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Category: Economy

  • MIL-OSI USA: Replacing Lead Pipes and Protecting Drinking Water

    Source: US State of New York

    October 30, 2024

    Albany, NY

    Governor Kathy Hochul today announced a $12 million state grant to help the City of Poughkeepsie identify and replace lead service lines, improving drinking water safety, protecting public health, and enhancing residents’ quality of life. This funding is part of a $340 million statewide initiative, combining state resources with federal support through the Bipartisan Infrastructure Law, to remove lead pipes from water systems across New York. Additionally, as highlighted by U.S. Representative Pat Ryan at today’s announcement, Poughkeepsie is eligible for an extra $3.2 million federal grant to further ensure clean, safe drinking water for its residents.

    “When it comes to New York’s water infrastructure, we’re getting the lead out,” Governor Hochul said. “We’re continuing to give municipalities the resources and support they need to replace lead water pipes and protect public drinking water.”

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    Today’s announcement builds upon the Governor’s greater investment now totaling $100 million in state grants for lead service line inventory and replacement projects. Poughkeepsie is one of 12 municipalities to receive the state grant as well as federal Bipartisan Infrastructure Law (BIL) grants and interest-free financing for lead service line replacement. The state grant will reimburse costs that were not fully covered by BIL grants, so the communities won’t have to pay back the financing for the associated projects.

    To date, New York State has received $240 million for lead service line replacement through the BIL. Additional funding is expected over the next two years. Coupling state grants with federal funding takes the fiscal pressure off communities, allowing them to replace more lead service lines without incurring additional costs. The State’s comprehensive approach continues to provide communities with the resources they need to improve their water infrastructure without overburdening local ratepayers.

    Representative Pat Ryan said, “Freedom means every American has the right to breathe clean air and drink clean water, and that’s why I’m pushing relentlessly to remove every last toxic lead pipe from the Hudson Valley. Today’s funding is a huge step towards ensuring that parents in Poughkeepsie never have to worry if the water coming out of the faucet is safe for their kids. I’m proud to work alongside Governor Hochul and Mayor Flowers in this fight – we will not rest until our communities are free from toxic lead pipes for good.”

    We’re continuing to give municipalities the resources and support they need to replace lead water pipes and protect public drinking water.”

    Governor Kathy Hochul

    Including Poughkeepsie and previously announced awards, the full list of communities receiving nearly $100 million in state grants are:

    • New York City (Bronx, Brooklyn and Queens): $28,000,000
    • City of Rochester: $28,000,000
    • City of Syracuse: $12,756,047
    • City of Poughkeepsie: $11,869,472
    • Village of Herkimer: $3,962,616
    • City of Albany: $3,859,328
    • City of Troy: $3,846,900
    • Gloversville Water Works: $2,310,445
    • Village of Ilion: $1,221,477
    • Village of Ogdensburg: $688,300
    • Village of Bath: $468,300
    • Village of Catskill: $106,545

    This funding is specifically targeted for historically disadvantaged communities. The awards prioritize communities that meet one or more of the following criteria:

    • The community’s median household income is less than 80 percent of the regionally adjusted statewide median household income.
    • The community’s local poverty rate is higher than the statewide poverty rate.
    • At least 50 percent of the community’s lead service line project serves an environmental justice community.

    Lead is harmful to human health and can enter drinking water when plumbing materials that contain lead corrode, especially where the water has high acidity or low mineral content that corrodes pipes and fixtures. The most common sources of lead in drinking water are lead pipes, faucets, and fixtures. In homes with lead pipes that connect the home to the water main, also known as lead services lines, these pipes are typically the most significant source of lead in the water. Lead pipes are more likely to be found in older cities and homes built before 1986.

    State Health Commissioner Dr. James McDonald said, “Under the leadership of Governor Kathy Hochul, New York State has made historic investments to reduce exposure to lead in drinking water which we know threatens public health. Most recently New York State provided communities across New York State with roughly $100 million that will help support projects like the ones announced today in Poughkeepsie and replace lead service lines in historically underserved neighborhoods. We look forward to working with our federal, state and local partners to protect the health of our communities, promote health equity, and ensure that clean drinking water is available for all New Yorkers now and for generations to come.”

    State Environmental Facilities Corporation President and CEO Maureen A. Coleman said, “Governor Hochul’s unprecedented investment in clean water is empowering communities to get the lead out of drinking water and reduce risks to public health. In administering these grant dollars, EFC and our partner agencies are providing crucial financial and technical assistance to get critical projects underway and help communities like Poughkeepsie advance the goal of delivering lead-free and safe drinking water.”

    Assemblymember Jonathan Jacobson said, “There is no acceptable level of lead in drinking water. We know lead contamination is a serious health hazard that causes developmental disorders in children, as well as cardiovascular and fertility issues in adults. That’s why I have long advocated for increased funding to replace lead service lines and helped facilitate Poughkeepsie’s application for this funding. We cannot fail another generation of children in Poughkeepsie or any other city.”

    New York’s Commitment to Water Quality
    New York State continues to increase its nation-leading investments in water infrastructure, including more than $2.2 billion in financial assistance from EFC for local water infrastructure projects in State Fiscal Year 2024 alone. With $500 million allocated for clean water infrastructure in the FY25 Enacted Budget announced by Governor Hochul, New York will have invested a total of $5.5 billion in water infrastructure between 2017 and this year. Governor Hochul’s State of the State initiatives are ensuring ongoing coordination with local governments and helping communities to leverage these investments. The Governor increased WIIA grants for wastewater projects from 25 to 50 percent of net eligible project costs for smaller, disadvantaged communities. The Governor also expanded EFC’s Community Assistance Teams to help small, rural and disadvantaged communities leverage this funding and address their clean water infrastructure needs. Any community needing assistance with water infrastructure projects is encouraged to contact EFC.

    The funding, in addition to other substantial water quality investments, includes the voter-approved $4.2 billion Clean Water, Clean Air and Green Jobs Environmental Bond Act of 2022 which is advancing historic levels of funding to update aging water infrastructure and protect water quality, strengthen communities’ ability to withstand severe storms and flooding, reduce air pollution and lower climate-altering emissions, restore habitats; and preserve outdoor spaces and local farms. The first round of funding under the Environmental Bond Act was awarded through the WIIA/IMG programs in December, when Governor Hochul announced $479 million in grants to 156 projects across New York State, including $309 million made available to disadvantaged communities. Disadvantaged Communities will receive at least 35 percent of the benefits of Bond Act funding, with a goal of 40 percent.

    About the Bipartisan Infrastructure Law and Lead Service Line Replacement Funding
    President Biden’s Bipartisan Infrastructure Law invests a historic $15 billion nationwide to identify and replace lead service lines. The law mandates that 49 percent of DWSRF LSLR funds must be provided as grants or loan forgiveness to disadvantaged communities, a crucial investment for communities that have been underinvested in for far too long. EPA projects a national total of 9 million lead service lines across the country, based on data collected from the updated Drinking Water Infrastructure Needs Survey and Assessment. The funding will be provided specifically for lead service line identification and replacement and will help New York fund projects to remove lead pipes and reduce exposure to lead from drinking water. To ensure that funding is used for lead service line related activities in the states with the most need, LSLR allotments are based on need – meaning that states with more projected lead service lines receive proportionally more LSLR funding.

    MIL OSI USA News –

  • MIL-OSI USA: New Affordable Homes in Sunset Park

    Source: US State of New York

    Governor Kathy Hochul today celebrated the completion of Sunset Ridge, an 84-unit, affordable housing development for seniors and older adults in Sunset Park, Brooklyn. The energy-efficient development, which also houses a new education space, will preserve historic decorative elements from a church that used to be on the site and is the first affordable older adult housing built in Sunset Park in over 15 years.

    “Sunset Ridge is the embodiment of a multi-generational and community-centered development — one that incorporates the neighborhood’s history with the need for growth and sustainability,” Governor Hochul said. “By investing in new mixed-use projects, we are unlocking a future that is more affordable and more livable, opening up new opportunities for communities to thrive.”

    The entire $65 million development is reserved for persons aged 62 and older earning up to 50 percent of the Area Median Income. All units are supported by project-based vouchers, ensuring tenants pay no more than 30 percent of their income on rent. Reflecting a strong commitment to address housing insecurity among the city’s most vulnerable, 26 apartments are set aside for formerly homeless seniors who will receive social services including emergency assistance, recreational activities, case management, wellness support and benefits assistance.

    The ground floor and first floor of the new building includes a community facility space for five pre-kindergarten classrooms that will be constructed by the New York City Schools Construction Authority starting in 2025, enhancing access to early childhood education for local families.

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Sunset Ridge is giving 84 senior households affordable and modern homes where they can age in place, while also prioritizing the needs of families with a new education space. This $65 million investment will help residents decrease their carbon footprint and provide support for tenants who need it most. We are grateful to Governor Hochul for her vision, as well as to Commissioner Carrion and all our partners for bringing this project to fruition.”

    The project included the demolition of the Zion Lutheran Church and the construction of a new nine-story building, as well as the complete rehabilitation of two pre-existing townhouses which were combined into one building. Decorative elements of the original church were preserved and reused within the new building.

    Both buildings feature energy-efficiency measures including all-electric heating and cooking. Additionally, a 19.8kW solar array was installed on the roof, underscoring the project’s commitment to sustainability.

    In the past five years, New York State Homes and Community Renewal has created or preserved nearly 7,700 affordable homes in Brooklyn. Sunset Ridge continues this effort and complements Governor Hochul’s $25 billion five-year Housing Plan which is on track to create or preserve 100,000 affordable homes statewide.

    Fifth Avenue Committee, a nonprofit comprehensive community development corporation, is the project sponsor, developer and manager. Bay Ridge Center provides on-site social services to the formerly homeless tenants. Metropolitan New York Synod is the owner of the Community Facility on the ground floor and first floor.

    Sunset Ridge is supported by HCR’s Federal Low-Income Housing Tax Credit program that generated approximately $18.3 million in equity and its State Low-Income Housing Tax Credit program that generated approximately $3.4 million in equity. All of the units benefit from a project-based Section 8 rental assistance vouchers. The New York State Energy Research and Development Authority provided more than $100,000 in funding with $31,700 in tax incentives through NY-Sun, along with $73,600 in combined incentives through the Low-Rise New Construction and the Multifamily New Construction programs. The New York City Department of Housing Preservation and Development provided $11.7 million through its Senior Affordable Rental Apartments program and $1.3 million in accrued interest. The project also received a $6 million discretionary capital grant from the Brooklyn Borough President in Fiscal Year 2017 and Fiscal Year 2020 administered by HPD.

    The project was guaranteed by Fifth Avenue Committee and Moodna Creek, LLC. Chase Community Development Banking provided a $28 million construction loan. Tax credit syndicator Hudson Housing Capital and the Tax Oriented Investments unit of J.P. Morgan invested $23 million in tax credit equity to support the development. Freddie Mac through Greystone provided $15 million in permanent loan financing.

    NYSERDA President and CEO Doreen M. Harris said, “Sunset Ridge shows how sustainable new construction practices and retrofitting existing structures can uplift historically underserved communities by providing affordable, healthy and comfortable housing and community spaces. This all-electric, multi-use development powered by rooftop solar will ensure New Yorkers living in Sunset Park benefit from clean energy while advancing Governor Hochul’s commitment to tackling the housing shortage.

    Senate Majority Leader Charles Schumer said, “Everyone deserves a safe and affordable place to call home. I’m proud that the federal Low-Income Housing Tax Credit and project-based Section 8 rental assistance vouchers that I worked hard to protect and expand has delivered millions to help build senior housing in Sunset Park, which will provide more seniors with an affordable, supportive and energy-efficient place to live. I applaud Governor Hochul’s efforts to create and preserve affordable homes across the state, and I will continue working to deliver the federal resources needed for more affordable homes in Brooklyn.”

    New York City Schools Construction Authority President and CEO Nina Kubota said, “The SCA is excited to partner with the Fifth Avenue Committee, HCR, HPD, and Metropolitan New York Synod to leverage this high-quality opportunity to provide access to early childhood education for Sunset Park and Bay Ridge parents. We will begin work on this 13,314 square foot pre-kindergarten facility in early 2025 that will bring 90 new seats and an exterior play yard to this community. Thinking outside of the box by maximizing space in multi-use sites is part of the strategy we have been deploying to expand early childhood education throughout the City. Access to pre-k improves cognitive and social development, reduces achievement gaps, and supports working parents, providing them with affordable, reliable childcare. Today is a day to celebrate this truly unique partnership.”

    Representative Dan Goldman said, “As housing costs in New York City rise to unprecedented levels, our seniors have been left behind. The Fifth Avenue Committee’s new affordable housing complex in Sunset Park is a crucial step toward providing our older New Yorkers with the homes they deserve, and I applaud the city, state, and Fifth Avenue Committee for ensuring that this vital project is completed. I look forward to continuing to work alongside FAC to ensure every New Yorker can access high-quality, stable, and affordable housing.”

    State Senator Andrew Gounardes said, “If we want Brooklyn to be a place where everyone can succeed, we need to create resources for everyone from young children to seniors. The Sunset Ridge development is exactly the kind of resource our communities need: affordable housing for seniors along with universal pre-k classrooms so families can more easily access childcare and education. Thank you to Fifth Avenue Committee for taking the opportunity to support working families and a thriving future for all Brooklynites.”

    Assemblymember Marcela Mitaynes said, “Fifth Avenue Committee and its partners have brought much-needed affordable senior housing to Sunset Park. Sunset Ridge is an example of how the intentional construction of housing can address the gaps that exist in New York State communities. AD51 needs more affordable units in environmentally friendly and community-oriented buildings under strong tenant protections.”

    Brooklyn Borough President Antonio Reynoso said, “As we work to address housing insecurity in Brooklyn, it is critical that we consider the particular vulnerabilities faced by older adults in our community. Sunset Ridge confronts this disparity directly, and by combining affordable senior housing with universal pre-k, the project creates an intergenerational community resource and gathering place. I applaud NYS Homes and Community Renewal and NYC Department of Housing Preservation and Development as well as the Fifth Avenue Committee for investing in the well-being of both the oldest and youngest members of the Sunset Park community, and I look forward to seeing residents and students thrive in their new space.”

    New York City Councilmember Alexa Aviles said, “I applaud the Fifth Avenue Committee for bringing to fruition Sunset Ridge Apartments, a development that will deliver truly affordable housing for our older adults. Housing insecurity is the number one issue in my office with frequent visits from so many older adults who are facing displacement as a result of gentrification and unscrupulous landlords. Today however, we celebrate a move towards solutions, and am proud to have played a role in bringing this much needed housing to our community. I thank Fifth Avenue Committee under the leadership of Michelle de la Uz for their work in providing affordable housing to our district seniors.”

    Fifth Avenue Committee Executive Director Michelle de la Uz said, “FAC is thrilled to be cutting the ribbon at Sunset Ridge, the first new affordable housing for seniors in the community in over 15 years and FAC’s 2nd new affordable housing project in Sunset Park to be completed in 2 years. Access to quality, affordable housing is crucial to our health and well-being, especially as we age. The project is especially gratifying because it will also have 90-Universal Pre-K seats in the future, representing an important intergenerational resource for the local community. We broke ground on the project just before the pandemic hit, so we never celebrated its start, making today’s ribbon cutting with our project partners and tenants all the more meaningful. On behalf of our tenants and the local community, thank you to the Metropolitan New York Synod, NYS HCR and NYC HPD and everyone who helped make this critical project possible.”

    Bay Ridge Center Executive Director Todd Fliedner said, “At Bay Ridge Center, we are dedicated to enhancing the lives of adults 60 and older in our vibrant community, through a variety of enriching programs and essential services, we strive to support our members in living active fulfilling lives.”

    Chase Community Development Banking Head of East Region Dave Walsh said, “We are proud to support the redevelopment of Sunset Ridge, a project delivering essential affordable senior housing in Brooklyn. Providing housing with essential services not only fosters a sense of belonging but is vital to ensure our most vulnerable senior residents have the resources they need to flourish.”

    Hudson Housing Capital Managing Director Sam Ganeshan said, “Hudson Housing Capital is proud to partner with Fifth Avenue Committee to finance high-quality, affordable housing for seniors at Sunset Ridge. This property will provide some of the City’s most vulnerable residents with a safe place to live independently and age in-place. We thank and commend all those involved in making this day possible, including our investor J.P. Morgan, and look forward to seeing this impactful housing development thrive for many years to come.”

    Governor Hochul’s Housing Agenda

    Governor Hochul is committed to addressing New York’s housing crisis and making the State more affordable and more livable for all New Yorkers. As part of the FY25 Enacted Budget, the Governor secured a landmark agreement to increase New York’s housing supply through new tax incentives for Upstate communities, new incentives and relief from certain state-imposed restrictions to create more housing in New York City, a $500 million capital fund to build up to 15,000 new homes on state-owned property, an additional $600 million in funding to support a variety of housing developments statewide and new protections for renters and homeowners. In addition, as part of the FY23 Enacted Budget, the Governor announced a five-year, $25 billion Housing Plan to create or preserve 100,000 affordable homes statewide, including 10,000 with support services for vulnerable populations, plus the electrification of an additional 50,000 homes. More than 45,000 homes have been created or preserved to date.

    The FY25 Enacted Budget also strengthened the Pro-Housing Community Program which the Governor launched in 2023. Pro Housing Certification is now a requirement for localities to access up to $650 million in discretionary funding. To date, more than 160 communities have been certified, including the City of New York.

    MIL OSI USA News –

  • MIL-OSI: P4L AI Reaches 14 Billion in Turnover in Under a Month, Revolutionizing the Telegram Mini App Landscape

    Source: GlobeNewswire (MIL-OSI)

    PANAMA CITY, Panama, Oct. 30, 2024 (GLOBE NEWSWIRE) — P4L AI, the groundbreaking AI-powered betting assistant, has rapidly ascended as a leading innovator in the online gaming industry. With advanced AI capabilities designed to enhance user success in RNG-based games, P4L AI has set a new standard across top betting platforms, delivering an elevated gaming experience that has captured the market’s attention.

    A Transformative Force in Gaming

    P4L AI’s state-of-the-art technology integrates with renowned gaming platforms like Stake, Rollbit, Betfury, BC Game, TG Casino, and BullSpin. This seamless integration enriches the gaming journey, offering users data-driven insights and personalized strategies to boost their winning potential. With an intuitive interface, P4L AI empowers everyone from casual players to seasoned gamers to leverage sophisticated analytics with ease.

    The P4L AI platform features flagship offerings such as the AI Betting Assistant and On-Chain Whitelabel solution. The AI Betting Assistant provides personalized recommendations based on individual behaviors and preferences, while the On-Chain Whitelabel enables partners to incorporate P4L AI’s advanced technology into their offerings. Together, these tools form a powerful foundation that drives revenue and user engagement.

    In its pursuit to make gaming accessible and engaging, P4L AI recently launched a suite of interactive tools, including a Telegram Bot, TG Mini-App, and a selection of exclusive games. These features have significantly boosted user engagement, creating new ways for players to interact with the platform.

    Notable Milestones Reflecting Rapid Growth and Success

    P4L AI’s journey has been marked by a series of impressive achievements that underline its popularity and performance:

    • 600,000 Total Users: Reaching half a million users underscores P4L AI’s broad market appeal and the effectiveness of its AI-powered tools.
    • 200,000 Active Users: This active user base showcases P4L AI’s commitment to fostering a dynamic community of engaged players.
    • 5 Billion Earned by Users: Users have collectively earned an impressive 4 billion, demonstrating the platform’s potential for rewarding gameplay.
    • 15 Billion Turnover: The substantial turnover signifies P4L AI’s strong engagement and activity, solidifying its leadership in the gaming sector.
    • 200,000 Community Members: P4L AI’s thriving community contributes to a vibrant exchange of tips, strategies, and shared experiences.

    Future Expansion into $P4L Tokens

    P4L AI users benefit from in-platform diamonds, which they will soon be able to convert into $P4L tokens. This planned feature will allow users to transform their in-app achievements into tangible assets, enhancing the P4L economic ecosystem.

    Strategic Growth and Innovation Goals

    Looking ahead, P4L AI aims to expand its user base to 10 million by Q4 2024, with plans to achieve a 50% active user rate and a 25% daily active user rate on the P4L Mini-App. Additional feature rollouts and new strategic partnerships are also in the pipeline, with private investors joining to boost platform capabilities and broaden P4L AI’s presence in the competitive online gaming sector.

    P4L AI’s collaborative network includes FoxCoin, Etaku, Captcha, Poplaunch, EasyCake, Start AI, Gemsee, Qappi, BeeVerse, Cat Planets, Hamster Republic, TapOnBase, Vfilm, Akefish, Lamaz, Get Game, TonOS, Lil Piggies Restaurant, Metaracing, Habbit, BearFi, Ton AI, and All At Once. Together, these partners bring unique expertise and vision, collectively driving unprecedented growth across multiple sectors.

    Dedicated to Responsible Gaming

    As part of its mission, P4L AI promotes responsible gaming practices, encouraging users to set limits and use self-assessment tools. Collaborating with industry organizations, P4L AI is committed to raising awareness and providing support resources to ensure a safe and positive gaming experience.

    Contact P4L AI

    P4L AI Mini App: https://t.me/p4l_bot/launch
    Chat Group: https://t.me/P4LAIchat
    Telegram Channel: https://t.me/P4LAI
    Website: https://www.p4l.ai/
    X (formerly Twitter): https://x.com/p4lai_
    Media Assets: P4L AI Media Kit
    Contact: James Solo on Telegram

    Contact :
    Persons Name: James Solo
    Email id: hi@P4L.ai

    Disclaimer: This content is provided by P4L AI . 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.

    The MIL Network –

  • MIL-OSI: Security Federal Corporation Announces Third Quarter Income

    Source: GlobeNewswire (MIL-OSI)

    AIKEN, S.C., Oct. 30, 2024 (GLOBE NEWSWIRE) — Security Federal Corporation (the “Company”) (OTCBB: SFDL), the holding company for Security Federal Bank (the “Bank”), today announced earnings and financial results for the three and nine months ended September 30, 2024.

    The Company reported net income available to common shareholders of $2.0 million, or $0.62 per share, for the quarter ended September 30, 2024, compared to $2.1 million, or $0.65 per share, for the third quarter of 2023. Year-to-date net income available to common shareholders was $5.9 million, or $1.83 per common share, for the nine months ended September 30, 2024, compared to $6.6 million, or $2.02 per common share, during the nine months ended September 30, 2023. Both the quarterly and year-to-date decreases in net income available to common shareholders were primarily due to increases in the provision for credit losses and non-interest expense, as well as the payment of preferred stock dividends during 2024, which were partially offset by increases in net interest income and non-interest income.

    Third Quarter Comparative Financial Highlights

    • Net interest income increased $964,000, or 10.2%, to $10.4 million during the quarter ended September 30, 2024, compared to $9.4 million during the third quarter of 2023.
    • Total interest income increased $2.7 million, or 16.1%, to $19.5 million while total interest expense increased $1.7 million, or 23.7%, to $9.1 million during the quarter ended September 30, 2024 compared to the same quarter the prior year. The increase in interest income and interest expense was the result of higher market interest rates and increased average interest-earning assets and interest-bearing liabilities.
    • Non-interest income increased $457,000, or 21.1%, to $2.6 million during the quarter ended September 30, 2024 compared to the same quarter in the prior year primarily due to $263,000 and $74,000 increases in trust income and gain on sale of loans, respectively.
    • Non-interest expense increased $389,000, or 4.4%, to $9.3 million during the quarter ended September 30, 2024 compared to the same quarter in the prior year primarily due to an increase in salaries and employee benefits expense.
         
        Quarter Ended
    (Dollars in Thousands, except for Earnings per Share)   9/30/2024   9/30/2023
    Total interest income   $ 19,531   $ 16,822
    Total interest expense     9,121     7,376
    Net interest income     10,410     9,446
    Provision for credit losses     580     –
    Net interest income after provision for credit losses     9,830     9,446
    Non-interest income     2,625     2,168
    Non-interest expense     9,313     8,924
    Income before income taxes     3,142     2,690
    Provision for income taxes     732     568
    Net income     2,410     2,122
    Preferred stock dividends     415     –
    Net income available to common shareholders   $ 1,995   $ 2,122
    Earnings per common share (basic)   $ 0.62   $ 0.65
                 
                 

    Year to Date (Nine Months) Comparative Financial Highlights

    • Net interest income increased $1.8 million, or 6.1%, to $30.6 million during the nine months ended September 30, 2024 compared to the same period in the prior year.
    • Total interest income increased $10.5 million, or 22.5%, to $57.1 million while total interest expense increased $8.7 million, or 49.0%, to $26.5 million during the nine months ended September 30, 2024 compared to the same period in the prior year.
    • Non-interest income increased $780,000, or 11.8%, to $7.4 million during the nine months ended September 30, 2024 compared to the same period in the prior year primarily due to a $480,000 increase in trust income.
    • Non-interest expense increased $1.8 million, or 6.5%, to $28.6 million for the nine months ended September 30, 2024 compared to the same period in 2023.
         
        Nine Months Ended
    (Dollars in Thousands, except for Earnings per Share)   9/30/2024   9/30/2023
    Total interest income   $ 57,071   $ 46,593
    Total interest expense     26,497     17,780
    Net interest income     30,574     28,813
    Provision for credit losses     1,090     221
    Net interest income after provision for credit losses     29,484     28,592
    Non-interest income     7,400     6,620
    Non-interest expense     28,617     26,863
    Income before income taxes     8,267     8,349
    Provision for income taxes     1,878     1,775
    Net income     6,389     6,574
    Preferred stock dividends     512     –
    Net income available to common shareholders   $ 5,877   $ 6,574
    Earnings per common share (basic)   $ 1.83   $ 2.02
                 
                 

    Credit Quality

    • The Bank recorded a $1.2 million provision for credit losses on loans and a $110,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $1.1 million for the first nine months of 2024, compared to $376,000 in provision for credit losses on loans and a $155,000 reversal of provision for credit losses on unfunded commitments, resulting in a total provision for credit losses of $221,000 for the first nine months of 2023.
    • Non-performing assets were $6.8 million at both September 30, 2024 and December 31, 2023, compared to $6.3 million at September 30, 2023.
    • The allowance for credit losses to gross loans was 1.95%, 1.98% and 2.03% at September 30, 2024, December 31, 2023, and September 30, 2023, respectively.
           
    At Period End (dollars in thousands): 9/30/2024 12/31/2023 9/30/2023
    Non-performing assets $ 6,770   $ 6,825   $ 6,339  
    Non-performing assets to total assets   0.43 %   0.44 %   0.43 %
    Allowance for credit losses $ 13,604   $ 12,569   $ 12,348  
    Allowance for credit losses to gross loans   1.95 %   1.98 %   2.03 %
                       
                       

    Balance Sheet Highlights and Capital Management

    • Total assets were $1.6 billion at September 30, 2024, a year-over-year increase of $99.0 million, or 6.7%.
    • Total loans receivable, net were $686.7 million at September 30, 2024, an increase of $64.2 million during the first nine months of 2024 and a year-over-year increase of $88.7 million.
    • Investment securities decreased $28.7 million during the first nine months of 2024 to $672.1 million at September 30, 2024, as maturities and principal paydowns of investment securities exceeded purchases during the nine-month period.
    • Deposits were $1.3 billion at September 30, 2024, an increase of $62.3 million, or 5.2% during the nine months ended September 30, 2024, and a year-over-year increase of $71.3 million, or 6.0%.
    • Borrowings decreased $49.1 million, or 28.9%, during the nine months ended September 30, 2024 to $121.0 million due to the repayment of borrowings with the Federal Reserve Bank Term Funding Program.
           
    Dollars in thousands (except per share amounts) 9/30/2024 12/31/2023 9/30/2023
    Total assets $ 1,576,326   $ 1,549,671   $ 1,477,330  
    Cash and cash equivalents   132,376     128,284     84,224  
    Total loans receivable, net   686,708     622,529     598,029  
    Investment securities   672,054     700,712     705,558  
    Deposits   1,257,313     1,194,997     1,186,053  
    Borrowings   120,978     170,035     119,898  
    Total shareholders’ equity   185,081     172,362     158,996  
    Common shareholders’ equity   102,132     89,413     76,047  
    Common equity book value per share $ 31.97   $ 27.69   $ 23.46  
    Total risk-based capital to risk weighted assets (1)   19.21 %   19.49 %   19.33 %
    CET1 capital to risk weighted assets (1)   17.96 %   18.24 %   18.08 %
    Tier 1 leverage capital ratio (1)   10.27 %   9.83 %   10.11 %
    (1) – Ratio is calculated using Bank only information and not consolidated information      
           
           

    Security Federal Bank has 19 full-service branches located in Aiken, Ballentine, Clearwater, Columbia, Graniteville, Langley, Lexington, North Augusta, Ridge Spring, Wagener and West Columbia, South Carolina and Augusta and Evans, Georgia. A full range of financial services, including trust and investments, are provided by the Bank and insurance services are provided by the Bank’s wholly owned subsidiary, Security Federal Insurance, Inc.

    Forward-looking statements:

    Certain matters discussed in this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, expectations of the business environment in which the Company operates, projections of future performance, perceived opportunities in the market, potential future credit experience, and statements regarding the Company’s mission and vision. These forward-looking statements are based upon current management expectations and may, therefore, involve risks and uncertainties. The Company’s actual results, performance, or achievements may differ materially from those suggested, expressed, or implied by forward-looking statements as a result of a wide variety or range of factors including, but not limited to: potential adverse impacts to economic conditions in our local market area or other aspects of the Company’s business, operations or financial markets, including, without limitation, as a result of employment levels, labor shortages and the effects of inflation, a potential recession or slowed economic growth; economic conditions in the Company’s primary market area; demand for residential, commercial business and commercial real estate, consumer, and other types of loans; success of new products; competitive conditions between banks and non-bank financial service providers; changes in management’s business strategies, including expectations regarding key growth initiatives and strategic priorities; legislative or regulatory changes that adversely affect the Company’s business, including the interpretation of regulatory capital or other rules; the ability to attract and retain deposits; the availability of resources to address changes in laws, rules, or regulations or to respond to regulatory actions; adverse changes in the securities markets; changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods; technology factors affecting operations, including disruptions, security breaches, or other adverse events, failures or interruptions in, or attacks on, our information technology systems or on the third-party vendors who perform critical processing functions for us; pricing of products and services; environmental, social and governance goals and targets; the effects of climate change, severe weather events, natural disasters, pandemics, epidemics and other public health crises, acts of war or terrorism, and other external events on our business; and other risks detailed in the Company’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2023. These factors should be considered in evaluating forward-looking statements, and undue reliance should not be placed on such statements. The Company does not undertake any responsibility to update or revise any forward-looking statement.

    The MIL Network –

  • MIL-OSI Canada: MP Hanley announces federal investment supporting SKOOKUMbrand’s technology adoption to increase production and sales

    Source: Government of Canada News

    News release

    October 30, 2024 — Dawson City, Yukon — Canadian Northern Economic Development Agency

    Small businesses across the North are providing unique high-quality products while boosting community growth, providing good jobs and contributing to regional and territorial economic development.

    Today, Dr. Brendan Hanley, Member of Parliament for the Yukon, on behalf of the Honourable Dan Vandal, Minister of Northern Affairs and Minister responsible for PrairiesCan and CanNor, announced a federal investment of nearly $100,000 in Northern Garments Inc., a Dawson City-based small business widely known as SKOOKUMbrand.

    Through this two-year project, SKOOKUMbrand will upgrade its production equipment to include computer-aided design technology so it can build capacity and meet increasing demand for its award-winning custom-made winter clothing. This investment will also support the purchase of small capital equipment to enhance productivity at the rural worksite and help address challenges with staff recruitment. Additionally, this project includes upgrades to the company’s website to increase its reach and expedite order processing. 

    The Government of Canada is supporting small business growth across the North. Investing in territorial entrepreneur and innovator ecosystems supports dynamic and strong economies and provides benefits to Yukoners and Northerners alike.

    Quotes

    “Supporting small businesses in rural areas to grow is essential to building strong economies and resilient communities. SKOOKUMbrand is contributing to the territorial economy, providing jobs, and designing clothing made in the North for northern weather. By investing in projects like this, our government is supporting northern businesses to expand, adopt new technology and address northern challenges.”

    The Honourable Dan Vandal, Minister of Northern Affairs and Minister responsible for PrairiesCan and CanNor

    “Small businesses contribute so much to the Yukon. For nearly 20 years, SKOOKUMbrand has produced high-quality Yukon-made outdoor clothing for Yukoners and have shipped its creations to people around the world. By implementing digital technologies, enhancing their online presence, and building capacity, this company can access wider markets.”
      

    Dr. Brendan Hanley, Member of Parliament for the Yukon

    “Our government is proud to stand behind Yukoners, driving local growth and strengthening our economy. By investing in local businesses, we are helping Yukoners enhance their communities, expand their businesses, and contribute to a resilient, sustainable future for our territory. SKOOKUMbrand embodies the spirit of Yukon—innovative, community-driven and proudly local, crafting products tailored specifically for Yukoners. Through the Economic Development Fund, we are excited to help this outstanding local company grow and reach new heights.”

    Ranj Pillai, Premier and Minister of Economic Development, Government of Yukon

    “Doing business from the North is always challenging. We operate in isolation from our industry peers and face skilled labour shortages, so we need to be resourceful and look to technology to for solutions that enable us to fill the demand for our products. The assistance we’ve been able to access through CanNor and the Yukon government is helping us to expand to become fully digital in sales and manufacturing, provide employee transit to our workplace and scale up to the next level of development. We are extremely grateful for this timely and focused assistance.”

    Megan Waterman, Owner, Northern Garments Inc.

    Quick facts

    • CanNor is contributing up $99,999 over two years for this project through the Inclusive Diversification and Economic Advancement in the North (IDEANorth) program. This program makes foundational investments in economic infrastructure, sector development and capacity building to help position Northerners in the territories to take advantage of Canada’s innovation economy.

    • The Government of Yukon’s Economic Development Fund (EDF) is also investing more than $20,000 in this project between 2023 and 2025. The EDF supports projects and initiatives that provide long-term, sustainable economic benefits to Yukoners and Yukon communities.

    • SKOOKUMbrand is a woman-owned small business located in Dawson City, Yukon. Since 2005, the company has been designing and manufacturing winter outerwear, such as fur-trimmed parkas, and accessories for circumpolar lifestyles.

    Associated links

    Contacts

    Kyle Allen
    Director of Communications, Parliamentary Affairs and Issues Management
    Office of the Minister of Northern Affairs, Minister Responsible for PrairiesCan, and Minister Responsible for CanNor
    kyle.allen@rcaanc-cirnac.gc.ca

    Leighann Chalykoff
    Communications Advisor, Yukon Region
    Canadian Northern Economic Development Agency (CanNor)
    leighann.chalykoff@cannor.gc.ca

    Damian Topps
    Government of Yukon, Economic Development
    867-667-5378
    damian.topps@yukon.ca

    Megan Waterman
    Owner
    SKOOKUMbrand
    megan@skookum.shop

    Stay connected

    Follow CanNor on X, Facebook and LinkedIn.

    MIL OSI Canada News –

  • MIL-OSI USA: South Carolinians Affected by Hurricane Helene Can Apply for FEMA Assistance and SBA Disaster Loan at the Same Time

    Source: US Federal Emergency Management Agency

    Headline: South Carolinians Affected by Hurricane Helene Can Apply for FEMA Assistance and SBA Disaster Loan at the Same Time

    South Carolinians Affected by Hurricane Helene Can Apply for FEMA Assistance and SBA Disaster Loan at the Same Time

    In addition to applying for FEMA assistance, homeowners and renters in designated South Carolina counties have the option to apply for a low-interest disaster loan from the U.S. Small Business Administration at various stages of their recovery. While FEMA doesn’t require survivors to apply for an SBA loan before being considered for FEMA assistance, the SBA can offer financial support to individuals and business owners to aid their recovery.Homeowners and renters in Abbeville, Aiken, Allendale, Anderson, Bamberg, Barnwell, Beaufort, Cherokee, Chester, Edgefield, Fairfield, Greenville, Greenwood, Hampton, Jasper, Kershaw, Laurens, Lexington, McCormick, Newberry, Oconee, Orangeburg, Pickens, Richland, Saluda, Spartanburg, Union and York counties and the Catawba Indian Nation can apply for federal assistance.How To Apply for FEMA AssistanceThe quickest way to apply is to go online to DisasterAssistance.gov.To get in-person assistance, you can visit any Disaster Recovery Center. To find a center close to you, please go to fema.gov/drc or text “DRC” and a Zip Code to 43362. You can also apply using the FEMA App for mobile devices or calling toll-free 800-621-3362. The telephone line is open every day. Help is available in many languages. If you use a relay service, such as Video Relay Service (VRS), captioned telephone or other service, give FEMA your number for that service. For a video with American Sign Language, voiceover and open captions about how to apply for FEMA assistance, select this link FEMA programs are accessible to survivors with disabilities and others with access and functional needs. FEMA assistance is available for people with disabilities and others with access and functional needs.How To Apply for SBA Disaster LoansThe SBA offers disaster loans to assist businesses, private nonprofits, homeowners and renters with their recovery. Homeowners and renters are eligi­­ble to apply for disaster loans to repair or replace disaster-damaged or destroyed real estate and damaged or destroyed personal property. Businesses and nonprofits are eligible to apply for loans to cover physical damage. Economic Injury Disaster Loans (EIDLs) are also available to qualified businesses and nonprofits to help meet working capital needs caused by the disaster.
    dalton.kramer
    Wed, 10/30/2024 – 18:38

    MIL OSI USA News –

  • MIL-OSI USA: Attorney General Bonta to Congress: A Federal Price Gouging Prohibition Protects Families, Small Businesses

    Source: US State of California Department of Justice

    OAKLAND — California Attorney General Rob Bonta today joined 16 attorneys general in supporting a federal prohibition on price gouging. While 40 states across the country, including California, ban price gouging, there is no federal price gouging prohibition. Because so many product supply chains are nationwide, states face heightened challenges when protecting consumers from price gouging. A complementary federal price gouging prohibition would provide critical partnership to state enforcement, protect both consumers and small businesses, and strengthen existing state laws.

    “During and after a crisis, it is unfair — and harmful to our economy —for companies to reap higher profits for selling goods and services that families need to survive. That is why California’s price gouging law protects Californians during and after wildfires, severe weather storms, and other emergencies,” said Attorney General Bonta. “A federal price gouging prohibition that complements state law would build on successful partnerships between states and the federal government to protect consumers by making it easier to enforce price gouging prohibitions nationally, up the supply chain. This would benefit California consumers and small businesses who currently bear the brunt of their suppliers’ price setting.”

    Price gouging refers to sellers who take unfair advantage of consumers during an emergency or disaster by greatly increasing prices for essential consumer goods and services. Price gouging prohibitions are not price caps; prohibitions place temporary limits on a business’s ability to raise its profits on essential goods in a crisis. Price gouging prohibitions allow businesses to raise prices to cover costs, but those price increases should not result in an increase in their profits.

    In the letter, the attorneys general explain that the current gap in federal regulations allows larger companies outside of state control to raise prices and pass down costs to smaller businesses. Without a federal prohibition, consumer-facing retailers — often small businesses — bear the burden of reputational and legal consequences of crisis-induced higher prices, even when the most significant price gouging activity may be happening up the supply chain. A federal price gouging prohibition that complemented state prohibitions would allow federal enforcement agencies, such as the Federal Trade Commission, to identify and restrain irrational price increases throughout the entire supply chain.

    In the letter, the attorneys general argue that price gouging laws have key benefits that strengthen the economy. Price gouging laws:

    • Prevent inefficient pricing overreactions in the heat of a crisis. Setting prices too high may damage a business’s reputation and harm long-term profitability.
    • Encourage the production of essential supplies. Increasing production and selling more products, instead of selling the same amount at a higher price, allows businesses to increase their gross profits but not their profit margins and helps ensure people have enough essential supplies at reasonable costs.
    • Prevent hoarding. Encourages businesses to directly limit inefficient over-consumption.
    • Keep prices competitive. If consumers have no choice but to buy an essential product from one particular seller, price gouging prohibitions can restrain high prices for products where there is very little competition. 

    In sending today’s letter, Attorney General Bonta joined the attorneys general of New York, Connecticut, Delaware, Hawaii, Illinois, Maine, Maryland, Massachusetts, Michigan, Oregon, New Jersey, New Mexico, Pennsylvania, Vermont, and the District of Columbia. 

    In California, price gouging during a state of emergency is illegal under Penal Code Section 396. Californians who believe they have been the victim of price gouging should report it to their local authorities or to the Attorney General at oag.ca.gov/report.

    For additional information, please see DOJ’s FAQs on price gouging here.

    A copy of the letter can be found here.

    MIL OSI USA News –

  • MIL-OSI NGOs: Israel’s decision to ban UNRWA will significantly worsen humanitarian catastrophe News Oct 30, 2024

    Source: Doctors Without Borders –

    NEW YORK/JERUSALEM, October 30, 2024 — The Israeli Knesset’s ban on UNRWA operations represents a devastating blow to Palestinians, further jeopardizing their survival in Gaza and greatly impacting communities in the West Bank, said Doctors Without Borders/Médecins Sans Frontières. 

    UNRWA is the largest health provider in Gaza, with over half of Gazans relying on it for essential health care services, including for the treatment of chronic diseases, displacement-related conditions, maternal and child heath, and vaccinations. Each day, UNRWA’s health teams provide over 15,000 consultations in the Gaza Strip. The ban of its activities threatens to create a vast gap in services within an already largely destroyed health system in Gaza—directly and indirectly endangering the lives of Palestinians.

    “UNRWA is a lifeline for Palestinians,” said Christopher Lockyear, MSF’s secretary general. “If implemented, the ban on UNRWA’s activities would have catastrophic implications on the dire humanitarian situation of Palestinians living in Gaza, as well as in the West Bank—now and for generations to come. We strongly condemn this decision, which is the culmination of a long-running campaign against the organization.”

    If implemented, the ban on UNRWA’s activities would have catastrophic implications on the dire humanitarian situation of Palestinians living in Gaza, as well as in the West Bank—now and for generations to come.

    Christopher Lockyear, MSF secretary general

    The newly voted legislation will make it almost impossible for UNRWA to work in Gaza or the West Bank. Coordination with Israeli authorities will be impeded and entrance permits to either of the occupied territories will be denied, essentially blocking delivery of UNRWA aid into and within Gaza. UNRWA handles almost all the distribution of UN aid coming into the Strip. This vote adds to the endless physical and bureaucratic impediments imposed by Israel to limit the amount of aid reaching Gaza, and contradicts Israel’s claims that it is facilitating humanitarian assistance into the Strip.

    More than 90 percent of the population of Gaza has been displaced by the war, and many are living in makeshift camps in extremely poor conditions.
    Palestine 2024 © Nour Daher

    Earlier this month, the US sent a letter to Israel demanding they take steps to improve the humanitarian situation within 30 days, and not adopt this legislation. As the leading provider of military and financial support to Israel, the US has an obligation to assess if the conduct of the war is consistent with international and US laws designed to protect civilians and to apply the appropriate legal procedures.

    The Israeli parliament’s passage of legislation banning UNRWA is shocking in its cruelty … In the face of this blatant criminalization of humanitarian aid, the US government yet again offers only weak warnings while maintaining its support for a war without rules.

    Avril Benoît, chief executive officer of MSF USA

    “After a full year of death, destruction, and deprivation in Gaza, Israel is moving to make it impossible for the largest humanitarian actor to deliver assistance and services amid the most severe humanitarian crisis Palestinians have ever endured,” said Avril Benoît, chief executive officer of MSF USA. “The Israeli parliament’s passage of legislation banning UNRWA is shocking in its cruelty. This ban would suffocate the humanitarian response in Gaza and cut off people’s access to basic services in the West Bank. In the face of this blatant criminalization of humanitarian aid, the US government yet again offers only weak warnings while maintaining its support for a war without rules and for the continued collective punishment of civilians.”

    The impact of UNRWA’s ban will extend beyond Gaza. Critical services, including refugee camp management, health services, education, and social programs across the West Bank are also at risk of destabilization under this legislation. These bills set a grave precedent for other conflict situations where governments may wish to eliminate an inconvenient United Nations presence. 

    Israeli bill to designate UNRWA a terrorist organization is an attack on humanitarian aid

    Read more

    MIL OSI NGO –

  • MIL-OSI Russia: SUM Renews Traditions: The University Hosted the D.S. Lvov National Economic Forum

    Translation. Region: Russian Federation –

    Source: State University of Management – Official website of the State –

    On October 30, 2024, the National Economic Forum named after D.S. Lvov was held at the Information Technology Center of the State University of Management, within the framework of which a new master’s educational program of the Eurasian Network University “Economics of Integration Processes in the Eurasian Economic Union” was opened.

    The plenary session was attended by: Vice-Rector of the State University of Management Maria Karelina, Co-Chair of the Forum, Corresponding Member of the Russian Academy of Sciences, Head of the Department of Institutional Economics of the State University of Management Georgy Kleiner, Corresponding Member of the Russian Academy of Sciences, Director of the Central Economics and Mathematics Institute of the Russian Academy of Sciences Albert Bakhtizin, Head of the Scientific Direction “Macroeconomics and Institutional Theory” of the Central Economics and Mathematics Institute of the Russian Academy of Sciences Viktor Dementyev, Director of the Department of Support of New Businesses of the State Corporation “Rosatom” Dmitry Baidarov, Academician of the Russian Academy of Sciences, Head of the Department of Economic Policy and Economic Measurements of the Institute of Economics and Finance of the State University of Management Sergey Glazyev. The moderator was Director of the IEF of the State University of Management Galina Sorokina.

    The renewal of the tradition of holding the Forum will allow the State University of Management to advance in economic science. This was stated by the Vice-Rector of the State University of Management Maria Karelina. Addressing all participants, students of Academician Dmitry Lvov and future economists, she also noted that this decision will contribute to interdisciplinary research, which is especially relevant today.

    It should be noted that this year marks the 70th anniversary of Dmitry Lvov’s graduation from the Moscow Ordzhonikidze Engineering and Economics Institute (now the State University of Management). The head of the Department of Institutional Economics at our university, Georgy Kleiner, delivered a report to the audience. Georgy Borisovich drew attention to the fact that not many economists offered their economic paradigm to the world. Academician Lvov saw the essence of economics in the fusion of material factors, spiritual quests, emotions and institutional influences. It is thanks to this science that we are a society. A person is not only the main resource of the economy, but also a beneficiary, a source of progress. He should not be a hostage to the economic system, but a part of it. Dmitry Lvov’s key idea was that the economy should be a link between man and humanity. It was to study such global issues that Academician Lvov created the first Department of Institutional Economics in Russia at the State University of Management.

    During the active work of Dmitry Lvov, the Internet had not yet penetrated into all spheres of life, but today the academician’s speeches would be constantly on everyone’s lips, because he outraged the space with uncomfortable questions. This was very subtly noted by the director of the Central Economics and Mathematics Institute of the Russian Academy of Sciences, Albert Bakhtizin. Back in 2004, he drew attention to the depopulation of Russia, the unfair division of resources, noted the importance of contacts with China, described the instruments of pressure of the USA on other countries, that is, he saw the contours of the future world order. The speaker analyzed modern economic problems in detail, in particular, he noted that even experts in the USA understand how harmful excessive dollarization is for the world economy.

    Viktor Dementyev, head of the Macroeconomics and Institutional Theory research department at the Central Economics and Mathematics Institute of the Russian Academy of Sciences, gave a report on the topic of “The Resilience of Russian Regional Economies under Different Shocks.” According to him, the modern economy has experienced four shocks: the Great Recession of 2009, the sanctions wave of 2015, the pandemic, and, of course, the second wave of sanctions, which is still ongoing. Research has shown that entities that are resilient to one shock are also resilient to others. But at the same time, methods for successfully overcoming one crisis do not always work under another.

    Dmitry Baidarov, Director of the Department for Support of New Businesses at the Rosatom State Corporation, expressed the opinion that economic challenges facing Russia did not appear after the start of the SVO or during the pandemic – they have always been there, it’s just that the attitude towards them was different before. The history of Rosatom shows that if you pay attention to a gap in the economy in time, you can quickly and effectively fill it. For example, the corporation currently fulfills 88% of global orders for the construction of nuclear power facilities. Dmitry Baidarov regretfully noted that the paradigm of a competitive rather than a partnership economy, imported from outside, still prevails in Russia. The speaker said that Rosatom only realized two years ago how much engineers and economists are needed in production, and there are almost none left on the labor market, so the focus of the State University of Management on training just such specialists is very timely.

    Sergey Glazyev, Head of the Department of Economic Policy and Economic Measurements at the Institute of Economics and Finance at the State University of Management, said that Dmitry Lvov was his academic advisor, with whom they substantiated the priorities of Russia’s new economic development and discussed the need to create state corporations as opposed to the fragmentation of production cycles. China has followed this path and achieved a lot, and we are facing dynamic catch-up, which is also impossible without the creation of state corporations. For an economic breakthrough, we need not just a sharp increase in investment, but targeted investment lines. The experience of Asian economies shows that this is the only way it works. If we followed the ideas of Lvov, who claimed that money cannot be a moral value and the core of the economy, we would already be world leaders along with India and China, where this is carefully monitored.

    The second part of the plenary session was no less interesting and productive. It was dedicated to the opening of the educational program of the Eurasian Network University “Economics of Integration Processes in the Eurasian Economic Union”.

    The program was presented by the Vice-Rector of the State University of Management Dmitry Bryukhanov, who noted that questions about the “fifth freedom”, freedom of knowledge, are becoming increasingly loud today, so the opening of the new program is fully supported by the Ministry of Science and Higher Education of the Russian Federation and Rossotrudnichestvo. The Vice-Rector reported that the program was developed with the assistance of the Eurasian Economic Commission and about 20 master’s students have already been enrolled, and training will start this week. The process will be hybrid, for which a special information environment has been developed.

    One of the developers of the program, Deputy Director of the Department of Macroeconomic Policy of the Eurasian Economic Commission Kanybek Azhekbarov wished all applicants good studies and drew the attention of those gathered to the fact that the program was created on the basis of additional professional education, which has already trained 40 specialists.

    The head of the program, Sergey Glazyev, thanked the Ministry of Science and Higher Education of the Russian Federation, the government of Kyrgyzstan and the State University of Management for their support. He shared plans to expand the program and noted that the Eurasian Economic Union and its labor market cannot effectively exist without a common educational space, and the State University of Management is an excellent platform to begin forming it.

    At the end of the new program, students were presented with a symbolic pass to the State University of Management. After the break, the Forum continued in sections and round tables.

    Subscribe to the TG channel “Our GUU” Date of publication: 10/30/2024

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

    MIL OSI Russia News –

  • MIL-OSI USA: Inside Myanmar with Jason Tower of the USIP – The Diplomat

    Source: United States Institute of Peace

    Jason Tower is the country director of the Burma Program at the United States Institute of Peace (USIP), where he closely follows Myanmar’s civil war, human trafficking, and the industrialization of scam compounds, which have spread across Southeast Asia in recent years.

    He holds unique insights into what is happening on the ground in Myanmar and has authored several reports for USIP over recent years, which include dire warnings about the conflict and the impact this is having on the civilian population.

    A veteran with two decades of experience in regional security, Tower also sounded the alarm on the growth of human trafficking and scam compounds in Myanmar, Cambodia, and Laos, which are “rapidly evolving into the most powerful criminal network of the modern era.”

    Tower spoke with The Diplomat’s Luke Hunt at length about the fall of Myawaddy to anti-regime forces in April and what actually happened afterwards in regards to the Karen National Union and the local Border Force Guard and why many in the rebel camps felt betrayed.

    He also talks about the spectacular failures of the military on the battlefield and China’s expanding role in the conflict as it shores up its own financial and strategic interests – including its oil and gas pipeline that cuts across the country – by drawing ever closer to the junta and its leader Senior Gen. Min Aung Hlaing.

    This includes the complex relationship between the Arakan Army and the Rohingya in Rakhine state where the fighting has been brutal in recent months with the military desperately trying to hang on to what few areas it still controls.

    MIL OSI USA News –

  • MIL-OSI Security: Thunder Bay — Beware of calls spoofing RCMP Thunder Bay telephone number

    Source: Royal Canadian Mounted Police

    RCMP Central Region Thunder Bay detachment is advising that their phone number, 807-623-2791, has been spoofed and is being used unlawfully to intimidate and defraud victims.

    Spoofing is when a scammer uses a device to mask their real phone number and display a different number that does not actually belong to the caller.

    Be aware that government agencies, including police:

    • Will never ask you to make payments using bitcoin or gift cards,
    • Will not show up to your residence to collect money for a child in jail
    • Will not ask for your personal information such as your Social Insurance Number (SIN), your date of birth (DOB) or phone number over the phone.

    Please also be aware that the RCMP in Ontario is not the police of jurisdiction. In Ontario, the RCMP enforces federal laws, including national security, border integrity, transnational, serious and organized crime and financial crimes such as cybercrime, money laundering and counterfeiting.

    If you suspect that you are being scammed, hang up. If you have been a victim of a scam, please report it to your local police. You can also report any scams to the Canadian Anti-Fraud Centre.

    Stay informed about the latest scams.

    Protect yourself from spoofing

    • Never assume that phone numbers appearing on your call display are accurate
    • Hang up and make the outgoing call when someone claims to be contacting you from your financial institution, service provider, law enforcement or government agency
    • Call the company or agency in question directly, if you receive a text message or email. Make sure you research their contact information and don’t use the information provided in the first message
    • Never click on links received via text message or email
    • When visiting a website, always verify the URL and domain to make sure you are on the official website.

    With questions or concerns about whether an RCMP police officer from Thunder Bay has or is trying to contact you, call the RCMP Thunder Bay detachment directly, Monday-Friday, 8 am-4 pm, 807-623-2791.

    MIL Security OSI –

  • MIL-OSI: Alpine Banks of Colorado announces financial results for third quarter 2024

    Source: GlobeNewswire (MIL-OSI)

    GLENWOOD SPRINGS, Colo., Oct. 30, 2024 (GLOBE NEWSWIRE) — Alpine Banks of Colorado (OTCQX: ALPIB) (“Alpine” or the “Company”), the holding company for Alpine Bank (the “Bank”), today announced results (unaudited) for the quarter ended September 30, 2024. The Company reported net income of $13.6 million, or $127.16 per basic Class A common share and $0.85 per basic Class B common share, for third quarter 2024.

    Highlights in third quarter 2024 include:

    • Basic earnings per Class A common share increased 16.8%, or $18.28, during third quarter 2024.
    • Basic earnings per Class A common share decreased 16.8%, or $18.30, compared to third quarter 2023.
    • Basic earnings per Class B common share increased 16.8%, or $0.12, during third quarter 2024.
    • Basic earnings per Class B common share decreased 16.8%, or $0.12, compared to third quarter 2023.
    • Net interest margin for third quarter 2024 was 2.98%, compared to 2.87% in second quarter 2024, and 2.87% in third quarter 2023.

    “Third quarter 2024 results show a continuation of our improving financial performance,” said Glen Jammaron, Alpine Banks of Colorado President and Vice Chairman. “Alpine successfully grew customer deposit balances, paid down brokered CDs and decreased the cost of our funding during the third quarter. Both our net interest margin and return on assets saw improvements over the first and second quarters of 2024.”

    Net Income
    Net income for third quarter 2024 and second quarter 2024 was $13.6 million and $11.7 million, respectively. Interest income increased $1.9 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in yields on the loan portfolio and increased balances in due from banks. These increases were slightly offset by decreased yields and volumes in the securities portfolio and decreased rates on due from banks, along with decreased volume in the loan portfolio. Interest expense increased $0.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increased balances in deposit accounts. This increase was partially offset by decreases in costs on, and volume of, the Company’s trust preferred securities. Noninterest income increased $1.3 million in third quarter 2024 compared to second quarter 2024, primarily due to increases in service charges on deposit accounts, and other income. Noninterest expense decreased $0.8 million in third quarter 2024 compared to second quarter 2024, due to decreases in other expenses and salary and employee benefit expenses slightly offset by increases in occupancy expenses and furniture and fixture expenses. A provision for loan losses of $1.2 million was recorded in third quarter 2024 compared to a $0.2 million provision recorded in second quarter 2024.

    Net income for the nine months ended September 30, 2024, and September 30, 2023, was $35.9 million and $46.0 million, respectively. Interest income increased $18.5 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in volume in the loan portfolio and balances due from banks, along with increases in yields on the loan portfolio, the securities portfolio, and balances due from banks. These increases were slightly offset by a decrease in volume in the securities portfolio. Interest expense increased $31.8 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in costs on the Company’s trust preferred securities, other borrowings, and cost of deposits, along with increases in volume in deposit balances. These increases were partially offset by a decrease in the volume of other borrowings. Noninterest income increased $3.3 million in the first nine months of 2024 compared to the first nine months of 2023, primarily due to increases in earnings on bank-owned life insurance, service charges on deposit accounts and other income. Noninterest expense increased $3.0 million in the first nine months of 2024 compared to the first nine months of 2023, due to increases in salary and employee benefit expenses and occupancy expenses. These increases were partially offset by decreases in furniture and fixture expenses and other expenses. Provision for loan losses decreased $0.3 million in the first nine months of 2024 due to loan portfolio declines and a small volume of loan charge-offs, compared to the nine months ended September 30, 2023.

    Net interest margin increased from 2.87% in second quarter 2024 to 2.98% in third quarter 2024. Net interest margin for the nine months ended September 30, 2024, and September 30, 2023, was 2.89% and 3.17%, respectively.

    Assets
    Total assets increased $107.0 million, or 1.7%, to $6.58 billion as of September 30, 2024, compared to June 30, 2024, primarily due to increased cash and due from banks and investment securities balances, partially offset by decreased loans receivable. Total assets increased $110.6 million, or 1.7%, from September 30, 2023, to September 30, 2024. The Alpine Bank Wealth Management* division had assets under management of $1.34 billion on September 30, 2024, compared to $1.09 billion on September 30, 2023, an increase of 23.3%.

    Loans
    Loans outstanding as of September 30, 2024, totaled $4.0 billion. The loan portfolio decreased $36.3 million, or 0.9%, during third quarter 2024 compared to June 30, 2024. This decrease was driven by a $22.9 million decrease in real estate construction loans and a $33.7 million decrease in residential real estate loans, partially offset by a $13.7 million increase in commercial and industrial loans, a $5.0 million increase in commercial real estate loans, a $1.6 million increase in consumer loans, and a $0.1 million increase in other loans.

    Loans outstanding as of September 30, 2024, reflected a decrease of $5.0 million, or 0.1%, compared to loans outstanding of $4.0 billion on September 30, 2023. This decrease was driven by a $102.8 million decrease in real estate construction loans, partially offset by a $54.9 million increase in commercial real estate loans, a $20.8 million increase in residential real estate loans, a $20.0 million increase in commercial and industrial loans, a $1.8 million increase in consumer loans and a $0.3 million increase in other loans.

    Deposits
    Total deposits increased $74.1 million, or 1.3%, to $5.9 billion during third quarter 2024 compared to June 30, 2024, primarily due to a $110.1 million increase in demand deposits and a $49.5 million increase in money market accounts. This increase was partially offset by a $36.4 million decrease in certificate of deposit accounts, a $3.8 million decrease in savings accounts, and a $45.4 million decrease in interest-bearing checking accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $390.5 million on June 30, 2024. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 29.3% on June 30, 2024.

    Total deposits of $5.9 billion on September 30, 2024, reflected an increase of $38.5 million, or 0.7%, compared to total deposits of $5.8 billion on September 30, 2023. This increase was due to a $248.2 million increase in money market accounts, partially offset by a $41.6 million decrease in certificate of deposit accounts, a $111.6 million decrease in interest-bearing checking accounts, a $27.0 million decrease in demand deposits and a $29.5 million decrease in savings accounts. Brokered certificates of deposit totaled $330.7 million on September 30, 2024, compared to $563.7 million on September 30, 2023. Noninterest-bearing demand accounts comprised 30.7% of all deposits on September 30, 2024, compared to 31.4% on September 30, 2023.

    Capital
    The Bank continues to be designated as a “well capitalized” institution as its capital ratios exceed the minimum requirements for this designation. As of September 30, 2024, the Bank’s Tier 1 Leverage Ratio was 9.62%, Tier 1 Risk-Based Capital Ratio was 14.15%, and Total Risk-Based Capital Ratio was 15.30%. On a consolidated basis, the Company’s Tier 1 Leverage Ratio was 9.23%, Tier 1 Risk-Based Capital Ratio was 13.59%, and Total Risk-Based Capital Ratio was 15.85% as of September 30, 2024.

    Book value per share on September 30, 2024, was $4,787.58 per Class A common share and $31.92 per Class B common share, an increase of $294.62 per Class A common share and $1.96 per Class B common share from June 30, 2024.

    Each Class A common share is entitled to one vote per share. Except as otherwise provided by the Colorado Business Corporation Act, each Class B common share has no voting rights.

    Dividends
    Each Class B common share has dividend and distribution rights equal to one-one hundred and fiftieth (1/150th) of such rights of one Class A common share. Therefore, each one Class A common share is equivalent to 150 Class B common shares for purposes of the payment of dividends.

    During third quarter 2024, the Company paid cash dividends of $30.00 per Class A common share and $0.20 per Class B common share. On October 10, 2024, the Company declared cash dividends of $30.00 per Class A common share and $0.20 per Class B common share payable on October 28, 2024, to shareholders of record on October 21, 2024.

    About Alpine Banks of Colorado
    Alpine Banks of Colorado, through its wholly owned subsidiary Alpine Bank, is a $6.6 billion, independent, employee-owned organization founded in 1973 with headquarters in Glenwood Springs, Colorado. Alpine Bank employs 890 people and serves 170,000 customers with personal, business, wealth management*, mortgage, and electronic banking services across Colorado’s Western Slope, mountains and Front Range. Alpine Bank has a five-star rating – meaning it has earned a superior performance classification – from BauerFinancial, an independent organization that analyzes and rates the performance of financial institutions in the United States. Shares of the Class B non-voting common stock of Alpine Banks of Colorado trade under the symbol “ALPIB” on the OTCQX® Best Market. Learn more at www.alpinebank.com.

    *Alpine Bank Wealth Management services are not FDIC insured, may lose value, and are not guaranteed by the Bank.                                                   

    Contacts: Glen Jammaron Eric A. Gardey
      President and Vice Chairman Chief Financial Officer
      Alpine Banks of Colorado Alpine Banks of Colorado
      2200 Grand Avenue 2200 Grand Avenue
      Glenwood Springs, CO 81601 Glenwood Springs, CO 81601
      (970) 384-3266 (970) 384-3257


    A note about forward-looking statements
    This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “reflects,” “believes,” “can,” “would,” “should,” “will,” “estimates,” “continues,” “expects” and similar references to future periods. Examples of forward-looking statements include, but are not limited to, statements we make regarding our evaluation of macro-environment risks, Federal Reserve rate management, and trends reflecting things such as regulatory capital standards and adequacy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you therefore against relying on any of these forward- looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statement include, but are not limited to:

    • The ability to attract new deposits and loans;
    • Demand for financial services in our market areas;
    • Competitive market-pricing factors;
    • Changes in assumptions underlying the establishment of allowances for loan losses and other estimates;
    • Effects of future economic, business and market conditions, including higher inflation;
    • Adverse effects of public health events, such as the COVID-19 pandemic, including governmental and societal responses;
    • Deterioration in economic conditions that could result in increased loan losses;
    • Actions by competitors and other market participants that could have an adverse impact on expected performance;
    • Risks associated with concentrations in real estate-related loans;
    • Risks inherent in making loans, such as repayment risks and fluctuating collateral values;
    • Market interest rate volatility, including changes to the federal funds rate;
    • Stability of funding sources and continued availability of borrowings;
    • Geopolitical events, including acts of war, international hostilities and terrorist activities;
    • Assumptions and estimates used in applying critical accounting policies and modeling, including under the CECL model, which may prove unreliable, inaccurate, or not predictive of actual results;
    • Actions of government regulators, including potential future changes in the target range for the federal funds rate by the Board of Governors of the Federal Reserve;
    • Sale of investment securities in a loss position before their value recovers, including as a result of asset liability management strategies or in response to liquidity needs;
    • Any increases in FDIC assessments;
    • Risks associated with potential cybersecurity incidents, data breaches or failures of key information technology systems;
    • The ability to maintain adequate liquidity and regulatory capital, and comply with evolving federal and state banking regulations;
    • Changes in legal or regulatory requirements or the results of regulatory examinations that could restrict growth;
    • The ability to recruit and retain key management and staff;
    • The ability to raise capital or incur debt on reasonable terms; and
    • Effectiveness of legislation and regulatory efforts to help the U.S. and global financial markets.

    There are many factors that could cause actual results to differ materially from those contemplated by forward-looking statements. Any forward-looking statement made by us in this press release or in any subsequent written or oral statements attributable to the Company are expressly qualified in their entirety by the cautionary statements above. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

    Key Financial Measures
    The attached tables highlight the Company’s key financial measures for the periods indicated (unaudited).

    Key Financial Measures 09.30.2024

    Consolidated Statements of Comprehensive Income 09.30.2024

    Consolidated Statements of Financial Condition 09.30.2024

    Consolidated Statements of Income 09.30.3024

    The MIL Network –

  • MIL-OSI USA: Deluzio Celebrates $4.3 Million for Shaler Township Water System

    Source: United States House of Representatives – Congressman Chris Deluzio (PA-17)

    CARNEGIE, PA — Today, Congressman Chris Deluzio (PA-17) announced that Shaler Township, a community in Pennsylvania’s 17th Congressional District, is receiving $4.3 million in a federal investment for water infrastructure improvements. Specifically, the project will replace defective infrastructure in the Township’s public sewer system through PENNVEST low-interest financial assistance loans. 

    “It’s simple: the good people of Shaler Township need a dependable water system. I’m proud to see these federal dollars come home to make sure Shaler’s water is safe,” said Rep. Chris Deluzio. “I came to Congress to make life better for folks in Western PA, and fixing our infrastructure—like this project funded through the Infrastructure Law—is a big part of that work.” 

    The project will repair 30,000 feet of defective sewer lines, rehabilitate 177 manholes through direct excavation and in situ lining, and install 29 new manhole structures. This project will help Shaler Township meet water safety standards, as it pulls the Township into compliance with the infiltration and inflow Consent Order with the Allegheny County Health Department. 

    The federal funding for this project comes from the Biden-Harris Administration’s Infrastructure Investment and Jobs Act and is awarded to Shaler Township through PENNVEST, a Pennsylvania State financing authority. The authority provides low-cost financial assistance to address water, wastewater, stormwater, and non-point source pollution problems in local water systems that impact public health, safety, the environment, regulatory compliance, and economic development. PENNVEST’s two-part goal is to provide all Pennsylvanians access to clean water while also supporting the Commonwealth’s economic development.  

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    MIL OSI USA News –

  • MIL-OSI USA: Salazar and Pettersen Introduce Legislation to Improve Retirement Security for Family Caregivers

    Source: United States House of Representatives – Congresswoman María Elvira Salazar’s (FL-27)

    WASHINGTON, D.C. – Rep. María Elvira Salazar (R-FL) joined Rep. Brittany Pettersen (D-CO) in introducing two bills to give critical support to caregivers across the United States who selflessly support their families. U.S. Senators Susan Collins (R-ME) and Mark Warner (D-VA) introduced the Senate versions of these bills.

    The Improving Retirement Security for Family Caregivers Act (H.R. 9765) and Catching Up Family Caregivers Act (H.R. 9764) would help address the financial challenges faced by individuals who leave the workforce to care for loved ones, often sacrificing their own long-term financial security. Our family caregivers need as many tax breaks and incentives as possible to help navigate the challenges they face while supporting their family.

    “Caregiving is one of the most important jobs, but our current policies penalize selfless Americans who look after their loved ones,” said Rep. Salazar. “I’m proud to co-lead the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act, which will reward caregivers with new opportunities to secure a dignified retirement.”

    The Improving Retirement Security for Family Caregivers Act would allow family caregivers to contribute up to $7,000 annually to a Roth IRA, even if their income falls below that threshold. Current law caps contributions at the lower of $7,000 or yearly income, limiting caregivers’ ability to save for retirement when their earnings are reduced due to caregiving responsibilities. By eliminating this income cap for family caregivers, the bill would help to ensure that they can continue to save for retirement despite their reduced wages. 

    The Catching Up Family Caregivers Act would allow family caregivers to make catch-up contributions to employer-sponsored retirement plans, an option typically reserved for those over age 50. For every year they are out of the workforce, caregivers could be eligible for an additional year of catch-up contributions, up to a maximum of five years. This provision would help caregivers who miss critical savings years get back on track with their retirement planning.

    Both bills are supported by the Alzheimer’s Association, the Edward Jones Grassroots Task Force, the Society for Human Resources Management (SHRM), the Insured Retirement Institute, and the National Alliance for Caregiving.

    “Caregivers do some of the most important but under-appreciated work in our country,” said Rep. Pettersen. “Caregivers do everything from cooking meals, administering medications, paying bills, and driving their loved ones to frequent medical appointments. Caregivers often take a significant financial hit when they take time out of the workforce to prioritize their loved ones and many struggle with their own financial security and ability to save in the long term. These two pieces of legislation make it easier for caregivers to save for retirement, ensuring they can take care of their own financial health while caring for their family.”

    “Family caregivers provide critical support to their loved ones, yet many are forced to step away from work, significantly inhibiting their ability to save for retirement,” said Senator Collins. “Our bipartisan bills would give these individuals a better opportunity to build a secure financial future and help ensure they are not penalized for the vital care they provide.”

    “Family members often make tremendous sacrifices to leave the workforce and care for their aging relatives, and as a result, they miss out on key years of saving for their own golden years,” said Senator Warner. “We need to make it easier for those folks to continue their essential care work while also securing their own financial futures. I’m proud to introduce bills that would give these family caregivers the flexibility to continue contributing to retirement accounts so it’s easier for more people to care for aging relatives without obstructing their own ability to retire with dignity.”

    “Caring for a loved one living with Alzheimer’s or other dementia too often takes a devastating toll on caregivers, with many experiencing substantial emotional, financial and physical difficulties,” said Robert Egge, Alzheimer’s Association Chief Public Policy Officer and AIM president. “These two bipartisan bills will support our nation’s dementia caregivers by improving access to retirement resources that can help offset some of the financial challenges faced by families impacted by this disease. Thank you to Sens. Collins and Warner for introducing these bills and for your dedication to the Alzheimer’s community.”

    “Edward Jones is grateful for Senator Collins’ leadership in introducing the Improving Retirement Security for Family Caregivers Act and Catching-up Family Caregivers Act,” said Dr. Lamell McMorris, Principal and Head of Policy, Regulatory & Government Relations for Edward Jones. “We know through our experience, that caregivers make significant sacrifices in providing care to loved ones, which can impact their personal financial security and retirement readiness. We believe that this bipartisan legislation will provide savings opportunities to improve the financial futures of millions of Americans and their families.” 

    “Business leaders and HR professionals are responsible for designing and implementing benefit plans that meet the needs of their team members. However, too often, caregiver support is not considered. People are living longer, and workers are caring for both children and elderly parents simultaneously. If we intend to lead with empathy, providing employees with the opportunity to care for ill, injured, or aging loved ones must be a priority,” said Emily M. Dickens, Chief of Staff and Head of Public Affairs, SHRM. “That is why we are honored to support the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act. SHRM is pleased to see the bipartisan progress in Congress being made to help employees reconstitute their retirement nest egg after a period of intensive caregiving.”

    “Family caregivers often pause their careers and retirement savings to provide essential care for loved ones, a service vital to both families and the economy. However, this time away from paid work can result in reduced income and benefits, potentially leading to future financial difficulties, particularly in retirement,” said Jason Resendez, CEO & President of the National Alliance for Caregiving. “If enacted, the Improving Retirement Security for Family Caregivers Act and the Catching Up Family Caregivers Act would represent progress towards acknowledging and addressing the economic sacrifices too many family caregivers make.”

    BACKGROUND:

    Women often take time away from careers to care for their families, resulting in a significant loss to their retirement savings. According to the Center for American Progress, an average 26-year-old female making $60,000 a year who leaves the workforce for five years to care for her children will lose close to one million dollars over her lifetime due to lost retirement assets and wage growth. A recent study from the Edward Jones Grassroots Taskforce found that 64 percent of women say their caregiving duties have negatively impacted their ability to save towards their long-term financial goals. Those taking care of an aging parent often face similar repercussions to being a family caregiver. In 2020, AARP found that three in ten caregivers have stopped contributing to their savings. Therefore, these proposals would allow those who dedicate at least 500 hours to family caregiving and are unemployed or severely underemployed the ability to contribute to their retirement now and later.

    Click here to read the full text of the Improving Retirement Security for Family Caregivers Act.

    Click here to read the complete text of the Catching Up Family Caregivers Act.

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    MIL OSI USA News –

  • MIL-OSI Russia: Financial news: List of changes made to the Main directions of the unified state monetary policy for 2025 and the period 2026 and 2027

    Translation. Region: Russian Federation –

    Source: Central Bank of Russia (2) –

    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.

    Category24-7, Central Bank of Russia, MIL-AXIS, Russian Banks, Russians Savings, Russian Finance, Russians Language, Russian economy, Russian banks

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    MIL OSI Russia News –

  • MIL-OSI USA: Garbarino, Gottheimer Introduce Bipartisan FLOAT Act to Reduce the Financial Burden Of Flood Insurance Costs

    Source: United States House of Representatives – Representative Andrew Garbarino (R-NY)

    WASHINGTON, D.C. – Congressmen Andrew R. Garbarino (R-NY-02) and Josh Gottheimer (D-NJ-05) introduced the bipartisan Flood Loss Offset and Affordability Tax Credit (FLOAT) Act. The legislation introduces a tax credit of up to $1,000 to help individuals and families afford flood insurance premiums, whether through the National Flood Insurance Program (NFIP) or private insurers.

    The FLOAT Act aims to ease the financial burden of flood insurance, encouraging homeowners to invest in protective coverage. The tax credit will be available to households earning under $200,000 annually, with a phaseout for higher incomes, and up to $400,000 for joint filers. The credit is also limited to primary residences and is inflation-adjusted to ensure long-term affordability.

    “Long Islanders know firsthand the impact of flooding and the importance of being prepared. This legislation provides a critical incentive for homeowners to protect their properties without breaking the bank,” said Rep. Garbarino. “With instances of severe weather on the rise, the FLOAT Act ensures that families in my district can afford flood insurance coverage, enabling them to recover quickly and avoid devastating financial losses.”

    The FLOAT Act reflects a proactive approach to mitigating the risks and costs associated with severe weather events. By offering an annual tax credit for flood insurance premiums, the legislation makes insurance more accessible and ensures that homeowners and their communities can withstand and recover from disasters more effectively.

    Read the full bill text here. 

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    MIL OSI USA News –

  • MIL-OSI Europe: EIB Group showcases progress of European Tech Champions Initiative boosting European scale-ups at event in Madrid

    Source: European Investment Bank

    • Since its launch in 2023, the European Tech Champions Initiative has closed fund deals worth €2 billion and mobilising five times this amount, totalling €10 billion in public and private sector resources.
    • Investments have been made in 16 technology scale-ups, two of which are Spanish.
    • In Spain, the European Tech Champions Initiative has invested in a mega fund specialising in deep tech and climate, and an investment in a second mega fund is expected by 2025.
    • As an ETCI participant country, Spain has announced an additional contribution of €300 million to the initiative by the Ministry of Digital Transformation that is soon to be approved by the Spanish cabinet.

    The EIB Group outlined the progress of the European Tech Champions Initiative (ETCI) – the fund of funds promoted by the European Union and participating EU Member States to foster the growth of cutting-edge technology startups with high growth potential (scale-ups) – today in Madrid. This initiative is led by the European Investment Fund (EIF), the EIB Group’s specialist provider of investment capital to benefit small and medium-sized enterprises (SMEs) and mid-caps.

    The presentation took place during the Tech Champions Made in Europe day, which brought together representatives of the Spanish investment and technological innovation ecosystem and was attended by EIB Group President Nadia Calviño, Spanish Minister of Economy, Trade and Business Carlos Cuerpo, EIF Chief Executive Marjut Falkstedt and Instituto de Crédito Oficial (ICO) Chairman Manuel Illueca Muñoz.

    Opening the day, President Calviño had the opportunity to detail the ongoing work to bolster the European capital market, including the expansion of the ETCI and opening it up to private investors. New financial instruments are also being developed to facilitate investor exits via acquisition or listing of the technology startups on European markets.

    “Thanks to EIB Group support, Spain now has a top-tier European investment mega fund. We are already working on the second phase of this initiative, in which Spain is expected to retain its key role,” said EIB Group President Nadia Calviño.

    The event was closed by Spanish Minister of Economy, Trade and Business Carlos Cuerpo, who said: “Spain has already provided €400 million to the ETCI, and today we are announcing an additional contribution of €300 million from the Ministry of Digital Transformation that is soon to be approved by the Spanish cabinet.”

    Since its launch in 2023, the ETCI has been fostering a positive environment in the European venture capital fund market and in the technology ecosystem. It has already closed fund deals worth €2 billion and mobilising five times this amount, totalling €10 billion in public and private sector resources for investment in growth-stage technology companies. ETCI-backed funds have so far invested in 16 European companies, two of which are Spanish.

    In Spain, the ETCI has already made an initial investment in the Kembara Fund I FCR mega fund, a deep tech and climate-focused venture capital fund operating across Europe and managed by Alma Mundi Ventures SGEIC (Mundi Ventures). An investment in a second mega fund is expected by 2025. ETCI-backed funds have in turn invested in two Spanish high-tech companies in their advanced growth phase: Inke, which specialises in respiratory disease treatments, and Factorial, which develops and sells human resources software.

    EIF Chief Executive Marjut Falkstedt said: “We are very happy with the ETCI’s progress to date, and are working on expanding it to increase its impact on the European venture capital and technological innovation ecosystems even further. We are exploring initiatives including structures where the private sector can play a greater role in this fund of funds, which is vital for ensuring European technological autonomy.”

    During his speech, ICO Chairman Manuel Illueca Muñoz said: “The ETCI is helping to strengthen the EU innovation ecosystem. ICO Group aims to support Spanish startups and scale-ups throughout their lifecycle, until they reach sufficient maturity for the ETCI to turn them into European champions.”

    Background information

    The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.

    The European Tech Champions Initiative (ETCI) is an EU programme managed by the EIF and backed by the European Commission and participating EU Member States. It helps to cover the financing needs of European technology scale-ups, preventing them from relocating and strengthening Europe’s strategic autonomy and competitiveness. Sectors benefiting from the initiative include cybersecurity, artificial intelligence, quantum computing, deep tech, green technologies, biotechnology and digital technologies. The ETCI is also making a major contribution to the European financial markets and is an example of how the EIB Group can act as a pioneering instrument for the capital markets union.

    Discurso completo de la presidenta Nadia Calviño durante la apertura de la jornada

    MIL OSI Europe News –

  • MIL-OSI Europe: Written question – Making EU budgetary disbursements contingent on matters of ideology – E-002147/2024

    Source: European Parliament

    17.10.2024

    Question for written answer  E-002147/2024
    to the Commission
    Rule 144
    Jadwiga Wiśniewska (ECR)

    A Commission staff working document on the EU financial framework for 2028-2034 sets out plans to introduce strict conditions that Member States must meet to access funds from the EU budget.

    The document suggests that a method will be introduced to make the receipt of funds for social housing and farm subsidies conditional on a country’s adoption of rules on organic farming and gender equality policies.

    The Commission’s tying of the receipt of EU funds to matters of philosophy and ideology is a step towards centralising power in the EU and an encroachment on national sovereignty.

    Making countries subject to conditions of this nature is tantamount to blackmail.

    In light of the above:

    • 1.Is the Commission aware that imposing further bureaucratic criteria on access to EU farm subsidies will deepen the economic crisis in the sector?
    • 2.What grounds justify linking the disbursement of agricultural funds to the promotion of gender equality?
    • 3.Is the Commission planning on making EU budgetary disbursements in 2028-2034 contingent on any other ideological or philosophical criteria?

    Submitted: 17.10.2024

    Last updated: 30 October 2024

    MIL OSI Europe News –

  • MIL-OSI Europe: Answer to a written question – Renewable energy sources versus fossil fuels – E-001654/2024(ASW)

    Source: European Parliament

    The Commission proposed a vision for a prosperous, modern, competitive and climate neutral economy in 2018. The communication was backed by an in-depth analysis[1] assessing the feasibility and impacts of the transition to climate neutrality. It showed that the goal was not only feasible, but also desirable.

    The 2040 target will provide the predictability needed to reach climate neutrality in 2050, as enshrined in the European Climate Law.

    The impact assessment accompanying the 2040 target Communication[2] reviewed the pathways to climate neutrality, their socioeconomic impacts and the enabling conditions needed for the energy system, industry, buildings, transport and land use sector. It provided new estimates of investment needs, based on updated costs assumptions.

    The impact assessment again showed that climate neutrality can be achieved based on known technologies. While the transition is projected to impact gross domestic product minimally, the EU economy will undergo significant transformations that will affect sectors, workers and households differently.

    The communication on a 2040 climate target[3] therefore stresses the need for a strong enabling framework for a just and competitive transition, building on tools like the Innovation Fund, Modernisation Fund, Horizon Europe[4] or Social Climate Fund.

    It further stresses that achieving the 2030 target and fully implementing the Fit-for-55 package are key to achieve climate neutrality. It recommends a target of 90% for 2040 as a cost-effective intermediate point.

    Most importantly, the impact assessment also stresses that the costs of inaction far outweigh potential transition costs and that achieving climate neutrality will yield substantial socioeconomic co-benefits.

    • [1] https://climate.ec.europa.eu/document/download/dc751b7f-6bff-47eb-9535-32181f35607a_en?filename=com_2018_733_analysis_in_support_en.pdf
    • [2] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52024SC0063
    • [3] https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM%3A2024%3A63%3AFIN
    • [4] https://research-and-innovation.ec.europa.eu/funding/funding-opportunities/funding-programmes-and-open-calls/horizon-europe_en

    MIL OSI Europe News –

  • MIL-OSI Europe: REPORT on the proposal for a Council directive amending Directive 2006/112/EC as regards the electronic value added tax exemption certificate – A10-0012/2024

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the proposal for a Council directive amending Directive 2006/112/EC as regards the electronic value added tax exemption certificate

    (COM(2024)0278 – C10‑0083/2024 – 2024/0152(CNS))

    (Special legislative procedure – consultation)

    The European Parliament,

    – having regard to the Commission proposal to the Council (COM(2024)0278),

    – having regard to Article 113 of the Treaty on the Functioning of the European Union, pursuant to which the Council consulted Parliament (C10‑0083/2024),

    – having regard to Rule 84 of its Rules of Procedure,

    – having regard to the report of the Committee on Economic and Monetary Affairs (A10-0012/2024),

    1. Approves the Commission proposal;

    2. Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament;

    3. Asks the Council to consult Parliament again if it intends to substantially amend the text approved by Parliament;

    4. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

    EXPLANATORY STATEMENT

    The proposal addresses the amendment of the Directive 2006/112/EC as regards the electronic value added tax exemption certificate. It aims to replace the paper version of the VAT and/or Excise Duty exemption certificate by the introduction of an electronic exemption certificate confirming that a transaction qualifies for a specific exemption under the first subparagraph of Article 151(1) of that Directive.

    The transactions covered by the first subparagraph of Article 151(1) are

    i. the supply of goods or services under diplomatic and consular arrangements;

    ii. the supply of goods or services to international bodies recognised as such by the public authorities of the host Member State, and to members of such bodies, within the limits and under the conditions laid down by the international conventions establishing the bodies or by headquarters agreements;

    iii. the supply of goods or services within a Member State which is a party to the North Atlantic Treaty, intended either for the armed forces of other States party to that Treaty for the use of those forces, or of the civilian staff accompanying them, or for supplying their messes or canteens when such forces take part in the common defence effort;

    iv. the supply of goods or services to another Member State, intended for the armed forces of any State which is a party to the North Atlantic Treaty, other than the Member State of destination itself, for the use of those forces, or of the civilian staff accompanying them, or for supplying their messes or canteens when such forces take part in the common defence effort;

    v. the supply of goods or services to the armed forces of the United Kingdom stationed in the island of Cyprus pursuant to the Treaty of Establishment concerning the Republic of Cyprus, dated 16 August 1960, which are for the use of those forces, or of the civilian staff accompanying them, or for supplying their messes or canteens.

    According to the Commission, the highly technical nature of this initiative and its alignment with efforts at EU level to promote digital government interactions justify no stakeholder consultation and no impact assessment. The proposed electronic conversion of the VAT exemption procedure supports the adaptation to the digital age and strengthens the rights of citizens with regard to the processing of their personal data.

    The proposal will remove the administrative burden and costs associated with processing the paper version of the VAT exemption certificate. The implementation costs will be covered by the FISCALIS programme within its foreseen financial envelope in the current Multiannual Financial Framework. The costs for Member States, mainly related to providing access to the central application, are estimated to be low.

    The new electronic certificate will not affect the scope of VAT exemptions applied. There will therefore be no impact on the EU budget as the own resources based on gross national income (GNI) will not be affected.

    The proposal strengthens anti-abuse measures by stipulating that if the exemption conditions outlined in paragraph 1 are not met or cease to apply, the eligible body or individual who issued and signed the certificate will be responsible for paying the VAT to the relevant Member State. In such exceptional cases, Member States are encouraged to allow the payment of VAT without requiring full VAT registration.

    The rapporteur acknowledges the highly technical nature of this initiative, its non-controversial content, and the need to enhance digital government interactions, and therefore fully supports the objectives of the directive.

     

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur declares under her exclusive responsibility that she did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

    PROCEDURE – COMMITTEE RESPONSIBLE

    Title

    Amending Directive 2006/112/EC as regards the electronic value added tax exemption certificate

    References

    COM(2024)0278 – C10-0083/2024 – 2024/0152(CNS)

    Date Parliament was consulted

    15.7.2024

     

     

     

    Committee(s) responsible

    ECON

     

     

     

    Rapporteurs

     Date appointed

    Aurore Lalucq

    12.9.2024

     

     

     

    Simplified procedure – date of decision

    14.10.2024

    Discussed in committee

    14.10.2024

     

     

     

    Date adopted

    14.10.2024

     

     

     

    Date tabled

    22.10.2024

     

     

    MIL OSI Europe News –

  • MIL-OSI Europe: REPORT on the draft Council directive on Faster and Safer Relief of Excess Withholding Taxes – A10-0011/2024

    Source: European Parliament

    DRAFT EUROPEAN PARLIAMENT LEGISLATIVE RESOLUTION

    on the draft Council directive on Faster and Safer Relief of Excess Withholding Taxes

    (09925/2024 – C10‑0002/2024 – 2023/0187(CNS))

    (Special legislative procedure – renewed consultation)

    The European Parliament,

    – having regard to the Council draft (09925/2024),

    – having regard to the Commission proposal to the Council (COM(2023)0324),

    – having regard to its position of 28 February 2024[1],

    – having regard to Article 115 of the Treaty on the Functioning of the European Union , pursuant to which the Council consulted Parliament again (C10‑0002/2024),

    – having regard to Rule 84 and 86 of its Rules of Procedure,

    – having regard to the report of the Committee on Economic and Monetary Affairs (A10-0011/2024),

    1. Approves the Council draft;

    2. Calls on the Council to notify Parliament if it intends to depart from the text approved by Parliament;

    3. Asks the Council to consult Parliament again if it intends to substantially amend the text approved by Parliament;

    4. Instructs its President to forward its position to the Council, the Commission and the national parliaments.

    EXPLANATORY STATEMENT

    On 28 July 2023, the Council consulted the Parliament on a proposal for a Council Directive on Faster and Safer Relief of Excess Withholding Taxes[2].

    The Parliament delivered its opinion on 28 February 2024[3].

    On 14 May 2024, the Council reached a general approach on the draft Directive[4].

    However, given fundamental differences between the 19 June 2023 text of the Commission on which the Parliament was initially consulted and the text unanimously agreed in Council, the latter decided to re-consult the Parliament.

    According to the agreed text by the Council, the directive will introduce a common EU digital tax residence certificate (eTRC) and two fast-track procedures complementing the existing standard refund procedure for withholding taxes, as proposed by the Commission. However, the deadlines for the issuance of the eTRC and the quick refund system have been prolonged, making the tax relief ‘less fast’ than originally foreseen by the Commission’s proposal.

    A key change is the exemption provided to Member States who already have a comprehensive relief-at-source system in place and who have a relatively small financial market, i.e. when their market capitalisation ratio is below a threshold of 1,5% (as reported by ESMA).

    The Directive further introduces a reporting obligation for financial intermediaries, who will have to register in national registers established pursuant to this Directive in order to be able to request the fast-track procedures. The Council agreed to create a European Certified Financial Intermediary Portal to simplify the procedure.

    Finally, the Council agreement extends the original deadline for the entry into force of 1 January 2027, as foreseen by the Commission’s proposal, to 1 January 2030.

    In its letter requesting re-consultation, the Council is asking the Parliament to deliver its opinion as soon as possible and by 31 January 2024 at the latest. This is because Member States want to start working, together with tax authorities, the Commission and business stakeholders, on implementing acts. These implementing acts should, for instance, lay down standard computerised forms, including the linguistic arrangements, and technical protocols, including security standards, for the EU-wide eTRC.

    The text agreed in the Council, although not fully in line with the EP opinion, still introduces a faster tax relief process compared to the current situation. The introduction of an electronic tax residency certificate (eTRC) was supported by the Parliament, Council, and the Commission.

    Overall, the deal struck by the Council is not only a step in the right direction towards facilitating cross-border investments and completing the Capital Markets Union (CMU). It also introduces some important measures to detect potential tax fraud or abuse in relation with withholding taxes.

    However, it is regrettable that the Council decided to postpone the entry into force until 2030, given the current importance of the completion of the CMU, as recently highlighted by the reports by Mario Draghi and Enrico Letta. In view of legal certainty and citizens’ interest to have a faster withholding tax refunding process, the Council should adopt quickly the COM(2023)0324 proposal on Faster and Safer Relief of Excess Withholding Taxes.

    Taking into account the time needed to transpose the Directive in Member States’ legislation and the political will to speed up its adoption, your rapporteur proposes that Parliament approves the proposal without amendments pursuant to a simplified procedure without amendments (rule 52).

     

    ANNEX: ENTITIES OR PERSONS FROM WHOM THE RAPPORTEUR HAS RECEIVED INPUT

    The rapporteur declares under his exclusive responsibility that he did not receive input from any entity or person to be mentioned in this Annex pursuant to Article 8 of Annex I to the Rules of Procedure.

     

     

    PROCEDURE – COMMITTEE RESPONSIBLE

    Title

    Faster and Safer Relief of Excess Withholding Taxes

    References

    09925/2024 – C10-0002/2024 – COM(2023)0324 – C9-0204/2023 – 2023/0187(CNS)

    Date Parliament was consulted

    28.7.2023

     

     

     

    Committee(s) responsible

    ECON

     

     

     

    Rapporteurs

     Date appointed

    Herbert Dorfmann

    12.9.2024

     

     

     

    Simplified procedure – date of decision

    14.10.2024

    Discussed in committee

    14.10.2024

     

     

     

    Date adopted

    14.10.2024

     

     

     

    Date tabled

    22.10.2024

     

     

    MIL OSI Europe News –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks at the opening session of the 30th Anniversary of the International Year of the Family Conference on Family and Contemporary Megatrends [as prepared for delivery]

    Source: United Nations secretary general

    Her Highness Sheikha Moza bint Nasser, Her Excellency, President Osmani, Excellencies, 

    It is an honour and a privilege to open today’s conference to commemorate the 30th anniversary of the International Year of the Family.

    I thank the Doha International Family Institute for its impeccable organization.

    And I am very grateful to the Government of Qatar for hosting this gathering, and for offering to host the Second World Summit for Social Development next year.

    Your steadfast support for the United Nations and its work on sustainable development is hugely appreciated.

    Ladies and Gentlemen,

    A constellation of megatrends is shaping our societies, our families and our communities, and our collective progress towards sustainable development.

    First, the digital revolution. Modern technologies bring significant benefits, including for families – improving the balance between work and family for some. Allowing relatives to stay connected across countries and continents. And improving access to essential services on which families rely.

    But they also inflame challenges such as the digital divide, misinformation, disinformation, hate speech, and cyberbullying. And these issues disproportionally affect young people.

    Second, demographic changes. People are living longer, birthrates are declining. Families are often smaller, and spread across the world. This presents new challenges to caregiving and intergenerational solidarity.

    Third, migration. Over the past six decades, the number of international migrants has quadrupled, reaching 281 million in 2020. They are driven by diverse motivations – from economic aspiration to family reunification, to escaping conflict and climate impacts.

    And the economic, social and political significance of international migration is expected to grow.

    Fourth, rapid and often unplanned urbanization. By mid-century, 70 per cent of the world population is projected to live in cities – up from around 55 per cent today – over a billion of whom live in slums of slum-like conditions.

    Fifth and finally, climate, biodiversity, and pollution, threaten our societies, directly disrupting the wellbeing of households:

    From access to clean water for daily sanitation, to disasters such as fires and floods, to livelihoods hammered by degraded lands, to disruptions in children’s schooling, to pollution damaging health.

    Yet, families are uniquely positioned to drive change.  For example, through consuming sustainably, embracing clean energy, and building resilience against climate disasters.

    Ladies and gentlemen,

    Smart policies can support families to thrive in the face of these changes and challenges. So can multilateral action.

    Through the new Global Digital Compact, the United Nations is bringing everyone together to ensure artificial intelligence serves all families equitably. Just as a doctor adapts their care to each family’s unique needs, AI can help tailor health services and direct resources to those who need them most.

    With a new Independent International Scientific Panel on AI and a truly global dialogue on AI governance, we’re not just enabling technology – we are creating a framework where innovation serves humanity, helping every family thrive regardless of where they call home.

    Innovative social services and policies that provide comprehensive support to families throughout their lifespan, can help to deal with the demographic shifts we are witnessing. And the United Nations is supporting governments to deliver through development programs aimed at achieving universal
    healthcare.

    Sustainable urban planning and inclusive social policies can transform the challenges of urbanization into opportunities for growth and development. We must create cities where families and people of all ages can thrive. Cities that provide education and opportunities for young people.

    Local governments stand at the core of these efforts. This is why the United Nations has established the Local 2030 Coalition to advance progress on the Sustainable Development Goals at city-level.

    We must ensure cities have direct access to climate finance so they can play their part in slashing emissions, and remain decent places for families to live as our climate changes.

    More broadly, it is important for decision-makers to consider families in all policy making and to create gender-sensitive policies that empower women and expand their opportunities. This is critical – both as a matter of justice, and because women are the primary caregivers in many societies, and play a
    vital role in shaping family dynamics.

    Multilateral action is also critical in shaping megatrends for the benefit of families – as we have seen recently.

    In September, countries came together and agreed the Pact for the Future and its Declaration on Future Generations.

    This recognizes and reaffirms the importance of family-friendly and family-oriented policies in promoting intergenerational solidarity and social cohesion. And it highlights commitments to advancing gender equality and women’s empowerment.

    At the same time, countries agreed the Global Digital Compact.

    This committed to action, including: to close all digital divides and accelerate progress across the Sustainable Development Goals; to expand inclusion in and benefits from the digital economy for all; and to foster an inclusive, open, safe and secure digital space that respects, protects and promote human
    rights.

    The Compact is the first universal agreement on the international governance of artificial intelligence that would give every country a seat at the table.

    Ladies and gentlemen,

    The work you begin today can help to drive international efforts forward. It is a call to action – a call to protect, to empower, and to invest in families as the foundational units of a just and thriving global community.

    Our discussions here will guide multilateral action and inform policies that strive toward an inclusive, equitable, and sustainable future for all families.

    Thank you for your dedication to this cause and for your participation in this vital dialogue. I look forward to hearing from you all. And to the outcomes of our work driving action worldwide.

    At a moment of great change, let us work together, to strengthen and support families around the world.

    Thank you.
     

    MIL OSI United Nations News –

  • MIL-OSI United Nations: Deputy Secretary-General’s remarks to the Qatar Foundation: “Towards the Second World Social Development Summit 2025: Reinforcing global efforts to achieve the 2030 Agenda” [as prepared for delivery]

    Source: United Nations secretary general

    Ladies and Gentlemen,

    I am delighted to be here and to see so many of you present here today.

    Let me start by thanking the Qatar Foundation for organizing this important and timely event, and the Government of Qatar for generously agreeing to host the Second World Summit for Social Development in November 2025.

    This is a great opportunity to shape our common vision for the upcoming Summit and ensure its success, building on the recent Pact for the Future.

    Almost 30 years ago, the Copenhagen Declaration on Social Development and its Programme of Action established a pathbreaking new consensus for people-centred development. Theis was strengthened by the Beijing Platform for Women, and this vision was later enshrined in the 2030 Agenda for Sustainable Development.

    Since the Copenhagen Summit in 1995, remarkable progress has been achieved. However, recent overlapping crises have further stalled or reversed progress in many areas.

    Uneven progress – coupled with the lingering effects of economic recovery from the COVID-19 pandemic, rising geopolitical conflicts, the climate crisis, and economic disruptions like the debt crisis – have deepened inequalities and placed significant stress on countries fiscal space for investing in sustainable development and the brunt felt by people.

    The number of people living in extreme poverty is almost 700 million and growing. The number of people facing hunger is over 730 million and growing. Access to quality and relevant education, decent work, universal healthcare, social protection, and digital connectivity remains limited, with billions at risk of being left behind.

    The message is clear – and it is stark.

    The outlook for achieving people-centered development and meeting the Sustainable Development Goals is fragile.

    But it is not too late to change course if we step up our efforts and reaffirm our commitment to leave no one behind. We need urgent, coordinated reforms and harmonization of social, economic, and fiscal policies. We need genuine partnerships.

    The recently adopted Pact for the Future proposes a number of commitments and solutions. It reinforces the promise to deliver on Agenda 2030.

    This includes an SDG Stimulus, a review of the sovereign debt architecture, and a commitment to reform the global financial architecture, so it provides developing countries with the support and safety net they need to invest in their people and the systems they require.

    The Pact also proposes solutions to strengthen peace and security and redoubles the world’s commitment to human rights and international law.

    This is an important reminder that social development cannot be attained in the absence of peace and security – or in the absence of respect for human rights and all fundamental freedoms.

    The Pact goes further to embrace the new era of technology and provide the guard rails for the opportunity of AI to better connect and reap the benefits for all.

    Ladies and gentlemen,

    The Social Summit comes at an opportune time. With only five years left to achieve the SDGs, we must address all seventeen goals – from poverty, hunger and inequality, to education, peace and inclusivity.

    The 2025 Summit must culminate in a detailed and measurable action plan for social development fit for the 21st century, safeguarding progress for years to come.

    The Summit will also be informed by the outcomes of the Fourth International Conference on Financing for Development and by Member States’ progress on the Pact for the Future’s commitments to invest in people, end poverty and hunger, and strengthen trust and social cohesion.

    At every step, the process towards the Summit must be inclusive and respond to people’s realities and expectations. We must listen to their voices and ensure that people – particularly youth – have a say in shaping their future.

    Open and broad consultations will be an opportunity to build trust and reinforce the connection between people and their governments, but also between people and global institutions.

    It will be an opportunity to shape the societies we want, tailormade to benefit our rich heritage and fabric which underpin the very foundation of inclusive and caring societies.

    To safeguard progress in the long run, we need to join forces around a shared agenda, underpinned by solidarity, respect and trust.

    Throughout, we must all aim high. Let us seek innovative approaches to engagement, cocreation and finding consensus at the highest ambition, while remaining steadfast in our pursuit of accelerating progress towards the SDGs.

    With the leadership of the Government of Qatar, and key partners such as the Qatar Foundation, I am confident that the Social Summit will lay solid foundations for advancing a key strand of the DNA of sustainable development, the social pillar.

    Thank you for joining us on this journey and let’s begin the conversation today.  
     

    MIL OSI United Nations News –

  • MIL-OSI Canada: Minister Valdez announces agreement to deliver health innovations to First Nations communities

    Source: Government of Canada News (2)

    News release

    October 30, 2024 – Toronto, Ontario

    The federal government is committed to helping small and medium-sized businesses bring their innovations to life from coast to coast to coast and ensuring that people can benefit from their creative ideas and solutions.

    Today, the Honourable Rechie Valdez, Minister of Small Business, announced that the First Nations Health Authority (FNHA) will join the Coordinated Accessible National (CAN) Health Network. This partnership will enable FNHA to deliver health care innovations developed by small and medium-sized businesses to over 200 First Nations communities across British Columbia.

    Through the federal government’s $42 million investment, the CAN Health Network is connecting small businesses delivering medical innovations with hospitals and health care providers, which gives these providers market-ready solutions to address health care challenges.

    For health tech entrepreneurs, this initiative provides the tools and connections needed to access the Canadian health care market. Through the CAN Health Network, they can test their innovations, connect with the government procurement process and access opportunities that help them scale and grow.

    In the nearly five years since it launched, the network has successfully connected 74 Canadian businesses working in health technology with different orders of government across the country. This initiative is enabling entrepreneurs across Canada to grow, all while strengthening our universal health care system by encouraging homegrown innovation.

    Quotes

    “By investing in the CAN Health Network, our government is simultaneously helping small and medium-sized businesses bring their innovative health care solutions to life and helping patients benefit from these groundbreaking technologies. With the First Nations Health Authority joining the CAN Health Network, First Nations communities across British Columbia will benefit from the latest Canadian health care innovations. Congratulations to both organizations for coming together.”
    — The Honourable Rechie Valdez, Minister of Small Business

    “The addition of the First Nations Health Authority to the Network is an important step in honouring our commitment to expand our vision and mission across the country and to support Indigenous communities. Since its launch in 2019, and with the investment and support of the Government of Canada, the CAN Health Network has welcomed 42 leading health care operators, or “Edges,” supported more than 74 companies, generated more than $550 million to date and created more than 2,000 jobs across the nation. With the support of Minister Valdez and the Government of Canada, the CAN Health Network unifies regions and leverages the diversity of individuals and organizations to lead the new health care economy.”
    — Dr. Dante Morra, Chair, CAN Health Network

    “Joining the CAN Health Network enables the First Nations Health Authority to amplify First Nations voices in health care innovation. Through this partnership, we’re increasing opportunities for First Nations–led approaches to enhancing access to health care. We are also helping to build the foundations for a system that is culturally safe, inclusive and respectful of First Nations peoples in British Columbia and Canada.”

    – Richard Jock, CEO, First Nations Health Authority

    Quick facts

    • The Government of Canada has invested $42 million since 2019 to support the growth and expansion of the Coordinated Accessible National (CAN) Health Network.

    • Since its launch, the CAN Health Network has grown to include 42 Edges. Edges are health care operators, including health authorities and organizations.

    • To date, the CAN Health Network has supported 74 innovative Canadian health care technology businesses.

    • Under the initiative, 92 commercialization projects have been rolled out.

    • As of March 2024, 2,020 jobs have been created.

    • The CAN Health Network has helped generate more than $550 million in revenue.

    Associated links

    Contacts

    Callie Franson
    Senior Communications Advisor and Issues Manager
    Office of the Minister of Small Business
    callie.franson@ised-isde.gc.ca
    613-297-5766

    Media Relations
    Innovation, Science and Economic Development Canada
    media@ised-isde.gc.ca

    Stay connected

    Follow Canada Business on social media.
    X (Twitter): @canadabusiness | Facebook: Canada Business | Instagram: @cdnbusiness

    For easy access to government programs for businesses, download the Canada Business app.

    MIL OSI Canada News –

  • MIL-OSI Asia-Pac: INDEX OF EIGHT CORE INDUSTRIES (BASE: 2011-12=100) FOR SEPTEMBER, 2024

    Source: Government of India (2)

    Posted On: 30 OCT 2024 5:00PM by PIB Delhi

    The combined Index of Eight Core Industries (ICI) increased by 2.0per cent (provisional) in September, 2024 as compared to the Index in September, 2023. The production of Cement, Refinery Products, Coal, Fertilizers and Steel recorded positive growth in September 2024. The details of annual indices, monthly indices and growth rates are provided at Annex I and Annex II.

    The ICI measures the combined and individual performance of production of eight core industries viz. Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity. The Eight Core Industries comprise 40.27 percent of the weight of items included in the Index of Industrial Production (IIP).

    The final growth rate of Index of Eight Core Industries for June2024stands at 5.0per cent. The cumulative growth rate of ICI during April to September, 2024-25is4.2per cent (provisional) as compared to the corresponding period of last year.

    The summary of the Index of Eight Core Industries is given below:

    Coal – Coal production (weight: 10.33 per cent) increased by 2.6 per cent in September, 2024 over September, 2023. Its cumulative index increased by 5.9 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Crude Oil – Crude Oil production (weight: 8.98 per cent) declined by 3.9 per cent in September, 2024 over September, 2023. Its cumulative index declined by 2.1 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Natural Gas – Natural Gas production (weight: 6.88 per cent) declined by 1.3 per cent in September, 2024 over September, 2023. Its cumulative index increased by 2.0per cent during April to September, 2024-25 over corresponding period of the previous year.

    Petroleum Refinery Products – Petroleum Refinery production (weight: 28.04 per cent) increased by 5.8 per cent in September, 2024 over September, 2023. Its cumulative index increased by 2.3 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Fertilizers – Fertilizer production (weight: 2.63 per cent) increased by 1.9 per cent in September, 2024 over September, 2023. Its cumulative index increased by 1.7 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Steel – Steel production (weight: 17.92 per cent) increased by 1.5 per cent in September, 2024 over September, 2023. Its cumulative index increased by 6.1 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Cement – Cement production (weight: 5.37 per cent) increased by 7.1 per cent in September, 2024 over September, 2023. Its cumulative index increased by 1.6 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Electricity – Electricity generation (weight: 19.85 per cent) declined by 0.5 per cent in September, 2024 over September, 2023. Its cumulative index increased by 5.9 per cent during April to September, 2024-25 over corresponding period of the previous year.

    Note 1: Data forJuly, 2024, August, 2024 and September, 2024are provisional. Index numbers of Core Industries are revised/finalized as per updated data from source agencies.

    Note 2: Since April 2014, Electricity generation data from Renewable sources are also included.

    Note 3: The industry-wise weights indicated above are individual industry weights derived from IIP and blown up on pro rata basis to a combined weight of ICI equal to 100.

    Note 4: Since March 2019, a new steel product called Hot Rolled Pickled and Oiled (HRPO) under the item ‘Cold Rolled (CR) coils’ within the production of finished steel has also been included.

    Note 5: Release of the index for October, 2024 will be on Friday29thNovember, 2024.

     

    Annex I

    Performance of Eight Core Industries

    Yearly Index & Growth Rate

    Base Year: 2011-12=100

    Index

    Sector

    Coal

    Crude Oil

    Natural Gas

    Refinery Products

    Fertilizers

    Steel

    Cement

    Electricity

    Overall Index

    Weight

    10.33

    8.98

    6.88

    28.04

    2.63

    17.92

    5.37

    19.85

    100.00

    2012-13

    103.2

    99.4

    85.6

    107.2

    96.7

    107.9

    107.5

    104.0

    103.8

    2013-14

    104.2

    99.2

    74.5

    108.6

    98.1

    115.8

    111.5

    110.3

    106.5

    2014-15

    112.6

    98.4

    70.5

    108.8

    99.4

    121.7

    118.1

    126.6

    111.7

    2015-16

    118.0

    97.0

    67.2

    114.1

    106.4

    120.2

    123.5

    133.8

    115.1

    2016-17

    121.8

    94.5

    66.5

    119.7

    106.6

    133.1

    122.0

    141.6

    120.5

    2017-18

    124.9

    93.7

    68.4

    125.2

    106.6

    140.5

    129.7

    149.2

    125.7

    2018-19

    134.1

    89.8

    69.0

    129.1

    107.0

    147.7

    147.0

    156.9

    131.2

    2019-20

    133.6

    84.5

    65.1

    129.4

    109.8

    152.6

    145.7

    158.4

    131.6

    2020-21

    131.1

    80.1

    59.8

    114.9

    111.6

    139.4

    130.0

    157.6

    123.2

    2021-22

    142.3

    77.9

    71.3

    125.1

    112.4

    163.0

    156.9

    170.1

    136.1

    2022-23

    163.5

    76.6

    72.4

    131.2

    125.1

    178.1

    170.6

    185.2

    146.7

    2023-24

    182.7

    77.1

    76.8

    135.9

    129.8

    200.4

    185.7

    198.3

    157.8

    Apr-Sep 2023-24

    157.0

    77.1

    75.3

    134.4

    130.9

    194.0

    182.2

    204.9

    154.7

    Apr-Sep 2024-25*

    166.2

    75.5

    76.8

    137.5

    133.1

    205.9

    185.2

    216.9

    161.2

    *Provisional

    Growth Rates (on Y-o-Y basis in per cent)

    Sector

    Coal

    Crude Oil

    Natural Gas

    Refinery Products

    Fertilizers

    Steel

    Cement

    Electricity

    Overall Growth

    Weight

    10.33

    8.98

    6.88

    28.04

    2.63

    17.92

    5.37

    19.85

    100.00

    2012-13

    3.2

    -0.6

    -14.4

    7.2

    -3.3

    7.9

    7.5

    4.0

    3.8

    2013-14

    1.0

    -0.2

    -12.9

    1.4

    1.5

    7.3

    3.7

    6.1

    2.6

    2014-15

    8.0

    -0.9

    -5.3

    0.2

    1.3

    5.1

    5.9

    14.8

    4.9

    2015-16

    4.8

    -1.4

    -4.7

    4.9

    7.0

    -1.3

    4.6

    5.7

    3.0

    2016-17

    3.2

    -2.5

    -1.0

    4.9

    0.2

    10.7

    -1.2

    5.8

    4.8

    2017-18

    2.6

    -0.9

    2.9

    4.6

    0.03

    5.6

    6.3

    5.3

    4.3

    2018-19

    7.4

    -4.1

    0.8

    3.1

    0.3

    5.1

    13.3

    5.2

    4.4

    2019-20

    -0.4

    -5.9

    -5.6

    0.2

    2.7

    3.4

    -0.9

    0.9

    0.4

    2020-21

    -1.9

    -5.2

    -8.2

    -11.2

    1.7

    -8.7

    -10.8

    -0.5

    -6.4

    2021-22

    8.5

    -2.6

    19.2

    8.9

    0.7

    16.9

    20.8

    8.0

    10.4

    2022-23

    14.8

    -1.7

    1.6

    4.8

    11.3

    9.3

    8.7

    8.9

    7.8

    2023-24

    11.8

    0.6

    6.1

    3.6

    3.7

    12.5

    8.9

    7.1

    7.6

    Apr-Sep 2023-24

    12.2

    -0.4

    4.3

    4.0

    7.0

    15.9

    11.6

    6.1

    8.2

    Apr-Sep 2024-25*

    5.9

    -2.1

    2.0

    2.3

    1.7

    6.1

    1.6

    5.9

    4.2

    *Provisional.

       Y-o-Y is calculated over the corresponding financial year of previous year

     

    Annex II

    Performance of Eight Core Industries

    Monthly Index & Growth Rate

    Base Year: 2011-12=100

    Index

    Sector

    Coal

    Crude Oil

    Natural Gas

    Refinery Products

    Fertilizers

    Steel

    Cement

    Electricity

    Overall Index

    Weight

    10.33

    8.98

    6.88

    28.04

    2.63

    17.92

    5.37

    19.85

    100.00

    Sep-23

    147.9

    74.9

    76.8

    126.8

    132.3

    198.4

    166.2

    205.9

    151.7

    Oct-23

    172.6

    78.4

    80.3

    128.8

    136.4

    201.4

    181.5

    203.8

    156.4

    Nov-23

    185.7

    75.5

    77.2

    134.5

    133.5

    192.6

    156.5

    176.3

    150.4

    Dec-23

    204.3

    77.4

    79.5

    145.0

    137.5

    206.7

    191.9

    181.6

    161.2

    Jan-24

    219.6

    78.8

    79.3

    135.9

    135.0

    217.8

    192.2

    197.2

    165.4

    Feb-24

    212.1

    73.5

    74.5

    132.5

    113.3

    202.9

    194.3

    187.2

    157.7

    Mar-24

    256.0

    78.9

    79.3

    147.0

    116.6

    219.8

    219.4

    204.2

    175.0

    Apr-24

    173.3

    76.3

    74.8

    137.9

    117.8

    210.0

    192.3

    212.0

    161.7

    May-24

    184.7

    77.9

    78.7

    141.8

    135.9

    209.7

    190.6

    229.3

    168.2

    Jun-24

    186.4

    74.4

    75.8

    134.1

    134.0

    204.0

    198.5

    222.8

    163.7

    Jul-24*

    163.0

    76.6

    78.0

    143.3

    138.8

    204.0

    175.2

    220.2

    162.6

    Aug-24*

    138.2

    75.7

    77.4

    134.0

    137.5

    206.1

    176.5

    212.3

    156.1

    Sep-24*

    151.8

    72.0

    75.8

    134.1

    134.8

    201.3

    178.0

    204.9

    154.8

    *Provisional

    Growth Rates (on Y-o-Y basis in per cent)

    Sector

    Coal

    Crude Oil

    Natural Gas

    Refinery Products

    Fertilizers

    Steel

    Cement

    Electricity

    Overall Growth

    Weight

    10.33

    8.98

    6.88

    28.04

    2.63

    17.92

    5.37

    19.85

    100.00

    Sep-23

    16.0

    -0.4

    6.5

    5.5

    4.2

    14.8

    4.7

    9.9

    9.5

    Oct-23

    18.4

    1.3

    10.0

    4.3

    5.3

    13.6

    16.9

    20.4

    12.7

    Nov-23

    10.9

    -0.4

    7.5

    12.4

    3.3

    9.7

    -4.7

    5.8

    7.9

    Dec-23

    10.8

    -1.0

    6.7

    4.1

    5.9

    8.3

    3.8

    1.2

    5.1

    Jan-24

    10.6

    0.6

    5.5

    -4.3

    -0.6

    9.2

    4.1

    5.7

    4.2

    Feb-24

    11.6

    7.9

    11.2

    2.6

    -9.5

    9.4

    7.8

    7.6

    7.1

    Mar-24

    8.7

    2.1

    6.3

    1.6

    -1.3

    7.5

    10.6

    8.6

    6.3

    Apr-24

    7.5

    1.7

    8.6

    3.9

    -0.8

    9.8

    0.2

    10.2

    6.9

    May-24

    10.2

    -1.1

    7.5

    0.5

    -1.7

    8.9

    -0.6

    13.7

    6.9

    Jun-24

    14.8

    -2.6

    3.3

    -1.5

    2.4

    6.3

    1.8

    8.6

    5.0

    Jul-24*

    6.8

    -2.9

    -1.3

    6.6

    5.3

    6.4

    5.5

    7.9

    6.1

    Aug-24*

    -8.1

    -3.4

    -3.6

    -1.0

    3.2

    3.9

    -3.0

    -3.7

    -1.6

    Sep-24*

    2.6

    -3.9

    -1.3

    5.8

    1.9

    1.5

    7.1

    -0.5

    2.0

    *Provisional.

    Y-o-Y is calculated over the corresponding financial year of previous year

               

    ***

    AD/CNAN

    (Release ID: 2069570) Visitor Counter : 75

    MIL OSI Asia Pacific News –

  • MIL-OSI Asia-Pac: Annual Survey of Industries (ASI) Publications for 2022-23

    Source: Government of India

    Posted On: 30 OCT 2024 4:47PM by PIB Delhi

    Introduction

    Annual Survey of Industries is conducted with the primary objective to provide a meaningful insight into the dynamics of change in the composition, growth and structure of various manufacturing industries in terms of output, value added, employment, capital formation and a host of other parameters. It provides valuable input to the National Accounts Statistics at national and state level. The results are prepared at state and major industry level.

    Ministry of Statistics and Programme Implementation (MoSPI) has released the results of Annual Survey of Industries (ASI) for the reference periods April 2022 to March 2023 (i.e. financial year 2022-23) referred to as ASI 2022-23 on 30th September 2024 in the form of press note and seven (07) website tables. All the said tables of ASI 2022-23 along with write-up are available in the website of the Ministry (https://www.mospi.gov.in).

    The detailed publications of ASI 2022-23, viz. Volume I, Volume II, “Summary Results of Factory Sector” along with unit level data are now available for dissemination.

    ASI Publications

    The ASI 2022-23 publications contain detailed results of factory sector in two volumes. Volume I of the publication presents data relating to capital, employment, emoluments and several other economic parameters relevant to industrial sector such as (i) number of factories, (ii) fixed/working capital, (iii) total input, (iv) total output, (v) depreciation, (vi) gross value added, (vii) employment details, (viii) fuels consumption details, etc. The results are released at 2/3/4-digit industry-code wise [National Industrial Classification (NIC), 2008] for all-India and at 2/3 digit level of NIC-2008 for States/UTs.

    Volume II of the publication provides details on materials consumed and ex-factory value of products and by-products both at all India level as well as at the level of State/UTs. Volume II contains 3-digit industry-code wise by State/UT-wise materials consumed as well as products & by-products generated by the manufacturing establishments. These input/output items are classified as per National Product Classification for Manufacturing Sector (NPC-MS), 2011 (Revised).

    While Volume I is uploaded on the website of the Ministry (www.mospi.gov.in), Volume II publication is available in pen drive/ CD-ROM. In addition to Volume I & Volume II, “Summary Results for Factory Sector” is also brought out as a separate publication based on ASI 2022-23 results for easy comprehension.

    The Summary Results for Factory Sector is prepared with the objective to draw attention to certain key features of the ASI results and the same is being brought out as a separate publication. The Summary Results aim to present a comprehensive overview of the ASI findings through specialized tables highlighting key characteristics such as employment size, capital investment, gross output and net value added at both the national and state/UT levels. These tables provide a comprehensive overview of the industrial landscape at the regional as well as at the national level. “Summary Results of Factory Sector” is also uploaded on the website of the Ministry (www.mospi.gov.in).

    Unit level data of ASI 2022-23 are also available in the website of the Ministry (https://www.mospi.gov.in).

    ****

    SB/DP/ARJ

    (Release ID: 2069571) Visitor Counter : 38

    MIL OSI Asia Pacific News –

  • MIL-OSI: Hawthorn Bancshares Announces Cash Dividend

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSON CITY, Mo., Oct. 30, 2024 (GLOBE NEWSWIRE) — Hawthorn Bancshares, Inc. (NASDAQ: HWBK) announced today that its Board of Directors approved a quarterly cash dividend of $0.19 per common share, payable January 1, 2025 to shareholders of record at the close of business on December 15, 2024.

    About Hawthorn Bancshares, Inc.

    Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 150 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.

    Contact:

    Hawthorn Bancshares, Inc.
    Brent M. Giles
    Chief Executive Officer
    TEL: 573.761.6100
    www.HawthornBancshares.com

    Statements made in this press release that suggest the Company’s or management’s intentions, hopes, beliefs, expectations, or predictions of the future include “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the Company’s quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.

    The MIL Network –

  • MIL-OSI Asia-Pac: US lawmakers condemned

    Source: Hong Kong Information Services

    The Hong Kong Special Administrative Region Government today again strongly condemned the US lawmakers requesting a review of a number of Hong Kong SAR Government officials, judges and prosecutors in a list of “sanctions” in an attempt to intimidate the Hong Kong SAR personnel concerned who safeguard national security as well as the unfounded and biased remarks which deliberately misled the public and smeared the Hong Kong National Security Law (NSL).

    In a statement, the Hong Kong SAR Government said it is the constitutional duty of the Hong Kong SAR to safeguard national security. In accordance with international law and international practice based on the Charter of the United Nations, safeguarding national security is an inherent right of all sovereign states.

    It pointed out that many common law jurisdictions, including western countries such as the US, the UK, Canada, Australia and New Zealand as well as Singapore, have enacted multiple pieces of legislation to safeguard national security. Turning a blind eye to the fact and making exaggerated remarks, the US politicians have demonstrated typical political hegemony and hypocrisy with double standards.

    The statement elaborated that the implementation of the NSL in the past four years has enabled the livelihood and economic activities of the Hong Kong community at large to swiftly resume as normal and the business environment to be restored and improved continuously.

    It noted that in the Economic Freedom of the World 2024 Annual Report, Hong Kong ranks as the world’s freest economy among 165 economies. In the World Competitiveness Yearbook 2024, Hong Kong’s ranking improved by two places to fifth globally.

    However, those US politicians insist on turning a blind eye to all these facts and even clamour for “sanctions” against the Hong Kong SAR personnel who dutifully safeguard national security. The Hong Kong SAR Government strongly condemned their political grandstanding rife with ill intentions, which have been seen through by all.

    The statement also pointed out that the Hong Kong SAR despises any “sanctions” and shall never be intimidated. It shall continue to resolutely discharge the responsibility of safeguarding national security.

    The Hong Kong SAR Government strongly urged the US politicians concerned to discern facts from fallacies, and immediately stop acting against international law and basic norms of international relations and interfering in Hong Kong matters, which are purely China’s internal affairs.

    Additionally, it said the Hong Kong SAR’s judicial system has always been highly regarded by international communities. Any attempt by any country, organisation, or individual to interfere with the judicial proceedings in the Hong Kong SAR by means of political power is a reprehensible act undermining the Hong Kong SAR’s rule of law.

    It highlighted that making any statement with the intent to interfere with or obstruct the course of justice, or engaging in conduct with the same intent, is very likely to constitute the offence of criminal contempt of court or the offence of perverting the course of justice.

    The Hong Kong SAR Government reiterated the Hong Kong SAR steadfastly safeguards national sovereignty, security and development interests, and fully and faithfully lives up to this top priority of the “one country, two systems” principle.

    The Hong Kong SAR Government will, as always, resolutely, fully and faithfully implement the NSL, the Safeguarding National Security Ordinance and other relevant laws safeguarding national security in the Hong Kong SAR, to effectively prevent, suppress and impose punishment for acts and activities endangering national security in accordance with the law, whilst upholding the rights and freedoms of Hong Kong people in accordance with the law, so as to ensure the steadfast and successful implementation of the principle of “one country, two systems,” it added.

    MIL OSI Asia Pacific News –

  • MIL-OSI: Hawthorn Bancshares Reports Third Quarter 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    JEFFERSON CITY, Mo., Oct. 30, 2024 (GLOBE NEWSWIRE) — Hawthorn Bancshares, Inc. (NASDAQ: HWBK), (the “Company”), the bank holding company for Hawthorn Bank, reported third quarter 2024 net income of $4.6 million, or earnings per diluted share (“EPS”) of $0.66.

    Third Quarter 2024 Results

    • Net income improved $2.0 million, or 77%, from the third quarter 2023 (the “prior year quarter”)
    • EPS of $0.66, an improvement of $0.30 per share, or 83%, from the prior year quarter
    • Net interest margin, fully taxable equivalent (“FTE”) improved in the third quarter 2024 to 3.36% compared to 3.33% for second quarter 2024 (the “prior quarter”)
    • Return on average assets and equity of 1.00% and 12.87%, respectively
    • Loans decreased $31.8 million, or 2.1%, and deposits decreased $46.7 million, or 3.0%, compared to the prior quarter
    • Investments increased $17.9 million, or 9.3%, compared to the prior quarter
    • Credit quality remained strong with non-performing loans to total loans of 0.28%
    • Remained well capitalized with total risk-based capital of 14.91%
    • Book Value per share increased $4.09 to $20.91, or 24%, compared to the prior year quarter

    Brent Giles, Chief Executive Officer of Hawthorn Bancshares, Inc. commented, “We are pleased with the progress we’ve made on our strategic objectives, and the corresponding financial results. Our focus on core lines of business has resulted in reduced overhead expenses and expansion of our fee income.”

    Financial Summary

    (unaudited)
    $000, except per share data

      September 30,   June 30,   September 30,
      2024   2024   2023
    Balance sheet information:          
    Total assets $ 1,809,769     $ 1,847,810     $ 1,879,005  
    Loans held for investment   1,466,751       1,498,504       1,556,969  
    Investment securities   209,019       191,159       240,521  
    Deposits   1,503,504       1,550,250       1,580,365  
    Total stockholders’ equity $ 146,474     $ 138,241     $ 118,404  
               
    Key ratios and per share data:          
    Book value per share $ 20.91     $ 19.71     $ 16.82  
    Market price per share $ 25.03     $ 19.80     $ 16.25  
    Diluted earnings per share (QTR) $ 0.66     $ 0.66     $ 0.36  
    Net interest margin (FTE) (QTR)   3.36%       3.33%       3.35%  
    Efficiency ratio (QTR)   66.23%       66.24%       79.79%  

    Financial Results for the Quarter and Nine Months Ended September 30, 2024

    Earnings

    Net income for the third quarter 2024 was $4.6 million, a decrease of $0.1 million, or 1.2%, from the prior quarter, and an increase of $2.0 million, or 77.4%, from the prior year quarter. EPS remained consistent with the prior quarter at $0.66 compared to $0.36 for the prior year quarter.

    Net income for the nine months ended September 30, 2024 was $13.7 million, or $1.95 per diluted share, an increase of $5.3 million compared to $8.4 million, or $1.19 per diluted share, for the nine months ended September 30, 2023.

    Net Interest Income and Net Interest Margin

    Net interest income for the third quarter 2024 was $14.3 million, an increase of $0.2 million from the prior quarter, and a decrease of $0.82 million from the prior year quarter. Net interest income for the nine months ended September 30, 2024 was $43.2 million, a decrease of $0.1 million compared to $43.3 million for the nine months ended September 30, 2023.

    Interest income decreased $0.1 million in the current quarter compared to the prior year quarter, driven primarily by lower average interest earning assets, while interest expense increased $0.8 million compared to the prior year quarter. Net interest margin, on an FTE basis, was 3.36% for the current quarter, compared to 3.33% for the prior quarter, and 3.35% for the prior year quarter.

    The yield earned on average loans held for investment was consistent at 5.83%, on an FTE basis, for both the third quarter 2024 and the prior quarter, compared to 5.67% for the prior year quarter.

    The average cost of deposits was 2.74% for the third quarter 2024, compared to 2.69% for the prior quarter and 2.32% for the prior year quarter. Non-interest bearing demand deposits as a percent of total deposits was 26.0% as of September 30, 2024, compared to 25.9% and 26.9% at June 30, 2024 and September 30, 2023, respectively.

    Non-interest Income

    Total non-interest income for the third quarter 2024 was $3.8 million, a decrease of $0.2 million, or 5.3%, from the prior quarter, and an increase of $3.2 million, or 524.3%, from the prior year quarter. For the nine months ended September 30, 2024, non-interest income was $10.8 million, an increase of $5.4 million as compared to $5.4 million for the nine months ended September 30, 2023.

    The decrease in the current quarter compared to the prior quarter was primarily due to the Company completing the sale of its mortgage servicing rights and recognizing a gain on sale on foreclosed property in the prior quarter.

    The increase in the current quarter compared to the prior year quarter was primarily due to an increase in earnings on bank owned life insurance and a decrease in other real estate owned valuation write-downs, partially offset by a decrease in the gains on sale of mortgage loans in the current quarter.

    Non-interest Expense

    Total non-interest expense for the third quarter 2024 was $12.0 million, a decrease of $0.04 million, or 0.3%, from the prior quarter, and a decrease of $0.6 million, or 4.6%, from the prior year quarter. For the nine months ended September 30, 2024, non-interest expense was $36.6 million, a decrease of $1.2 million as compared to $37.8 million for the nine months ended September 30, 2023.

    The third quarter 2024 efficiency ratio was 66.23% compared to 66.24% and 79.79% for the prior quarter and prior year quarter, respectively. The slight decrease in the current quarter compared to the prior quarter was primarily due to higher net interest margin and lower non-interest expenses in the current quarter.

    Loans

    Loans held for investment decreased $31.8 million, or 2.1%, to $1.5 billion as of September 30, 2024 as compared to June 30, 2024 and decreased $90.2 million, or 5.8%, from September 30, 2023.

    Investments

    Investments increased $17.9 million, or 9.3%, to $209.0 million as of September 30, 2024 compared to June 30, 2024 and decreased $31.5 million, or 13.1%, from September 30, 2023.

    Asset Quality

    Non-performing assets to total loans was 0.58% at September 30, 2024, compared to 0.54% and 0.48% at June 30, 2024 and September 30, 2023, respectively. Non-performing assets totaled $8.5 million at September 30, 2024, compared to $8.1 million and $7.4 million at June 30, 2024 and September 30, 2023, respectively. The increase in non-performing assets in the current quarter compared to the prior quarter is primarily due to a $2.0 million commercial loan relationship moving to non-accrual status and a $1.1 million commercial real estate loan that went to foreclosure during the current quarter.

    In the third quarter 2024, the Company had net loan charge-offs of $0.6 million, or 0.04% of average loans, compared to net loan charge-offs of $2.0 million, or 0.13% of average loans, and $0.1 million, or 0.00% of average loans, in the prior quarter and prior year quarter, respectively. The charge-offs in the current quarter primarily related to one commercial real estate loan and one commercial loan relationship that were adequately reserved for in the prior quarter.

    The Company’s provision for credit losses and unfunded commitments was consistent at $0.5 million for both the third quarter 2024 and the prior quarter, and was $0.1 million for the prior year quarter.

    The allowance for credit losses at September 30, 2024 was $21.9 million, or 1.50% of outstanding loans, and 539.52% of non-performing loans. At June 30, 2024, the allowance for credit losses was $22.0 million, or 1.47% of outstanding loans, and 495.38% of non-performing loans. At September 30, 2023, the allowance for credit losses was $22.5 million, or 1.44% of outstanding loans, and 583.88% of non-performing loans. The allowance for credit losses represents management’s best estimate of expected losses inherent in the loan portfolio and is commensurate with risks in the loan portfolio as of September 30, 2024 as determined by management.

    Deposits

    Total deposits at September 30, 2024 were $1.5 billion, a decrease of $46.7 million, or 3.0%, from June 30, 2024, and a decrease of $76.9 million, or 4.9%, from September 30, 2023. The decrease in deposits at September 30, 2024 as compared to September 30, 2023 was primarily a result of a decrease in demand deposits and brokered deposits.

    Capital

    The Company maintains its “well capitalized” regulatory capital position. At September 30, 2024, capital ratios were as follows: total risk-based capital to risk-weighted assets 14.91%; tier 1 capital to risk-weighted assets 13.66%; tier 1 leverage 11.33%; and common equity to assets 8.09%.

    Pursuant to the Company’s 2019 Repurchase Plan, management is given discretion to determine the number and pricing of the shares to be purchased under the plan, as well as the timing of any such purchases. The Company repurchased 56,692 common shares under the repurchase plan during the first nine months of 2024 at an average cost of $19.51 per share totaling $1.1 million. As of September 30, 2024, $3.9 million remains available for share repurchases pursuant to the plan.

    During the fourth quarter of 2024, the Company’s Board of Directors approved a quarterly cash dividend of $0.19 per common share payable January 1, 2025 to shareholders of record at the close of business on December 15, 2024.

    [Tables follow]

    FINANCIAL SUMMARY
    (unaudited)
    $000, except per share data

      Three Months Ended
      September 30,   June 30,   September 30,
    Statement of income information: 2024   2024   2023
    Total interest income $ 23,819   $ 23,556     $ 23,888
    Total interest expense   9,492     9,384       8,741
    Net interest income   14,327     14,172       15,147
    Provision for credit losses on loans and unfunded commitments   500     457       110
    Non-interest income   3,783     3,995       606
    Investment securities gains (losses), net   8     (15)       3
    Non-interest expense   11,994     12,034       12,569
    Pre-tax income   5,624     5,661       3,077
    Income taxes   1,050     1,033       498
    Net income $ 4,574   $ 4,628     $ 2,579
    Earnings per share:          
    Basic: $ 0.66   $ 0.66     $ 0.36
    Diluted: $ 0.66   $ 0.66     $ 0.36
               
          Nine Months Ended
          September 30,
    Statement of income information:      2024      2023
    Total interest income     $ 71,427     $ 66,748
    Total interest expense       28,181       23,451
    Net interest income       43,246       43,297
    Provision for credit losses on loans and unfunded commitments       726       790
    Non-interest income       10,798       5,384
    Investment securities (losses) gains, net       (7)       18
    Non-interest expense       36,603       37,772
    Pre-tax income       16,708       10,137
    Income taxes       3,049       1,738
    Net income     $ 13,659     $ 8,399
    Earnings per share:          
    Basic:     $ 1.95     $ 1.19
    Diluted:     $ 1.95     $ 1.19

    FINANCIAL SUMMARY (continued)

    (unaudited)

    $000

      September 30,   June 30,   September 30,
      2024   2024   2023
    Key financial ratios:          
    Return on average assets (QTR)   1.00%       1.02%       0.54%  
    Return on average common equity (QTR)   12.87%       13.75%       8.05%  
    Net interest margin (FTE) (QTR)   3.36%       3.33%       3.35%  
    Efficiency ratio (QTR)   66.23%       66.24%       79.79%  
               
    Asset Quality Ratios:          
    Allowance for credit losses to total loans   1.50%       1.47%       1.44%  
    Non-performing loans to total loans (a)   0.28%       0.30%       0.25%  
    Non-performing assets to loans   0.58%       0.54%       0.48%  
    Non-performing assets to assets   0.47%       0.44%       0.39%  
    Performing TDRs to loans $ 636     $ 1,977     $ 74  
    Net Charge-offs to Average Loans (QTR)   0.04%       0.13%       0.00%  
    Allowance for credit losses on loans to          
    non-performing loans (a)   539.52%       495.38%       583.88%  
               
    Capital Ratios:          
    Average stockholders’ equity to average total assets (QTR)   7.80%       7.40%       6.73%  
    Period-end stockholders’ equity to period-end assets   8.09%       7.48%       6.30%  
    Total risk-based capital ratio   14.91%       14.30%       14.20%  
    Tier 1 risk-based capital ratio   13.66%       12.94%       12.54%  
    Common equity Tier 1 capital   10.53%       10.02%       10.09%  
    Tier 1 leverage ratio   11.33%       10.94%       10.43%  

    (a) Non-performing loans include loans 90-days past due and accruing and non-accrual loans.

    About Hawthorn Bancshares

    Hawthorn Bancshares, Inc., a financial-bank holding company headquartered in Jefferson City, Missouri, is the parent company of Hawthorn Bank, which has served families and businesses for more than 150 years. Hawthorn Bank has multiple locations, including in the greater Kansas City metropolitan area, Jefferson City, Columbia, Springfield, and Clinton.

    Contact:
    Hawthorn Bancshares, Inc.
    Brent M. Giles
    Chief Executive Officer
    TEL: 573.761.6100
    www.HawthornBancshares.com

    The financial results in this press release reflect preliminary, unaudited results, which are not final until the Company’s Quarterly Report on Form 10-Q is filed. Statements made in this press release that suggest the Company’s or management’s intentions, hopes, beliefs, expectations, or predictions of the future include “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. It is important to note that actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in such forward-looking statements is contained from time to time in the Company’s quarterly and annual reports filed with the Securities and Exchange Commission. These forward-looking statements are made as of the date of this communication, and the Company disclaims any obligation to update any forward-looking statement or to publicly announce the results of any revisions to any of the forward-looking statements included herein, except as required by law.

    The MIL Network –

  • MIL-OSI: Banco Itaú Chile Announces Third Quarter 2024 Management Discussion & Analysis Report

    Source: GlobeNewswire (MIL-OSI)

    SANTIAGO, Chile, Oct. 30, 2024 (GLOBE NEWSWIRE) — BANCO ITAÚ CHILE (SSE: ITAUCL) announced today its Management Discussion & Analysis Report (“MD&A Report”) for the third quarter ended September 30, 2024. For the full MD&A Report, please refer to the following link:

    https://ir.itau.cl/MDAQ32024

    On Monday, November 4, 2024, at 11:00 A.M. Santiago time (9:00 A.M. ET), the Company’s management team will host a conference call to discuss the financial results. The call will be hosted by Claudia Labbé Montevecchi, Head of IR and Chief Sustainability Officer, and Matías Valenzuela Barrenechea, Head of FP&A, Capital and IR.

    Conference Call Details:

    Online registration: https://registrations.events/direct/Q4I613620

    All participants must pre-register using this link to join the conference call. Upon registering, each participant will be provided with details to connect to the call and a registrant ID.

    Webcast:

    The webcast will be available through the following link:

    https://events.q4inc.com/attendee/539765194

    Participants in the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. Following the event, the event will be available in the same link.

    Telephone and Virtual Q&A session:

    The Q&A session will be available for participants connected through the conference call and through the webcast, where attendees will be allowed to type in their questions – we will read and answer selected questions verbally.

    Investor Relations – Itaú Chile

    IR@itau.cl / ir.itau.cl

    The MIL Network –