Category: Economy

MIL-OSI: Symbotic Completes Acquisition of Walmart’s Advanced Systems and Robotics Business and Signs Related Commercial Agreement

Source: GlobeNewswire (MIL-OSI)

WILMINGTON, Mass., Jan. 28, 2025 (GLOBE NEWSWIRE) — Symbotic Inc. (Nasdaq: SYM), a leader in A.I.-enabled robotics technology for the supply chain, today announced it has both completed the acquisition of the Advanced Systems and Robotics business from Walmart (NYSE: WMT) and signed the related commercial agreement with Walmart covering the development and deployment of automation systems for Accelerated Pickup and Delivery centers (“APDs”) at Walmart stores (the “Commercial Agreement”).

Walmart has chosen Symbotic to develop, build and deploy an advanced solution leveraging Symbotic’s A.I.-enabled robotics platform to offer Walmart customers greater shopping convenience through accelerated online pickup and delivery options at stores. Under the terms of the Commercial Agreement, Symbotic will engage in a development program funded by Walmart to enhance current online pickup and delivery fulfillment systems as well as to design new systems to meet the needs of current and future customers. If performance criteria are achieved, Walmart is committed to purchasing and deploying systems for 400 APDs at stores over a multi-year period, with Walmart’s option to add additional APDs in the coming years. Associated with the development program, Walmart will pay Symbotic a total of $520 million, including $230 million that was paid at the closing of the acquisition of the Advanced Systems and Robotics business from Walmart.

The transaction and new agreement could increase Symbotic’s future backlog by more than $5 billion and adds a micro-fulfillment solution that expands its addressable market by more than $300 billion in the United States alone.

“We’re excited to expand upon our long-term relationship with Walmart while broadening our product offering to automation at the store to support the growth of eCommerce,” said Rick Cohen, Chairman and Chief Executive Officer of Symbotic.

ABOUT SYMBOTIC

Symbotic is an automation technology leader reimagining the supply chain with its end-to-end, A.I.-powered robotic and software platform. Symbotic reinvents the warehouse as a strategic asset for the world’s largest retail, wholesale, and food & beverage companies. Applying next-generation technology, high-density storage and machine learning to solve today’s complex distribution challenges, Symbotic enables companies to move goods with unmatched speed, agility, accuracy and efficiency. As the backbone of commerce, Symbotic transforms the flow of goods and the economics of the supply chain for its customers. For more information, visit www.symbotic.com.

FORWARD-LOOKING STATEMENTS

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but are not limited to, our expectations or predictions of future financial or business performance or conditions. Forward-looking statements are inherently subject to risks, uncertainties and assumptions. Generally, statements that are not historical facts, including statements concerning our possible or assumed future actions, business strategies, events, backlog, or results of operations, are forward-looking statements. These statements may be preceded by, followed by or include the words “believes,” “estimates,” “expects,” “projects,” “forecasts,” “may,” “will,” “should,” “seeks,” “plans,” “scheduled,” “anticipates,” or “intends” or similar expressions. Such forward-looking statements involve risks and uncertainties that may cause actual events, results or performance to differ materially from those indicated by such statements. Certain of these risks are identified and discussed in Symbotic’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. These risk factors will be important to consider in determining future results and should be reviewed in their entirety. These forward-looking statements are expressed in good faith, and Symbotic believes there is a reasonable basis for them. However, there can be no assurance that the events, results or trends identified in these forward-looking statements will occur or be achieved. Forward-looking statements speak only as of the date they are made, and Symbotic is not under any obligation, and expressly disclaims any obligation, to update, alter or otherwise revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Readers should carefully review the statements set forth in the reports, which Symbotic has filed or will file from time to time with the SEC.

In addition to factors previously disclosed in Symbotic’s filings with the SEC and those identified elsewhere in this communication, the following factors, among others, could cause actual results to differ materially from forward-looking statements or historical performance: failure to realize the benefits expected from the transactions described herein (the “Transactions”); business disruption following the Transactions; the occurrence of any event, change or other circumstance that could give rise to the termination of the agreements entered into in connection with the Transactions, including the Commercial Agreement; the effect of the Transactions on Symbotic’s business relationships, performance, and business generally; the amount of the costs, fees, expenses and other charges related to the Transactions; and other consequences associated with joint ventures and legislative and regulatory actions and reforms.

Any financial projections in this communication are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond Symbotic’s control. While all projections are necessarily speculative, Symbotic believes that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection extends from the date of preparation. The assumptions and estimates underlying the projected results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the projections. The inclusion of projections in this communication should not be regarded as an indication that Symbotic or its representatives considered or consider the projections to be a reliable prediction of future events.

Annualized, pro forma, projected and estimated numbers are used for illustrative purposes only, are not forecasts and may not reflect actual results.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Symbotic and is not intended to form the basis of an investment decision in Symbotic. All subsequent written and oral forward-looking statements concerning Symbotic, the Transactions or other matters and attributable to Symbotic or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

INVESTOR RELATIONS CONTACT

Charlie Anderson
Vice President, Investor Relations & Corporate Development
ir@symbotic.com

MEDIA INQUIRIES

mediainquiry@symbotic.com

The MIL Network –

January 29, 2025
MIL-OSI: Publication of eQ Plc’s 2024 financial statements release and invitation to result presentation

Source: GlobeNewswire (MIL-OSI)

eQ Plc Investor news

28 January 2025, at 1:30 p.m.

eQ Plc will publish its 2024 financial statements release on Tuesday 4 February 2025 at around 8:00 a.m. eQ will present the 2024 result to press, investors and analysts in a press conference to be held on 4 February 2025 at 11:00 a.m. The press conference will held at eQ’s head office in Helsinki, address Aleksanterinkatu 19, 5th floor, 00100 Helsinki and it is also possible to participate via webcast. The webcast participation requires a registration.

The press conference will be held in Finnish. The presentation material can be viewed at eQ’s website after the press conference has begun. To join the press conference, please register with Nicolina.Zilliacus@eq.fi.

eQ Plc

Additional information: Antti Lyytikäinen, CFO, tel. +358 9 6817 8741

Distribution: Nasdaq Helsinki, www.eQ.fi, media

eQ Group is a Finnish group of companies specialising in asset management and corporate finance business. eQ Asset Management offers a wide range of asset management services (including private equity funds and real estate asset management) for institutions and individuals. The assets managed by the Group total approximately EUR 13.3 billion. Advium Corporate Finance, which is part of the Group, offers services related to mergers and acquisitions, real estate transactions and equity capital markets.

More information about the Group is available on our website at www.eQ.fi.

The MIL Network –

January 29, 2025
MIL-OSI Africa: Congo’s Strategy to Advance Local Content Hydrocarbon Sector

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

BRAZZAVILLE, Congo (Republic of the), January 28, 2025/APO Group/ —

The Republic of Congo is prioritizing local content development within its hydrocarbon sector through a combination of government policy and private sector initiatives. The country’s approach aims to maximize domestic benefits from its vast energy resources, with a focus on job creation, technology transfer and building local expertise.

Regulatory Framework for Local Content

In line with its economic goals, the government has established policies to ensure that Congo’s energy sector benefits local businesses and workers. The Minister of Hydrocarbons Bruno Jean-Richard Itoua recently launched a registration campaign for subcontracting and service companies in the oil and gas industry. This initiative is designed to enhance transparency and improve the integration of local companies into the industry.

The government’s strategy is embodied in the Hydrocarbons Code, which mandates the prioritization of Congolese nationals in the workforce. The law encourages partnerships between foreign oil companies and local enterprises, with a focus on capacity building and knowledge sharing. This regulatory framework is supplemented by the development of a comprehensive law on local content, targeting multiple sectors, including hydrocarbons, mining and digital economy. The aim is to diversify the economy and foster the growth of small- and medium-sized enterprises.

Private Sector Initiatives

While the government sets the framework, private sector companies are taking proactive steps to promote local content. Energy supermajor TotalEnergies employs around 600 local staff in Congo compared to just 40 expatriates, showcasing it commitment to workplace integration. The company also invests in training and development programs to equip Congolese employees with the skills needed for higher-level roles. In June 2024, TotalEnergies committed $600 million to expand production at the Moho Nord offshore field, with a focus on involving local subcontractors and training programs.

Similarly, Italian multinational energy company Eni is investing in local workforce development. As part of its efforts to prepare for the launch of LNG production last year, the company trained 40 Congolese employees in liquefaction technologies. This initiative helped to ensure that Congo has the skilled workforce its needs to manage LNG facilities and reduce reliance on foreign specialists.

To further drive local content development, the inaugural Congo Energy & Investment Forum 2025, will be held in Brazzaville from March 24-26, under the patronage of President Denis Sassou Nguesso and supported by the Ministry of Hydrocarbons and Société National des Pétroles du Congo. The event will bring together government leaders, private sector companies and international investors to discuss progress in integrating local businesses into the energy sector. It will also provide a platform for Congolese companies to explore new opportunities and forge partnerships with global players.

MIL OSI Africa –

January 29, 2025
MIL-OSI United Kingdom: Fix relationship with Europe to protect Wales’ economy

Source: Party of Wales

Plaid Cymru proposes new law that would undo botched Brexit damage

Wales must reset its relationship with Europe to repair the damage done to the economy caused by Brexit, Plaid Cymru has said.

Plaid Cymru’s spokesperson for Justice and European Affairs Adam Price MS said that a Plaid Cymru Government would introduce a new act to enable Welsh law to be aligned as closely and quickly as possible with essential European standards when it is in Wales’ best interests.

Mr Price said a new European Alignment Act could help reset the relationship between Wales and Europe to protect the economy at a time of growing global instability.

31 January 2025 will mark five years since the UK formally left the European Union.

According to the Economic Cost of Brexit project, the average person in the UK is now £2,000 worse off as a result of Brexit, amplifying the ongoing cost-of-living crisis.

The type of Brexit taken by the last government has cost the Welsh economy up to £4bn.

Plaid Cymru’s spokesperson for Justice and European Affairs Adam Price MS said,

“Five years on, there can be no doubting the extent of the damage that Brexit done to Wales and the wider UK.

“The form of hard Brexit pursued by the last UK Government has cost the Welsh economy up to £4bn. Brexit has reduced the value of Welsh exports by up to £1.1bn. Post-Brexit trade deals have hurt Welsh farmers, fishers and other producers across many key sectors. £1bn has been lost to Wales in the form of European structural and rural development funding.

“Plaid Cymru believe that returning to the single market and customs union as soon as possible would be the best way to begin to undo this economic damage. Under Prime Minister Keir Starmer and his Chancellor Rachel Reeves, Labour are disappointingly resolute in refusing to acknowledge this starkest of economic realities.

“We need an urgent reset in our relationship with the EU, including securing opportunities for young people in Wales to travel, work and study in Europe, and vice versa.

“It is for this reason that I, and Plaid Cymru, are proposing the new European Alignment Act. Such an Act would restore powers we should never have given up and would enable Welsh law to be aligned as closely and quickly as possible with essential European standards when it is in Wales’ best interests.”

“Wales needs to stick as close as we can to our European friends and allies and remain alive to changes in European politics and policy to protect our communities in an ever more insecure and uncertain world.”

MIL OSI United Kingdom –

January 29, 2025
MIL-OSI United Kingdom: BUDGET: Scottish Greens secure action on climate, transport costs and child poverty
Source: Scottish Greens

28 Jan 2025 Finance

Scottish Green MSPs agree to support budget

More in Finance

The Scottish Greens will support the forthcoming budget, following confirmation that the Scottish Government have agreed to the party’s proposals on record climate funding, the expansion of free school meals and trialling a £2 cap on bus fares.

As a result of proposals tabled by Scottish Green negotiators, the Government’s budget will now be changed to include the roll-out of free school meals to thousands more young people and a year-long regional trial of a £2 cap on bus fares.

Other Green proposals accepted include increasing funding for nature restoration to a record £26m, more free ferry travel for young island residents, free bus travel for asylum seekers and help for first time home buyers by increasing tax on the purchase of second/holiday homes.

Scottish Greens finance spokesperson Ross Greer MSP said:

“The Scottish Greens put climate action, tackling child poverty, cheaper buses and ferries and funding for schools at the heart of our budget negotiations. We have delivered progress on all of these fronts, so our MSPs will be voting for the budget.

“No young person should be sitting in school hungry. As a result of our work, thousands more pupils in S1-S3 will now receive a free school meal. This will build on the success of expanding free school meals in primary schools, a policy delivered by the Scottish Greens a few years ago.

“Our Green MSPs have also secured a year-long regional trial where bus fares will be capped at £2, because we know the cost of public transport needs to come down. This also builds on the success of free bus travel for young people, another Scottish Green policy we made a reality.

“With climate chaos all around us, we have worked to deliver record funding for nature restoration and our environment. These Green projects are creating well-paid jobs in communities across the country, particularly in rural areas.

“From schools to libraries to social care to bin collections, our councils deliver the services we all depend on. We have worked with Scottish Green councillors to ensure that this year’s budget delivers a fair deal for local councils, including an end to the Council tax freeze.

“These changes secured by Scottish Green MSPs will lift more children out of poverty, reduce the cost of public transport, create good quality jobs, tackle the climate crisis and protect local services. That’s in stark contrast to Labour, who agreed to let the SNP’s budget pass without making any attempt to improve it. If you want action to help people and planet, voting Scottish Greens is the best way to deliver it.”

As a result of Scottish Green negotiations, this budget includes:
- Making public transport cheaper: A year long regional trial of capping bus fares at £2 starting 1st January 2026, free bus travel for people seeking asylum and free inter-island ferry travel for young island residents
- Action to tackle child poverty: The expansion of free school meals to thousands of S1-S3 pupils who receive the Scottish Child Payment, starting with eight councils areas in August 2025.
- Record climate action: A record £4.9bn of funding for climate action and nature restoration.
- Progressive taxation to support public services: Increased tax on the purchase of second or holiday homes and moving forward with proposals for a Cruise Ship Levy, the consultation for which will launch in February
- Protecting local services: A real-term funding increase for local councils, and progress on giving councils more direct power through a consultation on devolving Parking Charge Notices (parking fines)
Letter from Shona Robinson MSP confirming Green budget requests.

Letter from Ross Greer MSP confirming Green support.
MIL OSI United Kingdom –
January 29, 2025
MIL-OSI: MEXC Leads Q4 2024 Meme Trading Wave: 140% QoQ Volume Growth & 240 New Projects Added

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Jan. 28, 2025 (GLOBE NEWSWIRE) — MEXC, the world-leading digital asset trading platform, saw significant growth in memecoin trading during Q4 2024. Data shows that the overall trading volume of memecoins on the platform, including Spot and Futures, surged by 140% quarter-over-quarter. The proportion of daily active users trading memecoins climbed to 35.8%, while the proportion of daily average trading volume more than doubled to 18.8%.

MEXC took strategic steps to enhance its memecoin trading services by launching the Meme+ zone on December 24, 2024. The dedicated zone proved highly successful, with approximately 124 popular memecoins listed within its first month of operation. This initiative generated significant momentum, leading to continued growth in memecoin trading activity on MEXC in January 2025. User engagement reached new heights, with the percentage of daily trading users increasing to 37.1%, while memecoins came to represent 25.9% of the platform’s average daily trading volume.

MEXC demonstrated strong market leadership in Q4 2024 by strategically focusing on the memecoin sector, successfully introducing more than 240 high-quality meme projects to its platform. The exchange’s careful project selection proved highly successful, with the top 5 newly listed memecoins in 2024 achieving remarkable results – their prices recorded an average peak gain of over 8,700%, while standout performers KEKIUS and FWOG surpassed 10,000% gains. Market capitalization metrics were equally impressive, with the top 5 memecoins averaging peak gains of over 3,500%, notably led by PNUT which achieved an exceptional maximum gain of more than 7,000%.

To enhance its asset offerings, MEXC recently introduced a new feature allowing users to search for trading pairs using contract addresses. This aims to help users identify target trading pairs more quickly and accurately, providing a more efficient trading experience and enhancing their overall journey.

In a move to enhance platform functionality, MEXC has introduced a new contract address search feature for trading pairs, enabling users to locate specific trading pairs with greater precision and speed. This enhancement streamlines the trading process, making it more efficient for users to find and access their desired trading pairs. The feature allows users to input token contract addresses into MEXC’s global search or Spot trading search bar to accurately locate tokens. This is particularly valuable in the active memecoin market, where similar token names can cause confusion and bring investment risk. By utilizing contract addresses—the unique identifier for tokens on the blockchain—this search mechanism ensures precision and provides users with enhanced security.

About MEXC

Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
PR Manager
lucia.hu@mexc.com

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

Photos accompanying this announcement are available at:

https://www.globenewswire.com/NewsRoom/AttachmentNg/41b61707-d16e-4558-81e7-3fcb6f1ee432

https://www.globenewswire.com/NewsRoom/AttachmentNg/d1ad05ee-72ca-4d42-8c5e-e5c0b906ca4e

https://www.globenewswire.com/NewsRoom/AttachmentNg/2a8cc556-be4d-4be2-afba-59f2c832ce2d

https://www.globenewswire.com/NewsRoom/AttachmentNg/be981b72-e7d5-473a-969d-3cfde42d4159

https://www.globenewswire.com/NewsRoom/AttachmentNg/e07c632a-ff90-4ff9-9437-174c4e8e53f6

The MIL Network –

January 29, 2025

MIL-OSI: Provident Financial Holdings Reports Second Quarter of Fiscal Year 2025 Results

Source: GlobeNewswire (MIL-OSI)

Net Income of $872,000 in the December 2024 Quarter, Down 54% from the Sequential Quarter and 59% from the Comparable Quarter Last Year

Net Interest Margin of 2.91% in the December 2024 Quarter, Up Seven Basis Points from the Sequential Quarter and 13 Basis Points from the Comparable Quarter Last Year

Loans Held for Investment of $1.05 Billion at December 31, 2024, Unchanged from June 30, 2024

Total Deposits of $867.5 Million at December 31, 2024, Down 2% from June 30, 2024

Non-Performing Assets to Total Assets Ratio of 0.20% at December 31, 2024, Unchanged from June 30, 2024

Non-Interest Expenses Remain Well Controlled

RIVERSIDE, Calif., Jan. 28, 2025 (GLOBE NEWSWIRE) — Provident Financial Holdings, Inc. (“Company”), NASDAQ GS: PROV, the holding company for Provident Savings Bank, F.S.B. (“Bank”), today announced earnings for the second quarter of the fiscal year ending June 30, 2025.

The Company reported net income of $872,000, or $0.13 per diluted share (on 6.79 million average diluted shares outstanding), for the quarter ended December 31, 2024, down 59 percent from net income of $2.14 million, or $0.31 per diluted share (on 6.98 million average diluted shares outstanding), in the comparable period a year ago. The decrease in earnings was due primarily to a $586,000 provision for credit losses, in contrast to a $720,000 recovery of credit losses in the comparable period a year ago, and a $450,000 increase in non-interest expenses (primarily attributable to higher salaries and employee benefits and other operating expenses).

“I am pleased with the progress we have made in our fundamental operating results. Net interest income increased by approximately two percent from the prior sequential quarter and was largely the result of an expanding net interest margin. Growth in the loans held for investment portfolio, which increased from the September 30, 2024 balance, also contributed to this improvement. Credit quality remains strong; however, the increase in mortgage interest rates has resulted in a longer estimated average life of our loan portfolio and a corresponding provision for credit losses. Additionally, we remain active in our stock repurchase plan with our Board of Directors recently approving a new plan, demonstrating our commitment to sound capital management practices,” stated Donavon P. Ternes, President and Chief Executive Officer of the Company. “As I described last quarter, our business model performs better in a flat or upward-sloping yield curve environment. Now that the Federal Open Market Committee has implemented looser monetary policy and the inverted yield curve has reversed course, we are transitioning back to less restrictive operating strategies,” concluded Ternes.

Return on average assets was 0.28 percent for the second quarter of fiscal 2025, compared to 0.61 percent in the first quarter of fiscal 2025 and 0.66 percent for the second quarter of fiscal 2024. Return on average stockholders’ equity for the second quarter of fiscal 2025 was 2.66 percent, compared to 5.78 percent for the first quarter of fiscal 2025 and 6.56 percent for the second quarter of fiscal 2024.

On a sequential quarter basis, the $872,000 net income for the second quarter of fiscal 2025 reflects a 54 percent decrease from $1.90 million in the first quarter of fiscal 2025. The decrease was primarily attributable to a $586,000 provision for credit losses, in contrast to a $697,000 recovery of credit losses, and a $271,000 increase in non-interest expense (primarily due to an increase in salaries and employee benefits), partly offset by a $143,000 increase in net interest income (primarily due to a higher net interest margin). The increase in salaries and employee benefits expense was primarily attributable to higher employee compensation. Diluted earnings per share for the second quarter of fiscal 2025 were $0.13 per share, down 54 percent from $0.28 per share in the first quarter of fiscal 2025.

For the six months ended December 31, 2024, net income decreased $1.13 million, or 29 percent, to $2.77 million from $3.90 million in the comparable period in fiscal 2024. Diluted earnings per share for the six months ended December 31, 2024 decreased 27 percent to $0.41 per share (on 6.83 million average diluted shares outstanding) from $0.56 per share (on 7.00 million average diluted shares outstanding) for the comparable six-month period last year. The decrease in earnings was primarily attributable to a $1.12 million increase in non-interest expense (primarily due to an increase in salaries and employee benefits and other operating expenses) and a $538,000 decrease in net interest income, partly offset by a $118,000 increase in non-interest income.

In the second quarter of fiscal 2025, net interest income decreased slightly to $8.76 million from $8.77 million for the same quarter last year. The slight decrease in net interest income was due to a lower average balance of interest-earning assets, partly offset by a higher net interest margin. The average balance of interest-earning assets decreased five percent to $1.20 billion in the second quarter of fiscal 2025 from $1.26 billion in the same quarter last year, primarily due to decreases in the average balance of loans receivable, investment securities and interest-earning deposits. The net interest margin for the second quarter of fiscal 2025 increased 13 basis points to 2.91 percent from 2.78 percent in the same quarter last year. The increase in net interest margin was due to increased yields on interest-earning assets outpacing increased funding costs. The average yield on interest-earning assets increased 33 basis points to 4.66 percent in the second quarter of fiscal 2025 from 4.33 percent in the same quarter last year. In contrast, our average funding costs increased by 23 basis points to 1.92 percent in the second quarter of fiscal 2025 from 1.69 percent in the same quarter last year.

Interest income on loans receivable increased $541,000, or four percent, to $13.05 million in the second quarter of fiscal 2025 from $12.51 million in the same quarter of fiscal 2024. The increase was due to a higher average loan yield, partly offset by a lower average loan balance. The average yield on loans receivable increased 33 basis points to 4.99 percent in the second quarter of fiscal 2025 from 4.66 percent in the same quarter last year. Adjustable-rate loans of approximately $100.7 million repriced upward in the second quarter of fiscal 2025 by approximately 15 basis points from a weighted average rate of 7.83 percent to 7.98 percent. The average balance of loans receivable decreased $27.8 million, or three percent, to $1.05 billion in the second quarter of fiscal 2025 from $1.07 billion in the same quarter last year. Total loans originated for investment in the second quarter of fiscal 2025 were $36.4 million, up 80 percent from $20.2 million in the same quarter last year, while loan principal payments received in the second quarter of fiscal 2025 were $34.3 million, up 93 percent from $17.8 million in the same quarter last year.

Interest income from investment securities decreased $53,000, or 10 percent, to $471,000 in the second quarter of fiscal 2025 from $524,000 for the same quarter of fiscal 2024. This decrease was attributable to a lower average balance, partly offset by a higher average yield. The average balance of investment securities decreased $23.4 million, or 16 percent, to $123.8 million in the second quarter of fiscal 2025 from $147.2 million in the same quarter last year. The decrease in the average balance was due to scheduled principal payments and prepayments of investment securities. The average yield on investment securities increased 10 basis points to 1.52 percent in the second quarter of fiscal 2025 from 1.42 percent for the same quarter last year. The increase in the average yield was primarily attributable to a lower premium amortization during the current quarter in comparison to the same quarter last year ($97,000 vs. $137,000) due to lower total principal repayments ($5.3 million vs. $5.9 million) and, to a lesser extent, the upward repricing of adjustable-rate mortgage-backed securities.

In the second quarter of fiscal 2025, the Bank received $213,000 in cash dividends from the Federal Home Loan Bank (“FHLB”) – San Francisco stock and other equity investments, up eight percent from $197,000 in the same quarter last year, resulting in an average yield of 8.38 percent in the second quarter of fiscal 2025 compared to 8.29 percent in the same quarter last year. The average balance of FHLB – San Francisco stock and other equity investments in the second quarter of fiscal 2025 was $10.2 million, up from $9.5 million in the same quarter of fiscal 2024.

Interest income from interest-earning deposits, primarily cash deposited at the Federal Reserve Bank (“FRB”) of San Francisco, was $287,000 in the second quarter of fiscal 2025, down $148,000 or 34 percent from $435,000 in the same quarter of fiscal 2024. The decrease was due to a lower average balance and, to a lesser extent, a lower average yield. The average balance of the Company’s interest-earning deposits decreased $7.8 million, or 25 percent, to $23.7 million in the second quarter of fiscal 2025 from $31.5 million in the same quarter last year. The average yield earned on interest-earning deposits in the second quarter of fiscal 2025 was 4.74 percent, down 67 basis points from 5.41 percent in the same quarter last year. The decrease in the average yield was due to a lower average interest rate on the FRB’s reserve balances resulting from decreases in the targeted federal funds rate during the comparable periods.

Interest expense on deposits for the second quarter of fiscal 2025 was $2.67 million, an increase of $401,000 or 18 percent from $2.27 million for the same period last year. The increase was attributable to higher rates paid on deposits, partly offset by a lower average balance. The average cost of deposits was 1.23 percent in the second quarter of fiscal 2025, up 24 basis points from 0.99 percent in the same quarter last year. The increase in the average cost of deposits was primarily attributable to an increase in higher cost time deposits, particularly brokered certificates of deposit. The average balance of deposits decreased $51.5 million, or six percent, to $863.1 million in the second quarter of fiscal 2025 from $914.6 million in the same quarter last year.

Transaction account balances, or “core deposits,” decreased $21.6 million, or four percent, to $592.9 million at December 31, 2024 from $614.5 million at June 30, 2024, while time deposits increased slightly to $274.6 million at December 31, 2024 from $273.9 million at June 30, 2024. As of December 31, 2024, brokered certificates of deposit totaled $143.8 million, up $12.0 million or nine percent from $131.8 million at June 30, 2024. The weighted average cost of brokered certificates of deposit was 4.56 percent and 5.18 percent (including broker fees) at December 31, 2024 and June 30, 2024, respectively.

Interest expense on borrowings, consisting of FHLB advances, for the second quarter of fiscal 2025 decreased $30,000, or one percent, to $2.59 million from $2.62 million for the same period last year. The decrease in interest expense on borrowings was primarily the result of a lower average balance, partly offset by a higher average cost. The average balance of borrowings decreased $3.8 million, or two percent, to $226.7 million in the second quarter of fiscal 2025 from $230.5 million in the same quarter last year. The average cost of borrowings increased two basis points to 4.53 percent in the second quarter of fiscal 2025 from 4.51 percent in the same quarter last year.

At December 31, 2024, the Bank had approximately $246.2 million of remaining borrowing capacity at the FHLB. Additionally, the Bank has an unused secured borrowing facility of approximately $198.5 million with the FRB of San Francisco and an unused unsecured federal funds borrowing facility of $50.0 million with its correspondent bank. The total available borrowing capacity across all sources totaled approximately $494.7 million at December 31, 2024.

The Bank continues to work with both the FHLB and FRB of San Francisco to ensure that its borrowing capacity is continuously reviewed and updated in order to be accessed seamlessly should the need arise.

During the second quarter of fiscal 2025, the Company recorded a provision for credit losses of $586,000 (which included a $41,000 recovery of unfunded commitment reserves), in contrast to a $720,000 recovery of credit losses recorded during the same period last year and a $697,000 recovery of credit losses recorded in the first quarter of fiscal 2025 (sequential quarter). The provision for credit losses recorded in the second quarter of fiscal 2025 was primarily attributable to a longer estimated life of the loan portfolio resulting from lower loan prepayment estimates (attributable to higher interest rates) and a slight increase in the outstanding balance of loans held for investment at December 31, 2024 from September 30, 2024.

Non-performing assets, comprised solely of non-accrual loans with underlying collateral located in California, decreased $66,000 or three percent to $2.5 million, which represented 0.20 percent of total assets at December 31, 2024, compared to $2.6 million, which represented 0.20 percent of total assets at June 30, 2024. At both December 31, 2024 and June 30, 2024, non-performing loans were comprised of 10 single-family loans. At both December 31, 2024 and June 30, 2024, there was no real estate owned and no loans past due by 90 days or more that were accruing interest. For the quarters ended December 31, 2024 and 2023, there were no loan charge-offs.

The recent wildfires in Los Angeles, California did not have a material impact on the Company’s operations or the Bank’s customers. The Bank’s branches and facilities remained operational throughout the wildfire events, and there were no significant disruptions to customer services or business activities observed. Additionally, the Bank has not identified any significant credit exposure or financial impact attributable to the wildfires at this time.

Classified assets were $5.8 million at December 31, 2024, consisting of $631,000 of loans in the special mention category and $5.1 million of loans in the substandard category. Classified assets at June 30, 2024 were $5.8 million, consisting of $1.1 million of loans in the special mention category and $4.7 million of loans in the substandard category.

The allowance for credit losses on loans held for investment was $7.0 million, or 0.66 percent of gross loans held for investment, at December 31, 2024, down from $7.1 million, or 0.67 percent of gross loans held for investment, at June 30, 2024. The decrease in the allowance for credit losses was due primarily to a shorter estimated life of the loan portfolio, partly offset by a slightly higher balance of loans held for investment. Management believes that, based on currently available information, the allowance for credit losses is sufficient to absorb expected losses inherent in loans held for investment at December 31, 2024.

Non-interest income decreased by $30,000, or three percent, to $845,000 in the second quarter of fiscal 2025 from $875,000 in the same period last year, due primarily to decreases in loan servicing and other fess, deposit fees and card and processing fees, partly offset by an increase in other fees. On a sequential quarter basis, non-interest income decreased $54,000, or six percent, primarily due to decreases in loan servicing and other fess, deposit fees and card and processing fees, partly offset by an increase in other fees.

Non-interest expense increased $450,000, or six percent, to $7.79 million in the second quarter of fiscal 2025 from $7.34 million for the same quarter last year, primarily due to higher salaries and employee benefits expenses and other operating expenses. The higher salaries and employee benefits expenses was primarily due to higher compensation expenses, retirement plan benefit expenses and executive search agency costs, partly offset by a lower accrual adjustment for the supplemental executive retirement plans expense. On a sequential quarter basis, non-interest expense increased $271,000, or four percent as compared to $7.52 million in the first quarter of fiscal 2025, due primarily to higher salaries and employee benefits expenses. The higher salaries and employee benefits expenses was primarily due to higher compensation expenses, a higher accrual adjustment for the supplemental executive retirement plans expense and executive search agency costs.

The Company’s efficiency ratio, defined as non-interest expense divided by the sum of net interest income and non-interest income, in the second quarter of fiscal 2025 was 81.15 percent, an increase from 76.11 percent in the same quarter last year and 79.06 percent in the first quarter of fiscal 2025 (sequential quarter). The increase in the efficiency ratio during the current quarter in comparison to the comparable quarter last year was due to higher non-interest expense and, to a lesser extent, a lower net interest income and non-interest income.

The Company’s provision for income taxes was $352,000 for the second quarter of fiscal 2025, down 60 percent from $884,000 in the same quarter last year and down 55 percent from $789,000 for the first quarter of fiscal 2025 (sequential quarter). The decrease during the current quarter compared to both the sequential quarter and same quarter last year was due to a decrease in pre-tax income. The effective tax rate in the second quarter of fiscal 2025 was 28.8 percent as compared to 29.2 percent in the same quarter last year and 29.3 percent for the first quarter of fiscal 2025 (sequential quarter).

The Company repurchased 63,556 shares of its common stock pursuant to its current stock repurchase program at an average cost of $16.04 per share during the quarter ended December 31, 2024. As of December 31, 2024, a total of 31,919 shares remained available for future purchase under the Company’s current repurchase program, which expires on September 26, 2025.

The Bank currently operates 13 retail/business banking offices in Riverside County and San Bernardino County (Inland Empire).

The Company will host a conference call for institutional investors and bank analysts on Tuesday, January 28, 2025 at 9:00 a.m. (Pacific) to discuss its financial results. The conference call can be accessed by dialing 1-800-715-9871 and referencing Conference ID number 7361828. An audio replay of the conference call will be available through Tuesday, February 4, 2025 by dialing 1-800-770-2030 and referencing Conference ID number 7361828.

For more financial information about the Company please visit the website at www.myprovident.com and click on the “Investor Relations” section.

Safe-Harbor Statement

This press release contains statements that the Company believes are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to the Company’s financial condition, liquidity, results of operations, plans, objectives, future performance or business. You should not place undue reliance on these statements as they are subject to various risks and uncertainties. When considering these forward-looking statements, you should keep in mind these risks and uncertainties, as well as any cautionary statements the Company may make. Moreover, you should treat these statements as speaking only as of the date they are made and based only on information then actually known to the Company.

There are a number of important factors that could cause future results to differ materially from historical performance and these forward-looking statements. Factors which could cause actual results to differ materially from the results anticipated or implied by our forward-looking statements include, but are not limited to: adverse economic conditions in our local market areas or other markets where we have lending relationships; effects of employment levels, labor shortages, inflation, a recession or slowed economic growth; changes in the interest rate environment, including the increases and decreases in the Board of Governors of the Federal Reserve Board (the “Federal Reserve”) benchmark rate and the duration of such levels, which could adversely affect our revenues and expenses, the value of assets and obligations, and the availability and cost of capital and liquidity; the impact of inflation and the Federal Reserve monetary policy; the effects of any Federal government shutdown; credit risks of lending activities, including loan delinquencies, write-offs, changes in our ACL, and provision for credit losses; increased competitive pressures, including repricing and competitors’ pricing initiatives, and their impact on our market position, loan, and deposit products; quality and composition of our securities portfolio and the impact of adverse changes in the securities markets; fluctuations in deposits; secondary market conditions for loans and our ability to sell loans in the secondary market; liquidity issues, including our ability to borrow funds or raise additional capital, if necessary; expectations regarding key growth initiatives and strategic priorities; the impact of bank failures or adverse developments at other banks and related negative press about the banking industry in general on investor and depositor sentiment; results of examinations of us by regulatory authorities, which may the possibility that any such regulatory authority may, among other things, institute a formal or informal enforcement action against us or our bank subsidiary which could require us to increase our ACL, write-down assets, change our regulatory capital position or affect our ability to borrow funds or maintain or increase deposits or impose additional requirements or restrictions on us, any of which could adversely affect our liquidity and earnings; legislative and regulatory changes, including changes in banking, securities and tax law, in regulatory policies and principles, or the interpretation of regulatory capital or other rules; use of estimates in determining the fair value of assets, which may prove incorrect; disruptions or security breaches, or other adverse events, failures or interruptions in or attacks on our information technology systems or on our third-party vendors; the potential imposition of new tariffs or changes to existing trade policies that could affect economic activity or specific industry sectors; staffing fluctuations in response to product demand or corporate implementation strategies; our ability to pay dividends on our common stock; environmental, social and governance goals; effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, civil unrest and other external events; and other factors described in the Company’s latest Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and other reports filed with and furnished to the Securities and Exchange Commission (“SEC”), which are available on our website at www.myprovident.com and on the SEC’s website at www.sec.gov.

We do not undertake and specifically disclaim any obligation to revise any forward-looking statements to reflect the occurrence of anticipated or unanticipated events or circumstances after the date of such statements whether as a result of new information, future events or otherwise. These risks could cause our actual results for fiscal 2025 and beyond to differ materially from those expressed in any forward-looking statements by, or on behalf of us and could negatively affect our operating and stock price performance.


Contacts:	Donavon P. Ternes	TamHao B. Nguyen
	President and	Senior Vice President and
	Chief Executive Officer	Chief Financial Officer


PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Financial Condition (Unaudited –In Thousands, Except Share and Per Share Information)

	December 31,			September 30,			June 30,			March 31,			December 31,
		2024		2024			2024			2024			2023
Assets
Cash and cash equivalents	$	45,539		$	48,193		$	51,376		$	51,731		$	46,878
Investment securities – held to maturity, at cost with no allowance for credit losses		118,888			124,268			130,051			135,971			141,692
Investment securities – available for sale, at fair value		1,750			1,809			1,849			1,935			1,996
Loans held for investment, net of allowance for credit losses of $6,956, $6,329, $7,065, $7,108 and $7,000, respectively; includes $1,016, $1,082, $1,047, $1,054 and $1,092 of loans held at fair value, respectively		1,053,603			1,048,633			1,052,979			1,065,761			1,075,765
Accrued interest receivable		4,167			4,287			4,287			4,249			4,076
FHLB – San Francisco stock and other equity investments, includes $650, $565, $540, $0 and $0 of other equity investments at fair value, respectively		10,218			10,133			10,108			9,505			9,505
Premises and equipment, net		9,474			9,615			9,313			9,637			9,598
Prepaid expenses and other assets		11,327			10,442			12,237			11,258			11,583
Total assets	$	1,254,966		$	1,257,380		$	1,272,200		$	1,290,047		$	1,301,093

Liabilities and Stockholders’ Equity
Liabilities:
Noninterest-bearing deposits	$	85,399		$	86,458		$	95,627		$	91,708		$	94,030
Interest-bearing deposits		782,116			777,406			792,721			816,414			817,950
Total deposits		867,515			863,864			888,348			908,122			911,980

Borrowings		245,500			249,500			238,500			235,000			242,500
Accounts payable, accrued interest and other liabilities		13,321			14,410			15,411			17,419			16,952
Total liabilities		1,126,336			1,127,774			1,142,259			1,160,541			1,171,432

Stockholders’ equity:
Preferred stock, $.01 par value (2,000,000 shares authorized; none issued and outstanding)		—			—			—			—			—
Common stock, $.01 par value; (40,000,000 shares authorized; 18,229,615, 18,229,615, 18,229,615, 18,229,615 and 18,229,615 shares issued respectively; 6,705,691, 6,769,247, 6,847,821, 6,896,297 and 6,946,348 shares outstanding, respectively)		183			183			183			183			183
Additional paid-in capital		98,747			98,711			98,532			99,591			99,565
Retained earnings		210,779			210,853			209,914			208,923			208,396
Treasury stock at cost (11,523,924, 11,460,368, 11,381,794, 11,333,318, and 11,283,267 shares, respectively)		(181,094	)		(180,155	)		(178,685	)		(179,183	)		(178,476	)
Accumulated other comprehensive income (loss), net of tax		15			14			(3	)		(8	)		(7	)
Total stockholders’ equity		128,630			129,606			129,941			129,506			129,661
Total liabilities and stockholders’ equity	$	1,254,966		$	1,257,380		$	1,272,200		$	1,290,047		$	1,301,093


PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Operations (Unaudited – In Thousands, Except Per Share Information)

	For the Quarter Ended					Six Months Ended
	December 31,					December 31,
	2024		2023			2024			2023
Interest income:
Loans receivable, net	$	13,050	$	12,509		$	26,073		$	24,685
Investment securities		471		524			953			1,048
FHLB – San Francisco stock and other equity investments		213		197			423			376
Interest-earning deposits		287		435			647			898
Total interest income		14,021		13,665			28,096			27,007

Interest expense:
Checking and money market deposits		51		72			104			129
Savings deposits		117		73			229			111
Time deposits		2,506		2,128			5,165			3,918
Borrowings		2,588		2,618			5,223			4,936
Total interest expense		5,262		4,891			10,721			9,094

Net interest income		8,759		8,774			17,375			17,913
Provision for (recovery of) credit losses		586		(720	)		(111	)		(175	)
Net interest income, after provision for (recovery of) credit losses		8,173		9,494			17,486			18,088

Non-interest income:
Loan servicing and other fees		60		124			164			103
Deposit account fees		282		299			580			587
Card and processing fees		300		333			620			686
Other		203		119			380			250
Total non-interest income		845		875			1,744			1,626

Non-interest expense:
Salaries and employee benefits		4,826		4,569			9,459			8,683
Premises and occupancy		917		903			1,868			1,806
Equipment		379		346			722			633
Professional		412		410			838			882
Sales and marketing		187		181			360			349
Deposit insurance premiums and regulatory assessments		190		209			373			406
Other		883		726			1,697			1,441
Total non-interest expense		7,794		7,344			15,317			14,200
Income before income taxes		1,224		3,025			3,913			5,514
Provision for income taxes		352		884			1,141			1,611
Net income	$	872	$	2,141		$	2,772		$	3,903

Basic earnings per share	$	0.13	$	0.31		$	0.41		$	0.56
Diluted earnings per share	$	0.13	$	0.31		$	0.41		$	0.56
Cash dividends per share	$	0.14	$	0.14		$	0.28		$	0.28


PROVIDENT FINANCIAL HOLDINGS, INC. Condensed Consolidated Statements of Operations – Sequential Quarters (Unaudited – In Thousands, Except Per Share Information)

	For the Quarter Ended
	December 31,		September 30,			June 30,			March 31,		December 31,
	2024		2024			2024			2024		2023
Interest income:
Loans receivable, net	$	13,050	$	13,023		$	12,826		$	12,683	$	12,509
Investment securities		471		482			504			517		524
FHLB – San Francisco stock and other equity investments		213		210			207			210		197
Interest-earning deposits		287		360			379			397		435
Total interest income		14,021		14,075			13,916			13,807		13,665

Interest expense:
Checking and money market deposits		51		53			71			90		72
Savings deposits		117		112			105			97		73
Time deposits		2,506		2,659			2,657			2,488		2,128
Borrowings		2,588		2,635			2,632			2,573		2,618
Total interest expense		5,262		5,459			5,465			5,248		4,891

Net interest income		8,759		8,616			8,451			8,559		8,774
Provision for (recovery of) credit losses		586		(697	)		(12	)		124		(720	)
Net interest income, after provision for (recovery of) credit losses		8,173		9,313			8,463			8,435		9,494

Non-interest income:
Loan servicing and other fees		60		104			142			92		124
Deposit account fees		282		298			278			289		299
Card and processing fees		300		320			381			317		333
Other		203		177			666			150		119
Total non-interest income		845		899			1,467			848		875

Non-interest expense:
Salaries and employee benefits		4,826		4,633			4,419			4,540		4,569
Premises and occupancy		917		951			945			835		903
Equipment		379		343			347			329		346
Professional		412		426			327			321		410
Sales and marketing		187		173			193			167		181
Deposit insurance premiums and regulatory assessments		190		183			184			190		209
Other		883		814			757			786		726
Total non-interest expense		7,794		7,523			7,172			7,168		7,344
Income before income taxes		1,224		2,689			2,758			2,115		3,025
Provision for income taxes		352		789			805			620		884
Net income	$	872	$	1,900		$	1,953		$	1,495	$	2,141

Basic earnings per share	$	0.13	$	0.28		$	0.28		$	0.22	$	0.31
Diluted earnings per share	$	0.13	$	0.28		$	0.28		$	0.22	$	0.31
Cash dividends per share	$	0.14	$	0.14		$	0.14		$	0.14	$	0.14


PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands, Except Share and Per Share Information)

	As of and For the
	Quarter Ended						Six Months Ended
	December 31,						December 31,
	2024			2023			2024			2023
SELECTED FINANCIAL RATIOS:
Return on average assets		0.28	%		0.66	%		0.45	%		0.60	%
Return on average stockholders’ equity		2.66	%		6.56	%		4.22	%		5.98	%
Stockholders’ equity to total assets		10.25	%		9.97	%		10.25	%		9.97	%
Net interest spread		2.74	%		2.64	%		2.70	%		2.70	%
Net interest margin		2.91	%		2.78	%		2.87	%		2.83	%
Efficiency ratio		81.15	%		76.11	%		80.11	%		72.68	%
Average interest-earning assets to average interest-bearing liabilities		110.52	%		110.27	%		110.43	%		110.22	%

SELECTED FINANCIAL DATA:
Basic earnings per share	$	0.13		$	0.31		$	0.41		$	0.56
Diluted earnings per share	$	0.13		$	0.31		$	0.41		$	0.56
Book value per share	$	19.18		$	18.67		$	19.18		$	18.67
Shares used for basic EPS computation		6,744,653			6,968,460			6,788,889			6,992,565
Shares used for diluted EPS computation		6,792,759			6,980,856			6,827,921			7,004,042
Total shares issued and outstanding		6,705,691			6,946,348			6,705,691			6,946,348

LOANS ORIGINATED FOR INVESTMENT:
Mortgage loans:
Single-family	$	29,583		$	8,660		$	52,032		$	21,112
Multi-family		6,495			6,608			11,685			11,721
Commercial real estate		365			4,936			1,625			5,875
Commercial business loans		—			—			50			—
Total loans originated for investment	$	36,443		$	20,204		$	65,392		$	38,708


PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands, Except Share and Per Share Information)

	As of and For the
	Quarter			Quarter			Quarter			Quarter			Quarter
	Ended			Ended			Ended			Ended			Ended
	12/31/24			09/30/24			06/30/24			03/31/24			12/31/23
SELECTED FINANCIAL RATIOS:
Return on average assets		0.28	%		0.61	%		0.62	%		0.47	%		0.66	%
Return on average stockholders’ equity		2.66	%		5.78	%		5.96	%		4.57	%		6.56	%
Stockholders’ equity to total assets		10.25	%		10.31	%		10.21	%		10.04	%		9.97	%
Net interest spread		2.74	%		2.66	%		2.54	%		2.55	%		2.64	%
Net interest margin		2.91	%		2.84	%		2.74	%		2.74	%		2.78	%
Efficiency ratio		81.15	%		79.06	%		72.31	%		76.20	%		76.11	%
Average interest-earning assets to average interest-bearing liabilities		110.52	%		110.34	%		110.40	%		110.28	%		110.27	%

SELECTED FINANCIAL DATA:
Basic earnings per share	$	0.13		$	0.28		$	0.28		$	0.22		$	0.31
Diluted earnings per share	$	0.13		$	0.28		$	0.28		$	0.22		$	0.31
Book value per share	$	19.18		$	19.15		$	18.98		$	18.78		$	18.67
Average shares used for basic EPS		6,744,653			6,833,125			6,867,521			6,919,397			6,968,460
Average shares used for diluted EPS		6,792,759			6,863,083			6,893,813			6,935,053			6,980,856
Total shares issued and outstanding		6,705,691			6,769,247			6,847,821			6,896,297			6,946,348

LOANS ORIGINATED FOR INVESTMENT:
Mortgage loans:
Single-family	$	29,583		$	22,449		$	10,862		$	8,946		$	8,660
Multi-family		6,495			5,190			4,526			5,865			6,608
Commercial real estate		365			1,260			1,710			2,172			4,936
Construction		—			—			1,480			—			—
Commercial business loans		—			50			—			1,250			—
Total loans originated for investment	$	36,443		$	28,949		$	18,578		$	18,233		$	20,204


PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands)

	As of			As of			As of			As of			As of
	12/31/24			09/30/24			06/30/24			03/31/24			12/31/23
ASSET QUALITY RATIOS AND DELINQUENT LOANS:
Recourse reserve for loans sold	$	23		$	23		$	26		$	31		$	31
Allowance for credit losses on loans held for investment	$	6,956		$	6,329		$	7,065		$	7,108		$	7,000
Non-performing loans to loans held for investment, net		0.24	%		0.20	%		0.25	%		0.21	%		0.16	%
Non-performing assets to total assets		0.20	%		0.17	%		0.20	%		0.17	%		0.13	%
Allowance for credit losses on loans to gross loans held for investment		0.66	%		0.61	%		0.67	%		0.67	%		0.65	%
Net loan charge-offs (recoveries) to average loans receivable (annualized)		—	%		—	%		—	%		—	%		—	%
Non-performing loans	$	2,530		$	2,106		$	2,596		$	2,246		$	1,750
Loans 30 to 89 days delinquent	$	3		$	2		$	1		$	388		$	340


	Quarter		Quarter			Quarter			Quarter		Quarter
	Ended		Ended			Ended			Ended		Ended
	12/31/24		09/30/24			06/30/24			03/31/24		12/31/23
(Recovery) recourse provision for loans sold	$	—	$	(3	)	$	(5	)	$	—	$	(2	)
Provision for (recovery of) credit losses	$	586	$	(697	)	$	(12	)	$	124	$	(720	)
Net loan charge-offs (recoveries)	$	—	$	—		$	—		$	—	$	—


	As of		As of		As of		As of		As of
	12/31/2024		09/30/2024		06/30/2024		03/31/2024		12/31/2023
REGULATORY CAPITAL RATIOS (BANK):
Tier 1 leverage ratio	9.81	%	9.63	%	10.02	%	9.70	%	9.48	%
Common equity tier 1 capital ratio	18.60	%	18.36	%	19.29	%	18.77	%	18.20	%
Tier 1 risk-based capital ratio	18.60	%	18.36	%	19.29	%	18.77	%	18.20	%
Total risk-based capital ratio	19.67	%	19.35	%	20.38	%	19.85	%	19.24	%


	As of December 31,
	2024				2023
	Balance		Rate⁽¹⁾		Balance		Rate⁽¹⁾
INVESTMENT SECURITIES:
Held to maturity (at cost):
U.S. SBA securities	$	385	5.35	%	$	630	5.85	%
U.S. government sponsored enterprise MBS		114,817	1.59			137,205	1.50
U.S. government sponsored enterprise CMO		3,686	2.14			3,857	2.17
Total investment securities held to maturity	$	118,888	1.62	%	$	141,692	1.54	%

Available for sale (at fair value):
U.S. government agency MBS	$	1,152	4.46	%	$	1,314	3.47	%
U.S. government sponsored enterprise MBS		518	6.90			584	5.61
Private issue CMO		80	6.09			98	4.67
Total investment securities available for sale	$	1,750	5.26	%	$	1,996	4.16	%
Total investment securities	$	120,638	1.67	%	$	143,688	1.57	%

⁽¹⁾Weighted-average yield earned on all instruments included in the balance of the respective line item.


PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands)

	As of December 31,
	2024					2023
	Balance			Rate⁽¹⁾		Balance			Rate⁽¹⁾
LOANS HELD FOR INVESTMENT:
Mortgage loans:
Single-family (1 to 4 units)	$	533,140		4.60	%	$	521,944		4.32	%
Multi-family (5 or more units)		433,724		5.48			458,502		5.00
Commercial real estate		77,984		6.72			88,640		6.20
Construction		1,480		11.00			2,534		8.88
Other		90		5.25			102		5.25
Commercial business loans		4,371		9.67			1,616		10.50
Consumer loans		59		17.75			68		18.50
Total loans held for investment		1,050,848		5.15	%		1,073,406		4.79	%

Advance payments of escrows		321					106
Deferred loan costs, net		9,390					9,253
Allowance for credit losses on loans		(6,956	)				(7,000	)
Total loans held for investment, net	$	1,053,603				$	1,075,765
Purchased loans serviced by others included above	$	1,749		5.72	%	$	10,239		5.59	%

⁽¹⁾Weighted-average yield earned on all instruments included in the balance of the respective line item.


	As of December 31,
	2024				2023
	Balance		Rate⁽¹⁾		Balance		Rate⁽¹⁾
DEPOSITS:
Checking accounts – noninterest-bearing	$	85,399	—	%	$	94,030	—	%
Checking accounts – interest-bearing		251,024	0.04			275,396	0.04
Savings accounts		232,917	0.20			256,578	0.14
Money market accounts		23,527	0.29			31,637	0.82
Time deposits		274,648	3.61			254,339	3.76
Total deposits⁽²⁾⁽³⁾	$	867,515	1.22	%	$	911,980	1.13	%

Brokered CDs included in time deposits above	$	143,775	4.56	%	$	122,700	5.26	%

BORROWINGS:
Overnight	$	15,000	4.66	%	$	—	—	%
Three months or less		40,000	3.98			67,500	4.35
Over three to six months		22,500	4.17			32,500	5.00
Over six months to one year		59,000	5.05			40,000	5.21
Over one year to two years		94,000	4.46			67,500	4.14
Over two years to three years		—	—			20,000	4.72
Over three years to four years		15,000	4.41			—	—
Over four years to five years		—	—			15,000	4.41
Over five years		—	—			—	—
Total borrowings⁽⁴⁾	$	245,500	4.51	%	$	242,500	4.55	%

     ⁽¹⁾Weighted-average rate paid on all instruments included in the balance of the respective line item.
     ⁽²⁾Includes uninsured deposits of approximately $134.7 million and $140.3 million at December 31, 2024 and 2023, respectively.
     ⁽³⁾The average balance of deposit accounts was approximately $35 thousand and $34 thousand at December 31, 2024 and 2023, respectively.
     ⁽⁴⁾The Bank had approximately $246.2 million and $266.5 million of remaining borrowing capacity at the FHLB – San Francisco, approximately $198.5 million and $183.0 million of borrowing capacity at the FRB of San Francisco and $50.0 million and $50.0 million of borrowing capacity with its correspondent bank at December 31, 2024 and 2023, respectively.


PROVIDENT FINANCIAL HOLDINGS, INC. Financial Highlights (Unaudited – Dollars in Thousands)

	For the Quarter Ended					For the Quarter Ended
	December 31, 2024					December 31, 2023
	Balance		Rate⁽¹⁾			Balance		Rate⁽¹⁾
SELECTED AVERAGE BALANCE SHEETS:

Loans receivable, net	$	1,046,797		4.99	%	$	1,074,592	4.66	%
Investment securities		123,826		1.52			147,166	1.42
FHLB – San Francisco stock and other equity investments		10,172		8.38			9,505	8.29
Interest-earning deposits		23,700		4.74			31,473	5.41
Total interest-earning assets	$	1,204,495		4.66	%	$	1,262,736	4.33	%
Total assets	$	1,234,768				$	1,293,471

Deposits⁽²⁾	$	863,106		1.23	%	$	914,629	0.99	%
Borrowings		226,707		4.53			230,546	4.51
Total interest-bearing liabilities⁽²⁾	$	1,089,813		1.92	%	$	1,145,175	1.69	%
Total stockholders’ equity	$	131,135				$	130,614

⁽¹⁾Weighted-average yield earned or rate paid on all instruments included in the balance of the respective line item.
⁽²⁾Includes the average balance of noninterest-bearing checking accounts of $86.2 million and $99.4 million during the quarters ended December 31, 2024 and 2023, respectively; and the average balance of uninsured deposits (adjusted lower by collateralized deposits) of $130.2 million and $139.3 million in the quarters ended December 31, 2024 and 2023, respectively.


	Six Months Ended					Six Months Ended
	December 31, 2024					December 31, 2023
	Balance		Rate⁽¹⁾			Balance		Rate⁽¹⁾
SELECTED AVERAGE BALANCE SHEETS:

Loans receivable, net	$	1,047,964		4.98	%	$	1,073,600	4.60	%
Investment securities		126,698		1.50			150,439	1.39
FHLB – San Francisco stock and other equity investments		10,146		8.34			9,505	7.91
Interest-earning deposits		25,015		5.06			32,758	5.36
Total interest-earning assets	$	1,209,823		4.64	%	$	1,266,302	4.27	%
Total assets	$	1,239,950				$	1,296,811

Deposits⁽²⁾	$	871,844		1.25	%	$	927,406	0.89	%
Borrowings		223,723		4.63			221,501	4.42
Total interest-bearing liabilities⁽²⁾	$	1,095,567		1.94	%	$	1,148,907	1.57	%
Total stockholders’ equity	$	131,317				$	130,578

⁽¹⁾Weighted-average yield earned or rate paid on all instruments included in the balance of the respective line item.
⁽²⁾Includes the average balance of noninterest-bearing checking accounts of $88.4 million and $102.8 million during the six months ended December 31, 2024 and 2023, respectively; and the average balance of uninsured deposits (adjusted lower by collateralized deposits) of $125.7 million and $139.1 million in the six months ended December 31, 2024 and 2023, respectively.

ASSET QUALITY:


	As of		As of		As of		As of		As of
	12/31/24		09/30/24		06/30/24		03/31/24		12/31/23
Loans on non-accrual status
Mortgage loans:
Single-family	$	2,530	$	2,106	$	2,596	$	2,246	$	1,750
Total		2,530		2,106		2,596		2,246		1,750

Accruing loans past due 90 days or more:		—		—		—		—		—
Total		—		—		—		—		—

Total non-performing loans ⁽¹⁾		2,530		2,106		2,596		2,246		1,750

Real estate owned, net		—		—		—		—		—
Total non-performing assets	$	2,530	$	2,106	$	2,596	$	2,246	$	1,750

⁽¹⁾The non-performing loan balances are net of individually evaluated or collectively evaluated allowances, specifically attached to the individual loans.

The MIL Network –

January 29, 2025

MIL-OSI: RecycLiCo Battery Materials Engages Carmot Strategic Group and Penney Capital for Grants and Cooperative Funding Consultation

Source: GlobeNewswire (MIL-OSI)

SURREY, British Columbia, Jan. 28, 2025 (GLOBE NEWSWIRE) — RecycLiCo Battery Materials Inc. (“RecycLiCo” or the “Company”), (TSX.V: AMY | OTCQB: AMYZF| FSE: ID4), a pioneer in the field of lithium-ion battery recycling technology, is pleased to announce that it has engaged Penney Capital and Carmot Strategic Group, Inc. to assist in the company’s efforts to identify, and qualify for, government funding opportunities that could be used to further RecycLiCo’s critical mineral recovery activities in the U.S. and Canada, including research to enhance and find new applications for its current intellectual property and know-how and the continued exploitation of its upcycling technology.

Carmot Strategic and Penney Capital advisory companies have won multiple federal grants to develop domestic sources of Critical Minerals, from mining and processing to advanced materials manufacturing, as well as developing innovative financial instruments to integrate these materials into U.S. supply chains.

“We are very pleased to have Carmot Strategic and Penney Capital working with us,” said Richard Sadowsky, RecycLiCo’s Interim Chief Executive Officer. “Critical mineral recovery and reuse are becoming increasingly important, especially in terms of national security. The RecycLiCo Board has mandated that we explore new ways to exploit our recovery expertise and, at the same time, continue to offer high-quality upcycling of battery materials. We hope, with Carmot and Penney’s assistance, to establish relationships with government agencies that will support increases in the pace of both R&D and deployment.”

About RecycLiCo

RecycLiCo Battery Materials Inc. is a battery materials company specializing in sustainable lithium-ion battery upcycling and materials production. RecycLiCo has developed advanced technologies that efficiently recover battery-grade materials from lithium-ion batteries, addressing the global demand for environmentally friendly solutions in energy storage. With minimal processing steps and up to 99% extraction of lithium, cobalt, nickel, and manganese. RecycLiCo’s hydrometallurgical process turns lithium-ion battery waste into battery-grade cathode precursor, lithium hydroxide, and lithium carbonate for direct integration into the re- manufacturing of new lithium-ion batteries.

About Penney Capital

Founded in 2017 by President & CEO Clark Penney, Penney Capital excels at navigating, connecting, and expanding new development opportunities and large-investment infrastructure projects.

Prior to founding Penney Capital, Clark Penney began his career working on energy and defense committees with the U.S. Senate in Washington D.C. and with the president pro tempore. Later, he branched into the finance industry for over 10 years: co-founding Cypress Wealth Management, a private wealth management firm now with over $1 billion in assets under management and offices in Alaska and California, where he remains a partner.

Today, Penney Capital’s resume includes leading economic development with The State of Alaska, new development projects worth over $2 billion, and other areas of expertise including resource development, financial technology firms, cryptocurrency, campaigns, wireless technology, and manufacturing.

About Carmot Strategic Group

Established in 2008 by Daniel McGroarty, Carmot Strategic Group, Inc. is an issues management firm focused on Critical Mineral development, based in the Washington, D.C. area.

A recognized subject matter expert on Critical Minerals, Daniel McGroarty serves on the advisory boards of several companies developing U.S.-based Critical Mineral projects. He has testified on Critical Mineral issues before both U.S. Senate and House committees on energy and natural resources and served a term as Independent Advisory Board Member of the Critical Materials Institute, the Department of Energy’s Energy Innovation Hub. Prior to establishing his consulting practice, he served in senior positions in the U.S. Government, as special assistant at the White House and Presidential appointee at the Department of Defense.

For more information, please contact:
Teresa Piorun
Senior Corporate Secretary
Telephone: 778-574-4444
Email: InvestorServices@RecycLiCo.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release may contain “forward-looking statements”, which are statements about the future based on current expectations or beliefs. For this purpose, statements of historical fact may be deemed to be forward-looking statements. Forward–looking statements by their nature involve risks and uncertainties, and there can be no assurance that such statements will prove to be accurate or true. Investors should not place undue reliance on forward-looking statements. The Company does not undertake any obligation to update forward-looking statements except as required by law.

The MIL Network –

January 29, 2025
MIL-OSI Global: Deepseek: China’s gamechanging AI system has big implications for UK tech development

Source: The Conversation – UK – By Feng Li, Chair of Information Management, Associate Dean for Research & Innovation, Bayes Business School, City St George’s, University of London

Koshiro K

DeepSeek sent ripples through the global tech landscape this week as it soared above ChatGPT in Apple’s app store. The meteoric rise has shifted the dynamics of US-China tech competition, shocked global tech stock valuations, and reshaped the future direction of artificial intelligence (AI) development.

Among the industry buzz created by DeepSeek’s rise to prominence, one question looms large: what does this mean for the strategy of the third leading global nation for AI development – the United Kingdom?

The generative AI era was kickstarted by the release of ChatGPT on November 30 2022, when large language models (LLMs) entered mainstream consciousness and began reshaping industries and workflows, while everyday users explored new ways to write, brainstorm, search and code. We are now witnessing the “DeepSeek moment” – a pivotal shift that demonstrates the viability of a more efficient and cost-effective approach for AI development.

DeepSeek isn’t just another AI tool. Unlike ChatGPT and other major LLMs developed by tech giants and AI startups in the USA and Europe, DeepSeek represents a significant evolution in the way AI models are developed and trained.

Most existing approaches rely on large-scale computing power and datasets (used to “train” or improve the AI systems), limiting development to very few extremely wealthy market players. DeepSeek not only demonstrates a significantly cheaper and more efficient way of training AI models, its open-source “MIT” licence (after the Massachusetts Institute of Technology where it was developed) allows users to deploy and develop the tool.

This helps democratise AI, taking up the mantle from US company OpenAI – whose initial mission was “to build artificial general intelligence (AGI) that is safe and benefits all of humanity” – enabling smaller players to enter the space and innovate.

By making cutting-edge AI development accessible and affordable to all, DeepSeek has reshaped the competitive landscape, allowing innovation to flourish beyond the confines of large, resource-rich organisations and countries.

It has also set a new benchmark for efficiency in its approach, by training its model at a fraction of the cost, and matching – even surpassing – the performance of most existing LLMs. By employing innovative algorithms and architectures, it is delivering superior results with significantly lower computational demands and environmental impact.

Why DeepSeek matters

DeepSeek was conceived by a group of quantitative trading experts in China. This
unconventional origin holds lessons for the UK and US.

While the UK – particularly London – has long attracted scientific and technological excellence, many of the highest achieving young graduates have tended to disproportionately opt for careers in finance, something that has come the expense of innovation in other critical sectors such as AI. Diversifying the pathways for Stem (science, technology, engineering and maths) professionals could yield transformative outcomes.

The UK government’s recent and much-publicised 50-point action plan on AI offers glimpses of progressive intent, but also displayed a lack of boldness to drive real change. Incremental steps are not sufficient in such a fast-moving environment. The UK needs a new plan – one that leverages its unique strengths while addressing systemic weaknesses.

Firstly, it’s important to recognise that the UK’s comparative advantage lies in its leading interdisciplinary expertise. World-class universities, thriving fintech and dynamic professional services and creative sectors offer fertile ground for AI applications that extend beyond traditional tech silos. The intersection of AI with finance, law, creative industries and medicine presents opportunities to lead in some niche but high-impact areas.

The UK’s funding and regulatory frameworks are due an overhaul. DeepSeek’s development underscores the importance of agile, well-funded ecosystems that can support big, ambitious “moonshot” projects. Current UK funding mechanisms are bureaucratic and fragmented, favouring incremental innovations over radical breakthroughs, at times stifling innovation rather than nurturing it. Simplifying grant applications and offering targeted tax incentives for AI startups would represent a healthy start.

Finally, it will be critical for the UK to keep its talent in the country. The UK’s AI sector faces a brain drain as top talent gravitates toward better-funded opportunities in the US and China. Initiatives such as public-private partnerships for AI research development can help anchor talent at home.

DeepSeek’s rise is an excellent example of strategic foresight and execution. It doesn’t merely aim to improve existing models, but redefines the very boundaries of how AI could be developed and deployed – while demonstrating efficient, cost-effective approaches that can yield astounding results. The UK should adopt a similarly ambitious mindset, focusing on areas where it can set global standards rather than playing catch-up.

AI’s geopolitics cannot be ignored either. As the US and China compete with one another, the UK has a critical role to play as the trusted intermediary and ethical leader in AI governance. By championing transparent AI standards and fostering international collaboration, the UK can punch above its weight on the global stage.

DeepSeek’s success should serve as a wake-up call. Britain has the talent, institutions and entrepreneurial spirit to be a significant leading player in AI – but it must act decisively, and now.

It is time to remove token gestures and embrace bold strategies that move the needle and position the UK as a leader in an AI-driven future. This moment calls for action, not just more conversation.

DeepSeek has raised the bar. It is now up to the UK to meet it.

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

– ref. Deepseek: China’s gamechanging AI system has big implications for UK tech development – https://theconversation.com/deepseek-chinas-gamechanging-ai-system-has-big-implications-for-uk-tech-development-248387

MIL OSI – Global Reports –

January 29, 2025
MIL-OSI: MEXC Launches Venice Token (VVV) in Innovation Zone and Futures Trading with Leverage Up to 50x

Source: GlobeNewswire (MIL-OSI)

VICTORIA, Seychelles, Jan. 28, 2025 (GLOBE NEWSWIRE) — MEXC, the world’s leading cryptocurrency trading platform, announces the listing of Venice Token (VVV) in its Innovation Zone, offering users access to the latest advancements in the AI sector. Starting from 02:00 UTC on January 28, MEXC will also introduce VVV/USDT Perpetual Futures trading, providing users with leverage options of up to 50x.

Unlocking the Future with Venice Token (VVV)
Venice Token (VVV) is at the forefront of the artificial intelligence revolution, serving as the world’s leading platform for private and uncensored AI solutions. Through the Venice App or API, users can access a range of cutting-edge open-source models for generative text, images, and code, empowering creators and developers across various sectors. With a total supply of 100,000,506 VVV, the token is poised to play a significant role in shaping the future of digital intelligence and privacy.

Join the Future of AI with Venice Token
As MEXC launches VVV USDT-M Perpetual Futures, traders will have the opportunity to leverage their positions with adjustable leverage, making it easier than ever to capitalize on market movements. This listing not only highlights MEXC’s dedication to supporting innovative projects but also presents a unique opportunity for users to engage with a token that is revolutionizing the AI landscape.

MEXC aims to become the go-to platform offering the widest range of valuable crypto assets. The platform has grown its user base to 30 million by providing a diverse selection of tokens, high-frequency airdrops, and simple participation processes. In 2024, MEXC launched a total of 2,376 new tokens, including 1,716 initial listings and over 600 memecoins, with total airdrop rewards exceeding $136 million.

About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto”. Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
MEXC Official Website｜ X ｜ Telegram ｜How to Sign Up on MEXC

Contact:
Lucia Hu
PR Manager
lucia.hu@mexc.com

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

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/886317ab-f8fa-4164-8cd6-c99cd40384a4

The MIL Network –

January 29, 2025
MIL-OSI United Kingdom: Coventry City Council Unveils its Green Skills Roadmap
Source: City of Coventry

Coventry Council has launched its Green Skills Roadmap.
The roadmap is a comprehensive guide designed to support educators, employers and investors in identifying, accessing, and embedding sustainable net-zero skills into their operations.

It provides a clear Action Plan which Coventry will address in partnership with a range of public, private and third sector partners.

Coventry is committed to building a robust green skills ecosystem, helping businesses transition to sustainable practices, and offering future generations the tools they need to succeed in green careers. This roadmap is a vital step towards achieving a sustainable, net-zero future for Coventry.

With the government’s target of achieving net-zero emissions by 2050, green careers, defined as roles that directly contribute to reducing emissions or addressing climate change through mitigation or adaptation, are set to play a critical role in the UK’s future economy.

Green skills encompass the technical knowledge and behaviours necessary to tackle environmental challenges, which are becoming essential across all industries to help businesses manage their environmental impact, promote sustainability and contribute to a greener economy. Green jobs include positions focused on environmental restoration, transitioning industries to sustainable practices, and adapting business models to reduce.

Councillor Dr Kindy Sandhu, Cabinet Member for Education and Skills said: “Coventry is at the forefront of the transition to green employment and investment, seamlessly integrating sustainability skills into education while fostering a green workforce through reskilling and technological innovation.

“The Green Skills Roadmap provides valuable guidance to educators and businesses, inspiring a new generation to pursue green careers and equipping them with the skills necessary to build a more sustainable future.

“Driving growth in green employment requires a united effort from public agencies, businesses, and investors. This roadmap will not only attract green industry investment to the region but also establish a strong green skills ecosystem, creating meaningful job opportunities and paving the way for future developments in the city.”

The Green Skills Roadmap includes detailed Actions on the below:

Details On Improving Green Skills in Education: supporting teacher and careers advisors to aid student in finding green jobs, diversifying green skill pipeline subjects and partnering with adult education services to promote sustainability awareness programmes.

Implementation of Green Skills for Businesses: equipping business support advisors with green skills knowledge and collaborating with employers to align with green Apprenticeship Standards.

A Just Transition: for fossil fuel-dependent trades to reskill workforces with green skills, offering work experience and training programs.

Future Skills and skills for Investment: skills funding to support Greenpower park and electric vehicle development, encourage green skill training and apprenticeships and ensure the skills adapt to Coventry’s ‘Energy Plan’.

The Green Skills Roadmap has been developed in partnership with key contributions and support from: Business in Community (BiTC), Coventry College, Coventry University, CW Chamber of Commerce, Department of Work and Pensions (DWP), Federation of Small Businesses (FSB), E.ON, The University of Warwick, Warwick manufacturing group (WMG) and others.

Access the full Green Skills Roadmap.

To keep up to date with the latest news, sign up for our Your Coventry email newsletter or follow the Council on Facebook, X (formerly Twitter), YouTube, Instagram, LinkedIn and TikTok.
MIL OSI United Kingdom –
January 29, 2025
MIL-OSI Russia: Dmitry Chernyshenko presented the Government awards in the field of tourism for 2024

Translartion. Region: Russians Fedetion –

Source: Government of the Russian Federation – An important disclaimer is at the bottom of this article.

Deputy Prime Minister Dmitry Chernyshenko took part in the award ceremony of the Russian Government Prize in Tourism for 2024, which is being held as part of the national project “Tourism and Hospitality”. The list of winners was approved by order of Prime Minister Mikhail Mishustin.

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

January 28, 2025

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024. Deputy Chairperson of the Federation Council of the Federal Assembly of the Russian Federation Inna Svyatenko

January 28, 2025

Previous news Next news

Dmitry Chernyshenko presented the Russian Government awards in the field of tourism for 2024

The winners of the award were the authors of 10 successful projects that contributed to the development of the Russian hospitality industry. Among them are initiatives to create new tourist facilities, innovative digital solutions, training programs, popularization of event tourism, as well as the development of tourism products accessible to everyone, including people with disabilities.

The Deputy Prime Minister thanked the laureates for their significant contribution to the tourism and hospitality industry. According to him, this award recognizes the best industry practices and a highly professional approach to work. The laureates’ projects are not only effective from a business perspective, they change people’s lives for the better.

Russian President Vladimir Putin has named the development of domestic tourism as one of his priorities. According to his instructions, the tourism industry’s share in GDP should increase to 5% by 2030, and the number of annual trips around the country should grow to 140 million.

“We see that more and more of our citizens are traveling around Russia, discovering its beauty, exploring new destinations and routes. By the end of 2024, Russians had made more than 92 million domestic trips – this is good growth. It is important that the laureates’ projects are aimed at creating hotel rooms for families with children in holiday destinations, as instructed by President Vladimir Putin, as well as a barrier-free environment for people with disabilities. We will continue to provide comfortable and accessible conditions for tourists. We will build hotels, seaside and ski resorts, amusement parks and other infrastructure. This will not only develop domestic tourism, but also increase the number of foreign guests,” Dmitry Chernyshenko emphasized.

He added that by decree of the head of state, 2025 has been declared the Year of the Defender of the Fatherland. It is important to build tourist routes to places of (military) glory of the Great Patriotic War in order to preserve the memory of the heroes and their exploits.

“Russian tourism is developing rapidly today. We see a growing interest in traveling around the country every year, both from Russians and our foreign guests. The hospitality industry has seen a large increase in investment in recent years, both private and public. But in addition to financial resources, tourism now needs new ideas that will allow it to create world-class tourism products and services. Therefore, the federal tourism award every year encourages authors of interesting projects that offer unconventional approaches to the development of the industry,” said Minister of Economic Development Maxim Reshetnikov.

The award winners were also congratulated by Deputy Chairperson of the Federation Council Inna Svyatenko and Chairman of the State Duma Committee on Tourism and Development of Tourism Infrastructure Sangadzhi Tarbaev.

The winners receive a cash prize– 1 million rubles. In 2024, 88 projects were submitted for consideration by the award council.

Applications are currently being accepted for the 2025 Government Tourism Prize. Projects nominated for the prize must have been implemented in practice at least one year before the start of the application process. Works will be accepted until March 1, 2025. More details are inannouncement of the start of the collection of applications for the Russian Government Awards in the field of tourism in 2025.

Projects that received the Russian Government Prize in 2024

1. The Attraction project is a complex development in Magnitogorsk, Chelyabinsk Region, with social, sports and cultural facilities. The project area is a venue for mass festivals. From 2019 to 2024, the volume of investments in the project exceeded 15 billion rubles. (Awardee – R.V. Novitsky)

2. The project “Ecopark “Yasnopole”. Living Village” is an association of several farms on a territory of 500 hectares in the Yasnogorsk district of the Tula region, which are engaged in agricultural and agrotourism activities, creating all the conditions for the development of surrounding villages and settlements. The ecopark uses energy-efficient technologies in construction and alternative energy sources, as well as advanced eco-technologies in agriculture – organic farming, a nursery of soil-forming microorganisms and others. The ecopark is visited by more than 20 thousand people per year. (Awardee – D.A. Cherepkov)

3. The Green Path of the Krasnaya Polyana Resort Project, during which 29 events were held with the participation of over 2.5 thousand people. Within the framework of the project, several popular science books were published, the accessibility of the Krasnaya Polyana resort territory for people with limited mobility was increased, and projects to support children’s adaptive sports and physical education were implemented. Seven of the nine hotels of the resort passed independent environmental certification. (Awardees – L.M. Shagarov, A.A. Molochkova)

4. TV channel “My Planet”, which has been covering the sphere of Russian tourism for 15 years. The TV channel ranks third in the rating of cited popular science TV channels. The audience of the TV channel is 55 million viewers per year. (Awardees – G.V.Kovbasyuk, N.A.Kuznetsova, A.B.Pankratov)

5. The Hospitality Classes project in Crimea is aimed at creating conditions for successful socialization and professional self-determination of teenagers. The project program consists of nine modules, each of which is dedicated to a separate area in the hospitality industry and professions in this area. (Awardees – N.A. Vistunova, D.S. Kolesnikova, A.S. Petrova, E.V. Ponomareva)

6. The project “System for the Development of Domestic and Inbound Tourism Based on the Synergy of the Tourism Business and the Government” – includes analytical and expert work on studying the preferences of Russians in recreation, assessment and analysis of the tourism potential of the regions, a set of training events for the regional tourism business. Based on this data, a tourism product is formed, a strategy for its promotion and implementation is developed. (Awardees – S.I. Gonetskaya, O.N. Ivanova, A.L. Malinina, G.Sh. Musalova, A.E. Fokeeva)

7. The project of the active recreation park “Malskaya Dolina” is a modern complex for active recreation with developed infrastructure. It is located in the village of Rogovo in the Pskov region, a historical place on the territory of the Izborsko-Malskaya Valley – a natural monument of regional significance. The territory of the park is 194 hectares. (Awardee – V.A. Seliverstov)

8. “Glamping Ecosystem “Green Trail”” is one of the first glampings in Russia, which contributed to the development of the corresponding recreation format. On its territory there are tents and guest houses, as well as a clearing for accommodating tent tourists and caravanners. Every year the hotel receives about 7 thousand people. (Awardee – I.I. Mamai)

9. The project “Inclusive tourism as a comprehensive system of habilitation and rehabilitation of children with autism spectrum disorders”, during the existence of which more than 200 children with disabilities took part in trips. (Awardee – A.V. Senik)

10. Research project “Rating of the event potential of Russian regions” is the first analytical tool for assessing the level of development of infrastructure for event and business tourism in the regions. Since 2014, the rating has annually assessed the potential of Russian regions in the sphere of organizing events on their territory that contribute to the development of business and event tourism, the growth of the investment attractiveness of the region, as well as support for the socio-economic and cultural life of the region. (Awardee – D.A. Ostrovskaya)

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

MIL OSI Russia News –

January 29, 2025
MIL-OSI China: ROC (Taiwan) government congratulates Donald Trump and JD Vance on inauguration as 47th president and 50th vice president of United States
Source: Republic of Taiwan – Ministry of Foreign Affairs

ROC (Taiwan) government congratulates Donald Trump and JD Vance on inauguration as 47th president and 50th vice president of United States
- Date：2025-01-21
- Data Source：Department of North American Affairs
January 21, 2025
No. 024

Donald John Trump and James David Vance were sworn into office as the 47th president and 50th vice president of the United States, respectively, on January 20. The government of the Republic of China (Taiwan) sincerely congratulates President Trump and Vice President Vance on their inauguration.

Building on the friendly and solid relations that exist between Taiwan and the United States, and in accordance with the principles of mutual trust, reciprocity, and mutual benefits, the government of Taiwan looks forward to working with the Trump administration to strengthen the close bilateral partnership in such domains as security, the economy and trade, technology, and education so as to enhance the well-being of both peoples and advance peace, stability, and prosperity across the Indo-Pacific and the world. (E)

MIL OSI China News –
January 28, 2025

MIL-OSI Economics: Euro area economic and financial developments by institutional sector: third quarter of 2024

Source: European Central Bank

28 January 2025

Euro area net saving increased to €820 billion in four quarters up to third quarter of 2024, compared with €804 billion one quarter earlier
Household debt-to-income ratio decreased to 82.5% in third quarter of 2024 from 86.2% one year earlier
NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.4% in third quarter of 2024 from 69.1% one year earlier

Total euro area economy

Euro area net saving increased to €820 billion (6.8% of euro area net disposable income) in the four quarters up to the third quarter of 2024 compared with €804 billion in the four quarters up to the previous quarter. Euro area net non-financial investment was broadly unchanged at €440 billion (3.7% of net disposable income), due to broadly unchanged net investment in all sectors (see Chart 1 and Table 1 in the Annex).

Euro area net lending to the rest of the world increased to €418 billion (from €405 billion previously) reflecting the increased net saving and broadly unchanged net non-financial investment. Household net lending increased to €581 billion (4.8% of net disposable income) from €561 billion. Net lending of NFCs decreased to €192 billion (1.6% of net disposable income) from €231 billion while that of financial corporations was broadly unchanged at €132 billion (1.1% of net disposable income). General government net borrowing decreased, contributing less negatively (-4.0% of net disposable income, after -4.3% previously) to euro area net lending.

Chart 1

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.
* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

Households

Household financial investment increased at a broadly unchanged annual rate of 2.4% in the third quarter of 2024. Among its components, investment in currency and deposits (2.6%, after 2.3%) and investment in shares and other equity (1.3%, after 0.8%) grew at higher rates – the latter due to investment fund shares – while investment in debt securities increased at a lower rate (15.4%, after 28.4%).

Households continued to purchase, in net terms, mainly debt securities issued by general government and MFIs. Households were overall net sellers of listed shares, selling predominantly listed shares of non-financial corporations, while buying listed shares issued by the rest of the world (i.e. shares issued by non-euro area residents). Households increased their purchases of euro area investment fund shares, including those issued by MFIs (money market funds) and by non-money market investment funds, and continued to purchase investment fund shares issued by the rest of the world (see Table 1 below and Table 2.2. in the Annex).

The household debt-to-income ratio^[1] decreased to 82.5% in the third quarter of 2024 from 86.2% in the third quarter of 2023. The household debt-to-GDP ratio declined to 51.8% in the third quarter of 2024 from 53.5% in the third quarter of 2023 (see Chart 2).

Table 1

Financial investment and financing of households, main items

(annual growth rates)

	Financial transactions
	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Financial investment*	1.8	1.9	2.0	2.3	2.4
Currency and deposits	0.3	0.7	1.6	2.3	2.6
Debt securities	58.7	55.9	39.4	28.4	15.4
Shares and other equity**	1.1	0.3	0.4	0.8	1.3
Life insurance	-0.7	-0.7	-0.2	0.0	0.8
Pension schemes	2.3	2.1	2.2	2.2	2.3
Financing***	1.5	0.8	1.0	1.3	1.3
Loans	1.0	0.5	0.5	0.5	0.9

Source: ECB.
* Items not shown include: loans granted, prepayments of insurance premiums and reserves for outstanding claims and other accounts receivable.
** Includes investment fund shares.
*** Items not shown include: financial derivatives’ net liabilities, pension schemes and other accounts payable.

Data for financial investment and financing of households (Table 1)

Chart 2

Debt ratios of households and NFCs

(percentages of GDP)

Sources: ECB and Eurostat.
* Outstanding amount of loans, debt securities, trade credits and pension scheme liabilities.
** Outstanding amount of loans and debt securities, excluding debt positions between NFCs
*** Outstanding amount of loan liabilities.

Data for debt ratios of households and NFCs (Chart 2)

Non-financial corporations

Financing of NFCs increased at an unchanged annual rate of 1.0% in the third quarter of 2024. Issuance of debt securities grew at a lower rate (2.4% after 2.9%) and financing via trade credits increased at a higher rate (2.4% after 1.8%) while financing via shares and other equity (0.7%) and loans (1.3%) increased at unchanged rates. Loans granted by MFIs to NFCs increased at a broadly unchanged rate (1.2%), and loans granted by other NFCs grew at a lower rate (2.6% after 3.1%). Loans granted by other financial institutions declined at a less negative rate (‑0.2% after -0.6%), as did loans granted by the rest of the world (-1.1% after -2.1) (see Table 2 below and Table 3.2 in the Annex).

NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.4% in the third quarter of 2024, from 69.1% in the third quarter of 2023; the non-consolidated, wider debt measure decreased to 138.4% from 141.3% (see Chart 2).

Table 2

Financing and financial investment of NFCs, main items

(annual growth rates)

	Financial transactions
	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Financing*	1.2	0.8	0.8	1.0	1.0
Debt securities	1.5	1.3	1.9	2.9	2.4
Loans	1.8	1.6	1.4	1.3	1.3
Shares and other equity	0.4	0.3	0.4	0.7	0.7
Trade credits and advances	2.1	1.1	0.9	1.8	2.4
Financial investment**	2.3	1.7	1.8	2.0	2.0
Currency and deposits	-1.2	-1.2	0.5	2.8	1.8
Debt securities	24.9	20.2	8.5	5.8	1.9
Loans	4.7	4.5	3.9	3.9	3.4
Shares and other equity	1.2	1.0	1.4	1.4	1.6

Source: ECB.
* Items not shown include: pension schemes, other accounts payable, financial derivatives’ net liabilities and deposits.
** Items not shown include: other accounts receivable and prepayments of insurance premiums and reserves for outstanding claims.

Data for financing and financial investment of NFCs (Table 2)

For queries, please use the statistical information request form.

Notes

These data come from a second release of quarterly euro area sector accounts for the third quarter of 2024 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 13 January 2025. Moreover, it incorporates revisions to the data since the first quarter of 1999, reflecting, amongst others, the impact of the benchmark revision 2024 implemented in the EU. For further information see the related Eurostat webpage.
The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters up to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters up to the reference quarter for both numerator and denominator.
The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
The ECB publishes experimental Distributional Wealth Accounts (DWA) for the household sector. The release of results for the third quarter of 2024 is planned for 28 February 2025 (tentative date).

MIL OSI Economics –

January 28, 2025

MIL-OSI Asia-Pac: Prime Minister Shri Narendra Modi inaugurates the ‘Utkarsh Odisha’ – Make in Odisha Conclave 2025 in Bhubaneswar

Source: Government of India

Prime Minister Shri Narendra Modi inaugurates the ‘Utkarsh Odisha’ – Make in Odisha Conclave 2025 in Bhubaneswar

The programme showcases the state’s immense potential as a thriving hub for investment and business opportunities: PM

Eastern India is a growth engine in the development of the country, Odisha plays a key role in this: PM

Today, India is moving on a path of development driven by the aspirations of crores of people: PM

Odisha is truly Outstanding, Odisha symbolises the Optimism and Originality of New India, Odisha is a land of Opportunities, and the people here have always shown a passion to Outperform: PM

India is focusing on green future and green tech: PM

For 21st century India, this era is all about connected infrastructure and multi-modal connectivity: PM

Odisha holds immense potential for tourism: PM

With a vast pool of young talent and a massive audience for concerts, India has great possibilities for a thriving concert economy: PM

Posted On: 28 JAN 2025 1:33PM by PIB Delhi

The Prime Minister, Shri Narendra Modi inaugurated the Utkarsh Odisha – Make in Odisha Conclave 2025 and Make in Odisha Exhibition in Bhubaneswar, Odisha today. Addressing the gathering, the Prime Minister said this was his second visit to Odisha in the month of January 2025, recalling his visit to inaugurate Pravasi Bharatiya Divas 2025 event. Noting that this was the biggest business Summit in Odisha till date, Shri Modi said that there were around 5-6 times more investors participating in Make in Odisha Conclave 2025. He also congratulated the people and the Government of Odisha for organising the grand event.

“Eastern India is a growth engine in the development of the country and Odisha plays a key role in this”, exclaimed the Prime Minister. He added that historic data also reveals that the contributions of Eastern India were remarkable when India played a major role in global growth. Shri Modi noted that there were huge industrial hubs, ports, trade hubs in Eastern India and Odisha’s participation in this was remarkable. “Odisha used to be an important center in South Eastern Asian trade and the ports were a gateway to India”, said the Prime Minister. He added that Bali Yatra is celebrated even today in Odisha. Recalling the recent visit of the President of Indonesia to India, the Prime Minister said that the President’s words that there were probably traces of Odisha in his DNA.

The Prime Minister remarked that Odisha celebrates a legacy which connects it with South East Asia. He added that Odisha had now begun to revive the glorious heritage in the 21st century. He noted that the President of Singapore recently visited Odisha and Singapore was very enthusiastic about its relationship with Odisha. He highlighted that ASEAN countries have also shown interest in strengthening trade and traditional connections with Odisha. The Prime Minister emphasized that numerous opportunities were opening up in this region, more than ever before since independence. He called upon all the investors present, stating that now is the right time to invest in Odisha’s development journey and assured that their investment would lead to new heights of success.

“India is on a path of development driven by the aspirations of crores of people”, remarked Shri Modi and emphasized that AI stands for both Artificial Intelligence and Aspiration of India, which is the country’s strength. He said that aspirations grow when people’s needs are met, and the past decade has empowered crores of citizens, benefiting the nation. The Prime Minister highlighted that Odisha represents this aspiration. He described Odisha as outstanding, symbolizing the optimism and originality of New India. He added that Odisha had numerous opportunities, and its people have always shown a passion for outperforming. Sharing his personal experience of witnessing the skills, hard work, and honesty of people from Odisha in Gujarat, the Prime Minister expressed confidence that with new opportunities emerging in Odisha, the state will soon reach unprecedented heights of development. He praised Chief Minister Shri Mohan Charan Manjhi and his team for their efforts in accelerating Odisha’s development. The Prime Minister noted that Odisha is becoming one of India’s leading states in various industries, including food processing, petrochemicals, port-led development, fisheries, IT, edutech, textiles, tourism, mining, and green energy.

Underscoring that India was rapidly progressing towards becoming the world’s third-largest economy, the Prime Minister said that the milestone of a five trillion-dollar economy was not far away. He added that over the past decade, India’s strength in manufacturing had also become evident. The Prime Minister highlighted that the expansion of India’s economy rests on two major pillars: the innovative service sector and quality products. He emphasized that the country’s rapid progress cannot rely solely on the export of raw materials and therefore, the entire ecosystem was being transformed with a new vision. The Prime Minister mentioned that India was changing the trend of extracting minerals and sending them abroad for product manufacturing and value addition, only to have those products return to India. Similarly, he added that the trend of exporting seafood for processing in other countries was also being changed. Shri Modi stated that the Government was working to ensure that industries related to the resources in Odisha are established within the state. He highlighted that Utkarsh Odisha Conclave 2025 was a means to realize this vision.

Remarking that the world was increasingly focusing on sustainable lifestyles and moving towards a green future, Shri Modi noted that the potential for green jobs is also growing significantly. He emphasized the need to adapt to the demands and requirements of the times. He highlighted that India was focusing on green technology and a green future, including solar, wind, hydro, and green hydrogen, which will power the energy security of a developed India. The Prime Minister mentioned that Odisha had immense potential in this regard and stated that the country had launched national-level Green Hydrogen and Solar Power Missions. Shri Modi noted that significant policy decisions were being made to promote renewable energy industries in Odisha, and several steps were being taken for hydrogen energy production.

Prime Minister remarked that alongside green energy, initiatives were being taken to expand the petro and petrochemical sector in Odisha. He highlighted that dedicated industrial parks and investment regions were being developed in Paradip and Gopalpur, indicating significant investment potential in this sector. Shri Modi congratulated the Odisha government for making swift decisions and developing a new ecosystem, considering the potential of different regions in the state.

“21st century is an era of connected infrastructure and multi-modal connectivity for India”, said Shri Modi and highlighted that the scale and speed at which specialized infrastructure was being developed in India was making the country an excellent investment destination. He noted that dedicated freight corridors were connecting the east and west coastlines, providing faster access to the sea for previously land-locked regions. He mentioned that dozens of industrial cities with plug-and-play facilities were being constructed across the country. Shri Modi emphasized that similar opportunities were being enhanced in Odisha and thousands of crores worth of projects related to railway and highway networks are underway in the state. He added that to reduce logistics costs for industries in Odisha, the Government was connecting ports with industrial clusters and mentioned that both the expansion of existing ports and the construction of new ports are taking place. He stressed that Odisha was set to become one of the top states in the country in terms of the blue economy.

Urging everyone to recognize the challenges of the global supply chain in a rapidly changing world, the Prime Minister emphasized that India cannot rely on fragmented and import-based supply chains. Instead, a robust supply and value chain must be built within India to minimize the impact of global fluctuations, he added. He highlighted that this responsibility lies with both the government and the industry. Shri Modi called on industries to support MSMEs and young startups, stressing the importance of research and innovation for growth. He added that theGovernment was creating a vibrant research ecosystem in the country, with a special fund and a package for internships and skill development. He encouraged industries to actively participate and collaborate with the Government. Emphasising that a strong research ecosystem and a skilled young workforce will directly benefit the industry, Shri Modi urged industry partners and the Odisha government to work together to build a modern ecosystem aligned with Odisha’s aspirations, providing new opportunities for the youth. This, he said, will create more job opportunities within Odisha, leading to prosperity, strength, and progress for the state.

The Prime Minister remarked that people around the world were eager to understand and learn about India. He highlighted that Odisha was an excellent destination to understand India, with its thousands of years of heritage and history. He added that the state offers a unique blend of faith, spirituality, forests, mountains, and the sea, all in one place. Shri Modi described Odisha as a model of development and heritage and mentioned that G-20 cultural events were held in Odisha, and the Konark Sun Temple’s wheel was made a part of the main event. He emphasized the need to explore Odisha’s tourism potential, with its 500-kilometer coastline, over 33% forest cover, and endless possibilities for eco-tourism and adventure tourism. Prime Minister noted that India’s focus was on “Wed in India” and “Heal in India,” and Odisha’s natural beauty and environment were very supportive of these initiatives.

Highlighting that India had significant potential for conference tourism, the Prime Minister said that venues like Bharat Mandapam and Yashobhoomi in Delhi were becoming major centers for this sector. He also mentioned the emerging sector of the concert economy. He noted that India, with its rich heritage of music, dance, and storytelling, and a large pool of young concert-goers, has immense possibilities for the concert economy. He added that over the past decade, the trend and demand for live events have increased. Pointing out the recent Coldplay concerts in Mumbai and Ahmedabad as evidence of the scope for live concerts in India, Shri Modi emphasized that major global artists were attracted to India, and the concert economy boosts tourism and creates numerous jobs. He urged states and the private sector to focus on the necessary infrastructure and skills for the concert economy. This includes event management, artist grooming, security, and other arrangements, where new opportunities are emerging.

Shri Modi remarked that next month, India will host the World Audio Visual and Entertainment Summit (WAVES) for the first time. He highlighted that this significant event will showcase India’s creative power to the world. He emphasized that such events generate revenue and shape perceptions, contributing to the economy’s growth. He noted that Odisha has immense potential for hosting such events.

“Odisha plays a significant role in building a developed India”, emphasized the Prime Minister. He highlighted that the people of Odisha have resolved to build a prosperous state, and the Union government was providing all possible support to achieve this goal. He expressed his affection for Odisha, noting that he had visited the state nearly 30 times as Prime Minister and has been to most of its districts. He emphasized his trust in Odisha’s potential and its people. Concluding his address, the Prime Minister expressed confidence that the investments made by all partners will elevate both their businesses and Odisha’s progress to new heights. He extended his best wishes to everyone involved.

The Governor of Odisha, Dr. Hari Babu Kambhampati, Chief Minister of Odisha, Shri Mohan Charan Manjhi, Union Ministers Shri Dharmendra Pradhan, Shri Ashwini Vaishnaw were present among other dignitaries at the event.

Background

Utkarsh Odisha – Make in Odisha Conclave 2025 is a flagship Global Investment Summit, being hosted by the Government of Odisha, which aims to position the state as the anchor of the Purvodaya vision as well as a leading investment destination and industrial hub in India.

Prime Minister also inaugurated the Make in Odisha Exhibition that highlights achievements of the state in developing a vibrant industrial ecosystem. The two day conclave will be held from 28th to 29th January. It will serve as a platform for industry leaders, investors, and policymakers to converge and discuss the opportunities Odisha offers as a preferred investment destination. The conclave will host CEOs and Leaders’ Roundtables, Sectoral Sessions, B2B meetings, and Policy Discussions, ensuring targeted engagement with investors across the globe.

Addressing the Utkarsh Odisha Conclave in Bhubaneswar. The programme showcases the state’s immense potential as a thriving hub for investment and business opportunities. https://t.co/Dli4XI90oD

— Narendra Modi (@narendramodi) January 28, 2025

Eastern India is a growth engine in the development of the country. Odisha plays a key role in this. pic.twitter.com/Wi8b4wQWhO

— PMO India (@PMOIndia) January 28, 2025

Today, India is moving on a path of development driven by the aspirations of crores of people. pic.twitter.com/X7W0tjEeL1

— PMO India (@PMOIndia) January 28, 2025

Odisha is truly Outstanding…

Odisha symbolises the Optimism and Originality of New India.

Odisha is a land of Opportunities…

And the people here have always shown a passion to Outperform. pic.twitter.com/x05dZ9f5my

— PMO India (@PMOIndia) January 28, 2025

India is focusing on green future and green tech. pic.twitter.com/y6CErQQAln

— PMO India (@PMOIndia) January 28, 2025

For 21st century India, this era is all about connected infrastructure and multi-modal connectivity. pic.twitter.com/sYhwc6g6Vu

— PMO India (@PMOIndia) January 28, 2025

Odisha holds immense potential for tourism. pic.twitter.com/6neuQPxzfx

— PMO India (@PMOIndia) January 28, 2025

With a vast pool of young talent and a massive audience for concerts, India has great possibilities for a thriving concert economy. pic.twitter.com/MsHUS8heox

— PMO India (@PMOIndia) January 28, 2025

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MIL OSI Asia Pacific News –

January 28, 2025
MIL-OSI Asia-Pac: To reimagine, reinvent, and reposition ISI as a globally recognized institution: Indian Statistical Institute poised to embrace the transformative vision as it approaches its centenary in 2031
Source: Government of India (2)

Posted On: 28 JAN 2025 1:19PM by PIB Delhi

The Indian Statistical Institute, established in 1931 by the visionary statistician Prof. Prasanta Chandra Mahalanobis, has played a pivotal role in statistical research, education, training and its application. Having been declared as an institution of national importance through the Indian Statistical Institute Act of 1959, the Institute has been a leader in advancing statistical methods and their application across various disciplines. The ISI Council is the governing body of the Institute. In terms of the provision of the ISI Act and ISI Regulations, a newly constituted Council has been set up for the term 2024-26. During the 1^stMeeting of the Council held on 26 October 2024, the members of the Council elected Dr. Koppillil Radhakrishnan, as the Chairman of the ISI, Council. Dr. Radhakrishnan is a Padma Bhushan awardee and an Indian Space Scientist, who headed the Indian Space Research Organisation (ISRO) as Chairman of the Space Commission and Secretary of the Department of Space, Government of India.

As per the provisions of the ISI Act, 1959, the Central Government (MoSPI) constitutes Committees at regularintervals for reviewing the performance of the ISI and for making recommendations about its future course. Under this provision, the 4^thReview Committee of the Indian Statistical Institutewas constituted in 2020. The Committee submitted its comprehensive report to the Government of India, charting a transformative roadmap for this esteemed Institution of National Importance. Headed by the distinguished scientist and former Director-General of the Council of Scientific and Industrial Research (CSIR), Dr. R.A. Mashelkar, the Committee, through interactions with multiple stakeholders, conducted an extensive review of ISI’s functioning, achievements and challenges, and arrived at the report culminating in a series of actionable recommendations aimed at rejuvenating the Institute’s role in advancing statistical sciences and its applications in India and globally.

Based on the theme ‘Reimagine, Reinvent and Reposition’, the Committee proposed 61 recommendations addressing governance, academic programs, research priorities, infrastructure, and financial sustainability of the Institute. The Committeehad extensive Stakeholder Consultations in the online mode due to the raging pandemic, engagingvirtually with faculty, students, alumni, and administrative staff to gather insights into ISI’s functioning, challenges, and aspirations.They also consulted industry experts, government representatives, and other academic institutions to understand and assess the external expectations from ISI. The Committee held virtual meetings to deliberate on findings and draft recommendations and undertook an evidence-basedevaluation of ISI’s performance over the past decade, including its research output, academic programs, infrastructure, and outreach efforts andbenchmarked ISI against leading global institutions to identify gaps and opportunities.

The Committee proposed a comprehensive set of recommendations to reimagine, reinvent, and reposition ISI as a globally recognized institution. It emphasized the need for governance reforms and strengthening accountability through performance-based evaluations and establishing clear work norms for faculty and staff. The committee recommended expanding academic programs to include cutting-edge fields like data science and machine learning, increasing student intake and faculty numbers to scale the institute’s impact, and promoting interdisciplinary and large-scale research projects with national and international relevance. It called for modernizing administrative processes and research methodologies using advanced digital tools and building world-class computing and laboratory infrastructure to support innovative research.

The recommendations also included establishing robust partnerships with industry and government to address real-world challenges and generate revenue, establishing more enabling structures like the technology innovation hub, enhancing visibility through targeted outreach and brand-building initiatives, and encouraging resource generation through research grants, industry collaborations, and alumni contributions. The committee stressed the importance of increasing autonomy in managing internal revenue and recruitment processes. Infrastructure development was also a priority, with a focus on upgrading physical facilities, including campuses, laboratories, and student housing, and establishing new centers focused on emerging disciplines and regional outreach.

The Committee’s recommendations are aimed at reimagining, reinventing, and repositioning ISI as a globally recognized institution and included recommendations in the area of Governance Reforms, Academic and Research Enhancements, Digital Transformation, Industry and Government Engagement, Financial Sustainability and Infrastructure Development.

ISI has commenced implementation of these recommendations, demonstrating their commitment towards strengthening the Institute’s excellence in addressing the nation’s socio-economic development needs. During the2^ndMeeting of the Council held on 23 January 2025, the Council of the Institute under the Chairmanship of Dr. Koppillil Radhakrishnan reviewed the status of implementation of the recommendations of the 4^thReview Committee.The Institute’sCouncil is committed to implement the Committee’s recommendations in a phased manner with focus on:
1. Short-Term Initiatives: Immediate steps to address critical issues, such as faculty recruitment, infrastructure upgradation, and governance reforms.
2. Medium-Term Goals: Enhancing academic and research programs, scaling outreach efforts, and improving financial sustainability.
3. Long-Term Vision: Transforming ISI into a global leader by its centenary year in 2031, with a focus on impactful research, innovative education, and strong industry connections.
ISI has commenced work on improving its structure, strengthening research and ensuring robust academic and administrative frameworks. Significant restructuring has been undertaken to align the Institute’s various Divisions with contemporary requirements. The Centre for AI and ML (CAIML) has aligned its initiatives with the National AI Policy, emphasizing strategic relevance. Efforts are also underway to operationalize the Interdisciplinary Centre for Applied Statistics and Biostatistics. The Research Centre for Economics and Data Analysis has been invigorated with dedicated leadership assignments, ensuring forward momentum. Faculty recruitment and promotions have been prioritized, with streamlined processes nearing finalization. Formalization of teaching benchmarks highlight ISI’s to academic excellence.

While certain actions remain under discussion, the groundwork has been laid for transformative changes. ISI has also adopted advanced digital teaching methods, introducing online and hybrid courses as part of a broader academic enhancement strategy. These initiatives are complemented by expedited decision-making processes within the Academic Council, fostering agility in program development and revision. Infrastructure and governance improvements remain a focal point, with e-governance initiatives progressing in alignment with MoSPI. Revenue generation efforts, including consultancy rules and facility usage charges, have been implemented to strengthen financial sustainability.

While many recommendations have been fully implemented, others are actively in progress. These actions, signal a forward-looking approach and underline the Government’s dedication to strengthen ISI as a global leader in statistical science and related disciplines.The Government recognizes ISI’s rich legacy of excellence and its critical role in supporting India’s economic and social development and is committed to providing the necessary support to realize the 4^th Review Committee’s vision and roadmap.

The Government of India’s support for implementing these recommendations reflects its commitment to empower the ISI as a cornerstone of the nation’s knowledge ecosystem. As the Institute approaches its centenary in 2031, the Institute is poised to embrace this transformative vision and emerge as a beacon of excellence on the global stage.

*****

SB/DP

(Release ID: 2096926) Visitor Counter : 21

MIL OSI Asia Pacific News –
January 28, 2025
MIL-OSI Asia-Pac: WAVES is a Dynamic Platform that Aligns with Prime Minister Narendra Modi’s Vision of Showcasing and Economically Empowering India’s Creative Talents: Shri Gajendra Singh Shekhawat

Source: Government of India

WAVES is a Dynamic Platform that Aligns with Prime Minister Narendra Modi’s Vision of Showcasing and Economically Empowering India’s Creative Talents: Shri Gajendra Singh Shekhawat

Ministry of I&B Announces Top Awards for Content Creators

Tourism & Cultural Heritage Promotion Content Challenge also Announced

Union Ministers Ashwini Vaishnaw and Gajendra Singh Shekhawat Launch WAVES Bazaar

Posted On: 27 JAN 2025 8:00PM by PIB Delhi

The Ministry of Information and Broadcasting today marked a significant milestone in the lead-up to the World Audio Visual & Entertainment Summit (WAVES) with the launch of major initiatives at the National Media Centre, New Delhi by Shri Ashwini Vaishnaw, Union Minister of Information & Broadcasting, Railways and Electronics & Information Technology and Sh. Gajendra Singh Shekhawat, Union Minister of Culture & Tourism. Speaking on the occasion, Union Minister of Culture and Tourism, Shri Gajendra Singh Shekhawat, described India as a vibrant crucible of storytellers, musicians, content creators, and religious diversity. “Our cultural heritage is not just a testament to our past but the backbone of our future on the global stage,” Shri Shekhawat stated. To leverage this rich cultural tapestry, the Ministry of Information and Broadcasting has launched WAVES, a dynamic platform that aligns with Prime Minister Narendra Modi’s vision of showcasing and economically empowering India’s creative talents.

As India progresses in various sectors—economic, social, and technological—our cultural prowess remains our greatest asset. While expressing gratitude to the Ministry of I&B, he said that through WAVES India’s cultural diversity will gain the global recognition it deserves, positioning the cultural creative economy as an integral part of the world’s formal economy. This initiative underscores the pivotal role that WAVES will play in showcasing and enhancing India’s cultural strength, providing a foundation for our creators to earn respect and recognition worldwide.

Echoing the Prime Minister’s vision, of establishing the World Audio Visual & Entertainment Summit (WAVES) as a summit of global repute, akin to the Davos Economic Forum, the Union Minister of Information and Broadcasting, mentioned that this effort is part of a broader strategy to highlight India’s creative economy, which is rich with tradition, storytelling, and cultural significance—elements of what is globally recognized as the ‘Orange Economy.‘

“Our rich culture, which once resonated in the halls of the Chicago World’s Fair through Swami Vivekananda, is today being carried forward by our Prime Minister on the global stage, through initiatives like yoga, culture, creativity, and Ayurveda,” stated Sh. Ashwini Vaishnaw. “WAVES is an extension of this effort, aiming to make India the global capital of the creator economy.”, he added.

The Union Ministers launched WAVES Bazaar, 3 Create in India Challenges, WAVES Awards and also announced one more Challenge. The Union Minister of Information and Broadcasting also announced a new challenge aimed at promoting films that explore India’s rich tourism and cultural heritage. This initiative challenges filmmakers to delve deep into the nation’s vibrant cultural tapestry, showcasing it to both national and international audiences. These challenges aim to foster creativity, innovation, and global participation. Shri Sanjay Jaju, Secretary, Ministry of Information and Broadcasting, Shri Arunish Chawla, Secretary, Ministry of Culture. Indian Filmmaker Shri Shekhar Kapur and Sh. Gaurav Dwivedi, CEO Prasar Bharati were also present at the launch.

For more details click- https://pib.gov.in/PressReleasePage.aspx?PRID=2096792

***

Sunil Kumar Tiwari

(Release ID: 2096895) Visitor Counter : 12

MIL OSI Asia Pacific News –

January 28, 2025
MIL-OSI Europe: Written question – Documents required by financial institutions when entering into contracts with clients – E-000321/2025

Source: European Parliament

Question for written answer E-000321/2025
to the Commission
Rule 144
Luděk Niedermayer (PPE)

My question concerns the practice followed by some financial institutions in the EU, such as insurance companies, banks, investment companies, telecommunications companies, etc. If a financial institution, when concluding insurance, investment, credit, banking or telecommunications contracts, requires more documents or different types of documents from citizens of other EU countries than it requires from citizens of the country in which it operates, does the Commission consider that there is a breach of Article 18 TFEU, which prohibits discrimination on grounds of nationality, or not?

If so, what course of action should be taken by EU citizen clients in respect of whom financial institutions are applying such practices?

Submitted: 24.1.2025

Last updated: 28 January 2025

MIL OSI Europe News –

January 28, 2025
MIL-OSI Europe: Written question – Strategy for ending dependency on Turkish imports – E-000223/2025
Source: European Parliament
Question for written answer E-000223/2025
to the Commission
Rule 144
Emmanouil Fragkos (ECR), Galato Alexandraki (ECR)

The EU imports products from Türkiye, a country that is problematic in many ways, when these products could be replaced by others produced in the EU or in countries around the EU that are not consumed by anti-European and anti-Christian extremist ideologies.

The volume of trade with Türkiye makes it easier for changes to be made progressively with a view to avoiding short-term supply chain risks and potential objections from the European Council. The sectors where reliance on Türkiye is not critical are textiles and clothing, automotive spare parts, machinery and electrical equipment, as well as plastics and chemical products.

We can move in the following directions in order to replace these imports: (a) provide immediate support to corresponding production in countries such as Germany, Italy, Spain and Poland, by offering tax relief/subsidies, (b) promote innovation to reduce production costs and launch pilot projects to kick-start things with small scale changes in existing industry, (c) support regional industries in Germany, Italy, Greece, Portugal, France and Spain through targeted subsidies and investments to increase production capacity, and (d) finance industrial zones to increase production capacity and efficiency within the EU.

In view of the above:

1.Does the Commission not consider that a strategy for ending dependency on Turkish imports, at least partially, would be important for the independence of our foreign policy and for upholding our legal rights?

2.Does it not consider that our industry would benefit from its support, helping it to cease its reliance on Turkish imports?

Submitted: 20.1.2025
Last updated: 28 January 2025
MIL OSI Europe News –
January 28, 2025
MIL-OSI Europe: A current flowing to the future

Source: European Investment Bank

Just 25 kilometres northwest of Mostar, another man is on a mission to save his local river. Boro Đolo grew up along the banks of the Lištica River. “Here, people learn to swim before they learn to walk,” he says.

A soft-spoken grandfather, Đolo spends his free time working with a local organisation to restore the area’s native fish population. Professionally, Đolo has devoted 35 years to the water sector, working for the city of Široki Brijeg. There he leads a project aimed at improving wastewater services to protect the Lištica. The city has already built and rehabilitated 25 kilometres of sewer lines and four kilometres of storm drains and is currently constructing a treatment plant to serve its 15 000 residents.

Flowing from a nearby spring, the Lištica River, carves through local landscapes before joining the Neretva near Mostar. “That’s why it’s crucial to keep the Lištica clean. We all live downstream,” Đolo says. “If someone upstream pollutes a river, that pollution affects everyone living downstream.”

The projects in Mostar and Široki Brijeg are part of a larger effort, financed by the European Investment Bank, to improve water and sanitation across the Federation of Bosnia and Herzegovina. The €60 million invested in these initiatives is part of the Bank’s broader €240 million commitments to water infrastructure and flood protection in the country.

“The project covers 19 municipalities and has significantly improved the quality of life for residents,” says Sukavata Bejdić, project lead at the Federal Ministry of Agriculture, Water Management and Forestry. Speaking in her crowded office, surrounded by stacks of paperwork, Bejdić maintains an optimistic attitude and an infectious smile. “Over the last 15 years, this project has brought clean drinking water and a better sewerage system to more than 500 000 people.”

Bejdić knows she’s making a difference. “It’s been a long process and a lot of hard work,” Bejdić says, “but I talk to people on the ground every day, and I’m happy I can do something for them.”

MIL OSI Europe News –

January 28, 2025
MIL-OSI United Kingdom: Otley Bridge: Oak tree to be removed from this Friday (31 January)

Source: City of Leeds

Leeds City Council is proposing to remove the two trees near to Otley Bridge from this Friday (31 January) so work can begin to replace the deteriorating pedestrian footway.

The council must fell the mature oak tree and tulip tree before bird nesting season begins at the end of February to be able to remove the existing footway and install a temporary footway. Up to now the council has been unable to safely remove the two trees despite several site visits.

If this were to continue beyond the end-of-February deadline, the only viable alternative to allow pedestrians to cross the River Wharfe would be to reduce Otley Bridge to single lane traffic with three-way temporary traffic signals for the duration of the works, which are expected to last until late Autumn.

Recently the council installed temporary signals on Otley Bridge, reducing it to a single lane, to allow further in-depth inspections of the footway and traffic monitoring. This led to a significant amount of disruption in the local area and the council has received a large amount of correspondence from key partners including bus operators, ward members and residents raising concerns about the potential impacts if this were to continue over a longer period.

This includes lengthy vehicle queuing, ‘gridlock’ and congestion, with some short journeys taking as long as 45 minutes, and delays for public transport and for students attending the nearby schools. Other correspondence also refers to ‘fewer visitors and lost income’ to businesses, and ‘major concerns’ about emergency services journeys including to the hospital.

Today the council has taken the additional step of publishing a delegated decision notification which approves the felling of the two trees and proposes that this takes place from this Friday.

The notification recognises the impact of the temporary signals and the correspondence received, and records the decision to proceed with officers’ recommendations that that the installation of a temporary footbridge, which would require the felling of the two trees, is the most appropriate solution to ensure pedestrians can continue to cross the river.

Councillor Jonathan Pryor, Leeds City Council’s deputy leader and executive member for economy, transport and sustainable development, said: “We recognise the strength of feeling around protecting the two trees, and admire the passion and dedication of the groups involved.

“However, the disruption seen since introducing the temporary signals reaffirms our position that the temporary footway is the best solution for the town compared to the only other viable alternative of reducing Otley Bridge to single-lane traffic for around six months. This is supported by the vast majority of correspondence I have received in recent weeks, with many residents and businesses expressing their concerns about long-term traffic management measures.

“We intend to fell the two trees from this Friday so that we able to progress the essential work to install the temporary footbridge, so pedestrians and vehicles can safely cross the River Wharfe.”

In accordance with the council’s guidance, the trees would be replaced by a minimum of 13 semi mature trees across the Otley area, including in Tittybottle Park, subject to community consultation.

Should works commence to install the temporary footway in March, these would take around 12 weeks and it would be expected to be open in late spring 2025.

The existing footway would then be removed from spring 2025 on completion of the temporary footway, with work lasting 20 weeks.

The replacement permanent footway would be expected to be open in autumn 2025.

All dates are dependent on weather and river conditions, and subject to the condition of the Otley Bridge once the existing footway has been removed.

More information about the Otley Bridge project, including frequently asked questions and details of all the options explored by the council, can be found at: Have Your Say Today – Otley Bridge – Commonplace

MIL OSI United Kingdom –

January 28, 2025
MIL-OSI Europe: Commissioner Kubilius’s speech at the European Space Conference

Source: EuroStat – European Statistics

European Commission Speech Brussels, 28 Jan 2025 We, Europeans, can be proud of our achievements in space. Together we’re worth a quarter of the global space economy. If we want to maintain our lead in space, we need to take bold and decisive steps.

MIL OSI Europe News –

January 28, 2025

MIL-OSI Europe: Euro area economic and financial developments by institutional sector: third quarter of 2024

Source: European Central Bank

28 January 2025

Euro area net saving increased to €820 billion in four quarters up to third quarter of 2024, compared with €804 billion one quarter earlier
Household debt-to-income ratio decreased to 82.5% in third quarter of 2024 from 86.2% one year earlier
NFCs’ debt-to-GDP ratio (consolidated measure) decreased to 67.4% in third quarter of 2024 from 69.1% one year earlier

Total euro area economy

Chart 1

Euro area saving, investment and net lending to the rest of the world

(EUR billions, four-quarter sums)

Sources: ECB and Eurostat.
* Net saving minus net capital transfers to the rest of the world (equals change in net worth due to transactions).

Data for euro area saving, investment and net lending to the rest of the world (Chart 1)

Households

Table 1

Financial investment and financing of households, main items

(annual growth rates)

	Financial transactions
	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Financial investment*	1.8	1.9	2.0	2.3	2.4
Currency and deposits	0.3	0.7	1.6	2.3	2.6
Debt securities	58.7	55.9	39.4	28.4	15.4
Shares and other equity**	1.1	0.3	0.4	0.8	1.3
Life insurance	-0.7	-0.7	-0.2	0.0	0.8
Pension schemes	2.3	2.1	2.2	2.2	2.3
Financing***	1.5	0.8	1.0	1.3	1.3
Loans	1.0	0.5	0.5	0.5	0.9

Data for financial investment and financing of households (Table 1)

Chart 2

Debt ratios of households and NFCs

(percentages of GDP)

Data for debt ratios of households and NFCs (Chart 2)

Non-financial corporations

Table 2

Financing and financial investment of NFCs, main items

(annual growth rates)

	Financial transactions
	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3
Financing*	1.2	0.8	0.8	1.0	1.0
Debt securities	1.5	1.3	1.9	2.9	2.4
Loans	1.8	1.6	1.4	1.3	1.3
Shares and other equity	0.4	0.3	0.4	0.7	0.7
Trade credits and advances	2.1	1.1	0.9	1.8	2.4
Financial investment**	2.3	1.7	1.8	2.0	2.0
Currency and deposits	-1.2	-1.2	0.5	2.8	1.8
Debt securities	24.9	20.2	8.5	5.8	1.9
Loans	4.7	4.5	3.9	3.9	3.4
Shares and other equity	1.2	1.0	1.4	1.4	1.6

Data for financing and financial investment of NFCs (Table 2)

For queries, please use the statistical information request form.

Notes

These data come from a second release of quarterly euro area sector accounts for the third quarter of 2024 by the ECB and Eurostat, the statistical office of the European Union. This release incorporates revisions and completed data for all sectors compared with the first release on “Euro area households and non-financial corporations” of 13 January 2025. Moreover, it incorporates revisions to the data since the first quarter of 1999, reflecting, amongst others, the impact of the benchmark revision 2024 implemented in the EU. For further information see the related Eurostat webpage.
The euro area and national financial accounts data of NFCs and households are available in an interactive dashboard.
The debt-to-GDP (or debt-to-income) ratios are calculated as the outstanding amount of debt in the reference quarter divided by the sum of GDP (or income) in the four quarters up to the reference quarter. The ratio of non-financial transactions (e.g. savings) as a percentage of income or GDP is calculated as the sum of the four quarters up to the reference quarter for both numerator and denominator.
The annual growth rate of non-financial transactions and of outstanding assets and liabilities (stocks) is calculated as the percentage change between the value for a given quarter and that value recorded four quarters earlier. The annual growth rates used for financial transactions refer to the total value of transactions during the year in relation to the outstanding stock a year before.
Hyperlinks in the main body of the statistical release lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.
The ECB publishes experimental Distributional Wealth Accounts (DWA) for the household sector. The release of results for the third quarter of 2024 is planned for 28 February 2025 (tentative date).

MIL OSI Europe News –

January 28, 2025

MIL-OSI United Kingdom: Threat detection systems on Royal Navy warships upgraded
Source: United Kingdom – Executive Government & Departments

More than 200 UK jobs will be supported through a new contract to boost the Royal Navy’s warship combat systems and increase their ability to track, analyse and respond to threats in combat.
More than 200 UK jobs will be supported through a new contract to boost the Royal Navy’s warship combat systems and increase their ability to track, analyse and respond to threats in combat.

The contract, worth £285 million, has been awarded to BAE Systems, to maintain and modernise vital combat management systems (CMS) on Royal Navy vessels, including Type 23 frigates, Type 45 destroyers, Queen Elizabeth Class aircraft carriers and Type 26 frigates.

Such systems provide warship crews with all the information they need to track, analyse and respond to threats in combat. The contract will support hundreds of jobs across the UK delivering on the government’s Plan for Change.

Minister for Defence Procurement and Industry, Maria Eagle MP said:

This significant investment in our industry is another example of how our Government is making defence an engine for growth.

We are strengthening the UK’s defences while supporting growth, with hundreds of high-skilled jobs, to help deliver on our Plan for Change.

By working with British industry we’re ensuring our Royal Navy has the advanced technology it needs while strengthening our domestic defence industrial base.

The project, dubbed RECODE (Real-time Combat System Open Data Enablers), will sustain more than 200 highly skilled UK jobs at BAE Systems in Filton, Dorchester, New Malden, Frimley and Portsmouth. It will also create additional investment in Small Medium Enterprises (SMEs) and high-tech suppliers across the UK.

The CMS is the primary method for Royal Navy operators to interact with weapons and sensors. The system supports operators in their Decide and Enable functions by providing a range of tools including:

Situation awareness.

Tactical picture compilation.

Threat evaluation and weapon assignment.

Navigation and blind pilotage.

Weapon direction and control.

The upgrades announcement comes just a week after the Royal Navy was tracking a Russian spy ship, Yantar, in British waters. The Royal Navy was able to follow its every move before the Russian ship left for the Mediterranean waters.  Crucial upgrades such as RECODE will further improve the Royal Navy’s crucial deterrence capabilities.

This builds on the strategic aims of the Government’s upcoming Defence Industrial Strategy, aligning national security with a high-growth economy to support the Plan for Change.

The combat management systems provide Royal Navy crews with essential situational awareness and operational capabilities. The new contract builds on 25 years of BAE Systems’ combat management expertise supporting the Royal Navy.

The Government is developing a full Defence Industrial Strategy, which the Defence Secretary launched in December, to ensure Defence is an engine for UK growth.

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Published 28 January 2025
MIL OSI United Kingdom –
January 28, 2025

MIL-OSI United Kingdom: Expert advisory group appointed by independent water commission

Source: United Kingdom – Government Statements

The independent water commission announces members of the new advisory group

Expert advisory group appointed by independent water commission

Senior advisory group supporting Sir Jon Cunliffe on major water reset

Leading voices from areas including the environment, public health and investment have been announced today (28 January) as the new advisory group to the independent water commission, chaired by Sir Jon Cunliffe.

Sir Chris Whitty (Chief Medical Officer), Richard Benwell (CEO, Wildlife & Countryside Link), Professor Isabelle Durance (Professor of Integrated Water Sciences at Cardiff University) and Peter Harrison (former CEO, Schroders) are among the nine members advising the commission in its major review of the water system.

A Call for Evidence will be published in February 2024 to bring in views from all interested parties on possible areas of reform.

The members are:

Richard Benwell (environment expert), Chief Executive of Wildlife and Countryside Link, a coalition of environmental charities. Previously policy adviser to the Defra Secretary of State and worked in policy and advocacy roles for the Wildfowl and Wetlands Trust and RSPB.
Chris Whitty (public health expert), Chief Medical Officer for England and Chief Medical Adviser to the UK Government.
Professor Isabelle Durance (environmental science and Welsh water system expert), Founder and Director of the Water Research Institute at Cardiff University, and Professor of Integrated Water Sciences
Peter Harrison (investment expert), Former Group CEO at Schroders plc. Member of the Capital Markets Industry Taskforce (CMIT), Chair of the charity Business in the Community, and chair-designate of Morgan Sindall plc.
Dame Yve Buckland (consumers advocate), Founding Chair of the Consumer Council for Water (2005 –2015). Chair of University Hospitals Birmingham NHS Foundation Trust since 2023.   
Jonathan Haskel (economics expert) Professor of Economics at Imperial College Business School. Previously board member at the UK Statistics Authority and a member of the Monetary Policy Committee at the Bank of England.
Philip Graham (infrastructure), Executive Director of Good Growth at Greater London Authority. Previously Chief Executive of the National Infrastructure Commission.
Jon Loveday (project delivery and commercial expert), Director of Infrastructure, Enterprise and Growth at the Infrastructure and Projects Authority (IPA). Shareholder Non-Executive Director of Crossrail International and Sizewell C. Former Executive Director within the water, telecoms and energy sectors.
Stephen Peacock (planning and place-making expert), CEO of West of England Mayoral Combined Authority. Former CEO and Executive Director of growth and regeneration at Bristol City Council

The independent water commission was announced by the UK and Welsh governments in October 2024 to help deliver a reset of the water sector, chaired by Former Deputy Governor of the Bank of England, Sir Jon Cunliffe.

The upcoming Call for Evidence will look at the management of the overall water system, regulatory reform, and the role of water companies, owners and investors.

A set of recommendations will be delivered later this year to the Defra Secretary of State Steve Reed and Huw Irranca Davies, Wales’ Deputy First Minister with responsibility for Climate Change and Rural Affairs.

Sir Jon Cunliffe, Chair of the independent water commission, said:

Since taking up this role I have seen the many complex challenges faced by the water sector in England and Wales. All sides know that change is clearly needed.

The calibre of expertise we have bought together in this group reflects the significance of the task ahead.

I know their insight and experience will be invaluable in recommending meaningful and long-term reforms to rebuild the trust that has been lost and deliver a thriving and sustainable water sector for the future. I look forward to our work together in the coming months.

As set out in the Terms of Reference, the Commission is operating independently of the UK and Welsh Ministers. The Chair and advisory group are supported by a Defra Secretariat.

Full biographies of all advisory group members are listed below.  

Name	Details
Richard Benwell (environment)	Richard Benwell is CEO of Wildlife & Countryside Link, a coalition of environmental charities. He is a Board member of UK Youth for Nature and the Broadway Initiative, and Chair of Oxfordshire’s Local Nature Partnership. Previously, he was Policy Adviser to the Secretary of State at DEFRA, and has worked in policy and advocacy roles for WWT and RSPB.
Sir Chris Whitty (public health)	Professor Sir Chris Whitty FRS is Chief Medical Officer for England (CMO) and head of the public health profession. He is an epidemiologist and NHS infectious disease consultant physician. Chris has worked with the Royal Academy of Engineering and others on solutions for the safe management of sewage.
Dame Yve Buckland (consumers)	Yve Buckland was the founding Chair of the Consumer Council for Water, holding the role between 2005 and 2015.  She has also held a number of roles in public health, including Chair of the NHS Institute for Innovation and Improvement at Warwick University (2005 – 2010), Pro-Chancellor of Aston University (2019 – 2023), and in 2022 Dame Yve was appointed Chair of University Hospitals Birmingham NHS Foundation Trust.
Jonathan Haskel (economics)	Jonathan Haskel is Professor of Economics at Imperial College Business School, Imperial College London, where he has been since 2008.  He has previously taught at Queen Mary, University of London; Dartmouth College, USA and New York University, USA.  His research interests are productivity and growth.   In addition to his academic activities, he has been an External Member of the Reporting Panel of the Competition and Markets Authority (2001-2009); a non-Executive Director of the UK Statistics Authority (2016-2022) and an External Member of the Bank of England Monetary Policy Committee (2018-2024).
Philip Graham  (infrastructure)	Philip Graham was the founding Chief Executive of the National Infrastructure Commission from 2015-20, during which time he led its establishment as an independent arms-length body and delivered the UK’s first ever cross-cutting National Infrastructure Assessment. He is currently Executive Director for Good Growth at the Greater London Authority, where he leads the Mayor’s policies and programmes in relation to London’s environment, economy, infrastructure, and spatial development. He worked across areas in the Department for Transport, including leading the Airports Commission’s review of aviation capacity for Sir Howard Davies.
Jon Loveday (project management and delivery)	Jon Loveday is the Director of Infrastructure, Enterprise and Growth at the Infrastructure and Projects Authority (IPA), the government’s centre of expertise for infrastructure and major projects. He leads the expert delivery team advising on the set up of delivery bodies, commercial models and project delivery across the £800bn Government’s Major Projects Portfolio. Jon has held Executive roles for regulated utility companies and major construction and infrastructure contractors and has extensive experience of delivering major utility projects throughout the UK.
Peter Harrison (investors)	Peter Harrison was formally Group Chief Executive of Schroders plc, with over 35 years’ experience in the asset management industry. He is currently a member of the Capital Markets Industry Taskforce (CMIT), chair of the charity Business in the Community, and chair-designate of Morgan Sindall plc.
Professor Isabelle Durance (science and Welsh water system)	Isabelle Durance is Professor of Integrated Water Science and Director of the Water Research Institute at Cardiff University, recognised for its interdisciplinarity and extensive stakeholder reach that includes water companies, government and regulators. With multi-million-pound support, her personal research in the UK and overseas examines interactions between landscape change, biodiversity and ecosystem services.  Outside her academic role, she is involved extensively in various advisory capacities to government bodies, research councils, charities, industry and regulators – especially in the water sector.
Stephen Peacock (planning and place-making)	Stephen Peacock is Chief Executive of the West of England Mayoral Combined Authority, responsible for £1 billion of investment to drive sustainable and inclusive growth across the most productive and fast-growing UK city region outside London. He has a commercial background in international energy and technology along with a track record of public sector leadership.  A former partner with a major professional services firm, Stephen was Chief Executive of Bristol City Council where his achievements include the creation of the award-winning City Leap public-private partnership.

Published 28 January 2025

MIL OSI United Kingdom –

January 28, 2025

MIL-OSI Africa: Strategic Investments: How Angola Oil & Gas (AOG) Deals are Transforming Angola’s Oil & Gas Industry

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

LUANDA, Angola, January 28, 2025/APO Group/ —

Since its inception in 2019, Angola Oil & Gas (AOG) has evolved from an industry dialogue platform into the country’s premier forum for deal-signing and partnerships. Now recognized as Angola’s largest oil and gas gathering, the event has facilitated investments across the energy value chain while fostering public-private partnerships and cross-border collaboration.

The upcoming 2025 edition of AOG, set to be launched at a reception event in Luanda on January 28, aims to continue this trajectory of growth. With an intensified focus on deal-making, the event seeks to connect capital to projects, drive collaboration and catalyze a new era of industry expansion in Angola. Below is an overview of previous deals signed at the last five editions of the AOG conference:

AOG 2024: Coordinating Cross-Border Development

The latest edition of the AOG conference – held in Luanda in 2024 – featured five deals, signed by a suite of private companies and regional governments. Angola’s Ministry of Mineral Resources, Petroleum and Gas signed new terms for the development of Block 14 with the Democratic Republic of Congo’s (DRC) Ministry of Hydrocarbons; the respective finance ministries of Angola and the DRC signed a cooperation agreement; while Angola’s upstream regulator the National Oil, Gas & Biofuels Agency (ANPG) and its Mozambican counterpart the National Petroleum Institute signed a deal for the development of joint projects. Sonangol, Conjuncta, CWP and Gauff signed a green hydrogen deal, while Famar and Angobetumes signed an MoU for fuel storage management.

AOG 2023: Advancing Industry Cooperation

A record seven deals were signed during AOG 2023, improving collaboration across the upstream, downstream and knowledge sharing segments. Azule Energy and Sonangol signed a deal to collaborate on decarbonizing the oil and gas sector; Ambipar and Kini Energias signed a partnership agreement for the installation of an industrial unit for the assembly and testing of waste suction equipment; Etu Energias signed a Technical Services Agreement with SLB for works related to Block 2/5; and an MoU was signed between Protteja Seguros and Petromar, outlining a business partnership. Additionally, the ANPG signed agreements with three Angolan universities – Universidade Agostinho Neto, the Catholic University of Angola and Instituto Superior Pliténico de Tecnologias e Ciências – to establish a cooperation program to provide technical support for energy development in Angola.

AOG 2022: Boosting Regional Ties

Three deals were signed during the 2022 edition of AOG, all of which centered on strengthening regional collaboration in the oil and gas industry. Angola’s Ministry of Mineral Resources, Petroleum and Gas signed an MoU with Namibia’s Ministry of Mines and Energy to enhance bilateral cooperation in the oil and gas sector; an agreement was signed between Equatorial Guinea’s Ministry of Mines and Hydrocarbons and the DRC’s Ministry of Hydrocarbons to strengthen existing synergies across the energy value chain; while the ANPG signed a deal with Sierra Leone’s Petroleum Directorate to establish a shared commitment to promoting and intensifying collaboration across the oil and gas industry. These agreements highlight AOG’s role as a platform for regional actors to bolster cooperation and cross-border ties.

AOG 2021: Attracting Investment in Exploration

Angola’s upstream regulator the ANPG launched the country’s 2021 Bid Round during the AOG event, incentivizing exploration in deepwater Angola. This followed the closing of the 2020 tender for onshore blocks in the Lower Congo and Kwanza basins. The launch also coincided with the announcement of a new open-door mechanism to deal with prospective investors. This system allows for direct negotiation between oil and gas operators and the ANPG, enabling investment outside of the confines of a traditional licensing structure.

AOG 2019: Supporting Infrastructure Development

Five deals were signed during the inaugural AOG conference in 2019, underscoring the event’s role as a platform for collaboration. United Shine and Sonangol signed a partnership agreement for the construction of the Cabinda Refinery; an MoU was signed between NFE International, Angola’s Ministry of Energy and Water Resources, Ministry of Mineral Resources, Petroleum and Gas and Ministry of Finance for the development of an LNG import and regasification terminal; a Commitment Agreement was signed between the ANPG and ExxonMobil for Block 15; while a Heads of Agreement was signed between Sonangol and Eni. Additionally, Sonangol E.P announced Kinetics Technology as the winner of a contract covering the construction of the Gasoline Production Unit for the Luanda Refinery.

MIL OSI Africa –

January 28, 2025
MIL-OSI Africa: A hot and troubled world of work: how South Africa’s bold new climate act and labour law can align to drive a just transition
Source: The Conversation – Africa – By Debbie Collier, Professor of Law and Director of the Centre for Transformative Regulation of Work, University of the Western Cape

Increased average temperatures, climate variability, and extreme weather events are taking a toll on the environment and disproportionately affecting the lives and livelihoods of vulnerable communities. This is intensifying challenges in the world of work.

Working on a warmer planet increases health and safety risks and affects workers’ well-being and productivity. These risks are a challenge for employment, labour standards, and the creation of decent work.

Temperatures in South Africa are rising faster than the global average. And finding ways to adapt to climate change and navigate its challenges is becoming increasingly urgent. These challenges are compounded by the disruptions of an energy transition. South Africa also has high levels of inequality and unemployment.

South Africa, one of the largest (CO₂) emitters in Africa, has committed to reducing its emissions with the aim of reaching net zero emissions by 2050. But how does the country balance the need to cut carbon emissions while protecting an already vulnerable working population during the energy transition?

Enabling a just transition is a focus for the constituencies of the National Economic Development and Labour Council. The council is South Africa’s national social dialogue institution. It consists of representatives from the state, organised labour, organised business, and community organisations. The council’s Labour Market Chamber has been working on how best to integrate principles of labour and environmental justice. And how labour laws can be used to support a just energy transition.

The University of the Western Cape’s Centre for Transformative Regulation of Work, of which I am the director, has supported the council and its social partners in labour law reform processes. The aim is to ensure that labour laws and policy are responsive to the changing world of work, and are “fit for purpose” in the just transition era.

Two priorities are to implement the Climate Change Act as envisaged. And to use and develop labour law to support a just transition.

The Climate Change Act

The Climate Change Act 22 of 2024 incorporates the goal of decent work within a commitment to a just transition. The act, which will take effect on a date yet to be determined, defines a just transition as

a shift towards a low-carbon, climate-resilient economy and society and ecologically sustainable economies and societies which contribute toward the creation of decent work for all, social inclusion, and the eradication of poverty.

The act is ambitious in its scope and leaves no part of society untouched. It aims to restructure the economy from one dependent on fossil fuels to a low carbon economy, at the same time contributing to decent work and an inclusive society.

New institutional arrangements are envisaged and existing institutions are expected to adapt. Relevant state actors must “review and if necessary revise, amend, coordinate and harmonise their policies, laws, measures, programmes and decisions” to “give effect to the principles and objects” of the act.

The act provides impetus for change and an opportunity to revisit the country’s labour law and industrial relations landscape.

Labour law in a just transition era

South Africa’s labour law promotes both collective bargaining and employee consultation processes — the “dual channels” for engagement. However, industrial relations are typically characterised by adversarial bargaining over wages and economic distribution. This approach falls short of the nuanced and collaborative processes needed to navigate a just transition. The first step requires a shift from familiar, adversarial patterns of engagement.

The energy transition and adaptation to climate change may have significant implications for job security and employment. These include
- the adoption of new technologies, resulting in workplace restructuring
- changes in the organisation of work or work methods
- the discontinuation of operations, either wholly or in part.
The framework for constructive engagement on such developments includes institutions and mechanisms at workplace, sector and national levels. At the workplace, workplace forums were intended for this purpose.

Workplace forums are voluntary institutions introduced in the Labour Relations Act 66 of 1994 to ensure that workers are consulted and have a voice in decisions that affect them. Unfortunately, the uptake of workplace forums has been limited.

Industry and sector institutions include bargaining councils and the Sector Education and Training Authorities. These should be developed into spaces for consultation on measures to support a just transition and coordination of skills development and industrial policy.

Nationally, Nedlac is the apex social dialogue institution. There’s also the Presidential Climate Commission which was established by President Cyril Ramaphosa to oversee and facilitate a just transition. The commission is regulated by the Climate Change Act. It plays a critical role in steering just transition policy processes and building consensus on regulatory developments.

What are the gaps?

Labour law has limited scope to address environmental degradation or the concerns of communities. To plug this gap, programmes that integrate rights, policies and services for workers and communities affected by the energy transition should be considered. For example the framework for Social and Labour Plans in the mining sector could be augmented to support a just transition.

Labour law functions and mechanisms that support a just transition may need to be strengthened. Key areas for improvement include:
- the framework and ecosystem for skills development to prepare workers for job transitions
- occupational health and safety and labour standards for the protection of workers in conditions of increased heat and extreme weather events
- the scope, application and objectives of social security schemes and social protection for workers affected by the transition to a low-carbon economy.
Other steps towards a just transition include:

Environmentally sustainable practices must be a priority in all workplaces. Consultation and coordinated responses should not be limited to workplaces, sectors and industries that are directly affected, such as the coal mining sector.

Adaptation to climate change should be at the forefront of the collective efforts of all South Africans. Perhaps even more so in higher education institutions, where the responsibility to educate, innovate, and lead by example is paramount.

South Africa’s climate change law envisages a pathway to social inclusion and decent work. Its labour laws provide critical tools for the transition.

Debbie Collier, Shane Godfrey, Vincent Oniga and Abigail Osiki co-authored the Nedlac report, Optimising labour law for a just transition (2024).

– A hot and troubled world of work: how South Africa’s bold new climate act and labour law can align to drive a just transition
– https://theconversation.com/a-hot-and-troubled-world-of-work-how-south-africas-bold-new-climate-act-and-labour-law-can-align-to-drive-a-just-transition-243406

MIL OSI Africa –
January 28, 2025
MIL-OSI Global: A hot and troubled world of work: how South Africa’s bold new climate act and labour law can align to drive a just transition
Source: The Conversation – Africa – By Debbie Collier, Professor of Law and Director of the Centre for Transformative Regulation of Work, University of the Western Cape

Increased average temperatures, climate variability, and extreme weather events are taking a toll on the environment and disproportionately affecting the lives and livelihoods of vulnerable communities. This is intensifying challenges in the world of work.

Working on a warmer planet increases health and safety risks and affects workers’ well-being and productivity. These risks are a challenge for employment, labour standards, and the creation of decent work.

Temperatures in South Africa are rising faster than the global average. And finding ways to adapt to climate change and navigate its challenges is becoming increasingly urgent. These challenges are compounded by the disruptions of an energy transition. South Africa also has high levels of inequality and unemployment.

South Africa, one of the largest (CO₂) emitters in Africa, has committed to reducing its emissions with the aim of reaching net zero emissions by 2050. But how does the country balance the need to cut carbon emissions while protecting an already vulnerable working population during the energy transition?

Enabling a just transition is a focus for the constituencies of the National Economic Development and Labour Council. The council is South Africa’s national social dialogue institution. It consists of representatives from the state, organised labour, organised business, and community organisations. The council’s Labour Market Chamber has been working on how best to integrate principles of labour and environmental justice. And how labour laws can be used to support a just energy transition.

The University of the Western Cape’s Centre for Transformative Regulation of Work, of which I am the director, has supported the council and its social partners in labour law reform processes. The aim is to ensure that labour laws and policy are responsive to the changing world of work, and are “fit for purpose” in the just transition era.

Two priorities are to implement the Climate Change Act as envisaged. And to use and develop labour law to support a just transition.

The Climate Change Act

The Climate Change Act 22 of 2024 incorporates the goal of decent work within a commitment to a just transition. The act, which will take effect on a date yet to be determined, defines a just transition as

a shift towards a low-carbon, climate-resilient economy and society and ecologically sustainable economies and societies which contribute toward the creation of decent work for all, social inclusion, and the eradication of poverty.

The act is ambitious in its scope and leaves no part of society untouched. It aims to restructure the economy from one dependent on fossil fuels to a low carbon economy, at the same time contributing to decent work and an inclusive society.

New institutional arrangements are envisaged and existing institutions are expected to adapt. Relevant state actors must “review and if necessary revise, amend, coordinate and harmonise their policies, laws, measures, programmes and decisions” to “give effect to the principles and objects” of the act.

The act provides impetus for change and an opportunity to revisit the country’s labour law and industrial relations landscape.

Labour law in a just transition era

South Africa’s labour law promotes both collective bargaining and employee consultation processes — the “dual channels” for engagement. However, industrial relations are typically characterised by adversarial bargaining over wages and economic distribution. This approach falls short of the nuanced and collaborative processes needed to navigate a just transition. The first step requires a shift from familiar, adversarial patterns of engagement.

The energy transition and adaptation to climate change may have significant implications for job security and employment. These include
- the adoption of new technologies, resulting in workplace restructuring
- changes in the organisation of work or work methods
- the discontinuation of operations, either wholly or in part.
The framework for constructive engagement on such developments includes institutions and mechanisms at workplace, sector and national levels. At the workplace, workplace forums were intended for this purpose.

Workplace forums are voluntary institutions introduced in the Labour Relations Act 66 of 1994 to ensure that workers are consulted and have a voice in decisions that affect them. Unfortunately, the uptake of workplace forums has been limited.

Industry and sector institutions include bargaining councils and the Sector Education and Training Authorities. These should be developed into spaces for consultation on measures to support a just transition and coordination of skills development and industrial policy.

Nationally, Nedlac is the apex social dialogue institution. There’s also the Presidential Climate Commission which was established by President Cyril Ramaphosa to oversee and facilitate a just transition. The commission is regulated by the Climate Change Act. It plays a critical role in steering just transition policy processes and building consensus on regulatory developments.

What are the gaps?

Labour law has limited scope to address environmental degradation or the concerns of communities. To plug this gap, programmes that integrate rights, policies and services for workers and communities affected by the energy transition should be considered. For example the framework for Social and Labour Plans in the mining sector could be augmented to support a just transition.

Labour law functions and mechanisms that support a just transition may need to be strengthened. Key areas for improvement include:
- the framework and ecosystem for skills development to prepare workers for job transitions
- occupational health and safety and labour standards for the protection of workers in conditions of increased heat and extreme weather events
- the scope, application and objectives of social security schemes and social protection for workers affected by the transition to a low-carbon economy.
Other steps towards a just transition include:
- policy coherence and co-ordination at multiple levels, including all levels of government, businesses, labour and communities
- capacitation of local government to support communities and the creation of decent work.
Environmentally sustainable practices must be a priority in all workplaces. Consultation and coordinated responses should not be limited to workplaces, sectors and industries that are directly affected, such as the coal mining sector.

Adaptation to climate change should be at the forefront of the collective efforts of all South Africans. Perhaps even more so in higher education institutions, where the responsibility to educate, innovate, and lead by example is paramount.

South Africa’s climate change law envisages a pathway to social inclusion and decent work. Its labour laws provide critical tools for the transition.

Debbie Collier, Shane Godfrey, Vincent Oniga and Abigail Osiki co-authored the Nedlac report, Optimising labour law for a just transition (2024).

Debbie Collier receives funding from the National Research Foundation (NRF) and is the director of the Centre for Transformative Regulation of Work (CENTROW). CENTROW has received funding to assist the National Economic Development and Labour Council (NEDLAC) and social partners in labour law reform processes.

– ref. A hot and troubled world of work: how South Africa’s bold new climate act and labour law can align to drive a just transition – https://theconversation.com/a-hot-and-troubled-world-of-work-how-south-africas-bold-new-climate-act-and-labour-law-can-align-to-drive-a-just-transition-243406
MIL OSI – Global Reports –
January 28, 2025
MIL-OSI Banking: Press Conference “Risks in BaFin’s Focus”, 28 January 2025

Source: Bundesanstalt für Finanzdienstleistungsaufsicht – In English

Check against delivery.

A warm welcome from me too!

The environment facing the German financial sector in 2025 will be challenging.

At the moment, there is no single key risk. The situation is multifaceted and complex. Companies are having to deal with a diverse range of risks. Risks that are sometimes closely interconnected. Many of these risks can have immediate impacts, while some will only materialise in the long term. This situation is described in the fourth edition of our “Risks in BaFin’s Focus”, which we are publishing today. The picture is also very dynamic. While some risks remain consistently high – for example the strained situation on the commercial real estate markets – the risk situation in market-driven areas can change rapidly. Since going to press, we have seen a kind of party mood develop in certain parts of the financial markets. And as we all know: the bigger the party, the bigger the hangover.

Over the next few minutes, I would like to discuss three topics. These three topics are very different, but they all make one thing clear: some of the challenges we are facing today are the result of new risk drivers. In other words, they are the result of developments that cannot be precisely gauged – in part because we lack relevant historical experience. This makes risk management more difficult. For the supervised entities, but also for us. The trend arrows for the risks I will address today are pointing in the wrong direction, symbolising a growing risk.

The first topic I would like to address today is sustainability. Or, to be more precise: the physical risks of climate change. Still fresh in all our minds are the images of the devastating fires around Los Angeles. A tragic disaster with thousands of destroyed buildings, tens of thousands of people evacuated and more than two dozen fatalities. It is estimated that the potential property damage and economic losses could be as high as 150 billion US dollars. This will of course have an impact on the financial sector, especially on insurers’ loss amounts. Rating agencies estimate that in Europe, too, more than 30 percent of reinsurers annual loss budget for natural disasters could already be used up – and that within the first few days of the year.

For disasters of this kind to occur, many factors have to come together. While regional weather patterns undoubtedly play a role, experts tell us that climate change is increasingly creating the conditions for these kinds of catastrophic fires. Conditions such as long periods of drought.

Companies in the financial sector must therefore continue to address the physical risks of climate change – and they need to address these risks more intensively. That is to say, the specific effects of global warming, such as extreme weather events like droughts and flooding. Of course, the transition risks posed by the journey to a sustainable, low-carbon economy will also remain relevant.

But I would say that in comparison, regulation and supervision have not paid sufficient attention to physical risks up to now. At BaFin, we will be putting a particular focus on these risks in 2025 – climate change is forging ahead. According to Copernicus, the EU’s Earth observation programme, the global average temperature in 2024 was more than 1.5 degrees above pre-industrial levels for the first time. Physical risks, which will have an impact on banks’ loan portfolios or insurers’ loss amounts, are continuing to rise. Think of the Spanish region of Valencia, where severe flooding last autumn caused extensive damage. According to estimates, the ratios of non-performing loans in Spanish banks’ portfolios will rise in the coming quarters.

We are therefore taking a close look at how physical risks are addressed at the companies we supervise – such as banks and insurers that are particularly at risk due to extreme weather, supply chain dependency or concentrated credit and market risks. We have found that the companies have generally made progress in managing their sustainability risks, but there is still room for improvement.

For example, when it comes to integrating and processing data on physical climate risks. This is important for banks and insurers to be able to assess individual natural hazards. And that means they need to draw on several sources of information. We have found that many companies lack important data. In the case of banks, this is often customer-related location data – combined with an allocation of the physical risks to an exact address, such as possible flooding due to heavy rain. Insurers have gaps in their data, for example, in terms of public flood protection measures or the building regulations of the respective cities and municipalities. It is our impression that banks, in particular, are still in the early stages in this regard. They are currently focusing on building up their data basis.

This is very important work. Supervised companies need to manage the increasing physical risks of climate change. Take regional banks, for example. If an extreme weather event were to occur in their home region, many of their customers could be affected at the same time. Not to mention numerous employees. This geographical concentration can be problematic. It can also particularly affect insurers and banks with specialised business models, for example in agriculture and forestry. The situation is made even more difficult by the sometimes very close links between banks and insurers through risk transfers. Just think of real estate loans and the protection of properties against natural disasters. These risks in particular are becoming increasingly difficult to assess: how likely are they to occur? How severe could potential damage be? And: will the property even be insurable for a reasonable price in future? In several areas of some US states, such as Florida or California, this is no longer a possibility . Climate change is one reason for this. Such insurance gaps not only raise political and social questions, but also questions about the financial viability and recoverability of real estate loans.

It is important to realise that historical data is only of limited value – the risk situation is changing rapidly. Depending on the scenario one takes , one neighbouring country might be almost completely under water by the end of the century. It also seems plausible to me that climate change could become a driver of another highly charged geopolitical issue: migration.

For BaFin, one thing is certain: supervised companies must continue to address in detail the physical risks of climate change and, especially, integrate these risks into all areas of their risk management. We should not wait for the next disaster. A forward-looking approach will not only protect the solvency of insurers and banks, but also be able to drive prevention measures forward. If risks are properly priced, it is more likely that they will be mitigated. The more trouble we have getting climate change under control, the more we will have to accept that physical risks are increasing and that prevention and risk avoidance are becoming more and more essential.

The second topic I would like to address today is the risk arising from the profound technological change taking place in the financial industry. Here, too, historical experience is not particularly helpful. New technologies – such as generative artificial intelligence or, in future, quantum computing – are driving the transformation of the industry forward. These technologies have tremendous potential. For companies. And for customers. But they also entail very significant risks.

At the top of the list are potential cyber incidents or major IT failures. Large banks, insurers and clearing houses play an extremely important role and have highly sensitive and therefore valuable data. This makes them particularly susceptible to cyber incidents. Data presented by the International Monetary Fund (IMF) also confirms this. According to the IMF report, almost a fifth of all global cyber incidents over the past 20 years affected companies in the financial sector. The damage amounts to almost 12 billion US dollars.

The threat of cyber incidents is globally very high. And it is continuing to rise. This is also due to the tense geopolitical situation. Many companies in the financial sector and their key service providers form part of the critical infrastructure. They are thus an attractive target for state-initiated attacks. But the threat is also rising due to the many new technological possibilities.

For example, through generative AI. More and more companies in the financial sector are using generative AI or testing its use. And of course, criminals are also using such technologies – to develop new attack methods or malicious code, for example. High quality phishing messages can be created quickly using AI, which makes it much more difficult to identify fraudulent messages.

Many companies are aware of all these risks and have invested in their IT security. That’s good news. But we cannot become complacent. It is important to us that companies continuously monitor current developments and threats. That they adapt their security measures. And that they prepare for crisis situations. They are currently well positioned to do so: the financial institutions reported strong earnings in 2024. They should use these earnings to invest further in their IT security. This is what we expect of them. It is also what their customers expect of them.

It goes without saying that our work as a supervisory authority is increasingly being defined by the risks arising from technological change. Just to give one example: in the first three quarters of 2024, we received 258 reports of IT incidents in payment services. This is a significant increase compared to previous years. In two out of three incidents, the cause was not at a supervised financial institution, but at one of its service providers.

We are also continuing to identify numerous serious IT shortcomings in our IT inspections at supervised companies.

This is why the topics of IT security, cybersecurity and outsourcing remain high on our agenda. This year, we are planning more than 30 IT inspections, including follow-up inspections and inspections focusing on IT security.

We will also be more closely monitoring multi-client service providers that offer services to a significant extent in the European financial market, service providers that this market also relies on. In addition, we are preparing to participate in joint examination teams led by the European Supervisory Authorities; these teams monitor critical IT service providers. Among others, the focus here will be on cloud hyperscalers.

We need strong and effective supervision in the IT sector. At the same time, we need to keep an eye on emerging technologies. Technologies that are not yet available today, but which we know could have a very significant impact on the future of the financial sector. One such technology is quantum computing.

Some people might argue that there aren’t yet any mass-produced quantum computers. Maybe so. There are still a few technological hurdles to overcome. But research and development are making rapid progress. You may remember that a few weeks ago, in December, Google presented a new quantum chip. In less than five minutes, this chip performed a calculation that would take one of today’s fastest supercomputers 10 quadrillion years. That is a one with 25 zeros. An unimaginable number that far exceeds the age of the universe.

We don’t yet know when powerful quantum computers will be widely available. But there is much to suggest that we will see a breakthrough happen.

Companies in the financial sector need to get ready for this development. They need to get ready today.

Why do I emphasise this so strongly? Because quantum computers will be able to overcome conventional encryption technologies. Current cryptography methods such as RSA¹ , which form the basis of IT security in the financial sector today, will no longer be an obstacle for quantum computers. This will pose a massive threat to data security in the financial industry. The cryptography currently used for the largest cryptoassets is probably not quantum-resistant either. Now, please be aware that this is not only some future scenario we are talking about. This risk is already relevant today. Data can already be stolen and stored today, to be decrypted later.

Companies must not underestimate the risks that this poses. They must take protective measures – now. Especially for security-relevant data designed to have long-term validity. This is the only way they can protect this data in the long term.

This may remind some of you, at least the older ones among us, of the millennium bug. That was a major issue at the end of the 90s. And the situation is similar today. Only this time we don’t have a target date we can work towards.

So what exactly needs to be done? Companies must identify the data that could be jeopardised by quantum computing. And then develop a protection plan that takes existing technical possibilities and standards for post-quantum cryptography into account. A protection plan must of course be flexible by design. To ensure that IT risk management can react to future developments. And to ensure that it is in a position to implement future safety recommendations and standards.

The fact that quantum computing is jeopardising data security is nothing new. The BSI pointed this out a good five years ago. The German government has also addressed the topic in its cybersecurity strategy. So today, I would like to emphasise once again: the time to act is now. When the first powerful quantum computers are for sale, it will be too late.

Ladies and gentlemen,

In addition to the physical risks associated with climate change and the risks arising from technological changes in the financial sector, we also need to talk about the current economic situation – and the risks that this situation is giving rise to.

As you all know, the German economy is stagnating. Last year, GDP fell by 0.2%. For 2025, the German Council of Economic Experts (Sachverständigenrat) is expecting slight economic growth of 0.4%. This shows that the economic situation remains difficult.

Geopolitical risks are currently a key factor clouding the growth prospects of the German economy. This is because the German financial system is highly susceptible to geopolitical shocks. And the risk of such shocks is currently high. For example in the area of trade policy. We are seeing a global trend towards more protectionism. In particular, an intensification of the trade dispute between the US and China would have considerable consequences for the global economy, but especially for Europe. US import tariffs on German and European goods would also have direct impacts on the German economy.

The number of corporate insolvencies in Germany rose significantly in 2024 – by 16.8% compared to the previous year. As a consequence, the risk that companies will partially or completely default on their loans also rose. The ratio of non-performing loans at German banks rose sharply in the third quarter of 2023 and has continued to increase since then. The aggregate NPL ratio increased from 1.38% to 1.76% in the third quarter of 2024 compared with the same period in 2023. We have seen this trend in both large and less significant institutions. And we expect the proportion of problematic loans to continue rising – in part due to the weak economy. In all probability, the impact of higher value adjustments will also become evident in institutions’ earnings in the foreseeable future. Banks’ loan books are a reflection of the health of the economy.

Loan loss provisions at German banks likewise continued to rise, but have remained at a low level. In the third quarter of 2024, the loan loss provision ratio, i.e. the ratio of cumulative loan loss provisions to the loan portfolio, was 1.41%.

The increased credit default risks are not only relevant for banks. Insurers also have to deal with these risks. After all, insurers also grant loans to companies. And they invest in private debt funds.

BaFin will be taking a particularly close look at the risks arising from corporate loan defaults in 2025 – at banks and at insurance companies. In particular, we will be keeping a close eye on institutions that are heavily involved in sectors that could be significantly affected by an economic downturn or by geopolitical tensions. We will also be monitoring the investment behaviour of insurers, with a particular focus on the risk management of alternative investments such as private debt.

Macroprudential measures also remain important for the resilience of the German financial sector. These measures include instruments such as the countercyclical capital buffer, which currently stands at 0.75% of domestic risk exposure. In December 2024, the Financial Stability Committee assessed this level and once again deemed it appropriate.

Ladies and gentlemen,

As you can see, the financial sector is operating in a very challenging environment. This is in part because, for many risk drivers, we cannot draw on past experience. Physical climate risks, quantum computing, deglobalisation, geopolitical upheavals – the proverbial look in the rear-view mirror doesn’t help much when it comes to such developments. This makes it all the more important for companies in the financial sector to manage their risks wisely and to think in terms of scenarios. They must ask themselves: What can the risk situation mean for us? Where are we vulnerable? And how can we prepare for this? And, of course, they need to be highly resilient to potential shocks. More than anything else, this means keeping well-stocked capital and liquidity buffers. That is what we expect of them – and we will be paying particularly close attention to this over the course of the year.

Now I look forward to your questions!

MIL OSI Global Banks –

January 28, 2025
MIL-OSI Asia-Pac: ROC (Taiwan) government congratulates Donald Trump and JD Vance on inauguration as 47th president and 50th vice president of United States

Source: Republic of China Taiwan 3

ROC (Taiwan) government congratulates Donald Trump and JD Vance on inauguration as 47th president and 50th vice president of United States

Date：2025-01-21
Data Source：Department of North American Affairs

January 21, 2025No. 024Donald John Trump and James David Vance were sworn into office as the 47th president and 50th vice president of the United States, respectively, on January 20. The government of the Republic of China (Taiwan) sincerely congratulates President Trump and Vice President Vance on their inauguration. Building on the friendly and solid relations that exist between Taiwan and the United States, and in accordance with the principles of mutual trust, reciprocity, and mutual benefits, the government of Taiwan looks forward to working with the Trump administration to strengthen the close bilateral partnership in such domains as security, the economy and trade, technology, and education so as to enhance the well-being of both peoples and advance peace, stability, and prosperity across the Indo-Pacific and the world. (E)

MIL OSI Asia Pacific News –

January 28, 2025

Category: Economy

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ROC (Taiwan) government congratulates Donald Trump and JD Vance on inauguration as 47th president and 50th vice president of United States

Total euro area economy

Chart 1

Households

Table 1

Chart 2

Non-financial corporations

Table 2

Notes

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Total euro area economy

Chart 1

Households

Table 1

Chart 2

Non-financial corporations

Table 2

Notes

Minister for Defence Procurement and Industry, Maria Eagle MP said:

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Expert advisory group appointed by independent water commission

Senior advisory group supporting Sir Jon Cunliffe on major water reset

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The Climate Change Act

Labour law in a just transition era

What are the gaps?

The Climate Change Act

Labour law in a just transition era

What are the gaps?

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