NewzIntel.com

Category: Economy

  • MIL-OSI Asia-Pac: Task Force on Promoting the Development of Asset and Wealth Management holds first meeting (with photo)

    Source: Hong Kong Government special administrative region

         The Task Force on Promoting the Development of Asset and Wealth Management, chaired by the Secretary for Financial Services and the Treasury, Mr Christopher Hui, was established and convened its first meeting today (October 25).
     
         Hong Kong is an international asset and wealth management (WAM) centre. To drive market development, the Financial Secretary has announced in the 2024-25 Budget the establishment of the Task Force to discuss with the industry measures for further developing the WAM industry. The Task Force comprises nine non-official members from the WAM industry, government officials, and representatives of financial regulators and relevant bodies.
     
         The Chief Executive’s 2024 Policy Address has set out the need to further enhance Hong Kong’s status as an international WAM centre. In this respect, the Government will consult the industry on the proposal to add qualifying transactions eligible for tax concessions for funds, single-family offices, etc. At its first meeting, the Task Force had a focused discussion on the proposed enhancements.
     
         Mr Hui said, “As an international WAM centre, Hong Kong has long been a hub for global capital and family offices. As of end-2023, assets under management in Hong Kong reached over HK$31 trillion, and net fund inflows of close to HK$390 billion were registered, representing a year-on-year increase of over 3.4 times. Funding sourced from non-Hong Kong investors has consistently accounted for a high percentage, reflecting the confidence of international investors in Hong Kong’s WAM industry. Also, market research estimates that Hong Kong is home to about 2 700 single-family offices, with over half of them set up by ultra-high-net-worth-individuals with a wealth of US$50 million or above.
     
         “In view of the development trends in global finance, Hong Kong will continue to consolidate and enhance its competitive advantages and pursue continuous reforms. The Task Force brings together industry leaders and professionals, and I believe their valuable advice will help propel the long-term development of the WAM industry.”
     
         The membership of the Task Force is as follows, with the term of non-official members taking effect from October 25, 2024, for two years:
     
    Chairman
    ———–
    Secretary for Financial Services and the Treasury
     
    Non-official members
    ————————
    Mr Kent Chen
    Mr Jiang Jingjing
    Ms Lian Shaodong
    Ms Luanne Lim
    Ms Amy Lo
    Ms Elisa Ng
    Mr Murray Steel
    Mr Peter Stein
    Mr Sun Yu
     
    Official members
    ——————-
    Permanent Secretary for Financial Services and the Treasury (Financial Services)
    Commissioner of Inland Revenue
    Deputy Chief Executive, Hong Kong Monetary Authority
    Executive Director (Investment Products), Securities and Futures Commission
    Executive Director (Policy), Mandatory Provident Fund Schemes Authority
    Head of Equities Product Development, Hong Kong Exchanges and Clearing Limited
    Executive Director, Financial Services Development Council   

    MIL OSI Asia Pacific News –

  • MIL-OSI China: China adds over 10M new urban jobs in Jan-Sept

    Source: China State Council Information Office 2

    China will further improve its employment-first policy and help key population groups secure jobs in a quest to meet its annual job creation target, the Ministry of Human Resources and Social Security said on Friday.
    The country created a total of 10.49 million new urban jobs during the first nine months of 2024, said ministry official Chen Yongjia at a press conference. China set itself a target of generating over 12 million urban jobs in 2024.
    To achieve this target, the ministry will launch job creation campaigns in key sectors such as advanced manufacturing and the silver economy, while maximizing the use of tax and fee cuts, subsidies and refunds to help businesses maintain stable employment, Chen said.
    In the first nine months, the Chinese government provided more than 150 billion yuan (about 21.1 billion U.S. dollars) in employment support for businesses and employees, data from the ministry showed.
    This support included reduced premium rates for unemployment insurance, insurance refunds and subsidies for vocational skills training, according to the ministry.
    The ministry will continue to offer skills training subsidies targeting the digital and green sectors, and assist businesses in better aligning skills training with market demand. It will improve measures to boost incomes for skilled professionals, Chen said.
    The ministry will provide special assistance for unemployed graduates, and encourage employers to offer them internship opportunities to ensure overall employment stability among the youth, the official added.
    Chen also underscored the importance of improving services for job seekers, calling for efforts to organize job fairs, better match supply with demand, and create a supportive environment for entrepreneurship.

    MIL OSI China News –

  • MIL-OSI China: China increases policy support to meet annual job creation goal

    Source: People’s Republic of China – State Council News

    BEIJING, Oct. 25 — China will further improve its employment-first policy and help key population groups secure jobs in a quest to meet its annual job creation target, the Ministry of Human Resources and Social Security said on Friday.

    The country created a total of 10.49 million new urban jobs during the first nine months of 2024, said ministry official Chen Yongjia at a press conference. China set itself a target of generating over 12 million urban jobs in 2024.

    To achieve this target, the ministry will launch job creation campaigns in key sectors such as advanced manufacturing and the silver economy, while maximizing the use of tax and fee cuts, subsidies and refunds to help businesses maintain stable employment, Chen said.

    In the first nine months, the Chinese government provided more than 150 billion yuan (about 21.1 billion U.S. dollars) in employment support for businesses and employees, data from the ministry showed.

    This support included reduced premium rates for unemployment insurance, insurance refunds and subsidies for vocational skills training, according to the ministry.

    The ministry will continue to offer skills training subsidies targeting the digital and green sectors, and assist businesses in better aligning skills training with market demand. It will improve measures to boost incomes for skilled professionals, Chen said.

    The ministry will provide special assistance for unemployed graduates, and encourage employers to offer them internship opportunities to ensure overall employment stability among the youth, the official added.

    Chen also underscored the importance of improving services for job seekers, calling for efforts to organize job fairs, better match supply with demand, and create a supportive environment for entrepreneurship.

    MIL OSI China News –

  • MIL-OSI Russia: With the support of Rosneft, a school in Khanty-Mansiysk has received new educational equipment

    Translation. Region: Russian Federation –

    Source: Rosneft – Rosneft – An important disclaimer is at the bottom of this article.

    RN-Yuganskneftegaz (Rosneft’s largest oil producing enterprise) has equipped school No. 9 in Khanty-Mansiysk, where almost 1,000 schoolchildren study, with modern equipment and teaching aids. The enterprise is participating in the development of the educational sphere of the Khanty-Mansiysk Autonomous Okrug – Yugra within the framework of the cooperation agreement between Rosneft and the regional government.

    Rosneft implements social projects aimed at creating favorable living conditions in the regions of its presence. The company supports initiatives aimed at developing education and creating a comfortable urban environment.

    Thanks to the support of RN-Yuganskneftegaz, robotics kits were purchased, which allow students to develop programming and design skills. New interactive panels made the learning process visual and accessible, allowing for the demonstration of educational materials in all modern formats. Demonstration kits and manuals for chemistry classes made it possible to conduct all types of experiments and experiments provided for by the educational program. New devices and equipment help students in physics lessons better understand the patterns and practical significance of the processes being studied.

    Now the school classrooms are fully equipped with interactive digital equipment and office equipment, a classroom for the Russian Movement of Children and Youth “Movement of the First” is equipped. Particular attention is paid to creating favorable conditions for children with special needs, for whom a classroom for individual lessons with a psychologist and an adaptive physical education teacher is equipped.

    Thanks to the support of oil workers, the school received technical capabilities to improve the quality of education and expand the range of extracurricular activities for the comprehensive development of students’ abilities.

    Reference:

    RN-Yuganskneftegaz is the key production asset of Rosneft. The company develops fields in licensed areas with a total area of over 21 thousand square kilometers in the Khanty-Mansiysk Autonomous Okrug-Yugra. Cumulative oil production since the beginning of operations exceeds 2.7 billion tons.

    RN-Yuganskneftegaz implements significant social projects in the territory of its production activities. Within the framework of the Cooperation Agreement between NK Rosneft and the Government of Khanty-Mansiysk Autonomous Okrug-Yugra, the construction of cultural, leisure and sports complexes, healthcare institutions, kindergartens and schools, stadiums and sports grounds is financed.

    In 2023, Secondary School No. 8 in Khanty-Mansiysk received modern equipment, a sports and leisure complex was built and equipped in the urban settlement of Bely Yar in the Surgut district. In 2024, a sports complex was put into operation in the village of Lyamina in the Surgut district, which fully provides residents with the necessary conditions for sports.

    Department of Information and Advertising of PJSC NK Rosneft October 25, 2024

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

    MIL OSI Russia News –

  • MIL-OSI Asia-Pac: Phishing instant messages related to Livi Bank Limited

    Source: Hong Kong Government special administrative region

    The following is issued on behalf of the Hong Kong Monetary Authority:

         The Hong Kong Monetary Authority (HKMA) wishes to alert members of the public to a press release issued by Livi Bank Limited relating to phishing instant messages, which have been reported to the HKMA. A hyperlink to the press release is available on the HKMA website.
          
         The HKMA wishes to remind the public that banks will not send SMS or emails with embedded hyperlinks which direct them to the banks’ websites to carry out transactions. They will not ask customers for sensitive personal information, such as login passwords or One-Time Password, by phone, email or SMS (including via embedded hyperlinks).
          
         Anyone who has provided his or her personal information, or who has conducted any financial transactions, through or in response to the instant messages concerned, should contact the bank using the contact information provided in the press release, and report the matter to the Police by contacting the Crime Wing Information Centre of the Hong Kong Police Force at 2860 5012.

    MIL OSI Asia Pacific News –

  • MIL-OSI United Kingdom: Financial health notice to improve: The SMB Group

    Source: United Kingdom – Executive Government & Departments

    A financial health notice to improve issued to The SMB Group.

    Applies to England

    Documents

    Revised financial notice to improve

    PDF, 155 KB, 5 pages

    Closed financial health notice to improve

    PDF, 183 KB, 4 pages

    Details

    The revised letter and its annex serve as a notice to improve financial health at The SMB Group.

    Updates to this page

    Sign up for emails or print this page

    MIL OSI United Kingdom –

  • MIL-OSI Australia: Interview with Karen Tso, CNBC

    Source: Australian Treasurer

    JIM CHALMERS:

    Growth in the Australian economy has been soft, certainly softer than we would like. But I think it’s important to remember that most of the OECD has had a negative quarter or worse in the course of the last year or so, and Australia has avoided that.

    That’s because we’ve struck a really effective balance. We’ve maintained a primary focus on fighting inflation but at the same time as we haven’t ignored the risks to growth. Growth is very flat in our economy. It would be much worse had we cut harder in the Budget.

    KAREN TSO:

    The government stimulus certainly helped avoid some of the worst of what was the downturn predicted from here. But reduced air travel was a big feature, a bit of a fad as Australians stopped turning up to some of those bands going on tour as well, which is a feature we’ve seen in other economies as well. Are interest rates now simply too high for the economy?

    CHALMERS:

    As you know from the last time that we spoke, Karen, there are good reasons why Treasurers of either political persuasion in Australia don’t give free advice to the independent Reserve Bank. They will take their decisions based on the best information that they have to hand.

    My job is to focus on what I can control – delivering 2 surpluses for the first time in almost 2 decades, showing spending restraint, finding savings in the budget. All of this is part of our strategy to put downward pressure on inflation at the same time as we help people through what has been a very difficult period.

    TSO:

    But you and I both know there is a balance between fiscal and monetary policy where you don’t want to be doing too much on the fiscal side. Are you approaching that? Is it time for monetary policy to step up?

    CHALMERS:

    I don’t see it exactly that way. The Reserve Bank Governor has herself said that the 2 surpluses that we’ve delivered – again, for the first time in some decades in Australia – that’s helping in the fight against inflation. Our fiscal strategy is helping in the fight against inflation. We’ve found savings in the budget. We’ve shown spending restraint when we’ve got upward revisions to revenue.

    We’ve made sure that where we are providing cost‑of‑living help, it’s in the most responsible way that we can. That’s because we do recognise the role for fiscal policy and for budget management in the fight against inflation. That’s our primary focus.

    But we’re doing that at the same time as we recognise there are risks to growth and we want to maintain the gains that we’ve made in the labour market in the last couple of years. There’s been a million new jobs created in the Australian economy. That’s the first time that’s happened in a single parliamentary term. We want to preserve and maintain as much of that as we can.

    TSO:

    Another big government in the region is stimulating – the Chinese government. In recent weeks we’ve seen measures from them to try and shore up property market, to move along some of the local government debt and also help with the consumer appetite for consumption. I asked the Brazilians this question, whether Chinese stimulus equalled better growth rates for Brazil, and the response was, it’s not that simple. How do you feel? Is it that simple – China grows, Australia grows too?

    CHALMERS:

    There is a relationship between Chinese growth and Australian GDP growth. The rough rule of thumb that our Treasury uses is every extra per cent of growth in China is about a quarter of a per cent for Australia. That’s the rule of thumb that has been applied in the past.

    We see the steps announced by the Chinese authorities as really positive for Australia. One of the main concerns we have about the global economy – primarily escalation in the Middle East, the war in Ukraine obviously – but a softer economy in China does have consequences for Australia and, indeed, for the global economy.

    So we are very welcoming of the steps that the authorities have announced. As it turns out, I was in Beijing when they announced some of those additional measures. We see that as a very good thing for Australia, but we still maintain some element of concern about growth in the Chinese economy.

    TSO:

    Do you think they’ll have the same thirst for Australian resources that they’ve had in the past?

    CHALMERS:

    I think the mix will change over time. We’ve got big opportunities in our resources base in Australia, not just in the Chinese market, in the global market more broadly.

    But we have seen in the iron ore price, for example, there has been some volatility. After these measures were announced by the Chinese administration there was an increase in the iron ore price. That’s obviously a good thing for our economy and our exporters and for our budget. But over time demand for different kinds of resources will shift.

    TSO:

    No shortage of politics in the room here in DC – a US election around the corner, everybody’s trying to work out what it means if it’s a Trump versus a Harris win. You’ve done some modelling on this. Just give us a sense as to what you’re thinking about the implication if potentially it is a Trump win, which seems to be the scenario that could be more disruptive of the markets.

    CHALMERS:

    Obviously 13 days from the US election there is a lot of talk here in Washington DC, as you’d expect, about the outcomes of that.

    We don’t have a dog in the fight when it comes to the outcome of the US election. That is a matter for American domestic politics, and we’ll work closely with whoever the Americans choose to lead them.

    But like every country, we have done some scenarios, some planning for the different kinds of policies that the different administrations might enact. We don’t make that public necessarily, but we do think through the various scenarios that may play out.

    We’ve made it very clear here and on other occasions as well, we don’t want to see a trade war in our region or in the global economy. We think that would be costly. But we don’t involve ourselves in the domestic political choices or policy choices that the Americans have before them.

    TSO:

    To the point around the trade issues, bilateral relations with Beijing have certainly improved, as you just pointed out you were there. And, for instance, what are we seeing now? Australian rock lobsters are back on the menu, Australian wine no longer costing $116, 218 per cent higher thanks to tariffs. So there’s clearly been more warmth in the relationship. Could that be derailed if there’s a much more hawkish tone coming out of Washington in coming weeks which puts pressure on the Australian relationship?

    CHALMERS:

    I don’t really want to speculate on that. We have made some really quite substantial progress when it comes to stabilising, what is a very critical economic relationship for Australia. The lifting of those trade restrictions on lobster and wine are examples of how our efforts have been paying off.

    But it’s a really complex relationship. It’s full of complexity. It’s full of opportunity. There are areas where we have to disagree with China, but there are areas where we can work together and stabilise that relationship. We’ve seen the benefits of that already. And that’s because we believe as a government you get more out of engaging with people than not, and that’s proven to be the right strategy.

    TSO:

    Which is a different change to the last government in some ways. And on that note, it is a sea change from the 2016–2020 era when it was a Trump administration. It was also a conservative government in Australia versus your left‑leaning Labor government. Your policies have been more aligned with Biden’s – the Inflation Reduction Act and climate change policy. So what sort of a reset could you be facing around climate change? Do you hope that there’s still a commitment from the next administration towards climate change?

    CHALMERS:

    I think the net zero transformation in the global economy is the biggest change since the Industrial Revolution. That will be the case no matter who leads one country or another country. We’re confident that there is enough enthusiasm for and commitment to the global net zero transformation around the world that that will carry on. We want to be a really important part of that.

    Our Future Made in Australia agenda, which is a bit like the Inflation Reduction Act here in the US, that’s not about retreating from the world; that’s about engaging with the world, making ourselves an indispensable part of the global net zero transformation. And that will be the case no matter who the Americans choose to lead them.

    TSO:

    You specifically have weighed in big time into energy and climate policy in recent years. As we’ve seen some data this week from the UN suggesting we’re on course for a catastrophic 3.1 degrees Celsius by the end of the century, IMF staff have also highlighted the need to mobilise quickly. We’re counting down to COP29. Do countries including Australia need to ramp up their ambition around green goals?

    CHALMERS:

    We’re plenty ambitious about emissions reduction and about the economic opportunity that lies at the very core of that.

    Here at these meetings in DC I’ll be joining the Climate Change Minister Chris Bowen, and that’s because we recognise that the environmental and emissions reduction task brings with it enormous economic opportunity for Australia – jobs and opportunities for our businesses, our workers and our investors. And so we see those 2 things as intertwined.

    Yes, there needs to be ambition from the world to avoid the worst aspects and the worst outcomes and consequences of catastrophic climate change. We believe there is a lot of goodwill, there is a lot of commitment, but we all need to do better.

    For Australia, we’ve got ambitious targets. We need to make them a reality, and we need to make sure that as part of that we grab the economic opportunities as well.

    TSO:

    How frustrated are you about the EV story? Because from a European lens we’ve got automakers with big goals that they’re having to then concede are not going to be reached. We’ve got declining appetite – and that’s not just in Europe, it’s also in the United States. Prices have been an issue, but in Australia potentially less so. Charging seems to be an issue, having the infrastructure. I can see you’ve done a tonne of things trying to stimulate demand, but it’s simply not catching on. You still don’t have the same level of interest in changing to EVs. What’s going wrong?

    CHALMERS:

    I’m not sure about that. EV take‑up has been increasing in recent years, and that is partly because of our policy agenda – our tariff cuts and our tax cuts, which are about incentivising EV take‑up, they have been working.

    But we recognise in the global market for EVs there are some issues playing out, including decisions taken here by the Americans as they relate to Chinese EVs.

    We’ll take our own decisions and we’ll make those decisions based on the best available information. But we believe in the future of EVs. I think Australians do too. And where we can help that with good policies like our tax policies right now, we’ll continue to do that.

    TSO:

    Do you think governments are going to have to start thinking about full‑blown cash for clunkers type of programs to try to get some motivation into EVs?

    CHALMERS:

    That’s not something that we’re considering. That policy has some history, as you know in Australia and around the world. It’s not something that we are contemplating.

    I think the key here is making sure that the tax arrangements are right, and we’ve made those 2 important changes to incentivise take‑up. We need to make sure we’ve got the supply so that Australian drivers, motorists, have got choices and that EVs are affordable. That’s our priority rather than some of those other options that have been put forward from time to time.

    MIL OSI News –

  • MIL-OSI Global: Israel’s ‘generals’ plan’ to clear Palestinians from north of Gaza could pave the way for settlers to return

    Source: The Conversation – UK – By Leonie Fleischmann, Senior Lecturer in International Politics, City St George’s, University of London

    Western political leaders were quick to argue that the killing of Hamas leader, Yahya Sinwar, on October 17 presented a window of opportunity. Perhaps the decapitation of the militant group’s senior command would be a chance for renewed ceasefire talks and the release of the Israeli hostages.

    The US president, Joe Biden, urged the Israeli government the following day to “make this moment an opportunity” to end the war in Gaza. But Israel had already launched a major operation in northern Gaza. On October 12, the IDF posted a message in Arabic on social media sites warning civilians living in an area designated as D5 on Israel’s grid map of Gaza to evacuate. It said the area would soon be a “dangerous combat zone” and ordered people to move to safe areas in the south of Gaza.

    This process has continued as the IDF has renewed its offensive in the north of the enclave, with an estimated 400,000 people affected, about 20% of the population of Gaza. The UN reported on October 21 that only a “trickle” of food aid has been allowed into north Gaza over the previous week. The Israeli military has denied this. But it has also been reported that the emergency polio vaccination campaign in north Gaza has had to be suspended, due to Israeli bombardment and a lack of access to UN personnel.

    The forcible transfer of a population during war is illegal under international law, as is denying access to humanitarian aid for civilians. But there are fears that there is a plan to move Palestinians out of north Gaza in a plan which could pave the way for settlers to move in.

    The liberal Haaretz newspaper, a consistent critic of the Netanyahu government, published an editorial on October 22 saying that there was mounting evidence that Israel is now pursuing a policy of siege and starvation to force the complete evacuation of the civilian population of northern Gaza. In doing this, the newspaper said, Israel is implementing the now notorious “generals’ plan”. It asserted:

    Make no mistake, [the generals’ plan] is a war crime, and it runs contrary to UN Security Council decision 2334, which states that land may not be taken through force, referring to acts of war.

    Military plan or land grab?

    The “generals’ plan” is attributed to retired Maj. Gen. Giora Eiland, a former head of national security in Israel. As a strategy to defeat Hamas (something which has proved elusive in 12 months of bitter fighting in Gaza) it proposes the wholesale transfer of north Gaza’s population south beyond the Netzarim corridor. A siege would be imposed on those who remain.

    The Netzarim Corridor runs across the Gaza Strip below Gaza CIty. Israel is moving Palestinians south of the corridor.
    ChrisO/Wikimedia Commons, CC BY-SA

    In late September Eiland argued in an interview with Haaretz that “it’s permissible and even recommended to starve an enemy to death, provided you’ve allowed the civilians corridors of exits beforehand. And that is exactly what I am proposing”.

    Israeli prime minister, Benjamin Netanyahu, recently told US secretary of state, Antony Blinken, that Israel is not planning to lay siege to northern Gaza. But the evidence of the military’s actions on the ground suggests otherwise. Since October 6 the IDF has been conducting what it calls a “clearing operation” in Jabalia, north of Gaza City, channelling civilians south while launching airstrikes against the Jabalia refugee camp, where it says units of Hamas are embedded.

    Changing the reality

    There is widespread concern that the end game in north Gaza will include the return of settlers. A conference on October 22 attended by members of the ruling Likud Party, including several ministers in the Netanyahu government, heard the national security minister, Itamar Ben Gvir, assert that “encouraging emigration” of Palestinian residents of Gaza would be the “most ethical” solution to the conflict. The finance minister, Bezalel Smotrich, told journalists on his way to the conference that the Gaza Strip was “part of the Land of Israel” and that “without settlements, there is no security”.

    Settlers were moved out of the the Gaza Strip in 2005, under the then prime minister Ariel Sharon’s Disengagement Plan. The plan dismantled 21 settlements in the Strip, relocating an estimated 8,000 settlers. Many vowed at the time that they would return one day.

    CIA map of the Gaza Strip in May 2005, a few months prior to the Israeli withdrawal. The major settlement blocs are shaded in blue.
    CIA/Wikimedia Commons

    There was a Jewish presence on the Gaza Strip from biblical times until 1929, when they were driven out during the Arab revolts, in which 133 Gazan Jews were killed. After the six-day war in 1967, Israel occupied the Sinai Peninsula, the Gaza Strip, the West Bank, East Jerusalem, and the Golan Heights. In the aftermath of the war, the main focus of settlement was national security, rather than religious ideology. Here the driving force was Israel’s deputy prime minister, Yigal Allon, who believed that national security could be guaranteed by building settlements.

    As a consequence, in the 1970s, the Labour government established the initial modern settlements in the Gaza Strip. The settlements divided the enclave such that the Palestinian inhabitants in each area were isolated from each other, thus enabling Israeli control.

    UK-based historian Ahron Bregman, a former Israeli army officer (who has written for The Conversation on the conflict between Israelis and Palestinians), warned in a post on X about how national security could once again be used as a pretext for settlements to be established in north Gaza.

    Warning: Ahron Bregman’s post on X on October 22.
    Twitter

    The current operation in northern Gaza feels like a particularly ominous moment, not only in the Hamas-Israel war, but in the history of the Israeli-Palestinian conflict. Rather than use the opportunity of a weakened Hamas to reach a ceasefire and hostage deal and allow the people of Gaza to attempt to rebuild their shattered lives, Israel appears to be illegally, immorally and irreversibly changing the realities on the ground.

    Leonie Fleischmann 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. Israel’s ‘generals’ plan’ to clear Palestinians from north of Gaza could pave the way for settlers to return – https://theconversation.com/israels-generals-plan-to-clear-palestinians-from-north-of-gaza-could-pave-the-way-for-settlers-to-return-241987

    MIL OSI – Global Reports –

  • MIL-OSI Global: Moo Deng: the celebrated hippo’s real home has disappeared – will the world restore it?

    Source: The Conversation – UK – By Huanyuan Zhang-Zheng, College Lecturer at Worcester College, and Postdoctoral Researcher at School of Geography and the Environment, University of Oxford

    Moo Deng lives with her mother and siblings in Khao Kheow Open Zoo in Chon Buri, Thailand. I Viewfinder/Shutterstock

    The playful and pudgy mammal that went viral from its Thai zoo enclosure has a sad story to tell about her fellows hippos.

    Moo Deng is the two-month-old pygmy hippo who flicks her ears in joy and likes splashing in water. She lives the life of a superstar at Khao Kheow Open Zoo, where huge crowds have massed – but the chances of spotting her relatives in the wild are slim.

    Pygmy hippos (Choeropsis liberiensis) are endangered and estimated to number fewer than 2,500. Their decline has been drastic: a long-term survey in a national park in Ivory Coast found 12,000 pygmy hippos in 1982; 5,000 in 1997 and 2,000 in 2011. Today, these hippos are scarce across their native west Africa.

    Perhaps it’s not surprising that pygmy hippos feel most comfortable deep in the forest. Early European explorers to Liberia wrote in their diaries that this hippo chooses to forage at night and conceal itself in the water or in dense vegetation during the day.

    So secretive is this species that 19th-century explorers observed:

    if someone walks across one of their paths or tunnels (used to navigate through thick vegetation), they will abandon that route for a while.

    Sensitive souls

    Widespread deforestation and constant disturbance have made it difficult for pygmy hippos to survive, requiring as they do a combination of dense forests and swamps which already restricted them to a small area. West African forests have lost over 80% of their original area, which confines wild pygmy hippos to small spots in Gola National Forest (Sierra Leone) and Sapo National Park (Liberia).

    The world once had several pygmy hippo species. Only one remains, in West Africa.
    IUCN, CC BY-SA

    With their forests rapidly disappearing, there simply isn’t enough space for pygmy hippos to find food, thrive and reproduce. A survey in the Gola rainforest and its surroundings revealed that many were hiding on former cropland outside the protected area. Re – Yes the survey includes area outside protected forests area

    Cocoa production is probably the biggest cause of forest loss, then gold mining and unsustainable logging. These activities now encroach on forest reserves and other supposedly protected areas.

    Previous forest conservation efforts have failed. Conservationists argue for a system to financially reward farmers and authorise local forestry communities to safeguard the forests and sustainably manage what remains, as opposed to a top-down model of state management and enforcement.

    A world treasure

    West Africa’s forest loss is particularly heartbreaking as research shows that a remaining patch may be the most productive on Earth, surpassing even the Amazon rainforest.

    Particularly productive forests harness more of the sun’s energy and turn it into lots of palatable herbs and juicy fruits – more food to support animals like pygmy hippos, and so foster rich biodiversity.

    Before extensive fieldwork beginning in 2016, researchers had underestimated the value of west African forests, particularly their capacity to store carbon and thereby offset global warming. This oversight was partly the result of these forests being hidden by clouds, which makes satellite observation difficult, and their relative neglect by western researchers compared with other ecosystems elsewhere.

    It’s not just Moo Deng’s wider family that is at risk. West African forests are home to more than 900 bird species and nearly 400 mammals – more than a quarter of all mammal species in Africa. Their future is highly threatened by extensive deforestation.

    Underestimating the value of west African forests has kept them off the priority list for global forest restoration. It’s sadly not surprising that deforestation continues. In 2022 alone Ghana lost 44,500 acres of forest (twice the size of Manchester), close to a 70% increase from 2021.

    Each tropical forest contributes irreplaceable biodiversity. From the elusive mammals of west Africa to the vibrant birds of south-east Asia, these ecosystems are equally important. Comprehensive plans are needed to restore them which involve empowering local communities to manage their long-term health.

    A global initiative to designate 30% of Earth’s land and ocean as protected by 2030 (known as 30×30) should not conserve a vast area in one or two places, ignoring Earth’s other biodiversity hotspots. The lesson of Moo Deng’s disappearing home should be to value ecosystems equally – and plan their preservation with equal care.


    Don’t have time to read about climate change as much as you’d like?

    Get our award-winning weekly roundup in your inbox instead. Every Wednesday, The Conversation’s environment editor writes Imagine, a short email that goes a little deeper into just one climate issue. Join the 40,000+ readers who’ve subscribed so far.

    Huanyuan Zhang-Zheng receives funding from the US Department of Energy.

    Sulemana Bawa 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. Moo Deng: the celebrated hippo’s real home has disappeared – will the world restore it? – https://theconversation.com/moo-deng-the-celebrated-hippos-real-home-has-disappeared-will-the-world-restore-it-241815

    MIL OSI – Global Reports –

  • MIL-OSI United Kingdom: What Derby City Council would like to see in the Government’s Autumn budget statement

    Source: City of Derby

    Following weeks of speculation, the Government will outline their actual spending plans for the first time next week in the Autumn budget statement.  Councils across the country, including Derby City Council, will be watching with interest to see what, if any, action will be taken to address the severe financial challenges faced by local government sector.

    In Derby, the Council’s current budget is its most challenging yet, with the Council reporting a predicted £9.6 million overspend on its revenue budget – which funds most of its services outside housing, education, and capital projects – at the end of the first quarter of 2024/25.

    Demand and costs have continued to rise at a much higher rate than forecast, mainly for services affecting the city’s most vulnerable citizens such as social care and homelessness. This is not unique to Derby and is affecting councils across the country. The Council has been lobbying the Government for changes to the way it is funded, together with local government colleagues nationally.

    Derby City Council’s Quarter 2 financial update will be presented to Cabinet in November, but over the medium term the Council faces the challenge of closing a significant budget gap which was estimated to be £13.9 million for 2025/26 before any of the new pressures on services emerged this year. The Council’s Medium Term Financial Strategy, which is also being considered by Council Cabinet in November, will provide further details on this position.

    As a result, the Council is already in the process of planning a balanced budget for 2025/26, which is a legal requirement, ready to present it to Councillors in December before it goes out to consultation. Although the Council won’t know for certain how much money it will receive from the Government until around the same time, it is hoped the Autumn statement on 30 October will provide some additional financial support.

    In simple terms, the Government currently funds Councils through one-year grant settlements, supplemented by additional grants which can only be used for specific purposes.  Shortfalls therefore have to be met from Council Tax and Business Rates, and as Government funding has significantly declined the Council has become more reliant on these local taxes.

    While the new Government has indicated that it will move towards multi-year settlements that make it easier to plan for the mid-term, it is not known when this will happen.

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

    We have to be realistic. We are not expecting the Government to announce multi-year grant funding settlements next week. However there are some small changes they could announce which we’ve lobbied for, and would be ‘quick wins’ for local government. They would certainly make a difference to us in Derby.

    A shortage of affordable accommodation means that homeless families are having to stay in temporary accommodation for longer. The amount of Housing Benefit we can claim back from the Government for this is capped, and if this cap was lifted we would be £4 million better off. A review of the right to buy legislation would allow Councils to maintain their levels of social housing.

    Costs in the social care market are spiralling, and introducing caps on fees that Councils pay for care would help ease the pressure on social care.

    A commitment to the much-awaited funding reforms for local government would also see a redistribution of funding to those areas that need it the most. Continuation of a lot of temporary funding, including funding that supports social care services and support to struggling families through the Household Support Fund, would mean that we could continue to support our most vulnerable residents.

    We would welcome any additional funding that the new Government can provide, however we are aware that there is no easy solution to the financial challenges that lie ahead, especially when we have no control over rising costs and demand. Any new burdens on local government need to be adequately funded.

    Let me be clear, we will have to make some very difficult decisions over the next few months if we are to fulfil our legal obligation of setting a balanced budget. Many councils have already had to make a Section 114 declaration or ask for additional Government support. This is not a route we want to take, as it would limit what we could do for Derby, but we accept that we may have to do less but in a safe and managed way.

    It is usually councils that are left to pick up the pieces when people find themselves in crisis. Yet demand continues to rise and we don’t have the funds to meet it. However we are acutely aware that we are not the only public service lobbying for more help.

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Australia and the United Kingdom to power up cooperation on climate and energy

    Source: United Kingdom – Executive Government & Departments

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    This was the first meeting between the two leaders since the election of the Starmer Government.

    The Prime Ministers discussed Australia’s and the United Kingdom’s modern and dynamic relationship, underpinned by close personal ties and strong security, trade and investment links.

    The two leaders considered how the two countries could step-up their work together to meet common challenges and to realise new opportunities.

    Australia and the UK agree that the transition to net zero represents economic opportunity. The Albanese and Starmer Governments believe private capital and the power of government can be leveraged to shape a clean energy future in the interests of working people. The transition paves the way for new industries, new technologies, new job opportunities and a revitalisation of each nation’s industrial base.

    To this end, the Prime Ministers agreed to enhance bilateral cooperation on climate change and energy by negotiating a dynamic new partnership. The Australia–UK Climate and Energy Partnership will focus on the development and accelerated deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support the economic resilience and decarbonisation goals of both countries. 

    The partnership will also build upon the two countries’ long-standing cooperation on international climate action, including on renewable energy and climate finance.

    The Prime Ministers agreed the Minister for Climate Change and Energy of Australia and the Secretary of State for Energy Security and Net Zero of the United Kingdom will take this important work forward.

    The two leaders also announced grant recipients under the Australia-UK Renewable Hydrogen Innovation Partnership Program. Under this program, the two Governments will support six cutting-edge projects focused on industrial decarbonisation. 

    On trade and investment, Prime Ministers discussed gains under the ambitious Australia-United Kingdom Free Trade Agreement. The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership later this year will also present new opportunities for the region. 

    Discussions on defence and strategic cooperation focused on working together to ensure the AUKUS partnership delivers for the security and stability of the Indo-Pacific and beyond. The two leaders reaffirmed their commitment to negotiating a bilateral treaty, as announced by Defence Ministers in September 2024, to develop the SSN-AUKUS submarine for both nations.  

    The Prime Ministers also reaffirmed their commitment to an approach that sets the highest non-proliferation standards and to sustaining peace, stability and prosperity in the Indo-Pacific region, respectful of sovereignty and rules.

    Prime Minister Anthony Albanese said:

    Australia and the UK are longstanding partners, with common values and aligned strategic interests. It was great to congratulate Prime Minister Starmer in person after his election win in July. 

    We had a productive discussion, including agreeing to negotiate a new climate and energy partnership. This partnership will ensure we maximise the economic potential of the net zero transition, and build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050.

    We share a vision for a modern and transformed Australia-United Kingdom relationship, which delivers tangible benefits and prosperity to both our nations and the Indo-Pacific.

    Prime Minister Keir Starmer said:

    The UK and Australia share many things in common, including our governments’ determination to improve the lives of working people, drive economic growth and ensure cleaner, more affordable energy. 

    This partnership underscores our commitment to powering up the UK with clean energy projects that will benefit communities across the country.

    Together, we’re delivering better futures for our two countries, whether that’s through protecting our national security with projects like AUKUS or delivering on our net zero commitments.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI United Kingdom: Press release: Australia and the United Kingdom to power up cooperation on climate and energy

    Source: United Kingdom – Prime Minister’s Office 10 Downing Street

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    Prime Minister Anthony Albanese and The Rt Hon Sir Keir Starmer KCB KC MP, Prime Minister of the United Kingdom, met today on the sidelines of the Commonwealth Heads of Government Meeting in Apia, Samoa.

    This was the first meeting between the two leaders since the election of the Starmer Government.

    The Prime Ministers discussed Australia’s and the United Kingdom’s modern and dynamic relationship, underpinned by close personal ties and strong security, trade and investment links.

    The two leaders considered how the two countries could step-up their work together to meet common challenges and to realise new opportunities.

    Australia and the UK agree that the transition to net zero represents economic opportunity. The Albanese and Starmer Governments believe private capital and the power of government can be leveraged to shape a clean energy future in the interests of working people. The transition paves the way for new industries, new technologies, new job opportunities and a revitalisation of each nation’s industrial base.

    To this end, the Prime Ministers agreed to enhance bilateral cooperation on climate change and energy by negotiating a dynamic new partnership. The Australia–UK Climate and Energy Partnership will focus on the development and accelerated deployment of renewable energy technologies, such as green hydrogen and offshore wind, to support the economic resilience and decarbonisation goals of both countries. 

    The partnership will also build upon the two countries’ long-standing cooperation on international climate action, including on renewable energy and climate finance.

    The Prime Ministers agreed the Minister for Climate Change and Energy of Australia and the Secretary of State for Energy Security and Net Zero of the United Kingdom will take this important work forward.

    The two leaders also announced grant recipients under the Australia-UK Renewable Hydrogen Innovation Partnership Program. Under this program, the two Governments will support six cutting-edge projects focused on industrial decarbonisation. 

    On trade and investment, Prime Ministers discussed gains under the ambitious Australia-United Kingdom Free Trade Agreement. The United Kingdom’s accession to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership later this year will also present new opportunities for the region. 

    Discussions on defence and strategic cooperation focused on working together to ensure the AUKUS partnership delivers for the security and stability of the Indo-Pacific and beyond. The two leaders reaffirmed their commitment to negotiating a bilateral treaty, as announced by Defence Ministers in September 2024, to develop the SSN-AUKUS submarine for both nations.  

    The Prime Ministers also reaffirmed their commitment to an approach that sets the highest non-proliferation standards and to sustaining peace, stability and prosperity in the Indo-Pacific region, respectful of sovereignty and rules.

    Prime Minister Anthony Albanese said:

    Australia and the UK are longstanding partners, with common values and aligned strategic interests. It was great to congratulate Prime Minister Starmer in person after his election win in July. 

    We had a productive discussion, including agreeing to negotiate a new climate and energy partnership. This partnership will ensure we maximise the economic potential of the net zero transition, and build on our long-standing cooperation on international climate action and shared commitment to reach net zero emissions by 2050.

    We share a vision for a modern and transformed Australia-United Kingdom relationship, which delivers tangible benefits and prosperity to both our nations and the Indo-Pacific.

    Prime Minister Keir Starmer said:

    The UK and Australia share many things in common, including our governments’ determination to improve the lives of working people, drive economic growth and ensure cleaner, more affordable energy. 

    This partnership underscores our commitment to powering up the UK with clean energy projects that will benefit communities across the country.

    Together, we’re delivering better futures for our two countries, whether that’s through protecting our national security with projects like AUKUS or delivering on our net zero commitments.

    Updates to this page

    Published 25 October 2024

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: Union Minister Shri Manohar Lal reviews the power sector scenario for Andaman and Nicobar Islands at Sri Vijaya Puram

    Source: Government of India (2)

    Posted On: 25 OCT 2024 2:16PM by PIB Delhi

    Union Minister for Power and Housing and Urban Affairs, Shri Manohar Lal, reviewed the power sector scenario for Andaman and Nicobar Islands (AN&Is) at Sri Vijaya Puram today. Hon’ble LG of UT of Andaman and Nicobar Islands, Shri D K Joshi was present in the meeting. The meeting was also attended by senior officials of the UT administration, Ministry of Power, Govt. of India (GoI), and senior officials of the Power Sector CPSEs.

    The meeting started with a presentation on the brief overview of the Power Sector Scenario in the UT of AN&Is. In the course of presentation, the present status of power availability, power generation and gap between demand and supply was highlighted. Also, major challenges and possible solutions were highlighted. Thereafter, officials from Ministry of Power gave a presentation on the projects of interconnection of Island through grid and distribution infrastructure augmentation works sanctioned by Government of India under Revamped Distribution Sector Scheme (RDSS) in the UT which would help in improving the power supply quality and availability across the islands. Additionally, issues related to current energy mix were also discussed.

    In his address, Shri Manohar Lal, Union Minister of Power and Housing and Urban Affairs mentioned that it is his first visit to the AN&Is. This visit to the UT will be important in understanding and in resolution of the issues in the Power sector in the UT. He emphasized on the need for reducing dependence on diesel-based generation by increasing share of renewable sources of power generation, especially wind energy, in the archipelago and working towards energy storage. This will result in reducing per unit energy cost. Hon’ble Minister also mentioned to explore the possibility for alternate sources of energy generation like ethanol based. Further, the importance of Electric Vehicles (EV) and EV Charging stations was also emphasised.

    He also highlighted the need for timely settlement of dues of the Government departments and asked the UT administration to strive to improve AT&C losses and ACS-ARR Gap. He also advised the UT administration to make all out efforts for expeditious implementation of the sanctioned works under RDSS as well as to implement reforms prescribed under the scheme. He mentioned that sincere efforts will go a long way in making the electricity department financially viable and the UT self-sufficient for its power requirements.

    Union Minister assured for continued support and cooperation of the Government of India in the overall development of the UT.

    LG, A&NIs welcomed the Hon’ble Union Minister for his visit to Sri Vijaya Puram for review of A&NIs in respect of issues related to Urban development and the Power sector. He assured of taking necessary measures for expeditious award and implementation of the Distribution Infrastructure.

    ***

    JN/ SK

    (Release ID: 2068044) Visitor Counter : 40

    MIL OSI Asia Pacific News –

  • MIL-OSI Africa: Superbridge Summit 2024 successfully concludes, driving trade and investment partnerships in Global South

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

    DUBAI, United Arab Emirates, October 25, 2024/APO Group/ —

    SuperBridge Summit 2024 (https://SuperBridgeDubai.com), organised by the Dubai World Trade Centre (DWTC) and the SuperBridge Council, successfully concluded at One&Only One Za’abeel Hotel, Dubai. The two-day event held alongside GITEX Global convened over 700 C-Level Executives and 60 renowned speakers from fast-growing economic regions in the Global South, establishing itself as a global platform for innovation, collaboration, and community-building.

    During the event, H.E. Omar Sultan Al Olama, Minister of State for Artificial Intelligence, Digital Economy, and Remote Work Applications, UAE, delivered a keynote address. He shared insights on the rising role of advanced technologies, and AI innovations, encouraging participants to gain a critical understanding of their community’s future growth trajectory.

    The dynamic event convened next-gen leaders from the Mid-East, Africa and South Asia, exploring key avenues of collaboration in the sustainability, tech, banking, retail, and healthcare industries.  These pertinent discussions further highlighted innovation being led by pioneers like Insilico, a leading biotech company in the UAE, Nigeria’s renowned fintech firm Flutterwave and Singapore’s MVGX Group, a tech leader committed to decarbonisation. Moreover, the summit underscored the rise of cross-border investments within the Global South. This further reaffirms the importance of nurturing robust economic partnerships between entities in the region.     

    The impactful sessions while promoting cutting-edge ideas, also underscored the vital role of global perspectives in driving innovation, highlighted by the partnership established by the Superbridge Summit with Dubai Chambers, global travel leader Trip.com, edtech firm Laix, innovation and research center NICE, blockchain leaders MVGX, and METACOMP.

    Trixie LohMirmand, Executive Vice President at Dubai World Trade Centre said, “As the UAE emerges as a global epicentre of innovation, business events like SuperBridge Summit further catalyse this growth, reaffirming GITEX’s enduring commitment to driving collaboration and fostering a prosperous future for coming generations. The event had an exemplary attendee lineup encompassing high-level changemakers, thought leaders and C-level executives from diverse industries who shared their valuable insights on crucial topics. We are immensely grateful to the summit’s attendees for their support and are confident that the event will facilitate positive change across diverse sectors.”

    Khalid Al Jarwan, Vice President of Operations and acting Vice President of Digital and Commercial Sectors at Dubai Chambers, commented, “The SuperBridge Summit aligns closely with Dubai Chambers’ objectives by creating a global platform for collaboration. Events of this kind play a vital role in connecting key stakeholders, fostering impactful partnerships, and driving innovation. We remain committed to helping businesses and investors from across the globe leverage Dubai’s strategic advantages to promote economic growth and contribute to a more sustainable and prosperous future for all.”

    As a global platform for innovation, the summit facilitated valuable inputs that enabled attendees gain new insights and a renewed sense of purpose, inspiring them to contribute to the holistic development of the global economy.

    MIL OSI Africa –

  • MIL-OSI Europe: Minutes – Thursday, 24 October 2024 – Strasbourg – Final edition

    Source: European Parliament

    PV-10-2024-10-24

    EN

    EN

    iPlPv_Sit

    Minutes
    Thursday, 24 October 2024 – Strasbourg

    IN THE CHAIR: Esteban GONZÁLEZ PONS
    Vice-President

    1. Opening of the sitting

    The sitting opened at 09:00.


    2. Composition of committees and delegations

    The PPE Group had notified the President of the following decisions changing the composition of the committees and delegations:

    ENVI Committee: Hanna Gronkiewicz-Waltz

    FISC Subcommittee: Danuše Nerudová

    Delegation to the EU-Ukraine Parliamentary Association Committee: Michał Szczerba

    Delegation for relations with Israel: Hildegard Bentele to replace Daniel Buda

    Delegation to the EU-Türkiye Joint Parliamentary Committee: Daniel Buda to replace Hildegard Bentele

    The decisions took effect as of that day.


    3. Closing the EU skills gap: supporting people in the digital and green transitions to ensure inclusive growth and competitiveness in line with the Draghi report (debate)

    Commission statement: Closing the EU skills gap: supporting people in the digital and green transitions to ensure inclusive growth and competitiveness in line with the Draghi report (2024/2871(RSP))

    Janusz Wojciechowski (Member of the Commission) made the statement.

    The following spoke: Liesbet Sommen, on behalf of the PPE Group, Gabriele Bischoff, on behalf of the S&D Group, Paolo Borchia, on behalf of the PfE Group, Mariateresa Vivaldini, on behalf of the ECR Group, Brigitte van den Berg, on behalf of the Renew Group, Nela Riehl, on behalf of the Verts/ALE Group, Li Andersson, on behalf of The Left Group, Rada Laykova, on behalf of the ESN Group, Jagna Marczułajtis-Walczak, Heléne Fritzon, Pascale Piera, Georgiana Teodorescu, Grégory Allione, Sara Matthieu, Marina Mesure, Diego Solier, Andreas Schwab, Niels Fuglsang, Annamária Vicsek, Marlena Maląg, Hristo Petrov, Benedetta Scuderi, Dario Tamburrano, Pilar del Castillo Vera, Marcos Ros Sempere, Antonella Sberna, Ľudovít Ódor, Rasmus Andresen, Hanna Gedin, Sérgio Humberto, who also answered a blue-card question from João Oliveira, Elisabetta Gualmini, Kris Van Dijck, Billy Kelleher, João Oliveira, Giusi Princi, Tiemo Wölken, Beatrice Timgren, Catarina Martins, Andrea Wechsler, Marit Maij, Tobiasz Bocheński, who also answered a blue-card question from Branislav Ondruš, Arba Kokalari, Johan Danielsson, Paulius Saudargas, Idoia Mendia, Andrzej Buła, Estelle Ceulemans, Axel Voss, Alex Agius Saliba, Esther Herranz García, Marc Angel, Maravillas Abadía Jover, Annalisa Corrado and Bruno Gonçalves.

    The following spoke under the catch-the-eye procedure: Hélder Sousa Silva.

    IN THE CHAIR: Pina PICIERNO
    Vice-President

    The following spoke under the catch-the-eye procedure: Nina Carberry, Nikolina Brnjac, Tomislav Sokol, Maria Grapini, Branislav Ondruš, Grzegorz Braun and Milan Mazurek.

    The following spoke: Janusz Wojciechowski.

    The debate closed.


    4. Abuse of new technologies to manipulate and radicalise young people through hate speech and antidemocratic discourse (debate)

    Commission statement: Abuse of new technologies to manipulate and radicalise young people through hate speech and antidemocratic discourse (2024/2887(RSP))

    Janusz Wojciechowski (Member of the Commission) made the statement.

    The following spoke: Lídia Pereira, on behalf of the PPE Group, Alex Agius Saliba, on behalf of the S&D Group, Jorge Buxadé Villalba, on behalf of the PfE Group, Piotr Müller, on behalf of the ECR Group, Laurence Farreng, on behalf of the Renew Group, Kim Van Sparrentak, on behalf of the Verts/ALE Group, Pernando Barrena Arza, on behalf of The Left Group, Petras Gražulis, on behalf of the ESN Group, Eleonora Meleti, Sabrina Repp, Fabrice Leggeri, Ivaylo Valchev, Hristo Petrov, Alexandra Geese, who also answered a blue-card question from Sebastian Tynkkynen, Ivan David, Milan Mazurek (The President reminded the speaker of the provisions of Rule 10), Zoltán Tarr, Francisco Assis, Susanna Ceccardi, Paolo Inselvini, Irena Joveva, Lena Schilling, Christine Anderson, Ondřej Dostál, Manuela Ripa, Gerolf Annemans, Veronika Cifrová Ostrihoňová, Jaume Asens Llodrà, Marc Jongen, Łukasz Kohut, Alexandre Varaut, Taner Kabilov, Sebastian Kruis, Tiago Moreira de Sá, who also answered a blue-card question from Bruno Gonçalves, Hermann Tertsch and Mathilde Androuët.

    The following spoke under the catch-the-eye procedure: Matej Tonin, Juan Fernando López Aguilar, Sebastian Tynkkynen and Lukas Sieper.

    The following spoke: Janusz Wojciechowski.

    The debate closed.

    (The sitting was suspended for a few moments.)


    IN THE CHAIR: Roberta METSOLA
    President

    5. Resumption of the sitting

    The sitting resumed at 12:05.


    6. Sakharov Prize 2024 (announcement of the winner)

    The President announced that Parliament had decided to award the 2024 Sakharov Prize to María Corina Machado, leader of the democratic forces in Venezuela, and to President-elect Edmundo González Urrutia, representing all Venezuelans fighting to restore freedom and democracy to their country.


    7. Request for the waiver of immunity

    The competent Lithuanian authorities had sent the President a request for Petras Gražulis’s immunity to be waived in connection with legal proceedings in Lithuania.

    Pursuant to Rule 9(1), the request had been referred to the committee responsible, in this case the JURI Committee.

    (The sitting was suspended for a few moments.)


    IN THE CHAIR: Javi LÓPEZ
    Vice-President

    8. Resumption of the sitting

    The sitting resumed at 12:10.

    ⁂

    The following spoke: Lukas Sieper (the President took due note).


    9. Voting time

    For detailed results, see also ‘Results of votes’ and ‘Results of roll-call votes’.


    9.1. Situation in Azerbaijan, violation of human rights and international law and relations with Armenia (vote)

    Motions for resolutions RC-B10-0133/2024, B10-0129/2024, B10-0131/2024, B10-0133/2024, B10-0136/2024, B10-0139/2024, B10-0141/2024 and B10-0142/2024 (minutes of 24.10.2024, item I) (2024/2890(RSP))

    (Majority of the votes cast)

    JOINT MOTION FOR A RESOLUTION

    Adopted (P10_TA(2024)0029)

    (Motions for resolutions B10-0129/2024 and B10-0131/2024 fell.)

    (‘Results of votes’, item 1)


    9.2. People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan (vote)

    Motions for resolutions RC-B10-0134/2024, B10-0130/2024, B10-0132/2024, B10-0134/2024, B10-0135/2024, B10-0137/2024, B10-0138/2024 and B10-0140/2024 (minutes of 24.10.2024, item I) (2024/2891(RSP))

    (Majority of the votes cast)

    JOINT MOTION FOR A RESOLUTION

    Adopted (P10_TA(2024)0030)

    (Motions for resolutions B10-0130/2024 and B10-0132/2024 fell.)

    (‘Results of votes’, item 2)

    (The sitting was suspended at 12:17.)


    IN THE CHAIR: Antonella SBERNA
    Vice-President

    10. Resumption of the sitting

    The sitting resumed at 15:00.


    11. Approval of the minutes of the previous sitting

    The minutes of the previous sitting were approved.


    12. Protecting our oceans: persistent threats to marine protected areas in the EU and benefits for coastal communities (debate)

    Commission statement: Protecting our oceans: persistent threats to marine protected areas in the EU and benefits for coastal communities (2024/2888(RSP))

    Janusz Wojciechowski (Member of the Commission) made the statement.

    The following spoke: Francisco José Millán Mon, on behalf of the PPE Group, Christophe Clergeau, on behalf of the S&D Group, France Jamet, on behalf of the PfE Group, Billy Kelleher, on behalf of the Renew Group, Isabella Lövin, on behalf of the Verts/ALE Group, Emma Fourreau, on behalf of The Left Group, Siegbert Frank Droese, on behalf of the ESN Group, Hélder Sousa Silva, André Rodrigues, André Rougé, Ana Miranda Paz, Per Clausen, Seán Kelly and Thomas Bajada.

    The following spoke under the catch-the-eye procedure: Niels Geuking, Jean-Marc Germain, Pernando Barrena Arza and Lukas Sieper.

    The following spoke: Janusz Wojciechowski.

    The debate closed.


    13. Explanations of vote

    Written explanations of vote

    Explanations of vote submitted in writing under Rule 201 appear on the Members’ pages on Parliament’s website.

    Oral explanations of vote


    13.1. Situation in Azerbaijan, violation of human rights and international law and relations with Armenia (RC-B10-0133/2024)

    The following spoke: Seán Kelly.


    13.2. People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan (RC-B10-0134/2024)

    The following spoke: Seán Kelly.


    14. Approval of the minutes of the sitting and forwarding of texts adopted

    In accordance with Rule 208(3), the minutes of the sitting would be put to the House for approval at the start of the next sitting.

    With Parliament’s agreement, the texts adopted during the part-session would be forwarded to their respective addressees without delay.


    15. Dates of forthcoming sittings

    The next sittings would be held on 13 November 2024 and 14 November 2024.


    16. Closure of the sitting

    The sitting closed at 15:41.


    17. Adjournment of the session

    The session of the European Parliament was adjourned.

    Alessandro Chiocchetti

    Roberta Metsola

    Secretary-General

    President


    LIST OF DOCUMENTS SERVING AS A BASIS FOR THE DEBATES AND DECISIONS OF PARLIAMENT


    I. Motions for resolutions tabled

    Situation in Azerbaijan, violation of human rights and international law and relations with Armenia

    Motions for resolutions tabled under Rule 136(2) to wind up the debate:

    on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia (2024/2890(RSP)) (B10-0129/2024)
    Giorgos Georgiou
    on behalf of The Left Group

    on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia (2024/2890(RSP)) (B10-0131/2024)
    Tomasz Froelich
    on behalf of the ESN

    on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia (2024/2890(RSP)) (B10-0133/2024)
    Sergey Lagodinsky, Ville Niinistö, Maria Ohisalo, Catarina Vieira, Hannah Neumann, Nicolae Ştefănuță, Markéta Gregorová, Michael Bloss, Alice Kuhnke, Isabella Lövin, Pär Holmgren, Marie Toussaint
    on behalf of the Verts/ALE Group

    on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia (2024/2980(RSP)) (B10-0136/2024)
    Yannis Maniatis, Nacho Sánchez Amor, Udo Bullmann, Raphaël Glucksmann, Francisco Assis
    on behalf of the S&D Group

    on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia (2024/2890(RSP)) (B10-0139/2024)
    Nathalie Loiseau, Petras Auštrevičius, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Veronika Cifrová Ostrihoňová, Bernard Guetta, Karin Karlsbro, Ľubica Karvašová, Marie-Agnes Strack-Zimmermann, Hilde Vautmans, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group

    on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia (2024/2890(RSP)) (B10-0141/2024)
    Rasa Juknevičienė, François-Xavier Bellamy, Michael Gahler, Andrzej Halicki, David McAllister, Sebastião Bugalho, Nicolás Pascual De La Parte, Isabel Wiseler-Lima, Daniel Caspary, Loucas Fourlas, Sandra Kalniete, Łukasz Kohut, Andrey Kovatchev, Andrius Kubilius, Miriam Lexmann, Vangelis Meimarakis, Ana Miguel Pedro, Davor Ivo Stier, Michał Szczerba
    on behalf of the PPE Group

    on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia (2024/2890(RSP)) (B10-0142/2024)
    Şerban-Dimitrie Sturdza, Sebastian Tynkkynen, Aurelijus Veryga, Claudiu-Richard Târziu, Assita Kanko
    on behalf of the ECR Group

    Joint motion for a resolution tabled under Rule 136(2) and (4):
    on the situation in Azerbaijan, violation of human rights and international law and relations with Armenia (2024/2890(RSP)) (RC-B10-0133/2024)
    (replacing motions for resolutions B10-0133/2024, B10-0136/2024, B10-0139/2024, B10-0141/2024 and B10-0142/2024)
    Rasa Juknevičienė, François-Xavier Bellamy, Michael Gahler, Andrzej Halicki, David McAllister, Sebastião Bugalho, Nicolás Pascual De La Parte, Isabel Wiseler-Lima, Daniel Caspary, Loucas Fourlas, Sandra Kalniete, Łukasz Kohut, Andrey Kovatchev, Andrius Kubilius, Miriam Lexmann, Vangelis Meimarakis, Ana Miguel Pedro, Davor Ivo Stier, Michał Szczerba
    on behalf of the PPE Group
    Yannis Maniatis, Nacho Sánchez Amor, Raphaël Glucksmann, Udo Bullmann, Matthias Ecke, Francisco Assis
    on behalf of the S&D Group
    Emmanouil Fragkos, Sebastian Tynkkynen, Assita Kanko, Marion Maréchal, Aurelijus Veryga, Geadis Geadi, Rihards Kols, Bert-Jan Ruissen, Charlie Weimers
    on behalf of the ECR Group
    Nathalie Loiseau, Petras Auštrevičius, Helmut Brandstätter, Benoit Cassart, Olivier Chastel, Bernard Guetta, Karin Karlsbro, Ľubica Karvašová, Moritz Körner, Veronika Cifrová Ostrihoňová, Marie-Agnes Strack-Zimmermann, Hilde Vautmans, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group
    Sergey Lagodinsky
    on behalf of the Verts/ALE Group

    People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan

    Motions for resolutions tabled under Rule 136(2) to wind up the debate:

    on the People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan (2024/2891(RSP)) (B10-0130/2024)
    Danilo Della Valle
    on behalf of The Left Group

    on the People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan (2024/2891(RSP)) (B10-0132/2024)
    Petr Bystron, Hans Neuhoff
    on behalf of the ESN

    on the People’s Republic of China’s misinterpretation of UN Resolution 2758 and its continuous military provocations around Taiwan (2024/2891(RSP)) (B10-0134/2024)
    Markéta Gregorová, Ville Niinistö, Maria Ohisalo, Hannah Neumann, Diana Riba i Giner, Nicolae Ştefănuță, Erik Marquardt
    on behalf of the Verts/ALE Group

    on the People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan (2024/2891(RSP)) (B10-0135/2024)
    Engin Eroglu, Petras Auštrevičius, Malik Azmani, Helmut Brandstätter, Dan Barna, Veronika Cifrová Ostrihoňová, João Cotrim De Figueiredo, Bernard Guetta, Svenja Hahn, Nathalie Loiseau, Ľubica Karvašová, Karin Karlsbro, Ana Vasconcelos, Lucia Yar, Dainius Žalimas
    on behalf of the Renew Group

    on the People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan (2024/2891(RSP)) (B10-0137/2024)
    Yannis Maniatis, Kathleen Van Brempt, Tonino Picula
    on behalf of the S&D Group

    on People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan (2024/2891(RSP)) (B10-0138/2024)
    Adam Bielan, Charlie Weimers, Bert-Jan Ruissen, Mariusz Kamiński, Sebastian Tynkkynen, Michał Dworczyk, Carlo Fidanza, Alexandr Vondra, Alberico Gambino, Rihards Kols, Reinis Pozņaks, Ondřej Krutílek, Veronika Vrecionová, Assita Kanko, Małgorzata Gosiewska, Joachim Stanisław Brudziński
    on behalf of the ECR Group

    on the People’s Republic of China’s misinterpretation of the UN resolution 2758 and its continuous military provocations around Taiwan (2024/2891(RSP)) (B10-0140/2024)
    Miriam Lexmann, Sebastião Bugalho, Rasa Juknevičienė, Danuše Nerudová
    on behalf of the PPE Group

    Joint motion for a resolution tabled under Rule 136(2) and (4):
    on the misinterpretation of UN resolution 2758 by the People’s Republic of China and its continuous military provocations around Taiwan (2024/2891(RSP)) (RC-B10-0134/2024)
    (replacing motions for resolutions B10-0134/2024, B10-0135/2024, B10-0137/2024, B10-0138/2024 and B10-0140/2024)
    Michael Gahler, Miriam Lexmann, Sebastião Bugalho, Rasa Juknevičienė, Danuše Nerudová
    on behalf of the PPE Group
    Yannis Maniatis, Kathleen Van Brempt, Tonino Picula
    on behalf of the S&D Group
    Joachim Stanisław Brudziński, Adam Bielan, Mariusz Kamiński, Charlie Weimers, Michał Dworczyk, Alexandr Vondra, Veronika Vrecionová, Ondřej Krutílek, Rihards Kols, Maciej Wąsik, Sebastian Tynkkynen, Alberico Gambino, Bert-Jan Ruissen, Carlo Fidanza
    on behalf of the ECR Group
    Engin Eroglu, Petras Auštrevičius, Helmut Brandstätter, Dan Barna, Veronika Cifrová Ostrihoňová, João Cotrim De Figueiredo, Bernard Guetta, Svenja Hahn, Ľubica Karvašová, Karin Karlsbro, Moritz Körner, Nathalie Loiseau, Jan-Christoph Oetjen, Ana Vasconcelos, Dainius Žalimas
    on behalf of the Renew Group
    Markéta Gregorová
    on behalf of the Verts/ALE Group


    II. Petitions

    Petitions Nos 1126-24 to 1190-24 had been entered in the register on 18 October 2024 and had been forwarded to the committee responsible, in accordance with Rule 232(9) and (10).

    The President had, on 18 October 2024, forwarded to the committee responsible, in accordance with Rule 232(15), petitions addressed to the European Parliament by natural or legal persons who were not citizens of the European Union and who did not reside, or have their registered office, in a Member State.


    III. Documents received

    The following documents had been submitted by Members:

    – Mathilde Androuët, Jordan Bardella, Nikola Bartůšek, Marie-Luce Brasier-Clain, Markus Buchheit, Valérie Deloge, Elisabeth Dieringer, Anne-Sophie Frigout, Jean-Paul Garraud, Roman Haider, France Jamet, Virginie Joron, Julien Leonardelli, Aleksandar Nikolic, Philippe Olivier, Gilles Pennelle, Pascale Piera, Pierre Pimpie, Julie Rechagneux, André Rougé, Julien Sanchez, Malika Sorel, Rody Tolassy, António Tânger Corrêa, Matthieu Valet, Tom Vandendriessche, Roberto Vannacci and Alexandre Varaut. Motion for a resolution on the surge in the number of sub-Saharan migrants (B10-0065/2024)
    referred to committee responsible: LIBE
    opinion: DEVE

    – Virginie Joron. Motion for a resolution on the creation of a European fund, financed by the extraordinary profits from ‘COVID-19 vaccines’, to compensate victims and to finance research into the treatment of long COVID and its persistent side-effects (B10-0067/2024)
    referred to committee responsible: ENVI
    opinion: BUDG

    – João Oliveira. Motion for a resolution on solutions to the housing crisis (B10-0068/2024)
    referred to committee responsible: EMPL
    opinion: ECON

    – Beatrice Timgren. Motion for a resolution on the audit of green investments in light of Northvolt developments (B10-0069/2024)
    referred to committee responsible: CONT
    opinion: ENVI

    – Charlie Weimers. Motion for a resolution on limiting the freedom of movement for serious criminals (B10-0075/2024)
    referred to committee responsible: LIBE

    – Dick Erixon. Motion for a resolution on design and concept flaws of new own resources (B10-0076/2024)
    referred to committee responsible: BUDG

    – Marie-Luce Brasier-Clain and Catherine Griset. Motion for a resolution on Pink October (B10-0087/2024)
    referred to committee responsible: ENVI


    ATTENDANCE REGISTER

    Present:

    Aaltola Mika, Abadía Jover Maravillas, Adamowicz Magdalena, Aftias Georgios, Agirregoitia Martínez Oihane, Agius Peter, Agius Saliba Alex, Alexandraki Galato, Allione Grégory, Al-Sahlani Abir, Anadiotis Nikolaos, Anderson Christine, Andersson Li, Andresen Rasmus, Andrews Barry, Andriukaitis Vytenis Povilas, Androuët Mathilde, Angel Marc, Annemans Gerolf, Antoci Giuseppe, Arimont Pascal, Arłukowicz Bartosz, Arnaoutoglou Sakis, Arndt Anja, Arvanitis Konstantinos, Asens Llodrà Jaume, Assis Francisco, Attard Daniel, Aubry Manon, Axinia Adrian-George, Azmani Malik, Bajada Thomas, Baljeu Jeannette, Ballarín Cereza Laura, Bardella Jordan, Barna Dan, Barrena Arza Pernando, Bartulica Stephen Nikola, Bartůšek Nikola, Bausemer Arno, Bay Nicolas, Bay Christophe, Beleris Fredis, Bellamy François-Xavier, Benea Adrian-Dragoş, Benifei Brando, Benjumea Benjumea Isabel, Bentele Hildegard, Berendsen Tom, Berger Stefan, Berlato Sergio, Bernhuber Alexander, Biedroń Robert, Bielan Adam, Bischoff Gabriele, Blaha Ľuboš, Blom Rachel, Bloss Michael, Bocheński Tobiasz, Boeselager Damian, Bonaccini Stefano, Bonte Barbara, Borchia Paolo, Borrás Pabón Mireia, Borvendég Zsuzsanna, Borzan Biljana, Bosanac Gordan, Boßdorf Irmhild, Bosse Stine, Botenga Marc, Boyer Gilles, Boylan Lynn, Brandstätter Helmut, Brasier-Clain Marie-Luce, Braun Grzegorz, Brejza Krzysztof, Bricmont Saskia, Brnjac Nikolina, Bryłka Anna, Buczek Tomasz, Buda Waldemar, Budka Borys, Bugalho Sebastião, Buła Andrzej, Burkhardt Delara, Buxadé Villalba Jorge, Bystron Petr, Bžoch Jaroslav, Camara Mélissa, Canfin Pascal, Carberry Nina, Carême Damien, Casa David, Caspary Daniel, Cassart Benoit, Castillo Laurent, del Castillo Vera Pilar, Cavazzini Anna, Cavedagna Stefano, Ceccardi Susanna, Cepeda José, Ceulemans Estelle, Chahim Mohammed, Chaibi Leila, Chastel Olivier, Chinnici Caterina, Christensen Asger, Cifrová Ostrihoňová Veronika, Ciriani Alessandro, Cisint Anna Maria, Clausen Per, Clergeau Christophe, Cormand David, Corrado Annalisa, Costanzo Vivien, Cotrim De Figueiredo João, Cowen Barry, Cremer Tobias, Crosetto Giovanni, Cunha Paulo, Dahl Henrik, Danielsson Johan, Dauchy Marie, Dávid Dóra, David Ivan, Decaro Antonio, de la Hoz Quintano Raúl, Della Valle Danilo, Deloge Valérie, De Masi Fabio, De Meo Salvatore, Demirel Özlem, Deutsch Tamás, Dibrani Adnan, Diepeveen Ton, Dieringer Elisabeth, Dîncu Vasile, Disdier Mélanie, Dobrev Klára, Doherty Regina, Doleschal Christian, Dömötör Csaba, Dorfmann Herbert, Dostalova Klara, Dostál Ondřej, Droese Siegbert Frank, Düpont Lena, Dworczyk Michał, Ehler Christian, Ehlers Marieke, Eriksson Sofie, Erixon Dick, Eroglu Engin, Everding Sebastian, Ezcurra Almansa Alma, Falcone Marco, Farantouris Nikolas, Farreng Laurence, Farský Jan, Ferber Markus, Ferenc Viktória, Fidanza Carlo, Fiocchi Pietro, Firmenich Ruth, Fita Claire, Fourlas Loucas, Fourreau Emma, Fragkos Emmanouil, Freund Daniel, Frigout Anne-Sophie, Friis Sigrid, Fritzon Heléne, Froelich Tomasz, Fuglsang Niels, Funchion Kathleen, Furet Angéline, Gahler Michael, Gál Kinga, Galán Estrella, Gálvez Lina, García Hermida-Van Der Walle Raquel, Garraud Jean-Paul, Gasiuk-Pihowicz Kamila, Geadi Geadis, Gedin Hanna, Geese Alexandra, Geier Jens, Gemma Chiara, Gerbrandy Gerben-Jan, Germain Jean-Marc, Gerzsenyi Gabriella, Geuking Niels, Gieseke Jens, Giménez Larraz Borja, Girauta Vidal Juan Carlos, Glavak Sunčana, Glucksmann Raphaël, Goerens Charles, Gomes Isilda, Gonçalves Bruno, Gonçalves Sérgio, González Casares Nicolás, González Pons Esteban, Gori Giorgio, Gosiewska Małgorzata, Gotink Dirk, Gozi Sandro, Grapini Maria, Gražulis Petras, Griset Catherine, Gronkiewicz-Waltz Hanna, Grossmann Elisabeth, Gualmini Elisabetta, Guetta Bernard, Guzenina Maria, Gyürk András, Hahn Svenja, Haider Roman, Halicki Andrzej, Hansen Niels Flemming, Hassan Rima, Häusling Martin, Hava Mircea-Gheorghe, Hazekamp Anja, Heide Hannes, Heinäluoma Eero, Herbst Niclas, Herranz García Esther, Hetman Krzysztof, Hohlmeier Monika, Hojsík Martin, Holmgren Pär, Hölvényi György, Humberto Sérgio, Ijabs Ivars, Imart Céline, Incir Evin, Inselvini Paolo, Iovanovici Şoşoacă Diana, Jaki Patryk, Jalloul Muro Hana, Jamet France, Jarubas Adam, Jerković Romana, Jongen Marc, Joński Dariusz, Joron Virginie, Jouvet Pierre, Joveva Irena, Juknevičienė Rasa, Junco García Nora, Jungbluth Alexander, Kabilov Taner, Kalfon François, Kaliňák Erik, Kalniete Sandra, Kamiński Mariusz, Kanev Radan, Kanko Assita, Karlsbro Karin, Kartheiser Fernand, Karvašová Ľubica, Katainen Elsi, Kefalogiannis Emmanouil, Kelleher Billy, Keller Fabienne, Kelly Seán, Kennes Rudi, Khan Mary, Kircher Sophia, Knafo Sarah, Knotek Ondřej, Kobosko Michał, Köhler Stefan, Kohut Łukasz, Kokalari Arba, Kolář Ondřej, Kollár Kinga, Kols Rihards, Konečná Kateřina, Kopacz Ewa, Körner Moritz, Kountoura Elena, Kovatchev Andrey, Krah Maximilian, Krištopans Vilis, Kruis Sebastian, Krutílek Ondřej, Kubilius Andrius, Kubín Tomáš, Kuhnke Alice, Kulja András Tivadar, Kulmuni Katri, Lagodinsky Sergey, Lakos Eszter, Lange Bernd, Laššáková Judita, László András, Latinopoulou Afroditi, Laurent Murielle, Laureti Camilla, Laykova Rada, Lazarov Ilia, Lazarus Luis-Vicențiu, Le Callennec Isabelle, Leggeri Fabrice, Lenaers Jeroen, Leonardelli Julien, Lewandowski Janusz, Lexmann Miriam, Liese Peter, Lins Norbert, Lopatka Reinhold, López Javi, López Aguilar Juan Fernando, Lövin Isabella, Lucano Mimmo, Luena César, Łukacijewska Elżbieta Katarzyna, Lupo Giuseppe, McAllister David, Madison Jaak, Maestre Cristina, Magoni Lara, Maij Marit, Maląg Marlena, Mandl Lukas, Maniatis Yannis, Maran Pierfrancesco, Marczułajtis-Walczak Jagna, Maréchal Marion, Mariani Thierry, Marino Ignazio Roberto, Marquardt Erik, Martín Frías Jorge, Martins Catarina, Marzà Ibáñez Vicent, Matthieu Sara, Mavrides Costas, Mayer Georg, Mazurek Milan, McNamara Michael, Mebarek Nora, Meimarakis Vangelis, Meleti Eleonora, Mendes Ana Catarina, Mendia Idoia, Mertens Verena, Mesure Marina, Metsola Roberta, Metz Tilly, Mikser Sven, Millán Mon Francisco José, Minchev Nikola, Miranda Paz Ana, Montero Irene, Montserrat Dolors, Morace Carolina, Morano Nadine, Moreira de Sá Tiago, Moreno Sánchez Javier, Moretti Alessandra, Mularczyk Arkadiusz, Müller Piotr, Mullooly Ciaran, Mureşan Siegfried, Muşoiu Ştefan, Nagyová Jana, Negrescu Victor, Nerudová Danuše, Nesci Denis, Neumann Hannah, Nevado del Campo Elena, Niebler Angelika, Niinistö Ville, Nikolaou-Alavanos Lefteris, Nikolic Aleksandar, Ní Mhurchú Cynthia, Noichl Maria, Nordqvist Rasmus, Novakov Andrey, Nykiel Mirosława, Obajtek Daniel, Ódor Ľudovít, Ohisalo Maria, Oliveira João, Olivier Philippe, Omarjee Younous, Ondruš Branislav, Ó Ríordáin Aodhán, Orlando Leoluca, Ozdoba Jacek, Paet Urmas, Pajín Leire, Palmisano Valentina, Papadakis Kostas, Papandreou Nikos, Pappas Nikos, Paulus Jutta, Pedro Ana Miguel, Pedulla’ Gaetano, Pellerin-Carlin Thomas, Peltier Guillaume, Pennelle Gilles, Pereira Lídia, Pérez Alvise, Peter-Hansen Kira Marie, Petrov Hristo, Picaro Michele, Picierno Pina, Picula Tonino, Piera Pascale, Piperea Gheorghe, Pokorná Jermanová Jaroslava, Polato Daniele, Polfjärd Jessica, Pozņaks Reinis, Prebilič Vladimir, Princi Giusi, Protas Jacek, Pürner Friedrich, Rackete Carola, Radtke Dennis, Rafowicz Emma, Ratas Jüri, Razza Ruggero, Rechagneux Julie, Regner Evelyn, Repasi René, Repp Sabrina, Reuten Thijs, Riba i Giner Diana, Ricci Matteo, Riehl Nela, Ripa Manuela, Rodrigues André, Ros Sempere Marcos, Roth Neveďalová Katarína, Rougé André, Ruissen Bert-Jan, Ruotolo Sandro, Rzońca Bogdan, Saeidi Arash, Salini Massimiliano, Salis Ilaria, Salla Aura, Sánchez Amor Nacho, Sanchez Julien, Sancho Murillo Elena, Saramo Jussi, Sargiacomo Eric, Satouri Mounir, Saudargas Paulius, Sbai Majdouline, Sberna Antonella, Schaldemose Christel, Schenk Oliver, Scheuring-Wielgus Joanna, Schieder Andreas, Schilling Lena, Schneider Christine, Schwab Andreas, Scuderi Benedetta, Seekatz Ralf, Sell Alexander, Serrano Sierra Rosa, Serra Sánchez Isabel, Sidl Günther, Sienkiewicz Bartłomiej, Sieper Lukas, Singer Christine, Sippel Birgit, Sjöstedt Jonas, Śmiszek Krzysztof, Smith Anthony, Smit Sander, Sokol Tomislav, Solier Diego, Solís Pérez Susana, Sommen Liesbet, Sonneborn Martin, Sorel Malika, Sousa Silva Hélder, Squarta Marco, Stancanelli Raffaele, Steger Petra, Stier Davor Ivo, Storm Kristoffer, Stöteler Sebastiaan, Stoyanov Stanislav, Strada Cecilia, Streit Joachim, Strik Tineke, Strolenberg Anna, Sturdza Şerban-Dimitrie, Stürgkh Anna, Szczerba Michał, Szekeres Pál, Szydło Beata, Tamburrano Dario, Tânger Corrêa António, Tarczyński Dominik, Tarquinio Marco, Tarr Zoltán, Tavares Carla, Tegethoff Kai, Temido Marta, Teodorescu Georgiana, Ter Laak Ingeborg, Terras Riho, Tertsch Hermann, Timgren Beatrice, Tinagli Irene, Tobback Bruno, Tobé Tomas, Tolassy Rody, Tomašič Zala, Tomaszewski Waldemar, Tomc Romana, Tonin Matej, Toom Jana, Topo Raffaele, Torselli Francesco, Tosi Flavio, Toussaint Marie, Tovaglieri Isabella, Tridico Pasquale, Trochu Laurence, Tsiodras Dimitris, Turek Filip, Tynkkynen Sebastian, Uhrík Milan, Ušakovs Nils, Valchev Ivaylo, Vălean Adina, Valet Matthieu, Van Brempt Kathleen, Van Brug Anouk, van den Berg Brigitte, Vandendriessche Tom, Van Dijck Kris, Van Lanschot Reinier, Van Leeuwen Jessika, Vannacci Roberto, Van Sparrentak Kim, Varaut Alexandre, Vasconcelos Ana, Vautmans Hilde, Vedrenne Marie-Pierre, Ventola Francesco, Verheyen Sabine, Veryga Aurelijus, Vešligaj Marko, Vicsek Annamária, Vieira Catarina, Vilimsky Harald, Vincze Loránt, Virkkunen Henna, Vivaldini Mariateresa, Volgin Petar, von der Schulenburg Michael, Vondra Alexandr, Voss Axel, Vozemberg-Vrionidi Elissavet, Vrecionová Veronika, Vázquez Lázara Adrián, Waitz Thomas, Walsh Maria, Walsmann Marion, Warborn Jörgen, Warnke Jan-Peter, Wąsik Maciej, Wawrykiewicz Michał, Wcisło Marta, Wechsler Andrea, Werbrouck Séverine, Wiesner Emma, Wiezik Michal, Wilmès Sophie, Winkler Iuliu, Wiseler-Lima Isabel, Wiśniewska Jadwiga, Wölken Tiemo, Yar Lucia, Yon-Courtin Stéphanie, Yoncheva Elena, Zacharia Maria, Zajączkowska-Hernik Ewa, Zalewska Anna, Žalimas Dainius, Zarzalejos Javier, Zdechovský Tomáš, Zdrojewski Bogdan Andrzej, Złotowski Kosma, Zoido Álvarez Juan Ignacio, Zovko Željana, Zver Milan

    Excused:

    Gómez López Sandra, Homs Ginel Alicia, Lalucq Aurore

    MIL OSI Europe News –

  • MIL-OSI United Kingdom: The future of foster care

    Source: Scottish Government

    Consultation opens during Care Experience Week.

    People are being encouraged to share their views on plans for the future of foster care in Scotland.

    The consultation, which will help ensure foster care is fit for the future, sets out proposals including more peer support opportunities, and using foster carers to facilitate family time with parents and siblings of children in foster care. The new approach could potentially offer an increased role for foster carers supporting families on the edge of care.

    A national push to recruit more foster carers will also launch in 2025, with the aim of ensuring there are enough foster carers to support children in care.

    Meeting foster carers earlier this week, First Minister John Swinney heard about the important role they play in supporting children and young people. Mr Swinney encouraged foster carers and children with care experience in particular to take part in the consultation.

    Marking Care Experience Week, both the announcement of a new recruitment campaign next year and the consultation are key steps towards Keeping The Promise by delivering for care experienced children and young people.

    Minister for Children, Young People and The Promise, Natalie Don-Innes, said:

    “We want Scotland to be the best place in the world to grow up. To do this we need to ensure that children and young people with care experience are given the support, love and nurture that they need.

    “Foster carers have a key role to play in Keeping The Promise. The consultation is shaped by the honest and open reflections that have been shared by foster carers and children and young people with experience of foster care.

    “I recognise some of the challenges facing foster care and that’s why along with the consultation, we will be launching a recruitment campaign for foster carers ensuring we can provide family-based care for those in need.”

    Anne Currie, Assistant Director Scotland at the Fostering Network said:

    “The Fostering Network is pleased the Scottish Government is launching a national consultation on fostering and is seeking the views of those most affected, foster carers and care experienced young people.

    “We know urgent changes are needed to improve fostering and to Keep The Promise so all children and young people can grow up in stable, loving homes. It’s crucial that foster carers’ voices are heard, which is why we’re working with the government to host online and in-person engagement sessions to provide an opportunity to ensure their views are heard.

    “Last year the number of fostering households in Scotland fell by 8%, so retention and recruitment of foster carers are more important than ever. We welcome plans to launch a national recruitment campaign and want to ensure current and former foster carers are involved in this as much as possible.”

    Background

    The consultation will run until 6 February 2025.

    https://consult.gov.scot/children-and-families/future-of-foster-care-consultation

    Developing a universal definition of ‘care experience’ – Scottish Government consultations – Citizen Space

    The foster care recruitment campaign will run over two years with a budget of £170,000 in financial year 2024-25, funding for 2025-26 will be confirmed as part of the Scottish Government’s budget proposals.

    Looked after children – Children’s Social Work Statistics 2022-23 – Looked After Children – gov.scot (www.gov.scot)

    MIL OSI United Kingdom –

  • MIL-OSI Asia-Pac: President Lai presides over second meeting of National Climate Change Committee

    Source: Republic of China Taiwan

    President Lai presides over second meeting of National Climate Change Committee
    2024-10-24

    On the afternoon of October 24, President Lai Ching-te presided over the second meeting of the National Climate Change Committee. In his opening statement, the president said that the whole world is now facing the challenges of extreme weather and carbon reduction. Noting that Taiwan plays a critical role in global technology supply chains, the president stated that we must step up climate action to enhance the international competitiveness of our industries and quicken our pace to bring us in line with global progress on carbon reduction. He added that we are willing to cooperate with countries around the world, including China, to address the challenges of climate change together. 
    President Lai emphasized that the government’s strategic direction is clear: we will promote our second energy transition to ensure a stable and resilient energy supply. Going forward, he said, the government will gradually promote energy conservation policies and encourage all sectors to promote deep energy saving through such methods as investment incentives, investment tax credits, and government subsidies to help industries save energy. He added that energy service company (ESCO) mechanisms will also be promoted through cooperation with insurance enterprises and life insurance companies to improve enterprise equipment and production processes. The president expressed his confidence that as long as everyone works together to implement innovative and transformative change, we can create opportunities for sustainable growth for generations to come.
    A translation of President Lai’s opening statement follows:
    Today is the second meeting of the National Climate Change Committee. First, I want to welcome the committee members who were on leave for the first meeting but are with us today: Paul Peng (彭双浪), Sophia Cheng (程淑芬), and Lin Tze-luen (林子倫).     
    I want to thank everyone here with us today, as well as our fellow citizens and friends for their enthusiastic participation online. This shows that everyone considers global climate change issues as matters of great importance.
    Not long ago, we saw Typhoon Krathon become the first tropical cyclone on record to make landfall in Kaohsiung in the month of October, with recorded gusts at level 17 or higher on the Beaufort scale. Responding to climate change is a major test for national resilience and sustainable development.
    Internationally, the whole world is facing increasingly severe climate change challenges. The Paris Agreement of 2015 requires each country to update its nationally determined contributions (NDCs) every five years. In 2021, COP26 increased the frequency of such updates to once every two years to accelerate progress in global carbon reduction. In addition, the next round of NDC updates for countries around the world is scheduled for the beginning of next year. 
    Therefore, we must come together and create a strong, resilient Taiwan that can respond to challenges and align with international trends. At the same time, we are willing to continue strengthening cooperation with countries around the world, including China, to address the challenges of climate change together. 
    At the beginning of this month, we launched a carbon fee system, with fees starting to be collected next year. This is a solid step. Furthermore, our strategic direction is clear: we will promote our second energy transition to ensure a stable and resilient energy supply. In addition to developing more forms of green energy to open up new energy sources, we must also promote deep energy saving and advanced energy storage technology applications to spur the transformation and development of next-generation industries; enhance Taiwan’s adaptive mechanisms to respond to climate change; and seek green growth opportunities for sustainability, as we steadily move toward our goal of net-zero emissions by 2050.   
    At today’s meeting, the Ministry of Environment will first deliver reports on the progress of certain items listed in the first committee meeting and on the promotion of the public sector chief sustainability officer alliance. The Ministry of Economic Affairs will then deliver a report on the progress in deep energy saving promotion.
    I want to thank deputy convener and Vice Premier Cheng Li-chiun (鄭麗君) for conducting numerous interministerial policy discussions in the Net Zero Emissions Transition Taskforce, under the Executive Yuan’s National Council for Sustainable Development, in the time since we convened our first meeting in August this year.  
    In a few minutes, executive secretary and Minister of Environment Peng Chi-ming (彭啓明) will explain our initial concept for an energy information platform and the current review status of our new carbon reduction goals, two issues of great concern to our committee members. The reports will help committee members and the public to better understand the government’s policies.  
    As Taiwan plays a critical role in global technology supply chains, we must step up climate action to enhance the international competitiveness of our industries and quicken our pace to bring us in line with NDCs internationally. We also need to review our goals for 2030, be more ambitious to break through obstacles, and reset new, more proactive carbon-reduction goals for 2032 and 2035.
    At the same time, the best source of energy is the energy we conserve. Our economic development requires that industries and foreign investors continue to invest in Taiwan, which requires a stable power supply. Conserving energy is more efficient than developing new energy sources and is one of the most important cost-effective methods. It is also an immediately effective strategy for reducing carbon emissions. The more energy we save, the more we can reduce carbon emissions.
    One of the conclusions reached during last year’s United Nations Climate Change Conference (COP28) was that by 2030, the average annual improvement rate of energy efficiency must be increased from two percent to four percent. Increasing energy efficiency is already an international consensus and trend in efforts to achieve net-zero emissions. 
    Going forward, the government will gradually promote energy conservation policies and encourage all sectors to promote deep energy saving. From high-emission enterprises to hospitals and schools, and even homes and individuals, everyone needs to participate. The government cannot promote deep energy saving alone. Like a baseball team, for the team to be really good, everyone must play their role.  
    ESCOs, like analysts and trainers on baseball teams, can provide enterprises with the most cost-effective, tailor-made energy-saving plans to ensure that every dollar invested achieves the best possible energy savings. 
    Moving forward, in promoting deep energy saving, we need ESCOs to be involved to strengthen our “lineup.” The government will cooperate with industry to propose methods including investment incentives, investment tax credits, and government subsidies to help industries save energy. The government will also cooperate with insurance enterprises and life insurance companies to promote ESCO mechanisms, and will provide funding assistance to upgrade equipment and improve production processes, with the savings on electricity costs returned to investors. Insurance premiums will be used for national development, forming a virtuous circular economy. 
    The whole world is now facing the challenges of extreme weather and carbon reduction. But I am confident that as long as everyone works together to implement innovative and transformative change, we can create opportunities for sustainable growth for generations to come.
    Through this meeting, we will not only rely on the expertise of our advisors and committee members for diverse discussions and collective brainstorming. We will also reference innovative and pragmatic strategies for green growth adopted by countries such as the United Kingdom and Japan. Through joint actions of the public sector in conjunction with the various sectors of society, we can more efficiently accelerate Taiwan’s efforts to achieve net-zero carbon emissions.
    In a few minutes, I will invite everyone to actively share your expertise and experience. Thank you.
    Following his statement, President Lai heard a report on the promotion of the public sector chief sustainability officer alliance from Minister Peng and a report on the progress in deep energy saving promotion from Vice Minister of Economic Affairs Lien Ching-chang (連錦漳). Afterward, President Lai exchanged views with the committee members regarding the content of the reports.

    MIL OSI Asia Pacific News –

  • MIL-OSI Europe: Poland expands EIB’s Ukraine reconstruction fund with €25 million

    Source: European Investment Bank

    • Poland provides €25 million to EIB fund supporting critical recovery projects in Ukraine.
    • Polish contribution increases size of EU for Ukraine Fund to nearly €400 million.

    The Polish government has contributed €25 million to a European Investment Bank (EIB) fund dedicated to the reconstruction of Ukraine following Russia’s full-scale military invasion in 2022. The agreement between the EIB and Poland increases the size of the EU for Ukraine Fund to €398.35 million.

    Created by the EIB in 2023, the fund aims to help rebuild infrastructure, restore essential services and stimulate economic growth in Ukraine. Part of the EU for Ukraine (EU4U) initiative supporting vital public and private reconstruction projects and improving access to finance for entrepreneurs in the country, the fund has received contributions to date from 14 EU countries.   

    “Poland joining the EIB-led EU for Ukraine Fund marks an important step in supporting Ukraine’s economic resilience,” said EIB vice-President responsible for operations in Ukraine, Teresa Czerwińska. “Thanks to the Polish contribution, the fund is now worth nearly 400 million euros. This money will help drive public sector investment to rebuild critical infrastructure, as well as propping up Ukrainian entrepreneurs and businesses to keep the economy going. On top of that, the EIB finances from its own resources advisory support to prepare infrastructure investment projects despite the ongoing war.”

    “Supporting Ukraine has been a long-standing priority for Poland, including through development cooperation. Since the Russian aggression on Ukraine in 2022 our efforts have intensified to address humanitarian needs and help Ukraine in recovery and post-war reconstruction. Poland is proud to be one of the initiators of the establishment of the EU for Ukraine Fund in 2023 and now to fulfil our political commitment with financial contribution of €25 million EUR. We hope that these funds will also help Ukraine to modernize on its EU accession path” said Polish Undersecretary of State at the Ministry of Foreign Affairs Jakub Wiśniewski.

    In addition to Poland, the EU for Ukraine Fund has received contributions from Belgium, Croatia, Cyprus, Denmark, Estonia, Finland, France, Italy, Latvia, Lithuania, Luxembourg, the Netherlands and Spain.

    The guarantees provided under the Fund enable the EIB to support reconstruction projects in Ukraine that might otherwise be too risky to finance. The EU for Ukraine Fund also supports project promoters and beneficiaries by lowering the borrowing costs for them through investment grants.

    The fund has already supported several projects including by providing €25 million for an initiative to strengthen small and medium-sized enterprises (SMEs) in Ukraine and Moldova and €50 million for a new metro fleet in the capital Kyiv. Other projects in the pipeline include renovation works for damaged housing, repairs to Ukraine’s critical export routes and an emergency response line for life-threatening situations.

    Background information 

    Present in Ukraine since 2007, the EIB has been unwavering in its support for the country’s EU integration, which has become even more vital given Russia’s war against Ukraine. With a portfolio of signed projects valued at €7.3 billion, the Bank has invested in municipal infrastructure, energy, transport and small businesses, all with the goal of improving daily life, boosting economic growth and lending support for Ukraine’s resilience and reconstruction efforts. Since Russia launched its full-scale invasion of Ukraine, the EIB has provided immediate relief, disbursing over €2 billion of financing for emergency repairs to the country’s ravaged infrastructure.

    Through the EIB’s EU4U Fund and the broader initiative, the Bank remains committed to stepping up its activities in line with the mandate given by EU leaders and in close cooperation with the European Commission, the European Parliament, EU Member States and international partners. The EIB also plays a key role in implementing the European Union’s €50 billion Ukraine Facility.

    MIL OSI Europe News –

  • MIL-OSI Europe: Romania: The NAFS Anti-Fraud Communication Network decided to set up a communication plan to prevent fraud with European funds

    Source: European Anti-Fraud Offfice

    The Fight Against Fraud Department – DLAF coordinated the second meeting of the NAFS Anti-Fraud Communication Network, held virtually on 22 October.

    DLAF opened the discussions on the establishment of a joint Communication Plan, which will create an integrated communication of all the member institutions of NAFS Anti-Fraud Communication Network. The implementation of the Communication Plan is occasioned by the adoption, in December 2023, of the „National Anti-Fraud Strategy for the protection of the Financial Interests of the European Union in Romania 2023-2027” (NAFS), which establishes that one of the main objectives is the prevention of fraud with European funds. Communication is involved in achieving this goal. As a result, the implementation stages aimed at creating the NAFS Anti-Fraud Communication Network at the beginning of 2024, which includes communication and PR specialists from several public institutions engaged in the fight against fraud with European funds and setting up annual communication plans. At this stage, the Network has undertaken to finalise, by the end of the year, a joint strategic document (target audience, messages, logo, communication channels, etc.) and the 2025 action plan.

    During the meeting, DLAF presented to the communication specialists the model of good practice of the Anti-fraud Communicators Network (OAFCN), created and coordinated by the European Anti-Fraud Office (OLAF). Participants were able to find out details about Network’s history, about the flow of relevant information between member institutions and about the communication campaigns carried out by OLAF and the institutions of the OAFCN Network. As an OAFCN member, DLAF highlighted the good collaboration between the Department and OLAF, as also appreciated at the 33rd Meeting of the OLAF-OAFCN Anti-Fraud Communicators Network (2-3 July 2024). 

    As a guest of the meeting, the Ministry of European Investments and Projects (MIPE) provided details on the communication strategy, dedicated to promoting and disseminating information about the programmes financed by the Cohesion Policy, for the programming period 2021-2027, carried out by the Ministry. The institution also provided information on how the National Network of Responsible for the communication of the 2021-2027 programmes works, which it coordinates.

    Both the example of the functioning of the OLAF’s OAFCN Network and the model of cooperation in the InformEU Network, created by the European Commission, of which MIPE is also part and it presented at the meeting, may be useful in drawing up a strategic and action plan for the NAFS Anti-Fraud Communication Network.     

    Background:

    The Fight Against Fraud Department – DLAF is the national coordinator for the communication and dissemination of information on the protection of the financial interests of the European Union in Romania.

    The „National Anti-Fraud Strategy for the protection of the Financial Interests of the European Union in Romania 2023-2027” offers the opportunity for Romanian public institutions to set up a joint strategic framework in the fight against fraud with European funds, on several areas.

    Read the original press release (in Romanian)

    MIL OSI Europe News –

  • MIL-OSI Economics: Monetary developments in the euro area: September 2024

    Source: European Central Bank

    25 October 2024

    Components of the broad monetary aggregate M3

    The annual growth rate of the broad monetary aggregate M3 increased to 3.2% in September 2024 from 2.9% in August, averaging 2.8% in the three months up to September. The components of M3 showed the following developments. The annual growth rate of the narrower aggregate M1, which comprises currency in circulation and overnight deposits, was -1.2% in September, compared with ‑2.1% in August. The annual growth rate of short-term deposits other than overnight deposits (M2-M1) decreased to 9.7% in September from 10.4% in August. The annual growth rate of marketable instruments (M3-M2) decreased to 21.8% in September from 22.3% in August.

    Chart 1

    Monetary aggregates

    (annual growth rates)

    Data for monetary aggregates

    Looking at the components’ contributions to the annual growth rate of M3, the narrower aggregate M1 contributed -0.8 percentage points (up from -1.4 percentage points in August), short-term deposits other than overnight deposits (M2-M1) contributed 2.8 percentage points (down from 2.9 percentage points) and marketable instruments (M3-M2) contributed 1.3 percentage points (as in the previous month).

    Among the holding sectors of deposits in M3, the annual growth rate of deposits placed by households increased to 2.8% in September from 2.3% in August, while the annual growth rate of deposits placed by non-financial corporations decreased to 1.6% in September from 1.8% in August. Finally, the annual growth rate of deposits placed by investment funds other than money market funds increased to 11.9% in September from 11.7% in August.

    Counterparts of the broad monetary aggregate M3

    The annual growth rate of M3 in September 2024, as a reflection of changes in the items on the monetary financial institution (MFI) consolidated balance sheet other than M3 (counterparts of M3), can be broken down as follows: net external assets contributed 3.9 percentage points (down from 4.0 percentage points in August), claims on the private sector contributed 1.1 percentage points (as in the previous month), claims on general government contributed -0.5 percentage points (down from -0.4 percentage points), longer-term liabilities contributed -1.8 percentage points (as in the previous month), and the remaining counterparts of M3 contributed 0.5 percentage points (up from 0.0 percentage points).

    Chart 2

    Contribution of the M3 counterparts to the annual growth rate of M3

    (percentage points)

    Data for contribution of the M3 counterparts to the annual growth rate of M3

    Claims on euro area residents

    The annual growth rate of total claims on euro area residents stood at 0.5% in September 2024, unchanged from the previous month. The annual growth rate of claims on general government stood at -1.2% in September, compared with -1.1% in August, while the annual growth rate of claims on the private sector stood at 1.2% in September, unchanged from the previous month.

    The annual growth rate of adjusted loans to the private sector (i.e. adjusted for loan transfers and notional cash pooling) stood at 1.6% in September, compared with 1.5% in August. Among the borrowing sectors, the annual growth rate of adjusted loans to households stood at 0.7% in September, compared with 0.6% in August, while the annual growth rate of adjusted loans to non-financial corporations increased to 1.1% in September from 0.8% in August.

    Chart 3

    Adjusted loans to the private sector

    (annual growth rates)

    Data for adjusted loans to the private sector

    Notes:

    • Data in this press release are adjusted for seasonal and end-of-month calendar effects, unless stated otherwise.
    • “Private sector” refers to euro area non-MFIs excluding general government.
    • Hyperlinks lead to data that may change with subsequent releases as a result of revisions. Figures shown in annex tables are a snapshot of the data as at the time of the current release.

    MIL OSI Economics –

  • MIL-OSI USA: NEWS RELEASE: PRIORITIZE CYBER PROTECTION THIS OCTOBER DURING CYBERSECURITY AWARENESS MONTH

    Source: US State of Hawaii

    NEWS RELEASE: PRIORITIZE CYBER PROTECTION THIS OCTOBER DURING CYBERSECURITY AWARENESS MONTH

    Posted on Oct 24, 2024 in Latest Department News, Newsroom

    DEPARTMENT OF COMMERCE AND CONSUMER AFFAIRS
     KA ʻOIHANA PILI KĀLEPA

     JOSH GREEN, M.D.
     GOVERNOR | KIAʻĀINA

    NADINE Y. ANDO
     DIRECTOR
    KA LUNA | HOʻOKELE

    FOR IMMEDIATE RELEASE

    October 24, 2024

    PRIORITIZE CYBER PROTECTION THIS OCTOBER DURING CYBERSECURITY AWARENESS MONTH

    HONOLULU – Cybersecurity Awareness Month, established nearly two decades ago by the President of the United States and U.S. Congress, serves as a vital reminder for public and private sectors to collaborate in promoting cybersecurity awareness. The state of Hawai‘i Department of Commerce and Consumer Affairs (DCCA) is proud to join this initiative by providing resources and tools to help small businesses secure their financial futures, as well as safeguard the security of Hawai‘i’s consumers.

    As reliance on digital communication grows and businesses begin to maintain more detailed pieces of information of their customers, so do the risks associated with storing critical consumer financial and health information electronically. High-profile data breaches have demonstrated that the potential for cybercriminals to disrupt businesses and compromise public safety is alarmingly high. In response, state and federal regulators are intensifying efforts to bolster defenses against these attacks.

    These threats can originate from a variety of sources, including nation-states, cybercriminals,  even company insiders—both intentional and accidental. Cybercriminals aim to gain political, military, or economic advantages by stealing valuable data, such as credit card numbers, health records, personal identification information, as well as tax returns.

    Cyber risks often include identity theft, data breaches, malware, business interruption as a result of a network shutdown, theft of valuable digital assets and business trade secrets, damage to the company’s reputation, lawsuits, and costs associated with damage from cyber-attacks.

    To help enhance cybersecurity and protect from intrusion, businesses, individuals, and entities are recommended to:

    • Conduct a security and risk assessment. Identify what needs protection, evaluate existing safeguards and pinpoint any gaps. Additionally, develop a comprehensive protection plan for your data, operational information and client data.
    • Update your security software. Install the latest security software, web browser and operating system to defend against viruses and malware. Additionally, set your security software to scan after every update.
    • Implement firewall protection on all internet networks. Utilize firewalls, a set of related programs that prevent outsiders from accessing data on a private network, to safeguard your network and operating systems. Remote employees should also ensure that their home systems are secured.
    • Implement cybersecurity procedures and training for employees. Educate staff on cybersecurity best practices, including safe social media usage, recognizing phishing attempts and the dangers of public Wi-Fi. Additionally, limit employee access, as needed, to websites, sensitive data and software installation.
    • Consider cybersecurity insurance. If your business has a disaster recovery plan, consider integrating cybersecurity as a part of it. Additionally, testing your systems, such as through internal phishing campaigns, can help identify the company’s vulnerabilities.
    • Back up important business data regularly. Ensure critical business data, including financial and human resources files, is backed up consistently. This may include but is not limited to word processing documents, electronic spreadsheets, databases, and accounts receivable/payable files. Implement measures such as regular password changes and two-factor authentication.

    The internet offers unprecedented opportunities to connect with new and larger markets and enhance operational efficiency. Regardless of whether one is adopting cloud computing or simply using email, cybersecurity should always remain at the forefront.

    For more resources on internet safety and security, visit https://cca.hawaii.gov/broadband/for-consumers/internet-safety-and-security/.

     # # #

     

    Media Contact:

    William Nhieu

    Communications Officer

    Department of Commerce and Consumer Affairs

    [email protected]

    Office: 808-586-7582

    MIL OSI USA News –

  • MIL-OSI Economics: G20 leaders must rescue anti-corruption commitments at the Rio Summit

    Source: Transparency International

    Anti-Corruption Ministerial Declaration fails to even maintain previous pledges

    Transparency International is disappointed that the G20 Anti-Corruption Ministerial Declaration, released yesterday, neglects the G20’s critical role and responsibility in marshalling efforts against cross-border corruption. This is despite the devastating impact of illicit financial flows on sustainable development and inequality reduction – this year’s G20 priorities – which they had previously recognised themselves.

    The adoption of the declaration follows the efforts by the Brazilian and French co-chairs of the G20’s anti-corruption workstream this year to engage with a wide range of stakeholders, including civil society. Transparency International had contributed to the process, conveying our policy positions on how the G20 can best contribute to the fight against corruption while advancing sustainable development and supporting efforts to reduce inequalities.

    Despite the preceding preparatory work, the declaration fails to achieve consensus on or offer the way forward on the most critical anti-corruption measures. Without these, any new efforts to advance sustainable development and reduce inequalities will suffer – including the Brazilian G20 Presidency’s proposed wealth tax for the ultra-rich.

    The declaration text fails to recognise that the G20 countries themselves perpetuate corruption and illicit financial flows. Officials only name-checked issues on which they had previously issued detailed commitments, such as financial secrecy. Other key areas they had previously pledged to work on are entirely missing from the declaration, including the need to prevent professional service providers from enabling corruption. This issue has evidently been dropped from the G20’s agenda, despite the overwhelming evidence that loopholes in the regulation and oversight of such gatekeepers, including in many of the G20 countries, lead to the outflow of funds from low- and middle-income countries.

    Maíra Martini, corrupt money flows expert and Head of Policy & Advocacy (interim) at Transparency International, said:

    “If the G20 is unable to even maintain a consensus on previously well-established anti-corruption commitments, can we have confidence in them to take on issues as big as sustainable development and inequality? The G20 agenda is driven by leaders and it’s time for them to realise that there can be no sustainable development without coordinated, effective action on corruption. The G20 has one last opportunity this year to show that they are serious about addressing this enormous challenge, and we are looking to the Leaders’ Summit in Rio to rescue the G20 anti-corruption agenda.”

    Note to editors

    See also Transparency International’s feature article: Anti-corruption: The missing ingredient in the G20’s sustainable development push.

    MIL OSI Economics –

  • MIL-OSI Economics: BSTDB Supports Kernel Group with USD 25 million in Pre-Export Finance Facility

    Source: Black Sea Trade and Development Bank

    Press Release | 25-Oct-2024

    Enhancing Ukraine’s Agricultural Exports in Challenging Times 

    The Black Sea Trade and Development Bank (BSTDB) is providing up to USD 25 million to a pre-export finance facility for Kernel Group, a leading player in Ukraine’s agricultural sector and one of the world’s largest sunflower oil exporters.  The BSTDB funds will help the company have the necessary working capital to procure, process, store, and transport oilseeds and vegoils, ensuring their export to global markets.

    BSTDB’s financing is part of a USD 150 million syndicated facility, arranged by ING Bank NV and Coöperatieve Rabobank U.A.

    “We are pleased to extend our continued and unwavering support for Kernel’s operations during this critical and challenging times.  Agriculture remains an essential pillar of Ukraine’s economy despite the immense challenges posed by the conflict. By facilitating production and exports of vital agricultural goods, we are not only sustaining a vital industry that feeds millions, but we also actively contributing to the economic resilience and recovery of Ukraine. This partnership is a testament to our shared commitment to supporting the country’s long-term prosperity, even under the most testing circumstances”, said Dr. Serhat Köksal, BSTDB President.

    “In spite of the challenging political and economic environment, Kernel repaid its 2024 Notes on time and continues to meet its financial commitments. The strong credit history allowed the Company to attract new financing even during current unprecedented times. We are thankful to our partners, including the Black Sea Trade and Development Bank, for their support and willingness to continue our long-term cooperation. The facility is aimed to finance our working capital for procurement of sunflower seeds and beans for further processing and exporting of the vegetable oils and meals to the international market thus making an important contribution to the world food safety.”, commented Sergiy Volkov, the CFO of Kernel.

     

    Kernel is a leading vertically integrated Ukrainian agribusiness player with domestic and international operations. It is the largest oilseed crusher in Ukraine.

    The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visit www.bstdb.org.

     

    Contact:

    Haroula Christodoulou

    Phone: +30 2310 290533

    : @BSTDB

    MIL OSI Economics –

  • MIL-OSI United Kingdom: Festival of Light gets off to a dazzling start

    Source: City of Sunderland

    Children have enjoyed a sneak peak of the Mowbray Park Festival of Light.

    The invitation-only preview allowed children and their families to visit the festival at a time when the park is quieter.

    Those attending were treated to stunning light projections created by international visual artists, a spectacular starscape and giant glitterballs in the Victorian bandstand.

    Councillor Beth Jones, Sunderland City Council’s Cabinet Member for Communities Culture and Tourism, said: “It was  lovely to see so many young people and their families having a fantastic time at the preview evening and enjoying the new displays.  

    “The Festival of Light has long been one of our best loved events. It’s always a really popular event and one that attracts generations of families.

    “We’ve got some fantastic new light installations this year. And the light projections especially, which have been created by world-class artists, are real showstoppers.

    “There’s also a brilliant new Laser Garden and some lovely atmospheric UV lighting among the trees. While there are also some really nice quirky things such as the giant glitter balls in the bandstand – which are the centrepiece of our nightly silent disco. So it’s definitely one to get in the diary.”

    Cllr Michael Mordey, Leader of Sunderland City Council, said: “Events like this are not only fantastic for residents and visitors alike but for also for our city centre.

    “Lots of people coming along to enjoy the Festival of Light will also take the opportunity to visit our city centre cafes, bars and restaurants while they’re here, or they might decide to do some early Christmas shopping. So it helps to boost the local economy and our city centre businesses

    “It’s also a great opportunity for anyone who hasn’t been into the city centre for a while to see the £2bn transformation that’s underway at the same time as enjoying an excellent event.”

    New lighting features introduced for 2024 include ‘The Mirror’ created by Poland based award-winning visual artist Ari Dykier and ‘Hypha’ by French award-winning multidisciplinary artist Sebastien Labrunie.

    Other new features include Starscape which will create the illusion of a brilliant white starfield, Cosmic Oasis which will see trees lit up with UV light, a laser garden and a giant glitter ball in the park’s historic Victorian bandstand.

    The Festival of Light begins today Friday 25 October and will then take place from 4.30pm – 10pm every day during half term Friday 25 October to Sunday 3 November and then 4.40 to 10pm every Thursday to Sunday until Sunday 24 November with the exception of Remembrance Sunday on 10 November. Last admission will be at 8.30pm, and the event will close at 10pm each night. This year’s event is being held in Mowbray Park, Burdon Road, SR1 1PP in Sunderland city centre, with access from the Toward Road entrance to the park (oppostie the Software Centre).  

    Tickets cost £5 each and must be bought online in advance. They can’t be bought at the gate. Children under two are free.

    Visitors to this year’s festival can also take advantage of 20 per cent off tickets for select performances of this year’s Jack and the Beanstalk panto at the Sunderland Empire.

    The offer will apply to price bands A – C for the following performances only: Fri 13 Dec – 7pm, Sat 14 Dec – 5.30pm, Sun 15 Dec – 5.30pm, Tue 17 Dec – 7pm & Thu 19 Dec – 7pm. To redeem the offer, make sure to opt in to hear from Sunderland City Council events when buying your tickets.

    For more information tickets and to buy tickets for the Festival of Light, visit: www.mysunderland.co.uk/fol

    MIL OSI United Kingdom –

  • MIL-OSI Economics: Update of Island’s AML/CFT framework

    Source: Isle of Man

    Changes are being implemented to update key elements of the Island’s anti-money laundering and countering the financing of terrorism (AML/CFT) framework.

    The Isle of Man Financial Services Authority, in conjunction with the Department of Home Affairs and Treasury, has led a revision of the Proceeds of Crime Act 2008 (POCA) and the Designated Business (Registration and Oversight) Act 2015 (DBROA).

    Those amendments take effect from today, Friday 25 October 2024, while the new Travel Rule (Transfer of Virtual Assets) Code 2024 comes into operation from Monday 28 October 2024.

    The intention is to achieve consistency across the Island’s AML/CFT legislation and ensure greater alignment with international standards and the definitions and terminology set by the Financial Action Task Force (FATF), the organisation that leads global action to counter money laundering, terrorist financing and proliferation financing.

    Further information will be published to explain the changes, with new guidance being produced to raise awareness of the obligations and expectations of the Travel Rule Code among firms in the Virtual Asset Service Provider (VASP) sector. This includes compliance with the requirement to transfer and retain certain customer information when conducting virtual asset transactions.

    The legislative updates reflect feedback to two public consultations issued earlier this year and are being made through:

    • The Proceeds of Crime (Business in the Regulated Sector) (Amendment) Order 2024, which amends Schedule 4 to the POCA.
    • The Designated Businesses (Amendment) Order 2024, which amends Schedule 1 to the DBROA.

    Ashley Whyte, Head of AML/CFT Supervision at the Authority, said: ‘We have worked in collaboration with the Department of Home Affairs and Treasury to modernise the Island’s AML/CFT framework and introduce the Travel Rule Code. Firms are encouraged to take note of the changes, which are aimed at keeping the Island in line with globally recognised standards. Guidance documents will be published shortly on the Authority’s website to provide additional support and clarity.’

    The Authority will also be publishing a recorded webinar to provide an overview of the Travel Rule (Transfer of Virtual Assets) Code 2024, how it aligns with international standards and what it means for the VASP sector in the Island.

    Notes:

    Feedback statements on the two public consultations can be found at:

    Travel Rule Code

    AML/CFT framework

    MIL OSI Economics –

  • MIL-OSI Africa: Mozambique’s 2024 elections: 9 major challenges that will face the new president

    Source: The Conversation – Africa – By David Matsinhe, Losophone Research Specialist/Adjunct Professor in African Studies, Carleton University

    Daniel Chapo, Mozambique’s incoming president, faces an array of interconnected problems deeply rooted in historical, socioeconomic, and political dynamics.

    Chapo (47), comes from Frelimo, the former liberation movemen which has been in power since independence in 1975. He must balance meeting immediate needs with long-term structural change.

    Can the resource-rich but impoverished nation of 35 million expect a redirection of policies and strategies under Chapo to address its multifaceted crises?

    Chapo was born after independence and promises to act with integrity. But the old guard placed him in power to protect and promote their interests.

    Mozambique’s crises stem largely from systemic corruption under Frelimo. It has prioritised political elites over national welfare. Its decades of mismanagement, embezzlement and patronage have left institutions weak and unable to address pressing social and economic issues.

    The country is fragmented. The government has neglected the development of inclusive, accountable governance and equitable infrastructure. Regional disparities are the result. This is especially so in Cabo Delgado province, where disenfranchised citizens have become vulnerable to extremist groups.

    This lack of unity and long-term planning has created a fragile state unable to withstand mounting internal and external pressures.

    As a Mozambican social scientist and human rights specialist, I have spent my adult life wrestling with my country’s complex economic, social, cultural and political dynamics.

    Read more: 9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it

    Mozambique stands at a critical point. The new president must confront the deep-rooted challenges with determination and comprehensive reforms.

    In my view, the new leader faces nine key challenges. These are a deep economic crisis, an Islamic insurgency in the north, climate change, drug trafficking, unemployment, corruption, poor infrastructure, kidnappings and unpaid public sector salaries.

    Economic crisis

    Mozambique’s economy has deteriorated, primarily because of structural imbalances and a dependence on extractive industries. GDP growth has declined sharply, from 7% in 2014 to 1.8% in 2023.

    Slower growth has resulted in over 62% of Mozambicans living in poverty.

    A public debt crisis was worsened by the “hidden debt scandal”: the discovery in 2016 of US$2 billion in previously undisclosed debts the government had guaranteed without the knowledge of parliament.

    This has limited the state’s capacity to invest in education, health and sanitation.

    Economic revival must be accompanied by targeted interventions to promote inclusive growth. All Mozambicans must benefit from economic activities to alleviate poverty.

    Insurgency

    Since 2017, extremist groups have used local grievances and regional disenfranchisement to destabilise northern Mozambique. Over 4,000 people have died. Nearly a million have been displaced.

    The conflict is rooted in socio-economic inequalities, made worse by the extraction of natural gas and rubies. Global and local actors compete for control.

    The new president’s role in mediating this crisis requires nuance. He must address the historical marginalisation of Cabo Delgado while balancing military and developmental responses.

    Read more: Between state and mosque: new book explores the turbulent history of Islamic politics in Mozambique

    He must also write a new chapter in the country’s deplorable human rights record. This is marked by widespread violations of the right to life, physical integrity, freedom from arbitrary detention, and freedoms of expression, assembly and the press.

    Climate change crisis

    Climate change intersects with Mozambique’s vulnerabilities. The country has been repeatedly struck by increasingly devastating severe cyclones, such as Idai and Kenneth in 2019.

    Deforestation has made it more fragile, reducing its capacity to mitigate flood and erosion risks.

    The new president will need to put in place policies that incorporate mitigation and adaptation strategies. He will also need to secure multilateral cooperation.

    Drug trafficking

    Drug trafficking networks have entrenched themselves. Porous borders, weak governance structures and endemic corruption have made Mozambique a corridor for heroin and cocaine trafficking.

    The United Nations Office on Drugs and Crime estimates that US$100 million worth of heroin passes through Mozambique annually. This fuels informal economies that sustain political patronage networks.

    Tackling the problem requires stronger state institutions. It also requires regional and global collaboration to disrupt the transnational flow of narcotics.

    Unemployment

    Joblessness stands at over 70%, affecting youth in particular. Youth disenfranchisement risks perpetuating cycles of poverty, social instability and potential radicalisation.

    Policies promoting vocational training and entrepreneurship are essential. So is investment in labour-intensive sectors, such as agriculture and manufacturing.

    Corruption

    Pervasive corruption erodes public trust and stifles economic innovation. New efforts to combat corruption must go beyond superficial reforms. They must uproot the power structures that sustain these systems.

    Poor infrastructure

    Infrastructure is in disrepair. Urban roads are crumbling, public services are inadequate and electricity blackouts are frequent. Rural regions lack basic services such as clean water and healthcare.

    The next president will need to launch an ambitious infrastructure overhaul to improve living conditions and stimulate economic growth.

    Kidnappings

    Kidnappings, especially targeting the wealthy and business people, have created widespread fear and instability. The crime disrupts business operations and deters foreign investment, further harming economic growth.

    The high-profile nature of kidnappings suggests collusion between criminal networks and law enforcement as well as inefficiencies in the justice system.

    The persistence of kidnappings reflects broader governance issues. These include limited state capacity to respond effectively to organised crime.

    Unpaid public servants

    Delays in salary payments for public servants have worsened economic and social problems. The delays reduce public workers’ purchasing power. This has affected household consumption and local economies.

    Morale among employees is sapped, harming productivity and eroding trust in government institutions.

    Read more: Mozambique’s transgender history is on display in a powerful photo exhibition

    The new president must make public sector reforms. This includes auditing finances, improving revenue collection, enforcing fiscal discipline, promoting merit-based appointments, implementing probity laws, strengthening anti-corruption bodies, and diversifying the economy.

    The future of Mozambique rests on the ability of its next leader to address these profound and intertwined crises. It’s a huge task.

    Whoever it is will have to break from the Frelimo mould, reverse the damage done and set the country on a new path of clean governance, peace and inclusive economic growth.

    – Mozambique’s 2024 elections: 9 major challenges that will face the new president
    – https://theconversation.com/mozambiques-2024-elections-9-major-challenges-that-will-face-the-new-president-240923

    MIL OSI Africa –

  • MIL-OSI: Silvaco Inc. Achieves ISO 9001 Certification for Comprehensive Suite of TCAD, EDA, and IP Products

    Source: GlobeNewswire (MIL-OSI)

    SANTA CLARA, Calif., Oct. 25, 2024 (GLOBE NEWSWIRE) — Silvaco Group, Inc. (Nasdaq: SVCO), a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation, is proud to announce that its wholly-owned subsidiary Silvaco, Inc. (“Silvaco” or the “Company”) has obtained ISO 9001 certification of its quality management system to support its TCAD, EDA software, and SIP solutions. The certification underscores Silvaco’s ongoing commitment to quality, customer satisfaction, and continuous improvement across its entire portfolio products. 

    The certification was performed by Schellman Compliance, LLC, an ANAB accredited Certification Body based in the United States. The details of Silvaco’s certification is publicly available at https://www.schellman.com/certificate-directory.

    Description of the ISO 9001 Standard

    ISO 9001 is a globally recognized standard for the establishment and certification of a quality management system (QMS). The standard specifies the requirements to plan, establish, implement, operate, monitor, review, maintain and continually improve a documented management system to protect against, reduce the likelihood of occurrence, prepare for, respond to, and recover from disruptive incidents when they arise. It is intended to be applicable to all organizations, or parts thereof, regardless of type, size and nature of the organization.

    The ISO 9001 certification signifies that Silvaco has implemented effective processes and controls to ensure the consistent quality of its products and services, from design and development to delivery and support. By achieving ISO 9001 certification, Silvaco is committed to developing and delivering high-quality solutions that enable semiconductor design and digital twin modeling through AI software and innovation.

    “We are thrilled to achieve ISO 9001 certification, which reflects our dedication to maintaining the highest standards of quality in every aspect of our business,” said Dr. Babak Taheri, CEO and Director of Silvaco. “This milestone reinforces our commitment to delivering innovative technology that meets international standards, and the evolving needs of our customers in the semiconductor and electronics industries.”

    “Silvaco’s achievement of ISO 9001 certification demonstrates the Company’s commitment in implementing a robust and effective quality management system,” said Danny Manimbo, Principal and ISO Practice Director, Schellman. “By meeting the requirements of ISO 9001, Silvaco has shown its dedication to operational excellence and delivering high-quality services to its customers. We commend Silvaco for reaching this important milestone and look forward to its continued success.”

    Silvaco’s suite of TCAD, EDA, and IP products supports the design, simulation and verification of advanced semiconductor devices and systems. The company’s solutions enable semiconductor and photonics companies to increase productivity, accelerate their products’ time-to-market and reduce their development and manufacturing costs.

    “This certification reflects the rigorous standards we uphold in developing and delivering our TCAD, EDA, and IP products and is an important step towards Silvaco’s broader strategy of maintaining leadership in those markets,” said Brian Bradburn, Sr. Vice President of Operations of Silvaco. “Not only does this highlight Silvaco’s commitment to continuous quality improvement and technological innovation, but this also ensures that our customers and partners can trust the superior support and consistency of the products we bring to the semiconductor industry.”

    About Schellman
    Schellman is a leading provider of attestation and compliance services. We are the only company in the world that is a CPA firm, a globally licensed PCI Qualified Security Assessor, an ISO Certification Body, HITRUST CSF Assessor, a FedRAMP 3PAO, and most recently, an APEC Accountability Agent. Renowned for expertise tempered by practical experience, Schellman’s professionals provide superior client service balanced by steadfast independence. Our approach builds successful, long-term relationships and allows our clients to achieve multiple compliance objectives through a single third-party assessor.

    About Silvaco 
    Silvaco is a provider of TCAD, EDA software, and SIP solutions that enable semiconductor design and digital twin modeling through AI software and innovation. Silvaco’s solutions are used for semiconductor and photonics processes, devices, and systems development across display, power devices, automotive, memory, high performance compute, foundries, photonics, internet of things, and 5G/6G mobile markets for complex SoC design. Silvaco is headquartered in Santa Clara, California, and has a global presence with offices located in North America, Europe, Brazil, China, Japan, Korea, Singapore, and Taiwan. 

    Safe Harbor Statement
    This press release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, each as amended, that are intended to be covered by the “safe harbor” provisions of those sections. Forward-looking statements give our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business, and can be identified by the fact that they do not relate strictly to historical or current facts. Forward-looking statements are typically identified by the use of words such as “anticipate,” “expect,” “intend,” “plan,” “believe,” “estimate,” “potential,” “continue,” and similar expressions, although not all forward-looking statements contain these words. These statements are based on the Company’s current expectations and assumptions and are subject to risks, uncertainties, and other factors, including those described in the Company’s most recent Quarterly Report on Form 10-Q and other filings with the Securities and Exchange Commission. These factors may cause actual results to differ materially from those expressed or implied by forward-looking statements. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

    Media Contact
    Tyler Weiland
    press@silvaco.com

    Investor Relations:
    Greg McNiff
    investors@silvaco.com

    The MIL Network –

  • MIL-OSI: OTC Markets Group Announces Quarterly Index Performance and Rebalancing

    Source: GlobeNewswire (MIL-OSI)

    NEW YORK, Oct. 25, 2024 (GLOBE NEWSWIRE) — OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated financial markets for 12,000 U.S. and global securities, today announced the third quarter 2024 performance and quarterly rebalancing of the OTCQX® and OTCQB® indexes, including the OTCQX Canada Index and the OTCQX Dividend Index.

    The OTCQX Composite Index (.OTCQX), a benchmark for the overall OTCQX Best Market, was up 7.5% in Q3 2024. 32 new companies joined the Index while 47 companies were removed. Talen Energy Corp (TLN) went to NASDAQ on 7/10/2024. FirstSun Capital Bancorp (FSUN) went to NASDAQ on 7/12/2024. Collective Mining Ltd (CNL) went to NYSE MKT on 7/22/2024. Grayscale Ethereum Trust (ETHE) went to NYSE ARCA on 7/23/2024.

    The OTCQX Billion+ Index (.OTCQXBIL), which tracks the performance of $1 billion-plus market cap OTCQX companies was up 7.7% in Q3 2024. 2 new companies joined the Index and 3 companies were removed.

    The OTCQX Dividend Index (.OTCQXDIV), which tracks dividend-paying U.S. and international OTCQX companies, was up 7.6% in Q3 2024. 15 new companies joined the Index, while 13 companies were removed.

    The OTCQX Banks Index (.OTCQXBK), comprised of OTCQX community and regional banks, was up 11.3% in Q3 2024. 9 companies joined the Index while 15 companies were removed.

    The OTCQX International Index (.OTCQXINT), a benchmark for international OTCQX companies, was up 7.5% in Q3 2024. 13 new companies joined the Index while 29 companies were removed.

    The OTCQX Canada Index (.OTCQXCAN), which tracks Canadian OTCQX companies index was up 9.5% in Q3 2024. 6 new companies joined the Index while 18 companies were removed.

    The OTCQX U.S. Index (.OTCQXUS), a benchmark for U.S. OTCQX companies, was up 4.4% in Q3 2024. 19 new companies joined the Index while 19 companies were removed.

    The OTCQX Cannabis Index (.OTCQXMJ), a benchmark for cannabis companies, was up slightly 0.8% in Q3 2024. 1 new company joined the Index while 3 companies were removed.

    The OTCQB Venture Index (.OTCQB), which tracks the overall OTCQB Venture Market, was up 4.0% in Q3 2024. 74 companies were added to the index while 107 companies were removed. RDE Inc (RSTN) went to NASDAQ on 8/7/2024.

    For a list of all index additions and deletions, visit
    https://www.otcmarkets.com/files/Quarterly_Index_Constituent_Changes.pdf

    All indexes are market capitalization-weighted and adjusted on a quarterly basis for additions and share changes over 5% during the months of March, June, September and December. In the case of ADRs, the DR ratio is considered. Dividends are re-invested as of the close of business the day before the ex-dividend date.

    The OTCQX Composite Index, OTCQX Billion+ Index, OTCQX Dividend Index, OTCQX International Index, OTCQX U.S. Index, OTCQX Banks Index, OTCQX Cannabis Index, and OTCQB Venture Index have minimum liquidity screens to ensure tradability.

    All index data is priced in real-time and is available on the OTC Markets Group website, www.otcmarkets.com, and via major financial data distributors and websites, including Bloomberg, Reuters and FT.com.

    Past performance does not guarantee future results. Investors cannot invest directly in any of these indexes.

    OTC Markets Group Inc. provides no advice, recommendation or endorsement with respect to any company or securities. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.

    About OTC Markets Group Inc.
    OTC Markets Group Inc. (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our three public markets: OTCQX® Best Market, OTCQB® Venture Market and Pink® Open Market.

    Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker-dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

    OTC Link ATS, OTC Link ECN and OTC Link NQB are each an SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC.

    To learn more about how we create better informed and more efficient markets, visit www.otcmarkets.com.

    Subscribe to the OTC Markets RSS Feed

    Media Contact:
    OTC Markets Group Inc., +1 (212) 896-4428, media@otcmarkets.com

    The MIL Network –

  • MIL-OSI: Lakeland Financial Reports Third Quarter Net Income of $23.3 Million, Organic Loan Growth of 5% and Organic Deposit Growth of 4%

    Source: GlobeNewswire (MIL-OSI)

    WARSAW, Ind., Oct. 25, 2024 (GLOBE NEWSWIRE) — Lakeland Financial Corporation (Nasdaq Global Select/LKFN), parent company of Lake City Bank, today reported net income of $23.3 million for the three months ended September 30, 2024, which represents a decrease of $1.9 million, or 8%, compared with net income of $25.3 million for the three months ended September 30, 2023. Diluted earnings per share were $0.91 for the third quarter of 2024 and decreased $0.07, or 7%, compared to $0.98 for the third quarter of 2023. On a linked quarter basis, net income increased $789,000, or 3%, from second quarter 2024 net income of $22.5 million. Diluted earnings per share increased $0.04, or 5%, from $0.87 on a linked quarter basis.

    Pretax pre-provision earnings, which is a non-GAAP measure, were $30.8 million for the three months ended September 30, 2024, an increase of $666,000, or 2%, compared to $30.1 million for the three months ended September 30, 2023. On a linked quarter basis, pretax pre-provision earnings decreased $4.6 million, or 13%, compared to $35.4 million for the second quarter of 2024.

    The company further reported net income of $69.3 million for the nine months ended September 30, 2024, versus $64.1 million for the comparable period of 2023, an increase of $5.1 million, or 8%. Diluted earnings per share also increased 8% to $2.69 for the nine months ended September 30, 2024, versus $2.49 for the comparable period of 2023. Pretax pre-provision earnings were $95.5 million for the nine months ended September 30, 2024, an increase of $15.7 million, or 20%, compared to $79.8 million for the nine months ended September 30, 2023.

    “Our long-term track record of serving our clients and communities through organic loan and deposit growth continued during the third quarter of 2024 and we are pleased with our performance for the quarter,” commented David M. Findlay, Chairman and Chief Executive Officer. “We continue to be encouraged by the strength of economic activity in our Indiana markets and are really well positioned to take advantage of the ongoing growth and investment we are seeing throughout our footprint.”

    Quarterly Financial Performance

    Third Quarter 2024 versus Third Quarter 2023 highlights:

    • Tangible book value per share grew by $5.47, or 25%, to $27.07
    • Total risk-based capital ratio of 15.75%, compared to 15.13%
    • Tangible capital ratio improved to 10.47%, compared to 8.62%
    • Average loans grew by $214.6 million, or 4%, to $5.06 billion
    • Core deposit growth of $261.2 million, or 5%
    • Return on average equity of 13.85%, compared to 16.91%
    • Return on average assets of 1.39%, compared to 1.54%
    • Net interest margin of 3.16% versus 3.21%
    • Noninterest income growth of $1.1 million, or 10%
    • Revenue improved by 3% to $61.2 million
    • Noninterest expense increased by $1.3 million, or 4%
    • Provision expense of $3.1 million, compared to $400,000
    • Net charge offs of $143,000 versus $353,000
    • Watch list loans as a percentage of total loans increased to 5.27% from 3.83%

    Third Quarter 2024 versus Second Quarter 2024 highlights:

    • Tangible book value per share grew by $1.73, or 7%
    • Total risk-based capital ratio improved to 15.75% from 15.53%
    • Tangible capital ratio of 10.47%, compared to 9.91%
    • Core deposits increased by $138.3 million, or 2%
    • Average loans grew by $29.5 million, or 1%, to $5.06 billion
    • Net interest margin of 3.16% versus 3.17%
    • Return on average equity of 13.85%, compared to 14.19%
    • Return on average assets of 1.39%, compared to 1.37%
    • Noninterest income decreased by $8.5 million, or 42%
    • Noninterest expense decreased by $2.9 million, or 9%
    • Provision expense of $3.1 million compared to $8.5 million
    • Watch list loans as a percentage of total loans improved to 5.27% from 5.31%

    Capital Strength

    The company’s total capital as a percentage of risk-weighted assets improved to 15.75% at September 30, 2024, compared to 15.13% at September 30, 2023 and 15.53% at June 30, 2024. These capital levels significantly exceeded the 10.00% regulatory threshold required to be characterized as “well capitalized” and reflect a strengthening of the company’s strong capital base.

    The company’s tangible common equity to tangible assets ratio, which is a non-GAAP financial measure, improved to 10.47% at September 30, 2024, compared to 8.62% at September 30, 2023 and 9.91% at June 30, 2024. Unrealized losses from available-for-sale investment securities improved to $154.5 million at September 30, 2024, compared to $266.4 million at September 30, 2023 and $194.9 million at June 30, 2024. When excluding the impact of accumulated other comprehensive income (loss) on tangible common equity and tangible assets, the company’s ratio of adjusted tangible common equity to adjusted tangible assets, a non-GAAP financial measure, improved to 12.29% at September 30, 2024, compared to 11.74% at September 30, 2023 and 12.18% at June 30, 2024.

    Kristin L. Pruitt, President, commented, “Our capital structure is a critical strength of our balance sheet, as it has been for a very long time. This exceptionally strong capital retention supports our plans for continued organic growth as well as total return to shareholders through our common stock dividend.”

    As announced on October 8, 2024, the board of directors approved a cash dividend for the third quarter of $0.48 per share, payable on November 5, 2024, to shareholders of record as of October 25, 2024. The third quarter dividend per share represents a 4% increase from the $0.46 dividend per share paid for the third quarter of 2023.

    Loan Portfolio

    Average total loans of $5.06 billion in the third quarter of 2024, increased $214.6 million, or 4%, from $4.85 billion for the third quarter of 2023, and increased $29.5 million, or 1%, from $5.03 billion for the second quarter of 2024.

    Average total loans for the nine months ended September 30, 2024 were $5.02 billion, an increase of $232.1 million, or 5%, from $4.79 billion for the nine months ended September 30, 2023.

    “Loan growth has been steady in 2024 and has been funded through healthy deposit growth. We are seeing increased activity with our manufacturing clients as we experienced $91 million, or 6%, of commercial and industrial loan growth as compared to September 30, 2023. In addition, commercial real estate loan balances increased as our relationships with in-market long-term clients expanded with projects moving forward supported by good demand and high-quality developments. As a result, commercial real estate and multi-family loans grew $128 million, or 5% year over year,” noted Findlay. “Our retail and consumer lending teams have also experienced healthy growth of $54 million or 9% in the last year. Our highly diverse loan portfolio growth continues, and it is gratifying to see both commercial and consumer lending positively impacting our balance sheet growth.”

    Total loans, net of deferred loan fees, increased by $211.0 million, or 4%, from $4.87 billion as of September 30, 2023 to $5.08 billion as of September 30, 2024. The increase in loans occurred across much of the portfolio with our commercial real estate and multi-family residential loan portfolio growing by $127.4 million, or 5%, our commercial and industrial loan portfolio growing by $90.7 million, or 6%, and our consumer 1-4 family mortgage loans portfolio growing by $36.3 million, or 8%. These increases were offset by a decrease to total agribusiness and agricultural loans of $22.1 million, or 6%, and a decrease to other commercial loans of $31.6 million, or 25%. On a linked quarter basis, total loans net of deferred loan fees increased by $29.6 million, or 1%, from $5.05 billion at June 30, 2024. The linked quarter increase was primarily a result of growth in construction and land development loans of $70.9 million, or 11%, and growth in total consumer loans of $21.7 million, or 4%. Offsetting this growth were declines in total commercial and industrial loans of $33.4 million, or 2%, and in owner occupied loans of $19.6 million, or 2%.

    Commercial loan originations for the third quarter included approximately $316.0 million in loan originations, offset by approximately $308.0 million in commercial loan pay downs. Line of credit usage increased to 41% as of September 30, 2024, compared to 39% at September 30, 2023 and was unchanged from 41% as of June 30, 2024. Total available lines of credit contracted by $69.0 million, or 1%, as compared to a year ago, and line usage increased by $96.0 million, or 5%, over that period. The company has limited exposure to commercial office space borrowers, all of which are in the bank’s Indiana markets. Loans totaling $102.6 million for this sector represented 2% of total loans at September 30, 2024, an increase of $1.4 million, or 1%, from June 30, 2024. Commercial real estate loans secured by multi-family residential properties and secured by non-farm non-residential properties were approximately 210% of total risk-based capital at September 30, 2024.

    Diversified Deposit Base

    The bank’s diversified deposit base has grown on a year over year basis and on a linked quarter basis.

     
    DEPOSIT DETAIL
    (unaudited, in thousands)
     
      September 30, 2024   June 30, 2024   September 30, 2023
    Retail $ 1,709,899   29.3 %   $ 1,724,777   29.9 %   $ 1,761,235   31.1 %
    Commercial   2,304,041   39.5       2,150,127   37.3       2,154,853   38.1  
    Public funds   1,726,869   29.6       1,727,593   30.0       1,563,557   27.7  
    Core deposits   5,740,809   98.4       5,602,497   97.2       5,479,645   96.9  
    Brokered deposits   96,504   1.6       161,040   2.8       177,430   3.1  
    Total $ 5,837,313   100.0 %   $ 5,763,537   100.0 %   $ 5,657,075   100.0 %
                                       

    Total deposits increased $180.2 million, or 3%, from $5.66 billion as of September 30, 2023 to $5.84 billion as of September 30, 2024. The increase in total deposits was driven by an increase in core deposits (which excludes brokered deposits) of $261.2 million, or 5%. Total core deposits at September 30, 2024 were $5.74 billion and represented 98% of total deposits, as compared to $5.48 billion and 97% of total deposits at September 30, 2023. Brokered deposits were $96.5 million, or 2% of total deposits, at September 30, 2024, compared to $177.4 million, or 3% of total deposits, at September 30, 2023.

    The change in composition of core deposits since September 30, 2023 reflects growth in commercial deposits and public funds deposits. As of September 30, 2024, commercial deposits as a percentage of total deposits increased to 39%, from 38%, public fund deposits as a percentage of total deposits increased to 30%, from 28%, and retail deposits as a percentage of total deposits contracted to 29%, from 31%, compared to balances a year ago. Commercial deposits grew annually by $149.2 million, or 7%, to $2.30 billion. Public funds deposits grew annually by $163.3 million, or 10%, to $1.73 billion. Retail deposits contracted annually by $51.3 million, or 3%, to $1.71 billion. Growth in public funds was positively impacted by the addition of a new public funds customer in the Lake City Bank footprint which included the addition of its operating accounts. Net retail outflows since September 30, 2023, reflect the continued utilization of deposits from peak savings levels during 2021.

    Findlay noted, “We are pleased with annual core deposit growth of 5% or $261 million in 2024. The deposit mix shift that began in early 2023 has stabilized with growth in noninterest bearing deposits during the third quarter of 2024. Our retail banking team has done a terrific job continuing to drive market share growth in our core Indiana markets and we are pleased with our market share performance in all of our Indiana markets. Core deposit gathering is a strategic focus, continues to improve and today represents 98% of total deposits, up from 97% a year ago.”

    On a linked quarter basis, total deposits increased $73.8 million, or 1%, from $5.76 billion at June 30, 2024 to $5.84 billion at September 30, 2024. Core deposits increased by $138.3 million, or 2%, while brokered deposits decreased by $64.5 million, or 40%. Linked quarter growth in core deposits resulted from growth in commercial deposits of $153.9 million, or 7%. Offsetting the increase in commercial deposits was contraction in retail deposits of $14.9 million, or 1%, and contraction in public funds deposits of $724,000, or less than 1%.

    Average total deposits were $5.88 billion for the third quarter of 2024, an increase of $307.7 million, or 6%, from $5.57 billion for the third quarter of 2023. Average interest-bearing deposits drove the increase to average total deposits and increased by $481.2 million, or 12%. Contributing to the overall growth of interest-bearing deposits was an increase to average interest-bearing checking accounts of $422.1 million, or 15%, and growth in average time deposits of $108.4 million, or 11%. Offsetting these increases was a decrease to average savings deposits of $49.4 million, or 15%. Average noninterest-bearing demand deposits decreased by $173.5 million, or 12%.

    On a linked quarter basis, average total deposits increased by $60.2 million, or 1%, from $5.82 billion for the second quarter of 2024 to $5.88 billion for the third quarter of 2024. Average interest-bearing deposits drove the increase to total average deposits, which increased by $46.9 million, or 1%. Contributing to the overall growth of interest-bearing deposits was an increase to total average time deposits of $35.5 million, or 3%, and an increase to interest bearing checking accounts of $20.4 million, or 1%. Offsetting these increases was a decrease to average savings deposits of $8.9 million, or 3%. Average noninterest-bearing demand deposits increased by $13.3 million, or 1%.

    Checking account trends compared to September 30, 2023, include growth of $181.7 million, or 14%, in aggregate public fund checking account balances and growth of $144.7 million, or 7%, in aggregate commercial checking account balances, and a contraction of $2.5 million, or less than 1%, in aggregate retail checking account balances. The number of accounts has also grown for all three segments, with growth of 14% for public funds accounts, 3% for commercial accounts and 2% for retail accounts.

    Deposits not covered by FDIC deposit insurance as a percentage of total deposits were 61% as of September 30, 2024, compared to 54% at both June 30, 2024 and September 30, 2023, reflecting the growth in public fund deposits over the period. Deposits not covered by FDIC deposit insurance or the Indiana Public Deposit Insurance Fund (which insures public funds deposits in Indiana), were 32% of total deposits as of September 30, 2024, compared to 29% at June 30, 2024, and 28% as of September 30, 2023. As of September 30, 2024, 98% of deposit accounts had deposit balances less than $250,000.

    Liquidity Overview

    The bank has robust liquidity resources. These resources include secured borrowings available from the Federal Home Loan Bank and the Federal Reserve Bank Discount Window. In addition, the bank has unsecured borrowing capacity through long established relationships within the brokered deposits markets, Federal Funds lines from correspondent bank partners, and Insured Cash Sweep (ICS) one-way buy funds available from the Intrafi network. As of September 30, 2024, the company had access to an aggregate of $3.7 billion in liquidity from these sources, compared to $3.3 billion at both September 30, 2023 and June 30, 2024. Utilization from these sources totaled $96.5 million at September 30, 2024, compared to $267.4 million at September 30, 2023 and $161.0 million at June 30, 2024. Core deposits have historically represented, and currently represent, the primary funding resource of the bank at 98% of total deposits and purchased funds.

    Investment Portfolio Overview

    Total investment securities were $1.15 billion at September 30, 2024, reflecting an increase of $42.8 million, or 4%, as compared to $1.11 billion at September 30, 2023. On a linked quarter basis, investment securities increased $24.0 million, or 2%, due primarily to improvement in the fair market value of available-for-sale securities of $40.4 million and partially offset by portfolio cash flows of $15.1 million. Investment securities represented 17% of total assets on September 30, 2024, September 30, 2023 and June 30, 2024. The ratio of investment securities as a percentage of total assets remains elevated over historical levels of approximately 12% to 14%. The company expects the investment securities portfolio as a percentage of assets to continue to decrease over time as the proceeds from pay downs, sales and maturities are used to fund loan portfolio growth and for general liquidity purposes. Tax equivalent adjusted effective duration for the investment portfolio was 6.3 years at September 30, 2024, compared to 6.7 years and 6.5 years at September 30, 2023 and June 30, 2024, respectively. Tax equivalent adjusted effective duration of the investment portfolio remains elevated as compared to 4.0 years at December 31, 2019 prior to the deployment of excess liquidity to the investment portfolio and the increased rate environment. The company anticipates receiving principal and interest cash flows of approximately $26.4 million throughout the remainder of 2024 and $104.7 million during 2025 from its investment securities portfolio.

    Net Interest Margin

    Net interest margin was 3.16% for the third quarter of 2024, representing a 5 basis point decrease from 3.21% for the third quarter of 2023. Earning assets yields increased by 23 basis points to 6.04% for the third quarter of 2024 from 5.81% for the third quarter of 2023. The increase in earning asset yields was offset by an increase in the company’s funding costs of 28 basis points as interest expense as a percentage of average earning assets increased to 2.88% for the third quarter of 2024 from 2.60% for the third quarter of 2023. Increased industry competition for deposits has driven funding costs as a percentage of average earning assets to rise more aggressively than earning asset yields since the third quarter of 2023. Notably, the deposit mix shift from noninterest bearing deposits to interest bearing deposits encountered by the company during the recent monetary tightening cycle has stabilized with noninterest bearing deposits representing 22% of total deposits at September 30, 2024, compared to 24% at September 30, 2023 and 21% at June 30, 2024. In 2019, prior to the pandemic and the related stimulus plans, the ratio of noninterest bearing deposits to total deposits stood at 24% as of December 31, 2019.

    Linked quarter net interest margin contracted by 1 basis point to 3.16% for the third quarter of 2024, compared to 3.17% for the second quarter of 2024. Average earning asset yields decreased by 3 basis points from 6.07% during the second quarter of 2024 to 6.04% during the third quarter of 2024 and were partially offset by a 2 basis point decrease in interest expense as a percentage of average earning assets from 2.90% to 2.88%.

    “Net interest margin has stabilized and has responded well to the first federal fund rate decrease of 50 basis points late in the third quarter. The bank’s net interest margin expanded by 4 basis points on a linked quarter basis, excluding the impact of increased nonperforming loans. In addition, noninterest bearing deposits grew modestly during the quarter as compared to June 30, 2024. While our balance sheet continues to be assets sensitive, we are encouraged by the impact of the Federal Reserve Bank rate action,” commented Lisa M. O’Neill, Executive Vice President and Chief Financial Officer.

    The cumulative loan beta, which measures the sensitivity of a bank’s average loan yield to changes in short-term interest rates, was 56% for the recent rate-tightening cycle, compared to 61% during the prior tightening cycle from 2016 through 2019. The cumulative deposit beta, which measures the sensitivity of a bank’s deposit cost to changes in short-term interest rates, was 54% for the recent rate-tightening cycle, compared to 45% during the prior tightening cycle.

    Net interest income was $49.3 million for the third quarter of 2024, representing an increase of $880,000, or 2%, as compared to $48.4 million for the third quarter of 2023. On a linked quarter basis, net interest income increased $977,000, or 2%, from $48.3 million for the second quarter of 2024. Net interest income decreased by $3.5 million, or 2%, from $148.4 million for the nine months ended September 30, 2023, to $145.0 million for the nine months ended September 30, 2024.

    Asset Quality

    The company recorded a provision for credit losses of $3.1 million in the third quarter of 2024, an increase of $2.7 million, as compared to $400,000 in the third quarter of 2023. On a linked quarter basis, the provision expense decreased by $5.4 million, from $8.5 million for the second quarter of 2024. The elevated provision expense during the second quarter of 2024 was primarily attributable to an increase in the specific reserve allocation from the downgrade of a $43.3 million credit to an industrial company in Northern Indiana in conjunction with the relationship’s placement on nonperforming status. Additional specific reserves of $4.7 million were allocated to this credit during the third quarter of 2024.

    The ratio of allowance for credit losses to total loans was 1.65% at September 30, 2024, up from 1.48% at September 30, 2023, and 1.60% at June 30, 2024. Net charge offs in the third quarter of 2024 were $143,000, compared to $353,000 in the third quarter of 2023 and $949,000 during the linked second quarter of 2024. Annualized net charge offs to average loans were 0.01% for the third quarter of 2024, compared to 0.03% for the third quarter of 2023 and 0.08% for the linked second quarter of 2024.

    Nonperforming assets increased $41.3 million, or 247%, to $58.1 million as of September 30, 2024, versus $16.7 million as of September 30, 2023. On a linked quarter basis, nonperforming assets increased $427,000, or 1%, compared to $57.6 million as of June 30, 2024. The ratio of nonperforming assets to total assets at September 30, 2024 increased to 0.87% from 0.26% at September 30, 2023 and declined from 0.88% at June 30, 2024. The increase in nonperforming assets was primarily driven by the industrial borrower relationship referenced above.

    Total individually analyzed and watch list loans increased by $81.2 million, or 44%, to $267.6 million as of September 30, 2024, versus $186.4 million as of September 30, 2023. On a linked quarter basis, total individually analyzed and watch list loans decreased by $687,000, or less than 1%, from $268.3 million at June 30, 2024. Watch list loans as a percentage of total loans increased by 144 basis points to 5.27% at September 30, 2024, compared to 3.83% at September 30, 2023, and decreased by 4 basis points from 5.31% at June 30, 2024. The increase in individually analyzed and watch list loans between September 30, 2024 and September 30, 2023 was primarily driven by downgrades to four commercial relationships individually greater than $10.0 million, net of paydowns, payoffs and upgrades to other relationships.

    “Overall, we continue to observe stable economic conditions in our Lake City Bank footprint. The commencement of the Federal Reserve Bank easing cycle will provide some interest relief to variable rate borrowers, in particular for commercial real estate clients. We believe that loan demand could accelerate for our commercial and industrial sector if the Federal Reserve Bank takes additional easing actions,” stated Findlay.

    Noninterest Income

    The company’s noninterest income increased $1.1 million, or 10%, to $11.9 million for the third quarter of 2024, compared to $10.8 million for the third quarter of 2023. Wealth advisory fees increased $420,000, or 18%, driven by growth in customers and favorable market performance. Other income increased $429,000, or 72%, primarily from an improvement to income from the company’s limited partnership investments. Adjusted core noninterest income, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $11.9 million for the third quarter of 2024, an increase of $1.1 million, or 10%, compared to $10.8 million for the third quarter of 2023.

    Noninterest income for the third quarter of 2024 decreased by $8.5 million, or 42%, on a linked quarter basis from $20.4 million during the second quarter of 2024. Second quarter noninterest income benefited from the net gain recognized on the exchange and partial redemption of the company’s Visa shares of $9.0 million. The company’s remaining Visa Class C shares were redeemed during the third quarter of 2024 for a net loss of $15,000. Offsetting this linked quarter decrease was an increase to other income of $333,000, or 48%, and an increase to bank owned life insurance income of $178,000, or 20%. Adjusted core noninterest income increased by $504,000, or 4%, compared to $11.4 million for the linked second quarter of 2024.

    Noninterest income increased by $12.3 million, or 38%, to $45.0 million for the nine months ended September 30, 2024, compared to $32.7 million for the prior year nine-month period. The increase in noninterest income was driven primarily by the net gain on Visa shares of $9.0 million. Additionally, other income increased $2.0 million, or 105%, wealth advisory fees increased $1.0 million, or 15%, bank owned life insurance income increased $601,000, or 25%, and mortgage banking income increased $252,000. Other income increased primarily due to improved performance from limited partnership investment income and the receipt of a $1.0 million insurance recovery related to the 2023 wire fraud loss. Improved market performance of the company’s variable bank owned life insurance policies, which are tied to the performance of the equity markets, drove the increase to bank owned life insurance income. Mortgage banking income increased from pipeline expansion and a related positive impact to mortgage rate lock income. Offsetting these increases was a decrease to interest rate swap fee income of $794,000, or 100%, due to no new swap fee activity during the period. Adjusted core noninterest income for the nine months ended September 30, 2024 was $35.0 million, an increase of $2.3 million, or 7%, compared to $32.7 million for the nine months ended September 30, 2023.

    “While not robust, we are pleased to report that revenue growth for the nine months ended September 30, 2024, was $8.9 million, or 5% as compared to the same period in 2023. Noninterest income, and in particular, wealth advisory fees are positively impacting the improvement in revenue,” stated Findlay. “It is rewarding to see this important part of the business growing and positively impacting revenue growth at the bank.”

    Noninterest Expense

    Noninterest expense increased $1.3 million, or 4%, to $30.4 million for the third quarter of 2024, compared to $29.1 million during the third quarter of 2023. Driving the third quarter 2024 increase to noninterest expense were increases to salaries and benefits expense of $499,000, or 3%, data processing fees and supplies expense of $389,000, or 12%, and corporate and business development expense of $168,000, or 14%, as compared to the third quarter of 2023. Adjusted core noninterest expense, a non-GAAP financial measure that excludes the effects of certain non-routine operating events, was $30.4 million for the third quarter of 2024, an increase of $1.3 million, or 4%, compared to $29.1 million for the third quarter of 2023.

    On a linked quarter basis, noninterest expense decreased by $2.9 million, or 9%, from $33.3 million during the second quarter of 2024. Other expense decreased by $3.6 million, or 58%, primarily due to the recognition of a $4.5 million legal accrual in the second quarter 2024. Offsetting the decrease to noninterest expense was an increase in salaries and employee benefits of $318,000, or 2%. Adjusted core noninterest expense increased by $1.6 million, or 6%, compared to $28.8 million for the linked second quarter of 2024.

    Noninterest expense decreased by $6.8 million, or 7%, for the nine months ended September 30, 2024 to $94.4 million compared to $101.3 million for the nine months ended September 30, 2023. The $18.1 million wire fraud loss recorded during the second quarter of 2023 was the primary driver of the decrease between these periods. Offsetting this decrease were increases to salaries and employee benefits expense of $6.1 million, or 14%, other expense of $3.2 million, or 41%, data processing fees of $1.1 million, or 11%, and professional fees of $391,000, or 6%. The increase to salaries and benefits expense resulted primarily from increases to salaries and wages of $2.3 million, performance-based incentive compensation of $2.2 million, health insurance expense of $695,000 and variable deferred compensation related to the company’s variable bank owned life insurance of $536,000. The increase for data processing fees resulted from continued investment in customer-facing and operational technology solutions. Professional fees increased due to higher costs to implement technology solutions. Adjusted core noninterest expense was $89.9 million for the nine months ended September 30, 2024, an increase of $4.8 million, or 6%, from $85.1 million recorded during the comparable period of 2023.

    The company’s efficiency ratio was 49.7% for the third quarter of 2024, compared to 49.1% for the third quarter of 2023 and 48.5% for the linked second quarter of 2024. The company’s adjusted core efficiency ratio, a non-GAAP measure that excludes the impact of certain non-routine operating events, was 49.7% for the third quarter of 2024, compared to 48.2% for the linked second quarter of 2024 and 49.1% for the third quarter of 2023.

    The company’s efficiency ratio was 49.7% for the nine months ended September 30, 2024, compared to 55.9% for the comparable period in 2023. The company’s adjusted core efficiency ratio was 50.0% for the nine months ended September 30, 2024, compared to 47.0% for the comparable period in 2023.

    Information regarding Lakeland Financial Corporation may be accessed on the home page of its subsidiary, Lake City Bank, at lakecitybank.com. The company’s common stock is traded on the Nasdaq Global Select Market under “LKFN.” Lake City Bank, a $6.6 billion bank headquartered in Warsaw, Indiana, was founded in 1872 and serves Central and Northern Indiana communities with 54 branch offices and a robust digital banking platform. Lake City Bank’s community banking model prioritizes building in-market long-term customer relationships while delivering technology-forward solutions for retail and commercial clients.

    This document contains, and future oral and written statements of the company and its management may contain, forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to the financial condition, results of operations, plans, objectives, future performance and business of the company. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “continue,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should” or other similar expressions. The company’s ability to predict results or the actual effect of future plans or strategies is inherently uncertain and, accordingly, the reader is cautioned not to place undue reliance on any forward-looking statements made by the company. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the company undertakes no obligation to update any statement in light of new information or future events. Numerous factors could cause the company’s actual results to differ from those reflected in forward-looking statements, including the effects of economic, business and market conditions and changes, particularly in our Indiana market area, including prevailing interest rates and the rate of inflation; governmental monetary and fiscal policies; the risks of changes in interest rates on the levels, composition and costs of deposits, loan demand and the values and liquidity of loan collateral, securities and other interest sensitive assets and liabilities; and changes in borrowers’ credit risks and payment behaviors, as well as those identified in the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K and quarterly reports on Form 10-Q.

     
    LAKELAND FINANCIAL CORPORATION
    THIRD QUARTER 2024 FINANCIAL HIGHLIGHTS
     
      Three Months Ended   Nine Months Ended
    (Unaudited – Dollars in thousands, except per share data) September 30,   June 30,   September 30,   September 30,   September 30,
    END OF PERIOD BALANCES 2024   2024   2023   2024   2023
    Assets $ 6,645,371     $ 6,568,807     $ 6,426,844     $ 6,645,371     $ 6,426,844  
    Investments   1,147,806       1,123,803       1,105,026       1,147,806       1,105,026  
    Loans   5,081,990       5,052,341       4,870,965       5,081,990       4,870,965  
    Allowance for Credit Losses   83,627       80,711       72,105       83,627       72,105  
    Deposits   5,837,313       5,763,537       5,657,075       5,837,313       5,657,075  
    Brokered Deposits   96,504       161,040       177,430       96,504       177,430  
    Core Deposits (1)   5,740,809       5,602,497       5,479,645       5,740,809       5,479,645  
    Total Equity   699,181       654,590       557,184       699,181       557,184  
    Goodwill Net of Deferred Tax Assets   3,803       3,803       3,803       3,803       3,803  
    Tangible Common Equity (2)   695,378       650,787       553,381       695,378       553,381  
    Adjusted Tangible Common Equity (2)   832,813       820,534       780,756       832,813       780,756  
    AVERAGE BALANCES                  
    Total Assets $ 6,656,464     $ 6,642,954     $ 6,498,984     $ 6,618,102     $ 6,448,316  
    Earning Assets   6,329,287       6,295,281       6,145,894       6,280,677       6,103,538  
    Investments   1,128,705       1,118,776       1,171,426       1,135,304       1,210,540  
    Loans   5,064,348       5,034,851       4,849,758       5,023,556       4,791,431  
    Total Deposits   5,880,177       5,819,962       5,572,466       5,777,234       5,537,379  
    Interest Bearing Deposits   4,635,993       4,589,059       4,154,825       4,527,524       4,028,087  
    Interest Bearing Liabilities   4,649,745       4,666,136       4,382,380       4,616,129       4,246,648  
    Total Equity   670,160       638,999       592,510       651,457       594,063  
    INCOME STATEMENT DATA                  
    Net Interest Income $ 49,273     $ 48,296     $ 48,393     $ 144,985     $ 148,436  
    Net Interest Income-Fully Tax Equivalent   50,383       49,493       49,712       148,558       152,436  
    Provision for Credit Losses   3,059       8,480       400       13,059       5,550  
    Noninterest Income   11,917       20,439       10,835       44,968       32,650  
    Noninterest Expense   30,393       33,333       29,097       94,431       101,265  
    Net Income   23,338       22,549       25,252       69,288       64,141  
    Pretax Pre-Provision Earnings (2)   30,797       35,402       30,131       95,522       79,821  
    PER SHARE DATA                  
    Basic Net Income Per Common Share $ 0.91     $ 0.88     $ 0.99     $ 2.70     $ 2.51  
    Diluted Net Income Per Common Share   0.91       0.87       0.98       2.69       2.49  
    Cash Dividends Declared Per Common Share   0.48       0.48       0.46       1.44       1.38  
    Dividend Payout   52.75 %     55.17 %     46.94 %     53.53 %     36.95 %
    Book Value Per Common Share (equity per share issued) $ 27.22     $ 25.49     $ 21.75     $ 27.22     $ 21.75  
    Tangible Book Value Per Common Share (2)   27.07       25.34       21.60       27.07       21.60  
    Market Value – High $ 72.25     $ 66.62     $ 57.00     $ 73.22     $ 77.07  
    Market Value – Low   57.45       57.59       44.46       57.45       43.05  
                                           
                                           
      Three Months Ended   Nine Months Ended
    (Unaudited – Dollars in thousands, except per share data) September 30,   June 30,   September 30,   September 30,   September 30,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    Basic Weighted Average Common Shares Outstanding   25,684,407       25,678,231       25,613,456       25,673,275       25,601,493  
    Diluted Weighted Average Common Shares Outstanding   25,767,739       25,742,871       25,693,535       25,754,357       25,709,841  
    KEY RATIOS                  
    Return on Average Assets   1.39 %     1.37 %     1.54 %     1.40 %     1.33 %
    Return on Average Total Equity   13.85       14.19       16.91       14.21       14.44  
    Average Equity to Average Assets   10.07       9.62       9.12       9.84       9.21  
    Net Interest Margin   3.16       3.17       3.21       3.16       3.33  
    Efficiency (Noninterest Expense/Net Interest Income plus Noninterest Income)   49.67       48.49       49.13       49.71       55.92  
    Loans to Deposits   87.06       87.66       86.10       87.06       86.10  
    Investment Securities to Total Assets   17.27       17.11       17.19       17.27       17.19  
    Tier 1 Leverage (3)   12.18       11.98       11.64       12.18       11.64  
    Tier 1 Risk-Based Capital (3)   14.50       14.28       13.88       14.50       13.88  
    Common Equity Tier 1 (CET1) (3)   14.50       14.28       13.88       14.50       13.88  
    Total Capital (3)   15.75       15.53       15.13       15.75       15.13  
    Tangible Capital (2)   10.47       9.91       8.62       10.47       8.62  
    Adjusted Tangible Capital (2)   12.29       12.18       11.74       12.29       11.74  
    ASSET QUALITY                  
    Loans Past Due 30 – 89 Days $ 829     $ 1,615     $ 1,782     $ 829     $ 1,782  
    Loans Past Due 90 Days or More   95       26       19       95       19  
    Nonaccrual Loans   57,551       57,124       16,290       57,551       16,290  
    Nonperforming Loans   57,646       57,150       16,309       57,646       16,309  
    Other Real Estate Owned   384       384       384       384       384  
    Other Nonperforming Assets   21       90       45       21       45  
    Total Nonperforming Assets   58,051       57,624       16,738       58,051       16,738  
    Individually Analyzed Loans   77,654       78,533       16,739       77,654       16,739  
    Non-Individually Analyzed Watch List Loans   189,918       189,726       169,621       189,918       169,621  
    Total Individually Analyzed and Watch List Loans   267,572       268,259       186,360       267,572       186,360  
    Gross Charge Offs   231       1,076       480       1,811       6,766  
    Recoveries   88       127       127       407       715  
    Net Charge Offs/(Recoveries)   143       949       353       1,404       6,051  
    Net Charge Offs/(Recoveries) to Average Loans   0.01 %     0.08 %     0.03 %     0.04 %     0.17 %
    Credit Loss Reserve to Loans   1.65       1.60       1.48       1.65       1.48  
    Credit Loss Reserve to Nonperforming Loans   145.07       141.23       442.11       145.07       442.11  
    Nonperforming Loans to Loans   1.13       1.13       0.33       1.13       0.33  
    Nonperforming Assets to Assets   0.87       0.88       0.26       0.87       0.26  
    Total Individually Analyzed and Watch List Loans to Total Loans   5.27 %     5.31 %     3.83 %     5.27 %     3.83 %
                       
                       
      Three Months Ended   Nine Months Ended
    (Unaudited – Dollars in thousands, except per share data) September 30,   June 30,   September 30,   September 30,   September 30,
    PER SHARE DATA (continued) 2024   2024   2023   2024   2023
    OTHER DATA                  
    Full Time Equivalent Employees   639       653       614       639       614  
    Offices   54       53       53       54       53  

    ___________________
    (1)  Core deposits equals deposits less brokered deposits.
    (2)  Non-GAAP financial measure – see “Reconciliation of Non-GAAP Financial Measures”.
    (3)  Capital ratios for September 30, 2024 are preliminary until the Call Report is filed.

           
    CONSOLIDATED BALANCE SHEETS (in thousands, except share data)      
    ​ September 30,
    2024    		   December 31,
    2023
    ​ (Unaudited)   ​
    ASSETS      
    Cash and due from banks $ 86,785     $ 70,451  
    Short-term investments   73,405       81,373  
    Total cash and cash equivalents   160,190       151,824  
    ​      
    Securities available-for-sale, at fair value   1,016,649       1,051,728  
    Securities held-to-maturity, at amortized cost (fair value of $118,861 and $119,215, respectively)   131,157       129,918  
    Real estate mortgage loans held-for-sale   3,148       1,158  
    ​      
    Loans, net of allowance for credit losses of $83,627 and $71,972   4,998,363       4,844,562  
    ​      
    Land, premises and equipment, net   59,987       57,899  
    Bank owned life insurance   112,075       109,114  
    Federal Reserve and Federal Home Loan Bank stock   21,420       21,420  
    Accrued interest receivable   28,471       30,011  
    Goodwill   4,970       4,970  
    Other assets   108,941       121,425  
    Total assets $ 6,645,371     $ 6,524,029  
    ​      
    ​      
    LIABILITIES      
    Noninterest bearing deposits $ 1,284,527     $ 1,353,477  
    Interest bearing deposits   4,552,786       4,367,048  
    Total deposits   5,837,313       5,720,525  
           
    Federal Funds purchased   30,000       0  
    Federal Home Loan Bank advances   0       50,000  
    Total borrowings   30,000       50,000  
           
    Accrued interest payable   14,784       20,893  
    Other liabilities   64,093       82,818  
    Total liabilities   5,946,190       5,874,236  
    ​      
    STOCKHOLDERS’ EQUITY      
    Common stock: 90,000,000 shares authorized, no par value      
    25,974,017 shares issued and 25,506,084 outstanding as of September 30, 2024      
    25,903,686 shares issued and 25,430,566 outstanding as of December 31, 2023   128,346       127,692  
    Retained earnings   724,550       692,760  
    Accumulated other comprehensive income (loss)   (138,136 )     (155,195 )
    Treasury stock, at cost (467,933 shares and 473,120 shares as of September 30, 2024 and December 31, 2023, respectively)   (15,668 )     (15,553 )
    Total stockholders’ equity   699,092       649,704  
    Noncontrolling interest   89       89  
    Total equity   699,181       649,793  
    Total liabilities and equity $ 6,645,371     $ 6,524,029  
     
    CONSOLIDATED STATEMENTS OF INCOME (unaudited – in thousands, except share and per share data)
     
    ​ Three Months Ended September 30,   Nine Months Ended September 30,
    ​   2024       2023       2024       2023  
    NET INTEREST INCOME              
    Interest and fees on loans              
    Taxable $ 86,118     $ 78,910     $ 252,386     $ 223,499  
    Tax exempt   298       1,008       1,830       2,869  
    Interest and dividends on securities              
    Taxable   2,908       3,077       9,051       9,966  
    Tax exempt   3,921       4,023       11,800       12,387  
    Other interest income   1,773       1,605       4,721       3,604  
    Total interest income   95,018       88,623       279,788       252,325  
    ​ ​   ​   ​   ​
    Interest on deposits   45,556       37,108       131,083       95,637  
    Interest on short-term borrowings   189       3,122       3,720       8,252  
    Total interest expense   45,745       40,230       134,803       103,889  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME   49,273       48,393       144,985       148,436  
    ​ ​   ​   ​   ​
    Provision for credit losses   3,059       400       13,059       5,550  
    ​ ​   ​   ​   ​
    NET INTEREST INCOME AFTER PROVISION FOR CREDIT LOSSES   46,214       47,993       131,926       142,886  
    ​ ​   ​   ​   ​
    NONINTEREST INCOME              
    Wealth advisory fees   2,718       2,298       7,770       6,769  
    Investment brokerage fees   438       408       1,438       1,370  
    Service charges on deposit accounts   2,835       2,735       8,332       8,091  
    Loan and service fees   2,955       2,934       8,855       8,782  
    Merchant and interchange fee income   898       938       2,653       2,744  
    Bank owned life insurance income   1,068       1,009       2,994       2,393  
    Interest rate swap fee income   0       0       0       794  
    Mortgage banking income (loss)   (7 )     (50 )     68       (184 )
    Net securities gains (losses)   0       (35 )     (46 )     (16 )
    Net gain (loss) on Visa shares   (15 )     0       8,996       0  
    Other income   1,027       598       3,908       1,907  
    Total noninterest income   11,917       10,835       44,968       32,650  
    ​ ​   ​   ​   ​
    NONINTEREST EXPENSE              
    Salaries and employee benefits   16,476       15,977       49,467       43,414  
    Net occupancy expense   1,721       1,621       5,159       4,874  
    Equipment costs   1,452       1,325       4,207       4,189  
    Data processing fees and supplies   3,768       3,379       11,419       10,305  
    Corporate and business development   1,369       1,201       4,015       3,930  
    FDIC insurance and other regulatory fees   966       871       2,571       2,469  
    Professional fees   2,089       2,114       6,675       6,284  
    Wire fraud loss   0       0       0       18,058  
    Other expense   2,552       2,609       10,918       7,742  
    Total noninterest expense   30,393       29,097       94,431       101,265  
    ​ ​   ​   ​   ​
    INCOME BEFORE INCOME TAX EXPENSE   27,738       29,731       82,463       74,271  
    Income tax expense   4,400       4,479       13,175       10,130  
    NET INCOME $ 23,338     $ 25,252     $ 69,288     $ 64,141  
    ​ ​   ​   ​   ​
    BASIC WEIGHTED AVERAGE COMMON SHARES   25,684,407       25,613,456       25,673,275       25,601,493  
    ​ ​   ​   ​   ​
    BASIC EARNINGS PER COMMON SHARE $ 0.91     $ 0.99     $ 2.70     $ 2.51  
    ​              
    DILUTED WEIGHTED AVERAGE COMMON SHARES   25,767,739       25,693,535       25,754,357       25,709,841  
    ​              
    DILUTED EARNINGS PER COMMON SHARE $ 0.91     $ 0.98     $ 2.69     $ 2.49  
     
    LAKELAND FINANCIAL CORPORATION
    LOAN DETAIL
    (unaudited, in thousands)
     
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Commercial and industrial loans:                      
    Working capital lines of credit loans $ 678,079     13.3 %   $ 697,754     13.8 %   $ 589,345     12.1 %
    Non-working capital loans   814,804     16.0       828,523     16.4       812,875     16.7  
    Total commercial and industrial loans   1,492,883     29.3       1,526,277     30.2       1,402,220     28.8  
              ​            
    Commercial real estate and multi-family residential loans:                      
    Construction and land development loans   729,293     14.3       658,345     13.0       633,920     13.0  
    Owner occupied loans   810,453     15.9       830,018     16.4       811,175     16.6  
    Nonowner occupied loans   766,821     15.1       762,365     15.1       740,783     15.2  
    Multifamily loans   243,283     4.8       252,652     5.0       236,581     4.8  
    Total commercial real estate and multi-family residential loans   2,549,850     50.1       2,503,380     49.5       2,422,459     49.6  
              ​            
    Agri-business and agricultural loans:                      
    Loans secured by farmland   157,413     3.1       161,410     3.2       183,241     3.8  
    Loans for agricultural production   200,971     4.0       199,654     4.0       197,287     4.0  
    Total agri-business and agricultural loans   358,384     7.1       361,064     7.2       380,528     7.8  
              ​            
    Other commercial loans   94,309     1.9       96,703     1.9       125,939     2.6  
    Total commercial loans   4,495,426     88.4       4,487,424     88.8       4,331,146     88.8  
              ​            
    Consumer 1-4 family mortgage loans:                      
    Closed end first mortgage loans   261,462     5.1       259,094     5.1       247,114     5.1  
    Open end and junior lien loans   210,275     4.1       197,861     3.9       189,611     3.9  
    Residential construction and land development loans   14,200     0.3       12,952     0.3       12,888     0.3  
    Total consumer 1-4 family mortgage loans   485,937     9.5       469,907     9.3       449,613     9.3  
      ​       ​            
    Other consumer loans   103,547     2.1       97,895     1.9       93,737     1.9  
    Total consumer loans   589,484     11.6       567,802     11.2       543,350     11.2  
    Subtotal   5,084,910     100.0 %     5,055,226     100.0 %     4,874,496     100.0 %
    Less:  Allowance for credit losses   (83,627 )         (80,711 )   ​     (72,105 )   ​
        Net deferred loan fees   (2,920 )         (2,885 )   ​     (3,531 )   ​
    Loans, net $ 4,998,363         $ 4,971,630     ​   $ 4,798,860     ​
     
    LAKELAND FINANCIAL CORPORATION
    DEPOSITS AND BORROWINGS
    (unaudited, in thousands)
     
      September 30,
    2024    		   June 30,
    2024    		   September 30,
    2023
    Noninterest bearing demand deposits $ 1,284,527   $ 1,212,989   $ 1,377,650
    Savings and transaction accounts:          
    Savings deposits   276,468     283,809     315,651
    Interest bearing demand deposits   3,273,405     3,274,179     2,891,683
    Time deposits:          
    Deposits of $100,000 or more   787,095     776,314     756,107
    Other time deposits   215,818     216,246     315,984
    Total deposits $ 5,837,313   $ 5,763,537   $ 5,657,075
    FHLB advances and other borrowings   30,000     55,000     90,000
    Total funding sources $ 5,867,313   $ 5,818,537   $ 5,747,075
     
    LAKELAND FINANCIAL CORPORATION
    AVERAGE BALANCE SHEET AND NET INTEREST ANALYSIS
    (UNAUDITED)
     
        Three Months Ended September 30, 2024   Three Months Ended June 30, 2024   Three Months Ended September 30, 2023
    (fully tax equivalent basis, dollars in thousands)   Average
    Balance    		   Interest
    Income    		   Yield (1)/
    Rate    		   Average
    Balance    		   Interest
    Income    		   Yield (1)/
    Rate    		   Average
    Balance    		   Interest
    Income    		   Yield (1)/
    Rate
    Earning Assets                                    
    Loans:                                    
    Taxable (2)(3)   $ 5,037,855     $ 86,118   6.80 %   $ 4,993,270     $ 84,226   6.78 %   $ 4,791,156     $ 78,910   6.53 %
    Tax exempt (1)     26,493       366   5.50       41,581       783   7.57       58,602       1,258   8.52  
    Investments: (1)                                    
    Securities     1,128,705       7,871   2.77       1,118,776       8,082   2.91       1,171,426       8,169   2.77  
    Short-term investments     2,841       35   4.90       2,836       35   4.96       2,533       29   4.54  
    Interest bearing deposits     133,393       1,738   5.18       138,818       1,807   5.24       122,177       1,576   5.12  
    Total earning assets   $ 6,329,287     $ 96,128   6.04 %   $ 6,295,281     $ 94,933   6.07 %   $ 6,145,894     $ 89,942   5.81 %
    Less:  Allowance for credit losses     (81,353 )             (74,166 )             (71,997 )        
    Nonearning Assets                                    
    Cash and due from banks     63,744               64,518               68,669          
    Premises and equipment     59,493               58,702               58,782          
    Other nonearning assets     285,293               298,619               297,636          
    Total assets   $ 6,656,464             $ 6,642,954             $ 6,498,984          
                                         
    Interest Bearing Liabilities                                    
    Savings deposits   $ 280,180     $ 45   0.06 %   $ 289,107     $ 48   0.07 %   $ 329,557     $ 57   0.07 %
    Interest bearing checking accounts     3,295,911       33,822   4.08       3,275,502       33,323   4.09       2,873,795       27,891   3.85  
    Time deposits:                                    
    In denominations under $100,000     215,020       1,914   3.54       217,146       1,871   3.47       211,039       1,507   2.83  
    In denominations over $100,000     844,882       9,775   4.60       807,304       9,121   4.54       740,434       7,654   4.10  
    Miscellaneous short-term borrowings     13,752       189   5.48       77,077       1,077   5.62       227,555       3,121   5.44  
    Total interest bearing liabilities   $ 4,649,745     $ 45,745   3.91 %   $ 4,666,136     $ 45,440   3.92 %   $ 4,382,380     $ 40,230   3.64 %
    Noninterest Bearing Liabilities                                    
    Demand deposits     1,244,184               1,230,903               1,417,641          
    Other liabilities     92,375               106,916               106,453          
    Stockholders’ Equity     670,160               638,999               592,510          
    Total liabilities and stockholders’ equity   $ 6,656,464             $ 6,642,954             $ 6,498,984          
    Interest Margin Recap                                    
    Interest income/average earning assets         96,128   6.04 %         94,933   6.07 %         89,942   5.81 %
    Interest expense/average earning assets         45,745   2.88           45,440   2.90           40,230   2.60  
    Net interest income and margin       $ 50,383   3.16 %       $ 49,493   3.17 %       $ 49,712   3.21 %
                                                     

    (1)  Tax exempt income was converted to a fully taxable equivalent basis at a 21 percent tax rate. The tax equivalent rate for tax exempt loans and tax exempt securities acquired after January 1, 1983, included the Tax Equity and Fiscal Responsibility Act of 1982 (“TEFRA”) adjustment applicable to nondeductible interest expenses. Taxable equivalent basis adjustments were $1.11 million, $1.20 million and $1.32 million in the three-month periods ended September 30, 2024, June 30, 2024, and September 30, 2023, respectively.
    (2)  Loan fees, which are immaterial in relation to total taxable loan interest income for the three months ended September 30, 2024, June 30, 2024, and September 30, 2023, are included as taxable loan interest income.
    (3)  Nonaccrual loans are included in the average balance of taxable loans.

    Reconciliation of Non-GAAP Financial Measures

    Tangible common equity, adjusted tangible common equity, tangible assets, adjusted tangible assets, tangible book value per common share, tangible common equity to tangible assets, adjusted tangible common equity to adjusted tangible assets, and pretax pre-provision earnings are non-GAAP financial measures calculated based on GAAP amounts. Tangible common equity is calculated by excluding the balance of goodwill and other intangible assets from the calculation of equity, net of deferred tax. Tangible assets are calculated by excluding the balance of goodwill and other intangible assets from the calculation of total assets, net of deferred tax. Adjusted tangible assets and adjusted tangible common equity remove the fair market value adjustment impact of the available-for-sale investment securities portfolio in accumulated other comprehensive income (loss) (“AOCI”). Tangible book value per common share is calculated by dividing tangible common equity by the number of shares outstanding less true treasury stock. Pretax pre-provision earnings is calculated by adding net interest income to noninterest income and subtracting noninterest expense. Because not all companies use the same calculation of tangible common equity and tangible assets, this presentation may not be comparable to other similarly titled measures calculated by other companies. However, management considers these measures of the company’s value meaningful to understanding of the company’s financial information and performance.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Nine Months Ended
      Sep. 30, 2024   Jun. 30, 2024   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
    Total Equity $ 699,181     $ 654,590     $ 557,184     $ 699,181     $ 557,184  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Common Equity   695,378       650,787       553,381       695,378       553,381  
    Market Value Adjustment in AOCI   137,435       169,747       227,375       137,435       227,375  
    Adjusted Tangible Common Equity   832,813       820,534       780,756       832,813       780,756  
                       
    Assets $ 6,645,371     $ 6,568,807     $ 6,426,844     $ 6,645,371     $ 6,426,844  
    Less: Goodwill   (4,970 )     (4,970 )     (4,970 )     (4,970 )     (4,970 )
    Plus: DTA Related to Goodwill   1,167       1,167       1,167       1,167       1,167  
    Tangible Assets   6,641,568       6,565,004       6,423,041       6,641,568       6,423,041  
    Market Value Adjustment in AOCI   137,435       169,747       227,375       137,435       227,375  
    Adjusted Tangible Assets   6,779,003       6,734,751       6,650,416       6,779,003       6,650,416  
                       
    Ending Common Shares Issued   25,684,916       25,679,066       25,614,163       25,684,916       25,614,163  
                       
    Tangible Book Value Per Common Share $ 27.07     $ 25.34     $ 21.60     $ 27.07     $ 21.60  
                       
    Tangible Common Equity/Tangible Assets   10.47 %     9.91 %     8.62 %     10.47 %     8.62 %
    Adjusted Tangible Common Equity/Adjusted Tangible Assets   12.29 %     12.18 %     11.74 %     12.29 %     11.74 %
                       
    Net Interest Income $ 49,273     $ 48,296     $ 48,393     $ 144,985     $ 148,436  
    Plus:  Noninterest Income   11,917       20,439       10,835       44,968       32,650  
    Minus:  Noninterest Expense   (30,393 )     (33,333 )     (29,097 )     (94,431 )     (101,265 )
                       
    Pretax Pre-Provision Earnings $ 30,797     $ 35,402     $ 30,131     $ 95,522     $ 79,821  
                                           

    Adjusted core noninterest income, adjusted core noninterest expense, adjusted earnings before income taxes, core operational profitability, core operational diluted earnings per common share and adjusted core efficiency ratio are non-GAAP financial measures calculated based on GAAP amounts. These adjusted amounts are calculated by excluding the impact of the net gain on Visa shares, legal accrual, and wire fraud loss and associated insurance and loss recoveries and adjustments to salaries and employee benefits expense for the periods presented below. Management considers these measures of financial performance to be meaningful to understanding the company’s core business performance for these periods.

    A reconciliation of these non-GAAP financial measures is provided below (dollars in thousands, except per share data).

      Three Months Ended   Nine Months Ended
      Sep. 30, 2024   Jun. 30, 2024   Sep. 30, 2023   Sep. 30, 2024   Sep. 30, 2023
    Noninterest Income $ 11,917     $ 20,439     $ 10,835     $ 44,968     $ 32,650  
    Less: Net (Gain) Loss on Visa Shares   15       (9,011 )     0       (8,996 )     0  
    Less: Insurance Recoveries   0       0       0       (1,000 )     0  
    Adjusted Core Noninterest Income $ 11,932     $ 11,428     $ 10,835     $ 34,972     $ 32,650  
                       
    Noninterest Expense $ 30,393     $ 33,333     $ 29,097     $ 94,431     $ 101,265  
    Less: Legal Accrual   0       (4,537 )     0       (4,537 )     0  
    Less: Wire Fraud Loss   0       0       0       0       (18,058 )
    Plus: Salaries and Employee Benefits (1)   0       0       0       0       1,850  
    Adjusted Core Noninterest Expense $ 30,393     $ 28,796     $ 29,097     $ 89,894     $ 85,057  
                       
    Earnings Before Income Taxes $ 27,738     $ 26,922     $ 29,731     $ 82,463     $ 74,271  
    Adjusted Core Impact:                  
    Noninterest Income   15       (9,011 )     0       (9,996 )     0  
    Noninterest Expense   0       4,537       0       4,537       16,208  
    Total Adjusted Core Impact   15       (4,474 )     0       (5,459 )     16,208  
    Adjusted Earnings Before Income Taxes   27,753       22,448       29,731       77,004       90,479  
    Tax Effect   (4,404 )     (3,261 )     (4,479 )     (11,817 )     (14,123 )
    Core Operational Profitability (2) $ 23,349     $ 19,187     $ 25,252     $ 65,187     $ 76,356  
                       
    Diluted Earnings Per Common Share $ 0.91     $ 0.87     $ 0.98     $ 2.69     $ 2.49  
    Impact of Adjusted Core Items   0.00       (0.13 )     0.00       (0.16 )     0.48  
    Core Operational Diluted Earnings Per Common Share $ 0.91     $ 0.74     $ 0.98     $ 2.53     $ 2.97  
                       
    Adjusted Core Efficiency Ratio   49.66 %     48.22 %     49.13 %     49.95 %     46.97 %
                                           

    (1)  In 2023, long-term, incentive-based compensation accruals were reduced as a result of the wire fraud loss and associated insurance and loss recoveries.
    (2)  Core operational profitability was $11,000 higher and $3.4 million lower than reported net income for the three months ended September 30, 2024 and June 30, 2024, respectively. Core operational profitability was $4.1 million lower and $12.2 million higher than reported net income for the nine months ended September 30, 2024 and 2023, respectively.

    Contact
    Lisa M. O’Neill
    Executive Vice President and Chief Financial Officer
    (574) 267-9125
    lisa.oneill@lakecitybank.com

    The MIL Network –

  • MIL-OSI Global: Mozambique’s 2024 elections: 9 major challenges that will face the new president

    Source: The Conversation – Africa – By David Matsinhe, Losophone Research Specialist/Adjunct Professor in African Studies, Carleton University

    Daniel Chapo, Mozambique’s incoming president, faces an array of interconnected problems deeply rooted in historical, socioeconomic, and political dynamics.

    Chapo (47), comes from Frelimo, the former liberation movemen which has been in power since independence in 1975. He must balance meeting immediate needs with long-term structural change.

    Can the resource-rich but impoverished nation of 35 million expect a redirection of policies and strategies under Chapo to address its multifaceted crises?

    Chapo was born after independence and promises to act with integrity. But the old guard placed him in power to protect and promote their interests.

    Mozambique’s crises stem largely from systemic corruption under Frelimo. It has prioritised political elites over national welfare. Its decades of mismanagement, embezzlement and patronage have left institutions weak and unable to address pressing social and economic issues.

    The country is fragmented. The government has neglected the development of inclusive, accountable governance and equitable infrastructure. Regional disparities are the result. This is especially so in Cabo Delgado province, where disenfranchised citizens have become vulnerable to extremist groups.

    This lack of unity and long-term planning has created a fragile state unable to withstand mounting internal and external pressures.

    As a Mozambican social scientist and human rights specialist, I have spent my adult life wrestling with my country’s complex economic, social, cultural and political dynamics.



    Read more:
    9 million Mozambicans live below the poverty line – what’s wrong with the national budget and how to fix it

    Mozambique stands at a critical point. The new president must confront the deep-rooted challenges with determination and comprehensive reforms.

    In my view, the new leader faces nine key challenges. These are a deep economic crisis, an Islamic insurgency in the north, climate change, drug trafficking, unemployment, corruption, poor infrastructure, kidnappings and unpaid public sector salaries.

    Economic crisis

    Mozambique’s economy has deteriorated, primarily because of structural imbalances and a dependence on extractive industries. GDP growth has declined sharply, from 7% in 2014 to 1.8% in 2023.

    Slower growth has resulted in over 62% of Mozambicans living in poverty.

    A public debt crisis was worsened by the “hidden debt scandal”: the discovery in 2016 of US$2 billion in previously undisclosed debts the government had guaranteed without the knowledge of parliament.

    This has limited the state’s capacity to invest in education, health and sanitation.

    Economic revival must be accompanied by targeted interventions to promote inclusive growth. All Mozambicans must benefit from economic activities to alleviate poverty.

    Insurgency

    Since 2017, extremist groups have used local grievances and regional disenfranchisement to destabilise northern Mozambique. Over 4,000 people have died. Nearly a million have been displaced.

    The conflict is rooted in socio-economic inequalities, made worse by the extraction of natural gas and rubies. Global and local actors compete for control.

    The new president’s role in mediating this crisis requires nuance. He must address the historical marginalisation of Cabo Delgado while balancing military and developmental responses.



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    He must also write a new chapter in the country’s deplorable human rights record. This is marked by widespread violations of the right to life, physical integrity, freedom from arbitrary detention, and freedoms of expression, assembly and the press.

    Climate change crisis

    Climate change intersects with Mozambique’s vulnerabilities. The country has been repeatedly struck by increasingly devastating severe cyclones, such as Idai and Kenneth in 2019.

    Deforestation has made it more fragile, reducing its capacity to mitigate flood and erosion risks.

    The new president will need to put in place policies that incorporate mitigation and adaptation strategies. He will also need to secure multilateral cooperation.

    Drug trafficking

    Drug trafficking networks have entrenched themselves. Porous borders, weak governance structures and endemic corruption have made Mozambique a corridor for heroin and cocaine trafficking.

    The United Nations Office on Drugs and Crime estimates that US$100 million worth of heroin passes through Mozambique annually. This fuels informal economies that sustain political patronage networks.

    Tackling the problem requires stronger state institutions. It also requires regional and global collaboration to disrupt the transnational flow of narcotics.

    Unemployment

    Joblessness stands at over 70%, affecting youth in particular. Youth disenfranchisement risks perpetuating cycles of poverty, social instability and potential radicalisation.

    Policies promoting vocational training and entrepreneurship are essential. So is investment in labour-intensive sectors, such as agriculture and manufacturing.

    Corruption

    Pervasive corruption erodes public trust and stifles economic innovation. New efforts to combat corruption must go beyond superficial reforms. They must uproot the power structures that sustain these systems.

    Poor infrastructure

    Infrastructure is in disrepair. Urban roads are crumbling, public services are inadequate and electricity blackouts are frequent. Rural regions lack basic services such as clean water and healthcare.

    The next president will need to launch an ambitious infrastructure overhaul to improve living conditions and stimulate economic growth.

    Kidnappings

    Kidnappings, especially targeting the wealthy and business people, have created widespread fear and instability. The crime disrupts business operations and deters foreign investment, further harming economic growth.

    The high-profile nature of kidnappings suggests collusion between criminal networks and law enforcement as well as inefficiencies in the justice system.

    The persistence of kidnappings reflects broader governance issues. These include limited state capacity to respond effectively to organised crime.

    Unpaid public servants

    Delays in salary payments for public servants have worsened economic and social problems. The delays reduce public workers’ purchasing power. This has affected household consumption and local economies.

    Morale among employees is sapped, harming productivity and eroding trust in government institutions.



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    The new president must make public sector reforms. This includes auditing finances, improving revenue collection, enforcing fiscal discipline, promoting merit-based appointments, implementing probity laws, strengthening anti-corruption bodies, and diversifying the economy.

    The future of Mozambique rests on the ability of its next leader to address these profound and intertwined crises. It’s a huge task.

    Whoever it is will have to break from the Frelimo mould, reverse the damage done and set the country on a new path of clean governance, peace and inclusive economic growth.

    David Matsinhe 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. Mozambique’s 2024 elections: 9 major challenges that will face the new president – https://theconversation.com/mozambiques-2024-elections-9-major-challenges-that-will-face-the-new-president-240923

    MIL OSI – Global Reports –