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Category: Commerce

  • MIL-OSI Security: Former Miami-Dade Corrections Officer Pled Guilty to $150,000 COVID-19 Fraud

    Source: United States Department of Justice (National Center for Disaster Fraud)

    MIAMI – Yesterday, Daniel Fleureme, 56, of Miami-Dade County, a former Miami-Dade Corrections and Rehabilitation Department (MDCRD) Corrections Officer, pled guilty to wire fraud for defrauding a COVID-19 relief program by fraudulently obtaining an Economic Injury Disaster Loan from the U. S. Small Business Administration (SBA).

    The Coronavirus Aid, Relief and Economic Security (CARES) Act was designed to provide emergency financial assistance to the millions of Americans who were suffering the economic effects caused by the COVID-19 pandemic. One source of relief provided by the CARES Act were Economic Injury Disaster Loans (EIDLs) to eligible small businesses experiencing substantial financial disruptions. These EIDLs were provided directly to borrowers by the SBA.

    On July 27, 2020, Fleureme, while he was employed full-time by MDCRD as a Corrections Officer, submitted to the SBA a false and fraudulent EIDL application claiming to be the 100% owner of a sole proprietorship operating under the company legal and DBA names of “Daniel Fleureme.” In this fraudulent application, Fleureme claimed that he had owned the business since its creation on Feb. 15, 2017, and stated that the business had three employees as of Jan. 31, 2020. Fleureme’s EIDL application also falsely certified that for the 12-month period prior to Jan. 31, 2020, his sole proprietorship had gross revenues of $450,000 and a cost of goods sold of only $97,000. As a result of this fraudulent EIDL application, Fleureme received approximately $150,000 in EIDL proceeds from the SBA.

    He is scheduled to be sentenced on Jan. 7, 2025, at 11:00 a.m., before U.S. District Judge Jose E. Martinez in Miami. Fleureme faces up to 20 years in prison for the wire fraud conviction. The court will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    U.S. Attorney for the Southern District of Florida Markenzy Lapointe and Special Agent in Charge Jeffrey B. Veltri of the FBI, Miami Field Office, Inspector General Felix Jimenez of the Miami-Dade County Office of Inspector General (M-DC OIG), and Special Agent in Charge Amaleka McCall-Brathwaite, U.S. Small Business Administration Office of Inspector General (SBA OIG), Eastern Region, made the announcement.

    The FBI’s Miami Area Corruption Task Force, which includes task force officers from the M-DC OIG, working in conjunction with SBA OIG, investigated the case.  Assistant U.S. Attorney Edward N. Stamm is prosecuting the case.

    On May 17, 2021, the Attorney General established the COVID-19 Fraud Enforcement Task Force to marshal the resources of the Department of Justice in partnership with agencies across government to enhance efforts to combat and prevent pandemic-related fraud. The Task Force bolsters efforts to investigate and prosecute the most culpable domestic and international criminal actors and assists agencies tasked with administering relief programs to prevent fraud by, among other methods, augmenting and incorporating existing coordination mechanisms, identifying resources and techniques to uncover fraudulent actors and their schemes, and sharing and harnessing information and insights gained from prior enforcement efforts. For more information on the department’s response to the pandemic, please visit https://www.justice.gov/coronavirus.

    On Sept. 15, 2022, the Attorney General selected the Southern District of Florida’s U.S. Attorney’s Office to head one of three national COVID-19 Fraud Strike Force Teams. The Department of Justice established the Strike Force to enhance existing efforts to combat and prevent COVID-19 related financial fraud.  The Strike Force combines law enforcement and prosecutorial resources and focuses on large-scale, multistate pandemic relief fraud perpetrated by criminal organizations and transnational actors, as well as those who committed multiple instances of pandemic relief fraud. The Strike Force uses prosecutor-led and data analyst-driven teams to identify and bring to justice those who stole pandemic relief funds. Additional information regarding the Strike Force may be found at https://www.justice.gov/opa/pr/justice-department-announces-covid-19-fraud-strike-force-teams.

    Anyone with information about allegations of attempted fraud involving COVID-19 can report it by calling the Department of Justice’s National Center for Disaster Fraud (NCDF) Hotline at 866-720-5721 or via the NCDF Web Complaint Form at https://www.justice.gov/disaster-fraud/ncdf-disaster-complaint-form.

    Related court documents and information may be found on the website of the District Court for the Southern District of Florida at www.flsd.uscourts.gov or at http://pacer.flsd.uscourts.gov, under case number 24-cr-20407.

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    MIL Security OSI –

  • MIL-OSI: First National Corporation Reports Third Quarter 2024 Financial Results

    Source: GlobeNewswire (MIL-OSI)

    STRASBURG, Va., Nov. 01, 2024 (GLOBE NEWSWIRE) — First National Corporation (the “Company” or “First National”) (NASDAQ: FXNC), reported unaudited consolidated net income of $2.2 million and basic and diluted earnings per common share of $0.36 for the third quarter of 2024 and adjusted net income(1) of $2.4 million and adjusted basic and diluted earnings per common share(1) of $0.39.

    (Dollars in thousands, except earnings per share)   Three Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023  
    Net income   $ 2,248     $ 2,442     $ 3,121  
    Basic and diluted earnings per share   $ 0.36     $ 0.39     $ 0.50  
    Return on average assets     0.62 %     0.68 %     0.91 %
    Return on average equity     7.28 %     8.31 %     10.96 %
                             
    Non-GAAP Measures:                        
    Adjusted net income(1)   $ 2,448     $ 3,008     $ 3,121  
    Adjusted basic and diluted earnings per share(1)   $ 0.39     $ 0.48     $ 0.50  
    Adjusted return on average assets(1)     0.67 %     0.84 %     0.91 %
    Adjusted return on average equity(1)     7.93 %     10.23 %     10.96 %
    Adjusted pre-provision, pre-tax earnings(1)   $ 4,712     $ 4,092     $ 3,952  
    Adjusted pre-provision, pre-tax return on average assets(1)     1.29 %     1.14 %     1.16 %
    Net interest margin(1)     3.43 %     3.40 %     3.35 %
    Efficiency ratio(1)     67.95 %     70.65 %     70.67 %

    *See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.

    “During the third quarter the company saw continued improvement in net interest margin thanks to proactive deposit pricing boosted by sticky noninterest-bearing deposits continuing to represent 31% of total deposits,” said Scott C. Harvard, President and CEO. “We also benefited from a 16% increase in ATM and check card fees and an 8% increase in wealth management fees in the quarter. During the quarter loans acquired from third party lenders continued to be a drag on what otherwise was excellent financial performance, with an adjusted pre-provision, pre-tax return on average assets of 1.29% for the period. We continue to be excited about the recent acquisition of Touchstone Bankshares, Inc., which closed on October 1, and look forward to integrating our two companies and building value for our shareholders.”

    THIRD QUARTER HIGHLIGHTS

    Key highlights of the three months ending September 30, 2024, are as follows. Comparisons are to the three-month period ending June 30, 2024, unless otherwise stated:

      ● Net interest margin(1) continued to improve to 3.43%
      ● Loan balances increased by 2%, annualized
      ● Noninterest-bearing deposits were stable at 31% of total deposits
      ● Noninterest income increased by 19%
      ● Adjusted ROA and ROE(1) of 0.67% and 7.93% respectively
      ● Tangible book value per share(1) increased to $19.37 from $17.38 one year ago


    MERGER WITH TOUCHSTONE BANKSHARES, INC.

    The Company completed the acquisition of Touchstone Bankshares, Inc. (“Touchstone”) with and into the Company, effective October 1, 2024 (the “Merger”). Immediately following the Merger, Touchstone Bank, the wholly owned subsidiary of Touchstone, was merged with and into First Bank. Pursuant to the previously announced terms of the Merger, each outstanding share of Touchstone common stock and preferred stock (on an as-converted, one-for-one basis, which shares of preferred stock converted automatically to common stock at the effective time of the Merger) received 0.8122 shares of the Company’s common stock.

    Following the Merger, the former branches of Touchstone Bank assumed in the Merger continued to operate in Virginia as Touchstone Bank, a division of First Bank, and, in North Carolina, as Touchstone Bank, a division of First Bank, Strasburg, Virginia, until the systems integration is completed in February 2025. With the addition of Touchstone, the Company would have had approximately $2.1 billion in assets, $1.5 billion in loans and $1.8 billion in deposits on a combined pro-forma basis as of September 30, 2024. The combined company delivers banking services through thirty-three branch offices in Virginia and North Carolina and three loan production offices, in addition to its full complement of online banking services. During the third quarter of 2024, the Company incurred pre-tax merger costs of approximately $219 thousand related to the Merger. Effective October 1, 2024, common stock outstanding of First National Corporation totaled 8,970,345.

    NET INTEREST INCOME

    Net interest income increased $255 thousand, or 2%, to $11.7 million for the third quarter of 2024 compared to the second quarter of 2024. Total interest income increased by $389 thousand, or 2%, and was partially offset by a $134 thousand, or 2%, increase in total interest expense. The net interest margin(1) increased to 3.43%, up from 3.40% for the second quarter.

    The $389 thousand increase in total interest income was attributable to a $475 thousand increase in interest and fees on loans, which was partially offset by a $43 thousand decrease in interest income on securities and a $41 thousand decrease in interest on deposits in banks. The increase in interest and fees on loans was attributable to a 9-basis point increase in the yield on the loan portfolio and a $9.2 million increase in the average balance of loans. The decrease in interest income on deposits in other banks was attributable to a $2.9 million decrease in average balances. The decrease in interest income on securities was attributable to a $1.7 million decrease in the average balance of total securities and an 8-basis point decrease in yield. The yield on total earning assets increased to 5.08% from 5.03% in the second quarter.

    The $134 thousand increase in total interest expense was primarily attributable to a $138 thousand increase in interest expense on deposits. The increase in interest expense on deposits resulted from a $933 thousand increase in the average balance of interest-bearing deposits and a 4-basis point increase in cost. The total cost of funds was 1.72% for the third quarter of 2024, which was a 3-basis point increase compared to the second quarter of 2024.
      
    NONINTEREST INCOME

    Noninterest income totaled $3.2 million for the third quarter of 2024, which was a $517 thousand, or 19%, increase from the second quarter of 2024 and was attributable to increases in all income categories. ATM and check card fees and fees for other customer services increased $125 thousand and $98 thousand, respectively. There were also increases in wealth management fees, service charges on deposit accounts, and brokered mortgage fees of $73 thousand, $63 thousand, and $60 thousand, respectively.

    NONINTEREST EXPENSE

    Noninterest expense totaled $10.5 million for the third quarter of 2024, which was a decrease of $200 thousand, or 2%, compared to the second quarter of 2024. The decrease was primarily attributable to a $528 thousand decrease in legal and professional fees, which was a result of lower merger-related expenses in the third quarter compared to the prior period. Merger expenses totaled $219 thousand for the third quarter of 2024 compared to $571 thousand in the second quarter of 2024.

    ASSET QUALITY

    Overview

    Loans that were past due greater than 30 days and still accruing interest as a percentage of total loans were 0.24% on September 30, 2024, 0.24% on June 30, 2024, and 0.18% on September 30, 2023. Nonperforming assets (“NPAs”) as a percentage of total assets decreased to 0.41% on September 30, 2024, compared to 0.59% on June 30, 2024, and increased from 0.23% on September 30, 2023. Annualized net charge-offs as a percentage of total loans were 0.63% for the third quarter of 2024, 0.19% for the second quarter of 2024 and 0.03% for the third quarter of 2023. The allowance for credit losses on loans totaled $12.7 million, or 1.28% of total loans on September 30, 2024, $12.6 million, or 1.27% of total loans on June 30, 2024, and $8.9 million, or 0.93% of total loans on September 30, 2023.

    Past Due Loans

    Loans past due greater than 30 days and still accruing interest totaled $2.4 million on September 30, 2024, $2.4 million on June 30, 2024, and $1.8 million on September 30, 2023. There were no loans greater than 90 days past due and still accruing on September 30, 2024 and June 30, 2024, compared to $370 thousand on September 30, 2023.

    Nonperforming Assets

    NPAs decreased to $6.0 million on September 30, 2024 from $8.5 million on June 30, 2024. NPA’s totaled $3.1 million on September 30, 2023. NPA’s represented 0.41%, 0.59%, and 0.23% of total assets, respectively. The NPAs were primarily comprised of commercial and industrial loans.

    Net Charge-offs

    Net charge-offs totaled $1.6 million for the third quarter of 2024, $482 thousand for the second quarter of 2024, and $83 thousand for the third quarter of 2023.

    Provision for Credit Losses

    The provision for credit losses totaled $1.7 million for the third quarter of 2024, $400 thousand for the second quarter of 2024, and $100 thousand in the third quarter of 2023. The provision in the third quarter of 2024 was comprised of a $1.7 million provision for credit losses on loans, a $5 thousand recovery of credit losses on held-to-maturity securities, and a $17 thousand recovery of credit losses on unfunded commitments. The provision for credit losses on loans in the third quarter of 2024 was primarily attributable to increases in specific reserves on commercial and industrial loans and an increase in the general reserve component of the allowance for credit losses on loans related to an increase in projected losses, which resulted from a higher projected unemployment rate when compared to the prior quarterly period.

    Allowance for Credit Losses on Loans

    The allowance for credit losses on loans totaled $12.7 million on September 30, 2024, $12.6 million on June 30, 2024, and $8.9 million on September 30, 2023. During the third quarter of 2024, the specific reserve component of the allowance decreased by $373 thousand, while the general reserve component of the allowance increased by $524 thousand. Net charge-offs increased in the third quarter and were primarily comprised of commercial and industrial loans with specific reserves that were established in prior periods.

    The following table provides the changes in the allowance for credit losses on loans for the three-month periods ended (dollars in thousands):

        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023  
    Allowance for credit losses on loans, beginning of period   $ 12,553     $ 12,603     $ 8,858  
    Net charge-offs     (1,572 )     (482 )     (83 )
    Provision for credit losses on loans     1,723       432       121  
    Allowance for credit losses on loans, end of period   $ 12,704     $ 12,553     $ 8,896  

    The allowance for credit losses on loans as a percentage of total loans totaled 1.28% on September 30, 2024, 1.27% on June 30, 2024, and 0.93% on September 30, 2023.

     Allowance for Credit Losses on Unfunded Commitments

    The allowance for credit losses on unfunded commitments totaled $370 thousand on September 30, 2024, $387 thousand on June 30, 2024 and $189 on September 30, 2023. There was a $17 thousand recovery of credit losses on unfunded commitments in the third quarter of 2024, a $26 thousand recovery of credit losses on unfunded commitments in the second quarter of 2024, and an $8 thousand recovery of credit losses on unfunded commitments in the third quarter of 2023.

    Allowance for Credit Losses on Securities 

    The allowance for credit losses on securities held-to-maturity (“HTM”) totaled $105 thousand on September 30, 2024, compared to $110 thousand on June 30, 2024, and $131 thousand on September 30, 2023. The recovery of credit losses on securities totaled $5 thousand for the third quarter of 2024, $7 thousand for the second quarter of 2024 and $12 thousand for the third quarter of 2023.

    LIQUIDITY

    Liquidity sources available to the Bank, including interest-bearing deposits in banks, unpledged securities available for sale, at fair value, unpledged securities held-to-maturity, at par, that were eligible to be pledged to the Federal Reserve Bank through its Bank Term Funding Program, and available lines of credit totaled $499.1 million on September 30, 2024, $533.3 million on June 30, 2024, and $532.1 million on September 30, 2023.

    The Bank maintains liquidity to fund loan growth and to meet potential demand from deposit customers. The estimated amount of uninsured customer deposits totaled $400.1 million on September 30, 2024, $419.4 million on June 30, 2024, and $346.9 million on September 30, 2023. Excluding municipal deposits, the estimated amount of uninsured customer deposits totaled $322.6 million on September 30, 2024, $324.6 million on June 30, 2024, and $268.4 million on September 30, 2023.

    BALANCE SHEET

    Assets totaled $1.5 billion on September 30, 2024, which was a $6.8 million, or 2% (annualized), decrease from June 30, 2024, and an $84.8 million, or 6%, increase from September 30, 2023. The decrease in total assets from the second quarter of 2024 was primarily due to a $9.1 million decrease in cash and cash equivalents and a $2.2 million decrease in other assets, which was partially offset by a $4.6 million increase in loans, net of allowance for credit losses. Total assets increased from September 30, 2023 primarily from a $76.4 million increase in cash and cash equivalents and a $38.4 million increase in loans, net of the allowance for credit losses on loans, which were partially offset by a $28.5 million decrease in securities held to maturity.

    On September 30, 2024, loans totaled $994.7 million, an increase of $4.7 million or 1.9% (annualized) from $990.0 million, on June 30, 2024. Quarterly average loans totaled $991.2 million, an increase of $9.2 million or 3.8% (annualized) from the second quarter of 2024. On September 30, 2024, loans increased $42.2 million, or 4%, from one year ago, and quarterly average loans increased $68.2 million, or 7%, when comparing the third quarter of 2024 to the same period in 2023.

    On September 30, 2024, securities totaled $269.6 million, a decrease of $875 thousand from June 30, 2024, and a decrease of $30.7 million from September 30, 2023. AFS securities totaled $146.0 million on September 30, 2024, $144.8 million on June 30, 2024, and $148.2 million on September 30, 2023. On September 30, 2024, total net unrealized losses on the AFS securities portfolio were $17.3 million, a decrease of $4.6 million from total net unrealized losses on AFS securities of $21.9 million on June 30, 2024. HTM securities are carried at cost and totaled $121.5 million on September 30, 2024, $123.6 million on June 30, 2024, and $150.0 million on September 30, 2023, and had net unrealized losses of $7.8 million on September 30, 2024, a decrease of $3.6 million compared to the prior quarter.

    On September 30, 2024, total deposits were $1.3 billion, a decrease of $12.5 million or approximately 4% (annualized) from June 30, 2024. Quarterly average deposits decreased from the second quarter of 2024 by $5.3 million or 2% (annualized). Total deposits increased $18.1 million or 1% from September 30, 2023, and quarterly average deposits for the third quarter of 2024 increased $31.2 million or 3% from the third quarter of 2023. Total deposits decreased from the prior quarter due to a $14.4 million decrease in noninterest-bearing deposits and a $1.3 million decrease in interest-bearing demand deposits, which were partially offset by a $3.1 million increase in time deposits.

    On September 30, 2024 and June 30, 2024, other borrowings totaled $50.0 million and were comprised of funds borrowed from the Federal Reserve Bank through their Bank Term Funding Program. On September 30, 2024, other borrowings had a fixed interest rate of 4.76% and a maturity date of January 15, 2025. The Bank benefited from the borrowings with a reduction in interest rate risk and an increase in net interest income. There were no other borrowings on September 30, 2023.

    The following table provides capital ratios at the periods ended:

        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023  
    Total capital ratio(2)     14.29 %     14.13 %     14.80 %
    Tier 1 capital ratio(2)     13.04 %     12.88 %     13.86 %
    Common equity Tier 1 capital ratio(2)     13.04 %     12.88 %     13.86 %
    Leverage ratio(2)     9.23 %     9.17 %     9.96 %
    Common equity to total assets(3)     8.62 %     8.23 %     8.20 %
    Tangible common equity to tangible assets(1)(3)     8.43 %     8.03 %     8.00 %

    During the third quarter of 2024, the Company declared and paid cash dividends of $0.15 per common share, which was consistent with the second quarter of 2024 and the third quarter of 2023. 

    NON-GAAP FINANCIAL MEASURES

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

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

    ABOUT FIRST NATIONAL CORPORATION

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

     FORWARD-LOOKING STATEMENTS

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

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

    CONTACTS

    Scott C. Harvard   M. Shane Bell
    President and CEO   Executive Vice President and CFO
    (540) 465-9121   (540) 465-9121
    sharvard@fbvirginia.com   sbell@fbvirginia.com

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

          As of or For the Three Months Ended     As of or For the Nine Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Income Statement                                        
    Interest and dividend income                                        
    Interest and fees on loans   $ 14,479     $ 14,004     $ 12,640     $ 41,967     $ 36,038  
    Interest on deposits in banks     1,538       1,579       338       4,405       1,441  
    Taxable interest on securities     1,091       1,134       1,323       3,449       3,968  
    Tax-exempt interest on securities     303       306       304       914       917  
    Dividends     33       32       26       98       81  
    Total interest and dividend income   $ 17,444     $ 17,055     $ 14,631     $ 50,833     $ 42,445  
    Interest expense                                        
    Interest on deposits   $ 4,958     $ 4,820     $ 3,810     $ 14,549     $ 9,428  
    Interest on subordinated debt     69       69       69       207       207  
    Interest on junior subordinated debt     68       66       69       202       203  
    Interest on other borrowings     600       606       —       1,782       3  
    Total interest expense   $ 5,695     $ 5,561     $ 3,948     $ 16,740     $ 9,841  
    Net interest income   $ 11,749     $ 11,494     $ 10,683     $ 34,093     $ 32,604  
    Provision for credit losses     1,700       400       100       3,100       200  
    Net interest income after provision for credit losses   $ 10,049     $ 11,094     $ 10,583     $ 30,993     $ 32,404  
    Noninterest income                                        
    Service charges on deposit accounts   $ 675     $ 612     $ 733     $ 1,941     $ 2,062  
    ATM and check card fees     934       809       976       2,513       2,624  
    Wealth management fees     952       879       811       2,714       2,336  
    Fees for other customer services     276       178       122       649       538  
    Brokered mortgage fees     92       32       38       162       73  
    Income from bank owned life insurance     191       149       175       491       459  
    Net gains on securities available for sale     39       —       —       39       —  
    Other operating income     44       27       198       1,427       623  
    Total noninterest income   $ 3,203     $ 2,686     $ 3,053     $ 9,936     $ 8,715  
    Noninterest expense                                        
    Salaries and employee benefits   $ 5,927     $ 5,839     $ 5,505     $ 17,637     $ 16,040  
    Occupancy     585       548       534       1,668       1,586  
    Equipment     726       691       598       2,008       1,756  
    Marketing     262       273       204       730       720  
    Supplies     123       115       128       354       423  
    Legal and professional fees     596       1,124       439       2,172       1,204  
    ATM and check card expense     394       368       440       1,123       1,265  
    FDIC assessment     195       203       161       575       479  
    Bank franchise tax     262       261       262       785       778  
    Data processing expense     290       163       266       699       720  
    Amortization expense     4       5       5       13       14  
    Other real estate owned expense (income), net     10       —       15       10       (201 )
    Net losses on disposal of premises and equipment     2       —       —       50       —  
    Other operating expense     1,083       1,069       1,227       3,181       3,358  
    Total noninterest expense   $ 10,459     $ 10,659     $ 9,784     $ 31,005     $ 28,142  
    Income before income taxes   $ 2,793     $ 3,121     $ 3,852     $ 9,924     $ 12,977  
    Income tax expense     545       679       731       2,025       2,502  
    Net income   $ 2,248     $ 2,442     $ 3,121     $ 7,899     $ 10,475  

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

          For the Three Months Ended       For the Nine Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Common Share and Per Common Share Data                                        
    Earnings per common share, basic   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted earnings per common share, basic (1)   $ 0.39       0.48       0.50     $ 1.38     $ 1.67  
    Weighted average shares, basic     6,287,997       6,278,113       6,256,663       6,278,668       6,266,707  
    Earnings per common share, diluted   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted earnings per common share, diluted (1)   $ 0.39       0.48       0.50     $ 1.38     $ 1.67  
    Weighted average shares, diluted     6,303,282       6,289,405       6,271,351       6,291,775       6,276,502  
    Shares outstanding at period end     6,296,705       6,280,406       6,260,934       6,296,705       6,260,934  
    Tangible book value per share at period end (1)   $ 19.37     $ 18.59     $ 17.38     $ 19.37     $ 17.38  
    Cash dividends   $ 0.15     $ 0.15     $ 0.15     $ 0.45     $ 0.45  
                                             
    Key Performance Ratios                                        
    Return on average assets     0.62 %     0.68 %     0.91 %     0.73 %     1.03 %
    Adjusted return on average assets (1)     0.67 %     0.84 %     0.91 %     0.80 %     1.03 %
    Return on average equity     7.28 %     8.31 %     10.96 %     8.84 %     12.57 %
    Adjusted return on average equity (1)     7.93 %     10.23 %     10.96 %     9.70 %     12.57 %
    Net interest margin(1)     3.43 %     3.40 %     3.35 %     3.36 %     3.44 %
    Efficiency ratio (1)     67.95 %     70.65 %     70.67 %     68.05 %     68.17 %
                                             
    Average Balances                                        
    Average assets   $ 1,449,185     $ 1,448,478     $ 1,355,113     $ 1,441,965     $ 1,360,154  
    Average earning assets     1,374,566       1,370,187       1,275,111       1,366,639       1,278,135  
    Average shareholders’ equity     122,802       118,255       112,987       119,303       111,460  
                                             
    Asset Quality                                        
    Loan charge-offs   $ 1,667     $ 521     $ 143     $ 2,601     $ 1,228  
    Loan recoveries     95       39       60       185       326  
    Net charge-offs     1,572       482       83       2,416       902  
    Non-accrual loans     5,929       8,549       3,116       5,929       3,116  
    Other real estate owned, net     56       —       —       56       —  
    Nonperforming assets (5)     5,985       8,549       3,116       5,985       3,116  
    Loans 30 to 89 days past due, accruing     2,358       2,399       1,395       2,358       1,395  
    Loans over 90 days past due, accruing     —       —       370       —       370  
    Special mention loans     516       1,380       —       516       —  
    Substandard loans, accruing     1,713       279       1,683       1,713       1,683  
                                             
    Capital Ratios (2)                                        
    Total capital   $ 148,477     $ 147,500     $ 146,163     $ 148,477     $ 146,163  
    Tier 1 capital     135,490       134,451       136,947       135,490       136,947  
    Common equity Tier 1 capital     135,490       134,451       136,947       135,490       136,947  
    Total capital to risk-weighted assets     14.29 %     14.13 %     14.80 %     14.29 %     14.80 %
    Tier 1 capital to risk-weighted assets     13.04 %     12.88 %     13.86 %     13.04 %     13.86 %
    Common equity Tier 1 capital to risk-weighted assets     13.04 %     12.88 %     13.86 %     13.04 %     13.86 %
    Leverage ratio     9.23 %     9.17 %     9.97 %     9.23 %     9.97 %

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

        For the Period Ended  
        Sept 30, 2024     Jun 30, 2024     Mar 31, 2024     Dec 31, 2023     Sept 30, 2023  
    Balance Sheet                                        
    Cash and due from banks   $ 18,197     $ 16,729     $ 14,476     $ 17,194     $ 17,168  
    Interest-bearing deposits in banks     108,319       118,906       124,232       69,967       32,931  
    Cash and cash equivalents   $ 126,516     $ 135,635     $ 138,708     $ 87,161     $ 50,099  
    Securities available for sale, at fair value     146,013       144,816       147,675       152,857       148,175  
    Securities held to maturity, at amortized cost (net of allowance for credit losses)     121,425       123,497       125,825       148,244       149,948  
    Restricted securities, at cost     2,112       2,112       2,112       2,078       2,077  
    Loans, net of allowance for credit losses     982,016       977,423       960,371       957,456       943,603  
    Other real estate owned, net     56       —       —       —       —  
    Premises and equipment, net     22,960       22,205       21,993       22,142       21,363  
    Accrued interest receivable     4,794       4,916       4,978       4,655       4,502  
    Bank owned life insurance     24,992       24,802       24,652       24,902       24,734  
    Goodwill     3,030       3,030       3,030       3,030       3,030  
    Core deposit intangibles, net     104       108       113       117       122  
    Other assets     16,698       18,984       17,738       16,653       18,567  
    Total assets   $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295     $ 1,366,220  
                                             
    Noninterest-bearing demand deposits   $ 383,400     $ 397,770     $ 384,092     $ 379,208     $ 403,774  
    Savings and interest-bearing demand deposits     663,925       665,208       677,458       662,169       646,980  
    Time deposits     205,930       202,818       197,587       192,349       184,419  
    Total deposits   $ 1,253,255     $ 1,265,796     $ 1,259,137     $ 1,233,726     $ 1,235,173  
    Other borrowings     50,000       50,000       50,000       50,000       —  
    Subordinated debt, net     4,999       4,998       4,998       4,997       4,997  
    Junior subordinated debt     9,279       9,279       9,279       9,279       9,279  
    Accrued interest payable and other liabilities     8,068       7,564       5,965       5,022       4,792  
    Total liabilities   $ 1,325,601     $ 1,337,637     $ 1,329,379     $ 1,303,024     $ 1,254,241  
                                             
    Preferred stock   $ —     $ —     $ —     $ —     $ —  
    Common stock     7,871       7,851       7,847       7,829       7,826  
    Surplus     33,409       33,116       33,021       32,950       32,840  
    Retained earnings     99,270       97,966       96,465       94,198       95,988  
    Accumulated other comprehensive (loss), net     (15,435 )     (19,042 )     (19,517 )     (18,706 )     (24,675 )
    Total shareholders’ equity   $ 125,115     $ 119,891     $ 117,816     $ 116,271     $ 111,979  
    Total liabilities and shareholders’ equity   $ 1,450,716     $ 1,457,528     $ 1,447,195     $ 1,419,295     $ 1,366,220  
                                             
    Loan Data                                        
    Mortgage real estate loans:                                        
    Construction and land development   $ 61,446     $ 60,919     $ 53,364     $ 52,680     $ 50,405  
    Secured by farmland     9,099       8,911       9,079       9,154       7,113  
    Secured by 1-4 family residential     351,004       346,976       347,014       344,369       340,773  
    Other real estate loans     440,648       440,857       436,006       438,118       426,065  
    Loans to farmers (except those secured by real estate)     633       349       332       455       667  
    Commercial and industrial loans (except those secured by real estate)     114,190       115,951       113,230       112,619       116,463  
    Consumer installment loans     5,396       5,068       4,808       4,753       4,596  
    Deposit overdrafts     253       365       251       222       368  
    All other loans     12,051       10,580       8,890       7,060       6,049  
    Total loans   $ 994,720     $ 989,976     $ 972,974     $ 969,430     $ 952,499  
    Allowance for credit losses     (12,704 )     (12,553 )     (12,603 )     (11,974 )     (8,896 )
    Loans, net   $ 982,016     $ 977,423     $ 960,371     $ 957,456     $ 943,603  


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

          For the Three Months Ended       For the Nine Months Ended  
        Sept 30, 2024     Jun 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Adjusted Net Income                                        
    Net income (GAAP)   $ 2,248     $ 2,442     $ 3,121     $ 7,899     $ 10,475  
    Add: Merger-related expenses     219       571       —       790       —  
    Subtract: Tax effect of adjustment (4)     (19 )     (5 )     —       (24 )     —  
    Adjusted net income (non-GAAP)   $ 2,448     $ 3,008     $ 3,121     $ 8,665     $ 10,475  
                                             
    Adjusted Earnings Per Share, Basic                                        
    Weighted average shares, basic     6,287,997       6,278,113       6,256,663       6,278,668       6,266,707  
    Basic earnings per share (GAAP)   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted earnings per share, basic (Non-GAAP)   $ 0.39     $ 0.48     $ 0.50     $ 1.38     $ 1.67  
                                             
    Adjusted Earnings Per Share, Diluted                                        
    Weighted average shares, diluted     6,303,282       6,289,405       6,271,351       6,291,775       6,276,502  
    Diluted earnings per share (GAAP)   $ 0.36     $ 0.39     $ 0.50     $ 1.26     $ 1.67  
    Adjusted diluted earnings per share (Non-GAAP)   $ 0.39     $ 0.48     $ 0.50     $ 1.38     $ 1.67  
                                             
    Adjusted Pre-Provision, Pre-Tax Earnings                                        
    Net interest income   $ 11,749     $ 11,494     $ 10,683     $ 34,093     $ 32,604  
    Total noninterest income     3,203       2,686       3,053       9,936       8,715  
    Net revenue   $ 14,952     $ 14,180     $ 13,736     $ 44,029     $ 41,319  
    Total noninterest expense     10,459       10,659       9,784       31,005       28,142  
    Pre-provision, pre-tax earnings   $ 4,493     $ 3,521     $ 3,952     $ 13,024     $ 13,177  
    Add: Merger expenses     219       571       –       790       –  
    Adjusted pre-provision, pre-tax, earnings   $ 4,712     $ 4,092     $ 3,952     $ 13,814     $ 13,177  
                                             
    Adjusted Performance Ratios                                        
    Average assets   $ 1,449,264     $ 1,448,478     $ 1,355,178     $ 1,441,996     $ 1,360,154  
    Return on average assets (GAAP)     0.62 %     0.68 %     0.91 %     0.73 %     1.03 %
    Adjusted return on average assets (Non-GAAP)     0.67 %     0.84 %     0.91 %     0.80 %     1.03 %
                                             
    Average shareholders’ equity   $ 122,802     $ 118,255       11,309     $ 119,303     $ 111,460  
    Return on average equity (GAAP)     7.28 %     8.31 %     10.96 %     8.87 %     12.57 %
    Adjusted return on average equity (Non-GAAP)     7.93 %     10.23 %     10.96 %     9.70 %     12.57 %
                                             
    Pre-provision, pre-tax return on average assets     1.23 %     0.98 %     1.16 %     1.21 %     1.30 %
    Adjusted pre-provision, pre-tax return on average assets     1.29 %     1.14 %     1.16 %     1.28 %     1.30 %
                                             
    Net Interest Margin                                        
    Tax-equivalent net interest income   $ 11,842     $ 11,587     $ 10,764     $ 34,360     $ 32,848  
    Average earning assets     1,374,566       1,370,187       1,275,111       1,366,639       1,278,136  
    Net interest margin     3.43 %     3.40 %     3.35 %     3.36 %     3.44 %
                                             

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

        For the Three Months Ended     For the Nine Months Ended  
        Sept 30, 2024     June 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Efficiency Ratio                                        
    Total noninterest expense   $ 10,459       $ 10,659     $ 9,784     $ 31,005     $ 28,142  
    Add: other real estate owned income, net     (10 )       —       (15 )     (10 )     201  
    Subtract: amortization of intangibles     (4 )       (4 )     (5 )     (13 )     (14 )
    Subtract: loss on disposal of premises and equipment, net     (2 )       —       —       (50 )     —  
    Subtract: merger expenses     (219 )       (571 )     —       (790 )     —  
    Subtotal   $ 10,224       $ 10,084     $ 9,764     $ 30,142     $ 28,329  
    Tax-equivalent net interest income   $ 11,842       $ 11,587     $ 10,764     $ 34,360     $ 32,848  
    Total noninterest income     3,203         2,686       3,053       9,936       8,715  
    Subtotal   $ 15,045       $ 14,273     $ 13,817     $ 44,296     $ 41,563  
                                             
    Efficiency ratio     67.95 %       70.65 %     70.67 %     68.05 %     68.16 %
    Tax-Equivalent Net Interest Income                                        
    GAAP measures:                                        
    Interest income – loans   $ 14,479     $ 14,004     $ 12,640     $ 41,967     $ 36,038  
    Interest income – investments and other     2,965       3,051       1,991       8,866       6,407  
    Interest expense – deposits     (4,958 )     (4,820 )     (3,810 )     (14,549 )     (9,428 )
    Interest expense – subordinated debt     (69 )     (69 )     (69 )     (207 )     (207 )
    Interest expense – junior subordinated debt     (68 )     (66 )     (69 )     (202 )     (203 )
    Interest expense – other borrowings     (600 )     (606 )     –       (1,782 )     (3 )
    Net interest income   $ 11,749     $ 11,494     $ 10,683     $ 34,093     $ 32,604  
    Non-GAAP measures:                                        
    Add: Tax benefit realized on non-taxable interest income – loans (4)   $ 13     $ 12     $ —     $ 25     $ —  
    Add: Tax benefit realized on non-taxable interest income – municipal securities (4)     80       81       81       242       244  
    Tax benefit realized on non-taxable interest income   $ 93     $ 93     $ 81     $ 267     $ 244  
    Tax-equivalent net interest income   $ 11,842     $ 11,587     $ 10,764     $ 34,360     $ 32,848  
                                             
                                             
    Tangible Common Equity and Tangible Assets                                        
    Total assets (GAAP)   $ 1,450,716     $ 1,457,528     $ 1,366,220     $ 1,451,032     $ 1,366,220  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (104 )     (108 )     (122 )     (104 )     (122 )
    Tangible assets (Non-GAAP)   $ 1,447,582     $ 1,454,390     $ 1,363,068     $ 1,447,898     $ 1,363,068  
                                             
    Total shareholders’ equity (GAAP)   $ 125,115     $ 119,891     $ 111,979     $ 125,115     $ 111,979  
    Subtract: goodwill     (3,030 )     (3,030 )     (3,030 )     (3,030 )     (3,030 )
    Subtract: core deposit intangibles, net     (104 )     (108 )     (122 )     (104 )     (122 )
    Tangible common equity (Non-GAAP)   $ 121,981     $ 116,753     $ 108,827     $ 121,981     $ 108,827  
                                             
    Tangible common equity to tangible assets ratio     8.43 %     8.03 %     8.00 %     8.43 %     8.00 %
                                             

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

        For the Three Months Ended     For the Nine Months Ended  
        Sept 30, 2024     June 30, 2024     Sept 30, 2023     Sept 30, 2024     Sept 30, 2023  
    Tangible Book Value Per Share                                        
    Tangible common equity   $ 121,981     $ 116,753     $ 108,827     $ 121,981     $ 108,827  
    Common shares outstanding, ending     6,296,705       6,280,406       6,260,934       6,296,705       6,260,934  
    Tangible book value per share   $ 19.37     $ 18.59     $ 17.38     $ 19.37     $ 17.38  
                                             

    (1) Non-GAAP financial measure. See “Non-GAAP Financial Measures” and “Non-GAAP Reconciliations” for additional information and detailed calculations of adjustments.

    (2) Capital ratios are for First Bank.

    (3) Capital ratios presented are for First National Corporation.

    (4)  The tax rate utilized in calculating the tax benefit is 21%. Certain merger-related expenses are non-deductible.

    (5) Nonperforming assets are comprised of nonaccrual loans and other real estate owned.

    The MIL Network –

  • MIL-OSI USA: SBA Administrator Guzman Celebrates National Veterans Small Business Week

    Source: United States Small Business Administration

    WASHINGTON ─ Today, Administrator Isabel Casillas Guzman, head of the U.S. Small Business Administration (SBA) and the voice in President Biden’s Cabinet for more than 34 million small businesses nationwide, announced that the SBA will celebrate National Veterans Small Business Week (NVSBW) Nov. 11–15.

    “Each year during National Veterans Small Business Week, the SBA highlights the unique entrepreneurial spirit of veterans, service members, National Guard members, Reservists and military spouses,” said SBA Administrator Guzman. “America is the proud home of millions of veterans, service members, and military families. They are our neighbors and friends – and, in many cases, the owners and employees of local small businesses we love and support. Under the Biden-Harris Administration, the SBA is going further than ever to enhance and expand our support for veterans, particularly in rural and underserved areas – and it is a profound honor to serve those who have served our country, this week and every week.”

    During NVSBW, the public is invited to attend virtual and in-person events across the country  on critical topics, such as military-to-civilian transition assistance, entrepreneurial training, government contracting, disaster assistance, and access to capital resources. View the event calendar for a list of local, regional, and national events.

    In addition to local events hosted across the U.S., the SBA will host two national webinars for NVSBW. The Are You Lender Ready? For the Military Community webinar will be held on Nov. 13 at 1 p.m. ET. This two-hour virtual workshop will help veteran and military spouse entrepreneurs learn how to write a strong business loan application and hear tips directly from lenders. Register for the webinar.

    A second webinar, Certification Advantage for the Military Community, will be held on Nov. 14 at 1 p.m. ET. During this one-hour virtual workshop, business owners will discover how federal contracting certifications can boost their business growth and gain valuable insights to help them compete for government contracts. Register for the webinar.

    Additionally, as part of this year’s NVSBW celebration, five dedicated instructors who teach Boots to Business at various military installations and in local communities nationwide are being honored as Boots to Business Instructors of the Year. The honorees are:

    • Todd Bennett, 2024 Institute for Veterans and Military Families (IVMF) Boots to Business Instructor of the Year, OCONUS instructor, located in South Korea.
    • Manzel McGhee, 2024 SBDC Boots to Business Instructor of the Year, Abilene, Texas Small Business Development Center.
    • Mitchell Fitzpatrick, 2024 VBOC Boots to Business Instructor of the Year, St. Louis VetBiz Veterans Business Outreach Center.
    • David Terrell, 2024 SCORE Boots to Business Instructor of the Year, Southern Arizona SCORE.
    • Eric Phillips, 2024 SBA Boots to Business Instructor of the Year, SBA Colorado District Office.

    The Boots to Business Instructors of the Year recognition ceremony will be held virtually on Nov. 21 at 1 p.m. ET. Join the ceremony online or dial 206-413-7980 and enter conference ID 644 263 054#.

    ###

     

    About SBA’s Office of Veterans Business Development

    The SBA Office of Veterans Business Development (OVBD) works through SBA’s extensive resource partner network, which includes Small Business Development Centers, the SCORE mentoring program, Women’s Business Centers, and 31 VBOCs located throughout the nation. VBOCs are the leading partner in hosting the Boots to Business (B2B), Boots to Business Reboot, and Military Spouse Pathway to Business programs, which are courses on entrepreneurship offered on military installations, in local communities, and virtually. Since B2B’s inception in 2013, these programs have collectively trained and graduated more than 217,000 service members, veterans, National Guard and Reserve members, and military spouses. For more information on the resources available for veteran entrepreneurs, visit www.sba.gov/veterans.

    About the U.S. Small Business Administration

    The U.S. Small Business Administration (SBA) helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA equips entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses or recover from a declared disaster. The SBA delivers services through its extensive network of SBA field offices and via partnerships with public and private organizations. To learn more, visit www.sba.gov.

    MIL OSI USA News –

  • MIL-OSI USA: H.R. 6213, National Quantum Initiative Reauthorization Act

    Source: US Congressional Budget Office

    Categories24/7 OSI, MIL-OSI, United States Government, US Congressional, US Congressional Budget Office

    By Fiscal Year, Millions of Dollars

    2025

    2025-2029

    2025-2034

    Direct Spending (Outlays)

    0

    0

    0

    Revenues

    0

    0

    0

    Increase or Decrease (-) in the Deficit

    0

    0

    0

    Spending Subject to Appropriation (Outlays)

    57

    1,326

    not estimated

    Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?

    No

    Statutory pay-as-you-go procedures apply?

    No

    Mandate Effects

    Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?

    No

    Contains intergovernmental mandate?

    No

    Contains private-sector mandate?

    No
    The bill would
    Estimated budgetary effects would mainly stem from

    MIL OSI USA News –

  • MIL-OSI USA: Arrington Leads Colleagues in Defending Second Amendment

    Source: United States House of Representatives – Congressman Jodey Arrington (TX-19)

    Washington, D.C. – House Budget Chairman Jodey Arrington (TX-19) led 20 of his Texas Republican colleagues in filing an amicus brief  in opposition to the Bureau of Alcohol, Tobacco, Firearms, and Explosives’ (ATF) new rule targeting the private transactions of firearms.

    “The Biden-Harris administration has made a habit of infringing on the Constitutional rights of the American People, this time taking direct aim at the 2nd Amendment,” said Chairman Arrington. “Instead of keeping the ATF within the limits of its jurisdiction to enforce the law, this administration is criminalizing firearms sales/trades between law-abiding citizens. I’m proud to have led 20 of my fellow Texas Republicans in filing an amicus brief to rein-in the ATF and safeguard our 2nd Amendment rights.”

    “Agencies must operate within the limits set by the Constitution and by statute,” said Eric Heigis, attorney at the Texas Public Policy Foundation’s Center for the American Future. “By regulating firearm transactions everywhere—even private, intrastate exchanges—ATF’s final rule goes beyond the Gun Control Act’s scope. It also likely violates the Constitution’s limited, enumerated powers. We are proud to represent the amici in this case and look forward to the court vacating this flawed rule.”

    Background:

    • Texas v. ATF challenges the ATF’s Final Rule titled Definition of “Engaged in the Business” as a Dealer in Firearms, which misinterpreted the definition of “firearms dealer” under federal law.
    • Under the Gun Control Act of 1968, individuals “engaged in the business” of selling firearms are required to obtain a federal firearms license and conduct background checks on buyers. 
    • But the ATF issued a rule that wrongfully expanded the definition of those “engaged in the business,” requiring individual firearms transferors to prove they are not engaged in the business of selling firearms. 
      • Texas, joined by other states, and the Gun Owners of America, filed a lawsuit arguing that this rule oversteps ATF’s statutory authority, infringing on the rights of private gun owners and impeding lawful gun sales.
    • Chairman Arrington’s amicus brief supports Texas’ assertion that the rule unlawfully extends federal regulatory power over private sales.
    • Arrington was joined by Reps. Ronny Jackson (TX-13), Brian Babin (TX-36), Nathaniel Moran (TX-01), Keith Self (TX-03), Pat Fallon (TX-04), Troy Nehls (TX-22), Pete Sessions (TX-17), Randy Weber (TX-14), Chip Roy (TX-21), Roger Williams (TX-25), Jake Ellzey (TX-06), Tony Gonzales (TX-23), Dan Crenshaw (TX-02), Morgan Luttrell (TX-08), Michael Cloud (TX-27), August Pfluger (TX-11), Beth Van Duyne (TX-24), Lance Gooden (TX-05), Michael Burgess (TX-26), and Wesley Hunt (TX-38).

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Shaheen, Bipartisan Colleagues Call on Mark Zuckerberg to Remove and Prevent Ads for Illicit Drugs on Meta Platforms

    US Senate News:

    Source: United States Senator for New Hampshire Jeanne Shaheen
    **Shaheen is building on her Cooper Davis Act and leading the push to crack down on drug trafficking through social media**
    (Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH), Chair of the U.S. Senate Appropriations Subcommittee on Commerce, Justice, Science and Related Agencies, is leading a bipartisan letter with U.S. Senators Roger Marshall, M.D. (R-KS), Amy Klobuchar (D-MN), Chuck Grassley (R-IA) and Dick Durbin (D-IL) calling on Meta CEO Mark Zuckerberg to take action to remove and prevent advertisements for illicit drugs on all Meta platforms. The letter builds on Shaheen and Marshall’s bipartisan Cooper Davis Act to hold social media companies accountable for reporting to law enforcement illicit drug and opioid activities occurring on their platforms. 
    In part, the Senators wrote: “The United States is in the midst of a drug epidemic, with more than 100,000 Americans dying from overdoses last year, and an alarming amount of these drugs are sold online. It is crucial that everyone work to ensure these illegal drugs are found and taken off the streets. Therefore, we call on Meta to improve its human automated advertising review and content moderation to address these failures that are placing lives at risk.”
    According to a Wall Street Journal report from earlier this year, the Tech Transparency Project (TTP) found that Meta has run hundreds of advertisements on Facebook and Instagram that steer users to online marketplaces for illegal drugs. The Shaheen-led letter urges Zuckerberg to support the Cooper Davis Act and work as quickly as possible to prevent further harm.
    The Senators continued: “When presented with these disturbing findings, Meta took down some advertisements off its platforms. However, Meta’s refusal to prevent illicit drug advertisements, while accepting advertisement payments that are harming families and in clear violation of Meta’s policies, is particularly alarming. Surely, this is not what Meta means when it states its ‘mission is to give people the power to build community and bring the world closer together.’”
    Text of the letter can be found here.
    Shaheen has spearheaded crucial legislation, led efforts and secured funding to stem the opioid epidemic. Earlier this week, the Senator held a roundtable with the Youth CAN coalition leadership team and community partners to discuss the organization’s work to prevent youth substance misuse in New Hampshire. Last month, Shaheen introduced the bipartisan Keeping Drugs Out of Schools Act to strengthen efforts to address the substance misuse disorder crisis that is impacting communities across the nation by establishing a new grant program.
    The Cooper Davis Act would require social media companies and other communication service providers to turn over information relating to illicit online fentanyl activity to federal agencies to combat the illegal sale and distribution of counterfeit and controlled substances occurring on their platforms.

    MIL OSI USA News –

  • MIL-OSI Asia-Pac: Activities of Department of Agriculture and Farmers’ Welfare during the last Week of Special Campaign 4.0

    Source: Government of India

    Posted On: 01 NOV 2024 5:46PM by PIB Delhi

    Special Campaign 4.0 was launched by DARPG for minimizing pendency in Government offices. Special Campaign 4.0 is being implemented in full swing. During the last week of Special Campaign 4.0, a number  of teams were constituted under Department of Agriculture & Farmers’ Welfare to visit the offices located in Delhi & NCR viz. Mahalanobis National Crop Forecasting Centre, Pusa, National Seeds Corporation, Pusa, National Centre for Organic and Natural Farming, Ghaziabad, Directorate of Extension, Pusa, Directorate of Wheat Development, Gurugram, Soil and Land Use Survey of India Noida, Small Farmers Agri-Business Consortium Houz Khas and Central Fertilizer Quality Control & Training Institute, Faridabad to review the progress and the performance of the subordinate / attached office and PSU under the administrative control of this department.

    The team inspected these office premises to review the progress made by these organization during the Special Campaign 4.0.

     

    By the end of last week of Special Campaign 4.0, five PIB Notes have been released and activities have been undertaken on various social media platforms, i.e. more than 234 tweets, 100 Facebook posts, 62 Instagram posts, 26 YouTube posts and 11 posts on Linked in have been made collectively by this department and its attached/subordinate offices and their field offices, etc.

    Progress/achievement of the Department during the last week of Special Campaign 4.0 ending on 31st October 2024 are as under:-

    S.No.

    Activities

    Targets

    Achievement

    1

    No.of cleanliness campaign site

    1791

    1360

    2

    No. of pending references from MPs

    50

    19

    3

    Pending Public Grievances

    22295

    20549

    4

    Pending PG Appeals

    698

    506

    5

    Record Management (Physical files reviewed)

    53660

    47950

    6

    Record Management (Physical files weeded out)

    18959

    18959

    7

    Space freed (area in Sq. ft.)

    53761

    8

    Revenue generated (Amount in Rupees)

    3846455.00

    *****

    SS

     

     

     

     

     

     

     

     

     

     

    (Release ID: 2070183) Visitor Counter : 20

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Sh. Ashok K. K. Meena Assumes Charge as Secretary, Department of Drinking Water & Sanitation, Ministry of Jal Shakti

    Source: Government of India (2)

    Posted On: 01 NOV 2024 4:55PM by PIB Delhi

     

    Sh. Ashok Kumar Kaluram Meena, IAS (Odisha: 1993), assumed the charge as Secretary in the Department of Drinking Water and Sanitation, Ministry of Jal Shakti, on 31.10.2024 at CGO Complex, New Delhi. Sh. Meena holds a B. Tech in Computer Science from Indian Institute of Technology (IIT) Kanpur and M.A. in Economics from Annamalai University. He has done Master of International Development Policy (M.I.D.P) in Public Finance from Duke University’s Sanford School of Public Policy.

    Having more than 2 months transition period as Officer on Special Duty (OSD) at DDWS, Sh. Meena embarks on his new stint as the Secretary of DDWS, Ministry of Jal Shakti. Prior to this, he served as Chairman &  MD of Food Corporation of India from 29th August 2022 to 16th August 2024.

    Sh. Meena was in central deputation from 20th April 2011 to 2nd August 2014, where he served in capacity of Joint Secretary, in the Ministry of Defence and Director (Vigilance), in the department of Personnel, Public Grievances & Pensions.

    During his earlier central deputation tenure, from 3rd May 2001 to 31st July 2005, he served as Deputy Secretary in the Department of Commerce and Industry and other positions at Centre.

    Sh. Meena has served in various capacities in the State of Odisha including Principal Secretary, Finance, Panchayati Raj and Rural development etc.

    ****

    DSK

    (Release ID: 2070164) Visitor Counter : 42

    MIL OSI Asia Pacific News –

  • MIL-OSI Security: New Jersey Resident Pleads Guilty to Helping Russia’s Defense Sector Evade U.S. Export Controls

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

    Defendant Facilitated Russia’s Acquisition of Millions of Dollars of U.S.-Made Dual-Use Electronics Used in Radar, Surveillance, and Military Research and Development

    Vadim Yermolenko, 43, a dual U.S.-Russian national and resident of New Jersey, pleaded guilty to conspiracy to violate the Export Control Reform Act, conspiracy to commit bank fraud, and conspiracy to defraud the United States for his role in a transnational procurement and money laundering network that sought to acquire sensitive dual-use electronics for Russian military and intelligence services.

    “This defendant joins the nearly two dozen other criminals that our Task Force KleptoCapture has brought to justice in American courtrooms over the past two and a half years for enabling Russia’s military aggression,” said Attorney General Merrick B. Garland. “This defendant admitted to playing a central role in a now-disrupted scheme with Russian intelligence services to smuggle sniper rifle ammunition and U.S. military grade equipment into Russia. The Justice Department will never stop working to aggressively disrupt and prosecute both the criminal networks and the individuals responsible for bolstering the Russian war machine.”

    “The illegal export of sensitive, dual-use technologies in support of Russia’s war effort poses a significant threat to the United States and its allies and must not be tolerated,” said FBI Director Christopher Wray. “The defendant in this case played a key role in exporting U.S. technology that in the hands of our adversaries could pose great danger to our national security. The FBI and its partners will continue to focus on protecting strategic innovation at home and hold accountable anyone who facilitates illegal transfers to hostile nations like Russia.”

    “To facilitate the Russian war machine, the defendant played a critical role in exporting sensitive, dual-use technologies to Russia, facilitating shipping and the movement of millions of dollars through U.S. financial institutions,” said U.S. Attorney Breon Peace for the Eastern District of New York. “This plea highlights my Office and our law enforcement partners continued commitment to use all tools available to prosecute those who unlawfully procure U.S. technology to send to Russia.”

    According to court documents, the defendant was affiliated with Serniya Engineering and Sertal LLC, Moscow-based companies that operate under the direction of Russian intelligence services to procure advanced electronics and sophisticated testing equipment for Russia’s military industrial complex and research and development sector. Serniya and Sertal operated a vast network of shell companies and bank accounts throughout the world, including the United States, that were used in furtherance of the scheme to conceal the involvement of the Russian government and the true Russian end users of U.S.-origin equipment.

    The defendant and his co-conspirators unlawfully purchased and exported highly sensitive, export controlled electronic components, some of which can be used in the development of nuclear and hypersonic weapons, quantum computing and other military applications. Following Russia’s invasion of Ukraine in February 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) and the U.S. Department of Commerce (DOC) Bureau of Industry and Security (BIS) levied sanctions and imposed additional export restrictions on Serniya, Sertal, and several individuals and companies used in the scheme, calling them “instrumental to the Russian Federation’s war machine.”

    Sertal was licensed to conduct highly sensitive and classified procurement activities by Russia’s Federal Security Service (FSB), Russia’s principal security agency and the main successor agency to the Soviet Union’s KGB. The Serniya network’s Russian clients included State Corporation Rostec, the state-owned defense conglomerate; State Atomic Energy Corporation Rosatom (Rosatom); the Ministry of Defense; the Foreign Intelligence Service (SVR); and various components of the FSB, including the Department of Military Counterintelligence and the Directorate for Scientific and Technological Intelligence, commonly known as “Directorate T.”

    To carry out the scheme, the defendant helped set up numerous shell companies and dozens of bank accounts in the U.S. to illicitly move money and export-controlled goods. During the period charged in the indictment, more than $12 million passed through accounts owned or controlled by the defendant. These funds were used in part to purchase sensitive equipment used in radar, surveillance and military research and development. In one instance, money from one of the defendant’s accounts was used to purchase export-controlled sniper bullets, which were intercepted in Estonia before they could be smuggled into Russia.

    Co-defendant Alexey Brayman previously pleaded guilty to conspiracy to defraud the United States and is awaiting sentence. The case against co-defendant Vadim Konoshchenok, a suspected FSB operative, was dismissed after Konoshchenok was removed from the United States as part of a prisoner exchange negotiated between the United States and Russia. Defendant Nikolaos Bogonikolos’ case remains pending. Defendants Boris Livshits, Alexey Ippolitov, Svetlana Skvortsova, and Yevgeniy Grinin remain at large.        

    The FBI, BIS, and IRS are investigating the case.

    The U.S. Customs and Border Protection, Department of Justice’s Office of International Affairs, and Estonian authorities provided valuable assistance.

    Assistant U.S. Attorneys Artie McConnell, Andrew D. Reich, and Matthew Skurnik for the Eastern District of New York are prosecuting the case, with assistance from Trial Attorney Scott A. Claffee of the National Security Division’s Counterintelligence and Export Control Section.

    Today’s actions were coordinated through the Justice Department’s Task Force KleptoCapture and the Justice and Commerce Departments’ Disruptive Technology Strike Force. Task Force KleptoCapture is an interagency law enforcement task force dedicated to enforcing the sweeping sanctions, export restrictions and economic countermeasures that the United States has imposed, along with its allies and partners, in response to Russia’s unprovoked military invasion of Ukraine. The Disruptive Technology Strike Force is an interagency law enforcement strike force co-led by the Departments of Justice and Commerce designed to target illicit actors, protect supply chains and prevent critical technology from being acquired by authoritarian regimes and hostile nation states.

    MIL Security OSI –

  • MIL-OSI USA: SCHNEIDER, WILSON LETTER CALLING FOR STOP TO RUSSIA SANCTIONS EVASION FOLLOWED BY TOUGH NEW SANCTIONS

    Source: United States House of Representatives – Representative Brad Schneider (D-IL)

    LINCOLNSHIRE, IL – Following the receipt of a bipartisan letter from Reps. Brad Schneider (IL-10) and Joe Wilson (SC-02) that called for the strengthening of sanctions enforcement on China-Russia tech transfers, the Biden-Harris Administration announced new sanctions on 398 firms across Russia, China, and more than a dozen other nations accused of enabling Russia’s war effort. 

    “In recent weeks and months, we’ve seen evidence of China’s and others continued role in sustaining Russia’s war effort against Ukraine,” said Rep. Brad Schneider. “Russia is finding avenues to circumvent sanctions by accessing technologies with help from China that are crucial for producing military equipment. I commend the Biden-Harris Administration for sanctioning those countries who are assisting the Kremlin as it continues its unlawful attack on Ukraine.”

    The bipartisan letter sent by Rep. Schneider, Rep. Wilson, and 21 other Members of Congress on October 16 called on the Biden-Harris Administration to urgently prioritize efforts to prevent sanctions circumvention by Russia as a part of the U.S.’s efforts to both support Ukraine and also counter China’s influence. 

    “As dictators continue working together to destroy democracy, the Chinese Communist Party continues actively fueling war criminal Putin’s mass murder of Ukrainian families by helping Putin get his hands on western technology,” said Rep. Joe Wilson. “Congress will not allow tyrants and thieves to weaponize the ingenuity and innovation of free people in their deranged war against those who share our values. I am grateful to have joined colleagues in calling on the administration to utilize every tool at our disposal and will continue to do so.” 

    The full text of the letter is below. 

    The Honorable Jake Sullivan 
    National Security Advisor 
    The White House 
    1600 Pennsylvania Avenue NW 
    Washington, D.C. 20500

    CC: The Honorable Antony Blinken, Secretary of State; The Honorable Gina Raimondo, Secretary of Commerce; The Honorable Janet Yellen, Secretary of the Treasury

    Dear Mr. Sullivan:

    We write to acknowledge the Administration’s efforts to weaken the Kremlin’s military capabilities through sanctions that have disrupted Russia’s access to critical technologies. These measures have reinforced the United States’ leadership in supporting Ukraine during this challenging time.

    Recent developments, however, have raised significant concerns about the continued role of China in sustaining Russia’s military-industrial base. It has become increasingly clear that Russia is circumventing the current sanctions regime by accessing advanced industrial equipment through complex procurement networks, many of which involve Chinese entities.

    As highlighted in recent analyses, Chinese manufacturers are filling the gap left by Western companies, supplying Russia with crucial CNC (Computer Numerical Control) machines and related technologies. These machines are vital for producing military equipment, including precision-guided munitions, armored vehicles, and UAVs. The continued flow of these critical tools to Russia undermines the effectiveness of our sanctions and prolongs the conflict in Ukraine.

    China plays three critical roles in supporting Russia’s war machine with CNC machines. First, China serves as a re-export and circumvention hub for CNC machines manufactured in the United States and allied Western countries. Second, CNC products made by Western manufacturers in their Chinese facilities are still entering the Russian market. Finally, China has become the primary supplier of CNC machines to the Russian military-industrial complex, with the Chinese CNC sector being heavily reliant on components and technologies originating from the United States and allied countries. In all these dimensions, Western manufacturers, technologies, and components remain actively present.

    We are particularly concerned that Chinese CNC machines, incorporating Western technologies, are increasingly relied upon by Russian military-industrial enterprises to produce advanced weaponry. This shift not only poses a significant threat to Ukraine but also presents a broader

    strategic challenge given China’s role in supporting an adversary of the United States and our allies.

    Given these strategic implications, we believe it is imperative to prioritize this issue as part of our broader competition with China. Ensuring that Russia is denied access to these advanced tools and technologies is essential to supporting Ukraine and aligns with our efforts to counter China’s influence. We respectfully urge the administration to take further steps to address this critical vulnerability. Strengthening export and supply chain control enforcement, expanding multilateral cooperation, and targeting key Chinese and other entities involved in these transfers should be central to this effort. By doing so, we can ensure that our sanctions are comprehensive and effective, denying Russia the resources it needs to continue its aggression.

    We stand ready to support these efforts and share the goal of upholding international security and supporting Ukraine’s sovereignty.

    ###

    MIL OSI USA News –

  • MIL-OSI USA: Dr. Bucshon Joins Bipartisan Group to Introduce Legislation to Protect Medicare for Physicians and Patients

    Source: United States House of Representatives – Representative Larry Bucshon MD (R-Ind)

    U.S. Representative Larry Bucshon, M.D. (R-IN-08) released the following statement after joining U.S. Representative Greg Murphy, M.D. (R-NC-03) and other bipartisan cosponsors in introducing the Medicare Patient Access and Practice Stabilization Act to support physicians and protect access to care for Medicare beneficiaries earlier this week:

    “All patients deserve timely access to healthcare from quality physicians in their communities,” said Dr. Bucshon. “Inadequate Medicare reimbursement threatens that access. I have long fought to correct the current trend of cutting reimbursement levels year after year, and I am proud to join my bipartisan colleagues to introduce the Medicare Patient Access and Practice Stabilization Act. The current path toward further consolidation, physician burnout, and closure of medical practices must be corrected.”

    “America’s physicians are at a breaking point and access to high-quality, affordable care is at risk for millions of Medicare patients,” said Congressman Greg Murphy, M.D. “When a physician sees a Medicare patient, they do so out of the goodness of their heart, not because it makes financial sense. Medical inflation is much higher and the cost of seeing patients continues to rise. Unfortunately, reimbursements continue to decline, putting immense pressure on doctors to retire, close their practices, forgo seeing new Medicare patients, or seek a less efficient employment position. This bipartisan legislation would stop yet another year of reimbursement cuts, give them a slight inflationary adjustment, and protect Medicare for physicians and patients alike.”

    “Medicare payments to physicians are just not keeping pace with our economic realities and the cost of care,” said Congressman Jimmy Panetta. “Our bipartisan legislation would not only prevent harmful cuts but also would adjust provider reimbursements for inflation.  Such a law would expand seniors’ access to quality healthcare by helping medical providers continue their care for Medicare beneficiaries.”

    “Access to quality healthcare is a something every senior deserves, but declining Medicare reimbursement is putting that access at risk,” said Congresswoman Mariannette Miller-Meeks. “The bipartisan Medicare Patient Access and Practice Stabilization Act is crucial to reversing the damaging trend of cuts that threaten our healthcare providers, especially in underserved communities. We must act now to prevent further burnout and consolidation in our system, ensuring that every Medicare beneficiary receives the care they need and deserve.”

    “Having an outdated Medicare reimbursement rate for physicians makes it harder for healthcare professionals to provide high-quality care, putting patients at risk,” said Congressman Ami Bera, M.D. “Physicians, unlike the rest of the players in health care, have never received an inflationary update and consistently received cuts. This bill ensures a more stable Medicare payment system, allowing providers to focus on delivering care rather than worrying about losing their practice. With this bipartisan effort, we are working toward a system that supports both patients and doctors.”

    “Over the past 22 years, adjusting for inflation, physicians have essentially taken a 26% pay cut from Medicare,” said Congresswoman Kim Schrier, M.D. “Their reimbursement has been flat or declining, while overhead costs have increased by about 47%: rent, labor, equipment, and insurance. I cannot think of another profession whose compensation has dropped by 26% over 2 decades. Physicians have been holding their breath, year after year, hoping that Congress will act to avert these devastating decreases in reimbursement. Without adequate reimbursement, solo and small practice physicians—most often in rural or underserved areas—are already closing their doors.  It’s up to Congress to ensure that physicians are fairly compensated and can continue to practice, so that all Medicare patients have access to high-quality, affordable care, and I am proud to co-sponsor legislation that will achieve just that.”

    “As a physician, I recognize that year after year cuts to Medicare reimbursement jeopardizes access to care for our nation’s seniors,” said Congressman John Joyce, M.D. “We must work in Congress to create a more sustainable long-term solution to ensure that Medicare patients continue to receive the high-quality affordable care that they deserve. While we continue this important work, I am proud to co-lead the Medicare Patient Access and Practice Stabilization Act, in order to protect access for Medicare beneficiaries and support Medicare physicians in the face of these proposed cuts.”

    “As an emergency medicine physician, I know how important it is for families and individuals I serve to have access to the necessary health care services they rely on,” said Congressman Raul Ruiz M.D. “I am deeply concerned about the impact the outdated Medicare reimbursement rate has on health care access for my constituents. That is why I am co-leading the ‘Medicare Patient Access and Practice Stabilization Act’ that will move us away from a system where every year seniors’ access to essential care is threatened due to potential cuts.”

    Background

    In July 2024, the Centers for Medicare & Medicaid Services (CMS) proposed a rule that would decrease Medicare reimbursement for physician services by 2.8% beginning on January 1, 2025.  Compounded with CMS’ own estimates of a projected 3.6% increase in practice cost expenses for next year, physicians will be faced with an 6.4% cut unless Congress acts.

    According to the American Medical Association, when adjusted for inflation, Medicare reimbursement for physician services has declined 29% from 2001 to 2024. 

    Medicare reimbursement cuts for physicians have significant ripple effects across our health care system, particularly in rural and underserved areas.  

    The decline in reimbursement rates, while wages and operational costs continue to rise, is forcing many physician practices to consider layoffs, reduced services, or office closure.  At a time when we’re facing a physician shortage and a historic number of doctors are nearing retirement age, these cuts risk accelerating physician burnout and reducing access to care for Medicare patients.

    Supporting Organizations

    Academy of Nutrition and Dietetics, Academy of Orthopaedic Physical Therapy, ADVION (formerly National Association for the Support of Long Term Care), Alliance for Headache Disorders Advocacy, Alliance for Physical Therapy Quality and Innovation, Alliance of Specialty Medicine, Alliance of Wound Care Stakeholders, Ambulatory Surgery Center Association, American Academy of Audiology, American Academy of Dermatology Association, American Academy of Family Physicians, American Academy of Hospice and Palliative Medicine, American Academy of Neurology, American Academy of Ophthalmology, American Academy of Oral and Maxillofacial Pathology, American Academy of Otolaryngology–Head and Neck Surgery, American Academy of Pain Medicine, American Academy of Physical Medicine and Rehabilitation, American Academy of Sleep Medicine, American Association for the Study of Liver Diseases, American Association of Child and Adolescent Psychiatry, American Association of Hip and Knee Surgeons, American Association of Neurological Surgeons, American Association of Nurse Anesthesiology, American Association of Oral and Maxillofacial Surgeons, American Association of Orthopaedic Surgeons, American Chiropractic Association, American Clinical Neurophysiology Society, American College of Allergy, Asthma and Immunology, American College of Cardiology, American College of Chest Physicians, American College of Emergency Physicians, American College of Gastroenterology, American College of Mohs Surgery, American College of Obstetricians and Gynecologists, American College of Osteopathic Family Physicians, American College of Osteopathic Internists, American College of Physicians, American College of Radiation Oncology, American College of Radiology, American College of Rheumatology, American College of Surgeons, American Gastroenterological Association, American Geriatrics Society, American Glaucoma Society, American Health Care Association, American Medical Association, American Medical Group Association, American Medical Rehabilitation Providers Association, American Medical Women’s Association, American Occupational Therapy Association, American Optometric Association, American Osteopathic Association, American Physical Therapy Association, American Physical Therapy Association – Private Practice Section, American Podiatric Medical Association, American Psychiatric Association, American Psychological Association Services, American Society for Clinical Pathology, American Society for Dermatologic Surgery Association, American Society for Gastrointestinal Endoscopy, American Society for Radiation Oncology, American Society of Breast Surgeons, American Society of Cataract and Refractive Surgery, American Society of Colon & Rectal Surgeons, American Society of Dermatopathology, American Society of Diagnostic and Interventional Nephrology, American Society of Echocardiography, American Society of Hand Therapists, American Society of Nuclear Cardiology, American Society of Pediatric Nephrology, American Society of Plastic Surgeons, American Society of Retina Specialists, American Society of Transplant Surgeons, American Speech-Language-Hearing Association, American Urogynecologic Society, American Urological Association, Association for Clinical Oncology , Association of American Medical Colleges, Association of Clinicians for the Underserved, Association of Diabetes Care & Education Specialists, Association of Women in Rheumatology, Brain Injury Association of America, California Medical Association, CardioVascular Coalition, Clinical Social Work Association, Coalition of State Rheumatology Organizations, College of American Pathologists, Community Oncology Alliance (COA), Congress of Neurological Surgeons, Dialysis Vascular Access Coalition, Digestive Health Physicians Association, Digestive Health Physicians Association, Emergency Department Practice Management Association, Endocrine Society, Federation of American Hospitals, Free2care, Healthcare Business Management Association, Heart Failure Society of America, Heart Rhythm Society, Indiana Associations Pathologists, Infectious Diseases Society of America, Infusion Providers Alliance, LUGPA, Massachusetts Medical Society, Medical Group Management Association, National Association of ACOs, National Association of Rehabilitation Providers and Agencies, National Association of Spine Specialists, National Infusion Center Association, National Rural Health Association, North Carolina Rheumatology Association, Office-Based Facility Organization, Outpatient Endovascular and Interventional Society, Pediatrix Medical Group, Inc., Physician-Led Healthcare for America, Physicians Advocacy Institute, Post-Acute and Long-Term Care Medical Association, Practicing Physicians of America, Renal Physicians Association, Society for Cardiovascular Angiography and Interventions, Society for Vascular Surgery, Society of American Gastrointestinal and Endoscopic Surgeons, Society of General Internal Medicine, Society of Gynecologic Oncology, Society of Hospital Medicine, Society of Interventional Radiology, Society of Thoracic Surgeons, Texas Medical Association, and the US Oncology Network.

    View the legislation here.

    Congressman Larry Bucshon, M.D. represents Indiana’s 8th Congressional District in the United States House of Representatives and is a senior member of the House Energy and Commerce Committee, serving as Vice Chair of the Health Subcommittee.

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    MIL OSI USA News –

  • MIL-OSI: CNL Strategic Capital Launches Second Follow-On Offering of $1.1 Billion

    Source: GlobeNewswire (MIL-OSI)

    Orlando, Fla., Nov. 01, 2024 (GLOBE NEWSWIRE) — CNL Strategic Capital, a public, non-traded company that seeks to provide current income and long-term appreciation to its investors, has launched its second follow-on offering for up to $1.1 billion of shares.

    CNL Strategic Capital’s second follow-on offering will maintain its investment strategy that seeks to acquire and grow durable, middle-market businesses for its portfolio. The second follow-on offering was declared effective by the U.S. Securities and Exchange Commission on Nov. 1, 2024, and includes up to $100 million in shares to be issued pursuant to the company’s distribution reinvestment plan.

    The initial public offering closed to investors on Nov. 1, 2021, after raising aggregate gross offering proceeds of approximately $264.7 million from the sale of common shares. The follow-on public offering that ran from Nov. 1, 2021, through Nov. 1, 2024, raised aggregate gross offering proceeds of approximately $704.8 million from the sale of common shares. A combined total of $969.5 million was raised through the initial and follow-on public offerings.

    About CNL Strategic Capital
    CNL Strategic Capital is a publicly registered, non-traded limited liability Company that seeks to provide current income and long-term appreciation to individuals by acquiring controlling equity stakes in combination with loan positions in durable and growing middle-market businesses. The Company is externally managed by CNL Strategic Capital Management, LLC and Levine Leichtman Strategic Capital, LLC (LLSC). For additional information, please visit cnlstrategiccapital.com.

    About CNL Financial Group
    CNL Financial Group (CNL) is a leading private investment management firm providing alternative investment opportunities. Since inception in 1973, CNL and/or its affiliates have formed or acquired companies with more than $36 billion in assets. CNL is headquartered in Orlando, Florida. For more information, visit cnl.com.

    About Levine Leichtman Strategic Capital
    LLSC is an affiliate of Levine Leichtman Capital Partners, LLC (LLCP), a middle-market private equity firm with a 40-year track record of investing across various targeted sectors, including Franchising & Multi-unit, Business Services, Education & Training and Engineered Products & Manufacturing. LLCP utilizes a differentiated Structured Private Equity investment strategy, combining debt and equity capital investments in portfolio companies. LLCP believes that by investing in a combination of debt and equity securities, it offers management teams growth capital in a highly tailored, flexible investment structure that can be a more attractive alternative than traditional private equity.

    LLCP’s global team of dedicated investment professionals is led by 10 partners who have worked at LLCP for an average of 20 years. Since inception, LLCP has managed approximately $14.8 billion of institutional capital across 15 investment funds and has invested in over 100 portfolio companies. LLCP currently manages $10.2 billion of assets and has offices in Los Angeles, New York, Chicago, Miami, London, Stockholm, Amsterdam and Frankfurt. For additional information, please visit llcp.com.

    The information in this press release may include “forward-looking statements.” These statements are based on the beliefs and assumptions of CNL Strategic Capital’s management and on the information currently available to management at the time of such statements. Forward-looking statements generally can be identified by the words “believes,” “expects,” “intends,” “plans,” “estimates” or similar expressions that indicate future events. Forward-looking statements are subject to substantial risks and uncertainties, many of which are difficult to predict and are generally beyond CNL Strategic Capital’s control. Important risks, uncertainties and factors that could cause actual results to differ materially from those in the forward-looking statements include the risks associated with the Company’s ability to pay distributions and the sources of such distribution payments, the Company’s ability to locate and make suitable investments and other risks described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K and the other documents filed by the Company with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities.

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    The MIL Network –

  • MIL-OSI Economics: Members spotlight development issues in trade and environmental sustainability discussions

    Source: WTO

    Headline: Members spotlight development issues in trade and environmental sustainability discussions

    “Here we are at the end of 2024 and MC14 isn’t that far away. We’re committed to having concrete outcomes and so as part of achieving that, this session will be important,” said Richard Tarasofsky of Canada, which co-convenes TESSD together with Costa Rica, in opening the meeting. He added that a high-level TESSD plenary stocktaking session will be held on 4 December to seek members’ support for the proposed way forward towards achieving concrete outcomes at MC14 that reflect both the technical discussions in working groups as well as the written outcomes of those groups.
    “We are really making an effort to dig deeper into the development dimension, including in how we select topics such as climate adaptation,” said Mr. Tarasofsky.
    The four TESSD working groups advanced substantive work in their respective discussions at the meeting.
    In the Working Group on Trade-related Climate Measures (TrCMs), members deliberated on the use of TrCMs for achieving climate change adaptation and focused on developing country perspectives. They heard presentations from the International Institute for Sustainable Development, the WTO Secretariat, the World Bank, Barbados and Samoa.
    In the Working Group on Environmental Goods and Services, members exchanged views on trade-related aspects of water management and climate change adaptation, considering presentations on water management technologies and developing country experiences from the UN Environment Programme (UNEP) Copenhagen Climate Centre and the UN Climate Technology Centre & Network (CTCN). Members also considered presentations on identification and trade promotion of environmental goods and services from Australia, Finland and the WTO Secretariat.
    In the Working Group on Subsidies, members considered presentations on critical minerals, including how international cooperation can support developing countries in addressing challenges and seizing opportunities in the sector. The International Energy Agency, the African Development Bank, Australia and the Philippines provided presentations.
    In the Working Group on Circular Economy-Circularity, members heard from the Global Batteries Alliance on batteries passports and on circularity of batteries. They also heard from Rwanda on implementing circular economy principles in the transport sector. Members also were briefed on new analytical work from the International Chamber of Commerce, Organisation for Economic Co-operation and Development, and the Forum on Trade, Environment and SDGs (TESS).
    Across the four working groups, members also discussed possible ways forward for outcomes at MC14, including a compilation and mapping of policy measures shared by members, practical ways to enhance cooperation, and expanding and refining the TESSD indicative list of environmental goods and services. They also considered developing guidelines for subsidy design and recommendations to enhance transparency, trade-related guidelines for a circular economy and trade‑related good practices for circularity in priority sectors.
    Presentations and documents related to the working group meetings are available here.
    At the close of the two-day meeting, Ana Lizano of Costa Rica, TESSD co-convenor, said: “We have heard support as well as constructive feedback from the participants to the suggestions on the way forward presented by the facilitators of the four groups. So the co-conveners, together with the facilitators, will put together the most balanced outlook possible for 2025 and towards the next Ministerial Conference.”
    “We will continue working on bringing to the table more voices from the developing and least-developed members to consolidate an agenda that is not only balanced but also representative of the needs, opportunities, and interests of all TESSD participants,” she said.
    Guided by their 2021 Ministerial Statement, TESSD seeks to complement the work of the WTO Committee on Trade and Environment and advance discussions at the intersection of trade and environmental sustainability towards identifying concrete actions that members could take individually or collectively. The initiative, which is open to all WTO members, is currently co-sponsored by 77 members representing all regions and all levels of development.

    Share

    MIL OSI Economics –

  • MIL-OSI: KH Group Plc’s Business Review January–September 2024: Moderate profitability in a demanding market

    Source: GlobeNewswire (MIL-OSI)

    KH Group Plc
    Stock Exchange Release 1 November 2024 at 8:00 am EET 
      
    KH Group Plc’s Business Review January–September 2024:
    Moderate profitability in a demanding market

    This is the summary of the Business Review for January–September 2024. The full Business Review is attached to this release and is also available on the company’s website at www.khgroup.com.

    KH Group, July–September 2024 pro forma 

    • Net sales amounted to EUR 85.7 (91.1) million.
    • Operating profit was EUR 3.3 (4.1) million.
    • The net sales of KH-Koneet were slightly better than in the comparison period and operating profit remained nearly unchanged from the comparison period.
    • Indoor Group’s net sales and operating profit were below the level of the comparison period.
    • NRG’s net sales and operating profit were below the level of the comparison period.
    • KH Group divested its holdings in HTJ. 

    KH Group, January–September 2024 IFRS 

    • Net sales amounted to EUR 253.2 (161.0) million. The figure for the comparison period includes net sales accumulated in May–September 2023 and HTJ is classified as a discontinued operation retroactively.
    • Operating profit was EUR 0.8 (-17.5) million.
    • Net profit for the period was EUR -3.3 (-12.1) million.
    • Earnings per share (undiluted and diluted) were EUR -0.02 (-0.15).
    • Equity per share at the end of the review period was EUR 1.30 (1.39).
    • Return on equity for rolling 12 months was -7.1% (-14.5%).
    • The Group’s cash and cash equivalents amounted to EUR 11.6 million at the end of the review period
    • Gearing at the end of the review period was 195.6% (195.4%).
    • Gearing excluding lease liabilities was 120.6% (115.1%).

    CEO Ville Nikulainen:

    “Our consolidated pro forma net sales and operating profit declined year-on-year. KH-Koneet’s net sales increased moderately and operating profit was nearly at the same level as in the comparison period, which means that the market share increased in a declining market. For Indoor Group, the general market uncertainty, the increase to the general value-added tax rate in Finland and the deployment of a new ERP system in spring 2024 had a negative impact on net sales and operating profit.

    On 15 August 2024, KH Group announced the launch of an extensive operating model reform programme aimed at improving the group company Indoor Group’s profitability. The reform includes development initiatives to stabilise Indoor Group’s financial situation in the challenging furniture industry market environment. The company aims for an annual operating profit improvement of at least EUR 10 million by the end of 2026. Based on current information, a significant part of the targeted profitability improvement is estimated to be realised already during 2025. KH Group published a stock exchange release on 10 October 2024 concerning the reform of Indoor Group’s operating model and change negotiations.

    Nordic Rescue Group’s pro forma net sales and operating profit decreased year-on-year during the seasonally weaker quarter. The demand for rescue vehicles in Sweden has remained at a good level but, in Finland, the budgeting phase of the wellbeing services counties has slowed down the accrual of new orders during autumn 2024.

    In the fourth quarter, the business areas will focus on securing net sales and operating profit as well as improving the efficiency of working capital. KH Group’s change in strategy is progressing according to plan.

    On 9 August 2024, the company updated its earlier guidance on net sales and operating profit for 2024. The calculation of the guidance is based on Indoor Group’s lower than expected net sales and operating profit in both the first and second half of 2024. According to the updated guidance, the company estimates, with the current Group structure, to reach pro forma net sales of EUR 340–360 million and operating profit of EUR 4–7 million in 2024.”

    Events after the review period

    During the current year, Indoor will continue to implement measures aimed at improving profitability. KH Group published a press release on 10 October 2024 concerning the reform of the operating model and change negotiations.

    Future outlook

    KH Group’s medium-term objective is to become an industrial group built around the KH-Koneet business and to divest other business areas in line with previous strategy. At the same time, active developments will continue regarding other business areas. Exit planning and the assessment of exit opportunities for the other business areas will also continue.

    On 9 August 2024, the company updated its earlier guidance on net sales and operating profit for 2024. According to the updated guidance, with the current Group structure, the company estimates pro forma net sales for 2024 to be EUR 340–360 million and operating profit to be EUR 4–7 million.

    KH GROUP PLC

      
    Ville Nikulainen
    CEO

    FURTHER INFORMATION:
    CEO Ville Nikulainen, tel. +358 400 459 343

    DISTRIBUTION:
    Nasdaq Helsinki Ltd
    Major media
    www.khgroup.com

    KH Group Plc is a Nordic conglomerate operating in business areas of KH-Koneet, Indoor Group and Nordic Rescue Group. We are a leading supplier of construction and earth-moving equipment, furniture and interior decoration retailer as well as rescue vehicle manufacturer. The objective of our strategy is to create an industrial group around the business of KH-Koneet. KH Group’s share is listed on Nasdaq Helsinki.

    Attachment

    The MIL Network –

  • MIL-OSI: 39/2024・Trifork Group AG – Interim report for the quarter ending 30 September 2024

    Source: GlobeNewswire (MIL-OSI)

    Trifork Group AG
    Company announcement no. 39/2024
    Schindellegi, Switzerland – 1 November 2024
    Interim Financial Report for the third quarter ending 30 September 2024

    Trifork Group reports -0.8% revenue growth in the core business, adjusts full year-outlook, and targets around EURm 10 in annual cost savings to improve margins

    CEO Jørn Larsen comments on the third quarter:
    “2024 has proven to be one of Trifork’s most challenging years. The private sector business environment for many of the services we provide remained difficult and unpredictable through the third quarter, but we cannot only blame the market. Some of our units have struggled to secure new customers or new engagements with existing customers. This will be fixed, based on the ways of working of our well-performing units.

    We underestimated the negative margin impact from persistently lower-than-expected revenue growth throughout the year. In response, we will now extend our cost savings program with the aim to reduce overall annual cost by around EURm 10. We will introduce a 10% cut in selected management remuneration led by myself and our CFO, make further rightsizing in low-performing units, and reduce other costs until we see an improved market situation. Reducing our workforce in certain units is a necessary but difficult decision that weighs heavily on me and our business unit leaders and we will work closely together to make the right decisions. We do not know when a market improvement will materialize, but with a broader customer network and pipeline than ever before, we are prepared to capitalize when it does, at which time we aim to return to double-digit growth with a double-digit EBIT margin.

    These challenges in parts of the organization are offset by many positive developments too. Our Public sector business, accounting for 39% of revenue, is back on track with healthy growth and a robust pipeline. Our strategic focus on the U.S. market is also yielding results, with solid growth and a promising pipeline for 2025. US revenue increased by 56% in Q3 and 29% in the first nine months compared to the same periods in 2023. Additionally, our Run business is building momentum for recurring revenue growth, and our new office in Oman is off to a strong start, powered by our proprietary platforms. Finally, our most valuable companies in Trifork Labs are performing very well.”

    Third quarter 2024

    • Trifork Group
      • In Q3 2024, Trifork Group revenue amounted to EURm 47.1, a net decline of -1.8% from Q3 2023, the combined result of an inorganic growth of 4.9% and an organic decrease of 6.8%. In the quarter, Trifork had EURm 0.5 less revenue from the more volatile and non-core hardware and third-party licenses compared to Q3 2023. Adjusted for this, Group revenue growth was -0.8% in Q3 2024.
      • Trifork Group adjusted EBITDA amounted to EURm 5.3, corresponding to 11.3% margin. No special items were recorded.
      • Trifork Group EBIT amounted to EURm 1.1, corresponding to 2.4% EBIT margin.
      • Trifork Group net income amounted to EURm 1.6.
    • Trifork Segment
      • In Q3 2024, adjusted EBITDA in the Trifork Segment amounted to EURm 5.8 (Q3 2023: EURm 7.0). The adjusted EBITDA margin was 12.3% (Q3 2023: 14.5%).
      • Sub-segments
        • Inspire revenue increased by 11.6% to EURm 0.8 and realized an adjusted EBITDA of EURm -0.6 (Q3 2023: EURm -0.9).
        • Build revenue declined by -2.9% to EURm 34.5 and realized an adjusted EBITDA margin of 11.3% (Q3 2023: 18.5%).
        • Run revenue increased by 2.2% to EURm 11.7. Adjusted for volatile and non-core hardware and third-party licenses, revenue growth was 8.4%. The adjusted EBITDA margin was 33.5% (Q3 2023: 23.2%).
    • Trifork Labs
      • In Q3 2024, fair value adjustment of Trifork Labs investments was EURm 1.7. The book value of all minority investments was EURm 75.4 at the end of the quarter. EBT from Trifork Labs was EURm 2.1 in the quarter.

    The financial outlook for 2024 is adjusted as follows:

    • Revenue is expected in the range of EURm 205-208 (previously EURm 215-220) equal to -1.4 to 0.0% growth. The revised revenue guidance is explained by lower revenue expectations in the fourth quarter, including around EURm 7 (license and hardware sales) in revenue on already agreed engagements now delayed to 2025.
    • Adjusted EBITDA in Trifork Segment is expected in the range of EURm 25-27 (previously EURm 31-34). The revised guidance on adjusted EBITDA in Trifork Segment is explained by the lower revenue outlook and the additional costs of reorganizations in Q3 and Q4.
    • EBIT in Trifork Group is expected in the range of EURm 8-10 (previously EURm 14-17).
    • As the planned transaction in our managed security services is not yet to be closed, we have excluded any potential effect from its potential deconsolidation in the guidance. We expect a positive effect between EURm 3-5 on unadjusted EBITDA and EBIT when the process is completed.

    Main events in the third quarter of 2024

    • Inspire
      Q3 is seasonally a quarter with low conference activity. Hence, the conference activities in the quarter were primarily focused on preparing for GOTO Copenhagen and GOTO Chicago in October. The online GOTO universe continued to grow in with 1.9 million combined views on YouTube and Instagram in Q3, and 74.6 million views in total. At the end of the quarter, we had 1.0 million subscribers. We are continuously sharpening our planning of events and have optimized our cost structure through the year. The improved earnings momentum continued in Q3, and in the first three quarters Inspire improved EBITDA with EURm 0.8 compared to the same period last year.
    • Build
      Build revenue declined by 2.9% compared to the same quarter last year. The weakness came primarily from the private sector, which accounted for 61% of revenue. Corporates continued to take a cautious approach to IT spending in light of the global economic uncertainty, geopolitical uncertainty, and higher interest rates compared to previous years. The continued low activity from private sector customers has been particularly visible in UK, whereas our private sector engagements in the US displayed comparatively better performance. Danish public revenue grew 15% in Q3 compared to the same quarter last year. After a soft start to the year with disruptions to existing customer engagements, our Danish Public business has gained momentum with several key wins and ramp-up of delivery on existing framework agreements won in previous quarters and years. Public wins in Q3 included The IT and Development Agency at the Danish Ministry of Taxation as well as The Danish Business Authority.
    • Run
      Revenue in Run increased by 2.2% in Q3 compared to the same quarter last year. Our Cloud Operations business has built a solid sales pipeline supported by our new Contain cloud product offering. This is driven by both public and private customers. As announced in Q2, our managed services security business is in discussion with potential strategic partners in order to accelerate growth and market share. Our Splunk services gained momentum in Q3 with key customer wins and a new product offering for SME’s compliance with NIS2 cyber regulation.
    • Trifork Labs
      In Q3, Trifork Labs completed no new investments or exits. One Labs company completed an internal financing round. Activities in the quarter primarily included reviewing investment proposals from new investors in individual Labs companies. The most valuable companies in Trifork Labs are performing to a satisfactory degree. Dividends of EURm 0.2 were received in the quarter.

    Results presentation

    Trifork will host a results presentation and Q&A session with CEO Jørn Larsen and CFO Kristian Wulf-Andersen today, 1 November 2024 at 11:00 CET in a live webcast that can be accessed via the following link, or via the investor website:

    https://trifork.zoom.us/j/96731822513?pwd=NW1HUxyhyL8sUfP7pCpymC9vOsDpNe.1

    A recording will be made available on our investor website. More information can be found at https://investor.trifork.com/events/.

    For more information, please contact:

    Investors
    Frederik Svanholm, Group Investment Director & Head of Investor Relations
    frsv@trifork.com, +41 79 357 7317

    Media
    Peter Rørsgaard, CCO Fintech & Head of Press Relations
    pro@trifork.com, +45 2042 2494

    About Trifork Group
    Trifork is a pioneering global technology partner, empowering enterprise and public sector customers with innovative solutions. With 1,278 professionals across 76 business units in 15 countries, Trifork delivers expertise in inspiring, building, and running advanced software solutions across diverse sectors, including public administration, healthcare, manufacturing, logistics, energy, financial services, retail, and real estate. Trifork Labs, the Group’s R&D hub, drives innovation by investing in and developing synergistic and high-potential technology companies. Trifork Group AG is a publicly listed company on Nasdaq Copenhagen. Learn more at trifork.com.        

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    The MIL Network –

  • MIL-OSI Russia: All about digital twins: Polytech and Gazprom Neft held an inter-industry conference

    Translation. Region: Russian Federation –

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

    Peter the Great St. Petersburg Polytechnic University and Gazprom Neft held an inter-industry conference, Digital Twins 2024. For two days, the Technopolis Polytech research building became a platform for exchanging experiences, discussing innovations, and developing solutions to existing problems. The event was attended by over 150 IT, systems analysis, and engineering specialists from 30 companies and organizations.

    The plenary sessions were moderated by Kirill Vasiliev, head of the Gazpromneft-ITO department, Polytechnic University graduate and ambassador. The experts presented over 20 reports on such topical issues as the use of artificial intelligence, HR policy, import substitution and the use of digital twins in complex industrial systems.

    Opening the conference, Gazprom Neft Science Director Mars Khasanov noted: It is important to understand the difference between a model and a digital twin. If a model describes only part of an object or system and does not “live” on its own, then a digital twin must adapt, adjust to changes in the environment, change as new data arrives, and learn. This means that a full-fledged digital twin must have intelligence to some extent — artificial intelligence. If artificial intelligence is used purposefully, understanding its key advantages, and “landing” it on engineering soil, then it will be a very useful tool, and digital twins will not be able to work without it. Meetings like our conference today are needed to form the correct understanding of digital twins.

    Vice-Rector for Research at SPbPU Yuri Fomin welcomed the participants by saying that the topic of digital twins is now coming to the forefront: The Polytechnic University is characterized by the speed of introducing products to the industry. The current situation in the country and the world, on the one hand, contributes to the acceleration of this process, on the other hand, it introduces restrictions. In these conditions, we decided that digital twins are a strategic direction for us, in conjunction with our partners. We have accumulated competencies in the field of digital twins, it is gratifying that we make a serious contribution to this matter, and we need to find a common language with the industry.

    The need for collaboration among all participants in the digital twin market was repeatedly emphasized during the discussions. The participants of the meeting not only presented their own business experience, shared achievements and problems, but also discussed how universities and companies can communicate more productively and bring mutual benefit.

    Director of Product Development Programs at Gazprom Neft, Evgeny Yudin, believes that building such interaction is one of the most pressing tasks today.

    The digital transformation stage is clear, we need to take the next step — to more intelligent management based on artificial intelligence, digital twins, — Evgeny Viktorovich is sure. — We need to coordinate efforts from the point of view of a single conceptual base. There is a GOST that defines what digital twins are, there are concepts that businesses use. We need to start agreeing on the same language. And secondly, we need to share experience in using digital twins, artificial intelligence to optimize the management process. This is important because the goals are quite ambitious, and we understand that this goal cannot be achieved by one company alone, we need to coordinate, share experience, create consortiums, associations, and do joint projects. This is more effective in terms of getting an increment on the way to this goal. And the goal, I repeat, is the transition towards intelligent management. We are open to cooperation and interaction.

    On the first day, the experience of the Polytechnic University in creating technologies for developing digital twins of products in industry was shared with the conference participants by the Vice-Rector for Digital Transformation of SPbPU, Head of the Advanced Engineering School “Digital Engineering” Alexey Borovkov. Also, from the speeches of representatives of leading companies and scientific organizations, the audience learned about various aspects of digital transformation in the oil and gas sector, aircraft and helicopter manufacturing, and other industries. Solutions were proposed for optimizing processes using digital models, accelerating hydrodynamic modeling using machine learning methods, hybrid modeling, and integrating artificial intelligence into control systems.

    At the end of the first day of the conference, Evgeny Yudin and the head of well modeling and ground facilities at Gazprom Neft, Alexander Vinokurov, held a round table discussion on “Artificial Intelligence for Optimizing Business Processes.”

    On the second day, Dmitry Mikhalyuk, CEO of JSC Tsifra and a graduate of the Physics and Mechanics Department of the Polytechnic University, covered the topic of digital twins of production systems as a synergy of information technology and modeling of physical processes. Dmitry Sokolov, Solution Architect at Kaspersky Lab, taught how to safely update and enrich a digital twin with industrial data. Maxim Simonov, Head of the Competence Center for the Development of Integrated Asset Modeling at Gazprom Neft, spoke about the company’s HR policy: how interaction with universities occurs, what internal training is, what helps a young specialist go from a student to an expert, etc. The conference participants also learned about the tools and best practices for using neural network approaches, discussed the problems of switching to domestic software, data in digital twins, and management processes.

    The conference concluded with a panel discussion on the topic “Digital Twins: Development Prospects in Industry”. Experts exchanged opinions on what problems of implementing digital twins are coming to the forefront today – technological, personnel, import substitution or legal regulation; where government assistance is needed; how well universities are coping with training engineers of the future, etc.

    We are delving quite deeply into the topic of digital twins of physical, physical and chemical systems. But if we want to move to new management principles, then large companies have other objects that need to build digital twins, for example, the external environment, the same markets, – believes the head of the digital technologies and artificial intelligence department of Gazprom Neft Mikhail Korolkov. – Problems will begin when the twins of external systems need to be connected and integrated with the twins of physical systems. And the second barrier that will at some point stand in the way of the widespread use of digital twins is a possible change in the business models of companies.

    Assessing the prospects for the development of domestic digital technologies in the next 5-10 years, Alexey Zaslavsky, CEO of Vaizteco (Aiteko Group of Companies), noted: We can certainly achieve priorities in certain specific things. The main thing is to choose them correctly and concentrate on them. We must not forget that our Motherland launched a man into space 16 years after the end of World War II.

    Our country has a unique way of mobilizing itself in very difficult periods, agreed Maxim Simonov. We are now seeing that in two or three years, many software solutions have appeared that, although they do not yet allow us to meet all business needs, already provide the opportunity to work with domestic solutions. In some ways, they are already ahead of previously used software products.

    The most important thing is to use these technological breakthroughs in the formation of a new system of international cooperation, – says Andrey Dobrynin, Director of the Center for Geospatial Economic Analysis at Lomonosov Moscow State University. – Yes, the circle of partners has changed. But I would not say that the market has narrowed. We need to be able to position ourselves correctly there, offer the right solutions. If we can build a chain of development of artificial intelligence and digital twins and move in this direction, we will be able to set the tone, create standards, promote our projects and gain a foothold in key positions in the global market.

    Andrey Dobrynin also highly praised the level of the meeting of specialists. It was a wonderful conference. The Polytechnic University has a great deal of groundwork in the field of digital twins, and Gazprom Neft is a leading company that comes up with initiatives before others. And joining efforts will allow us to move forward. But what was even more impressive was how the topics were discussed. The participants represented different industries, not even related ones, which gave an additional impetus to the discussion. Everyone contributed to understanding the issue, which, in my opinion, serves as a good basis for further cooperation.

    Mikhail Korolkov summed up the conference: There were two very interesting, eventful days, with excellent reports, lively discussions, exchange of ideas, impressions, and experience. Digital twins are a topic that is becoming advanced and breakthrough in all important industries for the country. We are coming to new issues that were not even raised a year or two ago: integration of digital twins, the role of artificial intelligence in digital twins. The main problem of import substitution was also touched upon. The discussion was comprehensive, not only the reports are important, but also the exchange of opinions, and the audience, the speakers will only benefit from this, they will find ways to overcome barriers. I hope that this event will become permanent, and in some time we will discuss new trends and ideas at a new level.

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: The Ministry of Economic Affairs Invites Offshore Wind Developers to Discuss Prompt Grid Connection at the agreed-upon schedule

    Source: Republic Of China Taiwan 2

    To ensure prompt grid connection of wind farms and adequate supply of green electricity, the Ministry of Economic Affairs (MOEA) held a symposium on September 23rd, with offshore wind farm developers to discuss issues encountered in achieving timely grid connection. Industry representatives raised topics such as follow-up actions for the Industrial Relevance Policy, geological survey regulations, and state-owned banks’ participation in financing.

    The MOEA stated that it is currently in consultation with the EU under the WTO framework. Adhering to the principle of mutual trust, the consultation results need to be kept confidential, thus no detailed information can be disclosed at the moment. Nonetheless, the atmosphere of the consultations is positive, with efforts being made towards settling, and the MOEA is planning to loosen up the Industrial Relevance Policy. The MOEA explained that as long as the wind farms are completed on time and connected to the grid in compliance with public interest and relevant laws, the administrative departments will assist developers in overcoming related obstacles. Regarding the Industrial Relevance Policy involving force majeure or unattributable reasons, the Industrial Development Administration of the MOEA will follow general principles and adopt a case-by-case review approach, aiming to complete relevant reference models by the end of September to help developers complete wind farm installations on schedule.

    In response to the industry’s proposal for state-owned banks to participate in the offshore wind farm financing, the MOEA also mentioned that it had arranged for representatives from the National Development Council, the Ministry of Finance, the Financial Supervisory Commission, and state-owned banks, to visit offshore wind farms by the end of September, where they exchanged views on offshore wind farm financing issues, provided practical experience to banking industry representatives, and establish trust for the fiance of offshore wind farms, thereby creating a healthy financing environment.

    The MOEA emphasized that domestic corporate users have a significant and competitive demand for green electricity for exports (such as RE100) and that advanced manufacturing processes require higher proportions of green energy. Increasing the proportion of green electricity in Taiwan’s manufacturing by 2030 has become a priority. The MOEA will continue cooperating with offshore wind power developers to provide sufficient green electricity and enhance the international competitiveness of Taiwan’s industries.

    Spokesperson for Energy Administration, Ministry of Economic Affairs: Deputy Director General, Chun-Li Lee
    Phone: 02-2775-7700, 0936-250-838
    Email: chunlee@moeaea.gov.tw

    Business Contact: Director, Chung-Hsien Chen
    Phone: 02-2775-7770, 0919-998-339
    Email: ctchen2@moeaea.gov.tw

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: DVLA and VCA business plans for 2024 to 2025

    Source: United Kingdom – Government Statements

    Publication of 2024 to 2025 business plans for the Driver and Vehicle Licensing Agency and Vehicle Certification Agency.

    Location:
    House of Commons
    Delivered on:

    I am pleased to announce the publication of the 2024 to 2025 business plans for 2 of the Department for Transport’s motoring agencies:

    Each agency’s business plans sets out:

    1. The key business priorities that each agency will deliver and any significant changes they plan to make to their services.
    2. The key performance indicators, by which their performance will be assessed.

    These plans allow service users and members of the public to understand the agencies’ plans for delivering their key services and managing their finances.

    The business plans will be available electronically on GOV.UK and copies will be placed in the libraries of both Houses.

    The Driver and Vehicle Standards Agency (DVSA) 2024 to 2025 business plan will be published separately as we continue to work with them on measures to drive down practical driving test waiting times.

    Updates to this page

    Published 1 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: World Championship esports event to deliver £12m boost to London’s economy

    Source: Mayor of London

    • London will host the League of Legends World Championship this weekend – one of the biggest and most popular esports events in the world.
    • The O2 arena’s tickets sold out in minutes and millions are set to watch from around the world.
    • The Mayor continues to support London’s thriving games and esports industry bringing significant investment and jobs to the capital.

    London will host the League of Legends World Championship this weekend – one of the biggest and most popular esports events in the world.

    The O2 arena’s tickets sold out in minutes and millions are set to watch from around the world.
    The Mayor continues to support London’s thriving games and esports industry bringing significant investment and jobs to the capital.
     
    One of esports biggest global events, the League of Legends World Championship finals, will take place at London’s O2 Arena tomorrow (Saturday 2 November) – boosting the capital’s economy and cementing its position as leading destination for sports and esports.
     
    The Mayor of London, Sadiq Khan, has today welcomed the finals to the capital and celebrated the impact of the growing industry. It will be the largest esports event ever to take place in the UK and will bring more opportunities for growth, talent development and skills for young Londoners. 
     
    Thousands of fans from all over the world are expected to head to the O2 tomorrow to watch, with London’s business growth and destination agency London & Partners calculating a £12m boost to the London economy from hosting the finals. Millions more are set to watch online – showcasing the capital. 
     
    League of Legends is a multiplayer online battle arena game that pits two teams of five against each other. The World Championships, known as ‘Worlds’, were launched in 2009 and have grown to be the most anticipated event of the year in esports. Last year’s finals were held in South Korea. It is the latest major esports event that London has hosted, after welcoming the League of Legends Mid-Season Invitational to the Copper Box Arena in Queen Elizabeth Olympic Park last year. 
     
    London is home to largest group of games studios in Europe and esports is a growing market offering huge potential for London’s businesses and communities. The Mayor is a big supporter of the games industry, which generates millions of pounds for our economy and is a growing force. His support includes funding Games London who run the UK’s only Games Production Finance Market which brings in new investment to help games businesses grow, and delivers the annual London Games Festival. Through work with London & Partners, Sadiq has also helped to bring esports events to London.
     
    Earlier this week, City Hall convened a panel discussion with key industry leaders and partners Fnatic – a leading esports brand – and London & Partners. Deputy Mayor for Business and Growth, Howard Dawber opened the event at the Fnatic HQ to champion esports and explore ways to further support esports in the capital. City Hall has also commissioned Arena Consultancy to conduct a new piece of research to gain a deeper understanding of what more London needs to do to become a global centre for esports. 
     
    The League of Legends World Championship is the latest in a series of global events to take place in London this year, including the UEFA Champions League final, European Professional Club Rugby Finals, NFL, Major League Baseball and Diamond League athletics. 
     
    The Mayor of London, Sadiq Khan, said: “I am delighted that the League of Legends World Championship finals are taking place in the capital this weekend. The event brings together gamers and fans from across the globe, boosting our economy by £12m and showing that London is a leading destination for sports and esports. Gaming is a hugely exciting and fast growing industry, and I will continue to do all I can to support its development and growth in the capital, as we build a better London for everyone.”
     
    Ailsa Buck, Head of Major Events and City Experience at London & Partners, said: “We’re thrilled to host the League of Legends World Championship Finals. The excitement is electric and we can’t wait for fans to have an unforgettable experience in the capital. Hosting such a huge esports event shows that London is a top destination for the industry. Tickets flew off the shelves in minutes. That tells us there’s a huge demand for more esports in the city. We’re ready to make this day special for everyone.”  

    Sam Mathews, CEO at Fnatic, said: “Partnering with the GLA and London & Partners to bring this event to life is an exciting step for Fnatic and esports in London. As one of the world’s leading esports organizations, Fnatic has always pushed boundaries—and there’s no better place to showcase that than in our home city. London’s support shows a real commitment to making this city a global hub for gaming. We’re looking forward to creating an unforgettable experience for our fans and the community right here and forging the future of esports in the city.”

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Logistics deal could raise prices for business customers in the UK

    Source: United Kingdom – Executive Government & Departments

    CMA’s Phase 1 investigation has found GXO’s purchase of Wincanton could reduce competition in the mainstream contract logistics services market.

    iStock

    Following a Phase 1 investigation, the Competition and Markets Authority (CMA) has found that GXO Logistics’ (GXO) completed purchase of Wincanton PLC could reduce competition in the supply of mainstream contract logistics services (CLS) in the UK.

    Contract logistics services include distribution, transport, warehousing and other supply chain services. GXO is the world’s largest contract logistics services company, and Wincanton is a British supplier of these services. Both companies supply mainstream contract logistics services to business customers in both retail (such as groceries, fashion and apparel) and non-retail (such as manufacturing and construction) sectors.

    The CMA’s investigation found that GXO and Wincanton compete closely, particularly for contracts with large retail customers. Although GXO will continue to face competition from other contract logistics providers, many of these are significantly smaller, or focus on specific industries or types of logistics services (such as transport). Although some businesses have the option to bring services in-house if contract logistics suppliers do not offer good value, the ability to do this varies by customer.

    The CMA is therefore concerned that the deal could raise costs for businesses that rely on contract logistics suppliers to move goods around the UK and for other supply chain activities.

    GXO has 5 working days to submit proposals to address the CMA’s concerns. If suitable proposals are not submitted, the CMA will progress to an in-depth Phase 2 investigation.

    Naomi Burgoyne, Senior Director of Mergers at the CMA, said:

    Contract logistics services are critical for the flow of goods around the country, reducing delays, and ensuring that products reach their destinations efficiently and reliably. These services are essential for millions of people who rely on timely deliveries or being able to buy products off the shelf.

    This market is worth £16 billion in the UK, and we’re concerned that this merger could reduce competition, resulting in higher costs being passed down to consumers. We consider that these competition concerns warrant an in-depth Phase 2 investigation, unless GXO offers solutions which address them.

    More information on this case is available on the GXO / Wincanton case page.

    Notes to Editors:

    1. GXO announced their deal to acquire Wincanton in February 2024. The deal was then completed in April 2024, although an interim enforcement order (IEO) is in place to prevent the two organisations integrating while the CMA conducts its merger review.
    2. CLS encompass a range of B2B and B2C supply chain-related services, which enable businesses to supply goods to customers and consumers. These services include transport and distribution, warehousing and additional value-added services.
    3. CLS in the retail market includes the provision of services to customers whose products are consumer-facing such as groceries or fashion and apparel. This includes products that are ordered online, products that sell quickly and have a short shelf life due to high consumer demand or perishability (known as Fast Moving Consumer Goods), and products that require temperature-controlled logistic services (including certain food and drink products). CLS in the non-retail market involves the provision of services to customers whose products or services are not consumer-facing, such as automotive, construction, energy and manufacturing businesses.
    4. The CMA found that customers often prioritise reputation, reliability and track record when choosing CLS providers. Despite there being other alternatives in the CLS market, GXO and Wincanton (alongside DHL) are regarded as leading suppliers of mainstream CLS services, particularly for grocery retail customers.
    5. Guidance on the CMA’s mergers jurisdiction and procedure can be read here.
    6. All media enquiries should be directed to the CMA press office by email on press@cma.gov.uk or by phone on 020 3738 6460.

    Updates to this page

    Published 1 November 2024

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Canadians encouraged to talk money as FCAC launches Financial Literacy Month 2024

    Source: Government of Canada News (2)

    Canadians encouraged to talk money as FCAC launches Financial Literacy Month 2024

    November 1, 2024
    Ottawa, Ontario

    November is Financial Literacy Month. This year, the Financial Consumer Agency of Canada (FCAC) is launching a Canada-wide campaign to destigmatize conversations about money.

    Many Canadians find it difficult to discuss money and finances with family and friends for fear of being judged. To overcome this taboo, FCAC is encouraging Canadians to share their financial experiences with family and friends, ask questions, and consult with trusted financial professionals.

    Research shows that having conversations about money builds financial confidence, and that can lead to better financial outcomes. This is especially true for girls and women. For example, FCAC’s research with Carleton University (to be released later this month) shows that providing space for women to talk about finances was enough to help them feel more financially empowered. Conversations about money can also help people learn about resources that can help them improve their financial situation and achieve their financial goals.

    This November, FCAC is asking Canadians to do one thing to boost their financial knowledge – such as checking their credit score, talking to a friend about budgeting or using FCAC’s free tools and resources – then share their experience and encourage others to do the same. FCAC reminds people to protect their personal financial information such as their bank account number and credit card details.  

    Canadians can visit the Financial Literacy Month campaign page for more information and for free financial tools and resources. FCAC also has a promotional toolkit to help stakeholders get involved in this year’s campaign. 

    Financial Literacy Month is an important opportunity to advance FCAC’s National Financial Literacy Strategy, a 5-year plan to create a more accessible, inclusive and effective financial ecosystem for Canadians. This year’s campaign supports the priorities of the National Strategy by helping Canadians build financial confidence and navigate the financial marketplace, as well as enhancing access to trustworthy and affordable financial help.

    On November 4, FCAC will host a virtual event to launch Financial Literacy Month. The event will feature Olympic gold medallist Bruny Surin, Sara Weller, Chair of the U.K.’s Money and Pension Service, and other special guests. Registration is now open.

    “This year, FCAC and its Financial Literacy Month partners across the country are harnessing the transformative power of conversations. Talking helps us connect and learn from each other, and is an important way to share information. This Financial Literacy Month, let’s break the taboo against talking about money. Having conversations about money with people you trust can build financial confidence and open the door to positive financial outcomes. This November, we hope that Canadians from coast-to-coast-to-coast will join us in talking about money and take steps to build their financial knowledge and confidence.” 

    Werner Liedtke, Interim Commissioner, Financial Consumer Agency of Canada

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: Department of Food and Public Distribution successfully completes Special Campaign 4.0 for ensuring cleanliness and reducing pendency in Government offices

    Source: Government of India

    Posted On: 01 NOV 2024 2:24PM by PIB Delhi

    Department of Food and Public Distribution under the guidance of Union Minister of Consumer Affairs, Food and Public Distribution Shri Pralhad Joshi and Minister of State of Consumer Affairs, Food and Public Distribution Smt. Nimuben Jayantibhai Bambhaniya has completed the Special Campaign 4.0 for ensuring cleanliness and reducing pendency in Government offices.

    Shri Joshi and Smt. Bambhaniya led the Special Campaign 4.0 preparations and provided leadership on the strategies to be adopted to make the Special Campaign a huge success.

    The campaign started with the preparatory phase on September 15th, 2023 to identify targets for cleaning, recording and space management during the implementation phase. During the campaign, special focus was given to space management and enhancement of workplace experience in offices including disposal of pending work.

     

    Shri Sanjeev Chopra, Secretary (F&PD) took Review Meetings with the Sr. Officers of DFPD and its attached Offices to sensitize about the progress of activities undertaken during the Special Campaign 4.0.

    Shri Rajender Kumar, JS (Admn) also took a number of Review Meetings with the officers of the Department as well as its PSUs/ Attached offices. During the campaign period, he paid many surprise visits to various sections/ Record Room of DFPD and appreciated the efforts of the officials. He also inspected the toilets and common areas and directed the concerned staff to make their best efforts to maintain the utmost cleanliness in the office premises.

    During the period of Special Campaign 4.0, floor-wise Nodal Officers were appointed to review the progress and achievement of section/unit/desk/offices situated under the DFPD.

    Not only the Department but all its attached Offices i.e. FCI, CWC, WDRA, IGMRI & NSI Kanpur enthusiastically participated in the campaign and celebrated it as a cleanliness festival at 1325 campaign sites. This year 78940 Sq.ft. space has been freed after the disposal of scrap and other redundant materials. 116982 physical files were identified, and reviewed and 36372 physical files have been weeded out during the campaign. 5818 Electronic files have also been closed. The total revenue generated from the disposal of scrap is more than Rs. 13.83 lakh. Also 9 MPs references, 25 State Govt. references, 964 Public Grievances and 242 Public Grievance Appeals has been disposed. During the Special Campaign 4.0 period, this Department and its Attached Offices on various social media platforms, such as Twitter, Instagram etc, have released 13 PIB Notes/press release and about 1000 Tweets. Daily progress was monitored by a dedicated team and uploaded on the SCPDM portal hosted by DARPG.

    The Department of Food and Public Distribution and its attached Offices successfully achieved the target set for Special Campaign 4.0 on Swachhta and minimize pendency in Government, which was conducted within the Department and across its attached Offices i.e. FCI, CWC, WDRA, IGMRI and NSI, Kanpur located in various parts of the country.

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Shri Rajesh Kumar Singh assumes the office of Defence Secretary

    Source: Government of India

    Posted On: 01 NOV 2024 11:25AM by PIB Delhi

    Shri Rajesh Kumar Singh took over as Defence Secretary at South Block in New Delhi on November 01, 2024. He is a 1989-batch IAS officer from Kerala cadre, who had assumed the charge of the Officer on Special Duty (Defence Secretary-designate) on August 20, 2024.

     

     

    Before taking charge, Shri Rajesh Kumar Singh laid a wreath and paid homage to the fallen heroes at the National War Memorial, New Delhi. “The nation will remain forever indebted to our brave soldiers who make the supreme sacrifice in the service of the motherland. Their extraordinary bravery and sacrifice is a source of strength & inspiration for us to make India a safe and prosperous nation,” he said.

     

     

    Earlier, Shri Rajesh Kumar Singh was holding the charge of Secretary, Department for Promotion of Industry and Internal Trade, Ministry of Commerce and Industry from April 24, 2023 to August 20, 2024. Prior to that, he held the post of Secretary, Department of Animal Husbandry & Dairying, Ministry of Fisheries, Animal Husbandry & Dairying.

     

    The officer has held many other important positions in the Union Government as Director, Works and Urban Transport in the Ministry of Urban Development, Commissioner (Lands) – DDA, Joint Secretary – Ministry of Petroleum and Natural Gas, Joint Secretary – Department of Agriculture, Cooperation & Farmers Welfare and Chief Vigilance Officer – Food Corporation of India. He has also held important positions in the State Government as Secretary, Urban Development and lately as Finance Secretary, Government of Kerala.

     

    Shri RK Singh succeeds Shri Giridhar Aramane, a 1988-batch IAS officer of Andhra Pradesh cadre, who superannuated from service on October 31, 2024.

    *****

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Shri Piyush Goyal concludes successful visit to Kingdom of Saudi Arabia, strengthening India-Saudi Arabia economic ties at the 8th Edition of Future Investment Initiative

    Source: Government of India (2)

    Shri Piyush Goyal concludes successful visit to Kingdom of Saudi Arabia, strengthening India-Saudi Arabia economic ties at the 8th Edition of Future Investment Initiative

    Shri Piyush Goyal  co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud

    Posted On: 01 NOV 2024 11:07AM by PIB Delhi

    Union Minister of Commerce and Industry, Shri Piyush Goyal, successfully concluded his visit to the Kingdom of Saudi Arabia. During the visit, Shri Piyush Goyal participated in the Plenary Session of the 8th Edition of Future Investment Initiative (FII), with representatives from global Governments and the industry. He highlighted the critical role of international partnerships and economic diplomacy in fostering global cooperation, innovation, technological advancement, and investment. He urged global investors to seize emerging opportunities in India, particularly in high-growth sectors such as artificial intelligence, renewable energy, digital infrastructure, and advanced manufacturing.

    Shri Piyush Goyal also co-chaired the 2nd Ministerial Meeting of the Economy and Investment Committee under the India-Saudi Strategic Partnership Council (SPC) along with Minister of Energy, Kingdom of Saudi Arabia, His Royal Highness Prince Abdulaziz bin Salman Al-Saud on 30th October 2024 in Riyadh. The Strategic Partnership Council was established in 2019, following the visit of the Hon’ble Prime Minister Shri Narendra Modi to the Kingdom of Saudi Arabia in October 2019.

    The Committee reviewed the progress achieved by the four Joint Working Groups: Agriculture and Food Security; Energy; Technology and Information Technology; and Industry and Infrastructure. They noted the deepening of bilateral economic partnership between India and Saudi Arabia and deliberated on ways to enhance trade and investment.

    The Minister held fruitful ministerial engagements in Riyadh, including with the Minister of Energy, Minister of Industry and Mineral Resources and Minister of Investment. These engagements focused on collaborative initiatives in trade, energy, and technology. These discussions culminated in a series of actionable agreements, aimed at enhancing trade volumes and facilitating a smooth flow of investments between the two countries. The agreements emphasise cooperation in energy transition, digital transformation, and the exchange of expertise to accelerate economic growth.

    Shri Piyush Goyal also met with Mr. Peter Herweck, CEO of Schneider Electric and Mr. William E. Ford, Chairman and CEO of General Atlantic, to discuss India’s economic landscape and investment opportunities across sectors.

    In recent years, many bilateral agreements have been formalised between India and Saudi Arabia, covering sectors such as food exports, pharmaceuticals, electrical interconnectivity, energy, small and medium enterprises, digitization and electronic manufacturing. Both countries are also exploring collaboration in emerging fields like fintech, new technologies, energy efficiency, clean hydrogen, textiles, mining, etc. The Committee Meeting reviewed these developments and reaffirmed their commitment to advancing cooperation across various areas of shared interest.

    Later in the day, Minister Shri Piyush Goyal interacted with the Institute of Chartered Accountants of India (ICAI) chapter in Saudi Arabia and emphasized the role of chartered accountants in supporting India’s expanding global trade network. Discussions highlighted ICAI’s efforts to promote Indian standards globally, including initiatives to upskill professionals and bolster India’s position in global financial services.

    The Minister launched the Lulu Wali Diwali Festival at the Lulu Hypermarket by lighting a Big Diya made with LED, furthering India-Saudi cultural and economic ties. The Diwali Utsav, organised in partnership with Lulu Hypermarket, brings the festive spirit of India’s Festival of Lights to Saudi Arabia, showcasing an array of Indian products, from festive decor and traditional foods to handicrafts. The launch was followed by unveiling of a giant product wall comprising 10,000+ Indian products including Ghee from Uttarakhand, Ladakh Apple, Indian Cavendish banana, Dragon Fruit from Maharashtra, new range of Millets based breakfast cereals, and Qaadu Organic beauty products.

    At the Indian Embassy in Riyadh, the Minister unveiled the One District, One Product (ODOP) Wall, featuring unique products from various districts across India. The ODOP initiative, part of the Government of India’s “Vocal for Local” campaign, aims to promote regional craftsmanship by showcasing the rich cultural heritage of India through distinctive, high-quality products.

    This visit marks a significant milestone in strengthening the strategic partnership between India and the Kingdom of Saudi Arabia. It underscores both nations’ commitment to deepening economic ties and addressing global challenges through collaborative efforts. The outcomes of the discussions are expected to unlock new avenues for investment and trade, driving economic growth and innovation in both countries.

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Building on long history of tech & innovation, California selected as headquarters for the National Semiconductor Technology Center

    Source: US State of California 2

    Nov 1, 2024

    What you need to know: California will be home to a first-of-its-kind research & development facility made possible by the Biden-Harris Administration’s CHIPS & Science Act.

    Los Angeles, California — California took a major step forward in correcting the damage from 50 years of neglect to the state’s mental health system with the passage of Proposition 1. This historic measure — a signature priority of Governor Gavin Newsom — adds rocket fuel to California’s overhaul of the state’s behavioral health systems. It provides a full range of mental health and substance abuse care, with new accountability metrics to ensure local governments deliver for their communities.

    California has long been a leader in global technology and future thinking innovation. With our state’s global talent pool, world-leading universities and research institutions, and top technology companies, it is no surprise California was selected. We often say the future happens here first, and thanks to the Biden-Harris Administration’s announcement, California will continue to shape the coming decades across the most critical sectors of our economy and national security.

    Governor Gavin Newsom

    Why this matters

    The new headquarters facility will lower the barriers to semiconductor prototyping, experimentation, and other R&D activities that will support America’s global strength and leadership in design, materials, and process innovation while enabling a vibrant domestic industry. The DCF  is expected to drive more than $1 billion in research funding and create more than 200 direct jobs over the next 10 years, utilizing California’s global talent and world-leading research and education facilities throughout the Golden State. California’s leadership in the semiconductor industry is key to the Governor’s ‘build more, faster’ infrastructure agenda.

    “We are thrilled that the Department of Commerce and Natcast chose to locate this critically important facility in Sunnyvale, the heart of Silicon Valley, alongside the world’s largest concentration of semiconductor businesses, talent, intellectual property, and investment activity,” said Dee Dee Myers, Senior Economic Advisor to Governor Newsom and Director of the Governor’s Office of Business and Economic Development (GO-Biz). “The Newsom Administration and our partners across the industry know how important it is to shorten the time frame from R&D to commercialization. We are looking forward to a productive partnership with the Department of Commerce and Natcast to ensure that CHIPS for America will be an enduring success not only for our state but for the entire country.”

    About the new headquarters (Design and Collaboration Facility, DCF)

    The DCF will convene semiconductor industry leaders from across the U.S., offering unparalleled engagement and collaboration opportunities to a diverse array of stakeholders across the semiconductor value chain, and will administer the NSTC Design Enablement Gateway, helping drive technological advances in semiconductor design and manufacturing to transfer at scale. The facility will also oversee the NSTC Workforce Center of Excellence to build and sustain the diverse and skilled workforce necessary for the U.S. semiconductor industry to grow. With the largest public higher education system in the U.S., world-class research institutions like UC Berkeley and Stanford, and surrounding national labs, California’s unmatched talent pipeline will foster a dynamic workforce that advances the DCF mission.

    Learn more about today’s announcement here.

    Press Releases, Recent News

    Recent news

    Oct 31, 2024

    News SACRAMENTO – Governor Gavin Newsom today announced the following appointments:Vickie Sakamoto, of Sacramento, has been appointed Assistant State Fire Marshal at the California Department of Forestry and Fire Protection (CAL FIRE.) Sakamoto has been Assistant…

    Oct 31, 2024

    News In case you missed it, new analysis from the Public Policy Institute of California (PPIC) found that “violent and property crime rates are less than half of what they were, and property crime is at pre-pandemic levels,” in addition to “savings from less…

    Oct 31, 2024

    News What you need to know: California is announcing a new state program using $16 million in federal funds to help improve public safety and reduce recidivism by creating long-term supportive housing and support for people exiting incarceration. SACRAMENTO — Governor…

    MIL OSI USA News –

  • MIL-OSI USA: Governor Newsom announces appointments 10.31.24

    Source: US State of California 2

    Oct 31, 2024

    SACRAMENTO – Governor Gavin Newsom today announced the following appointments:

    Vickie Sakamoto, of Sacramento, has been appointed Assistant State Fire Marshal at the California Department of Forestry and Fire Protection (CAL FIRE.) Sakamoto has been Assistant Deputy Director at the California Department of Forestry and Fire Protection since 2024 and has served in several positions there since 1989, including Division Chief, Deputy State Fire Marshal – Supervisor, Deputy State Fire Marshal III – Specialist and Deputy State Fire Marshal. Sakamoto was a Fire Prevention Technician at the Florin Fire Protection District from 1986 to 1989. She is a member of Northern California Fire Prevention Officers. This position does not require Senate confirmation and the compensation is $200,004. Sakamoto is a Democrat. 

    Donald Butz, of Carlsbad, has been appointed to the State Board of Fire Services. Butz has been Fire Chief at the Lakeside Fire Protection District since 2016. He was an Instructor at the San Diego County Office of Education from 2013 to 2021. Butz was a Fire Chief at the Viejas Fire Department from 2005 to 2016. He was a Deputy Fire Chief at the Rancho Santa Fe Fire Protection District from 1999 to 2005. Butz is Vice President of the Fire Districts Association of California, an ex officio board member at the American Red Cross, a committee member of the SDG&E Wildfire Safety Community Advisory Council, and a member of the California Fire Chiefs Association and the Fire Agencies Insurance Risk Authority. He earned a Master of Arts degree in Leadership: Disaster Preparedness & Executive Fire Leadership from Grand Canyon University and a Bachelor of Arts degree in Management from the University of Phoenix. This position does not require Senate confirmation and there is no compensation. Butz is registered without party preference. 

    Zoraida Diaz, of Hercules, has been appointed to the State Board of Fire Services. Diaz has been Fire Chief for the City of Fremont since 2023. She was a Deputy Fire Chief at the City of Fremont Fire Department from 2021 to 2023. Diaz was an Assistant Chief of Operations for the Oakland Fire Department from 2020 to 2021. She was Battalion Chief at the City of Oakland Fire Department from 2015 to 2020. Diaz is a member of the International Association of Fire Chiefs and the California Fire Chiefs Association. She earned a Master of Science degree in Rehabilitation Counseling and a Bachelor of Arts degree in Psychology from the State University of New York at Albany. This position does not require Senate confirmation and there is no compensation. Diaz is a Democrat.

    Janet Ruiz, of Oceanside, has been appointed to the State Board of Fire Services. Ruiz has been Director of Strategic Communication at the Insurance Information Institute since 2015. She was Director of Communications at the Fireman’s Fund Insurance Company from 2006 to 2014. Ruiz was a Public Affairs Specialist for State Farm Insurance from 1989 to 2006. She is a member of the Chartered Property Casualty Underwriters Society. Ruiz earned a Bachelor of Science degree in Business Administration and Communications from Thomas Edison State University. This position does not require Senate confirmation and there is no compensation. Ruiz is registered without party preference. 

    Yvette Roland, of Los Angeles, has been reappointed to the State Bar Court of California, where she has served since 2014. Roland was a Partner at Duane Morris LLP from 2006 to 2014 and at Hancock, Rothert & Bunshoft LLP from 1990 to 2005. Roland was an Associate at Baker & Hostetler/McCutchen, Black, Verleger & Shea from 1986 to 1990. She was a Law Clerk for the Honorable Terry J. Hatter, Jr. at the U.S. District Court, Central District of California from 1985 to 1986. Roland was a Law Clerk for the NAACP Legal Defense Fund in 1981. She is a member of the National Council of Lawyer Disciplinary Boards, the California Association of Black Lawyers, the Black Women Lawyers Association of Los Angeles, the Los Angeles County Bar Association, and the John M. Langston Bar Association. Roland earned a Juris Doctor degree from the University of California, Los Angeles School of Law, a Master of Education degree from Stanford University and a Bachelor of Arts degree in History and English from the University of California, Riverside. This position does not require Senate confirmation and the compensation is $222,772. Roland is a Democrat.

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    MIL OSI USA News –

  • MIL-OSI: Northway Financial, Inc. Announces Third Quarter Earnings

    Source: GlobeNewswire (MIL-OSI)

    NORTH CONWAY, N.H., Nov. 01, 2024 (GLOBE NEWSWIRE) — Northway Financial, Inc. (the “Company”) (OTCQB: NWYF), the parent company of Northway Bank (the “Bank”), today reported net income for the quarter ended September 30, 2024 of $1.2 million, or $0.45 per basic common share, compared to $1.6 million, or $0.58 per basic common share for the quarter ended September 30, 2023. For the nine months ended September 30, 2024, the Company reported net income of $3.6 million, or $1.31 per basic common share, compared to $4.7 million, or $1.71 per basic common share for the same period in 2023.

    President and CEO William J. Woodward commented: “During the third quarter we continued to reduce our reliance on wholesale funding by putting a focus on retaining deposits and limiting our lending. Wholesale funding decreased by $122 million, significantly reducing our reliance on wholesale funding. The third quarter was marked by the announcement of our pending merger with Camden National Corporation. The closing date of the merger is still to be determined but we anticipate the merger to be completed in the first quarter of 2025. We will be holding a special shareholder meeting to approve the merger agreement. The details of the merger and the shareholder meeting will be sent to all shareholders in the coming weeks. Please look out for the information and return your proxy card as soon as possible. The Board of Directors have unanimously approved the merger, and your support, as always, is greatly appreciated.”

    Financial Highlights

    • Total Assets were $1.2 billion, Loans, Net, were $900 million, and Total Deposits were $1 billion at September 30, 2024.
    • Total Assets decreased $137 million, or 10%, compared to September 30, 2023, driven by decreases in Loans, Net of $55 million, Cash and Due from Banks and Interest-Bearing Deposits of $51 million and Securities Available-for-Sale at Fair Value of $20 million.
    • The decrease in Loans, Net was led by a decrease in Commercial Real Estate loans of $25 million, Residential Real Estate loans of $22 million, and Consumer Loans of $6 million, compared to September 30, 2023.
    • Non-Municipal Deposits (excluding brokered deposits) increased $18 million compared to September 30, 2023 led by an increase in Retail Deposits of $21 million or 4%.
    • The increase in Retail Deposits was led by an increase in Time Deposits of $69 million offset by a decrease in Non-Maturity Deposits of $48 million.
    • Non-Municipal Deposits (excluding brokered deposits) increased $18 million, or 6%, compared to December 31, 2023.
    • Wholesale Funding, which includes brokered deposits and borrowings, decreased $122 million, or 49%, compared to September 30, 2023, and $82 million, or 39%, compared to December 31, 2023.
    • Total Equity increased $21 million, or 37%, compared to September 30, 2023, primarily from an increase in the market value of Securities Available-for-Sale at Fair Value.
    • Net Income for the nine-month period ending September 30, 2024, was $3.6 million, or $1.31, per basic common share.
    • Year-to-date Net Interest Income was $2.9 million lower than the same period last year driven by an increase in interest expense of $2.2 million.
    • The year-to-date Net Interest Margin decreased from 2.67% to 2.59% as funding costs increased .44% while the yield on earning assets increased 0.25%, compared to year-to-date September 30, 2023.
    • Nonperforming loans as a percentage of total loans stood at 0.41% compared to 0.31% at September 30, 2023.
    • Total delinquent loans as a percentage of total loans were 0.06% compared to 0.02% at September 30, 2023.
    • The Bank’s regulatory capital ratios at September 30, 2024 exceeded all well-capitalized ratios as defined under FDIC’s prompt corrective action rules.
    • The market price of our common stock, as of October 31, 2024, was $32.35.
     
    Northway Financial, Inc.
    Selected Financial Highlights
    (Unaudited)
                   
    (Dollars in thousands, except per share data) Three Months Ended   Nine Months Ended
      9/30/2024   9/30/2023   9/30/2024   9/30/2023
                   
    Interest and Dividend Income $ 12,772   $ 13,372     $ 37,576   $ 38,260  
    Interest Expense   5,046     4,572       14,223     12,002  
    Net Interest and Dividend Income   7,726     8,800       23,353     26,258  
    Provision for Credit Losses   –     –       –     –  
    All Other Noninterest Income   1,445     1,036       3,819     3,535  
    Noninterest Expense   8,041     7,720       23,837     24,030  
    Net Income Before Gain (Loss) on Securities   1,130     2,116       3,335     5,763  
    Gain (Loss) on Securities Available-for-Sale, Net   –     –       –     –  
    (Loss) Gain on Marketable Equity Securities   249     (199 )     515     (309 )
    Income before Income Tax (Benefit) Expense   1,379     1,917       3,850     5,454  
    Income Tax (Benefit) Expense   133     305       233     744  
    Net Income $ 1,246   $ 1,612     $ 3,617   $ 4,710  
    Net Income Available to Common Stockholders $ 1,246   $ 1,612     $ 3,617   $ 4,710  
    Earnings per Common Share, Basic $ 0.45   $ 0.58     $ 1.31   $ 1.71  
                   
                   
        9/30/2024   12/31/2023   9/30/2023  
                   
    Balance Sheet            
    Total Assets $ 1,221,077   $ 1,290,467   $ 1,357,654  
    Cash and Due from Banks and Interest-Bearing Deposits   22,584     68,887     74,139  
    Securities Available-for-Sale, at Fair Value   241,224     246,756     261,502  
    Marketable Equity Securities, at Fair Value   3,104     2,589     3,405  
    Loans Held-for-Sale   1,555     –     –  
    Loans, Net   900,517     909,781     956,053  
    Total Liabilities   1,141,363     1,217,230     1,299,301  
    Non Municipal Non-Maturity Deposits   712,708     734,741     763,784  
    Municipal Non-Maturity Deposits   113,959     133,100     138,674  
    Certificates of Deposit   183,576     127,726     143,868  
    Securities Sold Under Agreements to Repurchase   49,722     55,353     68,728  
    Short-Term Borrowings   –     65,000     78,600  
    Long-Term Debt   45,000     60,000     60,000  
    Junior Subordinated Debentures   20,620     20,620     20,620  
    Stockholders’ Equity   79,714     73,237     58,353  
    Profitability and Efficiency            
    Net Interest Margin   2.59 %   2.63 %   2.67 %
    Yield on Earning Assets   4.11     3.90     3.86  
    Cost of Interest Bearing Liabilities   1.98     1.63     1.54  
    Book Value Per Share of Common Shares Outstanding $ 28.97   $ 26.62   $ 21.21  
    Tangible Book Value Per Share of Common Shares Outstanding   25.18     22.83     17.42  
    Common Shares Outstanding   2,751,650     2,751,650     2,751,650  
    Weighted Average Number of Common Shares, Basic   2,751,650     2,751,650     2,751,650  
    Capital Ratios for the Bank            
    Tier 1 Core Capital to Average Assets   9.09 %   8.30 %   8.23 %
    Common Equity Risk-Based Capital   15.27     14.40     13.91  
    Tier 1 Risk-Based Capital   15.27     14.40     13.91  
    Total Risk-Based Capital   16.52     15.65     15.16  
     

    About Northway Financial, Inc.

    Northway Financial, Inc., headquartered in North Conway, New Hampshire, is a bank holding company. Through its subsidiary bank, Northway Bank, the Company offers a broad range of financial products and services to individuals, businesses, and the public sector from its 16 banking offices and its loan production offices located in Bedford and Portsmouth, New Hampshire.

    Forward-looking Statements

    Statements included in this press release that are not historical or current fact are “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. Northway Financial, Inc. disclaims any obligation to subsequently revise any forward-looking statements to reflect events or circumstances after the date of such statements, or to reflect the occurrence of anticipated or unanticipated events or circumstances.

    No Offer or Solicitation

    This communication is not a proxy statement or solicitation or a proxy, consent or authorization with respect to any securities or in respect of the pending merger of Camden National Corporation (“Camden National”) and the Company (the “Merger”) and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Camden National, the Company or the combined company, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be deemed to be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended, and otherwise in accordance with applicable law.

    Additional Information and Where to Find It

    In connection with the Merger, Camden National has filed a registration statement on Form S-4 with the SEC, which also includes a proxy statement of Northway and a prospectus of Camden National, and Camden National will file other documents regarding the proposed transaction with the SEC. A definitive proxy statement/prospectus will also be sent to Northway stockholders seeking the required stockholder approval of the proposed transaction. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS AND SECURITY HOLDERS OF NORTHWAY ARE URGED TO CAREFULLY READ THE ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS, WHEN THEY BECOME AVAILABLE, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The documents filed by Camden National with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov. In addition, the documents filed by Camden National may be obtained free of charge under the “Investor Relations” section of Camden National’s website at http://www.camdennational.bank. Alternatively, these documents, when available, can be obtained free of charge from Camden National upon written request to Camden National Corporation, Attn: Corporate Secretary, 2 Elm Street, Camden, Maine 04843.

    Participants in Solicitation

    Camden National, Northway, and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction under the rules of the U.S. Securities and Exchange Commission (the “SEC”). Information regarding Camden National’s directors and executive officers is available in its definitive proxy statement, which was filed with the SEC on April 5, 2024, and certain other documents filed by Camden National with the SEC. Other information regarding the participants in the solicitation of proxies in respect of the proposed transaction and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the proxy statement/prospectus and other relevant materials to be filed with the SEC. Free copies of these documents, when available, may be obtained as described in the preceding paragraph.

    The MIL Network –

  • MIL-OSI Economics: Samsung Electronics Showcases Massive Outdoor LED Signage at Shinsegae Department Store, Ushering in a New Seoul Landmark

    Source: Samsung

     
    Samsung Electronics today announced the installation of its Outdoor LED Signage XHB Series (P8) at the flagship location of Shinsegae Department Store in Seoul, South Korea. Unveiled during the “2024 Lights Up SEOUL, KOREA” event today, the installation is set to establish Myeongdong Square in Seoul as Korea’s new premier landmark, featuring a stunning media lighting display that illuminates the heart of Seoul’s iconic shopping district.
     
    “Our LED displays present unlimited possibilities for places like Myeongdong to bear new elements of cultural significance,” said Hoon Chung, Executive Vice President of the Visual Display Business at Samsung Electronics. “This installation gives us an opportunity to showcase in the biggest way possible that our outdoor digital displays are built to engage, built to deliver impactful content, and built to last.”
     
    Located within the Myeongdong Special Tourist Zone Area, Shinsegae Department Store is uniquely positioned as a free outdoor advertising zone that enables creative and expansive installations. Samsung’s massive outdoor LED signage featuring an anamorphic 8K display, wraps around the entire outer wall of the building, measuring 71.8 meters in width and 17.9 meters in height — equivalent in size to three basketball courts.
     

     
    Spanning a total area of 1,285 square meters, the display is designed for resilience in harsh weather, featuring an IP66 rating for dust and water resistance, and UL 48 and UL 746C certifications1 for year-round durability. The installation is engineered for high visibility and vibrant color accuracy, with support for HDR10+ technology to deliver sharp contrast and rich visuals. With a max brightness of 8,000 nits,2 the display ensures exceptional clarity even in direct sunlight. Its high refresh rate of 7,680Hz minimizes flicker and the moiré effect,3 ensuring a stable display that remains visually crisp, even through camera lenses.
     
    Samsung’s track record of success with digital signage spans prominent venues worldwide. In South Korea, Samsung provided the country’s largest ever high-definition LED signage to Coex SM Town, while transformative installations at New York’s Citi Field and Houston’s Minute Maid Park set new standards for in-stadium displays. At Citi Field, Samsung installed the largest scoreboard in professional baseball, featuring over 29,800 square feet of LED screens that immerse fans in the action from every angle. Similarly, at Minute Maid Park, Samsung’s high-definition LED technology redefined the fan experience with massive outdoor displays and a dynamic new main scoreboard, all designed to enhance the excitement of the game.
     

     
    In Myeongdong, the new installation will not only host engaging advertisements and dynamic video content, but also transform into a breathtaking annual Christmas media façade, creating a festive atmosphere for visitors.
     
    “Shinsegae’s media façade, beloved by global customers for the past 10 years, has now been recreated as Shinsegae Square. This transformation paves the way for it to become an iconic landmark of Seoul, making it not only a must-visit attraction but also a central hub for K-culture. We are excited to partner with Samsung to bring our customers unique experiences that blend heritage and digital technology,” Shinsegae spokesperson said.
     
    Samsung’s Outdoor LED Signage is renowned for exceptional performance in demanding environments, evidenced by award-winning deployments at iconic venues such as Inglewood, California’s SoFi Stadium, which boasts the world’s largest LED videoboard ever built for sports, and the Formula 1 Las Vegas Grand Prix, where Samsung installed a 481-foot-long rooftop LED display in the shape of the F1 logo. As Myeongdong evolves into a global tourism destination, Samsung continues to lead with solutions that inspire and engage.
     

     
     
    1 UL 48 and UL 746C certifications, issued by Underwriters Laboratories (UL), verify compliance with safety standards for electric signs and durability of materials in outdoor environments, including UV and weather resistance.2 Maximum brightness measured post-calibration; actual values may vary with conditions.3 The moiré effect is an undesirable visual phenomenon that occurs when repetitive patterns, such as lines, are captured in photographs.

    MIL OSI Economics –

  • MIL-OSI USA: Duckworth Joins Fischer, Colleagues in Reintroducing Bipartisan Legislation to Help Improve Passenger Vehicle Safety

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth

    January 24, 2025

    [WASHINGTON, D.C.] – U.S. Senators Tammy Duckworth (D-IL)—a member of the U.S. Senate Committee on Commerce, Science and Transportation (CST)—Deb Fischer (R-NE), Patty Murray (D-WA) and Marsha Blackburn (R-TN) reintroduced bipartisan legislation to help modernize vehicle safety tests by requiring the use of the most advanced testing devices available—including a female crash test dummy. The bipartisan She Develops Regulations In Vehicle Equality and Safety (She DRIVES) Act would help enhance passenger vehicle safety by updating U.S. crashworthiness testing procedures. The bill is estimated to help save more than 1,300 lives, prevent and mitigate tens of thousands of serious injuries and save billions of dollars in economic impact from preventing and mitigating injuries and deaths.

    “We can be doing more to improve our roadways and make sure visiting a family member or a routine trip to the grocery store doesn’t end in tragedy,” said Senator Duckworth. “I’m proud to help reintroduce this bipartisan legislation, which would help mitigate injuries and save lives on our roadways by ensuring our crash test standards better represent the safety needs of all Americans.”

    “Outdated crash testing standards make women 17 percent more likely to be killed in auto crashes than men, but that doesn’t have to be the case. By updating crash test dummy standards, our bill will save thousands of lives and prevent thousands more serious injuries each year,” said Senator Fischer.

    Last December, Duckworth announced more than $2 million in federal funding through the U.S. Department of Transportation (DOT) to improve crash reporting in Illinois to help make our roads as safe as possible and reduce the number of lives lost to car crashes.

    -30-

    MIL OSI USA News –

  • MIL-OSI USA: ICYMI: Grassley Unpacks First Week of the Trump Administration with Maria Bartiromo

    US Senate News:

    Source: United States Senator for Iowa Chuck Grassley

    WASHINGTON – Sen. Chuck Grassley (R-Iowa), chairman of the Senate Judiciary Committee and former chairman of the Senate Finance Committee, joined Maria Bartiromo’s Wall Street on Fox Business to discuss energy policy, the Senate confirmation process, reconciliation and tax cuts.

    Audio and excerpts of Grassley’s remarks follow.

    [embedded content]

    VIDEO

    On Trump’s actions to unleash American energy:

    ‘I might say about all the actions [President Trump has] taken in the first 48 hours [in office] is like a tornado going through Washington, D.C. This town needs a shakeup, and I think he’s doing it.

    “For decades I’ve always said, ‘The best energy program is all of the above.’ That means all the fossil fuels we need, all the alternative energy we can have, conservation and nuclear. And I think [Trump’s] headed in that right direction. It’s going to have a very strong ripple effect through the entire economy…

    “Every service, every product that we buy has an energy component to it. When we have cheaper energy, we’re going to see cheaper prices paid for almost everything.”

    On the confirmation process:

    “If [Democrats] don’t agree to unanimous consent to bring a nomination up, you’ve got to have a separate vote to bring it up, and then you have unlimited debate. You have to have 51 votes to stop debate, and even after you have 51 votes to stop debate, then there’s 30 hours of debate possible afterwards. If people don’t yield back that time, that stretches out most nominees to a two- or three-day process…

    “This president has a popular mandate and an electoral mandate [that] he’s got to deliver [on]. The Democrats should realize that and let the cabinet people get in place, so this mandate can get underway very quickly. Until you get those cabinet people in their positions, this town doesn’t move as quickly as it otherwise would.”

    On reconciliation:

    “If we have two big, beautiful bills, [President Trump] will still use the same adjectives, only one number will change. We’re going to get the job done either way. I saw the President on Fox News [with Sean Hannity], and he did make clear that he likes one bill, but he says — ‘One bill or two bills, as long as we get the job done, i’s ok with him’… Our meeting at the White House with the House and Senate Republican leadership [this week] was a very productive meeting, and helps move things along very well. And so I’m very hopeful that we’re going to be able to get this mandate delivered very quickly.”

    On renewing the 2017 Trump tax cuts:

    “I think the tax extensions will take a little longer. Of course, we in the Senate have to wait until the House passes a bill, that’s the way the Constitution [approaches] tax legislation. But we’re not going to sit around and wait for the House. Going way back to September, anticipating a big Trump victory, we set up six working groups within the Republicans on the Senate Finance Committee, and we’re well along on the goals that we want to accomplish in the Senate bill.”

    -30-

    MIL OSI USA News –