NewzIntel.com

Category: Economy

  • MIL-OSI Africa: The International Islamic Trade Finance Corporation (ITFC) Signs $1.5 Billion Annual Program with Egypt, Expanding Support for Energy, Food Security, Small and Medium Enterprises (SMEs), and Exporters

    Source: Africa Press Organisation – English (2) – Report:

    CAIRO, Egypt, February 4, 2025/APO Group/ —

    The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-IDB.org), a member of the Islamic Development Bank (IsDB) Group, today announced the signing of its 2025 annual work program with the Arab Republic of Egypt, valued at $1.5 billion.

    This agreement is part of a five-year framework, totaling $6 billion, aimed at enhancing Egypt’s growth across critical sectors including energy, food security, and small and medium-sized enterprises (SMEs). The initiative is designed to boost Egypt’s economic development, support exporters, and create job opportunities for youth and women. This agreement, worth $1.5 billion, is part of the broader framework agreement between the two parties, valued at $6 billion over five years. The program is designed to support key sectors of the Egyptian economy, including energy, food security, and the empowerment of small and medium enterprises (SMEs), in line with Egypt’s goals for sustainable economic development and growth.

    The signing ceremony, held in Cairo, was attended by key officials including His Excellency Lieutenant General Engineer Kamel Al-Wazir, Deputy Prime Minister for Industrial Affairs and Minister of Industry and Transport; Her Excellency Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Governor of Egypt at the Islamic Development Bank; and His Excellency Dr. Sherif Farouk, Minister of Supply and Internal Trade. The agreement was signed by Eng. Hani Salem Sonbol, CEO of ITFC and Acting CEO of ICD; Mr. Hossam El-Garrahi, Vice Chairman of the General Authority for Supply Commodities; and Mrs. Amal Tantawy, Executive Vice President for Financial and Economic Affairs at the Egyptian General Petroleum Corporation. ITFC’s 2025 program for Egypt includes trade finance operations to support the energy and food security sectors, as well as SMEs, with a focus on projects benefiting the Egyptian General Petroleum Corporation and the General Authority for Supply Commodities. The program also encompasses a wide range of initiatives to promote trade and business development, including the Arab African Trade Bridges (AATB) Program, the second phase of the Aid for Trade Initiative for Arab Countries (AfTIAS 2.0), and a comprehensive suite of programs designed to support Egyptian exporters and SMEs. Additionally, ITFC will continue its efforts to support women and youth through specific empowerment initiatives and technical training programs.

    Since 2008, ITFC has committed over $18.7 billion to Egypt, financing key sectors such as energy, food security, and supporting SMEs and women entrepreneurs. This agreement underscores ITFC’s ongoing role as a key partner in Egypt’s economic development, leveraging its expertise in trade finance to empower vital sectors and foster inclusive growth.

    Engineer Kamel El-Wazir, the Deputy Prime Minister for Industrial Development and Minister of Industry and Transport, said: “Today, through this partnership, we reaffirm our commitment to developing these vital sectors, ensuring the improvement of transportation infrastructure, updating the industrial sector, and enhancing its competitiveness. ITFC has proven, over the years, its vital role in supporting member countries of the Organization of Islamic Cooperation (OIC) by offering innovative financial solutions and supporting developmental projects that contribute to stimulating economic growth and creating job opportunities.” He added: “The signing of today’s annual work program represents a strategic step that strengthens our partnership and opens new horizons for cooperation in infrastructure projects, manufacturing, and logistics services.”

    Dr. Sherif Farouk, Minister of Supply and Internal Trade, said: “The allocation of $700 million from the ITFC to the General Authority for Supply Commodities, within the framework of the institution’s annual program for 2025, reflects the institution’s commitment to supporting government efforts aimed at achieving food security and fulfilling the state’s obligations towards its citizens.” He added: “The cooperation with the ITFC has not only been a financial commitment, but also a main pillar in the state’s efforts to secure its strategic needs of basic goods, enhance the Ministry of Supply and Internal Trade’s capacity to face emergency challenges, and ensure market stability. This confirms that this partnership represents a true foundation for supporting food security and ensuring sustainability in the supply of basic goods, which positively impacts the life of the Egyptian citizen.”

    H.E. Dr. Rania Al-Mashat, Minister of Planning, Economic Development, and International Cooperation, and Egypt’s Governor at the Islamic Development Bank, stated that the signing of the annual work program with ITFC represents a new step in the successful development partnership with the Islamic Development Bank (IsDB) Group in general, and the International Islamic Trade Finance Corporation (ITFC) in particular, which has contributed over 17 years to supporting the provision of strategic goods in the Egyptian market. She explained that the institution’s work program for 2025 aims to support food security and provide petroleum to the Egyptian General Petroleum Corporation in a way that enhances the availability of petroleum products and energy in the Egyptian market. This partnership also strengthens ongoing programs to encourage exporters and enable them to access foreign markets, as well as enhance efforts in training and developing small and medium-sized enterprises.

    The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group, dedicated to facilitating trade in its member countries through the provision of financing solutions and technical support. ITFC’s mission is to support sustainable economic development by empowering businesses, particularly SMEs, women, and youth, through trade finance and capacity-building initiatives.

    Eng. Hani Salem Sonbol, CEO of ITFC, expressed his pride in the longstanding partnership with Egypt, stating: “ITFC is committed to working with Egypt to drive sustainable economic growth. We are excited to expand our support for SMEs, women, and youth, while continuing to foster Egypt’s export capabilities. In 2025, we will introduce new initiatives that aim to empower these vital groups, creating lasting impact for Egypt’s economy.”

    MIL OSI Africa –

  • MIL-OSI Security: Three Dozen Defendants Indicted in Major South Georgia Drug Trafficking Conspiracy

    Source: Federal Bureau of Investigation (FBI) State Crime Alerts (b)

    WAYCROSS, GA: A newly unsealed federal indictment alleges dozens of defendants, many of them in prison, participated in an extensive drug trafficking operation spanning several south Georgia communities.

    The indictment in USA v. Brinson, et al., names 37 individuals in the Coffee, Atkinson, and Bacon County area as conspirators, charging them with Conspiracy to Possess with Intent to Distribute and to Distribute Cocaine, Methamphetamine, Oxycodone, and Marijuana, said Tara M. Lyons, Acting U.S. Attorney for the Southern District of Georgia. Conviction on the charge carries a maximum penalty of up to life in prison for most defendants, along with substantial financial penalties and a period of supervised release upon completion of any prison term. 

    There is no parole in the federal system.

    “This operation makes it clear that rural communities aren’t immune from the scourge of drug trafficking,” said Acting U.S. Attorney Lyons. “We applaud the diligent work of our law enforcement partners in this investigation.”

    As described in the indictment, the defendants are alleged to have participated in a conspiracy to import and distribute large amounts of illegal drugs in the Douglas, Georgia, community and surrounding counties. Much of the conspiracy was directed from inside Georgia state prisons using contraband cell phones. The 60-count indictment includes the seizure of 21 illegally possessed firearms and more than $17,000.

    Those named in the indictment include:

    • Litarus Brinson, a/k/a “Ben Brokebefore,” 26, an inmate at the Jenkins Correctional Center;
    • Christopher Brockington, a/k/a “Chris Brock,” 44, of Douglas;
    • Keevon Bussey, a/k/a “Guado Gettinguap Gomez,” 26, of Douglas;
    • Stacey Daniels, 32, of Douglas;
    • Kenneth Davis, 62, being held in the Coffee County Jail;
    • T’Kiya Eady, 24, of Lagrange, Georgia;
    • Patrick Ellis, 42, of Atlanta;
    • Anthony Gaskin Jr., 35, of Pearson, Georgia;
    • Dacia Gaskins, a/k/a “Sheree Gaskins,” 31, of Douglas, a former Georgia state corrections officer;
    • Ernest Goodman, 42, an inmate of the Ware County Jail;
    • Christopher Hawkins, a/k/a “Rayshon Hawkins,” 30, of Douglas;
    • Qudarious Hawkins, a/k/a “Don Esclobar,” 25, of Douglas;
    • Breanna Henderson, 34, of Douglas;
    • Corey Hill, 34, of Ambrose, Georgia;
    • Demarcus Holland, 32, of Douglas;
    • Wanda Hollinger, 57, of Douglas;
    • Zarionna Holloway, a/k/a “Channel Parker,” 23, of Douglas;
    • Roger Jenkins, 27, a/k/a “Glee Jenkins,” a/k/a “WMG Glee,” of Alma, Georgia;
    • Marquan Jenkins, a/k/a “Anna Brooke,” a/k/a “Mary Thompson,” 30, an inmate at Macon State Prison;
    • Richard Jewell, 51, of Douglas;
    • Aaron Kahn, 49, of Douglas;
    • James Lander, 35, Douglas;
    • Jeffrey Maxwell, a/k/a “EBK Kokaine,” 28, an inmate of Wilcox State Prison;
    • Darien McDaniel, 35, of Waycross, Georgia;
    • Antarious McTear, 30, of Douglas;
    • Adrian Munford, a/k/a “Jugg King,” 41, of Waycross
    • Ferlonzo Newton, a/k/a “Lonzie Newton,” a/k/a “Kell Newton,” 28, of Douglas;
    • Reginald Powell, a/k/a “Yetti Glock,” 36, of Douglas;
    • Patricia Raven, a/k/a “Ms. Pat,” 65, of Valdosta, Georgia;
    • Marcus Reynolds, a/k/a “Marc Marc,” 44, an inmate at Georgia Diagnostic and Classification Prison;
    • James Robinson, 33, an inmate at Telfair State Prison;
    • Sedarrien Smith, a/k/a “Slug Da Menace,” 24, of Douglas;
    • Billy Toombs Jr., 32, of Douglas;
    • Dequatte Tucker, a/k/a “Deshawn Tucker,” a/k/a “Esco,” a/k/a “Freeband Esco,” 33, an inmate at Wheeler Correctional Facility;
    • Travis Tucker, 33, of Douglas;
    • Assyria Watts, a/k/a “Jefe Cain,” 29, of Douglas; and,
    • Brian Wright, 48, of Alma, Georgia.

    Criminal indictments contain only charges; defendants are presumed innocent unless and until proven guilty.

    “The FBI and our law enforcement partners were able to achieve today’s arrests and seizures because all of us never stopped working together, combining our resources, and advocating for a safer place to live for everyone in this community,” said FBI Atlanta Assistant Special Agent in Charge Brian Ozden. “And we will not rest until we bring back to our community a sense of security and law and order that is so greatly needed.”

    “This operation was only successful because of the collaborative effort of the various agencies,” said Coffee County Sheriff Fred T. Cole. “As the sheriff, it is my mission to eliminate the spread of illegal drugs in our community. This operation highlights the importance of community safety and the lasting effects it has on our community.”

    This investigation took place under the umbrella of the U.S. Department of Justice’s Project Safe Neighborhoods (PSN), a program that has been successful in bringing together all levels of law enforcement to reduce violent crime and make our neighborhoods safer.

    The case also was investigated under the Organized Crime Drug Enforcement Task Forces (OCDETF). OCDETF identifies, disrupts, and dismantles the highest-level criminal organizations that threaten the United States using a prosecutor-led, intelligence-driven, multi-agency approach.

    Agencies conducting the investigation include the FBI, the Coffee County Sheriff’s Office Drug Unit, the Georgia Bureau of Investigation Southeast Regional Drug Enforcement Office, the Georgia State Patrol, the Georgia Department of Community Supervision, the Douglas Police Department, the Bacon County Sheriff’s Office, the Atkinson County Sheriff’s Office, the Waycross Police Department, the Marion County (Florida) Sheriff’s Office, and the Jacksonville (Florida) County Sheriff’s Office. The case is being prosecuted for the United States by Southern District of Georgia Assistant U.S. Attorneys Bradley R. Thompson and Joshua K. Davis. 

    MIL Security OSI –

  • MIL-OSI Economics: Date confirmed for Island’s MONEYVAL evaluation

    Source: Isle of Man

    The next independent assessment of the Isle of Man’s effectiveness in countering financial crime is scheduled to take place next year.

    MONEYVAL, the Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, has confirmed that it will conduct its onsite evaluation of the Island in October 2026.

    Preparations are already well advanced across multiple Government agencies, while industry involvement will be stepped up from Q2 of 2025.

    The objective is to demonstrate that the Isle of Man complies with international standards and remains well placed to attract quality new business and investment. The outcome of the MONEYVAL mutual evaluation report (MER) will be crucial to the Island’s continued economic success and its reputation as a well-regulated international finance centre.

    An updated National Risk Assessment will be published later this year alongside a documented Risk Appetite Statement for the Island. Data gathering and analysis is being enhanced as part of these initiatives to support the Island’s commitment to combating money laundering, the financing of terrorism and the financing of proliferation of weapons of mass destruction.

    MONEYVAL, which is the regional body of the Financial Action Task Force (FATF), assessed the Island’s legislation, policies and procedures during its last onsite visit in 2016. The 2016 MER provided a comprehensive assessment of how well the Island had implemented the international requirements and highlighted areas where further enhancements were required.

    A significant amount of progress has been achieved since the 2016 evaluation, with the Island positively marked in 39 out of the 40 FATF recommendations, which places us among a select group of nations in the world for technical compliance in AML/CFT.

    The standards for compliance in the sixth-round evaluation taking place in 2026 will be higher than before and require the Island to provide substantial evidence of the long-term effectiveness of its AML/CFT regime and how supervision and enforcement measures are applied in practice.

    Private sector support is fundamental to the Island’s MONEYVAL preparations, and a programme of outreach and engagement with Island firms will continue to be rolled out in the time ahead.

    Jane Poole-Wilson MHK, Deputy Chief Minister and AML/CFT lead for the Isle of Man Government, said: ‘Countering financial crime is a constant, year-round commitment for this Government. We take our responsibilities in protecting our communities and businesses from criminality seriously. The MONEYVAL evaluation in 2026 is an opportunity to showcase our continued efforts to remain a trusted and responsible member of the global community.’

    She added: ‘Government cannot secure a positive outcome alone. That’s why I am keen to ensure effective collaboration between industry, the government and the financial services regulator. We are driving a robust and co-ordinated national response which will demonstrate the integrity of the Island’s financial systems and maintain our long-standing track record of compliance with international standards.’

    Further information is available via these links:

    MONEYVAL Frequency Asked Questions

    International Assessments

    MIL OSI Economics –

  • MIL-OSI Russia: MFIs are preferable to banks – in December 2024, 70% of issued loans were microloans

    Translartion. Region: Russians Fedetion –

    Sours: Mainfin Bank –

    Why is the popularity of MFI services growing among Russians?

    Sharp increase in share microloans in the total volume of loans issued in Russia was already observed in 2020 and 2022 – against the backdrop of the crisis and sanctions. However, it was in December 2024 that the indicator became a record, which can be explained by several reasons:

    reduction in issuance volumes consumer loans by 11% – the market slowed down amid tight monetary policy; a reduction in issuance mortgage loans by almost 17%, which occurred due to the curtailment of programs with state support; strengthening the effect of regulation of the banking sector – the Central Bank of the Russian Federation has been trying to cool the overheated market in recent years; borrowers’ sensitivity banks to high interest rates – cost loans has always been higher, clients MFO practically did not notice any changes.

    “Banks do not want to lose clients, so they open “subsidiary” MFIs, where borrowers are offered products similar to those of banks. Medium-term loans are especially popular,” the expert said.

    The share of medium-term loans in microfinance organizations has increased by 15% over the year, while the conditions for such products are significantly worse than in banks, for example, the average annual rate reaches 284%.

    What awaits the microloan market in 2025?

    Analysts predict continued high demand for MFI services – the indicator will continue to grow against the backdrop of the regulator’s policy regarding the key rate. At the same time, no new records are expected, and the Bank of Russia, which is planning to reform the industry, is capable of cooling the microfinance market. Thus, the Central Bank of the Russian Federation is preparing to divide MFIs into three groups, establishing their own rules for issuing loans for each, and then introduce a rule allowing one borrower to conclude only one agreement.

    In 2025, the growth rate of the microfinance services market may slow down to 5%, as banks adapt to the new reality and attract clients to the unsecured loan segment. Getting a microloan will still be difficult: now, as before, the percentage of refusals on applications reaches 80%, and no company offers guaranteed approval, contrary to advertising.

    15:00 04.02.2025

    Source:

    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.

    Please Note; This Information is Raw Content Directly from the Information Source. It is access to What the Source Is Stating and Does Not Reflect

    HTTPS: //mainfin.ru/novosti/MFO-subjective-bank-bank-in-December-2024-year-formed-appropriate-cooled-on-microsyums

    MIL OSI Russia News –

  • MIL-OSI: OptimumBank Holdings, Inc. (OPHC-NASDAQ) Announces Resignation of Board Member

    Source: GlobeNewswire (MIL-OSI)

    Fort Lauderdale, FL, Feb. 04, 2025 (GLOBE NEWSWIRE) — Board member Martin Schmidt has informed the boards of OptimumBank (the “Bank”), and OptimumBank Holding, Inc. (the “Company”), that he will resign from both boards, effective January 28, 2025. Mr. Schmidt will remain fully supportive of the continued success of the Bank and Company.

    Mr. Schmidt resides in South Florida and has served as a Director since August 2015. Mr. Schmidt’s significant experience in the financial services industry helped the board to recover through regulatory issues as quickly as possible leaving the Bank with a strong capital structure, explosive growth and a bright future. Chairman Moishe Gubin commented: “It was a pleasure having Martin Schmidt on the Boards for nearly a decade. His insight and wisdom assisted the Bank and Company in innumerable ways and on a more personal note, I looked forward to his cheerful disposition during our monthly meetings. On behalf of myself and the Board of Directors I would like to thank Martin for his loyalty and contributions and wish him well in his future endeavors.”

    ‍About OptimumBank Holdings, Inc.

    OptimumBank Holdings, Inc. operates as the bank holding company for OptimumBank that provides a range of consumer and commercial banking services to individuals and businesses.

    The company accepts demand interest-bearing and noninterest-bearing savings, money market, NOW and time deposit accounts, as well as certificates of deposit; and offers residential and commercial real estate, commercial, and consumer loans, as well as lending lines for working capital needs. It also provides debit and ATM cards; investment, cash management, and notary and night depository services; and direct deposits, money orders, cashier’s checks, domestic collections, drive-in tellers, and banking by mail, as well as Internet banking services. In addition, the company engages in holding, managing, and disposal of foreclosed real estate. It operates through banking offices located in Broward County, Florida. OptimumBank Holdings, Inc. was founded in 2000 and is based in Fort Lauderdale, Florida.

    Safe Harbor Statement:

    This press release contains forward-looking statements that can be identified by terminology such as “believes,” “expects,” “potential,” “plans,” “suggests,” “may,” “should,” “could,” “intends,” or similar expressions. Many forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any future results or implied by such statements. These factors include, but are not limited to, our limited operating history, managing our expected growth, risks associated with integration of acquired websites, possible inadvertent infringement of third-party intellectual property rights, our ability to effectively compete, our acquisition strategy, and a limited public market for our common stock, among other risks. OptimumBank Holdings, Inc.’s future results may also be impacted by other risk factors listed from time-to-time in its SEC filings. Many factors are difficult to predict accurately and are generally beyond the company’s control. Forward looking statements speak only as to the date they are made and OptimumBank Holdings, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made.

    Investor Relations & Corporate Relations

    Contact: Seth Denison
    Telephone: (305) 401-4140
    Email: SDenison@OptimumBank.com

    The MIL Network –

  • MIL-OSI: Canadian Large Cap Leaders Split Corp. Completes Preferred Share Private Placement

    Source: GlobeNewswire (MIL-OSI)

    [Not for distribution to U.S. newswire services or for dissemination in the United States.]

    TORONTO, Feb. 04, 2025 (GLOBE NEWSWIRE) — (TSX: NPS, NPS.PR.A) – Canadian Large Cap Leaders Split Corp. (the “Company”) is pleased to announce that it has completed the previously announced private placement of its preferred shares for aggregate gross proceeds of approximately $2.5 million (the “Private Placement”). Pursuant to the Private Placement, 235,000 preferred shares were offered to investors at a price of $10.65 per preferred share.

    The Company’s previously announced split of its Class A shares (the “Share Split”) will be effected at the close of business today. Following the Share Split, there will be approximately 1,795,547 Class A shares and 1,796,353 preferred shares outstanding. DBRS has confirmed that the rating of the preferred shares will continue to be Pfd-3 (high) following the completion of the Share Split.

    The Company invests, on an approximately equally-weighted basis, in a portfolio comprised primarily of equity securities of Canadian Dividend Growth Companies (as defined below), selected by the portfolio manager, that at the time of investment and immediately following each periodic reconstitution and rebalancing: (i) are listed on a Canadian exchange; (ii) pay a dividend; (iii) generally have a market capitalization of at least $10 billion; (iv) have options in respect of its equity securities that, in the opinion of the portfolio manager, are sufficiently liquid to permit the portfolio manager to write options in respect of such securities; and (v) have a history of dividend growth or, in the portfolio manager’s view have high potential for future dividend growth (“Canadian Dividend Growth Companies”).

    About Ninepoint Partners LP

    Ninepoint Partners LP is the Manager, Portfolio Manager and Promoter of the Company and provides all administrative services required by the Company. Based in Toronto, Ninepoint Partners LP is one of Canada’s leading alternative investment management firms overseeing approximately $7 billion in assets under management and institutional contracts. Committed to helping investors explore innovative investment solutions that have the potential to enhance returns and manage portfolio risk, Ninepoint offers a diverse set of alternative strategies spanning Equities, Fixed Income, Alternative Income, Real Assets, F/X and Digital Assets.

    For more information on Ninepoint Partners LP, please visit www.ninepoint.com or please contact us at 416.362.7172 or 1.888.362.7172 or invest@ninepoint.com.

    You will usually pay brokerage fees to your dealer if you purchase or sell shares of investment funds on the TSX or another alternative Canadian trading system (an “exchange”). If shares are purchased or sold on an exchange, investors may pay more than the current net asset value when buying shares of the investment fund and may receive less than the current net asset value when selling them.

    There are ongoing fees and expenses associated with owning shares of an investment fund. An investment fund must prepare disclosure documents that contain key information about the fund. You can find more detailed information about the Company in the public filings available at www.sedarplus.ca. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

    Certain statements contained in this document constitute forward-looking information within the meaning of Canadian securities laws. Forward-looking information may relate to matters disclosed in this document and to other matters identified in public filings relating to the Company, to the future outlook of the Company and anticipated events or results and may include statements regarding the future financial performance of the Company. In some cases, forward-looking information can be identified by terms such as “may”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts. Actual results may vary from such forward-looking information. Investors should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and we assume no obligation to update or revise them to reflect new events or circumstances.

    The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy securities nor will there be any sale of such securities in any state in which such offer, solicitation or sale would be unlawful.

    The MIL Network –

  • MIL-OSI USA: Murphy, Blumenthal, Hayes, DeLauro, Larson, Himes Urge Immediate Reversal Of EPA’s Illegal Efforts To Withold Toxic Clean Up Funding From Naugatuck Valley

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 03, 2025

    HARTFORD—U.S. Senators Chris Murphy (D-Conn.) and Richard Blumenthal (D-Conn.) and U.S. Representatives John Larson (D-Conn.-01), Rosa DeLauro (D-Conn.-03), Jim Himes (D-Conn.-04), and Jahana Hayes (D-Conn-05), on Monday wrote a letter to President Donald Trump urging the immediate reversal of the U.S. Environmental Protection Agency’s (EPA) suspension of $8.6 million in federal funding for the Naugatuck Valley Council of Governments (NVCOG).
    “We are deeply concerned about the Environmental Protection Agency’s (EPA) illegal efforts to withhold congressionally appropriated funding from our constituents, in response to the swath of Executive Orders you have issued since being sworn in,” the lawmakers wrote.
    “In Connecticut, we have heard from the Naugatuck Valley Council of Governments that their access to an open Fiscal Year 2022 Revolving Loan Fund grant was suspended by EPA. As of the afternoon of Wednesday, January 29, they were unable to access already promised funds through the federal portal – an $8.66 million balance. This grant provides vital funding to remediate brownfield sites, helping local communities conduct environmental clean-up. Cleaning up brownfields is one of the best investments the federal government can make in a community,” they continued. “We demand that you immediately rescind this order.”
    Last week, NVCOG’s access to their Fiscal Year 2022 Revolving Loan Fund grant was suspended with no notice. The grant provides vital funding to remediate brownfield sites, helping local communities conduct environmental clean-up that lead to vital private real estate development deals, housing initiatives, and regional economic revitalization efforts. With its suspension, municipalities and developers alike are left facing stalled projects, financial uncertainty, and scrambling to find alternative funding sources. This suspension will impact 13 projects across Naugatuck Valley.
    Last week, the Trump Administration announced a decision to freeze all federal grants, including those already approved by Congress and signed into law, through a memo from the U.S. Office of Management and Budget (OMB). The OMB memo was later rescinded, but the Trump Administration’s efforts to freeze funding persist while organizations across Connecticut report difficulty accessing federal funding. The President’s Executive Order on “Unleashing American Energy” directs all agencies to immediately pause the disbursement of funds appropriated through the Inflation Reduction Act and the Infrastructure Investment and Jobs Act.
    Full text of the letter is available HERE and below.
    Dear President Trump,
    We are deeply concerned about the Environmental Protection Agency’s (EPA) illegal efforts to withhold congressionally appropriated funding from our constituents, in response to the swath of Executive Orders you have issued since being sworn in. These executive orders to freeze funding, including “Unleashing American Energy,” are clearly unconstitutional and should be rescinded immediately.
    On January 27, 2025, your administration made the unconstitutional and unilateral decision to freeze all federal funding through a memorandum issued by the Office of Management and Budget (OMB). As a result, chaos and confusion halted payments to everything from veterans’ programs to Head Start to Medicaid. While the sweeping OMB memo has since been rescinded – after a federal court stepped in – many critical programs remain unable to access federal funding.
    In Connecticut, we have heard from the Naugatuck Valley Council of Governments that their access to an open Fiscal Year 2022 Revolving Loan Fund grant was suspended by EPA. As of the afternoon of Wednesday, January 29, they were unable to access already promised funds through the federal portal – an $8.66 million balance. This grant provides vital funding to remediate brownfield sites, helping local communities conduct environmental clean-up.
    Cleaning up brownfields is one of the best investments the federal government can make in a community. It is an investment that creates jobs and helps transform polluted land into economically viable and environmentally safe parcels that communities will use for years to come. Federal brownfield funding protects people’s health, incentivizes economic growth and development, and improves quality of life for all.
    We understand this funding is being withheld in accordance with Section 7 of the Executive Order on “Unleashing American Energy.” This section, titled “Terminating the Green New Deal,” directs all agencies to “immediately pause the disbursement of funds appropriated through the Inflation Reduction Act of 2022 (Public Law 117-169) or the Infrastructure Investment and Jobs Act (Public Law 117-58).”
    We demand that you immediately rescind this order.
    Sincerely,

    MIL OSI USA News –

  • MIL-OSI: Trading Meets Luxury: Bybit Kazakhstan Brings Unmatched Prizes to Local Crypto Traders

    Source: GlobeNewswire (MIL-OSI)

    ALMATY, Kazakhstan, Feb. 04, 2025 (GLOBE NEWSWIRE) — Bybit, the world’s second-largest cryptocurrency exchange by trading volume, is redefining the way users join the crypto trading journey. In a new event from now until Feb. 28, 2025, Bybit.kz is offering Tesla Model 3, Rolex watches, popular cryptocurrencies, and Apple gadgets.

    The two-part event allows traders to start small for a chance to win big:

    1. New users may join the Sign Up, Deposit, and Win event with $100 or more in deposit. Successful participants who register on Bybit.kz, sign up for the event, and deposit at least $100, will automatically enter a Lucky Draw. Additionally, extra perks await for users who hit specific deposit milestones.
    2. All eligible users may take part in the Trade Your Way to Grand Prizes event, vying for top-tier prizes by meeting trading goals during the event period. Those who achieve the required trading volumes will be eligible for rewards like the Tesla Model 3, Rolex watches, and trending cryptocurrencies. The higher the stake, the better their chances of winning.

    “We’re excited to offer both the crypto community in Kazakhstan an opportunity to get onboard the Bybit trading journey,” said Joan Han, Sales and Marketing Director at Bybit. “This event is not only about rewards, but about bringing together a vibrant community of traders eager to make the most of their experience.”

    Since obtaining the license to operate in Kazakhstan in Sep. 2024, Bybit Kazakhstan has been fully committed to supporting Kazakhstan’s growing crypto and blockchain ecosystem. Bybit Kazakhstan’s launch marks a major step in bringing cutting-edge crypto solutions to the region, with the goal of empowering local traders, entrepreneurs, and institutions. As a global leader in digital assets, Bybit aims to foster a secure, transparent, and user-friendly trading environment that aligns with the regulatory framework and the values of the Kazakh market.

    Registration is required. For the full terms and conditions of the event, users may visit: Grand Start With Bybit Kazakhstan. 

    #Bybit / #TheCryptoArk

    About Bybit
    Bybit is the world’s second-largest cryptocurrency exchange by trading volume, serving a global community of over 60 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open, and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

    For more details about Bybit, please visit Bybit Press

    For media inquiries, please contact: media@bybit.com 

    For updates, please follow: Bybit’s Communities and Social Media

    Discord | Facebook | Instagram | LinkedIn | Reddit | Telegram | TikTok | X | Youtube

    Contact

    Head of PR
    Tony Au
    Bybit
    tony.au@bybit.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/368796c7-1da2-4f89-8beb-45a0e3edce7c

    The MIL Network –

  • MIL-OSI: Click announced the CEO Statement

    Source: GlobeNewswire (MIL-OSI)

    Hong Kong, Feb. 04, 2025 (GLOBE NEWSWIRE) — Today, Click Holdings Limited (NASDAQ: CLIK) (“Click” or the “Company” or “we” or “our”), a fast-growing human resources solutions provider based in Hong Kong, would like to share the joy and happiness of the Lunar Chinese New Year with all our shareholders, customers and business partners. As we drew a close to the Year of Dragon, our CEO, Mr. Chan Chun Sing, Jeffrey would like to report to you our numerous key achievements in 2024 and share his visions for the year ahead.

    “2024 was a remarkable year for Click.” said Jeffrey, founder and CEO of Click. “Not only did we accomplish the historical public listing by raising US$5.6 million on Nasdaq, we also achieved countless breakthroughs in our business.”

    “We experienced significant growth across all segments. As for the seniors nursing solution services, we achieved a record of over 170,000 service hours in calendar year 2024, expecting a growth of 60% as compared to that of 2023. In particular, we project our logistic solution services would record a spectacular growth of 90%. To further extend our coverage, in December 2024, we entered a cooperation agreement with Care U Professional Nursing Service Limited, one of the leading nursing service providers in Hong Kong, in order to tap into the prominent government-sponsored CCSV scheme aiming to provide community care services to senior citizens in Hong Kong.”

    Key 2024 Achievements

    – Strong growth in revenue – projected 40% surge in overall revenue in calendar year 2024 compared to that of 2023. We project both our nursing and logistics solutions segment recorded strong growth of 30% and 90% respectively.

    – Successfully raised US$5.6M of capital from listing

    – Tapping into home seniors nursing service through government-sponsored CCSV scheme

    Outlook for 2025 and Beyond

    “While unemployment rate in Hong Kong stays low at around 3%, a change in working habit such as freelancers and slashers, is believed to be permanent. Therefore, we continue to expect high demand of human resources outsourcing services in the market. Meanwhile, as aging population becomes a global phenomenon, we will continue to invest big in the seniors nursing solution sector. We will expand our collaboration with business partners and may consider M&A options when opportunities arise.”

    “Furthermore, embracing technology has always been a key to our success. Our CTO, Nixon Chau, former GM of SenseTime Group, a leading AI software company, will lead our team to expand into the smart home solutions market for seniors in Hong Kong. Needless to say, we will continue to invest in expanding our talent pool which has been the bedrock to our business, and will extend services to cover property management, food and beverages, and retailing, sectors all currently facing labour shortages in Hong Kong. We are currently the only Nasdaq-listed company focusing on seniors nursing HR solution in Hong Kong and will continue to sustain strong growth by providing a convenient platform to connect our talents with our clients’ HR shortfall.”

    “Looking ahead, I remain fully confident in all our business developments and I hope you feel the same. Last but not least, on behalf of Click, I would like to extend our warmest greetings to all our shareholders, customers and business partners, Kung Hei Fat Choy, wish you Good Health and Good Fortune in the Year of Snake ahead.” said Jeffrey.

    About Click Holdings Limited

    We are a fast-growing human resources solutions provider based in Hong Kong, aiming to match our client’s human resources shortfall through our proprietary AI-empowered talent pool by one “click”. Our key businesses primarily include nursing solution (mainly seniors) services, logistics solution services and professional solution services.

    For more information, please visit https://clicksc.com.hk.

    Safe Harbor Statement

    Certain statements in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on the Company’s current expectations and projections about future events that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and other filings with the SEC, which are available for review at www.sec.gov.

    For enquiry, please contact:

    Click Holdings Limited
    Unit 709, 7/F., Ocean Centre
    5 Canton Road
    Tsim Sha Tsui, Kowloon
    Hong Kong
    Email: jack.wong@jfy.hk
    Phone: +852 2691 8200

    The MIL Network –

  • MIL-OSI: Intesa Sanpaolo reports record Net Income of €8.7 billion in 2024, raises 2025 Guidance

    Source: GlobeNewswire (MIL-OSI)

    MILAN, Feb. 04, 2025 (GLOBE NEWSWIRE) — Intesa Sanpaolo has posted its best-ever financial results, closing 2024 with a net income of €8.7 billion, up 12% compared to 2023. This outstanding performance enables the bank to distribute €6.1 billion in cash dividends to shareholders for 2024. Additionally, subject to shareholder approval, a new €2 billion share buyback will be launched in June.

    With strong profitability and a robust capital position, Intesa Sanpaolo has raised its net income guidance for 2025 to well above €9 billion.

    Strong revenue growth and cost efficiency

    Intesa Sanpaolo recorded significant growth in commissions, up 9% compared to 2023, with acceleration in Q4. Insurance income reached an all-time high, increasing by 4% year-over-year.

    Customer financial assets expanded by €77 billion, reaching around €1.4 trillion, supported by €5.1 billion in net inflows into Assets under Management (AuM) in Q4.

    Despite heavy investments in technology, cost discipline remains a priority. The bank achieved a record-low cost/income ratio of 42.7%, one of the best in Europe.

    Technology investments and digital transformation

    Technology remains at the core of Intesa Sanpaolo’s strategy. The bank has invested €4.2 billion in digital transformation, hiring over 2,300 IT specialists and migrating 62% of its applications to the cloud.

    Isybank, the bank’s digital-only platform, saw a surge in new customers in Q4, surpassing a total of 500,000 new sign-ups. This brought the total isybank customer base close to 900,000, reinforcing its position as a key digital player.

    Commitment to Social Impact

    Intesa Sanpaolo continues to lead in social impact initiatives, having deployed around €340 million in 2024 alone to combat poverty and reduce inequalities, supported by a dedicated team of 1,000 professionals.

    Outlook for 2025 and beyond

    The bank expects net income to be well above €9 billion in 2025, maintaining strong and sustainable profitability. Plans include returning over €6 billion in cash dividends, with additional distributions to be determined at year-end.

    CEO Carlo Messina’s remarks

    Carlo Messina, CEO of Intesa Sanpaolo, remarked on the results:

    • “We are over-delivering on our commitments as we enter the final year of our Business Plan. We just delivered our best-ever net income, at €8.7 billion. This rises to €9 billion when excluding non-recurring items and the €900 million in gross income managerial actions taken to strengthen future profitability.”
    • “This excellent performance allows us to reward shareholders with €6.1 billion in cash dividends for 2024. Our strong profitability and rock-solid capital position also mean that – subject to shareholders’ approval – in June we will launch a new €2 billion share buyback.”
    • “Our 2024 results are marked by our best-ever Insurance income and strong growth in commissions. Costs remained stable, asset quality was top-tier, and customer financial assets increased by €77 billion. We leveraged Q4 profitability to reinforce our buffers and sustain future results, while increasing our net income guidance for 2025 to well above €9 billion.”
    • “We continue to invest in technology, with €4.2 billion already deployed, more than 2,300 IT specialists hired, and over 60% of applications already cloud-based. Isybank now has over 500,000 new clients, with a strong acceleration in Q4. This brings the total Isybank customer base to nearly 900,000, giving us significant scale.”
    • “Our tech investments are also enabling a generational shift in our workforce. In three years, we will see 9,000 exits, allowing us to attract new talent and enhance efficiency. We are generating significant synergies internally, with no need for acquisitions, and avoiding related execution risks.”
    • “Looking ahead, we expect net income in 2025 to be well above €9 billion—a level that is sustainable in the coming years. We will return more than €6 billion in cash dividends and evaluate additional distributions at year-end.”
    • “Our well-diversified business model, centered on Wealth Management and Protection, will perform under any interest rate scenario. Strong and sustainable performance allows us to reward shareholders while maintaining a rock-solid capital base and contributing to social impact initiatives.”

    Click here for more information on Intesa Sanpaolo’s financial results and strategic outlook.

    Contact: international.media@intesasanpaolo.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/771c288b-145b-446b-a4ac-87dafc1baee1

    The MIL Network –

  • MIL-OSI Africa: DRC: history is repeating itself in Lubumbashi as the world scrambles for minerals to go green

    Source: The Conversation – Africa – By Brandon Marc Finn, Research Scientist at the School for Environment and Sustainability, University of Michigan

    Lubumbashi is a city in the mineral-rich Katanga region in the south of the Democratic Republic of Congo (DRC).

    Many people might not have heard of it, but Lubumbashi and its surrounding region have been at the centre of global geopolitics since the start of the 20th century. The area provided immense sources of copper, a metal that helped electrify the planet in the 1900s. It was also the source of all the uranium for the atom bombs used in the second world war.

    The global demand for these minerals came at a great price. Lubumbashi grew as a divided city where housing and labour were spatially and racially segregated. Congolese workers were exploited, abused and taxed as urban and mining strategies were used to reshape society.

    History is repeating itself. Neocolonialism now shapes the extraction of DRC resources.

    Read more: DRC is the world’s largest producer of cobalt – how control by local elites can shape the global battery industry

    Today, the southern DRC produces over 70% of the world’s cobalt. Cobalt is a mineral essential to decarbonisation – a strategy to reduce harmful carbon dioxide emissions. Cobalt is present in batteries in electric vehicles, mobile phones, laptop computers and renewable energy storage systems.

    Like copper and uranium before it, cobalt mining has been linked to widescale exploitation and child labour. Corruption and elite capture remain defining features of mining in the DRC.

    We are academics who research urbanisation, mining and sustainability as well as urban planning and environmental management. Our recent paper addresses the fact that African cities like Lubumbashi are at the heart of events that have shaped the modern world, yet they are woefully neglected in global urban theory (thinking about how cities form and develop) and urban geography.

    Focusing on the global north and neglecting the south leads to major data gaps and contributes to mismatched and outdated urban policy.

    Rock containing cobalt. © Brandon Marc Finn

    We also argue that the human rights abuses and perils of today’s cobalt mining are new forms of old colonial practices. They strip the land and people of resources without proper pay. They offer green minerals to the global north at the cost of lives in the global south.

    Sustainable cities and global decarbonisation are essential if we are to reduce cities’ carbon footprints and decarbonise economies in the face of the climate crisis.

    Lubumbashi’s history, therefore, can offer a fuller understanding of the human and historical costs of minerals that shape cities – and the world.

    A brief history of Lubumbashi

    Lubumbashi was originally called Elisabethville. It was established by colonial Belgium in 1910 precisely to extract copper for global markets. This was done through a company named Union Minière du Haut Katanga (UMHK).

    Concessionary companies made enormous profits in the Congo Free State between 1885 and 1908. The entire country stood under the private ownership of King Leopold II of Belgium. These companies were given the right to extract minerals and rubber through taxes imposed on local people.

    A road being built in the Belgian Free State in 1890. PHAS/Universal Images Group/Getty Images

    The Belgian Compagnie du Katanga (which later founded UMHK) had the task of establishing the physical and economic infrastructure of the region. In exchange for laying the groundwork for the extractive industries, soon to be headquartered in Elisabethville, the company was given a third of all unoccupied land in Katanga. The Belgians established a copper smelter and constructed roads. Temporary headquarters were established to supervise Elisabethville’s expansion.

    One initial method of controlling the local rural people was a “hut tax” that had to be paid to live in Lubumbashi. Later, a “head tax” was introduced to raise funds for colonial management. It forced people into labour as the only means to pay off their newly acquired debt to the colonial state.

    Elisabethville served as the device to assert effective occupation. It also staved off the possibility of British occupation of the territory. The Belgians planned Elisabethville by reproducing the urban forms and racial segregation of Bulawayo’s grid in Southern Rhodesia (part of today’s Zimbabwe) and Johannesburg in South Africa.

    Elisabethville’s early plan. F Grevisse/Institut Royal Colonial Belge

    UMHK dominated the colonial economy as demand for copper increased worldwide. UMHK also stipulated which seeds would be planted where for agriculture. It dissolved local markets and whipped labourers.

    Copper was in such high demand because it is a non-corrosive material that conducts electricity well. It lined telegraph and electrical transmission cables across the globe.

    Copper mining acted as a springboard from which UMHK could spread its influence. It developed railways, cities, labour camps and mining sites throughout Katanga.

    Spatial segregation in Elisabethville. P Vandenbak

    This allowed UMHK access to the extraction of another resource that would shape the global geopolitical landscape: uranium – extracted from the Shinkolobwe mine in Katanga.

    It was the Belgian colonial presence that allowed the US to have access to uranium deposits as they sought to beat Germany in the race to build atomic weapons. All the uranium used in the two nuclear bombs dropped on Hiroshima and Nagasaki came from Katanga.

    This highlights the global significance of, but a neglected focus on, the impacts of mineral supply chains in the global south. Control over Lubumbashi’s minerals cannot be underplayed in this global historical event.

    Katanga seceded from the Congo for three years, 11 days after the country gained independence from Belgium in 1960. The fight to gain control over Katanga’s resources led to the US and Belgian-backed assassination of the first independence leader, Patrice Lumumba. He was intent on reunifying Congo.

    Mobutu Sese Seko became president of Zaire (today’s DRC) after a coup in 1965. He nationalised UMHK a year later. Mobutu served as president for almost 32 years, and his regime was characterised by autocratic corruption and economic exploitation.

    Cobalt and global decarbonisation

    The growth of modern technology relies, at least in part, on the extraction of cobalt in the DRC before it is shipped, mainly to China.

    Cobalt is extracted as a byproduct of copper mining. Artisanal and small-scale mining and child labour remain a salient feature of cobalt extraction in the DRC. These miners receive little to no support and reflect the historical structural marginalisation created in the region.

    Europeans settled in the city centre and locals in camps and informal areas. Junior Kannah/AFP/Getty Images

    Lubumbashi serves as the mining headquarters of the southern DRC, and other cities, like Kolwezi, have grown rapidly in response to the surge in cobalt demand. Spatial and labour-related inequalities from the past are being replicated and expanded on in the present.

    The DRC’s impoverishment continues apace as South African, Kazakh, Swiss and, with increasing influence, Chinese mining companies maintain their practice of exclusionary extraction, social displacement and political corruption.

    Why this matters

    Our research shows the importance of understanding the history of extraction and urban settlement in the region to shed light on new forms of old practices associated with decarbonisation. We see this as a continuing form of colonial power – as neocolonialism.

    Contemporary debates around global inequalities associated with decarbonisation highlight how African populations must endure poor living conditions while the global north transitions to low-carbon technologies. We must find ways to move away from carbon-based economies that do not reproduce colonial inequalities.

    Read more: Patrice Lumumba’s tooth represents plunder, resilience and reparation

    Lubumbashi demonstrates the importance of African cities and resources in understanding critical global developmental and geopolitical issues.

    For decarbonisation to be socially and environmentally just, it must contend with the people, places, and environments on which the future of low-carbon technology is based. Lubumbashi’s history shows how challenging this task will be.

    – DRC: history is repeating itself in Lubumbashi as the world scrambles for minerals to go green
    – https://theconversation.com/drc-history-is-repeating-itself-in-lubumbashi-as-the-world-scrambles-for-minerals-to-go-green-248571

    MIL OSI Africa –

  • MIL-OSI Security: Defense News: NAVWAR at WEST 2025: The Future of Multi-Domain Warfare Demands Agility and Audacious Innovation

    Source: United States Navy

    As the premier naval conference and exposition on the West Coast, WEST offered industry and academia experts the valuable opportunity to engage with U.S. Navy, Marine Corps and Coast Guard leaders. Co-sponsored by Armed Forces Communications & Electronics Association (AFCEA) International and the U.S. Naval Institute (USNI), thousands of people attended at the San Diego Convention Center Jan. 28-30 to discuss the landscape of increasingly complex challenges in alignment with the theme: the future is now, are we advancing operational capabilities that pace the threat?

    NAVWAR Commander Rear Adm. Seiko Okano, representing the command for the first time at WEST, highlighted her organization’s commitment to supporting the Fleet with next-generation capability. On a panel with other military and industry experts, they discussed how the Department of Defense (DOD) is accelerating software development in support of the Replicator initiative, a DOD-wide effort to fast-track the acquisition of thousands of all-domain attritable autonomous systems.

    She highlighted the need for a shift in both culture and the development ecosystem, emphasizing that transformative change is essential for driving progress. “This isn’t a technology problem; this is a culture problem. The faster we figure out how to shift this together, I think we win,” she said. “The Navy has always prided itself on having brilliant technologists at our research labs, but we should also embrace the really fantastic solutions from industry that we can leverage to help us innovate at speed.”

    On another panel with systems commanders from the Navy, Marine Corps and Coast Guard on acquisitions, Okano continued to speak about the unique role NAVWAR has in delivering innovative capability to the Fleet. “NAVWAR is at the center of a significant shift in warfare—where traditional domains are blurring, and the fight is increasingly multi-domain and multi-spectral. Our role is to deliver a decisive information advantage, requiring speed, agility and adaptability,” she said. “The challenge is breaking down silos, fostering collaboration and instilling a culture that embraces rapid change to meet the demands of modern conflict.”

    During an informational brief about NAVWAR and its needs, John Pope, executive director of NAVWAR, reiterated the importance of rapid and easy adoption of new technologies. “In our world of information warfare, we need to be the ones who are the quickest to respond to what the Fleet needs,” he said. “To achieve that, we’re asking our workforce and our industry and academic partners to embrace our core values of audacious innovation and radical ownership to get after what we need to fix any outdated equipment until we can find modern solutions.”

    At the Navy’s Information Warfare pavilion, experts from across the NAVWAR enterprise had a significant presence, interfacing with industry at engagement zones and presenting cutting-edge technology. From Naval Information Warfare Center (NIWC) Pacific; Program Executive Office (PEO) Digital and Enterprise Services (Digital); PEO Manpower, Logistics and Business Solutions (MLB); and PEO Command, Control, Communications, Computers and Intelligence (C4I), NAVWAR’s wide-ranging program offices were represented on the exhibit floor.

    The tech demonstrations from NIWC Pacific showcased the latest and greatest from their labs, ranging from cloud development to cryogenic probes to a robot dog designed to assist in ship maintenance. One of the demos featured a Rapid Recreation into Modeling and Simulations (R2MS) tool, spearheaded by the Integrated Fires Team. This platform uses real-world data to create live virtual simulations at rapid speed, an invaluable tool for training and mission planning. “We’re exploring how AI and ML can take R2MS’ capabilities even further,” said Nadil Lopez, project manager for the Integrated Fires team. “There is a lot of untapped potential with this tool in creating complex and realistic environments for the Fleet.”

    All of NAVWAR’s PEOs also had significant industry engagement throughout the course of WEST. Through PEO C4I’s annual Engagement Event and the joint PEO Digital/MLB Industry Open house, around 250 individual companies met government representatives and leaders for insightful and collaborative conversations across all three PEOs. NIWC Pacific program managers and technical leads also met with industry through the engagement zones to discuss their needs in an informal one-on-one discussion.

    “As underscored by several of the leadership keynotes this year, the rapid pace of both technological and global change demand stronger partnerships across government, industry and academia,” said Michael McMillan, executive director of NIWC Pacific. “WEST 2025 provides NIWC Pacific the opportunity to showcase our latest innovations while forging connections that accelerate the transition of critical technologies from research and prototyping to operational capability. By strengthening collaborations today, we ensure our Navy remains ahead of tomorrow’s threats.”

    Efforts from PEO Digital were also acknowledged at the Department of Navy (DON) Information Technology Excellence Awards, held Monday, Jan. 27 prior to WEST. In honor of leading Flank Speed Zero Trust, the DOD’s first zero trust compliance pilot, Darren Turner received the Person of the Year award for his exceptional leadership and dual roles for both DON Chief Information Officer (CIO) and PEO Digital’s technical director office. Zero trust is a network security philosophy that states no one inside or outside the network should be trusted unless their identification has been thoroughly checked. The Navy’s Flank Speed service currently delivers enhanced collaboration, productivity and robust zero trust security to more than half a million users worldwide, completed three years before the DON CIO’s 2027 deadline.

    Rodrick Adams, the Marine Corps Logistics Integrated Information Systems (LI2S-MC) security manager at PEO MLB, was also recognized with a Fiscal Year 2024 Copernicus Award from AFCEA International and USNI. This award honors individual contributions to C4I, information systems, cyber operations and information warfare. Adams’ efforts in leading the planning, development and implementation of the Naval Identity Services effort for Global Combat Support System-Marine Corps led to greatly enhanced financial transaction security for its users.

    In continuing its commitment to helping the Navy reach new heights in cybersecurity and information warfare capabilities, NAVWAR leverages next-generation tools like AI/ML and industry partnerships to further drive innovation. As the battlefield becomes more complex, their role in the future fight demands a culture shift driven by collaboration, adaptability and agility.

    About NAVWAR:

    NAVWAR identifies, develops, delivers and sustains information warfighting capabilities and services that enable naval, joint, coalition and other national missions operating in warfighting domains from seabed to space and through cyberspace. NAVWAR consists of more than 11,000 civilian, active duty and reserve professionals located around the world.

    MIL Security OSI –

  • MIL-OSI Banking: Governors and Heads of Supervision endorse work programme of Basel Committee

    Source: Bank for International Settlements

    • The Basel Committee’s oversight body endorses the Committee’s work programme and strategic priorities for 2025-26.
    • The programme prioritises work on Basel III implementation, emerging risks and vulnerabilities, digitalisation, and liquidity.
    • GHOS members unanimously reaffirm their expectation to implement Basel III in full and consistently.

    The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of the Basel Committee on Banking Supervision, met on 4 February to endorse the Committee’s work programme and strategic priorities for 2025-26.

    The key themes of the Committee’s 2025-26 work programme include the following:

    (i) Basel III implementation;

    (ii) Risk assessment and safeguarding resilience, including the ongoing follow-up work in response to the lessons learnt from the March 2023 banking turmoil;

    (iii) Digitalisation of finance; and

    (iv) Liquidity.

    The GHOS also agreed to take stock of the Committee’s work on climate-related financial risks later this year.

    In undertaking its work, the Committee will continue to collaborate and cooperate with a wide range of stakeholders. This includes ongoing collaboration with other standard-setting bodies and international fora on cross-sectoral financial initiatives. The Committee will also continue to pursue its long-established approach of seeking the views and inputs of a wide range of external stakeholders.

    All GHOS members unanimously reaffirmed their commitment to implement Basel III in full and consistently to ensure a global level playing field and to promote the resilience of the global banking system.

    Tiff Macklem, Chair of the GHOS and Governor of the Bank of Canada

    By promoting global cooperation and pursuing a forward-looking approach to mitigating emerging risks and vulnerabilities affecting the global banking system, the Committee’s 2025-26 work programme seeks to further strengthen the regulation, supervision and practices of banks worldwide, promote global financial stability and support long-term economic growth.

    Erik Thedéen, Chair of the Basel Committee and Governor of Sveriges Riksbank

    Note to editors: 

    The Basel Committee is the primary global standard setter for the prudential regulation of banks and provides a forum for cooperation on banking supervisory matters. Its mandate is to strengthen the regulation, supervision and practices of banks worldwide with the purpose of enhancing financial stability. The Committee reports to the Group of Central Bank Governors and Heads of Supervision and seeks its endorsement for major decisions. The Committee has no formal supranational authority, and its decisions have no legal force. Rather, the Committee relies on its members’ commitments to achieve its mandate. The Group of Central Bank Governors and Heads of Supervision is chaired by Tiff Macklem, Governor of the Bank of Canada. The Basel Committee is chaired by Erik Thedéen, Governor of Sveriges Riksbank. 

    More information about the Basel Committee is available here.

    MIL OSI Global Banks –

  • MIL-OSI United Kingdom: Council takes steps towards a firm financial footing

    Source: City of Derby

    Derby City Council will take the next step towards putting its finances on a firm footing when two reports go to Cabinet next week.

    Budget proposals for 2025/26 have been refreshed since they went to public consultation, with money being put back into services and more going back into reserves. This is due to an additional £8.6 million of resources, over and above that which was assumed at the time of the budget report being issued for consultation following the Government’s finance settlement.

    The Medium Term Financial Plan (MTFP), which will go to Cabinet on Wednesday 12 February, also sets out a plan to replenish the Council’s reserves over the next three years to bring them back to a healthy and sustainable level.

    Nationally, the local government financial settlement put more money into social care, introduced a new recovery grant which favoured areas like Derby with high deprivation and a low Council Tax base, and gave a boost to areas in need of investment such as support for children with Special Educational Needs and Disabilities (SEND). The new Government has also said it’s committed to multi-year funding settlements but has not yet confirmed when this will happen.

    For Derby City Council, this has meant an increase in core spending power by £22.6 million, which is an above average increase for the local government sector, along with continued investment into social care, a new prevention grant of £2 million to support children’s social care reform, and the recovery grant which resulted in £6.7 million for the city. 
     
    Some of the new things that have been added to the budget proposals as a result include:

    • Additional provision for areas where demand continues to grow, such as homelessness
    • Investment into SEND services, including two SEND officers
    • £250,000 for Cultural Recovery, to support partners in the cultural industries facing significant financial challenges
    • And additional £200,000 for the Council Tax hardship fund, to support households experiencing financial hardship
    • An extra £100,000 to support the Market Hall in its first year of re-opening
    • A neighbourhood manager, covering the city centre, to co-ordinate safety, vibrancy & partnership work.
    • Investment into waste minimisation  
    • Additional capital investment for a new depot at Stores Road.

    Councillor Kathy Kozlowski, Cabinet Member for Governance and Finance, said:

    “After years of lobbying, the new Government is listening to councils and promising much-needed reform. We welcome the additional funding, which help us get on a stable footing for the future so we can continue to provide the services that our citizens need and want.

    “While it is assumed in our funding settlement that Council Tax will increase in line with previous years, which is 4.99%, we’re committed to investing into services that matter the most to our residents, protecting the most vulnerable and putting the Council on the way to financial sustainability.

    “We’re listening to the public about what they want in their city, and our proposed budget for 2025/2026 will prioritise tidier streets and green spaces, help our city centre feel safer and become more vibrant, and support children and adults who need our care.”  

    An update on the Council’s position at the end of Quarter 3 also goes to Cabinet on 12 February.

    The pressure on the revenue budget is now at £6.37 million, a fall of £2.59 million since halfway through the financial year. Mitigation continues to reduce this figure even more by the end of March, to limit the use of reserves as much as possible.

    All the savings identified for 2024/25 financial year are expected to be achieved by the end of financial year, leaving £117,000 of unachieved savings from the previous year to be carried over to next year. 

    Pressures remain in some services, such as homelessness, due to continued demand. People’s services, the Council department which looks after social care for adults and children, has a forecast overspend of £5.31m by the end of the year. However this is partly offset by an underspend by an underspend of £3.41 million in children’s services, which is due to the success of strategies developed in recent years to manage demand starting to see results.  
     

    MIL OSI United Kingdom –

  • MIL-OSI Europe: UN – Appointment of the UN Secretary-General’s Special Representative for Libya and head of the UN Support Mission in Libya (4 Feb. 2025)

    Source: Republic of France in English
    The Republic of France has issued the following statement:

    France congratulates Hanna Tetteh on her appointment as the United Nations Secretary-General’s Special Representative for Libya. We assure her of our full support for her new position as the head of the United Nations Support Mission in Libya (UNSMIL).

    France encourages UNSMIL to pursue its mandate and continue its mediation efforts in order to ensure political unity in Libya. The revival of the political process led by and for Libyans is vital to the formation of a new unified government capable of holding presidential and legislative elections in a timely fashion in accordance with UN Security Council resolutions and the demands of the Libyan people.

    France stands with UNSMIL as it carries out its mission to guarantee Libya’s stability and sovereignty. On the security front, it supports UNSMIL’s efforts to ensure the withdrawal of all foreign forces, foreign combatants and mercenaries from Libyan territory. On the economic front, it calls for strengthening transparency at Libya’s economic and financial institutions and for a fair allocation of resources, for the benefit of the Libyan people.

    MIL OSI Europe News –

  • MIL-OSI Global: DRC: history is repeating itself in Lubumbashi as the world scrambles for minerals to go green

    Source: The Conversation – Africa – By Brandon Marc Finn, Research Scientist at the School for Environment and Sustainability, University of Michigan

    Lubumbashi is a city in the mineral-rich Katanga region in the south of the Democratic Republic of Congo (DRC).

    Many people might not have heard of it, but Lubumbashi and its surrounding region have been at the centre of global geopolitics since the start of the 20th century. The area provided immense sources of copper, a metal that helped electrify the planet in the 1900s. It was also the source of all the uranium for the atom bombs used in the second world war.

    The global demand for these minerals came at a great price. Lubumbashi grew as a divided city where housing and labour were spatially and racially segregated. Congolese workers were exploited, abused and taxed as urban and mining strategies were used to reshape society.

    History is repeating itself. Neocolonialism now shapes the extraction of DRC resources.



    Read more:
    DRC is the world’s largest producer of cobalt – how control by local elites can shape the global battery industry

    Today, the southern DRC produces over 70% of the world’s cobalt. Cobalt is a mineral essential to decarbonisation – a strategy to reduce harmful carbon dioxide emissions. Cobalt is present in batteries in electric vehicles, mobile phones, laptop computers and renewable energy storage systems.

    Like copper and uranium before it, cobalt mining has been linked to widescale exploitation and child labour. Corruption and elite capture remain defining features of mining in the DRC.

    We are academics who research urbanisation, mining and sustainability as well as urban planning and environmental management. Our recent paper addresses the fact that African cities like Lubumbashi are at the heart of events that have shaped the modern world, yet they are woefully neglected in global urban theory (thinking about how cities form and develop) and urban geography.

    Focusing on the global north and neglecting the south leads to major data gaps and contributes to mismatched and outdated urban policy.

    We also argue that the human rights abuses and perils of today’s cobalt mining are new forms of old colonial practices. They strip the land and people of resources without proper pay. They offer green minerals to the global north at the cost of lives in the global south.

    Sustainable cities and global decarbonisation are essential if we are to reduce cities’ carbon footprints and decarbonise economies in the face of the climate crisis.

    Lubumbashi’s history, therefore, can offer a fuller understanding of the human and historical costs of minerals that shape cities – and the world.

    A brief history of Lubumbashi

    Lubumbashi was originally called Elisabethville. It was established by colonial Belgium in 1910 precisely to extract copper for global markets. This was done through a company named Union Minière du Haut Katanga (UMHK).

    Concessionary companies made enormous profits in the Congo Free State between 1885 and 1908. The entire country stood under the private ownership of King Leopold II of Belgium. These companies were given the right to extract minerals and rubber through taxes imposed on local people.

    The Belgian Compagnie du Katanga (which later founded UMHK) had the task of establishing the physical and economic infrastructure of the region. In exchange for laying the groundwork for the extractive industries, soon to be headquartered in Elisabethville, the company was given a third of all unoccupied land in Katanga. The Belgians established a copper smelter and constructed roads. Temporary headquarters were established to supervise Elisabethville’s expansion.

    One initial method of controlling the local rural people was a “hut tax” that had to be paid to live in Lubumbashi. Later, a “head tax” was introduced to raise funds for colonial management. It forced people into labour as the only means to pay off their newly acquired debt to the colonial state.

    Elisabethville served as the device to assert effective occupation. It also staved off the possibility of British occupation of the territory. The Belgians planned Elisabethville by reproducing the urban forms and racial segregation of Bulawayo’s grid in Southern Rhodesia (part of today’s Zimbabwe) and Johannesburg in South Africa.

    UMHK dominated the colonial economy as demand for copper increased worldwide. UMHK also stipulated which seeds would be planted where for agriculture. It dissolved local markets and whipped labourers.

    Copper was in such high demand because it is a non-corrosive material that conducts electricity well. It lined telegraph and electrical transmission cables across the globe.

    Copper mining acted as a springboard from which UMHK could spread its influence. It developed railways, cities, labour camps and mining sites throughout Katanga.

    This allowed UMHK access to the extraction of another resource that would shape the global geopolitical landscape: uranium – extracted from the Shinkolobwe mine in Katanga.

    It was the Belgian colonial presence that allowed the US to have access to uranium deposits as they sought to beat Germany in the race to build atomic weapons. All the uranium used in the two nuclear bombs dropped on Hiroshima and Nagasaki came from Katanga.

    This highlights the global significance of, but a neglected focus on, the impacts of mineral supply chains in the global south. Control over Lubumbashi’s minerals cannot be underplayed in this global historical event.

    Katanga seceded from the Congo for three years, 11 days after the country gained independence from Belgium in 1960. The fight to gain control over Katanga’s resources led to the US and Belgian-backed assassination of the first independence leader, Patrice Lumumba. He was intent on reunifying Congo.

    Mobutu Sese Seko became president of Zaire (today’s DRC) after a coup in 1965. He nationalised UMHK a year later. Mobutu served as president for almost 32 years, and his regime was characterised by autocratic corruption and economic exploitation.

    Cobalt and global decarbonisation

    The growth of modern technology relies, at least in part, on the extraction of cobalt in the DRC before it is shipped, mainly to China.

    Cobalt is extracted as a byproduct of copper mining. Artisanal and small-scale mining and child labour remain a salient feature of cobalt extraction in the DRC. These miners receive little to no support and reflect the historical structural marginalisation created in the region.

    Lubumbashi serves as the mining headquarters of the southern DRC, and other cities, like Kolwezi, have grown rapidly in response to the surge in cobalt demand. Spatial and labour-related inequalities from the past are being replicated and expanded on in the present.

    The DRC’s impoverishment continues apace as South African, Kazakh, Swiss and, with increasing influence, Chinese mining companies maintain their practice of exclusionary extraction, social displacement and political corruption.

    Why this matters

    Our research shows the importance of understanding the history of extraction and urban settlement in the region to shed light on new forms of old practices associated with decarbonisation. We see this as a continuing form of colonial power – as neocolonialism.

    Contemporary debates around global inequalities associated with decarbonisation highlight how African populations must endure poor living conditions while the global north transitions to low-carbon technologies. We must find ways to move away from carbon-based economies that do not reproduce colonial inequalities.



    Read more:
    Patrice Lumumba’s tooth represents plunder, resilience and reparation

    Lubumbashi demonstrates the importance of African cities and resources in understanding critical global developmental and geopolitical issues.

    For decarbonisation to be socially and environmentally just, it must contend with the people, places, and environments on which the future of low-carbon technology is based. Lubumbashi’s history shows how challenging this task will be.

    Brandon Marc Finn has received funding from the University of Michigan and Harvard University to conduct this research.

    Patrick Brandful Cobbinah has received research funding from the Lincoln Institute of Land Policy. He is a member of the Planning Institute of Australia.

    – ref. DRC: history is repeating itself in Lubumbashi as the world scrambles for minerals to go green – https://theconversation.com/drc-history-is-repeating-itself-in-lubumbashi-as-the-world-scrambles-for-minerals-to-go-green-248571

    MIL OSI – Global Reports –

  • MIL-OSI Global: How Donald Trump’s attacks on Canada are stoking a new Canadian nationalism

    Source: The Conversation – Canada – By Anna Triandafyllidou, Canada Excellence Research Chair in Migration and Integration, Toronto Metropolitan University

    Is the threatened trade war between Canada and the United States igniting a new form of Canadian nationalism? Polls suggest Canadians are overwhelmingly opposed to any notion of becoming the 51st American state as the U.S. anthem is being roundly booed at sporting events in Canada.

    If a new Canadian nationalism is emerging, what will it look like in a country that declared itself in 2015 the first post-national state, stoking envy around the world over Canada’s inclusive nationalism?

    U.S. President Donald Trump has threatened to launch 25 per cent tariffs on most Canadian exports in a month’s time after weeks of persistently provoking both Canadian leaders and citizens with his repeated calls to make Canada the 51st state.



    Read more:
    Canada, the 51st state? Eliminating interprovincial trade barriers could ward off Donald Trump

    Such calls have led to significant outrage, prompting Canadian leaders that include Justin Trudeau, Chrystia Freeland and Doug Ford to respond that Canada is not for sale and that Canada is a country by choice.

    Opposed to joining the U.S.

    If there was any suggestion that being a “post-national” state would lead to an openness to join the U.S., recent polls show the opposite: 90 per cent of Canadians reject that scenario.

    Two thirds of Canadians polled in 2021 felt that Canada is faring better than the U.S. on most counts, including quality of life, protection of rights, standards of living and opportunities to get ahead.

    This percentage had significantly grown compared to the 1980s or 1990s.

    So how does a feeling of being an inclusive, post-national state reconcile with a firm sentiment of patriotism that is growing stronger by the day? And what are the contradictory currents in Canadian identity today?

    Contemporary Canadian identity

    I have been studying nationalism for 30 years, with a special focus on how immigration, migration and national identity interact. My work suggests there are a few elements that buttress and support Canada’s identity today.

    National identity is not a closed container of cultural elements. It develops interactively. As we’re seeing today, amid uncertainty, geopolitical competition as well as close socio-economic interdependence, national identity can emerge with a renewed force.

    Diversity can lead either to a plural national identity that is open to change or a neo-tribal identity that is reactionary. Plural nationalism acknowledges the changing demographic or political circumstances of the nation, and through a process of tension, conflict and change, it creates something new.

    This nationalism is plural not because it acknowledges diversity as a fact, but because it makes a commitment to engage with diversity.

    But dealing with new challenges and increasing diversity may also lead to rejecting “the other.” I use the term tribal to emphasize that this type of nationalism, regardless of whether the in-group is defined in territorial-civic or blood-and-belonging terms, is predicated on an organic, homogenous conception of the nation.

    In this situation, the nation is represented as a compact unit that does not allow for variation or change. The only way to deal with challenges of mobility and diversity is to close rank, resist and reject it.

    Neo-tribal nationalism is not static. It is dynamic and interactive too — although its reaction to new challenges and to diversity, from within or from outside, involves closure and rejection.

    It is neo-tribal because it develops and thrives in a world that is ever more interconnected. Social media platforms play an important role here as their algorithms create neo-tribal digital ecochambers where everyone is closed within their digital bubble of like-minded people.

    COVID-19 experiences

    Challenged by the COVID-19 pandemic crisis, Canada faced important dilemmas. For instance, should temporary residents be encouraged to return home or or stay when the pandemic broke out and borders closed around the world? Canada opted for the latter.

    Unlike Australia — where temporary workers and international students were encouraged to go home — the Canadian government stated that temporary migrants whose “effective residence” was in the country would be supported to stay.

    The term “effective residence” defined membership on the basis of habitual residence; where people lived, worked, sent their kids to school and paid taxes. Living together formed a sense of common fate, reinforcing an expansive and inclusive view of who is a Canadian.

    In addition, recognizing the essential work performed by many temporary residents, such as asylum-seekers employed in senior care homes, Canada introduced special measures to facilitate their transition to permanent status.



    Read more:
    Working more and making less: Canada needs to protect immigrant women care workers as they age

    In August 2020, Marco Mendicino, Canada’s immigration minister at the time, announced a special path to permanent residency (now known as the Guardian Angels program), noting that “they demonstrated a uniquely Canadian quality …in that they were looking out for others, and so that is why today is so special.”

    Mendicino emphasized that the behaviour of these workers qualified them as Canadians; their important contribution in “caring for the other” was defined as a very special element in the national identity.

    National unity bolstered by diversity

    The Canadian patriotism that is emerging today in the face of Trump’s actions — and in the words of almost all Liberal, Conservative and NDP leaders — builds on solid ground.

    Canadian nationalism has not just been about being polite, but rather builds on decades of positive confrontation with challenges.

    A July 2024 Environics poll suggested Canadians do not feel they need to choose among their multiple identities or to exclude others in order to revitalize their sense of identity and belonging.

    National unity is strengthened by internal diversity. The looming trade war and threats of annexation by Trump may be having a beneficial impact in reminding Canadians of the values that unite them and that Canada is indeed “a country by choice.”

    Anna Triandafyllidou receives funding from the Social Sciences and Humanities Research Council of Canada (SSHRC) and the Tri-Agency Council of Canada.

    – ref. How Donald Trump’s attacks on Canada are stoking a new Canadian nationalism – https://theconversation.com/how-donald-trumps-attacks-on-canada-are-stoking-a-new-canadian-nationalism-247958

    MIL OSI – Global Reports –

  • MIL-OSI: AssetMark Appoints Alex Pape as EVP and Chief Technology and Product Officer

    Source: GlobeNewswire (MIL-OSI)

    CONCORD, Calif., Feb. 04, 2025 (GLOBE NEWSWIRE) — AssetMark, Inc., a leading wealth management technology platform for financial advisors, today announced the appointment of Alex Pape as its new Chief Technology and Product Officer.

    Pape will report directly to Lou Maiuri, Chairman and Group CEO of AssetMark, and will oversee AssetMark’s technology productization program, delivering advanced solutions designed to empower financial advisors. “This is a strategically important move as we continue to strengthen our leadership team to support AssetMark’s growth and innovation strategy,” said Lou Maiuri, Chairman and Group CEO of AssetMark Financial Holdings, Inc. “To achieve our strategic goals, we are further strengthening our already strong IT leadership team. Alex’s experience and vision will be invaluable as we continue to scale and innovate, ensuring that our technology and product offerings remain best-in-class.”

    Pape brings extensive experience in technology and product development, having most recently served as the Global Head of Product for BlackRock’s Aladdin Wealth Tech Business. His experience at BlackRock reinforces AssetMark’s strategic direction, particularly as advisors increasingly seek solutions that offer highly personalized portfolio management for their clients. Pape’s expertise in leveraging data analytics and technology will be key to delivering innovative solutions for financial advisors.

    Muk Mehta, Chief Information Officer, will continue to report to Maiuri, overseeing the company’s advanced infrastructure, security, and data strategy, ensuring seamless operational efficiency and technology enablement.

    About AssetMark

    AssetMark operates a wealth management platform whose mission is to help financial advisors and their clients. AssetMark, together with its affiliates AssetMark Trust Company, Voyant, and Adhesion Wealth Advisor Solutions, serves advisors at every stage of their journey with flexible, purpose-built solutions that champion client engagement and drive efficiency. Its ecosystem of solutions equips advisors with services and capabilities to help deliver better investor outcomes by enhancing their productivity, profitability, and client satisfaction. 

    With a history going back to 1996, AssetMark has over 1,000 employees, and its platform serves over 10,700 financial advisors and over 317,000 investor households. As of December 31, 2024, the Company had over $139 billion in platform assets. AssetMark, Inc. is a Registered Investment Adviser with the U.S. Securities and Exchange Commission. For more information, please visit www.assetmark.com. Follow us on LinkedIn. 

    Media Contacts
    Vesselina Davenport
    PR & Communications, AssetMark
    vesselina.davenport@assetmark.com

    The MIL Network –

  • MIL-OSI: FXBO and Deus X Pay Join Forces to Transform Payments in the Forex Industry

    Source: GlobeNewswire (MIL-OSI)

    VILNIUS, Lithuania, Feb. 04, 2025 (GLOBE NEWSWIRE) — FXBO, a provider of customer relationship management (CRM) solutions for forex brokers, has announced a partnership with Deus X Pay, a regulated institutional stablecoin payment provider. The collaboration aims to enhance brokerage operations by integrating stablecoin payment solutions within FXBO’s CRM platform.

    FXBO offers tools designed to support brokerage firms in managing client relationships, improving retention, and facilitating client acquisition. Through this integration, brokers can access stablecoin payment functionalities while maintaining compliance with industry regulations.

    Key Features of the FXBO and Deus X Pay Integration:

    • Seamless Integration: Enables cryptocurrency deposits and withdrawals through a direct connection with FXBO’s CRM and back-office systems.
    • Flexible SDK & Payment Links: Offers streamlined API integration and custom payment links to facilitate transactions.
    • Dynamic Payment Processing: Supports overpayment and underpayment tolerances to minimize processing errors.
    • Compliance and Security: Incorporates anti-money laundering (AML) measures and transaction monitoring to enhance regulatory compliance.
    • Scalability and Cost Efficiency: Implements a zero-fee onboarding model with a pay-as-you-go pricing structure, supporting expansion into emerging markets.

    Greg Gardner, Chief Commercial Officer of Deus X Pay, stated: “This partnership aligns with our objective of facilitating efficient and secure financial transactions for brokers. By incorporating stablecoin solutions, we aim to enhance payment processing within the FX sector.” Dmitriy Petrenko, Chief Executive Officer of FXBO, added: “The integration with Deus X Pay strengthens our platform by offering clients additional payment options that prioritize speed and security. This collaboration supports brokers in navigating an evolving financial landscape.”

    This partnership underscores the growing intersection of digital assets and traditional finance, providing brokers with tools to enhance operational efficiency while ensuring compliance with regulatory requirements.

    About FXBO

    FXBO is a provider of advanced customer relationship management (CRM) solutions tailored for forex brokers. The platform offers a suite of tools designed to enhance client acquisition, retention, and operational efficiency. By integrating with payment providers and compliance solutions, FXBO supports brokers in managing their business effectively in a competitive trading environment.

    About Deus X Pay

    Deus X Pay is a regulated institutional stablecoin payment provider offering secure and compliant digital asset transaction solutions. The company enables businesses to integrate stablecoin payments, ensuring fast and efficient financial operations while maintaining regulatory compliance.

    Contact
    PR Manager
    Tshego Tshangela
    Deus X Pay
    tshego.tshangela@deusxpay.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/34796b14-81f6-4a52-905e-b9320c6138e5

    The MIL Network –

  • MIL-OSI: CORRECTION – ACNB Corporation Announces Completion of Traditions Bancorp, Inc. Acquisition

    Source: GlobeNewswire (MIL-OSI)

    GETTYSBURG, Pa., Feb. 04, 2025 (GLOBE NEWSWIRE) — In a release issued under the same headline on February 3, 2025 by ACNB Corporation please note that in the third paragraph of the release, the deposit amount has been corrected to $2.54 billion instead of $2.04 billion. The corrected release follows:

    ACNB Corporation (NASDAQ: ACNB), the parent financial holding company of ACNB Bank, a Pennsylvania state-chartered, FDIC-insured community bank, headquartered in Gettysburg, PA, announced the completion of the acquisition of Traditions Bancorp, Inc. (“Traditions”) and its wholly-owned subsidiary, Traditions Bank, headquartered in York, PA, effective February 1, 2025. Traditions was merged with and into a wholly-owned subsidiary of ACNB Corporation immediately followed by the merger of Traditions Bank with and into ACNB Bank. ACNB Bank will operate the former Traditions Bank branches as “Traditions Bank, A Division of ACNB Bank”. In connection with the close of the acquisition, Traditions stockholders received 0.7300 shares of ACNB Corporation common stock for each share of Traditions common stock that they owned as of the closing date, with cash paid in lieu of fractional shares.

    In addition, at the close of the acquisition, three former Traditions directors, Eugene J. Draganosky, Elizabeth F. Carson, and John M. Polli, joined the Boards of Directors of ACNB Corporation and ACNB Bank. Mr. Draganosky has nearly 40 years of banking experience, and is the former CEO and Chair of the Board of Traditions and Traditions Bank, having held those roles since 2017 and 2023, respectively. Ms. Carson, Lead Independent Director of Traditions, joined the Traditions Bank Board in 2015, after over 30 years of banking experience in a variety of leadership roles with community and regional banks. Mr. Polli was a member of the Traditions Bank board of directors since its founding in 2002, and has nearly 40 years of diverse business expertise, from serving as a public accountant to owning, managing, and advising businesses in the transportation, real estate, and insurance industries.

    With the combination of the two organizations, and based on financial information for each organization as of December 31, 2024, ACNB Corporation will have approximately $3.26 billion in assets, $2.54 billion in deposits, and $2.36 billion in loans, and will serve its customers throughout 35 community banking offices in south central Pennsylvania and northern Maryland.

    “We are pleased to announce the completion of our strategic acquisition of Traditions Bancorp, and excited to unite our teams of dedicated local bankers who are committed to their customers and communities,” stated ACNB Corporation President & Chief Executive Officer James P. Helt. “This combination brings together organizations that are unified by a shared vision, values, and a customer-centric approach to banking, to create an even stronger community bank. Importantly, our customers will benefit from expanded products and services delivered by the familiar faces they have come to know and trust. This merger positions us well to continue to grow in the attractive York and Lancaster County markets, and enhances ACNB Bank’s mortgage operations, which will now serve customers throughout our footprint as ‘Traditions Mortgage, A Division of ACNB Bank.’ Together, we look forward to continuing to deliver on our vision of being the financial services provider of choice in the communities we serve.”

    Alan J. Stock, Chair of the Board of ACNB, stated “We welcome Mr. Draganosky, Ms. Carson, and Mr. Polli to the ACNB Boards of Directors, and are confident that their expertise, skills, and strong connections to the York and Lancaster market areas will enhance and complement ACNB’s current Boards of Directors. We are committed to enhancing value for our shareholders and are poised to deliver on that commitment with an experienced and knowledgeable board, a seasoned management group, and a team of bankers and professionals dedicated to a successful integration and customer experience.”

    Bybel Rutledge LLP served as legal counsel and Piper Sandler served as financial advisor to ACNB Corporation for the transaction. Pillar + Aught served as legal counsel and Stephens Inc. served as financial advisor to Traditions Bancorp, Inc.

    About ACNB Corporation
    ACNB Corporation, headquartered in Gettysburg, PA, is the $3.26 billion financial holding company for the wholly-owned subsidiaries of ACNB Bank, Gettysburg, PA, and ACNB Insurance Services, Inc., Westminster, MD. Originally founded in 1857, ACNB Bank serves its marketplace with banking and wealth management services, including trust and retail brokerage, via a network of 35 community banking offices and two loan offices located in the Pennsylvania counties of Adams, Cumberland, Franklin, Lancaster and York and the Maryland counties of Baltimore, Carroll and Frederick. ACNB Insurance Services, Inc. is a full-service insurance agency with licenses in 46 states. The agency offers a broad range of property, casualty, health, life and disability insurance serving personal and commercial clients through office locations in Westminster and Jarrettsville, MD, and Gettysburg, PA. For more information regarding ACNB Corporation and its subsidiaries, please visit investor.acnb.com.

    FORWARD-LOOKING STATEMENTS – In addition to historical information, this press release may contain forward-looking statements. Examples of forward-looking statements include, but are not limited to, (a) projections or statements regarding future earnings, expenses, net interest income, other income, earnings or loss per share, asset mix and quality, growth prospects, capital structure, and other financial terms, (b) statements of plans and objectives of Management or the Board of Directors, and (c) statements of assumptions, such as economic conditions in the Corporation’s market areas. Such forward-looking statements can be identified by the use of forward-looking terminology such as “believes”, “expects”, “may”, “intends”, “will”, “should”, “anticipates”, or the negative of any of the foregoing or other variations thereon or comparable terminology, or by discussion of strategy. Forward-looking statements are subject to certain risks and uncertainties such as national, regional and local economic conditions, competitive factors, and regulatory limitations. Actual results may differ materially from those projected in the forward-looking statements. Such risks, uncertainties, and other factors that could cause actual results and experience to differ from those projected include, but are not limited to, the following: short-term and long-term effects of inflation and rising costs on the Corporation, customers and economy; banking instability caused by bank failures and financial uncertainty of various banks which may adversely impact the Corporation and its securities and loan values, deposit stability, capital adequacy, financial condition, operations, liquidity, and results of operations; effects of governmental and fiscal policies, as well as legislative and regulatory changes; effects of new laws and regulations (including laws and regulations concerning taxes, banking, securities and insurance) and their application with which the Corporation and its subsidiaries must comply; impacts of the capital and liquidity requirements of the Basel III standards; effects of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Financial Accounting Standards Board and other accounting standard setters; ineffectiveness of the business strategy due to changes in current or future market conditions; future actions or inactions of the United States government, including the effects of short-term and long-term federal budget and tax negotiations and a failure to increase the government debt limit or a prolonged shutdown of the federal government; effects of economic conditions particularly with regard to the negative impact of any pandemic, epidemic or health-related crisis and the responses thereto on the operations of the Corporation and current customers, specifically the effect of the economy on loan customers’ ability to repay loans; effects of competition, and of changes in laws and regulations on competition, including industry consolidation and development of competing financial products and services; inflation, securities market and monetary fluctuations; risks of changes in interest rates on the level and composition of deposits, loan demand, and the values of loan collateral, securities, and interest rate protection agreements, as well as interest rate risks; difficulties in acquisitions and integrating and operating acquired business operations, including information technology difficulties; challenges in establishing and maintaining operations in new markets; effects of technology changes; effects of general economic conditions and more specifically in the Corporation’s market areas; failure of assumptions underlying the establishment of reserves for credit losses and estimations of values of collateral and various financial assets and liabilities; acts of war or terrorism or geopolitical instability; disruption of credit and equity markets; ability to manage current levels of impaired assets; loss of certain key officers; ability to maintain the value and image of the Corporation’s brand and protect the Corporation’s intellectual property rights; continued relationships with major customers; and, potential impacts to the Corporation from continually evolving cybersecurity and other technological risks and attacks, including additional costs, reputational damage, regulatory penalties, and financial losses; and, the other factors detailed in ACNB’s publicly-filed documents, including its Annual Report on Form 10-K for the year ended December 31, 2023, Quarterly Reports on Form 10-Q for the quarters ended March 31, 2024, June 30, 2024 and September 30, 2024, and its other filings with the SEC. We caution readers not to place undue reliance on these forward-looking statements. The forward-looking statements only speak as of the date hereof, and ACNB does assume any obligation to revise, update or clarify forward-looking statements to reflect events or conditions after the date of this press release.

    ACNB #2025-5
    February 3, 2025

    Contact:    Kevin Hayes
    SVP/ General Counsel,
    Secretary, and Chief
    Governance Officer
    717.339.5161
    khayes@acnb.com
         

    The MIL Network –

  • MIL-OSI Economics: Grenada: 2024 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Grenada

    Source: International Monetary Fund

    Summary

    Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in budget balances, a build-up of government deposits, and a reduction in public debt. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island, affecting around 15 percent of the population. In response, the authorities triggered the suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.

    Subject: Credit bureaus, Debt sustainability, Economic sectors, Environment, External debt, Financial institutions, Financial markets, Imports, Insurance, International trade, Labor, Labor markets, Natural disasters, Public debt, Tourism

    Keywords: Credit bureaus, Debt sustainability, Fiscal stance, Imports, Insurance, Insurance companies, Labor markets, Natural disasters, Tourism

    MIL OSI Economics –

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

    Source: International Monetary Fund

    February 4, 2025

    Washington, DC: On January 24, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Grenada.

    Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in the fiscal position and reduction in public debt. The financial system remained stable. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island. The authorities responded swiftly with a package of fiscal measures, including suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.

    Grenada’s near-term economic growth is projected to remain resilient at 3.9 percent in 2025, buoyed by limited hurricane damages to tourism infrastructure and the authorities’ large recovery and reconstruction spending. Sizable government savings and triggering of disaster-contingent instruments create fiscal space for these spending needs. Assuming a subsequent timely return to the fiscal rules, public debt is projected to continue falling and reach the debt target of 60 percent of GDP by 2030.

    Over the medium-term GDP growth is projected to slow given the tourism sector operates near its peak-season capacity. Key downside risks include the threat of further natural disasters, potential shocks to tourism demand, and the uncertain scale of future CBI inflows, while the domestic non-bank financial system faces rising vulnerabilities from the continued rapid expansion of credit unions and the rising costs of property insurance. Prospective hotel developments and public investment projects represent upside risks to the medium-term growth outlook.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Grenada’s robust economic performance in 2023 and the first half of 2024, buoyed by strong tourism. Directors also commended the authorities’ swift and prudently tailored response to Hurricane Beryl, which supported disaster-relief and helped mitigate the impact on economic growth. Noting that the medium-term outlook remains subject to risks from natural disasters, uncertain Citizenship-by-Investment (CBI) flows, and other external shocks, they encouraged the authorities to exercise continued fiscal prudence and to pursue structural reforms to boost long-term growth and enhance resilience, while leveraging Fund technical assistance.

    Directors welcomed Grenada’s commitment to fiscal prudence and debt sustainability and emphasized the importance of a timely return to the suspended fiscal rules. In that context, they noted the need for continued expenditure prioritization and revenue mobilization to create fiscal space for future investment needs, including for climate resilience. Further strengthening public investment management and budget planning processes would also be important. Directors also saw merit in developing a more uniform framework for managing all CBI resources and encouraged continued progress in resolving outstanding official arrears.

    Directors welcomed the banking system’s resilience despite repeated shocks. They emphasized the need for vigilance and strengthened oversight in the rapidly expanding credit union sector. Directors encouraged strengthening data collection and regional collaboration in the property insurance sector, given rising premiums. They also agreed that further enhancements in the AML/CFT frameworks are essential, including to safeguard correspondent banking relationships.

    Directors commended the authorities’ implementation of Grenada’s Disaster Resilience Strategy including investments in a risk-layering framework of disaster-contingency insurance and financing instruments. Moving forward and noting the risk of future natural disasters, they emphasized the importance of further advancing the energy transition and investment in disaster resilient infrastructure, with support from private financing.

    Directors also encouraged sustained structural reform efforts to foster long-term growth, including investing in active labor market policies and continuing efforts to support off-season and niche tourism. Addressing data gaps is also important.

    It is expected that the next Article IV Consultation with Grenada will be held on the standard 12-month consultation cycle.

    Table 1. Grenada: Selected Social and Economic Indicators, 2019–29

     

    Rank in UNDP Human Development Index

    73

    Infant mortality rate per ‘000 births (2021)

    14.4

    out of 189 countries (2021)

    Adult illiteracy rate in percent (2014)

    1

    Life expectancy at birth in years (2021)

    75

    Poverty rate in percent of population (2019)

    25

    GDP per capita in US$ (2021)

    10,449

    Population in millions (2021)

    0.13

    Unemployment rate (2021 Q2)

    11.1

     

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    Est.

    Proj.

    National income and prices

     

     

     

     

     

     

     

     

     

     

     

    GDP at constant prices

    0.7

    -13.8

    4.7

    7.3

    4.7

    3.6

    3.9

    3.3

    2.7

    2.7

    2.7

    GDP deflator

    3.3

    -0.3

    2.8

    2.2

    2.7

    1.4

    1.4

    2.0

    2.0

    2.0

    2.0

    Consumer prices, end of period

    0.1

    -0.8

    1.9

    2.9

    2.2

    1.2

    1.9

    2.0

    2.0

    2.0

    2.0

    Money and credit, end of period

    Credit to private sector

    1.4

    3.1

    3.8

    2.1

    3.8

    3.8

    4.2

    4.4

    4.6

    4.5

    4.5

    Broad money (M2)

    2.9

    9.1

    8.5

    9.9

    1.4

    3.7

    5.2

    5.4

    4.8

    4.8

    4.8

    Central government balances (accrual)

    Revenue and grants

    26.6

    28.1

    31.5

    32.7

    36.9

    44.1

    30.5

    29.3

    29.2

    28.9

    28.8

    Expenditure

    21.6

    32.7

    31.2

    31.8

    28.9

    39.5

    39.4

    33.1

    29.6

    29.2

    28.9

    o.w. Capital expenditure

    2.6

    9.6

    8.6

    10.2

    9.3

    11.7

    12.2

    8.7

    6.2

    5.8

    5.6

    Primary balance

    6.8

    -2.6

    2.1

    2.6

    9.5

    8.0

    -5.1

    -1.2

    1.5

    1.5

    1.5

    Overall balance

    5.0

    -4.5

    0.3

    1.0

    8.0

    4.7

    -8.9

    -3.8

    -0.4

    -0.3

    -0.1

     

    Central government debt (incl. guaranteed) 1/

    58.5

    71.4

    70.0

    62.8

    60.5

    59.3

    58.1

    53.9

    53.2

    51.4

    49.6

    Domestic

    14.6

    16.2

    15.3

    12.8

    11.3

    11.1

    9.7

    7.8

    7.1

    6.9

    7.0

    External

    44.0

    55.2

    54.7

    50.0

    49.2

    48.2

    48.5

    46.1

    46.0

    44.5

    42.6

    Public debt (incl. debt of SOEs and SBs)

    62.7

    89.5

    86.6

    78.8

    75.2

    73.3

    71.4

    66.5

    65.2

    62.9

    60.6

    Savings-Investment balance

    -10.4

    -16.1

    -14.5

    -11.0

    -9.1

    -13.1

    -13.8

    -10.6

    -9.9

    -9.1

    -9.1

    Savings

    14.6

    16.3

    15.6

    18.0

    30.8

    28.3

    18.1

    17.8

    15.8

    15.3

    14.9

    Investment

    24.9

    32.4

    30.1

    29.1

    39.9

    41.5

    31.9

    28.4

    25.7

    24.5

    24.0

    External Sector

     

     

     

     

     

     

    Gross international reserves (millions of dollars)

    234.1

    290.9

    324.2

    352.6

    389.1

    435.1

    364.5

    364.8

    390.3

    405.6

    424.6

    (in months of imports)

    5.2

    5.6

    4.9

    5.0

    4.8

    5.2

    4.3

    4.2

    4.3

    4.3

    4.3

    Current account balance, o/w:

    -10.4

    -16.1

    -14.5

    -11.0

    -9.1

    -13.1

    -13.8

    -10.6

    -9.9

    -9.1

    -9.1

    Exports of goods and services

    54.6

    41.1

    47.9

    57.8

    62.8

    63.8

    62.5

    62.8

    63.0

    62.6

    62.3

    Imports of goods and services

    55.8

    52.2

    55.4

    64.3

    63.7

    69.9

    68.5

    65.6

    65.0

    63.8

    63.4

    External debt (gross)

    64.7

    92.5

    94.8

    90.0

    86.9

    85.4

    85.4

    82.6

    82.3

    80.5

    78.4

    Sources: Ministry of Finance; Eastern Caribbean Central Bank; United Nations, Human Development Report; World Bank WDI; and IMF staff estimates and projections.

    1/ Includes the impact of the debt restructuring agreement for the 2025 bonds.

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

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    MIL OSI Economics –

  • MIL-OSI: Portfolio Update: Sale of portfolio company Hospital Services Group delivers up to 8.5x return for Foresight VCT PLC

    Source: GlobeNewswire (MIL-OSI)

    The Board of Foresight VCT Plc (the “Company”) is pleased to announce the successful sale of portfolio company Hospital Services Group Limited (“HSL”), a leading healthcare equipment distributor and service provider operating in Ireland, Northern Ireland and Great Britain.

    The transaction generated proceeds of £26.2 million at completion with potential for a further up to £1.0 million over the coming years, implying a return and IRR of up to 8.5 times the original investment and 25.7% respectively. Prior to the sale of HSL, the Company’s NAV per ordinary share stood at 80.1p, to which the exit will add 1.7p, giving a pro forma NAV per ordinary share of 81.8p.

    Since the original investment, the manager, Foresight Group LLP, has taken a proactive approach to supporting HSL and the business has successfully completed a series of acquisitions, broadened and strengthened the management team and expanded the range of healthcare equipment and services provided Ireland, Northern Ireland and Great Britain.

    Headcount has increased almost sixfold since Foresight’s initial investment, with revenues increasing approximately ninefold.

    Margaret Littlejohns, Chair of Foresight VCT Plc said: “HSL has grown into a market-leading healthcare company in the UK and Ireland.  With Foresight Group’s support, both financial and strategic, it has made a series of value-enhancing acquisitions and delivered strong organic growth.  We are delighted with this performance and wish the team every success in the future.”

    The MIL Network –

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

    Source: IMF – News in Russian

    February 4, 2025

    Washington, DC: On January 24, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation[1] with Grenada.

    Through end-June 2024, Grenada’s economy was experiencing sustained strong growth supported by buoyant tourism, moderating inflation, and a narrowing current account deficit. A surge in Citizenship-by-Investment (CBI) revenue supported a strong improvement in the fiscal position and reduction in public debt. The financial system remained stable. On July 1, Hurricane Beryl caused damage in excess of 16 percent of GDP on the Grenadian islands of Carriacou and Petite Martinique, as well as in the northern parishes of the main island. The authorities responded swiftly with a package of fiscal measures, including suspension of fiscal rules to permit temporary deficit spending in support of the recovery and reconstruction.

    Grenada’s near-term economic growth is projected to remain resilient at 3.9 percent in 2025, buoyed by limited hurricane damages to tourism infrastructure and the authorities’ large recovery and reconstruction spending. Sizable government savings and triggering of disaster-contingent instruments create fiscal space for these spending needs. Assuming a subsequent timely return to the fiscal rules, public debt is projected to continue falling and reach the debt target of 60 percent of GDP by 2030.

    Over the medium-term GDP growth is projected to slow given the tourism sector operates near its peak-season capacity. Key downside risks include the threat of further natural disasters, potential shocks to tourism demand, and the uncertain scale of future CBI inflows, while the domestic non-bank financial system faces rising vulnerabilities from the continued rapid expansion of credit unions and the rising costs of property insurance. Prospective hotel developments and public investment projects represent upside risks to the medium-term growth outlook.

    Executive Board Assessment[2]

    Executive Directors agreed with the thrust of the staff appraisal. They welcomed Grenada’s robust economic performance in 2023 and the first half of 2024, buoyed by strong tourism. Directors also commended the authorities’ swift and prudently tailored response to Hurricane Beryl, which supported disaster-relief and helped mitigate the impact on economic growth. Noting that the medium-term outlook remains subject to risks from natural disasters, uncertain Citizenship-by-Investment (CBI) flows, and other external shocks, they encouraged the authorities to exercise continued fiscal prudence and to pursue structural reforms to boost long-term growth and enhance resilience, while leveraging Fund technical assistance.

    Directors welcomed Grenada’s commitment to fiscal prudence and debt sustainability and emphasized the importance of a timely return to the suspended fiscal rules. In that context, they noted the need for continued expenditure prioritization and revenue mobilization to create fiscal space for future investment needs, including for climate resilience. Further strengthening public investment management and budget planning processes would also be important. Directors also saw merit in developing a more uniform framework for managing all CBI resources and encouraged continued progress in resolving outstanding official arrears.

    Directors welcomed the banking system’s resilience despite repeated shocks. They emphasized the need for vigilance and strengthened oversight in the rapidly expanding credit union sector. Directors encouraged strengthening data collection and regional collaboration in the property insurance sector, given rising premiums. They also agreed that further enhancements in the AML/CFT frameworks are essential, including to safeguard correspondent banking relationships.

    Directors commended the authorities’ implementation of Grenada’s Disaster Resilience Strategy including investments in a risk-layering framework of disaster-contingency insurance and financing instruments. Moving forward and noting the risk of future natural disasters, they emphasized the importance of further advancing the energy transition and investment in disaster resilient infrastructure, with support from private financing.

    Directors also encouraged sustained structural reform efforts to foster long-term growth, including investing in active labor market policies and continuing efforts to support off-season and niche tourism. Addressing data gaps is also important.

    It is expected that the next Article IV Consultation with Grenada will be held on the standard 12-month consultation cycle.

    Table 1. Grenada: Selected Social and Economic Indicators, 2019–29

     

    Rank in UNDP Human Development Index

    73

    Infant mortality rate per ‘000 births (2021)

    14.4

    out of 189 countries (2021)

    Adult illiteracy rate in percent (2014)

    1

    Life expectancy at birth in years (2021)

    75

    Poverty rate in percent of population (2019)

    25

    GDP per capita in US$ (2021)

    10,449

    Population in millions (2021)

    0.13

    Unemployment rate (2021 Q2)

    11.1

     

    2019

    2020

    2021

    2022

    2023

    2024

    2025

    2026

    2027

    2028

    2029

    Est.

    Proj.

    National income and prices

     

     

     

     

     

     

     

     

     

     

     

    GDP at constant prices

    0.7

    -13.8

    4.7

    7.3

    4.7

    3.6

    3.9

    3.3

    2.7

    2.7

    2.7

    GDP deflator

    3.3

    -0.3

    2.8

    2.2

    2.7

    1.4

    1.4

    2.0

    2.0

    2.0

    2.0

    Consumer prices, end of period

    0.1

    -0.8

    1.9

    2.9

    2.2

    1.2

    1.9

    2.0

    2.0

    2.0

    2.0

    Money and credit, end of period

    Credit to private sector

    1.4

    3.1

    3.8

    2.1

    3.8

    3.8

    4.2

    4.4

    4.6

    4.5

    4.5

    Broad money (M2)

    2.9

    9.1

    8.5

    9.9

    1.4

    3.7

    5.2

    5.4

    4.8

    4.8

    4.8

    Central government balances (accrual)

    Revenue and grants

    26.6

    28.1

    31.5

    32.7

    36.9

    44.1

    30.5

    29.3

    29.2

    28.9

    28.8

    Expenditure

    21.6

    32.7

    31.2

    31.8

    28.9

    39.5

    39.4

    33.1

    29.6

    29.2

    28.9

    o.w. Capital expenditure

    2.6

    9.6

    8.6

    10.2

    9.3

    11.7

    12.2

    8.7

    6.2

    5.8

    5.6

    Primary balance

    6.8

    -2.6

    2.1

    2.6

    9.5

    8.0

    -5.1

    -1.2

    1.5

    1.5

    1.5

    Overall balance

    5.0

    -4.5

    0.3

    1.0

    8.0

    4.7

    -8.9

    -3.8

    -0.4

    -0.3

    -0.1

     

    Central government debt (incl. guaranteed) 1/

    58.5

    71.4

    70.0

    62.8

    60.5

    59.3

    58.1

    53.9

    53.2

    51.4

    49.6

    Domestic

    14.6

    16.2

    15.3

    12.8

    11.3

    11.1

    9.7

    7.8

    7.1

    6.9

    7.0

    External

    44.0

    55.2

    54.7

    50.0

    49.2

    48.2

    48.5

    46.1

    46.0

    44.5

    42.6

    Public debt (incl. debt of SOEs and SBs)

    62.7

    89.5

    86.6

    78.8

    75.2

    73.3

    71.4

    66.5

    65.2

    62.9

    60.6

    Savings-Investment balance

    -10.4

    -16.1

    -14.5

    -11.0

    -9.1

    -13.1

    -13.8

    -10.6

    -9.9

    -9.1

    -9.1

    Savings

    14.6

    16.3

    15.6

    18.0

    30.8

    28.3

    18.1

    17.8

    15.8

    15.3

    14.9

    Investment

    24.9

    32.4

    30.1

    29.1

    39.9

    41.5

    31.9

    28.4

    25.7

    24.5

    24.0

    External Sector

     

     

     

     

     

     

    Gross international reserves (millions of dollars)

    234.1

    290.9

    324.2

    352.6

    389.1

    435.1

    364.5

    364.8

    390.3

    405.6

    424.6

    (in months of imports)

    5.2

    5.6

    4.9

    5.0

    4.8

    5.2

    4.3

    4.2

    4.3

    4.3

    4.3

    Current account balance, o/w:

    -10.4

    -16.1

    -14.5

    -11.0

    -9.1

    -13.1

    -13.8

    -10.6

    -9.9

    -9.1

    -9.1

    Exports of goods and services

    54.6

    41.1

    47.9

    57.8

    62.8

    63.8

    62.5

    62.8

    63.0

    62.6

    62.3

    Imports of goods and services

    55.8

    52.2

    55.4

    64.3

    63.7

    69.9

    68.5

    65.6

    65.0

    63.8

    63.4

    External debt (gross)

    64.7

    92.5

    94.8

    90.0

    86.9

    85.4

    85.4

    82.6

    82.3

    80.5

    78.4

    Sources: Ministry of Finance; Eastern Caribbean Central Bank; United Nations, Human Development Report; World Bank WDI; and IMF staff estimates and projections.

    1/ Includes the impact of the debt restructuring agreement for the 2025 bonds.

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

    [2] At the conclusion of the discussion, the Managing Director, as Chairman of the Board, summarizes the views of Executive Directors, and this summary is transmitted to the country’s authorities. An explanation of any qualifiers used in summings up can be found here: http://www.IMF.org/external/np/sec/misc/qualifiers.htm.

    IMF Communications Department
    MEDIA RELATIONS

    PRESS OFFICER: Meera Louis

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

    https://www.imf.org/en/News/Articles/2025/02/03/pr25026-grenada-imf-executive-board-concludes-2024-article-iv-consultation

    MIL OSI

    MIL OSI Russia News –

  • MIL-OSI Canada: Investor Alert: Maple Bit Is Not Registered

    Source: Government of Canada regional news

    Released on February 4, 2025

    The Financial and Consumer Affairs Authority of Saskatchewan (FCAA) warns investors of the online entity known as Maple Bit.

    “We encourage Saskatchewan residents to check the registration status of any investment entity at aretheyregistered.ca before considering investing with them,” FCAA Securities Division Executive Director Dean Murrison said. “Checking the registration status is easy and ensures that who you work with is reputable.”

    Maple Bit claims to offer Saskatchewan residents trading opportunities, including cryptocurrencies, stocks, forex, exchange-traded funds (ETFs), commodities, indices and contracts for difference (CFDs).

    This alert applies to the online entity using the website “maple-bit com” (this URL has been manually altered so as not to be interactive).

    Maple Bit is not registered with the FCAA to trade or sell securities or derivatives in Saskatchewan. The FCAA cautions investors and consumers not to send money to companies that are not registered in Saskatchewan, as they may not be legitimate businesses. 

    If you have invested with Maple Bit or anyone claiming to be acting on their behalf, contact the FCAA’s Securities Division at 306-787-5936.

    In Saskatchewan, individuals or companies need to be registered with the FCAA to trade or sell securities or derivatives. The registration provisions of The Securities Act, 1988, and accompanying regulations are intended to ensure that only honest and knowledgeable people are registered to sell securities and derivatives and that their businesses are financially stable.

    Tips to protect yourself:

    • Always verify that the person or company is registered in Saskatchewan to sell or advise about securities or derivatives. To check registration, visit The Canadian Securities Administrators’ National Registration Search at aretheyregistered.ca.
    • Know exactly what you are investing in. Make sure you understand how the investment, product, or service works.
    • Get a second opinion and seek professional advice about the investment.
    • Do not allow unknown or unverified individuals to remotely access your computer.

    -30-

    For more information, contact:

    MIL OSI Canada News –

  • MIL-OSI: First Financial Corporation Reports 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    TERRE HAUTE, Ind., Feb. 04, 2025 (GLOBE NEWSWIRE) — First Financial Corporation (NASDAQ:THFF) today announced results for the fourth quarter of 2024.

    • Net income was $16.2 million compared to $12.4 million reported for the same period of 2023;
    • Diluted net income per common share of $1.37 compared to $1.06 for the same period of 2023;
    • Return on average assets was 1.18% compared to 1.05% for the three months ended December 31, 2023;
    • Credit loss provision was $2.0 million compared to provision of $2.5 million for the fourth quarter 2023; and
    • Pre-tax, pre-provision net income was $22.3 million compared to $16.6 million for the same period in 2023.1

    The Corporation further reported results for the year ended December 31, 2024:

    • Net income was $47.3 million compared to $60.7 million reported for the same period of 2023;
    • Diluted net income per common share of $4.00 compared to $5.08 for the same period of 2023;
    • Return on average assets was 0.92% compared to 1.26% for the twelve months ended December 31, 2023;
    • Credit loss provision was $16.2 million compared to provision of $7.3 million for the twelve months ended December 31, 2023; and
    • Pre-tax, pre-provision net income was $73.4 million compared to $79.7 million for the same period in 2023.1

    ______________________________
    1Non-GAAP financial measure that Management believes is useful for investors and management to understand pre-tax profitability before giving effect to credit loss expense and to provide additional perspective on the Corporation’s performance over time as well as comparison to the Corporation’s peers and evaluating the financial results of the Corporation – please refer to the Non GAAP reconciliations contained in this release.


    Average Total Loans

    Average total loans for the fourth quarter of 2024 were $3.79 billion versus $3.13 billion for the comparable period in 2023, an increase of $657 million or 20.98%. On a linked quarter basis, average loans increased $84.7 million or 2.29% from $3.71 billion as of September 30, 2024. Increases in average loans year-over-year were mostly a result of the acquisition of SimplyBank on July 1, 2024.

    Total Loans Outstanding

    Total loans outstanding as of December 31, 2024, were $3.84 billion compared to $3.17 billion as of December 31, 2023, an increase of $669 million or 21.13%. On a linked quarter basis, total loans increased $122 million or 3.28% from $3.72 billion as of September 30, 2024. The year-over-year increase was impacted by the $467 million in loans acquired in the SimplyBank acquisition. Organic growth was primarily driven by increases in Commercial Construction and Development, Commercial Real Estate, and Consumer Auto loans.

    Norman D. Lowery, President and Chief Executive Officer, commented “We experienced another sound quarter of loan growth and record net interest income. During the quarter our net interest margin expanded, and we expect continued improvement in coming quarters.”

    Average Total Deposits

    Average total deposits for the quarter ended December 31, 2024, were $4.76 billion versus $4.05 billion as of December 31, 2023, an increase of $706 million or 17.44%. Increases in average deposits year-over-year were mostly a result of the acquisition of SimplyBank. On a linked quarter basis, average deposits increased $52 million, or 1.10% from $4.71 billion as of September 30, 2024.

    Total Deposits

    Total deposits were $4.72 billion as of December 31, 2024, compared to $4.09 billion as of December 31, 2023, a $629 million increase, or 15.37%. On a linked quarter basis, total deposits increased $1.4 million, or 0.03%. $622 million in deposits were acquired in the SimplyBank acquisition. Non-interest bearing deposits were $859.0 million, and time deposits were $749.4 million as of December 31, 2024, compared to $750.3 million and $515.7 million, respectively for the same period of 2023.

    Shareholders’ Equity

    Shareholders’ equity at December 31, 2024, was $549.0 million compared to $528.0 million on December 31, 2023. During the last twelve months, the Corporation has not repurchased any shares of its common stock. 518,860 shares remain available for repurchase under the current repurchase authorization. The Corporation paid a $0.45 per share quarterly dividend in October and declared a $0.51 quarterly dividend, which was paid on January 15, 2025.

    Book Value Per Share

    Book Value per share was $46.36 as of December 31, 2024, compared to $44.76 as of December 31, 2023, an increase of $1.60 per share, or 3.57%. Tangible Book Value per share was $36.10 as of December 31, 2024, compared to $36.91 as of December 31, 2023.

    Tangible Common Equity to Tangible Asset Ratio

    The Corporation’s tangible common equity to tangible asset ratio was 7.86% at December 31, 2024, compared to 9.15% at December 31, 2023.

    Net Interest Income

    Net interest income for the fourth quarter of 2024 was a record $49.6 million, compared to $39.6 million reported for the same period of 2023, an increase of $10.0 million, or 25.29%.

    Net Interest Margin

    The net interest margin for the quarter ended December 31, 2024, was 3.94% compared to the 3.63% reported at December 31, 2023. On a linked quarterly basis, the net interest margin increased 16 basis points from 3.78% at September 30, 2024.

    Nonperforming Loans

    Nonperforming loans as of December 31, 2024, were $13.3 million versus $24.6 million as of December 31, 2023. The ratio of nonperforming loans to total loans and leases was 0.35% as of December 31, 2024, versus 0.78% as of December 31, 2023. The decrease in nonperforming loans is due to a commercial relationship that was downgraded in fourth quarter 2023 and subsequently resolved in 2024.

    Credit Loss Provision

    The provision for credit losses for the three months ended December 31, 2024, was $2.0 million, compared to $2.5 million for the fourth quarter 2023.

    Net Charge-Offs

    Fourth quarter net charge-offs were $1.4 million compared to $1.8 million in the same period of 2023.

    Allowance for Credit Losses

    The Corporation’s allowance for credit losses as of December 31, 2024, was $46.7 million compared to $39.8 million as of December 31, 2023. The allowance for credit losses as a percent of total loans was 1.22% as of December 31, 2024, compared to 1.26% as of December 31, 2023. On a linked quarter basis, the allowance for credit losses as a percent of total loans decreased 2 basis points from 1.24% as of September 30, 2024. The Corporation recorded $8.5 million in allowance for the acquisition of SimplyBank, which included $3 million to record purchased credit deteriorated (“PCD”) reserves.

    Non-Interest Income

    Non-interest income for the three months ended December 31, 2024 and 2023 was $12.2 million and $11.2 million, respectively.

    Non-Interest Expense

    Non-interest expense for the three months ended December 31, 2024, was $39.8 million compared to $34.2 million in 2023. This includes an overall increase in operating expenses as a result of the acquisition.

    Efficiency Ratio

    The Corporation’s efficiency ratio was 62.98% for the quarter ending December 31, 2024, versus 65.62% for the same period in 2023.

    Income Taxes

    Income tax expense for the three months ended December 31, 2024, was $3.8 million versus $1.7 million for the same period in 2023. The effective tax rate for 2024 was 17.28% compared to 16.31% for 2023.

    About First Financial Corporation

    First Financial Corporation (NASDAQ:THFF) is the holding company for First Financial Bank N.A., which is the fifth oldest national bank in the United States, operating 83 banking centers in Illinois, Indiana, Kentucky, Tennessee, and Georgia. Additional information is available at www.first-online.bank.

    Investor Contact:
    Rodger A. McHargue
    Chief Financial Officer
    P: 812-238-6334
    E: rmchargue@first-online.com

                                           
                                           
      Three Months Ended   Year Ended
      December 31,    September 30,   December 31,    December 31,    December 31, 
      2024      2024      2023      2024      2023
    END OF PERIOD BALANCES                                      
    Assets $ 5,560,348     $ 5,483,351     $ 4,851,146     $ 5,560,348     $ 4,851,146  
    Deposits $ 4,718,914     $ 4,717,489     $ 4,090,068     $ 4,718,914     $ 4,090,068  
    Loans, including net deferred loan costs $ 3,837,141     $ 3,715,235     $ 3,167,821     $ 3,837,141     $ 3,167,821  
    Allowance for Credit Losses $ 46,732     $ 46,169     $ 39,767     $ 46,732     $ 39,767  
    Total Equity $ 549,041     $ 565,951     $ 527,976     $ 549,041     $ 527,976  
    Tangible Common Equity (a) $ 427,470     $ 446,786     $ 435,405     $ 427,470     $ 435,405  
                                           
    AVERAGE BALANCES                                           
    Total Assets $ 5,516,036     $ 5,483,572     $ 4,725,297     $ 5,154,320     $ 4,802,448  
    Earning Assets $ 5,196,352     $ 5,165,520     $ 4,485,766     $ 4,871,293     $ 4,564,135  
    Investments $ 1,311,415     $ 1,342,037     $ 1,279,821     $ 1,310,263     $ 1,358,661  
    Loans $ 3,790,515     $ 3,705,779     $ 3,133,267     $ 3,468,534     $ 3,111,784  
    Total Deposits $ 4,757,438     $ 4,705,614     $ 4,050,968     $ 4,405,679     $ 4,106,132  
    Interest-Bearing Deposits $ 3,925,740     $ 4,403,454     $ 3,291,931     $ 3,767,259     $ 3,304,816  
    Interest-Bearing Liabilities $ 134,553     $ 157,227     $ 206,778     $ 166,377     $ 199,551  
    Total Equity $ 556,330     $ 546,912     $ 463,004     $ 535,963     $ 486,572  
                                           
    INCOME STATEMENT DATA                                           
    Net Interest Income $ 49,602     $ 47,170     $ 39,590     $ 174,986     $ 167,262  
    Net Interest Income Fully Tax Equivalent (b) $ 50,985     $ 48,630     $ 40,942     $ 180,586     $ 172,716  
    Provision for Credit Losses $ 2,000     $ 9,400     $ 2,495     $ 16,166     $ 7,295  
    Non-interest Income $ 12,213     $ 11,223     $ 11,247     $ 42,772     $ 42,702  
    Non-interest Expense $ 39,801     $ 38,564     $ 34,244     $ 144,438     $ 130,176  
    Net Income $ 16,241     $ 8,741     $ 12,420     $ 47,275     $ 60,672  
                                           
    PER SHARE DATA                                           
    Basic and Diluted Net Income Per Common Share $ 1.37     $ 0.74     $ 1.06     $ 4.00     $ 5.08  
    Cash Dividends Declared Per Common Share $ 0.51     $ 0.45     $ 0.45     $ 1.86     $ 0.99  
    Book Value Per Common Share $ 46.36     $ 47.93     $ 44.76     $ 46.36     $ 44.76  
    Tangible Book Value Per Common Share (c) $ 36.77     $ 36.22     $ 31.47     $ 36.10     $ 36.91  
    Basic Weighted Average Common Shares Outstanding   11,824       11,808       11,772       11,812       11,937  

    ______________________________
    (a)   Tangible common equity is a non-GAAP financial measure derived from GAAP-based amounts. We calculate tangible common equity by excluding goodwill and other intangible assets from shareholder’s equity.
    (b)   Net interest income fully tax equivalent is a non-GAAP financial measure derived from GAAP-based amounts. We calculate net interest income fully tax equivalent by adding back the tax equivalent factor of tax exempt income to net interest income. We calculate the tax equivalent factor of tax exempt income by dividing tax exempt income by the net of tax rate of 75%.
    (c)   Tangible book value per common share is a non-GAAP financial measure derived from GAAP-based amounts. We calculate the factor by dividing average tangible common equity by average shares outstanding. We calculate average tangible common equity by excluding average intangible assets from average shareholder’s equity.

                                   
    Key Ratios Three Months Ended   Year Ended  
      December 31,      September 30,      December 31,      December 31,      December 31,  
      2024         2024         2023         2024         2023  
    Return on average assets 1.18   % 0.64   % 1.05   % 0.92   % 1.26   %
    Return on average common shareholder’s equity 11.68   % 6.39   % 10.73   % 8.82   % 12.47   %
    Efficiency ratio 62.98   % 64.43   % 65.62   % 64.67   % 60.43   %
    Average equity to average assets 10.09   % 9.97   % 9.80   % 10.40   % 10.13   %
    Net interest margin (a) 3.94   % 3.78   % 3.63   % 3.71   % 3.78   %
    Net charge-offs to average loans and leases 0.15   % 0.49   % 0.22   % 0.35   % 0.23   %
    Credit loss reserve to loans and leases 1.22   % 1.24   % 1.26   % 1.22   % 1.26   %
    Credit loss reserve to nonperforming loans 351.37   % 326.65   % 161.94   % 351.37   % 161.94   %
    Nonperforming loans to loans and leases 0.35   % 0.38   % 0.78   % 0.35   % 0.78   %
    Tier 1 leverage 10.38   % 10.25   % 12.14   % 10.38   % 12.14   %
    Risk-based capital – Tier 1 12.43   % 13.63   % 14.76   % 12.43   % 14.76   %

    ______________________________
    (a)   Net interest margin is calculated on a tax equivalent basis.

                                           
    Asset Quality Three Months Ended   Year Ended
      December 31,       September 30,      December 31,       December 31,       December 31, 
      2024   2024   2023   2024   2023
    Accruing loans and leases past due 30-89 days $ 22,486     $ 16,391     $ 20,168     $ 22,486     $ 20,168  
    Accruing loans and leases past due 90 days or more $ 1,821     $ 1,517     $ 960     $ 1,821     $ 960  
    Nonaccrual loans and leases $ 11,479     $ 12,617     $ 23,596     $ 11,479     $ 23,596  
    Other real estate owned $ 523     $ 169     $ 107     $ 523     $ 107  
    Nonperforming loans and other real estate owned $ 13,823     $ 14,303     $ 24,663     $ 13,823     $ 24,663  
    Total nonperforming assets $ 16,719     $ 17,179     $ 27,665     $ 16,719     $ 27,665  
    Gross charge-offs $ 3,070     $ 6,936     $ 3,976     $ 19,289     $ 15,496  
    Recoveries $ 1,633     $ 2,365     $ 2,213     $ 7,082     $ 8,188  
    Net charge-offs/(recoveries) $ 1,437     $ 4,571     $ 1,763     $ 12,207     $ 7,308  
                   
    Non-GAAP Reconciliations Three Months Ended December 31, 
      2024      2023
    ($in thousands, except EPS)              
    Income before Income Taxes $ 20,014     $ 14,098  
    Provision for credit losses   2,000       2,495  
    Provision for unfunded commitments   300       —  
    Pre-tax, Pre-provision Income $ 22,314     $ 16,593  
                 
    Non-GAAP Reconciliations Year Ended December 31, 
      2024      2023
    ($ in thousands, except EPS)            
    Income before Income Taxes $ 57,154     $ 72,493  
    Provision for credit losses   16,166       7,295  
    Provision for unfunded commitments   100       (100 )
    Pre-tax, Pre-provision Income $ 73,420     $ 79,688  
               
    CONSOLIDATED BALANCE SHEETS
    (Dollar amounts in thousands, except per share data)
               
      December 31,       December 31, 
      2024   2023
      (unaudited)
    ASSETS          
    Cash and due from banks $ 93,526     $ 76,759  
    Federal funds sold   820       282  
    Securities available-for-sale   1,195,990       1,259,137  
    Loans:          
    Commercial   2,196,351       1,817,526  
    Residential   967,386       695,788  
    Consumer   668,058       646,758  
        3,831,795       3,160,072  
    (Less) plus:            
    Net deferred loan costs   5,346       7,749  
    Allowance for credit losses   (46,732 )     (39,767 )
        3,790,409       3,128,054  
    Restricted stock   17,555       15,364  
    Accrued interest receivable   26,934       24,877  
    Premises and equipment, net   81,508       67,286  
    Bank-owned life insurance   128,766       114,122  
    Goodwill   100,026       86,985  
    Other intangible assets   21,545       5,586  
    Other real estate owned   523       107  
    Other assets   102,746       72,587  
    TOTAL ASSETS $ 5,560,348     $ 4,851,146  
               
    LIABILITIES AND SHAREHOLDERS’ EQUITY            
    Deposits:            
    Non-interest-bearing $ 859,014     $ 750,335  
    Interest-bearing:          
    Certificates of deposit exceeding the FDIC insurance limits   144,982       92,921  
    Other interest-bearing deposits   3,714,918       3,246,812  
        4,718,914       4,090,068  
    Short-term borrowings   187,057       67,221  
    FHLB advances   28,120       108,577  
    Other liabilities   77,216       57,304  
    TOTAL LIABILITIES   5,011,307       4,323,170  
               
    Shareholders’ equity            
    Common stock, $.125 stated value per share;            
    Authorized shares-40,000,000            
    Issued shares-16,165,023 in 2024 and 16,137,220 in 2023            
    Outstanding shares-11,842,539 in 2024 and 11,795,024 in 2023   2,018       2,014  
    Additional paid-in capital   145,927       144,152  
    Retained earnings   687,366       663,726  
    Accumulated other comprehensive income/(loss)   (132,285 )     (127,087 )
    Less: Treasury shares at cost-4,322,484 in 2024 and 4,342,196 in 2023   (153,985 )     (154,829 )
    TOTAL SHAREHOLDERS’ EQUITY   549,041       527,976  
    TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 5,560,348     $ 4,851,146  
     
    CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
    (Dollar amounts in thousands, except per share data)
                     
      Year Ended
      December 31, 
      2024      2023   2022
      (unaudited)
    INTEREST INCOME:                
    Loans, including related fees $ 226,262     $ 189,641     $ 146,295  
    Securities:                  
    Taxable   24,237       24,643       21,014  
    Tax-exempt   10,533       10,573       9,974  
    Other   3,710       3,540       6,018  
    TOTAL INTEREST INCOME   264,742       228,397       183,301  
    INTEREST EXPENSE:                   
    Deposits   81,071       51,694       16,743  
    Short-term borrowings   4,284       5,370       1,243  
    Other borrowings   4,401       4,071       273  
    TOTAL INTEREST EXPENSE   89,756       61,135       18,259  
    NET INTEREST INCOME   174,986       167,262       165,042  
    Provision for credit losses   16,166       7,295       (2,025 )
    NET INTEREST INCOME AFTER PROVISION                   
    FOR LOAN LOSSES   158,820       159,967       167,067  
    NON-INTEREST INCOME:                  
    Trust and financial services   5,468       5,155       5,155  
    Service charges and fees on deposit accounts   29,653       28,079       27,540  
    Other service charges and fees   999       801       665  
    Securities gains (losses), net   103       (1 )     3  
    Interchange income   655       676       559  
    Loan servicing fees   1,259       1,176       1,554  
    Gain on sales of mortgage loans   1,153       966       1,994  
    Other   3,482       5,850       9,246  
    TOTAL NON-INTEREST INCOME   42,772       42,702       46,716  
    NON-INTEREST EXPENSE:                   
    Salaries and employee benefits   74,555       68,525       65,555  
    Occupancy expense   9,616       9,351       9,764  
    Equipment expense   17,612       14,020       12,391  
    FDIC Expense   2,788       2,907       2,327  
    Other   39,867       35,373       35,986  
    TOTAL NON-INTEREST EXPENSE   144,438       130,176       126,023  
    INCOME BEFORE INCOME TAXES   57,154       72,493       87,760  
    Provision for income taxes   9,879       11,821       16,651  
    NET INCOME   47,275       60,672       71,109  
    OTHER COMPREHENSIVE INCOME (LOSS)                   
    Change in unrealized gains/(losses) on securities, net of reclassifications and taxes   (9,807 )     10,896       (144,570 )
    Change in funded status of post retirement benefits, net of taxes   4,609       1,991       7,022  
    COMPREHENSIVE INCOME (LOSS) $ 42,077     $ 73,559     $ (66,439 )
    PER SHARE DATA                   
    Basic and Diluted Earnings per Share $ 4.00     $ 5.08     $ 5.82  
    Weighted average number of shares outstanding (in thousands)   11,812       11,937       12,211  

    The MIL Network –

  • MIL-OSI United Nations: UNRWA delivers bulk of aid in Gaza, as destruction mounts in West Bank

    Source: United Nations 4

    Peace and Security

    Some 30,000 residents from Jenin refugee camp in the occupied West Bank have fled their homes after large swathes of it were destroyed in a series of controlled detonations by the Israeli security forces (ISF), the UN agency for Palestine refugees (UNRWA) said on Tuesday.

    UNRWA’s communications director Juliette Touma described catastrophic scenes at the camp, where some 100 buildings had been “destroyed or heavily damaged” by the detonations at the weekend.

    The camp’s residents had “endured the impossible”, she said, after nearly two months of “unceasing and escalating violence” linked to the Israeli military operation.

    “The detonation on Sunday was when children were supposed to go back to school,” Ms. Touma explained, adding that the 13 UNRWA schools in the camp and its surrounding areas remain closed, depriving 5,000 children of education.

    Israeli ban

    UNRWA faces unprecedented challenges to continue carrying out its work following the Israeli parliament’s adoption in October last year of two laws banning its operations in Israeli territory and prohibiting Israeli authorities from having any contact with the agency. The Knesset laws entered into force last Thursday.

    Still, Ms. Touma said that to this day, the Government of Israel has “not communicated to UNRWA how they intend to implement” the laws.

    The agency’s teams are “staying and delivering” in the remaining parts of the West Bank, Ms. Touma said, with basic services, including primary healthcare and education ongoing.

    “Schools and clinics remain open, including in occupied East Jerusalem, providing services to refugees,” the UNRWA spokesperson said. “We are seeing attendance at UNRWA schools at over 80 to 85 per cent.”

    Ms. Touma also reported a “steady increase” in the number of patients visiting the UNRWA health centres in the West Bank, with one clinic in East Jerusalem recording more than 400 patients a day.

    Turning to the Gaza Strip, where humanitarian needs are sky-high, Ms. Touma said that the “biggest priority” for UNRWA teams there is distributing supplies from 4,200 aid trucks that have entered the enclave since the start of the ceasefire on 19 January.

    This is the target number that was set as part of the initial phase of the ceasefire and represents a welcome boost for the people of Gaza whose needs remain enormous – particularly among the hundreds of thousands of people who have returned to the shattered north.

    More trucks are expected to arrive later this week, Ms. Touma said, adding that “hundreds of trucks” are waiting to enter Gaza from Egypt and Jordan.

    Truce opportunity

    The first phase of the temporary truce between Israel and Hamas followed more than 15 months of war which in which some 46,000 Palestinians were killed, according to the Gaza health authorities. The conflict was sparked by the 7 October 2023 Hamas-led attacks on Israel, in which some 1,200 people were killed and 250 were taken hostage.

    Ms. Touma stressed that UNRWA has brought in 60 per cent of all supplies that came into Gaza since the ceasefire began and that the “vast majority” of the aid is distributed by the agency which has more than 5,000 staff there. A fifth of them are health workers, Ms. Touma added, underscoring UNRWA’s major role as a primary healthcare provider in the enclave, offering an average of 17,000 daily consultations.

    Following the Knesset ban, UN chief António Guterres and the heads of many UN agencies insisted that UNRWA is irreplaceable in the Occupied Palestinian Territory.

    Besides obstacles stemming from the new Israeli legislation, the agency’s operations are also constantly in jeopardy because of its “very bad” financial health, Ms. Touma said. The United States, notably, had stopped funding UNRWA as of January 2024.

    The UNRWA spokesperson said that the agency was able to pay salaries to its workers last month but had limited visibility over its financial situation, calling the funding crisis “endemic”.

    MIL OSI United Nations News –

  • MIL-OSI: ThinkMarkets wins ‘Newcomer of the Year 2024’ at TradingView awards

    Source: GlobeNewswire (MIL-OSI)

    LONDON, Feb. 04, 2025 (GLOBE NEWSWIRE) — ThinkMarkets, a leading online trading provider, recently announced that it received an award from TradingView for ‘Newcomer of the Year 2024’. 

    The annual TradingView awards aim to recognize integrated brokers on its platform that are at the forefront of global online trading and have consistently demonstrated providing their users with the best service over the last 12 months. 

    TradingView selects the winner for its nominated categories based on a broker’s verified client reviews, feedback, and ratings, as well as client engagement, platform uptime, and more. This ensures all awards are authentic and that only the best brokers receive recognition. 

    Commenting on the news, co-CEO, Nauman Anees, said the following: 

    “We’re delighted to win this prestigious TradingView award. Despite launching on the platform only midway through the year in July 2024 and having to compete alongside other brokers that also joined that year, we’re thrilled to have made such an impact. We’ve received an overwhelmingly positive response from both new and existing clients eager to take advantage of this offering. We’re grateful that TradingView and the wider trading community have recognized our efforts with this award, and we’ll continue to expand and improve our offering to ensure we remain a leading choice among traders on TradingView.” 

    ThinkMarkets also took the opportunity to express a big thank you for the continued support from its clients, partners, and employees who have all helped in their efforts to achieve this prestigious award. 

    For more information and the latest updates, users can visit: www.thinkmarkets.com 

    About ThinkMarkets
    ThinkMarkets is a global, multi-regulated online brokerage established in 2010 offering clients quick and easy access to 4,000+ CFD instruments across FX, indices, commodities, equities, and more. ThinkMarkets has offices in London, Dubai, Melbourne, and Tokyo and hubs in the Asia-Pacific, Europe, and South Africa. It also operates with several financial licenses around the globe and delivers some of the industry’s most recognized trading platforms, including its award-winning platform, ThinkTrader.

    Contact

    ThinkMarkets
    pr@thinkmarkets.com

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a0daee5a-f695-4bad-8f7e-faf0c960bd58

    The MIL Network –

  • MIL-OSI Global: Smart brands rein in ad spending when a rival faces a setback − here’s why

    Source: The Conversation – USA – By Vivek Astvansh, Associate Professor of Quantitative Marketing and Analytics, McGill University

    When a rival business stumbles, it’s both a threat and an opportunity. Matt Molloy via Getty Images Plus

    Imagine: You’re in charge of marketing for a major automaker, and your biggest competitor just recalled thousands of vehicles. Now customers are worried about the safety of cars like yours. Do you seize the moment and ramp up advertising to steal market share? Or do you pull back on ads, fearing that customers will connect your brand with the bad press?

    For what marketing professors like me call “substitute brands,” this sort of dilemma pops up all the time. Whether it’s a product recall, a customer data breach or a scandal, bad news for one brand can shake customers’ confidence in an entire product category.

    The big question: Should competitors respond by increasing or decreasing their advertising? And will these adjustments help or hurt sales?

    At first glance, the answer might seem obvious. More ad spending should mean bigger market share, right? But the reality is more complex. In a recent study looking at how 62 car brands responded to a 2014 recall, my colleagues and I found that, on average, when a rival brand issues a recall, its competitors cut their ad spending in half. In other words, most brands treat a rival’s crisis as a threat rather than an opportunity.

    And when we looked at the ads’ content, we saw something even more interesting. When a rival brand stumbled, we found substitutes boosted their price-focused advertising by 25% on average, likely in an attempt to attract deal seekers. At the same time, they cut quality-focused advertising by 71%, possibly to avoid drawing unwanted comparisons.

    And here’s the kicker: This strategy works.

    We found, on average, a rival’s recall raises a substitute’s monthly sales by 35.3% – and the more a brand pulls back on ad spending, the greater the effect. So, when a competitor falters, the best response isn’t necessarily to shout louder. Instead, the data suggests a smarter play: Spend strategically, focus on price messaging, and avoid drawing attention to quality comparisons.

    How we did our work

    To understand how brands respond when a competitor faces a crisis, we focused on a real-world case: Volkswagen’s recall of nearly half a million cars branded under the Sagitar model in October 2014. This provided the perfect opportunity to study how rival brands adjusted their advertising strategies.

    We identified Sagitar’s substitute models – 62 other sedans in the A-class category, sold by more than 30 manufacturers – and collected data on sales and ad spending across 308 media markets in the months before and after the recall. We then did a statistical analysis, controlling for several other variables that could influence ad spending.

    Why it matters

    Prior research offers mixed guidance on how a substitute brand should adjust its ad spending after a rival’s marketing crisis. Anecdotal evidence from the automotive and consumer goods industries is also mixed. For example, after Samsung recalled its Galaxy Note 7 in 2016 due to faulty batteries, competing phonemakers aggressively ramped up their advertising in an attempt to increase their market share.

    Similarly, in 2010, after a Toyota recall, General Motors offered incentives for Toyota owners to switch to a GM car. GM’s chief marketing officer positioned these incentives as GM’s way to meet car buyers’ desire for peace of mind, and reports suggest that GM’s and other rival carmakers’ sales increased following Toyota’s recall.

    But my team’s research suggests that this sort of strategy might not be the best one. Sometimes, saying less actually says more.

    The Research Brief is a short take on interesting academic work.

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

    – ref. Smart brands rein in ad spending when a rival faces a setback − here’s why – https://theconversation.com/smart-brands-rein-in-ad-spending-when-a-rival-faces-a-setback-heres-why-248842

    MIL OSI – Global Reports –

  • MIL-OSI USA: Budd, Tillis, Rouzer Introduce Bill to Ensure Aid Access for All Types of WNC Homes

    US Senate News:

    Source: United States Senator Ted Budd (R-North Carolina)

    Washington, D.C. — Senators Ted Budd (R-NC), Thom Tillis (R-NC), along with Reps. David Rouzer (R-NC), Jerry Nadler (D-NY), Ritchie Torres (D-NY), and Brittany Pettersen (D-CO) have introduced the Disaster Assistance Fairness Act.

    The bill would require the President to direct the Federal Emergency Management Agency (FEMA) to remove debris from real estate owned by homeowners associations and condominiums when a state or local government determines the debris and wreckage constitute a threat to life, public health, or safety, or the economic recovery of the community.

    The bill would also clarify that FEMA should provide homeowners with financial assistance for the repair of “essential common elements,” such as roofs, heating and cooling equipment, stairwells, and plumbing or electricity.

    Senator Budd said in a statement:

    “The scope of the devastation in Western North Carolina continues to require the federal government to work quickly to help folks in their time of need. Our legislation will cut through red tape and remove dangerous debris from mountain homes. It will also make sure that all North Carolinians are eligible for disaster assistance regardless of the type of community they live in.  I will continue to work with my colleagues to provide Western North Carolina with the assistance they need, as quickly as possible.”

    Senator Tillis said:

    “As I have said since Helene struck Western North Carolina, we must respond differently to natural disasters. This commonsense bill ensures that everyone, no matter where they live, has access to the same critical resources and assistance programs they need to restore their homes and recover after a disaster.”

    Rep. Rouzer:

    “Last year’s hurricane season reminded us natural disasters do not discriminate among neighborhoods, location, or housing arrangements.  No matter your living situation, every individual deserves the same access and support in recovery. Yet, under FEMA’s current eligibility rules, certain individuals in condos, co-ops, and homeowner associations do not have access to Individual Assistance to cover the damage of common elements, often requiring increased costs for individuals to rebuild. This Disaster Assistance Fairness Act allows these individuals to receive the same assistance as everyone else.”

    MIL OSI USA News –