Category: Europe

  • MIL-OSI USA News: Fact Sheet: President Donald J. Trump Orders Plan for a United States Sovereign Wealth Fund

    Source: The White House

    DELIVERING A PLAN TO CREATE A UNITED STATES SOVEREIGN WEALTH FUND: Today, President Donald J. Trump signed an Executive Order calling for the creation of a Sovereign Wealth Fund.

    • The Executive Order directs the Secretary of the Treasury and the Secretary of Commerce to deliver a plan within 90 days for the creation of a sovereign wealth fund.
      • The Secretary of the Treasury and the Secretary of Commerce will work closely with the Director of the Office of Management and Budget and the Assistant to the President for Economic Policy to develop the plan.
      • The Order directs the Secretary to include in the plan recommendations for funding mechanisms, investment strategies, fund structure, and a governance model.

    ENSURING LONG-TERM ECONOMIC COMPETITIVENESS AND FISCAL SUSTAINABILITY: The creation of a sovereign wealth fund for the United States will help maximize the stewardship of our national wealth.

    • Sovereign wealth funds exist around the world as mechanisms to amplify the financial return to a nation’s assets and leverage those returns for strategic benefit and goals.
      • The United States can leverage such returns to promote fiscal sustainability, lessen the burden of taxes on American families and small businesses, establish long-term economic security, and promote U.S. economic and strategic leadership internationally.
    • The United States already holds a vast sum of highly valued assets that can be invested through a sovereign wealth fund for greater long-term wealth generation.
      • The Federal government directly holds $5.7 trillion in assets. Indirectly, including through natural resource reserves, the Federal government holds a far larger sum of asset value.

    PURSUING NATIONAL ENDEAVORS AND MAGNIFYING ECONOMIC GROWTH: President Trump has called for the creation of a sovereign wealth fund “to invest in great national endeavors for the benefit of all of the American people.”

    • President Trump’s economic policies—including the pursuit of fair and balanced trade, national energy dominance, and tax and regulatory relief to spur robust economic growth—will result in greater wealth and revenue streams that a sovereign wealth fund can maximize the potential of.
    • Sovereign wealth funds are maintained by a diverse array of countries leveraging equally varied classes of national assets. President Trump has called for a sovereign wealth fund to ensure the United States can lead the way in long-term wealth generation.
      • The United Kingdom recently announced their own plans to pursue development of such a fund.
      • In addition to countries around the world maintaining their own funds, 23 states within our own country maintain their own funds that control in total $332 billion in assets.

    MIL OSI USA News

  • MIL-OSI Submissions: TRUMP’S CHINA IMPORT TARIFFS AND MASSIVE OCEAN FREIGHT RATE INCREASES DUE TO RED SEA CONFLICT IS PERFECT STORM FOR US SHIPPERS

    Source: Xeneta

    Oslo, Norway – 3 February 2025 – A delay in tariffs on Mexico imports does little to ease the pain for US shippers still facing a 10% hike on tariffs from China in addition to massive increases in ocean container freight rates due to conflict in the Red Sea.

    Latest data from Xeneta – the ocean and air freight intelligence platform – shows average spot rates from China stand at USD 4 816 per FEU (40ft container) to the US West Coast and USD 6 264 per FEU in to the US East Coast.

    This is an increase of 196% and 157% respectively since the escalation of conflict in the Red Sea in December 2023 and is in addition to tariffs on all China imports coming into effect on 4 February.

    Peter Sand, Xeneta Chief Analyst, said: “US Shippers are being hit by wave after wave of disruption and spiralling costs to import goods.

    “They have already faced massive increases in ocean container freight costs due to conflict in the Red Sea and now they are hit with a 10% hike in tariffs on imports from China.

    “You struggle to see how a business can absorb these costs without increasing prices for the end consumer. Given more than 40% of total containerized imports into the US come direct from China, that is a lot of businesses and a lot of consumers who will be affected.

    “A delay in tariffs on Mexico is welcome news but it does nothing to ease concerns over the re-igniting of the US-China trade war, which represents risk at a different order of magnitude.”

    Sand added that shippers have very few options available to deal with the tariff threat.

    He said: “When Trump announced tariffs on China back in 2018, there was a period of time in which shippers could rush as many imports as possible and build up stock inventories before they came into effect.

    “This time Trump has imposed tariffs almost immediately so if shippers haven’t taken action by now, it’s already too late. Shippers may well look at shifting supply chains out of China into nations such as India or South East Asia, but this takes time, financial investment and deep understanding of market data and intelligence.

    “The ceasefire between Israel and Hamas raised the prospect of a better year for shippers in 2025 if a large scale return of container ships to the Red Sea sees freight rates fall. Trump’s latest move has dented those hopes because any gains a shipper makes through lower freight rates will be more than offset by a 10% increase in tariffs.

    “If China retaliates and we enter another escalating trade war, an already very bad situation will get even worse for US importers.”

    About Xeneta

    Xeneta is the leading ocean and air freight rate benchmarking and market analytics platform transforming the shipping and logistics industry. Xeneta’s powerful reporting and analytics platform provides liner-shipping stakeholders the data they need to understand current and historical market behavior—reporting live on market average and low/high movements for both short and long-term contracts. Xeneta’s data is comprised of +500 million contracted container and air freight rates and covers over 160,000 global ocean trade routes and over 58,000 airport-airport connections. Xeneta is a privately held company with headquarters in Oslo, Norway and regional offices in New Jersey, US and Hamburg. To learn more, please visit www.xeneta.com

    MIL OSI – Submitted News

  • MIL-OSI Security: California Group Indicted for Interstate Transportation of Stolen Property Conspiracy

    Source: United States Bureau of Alcohol Tobacco Firearms and Explosives (ATF)

    NEW ORLEANS, LOUISIANA – DEATHONY BLOCKER, age 38, JAMES BLOCKER, age 37, JOVAN COLLINS, age 34 (“COLLINS”), LORENZO TAYLOR, age 39 (“TAYLOR”), NEMIRAH DAVIDSON, age 38 (“DAVIDSON”), and PATRICK GARLAND, age 39 (“GARLAND”), residents of California, were charged on January 30, 2025 in a two-count indictment for conspiracy to commit interstate transportation of stolen goods,  in violation of Title 18, United States Code, Section 371, and interstate transportation of stolen goods, in violation of Title 18, United States Code, Section 2314, announced U.S. Attorney Duane A. Evans.

    According to the indictment, DEANTHONY BLOCKER, JAMES BLOCKER, COLLINS, TAYLOR, DAVIDSON, and GARLAND conspired to transport thousands of cartons of cigarettes interstate, that were stolen from warehousing facilities in Georgia, North Carolina, and Louisiana. The group cut through fences surrounding the facilities, using bolt cutters and crowbars to access the cigarette cartons.

    If convicted of Count 1, the defendants  face up to 5 years imprisonment, up to a $250,000 fine, up to 3 years of supervised release, and a mandatory $100 special assessment fee.  As to Count 2, the defendants face up to 10 years of imprisonment, up to 3 years of supervised release, up to a $250,000 fine, and a mandatory $100 special assessment fee.

    U.S. Attorney Evans reiterated that the indictment is merely a charging document and that the guilt of the defendant must be proven beyond a reasonable doubt.

    U.S. Attorney Evans praised the work of the Bureau of Alcohol, Tobacco,  Firearms, and Explosives, the  Jefferson Parish Sherriff’s Office, the Knightdale Police Department, the Atlanta Police Department, the Rockmart Police Department, the Texas Department of Public Safety, and the Fort Stockton Police Department in investigating this matter.  Assistant United States Attorney Paul J. Hubbell of the General Crimes Unit is in charge of the prosecution.

    MIL Security OSI

  • MIL-OSI United Nations: World News in Brief: WHO chief asks US to reconsider withdrawal, gender parity remains distant goal, call for rethink on Nordic alcohol law change

    Source: United Nations 4

    Health

    The head of the World Health Organization (WHO) said on Monday he would “welcome constructive dialogue” with the United States Government over the decision made by President Donald Trump to withdraw. 

    President Trump’s executive order of 20 January is regrettable “and we hope the US will reconsider,” said WHO Director-General Tedros Adhanom Ghebreyesus, in a speech to the organization’s executive board.

    The WHO chief said he would welcome the opportunity “to preserve and strengthen the historic relationship between WHO and the US.”

    Pushing back on the rationale laid out in the executive order, Tedros said WHO had implemented the deepest and most wide-ranging reforms in its history over the past seven years.

    The US is the biggest donor by far to the agency, accounting for around 14 per cent of its $6.9 billion budget, according to latest WHO figures. 

    Addressing the US complaint that it is paying too much compared to other countries, Tedros said reducing reliance on the US and others who pay the most was a “critical element of our long-term plan to broaden our donor base.”

    COVID record

    Third, he rejected the accusation that WHO had mishandled the COVID-19 pandemic:

    “From the moment we picked up the first signals of ‘viral pneumonia’ in Wuhan, we asked for more information, activated our emergency incident management system, alerted the world, convened global experts, and published comprehensive guidance for countries on how to protect their populations and health systems – all before the first death from this new disease was reported in China on the 11th of January 2020.”

    Tedros also addressed the allegation that WHO lacks independence from “inappropriate political influence” by some Member States: “WHO is impartial and exists to serve all countries and all people,” he said. 

    “Our Member States ask us for many things, and we always try to help as much as we can. But when what they ask is not supported by scientific evidence or is contrary to our mission to support global health, we say no, politely.”

    © UNICEF/Joshua Estey

    A government-run shelter in the Philippines is a safe haven for girls who have been physically and sexually abused and exploited, including through the sex tourism industry. (file)

    A third of women experience physical or sexual violence: Rights experts 

    Approximately one in three women is subjected to physical or sexual violence, and 800 women and girls continue to die every day from preventable causes during pregnancy and childbirth, a top independent rights panel meeting heard on Monday.

    Addressing the Committee on the Elimination of Discrimination Against Women (CEDAW) at the UN in Geneva, Andrea Ori from the UN human rights office, OHCHR, said that the world is “still far” from achieving the goal of gender parity.

    “The global landscape has changed,” she told the CEDAW session.

    Backlash against equal rights

    “We are witnessing a backlash against women’s human rights and gender equality, especially against women’s sexual and reproductive health rights – with an increase in attacks against abortion providers, shrinking civic space for women human rights defenders, and reduced funding.” 

    Mr. Ori noted that 2025 marks 30 years since the universal adoption of the Beijing Declaration and Platform for Action for ensuring women’s human rights and achieving gender equality around the world.  

    It remains the case, however, that sexual violence against women and girls continues to be used as a tactic of war in numerous conflicts, the UN human rights official said, while only 26 per cent of parliamentarians in the world are women and only around three in 10 women have managerial roles at work. 

    One less for the road: Time Europe cut down on booze intake, WHO warns

    The UN World Health Organization (WHO) urged Nordic countries on Monday to keep a lid on alcohol sales, or risk reversing the positive impact of strict regulations put in place years ago.

    For decades, governments in Finland, Iceland, Norway, Sweden and the Faroe Islands have restricted supermarkets and private retailers from selling stronger alcoholic beverages.

    This policy has resulted in some of the lowest alcohol consumption levels in the European Union – which by contrast is the booziest region globally, with drinking habits “largely unchanged” for over 10 years, WHO said.

    Free market pressures

    The Nordic model is now at risk however, from legislative initiatives in the region that signal a potential shift toward privatization of alcohol sales, warned WHO’s Dr. Carina Ferreira-Borges.

    In Sweden, for instance, a court is hearing a challenge to the Government’s exclusive rights to online sales of alcohol, while proposed laws would permit sales of alcoholic beverages in farm shops.

    Dr Ferreira-Borges explained that Nordic countries’ alcohol controls – that involve increasing taxes and raising prices, limiting availability and restricting advertising – have reduced alcohol-related harms. 

    These span from “liver disease, cancers and cardiovascular conditions, to injuries and drownings”, she insisted. 

    MIL OSI United Nations News

  • MIL-OSI USA: Murphy At USAID: Trump And Musk Are Shuttering Agencies To Turn Government Over To Billionaires

    US Senate News:

    Source: United States Senator for Connecticut – Chris Murphy

    February 03, 2025

    WASHINGTON— U.S. Senator Chris Murphy (D-Conn.), a member of the U.S. Senate Foreign Relations Committee, on Monday joined a press conference in front of the shuttered United States Agency for International Development (USAID) to raise the alarm about how President Trump’s decision – at the behest of Elon Musk – to illegally shut down the agency will have disastrous impacts on national security while strengthening China and Russia.

    Murphy highlighted USAID’s crucial role in global security and support for democracy: “USAID fights terrorist groups all across this world making sure that we address the underlying causes that lead to terrorism. USAID chases China all around the world, making sure China doesn’t monopolize contracts for critical minerals and port infrastructure all around the world. It supports freedom fighters everywhere in this world, up until yesterday, delivering firewood, for instance, to the brave Ukrainian defenders on the eastern front.”

    Murphy called out Trump’s closure of USAID as a play by Elon Musk and the billionaire class to hijack U.S. foreign policy for profit: “Elon Musk makes billions of dollars based off of his business with China. And China is cheering at this action today. There is no question that the billionaire class trying to take over our government right now is doing it based on self-interest–their belief that if they can make us weaker in the world, if they can elevate their business partners all around the world, that they will gain the benefit.”

    Murphy continued: “They are shuttering agencies and sending employees home in order to create the illusion that they are saving money in order to do what? Pass a giant tax cut for billionaires and corporations, right? This is all a smokescreen, a shell game, in order to turn this government over to a handful of unelected billionaires and corporate interests, and we are not going to let them do that.”

    Murphy concluded: “So we will use every power that we have in our disposal in the United States Senate. My colleagues will do the same thing in the House. This is a constitutional crisis that we are in today.  Let’s call it what it is. The people get to decide how we defend the United States of America. The people get to decide how their taxpayer money is spent. Elon Musk does not get to decide. We are weaker today than we were yesterday. China sees that, Russia sees that, and they will take advantage. Our job, and your job together, is to raise our voices, raise the alarm, so that this crisis, this emboldening of our enemies, doesn’t last a second longer than it has to.”

    A full transcript of his remarks can be found below:

    MURPHY: “So, Elon Musk has been floating all sorts of awful, terrible conspiracy theories about what happens at USAID. Let’s make it very clear that every single day America is safer because of what happens at USAID. 

    “USAID fights terrorist groups all across this world making sure that we address the underlying causes that lead to terrorism. USAID chases China all around the world, making sure China doesn’t monopolize contracts for critical minerals and port infrastructure all around the world. It supports freedom fighters everywhere in this world, up until yesterday, delivering firewood, for instance, to the brave Ukrainian defenders on the eastern front. 

    “But let’s not pull any punches about why this is happening. Elon Musk makes billions of dollars based off of his business with China. And China is cheering at this action today. There is no question that the billionaire class trying to take over our government right now is doing it based on self-interest–their belief that if they can make us weaker in the world, if they can elevate their business partners all around the world, that they will gain the benefit. 

    “But there is another reason this is happening. They are shuttering agencies and sending employees home in order to create the illusion that they are saving money in order to do what? Pass a giant tax cut for billionaires and corporations, right? This is all a smokescreen, a shell game, in order to turn this government over to a handful of unelected billionaires and corporate interests, and we are not going to let them do that. 

    “So we will use every power that we have in our disposal in the United States Senate. My colleagues will do the same thing in the House. This is a constitutional crisis that we are in today.  Let’s call it what it is. The people get to decide how we defend the United States of America. The people get to decide how their taxpayer money is spent. Elon Musk does not get to decide. 

    “We are weaker today than we were yesterday. China sees that, Russia sees that, and they will take advantage. Our job, and your job together, is to raise our voices, raise the alarm, so that this crisis, this emboldening of our enemies, doesn’t last a second longer than it has to. Thank you everybody for being here today. Really, really important.”

    MIL OSI USA News

  • MIL-OSI: RBB Bancorp Reports Fourth Quarter and Fiscal Year 2024 Earnings

    Source: GlobeNewswire (MIL-OSI)

    LOS ANGELES, Feb. 03, 2025 (GLOBE NEWSWIRE) — RBB Bancorp (NASDAQ:RBB) and its subsidiaries, Royal Business Bank (the “Bank”) and RBB Asset Management Company (“RAM”), collectively referred to herein as the “Company,” announced financial results for the quarter and fiscal year ended December 31, 2024.

    Fourth Quarter 2024 Highlights

    • Net income totaled $4.4 million, or $0.25 diluted earnings per share
    • Return on average assets of 0.44%, compared to 0.72% for the quarter ended September 30, 2024
    • Net interest margin of 2.76% compared to 2.68% for the quarter ended September 30, 2024
    • Book value and tangible book value per share(1) of $28.66 and $24.51 at December 31, 2024, compared to $28.81 and $24.64 at September 30, 2024

    The Company reported net income of $4.4 million, or $0.25 diluted earnings per share, for the quarter ended December 31, 2024, compared to net income of $7.0 million, or $0.39 diluted earnings per share, for the quarter ended September 30, 2024. Net income for the year ended December 31, 2024 totaled $26.7 million, or $1.47 diluted earnings per share, compared to net income of $42.5 million, or $2.24 diluted earnings per share, for the year ended December 31, 2023.

    “Declining funding costs and stable interest income drove net interest income and net interest margin higher in the fourth quarter,” said Johnny Lee, President of the Company and President and Chief Executive Officer of the Bank. “We continue to make good progress on our growth initiatives and expect we will resume loan growth in the first quarter and for the remainder of the year.  We did see an increase in nonperforming loans mainly due to one credit relationship that was downgraded late in the fourth quarter.  We are actively working to resolve our nonperforming loans as quickly as possible while minimizing the impact to earnings and capital.”

    “We are saddened by the devastation caused by the recent fires in Los Angeles,” said David Morris, Chief Executive Officer of the Company. “We stand ready to support our community and neighbors as they begin the process of rebuilding.”

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
       

    Net Interest Income and Net Interest Margin

    Net interest income was $26.0 million for the fourth quarter of 2024, compared to $24.5 million for the third quarter of 2024. The $1.4 million increase was due to a $130,000 increase in interest income and a $1.3 million decrease in interest expense. The increase in interest income was mostly due to higher interest income on cash and investment securities of $1.1 million offset by lower interest income on total loans of $952,000. The decrease in loan interest income was mostly due to lower average loans of $9.8 million and a 10 basis point decrease in the average loan yield due to decreases in market rates and a change in the loan mix. The increase in cash and investment interest income was attributed to higher average balances and a higher investment portfolio yield, offset by a lower yield on cash. The decrease in interest expense was mostly due to a 33 basis point decrease in total average interest-bearing deposit rates offset by higher average interest-bearing deposits of $33.8 million in the fourth quarter of 2024.

    Net interest margin (“NIM”) was 2.76% for the fourth quarter of 2024, an increase of 8 basis points from 2.68% for the third quarter of 2024. The increase was due to a 25 basis point decrease in the overall cost of funds, partially offset by a 15 basis point decrease in the yield on average interest-earning assets. The yield on average interest-earning assets decreased to 5.79% for the fourth quarter of 2024 from 5.94% for the third quarter of 2024 due mainly to a 55 basis point decrease in the yield on average cash and cash equivalents to 5.02%, a decrease in the loan yield of 10 basis points and the impact of a change in the mix of average-earnings assets. Average loans represented 82% of average interest-earning assets in the fourth quarter of 2024, a 2% decrease from the third quarter of 2024. The decrease in the loan yield was attributed mostly to a decrease in market rates and a change in the loan mix. 

    The overall cost of funds decreased to 3.32% in the fourth quarter of 2024 from 3.57% in the third quarter of 2024 due to a lower average cost of interest-bearing deposits. The overall funding mix for the fourth quarter of 2024 remained relatively unchanged from the third quarter of 2024 with the ratio of average noninterest-bearing deposits to average total funding sources of 16%. The all-in average spot rate for total deposits was 3.15% at December 31, 2024.

    Net interest income was $99.4 million for the year ended December 31, 2024, compared to $119.3 million for the year ended December 31, 2023. The $19.9 million decrease was due to a $15.4 million increase in interest expense and a $4.5 million decrease in interest income. The decrease in interest income was mostly due to lower interest income on total loans of $9.7 million offset by higher interest income on interest-earning deposits of $4.7 million. The decrease in loan interest income was mostly due to lower average loans of $164.3 million. The increase in cash and investment interest income was attributed to higher average cash balances and a higher investment portfolio yield, offset by a lower average of investment securities. The increase in interest expense was mostly due to a 72 basis point increase in total average interest-bearing deposit rates and higher average interest-bearing deposits of $30.1 million in the year ended December 31, 2024.

    NIM was 2.70% for the year ended December 31, 2024, a decrease of 46 basis points from 3.16% for the year ended December 31, 2023. The decrease was due to a 55 basis point increase in the overall cost of funds, partially offset by a 2 basis point increase in the yield on average interest-earning assets. The yield on average interest-earning assets increased to 5.88% for the year ended December 31, 2024 compared to the prior year due mainly to a 12 basis point increase in the yield on average cash and cash equivalents to 5.53%, an 18 basis point increase in the investment portfolio yield, offset by the impact of lower average loan balances. Average loans represented 83% of average interest-earning assets during 2024, and 85% during 2023.

    The overall cost of funds increased to 3.49% in the year ended December 31, 2024 from 2.94% in the year ended December 31, 2023 due to a higher average cost of interest-bearing deposits in response to higher average market interest rates. The overall funding mix for December 31, 2024 remained relatively unchanged from the prior year with a ratio of average noninterest-bearing deposits to average total funding sources of 16%.

    Provision for Credit Losses

    The provision for credit losses was $6.0 million for the fourth quarter of 2024 compared to $3.3 million for the third quarter of 2024. The fourth quarter of 2024 provision for credit losses was due to an increase in specific reserves of $4.3 million and net charge-offs of $2.0 million, partially offset by lower general reserves. The fourth quarter increase in specific reserves included $4.5 million for a construction loan secured by a partially completed mixed-use commercial project. Fourth quarter net charge-offs included $1.8 million for nonaccrual loans that were moved to held for sale (“HFS”). Net charge-offs on an annualized basis represented 0.26% of average loans for the fourth quarter of 2024 compared to 0.16% for the third quarter of 2024. The fourth quarter provision also took into consideration factors such as changes in loan balances, the loan portfolio mix, the outlook for economic conditions and market interest rates, and changes in credit quality metrics, including higher nonperforming loans, and changes in special mention and substandard loans during the period.

    The provision for credit losses was $9.9 million for the year ended December 31, 2024 compared to $3.4 million for the year ended December 31, 2023. The 2024 provision included the impact from an increase in specific reserves of $6.1 million and net charge-offs of $3.9 million. Net charge-offs totaled $3.9 million for the year ended December 31, 2024, compared to $3.1 million for the year ended December 31, 2023. Net charge-offs represented 0.13% of average loans for the fiscal year 2024 compared to 0.10% for the fiscal year 2023.

    Noninterest Income

    Noninterest income for the fourth quarter of 2024 was $2.7 million, a decrease of $3.0 million from $5.7 million for the third quarter of 2024. This decrease was mostly due to the third quarter of 2024 including a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

    Noninterest income for the year ended December 31, 2024 was $15.3 million, an increase of $317,000 from $15.0 million for the year ended December 31, 2023. This increase was mostly due to a $2.9 million increase in recoveries on purchased loans, a $1.2 million increase in gain on sale of loans and an $883,000 increase in gain on OREO, offset by income from a $5.0 million Community Development Financial Institution Equitable Recovery Program award that was recognized during 2023.

    Noninterest Expense

    Noninterest expense for the fourth quarter of 2024 was $17.6 million, an increase of $228,000 from $17.4 million for the third quarter of 2024. This increase was mostly due to higher legal and professional expenses of $397,000, partially offset by lower occupancy and equipment expenses of $115,000. The annualized noninterest expenses to average assets ratio was 1.76% for the fourth quarter of 2024, down from 1.78% for the third quarter of 2024. The efficiency ratio was 61.5% for the fourth quarter of 2024, up from 57.5% for the third quarter of 2024 due mostly to lower noninterest income as the third quarter included a $2.8 million recovery of a fully charged off loan acquired in a bank acquisition.

    Noninterest expense for the year ended December 31, 2024 was $69.2 million, a decrease of $1.5 million from $70.7 million for the year ended December 31, 2023. This decrease was mostly due to lower legal and professional expenses of $3.7 million, partially offset by higher salaries and employee benefits of $1.6 million. The noninterest expenses to average assets ratio was 1.76% for the fiscal year 2024 and 2023. The efficiency ratio was 60.3% for the year ended December 31, 2024, up from 52.6% for the year ended December 31, 2023 due mostly to lower net interest income for 2024.

    Income Taxes

    The effective tax rate was 13.3% for the fourth quarter of 2024 and 26.9% for the third quarter of 2024. The decrease in the effective tax rate for the fourth quarter was due primarily to higher tax credits relative to pre-tax net income as compared to the prior quarter.

    The effective tax rate was 25.3% for the year ended December 31, 2024 and 29.5% for the year ended December 31, 2023. The decrease in the effective tax rate for 2024 was due primarily to higher tax credits as compared to the prior year.

    Balance Sheet

    At December 31, 2024, total assets were $4.0 billion, a $2.0 million increase compared to September 30, 2024, and a $33.5 million decrease compared to December 31, 2023.

    Loan and Securities Portfolio

    Loans held for investment (“HFI”) totaled $3.1 billion as of December 31, 2024, a decrease of $38.7 million compared to September 30, 2024 and a $21.4 million increase compared to December 31, 2023. The decrease from September 30, 2024 was primarily due to a $51.3 million decrease in commercial real estate (“CRE”) loans, a $6.9 million decrease in construction and land development (“C&D”) loans and an $826,000 decrease in Small Business Administration (“SBA”) loans, partially offset by a $20.6 million increase in single-family residential (“SFR”) mortgages and a $724,000 increase in commercial and industrial (“C&I”) loans. The loan to deposit ratio was 97.5% at December 31, 2024, compared to 98.6% at September 30, 2024 and 94.2% at December 31, 2023. 

    As of December 31, 2024, available-for-sale securities totaled $420.2 million, an increase of $114.5 million from September 30, 2024, primarily related to the purchase of $79.2 million in short-term commercial paper. As of December 31, 2024, net unrealized losses totaled $29.2 million, a $6.0 million increase due mostly to increases in treasury rates, when compared to net unrealized losses of $23.2 million as of September 30, 2024.

    Deposits

    Total deposits were $3.1 billion as of December 31, 2024, an $8.4 million decrease compared to September 30, 2024 and a $91.0 million decrease compared to December 31, 2023. The decrease during the fourth quarter of 2024 was due to a $27.8 million decrease in interest-bearing deposits, while noninterest-bearing deposits increased $19.4 million to $563.0 million as of December 31, 2024 compared to $543.6 million as of September 30, 2024. The decrease in interest-bearing deposits included a decrease in time deposits of $24.7 million and non-maturity deposits of $3.1 million. Wholesale deposits remained relatively unchanged at $147.5 million at December 31, 2024 compared to $147.3 million at September 30, 2024. Noninterest-bearing deposits represented 18.3% of total deposits at December 31, 2024 compared to 17.6% at September 30, 2024.

    Credit Quality

    Nonperforming assets totaled $81.0 million, or 2.03% of total assets, at December 31, 2024, compared to $60.7 million, or 1.52% of total assets, at September 30, 2024. The $20.4 million increase in nonperforming assets was due to the addition of one $26.4 million C&D loan, $2.0 million in SFR loans and $890,000 in SBA loans that migrated to nonaccrual status during the fourth quarter of 2024, partially offset by payoffs and paydowns of $6.7 million and partial charge-offs of $2.0 million.

    Nonperforming assets at December 31, 2024 include loans HFS with a total fair value of $11.2 million, which were transferred from HFI during the fourth quarter of 2024 after a $1.8 million charge-off against the allowance for credit losses. These loans were reported as nonperforming loans at September 30, 2024.

    Special mention loans totaled $65.3 million, or 2.14% of total loans, at December 31, 2024, compared to $77.5 million, or 2.51% of total loans, at September 30, 2024. The $12.2 million decrease was primarily due to CRE loans totaling $11.8 million that were upgraded to pass-rated and $1.8 million in payoffs and paydowns, offset by CRE loans totaling $1.4 million downgraded during the fourth quarter of 2024. All special mention loans are paying current.

    Substandard loans totaled $100.3 million, of which $11.2 million were HFS at December 31, 2024, compared to $79.8 million at September 30, 2024. This $20.5 million increase was primarily due to downgrades of one $26.4 million C&D loan, SFR loans totaling $2.0 million, C&I loans totaling $1.9 million and SBA loans totaling $747,000. These downgrades were offset by payoffs and paydowns totaling $6.5 million, upgrades totaling $2.0 million and partial charge-offs totaling $2.0 million. Of the total substandard loans at December 31, 2024, there are $19.3 million on accrual status, including an $11.7 million C&D loan that was in the process of renewal and also included in the 30-89 day delinquent category below.

    30-89 day delinquent loans, excluding nonperforming loans, totaled $22.1 million at December 31, 2024, compared to $10.6 million at September 30, 2024. The $11.5 million increase was mostly due to one $11.7 million C&D loan in process of renewal for a completed multifamily project at December 31, 2024, and since year end, it has been brought current and paid down by $1.5 million. Other changes in delinquent loans included additions totaling $5.5 million, offset by $3.2 million that returned to current status, $1.8 million that migrated to nonaccrual status and $735,000 in payoffs.

    As of December 31, 2024, the allowance for credit losses totaled $48.5 million and was comprised of an allowance for loan losses of $47.7 million and a reserve for unfunded commitments of $729,000 (included in “Accrued interest and other liabilities”). This compares to the allowance for credit losses of $44.5 million comprised of an allowance for loan losses of $43.7 million and a reserve for unfunded commitments of $779,000 at September 30, 2024. The $4.0 million increase in the allowance for credit losses for the fourth quarter of 2024 was due to a $6.0 million provision for credit losses offset by net charge-offs of $2.0 million. The increase in charge-offs in the fourth quarter of 2024 was primarily due to a decrease in the estimated fair value of collateral dependent loans and loans moved to HFS. The allowance for loan losses as a percentage of loans HFI increased to 1.56% at December 31, 2024, compared to 1.41% at September 30, 2024, due to an increase in specific reserves on one C&D loan mentioned previously. The allowance for loan losses as a percentage of nonperforming loans HFI was 68% at December 31, 2024, a decrease from 72% at September 30, 2024.

               
      For the Three Months Ended December 31, 2024     For the Year Ended December 31, 2024  
    (dollars in thousands) Allowance for loan losses     Reserve for unfunded loan commitments     Allowance for credit losses     Allowance for loan losses     Reserve for unfunded loan commitments   Allowance for credit losses  
    Beginning balance $ 43,685     $ 779     $ 44,464     $ 41,903     $ 640   $ 42,543  
    Provision for (reversal of) credit losses   6,050       (50 )     6,000       9,768       89     9,857  
    Less loans charged-off   (2,092 )           (2,092 )     (4,083 )         (4,083 )
    Recoveries on loans charged-off   86             86       141           141  
    Ending balance $ 47,729     $ 729     $ 48,458     $ 47,729     $ 729   $ 48,458  
                                                 

    Shareholders’ Equity

    At December 31, 2024, total shareholders’ equity was $507.9 million, a $1.9 million decrease compared to September 30, 2024, and a $3.4 million decrease compared to December 31, 2023. The decrease in shareholders’ equity for the fourth quarter of 2024 was due to higher net unrealized losses on available-for-sale securities of $4.2 million and common stock cash dividends paid of $2.9 million, offset by net income of $4.4 million, and equity compensation activity of $794,000. The decrease in shareholders’ equity for the year ended 2024 was due to common stock repurchases of $20.7 million, common stock cash dividends paid of $11.7 million and higher net unrealized losses on available-for-sale securities of $744,000, offset by net income of $26.7 million, and equity compensation activity of $3.1 million. Book value per share and tangible book value per share(1) decreased to $28.66 and $24.51 at December 31, 2024, down from $28.81 and $24.64 at September 30, 2024 and up from $27.47 and $23.48 at December 31, 2023.

    Contact:
    Lynn Hopkins, Chief Financial Officer
    (213) 716-8066
    lhopkins@rbbusa.com

    (1) Reconciliations of the non–U.S. generally accepted accounting principles (“GAAP”) measures included at the end of this press release.
       

    Corporate Overview

    RBB Bancorp is a community-based financial holding company headquartered in Los Angeles, California. As of December 31, 2024, the Company had total assets of $4.0 billion. Its wholly-owned subsidiary, Royal Business Bank, is a full service commercial bank, which provides consumer and business banking services predominately to the Asian-centric communities in Los Angeles County, Orange County, and Ventura County in California, in Las Vegas, Nevada, in Brooklyn, Queens, and Manhattan in New York, in Edison, New Jersey, in the Chicago neighborhoods of Chinatown and Bridgeport, Illinois, and on Oahu, Hawaii. Bank services include remote deposit, E-banking, mobile banking, commercial and investor real estate loans, business loans and lines of credit, commercial and industrial loans, SBA 7A and 504 loans, 1-4 single family residential loans, trade finance, a full range of depository account products and wealth management services. The Bank has nine branches in Los Angeles County, two branches in Ventura County, one branch in Orange County, California, one branch in Las Vegas, Nevada, three branches and one loan operation center in Brooklyn, three branches in Queens, one branch in Manhattan in New York, one branch in Edison, New Jersey, two branches in Chicago, Illinois, and one branch in Honolulu, Hawaii. The Company’s administrative and lending center is located at 1055 Wilshire Blvd., Los Angeles, California 90017, and its operations center is located at 7025 Orangethorpe Ave., Buena Park, California 90621. The Company’s website address is www.royalbusinessbankusa.com.

    Conference Call

    Management will hold a conference call at 11:00 a.m. Pacific time/2:00 p.m. Eastern time on Tuesday, February 4, 2025, to discuss the Company’s fourth quarter 2024 financial results.

    To listen to the conference call, please dial 1-888-506-0062 or 1-973-528-0011, the Participant ID code is 834092, conference ID RBBQ424. A replay of the call will be made available at 1-877-481-4010 or 1-919-882-2331, the passcode is 51830, approximately one hour after the conclusion of the call and will remain available through February 5, 2025.

    The conference call will also be simultaneously webcast over the Internet; please visit our Royal Business Bank website at www.royalbusinessbankusa.com and click on the “Investors” tab to access the call from the site. This webcast will be recorded and available for replay on our website approximately two hours after the conclusion of the conference call.

    Disclosure

    This press release contains certain non-GAAP financial disclosures for tangible common equity and tangible assets and adjusted earnings. The Company uses certain non-GAAP financial measures to provide meaningful supplemental information regarding the Company’s operational performance and to enhance investors’ overall understanding of such financial performance. Please refer to the tables at the end of this release for a presentation of performance ratios in accordance with GAAP and a reconciliation of the non-GAAP financial measures to the GAAP financial measures.

    Safe Harbor

    Certain matters set forth herein (including the exhibits hereto) constitute forward-looking statements relating to the Company’s current business plans and expectations and our future financial position and operating results. These forward-looking statements are subject to risks and uncertainties that could cause actual results, performance and/or achievements to differ materially from those projected. These risks and uncertainties include, but are not limited to, the effectiveness of the Companys internal control over financial reporting and disclosure controls and procedures; the potential for additional material weaknesses in the Companys internal controls over financial reporting or other potential control deficiencies of which the Company is not currently aware or which have not been detected; business and economic conditions generally and in the financial services industry, nationally and within our current and future geographic markets, including the tight labor market, ineffective management of the United States (U.S.) federal budget or debt or turbulence or uncertainly in domestic or foreign financial markets; the strength of the U.S. economy in general and the strength of the local economies in which we conduct operations; adverse developments in the banking industry highlighted by high-profile bank failures and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments; our ability to attract and retain deposits and access other sources of liquidity; possible additional provisions for credit losses and charge-offs; credit risks of lending activities and deterioration in asset or credit quality; extensive laws and regulations and supervision that we are subject to, including potential supervisory action by bank supervisory authorities; increased costs of compliance and other risks associated with changes in regulation, including any amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act; compliance with the Bank Secrecy Act and other money laundering statutes and regulations; potential goodwill impairment; liquidity risk; failure to comply with debt covenants; fluctuations in interest rates; risks associated with acquisitions and the expansion of our business into new markets; inflation and deflation; real estate market conditions and the value of real estate collateral; the effects of having concentrations in our loan portfolio, including commercial real estate and the risks of geographic and industry concentrations; environmental liabilities; our ability to compete with larger competitors; our ability to retain key personnel; successful management of reputational risk; severe weather, natural disasters, earthquakes, fires, including direct and indirect costs and impacts on clients, the Company and its employees from the January 2025 Los Angeles County wildfires; or other adverse external events could harm our business; geopolitical conditions, including acts or threats of terrorism, actions taken by the U.S. or other governments in response to acts or threats of terrorism and/or military conflicts, including the conflicts between Russia and Ukraine, in the Middle East, and increasing tensions between China and Taiwan, which could impact business and economic conditions in the U.S. and abroad; public health crises and pandemics, and their effects on the economic and business environments in which we operate, including our credit quality and business operations, as well as the impact on general economic and financial market conditions; general economic or business conditions in Asia, and other regions where the Bank has operations; failures, interruptions, or security breaches of our information systems; climate change, including any enhanced regulatory, compliance, credit and reputational risks and costs; cybersecurity threats and the cost of defending against them; our ability to adapt our systems to the expanding use of technology in banking; risk management processes and strategies; adverse results in legal proceedings; the impact of regulatory enforcement actions, if any; certain provisions in our charter and bylaws that may affect acquisition of the Company; changes in tax laws and regulations; the impact of governmental efforts to restructure the U.S. financial regulatory system; the impact of future or recent changes in the Federal Deposit Insurance Corporation (“FDIC”) insurance assessment rate and the rules and regulations related to the calculation of the FDIC insurance assessments; the effect of changes in accounting policies and practices or accounting standards, as may be adopted from time-to-time by bank regulatory agencies, the SEC, the Public Company Accounting Oversight Board, the Financial Accounting Standards Board or other accounting standards setters, including Accounting Standards Update 2016-13 (Topic 326, “Measurement of Current Losses on Financial Instruments, commonly referenced as the Current Expected Credit Losses Model, which changed how we estimate credit losses and may further increase the required level of our allowance for credit losses in future periods; market disruption and volatility; fluctuations in the Company’s stock price; restrictions on dividends and other distributions by laws and regulations and by our regulators and our capital structure; issuances of preferred stock; our ability to raise additional capital, if needed, and the potential resulting dilution of interests of holders of our common stock; the soundness of other financial institutions; our ongoing relations with our various federal and state regulators, including the SEC, FDIC, FRB and California Department of Financial Protection and Innovation; our success at managing the risks involved in the foregoing items and all other factors set forth in the Company’s public reports, including its Annual Report as filed under Form 10-K for the year ended December 31, 2023, and particularly the discussion of risk factors within that document. The Company does not undertake, and specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences or unanticipated events or circumstances after the date of such statements except as required by law. Any statements about future operating results, such as those concerning accretion and dilution to the Company’s earnings or shareholders, are for illustrative purposes only, are not forecasts, and actual results may differ.

                                 
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED BALANCE SHEETS
    (Unaudited)
    (Dollars in thousands)
                                 
      December 31,     September 30,     June 30,     March 31,     December 31,  
      2024     2024     2024     2024     2023  
    Assets                                      
    Cash and due from banks $ 27,747     $ 26,388     $ 23,313     $ 21,887     $ 22,671  
    Interest-earning deposits with financial institutions   229,998       323,002       229,456       247,356       408,702  
    Cash and cash equivalents   257,745       349,390       252,769       269,243       431,373  
    Interest-earning time deposits with financial institutions   600       600       600       600       600  
    Investment securities available for sale   420,190       305,666       325,582       335,194       318,961  
    Investment securities held to maturity   5,191       5,195       5,200       5,204       5,209  
    Loans held for sale   11,250       812       3,146       3,903       1,911  
    Loans held for investment   3,053,230       3,091,896       3,047,712       3,027,361       3,031,861  
    Allowance for loan losses   (47,729 )     (43,685 )     (41,741 )     (41,688 )     (41,903 )
    Net loans held for investment   3,005,501       3,048,211       3,005,971       2,985,673       2,989,958  
    Premises and equipment, net   24,601       24,839       25,049       25,363       25,684  
    Federal Home Loan Bank (FHLB) stock   15,000       15,000       15,000       15,000       15,000  
    Cash surrender value of bank owned life insurance   60,296       59,889       59,486       59,101       58,719  
    Goodwill   71,498       71,498       71,498       71,498       71,498  
    Servicing assets   6,985       7,256       7,545       7,794       8,110  
    Core deposit intangibles   2,011       2,194       2,394       2,594       2,795  
    Right-of-use assets   28,048       29,283       30,530       31,231       29,803  
    Accrued interest and other assets   83,561       70,644       63,416       65,608       66,404  
    Total assets $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025  
    Liabilities and shareholders’ equity                                      
    Deposits:                                      
    Noninterest-bearing demand $ 563,012     $ 543,623     $ 542,971     $ 539,517     $ 539,621  
    Savings, NOW and money market accounts   663,034       666,089       647,770       642,840       632,729  
    Time deposits, $250,000 and under   1,007,452       1,052,462       1,014,189       1,083,898       1,190,821  
    Time deposits, greater than $250,000   850,291       830,010       818,675       762,074       811,589  
    Total deposits   3,083,789       3,092,184       3,023,605       3,028,329       3,174,760  
    FHLB advances   200,000       200,000       150,000       150,000       150,000  
    Long-term debt, net of issuance costs   119,529       119,433       119,338       119,243       119,147  
    Subordinated debentures   15,156       15,102       15,047       14,993       14,938  
    Lease liabilities – operating leases   29,705       30,880       32,087       32,690       31,191  
    Accrued interest and other liabilities   36,421       23,150       16,818       18,765       24,729  
    Total liabilities   3,484,600       3,480,749       3,356,895       3,364,020       3,514,765  
    Shareholders’ equity:                                      
    Common stock   259,957       259,280       266,160       271,645       271,925  
    Additional paid-in capital   3,645       3,520       3,456       3,348       3,623  
    Retained earnings   264,460       262,946       262,518       259,903       255,152  
    Non-controlling interest   72       72       72       72       72  
    Accumulated other comprehensive loss, net   (20,257 )     (16,090 )     (20,915 )     (20,982 )     (19,512 )
    Total shareholders’ equity   507,877       509,728       511,291       513,986       511,260  
    Total liabilities and shareholders’ equity $ 3,992,477     $ 3,990,477     $ 3,868,186     $ 3,878,006     $ 4,026,025  
                                           
                                           
             
    RBB BANCORP AND SUBSIDIARIES
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME
    (Unaudited)
    (In thousands, except share and per share data) 
             
      For the Three Months Ended     For the Year Ended
      December 31, 2024   September 30, 2024   December 31, 2023     December 31, 2024   December 31, 2023
    Interest and dividend income:                              
    Interest and fees on loans $ 46,374   $ 47,326   $ 45,895     $ 184,567   $ 194,264
    Interest on interest-earning deposits   3,641     3,388     4,650       15,422     10,746
    Interest on investment securities   3,962     3,127     3,706       14,331     14,028
    Dividend income on FHLB stock   330     326     312       1,314     1,125
    Interest on federal funds sold and other   248     258     269       1,027     985
    Total interest and dividend income   54,555     54,425     54,832       216,661     221,148
    Interest expense:                              
    Interest on savings deposits, NOW and money market accounts   4,671     5,193     4,026       19,295     12,205
    Interest on time deposits   21,361     22,553     22,413       89,086     76,837
    Interest on long-term debt and subordinated debentures   1,660     1,681     2,284       6,699     9,951
    Interest on FHLB advances   886     453     440       2,217     2,869
    Total interest expense   28,578     29,880     29,163       117,297     101,862
    Net interest income before provision for credit losses   25,977     24,545     25,669       99,364     119,286
    Provision for (reversal of) credit losses   6,000     3,300     (431 )     9,857     3,362
    Net interest income after provision for (reversal of) credit losses   19,977     21,245     26,100       89,507     115,924
    Noninterest income:                              
    Service charges and fees   988     1,071     972       4,115     4,172
    Gain on sale of loans   376     447     116       1,586     374
    Loan servicing fees, net of amortization   492     605     616       2,265     2,576
    Increase in cash surrender value of life insurance   407     403     374       1,577     1,409
    (Loss) gain on OREO           (57 )     1,016     133
    Other income   466     3,220     5,373       4,776     6,354
    Total noninterest income   2,729     5,746     7,394       15,335     15,018
    Noninterest expense:                              
    Salaries and employee benefits   9,927     10,008     8,860       39,395     37,795
    Occupancy and equipment expenses   2,403     2,518     2,387       9,803     9,629
    Data processing   1,499     1,472     1,357       5,857     5,326
    Legal and professional   1,355     958     1,291       4,453     8,198
    Office expenses   399     348     349       1,455     1,512
    Marketing and business promotion   251     252     241       864     1,132
    Insurance and regulatory assessments   677     658     1,122       3,298     3,165
    Core deposit premium   182     200     215       784     923
    Other expenses   956     1,007     571       3,254     3,016
    Total noninterest expense   17,649     17,421     16,393       69,163     70,696
    Income before income taxes   5,057     9,570     17,101       35,679     60,246
    Income tax expense   672     2,571     5,028       9,014     17,781
    Net income $ 4,385   $ 6,999   $ 12,073     $ 26,665   $ 42,465
                                   
    Net income per share                              
    Basic $ 0.25   $ 0.39   $ 0.64     $ 1.47   $ 2.24
    Diluted $ 0.25   $ 0.39   $ 0.64     $ 1.47   $ 2.24
    Cash dividends declared per common share $ 0.16   $ 0.16   $ 0.16     $ 0.64   $ 0.64
    Weighted-average common shares outstanding                              
    Basic   17,704,992     17,812,791     18,887,501       18,121,764     18,965,346
    Diluted   17,796,840     17,885,359     18,900,351       18,183,319     18,985,233
                                   
                                   
         
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
         
      For the Three Months Ended  
      December 31, 2024     September 30, 2024     December 31, 2023  
     (tax-equivalent basis, dollars in thousands) Average   Interest   Yield /     Average   Interest   Yield /     Average   Interest   Yield /  
    Balance   & Fees   Rate     Balance   & Fees   Rate     Balance   & Fees   Rate  
    Interest-earning assets                                                    
    Cash and cash equivalents (1) $ 308,455   $ 3,890   5.02 %   $ 260,205   $ 3,646   5.57 %   $ 333,940   $ 4,919   5.84 %
    FHLB Stock   15,000     330   8.75 %     15,000     326   8.65 %     15,000     312   8.25 %
    Securities                                                    
    Available for sale (2)   361,253     3,939   4.34 %     298,948     3,105   4.13 %     329,426     3,684   4.44 %
    Held to maturity (2)   5,194     48   3.68 %     5,198     46   3.52 %     5,212     46   3.50 %
    Total loans   3,059,786     46,374   6.03 %     3,069,578     47,326   6.13 %     3,055,232     45,895   5.96 %
    Total interest-earning assets   3,749,688   $ 54,581   5.79 %     3,648,929   $ 54,449   5.94 %     3,738,810   $ 54,856   5.82 %
    Total noninterest-earning assets   244,609                 242,059                 253,385            
    Total average assets $ 3,994,297               $ 3,890,988               $ 3,992,195            
                                                         
    Interest-bearing liabilities                                                    
    NOW   53,879     254   1.88 %   $ 55,757   $ 277   1.98 %   $ 54,378   $ 214   1.56 %
    Money market   463,850     3,735   3.20 %     439,936     4,093   3.70 %     422,582     3,252   3.05 %
    Saving deposits   162,351     682   1.67 %     164,515     823   1.99 %     148,354     560   1.50 %
    Time deposits, $250,000 and under   1,034,946     11,583   4.45 %     1,037,365     12,312   4.72 %     1,162,014     13,244   4.52 %
    Time deposits, greater than $250,000   835,583     9,778   4.66 %     819,207     10,241   4.97 %     781,833     9,169   4.65 %
    Total interest-bearing deposits   2,550,609     26,032   4.06 %     2,516,780     27,746   4.39 %     2,569,161     26,439   4.08 %
    FHLB advances   200,000     886   1.76 %     150,543     453   1.20 %     150,000     440   1.16 %
    Long-term debt   119,466     1,295   4.31 %     119,370     1,295   4.32 %     155,536     1,895   4.83 %
    Subordinated debentures   15,121     365   9.60 %     15,066     386   10.19 %     14,902     389   10.36 %
    Total interest-bearing liabilities   2,885,196     28,578   3.94 %     2,801,759     29,880   4.24 %     2,889,599     29,163   4.00 %
    Noninterest-bearing liabilities                                                    
    Noninterest-bearing deposits   539,900                 528,081                 535,554            
    Other noninterest-bearing liabilities   56,993                 52,428                 61,858            
    Total noninterest-bearing liabilities   596,893                 580,509                 597,412            
    Shareholders’ equity   512,208                 508,720                 505,184            
    Total liabilities and shareholders’ equity $ 3,994,297               $ 3,890,988               $ 3,992,195            
    Net interest income / interest rate spreads       $ 26,003   1.85 %         $ 24,569   1.70 %         $ 25,693   1.82 %
    Net interest margin             2.76 %               2.68 %               2.73 %
                                                         
    Total cost of deposits $ 3,090,509   $ 26,032   3.35 %   $ 3,044,861   $ 27,746   3.63 %   $ 3,104,715   $ 26,439   3.38 %
    Total cost of funds $ 3,425,096   $ 28,578   3.32 %   $ 3,329,840   $ 29,880   3.57 %   $ 3,425,153   $ 29,163   3.38 %
                                                         

    ____________________

    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
       
         
    RBB BANCORP AND SUBSIDIARIES
    AVERAGE BALANCE SHEET AND NET INTEREST INCOME
    (Unaudited)
         
      For the Year Ended  
      December 31, 2024     December 31, 2023  
     (tax-equivalent basis, dollars in thousands) Average   Interest   Yield /     Average   Interest   Yield /  
    Balance   & Fees   Rate     Balance   & Fees   Rate  
    Interest-earning assets                                  
    Cash and cash equivalents (1) $ 297,331   $ 16,449   5.53 %   $ 216,851   $ 11,731   5.41 %
    FHLB Stock   15,000     1,314   8.76 %     15,000     1,125   7.50 %
    Securities                                  
    Available for sale (2)   324,644     14,242   4.39 %     331,357     13,928   4.20 %
    Held to maturity (2)   5,200     188   3.62 %     5,509     198   3.59 %
    Total loans   3,041,337     184,567   6.07 %     3,205,625     194,264   6.06 %
    Total interest-earning assets   3,683,512   $ 216,760   5.88 %     3,774,342   $ 221,246   5.86 %
    Total noninterest-earning assets   243,258                 246,980            
    Total average assets $ 3,926,770               $ 4,021,322            
                                       
    Interest-bearing liabilities                                  
    NOW $ 56,158     1,105   1.97 %   $ 58,191   $ 725   1.25 %
    Money market   436,925     15,231   3.49 %     429,102     10,565   2.46 %
    Saving deposits   162,243     2,959   1.82 %     126,062     915   0.73 %
    Time deposits, $250,000 and under   1,074,291     50,059   4.66 %     1,146,513     47,150   4.11 %
    Time deposits, greater than $250,000   803,187     39,027   4.86 %     742,839     29,687   4.00 %
    Total interest-bearing deposits   2,532,804     108,381   4.28 %     2,502,707     89,042   3.56 %
    FHLB advances   162,705     2,217   1.36 %     172,219     2,869   1.67 %
    Long-term debt   119,324     5,182   4.34 %     169,182     8,477   5.01 %
    Subordinated debentures   15,039     1,517   10.09 %     14,821     1,474   9.95 %
    Total interest-bearing liabilities   2,829,872     117,297   4.14 %     2,858,929     101,862   3.56 %
    Noninterest-bearing liabilities                                  
    Noninterest-bearing deposits   531,458                 602,291            
    Other noninterest-bearing liabilities   53,970                 59,562            
    Total noninterest-bearing liabilities   585,428                 661,853            
    Shareholders’ equity   511,470                 500,540            
    Total liabilities and shareholders’ equity $ 3,926,770               $ 4,021,322            
    Net interest income / interest rate spreads       $ 99,463   1.74 %         $ 119,384   2.30 %
    Net interest margin             2.70 %               3.16 %
                                       
    Total cost of deposits $ 3,064,262   $ 108,381   3.54 %   $ 3,104,998   $ 89,042   2.87 %
    Total cost of funds $ 3,361,330   $ 117,297   3.49 %   $ 3,461,220   $ 101,862   2.94 %
                                       

    ____________________

    (1) Includes income and average balances for interest-earning time deposits and other miscellaneous interest-earning assets.
    (2) Interest income and average rates for tax-exempt securities are presented on a tax-equivalent basis.
    (3) Average loan balances include nonaccrual loans. Interest income on loans includes the effects of discount accretion and net deferred loan origination fees and costs accounted for as yield adjustments.
       
               
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
               
      At or for the Three Months Ended     At or for the Year Ended December 31,  
      December 31,   September 30,     December 31,                  
        2024     2024     2023     2024     2023  
    Per share data (common stock)                                  
    Book value $ 28.66     $ 28.81     $ 27.47     $ 28.66     $ 27.47  
    Tangible book value (1) $ 24.51     $ 24.64     $ 23.48     $ 24.51     $ 23.48  
    Performance ratios                                  
    Return on average assets, annualized   0.44 %     0.72 %     1.20 %     0.68 %     1.06 %
    Return on average shareholders’ equity, annualized   3.41 %     5.47 %     9.48 %     5.21 %     8.48 %
    Return on average tangible common equity, annualized (1)   3.98 %     6.40 %     11.12 %     6.09 %     9.97 %
    Noninterest income to average assets, annualized   0.27 %     0.59 %     0.73 %     0.39 %     0.37 %
    Noninterest expense to average assets, annualized   1.76 %     1.78 %     1.63 %     1.76 %     1.76 %
    Yield on average earning assets   5.79 %     5.94 %     5.82 %     5.88 %     5.86 %
    Yield on average loans   6.03 %     6.13 %     5.96 %     6.07 %     6.06 %
    Cost of average total deposits (2)   3.35 %     3.63 %     3.38 %     3.54 %     2.87 %
    Cost of average interest-bearing deposits   4.06 %     4.39 %     4.08 %     4.28 %     3.56 %
    Cost of average interest-bearing liabilities   3.94 %     4.24 %     4.00 %     4.14 %     3.56 %
    Net interest spread   1.85 %     1.70 %     1.82 %     1.74 %     2.30 %
    Net interest margin   2.76 %     2.68 %     2.73 %     2.70 %     3.16 %
    Efficiency ratio (3)   61.48 %     57.51 %     49.58 %     60.30 %     52.64 %
    Common stock dividend payout ratio   64.00 %     41.03 %     25.00 %     43.54 %     28.57 %
                                           

    ____________________

    (1) Non-GAAP measure. See Non–GAAP reconciliations set forth at the end of this press release.
    (2) Total deposits include non-interest bearing deposits and interest-bearing deposits.
    (3) Ratio calculated by dividing noninterest expense by the sum of net interest income before provision for credit losses and noninterest income.
       
         
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
    (Dollars in thousands)
         
      At or for the quarter ended  
      December 31,     September 30,     December 31,  
      2024     2024     2023  
    Credit Quality Data:                      
    Special mention loans $ 65,329     $ 77,501     $ 32,842  
    Special mention loans to total loans   2.14 %     2.51 %     1.08 %
    Substandard loans HFI $ 89,141     $ 79,831     $ 61,099  
    Substandard loans HFS $ 11,195     $     $  
    Substandard loans HFI to total loans HFI   2.92 %     2.58 %     2.02 %
    Loans 30-89 days past due, excluding nonperforming loans $ 22,086     $ 10,625     $ 16,803  
    Loans 30-89 days past due, excluding nonperforming loans, to total loans   0.72 %     0.34 %     0.55 %
    Nonperforming loans HFI $ 69,843     $ 60,662     $ 31,619  
    Nonperforming loans HFS $ 11,195     $     $  
    OREO $     $     $  
    Nonperforming assets $ 81,038     $ 60,662     $ 31,619  
    Nonperforming loans HFI to total loans HFI   2.29 %     1.96 %     1.04 %
    Nonperforming assets to total assets   2.03 %     1.52 %     0.79 %
                           
    Allowance for loan losses $ 47,729     $ 43,685     $ 41,903  
    Allowance for loan losses to total loans HFI   1.56 %     1.41 %     1.38 %
    Allowance for loan losses to nonperforming loans HFI   68.34 %     72.01 %     132.52 %
    Net charge-offs $ 2,006     $ 1,201     $ 109  
    Net charge-offs to average loans   0.26 %     0.16 %     0.01 %
                           
    Capital ratios (1)                      
    Tangible common equity to tangible assets (2)   11.08 %     11.13 %     11.06 %
    Tier 1 leverage ratio   11.92 %     12.19 %     11.99 %
    Tier 1 common capital to risk-weighted assets   17.94 %     18.16 %     19.07 %
    Tier 1 capital to risk-weighted assets   18.52 %     18.75 %     19.69 %
    Total capital to risk-weighted assets   24.49 %     24.80 %     25.92 %
                           

    ____________________

    (1 ) December 31, 2024 capital ratios are preliminary.
    (2 ) Non-GAAP measure. See Non-GAAP reconciliations set forth at the end of this press release.
         
                   
    RBB BANCORP AND SUBSIDIARIES
    SELECTED FINANCIAL HIGHLIGHTS
    (Unaudited)
                   
    Loan Portfolio Detail As of December 31, 2024   As of September 30, 2024     As of December 31, 2023  
    (dollars in thousands) $   %   $     %     $     %  
    Loans:                                    
    Commercial and industrial $ 129,585   4.2 %   $ 128,861     4.2 %   $ 130,096     4.3 %
    SBA   47,263   1.5 %     48,089     1.6 %     52,074     1.7 %
    Construction and land development   173,290   5.7 %     180,196     5.8 %     181,469     6.0 %
    Commercial real estate (1)   1,201,420   39.3 %     1,252,682     40.5 %     1,167,857     38.5 %
    Single-family residential mortgages   1,494,022   48.9 %     1,473,396     47.7 %     1,487,796     49.1 %
    Other loans   7,650   0.4 %     8,672     0.2 %     12,569     0.4 %
    Total loans (2) $ 3,053,230   100.0 %   $ 3,091,896     100.0 %   $ 3,031,861     100.0 %
    Allowance for loan losses   (47,729 )       (43,685 )           (41,903 )      
    Total loans, net $ 3,005,501       $ 3,048,211           $ 2,989,958        
                                         

    _____________________

    (1) Includes non-farm and non-residential loans, multi-family residential loans and non-owner occupied single family residential loans.
    (2) Net of discounts and deferred fees and costs of $488, $467, and $542 as of December 31, 2024, September 30, 2024, and December 31, 2023, respectively.
       
                   
    Deposits As of December 31, 2024   As of September 30, 2024     As of December 31, 2023  
    (dollars in thousands) $   %   $   %     $   %  
    Deposits:                                
    Noninterest-bearing demand $ 563,012   18.3 %   $ 543,623   17.6 %   $ 539,621   17.0 %
    Savings, NOW and money market accounts   663,034   21.5 %     666,089   21.5 %     632,729   19.9 %
    Time deposits, $250,000 and under   882,438   28.6 %     926,877   30.0 %     876,918   27.6 %
    Time deposits, greater than $250,000   827,854   26.8 %     808,304   26.1 %     719,892   22.7 %
    Wholesale deposits (1)   147,451   4.8 %     147,291   4.8 %     405,600   12.8 %
    Total deposits $ 3,083,789   100.0 %   $ 3,092,184   100.0 %   $ 3,174,760   100.0 %
                                       

    ______________________

    (1) Includes brokered deposits, collateralized deposits from the State of California, and deposits acquired through internet listing services.
       

    Non-GAAP Reconciliations

    Tangible Book Value Reconciliations

    Tangible book value per share is a non-GAAP disclosure. Management measures tangible book value per share to assess the Company’s capital strength and business performance and believes this is helpful to investors as additional tools for further understanding our performance. The following is a reconciliation of tangible book value to the Company shareholders’ equity computed in accordance with GAAP, as well as a calculation of tangible book value per share as of December 31, 2024, September 30, 2024, and December 31, 2023.

                         
    (dollars in thousands, except share and per share data) December 31, 2024     September 30, 2024     December 31, 2023  
    Tangible common equity:                      
    Total shareholders’ equity $ 507,877     $ 509,728     $ 511,260  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (2,011 )     (2,194 )     (2,795 )
    Tangible common equity $ 434,368     $ 436,036     $ 436,967  
    Tangible assets:                      
    Total assets-GAAP $ 3,992,477     $ 3,990,477     $ 4,026,025  
    Adjustments                      
    Goodwill   (71,498 )     (71,498 )     (71,498 )
    Core deposit intangible   (2,011 )     (2,194 )     (2,795 )
    Tangible assets $ 3,918,968     $ 3,916,785     $ 3,951,732  
    Common shares outstanding   17,720,416       17,693,416       18,609,179  
    Common equity to assets ratio   12.72 %     12.77 %     12.70 %
    Tangible common equity to tangible assets ratio   11.08 %     11.13 %     11.06 %
    Book value per share $ 28.66     $ 28.81     $ 27.47  
    Tangible book value per share $ 24.51     $ 24.64     $ 23.48  
                           
                           

    Return on Average Tangible Common Equity

    Management measures return on average tangible common equity (“ROATCE”) to assess the Company’s capital strength and business performance and believes this is helpful to investors as an additional tool for further understanding our performance. Tangible equity excludes goodwill and other intangible assets (excluding mortgage servicing rights) and is reviewed by banking and financial institution regulators when assessing a financial institution’s capital adequacy. This non-GAAP financial measure should not be considered a substitute for operating results determined in accordance with GAAP and may not be comparable to other similarly titled measures used by other companies. The following table reconciles ROATCE to its most comparable GAAP measure:

               
      Three Months Ended     Year Ended December 31,  
    (dollars in thousands) December 31, 2024     September 30, 2024     December 31, 2023     2024     2023  
    Net income available to common shareholders $ 4,385     $ 6,999     $ 12,073     $ 26,665     $ 42,465  
    Average shareholders’ equity   512,208       508,720       505,184       511,470       500,540  
    Adjustments:                                      
    Average goodwill   (71,498 )     (71,498 )     (71,498 )     (71,498 )     (71,498 )
    Average core deposit intangible   (2,129 )     (2,326 )     (2,935 )     (2,425 )     (3,282 )
    Adjusted average tangible common equity $ 438,581     $ 434,896     $ 430,751     $ 437,547     $ 425,760  
    Return on average common equity   3.41 %     5.47 %     9.48 %     5.21 %     8.48 %
    Return on average tangible common equity   3.98 %     6.40 %     11.12 %     6.09 %     9.97 %

    The MIL Network

  • MIL-OSI United Kingdom: Strong bonds with European neighbours is the only tonic to toxic Trump

    Source: Green Party of England and Wales

    In response to Starmer joining the EU 27 this evening, Greens are urging him to put European unity at the top of his agenda to provide a united front against the toxic impact of Trump’s trade wars.

    Commenting, Green Party Co-Leader, Adrian Ramsay MP, said: 

    “Tonight represents a historic opportunity for the UK. Starmer will be the first PM to attend an EU summit since we left the European Union.

    “In the face of increasing international hostility from President Trump, the UK needs to be clear that we stand united in the face of his aggression.

    “Starmer cannot do that by parroting Trump’s talking points on defence spending.

    “Strong bonds with our European neighbours are the only antidote available to this toxic Trump Presidency.

    “In the short-term, Starmer should embrace the idea of young people being able to move freely across their continent to work travel and study and respond positively to the EU’s offer of a youth mobility scheme”

    He continued: 

    “Brexit has resulted in tens of billions of pounds draining from our economy.

    “The Office for Budget Responsibility estimates that Brexit will deliver a 15% long-term hit to UK trade.

    “We should, as a matter of urgency, be looking to rejoin the Customs Union as a first step to plugging this hole.

    “And the PEM deal the EU has offered is a no brainer.

    “If Starmer is serious about taking tough decisions for economic stability then this would be a good starting point, not pumping money into climate-rocketing projects like Heathrow expansion.”

    END 

    MIL OSI United Kingdom

  • MIL-OSI Global: Musk’s inauguration salute is not the only apparent fascist signal from Trump’s administration

    Source: The Conversation – USA – By Matthew Kriner, Director of Strategy, Partnerships and Intelligence at the Center on Terrorism, Extremism, and Counterterrorism, Middlebury Institute of International Studies

    Elon Musk claimed this is not a Nazi salute − but then replied to critics with Nazi-themed puns. Angela Weiss/AFP via Getty Images)

    Once again, a presidential administration headed by Donald Trump is in the spotlight over allegations of hidden fascist sympathies. This time, it’s precipitated by what one observer called a “stiff-armed salute” that presidential supporter and adviser Elon Musk did twice during inauguration festivities.

    Critics have said it is a clear Nazi salute, while others have claimed it was just an awkward motion. Perhaps it was just the world’s worst dab.

    Musk turned the controversy over his gesture into something like a joke about Nazis. On X, he posted, “Don’t say Hess to Nazi accusations!” and “Bet you did nazi that coming.”

    This is not the first time that Trump or someone close to him has been accused of sending fascist messages, even if they denied doing so. Nor even is it the first time a well-known figure endorsing Donald Trump has been accused of giving a Nazi salute.

    As a scholar of far-right extremism, I regularly review instances of coded fascist symbols and other right-wing messages being sent by public figures and their supporters, some more obvious than others.

    In plain sight

    Like Musk, TV commentator Laura Ingraham ended a fiery speech endorsing then-candidate Trump in 2016 with a rigidly outstretched arm with her palm down – in the exact manner German Nazis in the 1930s and 1940s and rank-and-file modern neo-Nazis perform the “Sieg Heil,” or Nazi salute. Ingraham dismissed the criticism and in 2025 defended Musk’s action.

    Laura Ingraham speaks and gestures at a Trump rally in 2016.

    In 2021, the Conservative Political Action Conference set up its center stage in the shape of an odal rune. That is an ancient pagan symbol coopted by Germany’s Nazi regime and worn prominently during World War II on the uniforms of the brutal Waffen SS units. Social media erupted in outrage over the likeness, and columnists spilled much ink. Event organizers rejected the criticism, calling it “outrageous and slanderous.”

    Trump himself has been reluctant to criticize white supremacists. In August 2017, he responded to a reporter’s statement that neo-Nazis had “started” the violence during and after a rally they held in Charlottesville, Virginia, by saying “(t)hey didn’t put themselves down as neo-Nazis. And you had some very bad people in that group. But you also had people that were very fine people on both sides.”

    During the September 2020 presidential debate, Trump responded to a request from moderator Chris Wallace to condemn right-wing paramilitary groups by instead referencing one of them, saying, “Proud Boys, stand back and stand by.”

    Just a few months later, several Proud Boys members would help spearhead the violent insurrection against the peaceful transfer of power at the U.S. Capitol on Jan. 6, 2021. Some of them were convicted of federal crimes for their efforts, though upon retaking office in 2025, Trump pardoned them or commuted their sentences.

    More overtly, in November 2022 Trump invited Kanye West to dinner at Mar-a-Lago, despite West’s having posted antisemitic remarks recently on social media. Also at the dinner was well-known antisemite and white supremacist Nick Fuentes, whom Trump denied knowing anything about ahead of time, saying he arrived “unexpectedly” with West.

    The night before the ‘Unite the Right’ rally in Charlottesville, Va., in August 2017, people carrying torches and chanting fascist slogans marched through the University of Virginia campus.

    Coded messages

    In other more abstract and lesser-known incidents, Trump may make his sympathies known without making direct statements himself. And I have personally observed white supremacists remark upon – and take encouragement from – these implied messages on Telegram channels dedicated to antisemitism and hate.

    In February 2018, during Trump’s first term as president, the Department of Homeland Security issued a 14-word press release titled “We Must Secure The Border And Build The Wall To Make America Safe Again.” I and other investigators of far-right extremism attributed this phrase’s use to a clear dog whistle of the common white supremacist saying known as “the 14 words” – “we must secure the existence of our people and a future for white children.”

    In June 2020, Facebook removed Trump campaign ads for iconography invoking Nazi concentration camp symbols that “violat(ed) our policy against organized hate.” A campaign official disputed the association, saying other groups, including Facebook and anti-fascist groups, used the same symbol.

    In September 2024, pro-Trump CEO Mike Lindell’s company MyPillow ran a sale discounting a pillow from $49.98 to $14.88. Critics quickly pointed out that this aligned with the 14-word white supremacist slogan and the numerical reference “88” that white supremacists use to mean “Heil Hitler,” because H is the eighth letter of the alphabet. Lindell denied any connection between the price and right-wing messaging.

    A list of the 14 people whose Jan. 6-related sentences President Donald Trump commuted.
    Screenshot of WhiteHouse.gov

    And on the very day he was inaugurated for his second term, Trump pardoned more than 1,500 people, including at least two alleged members of the Proud Boys, for their actions on Jan. 6, 2021. And he commuted the sentences of 14 people, including four members of the Proud Boys.

    This extraordinary move was applauded by Proud Boys leader Enrique Tarrio, who was among those pardoned. Others who received presidential clemency said they were grateful to Trump and encouraged by his action.

    Signaling fascism

    Sending these sorts of fascist and white supremacist messages allow Trump and his supporters to court right-wing extremist supporters while claiming innocence in the face of public outrage.

    If they deny the allegations of veiled fascism or white supremacy, Trump and his backers can claim their opponents are inflamed against them and conducting ideological witch hunts.

    Family members and friends of people imprisoned for their actions on Jan. 6, 2021, wait outside the Washington, D.C., jail for their release on Jan. 22, 2025.
    Celal Gunes/Anadolu via Getty Images

    But failure to directly deny allegations of fascism is a common strategy used by far-right and radical conservative movements seeking to obscure deeper links to extremist groups to avoid public backlash.

    The lack of explicit admission can end up leaving these actions and symbols open to interpretation. Trump’s MAGA movement members, led by his inner circle of advisers and lieutenants, have consistently sought to use outrage and anger to generate additional momentum and attention for their agenda.

    But as the old saying goes, “where there’s smoke there’s fire” – and in this case the smoke is probably closer to a book-burning bonfire in Berlin than a tiki torch carried in Charlottesville.

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

    ref. Musk’s inauguration salute is not the only apparent fascist signal from Trump’s administration – https://theconversation.com/musks-inauguration-salute-is-not-the-only-apparent-fascist-signal-from-trumps-administration-248517

    MIL OSI – Global Reports

  • MIL-OSI United Nations: Press Conference by Security Council President on Programme of Work for February

    Source: United Nations General Assembly and Security Council

    The Security Council’s February programme of work will feature a signature event on practising multilateralism and reforming and improving global governance, its President for the month announced at a Headquarters press conference today.

    “As the world enters a very turbulent period, the open debate aims to encourage countries to revisit the original aspirations of the [United Nations],” said Fu Cong of China, which has assumed the rotating presidency of the 15-nation organ.  This high-level meeting, scheduled for 18 February, will be chaired by his country’s Foreign Minister, Wang Yi, he said, encouraging foreign ministers and senior officials of other countries to attend.

    The Middle East will remain a priority on the Council’s agenda this month, he said, noting briefings on the Palestinian issue, Syria and Yemen.  The Gaza situation remains fragile, and the Council needs to ensure full implementation of the ceasefire agreement and unhindered humanitarian access.  Also highlighting reports of the Israel Defense Forces’ military attacks on Sunday, 2 February, against residential blocks in Jenin, he said the Council is considering a possible meeting to address this.

    It will also pay close attention to the challenges facing United Nations Relief and Works Agency for Palestine Refugees in the Near East (UNRWA), he added. On Syria, he said, the Council’s focus is on supporting that country in maintaining unity, restoring stability and starting a credible and inclusive political transition.

    Turning to Africa, he noted that the situation in eastern Democratic Republic of the Congo “is deteriorating rapidly which could further jeopardize peace and security of the region”.  The Council’s actions must be conducive to the cessation of hostilities and easing of tensions there.  The programme of work for February also includes briefings on UN missions in South Sudan, Libya and the Central African Republic, as well as the situation in Sudan, he said.  Pointing to the volatile security and humanitarian situations in many countries on the continent, he said, as President, “China will work with other Council members, the A3 [Council members representing African countries] in particular, to promote dialogue and consultation and seek political solutions on African issues.”

    The Council will also consider the Secretary-General’s semi-annual report on the threat posed by Islamic State in Iraq and the Levant (ISIL/Da’esh), he said, describing it as an opportunity to further coordinate counter-terrorism efforts.  It will also conduct its annual dialogue with the peacekeeping police, and will hold consultations on the Security Council Committee pursuant to resolution 1718 (2006), regarding sanctions relating to the Democratic People’s Republic of Korea.  China will “encourage Council members to consult with each other to enhance trust and bridge differences”, he said, noting that the presidency will invite civil society representatives to participate in relevant meetings and keep in close contact with the media.

    In the ensuing conversation with correspondents, Ambassador Fu elaborated on the open debate on multilateralism, noting the increasing calls in the international community, particularly among the Global South countries, for reforming the global governance system.  Rather than “dismantling the existing system or reinventing the wheel”, the aim is to build a more equitable system that addresses the global governance deficit, he said.  He also stressed the need to enhance the Council’s ability to respond to crises, adding that “solidarity and cooperation are being replaced by division and confrontation”, as a result of which, the Council has been unable to discharge its responsibilities.  The core of the diplomatic mission is to build bridges, he said, adding that the Council must return to the path of multilateralism.

    Mr. Fu took several questions concerning the new United States President Donald J. Trump’s “America First” policy, its impact on the United Nations, as well as the 10 per cent tariffs he recently imposed on Chinese goods.  His country considers the tariff increases unwarranted, he said, and will file a complaint to the World Trade Organization (WTO).  “There is no winner in a trade war,” he emphasised, and noting that the excuse for raising tariffs is fentanyl, he said China has stringent regulations on that and related substances.  The United States should look at its own problems, including the “demand side of fentanyl”, he advised.

    China and the United States have much in common, he said, adding that it is essential they cooperate on global issues such as climate change and terrorism.  Further, as the two biggest financial contributors “within this house”, he said both countries have similar concerns about improving the efficiency of the United Nations.  All these offer avenues of cooperation, he said.

    He also took a question on United States’ claims that China has influence over the Panama Canal and surrounding areas, and the subsequent statement by Panama’s President about leaving the Belt and Road initiative.  Such an action would be regrettable, he said, stressing that his country has not participated or interfered in the management or operation of the Canal.  The Panama Belt and Road initiative is an economic platform to enable Global South countries to cooperate with each other, he said, adding that the “smear campaign launched by the US and other Western countries on this initiative is totally groundless”.

    Regarding competition with the United States on artificial intelligence (AI) he noted that the Chinese AI tool DeepSeek has caused “some commotion or panic in certain quarters” and encouraged the correspondents to use it to write their news reports.  Technological restrictions do not work, he said, adding:  “Never ever underestimate the ingenuity of Chinese scientists and engineers.”  The world must ensure the benefits of artificial intelligence are available to all countries and there are guardrails to prevent it from being misused, he said, noting that his country put forward the Assembly resolution concerning cooperation on this matter.

    Responding to various questions concerning the conflict in the Democratic Republic of the Congo, he said a ceasefire is a priority — the 23 March Movement (M23) and Rwandan troops must withdraw from the territories they occupied.  Encouraging Rwanda and the Democratic Republic of the Congo to engage in peace talks, he noted that one Council member has floated the idea of a resolution on this topic, which his country will support in its national and presidential capacity.  The territorial integrity of the Democratic Republic of the Congo must be protected, he said, calling on parties to respond to mediation efforts.

    On meetings concerning Ukraine, he noted proposals from Member States to mark the upcoming 25 February anniversary of the beginning of the conflict in that country.  China is obliged to make proper arrangements according to rules of procedures, he said, adding that it is also crucial to highlight that conflict’s ramifications on the food and energy security, as well as maritime transportation. 

    For the full programme of work, please see:  www.un.org/securitycouncil/events/calendar.

    MIL OSI United Nations News

  • MIL-OSI: NXP Semiconductors Reports Fourth Quarter and Full-Year 2024 Results

    Source: GlobeNewswire (MIL-OSI)

    EINDHOVEN, The Netherlands, Feb. 03, 2025 (GLOBE NEWSWIRE) — NXP Semiconductors N.V. (NASDAQ: NXPI) today reported financial results for the fourth quarter and full-year, which ended December 31, 2024. “NXP delivered full-year 2024 revenue of $12.61 billion, a decrease of 5 percent year-on-year. In the fourth quarter, revenue was $3.11 billion, a decrease of 9 percent year-on-year, modestly above the mid-point of our guidance range. In review, NXP delivered resilient results throughout 2024, reflecting solid execution, consistent gross margin, and healthy free cash flow generation despite a challenging market environment. We rigorously focus on managing what is in our control, to navigate a soft landing while executing our growth strategy,” said Kurt Sievers, NXP President and Chief Executive Officer.

    Key Highlights for the Fourth Quarter and Full-year 2024:

    • Fourth quarter revenue was $3.11 billion, down 9 percent year-on-year. Full-year revenue was 12.61 billion, down 5 percent year-on-year;
    • Fourth quarter GAAP gross margin was 53.9 percent, GAAP operating margin was 21.7 percent and GAAP diluted Net Income per Share was $1.93. Full year GAAP gross margin was 56.4 percent, GAAP operating margin was 27.1 percent and GAAP diluted Net Income per Share was $9.73;
    • Fourth quarter Non-GAAP gross margin was 57.5 percent, non-GAAP operating margin was 34.2 percent, and non-GAAP diluted Net Income per Share was $3.18. Full-year Non-GAAP gross margin was 58.1 percent, non-GAAP operating margin was 34.6 percent, and non-GAAP diluted Net Income per Share was $13.09;
    • Fourth quarter cash flow from operations was $391 million, with net capex investments of $99 million, resulting in non-GAAP free cash flow of $292 million. Full-year cash flow from operations was $2,782 million, with net capex investments of $693 million, resulting in non-GAAP free cash flow of $2,089 million;
    • During the fourth quarter of 2024, NXP continued to execute its capital return policy with the payment of $258 million in cash dividends, and the repurchase of $455 million of its common shares. The total capital return of $713 million in the quarter represented 244 percent of fourth quarter non-GAAP free cash flow. On a trailing twelve month basis, capital return to shareholders represented $2.4 billion or 115 percent of non-GAAP free cash flow. The interim dividend for the fourth quarter 2024 was paid in cash on January 8, 2025 to shareholders of record as of December 5, 2024. Subsequent to the end of the fourth quarter, between January 1, 2025 and January 31, 2025, NXP executed via a 10b5-1 program additional share repurchases totaling $101 million;
    • On October 15, 2024, NXP introduced the S32J family of high-performance automotive Ethernet switches and network controllers to enable the next generation of software-defined vehicle development (SDV). The S32J family shares a common switch core with the NXP S32 portfolio of automotive processing devices to maximize software re-use and simplify network configuration and integration;
    • On October 23, 2024, NXP announced Audi has adopted the Trimension® NCJ29Dx Ultra Wide Band (UWB) product family in its advanced UWB platform delivering precise and secure real-time localization to enable hands-free secure car access via smart mobile device and other UWB-based features. Cars featuring NXP’s Trimension UWB devices, including the Audi Q6 e-tron, will hit the road in 2024;
    • On November 12, 2024, NXP announced the i.MX 94 family, the newest addition to its i.MX 9 series of applications processors, designed for industrial control, telematics, gateways, and building and energy control. The i.MX94 family includes Ethernet Time Sensitive Networking (TSN) switching capabilities;
    • On November 12, 2024, NXP announced industry-first wireless battery management system (BMS) based on Ultra-Wideband (UWB) connectivity, expanding its “FlexCom” family of wired and wireless BMS solutions. The new UWB-based BMS solutions enable increased battery energy density, decoupling the mechanical and electrical development for faster time to market;
    • On December 17, 2024, NXP announced it had entered into an definitive agreement to acquire Aviva Links, a provider of Automotive SerDes Alliance (ASA) compliant in-vehicle connectivity solutions in an all-cash transaction valued at $242.5 million. The acquisition of Aviva Links expands NXP’s market leading in-vehicle networking (IVN) portfolio with the industry’s most advanced ASA compliant portfolio, supporting SerDes point-to-point (ASA-ML) and Ethernet-based connectivity (ASA-MLE) with data rates up to 16 Gbps;
    • On January 7, 2025, NXP announced it had entered into an definitive agreement to acquire TT Tech Auto, a leader in safety-critical systems and middleware for software-defined vehicles (SDVs). The all-cash transaction is valued at $625 million, and accelerates the NXP CoreRide platform, enabling automakers to reduce complexity, maximize system performance and shorten time to market. TT Tech Auto’s MotionWise middleware platform has a proven industry track record and is designed to manage the interconnected systems in SDVs, prioritizing safety-critical functions while ensuring seamless integration.

    Summary of Reported Fourth Quarter and Full-year 2024 ($ millions, unaudited) (1)

      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Total Revenue $ 3,111   $ 3,250   $ 3,422   -4 % -9 % $ 12,614   $ 13,276   -5 %
    GAAP Gross Profit $ 1,678   $ 1,866   $ 1,937   -10 % -13 % $ 7,119   $ 7,553   -6 %
    Gross Profit Adjustments (i) $ (111 ) $ (26 ) $ (73 )     $ (213 ) $ (209 )  
    Non-GAAP Gross Profit $ 1,789   $ 1,892   $ 2,010   -5 % -11 % $ 7,332   $ 7,762   -6 %
    GAAP Gross Margin   53.9 %   57.4 %   56.6 %       56.4 %   56.9 %  
    Non-GAAP Gross Margin   57.5 %   58.2 %   58.7 %       58.1 %   58.5 %  
    GAAP Operating Income (Loss) $ 675   $ 990   $ 907   -32 % -26 % $ 3,417   $ 3,661   -7 %
    Operating Income Adjustments (i) $ (390 ) $ (163 ) $ (312 )     $ (952 ) $ (1,001 )  
    Non-GAAP Operating Income $ 1,065   $ 1,153   $ 1,219   -8 % -13 % $ 4,369   $ 4,662   -6 %
    GAAP Operating Margin   21.7 %   30.5 %   26.5 %       27.1 %   27.6 %  
    Non-GAAP Operating Margin   34.2 %   35.5 %   35.6 %       34.6 %   35.1 %  
    GAAP Net Income (Loss) attributable to Stockholders $ 495   $ 718   $ 697       $ 2,510   $ 2,797    
    Net Income Adjustments (i) $ (322 ) $ (172 ) $ (269 )     $ (866 ) $ (864 )  
    Non-GAAP Net Income (Loss) Attributable to Stockholders $ 817   $ 890   $ 966       $ 3,376   $ 3,661    
    GAAP diluted Net Income (Loss) per Share (ii) $ 1.93   $ 2.79   $ 2.68       $ 9.73   $ 10.70    
    Non-GAAP diluted Net Income (Loss) per Share (ii) $ 3.18   $ 3.45   $ 3.71       $ 13.09   $ 14.01    
    Additional information                
      Q4 2024 Q3 2024 Q4 2023 Q – Q Y – Y 2024 2023 Y – Y
    Automotive $ 1,790 $ 1,829 $ 1,899 -2 % -6 % $ 7,151 $ 7,484 -4 %
    Industrial & IoT $ 516 $ 563 $ 662 -8 % -22 % $ 2,269 $ 2,351 -3 %
    Mobile $ 396 $ 407 $ 406 -3 % -2 % $ 1,497 $ 1,327 13 %
    Comm. Infra. & Other $ 409 $ 451 $ 455 -9 % -10 % $ 1,697 $ 2,114 -20 %
    DIO   151   149   132          
    DPO   65   60   72          
    DSO   30   30   24          
    Cash Conversion Cycle   116   119   84          
    Channel Inventory (weeks)   8   8   7          
    Gross Financial Leverage (iii) 2.1x 1.9x 2.1x          
    Net Financial Leverage (iv) 1.5x 1.3x 1.3x          
                     
    1. Additional Information for the Fourth Quarter and Full-year 2024:
      1. For an explanation of GAAP to non-GAAP adjustments, please see “Non-GAAP Financial Measures”.
      2. Refer to Table 1 below for the weighted average number of diluted shares for the presented periods.
      3. Gross financial leverage is defined as gross debt divided by trailing twelve months adjusted EBITDA.
      4. Net financial leverage is defined as net debt divided by trailing twelve months adjusted EBITDA.
      5. Guidance for the First Quarter 2025: ($ millions, except Per Share data) (1)

          Guidance Range
          GAAP   Reconciliation   non-GAAP
          Low   Mid   High       Low   Mid   High
        Total Revenue $2,725   $2,825   $2,925       $2,725   $2,825   $2,925  
        Q-Q -12%   -9%   -6%       -12%   -9%   -6%  
        Y-Y -13%   -10%   -6%       -13%   -10%   -6%  
        Gross Profit $1,489   $1,559   $1,630   $(31)   $1,520   $1,590   $1,661  
        Gross Margin 54.6%   55.2%   55.7%       55.8%   56.3%   56.8%  
        Operating Income (loss) $652   $712   $773   $(178)   $830   $890   $951  
        Operating Margin 23.9%   25.2%   26.4%       30.5%   31.5%   32.5%  
        Financial Income (expense) $(90)   $(90)   $(90)   $(10)   $(80)   $(80)   $(80)  
        Tax rate 18.0%-19.0%       17.0%-18.0%
        Equity-accounted investees $(4)   $(4)   $(4)   $(3)   $(1)   $(1)   $(1)  
        Non-controlling interests $(5)   $(5)   $(5)       $(5)   $(5)   $(5)  
        Shares – diluted 256.0   256.0   256.0       256.0   256.0   256.0  
        Earnings Per Share – diluted $1.75   $1.95   $2.14       $2.39   $2.59   $2.79  
                                     

        Note (1) Additional Information:

        1. GAAP Gross Profit is expected to include Purchase Price Accounting (“PPA”) effects, $(7) million; Share-based Compensation, $(16) million; Other Incidentals, $(8) million;
        2. GAAP Operating Income (loss) is expected to include PPA effects, $(35) million; Share-based Compensation, $(128) million; Restructuring and Other Incidentals, $(15) million;
        3. GAAP Financial Income (expense) is expected to include Other financial expense $(10) million;
        4. GAAP Results relating to equity-accounted investees is expected to include results relating to non-foundry equity-accounted investees $(3) million;
        5. GAAP diluted EPS is expected to include the adjustments noted above for PPA effects, Share-based Compensation, Restructuring and Other Incidentals in GAAP Operating Income (loss), the adjustment for Other financial expense, the adjustment for Non-controlling interests & Other and the adjustment on Tax due to the earlier mentioned adjustments.

        NXP has based the guidance included in this release on judgments and estimates that management believes are reasonable given its assessment of historical trends and other information reasonably available as of the date of this release. Please note, the guidance included in this release consists of predictions only, and is subject to a wide range of known and unknown risks and uncertainties, many of which are beyond NXP’s control. The guidance included in this release should not be regarded as representations by NXP that the estimated results will be achieved. Actual results may vary materially from the guidance we provide today. In relation to the use of non-GAAP financial information see the note regarding “Non-GAAP Financial Measures” below. For the factors, risks, and uncertainties to which judgments, estimates and forward-looking statements generally are subject see the note regarding “Forward-looking Statements.” We undertake no obligation to publicly update or revise any forward-looking statements, including the guidance set forth herein, to reflect future events or circumstances.

        Non-GAAP Financial Measures

        In managing NXP’s business on a consolidated basis, management develops an annual operating plan, which is approved by our Board of Directors, using non-GAAP financial measures, that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (“GAAP”). In measuring performance against this plan, management considers the actual or potential impacts on these non-GAAP financial measures from actions taken to reduce costs with the goal of increasing our gross margin and operating margin and when assessing appropriate levels of research and development efforts. In addition, management relies upon these non-GAAP financial measures when making decisions about product spending, administrative budgets, and other operating expenses. We believe that these non-GAAP financial measures, when coupled with the GAAP results and the reconciliations to corresponding GAAP financial measures, provide a more complete understanding of the Company’s results of operations and the factors and trends affecting NXP’s business. We believe that they enable investors to perform additional comparisons of our operating results, to assess our liquidity and capital position and to analyze financial performance excluding the effect of expenses unrelated to core operating performance, certain non-cash expenses and share-based compensation expense, which may obscure trends in NXP’s underlying performance. This information also enables investors to compare financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management.

        These non-GAAP financial measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. The presentation of these and other similar items in NXP’s non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent, or unusual. Reconciliations of these non-GAAP measures to the most comparable measures calculated in accordance with GAAP are provided in the financial statements portion of this release in a schedule entitled “Financial Reconciliation of GAAP to non-GAAP Results (unaudited).” Please refer to the NXP Historic Financial Model file found on the Financial Information page of the Investor Relations section of our website at https://investors.nxp.com for additional information related to our rationale for using these non-GAAP financial measures, as well as the impact of these measures on the presentation of NXP’s operations.

        In addition to providing financial information on a basis consistent with GAAP, NXP also provides the following selected financial measures on a non-GAAP basis: (i) Gross profit, (ii) Gross margin, (iii) Research and development, (iv) Selling, general and administrative, (v) Amortization of acquisition-related intangible assets, (vi) Other income, (vii) Operating income (loss), (viii) Operating margin, (ix) Financial Income (expense), (x) Income tax benefit (provision), (xi) Results relating to non-foundry equity-accounted investees, (xii) Net income (loss) attributable to stockholders, (xiii) Earnings per Share – Diluted, (xiv) EBITDA, adjusted EBITDA and trailing 12 month adjusted EBITDA, and (xv) free cash flow, trailing 12 month free cash flow and trailing 12 month free cash flow as a percent of Revenue. The non-GAAP information excludes, where applicable, the amortization of acquisition related intangible assets, the purchase accounting effect on inventory and property, plant and equipment, merger related costs (including integration costs), certain items related to divestitures, share-based compensation expense, restructuring and asset impairment charges, extinguishment of debt, foreign exchange gains and losses, income tax effect on adjustments described above and results from non-foundry equity-accounted investments.

        The difference in the benefit (provision) for income taxes between our GAAP and non-GAAP results relates to the income tax effects of the GAAP to non-GAAP adjustments that we make and the income tax effect of any discrete items that occur in the interim period. Discrete items primarily relate to unexpected tax events that may occur as these amounts cannot be forecasted (e.g., the impact of changes in tax law and/or rates, changes in estimates or resolved tax audits relating to prior year tax provisions, the excess or deficit tax effects on share-based compensation, etc.).

        Conference Call and Webcast Information

        The company will host a conference call with the financial community on Tuesday, February 4, 2025 at 8:00 a.m. U.S. Eastern Standard Time (EST) to review the fourth quarter 2024 results in detail.

        Interested parties may preregister to obtain a user-specific access code for the call here.

        The call will be webcast and can be accessed from the NXP Investor Relations website at www.nxp.com. A replay of the call will be available on the NXP Investor Relations website within 24 hours of the actual call.

        About NXP Semiconductors

        NXP Semiconductors N.V. (NASDAQ: NXPI) is the trusted partner for innovative solutions in the automotive, industrial & IoT, mobile, and communications infrastructure markets. NXP’s “Brighter Together” approach combines leading-edge technology with pioneering people to develop system solutions that make the connected world better, safer, and more secure. The company has operations in more than 30 countries and posted revenue of $12.61 billion in 2024. Find out more at www.nxp.com.

        Forward-looking Statements

        This document includes forward-looking statements which include statements regarding NXP’s business strategy, financial condition, results of operations, market data, as well as any other statements which are not historical facts. By their nature, forward-looking statements are subject to numerous factors, risks and uncertainties that could cause actual outcomes and results to be materially different from those projected. These factors, risks and uncertainties include the following: market demand and semiconductor industry conditions; our ability to successfully introduce new technologies and products; the demand for the goods into which NXP’s products are incorporated; trade disputes between the U.S. and China, potential increase of barriers to international trade and resulting disruptions to NXP’s established supply chains; the impact of government actions and regulations, including restrictions on the export of US-regulated products and technology; increasing and evolving cybersecurity threats and privacy risks, including theft of sensitive or confidential data; the ability to generate sufficient cash, raise sufficient capital or refinance corporate debt at or before maturity to meet both NXP’s debt service and research and development and capital investment requirements; our ability to accurately estimate demand and match our production capacity accordingly or obtain supplies from third-party producers to meet demand; our access to production capacity from third-party outsourcing partners, and any events that might affect their business or NXP’s relationship with them; our ability to secure adequate and timely supply of equipment and materials from suppliers; our ability to avoid operational problems and product defects and, if such issues were to arise, to correct them quickly; our ability to form strategic partnerships and joint ventures and to successfully cooperate with our alliance partners; our ability to win competitive bid selection processes; our ability to develop products for use in customers’ equipment and products; the ability to successfully hire and retain key management and senior product engineers; global hostilities, including the invasion of Ukraine by Russia and resulting regional instability, sanctions and any other retaliatory measures taken against Russia and the continued hostilities and the armed conflict in the Middle East, which could adversely impact the global supply chain, disrupt our operations or negatively impact the demand for our products in our primary end markets; the ability to maintain good relationships with NXP’s suppliers; and a change in tax laws could have an effect on our estimated effective tax rate. In addition, this document contains information concerning the semiconductor industry, our end markets and business generally, which is forward-looking in nature and is based on a variety of assumptions regarding the ways in which the semiconductor industry, our end markets and business will develop. NXP has based these assumptions on information currently available, if any one or more of these assumptions turn out to be incorrect, actual results may differ from those predicted. While NXP does not know what impact any such differences may have on its business, if there are such differences, its future results of operations and its financial condition could be materially adversely affected. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak to results only as of the date the statements were made. Except for any ongoing obligation to disclose material information as required by the United States federal securities laws, NXP does not have any intention or obligation to publicly update or revise any forward-looking statements after we distribute this document, whether to reflect any future events or circumstances or otherwise. For a discussion of potential risks and uncertainties, please refer to the risk factors listed in our SEC filings. Copies of our SEC filings are available on our Investor Relations website, www.nxp.com/investor or from the SEC website, www.sec.gov.

        For further information, please contact:

        NXP-CORP

        NXP Semiconductors
        Table 1: Condensed consolidated statement of operations (unaudited)

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
                           
        Revenue $ 3,111     $ 3,250     $ 3,422     $ 12,614     $ 13,276  
        Cost of revenue   (1,433 )     (1,384 )     (1,485 )     (5,495 )     (5,723 )
        Gross profit   1,678       1,866       1,937       7,119       7,553  
        Research and development   (612 )     (577 )     (651 )     (2,347 )     (2,418 )
        Selling, general and administrative   (323 )     (265 )     (311 )     (1,164 )     (1,159 )
        Amortization of acquisition-related intangible assets   (28 )     (29 )     (63 )     (136 )     (300 )
        Total operating expenses   (963 )     (871 )     (1,025 )     (3,647 )     (3,877 )
        Other income (expense)   (40 )     (5 )     (5 )     (55 )     (15 )
        Operating income (loss)   675       990       907       3,417       3,661  
        Financial income (expense):                  
        Extinguishment of debt                            
        Other financial income (expense)   (91 )     (82 )     (78 )     (318 )     (309 )
        Income (loss) before income taxes   584       908       829       3,099       3,352  
        Benefit (provision) for income taxes   (77 )     (173 )     (124 )     (545 )     (523 )
        Results relating to equity-accounted investees   (2 )     (6 )     (2 )     (12 )     (7 )
        Net income (loss)   505       729       703       2,542       2,822  
        Less: Net income (loss) attributable to non-controlling interests   10       11       6       32       25  
        Net income (loss) attributable to stockholders   495       718       697       2,510       2,797  
                           
        Earnings per share data:                  
        Net income (loss) per common share attributable to stockholders in $        
        Basic $ 1.95     $ 2.82     $ 2.71     $ 9.84     $ 10.83  
        Diluted $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
                           
        Weighted average number of shares of common stock outstanding during the period (in thousands):        
        Basic   254,349       254,458       257,285       255,208       258,381  
        Diluted   256,628       257,717       260,298       257,848       261,370  
                           

        NXP Semiconductors
        Table 2: Condensed consolidated balance sheet (unaudited)

          ($ in millions) As of
            December 31,
        2024
          September 29,
        2024
          December 31,
        2023
        ASSETS          
        Current assets:          
          Cash and cash equivalents $ 3,292   $ 2,748   $ 3,862
          Short-term deposits       400     409
          Accounts receivable, net   1,032     1,070     894
          Inventories, net   2,356     2,234     2,134
          Other current assets   625     574     565
        Total current assets   7,305     7,026     7,864
                     
        Non-current assets:          
          Deferred tax assets   1,251     1,131     992
          Other non-current assets   1,796     1,510     1,297
          Property, plant and equipment, net   3,267     3,309     3,323
          Identified intangible assets, net   836     735     922
          Goodwill   9,930     9,958     9,955
        Total non-current assets   17,080     16,643     16,489
                     
        Total assets   24,385     23,669     24,353
                     
        LIABILITIES AND EQUITY          
        Current liabilities:          
          Accounts payable   1,017     899     1,164
          Restructuring liabilities-current   147     52     92
          Other current liabilities   1,434     1,542     1,855
          Short-term debt   500     499     1,000
        Total current liabilities   3,098     2,992     4,111
                     
        Non-current liabilities:          
          Long-term debt   10,354     9,683     10,175
          Restructuring liabilities   10     4     9
          Other non-current liabilities   1,392     1,246     1,098
        Total non-current liabilities   11,756     10,933     11,282
                     
          Non-controlling interests   348     338     316
          Stockholders’ equity   9,183     9,406     8,644
        Total equity   9,531     9,744     8,960
                   
        Total liabilities and equity   24,385     23,669     24,353
                     

        NXP Semiconductors
        Table 3: Condensed consolidated statement of cash flows (unaudited)

        ($ in millions) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        Cash flows from operating activities:                  
        Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:                  
        Depreciation, amortization and impairment   259       218       269       925       1,106  
        Share-based compensation   117       115       107       461       411  
        Amortization of discount (premium) on debt, net   1                   3       2  
        Amortization of debt issuance costs   2       2       2       7       8  
        Net (gain) loss on sale of assets   (1 )                 (3 )     (1 )
        Results relating to equity-accounted investees   2       6       2       12       7  
        (Gain) loss on equity securities, net   6       7             18       (1 )
        Deferred tax expense (benefit)   (145 )     (40 )     (97 )     (272 )     (267 )
        Changes in operating assets and liabilities:                  
        (Increase) decrease in receivables and other current assets   (25 )     (167 )     (20 )     (207 )     (138 )
        (Increase) decrease in inventories   (122 )     (86 )     6       (222 )     (353 )
        Increase (decrease) in accounts payable and other liabilities   16       118       101       (188 )     (119 )
        (Increase) decrease in other non-current assets   (218 )     (134 )     65       (306 )     16  
        Exchange differences   (1 )     7       7       14       22  
        Other items   (5 )     4       (8 )     (2 )     (2 )
        Net cash provided by (used for) operating activities   391       779       1,137       2,782       3,513  
                           
        Cash flows from investing activities:                  
        Purchase of identified intangible assets   (36 )     (26 )     (44 )     (149 )     (179 )
        Capital expenditures on property, plant and equipment   (130 )     (186 )     (175 )     (727 )     (827 )
        Insurance recoveries received for equipment damage                     2        
        Proceeds from the disposals of property, plant and equipment   1                   4       1  
        Advance payment from sale of property, plant and equipment   30                   30        
        Investment in short-term deposits               (409 )           (409 )
        Proceeds of short-term deposits   400                   409        
        Purchase of investments   (67 )     (159 )     (1 )     (260 )     (94 )
        Proceeds from the sale of investments                     5        
        Net cash provided by (used for) investing activities   198       (371 )     (629 )     (686 )     (1,508 )
                           
        Cash flows from financing activities:                  
        Repurchase of long-term debt                     (1,000 )      
        Proceeds from the issuance of long-term debt   670                   670        
        Cash paid for debt issuance costs   (1 )                 (1 )      
        Dividends paid to common stockholders   (258 )     (259 )     (261 )     (1,038 )     (1,006 )
        Proceeds from issuance of common stock through stock plans   3       39       1       82       71  
        Purchase of treasury shares and restricted stock unit
        withholdings
          (455 )     (305 )     (434 )     (1,373 )     (1,053 )
        Other, net         (1 )           (2 )     (2 )
        Net cash provided by (used for) financing activities   (41 )     (526 )     (694 )     (2,662 )     (1,990 )
                           
        Effect of changes in exchange rates on cash positions   (4 )     7       6       (4 )     2  
        Increase (decrease) in cash and cash equivalents   544       (111 )     (180 )     (570 )     17  
        Cash and cash equivalents at beginning of period   2,748       2,859       4,042       3,862       3,845  
        Cash and cash equivalents at end of period   3,292       2,748       3,862       3,292       3,862  
                           
        Net cash paid during the period for:                  
        Interest   92       27       83       243       261  
        Income taxes, net of refunds   280       196       221       867       919  
        Net gain (loss) on sale of assets:                  
        Cash proceeds from the sale of assets   1                   4       1  
        Book value of these assets                     (1 )      
        Non-cash investing activities:                  
        Non-cash capital expenditures   161       125       266       161       266  
                           

        NXP Semiconductors
        Table 4: Financial Reconciliation of GAAP to non-GAAP Results (unaudited)

        ($ in millions except share data) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Gross Profit $ 1,678     $ 1,866     $ 1,937     $ 7,119     $ 7,553  
        PPA Effects   (11 )     (12 )     (13 )     (47 )     (53 )
        Restructuring   (21 )           (13 )     (28 )     (11 )
        Share-based compensation   (15 )     (14 )     (14 )     (59 )     (54 )
        Other incidentals   (64 )           (33 )     (79 )     (91 )
        Non-GAAP Gross Profit $ 1,789     $ 1,892     $ 2,010     $ 7,332     $ 7,762  
        GAAP Gross margin   53.9 %     57.4 %     56.6 %     56.4 %     56.9 %
        Non-GAAP Gross margin   57.5 %     58.2 %     58.7 %     58.1 %     58.5 %
        GAAP Research and development $ (612 )   $ (577 )   $ (651 )   $ (2,347 )   $ (2,418 )
        Restructuring   (50 )           (49 )     (57 )     (59 )
        Share-based compensation   (60 )     (58 )     (55 )     (234 )     (211 )
        Other incidentals   (5 )           (1 )     (6 )     (5 )
        Non-GAAP Research and development $ (497 )   $ (519 )   $ (546 )   $ (2,050 )   $ (2,143 )
        GAAP Selling, general and administrative $ (323 )   $ (265 )   $ (311 )   $ (1,164 )   $ (1,159 )
        PPA effects         (1 )     (1 )     (2 )     (3 )
        Restructuring   (41 )           (22 )     (40 )     (28 )
        Share-based compensation   (42 )     (43 )     (38 )     (168 )     (146 )
        Other incidentals   (12 )     (2 )     (5 )     (45 )     (32 )
        Non-GAAP Selling, general and administrative $ (228 )   $ (219 )   $ (245 )   $ (909 )   $ (950 )
        GAAP Operating income (loss) $ 675     $ 990     $ 907     $ 3,417     $ 3,661  
        PPA effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )           (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Non-GAAP Operating income (loss) $ 1,065     $ 1,153     $ 1,219     $ 4,369     $ 4,662  
        GAAP Operating margin   21.7 %     30.5 %     26.5 %     27.1 %     27.6 %
        Non-GAAP Operating margin   34.2 %     35.5 %     35.6 %     34.6 %     35.1 %
        GAAP Income tax benefit (provision) $ (77 )   $ (173 )   $ (124 )   $ (545 )   $ (523 )
        Income tax effect   87       9       54       141       170  
        Non-GAAP Income tax benefit (provision) $ (164 )   $ (182 )   $ (178 )   $ (686 )   $ (693 )
        GAAP Net income (loss) attributable to stockholders $ 495     $ 718     $ 697       2,510       2,797  
        PPA Effects   (39 )     (42 )     (77 )     (185 )     (356 )
        Restructuring   (112 )           (84 )     (125 )     (98 )
        Share-based compensation   (117 )     (115 )     (107 )     (461 )     (411 )
        Other incidentals   (122 )     (6 )     (44 )     (181 )     (136 )
        Other adjustments:                      
        Adjustments to financial income (expense)   (17 )     (12 )     (9 )     (43 )     (26 )
        Income tax effect   87       9       54       141       170  
        Results relating to equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Net income (loss) attributable to stockholders $ 817     $ 890     $ 966     $ 3,376     $ 3,661  
                           
                           
        Additional Information:                  
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.
                           
        GAAP net income (loss) per common share attributable to stockholders – diluted $ 1.93     $ 2.79     $ 2.68     $ 9.73     $ 10.70  
        PPA Effects   (0.15 )     (0.16 )     (0.30 )     (0.72 )     (1.36 )
        Restructuring   (0.44 )           (0.32 )     (0.48 )     (0.38 )
        Share-based compensation   (0.46 )     (0.45 )     (0.41 )     (1.79 )     (1.57 )
        Other incidentals   (0.47 )     (0.02 )     (0.17 )     (0.70 )     (0.52 )
        Other adjustments:                  
        Adjustments to financial income (expense)   (0.07 )     (0.05 )     (0.03 )     (0.17 )     (0.10 )
        Income tax effect   0.34       0.04       0.21       0.55       0.65  
        Results relating to equity-accounted investees, excluding Foundry investees1         (0.02 )     (0.01 )     (0.05 )     (0.03 )
        Non-GAAP net income (loss) per common share attributable to stockholders – diluted $ 3.18     $ 3.45     $ 3.71     $ 13.09     $ 14.01  
                           
                           
        Additional Information:                  
        1. Refer to Table 7 below for further information regarding the results relating to equity-accounted investees.


        NXP Semiconductors
        Table 5: Financial Reconciliation of GAAP to non-GAAP Financial income (expense) (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Financial income (expense) $ (91 )   $ (82 )   $ (78 )   $ (318 )   $ (309 )
          Foreign exchange loss   3       (3 )     (6 )     (3 )     (15 )
          Other financial expense   (20 )     (9 )     (3 )     (40 )     (11 )
        Non-GAAP Financial income (expense) $ (74 )   $ (70 )   $ (69 )   $ (275 )   $ (283 )
                             

        NXP Semiconductors
        Table 6: Financial Reconciliation of GAAP to non-GAAP Other income (expense) (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Other income (expense) $ (40 )   $ (5 )   $ (5 )   $ (55 )   $ (15 )
          Other incidentals   (41 )     (4 )     (5 )     (51 )     (8 )
        Non-GAAP Other income (expense) $ 1     $ (1 )   $     $ (4 )   $ (7 )
                           

        NXP Semiconductors
        Table 7: Financial Reconciliation of GAAP to non-GAAP Results relating to equity-accounted investees (unaudited)

          ($ in millions) Three months ended   Full-year
            December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Results relating to equity-accounted investees $ (2 )   $ (6 )   $ (2 )   $ (12 )   $ (7 )
          Results of equity-accounted investees, excluding Foundry investees1   (2 )     (6 )     (2 )     (12 )     (7 )
        Non-GAAP Results relating to equity-accounted investees $     $     $     $     $  
                           
        Additional Information:
        1. We adjust our results relating to equity-accounted investees for those results from investments over which NXP has significant influence, but not control, and whose business activities are not related to the core operating performance of NXP. Our equity-investments in foundry partners are part of our long-term core operating performance and accordingly those results comprise the Non-GAAP Results relating to equity-accounted investees.

        NXP Semiconductors
        Table 8: Adjusted EBITDA and Free Cash Flow (unaudited)

        ($ in millions) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        GAAP Net income (loss) $ 505     $ 729     $ 703     $ 2,542     $ 2,822  
        Reconciling items to EBITDA (Non-GAAP)                  
        Financial (income) expense   91       82       78       318       309  
        (Benefit) provision for income taxes   77       173       124       545       523  
        Depreciation and impairment   190       149       167       630       652  
        Amortization   69       69       102       295       454  
        EBITDA (Non-GAAP) $ 932     $ 1,202     $ 1,174     $ 4,330     $ 4,760  
        Reconciling items to adjusted EBITDA (Non-GAAP)                  
        Results of equity-accounted investees, excluding Foundry investees1   2       6       2       12       7  
        Restructuring   112             84       125       98  
        Share-based compensation   117       115       107       461       411  
        Other incidental items2   77       6       44       136       134  
        Adjusted EBITDA (Non-GAAP) $ 1,240     $ 1,329     $ 1,411     $ 5,064     $ 5,410  
        Trailing twelve month adjusted EBITDA (Non-GAAP) $ 5,064     $ 5,235     $ 5,410     $ 5,064     $ 5,410  
                           
        Additional Information:                  
        1. Refer to Table 7 above for further information regarding the results relating to equity-accounted investees.
        2. Excluding from total other incidental items, charges included in depreciation, amortization or impairment reconciling items:        
                   – other incidental items   45                   45       2  
                           
                           
                           
        ($ in millions) Three months ended   Full-year
          December 31,
        2024
          September 29,
        2024
          December 31,
        2023
            2024       2023  
        Net cash provided by (used for) operating activities $ 391     $ 779     $ 1,137     $ 2,782     $ 3,513  
        Net capital expenditures on property, plant and equipment   (99 )     (186 )     (175 )     (693 )     (826 )
        Non-GAAP free cash flow $ 292     $ 593     $ 962     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow $ 2,089     $ 2,759     $ 2,687     $ 2,089     $ 2,687  
        Trailing twelve month non-GAAP free cash flow as percent of Revenue   17 %     21 %     20 %     17 %     20 %
                           

      The MIL Network

  • MIL-Evening Report: Whether Biden Or Trump, US’ Latin American Policy Will Be Contemptible

    Source: Council on Hemispheric Affairs – Analysis-Reportage

    By John Perry and Roger D. Harris

    Migration, Drugs, and Tariffs.

    With Donald Trump as the new US president, pundits are speculating about how US policy towards Latin America might change.

    In this article, we look at some of the speculation, then address three specific instances of how the US’s policy priorities may be viewed from a progressive, Latin American perspective. This leads us to a wider argument: that the way these issues are dealt with is symptomatic of Washington’s paramount objective of sustaining the US’s hegemonic position. In this overriding preoccupation, its policy towards Latin America is only one element, of course, but always of significance because the US hegemon still treats the region as its “backyard.”

    First, some examples of what the pundits are saying. In Foreign Affairs, Brian Winter argues that Trump’s return signals a shift away from Biden’s neglect of the region. “The reason is straightforward,” he says. “Trump’s top domestic priorities of cracking down on unauthorized immigration, stopping the smuggling of fentanyl and other illicit drugs, and reducing the influx of Chinese goods into the United States all depend heavily on policy toward Latin America.”

    Ryan Berg, who is with the thinktank, Center for Strategic and International Studies, funded by the US defense industry, is also hopeful. Trump will “focus U.S. policy more intently on the Western Hemisphere,” he argues, “and in so doing, also shore up its own security and prosperity at home.”

    According to blogger James Bosworth, Biden’s “benign neglect” could be replaced by an “aggressive Monroe Doctrine – deportations, tariff wars, militaristic security policies, demands of fealty towards the US, and a rejection of China.” However, notwithstanding the attention of Trump’s Secretary of State, Marco Rubio, Bosworth thinks there is still a good chance of policy lapsing into benign neglect as the new administration focuses elsewhere.

    The wrong end of the telescope

    What these and similar analyses share is a concern with problems of importance to the US, including domestic ones, and how they might be tackled by shifts in policy towards Latin America. They view the region from the end of a US-mounted telescope.

    Trump’s approach may be the more brazen “America first!,” but the basic stance is much the same as these pundits. The different scenarios will be worked out in Washington, with Latin America’s future seen as shaped by how it handles US policy changes over which it has little influence. Analyses by these supposed experts are constrained by their adopting the same one-dimensional perspective as Washington’s, instead of questioning it.

    Here’s one example. The word “neglect” is superficial because it hides the immense involvement of the US in Latin America even when it is “neglecting” it: from deep commercial ties to a massive military presence. It is also superficial because, in a real sense, the US constantly neglects the problems that concern most Latin Americans: low wages, inequality, being safe in the streets, the damaging effects of climate change, and many more. “Neglect” would be seen very differently on the streets of a Latin American city than it is inside the Washington beltway.

    Who has the “drug problem”?

    The vacuum in US thinking is nowhere more apparent than in responses to the drug problem. Trump threatens to declare Mexican drug cartels to be terrorist organizations and to invade Mexico to attack them.

    But, as academic Carlos Pérez-Ricart told El Pais: “This is a problem that does not originate in Mexico. The source, the demand, and the vectors are not Mexican. It is them.” Mexican President Claudia Sheinbaum also points out that it is consumption in the US that drives drug production and trafficking in Mexico.

    Trump could easily make the same mistake as his predecessor Clinton did two decades ago. Back then, billions were poured into “Plan Colombia” but still failed to solve the “drug problem,” while vastly augmenting violence and human rights violations in the target country.

    A foretaste of what might happen, if Trump carries out his threat, occurred last July, when Biden’s administration captured Ismael “El Mayo” Zambada. That caused an all-out war between cartels in the Mexican state of Sinaloa.

    Sheinbaum rightly turns questions about drug production and consumption back onto the US. Rhetorically, she asks: “Do you believe that fentanyl is not manufactured in the United States?…. Where are the drug cartels in the United States that distribute fentanyl in US cities? Where does the money from the sale of that fentanyl go in the United States?”

    If Trump launches a war on cartels, he will not be the first US president to the treat drug consumption as a foreign issue rather than a concomitantly domestic one.

    Where does the “migration problem” originate?

    Trump is also not the first president to be obsessed by migration. Like drugs, it is seen as a problem to be solved by the countries where the migrants originate, while both the “push” and “pull” factors under US control receive less attention.

    Exploitation of migrant labor, complex asylum procedures, and schemes such as “humanitarian parole” to encourage migration are downplayed as reasons. Biden intensified US sanctions on various Latin American countries, which have been shown conclusively to provoke massive emigration. Meanwhile Trump threatens to do the same.

    Many Latin American countries have been made unsafe by crime linked to drugs or other problems in which the US is implicated. About 392,000 Mexicans were displaced as a result of conflict in 2023 alone, their problem aggravated by the massive, often illegal, export of firearms from the US to Mexico.

    Costa Rica, historically a safe country, had a record 880 homicides in 2023, many of which were related to drug trafficking. In Brazil and other countries, US-trained security forces contribute directly to the violence, rather than reducing it.

    Mass deportations from the US, promised by Trump, could worsen these problems, as happened in El Salvador in the late 1990s. They would also affect remittances sent home by migrant workers, exacerbating regional poverty. The threatened use of tariffs on exports to the US could also have serious consequences if Latin America does not stand up to Trump’s threats. Economist Michael Hudson argues that countries will have to jointly retaliate by refusing to pay dollar-based debts to bond holders if export earnings from the US are summarily cut.

    China in the US “backyard”

    Trump also joins the Washington consensus in its preoccupation with China’s influence in Latin America. Monica de Bolle is with the Peterson Institute for International Economics, a thinktank partly funded by Pentagon contractors. She told the BBC: “You have got the backyard of America engaging directly with China. That’s going to be problematic.”

    Recently retired US Southern Command general, Laura Richardson, was probably the most senior frequent visitor on Washington’s behalf to Latin American capitals, during the Biden administration. She accused China of “playing the ‘long game’ with its development of dual-use sites and facilities throughout the region, “adding that those sites could serve as “points of future multi-domain access for the PLA [People’s Liberation Army] and strategic naval chokepoints.”

    As Foreign Affairs points out, Latin America’s trade with China has “exploded” from $18 billion in 2002 to $480 billion in 2023. China is also investing in huge infrastructure projects, and seemingly its only political condition is a preference for a country to recognize China diplomatically (not Taiwan). Even here, China is not absolute as with Guatemala, Haiti, and Paraguay, which still recognize Taiwan. China still has direct investments in those holdouts, though relatively more modest than with regional countries that fully embrace its one-China policy.

    Peru, currently a close US ally, has a new, Chinese-funded megaport at Chancay, opened in November by President Xi Jinping himself. Even right-wing Argentinian president Milei said of China, “They do not demand anything [in return].”

    What does the US offer instead? While Antony Blinken proudly displayed old railcars that were gifted to Peru, the reality is that most US “aid” to Latin America is either aimed at “promoting democracy” (i.e. Washington’s political agenda) or is conditional or exploitative in other ways.

    The BBC cites “seasoned observers” who believe that Washington is paying the price for “years of indifference” towards the region’s needs. Where the US sees a loss of strategic influence to China and to a lesser extent to Russia, Iran, and others, Latin American countries see opportunities for development and economic progress.

    Remember the Monroe Doctrine

    Those calling for a more “benign” policy are forgetting that, in the two centuries since President James Monroe announced the “doctrine,” later given his name, US policy towards Latin America has been aggressively self-interested.

    Its troops have intervened thousands of times in the region and have occupied its countries on numerous occasions. Just since World War II, there have been around 50 significant interventions or coup attempts, beginning with Guatemala in 1954. The US has 76 military bases across the region, while other major powers like China and Russia have none.

    The doctrine is very much alive. In Foreign Affairs, Brian Winter warns: “Many Republicans perceive these linkages [with China], and the growing Chinese presence in Latin America more broadly, as unacceptable violations of the Monroe Doctrine, the 201-year-old edict that the Western Hemisphere should be free of interference from outside powers.”

    Bosworth adds that Trump wants Latin America to decisively choose a side in the US vs China scrimmage, not merely underplay the role of China in the hemisphere. Any country courting Trump, he suggests, “needs to show some anti-China vibes.”

    Will Freeman is with the Council on Foreign Relations, whose major sponsors are also Pentagon contractors. He thinks that a new Monroe Doctrine and what he calls Trump’s “hardball” diplomacy may partially work, but only with northern Latin America countries, which are more dependent on US trade and other links.

    Trump has two imperatives: while one is stifling China’s influence (e.g. by taking possession of the Panama Canal), another is gaining control of mineral resources (a reason for his wanting to acquire Greenland). The desire for mineral resources is not new, either. General Richardson gave an interview in 2023 to another defense-industry-funded thinktank in which she strongly insinuated that Latin American minerals rightly belong to the US.

    Maintaining hegemonic power against the threat of multipolarity

    Neoconservative Charles Krauthammer, writing 20 years ago for yet another thinktank funded by the  defense industry, openly endorsed the US’s status as the dominant hegemonic power and decried multilateralism, at least when not in US interests. “Multipolarity, yes, when there is no alternative,” he said. “But not when there is. Not when we have the unique imbalance of power that we enjoy today.”

    Norwegian commentator Glen Diesen, writing in 2024, contends that the US is still fighting a battle – although perhaps now a losing one – against multipolarity and to retain its predominant status. Trump’s “America first!” is merely a more blatant expression of sentiments held by his other presidential predecessors for clinging on to Washington’s contested hegemony.

    The irony of Biden’s presidency was that his pursuit of the Ukraine war has led to warmer relations between his two rivals, Russia and China. In this context, the growth of BRICS has been fostered – an explicitly multipolar, non-hegemonic partnership. As Glen Diesen says, “The war intensified the global decoupling from the West.”

    Other steps to maintain US hegemony – its support for Israel’s genocide in Gaza, the regime-change operation in Syria and the breakdown of order in Haiti – suggest that, in Washington’s view, according to Diesen, “chaos is the only alternative to US global dominance.” Time and again, Yankee “beneficence” has meant ruination, not development.

    These have further strengthened desires in the global south for alternatives to US dominance, not least in Latin America. Many of its countries (especially those vulnerable to tightening US sanctions) now want to follow the alternative of BRICS.

    Unsurprisingly, Trump has been highly critical of this perceived erosion of hegemonic power on Biden’s watch. Thomas Fazi argues in UnHerd that this is realism on Trump’s part; he knows the Ukraine war cannot be conclusively won, and that China’s power is difficult to contain. Accordingly, this is leading to a “recalibrating of US priorities toward a more manageable ‘continental’ strategy — a new Monroe Doctrine — aimed at reasserting full hegemony over what it deems to be its natural sphere of influence, the Americas and the northern Atlantic,” stretching from Greenland and the Arctic to Tierra del Fuego and Antarctica.

    The pundits may not agree on quite what Trump’s approach towards Latin America will be, but they concur with Winter’s judgment that the region “is about to become a priority for US foreign policy.” His appointment of Marco Rubio is a signal of this. The new secretary of state is a hawk, just like Blinken, but one with a dangerous focus on Latin America.

    However, the mere fact that such pundits hark back to the Monroe Doctrine indicates that this is only, so to speak, old wine in new bottles. Even in the recent past, an aggressive application of the 201-year-old Monroe Doctrine has never seen a hiatus.

    Recall US-backed coups that deposed Honduran President Manuel Zelaya (2009) and Bolivian Evo Morales (2019), plus the failed coup against Daniel Ortega in Nicaragua (2018), along with the parliamentary coup that ousted Paraguayan Fernando Lugo (2012). To these, US-backed regime change by “lawfare” included Dilma Rousseff in Brazil (2016) and Pedro Castillo in Peru (2023). Currently presidential elections have simply been suspended in Haiti and Peru with US backing.

    Even if Trump is more blatant than his predecessors in making clear that his policymaking is based entirely on what he perceives to be US interests, rather than those of Latin Americans, this is not new.

    As commentator Caitlin Johnstone points out, the main difference between Trump and his predecessors is that he “makes the US empire much more transparent and unhidden.” From the other end of the political spectrum, a former John McCain adviser echoes the same assessment: “there will likely be far more continuity between the two administrations than meets the eye.”

    Regardless, Latin America will continue to struggle to set its own destiny, patchily and with setbacks, and this will likely draw it away from the hegemon, whatever the US does.

    Nicaragua-based John Perry is with the Nicaragua Solidarity Coalition and writes for the London Review of Books, FAIR, and CovertAction.

    Roger D. Harris is with the Task Force on the Americas, the US Peace Council, and the Venezuela Solidarity Network

    Featured image courtesy of Cornell University/Wikimedia Commons

    First published by Popular Resistance: https://popularresistance.org/whether-biden-or-trump-us-latin-american-policy-will-still-be-contemptible/

    MIL OSI AnalysisEveningReport.nz

  • MIL-OSI USA: NASA’s InSight Finds Marsquakes From Meteoroids Go Deeper Than Expected

    Source: NASA

    With help from AI, scientists discovered a fresh crater made by an impact that shook material as deep as the Red Planet’s mantle.
    Meteoroids striking Mars produce seismic signals that can reach deeper into the planet than previously known. That’s the finding of a pair of new papers comparing marsquake data collected by NASA’s InSight lander with impact craters spotted by the agency’s Mars Reconnaissance Orbiter (MRO).
    The papers, published on Monday, Feb. 3, in Geophysical Research Letters (GRL), highlight how scientists continue to learn from InSight, which NASA retired in 2022 after a successful extended mission. InSight set the first seismometer on Mars, detecting more than 1,300 marsquakes, which are produced by shaking deep inside the planet (caused by rocks cracking under heat and pressure) and by space rocks striking the surface.
    By observing how seismic waves from those quakes change as they travel through the planet’s crust, mantle, and core, scientists get a glimpse into Mars’ interior, as well as a better understanding of how all rocky worlds form, including Earth and its Moon.

    Researchers have in the past taken images of new impact craters and found seismic data that matches the date and location of the craters’ formation. But the two new studies represent the first time a fresh impact has been correlated with shaking detected in Cerberus Fossae, an especially quake-prone region of Mars that is 1,019 miles (1,640 kilometers) from InSight.
    The impact crater is 71 feet (21.5 meters) in diameter and much farther from InSight than scientists expected, based on the quake’s seismic energy. The Martian crust has unique properties thought to dampen seismic waves produced by impacts, and researchers’ analysis of the Cerberus Fossae impact led them to conclude that the waves it produced took a more direct route through the planet’s mantle.
    InSight’s team will now have to reassess their models of the composition and structure of Mars’ interior to explain how impact-generated seismic signals can go that deep.
    “We used to think the energy detected from the vast majority of seismic events was stuck traveling within the Martian crust,” said InSight team member Constantinos Charalambous of Imperial College London. “This finding shows a deeper, faster path — call it a seismic highway — through the mantle, allowing quakes to reach more distant regions of the planet.”
    Spotting Mars Craters With MRO
    A machine learning algorithm developed at NASA’s Jet Propulsion Laboratory in Southern California to detect meteoroid impacts on Mars played a key role in discovering the Cerberus Fossae crater. In a matter of hours, the artificial intelligence tool can sift through tens of thousands of black-and-white images captured by MRO’s Context Camera, detecting the blast zones around craters. The tool selects candidate images for examination by scientists practiced at telling which subtle colorations on Mars deserve more detailed imaging by MRO’s High-Resolution Imaging Science Experiment (HiRISE) camera.
    “Done manually, this would be years of work,” said InSight team member Valentin Bickel of the University of Bern in Switzerland. “Using this tool, we went from tens of thousands of images to just a handful in a matter of days. It’s not quite as good as a human, but it’s super fast.”
    Bickel and his colleagues searched for craters within roughly 1,864 miles (3,000 kilometers) of InSight’s location, hoping to find some that formed while the lander’s seismometer was recording. By comparing before-and-after images from the Context Camera over a range of time, they found 123 fresh craters to cross-reference with InSight’s data; 49 of those were potential matches with quakes detected by the lander’s seismometer. Charalambous and other seismologists filtered that pool further to identify the 71-foot Cerberus Fossae impact crater.
    Deciphering More, Faster
    The more scientists study InSight’s data, the better they become at distinguishing signals originating inside the planet from those caused by meteoroid strikes. The impact found in Cerberus Fossae will help them further refine how they tell these signals apart.
    “We thought Cerberus Fossae produced lots of high-frequency seismic signals associated with internally generated quakes, but this suggests some of the activity does not originate there and could actually be from impacts instead,” Charalambous said.
    The findings also highlight how researchers are harnessing AI to improve planetary science by making better use of all the data gathered by NASA and ESA (European Space Agency) missions. In addition to studying Martian craters, Bickel has used AI to search for landslides, dust devils, and seasonal dark features that appear on steep slopes, called slope streaks or recurring slope linae. AI tools have been used to find craters and landslides on Earth’s Moon as well.
    “Now we have so many images from the Moon and Mars that the struggle is to process and analyze the data,” Bickel said. “We’ve finally arrived in the big data era of planetary science.”
    More About InSight
    JPL managed InSight for the agency’s Science Mission Directorate. InSight was part of NASA’s Discovery Program, managed by the agency’s Marshall Space Flight Center in Huntsville, Alabama. Lockheed Martin Space in Denver built the InSight spacecraft, including its cruise stage and lander, and supported spacecraft operations for the mission.
    A number of European partners, including France’s Centre National d’Études Spatiales (CNES) and the German Aerospace Center (DLR), supported the InSight mission. CNES provided the Seismic Experiment for Interior Structure (SEIS) instrument to NASA, with the principal investigator at IPGP (Institut de Physique du Globe de Paris). Significant contributions for SEIS came from IPGP; the Max Planck Institute for Solar System Research (MPS) in Germany; the Swiss Federal Institute of Technology (ETH Zurich) in Switzerland; Imperial College London and Oxford University in the United Kingdom; and JPL. DLR provided the Heat Flow and Physical Properties Package (HP3) instrument, with significant contributions from the Space Research Center (CBK) of the Polish Academy of Sciences and Astronika in Poland. Spain’s Centro de Astrobiología (CAB) supplied the temperature and wind sensors.
    A division of Caltech in Pasadena, California, JPL manages the Mars Reconnaissance Orbiter Project for NASA’s Science Mission Directorate, Washington. The University of Arizona, in Tucson, operates HiRISE, which was built by BAE Systems in Boulder, Colorado. The Context Camera was built by, and is operated by, Malin Space Science Systems in San Diego. 
    For more about Insight, visit:

    InSight Lander

    For more about MRO, visit:

    Mars Reconnaissance Orbiter

    News Media Contacts
    Andrew GoodJet Propulsion Laboratory, Pasadena, Calif.818-393-2433andrew.c.good@jpl.nasa.gov
    Karen Fox / Molly WasserNASA Headquarters, Washington202-358-1600|karen.c.fox@nasa.gov / molly.l.wasser@nasa.gov
    2025-013

    MIL OSI USA News

  • MIL-OSI USA: FEMA to Host Housing Resource Fair Feb. 8 in Valdosta

    Source: US Federal Emergency Management Agency

    Headline: FEMA to Host Housing Resource Fair Feb. 8 in Valdosta

    FEMA to Host Housing Resource Fair Feb. 8 in Valdosta

    FEMA is hosting a Housing Resource Fair from 9 a.m. to 5 p.m., Saturday, Feb. 8, in Valdosta at the following location:Lowndes Civic Center 2108 E Hill Ave, Building DValdosta, GA 31601The Housing Resource Fair will bring together federal, state and local agencies in one place to offer services and resources to families recovering from Hurricane Helene.  The goal of this collaborative effort is to help connect eligible disaster survivors with affordable housing along with valuable information and resources on their road to recovery.Survivors will meet with local housing organizations, property owners and landlords, as well as gain information on the HEARTS Georgia Sheltering Program, and U.S. Small Business Administration (SBA) loans.The Housing Resource Fair is an opportunity for survivors to: Explore affordable housing options and rental assistance programs. Meet with representatives from local housing organizations, landlords and property managers. Gain access to resources for displaced individuals and families. Learn about community partners that will provide educational funding resources to attendees. For FEMA Federal Coordinating Officer Kevin Wallace, the Housing Resource Fair will give survivors that needed one-on-one experience: “We want survivors to know we are here for them and want to see the best outcome, which is moving into safe, sanitary and functioning housing,” he said. “We will walk them through their options to ensure they are aware of the resources that are available to fit their need.”Anyone who was affected by Tropical Storm Debby or Hurricane Helene, whether they have applied for FEMA assistance or not, is welcome to attend.
    jakia.randolph
    Mon, 02/03/2025 – 14:35

    MIL OSI USA News

  • MIL-OSI USA: FEMA Offers Free Rebuilding Tips to Georgians in Laurens and Toombs Counties

    Source: US Federal Emergency Management Agency

    Headline: FEMA Offers Free Rebuilding Tips to Georgians in Laurens and Toombs Counties

    FEMA Offers Free Rebuilding Tips to Georgians in Laurens and Toombs Counties

    If you are making repairs to your home after Tropical Storm Debby (Aug. 4–20) or Hurricane Helene (Sept. 24—Oct. 20), you can get tips from FEMA to make your home safer and stronger at Home Depot in Dublin (Laurens County) and at Lowe’s in Vidalia (Toombs County).FEMA Community Education Outreach (C.E.O.) Mitigation Specialists are available to answer questions and offer home-improvement tips along with proven methods to prevent or reduce damage from future disasters. They will also offer tips and techniques on rebuilding hazard-resistant homes. Mitigation is an effort to reduce the loss of life and property damage by lessening the impact of a disaster. The FEMA specialists will be available at these locations during the times and dates listed below:LOCATIONSHome Depot1833 Veterans Blvd.Dublin, GA 31021Lowe’s Home Improvement3209 East First St.Vidalia, GA 30474TIMES AND DATES Monday through Saturday: 8 a.m. to 6 p.m., Feb. 3, 2025, through Feb. 15, 2025.  
    jakia.randolph
    Mon, 02/03/2025 – 13:31

    MIL OSI USA News

  • MIL-OSI USA: Disaster Recovery Centers in Appling and Emanuel counties to Permanently Close Feb. 5

    Source: US Federal Emergency Management Agency

    Headline: Disaster Recovery Centers in Appling and Emanuel counties to Permanently Close Feb. 5

    Disaster Recovery Centers in Appling and Emanuel counties to Permanently Close Feb. 5

    The Disaster Recovery Centers in Appling and Emanuel are set to permanently close at 6 p.m., Wednesday, Feb. 5. They are currently open 8 a.m. to 6 p.m., Monday through Saturday.The recovery centers are at these locations:Appling CountyAppling County Center 83 S. Oak St.Baxley, GA 31513 Emanuel CountySoutheastern Technical CollegeSpecial Programs Bldg.346 Kite Road, Building 1Swainsboro, GA 30401There are other centers currently operating in Georgia. Residents can find the center closest to them by going to fema.gov/drc. All centers are accessible to people with disabilities or access and functional needs.There are additional ways to apply for assistance:Online at DisasterAssistance.gov.The FEMA App for mobile devicesCall toll-free 800-621-3362.  Survivors can also contact the Georgia Call Center Monday through Saturday at 678-547-2861 for assistance with their application.For an accessible video on how to apply for assistance go to FEMA Accessible: Applying for Individual Assistance – YouTube.FEMA provides help to all disaster survivors, regardless of race, color, national origin, sex, sexual orientation, religion, age, disability, English proficiency or economic status. Our top priority is ensuring that disaster assistance is reaching people in need.
    jakia.randolph
    Mon, 02/03/2025 – 13:35

    MIL OSI USA News

  • MIL-OSI USA: Station Nation: Meet Tandra Gill Spain, Computer Resources Senior Project Manager in the Avionics and Software Office 

    Source: NASA

    For astronauts aboard the International Space Station, staying connected to loved ones and maintaining a sense of normalcy is critical. That is where Tandra Gill Spain, a computer resources senior project manager in NASA’s Avionics and Software Office, comes in. Spain leads the integration of applications on Apple devices and the hardware integration on the Joint Station Local Area Network, which connects the systems from various space agencies on the International Space Station. She also provides technical lead support to the Systems Engineering and Space Operations Computing teams and certifies hardware for use on the orbiting laboratory. 
    Spain shares about her career with NASA and more. Read on to learn about her story, her favorite project, and the advice she has for the next generation of explorers. 

    Where are you from? 
    I am from Milwaukee, Wisconsin. 
    Tell us about your role at NASA. 
    I am the Apple subsystem manager where I lead the integration of applications on Apple devices as well as the hardware integration on the Joint Station Local Area Network. We use a variety of different software but I work specifically with our Apple products. I also provide technical lead support to the Systems Engineering and Space Operations Computing teams. In addition, I select and oversee the certification of hardware for use on the International Space Station, and I research commonly used technology and assess applicability to space operations.   
    How would you describe your job to family or friends who may not be familiar with NASA? 

    Tandra spain
    Computer Resources Senior Project Manager

    I get the opportunity to provide the iPads and associated applications that give astronauts the resources to access the internet. Having access to the internet affords them the opportunity to stay as connected as they desire with what is going on back home on Earth (e.g., stream media content, stay in touch with family and friends, and even pay bills). I also provide hardware such as Bluetooth speakers, AirPods, video projectors, and screens. 
    How long have you been working for NASA? 
    I have been with the agency for 30 years, including 22 years as a contractor. 
    What advice would you give to young individuals aspiring to work in the space industry or at NASA? 
    I have found that there is a place for just about everyone at NASA, therefore, follow your passion.  Although many of us are, you don’t have to be a scientist or engineer to work at NASA. Yearn to learn.  Pause and listen to those around you. You don’t know what you don’t know, and you will be amazed what gems you’ll learn in the most unexpected situations. 
    Additionally, be flexible and find gratitude in every experience. Many of the roles that I’ve had over the years didn’t come from a well-crafted, laid-out plan that I executed, but came from taking advantage of the opportunities that presented themselves and doing them to the best of my ability. 

    What was your path to NASA? 
    I moved to Houston to work at NASA’s Johnson Space Center immediately upon graduating from college. 
    Is there someone in the space, aerospace, or science industry that has motivated or inspired you to work for the space program? Or someone you discovered while working for NASA who inspires you?  
    I spent over half of my career in the Astronaut Office, and I’ve been influenced in different ways by different people, so it wouldn’t be fair to pick just one! 
    What is your favorite NASA memory? 
    I’ve worked on so many meaningful projects, but there are two recent projects that stand out.
    Humans were not created to be alone, and connection is extremely important. I was able to provide a telehealth platform for astronauts to autonomously video conference with friends and family whenever an internet connection is available. Prior to having this capability, crew were limited to one scheduled video conference a week. It makes me emotional to think that we have moms and dads orbiting the Earth on the space station and they can see their babies before they go to bed, when they wake up in the morning, or even in the middle of the night if needed.  
    In addition, since iPads are used for work as well as personal activities on station, it is important for my team to be able to efficiently keep the applications and security patches up to date. We completed the software integration and are in the process of wrapping up the certification of the Mac Mini to provide this capability. This will allow us to keep up with all software updates that Apple releases on a regular basis and minimize the amount of crew and flight controller team time associated with the task by approximately 85%. 

    What do you love sharing about station? What’s important to get across to general audiences to help them understand the benefits to life on Earth? 
    When I speak to the public about the space station, I like to compare our everyday lives on Earth to life on the station and highlight the use of technology to maintain the connection to those on Earth. For example, most people have a phone. Besides making a phone call, what do you use your phone for? It is amazing to know that the same capabilities exist on station, such as using apps, participating in parent teacher conferences, and more. 
    If you could have dinner with any astronaut, past or present, who would it be? 
    I would have dinner with NASA astronaut Ron McNair. He graduated from the same university as I did, and I’ve heard great stories about him. 
    Do you have a favorite space-related memory or moment that stands out to you? 
    As I mentioned previously, human connection is extremely important. As an engineer in the Astronaut Office, I worked on a project that provided more frequent email updates when Ku-Band communication was available. Previously, email was synced two to three times a day, and less on the weekend. When the capability went active, I sent the first email exchange. 
    What are some of the key projects you’ve worked on during your time at NASA? What have been your favorite?  
    There have been so many projects over the past 30 years that I don’t think I could select just one. There is something however, that I’ve done on many occasions that has brought me pure joy, which is attending outreach events as Johnson’s “Cosmo” mascot, especially Houston Astros games.    

    What are your hobbies/things you enjoy outside of work? 
    I enjoy crafting, traveling, mentoring students in Pearland Independent School District, spending time with family, and my Rooted Together community. 
    Day launch or night launch?  
    Night launch! 
    Favorite space movie? 
    Star Wars (the original version) 
    NASA “worm” or “meatball” logo? 
    Meatball 

    Every day, we’re conducting exciting research aboard our orbiting laboratory that will help us explore further into space and bring benefits back to people on Earth. You can keep up with the latest news, videos, and pictures about space station science on the Station Research & Technology news page. It’s a curated hub of space station research digital media from Johnson and other centers and space agencies.  
    Sign up for our weekly email newsletter to get the updates delivered directly to you.  
    Follow updates on social media at @ISS_Research on Twitter, and on the space station accounts on Facebook and Instagram.  

    MIL OSI USA News

  • MIL-OSI USA: Russian and Uzbek Nationals Charged with Conspiracy to File False Voter Registration Applications

    Source: US State of Vermont

    A Russian national and an Uzbek national, both residing in Florida, were arrested for their alleged participation in a scheme to submit false and fraudulent voter registration applications to the Pinellas County, Florida, Supervisor of Elections.

    According to court filings, Dmitry Shushlebin, 45, a citizen of Russia living in Miami Beach, and Sanjar Jamilov, 33, a citizen of Uzbekistan living in St. Petersburg, conspired to submit 132 fraudulent voter registration applications to the Pinellas County Supervisor of Elections in February and March 2023. These applications were submitted in names other than their own, in envelopes with return and address labels that were identically formatted, including containing the same typographical error, and bore various indicia of fraud including, among other things, repeating dates of birth and addresses and nearly sequential social security numbers. Change of address forms were also submitted to the U.S. Postal Service to route mail to the names and addresses on the fraudulent applications to three locations that Shushlebin and Jamilov allegedly controlled.

    Shushlebin and Jamilov are each charged with one count of conspiring to submit fraudulent voter registration applications and give false information in registering to vote. If convicted, each faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, U.S. Attorney Roger B. Handberg for the Middle District of Florida, Acting Inspector in Charge Steven Hodges of the U.S. Postal Inspection Service (USPIS) Miami Division, and Special Agent in Charge Matthew W. Fodor of the FBI Tampa Field Office made the announcement.

    USPIS, FBI, and the Florida Department of Law Enforcement are investigating the case. This case began after a referral from the Florida Department of State, Office of Election Crime and Security.

    Trial Attorney Leo J. Wise of the Criminal Division’s Public Integrity Section and Assistant U.S. Attorney Daniel J. Marcet for the Middle District of Florida are prosecuting the case.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL OSI USA News

  • MIL-OSI Security: Russian and Uzbek Nationals Charged with Conspiracy to File False Voter Registration Applications

    Source: United States Attorneys General 4

    A Russian national and an Uzbek national, both residing in Florida, were arrested for their alleged participation in a scheme to submit false and fraudulent voter registration applications to the Pinellas County, Florida, Supervisor of Elections.

    According to court filings, Dmitry Shushlebin, 45, a citizen of Russia living in Miami Beach, and Sanjar Jamilov, 33, a citizen of Uzbekistan living in St. Petersburg, conspired to submit 132 fraudulent voter registration applications to the Pinellas County Supervisor of Elections in February and March 2023. These applications were submitted in names other than their own, in envelopes with return and address labels that were identically formatted, including containing the same typographical error, and bore various indicia of fraud including, among other things, repeating dates of birth and addresses and nearly sequential social security numbers. Change of address forms were also submitted to the U.S. Postal Service to route mail to the names and addresses on the fraudulent applications to three locations that Shushlebin and Jamilov allegedly controlled.

    Shushlebin and Jamilov are each charged with one count of conspiring to submit fraudulent voter registration applications and give false information in registering to vote. If convicted, each faces a maximum penalty of five years in prison. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

    Supervisory Official Antoinette T. Bacon of the Justice Department’s Criminal Division, U.S. Attorney Roger B. Handberg for the Middle District of Florida, Acting Inspector in Charge Steven Hodges of the U.S. Postal Inspection Service (USPIS) Miami Division, and Special Agent in Charge Matthew W. Fodor of the FBI Tampa Field Office made the announcement.

    USPIS, FBI, and the Florida Department of Law Enforcement are investigating the case. This case began after a referral from the Florida Department of State, Office of Election Crime and Security.

    Trial Attorney Leo J. Wise of the Criminal Division’s Public Integrity Section and Assistant U.S. Attorney Daniel J. Marcet for the Middle District of Florida are prosecuting the case.

    A criminal complaint is merely an allegation. All defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

    MIL Security OSI

  • MIL-OSI Economics: Services trade growth hits new highs in third quarter of 2024

    Source: World Trade Organization

    The third quarter of 2024 saw services exports rise by 16 per cent in Asia, followed by 8 per cent in Europe, while North America, South and Central America and the Caribbean expanded by 7 per cent. Marked growth was also recorded on imports across regions, reflecting high demand for diverse services.

    Services are the bright spot of trade, with growth of 9 per cent year-on-year in the first three quarters of 2024 (Chart 1). This is in sharp contrast with goods trade, which was up by only 2 per cent over the same period.

    In the third quarter of 2024, transport saw a 14 per cent rise (Chart 1) as shipping rates climbed amid persistent disruptions on major trade routes. Global freight prices were nearly four times higher than in Q3 2023, at about US$ 4,500, according to data from Freightos.

    Asia’s transport services exports increased by 32 per cent, with peaks of 47 per cent in China and 40 per cent in Singapore. Available monthly statistics of leading Asian transport traders point to sustained growth through the end of the year. For example, in the last quarter of 2024, China’s transport exports soared by 50 per cent, reflecting a surge in shipments.

    International travellers’ expenditure in foreign economies increased by 10 per cent in Q3 2024, and in the first three quarters of 2024, global travel receipts were 15 per cent higher than pre-pandemic levels. Growth is stabilizing after the post-pandemic surge, and visa-free schemes adopted throughout 2024 by many economies have benefited international tourism worldwide. By the end of 2024, international tourist arrivals had almost reached their 2019 levels, suggesting complete recovery for the sector, according to UN Tourism.

    Travel in 2024 was also boosted by the UEFA European Football Championship in Germany and the Olympics in France, and Europe’s travel exports grew by 7 per cent from an already high base in 2023. Many African economies recorded double-digit growth, including Namibia (+32 per cent), Morocco (+19 per cent) and Tanzania (+18 per cent).

    Other commercial services, a heterogeneous group of services accounting for some 60 per cent of total services trade, expanded on average by 8 per cent in Q3. In the European Union and the United Kingdom, exports in this category increased by 9 per cent, and in the United States by 7 per cent. Double-digit growth was widespread in many economies in different regions. For example, South and Central America and the Caribbean economies saw very high growth rates, including Chile (+32 per cent), Argentina (+26 per cent) and Peru (+17 per cent).

    Digitally deliverable services such as computer, financial, business and insurance services were the main drivers of growth. Computer services continued their impressive rise in January-September 2024, with cumulative exports surging globally by 13 per cent (Chart 2). Rapid growth in computer services exports was recorded both in developed and developing economies, including a sharp increase of 77 per cent in Indonesia and strong growth of 37 per cent in Mauritius and 18 per cent in the United States (Chart 3). According to WTO estimates, the European Union’s exports of computer services grew by 15 per cent year-on-year in the first nine months of 2024, or by 10 per cent if excluding the largest EU exporter, Ireland.

    Companies are increasingly outsourcing information technology (IT) services and software development. The rapid expansion of e-commerce and digital platforms, including in developing economies, has accelerated this process. The growing adoption of AI, such as to develop chatbots, machine learning and predictive analytics, as well as for cybersecurity needs, has further accelerated the global demand for computer services. This trend is expected to persist as businesses adapt to new technologies and consumer preferences for digital solutions.

    Quarterly statistics are estimates as of the time of publication, and subject to frequent revisions. They are available for download at WTO Stats, along with monthly and annual statistics. Annual services trade data and related visualizations can also be accessed at the Global Services Trade Data Hub and at WTO World Trade Statistics 2023.

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    MIL OSI Economics

  • MIL-OSI Economics: Austria gives EUR 200,000 to help developing economies engage more fully in international trade

    Source: World Trade Organization

    Academic institutions in the WTO Chairs Programme receive financial and technical support from the WTO for trade-related research, curriculum development and outreach activities. The objective is to boost the capacity of these institutions to advise WTO member governments and key stakeholders on trade policy issues.

    Director-General Ngozi Okonjo-Iweala said: “I thank Austria for renewing its valuable contribution to the WTO Chairs Programme, an important tool for promoting academic research and supporting the participation of developing economies and LDCs in trade. Through this global platform, trade policy-making can be better leveraged to raise living standards, create jobs and advance sustainable development.”

    Austria’s Minister for Labour and Economy, Martin Kocher, said: “Austria’s new contribution to the Global Trust Fund — and in particular to the Chairs Programme — highlights our commitment to further strengthen the understanding of global and regional trade issues in developing economies and LDCs. Keeping markets open, supporting trade policy measures on all levels and promoting a level playing field in multilateral trade is of utmost importance to our open and export-oriented economy, especially during these challenging times. The WTO’s Global Trust Fund and the Chairs Programme have an important role to play within this framework. By working together and aligning our combined strengths, we can strongly contribute to boosting economic growth and creating jobs in these countries for the benefit of us all.”

    Overall, Austria has contributed CHF 6 million to the various WTO Trust Funds over more than 20 years.

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    MIL OSI Economics

  • MIL-OSI United Nations: Civil Society Organizations Brief the Committee on the Elimination of Discrimination against Women on the Situation of Women in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg

    Source: United Nations – Geneva

    Committee also Discusses Gender-Inclusive Approaches to Digitisation with the Working Group on Business and Human Rights

    The Committee on the Elimination of Discrimination against Women was this afternoon briefed by representatives of civil society organizations on the situation of women’s rights in the Democratic Republic of the Congo, Nepal, Belarus and Luxembourg, the reports of which the Committee will review this week.

    In relation to the Democratic Republic of the Congo, speakers raised concerns regarding gender-based violence and abuse of internally displaced women and girls in the context of the escalating conflict, and the impact of the withdrawal of the United Nations Organization Stabilization Mission in the Democratic Republic of the Congo.

    On Nepal, speakers addressed discrimination against vulnerable women, including indigenous women and girls, lesbian, bisexual, transgender and intersex women, and women sex workers; anti-discrimination legislation; and the participation of women in political processes.

    Non-governmental organizations speaking on Belarus raised topics including the dissolution of civil society organizations, imprisonment of women human rights defenders, and barriers to access to justice for women.

    Regarding Luxembourg, a speaker raised issues related to a lack of gender sensitive policies and measures to address intersecting forms of discrimination, and the subordination of women through the social system.

    The National Human Rights Commissioner of the Democratic Republic of the Congo spoke on the country, as did the following non-governmental organizations: Centre for Migration, Gender, and Justice; Groupe d’Action pour les Droits de la Femme; and SAVIE ASBL LGBT.

    Regarding Nepal, the following non-governmental organizations spoke: Forum for Women, Law and Development; Feminist Dalit Organization; Nepal Indigenous Women Federation; Sex Workers and Allies South Asia and Team; Campaign for Change, Mitini Nepal, and Intersex Asia; and Visible Impact.

    The following non-governmental organizations spoke on Belarus: Belarusian Helsinki Committee; Human Constanta; Belarusian Congress of Democratic Trade Unions; Coalition against gender-based and domestic violence; and Our House.

    A representative of the Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights spoke on Luxembourg.

    The Committee also held an informal meeting with the Working Group on Business and Human Rights and representatives from civil society and the business sector on “increasing the bottom line through smart, gender-inclusive, rights-focused approaches in digitisation.”

    Opening the meeting, Nahla Haidar, the newly elected Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past.  She called for action to prevent bias and discrimination against women through cyber-enabled modalities; expand women’s economic opportunities in the new digital era; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

    In the meeting, speakers discussed topics such as measures to prevent discrimination of women in the private sector, and particularly in the field of technology; measures to promote access to science, technology, engineering and maths education for women; measures to address the impacts of artificial intelligence on women; and measures to protect women’s rights in the energy transition era.

    Committee Experts and members of the Working Group spoke in the meeting, as did representatives of the United Nations Office of the High Commissioner for Human Rights, the World Trade Organization, and various private sector and civil society organizations.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 10 a.m. on Tuesday, 4 February to consider the report of the Democratic Republic of the Congo submitted under the exceptional reporting procedure (CEDAW/C/COD/EP/1).

    Opening Remarks by the Committee Chair

    NAHLA HAIDAR, Committee Chairperson, said that during each session, the Committee invited national and international non-governmental organizations to informal public meetings to provide specific information on the States parties that were scheduled for consideration by the Committee.  She welcomed the representatives of non-governmental organizations and national human rights institutions that had come to provide information on the States parties whose reports were being considered this week: Democratic Republic of the Congo, Nepal, Belarus and Luxembourg.

    Statements by Non-Governmental Organizations from the Democratic Republic of the Congo, Nepal and Belarus

    Democratic Republic of the Congo

    On the Democratic Republic of the Congo, speakers, among other things, said violence against displaced persons was on the rise in the State.  Gender-based violence, specifically, was rampant, leaving survivors with limited access to justice.  Displaced women had a lack of access to reproductive health care and were giving birth in unsafe conditions.  The economic struggles that displaced women and girls faced were equally alarming.  With scarce income opportunities, many were driven to survival sex, which exposed them to sexual exploitation and abuse.

    The withdrawal of the United Nations Organization Stabilisation Mission in the Democratic Republic of the Congo raised real concerns.  Plans from national authorities to take on the responsibilities of the Mission remained lacking.  Armed militias and members of the security forces continued to abuse women with impunity.  There were also “tolerance houses” where internally displaced women and girls were sexually abused.  Justice remained inaccessible for most survivors.

    Speakers called on the Government to bolster administrative capacities; ensure the transfer of United Nations facilities to the armed forces; investigate “tolerance houses” and hold perpetrators of gender-based violence criminally liable; control the spread of weapons; and ensure justice and dignity for all women in the State.  Speakers also called for a national migration strategy that was gender-responsive; mechanisms for gender-based violence prevention, mitigation, and response; provision of health services and resources, especially with regards to maternity health, that connected to related concerns such as food insecurity and nutrition; and programmes to expand livelihood provisions that supported displaced women and girls.

    Nepal

    Speakers said Nepal had yet to enact a robust anti-discrimination law, making women more vulnerable to abuse. There was a need to criminalise discrimination against women and eliminate all discriminatory legal provisions against them.  The State party also needed to allocate sufficient human and financial resources to public bodies working on women’s rights.  Appropriate support needed to be provided to women victims of violence.

    Fifteen per cent of Nepal’s population of women faced multiple forms of discrimination; many women faced social exclusion and violence.  Some girls did not report crimes due to a lack of trust in the justice system.

    Nepal needed to amend the Constitution to address historical discrimination of indigenous women and to recognise the customary laws of indigenous people.  The Government needed to amend the act on the rights of persons with disabilities to address the rights of indigenous women with disabilities. Access to justice needed to be promoted for indigenous women and women with disabilities.

    Nepal had failed to ratify the Palermo Protocol, and human trafficking and sex work were treated as the same in the country.  Sex workers faced various forms of discrimination and violence.  Nepal’s legislation had a direct impact on sex workers’ access to citizenship.  Legislation on trafficking in persons needed to be amended to differentiate between trafficking and sex work.  The Government also needed to facilitate sex workers’ access to citizenship and promote awareness raising campaigns on the rights of sex workers.

    Lesbian, bisexual, transgender and intersex girls faced harmful treatment and violence, and systematic discrimination in education and healthcare in Nepal, and the Government had failed to act in response.  The Government needed to ensure such women could access single women’s allowances, redefine marriage to include gender-free terminology, and support this group’s access to rights.

    Education on sexual and reproductive health remained optional and inadequate in Nepal.  It needed to be made compulsory.  Legislation needed to be amended to fully decriminalise abortion, particularly abortions in cases of rape.  The State also needed to amend legislation to include sexual and reproductive health and rights and sensitise health care providers and community members on safe births.  It further needed to decriminalise sexual relations between consenting adolescents under the age of 18.

    The meaningful participation of women in political processes was lacking; many women politicians faced violence. Nepal needed to investigate historic violence against marginalised women, collect disaggregated data on women, enhance women’s leadership capacities, take measures to eliminate discrimination against marginalised women and girls, and provide quality health services to all women and girls, particularly indigenous women, at a minimal cost.

    Belarus

    Speakers on Belarus said the Constitution did not provide effective protection against discrimination. Women’s rights to education and health care were limited. Belarus had institutionalised discriminatory food provisions; women and girls were not able to access fruit and nuts, leading to long-term health risks.

    Access to justice for women was undermined by the persistent persecution of women human rights defenders.  Women activists had been falsely labelled as terrorists despite their peaceful actions.  The State had systematically dissolved various civil society organizations, including many that supported women.  Almost 2,000 non-governmental organizations had been forced to liquidate. All women’s organizations that had prepared shadow reports to the Committee for the last review had been liquidated.  It was immensely difficult to find legal assistance due to the political suppression of lawyers.  In 2022, the Government had forcibly liquidated all trade unions.  Six women trade union activists remained in prisons.

    At least 139 women were political prisoners in Belarus.  They lacked access to healthcare and were persistently ill-treated. Imprisoned women faced forced labour and modern forms of slavery.  If women refused to work, they were put in “cages of shame” and forced to stand outside for several hours.  Women prisoners earned between five and 10 euros per month and faced harsh penalties for not meeting quotas.

    When domestic violence cases were reported to police, police screened the political activities of the victim rather than provide support.  Victims and aggressors were invited together to meetings with authorities, promoting impunity.

    Women migrants were vulnerable to trafficking and violence.  Domestic violence was not a ground for asylum in Belarus. 

    Luxembourg

    No non-governmental organizations spoke on the situation of women in Luxembourg.

    Questions by Committee Experts

    A Committee Expert said that there were many laws and policies for women in the Democratic Republic of the Congo, but there was weak implementation.  How was the transitional justice policy being implemented for women? Was there a plan to promote the security of women and girls in the Democratic Republic of the Congo?

    The Expert shared the non-governmental organizations’ concern regarding the suppression of civil society in Belarus. Were there plans to update the national action plan on human rights in Belarus, and were there plans to establish a national human rights institution?

    Another Expert asked about anti-trafficking activities being carried out in the Democratic Republic of the Congo. To what extent were women represented in local governments and decision-making bodies in Nepal?

    One Committee Expert asked about financial resources devoted to implementing the national gender equality plan in Nepal.  What were areas of concern related to sexual and reproductive health services in Belarus?

    A Committee Expert asked about problems regarding access to justice for Dalit women in Nepal.  How common was the dowry custom in Nepal?  Why was the dowry for younger women and girls lower?

    Another Committee Expert asked if the Democratic Republic of the Congo had laws on the accountability of military personnel and contractors involved in violence against women.  What social protection system and benefits did Belarus have for women and girls?

    One Committee Expert asked about legal provisions that needed to be challenged.  What needed to be done to educate girls and society about the harms of the kumari practice in Nepal, which isolated girls from their community?

    A Committee Expert called for information on the Democratic Republic of the Congo’s national action plan on the development of the security forces.  What action had been taken to dismantle non-governmental armed groups in the east?  Was it still possible for non-governmental organizations in Belarus to protect women and interact with the Government?

    Responses by Non-Governmental Organizations

    Nepal

    Responding to questions on Nepal, speakers said there was a very low percentage of women in federal and provincial decision-making bodies in Nepal, and an even lower percentage of Dalit women. There needed to be increased representation of women in these bodies.  There were several laws that directly discriminated against women, including laws on legal residences, which considered women and girls’ residences as those of their husbands and fathers.  Divorced women lost their property rights.  It was prohibited to oppose gender biases in cultural and social practices.  Nepal’s laws did not recognise lesbian, bisexual, transgender and intersex women as minorities; this needed to be done.

    In Nepal, the parents of women paid dowries, and less dowry was paid for younger women.  Dowry payments were most prevalent in the south of the country. The Criminal Code criminalised this practice, but it still existed.

    Sexual and reproductive health education was part of the school curriculum but was no longer a compulsory subject.  There were also gaps in sexual and reproductive health legislation, with many marginalised women not able to access sexual and reproductive health services.

    Dalit women and other marginalised women could not easily access the justice system.  They were not made aware of where and how to access justice and faced violence and discrimination from the police because of their identity.

    Belarus

    Responding to questions on Belarus, speakers said Belarus’ Gender Equality Council did not include non-governmental organizations working on human rights and gender equality.  Belarus’ legislation on incitement to hatred was used to oppress women human rights defenders.  One such woman had been imprisoned for seven years under this legislation.  Raids, inspections and blocking of websites were tools used by the Government to restrict the activities of civil society organizations.

    Statements by National Human Rights Institutions

    Democratic Republic of the Congo

    GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said the Democratic Republic of the Congo was going through one of its darkest times in recent history, marked by the invasion of the M23 rebels in the east of the country, which was facing a protracted, violent crisis.  Many women and girls had been displaced and were facing heightened risks of sexual violence and rape.  The National Human Rights Commission had conducted investigations into sexual violence linked to conflict, engaging with competent institutions to address this problem and combat impunity.

    The Commission welcomed that the Government had implemented several measures to protect women and girls from sexual and gender-based violence, including a law criminalising such violence and enshrining access to justice for victims.  However, there was still a long way to go until these measures could effectively protect civilians from sexual and gender-based violence.  The number of internally displaced persons continued to grow, and there had been many cases of rape reported.  There needed to be increased funds to limit the circulation of small arms and light weapons, build new camps, and increase humanitarian aid for internally displaced persons.  Care for victims of sexual and gender-based violence needed to be given by trained professionals.

    The national fund for compensation for the victims of gender-based violence had helped victims to access care. The Commission also welcomed the organisation of travelling courts to combat impunity.  The Government needed to restore peace in the east and take steps to protect civilians from gender-based violence, and provide internally displaced persons with adequate aid.  Armed groups needed to respect the rules of international humanitarian law and implement an immediate ceasefire.  The international community needed to promote peace by adopting sanctions against M23 and other armed groups.

    Luxembourg

    LAURA CAROCHA, Human and Social Sciences Expert, Commission consultative des Droits de l’Homme du Grand-Duché de Luxembourg [Consultative Commission of the Grand-Duchy of Luxembourg on Human Rights], welcomed the efforts made by Luxembourg to combat discrimination against women since the last report, while noting persistent shortcomings, including a social system that kept women in a subordinate position to men.  Luxembourg’s policy favoured a “neutral” approach that was not gender sensitive.  Ms. Carocha urged politicians to openly acknowledge this systemic patriarchal domination and to make the deconstruction of this mechanism a priority.  To this end, it was imperative that the Government finally implemented the principle of gender mainstreaming in a cross-cutting manner in all its policies. 

    Luxembourg’s equality efforts lacked an intersectional approach and the Government rarely addressed multiple and intersecting forms of discrimination.  Disability was conspicuously absent from the National Action Plan for Equality between Women and Men, while the gender dimension was neglected in the National Action Plan on Disability.  It was essential to have detailed data, disaggregated by gender, age, ethnicity, disability and education level, to better understand and address the different forms of discrimination that women faced.  The Government also needed to impose concrete actions on companies, municipalities and administrations in terms of gender equality and the fight against discrimination against women.

    All actions taken in the fight against discrimination against women needed to be carried out in close collaboration with civil society.  This cooperation needed to be translated into lasting partnerships and political will to ensure that the contributions of civil society were seriously considered in the decision-making process.

    Ms. Carocha concluded by calling for the recognition of multiple forms of discrimination, and a proactive and participatory response from the Government to gender inequalities rooted in societal dynamics.  This meant adopting structural solutions that addressed the root causes of discrimination.

    Questions by Committee Experts

    A Committee Expert offered condolences to the people of the Democratic Republic of the Congo, including families of civilians who had lost their lives. What did the National Human Rights Commission wish the Committee to highlight in the dialogue with the State party?

    Another Committee Expert asked about measures to prevent conflict-related gender-based violence in the Democratic Republic of the Congo.

    One Committee Expert asked if humanitarian aid groups were able to access Goma and deliver food, health and menstrual products?

    A Committee Expert expressed concern regarding the lack of participation from women’s organizations from Luxembourg in the dialogue.  What progress had been made in reforming the Constitution?  Was there an initiative to amend the timeframe for authorising abortions in the State?  The State party did not publish data broken down by origin.  Could data be provided on migrant workers in Luxembourg?

    Another Committee Expert asked about Luxembourg’s process for identifying stateless persons.

    Responses by National Human Rights Institutions

    GISÈLE KAPINGA NTUMBA, National Human Rights Commissioner of the Democratic Republic of the Congo, said that in Goma, people in displacement camps had been bombarded.  They had no power and no water, and the Rwandese army was on its way in. The international community needed to assist the Democratic Republic of the Congo in creating humanitarian corridors to assist internally displaced persons fleeing the region.  The State had approved laws and measures on preventing sexual violence, but implementing these was a challenge, particularly in regions where the Government did not have control.  In the dialogue, the Committee needed to ask the Government to choose diplomacy over other means, as the population was dying for nothing. Those involved in the conflict needed to be prosecuted.  The international community needed to condemn the situation in the east and promote diplomacy.

    Meeting with the Working Group on Business and Human Rights

    Statements

    ANDREA ORI, Director, Groups in Focus Section, Human Rights Treaties Branch, United Nations Office of the High Commissioner for Human Rights, said that the meeting would address the nexus between business and human rights, and gender and digital technologies. Cooperation and practices in digital fields needed to not perpetrate discrimination against women.  There was room for improvement on measures addressing gender discrimination in the workplace, representation of women in leadership positions, workplace harassment, and labour rights for women. Women were over-represented in low-paying jobs.  Stereotypes hindered women’s access to finance and investments, and women had less access to technology and digital services.  Today’s discussion would focus on enhancing the promotion and protection of women.

    NAHLA HAIDAR, Committee Chairperson, said artificial intelligence and digital technologies had revolutionised everyday life and business practices across sectors in ways that were never envisioned in the past.  Strategic, innovative modalities to better safeguard the rights of women and girls called for partnerships, joint approaches and harmonised frameworks.  Women needed to be engaged in digital developments from the beginning.  States needed to avoid the re-inventing of stereotypes, bias and discrimination and the perpetuation of violence against women through cyber-enabled modalities; safeguard women’s livelihoods and expand economic opportunities in the new digital era for them; and equip women and girls with necessary skills, capacities and tools to contribute to providing digital solutions.

    This briefing was anticipated to be the first in a series of collaborative efforts to address substantive issues on women’s economic rights in a digital world based on the provisions of the Convention.  Business and human rights principles and the jurisprudence of the Committee and standards could be systematically deployed to uphold and respond to women’s rights protection and economic empowerment, particularly through inclusive digital technologies.

    Sadly, gender equality had often been constrained by interpretations outside the text of the Convention, resulting in persistent gender gaps and disparities.  Critical partnerships would enable the Committee to explore a collaborative and coordinated approach for bridging digital gender inequalities to create a more inclusive and equitable digital future for women and girls, one that was not only free of all forms of violence but also offered them equal opportunities to access and utilise digital technologies to boost their livelihoods and human capital assets.

    LYRA JAKULEVIČIENĖ, Chairperson of the Working Group on Business and Human Rights, said that this year, the Working Group was preparing a report on the use of artificial intelligence in businesses and its human rights impacts.  It focused on the deployment of artificial intelligence technologies and procurement by States and businesses, looking at biases and other issues.  The use of artificial intelligence and other technologies had many benefits and but also created concerns, including related to gender, and these would be captured in the report.  Synergy with the Committee would help both bodies to advance their agendas and strengthen the global protection of human rights, particularly for vulnerable women and girls.

    ESTHER EGHOBAMIEN-MSHELIA, Committee Expert, said 300 million fewer women than men had access to mobile internet globally.  Although about a third of small and medium enterprises were owned by women, women were under-represented in discussions on the global value chain.  States needed to focus on the energy transition and artificial intelligence technologies, as if they did not address issues in these fields, the gender gaps would widen.

    FERNANDA HOPENHAYM, Gender Focal Point of the Working Group on Business and Human Rights, said the United Nations Guiding Principles on Business and Human Rights had a cross-cutting gender perspective, and this needed to be addressed by States and businesses.  The Guiding Principles said that States needed to include a gender perspective in all policies on business and human rights.  It also called on businesses to respect human rights and to implement measures promoting diversity and inclusion.  Women needed to be able to access remedies in cases in which their rights were violated.  Technologies needed to be gender sensitive, responsive and transformative.

    Panel Discussion

    In the ensuing discussion, speakers, among other things, said women faced many barriers to accessing the labour market; these needed to be addressed.  Countries needed to change company cultures to address discrimination against women employees, and promote diversity and family-friendly policies.  Businesses needed to consider documents outlining the rights of women and girls, such as the Convention, and use tools to assess the effectiveness of gender equality measures.  They also needed to create an enabling environment for women.  Another key requirement was to conduct human rights due diligence with a gender lens.

    Some speakers expressed concerns related to discrimination against women in the technology sector.  Many companies lacked a gender lens when assessing their value chains and were not carrying out gender-related due diligence.  There was evidence of disproportionate harm to non-binary women and the targeting of women human rights defenders online.  Companies were actively amplifying gender biases.  The Committee and the Working Group needed to work with civil society and to call out companies by name when they violated human rights.  They also needed to promote corporate accountability and prevent regression.

    Speakers presented measures to change cultural mindsets to support women to succeed professionally; to promote a healthy work-life balance for women; to raise awareness of women’s rights among businesses; and to develop rules and tools to protect women and girls on social media platforms.

    Some speakers said technology could allow for greater access to education for women and girls, so women needed increased access to it.  One speaker said girls had less opportunities to study in fields such as programming and robotics.  With simple reforms and measures encouraging participation, more and more women and girls would choose information technology as a profession, they said.

    Some speakers expressed concerns that artificial intelligence technology was not sufficiently regulated.  It was possible for artificial intelligence systems to learn and reproduce societal biases and there were also privacy concerns regarding the data that these systems used.  One speaker presented efforts to eliminate biases in artificial intelligence systems and to develop tools to ensure that such systems respected human rights.

    One speaker called for respect for women’s rights in the energy transition.  Women had strong roles to play in preventing child labour in the energy sector and supporting children’s access to education.  Businesses needed to ensure women’s experiences were incorporated in energy transition programmes, and to finance science, technology, engineering and maths education programmes for women, speakers said.

    ________

    CEDAW.25.002E

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    English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News

  • MIL-OSI United Nations: Committee on the Elimination of Discrimination against Women Opens Ninetieth Session

    Source: United Nations – Geneva

    The Committee on the Elimination of Discrimination against Women this morning opened its ninetieth session, hearing a statement from Andrea Ori, Chief of the Groups in Focus Section of the Human Rights Treaties Branch of the Office of the High Commissioner for Human Rights, and hearing the solemn declarations of eight newly elected Committee Members.  The Committee also adopted its agenda for the session, during which it will review the reports of Belize, Belarus, Congo, Democratic Republic of the Congo (exceptional report), Liechtenstein, Luxembourg, Nepal and Sri Lanka.

    Opening the session, Mr. Ori congratulated the eight new members of the Committee who officially assumed their duties today and congratulated the four Committee Members who were re-elected for the term 2025–2028.  This year marked the commemoration of the thirtieth anniversary of the Beijing Declaration and Platform for Action, which was unanimously adopted by 189 States in September 1995 at the Fourth United Nations World Conference on Women held in Beijing.  The Beijing Declaration and Platform for Action laid out a vision for ensuring women’s human rights and achieving gender equality around the world. 

    However, Mr. Ori said, despite considerable progress on gender equality in the past 30 years, the world was still far from achieving this vision.  Approximately one in three women globally experienced physical and/or sexual violence during their lifetime.  Sexual violence against women and girls was used as a tactic of war in numerous conflicts. Gender parity in decision-making remained a distant goal, with only 26 per cent of parliamentarians in the world being women.  At the upcoming fifty-ninth session of the Human Rights Council, the President of the Council would convene the annual high-level panel discussion on human rights mainstreaming under the theme “Thirtieth anniversary of the Beijing Declaration and Platform for Action”, supported by the Office of the High Commissioner for Human Rights, United Nations Women and other agencies.  Mr. Ori wished the Committee a successful and productive session.

    Ana Peláez Narváez, Chairperson of the Committee, said that, since the last session, the number of States parties that had ratified the Convention had remained at 189.  The number of States parties that had accepted the amendment to article 20, paragraph 1 of the Convention concerning the meeting time of the Committee remained at 81.  Since the last session, Cook Islands, Fiji, Ireland, Kenya, Mexico, Romania, Solomon Islands, Togo and Tuvalu had submitted their periodic reports to the Committee.

    The following eight new Committee Members made their solemn declaration: Hamida Al-Shukairi (Oman), Violet Eudine Barriteau (Barbados), Nada Moustafa Fathi Draz (Egypt), Mu Hong (China), Madina Jarbussynova (Kazakhstan), Jelena Pia-Comella (Andorra), Erika Schläppi (Switzerland), and Patsilí Toledo Vasquez (Chile).  

    In a private meeting following the opening, the Committee will elect a new Chair and Bureau for the Committee.

    The Committee adopted the agenda and programme of work of the session, and the Chair and Committee Experts then discussed the activities they had undertaken since the last session.

    Brenda Akia, on behalf of Natasha Stott Despoja, Committee Rapporteur on follow-up to concluding observations, briefed the Committee on the status of the follow-up reports received in response to the Committee’s concluding observations.

    The Committee on the Elimination of Discrimination against Women’s ninetieth session is being held from 3 to 21 February.  All documents relating to the Committee’s work, including reports submitted by States parties, can be found on the session’s webpage.  Meeting summary releases can be found here.  The webcast of the Committee’s public meetings can be accessed via the UN Web TV webpage.

    The Committee will next meet in public at 3 p.m. this afternoon with representatives of national human rights institutions and non-governmental organizations and the Working Group on business and human rights.

    Opening Statement by the Representative of the Secretary-General

    ANDREA ORI, Chief of the Groups in Focus Section of the Human Rights Treaties Branch of the Office of the High Commissioner for Human Rights, congratulated the eight new members of the Committee who officially assumed their duties today: Hamida Al-Shukairi (Oman), Violet Eudine Barriteau (Barbados), Nada Moustafa Fathi Draz (Egypt), Mu Hong (China), Madina Jarbussynova (Kazakhstan), Jelena Pia-Comella (Andorra), Erika Schläppi (Switzerland), and Patsilí Toledo Vasquez (Chile).  He also congratulated the four Committee Members who were re-elected for the term 2025–2028: Corinne Dettmeijer-Vermeulen (Netherlands), Nahla Haidar El Addal (Lebanon), Bandana Rana (Nepal), and Natasha Stott Despoja (Australia).

    Mr. Ori said this year marked the commemoration of the thirtieth anniversary of the Beijing Declaration and Platform for Action, which was unanimously adopted by 189 States in September 1995 at the Fourth United Nations World Conference on Women held in Beijing.  The Beijing Declaration and Platform for Action laid out a vision for ensuring women’s human rights and achieving gender equality around the world.  However, despite considerable progress on gender equality in the past 30 years, the world was still far from achieving this vision.  

    Approximately one in three women globally experienced physical and/or sexual violence during their lifetime.  Sexual violence against women and girls was used as a tactic of war in numerous conflicts.  Gender parity in decision-making remained a distant goal, with only 26 per cent of parliamentarians in the world being women.  In economic life, women occupied only 28.2 per cent of management positions.  About 800 women and girls still died every day from preventable causes related to pregnancy and childbirth. 

    Moreover, the world was witnessing a backlash against women’s human rights and gender equality, especially against women’s sexual and reproductive health rights, with an increase in attacks against abortion providers, shrinking civic space for women human rights defenders, and reduced funding.  In that context, Mr. Ori welcomed the Committee’s timely work on a new general recommendation on gender stereotypes, which would be kicked off with the half-day of general discussion on gender stereotypes on 17 February from 3 to 6 pm. The thirtieth anniversary of the Beijing Declaration and Platform for Action presented a key opportunity to renew the commitments made by Member States to ensure women’s rights and achieve gender equality. 

    At the upcoming fifty-ninth session of the Human Rights Council, the President of the Council would convene the annual high-level panel discussion on human rights mainstreaming under the theme “Thirtieth anniversary of the Beijing Declaration and Platform for Action”, supported by the Office of the High Commissioner for Human Rights, United Nations Women and other agencies.  The panel, to be held on 24 February, would be opened by the High Commissioner for Human Rights, Volker Türk, and possibly the Secretary-General, António Guterres, and would discuss progress and challenges in protecting women’s rights and gender equality.  Committee expert Nahal Haidar would be one of the panellists.  Together with United Nations Women, the Office was also planning a side event during the session which would focus on the pushback against women’s rights and gender equality in the context of humanitarian action.

    Mr. Ori said last year had been particularly challenging, due to the liquidity crisis which had hampered and continued to hamper the Committee’s work.  The Office was doing its utmost to ensure that the Committee and other treaty bodies could implement their mandates, however, all indications pointed to a continuation of the difficult liquidity situation for the foreseeable future. The treaty body strengthening process had reached a key moment, with the adoption of the biennial resolution on the treaty body system by the General Assembly in December 2024.  On Human Rights Day last year, the Geneva Human Rights Platform, in cooperation with the Office and the Directorate of International Law of the Swiss Federal Department of Foreign Affairs, organised an informal meeting of the Chairs and the Committees’ focal points on working methods, which explored the latest developments concerning the treaty body system and sought to identify possible ways to improve the harmonisation of procedures.  Mr. Ori said the Office of the High Commissioner would continue to work alongside the Chairs and all the treaty body experts to strengthen the system. He concluded by wishing the Committee a successful and productive session

    Statements by Committee Experts

    ANA PELÁEZ NARVÁEZ, Committee Chairperson, called on the eight newly elected members to make their solemn declarations to the Committee.  She also congratulated those who had been re-elected.

    The Committee then adopted its agenda and programme of work for the session.

    Ms. Peláez Narváez said that since the last session, the number of States parties that had ratified the Convention had remained at 189.  The number of States parties that had accepted the amendment to article 20, paragraph 1 of the Convention concerning the meeting time of the Committee remained at 81.  She was pleased to inform that since the last session, Cook Islands, Fiji, Ireland, Kenya, Mexico, Romania, Solomon Islands, Togo and Tuvalu had submitted their periodic reports to the Committee.  Since making the simplified reporting procedure the default procedure for States parties’ reporting to the Committee, 13 States parties had indicated that they wished to opt out and maintain the traditional reporting procedure.

    The Chair and Committee Experts then discussed the activities they had undertaken since the last session.

    Ms. Peláez Narváez said as the pre-sessional Working Group for the ninetieth session was cancelled due to the ongoing liquidity situation of the United Nations, there was no report of the pre-sessional Working Group to be presented.  The Committee had subsequently decided to consider the pending reports from the following States parties at this ninetieth session: Belize, Belarus, Congo, Democratic Republic of the Congo (exceptional report), Liechtenstein, Luxembourg, Nepal and Sri Lanka.

    BRENDA AKIA, Alternate Rapporteur on follow-up to concluding observations, speaking on behalf of NATASHA STOTT DESPOJA, Committee Rapporteur, briefed the Committee on the status of the follow-up reports received in response to the Committee’s concluding observations.  She said that at the end of the eighty-ninth session, follow-up letters outlining the outcome of assessments of follow-up reports were sent to Bolivia, Türkiye, South Africa, Morocco and Azerbaijan.  Reminder letters were sent to Mongolia, Namibia, Portugal and the United Arab Emirates.  For the present session, the Committee had received follow-up reports from Belgium, Gambia, Sweden and Switzerland, all received on time; and from Portugal, received with more than five months’ delay.

    ________

    CEDAW.25.001E

    Produced by the United Nations Information Service in Geneva for use of the information media; not an official record.

    English and French versions of our releases are different as they are the product of two separate coverage teams that work independently.

    MIL OSI United Nations News

  • MIL-OSI: Nokia Corporation: Repurchase of own shares on 03.02.2025

    Source: GlobeNewswire (MIL-OSI)

    Nokia Corporation
    Stock Exchange Release
    3 February 2025 at 22:30 EET

    Nokia Corporation: Repurchase of own shares on 03.02.2025

    Espoo, Finland – On 3 February 2025 Nokia Corporation (LEI: 549300A0JPRWG1KI7U06) has acquired its own shares (ISIN FI0009000681) as follows:

    Trading venue (MIC Code) Number of shares Weighted average price / share, EUR*
    XHEL 872,093 4.43
    CEUX
    BATE
    AQEU
    TQEX
    Total 872,093 4.43

    * Rounded to two decimals

    On 22 November 2024, Nokia announced that its Board of Directors is initiating a share buyback program to offset the dilutive effect of new Nokia shares issued to the shareholders of Infinera Corporation and certain Infinera Corporation share-based incentives. The repurchases in compliance with the Market Abuse Regulation (EU) 596/2014 (MAR), the Commission Delegated Regulation (EU) 2016/1052 and under the authorization granted by Nokia’s Annual General Meeting on 3 April 2024 started on 25 November 2024 and end by 31 December 2025 and target to repurchase 150 million shares for a maximum aggregate purchase price of EUR 900 million.

    Total cost of transactions executed on 3 February 2025 was EUR 3,867,209. After the disclosed transactions, Nokia Corporation holds 236,903,084 treasury shares.

    Details of transactions are included as an appendix to this announcement.

    On behalf of Nokia Corporation

    BofA Securities Europe SA

    About Nokia
    At Nokia, we create technology that helps the world act together.

    As a B2B technology innovation leader, we are pioneering networks that sense, think and act by leveraging our work across mobile, fixed and cloud networks. In addition, we create value with intellectual property and long-term research, led by the award-winning Nokia Bell Labs.

    With truly open architectures that seamlessly integrate into any ecosystem, our high-performance networks create new opportunities for monetization and scale. Service providers, enterprises and partners worldwide trust Nokia to deliver secure, reliable and sustainable networks today – and work with us to create the digital services and applications of the future.

    Inquiries:

    Nokia Communications
    Phone: +358 10 448 4900
    Email: press.services@nokia.com
    Maria Vaismaa, Global Head of External Communications

    Nokia Investor Relations
    Phone: +358 931 580 507
    Email: investor.relations@nokia.com

    Attachment

    The MIL Network

  • MIL-OSI Asia-Pac: Union Minister Shri G. Kishan Reddy to Meet Saudi Minister Tomorrow for Strengthening Cooperation in Critical Minerals Sector

    Source: Government of India

    Posted On: 03 FEB 2025 8:28PM by PIB Delhi

    Union Minister of Coal & Mines, Shri G. Kishan Reddy, will hold a strategic meeting tomorrow with Saudi Arabia’s Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Alkhorayef, in New Delhi. The high-level discussion will focus on enhancing cooperation in the critical minerals sector and exploring new investment opportunities between the two nations.

    The meeting comes after the Union Minister’s recent participation in the Ministerial Round Table at the Future Minerals Forum 2025 in Riyadh, where he highlighted India’s commitment to securing critical minerals essential for Energy Transition & clean energy systems. He also invited global investors to explore India’s growing mining sector and held extensive discussions with ministers from Brazil, Italy, and Morocco to foster economic and technical cooperation.

    This engagement gains added significance following the Cabinet’s recent approval of the National Critical Minerals Mission (NCMM). Key discussions will center on fostering resilient mineral supply chains, investment in value-added processing, and technological collaborations to strengthen India-Saudi ties in the mineral resources sector.

    This strategic meeting underscores India’s proactive approach to developing international partnerships in the minerals domain, reaffirming its growing role as a global player in sustainable mineral development.

    ****

    Shuhaib T

    (Release ID: 2099317) Visitor Counter : 62

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: ROBUST AND TIME-TESTED FRIENDSHIP BETWEEN INDIA AND RUSSIA SERVES AS A SHINING EXAMPLE OF COOPERATION AND DIPLOMACY FOR THE WORLD TO EMULATE: LOK SABHA SPEAKER

    Source: Government of India

    ROBUST AND TIME-TESTED FRIENDSHIP BETWEEN INDIA AND RUSSIA SERVES AS A SHINING EXAMPLE OF COOPERATION AND DIPLOMACY FOR THE WORLD TO EMULATE: LOK SABHA SPEAKER

    LOK SABHA SPEAKER UNDERSCORES THE IMPORTANCE OF PARLIAMENTARY EXCHANGES IN DEEPENING BILATERAL TIES

    PARLIAMENTARY COMMITTEES FUNCTION AS “MINI PARLIAMENT” IN A NON-PARTISAN MANNER: LOK SABHA SPEAKER

    OBSERVING PARLIAMENTARY PROCEEDINGS IN A MULTI-PARTY DEMOCRACY LIKE INDIA IS A GREAT LEARNING: H.E. MR. VYACHESLAV VOLODIN

    RUSSIAN PARLIAMENTARY DELEGATION CALLS ON LOK SABHA SPEAKER

    Posted On: 03 FEB 2025 6:24PM by PIB Delhi

     Lok Sabha Speaker Shri Om Birla said today that robust and time-tested friendship between India and Russia serves as a shining example of cooperation and diplomacy for the world to emulate. Highlighting historic and deep-rooted friendship between the two countries, he noted that India-Russia bilateral ties are seen as very special at global stage. He observed that the relationship between the two nations are centuries old and that Russia has been India’s closest ally since independence.

    Shri Birla made these observations during the visit of a Russian Parliamentary delegation led by H.E. Mr. Vyacheslav Volodin, Chairman of the State Duma of the Federal Assembly of the Russian Federation, to the Parliament House today.

    Congratulating Russia on a very fruitful and substantial chairmanship of the BRICS in 2024 and recalling his visit to the BRICS Parliamentary Summit in St. Petersburg in 2024, Shri Birla underscored the importance of such exchanges in strengthening parliamentary processes and deepening ties.

    He was happy to note that the Russian delegation had witnessed the proceedings of both Lok Sabha and Rajya Sabha, providing them with insights into India’s democratic functioning.

    Shri Birla also provided an overview of India’s Parliamentary Committee System, describing them as “Mini-Parliament” where budgetary matters and key issues are examined in detail. He emphasized that Committees function in a non-partisan manner, enabling thorough discussions that are often constrained in the larger House due to time limitations and the broad scope of issues.

    Referring to India’s 75th year as a Republic, Shri Birla reflected on the nation’s journey since independence and the visionary efforts of the Constitution’s founding fathers in securing equality for all citizens. He informed the visiting delegation about the progress made by India in these years, strengthening Constitutional values.

    Shri Birla further highlighted the robust cooperation between the Parliaments of India and Russia, citing frequent engagements at various levels, including multilateral platforms such as the Inter-Parliamentary Union (IPU), the BRICS Parliamentary Forum, and the G-20. He warmly recalled his participation in the BRICS Parliamentary Summit in St. Petersburg, where he had the opportunity to engage with Russian parliamentary leaders.

     He also underlined the role of mutual trust and respect in further strengthening India-Russia relations, which have evolved into a Special and Privileged Strategic Partnership encompassing political, strategic, and cultural cooperation. Stating that India and Russia enjoy vibrant ties in multilateral domain, he noted that the people-to-people ties between the two nations have provided a solid foundation for this comprehensive partnership. He expressed confidence that the current visit would further strengthen bilateral relations, fostering mutual growth and prosperity.

    H.E. Mr. Vyacheslav Volodin thanked Shri Birla for the warm welcome extended to his delegation. He said that observing parliamentary proceedings in a multi-party democracy like India was a great learning. He lauded the longstanding India-Russia partnership, which continues to be nurtured through the close ties shared by Prime Minister Shri Narendra Modi and President Vladimir Putin. Congratulating India on 75 years of Indian republic, Mr. Volodin also commended India’s remarkable economic growth, acknowledging the country’s emergence as a global power in last 75 years. Acknowledging the strong people-to-people ties between India and Russia, he hoped that India-Russia friendship reaches new horizons.

    Among others, the meeting was attended by Shri Bhartruhari Mahtab, Dr. Sanjay Jaiswal, Smt. Aparajita Sarangi, Shri Konda Vishweshwar Reddy, Dr. Shashi Tharoor and Shri Utpal Kumar Singh, Secretary General, Lok Sabha.

    ***

    AM

    (Release ID: 2099246) Visitor Counter : 61

    MIL OSI Asia Pacific News

  • MIL-OSI Asia-Pac: PARLIAMENTARY DELEGATION FROM RUSSIA CALLS ON THE PRESIDENT

    Source: Government of India

    Posted On: 03 FEB 2025 5:28PM by PIB Delhi

    A parliamentary delegation from the Russian Federation, led by H.E. Mr Vyacheslav Volodin, Chairman of the State Duma of the Federal Assembly of the Russian Federation, called on the President of India, Smt Droupadi Murmu at Rashtrapati Bhavan today (February 3, 2025).

    Welcoming the delegation to India, the President said that exchanges of this nature among public representatives not only foster stronger cooperation but also allow the partnership to remain contemporary and updated. She stated that the positive impact of regular contacts is also evident in the broader ‘India-Russia Special and Privileged Strategic Partnership’, which continues to benefit significantly from the ongoing interaction at various levels.

    The President noted that at the leadership level, there is regular interaction between Prime Minister Modi and President Putin. The level of cooperation between our parliaments has also been very good. She said that mechanisms like the Inter-Parliamentary Commission have played an important role in facilitating cooperation. She emphasised on special attention to closer interaction between women and youth parliamentarians of India and Russia.

    The President shared with the delegation that she had inaugurated the New Delhi World Book Fair, where Russia is the Focus Country. She said that this Fair gives Indian readers a wonderful opportunity to get to know the rich literary heritage of Russia. She urged for stronger engagements in cultural and artistic domains. 

     *****

    MJPS/SR

    (Release ID: 2099200) Visitor Counter : 54

    MIL OSI Asia Pacific News

  • MIL-OSI Europe: AI Action Summit

    Source: France-Diplomatie – Ministry of Foreign Affairs and International Development

    From February 6 to 11, 2025, Paris will become the artificial intelligence (AI) capital of the world on the occasion of the AI Action Summit. This event will bring together heads of State and Government, international organizations and companies of all sizes, representatives from academia, researchers, non-governmental organizations, artists and other members of civil society from across the globe.

    Check on a roundtable discussion on artificial intelligence that will take place at the Embassy of France in the US on February 5, 2025.

    Artificial intelligence, which is developing faster and faster, is completely transforming our societies and economies. This breakthrough technology is opening up unprecedented opportunities that could revolutionize key sectors, including health, education and labour. Its rapid deployment also creates major challenges in terms of the reliability of information, the protection of basic rights and accessibility. It is the international community’s responsibility to maintain balance in our societies and to craft AI that respects universal values.

    France, a global leader in artificial intelligence

    France has emerged as a major artificial intelligence player thanks to:

    A national strategy deployed in 2018, built on the excellence of French research, the development of computing capacities (Jean Zay and Alice Recoque supercomputers) and the massive adoption of AI in the economy;

    • An ecosystem of 600 start-ups specialized in AI, which receive increasing amounts of financing;
    • A fully mobilized diplomatic apparatus, France being one of the seven countries participating in all landmark international AI initiatives;
    • Albert, an administrative model designed for government employees.

    What is the AI Action Summit?

    The AI Action Summit, to be held on February 10 and 11, 2025 at the Grand Palais in Paris, aims to collectively establish scientific foundations, solutions and standards for more sustainable AI working for collective progress and in the public interest.

    Co-chaired with India, the event builds on the advances made at the Bletchley Park Summit in November 2023 and the Seoul Summit in May 2024 and will draw on the expertise of a steering committee bringing together some 30 countries and international institutions to ensure inclusive and diverse contributions.

    The Summit, together with the AI Action Week, will be an important opportunity to showcase ecosystems fostering the development and deployment of AI and to promote concrete initiatives by a wide range of actors who contribute to this collective effort.

    The participants will seek to achieve three major objectives:

    • Provide access to independent, safe and reliable AI to a wide range of users
    • Develop AI that is more environmentally friendly
    • Ensure global governance of artificial intelligence that is both effective and inclusive

    A programme based on 5 strategic focuses

    Summit discussions will focus on five major themes:

    • Public Service AI
    • Future of Work
    • Innovation and Culture
    • Trust in AI
    • Global Governance of IA

    More information on the AI Action Summit

    More than 800 participants (public and private sector partners, researchers, NGOs from around the world) have taken part in contact groups, meeting regularly from summer 2024.

    AI Action Week

    A series of Road to the Summit events helped prepare this major event. At some 100 events around the world, participants took part in discussions on the Summit’s themes.

    These international efforts will come to fruition in an AI Action Week in Paris from February 6 to 11, culminating in the Summit.

    February 6 and 7: International AI, Science and Society Conference at the Institut Polytechnique de Paris (IP Paris)

    Find the Conference programme on the AI, Science and Society Conference website

    February 8 and 9: A series of events dedicated to culture and AI in Paris, open to the general public

    Find the programme for the AI Cultural Weekend on the Ministry of Culture website

    February 10: The Summit will begin in the Grand Palais with a forum bringing together many stakeholders from around the world (including representatives of governments, businesses and civil society, researchers, artists and journalists).

    February 11: Summit of the heads of State and Government on the major common AI actions on the occasion of the plenary session

    February 11: More than 100 events will be held in the margins of the Summit, including a Business Day at Station F, with participants from businesses and companies of all sizes, financial institutions, and investors.

    Side events to be held on the closing day of AI Action Week in Paris will include events dedicated to artificial intelligence and democracy and the environmental impact of these technologies at the École Normale Supérieure (ENS) and the Ministry for the Ecological Transition, respectively.

    MIL OSI Europe News

  • MIL-OSI United Kingdom: Garage and Garage Sites 2025/26 rent increases agreed for Inverness Area

    Source: Scotland – Highland Council

    Highland Council owned garage rents for the Inverness area will increase by 8% for 2025/26 as agreed at today’s City of Inverness Area Committee.

    Leader of Inverness and Area, Cllr Ian Brown said: “Highland Council garage rents remain low in Inverness when compared with other renting alternatives. A consultation with tenants was carried out in November last year. The increase agreed today will enable the Council to carry out ongoing repairs and improvements to the tenants’ garage estate.”

    Tenant consultation on the general rent increase for Council house rents for 2025/26 was based on options for 8%, 9% and 10% rent increase.

    Councillors agreed that for Council tenants:

    • Garage Rents will increase from £7.41 to £8.00 per week.
    • Garage Sites weekly rents will increase from £1.23 to £1.33 for Ward 13.

    …and for non-tenants:

    • Garage Rents will increase from £8.89 to £9.60 per week.
    • Garage Sites weekly rents will increase from £1.47 to £1.59 for Ward 13.

    As a result of the 8% garage rent increase, total annual income will rise to £151,449.52.

    3 Feb 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Inverness Area roads capital programme approved for 2025/26

    Source: Scotland – Highland Council

    Members of the City of Inverness Area Committee agreed a list of proposed prioritised roadworks which will be funded out of Highland Council’s Capital Budget allocation for 2025/26.

    The local allocations capital budget for 2025/26 remains to be established, which will be calculated from the approved capital budget allocation.

    The estimated local allocation for the City of Inverness Area (based on 2024/25) is £1,660,302.50 comprising £1,504,962.50 for overlay/inlay works and £155,340.00 for surface dressing works.

    Leader of Inverness and Area Cllr Ian Brown said: “Members welcomed the opportunity to review and agree the proposed resurfacing and surface dressing programmes at their Ward business meetings and I am pleased that today we have agreed a number of programmed schemes that can be prioritised for capital funding works.”

    Councillors have agreed funding allocations for 31 specified locations for roads resurfacing works including 7 footpaths reconstruction/resurfacing works which can be funded from the capital allocation. Another 53 locations have been prioritised for resurfacing works subject to any finalised increase in capital budget allocation and any potential underspend being carried forward. A budget of £200,000 for major patching for all Inverness Wards was also agreed.

    In addition, 12 locations were prioritised for surface dressing works within the capital allocation with another 20 locations agreed upon – should funds become available.

    Details of the prioritised road works schemes for the Inverness area can be viewed in the budget report appendices 2 and 3 at the following link.

    Members noted that where future variation may be experienced in the area roads capital programme this will be agreed with Members at Ward business meetings to maintain a dynamic roads programme.

    3 Feb 2025

    MIL OSI United Kingdom

  • MIL-OSI United Kingdom: Inverness Common Good Fund awards for Inverness BID projects

    Source: Scotland – Highland Council

    Inverness Councillors have reinforced The Highland Council’s partnership working with Inverness BID by approving Inverness Common Good Funding to the organisation for a range of projects.

    At the City of Inverness Area Committee today, Members approved 6 grant applications to Inverness BID from the Inverness Common Good Fund 2025/26 budget.

    The six projects that were awarded funding are:

    • City of Inverness Annual Floral Displays 2025 – £54,272
    • Wider City of Inverness Annual Floral Displays 2025 – £22,872
    • Operation Respect Easter/Summer/Autumn 2025 – £14,804
    • Safe Inverness Project 2025/26 – £10,750
    • Coach and Visitor Ambassador Project 2025 – £23,847
    • Inverness Gull Project 2025 – £16,798

    Regarding the application for City of Inverness Annual Floral Displays, Members agreed to move 6 of the hanging basket locations from Bridge Street to outside the Victorian Market.

    Members were informed that a site visit to the Bught Nursery is being arranged this May to view the works of the Grow Project and High Life Highland that currently deliver the annual city floral displays.

    Following a motion from the Committee Chair, Leader of Inverness and Area Cllr Ian Brown, the Committee voted to award the 2025 Inverness Gull Project the full application sum of £27,050 (which includes £9,663 granted exceptionally from this year’s 2024/25 budget). and to:

    • acknowledge the commitments made by the Council, Inverness BID, and the city’s population, to limit the problems caused by the growing and increasingly aggressive bird population.
    • recognise the overall vulnerability of several natural bird species, the expectations placed on NatureScot in its conservation goals, and the consequent reduction in granting licence applications for egg and nest removal.
    • support the range of preventative and non-lethal measures proposed, and would also seek to maintain egg and nest removal.
    • urge NatureScot to expedite the licensing process, working closely with Inverness BID and local conservation groups.
    • write to the Minister responsible to highlight the situation here with the purpose of creating more constructive relations with NatureScot
    • seek to enhance community involvement, and to increase public awareness through educational campaigns, events, and local partnerships, highlighting the programme’s environmental and community benefits.
    • Implement with partners a regular monitoring system to track the programme’s success, identifying the positive impacts for future support.

    Another meeting to discuss Gulls in the City of Inverness and Area will be arranged for a future date.

    3 Feb 2025

    MIL OSI United Kingdom