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Category: Economy

  • MIL-OSI: Viper Energy, Inc., A Subsidiary of Diamondback Energy, Inc., Announces Drop Down Transaction and Operations Update

    Source: GlobeNewswire (MIL-OSI)

    MIDLAND, Texas, Jan. 30, 2025 (GLOBE NEWSWIRE) — Viper Energy, Inc. (NASDAQ:VNOM) (“Viper” or the “Company”), a subsidiary of Diamondback Energy, Inc. (NASDAQ:FANG) (“Diamondback”), today provided an update on Q4 2024 financial and operating results.

    FOURTH QUARTER HIGHLIGHTS

    • Q4 2024 average daily production of 29,859 bo/d (56,109 boe/d)
    • Q4 2024 average unhedged realized prices of $69.91 per barrel of oil, $0.84 per Mcf of natural gas, and $22.15 per barrel of natural gas liquids
    • During the fourth quarter of 2024, the Company recorded total operating income of $228.7 million
    • Declared Q4 2024 combined base-plus-variable dividend of $0.65 per Class A common share; payable on March 13, 2025 to Class A shareholders of record at the close of business on March 6, 2025

    Additionally, the Company announced today it and its operating subsidiary Viper Energy Partners LLC (“OpCo”) have entered into a definitive purchase and sale agreement to acquire all of the equity interests of certain mineral and royalty-interest owning subsidiaries of Diamondback in exchange for $1.0 billion of cash and approximately 69.6 million OpCo units (along with an accompanying equal amount of Class B common stock of the Company), subject to customary adjustments (the “Drop Down”). The transaction was negotiated for the Company by the Audit Committee of its Board of Directors, which consists solely of independent directors and is appointed by the Board of Directors to oversee all related party transactions. The cash portion of this transaction is expected to be funded through a combination of cash on hand, borrowings under the Company’s credit facility, and proceeds from one or more capital markets transactions, subject to market conditions and other factors. The Company expects the transaction to close in the second quarter of 2025, subject to the satisfaction of customary closing conditions, including the approval of the transaction by a majority of the Company’s stockholders not affiliated with Diamondback.

    The Company today also announced it and OpCo have entered into a separate definitive purchase and sale agreement to acquire certain mineral and royalty interests from Morita Ranches Minerals LLC in exchange for approximately $211 million of cash and approximately 2.4 million OpCo units (along with an accompanying equal amount of Class B common stock of the Company), subject to customary adjustments (the “Quinn Ranch Acquisition” and together with the Drop Down, the “Pending Acquisitions”). The cash portion of this transaction is expected to be funded through a combination of cash on hand and borrowings under the Company’s credit facility. The Company expects the transaction to close during the first quarter of 2025, subject to customary closing conditions.

    PENDING ACQUISITIONS COMBINED HIGHLIGHTS

    • Approximately 23,100 net royalty acres (“NRAs”) in the Midland Basin; additional acreage in the Delaware and Williston Basins (approximately 1,700 NRAs combined)
    • Diamondback operates >70% of the Midland Basin NRAs with an approximately 5.0% average net revenue interest (“NRI”) across high-quality and largely undeveloped acreage
    • Expected average daily oil production for full year 2025 of approximately 18,000 bo/d (32,000 boe/d); includes contribution from Diamondback’s expected development plan (11.0-12.0 net 100% royalty interest wells) and 6.7 net existing DUCs and permits operated by third party operators
    • Viper currently expects Diamondback to complete roughly 300-325 gross locations on the acquired properties in 2026 with an estimated average ~6.0% NRI; expected to drive an increase in Diamondback-operated production from an average of approximately of 11,000 bo/d in 2025 to approximately 14,000 bo/d in 2026
    • Third party operated acreage located primarily in Martin, Midland, and Reagan counties; ExxonMobil (~35% of third party operated acreage) is the largest operator with diversified exposure to other leading well-capitalized operators in the Midland Basin
    • Substantial near and long-term financial accretion; expected to be >10% accretive to cash available for distribution per Class A share immediately upon closing
    • Each of the Pending Acquisitions has an effective date of January 1, 2025

    PRO FORMA VIPER HIGHLIGHTS

    • Giving effect to only the assumed closing of the Quinn Ranch Acquisition during Q1 2025, initiating average daily production guidance for Q1 2025 of 30,000 to 31,000 bo/d (54,000 to 56,000 boe/d)
    • Upon the assumed closing of the Drop Down during Q2 2025, expect average daily production for the balance of 2025 in the range of 47,000 to 49,000 bo/d (85,000 to 88,000 boe/d); the midpoint is approximately 61% higher than standalone Viper’s Q4 2024 average daily oil production
    • Based on Diamondback’s expected development plans, Viper expects its Diamondback-operated production to increase to approximately 31,000 bo/d in 2026, up from approximately 27,000 bo/d on a pro forma basis in 2025
    • Viper expects to own an interest in approximately 75% of the total amount of gross wells that Diamondback would plan to develop over the next five years at today’s activity levels; expect to own an estimated ~6.0% NRI in these wells
    • Total inventory of Diamondback-operated locations with a greater than 10% IRR at $50 WTI of approximately 334 net locations
    • Approximately 60,200 NRAs in the Permian Basin, approximately 36,300 of which are operated by Diamondback; represents increases of approximately 70% and 90%, respectively
    • Maintaining return of capital commitment of at least 75% of cash available for distribution
    • Conservative leverage of <1.0x expected at year-end 2025 based on current commodity prices

    “We are excited to announce today the highly anticipated, transformative Drop Down transaction between Viper and Diamondback. This transaction, combined with the Quinn Ranch Acquisition, furthers Viper’s alignment with Diamondback’s expected development plan and positions Viper to continue to deliver organic growth driven by the Diamondback drillbit for multiple years ahead. The pro forma size and scale provided to Viper, and the continued support of our parent company, meaningfully enhances the unmatched advantage Viper has in the minerals and royalty market,” stated Travis Stice, Chief Executive Officer of Viper.

    Mr. Stice continued, “In addition to being immediately accretive to all relevant financial metrics, this conservatively financed transaction also reduces Viper’s pro forma leverage to below 1.0x. Looking ahead, Viper’s leading scale and fortress balance sheet will enable the Company to continue to opportunistically consolidate the highly fragmented minerals market through a disciplined and focused approach.”

    Advisors

    Evercore is serving as financial advisor to the Audit Committee of Viper’s Board of Directors and Hunton Andrews Kurth LLP is serving as the Audit Committee’s legal advisor for the Drop Down.

    RBC Capital Markets is serving as financial advisor to Diamondback and Kirkland & Ellis LLP is serving as its legal advisor for the Drop Down.

    For the Quinn Ranch Acquisition, Akin Gump Strauss Hauer & Feld LLP is serving as Viper’s legal advisor and Vinson & Elkins LLP is serving as legal advisor for Morita Ranches Minerals LLC.

    About Viper Energy, Inc.

    Viper is a corporation formed by Diamondback to own, acquire and exploit oil and natural gas properties in North America, with a focus on owning and acquiring mineral and royalty interests in oil-weighted basins, primarily the Permian Basin. For more information, please visit www.viperenergy.com.

    About Diamondback Energy, Inc.

    Diamondback is an independent oil and natural gas company headquartered in Midland, Texas focused on the acquisition, development, exploration and exploitation of unconventional, onshore oil and natural gas reserves primarily in the Permian Basin in West Texas. For more information, please visit www.diamondbackenergy.com.

    Forward-Looking Statements

    This news release contains forward-looking statements within the meaning of the federal securities laws, which involve certain risks, uncertainties and assumptions that could cause the results to differ materially from those expected by the management of Viper. All statements, other than historical facts, that address activities that Viper assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. The forward-looking statements are based on management’s current beliefs, based on currently available information, as to the outcome and timing of future events, including specifically the statements regarding the pending acquisitions discussed in this news release and any potential capital markets transactions and other funding sources for the pending acquisitions, as well as statements regarding the pro forma results for the pending acquisitions and Viper’s operating and financial expectations following those acquisitions, including existing and future production on the mineral and royalty acreage subject to the pending acquisitions and Diamondback’s plans with respect to such Diamondback-operated acreage.

    Factors that could cause the outcomes to differ materially include (but are not limited to) the following: the completion of the pending acquisitions on anticipated terms and timing or at all, including obtaining the requisite regulatory and stockholder approvals for the Pending Drop Down, the satisfaction of other conditions to the pending acquisitions, uncertainties as to whether the pending acquisitions, if consummated, will achieve their anticipated benefits within the expected time periods or at all, and those risks described in Item 1A of Viper’s Annual Report on Form 10-K, filed with the SEC on February 22, 2024, subsequent Forms 10-Q and 8-K and other filings Viper makes with the SEC, which can be obtained free of charge on the SEC’s website at http://www.sec.gov and Viper’s website at www.viperenergy.com/investor-overview, as well as those risks that will be more fully described in the definitive proxy statement on Schedule 14A that is intended to be filed with the SEC in connection with the Pending Drop Down.

    In light of these factors, the events anticipated by Viper’s forward-looking statements may not occur at the time anticipated or at all. Moreover, Viper conducts its business in a very competitive and rapidly changing environment and new risks emerge from time to time. Viper cannot predict all risks, nor can it assess the impact of all factors on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those anticipated by any forward-looking statements it may make. Accordingly, you should not place undue reliance on any forward-looking statements. All forward-looking statements speak only as of the date of this news release or, if earlier, as of the date they were made. Viper does not intend to, and disclaims any obligation to, update or revise any forward-looking statements unless required by applicable law.

    Additional Information about the Pending Drop Down and Where to Find It

    In connection with the Pending Drop Down, Viper expects to file relevant materials with the SEC including a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, Viper will mail the definitive proxy statement to each stockholder entitled to vote at the special meeting relating to the Pending Drop Down. This news release is not a substitute for the proxy statement or for any other document that Viper may file with the SEC and send to its stockholders in connection with the Pending Drop Down. INVESTORS AND STOCKHOLDERS ARE URGED TO CAREFULLY READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO AND ANY DOCUMENTS INCORPORATED BY REFERENCE THEREIN) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE PENDING DROP DOWN THAT VIPER WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION AND THE PARTIES TO THE TRANSACTION. The definitive proxy statement, the preliminary proxy statement, and other relevant materials in connection with the Pending Drop Down (when they become available) and any other documents filed by Viper with the SEC, may be obtained free of charge at the SEC’s website www.sec.gov. Copies of the documents filed with the SEC by Viper will be available free of charge on Viper’s website at www.viperenergy.com/investor-overview.

    Participants in the Solicitation

    Viper and its directors and executive officers, and Diamondback as its parent and major stockholder, may be deemed, under SEC rules, to be participants in the solicitation of proxies from Viper’s stockholders in connection with the Pending Drop Down. Information about the directors and executive officers of Viper and, as applicable, about Diamondback, is set forth in (i) in Viper’s proxy statement for its 2024 annual meeting, including under the headings “Proposal 1—Election of Directors”, “Executive Officers”, “Compensation Discussion and Analysis”, “Compensation Tables”, “Stock Ownership” and “Certain Relationships and Related Transactions,” which was filed with the SEC on April 25, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1602065/000119312524113976/d796418ddef14a.htm, (ii) Viper’s Annual Report on Form 10-K for the year ended December 31, 2023, including under the headings “Item 10. Directors, Executive Officers and Corporate Governance”, “Item 11. Executive Compensation”, “Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters” and “Item 13. Certain Relationships and Related Transactions, and Director Independence”, which was filed with the SEC on February 22, 2024 and is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/1602065/000160206524000010/vnom-20231231.htm and (iii) subsequent statements of changes in beneficial ownership on file with the SEC.

    Additional information about Diamondback may be found in Diamondback’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 22, 2024, and subsequent quarterly reports on Form 10-Q and current reports on Form 8-K filed by Diamondback with the SEC. These documents may be obtained free of charge from the SEC’s website at www.sec.gov and Diamondback’s website at www.diamondbackenergy.com/investors.

    Additional information regarding the participants in the proxy solicitation and a description of their direct or indirect interests, by security holdings or otherwise, will be contained in the proxy statement and other relevant materials filed with the SEC when they become available. These documents may be obtained free of charge from the SEC’s website at www.sec.gov and Viper’s website at www.viperenergy.com/investor-overview.

    No Offer or Solicitation

    This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

    Investor Contact:

    Austen Gilfillian
    +1 432.221.7420
    agilfillian@diamondbackenergy.com

    Source: Viper Energy, Inc.; Diamondback Energy, Inc.

    The MIL Network –

  • MIL-OSI USA: Senators Coons, Lankford introduce bill to incentivize charitable giving through tax code

    US Senate News:

    Source: United States Senator for Delaware Christopher Coons

    WASHINGTON – U.S. Senators Chris Coons (D-Del.) and James Lankford (R-Okla.) reintroduced the Charitable Act to reward Americans who give to charity and incentivize more people to donate to worthy causes. Under this new bill, Americans who donate to charities, houses of worship, religious organizations, and other nonprofits of their choice would be able to deduct that donation from their federal taxes, even if they take the standard, non-itemized deduction.

    A similar provision was first enacted in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which passed in 2020. As a result of that legislation, 90 million taxpayers benefitted from the deduction, and households making between $30,000 and $100,000 increased their charitable giving the most. Charitable organizations received $30 billion in increased donations. 

    “Delawareans have always risen to the occasion in support of our communities,” said Senator Coons. “Last year, Americans demonstrated our generosity by donating a collective $557 billion to charities, houses of worship, and nonprofits. I am proud to reintroduce the Charitable Act with Senator Lankford to help the federal government encourage even more Americans to embrace the civic virtue of giving to those in need.”

    “America’s first safety net should never be the government—government is the least efficient caregiver by far. Our families, churches, and other nonprofits do incredible work to lift up those who need it most. Updating the tax law to incentivize giving empowers Americans to make an even bigger impact for the homeless, hurting, and hungry,” said Senator Lankford. 

    This bill is supported by numerous organizations, including The National Council of Nonprofits (25,000 member organizations), Charitable Giving Coalition (175 member organizations), the Nonprofit Alliance, Faith & Giving Coalition, Leadership 18, Independent Sector, YMCA, Council on Foundations, American Endowment Foundation, Philanthropy Southwest, Christian Alliance for Orphans, Ethics & Religious Liberty Commission, United Philanthropy Forum, National Association of Charitable Gift Planners, Association of Art Museum Directors, the Evangelical Council for Financial Accountability, Association of Fundraising Professionals, Council for Advancement and Support of Education, Americans for the Arts, American Heart Association, Oklahoma Center for Nonprofits, Delaware Alliance for Nonprofit Advancement, Maryland Nonprofits, Boys and Girls Club of America, March of Dimes, and Habitat for Humanity.

    In addition to Senators Coons and Lankford, the Charitable Act is supported by Senators Catherine Cortez Masto (D-Nev.), John Hickenlooper (D-Colo.), Pete Ricketts (R-Neb.), Amy Klobuchar (D-Minn.), Raphael Warnock (D-Ga.), Jeanne Shaheen (D-N.H.), John Curtis (R-Utah), Marsha Blackburn (R-Tenn.), Jerry Moran (R-Kan.), Katie Britt (R-Ala.), and Tim Scott (R-S.C.).

    “Nonprofits are the backbone of our communities, addressing critical needs and enhancing the quality of life for all. The Charitable Act is a vital step in restoring a proven incentive that encourages generosity and empowers nonprofits to meet growing demands, even in challenging times. We applaud Senators Lankford and Coons for their leadership and steadfast commitment to strengthening the nonprofit sector, ensuring we can continue to deliver essential services and drive positive change,” said Sheila Bravo, President and CEO, Delaware Alliance for Nonprofit Advancement.

    “Bravo to Senators Lankford and Coons on this much-needed support for America’s nonprofits. They both understand from personal experience the key role the nonprofit sector plays both as a provider of critical services to millions of Americans and as a major employer in Oklahoma and nationwide. In this era of historic inflation and ever-rising costs, the need for nonprofit services has not declined—in fact, we are needed more than ever. The Charitable Act will help recreate an environment of years past where charitable givers at every level can feel incentivized and appreciated—after all, we are all in this together,” said Marnie Taylor, President & CEO, Oklahoma Center for Nonprofits. 

    “Faith & Giving heartily thanks and commends Senators James Lankford and Chris Coons for reintroducing the Charitable Act to restore a charitable deduction for taxpayers who do not itemize. Giving by individuals is the financial lifeblood of many thousands of American faith communities and faith-based organizations. Yet since 2017 individual giving to religion has fallen billions of dollars short of keeping pace with inflation. No single policy is more important for restoring the health of individual giving and faith-based charities than a non-itemizer charitable deduction like the one Congress created to stimulate giving in 2020 and 2021,” Brian Walsh, Executive Director, Faith & Giving. 

    “Nonprofits need tools like the nonitemizer deduction proposed by the Charitable Act to meet growing and changing community needs,” said YMCA of the USA President and CEO Suzanne McCormick. “We saw this policy unlock more giving when it was enacted temporarily during the pandemic, and we know that making it permanent will help YMCAs serve and support more neighbors every day. Senators Lankford and Coons recognize the important role nonprofits play in communities and understand that the universal charitable deduction helps nonprofits like the Y make their communities stronger. I’m grateful for their leadership.”

    “The temporary non-itemizer charitable deduction implemented in 2020 and 2021 led to an additional $18 billion in donations to nonprofits. As nonprofits are faced with higher demand for services, increased costs, workforce challenges, and declining donations, the Charitable Act presents an opportunity to reinstate that incentive and provide nonprofits with more resources to carry out their mission. The networks of the National Council of Nonprofits enthusiastically endorse this vital legislation and appreciate leaders like Senator Lankford and Senator Coons who continue to be stalwart champions for these efforts and the nonprofit sector,” said Diane Yentel, President & CEO, National Council of Nonprofits.

    “Generosity is a core American value that should be incentivized to help meet the evolving needs of communities,” said Kathleen Enright, Council on Foundations President and CEO. “The temporary non-itemizer deduction in the CARES Act successfully sparked more people to give. We hope Congress will cement this effective policy into law and inspire many more generous Americans to give charitably to support one another and the causes they value. We thank the House and Senate sponsors of the Charitable Act for their leadership on this issue.”

    For quotes from other organizations and non-profit leaders, please click here.

    MIL OSI USA News –

  • MIL-OSI: RBAZ Bancorp, Inc. Announces Unaudited Financial Results For the Quarter and Year Ending December 31, 2024

    Source: GlobeNewswire (MIL-OSI)

    PHOENIX, Jan. 30, 2025 (GLOBE NEWSWIRE) — RBAZ Bancorp, Inc. (OTCIQ: RBAZ) (the “Company”), parent company of Republic Bank of Arizona (the “Bank” or “RBAZ”), announced a consolidated net income of $793,000, or $0.44 per share, for the quarter ended December 31, 2024 and $3,379,000, or $1.90 per share, for the twelve months ended December 31, 2024 as compared to a consolidated net income of $688,000, or $0.38 per share, for the quarter ended December 31, 2023 and $2,460,000, or $1.36 per share, for the twelve months ended December 31, 2023.

    President and CEO Brian Ruisinger stated “I am proud to report record earnings for RBAZ in our 17-year history reflecting a 37% year-over-year increase bolstered by Q4 featuring a 15% increase over the same quarter of the prior year. Solid loan growth at higher yields coupled with deposit growth concentrated in non-interest-bearing funds resulted in a 27% net interest income improvement. This was accomplished while managing expenses allowing for an increase of only 11%. However, these expenses included $365,000 of deal costs related to our prior announcement of merging with Pima Federal Credit Union.”

    Mr. Ruisinger continued, “As an update to our May 16, 2024 announcement of our intent to join forces with Pima Federal Credit Union, RBAZ shareholders approved the transaction on August 22, 2024 and regulatory applications were accepted in January 2025 entering into the customary review period to obtain approval. We anticipate a closing date in the second quarter of this year, and additional information will be provided once approvals are obtained.”

    December 31, 2024 Company Highlights Include:

    • Total loans of $222,731,000 increased $20,902,000, or 10.4%, from December 31, 2023. This increase consisted of $51,397,000 in new loan originations and advances on construction lines of credit, offset by $29,397,000 in loan maturities and participations sold. Advances and repayments on commercial lines of credit and normal payment attrition comprised the balance of the loan activity in 2024.
    • Total deposits of $250,201,000 increased $22,029,000, or 9.7%, from December 31, 2023 and related entirely to core deposit generation, in which 74.1% was in non-interest-bearing funds. The increase in core deposits was a mix of deepening of existing relationships and cultivation of new banking relationships.
    • Total interest income increased $800,000 to $4,615,000 for the quarter ended December 31, 2024 outpacing total interest income of $3,815,000 for the same period of the prior year equating to an increase of 21.0%.
    • Cost of deposits was 2.13% for the quarter ended December 31, 2024. After peaking at 2.36% in Q1 2024, this reduction of 23 basis points indicates a turning point in the interest rate environment within the greater Phoenix market following the Federal Reserve’s rate reductions totaling 100 basis points in the second half of 2024.
    • Total non-interest expense increased $239,000 to $2,097,000 for the quarter ended December 31, 2024 compared to $1,858,000 for the same period of the prior year. However, this increase includes $365,000 in non-recurring expenses associated with the pending transaction with Pima Federal Credit Union incurred in 2024. Therefore, core operating expenses decreased $126,000 between comparative quarters resulting primarily from a reduction in professional fees and marketing expenses.

    The Bank remains “Well Capitalized” under the Community Bank Leverage Ratio (CBLR) framework as follows:

      December 31,
    2024 (%)    		   Ratio to be Well
    Capitalized (%)
    CBLR ratio 11.06   9.00


    About the Company
    RBAZ Bancorp, Inc. was established on June 10, 2021 as a single-bank holding company for its Arizona state-chartered bank subsidiary, Republic Bank of Arizona. The Company is traded over-the-counter as RBAZ.

    About the Bank
    Republic Bank of Arizona is a locally owned, community bank in Phoenix, Scottsdale and Gilbert, Arizona. RBAZ is a full service, community bank providing deposit and loan products and convenient, online and mobile banking to individuals, businesses and professionals. The Bank was established in April 2007 and is headquartered at 645 E. Missouri Avenue, Suite 108, Phoenix, AZ. Additional branches are located at 7373 N. Scottsdale Road, Suite A-195, Scottsdale, AZ and 1417 W. Elliot Road, Gilbert, AZ. The Bank is the wholly-owned subsidiary of RBAZ Bancorp, Inc. For further information, please visit our web site: www.republicbankaz.com.

    Forward-Looking Statements
    This press release may include forward-looking statements about the Company and the Bank (collectively referred to herein as the “Company”), for which the Company claims the protection of safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s knowledge and belief as of today and include information concerning the Company’s possible or assumed future financial condition and its results of operations and business. Forward-looking statements are subject to risks and uncertainties. Several important factors could cause actual results to differ materially from those in the forward-looking statements. Those factors include, but are not limited to, fluctuations in interest rates, government policies and regulations (including monetary and fiscal policies), legislation, economic conditions, borrower capacity to repay, operational factors and competition in the geographic and business areas in which the Company conducts its operations. All forward-looking statements included in this press release are based on information available at the time of the release, and the Company assumes no obligation to update any forward-looking statement.

                      Summary Company Financial Information (unaudited)
        For the three months
    ended December 31,    		 For the twelve months
    ended December 31,
        2024 2023 2024 2023
        (dollars in thousands, except per share data)
      Summary Income Data:              
      Interest income $4,615   $3,815   $17,935   $14,208  
      Interest expense 1,457   1,359   5,923   4,742  
      Net interest income 3,158   2,456   12,012   9,466  
      Provision for credit losses 233   –   627   –  
      Non-interest income 245   219   967   820  
      Non-interest expense 2,097   1,858   7,907   7,142  
      Income before provision for income tax 1,073   817   4,445   3,144  
      Provision for income tax 280   129   1,066   684  
      Net income $793   $688   $3,379   $2,460  
      Per Share Data:              
      Shares outstanding end-of-period 1,790   1,795   1,790   1,795  
      Earnings per common share $0.44   $0.38   $1.90   $1.36  
      Diluted earnings per common share $0.42   $0.37   $1.77   $1.33  
      Book value per share $13.81   $11.77   $13.81   $11.77  
      Selected Balance Sheet Data:              
      Total assets $282,511   $272,044   $282,511   $272,044  
      Securities available-for-sale, at fair value 32,731   40,998   32,731   40,998  
      Securities held-to-maturity 9,855   10,648   9,855   10,648  
      Loans 222,731   201,829   222,731   201,829  
      Allowance for credit losses 2,428   2,116   2,428   2,116  
      Deposits 250,201   228,172   250,201   228,172  
      Other borrowings 5,958   20,929   5,958   20,929  
      Shareholders’ equity 24,723   21,128   24,723   21,128  
      Performance Ratios:              
      Return on average shareholders’ equity (annualized) (%) 12.83   13.03   13.67   11.64  
      Net interest margin (%) 4.58   3.81   4.32   3.68  
      Average assets $288,408   $265,190   $289,763   $264,488  
      Return on average assets (annualized) (%) 1.10   1.04   1.17   0.93  
      Shareholders’ equity to assets (%) 8.75   7.77   8.75   7.77  
      Efficiency ratio (%) 61.62   69.46   60.92   69.43  
      Asset Quality Data:              
      Nonaccrual loans $418   $209   $418   $209  
      Loan modifications to borrowers experiencing financial difficulty $-   $-   $-   $-  
      Other real estate owned $-   $-   $-   $-  
      Nonperforming loans $418   $209   $418   $209  
      Nonperforming loans to total assets (%) 0.15   0.08   0.15   0.08  
      Nonperforming loans to total loans (%) 0.19   0.10   0.19   0.10  
      Allowance for credit losses to total loans (%) 1.09   1.05   1.09   1.05  
      Allowance for credit losses to nonperforming loans (%) 580.86   1,012.44   580.86   1,012.44  
      Net charge-offs (recoveries) for period $26   $-   $190   ($352 )
      Average loans $221,193   $192,129   $208,799   $176,146  
      Ratio of net charge-offs (recoveries) to average loans (%) 0.01   n/a   0.09   (0.20 )


    Contact:  Brian Ruisinger
    President and Chief Executive Officer
    Phone:  602.280.9404
    Email:  bruisinger@republicaz.com

    The MIL Network –

  • MIL-OSI: Federal Home Loan Bank of Atlanta Declares a 7.10% Dividend for Fourth Quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    ATLANTA, Jan. 30, 2025 (GLOBE NEWSWIRE) — The board of directors of the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) today approved a cash dividend for the fourth quarter 2024 at an annualized rate of 7.10 percent.

    “Throughout the fourth quarter of 2024, our commitment to helping members through economic uncertainty and advancing our mission remained steadfast,” said FHLBank Atlanta Chair of the Board, Thornwell Dunlap. “Our strong financial performance reflects this dedication, allowing us to return a competitive dividend to our members.”

    The dividend payout will be calculated based on members’ capital stock held during the fourth quarter of 2024 and will be credited to members’ daily investment accounts at the close of business on February 5, 2025.

    If you have questions, please contact FHLBank Atlanta’s Funding Desk at 1.800.536.9650, ext. 8011.

    About FHLBank Atlanta
    FHLBank Atlanta offers competitively-priced financing, community development grants, and other banking services to help member financial institutions make affordable home mortgages and provide economic development credit to neighborhoods and communities. The Bank’s members are commercial banks, credit unions, savings institutions, community development financial institutions, and insurance companies located in Alabama, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, and the District of Columbia. FHLBank Atlanta is one of 11 district Banks in the Federal Home Loan Bank System. Since 1990, the FHLBanks have awarded approximately $9.1 billion in Affordable Housing Program funds, assisting more than 1.2 million households.

    For more information, visit our website at www.fhlbatl.com.

    To the extent that the statements made in this announcement may be deemed as “forward-looking statements”, they are made within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, which include statements with respect to the Bank’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, intentions, and future performance, and involve known and unknown risks, uncertainties, and other factors, many of which may be beyond the Bank’s control, and which may cause the Bank’s actual results, performance, or achievements to be materially different from the future results, performance, or achievements expressed or implied by the forward-looking statements, the reader is cautioned not to place undue reliance on them, since those may not be realized due to a variety of factors, including, without limitation: legislative, regulatory changes; future economic and market conditions (including the housing market); changes in demand for advances or consolidated obligations of the Bank and/or the FHLBank System; changes in interest rates; changes in prepayment speeds, default rates, delinquencies, and losses on mortgage-backed securities; volatility of market prices, rates and indices that could affect the value of financial instruments; changes in credit ratings and/or the terms of derivative transactions; changes in product offerings; political, national, and world events; disruptions in information systems; membership changes; and adverse developments or events affecting or involving other Federal Home Loan Banks or the FHLBank System in general. Additional risk factors that might cause the Bank’s results to differ from these forward-looking statements are provided in detail in our filings with the Securities and Exchange Commission, which are available at www.sec.gov.

    These statements speak only as of the date that they are made, and the Bank has no obligation and does not undertake to publicly update, revise, or correct any of the forward-looking statements after the date of this announcement, or after the respective dates on which such statements otherwise are made, whether as a result of new information, future events, or otherwise, except as may be required by law. New risk factors may emerge, and it is not possible for us to predict the nature of each new factor, or assess its potential impact, on our business and financial condition. Given these uncertainties, we caution you not to place undue reliance on forward-looking statements.

    CONTACT: Sheryl Touchton
    Federal Home Loan Bank of Atlanta
    stouchton@fhlbatl.com

    The MIL Network –

  • MIL-OSI Economics: Mission 300: African leaders pledge to advance clean cooking solutions for Africa at milestone Energy Summit

    Source: African Development Bank Group

    African countries have taken bold commitments to implement clean cooking energy solutions to offset the devastating effects of open fire cooking which kills roughly 600,000  women and children annually across the continent.

    In energy compacts signed during the Mission 300 Africa Energy Summit, held in Tanzania 27-28 January, 12 African countries signalled their intent to  accelerate the pace of access to electricity and clean cooking solutions on the world’s fastest-growing continent, in line with the United Nations’ Sustainable Development Goal 7 and the African Union’s Agenda 2063.

    Commending these countries, Tanzanian President Suluhu Hassan stated in closing remarks: “I understand that the 12 governments have only pioneered, and many others will join us in the future.” Earlier, at the opening speaking about the purpose of the summit she said, “This gathering is a platform to consolidate commitments, announce new partnerships and drive momentum towards the 2030 goal.”

    President Suluhu Hassan of Tanzania, global Clean Cooking ambassador at the Africa Energy Summit. January 2025

    The two-day meeting was organized by the Government of Tanzania and Mission 300, an unprecedented collaboration between the African Development Bank Group, the World Bank Group and global partners, to address Africa’s electricity access gap through the use of new technology and innovative financing.

    Moderating a special panel on clean cooking on Monday, Rashid Abdallah, Executive Director of the African Energy Commission (AFREC), noted that whilst 600 million Africans live without access to electricity, one billion -nearly double the number – were without access to clean cooking, relying on biomass fuels such as wood and charcoal, with severe economic, social and environmental impact. Conservative estimates put the cost of this across the continent to $790 billion a year, he noted.

    Abdallah was joined by Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Peter Scott, CEO of Burn Manufacturing, and Martin Kimani, CEO of M-Gas, who each highlighted the significant health, environmental, and economic impacts of relying on polluting fuels for cooking, as well as the innovative approaches being developed to address this crisis.

    Muyungi shared Tanzania’s experience in launching a comprehensive National Clean Cooking Strategy, emphasizing the importance of high-level political commitment, coordinated stakeholder engagement, and the integration of private sector participation. 

    He praised President Hassan’s role as a global champion bringing the issue to the highest level of African governments.

    “It is important to elevate it to the highest level… She is the champion of clean cooking,” he said.  He stressed: “It’s important that there is a champion who can elevate clean cooking in terms of partnerships and partner with others to address this issue. He added that Tanzania is on track to transition 80 percent of its population to clean cooking technologies by 2034, thanks to the efforts of President Hassan.

    Scott, whose company Burn Manufacturing is the largest clean cooking manufacturer in Africa, discussed the diverse range of solutions being deployed across the continent, from fuel-efficient biomass stoves to cutting-edge electric cooking appliances with pay-as-you-go financing models. He stressed the availability of funding for clean cooking projects, pending the approval of carbon credit regulations by governments.

    Panel session on clean cooking at Mission 300 Africa Energy Summit. Tanzania, January 2025. (L-R ) Dr. Richard Muyungi, Special Envoy to the President of Tanzania, Martin Kimani, CEO,M-Gas,   Peter Scott, CEO of Burn Manufacturing, Rashid Abdallah ED, African Energy Commission (AFREC)

    “This is the most exciting time in the history of clean cooking,” Scott declared. “Now, there’s a lot of money standing by to approve carbon credit regulations to allow carbon trading, carbon finance, to grow. “

    Kimani’s pioneering pay-as-you-cook LPG model has provided an innovative and affordable solution to enable households to transition to clean cooking. He shared the success of M-Gas in onboarding half a million households in Kenya and Tanzania within just three years, demonstrating the scalability of this approach. “One of the most important considerations is affordability, how do we close that gap?” he asked.

    M-Gas has found an answer by installing IOT enabled smart meters which are fixed into gas cylinders without upfront payment.

    “We mirror the (pay as you go) environment they can now cook using LPG. With 35 cents they can cook three meals in a day,” he added.

    Tanzania pioneers clean cooking and global awareness

    Tanzania published its clean cooking strategy in 2024-2034 last year in response to its own challenges – 3,000 people dying annually and the effects of a devastating 400 hectares of deforestation annually from the use of charcoal and firewood.

    Championed by President Hassan, the Clean Cooking agenda has embraced everyone and is part of the national agenda, Muyungi said. “This discussion has highlighted the innovative approaches and the political will required to transform the lives of millions of Africans and secure a sustainable future for the continent.”

    In a recognition of national efforts, awards were handed out to winners of a national clean cooking innovation challenge on the first day of the summit. The winners included creators of a biogas production plant and a click gas LPG delivery system.

    Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025. 

    The African Development Bank Group has pledged $2 billion over 10 years towards clean cooking solutions in Africa. The pledge represents an important contribution to the $4 billion per year needed to allow African families to have access to clean cooking by 2030.

    “Why should anybody have to die just for trying to cook a decent meal that is taken for granted in other parts of the world,” African Development Bank President Akinwumi Adesina asked during a discussion as part of the summit. “Africa must develop with dignity, with pride. Its women, its population must have access to clean energy solutions.”

    Winners of a Tanzania national Clean Cooking Challenge received awards during the Africa Energy Summit held in Tanzania, January 2025. 

    MIL OSI Economics –

  • MIL-OSI USA: Wyden, Bonamici Reintroduce Bill to Connect Child Care with Affordable Housing

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    January 30, 2025
    Washington, D.C. — Today, U.S. Senator Ron Wyden, D-Ore., with five colleagues in the Senate, reintroduced legislation to help working families access affordable housing and child care. U.S. Representative Suzanne Bonamici, D-Ore., introduced companion legislation in the House.
    The Build Housing with Care Act would invest $500 million to construct child care centers co-located in affordable housing developments and cover the costs of retrofitting to help family child care providers operate in housing developments. The bill prioritizes projects that are located in child care deserts or rural communities, as well as projects that include qualified Head Start providers and providers primarily serving low-income children.
    “Working families across Oregon are struggling to put food on the table and pay their rent on time. When you add the cost of child care to the equation, families are forced to shoulder an impossible choice,” Wyden said. “Increasing supply of both housing and child care will help lower costs so that caregivers and parents can more easily afford basic necessities and keep their families healthy and safe.”
    “Too many families in Oregon and across the country struggle to find affordable housing and affordable child care,” Bonamici said. “Co-locating child care centers with affordable housing is a proven strategy that increases benefits for children, families, and the economy. I’m pleased to partner with Senator Wyden on this common sense effort that will create more opportunities and a better future for American families.”
    It is estimated that funding from the Build Housing with Care Act could build more than 120 new co-located child care centers, supporting the development of critical care supply in connection with affordable housing. A report from the Low Income Investment Fund, Including Family Child Care in Affordable Housing, highlights the many policy opportunities and benefits of co-location as “an opportunity to respond to severe housing and child care shortages simultaneously.”
    The Senate legislation is cosponsored by Senators Jeff Merkley, D-Ore., Amy Klobuchar, D-Minn., Alex Padilla, D-Calif., Jacky Rosen, D-Nev., and Cory Booker, D-N.J.  
    The Building Housing with Care Act is endorsed by the Low Income Investment Fund; Local Initiatives Support Corporation; Oregon Housing and Community Services; Family Forward Oregon; First Five Years Fund; National Housing Law Project; National Association of Counties; National Partnership for Women & Families; UnidosUS; National Association for Latino Community Asset Builders; Purpose Built Communities Foundation, Inc; National Women’s Law Center; Early Care & Education Consortium; ZERO TO THREE; National Association for County Community and Economic Development; National Children’s Facilities Network; Family Values @ Work; Center for Law and Social Policy; National Association for the Education of Young Children; and the First Focus Campaign on Children.  
    “We all deserve the opportunity to provide for our families,” said Candice Vickers, Executive Director of Family Forward Oregon. “When child care is an afterthought in economic developments and investments, parents and caregivers — and those they care for — suffer. Our future suffers. Child care must be at the forefront of planning, and the Build Housing with Care Act does just that. Ensuring parents and caregivers have access to affordable child care in their neighborhoods allows families to not only survive but thrive.”
    Wyden has been a longtime advocate for increasing affordable housing in Oregon and across the nation. In May 2023, Senator Wyden and his colleagues reintroduced a bipartisan bill to address the housing crisis by building two million affordable homes over the next decade. In July 2024, Wyden and Bonamici wrote a letter to the Biden administration to invest in affordable housing following the criminalization of homelessness in Grants Pass v. Johnson. In March 2023, Wyden reintroduced legislation to solve the housing crisis by increasing supply, and expanding homeownership opportunities, especially for young people, by creating a new down payment tax credit for first-time homebuyers. 
    The Building Housing with Care Act bill text is here.

    MIL OSI USA News –

  • MIL-OSI Security: New York Man Sentenced To 32 Months For Bank Fraud and Aggravated Identity Theft

    Source: Office of United States Attorneys

    SCRANTON – The United States Attorney’s Office for the Middle District of Pennsylvania announced that Jose A. Rodriguez, age 63, of Bronx, New York, was sentenced on January 29, 2025, to 32 months’ imprisonment by United States District Court Judge Matthew W. Brann for bank fraud and aggravated identity theft.

    According to Acting United States Attorney John C. Gurganus, in December of 2023, Rodriguez was transported from New York to Wilkes-Barre, Pennsylvania, by unknown persons who provided him with false identifications and instructed him to make withdrawals form victim bank accounts. In exchange for doing so, Rodriguez was provided a steady supply of drugs. Rodriguez made a total of seven fraudulent withdrawals from victim bank accounts at various financial institutions throughout Lycoming, Tioga, and Centre Counties. Rodriguez successfully withdrew $42,000 before he was apprehended during the course of an attempted $8,000 withdrawal.

    The case was investigated by the U.S. Secret Service, the Lycoming Regional Police Department, the Williamsport Bureau of Police, and the Pennsylvania State Police.  Assistant U.S. Attorney Sarah R. Lloyd prosecuted the case.

    # # #

    MIL Security OSI –

  • MIL-OSI Security: U.S. Attorney’s Office Collects $17,444,425 In Civil And Criminal Actions In Fiscal Year 2024

    Source: Office of United States Attorneys

    SCRANTON – Acting U.S. Attorney John C. Gurganus announced today that the Middle District of Pennsylvania collected $17,444,425 in criminal and civil actions in Fiscal Year 2024. Of this amount, $3,588,583 was collected in criminal actions and $13,855,841 was collected in civil actions.

    The Middle District of Pennsylvania also worked with other U.S. Attorney’s Offices and components of the Department of Justice to collect an additional $5,108,801 in cases pursued jointly by these offices. Of this amount, $16,233 was collected in criminal actions and $5,092,567 was collected in civil actions.     

    “The U.S. Attorney’s Office is committed to working for victims of crime and do what we can to make them whole,” said Acting U.S. Attorney John C. Gurganus. “We collect restitution from convicted defendants on behalf of crime victims, we work to forfeit the ill-gotten gains that defendants obtain through illegal means, and we fight to get back money owed to taxpayers in criminal and civil cases. I am proud to say that we have collected millions of dollars over the last year for the taxpayers and for crime victims in our district.”

    The U.S. Attorneys’ Offices, along with the department’s litigating divisions, are responsible for enforcing and collecting civil and criminal debts owed to the U.S. and criminal debts owed to federal crime victims. The law requires defendants to pay restitution to victims of certain federal crimes who have suffered a physical injury or financial loss. While restitution is paid to the victim, criminal fines and felony assessments are paid to the department’s Crime Victims Fund, which distributes the funds collected to federal and state victim compensation and victim assistance programs.

        For example:

    • Penn State Health is a multi-hospital system and offers Annual Wellness Visits which are reimbursable through Medicare. In 2023, Penn State Health made a self-disclosure to the U.S. Attorney’s Office.  The U.S. Attorney’s Office found that between December 1, 2015 and November 30, 2022, Penn State Health submitted claims for Annual Wellness Visits that were not supported by the wellness record.  A settlement agreement was entered into in February 2024, in which Penn State health agreed to pay $11,712,336.
    • Defendant Jimmy Tran owned and operated a small food market and convenience store, Asia Market, in Harrisburg, PA.  The store was approved to participate in SNAP.  From January 2017 – August 2020, the defendant traded SNAP benefits in exchange for cash.  The total amount of SNAP benefits that were illegally exchanged for cash is $1,843,534.00. The payment of $299,174.60 was due to forfeiture/restoration.

    Additionally, the U.S. Attorney’s office in the Middle District of Pennsylvania, working with partner agencies and divisions, collected $1,311,135 in asset forfeiture actions in FY 2024. Forfeited assets deposited into the Department of Justice Assets Forfeiture Fund are used to restore funds to crime victims and for a variety of law enforcement purposes.

    ###

    MIL Security OSI –

  • MIL-OSI: Kindcard, Inc. to Launch Payments Marketplace

    Source: GlobeNewswire (MIL-OSI)

    BOCA RATON, Fla., Jan. 30, 2025 (GLOBE NEWSWIRE) — Kindcard, Inc. (OTC Markets: KCRD) (“Kindcard” and the “Company”), an innovative FinTech and PayTech company which provides alternative payments solutions to businesses across a wide variety of merchant verticals through its wholly owned subsidiary, Deb, Inc. (“DEB”) (www.debpayments.com), today announced that the Company has reviewed its position within the payments industry in light of the significant expansion of technologies which connect payments of all types worldwide.

    Michael Rosen, CEO of Kindcard, stated, “We are excited about our upcoming launch of DEB’s All-In-One Marketplace for payment solutions. DEB’s strategic partnerships and payment solutions integration will cover traditional low to high-risk processing domestically and internationally, as well as provide the ability for merchants to accept all digital currencies for payments, allowing for conversion and settlement to fiat in any currency worldwide.” Mr. Rosen Continued, “In DEB’s All-In-One Marketplace for payment solutions, ISO’s, agents, and merchants will find a compliant and fast way to connect to our payment platforms at a simple fixed cost.”

    To learn more about DEB, please visit: www.debpayments.com

    About Kindcard, Inc.:

    Kindcard, Inc. (OTC Markets: KCRD) (“Kindcard” and the “Company”) is engaged in designing, partnering and taking to market safer, faster, and more competitive and secure ways for businesses and consumers to transact business in the ever-growing world economy. www.kindcard.com

    Kindcard is subject to the information and reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and, in accordance with the Exchange Act, the Company files periodic reports, documents, and other information with the Securities and Exchange Commission (the “Commission”) relating to our business, financial statements, and other matters. These filings are available to the public on the Commission’s website at http://www.sec.gov.

    Safe Harbor Provision

    This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, as amended, that are intended to be covered by the safe harbor created thereby. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “will,” “expects,” “intends,” “plans,” “projects,” “estimates,” “anticipates,” or “believes” or the negative thereof or any variation thereon or similar terminology or expressions. These forward-looking statements are based upon current estimates and assumptions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from results proposed in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can provide no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the Company’s expectations include, but are not limited to, those factors set forth in the Company’s Annual Report on Form 10-K for the year ended January 31, 2024 and its other filings and submissions with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements. This press release includes forward-looking statements concerning the future performance of our business, its operations and its financial performance and condition, and also includes selected operating results presented without the context of accompanying financial results. These forward-looking statements include, among others, statements with respect to our objectives and strategies to achieve those objectives, as well as statements with respect to our beliefs, plans, expectations, anticipations, estimates or intentions. These forward-looking statements are based on our current expectations. We caution that all forward-looking information is inherently uncertain and actual results may differ materially from the assumptions, estimates or expectations reflected or contained in the forward-looking information, and that actual future performance will be affected by a number of factors, including economic conditions, technological change, regulatory change and competitive factors, many of which are beyond our control. Therefore, future events and results may vary significantly from what we currently foresee. We are under no obligation (and we expressly disclaim any such obligation) to update or alter the forward-looking statements whether as a result of new information, future events or otherwise.

    Contact:
     Kindcard, Inc.
    (888) 888-0708
    Info@kindcard.com

    Investor Relations:
    Info@kindcard.com

    The MIL Network –

  • MIL-OSI United Nations: Voluntary Contributions to Peacebuilding Fund ‘Remain Paramount’, Secretary-General Stresses, Urging Countries Provide Additional Support

    Source: United Nations General Assembly and Security Council

    Following are UN Secretary-General António Guterres’ remarks at the opening of the ambassadorial-level formal meeting on the annual report and election of officers of the Peacebuilding Commission, in New York today:

    It is a pleasure to be here with you today.  I wish to start by congratulating the Member States that have recently been elected to the Peacebuilding Commission.  I also congratulate Brazil for leading the Peacebuilding Commission during its eighteenth session and welcome Germany’s candidacy for the chair of the nineteenth session.

    Our world is in trouble.  We see spreading conflicts and widening geopolitical divisions.  We face a deepening climate crisis and widening inequalities.  We are confronting the proliferation of weapons and the spread of disinformation. All of this and more makes the work of the Peacebuilding Commission more critical than ever.

    I want to salute the Commission for its vital advisory role to the Security Council, including in the context of UN mission transitions. I also recognize your important convening role within the UN and beyond — engaging civil society, the private sector, international and regional organizations, and financial institutions.

    Now we have the chance to consolidate and expand that work. The Pact for the Future charts a course to reforming international cooperation — including by prioritizing prevention, mediation and peacebuilding.  It seeks to break siloes by advancing coordination with regional organizations, developing innovative approaches and fostering the full participation of women, youth and marginalized groups in peace processes.  And fundamentally, the Pact calls for strengthening the Peacebuilding Commission.

    This year’s Review of the Peacebuilding Architecture offers an opportunity to further advance these efforts and strengthen the role of the Peacebuilding Commission — namely its relationship with the Security Council.

    My recent report on Peacebuilding and Sustaining Peace lays out concrete suggestions around inflection points where the Commission can help catalyse national efforts.  This includes working to fully empower the Commission to mobilize political and financial support for nationally owned peacebuilding and prevention strategies.

    As the review unfolds, I encourage the Commission to draw on its rich experience to guide deliberations at the General Assembly and Security Council — with actionable recommendations towards strengthening the peacebuilding architecture and transforming people’s lives.

    This brings me to a vital issue:  financing.  The General Assembly’s approval of assessed contributions to the Peacebuilding Fund marks an important step.  But, it is still a far cry from the “quantum leap” of $500 million per year that is needed.  As many Member States have highlighted, voluntary contributions remain paramount — and I encourage countries to provide additional support to the Fund.

    Given the urgent and expanding needs for peacebuilding support, I trust that the Review of the Peacebuilding Architecture will further examine how to ensure the predictability, adequacy and sustainability of the Fund — including by exploring innovative financing mechanisms, public-private partnerships and blended funding models.

    We must never waver in our commitment to pursue, achieve and sustain peace.

    The Peacebuilding architecture — consisting of the Peacebuilding Commission, the Peacebuilding Support Office and the Peacebuilding Fund — working together with UN country teams, are essential tools to help translate aspirations into reality.

    I look forward to continuing to work with you all to strengthen our peacebuilding architecture and help build a world of peace and prosperity for all largely thanks to your precious intervention.

    MIL OSI United Nations News –

  • MIL-OSI Global: International students’ housing challenges call for policy action

    Source: The Conversation – Canada – By Edward R. Howe, Professor, School of Education, Thompson Rivers University

    Canada is a top destination for international students, with over one million studying at various levels in 2023. International students contribute billions of dollars to the Canadian economy and much more to our social fabric.

    But recent policy changes and increased public scrutiny have created a challenging environment for these students and the higher education institutions that host them.

    After a decade of rapid growth, the federal government has implemented a two-year cap on international student permits, reducing undergraduate admissions by 35 per cent in 2024 and an additional 10 per cent in 2025.

    This controversial decision aims to address growing concerns about the impact of international students and unchecked immigration on Canada’s economy, housing and public services.

    An ongoing longitudinal research study at Thompson Rivers University (TRU) , which engages international students’ views and experiences through both surveys and interviews, sheds light on the lived experiences of international students amid these dramatic policy shifts. I have led this research with international graduate student research assistants.

    Shifts from 2016 to 2024: housing

    The first round of our study drew on a 2016 survey of more than 100 international students at TRU, and interviews with 14 from the same pool. We recently surveyed a further 215 international TRU students and conducted in-depth interviews with 14 more participants from various nations including India and China, across a range of undergraduate and graduate programs.

    Our newest research findings revealed major challenges faced by international students, particularly in housing and finances. This echoes other findings that indicate the housing situation for international students has worsened over the past decade.

    Over 55 per cent of students reported difficulties finding suitable accommodations, with many experiencing systemic racial discrimination in the rental market. Financial struggles were also prevalent, with about one-third of participants indicating insufficient financial support or uncertainty about their financial situation.



    Read more:
    International students are not to blame for Canada’s housing crisis

    Racism, concern for post-graduate work

    On a positive note, fewer students reported experiencing racism on campus in 2024 than in 2016.

    In 2016, when students were asked to say to what extent they agreed with the statement “I encountered racism at university,” there were a wide range of statements: 14 per cent strongly agreed and 21 per cent agreed; 25 per cent strongly disagreed; 16 per cent disagreed and 23 per cent were undecided.

    This was the only question that had such a pattern of responses spread evenly across the five-point scale. In 2024, only 13.5 per cent agreed or strongly agreed with this statement.

    But in interviews, many students commented upon encountering racism and exploitation when job hunting or searching for housing accommodations. For example, one student reported that when seeking to renegotiate a lease due to problems with a roommate, the landlord threatened to take action to revoke their student visa.



    Read more:
    International university grads speak about aspirations and barriers

    In surveys and interviews, students lamented the dearth of co-op programs, work-integrated learning and experiential opportunities for their future success in Canada. This aligns with recent data from the Canadian Bureau for International Education, which found that 70 per cent of international students plan to apply for post-graduate work permits, and 57 per cent intend to seek permanent residency.

    Students’ thoughts on ‘internationalization’

    Our recent study also asked students their thoughts on “internationalization,” as universities and government policy have used this term to promote Canada as an international, global and multicultural society with globally focused curricula and opportunities for international study abroad.

    Students’ responses fell into three main themes: cross-cultural exchange, mutual learning and community building, and personal growth through international experiences. These findings were consistent across different nationalities and genders, suggesting a shared understanding of internationalization among diverse student groups.

    A student carrying a backpack walks on campus at Trinity Western University in Langley, B.C., in 2017.

    To address these challenges and support international students, our research recommends that universities continue to diversify their pools of international students by increasing scholarships for students from marginalized regions.

    This matters in the wake of the recent announcement to reduce immigration targets from 485,000 in 2024 to 365,000 by 2027. This policy direction creates uncertainty for many international students hoping to build their futures in Canada.

    This shift comes as public support for immigration has dramatically decreased, reaching an all-time low. Fifty-eight per cent of Canadians now believe the country accepts too many immigrants — a 31-point increase since 2022.

    We also suggest fostering deeper cross-cultural understanding among university staff and domestic students, establishing program-specific student support centres with peer mentoring. The fragile school-to-work transition needs to be better facilitated through co-op education and other work-integrated learning opportunities. Action from policymakers to address systemic barriers in housing and employment is also needed.

    Welcoming destination for global talent

    International students contribute significantly to Canada’s economy, cultural diversity and multicultural society.

    Government, educators, universities and employers have roles to play in reframing the “internationalization” of higher education. There is a need to balance economic rationales with social and academic outcomes, including a focus on global citizenship education for all students.

    In the shadow of Donald Trump’s second presidency in the United States, which is amplifying xenophobic rhetoric and action against migrants, and amid major shifts in Canada’s federal landscape, it is important to take inventory of how changing government immigration policies can have a profound impact on Canada.

    It is crucial to consider the perspectives of international students. Their insights matter for helping to shape policies and practices that affect their educational experiences, future opportunities in Canada and the very social fabric of Canada.

    By addressing students’ challenges and the barriers they encounter, and by supporting their successes, we can ensure that Canada remains a welcoming destination for global talent.

    Surbhi Sagar and Athira Pushpamgathan contributed to this research and co-authored this story.

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

    – ref. International students’ housing challenges call for policy action – https://theconversation.com/international-students-housing-challenges-call-for-policy-action-230833

    MIL OSI – Global Reports –

  • MIL-OSI Security: Cybercrime websites selling hacking tools to transnational organized crime groups seized

    Source: Office of United States Attorneys

    HOUSTON – A total of 39 domains and their associated servers have been seized in a coordinated effort involving an international disruption of a Pakistan-based network of online marketplaces selling hacking and fraud-enabling tools a group known as Saim Raza (aka HeartSender) operated, announced U.S. Attorney Nicholas J. Ganjei along with Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division and Special Agent in Charge Douglas Williams of the FBI.

    The seizures occurred Jan. 29 and were conducted in coordination with the Dutch National Police.

    According to the affidavit filed in support of these seizures, Saim Raza has used these cybercrime websites since at least 2020 to sell phishing toolkits and other fraud-enabling tools to transnational organized crime groups who used them to target numerous victims in the United States, resulting in over $3 million in victim losses. 

    “Almost everyone has a friend or loved one that has been affected by these types of computer hacks,” said Ganjei. “These scams not only target businesses but individuals as well and cause significant hardship to the victims. Even though these people reside abroad, the use of these websites made it easy for them to spread their malicious hacking tools for a fee. However, today we have significantly disrupted their ability to harm others.”

    The Saim Raza-run websites operated as marketplaces that advertised and facilitated the sale of tools such as phishing kits, scam pages and email extractors often used to build and maintain fraud operations. Not only did Saim Raza make these tools widely available on the open internet, it also trained end users on how to use the tools against victims by linking to instructional YouTube videos on how to execute schemes using these malicious programs, making them accessible to criminal actors that lacked this technical criminal expertise. The group also advertised its tools as “fully undetectable” by antispam software.

    The transnational organized crime groups and other cybercrime actors who purchased these tools primarily used them to facilitate business email compromise schemes wherein the cybercrime actors tricked victim companies into making payments to a third party. Those payments would instead be redirected to a financial account the perpetrators controlled, resulting in significant losses to victims. These tools were also used to acquire victim user credentials and utilize those credentials to further these fraudulent schemes. The seizure of these domains is intended to disrupt the ongoing activity of these groups and stop the proliferation of these tools within the cybercriminal community.

    The FBI Houston Field Office is conducting the investigation. The Justice Department appreciates the cooperation and significant assistance law enforcement partners in the Netherlands have provided.

    Assistant U.S. Attorney Rodolfo Ramirez and Trial Attorney Gaelin Bernstein of the Criminal Division’s Computer Crime and Intellectual Property Section are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI: Oak Ridge Financial Services, Inc. Announces Fourth Quarter and Full Year of 2024 Results, Quarterly Cash Dividend of $0.12 Per Share

    Source: GlobeNewswire (MIL-OSI)

    OAK RIDGE, N.C., Jan. 30, 2025 (GLOBE NEWSWIRE) — Oak Ridge Financial Services, Inc. (“Oak Ridge”; or the “Company”) (OTCPink: BKOR), the parent company of Bank of Oak Ridge (the “Bank”), announced unaudited financial results for the fourth quarter and full year of 2024, and a quarterly cash dividend of $0.12 per share.

    Full Year 2024 Highlights

    • Earnings per share of $2.06 for 2024, compared to $2.10 for 2023.
    • Return on equity of 9.27% for 2024, compared to 10.38% for 2023.
    • Dividends declared per common share of $0.44 for 2024, compared to $0.30 for 2023.
    • Tangible book value per common share of $23.02 as of year-end 2024, compared to $22.78 at the end of the prior quarter-end, and $21.36 as of year-end 2023.
    • Net interest margin of 3.83% for 2024, compared to 3.86% for 2023.
    • Efficiency ratio of 67.7% for 2024, compared to 68.8% for 2023.
    • Loans receivable of $508.4 million as of December 31, 2024, up 6.9% (annualized) from $500.2 million as of the prior quarter-end, and up 10.2% from $461.9 million as of December 31, 2023.
    • Nonperforming assets to total assets of 0.53% as of December 31, 2024, compared to 0.45% as of the prior quarter-end end and 0.07% as of December 31, 2023.
    • Nonperforming assets were $3.5 million as of December 31, 2024, compared to $2.9 million as of the prior quarter-end end and $461,000 as of December 31, 2023. $2.8 million of the $3.0 million increase in nonperforming assets from the prior year end to the current year end were due to the guaranteed and nonguaranteed balances of six Small Business Administration (“SBA”) 7(a) loans that moved to nonaccrual status during the third and fourth quarters of 2024. The balances as of December 31, 2024, of SBA nonperforming loans guaranteed and unguaranteed by the SBA were $2.1 million and $700,000, respectively.
    • Securities available-for-sale and held-to maturity of $104.4 million as of year-end 2024, up 7.5% (annualized) from $102.4 million as of the prior quarter-end, and down 5.6% from $110.6 million as of year-end 2023.
    • Total deposits of $531.3 million at quarter-end end, up 16.2% (annualized) from $510.5 million as of the prior quarter-end, and up 7.7% from $493.1 million as of year-end 2023.
    • Total short and long-term borrowings, junior subordinated notes, and subordinated debentures of $58.2 million at quarter-end end, down 67.96% (annualized) from $70.2 million as of the prior quarter-end, and unchanged from $58.2 million as of year-end 2023.
    • Total stockholders’ equity of $63.0 million as of year-end 2024, up 0.6% (annualized) from $62.9 million as of the prior quarter-end, and up 8.0% from $58.3 million as of year-end 2023. At December 31, 2024, the Bank’s Community Bank Leverage Ratio (CBLR) was 11.04%, down slightly from 11.18% as of December 31, 2023. A bank or savings institution electing to use the CBLR will generally be considered well-capitalized and to have met the risk-based and leverage capital requirements of the applicable capital regulations if it has a leverage ratio greater than 9.0%.
    • Ranked #8 in 2024 North Carolina Small Business Administration (SBA) 7(a) loan production.
    • Recognized as one of American Banker’s Top 100 Publicly Traded Community Banks under $2 billion in assets. The rankings were based on three-year return on average equity (ROAE), a key measure of shareholder return, for 2021 to 2023.

    Tom Wayne, Chief Executive Officer, announced, “While our full-year earnings per share for 2024 decreased slightly to $2.06 compared to $2.10 for 2023, we saw significant positive developments. In 2024, we achieved loan growth of 10.2%, alongside strong deposit growth of 7.7%. Our tangible book value per common share increased to $23.02, up from $21.36 at the previous year-end. We declared cash dividends of $0.44 per common share, up from $0.30 in 2023. We implemented a 50,000 share repurchase program and repurchased 25,100 shares during 2024. Our net interest margin remained stable at 3.83% for 2024, and our capital and liquidity positions remained strong. Despite an increase in nonperforming assets to $3.5 million at the end of 2024, $2.8 million of this was due to six SBA loans moving to nonaccrual status, with $2.1 million guaranteed by the SBA. We are pleased to be ranked #8 in North Carolina for SBA 7(a) loan production and recognized among American Banker’s Top 100 Publicly Traded Community Banks under $2 billion in assets. We owe these accomplishments to our dedicated employees and the invaluable support of our Board of Directors. I am thankful for their continued commitment to serving our clients and ensuring the Bank’s enduring strength and success.”

    A quarterly cash dividend of $0.12 per share of common stock will be paid on March 3, 2025, to stockholders of record as of the close of business on February 18, 2025, which represents the 25th consecutive quarterly dividend paid by the Company. “We are pleased to pay another quarterly cash dividend to our stockholders,” said Mr. Wayne. “Paying stockholders a portion of our earnings reflects our continuing commitment to enhance stockholder value.”

    The Company adopted and implemented a share repurchase program in the third quarter of 2024. There were no shares repurchased during the third quarter of 2024. During the fourth quarter of 2024, the Company repurchased a total of 25,100 shares for $321,000.

    For 2024 and 2023, net interest income was $23.7 million and $22.1 million, respectively, and the net interest margin was 3.83% in 2024 compared to 3.86% in 2023, a decrease of three basis points. For the three months ending December 31, 2024 and 2023, net interest income was $6.3 million and $5.7 million, respectively. For the three months ending December 31, 2024, the net interest margin increased 13 basis points to 3.92%, compared to 3.79% in 2023.

    For 2024, the Company recorded a provision for credit losses of $1.4 million, compared to a provision for credit losses of $727,000 in 2023. For the three months ending December 31, 2024, the Company recorded a provision for credit losses of $514,000, compared to a provision for credit losses of $432,000 in the same period in 2023. The allowance for credit losses as a percentage of total loans was 1.05% on December 31, 2024 and 2023. Nonperforming assets represented 0.53% of total assets on December 31, 2024, compared to 0.07% on December 31, 2023. The recorded balances of nonperforming loans were $3.5 million on December 31, 2024, compared to $461,000 on December 31, 2023. The $3.0 million increase in nonperforming loans from December 31, 2023 to December 31, 2024, was primarily attributable to six SBA 7(a) loans totaling $2.8 million moving to nonaccrual status during the third quarter of 2024, of which $2.1 million is guaranteed by the SBA. The SBA loans are also secured by real estate and personal guarantees.

    Noninterest income totaled $3.2 million and $3.9 million for 2024 and 2023, respectively. There were increases and decreases in components of noninterest income from 2023 to 2024, with the following categories significantly contributing to the overall net decrease: Service charges on deposit accounts were $234,000 for 2024 compared to $169,000 in 2023. The increase was due to a new deposit account fee established in 2024 that was not in effect during 2023. Income from Small Business Investment Company investments were $211,000 for 2024 compared to $395,000 in 2023. The Company received fewer income distributions from Small Business Investment Company investments in 2024 compared to 2023. Other service charges and fees were $380,000 for 2024 compared to $524,000 in 2023. The decrease is due to fees realized on a sold deposit relationship in 2023 with no comparable fees in 2024.

    Noninterest income totaled $784,000 and $918,000 for the three months ended December 31, 2024 and 2023, respectively. There were increases and decreases in components of noninterest income from 2023 to 2024, with the following categories significantly contributing to the overall net decrease: Service charges on deposit accounts were $836,000 for the quarter ended December 31, 2024, compared to $628,000 in the 2023 quarter. The increase was due to a new deposit account fee established in 2024. Income from Small Business Investment Company investments was $209,000 for the quarter ended December 31, 2023, with no comparable income in 2024. The Company received fewer income distributions from Small Business Investment Company investments in 2024 compared to the 2023 quarter.

    Noninterest expense totaled $18.3 million and $17.9 million for 2024 and 2023, respectively. There were increases and decreases in components of noninterest expense from 2023 to 2024, with the following categories significantly contributing to the overall net increase of $409,000: Occupancy expense was $1.3 million for 2024 compared to $1.1 million in 2023. The increase in occupancy expense is mostly due to higher property maintenance expenses in 2024 compared to 2023. Equipment expense was $595,000 for 2024 compared to $872,000 for 2023. The decrease in equipment expense is mostly due to lower equipment depreciation expense in 2024 compared to 2023. Data and items processing expense was $2.3 million for 2024 compared to $2.0 million for 2023. The increase in data and items processing expense is mostly due to higher software licensing fees paid or payable to our core processing vendor. Professional and advertising expenses were $1.2 million for 2024 compared to $1.4 million for 2023. The decrease in professional and advertising expenses is mostly due to decreases in information technology contracted services in 2024 compared to 2023. Telecommunications expense was $278,000 for 2024 compared to $438,000 for 2023. The decrease in telecommunications expense is mostly due to the reduction in unnecessary or redundant telecommunications expenses.

    Noninterest expense totaled $4.7 million and $4.3 million for the three months ended December 31, 2024 and 2023, respectively. There were increases and decreases in components of noninterest expense from 2023 to 2024, with the following categories significantly contributing to the overall net increase of $267,000: Salaries were $2.2 million for the three months ended December 31, 2024, compared to $2.1 million for 2023. The increase in salaries is mostly due to higher salaries and incentive payments to employees for the three months ended December 31, 2024, compared to the same period in 2023. Employee benefits were $370,000 for the three months ended December 31, 2024, compared to $270,000 for 2023. The increase in employee benefits is mostly due to higher expenses related to the Bank’s employee stock ownership plan and employee benefits for the three months ended December 31, 2024, compared to the same period in 2023. Occupancy expenses were $321,000 for the three months ended December 31, 2024 compared to $274,000 for 2023. The increase in occupancy expense is mostly due to higher property maintenance expenses in the three months ended December 31, 2024 compared to the same period in 2023. Equipment expense was $134,000 for the three months ended December 31, 2024 compared to $214,000 for 2023. The decrease in equipment expense is mostly due to lower equipment depreciation expense in the three months ended December 31, 2024, compared to 2023. Data and items processing expense was $602,000 for the three months ended December 31, 2024 compared to $494,000 for 2023. The increase in data and items processing expense is mostly due to higher software licensing fees paid or payable to our core processing vendor.

    About Oak Ridge Financial Services, Inc., and Bank of Oak Ridge
    At Bank of Oak Ridge, we pride ourselves on knowing your name when you walk through our door. Whether in-person or through our digital offerings, managing your financial well-being is easy, safe, and convenient. We are the longest-running employee-owned community bank in the Triad and have served community members, local businesses, and non-profit organizations since 2000. Learn more about what makes Bank of Oak Ridge the Triad’s community bank by visiting one of our convenient locations in Greensboro, High Point, Summerfield, and Oak Ridge.

    Oak Ridge Financial Services, Inc. (OTC Pink: BKOR) is the holding company for Bank of Oak Ridge. Bank of Oak Ridge is a member of the FDIC and an Equal Housing Lender.

    Awards & Recognitions | Best Bank in the Triad | Triad’s Top Workplace Finalist | 2016 Better Business Bureau Torch Award for Business Ethics | Triad’s Healthiest Employer Winner

    Banking for Business & Personal | Mobile & Online Banking | Worldwide ATM | Debit, Credit + Rewards | Checking, Savings & Money Market | Loans + SBA | Mortgage | Insurance | Wealth Management

    Let’s Talk | 336.644.9944 | www.BankofOakRidge.com | Extended Interactive Teller Machine Hours at all Triad Locations

    Forward-looking Information This earnings release contains certain forward-looking statements with respect to the financial condition, results of operations and business of the Company. These forward-looking statements involve risks and uncertainties and are based on the beliefs and assumptions of the management of the Company and on the information available to management at the time that these disclosures were prepared. These statements can be identified by the use of the words “expect,” “anticipate,” “estimate” and “believe,” variations of these words and other similar expressions. Readers should not place undue reliance on forward-looking statements as a number of important factors could cause actual results to differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, (1) competition in the Company’s markets, (2) changes in the interest rate environment, (3) general national, regional or local economic conditions may be less favorable than expected, resulting in, among other things, a deterioration in credit quality and the possible impairment of collectability of loans, (4) legislative or regulatory changes, including changes in accounting standards, (5) significant changes in the federal and state legal and regulatory environment and tax laws, and (6) the impact of changes in monetary and fiscal policies, laws, rules and regulations. The Company undertakes no obligation to update any forward-looking statements.

               
    OAK RIDGE FINANCIAL SERVICES, INC.
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands, except share data)
      December 31,
    		   September 30,
    		   December 31,
    		      
      2024   2024   2023      
    ASSETS (unaudited)   (unaudited)   (audited)      
    Cash and due from banks $ 8,075     $ 10,522     $ 7,792        
    Interest-bearing deposits with banks   13,102       11,308       12,633        
    Total cash and cash equivalents   21,177       21,830       20,425        
    Securities available-for-sale   85,714       83,769       91,849        
    Securities held-to-maturity, net of allowance for credit losses   18,662       18,668       18,706        
    Restricted stock, at cost   3,439       4,006       2,404        
    Loans receivable   514,292       505,521       466,796        
    Allowance for credit losses   (5,388 )     (5,354 )     (4,920 )      
    Net loans receivable   508,904       500,167       461,876        
    Property and equipment, net   8,664       8,827       8,366        
    Accrued interest receivable   3,135       3,098       2,580        
    Bank owned life insurance   6,268       6,244       6,178        
    Right-of-use assets – operating leases   2,166       2,242       2,466        
    Other assets   5,553       4,613       4,544        
    Total assets $ 663,682     $ 653,464     $ 619,394        
    LIABILITIES          
    Noninterest-bearing deposits $ 119,851     $ 114,152     $ 99,702        
    Interest-bearing deposits   411,464       396,346       393,442        
    Total deposits   531,315       510,498       493,144        
    Federal Funds purchased   1,725       –       –        
    Short-term borrowings   18,000       52,000       40,000        
    Long-term borrowings   22,000       –       –        
    Junior subordinated notes – trust preferred securities   8,248       8,248       8,248        
    Subordinated debentures, net of discount   9,983       9,973       9,943        
    Lease liabilities – operating leases   2,166       2,242       2,466        
    Accrued interest payable   709       1,021       1,154        
    Other liabilities   6,546       6,579       6,091        
    Total liabilities   600,692       590,561       561,046        
    STOCKHOLDERS’ EQUITY          
    Common stock   26,733       27,100       26,736        
    Retained earnings   37,771       36,575       33,365        
    Net unrealized loss on debt securities, net of tax   (1,771 )     (412 )     (1,580 )      
    Net unrealized gain (loss) on hedging derivative instruments, net of tax   257       (360 )     (173 )      
    Total accumulated other comprehensive loss   (1,514 )     (772 )     (1,753 )      
    Total stockholders’ equity   62,990       62,903       58,348        
    Total liabilities and stockholders’ equity $ 663,682     $ 653,464     $ 619,394        
    Common shares outstanding   2,736,770       2,732,720       2,732,020        
    Common shares authorized   50,000,000       50,000,000       50,000,000        
               
               
    OAK RIDGE FINANCIAL SERVICES, INC.
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except share data)
      Three Months Ended
    		   For the year ended
      December 31,
    		   September 30,
    		   December 31,
    		   December 31,
    		   December 31,
      2024   2024   2023   2024   2023
    Interest and dividend income:          
    Loans and fees on loans $ 8,212     $ 7,971     $ 6,999     $ 31,076     $ 25,150  
    Interest on deposits in banks   217       275       240       887       903  
    Restricted stock dividends   64       67       45       241       186  
    Interest on investment securities   1,279       1,402       1,493       5,578       5,215  
    Total interest and dividend income   9,772       9,715       8,777       37,782       31,454  
    Interest expense          
    Deposits   2,700       2,758       2,168       10,268       6,242  
    Short-term and long-term debt   786       961       925       3,777       3,155  
    Total interest expense   3,486       3,719       3,093       14,045       9,397  
    Net interest income   6,286       5,996       5,684       23,737       22,057  
    Provision for credit losses   514       261       432       1,361       727  
    Net interest income after provision for credit losses   5,772       5,735       5,252       22,376       21,330  
    Noninterest income:          
    Service charges on deposit accounts   234       231       169       836       628  
    Gain on sale of securities   19       –       –       19       77  
    Brokerage commissions on mortgage loans   –       –       –       –       43  
    Insurance commissions   125       169       121       553       462  
    Gain on sale of Small Business Administration loans   –       –       –       –       475  
    Debit and credit card interchange income   285       292       301       1,174       1,225  
    Income from Small Business Investment Company investments   –       111       209       211       395  
    Income earned on bank owned life insurance   23       23       23       90       82  
    Other Service Charges and Fees   98       98       95       380       524  
    Total noninterest income   784       924       918       3,263       3,911  
    Noninterest expenses:          
    Salaries   2,198       2,287       2,112       8,962       8,777  
    Employee Benefits   370       310       270       1,294       1,177  
    Occupancy   321       358       274       1,325       1,092  
    Equipment   134       143       214       595       872  
    Data and Item Processing   602       607       494       2,255       1,959  
    Professional & Advertising   298       332       295       1,249       1,377  
    Stationary and Supplies   21       32       36       131       129  
    Telecommunications   65       71       48       278       438  
    FDIC Assessment   118       118       110       460       418  
    Other expense   441       438       448       1,711       1,612  
    Total noninterest expenses   4,568       4,696       4,301       18,260       17,851  
    Income before income taxes   1,988       1,963       1,869       7,379       7,390  
    Income tax expense   461       460       392       1,706       1,648  
    Net income and income available to common shareholders $ 1,527     $ 1,503     $ 1,477     $ 5,673     $ 5,742  
    Basic income per common share $ 0.56     $ 0.54     $ 0.54     $ 2.06     $ 2.10  
    Diluted income per common share $ 0.56     $ 0.54     $ 0.54     $ 2.06     $ 2.10  
    Basic weighted average shares outstanding   2,744,609       2,761,870       2,732,720       2,752,991       2,728,094  
    Diluted weighted average shares outstanding   2,744,609       2,761,870       2,732,720       2,752,991       2,728,094  
               
               
    OAK RIDGE FINANCIAL SERVICES, INC.
    Selected Financial Data
      As Of Or For The Three Months Ended,
      December 31,
    		   September 30,
    		   June 30,
    		   March 31,
    		   December 31,
      2024   2024   2024   2024   2023
    Return on average common stockholders’ equity1   9.63 %     9.56 %     8.57 %     9.31 %     10.44 %
    Tangible book value per share $ 23.02     $ 22.78     $ 21.95     $ 21.56     $ 21.36  
    Return on average assets1   0.91 %     0.91 %     0.80 %     0.88 %     0.95 %
    Net interest margin1   3.92 %     3.81 %     3.81 %     3.79 %     3.79 %
    Efficiency ratio   64.6 %     67.9 %     70.0 %     68.3 %     65.2 %
    Nonperforming assets to total assets   0.53 %     0.45 %     0.08 %     0.06 %     0.07 %
    Allowance for credit losses to total loans   1.05 %     1.06 %     1.06 %     1.03 %     1.05 %
    1Annualized                                      
                                           

    Contact: Skylar Mearing, Marketing Director
    Phone: 336.662.4840

    The MIL Network –

  • MIL-OSI Europe: Answer to a written question – EU funding for the UNRWA, links to terrorism and the need for investigation and alternatives – E-002052/2024(ASW)

    Source: European Parliament

    The United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA) has been providing life-saving services in Gaza and across the region in line with the mandate adopted by the UN General Assembly[1]. The European Council reaffirmed repeatedly that these services were essential[2].

    Following the very serious allegations against several UNRWA staff regarding their possible involvement in the 7 October 2023 terrorist attacks, the Commission reviewed its funding decision for UNRWA.

    The Commission has engaged with UNRWA’s Commissioner General and welcomed his commitment to tackle the serious issues at stake, including through the adoption of an Action Plan to implement the recommendations of the Independent Review Group (IRG)[3], and the swift follow up on the UN Office of Internal Oversight Service report on the allegations against UNRWA’s staff[4].

    Upon fulfilment by UNRWA of the conditions agreed for the 2024 EU funding, the Commission disbursed in three tranches a total of EUR 82 million, the last of which in October 2024.

    Additionally, a top-up of EUR 10 million was disbursed on 20 December 2024, following progress by the Agency on the implementation of the recommendations of the IRG and of the EU system Audit.

    In accordance with the Financial Regulation[5], all relevant agreements concluded with recipients of EU funds include tools to ensure the sound financial management of the EU budget. Entities implementing EU funds also need to comply with EU restrictive measures[6]. Furthermore, as a follow up of the review of funding to Palestine[7], some of safeguards have been further reinforced[8].

    There is no role for the EU Agency for asylum — which assists Member States in applying laws related to asylum, international protection and reception conditions — in providing support to refugees from Palestine.

    • [1] https://www.unrwa.org/content/general-assembly-resolution-302
    • [2] https://www.consilium.europa.eu/media/70880/euco-conclusions-2122032024.pdf; https://www.consilium.europa.eu/media/2pebccz2/20241017-euco-conclusions-en.pdf
    • [3] https://www.unrwa.org/resources/reports/colonna-report-and-action-plan
    • [4] https://www.un.org/unispal/document/unrwa-investigation-statement-05aug24/
    • [5] Regulation (EU, Euratom) 2024/2509 of the European Parliament and of the Council of 23 September 2024 on the financial rules applicable to the general budget of the Union (recast), OJ L, 2024/2509, 26.9.2024.
    • [6] Article 215 of the Treaty on the Functioning of the European Union.
    • [7] This designation shall not be construed as recognition of a State of Palestine and is without prejudice to the individual positions of the Member States on this issue.
    • [8] https://neighbourhood-enlargement.ec.europa.eu/system/files/2023-11/Communication%20to%20the%20Commission%20on%20the%20review%20of%20ongoing%20financial%20assistance%20for%20Palestine.pdf

    MIL OSI Europe News –

  • MIL-OSI Europe: 2030 Agenda implementation: FDFA assesses progress at federal and cantonal levels and in organisations

    Source: Switzerland – Federal Administration in English

    Every four years, Switzerland presents to the other UN member states how it is progressing in implementing the 2030 Agenda’s Sustainable Development Goals (SDGs). In its country report, which will be presented in mid-2026, it will also draw on information from the cantons, communes and organisations from the business community, the financial centre, academia and civil society. All relevant actors have until the end of May 2025 to submit details of their activities via the ‘SDGital2030’ digital platform.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Clean Industrial Deal – E-000279/2025

    Source: European Parliament

    Question for written answer  E-000279/2025
    to the Commission
    Rule 144
    Maciej Wąsik (ECR)

    Commission President Ursula von der Leyen has identified the implementation of the Clean Industrial Deal as one of the main priorities of her second term[1]. To this end, she has also set up special working groups and announced the rapid implementation of the Net-Zero Industry Act[2]. According to information from the Commission, the initiative is being developed on the basis of Mario Draghi’s report, which delineates huge commitments for the energy transformation of the EU economy[3].

    EU citizens are already facing dramatically rising prices for electricity and heating, which also have a knock-on effect on the prices of everyday essentials. The level of prosperity in the EU is already falling drastically as a result of the implementation of the Green Deal, and individual sectors of the economy, such as the automotive industry and agriculture, are in steep decline.

    In the light of this:

    • 1.What key objectives has the Commission set to be achieved, including an indicative timetable for actions, through the drafting and implementation of the Clean Industrial Deal?
    • 2.What burdens are planned to be imposed on individual industries in particular?
    • 3.Has the Commission carried out an analysis of the impact of the implementation of the Clean Industrial Deal on the competitiveness of the EU economy and on the lowering of EU citizens’ living standards?

    Submitted: 22.1.2025

    • [1] https://www.esgtoday.com/von-der-leyen-pledges-new-clean-industrial-deal-in-new-mandate-as-eu-commission-president/
    • [2] https://commission.europa.eu/document/download/b600cc41-3fce-4d6d-946d-1a11c93e50fa_en?filename=Decision%20on%20the%20establishment%20of%20a%20Commissioners%27%20Project%20Group%20on%20Clean%20Industrial%20Deal.pdf
    • [3] https://commission.europa.eu/topics/strengthening-european-competitiveness/eu-competitiveness-looking-ahead_en
    Last updated: 30 January 2025

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – US withdrawal from the Paris Agreement – E-000276/2025

    Source: European Parliament

    Question for written answer  E-000276/2025
    to the Commission
    Rule 144
    Erik Kaliňák (NI)

    On 20 January 2025, the newly elected President of the United States signed several executive orders, including one directing the US Ambassador to the UN to immediately submit formal written notification of the US withdrawal from the Paris Agreement under the UN Framework Convention on Climate Change.

    As this is not a surprising step by President Trump, I would like to ask the Commission:

    • 1.Has an impact analysis been carried out on this move by the US, in particular as regards its impact on the EU’s so-called green policy and its significance?
    • 2.The logical response would be to rationalise and rebalance actions at EU level as well. Is the Commission prepared to reconsider the measures adopted under the Green Deal, particularly those which have a significant impact on the EU economy and the falling living standards of its citizens?

    Submitted: 22.1.2025

    Last updated: 30 January 2025

    MIL OSI Europe News –

  • MIL-OSI Asia-Pac: Union Minister of State for Power and New and Renewable Energy Shri Shripad Yesso Naik chairs the 1st meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country

    Source: Government of India

    Union Minister of State for Power and New and Renewable Energy Shri Shripad Yesso Naik chairs the 1st meeting of Group of Ministers constituted for addressing issues related to viability of distribution utilities in the country

    Smart Meters to be the game changers

    SERCs/ State Government to ensure timely & cost reflective tariff – DISCOMs should get fair cost of electricity

    New technologies to be adopted by DISCOMs for optimising Power Purchase Cost & Demand forecasting

    Need for innovative financing and out of the box solutions from members

    Posted On: 30 JAN 2025 9:23PM by PIB Delhi

    Union Minister of State for Power and New & Renewable Energy Shri Shripad Yesso Naik, as chairperson of the Group of Ministers, held a virtual meeting here today with Group of Ministers constituted for addressing issues related to viability of distribution utilities. 

    Shri A. K Sharma, Energy Minister, Uttar Pradesh, Shri Gottipati Ravi Kumar, Energy Minister, Andhra Pradesh, Shri Pradyuman Singh Tomar, Energy Minister, Madhya Pradesh, Shri V Senthil Balaji, Minister of Electricity, Tamil Nadu, Smt Meghana Deepak Sakore Bordikar, Minister of State for Energy, Maharashtra and Shri Heeralal Nagar, Minister of State for Energy, Rajasthan who are the members of the Group attended the meeting. The meeting was also attended by senior officials from Central and State Government and officials from Power Finance Corporation Ltd.

    In his welcome address Energy Minister, Government of Uttar Pradesh, Shri Arvind Kumar Sharma, convenor of the Group, commended the measures taken by the Government of India for improving the operational efficiency and financial viability of the Distribution Utilities. He remarked that pro-active measures by Ministry of Power will have far reaching impact on making country’s distribution sector stronger and healthier. He advocated for adopting and investing in technology in the distribution sector. He emphasised on the need for timely and adequate payment of Government Department Dues and subsidy by the State Governments and effective redressal of consumer grievances.

    In his opening remarks, Union Minister highlighted that the financial viability of electricity distribution utilities, or DISCOMs lies at the heart of India’s energy sector and is very critical for the entire value chain. These entities are the lifeline of our electricity supply chain, connecting power generation to millions of homes, businesses, and industries. However, they face significant challenges that affect not only their financial health but also the sustainability of entire Power Sector value chain. He mentioned that year on year gap between the average cost of supply (ACS) and the average revenue realized (ARR) is eroding the financial stability of the Utilities which needs to be brought down. This gap is largely due to under-recovery of costs esp. power purchase costs, non-cost reflective tariffs, distribution losses, etc. He expressed concern about the AT&C losses which are far above the global average of 6–8% and the need to improve it by improving network, adopting new technologies and improving the billing and collection efficiency. He mentioned about the roles that each stakeholder should play in improving the viability of these utilities especially in the context of the investment required to cater to growing energy demand in the country. He further mentioned about the Gujarat DISCOMs and suggested to understand the steps taken by Gujarat distribution utilities to improve their financial performance.  

    Energy Minister, Government of Andhra Pradesh, Shri Gottipati Ravi Kumar mentioned about priority being given by the State Government for development of Renewable Energy. He also highlighted the progress made by the State under PM KUSUM and PM Surya Ghar: Muft Bijli Yojana.

    Energy Minister, Government of Madhya Pradesh, Shri Pradyuman Singh Tomar emphasised on the need for accurate energy accounting and auditing for reducing line losses and the need to have effective consumer grievance redressal mechanism at each level of Government.

    Electricity Minister, Government of Tamil Nadu, Thiru V.Senthil Balaji highlighted the reforms undertaken by the State Government and the role of Smart Metering in improving the revenues of the distribution utilities. 

    Minister of State (Energy), Government of Maharashtra, Smt. Meghana Deepak Sakore Bordikar mentioned about the initiative taken by the State under Mukhyamantri Saur Krushi Vahini Yojana which would help in improving quality of supply of power to farmers and reduce power purchase costs for utilities.

     Minister of State (Energy), Government of Rajasthan Shri Heeralal Nagar highlighted the rich renewable energy potential of the State and the projects taken by State under Hybrid Annuity Model for providing low cost day time supply of power for agricultural purposes.

    It was agreed that with rich experience of the group, innovative and out of the box solutions will be explored to steer the distribution sector on the path of financial viability. Also, it was agreed to convene further meetings in the member States.

    Group of Ministers on Viability of Distribution Utilities

    The Constitution of the GoM is as follows:

    1. Hon’ble Minister of State for Power and New and Renewable Energy, Govt. of India – Chairman
    2. Energy Minister, Uttar Pradesh- member-cum-convenor
    3. Energy Minister, Andhra Pradesh- member
    4. Energy Minister, Rajasthan- member
    5. Energy Minister, Tamil Nadu- member
    6. Energy Minister, Madhya Pradesh- member
    7. Energy Minister, Maharashtra- member

    The Terms of Reference (ToR) for the GoM are as under:

    1. Analyze debt scenario in key States
    2. Identify parameters that need to be monitored to ensure borrowings are productive
    3. Identify States that are in urgent need for liquidity support and design a fiscal discipline program to enable them to avoid a debt trap.
    4. Recommend guidelines for investment plan with respect to capital expenditure targeted at overall improvement – ensure adequate technical and financial due-diligence, equity investment by State Government, suitable mechanism for realization through tariff.
    5. Suggest measures for improvement in the overall health of the distribution sector to attract further investment from private participants in the value chain

    The GoM would submit its report in three months.

    ****

    JN/ SK

     

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Meeting of Government with Leaders of Political Parties held today

    Source: Government of India (2)

    Meeting of Government with Leaders of Political Parties held today

    Meeting  attended by 52 Leaders from 36 political parties 

    Posted On: 30 JAN 2025 7:59PM by PIB Delhi

    A meeting was  held under the Chairmanship of Shri Raj Nath Singh, Union Minister of Defence with Leaders of political parties today (30th January, 2025) in Parliament House Complex, New Delhi to discuss issues relating to ensuing Budget Session of Parliament, 2025. The meeting was called by Shri Kiren Rijiju, Union Minister of Parliamentary Affairs. The meeting was also attended by Union Minister for Health & Family Welfare and Ministry of Chemicals & Fertilizers, Shri Jagat Prakash Nadda, who is also Leader of the House in Rajya Sabha, Minister of State (Independent Charge) of the Ministry of Law & Justice and Minister of State in the Ministry of Parliamentary Affairs, Shri Arjun Ram Meghwal and Minister of State in the Ministry of Parliamentary Affairs and Minister of State in the Ministry of Information and Broadcasting, Dr. L. Murugan.  In total, the meeting was attended by 52 Leaders from 36 political parties including Ministers.

    At the outset, Shri Rajnath Singh, Minister of Defence made introductory remarks and welcomed all the Leaders attending the meeting and thereafter, Minister of Parliamentary Affairs conducted the meeting. He informed the leaders that the Budget Session, 2025 of Parliament will commence on Friday the 31st January, 2025 and subject to exigencies of Government Business, the session may conclude on Friday the 4th April, 2025. During this period, both the Houses will be adjourned for recess on Thursday, the 13th of February, 2025 to reassemble on Monday, the 10th of March, 2025 to enable the Standing Committees to examine the Demands for Grants of various Ministries/Departments and make their Reports thereon. The Session will provide a total of 27 sittings (09 sittings in first part and 18 sittings in second part) spread over a period of 64 days.

    Shri Rijiju further stated that Session will mainly be devoted to the Financial Business relating to Union Budget for 2025-26 and discussion on the Motion of Thanks on President’s Address. However, essential Legislative and other Business will also be taken up during the Session. He mentioned that Economic survey of India and Union Budget for 2025-26 will be presented to Parliament on Friday, the 31st of January, 2025 and the Saturday, 1st February, 2025 respectively. He also informed that tentatively 16 items of legislative business and 3 items of financial business have been identified for being taken up during this session.

    The Minister of Parliamentary Affairs also stated that the Government is prepared and ready to discuss any other important issue on the floors of the Houses as per rules of both Houses. Leaders of different political parties expressed their views on various issues likely to be raised by them during the forthcoming Budget Session of Parliament and assured the Government to provide full co-operation. He also thanked all the Hon’ble Leaders for attending the meeting, expressing their views and for their active and effective participation.

    LIST OF BILLS LIKELY TO BE TAKEN UP DURING BUDGET SESSION, 2025

    I – LEGISLATIVE BUSINESS

    1. The Banking Laws (Amendment) Bill, 2024
    2. The Railways (Amendment) Bill, 2024
    3. The Disaster Management (Amendment) Bill, 2024
    4. The Oilfields (Regulation and Development) Amendment Bill, 2024
    5. The Boilers Bill, 2024
    6. The Readjustment of Representation of Scheduled Tribes in Assembly Constituencies of the State of Goa Bill, 2024
    7. The Waqf (Amendment) Bill, 2024
    8. The Mussalman Wakf (Repeal) Bill, 2024
    9. The Bills of Lading Bill, 2024
    10. The Carriage of Goods by Sea Bill, 2024
    11. The Coastal Shipping Bill, 2024
    12. The Merchant Shipping Bill, 2024
    13. The Finance Bill, 2025
    14. The Protection of Interests in Aircraft Objects Bill, 2025
    15. The “Tribhuvan” Sahkari University Bill, 2025
    16. The Immigration and Foreigners Bill, 2025

    II – FINANCIAL BUSINESS

    1. Discussion and voting on Demands for Grants for the year 2025-26 and introduction, consideration and passing/return of the related Appropriation Bill.
    2. Discussion and voting on Second and Final Batch of Supplementary Demands for Grants for the year 2024-25 and introduction, consideration and passing/return of the related Appropriation Bill.
    3. Discussion and voting on Demands for Excess Grants for the year 2021-22 and introduction, consideration and passing/return of the related Appropriation Bill.

    *****

    SS/NSK

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    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Consultation with Ministries/ Departments and other Stakeholders on estimation of Informal Sector in Gross Domestic Product held on 30th January,2025 in Tagore Chamber, SCOPE Convention Centre, New Delhi.

    Source: Government of India (2)

    Posted On: 30 JAN 2025 6:56PM by PIB Delhi

    National Accounts Division of the Ministry of Statistics and Programme Implementation (MoSPI) organised a half day consultation on ‘Estimation of Informal Sector in Gross Domestic Product (GDP)’ on 30th January,2025 in Tagore Chamber, SCOPE Convention Centre, New Delhi.

    The consultation was organized to broad base the consultation on the current effort of the Ministry to revise the base year of GDP from 2011-12 to 2022-23. It was aimed to discuss improvement in the methodology as well as incorporation of new data sources in the estimation of informal sector of the economy in the revised GDP series. As per National Accounts Statistics, the informal sector contributed about 45% to the total GDP of the economy in FY 2022-23. From the labour perspective, about 61% of women workers in non-agriculture sector are working in informal sector enterprises as per Periodic Labour Force Survey(PLFS) in 2023-24.

    The inaugural session of the workshop was graced by Shri Sanjeev Sanyal, Member- PM Economic Advisory Council, who in his key note address, emphasised the changing nature of informality in the economy due to digital penetration in various sectors. He highlighted the case of UPI payments, gig workers, social influencers, self-employment generated by digital intermediation platforms, yoga teaching to highlight the evolving landscape of economic transactions.

    Dr. Saurabh Garg, Secretary Ministry of Statistics & Programme Implementation underscored the importance of robust estimation of the contribution of informal economy and efforts currently being undertaken by MoSPI in this direction. He highlighted that Ministry is exploring enhanced use of administrative data sources like GST & digital payment system and has also started preparation for Statistical Business Register. He informed that starting January,2025 monthly statistics on employment from Periodic Labour Force Survey and quarterly estimates for contribution of unincorporated (informal) sector through survey of unincorporated sector enterprises will be available. He urged the ministries/ departments to examine their administrative databases, which can supplement the survey-based estimates of informal economy and actively participate in the consultative exercise started by MoSPI in making the estimation of GDP robust in respect of informal economy. Secretary, MoSPI also highlighted various policy interventions of the Government to address challenges associated with informality.

    • In the last 7 years, 7 crore people have transitioned to more secure, formal jobs as per EPFO.
    • As per ILO’s World Social Protection Report 2024-26, India’s Social Protection coverage doubled from 24.4% to 48.8%.
    • e-Shram Portal acts as one stop solution providing easy access to central and state government welfare schemes for over 300 million workers of unorganized sector.
    • Pradhan Mantri Shram Yogi Maan-dhan (PM-SYM), a pension scheme for unorganized workers, was launched in February 2019 to ensure old age protection.
    • Total gross enrolment under Atal Pension Yojana have crossed 7 crore mark in October,2024.

    There were technical sessions on data sources and methodology being used in compilation of Gross Value Added (GVA) in National Accounts Statistics. The industries such as Agriculture & Allied activities, certain manufacturing activities, construction, trade, road transport, hotel & restaurants, personal services were highlighted as having high informality. Key aspects of Annual Survey of Unincorporated Sector Enterprises (ASUSE), which is a regular annual survey conducted by MoSPI since 2021-22 is a major source for measuring economic activity- wise productivity in informal sector. A presentation was made by Ministry of Textiles highlighting the informal nature of economic activities in Textile Industry and available administrative and survey-based data sources.

    The consultation was attended by representatives from various Government Ministries & Departments, Research Institutions and Industry Associations & officers of MoSPI. The participants of the discussion supported the initiative of MoSPI to augment survey data with administrative data sources. Discussions veered around exploring databases like PM Street Vendor’s AtmaNirbhar Nidhi (PM SVANidhi), Pehchan Cards to artisans (handicrafts), data on workers available with organizations such as Tea Board, Coffee Board, State Construction Boards, District Industry Centres, availability of district level estimates from ASUSE, capturing seasonal activities through surveys, measuring digital economy through ASUSE and input output framework, improving coverage of informal sector in Education, improving coverage of gig economy, social influencers, use of alternate sources of data like remote sensing and satellite data.

    Secretary, MoSPI invited research institutions, academia and industry associations, to take up studies on topics pertaining to alternate data sources and methodological improvements floated by MoSPI. Through such series of discussions, the Ministry has taken steps towards realizing the goal of Viksit Bharat by robust estimation of GDP.

    *****

    Samrat/Dheeraj: @pibmospi[at]gmail[dot]com

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    MIL OSI Asia Pacific News –

  • MIL-OSI USA: Justice Department Announces Seizure of Cybercrime Websites Selling Hacking Tools to Transnational Organized Crime Groups

    Source: US State of North Dakota

    The Justice Department today announced the coordinated seizure of 39 domains and their associated servers in an international disruption of a Pakistan-based network of online marketplaces selling hacking and fraud-enabling tools operated by a group known as Saim Raza (also known as HeartSender). The seizures were conducted in coordination with the Dutch National Police.

    According to the affidavit filed in support of these seizures, Saim Raza has used these cybercrime websites since at least 2020 to sell phishing toolkits and other fraud-enabling tools to transnational organized crime groups, who used them to target numerous victims in the United States, resulting in over $3 million in victim losses.

    The Saim Raza-run websites operated as marketplaces that advertised and facilitated the sale of tools such as phishing kits, scam pages, and email extractors, often used to build and maintain fraud operations. Not only did Saim Raza make these tools widely available on the open internet, it also trained end users on how to use the tools against victims by linking to instructional YouTube videos on how to execute schemes using these malicious programs, making them accessible to criminal actors that lacked this technical criminal expertise. The group also advertised its tools as “fully undetectable” by antispam software.

    The transnational organized crime groups and other cybercrime actors who purchased these tools primarily used them to facilitate business email compromise schemes wherein the cybercrime actors tricked victim companies into making payments to a third party. Those payments would instead be redirected to a financial account the perpetrators controlled, resulting in significant losses to victims. These tools were also used to acquire victim user credentials and utilize those credentials to further these fraudulent schemes. The seizure of these domains is intended to disrupt the ongoing activity of these groups and stop the proliferation of these tools within the cybercriminal community.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas, and Special Agent in Charge Douglas Williams of the FBI Houston Field Office made the announcement.

    The FBI Houston Field Office is investigating the case. The Justice Department appreciates the cooperation and significant assistance law enforcement partners in the Netherlands have provided.

    Trial Attorney Gaelin Bernstein of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney Rodolfo Ramirez for the Southern District of Texas are prosecuting the case.

    MIL OSI USA News –

  • MIL-OSI Europe: Written question – Designation of the Port of Licata under Regulation (EC) No 1005/2008 – E-000266/2025

    Source: European Parliament

    Question for written answer  E-000266/2025
    to the Commission
    Rule 144
    Giuseppe Antoci (The Left)

    The Port of Licata is located on the south-west coast of Sicily, very close to the countries of North Africa (Egypt, Libya, Tunisia, Algeria), with a high number of fishing vessels.

    The port plays a vital role in supporting the local economy and ensuring compliance with the European regulations on safety and sustainable fisheries.

    In addition, it is equipped with the facilities and equipment needed to carry out maintenance work on fishing vessels of all categories.

    Designating the Port of Licata an authorised port for landings and transhipment operations of fishery products, within the meaning of Article 5 of Regulation (EC) No 1005/2008, would not only ensure efficient vessel maintenance, but would, above all, support businesses and workers, both direct and indirectly.

    The decision on which ports to designate lies with the Member States, which have to send the Commission an updated list of those ports each year.

    In view of the above:

    • 1.Have the Italian authorities already informed the Commission of the designated ports under Article 5 of Regulation (EC) No 1005/2008 for 2025?
    • 2.In light of the Port of Licata’s characteristics and infrastructures, does the Commission consider it suitable for inclusion in the list of designated ports under Regulation (EC) No 1005/2008?

    Submitted: 22.1.2025

    Last updated: 30 January 2025

    MIL OSI Europe News –

  • MIL-OSI Security: Justice Department Announces Seizure of Cybercrime Websites Selling Hacking Tools to Transnational Organized Crime Groups

    Source: United States Attorneys General 1

    The Justice Department today announced the coordinated seizure of 39 domains and their associated servers in an international disruption of a Pakistan-based network of online marketplaces selling hacking and fraud-enabling tools operated by a group known as Saim Raza (also known as HeartSender). The seizures were conducted in coordination with the Dutch National Police.

    According to the affidavit filed in support of these seizures, Saim Raza has used these cybercrime websites since at least 2020 to sell phishing toolkits and other fraud-enabling tools to transnational organized crime groups, who used them to target numerous victims in the United States, resulting in over $3 million in victim losses.

    The Saim Raza-run websites operated as marketplaces that advertised and facilitated the sale of tools such as phishing kits, scam pages, and email extractors, often used to build and maintain fraud operations. Not only did Saim Raza make these tools widely available on the open internet, it also trained end users on how to use the tools against victims by linking to instructional YouTube videos on how to execute schemes using these malicious programs, making them accessible to criminal actors that lacked this technical criminal expertise. The group also advertised its tools as “fully undetectable” by antispam software.

    The transnational organized crime groups and other cybercrime actors who purchased these tools primarily used them to facilitate business email compromise schemes wherein the cybercrime actors tricked victim companies into making payments to a third party. Those payments would instead be redirected to a financial account the perpetrators controlled, resulting in significant losses to victims. These tools were also used to acquire victim user credentials and utilize those credentials to further these fraudulent schemes. The seizure of these domains is intended to disrupt the ongoing activity of these groups and stop the proliferation of these tools within the cybercriminal community.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, U.S. Attorney Nicholas J. Ganjei for the Southern District of Texas, and Special Agent in Charge Douglas Williams of the FBI Houston Field Office made the announcement.

    The FBI Houston Field Office is investigating the case. The Justice Department appreciates the cooperation and significant assistance law enforcement partners in the Netherlands have provided.

    Trial Attorney Gaelin Bernstein of the Criminal Division’s Computer Crime and Intellectual Property Section and Assistant U.S. Attorney Rodolfo Ramirez for the Southern District of Texas are prosecuting the case.

    MIL Security OSI –

  • MIL-OSI Europe: Poland: EIB contributes €400 million to building the EU’s largest offshore wind farm

    Source: European Investment Bank

    • EIB makes leading contribution to development of large-scale Baltic Sea offshore wind farm
    • With capacity of 1.5 GW, Baltica 2 is the EU’s largest offshore wind fam to date
    • Initial loan under record €1.4 bln EIB financing approved for expanding Polish offshores
    • Underpinned by significant EU funding, investment will boost Poland’s energy transition

    The European Investment Bank (EIB) signed an agreement to support Poland’s largest utility Polska Grupa Energetyczna (PGE) with a €400 mln loan towards the design and construction of Baltica 2, the European Union’s largest offshore wind farm to date. Baltica 2 will feature innovative technology for a 1.5 GW capacity and sit off the Polish coast in the Baltic Sea. Supported by major European funding, it is being developed by PGE and leading offshore wind company, Denmark’s Ørsted.

    The EIB loan is the biggest own resources contribution by a financial institution to the project. It is also the first part of a €1.4 bln package approved by the European Union’s climate bank to support PGE and Ørsted in erecting two new, large-scale offshore wind farms in the Baltic Sea. Featuring state-of-the-art turbine technology, Baltica 2 is due to be completed as early as 2027. It will comprise of 107 turbines located some 40 km north of Poland’s Baltic shore. Together with its sister project Baltica 3, they are to have total capacity of 2.5 GW and double PGE’s existing renewable energy portfolio. Underpinned by significant EU support that includes funds from InvestEU, REPowerEU and Recovery and Resilience Facility, the strategic investment will contribute to Poland’s energy transition and security, as well as strengthening cooperation and energy security in the Baltic Sea region.

    “As the climate bank of the European Union and a leading partner of multidimensional energy transition in Poland, the EIB is keenly supporting Baltica 2. The EIB’s investment of €400 million is the largest own resources contribution to this transformative project by a financial institution. Baltica 2 is the biggest offshore wind farm under construction in the European Union. It will increase the share of renewables in Poland’s energy mix and help reduce greenhouse gas emissions. It will strengthen Poland’s energy security and support economic competitiveness by harnessing innovative technologies. I thank all partners involved and keep my fingers crossed for a swift and successful completion of this high-impact project,“ said EIB Vice-President Teresa Czerwińska.

    The €400 mln loan to PGE for Baltica 2 comes on top of the EIB financing previously granted to Ørsted to support the roll-out of new wind energy installations, including off the Polish coast. In Poland, the EIB has endorsed multiple energy transition projects by PGE, including to modernise the country’s railway power system. In 2023, EIB also co-financed the country’s first offshore wind farm project.

    Background information

    The EIB is the EU institution providing long-term financing for sound projects that pursue EU priorities. Owned by the 27 Member States, the EIB offers financing and advisory services to support economic competitiveness, spur innovation, promote sustainable development, enhance social and territorial cohesion, and support a swift and fair transition to climate neutrality.

    Last year, the EIB Group granted €89 billion in new financing, with a record €100 billion of total investments supported to the benefit of Europe’s energy security. Nearly 60% of last year’s funding supported climate action and environmental sustainability. The Group – which comprises the European Investment Bank and the European Investment Fund – is on track to meeting its goal of mobilising €1 trillion of climate investment by the end of this decade.

    In Poland, more than half of the €5.1 billion provided by the EIB Group in 2023 was awarded to green and climate-friendly projects. Financing for Poland’s energy transition amounted to €1.78 billion that year. The Group will shortly publish results of its operations in Poland in 2024.  

    MIL OSI Europe News –

  • MIL-OSI Europe: EIB Group invested €314 million in Hungary last year

    Source: European Investment Bank

    • EIB Group financing in Hungary totalled €314 million last year, with major investments to improve rail services, deliver power for local manufacturers and support small and medium enterprises
    • Latest annual figures bring total EIB Group investments in Hungary to more than €25 billion since 1991

    The European Investment Bank (EIB) Group’s new financing in Hungary last year amounted to €314 million, supporting projects to improve rail services, meet electricity demands from major local manufacturers and support small and medium enterprises (SME).  This includes financing from both members of the EIB Group – the EIB and the European Investment Fund (EIF).

    “Our 2024 results are good news for Hungary and the EU,” said EIB Vice-President Teresa Czerwinska. “They are a testament to our ability to support national and EU priorities and ensure our citizens and businesses can thrive, contribute towards a globally competitive, sustainable and green future and ensure equal opportunities and a higher quality of living.  With more than €25 billion invested in the country since 1991, the EIB Group has established itself as one of the most reliable sources of financial and advisory support for Hungary. We are ready to pursue this role in the years ahead.”

    Modern rail and power networks

    The biggest operation in Hungary to receive EIB Group funding last year was a €160 million EIB loan to regional railway operator GYSEV to improve network infrastructure and replace old diesel-powered trains with new electric ones. The loan will significantly improve the reliability of train connections between Hungary and Austria. The credit will also accelerate modernisation of the national rail network – a development priority for Hungary. In addition, the financing will boost economic activities in cohesion regions in western Hungary, reduce travel times and increase comfort for hundreds of thousands of rail commuters annually and cut air pollution.

    The EIB Group also provided a €90 million EIB financing to Hungary to support investments undertaken by the energy companies E.ON and MAVIR to expand power grids to meet the electricity needs of key industrial sites, including ones that will boost the European Union’s ability to produce electric vehicles strengthening the EU’s strategic autonomy in this area. The investment boosts economic activity in cohesion regions in Hungary.

    Some €64 million in EIB Group financing supported Hungarian small and medium-sized enterprises and Mid-Caps, the backbone of the national economy and a major source of employment for Hungarians.

    EIB Group Results

    For more details on EIB group results please visit EIB Group press conference on annual results

    MIL OSI Europe News –

  • MIL-OSI Europe: 2024 marks year of record high EIB Group investment in Denmark

    Source: European Investment Bank

    • The EIB Group signed €2.1 billion in new financing for Danish projects last year, a 48% increase from 2023 and more than double the 2022 volume.
    • 2024 flagship projects include support for dual-use infrastructure in the Port of Esbjerg, the Thor North Sea wind farm, and state-of-the-art medical research and development.
    • Another notable highlight was the appointment of the Danish expert Merete Clausen as deputy Chief Executive of the European Investment Fund, the EIB’s subsidiary.

    The European Investment Bank Group, consisting of the European Investment Bank and the European Investment Fund, invested a record €2.1 billion in Danish projects last year, a record volume in the country. Worldwide, the EIB Group investment also reached a record level of €88.8 billion, of which no less than €50.7 billion in climate and environmental financing.

    In line with national and EU priorities, EIB financing in Denmark focused on key infrastructure, green energy, and innovation. The EIB signed a €115 million loan to upgrade and expand the Port of Esbjerg, Europe’s largest port for shipping offshore wind turbines, increasing its capacity to accommodate larger vessels, including for NATO operations. This way, the EIB supports Europe’s energy security and sustainability as well as its security and defence capabilities. In the energy sector, the EIB financed the massive 1.1 GW Thor wind farm project with a €1.2 billion loan to German company RWE. Located off the Danish coast in the North Sea, the new wind farm will produce enough green electricity to supply one in three Danish households.

    In 2024 the EIB Group also saw a notable uptick in financing for smaller companies in Denmark. Through affordable loans, guarantees or equity, over half the Group’s 2024 financing went to Danish small and medium-sized companies and Mid-Caps. Notably, Danish scale-up companies like SNIPR Biome, Matr Foods and Norlase, signed up for EIB venture debt financing, which aims to make sure that critical technology from Europe can grow and thrive in the EU. In a similar vein, the European Investment Fund (EIF) made a €24.8 million commitment to PSV Hafnium, the first-ever Danish venture fund dedicated solely to deep tech. Building on its close ties with the innovation ecosystem and DTU, the fund will support science-based clean tech, health tech and next generation industrial solutions.

    “2024 was a landmark year for the EIB Group in Denmark, with significant investments in green energy, innovative industries, and critical infrastructure, including the Thor wind farm and the Port of Esbjerg.” said EIB Vice-President Ioannis Tsakiris. “We also significantly increased our financing for Danish SMEs, Mid-Caps and scale-ups, through both the EIF and the EIB. Deals with EIFO, Sydbank and Danish investment funds will help ensure that Danish companies have access to the financing needed to grow and innovate. Congratulations to all teams for this outstanding achievement, let’s keep the momentum in 2025.”

    The EIF signed 12 transactions in Denmark last year, including equity investments in PSV Hafnium, Nine Realms and Den Sociale Kapitalfond, and guarantee transactions with Denmark’s Export and Investment Fund EIFO, Kompasbank, Ringkjøbing Landbobank and others. The EIF, which saw Danish national Merete Clausen appointed as deputy chief executive just before year end, made available a total of €361.7 million for Danish SMEs in 2024.

    Background information

    The European Investment Bank is the long-term lending institution of the European Union, owned by its Member States. It finances investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, contribute to peace and security, and support a just and swift transition to climate neutrality. Denmark owns 2.64% of the European Investment Bank.

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Addressing young farmers’ difficulties in accessing financing – E-000263/2025

    Source: European Parliament

    Question for written answer  E-000263/2025
    to the Commission
    Rule 144
    Maria Grapini (S&D)

    In recent years, farmers have been faced with major disruptions caused by climate disasters, food market shocks due to the war in Ukraine and looming concerns over the EU-Mercosur trade agreement. One significant upshot of all these factors is that it has become increasingly difficult for farmers to access financing as the agricultural sector is subject to increased risks and farmers are facing liquidity problems after having to deal with the repeated disruptions. This problem is all the more acute in the case of young farmers, who are viewed as having an even higher risk profile due to their supposed lack of experience, making them two to three times more likely to be rejected by credit providers.

    Bearing this situation in mind, could the Commission answer the following questions:

    • 1.What measures does it plan to take to lower the risk profile of young farmers, thus increasing the chances that their applications for credit will be approved, and at lower interest rates?
    • 2.Has it considered creating financial instruments for agricultural credit providers to encourage them to agree to loans for young farmers and to reduce interest rates on these loans through schemes such as the provision of debt guarantees?

    Submitted: 22.1.2025

    Last updated: 30 January 2025

    MIL OSI Europe News –

  • MIL-OSI USA: Additional Information About the Economic Outlook: 2025 to 2035

    Source: US Congressional Budget Office

    In this report, the Congressional Budget Office provides additional details about the economic forecast that it published, along with the agency’s baseline budget projections, in The Budget and Economic Outlook: 2025 to 2035 earlier this year. By statutory requirement, CBO produces annual reports outlining the agency’s projections of what the federal budget and the economy would look like in the current fiscal year and over the next 10 years if current laws governing federal taxes and spending generally remained in place throughout the projection period. The agency’s current economic projections reflect laws enacted and policy measures taken through December 4, 2024.

    In CBO’s economic projections for the 2025–2035 projection period:

    • Economic growth cools in calendar years 2025 and 2026 and then averages roughly 1.8 percent a year from 2027 to 2035;
    • Inflation continues to ease over the next two years, reaching the Federal Reserve’s target rate of 2 percent by 2027 and stabilizing thereafter; and
    • In response to falling inflation, slower job growth, and a rising unemployment rate, the Federal Reserve continues to lower the federal funds rate in 2025 and 2026 and then keeps that rate roughly flat over the remainder of the projection period.

    MIL OSI USA News –

  • MIL-OSI USA: Duckworth Pressed Commerce Department Nominee Howard Lutnick on Trump’s Dangerous Pause on Federal Grants That Would Jeopardize U.S. Trade and Innovation

    US Senate News:

    Source: United States Senator for Illinois Tammy Duckworth
    January 29, 2025
    [WASHINGTON, D.C.] – Today, U.S. Senator Tammy Duckworth (D-IL)—a member of the Senate Committee on Commerce, Science and Transportation (CST)—pressed Howard Lutnick, President Trump’s nominee for Secretary of Commerce, on whether he would obey an illegal order from President Trump, such as following through on the President’s dangerous freeze of billions in federal grant funding. In her remarks, Duckworth underscored that the chaos and confusion caused by pausing these legally obligated funds to grant recipients would ultimately make America less globally competitive, stifle innovation and hurt businesses and jobs. Duckworth’s full remarks can be found on the Senator’s YouTube.
    “Businesses, tech hubs and other grant recipients should not have to tune in each week to learn whether the funding Congress appropriated for them will actually come through,” said Duckworth. “I made it clear to Mr. Lutnick that this kind of chaos that President Trump unleashed will make America less globally competitive, not more. Any Secretary of Commerce must understand how critical it is that grant funding is disbursed on time, without delay, to support our farmers, boost manufacturing and keep our economy strong.”
    Duckworth highlighted that the Economic Development Administration recently awarded $51 million to the Illinois Fermentation and Agriculture Biomanufacturing (iFAB) Tech Hub, which would support its work to strengthen American innovation and ensure our country remains a global leader in the agricultural sector while growing good-paying jobs across the Midwest. This is just one example of the many kinds of critical grants the Department of Commerce is in charge of distributing.
    Duckworth is a proven leader in securing international investments that drive commerce and job growth in Illinois—all while strengthening economic ties with Indo-Pacific nations and improving security in the region. As a member of the U.S. Senate Foreign Relations Committee, Duckworth led a bipartisan delegation of her Senate colleagues to Taiwan last year to further enhance our bilateral economic ties, including deepening our trade ties on chip manufacturing and agricultural investments.
    In 2023, Duckworth traveled to Japan where she met with government, trade and economic leaders as well as corporate and business officials to highlight how Illinois is uniquely positioned for greater investment and increased exports with international partners as a hub of agriculture manufacturing and technology. Specifically, Duckworth advocated on behalf of Illinois farmers to increase Japan’s importation of ethanol, corn, soybean, pork and other goods. As a result of her advocacy, Duckworth also helped secure Japan’s open market to all U.S. biofuels as well as Japan’s commitment to double Japan’s ethanol imports from the U.S. by 2030.
    Duckworth also led an official visit to Thailand, Indonesia and the Philippines to meet with government and business leaders and discuss opportunities that would increase cooperation in areas of mutual interest, such as economic investments, regional stability and national security. In 2022, Duckworth led a Congressional delegation to Taiwan and South Korea to help strengthen economic ties between our people, specifically highlighting how Illinois is uniquely positioned for greater investment and increased exports with international partners as a hub of agriculture, manufacturing and technology.
    Duckworth championed the Inflation Reduction Act, which was signed into law in 2022, providing $500 million to expand the number of service stations that offer low-carbon ethanol and biodiesel, made from Illinois corn and soybeans and also has incentives to make these low-carbon biofuels even lower-carbon than today. These climate-smart investments in Midwestern-grown fuels will also reduce our reliance on foreign oil.
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    MIL OSI USA News –

  • MIL-OSI USA: Crapo, Wyden Issue Discussion Draft to Improve IRS Administration

    US Senate News:

    Source: United States Senator for Idaho Mike Crapo
    Washington D.C.— U.S. Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon) released a discussion draft of bipartisan legislation making an array of common-sense fixes to Internal Revenue Service (IRS) procedure and administration. 
    “As the tax filing season gets underway, this draft legislation suggests practical ways to improve the taxpayer experience,” Crapo and Wyden said. “These adjustments to the laws governing IRS procedure are designed to facilitate communication between the agency and taxpayers, streamline processes for tax compliance and disputes and ensure taxpayers have access to timely expert assistance.”    
    “This bipartisan draft bill, several years in the making, would significantly strengthen taxpayer rights in nearly every facet of tax administration,” said Erin Collins, the National Taxpayer Advocate.  “I encourage taxpayers and the tax professional community to carefully review the draft and provide feedback to refine it, and I encourage Congress to prioritize the passage of this common sense bill to ensure stronger protections for taxpayers and a more fair and transparent tax system.”
    The discussion draft includes policies that would:
    Require the IRS to improve “math error” notices so that taxpayers are better positioned to timely respond to them;
    Streamline review of offers-in-compromise to facilitate the taxpayers’ resolution of tax debts;
    Simplify foreign bank account report (FBAR) compliance so that fewer taxpayers will fail to file key forms;
    Clarify and expand Tax Court jurisdiction so that more taxpayers can pursue their claims in an appropriate venue;
    Expand the independence of the National Taxpayer Advocate (NTA) from the IRS;
    Increase civil and criminal penalties on tax professionals that deliberately take actions to harm their clients;
    Expand taxpayer access to the IRS Independent Office of Appeals;
    Extend the so-called “mailbox rule” to electronic submissions so that taxpayers have certainty their materials are submitted on time;
    Protect taxpayers by adopting reasonable standards and due process for issuing and revoking return preparer identification numbers (PTINs);
    Strengthen the IRS whistleblower program while protecting the confidentiality of taxpayer information;
    Protect hostages from unfair tax processes and penalties.
    Proposals in the discussion draft largely reflect nonpartisan legislative proposals recommended by the National Taxpayer Advocate, as well as standalone tax administrative bills introduced by congressional members.  The provisions are centered on seeking to reduce or eliminate challenges faced by taxpayers and other stakeholders within the current federal tax administrative system. 
    The text of the discussion draft is available here.
    A section-by-section of the legislation is available here.
    Comments on this discussion draft are requested by March 31, 2025, and can be sent to discussiondraft@finance.senate.gov.

    MIL OSI USA News –