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Category: Economy

  • MIL-OSI Global: Brics+ could shape a new world order, but it lacks shared values and a unified identity

    Source: The Conversation – Africa – By Anthoni van Nieuwkerk, Professor of International and Diplomacy Studies, Thabo Mbeki African School of Public and International Affairs, University of South Africa

    The last two summits of Brics countries have raised questions about the coalition’s identity and purpose. This began to come into focus at the summit hosted by South Africa in 2023, and more acutely at the recent 2024 summit in Kazan, Russia.

    At both events the alliance undertook to expand its membership. In 2023, the first five Brics members – Brazil, Russia, India, China and South Africa – invited Iran, Egypt, Ethiopia, Saudi Arabia and the United Arab Emirates to join. All bar Saudi Arabia have now done so. The 2024 summit pledged to admit 13 more, perhaps as associates or “partner countries”.

    On paper, the nine-member Brics+ strikes a powerful pose. It has a combined population of about 3.5 billion, or 45% of the world’s people. Combined, its economies are worth more than US$28.5 trillion – about 28% of the global economy. With Iran, Saudi Arabia and the UAE as members, Brics+ produces about 44% of the world’s crude oil.

    Based on my research and policy advice to African foreign policy decision-makers, I would argue that there are three possible interpretations of the purpose of Brics+.

    • A club of self-interested members – a kind of global south cooperative. What I’d label as a self-help organisation.

    • A reforming bloc with a more ambitious goal of improving the workings of the current global order.

    • A disrupter, preparing to replace the western-dominated liberal world order.

    Analysing the commitments that were made at the meeting in Russia, I would argue that Brics+ sees itself more as a self-interested reformer. It represents the thinking among global south leaders about the nature of global order, and the possibilities of shaping a new order. This, as the world moves away from the financially dominant, yet declining western order (in terms of moral influence) led by the US. The move is to a multipolar order in which the east plays a leading role.



    Read more:
    Russia’s Brics summit shows determination for a new world order – but internal rifts will buy the west some time

    However, the ability of Brics+ to exploit such possibilities is constrained by its make-up and internal inconsistencies. These include a contested identity, incongruous values and lack of resources to convert political commitments into actionable plans.

    Summit outcomes

    The trend towards closer trade and financial cooperation and coordination stands out as a major achievement of the Kazan summit. Other achievements pertain to global governance and counter-terrorism.

    When it comes to trade and finance, the final communiqué said the following had been agreed:

    • adoption of local currencies in trade and financial transactions. The Kazan Declaration notes the benefits of faster, low cost, more efficient, transparent, safe and inclusive cross-border payment instruments. The guiding principle would be minimal trade barriers and non-discriminatory access.

    • establishment of a cross-border payment system. The declaration encourages correspondent banking networks within Brics, and enabling settlements in local currencies in line with the Brics Cross-Border Payments Initiative. This is voluntary and nonbinding and is to be discussed further.

    • creation of an enhanced roles for the New Development Bank, such as promoting infrastructure and sustainable development.

    • a proposed Brics Grain Exchange, to improve food security through enhanced trade in agricultural commodities.

    All nine Brics+ countries committed themselves to the principles of the UN Charter – peace and security, human rights, the rule of law, and development – primarily as a response to the western unilateral sanctions.



    Read more:
    South Africa walks a tightrope of international alliances – it needs Russia, China and the west

    The summit emphasised that dialogue and diplomacy should prevail over conflict in, among other places, the Middle East, Sudan, Haiti and Afghanistan.

    Faultlines and tensions

    Despite the positive tone of the Kazan declaration, there are serious structural fault lines and tensions inherent in the architecture and behaviour of Brics+. These might limit its ambitions to be a meaningful change agent.

    The members don’t even agree on the definition of Brics+. President Cyril Ramaphosa of South Africa calls it a platform. Others talk of a group (Russia’s President Vladimir Putin, India’s Prime Minister Narendra Modi) or a family (Chinese foreign ministry spokesperson Lin Jianan).

    So what could it be?

    Brics+ is state-driven – with civil society on the margins. It reminds one of the African Union, which pays lip service to citizens’ engagement in decision-making.

    One possibility is that it will evolve into an intergovernmental organisation with a constitution that sets up its agencies, functions and purposes. Examples include the World Health Organization, the African Development Bank and the UN general assembly.

    But it would need to cohere around shared values. What would they be?

    Critics point out that Brics+ consists of democracies (South Africa, Brazil, India), a theocracy (Iran), monarchies (UAE, Saudi Arabia) and authoritarian dictatorships (China, Russia). For South Africa this creates a domestic headache. At the Kazan summit, its president declared Russia a friend and ally. At home, its coalition partner in the government of national unity, the Democratic Alliance, declared Ukraine as a friend and ally.



    Read more:
    When two elephants fight: how the global south uses non-alignment to avoid great power rivalries

    There are also marked differences over issues such as the reform of the United Nations. For example, at the recent UN Summit of the Future the consensus was for reform of the UN security council. But will China and Russia, as permanent security council members, agree to more seats, with veto rights, on the council?

    As for violent conflict, humanitarian crises, corruption and crime, there is little from the Kazan summit that suggests agreement around action.

    Unity of purpose

    What about shared interests? A number of Brics+ members and the partner countries maintain close trade ties with the west, which regards Russia and Iran as enemies and China as a global threat.

    Some, such as India and South Africa, use the foreign policy notions of strategic ambiguity or active non-alignment to mask the reality of trading with east, west, north and south.

    The harsh truth of international relations is there are no permanent friends or enemies, only permanent interests. The Brics+ alliance will most likely cohere as a global south co-operative, with an innovative self-help agenda, but be reluctant to overturn the current global order from which it desires to benefit more equitably.

    Trade-offs and compromises might be necessary to ensure “unity of purpose”. It’s not clear that this loose alliance is close to being able to achieve that.

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

    – ref. Brics+ could shape a new world order, but it lacks shared values and a unified identity – https://theconversation.com/brics-could-shape-a-new-world-order-but-it-lacks-shared-values-and-a-unified-identity-242308

    MIL OSI – Global Reports –

  • MIL-OSI USA: Murphy Op-Ed For The Financial Times: Breaking Up Concentrated Economic Power Must Be A Foreign Policy Priority

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    October 29, 2024

    WASHINGTON—U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Tuesday authored an op-ed for the Financial Times arguing that American foreign and domestic policies must align to break up concentrated economic power and revitalize local communities. Pointing to the Biden-Harris administration’s work to break up corporate monopolies, rebuild local economies, and create a new industrial policy, Murphy called for America’s foreign policy to be similarly reshaped.

    Murphy described how the Biden-Harris Administration’s decision at the World Trade Organization to block new data transit rules reflects a larger effort to combat the consequences of neoliberalism: “They saw the negotiations through the prism of America’s twin crises of alienation and the concentration of economic power. While all the key economic indicators point to a country that has bounced back from the pandemic, rates of addiction, self-harm and political extremism continue to rise as more Americans report feeling unhappy and disconnected from their communities. This alienation is the wreckage left in the wake of a half century of shared, bipartisan faith in economic neoliberalism — the doctrine that unrestricted free trade and market forces would best uphold the public good. The unchecked gobbling up of economic power by a few large corporations has left us with broken supply chains and uncompetitive markets.”

    Murphy underscored the need for a post-neoliberal foreign policy that aims to break up concentrated global economic power, protect fair trade, and breathe life back into local communities: “Trade agreements should be put to a simple test: will the terms concentrate or distribute private economic power? When new rules clearly give large global companies too much power over workers and citizens in individual nation states, then the answer must be to rewrite or reject them, as demonstrated by Tai. A post-neoliberal foreign policy must also challenge the ability of state-run economies to rig the rules of the global marketplace. Too often US foreign policy is focused on military threats. Yes, China and Russia present conventional military threats to global order; but America must expend equal effort on confronting our adversaries’ growing economic influence. This should involve speeding up renewable energy adoption to weaken the power of Russia and other petro-dictatorships and continued work to contest Chinese dominance of critical supply chains for products such as solar panels or advanced batteries.”

    “Our foreign policy must also buttress growing bipartisan efforts to create a new industrial and commercial approach rooted in localism,” Murphy continued. “Americans do not want to be part of a homogenized, flattened global economy. They want vibrant local economies where worker power is prioritized over shareholder power, community wellness prevails over the cult of efficiency, and values such as generosity and fairness matter more than greed and excess. Through carefully constructed tariffs and subsidies for domestic manufacturing and research and development, foreign and trade policy can be the vehicle for this change.”

    Murphy concluded: “Americans will continue to lose faith in their country’s democracy if we do not marry foreign and domestic policy in an effort to prioritize the common good over shameless profit-seeking. That decision at the WTO to rethink global data rules offers proof that the Biden-Harris administration understands the scale of the crisis the America faces and that it has laid the foundations of a coherent way forward for US foreign policy. The next generation of national security leaders must now build on and finish this work.”

    Read the full op-ed here.

    MIL OSI USA News –

  • MIL-OSI USA: THOMPSON HOSTS USDA RURAL DEVELOPMENT ROUNDTABLE FOR YOLO COUNTY COMMUNITY

    Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

    Esparto – Last week, Rep. Mike Thompson (CA-04) partnered with leadership from the U.S. Department of Agriculture, Rural Development (USDA RD) to host a roundtable with leaders from across Yolo County. During the session, Rep. Thompson and USDA RD State Director, Maria Gallegos-Herrera, presented leaders from across Yolo County with information on Rural Development programs and services that are available to qualified rural Yolo County communities.

    “Rural communities are the backbone of California and our country,” said Thompson. “Thank you to the USDA Rural Development team for partnering with me to bring local leaders from across Yolo County together to discuss our community’s needs and connect leaders with USDA RD programs that can help address those needs. Already, Yolo County has received over $14.2 million in support from USDA RD programs and I look forward to continuing to support our community’s development.”

    USDA Rural Development provides more than 70 programs to help improve the economy and quality of life in rural communities that meet program requirements. USDA RD programs help rural communities build infrastructure like hospitals and community centers and help rural communities increase access to utilities, affordable housing, and homeownership opportunities. These programs come in various forms including loans, grants, loan guarantees, and partnerships with local leaders.

    Thompson’s session in Esparto was the first of five Rural Development roundtables the Congressman hosted in each of the five counties that make up the 4th Congressional district: Lake, Napa, Solano, Sonoma, and Yolo.

    MIL OSI USA News –

  • MIL-OSI USA: THOMPSON HOSTS USDA RURAL DEVELOPMENT ROUNDTABLE FOR SOLANO COUNTY COMMUNITY

    Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

    Dixon – Last week, Rep. Mike Thompson (CA-04) partnered with leadership from the U.S. Department of Agriculture, Rural Development (USDA RD) to host a roundtable with leaders from across Solano County. During the session, Rep. Thompson and USDA RD State Director, Maria Gallegos-Herrera, presented leaders from across Solano County with information on Rural Development programs and services that are available to qualified rural Solano County communities.

    “Rural communities are the backbone of California and our country,” said Thompson. “Thank you to the USDA Rural Development team for partnering with me to bring local leaders from across Solano County together to discuss our community’s needs and connect leaders with USDA RD programs that can help address those needs. Already, Solano County has received over $13.1 million in support from USDA RD programs and I look forward to continuing to support our community’s development.”

    USDA Rural Development provides more than 70 programs to help improve the economy and quality of life in rural communities that meet program requirements. USDA RD programs help rural communities build infrastructure like hospitals and community centers and help rural communities increase access to utilities, affordable housing, and homeownership opportunities. These programs come in various forms including loans, grants, loan guarantees, and partnerships with local leaders.

    Thompson’s session in Dixon was the second of five Rural Development roundtables the Congressman hosted in each of the five counties that make up the 4th Congressional district: Lake, Napa, Solano, Sonoma, and Yolo.

    MIL OSI USA News –

  • MIL-OSI USA: THOMPSON HOSTS USDA RURAL DEVELOPMENT ROUNDTABLE FOR NAPA COUNTY COMMUNITY

    Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

    St. Helena – Last week, Rep. Mike Thompson (CA-04) partnered with leadership from the U.S. Department of Agriculture, Rural Development (USDA RD) to host a roundtable with leaders from across Napa County. During the session, Rep. Thompson and USDA RD State Director, Maria Gallegos-Herrera, presented leaders from across Napa County with information on Rural Development programs and services that are available to qualified rural Napa County communities.

    “Rural communities are the backbone of California and our country,” said Thompson. “Thank you to the USDA Rural Development team for partnering with me to bring local leaders from across Napa County together to discuss our community’s needs and connect leaders with USDA RD programs that can help address those needs. Already, Napa County has received over $37.5 million in support from USDA RD programs and I look forward to continuing to support our community’s development.”

    USDA Rural Development provides more than 70 programs to help improve the economy and quality of life in rural communities that meet program requirements. USDA RD programs help rural communities build infrastructure like hospitals and community centers and help rural communities increase access to utilities, affordable housing, and homeownership opportunities. These programs come in various forms including loans, grants, loan guarantees, and partnerships with local leaders.

    Thompson’s session in St. Helena was the third of five Rural Development roundtables the Congressman hosted in each of the five counties that make up the 4th Congressional district: Lake, Napa, Solano, Sonoma, and Yolo.

    MIL OSI USA News –

  • MIL-OSI USA: THOMPSON HOSTS USDA RURAL DEVELOPMENT ROUNDTABLE FOR LAKE COUNTY COMMUNITY

    Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

    Clearlake – Last week, Rep. Mike Thompson (CA-04)partnered with leadership from the U.S. Department of Agriculture, Rural Development (USDA RD) to host a roundtable with leaders from across Lake County. During the session, Rep. Thompson and USDA RD State Director, Maria Gallegos-Herrera, presented leaders from across Lake County with information on Rural Development programs and services that are available to qualified rural Lake County communities.

    “Rural communities are the backbone of California and our country,” said Thompson. “Thank you to the USDA Rural Development team for partnering with me to bring local leaders from across Lake County together to discuss our community’s needs and connect leaders with USDA RD programs that can help address those needs. Already, Lake County has received over $46.7 million in support from USDA RD programs and I look forward to continuing to support our community’s development.”

    USDA Rural Development provides more than 70 programs to help improve the economy and quality of life in rural communities that meet program requirements. USDA RD programs help rural communities build infrastructure like hospitals and community centers and help rural communities increase access to utilities, affordable housing, and homeownership opportunities. These programs come in various forms including loans, grants, loan guarantees, and partnerships with local leaders.

    Thompson’s session in Clearlake was the fourth of five Rural Development roundtables the Congressman hosted in each of the five counties that make up the 4th Congressional district: Lake, Napa, Solano, Sonoma, and Yolo.

    MIL OSI USA News –

  • MIL-OSI USA: THOMPSON HOSTS USDA RURAL DEVELOPMENT ROUNDTABLE FOR SONOMA COUNTY COMMUNITY

    Source: United States House of Representatives – Congressman Mike Thompson Representing the 5th District of CALIFORNIA

    Sonoma – Last week, Rep. Mike Thompson (CA-04)partnered with leadership from the U.S. Department of Agriculture, Rural Development (USDA RD) to host a roundtable with leaders from across Sonoma County. During the session, Rep. Thompson, USDA RD State Director Maria Gallegos-Herrera, and USDA RD Northern California Area Director Jennifer Gooler presented leaders from across Sonoma County with information on Rural Development programs and services that are available to qualified rural Sonoma County communities.

    “Rural communities are the backbone of California and our country,” said Thompson. “Thank you to the USDA Rural Development team for partnering with me to bring local leaders from across Sonoma County together to discuss our community’s needs and connect leaders with USDA RD programs that can help address those needs. Already, Sonoma County has received over $16.1 million in support from USDA RD programs and I look forward to continuing to support our community’s development.”

    USDA Rural Development provides more than 70 programs to help improve the economy and quality of life in rural communities that meet program requirements. USDA RD programs help rural communities build infrastructure like hospitals and community centers and help rural communities increase access to utilities, affordable housing, and homeownership opportunities. These programs come in various forms including loans, grants, loan guarantees, and partnerships with local leaders.

    Thompson’s session in Sonoma was the fifth of five Rural Development roundtables the Congressman hosted in each of the five counties that make up the 4th Congressional district: Lake, Napa, Solano, Sonoma, and Yolo.

    MIL OSI USA News –

  • MIL-OSI Economics: Mission Index Focuses Help Where It’s Needed

    Source: Fannie Mae

    Fannie Mae’s and Freddie Mac’s (the Enterprises) Mission Index disclosures provide insights into mission-oriented lending activities underlying our Single-Family mortgage-backed securities (MBS) — helping meet specific portfolio needs and informing investment strategy. The disclosure was designed in response to investors’ increased interest in allocating capital to support affordable housing and provide access to credit for underserved borrowers and markets. Since the first version of the Mission Index was introduced two years ago, it has evolved based on investor feedback and is now the foundation of the Enterprises’ Single-Family Social Bond programs. We’ve also introduced a new disclosure supplement, the Mission Index Criteria Attribution (MICA), to further support investors in their impact analysis.

    Our Mission Through Disclosures

    The Enterprises support liquidity, stability, and affordability in the U.S. housing finance market. We work especially hard to ensure that includes support for mortgage credit to moderate- and low-income families and underserved areas. The Mission Index helps to highlight these activities. In summary, it’s a disclosure designed as two aggregate measures per MBS pool. The first measure helps investors understand how many loans in a pool finance a property to borrowers meeting certain income, borrower, and property dimensions. The second measure illustrates how many of those loans meet multiple mission criteria. These measures are aggregated by design to minimize disruption to Uniform Mortgage-Backed Securities (UMBS) in the “to be announced” (TBA) market and to deliver transparency to investors while protecting borrower privacy.

    Market Reception

    The Mission Index has been well received by both impact-focused investors and by value-focused investors. That is because, in addition to providing more information on the social characteristics of the borrowers underlying a pool, many of the criteria that comprise the Mission Index are historically correlated with slower prepayments, or call protection. As a result, both impact and non-impact investors alike have expressed interest in these new disclosures. Some of this interest has been expressed through pay-ups, meaning investors find value in MBS pools with high Mission Index scores and are willing to pay more for them than the typical TBA security. This demand, and the pay-ups received by lenders who originate these loans, are designed to help incentivize more mission-oriented mortgage financing.

    Single-Family Social Bonds

    Our Single-Family Social Bonds, or MBS, launched in the first half of this year, are designed to satisfy international standards and are bolstered by independent second party opinions. And the Mission Index is the foundation of the program. MBS pools with 100% of their loans having at least one mission-focused attribute and an average of at least two of the three high-level attributes (i.e., income, borrower, or property) per loan now receive a Social Bond label.  When the Enterprises pool whole loans purchased from lenders that meet the criteria for our Single-Family Social Bond labels into an MBS and sell that MBS with a pay-up, the programs are designed to support more mission lending. Specifically, the Enterprises plan to allocate incremental funds they receive from pay-ups for Single-Family Social MBS to incent lenders to prioritize these types of loans, while any surplus revenue are expected to support mission lending programs, such as our Duty to Serve plans.

    Bolstering Impact Analysis

    Recently, Fannie Mae published a MICA disclosure supplement and Freddie Mac expects to release its MICA soon. These supplements are designed with the impact-focused investor in mind and seek to help respond to more detailed questions about how an investor’s portfolio supports mission lending.

    The MICA provides cohort-level information about all MBS pools issued between January 2010 and February 2024 for Fannie Mae and between January 2010 and May 2024 for Freddie Mac under the original Mission Index Version 1. The MICA tells investors how common each attribute is among borrowers in securities issued by the Enterprises, with cohorts divided by issuance quarter, pool type, and the average number of mission-focused attributes for loans in the pool. This can provide valuable information about the types of borrowers receiving loans ultimately pooled into Enterprise MBS.

    What’s Next?

    Market feedback is key to the success of our programs. We’re excited to hear from investors on v1.0 of the MICA as we prepare to launch v1.1 in 2025, which will cover bonds issued under v1.1 of the Mission Index.

    We’re also focused on creating our first impact reports for our Single-Family Social Bond programs, helping investors to see the effectiveness of the money they are putting to work to support mission-oriented lending.

    To further aid in analysis, later this quarter we plan to update the Social Indicator disclosure for Fannie Megas, Freddie Giants, and Fannie and Freddie Supers to be disclosed as Yes if all the underlying security collateral have a Social Indicator of Yes.

    We look forward to continuing to use this disclosure to work with lenders and investors to serve the needs of households across the country.

    Learn More

    Dive into the Mission Index and new MICA Resources – including Fannie Mae’s excel-based tool where investors can load their portfolios to receive an estimate of impact.

    Review our Single-Family Social Bonds, including eligibility, disclosures, and expected impact reporting.

    The information contained in this blog post and in the documents that may be accessed through this blog post is provided for your general information only and speaks only as of the date of those documents. Numerous assumptions were used in preparing the information, which may or may not be reflected herein. As such, no assurance can be given as to the information’s accuracy, appropriateness or completeness in any particular context. The information could be out of date and no longer accurate. Freddie Mac and Fannie Mae undertake no obligation, and disclaim any duty, to update any of the information in those documents.  Opinions contained in this blog post are those of Freddie Mac and Fannie Mae as of the date of this blog post and are subject to change without notice.

    This is not an offer to buy or sell any Freddie Mac or Fannie Mae securities. Offers for any given security are made only through applicable offering circulars and related supplements, which incorporate the issuer’s most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (SEC); all other reports the issuer files with the SEC pursuant to Section 13(a) of the Securities Exchange Act of 1934 (Exchange Act), excluding any information “furnished” to the SEC on Form 8-K; and all documents that the issuer files with the SEC pursuant to Sections 13(a), 13(c) or 14 of the Exchange Act, excluding any information “furnished” to the SEC on Form 8-K.

    The financial and other information contained in this blog post is not incorporated by reference into, or a part of, any offering documents of any security. The information does not constitute a sufficient basis for making a decision with respect to the purchase and sale of any security and is directed only at, and is intended for distribution to and use by, qualified persons or entities in jurisdictions where such distribution and use is permitted and would not be contrary to law or regulation. All information regarding or relating to Freddie Mac or Fannie Mae securities is qualified in its entirety by the relevant offering circular and any related supplements. You should review the relevant offering circular and any related supplements before making a decision with respect to the purchase or sale of any security. In addition, before purchasing any security, please consult your legal and financial advisors for information about and analysis of the security, its risks and its suitability as an investment in your particular circumstances.

    These materials may contain forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond Freddie Mac’s control. Freddie Mac’s management’s expectations for the company’s future necessarily involve a number of assumptions, judgments and estimates and various factors could cause actual results to differ materially from the expectations expressed in these and other forward-looking statements. These assumptions, judgments, estimates and factors are discussed in Freddie Mac’s most recent Annual Report on Form 10-K and its reports on Form 10-Q and Form 8-K, which are available on the Investor Relations page of the company’s website at http://www.freddiemac.com/investors and the SEC’s website at www.sec.gov. Freddie Mac undertakes no obligation to update forward-looking statements it makes to reflect events or circumstances occurring after the date of this blog post.

    This discussion contains a number of expectations, beliefs and forward-looking statements, including statements regarding Fannie Mae’s business plans, strategies and activities and the impact of those plans, strategies and activities. These expectations, beliefs and other forward-looking statements are based on Fannie Mae’s current assumptions regarding numerous factors and are subject to change. Actual outcomes may differ materially from those reflected in these forward-looking statements due to a variety of factors, including, but not limited to, those described in “Forward-Looking Statements” and “Risk Factors” in Fannie Mae’s most recently filed Form 10-K and Form 10-Q. Any forward-looking statements made by Fannie Mae speak only as of the date on which they were made. Fannie Mae is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events, or otherwise.

    MIL OSI Economics –

  • MIL-OSI Europe: The ESAs finalise rules to facilitate access to financial and sustainability information on the ESAP

    Source: European Banking Authority

    The three European Supervisory Authorities (EBA, EIOPA and ESMA – the ESAs) today published the Final Report on the draft implementing technical standards (ITS) regarding certain tasks of the collection bodies and functionalities of the European Single Access Point (ESAP).

    The ESAP is foreseen in Level 1 legislation to be a two-tier system, where information is first submitted by entities to the “collection bodies” – Officially Appointed Mechanisms (OAMs), offices and agencies of the EU, national authorities, among others – and then made available by the collection bodies to the ESAP. These ITS are the first milestone for the successful establishment of a fully operational ESAP.

    The requirements are designed to enable future users to be able to access and use financial and sustainability information effectively and effortlessly in a centralised ESAP platform.

    Collection bodies

    The ITS on the tasks of collection bodies specify detailed requirements for collection bodies, such as by when and in what format information should be made available to the ESAP, what type of validation checks should be performed on the information submitted by entities and what metadata should be included.

    Functionalities of the ESAP

    The ITS on the functionalities of the ESAP specify the requirements for making information easily accessible to users. These requirements define, among other things, how reporting entities should be categorised by industry and size, which identifier should be used, what types of information should be made available on the ESAP, and the characteristics of the public Application Programming Interface (API) available to data users.

    Background and next steps

    The set up of the ESAP will be a key contribution to establishing the Savings and Investments Union. The ESAP will facilitate access to publicly available information relevant to financial services, capital markets and sustainability.

    The ESAP is expected to start collecting information in July 2026, while the publication of the information will start no later than July 2027.

    The Final Report has been sent to the European Commission for adoption.

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: Reed – “Britain back on global stage to support nature’s recovery”

    Source: United Kingdom – Executive Government & Departments 2

    • UK to kickstart new international efforts to protect and restore nature at COP16 biodiversity conference with a renewed drive to implement the Global Biodiversity Framework

    A wildflower meadow on the Pembrokeshire coast

    • Government sets out the path to protecting 30% of land by 2030
    • Special Representative for Nature Ruth Davis will drive coordinated international action on nature

    The UK has today (29 October) taken a leading role at the UN Biodiversity COP16 conference announcing an ambitious international package to protect and restore nature across the world.  

    At the conference, Environment Secretary Steve Reed set out new criteria to meet England’s 30by30 targets.

     Achieving 30 percent of land and sea protected for nature is a key pillar of global efforts to halt the decline of nature and create new areas for wildlife with countries around the world signed up to the target. The Government has worked with farming groups and nature organisations to finalise the criteria for land that can count toward 30by30 in England and accelerate progress toward the target.  

     To ensure the final criteria are applied consistently across land in England, the update also confirms that Sites of Special Scientific Interest will only count towards 30by30 if they are in favourable or recovering condition. This revises existing estimates to show that approximately 7.1% of England’s land currently counts towards the target.  

    Environment Secretary Steve Reed, speaking at a meeting of the High Ambition Coalition for Nature and People at COP16, said:        

    “Nature around the world is declining at an alarming rate.        

    “At COP16, we have put Britain back on the global stage to support nature’s recovery.  

    “The UK is calling for high ambition and momentum to reach our international targets to protect and restore the natural world.” 

    Analysis is now being undertaken to identify further land which may already be meeting the criteria and to understand where action and support is needed to accelerate progress. A 30by30 pilot is planned for later this year, and the government will work with partners to develop a 30by30 delivery strategy in 2025.  

    The announcement today follows the appointment of Ruth Davis as the very first Special Representative for Nature, alongside Rachel Kyte’s appointment as Special Representative for Climate, a role abolished by the previous government.   

    Tony Juniper, Chair of Natural England, said:   

     “It is vital that we halt and reverse the decline of Nature. Our planet’s web of life is fundamental for sustaining our health, wealth and security and further declines in the health of the natural world will undermine growth and well-being, threaten water and food supplies and diminish our resilience in the face of a fast-changing climate.    

     “We must take urgent action to restore nature in England at every level, and the criteria for delivering 30by30 is a welcome step which translates the ambitions of our international commitments into meaningful action on the ground.”  

    “As COP16 nature talks progress in Colombia, the UK is showing real rigour in its approach to 30by30.  

    “Now high-standard accounting must be matched by high-speed delivery. There’s a credible risk that Governments spend years adding up what should “count” toward 30by30 without actually improving the world.  

    “We welcome the new commitment to a 30by30 delivery strategy, which must begin without delay. Faster farming reform, spatial planning for nature’s recovery, and large-scale public and private investment will be the hallmarks of an effective delivery plan to meet the target. “

    Supercharging nature protection at home and abroad is a key part of the government’s mission to tackle the twin threats of climate change and biodiversity loss which threatens growth, our future prosperity and wellbeing.  

    This builds on swift action the government has taken to recover nature at home. This includes committing to a rapid review of the Environmental Improvement Plan and new delivery plans to meet targets on air quality, the circular economy and water.

    In the first few months of government, we have introduced legislation to put failing water companies under special measures to curb pollution in our waterways and introduced a Flood Resilience Taskforce to speed up the building of flood defences and implement nature-based solutions like planting trees to protect communities against the impact of extreme weather.

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Security: Three Defendants Convicted in Murder-for-Hire Conspiracy Trial

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

    MOBILE, AL – Following a three-week trial, a federal jury convicted three defendants of a murder-for-hire conspiracy, murder for hire, a carjacking conspiracy, interstate transportation of a stolen vehicle, evidence tampering, and witness tampering.

    According to court documents and evidence presented at trial, John Fitzgerald McCarroll, Jr., 30, Darrius Dwayne Rowser, 20, and Lyteria Isheeia Hollis, 30, each of Mobile, were part of a plot to murder an individual as retribution for a prior killing. Jurors reviewed evidence that McCarroll, aided by Hollis and others, directed payments to hired shooters, including Rowser and others, to carry out the intended murder. The evidence included text messages, social media evidence, financial records, surveillance videos, firearm and toolmark evidence, DNA evidence, and cell tower data, among other things.

    As part of the murder plot, evidence showed that McCarroll’s hired shooters attempted but failed to kill the intended target during multiple nightclub shootings. In September 2022, Reginald Dennis Alan Fluker, who pleaded guilty to the conspiracy, opened fire in the Bank Nightlife club using a gun provided to him by McCarroll. Fluker shot the wrong person, who later died of his injuries. In November 2022, Rowser used a machinegun provided to him by McCarroll to shoot at the intended target inside the Paparazzi Lounge. Rowser likewise missed the target and instead hit four victims, one of whom was rendered paralyzed.

    The evidence also showed that as part of the conspiracy, Rowser and others, at McCarroll’s direction, traveled to Mississippi to steal cars for use in surveilling the target of the plot. In September 2022, during an attempted carjacking in D’Iberville, Mississippi, Rowser shot and killed a victim. As part of that murder, Rowser and a coconspirator traveled back to Mobile and burned the stolen car they were using during the attempted carjacking.

    The evidence further showed that in December 2022, at McCarroll’s direction, Rowser and other coconspirators traveled to the Walmart on I-65 Service Road South in Mobile to purchase a GPS tracker for the target’s vehicle. During that trip, Rowser and a coconspirator opened fire into the self-checkout area of the store, striking two victims.

    Finally, evidence showed that following the arrests of McCarroll, Fluker, and other members of the conspiracy, the defendants attempted to tamper with evidence and a witness. Specifically, McCarroll directed Hollis to hide a weapon that he had previously purchased for Fluker because of Fluker’s participation in the murder plot. Federal agents seized that gun from Hollis’s house. Additionally, the jury convicted McCarroll of attempting to tamper with Fluker’s testimony by having him sign a sham affidavit, which was filed in state court to earn McCarroll a bond from jail.

    U.S. District Judge Terry F. Moorer scheduled sentencing for March 6, 2025. Under federal law, each defendant faces a mandatory life sentence.

    U.S. Attorney Sean P. Costello of the Southern District of Alabama made the announcement.

    The Federal Bureau of Investigation, the Bureau of Alcohol, Tobacco, Firearms and Explosives, the Mobile Police Department, and the D’Iberville, Mississippi Police Department are investigating the case.

    Assistant U.S. Attorneys Justin Roller, Gaillard Ladd, and Kasee Heisterhagen are prosecuting the case on behalf of the United States.

    MIL Security OSI –

  • MIL-OSI Security: Midwest Manufacturer To Pay Over $3.6 Million To Resolve Allegations It Received Paycheck Protection Program Loan In Violation Of Employee Size Rules

    Source: Office of United States Attorneys

              GRAND RAPIDS – U.S. Attorney for the Western District of Michigan Mark Totten today announced that Exo-s US LLC, a manufacturing company with plants and offices located in Coldwater, Michigan, and Howe, Indiana, has agreed to pay $3,628,819.44 to resolve allegations that it violated the False Claims Act by falsely obtaining a Paycheck Protection Program (PPP) loan for which it was ineligible.

              “The Paycheck Protection Program provided important relief to eligible small businesses and other entities,” said U.S. Attorney Mark Totten. “Today’s resolution demonstrates our continued commitment to work with the Small Business Administration to protect taxpayer dollars and investigate allegations of fraud on critical government programs.”

              When Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in 2020 and the American Rescue Plan Act (ARPA) in 2021, it enacted a program to provide emergency financial assistance to individuals and businesses suffering economic and public health effects caused by the COVID-19 pandemic. ARPA continued the CARES Act’s PPP loan program administered by the Small Business Administration (SBA), creating a second-draw PPP loan that allowed eligible businesses that had previously received a PPP loan to apply for a second loan.  One of the eligibility requirements for receiving this second-draw loan was that the applicant had no more than 300 employees, including employees of affiliated entities.

              In March 2021, Exo-s US LLC obtained a second-draw PPP loan, which the SBA subsequently forgave. The United States alleges that the company was not eligible for this loan because Exo-s US LLC and its affiliates had more than 300 employees.

              “The favorable settlement in this case is the product of enhanced efforts by federal agencies such as the Small Business Administration working with the U.S. Attorney’s Office, other federal law enforcement agencies, as well as financial institutions or private individuals who uncover misconduct to recover the lending program’s damages,” said Therese Meers, SBA General Counsel.

              The civil settlement includes the resolution of claims brought under the qui tam or whistleblower provisions of the False Claims Act against Exo-s US LLC. Under the qui tam provisions of the False Claims Act, a private party can file an action on behalf of the United States and receive a portion of the settlement or judgment. Here, the United States elected to take over the case, investigated it, and negotiated the settlement. The qui tam case is captioned U.S. ex rel. GNGH2 Inc. v. Exo-s US LLC, No. 1:24-cv-264 (W.D. Mich.).

              The resolution obtained in this matter was the result of a coordinated effort between the U.S. Attorney’s Office for the Western District of Michigan and the SBA. Assistant United States Attorney Andrew J. Hull investigated this case.

              The claims resolved by the settlement are allegations only and there has been no determination of liability.

    # # #

    MIL Security OSI –

  • MIL-OSI: DLive: Revolutionizing Live Streaming with Community Focus and Blockchain Integration

    Source: GlobeNewswire (MIL-OSI)

    Singapore, Oct. 29, 2024 (GLOBE NEWSWIRE) —

    DLive, a popular live streaming platform, has experienced significant growth and transformation. The platform has established a reputation for its commitment to both community safety and freedom of speech, setting it apart from other streaming services.

    One of the most notable improvements has been in the area of content moderation. DLive has implemented robust policies that effectively balance the need for a safe and inclusive platform with the principles of free expression. This has helped to address concerns raised in the past about the platform’s potential to serve as a haven for extremist ideologies.

    DLive’s slogan, “Your Stream, Your Rules!” reflects the platform’s dedication to empowering creators. While freedom of expression is a cornerstone of DLive, it is tempered by a responsibility to maintain high-quality standards and ensure a safe environment for all users. These efforts have attracted a diverse audience to DLive, making it a popular destination for streamers and viewers alike.

    To foster a thriving community of creators, DLive has implemented a multi-tiered partnership program offering exclusive features and collaboration opportunities. By meeting specific criteria, such as having a certain number of followers, subscribers, and active streaming hours, streamers can qualify for these partnerships.

    The APENFT Streamer Incentive Program is one such partnership program. Launched on May 10th, 2024, with token sponsored by the APENFT Foundation, this program rewards DLive’s Affiliate and Partner streamers for creating high-quality content. Streamers earn points by maintaining a consistent streaming schedule, engaging with their audience, growing their fan base, and participating in various activities. These points determine their share of the total prize pool, which is distributed in reward tokens at the end of the season. Any attempts to manipulate the system result in disqualification, and reward tokens are only distributed to those who provide their HTX UID.

    DLive has also demonstrated a strong commitment to fostering partnerships and collaborations within the gaming and entertainment industry. The BIGTIME weekend event, where DLive partnered with BIGTIME, an AAA MMORPG web3 game, to recruit over 50 streamers, showcased the platform’s diverse range of content and introduced new users to both platforms. By offering exclusive rewards, DLive and BIGTIME incentivized viewers to tune in and engage with the content.

    DLive’s integration with blockchain technology has been a pivotal factor in its recent growth and success. The platform leverages the TRON and BitTorrent blockchain for its donation systems, providing a secure and transparent way for users to support their favorite streamers. This integration has also enabled DLive to offer unique features and benefits to both streamers and viewers, such as the ability to earn and spend cryptocurrencies within the platform ecosystem.

    By harnessing the power of blockchain and prioritizing community safety, freedom of speech, and creator empowerment, DLive has positioned itself as a leading live streaming platform. Its commitment to fostering a thriving community and providing a diverse range of content has attracted a growing user base and solidified its reputation as a platform that values both creators and viewers.

    Disclaimer: 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. Cryptocurrency mining can involve risk. There is potential for loss of funds. It is strongly recommended you practice due diligence, including consultation with a professional financial advisor, before investing in or trading cryptocurrency and securities.

    The MIL Network –

  • MIL-OSI United Kingdom: Plans to help people sleeping rough in Manchester this winter

    Source: City of Manchester

    Manchester City Council is activating its plans for cold weather this winter to ensure that there is a warm space indoors for people who want one when the weather is below zero.

    Every year, the Council, working alongside Manchester Homelessness Partnership and health services, provides additional accommodation during periods of severe cold weather, so that no one has to sleep outside in freezing weather. 

    Year-round provision, funded by Manchester City Council , at Etrop Grange hotel in Wythenshawe already exists to help people off the street and into accommodation with support services in place to help them move on. However, we know that in periods of extreme cold weather more people are likely to accept an offer to come inside. 

    From November 1, these efforts are enhanced and council officers alongside Manchester Homelessness Partnership members, operate a system of increased outreach.  

    When the weather is forecast to drop below zero, even for one day, severe weather emergency protocol is called leading to increased outreach which operates until 4.30am. This allows officers to support people into accommodation paving the way to connect them with any additional support that they need and carry out housing assessment to find a suitable move on pathway.  

    Councillor Joanna Midgley, Deputy Leader of Manchester City Council said: 

    “We work year-round to help people off the streets, giving them access to the support they need to help them get on with their lives. 

    However, as it gets colder, people are more likely to accept help and come inside. This is why we expand our outreach offer and our officers, along with partner agencies, work into the early hours seeking out people who have bedded down so that we can offer them the opportunity to come indoors and access additional support. 

    This is especially important as sometimes coming inside in cold weather is the impetus that they need to accept help that we, along with our partners, can provide. It is often the first step on the road to a better, healthier future.” 

    Amanda Croome, Head of Homelessness for Caritas, speaking on behalf of Manchester Homelessness Partnership, said:  

    “There are a range of charities that support people experiencing homelessness in our city, coordinated through the Manchester Homeless Partnership. 

    “All year round we work alongside the Council to support their provision and to help people in Manchester who find themselves homeless or at risk of becoming homeless. That support can comprise many different aspects, from finding new homes, day and evening/weekend services with free food, showers, specialist advice and supported accommodation. It also includes access to vital health and wellbeing services and expert drop-ins. 

    “Anyone can become homeless at any time, for a wide range of reasons – whether that’s changes to financial circumstances, accidents, sudden unemployment, or no-fault evictions. But, everyone deserves a safe, secure place to call home and we’re incredibly grateful to local people, businesses and other organisations who support these charities to make sure that people get the assistance they need to find and keep tenancies of their own.” 

    If you’re concerned about someone that you have seen sleeping rough in Manchester please contact Manchester City Council homelessness

    More information on MHP – Manchester Homelessness Partnership 

    MIL OSI United Kingdom –

  • MIL-OSI: Walter Graham Announces Enhanced Asset Allocation Management

    Source: GlobeNewswire (MIL-OSI)

    QINGDAO, China, Jan. 25, 2025 (GLOBE NEWSWIRE) — In response to the growing challenges of global economic and geopolitical instability, Walter Graham is proud to announce that it has revisited the best ways to manage asset allocation in today’s uncertain market environment. As volatility continues to shape financial markets, Walter Graham provides clients with precise wealth and investment strategies designed to plot a course through unpredictable conditions and safeguard long-term financial goals.

    Walter Graham has introduced several key initiatives to enhance asset allocation management in investment portfolios. These include:

    1. Dynamic Portfolio Adjustments: Implementing real-time monitoring and adjustments to portfolios to respond swiftly to market changes and minimize risks.
    2. Geographic Diversification: Expanding investment opportunities across various regions to reduce exposure to any single market’s volatility.
    3. Sustainable Investing: Incorporating environmental, social, and governance (ESG) criteria into investment decisions to promote long-term sustainability and ethical practices.
    4. Advanced Risk Management: Utilizing cutting-edge risk assessment tools and techniques to identify and mitigate potential threats to client portfolios.

    “With rising inflation, shifting geopolitical landscapes, and fluctuating market trends, investors face heightened uncertainty in their decision-making. Walter Graham’s approach emphasizes the importance of diversified portfolios that are flexible enough to adapt to these changing circumstances and always ensure clients are well-positioned to handle market turbulence,” said Thomas Allen, VP of Private Clients at Walter Graham.

    “Our focus is on providing a comprehensive, adaptable approach to asset allocation that can respond to market fluctuations while supporting long-term financial success. By staying true to our core values of Personal, Partnership, and Performance, we help our clients navigate even the most volatile times confidently.”

    Walter Graham’s latest insights highlight the importance of balancing asset classes, reassessing geographic exposure, and incorporating sustainable investing practices, through which the firm aims to provide clients with the certainty needed to make well-informed decisions in an uncertain world.

    This press release is for informational purposes only and does not constitute financial advice or a recommendation for any specific investment strategy.

    About Walter Graham:

    Walter Graham is committed to offering personalized, thoughtful advice to every client. By staying true to its Personal, Partnership, and Performance core values, the firm provides the clarity and confidence needed to make informed financial decisions. Whether working with individuals seeking to strengthen their financial future or families planning for the next generation, Walter Graham is dedicated to supporting clients with tailored strategies designed to meet their unique goals.

    For more information, please contact:
    Natalie Chen, Chief Brand Officer
    n.chen@waltergraham.com
    +86 532 8898 5024
    https://www.waltergraham.com/

    For more information about Walter Graham’s Global Wealth Management strategies, please visit https://www.waltergraham.com/global-wealth-management or contact info@waltergraham.com.

    Disclaimer: This content is provided by the Walter Graham. The statements, views, and opinions expressed in this column are solely those of the content provider. The information shared in this press release is not a solicitation for investment, nor is it intended as investment, financial, or trading advice. It is strongly recommended that you conduct thorough research and consult with a professional financial advisor before making any investment or trading decisions. Please conduct your own research and invest at your own risk.

    A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/aa03142e-d244-4e2b-a46f-6ec7235d0989

    The MIL Network –

  • MIL-OSI United Kingdom: Recruitment of board members to the International Fund for Ireland

    Source: United Kingdom – Executive Government & Departments

    The Secretary of State for Northern Ireland invites expressions of interest for appointment to the Board of the International Fund for Ireland.

    The Secretary of State for Northern Ireland is seeking expressions of interest from suitably qualified people for appointment to the Board of the International Fund for Ireland (IFI) for an initial period of three years commencing on 1 March 2025.

    The IFI was established as an independent international organisation by the Irish and UK Governments in 1986 to promote economic and social advance and peace and to encourage contact, dialogue and reconciliation among communities throughout Ireland.  The IFI is active in Northern Ireland and the six border counties of Donegal, Sligo, Leitrim, Monaghan, Cavan and Louth.

    Under Article 6 of the Agreement between the UK and Irish Governments establishing the IFI, Board Members are to be appointed jointly by both Governments. The Board comprises six members and a Chair. The two Governments agree on the nomination of the Chair and each Government nominates three Board Members, with all requiring approval of both Governments. The two Governments work to ensure that Board membership is cross-border and is as reasonably diverse as possible.

    The Board has responsibility for ensuring the proper functioning, governance and strategic development of the IFI, as well as approving the number of, and the level of funding for, projects and programmes supported by the IFI.

    Board Members will serve on a part-time basis and receive remuneration of £11,000 per year. Expenses associated with attendance at meetings of the Board and its sub committees will be covered. 

    Board Members normally serve for a term of three years, and are eligible for renewal once, subject to the agreement of both Governments.

    Essential experience/attributes

    • A record of providing successful strategic vision, leadership and direction at a senior level, to include the ability to think, plan and act strategically develop strategies and experience of successful change management.
    • Be able to demonstrate strong judgement skills including the ability to analyse complex issues to help inform sound decisions.
    • Possess excellent interpersonal and communication skills, including the ability to achieve consensus, develop and maintain building positive strategic relationships with stakeholders and to work successfully as part of a team.
    • Possess a robust understanding of corporate governance, financial and risk management arrangements and demonstrated experience in one or more of these areas.
    • A sound understanding of the peace and reconciliation challenges facing communities across Northern Ireland/southern border counties of Ireland.
    • Ability to demonstrate a high level of professional and personal integrity, propriety and probity. 

    Desirable experience

    • Previous experience of having served as a Board Member/Chairperson.
    • Previous experience of/familiarity with the Civil Society Organisations/voluntary sector

    Expressions of interest (no longer than 2,000 words) should be accompanied by a Curriculum Vitae and cover letter outlining how candidates fulfil the experience and attributes set out above.

    Further information on the work of the IFI is available – www.internationalfundforireland.com

    Applications

    Persons interested in being considered for appointment as a Board Member should submit an application by email by 29/11/2024 to Info.ifi@finance-ni.gov.uk

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Canada: Alberta’s business sector is booming

    Source: Government of Canada regional news

    Thanks to Alberta’s highly productive economy, cutting red tape, and business-minded policies, Alberta has become the small business hub of Canada.

    With strong, common-sense policies, Alberta is attracting more new business than ever before. Alberta saw an average of 1,945 more active businesses between January and July when compared with the same period last year. This 1.6 per cent increase far surpassed the Canadian average of 0.6 per cent. Alberta is the top destination for business innovation and creation, nationwide.

    “Alberta is the economic engine of Canada and thanks to the strength of our business community, we are further diversifying our economy with strong, business-friendly policies that attract job-creating investment and sustain the Alberta Advantage that we are known for.”

    Matt Jones, Minister of Jobs, Economy and Trade

    Alberta’s active businesses numbers can be attributed to Alberta’s highly skilled and productive workforce, competitive business policies and low tax rates.

    Making up 95 per cent of businesses in the province, Alberta’s small businesses employ almost 35 per cent of our private sector workforce and contribute 27 per cent of the province’s GDP.

    “Small businesses are the heartbeat of Alberta, driving innovation and community spirit. They create jobs, support local economies and foster a sense of belonging. Investing in these enterprises is investing in a strong economic future for our province. We are proud to see such positive growth in our small business community in Q3.”

    Tany Yao, parliamentary secretary for Small Business and Northern Development

    Many sectors are leading the charge, with Alberta’s world-class tourism industry continuing its strong performance in 2024. Alberta saw a notable increase in the number of active businesses in tourism transportation, travel services, recreation and entertainment, and food and beverage services. In fact, Alberta’s overall tourism businesses increased by 3.2 per cent in the first seven months of 2024 – the second-highest increase in Canada.

    “Alberta has the fastest-growing economy in the country right now, with more new businesses starting, and productivity levels significantly higher than the national average. Higher productivity means higher paycheques and better living standards for Albertans. Maintaining and increasing the focus on economic growth and productivity, as well as energizing our key industries, will be critical to ensuring a bright economic future for our province.”

    Adam Legge, president, Business Council of Alberta

    Alberta’s government is taking action to make sure the province remains a place where small businesses can start up, grow and thrive.

    Alberta remains the best place to live, work, do business, invest and raise a family. Alberta’s government has a plan for ensuring sustainable provincial growth, supported by productive industries, and an ever-expanding resource extraction sector.

    Related news

    • Small Business Week: Parliamentary Secretary Yao (Oct. 20,2024)

    MIL OSI Canada News –

  • MIL-OSI USA: Merkley, Wyden Celebrate Multi-Million Dollar Federal Investment in Rail Safety, Stronger Supply Chains Across Oregon

    US Senate News:

    Source: United States Senator Ron Wyden (D-Ore)
    October 29, 2024
    Washington, D.C. – Oregon’s U.S. Senators Jeff Merkley and Ron Wyden announced $42,712,400 in federal funding is coming to Oregon for five projects to improve railroad safety, efficiency, and reliability across the state. The investment—funded by the Bipartisan Infrastructure Law—comes from the U.S. Department of Transportation’s Consolidated Rail Infrastructure and Safety Improvements (CRISI) Program, which advances projects that modernize America’s freight and intercity passenger rail infrastructure to move people and goods.
    “Railroads are a vital mode of transportation for businesses and communities across our state, and this is the kind of significant investment in infrastructure we need to make to keep Oregon on track in the 21st century,” Merkley said. “As I travel to every corner of our state, I see firsthand the need for bold infrastructure investments in our communities. This nearly $43 million in federal funding invests in rail safety and stronger supply chains—creating jobs and economic opportunity for all Oregonians.”
    “Rail improvements in rural Oregon communities are a must to ensure small businesses generating jobs throughout our state have a full menu of reliable transportation options for their goods,” Wyden said. “Federal investments like this prove yet again the immense value of the Bipartisan Infrastructure Law for Oregon and the entire country. And I’ll keep battling to secure similar investments from this landmark federal law I worked to pass so Oregon could channel significant infrastructure resources into building a stronger economy.”
    Today’s major funding announcement comes after Merkley, Wyden, and U.S. Representative Val Hoyle announced last week that the Pacific Coast Intermodal Port (PCIP) Coos Bay Rail Line (CBRL) Upgrades Planning Project secured an over $29.7 million award through the CRISI Program. This critical funding further moves the Port of Coos Bay toward the goal of becoming the first fully ship-to-rail port facility on the West Coast.
    The five additional projects in Oregon awarded funding by the U.S. Department of Transportation’s Federal Railroad Administration (FRA) CRISI Program can be found below:
    $19,843,062 for Watco ZE Locomotive Conversion (Watco Companies, LLC). The proposed project involves project development and construction activities to acquire and repower eight (8) diesel locomotives (non-tiered and Tier 0) with eight (8) battery-electric, zero-emission locomotives to be put into service on Watco-operated rail lines. Watco operates 44 short-line railroads across the U.S. and provides rail switching service to tens of locations, including at the Georgia Pacific containerboard facility in Toledo. The project enhances climate resiliency by reducing greenhouse gas emissions and the harmful health impacts associated with diesel locomotives.
    $13,736,000 for the Lake County Rail Replacement Project (Lake County Railroad). The proposed project involves final design/construction for a rail rehabilitation project on the Lake County Railroad between Alturas, California and Lakeview, Oregon. Lake County will complete an essential rail replacement project that would significantly increase track safety standards, allow for an increase in freight, and provide new connections for environmentally friendly industries. The replacement project will significantly improve safety standards, allowing Lake County to achieve FRA Class 2 (25mph freight) track safety standards on the lower portion of the line allowing for capacity for expected growth.
    $4,139,730 for the Sweet Home Branch Rail Relay (Albany & Eastern Railroad Company). The proposed project will complete final design and construction activities for track and track structure improvements on the Albany and Eastern Railroad’s (AERC) Sweet Home Branch in Linn County, Oregon. Specifically, the project will replace approximately 6.25 track miles of 85 lb. jointed rail with at least 112 lb. rail, which includes upgrading four turnouts and associated tie and surfacing work along the project area. The project will improve the safety and performance of rail shipments along this line
    $3,393,608 for the Mill City Branch Tie Renewal Project (Albany & Eastern Railroad Company). The proposed project involves final design and construction activities to replace 12,000 defective ties and related ballast and surfacing on the Mill City Branch of the Albany & Eastern Railroad Company in Oregon. The project will enhance safety and improve system and service performance by removing all slow orders placed on the project segments and reducing the risk of derailment.
    $1,600,000 for the City of Prineville Railway Track Improvement and Restoration Project (City of Prineville, Oregon). The proposed project will complete final design and construction for the rehabilitation of 18 miles of the City of Prineville Railway’s track between Prineville and Prineville Junction, OR. Specifically, the project will improve the track by replacing approximately 9,700 rail ties as well as associated tamping, resurfacing, and aligning the rail line, and the procurement of the necessary railroad equipment to perform this work including a tamper, regulator, tie inserter, tie handler, and mini excavator. These improvements will allow for the removal of two slow orders, decrease locomotive run-time and associated emissions, improve safety, and provide a Class II track condition, thereby imparting benefits to 34 rail users served by the City of Prineville Railway.

    MIL OSI USA News –

  • MIL-OSI USA: Casey Secures $48.4 Million to Develop Hydrogen-Powered Trains in Erie

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    Funding will support Wabtec Corporation, which will remanufacture trains to run on hydrogen fuel

    Grant made possible thanks to Casey-backed infrastructure law

    Washington, D.C. – Today, U.S. Senator Bob Casey (D-PA) announced $48,412,512 to help Wabtec Corporation develop hydrogen-powered trains in Erie. Hydrogen fuel is a low-emission fuel that increases train efficiency and ultimately reduces fuel costs. The funding comes from the Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant program, made possible by the Infrastructure Investment and Jobs Act (IIJA), which Casey fought to pass.

    “Pennsylvanians have a long history of being on the cutting edge of building our Nation’s railroads, and it is critical that as America’s transportation sector begins using the technology of the future, our Commonwealth continues to lead the way,” said Senator Casey. “Thanks to the infrastructure law, we are investing in the development of trains that run on hydrogen, which will protect our environment and boost our economy. I will always fight to modernize our Commonwealth’s transportation infrastructure and ensure that Pennsylvania remains a leader the technology that powers the Nation.”

    The Consolidated Rail Infrastructure and Safety Improvements (CRISI) grant program is a federal grant program that provides funding for projects that improve the safety, efficiency, and reliability of intercity passenger and freight rail.

    The $48,412,512 will help Pittsburgh-based Wabtec Corporation remanufacture trains at its facility in Erie to use hydrogen as a fuel source. This research and development project will entrail control system and engine upgrades to accommodate the hydrogen fuel.

    MIL OSI USA News –

  • MIL-OSI USA: Casey, Fetterman, Scanlon, Boyle, Evans Secure $79.6 Million to Make PhilaPort More Energy Efficient

    US Senate News:

    Source: United States Senator for Pennsylvania Bob Casey

    New investment will support the Philadelphia Regional Port Authority’s efforts to transition to more energy efficient equipment and operations

    Washington, D.C. – Today, U.S. Senators Bob Casey (D-PA) and John Fetterman (D-PA) and U.S. Representatives Mary Gay Scanlon (D-PA-5), Brendan Boyle (D-PA-2), and Dwight Evans (D-PA-3) announced that Philadelphia Regional Port Authority (PhilaPort) is receiving a total of $79,650,965 in federal funding to plan and implement projects that will transition the port’s operations to zero-emissions equipment. The funding comes from the U.S. Environmental Protection Agency’s Clean Ports Program, made possible by the Inflation Reduction Act.

    “This investment from the Inflation Reduction Act will allow PhilaPort to bring down its energy costs and improve air quality in surrounding communities while incorporating the technology of the future into its operations,” said Senator Casey. “I will always fight to improve our shipping hubs to ensure that the Commonwealth’s waterways boost economic growth and create and sustain good jobs.”

    “The nearly $80 million investment in PhilaPort is a transformative step toward a more efficient future for Philadelphia. Moving to zero-emission technology will help make our port cleaner and healthier for the community while boosting the local economy and creating good paying jobs. This is what the Inflation Reduction Act is all about—making big investments that keep Pennsylvania competitive and sustainable,” said Senator Fetterman.

    “The Port of Philadelphia is a critical driver of good-paying jobs for our region and a vital gateway for goods and passengers across the country,” said Representative Scanlon. “I’m so pleased to see funding from the Biden-Harris administration’s Investing in America agenda continue to flow into our region, helping clean up pollution at our ports and improving air quality and public health in neighboring communities.”

    “This funding, which I proudly supported as part of the Inflation Reduction Act, will enable PhilaPort to adopt cutting-edge technology that reduces carbon emissions and could help expand the port’s operations,” said Congressman Brendan F. Boyle. “Philadelphia’s ports are vital to our communities, providing jobs and positioning our city as a key hub of commerce. This investment not only supports the hardworking port workers who drive our economy but also ensures that PhilaPort can continue serving the nation sustainably for years to come.”

    “I was proud to vote for the Biden-Harris administration’s Inflation Reduction Act, a landmark clean-energy and health-care law, and this more than $79 million in federal funding for our area is just the latest way it’s benefiting Philadelphia and the region,” said Representative Evans.

    The Clean Ports Program funding will support two PhilaPort projects. $77.6 million will help Philaport deploy electric cargo handling equipment, install new charging infrastructure, and upgrade existing electrical infrastructure. An additional $2 million will support planning operations to better understand the port’s current emissions levels, identify areas where energy efficiency can be improved, and engage the surrounding community about the process of transitioning to zero-emission operations.

    The announcement comes just a month after the members secured $217 million for PhilaPort to expand the operational capacity of the SouthPort terminal.

    MIL OSI USA News –

  • MIL-OSI United Kingdom: Green Council leaders call for funding boost in Budget

    Source: Green Party of England and Wales

    Ahead of the Labour government’s first Budget on Wednesday, Green Party Council leaders are warning of the urgent need for proper funding for local councils and services, after many years of damaging austerity.  

    Local Government Association analysis shows that service spending in 2022/23 was 42.1% lower than it would have been had service spend moved in line with cost and demand pressures since 2010/11. This means that councils have made £24.5 billion in service cuts and efficiencies over this period [1]. 

    Local councils deliver a huge range of statutory services, from child protection to waste and recycling services and temporary accommodation. They are also uniquely placed for real action on achieving net zero and to protect and restore other services vital to health and wellbeing in the community such as sports, arts, leisure and green spaces.  

    Tony Dyer, Green leader of Bristol City Council, said: 

    “Local Government provides many of our most essential services, from social care, to education and affordable housing. After years of cuts, if we do not see a real terms increase in local government funding then these services will falter and our communities will suffer.

    “We desperately need a boost to our funding to enable proper resourcing of core and statutory services, especially those creating the most pressure on council finances such as adult social care, children services such as SEND, and temporary accommodation provision.”  

    Caroline Topping, Green leader of East Suffolk Council, said: 

    “As Green Party leaders of local Councils, we welcome the new government’s manifesto commitment to multiyear funding settlements and an end to wasteful competitive bidding, which has stressed already overstretched officer capacity and council resources. Even successful bids have often come with strings attached and time scales that hamper delivery. We expect and look forward to a completely new relationship which puts council funding on a secure and sustainable footing.” 

    Emily O’Brien, Cabinet Member for Climate, Nature and Food Systems on Green-led Lewes District Council, said: 

    “Funding for council-led home insulation programmes is an example of the win-win that Councils can help deliver – cutting both carbon emissions and household energy bills. We have worked hard with neighbouring Councils to maximise insulation with the limited resources we have. National funding will immediately accelerate this and deliver savings and comfort to our tenants.”

    Ellie Chowns, Green MP for North Herefordshire and former cabinet member for environment, economy and skills on Herefordshire Council, said:

    “After so many years of austerity, local councils absolutely need the funding to deliver those basic services which everyone uses. Getting the basics right at local level is essential for the government to deliver on bigger national plans. Now is the time for a new government to set a new course for renewed investment in local public services.”

    Notes

    [1] Further funding cuts for councils would be disastrous; urgent funding and reform is needed | Local Government Association

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: The Army gives the lessons as STEM comes to Salisbury Plain

    Source: United Kingdom – Government Statements

    Hundreds of Army cadets will try their hand at solving military-base challenges with STEM during their October half term.

    • Nearly 290 cadets are competing in STEM based challenges supported by 10 different Army units throughout half-term week.
    • The exercise is inspired by real Army STEM-based scenarios including how to provide vital aid through airlift operations.

    Hundreds of Army cadets will try their hand at solving military-base challenges with STEM during their October half term.

    Organised by the Royal Signals, and supported by 10 other Army units, the cadets are set to complete a range of STEM-based challenges built on real-life experiences soldiers have faced, from helicopter design to preparing goods for airlifting.

    With a participation rate of 40%, this year’s camp is well represented by the involvement of 116 young girls, with recent statistics estimating that women make up only 29.4% of the STEM workforce

    The challenges will be spread throughout Salisbury plain, with organisers utilising a range of terrains and encampments to set up their challenges with hopes to inspire the next generation. Minister for Veterans and People, Alistair Carns was among the military VIPs in attendance at this year’s cadet STEM camp visitors’ day at Middle Wallop military base.

    As part of the day, the minister participated in an activity, which involved applying the laws of physics and maths to ensure the safety of an airlift by a helicopter over distance.

    Minister for Veterans and People, Alistair Carns OBE MC MP said:

    This week will demonstrate to cadets how STEM is at the heart of our Armed Forces and everything we do.

    Integrating STEM into the cadet curriculum will help prepare cadets for the technology-driven economy of today and ensure they will be well prepared for adult life.

    The cadets also had the opportunity to speak to local industry experts on what kind of careers STEM can offer them. Representatives from Waterman Aspin Engineering, Ulysses Trust and Horiba MIRA Propulsion Development Centre were in attendance.

    Updates to this page

    Published 29 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Nations: Secretary-General’s video message for Global Investors for Sustainable Development Alliance Annual Meeting

    Source: United Nations secretary general

    Download the video:
    https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+18+OCT+24/3284442_MSG+SG+UN+SGM+GLOBAL+INVESTOR+18+OCT+24.mp4

    Colleagues, dear friends,

    I thank the Global Investors for Sustainable Development Alliance for all your work to build a better world.

    The clock is ticking to the 2030 deadline for the Sustainable Development Goals. And the biggest barrier to delivery is finance.

    The international financial architecture is stuck in the past, unable to mobilize the resources required.

    The commitment in the 2015 Addis Ababa Action Agenda, to unleash trillions of dollars in private finance, has not materialized.

    One of my priorities as Secretary-General has been to urge reform – including to enable far more private finance to be leveraged at reasonable cost.

    And this year we made a major step forward.

    Countries overcame their differences to agree on the Pact for the Future.

    This contains clear, ambitious commitments to multilateral action – to reform the international financial architecture, turbocharge SDG implementation, and mobilise additional finance from all sources. 

    Now, we need the fourth International Conference on Financing for Development next year to deliver the detail.

    This Alliance will play a vital role.

    The Conference needs your insights and advocacy – particularly on three investment challenges:

    First, structuring blended finance to attract private capital.

    Second, managing currency risk – a massive deterrent to international investors today.

    And third, encouraging investments that consider long-term sustainability, and have longer timeframes for returns.

    Together, let’s build on the momentum of this moment and unleash the finance we need to build a better future for all humanity.

    Thank you.

    ***
     

    MIL OSI United Nations News –

  • MIL-OSI: New Fiat Payment Options Now Available on XBO

    Source: GlobeNewswire (MIL-OSI)

    Warsaw, Poland, Oct. 29, 2024 (GLOBE NEWSWIRE) — At XBO.com, a leading B2C crypto service platform, our top priority is making your experience with digital and fiat currency transactions as seamless and convenient as possible. We don’t just focus on expanding our services—we aim to enhance the quality of each service we offer. This latest update introduces more flexible and efficient fiat payment options to support your crypto and fiat transaction needs.

    New Fiat Payment Options on XBO.com for Enhanced Flexibility
    In line with our commitment to convenience and efficiency, XBO.com now supports a broader range of fiat payment methods, empowering users to transact more swiftly and conveniently. These enhanced fiat payment options allow for easier management of both crypto and fiat assets, making XBO.com a one-stop platform for all your digital and fiat transactions.

    The newly added payment methods on XBO include:

    • SEPA (Single Euro Payments Area) – For seamless payments within the Eurozone.
    • SEPA Instant – Instant, real-time transfers for faster access to funds.
    • SWIFT (Society for Worldwide Interbank Financial Telecommunication) – A global network for secure international transactions.
    • FPS (Faster Payments Service) – Fast transfers in GBP within the UK.

    These methods allow you to move fiat currencies across the XBO platform with ease, streamlining the exchange process to be as effortless as crypto transactions.

    The supported fiat currencies include:

    • EUR (Euro)
    • GBP (British Pound)
    • USD (US Dollar)
    • CHF (Swiss Franc)
    • AUD (Australian Dollar)

    Prioritizing Security and Speed for a Better User Experience

    With this upgrade, XBO reinforces its commitment to secure, fast, and user-friendly transactions. These new fiat options are designed to enhance transaction speed and reliability, giving users the same confidence as with their digital assets. Leveraging trusted networks like SEPA, SWIFT, and FPS, XBO ensures every transfer is safe and secure, backed by cutting-edge security measures from top industry providers.

    Future-Forward: Continuous Improvement at XBO

    At XBO, our mission is to continually improve and adapt our platform to meet our users’ evolving needs. The integration of these new fiat payment methods marks another step forward in providing world-class service. We’re committed to offering features that enhance your experience, making XBO your preferred platform for all crypto and fiat transactions.

    Thank you for trusting XBO. We’re excited to keep growing with you as we deliver the best in crypto and fiat transaction services.

    Important Note: Potential Limitations

    Please note that the availability of these new fiat payment methods may vary based on geographic location or your financial institution’s policies. We recommend checking specific guidelines relevant to your country and banking provider.

    Disclaimer: This content is provided for informational purposes only and should not be considered financial advice.

    Meet the XBO Team at SiGMA in Malta, November 11-14!

    We’re excited to announce that the XBO team will be attending the SiGMA Europe Forum in Malta from November 11-14. You can find us at Booth 2086, where we’ll be eager to meet you in person, discuss the latest advancements in crypto services, and explore how XBO can support your digital asset needs. Whether you’re an industry veteran or new to crypto, come by our booth to learn more about our latest features, share insights, or just say hello. We look forward to seeing you there.

    The MIL Network –

  • MIL-OSI Economics: How Copilots are helping drive innovation to achieve business results that matter

    Source: Microsoft

    Headline: How Copilots are helping drive innovation to achieve business results that matter

    The pace of AI innovation today continues to be extraordinary, and at Microsoft we are focused on helping organizations embrace it. By providing our customers with the most advanced AI technology across every product we build — combined with our unparalleled partner ecosystem and co-innovation approach — we are helping them make real progress in ways that matter. I am proud to share over 100 customer stories from this quarter alone showing how we are helping customers accelerate AI Transformation — no matter where they are on their journey.

    Recently during the Microsoft AI Tour, I spoke with customers who shared ways they are adopting Copilots to empower human achievement, democratize intelligence and realize significant business value. I also discussed the concept of an AI-first business process and the differentiation you can drive when bringing together the power of Copilots and human ambition with the autonomous capabilities of an agent. I was inspired by the outcomes our customers have achieved through pragmatic innovation and the progress they are making to evolve the future of industry. I am pleased to share ten stories from the past quarter that illustrate how Copilots have yielded results for our customers, while highlighting AI Transformation experiences in their own words.

    Accenture and Avanade have a long history of helping customers implement cutting-edge solutions, with internal testing a key factor in their ability to deliver customizable Microsoft solutions with deep expertise. Putting Microsoft 365 Copilot into the hands of employees helped them realize ways to increase productivity, with 52% of employees seeing a positive impact on the quality of their work, 31% reporting less cognitive fatigue and 84% finding Copilot’s suggestions fair, respectful and non-biased. Accenture also piloted GitHub Copilot to help build better solutions faster with developers spending less time debugging, resulting in 95% of developers reporting they enjoyed coding more.

    “Using our extensive Microsoft technology expertise and practical learnings from our own experience implementing Microsoft 365 Copilot, our solutions empower clients to fully tap into Microsoft AI capabilities.”

    Veit Siegenheim, Global Future of Work Lead at Avanade

    Nigerian multinational financial services group Access Holdings Plc. serves more than 56 million customers across 18 countries. As the business grew and transitioned from a small bank to a major holding company, it adopted Microsoft 365 Copilot to address challenges in data management, meeting productivity and software development. With the integration of Copilot into daily tools, the company significantly enhanced efficiency and engagement across the business. Writing code now takes two hours instead of eight, chatbots can be launched in 10 days instead of three months and presentations can be prepared in 45 minutes instead of six hours. Copilot has also driven a 25% increase in staff engagement during meetings.

    “To inspire everyone in the organization to take advantage of AI, we knew we had to integrate AI into the tools people use every day. Microsoft 365 Copilot made the most sense and was a natural fit for us.”

    Lanre Bamisebi, Executive Director IT and Digitalization at Access Holdings, Plc.

    To improve resident services and reinvent customer engagement, the City of Burlington, Ontario, embraced AI and low-code tools to develop new online services that transform and automate internal processes. In just eight weeks, the city utilized Copilot Studio to develop and launch a custom copilot designed to help residents quickly find answers to frequently asked questions. The city also developed a portal that streamlines building permit reviews and enables customers to track the status of their own applications. As a result, the average time it takes to process a permit approval decreased from 15 weeks to 5-7 weeks, allowing more time for city employees to evaluate complex submissions.

    “Our staff and citizens do not have to worry about mundane tasks as much anymore. Now they’re able to have rich, collaborative conversations about how to creatively solve problems, making for a much more fulfilling and rewarding work and customer experience.”

    Chad MacDonald, Executive Director and Chief Information Officer at the City of Burlington

    Finastra empowers financial institutions with leading software for lending, payments, treasury, capital markets and universal banking. To transform its marketing processes, the company used Microsoft 365 Copilot to automate tasks, enhance content creation, improve analytics and personalize customer interactions. Since integrating Copilot, the team reduced time-to-market for campaigns from three months to less than one. Copilot also significantly reduced the time marketers spend generating and gathering insights from each campaign, with employees citing a 20%-50% time savings across tasks like full-funnel analysis, supply management analysis and budget management.

    “Copilot makes you more effective because you get better insights, and it makes you more efficient because you can produce results faster. It also makes work more meaningful and fun because your team can focus on what matters — strategy, creativity and everything that sets you apart from the competition.”

    Joerg Klueckmann, Head of Corporate Marketing and Communications at Finastra

    GoTo Group provides technology infrastructure and solutions across Indonesia. It is bending the curve on innovation by significantly enhancing productivity and code quality across its engineering teams by adopting GitHub Copilot. With real-time code suggestions, chat assistance and the ability to break down complex coding concepts, the company has saved over seven hours per week and achieved a 30% code acceptance rate within the first month. With 1,000 engineers already using GitHub Copilot, the tool allows them to innovate faster, reduce errors and focus more time on complex tasks to deliver greater value to their users.

    “GitHub Copilot has significantly reduced syntax errors and provided helpful autocomplete features, eliminating repetitive tasks and making coding more efficient. This has allowed me to focus on the more complex elements in building great software.”

    Nayana Hodi, Engineering Manager at GoTo Group

    South Africa’s Milpark Education faced operational challenges when shifting to online learning due to legacy systems slowing down student interactions and support. Through close collaboration with Enterprisecloud, Milpark migrated its back-office infrastructure to Azure within three months, replacing its legacy student admissions system with an extensible, integrated digital platform powered by technologies such as Microsoft Copilot and Copilot Studio. In just four months, the educational institution improved efficiency and accuracy of student support, decreasing the average resolution time by 50% and escalations by more than 30%.

    “Using Copilot, agents are now able to use generative AI to rapidly get up to speed on case details and respond to students using standardized templates that help them provide more personalized and professional responses. The results speak for themselves.”

    Shaun Dale, Managing Director at Enterprisecloud

    For over two decades, Teladoc Health has been offering a broad spectrum of services to patients using virtual care services — from primary care to chronic condition management. After the rapid growth of telehealth adoption post-pandemic, operational efficiency was instrumental in managing internal processes and external client interactions. By deploying Microsoft 365 Copilot and using Copilot in Power Automate, the company has reshaped business processes to help employees realize greater time savings while enhancing the client experience. The Copilots and agents helped employees save five hours per week and thousands of enterprise hours annually by eliminating mundane daily processes and fostering better cross-department communications, while also helping new employees get set up to run their workflows 20% faster.

    “Copilot is changing the way we work. It’s not just about saving time; it’s about enhancing the quality of our work, allowing us to focus on what truly matters: delivering exceptional care to our members.” 

    Heather Underhill, SVP Client Experience & Operations at Teladoc Health

    International energy company Uniper adopted a single-cloud strategy with Azure as its foundation to drive rapid AI innovation. To help its employees focus on using core competencies, the company implemented Microsoft 365 Copilot to reduce time spent on manual and repetitive tasks, and help workers focus on more pressing work, such as developing enhanced solutions to speed up the energy transition. Its in-house auditors have already increased productivity by 80% by using Copilot to create plans and checklists. Uniper is also using Copilot for Security to help identify risks twice as fast and take appropriate action sooner.

    “As an operator of critical infrastructure, we have to contend with a growing number of reports of phishing and attacks by hackers. AI can help us implement a sensible way of managing the sheer number of threats.”

    Damian Bunyan, CIO at Uniper

    British telecommunications company Vodafone has transformed its workplace productivity with Microsoft 365 Copilot, already seeing strong ROI from its adoption. In early trials, Copilot saved employees an average of three hours per week by using the tool to draft emails, summarize meetings and search for information. Copilot is also enriching the employee experience, with 90% of users reporting they are eager to continue using Copilot and 60% citing improved work quality. For Vodafone’s legal and compliance team, Copilot has significantly accelerated the processes of drafting new contracts, reducing the time required to complete this work by one hour. As a result of these efficiency gains, Vodafone is rolling out Copilot to 68,000 employees.

    “Our AI journey is focusing on three areas: operational efficiency inside the organization; rewiring the business to provide an enhanced customer experience; and unlocking growth opportunities through new products and services that we can create around generative AI. Copilot will help drive all three.”

    Scott Petty, Chief Technology Officer at Vodafone

    Wallenius Wilhelmsen, a global leader in roll-on/roll-off shipping and vehicle logistics, is empowering better decision-making while fostering a culture of innovation and inclusion with AI tools. After participating in an early access program, the company broadly adopted Microsoft Copilot 365 to help streamline processes, enhance data management and improve communication across its 28 countries. To help strengthen Copilot immersion and realize value faster, they introduced a seven-week Microsoft Viva campaign to teach, communicate and measure Copilot adoption. The campaign resulted in 80% of employees using Copilot, with some teams realizing time savings of at least 30 minutes per day. The company also uses Copilot Dashboard to manage usage and gather user feedback, helping demonstrate ROI and measure results outside of time savings alone.

    “Copilot changes the way we think and work while keeping us curious and open to embracing opportunities. I think that is the sort of benefit that is not so measurable, but important. So, my time management and structured approach to my everyday work life has been enhanced with Copilot and Viva.”

    Martin Hvatum, Senior Global Cash Manager at Wallenius Wilhelmsen

    I believe that no other company has a better foundation to facilitate your AI Transformation than Microsoft. As we look ahead to Microsoft Ignite, I am excited by the latest innovation we will announce as a company, and the customer and partner experiences we will share. We remain committed to driving innovation that creates value in ways that matter most to our customers, and believe we are at our best when we serve others. There has never been a better opportunity for us to accomplish our mission of empowering every person and every organization on the planet to achieve more than now, and I look forward to the ways we will partner together to help you achieve more with AI.

    AI Customer Stories from FY25 Q1

    Accelleron: Accelleron turbocharges IT support solutions and resolution times with Power Platform

    Agnostic Intelligence: Agnostic Intelligence transforms risk management with Azure OpenAI Service, achieving up to 80% time savings

    Alaska Airlines: How Alaska Airlines uses technology to ensure its passengers have a seamless journey from ticket purchase to baggage pickup

    Allgeier: Allgeier empowers organizations to own and expand data operations

    ANZ Group: ANZ launches first-of-its-kind AI Immersion Centre in partnership with Microsoft

    Asahi Europe & International: Asahi Europe & International charts new paths in employee productivity with Microsoft Copilot

    Auburn University: Auburn University empowers thousands of students, faculty and staff to explore new ways of using AI with Microsoft Copilot

    Avanade: Avanade equips 10,000 employees with Microsoft Fabric skills to help customers become AI-driven and future-ready

    Azerbaijan Airlines: Azerbaijan Airlines expands data access to increase efficiency by 70% with Microsoft Dynamics 365

    Aztec Group: Aztec Group uses Copilot for Microsoft 365 to enhance the client experience whilst powering efficiencies

    Bader Sultan: Bader Sultan uses Microsoft Copilot to boost productivity and serve clients faster

    BaptistCare: BaptistCare supports aging Australians and tackles workforce shortages through Microsoft 365 Copilot

    Barbeque Mania!: Barbecue Mania! centralizes your data with Microsoft Azure and saves $3.5 million over 5 years

    Bank of Montreal: Bank of Montreal reduces costs by 30% with Azure

    BlackRock: How BlackRock’s ‘flight crew’ helped Copilot for Microsoft 365 take off

    Capita: Capita uses GitHub Copilot to free developers and deliver faster for customers

    Cassidy: Cassidy and Azure OpenAI Service: Making AI simple for all

    Cdiscount: Cdiscount, Azure OpenAI Service and GitHub Copilot join forces for e-commerce

    Celebal: Celebal drives custom business transformations with Microsoft Fabric

    Chalhoub Group: Chalhoub Group’s People Analytics team speeds reporting with Microsoft Fabric

    ClearBank: ClearBank processes 20 million payments a month — up from 8,000 — with platform built on Azure

    Cloud Services: Faster with Fabric: Cloud Services breaks new ground with Microsoft

    Coles Supermarkets: Coles Supermarkets embraces AI, cloud applications in 500-plus stores with Azure Stack HCI​

    Commercial Bank of Dubai: Commercial Bank of Dubai: innovating a future proof banking platform with Microsoft Azure

    CPFL: CPFL expands its data repository by 1500% with Mega Lake project on Microsoft Azure

    Cummins: Cummins uses Microsoft Purview to automate information governance more efficiently in the age of AI

    Dubai Electricity and Water Authority (DEWA): DEWA pioneers the use of Azure AI Services in delivering utility services

    Digi Rogaland: Digi Rogaland prioritizes student safety with Bouvet and Microsoft Fabric

    Eastman: Eastman catalyzes cybersecurity defenses with Copilot for Security

    E.ON: A modern workspace in transition: E.ON relies on generative AI to manage data floods with Copilot for Microsoft 365

    EPAM Systems: Efficiency inside and out: EPAM streamlines communications for teams and clients with Copilot for Microsoft 365

    EY: EY redefines sustainability performance management with Microsoft

    Fast Shop: Fast Shop consolidated its data platform on Microsoft Azure and is now ready for the era of AI

    FIDO Tech: AI tool uses sound to pinpoint leaky pipes, saving precious drinking water

    Florida Crystals Corporation: Telecom expenses for Florida Crystals dropped 78% with Teams Phone and Teams Rooms

    Four Agency: Four Agency innovates with Microsoft 365 Copilot to deliver better work faster

    Fractal: Fractal builds innovative retail and consumer goods solutions with Microsoft’s AI offerings including Azure OpenAI Service

    GE Aerospace: GE Aerospace launches company-wide generative AI platform for employees

    Georgia Tech Institute for Data Engineering and Science: Georgia Tech is accelerating the future of electric vehicles using Azure OpenAI Service

    Hitachi Solutions: Hitachi Solutions transforms internal operations with Microsoft Fabric

    IBM Consulting: How IBM Consulting drives AI-powered innovation with Fabric expertise

    iLink Digital: Transforming user-driven analytics with Microsoft Fabric

    Insight Enterprises: Insight Enterprises achieves 93% Microsoft Copilot use rate, streamlining business operations to pave the way for customer success

    Intesa Sanpaolo: Intesa Sanpaolo accrues big cybersecurity dividends with Microsoft Sentinel, Copilot for Security

    ITOCHU Corporation: ITOCHU uses Microsoft Fabric and Azure AI Studio to evolve its data analytics dashboard into a service delivering instant recommendations

    IU International University of Applied Sciences (IU): IU revolutionizes learning for its students with the AI study buddy Syntea and Azure OpenAI Service

    John Cockerill: John Cockerill engages pro developers to build enterprise-wide apps with Power Platform

    Kaya Limited: Kaya Limited elevates customer experience and operational efficiency with Microsoft Dynamics 365 and Power BI

    LexisNexis: LexisNexis elevates legal work with AI using Copilot for Microsoft 365

    Lionbridge: Lionbridge disrupts localization industry using Azure OpenAI Service and reduces turnaround times by up to 30%

    Lotte Hotels & Resorts: Hotelier becomes a citizen developer, building a smart work culture based on Power Platform and hyper-automated work environment

    Lumen Technologies: Microsoft and Lumen Technologies partner to power the future of AI and enable digital transformation to benefit hundreds of millions of customers

    LS ELECTRIC: LS ELECTRIC uses data to optimize power consumption with Sight Machine and Microsoft Cloud for Manufacturing

    MAIRE: MAIRE, transforming the energy sector and an entire company culture with Microsoft 365 Copilot

    Mandelbulb Technologies: Early-adopter Mandelbulb Technologies finds success with Fabric

    McKnight Foundation: McKnight Foundation accelerates its mission and supports community partners with Microsoft 365 Copilot

    MISO: MISO undergoes a digital transformation with Microsoft Industry Solutions Delivery

    Mitsubishi Heavy Industries (MHI): Recognizing the essence of AI and building the future with clients: MHI’s DI to create proprietary architecture using Azure OpenAI Service

    Molslinjen: Molslinjen develops an AI-powered dynamic pricing strategy with Azure Databricks

    National Australia Bank: National Australia Bank invests in an efficient, cloud-managed future with Windows 11 Enterprise

    Nagel-Group: Works agreements and contracts: Nagel-Group uses Azure OpenAI Service to help employees find information

    NC Fusion: Elevating experiences with AI, from productivity to personalization

    National Football League Players Association: The National Football League Players Association and Xoriant use Azure AI Services to provide protection to players across 32 teams

    Northwestern Medicine: Northwestern Medicine deploys DAX Copilot embedded in Epic within its enterprise to improve patient and physician experiences

    Oncoclínicas: Oncoclínicas creates web portal and mobile app to store clinical and medical procedures with Azure Cognitive Services

    PA Consulting: PA Consulting saves hours a week with Copilot for Microsoft 365 and Copilot for Sales

    Parexel: Parexel speeds operational insights by 70% using Microsoft Azure, accelerating data product delivery and reducing manual work

    Petrochemical Industries Company (PIC): From weeks to days, hours to seconds: PIC automates work processes to save time with Microsoft 365 Copilot

    PKSHA Technology: PKSHA leans on Copilot for Microsoft 365 as part of their team

    Planted: Planted combines economic growth and environmental sustainability — with Microsoft Azure OpenAI

    Profisee: Profisee eliminates data siloes within Microsoft Fabric

    Programa De Atención Domiciliaria: The Home Care Program in Panama helped more than 17,000 people with the power of Microsoft Power Automate

    PwC: PwC scales GenAI for enterprise with Microsoft Azure AI

    QNET: QNET increases security response efficiency 60 percent with Microsoft Security Solutions

    RTI International: Research nonprofit RTI International improves the human condition with Microsoft 365 Copilot

    Rijksmuseum: Rijksmuseum transforms how art lovers engage with the museum, with Dynamics 365

    Sandvik Coromant: Sandvik Coromant hones sales experience with Microsoft Copilot for Sales

    Share.Market: Share.Market redefines the investment experience with Microsoft Azure

    Simpson Associates: Simpson Associates spurs justice for at-risk communities with Azure AI

    Softchoice: Softchoice harnesses Microsoft Copilot and reduces content creation time by up to 70%, accelerating customer AI journeys with its experience

    Sonata Software: Sonata Software goes from early adopter to market leader with Fabric

    Swiss International Air Lines (SWISS): SWISS targets 30% cost savings, increased passenger satisfaction with Azure

    SymphonyAI: SymphonyAI is solving real problems across industries with Azure AI

    Syndigo: Syndigo accelerates digital commerce for its customers by more than 40% with Azure

    TAL: TAL and Microsoft join forces on strategic technology deal

    Tecnológico de Monterrey: Tecnológico de Monterrey university pioneers ambitious AI-powered learning ecosystem

    Telstra: Telstra and Microsoft expand strategic partnership to power Australia’s AI future

    The University of Sydney: The University of Sydney utilizes the power of Azure OpenAI to allow professors to create their own AI assistants

    Torfaen County Borough: Torfaen County Borough Council streamlines organizational support for Social Care using Copilot for Microsoft 365

    Trace3: Trace3 expands the realm of clients’ possibilities with Windows 11 Pro and Microsoft Copilot

    Unilever: Unilever is reinventing the fundamentals of research and development with Azure Quantum Elements

    University of Wisconsin: Microsoft collaborates with Mass General Brigham and University of Wisconsin–Madison to further advance AI foundation models for medical imaging

    Via: Marketplace, online support, and remote work: Via embraces the digital world supported by Microsoft 365, Dynamics 365 and Azure

    Virgin Atlantic: How Virgin Atlantic is flying higher with Copilot

    Virgin Money: Redi, set, go: Virgin Money delivers exceptional customer experiences with Microsoft Copilot Studio

    Visier: Visier achieves performance improvements of up to five times using Azure OpenAI Service

    World2Meet (W2M): World2Meet, the travel company providing a better customer experience and operations with a new virtual assistant powered by Microsoft Azure

    Xavier College: Xavier College begins a process of modernizing its student information systems on Dynamics 365 and AI, unlocking powerful insights

    ZEISS: More time for research: ZEISS supports businesses and researchers with ZEISS arivis Cloud based on Microsoft Azure

    ZF Friedrichshafen AG (ZF Group): ZF Group builds manufacturing efficiency with over 25,000 apps on Power Platform

    Tags: Azure, Azure AI Services, Azure Cognitive Services, Azure Databricks, Azure OpenAI Service, Azure Quantum Elements, Azure Stack HCI, Copilot, Copilot for Sales, Copilot for Security, Copilot Studio, Dax Copilot, GitHub Copilot, Microsoft 365, Microsoft 365 Copilot, Microsoft AI Tour, Microsoft Cloud for Manufacturing, Microsoft Dynamics 365, Microsoft Fabric, Microsoft Ignite, Microsoft Power Platform, Microsoft Sentinel, Microsoft Teams, Microsoft Viva, Power Automate,

    MIL OSI Economics –

  • MIL-OSI Economics: ICC and Palestine Emerging team up to foster sustainable prosperity in the Middle East

    Source: International Chamber of Commerce

    Headline: ICC and Palestine Emerging team up to foster sustainable prosperity in the Middle East

    In addition to causing devastating human losses in the region, the ongoing conflict in the Middle East has led to substantial negative economic consequences. Prior to the war, Palestine already had one of the lowest GDP per capitas in the region. Under the Palestine Emerging growth scenario, GDP can more than double to potentially reach US$36 billion by 2050, compared to US$19 billion for the base case. Palestine Emerging develops and validates ideas, turning them into detailed plans and investable projects.

    Formalising the partnership, ICC and Palestine Emerging committed to a set of joint initiatives aimed at growing the Palestinian economy, to the benefit of the Middle East region at large. These include training for Palestinian SMEs, building export capacity and promoting investment opportunities in Palestine. ICC and Palestine Emerging will also work together to identify opportunities to reduce trade barriers, accelerate dispute resolution and increase cross-border trade.

    Palestine Emerging Executive Director Shireen Shelleh said:

    More than just support, this Trade Gamechanger can reshape a key macroeconomic factor, to significantly accelerate the Palestinian economy. Our partnership with ICC, the global body for commerce, will help produce a step-change for economic development and cross-regional collaboration as we work to prepare more investable conditions in the West Bank and ultimately in Gaza.

    ICC Secretary General John W.H. Denton AO said:

    ICC is uniquely positioned to support the economic reconstruction and recovery of conflict-affected areas, leveraging the knowledge and know-how from across our global network. Our partnership with Palestine Emerging – which draws on unique contributions from regional and international actors – will advance our ultimate goal to enable business to support peace and prosperity for everyone, everywhere in line with our founding purpose.

    About Palestine Emerging

    Palestine Emerging is a pro-bono coalition of over 100 leaders and experts from Palestinian business leaders, international financial organisations and global economic development experts, coalesced around a robust economic blueprint of what needs to happen for Gaza and the West Bank to see substantial reconstruction and a sustainable road to prosperity and economic growth.

    MIL OSI Economics –

  • MIL-OSI Africa: Secretary-General’s video message for Global Investors for Sustainable Development Alliance Annual Meeting

    Source: United Nations – English

    strong>Download the video:
    https://s3.amazonaws.com/downloads2.unmultimedia.org/public/video/evergreen/MSG+SG+/SG+18+OCT+24/3284442_MSG+SG+UN+SGM+GLOBAL+INVESTOR+18+OCT+24.mp4

    Colleagues, dear friends,

    I thank the Global Investors for Sustainable Development Alliance for all your work to build a better world.

    The clock is ticking to the 2030 deadline for the Sustainable Development Goals. And the biggest barrier to delivery is finance.

    The international financial architecture is stuck in the past, unable to mobilize the resources required.

    The commitment in the 2015 Addis Ababa Action Agenda, to unleash trillions of dollars in private finance, has not materialized.

    One of my priorities as Secretary-General has been to urge reform – including to enable far more private finance to be leveraged at reasonable cost.

    And this year we made a major step forward.

    Countries overcame their differences to agree on the Pact for the Future.

    This contains clear, ambitious commitments to multilateral action – to reform the international financial architecture, turbocharge SDG implementation, and mobilise additional finance from all sources. 

    Now, we need the fourth International Conference on Financing for Development next year to deliver the detail.

    This Alliance will play a vital role.

    The Conference needs your insights and advocacy – particularly on three investment challenges:

    First, structuring blended finance to attract private capital.

    Second, managing currency risk – a massive deterrent to international investors today.

    And third, encouraging investments that consider long-term sustainability, and have longer timeframes for returns.

    Together, let’s build on the momentum of this moment and unleash the finance we need to build a better future for all humanity.

    Thank you.

    ***
     

    MIL OSI Africa –

  • MIL-OSI: ASM announces third quarter 2024 results

    Source: GlobeNewswire (MIL-OSI)

    Almere, The Netherlands
    October 29, 2024, 6 p.m. CET

    AI-related demand drives robust growth in bookings and revenue

    ASM International N.V. (Euronext Amsterdam: ASM) today reports its Q3 2024 results (unaudited).

    Financial highlights

    € million Q3 2023 Q2 2024 Q3 2024
    New orders 627.4 755.4 815.3
    yoy change % at constant currencies 0% 56% 30%
           
    Revenue 622.3 706.1 778.6
    yoy change % at constant currencies 9% 6% 26%
           
    Gross profit margin % 48.1  % 49.8  % 49.4 %
    Adjusted gross profit margin 1 48.9  % 49.8  % 49.4 %
           
    Operating result 147.3 177.6 215.2
    Operating result margin % 23.7  % 25.1  % 27.6  %
           
    Adjusted operating result 1 157.2 182.3 219.9
    Adjusted operating result margin 1 25.3  % 25.8  % 28.2  %
           
    Net earnings 129.6 159.0 127.9
    Adjusted net earnings 1 139.1 164.7 133.6

    1 Adjusted figures are non-IFRS performance measures (previously referred to as “normalized”). Refer to Annex 3 for a reconciliation of non-IFRS performance measures.

    • New orders of €815 million in Q3 2024 increased by 30% at constant currencies (also 30% as reported) mainly driven by strong demand for gate-all-around (GAA) and high-bandwidth memory (HBM).
    • Revenue of €779 million increased by 26% at constant currencies (increased by 25% as reported) from Q3 of last year and at the upper end of the guidance (€740-780 million).
    • YoY improvement in adjusted gross profit margin is due to mix including slightly stronger-than-expected sales to China.
    • Adjusted operating result margin increased to 28.2%, compared to 25.3% in Q3 last year and increased from 25.8% last quarter mainly due to higher revenue and a one-off positive result of €7 million related to the sale of a building.
    • Revenue for Q4 2024 is expected to be in the range of €770-810 million.

    Comment

    “ASM delivered strong results against a backdrop of continued mixed market conditions,” said Hichem M’Saad, CEO of ASM. “Revenue increased 26% at constant currencies to €779 million in the third quarter of 2024, which is a new quarterly high and at the upper end of our guidance of €740-780 million. With a gross margin of 49.4%, and ongoing focus on cost control, adjusted operating result increased by 40% to €220 million compared to Q3 2023.
    Orders were up 30% to €815 million in Q3 2024 compared to last year’s Q3, driven by a further increase in orders for gate-all-around (GAA) technology and continued solid demand for high-bandwidth memory (HBM) DRAM applications. Total orders were ahead of our expectations at the start of the quarter due to some bookings that were pulled in from Q4.
    AI continues to be the dominant semiconductor end market driver, while recovery in other markets such as PCs and smartphones is still sluggish, and the automotive/industrial segments remain in a cyclical downturn. AI is increasingly driving the demand for the most advanced devices, both in logic/foundry and HBM DRAM, and this plays to the strengths of ASM.
    While recently announced capex reductions have somewhat impacted the outlook for advanced logic/foundry spending, we still project a substantial increase in our GAA-related sales in 2025. Leading customers have reiterated their plans to ramp the GAA node in high-volume manufacturing next year. With this transition we continue to expect meaningful increases in our served available market.  
    Sales and orders in China held up slightly better than expected in Q3. We still expect sales in China to be lower in the second half compared to the first half, and Q4 to be lower than Q3. While visibility for FY 2025 is still limited, we currently assume sales from Chinese customers to be moderately lower in the first half of 2025 compared to the second half of 2024.
    For SiC Epi, we still expect a double-digit percentage increase in sales in FY 2024, despite the current market slowdown in this segment, and reflecting the contribution from previously won new customers. We believe that SiC Epi remains an attractive long-term growth market. ASM is well positioned, in particular on the back of our recently launched PE2O8 SiC Epi tool, which combines our proven best-in-class film performance with a new dual-chamber high-productivity platform for 200mm applications.”

    Outlook

    On a currency-comparable level, we project revenue of €770-810 million for Q4 2024. At constant currencies and taking into account the guidance for Q4, we project revenue in the second half of 2024 to increase by slightly more than 15% compared to the first half, and for FY 2024, we expect revenue to show a year-on-year increase of approximately 10%.
    For WFE spending, a slight increase is expected in 2024, followed by continued growth in 2025. Based on this, we now expect revenue to be in the range of €3.2-3.6 billion for 2025, in particular driven by GAA related sales, and taking into account continued mixed end market conditions. This compares to our previous revenue target of €3.0-3.6 billion for 2025.
    In terms of order intake we expect the level in Q4 to be again solid, albeit lower than in the third quarter. GAA related orders are expected to further increase, offset by a drop in China orders and the effect of aforementioned order pull-ins in Q3.

    Share buyback program

    On February 27, 2024, ASM announced the authorization of a new share buyback program of up to €150 million. The program started on May 15, 2024, and was completed on July 25, 2024. In total, we repurchased 228,389 shares at an average price of €656.77, under the 2024 program.

    About ASM

    ASM International N.V., headquartered in Almere, the Netherlands, and its subsidiaries design and manufacture equipment and process solutions to produce semiconductor devices for wafer processing, and have facilities in the United States, Europe, and Asia. ASM International’s common stock trades on the Euronext Amsterdam Stock Exchange (symbol: ASM). For more information, visit ASM’s website at www.asm.com.

    Cautionary note regarding forward-looking statements: All matters discussed in this press release, except for any historical data, are forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. These include, but are not limited to, economic conditions and trends in the semiconductor industry generally and the timing of the industry cycles specifically, currency fluctuations, corporate transactions, financing and liquidity matters, the success of restructurings, the timing of significant orders, market acceptance of new products, competitive factors, litigation involving intellectual property, shareholders or other issues, commercial and economic disruption due to natural disasters, terrorist activity, armed conflict or political instability, changes in import/export regulations, epidemics, pandemics and other risks indicated in the company’s reports and financial statements. The company assumes no obligation nor intends to update or revise any forward-looking statements to reflect future developments or circumstances.

    This press release contains inside information within the meaning of Article 7(1) of the EU Market Abuse Regulation.

    Quarterly earnings conference call details

    ASM will host the quarterly earnings conference call and webcast on Wednesday, October 30, 2024, at 3:00 p.m. CET.

    Conference-call participants should pre-register using this link to receive the dial-in numbers, passcode and a personal PIN, which are required to access the conference call.

    A simultaneous audio webcast and replay will be accessible at this link.

    The MIL Network –

  • MIL-OSI: C&F Financial Corporation Announces Net Income for Third Quarter and First Nine Months

    Source: GlobeNewswire (MIL-OSI)

    TOANO, Va., Oct. 29, 2024 (GLOBE NEWSWIRE) — C&F Financial Corporation (the Corporation) (NASDAQ: CFFI), the holding company for C&F Bank, today reported consolidated net income of $5.4 million for the third quarter of 2024, compared to $5.8 million for the third quarter of 2023. The Corporation reported consolidated net income of $13.9 million for the first nine months of 2024, compared to $18.7 million for the first nine months of 2023. The following table presents selected financial performance highlights for the periods indicated:

                                     
        For The Quarter Ended     For the Nine Months Ended  
    Consolidated Financial Highlights (unaudited)   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Consolidated net income (000’s)   $ 5,420     $ 5,777     $ 13,889     $ 18,658  
                                     
    Earnings per share – basic and diluted   $ 1.65     $ 1.71     $ 4.15     $ 5.41  
                                     
    Annualized return on average equity     9.74 %     11.28 %     8.47 %     12.22 %
    Annualized return on average tangible common equity1     11.16 %     13.19 %     9.74 %     14.18 %
    Annualized return on average assets     0.86 %     0.96 %     0.75 %     1.04 %

    ________________________
    1 For more information about these non-GAAP financial measures, which are not calculated in accordance with generally accepted accounting principles (GAAP), please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    “We are pleased with our results from the third quarter,” commented Tom Cherry, President and Chief Executive Officer of C&F Financial Corporation. “Both loans and deposits demonstrated solid growth, and the community banking segment showed increased earnings when compared to the previous quarter. Despite market and industry challenges, the consumer finance and mortgage banking segments remained profitable. Our net interest margin was relatively flat when compared to the second quarter, which was expected, and asset quality, liquidity and capital all remain strong.”

    Key highlights for the third quarter and first nine months of 2024 are as follows.

    • Community banking segment loans grew $158.5 million, or 16.6 percent annualized, and $185.6 million, or 14.9 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Consumer finance segment loans grew $8.8 million, or 2.5 percent annualized, and $6.1 million, or 1.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Deposits increased $69.8 million, or 4.5 percent annualized, and $107.5 million, or 5.3 percent, compared to December 31, 2023 and September 30, 2023, respectively;
    • Consolidated annualized net interest margin was 4.13 percent for the third quarter of 2024 compared to 4.29 percent for the third quarter of 2023 and 4.12 percent in the second quarter of 2024;
    • The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods in 2023;
    • The consumer finance segment recorded provision for credit losses of $3.0 million and $8.1 million for the third quarter and first nine months of 2024, respectively, compared to $1.6 million and $4.3 million for the same periods in 2023;
    • The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023;
    • Mortgage banking segment loan originations were $157.0 million for the third quarter of 2024, an increase of $27.3 million, or 21.1 percent, and an increase of $11.0 million, or 7.5 percent, compared to the third quarter of 2023 and the second quarter of 2024, respectively;
    • During the third quarter of 2024, the community banking segment opened a new retail banking branch in Colonial Heights, Virginia and announced the closure of its Hampton, Virginia branch in the fourth quarter of 2024.

    Community Banking Segment. The community banking segment reported net income of $5.3 million and $13.9 million for the third quarter and first nine months of 2024, respectively, compared to $5.7 million and $17.7 million for the same periods in 2023. The decreases in community banking segment net income were due primarily to:

    • higher interest expense due primarily to higher rates on deposits and higher balances of interest-bearing deposits, partially offset by lower balances of borrowings;
    • higher salaries and employee benefits expense for the first nine months of 2024, as compared to the same period in 2023, which have generally increased in line with market conditions. Salaries and employee benefits expense decreased to $8.9 million for the three months ended September 30, 2024, compared to $9.1 million and $9.4 million for the three months ended June 30, 2024 and March 31, 2024, respectively, due primarily to a reduction in headcount through attrition;
    • higher occupancy expense related to branch network improvements, including the relocation of a branch and the opening of a new branch; and
    • higher data processing and consulting costs related to investments in operational technology to improve resilience, efficiency and customer experience;

    partially offset by:

    • higher interest income resulting from the effects of higher interest rates on asset yields and higher average balances of loans, offset in part by lower average balances of securities; and
    • higher wealth management services income as assets under management increased 19.0 percent for the first nine months of 2024, as compared to the same period in 2023.

    Average loans increased $186.5 million, or 15.2 percent, for the third quarter of 2024 and increased $158.4 million, or 13.2 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to growth in the construction, commercial real estate, and residential mortgage segments of the loan portfolio. Average deposits increased $135.8 million, or 6.8 percent, for the third quarter of 2024 and increased $101.2 million, or 5.1 percent, for the first nine months of 2024, compared to the same periods in 2023, due primarily to higher balance of time deposits, partially offset by decreases in savings and interest-bearing demand deposits and noninterest-bearing demand deposits.

    Average loan yields and average costs of interest-bearing deposits were higher for the third quarter and first nine months of 2024, compared to the same periods of 2023, due primarily to the effects of the higher interest rate environment.

    The community banking segment’s nonaccrual loans were $628,000 at September 30, 2024 compared to $406,000 at December 31, 2023. The community banking segment recorded provision for credit losses of $700,000 and $1.7 million for the third quarter and first nine months of 2024, respectively, compared to $500,000 and $1.6 million for the same periods of 2023. At September 30, 2024, the allowance for credit losses increased to $17.5 million, compared to $16.1 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 1.22 percent at September 30, 2024 from 1.26 percent at December 31, 2023. The increases in provision and allowance for credit losses are due primarily to growth in the loan portfolio. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected.

    Mortgage Banking Segment. The mortgage banking segment reported net income of $351,000 for the third quarter of 2024, compared to a net loss of $5,000 for the same period of 2023, due primarily to:

    • higher gains on sales of loans due to higher volume of mortgage loan originations; and
    • higher mortgage banking fee income;

    partially offset by:

    • higher variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, and data processing expenses.

    The mortgage banking segment reported net income of $1.0 million for the first nine months of 2024, compared to $568,000 for the same period of 2023, due primarily to:

    • lower variable expenses tied to mortgage loan origination volume such as commissions and bonuses, reported in salaries and employee benefits, as well as mortgage banking loan processing expenses and data processing expenses;
    • lower occupancy expense due to an effort to reduce overhead costs;
    • higher mortgage banking fee income; and
    • relatively unchanged gains on sales of loans and mortgage loan production volume;

    partially offset by:

    • lower mortgage lender services income due lower mortgage loan production volume across the industry.

    The sustained elevated level of mortgage interest rates, combined with higher home prices and lower levels of inventory, has led to a level of mortgage loan originations in 2024 and 2023 for the industry that is lower than recent historical averages. Mortgage loan originations for the mortgage banking segment were $157.0 million for the third quarter of 2024, comprised of $15.0 million refinancings and $142.0 million home purchases, compared to $129.7 million, comprised of $11.9 million refinancings and $117.8 million home purchases, for the same period in 2023. Mortgage loan originations for the mortgage banking segment were $397.3 million for the first nine months of 2024, comprised of $34.3 million refinancings and $363.0 million home purchases, compared to $400.6 million, comprised of $40.2 million refinancings and $360.4 million home purchases, for the same period in 2023. Mortgage loan originations in the third quarter of 2024 increased $11.0 million compared to the second quarter of 2024 due in part to normal industry seasonal fluctuations. Mortgage loan segment originations include originations of loans sold to the community banking segment, at prices similar to those paid by third-party investors. These transactions are eliminated to reach consolidated totals.

    During the third quarter and first nine months of 2024, the mortgage banking segment recorded a reversal of provision for indemnification losses of $100,000 and $375,000, respectively, compared to a reversal of provision for indemnification losses of $200,000 and $435,000 in the same periods of 2023. The mortgage banking segment increased reserves for indemnification losses during 2020 based on widespread forbearance on mortgage loans and economic uncertainty related to the COVID-19 pandemic. The release of indemnification reserves in 2024 and 2023 was due primarily to improvement in the mortgage banking segment’s assessment of borrower payment performance, lower volume of mortgage loan originations in recent years and other factors affecting expected losses on mortgage loans sold in the secondary market, such as time since origination. Management believes that the indemnification reserve is sufficient to absorb losses related to loans that have been sold in the secondary market.

    Consumer Finance Segment.   The consumer finance segment reported net income of $311,000 and $1.1 million for the third quarter and first nine months of 2024, respectively, compared to net income of $682,000 and $2.3 million for the same periods in 2023. The decreases in consumer finance segment net income were due primarily to:

    • higher provision for credit losses due primarily to increased net charge-offs and loan growth; and
    • higher interest expense on variable rate borrowings from the community banking segment as a result of higher interest rates and higher balances of borrowings;

    partially offset by:

    • higher interest income resulting from the effects of higher interest rates on loan yields and higher average balances of loans;
    • lower salaries and employee benefits expense due to an effort to reduce overhead costs; and
    • lower loan recovery expense related to growth in loans with stronger credit quality and efficiency initiatives within the collections department.

    Average loans increased $8.3 million, or 1.8 percent, for the third quarter of 2024 and increased $3.0 million, or less than one percent, for the first nine months of 2024, compared to the same periods in 2023. The consumer finance segment experienced net charge-offs at an annualized rate of 2.36 percent of average total loans for the first nine months of 2024, compared to 1.75 percent for the first nine months of 2023, due primarily to an increase in the number of delinquent loans and repossessions and a higher average charge-off per unit as a result of larger loan amounts due to higher automobile values during 2020 and 2021 and a decline in wholesale values of used automobiles since then. At September 30, 2024, total delinquent loans as a percentage of total loans was 3.49 percent, compared to 4.09 percent at December 31, 2023, 3.30 percent at September 30, 2023, and 3.51 percent at June 30, 2024. Delinquency and loss rates have generally returned to pre-pandemic levels due to the passage of time since the expiration of stimulus and enhanced unemployment benefits that benefitted borrowers.

    The consumer finance segment, at times, offers payment deferrals as a portfolio management technique to achieve higher ultimate cash collections on select loan accounts. A significant reliance on deferrals as a means of managing collections may result in a lengthening of the loss confirmation period, which would increase expectations of credit losses inherent in the portfolio. The average amounts deferred on a monthly basis during the third quarter and first nine months of 2024 were 1.91 percent and 1.70 percent of average automobile loans outstanding compared to 2.20 percent and 1.83 percent during the same periods during 2023. The allowance for credit losses was $23.2 million at September 30, 2024 and $23.6 million at December 31, 2023. The allowance for credit losses as a percentage of total loans decreased to 4.87 percent at September 30, 2024 from 5.03 percent at December 31, 2023, primarily as a result of growth in loans with stronger credit quality while balances of loans with lower credit quality declined. Management believes that the level of the allowance for credit losses is adequate to reflect the net amount expected to be collected. If loan performance deteriorates resulting in further elevated delinquencies or net charge-offs, the provision for credit losses may increase in future periods.

    Liquidity. The objective of the Corporation’s liquidity management is to ensure the continuous availability of funds to satisfy the credit needs of our customers and the demands of our depositors, creditors and investors. Uninsured deposits represent an estimate of amounts above the Federal Deposit Insurance Corporation (FDIC) insurance coverage limit of $250,000. As of September 30, 2024, the Corporation’s uninsured deposits were approximately $607.6 million, or 28.5 percent of total deposits. Excluding intercompany cash holdings and municipal deposits, which are secured with pledged securities, amounts uninsured were approximately $455.6 million, or 21.3 percent of total deposits as of September 30, 2024. The Corporation’s liquid assets, which include cash and due from banks, interest-bearing deposits at other banks and nonpledged securities available for sale, were $287.4 million and borrowing availability was $583.8 million as of September 30, 2024, which in total exceed uninsured deposits, excluding intercompany cash holdings and secured municipal deposits, by $415.6 million as of September 30, 2024.

    In addition to deposits, the Corporation utilizes short-term and long-term borrowings as sources of funds. Short-term borrowings from the Federal Reserve Bank and the Federal Home loan Bank of Atlanta (FHLB) may be used to fund the Corporation’s day-to-day operations. Short-term borrowings also include securities sold under agreements to repurchase. Total borrowings increased to $142.3 million at September 30, 2024 from $109.5 million at December 31, 2023 due primarily to higher borrowings from the FHLB. Borrowings decreased $4.7 million from $147.0 million at September 30, 2023.

    Additional sources of liquidity available to the Corporation include cash flows from operations, loan payments and payoffs, deposit growth, maturities, calls and sales of securities and the issuance of brokered certificates of deposit.

    Capital and Dividends.   The Corporation declared a quarterly cash dividend for the third quarter of 2024 of $0.44 per share, which was paid on October 1, 2024. This dividend represents a payout ratio of 26.7 percent of earnings per share for the third quarter of 2024. The Board of Directors of the Corporation continually reviews the amount of cash dividends per share and the resulting dividend payout ratio in light of changes in economic conditions, current and future capital requirements, and expected future earnings.

    Total consolidated equity increased $10.4 million at September 30, 2024, compared to December 31, 2023, due primarily to net income and lower unrealized losses in the market value of securities available for sale, which are recognized as a component of other comprehensive income, partially offset by share repurchases and dividends paid on the Corporation’s common stock. The Corporation’s securities available for sale are fixed income debt securities and their unrealized loss position is a result of rising market interest rates since they were purchased. The Corporation expects to recover its investments in debt securities through scheduled payments of principal and interest and unrealized losses are not expected to affect the earnings or regulatory capital of the Corporation or C&F Bank. The accumulated other comprehensive loss related to the Corporation’s securities available for sale decreased to $17.2 million at September 30, 2024 compared to $25.0 million at December 31, 2023 due primarily to fluctuations in market interest rates of debt securities.

    As of September 30, 2024, the most recent notification from the FDIC categorized the C&F Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized under regulations applicable at September 30, 2024, C&F Bank was required to maintain minimum total risk-based, Tier 1 risk-based, CET1 risk-based and Tier 1 leverage ratios. In addition to the regulatory risk-based capital requirements, C&F Bank must maintain a capital conservation buffer of additional capital of 2.5 percent of risk-weighted assets as required by the Basel III capital rules. The Corporation and C&F Bank exceeded these ratios at September 30, 2024. For additional information, see “Capital Ratios” below. The above mentioned ratios are not impacted by unrealized losses on securities available for sale. In the event that all of these unrealized losses became realized into earnings, the Corporation and C&F Bank would both continue to exceed minimum capital requirements, including the capital conservation buffer, and be considered well capitalized.

    In December 2023, the Board of Directors authorized a program, effective January 1, 2024, to repurchase up to $10.0 million of the Corporation’s common stock through December 31, 2024. During the third quarter and first nine months of 2024, the Corporation repurchased 60,520 shares, or $3.2 million, and 149,594 shares, or $7.3 million, of its common stock under this share repurchase program, respectively.

    About C&F Financial Corporation.  The Corporation’s common stock is listed for trading on The Nasdaq Stock Market under the symbol CFFI. The common stock closed at a price of $61.78 per share on October 28, 2024. At September 30, 2024, the book value per share of the Corporation was $70.29 and the tangible book value per share was $62.13. For more information about the Corporation’s tangible book value per share, which is not calculated in accordance with GAAP, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures,” below.

    C&F Bank operates 32 banking offices and four commercial loan offices located throughout eastern and central Virginia and offers full wealth management services through its subsidiary C&F Wealth Management, Inc. C&F Mortgage Corporation and its subsidiary C&F Select LLC provide mortgage loan origination services through offices located in Virginia, North Carolina, and West Virginia. C&F Finance Company provides automobile, marine and recreational vehicle loans through indirect lending programs offered in Alabama, Colorado, Florida, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Maryland, Minnesota, Missouri, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia from its headquarters in Henrico, Virginia.

    Additional information regarding the Corporation’s products and services, as well as access to its filings with the Securities and Exchange Commission (SEC), are available on the Corporation’s website at http://www.cffc.com.

    Use of Certain Non-GAAP Financial Measures. The accounting and reporting policies of the Corporation conform to GAAP in the United States and prevailing practices in the banking industry. However, certain non-GAAP measures are used by management to supplement the evaluation of the Corporation’s performance. These include adjusted net income, adjusted earnings per share, adjusted return on average equity, adjusted return on average assets, return on average tangible common equity (ROTCE), adjusted ROTCE, tangible book value per share, price to tangible book value ratio, and the following fully-taxable equivalent (FTE) measures: interest income on loans-FTE, interest income on securities-FTE, total interest income-FTE and net interest income-FTE.

    Management believes that the use of these non-GAAP measures provides meaningful information about operating performance by enhancing comparability with other financial periods, other financial institutions, and between different sources of interest income. The non-GAAP measures used by management enhance comparability by excluding the effects of balances of intangible assets, including goodwill, that vary significantly between institutions, and tax benefits that are not consistent across different opportunities for investment. These non-GAAP financial measures should not be considered an alternative to GAAP-basis financial statements, and other bank holding companies may define or calculate these or similar measures differently. A reconciliation of the non-GAAP financial measures used by the Corporation to evaluate and measure the Corporation’s performance to the most directly comparable GAAP financial measures is presented below.

    Forward-Looking Statements.   This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on the beliefs of the Corporation’s management, as well as assumptions made by, and information currently available to, the Corporation’s management, and reflect management’s current views with respect to certain events that could have an impact on the Corporation’s future financial performance. These statements, including without limitation statements made in Mr. Cherry’s quote and statements regarding future interest rates and conditions in the Corporation’s industries and markets, relate to expectations concerning matters that are not historical fact, may express “belief,” “intention,” “expectation,” “potential” and similar expressions, and may use the words “believe,” “expect,” “anticipate,” “estimate,” “plan,” “may,” “might,” “will,” “intend,” “target,” “should,” “could,” or similar expressions. These statements are inherently uncertain, and there can be no assurance that the underlying assumptions will prove to be accurate. Actual results could differ materially from those anticipated or implied by such statements. Forward-looking statements in this release may include, without limitation, statements regarding expected future operations and financial performance, expected trends in yields on loans, expected future recovery of investments in debt securities, future dividend payments, deposit trends, charge-offs and delinquencies, changes in cost of funds and net interest margin and items affecting net interest margin, strategic business initiatives and the anticipated effects thereof, changes in interest rates and the effects thereof on net interest income, mortgage loan originations, expectations regarding C&F Bank’s regulatory risk-based capital requirement levels, technology initiatives, our diversified business strategy, asset quality, credit quality, adequacy of allowances for credit losses and the level of future charge-offs, market interest rates and housing inventory and resulting effects in mortgage loan origination volume, sources of liquidity, adequacy of the reserve for indemnification losses related to loans sold in the secondary market, the effect of future market and industry trends, the effects of future interest rate fluctuations, cybersecurity risks, and inflation. Factors that could have a material adverse effect on the operations and future prospects of the Corporation include, but are not limited to, changes in:

    • interest rates, such as volatility in short-term interest rates or yields on U.S. Treasury bonds, increases in interest rates following actions by the Federal Reserve and increases or volatility in mortgage interest rates
    • general business conditions, as well as conditions within the financial markets
    • general economic conditions, including unemployment levels, inflation rates, supply chain disruptions and slowdowns in economic growth
    • general market conditions, including disruptions due to pandemics or significant health hazards, severe weather conditions, natural disasters, terrorist activities, financial crises, political crises, war and other military conflicts (including the ongoing military conflicts between Russia and Ukraine and in the Middle East) or other major events, or the prospect of these events
    • average loan yields and average costs of interest-bearing deposits
    • financial services industry conditions, including bank failures or concerns involving liquidity
    • labor market conditions, including attracting, hiring, training, motivating and retaining qualified employees
    • the legislative/regulatory climate, regulatory initiatives with respect to financial institutions, products and services, the Consumer Financial Protection Bureau (the CFPB) and the regulatory and enforcement activities of the CFPB
    • monetary and fiscal policies of the U.S. Government, including policies of the FDIC, U.S. Department of the Treasury and the Board of Governors of the Federal Reserve System, and the effect of these policies on interest rates and business in our markets
    • demand for financial services in the Corporation’s market area
    • the value of securities held in the Corporation’s investment portfolios
    • the quality or composition of the loan portfolios and the value of the collateral securing those loans
    • the inventory level, demand and fluctuations in the pricing of used automobiles, including sales prices of repossessed vehicles
    • the level of automobile loan delinquencies or defaults and our ability to repossess automobiles securing delinquent automobile finance installment contracts
    • the level of net charge-offs on loans and the adequacy of our allowance for credit losses
    • the level of indemnification losses related to mortgage loans sold
    • demand for loan products
    • deposit flows
    • the strength of the Corporation’s counterparties
    • the availability of lines of credit from the FHLB and other counterparties
    • the soundness of other financial institutions and any indirect exposure related to the closing of other financial institutions and their impact on the broader market through other customers, suppliers and partners, or that the conditions which resulted in the liquidity concerns experienced by closed financial institutions may also adversely impact, directly or indirectly, other financial institutions and market participants with which the Corporation has commercial or deposit relationships
    • competition from both banks and non-banks, including competition in the non-prime automobile finance markets and marine and recreational vehicle finance markets
    • services provided by, or the level of the Corporation’s reliance upon third parties for key services
    • the commercial and residential real estate markets, including changes in property values
    • the demand for residential mortgages and conditions in the secondary residential mortgage loan markets
    • the Corporation’s technology initiatives and other strategic initiatives
    • the Corporation’s branch expansions and consolidations plans
    • cyber threats, attacks or events
    • C&F Bank’s product offerings
    • accounting principles, policies and guidelines, and elections by the Corporation thereunder

    These risks and uncertainties should be considered in evaluating the forward-looking statements contained herein, and readers are cautioned not to place undue reliance on any forward-looking statements, which speak only as of the date of this release. For additional information on risk factors that could affect the forward-looking statements contained herein, see the Corporation’s Annual Report on Form 10-K for the year ended December 31, 2023 and other reports filed with the SEC. The Corporation undertakes no obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

       
    C&F Financial CorporationSelected Financial Information
    (dollars in thousands, except for per share data)
    (unaudited)    		  
       
    Financial Condition   9/30/2024    12/31/2023    9/30/2023  
    Interest-bearing deposits in other banks   $ 32,507   $ 58,777   $ 53,407  
    Investment securities – available for sale, at fair value     409,045     462,444     460,653  
    Loans held for sale, at fair value     44,677     14,176     25,469  
    Loans, net:                    
    Community Banking segment     1,414,576     1,257,557     1,230,694  
    Consumer Finance segment     454,062     444,931     446,787  
    Total assets     2,550,904     2,438,498     2,421,705  
    Deposits     2,135,891     2,066,130     2,028,429  
    Repurchase agreements     28,643     30,705     28,660  
    Other borrowings     113,683     78,834     118,388  
    Total equity     227,958     217,516     200,380  
                                     
        For The     For The  
        Quarter Ended     Nine Months Ended  
    Results of Operations   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Interest income   $ 36,131     $ 31,686     $ 103,151     $ 91,729  
    Interest expense     11,442       7,224       31,476       17,964  
    Provision for credit losses:                                
    Community Banking segment     700       500       1,650       1,550  
    Consumer Finance segment     3,000       1,550       8,100       4,250  
    Noninterest income:                                
    Gains on sales of loans     1,825       1,220       4,814       4,930  
    Other     6,947       4,994       18,774       16,882  
    Noninterest expenses:                                
    Salaries and employee benefits     13,921       12,921       41,625       40,841  
    Other     9,170       8,605       26,989       25,969  
    Income tax expense     1,250       1,323       3,010       4,309  
    Net income     5,420       5,777       13,889       18,658  
                                     
    Fully-taxable equivalent (FTE) amounts1                                
    Interest income on loans-FTE     33,070       28,423       94,166       81,999  
    Interest income on securities-FTE     2,958       3,134       9,033       9,589  
    Total interest income-FTE     36,417       31,936       104,010       92,424  
    Net interest income-FTE     24,975       24,712       72,534       74,460  

    ________________________
    1For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                                       
        For the Quarter Ended  
          9/30/2024      9/30/2023     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Securities:                                  
    Taxable   $ 318,834     $ 1,828   2.29 % $ 414,036     $ 2,207   2.13 %
    Tax-exempt     119,253       1,130   3.79     110,182       927   3.37  
    Total securities     438,087       2,958   2.70     524,218       3,134   2.39  
    Loans:                                  
    Community banking segment     1,411,337       19,797   5.58     1,224,791       15,887   5.15  
    Mortgage banking segment     40,232       597   5.90     30,210       517   6.79  
    Consumer finance segment     481,124       12,676   10.48     472,811       12,019   10.09  
    Total loans     1,932,693       33,070   6.81     1,727,812       28,423   6.53  
    Interest-bearing deposits in other banks     38,756       389   3.99     38,507       379   3.90  
    Total earning assets     2,409,536       36,417   6.02     2,290,537       31,936   5.54  
    Allowance for credit losses     (40,879 )               (41,014 )            
    Total non-earning assets     158,063                 151,070              
    Total assets   $ 2,526,720               $ 2,400,593              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 323,019       540   0.67   $ 341,707       505   0.59  
    Money market deposit accounts     293,789       1,104   1.49     304,309       782   1.02  
    Savings accounts     178,417       23   0.05     204,042       29   0.06  
    Certificates of deposit     801,669       8,524   4.23     571,499       4,316   3.00  
    Total interest-bearing deposits     1,596,894       10,191   2.54     1,421,557       5,632   1.57  
    Borrowings:                                  
    Repurchase agreements     27,207       117   1.72     29,440       95   1.29  
    Other borrowings     93,961       1,134   4.83     122,250       1,497   4.90  
    Total borrowings     121,168       1,251   4.13     151,690       1,592   4.20  
    Total interest-bearing liabilities     1,718,062       11,442   2.65     1,573,247       7,224   1.83  
    Noninterest-bearing demand deposits     537,796                 577,382              
    Other liabilities     48,330                 45,124              
    Total liabilities     2,304,188                 2,195,753              
    Equity     222,532                 204,840              
    Total liabilities and equity   $ 2,526,720               $ 2,400,593              
    Net interest income         $ 24,975             $ 24,712      
    Interest rate spread               3.37 %             3.71 %
    Interest expense to average earning assets               1.89 %             1.25 %
    Net interest margin               4.13 %             4.29 %
                                       
        For the Nine Months Ended  
          9/30/2024      9/30/2023     
        Average      Income/      Yield/   Average      Income/      Yield/  
    Yield Analysis   Balance     Expense     Rate   Balance     Expense     Rate  
    Assets                                  
    Securities:                                  
    Taxable   $ 340,297     $ 5,665   2.22 % $ 441,204     $ 7,017   2.12 %
    Tax-exempt     119,931       3,368   3.74     104,549       2,572   3.28  
    Total securities     460,228       9,033   2.62     545,753       9,589   2.34  
    Loans:                                  
    Community banking segment     1,357,962       55,671   5.48     1,199,560       45,375   5.06  
    Mortgage banking segment     30,759       1,411   6.13     26,713       1,312   6.57  
    Consumer finance segment     477,768       37,084   10.37     474,738       35,312   9.94  
    Total loans     1,866,489       94,166   6.74     1,701,011       81,999   6.45  
    Interest-bearing deposits in other banks     30,197       811   3.59     33,072       836   3.38  
    Total earning assets     2,356,914       104,010   5.89     2,279,836       92,424   5.42  
    Allowance for loan losses     (40,670 )               (41,192 )            
    Total non-earning assets     155,935                 150,826              
    Total assets   $ 2,472,179               $ 2,389,470              
                                       
    Liabilities and Equity                                  
    Interest-bearing deposits:                                  
    Interest-bearing demand deposits   $ 326,540       1,569   0.64   $ 359,157       1,578   0.59  
    Money market deposit accounts     295,257       3,177   1.44     323,630       2,121   0.88  
    Savings accounts     181,880       85   0.06     213,940       91   0.06  
    Certificates of deposit     753,114       23,140   4.10     509,424       9,447   2.48  
    Total interest-bearing deposits     1,556,791       27,971   2.40     1,406,151       13,237   1.26  
    Borrowings:                                  
    Repurchase agreements     26,774       325   1.62     32,048       273   1.14  
    Other borrowings     91,024       3,180   4.66     122,984       4,454   4.83  
    Total borrowings     117,798       3,505   3.97     155,032       4,727   4.07  
    Total interest-bearing liabilities     1,674,589       31,476   2.51     1,561,183       17,964   1.54  
    Noninterest-bearing demand deposits     533,113                 582,573              
    Other liabilities     45,835                 42,108              
    Total liabilities     2,253,537                 2,185,864              
    Equity     218,642                 203,606              
    Total liabilities and equity   $ 2,472,179               $ 2,389,470              
    Net interest income         $ 72,534             $ 74,460      
    Interest rate spread               3.38 %             3.88 %
    Interest expense to average earning assets               1.78 %             1.05 %
    Net interest margin               4.11 %             4.37 %
                       
        9/30/2024
    Funding Sources    Capacity      Outstanding      Available
    Unsecured federal funds agreements   $ 75,000   $ —   $ 75,000
    Borrowings from FHLB     254,445     60,000     194,445
    Borrowings from Federal Reserve Bank     314,385     —     314,385
    Total   $ 643,830   $ 60,000   $ 583,830
                   
    Asset Quality   9/30/2024   12/31/2023  
    Community Banking              
    Total loans   $ 1,432,109   $ 1,273,629  
    Nonaccrual loans   $ 628   $ 406  
                   
    Allowance for credit losses (ACL)   $ 17,533   $ 16,072  
    Nonaccrual loans to total loans     0.04 %   0.03 %
    ACL to total loans     1.22 %   1.26 %
    ACL to nonaccrual loans     2,791.88 %   3,958.62 %
    Annualized year-to-date net charge-offs to average loans     0.01 %   0.01 %
                   
    Consumer Finance              
    Total loans   $ 477,300   $ 468,510  
    Nonaccrual loans   $ 1,101   $ 892  
    Repossessed assets   $ 522   $ 646  
    ACL   $ 23,238   $ 23,579  
    Nonaccrual loans to total loans     0.23 %   0.19 %
    ACL to total loans     4.87 %   5.03 %
    ACL to nonaccrual loans     2,110.63 %   2,643.39 %
    Annualized year-to-date net charge-offs to average loans     2.36 %   1.99 %
                                     
        For The     For The  
        Quarter Ended     Nine Months Ended  
    Other Performance Data   9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Net Income (Loss):                                
    Community Banking   $ 5,337       $ 5,685       $ 13,920       $ 17,742    
    Mortgage Banking     351         (5 )       1,021         568    
    Consumer Finance     311         682         1,142         2,261    
    Other1     (579 )       (585 )       (2,194 )       (1,913 )  
    Total   $ 5,420       $ 5,777       $ 13,889       $ 18,658    
                                     
    Net income attributable to C&F Financial Corporation   $ 5,389       $ 5,789       $ 13,797       $ 18,536    
                                     
    Earnings per share – basic and diluted   $ 1.65       $ 1.71       $ 4.15       $ 5.41    
    Weighted average shares outstanding – basic and diluted     3,258,420         3,391,624         3,323,942         3,426,845    
                                     
    Annualized return on average assets     0.86   %     0.96   %     0.75   %     1.04   %
    Annualized return on average equity     9.74   %     11.28   %     8.47   %     12.22   %
    Annualized return on average tangible common equity2     11.16   %     13.19   %     9.74   %     14.18   %
    Dividends declared per share   $ 0.44       $ 0.44       $ 1.32       $ 1.32    
                                     
    Mortgage loan originations – Mortgage Banking   $ 156,968       $ 129,658       $ 397,324       $ 400,559    
    Mortgage loans sold – Mortgage Banking     146,143         140,214         367,449         389,465    

    ________________________
    1 Includes results of the holding company that are not allocated to the business segments and elimination of inter-segment activity.
    2 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                   
    Market Ratios   9/30/2024     12/31/2023
    Market value per share   $ 58.35     $ 68.19
    Book value per share   $ 70.29     $ 64.28
    Price to book value ratio     0.83       1.06
    Tangible book value per share1   $ 62.13     $ 56.40
    Price to tangible book value ratio1     0.94       1.21
    Price to earnings ratio (ttm)     10.30       9.87

    ________________________
    1 For more information about these non-GAAP financial measures, please see “Use of Certain Non-GAAP Financial Measures” and “Reconciliation of Certain Non-GAAP Financial Measures.”

                         
                         
                    Minimum Capital
    Capital Ratios   9/30/2024   12/31/2023   Requirements3
    C&F Financial Corporation1                    
    Total risk-based capital ratio     13.8 %   14.8 %   8.0 %
    Tier 1 risk-based capital ratio     11.6 %   12.6 %   6.0 %
    Common equity tier 1 capital ratio     10.5 %   11.3 %   4.5 %
    Tier 1 leverage ratio     9.8 %   10.1 %   4.0 %
                         
    C&F Bank2                    
    Total risk-based capital ratio     13.4 %   14.1 %   8.0 %
    Tier 1 risk-based capital ratio     12.1 %   12.9 %   6.0 %
    Common equity tier 1 capital ratio     12.1 %   12.9 %   4.5 %
    Tier 1 leverage ratio     10.1 %   10.3 %   4.0 %

    ________________________
    1 The Corporation, a small bank holding company under applicable regulations and guidance, is not subject to the minimum regulatory capital regulations for bank holding companies. The regulatory requirements that apply to bank holding companies that are subject to regulatory capital requirements are presented above, along with the Corporation’s capital ratios as determined under those regulations.
    2 All ratios at September 30, 2024 are estimates and subject to change pending regulatory filings. All ratios at December 31, 2023 are presented as filed.
    3 The ratios presented for minimum capital requirements are those to be considered adequately capitalized.

                                     
        For The Quarter Ended     For The Nine Months Ended  
        9/30/2024     9/30/2023     9/30/2024     9/30/2023  
    Reconciliation of Certain Non-GAAP Financial Measures                        
    Return on Average Tangible Common Equity                                
    Average total equity, as reported   $ 222,532       $ 204,840       $ 218,642       $ 203,606    
    Average goodwill     (25,191 )       (25,191 )       (25,191 )       (25,191 )  
    Average other intangible assets     (1,242 )       (1,507 )       (1,303 )       (1,572 )  
    Average noncontrolling interest     (573 )       (484 )       (670 )       (668 )  
    Average tangible common equity   $ 195,526       $ 177,658       $ 191,478       $ 176,175    
                                     
    Net income   $ 5,420       $ 5,777       $ 13,889       $ 18,658    
    Amortization of intangibles     65         69         195         205    
    Net (income) loss attributable to noncontrolling interest     (31 )       12         (92 )       (122 )  
    Net tangible income attributable to C&F Financial Corporation   $ 5,454       $ 5,858       $ 13,992       $ 18,741    
                                     
    Annualized return on average equity, as reported     9.74   %     11.28   %     8.47   %     12.22   %
    Annualized return on average tangible common equity     11.16   %     13.19   %     9.74   %     14.18   %
                                 
        For The Quarter Ended     For The Nine Months Ended
        9/30/2024     9/30/2023     9/30/2024   9/30/2023
    Fully Taxable Equivalent Net Interest Income1                            
    Interest income on loans   $ 33,021     $ 28,369     $ 94,014   $ 81,845
    FTE adjustment     49       54       152     154
    FTE interest income on loans   $ 33,070     $ 28,423     $ 94,166   $ 81,999
                                 
    Interest income on securities   $ 2,721     $ 2,938     $ 8,326   $ 9,048
    FTE adjustment     237       196       707     541
    FTE interest income on securities   $ 2,958     $ 3,134     $ 9,033   $ 9,589
                                 
    Total interest income   $ 36,131     $ 31,686     $ 103,151   $ 91,729
    FTE adjustment     286       250       859     695
    FTE interest income   $ 36,417     $ 31,936     $ 104,010   $ 92,424
                                 
    Net interest income   $ 24,689     $ 24,462     $ 71,675   $ 73,765
    FTE adjustment     286       250       859     695
    FTE net interest income   $ 24,975     $ 24,712     $ 72,534   $ 74,460

    ____________________
    1 Assuming a tax rate of 21%.

                   
        9/30/2024     12/31/2023
    Tangible Book Value Per Share          
    Equity attributable to C&F Financial Corporation   $ 227,340       $ 216,878  
    Goodwill     (25,191 )       (25,191 )
    Other intangible assets     (1,211 )       (1,407 )
    Tangible equity attributable to C&F Financial Corporation   $ 200,938       $ 190,280  
                   
    Shares outstanding     3,234,363         3,374,098  
                   
    Book value per share   $ 70.29       $ 64.28  
    Tangible book value per share   $ 62.13       $ 56.40  
       
    Contact: Jason Long, CFO and Secretary
      (804) 843-2360

    The MIL Network –

  • MIL-OSI USA: Bringing Affordable, Supportive Housing to the Bronx

    Source: US State of New York

    Governor Kathy Hochul today announced the completion of St. James Terrace, a new $64 million development adjacent to the historic St. James Episcopal Church with 102 affordable apartments, including 51 with on-site supportive services for people struggling with homelessness and a Community Center that will offer a variety of programs and a weekly food pantry. In the past five years, New York State Homes and Community Renewal has financed 14,000 affordable homes in The Bronx. St. James Terrace 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.

    “St. James Terrace is the product of a caring community,” Governor Hochul said. “The church recognized the value of the underused property and has put it to the best use for our most urgent need – creating new, affordable, supportive homes for those most in need, along with a community facility and home for a food pantry. We thank St. James Episcopal Church and all our partners for helping to bring urgently-needed housing to The Bronx.”

    The nine-story building includes a new, ground-floor community facility that will provide a range of services and programs benefiting residents and the community at large, including a weekly food pantry and hot meal service, financial and wellness seminars and an after-school program that will provide tutoring and snacks to school-aged children in the neighborhood.

    A landscaped courtyard connects the church and the residential building, and residents will have access to a rooftop terrace, lounges, multi-purpose rooms, a laundry room, bicycle storage, fitness room and office and social service space for use by Concern for Independent Living’s social service staff.

    State financing includes $28 million in federal Low-Income Housing Tax Credits, $10.6 million in subsidy from HCR and $6 million from HCR’s Office of Resilient Homes and Communities Affordable Housing Fund Program, which was designed to increase the supply of affordable housing in areas less prone to flooding. The project received $433,000 in program development funding from the New York State Office of Mental Health. The New York State Office of Temporary and Disability Assistance is administering a $4.9 million Homeless Housing and Assistance Program contract to provide capital subsidy for the development of St. James Terrace’s permanent supportive housing. Concern Housing led the development team.

    The supportive apartments are affordable to individuals with income at or below 50 percent of the Area Median Income and benefit from Empire State Supportive Housing Initiative awards which are administered by OMH. Support services, provided by Concern for Independent Living, include case management, care coordination, self-sufficiency and mental health support. Referrals for supportive housing are provided by the New York City Department of Homeless Services and local hospitals and health homes. In addition, the development benefits from a Homeless Housing Assistance Program contract administered by the New York State Office for People with Temporary Disabilities.

    New York State Homes and Community Renewal Commissioner RuthAnne Visnauskas said, “Not only does St. James Terrace bring more than 100 homes to this neighborhood, but it allows the church and other organizations to expand services to children and adults and provides a solid base of support for the entire community. This $64 million investment underscores our ongoing commitment to The Bronx that includes both housing and a new community center that will provide a food pantry and hot meal service – creating a meaningful development that will benefit the borough for years to come.”

    New York State Office of Mental Health Commissioner Dr. Ann Sullivan said, “Supportive housing is a critical component of our efforts to ensure New Yorkers living with mental illness have a stable place to call home. St. James Terrace will provide a beautiful new residence and life-changing services that will help individuals live and thrive in the Fordham neighborhood of the Bronx. This project, like many other supportive housing developments taking root with State funding, are demonstrating Governor Hochul’s steadfast commitment to ensuring all New Yorkers have access to safe, affordable housing.”

    New York State Office of Temporary and Disability Assistance Commissioner Barbara C. Guinn said, “The opening of St. James Terrace provides formerly homeless individuals with much-needed safe, affordable housing and easy access to essential support services they need to build and maintain stable lives. We are grateful to Governor Hochul for rightly recognizing the power of supportive housing to transform the lives of some of our most vulnerable fellow New Yorkers and to Concern Housing and all of the state and local partners who supported this project.”

    State Senator Gustavo Rivera said, “I commend the opening of St. James Terrace in the Bronx, which will provide families with an affordable place to live along with the supportive services they need to achieve long-term stability. It is essential that we continue to prioritize affordable housing in our City.”

    Assemblymember Yudelka Tapia said, “We don’t just need affordable housing; we need affordable and supportive housing that will enable its residents to get back on their feet and regain their independence. St. James Terrace will do just that. This project sends a message that we are committed to addressing the homeless crisis across New York City’s five boroughs and doing so in a way that will move the needle for those who are most acutely impacted.”

    Bronx Borough President Vanessa Gibson said, “Affordable housing is crucial in addressing the housing crisis in the Bronx. The completion of St. James Terrace is a significant step forward, providing 102 new homes and essential services for our most vulnerable residents. I want to thank Governor Hochul, St. James Episcopal Church and everyone else who was involved in bringing this project to fruition.”

    Concern Housing Executive Director Ralph Fasano said, “St. James Terrace represents not only the hard work and dedication of all those who made this possible, but also a brighter future for the members of the community who will call it home. New York City is in desperate need of more affordable and supportive housing and we are grateful for our partners who have helped make this moment possible. Providing a stable place to live against this beautiful and historic backdrop is an immense source of pride for our organization.”

    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 200 communities have been certified, including New York City.

    MIL OSI USA News –