty Crops, Organics, and Research:

The Subcommittee on Food and Nutrition, Specialty Crops, Organics, and Research oversees programs regarding food and nutrition assistance, school meals, non-program crops, organic production, and research. The subcommittee oversees agencies within the Food, Nutrition, and Consumer Services; Research, Education and Economics; and Marketing and Regulatory Programs mission areas at USDA. In addition to agencies, this subcommittee oversees the Foundation for Food and Agricultural Research.

MIL OSI USA News –

February 1, 2025
MIL-OSI USA: Governor Lamont Announces New Programs That Are Expanding Access to Contraception in Connecticut

Source: US State of Connecticut

(HARTFORD, CT) – Governor Ned Lamont and Connecticut Consumer Protection Commissioner Bryan T. Cafferelli today announced that a training program for licensed pharmacists who want to be able to prescribe contraception directly to customers is now available in Connecticut. In addition, they announced today that the state’s first vending machines providing access to emergency contraception and other over-the-counter medications are also now available in Connecticut.

The training program, developed by the University of Connecticut School of Pharmacy, received final approval this week from the Connecticut Department of Consumer Protection. The continuing education program is expected to take four hours to complete and is optional for all pharmacists. There are 671 licensed pharmacies and more than 6,500 licensed pharmacists in the state who are eligible to complete the course and begin offering this service.

“This is just one of the many ways we’re working to expand access to contraception and other important medications in Connecticut,” Governor Lamont said. “Pharmacists have continued to play a growing role in our healthcare system, from administering vaccines to dispensing Narcan and other lifesaving medications, and now prescribing birth control. They are a critical part of the healthcare network.”

“There can be many barriers to going to a primary care provider for contraception – potential costs, needing to take time off work, or traveling long distances. That is why both patients and pharmacists overwhelmingly offered their support for this change,” Lt. Governor Susan Bysiewicz said. “Everyone should have safe and reliable access to contraceptives. Governor Lamont and I remain committed to ensuring that our state continues to be the best place for women and that every patient in Connecticut has access to the care they need.”

“Many people interact with their pharmacists more often than their doctors throughout the year, providing a critical resource for patients in every corner of our state,” Commissioner Cafferelli said. “Pharmacies are everywhere, from CVS and Walgreens to the independent pharmacies down the road, to the pharmacies in major retailers like Stop and Shop and Walmart, and they play a critical role in removing barriers to accessing safe and effective medication.”

“Allowing pharmacists to both prescribe and dispense hormonal birth control could help mitigate barriers and expand access to contraception for the citizens of our state,” UConn School of Pharmacy Dean Philip Hritcko said.

“The ability for pharmacists to directly prescribe hormonal and emergency contraception is a critical step forward in expanding access to essential healthcare,” Nathan Tinker, CEO of the Connecticut Pharmacists Association, said. “In Connecticut, this means that there could potentially be some 600 new points of access across the state for this important service. The Connecticut Pharmacists Association thanks Governor Lamont’s administration and the Department of Consumer Protection for recognizing that pharmacists are in a unique position to provide timely, convenient, and patient-centered care.”

“Access to contraceptives gives people the ability to control their own reproductive destinies and make personal decisions regarding if, when, or how to start their families,” Liz Gustafson, Connecticut state director of Reproductive Equity Now, said. “By eliminating the need for a visit to a healthcare provider to obtain a prescription for birth control and allowing people to receive the prescription directly from their local pharmacy, pharmacist prescribing will help increase access to contraception for those who face the greatest barriers to care. We’re also thrilled to see the first emergency contraception vending machine in Connecticut installed at UConn Storrs, and commend Dr. Smith, medical director of student health and wellness and his colleagues, for their work to bring this to fruition. As national attacks on birth control escalate, we must find every opportunity to protect and expand reproductive freedom, and this pharmacist training program and expanded access to emergency contraception are critically important steps.”

Pharmacists who want to prescribe contraception can register for the on-demand training program by visiting the UConn School of Pharmacy website. The cost to pharmacists is $40 for registration. Once a pharmacist completes the training, they will be able to prescribe contraception. The course counts toward the 15 hours of annual continuing education required for pharmacists.

Patients who are prescribed birth control by a pharmacist are advised to consult with a primary care or other physician for a follow-up consultation after receiving a prescription from a pharmacist, but a follow up appointment is not required.

Pharmacists who have questions can contact the Connecticut Department of Consumer Protection via email at DCP.DrugControl@ct.gov.

MIL OSI USA News –

February 1, 2025
MIL-OSI United Kingdom: Thinking of setting up a CIC? Take a look at our recent webinar
Source: United Kingdom – Executive Government & Departments

“From idea to Impact: Your Guide to setting up a CIC”. Take a look at our most recent joint webinar with the Business Support Service
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Take a look at our most recent joint webinar with the Business Support Service where they provide an insight to the free advice and guidance they can offer to you throughout your business journey; alongside a detailed explanation of how the CIC model operates and some great tips on how to complete a successful CIC application.

“From idea to Impact: Your Guide to setting up a CIC”

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MIL OSI United Kingdom –
February 1, 2025
MIL-OSI USA: Ricketts Announces Subcommittee Assignments for the 119th Congress
US Senate News:
Source: United States Senator Pete Ricketts (Nebraska)

January 31, 2025

WASHINGTON, D.C. – Today, U.S. Senator Pete Ricketts (R-NE) announced his subcommittee assignments for the 119^th Congress.

“President Trump’s re-election provides a historic opportunity to get our country back on track,” said Ricketts. “On these subcommittees, I’ll work to unleash American energy, extend the Trump tax cuts, and restore American strength on the world stage.”

Banking, Housing, and Urban Affairs Committee
- Member, Subcommittee on Economic Policy
- Member, Subcommittee on Financial Institutions and Consumer Protection
- Member, Subcommittee on National Security and International Trade and Finance
Environment and Public Works Committee
- Chairman, Subcommittee on Fisheries, Wildlife, and Water
- Member, Subcommittee on Transportation and Infrastructure
- Member, Subcommittee on Clean Air, Climate, and Nuclear Innovation and Safety
Foreign Affairs Committee
- Chairman, Subcommittee on East Asia, the Pacific and International Cybersecurity Policy
- Member, Subcommittee on Europe and Regional Security Cooperation
- Member, Subcommittee on State Department and USAID Management, International Operations and Bilateral International Development
BACKGROUND

U.S. Senate Committee on Banking, Housing, and Urban Affairs is responsible for matters related to banks and banking, price controls, deposit insurance, foreign trade promotion, export promotion and controls, and federal monetary policy. It has jurisdiction over financial exchanges, markets, and derivates, financial aid to commerce and industry, issuance of redemption of notes, and currency and coinage issues. Additionally, the Committee is responsible for public and private housing, urban development, mass transit, and government contracts. This includes oversight of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the U.S. Department of Housing and Urban Development (HUD), the Export-Import Bank, and the Federal Housing Administration.

U.S. Senate Committee on Environment and Public Works is responsible for legislation and oversight of the natural and built environment and for studying matters concerning environmental protection and resource conservation and utilization. This includes oversight of the Environmental Protection Agency (EPA), the U.S. Army Corps of Engineers, and the U.S. Fish and Wildlife Service.

U.S. Senate Committee on Foreign Relations is instrumental in developing, influencing, and overseeing U.S. foreign policy. The Committee considers, debates, and reports important treaties and legislation involving everything from foreign aid to arms sales to international organizations like the United Nations. It overseas the U.S. State Department and holds jurisdiction over all diplomatic nominations, including the U.S. Secretary of State. Ricketts will be the second highest ranking Republican on the Committee.
MIL OSI USA News –
February 1, 2025
MIL-OSI: ESET Triumphs as AV-Comparatives’ 2024 Product of the Year

Source: GlobeNewswire (MIL-OSI)

BRATISLAVA, Slovakia, Jan. 31, 2025 (GLOBE NEWSWIRE) — ESET, a global leader in cybersecurity solutions, is proud to announce that ESET HOME Security Essential has been named AV-Comparatives’ Product of the Year for 2024. This prestigious award recognizes ESET HOME Security Essential for Windows for its outstanding performance and reliability in protecting consumers against a wide range of cyber threats.

In 2024, AV-Comparatives subjected 16 consumer security products for Windows to rigorous testing, evaluating their ability to protect against real-world Internet threats, identify recent malicious programs, defend against advanced targeted attacks, and provide protection without slowing down the PC. ESET HOME Security Essential emerged as the top performer, receiving the highest Advanced+ Award in all seven tests conducted throughout the year.

As stated in the AV-Comparatives’ Summary Report 2024, “Reviewers were impressed by the clean, intuitive user interface designed for non-expert users, as well as the extensive customization and scan options available for power users.”

Although the majority of vendors make auto-renewal mandatory, the report points out that, most commendably, ESET is among those vendors who do not impose auto-renewal on users. The report further highlights ESET HOME Security Essential as a well-designed and easy-to-use security product that provides safe default settings and essential features easily accessible to all users.

Andreas Clementi, founder and CEO of AV-Comparatives, commented on ESET’s recognition: “ESET’s performance throughout our 2024 tests has been consistently strong, earning high ratings across multiple categories. The awards reflect the product’s reliability in malware protection, usability, and system performance. ESET HOME Security Essential demonstrated a well-balanced approach, providing effective security without imposing a significant burden on the system, which many users will appreciate.”

“We are honored to be recognized as AV-Comparatives’ Product of the Year for 2024. This award is a testament to our commitment to providing high-performance, technologically advanced security solutions that protect digital lives of our customers without compromising their device performance. We will continue to innovate and enhance our products to address real-life cybersecurity and privacy needs of our users, so they can enjoy the full potential of themselves and their technology in a secure digital world,” said Viktória Ivanová, Vice President of Consumer and IoT Segment at ESET.

ESET HOME Security for Windows is designed to offer high-performance protection with low system impact, utilizing multilayered technologies that go beyond basic antivirus capabilities.

Discover more about ESET HOME Security solutions here.

About ESET

ESET® provides cutting-edge digital security to prevent attacks before they happen. By combining the power of AI and human expertise, ESET stays ahead of known and emerging cyberthreats — securing businesses, critical infrastructure, and individuals. Whether it’s endpoint, cloud, or mobile protection, our AI-native, cloud-first solutions and services remain highly effective and easy to use. ESET technology includes robust detection and response, ultra-secure encryption, and multifactor authentication. With 24/7 real-time defense and strong local support, we keep users safe and businesses running without interruption. An ever-evolving digital landscape demands a progressive approach to security: ESET is committed to world-class research and powerful threat intelligence, backed by R&D centers and a strong global partner network. For more information, visit www.eset.com or follow us on LinkedIn, Facebook, and X.

The MIL Network –

February 1, 2025
MIL-OSI Asia-Pac: London ETO celebrates Year of Snake and promotes liquor trade in Scotland

Source: Hong Kong Government special administrative region

     â€‹The Hong Kong Economic and Trade Office, London (London ETO), in collaboration with the China-Britain Business Council (CBBC), hosted the “Toast to the Snake” reception in Glasgow, the United Kingdom (UK), in the evening of January 30 (London time) to celebrate the Year of the Snake.

     Speaking at the reception, the Director-General of the London ETO, Mr Gilford Law, highlighted Hong Kong’s unique advantages under “one country, two systems” including the common law regime, the free flow of capital, people and information, and policy support from the Mainland. Mr Law emphasised that those strengths did not go unnoticed. He said, “Hong Kong saw a record number of 9 960 non-local companies operating in the city last year, representing a 10 per cent year-on-year increase, with 720 of them coming from the UK. The International Monetary Fund had also reaffirmed Hong Kong’s position as an international financial centre and recognised the resilience of the city’s financial system.”

     Around 270 guests from the business, academic and cultural sectors as well as the Chinese community attended the reception. Among the guests were the Minister for Business of the Scottish Government, the Lord Provost of the City of Glasgow, and the Consul General of the People’s Republic of China in Edinburgh.

     In the morning of the same day, the London ETO and Invest Hong Kong sponsored CBBC’s China Consumer Scotland 2025 event, featuring among others a panel discussion on the opportunities arising from Hong Kong’s reduction of liquor duty as announced in “The Chief Executive’s 2024 Policy Address”. Mr Law highlighted in his welcome speech that various high value-added sectors, such as logistics and storage, tourism as well as food and beverage would also benefit from this new measure. He encouraged Scottish brands to grasp this opportunity.

     Speaking at one of the panel discussions, the Head of Business and Talent Attraction/Investment Promotion of the InvestHK London Office, Ms Daisy Ip said, “Hong Kong boasts a thriving premium spirits market and a diverse range of high-end bars and dining establishments, making it a significant growth market for spirits. The city offers well-developed cold chain logistics services, robust logistics networks, and seamless connection with the Mainland and key Southeast Asian markets. Hong Kong can serve as Asia’s hub for liquor trade and distribution.”

The China Consumer Scotland 2025 event was attended by close to 50 business representatives who were related to the spirits industry or interested in the opportunities in the Chinese market.

MIL OSI Asia Pacific News –

February 1, 2025
MIL-OSI USA: Joint Press Release: Agencies Announce Second Public Outreach Meeting as Part of Their Review of Regulations

Source: US Federal Deposit Insurance Corporation FDIC

Federal Deposit Insurance Corporation
Federal Reserve Board
Office of the Comptroller of the Currency

Federal bank regulatory agencies will hold a virtual public outreach meeting on March 6, 2025, as part of their review of regulations, as required by law. The Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) requires the agencies, with input from the public, to review their regulations at least once every 10 years to identify any outdated or otherwise unnecessary regulatory requirements applicable to their supervised institutions.

The outreach meeting is an opportunity for interested stakeholders to present their views on the six categories of regulations listed in the first two Federal Register notices: Applications and Reporting; Powers and Activities; International Operations; Consumer Protection; Directors, Officers and Employees; and Money Laundering.

Individuals interested in providing oral comments must register by February 14, 2025, and indicate the regulatory category or categories they would like to discuss. The agencies will notify those individuals selected to provide comments. Advance registration is not required to attend this virtual public meeting as an observer.

Additional details, including a link to attend the meeting, will be available on the EGRPRA website under the outreach page.

The agencies will announce additional public meetings in 2025.

###

MEDIA CONTACTS:

FDIC

LaJuan Williams-Young

(202) 898-3876

FRB

Chelsea Grate

(202) 452-2955

OCC

Anne Edgecomb

(202) 649-6870

MIL OSI USA News –

February 1, 2025

MIL-OSI USA: Press Release: FDIC Makes Public December 2024 Enforcement Actions; No Administrative Hearings Scheduled for February

Source: US Federal Deposit Insurance Corporation FDIC

WASHINGTON – The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December 2024. There are no administrative hearings scheduled for February 2025.

The FDIC issued 16 orders, one Notice, and one adjudicated Decision and Order in December 2024. The administrative enforcement actions in those orders consisted of six orders of prohibition; four orders terminating deposit insurance; one combined prohibition order and order to pay; one amended combined prohibition order and order dismissing order to pay; one consent order; one order terminating consent order; one Notice; and one Decision and Order.

To view orders, adjudicated decisions and notices and the administrative hearing details online, please visit the FDIC’s Web page by clicking the link below.

The FDIC does not send unsolicited e-mail. If this publication has reached you in error, or if you no longer wish to receive this service, please unsubscribe.

MIL OSI USA News –

February 1, 2025

MIL-OSI Economics: ICC announces new editorial board for Dispute Resolution Bulletin
Source: International Chamber of Commerce

Headline: ICC announces new editorial board for Dispute Resolution Bulletin

The International Chamber of Commerce (ICC) has appointed new co-editors-in-chief and editorial board members of the ICC Dispute Resolution Bulletin. The Bulletin is ICC’s flagship, triannual journal focused on arbitration and other methods of dispute resolution. Editorial board members are highly-regarded dispute resolution practitioners from around the world, with diverse backgrounds. With their involvement, the Bulletin will remain one of the most essential go-to resources on dispute prevention and resolution.

Since the first edition in 1990, the Bulletin has been at the forefront of providing up-to-date developments in international arbitration and commentaries on ICC dispute resolution and arbitral awards. The Bulletin offers legal updates, expert insights and studies, best practices and analysis of ICC awards. It also reports on ICC events and trainings, and features book reviews for dispute resolution practitioners.

Claudia Salomon, President of the ICC International Court of Arbitration, said:

“In line with the ICC Court pledge to drive thought leadership, the new co-editors in chief and editorial board members will ensure that the Bulletin continues to generate innovative ideas, and build capacity, offering readers a greater understanding of the arbitration and ADR process.”

Alexander G. Fessas, Director of ICC Dispute Resolution Services and Secretary General of the ICC Court, said:

“As the leading institution in dispute resolution, ICC plays a critical role in promoting access to justice and the rule of law. The Bulletin serves as a vital platform for analysis and debate, fostering the safeguard of the legitimacy of arbitration and ADR, and maximising the potential of all in the legal and business communities. We are confident that, with the new editorial board, the Bulletin’s relevance and reach will continue to grow exponentially.”

The Bulletin’s gender-balanced editorial board comprises 20 members based in Africa, Asia and the Pacific, Europe, Latin America, the Middle East and the United States.

The Bulletin is led by two co-editors-in-chief: Rafael Rincón, a partner at Rincón Castro Abogados in Colombia, and Sara Nadeau Seguin, a partner at Teynier Pic in France. Both were members of the board during the previous mandate. They succeed Julien Fouret and Yasmine Lahlou, who were appointed as members of the ICC Court in July 2024.

The 2025-2027 ICC Bulletin editorial board members are:
- Sara Nadeau Seguin, Co-Editor in Chief, Partner, Teynier Pic, France
- Rafael Rincón, Co-Editor in Chief, Partner, Rincón Castro Abogados, Colombia
- Aysha Abdulla Mutaywea, Partner, MENA Chambers, Bahrain
- Marie-Isabelle Delleur, Counsel, Clifford Chance, Brazil
- *Farouk El-Hosseny, Senior Associate, Three Crowns, United Kingdom
- *Ahmed Habib, Senior Associate, DWF, Qatar
- *Imad Khan, Partner, Winston & Strawn, United States of America (Houston)
- Monserrat Manzano, Partner, Von Wobeser, Mexico
- Alexandre Mazuranic, Partner, BMG Avocats, Switzerland
- *Damien Nyer, Partner, White & Case, United States of America (New York)
- *Olena Perepelynska, Partner and Head of International Arbitration, Integrites, Ukraine
- *Sulabh Rewari, Partner, Keystone, India
- *Michele Sabatini, Partner, Arblit, Italy
- Mikaël Schinazi, Associate, Jones Day, France
- Anna Secomb, Arbitrator, Singapore
- *Leyou Tameru, Founder, I-Arb Africa, Ethiopia
- Mireille Taok, International Arbitrator, Lawyer, and University Lecturer, United Arab Emirates
- Monty Taylor, Barrister, Tenth Floor Chambers, Australia
- Sylvia Tee, Partner, Ashurst, China
- *Angeline Welsh, Barrister, Essex Chambers, United Kingdom
* Member during the previous mandate, which is renewable once.

The Bulletin is published three times a year with the next edition due in March 2025. The latest edition of the ICC Dispute Resolution Bulletin is freely available for download in the ICC Dispute Resolution Library.
MIL OSI Economics –
February 1, 2025
MIL-OSI: Voltage CEO Highlights the Evolution of Lightning Network Payments at Tether’s Plan B Forum 2025

Source: GlobeNewswire (MIL-OSI)

HONOLULU, Jan. 31, 2025 (GLOBE NEWSWIRE) — Voltage, a leader in Bitcoin infrastructure solutions, has announced that CEO and Founder Graham Krizek will speak at Plan B Forum 2025 in El Salvador, an event hosted by Tether that convenes industry experts in the Bitcoin ecosystem. Krizek will participate in a panel discussion exploring the history and evolution of the Lightning Network, a transformative technology that has brought instant, low-cost Bitcoin transactions to the world.

This year’s forum comes amid transformative developments in the Lightning ecosystem, including Tether’s announcement to bring its stablecoin to the Lightning Network. While Krizek will not be announcing new initiatives from Voltage, his insights into the development and progress of Lightning provide essential context for understanding why the network is uniquely positioned to integrate stablecoins like Tether’s USDT.

“The Lightning Network represents a revolutionary leap in Bitcoin scalability, enabling fast, secure, and cost-effective transactions,” said Graham Krizek, CEO of Voltage. “By looking back at its history, we can better appreciate the incredible advancements that make today’s innovations, such as Tether’s integration, possible. I’m excited to share this perspective with the global Bitcoin community at Plan B Forum.”

As the Lightning Network continues to grow, its ability to support additional assets like stablecoins could redefine financial access and efficiency. The network’s low fees and speed offer a viable framework for global remittances, microtransactions, and businesses seeking to adopt Bitcoin in a practical, scalable way.

Voltage has been at the forefront of Lightning’s journey, offering the infrastructure and tools that developers, businesses, and enterprises need to build on the network. By reflecting on Lightning’s past and celebrating its recent milestones, Krizek’s panel will highlight how these developments set the stage for an exciting future in global payments.

Businesses interested in Bitcoin and Lightning Network payments can schedule a demo at https://voltage.cloud/contact-us/

For media inquiries, users may contact 21M Communications at phil@21mcommunications.com

About Voltage
Voltage is a leading payments provider enabling instant, low-cost global settlement on Bitcoin and stablecoins over the Lightning Network. As the longest-running infrastructure provider for the Lightning Network, Voltage serves exchanges, neo-banks, wallets, fintech innovators, and more, empowering them to build and scale high-performance financial solutions with enterprise-grade security and privacy standards. With modular tools that make it easy to build, deploy, and scale payment systems, Voltage reduces costs and delivers unmatched efficiency.

Contact

Founder & CEO
Phil
21M Communications
phil@21mcommunications.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b23e9c68-9537-47b3-8af1-145238227907

The MIL Network –

February 1, 2025
MIL-OSI: Resolutions adopted at the Annual General Meeting of RTX A/S
Source: GlobeNewswire (MIL-OSI)

Nørresundby, Denmark, 31 January 2025
Announcement no. 04/2024

Today, 31 January 2025, RTX A/S held its Annual General Meeting at which the following decisions were made:
- The annual report for the financial year 2023/24 was adopted (item 2).
- The proposal not to distribute any dividend for the financial year 2023/24 was approved (item 3).
- The Remuneration Report for 2023/24 was approved in the advisory vote (item 4).
- The Remuneration Policy was adopted (item 5.1).
- The remuneration of the Board of Directors for 2024/25 was adopted (item 5.2).
- Henrik Schimmell, Jesper Mailind, Katja Millard and Mogens Vedel Hestbæk were re-elected and Gitte Schjøtz and Carsten Drachmann were newly elected to the Board of Directors for a one-year term (item 6).
- KPMG Statsautoriseret Revisionspartnerselskab was re-appointed as the company’s auditors (item 7).
- The below proposal from the Board of Directors was approved:
  - Authorization to attorney Henrik Møgelmose to inform the Danish Business Authority of the resolutions passed and to make any resulting changes to the Company’s Articles of Associations (item 8.1).
At a meeting of the Board immediately after the AGM, the Board constituted itself with Henrik Schimmell as Chair and Katja Millard as Deputy Chair. Further, Mogens Vedel Hestbæk was selected as Chair of the Audit Committee with Henrik Schimmell and Katja Millard as members of the Committee. Henrik Schimmell, Katja Millard and Jesper Mailind were selected as members of the Nomination & Remuneration Committee.

Yours sincerely

PETER THOSTRUP MILLE TRAM LUX

Chair CFO

Attachment
- RTX CA No 04-2025 – 31.01.25 – Summary of AGM
The MIL Network –
February 1, 2025
MIL-OSI United Kingdom: Prepare to be amazed as the NI Science Fair rolls into town

Source: Northern Ireland – City of Derry

Prepare to be amazed as the NI Science Fair rolls into town

31 January 2025

Science buffs across Strabane should prepare to be amazed as the NI Science Fair visits the Alley Theatre for a series of exciting events.

Established in 2014, the NI Science Festival has grown to become the largest celebration of its kind on the island of Ireland, and one of the leading science festivals in Europe.

For its 11^th edition, the festival will present more than 300 events across Northern Ireland, focusing on our rich and diverse natural environment, our engineering and manufacturing heritage, sustainability, technology, the mind and body, and much more.

The festival’s regional roadshow will touch down in Strabane with a series of events, including Chemistry & the Celts on Friday 14^th February at The Alley Theatre. An immersive exploration into the world of the Irish Celts with Scientific Sue, this engaging show, supported by Almac, brings ancient traditions to life, blending the wonders of chemistry with the rich tapestry of Celtic history.

Also taking place at The Alley is Look Closer where little explorers embark on a fun-filled journey of discovery into nature’s wonders with screenings of BBC/CBeebies Tiny Wonders followed by hands-on experiments in Mini Lab Zones where the budding researchers will get to use real microscopes and take a closer look at fascinating little curiosities from nature.

NI Science Festival director Sarah Jones said: “The NI Science Festival is a celebration of science, creativity, and the world around us, designed to be engaging and enjoyable for everyone. Over 12 days, the festival will pop up in venues across Northern Ireland, showcasing the incredible work of local researchers and scientists alongside some well-known guest speakers. This year’s programme is packed with exciting events for all ages, offering something for everyone. It’s an opportunity to embrace the joy of discovery, explore the power of ideas, and celebrate the possibilities science brings to our everyday lives.”

Dr Frances Weldon, Associate Director STEM Outreach, Almac Group, said: “We are deeply committed to supporting STEM education at Almac and as such we’re delighted to partner with NI Science Festival in the Chemistry & the Celts show and to receive funding from the Arts & Business NI Investment Programme. Chemistry is a core discipline and career area at Almac. This collaborative project delivers entertaining chemistry content through arts and history, sparking children’s curiosity and stimulating them to think about chemistry as part of everyday life.”

Tickets are available from the Alley Theatre website: www.alley-theatre.com or call the Alley Theatre Box Office on 028 71 384444

MIL OSI United Kingdom –

February 1, 2025
MIL-OSI United Kingdom: Coventry chosen to lead global UNESCO project

Source: City of Coventry

UNESCO has chosen the city of Coventry and Warwick Business School (WBS) to participate in its global project to highlight the role of culture in building a sustainable future for the planet.

In a significant stride towards global cultural sustainability, Coventry City Council in collaboration with WBS, has been selected to participate in the prestigious UNESCO Culture 2030 Indicators initiative.

It aims to measure and highlight culture’s vital contribution in achieving the United Nations’ 2030 Agenda for Sustainable Development.

The UNESCO Culture 2030 Indicators project is a framework designed to monitor and evaluate the role of culture in sustainable development.

Coventry City Councillor Naeem Akhtar, Cabinet Member for Housing and the Communities, said: “We are honoured to be part of this ground-breaking initiative, along with Warwick Business School, to contribute to UNESCO’s global sustainability mission.

“Coventry is the home of many fantastic cultural organisations, artists, community groups and creatives, and we are delighted that UNESCO can see the value in working with Coventry as a city.

“This marks a major step forward in advancing global cultural sustainability, underscoring the essential role of culture in achieving the United Nations’ 2030 Agenda for Sustainable Development.”

Mark Scott, Research Fellow at WBS who is a leading place and culture data expert with extensive experience of working with the local cultural sector and colleagues in Coventry City Council, said: “The UNESCO project encompasses a range of thematic indicators that assess various aspects of cultural impact, from heritage preservation to cultural participation and education.

“The inclusion of the city of Coventry and WBS in this project not only reinforces Coventry’s legacy as a City of Culture but also highlights Warwick Business School’s commitment to leveraging research and data to drive impactful global change.

“Being part of the UNESCO Culture 2030 Indicators project is a tremendous honour for WBS. This collaboration underscores our dedication to cultural sustainability and our role in shaping a better future through informed research and data-driven strategies.”

The collaboration between WBS, Coventry, and UNESCO is also supported by the UK Department for Culture, Media and Sport. This partnership aims to position the UK as a leader in cultural data management and sustainable development. By contributing to this ground-breaking project, WBS and Coventry are helping to shape policies and practices that will benefit communities worldwide.

Jonathan Neelands, Professor of Creative Education at WBS, said: “By contributing to this initiative, we are helping to position the UK as a leader in cultural data management and sustainable development, further cementing the School’s place on the international stage.”

Mark Scott and Professor Neelands were leads in the research and evaluation for Coventry UK City of Culture 2021 and continue to be involved in other Coventry data-led and evidence-based policy projects like the recent Coventry Cultural Place Profiler. Coventry City Council has a unique pool of cultural and other data that makes the partnership distinctive.

MIL OSI United Kingdom –

February 1, 2025

FDIC	LaJuan Williams-Young	(202) 898-3876
FRB	Chelsea Grate	(202) 452-2955
OCC	Anne Edgecomb	(202) 649-6870

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Artificial investment

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Lieutenant Governor Burt Jones

Senator John F. Kennedy

House Speaker Pro Tempore Jan Jones

Georgia House Republican Caucus

Caylee Noggle – President, Georgia Hospital Association

Chris Clark – President/CEO, Georgia Chamber of Commerce

Katie Kirkpatrick – President & CEO, Metro Atlanta Chamber

Marsha Poorak – CEO, Southern Electric Company, LLC

Georgia Child Care Association

Georgia Restaurant Association

Georgia Health Care Association/Georgia Center for Assisted Living

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Georgia Retailers

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Georgia Senior Living Association

The Georgia Hotel & Lodging Association (GHLA)

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The 2025-2027 ICC Bulletin editorial board members are:

Prepare to be amazed as the NI Science Fair rolls into town